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financial
The
11111inerciSI
0
VOL. 132.
3
SATURDAY, APRIL 25 1931.
finantial Chronicle
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i
The Financial Situation.
The inauguration of a gold import movement from
France to. the United States, followed, or rather
attended, by a new cut in the rate at which the Federal Reserve Banks will purchase bankers' acceptances, stands as the conspicuous event of the week
which challenges attention. Altogether, so far,
$16,000,040 of gold has been engaged at Paris for
shipment to the United States, and a good part of
the gold is already on the way to this country. News
of these heavy importations of the metal met with a
quick response on the part of the Federal Reserve
authorities, ever ready to make use of the facilities
of the Reserve institutions, even when there is no call
for it. The news columns of the New York "Times"
on April 23 stated that "faced with the prospect that
the already swollen gold stocks of the United States
are to be augmented by heavy movement of the
metal from France, the Federal Reserve Bank
authorities took steps yesterday to discourage the
further movement of capital to this market from
abroad. This action took the form of a reduction
in the bill-buying rate of the Federal Reserve Bank
of New York to the lowest levels in the history of
the institution, forcing dealers in bankers' acceptances to slash open market rates and pointing the
way to an early cut in the rediscount rate".
One -is at a loss to understand why the Federal
Reserve institutions should always be so solicitous
about imports of the metal when they come from
Europe and should never manifest the slightest concern when the importations come from the Far East
or from South America. For a long time gold has
been coming in a steady stream from the different
countries of South America and also from Japan,
and some amount likewise from China, adding to
our "swollen gold stocks" just as the importations
from France will add to the same, but the Reserve
brontrie
NO. 3435.
authorities have remained undisturbed. Why this
manifestation of anxiety regarding the loss of the
metal by France? Everybody knows that the South
American countries, ivtich are being depleted of
their supplies of the metal, can ill afford to spare
what they are losing, and that the statement is also
true relative to the gold which China is obliged to
ship, while Japan's stock of the metal, at first
ample, would now, after the heavy drain upon it
during the last 15 or 18 months, also appear to be
getting rather low.
But can it be said that France is faced with a
possible shortage of the metal, even if the outflow
should reach large proportions? Is France's stock
of the metal any the less swollen than that of the
United States? Is it not true, on the contrary, that
France holds stocks of the metal far in excess of
her needs, just as is the case here in the United
States-----stocks of the metal, indeed, second only to
those of this country? Yet the Reserve authorities
are deeply disturbed in this instance, where they
remain wholly unmoved in the other. Why?
But let that pass. The point of chief importance
is the step taken to curtail the gold inflow from
France and the means for accomplishing the end
sought. The Reserve Banks have reduced their buying rate for acceptances for bills running from 1 to
45 days, already .unprecedentedly low, to still lower
figures. In other words, they have reduced the rate
from 11 27 per annum to 1%%. • Two questions
/ 0
arise as to this action, namely its propriety and
merit, and whether it is likely to be effective. From
either standpoint it must be regarded as ill advised
and to furnish occasion for disapproval if not actual
condemnation. That a flow of capital from this
country to Europe generally (though not to France,
where they possess a superabundance of it) would
be in the highest degree beneficial and desirable,
cannot be denied, but has it not been proven over
and over again during recent years, and especially
during the last 18 months, that the object sought
is not to be accomplished by lower rediscount rates
or lower bill rates on the part of the Federal Reserve Banks.
These Reserve institutions have again and again
reduced their rates without apparently influencing
the flow of capital or of investments to Europe,
except very temporarily, and without checking the
flow of gold hither. Nothing seems to avail at the
moment to induce the flow of capital from this
country to Europe or to South America or elsewhere. The explanation is found in the fact that
for a variety of reasons confidence is deeply disturbed. It is for the same reason that short-term
investments are in insatiable demand and are preferred even at very low yields, while long-term investments are out of favor even when they yield
3020
FINANCIAL CHRONICLE
relatively high returns. Gold flows here in settle'ment of balances due, and no artifice or device suffices to arrest its course. In normal times things
are different and adjustments in accordance with
desires and purpose are more readily accomplished.
Unfortunately, these are not normal, but abnormal
times. The correct view of the matter is no doubt
expressed in an oral statement made by the Treasury at Wasihington on April 23 and published in the
"United States Daily" of yesterday, and which, tells
us that "the Treasury looks upon present conditions
as being such as to preclude the expectation of material effect from reduced bill rates or even reduced
rediscount rates. It regards the movement of gold
as a whole in consonance with general conditions
which exist and which cause the shipments -to be
inbound instead of outbound in harmony with the
balance of trade". The hint is also thrown out that
some of the French shipments may represent gold
from Spain, due to the flight of capital from that
country because of the revolutionary uprising.
Why, then, should the Reserve authorities feel
impelled to jump again into the saddle and further
aggravate a money situation already sufficiently
aggravated? The process is the same as that which
the Federal Reserve people have employed with such
ill success in its application to trade and 'business
in the United States. They have sought unceasingly
to •bring about trade revival through easy money
conditions, and have signally failed in the attempt.
They have moved their discount rates and their bill
rates lower and still lower until both have long
since been at the lowest figure since the establishment of the Reserve System. But easy money has
never yet served to revive business when it once is
on the down-grade, especially after a long period
of inflation and artificial prosperity. The depression must run its course. Easy money at such a
period does not even serve to smooth the pathway.
The Reserve people have had another object in view
by their easy money policy. They wanted to improve
the bond market. Have they had any more success
along that line?
• However, the Reserve'authorities have adhered to
their fatuous course, and the lesson of experience
has counted for little with them. As far as regulating discount and bill rates, with the view to accommodating conditions abroad, it should never be
forgotten that that is not any part of the functions
of the Reserve Banks. They were not endowed with
the characteristics of a central bank, and were never
intended to act as such. That does not mean that
they are not to be observant of what is happening
abroad, but that home considerations alone must
be the governing factor and influence. In all recent years they have proceeded largely on the theory
that they are somehow charged with the duty of
regulating the banking affairs of the whole world,
because of and by reason of the favored banking
position which this country has held since the close
of the War. It is a big enough job to regulate, or
attempt to regulate, the conduct of affairs at home.
And in attending well to that lies their true sphere
of action. But at home, too, they must keep within
their prescribed course. Their vast facilities should
not be employed to produce artificial ease or to
accentuate the abnormal state of ease already existing, the outgrowth of business' depression, with
a lack of confidence such as has rarely, if ever, been
matched in the past.
[VoL. 132.
In this last sense the opening of the Reserve doors
2
1
/
to the purchase of bills on a discount basis of 1 %
or 1%70 per annum can find no justification. As
a matter of fact, when such a state of abnormal ease
prevails as at present not the slightest warrant
exists for putting out Reserve credit, since it merely
becomes a new source of inflation. The Reserve
System was established for the purpose of furnishing extra credit facilities to the banking system of
the country. At this time, however, the banks are
not in need of extra facilities and therefore cannot
be induced to avail of these facilities even with the
rediscount rate here in New York down to 2%. This
is clearly shown by the fact that the discount holdings of the whole 12 Reserve Banks at the present
time aggregate no more than $135,250,000. That,
therefore, ought to be the full amount of Reserve
credit outstanding at this moment. Actually, however, there is at this time $885,390,000 of Reserve
credit afloat, or three quarters of a billion dollars
($750,140,000) in excess of what it was originally
intended should be afloat when the Reserve System
was established.
The additional $750,140,000 of Reserce credit outstanding represents credit put out through the open
market operations of the Reserve Banks, $151,611,000 being acceptances purchased at the absurdly
2
1
/
low rate of 1%@1 %, and $598,529,000 being
United'States Government.securities. To the extent
of this $750,140,000 arbitrarily put afloat through
the open market operations, in a period of trade
collapse, there has been laid the basis for the present unnatural and abnormal ease. Business depression alone is not 'accountable for it.
The foregoing embodies truths which we have
sought to emphasize in these columns many times
in the past. Our reason for reiterating them on
the present occasion is that there are dangers connected with the continuance of this abnormal ease
in money which few appreciate. With call loans
-day time
/
commanding only 1% and 112%, with 90
14%,and with choice comloans no 'higher than 2@2/
4 2
1 1
/ /
mercial paper selling no higher than 2 @2 %,our
starvation and are being
banks are in danger of
left without the necessary means of subsistence.
This happens, too, at a time when by reason of
business depression and the huge decline in prices
the banks are being burdened with unusual losses.
Some figures compiled by the Federal Reserve
Bank of New York serve to direct attention to the
unfortunate predicament in which the banks find
themselves because of the small profits they are able
to make owing to existing money conditions and the
extra heavy losses they are obliged to bear. We
published the figures in our issue a week ago on
pages 2884 and 2885. Everyone should be impressed
with the story so graphically told by these figures,
and especially the Reserve authorities themselves
should learn the lesson which the results disclose,
since Federal Reserve policy itself, in having created
an artificial state of ease, must be held largely responsible for the poor showing the banks are able
to make. We have rooni here only for the introductory remarks to the tables as given in the special
circular in which the compilations were presented.
The tabulations constitute an analysis of the 1930
operating ratios of representative member banks in
the New York Federal Reserve district for the calendar year 1930 as compared with the calendar years
preceding.
APRIL 25 1931.]
FINANCIAL CHRONICLE
We are told 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 only 1.2% in 1930, compared with 8.3% in 1929, 9.8% in 1928, and 10.4%
in 1927. It is pointed out, furthermore, 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, comprising banks with
loans and investments under $500,000, no profit was
earned; instead, a loss of 2.1% on capital funds is
shown in 1930; a loss of 2.2% in the same year is
also revealed' as to banks having loans and investments ranging from $500,000 to $999,999; another
group 'showing no profit was Group
with loans
and investments from $1,000,000 to $1,999,999. The
rates of net profits to capital funds for the other
groups 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%.
One of the primary objects in the establishment
of the Federal Reserve was the preservation and
perpetuation of the country's banking system on
broad and comprehensive lines. But if the present
'unnatural conditions created through its open market operations are continued much longer it seems
more likely that it will destroy the system rather
than preserve and perpetuate it.
The need of the hour in the industrial and commercial, as well as in the banking and financial world is
above all a return to first principles. In that, andin
that alone, must be sought the solution of the problems that are confronting the country in its present period of struggle 'and trial. And on that point
no keener analysis of the cause of these trials and
struggles has recently 'appeared than that contained
in an address delivered the present month by Bernard.M. Baruch, before a joint session of the South
Carolina Legislature. Nor have any recent 'utterances come to our notice containing such a wealth
of sound advice compressed within a small space,
for the address was a relatively short one for such
a notable occasion. We give the address almost in
its entirety on a subsequent page, but cannot resist
quoting here a few choice paragraphs which deserve
special notice because of their force and clarity.
Mr. Baruch said:
• 3021
than the value of the project; the hopes of the nit*
were larger factors than the realities of the present.
"Expenditures too often became extravagances.
Obligations were entered into for purposes that may
have been praiseworthy but that could not be
afforded. Individual and State danced to a merry
tune, with uncertainty instead of certainty, as to
how the score was to be paid. Neither money nor
credit is interminable; there always comes a day
of reckoning. The condition of the individual has
been largely repeated in the condition of government. Throughout the world this is true.
"Our problem, then, is simple in its expression,
and 'perhaps just as simple in its solution. We have
spent lavishly, but we can and will pay,though only
with difficulty. The payments of the past and the
payments of'the future are well within our ability
to meet provided the elemental virtues of work—
hard work—and rigid economy are practiced. We
must cut the coat according to the cloth; we must
face realism instead of romance. We must gain our
ends through planned effort instead of awaiting a
miracle.
"There is nothing in the situation that justifies
despair. On the contrary, I believe that with time
and action a sounder, truer prosperity may be built.
But this can only come about through direction, not
indirection. It will not be accomplished 'by governMental processes. No laws can finally make people
rich or good. No interference with natural laws has
ever been successful. There is no magic in governmental edict; the only magic lies in the heads and
the hearts of the men and women who make the
nation. Theirs is the problem; theirs is the solution. They must realize that they must look to
themselves for the cure and they must avoid the
speciousness of those who advocate formulas and
practices that can only bring disaster."
Somesensible utterances to which General W."W.
Atterbury, President of the Pennsylvania RR., gave
expression at Philadelphia. Pa., on Tuesday at a
luncheon of the Bond Club of Philadelphia also
deserve recording here. High tariff walls erected
by nations against one another form, in General
Atterbury's estimation, one of seven fundamentals
which must be corrected before business is put ;back
on a sound and substantial basis. One does not
have to subscribe to all of the "fundamentals" mentioned by him, while yet agreeing with him in the
substance of what he had to Say. General Atterbury mentions what he calls the "maldistribution
of gold" as one of the things needing correction,
but'if there is any maldistribution, correction of it
will follow naturally as the result of the adoption
of the other so-called fundamentals of which he
speaks. He said we would get out of our present
difficulties "as all great and fundamentally, rich
countries have invariably done in the past", and
he hoped we should manage it with a minimum of
"muddling through". He also gave expression to
the following pregnant words:
"The maintenance of high living standards is a
fine and laudable ambition, but perhaps we shall
be on our way faster toward recovery with general
realization of the fact that there is still some sound
truth in the old saying about the virtues of 'plain
living and high thinking', and that sound economic
laws still govern and control as always, even in this,
our so-called new era."
"All of us to-day are victims of an orgy of spending born of the inflation following the war. It
became the rule to gratify whims instead of being
governed by needs. The attitude of the individual
affected the 'State. Debt became 'a regular condition instead of a rarity. Obligations were entered
into lightly. The desire to spend 'supplanted the
practice of saving. Too often expenditures, both
New security offerings by the United States
governmental and individual, were measured by the Treasury now come in rapid succession. On
Tuesease with which money could be obtained rather day the Secretary of the Treasury,
Mr. Mellon, an-
3022
FINANCIAL CHRONICLE
flounced another $50,000,000 offering of Treasury
bills, and the customary success attended the floating of the new issue. They were 91 days, to be
dated April 27 1931 and to mature July 27 1931.
He invited tenders for the bills up to Friday, April
24, and received applications totaling no less than
$343,739,000. The amount awarded was $53,510,000,
at an average rate of about 1.33%. This was some-day bills
what better than the result at the sale of 90
close of March, when $100,855,000 of bills,
at the
dated April 2 and April 3, were awarded at an average rate of 1.46%. At the placing, however, of $154,218,000 of 91-day bills, dated Feb. 16 1931, the rate
was only 1.21%, while the sale of $60,000,000 90-day
bills on Jan. 30 was effected at the extraordinarily
low rate of 0.95%.
[Vol.. 1 31:
loans at $1,844,000,000 compares with $4,217,000,000
a year ago on April 23 1930.
The stock market suffered further violent declines-
the present week. Weakness was the all-prevadingfeature almost from beginning to end of the week.
There was also quite extdnsive liquidation as the
market toppled lower and still lower. There were
sharp rallies from the extreme low figures on most of
the days, only to be followed by renewed declines
to lower figures than before. On Thursday, however,
on which day fluctuations were the most violent of
the whole week, the market after a very pronounced
recovery, plunged to the lowest figures of the week,
and then enjoyed still another rally which carried
prices quite generally upward and left them higher
than at the close on Wednesday. On Friday, the
largest comThe Federal Reserve statements this week are failure of Pynchon & Co., one of the
Street, was announced from
again devoid of special or significant features. In mission houses in the
closing hour,
view of the action of the Federal Reserve Banks in the rostrum of the Exchange in the
by a renewed break in Fox Film
still further lowering their buying rate for accept- and was followed
s sponsored
ances by making the rate only 1%% on bills having and General Theatre, stocks of propertie
the previous by the firm and which had been depressed all week.
a maturity of 1 to 45 days, as against
much influence.
/
rate of 11 2%, one naturally turns first of all to The failure otherwise was without
particular
the acceptance holdings to see what change has The high-priced specialties seemed to be
as on so many
occurred in that item, though it is well to bear in objects of attack all through the week,
declines
mind that the marking down of the rate did not previous occasions, and suffered the largest
.
occur until Wednesday, and the weekly returns of as a rule.
The underlying causes of the depression were the
the Federal Reserve Banks always cover the week
ce hold- same as in previous weeks, the lack of any signs of
ending Wednesday evening. The acceptan
ings show an increase for the week of, roughly, sustained revival in trade being perhaps the most
in$20,000,000, the amount for April 22 being re- conspicuous depressing influence. The textile
$151,611,000, against $131,479,000 on dustry still continues to give a pretty good account of
ported at
itself, but the steel trade, considered an industrial
April 15.
The discount holdings of the 12 Reserve Banks are barometer by many, continued to display evidences
also somewhat larger, being $135,250,000 this week of recession. The "Iron Age" reported steel capacity
as
as against $132,004,000 last week; holdings of of the mills of this country engaged to only 49%,
ago and 57% at the peak the
United States Government securities, however, are against 51% a week
for steel
almost entirely unchanged at $598,529,000 as latter part of March. Automotive demand
result altogether is that remain disappointing and the quiet state of the autoagainst $598,635,000. The
the numthe total of the bill and security holdings, which mobile industry is indicated by the fact that
the first three
reflects the amount of Reserve credit outstanding, ber of motor vehicles produced in
1,000,023 in
is some $23,000,000 larger than a week ago, the total months of 1931, was 668,131, as against
and 1,452,910 in the first
standing at $885,390,000 this week as against $862,- the first quarter of 1930
ble feature
118,000 last week. The volume of Federal Reserve quarter of 1929. An additional unfavora
decline in steel prices, steel scrap
notes in circulation has again increased, this being has been the further
course, operated
the fourth successive week of such increase, leaving being particularly weak. All this of
as against $1,515,- against the steel stocks which have been under selling
the amount now at $1,526,511,000
also suffered
716,000 last week and $1,441,715,000 on Mar. 25. pressure all week. The copper stocks
of the metal,
Gold reserves have further increased, rising from because of a renewed declinein the price
been lowered to
$3,141,858,000 April 15 and $3,115,202,000 April 1, the export price of copper having
delivery in Conn.
10.05c. and sales for domestic
to $3,162,823,000 April 22.
the lowest
Brokers' loans, as reported by the member banks having been freely made at 9I 2c. a pound,
years.
in New York City, which furnish weekly returns figure touched in 35
Some of the other non-ferrous metals also established
to the New York Federal Reserve Bank, also again
years—zinc for inshow a relatively small change, there being a de- new low levels in a long series of
the amount stance touching 3.50c. a pound, the lowest figure in
crease this time of $5,000,000, with
cement, as a result
April 22 $1,844,000,000 against $1,849,000,000 more than 31 years. In portland
week, it may be recalled, there was of a price war, quotations also dropped off sharply.
April 15. Last
companies east of the Rocky
an increase of $27,000,000, and this, in turn, fol- It was estimated that the
75% of the country's
lowed $53,000,000 decrease, $33,000,000 decrease, Mountains, where more than
an average of around $1
and $5,000,000 decrease, respectively, in the three cement is used, were getting
mills as compared with
weeks preceding. In the loaning under the different a barrel net in bulk at the
In petroleum and its procategories loans for own account by the reporting about $1.65 a year ago.
all around as a result
member banks again increased, the total rising ducts prices are being slashed
development in east Texas. Rubber has
from $1,324,000,000 to $1,350,000,000, while loans of the new
and similar depressfor account of out-of-town banks further diminished also touched a new low at 63/2c.
000, and loans "for ing news has come from all directions. On top of all
from $286,000,000 to $270,000,
ts of earnings,
account of others" also further diminished from this have come unfavorable statemen
The grand total of the one after another, furnishing evidence of the bad
$239,000,000 to $224,000,000.
APRIL 25 1931.1
FINANCIAL C1TRO1TCLE
3023
state of business and the lack of profits. Most of Woolworth at 61 against 59%; Safeway Stores at 52
3
these statements have been for the March quarter, against 49%; Western Union Telegraph at 1161
3
%
and a sorry showing they have made as compared against 125; American Tel. & Tel. at 183 against
with the March quarter of the previous year.
186%;Int. Tel. & Tel. at 283 against 283j; American
Only a few of these can be mentioned here as Can at 116 against 1173; United States Industrial
indicative of the whole. A preliminary report of Alcohol at 34 against 365s; Commercial Solvents at
/
the General Motors Corp. shows net income for the 141% against 143/; Shattuck & Co. at 231 against
%
2
March quarter of $28,999,409, equivalent after pre- 25; Corn Products at 713/ against 731%, and Columferred dividends to 61c. a share on the common stock. bia Graphophone at 95 against 1032.
%
against $44,968,587, or 98c. a share, in the first quarAllied Chemical & Dye closed yesterday at 1333
ter of 1930. Allis-Chalmers reports a net profit of against 1313/i on Friday of last week; E. I. du Pont
$482,807, equivalent to 38c. a share for the March de Nemours at 85 against 87; National Cash Register
quarter of 1931, against $1,170,937, or 93c. a share, at 2734 against 273.; International Nickel at 1534
in the first three months of 1930. Caterpillar against 163; Timken Roller Bearing at 4434 against
Tractor showed 55c. a share earned in the first 46%; Mack Trucks at 303 against 35%; Yellow
5
3
%
quarter of 1931, against $1.79 a share in the same Truck & Coach at 1034 against 10%; Johns-Manville
quarter of last year. The Curtis Publishing Co. at 5334 against 56; Gillette Safety Razor at 303j
reports $1.71 earned for the March quarter this against 31; National Dairy Products at 44 against
year against $2.75 last year. Western Union Tele- 443i; National Bellas Hess at 6 against 63/2; Assograph for the first quarter of 1931 made the poorest ciated Dry Goods at 22 against 21%; Texas Gulf
showing in 15 years. The United States Steel Corp., Sulphur at 4394 against 443; American & Foreign
it is estimated, will show only 25 to 50c. a share Power at 34% against 36; General American Tank
earned in the quarterly report to be issued next Car at 6334 against 62; Air Reduction at 85 against
Tuesday, though it is expected that the regular 853/; United Gas Improvement at 3034 against
2
quarterly dividend of $1.75 a share will be paid, the 313/; and Columbian Carbon at 763 against 7634.
8
deficiency being made good out of accumulated
The steel shares have been conspicuously weak at
surplus. The Bethlehem Steel, it is expected, will times. United States Steel closed yesterday at 1265
%
reduce its dividend.
against 1301 2 on Friday of last week; Bethlehem Steel
/
The railroad reports that have come in have covered at 4734 against 483/s; Vanadium at 43 against 4434;
March and the March quarter. A few of these have Republic Iron & Steel at 1434 against 15, and
.
shown some slight improvement for March due to re- Crucible Steel at
4634 bid against 453. In the motor
duction in expenses, but generally the showing for the stocks Auburn Auto after the customary violent
March quarter is exceedingly poor and the railroad fluctuations closed yesterday at 212 against 236 on
stocks have again been conspicuously depressed. As Friday of last week; General Motors closed yesterday
one illustration of the adverse exhibits the Southern at 403 against 4234; Chrysler at 185 against 193;
%
%
Pacific,for the first quarter of this year showed net Nash Motors at 321 against 3434; Packard Motor
%
income of only $2,128,336, against $7,130,739 in the Car at 734 against 83 ; Hudson Motor Car at 17
%
corresponding quarter last year. Altogether 334 against 183/; and Hupp Motors at 8 against 83;
2
stocks in the general downward movement of prices Goodyear Tire & Rubber closed yesterday at
373.j
established new low records for 1931 the present week, against
4034 on Friday of last week; U. S. Rubber at
while 23 stocks made new highs. The call loan rate 14 against 153/, and the preferred at 25 against 253 .
s
%
on the Stock Exchange has not deviated from 13/2%
The tobacco stocks show slight changes as comthis week.
pared with the week previous. Universal Leaf
Trading increased as liquidation grew in intensity Tobacco closed yesterday at 3534 bid against 37 on
and the -declines in prices became more violent. At Friday of last week; American Tobacco at 122 against
the half-day session on Saturday the sales on the 121; Liggett & Myers at 81 bid against 833;American
New York Stock Exchange were 1,292,860 shares; Sumatra Tobacco at
932 against %; Reynolds
on Monday they were 1,563,820 shares; on Tuesday Tobacco, class "B" at 51 against 50; Lorillard at 185
1,993,439 shares; on Wednesday 2,670,851 shares; against 1734; and Tobacco Products, class "A" %
at
on Thursday 3,815,560 shares, and on Friday 1334 against 139/8.
2,603,370 shares. On the New York Curb Exchange
The railroad stocks have again been inclined to
the sales last Saturday were 286,000 shares; on weakness. Pennsylvania RR.closed yesterday at
5532
Monday 332,500 shares; on Tuesday 344,800 shares; against 553. on Friday of last week; Erie RR. at
26,
on Wednesday 487,700 shares; on Thursday 644,200 against 27; New York Central at 10134, against
104;
shares and on Friday 554,500 shares.
Baltimore & Ohio at 603/8, against 6694; New Haven
As compared with Friday of last week, prices again at 7334, against 723/s; Union Pacific at 1663/, against
2
record general declines, though there are some ex- 1663/; Southern Pacific
2
at 853/2, against 90; Missouriceptions to the rule. General Electric closed yester- Kansas-Texas
at 163 , against 1734; St. Louis-San
%
day at 42% against 439/i on Friday of last week; Francisco at 21, against 233 ;Southern Ry. 3932,
%
at
Warner Bros. Pictures at 9% against 105s; Elec. against
/
383/2; Chesapeake & Ohio at 3934, against
Power & Light at 46 against 48; United Corp. at 22 3934; Northern
Pacific at 449(, against 46, and Great
against 22%; Brooklyn Union Gas at 1089 against Northern 583., against
at
58.
1103'; North American at 703/ against 72; Pacific
The oil situation is of course far from satisfactory.
Gas & Elec. at 48 against 483; Standard Gas & Standard Oil of N. J. closed yesterday
at 3794
Elec. at 703/ against 69%; Consolidated Gas of against 4194 on Friday of last week; Standard
Oil of
%
N. Y. at 941 against 953; Columbia Gas & Elec. N. Y. at
189 against 2034; Standard Oil of Calif.
%
at 321 against 35; International Harvester at 49% at 3834 against 423; Simms Petroleum
at 634
against 493; J. I. Case Threshing Machine at 813 against
%
634 bid; Skelly Oil at 534 against 734; Atagainst 883/2; Sears, Roebuck & Co. at 503 against lantic Refining at 15 against 165 ;
% Texas Corp. at
503; Montgomery Ward & Co. at 18% against 20; 23 against 263 ; Richfield Oil at 2
%
against 234;
3024
FINANCIAL CHRONICLE
[vol.. 132.
the dealings Thursday, as sterling exchange was still
,
strong. Other sections remained depressed. with
especially weak on poor reports
international stocks
from other markets. The tone was firm at London
yesterday, industrial stocks as well as British
Funds showing small gains.
Most stocks were strong on the Paris Bourse at
the opening last Monday, the favorable movement
representing a continuation of the trend in evidence
late last week. Stocks in the electrical and banking
groups were in greatest demand, but the movement
came to a halt late in the day when heavy selling
reported appeared in a few issues. Rio Tinto was the weakQuiet and irregular stock markets were
g about 150 francs.
all week in the important European financial cen- est issue, this stock droppin
, listed issues again
ters. Trends at London, Paris and Berlin varied After a firm opening Tuesday
influence of severe declines
from slight downward movements to equally modest turned soft under the
prominent stocks. Most issues
rallies, with the net changes unimportant in every in a small number of
finished the day with small
case. The tone was better; however, than in earlier lost their early gains and
Professional operations for a decline
weeks, causing some satisfaction. International net losses.
day and stocks receded
developments, such as the Spanish revolution, re- gained in volume Wednes
from substantially, both French and international issues
mained an unsettling factor, while reports
Rio Tinto and Royal
trade and industry gave little encouragement. declining. Central Mining,
y is indicated in a few Dutch were the issues mostly affected. The opening
Although business recover
unfavorable reports
lines in the industrial countries of Europe, progress Thursday was heavy, owing to
cdvering made its apis painfully slow 'and most of the heavy industries from other markets. Short
reports, and
remain in an uncertain state. Heavy dividend pearance, however, according to Paris
of prices quickly recovered, with closing levels the
reductions are occurring, moreover, on the shares
sold in
many important companies, this factor naturally highest of the day. The issues most heavily
stocks. The ten- earlier sessions showed the greatest gains. Prices
making for depression of related
e trading
dency in the London market this week was to await were slightly irregular in moderat
presentation, which will yesterday.
the outcome of the budget
The Berlin Boerse was firm as trading started
occur next Monday when Chancellor of the Exd throughchequer Philip Snowden appears before the House Monday, and the favorable tone prevaile
was due both
of Commons. It is recognized that Mr. Snowden out the session. The improvement
volume of inwill have to propose heavy increases in taxes in more to covering by speculators and a fair
up the deficit vestment purchases, reports stated. Artificial silk
than one direction in order to make
, while potash and
of about $116,000,000 for the last fiscal year, and stocks were especially .favored
for the current year. electrical issues also improved. The opening Tuesprovide additional revenues
but the upward
Curiosity regarding the budget was sharply whetted day was quiet and somewhat lower,
Prime Minister MacDonald an- movement was resumed later and a few substantial
Thursday, when
al stocks. Closing levels
nounced not only that the presentation will be made gains resulted in individu
of the day. A sharp reacby Mr. Snowden, but also that three days, instead of were at the best prices
numerous stocks losing
the usual two, will be available "for business arising tion developed Wednesday,
was considered from 3 to 6 points in the course of the movement.
out of the budget statement." This
from New York were said to
an intimation that the budget will contain unusual Disappointing reports
have started the downturn. A rally toward the
features.
to the previous levels,
Little business was done on the London Stock close 'brought prices nearer
losses. The irregular
Exchange in the initial session of the week, which but most issues showed net
ed Thursday, a soft tone
continu
was also the first day of the new account. British movements were
funds sagged and British industrial at the opening being succeeded by firmness late
Government
d most of the initial destocks also lost ground. International issues were in the day, which cancelle
stocks in the electrical and chemical
extremely dull, owing to the inauguration of day- clines. A few
net gains. Some uncertainty
light saving time in London last Sunday. Opening sections registered
, owing to this was again apparent at Berlin yesterday, but
reports from New York were received
small.
factor, an hour later than usual in London and too changes were
trading. In Tuesday's session
late to Induce much
s
Negotiations on the proposed naval accord among
a better tone was in evidence, with advance and
equal. British Government funds Great Britain, France, and Italy, designed to augdeclines about
naval treaty of 1930, were resumed
strengthened materially on the belief that the new ment the London
to debt con- in London Tuesday, when Rene Massigli presented
budget might contain features relating
al sec- the latest French suggestions through the Enibassy
version operations. In the British industri
were noted, bring- in London. M. Ma.ssigli appeared at the British
tion covering operations by bears
British funds were Foreign Office late in the day, reports state, and
ing about a little improvement.
Wednesday's deal- offered to explain the latest French terms in detail
again the outstanding section in
being aided by gains in and to resume discussions with the British and
ings, the upward movement
that the Bank of Italian experts on the new basis. According to the
sterling exchange and the fact
the gold available in the British view, this procedure throws the entire affair
England obtained most of
list business was back into the hands of the diplomatic representaopen market. In the industrial
movements mainly downward. tives of the three countries and means in effect that
quiet and price
nt in principle, announced by Foreign
Further gains in British Government issues marked the agreeme
/
Phillips Petroleum at 71 1 against 94, and Pure Oil
.
at 7% against 7 8
The copper shares have continued to reflect the
low and sagging price of the metal. Anaconda
Copper closed yesterday at 30 against 32 on Friday
of last week; Kennecott Copper at 21% against
&
.;
2334 Calumet & Hecla at 83 against8;Calumet
Consol.
Arizona at 383/ against 383/ bid; Granby
Min. at 15M against 17; American Smelt. & Ref. at
429/i against 43, and U. S. Smelt. & Ref. at 19
against 203..
APRIL 251931.]
FINANCIAL CHRONICLE
-
Secretary Arthur Henderson Mar. 1, is no longer
of any great significance. The hitch in the negotiations, made apparent several weeks ago, relates to
the French demand for a higher replacement tonnage than the British and Italian experts believed
was intended in the agreement in principle. It has
already been indicated in official fashion that failure to reach agreement on French and Italian construction will force additional building by Great
Britain, with resultant serious effects on the London treaty. British statesmen, it is known, view
with extreme reluctance the prospect of putting the
"escalator clause" of the London treaty in operation. Examination of the new French proposals
will require a • number of days, it is said, and in
the meantime no meeting of the negotiators has
been arranged. In Washington reports of Thursday it was remarked that the State Department,
while keeping carefully aloof from participation,
is nevertheless following the developments with
acute interest. "The seriousness of the situation
is fully appreciated," a dispatch to the New York
"Times" said. "It is realized that should the
Franco-Italian negotiations fail, not only would the
integrity of the London treaty be impaired, but the
success of next year's general disarmament conference might be imperiled."
Additional public discussion has developed: Conthe plan, said to have been proposed by
Montagu Norman,Governor of the Bank of England,
for an international combination of financial interests designed to extend long-term credits in
Eastern Europe and South America. Mr. Norman,
according to the reports from London, Basle, and
Berlin, sounded out American bankers on the
project during his recent visit, but secured little
encouragement, if intangible rumors are to be
credited. French financiers also were unenthusiastic, it is said, when the question was discussed
in Paris. The plan, a Basle report of Tuesday to
the New York "Times" stated, called for the establishment of an international bank capitalized at
=$500,000,000, of which a tenth would be paid in
promptly. This institution, baked by central banks
and by the B. I. S., would float bonds in its own
name and lend the proceeds in countries that are
finding it difficult to secure credit at present in
New York, London, or Paris. "Criticism developed," the Basle report said,"when Mr. Norman admitted that the Bank of England, because of the
present exchange position, did not intend to give
as much financial backing to the institution as it
expected others to do, though it proposed to have the
same voting power. It was also objected that the
countries which the plan aimed to help were
especially those in which the British have heavy
previous investments to protect. In short, the
Americans and French found the Norman plan much
more advantageous to the Britisb than to themselves." That the plan, or something like it, was
actually under consideration was officially admitted in the House of Commons, Tuesday, by a
Government spokesman in reply to a question.
Lieut.-Commander Kenworthy, Laborite, asked if
the scheme had been submitted to the British Treasury for approval. It was stated in reply that the
Treasury had been informed unofficially, but that
no advice had been asked or given.
cerning
3025
At its regular monthly board meeting last Monday, directors of the B. I. S. heard President Gates
W. McGarrah report on the profits of the institution for its first fiscal year, ended Mar. 31, and
approved his recommendation that a 6% dividend
be paid. The creation of reserves and distribution
of remaining profits also were discussed, a Basle
dispatch to the New York "Times" states, but no
information on these points will be made available
in advance of the shareholders' meeting on May 19.
"It is understood," the dispatch said,"that the bank,
after paying all expenses, made a profit of about
13% on its paid-up capital, or a profit of about
4;2,500,000. This is held to be especially satisfac/
1
tory, since the first fiscal year was only 102 months
long." The board decided to invite the Bank of
Norway to subscribe for 4,000 shares of its stock,
and confirmed the allotment of 4,000 shares to the
Bank of Jugoslavia, subject to stabilization of that
country's currency. An allotment of 500 shares to
the Bank of Albania also was reported. Less optimism over the general European situation was expressed at the meeting than was the case a month
ago, it is indicated. The policy of encouraging the
conversion of short-term into long-term credits was
continued, when decision was reached to accept the
invitation of the new International Mortgage Bank
of Amsterdam to subscribe for a portion of its bonds.
Negative results were reported on a question of discount by the B. I. S. of Soviet Government acceptances. The question was brought up, it is said, as
the result of a request by a German private bank
that the B. I. S. rediscount paper given by Moscow
in payment for goods purchased in Germany. German members of the board backed the proposal,
according to the report, but other members objected
on the ground that it would be equivalent to indirect
advances to a government, which the bank is not
allowed by its statutes to make.
Little progress is currently being made in Europe
with the several official plans for customs union,
European federation and tariff reduction. Negotiations on the projected Austro-German customs
union were definitely halted last week, pending a
decision on the judicial aspect of Austrian participation by the League Council at its May meeting.
The suspension was attributed in Berlin to the
violent French opposition to the proposal. The
Vienna Government issued an official communication, April 17, which stated: "With respect to the
proposal of the English Foreign Secretary, Arthur
Henderson, that an agreement between Germany
and Austria for the assimilation of their customs
and trade policies should be examined in May by
the League of Nations Council in regard to its legal
aspect, the Austrian Government,in agreement with
the German Government, and in accord with its
promise to present no fait accompli to the Ministers
of foreign countries who inquired here, will await
developments." A further sharp attack on the
Austro-German customs project was made Thursday by Dr. Edouard Benes, Foreign Minister of
Czechoslovakia, in an address before the Foreign
Affairs Committee of the Prague Parliament.
Czechoslovakia is closely allied with France, and
Dr. Benes has criticized the customs union proposal
on several occasions. He proposed a counter-plan,
Thursrday, based on wide adherence in Europe to
the• most-favored-nation principle of commercial
3026
FINANCIAL CHRONICLE
accords, with preferences for European agricultural
countries extended by European industrial
nations.
It was disclosed in Paris on April 17 that Foreign
Minister Aristide Briand has prepared a new plan
for European economic co-operation, mainly as an
offset to the Austro-German customs union project.
This plan, approved at a French Cabinet meeting,
is to be placed before the Pan-European Commission of the League of Nations next month. Only the
vaguest statements have emanated from Paris on
the matter, but it appears that the project is concerned with the "more rational organization of agricultural production in Europe". Among other countries, Great Britain, Italy, Poland, Czechoslovakia,
Jugoslavia, and Rumania are expected to participate and have already been sounded out. German
and Austrian participation also is to be invited.
Reports from Germany and Austria indicated that
the newest Briand project is merely the much-discussed proposal for relieving the depression in the
agricultural States of Eastern Europe by means of
preferential tariffs. After a further Cabinet meeting on the matter in Paris, Monday, reports from
that capital became pessimistic. "The whole project
is too far from a definite stage for the Government
to reach final decisions," a dispatch to the New
York "Times" said, "but the more public opinion
submits the proposal to the light of past expel.;
once, the more pronounced becomes the skepticism."
At Geneva, meanwhile, a subcommittee of the PanEuropean Commission considered the project for the
formation of an international agricultural credit
bank. This scheme is a direct outgrowth of the
Briand project for European federation, having
been conceived as one of the very few available
means of aiding the agriculture of Eastern Europe.
The subcommittee finished its labors Wednesday
without having reached an agreement, and the plan
is thus thrown back upon the full Pan-European
Commission for further discussion.
There has also been much discussion lately of a
suggestion, made by President William Graham of
the British Board of Trade, for reductions of 25%
by a number of European countries in their tariffs
on British products. In return, the British Government was said to have expressed willingness to
do everything possible to promote the trade of such
countries with Britain. No official information on
the suggestion has been made public. A report of
last Sunday from Paris indicates, however, that
France was asked to reduce its import duties 25%
on about 500 articles. A London dispatch of Tuesday to the New York "Times" stated that replies
were in hand from virtually all the countries addressed. The specific proposal, this report said,
was that duties be lowered on British textiles and
iron and steel products, while the countries addressed included Germany, France, Italy, Poland,
Austria, Belgium, and Switzerland. "None of the
countries approached has refused and none has
accepted," the dispatch said. "They say in effect
that they will be willing to consider the matter further if they can be assured that England is going
to adhere to her free-trade policy. Naturally,
nobody in England, either in the Government of out,
can answer that question, for it depends on the
result of •the next British election, which in all
probability will be fought on the tariff issue."
[vol.. 132.
With peaceful conditions prevailing throughout
Spain and the new republican government apparently in complete control, steps were started this
week toward the profound modifications implied in
the sudden change from a monarchy to a republic,
which took place April 14. The new rulers, with
Provisional President Alcala Zamora at their head,
realize that the Spanish people are expecting great
things from their government, according to recent
reports from Madrid. No important opposition having appeared, the republicans have entrenched themselves strongly in charge of the government machinery and have begun to deal with the problems
presented by the organization of the structure of a
republic, the separation of Church and State, and
the satisfaction of group aspirations within the
country. A constituent assembly will be called
soon in order to frame a Republican Constitution,
it is indicated, and a measure of stability is expected
as a result. Some attempts by Communist leaders
to alienate the loyalty of the people from the republican regime are reported, but these appear to have
made little progress. "Whether this Government
will sink or swim 'appears to be rather a question
of months than of days, and to depend almost wholly
on its own acts," a Madrid dispatch of Sunday to
the New York "Times" remarked.
Among the important decisions reached already
by the new Spanish regime is one rescinding the
$60,000,000 international credit opened in favor of
the Bank of Spain late in March by banking groups
in New York and Paris for purposes of preliminary
stabilization of the peseta. This action was foreshadowed last week by Indalecio Prieto, the new
Minister of Finance, who 'announced on April 16
that he did not expect to use the international
credit. Formal decision to this effect was reached
last Saturday. Senor Prieto at the same time began
a series of conferences with exchange brokers and
officials of the Bank of Spain with regard to possible measures to prevent exportation of capital.
The movement of funds from Spain to other countries was said to be assuming large proportions as
the result of transfers made by departing royalists.
The Finance Minister announced that he had requested banks in Barcelona, Madrid, and Bilbao,
where stock exchanges exist, not to allow any securities on deposit to be taken from their vaults, so that
the exodus of capital from Spain might be halted.
Orders were issued by the new Government late
last week designed to prevent civil agitation by the
powerful clergy of Spain. Any priest who makes an
attack on the Government from the pulpit will be
summarily dealt with, the orders stated, and Governors of the provinces were instructed to refrain
from attending any religious services for the present. Such orders were regarded as the first move
in the separation of Church and State, which is one
of the most delicate problems faced by the new
regime. In a statement on this question, issued
last Saturday by Minister of the Interior Miguel
Maura, it was remarked that such separation will
not be carried out with a high hand, but will be
arranged between the Holy See and the republican
regime with the interests of both in mind. "The
Government will insist that the separation take
place," he declared. "Nothing unreasonable will
be asked, but merely the application in Spain of
conditions already existing in other countries
where Catholicism is widely practiced, as in France.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3027
'This Government has absolutely no intention of con- and Italian action. Resignations of the Spanish
fiscating Church land, as was done in Mexico. Ambassadors in the important posts, after the
Whether or not the number of clergy and monks change in regime, was studied this week, and several
will be reduced depends on the Church's own de- new appointees were announced. Don Salvador de
cision, not on the Government." The problem pre- Madaraiga, diplomatist and publicist, was ap.sented by the large standing army of Spain was pointed Ambassador to Washington Tuesday. This
-cautiously approached, owing to the political power action was carried out without the usual diplowielded by the military organization. Plans are matic formality of previous submission of the ap-afoot for the reduction of the army strength, it is pointment to the accredited Government for apsaid,, and as a first step orders were issued last proval, but this departure was not considered imweek repealing the law of jurisdiction,'under which portant in Washington. The new Ambassador to
the army has been immune to criticism. All officers London, also announced Tuesday, will be Ramon
were required this week to take oaths of allegiance Perez de Ayala, who is one of the best known of
to the new regime, with the alternative of resigning Spain's literary men. The former King, Alfonso de
their posts.
Bourbon, went to London Tuesday for a short stay,
• Threats of the establishment of rival republican and was greeted with tumultuous applause by a
_regimes in Catalonia and in the Basque province huge crowd at Victoria Station. Other members
were quickly overcome by the Madrid Government, of the royal family remained at Fontainebleau, near
-and the sway of the federal regime is thus undis- Paris, where they have established residence.
puted. A Catalonian republic was proclaimed last
A decision was reached by the new Government
week by Colonel Francisco Macia, in Barcelona, but in Madrid, Thursday, to hold national elections on
a definite promise of adherence to the Madrid Gov- June 21 for the constituent Cortes, which will decide
ernment resulted from negotiations with the on the future form of the Spanish scheme of governCatalans. Two Ministers of the Madrid Govern- ment. The Constitutional Assembly will be comment, Marcelino Domingo and Fernando de los Rios, posed of 570 members, comprising 410 Deputies and
conferred in Barcelona April 17 with the Catalan 160 Senators, it was indicated. Its immediate task
leaders and returned to Madrid with the tidings that will be the drafting of a Constitution and the settlethe Barcelona regime would be subordinated to the ment of such pressing problems as the separation
.central power of Madrid. Colonel Macia stated pub- of Church and State, the determination of the
licly, however, that his provisional regime was pro- Church and State, the determination of the seppared to vindicate its right to become an autono- aritist ambitions of Catalonia and other provinces,
mous State if the republican parliament does not the reform of the feudal land-holding system and
_give it satisfaction. The exact status of the Cata- the reorganization of the army. The present Prolonian regime has not been made clear, but it is visional Government proposes to remain in power
indicated that it will be "recognized as a distinct until the Cortes is ended.
political entity within the Spanish State." Intimations that a Basque republic might be proclaimed
A new Cabinet with dictatorial leanings was
were countered by the dispatch of troops to Bilbao formed in Rumania last Saturday by Nicolas Jorga,
over the last week-end, while quiet conditions have former tutor of King Carol, after several fruitless
prevailed since.
attempts had been made by Nicolas Titulescu to
Crown lands will be turned over to the nation, organize a representative government that would
to be administered by a special department of the also be acceptable to Carol. The latest phase in
new Government, according to a pronouncement by the strained politics of Rumania began April 4,
Finance Minister Prieto last Saturday. The crown WIWI' George Mironescu resigned the Premiership
properties and royal estates and palaces which be- of the National Peasants' Cabinet owing to diffilong to the State, and which the former monarch culties with the King. M. Titulescu was recalled
_merely used, will be made available for use by the from his ambassadorial post at London to form a
_people, he said. Certain palaces are regarded as new Cabinet and made several efforts to organize
belonging to King Alfonso himself, and these will a coalition regime. When these failed he tried to
-be set aside as his personal property. The Govern- form a government of technical experts. While
ment also proposes, a dispatch of Sunday.to the these negotiations were in progress rumors were
New York "Herald Tribune" said, to engage in far- constantly circulated in Bucharest that the Parliareaching plans for the internal colonization of ment might be dissolved and a dictatorship pro-Spain. This is to be accomplished by the expro- claimed by Carol. The latter brushed aside the ,
priation of the great landed proprietors, who are to efforts of M. Titulescu last Saturday and took a
be recompensed "on a reasonable basis". The land step toward distatorship by asking M. Jorga to
will be made available to millions of peasants, it is form a new regime. A list of Ministers was hastily
said, through a system of co-operative peasant announced, but not all the members chosen have
•ownership.
agreed to serve in the Cabinet. M. Camarasescu, of
Recognition was extended the new regime by the National Peasants' party, and the only member
most of the major powers of the world in the course from this group, announced Sunday that he would
of this week. Secretary Stimson announced in not accept the portfolio of the Interior or join the
Washington Wednesday that Ambassador Laughlin Jorga Cabinet in any capacity. It is now rumored
at Madrid had been instructed to extend recognition in Bucharest, according to recent dispatches to the
to the new regime. The French Government was the New York "Times", that King Carol's companion
first of the great powers to take this step, acting of his exile, Mme. Magda Lupescu, is again with
April 117. Great Britain and all the dominions him, and that Carol desires an extra-parliamentary
recognized the provisional government Tuesday, regime in order to contract a morganatic
marriage
.and this was quickly followed by American recog- with her. The popularity of his former wife, Queen
mition, which occurred simultaneously with German Helen, makes the carrying out of these allegel
plans
3028 .
FINANCIAL CHRONICLE
[VoL. 132.
of Carol somewhat difficult. The Cabinet an- "where small groups of confessed outlaws—treated
as outlaws by the Nicaraguan Government—are
nounced by M. Jorga is as follows:
Premier and Minister of Education—M. Jorge.
making their way through the jungle to the east
Finance—Constantine Argetoianu.
coast, with the avowed intention of murdering and
Health and Public Works—Dr. Cantacuzine.
Industry and Trade—M. Manoilescu.
pillaging the civilian inhabitants of the country."
Interior—Dr. Camarasescu.
Foreign A/fairs—M. Ghica.
The thick jungles "make it almost impossible for
Railroads—M. Valcovici.
regular troops to operate effectively, even if it were
Justice—Judge Hamangiu.
Agriculture—M. Jonescu.
attempted", he asserted, while another point of
War—General Amsa-Stefanescu.
difference as compared to 1926 is the present existence of a trained Nicaraguan constabulary.
Nicaraguan bandit activities have been sharply
curtailed this week by the swift organization of "Purely from the standpoint of protection, the most
defensive measures by United States naval vessels effective way to protect the American and foreign
and the Nicaraguan National Guard. The rebel civilians who have been suddenly exposed to this
bands, operating under the leadership of Augusto danger in the forests of Eastern Nicaragua is to
Sandino, apparently numbered about 150 all told, give them warning of the danger and an opportunity
according to reports from Rear Admiral Arthur St. to escape to the protection of the coast towns; and
Clair Smith, made public in Washington. They then for this especially trained constabulary to
first appeared in the vicinity of Logtown, near the operate in the jungle against the bandits," the stateeast coast of Nicaragua, on April 11, and the kill- ment said. American naval vessels will continue
ings of foreigners occurred in the same area within to stand by at the east coast ports, Mr. Stimson
the next three days. Admiral Smith remarked that declared, but he added that there was no change in
the activity was apparently similar to that which the determination of the American Government not
has occurred at this season in previous years, largely to send troops into the interior.
Secretary Stimson remarked further that "by
for the purpose of raiding for supplies and stores
in advance of the rainy season. Sixteen foreigners assisting the Government of Nicaragua in organizwere murdered by the Sandinistas, the report indi- ing and training a competent guardia, we are not
cated. Of these, eight were American civilians, only furnishing the most practical and effective
one an American marine officer, four were British method of meeting the bandit problem and the prosubjects, one a German missionary, one a Guate- tection of Americans and foreigners in Nicaragua
malan, and one a Colombian. It was remarked in from its attendant perils, but we are at the same
the report that the gunboat Asheville arrived at time recognizing that it is a problem with which the
Puerto Cabezas last week apparently just in time sovereign Government of Nicaragua is primarily
to avert an impending attack by the bandits on that concerned and a problem which it is primarily the
town. Although there were many rumors of fur- right and duty of that Government to solve. The
ther bandit attacks, no important developments events of this last week have pretty thoroughly torn
were reported this week, and work was resumed the mask off the character of the mythical patriot
in the coast towns. A small number of refugees Sandino. Two of his lieutenants have been recogwho fled the country last week were landed Satur- nized as leaders of these outlaw bands, and both
from their work and from the evidence of captured
day at New Orleans.
Far more attention was paid this week to several papers they are shown to have been engaged in a
statements by the Administration in Washington deliberate plan of assassination and pillage against
on the Nicaraguan situation than to the conditions helpless civilians of various nationalities, including
in the country itself. This was due to confusion Nicaraguans, working in mines and logging camps.
regarding a pronouncement by Secretary Stimson The movements of these outlaws from the northon April 17 to the effect that protection by Amer- western provinces to the eastern coast of Nicaragua
ican forces could be extended Americans in Nica- came just after the terrific earthquake which prosragua only in the coast towns and not in the in- trated the center of that country, when every
terior. Mr. Stimson urged all Americans who did humane impulse was to assist those who were suffernot feel secure under the protection afforded them ing from the catastrophe and when all forces, inby the Nicaraguan National Guard to withdraw cluding marines and constabulary, were engaged
from the country, or at least to the coast towns. in the alleviation of distress. It was in the hour
He asserted that the general protection of Amer- of his country's desolation that Sandhi() chose to
icans throughout Nicaragua would "lead to diffi- send his outlaws across the country to attack the
culties and commitments which this Government region which he believed to be left unguarded."
To this statement was added one by President
does not propose to undertake". There was a tendency in many quarters to regard this statement Hoover, issued Tuesday, in which he denounced
as the pronouncement of a new policy of the Hoover Augusto Sandino as a "cold-blooded bandit, outside
Administration in dealing not only with disturb- the civilized pale". The President's comments were
ances in Nicaragua but also in other Central Amer- made in the course of his semi-weekly press conference, and a transcript was afterward issued. "Our
ican republics.
clarify the American position, Secre- advices are that the Nicaraguan Government has
In order to
tary Stimson issued a further statement last Satur- now placed in the field a total of 1,300 men of the
clean
day, in which he declared that the problem before newly created National Guard in a drive to
Government to-day is not a problem of the pro- up Sandino and his fellow bandits," the President
the
s advise that this force
tection of its citizens in Nicaragua from a war, but said. "Our representative
that of Sandino and his bands. His
from murder and assassination. In that respect, is several times
points have been frustrated
it is totally different from the problem which ex- raids upon important
armies were in the field, by the dispositions of the Guard, and the protection
isted in 1926, when two
is made doubly sure by
abiding by the rules of warfare, he added. "Now of our citizens on the coast
Mr. Stimson continued, the presence of our naval vessels. Sandino has
we have a situation,"
APRIL 25 1931.]
FINANCIAL CHRONICLE
placed himself and his band outside the civilized
pale by the cold-blooded murder of eight or nine
American civilian's and many Nicaraguans at isolated places in the interior. The Nicaraguan Government has Shown itself fully cognizant of its
responsibilities. It is moving vigorously despite
the difficulties created by the earthquake. While
it may require some time to accomplish their purpose due to the mountainous and jungle character
of the country, I am confident Sandino will be
brought to justice."
London reports of Monday indicated that the
attitude of the British Government concerning its
nationals in Nicaragua is exactly the same as that
announced by Secretary Stinison as applicable to
American citizens there. No official pronouncement on the matter was made, but it was indicated
that the British Charge d'Affaires in Nicaragua had
been asked to notify British citizens that if they
fail to observe due caution, it would be at their
own risk. Questioned on the Nicaraguan developments in the House of Common's, Monday, Foreign
Secretary Arthur Henderson remarked that the
bandits have been checked on the east coast and
were retreating inland. Officials of the American
State Department were pleased when informed of
the attitude of the British Government and the
statement of Mr. Henderson,a Washington dispatch
of Monday to the New York "Times" said. President Jose Moncada, of Nicaragua, stated in Managua, Tuesday, that the outlaws responsible for the
fatal raids on the east coast of the republic are
"not civilized". He expressed appreciation of the
aid extended the country from numerous foreign
sources in the efforts to recover from the effects of
the destructive earthquake which razed the capital
some weeks ago. "We feel," he said, "that those
who still follow banditry and Who kill in these
hours of Nicaragua's travail and efforts to reconstruct the quake-torn area are not civilized. Even
if previously they have enjoyed some favorable
opinion, they have now fallen from the world's
respect."
A revolutionary movement in Honduras was
added this week to the long list of revolts that have
occurred in Latin American countries within recent
months. The Honduran rebellion was started late
last Saturday in the northern Caribbean coast
region where banana growing and exporting is the
chief industry. American interests are extensive
in the area and many United States citizens, chiefly
employees of the United Fruit Co., are employed
there. In order to protect American lives and
interests, three United States naval vessels were
immediately ordered to northern Honduran ports
by the Navy Department in Washington. Clashes
have fortunately been confined, so far, to the small
rebel forces and the troops sent against them by
the Tegucigalpa Government of President Vicente
Mejia Colindres. No casualties have 'been reported
among foreign residents and relatively few among
the Honduran forces. The rebellion began at the
small town of Progreso, which was captured after
a short attack by rebels under Ladislao Santos.
Another rebel leader, Captain Ramon Diaz,'attacked
Sonaguera, but was beaten off by Government
troops. Although the movement is clearly an
attempt to upset the Colindres Government, reports
from Julius G. Lay, United States Minister at
3029
Tegucigalpa, indicate that no prominent military
or political leaders are identified with the revolt.
The insurgents, according to the Minister, have
been recruited entirely from "unemployed Communists and the riff-raff of northern Honduras".
The boldest movement of the rebel forces occurred
last Sunday, when an attempt was made to take
the coast town of Tela, where the Honduran interests of the United Fruit Co. are centered. Captain
Diaz attacked the town at the head of 300 troops,
but an able defense by Government forces caused a
withdrawal of the insurgents after two hours of
combat, the rebels leaving five killed and 12
wounded. Ceiba, Puerto Castilla, and Puerto Cortes also were reported threatened, while an attack
on the port of Trujillo was believed impending.
The Honduran National Congress 'declared martial
law last Sunday throughout the country, and 3,000
troops were rushed to the affected area. The
struggle centered late this week around San Pedro.
Sula, and sharp skirmishes were reported between
the loyal forces and the insurgent bands in the
vicinity of that town. Officials in Tegucigalpa announced that Government forces were successful
in three engagements with revolutionaries, with 26
rebels killed, while casualties among the Government troops numbered only four. Some doubt was
thrown on the Government claims by the disruption
of all communications between Tegucigalpa and the
North Honduran coast region.
Summaries of reports from United States Minister Lay, issued at Washington, indicate that foreigners in Honduras are suffering little molestation
at the hands of the rebels. The Consuls of European
powers were informed by Mr. Lay that the American
Minister and Consuls will do all in their power to
protect their nationals. President Colindres announced early in the week that the rebel movement
had been expected and that the Government was
ready to meet the outbreak. A number of rebels
under Filiberto Diaz Zelaya tried to enter Honduras from Guatemala, he declared, but they were
captured by the friendly government at Guatemala
City and interned. Mr. Lay reported to the State
Department, Tuesday, that the capture of Zelaya
had weakened the rebel movement and that further
activities would probably be confined to the region
around San Pedro Sulu. "The insurrection in all
other parts of the northern coast has subsided and
the rebels are retreating all along the line to the
interior," he remarked. The strength of the rebel
forces apparently remains undetermined, but the
largest single body of troops mentioned in dispatches is the company of 300 men which attacked
Tela. There were rumors early in the week that
Augusto Sandino, the Nicaraguan bandit leader,
was abetting the Honduran rebels, but these were
denied by Dr. Pedro Zepeda, Sandino's representative in Mexico City.
No changes occurred during the week in the discount rates of any of the European central banks.
/
Rates are 6% in Spain;51 2% in Hungary and Italy;
5% in Germany and Austria; 4% in Norway and
2
1
/
Ireland; 3 % in Denmark; 3% in England and
2
1
/
Sweden; 2 % in Holland and Belgium, and 2% in
Prance and Switzerland. In the London open
market discounts for short bills on Friday were
2
1
/
2 Q2 9/16%, the same as on Friday of last week,
and 2 9/16% for three months bills, also the same
3030
FINANCIAL CHRONICLE
[VoL. 132.
as the previous Friday. Money on call in London on bills from 1 to 45 days maturities, while the buying
on Friday was 158%. At Paris the open market rates on bills from 46 to 90 days and from 91 to 120
/
rate remains at 13
/
4%,and in Switzerland at 11 8%. days maturities remained unchanged at VA% and
15 % respectively. Dealers promptly followed the
4
The Bank of England statement for the week ended reduction, lowering yield rates on all maturities of
April 22 shows a gain of £537,320 in bullion, and as bankers' acceptances 4of 1%. The call loan market
1
this was accompanied by a contraction of £5,919,000 reflected the development by an easier undertone, alin circulation, reserves increased £6,457,000. The though the official rate on the Stock Exchange was
Bank's gold holdings now aggregate £146,739,714, in PA% all week. In Monday's dealings there was no
comparison with £163,843,217 a year ago. Public overflow into the outside market for call loans, somedeposits increased £5,492,000 and other deposits fell $20,000,000 being withdrawn by the banks. A little'
off £6,173,200. The latter consists of bankers' ac- money was available in the street market at 1%
counts, which decreased £6,445,761, and other ac- Tuesday, while large sums were offered in the street
counts, which rose £272,561. The proportion of re- Wednesday, Thursday and yesterday at 1%, or a
serve to liability is up this week to 56.02%; a week concession of 1 of lk from the official rate. Time
ago it was 4949% and this week last year it was loans also were easy. The lower tendency also was
51.76%. Loans on Government securities decreased reflected in the sale by the Treasury yesterday of
£3,385,000 and those on other securities £3,745,845. $53,510,000 in 91-day discount bills, which were
The latter consist of "discounts and advances" and awarded at an average rate of 1.33%. This compares
"securities," which fell off £2,394,078 and £1,351,767, with an average rate of 1.46% on $100,000,000 bills.
respectively. The discount rate is unchanged at 3%. bearing date of April 2. Brokers loans dropped
Below we furnish a comparison of the various items $5,000,000 for the week to Wednesday night in the
compilation of the Federal Reserve Bank of New
for five years:
York. The gold statement for the same period shows
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
imports of $341,000, with no exports and no net.
1931.
1930.
1929.
1928.
1927.
Apr. 22.
Apr. 23.
Apr. 24.
Apr. 25.
Apr. 27.
change in the stock of metal held earmarked for forCirculation
a348,445,000 362,184,405 357,277,566 134,743,260 137,515,400 eign account. Banking announcements were made,
Public deposits ____ 13,864,000 17,313,565 18,317,977 17,956,387 10,169,641
for shipment from,
Other deposits
90,187,815 101,789,944 94,088,208 94,839,370 98,646,864 of gold engagements of $16,000,000
Bankers' accounts 54,784,701 66,010,758 58.432,912
Paris to New York, this metal being due to arriveOther accounts
35,403,114 35,779,186 35,655,296
Governm't securities 30,949,684 58,052,629 44,256,855 29,065.081 47,940,477 next week.
Other securities__ 32,481,730
Dint. & advances 5.981.876
Securities
26,499,854
Reserve notes & pain 58,296,000
Coln and bullion_ _146,739,714
56.02%
Proportion of reserve
Bank rate
3%
17,078,468
6,804,492
10,273,976
61,658.812
163,843,217
51.76%
354%
26,562,734 55,931,690 42,154,994
10,949,807
15,612,927
59,263,775 45.473,493 36,397,709
156,541,341 160.466,753 154.163.109
52.72%
405-16%
337-16%
514%
434%
434%
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 18, the
Bank of France shows a decline in gold holdings of
9,004,844 francs, reducing the total of the item to
56,098,292,292 francs. Gold holdings last year
aggregated 42,333,653,358 francs and two years ago
35,097,716,159 francs. A decrease appears in credit
balances abroad of 7,000,000 and a gain in bills
bought abroad of 1,000,000 francs. Note circulatiion
contracted 916,000,000 francs, bringing the total of
notes outstanding down to 77,700,340,075 francs.
Circulation the same time a year ago stood at 70,899,825,020 francs and the year before at 62,647,539,230 francs. French commercial bills discounted
and advances against securities record decreases of
1,000,000 francs and 42,000,000 francs while creditor
current accounts increased 617,000 francs. Below
we furnish a comparison of the various items for the
past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
Status as of
for Week.
Apr. 18 1931. Apr. 19 1930. Apr. 20 1931,
Francs.
Francs.
Francs.
Francs.
Gold holdings--Dec. 9,004.844 56,098,292,292 42,333,653,358 35,097,716,159
Credit bats. abed_Dec. 7,000,000 6,904,740,703 6,937,539,276 9,388;433,615
French commercial
bills discounted-Dec. 1,000,000 5,361,516,859 4,710,999,063 5,488,745.182
Bills bought abr'd_Inc.
1,000.000 19,368,141,277 18,724,514.576 18,412,231,160
Adv. ant. securs_Dec. 42.000,000 2,885,097,944 2,622.959,012 2,336,656,804
Note drculation_Dec. 916,000,000 77,790,340,075 70,899,825,020 62,647,539,230
617,000 22,845,421,933 13,349,966,859 18,466,521.170
Cred. curr. accts_Inc.
Influenced by the action of the Federal Reserve
Bank of New York, Wednesday, in lowering its buying rate for bankers' acceptances, money rates in this
center tended toward lower levels this week. The
Reserve Bank buying rate was cut 14 of 1% to 19'%
Dealing in detail with call loan rates on the Stock
Exchange from day to day, all loans have been at
12 including renewals, day after day through/
1
%,
out the week. Time money has continued at a complete standstill, as practically no interest is manifested in this class of accommodation. Rates con/
1
@
tinue unchanged at 12 / for 30 days, 12
/
1
@134%
2% for 60 days, 2@214% for 90-day accommoda/
1
2
/ /
tions, 2@214% for four months, and 214@2 % for
/
five and six months. The market for prime commercial paper has been without noteworthy feature.
the present week. Rates for choice names of four
/
1
2
to six months' maturity are 2%@2 %, while names
less well known as 2%@3%.
The demand for prime bank acceptances in the.
open market was slow during the early part of the.
week, but improved somewhat as more bills were•
offered following the marking down of rates all
around. On the news of large engagements of gold
in Paris for shipment to the United States the Federal Reserve Bank on Wednesday reduced its buying rate for acceptances on bills running from one,
%
/
1
to 45 days from 12 to 1%%. The Acceptance.
/
same day marked down its rates 18%
Council the
for bills of all maturities in both the asked and the.
bid columns. The Federal Reserve Banks increased
their holdings of acceptances from $131,479,000 to,
$151,611,000. Their holdings of acceptances for'
foreign correspondents further declined from $124,148,000 to $422,880,000. The posted rates of the/
American Acceptance Council are now 112% bid
and 1%7 asked for bills running 30 days, and also
0
/
1
%
for 60 and 90 days; 1%70 bid and 12 asked for
/
120 days, and 134% bid and 138% 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 been reduced, as follows:
APRIL 25 1931.]
Prime eligible bills
FINANCIAL CHRONICLE
SPOT DELIVERY.
-180 Days- -150 Dress- -120 Dm/8BM. Asked.
Bid. Asked.
B14. asked.
I%
IM
IN
14
14
-90Dayll
-60Days- -30Days
-Bid. Asked,
Bid. Asked,
Bid
Asked
14
134
134
134
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
134
134
1 N bId
1,4 bid
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 foe
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bast.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Si. Louie
Minneapolis
KIVIIIM City
Dallas
San Francisco
Rale in
Effect oft
Apr. 24.
234
2
834
8
34
3
3
3
34
834
33i
3
Date
Established.
Precious
Rats.
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. 151980
Sept. 9 1930
Jan. 9 1931
3
234
4
334
4
334
334
334
4
4
4
334
Sterling exchange is more active than in many
weeks and on Wednesday rates advanced sharply
upon heavy demand. The range this week has been
from 4.85 9-16 to 4.86 3-16 for bankers' sight bills,
compared with 4.85 9-16 to 4.85 13-16 last week.
The range for cable transfers has been from 4.85 13-16
to 4.86 11-32, compared with 4.85 13-16 to 4.85 15-16
a week ago. Bankers attribute the sudden spurt in
sterling exchange to the cut of
of1% in bill rates
at New York on Wednesday. The reduction in bill
rates was brought about by the New York Federal
Reserve Bank's reduction in buying rate for bills of
from 1 to 45-day maturity. The rate at which these
bills will now be purchased from banks and dealers
is 1%% instead of 13/2%. This is the lowest bill
buying rate in the history of the Reserve Bank. The
market inclines to the opinion that the Federal
Reserve Bank took this step in order to head off
gold exports from Paris to New York, as on Wednesday dispatches were received from Paris that $12,500,000 gold had been consigned to the United States
on the steamship Europa, due to sail from Cherbourg
today. Of this amount $6,500,000 was consigned to
Lazard Freres and $6,000,000 to the Guaranty Trust
Co., making a total of $16,000,000 on the current
movement, approximately $3,500,000 gold having
been shipped on Wednesday from Havre. Apparently
the Federal Reserve Bank's strategy promised immediate success, for both sterling and francs advanced
in the New York market. Sterling also advanced
sharply with respect to French francs. On Thursday
the London check rate on Paris opened at 124.28,
advanced to 124.35, and closed at 124.32. This compares with the closing rate on Friday of last week
of 124.26, and with 124.34 yesterday. The gold
point from Paris to London is estimated at around
124.45.
Bankers regard the reduction in the Reserve bill
rate here and the rise in sterling exchange as particularly fortunate for London at this time, as the
Bank of England has for several weeks experienced
some difficulty in maintaining open market rates in
London at a comparatively high level. Present quotations for sterling exchange are the highest since
early in February. The Bank of England statement
for the week ended April 23 shows an increase in gold
holdings of £537,320, the total standing at £146,739,-
3031
714, which compares with £163,843,217 a year ago. On
Saturday the Bank set aside £450,000 in sovereigns.
On Tuesday the Bank of England bought £800,970
in gold bars. On Wednesday the Bank received
£500,000 from abroad, set aside £100,000 in sovereigns, bought £25,300 in gold bars, and exported
£5,000 in sovereigns. On Thursday the Bank bought
£512,661 in gold bars and set aside £300,000 in
sovereigns. On Friday the Bank bought £468 in
gold bars.
At the Port of New York the gold movement for
the week ended April 22, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$341,000, chiefly from Latin America. There were
no gold exports and no change in gold earmarked for
foreign account. In tabular form the gold movement
at the Port of New York April 22, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL 16-APRIL 22, INCL.
Imports.
$341,000 chiefly from Latin America. I
Exports.
None.
Net Change in Gold Earmarked for Foreign Account.
None.
On Monday last approximately $1,102,000 of gold
was received at San Francisco, $597,000 of which
came from Japan and $505,000 from China. The
Banco de la Nacion Argentina is shipping $4,000,000
gold to the Irving Trust Co. by the steamer Southern
Prince, which left Buenos Aires April 20.
Canadian exchange continues at a discount. Except
on Tuesday, when Montreal funds were quoted at a
discount of 3-64 of 1%, the rate has been steady at
1-16 of 1% discount.
Referring to day-to-day rates, sterling exchange
on Saturday last was dull and inclined to ease.
Bankers' sight was 4.85 9-16@4.85 11-16 cable
transfers 4.85 13-16@4.85 27-32. On Monday the
market was quiet but slightly firmer. The range
was 4.85 19-32@4.85 11-16 for bankers' sight and
4.85 27-32@4.85% for cable transfers. On Tuesday
sterling was in demand. Bankers'sight was 4.85 11-16
@4.85 25-32, cable transfers 4.85 15-16. On Wednesday sterling advanced sharply. The range was
4.85 23-32 @ 4.85 31-32 for bankers' sight and
4.85 15-16@4.86 5-32 for cable transfers. On Thursday sterling was firmer. The range was 4.857 (4)
4
4.86 5-32 for bankers' sight and 4.86/@4.86 11-32
for cable transfers. On Friday sterling was somewhat easier. The range was 4.85 15-16@4.86 3-16 for
/
bankers' sight and 4.86H@4.861 4 for cable transfers,
Closing quotations on Friday were 4.85 15-16 for
demand and 4.861s for cable transfers. Commercial
/
sight bills finished at 4.85 13-16; sixty-day bills at
4.83 9-16; ninety-day bills at 4.82 9-16; documents
for payment (60 days) at 4.83 9-16, and seven-day
grain bills at 4.85 9-16. Cotton and grain for payment closed at 4.85 13-16.
Exchange on the Continental countries has been
irregular, with French francs inclining to ease, while
German marks and most of the other major currencies
have been inclined to firmness. In the early part of
the week the French franc was quoted around 3.91
for cable transfers and in Monday's trading the rate
went as low as 3.90 15-16, a new low for the year.
The rate moved up on Thursday to 3.913'. The
market was taken by surprise on Wednesday,when as
noted above, dispatches stated that $3,500,000 gold
was leaving Havre for New York and that $12,500,000 was consigned to New York bankers on the
3032
FINANCIAL CHRONICLE
[Vol,. 132.
%
Europa sailing from Cherbourg to-day. This is the against 2.515 . Greek exchange closed at 1.29 7-16
%
first gold to leave France for the United States since for bankers' sight bills and at 1.295 for cable transFebruary 1927, and is the first transfer to this side fers, against 1.299 and 1.29 9-16.
under the exchange stabilization plan adopted by
Exchange on the countries neutral during the war
France in June 1928. As noted above, the shipment
is regarded as having induced the Federal Reserve shows irregularity of trend. All the neutrals are
Bank to lower its bill buying rate in New York so firm and higher, even Swiss francs, although there
as to check any further French flow of gold to this is a considerable movement of Swiss funds to Gerside. The sharp advance in sterling exchange both many and other centers. Holland guilders are espewith respect to the dollar and to French francs is cially firm and the Scandinavians are strong. In
regarded as increasing the possibility of a gold move- Thursday's trading exchange on Sweden was a feament from Paris to London. One reason for the pres- ture when the rate moved up to 26.80, a new high
ent weakness of French francs with respect to other for the year. Part of the firmness in the neutrals
leading currencies is the superabundance of money in is due to sympathetic relation with the course of
Paris unlendable at the lowest rates, which causes sterling exchange and also to the fact that while
an outflow of French funds to other centres, par business is dull throughout the world, seasonal factors
ticularly to London and Berlin, where interest rates are beginning to favor European currencies. Guilders
are higher. A gold export movement from Paris are strong in an upward movement which has perto Berlin as well as to London is regarded in inter- sisted for some time in the face of a generally irregunational banking circles as quite probable. The Bank lar market. In Thursday's trading exchange on
of France statement for the week ended April 17 Amsterdam moved up to 40.19, a new high for the
shows a loss in gold holdings of 9,004,000 francs. year. Dutch bankers state that the guilder had
The total stands at 56,098,829,000 francs, which previously been depressed by purchases of bonds in
compares with 42,333,653,000 francs a year several markets, but that this movement has now
come to an end. At the same time Amsterdam
ago.
German marks, the most active of the Continental money rates have been moving upwards steadily
list, are in demand and steady around 23.82 for cable since the middle of March. Prime guilder accepttransfers. In Thursday's trading German cables ances are quoted 1 9-16% against the March low
2
went to 23.823/, which compares with par of 23.82 of 13/8%, and the private discount rate is 1 7-16%
with closing quotations on Friday of last week against 1%. Spanish pesetas have fluctuated rather
and
2
of 23.813/. The firmness in marks is due largely to widely varying from 10.12c. at the close on Friday
the fact that money rates are higher in Berlin and of last week and 10.28c. on Saturday last to as low
that there is a considerable flow of funds from other as 9.87c. on Wednesday. It was definitely confirmed
centres, especially from Paris and Switzerland. In during the week that the recent international bankview of the possibility that the Reichsbank will lower ing credit of $60,000,000 to Spain granted just before
its rediscount rate, the leading commercial banks of the deposition of King Alfonso XIII has been anGermany show hesitation in accepting these foreign nulled without having been drawn upon. Finance
credits, and it is believed that their indebtedness to Minister Prieto feels that the resources of the counforeign markets has not been materially increased in try are sufficient to handle the situation without
the past several weeks. Banks of secondary rank, the need of foreign assistance. In this, London
however, continue to borrow from abroad.
bankers agree. Senor Prieto is reported to have
Poland has recently secured a $44,000,000 loan said recently that the government did not expect
from France and it is understood that a large part immediately to stabilize the peseta, believing that
of the proceeds of the recent loan to Rumania will be the matter should be left to the decision of the parliaconverted into gold and withdrawn from France. ment when it is elected. On Tuesday, April 21,
On Thursday a group of international bankers, Senor Julio Carrabias took office as Governor of the
largely French, is reported to have arranged a 25, Bank of Spain. The new Governor was the director
year loan of $45,000,000 to $50,000,000 for Czecho- of the Banco Espagnol del Rio de la Plata at Bilbao
slovakia, which is expected to use $30,000,000 of the and is little known in Madrid financial circles. Heavy
issue in conversion of Anglo-American 8% loan of exporting of capital from Spain continues, represent1922. The new loan, it is understood, will carry ing largely monarchist funds. The republic continues
to enforce the laws against selling pesetas.
53% interest and be issued at 95.
Bankers' sight on Amsterdam finished on Friday
The London check rate on Paris closed at 124.34
on Friday of this week compared with 124.26 on at 40.173/2, against 40.133' on Friday of last week;
Friday of last week. In New York sight bills on cable transfers at 40.19, against 40.15, and commerthe French centre finished at 3.90 15-16, against cial sight bills at 40.14, against 40.10. Swiss francs
3.90 15-16 on Friday of last week; cable transfers closed at 19.26h for bankers' sight bills and at
.
1
at 3.91 1-32, against 3.91, and comraecial sight 19.26Y for cable transfers, against 19.25 and 19 253/2.
4
3.903, against 3.903 . Antwerp belgas Copenhagen checks finished at 26.76 and cable transbills at
.
2
2
finished at 13.899 for checks and at 13.903/ for fers at 26.77, against 26.733/2 and 26.74% Checks
4
transfers, against 13.893 and 13.903/2. Final on Sweden closed at 26.79 and cable transfers at
cable
quotations for Berlin marks were 23.813/i for bankers' 26.80, against 26.77 and 26.78, while checks on
sight bills and 23.82 for cable transfers, in comparison Norway finished at 26.76 and cable transfers at
2
with 23.81 and 23.813/2. Italian lire closed at 26.77, against 26.733/2 and 26.743/. Spanish pesetas
for bankers' sight bills and at
5.23 9-16 for bankers' sight bills and at 5.23k for closed at 10.063/
cable transfers, against 5.233/i and 5.23 11-16. 10.073/ for cable transfers, against 10.11 and 10.12
Austrian schillings closed at 14.053'i, against 14.053i; on Friday of last week.
exchange on Czechoslovakia at 2.96, against 2.96;
1;
Exchange on the South American countries is
on Bucharest at 0.59h, against 0.593' on Poland
%
on Finland at 2.515 , quiet and unchanged in all important respects from
at 11.20, against 11.20, and
APRIL 251931.]
FINANCIAL CHRONICLE
3033
CERTIFIED BY FEDERAL RESERVE
last week. Argentine paper pesos are reasonably FOREIGN EXCHANGE RATES UNDER
BANKS TO TREASURY
TARIFF ACT OF 1922.
steady since the reorganization of the cabinet and the
APRIL 18 1931 TO APRIL 21 1931, INCLUSIVE.
withdrawal of support from the exchange by the
Noon Buying Rats for Cable Transfers in New York,
Value in United States Money.
Bank of the Nation last week precipitated a break Country and Monetary
UnU
Apr. 18. , Apr.20. Apr.21. Apr.22. Apr.23, Apr.243
in the pegged rate of 34.6875 to 32.85 for cable transEUROPE$
I
$
I
$
I
fers. The rate has fluctuated this week from around Austria.schIlling
.140538 .140555 .140811 .140534 .140531 .140588
.138998 .138990 .138994 .139007 .139036 .139047
Belgium, belga-32.85 to 33.50 for cable transfers. According to dis- Bulgaria, lev
.007169 .007175 .007180 .007169 .007172 .007169
.029618 .029614 .029814 .029618 .029616 .029618
patches from Buenos Aires on Monday, the Bank Czechoslovakia, kron .267415 .267409 .267443 .267471 .287570 .267652
Denmark, krone
of the Nation is shipping $4,000,000 of gold to the England, pound
sterling
4.858156 4.858187 4.859181 4.859359 4.861949 4.861974
Finland, markka
.025169 .025173 .025176 .025171 .025174 .025174
Irving Trust Co. of New York. Exchange on Brazil France, franc
039096 .039095 .039094 .039095 .039102 .039102
Germany, reichsmark .238061 .238037 .238074 .238111 .238179 .238184
continues to display great weakness which is aggra- Greece. drachma
.012945 .012945 .012942 .012942 .012946 .012943
.401496 .401627 .401659 .401545 .401775 .401888
Holland. guilder
vated by the poor state of general business in Brazil. Hungary, pengo
.174375 .174372 .174325 .174356 .174351 .174375
.052365 .052363 .052384 .052369 .052374 .052372
Italy. lira
Norway,
.267397 .267380 .267438 .267481 .287583 .267648
Brazil's gold reserves have been completely exhausted, Poland, krone
.111972 .111954 .111950 .111909 .111945 .111945
zloty
.044820 .044737 .044741 .044820 .014758 .044762
according to a tabulation of gold holdings appearing Portugal, escudo
Rumania,lett
.005946 .005940 .005942 .005939 .005939 .005941.
.102471 .098210 .100342 .099745 .099904 .100283
SPAM. Peseta
in the Federal Reserve "Bulletin." At the end of Sweden. krona
267742 .267748 .267770 .267813 .267888 .267794
Switzerland, trans
.192553 .192588 .192575 .192592 .192667 .192678
February a year ago Brazil held $127,000,000 gold. Yugoslavia, dinar
.017578 .017591 .017586 .017584 .017588 .017589
ASIAPreliminary estimates for the end of this February China.326875 .324583 .323333 .319375 .322291 .321875
show no gold. Under these circumstances milreis Ch etoo taeLHankow tael
.324843 .322750 .321250 .317031 .320156 .319531
teal
.318035 .316803 .314196 .309642 .313214 .312321
are subject to no economic control whatever and the Shanghaitaxi
Tientsin
334375 .332500 .331250 .327291 .330'208 .329791
.246428 .245446
.243857
rate has dropped recently to as low as 7.00, the Hong Kong dollar._ .230312 .229750 .244821 .242321 .244285 .226875
Mexican dollar_ ___
.227812 .225312 .226875
Tientsin or Peiyang
lowest since 1910. Peruvian soles are also nominally
dollar
.233333 .233000 .230833 .228333 .229583 .229583
Yuan dollar
.230000 .229686 .227500 .225000 .220250 .226250
quoted. On Monday the revolutionary Government India, rupee
.361058 .380837 .360754 .360904 .381079 .361129
Japan, yen
.493834 .493721
.493696 .493884
at Lima issued a decree for the stabilization of the Singapore (5.8.) dollar .560441 .560300 .493640 .560500 .560333 .493659
.580416
.560366
NORTH AMER.Canada. dollar
sol at 28 cents on May 19. The sol has a par of Cuba, peso
.999453 .999480 .999522 .999375 .999458 .999416
.999182 .999085 .999164 .999085 .999164 .999085
40 cents. The unit closed on Friday of last week Mexico, peso
.474166 .473500 .473433 .473600 .473800 .473933
Newfoundland, dollai .996875 .996968 .996937 .996812 .998875 .996908
SOUTH AMER.at 27.65 but has ruled fractionally higher since. Argentina, peso (gold .751627
.754175 .756062 .746187 .736237 .738485
Brazil, mania
.070687 .070352 .070427 .070633 .072714 .075166
The decree was issued, it is understood, on the recom- Chile, peso
.120665 .120715 .120622 .120616 .120570 .120737
Uruguay,
.659817 .659188 .662583 .657125 .648398 .657864
mendation of Prof. E. W. Kemmerer, who has been Colombia.peso
peso
.965700 .965700 .965700 .965700 965700 .965700
studying the finances of the country for the past six
months. The Government also issued a decree
The following table indicates the amount of bulordering reorganization of the Reserve bank along
recommended by Mr. Kemmerer. The bank lion in the principal European banks:
lines
will have a capital of 30,000,000 soles ($8,400,000).
April 23 1931.
AprU 24 1930.
The capital will consist of 300,000 shares with a value Banks of Gold.
Total.
Total.
Gold.
Sitver.
Silver.
of 100 soles par. Argentine paper pesos closed at
E
1
£
E
£
£
England.. 146,739,714
163.843,217
146.739,714 163,843,217
338,669,227
32 11-16 for checks, against 33 3-16 on Friday of last France a-b 8.788,338 d 448,788,338338.669,227 d
Germany 106,859,750
994,6 i 121,347,850
c994,600 107,854,350 120,353,25
98,848,000 28,513,000 125,359,000 98,750,000 28,407,000127,157.000
%
week, and at 323 for cable transfers, against 333. Snail)
Italy
57,434.00056,281,000
. ,
Netherrds. 37,164,
35,996,000
2,842,000 40,006,000 35,996,000
Brazilian milreis are nominally quoted 7.45 for Nat, Belg. 41,148,
41,148,000 33,784,000 1,288,000 35,072,000
Switzeri'd_
&1
22,845,000
)
25,711.000 22,845,2
bankers' sight bills and 7.50 for cable transfers, Sweden_ _ 25,711,
13,535,000
13,329,000 13.535,
13,329,
414,
_ 9,546,
9,986,000
9,546,000 9,572,000
against 7.20 and 7.25. Chilean exchange closed at Denmark-- 8,133,000
Norway
8,145,000
8,133,000 8,145,000
12 1-16 for bankers' sight bills and at 123' for cable Tot. wk.1991.696,802 32,349,6001024046 402901,553.694 31,103,6 932,657,294
transfers, against 12 1-16 and 123. Peru at 27.90 Prey. weeki991,131.521 32,515,600 1023847 121 897,730,318 31.172,8 928,902.918
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
against 27.65.
i
abroad, the amount of which the present year is £10,381,900. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Exchange on the Far Eastern countries is quiet and
on the whole steadier than in recent weeks, due
largely to fairly steady prices of silver. Somewhat
improved conditions in China and India are also
contributory to the steadiness in most of the Far
Eastern rates. The better outlook is especially helpful to Japan. The reorganization of business in
Japan continues to make slow but steady improve• ment. Whatever retardation the Japanese program
of business rationalization may suffer from now on
is due more to the world business depression than to
causes originating in the Far East. Closing quotations for yen checks yesterday were 49.34@,49.50,
against 49.34(4)49.493/2. Hong Kong closed at
2438©24 11-16, against 24%@24 13-16; Shanghai at
/
31.25@31.50, against 31%; Manila at 4978, against
49%; Singapore at 563g@56 7-16, against 56%@,
5678; Bombay at 363', against 363.4, and Calcutta
at 363, against 3634.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
European Cross-Currents--A Customs Union
and the Little Entente.
The remarks of Count Bethlen, the Premier of
Hungary, at a dinner on Tuesday night in honor of
the tenth anniversary of his tenure of office, are not
only a forcible indictment of certain unsettling
political conditions in Europe, but also an indication, in general terms at least, of the direction in
which political evolution appears to be working.
"The League of Nations," Count Bethlen is reported
as saying,"has become an organization of the victor
States which can offer neither justice nor peace to
the other group of nations which they conquered.
It has conceived its task only as being to bring
about the hegemony of the victor States. But cracks
and crevices have appeared in this fabric lately, and
the war mentality has found itself in a cul-de-sac.
We stand on the verge of a new political and economic reorganization. The shape of a new world is
growing visibly in Europe. . . . The old organization of Europe, which has meant for Hungary ten
years of unexampled suffering and humiliation, is
in a decline, and Hungary will and must help
accelerate its decline. We must keep our powder
dry and work for the achievement of justice for
3034
FINANCIAL CHRONICLE
Hungary, whose four commandments will be: first,
justice for those unjustly tortured; second, equality
for those condemned to inequality; third, union for
those separated against their will; and fourth, a
place in the sun for every one."
Stripped of their rhetorical verbiage, Count
Bethlen's words arraign the existing order in
Europe, and announce that Hungary's influence
will be thrown against its continuance and in favor
of a change which shall insure international justice,
national liberty, and a general equality of opportunity. The system which he attacks is, of course,
the one set up by the peace treaties, and his criticism
is reminiscent of that which Premier Mussolini
voiced some months ago. Count Bethlen's challenge, however, comes at a moment when the proposal of a customs union between Germany and
Austria is profoundly affecting European political
and economic thought, and when the continued discussion of the Briand plan of a United States of
Europe, and the efforts of those in France who do
not care for the Briand plan to contrive some kind
of union that would offset the Austro-German
scheme, bring into conflict two sharply opposed
ideas of how the reorganization of Europe, on its
economic if not on its political side, may best be
attained.
It was reported on April 17 that M. Briand, who
has maintained a significant silence regarding the
Austro-German union, had laid before a Cabinet
conference a proposal for a general economic organization which should unite the agrarian States of
Eastern Europe and the industrial States of the
west. The details of the plan, if they have been
worked out, have not been made public, and there
is some reason for thinking that the program will
not be announced until the meeting of the Commission on a European Union, which is scheduled to
be held at Geneva on May 15, just previous to the
regular meeting of the League Council. It is
understood, however, that the organization would
include both Germany and Austria, thus eliminating
the danger of a political union which France has
seen from the first in the announced customs union
of those two States. Some impetus was given to
the movement by the obvious fact that France,
whose opposition in the grain conferences at Paris
and Rome defeated the proposed agreement for the
purchase of surplus grain from the Danube countries, could not well afford to offer opposition as
its only contribution.
The new Briand plan, which in substance is nothing more than a revival, in limited form, of the
proposal of a United States of Europe, appears thus
far to have made few friends even in Prance,
although Cabinet opinion is known to be divided.
A few days after the Cabinet conference M. Tardieu,
now Minister of Agriculture in the Laval Ministry,
made a strong nationalist and protectionist speech
to an agricultural audience in the north of France.
On April 19 it was announced that negotiations for
a new commercial treaty between France and Great
Britain were about to begin, the immediate incentive being a reported request from the British Government, following the ending of the so-called tariff
truce, for a reduction of 25% in the French duties
on some 500 articles. A similar suggestion had
already been communicated to most of the European
Governments, accompanied by the assurance that if
the suggested action were favorable, everything
[Vol,. 132.
possible would be done to encourage trade between
those countries and Great Britain. On April 20 it
became known that the replies received were disappointing, most of them being described as "extremely noncommittal," and some of them posing
the embarrassing question as to whether Great
Britain intended to adhere to free trade or to adopt
a protective tariff policy. In the present state of
party politics in England, no one would venture to
say positively what the future trade policy may be.
Over against the grandiose Briand plan of an allEuropean union stands the Austro-German proposal
of a regional union, restricted for the moment to
two countries which, in addition to being contiguous, have sound economic reasons for removing their
tariff barriers, but open to other nations to join
if they choose to do so. In the controversy to Which
the announcement of this proposal has given rise,
the German Government has withdrawn its initial
objection to an examination of the plan by the
League, but it has not only declined to abandon or
suspend the plan, but has also so stated its position
as to make the League debate embrace the whole
subject of European economic co-operation, thereby
putting the practical advantages of the AustroGerman scheme in contrast with the more imposing
but far less practical plan of M. Briand and his
French supporters. If the League pronounces any
judgment at all, it will have to choose between a
simple and natural regional arrangement whose
practical working offers no serious difficulties, and
a Continental plan which, as far as can now be seen,
can hardly be made to work at all.
There are multiplying indications that the regional idea in general, and specifically the AustroGerman proposal, are meeting with favor in (Central
and Eastern Europe. Italy, it is generally believed, is friendly to the scheme and not invinci-,
bly opposed to joining the union, and Count Bethlen's speech has strengthened the impression that
Hungary would not be averse to becoming a member,
In a recent article in the newspaper "Politika", an
official Jugoslav organ, Dr. Milan Stojadinovitch,
former Minister of Finance, declared that the
Austro-German customs union would "exert a
tremendous attraction for the Eastern European
agrarian bloc. It is an open secret that Germany
invited us at Geneva to enter this customs union.
She has repeated this invitation with more or less
honesty since. Economically we should only gain
by accepting it." A significant statement by "a
prominent but unnamed Jugoslav official" on
Wednesday, published in a Budapest paper with the
apparent intention of testing Rumanian opinion,
declared that "if our friends (meaning France) do
not want to hear about a customs union, they will
be forced to accept our own preferential contract
with our neighbors. Germany and Austria have
initiated a sound customs union idea, and while it
might be suppressed for a time, it will inevitably
turn up again. Our friends have to bear in mind
that certain nations which are against each other
politically must, in order to live, be good friends
economically, and for this reason the present political grouping of southeastern Europe has no valid
reason for further existence."
It would be rash to predict that the Little Entente
is on the point of breaking up, and that the political
influence which it has wielded in Eastern Europe
is approaching an end. Such statements and inci-
APRIL 25 1931.]
FINANCIAL CHRONICLE
.dents as we have cited, however, seem to suggest
that the Little Entente, whatever political advantage it may have been to its members, is not meeting
the needs of the economic situation. The announcement on April 18 that the Little Entente would hold
a conference at Bucharest early in May "for the
purpose of establishing a uniform attitude toward
the projected Austro-German economic union" was
accompanied by the statement that the conference
was due to "the reserved attitude observed by both
Rumania and Jugoslavia relative to their intentions
in the matter." The speech which Dr. Benes, Foreign Minister of Czechoslovakia, made on Thursday
is, as was to be expected, openly hostile to the Austro-German plan, Dr. Benes having from the first
seen in the scheme only a step to a political union
of the two countries; but the tone of the speech,
together with its outspoken approval of the latest
proposals of Mr. Briand, may be taken as further
evidence that Czechoslovakia and the Little Entente
•are disturbed. The fact that the speech was made
coincidently with the announcement of a $50,000,000 loan by France to Czechoslovakia is also,
perhaps, not without significance. The AustroGerman union and the Briand counter-project are
also involved in the discussions of the conference
between Rumania, Jugoslavia and Hungary which
was to meet at Belgrade on Friday to consider the
negotiations of a Danubian wheat cartel.
It is possible that we are seeing the beginnings
of significant and even far-reaching political
changes in Eastern Europe. The interest that is
being shown in a customs union, the efforts to develop some kind of international cooperation in the
handling of wheat, and the obvious truth of Count
Bethlen's outspoken criticisms of the peace settlement, all point to the emergence of a national sentiment sharply opposed to the war mentality which
still governs so largely the policy of France and the
League of Nations; while the recent Ministerial
changes in Rumania suggest that another dictatorship may shortly be added to the number of such
governments which Europe already possesses. At
the moment, any new political alignment seems
likely to pit the agricultural States of the east
against the industrial States of the west, and that
of itself is hardly a solution tending to permanent
economic peace. There will be need of wise statesmanship in the East as well as in the West if the
development of another system of political alliances
and balances of power, quite as inimical to peace as
is the arrangement which it would replace, is to be
prevented.
The Five-Day Week.
A universal five-day week, if it ever comes, will
constitute a momentous change in human affairs.
That it ever will come, we doubt. Six days shalt
thou labor, and on the seventh day rest, has something of the sanction of a divine decree. Religion
had a part in establishing the seven-day week. A
day was deemed necessary for worship. It still is,
but not two days. The proposed five-day week has
no such basis. It is purely an industrial division
of time. Advocated that the worker may have more
time for education, culture, enjoyment, it seems to
have little or no reference to the duty to worship
God. It is based on toil and measured by wages.
Mr. Green, of the A. F. of L., comes out boldly for
3035
its universality on the ground that it will lessen
unemployment.
This is hard to understand. Can men work less
and do more? Can he work less and earn more?
Can all men work less and produce more? Cutting
off one-sixth of production, while population increases at its normal ratio, seems a poor way to
abolish poverty or provide work for all men. Cutting off one-sixth of total production must reduce
the national income in proportion. The word "universal" cannot be applied, but such is the proposal.
There are already laws against working on the
seventh day, the Lord's Day. Will there be laws
against working on the sixth day—man's day—not
specifically dedicated to anything? We may expect
them! Is this an infringement on personal rights?
When most the poor man needs to work, then by
law he shall not work—and there will be not less
work, but more. It is a paradox.
Naturally, gainful occupations, only, will be prohibited. We may pus this phase to consider the
practicality of the proposal. First, the farmer, a
fundamental worker, will not consent to it. He
must "make hay when the sun Shines". There is
scriptural sanction for removing the ox from the
ditch even on Sunday. Many a farmer works by
moonlight to save his crop. He breaks a legal eighthour day with impunity and a clear conscience. He
cannot consent to a five-day week without disregarding his duty, let alone his privileges. Here again
universality is an impossibility.
Then there are certain vocations that supply
foods. A man must eat on the sixth day, or fast.
The fifth day of the five is more generally a fast
day—again a religious requirement. In some States
the old "'blue laws" still remain on the statute
books and cause a lot of trouble. Can they ever be
made to apply to the sixth day? No; this is not in
contemplation. The five-day week is now proposed
chiefly to lessen unemployment. When the sixth
day comes, all prior rules are off, man need not
work, and possibly, in time, if the rule is to be
effective, he must not, shall not, work. He may
play, or rest; not work at any useful thing. He
may "loaf with his soul". He may race the highways in his car. He may read a book, in the shade
of a tree. He may pray, or preach, or prophesy as
to politics; but he may not work, for six millions
are now out of work, and when on this sacred sixth
day none works, all will thereby be employed. It is
a paradox!
What is the trouble? Unemployment! It is believed that if the hours of the day and the days of
the week are shortened, there will be work for all.
Perhaps—but not work for all for all the time.
Where is the flaw? Only the gainful occupations
are at issue. The rest is camouflage. Wage-earners
in the mechanical trades are proposing five-day
weeks, but are they proposing five-day pay? We
have not seen the admission. More than this, without a violent revolution the world cannot subsist
on five-day weeks. Meantime, there must, in those
vocations which adopt the proposal (and before the
world is geared to five-day weeks) be work overtime for over-pay. Union labor never loses sight
of the pay envelope. There may be talk of culture
and the "full life", but not at the expense of the
pay scale.
It is even advocated that the wage scale must
keep pace with the increase by machinery in pro-
3036
FINANCIAL CHRONICLE
duction. An utterly preposterous proposition!
Yet the American section of the International.
Chamber of Commerce reports that "mechanization
of industry, in the recent past, has failed to cause
any appreciable diminution of employment opportunities of industrial workers". The catch in, this
is in the words "employment opportunities". Opportunities to work are not work by workers. There
are five or six millions, or less, that cannot seize
the "opportunities". And the way to cure this is
.to work five days in the week. Why not say it is
"part time work" and be done with it? Then,
beyond doubt, this "technological unemployment"
has come to stay, and will increase.
Now, we cannot set the world on fire for the
democracy (autocracy) of five-day weeks unless we
can reasonably know what the most of the workers
will do with their spare time. President Hoover
said to the National Recreational Association, the
other day, that "many less problems in government
arise which concern people while they are at work
than 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". Thus the five-day week becomes a
civil as well as an economic problem. It is well
known in industrial experience that two days' break
in employment is much worse than one. Nor does
rest demand two days. Being "off the job" for two
days in the week is too long a break. The worker
finds it harder to get back in the harness. However, it may be admitted that with machinery in
operation, the time may come when the work of the
world may be done on five full days in the week,
revolutionary as the change seems to be. But if
mechanical trades are to adopt this, then they must
accept five days' pay in justice to other workers.
But universality, we believe, is out of the question.
Therefore, there should never be a possible statutory
five-day week. Let workers work as they please,
save for concession to "worship".
The difficulty of this radical reform is that it
grows out of the miasma of "depression". Wages
are being reduced through sheer necessity of keeping the plant going. Commodities are falling in
price. Individuals are being compelled to save because of diminishing incomes. Business is slack.
There is less call for workers, less for them to do.
When "good times" come again, as come they will,
there will be need for six-day weeks as of old. No
man to-day can outline the course of the changes we
are undergoing. Six-day weeks, in themselves, are
priceless possessions. The old saying—"no man is
so well employed as when he is engaged in making
money" is showing forth anew its essential truth.
But to try to fasten upon mankind five-day weeks
(and remember that law will be invoked eventually)
simply because there is, for a temporary time, less
to do, is denial of the worth of work. And it is a
denial of freedom. Labor is a divine gift to man.
It preserves mental and physical health. It is good,
though it earn no wage. Not only is an "idle mind
the devil's workshop", but an idle heart, a purposeless existence, is the destruction of civilization. If
we turn this proposal around and say, let him who
will work five days when it is fitting to do so,
Objection will be removed.
This International Chamber of Commerce report
further says: "The mature judgment of labor economists is that technological advancement in industry
[VOL. 132.
has created far more jobs than it has destroyed."
But it has not fitted displaced men for the new
jobs. What have five-day weeks to do with this
proposition, if true? The "new job" is tending a
new machine. Tenders. are not workers. Unemployed are those in transition from one machine to
another. Often and often they arrive too late.
Granted that increased production gives advantages
in the-scale of living to some—it does not do so to
all. The increase is largely in luxuries, but the man
in transition, the man even temporarily unemployed, cannot buy them. Nor does he need them.
If he is to work five days instead of six he will
-production is
have less with which to buy. Mass
never coequal to mass-labor. Statistics are of doubtful worth. Labor is essential to individualism.
Labor is one man working for self and thus helpful
to others. Labor is life r
What is the object of life and labor? Is it to
work less and gain more? Is it happiness, or comfort and satisfaction? Is life and labor to be
measured by tangible material production? Can
we, as machinery progresses, lop off another day
and exist on four-day weeks? .Are the masses of
workers—common, professional, clerical, what not
—to have life measured out to them by the wage
scale of unions? For, rest assured, human nature
when hungry will be willing to work six days in
the week if thereby the larder can be filled.
No, this scheme for five-day weeks is intetuled to
apply to the mechanical trades, that are now, in
stress, refusing to lower their schedules! Labor,
like water, unrestricted finds its level. It is the
interchange of all that makes possible the ultra
success of the few or many, as the case may be, who
are willing to work and save. To deny a man the
right to work six days is to deny him the right to
live six days. If five days in seven are precious, six
days in seven are more precious.
Political Contemplation and Arousal.
Chicago's municipal election will soon fade from
the public mind. Yet it presents a political lesson
citizens will do well to carry with them during
the coming summer months. This lesson can be
applied to the whole country, in view of the 1932
general election. It is far more than is contained
in that strident cry, "Turn the rascals out." And
it is not the triumph of a political party. It is an
example of the resistless power of the people when
aroused to an acute sense of civic duty. The time
had come in this great city when it became necessary to redeem its government from the charge of
corruption and lawlessness. Hundreds of thousands of citizens, after long suffering, made up their
minds that a change should be effected. They went
early to the polls, cast their votes for a new mayor
against an old one entrenched in "machine" power;
and, strange to say, in one of the most orderly of
elections, they won!
The successful candidate has yet to prove his
mettle in the field of practical administration of
affairs, but a beginning has been made. The majestic World's Fair, which already gives evidence of
magnificent things, will not have a mountebank
mayor for its host. Much remains to be done, but
Chicago has a new name, and we doubt not will
live up to its dearly-won opportunity. In the nation
at large we have no such condition of racketeering
APRIL 25 1931.]
FINANCIAL CHRONICLE
and murder as there existed, but we have enough
to do to cleanse our politics of lesser evils. And
the time to do it is in the quietude of a pre-convention year.
The apathy of our voters is proverbial. Only
about half of our citizens entitled to vote do vote.
Our parties are poisoned by the virus of success.
As matters now stand the two leading parties are
groping for principles, or rather policies, upon
which to wage a campaign. Voters are at sea as
to what will be the "leading issue". If there is no
crystallization of public opinion the politicians will
write the platforms. It is highly necessary, therefore, that in the time intervening before the meeting
of Congress our citizens, individually and collectively, should reflect upon national conditions, and,
in some way, if possible, give voice to their conclusions. Crusaders, enthused by an ideal, are never
idle.
There will be many policies pressed to the front
during the year. Parties, albeit they grope, are
active, sounding the tocsin of battle. Committees,
conventions, conferences, of the zealots, for this or
that cause will meet and proclaim the "paramount"
issue. But unless the voters do a lot of silent thinking, followed by open expression, we will find ourselves in the midst of conflicting issues, none of
which embraces the "state of the nation" as a whole.
There is ample time for cogitation. Dangerous tendencies in government have become hardened into
trends. Every general election that passes with
the citizenry apathetic to these trends and conditions fastens them upon us more firmly. The
time to think and talk is now
We seem to be gratified that Congress is not in
session. But of what avail if we are content to
sleep away our rights? We are congratulating
ourselves that we may give our time and thought to
our private business affairs; and this is well. But
if government, with increasing power and speed, is
to take over these business affairs, of what avail is
our vacation from congressional interference?
Suggestion as to a definite plan of procedure is
not our personal province. However, as part of the
people, something may be attempted. Partisanship
should be eschewed!' We realize the necessity of
parties under our form of political rule. But blind
partisanship will never save the country. Party
issues are not always public issues. Nor is "insurgency" a stamp of true independence. But whether
thinking is done inside or outside party environs,
thought must be free of party chains. If the people
desire to put certain issues to the front they
can do so and thus lead the parties in the right
course.
What are the questions most talked about? Prohibition; water power; economics, in the broad
sense; unemployment, as an effect; tariff, that
perennial issue; farmer relief; internal waterway
improvements, not yet fully projected; government
ownership and operation of utilities; the cause and
prevention of "depressions"; the "banking system",
including the Federal Reserve Banks and branch
banking; others not yet developed, and, of course,
the qualifications and availability of presidential
candidates. Nearly all of these have ramifications
and attending divisional problems. But is there
one as comprehensive as that conveyed by the one
word—bureaucracy? Is there one not dependent
upon taxation—that which will hold the adminis-
3037
tration of government to a frugality that will prevent onerous burdens and fiscal deficits?
What to do, how to instruct parties? Frankly,
we do not know. One might suggest "town meetings" throughout the country for the purpose of
study and discussion of civic issues independent of
party call or control. But is such a thing possible
of accomplishment? One might suggest that an
"independent" press constitute itself into a "university extension course" to teach the people on the
fundamentals of emerging issues. But that is outside the aim of the newspaper and partly covered by
its present news-gathering procedure. We do not
know. But we are certain that more than cursory
attention to our chief civic problems is necessary if
we are to enter the election year with any clear-cut
platforms. Our difficulty is the same we have previously had, more accentuated perhaps—the sudden
leaping to the front of a minor issue to obscure and
nullify all the others. Undoubtedly, though we do
not here discuss it, prohibition will figure largely
in both platforms, though how clearly remains to
he seen. But can it be said to be an overwhelming
consideration in a government fast slipping into
socialism through bureaucracy? We do not
think so!
Our idea herein, in short, is—the imperative need
of contemplation and arousal! Given an interim
to pursue business ought to teach us that if business
is to succeed in the future it must not be absorbed
by government. Will the farmer hard pressed by
world conditions consent to vote solely in the belief
that the government can, and ought to, help him
by subsidies, bounties, and debentures? Will the
manufacturer, now an unmistakable overproducer,
consent to vote along the old lines of "protection",
seeing and knowing the foreign reprisals that destroy his market for the surplus? Will the citizen
vote "wet" or "dry" under the conviction that this
question (save for its impingements on personal
rights under the Constitution) can bring peace and
prosperity, can lessen taxation, can prevent crime
and extortion? Will the citizen listen to the ringing changes on a "power trust", knowing that somehow the power of falling and flowing waters can be
settled by a plain business acumen? Will he consent to varying and ever increasing appropriations
for this or that measure knowing that in the end
taxes alone can pay the bill? Or will he declare
for limited appropriations and lessened Federal
Commissions?
We cannot swim with the tides of selfish politics
and hold the ship of State true to her course. We
cannot refuse to be aroused and accomplish anything. We cannot continue to appeal to the government for relief and maintain our dignity and power
as citizens. We must master parties or they will
master us. We must strike out for the broad and
comprehensive issues or be swamped in the swirl
of the minor ones. Hard thought, private contemplation, ready assertion, conversational discussion,
will find its way into collective reasoning and judgment. It will help us little in our leisure to forget
our duties and to devote ourselves to indifferent
pleasures. As the people think and talk this year
so will the issues be made up next year. Yet do the
people rule, not the Government. But the day will
come when, with but half the voters voting, the
tyranny of party politics will be followed by dictators who seize the parties.
FINANCIAL CHRONICLE
3038
1
r
[VOL. 132.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. have suddenly risen to such totals as 86,000 bags of Santos
and 80,000 of Rio in a single day. It suggests anew that the
Friday Night, April 24, 1931.
The business situation shows very little change. Of late comoodity markets as a whole are short and that if the news
the temperatures have fallen at the West and the retail trade should suddenly become bullish as it has in coffee, there
which had been stimulated by recent warm spring weather might be a similar upturn in prices in other products. Sugar
has been on the whole either quiet or only fairly active. shows a decline for the week of 4 to 5 points, partly owing to
Navigation on the Great Lakes and the Canals has reopened. the depressed condition of the refined sugar trade where
Wholesale and jobbing business has improved slightly, but prices have been lowered at least in some cases 10 points to
only slightly. Taking the country's business as a whole, 4.40c. Raw sugar has not sold readily. Cuban interests are
it is either slow or at best only fair. It cannot be called credited with selling futures rather freely and May liquidation
satisfactory. The textile industry still makes the best has been something of a feature. Hides have declined 23 to
showing, but cotton goods have declined, and the increase 80 points on futures here with Chicago prices lower. Cocoa
in actual business even at lower prices has not been at all has declined 13 to 16 points and May silk 3 points. The
striking. Print cloths of 383/2 inch and 64x60s have sold, grain crop reports in the main have been favorable. There
it is said, at 5 to 53/8c., the lower quotation perhaps being has been some increase in failures. And all eyes are on the
exceptional. There were reports that something under stock market which is regarded as in some cases the mentor
53/80. was bid for considerable quantities of print cloths, just now for the business world of the United States.
In the stock market in general, the drift of prices has been
said to be 5,000,000 yards. Some of the reports from Fall
River were rather encouraging. But in all the commodity downward and United States Steel touched 124% on Thursmarkets it is a fact that a decline at the New York Stock day, a fact which had a more or less disturbing effect on
Exchange has had more or less effect. It has certainly been some of the commodity markets notably cotton. To-day
detrimental to the business morale of the country, even United States Steel was up to 1283/2, though it closed about
although the stock market was largely a professional affair. 2 points under this price, but at only a fractional net decline.
The suspension was announced to-day on the Stock Exchange The great event to-day was the suspension of Pynchon & Co.
and the various commodity exchanges of one of the oldest with offices in New York and other parts of this country,
commission houses in the city, Pynchon & Co., but it had as well as in London and Paris. Both assets and liabilities
relatively slight effect with the stock market notoriously of the house were estimated in Wall Street at something in
short at the lowest prices of late seen thus far this year. excess of $40,000,000, which, of course, is here given merely
At the same time the decreases in the bank clearings are for what it is worth. It was one of the largest wire houses
smaller than they were recently. In New York collections in the country, and was a member of all of the commodity
are better. The big department stores here have recently exchanges. There had been rumors that something of the
had a much larger business. The automobile trade expects kind was impending. Indeed, it is supposed that the decline
the April business to show a noteworthy increase over that of late in the market was partly traceable to these rumors.
for March, and the March total was the largest since last There is no doubt that the market is heavily short for professional account and that any decisive change for the better
June.
Iron and steel have been quiet and steel prices are not in the character of the news could easily bring about a sharp
considered any too steady. The steel output is lower. upturn. At the same time, it caused some surprise that
Steel scrap and some of the non-ferrous metals, including brokers' loans have latterly fallen off only about $5,000,000
copper, have declined. Zino has declined to the lowest in spite of declining prices. Money on call was 13/2%.
price in 34 years. Dry weather is a drawback in California, Bonds were steady in the main though there was considerable
both to crops and livestock,the sale of which have accordingly selling of industrial issues and some of the railroad issues
had to be increased. Sales of rubber footwear have increased as well. Uruguayan bonds broke to a new low level for the
in Northern parts of the country, owing to recent rains and year. United States Government bonds were in good
snows. Crude rubber is down %c., with the old dullness demand and higher. Some of the oil issues were lower by
and abundant supplies explaining the continued fall of prices. 3 to 1 point.
2
/
Comparing building permits issued at 297 identical cities in
Wheat has declined some 2 to 3 cents with export business
smaller and, as is well known, supplies very large. The March 1931 and March 1930, there was a decrease of 11.3%
spring wheat section needs rain, but the winter wheat belt in total construction.
Lower commodity prices were responsible for more than a
sends glowing reports on the crop outlook. Corn has declined 23/2 to 3%c.as usual following wheat prices, especially third of the percentage decline in the value of the United
as the cash demand has not been satisfactory and professional States export trade during 1930 and for more than half of
operators have been persistent sellers. Other grain declined the reduction in imports, according to a review of the year's
2 to 3 cents, with some small or moderate export sales of foreign trade issued April 22 by the Department of ComCanadian barley, rye and oats. There is a rumor that merce. The unit value of exports, after almost three years
Germany may reduce its import duty on rye, in which case, of relative stability, fell 10% below that of 1929 while the
there may be a chance for some export business in American actual quantity reduction amounted to 19%. In the case
rye. Cotton ends practically unchanged. In other words, of imports, the review stated, the unit value was less by:18%
36%
it has shown resistance to pressure. But on the other hand, and the actual quantity by 15%. Raw cotton declined
has slackened,for a good deal of May liquidation in dollar value but only 12% in volume. The unit value of
the pressure
cents in
has recently been accomplished. The cotton belt as a whole this commodity fell from 19.4% in 1929 to 14.2
late been either too cold or too wet, especially in the 1930, the lowest yearly rate since 1916.
has of
Mail orders received by resident buyers for drygoods
Southwest. Cotton exports have been small, British trade
reports anything but stimulating and in general the sentiment jobbing houses are said to have been the heaviest in several
looking to lower prices. To-day there was a sharp advance weeks, giving rise to hope of greater activity during the
season. The adjusted index of
in Egyptian cotton, especially in Liverpool, owing to reports remainder of the spring
automobile production for the week ended April 18 was
infestation in Egypt.
of locust
week and 96.4 last year.
The sales of broad silks in the first quarter of 1931 were 5% 72.1, against 70.3 in the preceding
National Fertilizer Asthan in the same time last year and were the largest for The wholesale price index of the
larger
March sales were 9% larger than in sociation declined 4 fractional points following a decline of
four years past. The
the preceding week. The index
March 1930, and the stocks at the end of March were the 6 fractional points during
being nearly 20% smaller than at the number on April 18 stood at a record low, 73.2 compared
lowest in two years,
a year ago. Of the 14
same time last year. Coffee shows a net advance for the with 75.2 a month ago and 92.0
96 points on Santos futures here and 37 to 58 groups comprising the index 7 declined, 2 advanced and 5
week of 75 to
on Rio. At one time the advances, as compared with last were unchanged.
Fall River, Mass. wired that there has been an easing up in
Friday, was about 140 points owing to reports that the
impose an export tax of about the local cloth market during the present week, noticeably
Brazilian Government would
made of print cloth yarns. The
$5 a bag. This started a big covering movement and also a in the demand for goods
buying, so that on the 23rd inst. alone, business put through in the latter constructions has been
good deal of other
Santos advanced 20 to 50 points and the transactions of late mostly for spot and nearby deliveries. Fall River reported
APRIL 251931.]
FINANCIAL C1TRONICLE
that the Firestone Cotton Mills Corp. has increased both its
day and night running schedule this week, the day work,
half a day, and the night operation, one night, yet the total
production of the local mills has fallen off for the week due
to the Stevens Mfg. Co. having closed half of its plants for
10 days. But the Fall River mills that are at present running overtime in part are the American Printing Co., Foster
Spinning, Firestone Cotton Mills, Sagamore Mfg. Co.,
Pepperell Mfg. Co., and the Richard Borden Mfg. Co.
Lewiston, Me. wired that payrolls in Lewiston and Auburn
have nearly doubled since December according to figures
compiled by local sources. The 31 corporations in the twin
cities have shown a payroll jump of $93,000 a week since the
last month of the year, an indication of improved business
conditions generally. Twenty-four Auburn firms with a
payroll of $37,900 in December had increased the amount of
payrolls to $186,000 last month. The payroll total in Lewiston's leading textile plants has increased from $79,700
weekly to approximately $125,000 at present, a gain of $45,.300. The total weekly pay roll of these Lewiston-Auburn
firms last December was $117,600 and is now approximately
$211,000,an increase of $93,400. Charlotte, N.C. reported
that cotton goods and carded yarn spinners have had a quiet
week with very few orders and no sales of consequence as
prices are considered entirely unsatisfactory. At Greensboro, N. C. flannel orders have increased at the local plant
of the Revolution Cotton Mills, of the Cone interests, which
enabled the plant to increase the operating schedule. It has
maintained an operating schedule of four days a week,
closing down on Thursday of each week. The new schedule
will mean that the plant will close down on Fridays. The
White Oak Mills will continue to maintain an operating
schedule of four days.
Atlanta, Ga. wired that many of the mills in the Piedmont
section of the Atlantic States have been cutting down their
inventories and that while numerous smaller mills are working
only on orders some are operating on fulltime on business
running through to July 1st.
Jamestown, N. Y., wired that a decided upward trend
has been recorded in the textile manufacturing industry
along the southern tier of New York and in northwestern
Pennsylvania since the beginning of the second quarter.
Most factors are optimistic. Woolen mills here have added
materially to payrolls since April 1. Some units, which have
been closed down entirely for months, have resumed opera.tions. Others are in operation with night shifts. Montreal
wired that the plants of Bruck Silk Mills are operating at
about 100% during the day time and at approximately 50%
during the night, thus maintaining a satisfactory basis of
operations. St. Louis wired that general conditions in the
Eighth Federal Reserve District showed little progress last
week. While the opinion prevails that a stronger undertone
exists and many are of the opinion that the corner has been
turned,still it is difficult to discriminate between the seasonal
improvement and the gains which are being made in the
corner turning process.
The weather was warm early in the week but within a
couple of days has grown cooler here with some rain. Yesterday New York temperatures were 36 to 54 degrees.
To-day they were 36 to 50. The forecast is for probable
rains on Saturday and Sunday with moderate temperatures.
Overnight Boston had 42 to 52 degrees; Philadelphia, 38
to 50; Portland, Me., 46 to 54; Chicago, 36 to 46; Cincinnati, 42 to 50; Cleveland, 34 to 42; Detroit, 38 to 46;
Milwaukee, 34 to 44; New Orleans, 56 to 68; Kansas City,
40 to 44; St. Paul, 32 to 46; Oklahoma City, 44 to 52; San
Francisco, 54 to 64; Seattle, 52 to 72. Winnipeg, 22 to 40;
Montreal, 32 to 64; Hamilton, Bermuda, 60 to 72. Here
on the 19th inst. the temperature was 52 to 68. On the
20th inst. it was 52 to 67. Over last Sunday Boston had
.52 to 70 degrees; Philadelphia, 52 to 76; Pittsburgh, 58
to 80; Portland, Me.,42 to 64; Chicago,60 to 78; Cincinnati,
62 to 80; Cleveland, 60 to 70; Detroit, 56 to 78; Louisville,
• 62 to 82; Milwaukee, 42 to 64; Kansas City, 51 to 78; St.
Paul, 42 to 58; St. Louis, 74 to 80; Denver, 32 to 70; Los
Angeles, 58 to 76; Portland, Ore., 44 to 66; San Francisco,
.58 to 72; Seattle, 42 to 56; Hamilton, Bermuda, 62 to 74;
Montreal, 46 to 68; Winnipeg, 32 to 56.
On the 20th inst. snow was falling in Wyoming, Montana
and eastern Colorado, and was creeping into western Nebraska and western Kansas. At points near Cheyenne the
temperature had dropped to 22 degrees above zero and at
Goodlandl Kan. a temperature of 30 was reported. The
Kansas City Weather Bureau said the storm probably would
veer to the South, giving a frosty setback to a large South-
3039
western area that has enjoyed spring. Rains during the previous 24 hours were copious in Kansas and Missouri. In the
Rocky Mountain States, only a slight mantle of snow was
forecast and meteorologists believed the storm would subside
by to-morrow.
Snow and freezing temperatures swept over vast areas
from the Rocky Mountains from north Texas and predictions
of even colder weather were made. On April 20th an earth
tremor was felt throughout the Albany and Schenectady
area at 2.55 p. m. The tremor also was felt in the SaratogaMechanicville districts. A preliminary checkup showed no
serious property damage. London cabled April 20th that
most of western Europe which on the 19th inst. had summer
weather had real winter weather on the 20th. There was a
heavy snow in Switzerland and northwestern sections of the
Continent; gale whippedup the English Channel and gave
mailboats a rough crossing; airplanes were held up and shipping was driven to harbors. In London rain fell all day long
and the weather was the coldest in 15 years. Hail fell in
many parts of southern England. Rome cables that heavy
crop damage is feared from a 40-hour rain averaging nearly
two inches over central and southern Italy.
Federal Reserve Board's Summary of Business Conditions in the United States—Further Increase in
Industrial Production—Seasonal Gain in Factory
Employment.
Summarizing business conditions in the United States,
the Federal Reserve Board on April 23 indicated that there
was a further increase in industrial production in March
and employment at factories increased about the usual
seasonal amount. The Board's summary follows:
Production and Employment.
Industrial production increased 2% further in March and the Federal
Reserve Board's seasonally adjusted index stood at 88% of tee 1923-1925
average, compared with 104% in March 1930. There was a considerable
Increase in daily average output ofsteel, which ordinarily shows little change
from February to March, while production of automobiles increased by
about the usual seasonal percentage. Activity at cotton mills increased
slightly, contrary to the ordinary seasonal movement, and there was a
substantial increase in output of shoes. In the first half of April steel
mill activity declined.
The number of men employed at factories increased between the middle of
February and the middle of March by about the usual seasonal amount. In
the iron and steel and automobile industries somewhat larger than usual
Increases were shown and at textile mills and shoe factories, where the
number employed ordinarily declines in March, substantial increases in
employment were reported. In the agricultural machinery and petroleum
refining industries and at car-building shops, employment declined contrary to the usual seasonal trend, and in the automobile tire and fertilizer
industries, employment increased less than usual.
Volume of building contracts awarded in March increased considerably
from February, according to the F. W.Dodge Corp., reflecting in large part
developments of a seasonal character. Contracts for residential building
Increased seasonally and were in about the same volume as a year ago,
while contracts for public works and utilities rose to the high level of
o ts
March
Agriculture.
Definite improvement in moisture conditions in the drouth area was
an important development in March and the first week of April; supplies of
moisture in the topsoil have been replenished, but the subsoil continued to
be dry in certain areas, particularly in the spring wheat belt. Department
of Agriculture estimates, based on April 1 conditions, indicate a winter
wheat crop of 644,000,000 bushels, about 100,000,000 bushels larger than
the five-year average and 40,000.000 more than last year. Intentions
to plant, as reported March 1, indicate a considerable reduction in spring
wheat acreage and an increase in acreage to be planted to corn.
Distribution.
am
Volume
amount.t e of freight car loadings increased se
seasonally in March and deDart
ment store sales increased during the Easter season by about the usual
Prices.
The general level of wholesale commodity prices continued to decline in
March, according to the Bureau of Labor Statistics, reflecting chiefly reductions in the prices of petroleum products, bituminous coal, and textile
products. Prices of farm products increased slightly and there was a
subst untal advance in the price of hides. In the first half of April prices
of commodities, including cattle, cotton, rubber, and coffee, declined.
while the price of wheat advanced.
Bank Credit.
Loans and investments of member banks in leading cities, which had
increased in the middle of March as the result of Treasury operations.
sIowed a decline for every week between March 18 and April 8, but on the
latter date wire still $270.000,000 larger than four weeks earlier. Investment holdings of these banks were at a new high figure on April 8, owing
largely to an increase in their holdings of United States Government obligations. while loans on securities as well as all other loans showed a decline
for the four-week period.
Volume of Reserve bank credit has fluctuated since the middle of February around a level of $925,000.000. Continued imports of gold, deposited
by member banks with the Reserve banks, have provided the member
banks with sufficient funds to meet an increase in the demand for currency.
United States Government security holdings of the Reserve banks have
remained at the level of $600,000,000 established last summer, while acceptances have fluctuated in response to temporary changes in the demand
for Reserve bank credit.
Money rates showed little change from the middle of March to the middle
Of April. Rates on commercial paper declined further from a prevailing
rate of 234% to a range of 251 to 2%%. while bond yields increased slightly.
FINANCIAL CHRONICLE
3040
Annalist Weekly Index of Wholesale Commodity Prices
Continued Drop to New Lows.
The "Annalist" weekly index of wholesale commodity
prices continues to drop to new lows for the period of the
depression; it now stands at 105.6, against 106.5 last week
and 133.0 during the corresponding week last year. The
decline since last year is 20.6%. Continuing the "Annalist"
says:
The drop this week is the consequence of declines in six of the eight groups
comprising the composite index. Grains are somewhat lower and live stock
again show sharp declines. Heavy steers are now selling for $9.31, a new
low for depression, and hogs are $7.38, or within 42 cents of this year's
low. Cotton has declined to 10.20, against a high for the year at 11.35;
and eggs have dropped from 18 to 16.5 cents a dozen. Meats, coffee, fruits,
lard, and oils continue to depress the food products index, which has
dropped 1.5 point for the week and 8% since the first of the year. Cotton
goods prices have made a new sharp decline because of the appearance of
considerable goods for resale. Production has been going on at an increasing
rate and stocks are decreasing. It is not improbable that the general weakness of other commodities has caused some panicky sales this week which
sent cotton goods prices to within Si cent of the low for the depression.
Raw silk prices are lower in spite of record sales in spots and futures. Silk
shows the anomalous statistical position of a continued record consumption
for several months accompanied by increasing stocks in Japan.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913-100).
Apr. 21 1931. Apr. 14 1931. Apr. 22 1930.
125.9
135.3
128.8
157.0
116.5
149.9
109.7
116.1
132.0
97.0
112.5
100.0
125.8
105.2
122.6
99.0
85.8
108.5
95.6
111.0
99.1
126.1
104.8
122.3
99.0
85.4
Inca
Farm products
Food products
Textile products
Fuels
Metals
Building materials
FL'hemicals
Miscellaneous
411 nnmmewlItlaa
Monthly Indexes of Federal Reserve Board-Gain in
Industrial Production.
Under date of April 21 the Federal Reserve Board presented as follows its monthly indexes of industrial production,
factory employment, arc.:
BUSINESS INDEXES.
(Index numbers ofthe Federal Reserve Beard 1923-25=100)•
Adjusted for
Seasonal Variation.
1930.
1931.
Feb.
1931.
1930.
y88
P88
P88
86
86
88
Mar. Mar.
Feb.
104
106
96
Mar.
Industrial production, total
Manufactures
Minerals
Building, value of contracts awarded_
71.9
Factory employment
Factory payrolls
80
Freight car loadings
p97
Department store sales
Without
Seasonal Adjustment.
88
107
89
110
84
91
57
111
77.3 93.1
73.2 98.2
74
90
80
93
990
p91
p82
90
919 78.1
77,8 74.9
75
96
80
p92
107
98
Afar,
INDUSTRIALPRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variations)
Group and
Industry.
Mining.
Menstracturss•
1930.
1981.
79
p97
p87
___
73
93
92
109
67
990
68
87
80
81
79
77
- 149
94
131 132
Bituminous coal
Anthracite coal
Petroleum
Copper
Zino
98 Silver
99 Lead
113
98
90
120
78
72
9113
70
65
79
73
89
110
78
65
62
82
81
88
125
88
96
89
107
111
104
168
105
128
-INDEXES
FACTORY EMPLOYMENT AND PAYROLLS.
AND INDUSTRIES.
BY GROUPS
Payrolls.
Employment.
Group and Industry.
1930.
Mar. Feb. Mar.
Mar. Feb. Mar.
;ron and steel
Textiles
?ood products
?epee a ad printing__
Transportation equip.
Automobiles
',anther and shoes__
Bone, clay ds glass
Cement
4onferrous metals
?etroleum refining
tubber tires
rnhnom nnanufan's
1931.
industry.
Adjusted for Sea- Without Seasonal Without Sensorial
Adjustment,
Adjustment.
aortal Variation.
1931.
1930.
1931.
1930.
1931.
1930.
Iron and steel
Machinery
Textiles. group
Fabrios
wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement. clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
woowoom-40 tfl omm-iv-ly
ww,omonDomo-qm,o,
Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar.
75.9 91.0
80.6 106.9
77.2 89.4
75.9 87.6
80.4 94.2
90.3 96.9
94.9 103.4
56.3 76.8
64.9 81.4
68.8 87.0
78.4 90.4
65.0 81.1
66.8 81.6
94.5 107.5
97.5 119.7
71.4 86.8
84.6 90.2
77.7
80.4
82.7
79.4
91.0
88.1
95.0
54.4
65.7
73.4
83.2
63.1
68.8
93.3
86.3
69.0
82.9
76.5 92.8 70.0 67.5 97.1
81.1 108.5 72.0 71.9 115.1
79.4 92.9 81.9 76.9 96.6
77.4 89.3 74.3 72.7 87.3
84.1 101.9 97.5 85.4 115.4
89.4 95.0 89.2 91.6 99.7
95.1 103.7 101.9 100.7 115.0
54.6 75.0 46.2 45.6 74.6
65.2 83.2 64.1 62.2 90.6
69.8 91.0 67.7 61.1 97.3
80.3 91.5 73.4 68.8 85.2
60.7 78.4 54.0 51.4 73.4
68.1 84.3 66.3 64.4 91.0
95.6 112.5 89.8 92.9 111.6
96.2 118.5 90.8 100.8 123.1
72.0 87.2 63.2 63.8 90.0
83.4 89.6 68.3 65.3 81.0
department store sales based on daily
•Indexes of production, car loadings, and
averages. p PreUminary.
[Vor,. 132.
Business Conditions As Viewed by Conference of
Statisticians in Industry-Further Signs of Improvement in March, But Downward Tendency
Noted in Early Part of April.
Under date of April 20, the Conference of Statisticians in
Industry, under the Auspices of the National Industrial
Conference Board, Inc., reports under date of April 20,
that "business conditions as reflected by indicators of the
basic industries showed further signs of improvement during
March.". The further summary of business conditions
follows:
While gains registered in these industries were greater than is seasonally
expected, there is as yet little reason to believe that a continuation of the
upturn from the present depressed level is assured. During the first half
of April there were signs of downward tendencies.
The month of March saw gains in average daily production in the heavy
industries as compared with February and consequent increases in consumption of materials by them. Distribution of commodities by freight
showed gains that were only slightly smaller than expected at this time of
the year. Retail trade, as measured by dollar value of transactions, gave
some encouraging indication of increased buying. Commercial failures as
measured by both numbers and liabilities increased less than a seasonal
amount. Wholesale prices declined in March and continued to decline
in April.
A closer examination of the facts of production in March shows an
Increase over February in automobile output, continuing the upward course
begun in December, but the gain was, however, less than what is usual
between March and February. The value of building and engineering
contracts awarded gained more than a seasonal amount. Allowing for
seasonal changes, gains were observed in steel and iron output, bituminous
coal mined, newsprint paper output and finally in electric power consumed.
In detail, the number of automobile passenger cars and trucks produced
in the United States and Canada during March is estimated to amount
to 286,900 units, a gain of 25% over February's output. The seasonal
upturn is normally 26%.
March
Building and engineering contracts awarded in 37 States during
amounted to $370,400,000 gaining 57% over February, while the seasonal
is 45%. Residential contract awards amounted to $101,300.000.
increase
0
gaining 30% over February's level. A 437 increase Is normally seasonal.
in
Steel ingot production, amounting to 118.300 gross tons per day
March, showed a 107 gain over February's record, while a 5% increase is
gross tons per
the seasonal gain. Pig iron production amounting to 85,450
day showed a 77 increase, as against a normal seasonal gain of 4%. Unfilled orders of the United States Steel Corp., gaining 0.8% to 3,995,000
gross tons, moved counter to the seasonal swing, which between February
and March is usually 5% downward.
to
Bituminous coal mined in March gained 8% over February's level
amount to 33,870,000 net tons. There is normally no change in aggregate
production between these two months.
Newsprint paper produced in the United States and Canada moved up
to 287,600 tons in March, registering a 14% increase over February,
while 11% is the usual gain.
Electric power consumed in March averaged 1.685 million kilowat
hours per week, approximating February's level, while a 2% decline is
usual between the two months.
General distribution of goods measured by total freight moved upward
between March and February by 3.6% to a weekly average of 734,000
cars, comparing with the normal seasonal gain of 4%. Shipments of merchandise and miscellaneous freight averaging 499,000 cars per week.
moved upward from February's average by 8.5%, as against the normal
rise of 10%.
normally
Department stores sales, judged by values traded, moved up
gained
by 11% between March and February. Five-and-ten-cent store sales
sales moved
13%,as against an 18% normal seasonal increase. Mail-order
up only 6%, while a 14% increase is usual.
downward in March
Prices of commodities at wholesale moved generally
change as
and the first half of April. Average textile prices showed no
gs. Losses
did prices of metals, building materials, and housefurnishin
items. Farm
were observed in prices of foods, chemicals and miscellaneous
prices increased in March.
industries showed a 1% gain
Finally, employment in the manufacturing
rise this year.
in March as compared with February, maldng the second
Total payrolls increased by 0.7%•
consideration, It is found that
When all these factors are taken into
the month of March.
there was visible improvement in business during
April.
This improvement seems to have been checked in
American Living Standards Not Endangered by Possibility of Lower Wages Says Union Trust Co. of
Cleveland.
American living standards are not being endangered by the
threat of lower wages, even though some reductions are
taking place, says the Union Trust Co., Cleveland. Declines
in commodity prices will preserve the purchasing power of
the wage dollar, the bank believes. Discussing the problem
of wages in the current number of its magazine "Trade
Winds," the bank says:
completed the cycle of the
It does seem probable that before we have
may have to be made
present depression, wage reductions in many lines
Especially will this prove
through sheer pressure of economic necessity.
high as to be clear out of
to be the case in fields where wages have been so
line with the general economic structure. In these cases wage readjustments
will prove inevitable, just as price readjustments have proved inevitable.
This has already progressed to a considerable extent. During the first
three months of 1930, 903 out of 13.000 manufacturing concerns reporting
wage data to the Bureau of Statistics of the United States Department of
Labor reduced wages of some 126,000 workers about 10%.
this reduction of 10%
On the other nand, it must be borne in mind that
does not represent a serious reduction in buying power, because there has
been a similar decline in the cost of living.
On the whole, we believe that American business men are quite generally
committed to the belief that the maintenance of a high level of general
purchasing power is essential to the continuance of American prosperity
and that any reduction of the wage level which would lower our American
the business recovery rather than to
standard of living would tend to retard
assist it.
While, therefore, we may expect a certain number of wage reductions,
made necessary through sheer competition for survival, nevertheless past
experience shows that on the average, the wage level In this country does
APRIL 25 1931.1
FINANCIAL CHRONICLE
not decline during a depression as far as the cost of living declines. It seems
probable that after the current cycle of wage readjustments has been completed, the American workman will find that his wages will buy just as
much, if not more, than they did two years ago.
While the general volume of business appears to be increasing gracimAly,
such improvement is largely attributable to seasonal factors and is not yet
significant enough to be accounted for on any other ground. There is little
evidence yet that we are emerging from the depression period, and it may
be some months yet before a substantial recovery manifests itself.
Some encouragement appears in specific lines-notably increases in
security flotations, a speeding up of automobile production and earnings
reports of a few companies which run counter to the general trend, but the
continued failure to achieve satisfactory price stabilization is making the
earning of profit extremely difficult. Announcements ofdividend reductions
or omissions have been forthcoming with discouraging regularity, but in
many cases such action is the desire of corporations to maintain a strong
cash position rather than their inability to pay dividends,
Wholesale Price Index of National Fertilizer Association
Drops to New Low Level.
Wholesale prices as -measured by the weekly index of
the National Fertilizer Association continue to decline.
During the week ended April 11 the general index number,
based on 476 commodity prices, declined four fractional
points. During the preceding week the index declined six
fractional points. The index number on April 18 stands
at a record low, 73.2 compared with 75.2 a month ago
and 92.0 a year ago. (The index number 100 represents
the average for the three years 1926-28.) The Association
further reports under date of April 20:
Of the 14 groups comprising the index, seven declined, two advanced
and five were unchanged during the latest week. The groups that declined were fertilizer materials, mixed fertilizer, fats and oils, other foods,
grains-feeds and livestock, chemicals and drugs, and miscellaneous commodities. Slight advances were noted in the groups of metals and building
materials. The groups which showed no change during the latest week
were textiles, agricultural implements, fuel, automobiles and house furnishings.
Price recessions were noted for 32 commodities during the latest week,
while advances were made by 21 commodities. Wool, butter, cheese,
eggs, milk, bread, cattle, hogs, melting steel, zinc, tin, cotton and mixed
fertilizer prices declined. Grains were shown in the prices for silver,
copper, turpentine, corn, oats, wheat, cottonseed meal, and silk.
The index numbers Aar each of the 14 groups are shown in the table
below.
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
3041
workers, but added that some of the trade had adopted a "defeatist attitude"
toward prices and had started slashing.
Failure to Lover Bread Prices.
The depressing effects of the business slump upon commodity prices was
a complaint common to all of the editors.
Paul I. Aldrich of Chicago, editor of the "National Provisioner," declared that the failure of big baking companies to readjust bread prices
to correspond with the lower prices of other foods had tended to slow down
the consumption of wheat and flour.
He said that hand-to-mouth buying, accompanying dropping price
levels in the mst 15 months, had raised many new problems in financing
and in insurance against the risk of food manufacturers.
E. L. Shaner of Cleveland. editor of "Steel," said that what was holding
back the steel industry was insufficient demand to justify steel works in
operating above 50% of capacity.
He added, however, that during the period between Christmas week and
the third week of March, steel operations rose steadily from 36 to 57%
of capacity, brought about by a demand from the four leading consuming
industries-building, railroads, automobiles and oil water gas.
During the past few weeks, he said, the two largest single contracts in
structural steel were awarded, one for 125,000 [CMS for the Rockefeller
11road
Radio City and the other for 100,900 tons for Pennsylvania 11,
improvements.
Autos Hit by Tarriff Reprisals.
Reduced purchasing power and an overcautious buying public were
blamed by George T. Hock of Philadelphia, editor of the "Commercial
Car Journal," for the slow progress of the automotive industry.
He said automotive leaders believed that the new tariff legislation was
"definitely hindering recovery." Retaliatory measures had been taken by
many foreign countries, he explained, and American automotive products
had borne the brunt of their effects.
Virgil B. Guthrie of Cleveland, managing editor of the "National Petroleum News," said the obstacle to recovery in the oil industry was the
Problem of dealing with "the greatest overproduction of crude oil in the
history of the industry, greatly in excess of market demand."
He suggested development of unit operation and also proration in new
fields as the industry's most important needs.
mmOmaompZoutneapiOmm
tsccontomoommwoomcocow
Lack of Price Stability.
Sidney D. Kirkpatrick of New York, editor of "Chemical ard Metallurgical Engineering," said that a lack of price stability was,"by all odds,"
the greatest factor retarding business recovery in the chemical industry.
Customers had refused to commit themselves for future requirements on a
contract basis in the face of price declines, he added.
He said that as a result of this indecision bad trade practices have been
resumed and that the industry was also hampered by lack of statistics of
consumption, increasing taxation and interference by some regu'atory
agencies.
Building Financing and Standards.
The banks were blamed for a large part of the tardiness of the building
industry by Henry H. Saylor of New York. editor of "Architecture." He
said that the banks hesitate to make loans involving examination of so
many factors as were tied up in loans on homes, the personal risk, the
quality and quantity of the building and the resale value five years hence.
Latest Week Preceding
Month
Year
Apr.18'31
Week.
Ago.
Ago.
Besides deficiencies in financing, he complained of a lack of standardization, taking the American public to task for slowness in adopting new
All Groups (14)
73.6
75.2
92.0
methods for home construction.
Textiles
63.8
65.7
86.2
Fats and Oils
"We still pile brick on brick as did the Egyptians," he said. "We still
64.2
66.4
85.8
Other foods
76.5
77.8
97.9
put shingles on a stud frame as did toe builders of Paul Revere's house.
Grains, feeds and livestock
69.7
70.1
92.1
"We still keep house building a special tailoring job, with the result
Fertilizer materials
84.2
84.3
93.2
that we steadily get less house for our money rather than more for our
Mixed fertiliser
91.5
91.5
97.9
Metals
80.3
money as we do in the things we make by modern methods.
81.5
93.3
Agricultural implements
95.4
95.4
95.9
"Tne surprising thing is that we do not more quickly grasp the object
Automobiles
87.8
87.8
95.7
lessons spread before our eyes in the erection of our commercial and inBuilding materials
82.2
83.5
94.7
dustrial structures, proceeding under modern ideas."
Fuel
63.7
68.0
86.7
Chemicals and drugs
93.8
90.7
96.0
"Mobilization Board" of fifty Leaders.
House furnishings
92.2
92.2
97.9
The selection of a committee of 50 business leaders, headed by Owen D
Miscellaneous commodities
*69.8
70.6
83.7
Young, to organize and operate an "industrial mobilization board" to
* Revised.
restore business prosperity was advocated this evening by Stanley A.
Dennis, Chairman of the National Conference of Business Paper Editors,
Detroit Employment-Index at 82.7 April 15, Against in a radio round-table discussion of the current business situation broadcast over a Columbia network. Secretary of Labor William N. Doak and
109 Year Ago 82.5 on March 15.
Assistant Secretary of Commerce Julius Klein participated.
In making his proposal. Mr. Dennis said:
From its Detroit bureau the "Wall Street Journal" of
"I believe that the time has come,irrespective of governmental agencies,
April 21 reported the following:
for business to mobilize its brains, Its vision, its courage, its personnel, its
Industrial employment index of the Detroit Board of Commerce on April resources, all its own planning genius, to set up a council for industrial
15 was 82.7 compared with 83 on March 31 and 82.5 on March 15. On Progress. a national industrial planning board, or an industrial mobilize
April 15 a year ago the index was 109.
tion board, the nature of which shall be educational, non-political, nonThe index is compiled from the number of men on payrolls of industrial Profit-sharing and powerful enough to win co-operation all along the line.
Plants including both part and full time workers,and is based on the monthly
"The objects of such an organization, created by business itself, should
average for the years 1923-1925 inclusive taken as 100. It does not reflect be to restore prosperity to our nation. To maintain the established standany expansion in payrolls which result from longer hours or more days a ards of American living, to prevent. the wage cut, to stabilize employment
week nor does it take into account any increase in construction employment. and future business growth, to educate business executives on the causes
Construction costs for permits issued in Detroit during the week ended of present and recurring depressions, to organize economic thought for conApril 11 amounted to $950,000 which compares with 8531,000 for week structive action, to centralize economic control for emergency situations,
ended March 28 and 5496.000 for week ended March 21.
to co-ordinate on a national scale the vast number of existing trade associations,and plan a national economic policy and a five, 10 or 15 Year economic
Program for America."
Trade Editors Tell President Hoover of Business
-Would "Draft" Young as Head.
Seven Diagnose Troubles, Offer Remedies-TexSuggesting that Owen D. Young be "drafted" to head the committee of
tiles Best in Decade-Uncertainty in Prices and 50, Mr. Dennis concluded:
under
"I believe that under the advisory counsel of Herbert
Demand Hinders Other Industries-"Mobilization the active executive direction of Owen D. Young such anHoover andmobiliindustrial
Board" Proposed.
zation board could organize new agencies and forces which would make the
President Hoover, sitting with seven editors of trade recurrence of another business depression in America execcedingly remote
and perhaps impossible."
journals around a table in the Cabinet room at the White
Dr. Klein said there were two significant factors, which, for the first
House on April 20 received frank reports on the condition of time, were giving ground for real hope for a general clearing of the business
checking of
The first was
business, what was holding it back in some lines and what situation.other was "the "the apparenttone" of thethe decline in prices"
foreign situation as
and the
encouraging
was needed to put it ahead. Their views were indicated as manifested by "the French-Italian accord, and the progress made in the
adjustment of the affairs of India."
follows in a dispatch from Washington, April 20
to the
New York "Times":
The reports, for the most part, dealt with factors in the depression, but
Doug1 Is G. Woolf, editor of "Textile World," New York, sounded an
optimistic note with the statement that the textile industry, though long
in a rut, was now "going ahead faster than at any time in the past 10
years."
He said that certain retarding influences in the industry had been
removed, chief among them the employment of women and minors in the
cotton mills. He cited as a gain the reduction of hours of labor for all
Volume of Life Insurance Sold in First Quarter of 1931
-March Sales Decline.
Below Same Period in 1930
The volume of life insurance sold in the first quarter of
1931 was considerably below that of the same quarter in 1930,
according to figures compiled by the Life Insurance Sales
Research Bureau, which, under date of April 18, adds:
FINANCIAL CHRONICLE
3042
This comparison is made, however, to a period of inflated sales in life
insurance. Although a year ago most industries were suffering losses,
life insurance continued to show steady gains. The peak was reached
In March 1930, when the people of the United States purchased the largest
volume ofordinary life insurance ever sold in a single month. The Research
Bureau studies life insurance conditions all over the country and issues a
monthly report based on the experience of companies representing 88% of
the total legal reserve ordinary life insurance in force in the United States.
According to statistics just compiled sales in March 1931 continued to
show a decrease. The March volume was 18% below the peak attained
In March 1930. Despite this decrease, however, estimated sales for all
companies indicate that with decreased incomes in almost every branch of
industry, people of the United States are purchasing over $30,000.000 of
life insurance every working day. The varied needs which insurance fills
provides a market in times of economic reverses as well as prosperity. At
present it can be sold to rebuild estates and offset a shrinkage through
depreciation of stocks and bonds. It provides a safe investment in which
both interest and principal are guaranteed. Men who borrowed on their
life insurance to carry them through the past montns are purchasing new
Insurance to cover these loans.
The following table affords a comparison of the first quarter of 1931 as
well as for March. The comparison of sales is made to the same period a
year ago.
[VoL. 132.
Presenting "New England as an economic entity to which,.
by reason of its record through the years, the country has.
looked for outstanding accomplishment industrially and commercially," Mr. French says the depression of 1930 provided
the latest test of its economic strength and stability, and
proved New England to be "at least a little more stable, a
little stronger, a bit more prosperous than the country as a
whole."
As a basis to test economic New England against the rest
of the country the article uses the relative percentage of'
decline from 1929 to 1930 in farm prosperity, industrial
activities and railroad results, and in individual savings,
construction of new buildings, and expenditures in commerce
and trade, and cites the following:
New England Had More Construction.-BuildIng contracts* actually
awarded in 1930 represented a decrease from 1929 of 21.7% for the United
States as a whole, as compared with a decrease of 11% for New England.
-Department stores* of the country in 1930
New England Spent More.
showed a decrease of 7% compared with 1929. while New England department stores were within 5% of 1929 volume. In bank clearances*,the United
March 1931
First Quarter
to
1931 to first
States showed a decline of 29.2% compared with a decline of 18.9% for
March 1930.
Quarter 1930.
New England.
-With its reputation for thrift, New England
New England Sated More.
95%
91%
New England
84%
not unnaturally showed an increase of 2.4% in total savings for the fiscal
84%
Middle Atlantic
80%
82%
East North Central
the country as a whole gained 0.9%(b). In savings per
year 1929-30, while
81%
81%
West North Central
capita, New England showed an increase of 3.7%, while the country as a
83%
81%
South Atlantic
whole showed a decline of 1.3%.
71%
70%
East South Central
72%
76%
-Using United States Department of Agriculture figures
Farm Prosperity.
West South Central
87%
83%
Mountain
on farm value for 75 representative crops in 1929-30 as an indication of
75%
77%
Pacific
relative farm prosperity in New England and in the country, shows a
82%
82%
decrease of 27.7% for the United States as a whole, and 22.8% for New
United States total
England. As a further test of farm prosperity in New England in the deThe effect of prevailing economic conditions are well reflected in the pression year 1930, aggregate farm value of a smaller but standard group of
sale of life insurance. The East and West South Central States which 22 principal crops, as compared with an average of the five years preceding
suffered most from the drouth which affected a large part of the country, 1930, shows a decrease of 30.1% for the United States, and a decrease of
show the greatest decrease. The New England States have maintained only 16.9% for New England.
their production the best of any section. The Middle Atlantic States pay
-commerical Actirities.-Indices on this subject from dependIndustrial
for about a third of the total new insurance sold in the country. Next to able sources vary somewhat, but a consensus of the standard data on the
the New England States these three States maintained their production subject places the decrease in industrial production in the United Statesbest in the first quarter of the year.
in 1930 at 24% as compared with 1929, and for New England at 22%.
The most conservative of these Indices(c) shows business failures in the.
and in New England only 8.3%.
United States
Bureau of Labor Statistics on Labor Turnover in The liabilities to have increased 15%, showed an increase of 38.3%
involved in these failures
March-Highest Accession Rate Shown by Auto- for the country as a whole,and only 10.8% for New England, with liabilities
motive Industry-Lowest by Iron and Steel In- per failure 20.2% for the United States, and 2.3% for New England. the
Railroad Results.
-Loaded freight cars handled on the railroads of
dustry.
country(a) declined 13.3%, while those handled on New England railroads
The Bureau of Labor Statistics of the United States declined 11.7%. In cars loaded on-line, the decline in the country as a
In net railway
whole was 13.1%, and in New England 12.9%.
Department of Laborin presenting on April 18 the labor operating income,the results ofoperations(d)show Expressed the railroads
a decline for
turnover rates for manufacturing as a whole and for eight of the country of 30.6%, and for New England of 19.9%•
separate manufacturing industries during March noted that
Elsewhere in the article Mr. French takes note of recent
the all-industry turnover rate is made up from representative readjustments in textiles and in boots and shoes, and points
establishments in 75 industries employing approximately out that the New England Council has established the fact
1,250,000 people. The Bureau reports as follows:
that these losses have been more than offset by other indusThe accession rate is greater than the total separation rate for manu- trial gains. "For every plant of any kind which has been
industries for which separate
facturing as a whole and for four of the eight
lost," he says,"New England has gained two plants of other
rates are shown.
The highest accession rate, 7.76, was shown by the automotive industry, types, and for every employee who has been lost, one and
the lowest, 2.03. by the iron and steel industry. The highest quit rate for
one-half employees have been gained. With the resultant
any industry for which separate figures are shown was registered by sawstrength and stability."
This industry had a quit rate of 1.74. The lowest quit rate, 0.71, diversity has come an increased
mills.
was shown by Iron and steel. Sawmills also had the highest discharge rate,
In considering New England's economic past, the article
0.51. The lowest discharge rate, 0.12. occurred In the iron and steel
Harvard Business School Alumni Bulletin traces the
Industry. The highest layoff rate was 6.88 shown by slaughtering and in the
industrial and
The boot and shoe industry had the lowest layoff rate development of New England to show that
meat packing.
during March. The layoff rate for this industry was only 1.16.
commercial change have been no new experience, and that
LABOR TURNOVER RATES PER 100 ON THE PAY ROLL, MARCH 1931. New England in each Stage has come through with greater
strength than before.
Foundries
tering
President French,in closing his article, adds the prediction
Iron
and
and
AU Auto- Boots
Cot- Ma- Fund- and Saw- Meat. that:
and
indus- meSteel.
tries, biles. Shoes, ton,
Cal. Mo. Basis
Separation rates:
(a) Quit
(b) Discharge
(c) Layoff
Total separM rate_
Accession rate
mills Pack.
inv.
chine tare.
Shops.
0.94
.26
1.75
2.95
3.67
1.09
.39
1.71
3.19
7.76
1.58
.50
1.16
3.24
4.92
1.36
.36
2.00
3.72
4.47
0.90
.25
2.72
3.87
3.38
0.80
.37
4.52
5.69
4.78
0.71
.12
1.38
2.21
2.03
1.74
.51
4.56
6.81
7.07
Equiv. Ann.BastsSeparation rates:
11.1
(a) Quit
3.1
(b) Discharge
20.6
(c) Layoff
Total separ'n rate_ 34.8
Aceeeelon rate_ _ _ _ 43.2
12.8
4.6
20.1
37.5
91.3
18.6
5.9
13.7
38.2
57.9
16.0
4.2
23.5
43.7
52.6
10.6
2.9
32.0
45.5
39.8
9.4
4.4
53.2
87.0
56.3
8.4
1.4
16.2
26.0
23.9
20.5 16.6
6.0
4.4
53.7 81.0
80.2 102.0
83.2 61 ,1
1.41
.37
6.88
8.66
5.19
President French of Boston & Maine RR. in Harvard
Bulletin Asserts New England Came Through Depression Year 1930 Better Than Rest of Country.
That New England came through the depression year
1930 better than the rest of the country is shown in an article
by President E. S. French of the Boston and Maine RR.
which, with supporting data, appears in the current issue of
the Harvard Business School Alumni Bulletin. The vital
statistics of industry and business for the country in 1930,
just completed, he points out, show that while New England
like other sections felt the pinch of hard times,"New England
slowed down less, New England had more new construction,
New England spent more,and at the same time New England
saved more than the rest of the country."
trend in New
The outstanding population and industrial development
smaller towns and cities,
England in the next generation will be toward our
basis of costs, its employes and ofwhere industry can operate on a lower
and with . .
ficials can obtain the advantages of living in the country,
possible for the
congestion removed, a greater productive effort is made
to the individual
Industry,and a greater proportional leisure made av"il ble
industrh 1 location will bring
• . . I am confident that the economics of
about an expansion of industry in our northern New England towns and
,
subst ntially to New
villages within the next generation that will contribute
-and will make another of the succeeding eras
England's further growth.
greatness.
-and New England
of New England readjustment
Association. b American
•Federal Reserve Bank. a American Railway
Bankers Association. c Dun's. d Bureau of Railway Economics.
U. S. Department of Labor's Survey of Building Operations in United States-Increase in March Over
February in Estimated Cost of Building Operations.
There was an increase of 50.6% in the amount of building
permits according to reports received by the Bureau of Labor
Statistics of the U. S. Department of Labor from 347 identical
cities having a population of 25,000 or over during the month
of March 1931, as compared with February 1931. There
was an increase of 34.4% in the estimated cost of new residential buildings and an increase of 74.5% in the estimated
cost of new non-residential buildings comparing March with
February. The estimated cost of the total building operations for which permits were issued in the month of March
in these 347 identical cities totalled $152,870,709. The
APRIL 25 1931.]
FINANCIAL CHRONICLE
new buildings for which permits were issued in these cities
during the month of March provided for 11,794 family
dwelling units. This is an increase of 32.5% in the number
of family dwelling units as compared with the month of
February. The Bureau's adviees April 21 added:
3043
weakness and irregularity for a limited period, but that after the summer a
foundation will very probably be laid in this department of finance capable
of stimulating new enterprise. Issuing houses are for the present proceeding cautiously, but this caution will presently give way to enhanced
confidence among bankers and this, in turn, cannot fail to afford a
favorable signal to industry. It is the breakdown of operations and
stagnation of new orders in the basic equipment industries which lies at
the bottom of the present depression. A better basis for long-term financing afforded by stabilization of security values, aided by the abandonment of unsound price fixing experiments, and by a frank consideration
of the vital problem of providing a broader outlet for our manufactures
in foreign markets should be the most potent motivating forces in rebuilding prosperity. That this rebuilding will begin to be evident before the
end of 1931 we are entirely confident.
Comp .ring permits issued in 297 identical cities in March 1931, and
March 1930, there was a decrease of 11.3% in total construction, a decrease
of 14.7% in the estimated cost of new residential buildings and a decrease
Of 5.2% in the estimated cost of new non-residential buildings.
Permits were issued during March 1931 for the following important
building projects: In Irvington, N. J., for a public-school building to cost
nearly 8400,000; in the Borough of the Bronx, for a county court house to
cost 17.000,000: in Brooklyn, fcr a school building to cost 8425,000. In
the Borough of Manhattan the supervising architect awarded a contract
for the foundation for a new parcel-post building to cost $631,000. In
Syracuse, a permit was issued for a school building to cost $500,000, and
Slight Decrease in Retail Food Prices Between Feb. 15
In Pittsburgh, for a school building to cost 1490,000; in Chicago. for an
-Decline of About 16% in Year.
and March 15
office building to cost 814,000,000, and for a school building to cost $1,625,000; in Columbus, for an office building to cost $350,000; in Minneapolis.
Retail food prices in the United States, as reported to
for five office buildings to cost over 12.000.000. In Washington, D. C.
the municipal architect let a contract for a new public school building the Bureau of Labor Statistics of the United States Departto cost ne,
rly $425,000; in Wilmington, Del., a permit was issued for a ment of Labor, showed a decrease of about M of 1% on
school building to cost $436,000; in Mobile. Ala., for a hospital to cost
March 15 1931, when compared with Feb. 15 1931, and a
$200,000; in Louisville. Ky., for two school buildings to cost $550.000; in
Phoenix, Ariz., for an office building to cost 8800,000, and in Oakland, decrease of little less than 16% since March 15 1930. The
Calif., for a school building to cost $350.000.
Bureau's weighted index numbers, with average prices in
Detailed figures showing the estimated cost of buildings covered by
permits issued in each of the 347 cities separately will be published in the 1913 as 100.0 were 150.1 for March 151930, 127.0 for Feb. 15
1931 and 126.4 for March 15 1931. The Bureau also had
May issue of tie "Monthly Labor Review."
ESTIMATED COST OF NEW BUILDINGS IN 347 IDENTICAL CITIES, the following to say April 20 as to the course of retail prices:
AS SHOWN BY PERMITS ISSUED IN FEBRUARY AND
During the month from Feb.15 1931 to March 15 1931, 32 articles on
.
MARCH 1931.
which monthly prices were secured decreased as follows: Cabbage, 5%;
oleomargarine, 4%; chuck roast, plate beef, sliced ham, cheese, flour, rice.
New Residential Buildings.
onions, pork and beans, canned peas, canned tomatoes and coffee, 3%;
sirloin steak, round steak, sliced bacon, lard, macaroni, navy beans, sugar
Geographic Division. Miss.
Estimated
Families Provided for in
and prunes, 2%;rib roast, fresh milk, evaporated milk, bread, rolled oats,
Cost.
New Dwellings.
cornflakes, wheat cereal, canned corn and tea, 1%; and leg of lamb and
Feb. 1931. Mar. 1931. Feb. 1931. Mar. 1931. canned red salmon, less than .5 of 1%. Five articles increased: Pork
chops, 7%;strictly fresh eggs, 5%; butter and oranges, 3%;and hens. 1%•
New England
52
$2,006,340 83,187,200
311
625
Middle Atlantic
14.237,482 23,870,571
69
3,407
5,178 The following five articles showed no change in the month: Vegetable
East North Central
95
5,225,300
6.854,527
1,071
1,387 lard substitute, cornmeal, potatoes, raisins and bananas.
West North Central_ 28
1,798,020
2,620,348
452
688
South Atlantic
5,652.821
38
3.805,043
1,039
Changes in Retail Prices of Food by Cities.
752
South Central
2,816,926
33
2,977,530
983
994
During the month from Feb. 15 1931 to March 15 1931 36 of the 51 cities
Mountain & Pacific__ 38
5,914,733
7,287,427
1,637
2,192 from
which prices are received showed decreases in the average cost of!Pod
Total
347
$37,651,622 850,602,648
8.900
11.794 as follows: Birmingham, 3%; Butte, Dallas, Jacksonville, Memphis,
Per cent of change.-+34.4
+32.5 New Haven, New Orleans. Norfolk, Rochester and Scranton, 2%; Atlanta,
Boston, Bridgeport, Buffalo, Chicago, Cincinnati, Los Angeles, Louisville,
New Non-Residential
Total Construction
Milwaukee, Minneapolis, Mobile. Newark, New York, Portland (Me.),
Buildings,
(Including Alterations
Geographic Division.
portland (Ore.), Providence, San Francisco, Savannah and Springfield
Estimated
and Repairs).
Cost.
Estimated Cost.
(Ill.), 1%; and Baltimore, Charleston (S. C.), Houston, Peoria, Philadelphia, Pittsburgh and Richmond, less than .5 of 1%. Thirteen cities
Feb. 1931. Mar. 1931. Feb. 1931. Mar. 1931.
Showed increases: Indianapolis, 2%; Kansas City, Omaha and St. Paul,
New England
52
$2,799,456 $7,942,389 85.814,578 $12,847,102 1%; and Cleveland, Columbus, Denver, Detroit, Fall River, Little Rock,
Middle Atlantic
69
16,352,272 33,608,355 38,571,143 66,191,596 Manchester,
Seattle and Washington, less than .5 of 1%. Two cities,
East North Central_ 95
12,496,153 22,231,977 22,143,847 32,303,884
St. Louis and Salt Lake City, showed no change in the month.
West North Central_ 28
2,861,229
3,251,530
5,200,466
7,516,027
South Atlantis'
36
2,632,773
For the year period. March 15 1930 to March 15 1931, allot the 51 cities
3,299,425 10,165,222
8,624,939
South Central
33
4,890,168
5,502,663
8,692,405
9,528,562 showed decreases: Memphis and Portland (Ore.). 20%; Houston and
Mountain & Pacific.
36
5,138,872
5,480,092 12,940,860 15,858,599 Louisville, 19%;Columbus, Detroit, Indianapolis, Little Rock, Milwaukee,
Total
347
$47,170,923 $82,316,431 $101,528,521 $152,870,709 Mobile, New Orleans, Omaha, Peoria, Seattle and Springfield (I11.), 18%;
Percent of change.
+74.5
+50.6 Birmingham, Buffalo, Butte, Dallas, Fall River, Loa Angeles, Providence,
St. Louis and Scranton, 17%; Boston, Chicago, Cincinnati. Cleveland,
Denver, Kansas City, Manchester, Minneapolis, Rochester. St. Paul,
Salt Lake City and Savannah, 16%; Atlanta, Pittsburgh, Richmond and
Outlook for National Business As Viewed by Silberling
San Francisco,
Charleston (S.
Research Corporation-Failure of Average Level of York, Norfolk, 15%; Baltimore, Portland (Me.),C.), Jacksonville, New
14%; and Bridgeport,
Philadelphia and
Commodity Prices to Stabilize Seen as Unsettling Newark, New Haven and Washington. 13%•
-
Element in Situation.
Discussing the outlook for national business and basic
Fluctuation of Employment in Radio Industry-Over
industries, the Silderling Research Corp., Ltd., of San
42,000 Laid Off at Close of Year Dispel Prospect of
Francisco has the following to say under date of April 11:
Absorption of Surplus from Other Industries.
During the month of March the records of general business offered
little
That more than 42,000 men and women employed at the
evidence of recovery, but at the same time showed no important
degree
of further recession. Perhaps the most unsettling element
peak of the season of 1929 in 38 radio factories were again
in the situation
has been the failure of the average level of commodity prices
to stabilize. off the payrolls before the close of the year appears in a
It will be found that in this indicator the agricultural items
have for some
recent study of the "Fluctuation of Employment in the
time been the most important elements of weakness, but metal
quotations,
notably copper, have also been in recent weeks inclined to further sagging. Radio Industry"
made by Caroline Manning of the Women's
This continued irregularity in basic commodities is important
because it
diNcourages the initiation of vigorous and confident purchasing and ob- Bureau of the United States Department of Labor. The
structs plans which might result in reducing industrial unemployment Bureau, in making this known April 17, said:
and thus enhancing buying-power for finished goods. The wide
spread
These figures challenge the optimistic assertion so often made-that we
between raw material prices
and the elevation of wage rates in many
instances at levels far out of line with selling prices of the products
all
require further adjustment before the general structure of prices
can be
strengthened. But further domestic collapse of this structure is
not likely.
The recent weakening in iron and steel operations and the lack of
of definitely improved conditions in the production of electric evidence
power or
the loadings of railway freight make it impossible to say that
conditions have turned the corner. All we can properly say at business
this time
is that there is an increasing tendency for business operations
to resist
further serious demoralization. In so severe and widespread
an interruption of industrial prosperity signs of such resistance to
continual decline
are hopeful signs and as they affect the decisions of executives
and bankers
they can gradually serve to dispel the hesitation and
apprehension which
still form`an obstacle to recovery.
It is important that the stock and bond markets should
be in such a
position as to lend support to business improvement when
internal conditions in the several basic lines reach a more constructive
balance. In
the case of the stock market we have for a long time pointed
out that
prices of leading issues had not yet thoroughly adjusted
themselves to
the cold facts of earnings. Technical factors within the market have
made
this necessary process of adjustment tedious and irregular At present
the
railway issues are beginning to show evidence of accomplishing this
adjustment, and it is probable that industrial issues will within no
extended
period follow suit. This will provide a solid foundation which will
make
for confidence not only in securities but in business plans
which more
and more find their sensitive nerve center in the great market for
equities.
As for the bond market it appears that prices may be subject
to some
may look to the radio industry, as to the automobile industry, to help to
absorb the growing numbers of unemployed throughout the nation, the
bulletin points out. With more than 24,000 women and over 18,000 men
thrown out of employment within the radio industry itself, the prospects
of its absorption of the surplus from the other industries are not convincing.
Employment records were obtained from 26 firms making receiving
sets, from 15 making radio tubes that play the same part in the radio
industry as that played by blades in the safety-razor industry, and from
10 firms making various parts and accessories. The facts set forth in
the bulletin may be accepted as painting conditions typical of the industry
as a whole, as it is estimated that the figures cover plants producing 80
to 90% of the sets and at least 90% of the tubes made in 1929. The data
on parts and accessories are less inclusive but are fairly representative.
The amazing fluctuation in employment is illustrated in the bulletin
by the use of charts. It appears also in tables showing the per cent that
the autumn or winter minimum formed of the peak employment, which
make it clear that in more than two-thirds of the plants the minimum
was less than half the maximum; in fact, more than one-half of the
men and women employed during peak periods in tube !sybarite and
nearly three-fifths of those so employed in receiving-set plants were laid
off when the rush was over.
That such extreme swings of employment are not unavoidable is shown
by the inclusion in the study of employment figures from a firm where
the manufacture of radio sets is combined with another product. Although
here the ups and downs have not been ironed out completely, the differences between the high and low points of employment within a year are
very much less than in plants making only radios.
3044
FINANCIAL CHRONICLE
[voL. 132.
Grain and grain products loading for the week totaled 36,910 cars, 3,043
In the plants making receiving sets, men and women seem equally
but 2,368 cars above the same
affected by the swings of employment. August, September, and October cars below the corresponding week in 1930
districts alone, grain and grain products
are the peak seasons, but with the late autumn and winter comes the week in 1929. In the western
loading amounted to 24,128 cars, a decrease of 2,062 cars below the same
abrupt decline.
the tube plants a striking difference in the employment of men and week in 1930.
In
Live stock loading totaled 20,390 cars, 2,862 cars below the same week
women is shown. Apparently five times as many women as men were
in 1930 and 3,826 cars under the corresponding week in 1929. In the
hired and fired from spring until the end of the year.
western districts alone, live stock loading amounted to 16,290 cars, a deMoreover, the problem of unemployment in the radio industry has been crease of
2,186 cars compared with the same week last year.
the broadcasting of the 1920 election
one of increasing seriousness. Since
All districts reported reductions in the total loading of all commodities
to Miss Manning, radio manufacture has grown by
returns, according
compared not only with the same week in 1930 but also with the same week
leaps and bounds, but there has been little smoothing out of the fluctua- In 1929.
tions of employment. The bulletin gives figures from 1926 to 1929, showLoading of revenue freight in 1931 compared with the two previous years
ing that the average number of employees in 10 plants making tubes more follows:
number of employees
1929.
1930.
than trebled during that time, and that the average
1931.
4.518,609
4,246,552
in eight plants making receiving sets more than doubled.
3,490,542
Five weeks in January
3.797,183
3,506,899
conversations with wage-earning women reported upon by Miss Four weeks in February
2.835,680
From
3,837,736
3,515.733
2,939.817
Manning it would appear that the industry favors a young and transient Four weeks in March
958,225
908,059
728,511
labor force. It was found that in some plants men predominated, in Week ended April 4
973,152
911.316
the vast minority, Week ended April 11
737,934
others women, but in the average tube-factory men are in
as not infrequently 85 to 90% of the employees are women.
10.732,484 13,088,559 14,084.905
Total
Chairman Barnes of United States Chamber of Commerce Denies He Favors Wage Cut-Advocated
Staggering Jobs in Depression.
Denial of a published report attributing to him a statement that he advocated wage cuts was made on April 17
by Julius H. Barnes of the United States Chamber of
Commerce. "Nothing could be farther from the truth,"
said Mr. Barnes. "I have not advocated wage cuts."
He is further quoted as follows in a dispatch from Washington April 17 to the New York "Times":
"What I have advocated is that industry, in times of depression, keep
the greatest possible number of persons employed by staggering employment.
"This depression, like all previous ones. is a pause in business progress,"
he said. "Necessarily, business receipts and the total amount available
to pay out salaries and wages and for materials all shrink with a smaller
volume of trade. To my mind, it is better to have the fullest number of
persons employed, if necessary, at shorter hours, than to have the fewer
number living under the fear of possible unemployment held before their
eyes by those out of work. That does not mean a cutting of wage scales
or rates. It does mean a more general spreading temporarily of total
earnings."
E. Roberts of National City Bank Foresees
-Says Industry Must Regain Equilibrium.
Cut
The prospect of a general reduction in wages in American industry was raised by George E. Roberts, Vice-Pres.
of the National City Bank of New York, in an address at
Chicago on April 21 before the Illinois Manufacturers' Cost
Association. He is quoted as follows in a dispatch to the
New York "Times":
George
Pay
"Nobody likes to say anything about reduction of wages," he said, "but
equilibrium in industry must be restored in order to have full-time employment and real prosperity,
"The prices of farm products and crude materials generally have come
down in a great slump to approximately the pre-war level. On the other
hand, in the manufacturing industries, the building industry, the transportation and distribution services, governmental services, professional
services, you have a vast network of relationships in which wages or personal compensations are the principal factor, and these do not move readily
downward.
"The normal relationship between the industries must be restored in
some way, and when it is restored there will be prosperity for all."
Senator Davis Says Wage Cuts Might Cause Economic
Collapse.
Reading (Pa.) Associated Press advices April 21 stated:
A warning against wage reductions lest the entire economic structure
collapse was sounded here to-day by Senator Davis of Pennsylvania.
Mr. Davis told the annual meeting of the International Amalgamated
Association of Iron. Steel and Tin Workers that wage scales have been
upheld "generally" during the present depression.
"Deplorably, however," he added, "a small majority of employers have
pruned down wages despite the fact that President Hoover and many of
the noted economists of the world have warned against this practice."
Wage reduction as a solution of the depression he described 88 a "fallacy."
Little Change in Loading of Railroad Revenue Freight.
Loading of revenue freight for the week ended on April 11,
totaled 737,934 cars, the Car Service Division of the American Railway Association announced on April 21. This was
an increase of 9,423 cars above the preceding week this year
but a reduction of 173,382 cars below the same week last
year. It also was a reduction of 235,218 cars below the
corresponding week in 1929. Other particulars are given
as follows:
11 totaled
Continued Decline in Building Permits in March,
According to Survey of S. W. Straus & Co.
Building permits issued in 568 leading cities and towns
throughout the country during the month of March amounted
to $153,874,079, a decline of 18% from the same month last
year, according to official reports made to S. W. Straus &
Co. The March volume showed a gain of 38% over February, in contrast to a normal seasonal expectancy of an
increase of 39.7%.
These figures do not bear out, it is stated, the rather
widely heralded reports of greatly increased building activities that have been current recently. Rather they would
seem to indicate that actual proposed construction is still
falling off. The outlook for improved real estate, however,
appears to be improving as new construction operations
are deferred.
The 25 Leading Cities.
The 25 cities in which the largest volume of permits was
1
recorded showed a 139 gain over March of 'last ycer
and a 55% gain over February. The loss from March
1929 was 61%. New York, Chicago, Minneapolis, Buffalo,
White Plains, St. Paul, Louisville, Syracuse and Phoenix,
Ariz., showed individual gains over March 1930, while
Buffalo, White Plains, St. Paul and Phoenix made increases
over March 1929.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR MARCH 1931, WITH COMPARISONS.
Feb. 1931.
March 1931. March 1930. March 1929. 826,122.892
$54,222,550 $36,942,766 3171,493,952
New York (P. F.)
7,877,000
20,523,500
4,597,800
18,054,100
Chicago
3,670.782
10,695,375
7,045,931
4,272.107
Los Angeles
5,159,315
5,204,035
3,083,040
2.654,390
Washington
576,060
1,414,165
824,655
2,653,915
Minneapolis
2,021,060
11,917,635
5,230,080
2,443,249
Detroit
2,757,480
2.453,120
2,531,160
2,368,760
Baltimore
1,712,671
2,701,111
3,502,312
2,090.129
San Francisco
499 205
1,787:630
2.229.175
6,267,980
2,019,170
Cincinnati
1,108,587
1,131,610
1,543.792
Buffalo
701,140
492.577
285,406
1,298,250
White Plains
2,183.609
8,601,569
2,780,766
1,171,133
Boston (P. F.)
2,054,815
2,104,280
1,740.740
1.142,611
Oklahoma City
1,688,340
3,119,515
1,168,231
1,122,821
St. Louts
662,820
2,577,777
1,783,623
1,105,387
Pittsburgh
1,037,598
3,752.469
2,297,762
1,095,502
Milwaukee
1,327.767
2,267.725
1,359,488
1,064,967
Houston
1,000,035
1,896,240
1,132,083
967,545
Oakland
06
2437
1,3 :3 5
10,161,135
6,864,490
955,485
Philadelphia
416:34
550 %7s
2,
36 :9
810 33
2, 5 200
1.469,925
951,225
Cleveland
790,530
923,410
St. Paul
614,315
93,030
908,629
Phoenix. Ariz
389,865
1,199,800
555,270
Louisville
1,088 90
524173
1,513,530
468,260
807 5
920,84' 175
Syracuse
1,930,185
817.098
806,508
Indianapolis
8107,461,655 894,764,036 1273,147,896 869,360.557
(P. F.) indicate) Plans filed.
Report by University of Buffalo on Wholesale Credit
Conditions in Buffalo.
issued April 21, on wholesale credit condiIn a report,
tions in its city, the Bureau of Business and Social Research
of the University of Buffalo states that "a very satisfactory
decline has taken place in the ratio of overdue to outstanding
accounts of wholesale concerns in Buffalo since Jan. 1 of
this year." The report continues:
then reporting wxs 31%,
While on Jan. 1 the ratio for the concerns
only 22%. The latter figure is
the ratio for concerns reporting April 1 is
whose outstanding accounts
b:sed upon reports from wholesale concerns
for April 1 of this year
aggregate over $7,000,000. The ratio of 21.8%
which was 27.3, It would
is also a decline from the March I ratio,
credit conditions have shown
appe r, therefore, that Buff.10 wholesale
and also for the first quarter
m^rked improvement during the past month
294,315
Miscellaneous freight loading for the week of Aprll
week in 1930 and 120,130 cars under the Of the year.
conditions it may also be interesting
cars. 89,538 cars under the same
As a possible indication of business
corresponding week in 1929.
accounts, month by month. Every
carload lot freight amounted to 223,- to comp ire the volume of outstanding
Loading of merchandise less than
shown a decrease in accounts outstanding,
cars below the corresponding week last month prior to March 1 hns
635 cars, a decrease of 28,996
increases of 3.2% and 8.8%, respectively.
while Morel' 1 and April 1 show
week two years ago.
year and 43.320 cars below the same
may be attributed to either increasing
cars, a decrease of 16.386 cars below over the preceding month. This
Coal loading amounted to 116,212
week in 1929.
sales or to freer extension of credit. In view of the declining tendency in
same
1930 and 20,810 cars under the
.sing sales volume would seem to be
the same week in
32,586 cars, 24.771 cars under the the ratio of overdue acepunts, incre
Forest products loading amounted to
cars under the same week two the correct explanation.
corresponding week in 1930 and 36,566
comparison between this month and last month,
We give below (1) a
years ago.
months, (2) figures for comparable
reduction of 4,843 cars below the for concerns reporting in both these
Ore loading amounted to 6,636 cars, a
concerns since the first of the year, and (3) the monthly increas 13 and
week in 1929.
the same
same week in 1930 and 8,485 cars below
concerns in adjoining
decrease of 2,943 cars below decreases in outstanding accounts for comparable
Coke loading amounted to 7,250 cars, a
4,449 cars under the same week in 1929. months.
the corresponding week last year and
APRIL 25 1931.]
March 1.
April 1.
(1) Halle of Overdue to Outstanding AccountsOutstanding accounts
$6,815,246 67,412,098
Overdue accounts
1,860,780
1,613,796
Ratio of overdue to outstanding
27.3%
21.8%
2) Ratio of Overdue to Outstanding Accounts
Mara 1 26.7% April 1 21.3%
Jan. 1 31.4%
Feb. 1 27.2%
Increase. Decrease.
(3) Volume of Outstanding Accounts
Nov. 1 compared with Oct. 1
0.8%
Dec. 1 compared with Nov. 1
18.6
6.7
Jan. 1 compared with Dec 1
Feb. 1 compared with Jan. 1
4.1
3.2%;
Mar. 1 compared with Feb. 1
8.8%
Apr. 1 compared with Mar. 1
Factory Employment in Pennsylvania Declined Slightly
According to Philadelphia Federal Reserve Bank
Gain of 1% in Delaware.
Factory employment in Pennsylvania was less than 1%
smaller in March than February while wage payments
showed no change, according to reports received by the Philadelphia Federal Reserve Bank from 51 manufacturing industries employing about 270,000 wage earners with a weekly
payroll of over $6,000,000. Twenty-six industries employed
more workers and 23 fewer workers, while in two lines there
was no change. At least part of the decline in the total may
be attributed to a suspension of operations on account of labor
difficulties in some of the textile plants. The Bank's survey
issued April 17 also says:
Factory payrolls in the aggregate remained in about the same volume as in
Febru• ry, gains shown by 26 industries being offset by losses reported by
25 industries. Substantial increases occurred in wage disbursements in
hats, floor coverings, men's clothing and furnishings, cigars, furniture,
glass, shoes, and rubber tires and mechanical rubber goods, whereas marked
decreases were shown by electrical apparatus, shipbuilding, confectionery
brick, tile and pottery and explosives.
The employment index in March stood at 79.8% of the 1923-25 average,
or 20% lower, and the payroll index was 68.4 or ne rly 32% lower than the
three-year average. Of the 51 mann('icturing industries, only those comprising woolens and worsteds, women's clothing, and wooden boxes had
gains in employment and wage payments over Mt rch 1930.
In contr.st with Penns.,ivania, factories in Delaware reported a gain of
about 1% In employment and over 2% in wage payments and working time
from February to March. indicating further expansion in plant operations,
The largest incre-ses in payrolls were shown by groups indicting metal
precincts, transportation equipment, and lumber products, while the largest
decline occurred In the leather and rubber ,roup. Comparisons with past
ye irs remain quite unfavorable.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
-1923-1925 average=100.
Index Numbers
Employment
Payrolls
March 1931.
March 1931.
No. of
Per Cent
Per Cent
Plants
Change Since
Change Since
ReportMar.
Pig. Mar.
Mar. Index. Feb.
Mar.
Index. Feb.
1931. 1930.
1931. 1930.
All manuf. Indust.(51)- 826
243
Metal products
9
Blast furnaces
Steel works & rolling mills 47
Iron and steel forgings_ 10
10
Structural iron work
Steam and hot water heat16
ing apparatus
8
Stoves and furnaces
37
Foundries
Machinery and parts_._. 43
21
Electrical apparatus
10
Engines and pumps
20
Hardware and tools
Brass and bronze producta 12
Transportation equipment... 37
5
Automobiles
Automobile bodies & parts 11
11
Locomotives and cars
6
Railroad repair shops
4
Shipbuilding
161
Textile products
13
Cohen goods
13
Woolens and worsteds_
45
Silk goods
Textile dyeing & !Within; 12
10
Carpets and rugs
3
Hats
28
Hosiery
13
Knit goods, other
9
Men's clothing
7
Women's clothing
8
Shirts and furnishings-.
94
Foods and tobacco
Bread & bakery producta_ 27
13
Confectionery
11
Ice cream
14
Meat packing
29
Cigars and tobacco
Stone, clay & glass products. 69
Brick, tile and pottery..... 32
Cement
15
Glass
22
Lumber products
52
Lumber and planing mills_
16
Furniture
30
Wooden boxes
6
Chemical products
58
Chemicals and drugs
34
Coke
3
Explosives
3
Paints and varnishes
12
Petroleum refining
6
leather and rubber products 46
Leather tanning
17
Shoes
18
Leather products. other
7
Rubber tires and goods4
Paper and printing
66
Paper and wood pulp...-. 12
Paper boxes and bags
10
Printing and publishing__ 44
*Preliminary figures.
79.8
75.4
45.1
70.5
73.5
86.1
-0.7
-1.6
0.0
-1.5
+4.3
-0.8
93.2 -3.6
64.4 +10.1
77.1 +1.8
83.9 -1.2
91.5 -3.6
63.2 -2.8
78.4 +2.2
70.4 -37
.53.3 -2.0
62.7 +0.6
62.1 +3.4
26.0 -5.1
73.7 +0.3
69.3 -6.1
90.2 -1.1
61.8 +0.8
63.3 +4.5
103.6 +0.7
88.9 -2.7
57.7 +8.3
82.3 +0.2
101.2 -5.9
79.0 -1.7
80.6 +2.7
141.7 +0.1
135.6 +3.0
105.1 +0.1
107.1 -1.4
96.8 -4.5
93.5 +4.2
98.3 -0.3
106.1 +2.4
59.3 +1.7
71.3 -0.3
54.2 +2.5
55.5 +3.5
57.4 +0.7
33.0 -10.6
65.6 +5.3
67.0 -0.4
91.1 +3.1
75.0 +4.3
73.2 -0.7
75.4 -0.9
85.7 +5.3
127.9 +4.1
94.5 +0.5
101.5 -2.0
94.0 +4.7
80.3 +3.7
84.7 -3.0
94.8 +0.4
81.1 -0.1
79.7 +7.8
0.0
101.5
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Group and Industry.
3045
FINANCIAL CHRONICLE
68.4
82.7
37.1
60.6
59.8
63.0
0.0
-0.9
-3.4
+3.4
-3.6
-3.1
-31.6
-37.1
-37.0
-35.2
-39.9
-48.7
81.2
38.8
60.0
66.2
76.5
47.5
65.2
58.6
*41.5
42.9
39.0
19.5
63.0
101.3
82.3
59.2
59.7
.03.0
96.8
44.2
58.2
97.7
66.7
72.9
.44.3
125.7
96.2
i01.7
95.0
91.6
84.0
89 5
,.
45.8
50.5
43.1
47.9
52.7
28.0
61.6
62.8
89.3
69.4
58.1
77.0
80.8
131.7
92.8
95.4
93.9
88.8
92.2
99.6
78.0
83.6
108.0
-7.1
+1.6
-1.6
-2.6
-10.2
-2.5
+3.3
+1.6
-1.9
+6.7
-0.8
-3.9
-2.5
-7.0
0.0
-5.0
+7.0
-1.9
+2.8
+14.8
+27.4
-5.5
-4.2
+12.0
+3.1
+12.6
+1.1
-2.1
-7.5
+3.9
-2.0
+10.2
+3.8
--.4.5
+6.9
+10.9
+12.4
-5.1
+23.2
+1.3
0.0
+3.9
+0.3
-8.2
+8.6
-1.2
+8.1
+3.2
+8.6
+3.4
+9.5
0.0
+3.2
-3.6
-0.4
-20.5
-45.8
-42.1
-38.2
-39.0
-52.9
-35.6
-46.1
-48.3
-25.9
-59.9
-64.9
-22.3
-20.7
-25.1
-16.0
+15.7
-25.3
-13$
-24.7
-24.7
-36.0
-34.0
-13.4
+7.0
-15.1
-9 E
-9.1
-12.9
-8.1
-11.1
.
-7,
-36.
1
__36:1
-26.1
-47.1
-29.1
-57.1
-21(
+2.£
-16.1
-22.1
-36.1
-9
.
.
-21.1
-6.:
-7 1
.
-8.1
-6.:
-12.;
-3.:
-13.'
-16.1
-19,1
-11 i
EMPLOYEE
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.
Group and Industry.
Empl.Average
No. Hours
Average
of P.C.C.Isge Hourly Wages. *Weekly Wages.
Plants Mar.'31
Report- from
big. Feb. '31. Mar. Feb.
Mar.
Feb.
1931. 1931. 1931. 1931.
-0.1 $671 $.572 $22.60 $22.41
All manufacturing industries (48) 562
192
-1.8
.623
.621 23.51
23.37
Metal products
-2.8
.608
.609 24.65
25.58
7
Blast furnaces
+2.6
.636
.635 24.82
23.68
Steel works and rolling mills.- 33
9
-5.2
.544
.553 20.84
22.50
Iron and steel forgIngs
7
-5.0
.583
.587 20.98
21.48
Structural Iron work
-11.5
.577
.576 24.91
25.66
Steam & hot water heating app. 14
3
-21.6
.689
.625 18.38
19.89
Stowe and furnaces
23.39
29
-4.0
.609
.598 22.39
Foundries
.687 23.49
23.85
36
-2.1
.592
Machinery and parts
.635 21.80
23.39
20
-10.4
.637
Electrical apparatus
20.04
+0.4
.601
.618 20.18
10
Engines and pumps
.525 19.71
19.48
14
+2.0
.527
Hardware and tools
.548 22.24
21.12
.543
+2.8
10
Braes and bronze products
22.64
.621 23.21
-1.0
.616
28
Transportation equipment
.578
.596 25.54
21.27
5
+4.6
Automobiles
23.35
.599
.602 22.41
-0.7
8
Automobile bodies and parts
20.74
.566 21.45
-6.2
.607
7
Locomotives and cars
23.62
.702 23.01
+1.6
.696
4
Railroad repair shops
.672 25.70
26.29
4
-3.6
.849
Shipbuilding
18.46
+2.1
.418
.434 18.68
95
Textile products
23.63
.432 21.46
-0.5
.427
9
Cotton goods
.454
.478 22.03
21.52
+23.5
8
Woolens and worsteds
17.82
.382
.389 17.28
31
-3.1
Silk goods
25.15
.531
.526 26.57
+6.4
7
Textile dyeing and finishIng._.
18.44
+17.4
.487
.515 19.85
6
Carpets and rugs
20.18
.505 20.30
+1.5
.490
14
Hosiery
.355
.415 14.87
15.26
+23.0
9
Knit goods, other
.285 14.77
13.54
3
+4.7
.308
Men's clothing
14.29
.313 14.73
-4.3
.338
5
Women's clothing
.288 13.92
12.71
3
+1.5
.330
Shirts and furnishings
.468 19.26
19.05
53
+5.9
.456
Foods and tobacco
.474
.480 26.36
26.59
+0.2
Bread and bakery products.- 20
.384 19.12
19.77
.372
+5.5
6
Confectionery
31.37
.559
.565 31.30
8
+6.0
Ice cream
27.05
.546
.546 26.62
8
+1.8
Meat packing
11
+14.6
.372
.384 13.78
12.79
Cigars and tobacco
21.57
.537 21.77
+5.2
.538
Stone, clay and glass products-. 45
19.18
.474 18.01
-4.2
.469
21
Brick, tile and pottery
23.95
.542 25.83
+6.4
.553
10
Cement
.607 21.89
21.27
+15.0
.585
14
Glass
18.70
+17.9
.530
.555 20.87
44
Lumber products
.590
.618 18.57
17.49
+0.3
13
Lumber and planing milki
.531
19.61
+24.5
.550 22.78
27
Furniture
17.80
.513 18.13
4
+11.6
.476
Wooden boxes
28.16
.680 27.34
-4.8
.603
28
Chemical products
25.95
.526 26.02
-0.3
.478
14
Chemicals and drugs
23.49
.530 23.54
+6.9
.524
9
Paints and varnishes
31.10
.637
.596 29.58
-7.5
5
Petroleum refining
21.12
.472
.464 22.10
+4.3
30
Leather and rubber products
23.02
.526 24.21
+4.8
.534
9
Leather tanning
16.31
.340
.339 16.94
+4.8
11
Shoes
25.88
.562
.547 25.84
+0.5
6
Leather products, other
23.74
.556
.531 26.80
+4.6
4
Rubber tires and goods
31.56
.644 31.29
.642
+0.4
Paper and printing
47
25.02
.537 25.81
+2.8
.538
8
Paper and wood pulp
17.20
.382
.380 16.58
+2.0
8
Paper boN es and bags
35.55
.732 35.28
.732
-1.1
33
Printing and publishing
•Those figures are for the 826 firms reporting employment.
EMPLOYMENT AND WAGES IN DELAWARE.
Complied by Federal Reserve Bank of Philadelphia.
Industry.
Increase(+) or Decrease(-)
No.
March 1931 Over Feb. 1931.
of
Plants
Average
Total
Report- &rapidWages.
ment.
ing.
Wages.
+0.7
+10.0
+1.0
1.7
-2.3
-1.9
-4.9
+3.9
3.7
+0.3
60
14
5
4
8
4
All manufacturing Industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass preclude
Lumber products
Chemical products
Leather and rubber products
Paper and printing
7
+2.3
+12.4
+6.0
+0.8
-0.2
+8.3
+0.4
-7.1
+2.7
+1.6
+2.2
+4.9
+1.1
+3.1
+1.6
+13.9
-3.4
-3.6
+2.4
EMPLOYEE HOURS IN DELAWARE
Compiled by Federal Reserve Bank of Philadelphia.
Increase(+1 or Decrease(-)
No.
of
March 1931 over Feb. 1931.
Plants
Total
Total
Report- Employ
Wages.
Hoene.
mast.
trig.
Industry.
AU manufacturing Industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber Products-- -Paper and printing
54
12
4
4
7
4
5
5
7
6
+0.8
+11.6
+2.2
-1.7
-2.3
-1.9
-4.9
+3.9
-3.6
+0.3
+2.4
+15.4
+12.1
-0.6
+0.8
-0.2
+8.3
+0.4
-6.8
+3.1
+2.6
+14.5
+12.4
0.2
1.3
+1.3
+11.0
0.3
3.2
+5.2
EMPLOYMENT AND WAGES IN CITY AREAS.
Compiled by the Department of Research and Statistics of the Federal Reserve
Bank of Philadelphia.
Payrolls
Employment
No. Percentage Change Percentage Change
of March 1931 Sew March 1931 Since
Plants
Mar,
Feb.
Mar.
Feb.
1930.
1931.
1930.
1931.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
76
14
23
• 33
19
15
28
11
249
88
63
28
23
24
25
28
49
+1.3
-4.3
+16.5
+1.9
+1.6
-0.9
-0.6
+0.8
+0.5
4.3
-0.3
3.3
+0.7
+2.8
-20.5
-11.2
20.7
-16.8
18.5
-29.6
-9.1
-18.7
-19.4
15.8
-16.4
-12.7
-16.6
-11.5
-21.9
-19.7
-6.5
+2.9
+1.5
+2.4
+28.2
+2.8
-1.2
+0.8
-0.4
-1.1
+3.5
+1.5
-13.6
+3.9
+0.3
+1.4
+3.4
-34.7
-28.8
-35.4
-28.7
-26.5
38.6
-21.0
-32.6
-28.3
35.1
-35.4
-18.3
-35.0
-19.8
-32.7
-22.6
-18.1
3046
Hotel Construction in United States in 1931 to Approximate $325,000,000, According to Indiana Limestone
Co.
New hotel construction and remodeling in America during
1931 will approximate $325,000,000, according to a hotel
survey conducted by the Indiana Limestone Co. "This
1931 forecast compares with $249,841,960 actually spent on
new hotel construction in 1930," said President A. E. Dickinson, who added:
"Included in this figure are transient and resort hotels, apartment hotels
and fraternal clubs. It does not ir.clude boarding houses, tourist camps,
auto camps and the like.
"To-day there are 17,700 hotels in the United States. This is an average
of 14.4 to 100,000 people. Reports from more than 10,00 hotels show a
total of 994,863 guest rooms, with an average of 83.6 roams to each hotel.
Average receipts per room are $782 a year, and the total receipts for
room and meals are $778,258,806. Those hotels not reported would, of
course, increase the totals considerably.
"As the demand for better designed, more substantial homes and office
buildings has increased, so has grown the need for more modern, oonvenient
hotels. Dilapidated hotels are a liability to the owner. It is estimated
that during the coming year large sums will be spent for remodeling,
altering and repairing existing hotels."
Review of Building Situation in Illinois During March
and First Quarter of Year-Gain in March Over
Preceding Month.
March reports from 45 Illinois cities show a total gain over
the preceding month of 29.7% in the number of buildings
authorized by permits and 91.6% in the volume of estimated
expenditure on such buildings. The total estimated expenditure for March was 107.6% above a year ago. The
increase over February in estimated expenditure shown by
building permits is considerably larger than normal this
year. February also showed a larger than normal increase
over January. The record of the last two months, therefore,
indicates a tendency toward some recovery from the extremely low level of building activity during 1930. At the
same • time, building operations so far this year are considerably below the normal level. The total estimated
valuation for March 1931, of $20,632,530, was, except for
March 1930, the lowest recorded for this month during the
10-year period covered by the building permit reports of the
Department of Labor. The foregoing is from the review of
the Illinois building situation supplied on April 16 by
Howard B. Myers, Chief of the Bureau of Statistics and
Research of the Illinois Department of Labor. Continuing
it says:
The March increase this year was largely confined to Chicago. The total
estimated valuation for this city during the month was $18,406,730,
122.9% above the February 1931 level, and 231.5% above the level for
March 1930. The 23 cities reporting outside the metropolitan area showed
a gain in estimated valuation of 14.2% above February 1931, but were
59.1% below March a year ago. The 21 reporting suburban cities declined
30.4% in estimated valuation from February 1931. and 28.1% from
March 1930.
The gain in valuation for the 45 cities as a whole was due mainly to
Increases in the amount of non-residential building. This type of building
Increased 101.0% in valuation above the February figure, while residential
building increased 41.5%. In Chicago the gain was also mainly due to nonresidential building, residential building increasing by a considerably
smaller percentage. Outside of Chicago, however, the situation was reversed, residential building increasing in both the suburban cities and the
cities outside the metropolitan area while non-residential building declined.
Approximately three-fourths of the Chicago total was accounted for by
one permit for a $14,000,000. 41-story office building, to be erected in the
Loop.
Ten of the 21 suburban cities reported larger valuation than in February,
and seven reported a valuation larger than that of March 1930. The large
Increase in Evanston was due mainly to an expansion ofresidential building.
Fifteen of the 23 reporting cities outside the metropolitan area reported a
valuation higher than for the previous month, and five exceeded the
valuation for March a year ago. The increase over 1st month's total reported for East St. Louis was due primarily to a permit for a school building;
for Springfield, to the erection of a State garage which did not require a
permit ; and for Peoria, to a large program of residential building.
The total valuation for all reporting cities was distributed as follows:
11.2% for residential building, 83.2% for non-residential building, and
5.6% for additions, alterations, repairs and installations. The corresponding
percentages for Chicago were: 5.6, 90.2 and 4.2; for suburban cities: 71.9,
14.3. and 13.8: for cities outside the metropolitan area: 44.8. 34.0 and 21.2.
During March 1931. 255 residential buildings were authorized in the 45
cities. These buildings were to provide for 330 families and were estimated
to cost $2,300,935. One hundred and ten of these buildings were to be
erected in Chicago, providing for 166 families at a cost of $1,032,200: 46
were to be erected in suburban cities, providing for 46 families at a cost of
$720,600: 99 were to be erected outside the metropolitan area, providing
for 118 families at a cost of $548,135.
Permits were issued for 387 non-residential buildings during March,
with a total estimated cost of $17,166,173. Of this total 96.7% was for
Chicago building, 0.8% for suburban building. 2.4% for buildings in the
cities outside the metropolitan area. Permits for 676 additions, alterations,
repairs and installations were issued during March involving a total cost of
$1,165,422. Of this total, 65.9% was to be expended on Chicago buildings,
11.9% on suburban buildings, and 22.3% on buildings in the other reporting cities.
During the first quarter of this year, permits have been issued in the 45
cities for 3,260 buildings with a total estimated cost of $35.860.972. This
represents a decrease of 23.7% in number of buildings when compared with
the first three months of 1930, but an increase of 34.6% in estimated cost.
The total estimated valuation for Chicago increased 71.5% over the first
quarter of last year, whereas the total cost for the suburban cities decreased 21.6%; and for the cities outside the metropolitan area, 42.8%.
[Von. 132.
FINANCIAL CHRONICLE
Ten of the suburban cities showed increases in the estimated cost above the
corresponding period last year, and seven cities outside the metropolitan
area showed such increases.
Mr. Myers' statistics follow:
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 1.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN MARCH 1931,
BY CITIES.
March 1930.
Feb. 1931.
March 1931.
No. of Estimated No. of Estimated
Cost.
8103.
Cost.
Mtgs.
No. of Estimated
Cost.
Mtgs.
Cities.
1,318 20,632,530 1.016 10.769.212 a2,269 a9.937,580
rota) all cities
Metropolitan area
759 19,409,138
643
9.697,604 1,328
6,946,879
Chicago
515 18,406,7301
456
8.256,910
959
5,552,580
Metropolitan area. excluding Chicago_
244
1,002,408
187
1,440,694
369
1,394,319
25
19
12
38
9
3
9
4
15
5
6
16
1
11
23
14
3
3
1
17
10
56,350
17,590
33,666
218.000
4,480
8,925
15,533
1,425
78,285
28,000
10,600
117,819
9,000
2,595
63,565
85,125
80,500
5,750
4,500
79,850
80,850
17
13
9
22
10
8
8
12
10
1
58,450
19.854
161,875
71,250
82,770
11,500
32,076
4,495
25.850
11
6
9
14
6
5
149,858
5,275
193,725
23,085
45.550
448,296
5
16
4
13,400
55,335
18,550
559
1,223,392
373
1,071,608
941
2,990,701
27
37
5
5
3
2
9
24
55
30
16
2
33
7
53
1
2
56
8
45
13,853
68,452
15,635
26,000
7,000
9,000
5,700
68,400
221,650
57,225
69,995
5,800
97,900
13,450
52,917
2,000
3,000
148,875
2,985
50,890
20
27
1
7
4
142,148
17,077
4,000
84,000
10,000
6
13
21
30
9
2
27
1
26
3,650
35.250
52,350
45,550
26,986
17,000
79,500
3.000
64,701
47
35
2
8
12
2
18
41
72
42
17
10
51
9
92
199,804
114,225
6,700
40,500
15,433
11,500
41,520
83,005
147,605
48,862
60,800
39,400
133,290
18,650
464,509
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
aywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
rotal outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
1
91,800
43
18,232
20
98,020
18
296,750
53
8,550
27
8
64,000
4
9,235
22
24,366
1758,505
43,528
27,000
13
84,936
1,470
4
46,942
22
35
211,785
54,740
20
51,845
8
4
7,900
27,500
10
21,185
14
146,230
11
11:82 ;
14,500
8
39,300
9
335,645
119
90,125
38
51,120
29
2,100
7
140.495
100
57,750
38
Rockford
180,085
115
123,361
Rock Island
35,063 31
5
191,028
79
90,110
42
Springfield
553, 5159,503
652.025
33
83.650
14
88,502
waukaaan
211
a These revised totals include corrections in the figures for Rock Island. b Includes one State garage at 865,957 for which no permit was required.
TABLE 2.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITSISSUED IN 45 ILLINOIS CITIES FROM JANUARY
THROUGH MARCH 1931, BY CITIES.
-March 1930.
Jan.
-March 1931.
Jan.
Quincy
Mies.
Fetal all cities
Metropolitan area
Chicago
Metropolitan area excluding Chicago
Berwyn
Mut Island
Cicero
Evanston
Forest Park
Giencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Petal outside metropolitan area
No. of Estimated
Cost.
Mtgs. I
No. of
Nags.
Estimated
Cost.
a3,260 435,880,972 54,273 5826,635,517
2,048
32,662,231
2,543
21,047,631
1,509
29,762,130
1,858
17,349,175
539
2,900,101
687
3,698,456
43
36
30
68
24
16
24
20
28
10
10
27
9
36
50
26
10
3
9
43
17
126,800
41,469
248.611
316.250
93.360
76.775
73,109
10,885
109.535
54,200
15.100
267.677
14,875
285,710
110.275
160,975
545,496
5.750
50,900
188,889
103,500
80
33
40
111
45
22
9
34
40
7
15
31
10
42
54
35
16
8
11
20
24
212,200
29,457
359,005
1,315,250
33,850
183,550
36,885
32,648
181,655
43,528
99,000
190,667
68,470
60,950
306,810
136,726
87,795
29,555
36,500
36,050
217,905
1,212
83.198,741
1,730
35,587,886
85
$167,521
$422,395
57
Alton
87
128.045
171,810
82
Aurora
6,900
19,835
3
7
Batavia
20
269.000
111,500
14
Bloomington
23
17,000
37,513
7
Canton
9,000
3
17,500
2
Centralia
28
21,365
23
56,420
Danville
186,650
so
52
151,105
Decatur
291,950
161
94
338,491
East St. Louts
109,720
76
67
88,133
Elgin
96,981
26
25
87,875
Freeport
18
22,800
4
57,400
Granite City
104
253,900
77
327,550
Joliet
19.900
15
26,415
11
Kankakee
199,053
167
527,432
101
Moline
2
4,500
Murphysboro
20
109,300
39,500
18
Ottawa
369,750
202
135
628.775
Peoria
55,295
48
19
11.8,845
Quincy
144,275
107
207
419,265
Rockford
170,404
164
127
226,088
Rock Island
e316,217
149
c130
978,749
Springfield
64
51
222,280
748,225
Waukegan_
a These revised totals include correct ens in the January 1931 figures for Chicago.
corrections in the figures for Rock Island, c Includes
S These revised totals include
one State garage at 865,957 for which no permit was required.
APRIL 25 1931.
FINANCIAL CHRONICLE
Lumber Orders Fall Below Production.
Lumber orders received at 759 leading hardwood and
softwood mills for the week ended April 18 were reported
-as 3% under a total production of 226,489,000 feet in telegraphic reports to the National Lumber Manufacturers
Association. This is the first week since the Christmas
holidays that reports have indicated an unfavorable relation
of orders to production, though production has been consistently low. Shipments for the week were given as 1%
under the cut. A week earlier a similar number of mills
reported orders 1% above a combined production of 220,576,000 feet. Comparison of the situation for the latest
week with the equivalent period a year ago, by identical
mill figures, shows-for softwoods, 449 mills, production
33% less, shipments 25% less and orders 23% less than for
the week in 1930; for hardwoods, 220 mills, production 46%
less, shipments 22% less and orders 25% under the volume
for the week a year ago.
Lumber orders reported for the week ended April 18 1931
by 553 softwood mills totaled 198,866,000 feet, or 4% below
the production of the same mills. Shipments as reported
for the same week were 201,082,000 feet, or 3% below
production. Production was 206,592,000 feet.
Reports from 227 hardwood mills give new business as
20,946,000 feet, or 5% above production. Shipments as
reported for the same week were 23,448,000 feet, or 18%
above production. Production was 19,897,000 feet. The
Association, in its statement, further goes on to say:
Unfilled Orders
Reports from 474 softwood mills give unfilled orders of 685,949,000
feet, on April 18 1931, or the equivalent of 16 days' production. This is
based upon production of latest calendar year-300
-day year-and may
be compared with unfilled orders of 481 softwood mills on April 11 1931,
of 692,212,000 feet, the equivalent of 16 days' production.
The 411 identical softwood mills report unfilled orders as 664,192,000
feet on April 18 1931, as compared with 862,171,000 feet for the same week
a year ago. Last week's production of 449 identical softwood mills was
198,204,000 feet, and a year ago it was 295,071,000 feet; shipments were
respectively 192,499,000 feet and 255,126,000; and orders received 190,524,000 feet and 246,627,000. In the case of hardwoods, 200 identical
mills reported production last week and a year ago 18,852,000 feet and
34.655,000; shipments 22,381,000 feet and 28,865,000; and orders 20,090,000 feet and 26,936,000 feet
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 221 mills reporting
for the week ended April 18:
NEW BUSINESS.
Feet.
Domestic cargo
delivery_ ___
Export
Rail
Local
UNSHIPPED ORDERS.
SHIPMENTS.
Feel.
Peet.
Domestic cargo
Coastwise and
46,709,000 delivery..___198,545,000 intereoastal-- 40,765,000
23,638,000 Foreign
161,478,000 Export
27,869,000
39,468,000 Rail
110,491,000 Rail
41,862,000
8,468,000
Local
8,468,000
3047
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED APRIL 18 1931, AND FOR 15
WEEKS TO DATE.
Association.
ProducHon
M Ft.
Shinmeats,
M Ft.
P. C.
of
Prod.
Southern Pine:
41,314
42.273 102
Week-137 mill reports
569,210 615,426 108
15 weeks-2,067 mill reports
West Coast Lumbermen's:
118,155
118,963 101
Week-221 mill reports
1,537,347 1,606,605 105
15 weeks-3,346 mill reports
Western Pine Manufacturers:
27,622 83
33,380
Week-82 mill reports
333,521
414,582 124
15 weeks-1,300 mill reports
California White & Sugar Pine:
Week-No Report.
152.218 287
57,065
10 weeks
-252 mill reports
Northern Pine Manufacturers:
3,373 61
5,542
Week-7 mill reports
40.246 142
28,391
15 weeks
-105 mill reports
No. Hemlock dr Hardw'd(softwoods):
1,644 88
1,867
Week-21 mill reports
20,020 65
30,839
15 weeks
-413 mill reports
Northern Carolina Pine:
7.207 114
6,334
Weex-85 mill reports
108,997 126
86.208
15 weeks-1,341 mill reports
Softwood total:
201.082 97
206,592
Week-553 mill reports
2,642,581 2,958,094 112
15 weeks-8,824 mill reports
Hardwood Manufacturers Institute:
21.043 124
16,953
Week-206 mill reports
311,244 117
15 weeks
265,027
-3,144 mill reports
Northern Hemlock dr Hardwood:
2,405 82
Week-21 mill reports
2,944
43,524 61
15 weeks
71,511
-413 mill reports
Hardwoods total:
23.448 118
Week-227 mill reports
19,897
15 weeks-3,557 mill reports
354,768 105
336,538
Grand total:
224,530 99
Week-759 mill reports
226,489
15 weeks-I1,968 mill reports
2,979,119 3,312,862 111
Orders
M Ft.
P. C.
of
Prod.
4 .971 99
621,579 109
118,383 100
1,736,624 113
28,558 86
394,012 118
149,268 262
3,834 69
41,264 145
1,238
20,455
68
66
5,882
83,075
93
98
198,866 96
3,046.277 115
18,379 108
322.671 122
2.567
45,257
87
63
20,946 105
367,928 109
219,812 97
3,414,205 115
Canadian Newsprint Companies Cut Prices.
Following a reduction earlier in the week, another slash
in the price of newsprint became apparent on April 21, when
(we quote from the New York "Journal of Commerce" of
April 22) the Canada Power & Paper Corp. informed customers by telegram that effective one week from Friday
the price of newsprint would be $57 a ton, delivered in New
York. A reduction of $5 a ton from the current price of
$62, retroactive from Jan. 1 was also announced. The
paper from which we quote went on to say:
Publishers, manufacturers and users of newsprint were surprised at the
announcement, due to the fact that only three days ago a group of members
of the Newsprint Institute of Canada had agreed to a cut of 35 a ton,
effective May 1, with a $3 a ton slash retroactive from Jan. 1 to April 30.
J. L. Fearing, Vice-President of the International Paper Co., when
questioned regarding the price slashes, stated that there was nothing to
say at this time. He added that his company was not stampeded last year
into asking higher prices for newsprint when the Canadian group of manufacturers asked higher prices and would not be stampeded at this time.
He added that the company is waiting until the atmosphere clears before
making any price announcement.
From the Toronto "Globe" of April 20, we take the following (Canadian Press) from Montreal April 19:
Total
118,383,000
470,514,000
Total
Total
The newsprint groups represented by Canada Power & Paper Co.,
118,963,000
Production for the week was 118,155,000 feet.
Abitibi, St. Lawrence Corporation and Price Brothers, Ltd., have anFor the year to Apr! 11, 165 identical mills reported orders 10.9% nounced a cut in price of their product of $3 per ton, retroactive to the beabove production, and shipments were 5.6% above production. The ginning of 1931, and until May 1. Thereafter the reduction Will increase
same number of mlas showed a decrease in inventories of 3.8% on April to $5 per ton. The general price has been $55 per ton at the mill, or $62
11, as compared with Jan. 1.
Per ton delivered in New York.
Ernest Rossiter, President of the St. Lawrence Paper Corp., discussing
Southern Pine Reports.
the reduction, said that the cut had been dictated more or leas by the
The Southern Pine Association reported from New Orleans that for situation created in the United States market, where cuts had been put
137 mills reporting, shipments were 2% above production, and orders into effect by companies outside the Canadian group.
The International Paper Co.. a leading Canadian producer. has not
1% below production and 3% below shipments. New business taken during the week amounted to 40.971,000 feet (Previous week 33,810.000 at announced any reduction in newsprint, but in a telegram sent to customers
134 mills); shipments 42,373.000 feet (previous week 40,719,000); and over the week-end referred to the cut being announced by other companies,
production 41,314,000 feet (previous week 38.271,000). Orders on hand and stated "as soon as we have all the facts and have worked out the details,
at the end of the week at 121 mills were 101,892,000 feet. The 124 iden- you will hear from us again."
tical mills reported a decrease in production of 31%, and in new business
During the latter part of 1929 a large group of Canadian newsprint
a decrease of 24%, as compared with the same week a year ago.
Producers announced an increase of $5 per ton, but very quickly cancelled
it and left the price at its previous level. At that time the International
The Western Pine Manufacturers Association, of Portland. Ore., reported production from 82 mills as 33,380,000 feet, shipments 27,622.000 company took the stand that the time was not propitious for a price inand new business 28,558,000 that. The 61 identical mills reported a crease, and announced that their price would not be increased.
decrease of 36% in production and a decrease of 12% in new business,
compared with the same week last year.
The California White & Sugar Pine Manufacturers Association, of San Premier Taschereau of Quebec Scores Producers of
Francisco, made no report.
Paper-Lays Slump to Overcapitalization, PromoThe Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 5,542,000 feet, shipments 3,373,000 and new
tion and Disregard of Demand-Cites Capital Exbusiness 3,834,000 feet. The same number of mills reported production
pansion as Inviting Newsprint "Catastrophe" and
7% less and orders 9% less than for the same week of 1930.
Calls for a Halt.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 21 mills as 1.867.000 feet. shipOvercapitalization and company promotion are to blame
ments 1,644,000 and orders 1,238,000. The 19 identical mills reported
a 35% decrease in production and a 12% decrease in orders, compared for the present crisis in the newsprint industry in Canada,
with the corresponding week last year.
according to Premier L. A. Taschereau, Who was interThe North Carolina Pine Association, of Norfolk, Va., reported production from 85 mills as 6,334,000 feet, shipments 7,207,000 and new viewed on the subject at Quebec on April 16, said a disbusiness 5,882,000. The 43 identical mills reported production 28% less patch from Montreal on that date to the New York "Times",
and orders 42% less than for the same week in 1930.
follows:
which further quoted the Premier as
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 206 mills as 16,953.000 feet, shipments 21,043,000 and
new business 18,370,000. The 181 identical mills reported a decrease of
47% in production and a decrease of 29% in orders, compared with the
corresponding week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 21 mills as 2,944,000 feet, shipments 2,405,000 and orders 2,567,000. The 19 identical mills reported
production 38% less and orders 19% more than for the same week last year
"An artificial situation has been created in the pulp and paper industry
in the process of gaining world supremacy for Canada," the Premier
of the Province said.
"By bestowing very much more attention upon the organization of
promotion and the art of production than upon the limitations of
demand, the pulp and paper industry of Canada in general, and the
Province of Quebec in particular, can thank itself for the precent situation.
"A halt must be called until demand can catch up. In the meantime,
not only the investor but the general public at large is entitled to know
who is to blame.
FINANCIAL CHRONICLE
3048
Cites Growth of Capitalization.
"In 1928 the total capital invested in the pulp and paper industry in
Canada was $579,853,552, of which $295,505,452 wai in Quebec and $201,763,069 was in Ontario, and the balance divided among the Provinoes of
British Columbia, New Brunswick, and Nova Scotia.
"During the course of the next year this total capital investment had
increased to $644,773,806, of which $353,401,187 was in Quebec, $207,005,896 in Ontario, and the balance in the other three Provinces named.
"Of the total increase in capital investment in the industry in Canada
in the one year, 1929, at $64,920,254, Quebec accounted for $57,895,732.
"Facing the facts in a cold and impartial manner, it seems incredible
that $58,000,000 of additional capital should be sunk in capital investment in this industry in this Province in a year when there was very
real danger of a price war breaking out at any moment.
"The catastrophe was averted by the establishment of the Newsprint
Institute of Canada, a system of pooling the output and dividing the
market. There could not be conceived a more artificial or flimsy arrangement for the foundations of a great industry, and yet these are the facts.
Charges Attempt to Shift Blame.
"It is not an uncommon experience in human affairs for the guilty
to endeavor to place the blame for their misconduct upon the innocent.
This usually happens when the guilty party has reached the last extermity,
and the newsprint industry of Quebec is now in that position.
"How did it get there? There is only one answer, and that is through
the promoters' passion 'to get', and this is no abuse of language. Abundant illustration of the mischief already done in this direction is easily
available, and through it all runs the excessive overcapitalization of the
industry carried out within the past few years.
"'Future profits' have been capitalized and the overcapitalization converted, it may be Presumed, to the benefit of the enterprising promoters,
and as a result this basic industry has been hopelessly loaded almost to
the crack of doom.
s
"This discussion is not primarily interested in offering a solution to
the present crisis in the industry, but the solution is obvious and can
in a word. The antiseptic treatment of squeezing out the
be stated
watered stock, though a painful process, would seem to be a commonsense treatment to bring about recovery.
"With newsprint prices seeking their own level and 'a revaluation of
capital assets downward," he added, "the present artificial situation could
be exploded, and there should be no reason why decent profits could not
be made on a proper capital valuation."
Small Automobile Production in March-Big Falling
Off First Three Months of 1931.
[Vol. 132.
-Accessory Output.
Gain in Automotive Parts
Manufacturers of automotive parts, accessories and
service equipment experienced further gains in business during March, according to the Motor and Equipment Association, which says:
March usually shows an increase over February in this industry, but the
rate of increase this year is greater than it was in 1930. March business
showed an increase of 21% over February this year as compared with an
increase of 12% in 1930. Manufacturers shipping to car manufacturers
for original equipment reported a 23% gain between March and February while tbe gain last year was 18%. This would indicate an increase
in April car production.
The grand index of shipments for all groups of manufacturer members
reporting their figures to the Association for March stood at 113% of the
January 1925 base index of 100 as compared with 93 in February, 84 in
January and 155 in March 1930.
Reports by divisions of member manufacturers in March foliovrs:
Harts-accessory makers selling their products in the car and truck makers
for original equipment made shipments aggregating 117% of the January
1925 base as compared with 95 in February, 84 in January and 167 in
March a year ago.
Shipments to the trade by makers of service parts were 110% of the
January 1925 base as compared with 99 in February, 98 in January and
139 in March 1930.
Accessory shipments to the trade in March were 65% of the 1925 base
as compared with 53 in February, 46 in January and 67 in March last year.
Service equipment shipments, that is, repair shop machinery and tools,
in March were 115% of the 1925 base as compared with 97 in February,
92 in January and 175 in March 1930.
Rubber Restriction Progress Marked by Uncertainty
as Prices Hit New Low.
The British rubber market is still very much under the
Influence of contradictory rumors and reports regarding
the progress of the restriction discussions, according to
British trade advices received in the Department of Commerce from Trade Commissioner Roger R. Townsend, London, England. In noting this, the Department, on April 21,
said:
Spot prices dropped below 7c. per pound during the early part of
April to establish a new low record for all times. The immediate cause
of the new low prices was the report that a group of important Dutch
rubber interests had advised the Dutch Rubber Committee that they
objected to any government interference in the industry, and would not
co-operate in the proposed restriction scheme. This group has always
been opposed to restriction and apparently believes in a policy of the
survival of the fittest. It is reported that their object is to force rubber
prices still lower until the weaker firms have been forced into liquidation, so that they may then be bought out at bargain prices. Four out of
five members of the Dutch Committee, which has been negotiating with
the British interests, have issued a statement explaining their position
and expressing regret at the "inopportune" action of the opponents of
restriction. They also state that they are continuing their activities
with unabated zeal in co-operation with the other interested parties.
No indication is given as to when the Anglo-Dutch discussions will be
resumed, and the return of the Dutch Committee to London is apparently
Indefinitely postponed.
March factory sales of automobiles in the United States,
as reported to the Bureau of the Census, consisted of 276,341
vehicles (of which 230,835 were passenger cars, 45,096 trucks
and 410 taxicabs), as compared with 219,939 vehicles in
February 1931, 396,388 vehicles in March 1930, and 585,455
in March 1929. For the first three months of 1931 the
output has been only 668,131 vehicles, against 1,000,123 in
the first three months of 1930, and 1,452,910 in the first
quarter of 1929.
The table below is based on figures received from 144
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks (al making
both passenger cars and trucks). Figures for passenger cars
include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose,
Form Society for
pleasure cars later converted to commercial use not being Rubber Producers at Amsterdam
Regulation of Production.
Figures for trucks include ambulances,
reported as taxicabs.
funeral cars, fire apparatus, street sweepers and busses.
The following Amsterdam cablegram, April 17, is from
Canadian figures are supplied by the Dominion Bureau of the New York "Times":
Statistics.
here to-day decided to establish
NUMBER OF VEHICLES.
cameo.
United States.
Total.
1929
January
February
March
TartPassenger
Trucks. eabs.1
Cars.
Passer,
Total. per Cars. Trucks.
2,064
2,108
2,079
21,501
31,287
40,621
Total(3 mos.) 1,452,910 1,261,185 185,474
6,251
93,409
84,346
88,510
93,183
74,842
56,808
51.576
60.687
48,081
27.513
1,686
1,318
1,378
1.054
1,040
865
868
1,646
1,483
April
May
JuneJuly
August
September
October
November
December
621,910
604,691
545,932
500,840
498,628
415,912
380,017
217,573
120,007
345,545
404,063
511.577
535,878
514,863
451,371
424,944
440,780
363,471
318,462
167,848
91,011
010$1.4,.....
53.428
60,247
71,799
401.037
466,418
585,455
17,164
25,584
32.833
4,337
5,703
7,7103
75.581 17,828
34,392
25,129
16.511
13,600
11,037
10,710
8,975
7,137
4.426
7,509
6,430
4,981
3,861
3,177
3,107
5,548
2,287
1,069
Total (year). 5,358,420 4,569,811 771,020 17,589 263,295 207.498 55,797
1930
January
February
March
37,028
48.567
62,994
967
851
1,421
10,388
15,548
20.730
8.858
13,021
17,165
1,532
2.527
3.565
Total(3 mos.) 1,000,023
848,195 148,589
3,239
46,666
39,042
7,624
441,024
420,027
334,506
265,533
224,368
220,649
154,401
*136,754
155,701
375.685 67,853
364,512 55,075
288,481 45,562
224,690 40,487
185,619 38,363
177,752 41,987
115,476 38,343
102,358 *33,787
122,748 31,528
486
440
463
378
388
930
582
609
1,425
24.257
24,672
15,090
10,188
9,792
7,957
4,541
5,407
5.622
20.872
21,251
12,194
8,558
6.946
5.623
3.206
3.527
4,225
3,385
3.421
2,896
1.632
2,846
2.334
1,335
1.880
1,397
April
May
June.
July
August
September ____
October
November
December
*273,221
"330,414
"396,388
235,228
280,996
331,973
Total (year). *3,355,988 2,805,516 *541.534
1931
January
February
March
171,851
*219,939
276,341
*137,805 "33,534
*179,890 *39.520
230,835 45,096
8,936 154,192 125,44228,750
512
529
410
6.496
9,871
12,993
4,552
7.529
10,483
1.944
2.342
2.510
548.530 118.150 1.451 29,360 22,564 6,706
MR 131
Tnts112 mna 1
cars convened
I Includes on y factory-built taxicabs, and not private passenger
Into vehicles for hire. • Revised.
East Indian rubber producers meeting
a society for the regulation of production. Restriction was opposed by
representatives of 27,000 tons, while producers of 3,000 tons voted blank
and the opinion of producers of 44,000 tons was unknown.
At the utmost, it is estimated, producers of 100,000 tons support restriction, which is not considered strong in the face of world production of
800,000 tons. However, it is hoped that the Government will succeed in
exercising some control in Holland's production and that English producers
will perhaps join. Even then the situation would remain precarious.
-------- --- -Increase in Stocks of Eastern Rubber in March.
Dealers' stocks of crude rubber in the Far East amounted
to 44,317 tons at the end of March, according to a cable
received on April 10 by the Rubber Exchange of New York,
Inc.. This total, computed on a dry basis, compares with
42,986 tons at the close of February and with 39,500 tons
at the end of March 1930. The Exchange says:
Before adjustment to a dry basis, the March total was 45,607 tons,
of which 26,679 tons are ribbed smoked sheets; 13,659 tons in the form
of crepe; 3,284 tons unsmoked sheets, and 1,985 tons of scrap and
lump rubber.
Harbor Board stocks are progressively shrinking, amounting to 3,983
tons at Singapore and Penang, against 5,178 tons at the end of February,
and with 6,104 tons at the close of January.
Rubber Prices on New York Rubber Exchange-Production in Malaya and Other Countries in Excess
of World Requirements.
Crude rubber prices followed a downward course on the
Rubber Exchange of New York, Inc., in the week of April 18,
with both spot and future prices ending Saturday's (April
18) session at new lows. April delivery on the old "A" contract sold at 6.10c. per pound, or 20 points below the previous record. The London market also found an unexplored
APRIL 25 1931.]
FINANCIAL CHRONICLE
bottom level by receding to 3 1/1t3d. per pound, spot, reflecting the decline at New York as well as the lack of buying
support.
According to a cable from London at the close of the
week, the rubber stocks at that center and at Liverpool
showed further increase totaling 2,600 tons in the reports
of April 20. The Exchange further states:
A continued rate of production in Malaya and other producing countries
of the Far East that is still well in excess of world requirements, and the
apparent inability of British and Dutch producers to make any headway
in checking this production, were cited as unfavorable factors.
Trade operators sold the future months, in which some commission
houses joined, and in some instances replaced their position in more
distant deliveries.
New York Rubber Exchange Adopts New Commission
Rate Schedule.
Effective at the start of business on April 21, commission rates and brokerage charges for the purchase or sale
of crude rubber futures on the Rubber Exchange of New
York, Inc., were returned to a sliding scale basis which, at
present market prices, allow a considerable reduction from
foriner rates. Also, the aggregate amount of credit which
may be extended by members to their clientele in connection with rubber futures transactions has been increased.
The further advices from the Exchange, April 20, state:
3049
I have taken the matter up with Dr. A. M. Soule, President of the
State College of Agriculture, at Athens, Ga., and with our local county
agricultural agent. Through the medium of the various county agricultural agencies, we hope to have sinners' meetings with the farmers next
July, in all South Atlantic States. These meetings are to be educational,
not only to the farmers, but to the sinners, pointing out the very uneconomical practice of ginning cotton while wet, the use of kerosene and
the improper adjustment of the gin for the best results in cleaning the lint
cotton as well as making a smooth sample for the extra staple lengths.
I have also taken the matter up with two of the largest gin manufacturers who will co-operate in an organized campaign to improve the ginning of cotton. The manufacturers are to instruct their road men to
take the matter up with the various sinners.
I would like to see the various Ginners'Associations appoint a standing
committee on "Cotton Production and Better Ginned Cotton" and have
thir committee co-operate with the same committee of our various cotton
shippers' associations, and they together work out a plan to correct this
evil and educate the cotton farmers for better ginned cotton.
New York Cotton Exchange to Cease Trading Five
Minutes on Days of Publication of Government
Crop Reports.
The Board of Managers of the New York Cotton Exchange
voted on April 17 that, on the days of publication by the
United States Government of cotton condition reports and
crop estimates, trading shall cease five minutes before the
time of publication and shall be resumed with a call 15
minutes after the publication of such reports, except on such
days as the publication coincides with the hour of closing
the Exchange on which days trading shall cease 10 minutes
prior to the regular hour of closing. The announcement by
the Exchange also says:
Members of the Exchange to-day, in balloting, approved a charge of
$6.25 per contract to members, and of $12.50 per contract to non-members,
bought or sold, applying to transactions on either the No. 1 Standard or
the new "A" contract basis.
The provision for ceasing trading five minutes before the time of pubThese charges will prevail when crude rubber is priced below 10c. per lication and resuming with a call 15 minutes after the publication of Governto $12.50 and $25 when the market is 30c. per ment reports applies to the report on acreage to be issued on July 8, the
pound, and scale upward
pound and above. They also replace a flat rate of $10 and $20 charged report on crop condition and probable total ginnings to be issued on Sept.8,
previously.
the reports on probable total ginnings to be issued on Oct. 8 and Nov. 9.
Relative changes in oommisaion rates on complete "straddle" transac- and the report; on probable total ginnings and on acreage to be issued on
tions also will become effective to-day.
Dec. 8. The provision for ceasing trading 10 minutes before the regular
Approving recommendations made previously by the Board of Gover- hour of closing applies to the report on crop condition and probable total
Exchange has amended the by-law affecting the extention of ginnings to be issued on Aug 8, this provision being necessary in this case
nors, the
credit by members to their customers in relation to the sale or purchase since Aug. 8 is a Saturday and the Government report on that date will be
of rubber, and which is generally regarded as more equitable in its issued at 11 a.m, standard time or 12 m. New York time, which is the
provisions. Formerly limited to $1,000 in the aggregate, credit may now regular closing nour of the Exchange.
be extended to an individual or firm, when responsibility is fully shown,
to the maximum amount of $10,000 by the member on futures trading
accounts. The extension of such credit, however, must not exceed $250 From Sheep to Suit in 6M Hours Cited as American
Wool Record.
per contract.
Report of Committee on Cotton Production of Atlantic
Cotton Association-Believes More Improvement in
Staple Has Occurred Than is Indicated in U. S.
Bureau's Report.
A report by D. R. Coker, Chairman of the Committee on
Cotton Production of the Atlantic Cotton Association, states
that "the writer believes that more progress in improvement
of staple has occurred in Georgia than is indicated by the
report of the United States Bureau of Agricultural Economics
and that the extreme drouth which prevailed in certain parts
of the state caused good varieties to produce a shorter staple
than normal. However, there is great need for concentrated
effort in Georgia and even more need in Alabama for the
improvement of the length and character of the staple in
these states." The report also said in part:
The following table, taken from the latest report of the United States
Bureau of Agricultural Economics, shoats a very satisfactory improvement
in the staple of the South Carolina and North Carolina crops for the past
two years:
Percentage of Crop in 15-16 in. to 1 1-16 in. Staple Class.
1928.
1029.
1930.
State
33.3
34.3
48.0
South Carolina
20.8
24.1
39.5
North Carolina
17.4
10.8
15.6
Georgia
7.9
2.8
5.4
Alabama
Notwithstanding the tremendous improvement in the staple in North
Carolina and South Carolina these states are still Importing large quantities of cotton from the West and there is every reason why continued
effort should be put forth to still further increase in these states the percentage of lengths most desired by our mills.
Abundant data furnisred by experiment stations, cotton contests,
county agents and reliable farmers indicated !beyond peradventure that
well-bred varieties averaging inch or better staple will produce maximum
yields all over our eastern territory and will turn out more net money
per acre to the farmers.
The mills who have used these superior cottons produced in our territory will cheerfully testify as to their high-spinning value as compared
to the product of any other section.
Agricultural profits as well as the profits of both dealers and cotton
mills could be greatly improved iffurther efforts were made by our members
and all others interested in the production, marketing and spinning of
cotton to distribute well-bred seed and give the farmers a thorough knowledge of the principles necessary for a continued maintenance of quality
In cotton. Think of the toasts in Alabama and Georgia where a considerable proportion of the 1930 crop was below % in. staple and brought
a heavy discount below basis.
At my request, B. T. Lowe, a member of this committee, has prepared
a report on "Better Ginning Methods", and this is attached as part of
the report.
The following from London April 17 is from the New York
"Times":
At 6:30 a.m. one day a man placed six sheep in the hands of shearers.
They were shorn and the wool was prepared, spun, woven and made up.
At 12:58 p.m. the same day a man donned the suit of clothes made from
that wool.
"And that's an American record," Sir Malcolm Campbell, the world's
fastest motorist, told the Bradford Rotary Club to-day. "although made
in 1898 by a Bradford man who had emigrated to the United States. It's
up to you to beat it."
Production in Cotton Cloth in March.
The production of cotton cloth in American cotton mills
during the month of March amounted to 575,508,000 square
yards, according to the estimate of the Association of Cotton
Textile Merchants of New York, basing its calculation on the
report of spindle hour activity released by the Bureau of the
Census of the Department of Commerce. This total compares with an estimated output of 502,242,000 in February,
1931, and 603,699,000 square yards in March of last year.
It is pointed out that there were 26 working days in March,
compared with 23 2-3 days for February.
Activity in the Cotton Spinning Industry for March
1931.
The Department of Commerce announced on April 21
that according to preliminary figures compiled by the Bureau
of the Census, 33,132,418 cotton spinning spindles were in
place in the United States on March 31 1931, of which,
26,489,832 were operated at some time during the month,
compared with 25,763,408 for February, 25,611,458 for
January,25,525,820 for December, 25,858,016 for November,
26,153,792 for October, and 28,862,400 for March 1930.
The aggregate number of active spindle hours reported for
the month was 7,001,319,579. During March the normal
time of operation was 26 days, compared with 23 2-3 for
February, 206 for January, 26 for December, 24% for
November, and 26% for October. Based on an activity of
8.91 hours per day the average number of spindles operated
during March was 30,222,393 or at 91.2% capacity on a
single shift basis. This percentage compares with 87.2 for
February, 80.8 for January, 76.1 for December, 80.1 for
November, 77.1 for October, and 92.6 for March 1930. The
Mr. Lowe's report said in part:
average number of active spindle hours per spindle in place
Farm relief must begin at home, by diversification and reduction of the for the month was 211. The total number of cotton
spincost of production, but at the same time, an important "relief" can be
ning spindles in place, the number active, the number of
brought about by better ginned cotton.
3050
FINANCIAL CHRONICLE
[vol.. 132.
active spindle hours and the average hours per spindle in
From a cablegram from Havana April 22, we quote as
place, by States, are shown in the following statement:
follows:
The Institute will be an independent institution, with headquarters in
Havana, and will be effective until Dec. 31 1941. unless dissolved by thewill of its components, with the President's approval, providing it has disState.
charged its obligations.
Active DurIn Place
Average per
march 31. ing March.
The Institute is to be composed of seven members, receiving no governTotal.
Spindle in Place.
ment salaries. Five must be sugar men, two cane planters chosen by
United States
211
33,132418 26,489,832 7,001,319,579
President Machado from among a list of candidates submitted by theNational Association of Sugar Mill Owners and the National Association
Cotton growing States 19,111,986 17,143,512 5,010,341,471
262
of Cane Planters. The President will be at liberty to remove any and all
New England States_ 12,614,484
8,415,504 1,805,004,373
143
An other States
1,405,948
930,816
185,973,735
132
members at any time and appoint others.
The members are to have unlimited power to represent the Cuban sugar
Alabama
1,859,804
1,713,216
488,609,700
263
industry in all international sugar conferences and negotiate agreements
Connecticut
825,416
195,893,441
180
1,089,732
Georgia
with foreign producers on production, sales and the amounts which Cuba
3,237,382
2,931,148
816,493,955
252
Maine
1,018,460
731,344
167,489,042
164
and other countries will export, all this for a period not to exceed five years.
Massachusetts
4,762,502
977,418,631
138
7,073,634
The Institute is empowered to guarantee the fulfillment of international
42,666,278
206
207,088
127,720
Mississippi
sugar obligations on Cuba's part, order the industry to pay money as
. New Hampshire
206,439,882
• 167
1,239,830
872,782
New Jersey
35,294,982
95
372,380
193,808
penalty for violations of international pacts and grant banking securities
New York
433,428
89,194,184
132
676,136
for the fulfillment of obligations.
249
North Carolina
6,234,648
5,432,078 1,551,817,122
President Machado is empowered to issue the necessary laws compelling
117
241,842,935
Rhode Island
2,075,564
1,130,318
294
the sugar industry to abide by pacts and the orders of the Institute.
South Carolina
5,686,866
5,453,366 1,672,883,545
306
619,880
531,916
189,461,285
Tennessee
A 10
-cent duty per pound on all sugar exported in excess of the total
51,644,654
183
282,080
209,852
Texas
,
limited yearly production is to be established. There will be a $5,000
143,704,831
212
679,254
563,844
Virginia
fine for any producers, American or Cuban, established in the Island,
130,465,112
167
779.680
577,094
All other States
violating any rulings of the Institute regarding production and exportation, the fines to go toward maintaining a fund to meet penalties derived
treaties
-New Numbers from Cuban violation of any clause of international sugar National Sugar
American Woolen Opens Fall Fancies
All the expenses of the Institute are to be paid by the
Added to Women's Wear Collection.
Exporting Corp.
Spinning Spindles.
Active Spindle Hours
for March.
The following is from the New York "Journal of ComCuba Sells Sugar Abroad-Will Export 22,000 Tons in.
merce" of April 23:
April and 7,500 in June.
Fall weight coatings in a variety of weaves, colors and patterned effects
are included in the supplementary women's wear lines which were opened
The following Havana cablegram April 18 is from the New
by Department 4 of the American Woolen Co. yesterday. The offerings
are in line with the tendency toward fancier materials first seen late in the York "Times":
spring season and expected to grow stronger as the fall season progresses.
The executive committee of the National Sugar Exporting Corp. anThe new lines are intended for both coats and suits and contain a number nounces sales totaling 30,000 tons of sugar to European markets. The.
of fabrices of a type never before presented by the big company. The bulk sales include 22,000 tons at 1.26 cents a pound for shipment in April and
of the company's fall offerings were opened on Monday. The offerings are May and 7,500 tons at 1.29 cents for shipment in June.
as follows;
This amount was taken from the total 1931 surplus of 260,000 tons,
Description.
Weight.
Range.
Price. which the corporation must sell yearly to dispose of the 1,500,000 tons
24211 Checked tweed
83-88c. segregated from the world markets in accordance with the Chadbourne64-7
78-83c. Gutierrez
24212 Lacy dress goods
63i-7
agreement.
22 -23
$2.75
23713 Fancyback coating
16 -17
1.75-1.90
23714 Monotone coating
15
1.85 Cuban Sugar Output
23715 Honeycomb cloth
-2,968,975 Tons Produced from
16
2.00
20313 Fancy boucle
16
2.25
20314 Plain boucle
Present Crop-3,854,509 Year Ago.
Two-tone boucle
16
1.75
20315
16 -17
1.68
20679 Fancy lace effect
From the "Wall Street Journal" of April 21 we take the
16 -17
1.40
20680 Fancy twist tweed
17 -18
1.60 following from Havana:
20675 Monotone
-tone honeycomb
16 -17
1.50
20676 2
Production of sugar in Cuba to April 15 from the present crop amounted
16 -17
1.50
20677 Ribbed effect
17 -18
2.25 to 2,968,975 tons,according to the Sugar Club,and compared with 3,854,509
19893 Fancy camel's hair
7
.93 turned out in the corresponding period of 1930. The average yield is
20826 Plain tweed dress
7
1.10 12.65% against 12.36% in 1930, the largest yields being in Camaguey
20827 Fancy spiral twist
15 -16
1.80
20828 Boucle fancyback
16
2.00 Province. By provinces, sugar production compares as follows; Pinar del
20830 Boucle diagonal
6 -7
1.43 Rio, 99,883 tons against 143.179 in 1930; Havana, 207,814 tons against
20583 Fancy nub
16
2.30 285,740; Matanzas, 325,766 against 482,311; Santa Clara, 538,924 against
-ply twist nubbed
20585 4
15%-16
1.65-1.95 764,535; Camaguey, 921,889 against 1,144,394: Oriente, 874,699 against
Twist tweed
20585
16 -163
1.90
20590 Rough boucle
16
2.00 1,033.810 tons
20591 Rough boucle
"Outlaw" Upholstery Strike in Philadelphia Results in
Revoking of Union Charter.
The charter of local union 25 of the United Textile Workers
of America has been revoked, it was announced on April 18
by Thomas F. McMahon, International President of the
Union, because of a prolonged "outlaw" strike of upholstery
workers. A Philadelphia dispatch on April 18 to the New
York "Times" from which we quote, went on to say:
The members of the union refused to accept a wage cut of 14% provided
by arbitration and went on strike. They were ordered by the national union
to return to their jobs by April 13.
Mr. McMahon pointed out that an agreement had existed for almost
-years between the upholstery employeers of Philadelphia, the local
20
union and the United Textile Workers of America, "and a clause in the
agreement provides for abritration when all other methods of adjustment
fall."
A new local. No. 8, of the United Textile Workers has been established
and those returning to work will become members without payment of a fee.
Electrical Brotherhood Quits A. F. of L. Group
Objects to New Building Board of Claims.
In its April 12 issue the New York "Times" said:
The International Brotherhood of Electrical Workers has withdrawn
from the building trades dep2rtment of the American Federation of Labor,
H. H. Broach, the union's president, announced yesterday.
Air. Broach's explanation was that he differed with the building trade
department's policy on the establishment of a Board of Trade Claims for
the settlement of jurisdictional disputes.
The Board of Trade Claims was set up as a result of conferences among
builders and union leaders to take the place of the defunct National Board
of Jurisdictional Awards.
Cuban Senate Passes Sugar Control Bill-House to
Act on Measure Setting Up Stabilization Institute
in World Plan.
The Cuban Senate on April 22 sanctioned the bill creating
a Cuban Institute for the stabilization of sugar and the
measure was immediately sent to the House, where it will
receive prompt action. A week ago (page 2860) we referred
to the approval by the Senate, in principle, of the bill, on
April 25.
Australian Sugar Import Embargo Extended for Five
Years.
The Australian Government has decided to continue for
a period of five years from Sept. 1 1931 the Queensland
Sugar Agreement, whereby the importation of foreign sugarinto Australia is prohibited, according to a radiogram received in the Department of Commerce from Trade Commissioner Earl C. Squire, Sydney. The agreement, which
has been in operation for a series of years, was to have
expired Aug. 31.
-Sign East Texas Proration
Petroleum and Its Products
-Humble Posts Price Schedule in Fields
Agreement
-Cuts Posted in Other Texas Fields.
The proration controversy in the new East Texas field was
settled the latter part of the week when the Texas Railroad
Commission signed a proration order placing the fields on a
daily allowable of 130,000 barrels for the first two weeks of a
two-month period. The allowable will gradually be increased
at 15
-day intervals until the fields are flowing 150,000 barrels
daily.
For the first 15 days from May 1 to 15, the Lathrop fields
will be allowed 30,000 barrels daily, the Kilgore area 40,000
and the Henderson district 60,000 barrels daily.
In the next two weeks the allowable will be increased to
32,000 barrels for the Lathrop field, 44,000 barrels for the
Kilgore pool and 64,000 barrels for Henderson. From June
15 to July 1 the pools will be allowed an increase of 2,000
barrels with a like jump in the final two weeks of the curtailment program which will place Lathrop on a 34,000
barrel daily average, Kilgore on 48,000 barrels and Henderson
68,000 barrels.
Though the anti-proration oil men lost their main battle
when the fields were placed under the curtailed schedule, they
were successful in obtaining a larger allowable than originally
scheduled. They were also successful in preventing the proration schedule from being placed under the control of the
Central Proration Committee. They have appointed a
APRIL
25 19311
3051
FINANCIAL CHRONICLE
special committee of 11 operators from the new fields to
deal directly with the Railroad Commission on the proration
question.
Effective April 21, the Humble Oil & Refining Co. posted a
schedule of prices that conformed with those previously
posted by Magnolia Petroleum, which are the same as
currently prevailing in the Mid-Continent fields, ranging
from 40e. a barrel for 26 gravity up to 67e. a barrel for 40
degrees, and over.
At the same time, the company announced reductions of
from Sc. to 20c. a barrel in other sections of Texas and New
Mexico. The company explained that these cuts were
necessary in order that other fields may compete with the
East Texas fields more effectively. The price reduction
ranged from 5c. a barrel in the West Texas area to 20e. a
barrel in the Pettus field. All major competitors met the
cuts within the next few days.
Price changes follow:
Price changes follow:
April 23.
-Standard Oil of New Jersey to-day posted a 10c. a barrel
cut in the price of grade C bunker oil at New York, Boston, Baltimore
and Norfolk, where the price is now 95c. a barrel. A similar cut was made
at Charleston, which made the new price 90c. a barrel.
April 24.
-Standard 011 of New Jersey to-day posted a 10c. a barrel
cut in the price of grade C bunker oil at Baton Rouge, New Orleans and
other principal Southern ports.
Gasoline, U. S. Motor. Tank Car Lots. F.O.B. Refiner,
$.04-.043d
Arkansas
N.Y.
N. Y.(Bayonne)05-.07
Colonia1-Beacon-S.0834 California
Stand. Oil, N. J--5.0534
Sinclair Ref
0834 LasAngeles.ex. .0434-.07
'Stand. CIL N. Y-- .0634
.0634 Gulf Coast. ex_ .0434-.05
Tide Water011 Co. .0634 Crew Levick
0634 North Louisiana-04-.043(
Richfield 011(Cal.) .0734
Texas
Gulf
0634 North Texas- .033.1-.0334
Warner-QuhirnCo .0634
Continental
0634 Oklahoma__ .0335-.04
Pan-Am. Pet. Co. .0834
0334-.0431 Pennsylvania.0594
Shell Eastern Pet. .0634 Chicago
.0434
New Orleans ix
tPlus freight.
Gasoline, Service Station, Tax Included.
$ 149
5 18 Kansas City
New York
$.153 Cincinnati
182
10 Minneapolis
Atlanta
.20 Cleveland
118
18 New Orleans
.159 Denver
Baltimore
14
.158 Philadelphia
Boston
165 Detroit
12
18 San Francisco
Buffalo
158 Houston
19
14 Jacksonville
Chicago
Kerosene,41-43 Water White Tank Car Lots, F.O.B. Refinery,
April 21-Humble Oil & Refining posted a price schedule in the East N.Y.(Bayonne)8.059(
$ 05
Chicago
8 0234-.0334 New Orleans, ex
.0335-.0334
Texas fields conforming with that previously posted by Magnolia Petroleum, North Texas-- .0234-.03 Los Angeles, ex.0494.-06 Tulsa
fields. The list rangesfrom
prices being the same as paid in Mid-Continent
Fuel Oil, F.O.B. Refinery or Terminal.
40c. a barrel below 26 gravity with a lc. differential for each degree of New York (Bayonne)Gulf Coast "C"-- 5.65-.70
California 27 plus D
5.75-1.00 Chicago 18-22D__4234-.50
Bunker "C"
gravity up to 29 gravity, which is 45c. a barrel;from 29 to 29.9 gravity the
S .95
90
Meet 28-30D
1.75 New Orrns"C"
differential Is 2c. a barrel per degree of gravity up to 62c. a barrel for 40
degrees and above. At the same time, the company announced the followGas Oil, F.O.B. Refinery or Terminal.
I Tulsa
N.Y.
ing reductions in other fields. North Texas, 10c. a barrel; Carson and
Chicago(Bayonne)28D plus--$.0434-.053(
32-36D Ind-11.013(-.02 I 32-361)1nd.$.013-.02
Hutchison counties, 8c.; Gray county. 10c.; West Texas. Sc.; Lea county,
N. M., 234c.; Gulf Coast "A", 10c.; Gulf Coast "B". 19 to 20c.; Refuglo
heavy, 9c.; Refugio light, 10c. to 20c.; Mirando, 9c.; Salt Flat and Darn
Gross Crude Oil Stock Changes for March.
Creek, 734c., and Pettus, 20c. a barrel.
April 23
-The Joseph Seep Purchasing Agency to-day posted reductions
ranging from 10 to 20c. a barrel for Pennsylvania crude oil. Other Companies in the fields promptly met the reduction.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
82.00 Smackover, Ark., 24 and over
Bradfort, Pa
.80 Eldorado, Ark., 40
Corning, Ohio
1.05 Rusk. Texas, 40 and over
Cabe11, W. Va
.80 Urania. La
Illinois
.75 Salt Creek, Wyo.. 37
Western Kentucky
.67 Sunburst, Mont
Mideontinent, Okla. 7
Hutchinson, Texas,40 and over-- .42 Santa Fe Springs, Calif., 40 and over
.80 Huntington, Calif., 28
816ndTeton. Texas, grade A
.60 Petrone, Canada
Spindletop,'rexas, below 25
40
Winkler, Texas
5.45
.67
.67
.75
1.55
.85
72
1.50
-MARKET SENTIMENT IMPROVES
REFINED PRODUCTS
-BUNKER "C" OIL REDUCED
GASOLINE PRICES STEADY
10C. A BARREL.
The local refined products market was a little more optimistic this week after the news of the signing of proration
agreement in the East Texas fields. While no immediate
advance in prices may be expected due to unsettled conditions of the industry as a whole, local marketeers are inclined to be slightly bullish. Prices in the bulk gasoline
market were fairly steady, although independents continue
to shade prices. Dealers are very cautious in covering their
needs and the majority are operating on a strictly hand to
mouth basis.
The flood of cheap crude oil from the new Texas fields has
made it possible for large quantities of cheap gasoline to
appear on the market. This condition has been especially
annoying in the Mid-Continent markets where it resulted
in marked weakness. While the bulk gasoline markets
were unsettled, dealers refused to buy any more than their
immediate requirements. However, with prospects of
cleaning up this stock of cheap gasoline, activity in future
buying may gain.
The drop in stocks of gasoline stored in the nation's
refineries reported last week combined with the extremely
favorable weather lately were further encouragements to
bullishness. Retail demand is heavy and is expected to
continue its seasonal increase until the summer season of
heavy consumption is here.
Prices in the local bulk gasoline market were firm, although
some uneasiness was caused by price cutting among several
of the smaller independents. However, the majority of
the larger refiners are firm in holding to their posted level.
U. S. Motor gasoline is quoted at 6%c. a gallon, in tank car
lots, at the refinery, although one company is quoting at
Oic. a gallon.
Increasing competition and heavy surplus stocks was held
responsible for the 10e. a barrel cut in the price of grade C
bunker oil at New York, Boston and other Atlantic seaboard
ports. This makes the price 95c. a barrel, with the exception
of Charleston, where the new price is 90e. a barrel. The
prices at all principal Southern ports were also reduced 10e.
a barrel.
Kerosene was weak at 5 Wie. to 6c. a gallon, tank car
lots, at the refinery, with demand very slack. Prices are
expected to slump below the present level, although no
changes have been posted yet.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 2,943,000 barrels in
the month of March, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit,
but not producers' stocks at the wells.
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended April 18, 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 2,434,100 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, 46,384,000 barrels of gasoline
and 126,835,000 barrels of gas and fuel oil. Reports received on the production of gasoline by the cracking process
indicate that companies owning 94.5% of the potential
charging capacity of all cracking units manufactured 3,270,000 barrels of cracked gasoline during the week. The complete report for the week ended April 18 1931, follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED APRIL 18 1931.
(Figures in barrels of 42 gallons each.)
District.
Per Cent
Potential
Capacity
Reporttag.
East Coast
100.0
Appalachian
93.8
Ind., Illinois, Kentucky 97.5
Okla., Kansas, Missouri 89.4
Texas
91.9
98.3
Louislana-Arkanass
Rocky Mountain
93.1
California
98.8
Crude
Runs
to
Stills.
Per Cent
°per.
of Total
Capacity
Report.
3,184,000
575,000
2,358.000
1,932,000
4,303,000
981,000
409,000
3,297,000
74.2
62.0
88.4
67.0
82.7
53.5
41.8
53.1
8,793,000
1,861,000
6,128,000
3,601,000
7.933,000
2,118,000
1,988,000
*13,964,000
7,733.000
1,216,000
3,310,000
3,823,000
8,839,000
2,332.000
810,000
98.772.000
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks.
Total week April 18
Daily average - -..
Total week April 11
Daily average
95.7
17,039,000
2,434,000
16,598,000
2,371,200
68.2
46,384,000
126,835,000
95.7
66.4
48.757,000
126,838,000
Total April 19 1930
Daily average
95.6
17,866,000
2,552,300
72.6
a753,734,000 a135,837,000
:Texas Gulf Coast
6,824,000
6.482,000
100.0
3,318,000
89.5
617000
59.7
1.949.000
1.304.000
:Louisiana Gulf Coast_ 100.0
a Revised due to change in Callfornla. x Included above in table for week
ended April 18 1931 of their respective districts.
Y In all the refining districts indicated except California, ileum in this column
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).
Note.
-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 Output in United States Increases Sharply.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended April 18 1931, was 2,422,000 barrels, as
compared with 2,308,250 barrels for the preceding week,
an increase of 113,750 barrels. Compared with the output
for the week ended April 19 1930, of 2,560,900 barrels per
day, the current figure represents a decrease of 138,900h
3052
barrels daily. The daily average production East of California for the week ended April 18 1931 was 1,895,100
barrels, as compared with 1,779,350 barrels for the preceding
week, an increase of 115,750 barrels. The following are
estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Apr.18'31. Apr. 11 '31. Apr.4'31. Apr. 19'30.
1Veek Ended658,100
511,550
513,700
585,100
Oklahoma
117.050
108,950
109,500
110,050
Kansas
51,400
50,650
93,600
55,300
Panhandle Texas
57,150
79,350
57,650
57,350
North Texas
25,350
54,150
25,050
25.050
West Central Texas
313,950
245,050
241,950
218,200
West Texan
51,7001
192,200
34,250
51,850
East Central Texas
195,0001
248,400
East Texas
61,150
58,800
62,250
63,250
Southwest Texas
39,250
41,750
38,750
39,050
North Louisiana
57,800
47,200
47,150
46,950
Arkansas
185,700
153,800
154,300
158,200
Coastal Texas
21,850
26,650
27,450
27,000
Coastal Louisiana
101,050
103,100
128,000
105,300
Eastern (not including Michigan)
8,450
8,400
8,300
11,700
Michigan
42,650
43,650
50,700
42,300
Wyoming
8,700
8,800
8,650
10,450
Montana
4,550
4,150
4,200
4,250
Colorado
41,800
39,000
11,450
38,350
New Mexico
627,900
525,100
528,900
526,900
California
2,422,000 2,308,250 2,252,100 2,680,900
The estimated daily average gross production for the Mid-Continent
Field, including Okl thoma, Kansrs, Panhandle, North, West Central,
West, East Central and Southwest Tex•s, North Louisiana and Arkansas,
for the week ended April 18. was 1,500.350 izarels, as compared with
1,392,850 b rrels for the preceding week, an increr.se of 107,500 barrels.
The Mid-Continent production. excluding Smackover (Arkansrs) heavy
oil, was 1.468.250 barrels, as compared with 1,360,650 barrels, an increase
of 107,600 barrels.
The production figures of certain pools in the aa.rious districts for the
current week. comp:red with the previous week, In barrels of 42 gallons,
follow:
-Week Ended
-Week EndedSouthwest TexasApr.18. Apr.11.
Apr.18. Apr.11.
Oklahoma4,200 4,200
14,040 7.950 Chapmann-Abbot
Bowlegs
12,000 12,000 Dant Creek
20,450 20,050
Bristow-Slick
12,800 12,700 Luling
9,250 9,050
Burbank
13,100 9,800 Salt Flat
12,700 12,300
Carr City
18,850 13,100
Earisboro
North Louisiana19,800 14,000
East Earlsboro
6,950 8,400 Sarepta-Carterville
1,250 1,250
South Earislearo
8,400 12,400 Zweite
7,300 7,050
Konawa
23,500 15,100
Little River
Arkansas
6,400 7,900
East Little River
4,150 4,200
2,450 1,850 Smackover, light
Maud
8,750 3,900 Smackover,heavy
32,100 32,200
Minion
192,750 163,700
Oklahoma City
Coastal Texas
21,350 17,450
St. Louis
25,700 23,000
4,500 2,750 Barbera Hill
Searight
9,200 8,900
13,500 9,000 Raccoon Bend
Seminole
1,750 Refuglo County
32,400 31,350
1,900
East Seminole
Sugarland
11,750 11,750
KansasCoastal Louisiana
17,750 17,450
Sedgavick County
17,300 17,850 East Haekberry
1,900 1,800
Yoshell
Old Hackberry
800
800
Panhandle Texas
Wyoming
42,650 38,700
Gray County
26,200 26,050
Hutchinson County- 8,600 7,700 Salt Creek
Total
Montana
North Texas
11,650 11,550 Kevin-Sunburst
Archer County
9.900 9.900
North Young County__
New Mexico
9,950 10,000
Wilbarger County
Hobbs High
.
Balance Lea County_ _
West Central Texas
South Young County- _ 3.300 3,300
California
Elwood-Goleta
West Texas
Crane dt Upton Counties 23,750 24,000 Huntington Beach
6,850 8,450 Inglewood
Ector County
29,000 29,400 Kettleman Hills
Howard County
28,450 35.000 Long Beach
Reagan County
45,700 45,900 Midway-Sunset
Winkler County
68.600 83,200 Playa Del Rey
Yates
Balance Pecos County__ 4,000 6,000 Santa Fe Springs
Seal Beach
Ventura Avenue
East Central Texas
39,900 40,100
Van Zandt County
Pennsylvania Grade
Allegany
East Texas
Bradford
Rusk County:
62.100 59.700 Kane to Butler
Joinerfield
148,100 104.550 Southeastern Ohio
Kilgore
Southwestern Penna..--Gregg County:
38.200 30,750 West Virginia
Longview
4,450
4,4513
32,300 31,550
4,400 4,800
34,000
22,000
15,000
28,600
88.800
52,600
29.000
71,700
15,600
44,800
34,800
22,000
15.000
26,600
89,400
54,900
28,500
70,800
15,600
43,200
7,300 7.300
23,950 22,300
7,100 7.150
6,950 0,500
3,600 3 50
. 0
13,900 13,85
Copper's Price Dip Stimulates I Demand-Zinc Touches
New Low-Lead Quiet But Unchanged-Tin
Below 25 Cents.
Copper's dip to 934 cents, delivered Connecticut, in the
past week, stimulated buying activity among consumers,
who bought all that was offered at that level. Other nonferrous metals, however, did not fare so well, "Metal and
Mineral Markets" reports under date of April 23. Silver
and lead sold yesterday at the same prices as obtained a
week ago;but tin was down below 25 cents for the first time
since last December, and zinc dropped to the lowest levels
in many years, both in the foreign and domestic markets.
It is added:
market, which is back to the DeThe continued decline in the stock
adverse effect on commodity prices. Should
cember low point, has had an
shown in Wall Street, metal prices may be
any continued strength be
Compared with the 10-year average.
expected to be first to improve.
lead 34, zinc 41, tin 47, and silver has
1921-1930, copper is now off 33%,
Prices of all other commodities are down
suffered a 53% price decline.
-year average.
from 2.5 to 30% of the 10
depression, copper has dropped to 9%
For the fourth time in the current
Heretofore, sellers have been unwilling to go
cents, delivered Connecticut.
has been stimulated by the quotabelow that price, and a good demand
8,000 tons. Foreign sales also
tion. Total sales for the week approached
been booked so far this month.
Improved.a total of 15,000 long tons having
ratification of the 15% proDullness ruled in the lead market despite
of lead to conduction curtailment plan, effective May 1. Shipments
(Vol,. 132.
FINANCIAL CHRONICLE
sumers have exceeded new commitments by about 10,000 tons In both
March and the current month.
Zinc business dropped off to about half of the previous week, with lower
prices apparently having the effect of scaring off business rather than
attracting It.
Output of Venezuelan Crude Oil in March 1931 Below
Same Month Last Year-Shipments at Lower Rate
Than in February.
According to O'Shaughnessy's "Weekly Oil Bulletin," the
estimated production of crude oil in Venezuela totaled
10,282,727 barrels (a daily average of 331,698 barrels) in
the month of March 1931, as against 11,920,282 barrels (a
daily average of 384,526 barrels) in the corresponding period
last year and 9,486,327 barrels (a daily average of 338,798
barrels) in February 1931. Estimated shipments during
the month of March of this year amounted to 10,362,346
barrels (a daily average of 334,269 barrels) as compared with
9,515,725 barrels (a daily average of 339,847 barrels) in the
preceding month. The "Bulletin" has released the following data:
PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS
OF 42 GALLONS.
Mar. 1930. Per Day.
Mar. 1931. Per Day.
By Companies122,173
3,787,378
96.276
3,048.572
V.0. C
104,260
3,232.060
94,908
2,942,172
Lago
62.069
1,924.113
59.103
1,832,207
Gulf
54,714
1,896,134
27.998
788,938
Caribbean Pet
15,437
478,532
22,885
708,825
Creole Pet
19,085
591,641
23,176
718,478
Colon 011
5,569
172,824
5,112
158,475
B. C.0. Ltd
1,219
37,800
260
8.060
General Asphalt
384,526
11,920,282
331,698
10,282,727
Total
Ey FieldsLagunillas
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
Mene Grande
Terra
El Mene
Quiriquire
Guanaco
6,083,379
1,587,321
34,321
497,178
69,626
887,938
718,478
158,475
257,951
8,060
10,282,727
Total
SHIPMENTS OF VENEZUELAN CRUDE
Month ofMar. 1931. Feb. 1931.
3,171,872 2,864,736
V.0. C
3,475,474 3,097,289
Lago
1,638,000 1,602,000
Gulf
570,080
493,000
Caribbean Pet
857,000
810.000
Creole Pet
565,040
625,500
Colon Oil
159,600
148,700
D. C.0. ltd
None
None
General Asphalt__
196,237
51,203
1,107
16,038
2,246
27,998
23,176
5,112
8.321
260
6,273,587
2,870,816
80,830
171,346
25,504
1,696,134
591,641
172,624
202,374
92,607
2,607
5,527
823
54,714
19,085
5.569
37,800
1,219
384.525
11,920,282
331,698
OIL (IN BBLS. OF 42 GALLONS).
Jan. 1931. Dec. 1930. Nov. 1930
3,203,518 3,285,350 3,290,200
3,481,548 3,508,688 • 3,364,011
1,347,000 1,710,000
2,079,000
1,124,000 1,400.000
634,400
735.200
787,700
583.360
388,319
484,000
660,920
155,700
166,287
144,543
None
None
None
al0,362,346 69,515,725 c10,787,289 d10,703,603 el1,133,811
Total
barrels per
a Equivalent to 334,269 barrels per day. 13 Equivalent to 339,347 to 345,273
day. c Equivalent to about 344,997 barrels per day. d Equivalent
barrels per day,. e Equivalent to about 371,127 barrels Per day.
Export Price of Copper Reduced to 10.05 Cents a
Pound-Copper Wire Price Reduced.
The price of copper for export was reduced a quarter of a
cents.
cent on April 20 by Copper Exporters Inc. to 10.05
of
It was stated in the "Times" of April 19, that sales
made on April 18 at 9y cents, although the
copper were
equalled
demand was not large. It was added that the price
the low of last November, which was a record for the last
hold at
35 years. Producers, it was stated, continued to
10 cents. From the New York "Evening Post" of April 22,
we take the following:
-day at 9% cents a pound,
to
Copper was available in the metal market
on the metal.
domestic, but there was little movement
cents a pound for their copper
The major producers continued to ask 10
cents. Offerings at the 1 Jwer
and most custom smelters were quoting 9(
establish an intake price for the custom
Prices were attributed to a desire to
smelter product.
The General Cable Corp. on April 20, reduced the price
of bare copper wire a quarter cent a pound to 11M cents.
Lead Price Reduced to New Low Figure.
The American Smelting & Refining Co. yesterday (April
24) reduced lead 15 points to 4.35 cents a pound, a new
record low.
Decrease in Chicago Scrap Steel Price.
Chicago heavy melting scrap steel is quoted $9.50 to $10
a ton, 25 cents under previous quotations said Chicago
advices to the "Wall Street Journal" of April 22. Other
grades of scrap iron and steel, it was added, are also 25 to
50 cents a ton lower.
-Lowest in Thirty Years.
Continued Drop in Zinc Prices
Marked declines in Zinc prices have occurred the present
week; in its issue of April 21 the New York "Times" said:
being small in volume, with
Zinc buying was reported yesterday As
to 3.65 cents a pound in East St.
prime Western zinc quoted at 3.62H
Louis, or the lowest price in more than 30 years.
Sales of Tri-State zinc concentrates last week totaled 4,540 tons, with
reached in 1921, in which
the price at $22 a ton. Excepting the $20 a ton
APRIL 25 1931.]
FINANCIAL CHRONICLE
year the average price was $23.78. last week's figure was the lowest since
1901, when the bottom was $22 also. Production last week totaled 6,000
tons and shipments 6,500 tons, bringing to 64,000 tons the stocks of sold
and unsold zinc concentrates in the Tri-State field.
The same paper in its April 23 issue stated:
Prime Western zinc was quoted yesterday at 3.50 cents a pound, East
St. Louis, with future shipments 3.55 to 3.60 cents. These prices compare
with 3.6234 cents a pound on Tuesday, and are the lowest in more than
31 years.. Sales were small.
Cement Prices Drop to Lowest Level in Fifteen Years.
It was noted in the New York "Times" of April 23 that the
current quotation in New York City of $1.69 a barrel for
cement in paper containers, less all discounts, represents the
culmination of a price war that has gained in intensity
since the beginning of the year. It was further stated therein:
Covering the territory east of the Rockies, the fight has depressed prices
to the lowest points in 15 years. Consumers are reducing purchases in
hopes offurther reductions. On Jan. 1 the price here was $1.94.
Five reductions in cement were made here this year, the last, on March
30, dropping the price 10 cents more. This week there was a reduction
of 20 cents in the Hudson River territory, besides cuts in the Baltimore
district and In parts of Nebraska, Kansas, Iowa and Missouri.
Companies east of the Rockies, where more than 75% of the country's
cement is consumed, are receiving, it is estimated, about $1 a barrel net
in bulk at mills, against about $1.65 a year ago. The present price, resulting from excessive competition in the face of lowered demand, is said
to be below the cost of production.
"Iron Age" Says Way to Win Economic War and Rebuild
Prosperity Is to Replace Obsolete Equipment with
Improved Machinery and Tools.
In an editorial in its April 16 issue, the "Iron Age" presents the following conclusions as to way for nation to win
economic war:
Not all wars are announced by formal declaration. America has been
at war for the past 19 months, although many do not know it. The casualties we have suffered in the great economic struggle have been fifteen times
as great as those that we experienced overseas in 1917-1918. At least five
million Americans have been rendered hors-de-combat in the struggle to
make a living. This vast army is now undergoing economic hospitalization.
Dole or no dole the rest of the nation must pay for taking care of this• rmy
of industrial disabled.
In dollars, too, a depression can be as costly as war. The past 19 months
have cost us nearly that many billions in depleted purchasing power. How
can we make up for this huge loss
There Is but one way to do it. We must win this economic struggle and
then rebuild in the same way that we have always built..
In wars between nations, the victory goes to the one which most effectively designs and uses the improved engines and tools of destruction.
Economic wars can be won and rebuilding done only by most effectively
using the improved machinery and tools of construction and production.
It is futile to attempt to win this war by lessening the fighting power of
our industrial army through wage reductions. That is not the way any wars
are won. The thing to do is to give the soldiers better equipment.
Fully half of our twenty billion dollar total of investment in manufacturing machinery and tools is obsolete to-day, regardless of its age. It is obsolete because design, invention and construction have produced more recent
outstanding cost-cutting improvements.
Repl icing American industry's obsolete equipment with improved machinery and tools now available Is the way to win this economic war and to
rebuild prosperity. The resulting cost savings would run into billions, the
investment would profitably solve the problem of the plethora of idle funds
and reabsorb our surplus of idle labor. And American industry would be
placed upon an efficiency level that would assure the continuance of progress
for years to come.
And the same strategy that would win this war for the nation will win
for the individual industrial plant.
3053
Orders for sheets placed by Fisher Body Corp. for Chevrolet bodies for May
schedules indicate that the Chevrolet output next month will equal and may
exceed that of April. Further automobile orders for May schedules of
other makers are expected during the coming week. There is some uncertainty as to the Ford schedule next month, but if that company's
present rate is maintained the industry looks for a second quarter output
of about 1,000,000 cars, a gain of about 300,000 over the first quarter.
On this basis, however, the first half total would be about 600,000 below
that of the corresponding period last year.
Building construction activities are marked by a fair number of large
projects, but small work, which normally makes up a considerable proportion of the aggregate tonnage is coming out sparingly. An outstanding project, on wh;ch bids will be asked soon, is a bridge over San Francisco Bay, calling for 110,000 tons of structural shapes and cables. About
30,000 tons of plates will be required for a fabricated pipe line in California, a part of the Retch Hetchy water line.
The outlook for oil and gas pipe line projects is clouded by the effort
on the part of the railroads in Texas to have pipe line companies in that
State classified as common carries. However, a Pittsburgh maker has
-mile line in East
booked 35,000 tons -of 12-in, seamless pipe for a 160
Texas for the Sinclair interests.
for finished steel and pig iron are
The "Iron Age" composite prices
unchanged at 2.128e. a lb. for the former and $15.79 a gross ton for the
latter. A comparative table follows:
Finished Steel.
Based on steel bars, beams, tank plates
April 21 1931, 2.1280. a Lb.
2 1280. wire, ralls, black pipe and sheets.
One week ago
2 1280.1 These products make 87% of the
One month ago
2 264e. United States output.
One year ago
Low.
High.
2.121c. Jan. 6
2 142c. Jan. 13
1931
2.121c. Dec. 9
2 362o. Jan. 7
1930
2.362c. Oct. 29
2 4120. Apr. 2
1929
2.314o. Jan. 3
2 391o. Dee. 11
1928
2.293o. Oct. 25
2.453o. Jan. 4
1927
2.403c. May 18
2.4530. Jan. 5
1926
2.396c. Aug. 18
2.5600. Jan. 6
1925
Pig Iron.
Based on average of basic Iron at Valley
April 21 1931, $15.79 a Gross Ton.
$15.79 furnace and foundry Irons at Chicago,
One week ago
15.71 Philadelphia, Buffalo, Valley and FirOne month ago
17.75 mingham.
One year ago
Low.
High.
815.71 Feb. 17
$15.90 Jan. 6
1931
15.90 Dec. 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
19.48 July 13
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on heavy melting steel quoApril 21 1931. $10.75 a Gross Ton.
$10.83 tationa at Pittsburgh, PhiladelpiVa
One week ago
11.08 and Chicago.
One month ago
14.17
One year ago
Low.
High.
310.73 Apr. 21
$11.33 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
15.08 Nov.22
15.25 Jan. 11
1927
14.00 June 1
Jan. 5
17.25
1926
15.08 May 5
20.83 Jan. 13
1925
One of the chief supports of the steel market thus far
In 1931
-moderate demand from the automotive industry
has been somewhat undermined this week by a decline in
the Ford Motor Co.'s requirements, which seems to lend
substance to the report that the company will shut down
at Detroit for two months this summer while its assembly
plants work off a large surplus of parts, states "Steel" in
its issue of April 23, which further goes on to say:
Offsetting this to some extent is a slight improvement in demand for
steel pipe, the Jones St Laughlin Steel Corp. having booked 22,000 tons
for a Texaspipe line project, and three other projects, each requiring
10,000 to 18,000 tons approaching maturity.
Up to the present, demand for structural steel has been good, that for
Steel Output Again Falls Off--Price of Steel Scrap the automotive industry has been fair, while pipe line and railroad requirements have been negligible. In the past week this situation has changed
Shows Further Decline.
slightly, with a slackening in small building awards and inquiries, and
Steel production has again eased off to about 49% of in automotive needs.
This moderation has not been wholly compensated for by the slight
capacity for the country as a whole from 51% it week ago
for pipe. As a reflection of further mild shrinkand 57% at the March peak, reports the "Iron Age" of Improvement in demand
in steel requirements, steeknaking operations this week are barely
decline, following age50%, a reduction of about 2 points from last week, and a total decline
April 23. This is the fourth week of the
at
a slow though uninterrupted rise from the first of the of 7 points from the high mark reached late in March.
Chicago operations are off 5 points to 50%; Pittsburgh off 2 points
year to the latter part of March. Current operations are to 48; the Youngstown district is down 1 to 43%, and eastern Pennsylback approximately to the average of the last half of 1930, vania down 1 to 46%. These losses more than neutralize slight gains at
erasing the improvement that occurred during the first Cleveland and Buffalo and an unchanged situation at Birmingham.
Despite the fact this is the fifth consecutive weekly decline in operations,
quarter. The "Age" also states:
and the apparent further constriction in demand from a majority of the
The recession this month strengthens the impression that the spring rise consuming classifications, sentiment appears to be a little more buoyant.
was largely seasonal in character, the April downturn conforming with There is disclosed this week a more widespread conviction that the slide
the trend commonly experienced at this time of year.
in production will not carry the industry to as relatively low a point as
Developments within the industry and outside of it have served as a might be expected in the usual summer decline, and the belief also preintensifying the caution which has marked vails
restraining influence upon buyers,
there is a latent force in demand that will bring an early fall
their commitments for some time past. The uncertainty of the price recovery of encouraging proportions.
situation, particularly in flat rolled products, and the sharp decline in
Prices are fairly well stabilized, if wages are not to be reduced. Though
securities prices may be cited as factors that have had a decided effect on underlying conditions have not changed there is less talk to-day than
business sentiment.
two weeks ago regarding the prospects of a reduction in steel wages.
Further declines in scrap quotations in several centers are a reflection Leading iron and steel producers have not changed their policy in this
that prevails among iron and steel producers them- respect.
of the hesitant buying
selves. The "Iron Age" composite price for heavy melting steel has
In the absence of any pronounced influence, prices appear to be bounddeclined to $10.75 a gross ton from $10.83 last 'week, a new low since ing off or along the bottom. In February, "Steel's" price composite
the first half of 1915.
came to a rest at $31.65, after declining 21 consecutive months. The
Notwithstanding the discouraging factors, a sufficient volume of •busi- composite average for March advanced to $31.66, but April will show a
ness is in sight to support the view that operations may be sustained at slight decline. The figure this week is $31.51, eight cents lower than a
somewhere near the present level during the next several weeks.
week ago.
An encouraging improvment in retail sales of motor cars this month,
The slightly easier tendeacy pertains especially to the lighter lines,
with a semi-official estimate that April output of automobiles which has resulted in pressure on semi-finished steel. Heavy finished
together
will total not less than 330,000 units, ocmpared with nearly 287,000 last steel prices are holding rather firmly.
month, strengthens the expectation that May's record will at least equal
As an effort toward stabilization of sheet prices, a Middletown, 0.,
producer has taken the initiative in establishing new and broader classi.
that of April, although manufacturers are not venturing predictions.
3054
FINANCIAL CHRONICLE
fications on sheets, regardless of whether they are rolled on continuous
or old type mills. Prices are to be announced shortly, effective May 1,
and it is believed the plan will be followed generally.
The downward movement in scrap prices is a little more pronounced,
reductions of 25 cents to $1 a ton being noted in most districts. Pig
iron at Buffalo for eastern delivery, and in eastern Pennsylvania has been
sold off 60 cents. Elsewhere pig iron prices are steady, and a Cleveland
furnace booked 10,000 tons of foundry iron at a reported minimum of $16,
base, furnace. Prices of Lake Superior iron ore have been re-established
at last years' levels.
Structural steel awards for the week total 20,000 tons, compared with
20,395 tons in the preceding week, and 12,825 tons in the week a year
ago. Awards to date this year remain well ahead of last year, amounting
to 730,682, in contrast with 530,495 tons in 1930. The market is featured
by an inquiry for 110,000 tons for a bridge across the Golden Gate, at
San Francisco, Calif.
Twenty Leading Steel Producers, Representing 90%
of the Country's Ingot Capacity, in 1930 Earned
on Their Capitalization 3.71%, the Lowest Rate
in Six Years, Says "Steel."
Twenty leading producers of steel, representing 90% of
the country's ingot capacity, in 1930 earned 3.71% on their
capitalization, the lowest rate in the six years in which
"Steel" and its predecessor "Iron Trade Review" have
analyzed the finances of the steel industry. In 1929 a
comparable group-but not exactly identical on account
of subsequent mergers-earned Q.88% on their capitalization, and in 1928, 6.55%. For the six years from 1925 to
1931, inclusive, the steel industry has averaged an annual
rate of 6.31% on its invested capital. "Steel" further
reports:
[VOL. 132.
BITUMINOUS COAL.
The total production of soft coal during the week ended April 11, including lignite and coal coked at the mines, is estimated at 6,770,000 net tons.
This is the lowest figure recorded for any week during the year to date.
In the corresponding week of 1930, the production amounted to 8,257,000
tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930
1931
Cal. Year
Cal. Year
to Date.a
Week.
Week Ended
to Date.
Week.
8,911,000 121,569,000
March 28
7,509,000 100,945,000
1,485,000
1,636,000
Daily average
1,360,000
1,252,000
8,248,000 129,817,000
April 4
7,214.000 108,159.000
1,621,000
1,422,000
1,352,000
Daily average_b
1,244,000
8,257,000 138,074,000
April ll_c
6,770.000 114,929,000
1,604,000
1,376.000
Daily average
1.336,000
1,128,000
a Minus one day's production first week in January to equalize number of days in
the two years. is April 1 weighted as 0.8 of a normal working day. c Subject to
revision.
The total production of soft coal during the present calendar year to
April 11 (approximately 86 working days) amounts to 114,929,000 net
tons. Figures fbr corresponding periods in other recent calendar years
are given below:
178,415.000 net tons
1930
138,074,000 net tons 1927
136,884,000 net tons
1929
152,931,000 net tons 1922
1928
140,699.000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended April 4 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%, the loss due partly to time
lost on April 1, Eight
-Hour Day, a recognized holiday in many mining
districts, and on Good Friday. The following table apportions the tonnage
by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coat by Stales (Net Tons).
Week Ended
Apr.4'31. Mar.31'31. Apr.5'30. Apr.6'29.
State
343,000
319.000
253,000
264,000
Alabama
12,000
10,000
12,000
15,000
Arkansas
126,000
122,000
127.000
143,000
Colorado
779,000
949,000
996,000
907,000
Illinois
237.000
269,000
303,000
244,000
Indiana
57.000
70,000
77,000
72,000
Iowa
27,000
31,000
48,000
50,000
Kansas
640,000
719,000
586,000
611,000
Kentucky-Eastern
194,000
181,000
166,000
177.000
Western
39,000
43,000
41,000
37,000
Maryland
12,000
9,000
19,000
9,000
Michigan
51,000
62,000
59,000
59,000
Missouri
38,000
45,000
40,000
38,000
Montana
45,000
33,000
26,000
31,000
New Mexico
23,000
17,000
31,000
26,000
North Dakota
314,000
387,000
395,000
384,000
Ohio
27,000
30,000
26,000
35.000
Oklahoma
1,869,000 1,925,000 2,290,000 2.292,000
Pennsylvania (bitum.)
92,000
103,000
94,000
98,000
Tennessee
21.000
14,000
10,000
10,000
Texas
76,000
51,000
55.000
62,000
Utah
205.000
211,000
199,000
185,000
Virginia
39.000
39,000
28,000
28.
Washington
West Virginia--Southernb 1,290,000 1,408,000 1,569,000 1,425,000
579,000
576,000
508,000
476,000
Northern c
84,000
96,000
80,000
92,000
Wyoming
4,000
3,000
1,000
2,000
Other States_d
Apr.'23
Average.a
412,000
21,000
184,000
1,471,000
514.000
100.000
79,000
620,000
188.000
52,000
22,000
59,000
42,000
59,000
16,000
766,000
49,000
3,531.000
121,000
20,000
70,000
249,000
35.000
1,256,000
778,000
118,000
6,000
As of Dec. 31 1930 the capitalization of these 20 leading producers of
steel, having ,a total ingot capacity of 60,225,495 gross tons out of a
total of 66,897,098 tons for the entire country, reported a capitalization of
$4,366,703,324. This capitalization compared with $4,003,442,316 for
Dec. 31 1929, excluding the National Steel Corp. and Republic Steel
Corp., not then available for comparison.
On this total capitalization of $4,366,703,324, total earnings of $198,775,599 before dividends and bond interest were reported by 17 producers. Losses before dividends and bond interest, reported by three
producers-Sharon Steel Hoop Co., Gulf States Steel Co. and Continental
-were not deducted from the earnings of the 17 in order to
Steel Corp.
arrive at a rate of 3.71%. In 1929 total earnings of $371,118,899 before
dividends and bond interest were reported.
Earnings per net don of ingot capacity in 1930 were $2.59 in 1930,
compared with $6.42 in 1929. Capitalization per ton of ingot capacity
was $65.57 in 1930, compared with $59.84 in 1929.
Total bituminous coal 7,214,000 7,509.000 8,248,000 7,781,000 10,836,000
775,000 1,076,000 1,124,000 1,280,000 1,974,000
Relating earnings to capitalization, the Midvale Co., Philadelphia, was Pennsylvania anthracite
producer in 1930, earning 8.49%. Second was the
the most profitable
7,989,000 8,585.000 9,372,000 9,061,000 12,810,000
Total all coal
Inland Steel Co., Chicago, with 8.15%. Third was the Allegheny Steel
a Average week rate for the entire month. b Includes operations on the N. At W
Co., Pittsburgh, with a rating of 7.45%, and fourth, the National Steel C.& 0.; Virginian: and K.& M. c Rest of State, including Panhandle. d Figures
are not strictly comparable in the several years.
Corp., Pittsburgh, with 7.34%.
Ranking producers according to the size, the United States Steel Corp.,
PENNSYLVANIA ANTHRACITE
New York, earned 5.11% on its capitalization in 1930; Bethlehem Steel
The total production of anthracite in the State of Pennsylvania during
Corp., Bethlehem, Pa., 4.63%; Republic Steel Corp., Youngstown, Ohio,
estimated at 1,260,000 net tons, indicating an
0.005%; Jones ft Laughlin Steel Corp., Pittsburgh, 4.65%; Youngstown the week ended April 11 is
tons. Notwithstanding the fact that
Youngstown, Ohio, 5.02%; Inland Steel Co., Chicago, average daily output of 210,000
Sheet & Tube Co.,
this
loadings on all roads dropped appreciably on Easter Monday, April 6,
8.15%, and American Rolling Mill Co., Middletown, Ohio, 1.79%.
rate recorded in any week since March 21, and exceeds
Rating producers on the basis of earnings per net ton of ingot capacity Is the highest daily
of 182,500.
the Midvale Co. was first with $7.01 in 1930. Then followed the Alle- the March average
Estimated Production of Pennsylvania Anthracite (Net Tons).
gheny Steel Co. with $4.71; National Steel Corp. with $4.61; the United
1930a
1931
States Steel Corp. with $4.11, and the Crucible Steel Co. of America
Daily Average,
Week.
Daily Average.
Week.
Week Ended187,300
1,124,000
$4.04.
179,300
with
1,076,000
March 28
175,800
879,000
6155,000
775.000
The capitalization of the United States Steel Corp. per ton of ingot April 4
173,500
1,041,000
210,000
1,260,000
capacity in 1930 was $80.89; Bethlehem Steel Corp. $77.86; Republic April 11
Corp. $59.05; Youngstown
for 1930 revised slightly to insure Comparability with 1930. b Average
a Figures
Steel Corp. $57.89; Jones & Laughlin Steel
based on five working days.
Sheet & Tube Co. $68.23; Inland Steel Co. $47.81; American Rolling
BEEHIVE COKE
Mill 90. $60.39; National Steel Corp. $57.30; Wheeling Steel Corp.
the week ended April 11
The total production of beehive coke during
$70.52, and Otis Steel Co. $37.46.
Compared with the output in the preceding
At the close of 1930 the total assets of these 20 lending producers were is estimated at 24,900 net tons.
tons, or 14.1%. The total production
$5,865,211,497, current assets $1,225,241,179, and current liabilities week this shows a decrease of 4,100
amounts to 518,800 tons, a decrease of approxi$242,122,676. At the close of 1929 the total assets were $4,393,919,303, of beehive coke since Jan. 1
1.012,000 tons produced during the corresponding
current assets $1,255,788,472, and current liabilities $250,286,672, and mately 49% from the
excluding the National Steel Corp. and Repubile period of 1930.
the 1929 figure
Estimated Weekly Production of Beehive Coke(Na Tons).
Steel Corp.
1931
1930
Week Ended-to
to
Apr.4. Apr. 12
Apr. 11
Date.
Date.a
1930.
1931.c
1931.6
888,400
459,100
62,400
23,900
21,300
Ohio.
45,200
84,400
6,100
4,300
Production of Bituminous Coal Falls Off-Pennsylvania Pa., Ohio,and W.
2,900
Tennessee and Virginia__
14,500
39.700
2.100
800
700
Cob., Utah and Wash..
Anthracite Output Higher.
518,800 1,012,500
70,600
29,000
United States Bureau of Mines, Depart- United States total__ 24,900
5,963
11,638
According to the
11,767
4,833
4,150
Daily average
in January to equalize number of days in
ment of Commerce, the total production of bituminous coal a Minus one day's production first weekRevised since last report.
revision. c
at 6,770,000 net tons for the week ended the two years. b Subject to
was estimated
April 11 1931, the lowest figure recorded for any week
during the year to date. There were also produced 1,260,000
tons of Pennsylvania anthracite and 24,900 tons of beehive
coke during the same week. These figures compare with
7,214,000 tons of bituminous coal, 775,000 tons of Pennsylvania anthracite and 29,000 tons of beehive coke produced
tons of bituin the week ended April 4 1931, and 8,257,000
minous coal, 1,041,000 tons of Pennsylvania anthracite and
70,600 tons of beehive coke during the week ended April 12
1930.
During the calendar year to April 11 1931, there were
produced a total of 114,929,000 net tons of bituminous coal,
as against 138,074,000 tons in the calendar year to April 12
1930. The Bureau's statement follows:
Average Daily Rate of Production of Bituminous Coal
Lower in March-Anthracite Production Declined
Sharply.
According to revised figures released by the United States
Bureau of Minds, Department of Commerce, the total production of soft coal for the country as a whole during the
month of March is estimated at 33,870,000 net tons, an
increase of 2,462,000 tons over the February tonnage. The
increase, however, was due to the fact that there were
26 working days in March as against an approximate 23.9
days in February. The average daily rate for March was
slightly lower than that for February-1,303,000 tons in
APRIL 25 1931.]
FINANCIAL CHRONICLE
comparison with 1,314,000 tons in February. Production
during the month of March 1930 was at the daily rate of
1,376,000 tons.
Anthracite production declined sharply in March. The
total for the month amounted to 4,745,000 net tons as
against 5,391,000 tons in February. The average daily
rate in March was 182,500 tons as against 229,400 tons in
February, indicating a decrease in March, of 20.4%. The
Bureau, in its statement, shows:
3055
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
MARCH (NET TONS).
Bituminous.
Month.
Anthracite.
No. of
Total
WorkProduction. lag
Days.
Average
per
Working
Day.
38,542,000
31,408,000
33,870,000
35,773,000
1,465,000
1,314,000
1,303,000
1,376,000
1931—January..
February.
March_a _
l930—March. _
a Revised.
26.3
23.9
26
26
No. of
Total
WorkProduction. ing
Days.
6,157,000
5,391,000
4,745,000
4,471,000
26
23.5
26
26
Average
per
Working
Day.
236,800
229,400
182,500
172.000
r 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 22, as reported
by the Federal Reserve Banks, was $965,000,000, an increase
of $45,000,000 compared with the preceding week and a
decrease of $125,000,000 compared with the corresponding
week in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
On April,22 total Reserve Bank credit amounted to $911,000,000, an
increase of $16,000,000 for the week. This increase corresponds with an
increase of $24,000,000 in member bank reserve balances and a decrease
of $11,000,000 in Treasury currency adjusted, offset in part by decreases
of $11,000,000 in money in circulation and $4,000,000 in unexpended
capital funds, &c., and an increase of $3,000,000 in monetary gold stock.
Holdings of discounted bills increased $3,000,000 during the week, the
principal changes being an increase of 65,000,000 at the Federal Reserve
Bank of New York and declines of $3,000,000 each at Cleveland and Richmond. The System's holdings of bills bought in open market increased
$21.000,000, while holdings of U. S. securities were practically unchanged.
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 22, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages—
namely, page 3098 and 3099.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 22 1931 were as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Apr. 22 1931.
$
135,000,000
152,000,000
599,000,000
26,000,000
Increase (-I-) or Decrease (—)
Since
Apr. 15 1931. Apr. 23 1930.
s
$
+3,000,000
—76,000,000
+21,000,000 —105,000.000
+72,000.000
—7,000,000
—9,000,000
TOTAL RE(VVE BANK CREDIT— 911,000,000 +16,000,000
Monetary gold stook
+3.000,000
Treasury currency adjusted
1,778,000,000 —11,000.000
—119,000.000
+274,000.000
+5,000,000
Money in circulation
4 618,000,000 —11,000.000
Member bank reserve balances
2,380,000,000 +24,000, 00
Unexpended capital funds, non-member deposits, &a
410,000,000 —4,000.000
+156.000,000
+17,000,000
—14,000.000
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.
Since Dec. 11 1930 the totals are exclusive of figures for the
Bank of United States in this city, which closed its doors
on that date. 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 a decrease
of $5,000,000, the total on April 22 1931 standing at $1,844,000,000. The present week's decrease of,$5,000,000 follows
an increase of $27,000,000 last week and a decrease of $181,000,000 combined for the three preceding weeks. Loans "for
own account" increased during the week from $1,324,000,000
to $1,350,000,000 while loans "for account of out-of-town
banks" decreased from $286,000,000 to $270,000,000 and
"loans for account of others" from $239,000,000 to $224,000,000.
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr. 22 1931. Apr. 15 1931. Apr. 23 1930.
Loans and investments—total
7.880,000,000 7.897,000.000 7,885,000,000
Loans—total
5,311,000,000 5.338,000,000 5,912,000,000
On securities
All other
3,063,000,000 3,083,000,000 3,409,000,000
2 248,000,000 2.255.000,000 2,503,000,000
Investments—total
2,569,000,000 2,559,000,000 1,973,000,000
U. S. Government securities
Other securities
1,393,000,000 1,412,000,000 1,120,000.000
1 176,000,000 1,147,000,000 853,000,000
Reserve with Federal Reserve Bank
Cash in vault
793,000,000
42,000.000
773,000.000
42,000,000
745,000,000
47,000,000
Net demand deposits
Time deposits
Government deposits
5 775.000.000 5,749,000,000 5,485,000,000
1,214,000,000 1,219,000,000 1,334,000,000
73,000,000 112,000,000
38,000,000
Due from banks
Due to banks
108,000,000 117.000,000
1 144,000.000 1.262,000.000
125,000,000
891,000,000
Borrowings from Federal Reserve Bank10,000,000
Loans on seem% to brokers & dealers;
For own account
1,350,000,000 1,324,000,000 1,568,000,000
For account of out-of-town banks
270,000.000 286,000,000 1,213,000,000
For account of others
224,000,000 239,000,000 1.436,000,000
TotaL
1,844,000,000 1,849,000,000 4,217,000,000
On demand
On time
Loans and investments—total
1,489,000,000 1.487,000,000 3,663,000,000
355,000,000 362,000,000 554,000,000
Chicago.
2 005.000,000 2,010,000,000 1,872,000,000
Loans--total
On securities
All other
Investments--total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault.
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing from Federal Reserve Bank_
1,358,000,000 1,377,000,000 1,500,000,000
822,000.000
536,000,000
843,000,000 9.003,000,000
534,000.000 597,000,000
647,000,000
633,000,000
372,000,000
344,000,000
303,000,000
337,000.000
296.000,000
162,000,000
209,000,000
177,000,000
18,000,000
178,000,000
20,000,000
181,000..000
.
13,000,000
1,198.000,000 1,225,000,000 1,262,000,000
697,000,000 659,000,000 532,000,000
18,000,000
28,000,000
4,000,000
170,000.000
362,000,000
153,000,000
363,000,000
2,000,000
1.000,000
116,000,000
321,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
this previous week, namely the week ended with the close of
business on April 15:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on April 15 shows increases for the week of
$129,000,000 in holdings of Government securities and of $92,000.000 in
Government deposits, also $46,000.000 in loans.$133,000,000 in net demand
deposits and $31,000.000 in time deposits. Total loan and investments,
Partly as a result of Treasury operations, increased $206,000,000.
Loans on securities increased $61,000,000 at reporting banks in the
Chicago district, $8,000,000 in the New York district and $48,000,000 at
all reporting banks, and declined $11,000,000 in the Cleveland district.
"All other" loans increased $15,000,000 in the New York district, and
declined $11,000,000 in the Boston district and $2,000,000 at all reporting
banks.
Holdings of U. S. Government securities increased substantially in mesa
of the districts, the total increase being $129,000,000. Holdings of other
securities increased $15,000,000 in the New York district, $7,000,000
in
the Richmond district and $31,000,000 at all reporting banks.
3056
FINANCIAL CHRONICLE
[vol.. 132.
and possibly some others, each of which would have only one vote on the
Borrowings of reporting member banks from Federal Reserve Banks board of directors. The Americans and French objected that this would
change for the week being
aggregated $19,000,000 on April 15, the principal
leave them in a minority.
a reduction of $4,000,000 at the Federal Reserve Bank of New York.
The criticism increased when Mr. Norman admitted that the Bank of
A summary of the principal assets and liabilities of weekly reporting
to
ending England, because of the present exchange situation, did not intend
member banks, together with changes during the week and the year
give as much financial backing to the institution as it expected others
April 15 1931 follows;
power. It was also
Increase (+) or Decrease (—) to do, though it proposed to have the same voting
Since
objected that the countries which the plan aimed to help were especially
Apr. 15 1931. Apr.8 1931. Apr. 16 1930.
ts to protect.
those in which the British have heavy previous investmen
the Norman plan much more
cans and investments—total._ __23,051,000,000 +206,000,000 +459,000,000 In short, the Americans and French found
ous to the British than to themselves.
+46,000,000 —1,587,000,000 advantage
idea of the
15,258,000,000
Loans—total
Aside from this, there is some attack against the basic
+48,000,000 —1,044,000,000 scheme on the ground that it is now so hard to float even first-class
7,194,000,000
On securities
—2,000,000 —543,000,000 governmental bonds that it would be very doubtful whether the proposed
8,064,000,000
All other
benefit of lesser countries would go as well as
7,793,000,000 +160,000,000 +2,046,000,000 institution's bonds for the
Investments—total
Mr. Norman believed.
3,977,000.000 +129,000,000 +1,128,000,000
U. S. Government securities
+31,000,000 +918,000,000
3,816,000,000
Other securities
by Montagu Norman
+22,000,000 Long Term Credit Bank Proposed
—29,000.000
Reserve with Federal Res've banks 1,768,000,000
ns.
+1,000,000
—3,000,000
208,000,000
Cash in vault
of Bank of England Topic in House of Commo
000
13,811,000,000 +133,000,000 +428,000,000
London, April 21, is from the New
Net demand deposits
The following, dated
+31,000,000 +236,000,
7,304,000,000
Time deposits
+92,000,000 +254,000,000 York "Times":
395,000,000
Government deposits
Kenworthy,
+28,000,000 +610,000,000
In the House of Commons this afternoon Lieut.-Oonunander
1,804,000,000
Due from banks
—9,000,000 +937,000,000 Laborite, asked whether the so-called Montagu Norman scheme for the
3,898,000,000
Due to banks
—46,000,000
—1,000,000
0
had been submitted
19,000,00
Borrowings from Fed. Res. banks..
formation of an international financial corporation
to the British Treasury for opinion and approval.
Philip Snowden said
A representative of Chancellor of the Exchequer
Governor Meyer of Federal Reserve Board Declares
unofficially informed but that no advice
standings" In- that the Treasury had been
There Is No "Secret" or "Under
had been asked or given.
n, "If such a scheme
cident to Conferences With Montagu Norman,
"Obviously," continued the Government spokesma
markets it should tend
can be successfully launched on the international
Bank of England.
Governor of
to alleviate the world's present credit difficulties."
A statement relative to the recent conferences with
Montagu Norman, Governor of the Bank of England, was
Plan of Governor Norman of
Issued at Washington on April 20 by Eugene Meyer, Jr., Germans Skeptical of
tional Credit
Bank of England—Hold That Interna
in which he said
'Governor of the Federal Reserve Board,
Clash With World Bank's FuncInstitute Would
"there is no secret" connected therewith, and that "no
tions.
understandings resulted from them". Mr. Meyer's stateNew York
A cablegram from Berlin, April 20, to the
ment follows:
contours of the
has been called to the continued discussion of Governor "Times" stated that with only the rough
"My attention
Norman's recent visit to Washington. This discussion has contained much international credit bank proposal of Montagu Norman,
conjecture and intimation, frequently reiterated, of a secrecy and mystery
basis for
Governor of the Bank of England, to serve as a
surrounding his conferences here.
inquiries concerning it, let me discussion, German financial writers are inclined to view
"Inasmuch as I have had numerous
repeat that there is no secret, there is no mystery connected with his the plan with increasing skepticism and some early opinions
conferences, no understandings resulted from them, and the lack of
that Mr. Norman's proposed
information is simply due to the fact that there was nothing of general strongly lean to the belief
that
interest or importance to disclose."
world syndicate would ultimately prove superfluous in
to the United it could not avoid coming into collision with the functions
Items regarding Governor Norman's visit
ents at Basle.
States appeared in our issues of April 4, page 2483; April 11, assigned to the Bank for International Settlem
said:
Continuing, the cablegram
page 2686, and April 18, page 2867.
Reported Plans of Montagu Norman of Bank of England for International Long Term Credit Bank
With $500,000,000 Capital—State Banks Would
Back Credit Institution, With World Bank Subscribing $25,000,000—Failure to Win American
and French Support.
From Basle, Switzerland, on April 21, a cablegram to the
New York "Journal of Commerce" said:
Details concerning the reported plans for the establishment of an interNorman,
national bank capitalized at $500,000,000 on which Montagu
Governor of the Bank of England, has been sounding out New York and
Washington were disclosed by various sources here to-day.
The proposed bank, which would have five times the authorized capital
by all
of the Bank for International Settlements here would be supported
It is further
'
the strongest central banks and by the world bank itself.
n to subunderstood that Mr. Norman would desire the latter institutio
scribe $25,000,000 of the capital.
The function of the new institution would be to finance long-term
Europe by lendcredits to the governments of South America and eastern
would issue in
ing them the proceeds from bonds which the new bank
Its own name.
of either the
Mr. Norman, it is reported, failed to win the support
will be remains
United States or France. What the effects of this rebuff
revising his original
to be seen, but indications point to Mr. Norman
backing.
plan in order to win over American and French
and French support, it is
The failure of Mr. Norman to win American
would be putting in
explained, is due to the fact that these countries
have a proportionate voice in the
most of the money, but would not
control of the policy.
that renewed
Reports reaching Berlin from Basle to-day indicate
German contention
emphasis is being given there on the German side to the
to meet one of
that the International Bank has thus far signally failed ing a generous
inaugurat
the primary purposes of its existence—that of
the world crisis, as well
policy of credit accommodations for ameliorating
as was assumed by the
to the relief of German economy,
as coming
plan.
international experts who drafted the Young
German circles, may be
The cause of this failure, it is suspected in
bank's activities continue to be
looked for in the condition that the
alleged to be interposed by French
severely circumscribed by obstacles
the world's banking
it is charged, continue to dominate
influences, which,
policies.
Same Opposition Feared.
competent quarters here that the
By the same token it is believed in
plan, provided it is demonstrated to
ultimate realization of Mr. Norman's
probability founder on opposition from
be feasible of execution, will in all
the same quarters.
are once snore being scattered—on
The lavishness with which credits
to some observers here that
the world these days suggests
paper—around
institution or banking syndicate is
g more than a new financial
somethin
operations, and it is declared that this is not
required to carry out such
international" has come forward with
the first time that the "monoyed
such illusions.
Mr. Norman's plan, which is received as
It is hoped in the interest of
the fate of evaporating into a
proposal, that it may escape
a serious
promises which ultimately would not be
mirage through the promotion of
realizable.
difficulties confronting Mr. Norman's
Discussing some of the technical
irnphasizes that the world's alleged capital
scheme, the Oologne "Gazette"
given spot waiting to be transferred to the
superfluity is not piled up at a
es, but that it is contained in a
impoverished world communiti
various
cannot be tapped at a moment's
thousand scattered reservoirs which
notice.
the Rhenish newspaper, is suggested in
Another disturbing factor, says unemployed capital not only demands
finance that
The obvious law of
service but makes loans contingent on such
adequate reimbursement for
political and economic security.
factors as
Suspects Norman's Move.
scheme believe that Mr.
naturally inclined to be cool to the
for the participation of big investment
Those
"If Mr. Norman's plan provides
and nothing snore will be heard of it.
entirely
to
Norman will drop the idea
companies in his world syndicate, it is pertinent
to the plan say that Mr. Norman is not the banks and holding
administrators of capital have not previously busied
Those inclined to be favorable
his head against a stone wall or give up when ask why these various
on of credits,
n
man either to keep butting
problem of a more utilitaria distributi
path, and that he will seek another means to themselves with the
to stimulate the circulation at their
he finds one across his
now merely modify the assuming that it is their business
end. They believe he will
declares.
"Gazette"
achieve the same
thinks necessary to gain American or French idle funds," the Cologne that the English move does not primarily aim
scheme to whatever degree he
The newspaper suspects
approaching the problem.
seek some new method of
existing gaps in credit facilities as at reinforcing
support, or
the sidelines that Mr. Norman's plan has so much at remedying
to explain the GerOne gets the impression from among bankers and something is likely Britain's influence on world capital. It then proceeds
heartily in sympathy with any suggestion
started a good deal of thinking
man viewpoint, which it says is
though, o fcourse, in a different form.
capital th,rough international
the flow of
to come of it in the end,
explained, were unfavorable to Mr. which seeks to improve
The Americans and French, it is
so arranged that they would co-operation.
because they regarded it as
is not hankering for new credits with which
Norman's plan
Germany, says the paper, does not desire to increase still further her
but would not have a proportionately
be putting in the most money
bank's policy. The bank's capital to pay reparations, as she
dominating voice in the control of the Reserve System and the Central foreign borrowings, and her ambition is to get rid of her short-term
conversion into long-term loans.
would be subscribed by the Federal
Italy, Sweden, Holland, Switzerland, credits through their
Banks of France, England, Germany,
Governor Norman's proposal was referred to in our issue
am to the New York
of April 18, page 2867. A cablegr
Basle, on April 21, said, in part:
"Times" from
APRIL 25 1931.]
FINANCIAL CHRONICLE
"We expect that the political tariffs now imposed on our importations
of capital shall be removed, and our protest in this respect is primarily
addressed to the Bank for International Settlements, whiah was founded
for the purpose of solving Germany's peculiar problems through opening
up new markets for her exports," the "Gazette" concludes.
"Undoubtedly, Mr. Norman had ample opportunities on his recent visit
to the United States to discuss the relations between reparations and
capital markets, and the creation of the new bank therefore would not
contribute to removing existing disturbing facts in the adjustment of
capital conditions."
3057
today with the Czechoslovakian Minister, Stefan Osusky. It was stated
afterward that they discussed a plan of united economic action which France.
Britain and Italy may carry out in collaboration with Holland and the
Little Entente to meet and overcome whatever disadvantages might result
from the projected Austro-German economic accord.
Washington Advised as to Proposed International
Mortgage Bank.
Washington advices as follows, April 24, are taken from
Montagu Norman Re-Elected Governor of Bank of the New York "Evening Post":
The Commerce Department was advised to-day from Basle that final
England.
plans had been decided upon for an International Mortgage Bank,
The Bank will be participated in by a group of international bankers.
Montagu Norman was re-elected Governor of the Bank of
England on April 21, and Sir Ernest Musgrave Harvey was The immediate purpose is lo utilize available capital for handling real estate
mortgages and bonds secured by such mortgages in Germany.
re-elected Deputy-Governor, according to Associated Press
The capital is fixed at 25,000,000 Swiss francs, of which 5.000,000 have
been paid up and future funds will be raised through bond issues.
cablegrams on that day from London.
Central Mortgage Loan Co. of Amsterdam Plans
Low Prices for Its Exports Forces Russian Soviet to
140,000,000 Francs Issue.
Ship Gold.
The following is from the New York "World-Telegram"
Under date of April 17, a wireless message from Berlin of last night (April 24):
Central Mortgage Loan Co. (Compagnie Centrale de Preta Fonciers)
to the New York "Times" said:
Russia has sent Berlin another installment of 10,000,000 rubles gold,
which is the ninth consignment made this year. While it is impossible
to estimate the total amount which will be sent, it is almost certain that
more Russian gold will be sent here and probably some also to London.
Owing to the low prices received for grain, wood and other Russian
exports, the Soviet has been unable to meet foreign liabilities out of
current exchange receipts.
The gold which is being sent out comes from the "financial commissariat" and not from the State bank's reserve. The gold export is not
believed to be connected with depreciation of the Russian paper currency.
The Soviet never sells ruble exchange in order to acquire foreign currencies for settlement of its debts; but, when the export of goods does
allow sufficient exchange to pay for imports, the Soviet buys foreign
exchange with gold, and sometimes uses the gold for direct payment
of its debts.
Decline Shown By French Trade—"Frozen° Capital
Piles Up—Idleness of Reserves Is Seen as a Contributory Cause of the Present Depression.
From its Paris correspondent, April 18, the New York
"Times" reported the following:
Further and more conclusive proof that France is now suffering from
the
effects of one of the worst economic slumps in her history was given in
the
official government trade figures for the first quarter of 1931 issued this
afternoon. Exports of manufactured goods fell off nearly
$80,000.000
compared with last year's period and the importation of materials
essential
to the operation of industry diminished by nearly $100,000.000.
Public attention has therefore been focused again on the situation and
on suggestions to restore a measure of prosperity to the nation. It is
realized, of course, that France Is simply one of the victims of the worldwide economic depression, the combating of which is a matter of international co-operation rather than individual initiative by the various
countries, but there is a growing feeling that the idleness of France's great
credit reserves is an important contributory cause of the slow recovery.
Huge Store of "Frozen" Capital.
Foreign experts have estimated the store of "frozen" French capital as
high as 100.000,000.000 francs $4,000,000,000. and while this figure may
be exaggerated the actual total cannot be very far from that mark. Seven
of the largest French banks alone had deposits at the beginning of this year
amounting to 49,000,000.000 francs, and it is fair to assume that there are
another 30,000,000,000 or 35.000,000.000 otherwise situated within the
borders of the country.
Emile Moreau,former Governor of the Bank of France and now President
of the Banque de Paris et des Pays Bas, has called the attention of Frenchmen to the necessity of foreign loans as a means of checking the present
dangerous price inflation and of turning the tide of the business depression.
He deplored the widespread lack of confidence, to which he attributed
the refusal of the investing public to trust its money to anything but the
vaults of banks of unquestioned strength, and added, "We have experienced, fought and overcome the defaitisme—the defeatism of the war,
Are we going to let ourselves be dominated by the defaitisme of peace?"
Such vigorous comments as these may help in mobilizing French capital
for a fight against the depression, but the unmistakable uneasiness of
Investors, especially where foreign loans are concerned, would seem to
justify the conclusion that French trade will have to struggle along for some
time without the aid which a liberal policy of long-term loans would unquestionably render it.
Farm Credits Considered.
Aside from the question of putting French capital to work in the form of
extended loans, there remains the possibility that the French may decide
to finance the proposed farm credits institute, for which plans will be discussed at the May 15 meeting of the committee for the proposed European
federation. In this as well as in Aristide Briand's new scheme for supplanting the proposed Austro-German customs union with a broad European
trade agreement, French capital must play a dominant role if anything
approaching SUCCOSS is to be accomplished.
Here again, however, the nervousness of the small investor may
serve
to block any really effective extension of French credit. Banks can go so
far In the matter of absorbing these projected operations and
afterward
the public mutt buy, or else further assistance is impossible.
Some slight satisfaction is being derived from the fact that the
March
export trade returns show an improvement of about 300.000.00,1
0 francs
over February and 500,000,000 francs, as compared with January, but this
is offset by another fact that the deficit for this year's quarter is greater
than the deficit for the first five months of last year.
The aggregate figures for importations in the first quarter of 1931 are
11.811,000,000 francs, a reduction of 2,105.000.000, as compared with the
same period of last year. Exportations totaled 8,406.000.000 francs, a
drop of 3.279,000.000 francs. Because of last year's poor grain crop,
France had to import 800.000.000 francs more of food products than she
did in the same quarter of last year, the total being 3,
398.000,000 francs.
Foreign Minister Briand had a long conference at the Foreign Office
of Amsterdam will shortly issue 140,000,000 francs 535% 35
-year bonds of
the company, it was announced to-day. A public offering of 80,000,000
francs will be made in France, 10,000,000 francs in Holland and 25,000,000
francs in Sweden, while the remaining 25,000,000 francs will be privately
placed in Switzerland.
Principal and interest are payable at parity in gold on the option of
bearer in florins, French or Swiss francs or sterling. The offering group
will be headed by Lazard Freres, who initiated the company, and will
include other leading banks which took part in its formation.
The Bank for International Settlements has subscribed to a small portion of the issue as an indication of the institution's approval of the purpose
of the new company.
Loan to Czechoslovakia.
From its Paris bureau, the "Wall Street Journal" of
April 23 reported the following:
A group of international banks, largely French, have arranged a 25
-year
loan of $45,000,000 to $50,000,000 for Czechoslovakia. The loan will
interest and be Issued at 95. Czechoslovakia is expecting to
earn' 5.34%
employ $30,000,000 of the issue in conversion of Anglo-American 8% loan
of 1922.
Final emission is awaiting ratification by Czechoslovakian Parliament
needed because Finance Minister's agreement at the time of the recent
interior loan forbade further new borrowing for six months. French banks
interested in the loan are Lazard Freres, Union Parisienne, and Union
Europeene Industrielle & Financiers.
New York Stock Exchange Ruling on Bonds of United
Kingdom of Great Britain and Northern Ireland.
The New York Stock Exchange issues the following ruling
on the above bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities.
April 23 1931.
Notice having been received that the United Kingdom of Great Britain
and Northern Ireland 5% war loan 1929-1947, will be quoted in London
ex the June 1 1931 coupon on April 28 1931:
The Committee on Securities rules that beginning Wednesday, April 29
1931,said bonds to be a delivery must carry the Dec. 1 1931 and subsequent
coupons;
That in settlement of transactions made beginning April 28 1931 and
Prior to June 1 1931, there shall be deducted from the contract Price an
amount equal to the difference between the value of the coupon at $4.8665
Per Pound sterling and the accrued interest which otherwise would have
been paid by the purchaser.
ASHBEL GREEN, Secretary.
National Metal Exchange Acts to Establish Futures
Market for Trading in Silver.
At a meeting of the Board of Governors of the National
Metal Exchange, Inc. held on April 21, the Board adopted
resolutions to establish a futures market for trading in
silver. The National Metal Exchange, Inc. now affords
facilities for trading in Tin and Copper. In announcing its
plan to establish a silver market the Exchange says:
The creation of a market for trading in silver futures is another link in
the establishment of New York City as the financial and commodity
center of the world. There is at present no organized Exchange whereon
trading in Silver Futures is conducted. By the action of the National
Metal Exchange, Inc. a free and open market for the purchase and sale of
bar silver will be available to individuals, banks, corporations and governments throughout the world who are interested in silver.
Last year the world's production of silver was approximately 243,000,000
ounces. Because America is the largest producer of silver, it is logical
that the first organized futures exchange for trading in silver should be
established in New York.
The plans of the Exchange were referred to in these
columns March 7, page 1711.
Drop in Mexican Silver Peso.
From Mexico City, April 18 Associated Press advices said:
The silver peso, which some time ago fell from its normal exchange rate
of 3% under the value of the gold peso to 14%,collapsed further yesterday,
when it was quoted at 184% less than gold. The fall is attributed to
speculative activities.
A
3058
FINANCIAL CHRONICLE
China to Issue Bank Notes Secured by Gold.
Associated Press accounts from Nanking (China) April 22,
stated:
The Chinese Government took action to-day widely interpreted as to a
move toward establishing a currency system based on gold. The Ministry
of Finance announced the Government's Central Bank would issue bank
notes secured by incoming customs payments in gold.
The Ministry said the notes would be worth 40 cents in gold, redeemable
on demand, with gold drafts on foreign financial centers.
While the Ministry explained the notes were to be issued to facilitate
'customs payments already payable only in gold, it was believed they soon
would be in general circulation for all purposes.
As a result of the drop of the Mexican silver dollar to about 21 cents,
many importers and retailers in China are quieting only gold prices.
[VOL. 132.
study will find wide use among general exporters, bankers, students and
Other groups concerned with foreign financial matters.
The present study is the first of a series of six which will cover the currencies of all foreign countries.
Copies of the complete text may be had without charge upon application
to the Specialties Division, Bureau of Foreign and Domestic Commerce,
Department of Commerce, Washington.
Darmstadter und Nationalbank of Berlin Expects
World Bank Co-operation Will Result in Rational
Distribution of Capital—Answers Critics of Capitalism—Says Germany Has Successfully Carried
Out Political and Economic Reorganization.
In reviewing the effects of the international economic
for more than a year, and also
--Increase Offset by Departure crisis which has prevailed
French Unemployment
the developments which the domestic and foreign policy
of Foreign Workingmen from France.
have had on the business situation in Germany, it is tillFrom Paris April 17 advices to the New York "Times"
portant to note, says the Darmstadter und Nationalbank,
said:
one of the largest institutions in Germany, "that the leadIn the French industrial markets many industries are now complaining
of keen foreign competition. Unemployment increases gradually but con- ing note-issuing banks of the world, regardless of political
tinuously. On the 11th of April, 51,804 workingmen were receiving public
differences, are working in constant co-operation", a conassistance, comparing with 51,500 in the preceding week. This lack of emof potential unpleasant
ployment for native workingmen is partly offset through departure of dition which obviated a number
foreign workingmen who had been employed in France. Last week 715 situations within the past year. The review continues:
left the country.
The Government's index of industrial production for the end of February is 133, the same as in January. The only noteworthy differences are
a slight increase in output of automobiles and rubber.
"It is to be hoped that this co-operation will gradually provide a basis
for a more rational distribution of capital throughout the world. Germany
is deeply concerned in current international economic problems and their
be for many
solution, and must base its policy on the fact that it will
available
more years dependent on capital imports, which will only be
if guaranteed complete safety."
High Taxes Threaten Business of American Brokers in
The review, which is contained in the annual report of
Paris.
s at the annual meeting
A Paris cablegram as follows April 22, is taken from the the bank, submitted to stockholder
on April 18 attributes "the severity of the present world
New York "Times":
to the lack of balance
The position of nine American brokerage firms operating in Paris has depression to the effects of the war,
been brought into question by a threat by fiscal authorities to impose heavy In capital movements, and to the disturbance of trade by
taxation upon them. Without naming a definite date, the tax officials are
forms of political interference with
understood to have indicated that the new schedule would be so high as protectionism and other
to render France no longer profitable as a field of business.
business, as well as by the artificial monopolist maintenance
The brokers are believed to have taken the attitude that they are merely
of wage levels and of the prices of many commodities.
the medium for passing orders to New York, where the actual business is
capitalist systransacted, and that therefore they cannot be brought under the stringent This has brought a certain rigidity into the
proposals of the taxing officials. The latter have cited expert opinion in tem, whose superiority mainly depends on a natural exan effort to prove that the brokers have no clearly defined legal position
change of goods". The review adds:
in the light of French law.
It is not unlikely that the brokers will seek the support of American officials and meantime the legal situation is being carefully surveyed with a
view to defending the interests which the brokers have developed in this
country.
American brokerage firms did an extensive business here until the time of
the Wall Street crash and a not inconsiderable portion of their clients came
from the Parisian populace. It is reported that the French brokers showed
deep resentment of the success of the American brokerage houses and complained that their own customers had transferred much of their business
to these branch companies. Some of the American companies have operated
branches in Nice and other French resorts.
Increase in Dividend of Credit FoncieT de France.
The following from Paris is from the "Wall Street Journal"
of April 22:
Credit Fonder de France reports net profitfor the year ended Dec.31 1930
of fr. 113.953,000, which compares with fr. 101,383,000 in the previous
year. The company has declared a dividend of 36% for 1930, of which
16% already has been paid, which compares with 32% in 1929 and 28% in
1928.
Poland Accepts French Loan.
United Press advices from Warsaw are taken as follows
from the "Wall Street Journal" of April 20:
A French loan of 1,100,000,000 francs ($44.000,000) has been accepted
by the Polish Government to complete the railway in upper Silesia and the
Baltic sea port of Gdynia. The road will be for transportation of coal and
also will be a military precaution.
The loan will run for 45 years, but the rail connection is to be completed
in three years.
A reference to the proposed loan appeared in our issue of
April 18 page 2870.
United States Paper Money Only Foreign Paper Currency Freely Used in Poland.
United States Bank notes are the only foreign paper currency circulating in Poland being used freely and quite
frequently in considerable amounts, according to a study
by James A. G. Pennington, Department of Commerce, on
metal and paper currencies of Europe. These advices
(April 17) state:
bank checks in Europe is confined
The study also shows that the use of
ing countries. In certain of the
almost entirely to the English-speak
only a limited use while in
European countries checks are shown to have
others they are practically unknown.
to American manufacturers of coinConceived as of possible assistance
equipment and other maoperated vending machines, bill folds, banking
and paper currencies in
chinery and appliances used in handling metal
products, the study contains
locating potential foreign markets for their
in circulation in all European
detailed information concerning the currencies
countries and principalities.
referSince much of the information included is not available in any other
ence on foreign currency, the Department expressed the opinion that the
"Poet-war politics, which have developed in the unhealthy atmosphere
to
of the Treaty of Versailles, are an additional and permanent obstacle
the steady international development of trade and industry. The same
further loss
is true, naturally, of the reparation payments, which mean a
increased by
of capital for the impoverished debtor nations, effectively
wealthy
the rise in the value of gold, and a new stream of gold for the
international
creditor ones. The unfavorable effects of this situation for
which have a
trade are increased by the fact that countries like France,
to attract gold
surplus of capital, are impelled for political reasons
reserves instead of exporting capital."
men are
The report welcomes the fact that practical
devoting their attention to false measures
increasingly
English and
adopted for political seasons, and that leading
indicabankers have this year given Important
American
the crisis. For its part, it
tions of a way to overcome
increasing the profitsays, Germany must concentrate on
industry, on keeping down its proearning capacity of its
capital and gainduction costs, and thus attracting foreign
international markets. In this way,
ing ground on the
home and only
order and stability can be re-established at
convince the world that It is in its
thus can Germany
disturbances.
own interest to eliminate these
that early in 1930 Germany seemed
The report points out
position. During the
to enjoy a specially advantageous
political events completely changed
second half of the year
spiritual depression.
the situation, and produced a state of
almost pathological and resulted in a
Pessimism became
material distress
panicky flight of capital. Spiritual and
adoption of the cheap and simple
led to the increasing
responsible for
method of making the capitalistic system
and in the whole world. Irresponsible
the crisis in Germany
support, and only
demagogic radicalism thus obtained wide
order and the unbroken will to live
the admirable sense of
from the consequent
of the German people has saved it
dangers.
The report answers the critics of capitalism by pointing
by colout that it has already been excessively diluted
ideas—hemming the activity of the enterprising
lectivist
is
to conand responsible individual—and that it impossible
demn a system which has thus been robbed of many of its
essential features. More scope must again be given to the
free interplay of economic forces, and business leadefShip
must be re-established on the secure foundations of individualism, if it is to assume responsibility for a new order.
It is pointed out that the achievements of which the capitalistic system is capable are shown by the fact that after
APRIL 25 1931.]
FINANCIAL CHRONICLE
3059
the appalling catastrophe in 1918, after the total destruc- with President Wilhelm Miklos
of Austria. The advices
tion of its currency in 1923, and now again Germany has from Washington to the New York "Times" said:
been able strenuously and successfully to defend its naThe messages went over the new circuit of the Macey Radio & Telegraph
tional economy and thus its very existence as a nation. Co., associated with the International Telephone and Telegraph Corp., in
conjunction with the Radio Austria A-G.
Neither in 1929, on the occasion of the Young plan negotiaPresident Kiklas sent this message:
tions, nor during the heavy 'withdrawals of 1930, was the
"On the occasion of the opening of the direct radio telegraphic service
between
currency seriously endangered. Within the short space of and to both countries I have the honor to express to you my best regards
express the desire that this new channel of communication may
five or six years Germany has begun and successfully car- influence the widening and deepening of the relations between the United
ried out its political and economic reorganization, in the States of America and Austria."
President Hoover replies;
face of acute social dissensions and of dangerous and dis"The linking of the various countries of the world by radio communication is a means for the enhancing of closer friendly relations and the
turbing influences both from East and West.
The report also points out that the German business importance of which our people realize more and more as advances are made.
It therefore gives me great pleasure to be able to inaugurate with you this
world has already drawn important lessons from the mis- new direct radio telegraph service between Austria and the United States."
Other messages were exchanged between Gilchrist B. Stockton, Minister
takes of the past. It has eliminated numerous factories
to Vienna, and Secretary Stimson, Director Leist of Radio Austria and
from the productive process and has energetically striven Colonel Sosthenes Behn, Chairman of the International Telephone and
towards a re-establishment of its profit-earning capacity. Telegraph Corp., and Clarence H. Mackay, President of the Mackay
Radio & Telegraph Co.; Director Pack
Of vital importance is the fact that the workers are also ment of Mackay Radio, and Harold H.of Radio Austria, and the manageButtner, Vice-President of Mackay
realizing past mistakes, a valuable basis for the reforms Radio & Telegraph Co.
of the Government in the domain of financial and labor
policy. Germany has thus some right to the confidence Spanish Government Rescinds $60,000,000 Internaof foreign countries, which have a very fair idea of its
national Credit Supplied by J. P. Morgan and
economic power and also realize that time is necessary for
Others, Which Had Been Designed to Stabilize
Peseta.
recovery.
It was announced in Associated Press cablegrams from
Madrid on Sunday, April 19, that the Spanish Republican
Berlin City Employees to Take Wage Cut.
A decrease in the salaries of all employees on the pay- Government announced that day that it had decided to
roll of the city of Berlin effecting a yearly cut of 24 million rescind the $60,000,000 foreign credit contract recently negomarks in the city's budget has been recommended by the tiated by a group of international banking interests, on the
President of the City Board of Control, according to a report ground that there was no official need for the credit. The
from Consul Raymond H. Geist, Berlin, made public by cablegrams added:
The announcement was embodied in a laconic note issued at the end of
the Department of Commerce. (One mark equals approxia Cabinet meeting after midnight.
mately four cents.) The Department on April 18 said:
It is understood that the credit is still intact and that it was deposited
The recommendation is supported, the report states, by the
observation
that city employees are receiving higher wages generally than those
paid
to Government employees and it Is hoped by this measure to equalize
them.
It is estimated that the reduction will average approximately 6%
on
all salaries, and it is understood that vigorous protests have
been made
by the Union of City Employees.
Special British Committee to Seek Cut in
Government
Expenditures.
Renewed efforts toward economy in national expenditures
are now being made by the British Government through
a
special committee recently appointed by the Prime Minister
after a consultation with British party leaders and the
passage of a resolution in the House of Commons, according
to advices received in the Commerce Department from
Trade Commissioner Roger R. Townsend at London. In
indicating the membership of the committee, the Department on April 18 stated:
The committee will be composed of a Chairman and six members,
each
political party having suggested the names of two. Its particular function
will be to make recommendations to the Chancellor of the Exchequer for
effecting forthwith all possible reductions in the national expenditure
on
supply services, having regard especially to the present and
prospective
position of toe revenue. In so far as questions of policy are involved
in
the expenditure under discussion, these will remain for the exclusive
consideration of the Cabinet, but it will be open to the committee to review
the expenditure and to indicate the economies which mignt be effected
if
particular policies were either adopted or abandoned or modified.
There is so far no definite indication of what departments may be
most
affected by the investigations and recommendations of the new committee, or what total reduction in expenditure may be aimed at. There is,
however, some indication that the committee may be expected to produce
a report within a comparatively short period, which would have some
effect
on expenditure during the financial year begun April 1.
The following industrial and financial leaders have been appointed to
serve on the committee:
81r George May (Chairman).—Formerly Secretary of the
Prudential
Assurance Co., from which position he has just retired. He was also
manager of the American Dollar Securities Committee from 1916 to
1918.
P. Ashley Cooper.—A director of various rubber, tea, and public utility
companies, with extensive overseas interests.
Mark Webster Jenldnson.—A director of Vickers-Armstrong, Ltd.,
and
Other companies. He has served on previous Government committees.
Charles Latham.—An accountant, who is also director of several
companies.
Lord Plender.—Partner in a well-known firm of chartered
accountants,
who has also served on other Government committees.
Arthur Pugh.—General Secretary of the Iron & Steel Trades'
Confederation, and a former Chairman of the General Council of the
Trades Union
Congress.
Sir Thomas Royden.—A former Conservative Member of
Parliament,
and former Chairman of the Cunard Company. He is a director
of the
Midland Bank and of various companies.
Radio to Austria Opened by President Hoover----Sends
a Message to President Miklas, Hailing New Service
as Aid to Amity.
President Hoover on April 22 opened the first direct
radio telegraph service between the United States and
Austria at 11 a. m. that day with an exchange of messages
with the understanding that it could be used or not as the Spanish Government saw fit.
The official announcement said: "The Ministry of Finance has been
carefully studying the problem of the Morgan credit loan.
"As circumstances are favorable for rescinding the contract, the Cabinet
has decided to proceed to this end."
Before they came into power republican leaders campaigned against the
credit as illegal, asserting that all foreign loans must be approved by
Parliament and that the Aznar Government never convoked the Parliament.
Minister of Finance Prieto said tonight:
"Even before we came into power we were determined that the Morgan
loan be terminated. In our municipal campaign we concentrated our attack
against it and at that very moment our present Minister of Justice was
Preparing to file a suit against the Amer Government, contending that
the loan was illegal.
"Now that we have examined the state of the Spanish Treasury, we are
more eager than ever to terminate the contract. The condition of the
Treasury is so good that it needs no such loan to bolster it."
He said the government would direct Julio Oaravia, governor of the Bank
of Spain, to arrange for cancellation of the contract as soon as possible.
The international credit was referred to in these columns
March 28, page 2,301.—From the New York "Times" of
April 19 we take the following:
Bankers Learn of Revocation.
Thomas S. Lamont Jr., associated with his father in the firm of J. P.
Morgan & Co., last night told The Associated Press that the company
had been informed of the action of the Spanish republican government,
but that, as the financing was in the form of credits and not a loan, no
move would be needed here.
The elder Mr. Lamont is on a vacation in Europe. His son did not
state whether the father would go to Madrid for further negotiations.
The Spanish credit of $60,000,000, which was arranged by an international banking group on March 26 of which the American participation
was $38,000,000, was made to the Bank of Spain and not to the Spanish
Government directly. The formal statement issued by J. P. Morgan & Co.
in behalf of the American group stated that the credit was in the nature
of "an insurance fund" in the task of stabilizing Spanish currency as the
first step in replacing Spain on a gold basis.
The credit was in Me form of an eighteen months' loan to be drawn
on if needed in regulating the quotation of the peseta during the period
of de facto stabilization contemplated by the Spanish Government as a preliminary measure to the definitive adoption of the gold standard. The
credit was in the nature of a private banking transaction which involved
no public financing either here or abroad.
Early this week the New York bankers who were parties to the credit
received the information that the credit had not been drawn on. As a
matter of fact, the quotations on the peseta improved immediately after
the announcement of the credit. During the week following the credit
announcement the peseta climbed more than half a cent here, moving above
11 cents, as compared with the low point of 9% cents touched on Oct.
15 1930.
Although the Bank of Spain did not make known the level at which it
had hoped to stabilize the peseta, bankers here were inclined to believe
that it would be at or close to 12 cents. The peseta closed here yesterday
at about 10% cents.
The $22,000,000 of the recent credit not furnished by the American group
came from a syndicate of European bankers headed by the Banque de
Paris et du Pays Bas. In connection with the credit it was notable that
British banks did not participate, since general British banking sentiment
has not favored the idea held in Spain against free shipment of gold for
exchange purposes.
It was recalled here yesterday that the Spanish credit of $50,000,000
which was arranged in August, 1928, failed to have the desired effect of
stabilizing the peseta. Of this credit half was granted here and the
balance chiefly in London. The Bank of Spain at present has close
to $485,-
3060
FINANCIAL CHRONICLE
[VoL. 132.
in the cork, electrical and
likewise of some importance, centered principally
automotive groups."
Exports to Spain Unimpressive.
reached a very impresExports of American products to Spain have never
our imports from
sive figure, totaling for 1929 Some $82,121,000, while
1930 these figures were
Spain for the same year were $36,000,000. During
one of the factors
practically cut in half, as depressed economic conditions
felt. Falling prices
in the overthrow of the Government, became acutely
l products, which
and reduced demand throughout the world for agricultura to this country,
exports
form about two-thirds of the total value of her
for manufactures in
accentuated the conditions caused by reduced demand
which she was seeking to build up a trade.
expenditures in Spain are
In addition to our direct investments, tourist
is also a small movement
estimated at about $1,629,000 a year, and there
s home by immigrants
of funds from this country in the form of remittance
here.
been variously estimated
Spanish investments in the United States have
Drop
ground for believing
Finance Minister Says Bankers Asked Spain to
at from $20,000,000 to over $100,000,000. There is Spain, as a neutral
$60,000,000 Credit—Quoted as Glad to Grant that they must total up toward the latter figure. the money so gained
of
country, profited greatly by the war, and much
Morgan Group's "Courteous Request."
unsettled conditions
abroad. During the past year or more
following Asso- was investedcountry are believed to have influenced a further movement
From the New York "Times" we take the
within the
In that direction.
ciated Press advices from Paris, April 21:
the financial
Indalecio Prieto, Spanish Finance Minister, is quoted in
ntory
the cancella- Spain Will Dispose of Royal Treasures—Inve
newspaper L'Information today as saying that the initiative in
wels
al banking
Being Made of Estates and Furnishings—Je
tion of the $60,000,000 foreign credit arranged by an internation
Governsyndicate came both from the banks and from the new Republican
d.
and Clothing Excepte
ment in Spain.
published
concerned,"
In its issue of April 17 the New York "Times"
"The managers of the Morgan bank and of the French banks
the newspaper quotes him as saying, "suggested in the most courteous the following from Madrid, April 16:
desire."
possession of the dethroned
manner that the arrangement be annulled, and we had the same
y to stabilize
Millions of dollars' worth of property in republican government with
Senor Prieto said the government did not expect immediatel
new
decision of the royal family is being inventoried by the
personal belongings as
the peseta, believing that that matter should be left to the
a view of disposing of it. Crown jewels, and such
Parliament when it is elected.
included.
clothing and automobiles, however, are not
family its private possessions
Present plans are to restore to the royal
as are regarded as
in the National Treasury such items
Accepts Credit from Large Private and to retain State.
Report That Spain
property of the
jewels for many years,
Banks.
The Spanish crown officially has possessed no
personal collection valued at
Journal" of April 18 although Queen Victoria had a handsome
From Madrid the "Wall Street
that on her last visit to
about half a million dollars. It is understood
considerable portion of her
reported the following:
London a few weeks ago she took away a
Offer of a credit to the Spanish republic by large private banks has personal jewelry.
finest collections of
The Spanish Crown formerly claimed one of the
been accepted by Finance Minister Prieto who has guaranteed all of the
and jewels, but when Maria Cristina, wife of Fernando VII, and Isabella H
financing of the old regime. The Morgan loan has not been touched
and were said to
it is believed that it will not be needed but interest will be paid. No went into exile, they took these valuables with them
attempt will be made to stabilize the peseta yet but the report is denied have disposed of them privately abroad.
consisted of
The principal treasures of the Spanish monarchy recently
that an effort will be made to bring the exchange back to par. Heavy
Barcelona, La
exporting of capital continues representing largely monarchist funds. The valuable palaces at Madrid, Aranjuez, Pardo, Santander,
These alone are
republic continues to enforce the laws against selling pesetas.
Granja and Seville and a country home near Madrid.
property of
The new Governor of the Bank of Spain, Senor °ambles, was the director worth many millions of dollars and probably will be held as
of Banco Espanol del Rio de In Plata at Bilbao and is little known in the State.
valued at
The royal family also had charge of a tapestry collection
Madrid financial circles.
be retained by
well over a million dollars. It is believed this also will
the government.
United States,
000,000 in gold, a total which is exceeded only by the
France, England and Germany in the order named.
Government, in preparing
It was also recalled here that the Japanese
year ago, obtained
to replace the yen on a gold basis a little more than a
if not actually,
an international credit. The credit, however, was virtually,
unemployed.
from prison
Niceto Alcala Zamora, now President of Spain, was released
s was announced.
shortly after the conclusion of the credit negotiation
credit bitterly,
In his first public speech after his release he criticized the
popular will and
asserting that the arrangement was made against the
that the people were not obliged to recognize the obligation.
of the credit
On this score the bankers here pointed out that the terms
Spain, so that a
provided that it would be guaranteed by the Kingdom of
of government affects
legal question arises as to whether the present status
the credit.
Finance Minister of Spain Orders Redeposit of Funds—
Acts to Stem Exodus of Money from Spain.
A cablegram as follows from Madrid, April 20, is taken
from the New York "Times":
Finance Minister Indelacio Prieto today took steps to curb the flow of
money out of Spain. He allowed four weeks for the redeposit of funds
withdrawn from Spanish banks for export and threatened to take drastic
measures against those failing to comply within the period of grace.
The peseta dropped sharply to 9.97 cents.
•
Spanish Ships Given Republican Names.
from Madrid April 18 stated:
Associated Press accounts
Spanish warships and
Monarchist names have been taken from three
XIII becomes the Spain
republican names given them. The Alfonso and the Principe Alfonso
(Espana), the Victoria Eugenia, the Republica,
the Libertad.
Money Trade.
Spanish Banks To Engage in Free
Madrid April 15 stated:
Associated Press accounts from
holiday
business houses closed today over the national
With all banks and
Finance Minister Prieto Says Spain Will Recognize in commemoration of the new republic, there were no stock or money
banks expect to have a free money
Obligations.
exchange transactions. Tomorrow the
months. Heretofore the exchange has been
d the following (Associated exchange for the first time in Under the Republic the banks expect to
The New York "Sun" publishe
regulated by the government.
t interference.
Press) from Madrid, April 17:
be able to buy and sell pesetas without governmen
Minister of Finance Prieto told the Superior Banking Council of Spain
today that the present Government would recognize all of Spain's financial
obligations, in spite of any rumors to the contrary.
The following from Paris is from the "Wall Street
Journal" of April 16:
In an interview at the French frontier, hideled° Prieto, new Spanish
Finance Minister, stated: "We shall observe all government obligations
but foreign loans often result in subjecting the countries to a sort of
tutelage. Spain wants no tutelage.
"Stabilization of the peseta does not seem to be urgent to us. Our
situation is such that the country, if well administered, ought to produce
sufficiently to enable the exchange to return to parity and remain there."
Spanish Ambassador
Salvador de Madariaga Named as
•
to United States.
Press) stated that
Madrid advices April 21 (Associated
writer and scholar and
Salvador de Madariaga, Spanish
was on that day apformer League of Nations official,
of Spain in the United States by the
pointed Ambassador
of State, Alejandro
republican government's Minister
replace Ambassador Alejandro Padilla y
Lerroux. He will
monarchist governBell, who resigned upon the fall of the
The new ambassador is at present in
ment last week.
lectures.
Mexico City delivering a series of
Investments of United States in Spain Felt Safe—
Abdication Not Expected To Endanger $75,000,000
American Holdings.
•
tion to New
United States Extends Formal Recogni
n
Not more than $75,000,000 of American money is directly
Spanish Republic—Ambassador Laughli To ReEurope
invested in Spain out of total direct investments in
in Madrid.
main
of the finance and
of $1,352,750,000, according to officials
The United States extended its formal recognition to the
division of the Department of Commerce.
investment
government in Spain on April 22; as to this
York "Journal of Com- new republican
Washington advices to the New
the New York "Herald-Tribune" had the following to say
added:
merce" April 14 in reporting this
in its Washington advices on that date:
developments in Spain, which culminated today in the
Discussing recent
t officials expressed the opinion that
abdication of King Alfonso, departmen
investments in the country if this change
there is little danger to American
without grave disorder. The most
in the form of government is made
of number is manufacturing, with
important class of investments in point
concerns at the close of 1929, the latest
$12,436,000 invested in eighteen
date for which figures are available.
direct foreign investments issued
However, according to a report on our
"in which public utility
by the department late last year, Spain is a country
for a number of American
holdings dominate the American investments,
ing is
telephone and electric power companies operate there. Manufactur
diplomatic relations with
The willingness of this country to open normal
the regime of Niceto Alcala Zamora, provisional Spanish President, was
Ministry this noon by Irwin B.
communicated to the Spanish Foreign
Laughlin, American Ambassador in Madrid.
that Mr. Laughlin would remain as
At the same time it was made clear
in a Spanish newspaper of what
the American Ambassador despite criticism
was purported to be his unfriendly attitude toward the new administration.
The government here ignored the matter and privately discredited the
criticism. In Spain, President Alcala Zamora publicly rebuked the press
attack.
Al'RIL
25 1931.]
3061
FINANCIAL CHRONICLE
Annual Report of'Bohemian Discount Bank & Society Turkish Government Not to Create State Monopoly
of Export Trade.
of Credit, Prague.
The following from Istanbul, April 20, is from the New
The annual report of the Bohemian Discount Bank &
Society of Credit, Prague, Czechoslovakia, announces a York "Times":
The Turkish Government has announced that it does not intend to
practically unchanged volume of business for 1930. Total
resources as well as deposits show little change. Owing to create a State monopoly of export trade. of the most important topics
was expected that this would be one
the lower interest rates, the net profits for 1930 amounted forItdiscussion at the forthcoming extraordinary congress of the Popular
to Ke. 26,787,758 compared with Kc. 36,847,745 for 1929. party, and much nervousness resulted among business men of Turkey.
The dividend was reduced from 11 to 9%. The balance The Government's decision consequently has been welcomed, as it is felt
that Turkey would suffer if she substituted State control for private
sheet and statement of profit and loss account follow:
BOHEMIAN DISCOUNT BANK & SOCIETY OF CREDIT. PRAGUE.
Balance Sheet Dec. 31 1930.
Liabilities-Kc.
Kc.
Assets—
Capital
250,000,000.00
Cash & liquid assets with
Czechoslovak banks— 293,495.692.65 Reserves:
60,849 142 45 a Ord.res've--188,000,000
Foreign exchange
386,584,913.10 bSpecialres've 53,000,000
Bills receivable
258,522,300.80 c Stabil. fund_ 25,000,000
Securities
221,524,134.40 dPensionsfund 40,000,000
Participations
306,000.000.00
3,031,098,446.30
Debtors
Relief funds
1,270,000.00
Fixed assets:
1 239,906.927.80
Deposits
Real estate--97,128,697
97,128,697.00 Creditors:
Furn.&fixt
57,796,368.50 a BankTemporary assets
ers 913,671,016.70
Guarantees,
b Curr.
&c
1,812,035,397
accts.1,548,855.396.80
-- —2,462,526,413.50
51,142.00
Unclaimed dividends
Temporary liabilities
119,831,472.80
Guarantees, &c., as per
contra_1,812,035,397
Net profit:
a Carried
forward
from 1929 625,980.55
b Net prof.
for 1930_26,787.758.55
—
27,413,739.10
enterprise.
Italian Fishing Industry to Receive Government
Assistance.
The Italian Government is to provide, through the budget
of the Ministry of Agriculture and Forests, the sum of
1,380,000 lire (approximately $72,000) per annum for the
next 20 years for the promotion and improvement of the
Italian fishing industry, according to information furnished
the Department of Commerce in a report from Commercial
Attache Mowatt M. Mitchell at Rome. In addition to the
above, 44)0,000 lire (approximately $21,000) per year will
be devoted to ichthyological studies in the Royal Universities. The Department, under date of April 11, also says:
4,406,999,695.20
4,406,999,695.20
Profit and Loss Account Dec. 31 1930.
Kc.
Credit—
Kc.
Debit—
152,580,913.60 Profit carried forward
Interest
625,980.55
from 1929
Expenses:
236,652.571.15
Interest
General-- -12,778,891.80
29,303,140.85
Commissions
Salaries ___66,947,291.30
79,726,183.10 Various profits:
7,875,072.40 From securities, foreign
Taxes and duties
Allocation to pensions fd_ 2,047,910.85 exchanges and curren924,178.80
995,716.00 cies
Depreciation of property_
From syndiNet profit:
573,115.45
cate
Carried forFrom real
ward from
estate
2,560,548.25
625,980.55
1929
N. P. for
26.787.758.55
1930
— 27.413.739.10
4,057.842.50
270,639,535.05
Distribution of Profits.
amounts to
Ko.270.639,535.05
The gross profit
The net profit amounts to
and adding the carry-forward from 1929
270,639,535.05
Kc.26.787,758.55
625,980.55
Kc.27,413,739.10
Distribution:
9% dividend on capital of Ko.250,000,000.00 Kc.22,500,000.00
Statutory participation of the directors and
expenses of the executive committee for
Kc.1,716,775.85
the Moravian and Silesian branches
Ke.24,216,775.85
To be carried forward to net account
As a further and direct help to the fishing companies and individuals,
the law provides that for 10 years the Government, through this same
Ministry, will pay 2% of any loans contracted by companies or individuals
for the following purposes: Construotion in Italian shipyards of new
fishing boats or bcats for the transport of fish; the improvement of existing fishing boats or the conversion of existing boats for fishing purposes;
the building and equipping of establishments for the preparation of
fish or fish by-products; building and equipping of establishments for
the manufacture of nets and other fishing paraphernalia; the construction
of fishermen's colonies on hitherto uninhabited coasts and the construction
of wholesale fish markets. The limiting factors in connection with such
loans are that they must be contracted with State or semi-State credit
Government
institutions, and that the contribution to be made by the
to the service of such loans shall not exceed a given sum in each year.
year
This sum commences at 100,000 lire (about $5,200) for the financial
end in
1930-31 in 1940-41, and then diminishes until coming to an
insurance of
1959-60. Certain other requirements are set up as to the
establishments
fishing boats against the perils of the sea and of land
against fire if they are to have the benefit of the above assistance.
Ke.3,196,963.25
India's Exports
Quarter of
Cut
by
Boycott and
Depression
Foreign Trade Lost in 1930—Taxes
and Duties Must Be Raised.
Associated Press advices, as follows, from New Delhi,
India, April 10, are taken from the New York "Herald
Tribune":
one-fourth
During the year ended on December 31 1930 India lost nearly
first
of her foreign trade, a loss which is regarded as a misfortune of the
magnitude, necessitating a drastic increase in taxes and duties.
The boycott movement, instituted by Mahatma Gandhi, and the drastic
during
fall in commodity prices accounted for an unprecedented drop
which
the year of approximately $650,000,000 in volume of trade, of
nearly $300,000,000 represents export losses.
above
The value of the country's total trade in 1930 was only slightly
that of 1913. Due largely to the Nationalist boycott movement, India's
imports of foreign piece goods decreased by 656,000,000 yards.
Jute exports, which normally constitute one-fourth of the country's
exports, declined during the year by $150,000,000.
Bonds of Republic of Uruguay Retired Through Sinking Fund.
Hallgarten & Co., and Halsey, Stuart & Co., Inc., fiscal
agents for the Republic of Uruguay 6% external sinking
fund gold bonds, Public Works Loan, dated May I 1930,
due May 1 1964, announce that the Republic of Uruguay
has tendered to them for retirement through the sinking
fund, $104,000 principal amount of bonds, leaving $17,382,- Adolfo Casal Becomes President of Bank of Nation of
500 par value of bonds outstanding.
Argentine.
Casal was appointed President of the Bank of the
Adolfo
--In- Nation on April 20 to replace Enrique Uriburu, who was
Hungarian Bank Shows Higher Profits in 1930
crease in Deposits.
appointed Finance Minister in the new Cabinet. A cableApril 20
The Hungarian-Italian Bank, Ltd., of Budapest, in its gram from Buenos Aires to the New York "Times"
annual report for 1930, shows gross revenues of $1,206,855, announcing this said:
Senor Casal is a prominent exchange expert, who resigned his commercompared with $1,196,170 for 1929, and a net profit available
cial activities in September to give his services to the Provisional Governfor dividends of $512,946 against $511,674. According to ment. He was Finance Minister in the Federal Commission which Presiadvices received by A. M. Lamport & Co., Inc., it was the dent Uriburu sent to Cordoba Province. He resigned that post in January
Nation. He has
only one of the ten largest Hungarian banks to show higher upon his appointment as director of the Bank of the
farmers
Promised to give preferential attention to financial assistance to
profits for 1930 than for 1929. It is also stated that deposits and to exchange problems.
increased from $12,288,995 in 1929 to $14,140,857. Outstanding mortgage loans it is added were reduced slightly Argentine Peso Declines—New Head of Bank of the
to $7,831,376; the estimated value of property serving as
Nation Says Support Has Been Ended.
security against the latter amount was $27,420,000, the
A cablegram as follows from Buenos Aires April 21 is
bank's loans, therefore, being in the ratio of 28.8% to the
taken from the New York "Times":
mortgaged property.
doing before
The Argentine peso has begun fluctuating again as it was
Receipt of Funds to Cover Semi-Annual Service Re-.
quirements on Uruguay Bonds.
Hallgarten & Co. and Halsey, Stuart & Co., Inc., fiscal
agents for Republic of Uruguay 6% bonds due May 1 1960
and May 1 1964, announce receipt of funds to cover regular
semi-annual service requirements (including interest due
May 1 and sinking fund) of both issues.
of the exchange
Jan. 13, when the Bank of the Nation began support
market. It dropped to 33.39 cents to-day.
said to-day:
Adolfo Casal, new President of tile Bank of the Nation,
during 47 days,
"The peso was protected at 126.30 gold pesos for $100
that period are mainly
Those who did not cover their requirements in
consideration. Having given ample
speculators who are entitled to little
a
protection to the legitimate needs of commerce during such long period,
the bank decided it was now some one else's turn to receive assistance.
We are leaving the peso the seek its own level, a measure which will not only
s
of the country'
confound the speculators but also facilitate the marketing
wheat, corn and other products."
3062
FINANCIAL CHRONICLE
Peru Money Peg Backed—But Stabilization Also Calls
Forth Criticism.
The following (Associated Press) from Lima, April 20,
appeared in the New York "Evening Post":
Ajunta stabilizing the Peruvian gold sole at 28 cents American gold on
the advice of the Kemmerer Commission was both commended and criticized by the newspapers to-day.
"La Prensa" called the decree a measure "fulfilling a real necessity and
guaranteeing commercial expectations despite the necessity for reducing
the buying power of the currency."
ritt"El Comercio"said "the country expected a happier solution. Stabilization at 28 cents give Peru poor money which will increase the cost of living."
For.. 132.
Generally, however the impartiality of the Kemmerer Commission is
recognized, and action on its recommendations is expected to have a stabilizing effect on the political and commercial situation.
The stabilization report is only one of eleven made by the Commission.
A second report, recommending the establishment of central reserve
bank on a broader and more ample basis than the existing reserve bank,
was made a law Sunday.
The mission sailed for home to-day. In its three-month visit in Peru
there have been four different heads in the Government Palace.
Peru Can Pay Debts, Reported as Finding of Kemmerer
Commission—Recommend Complete Payment of
Interest and Sinking Fund Needs.
From the New York "Journal of Commerce" of April 22
Chase National Bank of New York As Trustee to Make
we take the following:
Part Payment May 1 on Bolivia Bonds.
The complete payment of the
fund requirements on
The Chase National Bank of the City of New York, as the obligations of Peru has been interest and sinking Kemmerer Commisrecommended by the
sion, which is departing from Lima to-day on the completion of the study
successor trustee, has notified holders of Republic of Bolivia
Peruvian finances, it was reported in financial quarters yesterday.
external 25
-year secured refunding 8%'sinking fund gold of was said that
It
the Commission recommends that the payments be made
bonds that on and after May 1, it will be prepared to dis- through economies in the operating expenses of the Government and without
the employment of new credits.
tribute funds held by it as trustee, pro rata to holders of
Since
May 1 coupons as a part payment at the rate of $22 for each has beenApril 1 interest on the second series of the National Loan of Peru
in default. Shortly before interest payments to the bondholders
$40 coupon. The total amount required for the semi-annual fell due the Finance Minister of Peru issued a statement that the Government would make whatever payments it could, but that until the Kemmerer
interest payment on the bonds, of which $22,072,000 princompleted no attempt would be made to estimate
cipal amount is outstanding, amounts to $882,880 and the survey had been meantime, it was declared, payments would have tothe
amount. In the
be
sum available in the hands of the trustee is $485,584. The postponed.
Two Complete Tobacco Payments.
Government of Bolivia has announced its inability to remit
With
the additional funds to pay this interest in full. Upon dicated the default on the second series of the Peruvian Loan, it was inthat the interest on the first series, falling due June 1 also would
presentation of the coupons the partial payment will be made be defaulted. The statement of the Finance Minister had declared however,
by the corporate agency department of The Chase National that complete payments would be made on the 7% tobacco loan.
Whether
Bank of the City of New York at 11 Broad Street and the Payment ofthat portion of the Kemmerer report said to call for the full
interest on outstanding obligations would be accepted by the
coupons will be stamped with the legend "$22 paid hereon" Peruvian Government and the payments actually made was considered
and returned to the persons presenting them. Items re- extremely uncertain. One banker said that the mere recommendation of the
Commission did not mean that
garding the endeavor to make arrangements for taking care gations of the Government. the funds would be found to pay the obliof the interest on Bolivia's debt appeared in these columns
The payments due April 1 amounted to $1.020,000. On the date for the
payment of interest,$405.000 was on deposit for the account of the Peruvian
Feb. 14, page 1139 and April 4, page 2488.
Cuban Interest Payments.
From the "Wall Street Journal" of April 22, we take the
following from Havana:
Government. However, these funds could not be paid out to the bondholders. The contract stipulated that no payments were to be made on the
second series of the loan without the setting aside of funds to meet charges
on the first series. The second series issued in October 1928, amounted to
$25,000,000, and the first, which were offered in December 1927, totaled
$50,000,000.
Cuban Trepsury Department has remitted to J. P. Morgan & Co. $337,889 for interest and amortization on Cuban 55i% bonds due 1953, and to
Speyer & Co.$85,000for interest and amortization on 4 % bonds due 1949.
.4
Earnings taxes on sugar have been deposited at Chase Bank to the extent of $120,000, in accordance with the Chadbourne law, while $12,500
Is waiting at the Treasury for interest on Cuban 5% bonds, which is due
May 1.
Russian Soviet Puts Wage System on Capitalistic
Basis Instead of Equal Division—Piece Work to Be
Inaugurated May 1—Capitalistic Principle of Farm
Pay.
According to Associated Press accounts from Moscow,
April 20, Russia's Communist Socialist Government, in the
France and England Asked to Stay Uruguay Debt—
hope of speeding up production, is dropping Socialism's
Ministers Instructed to Begin Parley for Susprincipal of equal wages and is instituting piece work, genpension.
erally associated with capitalistic systems. It is further
The following (Associated Press) from Montevideo, April
stated in the Associated Press accounts:
22 is from the New York "Evening Post":
Under a new wage system to be introduced in factories, plants, collective
Uruguayan Ministers to France and England have been instructed to
start negotiations looking to temporary suspension of payments on the
national debt. Negotiations with United States bondholders have been
abandoned.
If the proposal fails, it was said to-day, the Minister of Finance has
prepared new estimates creating additional taxes calculated to yield 8,000,000 gold pesos to meet the deficit of 6,000.000 gold pesos which has
been forecast for the end of the financial year, June 30.
farms, mines, railroads and the like, May 1, the wages of workers will
not be based upon the communistic theory of equal division, but upon
the capitalistic idea of rewarding individual efforts on a basis of skill
and ability.
The new system will be called "khozrachiot", which means literally
"economic accounting", and as interpreted in the Government decree means
that the affected industries must henceforth take the responsibility of
fulfilling contracts and adjudging wages without interference from trade
unions.
Although certain elements view the innovation regretfully as a comproValue of Gold Sol, Monetary Unit of Peru, Fixed at 28
Government hopes the system will speed up
mise with
Cents as Proposed in Kemmerer Report—Law Es- production. capitalism, the "khozraschiot" as tending to eliminate waste
Leaders see the
and fix responsibility for managers and workers.
tablishing Central Reserve Bank.
the Stalingrad tractor plant, which
The following is from the "United States Daily" of April is It is explained, as an example, that production, must oontraot with the
in a most chaotic condition as to
24:
State collective farms for the sale of so many tractors at an agreed
The par value of the gold sol. Peru's monetary unit, has been fixed at 28 Price. The Government or bank advances money to ,the farms for these
cents United States currency by a Peruvian decree law to become effective purchases and in return receives a proportion of the crops. Negotiations
May 18 1931, the Commerce Department's Finance and Investment Divi- will be between the fame and the plant, without Government intervension is informed in a cable from Commercial Attache Charles H. Cun- tion, and each will be expected to carry out its contract.
ningham at Lima.
Thus, if the factory production continues to slump, wages will be
The revaluation of the sol will result in a surplus of 22.350,000 soles, reduced accordingly, but if the output increases, wages and bonuses will
which will accrue to the reserve bank, the Government receiving the equiva- be raised proportionally.
lent in class 0 shares of a new larger and more effective central reserve
Under the new system it is understocd that piece work will be introbank created by another decree which was to be published on April 20.
duced throughout. If the farm or factory fails to carry out its contract,
court suits may be brought and the losers subjected to heavy Penalties
From the New York "Times" of April 23 we quote the for
damages. Superintendents would be demoted and various privileges
following from Lima, Peru, April 22:
of workers would be curtailed.
In the "khozraschiot" system the State bank, or financial department,
Last Saturday (April 18) Dr. Edwin W. Kemmerer of Princeton University, internationally known as a writer of financial volumes, placed on will play an important part. Heretofore the bank issued credit to industrial
of the Peruvian Finance Minister the concluding chapter of his bodies on the basis of their material and financial plans. The new system
the desk
latest work, compiled by himself and his staff of experts during the three entirely changes the basis for financing factories, for credits are to be
months they have been in Peru.
Placed on the basis of agreements or contracts between the factories and
That chapter is entitled "The Stabilization of Peruvian Currency on their customers. In this way advancing of credits is made directly
recommends fixing the valuation of dependent on the execution of concrete business transactions.
the Basis of the Gold Standard." It
the Peruvian sol at 28 cents in United States gold, instead of 40 cents, the
Wages of coal miners and railroad workers generally are increased on
figure at which the late Leguia administration endeavored to peg it last an average of about 6% dependent upon the quality of work done.
February.
It is admitted that the new scheme involves an increase in accounting
A few hours later the Provisional Government had promulgated the and bookkeeping, which already is a voluminous task.
National law. Actually, the recomKemmerer recommendation into a
A month ago—Mar. 15—Associated Press advices from
mendation fixed the sol at the value around which it has been fluctuating
in recent months. It merely ratified an accomplished fact, but large sec- Moscow, in making known the tendency in Soviet Russia
tions of the community, headed by importers who had hopes of the sol
toward the capitalistic principle, said:
returning to a higher value, declare that Dr. Kemmerer has "sold out"
Plans for the reorganization of all collective farms in Soviet Russia
to large producers of cotton, sugar and oil, who produce on low currency
along lines which seemingly resemble capitalistic methods, but which are
and sell abroad in dollars.
APRIL 25 1931.]
FINANCIAL CHRONICLE
expected to achieve results in output far exceeding the five-year plan,
were outlined in a resolution presented to the All-Union Congress for
approval to-day.
In presenting the proposal to the Congress, Commissar of Agriculture
Yakovlev said the communal farm movement already was a success, with
more than 9,000,000 peasant families members of the farms. He added
that officials admitted there were numerous defects and unsolved problems
In the present system.
Under the new scheme th Commissar of Agriculture said the most difficult question—equalization of labor—was expected to be answered by
the introduction of the piece-work system in more than 85,000 collectives.
The standard of wages would be fixed either in money or commodities;
so that the man who worked hard would receive more than the man who
did not.
Under the new scheme the Commissar of Agriculture said the most diffilective farms have made certain contributions of live stock and farm
equipment to the common fund. Many of these then did as little work
as possible, with the industrious ones doing an undue portion of the work.
As a result, the Government did not receive the percentage of grain to
which it was entitled under the provisions of the collective farm plan.
At the same time the slack worker Would share equally with the hard
toilers in the proceeds. Under the new proposal the Government will
emphasize the dictum of "only those who work may eat".
The piece-work system already is in use in a number of Soviet factories,
and experiments recently were made of the method on collective farms
with excellent results, according to Commissar Yakovlev.
The reorganization plan, while contemplating the maximum labor of
every able-bodied man and woman on the farm, provides a separate fund
to care for the children and the sick and injured.
M. Yakovlev told the congress that many of the hated kulaks (rich
peasants) were on their last legs. He cited figures showing that they
sold 126,000,000 poods [a pond is 36.07 pounds] of grain in the fiscal
year of 1926-27, while last year the Government obtained from the collective farms 487,000,000 poods.
"The problem of agriculture in the U. S. S. R. [Union of Socialist
Soviet Republics] is already solved," the commissar declared. "And
the day of the kulak is passing. In many districts he has already
disappeared."
Although he did not explain what had been done with these lculaks, it
is understood that the majority have been exiled to the northern districts
and Siberia, where they are permitted to make a living by manual labor
or in opening up barren tracts of land.
The commissar told the congress that Russia had the largest farms in
the world. One of them, he said, contains over 200,000 hectares [about
500,000 acres]. He added that 65,000,000 hectares [about 162,500,000
acres] were under cultivation in collective farms this year, in addition
to 5,000,000 hectares [about 12,500,000 acres] in State farms.
He said live stock presented one of the country's problems, but that
plans had been completed for greatly increasing the meat supply in 1931,
principally through State cattle, swine, and sheep ranches. The shortage
of live stock was increased last year when, under pressure of collectivization, many peasants, fearing confiscation of their cattle, slaughtered
more than 50% of their stock. Under the warning of Joseph Stalin to
go slow, however, the pressure was eased, but great damage had already
been done.
The Government then began organizing numerous breeding farms with
the result that at the end of 1930 there were 140 State cattle ranches
with 1,200,000 head of cattle. There also were 441 swin ranches on
Mar. 1, with 234,000 animals, which, it is expected, will be increased to
2,000,000. The Government also hopes to turn out 4,000,000 sheep
in 1931.
While much of this stock will be used for home consumption the Government figures on certain exports, principally butter and cheese.
Russian Cotton to Compete with American Crop—Carl
Williams of Federal Farm Board Discusses Russia's
Intention to Increase Acreage 80%.
Soviet Russia's reported intention to increase by 80% its
cotton production this year means probably that Russia
will be eliminated as a market for cotton of the United
States and constitutes a threat to United States markets
for cotton in other foreign countries, Carl Williams, member of the Federal Bann Board representing cotton growers, stated orally April 10. The "United States Daily" of
April 11, from which the foregoing is taken, also said:
Cotton is by far the leading agricultural export of the United States,
according to the Department of Agriculture.
Seeks More Grain Acreage.
Although hampered by a lack of animal power, tractors and equipment,
the Soviet Government is making more strenuous efforts than ever before
to succeed in the spring grain sowing campaign in order to make up for
the failure to attain the expected increase of 10,000,000 acres in fall
plantings, the Department of Agriculture states.
Amounts of grain procured by Soviet Russia this year will be much
larger than those last year, although this season's campaign probably will
not be 100% successful, according to the Department.
Other Markets Threatened.
Russia, says Mr. Williams of the Farm Board, not only is threatening
American markets for cotton, but also is threatening to capture, as
Soviet production increases, the foreign markets of the United States for
lumber and oil, as well as wheat.
The following information also was given orally by Mr. Williams:
Russia formerly took an average of about 350,000 bales of United States
cotton a year, and has taken as high as 600,000 bales. This year, however, she is exporting about 160,000 bales and is importing less than that
amount, and her exports are being offered on the Liverpool market at
one-half cent a pound less than the price of American cotton. With the
contemplated increase in production in Russia, that country will be able
to supply all of its own requirements and to invade the world markets
in a more extensive way.
Expect More Consumption.
There is some hope that an expected increase in consumption of cotton
within Russia will lake care of some of the added production so that not
all of it will be thrown on the world markets.
3063
The Farm Board believes there will be a reduction in cotton acreage
in the United States this year, and feels that it will be well rewarded for
its efforts to reduce production. No immediate rise in prices is looked
for, but it is expected the price level will rise gradually as business in
general revives and domestic consumption increases, reducing the present
heavy surplus supplies.
More food and feed crops are being planted in the South than ever
before. The prospects are that the South soon will be on a more nearly
self-sustaining basis than it ever has been.
Order Issued in Moscow Forbids Soviet Importing Organizations to Buy or Use Canadian Goods.
Associated Press advices from Moscow, April 21, stated:
H. Rosengolz, People's Commissar for Foreign Trade, issued an order
to-day forbidding all Soviet importing organizations and trade representatives abroad to buy any Canadian goods or use Canadian shipping. The
order was in response to the Canadian Government's embargo against
Soviet-made goods.
The Canadian Government, the order says, explained its embargo against
Soviet goods by referring to the fact that Russia was not a signatory to
the Versailles treaty. However, since there are many countries which
did not sign the treaty, including the United States and China, with both
of which Canada maintains normal trade relations, the order asserts that
the Canadian Government's decision is "obviously aimed against the
Soviet Government".
Soviet Russia Ships Wheat and Oats into Austria for
First Time.
From the "Wall Street Journal" of April 13 we take the
following from Washington:
For the first time Russia has shipped wheat and oats into Austria,
according to advices to •the Department of Commerce. The shipments
went in transit through Rumania and have arrived at Vienna. During
the summer important shipments are anticipated in the Danube region.
Advices state heavy shipments of Soviet wheat are moving from Leningrad
to the ports of Tallinn and Riga. Warehouse space has been leased by
the Soviet grain trust at Tallinn to facilitate wheat transportation.
New South Wales Bank (Australia) Closes—Negotiations for Amalgamation with Commonwealth
Savings Bank.
Associated Press cablegrams April 22 from Canberra,
Australia, stated that James Scullin, the Prime Minister,
announced that night that the New South Wales Savings
Bank would not open its doors the following day. It was
further stated that the bank had met all demands upon it
on April 22 and the heavy run which started the previous
day had decreased considerably before the usual closing
hour.
The deposits of the bank are reported as $425,000,000.
The Associated Press account of April 22 also said:
Sir Robert Gibson, Chairman of the Board of the Commonwealth Bank,
has informed Premier Lang of New South Wales, that his bank will provide
assistance to relieve depositors who might be embarrassed by the closing of
the State Bank. The offer is subject to the approval of the State Government.
The bank officials at Sydney and Melbourne assured depositors that the
Bank was solvent and the President of the institution explained that its
directors considered It best to close pending the outcome of negotiations for
a merger with the Commonwealth Bank of Australia.
The board of the Commonwealth Bank has made assistance to the
savings bank conditional on the agreement of the New South Wales Government to adopt a certain course of procedure drawn up by the board.
As soon as the proposals are agreed to, the details will be published and aid
extended.
The State Government already has approved the recommendation of the
directors that the Commonwealth Bank be asked to take over the institutions, and the President said to-day he was confident that a decision on the
merger proposal would be reached quickly. The combination would require ratification of the Commonwealth Parliament and the State Legislature of New South Wales.
Mr. Scullin said to-day that the Government bill for the issuance of $90,000,000 in fiduciary notes which the Senate rejected last week might be
submitted to Parliament again in the immediate future and that the Commonwealth Bank might ask legislation to increase the notes it is empowered
to issue, in the face of the increased responsibility which would be thrown
upon it after the proposed merger.
The Bank might meet the situation under existing statutes, Mr. Scullin
said, but it would be necessary to enact the fiduciary notes bill to anable
the Bank to protect the interests of depositors in the State Savings Banks.
Opposition members in the Parliament already have indicated that they
wM support any measure to restore public confidence, he said.
It is added that all of the State Bank's 192 branches and
642 agencies will be closed "until further notice" pending
the conclusion of the merger negotiations. Canberra advices
April 22 to the New York "Times" said:
One of the facts likely to influence the board of the Commonwealth
Bank in its consideration of Premier Lang's request that it take over the
New South Wales State Savings Bank is that the New South Wales Government owes tne State Savings Bank about $150,000.000 and Mr. Lang's
Policy of repudiation makes the prospect of taking over the debt uninviting
unless satisfactory assurances are given.
Also outstanding is the need to conserve the interest of trading banks.
on whose behalf the Commonwealth Bank holds $140,000,000.
It Is stated that there is no ground for panic and that the financial position in New South Wales is well in hand.
From Melbourne April 23 Associated Press advices said:
The board of the Commonwealth Bank is considering the proposal of
the New South Wales Savings Bank for amalgamation and has already
promised that the interests of the depositors will be safeguarded.
3064
FINANCIAL CHRONICLE
[VOL. 132.
outgoing payments to exceed receipts to a point where the
exchange situation became a serious problem. Early last
year tariff rates were raised with the result that during the
As to the effect on the market here of the closing of the latter part of 1930 imports declined sharply. The analysis
New South Wales Savings Bank, we quote the following continues:
Important as the effect of the decline in export prices and the cessation
from the New York "Evenig Post" of April 22:
of
The Loan Council met to-day but this matter did not come up for discussion. Sir Robert Gibson, Chairman of the Commonwealtn Bank, had been
summoned but was unable to appear. He will confer with the Council
Sunday relative to the proposed merger.
foreign borrowing has been, these influences in themselves are not alone
Australian bonds declined sharply in the New York market to-day fol- responsible
for the very serious economic depression which Australia has
lowing the news of the failure of the New South Wales Savings Bank.
been experiencing during the past year and a half. By the end of 1930,
The commonwealth 5s of 1955 and 1957 declined about 5 points each to the
index of unemployment was reported as 23.4 as compared with an index
61 and then recovered slightly. Prices were around 62 in the last hour. of 13.1 a year
previous. These figures, moreover, take no account of
Trading was fairly active for a time. New South Wales 5s of 1957 and 1958 the
fact that great numbers of so-called employed are working only partdeclined to new low territory around 54. Queensland state 6s were off a time. So
very complex has the internal situation become that it is difficult
point to 72. Brisbane 6s sold at 69, a decline of 6 points, while the 5s to
distinguish between causes and effects. For some years affairs seem to
were off 136 points at 56w.
,
moving in a vicious circle in which higher wages, higher tariffs
have
The market for Australian bonds has been somewhat firmer in recent and been
higher costs appear to be the outstanding features.
weeks following the selling that followed the threat of a new South Wales
A long period of high tariffs has fostered a number ofsecondary industries
default in London. The commonwealth 5s recovered about 10 points,
drawing labor away from wool and sheep production
but they lost about half of this gain in to-day's selling movement. New in the towns and cities,
concentrating an unduly large proportion of the population in Australian
South Wales defaulted, but the deficiency was made up by the common- and
towns and cities. With tariff protection the number of factories has inwealth of Australian Government, which is now trying to collect from the creased
rapidly but the majority of them are small and do not employ
State Government.
their capital and labor to the best advantage. Many of these industries
could not live without such protection since their production costs are
cheaper
Rejection by Australian Senate of Bill Providing for so high that, unaided, they would be unable to compete with fill most
imported goods. Thus the agricultural industries are obliged to
Issuance of $90,000,000 Fiduciary Currency.
of their requirements for goods and machinery at an artificially high domesRegarding the rejection on April 17 by the Australian tic price level.
One important factor in the high production costs common to all AustralSenate of the bill providing for the issuance of $90,000,000 ian industry is the high wage scale. During the past 15 years money
of fiduciary currency (to which reference was made in wages of Australian workers have more than doubled, yet there has been
these columns last week, page 2874) we quote the following practically no increase in per capita productivity. With the rise in wages,
the body of workers,taken as a whole,
cablegram to the New York "Times"from Canberra April 17: employment has been de-cliningso that
is no better off for the higher wage scale. One of Australia's difficulties has
The Commonwealth Labor GovernInent was face to face with another been a too rapid expansion in public works and developments.
crisis to-day. In the first place the Senate voted, 21 to 6, to reject the
Whatever plans for rehabilitation may be adopted, it seems evident
fiduciary notes bill which is the mainspring of the financial policy adopted that the solution of Australia's difficulties must lie in the realization that
by Prime Minister J. H. Scullin.
there is no short-cut to prosperity. The way lies along the path of rigid
An angry scene in the lower house when this result was announced was and long-continued retrenchment and a gradual readjustment of internal
partly subdued when the Commonwealth Treasurer, E. G. Theodore, economy to a system which is in closer accord with world conditions.
tabled a memorandum—he called it an ultimatum—from the Common- A reduction of internal prices is no easy matter and would occasion serious
wealth Bank to the effect that the limits of the Government's overdrafts inconvenience to Australia's secondary industries. Their salvation must
had been reached. As a result of the Senate action there may be an Aus- lie in better management and more economical production methods. As
tralian general election, but possibly not before July 1.
for the primary industries, wool and wheat raising, it would seem that some
Premier Sculling is determined to avoid an election in which the House measures more permanently helpful than a bounty are needed if these inof Representatives alone would be involved but to hang onto office until dustries are to be enabled to produce at a profit and thus to lead the way in a
he can obtain a double dissolution in which the Senate, with its large Op- return to prosperity.
position majority, would also have to face the judgment of its constituents.
The difficulty is that by the terms of the Constitution there can be a double Chairman of Commonwealth Bank of Australia Warns
dissolution of the lower house and the Senate only if the Senate rejects
Government Against Continued Demands for
twice, with an interval of three months, a bill passed by the House of
Representatives.
Financial Assistance.
Premier Sculling cannot therefore compel the Senate to go to the country
The following from Sydney (Australia) April 21 is from
for another three months, and the situation in the House of Representatives is so precarious that it is doubtful whether the Ministers will be able the New York "Evening Post":
to maintain themselves in office for that period. The fiduciary notes bill
Sir Robert Gibson, Chairman of the Commonwealth Bank of Australia.
was admittedly a measure of inflation designed to restore prices to the 1929 has written to E. G. Theodore, Federal Treasurer, that if the demands of
was opposed on that ground.
level and
the Australian Governments for enormous loans continue, the Bank must
It would have given the Commonwealth Treasurer authority to issue consider ceasing further financial assistance to the Governments.
treasury notes for 890,000,000, of which $30,000,000 would have been
Sir Robert sent Mr. Theodore a table showing that debt commitments.
for relief of wheat farmers and 860,000,000 for the unemployed. Now mainly in the form of Treasury bills and overdrafts, which have been proSenate has shown itself determined to prevent the Scullin Ministry vided for the various Governments by the Commonwealth Bank on April
that the
from putting its policy into effect the Premier's position becomes almost 2 amounted to 8655,000,000.
desperate, and the more so since he is dependent on the support in the
House of Representatives of the "debt repudiationists," under the outside
of Federal Land Bank of Houston
direction of Premier J. T. Lang of New South Wales, who is carrying a President Gossett
Defends Adherence by Land Banks to Firm Collecbitter fued against the Scullin party in every constituency of the Commonwealth.
tion Policy—Benefits of Loans Cannot Be Secured
An appeal to the country is certain in three months and may be forced
He Says Except by Prompt Payments—Objections
"ultimatum" to the Government
before then. The Commonwealth Bank's
was a plain statement that it would be unable to increase the Commonto Proposed Congressional Resolution.
wealth Government's overdrafts beyond a total of 8126,850,000 in AusThere has just been brought to our attention a letter
tralia and $130,625,000 in London without impairing the commercial trading utility of the Bank.
addressed on Feb. 28 by President Gossett of the Federal
"This action," said Mr. Theodore, "is an attempt to usurp the func- Land
Bank of Houston Tex.to officersof National Farm Loan
tions of the Government."
time before
The Government is directly represented on the board of the Common- Associations regarding a resolution at that
wealth Bank by the Secretary of the Commonwealth Treasury and there- Congress opposing a firm collection policy in the matter
fore must have been aware of what was coming. There is a general beLand Banks to farmers—In a
lief that the "ultimatum" actually was little more than those admonitions of loans made by Federal
which all banks address to customers who allow overdrafts to mount further letter sent to a Texas Congressman, Mr. Gossett
beyond the limits of safety.
that "the benefits of Federal Land Bank loans
J. A. Lyons, former Acting Treasurer under Premier Scullin, to-day asserted
He said
took charge of the Nationalist party and thus becomes the leader of a cannot be secured except by prompt payments."
nation-wide movement embracing men of all parties whose main purpose "It
stands for fundamental co-operative credit, necessarily
is to insist on unswerving honesty in the financial administration, both of
the world." It can not be
the Commonwealth and the States. The forthcoming general election will the strictest credit known to
therefore be a tripartite struggle between Mr. Lyons, Mr. Lang, the re- otherwise. If it fails, then agriculture goes back to inpudiationist, and Mr. Theodore, the inflationist, with Premier Scullin as
dividual credit with its high interest rate and short maMr. Theodore's nominal leader.
turities. You can not have the benefits of co-operative
credit with all its economies and savings, except upon
Low Prices for Wheat and Wool and Cessation of meeting
the conditions that make it possible." The two
External Borrowing Seen as Immediate Causes of
letters of Mr. Gossett follow:
Australia's Difficulties by Bank of America.
THE FEDERAL LAND BANK OF HOUSTON
Low prices for wheat and wool and a cessation of external
District No. 10, State of Texas
Houston, Texas. February 28 1931.
borrowing are the more immediate causes of the difficulty
Loan Associations
which has been confronting Australia during the past year To the Officers of the National Farm copy of letter this Addressed: to a
day written
You
balance international receipts and payments, Texas may be interested in reading the Congressman and the names of
in seeking to
Congressman. The name of
for the Bank of America associations are omitted.
according to an analysis prepared
It is an interesting story of how and why our borrowers in the drouth
review. The analysis mentions a number of contributory
area
with their contracts, thus enabling the Federal
causes which have been at work for a long time, including Land are keeping faith to carry on, without serious embarrassment as to
Bank of Houston
high production costs of all Australian products, a high and it own financial condition, which otherwise would be impossible. It
showing its
in this
somewhat inflexible wage rate and an internal price scale will be noted that the Federal Land Bank is loans, largelyfaithexcess of
in
to serve in the way of new
which is well above the world level. Despite a steady de- area by continuingreceives from this section. This supply of new funds at
all funds the bank
cline in export values over the past three years, it is noted a time when they are most needed is a substantial contribution to the
part of 1930 and at recovery and welfare of agriculture in this drouth area. We would not
Imports continued heavy until the early
the same time borrowing came to a halt, thereby causing be justified in this, if large delinquency developed at this time.
APRIL 25 1931.]
FINANCIAL CHRONICLE
The record your borrowers are making in meeting their payments
sustains us in our wish to continue to serve, and it is a great tribute to
the citizenship of your section of this great state. There is being circulated in this section of our District copy of resolution introduced in Congress suggesting that Federal Land Banks were intended to help farmers
in distress and opposing a firm collection policy. (The resolution was not
favorably reported.) There is not a line in the law about serving farmers
in distress who cannot pay, but on the other hand the qualities of character,
solvency and security, in addition to the endorsement of all loans by the
association, are written large throughout the law. It could not be otherwise, if the bank is to maintain its own financial integrity and serve
agriculture as was intended. No revenues are provided in the law to pay
interest on the bank's obligations, except from interest on the borrower's
loans. A great co-operative business founded on a cash basis cannot be
successfully conducted on a credit basis. Nothing less than sustained effort
and continued success can justify the bank in its present attitude. Please
see to it that we are not disappointed.
Yours very truly,
(signed.) H. H. Gossett, President.
COPY OF LETTER
February 28 1931.
Hon
House Office Building,
Washington, D. 0.
Dear Mr.
:—The Dallas News of 17th instant carries
under a Washington headline a letter which purports in part to be a copy
of one written to me. It refers to 400 farmers in
County,
Texas, half of whom it is stated cannot meet their semi-annual installments on their Federal Land Bank loans, and ask that the bank refrain
from further foreclosures in the drouth area. That these farmers would
pay if given sufficient time, and that they will pay, if given a dog's
chance.
First, you are advised that the Federal Land Bank has yet to order its
first foreclosure in the drouth area in North West Texas, a territory
larger than the state of Ohio. From San Angelo north to Dalhart and
from Wichita Falls west to the New Mexico line we have loaned $56,340,600. Weather conditions have been subnormal in all this area for 1930
and all staple crops like cotton, wheat and sorghum grains suffered
severely from drouth. In June, 1930, the existence of severe drouth was
recognized. We have closed in new loans, since June 1, 1930, in the
drouth area $3,791,000. Average amount of installments in this area
for the same time is $2,539,000. Deducting 11%, the average refunclaq
loan, it follows that the Federal Land Bank has passed in new funds to this
area $1,200,000 in excesa of total payments due to the bank.
If the many public prophecies, beginning early last fall to the effect
that half the borrowers could not pay and that a firm collection policy
now would be a delinquency in this area in excess of $1,250,000. As a
matter of fact total delinquency to the bank as upon February 28 1931,
is less than $200,000 in the entire state. If the estimate as to amount of
delinquency in this area were sound, then would we have been justified in
extending new credit in excess of a million dollars over the amount owing
us in this District and period?
The benefits of Federal Land Bank loans cannot be secured, except by
prompt payments. It stands for fundamental co-operative credit, necessarily the strictest credit known to the world. It cannot be otherwise.
If it fails, then agriculture goes back to individual credit with its high
Interest rate and short maturities. You cannot have the benefits of cooperative credit with all its economies and savings, except upon meeting
the conditions that make it possible.
It is apparent that the board and officers of the Federal Land Bank
of Houston have more confidence in the will, purpose and ability of our
borrowers to pay, than you and others who prophesy defaults in large
volume. The primary responsibility of officers of Federal Land Banks
is to so conduct its business as to justify the confidence of investors to
the end that we may continue to sell bonds, and thus continue to serve.
The borrowers appreciate the great economic value and actual cash
saving of Federal Land Bank loans. They realize that the bank's profit
Is less than a gross 1% per annum, measured by the interest the bank
must pay on its bonds, and the interest charged the borrower. That our
average interest rate of 5%% as compared to the former rate of 8 and 10%
must be maintained. Our borrowers in this area save from 2% to 4%% per
annum on their interest charges which is in excess of $1,500,000 per annum.
They realize that an institution that borrows the money it lends must be
just, before being generous. That to fail to collect is to fail to pay its
own obligations, which would mean failure of the system.
The people of this section of Texas are virile and resourceful. They
call on the well-to-do among their friends and neighbors, and relatives
in other parts of the state and other states, for loans with which to meet
their payments. There is no part of Texas or the United States which
has assurances of good crops and good prices every year. Every part is
subject to drouth, floods, insects, short crops and low prices in any year.
We could not sell our bonds and give the necessary guaranty of prompt
payment of interest, if it were understood that borrowers in substantial
numbers in wide areas need not pay if they had disappointing crop conditions. Experience of fourteen years of both bank and farm loan associations show that as delinquency in payments and taxes grow, the hazard
of loss to the borrower, the bank and the association increases.
There are some borrowers now in the drouth area who are taking note
of the rather wide publicity of opinion, that they cannot pay, and as a
consequence they are not paying. Some farm loan associations in this area
from surplus funds accumulated from dividends, are keeping faith with
the endorsement of each loan made through them, and making payments
to the bank where the borrower fails. Their ability to do this is limited
to the surplus accumulated, and in some associations this fund is exhausted.
These associations are now calling upon the Federal Land Bank to
prepare
foreclosure papers for the association, and foreclosure will follow if
the
delinquent borrower does not reimburse the association.
Dealing with
County farmers you are advised that of
the 525 borrowers through the
Association 77% have made
their payments during the first twenty-seven days of the month of maturity
This is the most disappointing situation in the drouth area, but it is far
better than the estimate that not over 50% could meet their payments.
It may be interesting to refer to 638 borrowers through the
County) and to the record that maturities
Association (
In the month of January were paid, and a delinquency of only 1.4% of
County, you will recall, joins
the total is past due.
on the west and with like climatic conditions. The
delinquency to the bank covering the whole state to-day is less than 2%
of the total amount owing annually, including the drouth area.
3065
I am sure that you and others, who have predicted failure for these
borrowers did not intend to injure the bank, association and borrowers by
such publicity, but in fact it has operated to seriously hinder and handicap
the bank in making collections, and therefore injures the bank, association
and borrowers. There is a unity of interest and responsibility as between
the three. Present depressed agricultural conditions require a steady
co-operative pull, all to the end that public confidence in the usefulness
and strength of the system be not impaired.
Foreclosures may follow, for in many cases borrowers have become despondent and ceased to make efforts to pay. After a series of delinquency
they cannot pay, and forebearance of foreclosure under such conditions
serves no useful purpose to the borrower, and results in substantial losses
to the bank, the associations and solvent borrowers who continue to make
their payments. Let's all work together and make a record for safety and
soundness that will perpetuate the benefits of Federal Land Bank loans
to this and succeeding generations of Texas farmers.
With assurances of personal regard, I am
Yours very truly,
(signed.) M. H. Gossett, President.
Joint Stock Bank Denied Deduction on Interest Paid—
United States Supreme Court, In Case Affecting
First National Bank of Chicago, Refuses Claim
Based on Indebtedness Incurred in Carrying of
Farm Mortgages.
The following decision of the U. S. Supreme Court is
from the "United States Daily" of April 17:
FIRST NATIONAL BANK OF CHICAGO V. UNITED STATES.
Supreme Court of the United States, No. 124.
On writ of certiorari to the Court of Claims.
Harold V. Amberg for petitioner; Charles B. Rugg, Assistant Attorney
General (Thomas D. Thacher, Solicitor General, H. Briand Holland.
Erwin N. Griswold and Bradley B. Gilman with him on the brief).
for respondent.
Opinion of the Court April 13 1931.
Mr.Justice McReynolds delivered the opinion of the Court.
The First National Bank of Chicago made a consolidated corporation
income and profits tax return for the year 1922 which, among other things.
disclosed results from operations of two affiliated corporations, the First
Trust Joint Stock Land Banks of Chicago and Dallas, organized under
the Federal Farm Loan Act of 1916. It claimed the right to deduct from
total receipts the amounts paid (or accrued) during the year by the Land
Banks for interest upon their outstanding bonds. The Commissioner refused to allow the deductions. Payment as demanded was followed by suit
to recover in the Court of Claims. Judgment went against the bank and the
matter is here upon certiorari.
From the findings, based upon a stipulation of facts, it appears—
'The First Trust Joint Stock Land Bank of Chicago and the First Trust
Joint Stock Bank of Dallas, which were organized under the Federal Farm
Loan Act of July 17 1916, issued to and (or) had outstanding in the hands
of the public in the year 1922 their joint-stock land bank bonds,respectively,
on which interest was paid and (or) accrued in the year 1922,in the aggregate
sum of $78,807.80, Part of which was the intercompany transaction in the
amount of $5,810 25, leaving a balance paid or accrued of $72,997.55. As
security for the payment of said Joint-stock land bank bonds said joint-stock
land banks, as provided in the Federal Farm Loan Act, deposited with the
proper farm loan registrars farmers, promissory notes evidencing loans to
said farmers, which, in turn, were secured as to payment by said farmers'
first mortgages on their farms.
•
Use of Proceeds.
'The proceeds coming Into the hands ofsaid joint-stock land banks from
the issuance and sale of said joint-stock land banks bonds were used by said
joint-stock land banks to make new additional loans to farmers, which new
loans made from the proceeds of said joint-stock land bank bonds issued
and (or) outstanding in 1922, were made in each instance in consideration
of the making and delivery by the borrowing farmers, respectively, of their
promissory notes secured as to payment by first mortgages on their farms.
"All of said loans, respectively, and the farmers' notes and mortgages,
respectively, evidencing said loans, were designed to be and were of such a
nature as to comply with (1) all the terms, conditions, restrictions, limitations, and requirements specified In the Federal Farm Loan Act, as requisite
to qualify said loans, notes, and mortgages, as 'first mortgages' in contemplation of said Act, so as to make them available as collateral security
against the issue of joint-stock land bank bonds; and (2) all terms, conditions, restrictions, limitations, and requirements, statutory or otherwise,
specified in the laws of the State in which the farm which was the subject
of the particular loan was located (to wit, the States of Illinois, Iowa,
Texas, and Oklahoma, respectively), as requisite to quality said loans,
notes, and mortgages as valid and subsisting first mortgages, in contemplation of such laws.
"Said notes and mortgages contain an agreement providing for the
repayment of the loan on the amortization plan, as provided in section
12. second, of the Federal Farm Loan Act, and such agreement in respect
of each note and (or) mortgage was not extinguished within a periodlof
less than 33 years, except, of course, at the option of the borrower.
"The interest received by the plaintiff on such farmers' notes and mortgages was not taxable as income to the plaintiff and was not so taxed in
respect of plaintiff's return for the year 1922."
Basis for Decision.
Decision of the cause must turn upon the construction of pertinent
portions, Revenue Act 1921, Title II. c. 136,42 Stat.227.237,238,252,254.
Sec. 213 provides that the term "gross income" does not include interest
upon "securities issued under the provisions of the Federal Farm Loan Act
of July 17 1916."
Sec. 230 imposes a tax at specified rates upon the net income of every
corporation.
--"(a) That in computing the net income of a corporaSec. 234 provides
tion subject to the tax imposed by section 230 there shall be allowed as
deductions; . . . (2) All interest paid or accrued within the taxable
year on its indebtedness, except on indebtedness incurred or continued
to purchase or carry obligations or securities (other than obligations of the
United States issued after Sept. 24 1917, and originally subscribed for by
the taxpayer) the interest upon which is wholly exempt from taxation under
this title."
The Federal Farm Loan Act 1916. c. 245. 39 Stat. 360, 372. 374, 380,
provides (sec. 16) for the formation of joint stock land banks "for carrying
on the business of lending on farm mortgage security and issuing farm loan
bonds" which "shall have the powers of, and be subject to all the restrictions
3066
FINANCIAL CHRONICLE
and conditions imposed on, Federal land banks by this Act, so far as such
restrictions and conditions are applicable."
Sec. 13 authorizes Federal land banks: "First. To issue, subject to the
approval of the Federal Farm Loan Board,and to sell farm loan bonds of the
kinds authorized in this Act, to buy the same for its own account, and to
retire the same at or before maturity. Second. To invest such funds as
may be in its possession in the purchase of qualified first mortgages on
farm lands situated within the Federal land bank district within which it is
organized or for which it is acting."
Exemptions Provided.
Sec. 26. "That every Federal land bank and every National farm loan
association, including the capital and reserve or surplus therein and the
Income derived therefrom, shall be exempt from Federal, State, municipal
and local taxation, except taxes upon real estate held, purchased or taken
by said bank or association under the provisions of section 11 and section 13
of this Act. First mortgages executed to Federal land banks, or to joint
stock land banks, and farm loan bonds issued under the provisions of this
Act, shall be deemed and held to be instrumentalities of the Government
of the United States, and as such they and the income derived therefrom
shall be exempt from Federal. State, municipal and local taxation."
As pointed out by the court below—"Joint-stock land banks, not being
permitted to engage in any business, except that of making loans to farmers
and issuing their bonds to procure the necessary funds therefor, do not ordinarily have income subject to taxation, and so long as such banks operate
as individual and separate institutions, it can not make the slightest difference whether they have or do not have the right to deduct the interest
paid on their bonds. Their income is tax exempt,and consequently the right
to make deductions therefrom means nothing. When, as in the instant
case, joint-stock land banks are affiliated with banking corporations that do
have taxable incomes, the question assumes importance, as the interest
deduction, if allowed, reduces the tax liability of the affiliated group—even
then, however, it in no way affects the joint-stock land banks included in
such consolidation. They have no taxable income and they pay no taxes."
Considering the circumstances, we find no reason to conclude that Congress intended to permit any ordinary commercial bank, with income
subject to taxation, to secure partial relief therefrom through affiliation
with a joint-stock land bank. That result would follow approval of the
petitioner's position.
Intent of Act.
In Denman, &c., Nauts, Collector, v. Clayton, decided Feb. 24 1931,
we said—"The manifest purpose of the exception in paragraph 2, sec. 214
(a), was to prevent the escape from taxation of income properly subject
thereto by the purchase of exempt securities with borrowed money."
The Federal Farm Loan Act (sections 16 and 13) empowers Joint Stock
Land Banksto invest their funds "in the purchase ofqualified first mortgages
on farm lands." The obvious meaning is that loans might be made on such
security. Loans, so made, become "securities issued under the provisions
of the" Act and interest upon them is wholly exempt from taxation under
Title II, Revenue Act of 1921.
Interpreting the language of the exception in section 234 in view of the
legislative purpose, we think that the farm mortgages owned by the affiliated
Joint Stock Land Bank must be regarded as "obligations or securities the
Interest upon which is wholly exempt from taxation under this title,"
and that the bonds issued by them constituted indebtedness incurred to
purchase or carry such obligations.
Affirmed.
[VOL. 132.
ties may obtain Federal funds to aid in capitalizing agricultural credit corporations and how these funds supplement
permanent farm credit facilities. A few pages are devoted
to long-term mortgage credit facilities, but the main discussion pertains to the functions of the Federal Intermediate
Credit Banks, the relation between these banks and local
commercial banks and credit corporations and how commercial bankers may set up agricultural credit corporations to
to the benefit of themselves and their communities. Also,
there is discussed the action of Congress in making available
funds to be loaned to individuals or organizations which wish
to borrow on the capital stock of agricultural credit corporations or livestock loan companies either for the purpose of
organizing new local institutions or increasing the capital
stock of those already in existence.
The pamphlet stresses that "The Federal Government will
lend money to individuals to purchase stock only in the
event that sufficient local capital is subscribed to insure
local responsibility and good management. Local interests,
therefore, should provide a substantial percentage of the
necessary capital."
When asked concerning the petition which the presidents
of The Federal Intermediate Credit Banks recently sent to
the Secretary of Agriculture asking him to continue loans of
this character for a much longer period, Mr. Wall said that
the Secretary had not yet taken any action. He said that
there is no limiting date in the act appropriating the money
but that the secretaries of state associations had been hired
only for a short period. The States officially listed as visited
by the severe drouth last year total 22. There are State
committees in each of these. The Department is making
drouth loans also in Kansas, New Mexico, South Dakota,
Wyoming and Michigan covering parts or all of these States.
Mr. Wall commented favorably upon the action taken by
the Federal Farm Loan Board recently which permits agricultural credit corporations, livestock loan companies or
banks to charge borrowers as much as 3% in addition to
the discount or loan rate of The Intermediate Credit Bank,
with the exception, of course, where this brings the total
above the State legal limit. The previous limit was 2 and
23'%. Mr. Wall said:
"I believe this action should result in a larger service on the part of
The Federal Intermediate Credit Banks, the organization of more sizable
agricultural credit corporations, livestock loan companies and more extensive use on the part of banks. This spread should interest a large number
of bankers who heretofore have not found the returns on paper discounted
with The Intermediate Credit Banks sufficiently large to induce them to
discount farmers' paper."
Loans for Drouth Relief Total $39,644,769—Seed and
Feed Fund Advances Amount $34,812,869.
A total of $39,644,769 has been lent from the three funds
appropriated for drouth relief, the National Advisory Loan
Unofficially, it is estimated that the Department of AgriCommittee of the Department of Agriculture announced on
April 22, according to a Washington dispatch on that date culture is likely to lend about $35,000,000 of the $45,000,000
to the New York "Times" from which the following is appropriated for the seed loans and it will lend possibly onehalf of the $2,000,000 appropriated for loans in the five
also taken:
From the $45,000,000 appropriation for seed and feed loans, $34,812,869 Southeastern States. Possibly the loans for rehabilitation
was lent; from the $20.000,000 appropriation for credit purposes, $3,608,- will total one-half of the $10,000,000 allocated by the
301, and from the $2,000,000 appropriation for direct relief, $1,223,599.
Secretary. At this time it was impossible to estimate how
A total of 296,128 loans were made.
The possibility that much of the drouth-relief money appropriated by much of the $10,000,000 allocated by the Secretary for loans
the last Congress may not be used was discussed in a recapitulation of to aid in the capitalization of agricultural credit corporations
these funds by the Committee today.
will be used. Much depends, of course, upon the length of
time for which the Secretary makes this fund available, for
Loans Made by Secretary of Agriculture to Assist in there is an increasing interest in this subject over a wide
Establishment of Agricultural Credit Corporations.
territory. The members of the National Advisory Loan
To date the Secretary of Agriculture has loaned $304,000 Committee in the near future will address a, number of meetto aid in the capitalization of agricultural credit corporations ings of State bankers' associations, explaining in detail the
or livestock loan companies or extension of their capital operations of agricultural credit corporations.
structures from the $10,000,000 allotted by him from the
$20,000,000 appropriated by Congress for the rehabilitation Chairman Stone of Federal Farm Board Denies Reports
of agriculture. These loans, according to Norman J. Wall,
of "Dumping" of Wheat Holdings Abroad—Statethe Executive Secretary of the National Advisory Loan Comment by S. R. McKelvie of Board.
mittee, have been made to 14 agricultural credit corporations
Following reports published in the New York "Times"
and livestock loan companies. "We are just beginning to on April 21 to the effect that the Federal Farm Board was
feel the cumulative effects of our efforts to inform the public planning to sell abroad the entire Government holdings of
concerning the availability of this fund and how people or
wheat, aggregating somewhere between 200,000,000 and
institutions interested in extending agricultural credit in
275,000,000 bushels, instead of a total only of 35,000,000
their communities can make use of it," said Mr. Wall. "In
buShels which the Grain Stabilization Corp. had announced
the near future we expect the number of credit corporations on Feb.
26 it would endeaivor to sell by July 1, James C.
increase materially and also the number
to be formed will
Stone, Chairman of the Board, issued, on April 21, a stateincreasing their paid-in capital will be greater."
"there is no foundation in fact for
The National Advisory Loan Committee on Agricultural ment in which he said
recommendations of State such reports." Chairman Stone's statement was issued as
Credits, which is passing upon the
Committees for loans upon the capital stock of credit corpo- follows:
In response to
from newspaper correspondents relative
rations and livestock loan companies, has issued a pamphlet reports that the inquiries Farm Board had yesterday decided to to press
Federal
dispose
called "New Credit for Farmers," written by M. S. Eisen- of the stabilization wheat holdings in Europe for what they would bring,
the Department of Agri- Chairman James C. Stone made the following statement:
hower, Director of Information of
for such reports.
"There is no
culture. About 15,000 copies of this pamphlet are being even considered foundation in fact yesterday. The The subject was not
by the Farm Board
Board has made no
drouth area and to others interested. decisions in regard to future wheat stabilization operations except those
mailed to bankers in the
This pamphlet carries information on how farm communi- previously announced. These are (1) that an effort will be made to sell
APRIL 251931.]
FINANCIAL CHRONICLE
abroad by July 1 35,000,000 bushels of out-of-position wheat stored at
Atlantic, Gulf and Pacific Northwest seaports, and (2) that stabilization purchases will not be made from the 1931 crop.
"Any statement that the Farm Board at this time contemplates any
other action is erroneous."
The announcement by the Board of its intention to dispose of 35,000,000 bushels of wheat abroad within four
months was referred to in these columns Feb. 28, page 1514.
3067
rates. The Chicago wheat pit already indicates the reaction on this point
by a sharp fall in grain futures."
Effect of Sales Feared.
Although the Soviet officials and press may draw some satisfaction
from "the way history has avenged us upon the Farm Board for the
dumping charge", as one put it, or "it is a case of the American biter
bitten", as another said, it must not be thought that people here are
rejoicing over the Farm Board's plight or fail to realize the damage its
contemplated foreign selling may do to world prices in general and
Soviet wheat sales in particular.
If weather conditions are reasonably good the Soviet might expect to
have a wheat surplus from the coming harvest of anywhere between
150,000,000 and 250,000,000 bushels, and it makes considerable difference
in the midst of the five-year plan struggle whether the price is around
80c. or driven down by American sales to 50c. or less.
That explains why the "Industrial Gazette" to-day indulges in no cheap
sarcasm at American expense, and the Soviet delegation at the Rome conference expressed a willingness to co-operate with the rest of the world
in any feasible plan of price regulation.
The bane of the reporter's life here at the present juncture is that
although quite important men are willing to talk freely enough, they
refuse to be quoted, which leaves the curse of anonymity on the reporter's
messages. Your correspondent can say, however, that the Russian attitude to-day, despite latent grievances against France, the United States,
or anyone else, may be summed up thus:
"Instead of mutual recriminations and cut-throat competition, why not
aim at friendship and mutual advantage?"
United States Wheat Upsets European Markets—
French Brokers Show Nervousness on Receipt of
News That Federal Farm Board Intends to Sell—
American Shipments Reported as Arriving.
European wheat inarkets were thrown into a state of
nervousness on April 21 as a result of cablegrams from
Chicago announcing that the Federal Farm Board had
decided to sell in Europe the whole of its surplus wheat.
(A report which found publicity in Washington advices to
the New York "Times" of April 21, but which the Farm
Board quickly denied, stating that it contemplated selling
only the 35,000,000 bushels which it had previously announced it would make an effort to sell abroad by July 1.)
A Paris cablegram, April 21, to the New York "Times",
Rumsey & Co. of Chicago To Quit Grain Trade April 30
from which we quote, went on to say:
—To Be Taken Over by F. S. Lewis & Co.—Reason
The disclosure early in March that the Board intended to sell 35,000,000
bushels abroad below the American price was characterized by many
"Too Much Government in Business."
observers as dumping. To-day's development confirmed these fears.
The following is from the Chicago "Journal of Commost unfortunate if
In the French market brokers said it would be
the Board sold huge quantities on this side of the Atlantic without a care- merce" of April 21:
ful study of conditions. If shipments were graduated to meet the needs
of various countries and the price was not too far below Canadian and
other competing grains, French wheat experts believe the European markets might be able to absorb a considerable amount of the American surplus. If dumping is indulged in it is feared the market would collapse
under the strain of a price-cutting fight among overseas exporting
nations.
Disagree with Farm Board.
The European market is strongly inclined to disagree with the point
of view credited to the Farm Board regarding the favorable situation in
Europe compared with that 18 months ago. With Russia, Canada, Argentina, Australia, and the United States all burdened with surpluses and all
contending for European markets, European grain experts do not take on
optimistic view of the situation.
Despite these apparent disadvantages, certain favorable aspects were
emphasized to-day, the chief being the wheat shortage in France because
of last year's crop failure. It is estimated France must purchase
between 600,000 and 800,000 tons [a bushel is 60 pounds] of foreign
wheat to meet the average annual requirements .of 85,000,000 metric
quintals [a metric quintal is 220 pounds]. The 1930 crop figured at
62,000,000 metric quintals, and this, added to a small carryover, leaves
France under the necessity of buying heavily wherever she sees fit.
According to the brokers, it has been decided to obtain 15% of the
nation's wheat imports from North America. The amount which will
come from the United States depends upon the relation to the Canadian
price, figuring on the superiority of Canadian wheat.
To meet this situation the Government has just issued a decree increasing the percentage of foreign wheat allowed with native wheat from 15
to 20%. Further increases to 25%, and finally to 30 or 35% are expected.
Thus the way is open for millers to buy extensively in foreign markets.
American Exports Arriving.
Shiploads of American Farm Board stocks have arrived at Marseilles,
Havre, Antwerp, and Italian ports. One French broker acquired for French
account nearly 200,000 bushels, but the full extent of these initial sales
and prices is not known, although it is understood the prices are suf.
ficiently below the Canadian price to cause uncertainty in the market.
An 80-franc duty is assessed on each metric quintal of foreign wheat
sold in France, but this has not served to halt the flow when the French
crop is short. Home-grown wheat under the protective policy is now
selling at 190 francs (about $7.60) a metric quintal, compared with 143
francs last year. Some observers in the Left press are therefore welcoming the imports of large quantities of foreign wheat on the ground that
they may reduce the high price of French bread.
Rumsey & Co., one of the oldest grain commission houses in the trade,
will retire from business, effective April 30. The open trades on that
date will be taken over by F. S. Lewis & Co.
The passing of this old firm is attributed to the effects of "too much
Government in business".
H. A. Rumsey, prominent in north shore social and civic activities, is
President of the company, which was founded by his father, Israel P.
Rumsey, one of the members of the famous Board of Trade battery during
the Civil War. H. A. Rumsey has been a member of the Board of Trade
since 1903 and served as a director of the board during 1922-24 and as
Vice-President from 1925 to 1926.
Agricultural Credits Discussed at Geneva—Eleven
Nations Favor "in Principle" Proposal To Establish Farm Credit Bank Under League of Nations.
France, Italy, Switzerland, and Poland., speaking in
behalf of Bulgaria, Estonia, Hungary, Latvia, Rumania,
Czechoslovakia, and Yugoslavia, declared on April 20 they
would "favor in principle" a definite scheme for the organization of an international agricultural mortgage bank,
which subject was examined at Geneva on that date by a
special subcommittee of the Pan-European lOommission
under the chairmanship of Andre Francois-Poncet, French
Minister of National Economy. A cablegram from Geneva,
April 20, to the New York "Times", authority for the foregoing, also had the following to say:
Delegates from Germany, Great Retain and three Scandinavian countries
stated they were not in a position to make formal declarations in behalf
of their governtnents though they expressed sympathy with the general
principles of the scheme and with the object for which it was proposed.
M. Franoois-Poncet said France was prepared to do all in her power
for the success of the undertaking, which would be "a valuable symptom
of European solidarity." He said he thought only a system offering every
guarantee of security could remedy the European situation.
Peter Meulen, Chairman of the Financial section, asserted that the
aim of the preliminary draft had been to develop as financially sound a
scheme as possible in order to appeal to the investing public in many
countries. The bank, he said, would make advances only on security of
first mortages and mainly long-term loans.
Meulen stressed the fact that the scheme was elastic. He said it
Russian Soviet Sees Irony in Our Wheat Sales— would allow for the issuance of bonds to ten times its subscribed capital
Plight of Federal Farm Board, Source of Dumping and special reserve, or up to $550,000,000. A special article of the
Charge, Gives Press Cause for Smiling—But Our statutes leaves the way open for a capital increase.
It appears from H. Meulen's declarations that because of the necessary
Project Alarms.
parliamentary ratifications the bank cannot be founded before next Autumn
According to the Moscow correspondent (April 21) of the at the earliest. M. Meulen proposes that the League of Nations Council
for the
New York "Times" the Soviet press has not failed to should appoint an organizing committee, which would arrange
first issue of shares. It is hoped that this can be done next May.
emphasize the irony of the fact that the United States
As to the location, the question is still unsettled and probably will not
Farm Board, whence the outcry against "Soviet dumping" be decided until the next League Council meeting.
Other items regarding the project appeared in our issues
of wheat first emanated last summer, is to-day itself comundertake a foreign selling operation on a big of Feb. 21, page 1333; April 4, page 2483 and April 11,
pelled to
scale. The Moscow cablegram in the "Times" goes on page 2688.
to say:
In a review of the economic situation to-day under the title "World
Canada Has Record Grain Stocks.
Crisis Has Not Yet Reached the Peak", the "Industrial Gazette" states:
Total stocks of grain in Canada on Mar. 31 were the
"The agrarian crisis grows daily more acute. Now the question arises
whether the harvest of 1931 will not be sufficiently great—despite the highest on record, being 275,000,000 bushels, or about 46,endless conferences, plans and proposals invoked by world capital in its 000,000 higher than a year ago, according to Canadian
fear for mortgages—to make the marketing of the huge unsold stocks of
Government reports received in the Department of Comlast year's crops literally a ruinous affair.
-ton, from Commercial Attache L. W.
"Thus the wheat stocks accumulated by the American Farm Board— merce at Washing
sane 200,000,000 bushels—have already glutted the American elevator Meekins, in Ottawa. The greatest Increase is shown in
system, and the Farm Board will shortly be compelled to a forced sale,
hands, says the Department, which on
in particular to export, which naturally can only be done at dumping stocks in farmers'
prices considerably lower than the present artifically estimated American April 18 also said:
3068
FINANCIAL CHRONICLE
Total stocks are given as: Barley, 84,600,000 bushels, about 40,000,000
more than a year ago; flaxseed, 2,800,000 against 1,200,000 last year;
rye, 20,700,000 compared with 11,000,000 last year. About 22% of the
1930 wheat crop is still in the farmers' hands against 15% of the old
crop on the same date last year and 11% the previous year. The 1930
wheat crop is estimated at 297,800,000 bushels of wheat, about 1.1%,
or 4,300,000 bushels, was of unmerchantable quality.
The following disposition of the 1930 wheat crop is given: Allowance
for dockage 2% on deliveries of 310,000,000 bushels, subtract not merchantable leaves net crop 307,000,000 bushels. Add the carryover from
July 1930 and the total is 499,000,000 bushels. Subtract the amount
used for seed and for human consumption the total export and the amount
fed to cattle and the estimated carryover on July 1 1931 is approximately
115,000,000 bushels.
[Vor.. 132.
somewhat of a disadvanatage with other members who finance
operations with call money, the rates on the latter usually
being lower.
Southern Cotton Shippers' Association Adopts Resolutions Calling for Repeal of Agricultural Marketing
Act and Tariff Barriers.
After adopting resolutions urging the repeal of the Agricultural Marketing Act and chopping down of tariff barriers,
members of the Southern Cotton Shippers' Association,
holding their annual convention in Memphis on April 18,
elected L. M. Threefoot of Meridian, Miss., President for
Meeting With Federal Farm Board of Organization the coming year. The Memphis "Commercial-Appeal" of
Committee For Proposed Co-Operative Agency to April 19, in making this known said in part:
Every component association of the American Cotton Shippers' AssociaSell Fruits and Vegetables.
tion has now voted for
the farm relief bill and a similar action by
organization committee tor the proposed co-operative the parent organizationrepeal of at New Orleans next week. Last year,
The
is expected
sales agency to merchandise miscellaneous fruits and vege- meeting in Memphis, the American association failed to pass resolutions
tables met in Washington, D. C., April 14, 15 and 16, at the censuring the Farm Board after a hot convention fight.
The act has failed to afford any real relief to the agricultural interests of
call of the Federal Farm Board and agreed upon the type the United States, its principal effects being the accumulation under Federal
of organization to be set up. A subcommittee was elected to control of enormous stocks in cotton and grain which hang as a depressing
develop the details in co-operation with the Board. This influence over the markets; distress and disorganization to the accustomed
machineries of distribution by the substitution of a Socialistic, extravagant,
subcommittee will meet in Washington, D. C., on May 18 and inefficient governmental bureaucracy acting in defiance ofthe economic
following which the completed plan will be submitted to law of supply and demand; the encouragement of the production of cotton
markets
grains by competing nations with the consequent loss
co-operatives for final approval. Co-operatives in 21 States andAmerican agricultural commodities; the disbursementin foreign a billion
for
of a half
participated in three sectional conferences leading up to the dollars from the public Treasury, much of which is irretrievably lost.
"Less than one-half of the United States cotton crop Is used in domestic
selection of the organization committee, according to an
American cotton
consumption, therefore
announcement April 20 by the Federal Farm Board. The cannot be divorced fromit is self-evident, that the price of
world prices.
organization committee is composed of the following mem- "The cost of producing cotton except taxes and rent, is the cost of living
needs and farming equipment. The American farmer must pay the foreign
bers:
domestic
H.L. Robinson, Manager, Hastings Potato Growers Ass'n, Hastings, Fla.
R. H. English, General Manager, Manatee County Growers Association,
Bradenton, Fla. Ralph Chapman, President, Standard Growers Ass'n.,
Sanford, Fla. T. W. Bennett, General Manager, South Carolina Produce
Association, Meggett, S. C. J. C. Porter, Manager, Consolidated Apple
Growers Exchange, Cornelia, Ga. A. B. Leeper, Illinois Fruit Exchange,
Centralia, Ill. F. P. Hibst, Michigan Potato Growers Exchange, Cadillac,
Mich. Jesse Haney, Kaw Valley Potato Growers Association, Topeka,
Kans. M. S. McNeil, Hazelhurst Truck Growers Association, Hazelburst,
Miss. W.C. Cullen, Peninsula Produce Exchange, Pocomoke, Md. L. N.
Johnston, Wilmington Co-operative Truck Growers Association, Wilmington, N. C. Walter W. Maule, Secretary, Mushroom Growers Cooperative Ass'n of Pa., Kennett Square, Pa. Lee M. Lampson, Manager,
Three Rivers Growers Ass'n, Kennewick, Wash. C. R. Hare, Tri-State
Growers Ass'n, Snow Hill, Md. W. J. Hall, Western New York Cooperative Packing Ass'n, Lockport, N. Y.
The movement was referred to in our
page 2876.
issue
of April 18,
New York Stock Exchange Rescinds New Ruling
Governing Interest Rate Charged by Members to
Customers.
A ruling announced by the New York Stock Exchange on
April 18, affecting the rate of interest charged by members
to customers was rescinded on April 21 by the Committee
on Quotations and Commissions. Announcement of the
ruling was made as follows by Secretary Green:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
April 18 1931.
To the Members of the Exchange:
on Quotations and Commissions has ruled that the rate
The Committee
of interest charged by a member to customers may be less than the cost
of money to such member provided it is not less than the average renewal
rate for call money in New York City during the period in respect of which
such interest is computed.
ASEIBEL GREEN,Secretary.
The rescinding of the above was made known as follows
on April 21 by the Committee on Publicity of the Stock
Exchange.
The Committee on Quotations and Commissions voted to-day to rescind
the ruling issued last week with respect to the rate of interest charged by
members on debit balances.
In announcing this action, Richard Whitney, President of the Exchange,
made the following statement:
The Committee found that their ruling was being misinterpreted and
construed in a manner which would cause it to be in conflict with the
commission law of the Exchange. Therefore, the Committee, upon further
consultation, voted to rescind their ruling contained in circular C-4730,
issued on April 18.
Reference in its issue of April 20 to the new ruling the New
York "Journal of Commerce" said:
Promulgation of the new ruling was taken in financial circles to indicate a
specific modification of the general ruling contained in Section 8 of Chapter
VII of the rules adopted by the governing committee of the exchange
pursuant to the constitution. The ruling reads, "Any agreement or arrangement between a member and his customer whereby special and unusual
rates or interest are given, or money advanced on unusual terms with
advantage to such customers for the purIntent to give special or unusual
Section 10 of the same chapter
pose of securing his business, is forbidden."
stock shall not be more
says, "An allowance for interest on short sales of
borrowed or used for such short
than the loan market rates for the stocks
sales."
It was stated in the New York "Herald Tribune" of April
22 that with the short-lived rulipg abolished a member who
uses time money to finance his operations is once again at
price plus duty when buying imported materials, or when buying
necessities he must pay a price inflated to the extent of the tariff imposed.
"The foregin cotton consuming countries are debtor nations to the United
States through war debts and reparations and it has been apparent for some
time that they can not continue to retire these obligations and at the same
time pay cash for our raw cotton and other products without the ability to
dispose of manufactured products in this country. Such an exchange is
prohibited by the excessive tariff."
The resolutions then demand that Congress repeal the agricultural
marketing act and at once adopt a tariff that will enable the farmer to buy
in a free market.
The resolutions further assess every member of the association half a cent
a bale on all tne cotton he handles, and assesses a fee of $25 against all
associate members and spot broker members, the proceeds to be used by the
cotton economics committee to fight for repeal of the farm relief act and
lowering of the tariff barriers.
New York Stock Exchange Announces Requirements
Governing Listing of Investment Trust Securities—
Elimination from Income Account of Profits or
Losses on Security Transactions Favored.
After a meeting of the Governing Committee of the New
York Stock Exchange on April 22 there was released a
statement of the Committee on Stock List Relating to Investment Trusts of the management type. The significant
features of this statement, says the Committee on Public
of the Exchange, are as follows:
(1) The Committee has from time to time had discussions with Investment Trust managers and accountants, with a view to keeping itself informed concerning developments in Investment Trust practice.
(2) As a result it has now revised the tentative special requirements for
listing Investment Trust securities as approved on June 6 1929.
(3) These new requirements are now available for distribution.
(4) In connection with the release of these new requirements, it was felt
Opportune to make some general observations in regard to the information
Which should properly be included in the annual or semi-annual reports of
Investment Trusts in regard to the accounting methods upon which this
Information should be based and in regard to certain phases of Investment
Trust practice.
(5) These observations are incorporated in to-day's statement on Investment Trusts under the three general headings; Annual Reports,
Accounting Methods, and Practice.
Under the heading "Annual Reports" there is given a concise statement
of the information which the Committee considers it is absolutely essential
to include in the reports of Investment Trusts.
Under the heading "Accounting Methods" it is pointed out that, regardless of the form of annual reports, these will be no better than the accounting
methods on which they are based, and certain general considerations having
to do with what appear to be sound accounting methods are outlined.
Under the heading of "Practice" the statement is made that Investment
Trust practice is of even more vital concern to the investor than any question having to do with the form of presentation of annual reports or of
accounting methods on which these reports are based.
Recognizing that it is too early to deal with the subject comprehensively,
the Committee has limited its discussion of practice to questions having
to do with;
(1) Reacquisition of outstanding securities;
(2) Acquisition of securities of other Investment Trusts;
(3) Dividend policies;
(4) Directorates.
In connection with the reacquisition of outstanding securities, a significant
statement appears to be one to the effect that in the case of companies
having prior securities outstanding, the reacquisition of common shares
would appear in most cases to be open to the objection that it would tend
to reduce the equity in back of prior securities upon which the holders of
these securities are justified in relying.
In connection with the acquisition of stock of other Investment Trusts,
the significant feature stressed seems to be covered by the statement that
"In the case of the acquisition of interests in other Investment Trusts the
feeling of the Committee is that this procedure should in general be ells-
APRIL 25 1931.]
FINANCIAL CHRONICLE
couraged as containing within itself the possibility of unsound pyramiding,
and as involving to a degree the delegation to others of a responsibility
for the investment of funds which the management has assumed in connection with the operations of their own company."
In connection with Directorates, which appears to contain a statement
of the most advanced ground so far taken by the Committee, it is said that
in default of independent representation on the boards of Investment
Trusts, the possibility of questionable transactions between them and their
banking sponsors exists, and that this danger may lead to the feeling that
they are not always managed with an eye single to the interests of their
own stockholders.
Against any such suspicion, Investment Trusts should be protected, and
this protection will in the long run prove a benefit not only to the pubtic
but to the Trusts themselves, and the banking houses with which they are
at times identified.
It appears to the Committee as if such protection could be most readily
attained by independent directors, qualified individuals not directly
affiliated either with the management of the Trust itself or with its banking
sponsors, under whose scrutiny and friendly criticism contemplated transactions would pass for review.
It is stated that this view will weigh with the Committee in considering
listing applications.
It was noted in the New York "Journal of Commerce" of
April 23, that two outstanding features of the new requirements, which will govern consideration of listing applies,
tions, are the segregation of turnover profits and losses from
earnings, and the maintenance of the independent character
of investment trust managements. The item continued:
The provision governing the handling of turnover profits and losses is regarded as the most revolutionary element in the new listing requirements.
As compiled by the committee on stock list, this provision is as follows:
"The committee favors the elimination from the income account of all
profits and losses on security transactions and crediting or debiting them,
preferably to a properly designated reserve, or else to a special surplus account which should be a segregated part of the earned surplus. This reserve or special surplus account should not be regarded as available for current dividends and when utilized as a source of special dividends, such
dividends should carry with them a clear indication of their character.
"As a footnote to the income account, there should be a clear statement
of the increase or decrease during the current year of the amount by which
the market value of securities held exceeds or is less than their book value."
Independent Management.
the trust's management, it is stipulated that each application
for listing a security of an investment trust must state whether such trust
is to be managed independently by its own officers and directors, or whether
it is to be managed directly or indirectly by other individuals, firms or
corporations.
In a general statement of policy, the committee on stock list and the law
committee of the exchange declare that the public interest in investment
trusts "is entitled to adequate representation on directorates, through
qualified individuals not directly affiliated either with the management of
the trust itself or with its banking sponsors, if any.
"The names of all individuals, firms or corporations which are directly or
indirectly responsible for the management must be set forth, and there must
be included in the body of the application a summary of all significant provisions contained in the charter, articles of incorporation and by-laws of
the company, and all significant provisions contained in any existing agreements or contracts which define the powers and privileges of the management and the restraints thereon."
The above requirements also apply to any subsidiaries existing at the
time of application. It is also required that if the investment trust is
managed directly or indirectly by another individual, firm or corporation,
a copy of each contract with them must be included in the body of the trust's
listing application.
No fixed period of actual existence as an operating investment trust is
now stipulated before the applicant is eligible for listing, but the period may
be made to depend upon the organization's size and purpose of the trust.
Concerning
3069
Annual Reports.
The information, the inclusion of which is considered essential, is as
follows:
(1) A list of officers and directors;
(2) A list of security holdings:
(3) A clear statement of the financial position of the company as of the
date of the report;
(4) A clear statement of the progress of the company during the period
covered by the report:
(5) An accountant's certificate, so worded as to clearly include at least a
verification of the securities and an audit of all financial statements and
analyses presented.
Items (1) and (5) appear to require no particular comment.
Item (2) requires merely the explanation that, while a complete list of
security holdings seems desirable, the Committee on Stock List has recognized, in its listing requirements for Investment Trusts, and still recognizes,
that the publication of a complete list may, under certain circumstances,
involve a hardship on management which should be avoided. On this
account, in order that management may have reasonable leeway, the listing requirements provide that there must be contained in the report a
complete list of all the holdings of the company, showing the names and
quantities, with the proviso that no more than an amount of 10% of the
company's aggregate capital and surplus, or 10% of the cost of securities
held, whichever may be less, may be covered under the heading "Miscellaneous Securities," provided that after the first annual report following
listing, such securities have not been held for more than one year. and
provided, further, that no securities which at any preceding time have been
reported by name may thereafter be transferred and included under the
heading of "Miscellaneous Securities."
Item (3) refers to the balance sheet included in Investment Trust reports.
In the balance sheet securities held should be carried at cost and summarized in reasonable detail, and that there should be a clear distinction
between capital surplus and earned surplus, and that if reserves have been
created the designation of these reserves in the balance sheet should be so
clear that there can be no doubt of their nature and purpose.
As a footnote to the balance sheet there should appear a statement setting
forth the terms of any outstanding option warrants and a statement indicating the extent to which the cost of securities held was in excess of or
was less than their market value. In the event that a reserve has been
set up in the balance sheet against all or any part of the unrealized losses,
appropriate reference to this reserve should be included in the footnote.
Item (4) refers to the income account, the analysis of surplus, the analysis
of reserves and the fluctuation in net unrealized profit or loss during the
Period under review.
It is of prime importance for holders of investment trust securities to be
able to determine readily just what progress their company has made
during a given period. In order that they may be able to do this, it is
necessary for them to be in a position to consider in connection with the
income account the degree to which net unrealized profits or losses have
changed since the prior accounting period.
In order to assist investors in this respect, there should be added as a
footnote to the income account a statement showing the change that has
taken place during the period under review in the net unrealized appreciation or depreciation in the portfolio. The income account, capable of
determination in various ways, and discussed more fully under the heading
"Accounting Methods," may prove, under any method, to be utterly
misleading unless it is considered in conjunction with this information.
In order that this information, when presented, may be readily and
correctly interpreted by investors, the inclusion of certain amplified statements is highly desirable. One of these statements should analyze the
cover behind the company's capital obligations, and the other should
analyze such changes as have taken place in the position of the company
during the period under review.
The committee will be glad to discuss with executives forms ofstatements
which seem to meet the particular situation of individual companies and
which at the same time conform to the general view of the Committee.
The inclusion of the above information in Investment Trust reports is absolutely essential if the public interest is to be safeguarded.
Accounting Methods.
Objects to Stock Purchases.
Whatever the form adopted may be, it is manifest that reports will be
Concerning the acquisition of common stock of other investment trusts no
better than the accounting methods on which they are based. There
the committee states:
seems little occasion to comment further In regard to the balance sheet,
"The feeling of the committee is that this procedure should in general be
but accounting practice having to do with income account and surplus
discouraged as containing within itself the possibility of unsound pyramiding, and as involving to a degree the delegation to others of a respon- account varies to such an extent as to suggest the desirability of some
sibility for the investment of funds which the management had assumed amplification of our views on this subject.
While recognizing that corporations have a right of choice in this respect.
in connection with the operations of their own company."
The committee in general finds nothing objectionable in an investment the Committee is strongly in favor of eliminating from the income account
all profits or losses on security transactions, and of crediting or debiting
trust acquiring the preferred stock of trusts provided the stock so acquired
them direct, preferably to a properly designated reserve account, or else
is properly protected.
to a special surplus account which should be a segregated part of the earned
The statement of the Committee on Stock List follows: surplus.
Such gains and losses are more closely related to the unrealized appreDraft of April 17 1931
ciation or depreciation of the portfolio than to the current dividend and
STATEMENT ON INVESTMENT TRUSTS
interest income. If this procedure is followed. Investment Trust reports
(Management Type)
will be more informative to investors. in that the income account will then
clearly set forth merely the net result as between current income and current
Committee on Stock List, New York Stock Exchange.
outgo, and this information, separated from security profits, is of particular
The Committee on Stock List Issued, on June 6 1929, its original Tentative Requirements for the Listing of Investment Trust Securities of the value to holders of prior securities bearing a fixed rate of return. Furthergeneral or management type on the New York Stock Exchange. Since more, there would thus be eliminated any basis for the illusion that occasional profits realized on the sale of securities form a proper basis for
then, the Committee has had before it listing applications for 20
Invest- measuring continuing earning power. Where this is done, it would appear
ment Trusts, and has examined and compared a large number of
Investment to be quite proper to add as a footnote to the income account a statement
Trust annual reports. Beyond this, the Committee has had
discussions showing the change which has taken place in this reserve or special surplus
from time to time with Investment Trust managers and
accountants, account.
with a view to keeping itself informed concerning developments in
InvestThe accumulation of net profits from security transactions in a reserve or
ment Trust practice.
special surplus account will not make them unavailable for distribution
As a result of its efforts. the Committee feels that it is now in a
position In the form of special dividends, either in stock or in cash. Such dividends,
to revise the Tentative Special Requirements for Listing
Investment Trust when declared, should, however, carry with them a clear indication of their
Securities. These Requirements have been so revised, and the
new Re- character, and the development of confusion between income received by
quirements are available for distribution.
shareholders by virtue of regular curren earnings or extraordinary and
In this connection, it is felt that the time is opportune for the
Committee non-recurrent earnings would be prevented.
to make some general observations in regard to the information that
should
However, if realized trading gains or losses are to be included in the
properly be included in the annual or semi-annual reports of
Trusts, in regard to the accounting methods upon which this Investment income account, then it is essential that certain principles should be strictly
information Observed,
should be based, and in regard to certain phases of
Investment Trust
If either gains or losses are to be included in the income account, both of
practice.
them should be so included. If reserves are set up against an indicated but
To the extent that these observations are positive in their nature,
they unrealized depreciation of securities, these reserves should be provided in
have, in general, been incorporated in the Listing Requirements.
To the the first instance by a direct charge to income account in the year in which
extent that they are somewhat more tentative, they are submitted
merely they are established. If, subsequently, they are utilized in whole or in
as an expression of the existing preferences of the Committee.
part, the full realized loss should first be included in the income account,
For the sake of clarity, these observations will be dealt with
under the and the utilization of the reserve should be reflected thereafter as a
transfer
three general headings: Annual Reports, Accounting Methods,and
Practice. from reserve to the credit of income account
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FINANCIAL CHRONICLE
In the event that a general reserve is set up to cover a possible future
impairment in the value of securities, this reserve may be created by a
direct charge to earned surplus. However, should it subsequently become
necessary to use this reserve in whole or in part, the losses incurred should
in the first instance be shown in income account, and the income account
should be subsequently credited with that part of the reserve which it is
Intended to use.
The method of computation of trading gains or losses varies considerably
as between companies. Where these gains and losses are both excluded
from the income account, and where net realized trading gains are not held
to be available for ordinary dividends, the method in which they are computed is of relatively less importance than in other cases. In cases where
such realized trading gains appear in the income account and are regarded
as available for distribution in the form of current dividends, the method
of computing these figures assumes real importance.
Of the various methods of computation known to the Committee for the
Purpose of reporting, the method of computing cost Of securities sold upon
the basis of the average cost appears to be the only one which does not
result in a distortion of the income account. Therefore, we urge upon all
corporations who treat net realized trading gains as part of the income
account and available for dividends to adopt that method.
Whatever the method of computing realized trading gains or losses
may be, it is imperative that investment trusts state clearly in their reports
the method in actual use, and particularly that they call attention to any
change of method, or to the use of more than one method during an accounting period.
Practice.
The question of Investment Trust practice is one of even more vital
concern to the investor than any question having to do with the form of
presentation of annual reports, or of accounting methods on which these
reports are based.
The Investment Trust is relatively new to American finance, and Investment Trust practice is in the early stages of a gradual crystallization. On
this account, it seems proper to put forth certain general observations in
the hope that in so doing the development of Investment Trust practice
along sound lines may be advanced.
Recognizing that it is too early to deal with the subject in anything like
a comprehensive manner, it is proposed at this time to limit the discussion
of practice to certain phases of the following general topics:
I. Reacquisition of outstanding securities;
II. Acquisition of securities of other Investment Trusts;
III. Dividend policies;
IV. Directorates.
I. Reacquisition of Outstanding Securities.
The general question of the propriety of an Investment Trust reacquiring
its own securities has to be viewed in the light of the capital structure of
the company in question and of the purpose for which the reacquisition has
been undertaken. In the matter of capital structure, companies can be
divided broadly into two classes: Those having prior securities outstanding
and those having merely common stock outstanding.
In the case of companies having prior securities outstanding, the reacquisition of outstanding bonds appears in general unobjectionable.
The reacquisition of outstanding preferred shares would appear to be
unobjectionable:
(a) For the purpose of retirement;
(b) For the purpose of resale under proper provisions to management
in connection with management plans;
(c) For the purpose of re-issue in connection with plans of consolidation
or merger;
provided that in each instance the stock reacquired had been purchased
at a fair price, and that its reacquisition had not impaired substantially the
equity behind any outstanding securities senior to it in character.
The reacquisition of common shares would appear in most cases to be
open to the objection that it would tend to reduce the equity in back of
prior securities upon which the holders of these securities are justified in
relying. Where common stock is reacquired for the purpose of prompt
re-issue in connection with the acquisition of assets, this objection may
lose its validity.
In the case of companies having common stock outstanding, the reacquisition of such stock appears unobjectionable when acquired:
(a) For the purpose of retirement;
(b) For the purpose of resale under proper provisions to management
in connection with management Plans;
(c) For the purpose of re-issue in connection with plans of consolidation
or merger;
provided that in each instance the stock reacquired had been purchased by
the company at not in excess of its assets value as at the date of purchase.
Nothing in the foregoing is intended in any way to suggest the approval
of investment trusts carrying on operations in the nature of trading in
their own securities.
In any case where profits result from the purchase and sale by an Investment Trust of its own stocks, these profits should be credited directly
to capital or capital surplus and not to income.
H. Acquisition of Stock of Other Investment Trusts.
The Committee on Stock List in general finds nothing objectionable in
an Investment Trust acquiring the preferred stock of other Investment
Trusts provided the preferred stock so acquired is properly protected.
The question of the propriety of an Investment Trust acquiring the
common stock of another Investment Trust appears to the Committee to
be very different in character.
In the case of the acquisition of interests in other Investment Trusts the
feeling of the Committee is that this procedure should in general be discouraged as containing within itself the possibility of unsound pyramiding,
and as involving to a degree the delegation to others of a responsibility for
the investment of funds which the management had assumed in connection
with the operations of their own company.
It is suggested that the extent of such investments has some bearing on
the propriety of them, and on this account it is felt that Investment Trust
management should keep their investments in other Investment Trusts
within such bounds as to clearly relieve them of any possible justifiable
criticism.
III. Dividend Policies.
The Committee on Stock List considers it unwise for Investment Trusts
the total revenue of the
to declare dividends on their common stock unless
corporation from the date of its organization to the date of such dividend
and dividends paid during
declaration has been in excess of its expenses
in question and
such period by an amount sufficient to cover the dividend
also any net realized loss together with provision for any net unrealized
loss accrued during the same period.
However, instances have been drawn to the attention of this Committee
which suggest that a strict interpretation of this view might at times work
a real and unjustifiable hardship on investors. Accordingly. the Com-
[vol.. 132.
mittee at this time desires merely to express the view that investment
trusts should not pay regular dividends on their common stock unless the
total revenue of the corporation, exclusive of any net realized losses, from
the date of its organization to the date of such dividend declaration, has
been in excess of its expenses and dividends paid during such period by an
amount sufficient to cover the dividend in question. Any net realized or
unrealized loss may be disregarded for the purpose of this calculation,
provided that a notice, conforming to the Agreements of the Stock Exchange in this respect, is sent to the stockholders with the dividend.
IV. Directorates.
It has been urged that the public interest in Investment Trusts is entitled
to adequate representation on directorates. and that such independent
representation should be had through qualified individuals not directly
affiliated either with the management of the trust itself or with its banking
sponsors, if any.
It is felt that, in default of such representation, the possibility of questionable transactions between investment trusts and their banking sponsors
exists, and that this danger may lead to the feeling that investment trusts
are not always managed with an eye single to the interests of their own
stockholders.
and
Against any such suspicion, Investment Trusts should be protected,
this protection will in the long run prove a benefit not only to the public
but to the Trusts themselves, and the banking houses with which they are
at times identified.
It appears to the Committee as if such protection could be most readily
Obtained by independent directors under whose scrutiny and friendly
criticism contemplated transactions would pass for review.
appliThis view will weigh with the Committee in considering listing
cations.
meeting of the
Recommended to the Governing Committee by a joint
Law Committee and the Committee on Stock List, held April 17 1931.
ASHBEL GREEN,Secretary.
New York Stock Exchange Suspends Pynchon & Co.
for Insolvency.
Announcement was made from the rostrum of the New
York Stock Exchange at 2.22 p. m. yesterday (April 24) by
Allen L. Lindley, Vice-President of the Exchange, that the
firm of Pynchon & Co. had been suspended for insolvency,
having notified the Exchange that they were unable to meet
their obligations. Pynchon & Co., one of the largest
brokerage houses in Wall Street, has its main office at 111
Broadway, and maintains four branch offices in this city,
at 60 Beaver St., 334 Madison Ave., the Heckscher Bldg.
and the Savoy-Plaza Hotel, besides branches in Chicago,
Milwaukee, Battle Creek, Mich.; London, Eng.; Liverpool,
Eng., and Paris, France. Partners in the firm are as
follows: George M. Pynchon, Benjamin G. Lathrop, C.
Bucknam, James L. Martin, H. Nicholas Edwards, Jack C.
Sturtevant, Curtis A. McWhinney, William F. Ingold,
James W. Sims, George M.Pynchon Jr., N. H. Fergusson,
E. T.Paul, W.E. Reis, Leo T. Melly, W.Stapley Wonham,
Harlan Burr Eldred, Wilbur F. McWhinney (floor member
of the Exchange), Richard A. Aishton, Frederick Harry
Woods, John N. Helmke Jr., William Henry Colvin Jr.,
and Preston Lockwood.
New York papers last night (April 24) printed the following statement issued by the firm:
securities in which this firm and
Due to the sharp decline in a number of
to consent to its
its customers actively dealt, the firm was forced to-day
It is hoped and believed
suspension by the New York Stock Exchange.
with the return to anything like
that the suspension is temporary, and that
this firm is Interested, no creditor
normal values of the securities in which
assurances have been given by
of the firm will suffer any loss. Already
and every effort will be made
banking and other creditors of their support,
capital at the earliest possible
for a reorganization of the firm with new
date.
definite statement of assets
Pending an audit Chat is being made, no
the existing abnormally
and liabilities can now be made. Even with
practically equal to the
low prices of securities, the value of the assets is
liabilities.
Last night's New York "Evening Post" in reporting the
suspension of the brokerage house, said in part:
most important since the failures
Announcement of the suspension, the
last fall, was made at 2.22 p. m.
which accompanied the dark days of
and was preceded by heavy
from the rostrum of the Stock Exchange
selling of stocks.
carrying loans approximating &38,000,000
The house was reported to be
this morning.
by a strong support thrown
The selling wave in stocks was stemmed
Steel and American Can, and
behind such market leaders as United States
the close of the market.
a moderate rally took place before
Fox Film situation about a year
Pynchon & Co. became interested in the
Bander and head of the Utilities
ago when Harley L. Clarke, a Chicago
ending a bitter struggle between
Power St Light Co., was successful in
control of the film concern. Mr.
William Fox and banking interests over General Theatres
and was elected
Clarke gained control of the company for
bankers for his companies.
President. Pynchon & Co. had acted as
said Pynchon & Co. had notiA statement issued by the Stock Exchange
obligations.
fied it that it was unable to meet
of the house was not disclosed, but presumWhat caused the insolvency
this week in two issues
ably it had some connection with the sharp breaks
it was interested, Fox Film and
traded on the Stock Exchange in which
broke yesterday to around $9
General Theatres Equipment. The latter
of the outstanding weak
a share from $S and Fox Film shares nave been one
spots of the market recently.
year on the Stock Exchange
The Pynchon insolvency was the first this
and the most important since the closing of Prince & Whitely last autumn.
financing plans for Fox Film accompanied the
Reports of dissension over
recent sharp fall in Fox and General Theatres shares and were believed
responsible for uneasiness in the amusement group.
but was understood
Pynchon & Co. formerly was active in underwriting,
to have retired from the field at the end of last year.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3071
It was an important commodity brokerage house, holding membership
in the New York Cotton Exchange, the Chicago Board of Trade, the Rubber Exchange of New York, the New York Cocoa Exchange, the New York
Coffee and Sugar Exchange, the Winnipeg Grain Exchange and other
leading commodity markets.
The New York Curb Exchange and the Chicago Board of Trade followed
the action of the New York Stock Exchange in suspending the firm. . . .
Pynchon & Co. was also suspended from the Chicago Stock Exchange for
five days because of insolvency.
Attorney General. This affidavit contained the charge on information
and belief that misrepresentations had been made concerning Prince &
Whitely's status in the Stock Exchange and that millions of dollars had
been lent from assets of the concern, thereby greatly reducing the money
available to pay creditors.
Announcement of the suspension of the firm, one of the largest wire
houses in the country, was made from the rostrum of the Stock Exchange
in the last hour of trading this afternoon.
Shortly after the Stock Exchange acted the Curb Exchange also suspended the firm for insolvency, and announcement also was made of the
retirement of the firm from clearing membership in the Stock Clearing
Corporation for the same cause.
Wall Street, which formerly regarded Pynchon & Co. as a fixture in
the market place, was not greatly surprised, since there had been rumors
for many months past indicating that all was not assured in the future
outlook for the firm's business. During the forenoon there were reports
of last minute conferences with bankers to decide upon what should be
done. . . .
The firm specialized in recent years in public utility securities and
was also a large factor in the market for internal and external foreign
bonds, although this section of its business has not been as active in recent
years.
Announcement was made that the firm had also been suspended from
the Chicago Stock Exchange for the same cause which was the ground
of suspension here.
In Chicago Pynchon & Co. for years carried on a large business in grain
and were also interested in cotton. The Board of Trade in Chicago posted
a notice after its closing this afternoon announcing that Pynchon & Co.
had been suspended from transacting business there, as is required under
the rules of that body. . . .
Pynchon & Co. held second position in the syndicate which underwrote
In 1929 and 1930 the senior financing for General Theaters Equipment,
Inc., which now controls Fox Film Corp. Pynchon headed the group
offering General Theaters common stock in July 1929, and a Pynchon
partner, W. F. Ingold, is one of the three voting trustees of the stock. The
General Theaters bonds offered at 99% a year ago, are selling now around
$45; the common stock, offered at $32, is now about $6.
The firm also had a prominent role in the financing for Utilities Power
& Light Corp., of which Harley L. Clarke, President of General Theaters
and Fox, is President.
The stock markets withstood the shock well. Immediately after the
announcement from the rostrum of the Exchange, Fox Film A stock,
which dropped sharply yesterday, broke more than a point to a level below
18. General Theaters Equipment and Utilities Power & Light also were
weak. This selling was quickly absorbed, and rallying tendencies set in
almost at once.
General Gas & Electric shares, of which several classes are listed on
the Stock Exchange, were also sufferers from the Pynchon suspension.
General Gas & Electric B, selling for the first time this year. was off about
20 points from the previous transaction, when 200 shares changed hands
at $4 a share. The preferred stock also declined.
On the Curb Exchange this afternoon occurred on echo of the suspension
In the form of a 16
-point drop in American States Public Service A stock.
The break took place in the final few minutes of trading. The stock is
one of those in which Pynchon & Co. were interested.
The plan, the creditor asserts, is unfair because it does not treat all
customers and creditors alike, but gives to some a preference in providing
for payment of the expenses of the creditors' committee in advance of
the general distribution.
The plan, it is contended, disregards and denies the property rights
of customers and attempts to confiscate property in violation of the Fifth
Amendment to the Federal Constitution. The specifications also declare
that no limitation is imposed in the proposed settlement plan on the
Prince & Whitely Creditors' Corp. as to the liabilities it might incur.
A final charge is made that the plan is irregular and not in accordance
with the law in that it provides for distribution of assets outside the court's
jurisdiction and without the court's direction. The specifications were
filed through the law firm of Satterlee & Canfield.
We also learn from the paper mentioned that on the same
day, April 22, a creditor of the firm filed specifications
in the Federal Court opposing the proposed settlement plan
The New York "Sun"last night,in its account of the firm's under which creditors would receive 25% of their claims in
failure, stated that assets of the house were estimated in cash and the remainder in certificates of indebtedness of
Wall Street at somewhere in excess of $40,000,000. We the Prince & Whitely Creditors' Corp., a liquidating corquote furthermore from this paper, as follows:
poration. We quote again from the "Times" as follows:
Issuance of Monthly Bulletin by New York Produce
Exchange—Cotton Seed Oil Futures Trading.
On April 15 the New York Produce Exchange began the
issuance of a monthly bulletin. We find therein the following on cottonseed oil futures trading:
Trading on this Exchange in prime summer yellow cottonseed oil for
future delivery under recently adopted amendments to the Cottonseed
Products Rules began April 15 1931. Trading at the beginning will be
for the month of May and successive months up to and including November.
The prime summer yellow cottonseed oil contract is in addition to and
not in substitution for the bleachable prime summer yellow contract.
The facilities for trading in bleachable prime summer yellow cottonseed oil
will be continued as heretofore.
Gen. Harbord Resigns as Chairman of Federal International Corp.
The resignation of Major-General James G. Harbord,
U. S. A., retired as Chairman of the Federal International
Corp., organized to create a new bank to finance exports
by use of bankers' special acceptances, was announced on
April 22, it is learned from the New York "Journal of Commerce" of April 23, which also said:
It is also expected that General Harbord will resign as a director at tomorrow's meeting of the Organization group.
While no comment was made yesterday regarding General Harbord's
resignation as Chairman, it is believed that his duties as Chairman of the
board of the Radio Corp. of America and as a director of other large corporations were responsible.
At to-morrow's organization meeting the directors and executive personnel
which will direct the activities of the banking corporation will be selected.
The export bank will be known as the Federal International Banking
Corporation.
Prince & Whitely Failure—Federal Investigation Begun
The same paper in its April 18 issue said:
of the Firm's Activities—Creditor Opposes Firm's
The report yesterday that Bemsley, Milbourn & Co., Ltd., a subsidiary
Proposed Settlement Plan, Charging Preference Of the Commercial Credit Co., has become associated with the new Federal
International Banking Corp. is without foundation the officers of Remsley,
Payments.
Further referring to the affairs of the bankrupt brokerage Milbourn declared yesterday. association,"
"The possibility of such an
E. C. Wareheim, President of
house of Prince & Whitely, which failed last October with Kemsley, Milbourn & Co., Ltd., said, "has never been discussed with the
liabilities of more than $20,000,000 and assets which are Present management of liemsley. Milbourn. The rumor is wholly without
yet to be determined, the Federal Grand Jury on Wednesday foundation."
An item regarding the Federal International Banking
of this week, April 22, began an investigation of the activities
of the concern. The investigation, ordered by George Z. Corp. appeared in our April 18 issue, page 2882.
Medalie, United States Attorney, is to determine whether
officials of the company used the mails fraudulently. The Gov. Brucker of Michigan Signs Bill Permitting Banks
to Substitute Securities for Surety Bonds Against
New York "Times" of April 23, from which the preceding
Deposits of Public Funds.
matter has been taken, went on to say:
The following, from Lansing, Mich., April 16, is from the
District Attorney Crain's conduct of an investigation of the firm, which
was recently renewed in his office by Robert S. Johnstone, former judge Chicago "Journal
of Commerce":
of General Sessions, is included in the specifications being
considered
by Samuel Seabury in his investigation of charges of inefficiency in Mr.
Grain's office.
Leon Leighton, Assistant United States Attorney, in charge of the
Federal inquiry, brought two witnesses before the Grand Jury. The
witnesses were John Dessau, accountant of the Stock Exchange, and
A. Franklin, an assistant accountant of the Exchange. Mr. Leighton
declined to say why he had summoned them. It is reported that they
were called to identify a questionnaire which Prince & Whitely answered
concerning its financial status as of June 30 1930 and submitted on July 21
to the Exchange.
The brokerage house was suspended from the Exchange and Morrison B. Orr and G. Lisle Foreman, its floor members, were expelled last
October after the Exchange's governing committee had found them guilty
of Improper practices.
The firm, it was charged, answered the questionnaire in a way to make
t appear that it owned $750,000 in securities which had been borrowed.
It was also charged that on the day the answers to the questionnaire were
submitted and two minutes before the Exchange closed, Prince & Whitely
bought heavily in certain stock, the result of the purchases being that
the paper value of the firm's securities was enhanced $1,200,000.
The purchased stock included blocks in the Prince & Whitely Trading
Corp. preferred, Atlas Stores, Brockway Aitttor Trucking Co., Hahn
Department Stores and the L. A. Young Spring & Wire Co.
A Federal investigation of the firm's activities was first ordered last
November, when Robert E. Manley, then Acting United States Attorney.
received an affidavit from William H. Mllholland, Deputy Assistant
Governor Wilbur 3f. Brucker has signed the Acts sponsored by Senator
William F. Turner, Morley banker, which permit Michigan banks to
substitute securities for surety bonds as a special safeguard for deposits
of public funds by cities, villages, counties, townships, and school districts.
One of the Acts is an entirely new law setting forth the provisions under
which banks shall guarantee these deposits while the other amends the
banking code accordingly. The former Act contains a provision automatically repealing it July 1 1933, when, in the judgment of the legislature, the need for the law will have passed. The Acts both are effective
immediately.
Wisconsin Adopts Executive Council—New Law Provides Creation of Committee of 20 to Advise Governor.
Madison (Wis.) advices, April 9, in the "United States
Daily" stated:
A bill (S. 66) creating an Executive Council of five Senators, five
Assemblymen, and 10 other citizens to act in advisory capacity by the
Legislature and signed by Governor Philip F. La Follette.
The Committee on Committees will appoint the Senate members of the
council, and the Speaker of the Assembly the Rouse members, the bill
provides. Citizen members will be selected by the Governor. All terms
expire with that of the Governor.
3072
FINANCIAL CHRONICLE
Duties of the Council, it is provided, are to advise the Governor on
matters referred to it by the executive, to investigate State departments
and institutions supported by the State, to study the feasibility of consolidations of State departments, and to supervise the purchases of materials
through the State Purchasing Department. Power to issue subpoenas,
compel attendance of witnesses, and demand production of documents in
investigations is given the Council.
[Vol,. 132.
of the United States had "broken down." Associated Press
accounts from Philadelphia quote him as saying:
think it has broken down for two reasons. In the first place it has failed
entirely to protect what is possibly our largest industry—foreign trade itself.
It has broken down in the second place because it is paying too much for
protection. That is to say it is losing to some industries an export market
which they need, and must have, because of its decision to give to other
industries over protection—a degree of protection which they do not need
in order to maintain themselves.
This affords the clue which we must follow in tracing the desirable tariff
policy of the United States in the future. Evidently it must be guided by
two main objects. First, the restoration of the foreign trade which I have
spoken of as breaking down, and second, the reduction of needless protection in order to get back the markets which have been surrendered unnecessarily by giving an undue amount of protection to industries that do not
need it."
Gov. Franklin D. Roosevelt of New York Signs FearonWallace Bill Reducing Franchise Tax on Savings
Banks.
On April 21 Gov. Franklin D. Roosevelt of New York
approved the Fearon-Wallace bill amending the tax law
affecting savings banks—as was indicated in these columns
From the "Journal of Commerce" we take the following
Mar. 7, page 1721. The new legislation amends the fran- rregarding Dr. Willis' remarks:
"A shrinkage in dollar volume, saturation of some European countries,
chise tax on savings banks, so that, instead of fixing it at
of foreign financing
h,% tax would be imposed particularly with capital goods, and recent suspension since 1921." Dr.
1% on surplus as at present, a 41
have been factors in the 50% decline in our foreign trade
computing net income a savings bank Willis said. "But after allowance has been made, the drop proves concluon net income; in
has defeated itself.
may deduct "interest or dividends paid to depositors, com- sively that the present system of protection able to compete with the world
"In most staple products. this country is
2
1
/
had been 3 %, but in no case shall without a further reduction in production costs." the speaker continued.
puted as if the rate
will rethis deduction be in excess of the interest or dividend "Restoration of foreign trade, vital to our over-produced industries,
an open field against competitors by means of
It is provided that "the tax as finally quire that we are assurednext. that we link up foreign sales with foreign
actually paid."
commercial agencies and
computed shall not exceed an amount equal to 6/10 of 1% on manufacturing in a way that those benefiting, the banking and the manuinstead of the general public."
the par value of the surplus and undivided earnings as of facturing communities, bear the burden,
A serious aspect of the movement to establish American plants abroad.
calendar year."
the thirtieth day of June of the preceding
Dr. Willis declared, is that these concerns, besides draining capital from
of
this country, inveigh more vigorously than natives against the entrance
The act is to take effect June 30 1932.
United States made products.
Measures Approved by Gov. Roosevelt of New
Increase in Assets of Building and Loan Associations
York,
in 1930 Reported by H.F. Cellarius of United States
Gov. Franklin D. Roosevelt on April 21 approved two
Building and Loan League.
banking measures introduced by Assemblyman Sargent of
The confidence of the investing public was worth $131,Onondaga embodying, says the New York "Times", technical
loan associations in the depression
provisions for the organization and operation of industrial 773,609 to building and
1930, according to H. F. Cellarius, Secretary-Treasurer
year
banking and investment companies.
of the 'United States Building and Loan League. This
amount represents the increase in building and loan assets
Governor Roosevelt of New York Signs Bill Broadening
last year in the 36 States which have reported so far to the
Original Corporate Powers of Manhattan Co.
League officials compiling the statistics on building and
A special act signed by Governor Franklin D. Roosevelt
12 States not
Company of New York loan growth. His report points out that the
of 'New York places the Manhattan
yet announcing their 1930 assets include Pennsylvania, Ohio,
City under the general corporation laws of the State, and
and New Jersey, where the building and loan holdin effect restores the company to the status it enjoyed
ings are normally largest, and on these grounds
prior to 1903, when its charter was amended to put it under
resources of home
from the New York "Times" predicts a total increase in the
the banking laws. We quote
financing institutions much greater than the figures
of April 18, which likewise said:
now available show. California, Illinois, Massachusetts,
The President and director of the Manhattan Co., as the company is
their building and
It on April 2 1799, was formed originally to New York, and Missouri each increased
styled in the Act that created
York City with water. When the city acquired its own water loan assets by more than 10 million dollars last year, he
supply New
supply, the Manhattan Co. turned to the business of banking, forming the
says. Of this group, California leads with an addition of
Bank of the Manhattan Co.
Co. was converted into a holding company. $33,294,374 to its funds accumulating for investment excluTwo years ago the Manhattan
operating under its 1799 charter, and the Bank of the Manhattan Co. was sively in homes. Illinois follows with an Increase of $21,changed to the Bank of Manhattan Trust Co. The Manhattan Co. entirely
with $19,063,250 more assets; New
owns the Bank of Manhattan Trust Co., as well as the International Ac- 063,250; Massachusetts
ceptance Bank, the New York Title and Mortgage Co. and other institu- York with an increase of $12,587,734, and Missouri with
tions.
also states:
logical step, since the Manhattan Co. is now $12,068,234. Mr. Cellarius
Banking
The move is regarded as a
a holding company and no longer is directly engaged in doing a banking
business.
nearly four billion
"Pennsylvania, Ohio, and New Jersey together had
Since these are the building
dollars in building and loan assets in 1929.
in assets, it is safe to predict a sizeable increase
The act was signed by Gov. Roosevelt on April 14; its and loan States strongest1930 in view of the progress in other States.
holdings during
New York "Sun" of in their associations are getting a practical check on the value of public
text was given as follows in the
"Our
asset figures. The true measure
confidence in the tabulation of their 1930
April 17:
loan, however, is much greater
of the confidence enjoyed by building and
The people of the State of New York,represented in Senate and Assembly, than the increase in assets. It must be remembered that the $8,695,154,220
1929 remained in their keeping,
do enact as follows;
held by the associations in this country in
newly invested with
Section 1. The corporation entitled President and directors of the Manthe hundred millions of dollars which were
Co., organized by special Act of the Legislature, passed April 2 besides
hattan
financial history.
is hereby permitted them in one of the worst years in pur
1799. contained in chapter 84 of the laws of that year.
our shareholders were hard
"The classes which form the larger part of
privileges granted to
to avail itself in addition to the powers, rights and
them are being tided over
hit by unemployment, it is true. Many of
It by said Act, of any of the powers, rights and privileges granted to busionly by the building and loan savings they had accumucorporations organized under the general laws of this State. now in their misfortunes
ness
up for these emergency
reduction of its capital lated. But those newly investing with us made
force or hereafter to be enacted, in the increase or
and the withdrawals, by a surprising number of additional millions. We may say
stock, in the increase or reduction of the number of its directors
of re- with all accuracy that the public was willing to entrust or keep entrusted
qualification thereof as to residence or otherwise, and in the increase
number of its shares, by corn- a total of approximately nine billion dollars in the hands of these comduction of the par value of its shares and the
from time to time, of such munity institutions which loan all their money on homes.
plying with the requirements, as they shall be
We do not need a tax
privileges of which said
"Some have suggested a tax on hoarded money.
general laws respecting the exercise of the rights and
that all of its on money saved by people who invest their dollars where they will help
corporation may desire so to avail itself, provided, however,
have a par value, and further provided turn the wheels of industry and trade. All we need are sound financial
shares shall be of one class and shall
is so to avail itself of said powers, Institutions which pay steady dividends, which can be watched over by
that the permission hereby granted
to business corporations ,organized under the investor, so that his little fortune does not slip out of his hands over
rights and privileges granted
only so long as it is not engaged in the night. One hundred years of building and loan have established it as an
said general laws shall continue
institution of this preferred kind and we still find the people streaming
banking business.
the laws of 1903 and chapter 550 of the laws to our doors to put their savings to work."
Seetion 2. Chapter 292 of
of 1927 are hereby repealed.
effect immediately.
Section 3. This Act shall take
e Volume Declines
1 in
"Journal of Commerce,"
H. Parker Willis of New York
Academy of Political and Social
Before American
States Tariff Policy Has
Science Declares United
Broken Down.
Academy of Political and
In addressing the American
a on April 18, H. Parker Willis,
Social Science in Philadelphi
Commerce," declared
Editor of the New York "Journal of
doubt" that the present tariff policy
there was "little or nor
$53,120,98
Bankers' Acceptanc
Month—Total Outstanding March 31 $1,466,736,503
The monthly report of the American Acceptance Council
on the bankers' acceptance volume shows a reduction of
$53,120,981 as of March 31. Figures released on April 20
by Robert H. Bean, Executive Secretary American Acceptance Council, place the total volume at $1,466,736,503,
which is $72,549,295 less than the volume outstanding on
March 31 1930, but, notwithstanding the depressed con-
APRIL 25 1931.]
FINANCIAL CHRONICLE
dition of business in the current period, the total is $261,000,000 higher than on the corresponding date in 1929.
Mr. Bean, in presenting his survey, also says:
3073
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
March 31 1931. Feb. 28 1931. March 311930.
8313,674,496
$211.796,486
8212,334,487
For the first three months of this year the acceptance volume has de465.533,358
398,388,745
389,567,667
clined only $90,000,000 against a drop of $193,000,000 during the first
15.037,946
33,838,268
36,797,679
219,496.816
260,838.879
245,666.916
quarter of 1930. This would seem to forecast a sharp reduction in the
58,206,456
82,221,301
71,330,477
next three months, but new acceptance business, drawn by the continuous
low and steady rates, is still furnishing a volume of new bills to at least
467,336.726
543.664.629
520.148.453
partially replace many maturing acceptances.
Bills drawn for the purpose of financing exports declined 88,800.000 AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
MARCH 16 TO APRIL 16.
in the month. Domestic warehouse bills declined $15,000,000, bills to
finance goods stored abroad or shipped between foreign countries went off
Dealers'
Dealers'
Dealers'
Dealers'
and dollar exchange bills went off $9,000,000.
$23,500,000
Buying Rale, Selling Rate.
DaysBuying Rate. Selling Rate. DaysThe only increases in volume were in import bills which were up $600.000,
and domestic shipment bills which advanced 82,900,000.
1.625
30
1.750
120
1.500
1.625
The current survey shows the contraction to be general in all Federal 60
1.750
1.875
1.500
150
1.625
1.750
1.875
1.625
1.500
180
Reserve Districts, the most noticeable changes Occurring in Boston, New 90
York and San Francisco.
Despite the fact of a total volume of nearly 1 ti billion dollars, the bill
market has been abnormally easy for the past month. Portfolio totals
-89 Banks
have varied but little in the period as the flow of bills to the dealers has Federal Reserve Board on Bank Suspensions
approximated the demand from day to day.
Closed in March Compared With 78 in February
While the dealers' portfolios have remained stable in April, they have
370 Banks Closed in First Quarter of This Year.
nevertheless averaged nearly double the amount held from Jan. 1 to April 1.
At the end of March accepting banks held their own bills to the amount
According to the Federal Reserve Board 89 banks susof $131,000,000. while the total of other banks bills purchased amounted
pended in March this year, compared with 78 in February
to $341.000,000. These totals represent a reduction of 820,000,000 and
$57,000,000, respectiveiy, from the holdings reported a month previous. and 203 in January. In the first quarter of this year,
This clearly reflects a substantial volume of maturing bills in the banks' according to the Board, 370 banks closed, of which 305 were
portfolios, and it will not be surprising if their holdings decline to a greater
non-members. During the quarter 130 banks reopened,
extent in the present month.
Federal Reserve bank holdings on their own account have declined to and of these 119 were non-member banks. The Board's
$131.000,000 from $265,000,000 at the beginning of January, and for compilations (one by Federal Reserve Districts) are given
foreign correspondents to $424.000,000from 8440,000,000 three months ago.
as follows in its April Bulletin:
In the position of these three groups
-banks, dealers and the Reserve
-we see a steady easing of the seasonal acceptance load which will
banks
BANK SUSPENSIONS.
now proceed orderly until the mid-year.
[Ranks closed to public on account of financial difficulties by order of supervisory
authorities or directors of the bank. Figures of suspensions include banks
Details supplied by Mr. Bean follow:
subsequently reopened.]
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY, BY FEDERAL RESERVE DISTRICTS.
Deposits (in Thousands of Dollars).
Number of Banks.
Month.
1931.
1929.
1930.
1928.
1928. 1929. 1930. 1931
Federal Reserve District.
March 31 1931. Feb. 28 1931. March 31 1938
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
8112,494,112
1,143,968,144
24,095,746
21,996,147
9,290,268
12,118,859
80,196,180
2,878,832
4,982,683
750,918
3,051,886
50,912,728
Grand total
S1,466,736,503
$124.606,143
1,160,462,016
25,820,354
25,887,552
10.070,612
15,528,727
83,902,361
2,731,916
6,553,863
600.471
4,474,395
59,219,074
$151,069,262
1,121,040,708
23,930,082
29,227,725
10,483,703
17,553,193
95,196,215
2,098,474
7,324,281
1,028,058
4,902.613
75,431.484
484 $1,539
798
$1,519,857,no
kq Inn,
..yome.
,
285An,nn
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
January
February
March
April
May
June
July
August
September
October
November
December
53
50
66
43
29
28
24
21
20
41
72
44
54
60
51
29
112
48
69
17
39
43
68
52
99 r 203
78
85
89
76
96
55
66
65
67
66
72
254
344
Members.
AU
banks.
January-March, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
March, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
National
State.
1
5
10
29
25
53
101
75
24
27
11
9
4
1
6
1
1
370
53
12
2
2
9
4
9
7
s
1
2
1
3
1
3
Banks Reopened.
Deposits (in thousands of dollars).
Deposits (in thou, of dole.).
Number.
.
Members.
AU
NonNonAU
MOIIINonMesaAU
Nonmembers. banks. National State, members. banks.
bets.* members.
bars.* members, banks.
-2,764
1
2,426
2,426
1
2,764
1
2
9,412
1
2,683
2,683
1,996
6,056
1,360
1
8
9,406
1,308
8,098
18 21,042
412
1
412
5,511
1
1,743 13,788
20
8.880
1,230
3,659
4,728
23
8,387
2
• 25
219
7,431
41 22,681
S
3,241
4,120
879
11,361
1
9
578 10,742
93 47,253
6,597
5,059
6,597
16
16
5,981 36,213
64 17,248
13,284
3,629
56 16,913
3,723
6
62
741 12,784
20
7,510
3,177
10
2,204
3,177
10
5,306
26
5.148
356
2
1,116
356
2
4,032
5
3,860
748
2,614
412
1
1,160
3
2
1.246
7
2,338
284
320
1,734
305 157,542
36,406 15,638 105,498
8,579
37,652
119 46,231
130
11
1
1
1
4
3
5
36
9
6
3
1
4
4
2
1
3
8
18
1
2,764
3,087
1,728
4.148
2,543
989
19,739
1,885
3,485
1,341
1,445
50
3,249
1
2
1
3
2
r78,675
r35,663
43,204
Figures of suspensions include banks subse
Banks Suspended.
redcral Reserre District.
28,903
32,800
23.769
33,388
19,315
70,566
32,333
21,951
23,666
24,599
186,306
367,119
Year
138,642 234,532 864,715
491 642 1,3451
Back Figures.
-See Annual Report for 1928 (Table 64). r Revised.
BANK SUSPENSIONS, BY DISTRICTS.
[Banks closed to public on account of financial difficulties by order of supervisory authorities or
directors of the bank.
quently reopened. Figures for latest month are
PrelinlInarY•1
Number.
16,413
21,746
9,002
7.790
24,090
19,219
66.161
8.532
10,050
13,153
22,646
15,730
10,983
18,352
16,953
8,190
8,394
13,496
5,368
6,147
7,888
9,011
24,784
11,076
70
43,204
13.932
1,906
963
2,500
662
122
1,501
1,116
1,445
2,764
1,091
765
1,648
1.881
867
15,990
1,885
1,984
225
3
1
4
9
6
1
1
2
1
4
8
6
3,830
110
1,448
1,899
2,156
3,255
135
575
110
1,448
1,764
2,156
50
150
22
3.390
2
6.053
21
9.443
Represents National banks only, except as follows. January-March, 2 State members in St. Louis district with deposits of $1,113,000.
Back Figures.
-For district figures back to 1921 see "Bulletin' for February, 193 ,also annual reports for 1929 (Table 111), 1928 (Table 115), 1927 (Table 11), and
1926 (Table 98).
Dun's Report of Bank Failures in First Quarter
Defaults Total 270 Compared with 124 in Same
Period Last Year.
It is noted by R. G. Dun & Co. that both in number and
amount, banking failures in the United States during the
first quarter of this year increased sharply over the totals
for the corresponding period of 1930, and also were appreciably higher than in most other years. The number of
such defaults in the three months recently ended was 270,
involving liabilities of $144,009,210, comparing with 124 in
number and $51,578,980 in indebtedness in the first quarter
of 1930, according to a compilation made by Dun & Co.
199
211
Except in New England, where there was no change, and
in the Western States, where a decrease of 3failures occurred,
banking defaults for the first quarter of this year were
more numerous than for the same period of 1930 in each
geographical section included in the tabulation made by R. G.
Dun & Co. Continuing, the latter says:
Numerically, increases ranged from 7 on the Pacific Coast in 46 in the
Central East. In point of liabilities, the only reduction, approximating
$1,000.000. was in the Western group of States, while the smallest expansion
was one of about 8800,000 in New England. The most pronounced rise in
the liabilities-fully 825.000,000 was in the Central East, while large
increases also occurred in the Middle Atlantic States, the South Atlantic
States and on the Pacific Coast.
division, South Central
A comparison of banking suspensions is made by sections for the first
quarter of the last three years:
FINANCIAL CHRONICLE
3074
Section—
New England
Middle Atlantic
South Atlantic
South Central
Central East
Central West
Western
Pacific
United States
1930
1929
1928
1927
1926
1925
1924
1931.
14
47
65
61
71
4
7
—
270
124
81
109
174
94
144
265
Liabilities.
Number
1931.
1930. 1929.
__
$2,600,000
2
20,085,000
2
21,724,500
27
21
31,109,486
8
30
30,758,715
6
15
18,119,083
30
48
7
3
1,170,000
5
18,442,426
__
—
124
81 $144,009,210
___
$51,578,980
___
___
___
37,508,830
36,802,098
66,619,286
25,893,778
43,925,548
100,275,000
[VOL. 132.
an orgy of spending born of the inflation following the
war". He noted that "the condition of the individual has
been largely repeated in the condition of government", and
added that "throughout the world this is true". Mr. Baruch
pointed out that "the value of any state expenditure should
be measured by the benefit derived therefrom by all the
people". "I would not have you think," he said, "that I
am pleading against expenditures or making a case against
taxation. On the contrary, true thrift may lie in wise
and even increasing expenditures, but economic paralysis
must inevitably follow exorbitant taxation caused by extravagance." Mr. Baruch, in stating that "there is nothing
in the situation that justifies despair", added: "On the
contrary, I believe that with time and action a sounder,
truer prosperity may be built." Alluding to the fact that
his mother was born in Charleston, and that he is at heart,
and always will be, a South Carolinian, Mr. Baruch spoke
as follows:
Nebraska Guaranty Fund Collectible from Converted
Bank—Former State Institution Held Liable for
Assessment Made Before Reorganization.
A State bank which has been converted into a National
bank remains liable for guaranty fund assessments made
under the Nebraska law prior to the date of conversion,
according to a ruling by Attorney-General C. A. Sorensen,
Born in Camden, I saw the end of the evil carpet-bag period and know,
say Lincoln, Neb., advices, April 21, to the "United States through my personal observation and the experiences of my parents, what
that meant to us—the travail and bitterness of the reconstruction days.
Daily", from which the following is also taken:
resources it was only the indomitable energy and
His opinion, in the form of a letter to an attorney in Lexington, Neb.,
follows in full text:
Mr. Johnson: You say a controversy has arisen as to whether the
First National Bank of Cozad (formerly the Farmers' State Bank of
Oozad) or the trustee for the creditors of the Farmers' State Bank of
Cozad or either one of 'them is liable for special unpaid assessments
heretofore levied against the said Farmers' State Bank, and you ask for
an opinion from the Attorney-General regarding the matter.
In answer to the question you ask, I will say that in my opinion the
First National Bank of Cozad is liable for the amount of these assessments. When the Farmers' State Bank was reorganized the reorganization
did not effect a dissolution of the corporation.
"A corporation may reorganize without being reincorporated." 14 A. C.
J., p. 1040.)
The corporate name of the bank was retained, the place of business
was retained, a large part of the assets was retained, and the fact that
the reorganized bank was liable for its debts incurred before reorganization is recognized, in effect, by the retention for a period of 12 months
of loans not exceeding $25,000 in value for the purpose in part of
indemnifying the reorganized bank against possible concealed liabilities.
All liabilities that existed against the bank prior to its reorganization
existed against it after reorganization except in so far as they were modified by the reorganization agreement entered into in conformity with the
provisions of statute.
Identity Maintained.
By agreement more than 85% of the deposits entered into an agreement to take 50% of the amount of their respective deposits and further
agreed that their deposit or credit in the reorganized bank should not
become due at a rate greater than 15% per month.
The statute made this agreement binding upon the depositors and
insecured creditors of the bank, but it did not relieve the bank from the
payment of the special assessments previously levied against it prior to its
reorganization. Similarly the change from a State bank to a National
bank did not destroy the bank's identity or relieve it from the payment
of the obligations of the State bank.
Thus it is said: "The reorganization of a State bank as a National
bank does not destroy its identity or corporate existence. . • . And
the National bank organized from a State bank, and having received its
assets, is liable for its debts." (3 R. C. L., p. 658.)
In the case of Metropolitan National Bank v. Claggett, 141 U. S. 520,
upheld a judgment rendered against a National bank for obligations
Incurred while it was a State bank. The Court said in that case that:
Bank Held Liable.
"Where a State bank in New York organizes as a National bank and
takes proceedings to retire its circulating bills issued whilst a State
bank, it is not released from paying such bills by the Statute of Limitations of the State."
Similarly the Supreme Court of Oklahoma has said:
"A State bank by conversion into a National bank does not escape
liabilities incurred by it while a State bank. That a State bank is converted into a National bank does not discharge deferred payments of an
assessment levied under Act of Okla. Mar. 11 1909 . . . relating to
depositors' guaranty fund." (State v. Farmers' National Bank of Cushing,
150, p. 212.)
The Supreme Court of Pennsylvania has said: "A National bank is
responsible for all the liabilities incurred by it while a State bank."
(Kelsey v. National Bank of Crawford Co., 69 Pa. 426.)
The National bank will not be liable, of course, for assessments levied
upon State banks after it changed from a State bank to a National bank.
The officers charged by law with rthe duty of collecting past due
assessments against State banks cannot look to the depositors either
individually or collectively for payment. It is the bank that is liable, and
not its former depositors. Whether or not the bank has a right to look to
the assets turned over to the depositors for reimbursement is another
question.
The action of the Nebraska banks in resisting collection
of the guaranty fund was referred to in these columns
April 18, page 2886.
Carolina Legislature Points
B. M. Baruch Before South
War—Says Value of
to Orgy of Spending Following
by Benefit
State Expenditure Must Be Measured
for Sounder, Truer Prosperity.
Derived—Looks
session
In an address delivered on April 7 at a joint
at Columbia, S. C. (at
of the South Carolina Legislature,
M. Baruch, of
the invitation of the Legislature), Bernard
-day are victims of
New York, declared that "all of us to
Thrown upon its own
strong character of the State that enabled it to overcome conditions seemingly insurmountable. Each time she has faced a crisis she has emerged
greater than before, greater materially and greater spiritually. To-day
South Carolina is facing another crisis in common with the rest of the
world. It is a crisis that is largely economic, but which has its roots,
and which will have use results, in spiritual elements. The world to-day
is suffering still from that vast tragedy that overtook it in 1914 and which
ostensibly ended in 1918. But we have discovered that signatures to
treaties of peace do not end wars. We have discovered that vast emotional
and physical convulsions can be composed only by time and wisdom;
that there is no magic wand that can be waved whereby, with the restoration of peace, there is a restoration of conditions as they were before
the war. It is a new situation we are called upon to face and one that
requires new energy but old virtues for its solution—virtues of understanding, of consideration, of diligence, of thrift, and of honor.
All of us to-day are victims of an orgy of spending born of the inflation
following the war. It became the rule to gratify whims instead of being
governed by needs. The attitude of the individual affected the State.
Debt became a regular condition instead of a rarity. Obligations were
entered into lightly. The desire to spend supplanted the practice of
saving. Too often expenditures, both governmental and individual, were
measured by the ease with which money could be obtained rather than
the value of the project; the hopes of the future were larger factors than
the realities of the present.
Expenditures too often became extravagances. Obligations were entered
into for purposes that may have been praiseworthy but that could not
be afforded. Individual and State danced to a merry tune, with uncertainty instead of certainty, as to how the score was to be paid. Neither
money nor credit is interminable; there always comes a day of reckoning.
The condition of the individual has been largely repeated in the condition
of government. Throughout the world this is true.
as
Our problem, then, is simple in its expression, and perhaps just
simple in its solution. We have spent lavishly, but we can and will pay,
payments
though only with difficulty. The payments of the past and the
elemental
of the future are well within our ability to meet provided the
We must
virtues of work—hard work—and rigid economy are practiced.
instead of
cut the coat according to the cloth; we must face realism
effort instead of
romance. We must gain our ends through planned
awaiting a miracle.
On the conThere is nothing In the situation that justifies despair.
prosperity
trary, I believe that with time and action a sounder, truer
not
may be built. But this can only come about through direction,
governmental processes. No
indirection. It will not be accomplished by
No interference with natural
laws can finally make people rich or good.
governmental edict;
laws has ever been successful. There is no magic in
the men and women
the only magic lies in the heads and the hearts of
is the solution.
who make the nation. Theirs is the problem; theirs
for the cure, and
They must realize that they must look to themselves
those who advocate formulas and
they must avoid the speciousness of
practices that can only bring disaster.
these generic terms
How far are the conditions which I have stated in
applicable to the situation existing in our State to-day? With 31,000
square miles, with 1,800,000 people, with about $2,750,000,000 in State
wealth, South Carolina has a firm foundation on which to build. Her
strength is added to by the richness of her soil, by her ocean coast line,
by her climate, by her water power, by her forests, by her growing industries, but above all by the indomitable spirit of her people, who have
overcome difficulties that make those they are facing at present seem
Insignificant. But this faith in ourselves is good only if translated into
sound action.
In octnmon with others, South Carolina is spending more than she is
receiving. Like almost all of the world, she is pursuing a financial course
that she cannot afford. Indeed, our own National Government has been
an equal offender. The habit of spending—always pleasant—is difficult
to shake off, and sometimes it is more difficult to stop spending for
luxuries than for actual necessities. South Carolina must balance her
budget. We must keep in mind the fact that she must pay to-day much
more than was represented by the present values of the original debts, due
to the sharp decrease in the value of things, the margins of profit, and
the pay for services. The State, guided by the dictates of honor, cannot
choose as to which she will pay of the debts made in the past' she
must, of course, pay them all. She can and should at this time bring
Into being a rigid standard of judgment as to new expenditures and a
sweeping system of economy and improved efficiency tending to lessen
costs.
I am not one of those who believe we can pull ourselves up by our own
bootstraps. Vast public works may have their place in moments of
economic emergency, but we must never lose sight of the fact that sooner
or later they must be paid for. That payment can only be achieved
through taxation unless we have been able, through judgment and circumstance, to enter upon wealth-producing enterprises that eventually become
self-liquidating.
APRIL 251931.]
FINANCIAL CHRONICLE
3075
I have no mystic secret to impart whereby an unfailing measure of
Importance can be applied to appropriations. They must be judged by New York Federal Reserve Bank Cuts Bill-Buying
the essentiality of their purposes. They must be entered upon not because
Rate to Lowest Level in History—Action Reported
of emotions, not through "log rolling", but by a calm consideration of the
as Move To Check Gold Imports.
good of the many in the light of the ability of each to pay his share;
not by the ability of the few to pay, but by the ability of all, for sooner
Reported as designed to discourage the further movement
or later every expenditure is laid upon the backs of all. No matter what
of gold to this country, the Federal Reserve Bank of New
any man may promise us, we must realize that it is always the many
who pay. Taxes are paid by the toil, the sweat, the self-denial and the York on April 22 reduced its bill-buying rate to the lowest
daily effort of all the men and women who make up the community. No levels in the history of the institution, forcing dealers in
matter what the appearance may be, in the final analysis the burden of bankers' acceptances
to slash open-market rates and (said
taxation rests upon all, and the so-called "ability to pay" is the ability
of all, not the ability of a few. One of the oldest laws of economics is the New York "Times") pointing the way to an early cut
still its truest: "The power to tax is the power to destroy"—to destroy in the rediscount rate. The further account in the "Times
wealth, to destroy credit, to destroy initiative, and, above all, to destroy of April 23 skid in part:
character.
The move came on the heels of announcements yesterday morning that
The value of any state expenditure should be measured by the benefit
additional shipments of gold totaling $12,500,000 had been engaged for
derived therefrom by all the people. Certain Items come within this
transfer to this country from Prance on the steamship Europa, sailing
category, but may I not say warningly that even these can be overdone?
Saturday. A consignment of $3,500,000 gold is already on its way here
However, before appropriations for these purposes be too severely curtailed from
Paris, having been shipped yesterday from Havre on the steamship
restrictions should be imposed upon other classes which may be worth Paris.
while under normal circumstances but which must answer the test as to
Yesterday's announcements bring the total of gold thus far engaged for
whether or not they can be afforded now. In fact, that test may be shipment from Prance to the United States
to $16,000,000 and unless the
applied to every dollar spent by the State.
Federal Reserve is successful in discouraging further shipments, bankers
I would not have you think that I am pleading against expenditures or expect additional large consignments will be made soon
making a case against taxation. On the contrary, true thrift may lie in
Strategy Believed Successful.
wise and even increasing expenditures, but economic paralysis, if not
insolvency, must inevitably follow exorbitant taxation caused by extravaApparently the Federal Reserve's strategy had an immediate success, for
gance. Let us save, but only where it is wise to save. Let us spend, but both sterling and the franc advanced sharply. The pound sterling rose
only when it is wise to spend.
three-sixteenths of a cent to $4.86 5-32, the best price quoted since Feb. 11.
And now, in taking my leave of you, I thank you again for the high while the franc gained three-thirty-seconds of a point, going to 3.911 1-16
honor of addressing you—an honor, may I remark, that weighs not lightly. cents, the
ebest price since April 6 and a quotation substantially above the
No private citizen—even in the extreme of diffidence—could
point.
come into goldpo
these surroundings to speak admonishment.
The reduction in the yield rate on bankers' bills in this market creates a
wide differential in favor of London, where ninety-day bills are quoted at
Even to refer to the present as a day of adversity is difficult in
a State
that knew the bloody deeds of Tarleton's men, suffered
2 9-16% discount, against 1%% hero. In the opinion of foreign exchange
Sherman and was
experts, the new reduction in the earning power of money in this market
devastated in the sorry days of reconstruction. It is
hard for me to
should greatly benefit London, which centre at present is bidding higher
mention fortitude, to counsel hope or to advise in statecraft
under the for
money than either Paris of New York.
very sun that warmed Marion, Laurens, Pickens, Wade
Hampton and John
The possibility that the Reserve's latest action may have been outlined
Calhoun.
In discussions held here recently between Federal Reserve authorities and
I know that you will accord to me the justice
of assessing any words Montagu Norman,
governor of the Bank of England, was suggested in the
simply as those of personal opinion from one whose
life happens to have financial district. No definite indications of
what transpired at those
fallen in the fields of finance where lie your most pressing
problems, and discussions have been made public, however.
that you will know that I utter them fully sensible
of the deep reverence
When reports were published several weeks ago that Mr. Norman had
due the glory of my native State.
come here to urge an easy money policy on the Federal Reserve, banking
authorities countered by saying that since the Reserve's easy money policy
was already a fact no such journey was needed to advocate it.
Finds Trust Funds
Sacred—Surrogate at White Plains,
N. Y., Rules They Must Be Paid Executors
by
Closed Banks.
Surrogate George A. Slater ruled on April 16,
that the
New York State Superintendent of Banks must
pay to
executors of estates the full amount of any estate
funds on
deposit in defunct banks. A White Plains, N. Y.,
dispatch
to the New York "Times" reporting this added:
The decision, handed down in 'connection with
the estate of Marie
Forrest, was described by attorneys here as "new law," and
it was believed
sums on deposit in the cosed Bank of United States in
executors' accounts
would be affected.
Judge Slater granted the petition of Horace M. Grossman
and David
Shiman, executors of the Forrest estate, for an order
directing Joseph
A. Broderick, Superintendent of Banks. to pay $5,498, the
balance on
deposit in the Bank of United States.
"The trusts committed to executors and trustees under wills are
sacred
trusts declared by the dead." Surrogate Slater held. "The
principle of
equality of distribution of assets left after the smash of a banking
institution should not be applied to such trusts."
Judge Slater explained later that when an individual deposits
funds
the title to the money passes to the bank, and the debtor-collector
relation
exists, but an executor, he added, does not part title to money in trust
when he deposits with a bank in the name of the estate or as executor.
The executor, he said, has no power under tne law to transfer
the title of
such funds to a bank.
Bank Collection Code Adopted in West Virginia—
Legislature Also Amends Law Providing for Regulation of Building and Loan Associations.
The following by L. R. Charter Jr., Commissioner of
Banking, State of West Virginia, is from the "United States
Daily" of April 20:
The recent session of the West Virginia Legislature passed Senate
Bill
No.66, being the Rank Collection Code proposed by the American
Bankers
Association and designed to have a uniform collection code
throughout the
United States, In June 1929, the following States had enacted the
code:
Indiana, Maryland, Missouri, Nebraska, New Mexico, New
Jersey, New
York, Washington. Wisconsin, Kentucky and South Carolina.
Undoubtedly
a number of other States have enacted the code within the last
biennial
period.
Section 29. Article 8. Chapter 31 of the Code of West
Virginia was
amended by the House Bill No. 24, in order to clarify the
position of a
banking institution taking over the business, especially the
fiduciary
powers, of another banking institution, and in this day of
consolidations
was a very progressive and necessary piece oflegislation.
Building and Loan Laws.
The Building and Loan Laws of the State were amended. West
Virginia
has had a very inadequate law covering building and loan
associations and
this bill known as Senate Bill No. 35 sets forth proper provisions
tbr the
governing of the building and loan associations in West Virginia.
The Credit Union law was amended by Senate Bill No. 10 in
order to
protect banks from the acceptance by such institutions of
deposits from
other than their own members. While the last two organizations
are net
properly classed as banking they are under the supervision of
the Statt
Department of Banking. The Department of Banking of West Virginia
feels
that the legislation enacted at this session was of a progressive and
helpful
nature.
Cut on Ito 45 Day Maturities.
The reduction in the bill-buying rate of the Federal Reserve Bank was
made on maturities offrom one to 45 days, which will now be purchased from
banks and dealers at 1%% discount instead of 1%%. Bill dealers were
taken completely by surprise and regarded the measure as an arbitrary
adminition to them to reduce rates.
They responded promptly here and in Boston by cutting open-market
quotations one-eighth of 1%. The new rates, which equal the lowest in the
history of the American acceptance market, are; For bills up to 90 days'
maturity. 1%% bid, 1%% asked; for four months' bills, 1.54% bid, 1.15%
asked:for five and six months' bills, 1%% bid, 1%% asked.
The reduction in the bill-buying rate of the bank of issue was said by
hankers to be the quickest and most effective way the Federal Reserve
authorities could take to force money-market rates here to lower levels.
It was also the most direct way of discouraging foreign capital from moving
here. Bankers' bills are regarded as amont the highest types of investments, second only to short-term United States Government obligations.
While it was considered likely that before long the Federal Reserve Bank
would back up its bill-rate reduction by a cut in the discount rate, bankers
remarked that under present conditions the bill rate was actually more
effective than the rediscount rate.
Heavy Gold Imports Discussed by Treasury Department—Reduction in Buying Rate of Bankers'
Bills Not Expected To Check Inflow from Abroad.
According to the "United States Daily" of April 24 the
Department of the Treasury has no reason to expect that
the reduction of the buying rate on bankers' bills, just
announced by the Federal Reserve Bank of New York, will
have the effect of checking the present inflow of gold from
abroad, it was indicated in an oral statement April 23 in
behalf of the Department. The item in "United States
Daily" went on to say:
Money conditions were described in the statement as being so easy that
the bill rate change will hardly be a factor in the gold movement which has
continued some months. The new rate operative in New York represented
a reduction of one-eighth of 1% to 1%% for bills up to 45 days. Additional
Information was made available as follows:
The United States stock of monetary gold on April 22 was $4,719,000,000.
or $126,000,000 above the total held on Dec. 31. It represents an Increase
Of $281,000,000 in a year.
Purpose of Reduction.
In reducing the bill rate. the New York bank chose that course of making
the money market still easier. By so doing, the New York market for
short-term paper was deemed to be less attractive to foreigners. The
immediate reaction of the reduction was a firming of French exchange, but
the Treasury regarded that as a temporary result and a natural course.
The Treasury looks upon present conditions as being such as to preclude
the expectation of material effect from reduced bill rates or even reduced
rediscount rates. It regards the movement of gold as a whole in consonance
with general conditions which exist and which cause the shipments to be
inbound instead of outbound In harmony with the balance of trade.
Respecting changes in the New York reserve rediscount rate, any revision downward would place It on a new low level. It is now 2%. The
changes heretofore made by the Federal reserve banks have never been less
than one-half of 1%. but there is no inhibition against a reduction of onequarter of 1%. The Treasury, however, fails to observe where any
benefit
would come from a further reduction in that charge.
3076
FINANCIAL CHRONICLE
[Vol.. 132.
of which $1,000,000,000 represented refunding and 3500.000.000 the raising
Of additional funds by the Treasury for meeting current and other expenditures during the second quarter of the calendar year. The securities
refunded were 334% Treasury notes maturing March 15, outstanding at
the end of February in an amount of $1,109,000,000, of which all but $70,000.000 were presented during the period March 16-23, either for exchange
into securities of the new issues or for payment in cash. The payment on
Monday. March 16, of maturing obligations resulted, in view of unavoidable
delay in the collection of checks, in Treasury disbursements on that day
substantially in excess of cash recipts from tax payments and from the sale
of the new issues. To cover this excess of disbursements the Treasury
issued a temporary certificate of indebtedness aggregating 3170,000,000.
Had nothing been done to offset the effects of Treasury disbursements
until tax checks were collected, there would have been a large temporary
Increase in member bank excess reserves, with a consequent condition of
artificial ease in the money market. In order to absorb these funds. the
Federal Reserve banks sold to member banks participations in the Treasury
certificate amounting to 3106,000,000, of which 386,000.000 was taken
by New York banks and 320,000,000 by Boston banks. Similar arrangements were made from day to day thereafter involving diminishing amounts
Of temporary certificates, the participation of member banks being terminated on March 20. while the last of the certificates held by the Reserve
banks was redeemed on March 24. In addition, the Federal Reserve
banks during the period March 17-19 made temporary sales out of their
own portfolio of Government securities, which decreased by $37,000,000
from March 15 to March 17, and came back to the former level of $600.United States Board of Tax Appeals Rules Money Paid 000,000 on March 20. By the use of these methods. the temporary accession of reserve funds to the member banks was considerably reduced and
to Halt Closing of Bank Is Not Loan.
the period was passed with little fluctuation in money rates.
Personal funds paid to a bank by an officer to prevent
Results of Financing.
closing of the establishment following embezzlement by the
The net result of the operations was to give the Treasury a working fund
States Board of with which to meet current expenses and make advances of cash to veterans
Treasurer to-day were held by the United
Tax Appeals not to be deductible in the officer's income in accordance with recent legislation. These loans made to veterans
amounted during March to about 3300,000,000. with many applications
return as either a loss or bad debt. We quote from a Washing- still pending at the end of the month and new applications still being reton dispatch, April 22, to the New York "Journal of Com- ceived. Toward the end of March the Treasury announced the impending
-day Treasury bills and allotted this amount
of 90
n
3
merce" which continued:
on March 30.
in the case of William G. Park, executor of
The decision was rendered
A large part of the new issues of Government securities went into the
the estate of Angus Park, who was President and director of the Bankers hands of the banks, the net increase in the holdings of such securities by
Trust Co. of Norwich, Conn.
member banks in leading cities being $380,000,000 for the two weeks ended
A shortage of more than 3125.000 was discovered, for which the Treasurer March 25. At the same time Government deposits of these bank,. increased
Commissioner ordered the establishment
was responsible, and the Bank
by about 1100,000,000. Pending utilization of these deposits by the
closed the following day unless provision was made for putting in at least Treasury their growth has no effect on the money market,since they involve
3100,000 in cash. Park put up the necessary money, later paying in more no increase in the reserve requirements of the member banks and conthan $20,000 additional. He claimed a deduction of $100,000 in his income sequently occasion no need for additional borrowing at the Reserve banks
return, which was disallowed.
As tne Treasury in course of time draws down these deposits, however,
Pf The Board to-day held that the transaction was "entirely outside the
and the deposits pass from the Government to private depositors. whose
scope of his duties as President and director" and the amount could not be deposits require reserves, an increase in reserve requirements of member
considered as a loss, nor was it a loan to the bank which would make proper banks is likely to result.
• its deduction as a bad debt.
Bank Deposits and Reserves.
Publication recently of the detailed statement of condition of member
Federal Reserve Board's Review of Banking Conditions banks at the end of 1930 has provided a basis for a closer analysis of banking
out in
in March—Results of Treasury Financing—Shift developments during the preceding 15 months. As was pointed had
this review for February, loans and investments of member banks
of Deposits from Banks with Lower Reserve Re- shown a decline of more than $1,000,000,000 from the beginning of October
quirements to Those with Higher Reserve Require- 1929, prior to the break in the stock market, to the end of 1930. This
decrease in loans and investments, however, was not accompanied by a
ments.
decrease in deposits, the difference being due chiefly to gold imports, which
Reserve Board in reviewing create deposits not arising from loans or investments, and to open-market
In its April bulletin the Federal
effect. Deposits
Reserve banks, which have the
banking conditions in March discusses the quarterly financial purchases by the requirements showed an increase same
of 3246,000,000 for the
Treasury in that month, the net result of subject to reserve representing an increase in net demand deposits and
operations of the
period—$18,000.000
which, it says, "was to give the Treasury a working fund $229,000,000 an increase of time deposits. As against this growth in
in required reserves and,
to meet current expenses and make advances of deposits, there was an increase of 355.000.000 the end of the period than
with which
larger at
reserves were
with recent legislation." in addition, excessso that actual much balances held by member banks
cash to veterans in accordance
reserve
at the beginning,
The Board also draws attention to the publication of the increased by 3153.000.000. In view of the small growth of demand delow reserve requirements against time deposits, the increase
posits
detailed statement of condition of member banks at the end of as and the$55,000,000 in required reserves for all member banks appears
much as
basis for a closer
of 1930, which it notes "has provided a
to call for explanation. The reason for this growth in required reserves
analysis of banking developments during the preceding lies in the fact that there was an increase in demand deposits of N.Y.City
reserve, while demand deposits at banks in
banks, which
15 months. In presenting a table showing changes in mem- other Reserverequire a 13% Chicago with 13% requirements and other
cities (including
ber bank loans and investments, deposits and reserves Reserve cities with 10%) and particularly at so-called country banks,
between Oct. 4 1929 and Dec. 31 1930, the Board states that which require only a 7% reserve, showed a large decrease in deposits. The
table below shows changes in member bank loans and investments,deposits,
"the table shows that a shift of deposits occurred from and reserves between Oct. 4 1929 and Dec. 31 1930:
banks with lower reserve requirements to banks with higher CHANGES IN MEMBER BANK CREDIT BETWEEN OCT. 4 1929 AND
DEC. 31 1930.
reserve requirements, and that as a consequence there was an
Gold From France.
Much of the present importation of gold is from France whereas it has
previously been coming from the Argentine and Canada. It is believed that
some of the French shipments to the United States represented gold from
Spain although it is impossible to segregate the amounts. Political conditions in Spain where a republic has just been formed have caused the flight
of some capital from that country and the assumption is that it moved
first to Prance because of the proximity that country offered.
Some of the shipments to the United States in the last year, and probably
more lately, have arrived here to be put into American investments because
of the recognized safety of investments here. Some gold has come here
also to pay the balances on dollar bonds and for interest payments since
when these payments can not be covered in exchange gold must be shipped.
The gold movement is going on at a time when American investments in
foreign securities sold here is on the decline. Capital issues floated here
during the first quarter of the current year, or from January to the end of
March,amounted to only 3118,000,000. For the same quarter of 1930, the
foreign capital issues sold here aggregated 3340,000,000. Only 311.500.000
of the total sold thus far this year was of a refunding character, the remainder being new issues.
P' The decline noted in the first quarter of the year is a continuation of the
decline that began in the third quarter of 1930. Advices to the Government
here show no immediate prospect of a revival of foreign flotations in this
country.
increase in the aggregate reserve requirements for member
banks." The Board also says:
Member Banks,
AU
In Other
Outside
In
Member
during a period of banking liquidation,
The net effect has been that
New York City. Reserve Cities. Reserve Cities.
Batas.
low money rates and an easing policy pursued by the Federal Reserve
System, there has been nevertheless an increase in the reserves which Loans & investments —1,054,000.000 +432,000,000 —228,000,000 —1,281,000,000
member banks are required to carry,arising from a concentration of bankers' Deposits:
+18,000,000 +818,000,000 —84,000,000 —718,000,000
Net demand. total_
balances in the financial centers, rather than from increased credit needs
Individual demand —438,000,000 +482,000,000 —190,000,000 —708,000,000
of commerce and industry.
Dueto banks(net)* +454,000,000 +358,000,000 +108,000,000 ——9,000,000
229,000,000
+229,000,000 —78,000,000 +538,000,000
Time
the Board's review of the month herewith:
We give
Treasury Financing on March 15.
position have been influenced
In recent weeks changes in the banking
Treasury. Loans and investlargely by operations of the United States
in leading cities increased by 3500,000,000 during
ments of member banks
increase representing chiefly allotments to
the week ended March 18. the
obligations issued on March 15, for which the
these banks of United States
relatively little decrease in the
banks paid by deposit credit. There was
two weeks, although Government
banks' investments in the following
volume. Treasury disbursements
deposits were withdrawn in considerable
mid-month period resulted in a temporary
In excess of recipts during the
bank borrowings at the Reserve Banks
surplus of funds, and member
recent years, while Government security
declined to the lowest point in
temporarily increased. A brief description
holdings of the Reserve banks
given in the following paragraphs.
of Treasury operations in March is
Technique of Operations.
Federal Reserve System, the problem conFrom the point of view of the
operations of the Treasury in March
nected with the quarterly financial
funds with a minimum of disturbwas one of handling the large turnover of
Treasury operations included the collecance to the money market. The
interest on the public debt, and the
tion of income taxes, the payment of
and certificates of indebtedness,
issue of 31,500.000.000 of Treasury bonds
Total net demand
+248,000,000 +740,000,000 +452,000,000 —946,000,000
plus time
+55,000,000 +104,000,000 +8.000.000
—57,000,000
Reserves—Required
+153.000,000 +185,000.000 +40,000.000
—53,000,000
Actual
+97,000,000 +81.000.000 +32,000,000
+5,000.000
Excess
member banks, as computed for Reser
*Sum of net balances of individual
Purposes.
Influence of Bankers' Balances.
The table shows that a shift of deposits occurred from banks with lower
reserve requirements to banks with higher reserve requirements, and that
as a consequence there was an increase in the aggregate reserve requirements
for member banks. A closer analysis of these figures shows further that
a large increase occurred in the Rem known as "due to banks, net," which
represents net balances held by the member banks for other banks, this
increase somewhat more than offsetting the decline in individual demand
deposits. The growth in individual demand deposits, which occurred
at banks in N. Y. City, was considerably more than offset by decreases
In that item in other Reserve cities and in country banks, but bankers'
ealances increased both at banks in N. Y. City and in other Reserve cities,
with little change in country banks, so that there was a net increase of
$4454.000,000 in bankers' balances; it is this growth in bankers' balances
which accounts for the greater part of the increase in reserve requirements.
3077
FINANCIAL CHRONICLE
APRIL 25 1931.]
bank balances. These balances exercise a particularly important effect
on the volume of required reserves, because they are concentrated largely
In cities that are subject to the highest reserve requirements. During
the period of rising money rates preceding October 1929, banks in the
interior withdrew funds from their correspondents and placed these funds
in the money market, where they earned much higher rates of return.
This transfer of funds from bankers' balances with city correspondents to
loans placed through them,resulted in a decrease in reserve requirements,
and consequently tended to decrease the demand for Reserve Bank credit
at a time when the Federal Reserve System was pursuing a policy
Of restraint.
To sum up, bankers' balances are in the nature of a duplication of deposits, because they represent the redeposit with city correspondents of
customers' deposits held by banks throughout the country. This duplication of deposits is generally greater at times of low money rates, when
interior banks are content to leave their balances with their correspondents
rather than to place them in the market, and less in periods of higher
money rates, which attract the funds to the money market. They decline
and tend to cause a decrease in reserve requirements and In the demand for
Reserve Bank credit in periods of rising money rates: and by increasing
tend to enlarge reserve requirements and the demand for Reserve Bank
credit in periods of low money rates when a smaller volume of credit is
required by trade and industry. Changes in the volume of bankers'
balances, therefore, through their influence on the volume of reserves
Period of Rising Period of Falling required by member banks, have a tendency to work in the opposite direcRates,
Money Rates,
Money
tion from the general demand for bank credit and the course of Reserve
Oct. 1929 to
Dec. 1927 to
Bank policy.
Dec. 1930.
Oct. 1929.
Bankers' balances in the past have usually increased during periods of
slack demand for bank credit and low money rates. During such periods
member banks in the interior have funds on hand for which there is no
satisfactory local demand and send them to their correspondents in N. Y.
City and other financial centers. In view of the low rates prevailing at
such times on call loans in the money market, furthermore, the country
banks find it as profitable to leave these funds on deposit with the correspondents, where they draw a small rate of interest, as to lend them on the
street. The net effect has been that during a period of banking liquidation
low money rates, and an easing policy pursued by the Federal Reserve
System, there has been nevertheless an increase in the reserves which
member banks are required to carry,arising from a concentration of bankers'
balances in the financial centers rather than from increased credit needs of
commerce and industry.
Two Periods Contrasted.
The 15-month period of declining money rates from the autumn of 1929
to the end of 1930 may be contrasted in this respect with the immediately
preceding period of rising money rates and increasing use of credit, during
which the Federal Reserve System pursued a restraining policy: this period
lasted from the close of 1927 to October 1929. The comparison is made
in the following table:
CHANGES IN MEMBER BANK CREDIT IN SELECTED PERIODS.
+1,667,000,000 -1,054,000,000
-1,153,000,000
+18,000,000
-254,000,000 -436,000,000
-899,000,000 +454,000,000
+553,000,000 +229,000,000
Loans and investments
-Net demand deposits, total
Deposits
Individual demand
Due to banks, net
Time deposits
-600,000,000
-109,000,000
-193,000,000
-84,000,000
Total net demand and time
Reserves-Required
Actual
Excess
+246,000,000
+55,000,000
+113,000.000
+97,000,000
During the earlier period there was a growth of member bank credit of
,667,000,000, but total depositssubject to reserve requirements diminished
by $600,000,000 and total required reserves by $109,000.000. Actual
reserves diminished even more, because, in view of the tightness of the
money situation, the banks drew down their excess reserves by $84,000.000.
The contrast between the growth in loans and investments and the decrense
in aggregate deposits during this period is accounted for chiefly by the growth
In the member banks' capital funds and by the sale of securities by the
Reserve banks, which result in a decrease in bank deposits without changing
bank loans and investments. The difference between the change in loans
and investments and in deposits was increased by a decline of $900.000.000
in bankers' balances, due largely to the rise in money rates. The decline
in require.l reserves during this period reflected largely this reduction in
Federal Reserve Board Presents Figures of Conditions
of All Banks in United States on Dec. 31 1930.
The Federal Reserve Board's quarterly compilation of the
principal resources and liabilities of all banks in the United
States-including nation-al banks, State commercial banks
and trust companies, mutual and stock savings banks, and
all private banks under State supervision-is presented for
Dec. 31 1930 in the April issue of its Bulletin. In presenting the tables the Board says:
During the last quarter of 1930 the total loans and investments of all
banks decreased by $1,381,000,000. reflecting a decrease of $1,580,000,000
in loans and an increase of $199,000,000 in investments. The decrease for
member banks was $613,000,000 and for non-member banks $769,000,000.
For the year ending 1930 as a whole the loans and investments of all
-from $58.417.000,000 to 1156.209,000,banks decreased by 362,208,000,000
-while those of member banks decreased by $1,074,000.000 to the
000
level of $34,860,000,000.
One of the Board's compilations follows:
-TOTAL LOANS AND INVESTMENTS, AND DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS).
ALL BANKS IN THE UNITED STATES
In millions of dollars. Includes National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State
supervision.
Total Loans and Investments.
-All Banks.
31,523
32,440
33,865
35.640
36,157
36.759
37,360
38,407
39,464
39,671
40,763
40,557
41,512
42,201
41,898
40,686
40,618
39,715
38,135
13,657
14,742
14,965
14,963
15,404
15,260
16,391
17,043
17,801
17,549
17,504
17,462
16,982
16,634
16,519
16,700
17,490
17,875
18,074
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New Offering of $50,000,000 or Thereabouts of 91
Treasury Bills.
On April 20 Secretary of the Treasury Mellon announced
a new offering of $50,000,000 or thereabouts of 91-day
Treasury bills; tenders for the same were received at the
Federal Reserve Banks and their branches up to 2 p.
yesterday (April 24) Eastern standard time. The bills,
which are payable at maturity without interest, are sold on
a discount basis to the highest bidders. The bills will be
dated April 27 1931 and will mature July 27 1931. They
will be issued in bearer form only and in denominations of
$1,000, $10,000 and $100,000 (maturity value). It is stated
that next month three issues of Treasury bills aggregating
$214,281,000 will mature, and in June two issues of certificates amounting to $589,314,000. Secretary Mellon's
statement announcing the new offering follows:
The Secretary of the Treasury ;Owe notice that tenders are invited for
Treasury bills to the amount of $550.000,000. or thereabouts. They will be
91-day bills: and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or the branches
thereof, up to two o'clock p. m., Eastern standard time, on April 24 1931.
Tenders will not be received at the Treasury Department, Washington,
The Treasury bills will be dated April 27 1931, and will mature on July 27
1931, and on the maturity date the face amount will be payable without
interest. They will be Issued in bearer form only, and in amounts or denominations of 81,000. $10,000. and $100,000 (maturity value).
It Is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by the Federal Reserve Banks or
branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
7,963
8,813
.8,863
8,888
9,123
8,990
9.818
10,361
10,758
10.604
10,529
10.448
10,052
9,749
9,784
9,937
10,442
10,734
10.989
Total.
Loans.
*000000*0*0*0
45,180
47,182
48,830
50,603
51,562
52,018
53,750
55,450
57,265
57,219
58,266
58,019
58,474
58,835
58,417
57,386
58,108
57.590
56,209
Invest?tants.
MONNCV0..0MV000-0
Loans,
mu,0100.-.V.D..MCCWOON010100
Total.
.....CINNNNNNNNNNNNNN
Investmeets.
06.6a.;66d-a<sraaaaaaaei.
Loans,
- MWM
0e1.1.-.N0M0410,,
M1-040000 .
,
.M.-0001.000NWNWMN..,
,
0.4 01-0MMOINN.00.-OVMV.-,1
Total.
1924-June 30
Dec. 31
1925-June 30
Dec. 31
-June 30
1926
Dec. 31
1927-June 30
Dec. 1931
1928-June 1930
Oct. 3
Dec. 31
1929-Mar.27
June 29
Oct. 4
Dec. 31
1930
-Mar,27
June 30
Sept. 24
Dee. 31
Nonmember Ban)s.
Member Banks.
Date.
Investments.
5,693
5,929
6,102
6,076
6,281
6,269
6,573
6,683
7,043
6,945
6,975
7,013
6,910
6,885
6,735
6.763
7,048
7,141
7,085
Deposits (Ezdusive of
Interbank Deposits).
All
Banks.
Menher
Banks.
43,405
45,835
47.612
49,224
49,733
50,029
51,662
52,909
53,398
53,720
56.766
54,545
53,852
55,180
55,289
53,185
54.954
52,784
53,039
25,711
27,836
28,440
30,029
29,781
30,474
31,269
32,063
32,133
32,138
34,826
33,215
32,284
33,004
33,865
32,082
33,690
31,839
32,560
Nonmember
Banks.
17,694
17,999
19.172
19.195
19,952
19,555
20,393
20,846
21,265
21,582
21,940
21,330
21,567
22,176
21.424
21,103
21.264
20,945
20.479
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on April 24 1931.
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
April 27 1931.
and any
The Treasury bills will be exempt, as te principal and interest,
gain from the sale or other disposition thereof will also be exempt,from all
loss from the sale or
taxation, except estate and Inheritance taxes. No
other disposition of the Treasury bills shall be allowed as a deduction. or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25
1930, and this notice as issued by the Secretary of the Treasury, prescribe
the terms of the Treasury bills and govern the condition of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or
branch thereof.
Andrew W. Mellon, Secretary of the Treasury, announced
on 'Friday that "the total amount of bills applied for was
$343,739,000. Except for one bid for $10,000 at the rate of
about 1%, the highest bid made was 99.674, equivalent to
3078
FINANCIAL CHRONICLE
an interest rate of about 1.29% on an annual basis. The
lowest bid accepted was 99.653, equivalent to an interest
rate of about 1%% on an annual basis. The total amount
of bids accepted was $53,510,000. The average price of
Treasury bills to be issued is 99.664. The average rate on a
bank discount basis is about 1.33%".
Pennsylvania State Institutions to Be Asked to Report
Monthly to State Banking Department.
Dr. William D. Gordon, Secretary of Banking of Pennsylvania, on April 23 disclosed plans to ask State institutions to
supply the Banking Department with monthly statements of
their condition, according to the Philadelphia "Public
Ledger" of April 24,from which we also quote the following:
The innovation is being made, according to Dr. Gordon, as a protection
to banks and their depositors in Pennsylvania.
It is understood that these statements will be for the information and
use of the State Banking Department, and as such they would not be made
public. The usual practice is for State bank calls to be made at the same
time that National bank calls are announced, most frequently at or near
the ends of the quarterly periods, in March, June, September and December. At such times both the State and National banks publicize their
condition statements.
In speaking of the proposal, Dr. Gordon said; "During the next two
weeks I will write to the presidents of all the banks under our jurisdiction,
and request them to send us each month five particulars that will tell us
whether they are progressing or retrogressing. These particulars are;
The amount of their time deposits, their demand deposits, their time bills
payable, their demand bills payable and their cash reserve, both in amount
and percentage.
"Such reports will show whenever there is a slow seepage of deposits,
which eventually results in a run on a bank."
Dr. Gordon recommended better management, instead of further legislation, for the stabilization of building and loan associations. The Secretary placed the blame for a large part of what uncertainty still exists in
the banking and building and loan fields on inefficient management, and
urged bankers, directors of banks and building and loan associations,
and depositors and shareholders, to expect improvement to be made from
within instead of from without, the individual businesses.
"A principal purpose of the State Department of Banking for the next
four years," said Dr. Gordon in an address before the B'nai B'rith at
the Manufacturers' Club, "will be directed toward restoring confidence
where it is needed, in building and loan associations. Nothing has occurred to shake my own confidence in them. But some members of the
community ask for the passage of certain legislation to strengthen popular
sentiment. I am certain that a solution to what difficulties exist lies
not in some new law, but in the effective operation of the present law,
and of scientific management of the institutions themselves."
Brokers and Security Salesmen Required to Register
in Connecticut.
From the "Wall Street Journal" of April 16, we take the
following Hartford, Conn., advices:
[voL. 132.
pounds, a drop of 140,000 pounds, and snuff 3,497,016 pounds, a slight
decrease. Cigarette taxes in March were $29,406,189, or $1,909,000 greater
than in March 1930.
Playing Card Output Rises.
The output of playing cards of 5,164,480 packs showed a slight increase
over last March.
Collections under the estate tax for the nine months amounted to $37.427,000, a reduction of $7,169,000. The distilled spirits tax amounted to
$7,867,100, a decline of $1,124,500.
Collections under the prohibition laws were $517,330, a reduction of
$345,800, and from miscellaneous sources, including oleomargarine, $2,344,900, a drop of $3,198,400.
Special taxes under the revenue Act of 1928 amounted to $47,612.700,
a drop of $24,074,000. This decrease was chiefly in the stamp taxes on
bonds of indebtedness and capital stock issues and the capital sales or
transfer tax. Collection on the former was $11,949,500, a reduction of
il,9ol.000, 15 14
a dr p 0f an2 under
6
stock sales and transfer $19,571,900.
capitlhe
$
The tax on playing cards for the nine months was $3,807,500, a drop of
$115,715.
Admissions taxes for the nine months totaled $2,154,700, a drop of
$1,101,100, and on dues of clubs $8,288,000, a decrease of $730,900.
New York State Income Tax Receipts This Year $21,000,000 Below Last Year—Increase of $8,000,000 in
Inheritance Levies Offsets Part of Decrease, Commissioner Graves States.
Tax problems of the cities and towns are more serious
than those of the State, Mark Graves, New York State Commissioner of Taxation, asserted at Rochester, N. Y. on
April 20. According to the New York "Times" he made
public figures showing this year's State income tax would
fall $21,000,000 below the $81,000,000 collected last year.
The Rochester dispatch to the "Times" also said:
Taxes on incomes will amount to $60,000,000. Commissioner Graves
said, but part of the decrease will be made up by a jump of $8,000,000 in
inheritance taxes, and the State will end the current fiscal year with a
surplus of $40,000,000.
Financial aid from the state will have to be given the cities in the future
he said, especially for construction of streets and roads that are parts of
through State highways.
He advised, however, that local governments should curtail all except
absolutely necessary improvements for a period.
"It must be remembered that realty values have not increased in the past
two years," he commented, "and that means the tax assessments are
correspondingly lower. With this prospect the municipalities are faced
with a serious financial situation when it is considered that their budgets
show an increase."
No additional State taxes are contemplated for next year. Mr. Graves
stated. State revenues at present were $13,000,000 above the collections
for the same period last year, although at the end of the year, on June 30.
they might show a decrease of between 37.000,000 and $10.000,000.
"If, however," he added. "there is a slump next year then the possibility of an extra tax of some sort will be seriously considered."
United States Tariff Commission Postpones Hearing
Incident to Investigation into Alleged Unfair
Practices in Sale in United States of Russian
Asbestos.
On March 30 1931 the Tariff Commission ordered, an
investigation concerning alleged unfair practices in the
United States in the sale of Russian asbestos, and fixed
May 4 as the time for filing respondents' answers and
Federal Income Tax Receipts in March This Year Fall
May 19 as the date for the public hearing therein. In
$226,184,884 Below March Last Year—Taxes from
announcing this, the Tariff Commission on April 22 stated:
Individuals Drop $121,351,302—Collections for Nine
The respondents named in the complaint are the Amtorg Trading Corp.
Months.
and Asbestos Ltd., Inc. Subsequently N. E. Newman, President of
the respondents, applied to the Commission
Asbestos Ltd., Inc..
Income tax receipts from individuals fell off in March for a postponement ofone of
the hearing, as he had made plans before the institu$121,351,302 from those of March, 1930, and corporation tion of the investigation for a business trip to Europe. Counsel for the
tax receipts dropped $104,835,582, figures made public Amtorg Trading Corp. requested an extension of time in which to file
on April 22 by the Internal Revenue Bureau showed. In, their answer.
The Commission has considered all the facts and circumstances, and
giving the figures made available by the Bureau the New has decided to grant the request of Asbestos Ltd., Inc., for a postponement
of the hearing to a date to be later announced. It has also decided to
York "Times" in a Washington dispatch April 22 stated:
extend the time for respondents' answers to a date to be fixed later.
General Assembly has passed new statutes requiring brokers and security salesmen to register before engaging in business. The Investment
Bankers' Association of America described the new Act as a "model measure." The law puts "teeth" into the fraud Act adopted two years ago.
The Bank Commissioner is given broad powers, and the penalty for violation is made a fine of not more than $1,000 or imprisonment of not more
than three months, or both. Initial registration fee is $50, and $25 annually
thereafter, for brokers, and $3 annually for salesmen.
The revised figures gave $329,557,755 as total income tax collections for
In order to preserve the status quo and to protect the interests of all
last month, the loss being $226,186,884 from march, 1930.
Parties in the investigation, the Treasury Department at the instance of
Total corporation tax receipts last month were $175,995,836 and individ- the Commission has been requested in accordance with the provisions of subual tax receipts $153,561,918.
section (f) of section 337 of the Tariff Act of 1930 to issue an order stipuFor the first nine months of the fiscal year, income taxes amounted to lating that further entry of Russian asbestos, a free-list commodity, shall
$1,505,853,156, as compared with $2,227,453,096, for the same period of be made under bond pending the conclusion of the investigation.
the previous year, or a drop of $306,829,239. For the nine months of this
Due notice of the date of the public hearing in this investigation will be
fiscal year, corporation taxes totaled $818,302,644, a reduction of $128,585,- given after said date shall have been fixed by the Commission.
and individual taxes $687,550,511, a reduction of $178,243,380.
859,
A reference to the proposed investigation appeared in our
Deficit Continues to Rise.
2871.
On Apri120 the Treasury showed a deficit of $786,549,568. compared with issue of April 18, page
a deficit of $75,172,000 a year ago. The deficit will mount until the June
tax collections; it is expected to be about $700,000,000 at the end of the Seek World Code to Interpret Commercial Credit
fiscal year June 30.
Regulations—To Come Before Meeting in WashingTotal expenditures for the fiscal year through April 20 were $3,426,ton, May 4-9, of International Chamber of Com947,000 and receipts $2,640,352,000.from the same period last year, while
ordinary receipts were $506,000,000 less.
merce.
Total internal revenue collections for the nine-month period amounted
Efforts during the past 10 years to standardize the interreduction of$347,420,000from the previous year. Misto $1,930,032.100, a
pretation of commercial credit instruments throughout
cellaneous taxes of $424,179,000 showed a loss of $40,591,600.
Tobacco taxes held up, the loss having been but $4,667,336, as compared the world will be brought much closer to realization at the
during the nine months of $328,404,with a year ago, with a total collection
International Chamber of Commerce to be
140. The bulk of this sum was in cigarette taxes, 3264,632.700, a reduction sessions of the
of $421,464. Manufactured tobacco taxes accounted for $43,522,000, held in Washington May 4 to 9, it was said in local banking
a decrease of $1,542,000, and cigar taxes $13,564,500, a drop of $2,607,000. quarters on April 17, said the New York "Journal of ComSnuff taxes,totaled $5,376,700, a drop of $137,600.
which the following is also taken:
During March taxes were paid on 9,801,886.417 cigarettes, an increase merce" of April 18 from
of 636.000,000 from the same month a year ago. The cigar output was
A code of regulations was worked out at the Amsterdam Congress of the
440,472,410, a reduction of 14,293,000; manufactured tobacco, 27,551,563 International Chamber in 1929, and it is expected that at the sessions to be
APRIL 251931.1
FINANCIAL CURONICLE
held in May it will be finally approved and become fixed American practice.
The final report of the New York committee will be read next month.
This report, it was stated, will be based upon a careful survey of the requirements of American practice. The opinions of shippers throughout
the country, of exporters, railroads, interior banks and legal council, it was
said, have been solicited. Based upon this survey. American practice, it
was thought, would be brought into line with the recommendations at
Amsterdam.
Committee Members.
Paul M. Warburg, Chairman of the International Acceptance Bank;
Wilbert Ward, Assistant Vice-President of the National City Bank; Fred.
I. Kent, director of the Bankers Trust Co.; Robert H. Bean of the American
Acceptance Council and John J. O'Connor of the United States Chamber of
Commerce form the American committee at work on the standardization
of credit instruments. It was thought that the final report would be
read either by Mr. Ward or by Mr. O'Connor.
Reports on Instruments.
It is expected that separ<q.e reports will be read on credit documents,
such as bills of lading and the interpretations of terms used in such instruments, on letters of credit, trust receipts, bills of exchange and other
instruments.
The resolutions adopted by the International Chamber state that the
regulations do not preclude the issuer of credit from giving specific instructions other than those outlined, but indicate where the credit instrument itself is silent the specific construction is to be given to the terms
involved. It was pointed out, for example, that an "on board"shipment in
some countries means the actual placing of goods on board the steamer,
whereas in other countries it means the carrying of the goods to the deck.
Difference of meaning for the term, it was held, has, in many cases, led to
disputes as to liability where goods were damaged. Again, it was pointed
out, practice varies as to the meaning given to terms designating different
periods of time, as, for example, the "first half" or "second half" of the
month which frequently appear in credit instruments. Practice in different
countries, it was said, even varies with regard to the degree of liability
attaching to indorsements of credits.
Secretary of State Stimson Warns American Citizens
in Nicaragua That United States Government
Cannot Give General Protection.
The recent outbreak of banditry in Nicaragua resulted
in advices by Secretary of State Stimson tat Washington
to the American Legation at Managua and the American
Consul at Bluefields that the United States Government
"cannot undertake general protection of Americans throughout that country [Nicaragua] with American forces". Announcement of this was made by Secretary Stimson in the
following statement, issued April 17:
The Secretary of State last night (April 16) telegraphed the American
Legation at Managua and the American Consul at Bluefields as follows;
"In view of outbreak of banditry in portions of Nicaragua hitherto free
from such violence you will advise American citizens that this Government
cannot undertake general protection of Americans throughout that country
with American forces. To do so would lead to difficulties and commitments which the Government does not propose to undertake.
"Therefore, the Department recommends to all Americans who do not
feel secure under the protection afforded them by the Nicaraguan Government through the Nicaraguan National Guard, to withdraw from the
country, or at least to the coast towns, whence they can be protected or
evacuated in case of necessity. Those who remain do so at their own risk
and must not expect American forces to be sent inland to their aid."
A further statement by Secretary ,Stimson on the Government's policy in the case of Nicaragua was issued on
April 18; in this he said:
Purely from the standpoint of protection the most effective way to
protect the American and foreign civilians who have been suddenly exposed
to this danger in the forests of eastern Nicaragua is to give them warning
of the danger and an opportunity to escape to the protection of the coast
towns; and then for this specially trained constabulary to operate in
the jungle against the bandits. . . .
American naval vessels are standing by at all the threatened east coast
ports with orders to protect life and property at these ports. These ships
will remain until the danger is over.
3079
notably a certain hesitancy in commenting, due to a desire to appraise
the situation carefully.
Senator Borah, long an advocate of American withdrawal from Nicaragua,
came out in support of the Administration's policy in a statement supplementing one issued last night. Other Senators complained that the
Administration was vaccilating.
Secretary Stimson's statement, of April 18, follows:
The problem before the Government to-day is not a problem of the
protection of its citizens in Nicaragua from a war, but from murder and
assassination. In that respect it is totally different from the problem
which existed in 1926.
In 1926 two armies, consisting of two or three thousand men each, were
fighting in Nicaragua on the east coast. Both armies professed to be
carrying out the rules of warfare and to be protecting neutrals and neutral
property. So the problem of this Government was solved by establishing
neutral zones in which, by agreements with both armies at that time,
hostilities did not enter.
These neutral zones, as I recall it, were established with the consent
of both the Liberal and Conservative commanders of the contending armies.
There was no organized attempt to murder private citizens of any country.
The problem was only to protect them from the inevitable catastrophes
of war.
Now we have a situation where small groups of confessed outlaws—
treated as outlaws by the Nicaraguan Government—are making their way
through the jungle to the east coast, with the avowed intention of murdering and pillaging the civilian inhabitants of the country. The terrain
where this is taking place is one of the thickest jungles in the world.
The rainfall on the east coast of Nicaragua is something more than double
the rainfall on the west coast, and, as a result, this is very thick jungle
country, a region where it would be almost impossible for regular troops
to operate effectively even if it were attempted.
Another point of differences which is vital is that in 1926 there was
no Nicaraguan constabulary. Since that time, for nearly four years, our
officers have been helping the Nicaraguan Government train a force of
constabulary especially for fighting in this kind of terrain, the very object
being to product the most appropriate kind of force to meet tropical
and jungle conditions of warfare. That force has been recently raised
from 1,850 to over 2,100 and is reported by its officers as being highly
efficient.
Purely from the standpoint of protection the most effective way to
protect the American and foreign civilians who have been suddenly exposed
to this danger in the forests of eastern Nicaragua is to give them warning
of the danger and an opportunity to escape to the protection of the coast
towns; and then for this specially trained constabulary to operate in the
jungle against the bandits.
If the number of constabulary now on the east coast is not sufficient
for that purpose, there are certainly enough elsewhere to reinforce them
against these comparatively small bands of outlaws. American naval
vessels are standing by at all the threatened east coast ports with orders
to protect life and property at these ports. These ships will remain
until the danger is over.
By assisting the Government of Nicaragua in organizing and training
a competent Guardia we are not only furnishing the most practical and
effective method of meeting the bandit problem and the protection of
Americans and foreigners in Nicaragua from its attendant perils, but we
are at the same time recognizing that it is a problem with which the
sovereign Government of Nicaragua is primarily concerned and a problem
which it is primarily the right and duty of that Government to solve.
There has been no change in the determination of the American Government not to send American troops into the interior.
The events of this last week have pretty thoroughly torn the mask off
the character of the mythical patriot Sandino. Two of his lieutenants have
been recognized as leaders of these outlaw bands, and both from their
work and from the evidence of captured papers they are shown to have
been engaged in a deliberate plan of assassination and pillage against
helpless civilians of various nationalities, including Nicaraguans, working
in mines and logging camps.
The movements of these outlaws from the northwestern privonces to the
eastern coast of Nicaragua came just after the terrific earthquake which
prostrated the center of that country, when every humane impulse was to
assist those who were suffering from the catastrophe and when all forces,
including marines and constabulary, were engaged in the alleviation of
distress. It was in the hour of his country's desolation that Sandino chose
to send his outlaws across the country to attack the region which he
believed to be left unguarded.
With respect to the issuance of the April 18 statement Sir George Paish Before Academy of Political and
we quote the following from the Washington advices of
Social Science Urges Sweeping Away of Tariff
that date to the New York "Times":
Barriers to Restore Prosperity—Wars More Terrible
The Administration was confronted to-day with ample evidences of
opposition to its new Nicaraguan policy in the public reaction to its
warning to Americans to evacuate the interior of Nicaragua, but it is
determined to adhere to the program of giving protection only at coast
towns.
Secretary Stimson, who formulated the policy with the approval of
President Hoover, was disturbed over what he considered a misunderstanding in the press of the Government's attitude. When he received
newspaper correspondents at the State Department this morning he defended
and explained the new program, asserting it was the most expedient
method of assuring protection.
Explanation Issued to Public.
Subsequently he revised a considerable part of his informal exposition
of the Administration's viewpoint and issued it as a formal statement
to the public.
The problem, he contended, was different from that of 1926, when two
armies were in the field in Nicaragua, abiding by the rules of warfare.
Now, the menace is from outlaws under General Sandino who are moving
through the jungle upon scattered settlements, bent upon murdering and
looting, he said. Papers captured from Augusto Sandino, he added, have
disclosed orders for a campaign of extermination of foreigners and
natives. . • •
Unanimity Lacking in Congress.
Notwithstanding the vigor with which Secretary Stimson defended his
Nicaraguan program, there were elements of doubt as to whether it could
be maintained without modification. Senators and Representatives who
are here during the recess of Congress continued to show a lack of
unanimity. There were expressions of qualified endorsement, but more
Than Dreamed of Seen as Penalty Unless Action Is
Taken.
"We can enter a period of unending prosperity, with
poverty driven out of the world," Sir George Paish of
London told the Academy of Political and Social Science
on April 18, at its annual meeting in the Bellevue-Stratford,
Philadelphia. Sweeping aivay of tariff barriers was the guarantee urged by Sir George, says the Philadelphia "Public
Ledger" and he insisted unless that were brought about,
wars more terrible than any ever dreamed of would be the
penalty.
Sir George, according to the paper quoted, also said:
"I will stake my reputation that there will be free trade throughout
the world within five years," Sir George enlarged on his remarks in an interview after his address.
-Credit throughout the world has broken down. Trade is not moving.
The situation will compel world-wide adoption of free trade within the next
five years.
"That will not mean the least lowering of real wages or of the standard
of living in the United States. Such prosperity will result from the abolition of tariff barriers throughout the world that the United States will
be better off than ever before. Illimitable demand for goods will result.
"And American production is so efficent that with world-wide free trade
you can compete successfully throughout the world both in agricultural
Products and in manufactured goods."
3080
FINANCIAL CHRONICLE
The Governments of the world ought to be called into conference on the
credit situation and the problem of tariff walls, "with the least possible
delay," declared Sir George, in his address.
"The credit of the world must not be allowed to break down," he insisted.
President Hoover Denounces General Sandino and
His Bandits in Nicaragua.
Confidence that General Sandino of Nicaragua ."will be
brought to justice" was expressed by President Hoover in
a statement issued at Washington on April 21, in which
he declared that "Sandino has placed himself and his band
outside the civilized pale by the cold-blooded murder of
eight or nine American civilians and many Nicaraguans
at isolated places in the interior". We give herewith President Hoover's statement, made at his semi-weekly conference with press representatives:
"Our advices are that the Nicaraguan Government has now placed in
the field a total of over 1,300 men of the newly created National Guard
in a drive to clean up Sandino and his fellow bandits. Our representatives
advise that this force is several times that of Sandino and his bandits.
His raids upon important points have been frustrated by the dispositions
of the guard and protection of our citizens on the coast is made doubly
sure by the presence of our naval vessels.
"Sandino has placed himself and his band outside the civilized pale
by the cold-blooded murder of eight or nine American civilians and many
Nicaraguans at isolated places in the interior.
"The Nicaraguan Government has shown itself fully cognizant of its
responsibilities. It is moving vigorously despite the difficulties created
by the earthquake. While it may require some time to accomplish their
purpose due to the mountainous and jungle character of the country, I ant
confident that Sandino will be brought to justice."
Decrease in Bonded Debt of Federal Government, But
National Industrial Conference Board Points to
Increasing Indebtedness of State and Local Governments.
The National Industrial Conference Board points out,
under date of April 15, that the debt of the Federal Government has been continuously and steadily reduced during
the past 10 years, while at the same time the bonded indebtedness of our State and local governments has been just as
steadily climbing. It states that inasmuch as the expenditures of State and local governments represent 68.5% of the
entire cost of government in the United States, it is obvious
where the taxpayer must look for a reduction of his burden.
The bonded indebtedness of the States and their local
subdivisions in many instances plays an important part in
the cost of government. These facts are shown in the
annual study of the "Cost of Government in the United
States", recently completed by the Board. With reference
thereto, the Board says:
[VoL. 132.
together accounted for more than one-fourth of the combined
net bonded debt of all the states. The Board's report on
mounting expenditures of Federal, State and local Governments was referred to in our issue of April 18, page 2995.
Rumored Wage Cuts by Railroads Denied by Secretary
of Labor Doak—Reported as Saying Only Serious
Reduction Talk Is from Banking Circles.
Denying reports that railroad officials are considering
reductions in wage levels, Secretary of Labor William N.
1Doak cbarged on April 22, according to the New York
"Journal of Commerce" that the only serious proposals for
reduced wages are emanating ftom banking circles. The
paper quotecl. :n Washington advte!s, added:
Pointing out that prior to his appointment as Secretary of Labor he
general chairman of the Brotherhood of Railroad Trainmen, Mr. Doak
said that if any such action was contemplated by the railroads he would
have heard of it from either the officials of the roads or from the Bureau
of Conciliation in charge of labor disputes.
Arguments favoring wage cuts to a level equal to the reduced commodity
prices have been advanced in a number of instances by leaders in banking
and industrial circles.
In commenting on these suggestions, however, Secretary Doak declared
that "If there was such a thing as a properly fixed wage rate for the
various industries and trades then there might be some reason in the
suggested reductions but there has been no such properly fixed rate. And
as to reports that railroads throughout the country were considering a
reduction in the wages of railway employes, he said, "There is nothing
to it."
Hits Wage Cuts
"The Administration has done everything that can be done to prevent
adoption of such plans" he continued. "But if you have not got foreign
markets then the only way to bring back prosperity is by increasing
domestic consumption. How that can be done by reducing the present
level of wages is just too much for me."
was
W. W. Atterbury of Pennsylvania RR. Scores High
Tariff Walls Before Bond Club of Philadelphia—
Nations Put in Sealed Compartments, He Says—
Thinks Gold, Installment Buying and Other Situations Must Be "Corrected."
High tariff walls erected by nations against one another
form one of at least seven fundamentals which must be
"corrected" before business is put back on a sound and
substantial basis, General W. W. Atterbury, President of
the Pennsylvania RR., declared on April 21, in an address
which, says the New York "Times," was applauded by
bankers and brokers at a luncheon of the Bond Club of
Philadelphia. Mr. Atterbury was Republican National
Committeeman from Pennsylvania until his resignation last
fall, it is noted in the "Times" account, which also had the
The greater part of the Federal debt arose out of our participation in following to say:
the World War, while the indebtedness of State and local governments
has been incurred largely for the purpose of furnishing needed capital
for public works. It should not be inferred, however, that all State and
local governments are committed to a policy of borrowing in order to
provide requisite capital additions or replacements. Such a conclusion
is not warranted, for notwithstanding the huge increases in State and local
indebtedness, there are some States as well as numerous local governments that seem to be rather definitely committed to a pay-as-you-go
policy.
The gross debt of the Federal Government amounted to 16,185 million
dollars on June 30 1930, whioh was 9,297 million dollars less than the
amount at the close of the fiscal year ended in 1919. Retirements during
the fiscal year ended in 1930 amounted to 746 million dollars, as compared
with 673 million dollars in the fiscal year ended in 1929 and 906 million
dollars the preceding years. The average rate of interest borne by the
Federal interest-bearing debt outstanding on June 30 1930 was 3.807%, as
compared with 3.946% on June 30 1929. The net Federal debt on June
30 1930 was 15,985 million dollars and the per capita was $129.76.
With reference to State and local indebtedness, the report states that
new bond issues do not give a definite Indication of changes In the net
bonded debt. Each year the bonds retired amount to a considerable proportion of the new issues, and, in addition, the volume of sinking fund
assets tends to increase. State and local net bonded debt in 1928 amounted
to 12,609 trillion dollars, an increase of 7.6% over 1927. This increase
was less than the percentage increases of 9.5% and 9.2% for the tac
preceding years. Recent annual increases have on the average amounted
to approximately 900 million lollam. The per mita net bonded debt,
state and local combined, amounted to $105.19 in 1928 as compared with
$99.14 in 1927, an increase of 6.1%.
It will be noted that the percentage of increase of the per capita debt
Is less than that of the total bonded debt. This is because population has
Increased during the period for which figures are presented. Thus, the
per capita state and local net bonded debt was 63% greater in 1928 than
In 1922, while the increase in actual net bonded debt amounted to 76%.
General Atterbury quoted from an address delivered last year by Owen
D. Young, now discussed as a potential Democratic Presidential candidate,
and recommended Mr. Young's utterances as "worthy of credence, free
from 'bunk' and theory and front political exigencies."
Not Thinking Deeply Enough.
"I cannot help feeling," he said, "that there are certain fundamentals,
must be corrected
some in the world situation, some here at home, which
before we are put on a sound and substantial basis. I also question whether
thinking
they are receiving the attention they deserve—whether we are occur to
deeply and basically enough. To mention some, the following
me at the moment;
the
"The maldistribution of gold; its consequent effect in restricting
use of gold as the basis of credit and currency, and the further result of
only another way of saying depressing
Inflating the price of gold, which is
to
the price of commodities. Commodity prices this month, according
the index of the 'Annalist,' reached the lowest level since 1914.
in gold or goods,
"The war debts, which apparently must be paid either
both of which we in the United States seem currently to possess in surplus
measure.
Hermetically Sealed by Tariffs.
building against one an"The tariff walls which nearly all nations are
other, tending to separate the different countries into hermetically sealed
compartments, so far as commerce is concerned, and further complicating the problem of the war debts.
"Installment buying, particularly as it has been developed In this country.
"The question of whether we are not trying to reduce our own national
debt too rapidly (over $9,250,000,000 in 10 years) and whether we might
not justly defer somewhat more of it to another generation.
"High taxation everywhere, and much of it on unsound principles; in
this country, particularly, our capital gains tax.
"The effects of the Fderal trade laws and the Sherman Anti-Trust Act."
.
After saying in reference to general business conditions that "precedent
certainly favors the hope, in which I am glad to share, that we are scraping
bottom, and that the trend should in the not far distant future be expected
to turn upward." General Atterbury said;
"It is evident to all informed people that no country in the existing
state of the world can be self-contained, and that the Impediments to
International trade are one of the greatest obstacles in the way of commercial
recovery. We are to-day a great agricultural and Industrial nation, with
our ability to produce far in excess of our ability to consume, and with gold
reserves far in excess of our requirements; and, because of our international
relations, we are unable to use our great credit system, or our surplusage of
Production to advantage, not only to ourselves, but to the world at large.
"Probably the best index of the net bonded debt"; says
the Conference Board, "Is the ratio of net bonded debt to
national tangible wealth. The ratio of state and local net
bonded debt to national tangible wealth increased from
9
2. % in 1922 to 3.5% in 1928. The ratio was therefore 59%
9
greater for 19 8 than for 1922." It is noted that the net
bonded debt of the state of New York in 1928 amounted to
Endorses Views of Young.
59
9 million dollars. North Carolina ranked second, with
He then endorsed this quotation from Mr. Young's remarks in San
a total of 162 million dollars. New York and North Carolina Francisco last June:
APRIL 25 1931.]
FINANCIAL CHRONICLE
"The people of America, and particularly the farmers with their agricultural surplus and the wage earners with unemployment, must learn
that the solution of their problems lies. not in a narrow isolation of America
from the rest of the world, not in an insulation of our economic structure,
but in the broadening of our interests, the extension of our aid, the development of our credit machinery, the improvement of the economic conditions
of other folks, in order that they may buy what we so badly need to sell.
Mr. Atterbury said we would get out of the present difficulties "as all
great and fundamentally rich countries have invariably done in the past,"
and he hoped we should manage it with a minimum of "muddling through."
"The maintenance of high living standards is a fine and laudable ambition," he added, "but perhaps we shall be on our way faster toward
recovery with general realization of the fact that there is still some sound
truth in the old saying about the virtues of 'plain living and high thinking.'
and that sound economic laws still govern and control as always,even in this,
our so-called new era."
Sir George Petah, British economist, also urged the reduction of tariff
barriers.
Daylight Saving Time in Effect After Midnight To-night
—Announcements by Federal Reserve Banks of
New York and Chicago.
The following announcement regarding the observance of
daylight saving time, which goes into effect at 2 a. m. tomorrow (Sunday) April 26 (when clocks will be set forward
one hour) is made by the Federal Reserve Bank of New York:
FEDERAL RESERVE BANK OF` NEW YORK
;Circular No. 1031. April 20 1931.1
Daylight Saving Time.
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
So-called daylight saving time will be effective in New York City and
Buffalo, New York, during the period from 2 a. m. on Sunday, April 26
1931, to 2 a. m. on Sunday, Sept. 27 1931. During this period local
time in New York City and in Buffalo. New York, will be one hour in
advance of Eastern standard time, and this bank will operate on such
local time.
GEORGE L. HARRISON, Governor.
The Federal Reserve Bank of Chicago issued the following
notice on April 20:
The Daylight Saving Ordinance in Chicago will again become effective on April 26, and in compliance therewith Chicago banks will advance
their clocks one hour for the period, April 26 to Sept. 27 1931.
There will be no change in banking hours, which are from 9 a. m. to
2 p. m. daily except Saturday, when they are from 9 a. m. to 12 m.
Spain "Suspends" Summer—Republic Calls Off April 19
Inauguration of Season.
The New York "Evening Post" published the following
(Associated Press) from Madrid April 16:
The Provisional Government today issued a decree suspending inauguration of summer time in Spain, which was to have taken place April 19.
Like some cities of the United States, Spain has practiced turning the
clocks ahead one hour in the spring and behind an hour in the fall.
Rail Head in Cabinet Urged by Prof. Ripley of Harvard
—Holds Federal "Discipline" Would Aid Road's
Recovery—Lauds Consolidation Trend as Efficiency Move—Asks Wider Regulation.
Prof. William Z. Ripley of Harvard, authority on transportation, said on April 20 that the creation of a new Cabinet
post, Secretary of Transportation, to take over the administrative functions of the Inter-State Commerce Commission, would result in the enforcement of discipline on
the railroad industry, which is one of the things it needs to
get out of its present condition. He predicted that such a
Cabinet post eventually would be created, according to the
New York "Times" of April 21, from which the following
is also taken:
While the situation looks critical, it is not hopeless, and there are a lot
of influences at work which indicate that the revival, when it comes, will
bring a quick snap back," he said in a lecture at Columbia University
under the auspices of the university's department of civil engineering and
Institute of Arts and Sciences and the New York Section of the American
Society of Civil Engineers,
Foresees Brisk Trade Pick-up.
He pointed to the recovery and great advances up to 1929 made by
the railroads after being returned from Government ownership in 1919,
and said that if they were disciplined, if competition against them, including that of trucks and buses, were regulated SA it should be, and
if good times returned to the country, the revival in the railroad industry
would be "unbelievably heartening."
The return to general prosperity was of greatest immediate importance,
he said, when interviewed after the lecture. When the buying of materials
and replacement of machinery begins, he said, there will be "a lot of
business" and the reaction upward may be as extreme as was the depression in the other direction.
One of the things the railroads must do to improve their condition,
he told his audience, is to find a solidarity of interest among themselves,
a "means of disciplining their own houses." He pointed to the recent
suggestion of F. J. Lisman, New York investment banker, that the railroads, like the movies and other industries, needed an umpire who would
co-ordinate the mutual problems of the competing companies.
He expressed doubt that this plan would work, and suggested in its
place the proposal made by the railroad presidents theihselves ten years
ago as an amendment to the Transportation Act of 1920—to divide the
functions of the Inter-State Commerce Commission, leaving it with its
judicial functions and turning over the administrative functions to a new
Cabinet member, the Secretary of Transportation.
111
3081
Professor Ripley said he believed such an official "would have just the
prestige and authority to enforce discipline on the industry tnat it needs."
He said one of the advantages of big railroad mergers would be the
power to deal collectively in purchasing supply and equipment. He
suggested that some day the Department of Justice might "take a day off
from investigating rates and investigate the collusive bidding that goes
on in the sale of supplies and equipment to the railroads."
Suggests Four Big Systems.
If four great systems were substituted for thirty. he said, they might
be able to adopt and follow through a program of collective dealing.
In discussing the regulation of trucks and the other competitors of
the railroads, he urged and predicted the adoption before many years of
regulation of the electric light and power industry, with respect to the
enforcement of publicity on its accounts. Regulation of rates may come
after that, he said, but what is needed now is the standardization and publication of the companies' accounts in the same way that this is required
for the telephone and telegraph companies.
"Until you know the facts, you can't pass on them," he said.
He predicted that legislation regulating buses and trucks would be
passed soon in many Western States. In the East and New England, he
said, the effective activity of the automobile industry was such as to
make likely, for a time at least, a stalemate with respect to the equalization oflegal conditions between the railroads and the buses and trucks.
He opposed governmental development of waterways except where
this 'would create a service that the railroads could not give. He predicted that pipe lines would some day be regulated as common carriers.
He warned that the railroads were basically necessary to the country
and must not be starved to death. He said he had learned recently that
insurance companies and similar groups were preparing to sell their railroad bonds, but reiterated that the situation of the railroads to-day was
"by no means hopeless."
Annual Convention of New York State League of Savings and Loan Associations To Be Held at Lake
Placid, N. Y. on June 16-18—Growth in Savings of
New York State Savings and Loan Associations.
The annual convention of the New York State League
of Savings and Loan Associations will be held at the Lake
Placid Club, Lake Placid, New York, on June 16, 17 and 18,
according to a decision of the Executive Committee of the
League in session in New York. Management will be the
theme of the convention, it was stated by John Eden Farwell
of Geneva, League President, who announced that the central topic of the program will be "The Current Decade."
Fred W. Herendeen of Auburn was appointed Chairman of
the convention committee.
A growth of $25,815,129, or 7%, in savings held by the
savings and loan associations of New York State for the year
1930 was shown by official figures, Executive Secretary
George A. Plant of Albany told the Committeemen. He
said that a like growth was continuing in 1931, and that a
recent survey revealed an increasing amount of savings and
loan funds available for mortgages on homes throughout
the State. Others present at the session were Fred H. Krull
of Niagara Falls, Charles A. Hahl of Buffalo, Roy H.
Bassett of Canton, Arthur E. Knapp of Brooklyn, Claude
B. Gandy of Tottenville and George E. Palmer, C. Harry
Minners and George L. Bliss of New York City.
Senator Borah's Statement Regarding Protection of
American Investors in Nicaragua.
American citizens who go into foreign countries for the
purpose of investing their capital must consent to accept
the conditions which exist there and must not expect the
United States to furnish a general police force for their
protection, Senator Borah (Rep.), of Iowa, Chairman of
the Senate Foreign Relations Committee, discussing the
Nicaraguan situation, declared in a statement issued
April 18. We quote from the "United States Daily" of
April 20, which continued:
He pointed out, however, that there is considerable difference between
Protecting American lives when threatened and attempting to afford permanent protection for investors.
His statement follows in full text:
I have said a good many times that we ought not to have gone into
Nicaragua in 1910. In my judgment, the facts subsequently developed
disclose that we had no justification for going into Nicaragua. We must,
of course, in getting out, not lose sight of the fact that American lives
may be involved. But as rapidly and as effectively as the situation can
be adjusted, our ultimate and permanent aim should be that of leaving
Nicaragua.
I contend that when American citizens go into undeveloped countries
and invest their capital, knowing the conditions in that country, the laws
and the courts which obtain, they thereby consent to accept the laws and
the kind of government that the people have. It should not be the
business of the United States to substitute our rule for the rule of the
People whose country it is in order to accommodate investors. We ought
to establish a definite and permanent policy with reference to these South
American countries, and that definite policy should be to cease interfering
with these Central American governments.
We are losing in trade and in friendship in South America and the basic
reason why that is so is our policies heretofore prevailing with reference
to the Central American countries.
It is one thing to protect American lives when threatened. It is a wholly
different thing to take possession of a country and interfere with a local
government and undertake to furnish a general police force for all those
who have invested.
3082
FINANCIAL CHRONICLE
Banking Situation in South and Middle West.
In the State of Florida, advices from St. Petersburg by
the Associated Press on April 17 reported that the Central
National Bank & Trust Co. of that city had closed its doors
on the morning of that day. The dispatch went on to say
that the Florida National Bank and the Union Trust Co.,
the two other banks in St. Petersburg, were paying depositors and apparently were not alarmed over the situation.
In the State of Mississippi, advices from Winona, that
State, on April 21 reported that a meeting of the depositors
of the Citizens' Bank of Winona, which closed Jan. 2, was
held that day to consider plans for the reopening of the
institution. The dispatch went on to say:
The plan calls for the depositors taking 20% of their deposits in stock.
The bank would pay 10% Jan. 1 1932, 10% Jan. 1 1933, 20% Jan. 1 1934.
20% Jan. 1 1935, and 20% Jan. 1 1936.
In the State of North Carolina, two banks in Kingston,
the National Bank of Kingston and the First National
Bank, closed their doors on April 21, according to Associated
Press advices from Kingston on that day, which furthermore
said:
The banks listed condition March 31 as follows:
First National Bank, capital $125,000; surplus and profits, $77,000;
deposits, $1,167,000. H. H. McCoy, President; W. B. Harvey, VicePresident and Cashier.
National Bank of Kingston, capital, $120,000; surplus and profits,
$54,000; deposits, $1,105,000. T. W. Heath, President; J. P. Tingle,
Cashier.
According to a dispatch by the Associated Press from
Asheville, N. C., on April 21, a number of additional indictments against persons alleged to have been implicated in
failures of banks in Buncombe County, N. C., last fall,
were returned by the Buncombe County Grand Jury on
that day. The advices said in part:
Two new names, those of J. E. Gibson, former City Secretary-Treasurer
of Asheville, and Charles N. Malone, former bond attorney for the city,
and attorney for the Buncombe County Board of Education, were included
in the list ofdefendants in to-day's(Apr1121)list ofindictments. Additional
indictments involving Luke Lea of Nashville, Tenn., financier; Luke
Lea Jr., his son, and E. P. Charlet, Treasurer of the Tennessee Publishing Co., also were returned.
The bills were returned as follows:
Wallace B. Davis; Russell C. Davis, Vice-President of the Central
Bank & Trust Co. of Asheville; Charles N. Malone; J. Charles Bradford,
Cashier of the Central Bank & Trust Co.; L. B. Rogers, and C. H. Bartlett,
former City Commissioners, charged with 12 instances of conspiracy to
pervert the credit of the city to the benefit of the Central Bank & Trust
Co., with resulting loss of millions of public funds; W. B. Davis, Luke Lea,
Luke Lea Jr., E. P. Charlet and J. Charles Bradford, charged with conspiracies to defraud the Central Bank & Trust Co. to the amount of more
than $1,000,000 during the period from May 10 1930 to Nov. 19 1930
by "kiting" checks, fictitious borrowing,fraudulent issuance of certificates
of deposits, cashier's checks and drafts, posting of worthless collateral
for large loans, allowing Luke Lea to overdraw his account in large amounts,
and by other "schemes and devices"; A. A. Hegeman, President of the
defunct Commonwealth Bank of Black Mountain, one charge of embezzling $50,000; a second charge of embezzling $13,086.68, and a third
charge of making and permitting false entries to be made on records
of the bank over a long period for the purpose of deceiving the State Corporation Commission and the bank's creditors; W. B. Davis, Dr. J. A.
Sinclair, and C. N. Brown, the latter two directors in the Central Bank &
Trust Co., charged with making false statements concerning the condition
of the bank as of Sept. 24 and with publishing this alleged report with the
intent to deceive the Corporation Commission and to deceive and defraud
auditors; W. A. McGeachy, President; W. L. Crown, Cashier, and C. S.
Reed, a director, of the defunct Biltmore-Oteen Bank at Blltmore, charged
with making false reports as to the condition of the bank as of Sept. 24
1930, and with publishing the reports to deceive the Corporation Commission and creditors.
In the State of Indiana, a dispatch from Gary, Lid., on
April 22 to the Indianapolis "News" stated that five officers
of the defunct First Trust & Savings Bank of Hammond,
Ind. (an institution with combined capital and surplus of
$2,000,000 which failed Feb. 2last) were indicted on April 21
by a Lake County Grand Jury. The indicted men are:
Peter W. Meyn, President of the institution; Walter E.
Meyn, Vice-President; and Clifford A. Ealing, W. Norman
Bridge, and H. Dorsch, Assistant Secretary-Treasurers.
We quote furthermore from the dispatch as follows:
Robert Estil, Lake County Prosecutor, also sought indictment against
Hazel IC. Groves, Lake County Treasurer and President of the defunct
American State Bank of East Chicago., Ind. The Grand Jury returned
no indictment against Groves, but Estil filed an affidavit with Judge
Martin Smith In Lake Criminal Court charging Groves with overdrawing
his personal account about $2,000.
Peter Meyn, a year ago regarded one of Calumet's wealthiest citizens,
is charged with unauthorized loans to bank officials. He is charged with
having made loans without executing notes or other evidence of indebtedother bank officials. Meyn
ness and without authority and approval of
four different loans.
is charged with having disposed of $22,239 in
Walter Meyn. Ettling and Bridge were indicted jointly on two counts.
conspiracy to commit larceny and conspiracy to commit embezzlement
charged with embezzlement
whill resulted in the loss of $2,000. Dorsch is
and grand larceny, the specific charge being the appropriation to his own
or authority of other
use of $2,500 in bank funds without the approval
bank officials.
At the time of the trust company's failure it ranked as the largest bank
in northern Indiana with resources nearly $10,000,000 listed in its December
report.
[Vol.. 132.
Early Opening Planned of Mercantile Bank & Trust
Co.—To Take Over Assets of Chelsea Bank & Trust
Co.
The organization certificate of the Mercantile Bank & Trust
Co. was approved on April 16 by the New York State Banking Department. Plans for the early opening of the institution, organized to take over the assets and assume the
liabilities of the Chelsea Bank & Trust Co., were laid at
at the first meeting of incorporators and directors on Apri123,
it is revealed in a letter to stockholders of the latter institution. Signed by the organi7ation committee of Mercantile
Bank & Trust Co., the letter announces the election of J. E.
Brulatour, Chairman of the Board, Howell M. Stillman,
Vice-President of the Chase National Bank, as President,
William A. Lobb, Vice-President, and Harry S. Groh,
Treasurer, and the following directors:
J. E. Brulatour, Eastman Films; Robert E. Connolly, Treasurer, Illinois
Central Railroad.
Louis Golds, merchant, S. Golde & Sons.
Benjamin Goetz, Vice-President, Consolidated Film Industries, Inc.
Toney A. Hardy, attorney, Hardy & Hardy.
George Kern, real estate.
William A. Lobb, Vice-President.
John T. Madden, President, Alexander Hamilton Institute.
Earnest L. Nye, banker, Freeman & Co.
Ernest K. Satterlee, banker.
Howell M. Stillman, President.
Rights to subscribe for stock in the Mercantile Bank on
the basis of one share for each two shares of stock of Chelsea
Bank will expire at noon to-day Saturday, April 25. With
an outstanding capitalization of 75,000 shares of capital
stock, $12 par value, 25,000 shares will be exchanged for
stock of the Chelsea Bank in the ratio of one share for each
four shares held, as consideration for the sale and transfer of
all assets of the Chelsea Bank, while the remaining 50,000
shares have been underwritten by the directors and a few
of the principal stockholders at $20 per share. This issue is
now being offered stockholders at the original purchase price.
Stockholders of the Chelsea Bank who have disposed of their
holdings also parted with their rights to subscribe to stock
of the Mercantile Bank in the opinion of counsel, the letter
states, and "accordingly the owner of a certificate of stock
of Chelsea Bank & Trust Co. is entitled to subscribe even
though the rights were issued to the registered holder."
Formal application for membership in the Federal Reserve
Bank has been authorized, it is stated, while collections by
the officers in charge of the Chelsea Bank are "coming in
better than was estimated."
The Mercantile Bank & Trust will have a capital of $900,000. Items regarding the institution appeared in our issues
of Feb. 21, page 1348; March 7, page 1736; March 14, page
1926 and March 28, page 2320.
Annual Dinner of New York Chapter of American Institute of Architects.
members and guests of the New York
One hundred
Chapter of the American Institute of Architects attended the
annual dinner of that organization, held on April 10 in the
Observation Lounge of the recently completed Irving Trust
Co. Building at One Wall Street. Prior to the dinner, the
guests made a tour of inspection of the Irving Trust Co.'s
banking quarters. Stephen F. Voorhees, President of the
Chapter, presided. Julius Barnes, Chairman of the Board
of the Chamber of Commerce of the United States, gave a
talk on the relation of the architect to the long-term building
plan advocated by President Hoover. Lewis E. Pierson,
Chairman of the Board of Irving Trust Co., also spoke
briefly. The Chapter's annual architectural medal of honor
for 1930 was awarded to H. Van Buren Magonigle, past
President of the Chapter. The New York Chapter awarded
its Medal in the Class of Six Story Apartment Houses for
the year 1930 to the Amalgamated Dwellings, Inc., for
buildings occupying the block bounded by Grand, Columbia,
Broome, and Sheriff Streets, Manhattan, owned by Sidney
Hillman and Lieutenant-Governor Herbert Lehman, and
designed by Springsteen and Goldhammer, Architects.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the transfer of a New York Stock Exchange membership, the consideration being stated as $280,000. The last funding sale
was for $275,000.
After more than 27 years at the northwest corner of
Fifth Avenue and Thirty-fourth Street,/ the Fifth Avenue
'
Office of Irving Trust Company on April 20 receive, its
APRIL 25 1931.]
FINANCIAL CHRONICLE
customers in new quarters in the Empire State Building-the first banking institution to open in the world's tallest
skyscraper. The move, which was begun at the close of
banking hours on Saturday April 18 was continued until
late Sunday afternoon. It included the physical transfer
of 2,800 locked safe deposit boxes from the vault on the
basement floor in the old quarters to the modern vault on
the main banking floor of the new office. In the early
years of the Nineteenth Century, the site at the northwest
corner of Fifth Avenue and Thirty-fourth Street was part
of a tract known as the Thompson Farms. During the
Civil War it was occupied by the residence of a Dr. Townsend. It was on this corner that A. T. Stewart, the pioneer
merchant, built his mansion, a few years before his death.
His widow occupied it until 1886, when she died, and afterward it was the home of the Manhattan Club for a number
of years. In 1905 the Club House was replaced by a fourstory bank building. Fifteen years it was raised to its
present height of fifteen stories. At the time the Irving
Trust located there business had not yet begun its invasion
of the district to any appreciable extent, and Fifth Avenue
was the foremost residential thoroughfare in the city.
The new quarters of the Fifth Avenue Office are on the
Second floor overlooking Fifth Avenue. The principal
entrance is through the main doorway of the building at 350
Fifth Avenue, although the Office can also be reached
through the building entrances on Thirty-fourth Street and
Thirty-third Street.
The Bank of America of New York on April 20 opened
Its new Bensonhurst Office, located at 86th and Bay 20th
Streets, Brooklyn, making a total of 16 offices of the Bank
In that Borough. The Bank of America now has 38 offices
In the five boroughs of Greater New York. John J. Flavin,
formerly Assistant Manager of the Bank's Bush Terminal
Office, is Manager of the new Bensonhurst Office which
offers complete banking facilities.
Among newspaper accounts this week as to the purchase
of minority interest in the Corn Exchange Bank of this city
by interests identified with the Chase National Bank,
we
quote the following from the New York "Sun" of April 21:
The Chase National Bank group has acquired and for some
time has been
the owner of a minority block of stock of the Corn Exchange Bank
Trust
Co., it became known to-day, but the stock interest owned is
purely an
investment and is said to have no significance in the way of
possibilities of
merger. The fact that such stock is owned by the Chase group is
believed
responsible for the numerous rumors which have circulated for
weeks and
which have linked the names of the two institutions as candidates
for a
possible consolidation.
Albert H. Wiggin, Chiarman of the Governing board of the Chase National Bank, refused to make any comment on the reports which have
leaked out, and Walter E. Frew, Chairman of the Corn Exchange
Bank
Trust Co., said he made it a point never to discuss the identity of stockholders or the size of individual holdings. He reiterated previous statements that the Corn Exchange Bank Trust Co. had no intention of consolidating with any other bank.
The Chase group's holdings, the amount of which are not realized, were
made purely for investment for the account of one of the numerous
subsidiaries of the Bank, which, in addition to the Chase Securities
Corp.,
has as its affiliates the American Express Co., the American Express
Bank
& Trust Co., the Equitable Trust Co. and Equitable Eastern Banking Corp.
The amount of stock held is not large enough to assure an important
voice in the Corn Exchange Bank Trust Co.'s management and is interesting
to Wall Street chiefly because of the fact that It adds another
financial
group to those wnich, like National City Bank interests, hold or have
held
stock in the Corn Exchange institution at various times. It will be
recalled
that In 1929 the Corn Exchange received an especially attractive offer
from
the National City Bank to acquire Corn Exchange Bank
stock for
merger purposes and it was duly transmitted to stockholders,
who approved it; but the shareholders of the National City failed to muster
twothirds majority, as required. Since that time the Corn
Exchange has
continued to operate along its customary and profitable lines and
Mr.
Frew has no intention of deviating from this policy. The Chase
National
also has no mergers now in prospect.
Under an agreement approved by the directors of the
two
institutions, the National City Bank of New York
announces
that it has acquired the assets and will assume the
deposit
liabilities of the Long Island National Bank of
New York,
Astoria. The agreement became effective as of the
close of
business Wednesday, April 22. The business of
the latter
bank will be continued at the same location and will
be known
as the Steinway Branch of the National City Bank
of New
York. The terms of the agreement were not made
public
and officials of the two institutions had no
comment to
make regarding them. A spokesman for the National
City
Bank said that no cash was involved in the agreement
and
that the National City Bank would issue no new
stock in
connection with the acquisition. The only statement
forthcoming from the National City Bank was that it had
been
3083
considering for some time the opening of a branch in Astoria
in order that its banking system in Long Island might be
more complete and that it took advantage of an opportunity
to acquire a going business at a desirable location on terms
which were acceptable to the directors of both institutions.
Clarence Francis, Vice-President in Charge of Sales of
the General Foods Corporation, has been elected a member
of the Advisory Board of the Madison Ave. and 46th St.
office of the Chemical Bank & Trust Co. of New York.
Mr. Francis is also President of the General Foods Sales Co.,
Inc., and President of the Associated Grocery Manufacturers of America.
Walter W. Schneckenburger was on April 23 appointed
Executive Vice-President and Director of Marine Midland
Group, Inc., it was announced by George E. Becker, President of the Group, following a meeting of the directors held
in Binghamton, N. Y. It was stated that Mr. Schneckenburger will also be elected a Vice-President of the Marine
Trust Co. of Buffalo. He will assume his duties with the
Group organization, which comprises 16 New York State
banks, on May 15. The announcement goes on to say:
Mr. Schneckenburger has been a Vice-President of Chase National Bank
since June 1930. He was formerly Vice-President of Seaboard National
Bank, and through merger of that institution with the Equitable Trust, he
became Vice-President of the Equitable Trust Co. Following this institution's merger with the Chase he became associated with the latter bank.
He was managing director of the Buffalo Branch of the Federal Reserve
Bank of New York from 1921 until 1929.
Mr. Schneckenburger has been engaged in banking in Western New
York since 1902. He was associated with a group of banks in and around
Warsaw, N. Y., until his appointment to the Buffalo Branch of the Faders
Reserve.
The Brooklyn Trust Company on April 14 marked the
65th anniversary of the granting of its charter. On April
14 1866, exactly one year after the assination of Abraham
Lincoln, the New York State Legislature passed a special
act providing for the organization of the company, which
was the only method by which trust companies could be
formed at that time. Business was actually started in
June, 1868. Original proposed capital was $125,000, which
was increased to $150,000 on account of oversubscription
before the bank opened for business in a building at the
corner of Court and Joralemon Streets, Brooklyn. Organizers were J. Carson Brevoort, Daniel Chauncey, Dr. Henry
J. Cullen, Daniel F. Fernald, Jasper W. Gilbert, William
M. Harris, William B. Lewis, Alexander McCue, Henry E.
Pierrepont, John H. Prentice, John T. Runcie, Cornelius J.
Sprague, William Wall, James Weaver and Alfred M. Wood.
Mr. Chauncey had participated in the organization, 12 years
earlier, of the Mechanics Bank, acquired by the Brooklyn
Trust Company in 1929. On April 1 1876, 10 years after
the charter was granted, total deposits were $1,625,594,
and by 1881 the capital had been increased to $400,000.
This compares with capital of $8,200,000 and deposits of
6127,987,246, shown by the latest statement, which was
issued on March 25 1931. Dividends have been paid continuously on capital stock since October, 1879.
The company has participated in five mergers. In 1913
it absorbed the Long Island Loan & Trust Company; in
1928, the Bank of Coney Island; in 1929, the Mechanics
Bank; and in 1930, the Guardian National Bank and the
State Bank of Richmond County. The Mechanics Bank,
between 1899 and 1926, had absorbed eight other Brooklyn
banks. By virtue of these mergers and a branch expansion
program in recent years, the company now operates 31
offices in five boroughs of New York City; 25 years ago, it
operated only two offices and had capital of $1,000,000
and deposits of $15,894,457.
Announcement was made April 10 that the directors of
the Brooklyn City Safe Deposit Company and the Mechanics Safe Deposit Company have approved a plan to merge
the two companies under the name of the former organization. The merger which has been approved by the Superintendent of Banks and is subject to ratification at a special
stockholders' meeting April 28, is expected to be consummated May 1. All the capital stock of both companies,
except directors' qualifying shares, is owned by the Brooklyn
Trust Company. The Brooklyn City Safe Deposit Company,
Incorporated in 1872, is the oldest safe deposit company in
Brooklyn and has been affiliated with the Brooklyn Trust
Company since organization. The Mechanics Safe Deposit
3084
FINANCIAL CHRONICLE
Company, incorporated in 1925, was a subsidiary of the
Mechanics Bank prior to merger of that institution into
the Brooklyn Trust Company in February, 1929. Upon
completion of the merger, the name "Mechanics" will pass
out of Brooklyn banking. Both companies now operate
safe deposit vaults in conjunction with Brooklyn Trust
Company offices. Julius Lehrenkrauss, a director of •the
Mechanics Safe Deposit Company, will be added to the
board of the Brooklyn City Safe Deposit Company, other
members of which are Willis McDonald, Jr., Willard P.
Schenck, Walter St. J. Benedict, John Gemmell, Jr., Josiah
0. Low, Harry M. DeMott and George A. Barnewall. The
merger will co-ordinate operations of the two companies
and effect economies, in the opinion of officers. Combined
assets of the two companies as of Dec. 1 1930, were $377,422, those of the Brooklyn City Company being $252,388
and the Mechanics Company $125,034.
[VOL. 132.
superthe old bank will be in charge of trustees to be elected under the
vision of the Banking Department
An illustration of the practical working of the plan is as follows: A
depositor with $920 in the old bank will, at the time of the opening of
the reorganized bank, receive 55%, or $506, as follows: $368 by a deposit in the reorganized bank, upon which he will be free to draw, and $138
by delivery of six shares of stock of the reorganized bank at $23 per share.
The remaining 45% of Ur former deposit, or $414, will be distributed to
him as and when realized through the liquidation of the balance of the
assets of the old bank conducted by trustees as above mentioned.
Your committee recommends the adoption of the above plan as the
most feasible of any that has been suggested and as the one which promises
the eventual payment of 100% to all depositors, as well as a bank
thus become
with a promising and profitable future to those who will
its stockholders.
Your committee is participating actively in working out the details
the
of the above plan and in the selection of a board of directors for
and
reorganized bank, as well as of trustees to manage the collection
of the balance
distribution of the assets of the old bank for the payment
of 45% to depositors. The board of directors of the reorganized bank
will own approximately
will elect the officers. Under the plan, depositors
reorganized bank.
115,000 shares out .of the total of 150,000 shares of the
Stockholders of Bankers' Trust Co. of Philadelphia:
of Bankers'
We are pleased to send you the enclosed copy of the report
receiving
Trust Co. Depositors' Committee. It explains the plan which,
ders of the First your full support as well as that of the depositors, will enable the bank
At a special meeting of t- he sharehol
all concerned must pull strongly
National Bank of Port Jefferson, N. Y., on April 22, a pro- to be reorganized and reopened. But
$50,000 to $100,000 together.
22 last, by action of
posed increase in the bank's capital from
Bankers' Trust Co. was voluntarily closed Dec.
so as
was authorized, according to a dispatch from that place the Board of Directors. The purpose was to conserve the assetssolvent
to protect depositors' and stockholders' interests. The bank was
to the New York "Herald Tribune".
These vital facts were conwhen closed. It had been honestly managed.
of Banking
firmed by the examination and appraisal of the Department
Further referring to the aff- airs of the Bankers' Trust Co. of the Commonwealth of Pennsylvania.
greatly impair
Two courses are open. One is liquidation, which would
of Philadelphia, which closed its doors the latter part of
concerned—depositors and stockholders alike. Further,
December, details of a plan for the reorganization of the the assets for all the established banking arrangements of thousands—
It would disrupt
institution were disclosed in letters sent to the depositors individuals and firms—who did business with Bankers' Trust Co. Besides,
and stockholders on April 18 by the Depositors' Committee it would mean total loss of a valuable good will.
Trust Co. This
The alternative is to reorganize and reopen Bankers'
and the Special Committee of the Board of Directors, restockholders; as
is far the best for the 107,000 depositors and
J. assuredlyconstructive in effect upon the whole community and business
spectively. The letter in the latter case is signed by R.
well as
Goerke, Chairman of the Committee, and Samuel H. Barker, of Philadelphia.
regard to every
The enclosed plan has been thought out with particular
President of the trust company. We give these communica- Problem. It has had most careful consideration. It fully preserves the
exceptional
tions, in part, below:
rights of all; gives the bank strong capital position and
and more
To the Depositors of Bankers' Trust Co.:
On Dec. 22 1930 Bankers' Trust Co. was placed in the hands of the
Secretary of Banking of the Commonwealth of Pennsylvania. At a generalmeeting of the depositors held at the Adelphia Hotel, in Philadelphia,
Dec. 26 1930, the undersigned were appointed a committee to represent
the interests of the depositors of the bank. Your committee made a
thorough investigation of the bank's affairs, its assets and liabilities, the
facts connected with its closing, the possibility and advisability of reorganizing and reopening the bank, and in the latter regard has considered
various plans. As a result of its investigations and study of plans taken
under advisement, your committee submits the following report and
recommendation:
Conditions Leading to Bank's Closing.
Bankers' Trust Co. is now solvent and was solvent at the time of its
closing, Dec. 22 1930. Nevertheless, the Board of Directors acted wisely
and in the interests of the depositors in placing the bank in charge of the
Secretary of Banking and thus conserving its assets for the equal benefit
of all. We believe the closing of the bank was brought about by unfounded rumors.
Advisability of Reorganizing the Bank and Continuing Its Operation.
Your committee is of the opinion that Bankers' Trust Co. fulfilled the
banking requirements of an !mportant section of the business community
of Philadelphia, and that it has excellent opportunities for a profitable
business. Liquidation of the bank in the general and ordinary course
will necessarily be prolonged; will delay relief to the depositors, and will
result in considerable lose always incident to liquidation.
The value of the present assets of Bankers' Trust Co., as appraised by
the State Banking Department, and after making allowances and deductions for possible depreciation, is approximately $31,500,000; the deposits
approximately $28,000,000, leaving an available surplus for stockholders
of $3,500,000 after payment of deposits in full.
We believe the above can be realized by a reorganization of the bank.
The sentiment both of The public in general and of the depositors In parngly in favor
ticular has been from the beginning and still is overwhelmi
of reopening the bank.
Reorganization Plan.
Your committee is of the opinion that the above, to wit, paysnent of
depositors in full and surplus to stockholders, can be accomplished and
realized by the following plan:
Bankers' Trust Co. to be reorganized and reopened under a new charter
of opening, solely the old
but under the old name, using, at the time
bank, when opened, will
main office, Walnut Street at Juniper. This
55% of their present deposits.
make immediately available to depositors
There will be transferred to the reorganized bank assets sufficient to
old bank.
equal 55% of the deposit liability of the
is to issue 150,000 shares of the par
In addition, the reorganized bank
subscribed at $23 per shore, giving a
value of $10 a share, which will be
total capital fund as follows:
$1,500,000
Capital
1,600,000
Surplus
450,000
Undivided profits
$23 per share.
Total book value, $3,450,000 equals
it is essential that depositors and stockTo make the plan operative
fund of $3,450,000, as follows:
holders subscribe the capital
$500 and upwards will be obliged
Depositors whose deposits aggregate
reorganized bank at $23 per share to an amount
to purchase stock in the
deposits, which amount will be deducted
equal to 15% of their present reorganized bank.
their 55% credit with the
from
purchase stock in the reorganized bank
Stockholders will be obliged to
equal to $10 per share for every share
at $23 per share to an amount
which they now own.
of stock of Bankers' Trust Co.
liquidation of the assets securing
Under the plan, the management and
of the proceeds to depositors of
the remaining 45% and the distribution
liquidity; and sets it once again on its way to become a more
useful financial institution in Philadelphia.
done—
Your interest lies in reopening Bankers' Trust Co. This can be
but only with your active co-operation and edfinite support. Therefore,
please sign and return the enclosed agreement.
Supplementing our item of last week (page 2903) with
reference to the merger on April 11 of the First National
Bank and Peoples National Bank of Hoosick Falls, N. Y.,
we are advised that the new institution, known as the
with
Peoples-First National Bank, is capitalized at $200,000
reserves of $454,923, and
surplus, undivided profits and
5.
has deposits of $4,388,055 and total resources of $5,312,33
Burke Surdam, Jr.,President;
The officers are as follows: I.
Samuel T. FlansClayton E. Shaw, Arthur J. Hoffman, and
Arthur A. McLinden, Cashier.
burgh, Vice-Presidents, and
Farmington Savings
At a meeting of the directors of the
Knox Smith
Farmington, Conn.. on April 9, Herbert
Bank.
t to succeed the late Timothy H.
was appointed Presiden
was made Vice-President.
Root, and William A. Hitchcock
Co. of Portland Me., took
On April 11 the Fidelity Trust
of the Sanford National Bank of Sanford,
over the business
institution as a branch.
Me., and is now operating the
of the Easton National
James Victor Bull,' President
well-known department store
Bank, Easton, Pa., and a
20. He was eighty years
merchant died in that city on April
native of Orange County, N. Y., and
old. Mr. Bull was a
next year, with S. R.
came from Newburgh in 1870. The
of Bush & Bull, which has been
Bush, he founded the firm
stores in Easton and
in business ever since, operating
with an interest In another concern
Bethlehem, Pa., and
at Williamsport, Pa.
Tradesmens National Bank
The Board of Directors of the
Philadelphia, Pa., has declared the regular
& Trust Co. of
the rate of 12% per annum,
dividend of $3.00 per share, at
stockholders of record at the close of
payable May 1 to
business to-day, April 25.
April 16 of the appointment
Announcement was made on
as President of the
E. Herring of Abington, Pa.,
of Willard
of Jenkintown, Pa., as reported in
Citizens' National Bank
April 17. Mr. Herring succeeds
the Philadelphia "Ledger" of
Reaser, who held the office for several
Dr. Matthew H.
n of the Board. The
years, and who now becomes Chairma
than ten years has been Manager
new President for more
APRIL 25 1931.]
FINANCIAL CHRONICLE
3085
of the Philadelphia Electric Co.'s interests in Jenkintown, Wayne County Bank and
five other Detroit banks. In
it was stated.
January of the present year Mr. Haass resigned his posiThe First National Bank of Weston, Ohio, capitalized at tions with the Peoples Wayne County Bank in order to
devote more of his energies to the Detroit Bankers Co.
$25,000, was placed in voluntary liquidation effective at
The deceased banker was a member of the American Bankers'
the close of business April 4. It was absorbed by the
Association, the Michigan Bankers' Association, the Detroit
Citizens Banking Co. of the same place.
Board of Commerce and of numerous clubs.
On April 18 a charter was granted by the Comptroller of
the Currency for the New Harmony National Bank, New
Harmony, Ind., with capital of $40,000. Elmer E. Elliott
is President of the institution and M. A. Perry, Cashier.
Effective April 16, the First National Bank of Rochester,
Mich., absorbed the Rochester Savings Bank and assumed
its deposit liability. The enlarged First National Bank is
the only bank in Rochester. It is capitalized at $100,000
with surplus and undivided profits of $200,000 and has
On March 21 last, the Pendleton Banking Co., Pendleton,
resources of approximately $3,000,000. The institution was
Ind., took over the assets and assumed the deposit liabilities
organized in 1908. Its officers are: M. H. Haselswerdt,
of the Pendleton Trust Co. of the same place. No changes
President; George Burr and A. R. Dillman, Vice-Presidents;
have been made in the officers or directors of the Pendleton
L. E. Becker, Cashier, and C. W.Shepard and H. R. George,
Banking Co. and no increase in its capital stock. The
Assistant Cashiers.
institution was founded in 1872 and has been in continuous
operation ever sfnce. It is capitalized at $50,000 with surJ. H. Tolhuizen was recently appointed Cashier of the
plus and undivided profits of $25,833 and at the close of
First National Bank & Trust Co. of Kalamazoo, Mich. Mr.
business March 25 had total deposits of $558,536 and total
Tolhuizen joined the institution in 1914 end in 1926 was
resources of $636,930. The officers are W. F. Morris, Presimade an Assistant Cashier, the office from which he has
dent; Walter A. Swain and R. A. Morris, Vice-Presidents;
now been advanced to the Cashiership. He is prominent
V. P. Wilson, Cashier, and J. H. Walker, Assistant Cashier.
in the activities of the Kalamazoo County Bankers'
Federation.
The Fowler State Bank of Rantoul, Ill., recently assumed
the deposit liabilities of the Bank of Penfield, Penfield, Ill,
The Bank of Bussey, Bussey, Iowa, and the Bussey
which, though in good shape, closed its doors on March 20 Savings Bank, have been liquidated and a new bank organbecause of lack of sufficient business to operate without ized under the title of the State Bank of Bussey with
a loss. In its last settlement of condition, published Jan. capital of $25,000. Officers of the new institution are:
8 1931, it showed capital of $25,000 with surplus and William J. Way, President; T. J. Wales, Vice-President;
undivided profits of $5,201; demand deposits of $38,121 J. T. Doughman, Cashier, and E. G. Doughman, Assistant
and total resources of $73,332. The Fowler State Bank Cashier.
now represents the consolidation of three banks, the Commercial Bank of Rantoul having been absorbed in 1923.
The City National Bank and the Merchants National
It was established in 1917. In its statement of condition Bank, both of Clinton, Iowa, were merged on April 6 under
published just before the absorption of the Bank of Penfield, the title of the City National Bank. The new organization
it showed capital of $50,000 with surplus and undivided Is capitalized at $650,000 and has total resources of $8,500,profits of $92,414; total deposits of $453,994, and total 000. The personnel of the institution is as follows: G. L.
resources of $496,409. Its officers are: Leland S. Fowler, Curtis, President; Milo J. Gabriel, Vice-President; Oliver
President; Charles C. Jones, Vice-President; H. L. Wood, P. Perry, Vice-President and Cashier, and Henry G. Kramer,
Cashier, and Frank Bartell, Jr., Assistant Cashier.
John H. Nissen, and H. M. Olney, Assistant Cashiers.
The State Savings Loan Trust Co. of Quincy, Ill., reopened its doors for business on April 2, having been closed
for adjustment on Nov. 15 1930. The capital of the reorganized bank is $500,000 with surplus of $100,000 deposits
are approximately $3,600,000. The personnel is made up
largely of former officials, the only new officers being
Irving J. Green, President and Paul V. Deames, Cashier.
Effective March 28, the Planters State Bank of Salina,
Kan., assumed the deposits and an equal amount of loans
of the Reserve State Bank of Salina which was not operating on a profitable basis and desired to liquidate. Martin
Ahlstedt, formerly Cashier of the Reserve State Bank, has
become an Assiatant Cashier of the Planters State Bank.
Other officers of the Planters State Bank are Guy T. Helvering, President; Cleve D. Miller, Vice-President; R. W.
Julius Henry Haass, President of the Detroit Bankers Samuelson, Cashier, and B. E. Ludes and D. F. Wilson,
Co., and for many years a leading figure in financial and Assistant Cashiers. The institution has combined capital
art circles of that city, died at the Harper Hospital on and surplus of $150,000.
April 17, following an operation he had undergone a few
Effective April 6, the First National Bank of Kingston,
days previously. The deceased banker, who was 62 years
of age, was born in Detroit and received his education in Okla., with capital of $25,000, was placed in voluntary
private and public schools of that city. Almost as soon as liquidation. The institution was taken over by the First
he had left school he began his banking career as a clerk National Bank in Madill, Okla.
in the Home Savings Bank of Detroit at its organization
On April 6, A. S. Brooks was appointed Cashier of Univerin 1889. He advanced rapidly to the position of Cashier
and in 1909 was made President of the institution, an office sity City Bank & Trust Co. of University City (St. Louis,
he held until 1913 when the Home Savings Bank and the P. 0.), Mo., to succeed W. T. Mars. Mr. Brooks who
Wayne County Bank of Detroit merged, and he became formerly was Assistant Cashier of the First National Bank
President of the new organization, the Wayne County & of St. Louis, has been identified with the banking business
Home Savings Bank. At about this time Mr. Haass first for the past twenty years. At this time he is serving as
gave his services to the City of Detroit in banking affairs President of the local chapter of the American Institute
and served at various times thereafter on the Mayor'sfinance of Banking which is the educational branch of the American
committee. Upon the consolidation in February 1928 of Banker's Association. Mr. Mars upon retiring from the
the Wayne County Home Savings Bank with the People's bank will conduct a real estate and investment business in
State Bank, Mr. Haass became Chairman of the Board of University City.
the enlarged institution, known as the Peoples Wayne
The Hamilton National Bank of Knoxville, Tenn., will
County Bank. A few days after the consolidation became
open for business on April 27, with a capitalization of
effective, John W. Staley, President of the new bank, died,
$500,000 and surplus and profits of $125,000. The Board
and Mr. Haass was appointed Chief Executive. Still later
of Directors consists of the following well known Knoxville
he was made Chairman of the Board and Chairman of the
men: T. R. Preston, C. M. Preston, E. 0. Guthrie, Oscar
executive committee of the institution, and finally in 1929
Handly, Edward Lockett, Thomas McCroskey and R. L.
was appointed President of the Detroit Bankers Co. (the
Moore. The officers are: C. M.Preston, President; Edward
office he held at his death), when that group was formed Lockett,
Vice-President; J. S. Reed, Cashier, and H. K.
late in that year as a holding company for the Peoples Bowen, Assistant Cashier. The new bank
will open with
3086
FINANCIAL CHRONICLE
[VOL. 132.
are to be issued in exchange for each
Four
of $25 par
assets in excess of $5,000,000 as it is taking over 40% of present new shares value share, value in addition stockholders are afforded
and
$100 par
Bank. The the privilege of subscribing at $50 a share for one new share for each two
the assets of the old Holston-Union National
institution, however, is, in no sense a re-organization of shares of $25 par value stock they bold following the split-up. May 15.
The rights accrue to stockholders of record April 16 and expire
the old bank, but an entirely new organization.
signified their intention of taking up
It is learned from the Jackson "News" of April 17, that
stockholders of the Jackson State National Bank, Jackson,
Miss., at a meeting to be held May 20, will vote on a proposed increase in the bank's capital from $200,000 to $300,000. At the same meeting additional directors will be
named. If the proposed increase in capital is approved,
the institution will have capital resources of $500,000, it
was stated. Officers of the bank are as follows: L. M.
Gaddis, President; W. N. ICheney, S. P. McRae and J. M.
Jolley, Vice-Presidents; M. S. Craft, Vice-President and
Cashier, and W. A. Connley and J. M. Quinn, Assistant
Cashiers.
The Shelby County State B-ank at Clarence, Mo., on April
9 took over the assets and assumed the deposit liabilities
of the Commercial Bank of Clarence. No change has been
made in the title or officers of the enlarged institution.
Principal stockholders have already
their full allotment.
The stock has always been closely held, and was removed from the
Los Angeles Stock Exchange more than two years ago. However, over-thecounter transfers have taken place at prices in excess of $200 a share, the
1930 price range fluctuating between $200 and $225, Perry W. Weidner,
President, stated.
Last year regular dividends of $8 a share plus an extra of $1 were
paid.
Sale of the new stock will provide $500,000 of new capital, the present
capital being raised to $1,500,000. Surplus and undivided profits on
Dec. 31 last approximated $500,000. Deposits Mar. 25 last, the date of
the last call for condition from the Comptroller of Currency, amounted to
$11,410,663.
Purpose of the increase is to permit the bank to continue to expand
the scope of its operations, Mr. Weidner stated. A large proportion of
the bank's business is with merchants and in retail trade activities.
The United States National Bank was chartered in 1905. In 1924 its
capital was increased from $200,000 to $500,000 by sale of 3,000 shares
at $125 per share. It was raised again in June 1925 to $750,000 by sale
of 2,500 shares at $160, and further increased in August 1927 to
$1,000,000 by the sale of another 2,500 shares at $160.
Application was made to the Comptroller of the Currency
on April 14 for permission to organize a new bank in
The Caddo Trust & Savings Bank,a newly organized bank,
Berkeley, Calif., under the title of the Berkeley National
recently opened for business in Bekher, Caddo County, La.
Bank and with capital of $250,000.
Branches of the institution, at the same time, were opened
County. R. McL. Jeter
at Ida, and Gilliam, also in Caddo
The 1930 annual report of the Darmstadter und Nationis President.
bank of Berlin, Germany, submitted at the annual meeting
shows an increase in turnOn March 23 last, the First State Bank of Hereford, Tex., fo the stockholders on April 18,
over for the year 1930, this figure having risen from 245
purchased part of the assets of the Western National Bank
profit and loss account
of that place, the remaining assets being liquidated by milliards to 260 milliards. The
shows a falling-off in the gross profits from commissions
B. C. D. Bynum, Trustee. The enlarged First State Bank
joint-syndicate and
is capitalized at $50,000 with undivided profits of $15,524: due to the excessive stagnation of
security business. The profits from discounts and interest,
deposits of $385,335 and total resources of $450,859. Its
Since both
officers are as follows: C. B. Williams, President; H. R. on the other hand, show a moderate increase.
nt; general expense and taxes were lower, the bank has been
Fritz, Active Vice-President; E. S. Ireland, Vice-Preside
able to allocate 10 million Reichsmarks out of current profits
C. C. Acker, Cashier, and Miles Roberson, Asst. Cashier.
-4--towards writing down its security and joint syndicate holdA charter was issued by the Comptroller of the Currency ings. After making this special provision in view of the
on April 17 for the Liberty National Bank of Paris, Tex., general depreciation in the market value of securities
with capital of $100,000. E. H. McCuistion is President during the year, the net profits including carry-forward
amounts to some 8,200,000 Reichsmarks, out of which a
and James M. Cecil, Cashier.
dividend of 8% is proposed as against 12% in the previous
The Massanutten National Bank of Strasburg, Va., re- year, while 3,100,000 Reichsmarks is carried forward.
cently purchased the assets and assumed the deposit liaThe balance sheet shows on the liabilities side a drop
bility of the Toms Brook Bank at Toms Brook. The assets of approximately 90 million Reichsmarks in the item
of the acquired bank were approximately $135,000 and the "creditors", mainly time and demand deposits. On the
deposits of like amount.
other hand, acceptance have increased by about 36 millions
to about 126 millions, a development which has its origin
A charter was granted on April 13 by the Comptroller In the efforts of the Reichsbank to enlarge the acceptance
of the Currency for the First National Bank in Sioux City, market. On the assets side the most important feature is
Sioux City, Iowa, with capital of $400,000. The new insti- the approximately 50% reduction of stock exchange collattution represents a reorganization of the First National eral advances, due to the market situation. Advances on
Bank of Sioux City, which was closed Dec. 6 last by Fed- goods consigned or warehoused have increased by approxieral examiners. Advices from Sioux City on April 15 to the mately the same amount.
Des Moines "Register" stated that the new bank was openDiscounts and balances with banks have declined, and the
ing on that day with 14,000 depositors, whose deposits cash items have risen slightly. The liquidity is 56.4%.
totaled $4,00,000, and 3,000 stockholders. "Each depositor The information given by the Bank regarding its foreign
of the closed bank"—we quote from the dispatch—"has the "creditors" is of particular interest. These now total 30%
privilege of drawing up to 60% of his deposit in the reor- of total "creditors" against 34% in the previous year, this
ganized institution, and each will receive 30% in trust cer- being due to the repayment of advances towards the end
tificates and 10% in stock." Officers of the institution are of 1930. The cover of these foreign liabilities by liquid
as follows: A. S. Hanford, Sr., President; Fred R. Jones, assets in foreign countries has increased from 63.5% to
Executive Vice-President, and Fritz Fritzson, Cashier.
65.7% during the year.
Stuckslager & Auracher, bankers, of Lisbon, Iowa, and
the Lisbon Savings Bank were recently merged to form the
Lisbon Bank & Trust Co. As of Mar. 30 1931 the consolidated institution showed combined capital, surplus and
undivided profits of $67,750; total deposits of $636,319, and
total resources of $704,069. John Auracher is President;
Mrs. Willard C. Stuckslager, Vice-President, and D. U. Van
Metre, Vice-President and Cashier of the new bank.
Stockholders of the United States National Bank of-Los
Angeles at a special meeting held April 16 approved a proposed reduction in the par value of the capital stock from
$100 a share to $25 a share, and a proposed increase of 50%
In the capital ($1,000,000 to $1,500,000) through the immediate offering of rights. The Los Angeles "Times" of
April 17, from which the above information is obtained,
continuing, said:
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been decidedly reactionary this week.
Many of the market favorites have been down to new low
levels for the year, or longer in many instances. United
States Steel, for instance, on Thursday dipped to 124% at
its low for the day. The weekly statement of the Federal
Reserve Bank, published after the close of business on Thursday, showed a reduction of $5,000,000 in brokers' loans in
this district. Call money renewed on Monday at 13%
and remained unchanged at that rate during the rest of the
week.
The outstanding feature of the two-hour session of the
stock market on Saturday was the break of 41 points in
Auburn Auto. The decline, coming as it did on top of a
35
-point drop on the previous day, carried the stock down to
195 at its lowest level of the day. In the early trading,
prices were weak, and while no liquidation was in evidence,
APRIL 25 1931.1
FINANCIAL CHRONICLE
several of the speculative favorites slumped to new low levels.
As the day progressed, week-end short covering turned the
trend upward and the market displayed considerable improvement, though the changes were within a narrow range.
Railroad shares were down, Illinois Central being conspicuously weak in anticipation of an unfavorable dividend action
at the next meeting. Missouri Pacific, Nickle Plate and
Western Maryland were also down to new lows as a result
of sharp selling. In the utilities group, Western Union sold
off, following a downward revision of earnings estimates,
and prominent specialties like Eastman Kodak, J. I. Case
and Ward Baking A were off from 1 to 3 or more points.
On the other hand, a number of the more active stocks closed
on the side of the advance. The list included among others,
Air Reduction 2% points, Allied Chemical & Dye 23' points,
Southern Pacific 2 points, Chrysler 1% points, General
American Tank 2 points and Brooklyn-Manhattan Transit
23 points. Copper shares were weak as custom smelter
dipped to 93/i cents a pound, and most of the prominent oil
shares were down to new low levels.
The price trend showed more or less confusion for a brief
period on Monday, many of the market leaders including
United States Steel breaking into new low ground for the
year, while during the last hour most of the early losses
were recovered. Auburn Auto was again in the limelight,
as it opened at 206, dropped to 180, and again shot upward
to 201, closing with a net gain of 2 points on the day. Ingersoll-Rand was another conspicuously weak feature, due to
the absence of nearby demand, and moved to a new low for
the year. The principal changes on the side of the advance
were, Allied Chemical & Dye 23-i points to 1363', American
Tobacco 7 points to 127, Atlantic Coast Line 4 points to
99, Columbian Carbon 3% points to 81%, Woolworth 2
%
points to 61%, and Mullins Manufacturing 25 points to 27.
Industrial Rayon was under pressure and dipped about 8
points, Ingersoll-Rand broke 14 points to 140 and closed at
145 with a net loss of 8 points.
Acute weakness was the outstanding characteristic on
Tuesday of many market leaders like United States Steel
common, American Tel. & Tel., Allied Chemical & Dye,
Union Pacific, New York Central and Western Union
Telegraph. Railway shares were uniformly weak in anticipation of unsatisfactory March earnings statements, and
United States Steel slid back to a low level that has not been
duplicated since 1927. Auburn Auto had another sinking
spell and dropped about 8% points, while Ingersoll-Rand
receded 17 points to 128. Selling pressure was again in
evidence on Wednesday, and while the declines were not
particularly noteworthy, they extended to every part of the
active list. General Motors was under pressure during the
greater part of the session and closed at 397 with a loss of
258 points. Other losses among the more active speculative
/
stocks were Air Reduction 24 points, Atlantic Coast Line
6 points, Baldwin Locomotive 2% points, Du Pont 33
points, General Railway Signal 33, points, Ingersoll-Rand
3 points, Baltimore & Ohio 2% points, and United States
Pipe & Foundry 25s points. Losses of a point or more
/
were also registered by Paramount Publix, National Biscuit,
Coca Cola and Colorado Gas & Electric.
Selling predominated during the early trading on Thursday and practically every active issue was swept downward,
in many instances to the lowest levels reached in years.
United States Steel led the way and at one time was down
to 124%, but recovered to 127% with a fractional gain on
the day. The railroad list recorded many new lows, the
most prominent including such stocks as New York Central,
Atchison and Baltimore & Ohio. Industrial Shares were
also down, but not to the same extent as the rest of the list.
Amusement shares were the chief sufferers and following the
collapse of the market for Fox Film "A"and General Theatre
shares, the entire group moved downward. In the final
hour, the market developed a brisk rally and a large part
of the morning losses were recovered and some gains were
made. Among the stocks closing on the side of the advance
were Air Reduction which gained 13 points to 85; Allied
Chemical & Dye, 23 points to 1333 ; Auburn Auto, 163/i
4
points to 209; Worthington Pump, 2 points to 663's; Ingersoll-Rand, 53 points to 1303 ; Eastman Kodak, 2
4
4
points to 155%; and American Can, 1% points to 1163.
The movements of the stock market were somewhat
erratic on Friday, though some improvement was apparent
toward the end of the session. During the afternoon it was
announced from the rostrum that Pynchon & Co. had been
suspended from the exchange for insolvency, and following
3087
this report heavy selling occurred in Fox Film and General
Theatre, which was sponsored by this firm. Copper shares
continued weak, particularly Anaconda, which reached new
low ground for the year as it dropped below 30. United
States Steel also was down and so were numerous industrial
shares and speculative favorites. The principal changes on
the side of the decline were Atlantic Coast Line 2 points,
Texas Corporation 23' points, Goodyear Tire & Rubber Co.
33 points, Inland Steel 3 points, Calumet & Arizona 43,
points and Cerro de Pasco 43 points. The advances included Atchison 6% points, Auburn Auto 3 points, Southern
Railway 3 points and Norfolk & Western 2 points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
April 24 1931.
Stocks,
Number of
Shares.
1,292,860
1,563,820
1,993,439
2,670,851
3,815,560
2,603,370
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mtn!
United
States
Bonds.
State,
Municipal &
Forn Bonds.
Railroad,
& Misc.
Bonds.
52,967,000
3,984,000
5,262,000
5,312,000
6,161,000
6,075,000
1930.
51.687.600 845.478.600
Jan. 1 to April 24.
Week Ended April 24.
1931.
54.531,000
8,412,000
7,894,000
8,237,600
9,797,000
8,607.000
880,000
187,000
353,000
264,600
660,000
142,000
51,484,000
2,241,000
2,279.000
2,661,000
2.975,000
2,390,000
la ozo ono 520 751 non 514 MO 000
Sales at
New York Stock
Exchange.
Total
Bond
Sales.
1931.
1930.
13,939,900
4,607.880
212,248,169
320,624,180
$1,687,600
14.030,000
29.761.000
$2,117,000
11,654.000
39,411,200
$57,118,650
239,687,500
566,223.000
$39,733,000
230.816,500
707,629,800
$45,478,600 853,182,200
$863,029.150
8978,179.300
Stocka-No.otabaratBonds.
Government bonds_ _ _
State dc foreign bonds_
Railroad & misc. bonds
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
April 24 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Rill, Avesear n.A...1
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. BondSales.
20,198
$3,000
MAI day
16,000
25,111
32,000
31,655
26,000
49,890
6,421
8,000
a33.665
a37,275
a38,035
a57,351
a70,970
11,000
$47,000
45,000
52,000
60,000
63,000
2,844
3,628
2,306
3,928
3,052
2,022
$12,000
6,200
9,000
20,500
11,800
4,000
133,275
$85,000
248,198
8267,000
17,780
573,300
lal ORM
eon non
one Ac9
5149 40A
12668
561700
a In addition, sa es of rights were: Saturday, 700; Monday, 400; TuesdaY, 500:
Wednesday, 500; Thursday, 900. Sales of warrants were: Saturday, 600; Monday, 200; Tuesday, 100; Wednesday, 200; Thursday, 300.
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 (Sat-urday, April 25), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 23.9% below those for the corresponding week
last year. Our preliminary total stands at $8,339,636,143
against $10,958,523,253 for the same week in 1930. At this
centre there is a loss for the five days ended Friday of 23.7%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended April 25.
New York
Chicago
Philadelphia
Boston_
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
Per
Cent.
$4,543,174,952 55,953,000,000
482,749,495
354,910,187
338,000,000
411,000,000
285,000,000
412,000,000
70.196,060
100,873,091
75,100,000
98,503,000
126,578,000
157,617.561
No longer wil, re port clearings.
177.685,164
126,213,265
126,245,745
177,180,573
98,439,326
83,205,051
82,404,096
63,868,224
42,168,533
36,242,490
-23.7
-26.5
-17.8
-30.8
-30.5
-23.8
-19.7
-28.9
-28.7
-15.5
-22.5
-14.0
Twelve cities, 5 days
Other citlea. 5 days
$6,228,733,974
720,962,812
$8,193,617,561
877,874,020
-24.0
-17.9
Total all cities, 5 days
All cities, 1 day
$6,949,696,786
1.389,939,357
59,071,491,581
1,887,031,872
-23.4
-28.4
522:105211142 11fl 115R R23253
--23.9
Tntal ell oltlese Inn vcrecar
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 18.
For that week there is a decrease of 11.8%, the aggregate
of clearings for the whole country being $9,226,394,489,
against $10,450,271,757 in the same week of 1930. Outside
of this city there is a decrease of 13.4%, the bank clearings
at this centre recording a loss of 10.8%. We group the cities
[VOL. 132.
FINANCIAL CHRONICLE
3088
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
loss:of 10.8%, in the Boston Reserve District of 9.7%, and
in the Philadelphia Reserve District of 10.2%. In the
Cleveland Reserve District, the totals are smaller by 14.0%,
in the Richmond Reserve District by 11.2%, and in the
Atlanta Reserve District by 18.6%. The Chicago Reserve
District shows a contraction of 21.7%, the St. Louis Reserve
District of 26.2%, and the Minneapolis Reserve District of
9.3%. In the Kansas City Reserve District the decrease
is 27.7%, in the Dallas Reserve District 9.3%, and in the
San Francisco Reserve District 11.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1930.
1931.
Week Ended Apr(111. 1931
1929.
1928.
13
$
%
$
$
585,227,252
501,264,616
456,290,467 +9.7
500,684,524
6,164,879,220 6,909,562,383 -10.8 8,114,411,567 8,581,382,956
624,203,227
671,206,814
487,330,384 -10.2
437,729,302
436,264,930
484,822,379
415,881,118 -14.0
357,534,794
197,917,297
182.670,618
168,257,962 -11.2
149,346,096
202,081,250
207,976,100
163,742,651 -18.6
133,348,639
976,252,076 1,043,274,258
697,385,254 -21.7
702.153,179
234,401,451
230,494,256
212,299,43 -26.2
156,612,899
128,821.547
122.741.176
112,337,844 -9.3
101,944,777
212,307,231
218,359.776
206,355,43 -27.7
149,183,504
67,053,113
85.927,817
62,9E8,05 -9.3
57,092.682
419,002,366
386,781,937
357,829,76 -11.7
315,884,773
125 cities
Total
Outside N. Y. City
9,226,394,489 10,4E0,271,757 -11.8 12,182,914,032 12,731,936,878
3,210,252,758 3,708,620,053 -13.4 4,249,082,690 4,317,715,141
..,An avs nem
,
,
Ana .1 17 OW -1 a 7
440 14.41 41111
471 7111 700
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
•
1Veek Ended April 18.
Clearings at
1931.
1930.
Inc. or
Dec.
1929.
s
1928.
$
3
$
%
First Federal Reserve Dist rict-Boston 3471,829 +28.0
603,899
Maine-Bangor__
3,243,158 +23.6
4,008,539
Portland
-Boston _ _ 448,854,108 398,000,000 -12.8
Mass.
1,251,049 +9.4
1,369.004
Fall River__ - _
844,018 -38.3
521,037
Lowell
1,046,150 +9.7
1,147,849
New Bedford
4,665.986 +12.9
5,268,443
_
Springfield_
2,949,208 -3.0
2,861,985
Worcester
18,544,844 -19.2
14,997,777
Conn.-1lartford.
8,810,633 -10.9
7,850,576
New Haven_ _ _
15,702,600 -18.7
12,722,200
R.I.-Providence
760,992 -37.0
479,107
N.11.-Manch'r.
510,126
3,183,945
439,000,000
1,283,143
1,050,033
1,129,901
5,105,536
3.017,492
20,405.652
8,998,084
16,701,900
878,704
535,416
3,805,132
517,000,000
1,888,091
1,183,949
1,156.833
5,642,805
3,402,315
24,422,685
9,202,620
16,270,400
717,006
+9.7
501,264,516
585,227,252
Total(12 cities)
500,684,524
456.290,467
Second Feder al Reserve D istrict-New
9,557,777
7,795,985
-Albany..
N. Y.
1,444,085
1,256,297
Binghamton
57,955,027
44,239,372
Buffalo
833,002
1,123,485
Elmira
1,131,099
895,135
Jamestown....
New York.... 6,016,141,783 6,741,651,704
11,894,484
10,155,581
Rochester
6,121.736
4,987,701
Syracuse
4,167,674
3,534,913
-Stamford
Conn.
740,822
968,263
-Montclair
N. J.
33,884,664
33,703,526
Newark
40,180,309
. . 40,077,179
Northern N J
1931.
York
6,951,316
6,128,649
- 18.4
1,259,850
1,216,662
-13.0
62,716,774
-23.7
57,449,954
1,041,499
-34.8
1,179,049
1,204,733
-20.9
1,324,565
-10.8 7,933,831,342 8,414,221,737
14,350,913
-14.7
14,636,471
7,196,501
-18.5
6,573,785
4,923,879
-15.2
4,818,690
879,374
1,005,571
+30.7
34,007,250
-0.6
31,119,607
46,048,136
41,708,218
-0.3
Total (12 cities) 6,184,879,220 6,909,562,888 -10.8 8,114,411,567 8,581,382,956
Third Federal Reserve Dist rict-Philad elphia1,570,968
1,243,271 -49.6
626,362
-Altoona_
Pa.
4,878,357
4,358,567 -16.8
3,625,150
Bethlehem_ _._
1,185,954
933,735 +5.8
987,845
Chester
1.931,883
2,034,012 +45.1
2,951,385
Lancaster
412,000,000 482,000,000 -10.8 641,000,000
Philadelphia
4,161,819
3,243,202 -0.5
3,228,284
Reading
5,956,144
7.1
4,632,168
4,985,589
Scranton
3,774,327
3,210,153 -7.6
2,968.730
Wilkes-Barre
2,039,021
2,101,378
1,993,855 +9.4
York
4,708,341
4,528,000
3,328,000 +36.1
-Trenton..
N.J.
1,434,092
4,584,251
1,307,913
2,301.649
591,000,000
4,743,804
6,292,684
4,778,442
1,824,409
5,935,983
671,206,814
437,729,302
487,330,384 -10.2
484,822,379
436,264,930
1,185,886
45,014,000
5,040,969
2,600,000
100,996,454
27,833,209
1,295,774
48,986,000
5.146.767
*2,500,000
110.954,179
29,034,577
168,267,962 -11.2
182,670,618
197,917,297
Total (8 eltles)_
Total(6 eitles)_
357,534,794
149,346,096
rict-Atlant aSixth Federal Reserve Dist
3,189,550
*3,000,000
*2,600,000 -32.7
*1,750,000
'enn.-R.noxville
25,509,019
23,992,385
22,392,643 -37.3
14,041,327
Nashville
63,432,086
58,208,077
48,213,275 -14.9
41,002,453
1eorgia-Atlanta
2,044,120
2,128,373
1,815,681 -14.5
1,552.954
Augusta
1,772.997
2.145,147
1,467,346 -49.6
740,363
Macon
18.546.515
19,891,908
16,757,919 -12.4
14,675,501
la.-Jacks'nville
30,675,509
28,690,337
24,444,432 -31.2
16,808,587
Ja.-Birming'm
1,964,872
2,054,415
2,423,398 -47.3
1,277,002
Mobile
2,348,000
2,197,000
-15.9
1,784,532
*1,500,000
Iiss.-Jackson
466.513
429.949
177,646 -15.9
149,340
Vicksburg
58,026,919
59,342,759
-4.3
41,865,779
39,851.121
a.-NewOrleans
--.1
I
207,976,100 212,081,250
Total(11 cities) 133,348,6391 163,742,651 -18.6
294,916
773,570
144,891,869
8,040,904
2,636,176
3,468,788
23,088,000
3,000,900
5,127,821
40,280,247
2,841,078
10,758,946
6.190,502
1,218,575
2,228,436
773,585,586
1,372,394
5,632,746
4,745,495
3,089,314
976,252,076 1,043,274,258
5,329,052
153,600,000
38,455,619
312,187
20.943,773
14,057,482
333,011
1,470,327
212,299,437 -26.2
230,494,256
234,401.451
Ninth Federal Reserve Die trict-Minn eapolle
4,563,126 -24.2
3,457,640
Minn.
-Duluth_ _
76,319,229 -11.6
68,252,909
Minneapolis24,009,292 -3.6
23,110.987
St. Paul
1,919,371 +30.1
2,497,648
No. Dak.-Fargo
975.749 -8.0
S.D.
897,533
-Aberdeen680,077 -17.2
562,739
Mont.
-Billings _
3,871,000 -28.2
3,165,321
Helena
6,461,391
82,405,954
26,492,749
2,179,947
1,176,986
690,149
3,334,000
7,517,071
82,234,443
31,847,917
2,155,732
1,332,739
617,645
3,116,000
Total(8 cities).
156,612,899
-9.3
122,741,176
128,821,547
Tenth Federal Reserve Die trict-Kane as City
328,083 -28.5
234,644
Neb.-Fremont- _
471,097 -9.3
Hastings
427,308
3,405,353 -8.0
Lincoln
3,183,259
44,993,299 -17.4
37,156,373
Omaha
3,657.780 -23.7
Kans.-Topeka..
2,789,903
7.424,635 -27.2
Wichita
5,405,915
93,426,134 137,175,721 -31.9
Mo.-Kans, City
6,012,072 -28.6
St. Joseph _ _
4,290,003
Colo.
1,087,102 -2.5
-Col. Spgs.
1,060,045
a
a
a
Denver
1,710,295 -29.3
Pueblo
1,209,920
352,487
603,492
4,001,303
48,119,413
3,282,675
8,598,562
143,333,976
6,969,000
1,224,433
a
1,876,375
424,230
466,355
4,497,005
45,035,527
3,419,429
9,208,085
139,854,210
6,501,000
1,534,447
a
1,366,643
Total (7 cities)-
101,944,777
112,337,844
206,355.437 -27.7
218,359.776
212,307,231
-Da has
Eleventh Fede ral Reserve District
Texas-Austin 1,646,291
1,689,921
+2.6
42,648,108 -3.5
Dallas
41,162,738
Fort Worth_ - _
10,876,742 -27.3
7,898,612
3,267,000 -29.4
Galveston
2,305,000
La.
4,550,918 -11.3
4,036,411
-Shreveport _
1,983,188
59,439,749
14,773,688
4,668,000
5,063,202
1,603,635
44.788,449
10,542,134
4,437,000
5,681,895
-9.3
85,927,817
67,053,113
Total (10 cities)
Total (5 cities).
149,183,504
57,092,682
62,989,059
Twelfth Feder al Reserve D istrict-San Franc'sco50,923,295
53,009,300
45.484,457 -20.7
Wash -Seattle_ 36,058,449
13,251,000
13,093,000
12,183,000 -8.0
10,211,000
Spokane
1,310,471
1,730,301
1,370,394 -31.8
934,752
Yakima
38.198.918
37,686,407
36,554,452 -18.5
Ore.
29.793.269
-Portland
17,606.456
19.954,595
19.386,203 -9.3
17,578,485
Utah-S. L. City
8,206,677
8,822,553
7,603,108 -19.2
Cal.
6,144,075
-Long Beach
Los Angeles._ No longer will report elearin es.
21,129.332
19,054,864
15,791,085 -8.2
14,501,226
Oakland
8.458,511
7,315,176
6,396,277 -7.0
5,949,432
Pasadena
6,590,853
6,466,984
7,480,968 -5.7
7,054,798
Sacramento _-5,759,751
6,467.583
-10.7
6,389,747
5,70,5,938
San Diego-San Francisco- 163,272,798 189,872,593 -14.0 202,536.953 237,838,788
3,034,393
2,959,250
2,793.273 -3.2
2,705,706
San Jose
1,827,843
2,665.881
2,252,858 +6.7
2.403,712
Santa Barbara_
2,302,378
2,324,390
2,084,948 -6.4
1,946,033
Santa Monica_
2,694,700
2,553,900
2,180,400 -25.6
1,625,100
Stockton
Total(16 cities) 315,884,773 357,829,761 -11.7 386.781,937 419,002,386
Grand total (125
9,228,394,489 10450271,757 -11.8 12182 914,032 12731936,878
cities)
Outside New York 3,210.252,706 3,708,620.053 -13.4 4,249,082.690 4,317,715,141
Week Ended April 16.
- - --- -1931.
1930.
Inc. or
Dec.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough..._
Sherbrooke
Kitchener
Windsor
Prince Albert.,...
Moncton
Kingston
Chatham
Sarnia
3udbury
$
117,662,753
118,959,586
41,025,635
15,590,823
5,805.290
5,784,928
3,111,449
5,164,633
6,090,716
2,428,278
1.882,411
2,828,627
5,203,474
3,823,529
435,132
435,461
1,545,092
800.335
1,085,553
745,974
619,426
226,808
704,378
825,078
1,075,295
4,331,345
453,995
730,903
625,416
543,686
602,215
743,813
5
156,017.708
119,348,489
37,015,488
23,797.523
7.695.882
6,601,461
3,253,098
0,167,287
8,861,254
2.783,513
2.622,762
3,334,222
5,246,329
4,791.892
531,124
651,613
2.100.329
975,238
1,181,209
777.097
955,961
323,273
939,937
1,071,610
1,488,260
5,124.358
439,853
911,952
705,261
546,505
,
1.168 619
1,498.790
Total (32 cities)
349,892,037
408,427,897 -14.3
a No longer reports weekly clearings.
.11'10.1”.?,q01'10V.nc1^1R”.?7!R.I'°04171_1
415,881,118 -14.0
Fifth Federal Reserve Dist rict-Richm ond1,154,407 -41.1
680,676
.
W.Va.-Hunt n.
45,311,000 -20.5
36,043,877
Richmond
4,465,690 -20.9
3,532,084
rit.-Norfolk
2,240,000 -1.7
2,201,464
-Charleston
1. C.
87,934,396 -8.5
80,534,160
-Baltimore_
61g.
27,162,469 -3.0
26,355,835
3. C.-Wash'ton
1928.
5,703,870
144,700,000
39,387,847
310,406
23,001,343
15,449,865
393,181
1,457,654
tOO
6,185,000
4,116,328
81,011,233
131,084,103
17,685,100
2,478,492
5,320.435
188,404,239
897.385,254 -21.7
II
+
r
I
'11".7"41" IIII
7777
''1
I
.1171"'477 1 TT
1111
7.194,000
4,786,365
79,414,393
169,172,345
18,619,800
2,457,666
5.716,428
197,461,382
702,153,179
.
4.000M.
4
,
NVOOt.NW.1 0#0000t-09.1 10.0Mts.0M0,-,p000
Fourth Feder al Reserve D Istrict-Clev eland
5,055,000 -34.3
3,323,1300
Dblo-Akron
4,897,858 -24.0
3,722,297
Canton
70,704,545 -12.4
61,929,112
Cincinnati ___
- 120,854,063 143,747,098 --15.9
Cleveland
16,983,800 -10.7
15,164,600
Columbus
2,230,474 -51.4
1,805,119
Mansfield
6,113,493 -27.1
4,456,169
Youngstown...
-Pittsburgh _ 146.280,434 166,148,850 -12.0
?It
1929.
Eighth Federa Reserve Dis trict-St. Lo uis
5,481,524 -28.2
Ind.
3.921,527
-Evansville.
Mo.-St. Louis.. 103,900,000 131,200,000 -20.8
40,996,317 -37.3
25,691,597
-Louisville
KY.
334,305 -22.8
258,032
Owensboro_ _
19,031,431 --27.1
13,876.622
-Memphis
Tenn.
13,665,622 --42.2
Ark.
7,902,168
-Little Rk_
203,675 --23.4
111.
155,908
-Jacksonville
1,406,563 --35.5
Quincy
907,025
624,203,227
Total(10 cities)
Inc. or
Dec.
1930.
Seventh Feder al Reserve D istrict-Chi cago373,202
205,917 -5.8
Mich.
193,943
-Adrian -766,226
783,426 -17.7
Ann Arbor__ -644,677
140,293,698 194,354,617 -27.0 232,463,349
Detroit
8,680,896
5,552,055 -17.3
4,592,024
Grand Rapids_
3,238,900
4,024,280 -37.3
Lansing
2,522,602
3,839,275
3,438.560 -21.0
Ind.
--Ft. Wayne
2,717,833
24,283,000
21,567,000 -21.2
Indianapolis_
17,216,000
3,258,039
1,989,961 +47.4
South Bend...
2,931,913
4,674,793
4,028,300 -4.5
Terre Haute_ _
4,421,961
33,741,328
31,160,446 -18.8
25,316,258
Wis.-Milwaukee
2,743,520
3,286,901 -16.1
2,758,231
Iowa-Ced. Raps
9,771,356
10,952,137 -35.9
Des Moines7,021,104
7,503,221
6,665,481 -41.2
Sioux City....
3,921,305
1,822,031
1,510,648 -30.0
1,057,470
Waterloo
2,308.253
2.298.253 -9.7
2,074,583
Ill.-Bloom'ton._
Chicago
474,023,378 591,061,220 -20.0 621,729.849
1,198,459
1,516,961 -32.1
Decatur
1,029,436
6,803,888
5,448,761 -36.2
Peoria
3,478,789
4,210,348
3,787,966 -20.5
3,012,508
Rockford
3,042,243
3,152,364
2,925,466
Springfield_ _ _
Total(20 eitles)
Inc.or
Dec.
Federal Reserve Diet.
let Boston _ _ _ _12 citiee
2ndi New York_12 "
3rd Philadelphial0 "
Ath Cleveland.- 8 "
5th Richmond. 6 "
6th Atianta......11 "
7th Chicago_ _ _20 "
8th 65. Louis_ 8 "
9th Minneapolis 7 "
10th KansasCity 10 "
5 "
11th Dallas
12011 San Fran...15 "
71 al*14.4
Week Ended April 18.
Clearings at
*Estimated.
1929.
s
1928.
143,981.711
151,660,069
47,628,130
25,652,106
8,748,960
6,944,912
3,660,232
6,782,712
14.287.288
3,313,125
3,944,560
3,939,059
8,139,579
5,669,870
713.955
672,242
2,844,345
1,506.570
1.506,171
889,550
1,258,511
529,512
880.971
1,074,165
1,314,642
7,467,609
587,413
953,275
751,288
900,593
957,267
3
156,901,777
153,069,339
51,911.573
24,686,196
9,889,420
6,621,247
3,518,927
7,385,274
13,408,787
3,442,284
2,762,922
3,660,596
6,320,218
5,306,378
662,974
491,164
2,681,689
1,357,456
1,603,135
984,365
800,912
679,449
862,425
1,065,004
1,572,491
6,076,845
510,745
944,659
894,770
782,206
665,272
459,160.488
471,518,399
APRIL 251931.]
FINANCIAL CHRONICLE
3089
THE CURB EXCHANGE.
PRICES ON PARIS BOURSE.
Curb securities were under pressure again this week with
Quotations of representative stocks on the Paris Bourse
the result that prices steadily drifted to new low levels for as received by cable each day of the past week have been
the year. Among industrial issues, Aluminum Co. corn. as follows:
after an early advance from 158 to 173%, sank to 157.
Apr.18 Apr.20 Apr. 21 Apr. 22 Apr. 23 Apr.24
1931. 1931. 1931. 1931. 1931. 1931.
Deere & Co. corn. lost six points to 22 and finished to-day
Francs. Francs. Francs. Francs. Francs. Franc/.
at 23. Driver-Harris corn. on few transactions fell from Bank of France
18,000 18,000 17,900 17,900 18,000 18,000
27% to 24%. Gen'l Theatre Equip. pref. weakened from Banque Nationale de Credit
,275
1.280 1,2651,265
---Banque
20 to 123 then broke to 8% on the announcement of the Banque de Paris et Pays Bad.-- 2,290 2,290 2,280 2,250 2,290 2:280
4
de Union Parkdenne
1,325 1,325 1,311
____
1,315
-oil
suspension of Pynchon & Co. Glen Alden Coal eased off Canadian Patel°
972
979
943
984
972
Canal de
14,900 14,900 14,700 14,500 14,500 14,600
from 37% to 36. Mead, Johnson & Co. corn, sold down Cie Distr.Sues
d'Electrioltle
2,310 2,310 2,285 2,300
from 100 to 923' recovering to-day to 97%. Northwestern Cie Generale d'Electriottle
2,690 2,740 2,720 2,700 2,710 iiiiiii
Ole GIs Trans-Atlantique
476
472
455
465
Yeast in a drop from 144 to 129 lost most of its recent gain. Citroen B
640
660
640
660
650
"siiii
The close was at 131% Parker Rust-Proof, after a gain of Comptoir Nationale d'F.soompte 1,620 1,620 1,620 1,620 1,620 1,620
640
640
650
650
640
620
20 points to 106 broke to-day to 99%. Utilities were ex- 0017, Inc,
Courrieres
1,091
1,090 1,073 1,070
ceptionally dull. Amer.& Foreign Pow. warrants lost about Credit Commerciale de France
1,185 1,179 1,170 1,170
__-2,500 2,510 2,500 2,480 2,460 2:470
three points to 19 but recovered finally to 203. Amer. Gas Credit Lyonnais
Eaux Lyonnais
2,850 2,690 2,690 2,660 2.670 2,640
& Elec. corn. sold down from 72 to 64 and at 643( finally. Energie Electrique du Nord
915
938
935
-_-_
930
1,315 1,315 1,302 1,310
Elec. Bond & Share corn. eased off from 45U to 4031 and Energie Electrique du LittoraL/
France
212
221
213
216
-iii
-tiiii
closed to-day at 41%. United Light & Pow. corn. A. de- Ford ofLine
French
470
450
470
480
480
470
clined from 243 to 21%. Utilities Power & Light class B Gales Lafayette
%
140
140
140
140
140
140
Gas Le Bon
910
910
910
900
900
910
fell from 2631, to 24 and ended the week at 25. Weakness Kuhlman]
590
580
600
580
580
570
was pronounced in the oil shares many new low records L'Alr Liquids
940
940
970
950
960
950
1,557 1,556
1,556
1,552
being recorded. Standard Oil (Ohio) corn. declined from Lyon (P. L. M.)
Nord
2,160 2,150 2,140 2.150 2,130 2:140
%
52 to 49%. Vacuum Oil sold down from 497 to 44( and Pathe Ry
Capital
145
144
142
145
1.990 1,980 1,990 2,010 1.990 1,990
closed to-day at 44%. Chesbrough Mfg. Consolidated lost Peohiney
89.50 89.f0 89.50 89.30 89.30 89.40
points to 120, recovered finally to 1233. Gulf Oil Rentes 3% 1920
9
%
Reines 5%
136.70 138.70 138.70 136.70 136.80 136.60
declined from 58% to 53% with the final transaction to-day Reines 4% 1917
104.20 104.20 104.20 104.20 104.20 104.20
Rentee 5% 1915
104.60 104.60 104.50 104.80 104.80 104.60
at 533 .
%
Rentes 6% 1920
105.30 105.30 105.30 105.60 105.80 104.50
A complete record of Curb Exchange transactions for the Royal Dutch
2.530 2,510 2,490 2,410 2.450 2,490
Saint Cobin. C. & C
3,170 3,140 3.076 3,135
---week will be found on page 3119.
Schneider & Cle
1,712 1,705 1,685 1,690
...-DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Foreign
Foreign
Domestic. Government. Corporate.
Saturday_..__
Monday ____
Tuesday ____
Wednesday-Thursday ___
Friday
31,791,000
2,929,000
3,046,000
3,141,000
3,851,000
3,860,000
$41,000
52,000
166,000
39,000
99,000
118,000
389,000 31,921.000
78,000 3,059,000
66,000 3,278,000
229,000 3,409,000
146,000 4,096,000
115,000 4.093,000
17 500 818.618.000
8515.000
8723.000S19 856 nnt)
888888
.0"....
al
1
I•ntal
286,000
332,500
344,800
487,700
644,200
554,500
-4.i.i4
Stocks
(Number
Week Ended
of
Rights.
Apr. 24 1931. Shares).
2 R49 7nn
Sales at
New York Curb
Exchange.
Stocks
-No. of shares
Bonds.
Domestic
Foreign Government
Foreign corporate
Bonds (Par Value).
Week Ended April 24.
Total.
Jan. Ito April 24.
1931.
1930.
1931.
1930.
2,649,700
7,433,700
44,087.037
89,723,975
318,618,000 $17,020,000
515,000
1,413,000
723,000
869,000
3288,581.000
8,299,000
13,858.000
$235,285,000
18,084,000
18,062,000
Total
$19,856,000 $19,302,000
3310,738,000
3271,431,000
Note.
-In the above tables we now give the foreign corporate bonds sePararely.
Formerly they were included with the foreign government bonds.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 8 1931:
GOLD.
The Bank of England gold reserve against notes amounted to E144,465,467 on the 1st inst. (as compared with £143,614,006 on the previous
Wednesday), and represents a decrease of £3,160,155 since Dec. 31 1930.
The bar gold which arrived from South Africa this week amounted to
about E678,000, which, together with about £70,000 from an outside
source, was available in the open market today. The price was fixed at
84s. 10%ci. per fine ounce, at which the Bank of England secured about
E744,400, there being little demand for trade requirements.
Movements of gold at the Bank of England during the week have
sulted in a net influx of £1,655.165. Receipts consisted of £950.000resovereigns, of which £750,000 were from South Africa, and £745.165 in
in
bar gold. Withdrawals were .010,000 in sovereigns taken for export.
The following were the United Kingdom imports and exports of
registered from mid-day on the 30th ultimo to mid-day on the 4th gold
inst.:
_ imports
Exports
Britian West Africa
£40,391 Germany
£6,800
British South Africa
272,459 France
British India
81,113 Switzerland
6 3
10.2
4
Other countries
746 Spain
7,000
Other countries
£77)470
£3 2
6
6
SILVER.
Owing to the Easter holidays the week under review consisted
of only
three working days. The market has been rather quiet and prices
showed a tendency to sag, offerings from the Indian Bazaars and again
China
being sufficient to depress the market in the absence of any new
enquiry.
America has both bought and sold.
The immediate outlook is somewhat uncertain but the
undertone remains poor, there being no indication of any improvement in
demand.
The following were the United Kingdom imports and exports
registered from mid-day on the 30th ultimo to mid-day on the of silver
4th inst.:
importsExports
British West Africa
£25,529 British India
£13,170
Australia
10,343 Other countries
4,899
Mexico
21,012
U. S. A
6,215
Other countries
310
301
£18,069
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Mar.31 1tarp Mar71 3
s
l5 .
.1
Notes in circulation
Silver coin and bullion in India
12,261
Silver coin and bullion out ofIndia
Gold con and bullion in India
2,585
2,507
2,477
Gold coin and bullion out of India
Securities (Indian Government)
1,019
1,024
1,024
Securities (British Government)
The stocks in Shanghai on the 2nd inst. consisted of about
86,500,000
ounces in sycee, 160,000,000 dollars and 680 silver bars, as compared
about 87,700,000 ounces in sycee, 160,000,000 dollars and 1,000 silver with
bars
on the 28th ult. (Notations during the week:
-Bar Silver per Oz. Std.- Bar z pin
oCold per
e
2 Mos.
C sh.
a
April 2
12 15464.
12)d.
84s. 10 iici.
April 7
12 11-16d.
12 11-164.
84s. 10 lid.
April 8
12 11-16d.
12%d.
848. 10%d.
Average
12.729d.
12.771d.
848.10.214.
The silver quotations to-day for cash and two months' delivery
are eacn
5-164. below those fixed a week ago.
W,
5
Societe Lyonnais
Societe Marseillaise
Tubb° Artificial Silk, prof
Union d'Etectrieltie
Union des Mines
Wagons-Lite
1,050
650
2.680
970
254
1,040
640
• 298
2,710 2,640
975
974
257 . 248
1,020 1,020
640
630
300
300
2,650
974
243
1,040
630
300
__-.....
LOW
630
....-.
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:
Per Cent of Par
Apr. Apr. Apr. Ayr. Ayr.
18.
20.
21.
22.
23.
Mtg. Deutsche Credit (Ades)(8)
97
97
97
97 *93
Berlin Hendels Gas.(8)
124 124 124 123 123
Commerz-und-PrIvat Bank (11)
118 118 119 118 119
Darmstaedter u. Nationalbank (12)
145 145 4139 137 138
Deutsche Bank u. Disconto Ges.(6)
113 4108 108 108 108
Dresdner Bank (6)
107 107 108 107 107
Reichsbank (12)
167 165 169 187 166
Algermeene Kunstssijde (Aku)(9)
83
86
89
87
89
Alla. Elektr. Gee.(A.E.G.)(9)
108 109 111
109 110
Deutsche Ton- u Stelnzeugwerke (11)
74
72
74
74
71
Ford Motor Co., Berlin (10)
21434 2144 215 2113-( 211
Gelsenkirchen BerS'werk (8)
81
81
82
83
82
Geefuerel (10)
123 126 129 128 128
Hamburg-American Line(Hapag)(6)
64
64
64
64
*64
Hamburg Electric Co.(10)
116 117 117 118 117
Harpener Bergbau (6)
72
72
72
70
70
Hotelbetrieb (10)
105 105 108 108 109
I. G.Farben Indus.(Dye Trust)(14)
148 148 150 148 149
Karstadt (12)
61
62
59
61
59
Mannesmann Tubes (7)
75
75
78
77
77
North German Lloyd (6)
*65
65
66
65
65
Phoenix Bergbau (64)
61
62
63
62
63
Polyphonwerke (20)
163- -164
167 167 167
Rhein-Westf. Elektr.(R.W.E.)(10)
132 132 134 131 133
Sachsenwerk Licht U. }Craft (734)
88
90
89
89
89
Siemens & Halske (14)
175 177 180 176
177
Ver. Stalhwerke (United Steel Works)(4)-- 56
56
57
58
58
•Ex-dlvidend.
Apr.
24.
93
123
118
137
107
107
166
89
110
70
211.
81
128
63
117
70
109
150
59
,79
65
62
166
134
88
177
57
ENGLISH FINANCIAL MARKET
-PER CABLE.
(See page 3100.)
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Apr. 18 to Apr. 24, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares
American Fruit Growers *
Preferred
100
Arkansas Nat Gas Corn •
Preferred
1
Armstrong Cork Co
*
Bank of Pittsburgh
flaw-Knox Co
•
Clark (D L) Candy
*
Devonian Oil
10
Hachmeister Lind Corp__*
Preferred
•
Harbison Walker Refr_ •
Independent Brewing_ _50
Jones & Laug'n Steel pf 100
Koppers Gas & Coke pf 100
Liberty Dairy Prod
•
Lone Star Gas
•
Mesta Machine
*
Nat Fireproofing Corp- *
Preferred
50
Penn Federal Corp
•
Peoples Say es Trust__ _20
Pittsburgh Brewing____50
Preferred
50
Pittsburgh Forging
*
Pittsburgh Plate Glass25
Pittsb Screw & Bolt Corp_•
•
Plymouth 011 Co
Ruud Manufacturing_
•
Shamrock 011 & Gas
•
United Engine & Fdy
•
Westinghouse Air Brake_.*
Unlisted
Lone Star Gas Pref-- -100
Western Pub Serv v t c_.
0
•No par value.
Range Since Jan. 1.
Low.
14
13
235 10
68
68
10 6734
110
5
5
5
634 634
350
631
18
1834 1,095 18
100
100 100
22 100
23
24
23
376 23
1134 12
170 10
64 74
160
5
10
10
10
300 10
65
65
206 65
65
32
500 32
32
134 13( 1,000
134
45 120
121 1214
10134 102
70 9934
1
40
14 134
12,287 1634
1634 19
17
2,420 2531
3334 3234 35
270 20
2234
20
15 29
29
29
14
215
134 14
10 120
120 120
580
3
4
3
3
8
40
8
8
1,645
834
12
11
833 3434
3534 3934
36
995 1234
1234 1334
13
2.125 10
11
1034 10
15 20
20
20
7
834 1,120
7
7
375 33
34
33
34
460 30
304
3031 30
831
104 104
831 9
Jan
Feb
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Mar
Apr
Apr
Jan
Jan
Mar
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
80 10334 Jan
4,210
834 Apr
High.
15
723(
834
7
30
120
2934
134
8
15
70
44
3
12234
1024
14
29
37
31
33
2
135
6
12
1331
44
1534
19%
2334
124
38
35
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Feb
Feb
Jan
Apr
Mar
Mar
Feb
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Feb
Feb
Jan
Feb
Feb
Mar
108 Mar
144 Feb
FINANCIAL CHRONICLE
3090
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Apr.18 to Apr.24, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par. Price. Law. High Shares.
Bank Stocks
First National Bank_ _20
65
Franklin-Amer Trust_ _100
183
Merc-Comm Bk & Tr__100 18134 180
S \Louis Union Trust_ _100 490
490
66
184
18634
490
Miscenanous Stocks
American Invest B
*
8
834
16
Boyd-Welsh Shoe
16
* 16
Brown Shoe corn
36
34
100 36
Preferred
100 11834 11831 11834
12
Burkart Mfg pref
*
12
Century Electric Co_ _ _100 70
70
70
31
Coca-Cola Bottling Co_ _1
31
Consol Lead & Zinc A_ _ _ _*
234 234
234
Corno Mills Co
*
2234 2234
1634 17
Curtis Mfg corn
5
Dr Pepper corn
30
30
*
Ely & WaLk Dry Gds com25
1234 13
53%
Hamilton-Brown Shoe_ _25
534 534
Huasmann-Ligonier
*
334 334
18
18
Hydraul Press Brick pfd100
Internat'l Shoe com
* 4734 4734 48
Preferred
100
10734 10834
32
32
Johnson-S S Shoe
* 32
100 100
Laclede Gas Light pref _100
33
20
31
Laclede Steel Co
Landis Machine corn_ 25 2634 2634 2634
39
39
McQuay-Norris
*
86
Meyer Blanke pref_ _ _ _100
86
Mo Portland Cement___25 2434 2434 2534
*
National Candy com
1934 20
Rice-Stix Dry Gcls com___*
534 534
6
6
Scruggs
-V-B D G com__25
6
*
8
8
8
Scullin Steel pref
17
*
17
Sieloff Packing corn
41
42
South Acid & Sulphur com* 41
Southwest Bell Tel pfd_100 12134 121 12134
13
13
Stix Baer & Fuller corn_*
100
80
80
St Louis Car pref
St Louis Pub Serv com_ *
134 234
15
1634
Wagner Electric com__ _100 15
Street Railway Bonds.
E St Louis & Sub 5s__1932
United Railways 4s_ __1934
Range Since Jan. 1.
High.
Low.
320 65
10 183
78 180
13 465
Apr 70
Apr 200
Apr 198
Jan 490
Mar
Jan
Jan
Apr
Feb
250
734 Mar 10
Apr 18
Feb
.55 16
Apr
482 3334 Feb 36
1 11734 Jan 11834 Mar
Apr
Apr 12
5
9
Jan
Apr 85
5 70
Jan
Jan 43
20 25
Mar
3
40
134 Feb
320 2134 Apr 2434 Mar
15 16
Feb 1734 Jan
Jan 3234 Mar
25 29
Jan
Mar 18
25 12
7
Feb
4
Jan
140
Mar
3
150
434 Mar
Apr
Apr 20
45 18
Jan
Mar 49
291 47
15 10534 Jan 10834 Apr
Jan
Jan 37
920 25
Apr
Jan 100
11 99
Apr 35
Mar
240 31
Mar
180 25
Feb 30
20 3534 Feb 3934 Mar
Apr
Apr 86
5 86
368 2434 Jan 2934 Mar
Mar
Feb22
535 19
Apr
105
5
834 Jan
Apr
6
Apr
25
6
Feb9
Jan
45
6
Apr 18
Mar
30 17
Apr 42
25 41
Apr
Mar
164 11734 Jan 122
Jan 15
Feb
25 11
5 80
Apr 80
Apr
134 Apr
900
4
Feb
Mar
1,428 15
Apr 19
9734 9734 $4,000
45
4734 5,000
9634 Jan
45
Apr
98
Apr
6234 Jan
*No par value.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis_
St. Louis_
Peoria
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux City _
Flour.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 31 1931. Jan. 31 1930.
$
155,792,898
98,928,297
Balance end of month by daily statement, &c
Add or Deduct-Excess of deficiency of receipts over
-7,978,971
-1,665.200
or under disbursements on belated items
147,813,927
Taal
Balance, deficit (-) or surplus (+)
97,263,097
23,293,087
77,421,939
4,925,335
918,563
23.631,130
73,390,899
5,387,290
933,586
106,558,924
103,342,905
+41,255,003
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates__ _
Settlement on warrant checks
-6,079,808
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Jan. 31 1931.
$
payable.
Title of LoanQ.
-J. 599,724,050
25 Consols of 1930
48,954,180
Q -F
25 of 1916-1936
25,947,400
Q.
-F,
2s of 1918-1938
49,800,000
Q.
-M.
3s of 1961
28,894,500
-J.
3s conversion bonds of 1946-1947
Q.
J.
-J. 1,191,906,000
Certificates of indebtedness
-J. 1,392,246,350
J.
334s First Liberty Loan, 1932-1947
5,003,950
-D.
4s First Liberty Loan converted, 1932-1947_ J.
-1947..J.
-D. 532,794,850
4345 First Liberty Loan, converted, 1932
3,492.150
-D.
434s First Liberty Loan, 2d cony., 1932-1947_ _J.
A.-0. 6,268,232,450
43ls Fourth Liberty Loan of 1933-1938
758,984,300
434s Treasury bonds of 1947-1952
1.036,834,500
4s Treasury bonds of 1944-1954
489,087,100
3545 Treasury bonds of 1946-1956
493,037.750
334s Treasury bonds of 1943-1947
359,042,950
3345 Treasury bonds of 1940-1943
22,834,660
2348 Postal Savings bonds
2,478,572,000
5345 to 5345 Treasury bonds
c127,455,000
bills, series maturing Feb. 16 1931
Treasury
c
Treasury bills, series maturing Mar. 17 1930
Jan. 31 1930.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
1,305,557,500
1,392,257,750
5,005,450
532,810,000
3,492,150
6,268,269,050
758,984,300
1,036,834,500
489,087,100
493,037,750
359,042,950
19,224,720
2,644.625,000
Wheat.
I
Corn.
Oats.
I
Barley. I
Rye.
bbla.1961bs bush.60 lbs)bush. 56 lbs.lbush. 32 lbs.bush.481bs.lbush.561bs.
178,000
158,000
65,000,
362,000
887,000
12,000
887,000;
151,000.
226,000
177,0001
1,044,000,
68,000
4,000
14,000
3,000i
1,000
464,000,
4,000
111,000,
9,000
18,000,
94,000;
11.000
1,000
12,000
145,000,
17,000,
10,000
18,000
28,000:
1
108,000
42,009
431,009
34,000
4,000
442,000
546,009
127,000
274,009
57,000
130,000
68,000
53,000
12,0001
216,009
816,000,
112,000
1,038,000,
50,000
742,000,
381,000,
30,000
61,000.
310,009
5,000
43,009
106,600,
6,000
24,000
21,009
12,000,
Total wk. '31
Same wk. '30
Same wk. '29
367,000
358,000
404,000
.
4,348,000, 3,916,0001
1
2,337,000 4,864,000
3,552,0001 2,904,009
480,000
571,000
655,000
1,256,000
1,692,000
2,456,000
226,000
77,000
223,000
Since Aug.11
1930
15.862,000348,199,000 158,435,000 89,599,00041,401,000 18.604,000
1929
16,151,000 308,539,000 204,512,000 109,013,000 57,493,000 21,168,000
1928
18,225.000415,780.000 221,210.000 114,669,00084.187,000 23,069,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 18 1931, follow:
Receipts at- I
New York.....
Portland, Me_
Philadelphia_
Baltimore_ _
Norfolk
New Orleans*
Galveston....
St.John,N.B.
Boston
Flour.
Oats.
Corn.
Wheat.
I Barley. 1
Rye.
.bush. 32 lbs.lbush.48/bs.lbush.56lbs.
bls.196lbs. bush.60 lbs.bush. 56 lbs
37,000; 102,000
12,000
654,000
215,000
144,000
13,000
1
12,000,
7,000
63,000
43,000
21,009
37,000
646,000
1,000
1,000
1
30,000
14,000
87,000
60,000
31,000
515,000
12,000
2,009
30,000
1,000
83,000
31,000
Total wk. '31
376,000 2,233,000
Since Jai:1.1'31 6,333,000 27,179,000
33,000
1,196,000
102,000
169,000
1,422,000 1,802,000
1,000
158,000
18,000
21,000
382,000
122,000
Week 1030....
450,000 1,064,000
244,000
130,000
Since Jan.1'30 7,618.000 21,322,000 1,490,000 1.637,000
* Receipts do not include grain passing through New Orleans for foreign Ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 18 1931, are shown in the annexed
statement:
Wheat.
Exportsfrom-
Public Debt of the United States-Completed Returns
Showing Net Debt as of Jan. 31 1931.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Jan. 31 1931,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1930:
[VoL. 132.
Corn.
Rye.
Oats.
Flour.
Barley.
Barrels. Bushels. Bushels. Bushels.
49,715
47,000
13,000
85,000
9,000
40,000
1,000
1,000
2,000
3,000
16,000
4,000
10,00
12,000
1,000
2
Bushels. Bushels.
1,243,000
144,000
169,000
471,000
New York
Portland, Me
Boston
Baltimore
Norfolk
Mobile, Ala
New Orleans
Galveston
St. John, N. B
Houston
Halifax
80,000
16,000
515,000
2,638,000
1 RN) 1100
Total week 1931
Rama wpatr loan
4,000
2.000
116,71165.871
3,001
17,000
167,000
17.000
The destinat'on of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for Week
Since
Week
and Since
Apr. 18 July 1
July1 to-1930.
1931.
Wheat.
Week
Apr. 18
1931.
Since
July 1
1930.
Corn.
Week
Apr. 18
1931.
Since
July 1
1930.
Bushels.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
90,000
491,000 38,733,000
United Kingdom_ 43,000 3,179,569
113,000
3,667,218 2,070,000 107,152,000
45,005
Continent
1,875,000
4,000
5,000 1,137,910
So.& Cent. Amer_
74,000
4,000
64,000
10,000 1,040,030
West Indies
2,000
18,800
____
Brit.No.Am.Cols_
77,000 3,006,000
374,169
Other countries_ .._ 13,710
Total 1931
Tntn1 loan
_
116,715 9,417,716 2,638,000 150,842,000
165.871 8.337,877 1,620,000 114,046,000
4,000
2,000
271,000
346000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 18, were as follows:
GRAIN STOCKS.
Rye,
Oats,
Corn,
Barley,
Wheat,
bush.
bush.
bush.
bush,
bush,
6,000
22,000
16,000
1,210,000
1,000
1,000
38,000
6,000
54,000
10,000
89,000
18,000
2,000
31,000
5,159,000
71,000
377,000
39,000
65,000
122,000
4,613,000
4,568,000
132,000
6,000
201,000
94,000
6,467,000
403,000
761,000
454,000
9,268,000
223,000
370,000
671,000
83,000
3,000
11,000
3,206,000
3,000
441,000
35,000
16,000
15,000
186,000
50,000
2,7 g:ggg
9,
6
23,325,000 4,458,000
3,169,000
224,000
2,666,000 1,756,000 3,299,000
345,000
35,680,000 1,719,000 3,821,000 3,092,000
750,000
1,380,000
252,000 2,067,000 3,660,000 3,151,000
37,231,000
260,000
365,000
664,000
18,000
:
24.
665,000
6,801,000
50,000
gRgg
1474:84
24,417,000 1,134,000
98,000
162,000
1,685,000
44,000
5,735,000
205,000
4,371,000 1,680,000
72,000
14,000
77,000
805,000 1,962,000
58,000
273,000
13,000
13,019.000 2,717,000
37,000
244,000
528,000
315,000
gontinerrialand Wascalmer:insRem
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
"
afloat
Milwaukee
Duluth
"
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
-All
Breadstuffs figures brought from page 3198.
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:
Total April 18 1931.__197,731.000 18,703,000 14,788,000 11,459,0130 6,490.000
Total April 11 1931_ _199,227,000 19,645,000 15,836,000 11,879.000 6,928,000
Total April 19 1930___139,594,000 23,640,000 16,724,000 13,978.000 7,104,000
Note.
-Bonded grain not included above: Oats, New York, 4,000 bushels; total,
4,000 bushels, against 356,000 bushels in 1930. Barley, Boston, 9,000; Buffalo,
353,000; Duluth, 51,000; Canal, 140,000; total, 453,000 bushels, against 2,737,000
bushels in 1930. Wheat, New York, 227,000 bushels: Boston, 48,000;
203,000: Baltimore, 322,000; Buffalo, 3,873,000; Buffalo afloat, 1,245,000; Duluth,
Philadelphia.
25,000; on Lakes, 145,000; Canal, 2,057,000; total, 8345,000 bushels, against
20,165,000 bushels in 1930.
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
100,000,000
15,912,844,140 16,161,548,350
230,493,890
231,029,877
19,929,220
30,429,475
a16,163,267,250 16,423,007,702
Total debt
-6,079,808
Deduct Treasury surplus or add Treasury deficit_-__ +41,255,003
b16,122,012,247 16,429.087,510
Net debt
a Total gross debt Jan. 31 1931, on the basis of daily Treasury statements, was
amount of public debt redemption and receipts in
$16,163,268,237.47, and the net
transit. &c., was S987.75.
foreign Governments or other
S No reduction is made on account of obligations of
investments.
Maturity value.
c
mug m:goos
APRIL 25 1931.]
3091
FINANCIAL CHRONICLE
Corn,
bush.
Wheat,
bush.
Canadian
4,359,000
Montreal
Ft. William dr Pt. Arthur 51,793,000
Other Canadian
8,672,000
Oats,
bush,
Barley,
bush.
Rye,
bush.
409,000 1,178,000
945,000
3,947,000 8,307,000 14,000,000
989,000 1,390,000 4,402,000
. Total April 18 1931... 64,824,000
5,345,000
5,499,000
Total April 11 1931... 65,991,000
Total April 19 1930_ 74,742,000
6,475,000
Summary
197,731,000 18,703,000 14,788,000
American
64,824,000
5,345,000
Canadian
10,875,000 19,347,000
10,791,000 20,471,000
6,075,000 15,385,000
11,459,000 6,490,000
10,875,000 19,347,000
Total April 18 1931-.262,555,000 18,703,000 20,133,000 22,334,000 25,837,000
Total April 11 1931_265,218,000 19,635,000 21,335,000 22,670,000 27,399,000
Total April 19 1930_214,336,000 23,640,000 23,199,000 20,053,000 22,489,000
CHARTERS ISSUED.
-Kearny National Bank, Kearny,N
April 11.
President: C.W.Feigenspan. Cashier: A.E.Hafstrom.
April
-First National Bank in Sioux City,Iowa
400,000
President: A. S. Hanford. Cashier: Fritz Fritzson.
April
-The Hamilton National Bank of Knoxville, Tenn
President: 0,M.Preston. Cashier:
Reed.
April
-Linden National Bank.Linden. N.
President: Clark McK. Whittemore. Cashier: Frank
Hubeny.
100,000
April
-The Liberty National Bank in Paris,Tex
President: Ed.H. McCuistion. Cashier: Jas. M.Cecil.
April 18.
-New Harmony National Bank, New Harmony.Ind- _ _ - 40.000
President: Elmer E.Elliott. Cashier: M.A.Perry.
J
13.
15.
15.
J
J. S.
200,000
500,000
200,000
17.
VOLUNTARY LIQUIDATIONS.
13.-The First National Bank of Kingston.Okla National 25,000
Effective April 8 1931. Liq. Agent: The First
The world's shipment of wheat and corn, as furnished by
Bank in Madill, Oila. Absorbed by The First National
Broomhall to the New York Produce Exchange,for the week
Bank In Madill, Okla. No. 13,021.
25,000
-The First National Bank of Weston, Ohio
ending Friday, Apri1117, and since July 1 1930 and 1929, April is.
Effective close of business April 4 1931. Liq. Agent:
are shown in the following:
Wheat.
Exports
-
North Amer_
Black Sea....
Argentina_Australia.
India
0th. countr's
Week
April 17
1931.
Since
July 1
1929.
Week
April 17
1931.
The Citizens Banking Co.of Weston, Ohio.
Absorbed by The Citizens Banking Co.of Weston, O. _
BRANCHES AUTHORIZED 'UNDER ACT OF FEB.
April
-Lafayette Nat. Bank of Brooklyn in New York. NX.
Location of Branch-8814 Bay Parkway, Borough of
Brooklyn.
April 18.
-The First National Bank of Altoona, Pa.
Location of Branch-Fifth Ave.& Seventh St., Juniata,
Altoona, Pa.
25 1927=
Corn.
Since
July 1
1930.
April
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels. Bushels.
Bushels. Bushels.
Bushels.
5,066,000289,179,000253,800,000
20,000 1,402,000 3,065,000
1,200,000 98,654,000 22,747,000 859,000 29,470,000 19,993,000
4,654,000 75,939,000141,884,000 5,677,000 191,038,000 148,349,000
3,760,000 94,104,000 52,461,000
9,008,000
320,000
584,000 34,656,000 35,996,000 408,000 37,822,000 25,435,000
15.
Auction Sales.
-Among other securities the following
not actually dealt in at the Stock Exchange were sold at auction
-New York, Boston, Philadelphia and Buffalo on Wednes15,264,00060l,640,000507,208,000 6,964,000259,727,000196,842,000 in
Total
day of this week:
Bank Notes
-Changes in Totals of, and in Deposited
By Adrian H. Muller & Son, New York:
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes,
3
Mar,31 1931
667,982,300
667,434,800
Feb. 28 1931
Jan. 31 1931
666,204,350
Dec. 31 1930
668,550,850
Nov.30 1930
689,222,350
Oct. 31 1930
669,128,450
Sept.30 1930
687.819,250
Aug. 30 1930
667,320,950
July 311030
66(1,406,250
June 30 1930
*866,824,750
May 31 1930
667,156,250
Apr1130 1930
667.650,750
Mar.31 1930
667,251,240
Feb. 28 1930
667,108,740
Jan. 31 1930
667,464,790
Dee. 31 1929
667.774,860
Nov.30 1929
667,635,650
666,736,100
Oct. 31 1929
Sept. 30 1929
867,093,770
Aug. 81 1929
666.864,280
July 81 1929
666,407,040
June 80 1929
666.199,140
May 81 1929
668,233,140
666,221,390
Apr. 30 1929
Mar. 31 l929_,___ 666,630,690
Feb. 28 1929
666,432,090
667,013.340
Dec. 81 1928
Nov.30 1928
867,505,440
Oct. 31 1928
667,168,440
Sept.29 1928
667.318,040
666,7311,700
Aug. 31 1928
July 31 1928
666,64'0,200
June 30 1928
665.058.666
May 31 1928
667.491,900
Apr. 30 1928
666,196.460
Mar. 31 1928
666,866.710
Feb. 29 1928
667,011,210
Jan. 31 1548
666,230,710
Dec. 31 1927
667,127,710
Nov. 30 1927
686.830.210
National Bank Circiaolion.
Afloat on
Bonds.
Legal
Tenders.
$
666,682,898
664,220,805
664,451,097
667,078,250
668,038,075
668,017,935
665,863,667
664,838,833
663,528.038
665,607,070
665,719,485
665,974,780
665,107.343
684,928,197
664.468,092
683,823,167
664,115.977
661,822.047
662,823,980
649.297,990
657.764.443
662.773,570
683.328.203
663,364,517
661.924.472
659.651.580
682.904.627
663,931,957
662,705,675
660,463.912
660,518,182
658,463,423
658,732.988
661,522,450
661,127,600
662.412,992
661.481,822
659,332,017
662,380.082
663.340.676
$
32,566,685
33,892,703
31,939,068
81,358,445
31,911.805
32.137,965
33,414.773
32,984.335
33.025,390
32,710,398
41,933,193
31.225,248
31,0116,745
31,869,548
32315,298
34,118.073
37.465,128
38.506.768
38,564,665
38.652.573
39.707.550
41,520.872
39.651.731
38,720.772
36,750.627
35,231.759
35.877.502
36.248,802
37,446,779
37,688.747
38.299.802
38,926,224
40.887.664
39,757,992
38,814.509
36,802,227
38,250.372
38.407.517
38.623.507
39.060,424
2'inal.
3
699,249,583
698,113,508
696,390.165
698.436,695
669.944,880
700,155,900
699,288.330
697,823,168
696,553,428
698,317.468
697.652.678
697.200,028
698.174.088
698,597.745
696.583.390
697.941.240
701,581.105
700,328.816
691,388.665
687.950,563
697,471,993
704,294.442
702,979.934
702.085.289
698.675,099
694.883.339
698.782.129
700.180.759
700.152.454
698,152.659
698.817.984
697,389.647
699,620,653
701,280.442
699,942.169
699.215,219
699,731,694
697.739.534
701.003,589
702.401.099
$2,997,252 Federal Reserve bank notes outstanding April 1 1931 secured by
lawful money, against $3,323,022 on April 1 1930.
•The total bonds reported held for circulation by the U.S.Treasury were $605,000
less, due to not having received this amount until July 1 1930.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Mar. 31 1931:
U.S.Bonds Held Mar.31 193110 Secure
Bonds on Deposit
April 11931.
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
5 Per Sh.
Shares. Stocks.
10 Kenmore Hard Coal Brick &
Tile Co
$1 lot
149 Hudson View Gardens, Inc..
Proprietary lease for apartment in
building known as T of premises
known as Hudson View Gardens,
$3,000 lot
60 Ritz Tower, Inc., met
$5 lot
125 N. Y. & Long Island Constr.
Co
$3 lot
145 Hifron Holding Co., Inc.,
common
$100 lot
Per Sh.
Shares292 Motorcraft Mfg. Co., Inc--$10 lot
130 N. Y. & Long Island Bridge
$3105
Co
166 Adams Mining Co., par $10;
8 Amer. Dist. Tel. Co. of Bklyn.,
par 325; 16 Consol. Nev. Utah
$17 lot
Corp., par $3
Per Cent.
Bonds$29,000 Missouri Valley Public Service 6s, 1939, with °Us. of dep.
10
for 31,740 coup. & warrants
By Wise, Hobbs & Arnold, Boston:
Per Sh.
Shares. Stocks.
$ Per Sh. Shares. Stocks.
6 Federal Nat. Bank, par $20
25 Mass.Bonding & Ins. Co., par 25 7834
70
5 First Nat. Bank, par $20
7134 2 Lynn Gas & El. Co.(undep.), par
130
55 6-20 Federal Nat. Bank, par $20 70
325
10 Associated Textile Co
10 Lynn Gas & Elec. Co., v. t. c.,
35
131
par 525
5 Associated Textile Co
35
9834-9934
5 Associated Textile Co
3634 8 Boston Wharf Co
Mtge. note of Cabot Construction
Second mtge. note for $10,000,
Co.for $7,000, dated July 26 '28,
dated Aug. 20 1925, given by
payable to the order of Peter
Anna A. Sperber and Harry SperGlunts, on demand, secured by a
ber to Leverette A. Haskell, paysecond mtge. on Nos. 9 & 11
able on demand. Int. 6% payable
Westchester Rd., and Nos. 51 &
Quarterly, secured by 2d mtge. on
53 Westchester Rd., Newton,
144 Shore Drive, Winthrop.
$1,500 lot
Maas
Mass
$2,000 lot
By R. L Day & Co., Boston:
Shares, Stocks.
$ Per Sh.
10 Associated Textile Co's
35
10 Associated „Textile Co's
35
100 Naumkeag Steam Cotton Co_ _ 80
50 Pepperell Mfg. Co
7934
5 Antedated Textile Co's
3834
30 Ipswich Mills, pref
2
1 Vermont dr Mass. RR
119
1,200 Mansfield Foundry Co., pfd.$6 lot
15 special units First Peoples Trust_ 3
10 F. H. Roberts, 7% pref
1834
1 Boston Library Society
10
1,000 British Northrop Loom Co.,
$1500 lot
Ltd., par $234
50 Boston Woven Hose & Rubber
ss
Co., com
$ Per Sh.
Shares. Stocks.
5 Medford (Mass.) Tr. Co., par $20 65
1 Boston Athenaeum, par $300-.526
14 Boston Chamber of Commerce
50
Realty Trust, prior pref
Per Cent.
Bonds$1,000 Dartmouth Stuart Realty
50 & int.
Trust Os, Feb. 15 1953
$1,000 F. C. Hersee Co. 6345, July
30 & Int.
1 1933
51,000 Maverick Mills 1st 78, April
70 & int.
15 1943
70 she. Islesboro Inn. Co.: $1,000
Islesboro Inn Co. mtge, bond,
due Dec.1 1953, non-lot, bearing.
510 lot
By Baker, Simonds & Co., Detroit, on Friday, April 17:
$ per Sh.
Shares. Stocks.
2 Ague Caliente of Mexico Hotel,
15
common
100 Ague Caliente of Mexico Hotel,
16
common
180 units Shifflet, Cumber & Co._320 lot
Per Cent.
Bonds$3,000 Detroit Metropolitan 634s,
1942
5550 lot
$1,000 L. W. Tuller-Eddystone &
Royal Palms Hotels let M.6 Ms,
$887.65 lot
May 1 1932
$1.000 Alexandrine Hotel Co., 1st
6s. due 1936
3620 lot
$5,000 Cooper Range RR.,50, 1949,
$1,500 lot
11,000 J. J. Barium 534% 1st real
estate & leasehold 5345, 1932-$460 lot
$2,000 J. J. Barium 1st real estate
& leasehold 534s. 1934
5970 lot
Per Cent.
Bonds$2,000 J. J. Barium 1st real estate
$970 lot
& leasehold 534s. 1936
$1,500 Detroit Alden Park Manor
$8660 lot
1939
8s,
$1,000 Glover Watson Organ 1st
5500 lot
834s, 1934
$2,000 Plymouth Road Devel. sink5650 lot
ing fund Os, 1936
$1.000 C. H. Stevenson let 6s,
5480 lot
1934
$1,000 C. H. Stevenson 1st Os,
$470 lot
1934
$5,000 Mathews Steamship 6s,
$2,550 Mt
series A
$500 Miramer Apt. Hotel 6345.
$100101
1931
$1,000 Art Centre 1st 654s, 1936_$410 lot
$2,000 Art Centre 1st 6345, 1936_3840 lot
By Barnes & Lofland, Philadelphia:
2s, U.S. Consols of 1930
25. tr.s. Panama of 1936
25. U.8. Panama of 1938
'Totals
593,772,800
8
48,411,280
25,798,240
593,42,800
48,411,260
25.798,240
667,982,300
667,982,300
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits March 2 1931
and April 1 1931 and their increase or decrease during the
month of March:
National Bank Notes-Total Afloat
Amount afloat March 2 1931
Net increase during March
Amount of bank notes afloat April 1
Legal Tender Notes
Amount on deposit to redeem National bank notes March 2
Net amount of bank notes redeemed in March
$698,113.508
1.136,075
$699,249,583
$33,892,703
1,326,018
Amount on deposit to redeem National bank notes April 1 1931-- $32,566,685
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
Shares. Stocks.
$ per Sh.
100 Penn National Bank of Phila.,
par 510
52
20 Phila. National Bank, Dar 320-1093j
94 Chase National Bank, N. Y.,
par $20
8834
75 Corn Exchange National Bank &
9134
Trust Co., par 320
5 Provident Trust Co
570
50 Real Estate Land Title & Trust
Co., par $10
3234
5 Hamilton Trust Co
22434
30 Phila. Co. for Guar. Mtges.,
par 320
28
3 Land Title Bldg. Corp., par 350- 604
50 National Bank of Olney, par 310 123.4
50 Commercial National Bank &
16
Trust Co., par $10
4 Olney Bank & Trust Co., par $50_130
100 Adelphta Bank & Trust Co.,
034
par $10
25 Mitten Men & Management
60
Bank & Trust Co., par 350
$ Per Sh.
Shares. Stocks.
473
5 Guaranty Trust Co., N. Y
Penna. Co. for Insurance on Lives,
&c., par $10, as follows:
70 at 80; 25 at 78; 1 at 7734: 29 at 77
10 Penna. Jolla Stock Land Bank.- 2
2034
100 Flre Ass'n of Philo,
2 Penna. Salt Mfg. Co., par $50- 5834
100 Phila. Elec. Co., 35 pref.(when
10234
issued)
10 Northern Central Ry. Co.. Par
9034
350
67
5 Chestnut Hill RR., par $50
1 Counties Title & Trust Co., Ard150
more
Per Cent.
Bonds$10,000 Nor. American Bldg. Corp.
$100105
6%,due Dec. 1 1930
$10,000 Nor. American Bldg. Corp.
6%,Dec. 1 1930 (elf. of dep.)-SIN lot
$1.000 Wardman Real Estate Properties let mtge. 6345, 1938 (ctf.
2434 flat
of del:0
By A. J. Wright & Co., Buffalo:
$ per share.
Shares. Stocks.
8 Per 5k. Shares. Stocks.
100 Assets Realization Co
$2 lot
500 Creighton Fairbanks Mines,
50c. lot 500 Baldwin Gold Mines, par $1_ 134e
par $1
4
3092
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Atlanta & West Point
Bangor & Aroostook, corn.(guar.)
Preferred (guar.)
Central RR. of N. J. (quar.)
Georgia Southern & Florida, 1st pref_
Hudson & Manhattan RR., com
K.C. St. L.& Chicago pref.(quar.)....._
Maine Central, pref.(guar.)
Missouri-Kansas-Texas, profs A (qu.).._.
Ontario & Quebec
Debenture stock
Panama
Reading Co., 1st pref. (guar.)
Per
When
Cent. Payable.
*4
June
87c. July
• 131 July
May
*
2
244 May
*11/ June
*144 May
'131 June
'131 June
*3
June
*244 June
Books Closed.
Days Inclusive.
30 *Holders of rec. June 20
1 Holders of rec. May 29
1 Holders of ree. May 29
15 *Holders of rec. May 4
29 Holders of rec. May 15
1 *Holders of rec. May 15
1 *Holders of rec. Apr. 17
1 *Holders of rec. May 15
30 *Holders of rec. June 5
1 *Holders of rec. May 1
1 *Holders of rec. May 1
*50c. June 11 *Holders of rec. May 21
Public Utilities.
*$1.50 May 15 *Holders of roe. May 1
Amer. Gas & Power, 1st pref.(quar.)
*60c. June 30 *Holders of rec. June 1
Bridgeport Gas Light (guar.)
Canadian Hydro-Elec., let pref.(quar.)- *144 June 1 *Holders of rec. May 1
Central States Edison,7% pref. (qua:.)_ *144 May 1 *Holders of rec. Apr. 18
*144 June 1 *Holders of rec. May 15
Cleveland Elec. Ilium.. pref.(guar.)Connecticut Light dr Power, com.(qu.). *111 June 1 *Holders of roe. May 15
*114 June 1 *Holders of roe. May 15
634% preferred (guar.)
*114 June 1 *Holders of rec. May 15
534% preferred (guar.)
Connecticut Ky.& Ltg., corn. dr pf.(qu.) *144 May 15 *Holders of rec. Apr. 30
*51.75 May 1 *Holders of rec. Apr. 20
Derby Gas & Elec.,$7 pref.(quar.)
$1.625 May 1 *Holders of roe. Apr. 20
$6.50 preferred (guar.)
*$1.25 May 1 *Holders of rec. Mar. 20
Elizabeth & Trenton RR.,pref
*50c. June 1 *Holders of rec. May 15
Empire District Elec.6% PI. (mthlY.)
*15e. May 15 *Holders of rec. Apr. 30
European Elec., class A & B (guar.) Georgia Power dr Light,$6 pref. (guar.). *$1.50 May 15 *Holders of rec. Apr. 30
Gesinerel Amer. dep. rcts. corn bear._ _ *40 May 15 *Holders of rec. May 8
Houston Light & Power,7% pref.(guar.) *134 May 1 *Holders of rec. Apr. 15
•144 May 1 *Holders of tee. Apr. 15
6% preferred (guar.)
Illuminating & Pow. Secur., com.(aL) *$1.75 May 8 *Holders of rec. Apr. 30
'131 May 15 *Holders of rec. Apr. 30
Preferred (guar.)
*
87140 May 20 *Holders of rec. May 1
Kentucky Utilities, lunior'pref. (qu.)*SI June I *Holders of rec. May 20
Keystone Telephone. pref.(guar.)
Lawrence GO8 & Elec.(guar.)
*65e. May I *Holders of rec. Apr. 21
Lehigh Power &curs.$6 pref.(quar.)
111.50 May 1 *Holders of rec. Apr. 20
Louisiana Power dr Light,$6 pf.(guar.)- $1.50 May 1 Holders of rec. Apr. 17
Malone Light, Heat & Power.$6 PL(II1.) *$1.50 May 1 *Holders of rec. Apr. 15
*144 May 1 *Holders of rec. Apr. 16
Michigan Gas dr Elec., pref.(quar.)
*134 May 1 *Holders of rec. Apr. 15
Prior lien stock (guar.)
Pacific Gas dr Elec.,6% pref.(quar.)
*374.34 May 15 *Holders of rec. Apr. 30
534% preferred (quar.)
*3444e May 15 *Holders of rec. Apr. 30
134 May 1 Holders of rec. Apr. 18
Pacific Power & Light, 7% pref.(qu.)
144 May 1 Holders of rec. Apr. 18
8% preferred (quar.)
*3
May 1 *Holders of rec. Apr. 15
Petalum na & Santa Rosa RR.,pref
Portland Gas & Coke,7% pref.(qua?.)
111 May 1 Holders of rec. Apr. 18
144 May 1 Holders of roe. Apr. 18
8% preferred (guar.)
Pub. Ser. Co. of Col., 7% pf.(mthly.) 58 1-3e June 1 Holders of rec. May 15
• 50e. June 1 Holders of rec. May 15
6% preferred (monthly)
41 2-3c June 1 Holders of rec. May 15
5% preferred(monthly)
$1.50 May 15 Holders of rec. Apr. 30
Pub. Ser. Co. of Indiana, pref.(qua?.)
Pub. Ser. Corp. of N. J., 6% pt.(mthly.) *50c. May 29 *Holders of rec. May 1
*50c. May 1 *Holders of rec. Apr. 18
Railway & Light Securities, com.(qu.)
*144 May 1 *Holders of roe. Apr. 18
Preferred (quar.)
Roanoke Water Works, let pref.(rm.)._ *$1.50 May 1 *Holders of roe. Apr. 15
50c. May 25 Holders of tee. Apr. 30
Southern Colorado Power, com. A (qu.)Terni Soc. per L'Industrine L'Elettricita
Apr. 21 *Holders of tee. Apr. 17
Amer. dep rots. (20 lire per share)- *$1.50 June 1 *Holders of rec. May 15
Tide water Power, $6 pref.(guar.)
*300. June 30 *Holders of rec. May 29
United Gas Impt., common (quar.)-•$1.25 June 30 *Holders of roe. May 29
$5 preferred (guar.)
"$1.50 Apr. 30 *Holders of rec. Apr. 20
Utica Gas & Elec., $6 pref.(guar.)
Fire Insurance.
Bankers dv Shippers Ins. of N.Y.(qu.). E1.50 May 6 Holders of roe. May 4
*$1.25 May 15 *Holders of ree. Apr. 30
BronxFire Insurance (guar.)
*50c. May 1 *Holders of reo. Apr. 20
Westchester (guar.)
*We. May 1 *Holders of rec. Apr. 20
Extra
Miscellaneous.
Agnew Surpass Shoe Stores, pt. MO.- 131 July 2 Holders of roe. June 15
Alliance Internat. Invest.. pref. (qu.).__ *500. May 1 *Holders of rec. Apr. 23
Allied Kid, $6.50 pref. (guar.)
$1.625 May 1 Holders of rec. Apr. 20
American Asphalt Roofing,cons.- Divid end omitted.
Apr. 15 *Holders of rec. Mar. 31
Preferred (guar.)
*2
Amer. Bank Stocks (guar.)
•70440 Apr. 15 *Holders of rec. Apr. 10
American Book (guar.)
*114 Apr. 25 *Holders of rec. Apr. 20
Amer. Home Products (monthly)
350. June 1 Holders of rec. May 14
Amer. Investors, Inc.,$3 pref.(qu.)
*75e. May 15 *Holders of rec. Apr. 30
Amer. National Corp., class A (quar.)
*15e. Apr. 15 *Holders of rec. Mar. 30
American Steam Pump(guar.)
*50e. Apr. 1
Anchor Post Fence,8% pref. (quar.).__ *2
Apr. 30 *Holders of rec. Apr. 21
7% preferred (guar.)
*111 Apr. 30 *Holders of rec. Apr. 21
Angus Company, pref.-Div. passed.
$3.50 May 1 *Holders of rec. Apr. 15
Atlantic Ice Mfg., Prof
•
*2
May 15 *Holders of rec. May 9
Aspinook Co.(guar.)
Babcock dr Wilcox, Ltd.
"In7 May 8 *Holders of rec. Apr. 20
Am. dep. rots. ord. reg. shares
* $1.625 Apr. 1 *Holders of rec. Mar. 28
Bakelite Corp., pref. A (guar.)
411.75 Apr. 1 *Holders of rec. Mar. 28
Preferred il (quar.)
*25e. Apr. 1 *Holders of rec. Mar. 16
BancOhlo Corp.(quar.)
•10c. May 20 *Holders of rec. Apr. 30
Bandini Petroleum (monthly)
Beaux Arts Apts.(N. Y.) pref.-Dividen d sans n deterr ed.
Blgelow-Santord Carpet, pref.(guar.).__ '134 May 3 *Holders of rec. Apr. 21
*50e. May 15 *Holders of rec. Apr. 30
Blauners, Inc., cons. (Ouar.)
*750. May 15 *Holders of tee. Apr. 30
Preferred Mari
$1.25 May 15 Holders of rec. May 5
Bond & Mortgage Guarantee(quar.)
*3
May 1
Boston Terminal Refrigerator
*250. June 1 *Holders of rec. May 15
Bower Roller Bearing (guar.)
*144 May 1 *Holders of roe. Apr. 29
Brill(J. G.) Co., pref.(guar.)
British Celanese. Ltd., pref.-Dividend o milted
90. June 1 Holders of rec. May 1
British Type Investors,Inc. A (bi-mthly)
*50c. May 1 *Holders of rec. Apr. 22
Buckeye Steel Castings, com.(quar.)
*134 May 1 *Holders of rec. Apr. 22
644% preferred (quar.)
slyi May 1 *Holders of rec. Apr. 22
6% preferred (quar.)
Bunker Hill & Sullivan Mining
*25c. May 5 *Holders of rec. Apr. 23
& Concentrating (monthly)
Campbell, Wyant dv Cannon Fdy.(qu.)_ *25c. June 1 *Holders of rec. May 15
roe. May 31
Canada Wire & Cable, clam B (quar.) *43310 June 15 *Holders of rec. Apr. 30
134 May 15 Holders of
Canadian Converters, corn.(guar.)
*25c. May 1 *Holders of rec. Apr. 15
Canadian Investment Corp. (quar.)
*750. May 29 *Holders of rec. May 16
Caterpillar Tractor (guar.)
May 1 *Holders of rec. Apr. 24
iii$1
Chain dr General Equities. Pre!
*6234c May 15 *Holders of rec. May 1
Chain Belt Co., corn.(quar.)
'134 Apr. 6 *Holders of rec. Apr. 1
Est. Trust (guar.)_ Chain Store Real
500. May 1 Holders of rec. Apr. 22
Charts Corporation, corn.(guar.)
25c. May 1 Holders of rec. Apr. 22
Common (extra)
*11.25 June 1 *Holders of rec. May 1
Chartered Investors, Inc. $5 pt.(guar.)_
134 May 1 Holders of rec. Apr. 21
Chic. Winning. &Frankl. Coal pt. MO_
'37340 June 29 *Holders of rec. June 5
Chile Copper Co.(guar.)
'131 Apr. 1 *Holders of rec. Mar. 26
Cincinnati Realty Co., pref.(guar.)_
*250. July 15 *Holders of rec. June 30
City Union Corp., corn.(guar.)
*25c. Oct. 15 *Holders of rec. Sept. 30
Common (guar.)
*25c Jan 15'32 *Holders of rec. Dec. 31
Common (quar.)
*15c May I *Holders of rec. Apr. 25
Columbia Investment Corp., corn
*131 May 1 Holders of rec. Apr. 25
Preferred (guar.)
50c. June 1 Holders of roe. May 15
Columbus Auto Parts,Prof.(guar.)
250. June 30 Holders of rec. June 10
Commercial Solvents,COM.(guar.)
Fop. 132.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Consolidated Sand & Gravel, pf.(qu.)- - 114 May 15 Holders of rec. Apr. 30
Continental Mortgage Guar
*$2.40 May I *Holders of rec. Apr. 241
Deere & Co., old common (guar.)
*$1.50 July I *Holders of rec. June 15
New common (guar.)
•300. July 1 *Holders of rec. June 15
Old preferred (guar.)
*51.75 June 1 *Holders of rec. May 15
New preferred (guar.)
*35c. June 1 *Holders of rec. May 151
De Jonge(Louis & Co., pref.(qua?.).... *114 May 1 *Holders of rec. Apr. 23
*1,i May 1 *Holders of rec. Apr. 25
Diamond Ice & Coal, pref.(quar.)
corn.
25e. May 15 Holders of rec. Apr. 30,!
.
Diversified Invest. Trust (Akron)(qu.)_ •200. May 1 *Holders of rec. Apr. 30
Dolphin Paint & Varnish, class A-Divid end o milted.
Dominion Bridge (guar.)
900. May 15 Holders of rec. Apr. 301
Dominion-Scottish Invest., pref.(au.).. 62440 May 1 Holders of rec. Apr. 20 I
Dow Chemical, cons.(guar.)
*50e. May 15 *Holders of rec. May 1
*111 May 15 *Holders of rec. May 1
Preferred (guar.)
Duff Norton Mfg., common (guar.).
- *35c. May 15 *Holders of rec. May I
*31.50 Apr. 15
Preferred (guar.)
Eisemann Magneto, pref.(guar.)
'134 May 1 *Holders of roe. Apr. 22
Eisenstadt Mfg., Prof.(guar.)
134 Apr. 30 Holders of rec. Apr. 25
Electrical Appliance Finance, pt.(qu.)._ *1744e Apr. 15 *Holders of rec. Mar. 31
May 1 *Holders of rec. Apr. 15
Elm City Cotton Mills (guar.)
*$4
May 1 *Holders of rec. Apr. 20
Faber Co. de Gregg, Prot (qua:.)
Fairbanks Morse & Co., pref. (quar.)--- *134 June 1 *Holders of rec. May 12
Apr. 15 *Holders of rec. Apr. 10
Fenton Un. Cleaners & Dyers, com.(411.) *1
*111 Apr. 15 *Holders of are. Apr. 10
Preferred (quar.)
Financial Institutions, Inc.,$6 pt.(qu.). *11.50 May 1 *Holders of rec. Apr. 16
First Security Corp.(Ogden) A & B(qu.) *50c. July 1 *Holders of rec. June 20
Fitz Simons & Connell Dredge dr Dock
*50c. June 1 *Holders of rec. May 21
Common (guar.)
Follansbee Bros. Co., Prof. (guar.)
* 2 501Juny 15 *Holders of rec. May 30
4, 1
8 . mae 1
*Holders of rec. Apr. 21
Fort Worth Stock Yards (guar.)
Foster &'Geiser Co., com.-Div. omitted.
*50c. Apr. 15 *Holders of rec. Mar. 31
Fyr-Fyter Co., class A (guar.)
"$1.75'June 1 *Holders of rec. May 15
Gates Rubber, pref. (guar.)
40c.iMay 15 Holders of rec. Apr. 30a
General Alliance Corp.(guar.)
General Cable Corp., pref.-Div. passed.
'581-3e May 1 *Holders of rec. Apr. 25
General Utilities Corp.(monthly)
Globe Grain & Milling corn. (qua:.)--.... *250.1July 1 *Holders of rec. June 20
*4334 is July 1 *Holders of rec. June 20
First preferred (guar.)
•50c
.1July 1 *Holders of tee. June 20
Second preferred (quar.)
Grand Rapids Store Equip., pt.(qu.)__ _ *1745c May 1 *Holders of rec. Apr. 20
*124jc June 30 *Holders of rec. June 20
Grand Rapids Varnish (guar.)
*750. June 1 *Holders of rec. May 18
Grand Union Co.. Prof. (guar.)
*25e. July 1 *Holders of rec. June 12
Grant(W. T.) Co.(guar.)
Graton & Knight, pref.-Dividend omit ted
'
Guelph Carpet & Worsted Spitusing25e. May 1 Holders of roe. Apr. 20
Common (guar.)
114 May 1 Holders of rec. Apr. 20
644% preferred (guar.)
*25c. June 1 *Holders of roe. May 15
Hale Bros. Stores (guar.)
Hamburg-American Lines
Am.dep.rots.for corn. bearer shares *$3.84 Apr. 24 *Holders of rec. Apr. 17
$1.25 May 1 *Holders of rec. May 1
Hammond Lumber Co., pref.(quar.)
•
50e. June 1 Holders of rec. May 22
HarbLson-Walker Retrac., com.(quar.).
134 July 20 Holders of rec. July 10
Preferred (guar.)
Flarpener-Bergbau (Harpen Mining)
-D lviden d omitt ed.
May 1 *Holders of rec. Apr. 15
Hillside Cotton Mills (guar.)
*3
Hobart Manufacturing, com.(quar.)
*62440 June 1 *Holders of rec. May 18
Holt (Henry) & Co., class A (guar.).- *450. June 1 *Holders of rec. May 11
Home Serv., Los Angeles, 1st de 2d pref. -Div. omitte d.
Hormel(Geo. A.) dr Co., coin.(quar.)
*50e. May 15 *Holders of tee. May 1
•134 May 15 *Holders of rec. May 1
Preferred B (guar.)
Industrial Finance Corp.. 1st pf. (qu.). 114 May 1 *Holders of rec. Apr. 23
6% preferred (quar.)
•144 May 1 *Holders of roe. Apr. 23
Insurance Investment Corp.. pf. (qu,)_ _ ne. Apr. 20
Preferred (extra)
ililo. Apr. 20
Inter-Island Steam Nay.(monthly)
*10o. Apr. 30 *Holders of rec. Apr. 24
Intertype Corp., common (guar.)
25c. May 15 Holders of rec. Apr. 30
Kawneer Co., common-Div. passed.
Kekaha Sugar Co.(monthly)
*20o. May 1 *Holders of rec. Apr. 25
Kroger Grocery & Baking, com.(guar.). *25c. June I *Holders of rec. May 10
First preferred (guar.)
*134 July 1 *Holders of rec. June 20
11( Aug. 1 *Holders of rec. July 21
Second preferred (guar.)
•
Land & Royalty Corp., class A (mthly.). 8 1-3c. May 1 'Holders of rec. Apr. 25
Lehigh Coal & Navigation, corn.(guar.)_
300. May 29 Holders of rec. Apr. 30
Lehn & Fink Products (guar.)
*1
*5 75c. June 1 *Holders of rec. May 15
June 1 *Holders of rec. May 15
Liggett & Myers Tob.com.&com.B (qu.)
*85c. Apr. 30 *Holders of rec. Apr. 20
Lindner Co., prof. A (guar.)
ma. 10
Little, Brown & Co., Prof.(guar.)
*11.75 A pry 35 *Holders of rec. Apr. 1
Holders of rec. May 1
51.625
Loew's Inc., $6.50 pref.(guar.)
Los Angeles Invest. Co.
-Dividend omit ted.
114 May 15 Holders of roe. May la
Louniir naf ( etinlng, pref.(quar.)
L thea m0 R
u
5II quarj
May 1 *Holders of rec. Apr. 21
m
*2
*Holders of rec. Apr. 29
*75c.
Matson Blanche, com.(guar.)
.
1•114 May 1 *Holders of rec. Apr. 18
Mallory Hat, pref.(quar.)
*4
May 1 *Holders of rec. Apr. 15
Manchester Cotton Mills(quar.)
•144 Apr. 15
Masbach Hardware, 1st pref.(qu.)
Second preferred-Dividend Missed.
*114 Apr. 15 *Holders of rec. Mar. 31
Medicine Hat Greenheuses, pref.(qu.)
154 May I *Holders of rec. Apr. 25
.
Meiotic) Sea Food, pref.(quar.)
*30e. Apr. 15 *Holders of rec. Mar. 31
Melling-Forge Co., corn.(guar.)
111 June 1 Holders of rec. May 15
Mengel Company, pref.(guar.)
.150. May 15 *Holders of rec. May 1
Michelberry's Food Products, com.(qu.) 4
*3
July 1 *Holders of rec. June 20
Midland Grocery. pref
•17440 May 1 *Holders of rec. Apr. 30
Mineral Prod., pref. B (guar.)
Minn. Moline Power Implement (qu.).' $1.625 May 15 *Holders of rec. May 5
Minnesota Valley Can. prof.(guar.)131 Aug. 1 *Holders of rec. July 20
eim Nov. 1 *Holders of rec. Oct. 20
Preferred (quar.)
'131 Febl'32 *Holders of roe. Jan.2032
Preferred (guar.)
500. Apr. 30 Holders of rec. Apr. 23
Missouri Portland Cement(guar.)
$1.75 July 1 *Holders of rec. June 20
Montgomery Ward & Co., class A (qu.)_ •
Morris Plan Co of Rhode Island (guar.) '134 May 1 *Holders of rec. Apr. 24
*70c. July 15 *Holders of tee. June 19
National Biscuit, corn.(quar.)
•114 May 29 *Holders of rec. May 15
Preferred (guar.)
May 1 *Holders of rec. Apr. 25
*Si
National Lock Washer (guar.)
National Republic Investment Trust
Allotment ctfs. for pref. stock (qu.)--- *75e. May 1 *Holders of tee. Apr. 27
Nat. Republic Inv. Tr., $3 pt. (qua:.)_. *75e. May 1 *Holders of rec. Apr. 27
*37440 May 15 *Holders of rec. May 1
National Refining, cons.(guar.)
National Sash Weight 13.50 Pf.(guar.)-- *87450 May 1 *Holders of rec. Apr. 24
•500. June 10 *Holders of rec. May 29
National Steel Corp. (guar.)
National Terminals Corp., conv.pt.(gu.) *4334e May 1 *Holders of tee. Apr. 27
New Amsterdam Casualty (Bait.)(qu.)_ *50c. May 1 *Holders of rec. Apr. 23
011( May 15 *Holders of rec. Apr. 30
New Engl. Furniture & Carpet, pf.(qu.) '
114 May 1 Holders of rec. Apr. 24
New Haven Clock, pref.(guar.)
New Process Co., pref.-Dividend °mitt ed.
North Amer. Invest. Corp., corn.(quar.) *50e. May 20 *Holders of roe. Apr. 30
North German Lloyd, Amer. shares._.. *$2.56 May 2 *Holders of rec. Apr. 27
*40e. May 15 *Holders of rec. May 1
Old Colony Investment Trust
May 1 *Holders of rec. Apr. 25
Oswego Falls Corp..8% pref.(qua:.).-- *2
June 27 Holders of rec. June 17
El
Paraffine Cos.,Inc.(guar.)
*181‘c May 15 *Holders of roe. Apr. 30
Peck Bros. & Co., coin.(guar.)
Petroleum Landowners Corp.(mthly.)_ _ *25e. May 15 *Holders of rec. Apr. 30
*6244 o June 1 *Holders of rec. Apr. 30
Pennsylvania Investing el. A (guar.)_ _
Class II-Dividend omitted.
Phoenix Mining et Smelt.(Germany)
14:444 May 9 *Holders of tee. May 1
Amer. deposit receipts
Pigin Whistle, pref.-DivIdend omitted.
Quincy Market Cold Storage de Ware*131 May 1 *Holders of rec. Apr. 16
house, pref. (quar.)
*50e. May I *Holders of rec. Apr. 25
Randall Co., class A (guar.)
•l62
-.3e May 1 *Holders of rec. Apr. 25
Reliance Mama. com.(adj. div.)
Reymer &Bros. (guar.)
*25c. May 15 *Holders of rec. May 1
Rich Ice Cream,cons.(guar.)
•500. May 1 *Holders of tee. Apr. 15
*300. May 15 *Holders of rec. May
Rich's, Inc., corn. (guar.)
1
*114 June 30 *Holders of rec. June 15
644% preferred (guar.)
4.1.
May 1 *Holders of tee. Apr. 22
Ritz Carlton Hotel Co. (guar.)
Russ Bldg., 6% pref. (guar.)
' May 15 *Holders of rec. Apr. 30
131
Saenger Theatres, corn. B-Div.omitted
*2
Apr. 30 *Holders of tee. Apr. 22
Sagamore Manufacturing (guar.)
141 May 15 Holders of rec. Apr. 30
St. Louis Car Co., pref.(guar.)
134 May 1 Holders of rec. Apr. 25
St. Louis Screw & Bolt, pref.(guar.)
Seaboard Nat'l Securities. pref.(guar.).- *3744e May 1
•
APRIL 25 1931.]
Name of Company.
3093
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Boats Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Boob Closed.
Days Itschudoe.
Public Utilities (Continued).
Chic. Rap.Tran. prior pref.(mthly.). *650. May 1 *Holders of rec. Apr. 21
*60o. May 1 *Holders of rec. Apr. 21
Prior preferred B (monthly)
'
Cities Service Pow.& Lt.57 pt.(mthly)58 1-3e May 15 Holders of rec. May la
50o. May 15 Holders of roe. May Is
$6 Preferred (monthly)
412-3c May 15 Holders of rec. May la
$5 preferred (monthly)
581-30 June 15 Holders of rec. June la
87 preferred (monthly)
500. June 15 Holders of rec. June la
$6 preferred (monthly)
41 2-3c June 15 Holders of rec. June la
$5 preferred (monthly)
City Water Co., Chattanooga, pref.(qu) *1% May 1 *Holders of rec. Apr. 20
50e. May 15 Holders of rec. Apr. 200
Columbia Gas & Else., corn.(gnat.)....
1% May 15 Holders of rec. Apr. 20a
6% preferred series A (quar.)
136 May 15 Holders of rec. Apr. 20a
5% preferred (guar.)
May. 1 *Holders of rec. Apr. 15
*2
Commonwealth-Edison Co.(guar.)
Community Power & Light, com.(qu.)_ 6234e May 1 Holders of rec. Apr. 200
81.50 May 1 Holders of rec. Apr. 200
$6 first preferred (guar.)
Consolidated Gas of N. Y., pref.(qu.)-- 51.25 May I Holders of rec. Mar.28a
Consumers Power, 7% prof. (quar.).... 1% July 1 Holders of rec. June lb
1.85 July 1 Holders of rec. June 15
6.6% preferred (guar.)
1% July 1 Holders of roe. June 15
6% preferred (guar.)
$1.25 July 1 Holden of rec. June 15
$5 Preferred (guar.)
60c. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
MM. June 1 Holden of rec. May 15
6% preferred (monthly)
500, July 1 Holders of ree. June 15
6% preferred (monthly)
550, May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
550. June 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
550, July 1 Holders of MO. J11110 115
6.8% preferred (monthly)
1% May 1 Holders of tee. Apr. 18
Co. Pr. & Lt., pref. (qu.)..
Cumberland
Dallas Power & Light, 7% pref. (guar.) 136 May 1 Holders of rec. Apr. 21
$1.50 May 1 Holders of rec. Apr. 21
$6 preferred (guar.)
•13.6 May 1 *Holders of rec. April 22
Dallas R. Terminal, pref.(gust.)
&
*3eic. May 1 *Holders of rec. Apr. 20
Dayton Pr. .3, Lt.. 6% pref. (mthly.).
25e. May 1 Holders of rec. Apr. 15
Eastern States Power, corn. B (gust.)..
$1.75 May 1 Holders of tee. Apr. 15
Preferred A (quar.)
$1.50 May 1 Holders of rec. Apr. 15
Preferred B (goat.)
Edison Elec. glum.. Boston (gust.).... 3.401May 1 Holders of rec. Apr. 10
Electric Bond & Share, $6 Pref.(guar.). $1.50'May 1 Holders of rec. Apr. 4
51 251May 1 Holders of roe. Apr. 4
5+5 preferred (quar.)
25e. May 1 Holders of roe. Apr. Ila
Electric Power & Light, cum.(quar.)....
1234c May 1 Holders of tee. Apr. Ila
Allotment efts., full paid (guar.)
100. May 1 Holders of rec. Apr. Ila
paid (gust.)....
Allotment offs., 80%
1
.131 May 1 *Holders of rec. Apr. 11
Second preferred (guar.)
May 1 Holders of too. Apr. 150
Empire District Else. Co.. Ill.(mtlilY.)-Empire Gas & Fuel Co..8% pf.(iathly.)_ 66 2-3o May 1 Holden of tee. Apr. 150
58 1-3c May 1 Holders of tea. Apr. 15a
7% Preferred (monthly)
54 1-6c May 1 Holders of tee. Apr. 150
64% preferred (monthly)
50e May 1 Holders of tee. Apr. 15a
6% preferred (monthly)
66 2-3c June 1 Holders of rec. May 15a
8% preferred (monthly)
58 1-3c,June 1 Holders of rec. May 150
7% Preferred (monthly)
54 1-(Se'June 1 Holders of rec. May 15a
634%
Below we give the dividends announced in previous weeks 6% preferred (monthly)
7550ac.. StayJune 1 Holders of ree. May 156
preferred
and not yet paid. This list does not include dividends an- Fall River Gas (monthly)
Holders of rec. Apr. 15
Works (guar.)
Holders
roe.
1% May
nounced this week; these being given in the preceding table. Foreign Power Securities Corp.. Pf.(go.) *51.25 May 15 *Holders of rec. Apr. 80
Apr. 15
of
1
Franklin Telegraph
W non
500. May 1 Holden of rec. Apr. 150
ret
00554 GIU/10‘.
Gas & Elec. Securities Co.. corn.(mthly.)
Name of Company.
fx J uae 1 Holders of rec. May 15a
50c. m ny
Cent. Payable.
Days IncJustoe.
Common (monthly)
Holden of roe. Apr. 15a
Corn. (Payable in corn. stk.) (mthly.)
Railroads (Steam).
Corn. (Payable In corn. Stk.) (mth)y.) 1% June 1 Holden of rec. May 15a
Allegheny Corp., pref. A (quar.)
58 1-30 May 1 Holders of rec. Apr. 150
1.37 May 1 Holders of rec. Apr. 20a
Preferred (monthly)
Atch. Topeka 'Sc Santa Fe, coin.(guar.). 234 June 1 Holders of rec. May la
58 1-3c June 1 Holders of rec. May 150
Preferred (monthly)
1 'Hunters of rec. Aug. 2u
Atlanta & Charlotte Air Line Ry
*4;1
Gas Securities Co.
Atlantic Coast Line RR., prof
034 May 1 Holders of rec. Apr. 150
234 May 11 Holders of roe. Apr. 24a
Common (In scrip) (monthly)
June 1 Holders of rec. May 15a
Baltimore d, Ohio, corn.
134 June 1 Holders of rec. Apr. 18a
Common (payable in scrip) (mthly.).
Preferred (guar.)
500. May 1 Holders of rec. Apr. 15a
June 1 Holders of rec. Apr. 18a
1
Preferred (monthly)
50c. June 1 Holders of rec. May 150
Boston & Providence guar.)
'234 July 1 *Holden of rec. June 20
Preferred (monthly)
Quarterly
Me. May 1 *Holders of rec. Apr. 15
*234 Oct. 1 *Holders of roe. Sept. 19
Greenfield Gas
-Light,6% pref.(qu.)..
Chesapeake & Ohio. preferred
314 .1‘ilv 1 Holders of rec. dune ha
25o. May 1 Holders of rec. Apr. 15
Hamilton Bridge, corn.(gust.)
Cincinnati Sandusky & Cleveland, pref. 81.50 May 1 Apr. 16 to May 1
1,4 May 1 Holders of ree. Apr. 15
634% preferred (guar.)
May Ii *Holders of rec. Mar.26
*4
Clueinnati Uniou lerminal, pref.(qu.)_ .
134 July 1 'Holders of rec. June 2u
Hannibal Bridge
Preferred (quar.)
•14 Oct. 1 'Holders of rec. Sept. 19
*13836c May 1 *Holders of rec. Apr. 15
Hartford Electric Light (guar.)
*134 jian.l'32 'Holders of rem Dee. IC
134 May 15 Holders of rec. Apr. 18
Preferred (guar.)
Havana Elec.& ULU., let pref.(guar.)
$1.25 May 15 Holders of rec. Apr. 18
Cleve., Cin.. Chic.& St.Lou.,pfd.
136 Apr. 30 Holders of tee. Apr. 20a
(qu.)_
Cum. preferred(quar.)
Holders of rec. Apr. 15
13£ May
Elmira & Williamsport, common
51.15 May 1 Holders of rec. Apr415
Idaho Power, 7% pref. (guar.)
Holders of rec. API% 15
$1.50 May
Internat. Rye,of Cent. Amer., pfd.
134 May 15 Holders of rec. Apr. 300
$0 preferred (guar.)
*Holders of rec. Apr. 15
May
Kansan City Southern. common (guar.) 14 May 1 Holders of rec. Mar 31a Illinois Northern Utilities, corn.(quar.) *2
*Holders of rec. Apr. 15
*31.75 May
Maiming Coal RR., common (quar.) $12.50 May 1 Apr. 16 to May 6
Junior preferred (guar.)
$1.25 June 1 Holders of rec. May 20
Midland Valley RR., preferred
'134 May 1 *Holders of rec. Apr. 15
6% preferred (guar.)
31.51. May I Holders of rec. Apr. 10
Mill Creek & Mine Hill Nay. dr RR-. *31.25 July 9 "Holders of ree Jrif
fllinois Power & Light, $6 prof ((Ph).
Holders of rec. Apr. 170
May 1 *Holders of roe. April 15
*4
Nashua & Lowell
Internat. Utilities Corp. $7 pref. (qu.)._ $1.75 May
*Holders of rec. Apr. 11
136 May 29 Holders of rec. May 14a Jamaica Water Supply,734% pr.(lu.)*$ 1.87% May
New Orleans Texas & Mexico (quar.).
Holders of ree. Apr. 22
75e. May
134 May 1 Holders of rec. Mar. 27a
Now York Centrist RR (quar.)
Keystone Telephone of Phila., pref. (711.)
May 19 Holders of rec. Apr. 30a Lone Star Gas Corp., 634% pref. (qu.). *1% May 1 *Holders of rec. Apr. 20
1
Norfolk & Western. adj. pref. (quar.)_
I "Holders of tee. July go
150 May 1 Holders of ree. Apr. 15
North Carolina RR 7% guar.,tuck. .34 A
Long Island Lighting. corn.(guar.)
*65e. May 1 *Holders of rec. Apr. 15
14 May 1 Mar. 14 to Apr. 14
Northern Pacific (gear.)
Lowell Elec. Light (guar.)
May 29 Holders of rec. May la Luzerne County Gas & Elec.. $7 pf.(qu.) *31.75 May 15 *Holders of rec. Apr. 30
Pennsylvania (owe%)
$1
,
*31.50 May 15 *Holders of rec. Apr. 30
Pere Marquette, pref. & prior pref.(qu.) 134 May 1 Holders of ree. Apr. at
56 preferred (guar.)
*11.50 June 4 *Holders of rec. May 15
Pittsb. Bessemer & Lake Erie, prof
Mexican Light & Power,7% preference.. 31-5 May 1 Holders of rec. Apr. 17
10c. May 1 Holders of rec. Apr. 17
May 1 'Holders of ree. Apr. 21
4% second pref.(par $5)
Pittsburgh & Lake Erie (extra)
*55
May 15 Holders of rec. Apr. 15
Middle West Utilities, corn. (in stook)._ f2
Pittsburgh & West Va. Ry.cons. (guar.) 14 Apr. 30 Holders of rec. Apr. 16a
$1.50 May 15 Holders of roe. Apr. 15
234d Mar. 31 fielders of rec. Mar. 11
Providence & Worcester (guar.)
$6 preferred (guar.)
14 Holders of rec. Apr. 16a Mid-West States Utilities
May
Reading Company, corn. (guar.)
$1
May I Holders of tee. Apr. 15
14 May 1 Apr. 12 to
May 12
Class A (qu.)43 c. cash or 2%% stk.
St. Louth-sat. Francisco.0% pref. (C111.).
I Si Apr. 30 Holders of rec. Apr. 200
6% preferred (guar.)
134 Aug. 1 Holders of rec. July 1,, Milwaukee Elect. Hy & t,lebt. pref.(qu.)
Holders of ree. Oct. lo
*I% June 1 *Holders of rec. May 15
14 Nov. 2
7% preferred (series 1921)
6% Preferred (quar.)
•13i June 1 *Holders of rec. May 15
2 May 1 Holders of roe. Apr. la
6% preferred (series 1921)
Southern Ity.common (guar.)
1.6S Aug. 1 Holders of rec. July to
Mississippi POwer & Light, 1st pref.(au.) '134 May 1 *Holders of rec. Apr. 15
Common (guar.) _
'134 May 1 *Holders of rec. Apr. 15
*234 July 1 *Holders of roe. June 1
Second preferred (guar.)
Southwestern RR.of Oa
*334 July I "Holders of rec. June 211
Tennewiee Central. preferred
Missouri Gas 'Sc Elec. Serv., pref.(qu.)- 41.75 May 1 *Holders of rec. Apr. 20
United N. J. RR.& Canal Cos.(guar.)- *234 July 10 *Holders of rec. June 19
Mohawk & Hudson Pow., pref.(quar.).. $1.76 May 1 Holders of ree. Apr. 15
.134 May 1 *Holders of rec. Apr. 13
May 1 *Holders of ree. Apr. 15
Montana Power. pref.(gnat.)
Utica Chemusgo at Susquehanna Valley.. *3
37c Apr. 30 Holders of IVO. Mar. 31
Montreal Lt., Heat & Pow. Consol.(qu.)
1% May 1 Holders of roe. Apr. 15
PublicUtilities.
Municipal Service, pref. (guar.)
$1.25 May 1 Holders of rec. Apr. 15
I38e Apr. 30 *Holders of rec. Apr. 18
Alabama Power,$5 pref.(guar.)
Mutual Telep.(Hawaii)(monthly)
$1.75 July 1 Holders of roe. June 15
$7 preferred (guar.)
National Electric Power, cons. A (qu.).. 45e May 1 Holders of rec. Apr. 10
May 60
$1.50 July 1 Holders of roe. June 16 National Power 8, Light, eons. (oust.).. 250 June 1 Holders of rec. Apr. 11
$6 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July 16
$1.50 May 1 Holders of rec.
$6 preferred (guar.)
$6 preferred (guar.)
'88c May 1 *Holders of rec. Apr. 16
American Cities l'ow. & Lt., Cl. A (qu.) (p) May 1 Holders of rec. Apr. 4
Nat.Tel.& Tel., class A (guar.)
Aug. 1 Holders of rec. July 3
*1% Slay 1 *Holders of rec. Apr. 16
p5
Class B (in class D stock)
Preferred (gnat.)
Amer. Commonwealths Power Corp.
Nevada-Calif. Else. Corp.. Pref. (guar.) 1% May 1 Holders of reo. Mar.300
Corn. AS,13(pay 140th sh.com.A stk.) 1234 Apr. 25 Holders of roo. Mar.31
New Eng. \Stater, L. & Pow. Assn.
.
$1.75 May 1 Holders of rec. Apr. 15
'11.4 May 1 *Holders of rec. Apr. 17
First preferred series A (quar.)
Preferred (guar.)
$1 63 may 1 Holders of roe. Apr, 15
.
N.Y.Power & Light Corp.,7% pt.(p.) 1% July 1 Holders of roe. June 15
$6.50 first Prof. (quar.)
$1.50 May 1 Holders of tee. Apr. 15
51.50 July 1 Holden of roe. .1000 15
$6 first pref. (guar.)
$6 preferred (g11ar. ,
$1.75 May 1 Holders of rec. Apr, 15
*40c. May 1 'Holders of roe. Apr. 15
North Amer. Gas & Elec.. el. A (guar)
Second Prof. series A (quar.)
May 15 *Holden of ree. Apr. 20
American Gas & Electric, pref.(00ar.)-- $1.60 May 1 Holders of rec. Apt. 9
North Amer. Light & Pow.,corn.(gu.) er2
Amer. Light & Traction, coin. (quar.).. 6230. May 1 Holders of rec. Apr. 17
Northern N.Y. Utilities, pref. (quar.).. 136 May 1 Holders of reo. Apr. 10
3 340. may 1 Holders of roe. Apr, 17
7
Preferred (quar.)
60c Apr. 25 Holden of roe. Mar.81
Northern Ontario Power, corn. (gnat.)...
75e. :kitty 1 Holders of rec. Apr. 10a
Amer. Water works & El., corn.(qu.)1% Apr. 25 Holders of ree. Mar. Si
Preferred (guar.)
May 1 Holders of rec. Mar.31
2
Vorthern States Power. corn. A (guar.)._
Arkansas-Missouri Power, Prof. (guar.). •134 May 1 *Holders of rec. Apr. 15
ape. May 1 Holders of reo. Mar. 31
'134 May 15 *Holders of rec. Apr. 30
Associated Gas & Elm. class A (quar.)
North West Utilities, pref. (guar.)
41 may 1 Holders of ree. Mar. 31
$4preferred (guar.)
Ohio Public Service, 7"; Orel. tuntilY.)- 58 1-30 May 1 Holders of tee. Apr. 150
of rae.A pr .11
a yea
. p. 5
500. May 1 Holders of rec. Apr. 150
Associated Telephone, Ltd.. pref.(o.)_ '3734e May
6% preferred (monthly)
: olders
lHo ders
H
Atlantic City Electric, pref. (guar.).--41 2-3e May 1 Holders of rec. Apr. 15a
5% preferred (monthly)
1 *Holders of roe. Apr. 10
a
5
Bangor Hydro-Elea. Co.. corn. (guar.). *510 0 s
*5 ;
0.
58 1-30 June 1 Holders of rec. May 15a
7% preferred (monthly)
•134 May 1 *Holders of rec. Apr. 15
500. June 1 Holders of rec. May 15a
Birmingham Gas, 1st pref. (guar.)
6% preferred (monthly)
June 1 Holden of ree. Apr. 30
Brazilian Tr.. Lt. & Pr., ord. (in stk.) fg
41 2-30 June 1 Holders of ree. May 15a
5% Preferred (monthly)
Broad River Power. pref. (guar.)
May 1 *Holders of rec. Apr. 25
o134 may 1 *Holders of roe. Mar. 31
Orange &Rockland Elec., pref.(guar.).- *2
Buff. Niagara Sc East. Pow.,55 Pf.(qu.) "51.25 May 1 *Holders of tee. Apr. 15
75e. May 15 Holders of MCI. Apr. 200
Pacific Lighting. common (guar.)
Calgary Power.6% pref.(guar.)
134 May 1 Holders of rec. Apr. 15
Pacific Northwest Public Service•51.80 May 1 *Holders of rec. Apr. 15
200 Apr. 25 Holders of rec. Mar.81
Canada North Pow. Corp.. corn. (qu.)
liair preferred (quar.)
1.
Canadian Western Natural Gas, Light,
Pacific Public Service Co.. corn. A (gU.) 32341 May 1 Holders of rec. Apr. 18
550. May 1 Holders of rec. Apr. 20
*250. June 1 *Holders of rec. May 15
Heat & Power, preferred (extra)
Penna. Power Co.. $6.60 prof.(mthly.).
55e, June 1 Holder, of roe. May 20
Central Arizona L. & P., $7 pref.((HO- *51.75 May 1 *Holders of rec. Apr. 13
$6.60 preferred (monthly)
31.50 June 1 Holders of ree. May 20
411.50 May 1 *Holders of rec. Apr. Is
U preferred (quar.)
$6 preferred (monthly)
Cent. Hudson Gas & Elec.. corn.((Max.) *200. May 1 *Holders of rec. Mar. 31
(Q0.) •51.75 May 1 *Holders of rec. Apr. 15
Peoples Light & Power Corp..$7 Pt.
• 51.625 May 1 *Holders of rec. Apr. 15
Central Power Sc Light, 7% Prot (qlisx.) •13.6 May 1 *Holders of rec. Apr. 15
28.50 preferred (guar.)
41.50 May 1 *Holders of rec. Apr. 15
'134 May .1 *Holders of ree. Atm. 15
6% preferred (guar.)
$6 preferred (guar.)
20o, Apr. 30 Holders of roe. Apr. la
Cent.& S. W. ULU_ $7 pr.lien of.((LIL). $1.75 May 15 Holders of rec. Apr. 30
Philadelphia Company,00M. fguar3.-150. Apr. 30 Holders of rec. Apr. la
$1.75 May 15 Holders of rec. Apr. 30
$7 preferred (guar.)
Common (extra)
$I Apr. 30 Holders of ree. Apr. la
$1.50 May 15 Holders of rec. Apr. 30
$6 prior lien (guar.)
Old oom.(par $50)(guar.)
July 1 HOIllerS or NI, Jima c
75e. Apr. 30 Holders of recs. Apr. la
Central states isesi oom.(In corn. stk ) en
Old coin.(par $50)(extra)
$1.50 May 1 Holders of rec. Apr. la
Central West Pub. Sem, pf. A&B (qu) 4.134 may 1 *Holders of ree. Apr. 16
8% preferred
Miscellaneous (Concluded).
May 15 *Holders of rec. Apr. 30
'$1
Sherwin-Williams Co.. corn. (quar.)
*124c May 15 *Holders of rec. Apr. 30
Common (extra)
*1% June 1 *Holders of rec. May 15
Preferred (guar.)
Simon (H.)& Sons, Ltd., corn.(guar.).- 623ic June 1 Holders of rec. May 20
1% June 1 Holders of rec. May 20
Preferred (guar.)
*2
May 15 *Holders of rec. May 1
Sinclair Consol. Oil, pref.(quar.)
*6234c May 1 *Holders of rec. Apr. 25
Skinner Organ (quar.)
*25c. May 1 *Holders of ree. Apr. 20
Smith Agric. Chem., corn.(guar.)
*14 May 1 *Holders of rec. Apr. 20
Preferred (quar.)
Sou. Pac.-Golden Gate, el. A & B qu.)_ *3734c May 15 *Holders of rec. Apr. 30
*1% May 15 *Holders of rec. Apr. 30
Preferred guar.)
50e. June 1 Holders of rec. May 15
Southern Pipe Line (guar.)
*37Si c Apr. 25 *Holders of rec. Mar. 31
Spitzer Properties, 6% pref.(quar.)
*21. 0816e. May 1
Standard Amer. Trust Shares
600. May 15 Holders of rec. May 1
Standard Cap & Seal, corn. guar.)
*10e. May 1 *Holders of rec. Apr. 20
Standard Corporations Inc. (quar.)
50c. May 15 *Holders of rec. Apr. 30
Standard Paving dr Materials, corn. qu.)
1% May 15 Holders of rec. Apr. 30
Preferred (guar.)
*50c. May 1 *Holders of rec. Apr. 20
Stott Briquett, 52 pref. (quar.)
Straus(S. W.)Investing, pref. (gu.)___ _ *750. May 1 *Holders of rec. Apr. 15
*250. June 15 *Holders of rec. May 25
Sun 011 (guar.)
*14 June 1 *Holders of rec. May 11
Preferred (guar.)
*300. May 1
Super-Corporations of Amer., series A
*20.7c May 1
Series B
.15e. May 1 *Holders of rec. Apr. 27
Sutherland Paper (guar.)
*15
Swedish Match Corp
200. May 15
Tobacco Products Corp., class A (gu.)_ _
May 1 *Holders of rec. Apr. 20
*51
Troxel Mfg., corn. (guar.)
•13,6 May 1 *Holders of rec. Apr. 20
Preferred (quar.)
Turner Tanning Machinery (quar.)_ _ _ _ *30c. May 1 *Holders of rec. Apr. 24
United Amer. Utilities, class A (qu.)__ "32Sic June 1 *Holders oft ec. May 9
*50c. Apr. 15
United Cape Cod Cranberry, corn
*34 Apr. 15
7% Preferred (guar.)
*7c. May 1 *Holders of rec. Apr. 17
U. S. Banking Corp.(monthly)
*6234c July 1 *Holders of rec. June 20
U. S. Playing Card (quar.)
June 15 Holders of rec. May 29
United Stores Corp., pref.(quar.)
$1
*7% May 1 *Holders of rec. Apr. 15
Unity Cotton Mills (guar.)
•75e. May 1 *Holders of rec. Apr. 21
Walker Mfg., $3 pref. (quer.)
Warner Bros. Pictures, Inc., pref. (qu.)_ *9634c June 1 *Holders of rec. May 11
Weber Showcase & Fixture, let pi.(qu.)
31500. June 1 *Holders of rec. May 15
Western Dairy Products, pref. A (qu.)_ *81.50 June 1 *Holders of rec. May 11
Preferred 11 (guar.)
• 51.625 May 1 *Holders of rec. Apr. 10
Western Paper Goods, Cl. A & B (qu.)_ _ *500. Apr. 30 *Holders of ree. Apr. 25
Whipiey 011 Co
*75c. Apr. 20
White (S. S.) Dental Mfg.(quar.)
30e. May 1 Holders of rec. Apr. 22
Whiting Corp.,64% pref.(guar.)
*14 May 1 *Holders of rec. Apr. 21
Wood, Alexander & James, 1st pf.(qu.)
l'% May 1 Holders of rec. Apr. 20
3094
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Philadelphia Elec. Co., coin. (guar.).- - •450. May 1 *Holders of reo. Apr. lo
$5 preferred (guar.)
$1.25 May 1 Holders of reo. Apr. 10
pails. Rapid Transit. Preferred
$1.75 May 1 Holders of rec. Apr. la
Phila. Suburban Water Co.. pref.(qu.)
134 June 1 Holders of rec. May 12a
Potomac Edison Co., 7% pref.(qual.).- elf( May 1 *Holders of rec. Apr. 20
6% preferred (guar.)
•lff May 1 *Holders of reo. Apr. 20
Power Corp. of Canada, corn. (qual.)... 500. May 20 Holders of reo. Apr. 30
Pub. Serv. of Col.. 7 7, pref. (monthly)_ 581-30 May 1 Holders of rec. Apr. 150
,
6% preferred (monthly)
500. May 1 Holders of rec. Apr. 150
5% preferred (monthly)
41 2-30 May 1 Holders of reo. Apr. 15a
Pub.Serv. Corp.of N.J.8% pf.(mthly) 600. Apr. 3 Holders of rm. Apr. 30
Pub.Eery.of No.fli., com.$100 par(qu) *2
May 1 *Holders of rec. Apr. 15
Common (no par) (guar.)
May 1 *Holders of rec. Apr. 15
12
4
7% preferred (quar.)
olfl May 1 *Holders of rec. Apr. 15
8% preferred (guar.)
•134 May 1 *Holders of rec. Apr. 15
Rhode Island Public Serv.. el A(0.)
May. 1 Holders of reo. Apr. 15
$1
Preferred (quer.)
500. May. 1 Holders of rec. Apr. 150
Rockland Light dr Power (guar.)
*23e. May 1 *Holders of rec. Apr. 15
Sierra Pacific Elec. Co., pref.(qual.)-.. 11.5 May 1 Holders of reo. Apr. 17
Southern Calif. Edison, corn.(quar.)- - 500. May 15 Holders of ree. Apr. 200
Southern Canada Power, corn. (guar.)._ 250. May 15 Holders of reo. Apr. 30
Southwest Gas Utilities. pref.(guar.)
$1.625 May 1 Holders of reo. Apr. 20
Springfield City Water, pref. A (guar.).- *21.75 July 1 *Holders of rec. June 20
Preferred A (guar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 20
Standard Gas dr Electric, corn.(qual.)... 8734c. Apr. 25 Holders of rec. Mar. 31a
$6 Preferred (guar.)
$1.60 Apr. 25 Holders of rec. Mar. 31a
$7 preferred (guar.)
$1.75 Apr. 25 Holders of ree. Mar. 310
Standard Pr. dr Lt.. corn.& corn. B (on.) 50e. June 1 Holders of rec. May 11
Preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 18
Suburban Elec.Securities, 1st pref.(qu.) '134 May I *Holders of tee. Apr. 15
Swiss American Elec. Co.. prof
May 1 Holders of rec. Apr. 23
$3
Tacony-Palmyra Bridge, pref. (guar.)
- '134 May 1 *Holders of rec. Apr. 10
Tampa Electric Co., corn.(guar.)
•500. May 15 *Holders of rec. Apr. 25
Preferred A (guar.)
•144 May 15 *Holders of rem Apr. 25
Tenn. Elec. Power Co.,5% 1st ptd.(qu.) 134 July 1 Holders of reo. June 15
6% first preferred (guar.)
134 July 1 Holders of tee. June 15
7% first preferred (guar.)
134 July 1 Holders of rec. June 15
7.2% &at preferred (qua.)
1.8.0 July 1 Holders of rec. June 15
6% first preferred (monthly)
500. May 1 Holders of rec. Apr. 15
6% first preferred (monthly)
50o. June 1 Holders of rec. May 15
8% first preferred (monthly)
500. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
600. May 1 Holders of rec. Apr. 15
7.2% first preferred (monthly)
60c June 1 Holders of rec. May 15
7.2% first preferred (monthly)
600 July 1 Holders of reo. June 15
Texas Power & Light. 7% pref. (quar.)- 134 May 1 Holders of rec. Apr. 15
se preferred (rilmr.)
$1.50 May 1 Holders of rec. Apr. 15
Toledo Edison Co.,7% pref.(monthly) 58 1-3e May 1 Holders of rec. Apr. 156
50e May 1 Holders of rec. Apr. 156
6% preferred (monthly)....
5% preferred (monthly)
41 2-3e May 1 Holders of roe. Apr., 150
United Lt. & Pow., row. A dr 13 fau.)
25e May 1 Holders of rec. Apr. 15a
United Lt. de Rys.,7% pr. pfd.(mthly.) '5834e May 1 *Holders of rec. Apr. 16
•530 May 1 *Holders of rec. Apr. 15
6.38% prior preferred (mthly.)
6% prior preferred (monthly)
•500 May 1 *Holders of tea. Apr. 15
U.S.Electric Power, pref.(guar.)
'134 May 1 *Holders of reo. Apr. 1
United Telep. (Del.) 2nd pref. (quar.)- 411.75 May 1 *Holders of reo. Apr. 20
Washington Gas Light (guar.)
90o May 1 Holders of rec. Apr. 20
Western Continental URI., coin. A(qu.)' 53234 c June 1 *Holders of tee May 9
Western Power Lt.& Telep. el. A (qu.)-- *500 May 1 *Holders of rec. Apr. 15
West Penn Elec. Co..7% pref.(qual.).. 154 May 15 Holders of rec. Apr. 200
6% preferred (guar.)
134 May 15 Holders of rec. Apr. 20a
West Penn Power Co.,7% pref.(guar.). 134 May 1 Holders of reo. Apr. 80
6% preferred (guar.)
134 May 1 Holders of ree. Apr. 60
six Apr. 30 *Holders of rec. Apr. 20
Wisconsin Telephone. pref.(aim.)
York Railways. pref.(guar.)
*62)4 Apr. 3 *Holders of tee. Apr. 20
Banks.
Amalgamated (guar.)
Trust Companies.
Corn Exoh.Bank Trust Co.(qual.)
Kings County (Brooklyn)(guar.)
•134 May 1 *Holders of rec. Apr. 25
$1
*20
May 1 Holders of rec. Apr. 23a
May 1 *Holders of tee. Apr. 25
Fire Insurance.
American Equitable Assurance (guar.). 8734i May 1 Holders of roe. Apr. 206
Knickerbocker, common (guar.)
3734' May 1 Holders of reo. Apr. 20a
New York (guar.)
300 May 1 Holders of reo. Apr. 200
North River Ins.(guar.)
500 June 10 Holders of reo. June 1
Quarterly
500 Sept.10 Holders of roe. Sept. 1
U.S. Fire Insurance (guar.)
800 May 1 Holders of reo. Apr. 22a
Miscellaneous.
Abraham dr Straus. Inc., pref.(quay.)
134 May 1 Holders of rec. Apr. 150
Adams(J. D.) Mfg.,corn.(guar.)
600. May 1 Holders of rms. Apr. 15
Holders
Adams-Mnlis Corp.,common (guar.).
- 506 May 1 *Holden of rec. Apr. 18a
First and second preferred
of rec. Apr. 18
'1 34 May 1
(guar.)
Alaska Juneau Gold Mining (qua.)
10e May 1 Holders of reo. Apr. 10a
Allegheny Steel, common (monthly).
- 150 May 18 Holders of rec. Apr. 300
Preferred (guar.)
•134 June 1 *Holders of rec. May 15
Preferred (guar.)
elf( Sept. 1 *Holders of roe. Aug. 15
Preferred (guar.)
elf( Dee. 1 *Holders of rec. Nov.13
Alliance Realty Co.,preferred(guar)
.134 Jana I Holders of rec. May 20
Pre:erre:I (guar.)
154 dept. 1 Holden of tee. Aug 20
Preferred (Oust.).
134 Dec. 1 Holders of reo Nov. 20
Allied Chem.& Dye Corp.. com.(qu,)
$1.50 May 1 Holders of rec. Apr. 76
Allied Laboratories, cony. Prof.(guar.). *87310 July 1 *Holders of tee. June 15
Allis-Chalmers Mfg., corn. (guar.)
50e. May 15 Holders of rec. Apr. 24a
Alpha Portland Cement,corn.(quas.)
250. Apr. 25 Holders of reo. Apr. la
Altorfer Bros. Co., corn.(guar.)
•3543. May 1 *Holders of rec. Apr. 15
Preferred (guar.)
*M. May 1 *Holders of rec. Apr. 15
Aluminum Manufactures. Inc., oom.(qu) •500. June 30 *Holders of rec. June 15
Common (guar.)
*500. Sept.30 *Holders of rm. Sept.15
Common (quay.)
*50e. Dee. 31 *Holders of reo. Dee. 15
Preferred (guar.)
*131 June 80 *Holders of reo. June 15
Preferred (qua.)
1
.1.34 Sept.30 *Holders of reo. Sept.15
Preferred (guar.)
•141 Dec. 31 *Holders of reo. Dee. 15
Amerada Corp.(guar.)
50o. Apr. 30 Holders of rec. Apr. 14a
American Can, common (guar.)
$1 May 15 Holders of rec. Apr. 300
American Coal(guar.)
$1 May 1 Apr. 11 to May 1
American Envelope. 7% prof. (guar.).- *134 June 1 *Holders of rec. May 25
..134 Sept. 1 *Holders of reo. Aug. 25
1
7% preferred (Qua.)
7% preferred (guar.)
'134 Dee. 1 *Holders of roe. Nov.25
Amer. European Securities, pref. (guar.) $1.50 May 15 Holderrof rec. Apr. 30
*150. May 1 *Holders of rec. Apr. 25
Amer. Forg. & Socket (guar.)
Amer.Founders Corp.,7% Sat pf. A(qu) 8734e May 1 Holders of rm. Apr. 1
87340 May 1 Holders of rec. Apr. 1
7% 1st pref.series B (quay.)
750. May 1 Holders of reo. Apr. 1
6% 1st pref. series D (guar.)
350. May 1 Holders of rec. Apr. I4a
Amer.Home Products(monthly)
750. Apr, 25 Holders of reo. Apr. 70
American Ice, COM (guar.)
154 Apr. 25 Holders of reo. Apr. 76
Preferred (guar.)
Amer.Invest.(Springfield, nij A (qu.).. *50c. May I *Holders of rec. Apr. 20
Amer.Machine & Foundry,can.(guar.) 35e. May 1 Holders of rec. Apr. 170
July 1 Holders of rec. June 18
Amer. Manufacturing CO.. eons. (qual.) 1
Oat. 1 Holders of rec. Sept. la
1
Common (qua.)
Dec. 81 Holders of roe. Dec. le
I
Common (Quin.)
134 July 1 Holders of me. Jun. is
Preferred (qual.)
154 Oat. 1 Holders of rec. Sept.15
Preferred (guar.)
111 Dee. 81 Holders of roe. Dee. 18
Preferred (guar.) ,
e750. Apr. 30 *Holders of reo. Apr. 15
American Meter (qual.)
50o. May 15 Holders of rec. May 50
American News (hi-monthly)
Holders
rec. June
American Optical Co., 1st pref. (qual.)- 134 July 1 Holders of reo. Sept. 20a
19a
of
134 Oct. 1
First preferred (guar.)
134 Dee. 31 Holders of rm. Dee. 20a
Find preferred (guar-)
750. May 15 Holders of rec. Apr. 300
American Re-Insurance Co. (quar.)...$1.25 May 1 Holders of rec. Apr. 1154
Amer.Shfpisidg. Co.. corn.(qual.)
134 May I Holders of reo. Apr. 15
Preferred (qual.)
$1 May 1 Holders of rec. Apr. 17a
Amer.Smelting & Refg.,corn.(quay.).154 June 1 Holders of rec. May 8a
Preferred (guar.)
134 June 1 Holders of rec. May 8a
6% second preferred (guar.)
American Thermos Bottle, corn.(guar.). •300 May 1 *Holders of reo. Apr. 20
Amer. Vitrified Prod., pref. (quar.)
'134 May. 1 *Holders of reo. Apr. 20
[Wu 182.
FINANCIAL CHRONICLE
Name if Company.
When
Per
Cent. Payable.
Books Chstea.
Days Inelentee.
Miscellaneous (Coatiase4).
American Yvette, corn.(No. 1)
*25e. June 16 *Holders of ree. May 15
Anaconda Copper Mining (guar.)
37340 May 18 Holders of reo. Apr. lla
Anaconda Wire dr Cable (guar.)
260. May 11 Holders of rec. Apr. lla
Archer-Daniels-Midland Co., pref.(qu.) 134 May I Holders of rec. Apr. 200
Artloom Corp. pref. (guar.)
134 June 1 Holders of rec. May 150
Art Metal Works, common (quay.)
*150. May 1 *Holders of reo. Apr. 25
Associated Dry Goods, corn.(qual.)
no. May.' 1 Holder, of reo. Apr. 100
1st preferred (guar.)
154 June 1 Holders of reo. May 8a
Second preferred (guar.)
134 June 1 Holders of reo. May 8a
Associated Electrical Industries
Amer. dep. rcts. for ord. reg. shares
osar) May 7 *Holders o roe. Apr. 16
Associated Sec. Invest., $8 pref. (guar.) *$1.50 May 1 *Holders of reo. Apr. 20
Atlantic,Gulf dc W.1.8.8.Lines. pf.(gn.) lf( June 30 Holders of reo. June 104
Preferred (quay.)
134 Sept.30 Holders of rec. Sept. 100
Preferred (guar.)
114 Dee, 30 Holders of rec. Dee. 100
Atlantic Steel, preferred
•354 May 1 *Holders of rec. Apr. 20
Atlas Powder, pref. (guar.)
114 May 1 Holders of rec. Apr. 200
Austin, Nichols & Co.,Ina., prior A (qu.)
760. May 1 Holders of reo. Apr. 16a
Babcock & Wilcox Co.(guar.)
134 July 1 Holders of reo. June 20a
Balaban & Katz Corp., corn.(qual.)_.._ *75e. June 27 *Holders of ree. June 15
Preferred (qual.)
*If( June 27 *Holders of roe. June 15
Bancroft (Joseph) & Sons Co., pf.(qu.). 154 Apr. 30 Holders of rem Apr. 15
Bankers Investment Trust of America
*160. June 30 *Holders of reo. June 15
Debenture stock (guar.)
*150.Sept.30 *Holders of roe. Sept. 15
Debenture stock (guar.)
•15o. Dec. 31 *Holders of rem Dee. 15
Debenture stook (guar.)
Barnsdall Corp., common A & B(guar.)25e. May 11 Holders of reo. Apr. 140
Baumann (Ludwig) dr Co., 1st pt.(am)
- 154 May 15 Holders of reo. May 1
Beacon Mfg., common & pref.(guar.).- *1.34 May 15 *Holders of rec. May 1
Beatty Bros., Ltd.. prof.(qual.)_
134 May 1 Holders of roc. Apr. 15
Beech-Nut Packing, corn.(guar.)
750 July 1 Holders of rec. June 120
Belding Cortice111, Ltd.(guar)
194 May 1 Holders of rec. Apr. 15
Beneficial Industrial Loan,corn.(guar.)- 3710 Apr. 30 Holders of rec. Apr. 100
Preferred A (guar.)
8754e Apr. 30 Holders of rec. Apr. 100
Benson & Hedges, pref. (guar.)
*50o May 1 *Holders of rec. Apr. 21
Berland Shoe stores. prof.(quer.)
•154 May 1 *Holders of rec. Apr. 20
Bessemer Limestone & Cement,el. A(qu) 75c May 1 Holders of roe. Apr. 20
Bethlehem Steel, corn.(guar.)
$1.50 May 15 Holders of rec. Apr. 170
Dittman Elec. Co., coin. (guar.)
•1234c May 1 *Holders of rec. Apr. 15
Preferred (quay.)
41.75 May 1 *Holders of rec. Apr. 15
Bliss (E. W.) Co.
July 1 Holders of tee. June 20
Common payable In oommon stook)._ 12
(
Common(payable In aommon stook)_. 12
Oct. 1 Holders of rm.Sept. 20
Bloch Bros. Tobacco, corn.(guar.)
'3734c May 15 *Holders of res. May 10
Common (guar.)
•3754c Aug. 15 *Holders of rec. Aug. 10
Common (guar.)
•3734e Nov. 16 *Holders of rec. Nov. 10
Preferred (guar.)
•114 June 30 *Holders of roe. June 24
Preferred (guar.)
1.1)4 Sept.3 *Holders of rec. Sept.24
Preferred (qual.)
*134 Dec. 3 *Holders of rec. Dec. 24
Holders of rem Apr. 200
Bloomingdale Bros.. moo.. prof.(qua.).
144 May
Blue Ribbon Corp., pref. (guar.)
Holders of rec. Apr. 15
51ay
Ma
Bohack (H. C.) Co., corn.(quay.)
*Holders of ree. Apr. 15
'$1
May
First preferred (guar.)
*Holders of rec. Apr. 15
4
.134 May
Bohack Realty Corp. prof.(guar.)
*Holders of rec. Apr. 15
'194 May
Bon Ami Co., class A (guar.)
$1
750 Apr. 30 Holders of reo. Ain. 15a
'
Borden Company,corn.(guar.)
Holders of roe. May 150
June
Boss Manufacturing, corn. (guar.)
May 1 Holders of rec. Apr. 30
$1
BourJois. Inc., pref. (guar.)
'6834c May 1 *Holders of reo. May 1
Brandram Henderson. Ltd.. corn.(qu.). •50e May
*Holders of rec. Apr. 4
Brennan Packing class A (guar.)
*Holders of reo. May 20
•$1 June
Class A (guar.)
of
0
11 Sept.
Class A (guar.)
:hi:13.°m
,. 2
.
rro: Of 4
.51
Class B (guar.)
*2.5e June
*Holders of ma. May 20
Class B (guar.)
•250 Sept. *Holders of reo. Aug. 20
Class B (guar.)
*Holders of reo. Nov.20
•260 Dee.
Briggs Mfg.(guar.)
3754 Apr. 2 Holders of reo. Apr. 100
Extra
1254 Apr. 2 Holders of rec. Apr. 10a
British Columbia Pulp dc Paper, pfd.(qu) 194 May
Holders of rec. Apr. 15
Broadway Dept. Stores, Los Angeles
7% first preferred (guar.)
•134 May
*Holders of rec. Apr. HS
Brown Shoe. pref. (guar.)..
Holders of reo. Apr. 204
134 May
Buckeye Pipe Use (guar.)
$1
June 1 Holders of tee. Apr. 27
Buck Hills Falls Co.(guar.)
•25c. May 1 *Holders of tee. May 1
Bullocks, Inc.,7% prof.(qua.)
elf( May
*Holders of rec. Apr. 10
Bunte Bros., pref.(guar.)
*Holders of rec. Apr. 27
'154 May
Burger Bros., 8% pref. (guar.)
*Holders of tee. June 15
•21 July
8% preferred (guar.)
'Holders of rea 5eof 15
July
m:June 5
.1
defo
•
Hol
Mil
of
8% Preferred (guar.)
Bush Terminal Co.,corn.(qua.)
8234e May
Holders of reo. Apr. 30
Byers(A. M.) Co.. prof.(quar.)
Holders of rec. Apr. 154
154 may
Cal. Rai Corp ,7% pref.(No.1)
*Holders of rms. June 15
'8794c July
California Packing (qua.)
50o. June 1 Holders of roe. May 29a
Campe Corporation, 634% prof.(qua) *I% May
*Holders of rem Apr. 15
Canada Wire & Cable, class A (quay,)_. $1
June 1 Holden of roe. May 31
Class A (guar.)
Sept.1 Holders of reo. Aug. 31
$1
Clans A (guar.)
Deo, 1 Holders of rec. Nov.30
$I
Holders of rec. Apr. 20
Canadian Bronze, Ltd., corn.(qual.).. 82340. May
Preferred (guar.)
Holders of rec. Apr. 20
134 May
Canadian Dredge & Dock, corn. (guar.) 750. May
Holders of rec. Apr. 16
Preferred (qual.)
Hloders of rec. Apr. 18
134 May
Canadian Industries, Ltd.,corn.(luar.). 132340 Apr. 3 Holders of rms. Mar.31
Common (extra)
250. Apr. 30 Holders of reo. Mar.31
Canadian Pow.& Paper Invest., pf.(qu.) 134 May 1 Holders of ma. Apr. 20
Capital Management Corp.(guar.).- *250. May
*Holders of rec. Apr. 21
Extra
*Holders of reo. Apr. 21
•150. May
Carman dr Co., class A (guar.)
Holders of rec. May 15
500. June
Carnation Co., pref.(quay,)
*Holders of reo. June 20
'154 July
*Holders of reo. Sept. 20
Preferred (guar.)
'154 Oct.
4
.154 Jan 2'3 *Holders of reo. Dee. 21
Preferred (guar.)
Cartier, Inc., pref.(guar.)
*31.75 Apr. 3 *Holders of rec. Apr. 15
Central-Illinois Securities Corp.. pf.(1111.) 3730 May
Holders of rec. Apr. 300
1513 May 1 Holder, of reo. May 5
centrifugal Pipe (guar.)
15o Aug. 1 Holders of reo. Aug. 5
Quarterly
15o. Nov. 1 Holders of reo. Nov. 5
Quarterly
2
Oot. 2
Century Co
Holders of reo. May 20a
Century Ribbon Mills. pref. (guar.)
- If( June
Holders of rem Apr. ltia
Cerro de Pasco Copper Corp.(guar.).
- 3754c May
*Holders of rec. June 20
Chatham Mfg.7% pref.(guar.)
'134 July
7% preferred (guar.)
*Holders of reo. Sept.20
.P154 Oct.
*Holders of rec. June 20
1,134 July
6% Preferred (guar.)
*Holders of reo. Sept.20
•134 Oft.
6% Preferred (guar.)
73.0 May
1
'Holders of
Cherry-Burrell Corp.. common (quar.) 1 54 5fay
A pf: 15
r
rs
Preferred (guar.)
Holders of reo. Apr. 20a
25o May
Chicago Yellow Cab (monthly)
Holders of rec. May 206
250 June
Monthly
•350. May 1 *Holders of ree. May 1
Churngold Corp.(guar.)
*350 Aug. 1 *Holders of reo. Aug. 1
Quarterly
lid tora 00f rte:
5lere
u
ie JooNov. 1 ii: 0ff rece . No.
see N
Quarterly
..
Cincinnati Advertising Products (guar.)
Ju 21091
Sept,ave
Quarterly
*750. Jan 11 *Holders of ree. Dee, 19
Quarterly
Sept.1 *Holders of rec. Sept. 1
•11
Cinch:matt Land Shares
Cincinnati Rubber Mfg., 6% pref.(qu.) •134 June 1 *Holders of rec. June 1
'154 Sept. *Holders of rec. Sept. I
8% preferred (guar.)
'134 Dee. 1 *Holders of rec. Dec. 1
6% Preferred (qua.)
Holders of tee. Apr. ltics
2340.May
Cities Service, common (monthly
,
Corn.(Payable in corn,ink)(mthly.).. fff May
Holders of rec. Apr. 15a
Holders of rm. Apr. 150
5o May
Preference B (monthly)
um, may
Preference and pref. BB (monthly)
Holders of reo. Apr. 1541
Holders of rec. May 15a
254e. June
Common (monthly)
Holders of roe. May 15a
Corn. (payable in coca. stk.) (mt1111.) 134 June
5c. June
Holders of tee. May 15a
Preference 13 (monthly)
50e. June
Holders of rec. May 15a
Preferred and pref. BB (monthly)
Cities Service Beakers shares
*Holders of rec. Apr. 15a
*2 3,3350, May
•134 May
City Baking, pref. (guar.)
*Holders of rec. Apr. 27
*154 May
Cllnehfield Coal, pref. (guar.)
*Holders of rem Apr. 25
760. May
Cluett, Peabody & Co.. coin.(qual.)
Holders of fee. Apr. 20
•46o. May
Coast Breweries. Ltd. (guar.)
*Holders of rec. Apr. 20
Coast Foundation, Inc., met
•60. May 1 *Holders of rec. Apr. 10
Coca Cola Bottling (quarterly)
25o. July 1 Holders of rec. July 3
Quarterly
25e. Oct. 1 Holders of reo. Oct. 5
APRIL 25 1931.]
Name of Company.
Per
When
Coil. Payable.
Books Closet.
Days Inclusive.
Miscellaneous (Continued).
15e. May 1 Holders of roe. Apr. 15
Cockshutt Plow, common (quar.)
$1.25 May 1 Holders of rec. Apr. 170
Columbian Carbon (guar.)
*131 May 1 "Holders of rec. Apr. 15
Columbus Packing. pref. (guar.)
Commerz-und Privet Bank
"tole May 5 *Holders of rec. Apr. 30
American deposit receipts
Consol. Chem. Industries, cl. A pf.(011.) "3734e May 1 *Holders of roe. Apr. 15
Consolidated Cigar Corp., Dr. pf. (Qu.)- 1% May 1 Holders of rec. Apr. 150
1% June 1 Holders of rec. May 15a
Preferred (guar.)
.
Consolidated Laundries, pref.(guar.) - $1.875 May 1 Holders of rec. Apr. 15
500. May 1 Holders of rec. Apr. 15
Consolidated Press, Ltd. (guar.)
May 1 'Holders of rec. Apr. 20
Consolidated Rendering, pref. (guar.).- '2
•731e. Apr. 25 *Holders of rec. Apr. 15
Royalty Oil (guar.)
Consolidated
•87310 May 1 *Holders of rec. Apr. 20
Construction Materials. Pref. (quar.)
62310 May 15 Holders of rec. May 10
Continental Can, Inc., corn.(quar.)
+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
*1% May 1 "Holders of rec. Apr. 14
7% preferred (guar.)
"s75e. May 1 'Holders of rec. Apr. 10
Corporation Secur. (Chicago), pref
*25e. May 1 'Holders of rec. Apr. 20
Crown Drug Stores. corn. (guar.)
"8734c May 1 *Holders of rec. Apr. 20
Preferred (guar.)
June 30 Holders of rec. June 20
2
Crum & Forster, pref. guar.)
334 May 1 Holders of tee. Apr. 20
Cudahy Packing,7% pref.(guar.)
May 1 Holders of reo. Apr. 20
3
6% preferred (quar.)
50c May 2 Holders of reo. Apr. 20a
Curtis Publishing, corn. (monthly)
51.75 July 1 Holders of ree. June 200
Preferred (guar.)
.3% Aug. 3 *I I elders of rec. Aug. 3
Crunden-Martin Mfg
'6234c May 1 'Holders of rec. Apr. 15
Cuneo Press, common (guar.)
•131 June 15 *Holders of rec. June 1
(guar.)
Preferred
•131 July 1 'Holders of rec. June 20
Davidson Co., pref. (quar.)
•131 Oct. 1 *Holders of reo. Sept.20
Preferred (guar.)
*131 Jan 1'32 *Holders of tee. Dee. 20
Preferred (quar.)
•1% June 1 *Holders of rec. May 20
Decker (Alfred) & Cohn. prof. (quar.)
•131 Sept. 1 "Holders of tee. Aug. 20
Preferred ((mar.)
20e. May I Holders of rec. Apr. 15
De Forest Crossley Radio (quar.)
•55c. May 1 "Holders of rec. Apr. 21
De Mets, Inc., pref.(guar.)
May 1 Holders of rec. Apr. 18
2
(quar.)
Dermi.son Mfg., deb. stock
13-1 May 1 Holders of rec. Apr. 18
Preferred (guar.)
Deutsche Bank & Disconto Gesellschaft
API'. 25 *Holders of rec. Apr. 20
American dep, rects, for bearer shares_ *roli
"500. June I 'Holders of rec. May 15
Dictaphone Corp., common (quar.)___
*2
June 1 'Holders of rec. May 15
Preferred (guar.)
- 373tc May 1 Holders of rec. Apr. 15
DIsher Steel Constr.. pref. A (guar.).
30e June 1 Holders of rec. May 15
Dr. Pepper Co., common (guar.)
30e. Sept. 1 Holders of rec. Aug. 15
Common (guar.)
Mc Dec. 1 Holders of rec. Nov. 15
Common (Oust.)
Dominion Tar de Cherrdeal, pref. (au.). 1% May 1 Holders of rec. Apr. 6
85.10 Apr. 27 Holders of rec. Apr. 20
Dresdner Bank (Berlin) Amer.abs.
Du Pont E. I.) de Nemours de Co.
131 Apr. 25 Holders of tee. Apr. 10c
Debenture stook (guar.)
25e May 1 Holders of too. Mar. 25
Eastern Dairies, Ltd.. common (quar.)
50e. June 1 Holders of rec. Apr. 30
Eastern Theatres, Ltd., coin. (quar.)_
$1.75 June 1 Holders of rec. Apr. 30
pref. (quar.)Eastern Util. Invest.. $7
$1.50 June 1 Holders of ree. Apr. 30
$6 preferred (guar.)
31.25 July 1 Holders of tee. May 29
$5 prior pref. (guar.)
$1.75 May 1 Holders of tee. Mar. 31
Participating pref. (guar.)
40e. May 1 Holders of tee. Apr. 16a
Eaton Axle & Spring.eons.(guar.)
b0c. Apr. 25 Holders of rec. Apr. 11
Electric Household Utilities(guar.)
25e. May 1 Holders of tee. Apr. 15
Elec. Power Associates. com.deel.A(au.)_
'13$ May 1 'Holders of rec. Apr. 15
Electrical Securities, Prof. (auar.)
Electric Shareholdings. $6 pref.(guar.) *51.50 June 1 'Holders of rec. May 5
$t
may 1 Holders of rec. Apr. 20
Empire Title & Guarantee (quar.)
$1
May 1 Holders of rec. Apr. 15
Eureka Pipe Line(guar.)
•60c May 15 *Holders of tee. May L
Plantation (guar.)
Ewa
3734e Apr. 30 Holders of rec. Apr. 15a
Exchange Buffet (guar.)
600. May 1 Holders of rec. Apr. 20a
Fair (The) corn. (guar.)
131 May 1 Holders of rec. Apr. 20a
Preferred ((mar.)
Fed'I Am.Bond & Sh., lst & 2d pf.(au.) 01M May 1 *Holders of rec. Apr. 20
"51.50 May 1 'Holders of rec. Apr. 15
Federal Electric, $8 pref. (Nan)
"31.75 May 1 'Holders of rec. Aprk 15
$7 preferred (guar.)
62)4r MAY 1 HUMUS of rec. Apr. 15
Federal Knitting Mills. corn. (quar.)
12t4e May 1 Holders of rec. Apr. 15
Common (extra)
Federal Title & Mtge. Guar.(N. J.)- - *51.25 May 1 *Holders of rec. Apr. 20
*150. Apr. 30'Holders of rec. Apr. 15
Federated Publications, corn. (quar.)
Fibreboard Products, pr. pref. (guar.)._ "1% May I *Holders of rec. Apr. 15
Finance Co. of America (Baltimore)
May 15 Holders of rec. May 5
Corn. cl. A de B (pay,in corn. el. A atk) ft
+50e. May 15 *Holders of rec. May 10
Food Machinery.6%% pref.(mthly.)0600 June 15 *Holders of roe. June 10
6%% preferred (montele)
•500 July 15 "Holders of rem July 10
634% preferred (monthly)
•50c. Aug 15 *Holders of rec. Aug. 10
64% preferred (monthly)
•50e. Sept.15 *Holders of rec Sept. 10
Preferred (monthly)
634%
Foreign Power Securities Corp.. pf. (q11.) 1% May 15 Holders of reo. Apr. 30
25e. May 15 Holders of tee. Apr. 30
Foundation Co. of Canada (guar.)
75e. June 1 Holders of rec. May 16o
Freeport Texas Co.(aura.)
Frost Steel de Wire, 1st pf.& pf. A (qu.).. 1% May 1 Holders of rec. Apr. 20
•20c. May 1 *Holders of rec. Apr. 25
Fuller Brush, class A (quar.)
Fuller (G. A.) Co. of Canada
'13-4 May 1 'Holders of rec. Apr, 15
8% guar. partic. prof. (guar.)
Fulton Indus. Secur.(Atlanta), pf.(qu.) "8731c May 1 *Holders of rec. Apr. 15
Galland Mercantile Laundry (quar.).._. •8734e JULO I *Holders of roe. May lb
"8734( Sept. 1 *Holders of ree. Aug. 15
Quarterly
.87)4e Dec. 1 "Holders of rec. Nov. 15
Quarterly
"131 May I 'Holders of rec. Apr. 20
Gardner Denver Co.. pref. (guar.)
May 1 Holders of rec. Apr. 17a
$1
General Cigar, Inc., corn. (quar.)
131 June I Holders of rec. May 22a
Preferred (quar.)
40e. Apr. 25 Holders of ree. Mar. 13a
General Electric), common (quar.)
15o. Apr. 25 Holders of tee. Mar. I3o
Special stock
750. may 1 Holders of rec. Apr. 15a
General Foods. oem. (guar.).
750. May 1 Holders of tee. Apr. 15a
General Mills, corn.(guar.)
$1.21 May 1 Holders of rec. Apr. So
General Motors, $5 pref. mar.)
*300. May 1 *Holden of tee. Apr. 20
General Parts. pref. (guar.)
50e. May 1 Holders of rec. Apr. 15
General Stockyards, cons.(guar.)
25e. May 1 Holders of rec. Apr. 15
Common (extra)
$1.50 May 1 Holders of ref. Apr. 15
$6 preferred (guar.)
General Tire & Rubber, corn. (quar.)__ _ *75e. May 1 *Holders of rec. Apr. 20
+65e. July 1 *Holders of rec. June 20
Gibson Art Co., common guar.)
"65e. Oct. 1 'Holders of rec. Sept. 19
Common (guar.)
"650. Janl'32 "Holders of tee. Dee. 19
Common (guar.)
Gillette Safety Razor, cony. rref.(guar.) 131 May 1 Holders of tee. Apr. la
*30c. Apr. 30 *Holders of rec. Apr. 15
Gilmore 011 (guar.)
Gimbel Bros., Inc., pref. (guar.)
194 May 1 fielders of tee. Apt. 15n
-Democrat Publishing, pref.(qu.). 13.1 June 1 Holders of rec. May 20
Globe
Globe Knitting Works. prof
'35c July 25 "Holders of roe. July 7
15e. May 1 Holders of tee. Apr. 15
Globe Underwriters Exchange
62310. May 1 Holders of ten. Apr. 10a
Gold Dust Corp., COM.(guar.)
Goodyear Tire de Rubber, corn. (quar.)_
71c. May I Holders of rec. Apr. gn
131 July 1 Holders of rec. June la
First preferred (guar.)
Gorham Manufacturing. COM.(qui
50c. June 1 Holders of rec. May 15
Gotham Silk Hosiery, pref.(guar.)
75.4 may 1 Holders of rec. Apr. 10a
Goldsmith (P.) Sons Co.(guar.)
•30e. May 1 *Holders of rec. Apr. 20
Granby Censor. MM.,Sm & Pow.(go.)
500. May 1 Holders of rec. Apr. Sla
Grand(F.&W.)5-10-25CLSts. pref.(qu.) 141 May 1 Holders of rec. Apr. 14a
Grant Lunch Corp., corn
"40e. July 31
8% preferred (guar.)
•20c. June 30 *Holders of rec. June 29
•20c. Sept. 30 *Holders of rec. Sept 30
8% preferred (quaL)
8% preferred (guar.)
"20e. Dec. 31 Holders of rec. Dec. 15
Great Lakes Dredge de Dock (quar.)__
25c. May 15 May 8 to May 25
•25e. May 1 *Holders of rec. Apr. 24
Great Lakes Engineering, Corn.
*30e. Aug. 15 'Holders of rec. Aug. 1
(quar.)Genwy
Corp.. corn
Common 13
"30c. Aug. 15 *Holders of rec. Aug.
*51.50 Aug. 15 *Holders of rec. Aug. 1
Participating preferred
I
+50e. Aug. 15 'Holders of rec. Aug. 1
Participating preferred (extra)
"50o. June 1 *Holders of rec. May
Gruen Watch,corn.(quar.)
•13,. May 1 *Holders of rec. Apr. 20
Preferred (guar.)
20
"13.1 Aug. 1 'Holders of rec. July 21)
Preferred (guar.)
*1% May 15 Holders of rec. Apr. 29
Guggenheimer de Co., let pref. (quar.)_
Haiku Pineapple, pref.(quar.)
+43.310 May 1 *Holders of rec. Apr. 15
500. Apr, 30 Holders of roe. Apr. 200
Hall(W.F.) Printing, corn.(quar.)
•25c. Apr. 30 "Apr. 25 to Apr. 30
Halle Bros., corn. (guar.)
1% Apr. 30 Apr. 25 to Apr. 30
Preferred (guar.)
Hamilton Bank Note Eng. & Ptg.(qu.) '2340 May 15 *Holders of rec. May 1
3095
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
262-30 May 15
Hamilton Loan Society (Pa.), oom
•100. May 15
Common (extra)
15e, Apr. 30 Holders of tea. Apt, 100
Hamilton Watch, common (monthly)___
150. May 29 Holders of rec. May 9a
Common (monthly)
1% June 1 Holders of rec. May 90
Preferred (quar.)
*25e. May 15 "Holders of rec. Apr.d30
Hammermill Paper (guar.)
,
May 29 *Holders of tee. Man14
Hart, Schaffner ds Marx, corn.(quar.)_ 4 1
Aug. 31 *Holders of rec. Aug. 15
•1
Common (quar.)
Nov.SO "Holders of rec. Nov.14
•1
Common (guar.)
"75c. May 15 "Holders of rec. May 1
Hartford Times, partle. pref.(quar.)50c. May 30 Holders of ree. May I53
Hawaiian Pineapple (quar.)
134 May 15 Holders of rec. May 40
Hercules Powder, pref.(guar.)
$1.25 May 15 Holders of rec. Apr. 25a
Hershey Chocolate, common (quar.)
May 15 Holders of rec. Apr. 250
Si
Convertible preferred (guar.)
July 1 "Holders of rec. June 20
"2
Hewitt Bros. Soap, pref. (guar.)
Oct. I 'Holders of rec. Sept. 211
•
2
Preferred (guar.)
Jan I'32 *Holders of rec. Dec. 20
"2
Preferred (guar.)
26e. May 27 Holders of tee. Mar.23)
Hibbard Spencer Bartlett & Co.(mth17.)
25e. May 29 Holders of rec. May 22
Monthly
25e. June 26 Holders of rec. June 19
Monthly
131 May 1 Apr. 21 to May 1
Higbee Co., 1st pref. (guar.)
•134 May 1 "Holders of rec. Apr. 15
Hinde & Dauch Paper, pref. A (quar.)
50e. Apr. 25 Holders of rec. Apr. 20a
Homestake Mining (monthly)
$1
Apr. 25 Holders of ree. Apr. 20a
Extra
Horn & Hardart(N. Y.), corn. (quar.)-- 6231e May 1 Holders of rec. Apr. 100
*134 May 1 *Holders of rec. Apr. 24
Horne (Joseph) Co., pref.(quar.)
*131 July 1 "Holders of rec. June 20
Howes Bros. 7% preferred (guar.)
Oct. 1 *Holders of rec. Sept. 20
7% preferred (guar.)
Dec. 31 *Holders of rec. Dec. 20
7% preferred (guar.)
•131 July 1 *Holders of rec. June 20
6% preferred (Ouar.)
*134 Gel' 1 'Holders of rec. Sept.20
6% preferred (Ouar.)
"111 Dec. 31 *Holden of rec. Dec. 20
6% preferred (guar.)
50e. May 1 Holders of rec. Apr. 15
Humberstone Shoe (guar)
*50c. May 1 *Holders of rec. Apr. 15
Hunts Bros. Packing, class A (quar.)
"300. July 15 *Holders of rec. July 3
Illinois Brick (guar.)
'30c. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Illinois Pacific Coast Co.. prof.(quar.)-- •750. May 1 "Holders of rec. Apr. 20
•31.75 July 1 *Holders of rec. June 20
Imperial Sugar, 57 pref. (guar.)
'$1.75 Oct. 1 *Holders of rec. Sept. 20
$7 preferred (guar.)
•$1.75 Janl'32 *Holders of rec. Dec. 20
$7 preferred (guar.)
Incorporated Investors (stock dividend) "231 Oct. 15 *Holders of rec. Sept.21
250. May 15 Holders of rec. Apr. 24
Indiana Pipe Line (quar.)
Industrial Credit Corp., corn, (quar.)- - 3234e. May 15 Holders of rec. Apr. 30
- •250. June 1 *Holders of rec. May 1
Industrial & Power Securities (guar.).
•25e. Sept. 1 *Holders of tea. Aug. 1
Quarterly
*25e. Dee. 1 "Holders of rec. Nov. 1
Quarterly
6234c. May 1 Holders of rec. Apr. 17
corn,(guar.)-Internat. Cigar Mach'y
IM June 1 Holder, of rec. May ea
International Harvester, pref. (quar.)
Holders of roe. Apr. 13
Internat. Nickel of Canada, pref.(guar.) 1% May
Holders of rec. Apr. 16a
1% May
(quar.)
Internat. Printing Ink., pref.
Holders of rec. Apr. 15
50c. May
International Shoe, pref. (monthly)
"Holders of rec. May 11.
"500. June
Preferred (monthly)
Holders of rec. Apr. 150
131 May
Interstate Department Stores, pf. (qu.)_
Holders of rec. Apr. 18
75e, May
Interstate Equities, pref. A (guar.)
Holders of rec. Apr. 15
corn. (qu) 12340. May
Investment Trust Associates,
*Holders of rec. June 20
Ivanhoe Foods, Inc., $3.50 pref. (qu.)_- "8731c July
Jackson & Curtis Invest. Assn.Ctfs. of beneficial interest (quar.)---- •50c. May 1 *Holders of rec. Apr. 24
Jackson & Curtis Secur. Corp., pfd.(qu.) *134 May 1 *Holders of rec. Apr. 15
Jantzen Knitting Mills, corn.(guar.)---- "37340 May 1 *Holders of rec. Apr. 15
*$1.75 June 1 *Holders of tee. May 25
Preferred (guar.)
July 15 Holders of rec. July 1
51
Jewel Tea, Inc., corn. (guar.)
"250. May 1 "Holders of rec. Apr. 15
Julian & Kokenge, com. (guar.)
*15o. June 30 "Holders of rec. June 20
Kalamazoo Vegetable Parchment(au.)
•150. Sept. 30 *Holders of rec. Sept.19
Quarterly
•15c. Dee. 31 *Holders of rec. Dee, 21
Quarterly
"134 May I *Holders of rec. Apr. 15
Kansas City Stock Yards,corn.(guar.)
•131 May I *Holders of rec. Apr. 15
Preferred (guar.)
25e. Apr, 28 Holders of rec. Apr. 10a
Kaufmann Dept. Stores. corn. (quar.)
25e. May 1 Holders of rec. Apr. 250
Kayser (Julius) & Co., corn. (quar.)--May 1 Holders of rec. Apr. 20
Kelsey Hayes Wheel, prof. ser. K-H(qu.)
May 1 Holders of tee. Apr. 20
Preferred series W-W (guar.)
"750. July I 'Holder, of rec. June 20
Kemper
-Thomas Co.. corn. (quar.)-"750. Oct. 1 *Holders of tee. Sept.20
Common (guar.)
"75c. Jo 132 *Holders of rec. Dee. 20
Common (guar.)
•131 June 1 'Holder, of rec. May 20
Preferred (guar.)
+131 Sept. 1 "Holders of ree. Aug. 20
Preferred (Oaar.)
' Dee. • 1 "Holder, of roe. Nov.20
1)4
Preferred (guar.)
*75c. May 1 *Holders of rec. Apr. 15
Keyes Fibre, Inc., class A (quar.)
"250. July 1 "Holders of rec. June 21)
Klein (D. Emil) Co., corn. (guar.)
May 1 *Holders of rec. Apr. 10
O
Preferred (guar.)
3731e May 20 *Holders of tee. Apr. 30
Knudsen Creamery, class A & B (guar.)•
25c May 1 Holder, of rec..Apr. 10a
Kress(S. H.) Co., corn.(quar)
Corn.(payable in special pref.stock)-- 150e. May 1 Holden. of rec. Apr. 100
•15e. May 1 "Holders of tea. Apr. 10
Special preferred (guar.)
Lake of the Woods Milling, pref. (quar.) 11% June 1 Holders of rec. May 16
•$1.75 May 1 *Holders of rec. Apr. 20
Lamson de Sessions Co., pref. (quar.)
.111
June 30 *Holders of tee. June 13
Land Title Bldg. Corp., Philo
750. May 15 Holders of rec. May 5
Landis Machine. common (guar.)
75c, Aug. 15 Holders of tee. Aug. 5
Common (quar.)
75e. Nov. 15 Holders of ree. Nov. 4,
Common (oust.)
' June 15 *Holders of rec. June 5
1)4
Preferred (quar.)
•1V Sept.15 Iloiders of roe. Sept. 5
Preferred (Q1110-)
•131 Doe. 15 *Holders of rec. Dec. 5
Preferred (guar.)
131 May 1 Holders of ree. Apr. 15
Lane Bryant, Inc., prof. (guar.)
May 29 Holders of rec. May 19
Lanston atonotype Machine. (quar.)25e. May 29 Holders of rec. May 19
Extra
July 1 *Holders of rec. June 24
•2
Lariat de Bro. CA., preferred (aalar.)
"2
Oct. 1 "Holders of tee. Sept.20
Preferred (guar.)
$1.50 May 1 'Holders of rec. Apr. 20
.
Lawbeek Corp., $6 pref. (guar.)
'1% May 1 "Holders of rec. Apr. 25
Lazarus(F.& IL) Co., pref.(quar.)
+400. May 16 *Holders of rec. May
Lefeourt Realty Corp.. corn. (quar.)_
25e. May 1 Holders of roe. Apr. 14a
Lehigh Portland Cement, corn.(quar.)
May 1 Holders of rec. Apr. 21
(guar.)
Lerner Stores Corp.. 635% Pref.
50c. May 1 Holders of rec. Apr. 23
Lincoln Printing Co., corn. (guar.)
8734c. May 1 Holders of rec. Apr. '23
Preferred (guar.)
60e. June 1 May 16 to May 31
Link Belt Co., corn. (guar.)
75e. May 1 Holders of rec. Apr. 203
Liquid Carbonic Corp. (guar.)
July 1 *Holders of rec. July 1
"2
Co., pref.(guar.)
Lock Joint Pipe
Oct. 1 "Holden, of rem Oct. 1
'2
Preferred (Qilar.)
Dec. 31 *Holden. of rec. Dee. 31
*2
Preferred Near _
150. May 1 Holders of rec. Apr. 18
Loew's Boston Theatres (quar.)
May 1 Holders of rec. Apr. 24
2
Loew's Ohio Theatres, 1st pref.(guar.)-650. Slay 1 Holders of tee. Apr. 180
Loose-Wiles Biscuit. common (guar.)
100, May 1 Holders of roe. Apr. 160
Common (extra)
134 June 1 Holders of rec. May 16a
Lord es Taylor, 1st pref. (guar.)
May 1 Holders of roe. Apr. 170
2
2nd preferred (quar.)
"134 July 1 'Holders of rec. June 20
Lunkertheliner Co., pref. (OUar.)
•144 Oct. 1 *Holders 91 tee, Sept-21
Preferred (guar.)
"144 Jan P32 'Holders of roe. Dee. 22
Preferred (guar.)
+500. May 15 *Fielders of rec. May 5
Lynch Corporation (guar.)
May 15 "Holders of ree. May 5
+el
Payable in stook
+134 May 1 *Holders of rec. Apr. 20
Lyon Metal Products, pref. (guar.)- 15
MacKinnon Steel Corp.. pref. (quar.)- - 131 May 1 Holders of ree. Apr. 21
250. May 1 Holders of rec. Apr.
1).1acMarr Stores, corn. (quar.)
750. May 15 Fielders of tee. Apr. 290
Macy (R. H.)& Co.. common (quar.)
"134 May 15 *Holders of rec. May 5
Magnin (I.) & Co.,67 pref.(guar.)
• % Aug. 16 *Holders of roc. Aug. 5
6% preferred (guar!)
•1% Nov. 15 "Holders of rec. Nov.
6% preferred (guar.)
•
840 may 15 "Holders of rec. May 1
.
Marathon Rasor Blade, Inc.(mont1111)•
3340. June 15 +Holders of tee. June 1
Monthly
•
3310. July 15 "Holders of rec. July 1
Monthly
.334c. Aug. 15 "Holders of rec. Aug. 1.
Monthly
"3340. Sept.15 *Holders of roe. Sept. 1
Monthly
•334e. Oct. 15 *Holders of rec. Oct. 3
Monthly
•334e. Nov. 15 *Holders of rec. Nov.
Monthly....,
•311e Dee 15 "Holders of roe. Dec.1
Monthly
"250. May 15 *Holders of rec. Apr. 30
May Radio de Television (guar.)
$1.50 May I Holders of rec. Apr. 150
Maytag Co., let preferred (guar.)
750. May 1 Holders of rec. Apr. 15a
Cumulative preference (guar.)
6231c May 1 Holders of rec. Apr. 200
McCall Corp., corn, (guar.)
•131
"131
194
13.4
191
13.1
134
3096
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company,
[VoL. 122.
Per
When
Cent. Payable.
Books Closea.
Days Inclusive.
Miscellaneous (Cont(nued).
Miscellaneous (Cont(nued).
McCrory Stores Corp.. pref.(quar.)---- 134 May 1 Holders of rec. Apr. 200 Pyrene Manufacturing, coin. (quar.)--- .20c. May 1 *Holders of rec. Apr. 17
McIntyre Porcupine Mines (guar.)
25c. June 1 Holders of rec. May 1
Common (guar.)
20c. May 1 Apr. 18 to Apr. 30
Melville Shoe, corn. (guar.)
60c. May 1 Holders of rec. Apr. 170 Quaker Oats, pref. (guar.)
*134 May 29 *Holders of rec. May 2
First preferred (guar.)
•135 May 1 *Holders of rec. Apr. 17
Railroad & General Securities, common_ *1234 May 1 *Holders of rec. Apr. 10
*734c May 1 *Holders of rec. Apr. 17
Second preferred (guar.)
Raymond Concrete Pile. corn.(guar.)
•50c. May 1 *Holders of rec. Apr. 20
Merck Corp., preferred (guar.)
2
July 1 Holders of rec. June 17
$3 preferred (guar.)
*75c. May 1 *Holders of rec. Apr. 20
Metal & Thermit (quar.)
*$1.50 May 1 *Holders of rec. Apr. 20
Real Silk Hosiery Mills
Metropolitan Indust., pref. (quar.)
*51.50 May 1 *Holders of rec. Apr. 20
Corn,(guar.) (Payable in cm.stock)
- 234 July 1 Holders of roe. June 19a
56 pref. allotment ctfs. (guar.)
*75c. May 1 *Holders of rec. Apr. 20
Corn.(guar.) (payable in corn. stock)- 2)4 Oct. 1 Holders of rec. Sept. its
Mlokelberret Food Products
Com.(guar.)(payable in cote. stock). 234 Jan 1'32 Holders of rec. Dee. 18a
Common (payable in corn.stock)... _ *.ram May 15 *Holders of ree. May 1
Reed (C. A.) Co.. class A (guar.)
500. May 1 Holders of rec. Apr. 21
*
123e Aug. 15 *Holders of rec. Aug. 1
Common (payable in corn. stock).Class B (guar.)
1234c May 1 Holders of rec. Apr. 21
Common (payable In coin. eitock)._- *f2)4 Nov.16 *Holders of rec. Nov. 2
Republic Service Corp., pref. (quar.)--- '134 May 1 *Holders of rec. Apr. 15
•131 May 1 *Holders of rec. Apr. 20
Minnesota Val. Can, pref.(guar.)
Republic Supply Co. (guar.)
750. Oct. 15 Holders of rec. Oct. 1
Miss. Val. Utilities Inv., $6 pr. pt.(qu.) *51.50 May 1 *Holders of rec. Apr. 15
Revere Copper & Brass. prof. (quar.)
134 Slay I Holders of rec. Apr. 100
$1
May 1 Holders of rec. Apr. 16
Rio Tinto Co., Ltd.
Mitchell (J. S.) & Co.. Ltd., corn
ModIne Mfg., corn. (guar.)
Am, dep, rcts, ord. bearer shares
*750. May 1 *Holders of rec. Apr. 20
•
(e) May 7 *Holders of rec. Apr. 30
25c. May 30 Holders of rec. Apr. 30
Mohawk Mining
Am. dep. rots. Prof. bearer shares
*
(y) May 7 *Holders of rec. Apr. 30
Montgomery Ward & Co., el. A (quar.)- *51.75 July 1 *Holders of rec. June 20
Riverside Cement, let pref. (quar.)-*E1.50 May 1 *Holders of rec. Apr. 15
75c. May 15 Holders of rec. May 1
Moody's Investors' Service, part. pf.(qu)
Rogers Paper Mfg., class A (guar.)._ - *90c. May 1 *Holders of rec. Apr. 15
3
May 1 Holders of rec. Apr. 250 Roland Park Homeland, pref. (quar.).... 134 May 1 *Holders of rec. Apr. 20
Morris Plan Bank (Cleveland)
'
Rollins Hosiery Mills. Prof. Wiwi
Mortgage Corp.of Nova Scotia (guar.)-- *d131 May 1 *Holders of rec. Apr. 24
*90c May 1 *Holders of rec. Apr. 15
Apr. 25 *Holders of rec. Apr. 15
Mount Royal Hotel Co.(Montreal) pref_ *1
Roos Bros., corn. (quar.)
*62Sic May 1 'Holders of rec. Apr. 15
21.75 May 1 Holders of rec. Apr. 152
Mullins Mfg. Corp.. Pref.(guar.)
Preferred (guar.)
8111625
.
•:u54 May 1 'Holders of rec. Apr. 15
114 June 1 Holders of rec. May 20
Rose's 5-10 & 25 Ct. Stores, pref.(guar.)
Muskogee Company, pref. (guar.)
May 1 *Holders of rec. May I
$1
May 1 Holders of rec. Apr. 20a Russ Mfg., class A (qutc.)
Nash Motors (guar.)
May 1 *Holders of rec. Apr. 21
1 Holders of rec. Apr. 15a Russell Motor Car, corn.(guar.)
200. May
National Acme Co. (guar.)
131 May 1 Holders of rec. Apr. 17
National Bearing Metals, pref.(guar.)
- 131 May 1 Holders of rec. Apr. 16
131 May 1 Holders of rec. Apr. 17
Preferred (guar.)
2
May 1 Holders of rec. Apr. 20
Ruud Manufacturing,common (quar.)__
National Carbon, preferred (quar.)
650. May 1 Holders of rec. Apr. 20
*52
May 15 *Holders of rec. May 1
National Casket, common
Ryerson (Joseph T.)& Son, corn,(guar.) *500. May 1 *Holders of rec. Apr. 20
May 1 Holders of rec. Apr. 170 St. Joseph Lead Co.(guar.)
Nat. Department Stores, let pref.(qu.). 1
His. June 20 June 10 to June 21
500. May 1 Holders of rec. Apr. 15a
National Distillers Prod.,corn.(quar.)
Quarterly
250. Sept. 21 Sept. 11 to Sept.21
'Sc. May 10 *Holders of rec. Apr. 30
National Industrial Loan Corp.(rathly.) _
250. Dec. 2 Dec. 11 to Dec. 21
Quarterly
St. Lawrence Flour Mills. pref. ((luar.).. 1% May, 1 Holders of rec. Apr. 20
*el
June 10 *Holders of rec. May 31
Monthly (payable in stock)
*5e. July 10 *Holders of rec. June 30
Monthly
Salt Creek Producers Assn. (guar.) - 35e. May 1 Holders of rec. Apr. 150
I94, June 15 Holders of rec. May 29a Saranac Pulp & Paper, stock dividend- *e5
National Lead, pref. A (guar.)
Sept. 1 *Holders of rec. Aug. 15
194 May 1 Holders of rec. Apr. 17a Savage Arm,, second pref.(guar.)
Preferred B (guar.)
'1)4 May 15 *Holders of roe. May 1
*134 May 15 *Holders of rec. Apr. 30
Nat. Securities Invest., pref.(quar.)-May 1 Holders of rec. Apr. 15
Savannah Sugar, common (guar.)
Nat. Short Term. Secur., corn. A (qu.)_ *1234c May 1 *Holders of rec. Apr. 10
May I Holders of rec. Apr. 15
Preferred (quar.
)
*17Sic May 1 *Holders of rec. Apr. 10
Preferred (guar.)
81V
1 (10
5
Schumacher Wall Board,Pattie. Of.(qu.) • .50 May 15 *Holders of roe. May 5
134
$1. May 15 Holders of rec. May 50 Scott Paper, pref. A (guar.)
National Supply, common (guar.)
May 1 Holders of roe. Apr. 16a
1331c May 1 Holders of rec. Apr. 14
National Tea. 5)4% pref.(guar.)
1)4 May I Holders of rec. Apr. Itla
Preferred B (guar.)
National Terminals Corp., pref. (guar.) *250. May 1 *Holders of rec. Apr. 27
1234c May 15 Holders of rec. Apr. 30
Seaboard Surety (guar.)
*9c. May 1 *Holders of rec. Apr. 15
Nation-Wide Securities Co., cl. B (qu.)Seaboard Utilities Shares Corp.(guar.)-- 1214c May 1 Holders of rec. Apr. la
el% June 1 'Holders of rec. May 20
Neiman-Marcus Co., Pref. (guar.)
Sears, Roebuck & Co., corn. (ltier.)---- 62)1c May 1 Holders of rec. Apr. 80
•1% Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
May 1 Holders of rec. Apr. 80
Common (payable in corn. stock)- - -'1)4 Dee. 1 *Holders of rec. Nov. 20
Preferred (weir.)
10c. May 1 Holders f rec. Apr. 21
Securities Corp. General. corn.(guar.).*131 May 1 *Holders of rec. Apr. 15
Neisner Bros., Inc., pref. (guar.)
May 1 Holders of rec. Apr. 21
57 preferred (guar.)
Neon Prod. of West Canada,6% pf (qu.) *750. May 1 *Holders of rec. Apr. 15
$6 preferred (guar.)
*4 ..50 May 1 Holders of rec. Apr. 21
$1 75
$
2
May 15 Holders of rec. May la Security Thrift Corp., New Haven
Neptune Meter, Prof. (quar.)
May 1 *Holders ot rec. Apr. 10
2
Aug. 15 Holders of rec. Aug. is Seeman Brothers, Inc., coin.(quar.)
Preferred (guar.)
•75e. Slay 1 'Holders of roe. Apr. 15
Nov. 15 Holders of rec. Nov. le Selby Shoe, corn.(guar.)
2
Preferred (guar.)
"35c. May 1 'Holders of rec. Apr. 200
"14 May 1 'Holders of rec. Apr. 20
Nettleton (A. E.) Co., pref. (quar.)-Preferred (guar.)
1)4 May 1 Holder of rec. Apr. 20a
"Holders of rec. May 15
1 91 June
a
Newberry (J. J.) Co., pref. (quar.)_ _ _ _ :14y
Service Stations,6% pref. and pref. A_
*Holders of rec. Apr. 16
Newberry (J. J.) Realty,6 Si% pt.(Cl.)
(guar.)
1)5 May 1 Holders of rec. Apr. 15
*1)5 May 1 *Holders of rec. Apr. 16
6% preferred B (guar.)
Seton Leather (guar.)
.250. May 1 *Holders of rec. Apr. 16
50c. May 1 *Holders of rec. Apr. 23
New Amsterdam Casualty (Salto.) (qu.) •
*30c. May 1 *Holders of rec. Apr. 20
Shareholders Invest. Corp. (guar.)
*6225c May 1 *Holders of rec. Apr. 15
New England Equity, corn. (quar.)__
Sharp & Dolune, pref. A (guar.)
8755c May 1 Holders of rec. Apr. 170
New England Grain Prod.
Sheaffer (W. A.) Pen Co., common
Sept. 15 *Holders of rec. Sept. 1
.1
5
•2
Aug. 1 *Holders of rec. July 14
Corn.(1-100 share in pref. A stock)
Preferred (guar.)
July 2(1 *Holden of rec. June 30
Fob132 "Hold, of rev. Jan. 14'32
Cora.(1-100 share in pref. A stock)
Preferred (guar.)
Oct. 20 "Holders of roe, Sept .10
*2
*51.75 July 1 'Holders of rec. June 20
e7 preferred (guar.)
Shenandoah Corp., cony. pref. (quar.)
Holders of rev. Apr. 4
"51.75 Oct. 1 *Holders of rem Sept. 20
$7 preferred (guar.)
Silver (Isaac) Bros., 7% pref. (quar.).._ $(& My 1 Holders of rec. Apr. 14
1
*51.75 Jan 2'32 'Holders of rec. Dec. 20
$7 preferred (guar.)
Apr. 19 to Apr. 30
Simpson (Robert) Co
*$1.50 July 15 'Holders of rec. July 1
Preferred A (guar.)
50c. May 1 Holders of rec. Apr. 200
Slinpsons, Ltd.(Toronto), class A (qu.)..
•$1.50 Oct. 15 "Holders of roe. Oct. I
Preferred A (guar.)
194 May 1 Holders of rec. Apr. 200
6)4% preference (guar.)
•
51.50 Ja 15'32 'Hold, of rec. Jan. 2 '32
Preferred A (guar.)
Skelly Oil, Prof. (guar.)
134 May 1 Holders of rec. Apr. la
50c. May 9 Holders of rec. Apr. 200 Solvay Amer. Investment Corp.,pf.(qu.) 194 Slay 15 Holders of ref. Apr. 1150
New Jersey Zinc (quar.)
New River Co. (acct. accum. divs.) • 551.50 May 1 *Holders of rec. Apr. 17
"1)4 July 1 'Holders of rec. Juno 15
Sorg (Paul A.) Paper Co.,Pref.(guar.)
40c. May 1 Holders of rec. Apr. 70 Standard Store Service, cony. pref.(qu.) •750. May I
New York Air Brake, corn. (guar.)
New York Hamburg Corp.. gen. stock.._ *51.25 Apr. 29 *Holders of rec. Apr. 16
Steel Co.of Canada,oom.& pref.(guar./ 43)40 Slay 1 Holders of moo. Apr. 7
25c. Apr. 25 Holders of rec. Apr. 14
Stein (A.)& Co., corn.(guar.)
N. Y.& Honduras Rosario Mining
40c. May 15 Holders of rec. Apr. 30
25e. Apr. 25 Holders of rec. Apr. 14
Extra
750 June 1 Holders of rec. May 150
30c..
Sterling Securities Corp., 1st pf. (qu.)
*25c. May 1 *Holders of rec. Apr. 20
N. Y. Merchandise, corn. ((Bran)
June dl Holders of rec. May 150
Preferred (guar.)
*131 May 1 "Holders of rec. Apr. 20
Stir Baer & Fuller, pref.(guar.)
"4311c June 30 'Holders of rec. June 15
Preferred (guar.)
•50c May 15 •liolaere of roe. May 1
Nineteen linudred Corp., el. A (guar.)
Preferred (guar.)
'43)4e Sept.30 *Holders of roe. Sept. 15
*500 Aug. 15 "Holder, of roe. Aug. 1
:1. mh.laayy 311 *Holders of roe. Deo. 15
*43 50 Dec 1
: .
12, c
Class A (guar.)
Preferred (guar.)
*50c Nov. 15 "Holders of rec. Nov. 1
*Holders of rec. Apr. 20
Clam A (quar.)
Storkline Furniture, pref. (guar.)
10e. May 1 Holders of rec. Apr. 20
Noma Electric Corp., corn. (guar.)
*1 ,A c May 1 Holders of rec. Apr. 200
56 Y1
Stouffer Corp., class A & B (guar.)
e34 May 1 Holders of rec. Apr. 1
June 1 *Holders of rec. May 15
North Amer. Securities, el. A (in stock)Strawbridge & Clothier,6% pref. A (qu.)
'Holders of rec. Apr. 15
Northern Discount, pref. A (mthly.)-- 66 2-3c slay 1 'Holders of rec. Apr. 15
Suburban Elec, Securities, 1st nf• WO
•
662-Sc June 1 'Holders of rec. May 15
Holders of rec. Apr. 20
Preferred A (monthly)
Sun Investing Co., Inc., pref.(guar.)662-31 July 1 *Holders of rec. June 15
115 *Holders of rcc. Apr. 23
Preferred A (monthly)
Superior Port!. Cement,cl. A (monthly)- *27 Sec
• t62-3c tug. 1 'Holders of rec. July 15
5
a 1
75c ls ay 11 Holders of res. Apr. 150
2 o
Preferred A (monthly)
Sweets Co. of Amer.(guar./
•66 2-3( Sept. 1 'Holders of rec. Aug. 15
35c. Slay 1 Apr. 17 to Apr. 30
1 0.
Preferred A (monthly)
Teck-Hughes Gold Mines, Ltd
• 662-3c Oct. 1 *Holder, of rec. Sept.15
Balder, of rec. Apr. 150
000. May
Preferred A (monthly)
Telautograph Corp. (guar.)
• 662-3e Nov. 1 *Holders of rec. Oct. 15
200. May 1 *Holders of rec. Apr. 20
•
Preferred A (monthly)
Telephone investment Corp.(monthly)Holders of rec. May ba
• 062-3r Dee. 1 'Holders of rec. Nov. 15
Stay
Preferred A (monthly)
Thatcher Manufacturing, pref.(guar.)
• 96
rani'32 'Holders of rec. Dec. 15
1 0e.
5
I homson-Cite, Elee Weld , el. A (No.1) .u Slay 1 'Holders of roe. Apr. 21
Preferred A (monthly)
•1
Holders of rec. Apr. 170
stay 1 "Holders of rec. Apr. 15
Preferred C (monthly)
Tide Water Oil, pref.((uar.)
5
May 15
lane 1 'Holders 01 rec. May 15
"1
Preferred C (monthly)
Tobacco Securities Trust (interim)
*Holders of rec. June 15
•I
Lily
725500. Apr. 25 Holders of roe. Apr. 4a
.
Preferred C (monthly)
Transamerica Corp. (guar.)
1111
Holders of rec. Apr. 15
*Holders of rec. July. 15
9ng.
Preferred C (monthly)
May
Tri-Utiiitiee Corp.,53 cum. pref.(qu.)
Sept. I *Holders of rec. Aug. 15
51.50 Slay 1 Holders of rec. Apr. 15
•1
Preferred C (monthly)
96 preferred eve I
,
Jet. I *Holders of roe. Sept. 15
*25c. May 11 *Holders of rec. Apr. 30
*1 u
•
1
Preferred C (monthly)
Trunz Pork Stores, Inc.(guar.)
'
sfov. 1 Holders of rec. Oct. 15
June 1 *Holders of rec. Slay 21
*1
Preferred C (monthly)
Truscon Steel, pref. (guar.)
aec.
"Holders of rec. Nov. 15
aay 11
"I
**2 o
50
Preferred C (monthly)
Tung Sol Lamp Works. Inc., corn.WO - *3705c. ayy 1 *Holders of rec. Apr. 20
*Holders of rec. Apr. 20
l'n 132 *Holder's of rec. Dee. 15
.1
Preferred C (mon t h ly)_
Preference (guar.)
'Holders of rec. Apr. 25
*50e. May 1 *Holders of rec. Apr. 15
Northwest Engineering (guar.)
Twelfth Street Store (Ills.), pt. A (qu.)
*50c. May 9 *Holders of rec. Apr. 17
"50c. slay 1 *Holders of rec. Apr. 20
Oliver United Filters, class A (quar.)Union 011 Associates ((uar.)
L0c. May 9 Holders of rec. Apr. 17a
m
20c. May 15 Holders of rec. Apr. 30
Ontario Steel Products, corn. (quar.)-..
Union 011 of Calif.(guar.)
Holders of roe. Slay 150
J uay
u ne
1
1)4 May 15 Holders of rec. Apr. 30
Preferred (guar.)
United Biscuit of Amer.(guar.)
Holden of roe. Apr. 160
sly _.
Tobacco Plantations. pref.(On.) I
Ontario
Preferred (quar.)
1
Rt.
Preferred (quarterly)
United chtar Stores of Amer.. prof.(qu.) 1)e May 1 Holders of tee. Apr. 10a
n '3e
1
1)4 Aug. I Holders of fee. July 10a
Preferred (quarterly)
Preferred (guar.)
. 1
y 2 Holders of rec. Oct. 9a
75c. May 15 Holders of ree. Apr. 30a
.11
Oppenhelm,Coll]ns& Co.,Inc.,corn.(qu.)
Preferred (gear.)
*Holders of rec. Apr. 10
31
May 1 Holders of roc. Apr. 20a United Ohio Utilities,6% Pr. Pref.(qu.)34 May
Outlet Co., common (guar.)
600. May 1 Holders of rec. Atm. 150
131 May 1 Holders of rec. Apr. 20a United Piece Dye Works,corn.(guar.)-First preferred (guar.)
60c Aug. 1 Holders of reo. July 150
500
:
114 'May 1 Holders of rec. Apr. 200
Second preferred (guar.)
Common ((uar.)
Holders of rec. Get. 16a
.
50c. May 15 Holders of rec. Apr.d29
Owens Illinois Glass common (quar.)......
Common (guar.)
134 July 1 Holders of rec. June 20o
134 July 1 Holders of rec. June 15
Preferred (guar.)
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 19a
1
•60c. May 1 *Holders of rec. Apr. 20
Pacific Clay Products, corn. (quar.)
Preferred ((uar.)
faa y'32 Holders of rtes. Dee, 19a
mnl 1
*20c. May 1 'Holders of rec. Apr. 15
Pacific Finance. pref. A (guar.)
Preferred (guar.)
500. Apr. 30 Holders of roe. Mar. 31a
•1614c May 1 'Holders of rec. Apr. 15
United Profit Sharing, preferred
Preferred C (guar.)
"Holders of rec. Apr. 15
*1735c May 1 'Holders of rec. Apr. 15
United Shirt Distributors, pref. (quar.)- *8715c
Preferred 13 (guar.)
Holders of roe. Apr. 20
•134 May 1 *Holders of rec. Apr. 20
United Verde Extension Mining
Package Machinery, pref. (guar.)
55 May 1 Holders of rec. Apr. 15
34 May
1
*51
June 27 "Holders of rec. June 17
U.S.& British Internat. Co.com. A (qu.) 127
Parafflne Cos., corn. (quar.)
Holders of roe. Apr. 15
33 preferred ((uar.)
Co., class A (quar.)--- *50c. May I 'Holders of rec. Apr. 25
Parker (S. C.) &
.
*1 00
*3734c May 15 'Holders of rec. May 1
U. S. Fidelity & Guaranty (Bait.) (qu.). $5.50 May 15 'Holders of rec. Apr. 30
Parker Pen (guar.)
May 1 Holders of rec. Apr. ha
*195 May 1 'Holders of rec. Apr. 20
U.S.& For. Secure. Corp. 1st Pf• (qu.)_..
Coal. 6% Prot (War.)
Peabody
50c. May 1 Holders of rec. Apr. 15a
12. 8. Industrial Alcohol, corn. (qu.)__....
Peabody Engineering, pref. (guar.)._ _ _ "191 June 30 'Holders of rec. June 30
50c. June 15 Holders of rec. May 16
60o.
*1)4 Sept.30 'Holders of rec. Sept .20
U. S. Realty & Impt.((uar.)
Preferred (guar.)
we July 20 Holders of rec. June '.300
*131 Deo. 31 'Hoidens of rec. Dec. 30
United States Pipe & Foy., oom.(qu.)....
Preferred (guar.)
50e. Oct. 20 Holders of rec. Sept. 30a
81
May 15 Holders of rec. May 5
Common (guar.)
Penmaus, Ltd.. common (guar.)
300. Jon'32 Holders of roe. Dee. 81a
134 May 1 Holders of rec. Apr. 21
Common (quar.)
(guar.)
Preferred
30c. July 20 Holders of rec. June 30e
1)4 may 1 Holders of rec. Apr. 15
First preferred (guar.)
Pennsylvania Industries, pref. (quar.) "18310
oct. 20 Holders of roe. Sept.300
Apr. 30 *Holders of rec. Apr. 20
First preferred (guar.)
Perfection Stove (monthly)
30e. Jn20'32 Holders of ree. Dee. 31e
500. May I Holders of rec. Apr. 15
First preferred (guar.)
Petrolite Corp., Ltd. (quar.)
75e, May 1 Holders of rec. Apr. 17a
IX May 1 Holders of ree. Apr. 20a Universal Leaf rob.. corn,(guar.)
Phillips-Jones Corp., prof.(guar.)
100. May 1 Holders of ree. Apr. 1
•500. July 10 *Holders of rec. June 30
Utilities Hydro & Rails Shares (quar.)
Phoenix Finance Corp., pref. (quar.)....
Utility Equities Corp., priority stock_ _ $2.75 June 1 Holders of rec. May 15
*500. Oct. 10 *Holders of rec. Sept. 30
Preferred (guar.)
Holders of rec. Apr. 30
•500. Jn10'32 *Holders of rec. Dec. 31
Utility & Industrial Corp., pref. (guar.) 37
Preferred (guar.)
0
' o Jlay 2 *Holders of rec. June 1
134 A une 10
•10c. May 1 *Holders of rec. Apr. 20
Vapor Car Heating, pref. (War.)
Pioneer Mill, Ltd.(monthly)
'134 Sept. 10 *Holders of roe. Sept. 1
25 *Holders of rec. Apr. 15
250. Apr.
•
Preferred (guar.)
Pittsburgh Forging,(guar.)
•lei Dec. 10 *Holders of rec. Dee. 1
May 1 Holders of rec. Apr. lba
Preferred ((uar.)
Pittsburgh United Corp.. 7% pref. (Cl.) 19.1 Apr. 30 *Holders of rec. Apr. 15
May 1 *Holders of rec. Apr. 4
1
Victor Talking Machine,corn.((uar.)--250.
•
Plymouth 011 Co
July 1 *Holders of rec. June 15
.5 . may 1 *Holders of rec. Apr. 21
0
Vogt Mtg. (quar.)
Process Corporation (guar.)
*15c. May 1 *Holders of rec. Apr. 20 '
60e. May 15 Holders of rec. Apr. 25+ Walker & Co., class B (guar.)
Procter & Gamble, corn. (guar.)
•50c. July 1 "Holders of rec. June 22
Waltham Watch, 6% prof. ((liar.)
334 May 1 Holders of rec. Apr. 10
Prudence Co.. Inc.. preferred
•500 Oct. 1 'Holder, of rec. Sent.21
Apr.d24
6% preferred (quar.)
Public Utilities Securities, pref.(quar.) ee1.75 May 1 Holders of rec.
•750. May 1 *Holders of rec. Apr. 21
May 15 Holders of rec. Apr. 240 Water Mfg.,$3 pref.(guar.)
$1
Pullman, Inc. (guar.)
*450.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
West Va.Pulp & Paper,6% pret.(att.)May 15 Holders of rec. May 1
6% preferred (quar.)
no Aug. 15 Holders of rec. Aug. 1
6% preferred (quar.)
Si
no Nov. 16 Holders of rec. Nov. 2
Western Air Express (quar.)
*15c. May 1 *Holders of rec. Apr. 20
Western Exploration (quar.)
.2.3ic June 20
Western Grocer of Iowa. cow.(guar.)_ _ _ *374c May 1 *Holders of rec. Apr.
Western Newspaper Union, pref. (qu.)__ .14 May 1 *Holders of rec. Apr. 20
15
Preferred (guar.)
.1U May 1 *Holders of rec. Apr. 25
Western Steel Products, pref. (quar.)
May 1 Holders of rec. Apr. 15
Western Tablet & Stationery, corn. (qu.)
50e. May 1 Holders of rec. Apr. 20
Western United Corp., pref. (quar.)
*14 May 1 *Holders of rec. Apr. 15
Westinghouse Air Brake (quar.)
50c. Apr. 30 Apr. 1 to Apr. 21
Westinghouse El. & Mfg., corn. (quer.). SI
Apr. 30 Holders of rec. Apr. 60
Preferred (dust.)
$1
Apr. 30 Holders of tee. Apr. 6a
Weston (Geo.) Ltd.. pref. (quar.)
1.74 May 1 Holders of rec. Apr. 20
Will & Baumer Candle, corn. (guar.)
100. May 15 Holders of rec. May I
Preferred (quar.)
2
July 1 Holders of roe. June 15
Will-Low Cafeterias, pref. quar.)
$1
May I Holders of roe. Apr. 20a
Williams (R. C.) & Co. (quar.)
5174c May 1 *Holders of rec. Apr. 20
Wineted Hosiery. corn. (quar.)
*24 May 1 *Holders of rec. Apr. 15
Common (quar.)
.24 Aug. 1 *Holders of rec. July 15
Common (guar.)
*24 Nov. I •Holders of rec. Oct. 15
Wisconsin Invest.(Del.) pref. A
.75e. May 1 *Holders of rec. Apr. 22
Woolworth (F. W.) Co., coin.(quar.)
60e June 1 Holders of rec. Apr. 20a
Wrigley (Wm.) J.:. Co.(monthly)
25e May 1 Holders of roe. Apr. 20a
Monthly
500. June 1 Holders of rec. May 20a
Monthly
250. July 1 Holders of tee. June 20a
Viilirlitzer (Rudolph). Prof. (guar.)
•1
July 1 *Holders of rec.
Zink° Renewing Shoe Corp., corn.(qu.) •1 140. July 2 *Holders of rec. June 20
June 15
Common (quar.)
°114c. Oct. 2 *Holders of rec. Sept. 5
Preferred (quar.)
.30. July 2 *Holders of rec. June 15
Preferred (quar.)
*3e. Oct. 2 *Holders of rec. Sept. 15
•From unofficial sources. t The New York Stock Exchange
has
stock will not be quoted ex-dividend on this date and not until further ruled that
notice.
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.
.5 Western Continental Utilities corn. A dividend Is payable in cash
unless stockholder 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. c Payable In scrip. h On
account of accumulated
dividends. j Payable in preferred stock.
1 Electric Shareholdings preferred dividend is optional-31.50
cash or 44-1,000th
share common stock.
p American Cities Power & Light class A dividend Is payable
In
at rate of 1-32d share, unless holder notifies company by April 14 class 13 stock
of his desire to
take cash. 75c.; class B dividend is payable in class B stock.
g Shenandoah Corp. pref. stock dividend will be paid 1-32d share
Unless holder notifies company on or before April 14 of his desire common stock,
to take cash
The. per share.
a Corporation Securities pref. dividend payable In common
-unless holders notify company of their desire to take cash. stock-1-40th share
x Public Utilities Securities dividend is $1.75 cash or 1-20th share
common stock
of Utilities Power & Light Co. Con]. stock.
to Less deduction for expenses of depositary.
y Rio Tinto ordinary stock div. Is 10 shillings and pref. dividend 2
shilling 6 pence.
I Payment of Associated Gas St 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 55
preferred-1-70th
abate-unless holder notifies company on or before April 1001 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 kind 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
now members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $173,268,000
to the net demand deposits and 8105,776,000 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 18
1931
Clearing House
!Octobers.
Bank of N. Y.& Tr. Co.
Bk.of Manhattan Tr.Co.
Bank of Amer.Nat.Ass'n
National City Bank____
Chem. Bk.& Trust Co.._
Guaranty Trust Co
Chat. Ph. N. 13k.&Tr.Co
Cent. Han. Bk.& Tr. Co
Corn Exch. Bk. Tr. Co_
First National Bank
Irving Trust Co
Continental Bk.&Tr.Co_
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co
Marine Midland Tr. Co_
Lawyers' Trust Co
New York Trust Co.._.._
Com'l Nat. 13k. & Tr. Co
Harriman Nat. 13k. & Tr.
Public N.B.& Tr. Co..
Manufacturers Trust Co
Clearing Non-Member.
Mech. Tr. Co., Bayonne
Totals
• Capital.
$
6,000,000
22,250.000
36,775,300
110.000,000
21,000.000
90,000.000
16,200,000
21,000,000
15,000.000
10,000,000
50,000,000
6.000.000
148,000,000
500,000
25,000,000
10.000,000
10,000.000
3,000,000
12,500.000
7.000,000
2,000,000
8,250,000
27.500,000
*Surplus and
Undivided
Profits.
Net Demand
Deposits,
Arerage.
$
S
14,368,800
65,920.000
54,517.900
301.979.000
33,423,200
162,592.000
114,744,200 a1,002,914.000
43,709,800
232,898,000
208,068,600 1935,293,000
16,528,000
158,702.000
88,207,800
409.037.000
32,579,200
185.726.000
115,830,900
257,022.000
85,285,400
397.710.000
11,341,900
11,751.000
210,812,700 c1,344.362.000
3,897,100
27,329.000
87,395,200 4425,484.000
24,988,800
36,333,000
9,551.400
45.039,000
4.526,500
16,870,000
36,051,800
173,982,000
10,013.800
43,933,000
2,642.200
28,347,000
13,805,400
39,229,000
23,947,700
134.039,000
Time
Deposits,
Average.
$
13,570.000
54,761,000
54.946,000
212,023.000
29,173 000
122.877..000
33,664.000
86.047,000
38,009000
30,978.000
48.840..000
769,000
200.964,000
3,208000
78,403000
1,520.000
7,100.000
2,486..000
54,527.000
4,734,000
6,306,000
34,920.000
70,856,000
909,700
500,000
2,822,000
5,292,000
658.475.300 1,247,148,000 6,439,313,000 1.195 973 nnn
• As per official reports: National, March 25 1931; State, March 25
1931;
trust companies, March 25 1931.
Includes deposits in foreign branches: a 5283,715,000; b $120,791,000; c
$124.448,000; 4 554,853,000.
3097
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending April,17:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY. APRIL 17 1931
NATIONAL AND STATE BANKS-Average Figures.
Loans.
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Manhattan$
$
Bryant Park 13k_
1.675,400 70.700
Grace National_ 20,801,983 2,750
Brooklyn
Brooklyn Nat'l__
9,910.500 20.000
Peoples Nat'l__ _
6,720,000 5,000
$
$
S
$
65,300
399.200
1,244.800
58,056 1,903,356 1,975,539 19,884,822
148,900
110,000
595.200
511,000
632.100
400,000
7,490.100
7,230,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Invest.
ManhattanBank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos,
Gross
Deposits.
$
$
$
13,596.869
698,510
353.987
82.540.100 *4,427,700 6,902.600
148,927 1,013,936
15,632.986
20,294,400 *2.546,000 1,236,800
69,704,991 4,066,667 16,458,832
$
$
12,785,330
2,920,900 80.986.100
183,804 15,266,439
209,400 19,506,700
60,866,474
2,163,000 22,344,000
2,092,050 3,881,090
1,471,000 126,800.000
27,388,991
122,468,000
28,100,476
8,427,864
314,886
777,065
302,785
8,417,000
* Includes amount with Federal Reserve Bank as follows: Empire. $3,017,000;
Fulton, $2,360,000.
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
April 22
1931.
Changes from
Precious
Week.
Week Ended
April 15
1931.
Weak Ended
April 8
1931.
5
$
$
$
Capital
94,075,000 Unchanged
94,075,000
94,075,000
Surplus and profits
97,216,000
07,216.000 Unchanged
97,216.000
Loans, disets S.: luvest'ts_ 1,046,735,000 -2,400,000 1,049,135,000 1.050,616.000
Individual deposits
622,939.000 -1,577,000 624,516.000 620,450,009
Due to banks
164.523,000 -4,063,000 168,586.000 169.575,000
Time deposits
-706.000 279.385,000 279,210.000
278.679.000
+166.000
31,734,000
31,568,000
United States deposIts
36,847,000
20,043,000 -3,805.000
23,848.000
Exchanges for Cie. IIouse
22,383,000
Due from other banks__ _ 121,051.000 -9,833,000 130,934.000 121,594,000
Res've In legal elepositles
84.139.000 +1,422.000
82,717.000
83,743,000
Cash In bank
-103,000
5.705,000
5,808.000
5,769,000
RCii'VP In rxrpka InF.R.Lik
+1,598,000
2,744.000
4.342.000
3,731,000
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 111930, 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 showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
April 18
1931.
Changesfrom
Previous
Week.
Week Ended
Apr. 11
1931.
$
$
5
Unchanged
83,202,000
83,202,000
Capital
+184,000 258,367,000
258,551,000
Surplus and profits
Loans, disets. and invest_ 1,561,401,000 +3,629,000 1,557,772,000
28,472,000 +3,173,000
25,299.000
Exch. for Clearing House
158,338,000 -17,307,000 175.645.000
Due from banks
264,690.000 -16,888,000 281,578.000
Bank deposits
814,567.000 +3,872,000 810,695,000
Individual deposits
+822,000 429,555,000
430,377,000
Time deposits
1,509,634.000 -12,194,000 1,521,828,000
Total deposits
Reserve with F.R. Bank.. 127.200.000
-108.000 127,308,000
Week Ended
Apr. 4
1931.
.1,W.CON. IAN
CO a 0.00.CO CO C4 (OW
Name of Company.
FINANCIAL CHRONICLE
ocnc0000wcoo
0tO 00.000500ta
000000"08..
00
Roo 000 Q0
APRIL 25 1931.]
3098
FINANCIAL CHRONICLE
I vol..
132
Weekly Return of the Federal Reserve Board.
April 23, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon,
the first table we present the results for the System
y. In
of the twelve Reserve banks at the close of business on Wednesda
and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks
separately for each of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities
notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve
for the
and Federal Reserve banks. The Reserve Board's comment upon the returns
Reserve Agents and between the latter
of "Current Events and Discussions."
latest week appears on page 3055, being the first item in our department
APRIL 22 1931.
THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND LIABILITIES OF
1931 Apr. 231930.
Apr. 8 1931. Apr. 11931. Mar.25 1931. Mar.18 1931. Mar.111931. Mar.4
$
8
$
$
$
$
$
$
$
RESOURCES.
1.715,384,000 1,705,384,000 1,654,164,000
41,142,000
1,782,614,000 1,760,114,000 1,733,114,000 1,725,124,000 1,729.624,000 1,710,384,000
33,620.000
33.118,000
agents
Gold:with Federal Reserve
33,005,000
32.672.000
32,848,000
32,648,000
32,529,000
32,529,000
Gold.redemption fund with U. S. Treas.
1,695,306,000
1,743,389,000 1.748,502,000 1,739,004,000
F. R. notes 1,815,143,000 1,792,643.000 1,765,962,000 1.757,772,000 1,762,296,000 519,463,000 500,222,000 491,679.000 615,295,000
Gold held exclusively scat.
557,493,000 523,304,000 540,763,000 508,978,000 504.271.000
863,614.000 735,799,000
Goldaettlement fund with F. R. Board
824.296,000 848,452,000 859,801,000 853,022,000 847,650.000
825.911.000
Gold and gold certificates held by banks.. 790,187,000
3,096,374,000 3,094,297,000 3,046,400,000
3,162,823,000 3,141,858,000 3,131,021,000 3,115,202,000 3,126,368,000 3,115,874,000 184.172,000 175,990,000 178,376,000
Total gold reserves
183,527,000 176,015,000 177,992,000 180,008.000 183,894,060 173,265,000
than gold
Reserves other
3,280,546,000 3,270.287,000 3,224,776,000
66,357,000
3,346,350,000 3,317,873.000 3,309,013,000 3,295.210,000 3,310,262,000 3.294.139,000
75,634,000
78.878,000
Total reserves
74.791,000
74.333,000
73,954,000
78,100,000
76,178,000
72,118,000
Non-riserve cash
93,129,000
63,258,000
49,628.000
62,892,000
Bills discounted:
61,950,000
45,700,000
57,747,000
40,336,000
44,415,000
127,318,000 118,362,000
Secured by U. S. Govt. obligations
96,885,000 105,883,000 103,475.000 109,030,000 122,922,000
91,668,000
90,835,000
Other bills dtscounted
211,491.000
165,425,000 161,922,000 172,550,000 190,576,000 256,869,000
135,250,000 132,004,000 142,585,000 163.630,000
Total bills discounted
83.272.000 122,550.000 151,402,000 100.555,000
151,611,000 131,479.000 171,729,000 166,622,000
Bills bought in oven market
66.184,000
76.123,000
76.025,000
66,959,000
U. S. Government securities:
66,633,000
66.719,000
65,722,000
66.600,000
65,711,000
176,525,000
Bonds
53,223.000 178,195.000 168,293,000 281,679,000
63,227.000
59,225,000
63,226,000
52,229,000
52,232,000
355,451,000
Treasury notes
480,684,000 472,711,000 468,537.000 468,698,000 497,564.000 350,484.000
480,586,000
Certificates and bills
604,704.000 599,867.000 527,388,000
598,529,000 598,635,000 598.655,000 598,363,000 598.558,000 617.740.000
9,215,000
Total U. S. Government securities
(see note)
Other securities
890.998,000 1,004,963,000
862,118,000 912,969,000 928,615.000 847,255,000 902,218,000 928,656,000
885,390,000
711,000
698,000
698,000
Total bills and securities (see note)
703,000
710,000
697,000
707.000
697.000
697,000
19,506,000
16,239.000
14,664,000
Due from foreign banks (5ee note)
14,772,000
14.959,000
14.383,000
13,608.000
15,981,000
16,159.000
516,299,000 629,664,000
Uncollected items
598,488,000 475,629,000 501,567,000 464.466.000 563,821,000 461.472,000
523,411,000
53,580,000
58,196,000
58,243,000
Federal Reserve notes of other banks
58.297,000
58,323,000
58,364,000
58,338,000
58,417,000
58,420,000
11,499,000
19,729,000
19,850,000
Bank premises
16,073.000
16,546.000
17,287,000
17,617,000
16,963,000
16,741,000
All other resources
4,848,080,000 5,016,056,000
4,919,286,000 4,946,715,000 4,866,442,000 4,889,616,000 4.786,854.000 4,924,814.000 4.843.007,000
Total resources
LIABILITIES.
1,459,837.000 1,518,344,000
1,526,511,000 1,515,716,000 1,505,143,000 1,497,811,000 1,441,715,000 1.441,823,000 1.445,855,000
circulation
F. R notes In actual
2,363,314,000
Deposits:
2,356,415,000 2,388,700,000 2.391,814,000 2,357,011,000 2,436,383.000 2,435,520,000 2,365,192,000
2,379.785,000
35,200,000
43,644,000
33.124.000
Member banks—reserve account
2,535.000
29.884,000
51,404,000
29,140,000
18,859,000
29,638,000
5,775,000
5.197.000
Government
5,183,000
5,234,000
5.086,000
5,243,000
5,183,000
5.151,000
5,495,000
17,897,000
16.737.000
Foreign banks (see note)
16.944.000
21,104,000
19,266,000
18,680,000
20,113,000
25.733,000
20.874,000
Other deposits
2,430,770.000 2,422,186,000
2,435,792,000 2,406,190.000 2.442.507,000 2,446,218,000 2,432,767,000 2,465,256,000 2,400,771,000 500,381,000 605,006,000
Total deposits
498,113,000 566,027,000 460,439,000 487,611,000 454,585,000 559,941,000 448,988,000 169,092.000 174,243,000
Deferred availability items
168,690,000 168.738.000 168,713,000 168,825,000 168,894,000 169,004,000 169,024,000 274.636.000 276,936,000
Capital paid In
274.636,000 274,636,000 274,636,000 274,636,000 274.636,000 274,636,000 274,636,000
19,341,000
13,364,000
13,733,000
Surplus
14,154,000
14.257,000
14,515,000
15,004,000
15.408,000
15,544,000
All other liabilities
4,786,854,000 4.924,814,000 4,843,007,000 4,848,080.000 5,016,056,000
4,919,286,000 4.946,715,000 4,866,442,000 4.889.616,000
Total liabilities
and
77.6%
79.5%
78.6%
79.7%
Ratio of gold reserves to deposits
80.6%
80.2%
79.1%
80.1%
79.8%
R. note liabilities combined
F.
81.8%
83.3%
84.1%
84.3%
85.4%
Ratio of total reserves to deposits and
83.8%
83.5%
84.6%
84.5%
F. R. note liabilities combined
Contingent liability on bills purchased 422,880,000 424.148,000 429,536,000 430,784,000 437,233,000 453,072,000 400,945,000 462,261,000 459,983,000
for foreign correspondents
3
$
$
$
$
$
$
$
3
Maturity Dlstributton of Bills and
35.604,000 147,584,000
78.336,000
74,872,000
Short-Term Securities
54,399,000
.000 120,934,000
95.149
331.000
60.
95,439,000
1-13 days bills bought In open market95,670.000 100.829.000 120,439.000 133,350,000
82,837,000 100,857,000 102,694.000
73,825,000
78,833.000
45.000.000
1-15 days bills discounted
15,000
5,000,000
1-15 days U. S. certif. of Indebtedness.
54,041,000
40,488,000
49,372,000
26,095,000
1-15 days municipal warrants
17,835,000
53,580,000
35,916,000
31,823,000
29,167,000
18,305,000
market
19.318,000
18.725.000
18,061.000
16-30 days bills bought in open
14,152,000
14,452,000
13.949.000
14,367,000
12,564,000
16-30 days bills discounted
6.000,000
5,000.000
19,200,000
16-30 days U. S. certif. of indebtedness
35,084,000
21,414.000
21.695,000
19.919,000
16-30 days municipal warrants
9.666.000
10,779,000
19,539,000
14,432,000
13,097,000
27,417,000
24,779.000
25,377,000
23,102,000
days bills bought in open market
22,426,000
31-60
21,857,000
21,035,000
19,640,000
19,451,000
45,198,000
2,000,000
6,000,000
36,000,000
81-60 days bills discounted
36.000.000
24,500,000
29,422,000
91.716,000
31-60 days U. S. certif. of Indebtedness
16,158.000
2.738.000
1,760,000
1,434,000
1,245,000
31-60 days municipal warrants
2,891,000
3.223.000
11,661,000
13.800,000
17,351,000
14,374,000
15,742,000
15,132.000
14,236,000
61-90 days bills bought in open market
14,744,000
13,605
.000
12.291,000
12.333,000
62,500,000
32,000,000
30,000.000
113,718,000 158,717,000
days bills discounted
61-90
40.300,000 122,704,000 134.726.000 120,216,000
certif. of Indebtedness—
61-90 days U.S.
4,002,000
311,000
239,000
230,000
127,000
61-90 days municipal warrants
190,000
238,000
139.000
108,000
11.606,000
15,068,000
11,877,000
11.957,000
11.917,000
Over 90 days bills bought in open market
11,720,000
11.699.000
11,881,000
12,069,000
297.847,000 318,484,000 323,451.000 176,981,000
Over 90 days bills discounted
23,468,000 307,485.000 312,321.000 318,980,000
324,370,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Apr. 22 1931. Apr. 15 1931
.
3,112,250,000
FED. RESERVE NOTE STATEMENT
1,265,917,000
F. R. notes received from Comptroller
F.R. notes held by F. R. Agent
1,871,904.000 1,861,648.000 1,869,906,000 1,846,342,000
1,874,535,000
1,939.247,000 1,929,937,000 1,911,513,000 1,895,399,000
Issued to Federal Reserve Banks
Collateral Held by Agent as Security for
618,144,000 618.654.000 618,654.000 614,654,000 402,108,000
Notes Issued to Bank—
620,134,000 620,134,000 623.134,000 623,144,000
By gold and gold certificates
1,091,730,000 1,096,730,000 1.090,730.000 1,252,056,000
Gold redemption fund
1,139,980,000 1,109,980,000 1,101,980,000 1,111.480,000 256.650.000 288,207,000 255,540,000 460,096,000
1.162,480,000
Board
239.742,000
Gold fund—Federal Reserve
261,546,000 254.107,000 299,262,000 301,556,000
By eligible paper
1,969,366,000 1,967,034.000 2,003,591,000 1,960.924.000 2,114,260,000
2 044 180 000 2.014.221.000 2.032.376.000 2,026,680.000
held abroad and amounts due to
added in order to show separately the amount o balances
with the statement of Oct. 7 1925, two new items were
NOTE—Beginning
up o Foreign Intermediate Credit Bank debentures, was changed to "Other
"
earning assets, previously made
foreign correspondents. In addition, the caption. "All other bills and securities." The latter Item was adopted as a more accurate description of the total of the Ws"Total earning assets" to "Total
Items Included therein.
Sections 13 and 1401 the Federal Reserve Act which, it was stated, are the only
Securities... and the caption,
securities acquired under the Provision of
Counts, aeCeldtanCiii and
OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 22 1911
RESOURCES AND LIABILITIES OF EACH
WEEKLY STATEMENT OF
Si. Louts. Minneap. Kan.City. Dallas, SanFran.
Two Cigh 67.1 (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
Total.
Federal It.serve Bank of—
$
$
$
$
3
$
$
$
$
$
-$
$
$
23,600,0 215,763,0
RE OURCES.
351,919,0 160,000.0 192,550,0 84,070,0 144.400.0285,000,0 68,880.0 44,515,0 65.000,0
764,0 4,438,0
669,0 1,349,0
Agents 1,782,614,0 146,917,0
699,0 1,021,0 3,985,0 1,520,0
13,244,0 1,105,0 2,537,0
Gold with Ftsi eral Reserve
1,198,0
32,529,0
-Treas.
-- ------------Gold red'n fu A with U. S.
—
--161,105,0 195,087,0 84,769,0 145,421,0 288,985,0 70.400,0 45,184,0 66,349,0 24,364.0 220.201,0
1,815,143,0 148,115,0 365,163.0
16,287,0 16,531.0 26,279,0
Gold held e cl. agst. F. It. notes 557,493.0 45,975,0 177.841,0 54,263,0 49,359,0 18,959,0 12,511,0 102,325,0 23,255,0 13,908,0 11,329,0 4,959,0 35,837,0
5.506,0
Cold settle't II Lnd with F.R. Board 790,187.0 27,467,0 513,466,0 27,535,0 64,966,0 5,587,0 7.434,0 74.667,0 11,434,0
----- —-Gold and gold etre. held by banks_ --93.965.0 45,854,0 282,317,0
1,056,470,0 242,903.0 309,412,0 09,315,0 165,366.0 65,977,0 05,089,0 64,598.0 7,470,0 8.129,0 9,916,0
3 162,823,0 221,557,0
59,390,0 8,870,0 15,856,0 10,669,0 6,000.0 21,494,0 9,797.0 3,766,0
Total gold r eserves
V.170,0
— --183,527,0
-- -- —
Reserve other than gold
-87,471,0 14.886.0 68,364,0 101,435,0 53,983,0 292,233.0
243,727,0 1,115,860.0 251,773,0 326,268,0 119,984,0 171.366.0
1,604,0 1,806,0 3,254,0 5,780,0
3,346,350,0
19,911,0 4,113,0 4,228,0 4,531.0 4,908,0 9.796,0 5,219,0
Total rese es
72.118,0 6,968,0
Non-reserve tall
182,0
971,0
920,0
314,0
243,0 5,864,0 3,621.0
851,0
Bills discount el:
17.108,0 5,816,0 5,806,0
2,719,0
4,868,0 3.087,0 8,139,0 7,295,0 4,589,0
44,415,0
See. by U. 5. Govt. obligations
14,084,0 10,006,0 5,962,0 11,086,0 0,805,0 7,473,0
-90,835,0 4,441,0
Other bills discounted
-----8,489,0 3,401,0 9,059,0 7,477,0 5,560,0
31,192,0 15,822,0 11,768,0 11,937,0 10,048,0 13,337,0 7,928,0 5,632,0 7,768,0 5,106,0 19,966,0
135,250,0 7,160,0
43.0 6,106,0 21,032,0
Total bills d Lscounted
105,0 10,430,0
40,985,0
151 611 0 17,510,0
Bills bought I open market
APRIL 25 1931.]
Two Ciphers (00) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
5
$
RESOURCES (Concluded)
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan.City. Dallas. SanFrau.
5
$
3099
$
$
$
$
$
$
$
$
$
65,711,0 1,202,0
21,523,0
989,0
319,0
520,0 1,324,0
666,0 7,678,0
279,0 20,590,0
379,0 10,242,0
52,232,0 1,502,0
11,380,0 4,606,0 11,549,0
603,0 1,110,0
623,0 10,545,0
490,0 3,876,0 1.972,0 3,976,0
480,586,0 43,478,0 149,810,0 43,757,0 45,624,0 15,168,0 8,602,0 58,566,0 19,257,0 17,496,0 32,291,0 18,409,0 28,128,0
- Total U. S. Govt. securities__ 598,529,0 46,182,0 182,713,0 49,352,0 57,693,0 16,982,0 12,757,0 81,128,0 23,899,0 25,777,0 33,780,0 29,274,0 38,992,0
- 885,390,0 70,852,0 254,890,0 65,279.0 88,891,0 28,962,0 28,911,0 115,497,0 40,316.0 34,810,0 50,607,0 41,857.0 64,518,0
Total bills and securities
Due from foreign hanks
21,0
697,0
48,0
53.0
21,0
223,0
16,0
70,0
25,0
28,0
95,0
72,0
25.0
Uneofleeted items
16,159,0
318,0 1.209,0
751,0 1,011,0
231,0
4,369,0
797,0 1.712,0 1,389,0 2,973,0 1,221,0
178,0
F. R.notes of other banks
523,411,0 63,655,0 138,853,0 49,299,0 49,713,0 37.351,0 14,714,0 62,116.0 21,497,0 9,393,0 27,548,0 19,079,0 30,233,0
Bank premises
58,420,0 3,458,0
15,240,0 2,614.0 7,102,0 3,465,0 2,573,0 8,061,0 3,636,0 1,926,0 3,803,0 1,831,0 4,621,0
16,741,0
All other resources
804,0
428,0
747,0
387,0
664,0
4,681.0
928,0 1,295,0
628,0 1,670,0 1,076,0 3,433,0
--- - --------------------------Total resources
4,919,286,0 389,331,0 1,554,027,0 373.914,0 477,831,0 197,109,0 227,319,0 686,937,0 188,095,0 117.528,0 186,659,0 121,147,0 399,389,6
LIABILITIES.
F.It. notes In actual circulation 1,526,511,0 139,135,0 261.436.0 134,590,0 180.192,0 77,112,0 132,039,0 225,368,0 75,326,0 47,848,0 65,548,0 28,131,0 159,786,0
996,332,0 147,117,0 198,419,0 62,116,0 59,944,0 337,094,0 70,905,0 48,817,0 80,483,0 56,770,0 172,425,6
8,798,0 2,351,0 1,660,0 2,456,0 2,668,0 2,223,0 1,658,0 1,253,0 1,060.0 1,503,0 1,308,6
350,6
149.0
118,0
154,0
180,0
695,0
185.0
2,043,0
509,0
206,0
520,0
495,0
78,0 5,755.6
341,0
296.0
10,067,0
781,0
218,0
325,0 2,279,0
147,0
Member bank-reserve account 2,379,785,0 149,363,0
Government
29,638,0 2,695,0
Foreign bank
5,495,0
386,0
Other deposits
20,874,0
92,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills pu
chased for foreign oorrespond'
2,435,792,0 152,536,0 1,017.240,0 150,302,0 202,878,0 114.025,0 63,015,0 340,793,0 73,039,0 50.529,0 82,187,0 58,510,0 179,838,6
498,113,0 64,244,0 124,832,0 44,808,0 48,834,0 30,417.0 14,032,0 58.611,0 23,003,0 8,172,0 25.521,0 20,581,0 29,058,6
168,690,0 11.829,0
65,549,0 16,776,0 15,754,0 5,724,0 5,258,0 19,928,0 4,840,0 3,028,0 4,243,0 4,299,0 11,462,6
274,636,0 21,299,0
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 18,475,6
770,6
690,0
458,0
807,0
15,544,0
288,0
4,395,0
373,0 1,202,0
817,0 2,118,0 2,301,0 1,325,0
--------------- --- - -4,919,286,0 389,331,0 1,554,027.0 373,914,0 477,831,0 197,109,0 227,319,0 686,937,0 188,095,0 117,528.0 186,659,0 121,147,0 399,389,(
83.6
84.5
88.4
87.3
84.9 -
87.9
84.5
77.4
86.1
133,218,0 41,999,0 42,848.0 16.969.0 15,273,0 57,272,0 14,848,0
422.830,0 31.818,0
69.5
68.7
62.3
86.1
9,757.0 12,303,0 12,727,0 28,848.
FEDERAL RESERVE NOTE STATEMENT.
Federal
ReSerVil
Agent at
-
Boston.
Total.
New York.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R. bk. by P.R. Agt. 1,939,247.0 159,793.0
Held by Federal Reserve bank_ 412,736.0 20,658.0
--- -- In actual circulation
1,526,511,0 139,135,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold eertifIcates
620,134,0 32,300,0
Gold fund-F.R. Board
1,162,480,0 114,617,0
Eligible paper
261,546,0 24,612,0
Total collateral
Plaila.
$
$
I
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
S
$
$
$
$
397,034,0 164,843,0 209,632,0 86,738,0 159,317,0 291,456,0 82,487.0 52,950,0 70,821,0 33,920,0 230,256,0
135,598,0 30,253,0 29,440,0 9,626,0 27,278,0 66,088,0 7,161,0 5,102,0 5,273,0 5.789,0 70,470,0
-----261,436,0 134,590,0 180,192,0 77,121,0 132,039,0 225,368.0 75,326,0 47,848,0 65,548,0 28,131.0 159,786,0
351,919,0 38.700,0 12,550,0 10,070,0 9,400,0 82,000,0
121,300,0 180,000,0 74,000,0 135,000,0 203,000,0
52,823,0 13,386,0 30,806,0 11,799,0 15.708.0 34,136.0
--- 404,742,0 173,386,0 223.358.0 058650 160 108.0 319.136.0
2,014,160,0 171,529,0
7,300.0 55,000,6
14,080,0 7,815,0
54,800,0 37,700,0 65,000.0 16,300.0 160,763,6
15,691,0 8,797,0 16,326,0 12,133,0 25,329.6
84.671.0 53,312,0 81,326,0 35,733,0 241,092,
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 3055, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the
loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank.
Previously acceptances of other banks and bills sold with endorsement were included with loans.
and some of the banks included mortgages In Investments. Loans secured by
separately, only the total of loans on
U.
Securities being given. Furthermore, borrowing at the Federal Reserve is not S. Government obligations are no longer shown
obligations and those secured
by commercial paper, only a lump total being given. The number of reporting any more subdivided to show the amount secured by U. S.
In its place the number of cities included (then 101) was for time
given, but beginning Oct. 9 1929 even this has been omitted. The figures have banks Is now
also been revised to exclude a bank in the San Francisco district with loans and investomitted*.
ments of 5135,000,000 on Jan. 2 1929 which had then 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 15 1931 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
s
Loans and Investments-total
$
23,051
1,505
.9,136
Loans-total
15,258
1,045
6,152
7,194
8,064
406
639
3,455
2,697
7,793
460
3,977
3,816
206
254
Phila.
Investments-total
U. S. Government securities
Other securities
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. Bank
$
1,422
t
Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran.
$
s
s
$
s
$
$
647
588
3,347
666
379
634
435
1,982
852
1,426
424
401
2,351
444
242
372
306
1,240
428
424
666
760
162
262
128
276
1,182
1,169
173
271
59
183
102
270
90
216
343
897
2,984
570
1,578
256
1,406
314
864
223
184
996
222
137
262
149
742
467
397
102
121
99
85
80
142
70
67
112
150
95
54
379
363
34
5
281
149
21
118
125
106
17
761
1,03£
31
211
271
--.•
836
96
24
53
48
144
38
39
53
12
5
10
6
25
14
9
6,356
855
447
218
389
1,145
312
331
1,749
391
249
205
152
1,009
230
259
120
40
5
2
10
24
33
30
188
143
88
204
76
151
110
96
1,363
303
94
137
236
420
125
131
3..
2
.
1
1
• Exclusive of figures for one bank in New York City. Closed Deo. 11. Last report of bank showed loans and Investments of about $190,000,000.
I April 1 figures for Chicago district revised.
1,768
268
13,811
7,304
395
1,804
3,898
19
$
$
2,290
p-,
.
IA.
420
CnN - ,
=w
NOWC.INWW
.-inowt....0. WW
On securities
All other
$
95
43
896
521
41
126
162
2
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 22 1931,
In comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Apr. 22 1931. Apr.15 1931. Apr. 23 1930.
351,919,000
13,244,000
381,919,000
13,244,000
258,594,000
15,257,000
365,163,000
177,841,000
513,466,000
375,163.000
127,519.000
548,013,000
273,851,000
180,668,000
433,425,000
Total gold reserve
Reserves other than gold
1,056,470,000 1,050,695,000
59,390,000
57,474,000
887,944,000
55,063,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
1,115,860,000 1.103,169,000
19,911,000
23.084,000
Resources (Concluded)
Due from foreign banks (set note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
All other resources
Apr. 22 1931. Apr. 15 1931. Apr. 231930.
s
3
226,000
223,000
223,000
5,611.000
5,284.000
4,369,000
138,853,000 165,828,000 173,403,000
15,664,000
15,240,000
15,240,000
3,379,000
4,662,000
4,681,000
943,007,000
13,172,000
Gold held exclusively eget. F.R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
17,108,000
14,084,000
10,393,000
15,751,000
31,192,000
40,985,000
26,144,000
24,551,000
21,523,000
11,380,000
149,810,000
21,523,000
11.380,000
149.810,000
Total U.S. Government securities
Other securities (see note)
182,713,000
182,713.000
Total bills and securities (see note)
254,890,000
Total bills discounted
Bills bought in open market
U.13. Government securities
Bonds
Treasury notes
Certificates and bills
Total resources
1,554,027.000 1,555,898,000 1,462,735,000
Llablitlferleed'i Reserve notes in actual circulation 261,436,000 281,754.000 174,615,000
996,332,000 974,558.000 957.671,000
-Member bank, reserve acct
Deposits
7,668.000
1,506.000
8,798,000
Government
1,978,000
1,731,000
2,042.000
Foreign bank (see note)
7.823,000
15,128,000
22,337,000
10,068,000
Other deposits
11,789,000
1,017,240,000 992,923.000 975,140.000
Total deposits
124,832,000 150.735.000 157.043,056
34,126,000 Deferred availability Items
65,547,000
69,755,000
65,549.000
74,084,000 Capital paid In
80,575.000
80,001,000
80,575,000
Surplus
4,384,000
4,395,000
6,181,000
27,199,000 All other liabilities
54,422,000
1,554,027,000 1,555,898.000 1,462,735,000
111,242,000
Total liabilities
192,863,000
7
,200,000
Ratio of total reserve to deposit and
Fed-1 Reserve note liabilities combined
e t lia birreA o bn t
Contingnign co lity no nae iil: purchased
for
87.3%
88.3%
82.07
0
233,403,000 308.273.000
138.218.000 139.485.000 151,524.000
N0TE.-13eghining with the statement of Oct. 7 1925, two new items were
separately the amount Cl balances held abroad and amounts due to
added In
foreign correspondents. In addition, the caption "All other earning asseta... Previously order to show
made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities," and the caption, "Total =fling assets- to -Total bills 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 hems
included therein.
[VOL. 132.
FINANCIAL CHRONICLE
3100
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty
Loan and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given
Wall Street, Friday Night, April 24 1931.
-The review of the in a footnote at the end of the tabulation.
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3086.
Daily Record of U. S. Bond Prices. Apr. 18 Apr. 20 Apr. 21 Apr. 22 Apr.23 Apr. 24
The following are sales made at the Stock Exchange this
____ 101"3, 101"33
High 1012133 1012231 1012233
week of shares not represented in our detailed list on the First Liberty Loan
____ 10123,1 101"33
,,
,, 101,,
355% bonds of 1923-47__ Low- 101,, 101,,
,,
pages which follow:
,
(First 354)
---- 1012233 101 h,
,,
,,
,,
Close 101,, 101,, 101,,
9
8
Total sales in 81,000 units.23
6
Vanittrs' Gaztitt.
STOCKS.
Week Ended April 24.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
per share. 13 per share.'S per share.
Par. Shares.
per share.
Railroads50 11234 Apr 20 11234 Apr 20 11234 Apr 11254 Apr
Alleghany & West__100
Feb
Jan 61
Apr 23 60
Apr 23 60
10 60
Canada Southern___100
Feb
Jan 92
Apr 24 85
Apr 24 88
10 88
Caro Clinch & Ohlo_100,
Feb
Apr 230
Apr 23 195
Apr 23 195
100 195
Central RR of N J_100i
Jan
Jan 110
Apr 22 106
Apr 22 107
30 107
C CC &St Louis pf_100
Jan
Apr 60
Apr 20 55
Apr 20 55
30 55
Colo & Sou 1st pref_100:
Feb
Jan 44
10 3534 Apr 23 3534 Apr 23 35
100
Cuba RR pref
,
34 Jan 134 Jan
54 Apr 24
34 Apr 24
100
Duluth 9S &Atl p1_100
Apr
Apr 68
Apr 22 63
Apr 22 68
10 68
50
Erie & Pitts
,
Apr 7834 Feb
Apr 24 7134 Apr 23 71
300 71
Hudson & Manh pf_100
Jan
60 7334 Apr 22 7334 Apr 22 7134 FeL 78
line.100
Ill Cent leased
Feb
Mar 114
Apr 21!100
Apr 21 101
100 101
100
Preferred
Feb
50 1034 Apr 20 1034 Apr 20 834 Jan 11
lot Rys of Con Am ctfs*
Jan 5551 'Feb
Apr 18 44
Apr 18 44
50 44
100
Preferred
Feb
Apr 23 5234 Apr 61
70 5234 Apr 23 53
guar_100
Manhat
54 Jan 334 Feb
20 154 Apr 24 134 Apr 24
100
Market St Sly
Jan 14834 Mar
Apr 22 137
Apr 22 145
10 145
Rensselaer & Sara_ _ 100
Jan
Apr 76
Apr 20 65
Apr 22 69
700 65
Sou Sly 51 & 0 ctfs 100
Jan
Apr 94
Apr 22 70
Apr 22 70
80 70
Wheeling & LE pref 100
Jan
Apr 90
Apr 23 70
Apr 23 70
10 70
100
Common
Indus. & Miscell.Amalgamated Leather
Am Agile Chem (Del)*
(Conn)
Amer Beet Sug pref_100
American Ice pref_ _100
Am Mach & Met otts_*
American News
Amer Had & Stand San
100
Preferred
Amer Water Works &
Electric ctfs
Arch Daniels Aid pf100
Art Metal Construct 10
Asso Dry Gds lot pf 100
Austin Nichols prior A *
Barnet Leather
Budd (E G) pref._ 100
California Petroleum 25
Certain-Teed Products
1st preferred
100
25
Chile Copper
Colo Fuel A; Iron p1_100
Col Gas & El pref B 100
Comm Cred pf (7) 25
Consol Laundries
*
Crown Cork & Seal PL.'
Cuban Dominion Sug..*
Cushm Sons pf(7%)100
Preferred (8%) _ _ _0
De Beers Cons Mines_ _
Devoe & Rayn 1st pf100
Durham It Mills W.100
400
5,600
100
20
100
100
80
134
1434
2
1134
76
334
50
10 150
200 56
22010134
200 17
300 96
20 2234
Apr 22
Apr 24
Apr 23
Apr 23
Apr 21
Apr 22
Apr 23
134
1834
2
1154
76
334
51%
Jan 23,4
Apr 22 1
Apr 18 1434 Apr 2934
Jan 2%
Apr 23 2
Jan 1754
Apr 23 8
Jan 7734
Apr 21 74
Apr 22 334 Apr 5%
Feb 5734
Apr 24 50
Feb 160
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Apr
Apr 20 150
Apr 20 141
Apr 23 5654
Apr 23 102
Apr 18 17
Apr 24 9634
Apr 20 2334
Apr 23 5434 Jan 8034
Mar 102
Apr 22 101
Apr 2034
Apr 18 17
Jan 97
Apr 22 85
Jan 24%
Apr 20 21
Feb
Jan
Jan
Feb
Mar
100 134 Apr 22 134 Apr 22 134 Jan 234 Mar
Apr 49% Jan
Apr 18 403,4 Apr 18 37
80 40
Apr
Apr 25
Apr 23 25
Apr 23 25
10 25
Apr 23 11
Apr 24 25
Apr 21 95
Apr 22 9134
Apr 22 20
Apr 23 14
Apr 21 3134
34
Apr 24
Apr 21 100
Apr 24 95
Apr 24 834
Apr 22 10234
Apr 21 21
Jan 25%
Apr 38
Apr115
Jan 9494
,
Jan 2334
Apd 15%
Jan 3434
Jan 134
Jan 112
Jan 107
Jan 834
Feb 109
Mar 23
Mar
Feb
Feb
Apr
Jan
Mar
Feb
Jan
Mar
Mar
Apr
Mar
Jan
154
1801 134 Apr 22 234 Apr 21
Elk Horn Coal prof.
.50
Apr 23 93
Apr 23 96
100, 96
Eng Pub Serv pref(6)-5
'
Apr 22 1554
Apr 22 16
100, 16
Fah Park Assoc pfd 100
Apr 23 3154 Apr 24 29
1,000' 29
Food Machinery Corp
'Ili
133 Apr 20
4,903 Ins Apr 23
Fox Film A its
Apr 21 67
Apr 21 75
60 75
Franklin Simon pf__100
Apr 18 2134
,
General Baking
5 11,600 2134 Apr 23 23
2011634 Apr 2211634 Apr 22 107%
General Cigar prof.
.100
Apr 24 4
Apr 24 4
100 4
Gen Gas &Elea class B.
Apr 24 9034 Apr 24 75
440 85
Preferred A (8)
*
Apr 22 2034 Apr 21 19
220 20
General Print Ink..._.*
40 7134 Apr 20 7134 Apr 20 67
Preferred
Apr 21 104
Apr 21 15
100 115
Gold Dust pref
Apr 18 29 34 Apr 18 26%
30 29
Hackensack Wat CIA 25
70 36 34 Apr 18 3634 Apr 18 35
Hamilton Watch
*
Apr 20 28
Apr 22 30
310 28
Hawaiian Pineapple_20
Apr 20 134
Apr 20 135
10 135
Helme(G W) prof. 100
011 new____25 18,400 954 Apr 23 1134 Apr 21 834
Houston
Apr 22 18
Apr 22 18
10 18
Indian Motocycle pt 100
220 534 Apr 201 554 Apr 20 454
Kresge Dent Storm_ *
3234 Apr 22 3234 Apr 22 3234
30
i()0
Preferred
Apr 23 107
Apr 22 III
70109
Kresge (9 S) Co p1.111
Apr 6
Feb 98
Jan 25
Apr 31%
Apr
in
Mar 75
Apr 2534
Jan 11634
Apr 4
Jan 92
Feb 31
Feb 76
Jan 115
Mar 30
Apr 41
Apr 4234
Jan 135
Jan 1434
Apr 26
Jan 6%
Mar 35
Jan 111
Feb
Mar
Mar
Apr
Apr
Jan
Apr
Feb
Apr
Mar
Mar
Jan
Mar
Apr
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Apr 24 118
Apr 22 9034
Apr 23 60
Apr 23 04
Apr 24 2134
Apr 24 9634
Apr 22 9534
Apr 18 65
Apr 22 63
Apr 18 107
94
Apr 23
Jan 12634
Jan 101
Apr 70
Jan 109
Apr 2434
Feb 103
Jan 101%
Api 70,34
Jan 7254
Feb 112
Jani 154
Jan
Mar
Feb
Apr
Apr
Apr
Mar
Jan
Feb
Mar
Jan
100 20
10 25
30 95
100 043.4
170 2234
3,000 14
200 32
34
100
20 110
1010'S
100' 834
4010234
30' 21
2012034
Loose-Wil Ells lot pf 100
200 9934
Lorillard Co prof._100
10 60
Mengel Co pref._ _100
6010834
Milw El Sly & Lt p1_100
27,500 2134
Noranda Alines
20 102
Peoples Drug Sts pref.*
100 10054
Flint, Co 6% pf new___*
240 65
Phoenix Hosiery pf.10
400 70
Pierce-Arrow Co p1.100
501103.4
Proc & Gamble prof_ 100
%
200
Punta Alegre Sug ctfs 5
1
'GI
65,600
St Joseph Lead rights
30 4934
•
Scott Paper
240 2534
Shell Tramp & Trod. £2
40 33
Sloss-Shef St & Ir pf.10
Sou Calif Edison rights- 6,000 2
30 3
Spear & Co
40 5134
100
Preferred
10 634
United Business Pub__*
100 234
100
United Dyewood
20 4131
100
Preferred
120 106
Unit Piece Dye pf 100
100 50
us Distributing pf..100
7010934
Tob pref.100
,
Unit Leaf
90 47
Linty Pipe & Bad p1_100
30 10
Raalte
Van
90 40
100
*. 1st preferred
150 3131
Va Iron Coal & Co 100
100 94
100
Walgreen Co pref
400 28
Wilcox-Rich class A__*
Apr 23 20
Apr 24 25
Apr 21 95
Apr 22 9434
Apr 21 23
Apr 20 1434
Apr 21 32
34
24
Apr 21 110
Apr 24 104
Apr 24 834
Apr 20 10334
Apr 21 21
Apr 24 124
Apr 20 100
Apr 23 60
Apr 24 109
Apr 23 2434
Apr 24 102
Apr 22010%
Apr 18 65
Apr 22 70
Apr 1811034
54
Apr 23
44
Apr 20
Apr 22 4934
Apr 23 2634
Apr 21 3334
Apr 18 23.4
Apr 21 3
Apr 24 513-1
Apr 22 634
Apr 23 334
Apr 21 4134
Apr 23 107
Apr 22 50
Apr 20 110
Apr 22 47
Apr 23 10
Apr 22 40
Apr 21 34
Apr 22 94
Apr 24 28 34
Apr 20
Apr 22 40
Apr 18 2534
Apr 20 28
Apr 18 2
Apr 21 254
Apr 24 5154
Apr 22 5
Apr 23 2
Apr 21 4034
Apr 21 102
Apr 22 46
Apr 20 102
Apr 22 47
Apr 23 10
Apr 22' 2234
Apr 21: 22
Apr 22 90
Apr 23 20
43
AP
Jan 50
Apr 34
Apr 39
Apr 254
Jan 4
Apr 62
Feb 11
Jan 354
Feb 45
Jan 108 34
Mar 5034
Feb110
Api 60
Feb 14
Feb 40
Jan 34
Feb 94
Jan 30
Apr
Apr
Jan
Feb
Mar
Feb
Feb
Jan
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Apr
Apr
Mar
Mar
*No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(All prices dollars per share)
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
15151.
Asked,
1931_ 1%% 100.n 100in
,
234% 100232 100 n Dec. 15 1932... 2%
June 15 1931_
1002n 100in
,
June 15 1931-- 13.4% 100.31 100 s, Mar. 15 1931-32 354% 101i212 101iin
Dec. 15
- 294% 100iin
Sept.15 1931
Sept. 15 1931_ 134% 9922n 100
Converted 4% bonds of High
{
1032-47 (First
-
----
----
----
----
----
Ifighest
Total sales in $1,000 units_
Converted 454% bonds High
-Of 1932-47 (First 434s) Low,
Close
Total sales in $1,000 units.._
Second converted 434% High
bonds of 1932-47(First(LowSecond 454s)
Total sales in $1,000 units_ -Fourth Liberty Loan
High
414% bonds of 1933-38-- Low(Fourth 434s)
Close
Total sales in 81,000 units__
Treasury
High
454s, 1947-52
Low_
Close
'
Total sales in 81,000
High
units.-4s, 1944-1954
Low
Close
[Close
Total sales in $1,000 units__
High
354s, 1946-1956
Low_
Close
Total sales in 81.000 units__ _
High
334o 1943-1917
Low_
Class
Total sales in 81,000 units_ - _
High
334il. 1940-1943
Low_
Close
Total sales in 51,000 units__
High
334s. 1941-43
1 Low_
Close
Total sate. in no non ....4r.
--------------- 102",{ '1022133 1022233 1022233 1022233 1022233 102"33
,, 102,1,, 102"33 1022233
,,
102,, 1022,
,,
,,
1022233 1021.32 1021, 102,,
,,
102,, 10222n
6
1
20
5
31
1
-------------------------------1031.33
103"3,
1032233
48
____
____
____
---____
____
---1032.33
103"3,
03,
103.
70
1112233
,,
111,,
,,
111,,
40
,,
107,,
,,
107,,
1072.,,
2
----'"
103.233 104
103w33 1032233
1032233 1032233
155
178
1112231 111i232
1122, 111u,,
,,
,,
,,
111,, 111,,
11
29
1072in 1072233
.107,0,,
107,1
,,
,,
107,, 107,,
11
25
--- 10524,2
,,
____ 105,,
____
,,
____ 105 ,,
____
- 3
1055i,
1052,
,
105,,
____
____
____
____
101 2133
101 2.3
,
101 20
2
,
101 .,,
101,
I,,
101,,,,
-1011233 1012;33
,,
,,
101,, 101,,
,,
,,
101,, 101,,
a
2
1012133 1012033
1012.3t 1012233
,,
1011.3, 101,,
10
2
101,032 101 10,,
,
,,
101,, 101. ,,
,,
101,, 10110,,
•
IA
---- '104',,10423:
104
104
104233
104
49
466
,
____ 112 n
____ 112
____ 112 31
,
13
_ ___
---107,233
107",,
1072%, --
101 0032
1012233 1011
,,
,
,,
101,, 101,, 101,,
,
,,
101,, 101,, 101..3,
31
18
1 101n, ____
1012033
---101,233 101223
---,
,, 10120
1012,
14
13
,,
,
101 20,, 1010 1012,
,,
,
,, 1012, 101,,
101,,
,,
, 101,,
,, 101,0
101,,
am
an
On
61
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
62 4th 434s
103,0n to 1032oss
Foreign Exchange.
-
To-day's (Friday's) actual rates for sterling exchange were 4.85 15-16
@4.85 3-16 for checks and 4.863404.8614 for cables. Commercial on
banks, sight, 4.85U 04.85 13-16; sixty days, 4.833404.83 9-16; ninety
days, 4
.823404.82 0-16, and documents for payment, 4.8304.83 9-16.
Cotton for payment, 4.85 9-16, and grain for payment, 4.85 9-16.
To-days' (Friday's) actual rates for l'aris bankers' francs were 3.9014
@3.91 for short. Amsterdam bankers' guilders were 40.1754 040.18H•
Exchange for Paris on London, 124.34; week's range, 124.35 francs
high and 124.26 francs low.
The week's range for exchange rates follows:
Sterling, ActualCables.
Checks.
High for the week
4.86 11-32
4.86 3-16
Low for the week
4.85 13-16
4.85 91-6
Paris Bankers' Francs
High for the week
3.91 1-16
3.91
Low for the week
3.90 31-32
.90ii
3
Germany Bankers' Marks
High for the week
23.82%
23.82
Low for the week
23.8034
23.7931
Amsterdam Bankers' Guilders
High for the week
40.1931
40.1831
Low for the week
40.1434
40.1334
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 3089.
A. complete record of Curb Exchange transactions for the
week will be found on page 3119.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Tues.,
Mon.,
Sat.,
April 18. April 20. A prit 21.
1334
Sliver, v. oz_d_ 133,4
130.16
Gold, p.fine oz. 845.9316. 84s.1031d. 84s.9346.
Consols,234%. 5731
57345734
1043,4
British,10134
British, 45;%. --10254
102
French Rentes
89.50
(in Parls).fr89.50
French War Lin
104.50
(in Paris)_fr_
104.60
Thurs.,
Wed..
April 22. April 23.
13
1394
84s.934d. 843.934d.
1
5734
10431
10434
102
10234
Fri.,
April 24.
1334
84s.1054d.
5754
10434
10234
89.30
89.30
89.40
104.80
104.80
104.60
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.):
Foreign
2834
293-4
2874
CURRENT
2834
2834
2854
NOTICES.
-A. McCook Dunlop has become associated with Goodbody & Co. in
their Washington, D. C. office as Assistant Manager.
-John A. Beano has become associated with Tri-Utilltics Securities
Corp. in charge of their wholesale distribution.
-A. M. Kidder & Co., members of the New York Stock Exchange, have
moved their office to 1 Wall Street.
-Ross, Pratt & Batty, Inc., announce the election of Vance L. Bushnell
as Vice-President of the cornpanY•
-H. Kenneth Murray has become associated with the Washington
office of Hemphill, Noyes & Co.
-Main & Co., accountants and auditors, announce the removal of their
New York offices to 1 Wall St.
-The New York office of Edward Lowbcr Stokes & Co. has been removed
to 1 Wall Street.
-The offices of Richard W. Clarke & Co., Inc. have been removed to
170 Broadway.
-Prank II. Crehore & Co. announce the removal of their offices to 30
Pine Street.
-Smith Sc Marache announce tho removal of their offices to 149
Broadway.
-Quaw & Foley announce the removal of their offices to 30 Pine St.
-Scholl° Brothers have moved their offices to 20 Pine St.
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.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 18.
Monday
Apr. 20.
Tuesday
Apr.21.
Wednesday Thursday
Apr. 22. I Apr. 23. I
Friday
Apr. 24.
S per share $ per share 15 per share $ per share I $ per share $ per share
1168 170
167 170
1685 170
8
166 16818 1641s 169
16514 17212
•10744 1073 10714 107 4 10714 1073 10714 10712 *107 1073 *1073 1073
4
,
4
/
1
4
4
8
4
9212 09
*9612 99
99
99
89
94 I 88
90
87
8914
661 6812 6614 6814 653 58
/
4
3
6314 6512 59
634 593 613
/
1
4
4
*773 79
8
*7738 79
7714 7714 7718 77181 *7714 79
*77
79
563 563
.563 60 .563 62
4
4
4
4 5612 56
/ 55
1
4
*55
56
60
*11112 ___ *11112 112
•11112
110 11112 *110 11312 110 110
.46 55
*45
55
*45 55
*45
55
*45
55
*45
55
914
*914 10
*91 10
*914 10
/
4
9
812 8,8 .8
87
s
5713 *55
*55
5612 5612 5612 5612 5612 5612 5612
5712 *55
623 6 1 13 62
62 4 65
4
,
634 62 4 63
/
1
,
597 6214 603 63
8
4
4 91
91
893 893
90
4
8912 90
90
*90
91
901 91
_
4
1
6
6
614
6
6
6
6
6
*53
4 5
/
1
4
57
3718 3712 3713 3713 37
377
8 35
367
8 341 357
/
4
8 3553 3712
3912 3912 3912 4018 3918 4012 383 39
8
/ 3814 39
1
4
/ 3953 40
1
4
*114 2
112 112 *114 2
*114 2
153 *1
.138
11
/
4
8 1
1
1
*7
/
1
4
/
1
4
1
1
7
8
1
1
1
6
6
614 614
5 8 614 *57
7
8 614
53
4 53
4
6
618
2112 2214 21
22
2218 2214 22
22
21
2112 *21
211
/
4
51
. 512
512 51
. 512 5
/
1
4
514 512
5
514
5
5
/
1
4
84 9
9
812 9
953
812 9
81
83
8
87
8
343 35
34
34
8
34
343
8 3314 34
3018 3314 311 3212
/
4
10614 10514 107 107
107 107
10614 10614 *10614 110
10614 10614
4912 5112 483 50
51
5014 5014 50
4
4812
4712
4613 49
91
DI
*9014 94
02
92
91
91
9112 9113 9214 9214
*823 85 .84
4
89 .85
89
85
85
85
85
8412 841
*2014 39
.21
48
*2014 40
*22
48 .22
39 .32
39
34
36
*34
34
33 33
*33
38
*33
38
*33
38
•134 136 *13514 136
133 134
13118 13212 132 133 *131 135
*69
69
70
69
68
68
70
6814 68
684 68 68
/
1
.28
29
*28
29
*29
29
*28
29
28
28
*273 33
4
26
27
27
2614 24
261 244 2413 2414 26
/
4
/
1
2414 26
30
32
32
32
3118 324 32
/
1
3214 3013 3114 3112 3112
301 3014 30
/
4
3018 *30
32 .30
32
2914 30
*29
32
5818 584 5814 6812 5713 5812 58
/
1
5812 57
5812 5753 5814
2412 *16
*20
24
*1718 24
*1712 24
*18
21
*18
21
*5413 58
*50
58
58
*50
*50
58
*48
*48
58
58
4012 39
*39
3914 37
383 *3614 37
4
3714 3714 38
393
4
6412 61
62
6212 5512 6133 5614 58
5714 61
5712 593
4
43
*43
43
45 .42
40
45
40
40
40
*40
44
2414 2612 2412 26
24
2614 25
/ 254 2218 2418 23
1
4
/
1
25
*32
•32
36
36
*32
36
.32
36
32
32
*32
3312
5414 5414 *5218 56
*5414 56
*52'3 5414 *50
55
*5118 55
*54
*54
55
55
5312 54
53
54
5212 53
53
53
84
84
83
84
813 8312 82
4
833
4 81
8212 811 8118
/
4
3214 353
4 3418 36
34
344 34
/
1
34
32
3411 333 3514
4
18
1812 18
18
*18
1814 *1712 18
*1712 18
18
18
12
14
14
*14
*14
12
*14
I.
Is
*14
*7
812 *7
812 *7
812
714 714
6
712
6
8
43
43
4012 4012 *40
44
*40
44
*4012 44
*40
44
1712 1712 1714 1714 17
173
4 17
171
163 17
4
161 17
/
4
6012 61
*6114 64
6012 62
60
/ 6053 60
1
4
6058 60
60
*2612 28
27
27
*25
2712 253 26
4
26
25'12 2512
26
73
73
73
73
72
72
7112 7112 7112 72
713 72
8
•72
*72
77
73
72
72
71
71
*71
72
*71
72
**2
12
*32
12
*3
2
6
8
*3
8
12
*3
8
5
3
*3
8
52
10412 106
1033 10614 1003 105
4
4
994 101
9812 10114 99 10112
62
64
60 6012 57
58
*56
62
56
5614 *55
60
.73
80
*75
78
75
75
75
7512 *73
73
80
73
1753 178 *17513 180
4
175 17518 16712 17112 *170 175 *170 175
723 74
8
744 745
/
1
8 723 7512 7118 73
8
71
734 723 74
/
1
4
*111 114 *111 114
113 113 *111 115
113 113
113 113
*612 61
/
4
/
612 61
4
612 612 *612 7
7
7
61 61
/
4
/
4
•1
11 *1.
/
4
112 *1
1
112
1
/
4
1 1s
/
4
11 *11 11
/
4
12 *412 5
*412 512 *412 5
13 •412 513 *412 514 *412 6
•10014 193 *191 193
18818 191
18714 188
187 188
187 189
*913 9212 9118 911s *913 9212 *913 9212 *913 9213 *913 9213
4
4
4
4
4
4513 46
4
453 46
45
/ 461 4518 4512 4412 4512 445 444
1
4
/
4
8
/
1
*2
5
*2
5
.3
5
*3
5
.2
3
3
5
5514 555
8 553 57
8
55
567
8 5412 5553 5414 5512 541 56
/
4
*5
1114 *5
53
4 *5
5
53
4
53
4 *412 7
4
412
*52
65 .52
60
*52
62 .52
*52
62
62
62
*52
•__- 81
81
*____ 85 e____ 85
*40
65 .40
65
*_
65
*40
*40
65
65
i5i2 60 ;Zo
70
L5T2 6014 '5W2 581 *561 62
/
.
4
*5612 70
*68
80
6814 7018 7018 7018 5912 695
8 6912 691
68
6912
*45
46
*45
453 *45
4
45
/ *45
1
4
45 8 45
3
4553 45
45
44
44 .435 44 .435 45
8
8
433 433
4
4 42
42
434 42
/
1
2312 2418 21
2418 2212 23
2112 2212 2111 211 20
21
/
4
37
39
3614 3514 34
36
311* 34
323 3418 34
4
34
*20
31
2014 2014 2212 2212 197 208 *10
8
22
*19
224
/
1
.31
45 .31
45
32 .30
30
/
1
4
35
*30
353s *2712 30
*
/
1
4
3
4
3
4
58
5
8
5
8
5
8
53
5
8
3
4
3
4
3
4
•1
114
114
114
114 *1
1
114 .1
114
114 •1
9014 9214 01
0212 893 021 8913 9012 87
/
4
4
/
1
9012 834 885
8
381 39
/
4
3312 395
8 37
393
4 3612 38
3612 3712 3618 40
60
5512 5512 5512 53
60
55
56
55
55
55
554
/
1
05
*51
.51
95
*51
95
*5212 95
*5212 95
*5212 95
.7
812, 812 812 *713 812
712 712 *7
73
4 *7
8
*1114 1113' 1114 1114 11
11
914 914
93
8 97
8 • 4 1012
93
*44
45
45 .44
45 I *44
43
43
4114 4114 *35
45
16613 1663 16614 168
4'
162 1683 161 16314 16018 163
4
16012 16612
85 i 84
/ 843
1
4
85
4 8514 8514 8412 8453 8414 813
4 8512 8512
1412 1412 *123 15 I •13
15
15
•13
16
4
1412 •1212 1412
*2612 30
30
*27
*26
30
2712 28
*26
29
*26
29
1214 121 1212 13
/
4
121 1212 12
/
4
1213 115 123
8
8 1134 12
•1318 183 *13
8
183 •13
8
183 *13
8
15
*12
1313 *12
183
8
10
•1018 11
1018 *10
11
*9
11
84 9
,
83
4 8
/
1
4
*2214 23
23
23 • *22
/ 25
1
4
2214 2214 22
22 .2218 2418
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares
Railroads
Par
19,400 Atch Topeka & Santa Fe--100
Preferred
800
100
5,300 Atlantic Coast Line RR__ _100
37.100 Daltbnore 22 Ohio
100
200
Preferred
100
700
Bangor & Aroostook
60
200
Preferred
100
Boeton & Maine
100
2,300 Brooklyn & Qubens Tr_No par
500
Preferred
No par
26,900 Bklyu-Manh Tran v t c No pa
700
Preferred v to
No par
1,60 Brunswick Ter& Ry See No par
47,700 Canadian Paciflo
25
24,600 Cheepeake & Ohio
25
200 Chicago & Alton
100
900
Preferred
10
1,100 Chicago Great Western_ _100
3,200
Preferred
100
12,700 Chicago lk,1 ilw St Paul & Pee_
Preferred
7,10
7,100 Chicago & North Weetern_100
700
Preferred
100
12,000 Chicago Rock Isl & Paelflo_100
700
7% preferred
100
600
6% Preferred
100
Colorado & Southern
100
400 Consol RR of Cuba pre_ _100
1,400 Delaware & Hudson
100
3,800 Delaware Lack & Western_100
400 Deny & Rio Or West pref _100
6,400 Erie
100
3,800
First preferred
100
1,100
Second preferred
100
4,600 Great Northern preferred_ _100
Gulf Mobile & Northern_ 100
Preferred
100
1,900 Hudson & Manhattan
100
13,000 Illinois Central
100
120
RR See stock certificatee_ _
9,200 Interboro Rapid Tran v t 0..100
200 Kansas City Southern
100
Preferred
100
100
4,300 Lehigh Valley
50
4,600 Louleville & Nashville
100
25,200 Manbat Elov modified guar100
500 Market St Ry prior pref 100
600 Minneapolis 22 St Louls100
1,000 Minn St Paul & 8 3 Marle_100
Leased lines
60
100
2,900 Mo-Kan-Texas RR_ ___No par
1,200
Preferred
100
700 Missouri Pacific
100
2.400
Preferred
100
20 Nash Chatt & St Louis_ __ _100
Nat Rys of Mexico 2d Prei-100
61,000 New York Central
100
1,300 NY Chi° & St Louis Co_ _100
500
Preferred
100
190 N.Y.& Harlem
50
6,500 N.Y. N. H.& Hartford_ _100
300
Preferred
1,200 N.Y. Ontario & Western_ 100
200 N. Y. Railways pret___No Par
Norfolk Southern
100
2,800 Norfolk & Western
100
10
Preferred
100
5,400 Northern Pacific
100
100 Pacific Coast
100
55.900 Pennsylvania
50
600 Peoria & Eastern
100
Pore Marquette
100
Prior preferred
100
Preferred
101)
500 Pittsburgh & West Virginia 100
1,200 Reading
60
600
First preferred
50
1,000
Second preferred
60
3,800 St Loula-San Franclaco___ _100
2,900
First preferred
100
400 St. Louts Southwestern__ 10
500
Preferred
100
5,200 Seaboard Air Line
No par
700
Preferred
100
45,100 Southern Pacific Co
100
10,600 Southern Railway
100
1,900
Preferred
100
Texas & Pacific
100
200 Third Avenue
100
1,200 Twin City Rapid Tranalt_100
130
Preferred
100
21,100 Union Pacifies
100
1.400
Preferred
100
400 Wabash
100
200
Preferred A
100
7,400 Western Maryland
100
Second preferred
100
900 Western Pacific
100
500
Preferred
100
PER SHARE
Range Sines Jan. 1
On basis of 100
-share lots.
Lowest.
$ per share
16112 Apr 23
1021* Jan 2
87 Apr 24
59 Apr 23
7214 Jan 2
51 Apr 23
108 Jan 13
52 Apr 1
8 Jan 14
52 Feb 26
583 Jan 17
4
85% Jan 21
512 Jan 20
3433 Apr 23
381 Apr 23
/
4
8 Jan 2
3 Jan 2
4
534 Apr 23
1914 Jan 14
5 Apr 23
8 Apr 24
3012 Apr 23
103 Jan 8
46, Apr 23
2
91 Apr 17
83 Apr 17
315 Apr 13
8
33 Apr 21
13112 Apr 22
68 Apr 21
26% Apr 9
24 Apr 21
• 30 Apr 20
2914 Apr 23
57 Apr 23
1812 Jan 19
5112 Feb 10
37 Jan 15
5513 Apr 21
40 Apr 22
2213 Apr 23
32 Apr 23
53 Jan 2
62 Mar 18
81 Apr 23
32 Apr 23
15 Jan 3
14 Apr 18
6 Apr 23
4012 Apr 10
16% Apr 23
60 Apr 23
251 Apr 10
/
4
713 Apr 2-1
2
71 Apr 22
3 Jan 3
1
9812 Apr 23
56 Apr 23
73 Apr 14
165 Jan 2
71 Apr 23
110 Jan 3
Ms Jan 2
1 Jan 2
512 Apr 7
187 Apr 23
89 Jan 8
4112 Apr 23
3 Apr 23
5114 Apr 23
5 Apr1:2
65 Mar 25
86 Jan 20
7338 Mar 24
.5812 Apr 22
68 Apr 24
45 Mar 20
42 Apr 23
20 Apr 21
3112 Apr 22
197 Apr 22
30 Apr 21
31 Jan 2
1 Jan 2
83 Ape 2-1
/
1
4
36% Apr 15
55 Apr 22
90 Mar 10
612 Jan 5
9 Jan 22
4114 Jan 17
16012 Apr 23
8353 Jan 5
1412 Apr 21
2712 Apr 22
1112 Apr 23
16 Jan 6
84 Apr 23
/
1
22 Apr 16
Highest.
per share
2033 Feb 24
2
10814 Apr 13
120 Jan 23
/
4
871 Feb 24
8012 Feb 27
4
663 Feb 26
113121‘far 9
66 Feb 20
103 Mar 3
2
58 Mar 3
69% Mar 2
9414 Feb 11
94 Feb 10
/
1
4
45 Feb 24
461 Feb 10
/
4
2 Jan 12
/
1
4
I% Jan 12
772 Feb 10
261 Feb 25
/
4
Fe Jan 23
1538 Feb 10
4512 Feb 24
116 Mar 18
65% Jan 27
101 Mar 21
90 Jan 38
48 Jan 9
42% Feb 24
15714 Feb 25
102 Jan 8
45 4 Feb 10
3
39 4 Feb 24
3
4512 Feb 27
4012 Jan 5
60 4 Feb 24
3
2714 Feb 17
75 Jan 9
4412 Feb 17
89 Feb 24
61 Jan 23
34 Mar 2
45 Feb 26
84 Feb 9
61 Jan 9
111 Feb 9
39 Feb 28
22 Feb 18
;4 Jan 12
1112 Feb 10
45 Mar 11
263 Jan 20
4
85 Jan 18
42% Fob 16
107 Feb 11
80 Feb 25
% Jan 5
13214 Feb 24
88 Feb 11
94 Mar 9
227 Feb 24
94% Feb 24
,
1192 Feb 24
8 Jan 9
2 Feb 27
814 Jan 9
217 Feb 26
93 Mar 31
60% Jan 27
7 Mar 23
84 Feb 10
9 Jan 9
12
85 Feb 10
9214 Feb 25
80 Jan 8
86 Jan 9
9712 Feb 11
46 Jan 5
47 Jan 16
62% Jan 27
76 Jan 27
331 Jan 9
00 Feb 24
1% Jan 12
212 Jan 12
10912 Feb 11
657k Feb 10
83 Feb 10
100 Jan 14
10 Mar 6
17 2 Feb 17
7
62 Feb 9
2051a Feb 24
86% Feb 24
26 Jan 9
81 Jan 9
19% Feb 24
20 Feb 24
14% Feb 9
3153 Feb 24
Industrial & Miscellaneous
7
/
1
4
7
7
7
71
7
6
/ 7
1
4
512 63
4
6
7
5,600 Abitibi Power & Paper_No par
*30
•22 • 31
35
512 Apr 23 1414 Feb 26
26
26
2312 25
2312 2312 2334 233
4
700
Preferred
32
32
*32
381_ 311 32
100 2312 Apr 22 52 Feb 26
/
4
32
32
3112 3112 *3114 3813
600 Abraham & Straus___No par 25 Jan 22 38 Mar 31
*1033 10612 *104 10612 104 104 •1043 1061 *10414 10612 1041
4
4
/ 1043
4
4
70
Preferred
1818 183
8 18
100 100 Jan 8 10512Mar 31
185
8 1712 181
1514 164 157 1612 34,400 Adams
1714 173
/
1
8
Express
*89
Ns par
1514 Apr 23 23% Feb 2-1
90
90
90
90
*89
*8914 00
8914 8914 8914 8914
50
Preferred
28
*26
100 8312 Jan 5 92 Apr 6
28
30
2612 261 *26
261
2612 25
26
26
1,200 Adams Millis
No par 2212 Jan 14 335* Apr 1
•21
215
8 21
21
*211 215
/
4
21
8 21
2112 20
*20
/ 204
1
4
/
1
400 Addressograph Int CorpNo par 2012 Apr 8 2312 Feb 2
*8
10
*712 10
*6
7
718 712
7
7
514 814
600 Advance Rumely new.. No par
8
518 Mar 13 113 Mar 17
---Preferred
---1,
1.
*2
2
12
100 1112 Jan 29 2011 Feb 16
*32
13
12
12
/
1
4
/
1
4
300 Ahurnada Lead
Is Jan 6
72 Feb 27
86
1
877
4 85,2 88 2 8514 8812 8312 85
,
/ 8212 86
1
4
8312 8614 46,200 Air Reduction
Ino____No par 8212 Apr 23 10933 Feb 24
4
57
8
5
/ 5
1
4
/ *53
1
4
5
5
5
53
4 53
5 14
4
5
.5
1,200 Air-way Elm ApplianeeNo
3
5 Apr 22 10 2 Feb 24
Par
Ajax Rubber Inc
12 Jan
Jan 2
No par
137s 15 143g 15'4 1334 "iF -133.4 144 -13E4 145- -ii" "f4r371 2s
8
.
31,666 Alaska Juneau Gold Min_ _10 714 Jan 2 1514 Apr .5
8
•Dia and asked prime: no sales On this day. C 80% stock dividend Paid.
z Ex-divideud. g Ex-rigata. a Ex-dividend and ex-rights.
PER EH A RB
Range for Precious
Year 1930.
Lowest.
Highest.
$ Per share $ per share
168 Dec 2421, Mar
100 Dec 10833 Sept
9514 Dec 1751* Mar
5532 Dec 1223 Mar
2
7014 Dec 843 July
2
50% Dec 8412 Mar
10612 Dec 11814 June
44 Dec 112 Feb
6% Dec 157j6857
53 May 6612 May
5518 Dec 783 Mar
8
83 Dec 98 Sept
/
1
4
5 Nov 3352 Apr
/
1
4
3514 Dec 5214 May
3253 Dec 51% Sept
3 Dec 10 Apr
2
14 Dee 1053 Apr
434 Dec 174 Mar
12 Dec 52% May
418 Dec 25'8 Feb
734 Dec 4514 Feb
2812 Dec 89% Feb
101 Dec 1403 June
4
451.4 Dec 12518 Feb
92 Dec 1103 Mar
2
81 Dec 104% Max
40% Dec 95 Feb
30 Dec 62 Apr
13012 Dec 181 Feb
6912 Dec 153 Feb
251s Dec 80 Mar
22% De
4
633 Feb
27 De
673 Feb
2
28 Dec 62% Feb
51 Dec 102 Mar
1012 No
4612 Feb
55% No
9814 Mar
34% Dec 533 Mar
2
6534 Dec 1364 Apr
/
1
58 Dec 77 May
203 Jan 3912 Mar
2
34 De
853 Mar
2
53 De
70 Apr
40 Nov 84% Mar
84 Dec 13812 Apr
24 June 4212 Sept
13 Dec 2512 Feb
212 Apr
/ Oct
1
4
814 Dec 35 Feb
41 Nov 5912 Feb
1472 Dec 665 Apr
60 Dec 10832 Mar
203 Dec 981* Mar
2
79 Dec 14512 Mar
7014 Dec 132 Mar
Dec
1% July
105% Dec 1923 Feb
4
73 Dec 144 Feb
75 Dec 1103 May
4
152 Dec 324 Feb
67% Dec 12818 Mar
10613 Dec 13512 Mar
33 Dec 174 Mar
1 Oct412 Jan
4% Dec 331k Feb
181% Dec 265 Feb
83 Feb922 Oct
4233 Dec 97 Feb
3% Dec 1972 Apr
53 Dec 86% Mar
42 Dec 24% Mar
7612 Dec 16412 APT
90 Dec 101 May
9112 Oct 90 Apr
4812 Dec 1213 Feb
4
73 Dec 14112 Feb
4412 Mar 53 Feb
46 Dec 57 Feb
393 Dec 1187 Mar
4
2
6212 Dec 101
Apr
1712 Dec 76114 May
35 Dec 943 July
4
If Dee 1212 Feb
% Dee 28 Feb
88 Dec 127 Feb
4612 Dec 1363 Jan
4
76 Dec 101 Mar
85 De 145 AIR
4 Dec 1512 Mar
712 Oct 31% Jan
443 Dec 79 Feb
4
16612 Dec 242% Mar
8214 Jan 883 Sept
2
11% Dec 67% APr
89 Dec 8914 Apr
10 Dec 36 Mar
11% Dec 88 Mar
712 Dee 3012 Mar
23 Dec 5312 Mar
8
36
21
102
1414
8012
21
24
Dec 421 Apr
Nov 8612 Apr
Dec 68 Apr
Nov 11011 Aug
Dec 37% Mar
Dec 94 Sept
Oct 32 Mar
Dec 343 June
4
10 Dec 4153 Jan
11 Mar
14 Dec
87 Dec 1563 June
12
2
614 Dee 86 Mar
14 Dec
212 Jan
412 June
918 Jan
3102
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here. see second page preceding.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest. I Highest.
PER SHARE
Range for Prestos.
Year 1930.
Lowest.
Highest.
Indus. & Mlacell. (Con.) Par $ per share $ per share $ per share 3 Per share
6 Dec 1512 Feb
811 Feb 10
No par
618 al ar 7
A P W Paper Co
4
53 Dec 3514 Mar
1
/
718 Apr 23 124 Feb 24
No par
Allegheny Corp
3614 Dec 10712 Feb
3118 Apr 22 5918 Feb 25
Prat A with $30 warr___100
4
/
371 Dee 9934 Apr
Prat A with $40 warr___100 34 Apr 22 59 Feb 11
8484 Oct 9614 Feb
4
1
/
4
1
/
Fret A without wart__ _100 49 Jan 23 55 Feb 25
4
4
/
Allied Chemical & Dye_No par 1301 Apr 16 1823 Feb 24 17014 Dec 343 Apr
4
1
/
100 122 Jan 3 126 Apr 7 120 Dec 12614 Apr
Preferred
3114 Deo 68 Mar
4
Allis-Chalmers Mfg__ _No par 32938 Apr 24 423 Feb 28
1112 Dec 4214 Mar
8
Alpha Portland Cement No par 1212 Apr 23 187 Feb 9
1612 Dec 3112 June
No par 1718 Apr 21 23 Mar 21
Amerada Corp
3
4
1
/
45 Nov 973 Mar
4
10 51 Apr 24 623 Feb 13
American Bank Note
4
/
6014 Nov 661 Jan
ao 62 Jan 7 6614 Feb 26
Preferred
4
/
21 Dec 12 Jan
434 Jan 9
213 Jan 28
American Beet Sugar__No par
3
30 Dee 543 Mar
4
Am Brake Shoe & Fdy_No par 293 Apr 23 38 Feb 24
4
1
/
100 118 Jan 13 124 Mar 10 118 July 128 Feb
Preferred
4
/
614 Oct 211 Apr
8
12
7
par 4514 Apr 24 123 Feb 24
Amer Brown BoverlEI_No
Oct 84 Sept
38
63 Feb 20
100 4514
Preferred
4
1
/
25 1064 Jan 19 1293 Mar 26 10453 Dec 15612 Apr
American Can
1
/
,
145 Feb 4 15112 Apr 21 140 4 Jan 1504 Oct
100
Preferred
1
/
244 Dec 8212 Feb
4
4
3,100 American Car dr Fdy__No par 201 Apr 24 383 Feb 24
4 2034 23
233
21
2512 2412 25
25
27
2512 2512 *26
Dee 116
Jan
70
1
/
100 744 Jan 5 86 Mar 18
Preferred
100
79
*71
79
*72
80
*71
76
76
80
*76
85
*76
4
1
/
27 Dee 69 Apr
4
1
/
No par 2153 Apr 23 43 Feb 24
1,200 American Chain
24
8
8
215 215 *22
23
23
4
/
241 26
4
243 25
26
1125
35 Dec 5114 Apr
4
1
/
48 Mar 20
4
/
No par 381 Jan 2
2,090 American Chicle
46
4614 *45
1
/
4 454 4614 45
4618 4512 453
4
453 4614 46
Oct
1
/
154 Dec 22
1314 Feb 24 2114 Feb 27
No par
900 Amer Colony ye Co _
8
8
135 1412 1314 14
1418 1418 11135 14
15
*14
15
*14
9 Nov 33 Jan
4
1
/
6 Apr 23 1412 Feb 16
758 2,800 Am Comma Alcohol_ No par
7
8 7
57
7 18
7
3
73
7
714 712
4
1
/
4
1
/ 7
7
8
8 Nov 307 Mar
9 Jan 8 16 Mar 2
13
100 Amer Encaustic Tiling_No par
4
1134 113 *12
13
*12
13
13 .12
1512
101212 13
17 Dec 5912 Mar
1,300 Amer European Seo's No par 19 Jan 2 3318 Feb 24
25
14
4
1
/ 25 2614 2512 2513 25
4
/
2618 261 2613 2612 2612 26
4
25 Dee 1013 Apr
4
No par 263 Jan 19 51114 Feb 24
8
3314 3513 218,100 Amer & Fore Power
8 3318 34521 325 35
363
4
8
343 3614 333 3614 34
84 Dec 11112 Apr
No par 8514 Jan 3 100 Mar 20
Preferred
99
500
99
9813 *9313 99
.98
99
*98
98
9812 9812 98
4
4
/
631 Dec 1003 June
No par 5712 Apr 23 7912 Feb 25
2d preferred
4
5712 5812 573 5858 4,000
8 5812 59
6018 6012 6012 6012 5912 605
73 Dec 101 May
No par 74 Jan 3 90 Feb 26
$6 preferred
409
4
8312 8312 *8312 84,
5
84 I 83 8 84
84
*8312 84
8
*8313 84
4
1
/
5 Dec 333 Mar
3
612 Apr 10 10 3 Jan 9
10
300 Am Hawaiian S S Co
612 612
512 612
1
/
612 64
*612 7
*612 7
*612 7
7 Apr
4
/
11 Dec
8 afar 31
153 Jan 7
700 Amer Hide & Leather- No Pqr
4
6 18
4 53
53
6
4
/
61 612
8
8
4
1
/ 67
6
658 65
7
116
1
/
tos Dec 344 Apr
1
/
100 104 Jan 8 30 Apr 6
500
Preferred
4 2014 211
4
/
23
4
223 223
24 I *21
1
/
244 *23
24
25
1122
4
4613 Dec 693 Mar
4
1
/
Amer Home Prucluota__No Par 47 Jan 2 64 Mar 20
1
/
4 4,100
593
4 5813 5914 584 5918 59
60 60 3
60 60
4
/
581 59
4
/
2413 Dec 411 Mar
3
Jan 19 315 Feb 9
4
No par 233
2614 2,500 American Ice
1
/
264 26
2718 26
28 I 27
27
28
28
28
28
4
1
/
16 Dec 55 Apr
Feb 26
4
/
4
1
/ 161 22,400 Amer Interest Corp-No Dar 1514 Apr 23 26 Jan 9
1618 1714 1514 1714 15
1712
17
4
1
/ 18
1718 17
17
4 Apr
12 Dec
112
400 Am L France&Foamite_No par
4
3
8
*5
8
7
8
*5
is
"a
e
3
4
3
4
3
58
58
53
7 Dec 35 Feb
e
1.ah
jn 3
' 21 12 Jan 9
100
9
*6
9
130
Preferred
4 *6
63
6
4 8 I
*63
4
1
/ 8
.6
4
/
*61 8
1814 Dec 105 Jan
19 Apr 23 3034 Feb 26
20
3,200 American Locomotive-No Par
4 20
193
19
20
1
/
2058 2041 20
8
2112 215 *2018 21
6814 Dec 11812 Mar
4
1
/
100 7214 Jan 3 84 Mar 6
Preferred
4
773
200
*74
74
4 74
773
*7214 78 I *72
*7214 78
76
76
4
293 Dec 45 Sept
4
1
/
3512 341 3512 13,600 Amer Mach & Fdy new _No Par 31 Jan 2 43 Mar 19
4
/
4
1
/ 3512 34
1
/
344 3714 34
3418 3514 3518 37
3 Dec 1413 July
7 Mar 2
312 Jan 13
418 414 1,300 Amer Mach & Metals_ _No par
8
414 41
4
/
414! 414 43
414
414 414
8
4
1
/ 43
4
4
/
4
1
/
13 Dec 511 Feb
4
1
/
__No par 164 Apr 24 233 Feb 24
1638 163
8 1,200 Amer Metal Co Ltd.
4
163 17
1712 *1612 17
17
4
/
161 1712 *1712 18
80 Dec 116 Feb
100 89 Feb 21 8912 Feb 5
81
81
*78
*78
Preferred(6%)
81
81 i *78
•78
81
•78
81
*78
20 Dec 95 Mar
7
1014 10
4
1
/ 1,280 Amer Nat Gas pref____No par 1018 Apr 23 89 8 Jan 20
1212 1018 11
1312 1514 .1218 15 I 11
1
/
154 16
3818 Dec 11938 Apr
22,100 Am Power & Light__No par 4112 Apr 23 6478 Feb 26
1
/
4 444 4538 4112 4414 4214 44
8
453 463
4 4618 48
4
473 483
90 Dec 107 Mar
102 afar 27
No par
400
Preferred
10018 10012 *10012 101
,
100 100 c 10014 102
*100 102 *100 102
8
4
/
741 Dee 877 Sept
81 Apr 9
No par
A
Preferred
*8012 84
*8012 84
*8014 84 I *8012 84
*8012 84
*8012 84
4
743 Dec 8912 sot
Apr 4
85
No par
Prot A stamped
600
4
1
/ *8318 8358. 83 8318 8318 8312 *8012 83
*8313 83
83 83
4
8°74
18 Jang 352
15 Dec 395 Apr
4
153 16
23,400 Am Red & Stand San'y _No Par 95 8 Ajj pnar 23 2112 Mar 20
1518 16
1512 16
1
/
164
1612 16
4
1
/ 1614 16
15
4
/
51 Dec 37 Mar
8
612 Apr 21 123 Feb 27
900 American Republics_ _ _No par
612 612 *612 712 .614 712
1
/
64 7 I
8
*7
1
/
74 8
1
/
28 Dec 1004 Feb
25 2612 Mar 6 3733 Feb 20
4
1
/ 283 23,200 American Rolling Mill
27
4
4
1
/ 29
2758 29
4
1
/ 2912 27
27
4
283 30
8
287 30
5212 Juno ars Apr
5114 5114 1,900 American Safety Razor_No par 5018 Apr 23 66 Feb 26
5114 51141 5014 5012 5018 5014
4
1
/ 51
8 50
8
503 503
5 Dec 2613 Feb
9 Feb 13
613 Jan 80
718 78
300 Amer Seating v I o____No par
,
64 7
1
/
*74 8
4
/
*71 8
4
/
4 *71 8
•718 73
4
1
/
3 May
4
1
/ Dec
4
/
11 Feb 27
4
3 Jan 2
4 2.600 Amer Ship & Comm_ _No par
3
4
4 1
3
1
*3
4
1
/
4
8
1
1
1
4
3
4
3
35 Dec 5412 June
36
150 Amer Shipbuilding new.No par 351 4 Apr 23 42 Jan 6
3514 3514 36
*3514 3614 *3514 3614 *3514 37
1
/
364 37
371s Deo 7913 Apr
8
8 415 4212 13,600 Amer Smelting & Refg_No Par 4012 Jan 2 5812 Feb 24
4112 425
4 4114 42
8
4414 425 4314 4112 433
43
Apr
1
/
13712 *
100 129 Jan 9 1384 Mar 27 131 Dec 141
Preferred
100
- 137
•132 137'z'132 134 *132 133 1 133 133 *132
3
4
1
/
93 Dec 1033 Aug
4
1
/
100 9312 Jan 8 102 afar 12
4
1
/ 993
6% turn 2,1 pref
4
600
9912 9912 9912 99
4'
993 *99
99
*100 10014 100 100
8
4
1
/
35 Dec 437 Jan
25 37 Jan 2 4214 Mar 10
4014
200 American Snuff
*40
4
1
/ *40
4012 4033 40
41
*40
40
40
41
1040
1
/
100 105 Jan 20 1004 Mar 13 10013 Jan 112 Sera
Preferred
10
10814 10814 *108 110 *108 110
1510814 110 *10814 110 *10814 110
2 Dec 2212 Mar
4
1
/
4 Feb 16
,
1 8 Apr 16
214 1.800 Amer Solvents & Chem_No par
214 *2
2
214 2 1
4
1
/
214 214
214
214 214 *2
4
531 Oct 3314 Mar
414 Apr 15 1112 Feb 21
No par
Preferred
1,400
*414 5
4
1
/ 5
4
5
5
4
1
/ 5
4
4 5
4 *43
4 43
43
2311 Deo 5214 Mar
4
1
/
Steel FoundriesNo par 18 Apr 18 31/4 Feb 20
1
/
4
19
4
1
/ 20
1
/
194 193 194 4.400 Amer
8
4
1
/ 2018 193 2018 19
4
1
/ 19
4
183 19
100 110 Jan 13 113 Feb 20 110 Dee 116 Feb
Preferred
210
110 110
111 11112 *11112 112 I 111 111121 110 110
3611 Dec 5513 Apr
111 111
No par 37 Jan 7 4314 afar 10
600 American Stores
41
1
/ 4312 434 4313 4312
1
/
4
1
/ 43
43
44
44
44
44
47
*44
4
1
/
3914 Dee 69 Mar
4
1
/
100 42 Jan 5 60 afar 25
8 2,100 Amer Sugar Refining
8, 491, 50
4
1
/ 4912 495
517
51
52
52
54
5312 5312 1152
95 Nov 110 Apr
2 10812Mar 16
100 96 Jan
Preferred
300
104 104
104
4'
4
1
/
4
1
/
4
105 105 *104 107 *104 107 *104 1073 104
5 Nov 263 Feb
7
712
3
913 9 4 1,800 Am Sumatra Tobacco_No Par 1514 Apr 12 1118 Feb 13
912 912
8 913i
93
912 912
4
4
1
/ 93
9
4
1
/
15 Dec 2713 Feb
4 9
93
2312 Feb 18
Jan
Amer Teleg & Cable Co__ _100
8
4
100 17612 Jan 2 2013 Feb 26 1703 Dec 27414 Apr
- 121
1181 2 igaTs 0491- iiiTz fWil 1iiii2 1864 18112 185 118;350 Amer Telep & Taloa
I8514 1.883- igliF8
- 4
9812 Dec 127 Sept
4
10,400 American Tobacco new WI 25 104 Jan 2 1283 Apr 14
4
4!
8
4
1
/
122 1283 124 12812 124. 1253 123 1243 122 124
120 120
9914 Dec 130 Sept
1
/
Common Woes B new w 4.35 1044 Jan 2 132 Apr 14
4
1
/ 81,800
1
/
4
41
4
1
/ 12712 1303 1253 1294 12612 129
4
4
1
/ 1273 132
124 12512 124 132
100 12414 Jan 3 13012 Apr 22 120 Feb 129 Sept
Preferred
500
13012 13012,•13012 139 15131
4
/
8
8
8
95 Nov 1411 Apr
1295 1295 *1295 13014 13014 13014
American Type Founders_ _100 90 Jan 24 105 Jan 16
8918
*85
92
92 I *80
*30
95
*80
95
4
/
9212 *80
•85
100 105 Jan 21 11012 Feb 28 10312 Nov 1141 July
Preferred
10
4
1
/
1
/
1
/
1094 109 *108 110 *108 110 /*108 110 *108 110
4753 Dec 1244 Apr
*108 110
4
1
/ 5914 17,800 Am Water Wks & Eleo_No par 54 Jan 15 80:4 Feb 26
5812) 5538 5958 57
1
/
5912 564
5914 57
8 58
4
1
/ 595
98 Nov 10818 Oct
57
10114 Jan 29 107 Mar 19
let preferred
400
4
1
/
4
1
/ *103 10414
4
1
/
4
1
1
/
/
5 Nov 204 Feb
4
*104 10512 104 104 *104 10414 103 104 I*1033 1044
8
67 Jan 2 117 Jan 12
100
814 812 1,100 American Woolen
818 818
8 8121
83
814 812
1
/
9
3
155 Nov 444 Feb
2
4
100 21 Jan 2 3918 afar 23
Preferred
11,000
1
/
2 284 30
4
293 31,
9 May
4
/
11 Deo
4
1
/ 3412 3114 3314 3118 32
4
1
/ 3414 33
4 Jan 23
32
2 Jan 3
etfe_No par
100 Am Writing Paper
212 212 *214 314 *214 314 *214 318
4
1
/
1
/
4
1
/ *212 2
1018 Dec 444 Feb
*212 2
3
12 18 Feb 20
413
Preferred certificates__ _ _100 14
4
1
/ 16
*12
4
1
/ 16
*12
8
*127 16
8
*127 16
4
1
/
4
1
/ 16
4
1
/
8 Feb 26
*12
4
1
/
3 Dee 17 Feb
8
*127 16
Jan
2,600 Am Zinc Lead & Smelt_No par
4
1
/ 5
4
514
5
5
5
5
5
5
8
5
4
1
/
25 Dec 797 Jan
518 518
25 26 Jan 10 4034 Mar 11
Preferred
35
700
35
33
*31
35
*31
34
*30
34
25 Dec 8112 Apr
3518 •30
4
1
/
35
43 Feb 27
4
/
4
4
1
/ 303 114,300 Anaconda Copper MinIng_50 281 Apr 2
4
1
/ 28
8 30
4
/
8
4 303 3112 3014 311 2958 3012 295
19 Dec 5314 Feb
4
/
311 323
Wire & Cable No par 22 Feb 4 2614 Mar 10
4
600 Anaconda
8
2412 *333 245
3
4 24
4
/
4
1
/
4
1
/
24 Dee 511 Apr
4
/
1
/
244 244 •243 244 *243 241 24 4 243
Na par 26 Apr 22 86 Feb 21
1,100 Anchor Car)
27
27
25
26 I 26
26
27
27
1
/
4
1
/ 264 27
27
27
4
1
/
10 Dec 3714 Ap
4
/
4
1
/
100 Andes Copper Mining,_No par 13 Jan 12 191 Feb 27
4
*123 15
15
8
*133 15 I *13
4
1
/ 15
1414 1414 *13
1318 Dec 2914 Apr
•1412 16
10 Apr 2 18 Feb 4
Mided_No par
1
/
1112 114, 1112 1112 1114 1112 1,300 Archer Daniels
8
1212 117 12
4112
12
8
60 Dec 827 June
12
4 3,400 Armour & Co.(Del) pref__100 3812 Apr 14 72 Jan 7
4
1
/ 423
42
44
7
44 81 43
4
1
/ 4514 43
4914 44
81s May
46
49
4
23 Nov
4
1
/
4 Jan 6
2 Apr 14
45
8 8,100 Armour of Iflinois class A __ _25
218 23
218 2 4
,
214 214
4
1
/
214 2
214 214
4
1
/
112 Nov
433 Mar
218 2
4
1
/
2 Jan 7
114 Apr 23
25
B
Class
4
/
4
/
11 11 6,400
114 113
112 113
4
/
112 11
4
/
112 11
1
/
112 14
100 16 Apr 11 47 Jan 6
2514 Nov 65 June
Preferred
800
4
4
8 173 173
4
1
/ 177
18 I 17
4
1
/ 18
19
2012 10
4
312 Dec 133 Apr
712 Apr 4
*1712 1812 19
618 614 1,200 Arnold Constable Corp_No par
614 612
4,
/
61
6
4 6
614 *53
*6
6
3 Ja 2
5% j n 13 1012 Feb 26
6
,
4 4 Dec 2018 Apr
No par
Artloom Corp
9
9
*7
9 1 *7
*7
9
*7
9
*7
9
4
/
*7
4
3
53 A 16
8
20 Nov 461 Mar
32,500 Associated Apparel Ind _No Dar 217 A pr 24 287 Feb 10
4 8
53
4
1
/
8
3
74
3
7 4 812
4
1
/ 918
7
4
/
111
1114 10
11
19 Dec 5012 Apr
8
No par
293 Mar 20
2212 22
4
/
221 2,100 Assoc Dry Goode
22
4
4
1
/ 223 2312 2212 23
23
2214 2212 23
25 2612 Jan 2 31 Feb 18
30 Dec 151 June
20 Associated Oil
*2912 44
*2912 44
*2912 44
*2912 44
2912 30
44
1530
4
1
/
8
83 Dec 80 Jan
4
1
/ 2,600 Atl CI &WISS Line_No par 223 Apr 23 39 Jan 7
4
1
/ 23
8 22
4
1
/ 233
2612 22
23
2613 30
32
*27
32
*28
100 4412 Apr 21 53 Jan 21
4
1
/
48 Dee 6514 Feb
Preferred
900
4412 4413
4
443 4512' *4412 49
*4512 48
*4512 48
4
/
*4513 46
25 1434 Apr 21 2353 Feb 24
1
/
164 Dec f511 Apr
4
4
1512 161 143 153 35.700 Atlantic/ Refining
4
/
3
4
1
/
1612 154 1612 153 1614 15 4 16141
16
No par 4058 Apr 18 54 Feb 11
42 Dec 106 Mar
4
403 4118 2.300 Atlas Powder
*4118 43
4018 42
41
4018 4112 4014 4012 41
100 29113 Apr 20 99 Jan 16
97 Nov 106 Mar
4
1
/
Preferred
20
9612
9612 *95
9612 *95
4
1
/ *95
97
.95
1
/
9714 x944 96
*96
4
71 Dec 37 May
4
1
/
8 Jan 2 131s Feb 10
8 958 1,100 Atlas Stores Corp
95
No Par
4
3
81
1
/
9 4 10,
*1014 1012 104 103
*1018 11
All Mar
11
•10
No par
4
1
/
2 Feb 9
211 Oct
4
1
/
3 Jan 5
Atlas Taok
.
31
312 *3
312 *3
312 *3
312 *3
312 *3
1
/
*3
eoas Nov 2634 Apr
4
/
215 219 112,800 Auburn Automobile__ _No par 1011 Jan 14 29512 Apr 14
190 202 I 187 209
18814 204
180 206
7 May
4
/
11 Dec
195 240
Na par
1
/
14 Apr 23
4
/
21 Mar 30
600 Austin Nichols
4
/
11
4
/
11
8
8 13
13
3 1121
4
/
4
/
8 11 *11 112 *13
8
112 112 *13
4
1
/ Dec 103 Mar
NO par
.12
1
1 Jan 2
4
1
/
2 Feb 16
100 Autosales Corp
114 114
113 *114 112 *114 113! *ILI
*114 112 *114
314
12 Dec 25 Mar
.3
50
Preferred
5 Feb 27
4
23 Feb 3
10
3
3
3141
*3
4
314 *3
*3
4
1
/
4
1
/
2 Dec
9 Apr
*314 4
41,,
2
No par
4
4
/
61 Mar
3 Jan 2
4 14 9.900 Aviation Corp
4
4
1
/ 4141
4
4
1
/
414 4
414 412
414 412
3
198 June 38 Feb
4
1
/
23,000 Baldwin Loco Worka-NO Par 16 Apr 23 27 Mar 19
sd 16
1312 1712 18
4
/
1812 201 1814 187
Jan
84 Dec no
Preferred
2014 2012 2018 2118
100 8812 Jan 2 10412 Mar 19
660
95
95
90
95
95
9714 9712 95
97
9712 97
(L)& Co pref_ _100 10112 Apr 17 107 Feb 11 103 Doe 11012 Feb
•97
90 Bemberger
*10214 106 *10214 106
4
1
/
102 102 *10212 10314 102 102
8 Nov 20 Mar
8
55 Apr 24 10 Jan 2
110 Barker Brothers
No par
1510114 102
4
1
/
4
1
/ 5
5
4
4 53
53
3
*5 4 6
6
4
*53
3
*5 4 6
58 Dec 91 Mar
Preferred
120
100 4014 Apr 20 60 Mar 10
4014 41
4 7
*53
50
*41
50
1541
4014 4014 174014 50
1
/
84 Dec 34 Mar
25
*4014 50
912 14,200 Barnsdall Corp class A
9 Apr 23 1412 Feb16
9
532
9
4
1
/
4
1
/ 9
9
4
1
/ 10
9
4
1
/ 10
23 Nov 68 Feb
9
75() Bayuk Cigars Inc
No par 2212 Apr 24 33 Jan 19
,
2312 2312 2212 2212
9 4 10
24
24
2312 24
25
89 Dee 101 July
25
2 90 Mar 5
25
First preferred
130
100 8712 Jan
25
8712 8712 8712 8712 8712 8712
88
88
62 Dec 92 Apr
*8814 90
80
50 65 Jan 2 81 afar 19
7012 7218 13,900 Beatrice Creamery
89
72
70
7412 7012 73
4
/
7412 73
74
8
200
100 106 Jan 15 III Mar la 1011 Mar 10914 Sept
Preferred
7418 75
11012 111103 111
4
1
/
8
4
1
/
1
/
464 Nov 7018 Jan
4
1
/ 110 1103 *110 11012 11012
62 Apr 9
•11018 110
100 Beech-Nut Packing Co____20 50 Jan 15
8
•11018 1103
5612 5612 *5613 58
60
60 .57
4
1
/ Jan
213 Deo
6
4
583 *57
4 Jan 30
*57
218 Jan 15
100 Belding Hem'way Co__No par
59
8 *27
8 318
•58
4
1
/ 27
2
8 3
*27
4
1
/ 3
7614 Dec 8512 Mar
*2
4
1
1124
'/ 3
400 Belgian Nat By, part pref _ - 78 Jan 5 803 Jan 22
7
.2 8 3
8
8
8
4 7914 7914 793 793 *793 8014
hass Apr
4
/
141 Nov
Feb 24
918 793
57
4
1
/ 80 '
8
,
7918 79 8 *78
No par 167 Jan 2 2512 Mar 19
4 1814 1914 25,700 Deficits Aviation
1712 183
19
1814
4
1
/
30 Dec 5614 Apr
8 20
1
/
4
1
/ 39
No par 3214 Jan 13 4111 1
7,200 Beat & Co
1918 1912 1914 194 187 4012 3833 4912 3 3 4818 *33
78
8
3 39 4 45 4 3914
1
/
8
473 Dec 1104 Apt
4
1
/
3
39
41
4
1
/
1
/
1
/
464 484 186,300 Bethlehem Steel Corp No par 45 Jan 19 70 8 Feb 26 1121 Dec 134 Mar
3918 3912 39
4
6
4
4
1
/
4
1
/ 473 50
49
100 11334 Apr 21 123 Mar 21
4
1133 114
8 48
800
493
48
Preferred(7%)
114 114
11414 115
4
/
23 Oct 411 AM
par 2212 Apr 21 29 Feb
115 11712. 115 115
No
2.100 Blaw-Knox Co
4
1
/
116 117
2211 2314 *2212 23
4
4
1
/
4
/
161 Dec 29 Arlt
223 23
25
1
/
2314 2314 2212 23
100 Bloomingdale Brothers_No par 164 Jan 8 205s Mar 9
4
/
*181 20
8
225 23
*1818 20
Oct
4
/
95 Dec 104
1818 1818 *181 25
100 38518 Apr 20 951 Jan
89
10
*86
Preferred
*1818 23 •18l8 25
89
*86
89
74 Feb 90 Apr
/
11145
754 Jan 15
4
/
x8518 854 *8412 89
1
/
Blumenthal & Co pref._ _ _100 751 Jan 15
•____ 89
*7314 8212 *8212 85
4
153 Nov 69 Apt
*8213 85
9
3
*8212 85 •8212 85
3612 13,200 Bohn Aluminum & Br _No par 20 4 Jan 2 4012 Apr
07314 85
3512 35
331 4
5
8 3512 3718 33 8 3612
1
/
4
343 3514 344 367
s Ex-divldendr i Ex-rights,
•BIEL and asked prices; no sales on thle day.
3103
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 18.
Monday
Apr.20.
Tuesday
Apr. 21.
Wednesday
Apr. 22.
Thursday
Apr. 23.
Friday
Apr. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Os basis of 100-share Iota.
Highest.
Lowest.
PER SHARE
Rouge for Previous
Year1930.
Highest.
Lowest.
per share $ per share $ per share $ per share
3 Per share $ per share $ per share 3 per share 3 per share $ per share Shares Indus.& Misce11.(Coa.) Par
5913 Oct 78 Are
65 65
No par 60 Jan 6 26614 April
6412 6412 .6214 8414 *8214 64
*6214 64
300 Bon Anil class A
*6214 63 2
,
8 Feb 20
*155 2
5 Mar
1 Oct
1 Jan 2
/
1
4
178
178 *158 2
*15
8 2
Booth FisheriesNo par
*158 11
/
4
12
4 13
300
4
*10 15 *1014 15 *1014 15 *1014 15
54 Dec 3314 Jan
7 Jan 9 1714 Feb 20
let preferred
100
1014 1014 10 10
200
493 69
8
6812 69
25 6712 Jan 15 7612 Mar 20 6018 Jan 905s MAY
69
/ 70
1
4
/ 68
1
4
/ 6912 7158 69
1
4
/ 71
1
4
/ 6912 30,000 Borden Co
1
4
4
15 Nov 504 Mar
2212 2312 23 24
/
1
4
2012 2212 2114 22 4 20,400 Borg-Warner Corp
10 204 Apr 23 302 Feb 27
225 2358 214 23
,
2 Mar 18
/
1
4
112 Jan 28
214
5 Mar
/ Dec
1
4
*
2
214 *218 214
214 214 *2
214 *2
214 *2
50 Botany Cons Mills class A__50
4
/
1
4
124 Oct 25 July
17
/ 173
1
4
1518 1634 155 163
/ 164 171
1
4
,54,100 Briggs Manufaaturing_No par 1518 Apr 23 228 Mar 25
4 17
172
4 1718 17
8
8
154 Nov 3512 Apr
*2058 23 *2038 23 *2038 23
2012 211
413
20
2038 194 20
/
1
No par 164 Jan 14 2 Mar 24
1,000 Briggs & Stratton
11 Dec 224 May
/
4
54 Mar 2
1
2 Jan 2
3
/
1
4
24 3
3
*2
314 *23
34 318 *3
8 4
600 Brockway Mot Truck No par
*314 35s
13 Dee 85 Apr
/
1
*13
13
13
1012 1012 •1078 20
15 *13
15
Preferred 7%
100 104 Apr 22 26 Feb 17
20
*107 20
8
/
1
/
1
4
4
110 11058 110 111
10914 111
10814 10954 107 10914 10812 10914 6,400 Brooklyn Union Gas-No par 103 Jan 2 129 Mar 19 984 Dec 1781 Mar
400
33 Nov 42 Feb
/
1
4
*34 34
/ 3412 3412 *3412 35 *3412 35 *35
1
4
3512 35
35
No par 3254 Jan 22 3512 Jan 6
200 Brown Shoe Co
8
10 Dec 305 Mar
9
9
812 812
812 Apr 22 15 Feb 13
*9
10
9
9
8
/ 8
1
4
/ *85
1
4
8 9
400 Bruns-Balke-Collender-No Par
114 Dec 3178 Mar
s
8 15
15
15
*16
15
144 15
/
1
10 144 Jan 16 207 Feb 19
17
16
1614 1512 157
4,400 Buoyrus-Erie Co
/
1
4
21 Deo 43 Mar
27
/ 2818 2712 2712 2712 2712 264 27
1
4
/
1
2678 267
1,500
Preferred
10 25 Jan 13 34 Feb 10
8 28 28
4
*113 114 113 113 113 114 *113 115 *113 115 *113 115
60
Preferred (7)
100 11114 Apr 2 114 Apr 21 1073 Jan 117 Sept
558 Feb 25
s
3 Dec 165 Apr
414 4
/
1
4
414 4
/
1
4
d. Jan 2
412 5
*4
/ 5
1
4
414 4
*438 5
No par
/ 1,200 Budd(KG)Mfg
1
4
6 Oct 1458 Feb
/
1
4
8
/ 9
1
4
814 83
812 82
8 Apr 17 13 Feb 27
/
1
4
84 812
8
/ 9
1
4
4
4,300 Budd Wheel
No par
88 9
7
812 Dec 43 Mar
4
1,700 Bulova Watch
1078 1078 107 11
11
11
11
1012 107
113
4 103 11
8
8
No par 1012 Apr 24 155 Jan 80
37 Dee 74 Apr
3
1112 12
1212 1258 1215 13 .1 1178 12
/
4
5,300 Bullard Co
12
1212 1212 12
Never 111 Apr 24 23 Feb 26
*7
9
20
*7
12
*7
Burns Bros new elAeomare par 15 Apr 17 51 Jan 7 $612 Dee 11018 Apr
*5 20
*6 20
*Vs 20
3 Doc 85 Apr
313 318
3
*214 312 *3 34 *212 3
3
3 Apr 21 10 Jan 7
200
New class B tom----No par
*31
4 32
7
7154 Dec 100 Feb
37 37
*37
392
30
4
3978 397 *35 395 *37 3924 37 37
Preferred
100 22 Mar 17 85 Jan 20
8
/
4
184 Dec 511 Mar
/
1
/
1
4
4 2412 2458 2514 2614 3,700 Burroughs Add Maoh__No par 2112 Jan 16 32 Feb 9
4 2412 243
24 2512 25 2514 2414 243
214 Dec 684 Map
/
1
19
17
171
6,800 Bush Terminal
/
1
17
18
2112 2212 21
2112 18 204 18
No par 17 Apr 23 31 Feb 24
97 Nov 110 Mar
72
85 93
70
80
831
870
Debenture
102 102
100 70 Apr 23 104 Jan 23
9312 10014 *85 94
260 Bush Term Bldg)] pref
/
1
4
100 102 Apr 24 118 Mar 17 108 Oct 118 Apt
/
1
1087 1087 *109 10912 110 110 109 109 10412 1084 10214 103
8
8
.7
8 1
514 Jan
7
8 1
118
/ Dec
1
4
300 Butte & Superior Mining___1
15 Feb 20
4
118
/ Apr 23
1
4
Vs *1
1
1
*1
*1
414 Feb
14 Dec
8 1,100 Butte Copper & Zino
2 Jan 29
5
13
4 12
4
15s 18
4 *112 15
114 Jan 5
/
1
14 14 nal 2
/ /
1
1
134 13
18
10 Nov 29 Feb
8 5,900 Butterick Co
5
1418 143
No pa
4 1478 147
1254 Jan 20 20 8 Feb 26
1412 1558 15 1612 1418 15
/
1
4
*14
241
/
1
4
3318 Dec 112 Apr
/
1
No pa
4114 45
3858 4418 384 407
/
1
8 384 4112 3812 4178 68.100 Byers &Co (A M)
37 Jan 2 6954 Feb 20
/
1
4
40% 431
*9114 96
10
Preferred
*9414 96
*9414 98
914 Apr 20 10678 Feb 24 106 Deo 114 Jan
10
*9414 98
9414 9414 *944 96
313
4 9.800 California PaokIng____No par 28 Apr 24 53 Feb 16
4114 Dec 7712 Mar
3114 323
4 28
3418 343
3318 34'3 3232 331s 32 33
*53 1
*58 1
218 Feb
600 Callahan Zino-Lead
58 Dec
*58 1
ris Jan 8
1
13
8Mar 2
*58 1
5
8
34
5
8
5
8
2858 Deo 8978 Jan
3812 3812 3812 3812 384 3814 3812 3812 2,100 Calumet & Arizona Mining_2
3654 Feb 7 4328 Mar 17
3812 381
3812 381
/
1
4
212 81
8
8
/ 3,100 Calumet & Heels
1
4
7114 Dec 33 Jan
2
8
84
8 Jan 2 1158 Feb 24
84 84
84 814
84 8z
500 Campbell W & 0 Fdry-No par 114 Jan 2 1658 Mat 25
12
10 Nov 30 Mar
1214 1214 *1214 1338
/
1
•1212 1258 124 128 1214 1214 12
/
1
4
3618 3658 10,100 Canada Dry Ginger Ale No pa
75 Mar
29 Jan 19 604 Feb 27
/
1
4
8012 De
35 362
352 38
4
3512 364 3514 36
/
1
33 341
/
1
4
22
800 Cannon Mills
Na pa
1612 Dec 8414 Mar
1754 Jan 2 25 Mar 24
2114 21
214 2112 2118 21'8 2114 24 *2114 2212 21
28 Apr
/
1
4
/
1
712 De
/ 144 1412 1412 144 1418 1414 2,900 Capital Adminbi el A No par
1
4
94 Jan 3 16 Feb 26
/ 1412 14
1
4
14 144 1414 14
Preferred A
50 80 Jan 10 36118 Feb 25
2912 Dec 62 Mar
*3214 3712 *3214 371 *3214 374 *324 374 *3214 3713 *3214 35
8412 236,900 Case (.7 I Co)
/
1
4
100 793 Apr 23 13112 Feb 24
/ 795 8615 81
1
4
4
8312 De 862 Apr
/ 8312 85
1
4
4
851 8812 8512 894 8314 89
4
Preferred certificates-- _100 1104 Apr 17 116 Mar 21 113 Dec 132 Mae
110
/
1
1114 *____ 111 *____ Ill *10058 110 *__ 110
par 2678 Jan 2 3212 Feb 17
8
314 33
/
1
22 Dec 7954 Apt
32 34
/
1
4
28
/ 3114 295 32 32,900 Caterpillar Traotor----No P
1
4
3312 35
3214 34
312
4
*3
*3
14 De
*3
/
1
1378 Jan
4
Vs Jan 5
4
60 Cavanagh-Dobbe Ine__No par
*3
4 Feb 27
3
3
*314 4
100 23 Feb 17 26 Mar 7
8
Preferred
4
4
/
1
4
24 Dec 75 Jan
•10 222 *10 223 *1012 225 *1012 223 *104 24 *105 22
4
1112 1112 1114 1112 1,300 Celaneee Corp of Am__No per 11 Feb 4 16 Feb 25
12
/
1
94 Deo 204 Oct
1213 124 1212 1212 1212 124 12
7
9
9
518 Apr 24 1414May 2
7
518 614 2,100 Celotes Cory
No par
918 912
3 De
60 Mar
*912 104
*912 10
612 61
No par
9
6 12 7
412 Jan 2 13 4 Mar 21
*61
7
Certificates
12 Sept
800
3 De
74 74 *7
2
7
7
351 *25
No par 2214 Jan 5 3754 Mar 21
/
1
351
Preferred
844 Apr
3512 2712 274 2712 27 *26
90
1714 De
27
*274 33
215 22 *2135 2154 21323 214 22
4
22
/
1
600 Central Aguirre Asso No per 1912Mar 9 244 Jan 9
8012 May
4
/
1
18 De
•2214 23 *215 23
418 418
418 41
*4
614 Feb 21
212 Jan 6
84 Mar
214 De
5
44 414
5
*4
300 Century Ribbon Milla_No Par
*414 5
100 58 Apr 13 70 Feb 26
6978 Jul,
Preferred
51 Fe
*574 58 *574 58 *574 58 *5714 58 *5714 58 *5714 58
20
/ 20
1
4
202
4 2014 2013 20
21
2114 20
1512 192 10,900 Cerro do Pasco CoPPer-No Par 1512 Apr 24 $015 Feb 24
/
1
4
21 Dec 65 Jan
21
24 Jan 2
5
43
4 43
4
5
4 4 484
5
4
714 Mar 23
*
4
5
434 5
1,900 Certaln-Teed Produote_No Par
2 Dec 157s Feb
341
5
3212 341
No par 3212 Apr 23 3758 Feb 25
32 Dec 49 Fee
/
1
4
3458 3458 3418 3418 34 34 8 *34
3378 337
8
700 City Ice & Fuel
8912 89 90 *8812 89 *8812 89
100 774 Jan 14 90 Apr 21
/
1
4
8912 8912 8918
850
Preferred
79 Oct 98 Feb
8812 8812
11
11
/
1
4
/
4
8
/ 1034
1
4
8 Apr 22 234 Feb 7
/
1
4
No par
8
/
1
4
117 121 1134 12
958 10
14 8 Dec 67 Mar
,
14,500 Checker Cab
912 10
42 4212 4054 42
/
1
4
40 Jan 2 544 Feb 24
4214 4214 4214 43
/
1
No pa
41
4112 4218 4218 3,600 Chesapeake Corp
324 Dec 82 Mar
64 Apr 24 154 Feb 26
1018 1018 1013 1014 *1018 1114 1018 1018
92 104
s Nov 37 Mar
4
9
/ 934 5,600 Chicago Pneumat Tool_No par
1
4
21 Apr 24 85 Feb 26
*2212 2418 *224 2318 2212 2212 *2212 23 *2212 23
No pa
/
1
4
224 Nov 55 Mar
21
22
Preferred
300
2112 *2034 224 205 21
*21
2214 x22 22 *21
20 Mar 2 23 Jan 9
204 Deo 82 Mar
8
*205 23
8
70 Chicago Yellow Cab_ No pa
11
*11
1112 *II
1113 105s 11.
111 1112 11
/
4
10 104 Mar 6 12 4 Mar 30
1012 Dec 8212 Apr
2
1034 103
4 1.300 Chickasha Cotton 011
25
26
2512 2612 25
254 2418 2414 2418 2418 3.200 Childs Co
23 Apr 11 33 Feb 10
/
1
4
8
2414 26
/
1
4
22 Dec 675 June
/
1
4
No pa
/
4
144 Dec 63 Apr
1818 1912 1814 195 144,500 Chrysler Corn
19
/ 214 2018 211 194 2118 1812 20
1
4
154 Jan 2 2554 Mar 9
/
1
No pa
8
3
313
3
4 Feb 11
/
1
4
21 Apr 17
/
4
2
/ 2781 3
1
4
2 Dec 1314 Apr
/
1
4
34 314 2,000 City Stores new
No par
2
/ 2
1
4
/ *254 3
1
4
191
18
18 *18
154 Dec 4412 Apr
20
1
No par 18 Jan 14 2278 Mar 25
*18
20 *18
18
1.000 Clark Equipment
18
2854 30 *27
30 *27
21 Dec60 Apr
29 *27
*2812 291 *27 30
29
200 Cluett Peabody & Co No par 2454 Jan 12 844 Feb 17
•
1004 ____ *10014
511 Jan 105 Apr
/
4
100 95 Jan 28 102 Mar 4
*10014 ____ *10014
*10012 ---- *10012 -Preferred
/
4
/
1
4
No par 1424 Jan 2 170 Feb 24 13314 Jan 1911June
15012 15114 148 150 14814 14812 145 14813 147 14812 14714 148 -9,000 COCA Cola Co
/
1
4
484 Jan 53 Mar
/
1
4
5212 5213 524 5212 *5214 5212 5214 5214
No par 6013 Jan 2 52 Mar 16
/
1
4
Class A
600
52 52 *5214 521
/
1
4
44 Dec 64 2 May
7
47 47 *46 47
47 47
4511 46
1,100 Colgate-Palmolive-Peet No Par 4512 Apr 24 4012 Mar 18
4614 47 *4714 48
97 Mar 104 Dec
/
1
4
4
4
4
100 101 Apr 21 104 Feb 16
4
600
0% preferred
**1014 110 *10154 1023 1012 1012 *1013 110 *10154 110 *1012 10312
/
1
12 Oct 354 Feb
/
1
8
12
/ 124 12
1
4
124 1218 1214 3,900 Collins & Allman
9 Jan 80 172 Feb 26
/ 1258 13
1
4
No par
1212 1212 1214 12
73 Jan 92 May
7418 744 *70
/
1
76
100
Preferred non-yoting____100 72 Jan 20 7418 Apr 23
'
2744 78 *7418 78 *744 78 *744 78
4 91
*53
4 91s *53
854 Dec 20 Apr
/
1
4
84 Apr 23 1014 Jan 8
/
1
83
4 8
/ *812 85
1
4
4
812 8
,
812 8
/ 1,700 Colonial Beacon Oil Co_No Par
1
4
18
1812 1634 1812 16
18 Dec 77 Apr
/
1
4
1718 1712 8,100 Colorado Fuel & Iron
4
/ 1758 16
1
4
/ 17
1
4
/ 1654 17
1
4
100 162 Apr 20 3214 Feb 19
7614 78
7514 801
7614 79
15,700 Columbian Carbon v t o Nova? 7312 Jan 2 11158 Feb 25 654 Dec 19g Mar
77 8113 78 82
7614 78
305s Dec 87 Apr
/ 32 33
1
4
/ 311 33
1
4
/
4
8
32
/ 35
1
4
312 3314 80,100 Columbia Gas & Eleo__No par 3158 Apr 23 4558 Mar 19
4
347 364 x345 36
8
99 Nov 110 Apr
8
100 1007 Jan 2 1094 Mar 18
Preferred
10938 109
/ 10712 10814 10712 10712 10514 10612 105 1051 105 10512 1,900
1
4
718 Dee 375 Apr
7 Jan 16 1614 Mar 13
/
1
4
958 1012
9
/ 104
1
4
9 8 104 65,500 Columbia Graphophone
5
8
/ 1014 11
1
4
1018 104 1038 10
/
1
1712 18
1512 Dec 40 Apr
/
1
4
17
2.700 Commercial Credit----No Par 17 Apr 17 2314 Feb 26
17
17 1712 17
17
1712 1734 1812 17
3012 Dec 44 Apr
/
1
4
3212 33
/ 3214 3212 1,800
1
4
Class A
50 8214 Apr 21 3578 Feb 26
34 3414 *34 '3412' 34 3414 34 34
2012 Deo 28 Apr
2212 23
25 2112 Jan 20 2413 Mar 18
2212 2212 *2212 2412
230
*23 2412 *23 2412 23 23
Preferred B
7614 Jan 9512 Sept
170
/ 84 8412 *84 847
1
4
8
1s8 preferred (6)4%) --100 764 Jan 29 8554 Mar 5
85 854 8412 8412 85 85 *8412 84
2114 Dec 55 Mar
*2614 28
2618 2618 2812 2618 2612 2614 2614 2512 2614 2,700 Corn Invest Truat----No Par 25 Jan 2 34 Mar 19
21
100
No par 82 Jan 20 90 Jan 26
'
2874 8812 *8714 8812 *8714 8812 *8714 8812 *8714 8812 8714 8714
80 June 87 Mar
Cony preferred
/ *314 412 *313 413
1
4
6 Oct
4
/ 4
1
4
21z Dec
8 Feb 27
2 8 Jan 7
7
*4
/ 6
1
4
*4
/
1
4
*412 6
100
Warrants stamped
1412 1518 34,400 Comm Solvents
1414 15
14 Dec 38 API
No par 1414 Apr 22 2112 Feb 24
4
41 1514 142 1514 1412 1514 1414 15
/
4
8111 853 156,700 Commonwatb A Sou-rn No Par
74 Dec 204 Apr
9
914
8 Jan 2 12 Feb 24
9
9 14
9
9 18
812 912
818 8 4
,
98
9612 3.900
/
1
/
1
4
99 99
8612 Dec 1044Jane
99 994 9818 9918 9712 9814 9512 98
$6 preferred aerles-No Par 91 Jan 2 10034 Mar 16
8
*3158 32 *3158 364 *3158 32 *315 32 *3158 32 *3158 32
8112 Dee 57 Mar
/
1
Conde Nast Publioallo par 3158 Apr 16 3414 Feb 16
91s 9 23,400 Congeleunt-Nahm Ine_No par
912 10
/
1
4
1014 101
Sag Dec 19 4 Mar
5
6 Jan 2 1234 Mar 27
/
1
4
1018 1012 10
1014
9 10
/
1
4
2314 2314 *24
27
2414 231s 24
/
1
4
No par 22 Jan 13 3054 Mat 10
25
2514 24
/
1
4
*2514 261
18 Sept56 Mar
900 Congress Cigar
3312 3312 2,300 Consolidated Cigar
/
1
4
3314 34
2458 Dec 59 Mar
3514 364 34 34
*35 8 351
3
36
36
No Par 2512 Jan 8 3114 Mar 12
68
40
69 69
68 6812 *68 69 *68 6812 68
53 Dec80 Mar
100 55 Jan 2 73 Mar 19
*69 691
Prior preferred
6
6
7
64 3.400 Consol Film Indus----No Par
4
712 7 4
5
734 72
*734 8
7 4 72
5
'Pa Dee 27 8 Mar
5
6 Apr 23 15 Feb 17
/ 144 5,200
1
4
/
1
14
/ 1424 14
1
4
/ 1454 16
1
4
1213 Dec 284 Jan
1658 165
/
1
8 1612 164 164 16
s
No par 1414 Apr 24 187 Feb 17
Preferred
/
1
4
5
/
1
95 96
/
1
4
/
1
4
/ 94 964 933 9654 92 4 944 9112 944 9212 953 171,900 Consol Gas(N Y)
1
4
7814 Dec 1364 Apr
8
No Par 8218 Jan 2 1095 Mar 19
8
4
s
Jan 1054 Sept
/
1
4
/
1
4
10312 1031 10378 103 1037 104 1032 10414 1044 1042 10418 10118
No par 10112 Feb 27 104 Mar 13
Preferred
7
2
a
a.
2 Jan
2 101 Consolidated Textile
3
4
3
4
8
4
7
8
4D
8..4
Ns par
7
7
3
4
5
4
9212 e
154 Mar 18
4 Jan 2
44 1,000 Container Corp A voli No Par
518
518 aig
5
/ 514
1
4
512 51
*512 6
5
/ 512
1
4
/
1
4
54 Dec 22 Feb
5 Mar 11
812 Jan 9
*14 2
/
1
8 2
*14 2
/
1
17
s 11
/
4
*17
*178 218 *178 2
84 Feb
2 D.0
Class B voting
8 Jan 12
17 Mar 19
8
No par
1534 1614 154 15 4 151s 16
1518 151
1514 154 1514 151
/
1
6, 01 Continental Bak' el A-No Par 154 Apr 21 30 Feb 26
2
8
,
164 Dec5312 Feb
/
1
2
2
2
2
218
2
218
2
21s 15,000
2
218
2
7 Feb
2 Dec
3 Feb 2
/
1
4
2 Apr 13
Class B
-No par
54
56
57
5514 1,200
*57 81
*58 83 *58 6012 57 58
8
100 54 Apr 24 774 Feb 27 62 Dee 947 Feb
Preferred
4 57
/ 584 34,900 Continental Can Ine__No par 47 Jan 2 623 Mar 26
1
4
12
/ 56 57
1
4
/ 5554 572
1
4
/
1
86 5712 57 8 594 57 59
/
1
4
3
31
433 Dec 77 Mar
314
2
4
12
12
/ 1178 1214 117 111 3.200 Cont'l Diamond labre_No Par 104 Jan 2 16 Feb 27
1
4
8
13
13
1318 1278 13
/
4
13
as%
r
Dec
/
1
4
417 42
4024 42
8
4212 43
42 42
/ 415 424 42 43
1
4
4
6.400 Continental Ins
8
10 4034 Apr 23 517 Feb 21
3
3
/
1
4
/
1
4
3 8 34
,
3
3
34 7,500 Continental Motors___No par
33 3
,
/
1
4
314 3
8 Fab
%
Drt
,
412 Feb 27 • s Noa 7714 Me r
2 Feb 5
/
1
4
3
8
81
/
4
8
8
7 4 84
5
7
/ 7
1
4
/
1
4
72
5 74
712 7 39,500 Continental Oil
7
784 Dec 3012 Apr
7 Apr 23 12 Feb 13
/
1
4
N par
6
63
3
512 615
512 57
518 51
5
/ 612
1
4
5
5 25,100 Continental filharee
/
1
4
312 Dec 4072 Apr
5 Apr 17 12 Feb 24
No gar
/ 70
1
4
/ 73
1
4
/ 69 8 711
1
4
7234 73
2
72$4 74
684 70
/ 705 72 23.000 Corn Prod eta Reftn1ng25 684 Apr 23 865 Feb 17
1
4
8
65 Dec 11134 Apr
8
/
4
/
4
'15112 --- 15112 1511 1511 1511
*151 15212 1511 1511 15112 15212 4
/
4
74 Feb1514 Oct
/
4
200
8
Preferred
100 1467 Jar' 6 15212 Apr 2 140 D
104 lea
/
1
1014 101
1118i 104 11
1114 1112 11
10
83 Feb
1012 7.300 Cosy Inc
8 Jar 16 18 Feb 27
/
1
4
No par
/
1
/
1
2814 291
*2914 2978 *294 294 294 2912 29 29
3512 Jan 35 Mar
/
1
4
3012 3012 1,400 Cream of Wheat
27 Jan 14 3412 Marl!
No pa
17 *16
17 *16
17 *16
17 *16
17
*16
*16
mar
ja
304 w 294 Mant
n
17
/
1
Ores Carpet
/
1
4
100 14 Jan 24 194 Apr 11
.51
7
*5 3 7
34
•
*512 7
*512 612
Dec
8 Feb 25
/
1
4
2
100 Croeley Radio Corp_.-No Par
41s Jan
34 *32 33
311 32 *3112 32
/
4
*32 3212 32 3214 *32
5
801s DecDec 9 / Apr
51
59%
23
1
4
512 1,000 Crown Cork & SeaL___No pa
81 Jan 16 3814 Feb 24
8
4
37
8 3
/
1
4
358
358
34 35
4
4
4
4 Dec 1812 Feb
/
1
4
67 Jan 12
3
3 Apr 23
/
1
4
1,200 Crown Zellerbaoh
No pa
48
4618 472
4 4614 46"s 4614 477 *4(112 47
4518 465
4 46
8 *% 4
5,000 Crucible Steel of America 100 45 Apr 16 63 Feb 11
93 93 *9312 94
9314 934 93 95
94 94
/
4
9412 9412
240
Preferred
100 91 Apr 17 106 Jan 3 1011 Dec 117 Mar
*4
/ 5
1
4
45
4 43
4 *4
44
3
*43
4 5
218 Dec 1912 May
44 4 8 *4
,
434
5 2 Jan 8
7
4 Jan 6
200 Cuba Co
No par
114 11
/
4
114 14
114 114
118 118 5.600 Cuba Cane Produota
118 14
/
1
118 11
7 Mar
1 Oct
/
4
25 Jan 8
8
118 Jan 2
No par
4
34 34
34 34
4
44
2 Dec
9 Feb
*
4
44 *4
5 4Mar 24
5
3 Jan 5
3
3 4 1,500 Cuban-American Sugar_-10
,
32 *25
32 *26
32
32
32 *26
20 Dec 655 Feb
5
*25 32 *25
32
Mar 9 85 Jan 9
100 22
10
Preferred
4412 43 4334 44
44 *44 4412 44
384 Jun
44 4412 44
48 Jan
44
50 41 Jan 2 4878 Mar 19
900 Cudahy Peeking
89
89 89
8812 89
85 Dee 12618 May
*877 90 x87 87 *88
s
88 88
700 Curtis Publishing Co.....No Par x87 Apr 20 100 Feb 7
/
4
14 pee 1418
/
1
11634 1163 1164 1161 *11512 117 11514 11514 *11512 11612 *11512 11612
4
8Mar 5 112 Dec 12175 Mar
400
Preferred
-No Par 11314 Jan 15 1185
3
/ 4
1
4
312 37
3
/ 4
1
4
8
5 Feb 27
/
1
4
312 35
38 4
7
4
312 3 33.100 Curtiss-Wright
2 8 Jan 2
5
/
1
4
.No par
538 512
3 Dec 1£154
514 5
/
1
4
812114ar 2
528 512
5
5
51 6,100
/
4
514 512
54
e
334 Jan 2
Class A
100
2612 2612 2514 26
27 2714 27 27
27 27
2518 2518 1.800 Cutler
-Hammer IS414.-_No Per Ms Apr 24 41 Jan 7 85 Dec 9012 May
1412 143
10 Dec 43 Mar
15
15'4 1412 15
15 *1518 1512 15
/
1
4
4 14
1514 3,900 Davison Chemical
/
1
4
NO per 13 Jan 5 23 Feb 24
P
•Bid and asked MOM no melte on this days 3 Ex-dividend: V En-4117148nd and es-rights.
3104
New York Stock Record-Continued---Page 4
Fos sales during the week of stocks not recorded here. see fourth page preceding.
111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Apr. 18.
Monday I
Apr. 20.
Tuesday !Wednesday I Thursday
Apr. 21.
Apr. 22. I Apr. 23.
Friday
Apr. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On bast/ of 100
Lowest.
Highest.
$ per share S per share I S per share S per share $ per share 5 per share Shares Indus. & Miceli.(Con.) Par 5 Per share
share
*10
*93 13
13
4
Debenham Securities____5 Sett
*1018 13
*97 13
8
*1018 13
*1012 13
12l
:
93 Apr 10 8pe .1a/ 8
8
21
21
203 203 *2013 21
4
02012 21
800 Deere dr Co pref
21
2012 205s 21
20 204 Jan 28 22 J4n 5
181 181 *1803 13214 178 1803 *170 180 *170 17814i*170 1781 t
4
300 Detroit Edison
4
100 175 Jan 14 195 Feb 11
16
16
*16
18
*1812 18 1 *1612 18
1812 1813 16
700 Devoe & Raynolds A__No par 13 Jan 3 194 Feb18
163
4
1818 183
8 1814 1312 1818 1812 173 1818 173 19
4
187 1912 16,700 Diamond Match
8
4
No par 14% Jan 16 23 Mar 6
*255 26
8
".5
257 257
8
8 253 253
4
4
8 253 253 *26
41 253 257
4
4
700 Preferred
2612
24% Jun 7
1%,.re b 3
Far 2
105 Ills 11
8
115
8 114 1134; 103 1118 1058 107
4
8,400 Dome Mines Ltd
8 10% 11
8
No par
8% Jan 2 212312
215 21% 213 213
4
4 2112 2112 21
gru8 8 n Storm
om111o
2114 2012 214 2114 2114 21
8
No par 144 Jan 2 24 Apr 13
723 7318 73
4
733
717 7314 7113 7312 723 733 3,800No par 6112 Jan 2 78% Mar 20
4 723 74
8
4
4
*84 614*628 614
62* 618
514 Jan 22
64 6 4
6
300 Dunhill Internatlonal_No par
*6
8
613
84 Mar 19
*1212 1314 *1212 13 I *1212 13 I 1212 1212 *1212 123
400 Duplan Silk
4 1212 1212
No par 1212 Apr 14 1454 Feb 9
*105 __ *105 __ *105
Duquesne Light lst pref___100 102 Jan 6 106 8 a2 12
;*105 _--- *105
*105 ---ip
13,4 A r 5
*9
10 I *9
10 i
912 912
9
9
74 Jan 7
84 9
No par
"812 84 - 1:ioo Eastern Rolling Mill
1534 15614 1521s 15714 15212 1567 1527 1563 1521 2 157
154 1593 47,700 Eastman Kodak Co
8
8
8
313
s
,
2
23
24
No par 1433 Jan 19 185 4 is
1333 13414 *1333
4
4
*1333
4
- *1333
50 6% cum prof
4
bar
4
100 1283 Jan 8
- *133%
165 1134 165 163
8
4 16 -- 3
8 14
18 3 13% -1-57
8
11
; 1314 -7-58 135 -- -13 15,200 Eaton Axle As Spring__ _No par 4214 Apr 23 217 Mar 19
865 885
8
8 8714 90 1 87
9014 8414 8812 83
8,138,500 E IOU Pont de Nem
8714 834 865
20 83 Apr 23 107 Mar 19
122 122 i•1215 123
8
122 12214 *12214 123 *12214 123
122 122
400 0% non-vol deb
100 118% Jan 9 124 Apr 9
*83
4 9 I
87
8 9
34 Jan 2 114 Feb 17
*812 9
*812 9
300 EitIngon Sohild
812 812 *812 9 I
No par
5514 5514' 55 55 I 554 5514 5514 5512 *55
64
800 Preferred 6)4%
554 5512
100 3512 Jan 5 69 Feb 18
523 5512 513 543
4
71,100 Electric Autollte
4
4 514 5313 4312 52
474 5114 5018 53
No Par 4712 Apr 23 7458 Mar 10
*108 109 *108 109 1 4 108 109 *103 109 *108 109 *108 109
'
Preferred
100 108 Apr 7 110 Jan 7
2 4 2% *2% 3
3
23
800 Electric Boat
4 318
No par
27
8 24
24
23
4 234
24 Feb 9
24
4718 4812 4658 4812 4512 4814 443 463 1 4414 4612 4514 4728 167,800 Electric Power & Lt.-- NO Par 3814 Jan 2 60 4 Feb 26
4
8
3
107 107 *1053 1074 *107 1073 *107 1073 10514 10718 *105 107
4
4
„r 67
800 Preferred
9 7 F 210
4
31 1
8
No par 100 Jan 6 10811,4438 M 25
14 1,100 Preferred (0)
953 953 *95
4
4
9614 9814 9614 9514 953
Mar
No par 88 Jan 3
4 95
9514 9514 95
0 55
5713 5818 5714 57.8 578 571
2,700 Elee Storage Battery
56121 54
No par 504 Jan 2 66 Mar 19
55
553
55
*34
112
*3
4 2 I
*3
Elk Horn Coal Corp_ No Par
4 114
*34
1
*3
4 2
1 Jan 9
*3
4 2
•114 23
4, *114 2% •114 24 *1 14 214
800,Emerson-Brant al ANo par
21 Mar 23
4
118
114
3
4
3 Apr 24
4
1
33 33 I *32
3314 3214 3214 *3214 35
900 Endloatt-Johnson Corp___ _50 30 Feb 10 41 Jan 7
3214 3214 3212 3212
10213 10212 *102 1031 3 10312 10312 10312 1034 10312 10514 *10312 10514
300 Preferred
100 10212 Apr 15 113 Feb 10
*4114 4414 414 41 12 4214 4214 40
1,200 Engineers Public Serv_-No Par 38 Feb 5 49 Mar 12
40
40
41
42
41
86
86
*86
8658 *86
865
8 86
86
86
500 Preferred $5
*86
No par 81 Jan 2 87 Jan 27
865
8 88
*8912 91
*8913 91
*8912 91
200 Preferred (514)
91
90 90
*83
90
No par 86 Jan 19 91 Mar 12
90
2918 294 283 30
4
2812 29
2,900 Equitable Office Bldg No par 2812 Apr 21 35% Jan 12
30
29
2914 29
*29
29
8
8
8
812
8
8 12
7 4 rfs73
3
4
74 Apr 23 123 Mar 17
718 73
4 2,300 Eureka Vacuum Clean_No par
713 7 8
4
3
5
512 *5
53
852 Feb 24
412 Jan 2
4 *54 614
800 Evans Auto Loading
6
51s 518
*5
5
614
5
20
20
8
*187 20
8
187 187
8
*187 20
150 Exchange Buffet Corp_No par 1873 Apr 22 20 Jan 7
8 187 187
8
8 187 184
s
*112 3
*112 3
13
*112 212 *112 3
*112
*112 3
3 Mar 20
Falrbaake Co
1 Jan 3
25
*614 11
280
*614 11
*614 11
*61 11
Preferred
4 Feb 25 21913214
11
100
*614 11
*6 4
,
1
*2112 2312 *2113 22
3
193 2112 193 193
1,700 Fairbanks Morse
4
19
4 173 19
Mat
19
4
No par 1731 Apr 23
*9958 100
*995 100
8
100 100
*98 102
2
*98 102
20 Preferred
9
:
1
*98 102
100 9912 Apr 8 1067 Feb 24
*412 512 •412 5121
418 413' *4
5
*4
3% Jan 21
5
900 Fashion Park Assoc__ _No par
*4
5
4014 4014 3912 3912 *3812 45 I *33
40
15 3112 Apr 20 49% Feb 28
45
400 Federal Light & True
*38
*38
40
92
*88
.88
92 .88
10 Preferred
92
90
*88
92
88
884 8814 .
No par 87 Jan 6 92 Mar 25
*512 57
8 *512 7
Feb
512 512, *513 7
100 Federal Motor Truck_No par
512 512.
512 Apr 21
*5
7
4 94
*9% 10
*913 97
8
913 913;
2
812 94 *712 312 *73
600 Federal Screw Works No par
16,Fe 24
7
812 Apr 22 6512 Feb 24
251 3 2618 2513 2512 *2514 2612' 24
2514 24
3
243
5,200 Federal Water Sery ANo par 22 Jan 2 30 Jan 31
4 237 24
*1914 21
21
21 I 21
21141 22
22
4
22
1,600 Federated Dept Stores_No Par 154 Jan 5 223 Feb 27
*22
223
4 22
*457 47
453 47
4
46
4412 4412 4,400 Fidel Phen Fire Ins N Y____10 4313 Apr 23
4618 4812 47
4313 46
*83
4 912
9
9
*97
8 913 *85
8
912
9
9
9 Feb 21
180 Fifth Ave Bus
*83
4 91^
6% Jan 16
No par
*1714 26 I *1714 26
*174 26
26
*171 1 26
22
Filene'a Sons
*1714 26 '
No par 16 Jan 27 22 Feb 25
9912 *9412 9912 *96
*92
9912 *94
9912 *92
r
9
7 J fl 8
9912
9612 *96
Preferred
100 854 Feb 10 63 A ) 1 1
.
15
154 *1514 153 *15, 153 *1514 153
153 *15
4
4
4
4
4
800 Firestone Tire & Rubber_ 10 1178 Apr 24 193 Feb 25
4 144 1512
60
593 593
4
59
60
4 60 60 I GO
59
5918 5818 5914 2,700 Preferred
100 5612 Feb 8
4
49
4' 50
49,
4 493 493
51
51
513 51% 4,200 First National Stores __NO Par 61
4
Ian 2
52
5122 50
12 Jan 5
53
5
8
513
%
5
8
5sI
%
58 58 3,800 Flak Rubber
No par
2
2
2
258
2
2 18
2
3 Fe br 7
%
*2
2
2
2
2
450 let preferred
2 Jan 2 55 Meab 242
100
*223 312 *23 312
*25
8 312
313Mar 3
2% 253 *212 312
30 let pref convertible
258 25
2 Jan 5
100
*2814 29 I *2614 29
*2614 29
2614 261,
*2614 29
*2614 29
200 Florshelm Shoe class A _No Par 201 1 Apr 24 354 Jan 3
100 Preferred 6%
- 100 100
100 97 Jan 6 10212 Mar 18
Feb
4 Febsr 5
-His 'WI; -1214 Til; "1172 "fi" --512 1
94 9 3 2,600 Follansbee Bros
,
918 Apr 21 195 m 204
9 2 TO
,
No par
4313 45 3 42% 4512 4212 4512 14,700 Foster-Wheeler
4458 453
4 4412 484 4412 46
No par 4113 Jan 2 641
8
*94 1013 *918 1014; *918 101s
8
913 94
700 Foundation Co
773 918
3
47 Jan 5 161
No par
28 12 2718 2812 267 2712 27% 28
28 287
8
8' 2812 2858' 28
7,200 Fourth Nat Invest w w
1 2314 Jan 2 324 Feb 34
8 1718 22
1712 20 201,100 Fox Film class A
2312 245 ' y2212 24121 2212 2341 211 3 233
8
1718 Apr 23 38% Feb 17
No par
3 304 32
4314 Mar 23
8
3113 30% 315 22,500 Freeport Texas Co___ _No par 2813 Jan
30
4 3212 331
333t 3314 333
32
85 Apr 6
82
4
4
82
4
743 *___- 743 *__ -- 743 *-___ 743
4
Fuller Co prior pref___ No par 75 Jan
3 512 *412 • 5 2 *43
6% Feb 25
Jan
45
8 458
8 512
3 434
414 412 *45
300 Gabriel Co The) Cl A_ _No par
313
,
60 Feb 25
*49
50 I 50% 5058. 50,4 5014 50
50
50
270 Gamewell Co
50 I 50
50
No par 4912 Apr
•3
4
7
8
7238iea rb 26,
, Alf r 13
7322 p 2
7,
8
4
*3
4
3
4
*3
4
3
5 Apr 21
4
78.
% 1,700 Gardner Motor
4, *3
5
4
7
8
613
6
413 Jan 15
6
813 814 *8
57
8 61s
3,900 Gen Amer Investors_No Par
614 64
614 64
*821 2 86
8212 8212
*8212 86
300 Preferred
*8213 89 I *8212 86
100 80 Jan 21 88 Mar 12
6112 8224 6112 63
4
625 6318 613 63
6214 64
8,600 Gen Amer Tank Car-No par 57% Jan 2
8 21 13 2314 2118 2212 22
234 23,700 General Asphalt
8; 223 247
24% 2514 244 253
No Par 2113 Apr 23 47 Mar 28
913 Feb 18
612 912
814 614
814 Feb 6
614 612
700 General Bronze
6
612 612
6 3 612 * 12 7 I
,
No Par
*512 8
812 *813 7
81 2 *7
7 Jan 2 13 Feb 24
*7
7
GOO General Cable
7
712'
7
No Par
18
1612 1812
16
*16
16
18
1512 Jan 5 2512 Feb 24
16
16 I 1612 1612 *14
600 Class A
No par
39
40
387 334 384 39
8
39
403
4 3812 39
3918 39
600 7% cum pref
100 3813 Apr 23 65 Jan 12
4 40
40
4023 40
39% 393
40
4014' 4014 4012 .40
40
3,300 General Clgar Inc
No par 34 Jan 3 4313 Feb 10
7 45 I 4312 444 424 44 41% 4313 4213 44 272,700 General Electric
427 4414; 42
No Par 4138 Jan 19 54% Feb 28
4 11% 113
8 114 113
4 7,300 Special
8
4 11% 113
8
115 1158' 115 11531 115 115
8
10 1112 Apr 4 1218 Jan 27
8 y pr 1
515s 52% 44,300 General Foods
524 533
8
8 524 538 52% 53% 523 53,
s 5012 53
No Par 47% Jan 2 1612 Aeb 2
57
57
44 Jan 2
53
8 8
64' 514 6
6
624
5 4 54
,
54 30,000 Gen'l Gas & Elec A__ No Par
88
68 6814' 8613 69
60
6512 68
70
68
66, 67
No par 64 Jan 2 76% Mar 20
3
4,400 Cony Prof ser A
4
*301 3112 *3012 3113 *3014 313
4
*3118 32 I *314 32
*31 13 32
4
Gen Ital Edison Eleo Corn-- 3118 Jan 12 353 Mar 8
44
4412 4412 *4314 4414 43
43% 4212 44
2,300 General Mills
433 4358 44
8
No Par 21212 Apr 24 30 Mar 21
4
4 9912 9912 *9914 9958 *9914 993
4
4
200 Preferred
*9914 993 *9914 993
100 96 Jan 19 100 Apr 13
4 993 993
'
,
394 41 727,000 General Motors Corp
4
4
81 423 44 41 4214 4413 393 42 2 38% 41
10 3514 Jan 2 43 Mar 21
,
42% 433
95 Jan 2 10314 Mar 21
4
6,200 $13 preferred
8
10111 10112 10112 101.12 10112 1017 1013 1017 101 10113 10053 101
No Par
1913 Apr 18 28 Jan 28
8
1912 197 *11
18
*15
20 I •1912 23
500 Gen Outdoor Adv A.
1718
1912 1912 20
- No Dm
5
718 Jan 5 1014 r„2e 2 2
912 Fab 6
7 4 818 2,100 Common
3
8
858 88
824 812
814 83
738 812.
No par
34
,
8
1412 Apr 17 23 Feb 28
15
15
15
15
2,700 Gen Public Service
1522 15
154 1518 1514 1512 1558 16
No Pa
6413 4,800 Gen Ry Signal__
5331 67
61
74 I *5713 69
*68
67
63% 63
No Par 61 Apr 23 8418 Mar 2
66
54 Jan 2
8
613 83
8 633' 64 7
8
83
53
4 54 9.300 Gen Realty St Utilitles_No Par
6
63
53
4 6
69
54 Jan 2 7418 Mar 10
*64
64
400 $6 preferred
*6212 63
69
69 I *63
*63
63
No pa
63
63
8
8 4312 4414 427 437
4
39
417
8 4114 4314 5,000 General Refractodes
4 433 443
43 4 433
3
No Par 39 Apr 23 573 Feb 26
60 Apr 9 65 Apr 9
60
*55
60
60
*55
60
Gen Steel Cast $6 pref_No Pa
*55
60 I *55
*55
60
*55
47 Apr 23 1512 Feb 18
3
734 818
518 6% 87,100 GenTheatresEquip v t a No Dar
47
8 712
813
84 812' 8
814 9
8 2818 30 4
8 2912 3214 293 305
87,100 Gillette Safety Razor-No Par 2118 Jan 2 34% Feb 24
,
4 3118 323
3012 313
4
12 P2'34 1,300 Cony preferred
'
7212 73
*7214 723
100 823 Jan 21 75 Mar 13
4
73 I 7212 73
73
3
717 73
74 Feb 18
413 Jan 2
5
5
7
514 512
5,
4 6,000 Gimbel Bros
7
58
7
512 5 8' 5 3 5 8
No Pa
*513 558
4214' *4014 4212 *4014 4214 *4014 4214 *4014 4214
100 38 Jan 3 48 Feb 24
Preferred
*4014 421 4 *40
4 2,200 Glidden Co
912 93
10
10
853 Jan 2 164 Feb 20
10
914 97s
8 1018 1014' 10
No Par
103
10
59
58
60
53
58
60 Prior preferred
100 58 Apr 22
5913 5912 *59
594 60
ar 6
9
4 Jan 2 78 % 1). an 19
3
7
8
714 6,000 Gobel (Adolf)
758 7 8
3
6% 714
4' 7 8 75
No par
723 73
74 8
3
* 3612 3714 35% 37% 3612 37% 58,100 Gold Dust Corp v 0 o.._No par 314 Jan 2 4218 Mar 20
8; 3718 383
3713 3812 3712 387
8
9
133
9 Apr 24 207 Feb 21
2 1158 1214 10
1112
104 17,400 Goodrich Co (13 F)
No par
1313 1312 1358 1334I 11
40
38 Apr 21 68 Feb 10
40
40
39
*36
700 Preferred
40 I 36
10
40
49
*35
4 39
4
12 V34 38,100 Goodyear Tire & Rub _No Dar 3612 Apr 24 5213 Feb 21
40% 14
8
8 395 424 393 403
41/8 425
404 42
824 82
8112 1,600 let preferred
85
*82
82% 75
No pa 7.5 A pr 24 91 Feb 25
824 8234' *82
,
*8212 85 2
1
r 6
6
4% Jan 5 1333:
113 12
8
1113 113
4 1112 124 5.100 Gotham Silk HOS
8
8 115 12
8
No pa
115 115
113 12
4
70
80
70
110 Preferred
*70
70
70
80
*70
100 50 Jan 26 70 Apr 13
70
70
72
*70
AFeb
414 Jan
*4
5
5
*4
4%
4% "4
Gould Coupler A
*4
5
No 1/51
5
*4
*4
514 Feb 9
8
34 Jan 2
4
413 45
4
4% 43 10,700 Graham-Paige Motors_No pa
412 43
7
47
8 48
4 5
43
4 5
43
3% Feb 28
434 *438 434 *4
434
43
4 *4
Certificatee
No pa
4 *44 434 *43
*413 43
3
1512 1513 1,900 Granby Cons M Sm & Pr10
15 Apr 23
16
1612 154 15 4 15
1614 216
163 1638 16
8
4% 2 ar 2
5
2
4
18 Apr 23 2 104 S eebb 242
4
13
1818 19
6.800 Grand Silver Stores
18% 183 19
No pa
20
20 2 19
,
19
21
19
14% 143s 14% 4,500 Grand Union Co
10% Jan 10 18% Mar 24
144 148 1413 14
No pa
1412 144 1414 144 144
931 ., n: 288
196 J
1
,
36 Jan 15 44 Mar 35
23 4012 40 2 4014 4014 404 404
400 Preferred
No Pa
4012 40
*4012 4112 *4012 42
93
2318 *2114 23
234 23
600 Granite City Steel
20 Jan 2 2 4 Feb 25
023
24
No pa
*23
24
*23
24
*23
3613 2,800 Grant(W T)
4
253 Jan 2
No pa
367
8 35% 3614 36
395836
3812 3613
3614 3614 *36
1912 Jan 2 2312 Apr 9
2112 22
4,500 Gt Nor Iron Ore Prop_No pa
2112 22
2212 2212 2212 22% 2212 2
7% Ja0 2
58
1018 4,000 Great Western Sugar
1014 1014 10
2'2
No Pa
1018 1012 104 IL
10
9% 10
8
90
855 Jan 2
90
350 Preferred
9014
*89
10
*89
89
89
89
89
22,500 GrIgsby-Grunow
3% 4
24 Jan 2
3% 412
No Pa
14
8
8:
8 )14 :
4
4
458
4
414
4
1 Jan 6
8
100 Guantanamo Sugar _...-No Pa
*54
7
8
7
8
*3
4
*3
4
7
8
34
34
%
*34
6134 . anr 1°8
1 1
%
1
P
4
4
1813 Apr 21 37321%4eb 2
1812 1612 18
3,800 Gulf States Steel
No pa
204 183 194 18
20
23
*21
'314 21
20
5412 533 533
90 Preferred
4
4
5514 *51
100 50 Apr 13 80 Mar 4
55
5656
56
*5012 6458 56
274 Jan 21 3012 Mar 26
100 Hackensack Water
*283 30
4
4
932 *283 29
2
2?32 2,
4
*233 30
30
*29
4
•283 30
714
718
7
712
ars Jan 2 837 Mar 3
2
,
6
9
:
3
4,900 Hahn Dept Storon_-__No Pa
8
8
4
752 73
75
8 753
Mar
400 Preferred
52
60
58 .
*53
100 50 Jan 3
58
5534 *54
58
55
57
56
57
*53
800 Hall Printing
15% 16
153 Mar 5 19% Mar 21
3
I
8 15% 18
•1512 167
1534
1612 *153 17
16
ln 21,2
4
1.2',82
-dividend. y Ex-rights, S Ex-dIvidende.
• Bid and asked prima; no saki on ads day. z Ex
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
per share
Per share
912 Dee 30 Apr
20 June 244 rday
161 Dec 2553 Apr
4
1111 Dec 423 Mar
4
6% Jan
12 Nov
575 Dee
8
6 Dec
13 Oct
Jan
100
84 Dec
1424 Deo
120% Feb
115 Dec
8
8013 Dec
11413 Feb
21s Oct
35 Nov
33 Oct
10312 Oct
218 Des
84% Dee
99 Dec
34% Dec
12
47 Nov
4 Dec
5 Dec
8
364 Dee
10713 Jan
367 Nov
8
80% Dec
8918 Dec
3512 Dec
65 Oct
3
4 Oct
215 Doe
8
1% July
34 Dec
1912 Dec
102 Jan
213 Dee
43% Dec
85 Deo
54 Nov
103 Sept
3
3053 Apr
873 mar
8
434 Apr
19 Sept
1063 Oct
8
2512 Jan
25514 Apt
134 Nov
374 Feb
14614 Apr
123 Sept
10% Feb
62 Feb
1144 Ma/
110% Jan
934 Mar
1031s Apr
112 Apr
102 Sept
79 4 Feb
,
513 Mar
758 Jan
59
% Jan
116 Nov
674 Apr
107% May
104% Apr
50% June
4353 Mar
30% Feb
374 Sept
9% Jan
394 Jan
1013 May
May
274 Feb
90% Mar
9854 Apr
124 Feb
2512 Sept
43 Mar
38 Apr
89% Mar
1013 Apr
4013 Jan
10014 Sept
3318 Jan
877 Mar
3
61% Jan
5% Apr
21
Apr
21% Apr
53% Mar
10013 Oct
504 Mar
1044 June
283 Apr
4
50 Apr
174 Dec
124 Dee
4214 Dec
67 Dec
s
16 Dee
89 Dec
15% Oct
53% Oct
38% Dee
13 Dec
114 Dec
14 Dec
30 Dec
94 Dee
12 Dec
374 Dee
34 Dec
1814 Dec
1618 Jan
2412 Dec 65 Apr
57%13
75 Dec 931k Mar
213 Nov 115 Apr
4
50 Oct
Map
1 Nov
34 Dec 80 4 Pe b
1671 F
74 Dec 105 Apr
5313 Dec
117 ADr
22% Dee 1714 A Di
54 Dec 3812 Feb
612 Dec 344 mar
134 Dec 7454 Feb
39 Dec 1609134 MapApr
30 Dec
414 Dec 61, Mayer
4 AA
1.114 Oct
443s Dec
3% Dec
38 Dec
2834 Dec
4012 June
89 June
314 Nov
91% Dec
20% Dec
5 Sept
125 Dec
4
68 Oct
313 Dec
49 Dec
39 Dec
80 Dec
54 Dec
18 Dec
5614 Dec
4% Dee
39 Dee
7 Dec
631s Dec
3 Dee
29 Dec
15% Oct
62 Dec
354 Oct
7814 Oct
354 Dec
50 Nov
4 Dee
3 Dec
3 2 Nov
,
12 Nov
10 Dec
10 June
31 Dec
18 Dec
26% Dec
1713 Dec
7 Dec
82) Dec
211 Dec
1 Dec
4
15 Dec
8314 Dee
26
Jan
We Dec
4513 Dee
16 Dec
925
:
18 AD
10813 Apt
443 Feb
8
59239834
Dec
5414 Apr
100% Sept
4118 Apr
215 Apr
4
5274 Apr
106% Mae
19% Apr
100 Apr
90 Mar
101 Mar
10 Dee
1064 Jan
703 Nov
4
20% Apr
824 Apr
38 Mar
10513 Mr
19 Feb
47% Apr
584 Mar
1044 Mar
964 Mar
10214 Apr
287 Mar
3
8213 Apr
15% Apr
133 Apr
3
103 Apr
4
097 Apr
8
52 Apr
205 Feb
8
44 Aug
60% Apr
43 Jan
25% Mar
3413 Jap
120 Mar
28 Juno
4 Feb
80 Feb
109 Apr
38 July
2314 Apr
8612 Ap
313 mar
4
New York Stock Record-Continued-Page 5
3105
For aces during the week of stocks not recorded here. see fifth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Apr. 18.
Monday
Apr. 20.
Tuesday i 1Wednesday
Apr. 22.
Apr. 21.
Thursday
Apr. 23.
Friday
Apr. 24.
Sale.
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-thar elott.
Lowest.
$ per share S per share S per share $ per share i $ per share $ per share Shares Indus. & Maori!.(Con.) Par $ per share
100 100 1..100 10514 *100 g 100%
•100 101 *100 10033 *100 101
10 Hamilton Watch pref____100 100 Apr 8
90
90
90
90
90
320 Hanna pref new
90
90
00
90
90
90
90
No par 8911 Jan 8
32
33%, 3113 32
3314 34
4,000 Harbison-Walk Refrao_No par 3112 Apr 23
34
3218 33
3412 3312 342
33
8 353
312 312!
312 353
318 Apr 15
*33
1,200 Hartman Corp class B_No par
4 4
33
4 37
*312 4
77
7
73
4' *65
778
8 7%
*7
8
600
8
*7
No par
8
3
55 Apr 17
733 73
418 45
8
414 4 41
,
414 43
Rival Body Corp
4
34 Jan 2
4 14
4
No par
414
*414 5
*90
95
*
•90
95
93
96
9214 9214 3,509 200 Helm, (3 W)
(
*92
*92
95
25 8212 Jan 17
*10
104 *1018 14
14
14% *10
Hercules Motors
*10
14
14
*10
.10
No par 14 Apr 15
4618 1,100 Hercules Powder
52
48
50 I 46
50
463
3 46
5012 5012 .
No par 46 Apr 23
*5012 56
11812 11914 *11812 11912 *11812 11912 *11812 11912
118 118
100 Hercules Powder $7 eum pf 100 11612 Jan 2
*1174 118
9512 94
9012 95
9512 294
9514 95
96
95
6,300 Hershey Chocolate__ No par 87 Jan 19
95
95
*100 10014 *1004 1004 10012 10012 101% 10112' 100 101 x101 101
1,000
Preferred
No par 93 Jan 2
54 7 I
52 7
8
.412 7
*6
Hoe (R) & Co
a2 7
8
*
6
No par
513 Jan 7
8
*303 33
3014 3014 *30
33
8 30, 308 *3012 32
400 Holland leurnethe
318 313
No par 26 Jan 8
1712 1438 153
16
4 15
1512 *1514 153
1513 1614 *154 164
4 5,400 Hollander & Sons (A)_ _No par
Me Jan 2
95
*91
97 I *91
93
92
92
*92
98 293
95
200 Homestake Mining
*93
100 81 Jan 6
618 622
6
6 18
4
53
4 614 6,000 Houdaille-Hershey al B No par
6
6%
58 53
414 Jan 2
6% 6%
64
*63
64 I .61
644 *63
61
*6312 64
6314 6314 *63
100 Household Finance part p1.50 59 Jan 19
431 463
4 42
46
4212 433 24,700 Houston 011of Tex tern Otis 100 3514 Jan 2
2
8
453 4812 463 488 4512 49
4
81 2118 2114 2012 21
*2014 203
217 217
8 21% 21% 2118 217
4 3,400 Howe Sound
No par 2012 Apr 23
19 I 1614 174 1632 173
4 17
8
4 17
185 188 185 183
8
174 22,600 Hudson Motor Car_ _ _ _No par 1614 Apr 22
84 9 1
85
8 9
73
4 83
3
73
4 318
88 9
73
4 814 25,400 Hupp Motor Car Corp_ _ __10
7 4 Jan 2
3
3
34
3
3
3
3
3
34 38 *318 314
No par
3
3,400 Indian Motocycle
23 Jan 2
24 3
3
3 141
3
3
31
23
8 212
3
28 23
8 2,900 Indian Refining
2
10 3214 A pr 23
1, Apr 2
8
8
4 323 3912 33
35
317 3514 3352 353 29,300 Industrial Rayon
8
3814 52 I 32% 443
4
No par
12712 140
121 126
126 13212 132 135
152 15612 140 154
6,950 Ingersoll Rand
No par 121 Apr 22
57
57
57
57
57
53
59 I 57
5118 48
*57
52
1,800 Inland Steel
No par 48 Apr 24
8
78 8
818 84' 813 814' 8
73
4 773
714 Feb 4
712 78 4,100 Inithiration Cons Copper_ _ _20
75
8 734 *75
4 8
84 818 *73
•77
8 I
8 73
4 *73
3 73
4 1,100 Insuraushares Ctfo Ino_No par
4
64 Jan 13
718 712
712 712
74 7 4
,
74 718
78 78
718 71. 4,900 Inauranshares Corp__ No par
57 Jan 2
4
*253 31 2 *23
25g 23
8 *2
8 312
*23
8 3
312
13
4 2
14 Apr 24
3,200 Intercont'l Rubber..._No par
13
93
*913 012 *912 95
8
*912
012 9
9
9
812 Apr 21
812 9
1,000 Interlake Iron
No par
23s 23
3
27
3
• 8 3
27
27
23
4 2%
3
3
24 Apr 14
600 Internet] Agrloul
No par
36
*34
36 I 35
36
*40
35
44
36
36
*35
4212
Prior preferred
500
100 35 Apr 22
154 1593 15514 1583 159 1618 16214 165
160 160
15718 159
4
6,900 let Business NIachines_No par 1454 Jan 14
*918 912
94 91s
9
9
9
9
9
9
9
9
9 Apr 17
2,200 Internet Carriers Ltd_ _No par
4
4, 40 4 4222 3818 393
,
433 4414 433 45 I 4214 433
4
4 3812 3912 20,300 International Coment..-No Par 38's Apr 23
212 212
214 212
214 2141
224 2141
214 253
24 24 7,0e0 Inter Comb Eng Corp_No par
134 Jan 2
20 1 •15
24 I *16
234 •19
*21
24 I *17
20
19
203
4
400
Preferred
100 1812 Apr 17
497
4818 4912 48
433 493
4
4 43
49
47% 497
8 4812 497 17.100 Intermit Harvester.._No par 475 Apr 17
8
3
14114 14114 1407 1407 1403 1407 14012 1403 *140 1414 1,000
*14114 142
8!
8
4
Preferred
100 131 Jan 2
3
257 26,
8
4 2133 26% 2553 2614 2 254 26
238 2514 2418 24% 6,100 Set Hydro-El Sys el A_No par 2133 Jan 2
4
*623 64 I 6112 63 I 608 613
623 63
4
3 608 62
62
623
4 5,200 International Match pref___25 55 Jan 7
0 3 92
4
914 10 I 10
10 I .10
11
93 1018 *1018 1212 3,200 let Mercantile Marine etfs_100
4
9 Apr 17
1618 1612 16
1612 153 108 1512 157
4
8 1512 1614 1553 1614 127,500 Int Nickel of Canada_ No par 13 3 Feb 2
7
12114 *12014 122 *12014 122 ..
01204 122
12114
12014 12014 11914 11914
100 114 Jan 0
500
Preterred
2912 31
3312 3312 3012 33
2912 30
28
28
30
30
450 Internal Paper pref (7%)_100 23 Apr 23
*613 7
*718 8
7
7
51
*612 7
64 614
512 Apr 22
512
500 Inter Pap & Pow el A_ _No par
37
37
*4
5
•4
*4
5
5
334 33
4 *4
5
No par
33 Apr 23
4
300
Class B
3
3 I
212 •27
g
253 213
214 253
212 27
214 3
No par
214 Jun 22
5,500
Class 0
*3212 3412 3014 3212 2912 304 2912 2912 2714 29
253 2712 3,500
4
4
100 253 Apr 24
Preferred
•1018 12 I *1014 11
*1014 11 . 1018 1018' *1014 12
.Ns par 1018 Apr 17
1053 io'.l
200 Int Printing Ink Corp.
75
*65
75
6512 6512' 6511 6512 6512 6512 6512 6512 *65
200
100 54 Feb 11
Preferred
34
3453 337 34 I 3312 333
.3
4 3214 3313 3018 32% 308 32 8 6.900 International Salt
,
100 3018 Apr 23
*4712 48 I *4712 48
*4712 48
4712 4712 *474 4712 *4718 4712'
600 International Shoe_ _ _ -NO Par 47 'Jan 10
*36
40
*3412 40
•3412 40
*35
39 I 3412 3412 •34
38 I
100 331 Jan 6
100 International Silver
4
2812 297
8
8, 283 3058' 273 3012 263 283
4
2614 283
4 2718 283 357,500 Inter Telep & Telog__ _No par 183 Jan 2
4
4
1512 1512', 1414 1412' 1412 1538 14'2 15'
1418 1418 1433 141
1,300 Interstate Dept Stores_No par 1418 Apr 23
6412' *6014 64 I *6014 64
604 6014 *5913 62
*6014
*6014 62 I
20
Preferred el-warrant.....100 58 Jan 26
13 I *13
13121 13
14
*13
*123 14
4
*1234 11
*1212 14
100 linen'De Corp
No par 1212 Apt 16
,
718 718.
718 7281
65
8 7
612 612
613 612 *64 7
2,900 Investors Equity
5 Jan 2
No Par
2712 28
*27
28
27
27
27
27 I *26
271 *26
28
700 Island Creek Coal
391414ar 5
1
1 27 Jftn 3
4413 45 1 4414 45
*4412 47
45
45
44
4414 44
44
1.400 Jewel Tea Ins
No par
8
554 573
8 557 53
5518 573
4 5414 5653 5384 58
52
57
64,30 Johns-Manville
No par 62 Apr 21
•12213 12412 *12213 124 1*12212 124 *12313 124 1 .012212 124 *12212 124
100 118 Jan 3
Preferred
•121 123121 121 121 1 12014 12012 12012 1213 122 122
41
1203 1204
4
280 Jones & Laugh Steel pref 100 11912 Jan 2
3
4
3
3
4
54
342
*3
4 1
3
4
3
4
3
4
*3
4
1
1.500 Jordan Motor Car
13 Jan 28
No Par
•115 ----'•115 ____'115 _ __ 1*115 -.1+115 ____*i15
K C P & Lt 1st pf ser B No Par 11314 Mar 17
*558 6 I *55. 6 I •55
512 512 *512 53 ---205 Karstadt(Rudolph)
8 6
*512 57
4
3
53 Jan 15
.14
16
*14
16
*14
16
*14
15
14
14
*1212 1512
300 Kaufmann Dept Stores_212.50 14 Apr 23
1518 1512 1518 1514 15
1518 1412 15
8
1313 1414 2135 1414 6,000 Kayser (J) Co v t e____No Par 1312 Apr 23
39 1•____ 39 r*____ 39 I•____ 39
39
39
Keith-Albee-Orpheum
_100
•90 100 1 .90 100 1 *90 100
*90 100
*90 100
*90 100
100 9014 Jan 24
Preferred 7%
213 ,
2
2
2 13'
2182
13, Jan 2
2
2'.
17
218
2
2
5,700 Kelly-Springfield Tire_ _No par
.15
20 I *15
20 1 *1512 17 I 1512 1512 15
15
*12
1512
94 Jan 5
40
100
8% Preferred
*384 40
*3812 40
38
3812 36
36
36
36 .36
40
230
100 35 Jan 12
6% Preferred
21
21 14 2112 22
193 21 I 1612 1953 1612 1753 167 1712 13,100 Kelsey Hayes Wheel__ No par 1612 Apr 22
8
12
12,
4' 1112 124 11
117
8
914 1053
918 1112 11
113 79,000 KelvInator Corp
4
8% Jan 2
No par
5812 5813 5812 5312 5514 59 I 554 5512 *5514 58
58
58
430 Kendall Co pref
No par 20 Jan 6
2214 22% 2218 227
2212 2314 2218 227
2152 23
21%
No par 21% Apr 23
3 38 . 373 3733 *337 36 1 *337 4012 *337 2212 53,900 Kennecott Copper
•373 33 I •37
8
8
8
8 393
4
100 Kimberley-Clark
No par 377 Apr 21
13% 1514 *1314 1512 *1312 19 I *1314 19
*1314 19
*1314 19
200 Kinney Co
No par 1312 Apr 18
38 I 3514 36
3313 38
*35
33
33
3612 3312 *354 401
120
Preferred
100 33 Apr 18
5
12
511
13
1238
12
4
8
12
53
12
13 9,900 Holster Radio Corp..__No par
"Mar 31
*38
14
18
18
*18
14
18
18
14
14
12
18 1.000
% Apr 16
Certificates
265 *2618 2614 2618 2633' 2018 2614 2618 2614 6,500 Kresge(8 8)Co
2618 2613 264
10 25 Jae: 20
50 I 47
47 I 46
464 4614 *47
40 I 46
46
47
47
800 Kress Co
No Par 45 Jan 28
4 2412 25 I 2412 2458 2333 2413' 24
2414 243
24'si 234 243 54,900 Kreuger &Toll
20% Jan 13
8
4
4 283 30181 283 294 2318 29 I 28
285 293
8
293
3 2912 3153 52,500 Kroger Gros & Bak____No Par 18 Jan 2
7852 80
83
738 82
827
3 81
81
733 7973 7912 804 7,400 Lambert Co
4
No par 7718 Jan 2
103 103
4
4 10 2 1012 *1012 1033 1012 1012
,
*103 12 I *10% 12
4
300 Lane Bryant
No par 1012 Apr 22
*378 4
4 4
4'4 *33
414 *4
4
312 373
33
700 Lee Rubber &'Pure_ _ No par
4 33
318 Jan
4
14% 143
8 14
14
14
131
16 I •14
•14
123 123 *12
4
4
400 Lehigh Portland Cement_ _.50 143 Apr 23
4
101 !•10014 101 *10014 101 *10014 101
9913 10014 9913 991
*10014
210
Preferred 7%
100 9813 Jan 2
512 512 *512
*512 553
5,2 512
512 6
1,300 Lehigh Valley Coal.___No Par
458 Ape 10
8
2118 2112 214 2I7 2173 2053 2n *21l 2 2r 1
20 I 20
20
2
1,500
Preferred
50 18 Mar 31
5314 59 I 53
59
59
5818 587
5933 5918 5912 59
59
4,100 Lehman Corp (The)___No par 54 Jan 2
2934 30
2914 293
278 29
2912 2912 •29% 31
28
281
1,200 Ulm & Fink
No par 24 Jan 2
164 19
20
17 2 19 I 19
,
I 19
2034 193 2014 13,800 Libby Owena Glans _ _ No par 1114 Jan 28
20
19
4
8312 8212 8212 81
8112 *81
87 I 8312 8312 82
83
*83
1,600 Liggett & Myers Tobaceo__25 81 Apr 23
Si
85 I 32
81
83
84
8318 8414 8412 8612 8418 86
12,300
Series B
26 82 Apr 23
14414 14514 144 144 1'144 1453 *144 1453
4
•14414 14514 *14414 14514
400
Preferred
100 13712 Jan 7
25
2513, 25
26
25
25 I *25
25
2.4
25
25
25
3,800 Lima Locomot Works__No par 2312 Jan 2
3012 30
30, *30
2
30
*2912 30
31 I 3018 3018 *30
*3013
300 Link Belt Co
No par 2814 Jan 20
8 34
354 3312 35
!
4 3514 367
373
35
4
8
373 373 236
353
5,400 Liquid Carbonic
No par 334 Apr 23
8 4353 4624 4312 4512 414 46
44% 46% 87,400 Loew's Incorporated__ _No par 413 Apr 23
467 4313 4512 473
4
9538 9512' *9512 96
96
*93
9512 951
*9412 96 I 9412 9412
600
Preferred
No par 86 Jun 2
Prat ex-warrants._ No par 83 Jan 2
57 -- : -1371 --638 -13! --111T8 633
747
3 524
113
5
61
6'2 - 71,655 Loft Incorporated
5
No par
23 Jan 2
4
•3
312 *3
312 *3
312 *3
34
312 *3
312 *3
Long Bell Lumber A No par
318 Feb 16
8
4
8
49
.5018 5018 *50% 5113 493 5012 433 4912 483 50
4924 4,500 Loose
4
-Wiles Biscuit
25 433 Jan 2
1
8 1853 193 , 1818 1914 13% 19 129,400 Lorillard
8
82 1812 197
173 1853 1753 197
4
25 113 Jan 2
2
334 37
3 4
8 4 I *37
*37
31
4
34
4 33
4 *334 37
4
334 Jan 2
2,000 Louisiana Oil
No par
40
*40
50 I *40
40
45 .40 45100 40 Apr II
*4012 45
45
*40
10
Preferred
2914 39
8
293 3012 4,211 Louisville G & El A___No par 27 Jan 2
4
293 3012 294 3013 2912 30
29% 30
8
8
4 133 14% 127 1312 12
123
4 12
1212 5,100 Ludlum Steel
144 1453 1433 143
No pat 11 Jan 2
*3514 39
3614 3614' *36
39
•26
39
*3614 39 I *3614 39
par 35 Jan 3
100
Preferred
1912 1912 197 19%; 19
19
20
8
18
20
21
18
.20
600 MacAndrews & Forbea_No par IS Apr 24
No
3512 3433 3514 33% 34 3' 313 33% 303 3178 10,400 Mack Trucks Inc
,
2
4
3512 3512 35
4
No par 303 Apr 24
4' 843 8518 2354 8614 6,600 Macy Co
8512 87141 8512 8614 8518 853
87
86
par 83 Jan 29
7 I *6
612 612 *6
6
612
*612 7 I
64 61
5 Jan 3
;;N000
LGerarden
1918 194, 184 1914 *8% 1221384
12
1918 193 *1914 197
20
18% Apr 23
20
24 214
213 212
218 218
24 218:
2%
2 8 1 la Imbon( R) & Co No par
1,a0 1.-Iaaird iso S
2
5
.
an H
2 Apr 18
2
8 *218 27
3
•114 2
218 218' •114
12 Jan 2
100 Manatl Sugar
*218 28 *218 27
100
*458 9 I *4% 9
*433 9 I *45
8 9
*45
8 0
314 Jan 2
*44 9
100
Preferred
5% 518 *54 512
54 *54 512 .518 54
•518 513 "518
518 „Tau 22
100 Mandel Bros
No par
*11
1133 *108 11 I *1953 11
11
11
11
714 Jan 2
300 Manhattan Shirt
25
•1012 1114 11
17
1%
1%
17
8
2
2
8 2 I .18 2
17
1,000 Maracaibo 011 Explor__No Par
214
17 Apr 10
8
*2
8 1918 1912 1918 1912 194 197 17,300 Marine Midland Corp
8
20
20 4 1018 2018 1912 197
,
10 1918 Apr 20
24 I 2218 2218 2114 22
22 •22
23 I 22
1,300 Marlin-Rockwell
23
*22
23
No par 2114 Apr 24
7
7
7
7
7
.
7%
614 614 063
7
73
81 2,100 Marmon Motor Car _ No par
54 Jan 2
8 74
8
30 s 2953 29% 29 2914 287 3018: 4,300 Marshall Field & Co-No Par 2313 Jan 21
30
8
29% 293 •29% 30
4
300 Martin-Parry 0orp_ __ _No par
24 Jan 16
2% 214 *214 23 *212 2% *212 2% *212 23
*2 4 234
,
• 810 Kria sago prime; no sated on this day.
Ex-dividend. r Ez-di
ex-rtgar.,
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ Per share $ per share $ per share
103 Jan 6
Jan 10518 Oct
99
Jan 98 Ant
94 Fob 19
85
4414 Feb 16
38 Dec 7214 Apr
6
214 Dec 20 Feb
3 3 Feb 24
7% Deo 2314 May
8
105 Feb
8 Mar 6
1734 Apr
273 Nov
774 Dec 92% Feb
100 Feb 18
1312 Dec 31
18 Mar 24
Apr
50 Dee 85
258 Ma:. 13
Jan
11912M157 10 11612 Nov 12334 June
4
70 Jan 109 May
1033 Mar 27
834 Jan 108% June
104 ;Aar 27
4 Dee 2514 Feb
812Mar 3
2514 Jan 4114 Mar
87 Feb 27
5 June 123 Jan
19,8 Apr 8
8
12 July 83 Sept
101 Mar 31
1 Dec 29 Feb
93 Mar 10
4
49 Mar 6873 Oct
65 Mar 17
6813 Feb 24 : 2914 Dec 118% Apr
20 Nov 417 Feb
2913 Feb 24
8
18 Nov 627 Jan
26 Jan 3
8
74 Dee 265 Apr
134 Feb 24
8
2 Nov .17 Mar
43 Feb 27
4
3 Dec 283 Mar
4% Feb 11
2
Oct 121
Jan
31
86 Feb 24
182 Jan 3 14714 Nov 239 Apr
71 Feb 27
68 Nov 98 Mar
6% Dec 30% Feb
1153 Feb 24
8
5 Dec 1313 July
93 Feb 24
4 Dos 173 Mar
914 Feb 25
8
412 Feb 21
113 Dee
74 Apr
1114 Dec 28% Apt
15 Jan 28
514 Feb 24
332 Doe
812 Apr
424 Oct 6714 Apr
5114 Feb 24
17934 Feb 24 131
Oct 19718 Ma7
8% Dec 19% Mar
133 Feb 24
3
6212 Feb 10
434 Dec 75% Apr
4 Feb 2
114 Deo 1412 Mar
13 Dec 78 Apr
394 Feb 16
6012 Mar 2
4514 Dec 1153 Apr
4
143127,lar 21 133 Dec 14612 Sept
31 Feb 26
184 Dec 54
Apr
7314 Mar 20
5214 Dec 92 Apr
1812 Jan b
15 Nov 33 Apr
204 Feb 24
12% Dec 443 Apr
3
123 Mar 31 114 Dee 123
Apr
42 Mat 26
26 De
86 An*
512 Deo 3114 Mar
1014 Feb 26
6 Jan 26
3% Dec 223 Apr
4
412 Feb 26
2 De
18 Apr
4312Mar 27
21 Dec 86 Mar
1614 Feb 26
10 Dec 581 Apr
4
69 bleu 26
55 De 101
Apr
42 Feb 9
81
Oct 453 June
4
43 4 Jan 23
3
474 Dec 02 Jan
51 Mar 10
20 Dec 119 Feb
383 Feb 24
4
17% Dec 773 Apr
2
213 Feb 20
8
14% Deo 40 Feb
2Ni:a 24
67,
58% Des 80 Aug
12 Dec 32 Apr
1812 Feb 24
914 Feb 24
44 Dee 29 Feb
25 Oct 43 Mar
871 Fen 14
51 Jab 1
87 Dee 664 Apr
80 4 Mar 19
3
48% Dec 148% Feb
126 Apr 10 117 Dec 123% Nov
12312Mar 21 118 Dec 12312 Apr
54 Apr
114 Feb 21
14 Oct
108 Jan 116 Nov
11512 Apr
1413 Dee 1313 Jan
7 Jan
18 Feb 18
14 Dec 2012 Mar
2412 Dec 4112 Jan
2438 Mar 19
Jan 45 Apr
81
1014 Feb 9
5
Jan 150 Apr
34 Mar 20
1 Dee
64 Apr
29 Dec 42 Jan
26 Mat 21
45 Mar 2.4
17 Dec 55
Jan
29 4 Feb 25
3
9 Oct 3912 Apr
4
1612Mar 19
27% Nov 2653 Apr
25 Dec 89 Mar
60 Apr 6
3112 Feb 24
2018 Dec 623 Feb
4
33 Dee 59 Mar
41 Jan 9
2013 Jan 9
1712 Dec 4013 June
70 Jan 21
61 Dec 97 Apr
23 Feb 25
3
4 Dec
4
8% Apr
I% Feb 26
3 July
14 Dee
277 Feb 9
8
4
2613 Oct 353 Jan
39 Nov 70 Jan
55 Feb 24
20 8 Dec 35% Apr
5
273 Mar 25
4
3.17 Mar 17
1718 Dec 484 Jan
7034 Nov 113 Apt
31.
877 5 1ar 19
17% Jan 6
17 Dec 23% Oct
313 Nov 11 Mar
43 Mar 26
4
11 Dec 42 Apr
183 Feb 26
4
1014 Feb 3
98% Dec 10S12 May
832 Jan 14
414 Dec 1713 Mar
8
14% Dec 3712 Mar
217 Apr22
693 8'04 24
2
51% Dec 9714 Apr
21
Oct 36 Apr
34 4 Feb 27
4
104 Nov 3112 Mar
207 Apr 16
8
91 Feb 7
764 Dec 1133 Apr
4
913 Feb 24
4
7814 Dec 11438 Apr
1453 Apr 21 12718 Dec 146 Sept
1812 Oct 494 Feb
343 FeO 26
4
28 Dec 453 Feb
33 Feb 11
2
39 Dee. 81% Mar
5513 Feb 24
6313 Feb 16
413 Dec 95l May
4
85% Jan 1123 June
99 Mar 19
2
98 Feb 7
4
7833 Stay 993 Oct
612 Apr 24
212 Dec
6% Feb
4 Jan 6
4
3 Dec 153 Mar
404 Dec 7014 APT
547 Mar 25
8
4
2018 Mar 19
81 Dec 284 mar
313 Dec 12 Apr
44 Feb 10
55 Jan 15
60 Dec 90 Sept
25 Dec 51% Apr
353. Feb 26
19 Mar 19
914 Dec 4473 Mar
343 Dec 9934 Mar
4
5214 Feb 17
25 Feb 24
44
20 Dec 39 Apr
33% Dec 8813 Mar
437k Feb 2-I
81% Dec 1594 Feb
10814 Feb 27
418 I)eo 153 June
712Mar 24
8
1914 Dec 523 Jan
273 Feb 24
8
4
434 Mar 2
I% Dec 13 July
12 Dec
5 Mar 25
8
Jan
514 Dec 50
12% Jan 8
Jan
5 Dec 15
6 Feb 11
Jan
64 Des 24% Jan
12 Feb 25
1% Dec 103 Mar
4
33 Feb 14
2
173 Dec 3213 Aug
4
2414 Feb 24
2114 Dec 65 Feb
3253 Fan 24
10 Feb 25
414 Dec 3073 Apr
24 Des 4813 Apr
3253 Feb 24
34 Jan 30
314 Dec
8
Oct
3106
New York Stock Record-Continued-Page 6
Po. moms timing the Welk Or stocks sot aecoecilea nom. sea owth peg. oreciselhig.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Monday , Tuesday 'Wednesday
Apr. 18. I Ayr.20. I Apr. 21.
Apr.22.
_
Thursday I Friday
Apr. 23.
Apr. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Highest.
Lowest.
PER SHARE
Ranee Jar Prelim,.
Year 1930.
Lowest.
HOWL
per share Shares Indus.& Miscall. (Con.) Par $ per share $ Per share $ DC shoos $ per attar.
$ per share I $ per share $ per share I $ per share l $ per share
2314 2312 23% 2312 225 2318 2214 2234 2134 2214 2138 213
4 9,600 Mathleson Alkali WorksNo par 2158 Apr 24 8112 Jan 3 30% 1)30 5153 Mar
Preferred
8110 128 *110 128 *110 128 *110 128 1'
100 119 Feb 20 125344Mar 24 115 Jan 186 Oct
0110 128 *110 128
8
*33 34
33 33 I 33 33
3234 32841 32
25 2853 Jan 2 39 Mar 2 27 s Deo 61% Jan
2,000 May Dept Stores
3212 311 32
5 Nov 23 Mar
*7
7% •7
554 Jan 2
87 Feb 13
714
No pa
800 Maytag Co
7
7
63
4 7 I
64 63
4 8
4 *63
1418 Nov 4012 Apr
*18 20 *1818 20 1 18
Preferred
*1714 18
1512 Jan 2 2438Mar 21
No pa
300
18
18
18
*1714 18
68 Dee 8413 Mar
Prior preferred
*66 69 *66 69 I *66 68 •136
66 Jan 31 7112Mar 24
No pa
67
674 *66
*66
67
33 Dec 50 Apr
*33 35 *3213 323 103258 35
No par 3253 Apr 24 36 Jan 7
200 McCall Corp
103253 3478 3313 3713 32% 323
8
$7 Dec 74 Jan
*48
4918 49 49 I *48
4
49
*48
4812 *48
200 McCrory Stores elms A No par 34 Jan 24 515 Feb 17
4812 *48 48%
*49 52 *48
88 Dec 70 Jan
14
Class B
20
52 •48
52 I 471 471 *47
52
52 *48
No par 35 Jan 19 5153 Feb 16
78 Oct 97 Mar
*
87 90 *8513 90
10
Preferred
100 76 Jan 22 9312Mar 30
*8512 90
90 90 I *8512 90
*8512 90
27 Deo 44 Ape
•28
McGraw-Hill Publics's No par 28 Jan 30 29 Feb 26
2812 *28
28 •28
2812 *28
2812
2812 •28
2812 *28
4
1454 Jan 205 Dec
2334 2413 24
2412 2334 238 24
24 I 2314 2334 *2312 24
2,566 McIntyre Porcupine Mines_5 20% Jan 2 2612Mar 31
8714 91
883 131.800 MoKeesport Tin Plate_No par 711s Jan 2 10313 Apr 2 61 Jut 892 June
4
8733 91 I 874 90 4 8814 907
3
8, 84
9053 86
1712 12% 12% 5,100 MeKesson& Robbins-No par 11% Mar 30 17 Jan 30
10 Nov 37% Apr
13
eferred
1218 1218 1178 1214 117 1214 1173 12 I 12
8
254 Oct 4.914 Apr
Preferred
*33 3414 3113 33 I •31
32
31
31
*
50 2918 Apr 24 378 Feb 26
3 1,600
30% 30 8 2918 305
3
Dec 2014 Jan
718 718 1.200 McLellan Stores
714
7
7 Jan 20 1013 Mar 6 6
No par
7 4 73
3
4
7 4 7 4' 712 733 *713 734
3
3
No par 28 Apr 16 34 Mar 5 25 Nov 42 Apr
200 Melville Shoe
*28
29
*2718 29
29 29 I *28
29 *28
29 1 *28
29
5 Des 23% Mar
812 Feb 24
47 Apr 24
8
*5
5
No par
800 Mengel Co(The)
4% 4%
*5
514
5
5 18 *478 514
514 514
4
23 Dec 263 May
26
264 *26
263
4 26
800 Metro-Goldwyn Plc pref_ _ _27 25 Feb 27 27 Apr 10
26
2633 263 2614 2614 *26
4
26
934 Nov 37 Apr
mi
,
nS porard 011-No Dar 105 Jan 2 2034 Apr 11
c
1814 1878 1818 19141 18
19 41 1718 1838 16% 1818 1612 17% 91.700 Mexican oejlbo
3
7 Dee 3373 Feb
5 , 713 Feb 6 1058 Feb 24
75
75
758
2,100
8
8
734 8
•758 8 1
73
4
712 75s
11 Dec 33 Apr
514 912
No par '9 Apr 24 1654 Jan 8
1018 1014 10
914 912
9
914 12,100 Mid-Cont Petrol
1014, 958 10
153 Nov 53 Feb
201 202 207 207
No par 1914 Apr 22 3113 Feb 24
4 2,500 Midland SteelProd
3
203 203
4
4 1914 20 3 1914 19% 1953 193
3
74 Nov 110 Feb
77 Apr 18 94 Feb 26
8% ours let Dref
100
83
600
77 77
77
85 I *77 85
78
78
77
773 *74
3
*43 50 *43 50 *43 50
38
43
4
413 4134 4214 4434 1,000 Minn-Honeywell Regu_No par 38 Apr 22 5812 Feb 9 37 Dec 7854 Mar
7
814 Dec28 8 Mar
•41
414 Apr 20
7% Feb 10
412 412
458 433
434
414 414 •412 5
errod
414 412
900 Minnroline Pow Impl No par
3
Preferred
No par 3013 Apr 16 48 Mar 2 44 Dec 9214 May
200
3018 3018• •3013 35 I 3434 343 *3014 343 *303 313 *3018 35
4
4
4
98 Dec 40 Jan
16
*1618 18
1612 1613 16
1618 *15
500 Mohawk Carpet Mllls_No par 1073 Jan 3 2158Mar 10
16 *15
163 *15
4
1853 Dec 63114 Apr
23 23 •2258 23
2214 225 *2233 23 *2233 23 *2214 23
8'
400 Monsanto Chem WIrs No par 20 Jan 19 2613 Mar 21
7
15% Dec 49 s Jan
4
197 2012 197 2112 20% 21121 19% 2014 17% 19% 183 1912 114,400 Mont Ward Co Ill Corp No par 155 Jan 2 2914 Feb 28
s
4187 Oot 72 Feb
No par 50 Apr 20 58 Feb 16
600 Morrell(I)& Co
50 4 50% *5512 51
3
5012 5233' 50 504 •5012 5112 *5012 51
*12
55
•12
152
2 Jan
*12
5
8,
12
12.
13 Dec
12
12
3 Feb 20
4
12 Jan 6
500 Mother Lode Coalition_No par
12
12
11 Oct Ilse Apr
418 Mar 26
213 Jan 2
258 234 2,600 MotoMeter Gauge& Ea No par
24
3
VS. 2 4 3 1
3
23
4 3
24 24
3
3
212 2%
25 Dec 81 Apr
36
8 37 3853 *37 40
37 37
36
36
36
1,100 Motor Products Corp-No par 30 Jan 16 4758 Apr 6
3733 373
1412 1234 14
WA Dec 34 Mar
14
14
1538 1538 1512 1614 *1514 16
No par 124 Apr 23 197 Feb 18
1418 1,700 Motor Wheel
614 Nov
2033 Feb
251s 2312 2512 2412 25% 12,100 Mullins Mfg Co
2414 2714 24
2318 254 2312 27
853 Jan 2 3678 Mar 26
No par
8
3513 Dec 847 Jan
5714 *56 60
No par 36 Fab 10 7212Mar 5
56
56
56
5614 5614 5714 571 *56
56
Preferred
80
251s Dec 531 Feb
•
23 27 j •2212 27 I *2212 27 *223 263 *2212 27 *2213 27
4
No par 23 Apr 15 3114 Jan 26
4
Munsingwear Ice
9 Nov 254 Apr
4
1238 1134 12
• 1133 1238 1218 1233 12
No par 1113 Jan 2 133 Mar 10
11% 12
1112 117 11,000 Murray Body
34 Oct 4911 Mar
12
37 *37
*3714 40 1 •3812 40 I 37 3712 37% 3714 37
No par 37 Apr 23 4513 Mar 26
3812
400 Myers F & E Broil
2114 Dec 5813 Jan
3
4
No par 2714 Jan 2 4078 Mar 20
31
33
3458 355 x333 3414 33% 3418 3153 33
317 324 27,800 Nash Motors Co
5 4 Dec 2614 Feb
5
65g Apr 23 1054 Mar 6
7% 71
7
7 1
7% 7
121 64 718
7
6% 7
713 2,400 National Acme stamPed---10
0 Dec 391s Apr
17 *10
17 •10
813 Jan 5 13 Mar 20
81113 16 I *10
17 *10
par
*7
No
17
Nat Air Transport
712,
618 618
63
8 91
33
4 67
4
5l
55
8
514 53
4
214 Dec 20 Apr
814 Jan 2 10 Feb 28
No par
6
6
3,700 Nat Bellas Hess
131% Dec 82 Jan
*2614 30 I •261 30 *2614 30 *2614 30, *2614 30
30
Preferred
100 17 Jan 3 32 Feb 27
30
100
68% Nov 93 May
7353 76
Feb 24
745 76
8
71% 737
74
75
8' 7012 73
10 7013 Apr23 8334
7212 7312 44,900 National Biscuit new
•15114 154 *15114 154 *15114 15214 151 15114 *141 154 *151 154
7% cum pref
100 146 Jan 8 152% Apr 11 14211 Jan 152 Oet
200
5
27 8 Dec 8313 Feb
4
2712 28 1 2712 28 4 263 275 23,800 Nat Cash Register A w We par 26% Apr 24 3914 Feb 26
2733 2814 273 2914 2712 29
4
8
,
4412 46
35 Dec 62 June
4414 45 I 4458 453
44 45 I 4314 445
No par 3814 Jan 2 5034 Mar 25
8
8 4312 445 54,000 Nat Dairy Prod
*41
47
*41
41
412 41
71 Feb 26
3% Dec 241$ Feb
*413 47
412 *412 412
418 Jun 2
48
300 Nat Department Stores No par
7412 *34
34
3812 *35
*35
38's 35
35
3412 *34
100 33% Apr 9 60 Jan 9 60 Dee 90 Jan
Preferred
2
2872
1
70
3453
2814 29
1818 Dec 3913 Feb
277 2912 287 29
2714 28 I 263 2933 271
s
4
9,800 Nat Distil Prod etts____No par 19% Jan 6 3638 Feb 24
231 •21
23 •22
22 *2012 21 I 20% 205 •2012 25
1714 June 335 Mar
•
22
200 Nat Enam A Stamping---100 2033 Apr 23 2778 Feb 20
8
117 118 11712 1171 •117 120 1133 117 11214 1143 114 11412 9,000 National Lead
4
100 11214 Apr 23 132 Jan 9 114 Dec 18913 Feb
4
*14018 141 *14018 141
14018 14013 *140% 14012 14013 14018 14018 140%
Preferred A
100 136 Jan 2 141 Mar 18 135 Dft 144 Sept
30
8
•
118 118% 1187 119 •118 11912 118 118% *118 11513 11818 118 3
Preferred B
100 118 Jan 8 120 Jan 14 116 Jan 120 Nov
140
,
3358 3433 3313 3515 3318 345
4
8 3253 3353 3138 3314 3113 32% 60,400 National Pr & Lt
30 Nov 585 Apr
No par 3133 Apr 23 4414 Feb 24
12
12
*12
54
12
12
12
12
' *12
84
*12
4
4
Vs Jan
13 Dec
1% Feb 8
12 Mar 11
No par
80 National Radiator
*
1% Dec 11 Jan
2l'•--__
24 •__-213 Jan 7
Preferred
114 Mar 3
No par
214 •---214
43 4312 41
43 44
44 44
427 , 417 42
41 Nov 62 July
Never 41 Apr 22 5813 Feb 27
6,900 Nat Steel Corp
4113 43
s
*45 46 *45 46 •45 46
45 45 I 43 44
50 43 Apr 23 70% Feb 27 60 Deo 12433 AO
900 National Supply
*4212 43
010514 10712 10714 10714 *105% 10714 *1051 10714 105 10514 •__ 104
Preferred
100 105 Apr 23 111 Feb 27 10613 Aug 116 July
30
67 67
65's 67
62 6412 60 6212 60
35 Dec 982 Mar
67 67
*
50 41% Jan 2 7812 Mar 28
6212 3,800 National Surety
1518 18
1912 1812 1812 18
8
1834 1914 *19 1912 19
No par 1513 Jan 6 2478 Mar 24
13 Dec 417 Feb
1813 2,600 National Tea Co
8
1513 1518 14
14% •141s 17
•
14 16 *143 17
20 Dec 54 Apr
No par 14 Mar 3 25'4 Feb 9
500 Nelsner Bros
16
16
9 Dec 82% Jan
978 1018
93 Apr 23 145 Feb 24
4
934 10
1018 1012 1014 1034 1018 1012
9% 103
4 9,800 Nevada Conool Conner-No Par
1613 1612 17
16
15 Dec 1714 Deo
No par 1478 Mar 2 2078 Mar 24
16
17 *1512 17
17
1,000 Newport Co
*16
1553 151
471 47% .46
50 42 Feb 28 53 Mar 24
30 Deo 85 Mar
Class A
200
53 *46
*47 53 *47 52 *4713 53
48
No par 14 Apr 23 24 Feb 20
1812 1612 •16
16
14
17
1133 Dec 58 Apr
1418 1412
800 Newton Steel
14
167
3 16
1116
No par 18 Apr 24 25 Jan 23
2112 Des 67 Feb
19 •18
1016
19
19
19
18
300 NY Air Brake
1812 1812 18
16 20
22 Dec 48 Apr
4
100 2214 Jan 8 378 Jan 29
2778 *21
2778 *21
New York Doak
2778 *21
27%
27% *21
277 *21
*21
100 60 Apr 9 80 Jan 26
77% Dec 8813 Apr
57 •30 57 *35
Preferred
37
37 *35
11
.- 60 •--- 60 *SO
7
718
718 714
9% Dec 32 Apr
No par
553 Apr 10 1218 Jan 27
12
7
718 *Vs 7
713 3,400 NY Investors Int)
7
7
7
4
98 Dec 1061113ept
---No par 100 Jan 7 1075 Mar 12
110 N Y Steam pref(0)
*105 106 106 106 *105 106 105 105 105 105 *105 106
No par 11114 Jan 3 118 Apr 20 10833 Dec 117 AU3
116 11618 116 117
let preferred (7)
11514 118
220
1011618 117 117 118 *11618
7
62 Jan 2 9014 Feb 26
5714 Deo 182 8 Apr
Ne par
3
,
7012 7213 70% 7212 69 2 727 6718 7014 6718 69 4 69 71 125,200 North American CO
51 Jan 67 June
7
50 53 Jan 6 57 Mar 27
3
7
Preferred
3
600
3
3
55 5571 55 3 5533 55 4 55 4 *553 55 8 5512 5512 558 55%
45 Jan 2 11 Apr 13
414 Dec 147 Alla
853 918
83
9 24,800 North Amer Aviation_No par
93
3
914 953
85
s 918
9
918 938
WA Dec 10511 Oct
4
10534 106
3,400 No Amer Edison pref_No par 102 Jan 2 108 Apr 15
*10512 106 I 106 106 *1053 107 •10534 10618 *106 107
1
7
3
2478 Jan 15 353 Apr 7 28 s Dec 55 4 June
1,100 North German Lloyd
*3338 34 *3318 34 83312 3412 333 33 , 3318 3313 3212 328
4111: DecDee 540%
*4412 447 *441 497
8
Telegraph---50 43 Jan 31 46 Jan 5
4: 4413 4412 *4413 45
45 45
3
220 Northwestern
*4413 44
Mar
1
1 I
1
*1
1% 1,800 Norwalk Tire & Rubber--10
1
1
1
1
' 1
1
1
16 Dec 32 Aug
12 j pr 9
No par 1012 Aan 22
1012 11
1013 1114 1034 11
5
30,800 Ohio 011 Co
1133 1214 1118 1253 10 8 12
5 Fan 3
1153 j eb
Jan 29 191:Mar 182
38
5
34 34
3
.3 4 4
3
4
500 Oliver Farm EQUIP New N.Par
3
3 4
38 353 .358 33
*35
334 37
12% Dec 902* May
No par 1513 Mar 18 26 Jan 12
Preferred A
18
700
8' 18
1814 18
1718 1718 1718 17% 1873 187
'1612 19
35 Jan 8
2% Oct
353 Mar
612Mar 27
No per
512 57
512 5 5
3.500 Omnibus Corp
5
512 512
6 8 EN
5
5
7
68 68
5
*3
6 8 38
22 Dec 56 Apr
2612 28 8 •2612 273 *2612 2813
5
100 Oppenhelm Coll & Co_ _No par 22 Jan 16 2812 Feb 28
2612 2612 1112614 2858 *2612 2833 •
3
60 Dec 997k Apr
*61
663
4
90 Orpheum Circuit Ine pref_109 6014 Jan 30 72 Mar 11
65 65
65 65% 64 64
4
•
66 683 66 66
4853 Nov 80 3 Mar
5
No par 421 Apr 24 5813 Jan 12
4213 44% 8,700 Ott, Elevator
4
4633 463 4638 4653 4533 46% 44 4553 4353 443
100 12458 Feb16 12912Mar 30 118% Jan 12834 Sept
Preferred
•127 4 ---- *1273 ---- 129 129
3
40
4
128% 128% 129 129 *1278
913 Dee 387 Mar
*
9 Apr 23 188 Feb 26
97
97
Ns par
97 101
91 10
9
918
912 953 1,700 Otis Steel
10 10
100 39 Apr 23 6913 Feb 2 75 Dec 99 Apr
Prior preferred
44
110
39
39
40 40
*5412 6013 54 54 •___ 4778 40
32 Dec 607 Feb
8
-28 2813 Apr 10 8954 Jan 20
700 Owens-Illinois Glass Co
32
3118 3118 *31
3112 *3078 3112 3014 304 *3012 31
1131
40% Dee 7478 Mar
25 4514 Jan 15 547 Mar 10
48 485
4712 4812 4778 4812 14,900 Pacific Gas & Eleetrie
4858 49
48% 49 I 4853 49
Na far 5053 Jan 2 6911 Mar 20 46 Dec 10771 Mar
5714 58
56
5714 5614 5714 2.900 Paelflo Ltg Corp
583 59 z5812 59 I 5812 59
4
15 Dec 80 Feb
109 1673 Jan 7 2614 Mar 23
*1958 21
1958 21
100 Pacific Mills
*1958 21
*1913 2112 *1912 7012 •
20 20
100 11613 Jan 2 13154 Mar 19 11413 Dee 178 Feb
800 Purina Telep & Teleg
126% 126% 41127 128 I 127 12712 12638 12653 124 12614 130 130
712 Apr 22
714 Nov 23% Mar
117 Feb 24
3
73
-No par
7% 77
8 76,500 Packard Motor Car
8 8 812
8l
8%
Vs 8 4
,
713 Vs
853
42 Nov 6414 May
40
300 Pan-Amer Petr & Trans--50 3113 Apr 21 3518 Jan 29
39 *30 40
32
32 •29
•28
40 *30 40 1 .30
50 32 Jan 2 8613 Jan 9 30 Dee 6713 May
Class B
3112 311
*28
32
3112 32
32
32
2,300
32 32
32 32
5 Dec 8533 Apr
ats Jan 2 11 Mar 19
Nape?
100 Park & Tilford Ina
*8
9
*8
9
8% 87
8 *83
*8
9
4 9
•8% 9
3 Jan 2
47s Jan 21
22* Dec 26% Mar
5
*353 4
4
'
312 35
312 1,100 Parmelee Transportan-Ne Par
4
•3
8 *3
4
4
4
18 Dec 1233 May
414 Feb 13
2 Apr 22
par
2
2
2
2
2
2
2,400 Panhandle Prod & Ref-No
213 214
4123 253
214 214
345 Dec 771 Mar
4
7
377
No Par 3058 Apr 23 5014 Feb 24
s
8
32
335 171,000 Paramount Publix
3412 3714 317 34
30% 333
3618 3712 36
1118 Feb 7
214 Mar 12
lls Dee
1
42* Apr
11
112
113 112
112 15
3 3,500 Park Utah 0 M
133
112 153 •112 153
*Vs
27 Feb 20
8
l's Dec
9 Ain
113 Jan 17
17
No par
17
178 2
8
134 173
4 17
5,400 Pattie Exchange
2 1
s 17
13
2
2
27e Dec 19 8 Apr
No pot
3 Jan 16
61 Apr 1
5
5
412 458
458 5
1,800
Class A
5
43
4 514 *47
5
412 453
813 Dec 321* Feb
84 Apr 20 1513 Feb 24
9
9
9
8% 9
913 918
912
918 918 2,700 Patin° Mince & Entrepr__20
914 9%
45 Feb 24
8 Nov 14 Feb
*314 333 1,400 Peerless Motor Car
314 Apr 23
50
314 33
313 313
312 312
312 313
3% 33
26% Jan 55 Apr
No Par 3412 Apr 23 48% Feb 19
7,800 Panic& & Ford
365
8 3512 3613 3413 3534 3578 36l
3612 36% 36% 36
36
8
27% Dec 8054 Jan
No par 2818 Jan 2 395 Feb 17
35
35 4 3453. 3512 3433 35121 12,700 Penney (J 0)
3
8
3
4 353 35 4 3512 358
4
343 353
8
90 Dee 10133 Sept
100 90 Jan 8 995 Mar 27
97
200
99 *97 99
Preferred
97
*9612 99
97 97 1 *96
99
•96
314 Apr 17
5% Feb 10
24 Dec 12 Mar
312 3
12
314 3.53 *714 312 1,100 Penn-Dixie Cement--No par
312 353
4
312 313 *313 33
16 Dec 5513 Mar
100 17 Jan 2 29 Jan 30
*1418 20
Preferred
20 : *111s 20 *141s 16 •14% 20
20 *14
*15
2114 Dee 601a Apr
35
32
32
29 29
400 People's Drug Stores-No par 23 Jan 2 3512Mar 31
35 *32
35 1 •32
*31
37
11131
2 1211 jan 16
15 Dee 221
5
12 _ 167 2001614 Jan 6 250 Feb 30 18714 D60 32 May
. 00
2,500 FeopleICI L &0(Chie) 0 7
4
4
nn mil
22614 2264 •225 2263 224 2253 223 223% 220 224 219 222
Feb
3
g
8
3
•
1713 1713 •____ 1753 *95 178 *958 1678 595 17% *9% 1714
57 Dec 2714 June
734
633 Jan 2 1078 Feb 26
7% 71
73
8
3 712
6% 73 22,400 Petroleum
rofln-N Par
2
o A
78
8 778
733 78
10 o t 44
9
25 1918 Jan 13 25% Feb 24 17 % Dr 248% Apr
20 20
191 20
1912 19% 2.900 Phelps-Dodge
CorpCorp
20
21 I 20
2018 2018 *20
PhiladelphiaPhiladelphia Co (Pittsb)- -50
*140 200 •140 200 1 41140 200 •1405 2003 *140 200 *140 210
50 5212 Jan 5 581354ar 12
50% Jan 5778 Sept
54 54
5413 5412 *5412 55
200
*5412 55 *5412 55 .5412 55
613 Dee 2518 May
7 Jan 2 1214 Mar 23
14
812 9
814 812 6,900
ad 0& I__ _No Par
erred
8
8 12
84 9
84 8%
812
8%
814 Jan 1518 Mar
9 Jan 6 12 Mar 21i
Ph %& Morris & Co Ltd_
6a
10
1034 11
103 10% 1,000 Ph11llp P o
4
ef
1034 103
1138 •
4
1118 •1034
11
1078 11
1014 Dec 2753 Feb
1238
400 Phillips Jones Corp_.
*11
1233 *11
128 *11
-NO Par 11 Jan 5 1213 Mar 18
11
5 ii
123
*11
11
11
52 Dec 75 Feb
100 49 Feb 25 52 Jan 8
Phillips Jones prof
*4512 5112 *473 5112 *473 512 *1814 50 •4814 50 •4814 50
,
4
4
1113 Dee 4433 Apr
7 APr 23 16% Jan 8
8118 9
No par
7
814
74 75 52,665 Phillips Petroleum
918
9
918
9
914
9
5
9 Feb 14 1014 Apr 8
7 Dec 20l Apr
4152 15
*912 16
Phoenix Hosiery
*912 16
*913 16
*912 16
•
912 16
16 Dee 32312
2014 2014
22
200 Pierce-Arrow class A---No Par 19 Jan 15 27% Feb 11
22 *20
*20
22
22 *20
22 .20
22
:o
7 263 Feb 22
2
11 F 28
Dec
21 Mar
2%
100
25
3
4 3,600 Pierce 011 Corp
3
4
3
8
3
4
3
4
3
4
3
4
4
3
7
8
*3
4
%
3
4
Jan
714 Dec
May
12
400
Preferred
1112 1112 *1112 1112 *11
12
12
12 .1112 12
12
18 Jan 2
4
82* Feb 27
18* Dec
7 Apr
14
No par
2
17
8 2
4,200 Pierce Petroleum
2
2
2
218 218
214 214 •218 233
251s Dec 87% Apr
3,0001 Pillsbury Flour M1118
No Par 26 Jan 2 37 Mar 9
29% 3113 3013 32
31
4
4131
3112 .303 3112 31
•30 4 31
3
301 Dec 1107s Feb
31% Jan 2 3954 Mar 5
3412 *3312 3414
Pirelli Coot Italy
*3414 3412 *3314 3312 *3414 3412 .3313 3454 *34
•Bid and saw Orlon;00 sales on this days 0 Ex-dividend and ex-rights. $ Ex-dividend.
Ex-rights.
New York Stock Record-Continued-Page 7
3107
For sales during the week of stocks not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 18.
Monday
Apr. 20.
Tuesday
Apr. 21.
Wednesday
Apr. 22.
Thursday
Apr. 23. 1
Friday
Apr. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range .3Owe Jan. 1.
-share lots.
On basis of 100
Highest.
Lowest.
$ Per share $ per share $ per share $ per share S per share l $ per share Shares Indus. & Miscell.(Con.) par
5 Per share
22
22
20
*20
245 *20
3018 20
8
19
20
*15
400 Pittsburgh Coal of Pa
2
7 24. 3 2812 Jan 12
100 $19 4 A5ar6
67 J pr 2
304
8914 6914 *69
687 69
70
70
*69
*68
69
80 Jan 27
Preferred
68 68
700
100
*107 13
8
4 1214 1212 *1212 127 *1212 13
*1112 13
1212 123
*
900 PIttsb Screw & Bolt___No par 1214 Apr 22 1514 Feb 24
*72
75
72
*71
72
72
72
72
*71
72 .71
40 Pitts Steel 7% cum pref
72
100 72 Apr 17 87 Jan 15
1318 1318 .1318 1312 1318 1318 13
1318 1212 1212 1214 1214 7,400 Pittsburgh United
12 Jon 4
14
2: 0314 A pr 22 15 Feb 27
*9518 93
*9518 98
*95% 98
*954 98
0518 954 100 100
100 Apr 24
40
Preferred
100
•1653 18
*1653 1712 1653 165 *1653 18
*165 18
*1653 18
8
8
100 Pittston Co
8
,
No par 165 Apr 23 181 Jan 5
*73
*712 8
8
4 814 *73
4 814
8
*73
4 77
8
712 73
4
4
400 Poor & Co class B
8 Apr 9 133 Jun 10
No par
. 14 193
19
4
4 1914 194 *1812 184 173 1814 1712 1712 18
1853 1,800 PortoRican-AmTob alA _ -100 18 Jan 3 27 Feb 28
512 512
5
*43
4 5
5
5
*412 43
514
4
8 Feb 27
900
412 Apr 24
Class 13
44 412
Nova?
*2513 28
2512 2512 26
26
28
*25
26
2612 2434 25
1,700 Postal Tel & Cable 7% pref 100 24 Apr 10 3913 Jan 9
1234 127
12% 13
8 123 128 1253 13
1112 125
8
912 12
20,200 Prairie 011 & Gas
912 Apr 24 203* Feb 26
25
223* 2212 22
2112 2214 21
23
2112 21
2112 1914 2112 11,100 Prairie Pipe Line
2812 Feb 26
25
4
418
418 413
4
418
33
4 4
312 37
352 352 4,700 Pressed Steel Car
312 Apr 23
713 Feb 19
No par
*38
353 3518 *27
40
35
*35
*30
40
34
*30
34
Preferred
8
71
15 Ja 22 47% Feb 19
100 37:j n 2
663 675
4
663 67
3
8 6714 6814 665* 68
668 68
x67
6712 8,610000 Procter Gamble
No par 63 Jan 2 7114 Mar 10
334
4
4
33
4 334
3 4 33
33
3
4
31- 31
6 Feb 27
*312 33
4 1,00( Producers & Refiners Corp_ _50
213 Jan 2
.1318 1312 1318 1318 13
13
*1212 13
1212, *115 12
12
8
160
Preferred
50 114 Jan 2 16 Feb 27
303 8212 805 824 80
4
8
8253 7914 8114 784 82 I 8018 8212 42,000 Pub Sec Corp of N J__ _No par 72 Jan 15 9613 Mar 19
100 100
100 100
997 100
3
997 100
100 100141 10014 10014 2,400
n 3
$5 preferred
8
No par 125 Jan 2 10014 Apr 23
94
117 11712 *11713 118
11712 11712 117 117 *117 11712 117 1173
800
3
4
100 1093 .12.11 3 118 Apr 10
8% Preferred
.1354 139 *13553 139 *1355 1374 13512 13512 *13412 13741'13413 1353
8
137% Apr 9
100
4
100
7 Preferred
%
*15634 159 .1568 158 *1567 1574 1564 1563 15612 1564 .1503 15712
4
3
8% preferred
Jan
400
8
1571 Mar 26
100
*11112 1124 1113 112 *112 11212 112 2 11213 *112 11312 *112 11338
,
4
100 Pub Sere Elea & Gas pref 100 109 4 Sari 5 11212 Apr 22
,
8
4313 141
4258 433
4314 433
42
4 424 44 I 417 4312 42
9,800 Pullman Ina
No par 1448807148
: 5812 Feb 27
23
7
8
7
8 1,300 Punta Alegre Sugar
1
1
1531
1
118
1
1
1
1
1
33 Jan 8
2 Jan 9
50
77
7
77
7 4 7 4,
712 7 4
3
6% 73
3
3
4
78 7
67
3 75* 16,200 Pure 011 (The)
3
117 Jan 5
25
90
90
88 I 8612 8612 86
88
/
4
893
86
4 881 88141 88
130
8% preferred
100 86 Apr 24 101% Jan 8
1
35, 3613 35% 353
,
8
35
4 3514 36% 34
3112 3412 3014 33
17,000 Purity Bakerlee
/
1
3014 Apt 24 554 Mar 17
No pa
195 2012 193 204 185 21
8
175 19
8
163 1814 1718 187 439,800 Radio Corp of Amer
4
8
8
8
12 Jan 2 2712 Feb 25
No pa
*51
55% *51
*4912 51 1
553
52
51 I 50
3 51
50
50
800
Preferred
60 48 Jan 7 5518 Mar 28
48
48
47
483
47
4513 46
4612 4512 47
4 45
45
3,900
Preferred B
3413 Jan 2 80 Mar 21
No Pa
2014 218 2012 2113 2014 2153 195 204 17% 20
183 193 127,900 Radlo-Kelth-Orp al A._No pa
8
8
8
158 Jan 2 244Mar 21
4
235 2414 *233 24% 2312 235
8
4
8 2318 231z; 23
2314 22% 23181 3,700 Raybestoe Manhattan_No Pa
Jan 2
1453 A pr 17 2912 Mar 25
16
18
1712 1712 175 175
8 17
16
8
17 I 17
16
17
1,500 Real Silk Hosiery
30 8 Fob 10
7
10
---- 78
773 *. _ 773 *- -- 743 •_ -- - 743 .....__ 7434'
4
4
4
Preferred
14 j pn 5
10
7874 Aa r 15 90 Feb 3
*1
114 *1
14
114 *1
114
114 *1
1141
114
114
200 Reis(Robt)& Co
1
17 Jan 8
3
No Pa
*13
25
*134 27
13
•12
27
13 1 *12
24
*13
2412
10
First preferred
100 11 Jan 6 13 Apr 22
1012 103
913 9%1 11,200 Remington-Rand
3 105 103 1013 104 1018 1012
8
9
104
pr 18
71 Apr 23 1984 Feb 27
9
No pa
74
74
74
*74
7614 *74
76141 74
77 1
*65
300
7614 .65
First preferred
88 Jan 7
10
*86
953
4
93
4 4
*85
*85
953 •
953 *---- 93
93
8Mar 3 98 Jan 6
Second preferred
903
10
714 712
73
8 712
718 712
7
7
612 7
65
8 67
8 8,300 Rep Motor Car
612 Apr 23 1018 Feb 11
10
1518 16
153 1614 147 16
1453 15 I 145 153
8
8
8 14% 15
24,600 Republla Steel Corp___No par 12 Jan 2 25% Feb 24
35
3314 3413 31
3514 36
36
35
35
30
33
3412 8,400
Preferred cony 8%
100 29 Jan 2 54 Feb 19
13
11 1 *9
*8
11
*718 13
*7% 13
*718 11
*912 10
Revere Copper & Brass No Dar
7 4 Jan 6 13 Jan 2
8
.27
*27
27 27
*27
45
45
45
45
*20
27
27
200
Class A
30 Jan 6
No par
15
1512 1512, 15% 153
1514 15
1514 1513 16
1518 1514 3,900 Reynolds Metal Co.. No par
3
223 Mar 10
12
12 1 12
12 1 12
12
*1012 12 I *1018 111
1018 113* 1,000 Reynolds Spring new._No Par 215 Fon 126 1814 Mar 12
171 j b 8
:Jana
1
7 .504 508 513
49
4 5012 5113 5058 51121 50
513
507 5113 48,700 Reynolds(R J) Tob class B_10 40 3 Jan 2 53 Mar 19
3
73 73 I 73
7114 7318; 7318 731
73
73 I *71
727 73
150
Class A
10 70 Jan 13 7518 Feb 19
212 212!
212 258
212 212
Vs 241
2
214 7.300 Richfield 011 of Calif_.No par 1618 Aan 22
218 21
633 Jan 6
2 J pr .1
v612 67
81
64 612
614 6%
614 634,
53
5
4 61
53 10,300 Rio Grande 011
4
5 Apr 24 1014 Feb 24
No Dar
.
32
33 ' *3312 33 1 32 3212 29
313 , *29
31
32
2913 1,500 Ritter Dental Mfg
29
No Dar 27 Jan 6 4134 Mar 2
20
2014, 20
20
203 21
20
8
2012' 19% 20
2013 2014 2,600 Rossia Insurance Co
26 Fob 24
10
323 333
4
3; 3053 317
8. 31
317
30
3114 313 14,200 Royal Dutch Co(N Y shares) 20 Apt 22 4253 Feb 10
304' 3012 313
4
1712 177 5173 18 1 17
8'
8
3
177
8 165 1714 1612 167
167 167
8
8 7.830 St Joseph Lead
3
1
4
1812 j pr 15
6
10 3 / Aan 23 30 8 Feb 2(1
8
495 51181 4953 52121 4914 513
4 4914 52
50
511
50 4 52
3
13,300 Safeway Stores
8514 Mar 24
No par
95
95 1 95
95
95
95
95
95
5
,"
95
9414 95
380
Preferred (6)
96 Mar 20
100
*10512 1061s, 10512 10512 *10512 10618 *10512 1064 0512 1061 *10512 10618
10
Preferred (7)
9
8 Ian 21 107 Apr 15
6 Jan:
19
100 8
*1414 15
*14
1414 13
13
*1212 13
1214 1258
1253 123
600 Savage Arms Corp
No Dar 1214 Apr 24 2014 Feb 27
10
10
10
1013; 10
1012 10
1013 10
10's
73 10
4
21.900 Schulte Retail Stores_No Par
1118 Mar 30
*5314 60
59 59 I *5314 60
*5314 60
5314 531 *5314 60
80
Preferred
4 J 13
100 4012 jan 22 65 Mar 27
.63
8 634' "6:
12 63
4' 6% 612
612 658
612 6%
6%
658
900 Seagrave Corp
6 Aan 1
3ii
No Par 44 jpr 232 11 Feb 27
493 50121 493 5214, 50
4
517
493 51% 487 51
4
4913 5114 55,450 Sears, Roebuck & Co No par
Jan
8314 Feb 28
42
"43
8 43
4
43
8' *414 44
414 4
414 414 *4
/
1
4
412
300 Second Nat Investors
612 Feb 27
1
47
47
*46
51 1 46
46
*4353 50
*433 48
4
*433 48
/ 114
1
4
4
200
5818 Feb 27
Jan
Preferred
1
114
114 1141, *118
114 *14
8 113
118
1,300 Seneca Copper
14
1
1% Feb 11
No par
9% 97
3
912 1018, 953 1014
9% 1014
95 1053
8
973 1012 52.300 Servel Inc
0:J
11
1
4
22
Vo par 44 jan 2 113 Apr 9
24
24% 2414 261 2413 2518 241, 2412 2312 2414 2312 2414 6,800 Shattuck (P 0)
/
4
No par 22% Jan 2 294 Feb 20
912 9:21 *912 10 1 *912 11
,
9
*912 1312
9
*912 11
600 Sharon Steel Hoop
8
No par
9 Apr 21 137 Feb 18
1712 1712! 173 18
1712 18
8
1714 1712 17
173
8 1513 17
2,800 Sharp & Dohme
No par 12 Jan 16 21 Mat 25
*6012 62 1 6112 6113 61
61
*6012 624 *60
01
*60
61
200
/
1
Preferred
No par 534 Jan 23 6112Mar 25
612 6%1
612 6%1
618 653
63* 612
512 614
54 614 230,100 Shell Union Oil
512 Apr23 1014 Jan 12
No par
40
40 1 40
40
40
403 *4014 42
8
4012 40 40
40
1,700
Preferred
100 40 Apr 15 78 Feb 17
514 54
514 514
54 533
5
5 14
53
4 53
5
4'
5
2,700 Shubert Theatre Corp_No Dar
1) 4 Mar 6
3
4% Jan 2
15
1518 15
145* 1318 1418 125 1353 26,400 Simmons Co
4
8
155* 143 1553 14
4
8
No par 125 Apr 24 233 Feb 26
*612 7
*612 7
612 812 *612 7
612 612
612 612
500 Simms Petroleum
612 Apr 21 11 Feb 26
10
1114 115
8 11
115
8 107 1114 103 11
8
103 57.200 Sinclair Cons Oil Corp_No par 10 Apr 24 15% Feb 26
4 10
4
4
1014 103
*98 1013 100 10253 100 100
4
98
98
*9811 9912 9814 9813
600 Preferred
100 95 Jan 9 103 Mar 14
612 7%
5% 612
714 714
512 5%
518 55
8
513 514 7,600 Skelly Oil Co
127 Jan 7
8
25
*35
40
34
3412 32
32
32
*26
*25
32
32
*26
300
:
Preferred
pi 2
2
100 3512 APr 21 62 Jan 8
2
214
2
2
2
24
*2
2
2
212 *2
212 1,100 Snider Peaking
43 Feb 16
4
No par
12 9
*618 814
712 712 *713 9
4 *713 814
07
713 73
300
714 A in 26 1553 Feb 18
132 pe 10
No par
Preferred
90
90
90 90
893 89% 90
8
90
894 894 x895 90
1,000 Solvay Am Inv Trust pref _100 89 :vier 11 95 Mar 19
123 123
4
4 1214 125
8 1212 1212 1218 1214 11% 1213 1118 117
8 6.100 So Porto Rico Sugar_ No par
9 4 Mar 6 1712 Jan 8
3
105 105
105 105 1+103 105
103 103
103 105 *103 105
180
Preferred
100 9612Mar 9 112 Jan 8
45% 461 2453 46%1 455 4753 4512 461s 4518 46
/
4
4
4513 46
8,400 Southern Calif Edison
8
25 45, Apr 23 5413 Feb 28
3
3
*318 5 1 *318 5
5
*318
*34 5
*318 5
100 Southern Dallies ol B__No Dar
3 Apr 18
5 Mar 12
*33
34
*33
34 i -03
1
33
34
33
33
3318 3318 33
600 Spalding Bros
No par 33 Jan 23 36 Jan 6
*115 ____ 115 115 *115 ____ *115 ___. 115 115 *115
____
40
lst preferred
115 Apr 20
022)8 24
*2213 24
*224 24
02218 21
221s 2218
*2218 24
10 Blepre C alfant&CoIno No 10 r 11113 Apr l
0
angrortim
pa
0
A 274 Feb 17
*91
9112 *91
*91
9112 *91
91
92 .91
9112 91
9112
9213 Jan 21
Mar
100
87
8%
85
8 83
4,
814 8%
818 8
818 9
/
1
4
5,700 Sparks With ington. _ _ _No par 971% Apr 23 13 8 Mar 16
77
s 84
5
3
•133 133 *1312 133 *134 134' 13
8
4
133 133
4
1312 *13
4:
4
300 Spencer Kellogg & Sons No par 10 Jan 3 1612 Mar 25
133
4
•
912 10
9
9
*812 11
9 121
9
853 84 .813 11
2,500 Spieer Mfg Co
7
848 Apr 22 17% Feb 21
par
*25 30 *2514 26121 *2514 29 *2514 2953 *2618 295* 268 268
100
Preferred A
No pa
2614 Jan 6 334 Feb 20
10
9
10131
98 10
914 1012
03
9
4
9
9 1
9
2,50 Spiegel-May-Stern C0.
1712Mar 21
:0
1
1734 18
177 18 1 173 18
4
8
173* 177
3
164 1712 105 173 87,800 Standard Brands
164 Jan 2 2013 Feb 25
/
1
No pa
*122 12312 *122 12312 *12212 12313 *12212 12312 *12212 12312 12212 12212
100
12312 Apr 9
Preferred
03
1 3 312
*3
312
•3
3 12,
312
3
318 318;
501 Stand Comm Tobaoco..2 ro ra 1 3 '
3
3
4 Feb 10
14 Peg
ko
693 713
4
7014 72581 7014 73 I 688 7012 6614 693
4 6918 7214 50,200 Standard Gas ar Elea CoNo par 58 Jan 2 883 Mar 10
8
*635 637
8 6312 63121 63
634 63341 6312 635
63
63
63
1,400
Jan
64% Mar 23
Preferred
3
*97
994 *97
99
98
98 , *97% 101 I 98
*99 1014
98
200
36 turn prior pref
111 101 Mar 23
go //a
o Pe
1063 1077 *1065 10753 *10812 10712 10712 10712 *104 107 *104 107
3
8
10
$7 earn prior pref _ _ _No par 10114 Jan 10 1093 Mar el
4
*258 3 ,
*27
2% 27
8 314
8 *213 23
23
4 24 1,000 Stand Investing Corp_ _No par
25* 25
4
2 Jan 2
41 Feb 13
/
4
*10453 105
10414 10433 104 10414, 10412 10412 *10412 105
10413 10412 1,100 Standard Oil Export prat_ _100 1023 Jan 6 10514 Apr 13
4
42
4212 418 427
31 4118 4212 4012 4114 3812 4013 38
3934 46,800 Standard
011 of Calif_ _ _No par 38 Apr 24 51% Feb 13
134 14
133 133
4
4 1318 134 134 1312 113 13
*113 127
4
4
8 1,900 Stand 011of Kansas
19 Jan 5
403 4118 395 41
4
384 4012 373 39 1 37% 3812 3718 3814 138,20 Standard
4
011 of New
:11878 A l) 24: 5213 Feb 24
1: Apr 2
14
r 2
:
2012 207
2012 193 2014 19
8 2012 20% 20
4
184 912 69,400 Standard 011 of New Jersey]
20
1
York._251
26 Feb 10
*223* 227
21
2112 *2112 22
8 2112 2112 2012 2153 20
20
900 Starrett Co(The) L F.4._No pa
173 Apr 16 3414 Feb 24
4
4
418 44
4
4
4 I
3% 4 /
312 33
312 33
4
4 4,600 Sterling Securities el A_No vary
5% Feb 10
3 Jan 2
8
*8
83
8
4
818 834, .8
9 1
8
813
818 818 1,600
9% Feb 16
Preferred
38
38781 38
38
38
38
38
383
4 374 385
8 38
3
1,900
sionvertIble preferredN ya " n 2 40 Mar 28
a
33 Jan
_L5
14% 15
1412 15
8
145 1518 1458 143
4 1453 15
143 15
8
8,900 Stewart-Warner Sp CorN _ p10 3 / Apr 12 21% Mar 10
7
1
4
p_o _0
1714
4
4112 431_ 42
435
8 4112 43% 3814 4113 38
397
3812 4014 33.900 Stone & W
Webster
5412 Mar 21
2134 22% 2212 2213 2012 2212 2012 2112 2014 2112 203 21
4
13,800 Studeb'r Corp (The)
-No par 2014 Feb 2 26 Mar 26
*11514 11512 11514 11514 *1153 11512 *11412 11512 *1143 11512 *112 11512
8
4
10
Preferred
4
No . 115 Feb 10 118, Apr 6
10
p
___ ____
__
14 Jan 6
4 Jan 2
4
wior2 43) 4013 40% 4012 4012 387 40 3712 3814 -3712 -37 2 -- -__ Submarine Boat
8
-1- 2:500 Sun Oil
/
1
3712 Apr 2:3 454 Feb 25
No pa
10212 10212 .102 10212 102 102
101 102 *10012 101 *10012 10212
200
10412 Feb 2
Preferred
30
,
3014 30 8 3014 .30
301 30
30
/
4
30
30
3018 3012 3.000 Superheater Co(The)__No 109 131 A ptt 16 4053 Feb 9
% -la-' 2
Da
113
1
1
*1.
1
114 •1
1
1
1
1
1
1,000 Superior Oil
13 Feb 17
4
34 Jan 2
No pa
11
11
103 12
1114 12
4
103 11
4
108 1012 10
105
8 2,300 Superior Steel
8
17 Jan 2
10 0 181: .140 7 187 Mar 5
0
•1212 13
*1212 13
1212 1212 *1212 1318 13
1314 *13
1313
300 Sweets Coot America
4
138 Feb 20
*1
*1
2
2
*1
2
*1
2
*1
2
*1
2
21s Feb 2
1424 Feb 4
11
/
Symington,
414 43
8 *414 5
.4
5
5
*4
*4
5
*4
5
812 Jan 28
300
Jan 13
195 1953 *19% 20
8
8 1914 1912 19
195 195
8
19
019
1912
2113 Mar 6
700 Telantograph Corp
Jan
:
- No par
_ NN ppaar
*714 7 4 .714 73
71, 7141
3
718 714
7
718
7
7
1,900 Tennessee Corp
912 Jan 5
Era pr
No pa
263* 27
2614 27
2514 265
8 24% 25% 2414 253
4 2112 2518 106,300 Texas Corporation
35% Jan 7
443 45
4412 45
425 45 1 403 42 3 4118 427
8
8 41% 435 101,400 Texas (Suit Salphur
4
5
8
ar 40311 2 p2 21
No p25 2 4 APr 22 55% Feb 24
413 413
412 412
4% 43*
418 4%
44 418
4
418 2,900 Texas Pacific Coal & oiL___1o1
012 Jan 9
4 Apr 28
113 12 1 1153 1213 1112 12 I 11
4
1153 1012 1114 103 113 19,700 Texas Pao Land Trust
4
4
1 1012 Apr 23 17% Feb 13
8
Sri
•Bid and asked prte.
IL I SKICa I al
sal. day. z Et-dividend
g Et-tight'.
PER SHARE
Range for Precious
Year 1930.
Lotoest.
HigAsst.
$ per share
18 Dec
18 Dec
1312 Dec
8413 Dec
11 Dec
9111 Dee
1814 Dec
1018 Dec
14% Dec
4 Oct
20 Dec
1114 Dec
18% Dec
3 Nov
/
1
4
26 Dec
5253 Jan
1 Dee
1112 Dee
65 Dec
91% June
1043 Dec
4
Jan
121
142 Dec
107 4 Feb
,
47 Dec
13 Oct
733 Dec
904 Dec
36 Des
11% Dec
47 Dee
3118 Dec
1433 Dec
16% Dec
2212 Dec
83 Dec
se Dec
8 Nov
144 Nov
84 Nov
95 Jan
7 Dec
84
1012 Dec
28 Dec
514 Dec
34 Dec
10 Dec
3 Der *bars
7812 Jab
110 Jan
22% Feb
103 Jan
1914 Oct
Oct
103
22% Apr
3483 Mar
303 July
3
2714 Mar
Jan
103
54 Apr
6012 Feb
16% Feb
7612 Feb
7873 June
117 Mar
3
40 Mar
1234 Ape
100 Oct
117 Beta
/
4
1351 Oct
158 June
112 May
893 Jan
2
812 Jan
2714 Apr
11414 Apr
88% Feb
8
693 Apr
57 Apr
85 Apr
50 Apr
58.8 Apr
647 Mar
8
100 Mar
5 3 Feb
7
37
Jan
4612 Apr
1007 Mar
3
104 July
14% Mar
7918 Apr
91'* May
30 Jan
72 Jan
344 Apr
40 Dec
70 June
41 Dee
5 Dec
2538 Doc
14% Dec
803 Dec
4
1914 Dec
385 Dec
4
84 Dec
Oct
95
1214 Dec
4 Dec
35 Jan
3
55 Dee
431, Dec
2% Dee
35 Dec
1 Dec
34 Nov
204 Nov
9 Dec
1153 Dec
Jan
54
514 Dee
55 Dee
413 Nov
11 Nov
5 Dec
/
1
4
98 Dec
86 Dec
1013 Dec
42 Dec
112 Nov
8 Dec
903 Dec
8
1018 Dec
103 Aug
404 Dec
34 Jan
32 Dec
Jan
108
nrs Jan
92 Jan
8 Dee
834 Dec
753 Dee
25 Dec
412 Dec
1418 Nov
114 Nov
212 Dec
5318 Doc
55 Dec
924 Dec
9313 Dec
14 Nov
98 Feb
4214 Dee
1453 Dec
4312 Dee
19 4 Doc
3
19 Dec
5852 Mar
80 Jan
93 Dec
4
254 Apr
5984 Feb
484 Mar
5612 Apr
5714 Feb
12253 Jan
994 Feb
1097 Mar
3
31% Apr
134 Jaz
Jaz
75
1414 Mar
10053 Jan
23 Feb
82% Mat
311 Jan
1312 Apr
52 Apr
325 Feb
4
273 Mar
63% Mar
2513 Apr
10814 Apr
35 Apr
94% Jan
37 Mar
3
Apr
11214 Apr
42 Apr
993 June
4
8
Jan
36% Feb
12112 Apr
30% Jan
121
Jan
72 Apr
9 Mai
45 mar
115 Aug
4
373 June
96 ..an
3012 Apr
2.5
API
.
3613 Feb
454 Mar
152 Feb
291 Feb
/
4
12113 Sept
714 Feb
12914 Apr
67 May
104 Sept
11414 Sept
154 Mar
1064 Oct
75 Apr
49 Apr
847 Apr
4053 Apr
473 Apr
4
253 Dec 204 Mar
5 Dec 1484 Mar
804 Nov 48 Mar
1453 Dec 47 Apr
3718 Dec 1131 Apr
/
4
1813 Nov 471 Feb
Jan 125 Mar
116
1% Mar
Dec
39 Dec 70 Apr
2
9753 Dec 108, Sept
30 Nov 4514 July
9 3 May
% Dec
3
53 Dee 294 Mar
813 Jan 157 Mar
,
14 Dec
7 A or
4 Dec 174 Apr
15% Jan 2614 Apr
72 Deo 17
4
Apr
2814 Dec 60 3 May
,
4014 Dec 673 Mar
3
4 Dec 144 Mar
10 Dec 328 Mal
3108
New YON Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Apr. 18. 1
Monday
Apr. 20.
Tuesday 'Wednesday
Apr. 21.
Apr.22.
Thursday
Apr. 23.
Friday
Apr. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share 3 per share . $ per share , $ per share I $ per sharetS per share Shares Indus.& Miscell.
1
(Cond.) Par
.
16
1614 *16
163
8 16
18 1 16
16 1 15
155 *15
8
1512 1,000 Thatcher Mfg
No par
*36
39 1 5136
39 1 3612 3612 363 363 *3614 373 *3614 37
8
8
Preferred
4
200
No par
"20
2212 *193 2212 2014 2014. "193 20
8
8
*193 20
8
1912 1912
200 The Fair
No par
"105 106 z105 105 1 105 105 I 105 105 *W5 106 *105 106
230
Preferred 7%
100
43
4 514 *5
514
43
4 5
5
5
43
4 47
8
4 3,400 Thermoid Co
48 43
No par
23
23
2312 2313' 2212 227 "22
24
8
*2215 23
2214 2214
700 Third Nat Investors
1
*28
29
28
28 1 '2612 28 1 2612 '27
*2414 28
"2414 27
300 Thompson (J R) Co
25
133 133
4
4 133 133 . 4 163
8
8 133
8
8 133 14
1212 1212 *1213 1312
600 Thompeon Produces IncNo par
*43
4 5
45
8 4341
413 412
45
8 43
81
438 438
412 412
800 Thompson-Starrett Co_No pur
*29
31
•265 31 1 *265 31 1 *265 31
8
8
8
*265 31
8
"264 31
$3.50 cum pref
No ear
534 5 ,
4
6
614
514
53
4 618
512 53
53
7
5
5 12 26,294 Tidewarer Assoc 011
No par
57
574 5612 563
8' 54
56121 5312 5413 5338 54
1
53 531'8 54
3,300
Preferred
100
*1312 1713 *1312 1712' 13
1312' "12
17
*12
17
17
17
400 Tide Water Oil
100
*6812 743 *6812 743 *6812 743
4
4'
4, 6813 684 *663 713 *663 743
4
4
300
Preferred
4
100
4
914 9 4
,
914 914 *94 913, *918 914
9
9 18
94 914
900 Timken Detroit Axle
10
464 48
4612 4712, 46
4641 45
47
4512 12,200 Timken Roller Bearing_No ear
4418 46
41
33
8 33
8
34 33
8,
3.8 33
3
81
314 33
8
3
314
3
3
4,100 Tobacco Products Corp No par
13
13
127 13 1 123 13
8
4
123 123
4
4 1212 13
1318 1313 3,500
Class A
No par
107 1114 11
8
1112 107 1112, 1012 107
8
8 1012 107 63,600 Transamerica Corp
8
8 1018 107
25
13
13
13
13 1 1212 13 1 1212 1212 1212 1212 12
12
1,5001 Trausue & Williams St'l No par
10
978 1018,
938 94
1018 10
1018,
18,400 Tr -Continental Corp--No Par
913 934
94 10
*933 94
4
9314 9314: 9314 934 9314 9314 *9314 933
8 9314 9314
700
100
6% preferred
"353 36
8
353 394' 3614 3612' 3418 364' 3413 354 3514 3558 3,100 Trice Products Corp___No par
4
6 1
6
6 1 *53
4 6
*5 4 6
3
57
53
4 53
4' 6
8 57
8 3,600 Truax Traer Coal
No Par
1914 1914 *19
1912 *19
1912 19
1913 *19
200 Truscon Steel
19
183 19
4
10
16
163 *16
4
163 *16
4
1614 1518 16
15
15
144 157
8
500 Men & Co
No par
54
55
54
0512 55
55 1 54
50 1 54
4,600 Under Elliott Fisher Co No par
5413 0313 55
*12
1212 *12
1218 *1112 12
"1118 1112 "11
1212 1218
12
100 Union Bag&Paper Corp No par
5714 5813 5712 597
57
5812 5618 58
8 574 60
66,500 Union Carbide A, Carb_No par
5738 59
20
2038 195 2014 1938 20
8
193 193
8
4 1813 193
8 177 183 18,900 Union 011 California
8
25
4
•21
2118 2118 2118 21
21
"21
214 21
21
21
21
800 Union Tank Car
No par
273 297
4
8 2814 293
4
2614 285
8 27
4 275 304, 263 28
8
2918 189,500 United Aircraft & Tran_No par
5313 5312 55
54
54
54
54
54
55
55
5612 54
1,300
Preferred
50
*20
24 "20
2212 *20
24 "20
24 1 *20
22
"20
22
United Am Bosch Corp No par
*3814 39
3814 3814 38
3818 33
3814 373 3812 3712 38
4
2,000 United Biscuit
No Par
115 115 *11412 11912 *11412 11912 *11412 11912 *11412 11912 *11412 11913
20
Preferred
100
1712 175
8 175 174 1712 173
8
4 1713 173
3 1718 173
8 173 18
8
9,300 United Carbon
No par
6
64
63
8 64
618 612
618 64
6
612
6
914 5,900 United Cigar Stores__ No Par
*7114 77
*70
71 I *72
75 1 747 75 1 71
8
71
7213 7212
700
100
Preferred
2218 227
8
8, 2012 214 2118 224 559,500 United Corn
8 2218 23
2214 234 213 223
No par
503 507
8
8 51
513
8, 5118 5112 504 513
8, 5014 51
4912 50
13,700
No par
Preferred
814 814
8
84 818: 85
8 912
814
73
4 8
*814 9
2,300, United Electric Coal_ No par
5814 6012 55
56121 553 57121 513 5812 5713 59
4
5812 56
'
4
par
13,200 United Fruit
305 3114 3012 313
8
8 304 315
8 30
304j 294 303
4 3018 31 105,300 United Gas & Insprove_Noo
No
v
*103 10318 1034 10318 "103
____.*10312 10412 10418 10418 *1033 104
4
Preferred
300
*24 3 1 *212 3 I *212 3 1 *212 3 1 .212 3
*212 3
United Paperboard
100
243 243 *245 2514, 243 243
4
4
8
4 243 24341 243 213 *243 26
4
4
4
4
4
1,400 United Piece Dye Wks_No par
,
Ils 75
8
718 73
8
718 74 3,900 United Stores el A____No Par
712 73
4
7 2 818:
,
718 741
*46
483 "46
483 *45
4
4
48 1 *453 483 *46
4
4
483 *46
4
483
4
Preferred class A_ _ _ _No Par
3613 37 1 3712 3814 37
3S 1 3514 37 1 36
36
*3512 37
2,600 Universal Leaf Tobacco No par
•
31
393
4 3212 3212 "32
393 "32
4
31
393
4' 31
30 30
60 Universal Pictures lot pfd_100
214 23
8 *218 3 1
214 214 *23
8 3 1
214 214
218 24 1,100 Universal Pipe & Red_ _No Par
2812 29 1 2812 2918; 28
4
287
8 253 2818: 2512 27
26
264 31,900 U. S. Pipe & Fde
1938 194 1938 193
8, 19
1914 •1918 193 *19
8
194 1914 193
8 1,200
1st preferred
No par
*8
10 1 *8
10 1 *8
10 1 "8
10 I
84 9
*8
10
500 US Distrib Corp
No par
*1
13
8 *1
13
8 *1
13
81
1
1
*1
114
1
1
300 US Expreaa
2312 2312 *2312 25 I 23
23141 2212 2212 21
207 214 1,900 US Freight
8
22
h o par
10
10
*913 10
912 9121
912 93
4
93
4 93
4
914 914 2,9110 U S as Foreign Seour_ _ No par
'82
88
*8212 8814, *8212 8814; *8412 8814 *8412 8814 "84
8518
Preferred
No par
44 1 4212 43 1 42
425
8 413 4212 3,800 U S Gypsum
*4313 44
4313 437
8' 43
8
20
8
8, 10
'
10
11
"10
11 1 *10
1112 107 107
107
8 *913 10
1,200 U 9 IToff Mach Corp_ __No par
3712 36
3712: 37
3718' 323 36.
4
33
34
365 373
8
4 37
15,700 US Industrial Alcohol_ No par
4 8 1
75
8 73
4
*8
8141 *73
7
7
"63
4 7
*8
812
No par
300 U 9 Leather
8
10
*11
1012 10
123 *1014 12 1 *1014 1112' •103 12 1 10
4
Class A
No par
900
847
8 84
84 .84
847
3, 82 82 1 *83
8
*8112 847 •82
100
844
Prior preferred
200
2441 2114 2212 1813 217 20,7001 US Realty & Impt._ __No par
8
4 22
2418 243
4 243 25 1 237 243
4
8
4
8 133 153
8 143 153
8
4 134 15
153 153
8
4 154 157
8 1514 163
38,300 United States Rubber__No par
4, 24
254 25
4
243 25 1 2512 263
4
4 253 27 i 2512 253
25
100
3,900
lot preferred
20
19
2018! 19
173 19
4
19
2018 2018 20
20 1 20
5,300 U 9 Smelting Ref & 3.fin___50
46
*46
4813 46
47
*46
'46
4812 "46
4812 "46
4718
50
100
Preferred
8
1253 12812 430,300 United States Steel Corp__100
4
130 1323 1293 132 I 12712 13114 12614 1274 1247 129
4
4
4
4
14838 149 1 149 14912 1494 1493 14914 1493 149 14914 14918 1494 4,600
100
Preferred
*71
7114' 71
71 1 *7013 71 1 *7012 7114! 7012 7012 7012 71 14
No par
690 US Tobacco
8 203 234 2012 223 50.300 Utilles Pow & LC A
8
)
par
2414 244 245 25141 244 254 234 243
4
No i( 0
8
7g
1
No par
3,300 Vadsoo Sales
/
1
4
20 I "164 D0
/
1
4
/ r
1
*16
*1678 20 1
*16
/ 20 1 •16
1
4
/ 201 *16
1
4
20
Preferred
No par
42
4512 4314 453
4 4114 434 207,400 Vanadium Corp
4 414 4512 4114 4314 4014 433
4 2 1
13
4 13
*13
4 21s *13
4 2 1 *13
4
2
2
4 2 I *13
200 Virginia-Caro Chern......No Par
10
4
4 104 1018 104 1018
1012 "10
12
*10
123 *1018 123
100
400
6% preferred
641
67 1 *64
64 1 *64
68
*64
68
641
64
64
100
64
400
7% preferred
__
'107__ _
107 107
107 107 1 10714 10714 10714 10712 *10713
160 Virginia El & Pow pf(6) No par
5112 493 _513 53 -I 513 54 1 514 5412 5112 5212 49
4
4
100
4 5014 1,380 Vulcan Detinning
8
8 2212 223
4 2218 2212 3,400 Waldorf System
23 23
223 223
4
4 223 224 225 225
8
No Par
9
9
8
9 1
84 9
83
4 83
4
8
8 I
818 84
7,700 Walsworth Co
*1512 17 1 *1512 17 1 1512 1513 "1114 14% 1, 0 Ward Bakeries clams A_ _No liar
17
17 1 *1514 17
_N o
No
6
200
8 0
412 412
43
412 412
8 412
54
412 5
414
No
*42
523 *41
8
523 "40
8
45
*42
524 41
41
*41
43
10a
100
e
Preferred
B
Parefd
104 11 1 103 1114 1038 107
4
8
97 1012
.3
84 10
9
9 12 172,600 Warner Bros Plotures._No Vol
22
22
'2214 23181 2318 234 2112 22
22 1 2178 22
22
No par
1,200
Preferred
414 414
4
414
418 414
No par
418 418
4'8 44
418 44 2,000 Warner Quinlan
3212 29
3018: 294 3114 30
3118 33 1 3114 3212 30
303 15,200 Warren Bros new
8
No par
43
*423 45 1 43 43
4
4314 "423 454 424 44
4
43 43
No par
190
Cony pref
*2712 2812 82718 29
2714 2714 27
2718 2612 2612' 2612 2612 1,200 Warren Fdy & Pipe_ _No par
413 414
34 4
3
33
8 358 *312 418 *312 414 *312 413
No par
500 Webster Elsenlohr
223 23 I *2212 23 "223 23
4
4
2258 223g *2214 2312 2212 2213
800 Weesou Oil & Snowdrift No par
56
56
56
56
56
"5512 56 1 554 5513 *5512 56
No par
56
600
Preferred
11514 1213 11514 11912 11534 11834. 11714 11914 21,10 Western Union Telegraph.100
4
12112 1243 12012 123
4
3058 3018 3012 3014 3012; 30
297 30 1 294 3018 30
8
3014 5,800 Westingh'se Air Brake_No Par
4
8 7012 7538' 6618 7112 249,50 Westinghouse El & Mfg___50
755 774 753 7818 7514 774 743 763
8
4
4
50
*10012 102, 100 10012 10114 10114 973 100 I 92
4
97 1 9212 94 I
860
lot preferred
22
24
22
213 213 "214 22 I *22
4
4
2112 22
2118 2113,
700 Weston Elea Inatruml_No Par
364 *35
*35
3614 "35
3614 *35
3614 *35
No par
3614 *35
36141
Class A
*105 10612 *105 10612 *10518 1061 105 10514 "105 10612 "105 10612
50 West Penn Elec clads A_No Par
4
100
'
107 11012'110 1103 11018 11018 10714 110 1 10714 10714 109 109
140
Preferred
*98 100 1 *98 100 1 *93 100
*98 100
*9838101 . 098 100
100
Preferred (6)
1173 1174 1163 1163 117 1173
8
4
4
100
4
4
4
'117 1173 *117 1173 1163 117
4
350 West Penn Power pref
4*110 --, 110 110 I n o
4
4
100
1113 112 I 1114 1113 1113 1113
4
350
6% preferred
4
37 1 373 38 • 37 --.
3318 373 3812 36
4
3
i- 1.400 West Dairy Prod cl A_ _No Par
3812 3813 38
103
8
93 10
4
1012 1118
812 1013 8,200
No par
1014, 1014 1013 10
Claws B
10
32
2818 29
2812 30
3112 30
2814 30
30 1 '30
1,800 Westvaco Chlorine ProdNo par
30
1
14
14
14
1
1
1
1
118 118:
7,900 Wextark Radio Stores_No Dar
Ds;
118
1912 1814 19 I 18
19
1814 1818 1818 5,600 White motor
No par
19
19121 1912 1912'
4118 41
41
4014 41
40
404 1,900 White Rook Min Spring ctf_50
*4218 43 I 4112 42 I 41
4 4 44, *334 4
,
4
418 44
4
4 I
*33
8 414
1,500 White Sewing Machine_No Par
4
*8
12
"8
10 1 "8
918 *8
918
11
No Par
Preferred
10 1 *8
*8
4 73
4 *74 712 *718 712 1,000 Wilcox 00 & Gas.
73
7 8 74
,
No Dar
84
7
712'
*7
514 5 2
,
51g 53
4
514 6
5
19,600 Willys-Ov erland (The)
512 512
2
,
8
514 53 ' 5 4 53
4814, 49
1
49
4514 49
1,000
100
4912 4914 4914 48
Preferred
4914; 49
49
218 218
8' *24 214'
218 218 1,000 Wilson & Co foe
No Par
8 "218 23
*24 23
8
*218 23
*518 6 I
54 518 •
54 6
100
*614 6
*514 6 I *518 6
Class A
No Par
3218 3212 3112 32
600
3212 3212 *3212 33
100
Preferred
"3212 34
8
*323 33
4 5918 6112 6014 6218 73,400 Woolworth (F WI Co
10
60 2 6214. 6012 613
,
614
8
3
59 4 605 z59
8
8 6418 6612 633 6714 6430 6812 127,800 Worthing P at M
100
8 6653 694 6414 697
657 695
8
95 '81
95
"70
90
100
95 "70
Preferred A
95 "81
*81
95
*81
66
*55
65 '60
65
100
68 '65
Preferred 13
*60
74
*65
79
"65
22
18
"16
22
*16
*17
Wright Aerououtical ___No Par
22
20 '18
22 '18
•18
7214 74
74
723 73
4
5,000 Wrigley(Wm)Jr (Del)_No Par
7512 73
74
7312 7412 x7412 75
25
24 I 234 234 234 234 2312 2312 1,200 Yale & Towne
24 I 2312 2312 24
*23
958 104
94 1014 42,200 Yellow Truck de Coach el 8_10
105
8
,
10 4 10
8 1014 7532 *57
4 1014 107
104 103
754
7512 "57
7512 *65
100
Preferred
7512 *57
*58
7512 '58
20
20
20
2,400 Young Spring az Wire_ _No par
2012 19
21 I 2012 21 1 20
21
*204 21
64
66 '61
*61
66
Youngstown Sheet & T _No Par
66 1 '51
66 1 "50
66 I*60
*60
3,800 Zenith Radio Corp___ _No Dar
314
3
3
03
4 3
34 314 "23
7
314 314 *318 3 8
I
I
1
•BkI and aaked prima, no sales on Ude day. 3 En-dividend. y Ex-rights.
PER SHARE
Range Since Jan. 1.
-share tots.
Oa basis of 100
Lowest.
Highest.
$ per share $ Per share
1314 Jan 3 22 Feb 27
35 Jan 2 41 Mar 5
19 Apr 10 23 Jan 9
105 Jan 28 10612 Feb 26
44 Apr 21
9 Feb 13
184 Jan 2 27 Feb 21
25 Jan 3 35 Mat 2
114 Jan 2 18 Feb 24
838 Mar 7
4 Jan 2
244 Feb 4 3414 Mar 19
9 Jan 7
54 Apr 23
534 Apr 24 68 Jan 8
104 Jan 31 18 Mar 16
6814 Apr 4 83 Feb 28
9 Apr 23 12 Feb 20
43 Jan 2 50 Feb 17
3 4 Apr 9
3
214 Jan 16
104 Jan 14 14 Apr 10
1018 Apr 23 18 Feb 26
77 Jan 3 1712 Mar 6
8
4
613 Jan 2 113 Feb 24
29214 Mar 16 94 Feb 25
294 Jan 2 4558 Feb 27
4
53 Apr 4 10 Jan 20
19 Apr 23 24 Feb 24
4
144 Feb 10 213 Mar 10
514 Jan 2 754 Feb 27
93 Feb 4 1312 Mar 27
4
5513 Jan 19 72 Feb 24
174 Apr 24 2658 Feb 13
20 Apr 1 2518 Jan 8
8
224 Jan 2 387 Mar 28
45 Jan 2 59 Mar 26
16 Jan 16 2713 Mar 2
4
337 Jan 2 413 Mar 26
3
11314 Feb '2 122 Mar 23
174 AV 23 284 Feb 11
74 Apr 9
4 Jan 2
6014 Feb 2 z76 Apr 10
1618 Jabs 2 3114 Mar 19
4434 Jan 2 524 Mar 29
3 Jan 2 12 Feb 27
514 Jan 2 674 Feb 27
273 Jan 2 37's Mar 17
8
9812 Jan 30 10418 Apr 23
34 Jan 7
238 Apr 13
234 Jan 2 313 Feb 19
4
93 Apr 9
8
518 Jan 26
374 Jan 5 52 Apr 9
28 Jan 2 4112 April
29 Mar 9 42 Mar 21
4 Feb 9
2 Apr 10
8
2513 Apr 23 37, Mar 26
184 Jau 3 2014 Mar 261
74 Feb 2 10 Mar 20,
13 Jan 7
4
1 Jan 7
17 Jan 2 3012 Mar 24
74 Jan 2 1213 Feb 24
80 Jan 8 90 Feb 17
4014 Feb 5 50 Mar 27
8
57 Jan 2 123 Apr 1
4
323 Apr23 773 Feb 25
4
3
353 Jan 2 10 4 Mar 19
3
7 Jan 2 157 Mar 19
s
694 Jan 7 85 Apr 9
1812 Apr 21 364 Feb 26
115 Jan 6 2038 Mar 20
4
204 Jan 2 3638 Mm 21
8
1734 Apr 23 255 Mar 10
423 Jan 5 47 Apr 1
3
1247 Apr 23 1524 Feb 26
8
14318 Jan 2 150 Mar 20
8
601. Jan 6 717 Mar 11
2013 Apr 24 31 Feb 28
2 Feb 28
44 Jan 2
1713 Jan 7 25 Feb 16
4
4014 Apr 23 763 Mar 25
34 Feb 20
13 Apr 9
4
10 Apr 18 17 Feb 19
4
61 Apr 21 713 Jan 7
9814 Jan 2 10712 Apr 23
4113 Jan 2 714 Feb 24
3
22 Apr 1 277 Feb 17
8 Apr 21 15 Feb 18
8
135 Jau 6 2713 Mar 12
84 Jan 30
338 Jan 2
41 Apr 23 5713 Jan 30
3
83i Apr 23 20 8 Feb 17
2112 Apr 21 6012 Jan 9
74 Feb 4
4 Apr 20
8
274 Jan 2 463 Feb 27
8
4114 Jan 26 497 Feb 27
24 Jan 3 32 Feb 20
6 Feb 24
314 Jan 2
21, Feb 7 2614 Mar 20
4
544 Jan 14 574 Feb 11
3
11514 Apr 21 150 4 Feb 24
297 Apr 18 3618 Feb 21
8
4
60!2 Apr 24 1073 Feb 26
92 Apr 23 11912 Feb 27
204 Jan 15 28 Feb 21
3814 Jan
33 Jen 5
99 J31.114 1054 Api 22
103 Jan 30 112 Mar 27
95 Jan 9 103 Mar 19
114 Jan 5 120 Feb 17
10311 Jan 2 1124 Apr 1
2413 Jan 27 444 Feb 20
sMar 25
43 Jan 2 127
4
40 Mar 16
194 Jan .
3
23 Jan 3
1 Jan 14
18 Apr 23 254 Jan 12
4734 Mar 211
39 Jan 7
24 Jan 3
5 Apr 6
6 Jan 5 104 Apr 13
93 Mar 26
2
6'* Mar 9
8 Mar 19
44 Jan 15
4114 Jan 31) 5414 Mar 20
4 Feb 10
2 Apr 13
5 Ap 13 104 Feb 17
3113 Apr 24 514 Jan 12
543 Jan 2 8534 Mar 25
8
3
5938 Jan 2 1067 Feb 24
82 Apr 6 95 Mar 7
70 Jan 8 8338 Mar 9
ID Feb 4 27 Feb 25
!
8Mat 4
663 Jan 2 803
4
2312 Apr 20 30 Jan 23
938 Jan 2 1518 Mar 20
75 Jan 5 75 Mar 19
19 Apr 23 29 Feb 24
69 Mar 28 78 Feb 25
2 8 Jan 2
,
54 Feb 27
PER SNARL
it age for Previous
Year 1930.
Lo est.
Highest.
I per chars
1213 Deo 363s5arer
p" 3 e p
35 Dee 48 Mar
2114 Dee 32
an 126% Fae
10 .1
Dec
Map
11035143 cc 464 Apr
v
10 Dec 4713 Mar
23
394 Apr
34 Dee 187 Mar
3
8
237 Decee 495 Mar
5 3 D8
3
173 Apr
4
53 Dec
Apr
68 138c 81 Mar,
12 1)e6 8
947 Apr
947k
.3
211* A c:
8 : Jupr
132 44 A yr
Dec
613 Jan
424 D t
01 Oco
8
/
10 Dec
73 js
%
513
ee
2544 Sept
283 Jan
8
2614 s p
2038 A
o
: cv
8234 Nopcc
21612 0 r
5 DDee
4 DA
2
4134 M_ar
22 Mar
204 Nov
371 Sept
2 / Mar
4
4
(189% DecDeo
5238 I ee
1813 Dec
1
: 22
231 1): 3
101
3 12 Dee
22 pec
3
3113 Dee
4
11145 33
314
26
134
4313
214
454
244
97
24
2018
44
1513
194
27
2
1813
154
7
44
1612
678
73
138 Sept
1914 Mai.
10838 Mar
50 Apr
31312 Apr
99 Apr
773 Apr
4
544 Feb
583 May
4
42 May
84 Apr
Jane
68 June1
8
52 Apr
53 Apr
13
94 Feb
4238 .7
105 53.aD
ay
04e
10 4 7, r
1
Oct
Dee
Dec
Jan
Dec
1)ec
Dee
Da0
Dec
Jan
Dec
3
Dec 327 Apr
3
Jan j45 June
5ill
736004 J aa
Jan 50 N u y
Aug
Dec
9 Apr
Dee
Jan 3838 Apr
Jan 21 May
2030 J p0rr
Doc 1043% AAan
Dec
Dec
ia
32 8 M r
Dec 1017 1, ar
Dec
:
155
5 Dee S05 Mar
8
5013 Dee 1393 Jan
,
3 4 Dec
SeptAanr
pr
514 Dec
r
6414 Dec 94 June
25 Dec
11
Oct
4913 Dec 537
8 Pr
174 July
4() Dec 53t, an
4
1343 Dec 1983 Apr
8
140 Jan
594 Dec 68 Feb
4
194 Dec 455 Apr
74 Mar
Is Oct
1212 Dec 89%2 Apr
Apr
m
443 Nov 1* Ap
8
Apr
15 Dee
8
9 Dec
8
6713 Dec 823 A p
100 Dec 10713 Oe
364 Dee 166 Ma
8
217 Dec 314 Ap
1013 Dec 424 Apr
1218 Dec 54 Mar
3 Dec 773 Apr18
15 8
45 Dec
Apr
94 Dee 30'4 Mar
31 Dee 7014 Mar
414 Dec 27 Apt
264 Dec 534 Apr
4013 Nor 56 Sept
2212 Dec 4311May
213 Dec
913 Mar
1938 Dec 297 Mar
8
5013 Jan 5913 Apr
12218 De 21938 Feb
3114 Dec 52 Feb
8818 Dec 20112 Apr
1075 Nov 1974 Apr
3
1712 De( 487 Mar
8
33 June
95 Dec 135 Apr
10
102 Nov 1124 Sept
904 Dee 104 Joe.
1134 Jan 11812 June
10314 Dec 1114 Sept
20 Oct
Mar
413 Nov 53418
24'e
18 Dec 594 Feb
7 Dec 21
3
Jan
2158 Dee 43 Apr
12 Dec Wa Mar
24 Deo 1378 Mar
4 Dec 3973 Apr
64 Dee 21
Apr
Oct11 Apr
454 Nov 85 Apr
17g 13cc
74 Mar
434 Nov 13 Mar
35 Dec 5413 Mar
M4 Dec723 Jan
8
47 De 162 Apr
88 Jan 107 Apr
63 Dec93 Mar
1013 De
5913 Mar
65 Dec80 July
25 Dee 77 Mar
813 Nov323 Apt
4
50 Deo 105 Apr
19 Oct 47 Mar
6913 Dec 152 Apr
2 Dec 168 June
4
a
New York Stock Exchange—Bond Record Friday, Weekly and Yearly
3109
Jon. 1 1909 the P.schange method of quoting bonds teas changed and prices are ewes "and interest"—ercept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 24.
hZ,2
Price
Friday
Apr. 24.
Week's
Range or
Last Sale.
U.S. Government.
Biel
Ask Low
High
First Liberty Loan
.2 D 1012222 Sale 1012232 1012,22
34% of 1932-47
/
1
J D
Cony 4% of 193247
100"),Isi'V'30
J D 1(712i122Cony 434% of 193247
ge 1022%210215n
J D
2d cony 41 of 1932-47
/
4%
102
Jan'31
Fourth Liberty Loan
A 0 1042.2 Sale 1033,22 104322
41% of 1933-38
/
4
J J
100 Sept'30
Conversion 38 coupon
1947-1952 A 0 112222 - Treasury 41e
9ale 1112432 1122
/
4
.2
1944-1954 .1 D 072.321072.32 10720a 1072232
Treasury 4s
25a:10520n 105244105”32
1946-1956 M 8 105
Treasury 3
/
1
45
1943-1947 J 1) 101.
031 Sale 1012412 102
Treasury 34s
/
1
Treasury 31 June 15 1940-1943 J D 1012042101224s 1016132 101 n 32
/
45
Treasury 31
1941-1943 M S 10125,, Sale 1011%21012.n
/
4s
Panama Canal 38
1961 @ M
-- - - — 9812 Scpt'30
State and City Securities.
NYC 31 Corp st—Nov 1954 MN
92 Nov'30
/
4%
MN
923 Apr'31
4
1936 M N
43 registered
10012 Apr'31
4e registered
1955 M N
9912 Jan'31
1957 MN 100 102
4% corporate stock
975 June 30
8
1957 M N
41 corporate stock
/
4
10612 Feb 31
.
10712 Jan'31
41 corporate (dock _ _1957 MN
/
4
%
1958 NI N 9518 101 10012 Apr'31
4% corporate stock
95 ____ 10012 Apr'31
4% corporate stock
1959 M N
444% corporate stock 1931 A 0
100 July'30
41 corporate stock
/
4%
1960 M 9 i00% ___ 1003 Mar'31
4
41
/
4
0
1964 M S
1023 Nov'30
4
41 corporate stock.
/
4
%
1971 J D
10814 Nov'30
4 4i% corporate stock _ _1963 M S
10614 Dec'30
444% corporate stock
1965 J 1)
110 8 10512 Dec'30
-541 corporate stock July 1007 J J
/
4%
10718 Nov'30
New York State canal imp 4s 1961 J J
101 June'30
4 tie
1963 M S
102
Jan'31
434e
3984.3 J
109 July'30
Foreign Govt. 8. Municipals.
Aerie Mtge Bank 8 f 65
1947 F A 6118 643 62
4
65
Finking fund 6e A __Apr lb 1948 A 0 611 6312 6453
/
4
65
Akershus (Dept) ext 58
19631M N 963 97
4
97
963
Antioquia (Dept) col 75 A...1943 J J 53 Sale 53
553
4
External a f 78 ear 13
1945 J J 53 Sale 53
55
External e 1 78 ser C
1945.3 J 51
53
58
58
External s 1 78 eer D
53
1945J J
56
55
53
Externals f 7s lot set._
19571A 0 5012 55
57 Apr'31
External see 5 1 7s 2r1 ser 1957 A 0 40
50
5212
5212
External sec e f 78 3d ser_1957,A 0 45
4912
55
52
Antwerp (City) external 53_1958'J 0 10014 1005 100
8
100 4
,
Argentine Govt Pub Wks(93_1960 A 0 9214 93
93
92
Argentine Nation (Govt of)—
Sink fund Os of Juno 1925_1959 J D 913 Sale 915
4
9212
8
Ent e 1 8e of Oct 1925_1959 A 0 92% Sale 925
93
8
Sink fund 63 series A__ _...1957 NI S 9112 Sale 9112
93 4
,
External 6e series B__Deo 1958 J D 9218 Sale 913
93
4
Exti I 1 65 of May 1926 1960 MN 9214 9212 91 8
9278
,
External a 168(State Ry)_1960 M S 92 Sale 917
93
8
Eat!63 Sanitary Works
1961 F A 92 Sale 913
93
4
Extl 68 pub wks(May'27)_1961 M N
9214 Sale 92
93
Public Works extl 5tie
1962 17 A 86 Sale 85
87
Argentine Treasury 53 £__ _ _1945 M S 8518 Sale 8513
86
Australia 30-yr 5s_ _July 15 1955J J 60 Sale 60
6612
External 58 o11927._Sept 1957 NI S 6212 Sale 61
67
External g 41 of 1928..1956 MN 53 Sale 53
/
43
6018
Austrian (Govt) e 1 75
1943 J D 10612 Sale 1063
107
8
International 8 I 7e
9614
4
1957 J J 953 Sale 95 8
,
Bavaria (Free State)6/
18___1945 FA
4
Belgium 25-yr ext161
/
4s
1949 SI S
Externals I 68
1955 J J
External 3(1-year 5 I 75_ -.1955 3D
Stabilization loan 7e
1956 MN
Bergen Norway)—
Exti sink fund 5s_ _Oct 15 1949 A 0
External sink fund 58_ _ _ _1960 St S
Berlin (Germany) 8 1 61
8_1950 A 0
/
4
External sink fund 65_ _1958 J D
Bogota (City) extl 51 8e
1945 A 0
Bolivia (Republic of) extl 81_1917 fel N
External securities 75(flat)'58.3 J
External e 1 78 (flat)
1969 MS
Bordeaux (City of) 15-yr 68.1934 MN
Brazil (II S of) external 8e 1941 J O
Externals I 0/ of 193(1_1057 AO
1
4
8
Esti f 6 tie of 1927
1957 AO
7e (Central Railway)
1952 ID
715 (coffee secur) £(flat)..1952 AO
/
4
Bremen (StAte of) extl 75. _1935 MS
Brisbane (City) e I Os
1957 MS
Sinking fund gold 58
1958 F A
20
-year erns
19501J D
Budapest (City) eat! 81 6s 19621J
Buenos Aires(City)6132 13 1955 J
/
4
External e f 68 ser C-2._ 1960 AG
External sf 68 ser C-3._ 1960 A0
Buenos Aires (Prov) extl 68_1961 MS
Extl 81 63-4s
1961 P A
Bulgaria (Kingdom) e 1 75 1967 .1 J
Stabil'n 8 I 71
/ Nov 15 '68
4s
8318
11012
1035
8
115
110 8
,
Sale
1107
8
Sale
Sale
Sale
8318
11014
10314
11418
110'8
.74
Range
Since
Jan. 1.
No. Low
63
1522;2- j31I,
102
102
966 1021%2100n
93
41
19
23
41
252
165i4;il
106”)2109"
,
10417, 1071
"
1000n103.22
100011102.22
101, 101...,
923 923
4
4
10012 10012
5912 9912
1061k 10753
107% 10712
10012 10012
100 10012
16634
7
13
15
11
10
2
11
1
3
14
14
39
44
57
55
35
32
43
57
26
5
134
66
75
61
47
873
8 18
11012 51
104
32
164
115
110 8 38
,
9812 993 9912
4
993
4 231
99 Sale 9314
9912 23:
853 8812 8612
4
8714 111
80
78 Sale 773
48
4
41
81
81
8018
89
33 Sale 2318
47
33
14
24
24
23
26
22% Sale 223
4
3112 49
10514 Sale 105
10514 124
262
6518 Sale 6312
68
554 287
/
1
54 Sale 49
554 426
/
1
535 Sale 4912
8
106
56
54 Sale 50
100 10012 100 Apr'31
4
983 Sale 983
4
9912 94
33
58
57 Sale 56
52
5312 11
5812 58
7
75
69
68
69
53
76
733 Sale 733
4
4
9213 25
91 Sale 9012
9612 13
0-1
6
9212
92
87
93
7312 155
7214 Sale 70%
59
73
7012 Sale 7012
1
71
6912 70 2 71
,
81
793 Sale 793
4
4
ill
t
Price
Friday
Apr. 21.
TVeek's
Range or
Last Sale.
4:
75
Range
Since
Jan. 1.
Bid
Ask Low
High
High No. Low
Cuba (Republic)(Concluded—
Sinking fund 51 Jan 15 1953 I' 97 Sale 9612
/
43
94
99
9714 79
Public wke 51 June 30 1945 J D 72 Sale 72
/
4
8
71% 81
73,4 14
Cundinamarea (Dept) Colombia_
External s 6 tie
1959 MN 5812 Sale 57
463 6912
2
22
60
Czechoslovakia (Rep of) 88_1951 AO 110 Sale 1095
8 11012 15 10912 111
Sinking fund 88 sec B
1952 AO 110 Sale 109% 110
14
12 10952 110
J 10538 1057 10514
Denmark 20-year extl 68
1942
8
106
11 104% 10714
External g tie
1955 FA 10112 Sale 10114
14 10012 102
102
External g 4/
1
43__Apr 15 1962 AG 9612 Sale 961
93% 97 4
1
/
4
9612 67
Deutche Bk Am part cti 68_1932 SI S 99% Sale 99%
96 10012
2
10018
Dominican Rep Cust Ad 53-4s '42 MS 9314 9412 91
88
96
95
74
lat ser 51 of 1926._
/
4
8
1940 A0 8912 9014 89
85
9012
89
1
2d series sinking fund 5 3-Os 1940 A0 8912 94
84
94
94 Apr'31
19 5
42
Dresden (City) external 7s.196 MN 9318 Sale 93
7912 98
9318
8
Dutch East Indies esti 6s-1947 JJ 10114 Sale 10114
7 10114 10212
101%
MS 1013 Sale 10112 1015
40-yr external (3e
8
8 48 101 102%
30-yr external 534e
1953 M
1 100% 102
1011 10312 10114
/
4
10114
30-yr external 53-4s
1953 MN 10114 102 10114
10212
6 100% 10212
El Salvador (Republic) 8s-1948 J J 105 Sale 10412 10612 32
93 107
Estonia (Republic of) 7e__ --1967 J J 6218 6412 6418
52
72
4
65
Finland (Republic) extl 65_1945 M S 94 Sale 93
84
97
10
94
S 973 Sale 97%
9312 99
External sinking fund 7e_1950
16
8
93
88
96
External sinking fund 63 1956 721 S 92
-Os
15
94
92% 91%
78
External sinking fund 5348 1958 FA 82
88%
8312 17
84
80
87
Finnish Mun Loan 61 A 1954 A0 8914 Sale 89
94
/
48
7
897
8
1954 AO 92
893 9315
4
External 63 series B
-Os
2
923
4
923 92%
4
69
87
Frankfort (City of) 8 16348.1953 MN 8218 Sale 8218
8312 27
French Republic ext 71
/
4e- 1941 ID 125% Sale 125% 1253
4 82 124 127
117 1217
External 75 of 1924 _ _ _- 1942 J O 118 Sale 118
4
11814 68
German Government Interna80% Sale 8012
81% 406
6914 84
tional-35-yr 5 tisof 1930A965 J D 105 Sale 10412 1054 346
/
1
9058 10E12
German Republic extl 78_..1949 AO 99 Sale 99
9914
2
195I • N 10612 Sale 10614 1065 146
9612 10112
Graz (Municipality) 85_
8
6_1937 FA
105 107
Gt Brit dc Ire!(UK of) 51
/
4
104
Apr'30 _
FA e91
51
75
Registered
9l'I 58912 Apr'31 _
50
7312
e4% fund loan £ opt 1960_1990 MN 510018 100 8 el0018 10012 10 "eRW: 9253
,
9412 97
8
e5% War Loan C opt 1929_1947 ID 10318 104 1033
3 e98% 1007
4 104
53
69
Greater Prague (City) 710..1952 MN 10014 Sale 100
10 103 106
101
511 c6912 Greek Government efser 75 1964 MN
/
4
1,812 102%
85 Sale 85
86% 73
53% 68
83
8812
Sinking fund sec Os__ - _ 1968 FA
933 Sale 933
4
4
9614 15
52
1952 AO 893 Sale 893
68
9312 97
Haiti (Republic) 5 1 68
4
8
4
90 2
,
44
92
1946 A0 9412 963 9512 Mar'31
79
6658 Hamburg (State) Os
8
44
/
4
550 J J
67
9212 9812
Heidelberg(Germany)extl 71
23
90 Sale 8812
00
43
65
8014 91,
4
Heisingfors (City) ext / -1960 A0 903 93
1
4
8
4
913
4
923
4 10
984 101
/
1
/
4
811 9472
/
4
Hungarian Muni° Loan 718 1945 .0.3 85 Sale 84%
38
86
88
8778
Sept 1 1946 J J 8913 923 9214
98%
72
External e 178
9214
4
7
825 95
8
Hungarian Land M !net 73-48 '61 MN 8912 927 93
4
93
8
90
9412
82
9818
Sinking fund 71 sec B__1961 MN 100 102 10014
/
4e
14
101
8934 9812 Hungary (Kingd of)5171
9912 102
/
48_1944 F A 1047 Sale 104
9
8
104%
8912 9812 Irish Free State mai ef 5s-__1960 SIN
993 Sale 99 8
4
, 10014 215 10112 104%
8912 9814 Italy (Kingdom of) extl 75__1951 J O
92% 100 2
,
975 Sale 9712
8
5
975
8
9312 9912
89% 98% Italian Cred Consortium 7e A '37 M
94
45
96
9512 95
89% 983
85
98
4
External sec ef 75 ser B _1947 MS 9414 Sale 94
21
95
8912 9812 .7a litn 22tib11c 3 ty y extl 4i2 1952 I,
Itta 2 PG0 4 U 6
9
54
78
98%
2
,0 lt
1055
8 54
10518 Sale
8912 983
2
FA 9512 Sale 105
165 102% 10614
95
96
83
92
91% 9Gh
Exti sinking fund 53.4s19S5 MN
83
68
Jugoslavia (State Mtge Bank)—
70
83
83 Sale
56
763 8312
4
1957 AO 91% Sale 82
76
Secured e g
1
91%
55
77% 95
1947 FA 99 Sale 91%
75
Leipzig (Germany)517e
7
99
9934
52% 693 Lower Austria (Prov) 7145_ A950 J
985 100
5
4
105% Sale 104%
10512 57 1033
10314c108
4 106
Lyons (City of) 15-year 65...1934 MN
90
97 2
,
10518 117 1037 10712
10518 Sale 105
8
Marsellice(City of) 15-yr 6e_193.1 M N 50 8 Sale 50
5378 12
,
78
40
75
8712 Medellin (Colombia)6345...1954 J O
7% 8
8 Mar'31 _
107% 1107 Mexican Irtigat Aestng 43-45-1943
8
73
4 83
2(
26 Apr'30 _ _
10153 1047 Mexico (US) esti be 01 1899 £ 45
2
1945
' •J
10'l 113 11 Mar'31
1224
11012 115
10
Assenting 5s of 1899
11
Feb'31
_
10734 111
11
1112
Assenting 53large
12
10
1l'2 30
73
4
63 10
4
Assenting 4s of 1904
Apr'31 - - -7
7 4 10
3
812 11%
95
9934
Assenting 48011910
10 Mar'31
9412 9921014
8
Assenting 4e of 1910 large _____
814 25
814
70's 91
6% 934
Assenting 45 of 1010 small
12
11 ga- 3- 11
S
9
66 584
10
-1353
Trees 6s of'13 assent(large)'33 ..1 .1
1112 Fele31 -76
92
1314
8
Small .... _ _
97
8
89
2312 5434 Milan (City, Italy) extl 63Os 1952 A 0 5753 6;ie- 875
75% 91
23
3532 Minas Geraes (State) Brazil—
16
423 Sale 4114
4
45
224 34
/
1
4 O'8 65
External s f 6 tie Sale 41
15
51
10334 105%
40
65
- 59 NI S 41
Exti sec 634s series A ___ 195 M 9 75 Sale 75
8812 20
831 92
/
4
92
74
Montevideo (City of) 7e____1952 J D 647 Sale 647
6
8
8
75
49
70
/
1
4
84% 8412
External et 6s series A —.1959 M N 1033 1033
8
4 1033
8 10412 18 1631 2 10618
491 70
/
4
(10
. 6,12
Netherlands Os (flat prices) _.1972 M 3
5712 50
50
7612 New So Wales(State)(mil be 1957 F A 5012 Sale 5012
54
57
993 105
4
TO
8812
Apr 1958 A 0 50 Sale 50
ExternalslA'a (9
5s
/
4
1057
8 22 10412 10614
90
997 Norway 20
8
1943 F A 1051 Sale 10514
-year esti tie
4
4 37 1043 10G%
53
7212
4
1944 F A 1053 Sale 10512 1053
2 -Year external(9)
0
20 10
63
69
01:: 103
0112
0
1952 A 0 10212 Sale 10212 103
30
-year external 6e
13 10134 1033
67
83
8
40
J D 10212 Sale 102% 103
-year 121 51/45
10114 Sale 1004 10114 25
84
78
External 8 I 55_ __Mar 15 1963 M S 997
2
997
100
80
95
Municipal Bank esti 8 f 58 1967 J D 1003 100
4 Sale ;1003
5 10918 103 4
10114
84% 9012
4
D
9 7 1911'
08
Municipal Bank exti e 1 55_1970
7912 Sale 1 7912
8018 36
80% 9314 Nuremburg (city) extl63..F A
4
8
37 1001 10:
103
62
83,2 Oslo(City) 30-year 8165._ 1955 MN 1023 1037 10218
160
06: 83 4
1
42
62
8518
99% 102
1940 F A 10014 10012 10214 Apr'31
Sinking rund 5 tie
2
8
6512 77
Panama (Rep) extl 5 tie.- 1953,-I D 10214 1027 10258 102%
3
863 Sale 863
8
87
69
85
Extle 1 58 set A May 15 1063 MN
15
42
Pernambuco (State of) mai 78'47 M 9 40 Sale 404
/
59
/ 76
1
4
10
53
41
4895
690
8714
3
Peru (Rep of) external 75.-1959 NI S 524 Sale 511
2812 99
94, 947
3
8
1.3
40
/
1
4
Nat Loan extl 3 t 6s let ser 1960 J 1) 23 Sale 23
10312 1081,
67
29
4
2514 40
Nat I-oan extl a f es 2d ser 1961 AO 2612 Sale 253
10012 103
17
70 Sale 698
70
8334 7212
Poland (Rep of) gold 68
1940 A 0 803 Sale
103 10912
4
8112 246
7912
754 83
/
1
Stabilization loan e 1 78-1947 AO
8512 48
60
77,
8
82
90
0
82
External sink fund g 85._-1950 1 J 84 Sal, 8312
6
54
51
Porto Alegre(City of) 8s
1961 JO 52 Sale 51.
784 95
/
1
23
45
71
1
40
8712
Ext1 guar sink fund 71 -1066 .1 J 45 Sale 40
/
45_
68
48
86
81
7212
Prussia (Free State) exti 6 tie '51 51 S 86 Sale 8412
8812 833
80% 75
797 Sale 793
8
4
6812 83
Externals t 68
6
96
785 893 Queensland (State) extl a 1 78 1952 A 0 ---- 8153 93
1
4
8254 1 985
3676 2 588(4:32:
:
91
4
884 100
/
1
713 72
4
782 14
7
25-year external (is
1947
73
7
2
2
86
65
60
6412
Rio Grande do Sul ex 15183_1940 A 0 35
3714 52
External sinking fund 63_ _1968 .1 D 35 Sale 35
19
45
4
40
65
External s 78 of 1926—.1966 SIN 443 Sale 44
(
7112 8967
72
8
44
41
84
External 12 f 7s munic loan _1967 1 D 44 Sale 41
747 886
77 131i 888
4
52
63
Rio de Janeiro 25-year BI 88_1946 A 0 6012 Sale 6012
61
47
42 Sale 42
40 68 3
€021 975
External 3 t 6;46
142
88 Sale 87 4
90
78
,
9114
Rome (City) mai 634s
78
90
7
16
03
8
Rotterdam (City) extl 6e
19554 M 0A 10412 106 10412 10514 86
96623 AF N
69
85
773
4 12
773 Sale 7653
Roumania(Monopolies) 75 1959 F A
7112 85
83
/ gi)
1
4
/
4
1953 .1 J 851 8812 86 itlar'31
Saarbrueeken (City) 68
911, 144
Sao Paulo(City)5188_ _Mar 1952 M N 87 Sale 80
36
25
7
218 28
46
63 63
40
9%
4
External 5 f 8 tis of 1927.._1957 hl N 404 4214 40
7812 16
100 4083612 Sari Paulo( eer 8 xtle t 83-1936 J J
7612 93
78 Sale 7612
57621,1 788,24
0, 8 aste)e2
St
55% 39 :0% 8414
8
53 Sale 505
1950 .1 J
20
52
44%
44% 7611
48
External 8175 Water L'n_1956 M S 43
3614 39
3812 23
35,
8
58
3518 587
2
78
External 8165
1968 J J
53
76
5214 73
72
88
743 Sale 724
Secured 8 f 78
13
82
55
4
98
823 79
8
ii3
78,2 90
7
Sa
S
Santa Fe (Prov Arg Rep) 7s_1912 M 0 81
19 9
4
5
9012
56
7614 Saxon State Mtge last 7s
1945 J 0 90 Sale 891 4
2
86
86
86
10632
91
Sinking fund g 6/
1
43_ Dec 1916 J 0 81
9)024
1073
4 37 106 2 c93
7412 10 '4
8
Seine, Dept of (Francelextl 75'42 .1 J 10714 Sale 10714
9212 100
9214 Sale 91%
9012 93
5753 75
Serbs, Croat, dz Slovenes 88_1962 M N
159
83
64
8
815 Sale 8153
77
02
8412
External sec 78 ser B
1962 M N
18
56
5118 Sale 5118
7312 8814 1 Sydney (City) ef 51/49
5115 76
1955 F A
68
5
63
62
6312 627
58
/ 6')
1
4
791, Silesia (Prov of) ext1 75
791 33
/
4
93
98
6(1
80
Silesian Landowners Aeon 85_194811 13 78 Sale 78
1 57 F A
96 100 I Soissons (City of) ext1 (112. _1936;/.1 N 10612 Sale 106 2 107
12 103 103
,
9142
51
,0
943 Sale 913
4
95
80
2
4
873 Styria (Prov) external 7s.„1946 F A
4
112
6512 15
3'46 J J 65 Sale 65
Caidae Dept nf(Coloinbia)7/
1
4
943 139
4
Canada (Domin of) 30-yr 4s.1960 A 0 9412 Sale 941
/
4
10718 22
lie
19521M N 10612 Sale 10618
10212 10
10214 102% 1021e
4 3-4
19
,
7,
106
Carlsbad (City) 8 1 88
1954 .1 J 106 Sale 105
22
85
Cauca Val (Dept) Colons 71 '48 A 0 65 Sale 64
/
43
Central Agile Bank (Gerinany)—
92
49
8
Farm Loans I 75_Sept 15 1950 M S 9112 Sale 897
8214 74
Farm Loan I 68_July 15 1960 J J 8012 Sale 8018
817 113
8
Farm Loan I 68_0ct 15 1960 A 0 8012 Sale 8014
8712 40
Farm Loan Cs ser A Apr 15 1938 A 0 8614 Sale 8512
9212 20
8
Chile (Rep)—ext 5 1 is
9012
1942 M N 903 92
78% 56
4
External sinking fund 68_1960 A 0 78 Sale 77,
7712 Sale 77
78
External s
34
1961 F A
79
Ry ref extl e 65
30
19611 J 79 Sale 7714
80
8
Eat' sinking fund 65
92
12161 M S 78 Sale 77,
78% Sale 77
Ertl sinking fund 68
79
32
78 Sale 75,
7812 78
2
sinking fund 08Exti
3
79 Sale 79
Chile Mtge Ilk 63Os June 30 1957 J D
80% 31
9 I 644s of 1926__June 30 1961 J 13 80 Sale 7912
8112 15
Guars t 65
743
4 56
Apr 30 1961 A 0 7312 Sale 7214
7112 Sale 7112
Guar
75
65
1962 M N
7,
4
Chilean Cons Muni° 7s
78
1960 51 S 763 Sale 76%
211
25 4 26
,
2518
Chinese (Ilukuang 11.y) 58..1951 J D
26
32
1021
/
4
Christiania (081o) 30-yr 1 68 '54 M S 102% ..-. 102
8712
87 4
,
COlogne(CItyGermany 61 1950 M S 8518 87
/
4
8
3
69
Colombia (Republic) 68
1981 I J 6618 Sale 66
71,
4
69
External sI 65 of 1928_19111 A 0 66, Sale 66
49
63
Colombia Mtg Bank 61 of 1947 A 0 6212 Sale 62
10'
/
4s
68
Sinking fund 75 of 1926.-1916 51 N 63 Sale 60
20'
70
241
Sinking fund 75 of 1927_1917 F A 62 Sale 61
4
Copenhagen (City) 58
D 100, Sale 99% 100% 381952
4
25-yrget4s
1953 M N 953 9614 9553
9614 231
Cordoba (City) extl a 1 is._1957 F A 64 Sale 64
6512 14
80
8214
8214
1
External 4 t 78.. _Nov 15 1937 MN 76
83
82
86
Cordoba (Pray) Argentina 7s '42 .1 J 76
3
/
4
69
Costa Rica (itepub) Intl 78_19511M N 681 Sale 68
13
Cuba (Republic) bs of 1904_194411\1 S 9512 Sale 9514
4
9512
4
External Is of 1914 ser A.1949.F A 963 9714 963
97
4
6
External loan 434g serf) .1948,F A
8-1
82 Sale 80
c Cash sale.
e On the basis of $5 to £ sterling.
a Option Sale,
High
53 1011033102in
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 24.
112
10302
New York Bond Record—Continued—Page 2
3110
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 24.
h
Price
Friday
Ayr.24,
Ask Low
Bid
Foreign Govt. & Municipals.
Sweden external loan 5;0_1954 MN 105 Sale 10413
Switzerland Govt extl 5 Ms_ _1946 AO 105% Sale 10514
4
4
Tokyo City be loan of 1912_1952 MS 813 Sale 813
8
8
External s I 534s guar__ -.1961 AO 945 95 943
4
4
Tolima (Dept ot) extl 7e____1947 MN 583 Sale 583
Trondhjem (City) let 5345_1957 MN 9912 Sale 9914
Upper Austria (Prov) 7s_ __ _1945 J D 10114 10112 101
8912
External of 0341 June 15 1957 J D 8912 90
4
Uruguay Republic) extl 83_1946 FA 89 Sale 873
4
N 723 Sale 7218
External s f 65
1961)
4
N 703 Sale 70
Eat!516s
May 1 1964
Venetian Prov Mtge Bank 75 '52 AO 99 Sale 9812
4
4
Vienna (City of) extl 0 1 6s__1952 MN 873 Sale 873
Warsaw (City) external 75_1958 FA 63 Sale 63
983
4
4
Yokohama (City) extl 68_1961 J D 993 100
Railroad
Ala Gt Sou let cons A be_ _ __1943 J O
1st cons 40 ser B
1943 J O
Alb & Susq lst guar 3348_1946 AO
Alleg & West 1st g gu 48___ _1998 AO
Aileg Val gen guar g 4s
1942 M S
Ann Arbor let g 4s----JulY 1995 Q J
Lich Top & 8 Fe—Gen g 40_1995 AG
AO
Registered
Adjustment gold 41__July 1995 Nov
N
Stamped
July 1995
N
Registered
Cony gold 4s of 1909
1955 S D
Cony 45 of 1905
1955 ,ID
Cony a 48 lame of 1910
1960 J D
Cony deb 43,4s
1948 J D
Rocky Mtn Div 1st 45_ _1965 J J
Trans
-Con Short L 1st 4E3_1958 J J
Cal-Ariz 1st & ref 4 345 A_1962 MS
AU Knox.& Nor 1st g 53 1946 J O
Atl& Charl A List 4 Ms A 1944 ii
1st 30
-year 58 series B
1944 J J
Atlantic City 1st cons 45_1951 ii
All Coast Line 1st cons 45 July'52 MS
MS
Registered
General unified 434e ___1964 J D
L & N coil gold 48 __Oct 1952 MN
AU & Dan let g 48
1948 J j
2d 4s
1948 J J
Ati & Yad 1st guar 45
1949 AO
Austin & NW lot gu g 5s _ _ _1941 J J
Balt& Ohlo lst g 4s_ - July 1943 AO
Registered
July 1948 Q J
20-year cony 4345
1933 M
MS
Registered
Refund & gen 55 settee A 1995 J O
J D
Registered
let gold 53
July 1948 AO
Ref & gen Os series C __ _1993 J O
PLE&W Va Sys ref 4s.1941 MN
Southw Div 1st ta
1950 ii
Tol& On Div let ref 48 A_1959 J J
Ref & gen 5e serial D___ _2000 MS
1960 FA
Cony 434a
Bangor & Aroostook let 50_1943 J J
1951 S i
Con ref 45
Battle Crk & Stur let gu 35-1989 J O
Beech Creek 1st gU g 48
1930 S i
1936 ii
2d guar g be
Beech Crk ext let g 314 3
1951 AO
Belvidere Del cons gu 33.41_1943 J J
1944 J D
Big Sandy 1st 45 guar
Beaton 4 Maine 1st 58 A C_1967 MS
1955 MN
1st m 55 series 2
Boston & NY Air Line lilt 45 1955 FA
Bruns & West let gu g 48_1938 J J
Buff Rana & Pitts gen g 5s..1937 MS
1957 MN
Consol 434e
Burl C R & Nor lst& coil 50_1934 AO
Canada Sou cons gu 55 A___1962 AO
Canadian Nat 4 Ms_Sept lb 1954 MS
80
-year gold 4341
1957 J j
Gold 434s
1968 J O
Guaranteed g 5e___July 1969 J J
Guaranteed g 58 __Oct 1969 AO
Guaranteed g 56
1970 FA
Guar gold 4he_ _ _June 15 1955• D
Canadian North deb ei 7e1940 J
25
-year s 1 deb 6341
1946 ii
Registered
10-yr gold 4348_ __Feb 15 1936 FA
Canadian Pao Ry 4% deb stock... J J
Col tr 434s
1946 MS
55 equip tr °Us
1944 J J
Dec 1 1954 J
Coll tr g 56
1960 J J
Collateral trust 434s
Carbondale & Shaw let g 48_1932 MS
Caro Cent 1st cons g 45 .1949 ii
Caro Clinch & 01st 30-yr58.1938 J D
let & con g Os set A Dee 15'52 J O
1981 J O
Cart & Ad 1st gu g 48
Cent Branch U P 1st g 4s._ _1948 J D
Central of Ga 1st g be_Nov 1945 FA
1945 MN
Consol gold 5s
MN
Registered
Ref & gen 5 Ms series B___1959 A0
1959 A0
Ref & gen Is series C
Chatt Div put moneys 45_1951 .01)
Mac & Nor Div let g 55-1946 J J
Mid Ga & All Div our m 53'47 J J
1946• J
Mobile Div 1st g Se
Cent New Eng 1st gu 4s_ _ _ _1961 J J
Cent RR dc Mg of Ga coil 58 1937 MN
Central of NJ gen gold 5e_.1987 ii
1987 Q J
Registered
1987 J J
General 45Cent Pao 1st ref gu g 43.-1949 FA
F A
Reinstated
Through Short L let gu 45 1954 AO
1960 FA
Guaranteed g 65
Charleston & Say% 151 75-1936 j
Ches & Ohio 1st con g 58— -1939 MN
1939 MN
Registered
1992 MS
General gold 4348
MS
Registered
_1993 AG
Ref & impt 4 Ms
-1995 J J
Ref & Impt 4 Ms ear B
Craig Valley let be_ _May 1940 J J
Potts Creek Branch let 43-1940 S i
& A Div 1st con g 45-1989 J J
1989 J J
2d consol gold 4s
Warm Spring V let a 58_ _1941 MS
5e_May 15 '47 MN
Cheep Corp cony
Chic & Alton RR ref II 3s-1949 AO
Ctf dep stpd Apr 1 1931 hot__ Railway first Hen 334s._ _ _1950 Ji
Chic Burl & Q-111 Div 3Ms_1949 Ji
Registered
1949 J J
Illinois Division 4s
1958 MS
General 401
let & ref 434e set B ___ 1977 FA
1971 FA
& ref 50 series A
c Cash sales. s Option sales.
High
High No. Low
10512 48 104% 105
1053
4 22 104% 107
7712 83
50
82
8812 1)6
943
4 50
4912 76
4
60
9912 12
9714 9912
9812 10114
2
101
87
4
91%
89 2
,
873 104
4
10112 95
7218 887
173
87
8
70
8518 75
88%
9912 20
93% 100
83% 89
8812 26
6314 10
5512 70
95 100%
993
4 13
10212
103 Mar'31
9414 Oct'30
98
94
873 Mar'31
4
9012
9014
9014 Sale 9014
9812
9812
99
98
7712
7413 Sale 7712
9914 Sale 9918 100
9812
9812
_
947
8
9514
9438
9512 Sale 943
4
9512
9413 9118 Sept'30
91
95
4
9412 963 9434
9612
9612 9512
96
9414
9414 963 9414
4
11312 Sale 11134 11312
9512 Sale 9512
9513
97
9818
98
97
1033 10412 10358 Apr'31
4
10312 Feb'31
10213
983 Mar'31
8
993
8
4
1025 103 10212 1023
8 - -12
9212 Feb'31
85
953
4
9613
953
4
9213 May'30
100 10014 9912 10014
89
81
8814 88
49
49 Sale 49
34
3478 34
32
72
75 _ 75 Apr'31
1034 Apr'31
10334
97
97 Sale 9612
947 Apr'31
8
96
91
10112
10113 Sale 10118
993 Dec'30
4
10118 gale 10118 102
103 Mar'31
4 107
l'oer2 Sale 1053
10812 Sale 10818 1093
8
8
97
965 Sale 965
8
8
1025g Sale 10212 1033
4
8
833
4
833 843 833
4
1005 Sale 10058 1013
8
4
9013 Sale 9012
9212
10312 103 10412 10412
9312
9114 0214 9212
71 Feb'31
6512
985
8
9814
9812
100 Jan'30
101
88 Mar'31
86
89 4
,
9614
953 9712 9614
4
10014 1013 9978 10018
4
10018 Sale 9913 10014
8238 Apr'31
82 4 85
,
8
977 983 98 Apr'31
8
103 Mar'31
10314
837
8
8312 Sale 83
10213 Apr'31
10212
Sale
Range
Since
Jan, 1.
Week's
Range or
Last Sale.
10312 105
-iiTa
4
2
10
85
3
19
23
3
6
1
87
6
7
7
70
49
18
5
1
61
48
37
33
106
32
32
2
41
105
1
3
2
7
38
42
17
1
1065 10713 10612 10612
8
10018 Sale 10018
10014 17
100 Sale 100
1003
8 46
10013 21
10012 Sale 100
10612 28
10612 Sale 10614
107
65
1067 Sale 10614
8
12
1063 107 10618 107
4
1027
8 14
1023 Sale 10214
8
11214 Sale 1117
8 11212 27
8 22
1195 Sale 11033 1195
8
11314 Jan'30
5
10214 Sale 10134 10214
88 14 43
8814 Sale 88
100
18
993 Sale 9914
4
10512 24
10312 Sale 105
1033 Sale 10313 10418 37
4
991g 40
983 Sale 984
4
96___ 9838 Oct'30
70 Apr'31 - _
70 77
1034 ____ 103 Apr'31
10814 10812 10818 10818
92
92
10
83 Feb'31
78
87
10213 ____ 10218 Mar'31
5
97
97 Sale 97
30
100 100 Feb.
9238 95
95
91
8
875
8
7
875 887 875
8
8
_
8514 ____ 88 Mar'31
10012 ____ 101 Mar'31 _
99 10112 10213 Sept'30
10112 10312 10158
1015
8
5
88
867 873 87
8
4
7
97
10
9613 9814 97
114 11412 114
114
26
112 11412 112 Apr'31
95
97
8712 Apr'31
9714 51
965 Sale 964
8
94
964 9514 Apr'31
9512 Apr'31
9514 96
10313 Sale 1023
4 1031
8
10818 ____ 109 Mar'31
8 10
10658 ____ 10618 1085
104
____ 10314 Mar'31
8 11
105 Sale 10412 1053
1024 10312 10218 Apr'31
8
6
995 101 10013 1007
8
8 80
10013 Sale 10012 1007
103
1
1023 106 103
4
8
945 ____ 9412 Mar'31 _-_963 9612 Apr'31 ____
8
94
9212 __ 93 Mar'31
4
1023 1043 10118 Dec'30
8
100
190
99 Sale 99
4
70
70
70
69
2
6812
4
683
69
68
97934
11
134 2
4
4
793 ____ 793
91 Sale 91
Jan'31
91
3
9753
973 ---- 9753
4
69
98
9714 Sale 07
102 Sale 10112 10214 48
4 10912 12
10913 Sale 1083
01
86
9014
967 9812
8
7413 8014
975 100
8
96
9812
9312 97
94
9714
-9434 --1
96;
0414 0;12
BONDS
N. Y. STOCK EXCHANGE,
Week Ended April 24.
Chicago & East Ill let 610_1934 AO
C & E III Ry (new co) con 5s _1951
N
Chic & Erie 1st gold 58
1982 MN
Chicago Great West 1s1 4s__1959 MS
Chic Ind & Mutat/ ref 68___ _1947 ii
Refunding gold bs
1947 S i
Refunding 4s series C__1947 S i
1st & gen bs series A
1966 MN
let & gen 6e set B
May 1966 J J
Chic Ind di Sou 50-yr 45
1956 J J
Chic L S & East let 430_1969 J D
C13 M & St P gen 45 A_May 1989 55
Registered
Q J
Gen g 334s ser B____May 1989 J J
Gen 4 Msseries C ,May 1989 S i
Gen 4 Mssedee E _ - _ _May 1989 is
Gen 4540series F_ _ _ _May 1989 J J
Chic Milw St P & Pac 50_ _1975 FA
Cony adj58
Jan 12060 AO
Chic & No West gen e 3;48_1987 MN
Q F
Registered
General 45
1987 MN
Stpd 48 non-p Fed Inc tax '87 MN
Gen 4341 stpd Fed Inc tax _1987 MN
Gen Is stpd Fed inc tax_ _1987 MN
MN
Registered
Sinking fund deb 55
1933 MN
MN
Registered
•S
15
-Year secured g 000_1936
1st ref g be
may 2037 J D
let & ref 434s
May 2037 J D
lst & ref 4 Ms set C May 2037 S D
Cony 43gs series A _ _ _ _1949 MN
9114 9114
1113 122
4
933 97
4
95
9858
102 10518 Chic RI& P Railway gen 481988 J J
J J
1034 10312
Registered
9712 993
8
Retinding gold 40
1934 AO
AO
10212 105
Registered
90
9418
Secured 434e series A __1952 MS
95
9714
Cony g 4 Ma
1960 MN
Cu St L & N 0 5s_June 15 1951 J D
99 102
• D
Registered
88
Gold 3341
923
4
June 15 1951 3D
42
52
Memphis Div let g 4s____1951 J O
3012 40
Ch St L & P let cons g 50_ __1932 AO
AO
65
75
Fngistered
10114 1037 Chia T 11450 East 1st 5s.1950 J O
8
96
Inc gu 58
987
8
Dec 11900 MS
944 9512 Chic Un Sta'n let gu 4 Ms A.1963 J J
993 1013
lst 5s series B
4
4
1963 J J
Guaranteed g Is
1944 J O
10118 10434
1st guar 6 358 series C _1963 J J
103 103
Chic & West Ind con 441
1952 ii
1054 109
let ref 5341 aeries A
1962 MS
10712 11012 Choc Okla & Gulf eons 5e 1952
N
9511 3985 Cin El & D 2d gold 4 Ms_ _ _1937• J
4
1604 10513 C 1 St L & C 1st g 40..Aug 2 193 Q
6
83
857
8
Registered
Aug 2 1938 Q F
1604 10434 Cin Leh & Nor let con gu 4s1942 MN
9012 egg
Cln Union Term lot 4340_2020 J J
103 104% Clearfield & Mal] let gu 55_ _1943 J J
8612 9212 Cleve On Ch & St L gen 45_1993 3D
71 71
General 53 eerier! B
1993 J D
9712 99
Ref & I mpt 6e set C
1941 • J
Ref & Impt 55 ger D
1963 S i
85% 88
Ref & impt 434s Ber E__..1977 J J
When issued
Wt. -. 4
Cairo Div 1st gold 4s_ _ A939 J J
91C199 10314
Cin W & M Div 1st g 4s_ _1991 J J
9914 10314
St L Div 1st roll tr g 4s _ __1990 MN
81
85
SPr dc Col Div lst g 4s____1940 MS
98
98
W W Val Div 1st g 4s____1940 S i
10112 103 4 CCC&I gen cons g tis_ —1934 J J
,
8212 90
Clay Lot & W con 1st g 58-1933 AO
101 1025 Clevel 54 Mahon Val g 5s_ _ __1938• J
8
CI & Mar 1st gu g 4 Mil
1935 MN
105 10812 Cleve & P gen gu 4358 set B.1942 AG
98 10058
Series B 3Ms
1942 AC
9714 1004
.• 1
Series A 444s
1942
9712 1003
4
Series C 3958
1948 MN
104 107
Series D 334s
1950 P A
1035 10712
8
Gen 434s ser A
1977 P A
A0
10-4 10714 Cleve Shor Line let gu
4343-1951
10033 103 2 Cleve Union Term 1st 5355_1972 AG
,
,
11018 11212
bat s f 5e series B
1973 AG
11512 1197
8
lots! guar 4338 series 0-1977 AO
Coal River Sty lot
1945 J D
Hors 10214 Cob hi South ref &gu 4s
ext 4;45_1935 MN
865 8914
8
1980 MN
G1316131 434s Her A
09, 10112 Col & 11 V lst ext g 4a
8
1948 AO
1955 F A
102 101314 Col & Tol 1st ext 45
1014 10512 Conn & Pliesum Ric let 40_1943 A 43
9818 100
onso1_ R y ynd e-c.r y 45 __1954 J J
Non,
on onb d
1955 J J
AO
68
715
Non-cony deb 4s
102 10312 c Non-con R8ty ebenture 40-1 9 6 J J
Cubauba RNRoriv d ol
53
5
193
ii)
10738 10912
S i
91
92
80
833
4
1st ref 7345 seriee A995 9-11094522 J O
-e 959r3i
101 102'8
let lien & ref Cis set B _1936 J O
1939
97 10214
De1 44 lau s n 5s& ref 48-1943 MN
3 yel rdeo tivlst
0_
AO
-Oil 100
S75 9518
MN
15
-year 5445
13 RR & Bridge 1st gu g 48_ _199357 FA
87
88
119336
100 102
Den & RU lot cons g 48_ __ _1936 3J
J J
Consol gold 4.34e
510133 1-61-8 Den & RU Watt gen 5s_Aug 1995356 FA
85
885
8
Ref & imat 5s ser B_Apr 1078 AO
9512 9914 Des M & Ft 0 1st gu
1935 J J
11218 115
Certificates of deposit
10912 11412 Des Plaines Val 1st gen 4 3.411-1947 MS
8712 98
Detold, :3 1st lien g 48
o de 114
1955
1
•D
9512 9712
95
913
Detroit River Tunnel 4 Ms_ _1993 MN
6
19 1
95 8 963 Dul Missabe & Nor gen 5s-1941 J J
3
3
102 10518 Dul Si Iron Range 1st 53._ _ _1937 AO
.•1
109 109
Dul Sou Shore & At! g 5s
1937
1043 1053 Fast Sty Minn Nor Div let 45'48 AO
4
8
101 10312 EEilgpit'l Viet Ga Div lot 5s_ _1956 MN
Eas,' ja
u
j
:as
N
10315 106%
941
10s r
1et g 58_ 1996
102 1024
1965 AG
J J
9812 10214 Erie 1st con: E1559P
1340
5'
9912 10212
1996 J J
Registered_
10214 103
1st Consol gen lien g 45___ _1996 J J
J
9412 9412
Registered
9314 97
Penn coil trust gold 4s _1999 F A
1 51
9214 9413
SO-year cony,45 aeries A 1953 AG
conv.
B.
1953 AO
953 1614
AO
Ret az ltivpt Ss lee D
G n co m 4s eer
1953 MN
67% 73
6714 70
7
99
Ref & ImPt 5s of 1930 _ _ 1975 AG
79% 793
4
Erie & Jersey 1st s f 6s _1955 J J
90
92
Genesee Elver 1st e f 68_1957 S i
91
91
Erie Pitt.3 3453Ms ser B 1940 J
c3 3
953 9812
2
Series
1940 J
0612 9812 Fla Cent & Pen let COM g As '43 J
100 10314 Florida East Coast let 4 M0_1959 J D
1073 110
4
lit & ref Is series A
1974 MS
Price
Friday
Apr. 24.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High No.
Ask Low
Bid
_
100 ____ 100 Apr'31
107
32
32 Sale 30
10518 108 106 Apr'31
6613 Sale 6612 .41 6734 121
2
1053
8
10514 107 10514
Apr'31
88 101 101
Apr'31
9312 91
71
797 8012 Apr'31
8
75
7
874 87
91
2
9318
9334 9414 9318
9912 10012 0118 Apr'31 _ _
8118 11
4
793 Sale 793
4
Oct'30
84
2
71
71
72
70
90
3
90 Sale 90
9014 37
89
8 90
887
2
9613
9613 Sale 9612
5912 sale 5914
6314 189
449
23
23 Sale 22
3
78
744 777 78
8
7912 Mar'31
80
70
8818
5
873 8818 8818
8
_
8
873 90 88 Apr'31
10213 Sale 10213 10212 23
105 109 11014 Apr'31
0513 July'30 ____
_
2
10214
- 4
10211 1023- 10214
-1023 10013 Mar'31
4
1093
8 26
10918 Sale lOOle
10
97
97 Sale 9413
5
8418 25
835 Sale 83 8
8
8412
2
8412 Sale 8412
191
80
783 Sale 7814
4
Low
Rio)
9918 101
30
60
10418 108
63% 69%
10514 110
100% 102%
91
93 4
3
8014 903
4
87 100
9318 96
100 10118
793 873
4
4
9113
5
9112
Jan'31
91
98
983 182
4
9814 Mar'31
_
8618 23
86 Sale 8514
81
44
793 Sale 7958
4
10312 ____ 10338 Mar'31
102 Mar'30
_
8418
_ 81 July'29
_
92
90
90
1
88
8
____ 1017 Mar'31
101
_
101
Feb'31
- _
7212 gale 7212
80
10
6612 6812 Apr'31
64
4
3
4
1043 Sale 10412 1043
106
1
106 Sale 106
1043 105 10412 Apr'31
8
1153
8
7
11514 Sale 11514
907
8 24
903 Sale 9038
8
10413 Sale 10412 1054 26
_
10312 ___ 10312 Apr'31
99 ____ 100 Apr'31
99
2
98'2-.-- 99
9718 ____ 9818
17.1E_
984
3
_
96 Feb'31
9312
10414
1044 16
1043 1
8 9814
2
9814 Sale 0814
9358 94
9358
94
4
_ 116 Feb'31
102
1045 105 105 Apr'31 _
8
8
10412 1045 10412 105
6
9712 Sale 9712
0914 67
10112 Jan'31
"ii18 185- 97 Apr'31
.4
9213 95
03
93
2
8
913 Sale 913
8
913
8
9
4
9613 ____ 053 Feb'31
964 ____ 9518 Apr'31
10418
10418 ___ 10418
1
10134 ____ 10158 Mar'31
Jan'31
____ 101
101
Feb'31
10012 ____ 101
____ 98 Dec'30
101
9112 ___ 87 Mar'29
10112 __ 10114 Nov'30
8814 ____ 925 Jan'31
8
8714 ___: 8618 May'26. ___ _
4
4 104
1033
1025s
4
2
1033 Sale 10334 1033
4
111
8
111 Sale 111
_
8
4
1063 1063 107 Apr'31
4
8
1033 Sale 10338 1033
8
92 Apr'31
j0ii8 gale- 10158 10178 21
923
4
2
4
9212 923
92
8
8
9418 967 955 Apr'31
9412
3
9413 Sale 9412
90 Dec'30
_
7312 15
7318 7458 734
8
7314i 15
7314 Sale 727
4
72341
1
7214 Sale 723
27 Mar'31
2
721
4
417
13
413 g;1e- 413
4
674 18
65 Sale 65
2
7714
7714
7714 78
2
675
8
8
675 Sale 675
8
90
96
91
91
98
9912
9814 9812
8412 95%
79
9212
103% 103%
9112 Sale
92
86
98 Sale
07
103
10512
98,
4
96
10018
6918
723
8
9
9
97
Sale 9612
104 104 Apr'31
8
Sale 10512 1057
98 Feb'31
100
9714
Sale 9612
,
03
0
Sale 1004 17 8
Sale
753
4
Sale 82 8
e 793
8
20
8
66
_
3
43
59
12
12
1
71
7134
90
9612
89
9612
96 101
5914 76
22
35
81
76
7712 7912
91
86
8612 91
8
1023 103"
106 11012
150- 16212
um,10018
10714 10012
9112 103
8314 96
8412 967
8
7814 98
90 168
101 1017
101 101
7213 88%
73
68
102% 105
1043 106
8
1033 1053
s
4
114% 116%
8712 92
102% 1057
2
10134 10312
98' 100
98
99
9818 9818
9414 96
103 10514
9814 98 4
,
9214 il7
1094 110
103% 105
103% 105
97% 1013
4
MO 1013
4
99
97
93
91
90% 92%
ge14 95%
9518 9518
10312 10414
1013 1013
8
4
101 101
10012 101
"EriER
101
9218
lO44
10214 10412
1081,4 11)
10518 107%
10118 1041?
92
9618
101 102
4
9212 973
92
9614
934 9518
691g
68
70
685
8
4012
537
8
70
59
74i
7414
723
4
74
47
70
12
8018
70%
95% 973
8
100% 10414
103% 108
98
98
95
99
97% 1003
8
69
83
723 85 4
8
3
8
8
--__19 04 hlPr:33 0 -_
_! 8 A ar 1
_7
_
43 Dec'30
35
_
4478
32 - -- 38 Dec'30
8 1037
4
8 25 lO21a 104
1023 1043 1037
4
10318 Dec'30
1033
4
ioi- 104
1023 10312 104 Apr'31
4
5212 6018
5213 Mar'31
50
8
963 97
4
955e 967 97 Apr'31
3 1043 108
1073
8
4
1074 110 10738
104 Feb'31
104 10412
1033
4
10312 10312
10218 104
1034
87
8512
8414 893
11
855 8 87
4
87 Mar'31
82
8712
_
8112 85
70
7134 70
715 Sale 7013
8
7914
_
68 Dec'30
9814 11 -;
,
5
664
10033 017 10012 1003
6912 7812
7012
7012
1
7012 72
71
71 14 12
70
71
70
787
8
a77 314 1180
e3,738
7012 72
_
7214 .2 7234 M
s 31 72
71e
714 8412
733
4
7112 84
7314 Salo 73
8 1115
8
2 109 112
1115 Sale 1115
8
: 101 A0 r:3
3
0
10618 11012
1103 1_1_1_ 4 192:N py 31
4
93 8
3
9338
-1
81
93
9
89
85 -- - 8578 °eV 2
93
771
4
77
80
7912 77
77
21
14
21 Sale 20
20
31
3111
New York Bond Record-Continued-Page 3
BONDS
:1 a
N. Y. STOCK EXCHANGE.
e.
Week Ended April 24.
Price
Friday
Apr.24.
Feek's
Range or
Last Sale.
t ez
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended April 24.
35,
Price
Friday
Apr. 24.
Veek's
Range or
Last Sale.
Range
Since
Jan. 1.
High
Ask Low
Mak No. Low
Bid
High
Low
212 Dec'30
194e 2812 Mex Internat let 4a asstd __ -1977 MS
4
973 Feb'31
97I 9734
-Mich Air L 4s A940 J J 9712
Mich Cent
1951 M S 8812 ---- 79 May'26
107' 10714
Jack Lana & Sag 3355
5 -88E -9ici3
;
8912
2 .
8
895
1952 MN
10312 1044
1st gold 334s
5 1003
2
2_1043
4
100 10012
Ref & Rapt 430 ser C_ _ _ _1979 51 10018 10112 10112 1013
94 Nov'30
1940 AO 8712 92
10012 1003 Mid of NJ 1st ext 5a
4
5
9934
nidia
4
993 Sale 9934
Mil de Nor lot est 434s(1880)1934 J
9612 100
20
99
97 100
1934 S D 9812 994 99
5712
55
Cons ext 414a(1884)
9214 Apr'31
9214 95
Mil Spar & N W lat fru 4a _ _1947 MS 934 95
90 Ape28
92
95
85
Milw & State Line lst 3;is_ _1941 is 88
20 Mar'31
30
1712 20
18
73 73
Minn .3.; St Louis 1st cons 58.1934 MN
1618 30
18 Apr'31
1612 25
1934 MN
10312 105
Ctts of deposit
44
9
2
8 4
47
4
3
2
lot & refunding gold 4s _ -1949 MS
993 10112
8
8
814 8 Apr'31
1101g 11214
8
Ref & ext 50-yr Laser A_ 1962 Q F
10 Nov'30
10514 108
Certificates of deposit----83
23
87
8914
Al St P & 88 74 eon g 4s int PI'38 5--.1 8518 Sale 8518
73
7818 14
8412
1938 55 76 Sale 75
11719r8 11/'stems 5s
8912 9412
9112 9012 Apr'31
109 110
Ist cons 5s gu as to Int _ _ _ -1938 J J 01
0814 41292
18
100
8
99 101's
_ _ _1931 M S 997 Sale 9978
10-year coll trust6
81
81 Apr'31
89
1946 .1 .1
107% 111
1st & ref 65 series A
6212
1
621s 67
1949 MS 6212 Sale 6212
102 107
25
-year544
91
17
97
4
991
1978 J J 06 Sale 96
3
93 2 100
1st ref 53485er B
8
8
955 Dec'30
997
95
8
1st Chicago Term 51 4s_ _1941 MN 943 _ _
6712 6712
97
90
_
Jan'31
9178 97
J
144 21
4
93
Mississippi Central let 55_19 9 J .1
55
2
55
55
654
8
953 953 Mo-Ill RR 1st 588er A
8
92
87
884 27
9812 99711 Mo Kan & Tex 1st gold 4e __ _1990 5 D 87 Sale 87
98 103114
8 37
957
8612 92
Mo-K-T RR pr lien 58 ser A.1962 J J 9914 Sale 994
92
84
83
9
8
1034 1043
1962 J J 8314 857 83
4
-year 44 series 13
40
9512 9578
9414 98
8 10
957
19785 .1 94
10118 1067
8
Prior lien 4345ser D
80:8 96
8018
,
80 4 15
Cum adjust Is set A_Jan 1967 A 0
8
887 100
8 33
893
99 10088 Mo. lst& ref es ser A _ _ A965 F A 8878 Sale 8872
.
Pa ra
.c l 4.
e
6112 59
5714 75
4
100 10114
1975 M 9 603 Sale 60
General
4
853 99 2
4 61
873
4
,
4
10014 10218
1977 81 S 853 Sale 853
series F
let & ref 5580
8818
99
87
8818 87
1004 101
1978 M N
lat & ref g 5sserG
8112 28
7812 101
7912 Sale 7812
8
100 1015
1949 MN
Cony gold 5348
87
99
86
12
98 10214
1980 A 0 86 Sale 86
1st refg 55 wiles II
8514 954
8714 225
74
1981 F A 854 Sale 8514
79
let & ref 55 ser I
s
953 99
97
9714 Apr'31
Mo Pac 3d 7s ext at 4%, July 1938 MN 96
100 Mar'30
.
1951 J J 90496 Dec'30
g 5s_ _ _1945 J J
& Bic
Illinois Central 1st gold 4a
97 97
97
97
1
-51 is 2 MobSmall prior lien
-1J .1
4 9 4
1951 J J 833 - -1-1- 8512 Apr'31
1st gold 334s
4
883 92
9614 81314 lat NI gold 48
8914 _- 8938 Apr'31
1945 J J
8614 Jan'31
J .5
Registered
88
79
86
7812 _ _ 80 Apr'31
Apr'31
87
J
.1
4
4
7614- - Small
Extended 1st gold 334s___1951 A 0 833 863 86
Oct'30
93 95
70 Mar'30
1951 NI 8, 6018
gold 48_ _ _1938 NI S 83
&
let gold 3s sterling
9912 9912 Apr'31
-5512 102"
s5c- Mobile Ohio gen 1st g 58_1947 F A
9714 2 -8714 1952 A 0: 8714 Sale 9714
48
Montgomery Div
Collateral trust gold
6711 694
8
8712 .Mar'30
A 0,
1977 NI S ____ 647 6712 Apr'31
Registered
Ref &impt 4 .5.3
74 8 904
76
,
45
354 93
7514 Sale 7514
1955 M NI 854 Sale 8538
8812 66 -1
Sec 5% notes
let refunding 48
9118 014
8414
8814 M011 & s Igu ogu gold 45-19 8 NI S 874 93, 9314 Apr'31
80
5
9
1952 J .1; 8414 8514 8414
4
1931 M
.
N,0. ,lst s
ellfa
Purchased lines 3lis
9014
3 105 108%
8
1083
83
82
18
1937 J J 10814 10914 10838
Collateral trust gold 48_1953 MN 82 Sale 82
8
s
80 90 Aug'30
3 10214 1033
M N 74
1937 J .5 10318 -- 10338 1033
Registered
151 guar gold be
84
88
84
5
8 100 106
10088
1955 M N I 10018 104 100
Refunding Is
Morris& Essex 1st gu 33is 3000 i 0 8312 8412
8 18 107 110
1097
8
7 )0658 10834
1955 M N 10634 10712 10628 107
-year secured 6348 g _ _ _ _1936 J J 1093 Sale 10938
16
Constr M 5s ser A
4
857 100
8 10112
8
8818 63
8578
4
6 1003 103
Aug 1 1966 F A ____ 86
1955 MN 1003 10112 1013
-year 448
40
Constr M 4 Asser B
1950J 0, 88
92 .Mar'31
91
9012 93
Cairo Bridge gold 45
94
3
2
933 95 4
7818 N11 CIiatt,S L 48 ser A _ _1978 F A 04 Sale 94
77
Litchfield Div 1st gold 38_1951 J JI 7513 7788 7812 Mar'31
. i dt
N8.811 & s .gutg 3.
1021g 10212
4
$23 8514
8
8
1937 ' A 10312 1047 10212 Feb'31
Loulsv Div dc Term g 3348 1953.5 J 831 8378 Apr'31
76
18 July'28
7512 78
4 812
11
Omaha Div 1st gold 38_ _ _1951 F A 743 - - 7512
Nat Ry of Met pr lien 434s._1957 J J
1234 July'28
754 78
4
J J
St Louis Div & Term g 38_1951 J .1 753 7712 7612 Mar'31
July 1914 coupon on
8
1951 J .1 8218 8412 8112 Apr'31
58112 8414
i243,
--34 -18 35 Apr'31
Gold 348
Assent cash war ret No.4 on
3
3
3 Mar'31
85
85
Springfield Div let g 334,3_1951 .1 J 8112 ---- 85 Feb'31
Guar 45 Apr '14 coupon_1977 AO
0
4
414 Apr'31
1951 F A
9014 93
ii312
9212 Apr'31
__
Western Linea Ist g 45
No. 5 on
Assent cash war rct
F A ____ 93 - 9212 Apr'30
90Registered
Nat R it Men pr lien 434s Oct '26 .1 .1
r 3512 July'28
7
5
53
8- -- :1 512 Apr'31
III Cent and chic St L & N 0
war ref No.4 on
Assent
Ist
22 Apr'28
_
9018 1024
4
4
913 103
Joint 1st ref 58 series A __ _ _1963 J D 913 Sale 904
A0
64
3
31
31
3983.5 D
87
96
8528 89 Apr'31
lst& ref 4 35s scrim C
318 Sale
4o 1
.
Assent
Assen cash star4 t
Na tiga uckRR,w g r: No.195n
87
86
8
913 9138
_
9138 Jan'31
N 85 -_ 86 Apr'31
Ind Bloom & West let ext 48_1940 A 0 9212
106
9946 1011
161
1950J J 9512 - - 9712 Apr'31 _ _
4
9614 9712 New England RR cons 5s_ _ _1951 J J 101 16i12 101
Ind Ill & Iowa 1st g 48
9712
1915
9212
88
8434 884
7812 864 Feb'31
9114
4 10
91,
Ind & Louisville 1st gu 4s _ 1956 J J
1945.5 J 9114 93
Consolguar 48
10314 1033 N J Junc RR guar lst 4a_ _ _ _1988 F A 88
8
10314
Ind Union Ity gen 58ser A _..1965 J J 155E2 10312 10314
4
913 92 Mar'30
Oct'30
1965.5 .1 10212 Sale 10212 10212
1 10212 10412 N O&N E lst ref & impt 434sA'52 .1 J
95
_ 87
Gen & ref 55 series 13
173 2
78
2 -155- - -19014
9014
8712 55
int & Grt Nor lst Os ser A _ _ _1952 J J 87 Sale 84
90
New Orleans Term let 48_ _ _ _1953 J J 9014 95
88 1004
37
65
8
99
61
A 0 ____ 947 9878 Mar'31
Adjustment Os set A_July 1952 A 0 6012 Sale 5814
N 0Texas & 1%lex n-c Inc 58_1935
934
82
65
81
76
1956 J J 75 Sale 73
8
817 82 Apr'31
22
lat 58 aeries 13
1954 A 0
lot Ss series 13
2
943
85
85
1956.5 J 75
1
8012
8
847 85
65
4 51
783
4
803 74
1st g 56 series C
1956 F A
1st 58 series C
673 73
4
70 89 Dec'30 _ _ _
4
18
68
1956 F A 55
tat Rye Cent Amer 1st 58.-1972 M N 673 Sale 6734
1st 4 Asseries D
71
1 -88r4 10128
90
1941 MN 7212 733 74 Apr'31
8314
94 90
4
90
lateen tr6% notes
1
106WI 100
7312 N & c Bdge gen guar 4348---119945 JS 973 100
69
72
1947 F A
74
9714 Feb'31
1
72
8
'alien & ref614s
54 A C'
4
12, 16
101 1013
101 Apr'31
4
1214
2
14
Iowa Central 1st gold be _ .. _ _1938 J D -1H4 17
N Y B & M 13 1st con 14 58_ _1935 A 0 101
.
1312 15
10612 53 108 1073
4
_
4
17
1312 Feb'31
13
Certificates of deposit-----N Y Cent RR cony deb 6s _ 1935 MN 1064 1063- 1064
94
o
a
924 974
63
2
1951 ivi -5.
318 318
4
1998 F A 933 Sale 93
Refunding gold 4a
4 5
3
Consol 48 aeries A
94
9912
9814 104
8
967
7
__
953 9614 Mar'31
4
James Frank & Clear lst 4s_ _1959 J D 95
lyho mpt .
Ref &in ho1 31 series A_ _2013 A 0 9814 Sale 9814
8
3a
98
0100
973
8
987 373
1938 J .1
10014 Apr'29
Kal.A & G It 1st gu g 58
2 Ref & Rapt 5s
90 1111990 A 0
92 Mar'31
°013 A- 0 105'8 Sale 10511 10614 66 10512 109
Han & M lot go g 4s
C
9634 9912 NY Cent S, BudseriesNI 33481997IJ .1 85 86 8514 86 24 8334 874
98
28
EC C let 9& M Ity ref g 4s _ _ _1936 A 0 9714 Sale 9714
Riv
854
7672 8158
84 Mar'31
84
_1950 A 0 7712 Sale 7578
7814 20
1997.3 J
Kan Clty Sou 1st gold 3s
Registered
93 102 4
10118 70 100 10112
,
51
97
95
kpr 19101 J 9512 96
1101 & limit Is
19341 M N 151E2 Sale 1004
Debenture gold 4a
4
973 984
8 59
955
9314 9558
1942 J J 9612 9812 0812 Mar'31
Kansas City Term 1st 4s _ _ _ _1960 J J 9512 Sale 95
30-year debenture 4s
8218 85
9414
911s 9413
8212
9414
9314 98
1
Kentucky Central gold 48_ _ _1987
Lake Shore colt gold 334s_ -1998 F A 8278 8312 824
824
78
8212 7918 Apr'311_
19481F A
79
Kentucky & Ind Term 4348_1961 .1 J 9214 -- _ _ 92 Sept'30
Registered
i
1961 J J 8818 8912 8912
8214 85
1 -55i2 -9
15
83
8912
Stamped
83 Sale 8214
Mich Cent coll gold 3 AB- -1998 F A
84
1961 1 J
8214 Jan'31 _ _ _
80
Plain
87
877s 89 Apr'30 _
82
1998
Registered
9712 100
4
994 43
4
NY R hic.te St List g 48_ _ _ _1937 A 0 983 sate 983
Cegt &red
10314 10314
2 10118 10314
Lake Erie & West let it 58-1937 .5.5 103
9314 Mar'30
1937 A 0
4
10014 1003
1041 .1 J 10034
2d gold&
_ 10034 Mar'31
_ "Wit 1665;
100 Apr'31
1931 M N 155- -_
25-year debenture 4e
874
84
86
Lake Sh & Mich So g 330_ _1097 SD 854 86
8518
11
4
997 102
1932 A 0 1007 Sale 10078 1014 59
8
6% gold notes
83
1997 J 1) 825 85
83 Apr'31
8
Reghdered
85
100
9614
98
38 9614 107
.
, is sed 34s
Ret ellug 5e.c esri A _1974 A 0 96
z
1931 MN 100 100 8 100
100
8
93
-year gold 48
25
1 100 1005
,
80
124
83
80 Sale 80
SIN
Registered
10014 Jan'30
1953 F S
4 103
4
8 102 10314
N Y Connect let go 4 34a A _ _1978 51 A 10212 1023 1023
5 155E2 1011i
Leh Val Harbor Term go 58_1951 VA 158T2 10514 10514 10514
10418 10514
1953 F A 105 1053 10514 Apr'31
4
let guar 55 series 13
99l2 I0113 N Y & Erie 1st ext gold 4s. _ _1947 MN 9318 __ 9258 Mar'31
8
Leh Val N Y 1st gu g 434s_ __RHO IS 100 102 100 Apr'31
8
923 923
N 8412 Sale 84
904
84
8478 32
Lehigh Vol (Pa) cone g Is..2003
1933 M 8 9812 ____ 100 June'30
_
3d ext gold 4 348
MN 8012 827 86
86
88
Jan'31
Registered
s
N 99 Sale 9712
2003
994 13
General cons 4345
8
987 1004 N Y &Greenw L gu g 513._ - _1946 M N 95
4
973
96
4
973 9614 Feb'31
4
Lehigh Val RR gen 58 series.2003 MN 10418 Sale 10418 1053
,
5 103 108 4 N Y & Harlem gold 3 As-_ _2600 MN 8612 884 80 Dec'30
102
3 102 10412 N Y Lack et W 1st & ref gu 5s'73 MN See note • below.
Leh V Term Ity 1st gu g 63._194I AO 102 Sale 102
1945 MS 92 Sale 9112
92
gu g 4s
2
Lehigh & N Y
8
4
1037 103%
853 92
_1973 M N 10228-103781Mar'31
y Jref gy 1 34s ger
N lst:erse u.58 B _
4 t.
108
4
4 108 110
Lox & East 1st 50-yr Is gu---1965 AO 108 1093 108
3 1001 la%
1932 F A 1014 1013 10112 10112
4
-94
Little Miami gen 45 aeries A_1962 MN 9118 9312 9118 Mar'31
914 9118 N Y & Long Branch gen 48-1941 MS
91
94
1
94
1935 A0 10612
104 10714 NY &NE Boat Term 4s
10714 Mar'31
Long Dock corm'g 68
754 July'29
1939 A 0
8 1004 101
Long Ie.d 1st con g Se. July 1931 Q J 10012 gale 10012 10012
-55- - - 12
90
1947 M 8 -85NY N Hdz lIn-cdeb 4s
__ 9934 Mar'31
J 10014
let eonsol gold 48_ _ _July 1931
8
085 Sept'30
84
Apr'31
81
Non-cony
85 81
3343-19
84
47
1938 SD 9712 98
9712
9712
General gold 48
1 -58- 9,7„
98 - Non-cony debenture 330_1954 M 0 8014 81 7914 7914 10 73 8112
A
7914
debenture
193° SD 9918
9412
9872 Apr'31
Gold 4s
88
7! 83
8528
4
8
Non-cony debenture 4s.. 1955 J J 853 Sale 843
1949 MS 9212 lbits 9214
Unified gold 4s
9214
907 933
1
8
2! 8012 874
8
8
4
4
853
Non-cony debenture 45-1956 M N 8512 863 853
1934 J 1) 10112
10112 Apr'31
Debenture gold 5.1
101 102
83
70
s 10
787
1956
4
783
Cony debenture 3358
4
783 81
1937 MN 10114 161-3- 10112 10112
2
20-year p m deb 58
9812 102
1
4
54 1133 118%
1151
1948 5 J 1133 Sale 11334
4
Cony debenturees
1919 MS 94 Sale 933
9512
91
Guar ref gold 45
4
92
114 11512
1154 Mar'31
J .1
Registered
J 1013 10218 10114 Mar'31
8
Nor Sit 181st eon gu 58 Oct'32
11)018 10112
1051
21 10461 10619
1940 A 0 10512 Sale 10514
Collateral trust 613
Louisiana & Ark 1st es ser A1969 J J 5612 5912 5613
5612
561s 75
5
7113 7712
8
7338
734 Sale 7212
Debenture 4s
Louis &Jeff Mee Co gd g 45_1945 MS 99 4 9512 94 Apr'31
9714
94
,
4
952
4 541 91
913
9112 91
;
let & ref 4348 set of 1927.19675 1
157 M 1) 91
9
0318 Apr'31
Louisville & Nashville 5s _ _1937 MN 103
8914 934
8
103, 10318
9358 Mar'31
1954 M N 9414
Harlem NA Pt Ches lot 40
1940.55 9918 Sale 9918
Unified gold 48
9914 18
484
37
38
48
4 9912 NYC'S,Wren 48 June
97
1992 M S 46 Sale 44
Si 95,
Registered
361
9412 Nov'30
4
23. :4118 3812
1951.5 D 3612 Sale 36
8
- -Collateral trust gold 55_ _1931 MN 10112 1017 0118 Apr'31
96
96
ioi cciff N General 4s & Boston 4s 1942 A 0 9112
2 Y Providence
_ 96 Mar'31
10514
1st refund 5348 aeries A__ _2003 AO 104 Sale 04
9218 9614
104 10658 N Y& Putnam lot eon gu 48_1933 A 0 9412 - 04 9614 Mar'31
9
2003 AO 1043 Sale 045
4
4 43 1044 106
8 104,
lot & ref 5s series 13
78
71 70
78
7712 78
West 1st ref 58..1937 .1 J 77
2003 AO 97 Sale 97
99
let& ref 435s series C
48
74 10214 N 2e SuId 4&34Ws
9
7
_
Y go q
1
1937 F A _692 75 Mar'30
05 Dec'30
Paducah& Mom Div 48_..1946 VA
-5812 61
5512 Apr'31
58
1940 F A 88
General gold
1980 MS 64's 67 6418
6418
21 9912 9934
4 -85- -- 2
St 146161 Div 2d gold 38
671 Termlnal 18158 5a
4
993
4
4
4
993 1003 993
gold
s
8
Mob & Monts 1st g 430_ _1945 MS 1007 -- -- 007 Apr'31
8
10022 lows NY Wehes & II 1st ser I 430'46 58 N 8012 Sale SO
6: 785 87 2
,
8012
1943 JJ
4
103j 105 1073
107
South Ry joint Monon 48_1952 Ii 863 9232 8912 Apr'31
,
86
95
Nord Ry ext'l sink fund 630 1950,A 0 107 Sale 106
N 9514
_ 953
8
8
953
371 19
25
45
1
All Knoxv & Cia Div 4s_ _1955
,
4 96 8 Norfolk South 1st & ref A 5s_19611F A 20 Sale 19
9
8
MN 10038 101 1003
8 1004
, as
7
Louisy Cin & Lex Div g 4355'31
3 100 10012 Norfolk & South lot gold 55_1941 M N 85
85 Feb'31
86
9834 10114
3
4
983
,
Norfolk & Wait RR gen es_ _1931,111 N 1004 1004 98 4
1934 J .1 102
____ 1014 Feb'31
10414 10414
1717 17114
Mahon Coal RR 1st 5s
314
0. 0 1
1934:F A 1044 ____ 1044 Mar'31
Improvement & ext 6s_
4
Manila RR (South Lines)48.19'39 MN 643 743 7412 Mar'31
4
New River 1st gold 68_ __ _I932!A 0 10214 ____ 10214 June'30
- 1959 MN
7012 76
70 Feb'31
let ext4a
%7
96 4 9952
9914 25
N& W Ry lat comas 48_ _1996A 0 99 Sale 9814
100
1
Manitoba 8 W Coloniza'n 58.1934!J D 100 Sale 100
T7
II£312 17))
9613 9714
0
(
199 IA 0; ..- 9714 9714 Jan'31
Registered
9012•
Man a B &IN W lot 3tie-.1941 1 5 87 ____ 9012
2
00
9018
C Cash sale. s Option sale. •Sale at 10334 reported on March 10 was an error; should have been ref. 435s of 1973. No bonds of the Is & ref. Is 01 1973
Issue outstanding.
Ask Low
High No,
Bid
2012 10
Fonda Johns & Glov 1st 4345 1952 M N 2018 2312 20
Fort St U D Co lst it 4348-1941 J J 9614 9712 9618 Aug'30
1084 10714 Apr'31
Ft W Ac Den C 1st g 534s.....1961 J D
Frem Elk & Mo Val 1st 6s__1933 A 0 104 105 10418 Apr'31
8
GH&SAM&P 1st 65__1931 MN 997 101 100 Apr'31
8
8
1931 J J 1008 1004 1005 Apr'31
26 exten8 58 gust
97
19
Galy lions & Heed 1st 5s.. 1933 A 0 9612 Sale 0612
494 55 Mar'31
Oa & Ala Ry let COBB 58 Oct 1.945 J J
Ga Caro & Nor 1131 gu g 58 '29
8
897 86 Apr'31
Extended at6% to July 1_1934 J J 85
Jan'31
8
677 73
1946 A 0 55
Georgia Midland 1st 38
10312 10312 11
Gouv & Oswegatchle 1st 5a_ _1942 J D 10338 _
- 3R & I ext 1st gu g 430 _ _1941 J J 9934 101 4 10118 Apr'31
Gr
112
15
8
Grand Trunk of Can deb 79_1940 A 0 1117 11212 11178
31
1936 M S 108 Sale 10734 108
15- ear s 168
D 85 _ _ 96 Nov'30
Grays Point Term let 6a__A947
8 86
8
A
Great Northern gen 7s ser- _1936 J J 1107 Sale 11012 1107
1
110
110
SD
Registered
4 26
993
let & ref 4340 series A __ _1961 J J 9914 Sale 9914
39
4
1952 J J 1073 Sale 10734 109
General 534s series B
2
10212
10212 Sale 102
1973 J
General Is series C
9614 42
8
19765 J 96 Sale 957
Geneml 4348 series D
9614 65
J 96 Sale 9513
1977
General 434s series F
6712 Apr'31
Green Bay & West deb ethi A _ _ _ _ Feb ____ 75
Feb 1012 14
4 15 Apr'31
Debentures Ws 13
8
9684 953 Mar'31
Greenbrier Ry let gu 4s_ _ _ _1940 M N 96
97 Mar'31
Gulf Mob Ac Nor 1st 534s.. _ _1950 A 0 ____ 97
87 Apr'31
1950 A 0 8912 97
let M 58 series C
8
Gulf & 3 I let ref & ter Es_Feb '52 J J 1033 105 10414 Apr'31
Hocking Vol 1st C0118 g 4348_1999 J J 10414 Sale 10358 10414 25
J 99 104 100 Nov'30
1999
Registered
4
HOusatonic Ry con5 g 5s _ __ _1937 MN 1004 ---- 1003 Apr'31
H & T C 1st g 55 Int guar_ _ _1937 J J 101 2 ---- 10114 Mar'31
,
1024 Apr'31
Heinle!' Belt & Term 1st 58.19371 J 1024
101 Feb'31
Houston E & W Tex lat g 68-1933 M N
8
1015 Apr'31
_ _ _1933 M N --------118
1st guar 53
9912 49
4
serA_1957 F A 99 Sale 983
redeemableHud & Manhat let Is
8 71
777
4
Adjustmentincome Is Feb 1957 A 0 77 Sale 763
112
3112
iI
BONDS
N. Y. STOCK EXCHANGE. 1
Week Ended Apr. 24.
,.., a.
Price
Friday
Apr.24
Bid
Week',Range
Since
Range or 13
A
Jan. 1.
Lad Sale,
Ask Low
High No. Low
984 99 9834
/
1
9934 13
9818
98% 99 98
5
10612 109 107 Noy'30 ____
3
4
1023 Sale 10234 1023
4
9414 Apr'31 __
____ 94
9334 '45
93 Sale 93
905 9212 92 Apr'31 ____
8
6714 19
6612 Sale 6612
6418 66 653s Apr'31
9512 12
95% 97 953
70
112 Sale 111
112
10334 Sale 10212 10334 27
10212 Sale 103% Apr'31 __
10512 ____ 10512 Mar'31 ____
1035
5
81038 Mar'31 _
i
6912
/3 - 6912
.
34
9512 100 9414 Dee'30 ____
10238
_ 10238 Mar'31
8
10211 10318 10212 10212
7
9638
9584 9658 9638
108% 109 10714 Apr'31 ___
i
108%
108% 10914 108
/
1
4
9434 34
94% Sale 94
High
975 99
96 100
---, ,-1017 1923
s
4
90 97
9212 97
9158 95
6611 6914
85 67
95 101
111 11312
1024 10512
102 10512
105 10512
1023a 103%
6912 77
---- ---10178 10238
102 103
92 9712
107 109%
107 1094
9213 95 4
3
3
Range
Since
Jan. 1.
Low
High
2884 541k
284 549g
2
8
10 2012
911 9%
1012 19
1412
10
40 81
6
12
14
8% 12
.- ...---_ .
10918 fib;
92 97
9812 10283
102 10312
9912
94
94 100
9212 9714
102 e106%
-„,_
____
9
5 - 5
97 4
955 97%
8
--- ---
Southern Ry 1st eons g 55-1994
29 10618 111
10618 Sale 10618 107
--------108 Mar'31 ___ 1054 10812
Registered
Devel & gen 45 series A _-_1956
82 80 88 4
81
8014 Sale 80
3
Devel & gen 65
1956
10418 105 10318 10312 15 103 11858
1956
31 108 117 1
109% Sale 108% 110
Develop & gen 630
7
4 102 102
102
Mem Div let g Se
1996
100 106 102
St Louis Div let g 4s
1951
8912 93
11
91
89% 9212 90
99 4 99 4
3
5
_ 9984 Feb'31 ___
East Tenn reorg lien g 5e-1938
10018
93 9618
96% 12
1938
95 9
-- 96
6
Mob & 01908011 tr 45
3513 10
3014 45 351
Spokane Internet 1st g 58_1955
351a 42
Staten Island Ry let 430-1943
--------87 Oct'30-_ -,,, -„..
1
--------9714
974 9714
9714
Sunbury & Lewiston let 4s._1936
Tenn Cent let 65 A or B
88 92
1947
___ 87% 89 Apr'31 -__
9912 102
Term Assn of St L let g 430_1939
01 Apr'31 10118
1944
/
let cons gold 55
1 10458 1055
10512 19618 10558 10512
Gen refund s f g 48
1953
9314
93 Sale 93
9113 93%
9
8 10212 10 10158 1063
10112 Sale 015
Texarkana & Ft 51st 534e A 1950
4
Tex dr N.0com gold 5s_Aug1943- 0012 Feb'31 -100%10358
Texas & Pac id gold 58
54 109 113
111
2000
Harz iiade 110
--------95 Mar'29 --__ ....,- 26 IncEe(Mar'28 epon)Dec2000
1977
4 93 191/
9318
Gen &ref 58 series B
9318 96 9318
947
9258 100
54
1979
4
943 Sale 9314
Gen & ref 58 aeries C
937 Sale 9318
9212101
1980
9518 48
Gen ref 5e series D
a
1 1007 107
Tex Pac-Mo Pac Ter 5348-1964
105
10212 105 105
Tol& Ohio Cent 1st gu 58.-1935
10212 __-- 103 Apr'31 --__ 101 10358
1935
Western Div 1s1 g 55
10018 ---- 0014 Mar'31- 100 10014
10014 10058
1935
Gen gold 55
100% ---- 00% Mar'31 -90 94
Tol St L& W 50-yr g 451
1950
86- 9318 Apr'31 --__
1931
100 1903 100 Mar'31 --__ 100 100
- 4
ToIWV&Ogu 430A
1933
_.
9914 ____ 0018 Oct'30 -----------let guar 430 series B
1942
113% 9%
96
___ 9618 Apr'31 --__
1st guar0series C
89 97
95 97 9414 Apr'31 --__
Toronto Ham & Buff let g01946
&
COmOmm0<pCZ0).C.COZOmQZ"00
, 0C
.46X,,EE.411,+<22WW42.,a-NS4
13
el:
High No
Bid
Ask Low
Seaboard Air Line let g 48-19511
) 27
__ 2834
21
36
Gold 48 stamped
1950
) 2634 18 2818
294 11
Adjustment 58
Oct1949
.
3
2
2
213 6
Refunding 48
1959
1012 19
1 1014 1212 10
Certificates of deposit
. 1014 1212 1012
1012 42
let & eons its series A
1945
1273 41
I 1214 Sale 1218
Certificates of deposit
1218 13 11 Apr'31 ____
Atl & Birm 30-yr let g 4a-d1933
1
44
I 44
4834 44
Seaboard All Fla 1st gu 68A-1935
6%
7% 34
718 Sale
Series B
1935
4
634
63
4
63
4 7
Seaboard dr Roan 1st 58 extd 1931___ 96 90 Nov 30 ---.
S.& N Ala cons gu g 5e
1936
i0214 ____ 102 Oct'30 ____
Gen cone guar 50-yr 5e
1963
10114 ___ 11112 Mar'31 -___
931
So Pac coil 4s(Cent Pac coil) k'49
23
9212 Sale 9212
1st 430(Oregon Lines) A-1977
99% Sale 9912 10018 99
20
1934
-year cony. 5a
10312 28
103 Sale 103
Gold 430
1968
45
95
94 Sale 94
Gold 4 345 vrIth war
1989
95% 110
948 Sale 94
San Fran Term let 48
1950
9412 II
9412 Sale 9212
So Pac of Cal let con gu 258 1937
10314 ____ 10318 Apr'31 ___
So Pac Coast 1st gu g 4s---1937
96 June'30___
953
4
So Pac RR Id ref 4e
1955
9512 Sale 9512
9618 26
Registered
--------9512 Mar'31 ---------9213 May'30 -__
Stamped (Federal tax)_1955
Ulster & Del let cons g 58-1928
Stpd as to Dec'28 de J'ne '30101
lot eons bect/s of dep
3 22 25
2218
Pb1111plene Ry let 30-yr 5 f 45'373 .1 2118 22 22
1952
lst refunding g 48
19323 D 1023
102% 1023 Union Pac let RR dr Id gr 48_1947
4
Pine Creek reg let 08
4
8
-- 02 4 Apr'31 _
.
4 95% Mar'31 _ _ _
Pitts & W Valet 4345 ser A-1958 J D 92 9
93 9512
Reglatered
1959 A 0 9212 94 95 Mar'31 _
series It
9212 954
let M 4348
June2008
let lien A ref 4.12
1960 A 0 9212 94 93
93 957
93% 21
let SI 430 series C
8
Gold 430
1967
1940 A o 1005 10212 103 Apr'31 __
101 103
8
PC C & St L Cu 430 A
June2008
let lien & ref 5e
1942 A 0 10112 Sale 0118 10112
5 99 102 4
Series B 430 guar
3
40
1968
-year gold 4a
1942 MN 10012 102 971 Dee'29 _
Series C 430 guar
UN J RR & Can gen 48
1944
957 98
1945 MN 97%
98 Apr'31 _
Series D 4s gear
1933
Utah dr Nor 1st ext 4s
95 June'30 ____ --,, --,..- Vandalia cons g 4s series A 1955
SeriesE 3345 guar gold _ _1949 F A 9114
Series F 43 guar gold--1953 J D 9712 ____ 9738 Apr'31 __
97 8 97%
3
1957
Cons s f 48 series 11
1957 MN 9712 ____ 97 Aug'30 ____ ---- ---- Vera Cruz & P assent 4 he- _1934
Series 04s guar
1960 F A 9712 ___ 97 Nov. __ --,- -_-- Virginia Midland gen 58
30
Series H eons guar0
1936
103 103
__ 05 Mar'31 ___
Series I cons guar 430-1963 F A 103
Va & Southw n 1st ice 58- 2003
.
-Series J cone guar 430-1964 MN 103 105 0318 3.93%
5 1004 1035a
1958
let cons 50
-year 53
9 108 1102 VirgInta fly 1st 511 sates A 1962
8 1083
General M Is series A__..19703 D 1083 Sale 085
4
Gen mtge guar de ear B-1975 A 0 1083 Sale 1083
1083
4 28 1084 11012
4
1982
let M 434e aeries B
19773 J 10012 Sale 004 101
Gen 430series C
9914 10283 Wabash RR 1st gold Es
48
1939
6 1028 103
4
_ 10234 103
Pitts McK & Y let gu 85_ -1932 3 J 1023
4
1939
26 gold 53
2 104
5
19343 1 104% ____ 04 Mar'31 ____ 103
2d guar 68
Ref & gene t530 ser A _1975
Pitts Sh & L E let g 58
1940 A 0 103
103 Mar'31 ____ 101 103
Deb (Is series B regfetered_1939
1943
J 10314 ____ 003 Aug'29 --__ ---- ---let coneol gold 50
4
let lien 50-yr g term 48_ -.1954
Pitts Va de Char let 45
9254 Mar'30 _
1943 M N 9258
1941
Det dr Chic eat 1st 5s
922 9258
Pinta Y & Ash let 4e ger A1948 D 92
94 9253 Jan'31 ____
Des MoinesDiv 151K 4.__1939
1st gen Is series B
1982 F A 9212 94 105 June'30 ____ ---- ---Omaha Div 1st g 330...-1941
1974 D 9212 94
1st gen 5s aeries C
1941
Tol dr Chic Diva 4e
Providence Secur deb 43---1957 MN 70
7383 75
_ 735 Mar'31
1976
Wabaah Ry ref dr gen Se B
Providence Term let 4s....-1956 M B 9914 If 9918 Apr'31 ___9712 89%
__ _ ..
Ref & gen 434e series C_..1978
Reading Co Jersey Con coil 45'51 A 0 92
8 95 98
95%
96 953
1980
Ref & gen 58 series D
19973 J 10034 Sale 1003
Gen & ref 430 series A
4 1013
6 37 100 1034 Warren let ref gu g 3348..._..2000
Gen & ref 4345 serlea B 1997
J 1011 10114 10014 Apr'31 ____ 1004 103
/
4
1948
Wash Cent let gold 48
Rensselaer & Saratoga 65-1941 M N
_ _ 113 Oct'30 _-_ ---- ---- Wash Term let gu 330
1945
1948 M N 111- - 7912 Sept'30 ------------1st40
Web dc Meek lot g 48
7918
1945
-year guar
"
J 10212 105 103 Sept'30 ___ --,Richm Term BY let gu 58_1952
_-- Weet'n Maryland let 48-1952
1110 Grande Jund let gu 58-1939
3 98 10
D 100 102 100
-_.
0
100
1st & ref 5348 series A.-1977
Rio Grande Sou let gold 48.-1949 3 J
2 ____ 2 Feb'31 ___
/
1
4
2
1937
2 West N Y & Pa let g 5e
214
_ 714 Apr'28 ___ ---Guar0(Jan 1922 coupon)'403 J
1943
Gen gold 4s
Rio Grande West let gold 45-1939
2 90 -„- Western Pao let 551ST A
J 93 Ii 92
21e8
93
4
1948
hat con & coil trust 4e A 1949 A 0 838 Sale 83%
80 8612 Wed Shore lat4a guar
45
84
2361
RI Ark dr Louis ler 430-1934 M 8 100 8 1003 10012 1004 16
981s 1011
/
1
5
4
2361
/
4
Registered
Rut
-Canada let gu g 4s_...1949 3 1 71
74
75
74 74 Apr'31 __
Wheel.!, L E ref 430see A-1966
Rutland let con g 430-1941 J J 82 88
Refunding 5 seem,B
8
8214 92
1966
9112 Apr'31 ____
1949
RR let consol 40
J 87% 921 871 Apr'31 ___
878 9212 Wilk & East let gu g 55
7
3t Joe dr Grand Isl let 43-1947
1942
J -------- -10_
it Lawr & Adir let 11 58--1996
Apr'31 ___-_ 101 101
Will & S F lst gold 58
1938
1996 A 0 96
2d gold 65
__ 101 103
9912 100 Mar'31
1980
Winston-Salem S II let 4a
It Louis Iron Mt & SouthernWis Cent 50-yr let gen 4a__ _1949
1933 MN 9958 Salo 995
9813 10038
Fily & G Div lat g 43
3 10018 76
'36
Sup A Did div & term 1st0
4.A-1950 3 J 75 Sale 74
74 8912 Wor dz Conn East 181 430-1943
7614 176
/L-San Franc pr Ilea
1
4
1978 M R 60 Sale 5934
3
59 4 86
645 541
Con M 430serlee A
D --------6958 Mar'31 ---Registered
895 8953
8
INDUSTRIALS.
1950 1 1 87 Bae 8878
867 102
8
8812 22
Prior lien 50 aeries B
Abitibi Pow & Pap let 5s._.1953
3 10012 10118 Abraham & Straus deb 530_1943
8
It Louie dr San Fr Ry gen 68_1931 J J 10012 10112 10012 1005
1931 J -1 1003 10114 10038 Apr'31.
s
100 8510213
3
General gold 56
With warrant/
3
,
It L Peer & NW let gu 5 -1948 .1 J 10112 106 103 Mar'31 ____ 103 10858 Adriatic! Else Co extl 7e
1952
It Louis Sou let gu g 4a__ _ _1931 M 8 ____ ___ 9834 Dee'30 ---- --Adams Express coil tr g 4s _ _1948
8112 39 80 -„- Ajax Rubber let I5-yr a 1 88_1936
877
s
It L S W let e 4s bond dfs-1989 MN 80 Sale 80
_ 733 72 Mar'31 ____
4
72
7858 Alaska Gold M deb 63 A
2d g 0Inc bond Ws Nov 1989 J J
1925
19323 D 9714 Sale 97
86 97 10013
99
Consol gold 48
1926
Cony deb (is eeriest,
85
2 82
85
9712 Albany Pefor Wrap Pap es_ _1948
1st terminal & unifying 55.1952 J J 85 Sale 95
97
7 9458 9812 Allegany Corp col tr 58
It Paul & IC C Sh L let 4348_1941 F A 95 ____
1944
/
1
4
5 100 1005
8
It Paul & Duluth 1st 58---1931 F A 10058 101 10038 100
Coll & cony 5e
1949
89 9153
1908.5 D 911 93 9158 Mar'31 ____
Coll & cony 5e
1950
lst consol gold 48
It Paul E Gr Trk 1st 430-1947 J J 88 ____ 9918 Aug'31 ____ ____ ____ Allis-Chalmers Mfg deb 5,3 1937
- 100
9812 10058 Alpine-Montan Steel let 7e_ _1955
100% 14
It Paul Minn & Man OM 45_1933 J J
100181933 J .110414 10112 105 Apr'31 ____ 10312 10512 Am Age% Chem ley ref 91 7345'41
let consol RI%
J J
0reduced to gold 430-1933 3 .1 101% 102 10114 Apr'31 ____ 10034 1011 Amer Beet Sue cony deb 6e 1935
--------98 Feb'30 ____ _American Chain deb e f 66-1933
Registered
97 --..- Am Cot Olidebenture 58._ _1931
_ _ 9858
85
812
98
1937.5 D Apr'3I ____
Mont ext let gold 45
93
94
Am cyanamid deb 53
1942
Pacific ext guar Is (sterling)'40 J J 9334 15 94 Feb'31 ____
2 10918 111
Am & Foreign Pow deb &L.-2030
It Paul Un Dep let & ref 58_1972 .1 1 11012 11114 110% 110%
9558 20
93
967 Amer Ices f deb 58
3
,1
1953
IA & Ar Pass let gu g 48_ _ _1943 .1 J 9512 95 4 9514
5
Uinta Fe Pree & Phen let - 3_1942 M S 102 ____ 103 Dee'30 ---- ---- ---- Amer 10 Chem cony 530_1949
km Fla & Wed let g 68-1934 A 0 10438 ____ 10412 Mar'31 ____ 104 104% Am Internet Corp cony 5345 1949
1 1001* 1013 Am Mach &Fdy sfes
4
4
1934 A 0 101% Sale 1014 1013
1939
let gold 5a
94
9712 Amer Metal 534% notes
9712 11
1934
%Iota V & N E let gu g 412-1989 SIN 9712 Sale 974
Am Nat Gas 6348(with war) 1942
Am Am & R 1st :10-vr It..,', A •47
e Cad,sale. 4 Due May. 1 Due August. a Option 88194
Week's
Range or
Lan Sale.
'4' n,t000m ,,
.0O0m
,-,401P
Pacific Coast Co 1st g 55-1946 J
_ _ _ 32
3214
3212
32
'4 53
5
0 A 97 98% 9712 Apr'31 ____
954 9712
Pao RR of Mo let ext g 48-1938 1 D19383 1
102 Mar'31 __ _ 101 102
_
2d extended gold 58
Paducah & Ills letef g 430_1955 J J 10178- 10118 Feb'31 ___1004 100%
101% 191 4
-3
s
2.1 104 1067
Paria-Lyons-Med RR extl 68 1958 F A 105 Sale 10418 105
/
1
4
57 106 1074
Sinking fund external 75_1958 M S 107 Sale 106% 107
7 10112 105
/
4
Paris-Orleans RR ext 530_1988 M S 10214 Sale 1021 10412
4
5 92 953
4
95 4
3
Paulette Ry let & ref 8 I 7s-1942 M S --------953
973 98 4
4
3
9812 Apr'31 ____
Pennsylvania RR cone g 0_1943 MN
%
5
1948 M N 9812 9. 9812 Apr'31 ____
97 99 8
.3
94
Consol gold 48
5
1948 MN 9855 Sale 988
7 98 99
99
45 der!stpd dollar-May 1
9314 May'30 ___ _ ---- --_-Registered
105 610714
Comol sink fund 430_1960 F A 10618 1063 106 Apr'31 ___
4
85 100 105
General 4345 series A----1965 1 D 101% Sale 10114 102
1968 J D 10812 Sale 10838 10914 19 10712 1114
General 5s series B
1936 F A 110 Sale 110
I5-year secured 6345
11012 66 107% 11012
F A
/
4
___ 10914 Feb'31 __10914 1091
Registered
46 103 IOU%
40
104
-year aecured gold 5e---1964 MN 103% Sale 103
1970 A () 9512 Sale 9512
Deb g 430
96
67 944 99
4
1981 A 0 Nag sale 96
943 974
Gen 430 sex D
4
96% 233
94 94
94 Apr'31 ____
Pa Co Cu 3345 coll tr A rag. 1937 M S 941 96
907 9112
a
Guar 3149 coil trust ger 11_1941 F A 9112 -_ 9112 Mar'31 ____
9758 97%
Guar 330 trust etfa C___1942 J D 9114 ____ 97% Jan'31 ____
2
3
Guar 334 trust die D.-1944 J D 9114 ___ 9014 Apr'31 _
89 5 90
2 92 95
Guar 48 sec E trust etfa___1952 MN 94 ____ 9414
9458
1963 MN 10034 Sale 10014 1003
/
46
Secured gold 41
4 62 100 10213
ref 4548A'77 A 0 99
99 102%
9912 99
Pa Ohio & Det let &
9934 34
Peoria & Eastern let cons 43_1940 A 0 84
9 80 88
86
86 85
April 1990 Apr
19% 13 Mar'31 _
Income 48
13 13
100 103
.
Peoria & Pekin Un let 530_1974 F A 10212 10312 103 Apr'31 __
5 100 1054
102
Pere Marquette let ser A 58_1956 .1 J 101 102 01
1
88
1956.5 3 87 88 88
87 953
B
lot0aeries
5
1980 M 8 93 Sale 93
918 10112
9334 81
lat g 4343series C
947 983
Phil& Bait & Wash 1st g 4s 1943 MN 977 100 98 Apr'31 ____
4
1974 F A 109 ____ 0914 Apr'31 ____ 109 10912
General 55 series B
T,
BONDS
Price
i..'
N. Y.STOCK EXCHANGE ' Friday
G
• ...“1., Apr.24.
Week Ended Apr. 24.
:':
w0
Qw Pw ZOZ'
440 4:
"
NrEnEE4Z.' ".
- 9-0
Norfolk & West (Concluded)Dly'l let lien & gen g 0-1944 J .1
Pocah C dr C joint 4e
1941 2 D
North Cent gen & ref be A_..1974 M S
Gen dr ref 434 ser A
1974 M 9
North Ohio let guar g 58-1945 A 0
North Pacific prior lien 40_1997 Q J
!Watered
Q J
Gon lien ry dc Id g 35-Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & inapt 4 He series A __2047 J J
Ref & %apt 138 series B____2047 J J
Ref & Inapt 5a series C__ -2047 .1 J
Ref & trot 58 series 13-2047 J 1
Nor Pac Term Co let g 0-1933 J J
Nor Ry of Calif guar g 56-1938 A 0
Og &.L Cbam let gu g 48___1948 J J
01110 Connecting Ry 1st 48_1943 M S
Ohio River RR 1st g 58
19363 D
1937 A 0
General gold 58
Oregon RR & Nay con g 0_1946 .5 D
Ore Short Line let cons g 5a-1948 J .1
19463 .1
Ouar stpd cons 5a
Oregon-Wash let & ref 48-1981 J J
New York Bond Record-Continued-Page 4
.._ _ _
___ 9053 Jan'31 --__
61 75 69 Mar'31 --__
61
68 7312 Feb'31 -51
50 53 Jan'31 __
100 Sale 983
53
4 100
--------9814 Feb'31 -943 Sale 943
59
4
95
4 49
10034 Sale 10018 1003
11012 112% 1034 1103
4 10
36
93
93 Sale 9212
96% 9912 9818 Mar'31 ---------100 Sept'30
96
9812 97 Noy'30 --__
__ 98 Mar'31 --__
97
42 Feb'31 ---212 -5
1
103
103 Sale 103
974 - 10012 Mar'31 --__
___ - - 69 Mar'31 --__
6834
i0534 Sale 105% 10614 43
993
4 40
9918 1004 993
20
4 104
10314 Sale
10214 94
100 10214 101
-__ 90 9412 Mar'31 --__
-- -- --- 9818 May'29 --__
86 87 8612 Feb'31 --__
10113_ - 102 Apr'31 -5
90
884 111i 90
5
8512
82
8512 8512
1
9114
9114 Sale 9114
____ 8714 90 Mar'31 --__
73
68
6514 Sale 65
__ 8278 84 Apr'31 --__
____ 82 81 Noy'30 --__
_ __ 93 8858 Feb'31 --__
51
94 9012
3
9112
2
9512
. 9512
7912 66
953-- 4 7812
79
7939312 93 Apr'31 --_
92
/
4
4
10318 1033 1041 Apr'31 --__
9612 . 1
96
-- 9612
_
- 8 88 Apr'31 --__
777
59i8 sate 91
9218 46
89
90% 90 Apr'31 -- -4
/
4
95
9414 Sale 941
--------10015 Apr'31 -92 Apr'31 --__
86
91
/
1
4514
6
46
47% 454
10218 --- 10212 Sept'30 -- _
95 97 9312 Mar'31 --__
55
____ 54 5414
12
70 Apr'31 --__
67
70
7418 914 80 Mar'31 ---.
57
Sale
57
6412
48
100 Sale 9914 10018 37
945 9858 98
987
7
85% Sale 8512
88
8
--------14 Feb'31
__
10 Mar'31 ___
5
/ 10
1
4
514 ____ 6 Mar'31
__
51 Sale 51
55
5
7458 owe 74%
7712 70
72 Sale 72
77% 152
73 Sale 73
75
50
101% Sale 1014 1017
10
88 Sale 83
88
9
104 105 104
10412 12
32
38 40
42
9
10134 sale 1018
4 102
43
997
8
10014 Mar'31 --.
93 931 93 Apr'31 ____
82% Sale 8112
82% 185
82 83 82
8212
2
10014 Sale 100
10014 58
90
90
91
91
24
10C2 105 105 Apr'31 ____
92 Sale 92
93
42 1
22
I 20 Sale 17
36
I 103 Sale 1021, 1021,
Ad
9058 9058
89
79 3
7
731s 76
53 60
96 100 4
1
9612 9814
9312 98
9958 10283
110 118
924 94 8
3
973 981s
4
--„. ...
9612 98
43
8 A
97 103
99 100%
67 77
12
104% 10814
083 102
4
10258 105
99% 10212
9458 10213
__
____8612 944
102 102
88 91
8512 90
111
927g
88
9613
65 8912
84 96
.._ _
_
83 3 _-8 8858
9914 9114
9512 9658
7812 84
901* 96%
102 1044
/
1
4
92% 97
8558 97
9012 94%
8934 93
on
06
998 10214
86 9318
4272 58%
____
__
92 984
511 6612
4
6478 80
80 80
57
78
93 10014
86
9958
835* 8814
8
14
514 10
514 6
50
78
1a
74% 87
72
73
85
1004 1025*
83 94
1034 1051a
40
47
98 102
10014 10018
92
96
78
88
79
85
98 102
89
95%
10414 105
9058 95
17
5111
Inn
.....
3113
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 24.
%
Z3
zt
Amer Sugar Ref 5-yr Ss
1937 3 3
Am Telep & Teleg cony 48...._1938 M
1948 1
80
-year coil tr 58
Registered
3
1960
85-yr a f deb 5a
1943 MN
20
-year 6f5)49
1939 J J
Conydeb449
1985 F A
8.5-year deb 58
1940 A 0
Am Type Found deb 68
Am Wat Wks& El coll tr 55.1934 A 0
1975 MN
Deb g 8/1serles A
J
1947
Am Writ Pap lot g
Anglo-Chilean of deb 79. _._1945 MN
Anglia(Comp Azuc)7 449 - _1939 J
Ark & Mem Bridge & Ter 55_1964 M S
1939 J D
Armour & Co (111) 4349
Armour & Coot Del5As_ _ _ _1943 J J
Armstrong Cork cony deb 58 1940 J D
Associated 0116% gold notes 1935 M S
19473 p
Atlanta Ga43L lot 59
Atlantic Fruit 7s ctts dep___ _1934
J D
Stamped ctfoof deposit
J
Atl Gulf & W I SS L coll tr 581959
Atlantic Refs deb 5a
9431 M j
Beldw Loco Works let 55_137 4 Yi
Reissue (Comp Az) 7448_1937 J -1
Bataylan Pete guar deb 4%8 1942 3 J
1938
J
Belding-Heingway 69
Bell Telco of Pa 58scrim B _1948 J 3
1960 A 0
let& ref 5s series C
Berlin City Elee Co deb 6348 19517
Deb sink fund6 Ms
Deb6a
Berlin Elec El& Undg 6448._1956
Beth Steel let & ref 59 guar A '42 MN
30-yr p m & impt a f 59_ - -1938 J J
Bing & Bing deb 83S0
1950 M S
1934 A 0
Botany Cons 1,111168 %9
1934 M S
nowman-Bilt Hotels 79
13'wey & 7th Ay lat cons 58-1943
Certificates of deposit
Brooklyn City RR 1st 59____1941
Bklyn Edison Inc gen 58A___1949
I
Bklyn-Manh R T aeo 65
1968 3 3
Bklyn Qu Co & Sub con gtd 68'41 MM
1941 3 J
lot 59 stamped
Brooklyn R Tr let cony g 48 2002 J J
Bklyn Union El lot Ic 4'58-1950 F A
Bklyn Un Gas let C010111 211-3942
N
1st lien & ref 6s series A_ - _1947 MN
1936
Cony deb 116 As
1950
Cony deb 59
Buff& Sup Iron 1st s f 5_.,_1932 l 13
Bush Terminal 1st 49
?
1
Consol58
Bush Term Bldg@ 55 go tax-ex '60 A 0
F A
Buff Gen El 446 ser
By-Prod Coke 1st 549 A _
B98 MN
1945
1
Price
Friday
Apr.24.
Ask
Bid
104 Bale
/
1
4
103 Sale
1075 108
8
1129 ;
5 t
i
Int
Week's
Range or
Last Sale.
Low
Nigh No,
10412 105
27
103
103
10
10734
10814 76
105 Sept'30 _ _ _
_
jai We 10734 10814 56
110 Bale 110
11014 130
1293 Sale 12812 131
4
50
10814 Sale 108
1084 247
/
1
10518 1057 10518
8
1053
8
6
16
103 Sale 1023
4 103
1054 10619 10574
/
1
10612 13
677
8 11
60 Sale 55
78
12
77 Sale 75
10
1812 164 Apr'31
5
98 1007
8
813
s 76
7912 Sale 7912
7014 213
7014 Sale 6814
9312
8
93 Sale 93
10319
10314 Sale 10314
7
8
/ 1033
1
4
8
1033 Sale 103
1 Noy'30
14
_ 1258 May'28
5912 20
5514 5712 58
8
10134 Sale 10134 1023 104
107
-- 107 Apr'31
30
30
2
254 40
943
4 73
943 Sale 9118
4
9014 Sale 8914
9014 17
10919 Sale 10822 10912 44
114
12
114 Sale 11314
843
8 67
4
833 Sale 8212
8312 21
83 Sale 8214
7878 79
78 Sale 7734
84
82 Sale 82
104
16
104 Sale 104
10314 33
10314 Bale 103
82%
7
825 Sale 82%
8
263
4
3
2612 Sale 2612
99
8
99 Sale 94%
_
4
5
5 Apr'31
3
/ _
1
4
4 Mar'31
8314
8212 - - 83
8312
108
2
108 Sale 106
10214 202
102 Sale 10114
82 Apr'31
/
4
631 69
6418 70 6812 Jan'31
_
9212 June'28
9012 19
89 Sale 89
1103
4
11014 Sale 11014
6
Apr'31
11918 121 121
Jan'31
235 218
4 24
1045 Bale 10419 1043
8
Jan'31
944
_ 96
93 1143 92 Feb'31
71
96 8 9914 Mar'31
,
10112 Sale 10218 10212 10
/
1
10412 Sale 10432 1044 50
102 10214 10112 10214 16
4
Cat G & E Corp unit & ref 59.1937 MN 10414 ____ 1043 Apr'31
95
94 Sale 94
Cal Pack cony deb 58
33
92
CalPetroleum cony deb 015811 3F ;, 90 Sale 90
1111
I
10
93
1938 M N 9112 Sale 9112
Cony deb e f 5%8
4
A 0 18
20
20
3
1942
204
Camaguey Sug liftb t g 7t
6114
80 60
Canada BS L let & gen 6a _1941 A 0 _
Cent Dist Tel lot 30-yr 59-1943
D 10518 100 10518 Apr'31
54
53
Cent Foundry Isn't Cs May 1931 F A 51
55
2
106
Cent Hud G & E 56__Jan 1957 M 8 10514 106 106
1
114
1941 M N 113 114 114
Central Steel let got89
4
Certain-teed Prod 5445 A .._ _1948 M S 3713 Sale 37
/
1
4
40'8 23
Jan'31
59
47
CasPodea Sugar Co let of 7 M8'39 M S
371
3919 3712
Chic City & Conn Rya 58Jan 1927 A 0
10
Ch G L & Coke Ist gu g 58
8
3
.-1937 3 3 1043 105 10438 105
Chicago Rye let 55 stpd rcts 15%
67
/ 66
1
4
6
Principal and Atm 1930 int_ _ _ _ F A -- -- 65
Chi. Ids Co deb 56
79
19
1943 A 0 75 Sale 75
9212 27
Chile Copper Co deb 58._ 1947 J 3 9112 Sale 9114
_1199405j j
953
8 74
/
1
4
CM 0&E latM 48 A5A O 953 Bale 94
8
_
77 Dec'30
Clearfield Bit Coal lot 48_
52
42
48 Sale 48
Colon Oil cony deb 69
1938
9434 9212
Colo & I Co gen 6 55
1943 F A 90
9219
1
Col Indus let & coil 59 gu__ _1934 F A
3
8712
_ 8719 8712
/ 10014 137
1
4
Columbia G & E deb 58 May 1952 MN 100 18 Sale 99
Debentures 513._ _ _Apr 15 1952 A 0 100 ____ 10014 Apr'31
4
983
Columbus Gas lot gold 5s_ 1932 J J 984 Sale 9812
Columbus Ry P& L 1st 434s 19.573
97 Sale 974
/
1
4
/
1
973
4 11
10014 13
Commercial Credit a 83.- _ -1934 MN 10014 Sale 100
1935 3
Col tr f 5%9 notes
9512 97
9814
96
9
Coram'l Invest Tr deb 5446_1949 F A 9814 Sale 96
9814 105
Computing Tab-flee e t 6a._1941 J J 10612 Sale 10612 10612
9
3 J 991 Conn RYOLL lgt cf.: ref g 444131951
9914 Feb'31
/
4
1941 3 3 100 Sale 100 Mar'31
Stamped guar 4145
Conaol Agricul Loan 6%111-1958
793 Sale 79
8
/
1
4
81
55
Consolidated Hydro-Elea Works
of Upper Wuertemberg 79-1956 J
91
9214 93 Apr'31
Cons Coal of 2,1d 1st & ref 56-1950 J D 38 Sale 37
40
24
Consol Gas(NY)deb 5448._1945 F A 1063 Sale 10614
4
107
220
Consumers Gas of Chic gu 58 1936 3 13 10414
0412 10412
2
Consumers Power lot 6e.-1952 M N 10538 106 10534
1053
4
4
62
Container Corp lot Os
6712 63
63 12 13
39
39
18:11
15-yr deb 55 with warr
4112
4
Copenhagen Telep 58 Feb 15 1954 F A 993 Sale 9912 100
4
16
Corn Prod Refg lot 25-yr of 5934 MN 10318 10412 102
104
10
-1947 J D 951 97
Crown Cork & Seal f 88._1
97
/
1
4
/
4
97
4
Crown Willamette Pap 613-1951 3 J 8112 Sale 8112
86
18
Crown Zelierbach deb(18w w 1940 M S 6314 65 65
88
51
Cuba Cane Sugar cony 79-1930 3 J
41 Mar'30
812 30
84 41 02778 Dec'30
Cony deben stamped 8%-1930 3
Cuban Cane Prod deb 6s.__1950J 3
812
8 Bale
8
5
Cuban Dom Bug lot 7 49.„1944 MN
8
4
64 7 4 8
3
(Rod with purch war attached. -2
8
8 Sale
719
8
1 J 1047 10514 10434
Cumb T & T lat & gen 58-1937
1043
4
8
1
10412
Cuyamel Fruit 1st aft% A-1940 A 0 10318 Sale 10314
4
Denver Cons Tramw lot 58_ _1933 A 0 70 ____ 76 Dec'29
Den Gee & EL let & ref of 55'51 M N 103 Sale 10214 103
5
Stampedes to Pa.tax-- _1951 M N 103 Sale 1025
19
8 103
DerY (1 G)Corp let of 76_ _1942 M
)
1
61 Oct'29
8
a 3
2d 7aatpd Sept 1930 coupon-- -- T45
_
64
3 Dec'30
Detroit Edison lot coil tr 59_1933 J J 00318 Sale 10318 10312 28
Gen & ref 59 series A...1949 A 0 .107 Sale 10812 107
27
Gen de ref 58 aeries B
/
1
4
4
1955 3 13 107 1073 10758 107
5
/
1
4
Gen dr ref 59 series C
1982F A 1073 110 108
10814 15
8
Gen &ref 4%9 series D
/ 99
1
4
1961 F A ,10315 Sale 10314 103
1
Del United lot con g 44
13
99
/
1
4
4
43 1932
N 983 994 98
J
Dodge Bros deb 89 Ist139-109.10
8914 107
8512 Sale 8519
Dold (Jacob)Pack
89
2 MN 89 Sale 6958
/
1
4
1
/
1
4
Dominion Iron & Steel 59_1939 M S 85. 90 Mar'31
Donner Steel let ref 78
98
1
1942.7
98 100 98
Duke-Price Pow lat 69 ser A.1906 M
10514 22
105 Sale 105
Duquesne Light lat 4449 A _ _1967 A 0 10419 Sale 1043
8 1043
4 46
East Cuba Bug I5-yr f g 7148'37 MS 32 Sale 32
38
2
Ed El 11113kIn latcon 6 45_1939 J
1004 ____ 10012 10012
1
/
1
Ed Else(N 1r,.1st cona; 56_1995
118 __ 117 Apr'31
Edith Rockefeller McCormick
Trust coil tr 8% notes_ _1934 J
4 35
10112 Bale 0119 1013
Mee Pow Corp(Germany) C
88
27
Hs'so M 8 87 Sale 87
lets!
83 3
8He53A O 8314 Sale 83
8 11
j D
Elk Horn Coal let & ref 8449 119931
70 Mar'311___ _
Deb 7% notes (with warrl 1031 3 D ____ 497 6019 Oct'30
s
•Caah MIN IOptlonoale,
13
Range
Since
Jan. 1.
BONDS
N.Y STOCK EXCHANGE
Week Ended April 24.
t3
Pries
Friday
Apt.24.
Week's
Range or
Last Sale.
Low
Bid
Ask Low
High
High No.
10112
10312 105
3
E.:mit Gas Light lot con 5s_ _1932 M 8 10114 --- 10112
3
99 4 103
Ernesto Breda Co let in 78...1954
105 18814
With stock purchase warrants. F A 70 Sale 70
71 4 13
,
9712 14
9714 97
Federal Light & Tr lot Se._1942 MS 95
10i12
-,
3
97
1st. lien 8 f 58 etamped _-1942 MS 95 4 Sale 95 4
36
4
1073 11014
103
102 10312 103
2
1942 M
lot lien (is stamped
1204 135
/ 9514 9012
1
4
9012
1
1954 ID 90
-year deb 85 aeries B
30
9212
10514 108
/ Federated Metals st 7s
1
4
4
1939 3D 9212 Sale 9312
92 Apr'31
1034 106
1946 3'
Flat deb 78 (with wart)
101 10412
-Sorg Sale 894
9114 28
Without stock purch warrants_
102 10819 Flak Rubber 1st 9 f 8s
/
1
26
2314 244 21
5
1941
55
77
4 1083
/
1
4
'I 107 108 1073
8 18
Framerican Ind Dev 20-yr 71413'42
63
87
55 Mar'31
Francisco Bug 1st 8 / 7348-1942 MN 60% 57
14
20
99 1017 Gannett Co deb 88
81
8
10
1943 FA 78 Sale 78
78
/ 92
1
4
Gas & El of Berg Co cons g 501949 3D 10518 -- -- 10312 Apr'31
4
9412 37
8012 Gelsenkirchen Mining 1333._ _1934 MS 94 Sale 933
68
91
98
91
26
Gaul Amer Investors deb 59_1952 FA 91 Sale 90
102 104
3
96
/
1
4
43
Gen Baking dabs!5448
1940 AO 95 Sale 95 8
1033 1033 Gen Cable 1st f 5449 A--1947 3' 8319 Sale 83
4
4
8312 10
1942 FA
Gen Electric deb g 3440
9612 Apr'31
1004 17
/
1
Gen Elec(Germany)713Jan 15'45 33 100 10012 100
"Lel -di
/
1
4
St deb 6448 with warr--1940 Jo 953 964 91 Dec'30
101 10314
963
4 12
Without warr'ta attach'd_1940 Jo
10612 107
4
89
89
90
1948 MN 89
20-year o f deb (is
30
48
/
1
Gen Mot Accept deb (19_ _1937 FA 10334 Sale 103 4 1044 87
3
9318 964 Gen1 Petrol let a f 59
10212 16
/
1
1940 PA 102 10212 102
864 9014 Gen Pub Seri deb 5448
9438 20
9418 Sale 94
1939 J
,
107 10912 Gen Steel Cast 5)4e with wart'49 J J
89
9112 28
11012 115
5512 568
/
1
4
Gen Theatres Equip deb 69_1940 AO 42 Sale 40
6932 8814 Good Hope Steel & I sec 7s_1945 A0 91 Sale 91
9412 17
6814 86 4 Goodrich(B F)Co Ist 6%9_ _1947 3
,
99
168
98 Sale 98
6414 80 4
7
59
238
1945 3D 5418 Bale 5418
Cony deb 8/3
6814 8512 Goodyear Tire & Rub let 59_1957
91
N 883 Sale 8838
4
211
10212 105
90
/
1
4
11
Gotham Silk Hosiery deb 68_1938 Jo 90 Sale 89
10138 1033 Gould Coupler 1st it 68.-1940 FA 84 Bale 84
4
65
7
78
8312 Gt Cons El Pow (Japan) 713_1944 FA 9912 993 9914 100
14
4
25
35
95
11
1950 J J 944 Sale 9412
let & gen s f 8%8
94 105
83
/ 8914 Apr'31
1
4
Gulf States Steel deb 540.._1942 3D
34 63
4
4
4
Hackensack Water lot 46_1952 3' 9212 ---- 92 Apr'31
83 87
Harpen Mining (is with stk purch
10514 1073
s
82
82
war for corn stock or Am abs'49 3'
983 10214 Hansa SS Lines Os with warr_1939 A0 82's Sale 80
4
83
11
82
65
FA 5114 543 5118
3
4
514
Havana Elec consol g
8612 6812
_
2312 2314 Apr'31
Deb 5418 aeries of 1928 _ _1951 MS 20
68
10,
ser A.1934 A0 59 Sale
9012 11,1e(R)& Co 1st 6449(flat).1947 MN 5512 58 59
5512
5512
85
4
Holland-Amer Line 88
10714 1103 R91181.01101Isink fund 5)4o_.1940
4
N 923 Bale 911
/
4
4
923
4 18
1174 1214 Hudson Coal lets! bs ser A _1962 3D 5819 Sale 584
6019 27
218 218
_ 10812 10619
2
Hudson Co Gas 10t g 59
1949 M N 10638
10212c1043 Humble Oil& Refining 5%5_1932 J3 102 Sale 10214 10219 28
4
/
1
4
98
98
10214 15
1937 AO 10214 Sale 102
Deb gold &a
83
93
4 19
Illinois Bell Telephone 5s__ _1950 3D 10612 Sale 10612 1063
975 10114 Illinois Steel deb 4548
8
10212 40
1940 AO 10212 Sale 102
101 10319 Ilseder Steel
/
4
8012 13
Corn nage 63
.-1948 FA 781 Sale 7818
101 1073 Indiana Limestone blot 60_1941 MN 38 Bale 33
8
53
55
1004 104
/
1
10014 Apr'31
10014
Ind Nat Gas & 011533
1938 M
0512 72
8
Inland Steel let 4440
1978 AO 945 Sale 04
103 1043
4
94
1981 FA 94 Bale 934
23
lat m I 449 ser B
93 100
100 Feb'31
Inspiration Con Copper 8445 1931 M
90
98
/ Interboro Matron 4448
1
4
1956 AO 1018 _--- 919 Jan'31
9112 101
912 Jan'31
Ctfs of deposit
15
45
74
201
737 Sale 7234
8
Interboro Rap Trail lot 56_1986
55
79
/
1
4
'I 7314 Sale 72
/
1
4
74
189
Stamped
105 10514
1932 A0 58 Sale 574
584 25
10-year 138
33
/ 70
1
4
93
/ 38
1
4
4
4
10
-year cony 7% notes-1932 M S 923 Sale 923
1043 106
4
9914 10
lot Agri Corp lot 20-yr 59_1932 MN 9819 Sale 9812
1117 114
4
N 723 73 8 7314 Apr'31
4
,
Stamped extended to l942.._ _
3112 4414 Int Cement cony deb 5s___ _1948 MN 9112 Sale 9114
95
148
69
59
4
877
4 85
Internal Hydro El deb 85-1944 AO 863 Sale 8614
3719 45
924 85
/
1
Internet Match of deb 58-1947 MN 9212 Sale 9114
10319 105
96
301
1941 3.7 9512 Sale 9514
Cony deb 56
83
43
Inter Mercan Marine of 6s 194I A0 80 Sale 80
8334 74
75
23
Internat Paper 58 ear A dz B_1947 33 7314 Sale 7318
73
83
/
1
4
8
624 53
1955 MS 583 Sale 58
Ret f (la aeries A
90
95
/ Int Telep & Teleg deb g 4%9 1952 3, 7712 Sale 7712
1
4
7912 87
91
953
s
8
913 190
4
1939 .1 .1 893 Sale 8814
Cony deb 4448
85
74
Deb 58
1955 FA 83 Sale 8212
74
73
75
10
Investors Equity 5s A
1947 3D 73
9212 99
/
1
4
76
Deb 59 ear B with warr
3
1948 AO 73 Sale 75
8712 9412
73
75
79
2
1948 A0 74
Without warrants
9612 101 2
,
97 10114 KCPrdrLt 444sB
'3 10312 Sale 10312 104
29
1957
9519 9913 Kansas Gas & Electric 4449_1980 3D 9612 Sale 9612
97
25
94
9814 Kan3tadt (Rudolph) 85
71
35
1943 MN 69 Sale 69
/
4
97 1001 Keith (B 8') Corp 1st 6s_.
75 18 17
._1946 MS 75 Sale 75
93 8 9818 Kendall Co
5
67
18
5)4o with wart._1948 MS 6612 Sale 65
914 99
7912 78 Apr'31
Keystone Telep Co lot 5s-1935 Ii
1054 106
/
1
/ Kings County El & P g 5s._1937 A0 1007.
1
4
_ 10434 10434 10
994 9914
139
-2
1997 A0 139 gi11.e 139
Purchase money 8s
991 10112 Kings County
/
4
4
84
/
1
4
84
/
1
4
6
Elev let g 4-1949 PA 843 85
67
83 8 Kings County Lighting 513
5
1044 Apr'31
/
1
1954 13 107
8 1185
1954 ii 11819
First and ref 03.45
8
1
-- 1185
82
93 8
3
JO 7519 7519
7512
80
1
2478 9818 Kinney(GB)& Co 73.4% notes'36 3D 10212 102 1023
/
1
4
8 1027
8
Kresge Found'n coil tr 68-1936
8
103 10712 Kreuger &
94
9312 Sale 9312
253
Toll 55 with warr_1959 M
10314 10412
103 10814 Lackawanna Steel lot 56 A._195(1 M
102 Sale 102
1043
8 16
63
85
Lac'Gas of St L ref & ext 58_1934 A 0 10318 Bale 103
10318 13
39
64
Col di ref 5445 series C_.1953 F A 1013 Sale 10112 1013
4
4 20
97 010075
1980 F A 1013 10314 10112 102
Coll &
4
15
102 10412 Lautaro ref 5449 ser D 86_1954
Nitrate Co cony
97
99
J J 5714 Sale 56
8178 100
Without warrants
8112 961 Lehighc& Nay 8 f 4 %a A__1954 3 3 9914 Sale 99
/
4
99 14 14
6012 85
Cons sink fund 4445 set C _1954 3 J
9914
5
9914 99
Lehigh Valley Coal lot g Es _ _1933 3 J
10112 102
8
Let 4Oret e uss red to 4%_1933
t a r-y gr int
.1 99
4
_ 993 Mar'31
if
-Us
1934 F A 10012 tiife 1004 1003
2
4
:
71 10
7512 Apr'31
1944 F A
lst&ref 5155
212 17
1954 F 0
A A
F A
43 Apr'31
52
lot&ref9169
102 10515
/
1
4
1st & ref a f 59
52
52 Mar'31
35
102 10512
/
1
4
lst &ref at 59
33
52
52 Apr'31
Liggett& Myers Tobacco 76_1111)69947444
122 Sale 12134 122
32
100 103
65.
10614 Sale 1054 10614 12
995 10318 Loew's Inc deb (Ss with warr_1941 F O 9419 96 100 Mar'31
8
19 A A
5
9714 101
Without stocks mach warrants A 0 9519 Sale 9512
J D
9314
9
0314
102 163 4
-1- Lombard Elec let 75 with war'52 J D 9214 Sale 93
Without warrants
92
9111
9114
13
1044
/
1
010819 Lorillard (P)Co 78
4 113
14
1944 A 0 1114 11214 1113
/
1
105 108
D5seb
9112
92
9212 27
91
1054 10814
5449
97
88
96% Sale 9612
19:
99 103
/
1
4
/ Louisville Gas & El(KY) 59_1 5 M N 1044 Sale 1043
1
4
4 10514 17
/
1
974 99
tr t6 a Hydro
e eA utrla
Ei - r
Pow 321
8212 911
/
4
8234 12
DA
jF
814 83 81
4
41
5H134
9
804 7014 McCrory Storm Corp deb
35
9914 Sale 9914 100
90
90
7714 Sale 77
783
4 80
McKesson & Robbins deb 5%5'59 M N
90 101
2738
6
8
Menet'Sugar 1st of 7448.-1942 A 0 273 Sale 273
8
102 10612
31
30
3
Strupd Apr 1931 coup on_1942 A 0 2138 30
10212 104
/ IVIanhat Ry(NY)cons g _ _1990 A 0 57 Sale 544
1
4
57
43
28
42
50 Apr'31
54
2d 48
45
975 10012 Manila Elee Ry & Lt 5 f 55_ _2953 10S 95
4
97 Mar'31
97
19133 D
1154 118
/
1
Mfrs Tr Co ctfa of panic in
94
923
4
3
4
A I Namm & Bon 1st 8a 1943 J D 923 94
100 102
40
40 12
45
5
Marlon Steam Shovel.!65_ _1947 A 0 40
77
9614 gale 9514
89
963
4 38
Market St Ry 7s aer A_April 1940 Q
71
8714 Mead Corp 1st 6s with waro_1945 A 0 8718 8712 8719
874 10
70
70
4
993
4 13
Meridlonale Elea 1st 7s A -1957IA 0 993 Sale 99%
Lolvs
Rano
Sinai
Jan, 1.
Low
101
Higk
1013
4
5514 78
91% 9711
92
97
99 1034
9012 100
9212 95 4
,
79 4 93
,
7912 9214
21
37
/
1
4
1044 109
55
694
73
88
10312 1054
89
94%
11.3
914
93
12 98%
77% 92;
3
95
9612
91 104
1;
92
82
1017 104
9
/
1
4
102 103112
93
98
89
98
40
74
82 96 4
3
98 10212
544 78
/
1
92
87
75
90
64
68 9
3
3
93 4 10114
8512 954
877 90
9
887 92
9
77
844
70
867
9
4519 6512
2214 801,
88
51
55% 86
90
98
51
83
104% 10612
1017
se10411
8
101 1025
105 107
10018 1034
71
82
33
69
10019 1004
94
971
4
927 96
8
/
1
4
99 100
94 94
94 94.
6814 7518
8814 75
6018 64 4
3
8914 95
95119 9914
734 764
9114 100
8814 934
89115 9912
9514 100
80
97
711 77
/
4
58
/ 69 9
1
4
3
7118 8412
81
96
76
9014
73
75
73
78
73
75
10112 104
934 977
2
59
/ 753
1
4
5
75
7812
39
684
82
74
10335 105
134 139
78
84
/
1
4
1044 1054
11818 119
7212 90%
10112 103
88
94
/
1
4
4
102 1043
10112 103
/
1
4
100 103 9
7
100 5 10311
7
43
75
12
9819 101
99 100
100 102
8
3
985 91)4
9915 1003
4
754 78
43
52
50
55
57
50
1183 12812
8
10414 107
100 11012
9412 99 4
3
5
76 9 9512
95
75
102 113
/
1
4
82
9212
887 97
8
/
1
4
1034 1074
8712
78
93 t 100
7
8415
77
25
40
2518 35
5712
52
45
50
97 100
92
35
93
143
84s
9414
47
98
es
100
New York Bond Record-Continued-Page ti
3114
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 24.
E3
Price
Fr Wag
Apr.24.
Week's
Range or
Last Sale.
1
3
3:1 3 I
%
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 24.
Price
Friday
Apr. 24.
'Week's
Range Or
Last Sale.
High
High No, Low
High No.
Ask Low
Ask Low
Bid
sia
52
3
99
2 10214 10 14 Rhine-Main-Danube 78 A...1950 MS 98 Sale 9612
987
2 16
10514
Metx Ed let & ref 58 ser C__1953 J J 105 10514 105
4 45
9
101
Rhine-Westphalia El Pow 78 1950 MN 10014 Sale 10014
Istg4)1eserD
1968 MS 10112 Sale 10112 1023
53
75
Direct retge de
10
57
39
88
1952 MN 873 Sale 8612
4
Metrop Wat Serv & Dr 5315_1950 AO 53 Sale 53
Cons M 68 of'28 with war_1953 PA 85 Sale 84
33
86
2
Metr West Side E (Chic) 48_1938 FA 6812 761 75 Mar'31
PA 83 Sale 83
4
8312
Jan'31
Without warrants
75
83
Miag MII1Mach 75 with war 1956 3D 81
Con m 6s of 1930 with war 1955 AO 8412 Sale 84
847
2 10
15
86
79
3D
Without warrants
677251 82 87745771: RhIne-Ruhr Wat Ser as_ __1953
;
52 m 2 103
'3 7212 7712 7712
773
4 24
4
Midvale St &0 coil tr s f 58 1936 MS 1023 Sale 10212 103
994 10314 Richfield 011 of Calif 612
503 261
4
1944 MN 4812 Sale 4812
Mllw El Ry& Lt let 5s B_ __1961 3D 10212 Sale 10212 10314 25
4 105
17 103 10618
23
60
Certificates of deposit
4818 Sale 4818
4
Montana Power let 58 A.__1943 3J 1043 Sale 1048
7
99 104
10312
8612
Rims Steel 1st 5 1 78
3
1955 FA 8612 87
8612
Deb 5e series A
1962 3D 101 10418 103
1
Rochester Gas & El 78 ear B_1946 MS 10628 1063 1063
4 1063
4
4
Montecatin1 Min & Agrie9112 10012
5
Gen nage 540 series C1948 MS 107 ____ 107 Apr'31
10014
'3 100 Sale 100
Deb 75 with warrants__ _1937
92
9
99%
99
Gen mtge 440 series D
1977 M
99% 98
33 98
10112 ____ 10112 Apr'31
Without warrants
8
9812 1013 Koch & Pitts C&Ipm 541_ _1946 MN 82
9
85 Dee'30
8 1003
8
90
1003 101 1003
8
Montreal Tram let & ref 68_1941 J
903 95
4
95 Apr'31
4
897 119
8
Royal Dutch 4e with warr_1945 AO 993 Sale 883
8
2
Gen & ref s f 5eseries A _ __1955 AO 923 97
4
8
_- 963 Sept'30
Gen & ref s f 5s ser B
1955 AO 923
-171. 2 Ors St Jos Ry Lt H & Pr 1st 59_1937 MN 99 Sale 99
99 12 10
8712 8718 Mar'31
Gen & ref sf 444e ser C 1955 AO ____ -91% 983 St L Rock Mt & P68 stmpc1.1955 J J 5014 55
4
Jan'31
503 Apr'31
8
8
Gen & ref s f 5s ser D___ _1955 AO 923 9614 92
83
74
17
88
J 88
St Paul City Cable cons 55..1937
2
88
74
75
74
90
Morris de Co lets I 440__ _ _1939 3' 70
88
88
73 June'30
74
Guaranteed 5s
1937'.1 88
90
Mortgage-Bond Co 4e ser 2_1968 AO 70
- Wig San Antonio Pub Serv 1st 65_1952 .1 3 10834 Sale 10834 10834 4
91
9812 Apr'31
1932 33 99 100
10-25 year 58 series 3
923 98
8
92
6
97
28
Saxon Pub Wks(Germany) 75'45 FA 92 Sale 9012
Murray Body let 65412
1934 3D 96 Sale 96
10212 10814
84
Gen ref guar 6%s
1951 MN 8212 8312 8238
17
Mutual Fuel Gas 1st Bug 58_1947 MN 10818 10812 10814 Apr'31
102ss 102% Schuico Co guar 634s
6
7014
1946 J3 70
7014 70
- 102% Mar'31
Mut Un Tel gtd 68 ext at 5% 1941 MN 10314
4
80
80
Guar s f 6;2e series B__ _ _1946 AD 7014 80
2
Sharon Steel Hoops f 534s...1948 FA
843 847 Apr'31
4
Namm(A I) & Son__See Mfrs Tr
8
497 5314 Shell Pipe Line of deb 5s._.1952 MN
21
52
80
52
73 Sale 73
1951 33 5112 Sale 5112
Nassau Elec guar gold 4s
93
9612 Shell Union Oils f deb 5s_ 1947 MN 6514 Sale 5514
3
95
713 146
4
1942 3D 93 Sale 93
Nat Acme let t 68
981 102
4
225
4 102
733 212
4
Deb 5s with warr
4
FA 1013 Sale 1013
1949 AD 6714 Salo 6518
Nat Dairy Prod deb 511s-1948
1112 257 Stanye t i3IPow lst 6%s _ _1952 JO 9114 Sale 9114
9114 21
8
1618 13
1618 Sale 1414
1947 PA
Nat Radiator deb 6348
98 10018 Shuber1Theatre as_June 15 1942 3D 12 2 1478 15
15
1941 33 10018 10014 10018 Apr'31
,
Nat Steel s f deb 5s
'3 1013 102 101% 1021s 11
7 104 10612 Siemens & Halske of 7s_ __ _1935
106
4
Newark Conseil Gas cons 56_1948 3D 10518 10612 106
87
95
94 Apr'31
93
4 10012 39
Deb s 631s
1951 MS 100% Sale 993
Newberry(JJ)Co 532% notes'40 AO 91
10412 12
New Engl Tel & Tel 54 A. 1952 3D 11114 Sale 11012 11114 29 108% 11114 Sierra & San Fran Power 58_1949 PA 10412 104% 10414
1510612 Silesia Elee Corp 85 As__ _1946 FA 811s 83 8 8118 Apr'31
70 1033
8
8
1st g 4118 series B
1961 MN 1057 1063 10512 106
7
85
94
26
93
4
78
781e 10
83
Silesian-Am Corp coll tr 7s 1941 PA 78
New On Pub Serv lot be A.1952 AO 93 Sale 923
85
9312 Sinclair Cons 011 15-yr 7s_ 1937 MS 94 Sale 91
4
9312 28
983 149
8
1955 3D 9314 Sale 923
First dz ref 513 series B
7412 8412
787
8 45
7912 7712
9414 62
1st lien 611e series B
1938 3D 89 Sale 8618
NY Dock 50
-year 1st g 48_1951 PA 77
65
12
'3 1013 Sale 1013
69
867 Sinclair Crude 0115 Asser A.I938
67
8
4 102
Serial 5% notes
1938 AO 66 Sale 65
4
8 16 1133
8c116
1152
1942 AO 10014 Sale 1001s 10012 15
N Y Edison lst & ref6 Ms A.1941 AO 11514 Sale 11518
Sinclair Pipe Line.155
8
4
4 106% 35 1047 1063 Skelly 011 deb 540
4
7012 72
71
1939 M S 65
let lien & ref 5e series B..1944 AO 1053 Sale 1053
4 24 107% 11134 Smith (A 0) Corp 1st 640_1933 M N 10212 1023 10212 102%
1113
5
NY Gas El Lt HA Pr g Os.A948 3D 111 112 111
4
4
97% 99% Solvay Am Invest 58
8
9912 21
963
2 11
1942 M S 9612 983 9614
Purchase money gold 48..1949 FA 9912 Sale 993
29
NYLE&W Coal & RR 540'42 MN 9614 100 112 Sept'30
South Bell Tel & Tel 1st sf fa '41 33 106 Sale 10512 106
100 1- 6- Sweet Bell Tel 1st & ret Es-1954 FA 10512 Sale 10612 107
6
56
NYLE&W Dock & Imp 5e'43 3' 100 ____ 100 Mar'31
4318 Oet'30
60
NY Rys 1st R E & ref 48_1942 33 40
5
4 10514
Southern Colo Power 6s A..1947 3' 104 WW2 1043
40 Dee'30
Stand 011 of NJ deb be Dec 15'46 8' A 10314 Sale 1023
Certificates of depoidt
4 10312 87
98
105
Stand 011 of N Y deb 4 As 1951 3D 98 Sale 97
14 212 212 Dee'30 -._
30-year adj Inc 58___350 1942 AO
_
_ Stevens Hotel 1st 85 ger A__ _1945 3' 5212 Sale 50
55
---- I July'29
Certificates of deposit
30
2
234 22
414 Sugar Estates (Orients) 70-.1942 MS
13
4 234 2
9
N Y Rye Corp Inc 68__Jan 1965 Apr
4
9 Sale
45
55
31
55
55
59
110 Apr'31
Prior lien 68 scrim A
1945 J J 55
Syracuse Lighting 1st g 58_1951 3D 10618 -10614 10614
5 108 107
N Y & RIchm Gas tat 6s A _ _1951 MN 10614
2
10618 10618
Tenn Coal Iron & RR gen 58_1951 3 .1
7
85 Apr'31
8% 11
1112 Tenn Cop & Chem deb 6811.1944 MS iif2 NY State Rye 1st cons 440_1962 MN
92
15
91 91
6 Dee'30 -Registered
MN
Tenn Elea Power let 6s
4 10712 37
1947 3D 106% Sale 1063
7
9 Texas Corp cony deb 5e
8 Apr'31
8
7
7
Certificates of deposit
973 645
4
1944 A0 9518 Sale 9518
12 Mar'31 _
612 12
88 20
- 1
1/11
50-yr 1st cons6 Msseries B 1962 1 ,
'3 45 Sale 45
4918 36
Third Ave Ry let ref 48_ _1980
22 10712 10914
8
8 109
N Y Steam 1st 25-yr as ser A 1947 MN 1087 Sale 1087
Adj Inc 5s tax-ex NY Jan 1960 AO 2814 Sale 2814
2912 32
4 10412 22 100% 1041 Third Ave RR 1st g 5e
let mtge 5e
1951 MN 10412 Sale 1023
4
98
14
1937 3' 9512 Sale 9512
46 10112 10512 Toho Elce Power let 7s
8 104
N kTeleplst&genef434sA939 MN 104 Sale 1033
10012 12
1955 MS 10014 10012 0014
29 11118 11218
4
8
80-year deben s f 68__Feb 1949 FA 1113 1117 11128 112
10014
1932 3' 10018 Sale 00
11
6% gold notes
73 10614 108
4
1941 AO 1063 Sale 10612 107
30
-year ref gold Os
Tokyo Elea Light Co, Ltd
95 10012
8
8 10012
N Y Trap Rock let 138
1946 3D 10514 Sale 1003
1st as dollar series
1953 3D 87 Sale 8612
14
22 101 10338 Trenton G & El 1st g 5e_ _1949 M
e
4 102
4
'3 1017 1023 1013
Niagara Falls Power 1st 56.1932
89
877
103% -- 06 Apr'31 ___ _
10214 21 101% 103
Ref & gen 68
Jan 1932 AO 10218 103 102
2
51
51
Truax-Traer Coal cony 6340_1943 MN 5012 55
10514 10512 12 10312 1077 Trumbull Steel lot sf 6s_ __ _1940 MN
g
Nlag Lock az0Pr let 58 A.1955 AO 10514
10
9812 9912 9812 100
893 983 Twenty-third St Ry ref 5s_ _1962 3' 20
27
98
4
Niagara Share deb 540.-.1950 MN 97 Bale 97
4
20 Apr'31
68
84
67
86
87
Norddeuteche Lloyd 20-yr NI68'47 MN 8512 Sale 85
Tyrol Hydro-Elea Pow 7%3.1955 MN
2
99
99 Sale 9812
41
5812
48
18
4628 Sale 4612
Nor Amer Coin deb 634e A_1940 M
Guar sec s f 7s
1952 FA 957 Sale 9518
9812 35
8
9714 9983
9918 122
North Amer Co deb 5s
1961 PA 9812 Sale 9814
10412 Sale 10414 10412 41 10014 10428 Uligawa Elea Pow s f 7s___ _1945 MS 10112 Sale 01
No Am Edison deb 5s ser A _1967 M
10112 20
8
4 32 1013 10434 Union Else Lt & Pr(MO)513-1932 MS 10212 Sale 0218
4
Deb 512s ser B__Aug 151063 FA 1033 Sale 10312 1043
1023
4 35
97 10214
4 1013 116
4
Deb 56 series C _ __Nov 161989 MN 10112 Sale 1013
4 26
Ref & ext 53
1933 MN 1023 Sale 0212 1023
4
3 103% Sale 03% 104
lJia EL & P (III) lst g 540 A 1954
Nor Ohio Trac & Light 621_ _1947 MS 107 Sale 10612 10712 56 103 108
28
37 102 10412 Union Elev Ry(Chic)5e_
4
Nor States Pow 25-yr 56 A _ _1941 AO 1033 Sale 10328 104
Apr'31
1945 AO
767 71
8
4 20 10512 107
8
lst & ref 5-yr 6e)ser B. __ _1941 AU 1065 Sale 10612 1063
1053
4 11
Union Oil 30-yr 6sA____May 1942 PA 105 Sale 05
10018 1003
4
4
North W T 1st fd g 4)18 gtd_1934 J3 1003 10112 1003 Mar'31
7
4
10012
1st Ilen 51 58 ser C_ _ _Feb 1935 AO 100 Sale 00
973 10114
4
62
3
Norwea Hydro
9314
93 4 28
3
-El Nit 5328_1957 MN 99 4 Sale 9914 100
94
Deb 5e with warr____Apr 1945 3D 91
56 110 11212 United Biscuit of Am deb 613_1942 MN 103 1047 043
4 112
Ohio Public Service 710 A._1946 AO 112 11212 1113
4
4 1043
4
8
1 111 115
11314
10012 168
10014 Sale 00
llt&ref7seenieeB
1947 FA 113 11412 11314
1953 M
United Drug 25-yr 5s
10112 10112 United Rye St List g 4s...1934 33 40
10218 Feb'31
4912 Apr'31
Ohio River Edison let Os__ _1948 3'
47
35
5914 United ss co 15-yr 69
101
MN 101 10114 01
35 Apr'31
35
Old Ben Coal let as
1944 FA
1937
8212 80
4 10 10314 10512 Un Steel Works Corp 630 A_I951 3D 82 Sale 81
Ontario Power N F let be _ _1943 FA 10414 Sale 10414 1043
28
82
88
14
91
88 Sale 88
Ontario Power Serv 1st 534o.1950
947
8
1951 3D 80 Sale 80
Sec s 630 series C
_ 10312 Apr'31
8114 61
100 10412
Ontario Transmission let 54_1945 MN
1947 33 79% Sale 7912
St deb 6%seer A
95 101
10014 32
Oriental Devel guar Os
- 1953 MS 100 10018 100
United Steel Wks of Burbach10512 19
8818 96
Ertl deb 511s
4
9428 64
1958 MN 9412 Sale 9414
Esch-Dudelange sf 78_ _ - _1961 A0 10514 1063 05
7012 147
'3 67 Sale 66
9914 31
9514 100 US Rubber let & ref baser A 1947
Oslo Gas & El Wks eat' be_ _1033 MS 9914 Sale 99
4 32
Otis Steel let M 68 ser A_ _1941
95
973
543 5112 Apr'31
4
993 Universal Pipe & Rad deb 86 1936 3D
4
B 95 Sale 95
8112 15
4
Unterelbe Pow & Lt es
1953 AO 793 Sale 7912
30
99
8
55 102 4 10512 Utah Lt & Trae let & ref 56_1944 AD 983 Sale 9812
PacAfic Gas & El gen & ref 5s 1942 J J 105 Sale 10412 105
4
4 1034 31
8
18 1037 10514 Utah Power & Lt let 5s1944 FA 1013 Sale 011
Pacific Tel & Tel let 5e___.1937 J J 105 Sale 10412 105
4
04 Feb'31
Ref mtge be series A
3 106 1071 Utica Elee L & P lst f g 94 1950 33 103 8 106
7
4
1952 M N 10728 Sale 10712 10728
Pan-Amer P & T cony 1 69_1934 MN 1013 Bale 10128
1013
4 13 10112 10212 Utica Gas & Else ref & ext 5s 1957 3' 11114 112 112 Apr'31i
4
79141 09
Pan-Am Pet Co(of Cal)conv 68'40 J D 533 Sale 5328
50
78
543
4 90
8
Util Power & Light 5)0_ _ _1947 D 7512 Sale 7512
7212, 181
1
8 10112 105
10214
Paramount-13'way ist 5318_ _1951 J J 102 Sale 102
Deb 5s with warrants..-1959 FA 68 Sale 67 4
PA
47
94
91
97
Paramount-Fam's-Lasky 68_1947 J D 91 Sale 91
Without warrants
4
30
80
8312 87
Paramount Publix Corp 54151950 F A 8118 Sale 80
89
Vertlentes Sugar 1st ref 7s-1942 JO 2618 Sale 2618
22 Mar'31
Park-Len let leasehold 6348_1953
24
11
53
5112 8212 Victor Fuel let f As
5112 Sale 5112
1953 33
85 Apr'31
35
85
_
Parmelee Trans deb 68
38
1944 A 0 3518 3712 36 Apr'31
Va Iron Coal & Coke let g 56 1949 MS 82
10314
Pat &Passaic0& El eons Be 1949 M 8 10688 107 10614 10628
2 105 106% Va Ry & Pow 1st & ref 58.-1934 33 10314 10312 10314
Paths Each deb 7s with warr 1937 M N 83 Sale 8112
50 4 89
3
83 4 78
3
8412 82 Mar'31 _ _
Penn-Dixie Cement 68 A_ 1941 M S 60 Sale 60
60
65 4 38
3
80% Walworth deb 6345 with war 1935 AO 71
8412 90 Mar'31
8 11211 116
4 116
Poop Gas & C let cons g 68_1943 A 0 11618 ____ 1153
Without warrants
i§f, sole 6812
5
711
4
Refunding gold be
8 31 10418 109
7
1947 M S 108 8 Sale 10812 1087
1st sink fund 68 series A..1945 Kit
51
233
Registered
MS 1013 106 102 Dee'30
s
Warner Bros Pict deb 68-1939 MS 47 Sale 454
93
Phlla Co eee 5e ser A
10214 Sale 1013
1915; Warner Co 1st 6s with warr_1944 A0 93 95 93 Mar'31 1
19073
4 1021.2 93
AO
9312 95
Phlia Klee Co 1st 414s
10414 38 10214 10414
1987 MN 1044 Sale 104
Without warrants
6
lit & ref 48
927 95% Warner Sugar Refin 1st 78 _1941 3D 10512 Sale 10512 10512
8
953 170
8
1971 F A 9514 Sale 9514
I
15
15
773 8514 Warner Sugar Corp bat 7s_ _1939 JJ 1018 20
8
19
8
80
Pbha&ReadlngC&1ref5sj9733 3 80 Sale 787
I
14
8
227 14
12
6912 83
7612 37
Cony deb 68
1949 M S 73 Sale 73
Stamped Jan 1 1930 coup on'39
15
63
9214 Warner-Quinlan deb 6s.- _1939 MS 52'2 Sale 5212
70
147
74
Phillips Petrol deb 5312,
1939 J D 7014 Sale 70
6 103 10312 Wash Water Power s I 58_1039 33 10318 105 104 Apr'31
103
103 Sale 103
Pierce OH deb s f 8s-Deo 15 1931 J
2
8 1083
8
2
2 1033 10511 Westchester Ltg 58 stpd gtd.1950 3D 10814 1083 1083
105
4
Pillsbury Fl Mills 20-yr 6s1943 A 0 105 Sale 105
4 14
4
4
94 10118 West Penn Power ser A 542-1946 MS 1053 1053 10528 1053
Pirelli Co (Italy) cony 75._1952 M N 102 10312 10018 Mar'31
4
10814
9012 92
_
9012 Apr'31
4
Poeah Con Collieries 1st of 58'57 J J 901 92
1st 158 series E
1963 MS 10814 Sale 108
8
5 100 106
1013
8
1953 A 0 10612 ____ 10612 Apr'31
Port Arthur Can & Dk6s A.1953 F A 1013 Sale 10138
let 541e series F
10512
7
4
_ 102 164
104 Mar'31
1953 F A 10114
1950 3D 10514 1053 10514
lat M 613 series B
1st sea 58 series(3
4 10614 31
2
86
9114 Western Electric deb 58-1944 AO 1057 Sale 1053
9014 140
Port Gen]Elec 1st 430ser C1960 M S 9014 Sale 8912
4 1047
8
8
33 103 4 Sale 1033
2 1064 108
10714
1
Portland Rv LAP 1st 740 A1948 MN 10714 10712 10714
Western Union coil trust 58_1938
3
14 10118 104
104
Fund & real eel g 410.-1950 MN 102 Sale 10012 102
Portland Gen Elee 1st Es_ _1935 J J 104 Sale 103
4 11014 26
60
5
7314
7312 73
79
1936 PA 11014 Sale 1093
portoRicanAlnTobconv0sl942i J 73
-year 6125
15
6212 24
1951 3D 10312 Sale 10312 10412 23
55
74 8
3
7
25
-year gold 50
Postal Teleg & Cable coil 55_1953 J .1 6214 Sale 60 4
75
1033 Sale 10312 104
4
74
87
88
13
1960 M
30
-year 5s
Pressed Steel Car cony g 58_1933 J J 87 Sale 87
77 8 35
3
3
8
1953 33 7712 Sale 77
PubServEl&Gaslst&refOs'65i D 10518 1053 10518 105 8 12 10218 1064 Westphalia Un El Pow 68
102
2
4 101% 10414 Wheeling Steel Corp 1st 5345 1948 33 10112 103 102
8
19673 D 1033 104 10312 10312
lst dr ref 4348
4
8812 25
29 10111 10414
1953 A0 8734 Sale 873
1st & ref 4%s series B
1970 F A 104 Sale 103% 104
1st dr ref 440
93 8 9512 White Eagle Oil& Ref deb 5)0'37
5
9512 216
1971 A 0 9514 Sale 9518
let & ref 4s
10214 17
7
1212
7
2
9
2
812
With stock purch warrants... MS 102 103 102
Punta Alegre Sugar deb 78..1937 J
_
36 Mar'31
8
838 Mar'31
8 8 12
3
_
WhiteSew MachO,with warr'36 33 467 51
Certificates of deposit
8
467
8 12
33 46% Bale 467
52
8712 96
90
88 8712
Without warrants
1937 F A 85
Pure 011 s f 5)1% notes
40
1
84
85
81
9338
1940 MN 40 Sale 40
Panic s f deb 6s
f 524% notes
1940 M S 81 Sale 81
714 12
10 Mar'31
90 4 £9812 Wickwire Spen 511 let 7e_ A935 J J
3
9428 35
Purity Bakereis e f deb 54-1948 J J 94 Sale 94
814
814
3
714 12
go 95%
57
95
CU dep Chase Nat Bank._ Remington Arms Ist f 118._1937 M N 9412 Sale 9414
1
73
8
7%
714 101
8014 32
783 9912
Sale 80
1935 MN
4
7s(Nov 1927 coup on)Jan
Rem Rand deb 544s with war '47 MN 80
10 Apr'31
8
12
1013
8 17
95 10138
12 96
CU dep Chase Nat Bank-Repub I & S 10-30-yr 5.2 sf 1940 A 0 101 Sale 101
2
99
99 18
8812
933
4
943
4 28
Winn-Overland of840-1033 MS 9812 99
3
J 93 4 94
Rei& gen 540series A_ _ _1953 J
85
100
4
87 101
8718
8714 87
Wilson & Co 1st 25-yr s 168_1941 AU 9914 Bale 99
Revere Cop & Br 68.--July 1948 MS 83
7
30
87% Winchester Repeat Arms 740'41 A0 2812 Salo 26
80
Rheinelbe Union 78 with war 1946 .1 J 914 91% 8512 Jan'31
10114 341
.7 10118 Sale 101
8214 9338 Youngotowd Shoot & Tube 15.2 '78
9234 16
9112
1
Without elk purl% warr_ _1944
Cash sales
8 option sale
Range
Silted
Jan. 1.
Low
High
90
9813
9() 10112
75
8914
7578 874
76
87
7412 861
4
63
781
4
41
67
4818 60
12
84% 887
8
10518 10712
105 107%
9912 10112
-87- 16 .
7
11
974 100
5114
46
87% 92
88
92
10312 109
7578 93 2
7
7214 864
60
75
80
9124
80
9018
73
9214
6514 8611
654 90
7612 9314
15
25
95 1021
4
8811 1004
102 1041
4
67 8118
80 85
91 10014
861s 9812
10014 10212
98 101
7012 84
1024 1034
95% 981a
104% 106
105 107
102 10514
102% 10623
967
0102
68
50
2
30
1074 110
104 10618
99
90
104% 108
9518 102
5114
45
2718 33
96
93
9112 100%
962 10012
8314 01
104 106
72
51
88% 10012
20
264
94% 100
9612
8711
8
981 102
10114 10214
101 10314
10212 104t2
4914 73
8
1047 108
9912 101
901 97
4
100 104%
96 8 101%
5
44% 62
9912 101%
71% 83%
7018 834
89% 8312
105 108
7514
66
5112 5112
69
83
94 210012
100 103%
104 1044
1053 11312
2
73
84
66
763
4
23
1E-
22 22
75
85
101% 10312
78121 85
90 90
6812 79
4514 744
93
97
95
97
10012 1062
4
12
1712
23
14
46
69
103 105
10512 10912
103% 106
10518 10812
105 10712
104% 106
12
10418 1064
10118 105
10014 102
10712c11012
100% 104%
10012 10414
67
794
99% 103
87
92
102 103
3212 c37
29
467
8
2211 4418
714 10
7
8%
7
14 1012
034
95
99
26
100
1114
99%
101
WA
1031S
APRIL 25 1931.1
FINANCIAL CHRONICLE
3115
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Apr. 18 to Apr.25, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroads
100
Boston az Albany
100 6535
Beaton Elevated
81
Preferred
1st preferred
100
2d preferred
83
Boston de Maine
100 103
Pr.pref.stpd
100 64%
Class A 1st pref
Chic Jet fly & U S Y,pref.
East Mass St Ry Co
let preferred
NYNH & Bartford_100
Northern fly Njf
Old Colony
100 139
60 54%
Pennsylvania RR
800
oy.
18%
2 11
,
631
734
1
BondsAmoakeag klfg Co._ _1948
Chic Jet Ry&Un letk Yds4s
1940 94%
58
1940
Eastern Mass St fly 4343'48
Series 13 5.5
1948
Series D (is
1948
New England Tel & Tel'32 101%
P,0 Pocahontas 72_ _1935
Western Tel az Tel 59.1932
•No oar value. s Ex-dividend.
Low.
High.
182% 183
653.4 6931
82
80
101 101
84
82
134 17331 Jan 185
331 6234 Apr 75
132 80
Jan 85
32 98% Jan 103
143 84
Mar 91
102% 103
6434 64%
10334 105
265 100
62 62
31 100
63( 7
71% 75%
112 113
137 139
5434 57
10
6%
200 71%
11 108
19 125
5434
1,20
Miscellaneous
American Founders Corp..
334
3% 331
Amer & Conti Corp
14% 1431 15%
Amer Pneumatic Set
1s1 preferred
38
38
Amer Tel & Tel
100
180% 188%
Amoekeag Mfg Co
831 10
9%
Aviation Sec of NE
4%
4
Bigelow Sanford Carpet,.,,' 2634 25% 27
Preferred
81
81
Boston Personal Prop Trust 19
19%
19
Brown Co pref
33
30
Columbia Graphophone_ -9% 10%
Crown Cork & Intl
531 6
East Gas & Fuel Assn
2031 20% 2254
434% preferred
100 83
82
8335
6% preferred
100 92% 92% 93
Eastern SS Lines Inc_ _ -25 2234 21
23
44
Preferred
44
98
1st preferred
98
Edison Elec ilium
100 25031 248 252
Empl Group Assoc T C. - 1734 17
-18
General Alloys
531 5%
General Capital Corp
34
84
Gilchrist Corp
5% 5%
Gillette Safety Razor
29% 31%
Hygrade Lamp
24
21
21
Int Buttonhole Mach
8% 8%
tot Hydro-Electric
2335 25%
Jenkins Television
4% 4%
Libby McNeil& Libby
113( 11%
Loew's Theatres
831 8%
--Mass Utinties Assoc v t 0
434 431
434
Mergenthaler Linotype_ _
69% 80%
National Leather
600
600
Nat Service Comm ohs.
131 234
New England Equity prof.
85
85
NewEng! Tel &
,j00 136
135 138%
Northern Texas Elea
150
15e
Pacific Mills
100
1931 2031
Reece Buttonhole Mach.
15
15
Shawmut Assn T C
12% 12
13
Stone& Webster
38
44
Swift& Co,new
2834 28
28%
Torrington Co
•
43
43%
Tower Mfg
400
500
United Founders Corp corn
731
731
7
U S Shoe Mach Corp pf _25 31% 31
31%
United Shoe Mach Corp_25 50% 503( 52
S Elea Power Corp
5
5%
Utility Equities Corp pref. 78
78
78
Venezuela Holding Corp..
1
1
WalthamWatchPrior preferred
80
80
80
Warren Bros Co new
30% 28% 3334
Westfield Mfg Co
23
23
Mining
Arizona Commercial
5
Calumet az flecia
25
Copper Range
25
East Butte Copper Mines10
Isle Royal Copper
26
Mohawk
25
New River Co. pref
Nipplasing Mines
25
North Butte
235
Old Dominion
25
P C Pocahontas Co
Quincy
25
St Mary',Mineral Land_25
Utah Apex Mining
5
Utah Metal & Tunnel_ -1
Range Since Jan. 1.
500
80c
8% 831
6% 6%
25c
250
535 536
18% 18%
59
590
13
,
1
131 234
3
3
13
13
63£ 734
735 735
1
1
350
35c
75
62
69
Mar
Apr
Apr
Jan
Apr
Jan 108
Mar
Jan 75
Feb
Jan 105% Jan
Apr 10
Apr 9214
Jan 113
Jan 140
Apr 68%
834 Jan
934 Jan
Jan
Feb
Apr
Mar
Feb
531 Mar
1534 Feb
Apr 4334 Feb
1
38
3,103 176% Jan 20134 Feb
Jan 14
7
Mar
680
234 Jan
531 Mar
515
Jan 33
449 24
Jan
Mar 85
20 80
Jan
500 1734 Jan 2134 Feb
Apr 66
263 30
Jan
731 Jau 1631 Mar
440
Apr
8
475
Mar
257 1734 Jan 2734 Mar
Jan 85
Jan
233 77
Jan 95
924 89
Jan
895 1931 Jan 28% Mar
100 4231 Jan 45
Feb
Jan 98
21 94
Apr
Jan 26634 Feb
847 240
527 16% Apr 20
Mar
434 Jan 10% Feb
20
2931 Jan 3931 Apr
25
Apr
5
12
7% Mar
22
21% Jan 3434 Feb
11
Jan 28
19
Mar
2
9
734 Jan
Apr
Jan 3034 Mar
23
26
20
234 Jan
6
Apr
7
93-1 Jan 1334 Feb
43
9% Jan
834 Mar
331 Jan
2018,
5
Feb
Apr 89
80
20
Jan
600 Apr 85c Apr
365
1% Apr
331 Jan
20 56% Jan 85
Apr
Jan 142
604 130
Mar
30 150 Jan 250 Apr
459 1534 Jan 2534 Mar
110 14% Jan 15% Feb
Apr 16
2,650 12
Feb
1,312 38
Apr 5434 Mar
53 28
Jan 8034 Jan
315 43
Jan 47
Feb
425 400 Jan
134 Jan
834
631 Jan 1034 mar
31
644
Jan 8134 Apr
1,613 5034 Apr 58
Jan
431 Jan
135
8
Mar
200 64
Jan 78
Apr
500 350 Jan
2
Apr
10
1,68
4
76
7
38
300
12
3
5
9,820
160
20
1,843
zo
245
500
7531 $10,000
80
Apr
2834 Jan
20% Feb
90
Jan
4634 Feb
23% Feb
50c
8%
631
70
434
15%
59c
1%
1
234
13
7
7
1
25e
Apr
Jan
Apr
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
1%
11%
8%
2
534
21
590
5%
331
15%
10%
9%
1%
590
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
May
Feb
Jan
Feb
Mar
Jan
Feb
71
Fe
81
Mar
9431 9534 2,000 93% Jan 9531
15,000 10134 Jan 103
102% 103
26
2635 7,000 21% Jan 32%
28% 2834 1,000 23% Feb 35
3234 3234 5,000 32% Apr 52
101% 101% 2,00 100% Jan 102
Jan 115
11034 110% 13,00 106
Jan 101%
10131 101% 1,00 101
Apr
Jan
Mar
Jan
Feb
Mar
Feb
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Apr. 18 to Apr.24, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
Week
of Prices.
Par. Price. Low. High. Shares.
Abbott Laboratories coni _•
Acme Steel Co cap stk 25
Adams(J D) Mfg corn-.•
Allied Motor Ind,Inc corn'
•
Allied Prod Corp A
Am Commonw Pow A corn*
•
$634 A
1st
Amer Equities Co corn...'
Amer Pub Berv Co P1-199
Amer-Yvette Co Inc corn.*
APpalachlanGaaCorp corn'
Art Metal Wks Inc corn.,.'
Assoc Apparel Ind con...*
Associated Invest Co- •
Amex Tel & Tel
Class A
•
$6 pref with warrants._•
3931
2
29
4
5
531
39%
31%
2031
2
28
1434
7034
39%
32
22
30%
1431
7036
4%
92% 9231
334 531
5
634
534
8% 8%
58% 5931
6734 6831
8831 88%
Range Since Jan. 1.
Low.
450 35
100 31
280 19%
1,850
1%
10,550 17
100 13%
10 70%
434
250
80 91
4,950
450
550
8%
100
8%
100 57
5
215
10
Jan
Apr
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Jan
65
Feb
8634 Jan
High.
3934
4134
25%
3
%
31
16%
75%
7%
94
5%
834
814
1334
61%
Mar
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Apr
Mar
70
Mar
88% May
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Assoc Tel Iltll Co com-__•
Balaban & Katz Corp__ _25
Preferred
100
Bastian-Blessing Co corn *
Bend's Aviation corn.,,..'
Blake Mfg A cony pfd.'
Borg-Warner Corp com_10
Brach & Sons(E J)
Bright Star Elec Co B- •
Class A
•
Brown Fence & Wire
•
Class A
C1888 B
•
Bruce Co(E L) corn
•
Burnham Trad Corp coin.*
Convertible Prof
•
Butler Brothers
20
Canal Canal cony pref. •
Castle de Co(A M)
10
Cent Illinois Soo Co ctis.Central HI P 8 pref
•
Central Ind Pow pref__100
Cent Pub Set Corp
Cent SW UU1 corn new__•
Preferred
•
Prior lien prof
•
Cent States P & L pref._•
Chain Belt Co corn
•
Cherry-Burrell Corp pf 100
Chic City & Con part pt.*
Chic Flexible Shaft com..5
Chic Investors Corp corn.*
Convertible pref
•
Chic N S & MilwPreferred
100
Prior lien oref
luU
Chic Towel Co cony PI-- •
Chicago Yellow Cab bac- •
Cities Service Co corn...*
Club Aluminum Uteri Co_•
Coleman Lamp & S com •
Commonwealth Edison_100
Community Water Service*
Constr Mat'l Corp_
3334 preferred
•
Consumers Co
Common
5
Cont Chicago Corp
•
Common
Preferred
Cord Corp
5
Corp Sec of Chic allot etf_•
Common
•
Crane Co corn
25
100
Preferred
Decker (Alf)& Cohn,Inc-Common
•
Eddy Paper Corp (The)--•
El Household Utl Corp...10
Em n Gas az Fuel
7% preferred
100
Federal Elec Ce$6 cura prior pref
•
Fitz Simmons & Connell
•
D&Dcom
Foote Bros0& M Co_ _ _ _6
Gardner-Denver Co corn.'
Gen Theatre Equip
Common new
•
Gen Wat Wks Corp CIA.'
Gleaner Corn Hare eon)._•
Godchaux Sugar Inc cl B •
Goldblatt Bros Inc com_ •
Great Lakes Aircraft A- •
Great Lakes D & D
•
Grigsby-Grunow Co cern-•
Low.
High.
4,650
25
6131
50
10
96
100
20
16,150
20
20
63
,
1
23% 31,950
400
163(
40
100
a
21
6134
96
20
163(
6
20%
1134
31
1
700
100
50
450
300
1,150
50
850
900
850
20
2,600
1,650
300
300
160
50
10
200
10
2,200
1,700
14%
6
18
1%
5%
5
1554
2034
2054
91
78
14
16%
90
9431
62
35
85
4
931
2%
26
Apr 20
Feb
Jan 1034 Feb
Mar 22
Jan
Jan
Mar
Jan 11
Feb
Apr
731 Mar
Jan 12
Mar
Apr 34% Feb
Apr 2531 Jan
Jan 95
Mar
Max
Jan 84
Jan 1931 Mar
Jan 24% Feb
Jan 0634 Apr
Jan 10454 Jan
Apr 88
Jan
Feb
Apr 37
Apr
Apr 85
I Jan
5% Mar
Jan
Apr 13
434 Feb
Jan
Jan 313( Mar
so 53.
531 531
58
7
58
58
20 80
83
83
700 20
2034 2131
28,850 15%
1631 1531 17
234
250
2% 2%
450
634
634 6%
1,550 220
2345.4 23136238
100
12
12
9
931 Feb
Mar
Jan 60
Mar
Jan 85
Jan
Jan 2334 Mar
Jan 20% Mar
Mar
334 Feb
Apr 12% Jan
Jan 25534 Feb
Jan 12
Apr
24
1834
2134
21
6131
96
20
17%,
6%
20%
1531
( 10
0.
1
14%
1534
5% 531
18
18
2
2
734 8%
531
5
5
10
10
2234 2431
2036 2231
,
93%
92
84
84
14% 15%
15
1834 18% 20%
96
9634
96
10134 10131 102%
72
62
65
35
35
85
85
5
5
931 9%
231 334
2%
3134
31
1434
58
25
24% 25
3
3%
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Feb
150
24% Apr
400
2% Jan
25%
69
96
24
2534
9%
3034
1734
31
134
32
4
5%
9% 10
25%
23
7336 7634
5
2
5%
2431
4
300
58% 62%
26
2
8
100
2,10
4
24
2
26
26
234
27
750
2,200
70
1,300
9
5
6
220
6
850
2%
2
6
30
6
150
15% 15%
5% 13,800
5
24
2435 1,450
331 431 16,450
1%
1834
1931
1%
2
131
19%
73% Apr
80
Jan
Jan
68
Jan
55
2131 Jan
Apr
2
26
Mar
80
96%
6
Apr
Jan
29
434 Jan
Jan
35
15
1434
6%
10%
20
531
2854
6%
Feb
Jan
Jan
Mar
Feb
Apr
Feb
Mar
.5
6
mar
5%
1331
134
23%
2%
Mar
Jan
Jan
Jan
Jan
15%
12
25
11%
431
1454
98
2831
79
74
84%
6
1431
25
16%
334
50
8
49
103(
1
Mar 19% Mar
Apr 1631 Jan
Apr 29
Feb
Jan 18% Mar
Jan
9% Mar
Jan
4, Jan
Jan 100% Apr
Jan 4954 Feb
Jan 93
Feb
Jan 9234 Mar
Jan 92
Apr
Jan 1331 Feb
Apr 22% Feb
Mar 34
Jan
Jan 25% Mar
Jan
734 Mar
Jan 75
Apr
514 Mar
Jan
Jan 51
Feb
Mar 1331 Mar
Mar
134 Feb
1
74
1134
10
1934
6
5
35
1534
Apr
Apr
Mar
Jan
Jan
Mar
Jan
Jan
Jan
8035
80
9634
933'
8436
8035
97%
933-4
SO
170
90
10
93
93
5% 6%
32%
30
50
2,500
200
18
1134
2231
1934
98
1%
2
1
19
Feb
Feb
Apr
Feb
Feb
Jan
Feb
7
Jan
1034 Mar
2931 Feb
100 15
15
50 12%
12%
2731 1,300 26%
2%
250
431
14
200 1331
200 2331
2934
2431
200 1734
134
5.5
2
20% 2,000 1734
50 10
1131
250 17
2231
2131 57.900 17
9931 1,800 95
134
650
131
1%
2% 2,000
150
1
1%
1,850 1834
20
1,500
31
1
550 38
3834
15
1231
26%
4
1334
2931
24
Jan
3
Mar
934 Apr
23
Feb
38
27
4
13%
2931
Feb
Feb
Apr
Feb
Feb
Jan
Feb
Mar
Jan
Jan
431 Mar
7
53( Jan 1034
6% 7% 8,050
3634 3634 37% 2,250 3531 Jan 4034
9% 1131 181,600
Jan 15
6
1131
Jan 60
5634 1,300 60
55
55
1734 17% 1831 10,000 14% Jan 21%
Apr 4034
1,290 34
34
35
34
240 11131 Apr 119
111% 11131 114
250
15% 17
Hall Printing Co corn_ _10
200
13
12
Harnischfeger Corp corn..'
25%
650
25
Horniell & Co A
•
15% 1,500
Houdaille-Hershey Carp A• 14% 14
5% 6% 1,000
Class B
•
150
1431 15
Illinois Brick Co cap_ _25
20
100% 100%
III Nor tail pref
100
52,800
Instill 1%11 invest Inc....* 33% 33
37
83
50
83
Prior pref
83
83% 1,100
81% 80
2d preferred
10
92
92
Interstate Pow $7 pref..'
200
934 1034
Invest Co of Amer corn_ •
Iron Fireman Mfg Co v t o• 14% 1434 16% 1,00
Kalamazoo Stove corn...' 28'% 27% 2934 2,300
2034 22
200
Kate Drug Co corn
1
431 5
900
Kellogg Sw'bd & Sup com10
60
70
710
Preferred
100
3
33-6 2,050
3%
Ken-Rad T & I. corn "A"•
150
50%
50 50% 50
KY Inn jr cum yid
10% 10%
50
Keystone Steel& Wirecom•
1
La Salle Ext Unit corn _10
1
1
100
,
Lane Drug Stores Inc
1
1
50
Cumulative pref
75
75
100
Lawbeck 6% cum pt..100
12
12
200
Leath & Co curnui pref..'"
11
12
Libby McNeill& Lib by _.10 11
8,550
2134 2254
Lincoln Printing corn,...' 22
500
150
831 9
Lindsay Light Co corn..1O
Lion 011 Ref Co com
650
5%
5
5
•
320
Loudon Packing Co corn.* 41
3934 41
Lynch Corp common....'
650
1831 1834
•
McCord Mfg A
McGraw Electric corn....'
McWilliams Dredging Co•
Majestic Househ VIII corn •
Manhattan-Dearborn corn'
Marshall Field & Co cont.*
Mall Service Corp com_10
Meadows Mfg Co
•
Mer az Mfrs See Co A corn'
Miekelberrys Fd Pr coin.
'
Middle West Tel Co cum.*
Middle West Utilitlea new•
$6 cum preferred
•
Warrants A
Warrants B
Midland Nat Gas part A_•
Midland United Co corn..'
Warrants
•
Preferred
•
Midland Utill6% prior lien
100
6% prat class A
100
7% prior lieu
100
7% pref class A
100
Mimi V.1(1111•
$7 preferred
140
-Kan Pipe Line oora_6
Modine Mfg common
•
Range Since Jan.1.
79
7931
95
88%
1
83
16
1434
2331
9
6%
41
20
Apr
Feb
Mar
Mar
Apr
Feb
Jan
Apr
Mar
Jan 25% Jan
Apr 16% Jan
Apr 81% Mar
Jan
734 Jan
Apr 20% Feb
Jan 3234 Feb
Jan 253( Apr
Jan
254 Jan
Feb 23% Mar
Mar 1431 Jan
Jan 23% Feb
Jan 2534 Mar
Jan 100% Apr
a Feb
Jan
Feb
Jan
Jan
3
Feb
Jan
Jan 23
131 Jan
Apr
Apr 43% Feb
Jan 903(
Mar 85
Jan 100
Jan 94
9234 Jan
534 Jan
30
Apr
97
Feb
Mar
Feb
Apr
Jan
Mar
3854 Jan
1014
sews
rrsam
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par
tow. High. Shares.
Mohawk Rubber Co com_*
Monroe Chemical corn... _•
•
Preferred
Morgan Lithograph come
Mosser Leather Corp corn •
Muncie Gear Co ol A
•
•
Common
Muskegon Motor Spec,
Convertible A
•
Nachman Springfilled corn*
Nat Elec Power A part._ .•
7% pref with warrs...100
Nat'l Family Storm com_•
National Leather com _10
Natl Rep Inv Tr allot cgs•
Nat &cur Invest Co corn.
•
6% corn pref
100
Nat Pub Serv Corp convPf
•
Nat'l Standard corn
•
Nat Term Corp part pref.
,
'
Nat Union Radio Corp...
Noblitt-Sparks Ind corn_ •
North Amer Car COM
•
North Amer Gas& Mac A •
No Am Lt & Pr Co corn....•
N & S Am Corp A corn.. •
Northwest Bancorp com_50
Northwest Utll100
Prior lien pref
100
7% preferred
536
29%
7%
2414
4%
5
30
6614
100
Oshkosh Overall Co corn..'
Convertible preferred_ _•
10
Parker Pen Co corn
Peabody Coal Co 6% pf 100 58%
Penn Gas & Elec A com_ •
Pines Winterfront corn ___• 18
Polymer Mfg Corp com__•
3
*
Potter Co (The) com_
Pub Serv of Nor 111 corn_ •
Common
100
100
6% preferred
100
7%preforred
Q It B De Vry Corp com_ *
Quaker Oats Co
• 141%
Common
100
Preferred
Railroad Shares Corp corn•
434
Rath Packing Co corn_ 10
RayrheonM igen v t o com•
Rollins Hosiery Mills
Convertible pref
•
Ryerson dr Son Inc corn....*
•
Sally Frocks Inc com
Sangamo Electric Co......'
• 11%
Sazet Co common
Seaboard PS Co• 74%
if) preferred
•
Convertible pref
Seaboard Util Shares Corp*
434
Segal Lock & H Co corn....•
5%
So Colo Pow El A corn....25 21
Bouth'n Union Gas corn...•
8%
So'west Gas & El 7% pf 100 95
Southwest Lt & Pr pref_.'
Standard Dredge com---•
Convertible met
834
Storkline Fur Co cony pf 25
Studebaker Mail Order A •
Super Maid Corp corn......•
5%
Sutherland Paper Co com10
15 37%
Swift,International
25 2851
Swift & Co
551
531
554 554
30
27
414 4%
6
6
3% 4
2% 2%
50
100
150
300
10
200
250
14
714
25%
91%
5
31
6
70
4331
31%
6%
232
40
22
12%
68
8%
31%
600
100
1,20
10
1,750
50
100
750
600
110
1,050
70
500
400
1,400
200
1,400
50
750
9954 100%
91% 92%
110
110
1314
7%
24
9112
412
%
30%
5
70
42%
2936
6%
2%
38%
20
11%
66%
8%
30%
34
•
Wahl Co common
Walgreen Co corn
•
Warchel Corp cony pref_
Ward (Montgomery) & Co
A
Waukesha Motor Co corn •
Western Grocer Co com_25
Western Pow Lt&TeiclA•
Wextark Radio Stores oom•
•
Wieboldt Stores Inc
Wisconsin Bank Shs eom10
Wolverine Port Cement_10
Yates
-Amer Mach part pf•
Zenith Radio Corp cam...•
Bonds
Chicago City fly 58_1927
Certificates of deposit-Chic Railway
1927
let mtge be
lst ratg 5s ctre of 8111927
Commonw Edison 5s.,_1943
1953
1st mtge 5s A
1954
5s series B
1960
414s series E
1940
Insull UCH Inv 815
Kresge(S Si & Co 5s 1945
Metro W S Elev ext 48 1038
Pub. Serv. Co.
1956
1st ref gold 58
United Pub Serv 6348 1933
Wash Gas & Elec 59 1955
1212
731
12%
3
42%
22
3
614
17%
EN
2234
lox
2651
19%
22
1
11%
554
336
3%
61
63
88
70
Low.
High.
Feb
Mar
Jan
Jan
Apr
Jan
Feb
8
554
30
9
8%
6%
4%
Mar
Jan
Apr
Feb
Apr
Apr
Apr
Jan
10
714 Apr
Jan
22
Jan
90
3;2 Mar
Jan
Apr
29
33( Feb
Jan
64
40% Jan
25% Jan
Apr
6
1% . Jan
38
Jan
20
Mar
10
Feb
Jan
61
Jan
8051 Mar
1554
1154
28
95
6
1
31
7%
76
47
3454
8
5
4734
31
13%
70%
1136
37
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Jan
3%
4%
22
4%
6
136
h
8931 Jan 102
,
86% 1 en 88
Feb
Feb
Mar
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Apr
Mar
Mar
Feb
Feb
Mar
Feb
Mar
554
2251
2454
60
1151
2251
654
13
262
265
137
147
534
5
70
70 2254
650 15
100 58%
8
100
1,800 15%
2
1,300
6
100
475 20012
50 200%
60 122%
40 ,12951
800
134
141% 147%
116% 119
4;4
4
1914 19%
7
6
Jan
800 1415( Apr 170
Jan 120
Mar
130 113
331 Jan
5
Feb
2,300
350 1951 Jan 20% Jan
S Jan 15% Mar
700
33
22%
5
22
10%
33
23
5
22
12
50
150
200
150
1,900
31
22%
4
22
8%
Jan
Apr
Jan
Apr
Mar
38
26
9
26%
1334
Feb
Jan
Mar
Feb
Apr
71
43%
4
532
21
8%
95
91
4
74%
45%
454
6%
21%
9%
9554
91
434
812
11%
212
514
634
38%
28%
180
40
4,800
1,700
300
1,300
120
60
300
700
10
100
2.600
50
6,950
4,350
68%
43%
334
5%
19
734
94
87%
4
734
7%
2
4%
655
8434
2454
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Feb
Mar
85
48
6%
7
24
12
9851
9%
4
8
16
11
3%
7
10
4054
30%
Jan
Feb
Jan
Apr
Mar
Feb
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Feb
Apr
Jan
11%
212
436
6%
36%
28
100 51%
10 100
100
5
100 25
2
600
10
834
150
20 4534:
60
34
Feb 55% Feb
Jan 104
Feb
754 Feb
Jan
Jan 34
Mar
Jan
351 Jan
Mar 11
Feb
Apr
34 Mar
Apr 47
Apr
Feb
2
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
9
16
1234
11%
16%
10
49
3451
5%
954
19)4
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Feb
2,150
350
350
300
200
250
Apr
Apr
Feb
Jan
25
1834 Feb
Feb
25
1454
30%
12%
29
23
29
Feb
Mar
Mar
Mar
Mar
Feb
2% 3%
900
18% 19% 31,800
320
9
10
Jan
2
1836 Apr
Apr
9
Apr
4
29% Mar
10
Jan
634
10
4
7%
12%
3
41%
18%
234
636
17%
44%
23%
3%
7
17%
200
400
150
2,150
250
400
2,250
38,050
2,600
1,600
1,600
8
22
10%
28
19
26%
1034
2534
ilg
2854
1934
2834
102
50
12%
21%
1
1114
5%
2%
3%
3
61
63
6436
lug
10631
10636
102
8734
10034
70
7
12%
4%
8%
13
43.4
636
10
4
7%
12%
3
38
14%
2%
534
15
8
22
104
51
12%
22%
114
1114
5%
2%
334
3%
340
30
200
710
8,000
50
1,700
90
450
1,750
95
45
12
2036
1134
53‘
2
334
234
Jan 10451 Apr
Ian 73
Feb
Mar
Jan 15
Jan 23% Apr
Feb
3
Jan
Apr 1434 Jan
Apr
6% Jan
Apr
2% Apr
Apr
Feb
9
Jan
bh Feb
6214
3,000
61
Apr
1,000 63
63
6634 12,000 6351
10734 11,000 10536
1,000 10434
10634
10736 3,000 10534
1,00 102
102
81
8834 105,00
1,000 9551
10034
1,000 70
70
105 105
8434 8
434
89
89
rights.
•No par value. s Es-dividend. r Ex8434
Range Since Jan. 1.
5
5
22% 2251
15
17
5814 5314
934 934
17% 19%
3%
3
9% 9%
234% 241
237 243
134 134%
138% 138%
2% 3%
55
54
Tele Bond & Sh class
54
100 101% 101% 101%
1st preferred
6
6
•
Tenn Prod Corp com_
28
Thompson (J R) com
28
25
2%
Transformer Corp of Am-•
2
1
90 90
,
Twelfth St Stores A.. •
Stock purchase warrants
47
47
20 Wacker Drive 66 preL•
Twin Sts Nat Gas part A-•
%
34
34
United Amer Mil Inc corn •
Class A
Unit Corp of Amer pf--- •
United Gas Co corn
•
Un Print & Pubs cony pref•
Common
U ki Gypsum
20
S Radio & Telev com___•
Utah Radio Prod corn.*
13411 & Ind Corp corn_
Convertible preferred--*
Utilities Power & Lt Cory
Common non-voting___•
•
Class A
Viking Pump Co corn
•
•
Preferred
•
Vortex Cup Co
•
Class A
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
7251 Mar
7434
7354
10734
10634
10736
102
94
101
75
Mar
Mar
Mar
Apr
Apr
Apr
Feb
Mar
Mar
Apr
3,000 10234 Jan 105
8431 Apr8451 Apr
Apr 89
Apr
i,000 89
-Record of transactions at
Toronto Stock Exchange.
24, both inthe Toronto Stock Exchange Apr. 18 to Apr.
clusive, compiled from official sales lists:
[VOL. 132.
FINANCIAL CHRONICLE
3116
Stocks-
Sales
Friday
Last Weelc's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
Abitibi Pr .3, Paper com_ *
6
140
7
6
6% preferred
25
20 25
100
30
5 2234
Alberta Pacific Grain pf100 2234 2254 2254
Atlantic Sugar corn
465 13
* 2434 2334 2434
Beatty Bros corn
10 14
14
14
•
Bell Telephone
291 141
100 14554 145 147
Brazilian T L 4, Pr corn_ _* 19
10,839 18
18
21
B C Power A
906 35
* 3934 3951 40
B
210 1154
13
13
* 13
Building Products A
20
745 20
* 20
23
Burt F N Co corn
218 37
25 3734 37
3934
Canada Bread corn
6
95
651
53.4
5
*
B preferred
1 62
68
68
100
Canada Cement corn.... _ _* 1234 1254 1434
885 1234
33 9151
Preferred
100 9454 9434 9454
Can Steamship Lines pf 100
10 1654
2054 2054
52 65
Canada Wire & Cable A....
68
66
66
B
50 2534
* 2534 2534 2594
455 1034
Canadian Canners corn....' 11
1054 1134
435 11
1154
Convertible pre
* 1151 11
lot preferred
36 89
91
89
100
400 1251
Canadian Car ec Fdry cum* 1234
1251 14
Can Dredg & Dock corn.. ''
395 2534
2931 30
Can General Elec pref__50
6134 6234
295 5934
Can Indus Alcohol A........•
285
4
234
3
3
B
254
25
3
3
•
700 10
Canadian 011 corn
14
* 1054 10
4,745 3434
Canadian Pacific Ry_ __ _25 37
3451 38
754
305
Cockshutt Plow cora _ __ _*
754 734
754
8
508
9
8
Consolidated Bakeries __ _•
9
154
125
Cons Food Products corn.*
154 134
20
A
3
3
3
35
1,413 101
Conn Mining 8,Smelting 25 112
101 141
164 18051
Consumers Gas
100 18651 186 187
7
10
Cosmos Imper Mills corn *
734 734
Dome Mines Ltd
*
Dominion Stores corn......_*
Eastern Steel Prod pr p1100
Fanny Farmer corn
•
Ford Coot Canada A........'
General Steel Wares corn.*
Goodyear Tire & Rub p1100
GYPsum,Lime&Alabastine*
Hamilton Cottons pref.. _30
Hamilton Un Theatres
Common
25
Hinde & Douche Paper_*
Hollinger Cons G Mines.5
Hunts Limited A
*
B
•
Internat Milling 1st pf 100
Internat Nickel corn
*
Internat Utilities A
*
13
*
Kelvinator of Can pref_100
Lake Shore Mines
81
Laura Secord Candy com-*
Loblaw Groceterlas A____*
B
5
Maple Leaf Milling pref 100
*
Massey-Harris corn
McIntyre Porcupine M 5
Mexican L & Pr corn..
*
Moore Corp corn
•
A
100
B
100
NiPissing Mines
5
1100 1076 1150
2034 20% 22
99
99
1351 1454
2234 2134 24
494 5
105 107
105
934
93
9
18
18
8.40
102
15%
73.4
13
1234
6
10536
118
100
100
100
100
100
100
100
221
222
220
28234
317
233
Loan and Trust
Can Permanent Mort 100
Cent Can Loan .3, Savs_100
Economic Invest Trust_ _50
Huron & Erie Mort_ __ _100
100
National Trust
Toronto General Trusts100
60
Toronto Mortgage
Jan 1325
Jan 24%
Apr
Jan
Jan 2931
Apr
754
Jan 10734
Apr 1234
Jan 19
U
Apr
Apr
Mar
Mar
Jan
Feb
Jan
Apr
43,4 Apr
Mar
43
3
4
4
Apr
4
Apr
4
160
4
4
6.25 Jan
8.70 Apr
7.95 8.50 3,520
Jan 2354 Mar
7 18
23
23
Feb 2331 Apr
15 19
2351 2336
Mar
Apr 103
28 100
100 102
1531 1631 17,796 1334 Feb 2034 Mar
Apr
255 3334 Jan 45
41
4234
1034 Feb
73-4 Jan
265
734 814
Mar
Apr 79
15 75
75
75
Jan 28.50 Apr
965 23
27.15 27.75
Feb
Jan 46
116 38
3914 41
Jan 1452 Mar
1214 1334 1,552 11
Jan 1434 Mar
462 10
1214
12
Mar
Mar 40
40 32
35
35
5% Apr 1034 Jan
870
5% 634
680 20.65 Jan 26.30 Apr
24.00
23.60
Apr
Apr 42
50 42
42
42
50 1534 Apr 1751 Jan
1551 1554
Feb 10854 Jan
15 110
10554 10534
Jan
Apr 126
38 115
115 118
1.45 Feb1.75 Mar
600
1.55 1.71
Ont Eqult Life 10% pd 100 1934
1994
Orange Crush 1st pref__100
60
Page-Hersey Tubes com__* 8054 8054
Photo Engravers & Elec__* 2534 2554
14
Pressed Metals corn
•
1234
Riverside Silk Mills A......*
7554
Russel Motor corn
100
85
Simpson's Ltd pref____100 85
954
Standard Chemical com_ *
551
Stand Steel Cons corn_ __ _*
634
3234
Steel Co of Canada com__* 33
31
25 32
Preferred
8
Tip Top Tailors corn.. ..*
12
Traymore Ltd prof
20
10
Twin City Rap Tr corn 100
6
Walkers-GooderhamWorts*
634
Western Can Flour MillsCommon12
*
38
38
Weston Ltd Geo corn......90
100
Preferred
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
2,610 920
295 14
10 97
40 11%
5,475 21
451
150
41 101
672
9
10 15
High.
Apr 1334 Feb
Apr 50
Feb
Apr 30
Jan
Jan 3714 Mar
Apr 20
Jan
Jan 1513.4 Feb
Apr 2854 Mar
Jan 4254 mar
Jan 1551 Mar
Apr 20
Feb
Apr 4434 Feb
Apr
734 Jan
Jan 80
Feb
Apr 1834 Mar
Jan 9636 Apr
Jan 27
Feb
Jan
Feb 70
Apr 3054 Mar
Feb 1354 Feb
Jan
Apr 14
Apr 9234 Jan
Apr 2332 Mar
Jan 3634 Feb
Jan 6314 Apr
Jan
534 Jan
354 Jan
Jan
Apr 2354 Jan
Apr 4551 Feb
Apr 10
Jan
Apr 1234 Feb
Jan
Apr
3
Jan
Apr
6
Apr 187
Mar
Jan 187
Apr
Mar
9
Mar
40
1994
6
60
345
85
50
2554
5
14
175
1254
5
7534
60
88
60
10
330
654
1,065
36
195
32
310
11
50
12
615
1034
11,218
7
12
39
90
5
120
5
220 22534
221 223
220 220
28234 287
317 317
277 281
233 234
511
242
135
26
25
134
206
215 216
300 300
37
37
14934 14954
305 305
230 230
114 114
6
25
6
35
1
26
1
19
50
8034
18
1051
1254
7554
85
914
551
3234
31
8
11
03,4
6
Jan
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Apr
12
3834 Jan
84
Feb
21
60
9234
2854
16
16
7751
9236
15
954
4234
3651
13
1254
17
854
Mar
Apr
Feb
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
1734 Jan
Mar
45
90
Apr
220
218
217
279
315
272
217
Apr
Mar
Jan
Jan
Jan
Jan
Jan
206
290
3451
148
300
227
108
Jan 216
Jan 301
Feb37
Mar 150
Apr 360
Feb235
Jan 116
231
224
225
302
32534
291
238
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Feb
Apr
Apr
Jan
Mar
Mar
•No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb Apr. 18 to Apr. 24, both inclusive, compiled from
official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
Iligh.
Par. Price. Low. High. Shares.
Stocks6%
4%
12
13
17%
5%
10%
74
6%
454
13
1354
18
5%
11%
74
20
25
735
185
110
50
51
5
6
434
894
13
1754
334
103,4
73
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Feb
12
454
1354
1634
20
6
16
7854
Feb
Apr
Apr
Feb
Jan
Mar
Jan
Jan
DeForest Crosley Radio....' 1834 16%
Distillers Corp Seagrams-• 106 10
• 41% 41
Dominion Bridge
12
Dom Pow & Trans ord_100
Dorn Tar & Chemical pf100 ------ 9052
Duffern Pav&Crush Stone
6%
• ---Common
100 ----- 70
Preferred
514
Durant Mot of Can com_10 -----English Elec of Can A........' 34% 34%
100
105
Goodyear T & Rubb
Hamilton Bridge corn.... * 1334 13
56
Honey Dew prof
•
1812
10%
42%
12%
91
710
1,610
350
50
40
1031
10
41
10
8634
Jan
Apr
Apr
Jan
Jan
1834
1234
5552
1234
91
Mar
Jan
Feb
Apr
Apr
7
76
7
34%
105
15
56
23
25
450
15
50
185
100
6
70
4
30
90
13
51
Feb
73,4
Apr 80
Jan 11
Jan 40
Jan 119
Apr 20
Apr 6634
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Beath & Son WI)
"A'.....'
•
Blitmore Hats corn
Can Bud Breweries COM• 12-13
Canada Malting Co
Canada Vinegars com
•-----•
Canadian Wineries
Candn Wire Bound Box A • -----Cons Sand & Gravel DI _100
APRIL 25 1931.]
FINANCIAL CHRONICLE
Friday
Saks
Last Week's Range
for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. Mph. Shares.
Howard Smith Paper Mills
Common
4% 435
•
Humberstone Shoe corn.-• 18
1735 18
Imperial Tobacco ord_ _ _5
10
10
Montreal L & P Cons_ _* 5735 5534 60
National Steel Car Corp_ *
2511 2731
Ontario Silknit corn
5
5
Power Corp of Can corn. •
5534 58
Robinson Cons Cone Co..
18
19
11
11%
Rogers Majestic
Service Stations corn A_ _ _• 1735 16
18%
74
75
Preferred
100
Shawinigan Water & Pow •
50
51
Stand Pay & Mat com___• 11
10
12
Tamblyns Ltd g Pref. _100 10315 10334 104
Thayers Limited pref. •
30
30
Toronto Elevators corn_ *
11
12
United Fuel Invest pref 100
40
45
Oils
British American Oil
*
Crown Dominion Oil Co_'
Imperial Oil Limited
•
International Petroleum_ _•
McColl Frontenac Oil corn'
North Star 011 corn
5
5
Preferred
Supertest Petroleum ord._*
Union Natural Gas Co...'
Mines
Coast Copper
Hudson Bay
Kirkland Lake
Macassa
Mining Corporation
Noranda
Sherritt Gordon
Sylvanite
Teck Hughes
Wright Hargraves
10%
4%
1235
1115
15
4
20
5
• 4.95
1
1 48
5
• 23.25
1
1
1
*
2.89
10
4%
11%
11
13%
4
4.50
1835
13
Range Since J. 1.
Low.
30
434
105 17%
95
9
530 5435
170 25%
55
5
185 5031
115 18
180 11
1,430 16
80 70
105 50
210 10
41 101
40 18
30
9%
295 40
11
17,670
190
434
14
23,255
12
9,330
275
15
4
50
100
4.60
20
1,701
13
50
High.
431 Mar
Apr
Apr 20
Apr
Jan 10% Mar
Feb 68% Mar
Apr 36% Feb
Apr
535 Mar
Feb 6311 Mar
Apr 19% Mar
Apr 16% Mar
Apr 3635 Feb
Apr 90% Jan
Apr 59
Mar
Apr 16
Mar
Jan 104% Mar
Jan 30
Apr
Jan 15
Mar
Apr 65
Jan
10
4
11%
11
1335
Apr
Mar
Apr
Apr
Apr
1635 Jan
634 Mar
1834 Jan
15% Jan
22% Feb
4.50 Apr
18% Apr
13
Apr
4.95 Mar
32% Jan
16
Jan
6
4
7
115
Jan 1034
4.95 5.2
425 4.20 Jan
6.15
80
80
1,900 59
Mar 93
46
Ma
52% 23,800 39
55
2.00 2.0
100
1.46 Jan
2.66
21.25 24.25 13,400 14.00 Jan 29.65
.88
.9
200
.82 Jan
1.25
97 103
1,000 53
Jan 110
7.45 8.1
3,210 6.30 Jan
8.65
2.87 2.9 10.000
1.94 Jan
3.02
Feb
Mar
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Apr
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Apr. 18 to Apr. 24, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
TVeek.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Amer Foreign Securs
3234 3234
100 2935 Feb 5315
American Stores
• 4315 4335 4434 1,000 37
Jan 4834
Bankers Secure pref
1,000 1634 Jan 25
1834 2234
Bell Tel Co of Pa pfd___100 11634 11634 11634
500 115% Jan 11834
Budd (E(;) Mfg Co
•
4%
411 5
1,000
4
Feb
534
Preferred
40
10 37
40
Apr 51
Budd Wheel Co
831 9
1,100
8% Apr 1215
834
Cambria Iron
4134 4134
54)
100 4134 Jan 42
Camden Fire Insurance_
19
600 1734 Jan 2934
1934
Central Airport
3% 335
200
215 Jan
334
5
Consol Tract of N J_ ..100
4034 4034
100 4034 Star 43
Elec Storage Battery_ _ _100
5435 5815
800 5035 Jan 6535
Empire Corp
135
115 1%
300
135 Jan
215
Fire Association
10
1934 21
900 17
Jan 2434
Horn .Sr Hard(N Y)corn..'
4335 4434
500 3435 Jan 4434
Preferred
100
10315 10334
20 ICO
Jan 104
Insur Co of N A
53
10
59
900 50
Jan 6334
Lake Sup Corp cas of dep.
4% 534 3,500
5
535 Apr
9
Lett Coal & Nav new W I._
22
2115 23% 4,300 2135 Apr 2734
Mitten Bk Sec Corp pref.._
735
635 7%
1,400
635 Apr 1334
Penaroad Corp
5% 635 24,900
6
535 Apr
834
Pennsylvania RR
5411 57
7,900 5431 Apr 64
50
Penns Salt Manuf
59
59
100 5815 Apr 8131
Phil& Dairy Prod pret_....25
9334 94
81 8834 Jan 9415
Phila Elec Pow pref
1,400 3234 Jan 3335
25 3335 33
3331
Phila Rapid Transit_ __ _50
Apr 22
800 13
1334 1335
Philo, & Rd Coal & Iron__
835 9
500
835 Apr 1234
Philadelphia Traction_ _. s ...... 33
1,515 2931 Feb 40%
3434
Railroad Shares Corp
Reliance Insurance
II
Scott Paper
Seaboard Utilities Corp_ _ _
Sentry Safety Control
Shreve El Dorado Pipe L 25
Tacony-Palmyra Mtge_ _ -•
Telep Security Corp
Tons
-Belmont Devel_ __ _1
Tonopah Mining
1
Union Traction
50
Un Gas Impr corn new...'
Preferred new
•
U S Dairy Prod class A__ -•
Common class II
•
Victory Insur Co
BondsCense'True N J bit 6e 1932
Del El Pow 515s
1959
Elec & Peoples tr ctfs 4s '45
Georgia Power & Lt Es 1967
Lehigh Nay Cons 415s 1954
Lehigh Power & Lt 6s
Penn Con L & P 4%8_1977
Penn RR 435s
1970
PennRR434sW I____1981
Ph El(Pa)lst lien&ref 58'63
lot ez ref 4s
1971
let Ss
1966
lst lien& ref 5158_1947
Phlia El Pow Co 5%8_1972
Pub Serv El & Gas 4s_1971
Reading Terminal Ss
Strawbridge& Cloth 581948
Warner Co 1st 6s with warr
York Rye 1st 5s
1987
• No par value.
700
3%
4% 415
6
100
6
6
15 4231
49
4934
900
3%
434
435 435
100
135
1% 1%
100
131
'
3
3
42
100 4134
43
20
1
1% 134
100 1-16
3-16
3-16
%
%
200
35
2135 2135
835 20
3034 2935 3194 36,800 2734
200 9815
10394 10331
200 6034
6034 62
100 10
13
13
100
435
631 634
4%
8635 8634
9435 9435
35
3531
101 10134
9834 99
105% 10634
9534 9534
96
96
9634 9635
10531 10534
9535 9534
10834 10931
10734 10734
10634 10734
9534 9531
10134 10131
97
9735
95
95
100% 101
$6,000
1,000
21,000
8,000
23,000
9,000
17 000
,
5,000
28,000
3,000
60,000
11,000
2,000
12,000
14,000
1,000
3,000
1,000
12.000
8134
9431
30
101
9734
101
9534
96
9534
104%
9434
10735
106%
105%
9434
101%
9335
95
9734
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Apr
Mar
Star
Jan
Feb
Jan
Feb
Feb
Feb
Apr
Mar
Jan
Mar
Feb
Jan
5
Feb
Feb
731 Mar
Feb 50
Apr
Jan
5% Feb
Feb
331 Feb
Jan
5
Feb
Jan 45
Apr
Feb
8
Mar
Jan
34 Mar
Jan
Apr
1
Apr 23
Jan
Jan 3734 Mar
Jan 103% Apr
Jan 6235 Apr
Jan 15
Feb
Jan
734 Apr
Jan 87
Apr 9434
Jan 37
Apr 10235
Mar 101
Feb10634
Apr 9735
Apr 96
Apr 9634
Jan 10531
Mar 9515
Jan 10934'
Jan 108
Jan 10734
Mar 9531
Apr 10534
Jan 98
Apr 96
Jan 101
Star
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Mar
Apr
Mar
Jan
Jan
Apr
3117
Friday
Sams
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan.l.
Low.
Consol Gas E L dr Pow_ _
88%
6% pref ser D
100
515% prof wiser E _100
5% preferred
100 105
Fid & Guar Fire Corp. _10
Fidelity & Deposit
50 159
Fin Service corn A
10
First Nat Bank w
Houston Oil prof(new).
16%
Maryland Casualty n w 1..
30,34
Maryland Trust Co
March & Miners Transp__* 31
Monon W Penn PS pref _25 25%
Mort Bond &Title w I
Mt Vern-Woodb Mills_100
7
Preferred
100
National Sash Weight prof.
New Amsterdam Cas Ins _
3234
Northern Central
Penna Water & Power_ _ ..• 60
Standard Gas Equip pref..
Un Porto Ric Sug corn_ •
Union Trust Co
50 5615
U S Fid dr Guar new_ _ _ _10 2635
West aid Dairy Inc pref__* 99
Western National Bank _20
87% 9215
297
111
111
1
20
110 110
44
10435 105
66
25% 26
48
159 160
11
10
10
183
4034 4134
180
16
16
31%
1,200
29
30% 31
225
27
31
30
2531 2531
865
5% 531
200
31
7
735
28
61
61%
3431 3434
75
494
32% 33%
33
89% 8931
6235
75
60
2215 23
150
815
6
71
56
5735
2515 2834 10,508
142
98
99
15
35
35
82
110
10835
102%
24%
132
7
40
15
25
30
30
24
5
535
60
3234
32
Bonds
Baltimore City Bonds
4s conduit
1962
4s3dP&B
1953
4s Paving Loan._ _ _1951
4s 2d sewer(coup). _1937
335s New Sewer_
_1980
Bait Spar Pt & C 435s 1953
Commercial Credit 68_1934
Finance Co. of Am 615s '34
Lord Bait Hot gen 634 %'45
Md Elec Sty 1st 58._ 1931 9735
North Ave Market 8s _1940
Prod Refin 635% w
100
United Ry & E lot 4s_1949
Income 4s
1949
Funding 55
1936
Wash Bait & Annap 55 '41
•No par value.
10211
10215
10214
101
91
47
10031
9835
89
97
8335
100
45
2031
38
1431
/200
102%
102%
1,000
600
10235
3,000
101%
1,500
91
3,000
47
5,000
100%
98% 2,000
3,000
89
2
9735
1,000
8335
2,002
100
23,000
46
20% 9,000
38
1,000
1434 4,000
101%
101
10015
101
87%
47
10034
98
85
95
8315
94
.
4235
1935
37
14%
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
5835 Jan
16
Feb
5
Mar
52
Jan
25% Jan
94
Jan
33
Apr
Feb
Feb
Jan
Feb
Jan
Apr
Apr
Feb
Apr
Jan
Apr
Jan
Jan
Ap
Jan
Apr
High.
wog
112
110
105%
32
165
10%
50
19
36
32
3331
2531
734
7%
6235
3434
3634
89%
70
23
1335
62
37
98
38
Feb
Feb
Feb
Apr
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Apr
Jan
Mar
Apr
Mar
Feb
Mar
Feb
Apr
Jan
Jan
Feb
Feb
Jan
10231
10215
102%
101%
91
5135
100%
101
89
9715
88
100
5031
26
44
35
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Jan
Apr
Feb
Mar
Feb
Jan
Pittsburgh Stock Exchange.
-For this week's record
of transactions on the Pittsburgh Exchange, see page 3089.
St. Louis Stock Exchange.
-For this week's record
of transactions on the St. Louis Exchange see page 3090.
.Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange, Apr. 18 to Apr. 24, both inclusive, compiled from official sales lists:
Stocks-
asses
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Prke. Low. High. Shares.
Aluminum Industries Inc •
Amer Laund Mach com _20
Amer Prod pref
•
Amer Rolling Mill corn _25
.
Amer Thermos Bottle A_ •
Preferred
50
Central Trust
100
Champ Co'ted Pap corn 100
let preferred
100
Special preferred- - -100
.
Champ Fibre pref
100
Churngold Corp
*
CNO&TP
100
Preferred
100
Cin Gas & Elec pref.-100
Cin Street Ry
50
Cin & Sub Tel
50
Cin Union Stock yards-*
City Ice & Fuel
•
Cohen (Dan) Co
•
Col Ry Pr B pref
100
Croeley Radio A
*
Dow Drug corn
•
Eagle-Picher Lead com _ _20
Early & Daniel corn
•
Formica Insulation
•
General Mach pref
Gerrard S A
•
Gibson Art corn
•
Globe-W'etnicke pref.. 100
Gruen Watch corn
•
Preferred
100
3434
28%
200
110
105
103%
102
635
4%
34
16
16
333.4 3434
13
13
28
2934
835 834
4731 4731
265 265
200 200
10931 110
105 105
10414 105
8
8
275 275
109 109%
10315 10335
3811 3834
101 103
25
25
35
35
15
1534
109 109
635 635
12
1391
435 5%
28
30
25
25
101
103
6
6
34
35
43
43
30% 31
103 105
IIobart Mfg
• 39% 3835 3934
Int Print Ink pref
100
6534 6535
Kahn participating
40 3034 3015 3035
Kroger corn
* 3034 28
31
Lazarus pref
101 101%
100 101
Little Silam' guar
1003.4 100%
50
Mantschewitz corn
•
33
33
Moores Coney A
12
• 12
12
11
•
135
115
135
Procter &(Iamb corn new • 6734 6634 68
5% preferred
108% 108%
100
Pure Oil 6% pret
100 74
73% 74%
Randall A
•
1454 1431
435
*
435 4%
U S Playing Card
10 40
40
4035
US Print dr Lith corn new •
10
10
Waco Aircraft
•
4
4
• No par value.
15
450
100
940
10
14
2
20
52
80
37
7
3
16
490
27
362
100
10
62
5
104
247
910
150
169
142
10
595
5
15
12
Range Since Jan. 1.
Low.
123.4
3331
13
2634
8%
47%
265
200
10734
101%
99
8
275
107
10011
3735
9634
23
30
15
107
434
915
434
24
24
101
435
34
43
34,5
103
Jan
Apr
Apr
Mar
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Apr
Apr
Feb
Feb
Apr
Jan
Jan
Apr
Apr
Ja.
Jan
Jan
Feb
Jan
Feb
Apr
Mar
Apr
Apr
Apr
Apr
High.
1935
45
13
37
10
50
266
200
110
105
10531
143.4
295
10934
10335
40
103%
29
37
1635
110
874
1435
7
31
2931
103%
8
39
43
33
109
217 37
Jan 41
Apr 70
20 65
26 28
Jan 3031
1,400 1835 Jan 3434
500 9731 Jan 101%
13 10034 Apr 102
Apr 35
5 33
Mar 14
20 12
10
Feb
1
235
1,47
63% Jan 71
58 105% Jan 110
85 7335 Apr 85
15 1335 Feb 15
55
331 Feb
5
160 40
Apr 50
Apr 15
8 10
20
334 Feb
4
Feb
Jan
Apr
Feb
Mar
Jan
Feb
Apr
Apr
Mar
Mar
Jan
Feb
Feb
Apr
Jan
Mat
Jan
Jan
Jan
Apt
Pet
Jar
Mal
Apr
Mar
Mal
Mat
Jet
Ain
Jar
Jar
Jar
Ma
Ap
Ma
Ap
Fel
Jai
Fel
Ja
Ma
Fe
Ja
Fe
Fe
Ja
Ja
At
-Record of transactions at
Cleveland Stock Exchange.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Apr. 18 to Apr. 24, both in- Cleveland Stock Exchange, Apr. 18 to Apr. 24, both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
bast Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corporation
33
•
All Coast Line (Conn) _ _60
9
Baltimore Brick prat
60
10 30
Baltimore Trust Co
30
Baltimore Tube, pref. _100
3735
10
10
Black & Decker corn
Ches & P Tel of II prat _100 11715 117
Commercial Credit prof _25
2234
25
Preferred B
24
83
634% hit preferred 100
39
93
60
30
3735
1031
118
2235
24
83
Range Since Jan, 1.
Low.
658 38
20 93
5 60
980 30
10 37
640 10
20 116
50 21
30 2134
5 80
StocksHigh.
Jan 42
Apr 115
Feb 60
Jan 32%
Mar
3715
Apr 15
Jan 118%
Jan 23
Jan 2435
Jan 8435
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Apr
Feb
Mar
Sales
Friday
Last Tweak's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Air-Way Elec Appl pref 100
Apex Electrical Mfg
•
Bossem Limest & Cmt cl A•
Central United Nat
20
Chase Brass & Cop pf A 100
•
City Ice & Fuel
Preferred
100
Clark Fred 0 corn
10
Cleve-Cliffs Iron pref__--•
Clev Electric III 6% pf.100
Clev Railways ctfs dep_100
70
70
11%
11% 11
29
29
29
56
56
56
104 104
34
3315 33
8915 8935
2
2
2
78
78
78
113 11334
7435 7534
Range Since Jan. 1.
Low.
20 70
915
123
4 30
160 56
20 102%
403 33
10 7791
10
1%
61 78
107 111%
175 6835
High.
Mar 72
Mar 12%
Jan 30
Apr 63
Jan 106
Apr 3734
Jan 8915
Jan
235
Apr 94
Jan 114
Jan 84
Mar
Mar
Jan
Feb
Apr
Feb
Apr
Jan
Jan
Apr
Mar
Clev Securities P L pref....•
134
13.4
100 305
Cleveland Trust
305 314
Clev & Sandusky Brew_100
334
354 336
50
Dow Chemical corn
50
* 50
Preferred
100
10134 10434
52
5411
Elec Controller & Mfg com* 52
Faultless Rubber com____* 3534 3534 3534
Firestone T & R 6% pf_100
5934 60
90
Gen Tire & Rubber com_25
90
Geometric Stamping
*
334 414
Guardian Trust Co___ _100 300
300 310
Harbauer corn
• 1734 1614 1735
40
4034
Interlake Steamship corn_*
1334 1334
Jaeger Machine corn
*
31
30
Kelley Isl Lime & Tr com.•
12
1234
*
Lamson Sessions
McKee Arth G & Co cl B.*
Metrop Paving Brick corn *
•
Mohawk Rubber corn_
Murray Ohio Mfg corn___*
*
Myers F E & Bros
National Acme com_ _10
National Carbon pref. 100
National City Bank_ _ _100
National Refining pref _100
*
National Tile corn
Nestle-LeMur corn
•
Ohio Brass B
100
Preferred
Ohio Seamless Tube corn..*
Packard Electric corn__ _•
*
Patterson Sargent
Reliance Mfg corn
Richman Bros corn
*
Robbins & Myers vtcser 2*
Selberling Rubber com_ *
Preferred_
_ 190
Sherwin-Williams corn_ _25
AA preferred
100
Std Textile Prod corn__*
Stouffer A w w
*
Thompson Products Inc*
Union Trust
25
Van Dorn Iron Wks cam.*
*
VIchek Tool
Weinberger Drug
•
Wheeler Metal Prod
•
Youngstown S & T pref 100
3334 3534
25
25
5
6
6
6
3734 3734
7
7
7
135
135 135
50
50
13234 13214
614
634 715
234 234
5714
54
54
107 107
1834 1834
1131
1131 11
25
25
1934 1934
5934 61
234 211
6
534 6
33
32
61
61
62
107 108
107
114 134
28
28
1334 1334
6614
62
62
434 434
8
8
814
1434
1234 12
10
10
10
100
100 100
3331
Range Sines Jan. 1.
112
134
87 305
50
3
50
45
10 10134
17b 52
100 35
135 5814
15 81
3%
70
60 300
45 1634
330 40
18 1214
52 30
125 12
226
22
30
50
225
175
25
50
5
110
574
428
13
45
150
15
25
1,180
100
638
120
569
141
13
50
200
1,215
55
265
120
1,470
155
High.
Low.
3331
25
3
6
3734
7
135
1931
131
514
2
54
10511
1834
1034
25
193.4
54
231
454
32
6014
10534
134
2534
1334
62
4
8
1134
734
9934
Apr
234
Apr 325
5
Jan
Jan 5134
Feb 10534
Apr 65
Jan 37
Feb 6134
Feb 140
Apr
53.4
Apr 330
Apr 19
Mar 60
Jan 1514
Apr 35
Apr 1514
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Apr 47
Apr 2734
8
Feb
Apr
6
Apr 45
Apr
7%
Jan 138
Mar 2234
Apr 135
Feb
8
Mar
3
Apr 71
Jan 10714
Mar 30
Jan 13
Jan 2834
Apr 26
Jan 7634
Apr
234
Jan
7A
Feb35
Jan 6834
Feb109
Mar
2
Jan 2831
Apr 1734
Apr 75
Jan
831
Apr 10
Mar 1534
Apr 10
Jan 10114
Jan
Mar
Mar
Apr
Max
Max
Jar
Jar
Jar
Mar
Fel
Fel
Mal
Jar
Mai
Fel
Ma]
Fel
Jar
Fel
Jar
Mai
Jar
Mai
Ma
Fel
Jar
Mrs
Ma
Fel
Ap
Jai
Bonds
Cleveland Ry 5s
Apr 10034 Ma
1933 10031 10034 10034 $7,000 100
Clev SW Ry&Lt G&C 511'54
414 434
500
434 Mar
5
Ja:
* No par value.
San Francisco Stock Exchange.
-Record of transactions
at San Francisco Stock Exchange, Apr. 18 to Apr. 24, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
30 169
Anglo & London P Ni Bk__ ------ 169 169
3
2,335
Assoc In.sur Fund
3
3
3
511
885
814 934
Atlas Imp Diesel A
914
70 230
Bank of Calif
241 241
7%
Bond & Share Co
480
7% 8
7%
434
Byron Jackson
4% 534 1,787
100 14
15% 16
Calamba Sugar
145 1331
14% 1515
15
7% preferred
34
200
Calif Copper
%
A
2%
25
2% 2%
Calif Cotton Mills
25 10614
111 111
Calif Ore Pow 7% pref_
111
3434 11,584 28
2834 28
Calif Package
92
50 85
91
Calif Water Service pref._
30,422 2714
2834 35
Caterpillar
766 1634
1614 17%
17
Clorox Chem A
540 18
18
19%
18
Cons Chem Indus A
376 2734
27% 30%
Crown Zeller pref A
85 28
28
30
Preferred B
334
4,207
3% 4
3%
Voting trust certificates_
--30%
High.
Apr 179% Jan
Apr
4% Feb
Jan 1014 Apr
Jan
Jan 250
Jan 1031 Feb
534 Feb
Apr
Jan
Jan 16
Jan
Feb 16
Apr
34 Jan
734 Feb
Apr
Apr
Jan 111
Feb
Apr 52
Apr
Jan 94
Feb
Jan 52
Apr 2211 Feb
Apr 2331 Mar
Apr 5434 Jan
Apr 53% Jan
634 Jan
Apr
Feb
120 13% Apr 15
1334 1334
Eldorado 011 Works
6% Jan 1031 Mar
150
8% 834
Emporium Capwell
Feb
30
29
3034 3,445 23% Jan 36
Food Mach
334 Apr
1,165
734 Jan
3% 4
Foster Kleiser
Apr
Apr 30
10 30
30
30
Flremans Fund
Feb
3
131 Mar
200
114 131
Gen Paint B
Jan 2254 Mar
1,249 11
14% 1434 1734
Golden State Milk Prod_ __
Jan 10511 Apr
86 101
Gt West Pow 6% pref__-- 105% 105 10534
230 10234 Jan 10514 Apr
7% preferred
10534 105 10534
834 Jan 1334 Feb
100
13
13
Hale Bros
Feb
Apr 45
15 40
40
40
40
Hawilan C & S Ltd
Apr 4131 Jan
232 28
28
Hawaiian Pineapple
2934
18% 20% 4,501 18% Apr 28% Jan
Honolulu 011 Corp Ltd_
Jan
Apr 52
130 45
45
50
Honolulu Plantation
Apr 1534 Feb
468 13
13
13
13
Hunt Bros A
Feb
534 Apr 12
20
514 514
Investors Assoc
2% Feb
34 Mar
452
Roister
A
%
15
9 Apr
234 Feb
25
6
6
Leighton Ind A
Mar
114 Mar
235
114 134
100 10334 Jan 10854 Mar
10834 10834
Los Angeles Gas & Elea Pl834 Feb
514 Jan
100
534 53(
Lyons Magnus A
3% Mar
1% Jan
214 11,572
231
2
Magnavox
Feb
Jan 18
205 13
1414 1414 1434
Magnin
Jan
6% Mar
100
634 634
March Calcu Mach corn_
Mar
Mar 25
108 22
23
23
Natomas Co
Mar
Jan 42
30 28
30% 3014
No Amer Inv corn
140 78
78
81
83% Jan
AD
78
6% preferred
Apr 78% Jan
78
55 75
75
534% preferred
12% Feb
580
554 Ma
5% 5%
No Amer 011 Cons
Apr 1614 Feb
672
8
734 834
Oliver Filters B
7,591 45% Jan 54% Mar
4834 47
49
Pac Gas
Jan
2,382 26% Feb 28
27'31 28
8% 1st pref
870 24% Feb 2534 Apr
2514 2534 25%
512%
Jan 6831 Mar
5634 58% 1,389 51
Pacific Light
70 100% Jan 105% Mar
104 10434
104
6% preferred
Feb
2234 3,451 18% Jan 28
2134 21
Pac Pub Serv A
Apr
17% 18% 2,413 1734 Apr 21
18
Preferred w
614 Apr 1111 Apr
9
8% 934 2,145
Series N w 1
110 118
Jan 131% Mar
125 12635
Pacific Tel & Tel corn
60 12034 Jan 13134 Apr
130 13134
6% preferred
5034 Mar
AP
4034 3,695 37
37
39
Paraffine Co
215
8
Feb 1214 Apr
12% 1234
Rainer Pull)Paper
Apr
6% Jan
1% 234 2,052
1%
Richfield corn
Apr
3
911 Jan
3
334 1,955
3
7% preferred
Apr 1714 Jan
155 12
12
12
Roos Bros
Apr 15
Jan
110 10
12
1034 10
Ry Equip 1st pref
Mar
220 11511 Jan 124
122 12234
San Jose L & Pow 7% Pr Pr
20 10134 Jan 10414 Mar
104% 104%
6% Prior pre
Apr 35
Jan
208 28
3014
28
Schlesinger Sons pref
531 Apr 1034 Feb
534
534 6% 8,049
Shell Union
Jan 55
Mar
60 45
5234 5234 5331
Sherman Clay pr pref
100 84% Apr 10031 Mar
8414 8434 8414
So Pacific
Mar
565 1214 Jan 15
14% 15
So Pac Golden 01 A
954 Apr 1031 Feb
351
911 934
931
Spring Valley Water
3834 38% 4234 16,372 38% Apr 5134 Feb
Standard Oil of Calif
7
Jan
Jan
5
120
7
7
Thomas Alice Corp A
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Tide Water Assoc Oil
8%
455
5% Apr
534 6
Apr 6954
6% preferred
35 52
56
52
Trans-America Corp
1034 1034 1134 133,218 1034 Apr 18
Jan 18
Traung Lbl & Litho Co A_
45 15
17
17
Union Oil Assoc
16% 1631 19% 5,896 16% Apr 24%
Union 011 of Calif
17% 1731 2034 12,296 17% Apr 2614
Apr 21
Union Sugar 7% pref
100 20
20
20
25 26631 Apr 275
Wells Fargo Bk
26534 265% 270
531
Jan
2
60
West Amer Fin Co 8% pf_
2
231
Western Pipe Steel
2534 2434 26% 6.001 14% Jan 2834
Feb
pan
Feb
Feb
Feb
Feb
Apr
Pan
Mar
Apr
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Apr. 18 to Apr. 24,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Bolsa Chica 011A
10
Byron Jackson
*
California Bank
25 81
Central Investment Co _100
Claude Neon Elea Prod_ _* 18
Douglas Aircraft Inc
* 19
Farmers & Mer Nat Bk 100 38534
Globe Grain & Mill corn 25 15
Goodyear T & Rubb pf 100
434
25
Hal Roach 8% pref
731
Hancock Oil corn A
25
Internat Re-Insur Corp_ _10
Los Angeles Gas & El Pi100
Los Angeles Invest Co_ _10
MacMillan Petroleum Co25
25.4
Monolith Port Cem corn...*
Mortgage Guarantee Co100
Pacific Amer Fire Ins Co 10 21
1134
Pac Finance Corp com _ _10
_10
Preferred series A_
10
Series C
10
Series D
Pac Gas & Elec corn_ ..25
Pac Mutual Life Insur_ _10 51
• 2134
Pac Pub Serv A com
1831
Preferred
Pacific Western 011 Co.._*
Pickwick Corp
134
Republic Petroleum Co _10
134
Richfield 011 Co com_ _ __25
234
25
Preferred
434
Rio Grande Oil com
25
754
7
534
5
8034
80
80
80
19
18
1911
19
38534 38534
15
15
72
71
434 434
731 735
2434 25
107% 107%
514 514
434
4
231
23.4
160 160
21
21
10% 11%
1134 1154
911 93
934 10
4714 4734
52
51
2031 22
1834
18
834
8
1
'1
134 114
1% 234
2% 3%
4% 654
San J L & P7% pr pf_100
6% prior prof
100 105
See First Nat Bk of L A _25 83
Shell Union 011 Co com_25
Signal 011 at Gas B
25
So Calif Edison com_25 46
Orig Prof
25
7% pref
25
6% pref
25 2731
- 534% pref
25 26
So Calif Gas ser A pref25
6% preferred
25
So Counties Gas 6% pf__25
Standard 011 of Calif
• 3834
Superior 011 corn
25
Taylor Milling Corp
•
Trans-America Corp_ _ _25 1034
Union Oil Associates..-__25 1654
Union 01101 Calif
25 17%
Union Bank & Trust Co100 325
Van de Kamp com
•
Weber Showcase & Fix pf•
122 122
105 105
8234 85
5% 534
10
10
47
45
.55
5554
2931 2934
2734 2774
2634
26
26
26
2634
26
10034 10034
3834 4214
20
20
2134 2114
1034 1154
1634 1914
1731 20
325 325
1234 1234
13
13
Bonds
L A Ry Co 1st m 5s__ _1938
Pam Gas & El 4 As_ _1957
Richfield fls
1944
9334
9314 9334
99
99
49
49
Ni•
..ww
www
.om
.o.
00
&8c.181.88-80.wo.1062wIrVatte. 00Q0g4;10.0..0..N000..00,2,..w00n3.
§§§ 00000000004s0 00000000V1 00.0p0.00000000:A00000000c.000000
Sates
Priam"
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Stocks-
FoL. 132.
FINANCIAL CHRONICLE
3118
Range Since Jan. 1.
Low.
7
5
80
80
1434
1234
38534
15
66
454
734
22%
10231
5
374
234
159
21
1034
9%
811
934
4631
51
1834
High.
Apr 2234 Jan
731 Feb
Apr
Jan 9434 Feb
Apr 94
Jan
Jan 2314 Mar
Jan 2314 Mar
Apr 39234 Apr
Apr 2014 Jan
Feb
Jan 80
Apr
Jan
5
Apr
834 Feb
Mar 33
Jan
Mar
Jan 108
Apr 1034 Jan
Feb
6
Mar
Feb
4
Apr
Feb
Apr 165
Feb
Apr 28
Apr 1611 Feb
Jan 1134 Apr
Jan
934 Apr
Apr
Jan 10
Jan 5434 Mar
Mar 5814 Jan
Jan 27% Feb
5% Jan
31 Mar
1554 Feb
1.35 Jan
17 Apr
%
2% Apr
4% Apr
634 Jan
931 Jan
1031 Feb
115
10134
79
634
10
45
54
2934
2614
2451
2514
2534
9934
3834
20
20
1034
16%
1734
325
1234
13
Jan
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Apr
124
105
9534
10
16
5434
60
3034
28
2634
2734
26 34
10234
51
23
2411
18
2411
26
325
15
20
Max
Apt
Feb
Max
Jar
Feb
Feb
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Mai
Feb
Pet
Feb
Fel
Jar
Mal
Jar
•No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Apr. 18 to Apr. 24,
both inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.
Admiralty Alaska Gold__$1
Amer & Conti with warr *
•
American Corp
Amer Corp warrants
Andes Petroleum
*
Appalachian Gas warrants
•
Atlas Util $3 pref
Bagdad Copper
81
B G Sand
•
•
British Can Shares
Columbia Baking 1st pref•
Cons Gas pre w I
•
Rights when issued
10
Central Casualty
Corp Trust Shares
Detroit & Canada Tunnel *
Diversified Trust C
SI
Eagle Bird Mines
10
Fuel 011
•
General Leather
.24
534
A
1
3814
434
334
2.85
4
3
•
5
Hamilton Gas
Imperial Eagle
$1
*
Internet Nat Gas
.80
International Rust Iron.$1
731
Jencks Manufacturing_ _$5
•
414
Jenkins Television
•
Kane Stores
Khmer Air
"
Keystone Cons Mine--$1
7%
Kildun Mining
*
234
Lautaro Nitrate
$5
Lessings
.48
$1
Macassa Mines
Macfadden
*
5
*
Metal Tex
_
Nation Wide Secur B
National Avis E warrants
6%
N Y C Airport
NY Rio warrants
----,_._
North Amer Tr Shares.
.84
Patricia Birch Lake Min $1
Pet
Cony* 15
*
Railways
•
Reliance Internat Pr
*
.39
.24
1434 1454
534
5
34
A
.29
.29
134
1
3834 3934
.94
.66
2% 234
5
5
434 414
10131 102
5-16 5-16
32
32
534 5%
234 354
554 554
2.75 2.85
4
4%
3
434
5
1.00
1931
.80
634
434
1
134
1.25
711
211
10
.42
1934
5
634
t34
6
A
534
.77
4
15
30
it?
Range Since Jan. 1.
Low.
.24
3,600
934
100
1,000
374
100
11
.11
500
1
600
1,500 34
.50
900
2
200
4
100
434
100
400 101
100 9-32
100 2934
5%
200
5,200
234
1,300
534
2,600
1.60
3
500
3
500
100
5
100
1.00
200
1934
.913 6,000
400
7%
600
434
300
1
100
114
1.31 1,400
8% 8,100
400
VA
100
10
.54 63,600
100
1934
5%
400
100
6A
100
134
6% 4,400
200
A
500
534
.84 13,500
5
900
600
1514
100
30
11111
1 if
2%
1.01)
18
.50
634
214
1
134
1.14
634
1%
10
.42
15
4
634
34
5%
3-16
5%
.60
4
1334
30
151
High.
Apr
.50
Jan 15
Jan
7
34
Apr
Feb
44
Apr
234
Jan 4034
Jan
1.48
Jan
3
Mar
7
Apr
5
Apr 102
Apr
5-18
Jan 3314
Apr
6%
Apr
4
Apr
634
Mar
2.85
Jan
7
Apr
534
Apr
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Mar
Jan
APT
Apr
Apr
Jan
Feb
Feb
Mar
Apr
Mar
Apr
57%
1.30
1974
1.20
751
534
154
47
%
1.31
951
434
1234
.56
20
5%
731
1
634
54
6%
.84
734
1834
3434
0
Feb
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Mar
Apr
Apr
Jan
Feb
Apr
Jan
Mar
Jan
11•••
Jan
Apr
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Feb
Jan
Apr
Apr
Jan
Jan
Apr
Mar
Apr
Jan
Apr
Mar
Apr
Feb
Apr
A.,.
APRIL 25 1931.]
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low
High. Shares
Seaboard Surety
$10
Seaboard Util warrants_
Sherritt Gorden
$1.
Shortwave & Television $1
Spilt Beth
Super Corp B
Sylvanite
81
34
2%
234
16
16
200
5-16
600
31
.89
.89 1,000
234 2% 15,000
1,300
234 234
6% 634
100
.97 1.04 4,200
Range Since Jan. 1.
Low.
16
31
.85
1%
I%
631
.96
Apr
Mar
Jan
Feb
Feb
Apr
Apr
High.
20
.34
1.33
334
3%
734
1.15
Jan
Apr
Feb
Apr
Jan
Mar
Apr
3119
Friday
Saws
Last Week's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Tom Reed Gold
$1
U S El Lt Pwr Tr Ctf B__
1.20
Bonds
Philadelphia Elev 5s__1966
1.12• 1.20
734 734
109
2,800
100
Range Sims Jon. 1.
Loa.
High,
1.00 Apr
531 Mar
10934 $6,000 109
1.50.i Apr
1331i Mar
Apr 109% Apr
•No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record
of the transactions on the New York Curb Exchange for
the week beginningon Saturday last (April 18) and ending the
present Friday (April 24). 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.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Apr. 24.
Stocks-
Indus. & Miscellaneous.
Aeolian Co 7% pref.._ _100
Aero Underwriters
•
Affiliated Products Ino-•
Agfa Anson Corp corn.....'
Air Investors corn v t c •
•
Cony preference
Warrants
All Amer Gen'i Corp___20
Allied Aviation IndustriesWith warrants
Allied Millsthe
Ailed Prod cony A
•
•
Aluminum Co coin
100
6% preferred
Aluminum Goods Mfg- •
Aluminum 1.tri eon'
•
Series A warrants
Series B warrants
Series C warrants
Striae D warrants
Amer Arch Co com*
Amer Austin Car imin
•
Amer Bakeries Corp cl A_•
Amer Brit & Continental.'
Amer Brown Boverl Elea
Founders shares
•
Amer Capital com A
Common class B
85.50 prof
83 preferred
American cigar common..
Amer Cyanamid corn B__•
Amer Dept Stores Corp..'
American Equities com__•
Amer Founders Corp_ ___•
Amer Hardware
25
Amer Investors el B etim_•
Warrants
Am Laundry Mach corn _20
Amer Maize Prod COM
*
Amer Thread prof
5
Amer Transformer corn..'
Am Util o Can clBvt
83 cum preferred
•
American Yvette Co corn.*
Anchor Poet Fence corn..'
Anglo-Chilean Nitrate....'
Apponaug Co common.....'
Arcturus Radio
Art Metal Works com.. •
Alisoe Elea Industries
Amer den rots ord shs.L1
Associated Laundries corn *
Associated Rayon nom6% cony preferred_ -100
Atl Coast Fisheries com_ •
Atlantic decor Corp corn_•
•
Atlas Plywood
Atlas Utilities Corp corn...
Warrants
Automatic Vol Mach corn*
Cony prior partio stock •
Aviation Corp of the Amer*
Axton-Fisher Tob aom A 10
5531
11
1934
14
1
8
34
10
60
1134
21
16
1
8
34
10
34
4%
2834
15731 15734
10934
1431
77
42
46
46
46
25
34
30
231
34
434
3034
17334
10934
1434
77
44
46
46
46
2534
I
30
231
1134
1931
14%
1
10
31
4
5
65
66%
7%
1,4
4%
3%
5%
331
5
3%
25%
3%
10
3
10
1%
331
2534
225
200
2,400
8,400
200
100
100
100
Range Since Jan. 1.
Low.
45
6%
1131
5
3(
6%
3%
9%
31
300
431
300
2,300 2454
4,250 140%
200 10631
500 14
200 5931
63 28%
26
9 33
6 85
600 24
34
1,400
400 28%
1%
100
60
12
22%
19%
1%
9
34
11
Jan
Apr
Mar 3034
Jan 224
Jan 100%
Jan 16%
Jan 102
Jan 60
Jan 60
Jan 60
Jan 60
Jan 29
Feb
Af
Jan 3334
Jan
2%
434
400
10
300
5
1,500
65
100
26
100
66%
725
834 17,300
3
2,200
434 1,600
33( 3,900
4334
2
6
3,700
I%
500
34
500
21
200
331
500
5
2
334 7,900
27
1,000
534 13,500
4
100
1034
800
50
100
8
300
5%
400
33(
931
5
60%
26
64%
734
134
4%
3.,
4334
43s
14
33%
21
334
5
3%
2534
1
3%
73z
50
4)4
4%
Jan
Feb
Jan
Feb
Apr
Apr
Apr
Mar
Apr
Jan
Apr
Jars
Jan
Apr
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Jan
5
10
6
65%
30%
69%
12%
3
7%
534
52
7%
2%
45
30
3%
7
5
80%
6
5%
15
72%
10
8%
434
3(
3
5831
334
9%
9%
544
134
334
9%
25%
40
5
800
1
600
334
300
1,000
5934
4
200
10
500
10%
800
634 14,800
17
% 1,900
3%
200
9%
200
1,300
2734
40%
300
441
%
yg
84
4%
Jan
Ma
Jan
Jan
Jo
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
514 Mar
1
Jan
4
Feb
60
Mar
8
Mar
13% Feb
14% Mar
8% mar
231 Mar
834 Feb
16
Feb
30% 'Apr
4134 Apr
8%
834
1%
2%
8%
17%
3631
Feb 110
Mar
2%
Jan
3
Apr
4%
Apr Ii
Feb 18%
Jan 31
Feb 26
Apr 16%
Jan
8%
Jan 8834
Jan 1731
Apr
231
Jan
6
Jan
6%
Apr 21%
Jan
Jan
Apr
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Jan
24%
20%
Jan
Jan
Apr
1%
Apr 31
Jan
634
Jan 4034
Apr
1
Feb
2%
Apr
7
Jan
2%
Jan
5
Apr 25
Jain
854
Jan
434
Jan 1134
Jan 24%
Jan
17
Apr 108
Jan 20%
Jan 2454
Apr
734
Jan
934
Feb
Feb
Apr
Mar
Feb
Mar
Jan
Apr
Jan
Feb
Feb
mar
Feb
Apr
co
Jan
keb
Feb
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Feb
Feb
Feb
Jan
Feb
Jan
40%
934
2031
1034
9%
834
34
22
10%
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Consol Automatic
Apr
Merchandising corn v t c•
Apr Cionaol Dairy Prod corn..'
Apr Consol Retail Stores
Apr Consul Theatres corn v t c•
Feb
Cont'l Chic Corp com_
•
Mar Conn Snares cone pref_1(0)
Mar
Preferred ser B
100
Mar Copeland Products Inc
Class A without warm_ •
Feb Cooper-Bessemer corn.....'
Jan
83 prof with warrants 100
Apr Cord Corp
5
Mar Corporation Sec of Chic •
Mar Corroon & Reynolds corn.'
Mar
86 pref A
Mar Courtaulds Ltd
Mar
Am dep rcts ord reg IL__
Mar Crocker Wheeler coin....'
Mar Crown Cork Internat A- •
Mar Crown-Zeilerbach pro! A_•
Jan Cuneo Press Inc cam
Jan
634% prof with warr_100
Mar Cunha.- w right Corn Warr
Apr Davenport Hosiery Mills_'
Dayton Airplane Eng corn.
Feb Deere & Co common
•
Feb De Forest Radio corn
•
Feb De Havilland Aircraft ....
Mar
Am dep refs for ord reg sh
Mar Diesel-Wemmer-Gilbert_
-•
Apr Detroit Aircraft Corp.....'
Feb Dinkier Hotels
Apr
Class A with warr
Feb Douglas Aircraft Inc
•
Mar Dow Chemical corn
Feb Dresser tei It) fdtg Co et A •
Feb
Class B
•
Feb Driver-Harris Co com 10
Jan
7% Preferred
100
Jan Dubilier Condenser Corp.'
Mar Durant Motors Inc
•
Feb Duval Texas Sulphur_
•
Jan Eastern Util Inv corn A..'
Mar Eisler Electric common...*
Apr Elec Power Aft800 corn.....'
Feb
Claes A
•
Mar Bloc Shareholdings corn •
Mar
6% cum prat with wa
Apr Empire Corp coin
•
Feb Empire Steel Corp corn-.
4
10
5
65
26
65
734
134
434
334
4334
5%
1;4
3331
21
3%
5
331
25%
334
4
934
50
7;4
5%
Babcock & Wilcox Co.-100
105 105
25 100
Bahia Corp corn
134 134
134
1%
•
1,700
Preferred
25
1%
2% 3
2,800
3
Ballwin Aircraft corn v t e•
2)4 3
2%
2%
700
Benet Indus Loan COM .• 1531
15
1634 1,800 15
Bickford's Inc corn
17
•
17
300 1634
/Marlow Sanford Carpet- •
2631
125 25
26
Dimmer's corn
•
24 • 24
100 24
Buss
Wr co corn
1434 15
• 1431
400 14%
Blue Ridge Corp com
8
434
*
434 4;4 4,60
Opt 6% cony pref--50 3531 3531 36
2,300 8031
Bower Roller Bearing_
•
100 1134
15% 1534
Bridgeport Machine cora •
1
1
1%
900
Brill Corp class A
431 434
20
3
Billie Mfg corn
534
6% 6%
300
Class A
20
20%
900 20
Brit
-Amer Tobacco
Am dep rota ord bearer£1 20% 19% 20%
1,500 18
Am dep rats ord reg__
400 19%
2031 20% 2034
British Celanese Ltd
Am dep rem for ord reg__ -----1% 134 1,900
13(
Bulova Watch prat
22% 24
• 24
600 22)4
Burco Inc corn
30
4
534 5%
6% prat With warr----50
40
200 843.4
40
Warrants
%
34
34 2,000
Burma Corp Am dep rots_
134 134
20
13.1
Butler Bros
5
20
5
5
300
5
Cable Radio'rube corn rime
1% 1%
10
31
Canadian Indus Alcohol A*
3% 3%
100
334
Carrier Corn
•
18% 18%
100 15
Centrifugal Plpe Corp.__'
6% 6%
6%
554
700
Chain Stores Devel corn...•
2
1% 2
1
500
Chain Stores Stocks Inc_ •
II
11%
800
7
Ghana Corp corn
•
24% 2434
100 20%
Chatham & Phenix Allied.' 14% 14
14% 5,300 13y,
Childs Co pre(
100
104 104
70 104
Cities Service common....' 16% 1534 1731 171.300 15
,
Preferred
• 82% 82% 8334 1,100 79%
Preferred B
•
634 6%
1,200
6%
City Machine & Tool....*
7% 7%
100
7%
City Says Bk (Budapest)
American Shares
4034 40%
100 4031
City & Suburban Homes-9%
9% 9%
200
9%
Claude Neon Elea Prod- •
19
100 19
19
Claude Neon Lights
534 6% 1,900
5%
Cleve Tractor common...'
634
634 7% 1,200
6%
Cohn & Rosenberger corn •
8
8
8
300
6%
Colombia Syndicate
3-16
3-16
900
31,
Columbia Pict corn v t 0.. •
17
19
1,300 17
Consol Aircraft corn
7
7
7
100
7
•
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
High.
%
7
4
27)1
27
016
34 3
6
7
4
4
2% 3
634 7
2734 30
27
30
5
1,600
2,100
100
300
200
1,050
800
Range Since Jon. 1.
Low.
Ire
814
3
1%
614
2714
27
High.
Mar
Fee
Jan
Feb
Feb
Apr
Apr
et(
734
4%
3
101(
64%
51
Jan
Mar
Jan
Apr
Feb
Jan
Jan
93.4
2534
11%
16%
931
2534
934
16%
434
42
400
53.4
10%
600
400
27
1134 122,600
19%
800
434
100
4434
500
3% Jan
934 Apr
25% Apr
Jan
1414 Jan
814 Jan
40
Feb
63(
23%
3644
15
22
634
51%
Feb
Feb
Jan
Apr
Feb
Mar
Jan
8
12
734
11%
6
2734
32
88
34
1734
1
22
434
8
300
1334 4,200
6
200
27%
50
33%
300
100
88
34 5,000
300
1731
134
300
10,600
28
6% 30,500
714
7
51(
27%
27%
85
814
14%
834
3914
36%
90
14
1734
'2)1
4494
834
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Jan
Feb
Mar
34
1734
134
23
534
2%
734
19
48
34%
2234
2
431
15
134
1%
434 434
14% 14%
2% 2%
734
19
48
3434
2134
2434
72
3%
1%
134
33.4
4
14%
14%
13
7931
131
134
200
100
9,900
3% Feb
12 1.1an
1% Jan
5% Are
Mar
17
3% Feu
734
12%
45
30
19
2134
72
3
134
1%
234
4
13
12
9
72
131
134
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
8
Mar
2834 Mar
51
Jan
393( Feb
2734 Mar
4114 Feb
Jan
80
434 Jan
311 Mar
834 Jan
Jan
7
6% Mar
22% Feb
22% Feb
18
Mar
8874.Feb
2% Mar
3% Jan
500
1,400
10
200
800
500
200
400
100
2,600
200
100
100
z34
1%
30
3(
5
234
6%
9
6
1034
8
134
29
Jan
1% Jan
Jan
5
Mar
Jan 42Jan
Jan
.% Jan
Jan 11% Feb
Jan
4% Mar
Apr
6% Apr
Apr 10% Jan
Apr
8 • Jan
Apr 1374 Mar
Jan . 12 • Mar
Jan
3 • Jan
Feb 363.4 .Feb
25,400
4,300
6,000
50
1234
13
21%
25
Apr
Apr
Apr
Jan
1934 Jan
1431 Apr
293( Mar
6234 Feb
200
7%
21
2.700
4831
200
1,600
36%
24
1,800
2734
600
1
72
334 1,00
2% 28,00
2
200
400
3%
4% 2.700
1,700
15
3,000
15
14%
700
100
79%
134 1,600
100
1%
Fageol Motors corn
% 1
10
Fairchild Aviation cOrn_ •
3% 3%
3%
Fajardo Sugar
ioo
32% 3234
.
•
Fandango Corp corn
31
31
Fansteel Products
634 7
634
Federal Bake Shops
334 314
Fodder, Mfg class A
614 6%
6%
•
Federated Metals
9
9.
•
Federal Mogul Corp
6
6
6
Flat Ara dep receipts
10% 11%
Flintkote Co common A_ •
8
8%
Foitis Fisher Inc common.'
2% 2%
Food Mach'y common_ •
30
30
Fora Motor Co Ltd
•
Amer dep rots and
12% 1431
13%
Amer dep rcts reg now.... 1334 13
14%
Motor of Can al A --• 22% 2131" 23%
Class 13
• 36% 3634 38
Ford Motor of France
•
American deposits HAS__
' 834 834
Foremost Dairy Prod earn •
1
Convertible preference •
134 1%
Foremost Fabrics coin_ •
• 134- 1%
Foundation Co
Foreign shares class A_ •
3
3
Fox Theatres class A eoul..•
334
334 4
General Alloys Co
•
6
5%
General Aviation Corp....'
7%
734 9
Gaul Cable Corn WalT *
1%
134
Gen Elea Co of Gt Britain_ ---- Am dep rots for and rog £1
10% ' 10% 10%
General Empire Corp....* 17% • 1734' 1734
Gaol Ftreproofing eom
• 24
24
24%
Gen'l Laund Mach corn..."
34
34
Gen Theatre Equip pref.'
8% • 8%. 20
Gerrard(3 A) Co corn_
• 631 631
•
Gleaner Comb Harvester-'
•2
234
Glen Alden Coal
•
36
3934
Globe Underwrit Each.....'
8
9
Gold man-Sachs Trading •
634 8%
7%
Gold Seal Electrical Co _ •
151 • 1% 134
Gorham Mfg com vt
• 20
20
20
Gramophone Co Lid
Am dep rots forordreg
9
934
1054
Grarmur Corp
25
2534
Gt AU & Pac Tea
Non vol corn
21734 229
222
7% first preferred__ _100 120
120 120%
Great Northern Paper 25
•
31% 3234
Uronery Stores Prod v t 0.
4% 434
Guenther (Stud) Rus Law 5
10
13
Hambleton Corp 53 prof.'
25
25
Happiness Candy Ste com •
34
1
1
Hazeltine Corp
•
21
22
Helena Rubinstein corn_
3
331
Hires (Chas E)Co corn A._•
2834 2834
Iloudaille-Hersh Prof A-..•
1534 1534
Hydro-Elec Secur corn
• 2034 20% 22,1
Hrgrade Food Prod corn..'
434 4%
Imperial Chem Ind
Am dep rota for ord neg..
434 4%
4%
Indus Flnan corn v t c__ _10
6
6
Maul] Utility Investment.' 33% 3334 37
Maur Coot North Amer.10 57 ' 54% 59%
Mar
Jan
Apr
Apr
Feb
Jan
Jan
12% Jan
Apr
22
Apr
1% Jan
100
1,000
300
4,200
I
1
734 Jan
34 Apr
Apr
Apr
1034 • Mal
334- Jan
4
Jan
614 Mar
700
6,700
1.900
3,300
100
234
3,1
4
544
1
Jan
Apr
Jan
Jan
Feb
5 . Feb
834 Jan
10%. . Feb
12 .Mar
334 Feb
3,400
1,900
1,000
100
44.800
1.00
30
1,000
3,100
25,000
4,200
100
10%
14%
2334
• 34
834
4%
1
36
7
531
%
19
Jan
Jan
mar
Mar
Apr
Feb
Feb
Apr
• Jan
Jan
Jan
Jan
. 11%. Feb
. 18 2 Mar
. Jan
25
• % Jan
3134. .Feb
: .7 14•••4Pr
5%. Jan
60
Jan
;
„ Apr
1114 Mar
1%. .Feb
23- I Feb
9
Apr
23% Feb
14% Mar
.
211% , Mar
3,100
700
160 157% Jan 260 •Feb 121%
120 117
300 3134 Apr 39%
Jan
4
631
400
500 10
Apr 18
100 25
Apr 25
% Jan
3,000
1
200 1434 Jan 2834
1% Jan
200
8%
100 2534 Mar 2
8%
100 12
Jan 18
4.600 2034 Apr 30
23.4 Jan
400
834
500
500
2,700
1,500
3% Apr
514 Jan
29
Jan
52
Jan
Apr
Mar
Mar
Mar
Jan
Apr
Apr
Feb
Feb
Apr
Mar
Feb
Apr
4% Ap
11
Jan
4914' • Ireb
6334 Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Low. High. Shares.
Stocks (Continued) Par.
Insurance Securities_ _If
Internet Cigar alaci4Y- •
Internet Hold dc Invest...
Internal Prod common_ •
Internet Safety Razor B. •
Interstate Equities eom-•
Convertible preferred..'
Interstate Hosiery 511113_ •
Iron Firemen coin v t C._.•
Irving Air Chute corn _ _•
•
Johnson Motor Co
Klein(D Emil) Co corn_ •
Klein (Henry L)& Co pf 20
Kleinert CI B) Rubb corn..
Common.Knott Corp common_.•
El
holster Brandes Am
Koppers Gas & coke p1100
Kruskal & Kruskal corn. _"
Lackawanna Securities_ •
Lakey Fdy Mach corn__ •
Letcourt Realty Pre:
Lehigh Coal & Nag
*
Lerner Storm common
635% pref with war?..
Libby McNeil & Libby _111
Liberty Dairy Prod corn..'
•
Lily-Tulip Cup Corp
.•
Louisiana Land & Baylor.
•
MacMarr Stores Inc
Mangel Stores
pref with warr_100
634%
'
Maps, roneol Mfg_
Marion Steam Shovel corn•
10
Casualty
Maryland
Mavis Bottling Coot Am_ •
5
Clam A
Mayflower Associates_ _ _
McCord Rod & Mfg B___•
•
Mead Johnson & Co com_•
Mesabi Iron Co •
b
meats Machine corn
•
Metal & Mining Stis nom.
Met 50 to 50c Sts cons A_ •
Common 13
100
8% preferred
Midland Royalty pref--•
Steel Prod 2d pt.'
Midland
Midland United corn....'
•
Midvale Co
Minneapolis lioneywell
101
Retodator prof
Mississippi River Fuel war
Monroe Chemical corn _ _ _•
-•
ooro Drop Forge A
734 7%
40
40
1% 14
4
4
1234 13%
24 234
30)1 3034 30%
5
5
154 1534 1534
934 10%
104
8
8
13% 134
234 24
6% 7%
7
934 1234
934
14
1
1
1024 10234
6
6
32% 33
244 244
22
22
2331
21
33%
32
2814
x81
10% 10%
103-4
14 134
20% 2234
22
134
1
9
rs
8
--
.
Nat American Co Inc.•
Nat Aviation Corp_
Nat Bond Sz Share Corp_ •
Nat Faintly Stores corn_ •
Nat Food Prod cl A ww.•
•
Nat Investors own
1
National Leather
Nat Mfrs & Stores Corp..'
National Screen Service..'
•
Nat Service Corr corn
Nat Short Term Sec A.- -•
Nat Steel Corp warrants-•
Nat Sugar Refg
Nat Union Radio corn..."
Nauheini Pharmacies cow •
Nelii Corp corn
First preferred
100
Neisner Bros pref
Neptune Meter class A _ _•
Nestle-Le Nlur Co cl A__ _•
Newberry (J J) Co corn_ •
loo
7%, preferred
New England Equity corn •
New Mexico & Ariz Land I
New York Auction com_ •
New York Ilamburc--- Niagara Share of Md_ _14
Niles-Bement-Pond corn..
'
Noma Elec Corp corn-Nordon Corp Ltd eom_
Northam Warren Corp pf •
Nor Amer AViat1011 wall' A
North Lic So Am Corp A_ •
Northwestern Yeast__ I
•
NOvadel-Agene Corp corn.
Onstooks Ltd class A__ _ _•
•
Class B
.
Outboard MotCorp coin B•
•
Class A cony Pre
•
Overseas Securities
Paramount Cap Mrs oom •
•
Parke DavLs & Co
-Proof Co..'
Parker Rust
Pander (D) Grocery el A.•
•
Pennroad Corp oom •4 e.
•
Perfect Circle Co
Perryman Elea Co cora.- -•
•
Millie Morris Cons oom .
a5
Class A
Philippe (Louts) coin A. •
Phoenix Secur Corp corn •
F•referred A_
Ple Baker-lea of Am cl A _ _•
Plane Governor com____•
Pilot Radio & Tube al A. •
Pitney Bowes Postage
•
Meter Co
Pittsburgh Forg
.25
Plate Glass corn.. •
Pitts
Polymet Mfg corn
Fropper McCallum 1108.....
Prudential Investors corn •
•
kJi preferred
PUNIC Utilit y Holding Corn
•
clam without warrants_•
,3 cuns prat
40
334
9734
3334
134
20
40
3
3034
4%
344
43
7
9234
1
32%
1%
34
34
134
13%
17
19%
60
21
40%
6
31
434
434
46
7
100
1
354
1%
31
34
136
1334
17
20%
60
Jan
Apr 30
Jar, 41
Apr
Apr
6
Jan
Apr
Jan 31
5)4 Apr
Jan
Apr
Apr
5
Mar
Jun 50
Apr
834 Jan
Jan 1134 Mann
Jan
13.4 Mar
Jan 364 Apr
Jan
234 Apr
1)4 Feb
Apr
Apr
)4 Apr
14 Apr
Apr
Apr 17% Feb
Jan 18
Mar
Feb
Jan 23
Mar
Jan 68
140
200
200
100
82
55-4
4
254
Feb
Apr
Feb
Apr
3% 2.800
3
500
641 6%
900
334 35
100
4% 4%
100
94 934
444 5% 3,400
200
%
34
200
534 54
100
22% 22%
2% 1,000
2
18% 6,800
18
227
6
6
900
32
30
800
2% 3%
400
35
34
200
9% 10
50
66
66
50
62
62
600
18%
IS
100
2% 2%
200
24
24
50
9334 9334
200
24% 24%
300
2
2
400
354 334
300
25
25
8% 2,600
744
18
184 1,200
1,400
54 x6
700
5.4
eae
300
38%
38
14 134 8.700
200
844 84
4.010
129 144
500
464
46
1.100
3
3
100
3
3
100
234
244
500
5% 544
300
4
4
1,100
2% 3%
264 2734 1,300
13,000
86 106
100
24)i
24
5% 631 38.100
100
29
29
2% 4,100
2
400
%
4
100
11
11
100
24
24
154 8,300
134
1.900
25% 26
400
aosi
28
200
434 44
18,000
1734 21
2%
1816
6
30
3
8
18
I%
13134
3
3
4
27
9934
24
6
234
34
144
254
304
1834
9
38
3
45.1
88
5
324
74
11%
36
3
44
11%
88
934
11%
36
4
4%
114
90
434
3214
Si
7
140
4
2
5-1
42
27
434
4%
2
)1
58%
4
114
354
30%
353i
5
3334
1
7
110
44
2
)1
42
27
4%
5
2%
)1
58%
4
24
335
32%
3554
4
4
Feb
Mar
Feb
Mar
Feb
Feb
Mar
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Feb
Apr
Apr
Apr
Jan
Jan
Mar
Feb
Mar
Apr
Mar
Jan
Feb
Jan
Feb
20
320(
1%
27%
34
3%
40
7
77
34
28
4
,
11'
34
14
12
14
17%
60
331
63-4
35
31
High.
Low.
450
300
700
200
400
900
500
600
5,000
1.500
1,500
1,100
200
300
100
100
300
200
1,800
87
86
534 634
5
5
25% 2534
4
Range Since Jan. 1.
9)4
a% Jan
900
Apr 48
200 40
334
14 Apr
100
4%
334 Feb
100
13)4
Jan
300 10
434
2)4 Jan
700
700 26% Jan 35
7
Apr
5
100
200 1534 Mar 1534
10%
74 Jan
2,900
Apr 1034
8
100
14
100 1234 Feb
334
234 Mar
100
634 Apr 11
600
9% Apr 14
500
14
34 Jan
2,900
Feb 1024
100 98
6
434 Mar
200
200 2934 Mar 37
331
2% Apr
100
Apr 2534
200 20
Apr 2lx
900 21
Jan 36%
300 30
Apr z81
100 x81
Jon 144
200 10
2
1%, Jan
100
300 184 Jan z2431
2
Apr
1
5,900
Apr 11%
xi
2,200
87
534
5
254
Warrants
Pyretic Mfg corn
•
Quaker Oats corn
4
Railroad Shares Corti-- -•
2
Lum Prod A _ __•
Rainbow
•
B
Common class
Raymond Concrete Pile pf•
Reeves (Daniel) Inc corn..
451
Reliance Intermit com A_ _•
434
Reliance Managem-nt eom•
2
10
Reybrum Co Inc
5.1
Reynolds Invest cora---•
•
Mehra-all Bros Co
4
Richmond Radiator pf .
134
Roorawelt Field
311
13.0011a International
Royal Typewriter com • 304
• 31)5-1
Ruberold Co
Rubber Plantation Inv Tr
Am dep rata for ord rrg..
[vol.. 132.
FINANCIAL CHRONICLE
3120
4,500
100
100
2,100
100
6,200
331
Apr
3
434 Jar,
Jan
28
3% Jan
Jan
3
44 Jan
34 Mar
Jan
5
Jan
20
Apr
2
15% Jan
Jan
5
284 Jan
134 Apr
34 Apr
Feb
9
Apr
66
58% Apr
18
Jan
234 Apr
2334 Jan
Jan
93
24% Apr
I% Feb
Jan
3
Apr
25
Jan
7
18
Apr
434 Jan
54 Feb
Jan
29
34 Jan
Jan
8
1153.4 Apr
384 Jan
Mar
3
Apr
3
24 Jan
434 Jan
2% Jan
2% Apr
2634 Apr
Mar
81
19)1 Jan
534 Apr
29
Apr
1
Jan
34 Jan
Jan
10
Apr
24
134 Mar
23
Mar
Jan
27
44 Jan
336 Jan
534
1034
36
14
3
834
88
Jan
Mar
Jan
Jan
Jan
Jan
Mar
4% Apr
6,100
300 31% Jan
'4 Jan
9.100
6% Mar
4Z)6
Apr
50 140
3% Feb
600
1% Apr
400
44 Apr
600
Jan
100 40
100 24% Mar
234 Jan
00
3
Jan
3
1,Ill
Apr
2
2,700
41 Jan
2,100
58% Apr
Feb
4
300
134 Jan
900
244 Jan
2,100
400 304 Feb
100 34)4 Feb
100
4
Apr
91
1031
5
2534
Mar
Feb
Apr
Apr
Sates
Friday
Last Week's Range for
Week.
of Prkes.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Russek's Fifth Ave
St Regis Paper Co com_ _10
•
Sanford Mills
•
Saxet Cocoa.
Schulte-United 50 to $1 St•
7% cum cony pref.._ _100
Seaboard UM Shares_ _ _•
Securities Corp Gen'l corn •
Seeman Bros common....'
Segal Lock & Hardware_ _•
Seiberling Rubber corn..'
Selected Industries corn_ -•
354 prior stock
Allot ctts full pd unstedSelfridge Provisional Storm
Am dep rets for ord shs__
•
Sentry Safety Control....
tieton Leather common_ •
•
Sheaffer (NV A) Pen
Shenandoah Corp coin-.
0
5
6% cony pref
Sberw-Wms Co(Can) corn'
Silica Gel Corp eons v t c •
Signature Hosiery pref_--*
Smith (A 0) Corp corn_ *
South Amer Air Lines cum*
•
Southern Corp corn
S'hwest Dairy Prod com_*
warr__100
7% prof with
Spanish& Gerd Corp
Am dep rata for ord regfl
Splaul-May-St ern pfd_ i101
Standard Holding A. •
Stand Investing 55.50 pref.
•
Stand Motor Coustr
•
Starrett Corp Corn
•
Stein(A)& Co corn
•
Stein Cosmetics COM- Storkline Furniture pref.25
Strauss (Nathan) corn_ _ _•
•
Stutz .,,.,,,r Car Co
w arrant9
Sullivan Machinery
•
Sun Investing corn
25
Swirl 4_0
15
Swift International .
Syracuse Wash Mach B._•
154
30
11%
•
Taggart Corp corn
Technicolor Inc eom _ - - •
Thatcher Securities Corp_l
Thew Shovel
Tobacco & Allied Stocks- •
Tobacco Products Rap...'
Todd Shipyards
Transcont Air Tritest.-- -- •
Trans Lux Pitt Screen-Common
TM-Continental Corp warr
Tri Utilities Corp coin.. •
Truscon Steel prat_ _ _ _100
Tubize Chattiou Corp.
•
Common B•te
Tung Sol Lamp Wks corn •
4
20%
634
6
334
14
14
534
3034
6034
6%
314
256
3-4
23
234
28
37%
934
7%
Range Since Jan. 1.
Low.
554
16%
30
12
34
35
4%
x2234
35
6%
13
434
64
64
5
100
12,500 134
50 29
634
14,400
4
1
1,000
34
600
3%
300
600 1934
300 z34
4
12,000
444
200
,
2
/
21
10,000
600 44%
1,100 45%
144 14
13.4
134
1334 13%
38
38
6
s53-4
s3034 3234
604 62
6% 6%
6
5
14534 155
1%
1%
3)4
3
2)4 2%
154 154
1%
100
Ih
4,200
64
300
100 38
3
2.900
2,300 30
100 6034
536
300
5
500
50 135
134
1,000
25)
1,400
1%
200
10 10
534
1434
29
11
31
34
4
20%
35
5%
53-4
34
58
58
11115.
Feb
Jan
Apr
Jul'
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
54
214
30
13%
1
3
54-4
304
37%
734
7
436
70
7034
Mar
Mar
Apr
Apr
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Mar
236
Apr
3)4
Apr
Feb xI5
Apr 42
Jan
8%
Jab 36
Jan 664
104
Jan
6
Apr
Jan 192
2%
Jan
Jan
414
234
Feb
Jan 17
Jan
Feb
Apr
Jan
Mar
Feb
Mar
Feb
Apr
Mar
Mar
Feb
Mar
Feb
300
325
100
300
1,800
900
100
700
800
100
2,500
700
50
300
1,500
2,000
600
34
13
11
36
)4
6
1334
4
11
3)4
18%
1
19
4
28
3434
4
Jan
Jay
Feb
Jan
Apr
Apr
Jan
Jan
Apr
Apr
4iir
afar
Jan
Jan
Apr
Feb
Jan
IS
37
12
56
1
12%
173-4
1 1'4
163/
10
28
434
224
8
30%
40)4
8
Feb
Mar
Apr
Mar
Jan
Jan
Feb
Mar
Apr
Mar
Mar
Mar
Feb
Mar
Jan
Apr
Mar
400
1034
73-6 934 2,800
200
234 2%
200
1834 18%
900
334 37
800
1
1
600
47
4734
8% 11,100
6
94
7-.
2%
18%
264
)6
46
34
Apr
Jar
Jan
Apr
Jan
Jan
Jan
Jan
18%
1434
34
1834
,
3934
134
50
74
Mar
Mar
Feb
Apr
Apr
Jan
Feb
Mat
34
23
12
554
31
7
1634
8%
12%
334
2434
334
19
19
14 5%
5,
28
28)4
37
37)4
434 5
4
254
12
55
35
6
16%
7%
11
344
23
Jan
Mar
1331 Mar
634 Jan
734 9% 17,900
734
Mar
6,6 Mar
2% Jan
500
5%
5
5
Jan
22
700 1854 Apr 29% Mar
19
Mar
25 z103% Feb 10336 Feb
s100
s100
Feb
Feb
Feb
16
314 Jan
1,400
8
7
7
Feb
Feb
734 Jan 12
300
834 831
851
Fen
Mar
2,100 21% Jan 2911 Feb
2734 2834
Apr Ungerlelder Financl Corp•
4 Mar
Jan
v, 34 1,200 16 SS rJan 28% Mar
•
Feb Union Tobacco corn
300
22% 23
Mar United Chem $3 pref____*
Utilities.
Feb
United Corp warrants-See Public
334 Mar
134 Feb
100
234
234
Jan United Dry Docks corn_ •
6% Mar 10% Ma/
37,300
7
Jan United Founders coin
Jan
2
136 Mar
100
134
134
Jan United Profit Sharing corn•
Mar 3031 Apr
200 30
30% 30%
Feb United Shoe alach'y prat 25
4 Feb
14 I al
1,600
2%
2
2
Mar United stores ,•urn v IC •
Mar 6.54 al..r
100 60
60% 604
Feb
15
Feb US Dairy Prod class A _ _•
400 10% Jan
• 12% 12% 13
Mar
Class 13
% MeV
5)4 Jar,
100
836
834
Jun
Mar U S FlnIshlug COW
Jan 50
50
100
50
50
100
10
Mar
Preferred
Apr
544 Feb
3130
736
7
•
Feb U S Foil clam /I
Feb
Feb U S St Internat Scour
Jan 60
800 31
46
44
634 Jan
First IBM with warrants' 44
Mar
234 Apr
231 334 1,500
336
Feb
20
S Lines pref
Jar
Mar
400 12
1536
15
Jan U S Overseas corn w w : 1536 3931 3936
100 3936 Apr 49 IlJan
Mar
Apr 33
Mar US Playing Card corn...10
100 20
20
20
)4 Mar
13.4 iJan
Mat U S Radio & Television...*
BOO
34
3-4
Mar
3% Ma
Feb US Shares Financial w yr.*
700
4%
4
•
9% Mu
5% Jan
Mar USStorescornvio
1,000
6% 736
6%
Utility & Indus Corp corn'
14% Jan 19% Feb
Feb
1,200
17
174
•
936 Feb
.5% Jar
Apr
Preferred5% 64 1,800
531
Apr
Jan 78
Feb Utility Equities Core oom •
250 68
7736 78
• 7711
Jar,
Mat
7
Priority stock
Feb
4
400
436 5
5
Mar
9
3
Jan
Mar van Camp Pack corn.. . •
100
554
536
5%
7
Jan
5
Jan
Jan Van Camp Pack 7% p1.25
634 2,100
6
634
Feb Vick Financial Corp_ _ _10
1,600 la'-( Jan 2934 Mar
1816 20
10
Mar
4
3,1 Jan
Feb Walgreen Co COM mon__ • 1
100
644
634
Warrants
Feb
8% Feb
Jan Walker(Hiram)Gooderham
64 Apr
6,900
64 7
634
•
2
Feb
lila Apr
& Wortscommon
ills
Mar
100
ills
13,
651 Jan
44 Apr
Feb Watson (J Warren) Co...
100
44 436
•
Feb Wayne Pump
100 47% Apr 5234 Jan
474 4734
Apr
Jan 22
Mar Welch Grape Juice corn_ _• 20
800 13
20
20
Jan 2436 Feb
Apr Western Air Express...10
100 17
204 204
Apr
Apr 25
Mar West Auto Supply corn A •
100 25
25
25
6 4r, Mar
Jan
1234 Mar Western Tablet & Ste v t c• 5H 544 534
600
Cafeterlan corn_ •
Apr 1411 [Mar
2434 Apr
9
100
:934 :94
1534 Mar
Jan
Feb Williams (R C) dr Co....'
8
2
14% 17,300
13
Apr Zonite Products Corp corn • 13
26
39% Mar
436 Jan
131 Jan
Rights
6% Feb
234 334 1.703
2%
134 Jan
44 Feb
23% Apr Assoc Gas & El deb rights..
300
234 24
Stockpurchase rights..
ill
34 Apr
.14 Apr
16,500
ill
10
Mar Mavis Bottling
:133-4 Apr
Public Utilities
Jan 11536 Mar
150 113
4234 Jan
115 1154
-s 115
2
Apr
3% Feb
634 Mar Alabama Pow 87 pref.
600
24
2
2
•
5
Feb Allegheny Gas Corp corn.
200 33'4 Jan 384 Feb
3634
36
Amer Cities Pow & L el A..•
14
Mar
Feb
4 Jan
51
10
3634 734 3,100
631
•
Clam 13
Apr
17
11 )4 Jan
91
Mar
10,200
15
14
Am Com'w'Ith Pow corn A• 144 20
Apr 29% Jan
22% 1,100 20
7% Fee
Common class B
Apr
Apr 89
50 85
85
85
•
$7 1st Prof class A
36% Feb
Apr
Apr 70
50 70
70
70
•
134 Jan
86.50 1st prof
1134 Jan 314 Feb
15,000
22
19
204
& Foreign Pow warn
734 Mar Amer
Apr 86,4 Feb
100 64
109 109
Amer Gas di Elea coin. •
Feb
165
21,100 10234 Jan 110% Mar
72
• 64% 64
Preferred
Jan 5436 Feb
4% Mar
4,400 43
47
43
25 44
Amer L & Tr corn
4
Jan
Jan 2934 Apr
100 26
294 294
25
2
6% preferred
Jan
Mar
231 Apr
2% 3% 1,400
3
42
Natural GELS corn..-•
Apr Amer
Apr 204 Apr
3,500
20
3
3
Al,, Ste Pub Serv coin A..'
27
Apr
19)4 Mar
II 4 Jan
1334 08,400
12
6
Am Superpower Corp corn • 12)4 92% 93
Feb
Mar
1,300 814 Jan 09
• 92)4
First preferred
7% Feb
500 8234 Jan 894 Mar
86
86
•
86 preferred
5
Feb
fi
Jan
8% Feb
9,100
634
5
534 10731 10731
_•
1% Jan Appalachian Gas corn
Feb 108
20 104
Mar
73% Mar Arkansas P & L $7 pref._ _•
Jan 30
Feb
300 is
20
18
• 18
5
Assoc Gas & El corn
Jun
4 Jan 23% Mar
1834 2134 19,000 17 4
• 183.4
A
Class
3% Mar
Apr 8934 Apr
100 80
89
80
80
85 preferred
5% Feb
600 6714 Jan 91% Feb
75% 90
85
-bear allot ctfs
It
38
Jan
Apr
600 19
Feb 22
1931 2134
2134
Allotment certificatm_
Mar
42
1
Jan
600
34 Jan
44
"ii
)4
Warrants
Jan 2534 Mar
300 22
2434 24%
•
Apr Assoc Telep ULU corn_
4
4%
10
394
544
10%
74
1
7%
24
34
184
13
3434
54
I
13
74
80
23
24
26%
95%
2454
3
4)1
294
11%
2234
8%
34
40
31-4
11)4
150
51%
5%
434
4
3
6
6
6
30%
1094
0
3
8)4
3436
4
1
•
APRIL 25 1931.]
Brazilian Tr Lt & Pr ord_•
Buff Wag & East Pr pt__25
First preferred
•
Cables & Wireless Ltd
Am dep rcts A ord shit_ £1
Am deo me ft ord fibs_ El
Can Hydro-El let pref_100
Cent AU States Serv v t c_*
Cent Hudson G&Eyte •
Cent Pow & Lt 7% prat 100
Cent Pub Sexy' com_
•
Class A
*
Cent So'west Util com
•
$7 preferred
$7 prior lien pref
•
Cent States Elec corn_ _ _ _•
6% pref without warr 100
Cony pref opt ear '29_100
Warrants
Cleveland Elec III corn_ __•
6% preferred
100
Com'w*Ith Edison Co_ _100
Com'wealth & Sou Corti-Warrants
Community Water Serv_.•
Cous'l G El & P Halt corn.'
Consol Gas Util cl A. *
Cont'l G & E 7% pr pt_100
Duke Power Co
100
Duquesne Gas common_ _•
East Gas& F Associates_ •
6% preferred
100
East States Pow con 13___•
East Util Assoc corn
•
*
Cony stk
Elea Bond & Sh Co coin_ _
$6 preferred
•
$5 cura prat
•
Elec Pow & Light warr
_
Emp Gas dr Fuel 7% Df _100
Empire Power panic stk_ •
European Elea Corp cl A 10
Option warrants
Florida Pow & Lt $7 Pt.•
3121
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Public Utilities
Week.
of Prices.
Sale
(Continued)
Par. Price. LOW. High. Shares
1834
18
2034 19,900
263( 2631
600
300
1013-410114
Range Since Jan. 1.
Low.
I
High.
18
Apr 2834 Mar
2515 Jan 27
Mar
9834 Jan 10231 Apr
2,200
31
35 1
700
55
34
31
74
50 74
754
100
31
31
%
23
25
200 1734
102% 102%
50 10231
15
15
200 15
14% 1534 6,000 14
1534
200 18%
1934 194
1934
96
50 96
96
10131 10131
50 9434
9
934 1031 14,400
934
60
200 54
60
200 50
60
60
100 10%
103.4 1031
4834 49
600 48
49
113 11334
30 112
232 23734
90 221
232
Jan
Jan
Apr
Feb
Jan
Apr
Mar
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Apr
Jan
Mar
Jan
13.4
94
78
3.4
31
1044
18%
1934
2431
96
10134
1234
6854
65
19%
52%
11334
256%
Mar
Feb
Apr
Feb
Mar
Apr
Feb
Apr
Feb
Apr
Feb
Mar
Feb
Feb
Mar
Mar
Apr
Feb
13-4
134 24 39,000
8
1034 113-4 6,000
8734 9234 2,400 82
400 1431
1531 153-4
1033-4 10334
50 9731
122 125
75 118
23-4
231 331 7,900
22
500 17
21
100 92
92
924
3,100 1331
1434 17
100 31%
32% 323-4
6
100
6
6
40% 453-1 403,000 40
10531 10731 2,600 1024
1,700 89%
9131 9431
11,300 20
2434 27
76
500 74
74
600 32
40
4034
7
900
9% 931
1M
4,400
3
23-4
100 100
100 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
234
1231
101
17%
103%
145
634
27
94
24
35%
831
111
1084
97
3734
79%
5231
13
4
104
Mar
Apr
Feb
Mar
Apr
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Apr
Feb
Mar
Mar
Mar
14
134
1034
88
10351
12234
3
924
154
1(11
4
914
24
74
23-4
Gen Gas& Elea $6 pref B_• 6714
Hamilton Gas Co corn v t c
531
Illinois P & L $6 prat
•
Intercont Pow corn A
•
Int_11ydro El $3.50 pret--•
InternatSuperpower
•
Internat Util el A
• 41
Class B
•
734
Warrant for clam ft etk
Interstate Pow $7 pref__ *
Italian Superpower corn A
33-4
Warrants
Kings Co Lt
serD p1100 9734
Long Island Ltii com____• 31
7% preferred
100
6% preferred ser B_ _100 106
Marconi Internat Marine
Common Am dep
Marconi Wirel T ot Can .1 ---234
Marconi Wireless Teleg Ltd
Am dep rots for ord bear
334
Mass Util Assoc 5% pf_100
Memphis Natural Gas___. 10
Middle West Urn com____• 194
$6 cony pret series A_ •
Class A warrants
Class B warrants
234
Mid-West States LIU! el A • 19
Mohawk dr Bud Pr lid pt.• 105
Montreal Lt fit & P Cone•
Nat Pow & Lt $6 pref.. -•
Nat Pub leery eom el A_ • 19
7% preferred
100
$3.50 cony pref
•
Nev Calif Elec $7 pret- •
New Eng Pow Assn com_ _• 7034
Preferred
100
New Engl Pub Seri)
• 98
$7 prior lien pref
New York Steam corn..•
N Y Telep 64% pret__100 1153.4
Niagara Bud Pow com_10 1031
Class A opt warrants.231
Claw B opt warrants.._
531
Clam C warrants
Nor Amer Lt & Pr ($6) Pf-• 85
Nor Amer Util Sec tom- *
N Ind Pub Serv 6% P1-100
7% Preferred
100 112
Nor States P Corp elm.100
7% preferred
100
6% preferred.... _ 101) 98
Ohio Power 6% pref_100 108
Ohio Pub Ser
pt A_100 10734
Pacific Gas& El 1st pref _25 28M
Pacific P & L 7% pref. 100
Pacific Pub Serv el A own.
• 2131
Pa Gas & Elec class A _ -• 10
Pa Ohio P & L 7% pref_100
Pa Pow dr Lt $7 prof
-• 11034
$6 preferred
•
Pa Water & Power
•
Peoples Lt & Pow class A.
•
Piedmont Hydro-Elec warr
Rhode Isld Pub Serv pf_ •
Rochester G dr E pf D.100
Rockland Light & Pow__ It)
Shawinigan Wat dr Pow_ •
Sioux City 0 & E pref.__ -----So Cal Edison 6% pt B 25
31% Drat class C_ _ _25 264
7% pret A
25
Southern Nat Galt corn_ _•
8
Sowest Bell Tel 7% pf _100 12014
So West 0& E 7% prof 100
Southwest Gas Utli corn..•
4
Standard Pow & Lt
39
Common class B
• _40
lk Preferred
•
Stand Pub Serv el A
•
Swiss Amer Elec prat
Tampa Electric Co
•
Tenn El Pow let pf_ _ _100 10934
Texas-La Pow 7% p1_100
Union Nat Gas of Can_ __• 12
United Corp warrants
934
United El Sent per Warr_
United Gas Corp com__ •
73-4
Prat non-voting
• 8834
Warrants
234
United Lt et Pow corn A_ _• 2134
Common class B
•
16 cony let pret
• 9834
Ti 8 Else Pow with war,. •
5%
Utica Gas & El 7% pf_100 105
6634 6934
531 n5
9231 94
66
4231 43
2234 2231
41
43
734 831
234 3
8634 8731
334 434
14 2
9734 973-4
3
034 33
111
11131
106 106
8%
23-4
3
3234
934
1934
98
131
234
19
105
57
102%
18
86
42
10131
7031
85
1,460 5014
53-1
4,300
150 8631
534
300
100 41
200 2154
1,700 3431
63-1
6,600
2
300
80 85
234
3,200
34
3,000
50 96
1,300 30
80 101114
400 10031
101
814
334 18,600
831
131
Jan 78
Mar
Apr
6
Apr
Jan 9431 Apr
Feb
9
Feb
Jan 45
Jan
Jan 333( Mar
Jan 45
Feb
Jan 10% Feb
Jan
45' Feb
Jan 88
Mar
Jan
1034 Jan
Jan
334 Mar
Ma
973-4 Apr
Jan 36
Mar
Jan 1J2'.1 Mar
Jan 1063-4 Mar
Jan
Jan
10
4
3
Apr
4
334 1,600
100 3231 Apr 35
3234
1,300
8% Jan 124
1034
2134 20,000 174 Jan 2534
1.400 97% Jan 101
99
1
Apr
200
231
13-6
2
Jan
10
231
3%
Apr 25
19
11300 19
10534
200 10031 Jan 1073-I
57
50 55% Feb 69%
Jan 10434
103%
700 97
19
300 1734 Jan 21%
86
100 8331 Jan 8734
Ma
44
42
100 42
10131
25 10131 Apr 103
Feb 75
704
50 70
85
330 7931 Jan 86
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Apr
Mar
Apr
Mar
Mar
Feb
Jan
Feb
Feb
98
120 9731 Jan 99
98
Jan
76
Mar
75
300 463-4 Jan 89
11531 116
150 113% Jat 10434 Mar
154 Mar
931 Jai
103.4 12 121,600
1 4 Jar
(
2
334 Mar
23-4 4,600
831 Mar
54 Apr
531 5% 1,500
154 Jai
334 Mar
231 2%
900
Apr 85
85
Apr
85
50 85
231 Jan
100
34 34
436 Mar
Jai 105
104 105
Apr
50 97
Mar
112 112
50 10934 Feb 113
300 1234 Jan' 15236 Mar
136 136%
Jan e1093( Mar
100 101
10831 10831
680 95% Feb 101
974 9834
Mar
70 10434 Jan 10831 Apr
10714 10834
1,000 10331 Jan 10731 Apr
1074 10731
284
101
021
10
109
110 34
105
6034
20
2854
101
2134
10
109
III
10631
62
21
284 284
9934 9934
1634 16%
50
50
104 10434
2634 284
2631 2634
2931 29%
734 851
12034 121
9434 95
334 434
39
39
40
40
99
99
2
234
904 9031
50
51
10934 10935
50
50
12
1334
934 11%
lie
11
734 84
8834 904
3
23-4
2134 2434
60
6531
98% 993-4
434 5%
105 105
2,500
2
700
100
2
100
7
400
500
400
100
200
500
200
.50
500
1,300
100
2,500
200
30
1,900
100
200
50
300
100
600
50
5
600
11,000
100
36,800
1,900
8,000
36,800
600
900
5,600
50
2594
10034
195.5
8
109
1083.1
103
59
20
M
26
9934
154
50
104
2531
2414
z2935
5
118%
94
33(
3534
32%
98
2
81
4734
108
50
12
8
tie
714
86
24
2134
60
9454
41
4
10354
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Apr
Jan
Jan
Jan
Ma
Jan
Jan
Jai
Jan
Jan
Apr
Apr
Jan
Jan
Feb
Apr
Apr
Jan
Mar
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Feb
2834
101
2834
11
109
111
10634
70)4
2634
1
2834
100
1834
60
10435
2834
2631
3031
93-4
1211 1
3
97
654
50
60
101
5
95
61
10934
7034
17+1
1534
tie
11%
94
43.4
844
6931
10434
`t34
105
Apr
Apr
Feb
Apr
Feb
Mar
Apr
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Max
Feb
Mar
Mar
Mar
Feb
Apr
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
St ter
Feb
Apr
Sales
Friday
Last Week's Range for
public Utilities
Week.
Sale
of Prices.
(Concluded)
Par. Price. Low.- High. Shares.
Util Power dr Light corn
Class B vot tr Ws_
•
West Mass Cos
•
Western Power pref_ _100
83.4 10% 22,500
83-1
22% 264 3,200
25
500
5535 50%
100
10334 10334
Former Standard 011
Subsidiaries
734 8
Borne Scrymser Co
25
Chesebrough Mfg
120 12954
25
Galena Oil Corp
134 131
•
134
Humble Oil & Refining_ _25 5334 6334 643-4
Imperial Oil (Can) coup...• 1234 1134 14
Registered
• 12
1134 14
Indiana Pipe Line
10 z1534 14% 16
14
National Transit_
_12.50
143-4
1034
10
New York 'Transit
10 10
99
99
Ohio Oil Co 6% pref_ _100
12
10
Penn Ilex Fuel Co
25 10
Routh Penn Oil
25 15% 1534 1734
3431 35
So'west Pa Pipe Lines_50
Standard Oil (Indiana)._25 27% 2734 3031
1831 20
Standard 011(KY)
10 19
Standard Oil (Neb)
285-4 2831
25
49% 52
Standard Oil(0)corn_ _25
106 106
5% cum prat
100 106
Vacuum 011
25 4434 4431 4931
Other OH Stocks
Amer Maracaibo Co
•
Ark Nat Gas Corp corn.
.•
Class A
•
Preferred
10
Atlantic Lobos Oil com_ •
Preferred
50
British Amer 011 Co Ltd
Coupon stock (bearer)..
Registered shares
Carib Syndicate
Colon 011 Corp corn
•
Columb Oil dr Gasol t a_•
Consol Royalty Oil Co.._I
Cosden 011 Co corn
•
Creole Petroleum Corn.. •
Crown Cent Petrol CO- •
Darby Petroleum corn_ -•
Derby Oil dr Ref corn.-.
Gen Petroleum Corp _ _ -.
Gulf 011 Corp of Penna_25
Indian Ter Ilium Oil el A •
Class B
•
Intercontinental Petrol„..15
Internatl Petroleum
•
Kirby Petroleum
•
Leonard Oil Develop- -26
Lion 011 Refining
•
Lone Star Gas Corn
•
Magdalena Syndicate--1
Mexico-Ohio 011 Co
•
Michigan Gas dr 011
Mid-States Pet cl A vto •
ClaseB v to
•
Mo-Kansas Pieta Line corn .)
Class B vol tr
.1
Mountain Prod Corp_ _10
National Fuel Gas
•
New Bradford 011 Co_-5
North European On corn •
Pacific Western Oil
•
Pandem 011 Corp
•
Pantepec 011 of Venezuela*
Petrol Corp of Am warr...
Plymouth Oil Co
6
Producers Royalty Corp.
Pure 011 Co 6% pref.._ _100
Reiter-Foster Oil Corp- •
Richfield 011 prat
25
Root Refining pref
•
Royalty Corp of Am pf _10
Ryan Consol Petrol
•
Salt Creek Canso' Oil__ _10
Salt Creek Producers_..10
Southland Royalty Co_ •
Sunray 011
IS
Texon 011 & Land Co--•
Union 011 Associates
25
Venezuela Petroleum_ _ _ _5
Woodley Petroleum
1
“Y" 011 & Gas Co
•
Mining Stocks
Bunker Hill & Sullivan--Swans 151'Kubwa Cop M
Amer shs for ord shs--Comstock Tun & Drain 100
Consol Copper Mines_ -.5
Creezon Cone CI M &
Euel Mexicana MInIng
I
Eagle Pteher Lead Co.
.20
Engineers Gold Ltd_
_5
Evans Wallower bead txtru•
Falcon Lead Mines
1
Golden Center Mines_ _5
Goldfield Consol Mines. 1
Hecia Mining Co
25e
Hollinger Cons Gold
6
Bud Bay Min &
Lake Shore Mines Ltd.._1
Mining Corp of Canada.
.5
Moose Gold Mines Ltd
1
Newmont Mining Corp.10
New Jamey Zinc
25
N Y & Bond Rosario_ _10
Nit:doing Mines
6
Noranda Mines Ltd
•
Ohio Copper
1
Premier Gold Mining_ -1
St Anthony Gold MInes 1
Shattuck Deng Mining..
•
Silver King Coaltion
5
reek Hughes Gold Mln-1
Tonopah Mining (Nev)_ _1
United Verde Extens'n_50)3
Utah Apex mining
Walker Mining
1
Yukon Gold Co
5
needs
Alabama Power 44s_ _1967
New when Issued
1st ref 58
1956
1st & ref68--._ ..190$
Aluminum Co a f deb Se'52
Aluminium Ltd 5e
1948
Amer ComIth Pr 6o._1940
Am El Pow Corp deb Gs '57
Amer G & El deb 5* .2028
Am Gas & Pow deb 8e.1939
Amer Pow & Lt6s.
20I6
Amer Radiator deb 454*'17
Amer Roll Mill deb 58_1948
14% notes.__Nov 1933
1
434
5
131
134
331
1%
234
ioii
5334
1354
1234
9-16
1134
531
174
7-16
64
51
44
20%
134
1 3-6
631
7-16
2
73%
334
234
2
531
231
931
3.4
Si
4%
43-4
631
si
si
10
10
1
134
334
13.4
134
234
3-4
34
336
20%
5354
1334
1231
si
1134
14
34
5%
16
5-16
3
4
234
34
536
54
4
2034
134
134
654
31
134
34
10
134
2335
3
234
134
2
1
534
454
2%
94
19
14
3
Si
131
231
7-16
434
54
134
134
534
831
4%
7-16
40
42
134
Si
3-16
4
3
9
134
5-16
Low.
731
250
800 110
300
134
10,500 5334
19,200 1135
1,700 11%
1,600 143.5
SOO 12 m
400 10
100 9834
400 10
2,100 1531
50 33
53,600 2731
7,500 18%
100 2834
450 49
60 103
16,300 443'
Apr 1234 Jan
Jan 12934 Apr
2% Feb
Apr
Apr 72 • • Feb
Apr ISM Jan
Apr 18
Jan
Apr 21
Fen
1734- Mar
Jan
Apr 14 34 5Jan
Mar 10231 -Jan
1534 Jan
Apr
Apr g3j4 Jan
4pr
Jan 38
Apr Sal.' Jan
Apr 2314 -Feb
Apr 3634 Jan
Mar 62 % Jan
Apr
Jar, 106
Apr 693( Feb
34
5,300
1
534 11,500
531 16,500
100
63-4
500
31
100
1%
34
434
4%
6%
31
1
Jan
Apr
Apr
Feb
Feb
Mar
334
334
21
5834
1434
1234
9-16
12
14
55
5%
1834
7-1
331
4
331
1
634
31
431
2234
134
135
8
7-16
134
54
11
231
7534
14
331
234
234
2
1%
6
434
354
931
19
1
3
)4
800
200
2,100
1,700
1,703
100
1,100
6,500
100
100
100
1,600
5,700
1,700
500
10,000
45,500
100
8,900
600
6.400
20,600
1,200
100
1,000
2,200
7,000
1,200
1,500
3,000
1,100
12,200
4.000
20,300
1,100
100
400
3,200
120
400
1,000
200
200
1,700
300
2,100
2,100
10,800
GOO
200
2,100
200
300
10
10
34
134
3%
134
1
234
%
334
231
2031
5334
1334
1234
31
1134
31
4
835
16
31
134
4
24
74
5
ld
4
203
11
134
44
5%
4
1
54
934
1)4
7334
1
3
234
134
2
1
5%
434
21
4
9%
19
If
134
44
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Jan
Apr
Jan
Jan
AD
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Mar
Apr
Jan
Apr
Apr
Feb
Jan
Mar
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Jan
4734
1034
1031
1%
2
4
134
131
236
34
50
4331
Jan
y131
1-16
231
5-16
1
4
43-4
34
1
1-16
34
3-16
44
634
41
4
2434
131
35
394
42
1035
i
143.4
31
31
1-16
3
3
4
31
8
35
134
31
Apr
Feb
Feb
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Feb
33,000
51,000
14.000
2,000
26,000
29,000
149,000
9,000
127,000
1,000
78,000
20,000
41,000
37,000
96%
9731
101%
101 34
1034
974
73
z67
97
85
10154
100
85
96
1
3,4
98
9834
98
97% 9834
98
10254 10231 103
10334 10334 10334
104 34 .105
10034 101
101
76
74% 73
684 6
931
69
99% 9031 993-4
864 8631 8631
10734 10731 108
10131 101%
894
8634 85
974 9731 98
H103.
8% Apr 1434 Feb
21
3134 Mar
Jan
5331 Jan 6231 Feb
984 Jan 104 ,Mar
•
700
1/14 914
34
31 2,100
23-4 234 2,900
31 7-16 1,200
34
54 4,600
1,100
4)4 531
600
94
134 1,200
1-16
34 2,100
1
134 2,500
3-16 3-16 2,300
4% 6
5,600
8
84 3,500
534 8,300
100
2
84 2631
2
600
24
54
34 1,600
3931 43
5,000
42
444
900
10% 10%
100
134 13-4
1,000
8,300
22
24
54 2,500
13-16 15-16 1,100
31 3-16 6,400
4
43-4 3,100
3
700
334
34,000
731 8
200
35
54
9
1034 4,700
1
600
1
300
131. 134
400
5-16. 7-16
z47
47
Range Since Jan. 1,
!JanmJanee
aF
16601:434
ar
bb
331 itA lir
1054 Apr
2S4 Feb
5)4 Mar
7,4 ieeb
3
% u
2 4 Jan
3% FebFe
4 jan
5
Feb
Feb
Feb
30
Fe61
Jan
1
6
76
Feb
31 Jan
1151414 malFeb
Jan
r34
634 Feb
29%
434
834
449111x
Feb
Mar
5Jan
JanJanJ
Jana
26
531 Feb
jeb
Jan
2% Mar
14
15,4
Apr
2 . Feb
14 Jan
19
Feb
434 Jan
8331
1
11
334
334
234
134
7%
73.,.
" an
Apr
Jan
Jan
16
251
2434
154
.
Feb
Jan
Jan
Feb
Feb
3;1
j
Feb
an
Jan
Jan
Jan
Feb
•
134 Jan
14 Feb
331.• Jan
% Mai
134 -Mar
,4• Mar •
134
53
mar
w Feb
34 Feb
Feb
34 Jan
8
Mez
834• Ayr
63-4 Mar
2834 Apr
24 .MflE
121. APE
5834 Feb
Jan
61
Mar
12
1% Mar
29% Mar
34 Feb
134 Apr
3-16 Jan
6 -Mar
534 Mar
9- Apr
nie Jan
1314 Mar
134 Jan
Feb
2
'is Apr
9914
Fe
99
AP
Jan z104
Jan 1044
Jan 105%
Jan 101
Apr 83
Mar 7034
Jan 10034
Jan
Jan 108
Jan 10254
Apr 97%
Jan 984
so
Jan
Mar
Mar
Apr
Apr
Apr
Jan
Apr
Mar
Jan
Apr
Apr
Feb
Apr
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
Range Since Jan. 1.
Low.
11101.
Feb
Jan 70
Amer Seating (is
1936 6634 6651 66% 7,000 55
Appalachian El Pr 55_1956
103 10351 36,000 99% Jan 10354 Apr
Feb
ADDalachlan Gam 135-1945 7034 69% 77% 126,000 65% Jan 89
Feb
Cony deb Be ser B_ _1945 5134 50% 6034 198,000 4954 .lan 75
Feb 105% Mar
Appalachian Pow 6s 2(124
105 105% 3,000 101
99% 100% 47,000 95% Feb 100% Apr
Arkansas Pr & Lt 55..1956
Mar 85% Apr
Arnold Print Wks 6s_ _1941
85% 8554 1.000 z83
ASSOC Dye & Print 68_1938
1754 20% 4,000 17% Apr 2054 Jan
With warrants
Mat
,
-Ansoelated E'en 4545_1953 9134 59151 92 395,000 545 5 Jan 94
Associated Gas & Electric
Mar
4%a series C
1949 6734 6454 6754 131,00 z6334 Jan 73
Apr 74% Mar
65
20,00
68
65
Deb 4548 without war'48 68
684 Jan 8054 Feb
55
1950 7234 7134 7331 122,00
55
1968 7134 71
7234 221,000 7054 Jan 80% Feb
Apr 7656 Jan
64
43,00
69
64
6545
1938 69
Apr 96% Jan
80
8234 21.00
534e
1977 8134 80
Feb 60% Apr
53
59
Assoc Rayon deb 55_195
6034 42,00
59
Jan
Jan 90
84
Assoc T & T deb 53.01 A '55 8734 8751 8834 34,00
,
Ammo Telep Ut11 5568_1944 87
87
8834 65,00 zg(151 Jan 92% Mar
Jan 160% Mar
59
5,00
60
Atlas Plywood deb 5348'43 60
60
Mar
Baldwin Loco Wks 5545'33 10131 10134 101% 5.00 10154 Feb 102
Bell Tel of Canada 58_1957 10534 10534 105% 10,00 102% Jan 10651 Mar
Mar
18,000 10351 Jan 106
105 106
let M 55 series A
1955 106
1960
106 106% 13,00 103% Jan 1063-4 Mar
1st M as ser C
9856 Mar 08% Mar
Beneficial Ind Loan 6151948 9854 9854 9854 36,00
Mar
Mar 96
94
9434 0434 5,00
Birmingham Elec 4%s 1968
98
9851 27,000 95% Jan 100% Mar
Birmingham Gas let 58 '59
Apr 99% Feb
10,000 96
96
96
Boston & Alb imp 4518 1978
Jan 10451 Jan
5.000 103
104 10434
Boston Consol Gas deb 5347
Jan
5,000 10054 Jan 103
Boston & Maine RR 6s'33 10234 10234 103
4ate
1961 9534 9434 ts9554 522,000 9434 Apr 8051 Mar
10651 5,000 104% Jan 106% Apr
Bklyn Borough Gas 631967
10634
Mar
29,000 106% Jan 110
Canada Nat Ry 75.___1935 10934 10934 110
25-yr guar 4 54s_ _1956 wog 100 10031 72,000 9854 Jan 10091 Mar
Capital Adm 6th 55 A_1953
Apr
Jan 88
1,000 82
8654 8634
With warrants
Feb 85% Apr
1,000 81
85
85
Without warrants
28,000 10156 Jan 104% Mar
Carolina Pr & Lt 55._.1966 10334 10334 104
ClaterpillarTractor 5e 1935 100% 8100 10056 55,000 05% Feb 10154 Feb
Jan 98
Mar
5,000 93
98
98
Central German Pow 68'34
Cent III El & Gas 55_ _1951 9534 595% 9534 75,000 94q Mar 955( Mar
Cent 111 Pub Ser 5s G_1968 10034 100 10034 16,000 9954 Apr 100% Mar
29,000 92% Apr 94% Mar
1st & ref 456e ser F_1967 9234 923-4 93
Jan 96;4 Mar
Cent Pow & L let 55._1956 9556 9554 95% 39,000 93
Cent Pub Say 554e 1949
Mar
With warrants
577
7931 372,000 7031 Mar 81
77
Jan 7154 Mar
6554 65,000 58
Cent Staten Elea 55___1948 6434 564
Mar
97,000 60% Jan 77
69
Deb 65613__Sept 15 1954 6734 67
Jan 8731 Mar
8234 38,000 77
Cent. States P & L 554e '53 8134 80
Feb 9434 Mar
alle Dist Elea Gen 4%13'70 9234 9254 9331 26,000 90
Jan 102% Apr
Deb 5548____Oct 1 1935 10234 102 1023-1 23,000 99
Mar
Jan 73
Chic Rye 58 etre dep._1927 6454 6334 6651 36,000 62
Cigar Stores Realty Hold
-Deb 51/.8 series A .
7731 28,000 68% Feb 7734 Apr
7634 76
Feb 90% Jan
1,000 85
88
88
Cincinnati St Ry 5As A '52
Jan
Jan
70
28,000 270
72
71
Cities Service Is
1966 71
8
Jan 82% Mar
Cony deb 55
1950 7534 5744 7756 1891000 72
Apr 83
Jan
Cities Sere Gas 5 A -1942 7434 7436 7534 43.000 75
Apr 89
Jan
85
8534 21,000 85
Cities Serv Gas Pipe L 68'43 85
Jan 64
Jan
57934 8034 100,000 75
Cities Serv P & L 5%8 1952 80
104% 104% 3.000 104% Feb 105% Apr
Cleve Elec III let 5s_ _ _1939
1,000 105% Jan 107
Jan
106 106
1941
Deb 7s
Apr
5,000 104% Mar 107
1954 10554 10531 107
Gen 5a series A
99
993-1 144,000 z96 4 Feb 5954 Mar
Columbia 0.4 E deb 551961
Jan
314 Apr 43
3434 53555 16.00
Commander-Larabee 65'41
Commerz und Privat
79% Jan 8734 Mar
Bank 534e
1937 8634 85% 86% 62,00
Com'wealth-EdlannApr 108
Apr
1,000 108
108 108
1st ris
June 1 1943
114% 114% 2,00 114% Apr 11434 Apr
June 1 1943
1st 68
Feb 10354 Mar
let mtge 4568 ser 0-1956 10234 102% 102% 27,00 101
10014 Jan 10334 Apr
18,00
102% 103
lat m 4%a ger D----f
ofl 4: tar. 10234 Apr
19,00
._sen
10134 102
let M. 4 V P Fier
Apr
2,00 117% Jan 119
119 119
1st 75_1951
Conn Lt & Pow
GOnsol GEL& P (Bait,-•
Apr 106
Feb
105 105% 10.00 105
& ref 55 ser F_ _1965
Jan 10554 Apr
105% 10534 10,00 104
let & ref 4348 ser 0_1969
Jan 104% Apr
104% 104% 5,00 102
1st & ref 434s ser H.1970
Consol Gas Utll Co
Mar
30,00 z7151 Feb 85
79
74
Deb 654e with warr_1943 75
Apr 88
Mar
75
13,00
1st he coil 6s ser A__1943 7634 76% 80
Jan
4,00 z9551 Apr 100
99
97
Consol Publishers 6518 1936 99
994 Jan 10334 Apr
103 103% 57,00
Consumers Power 445 '68 103
8034 Jan 8834 Mar
Cont'l 0 & El 58
1958 8434 84% 8534 144,00
91% Jan 95
Jan
36.00
Continental 011 5M .-1937 9234 92% 93
Continental Scours Is 1942
Jan 7351 Apr
65
7031 7351 3,00
with warrants
10056 Jan 103
Apr
Crane Co lO-yrs f5s..1940 10234 102% 102% 10,00
06 34 Jan i 0154 Mar
993-4 1003-1 33.00
Crucible Steel deb 55__194n
Jan 107
Mar
10251 10234 2,00 100
Cuban Telep 7545____1941 10234
Feb
84% Jan 100
54.00
Cudahy Pack deb 534s 1937 9934 99% 100
Feb
_1916 10234 10254 10234 6,00 100% Jan 103
Sinicinsr fund 55
Apr 9734 Apr
97
9734 9754 17,00
Cumbeed Co P&L 4545'66
Apr
Apr 103
1,000 103
103 103
Dallas PR L 5s ser C__1952
Apr
Apr 105
3,000 105
105 105
Dayton Pow & Li 58_1941
Feb 9134 Apr
5,000 88
94
94
Doi Elan Pow deb 56s 19541....
Mar
9954 99% 6,000 9911 Jan 102
Deny & Salt Lake Ry 63'50
Jan
Apr 73
7.000 52
57
60
1960
Income (is
De* City Gas 6e ser A_1947 10634 10634 107% 56,000 10555 Jan 10751 Mar
Jan 10434 Apr
35,000 100
1950 10334 103% 104
lst 59 series B
Jan
Detroit tht Bdge 6543.1952 1834 1834 18% 6,000 1534 Feb 30
Dixie Gulf Gas 6501.._1037
Mar
Jan 95
7.000 83
91
89
With warrants
103% 104;4 7,000 111214 Mar 1043-I Apr
1967
Duke Power 434e
Apr 7054 Jan
15,000 45
48
50
Duquesne Gas 1st 68-1945
East Utilities Investing
Jan
71
862% 66 218,000 55% Jan
1954 65
68 with wart
4 Jan 10
33-4 Apr
Edison El(Boston)58.1933 10334 103% 103% 50,000 101 1
Mar
587% 88%, 119,000 82% Jan 90
Elea Power & Lt 55_2036 88
Feb
Jan 107
7,000 100
104 105
El Paso Nat Gas deb650'38
Jan
Jan 108
104% 104% 5,000 98
let 63-Is series A_ _1943
Empire Oil & Refg 5545 '42 7234 7234 73% 58,000 72% Apr 8034 Jan
Ercole Marelli El MfgMar
74% 7534 18,000 z63% Jan 83
- With warrants 6569_1953 75
European Elan 6545--1965
Mar
17.000 654 Jan 84
76% 78
Without warrants
Apr
Feb 90
588% 88% 22,000 82
Eur Mtge Jr Inv 7s 0_1067
isul 14/4
20,000 05
Fairbanks Morse Co 551942 96% 96% 97
Mar
Feb 81
78 54 78% 1,000 73
Farmers Nat Mtg Inst78'63
Feb
83
8334 7,000 7614 Jan 90
Federal Water /dery 534s 54
Finland Residential Mtge
Jan 8251 Mar
38.000 75
82
1961 8134 79
Bank Os
35,000 Ring Ian 86
Jan
Firestone Cot Mills 55_1948 8354 83% 85
88
8831 15,000 8431 Feb 8851 Apr
Firestone T & R 58-1942 88
First Bohemian Glass Wks
Jan 8251 Apr
82% 11,000 77
82
Jaia 1 '57
lets f 78
Apr 2738 Feh
16,000 14
14% 15
Fisk Rubber 5549
1931
Jan 91% Apr
89% 99,000 R3
8734
Florida Power dc Lt 6s 1964 88
Jan 95
Apr
7,000 85
90
90
Garlock Packing deb 65'39 90
9454 Jan
92% 78,000 01.4
Gatineau Power let 55 1956 9134 91%
Apr 95
Mar
4,000 87
88
87
Deb gold fis June 15 1941 87
10,000 8754 Apr 9254 Jan
Deb 6s ser B__A&O 1941 8734 8754 88
.1811 65
Apr
63,1 64% 19,000 66
Gen Bronze Corn conv60'40 64
Jan
1034 10% 1,000 1054 Apr 20
Gen Laund Mach 6565 1937
Mar
Apr 97
1,000 92
94
94
1931 94
Gen Pub UM (is
45
Feb e53
Jan
85054 5034 1,000
1946
Gen Rayon 65
Apr 1 034 Mar
0
99% 99% 6,000 9954
General Retract 58 _1033
Gen Vending Corp 65 1937
Jan 1494 Jan
With warrants
1334 13% 13% 6,000 10
Gen Wat Wks
&E
Jan
Apr 69
7,000 211
4931
Cony deb 6s ser B_ _1944 43
z41
[vol.. 132.
FINANCIAL CHRONICLE
3122
;gm
Bonds (Continued)
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
$
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Georgia Power ref 55_1967 101% 100% 10154 198,000 98% Jan 10254 Mar
Gentile] deb 65
1953
Mar
6,000 70% Jan 88
86
With warrants
86
Jan 9451 Apr
9354 9451 603,000 84
Gillette Safety Razor 55'40 94
Jan
Jan 93
91% 6,000 88
Glidden Co 5548
1935
91
Gobel (Adolf) 6545
Feb
Apr 82
23,000 73
76
73
With warrants
1935 73
Jan 108% Apr
Grand Trunk Fty 6%8-1936 108% 108% 108% 10,000 105%
Jan 104% Apr
Gt West Power lot 58 1946
10454 10434 3,000 102
Guardian Invest Corp 5848
Jan 59
Mar
56;4 10,000 z45
55
With warrants
Mar 35
Jan
2454 9,000 20
24
Guantanamo West (4_1958 24
Feb
9,000 100% Jan 103
102 102
1937
Gull Oil ut Pa as
Feb
10154 101% 28,000 101% Jan 104
Sinking fund deb 55_1947
Feb 10214 Mar
Gulf States UM 55...1956 10054 10051 101% 15,000 06
Jan 100% Mar
4,000 98
Hamburg Eine deb 75_1935 100% 10051 100%
Jan 86
Mar
16.000 77
82%. 84
Hamburg El &Una 55413'3R
Jan
Feb 100
3,000 98
100 100
Hanna(M A) deb 64_1934
Hood Rubber 10-year
Jan 69% Mar
61
6234 19,000 60
Oct 151938
534s
Apr 8054 Jan
7751 38,000 75
75
1936 75
75
Jan
Houston Gulf Gas 68_1943 8654 86% 8851 10,000 8334 .1101 z91
Jan 92
Feb
89
8934 4,000 86
'43
Deb gold 634e__Apr 1
Mar 97
Mar
25,000 95
9651 97
Houston Lt Sr Pr 434s 1978
End Bay MM & Sm 65.1935 81% 81% 83% 38,000 81% Apr 87% Jan
90
Apr
Jan
86
8756 10,000 77
Hung Hal Bk 7%5_1943
Mar 84% Apr
29,000 40
52% 54
1049 53
Hygrade Fond 65 A
Apr
2,000 48% Apr 54
53
53
6s series B
1949
Idaho Power 1st 5s
1947 104% 10451 10451 9,000 103.4 MP" 104% Mar
102% 102% 20,000 100% Jan 10254 Apr
III Northern ULU 5s 1957
Apr
IIITow & L 1st 65 ser A '53 104% 10451 104% 9,00 104% Apr 105
Apr
103% 104% 18,000 9854 Jan 105
1st & ref 5368 ser 13_1954 104
1st & ref 5s ser C___1956 9736 97% 98% 25,000 9754 Apr 98% Apr
10,000 66(5 JaIl 9454 Feb
94
S I deb 554s _May1957 0334 93
Jan
Apr Inn
79% 15,000 76
76
Wien Oil & Gas Os__ _1939 76
Mar 104;6 Apr
104% 104% 2,000 104
Indiana Gen Service 5s1948
Ind'polls P & L 58 ser A'
57 1033.4 103 103% 41,00 z9956 Feb 103;4 Mar
Insult UM Invest 65-1940
Feb
87% 87% 88% 38,000 81% Jan 95
With warrants
Intercontinents Pow 68' 43
Mar
Jan 60
33,000 50
52% 54
54
With warrants
Mar
Jan 58
50
4,00
5256 52% 55
Without warrants
97% 99% 46,000 8951 Jan 10054 Mar
tnueruiai'i Pow See 78 E '57 98
Mar
Feb 85
7,000 80
84
1951 83;4 83
Internat Salt 5s
47,000 0054 Jan 76% Feb
57534 77
Internat Securities As_1947 76
102% 102% 2,000 102% Jan 103% Apr
Interstate Nat Gas 65_1936
-if)
Mar
87% 88% 50,000 z hi% Jan
Interstate Power 55_ __1957 88
7655 11,000 7254 Jan 8444 Mar
1052 7551 75
Debenture 68
Feb 9354 Mar
91% 9154 5,000 88
PS 4;48 F_1958
Interstate
Invest Coot Amer 55_1947
Mar
Jan 83
17,000 78
80
80
With warrants
34,000 9111 Jan 97% Apr
96
lowa-Neb L It P 55_1957 9551 95
Mar
Apr 96
95
95% 48,000 95
1961
55 series B
Mar
Jan 96
19,000 911
tows Pow & Lt 4tiP A 1954, 0434 9454 95
4,000 9354 Mar 98% Apr
97% 9854
Iowa Pub Serv 1st 55__1957
Mar
Jan 96
8754 89% 20,000 64
Marco Hydro-Elee 76.1952
[gotta Fraschint 75 __1942
Jan 79% Apr
1,000 68
77;4 7734 77%
With warrants
7856 Apr
76% 7654 1,000 6954 Jan
Without warrants
Italian Superpower of Del7354 18,000 5554 Jan 77% Mar
71
Debs 68 without wart'63 71
Apr
Jan 104
17.000 MI
10354 104
Jersey OP & L 554e A 1945 104
Apr
52,000 08(4 Jan 102
151 & ref 55 ser B._ _1947 101% unsi 102
10454 104% 13,000 102% Mar 104% Apr
Kansas City P L 4345 1961
Feb 9831 Apr
23010 94
Kansas Power Is A._1047
97% 9855
Mat
1,000 0014 Jan 93
Kelvinator Corp 6.9 _1936
90% 9054
Jan 100% Mar
5,000 97
99% 100
Kentucky Util 151 55 I 1969
Mar
7,000 z9854 Mar 100
9854 98;1
Kimberly Clark 5s...._1940
Feb 10234 Mar
65.000 99
101% 102
Koppers ORG deb 651947
Sink fund deb 5lis_195() 103% 10351 103% 32,000 10114 Feb 10334 Mar
1,000 98% Jan 1(1354 Feb
101
101
Kresge(88)Co 1st 58 1945
Jai 101% Jan
1935 100% 100 100% 16,000 99
Laclede Gas 5%s
Lehigh Pow Secur 68-2026 10554 105% 10634 37,000 109% Jan 10654 Apr
Apr
Jan 96
7.000 84
96
95
I eonard Tietz 7565-1946
Apr
Feb 96
2,000 91
95
95
Lexington Util 1st 5e...1952
Libby. MeN & LIbby 5542 9554 9554 96% 75,000 90% Jan 9654 Apr
9954 14,000 065‘ Feb 1004 Mar
99
Lone Star Gantlet,Is 1942
Jan 103% Apr
10351 103% 2,000 101
Los Angeles G & E 58.1961
Apr
46,000 nti% Jai 102
100% 101
Louisiana Pow & Lt 55 1957 101
Ma
955( Jan
11,000 91
91% 92
Manitoba Power 5148 A '51
Min & Smelt
Mansfield
Apr
Jan 92
15,000 77
92
90
75 with warrants-1941 90
Apr
Jan 92
12,000 77
7s wittiout warrants 1911 89% 89% 92
Jan
Jan 105
17.000 102
104% 105
5348_1946
Mass Gas Coe
Mar
58,000 97% Fe 102
Sink fund deb 65- -1955 101% 10154 102
McCord Rad & Mfg 68
Feb
Jan z57
50
5034 4.000 60
1943 60
With warrants
Memphis P & Lt 5s A 1948 103% 10334 103% 28,000 10154 Jan 103% Apr
Mar
44
Jan 52
3,00
5054 52
Petrol 6345 1945
Mid States
100 1003-4 17.000 9854 Jan 10094 Mar
Middle West Util 50-1932
Jar
9954 Ape
,
Cony 5% notes____1933 9854 9815 08% 12,000 93
notes___1934 96% 95% 96% 6,000 925( Jan 97% Mae
Cony 5%
Jan
97
96% 30.000 x92 % jar
96
Cony 5% notes_ _ _1935 96
Mllw El Ity & Lt 55_1971 10251 ling 102% 77.000 99% Jan 1025( Mar
Milw Gas Light 4346_1967 1043-4 10351 10434 13,000 101% Jan 10454 Apr
56,000 89% Feb 9454 Mar
Niinneap Gas Lt 4549_1950 9331 9354 94
Mar
23,000 9134 Jan 96
Minn Pow & Lt 4501_1978 91% 94% 95
Miss Power & Light 55 1957 9634 96% 9754 73,000 9354 Jan 98% Mar
Miss Ri ver Fue165 Aug 16'44
Jan HA% Feb
2,000 0$1
102 102
With warrants
9551 25,000 90% Jan 98% Mar
95
Without warrants
Miss My Power 1st be 1951 104% 10451 10434 6,000 102% Jan 10451 Apr
.1101 (05
Mar
10454 10434 8,000 102
Montreal I. 11,4P Con 55•51
Mar
105% 105% 3,000 102% Jan 105
1970
1st 5s series B
Jan
8,000 1014 Jail 103
102% 103
A '67
Narragansett Elea Est
Apr 77
Mar
7154 6,000 70
70
NW! Flee Power 5m_ _ _197s 70
Apr
Jan 70
69;6 6,000 48
Nat Food Prod 6s.....1944 69% 69
1003-4 Jail 107% Apr
105 10651 44,00
Nat Pow & Lt 65 A-2026 105
Mar
90% 38.000 6734 Feb 93
9051 90
55 series B
Mar
75.000 OM% .Tan 78
Service 56.207
193
0 70% 70% 72
8
Nat Public
Apr
98% 99 156,000 98% Apr 99
Nat Steel Corp 1st 56_1956 99
Nat Ten Co 5s May 1 1035 90% 99% 09% 10,000 964 Jan 9954 Mar
Jan 93% Jan
41,000 91
92
Nevada-Calif Mee 55_1056 91% 91
118,000 8511 Jan 0351 Mar
NE Gas & El Assn 59_1947 91%
Mar
88% Jan 95
1948 92% 9154 9254 19,00
Cony deb 55
Mar
63
Jon e43
589 129234 503.00
Cony deb 55
91
93% Apr 04;1 Apr
550_1954 94% 93% 94% 24,00
10
New Eng Power
8454 Apr 8651 Apr
84% 86% 13,00
So
NI irleans Pub Sere 4 143515
9451 59455 4,000 9154 Mar 955( Mar
48
New York & Foreign Inv
Mar
Jan 82
1,000 76
79
79
5%s with warrants_1948 79
93% Feb 9854 Mar
59434 98% 206.00
NY PR I. Corp let 4548'67 90
Mar
25.00 10511 Jan 107
Niagara Falls Pow 65_1950 10654 106;4 107
Apr
91
84
Jai
9351 12,00
Nippon Elec Pow 654e 1953 9354 93
Jan
66% Mar 75
4,00
Nor Cont Ittil 554sser A'48 67
67
68
99% Jan 104% Apr
North Ind Pub Serv Ss 1966 10454 10334 10434 16,00
Jail 10454 Apr
99
1st & ref Sn ser D_ _ _1069 103% 10354 103% 31,00
904 Jan e96% Mar
96
9654 44,00
lat & ref 450 ear E 1970
Mar
98% Jar 105
Nor Ohio Pr & Lt 554s 1951 103% 103% 104% 36,00
Mar
Jan 101
Nor Ohio Tr & Lt 55_1956 10051 100 100% 16,000 03
Mar
No Ste Pow 631% notes'33 103% 51035-1 10334 34,000 10134 Jai 104
99
Jan 10354 Mar
10154 10251 14,00
51,1% notes
1940
Jai 10541 Feb
let lien 65 aeries A_.1948 10531 105 105% 6,00 104
let lien 5%5 series B 1950 10551 10551 10551 2,00 102% Jan 105% Apr
97% Apr 97% Apr
Ref 4568
1961 9754 97% 9734 162,00
North Texas URI 78..1 931
1 66
Jan 5100
Mar
9951 7.000 95
99
Without warrants
Apr
Jan 101
54,000 00
Ohio Edison 1st 55___1960 103% 103 104
Fel 104% Mar
14,000 101
1952 103% 10351 104
Ohio Power 59 B
Jan 09% Mar
9934 9954 82,000 06
450 .erles 0_ ___ ..1950 9934
103% 10355 4,000 z1033-4 Mar 103% Apr
Ohio Pub Serv Es ear D 1954
Apr
Jan 103
Gas & Eine 55_ __ l950 low 103 10331 31,0001 1041
APRIL 25 1931.]
Bonds (Continued)
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$
Osgood Co deb 6B....1938
Is With warrants
Owego lily Power 68..1931
Pao Gas & El 1st 4155_1957
1st 6s series B
1941
181 & ref 535s C....1952
1st & ref 415s F__ _1060
Pao Invest deb 55 A I948
Pae Pow & Light 55..1955
Pao Pub Sen.5% notes '36
Pacific Western 011655e '43
With warrants
Penn Cent L & P 4146_1977
Penn-Ohio Edison 6s-1950
Without warrants
Deb 5558 ser B........1959
Penn-Ohio P & L 5155 A'54
Penn Pr&Lt lot 68 ser D'53
1st 415s
Apr 1 1981
Penn Telep 55 ser O__ _1900
Penn Wat & Pow 4555B '68
Peoples Lt & Pow 55..1979
Phila Electric Is
1960
Phila Elec Pow 5%5_1972
Ma,Rap Transit 65..1962
Phila & Sub Counties
G & Riot & ref 45551957
Piedmont Hydro-El Colo & ref 6 S5 s cl A__1960
Pittsburgh Coal 6s____1949
Pittsburgh Steel 65_1948
Poor & Co 6s
1939
Potomac Edison 5s
1950
lot 514s ser D
1949
15t 4155 ser F
1961
Power Corp(Can) 44s13 59
.
Procter & Gamble 45581947
Prussian El 65
1954
Pub Ser of N Ill 4 45.19/40
1st & ref 53 ser C
1966
lat & ref 445 ner 11_1978
let & ref 434s ser F..1981
Deb fa
1931
Pub Ser7 N H 4155 B.1957
Pub Serv of Okla 5s....1957
Puget Sound P & L 5%5'49
1st Sr ref Is ser C___1950
Queens Borough Gas & El
Ref 4155
1958
515s series A
1952
Reliance Managern't 54 '54
with warrants
Remington Arms 6145_1933
Rochester Cent Pow 5e '53
Ruhr Chemical 68 A._1948
Ruhr Gas 6345
1953
Ruhr Mittens Corp 6(4551.
Ryerson (Joe T)& Sons Inc
deb 54
Nov 1 1943
St L Gas & Coke 65_1947
San Antonio Pub Sen.55'58
Saxon Pub Wks 55_1932
Etaxtet Co let coot Os A '41
Schulte Real Estate (3s 1935
With warrants
Without warrants
BarIPPI1(E W)634s,._1943
Servel Inc 5s
1946
Shawinigan W & P 415e '67
let & coil 4155 ser 11_1966
,
let 55 aer C
1970
let 4345ser D
1970
Shawsbeen Mills 7s._.1931
Snider Packing 65. _1932
Sou Carolina Pow 58_1957
Southeast P & L
Without warrants
Sou Calif Edison 55_1951
Refunding 55
1952
Gen & ref Is
1944
Refunding 55
1954
Sou Cai Oas Corp 65 _ _193;
Sou Caiii Ca., Co 5s...1957
1st & ref 414s
1961
lot & ref 5155 ser 13_1952
Southern Natural Gas 65'4.]
With privilege
Without ma% liege
Southern Pac Co 4148_1981
8o'we4 Dairy Prod 634538
Southwest & E 55 A.1957
Southwest Lt & Pr 55 A '57
Bo'weet Nat Gas 6s_..1946
So'west Pow & Lt 65..2022
Staley Mfg 001st 65..1942
Stand Gas & Elm 65_1936
Cony 65
1935
Debenture65
1951
Debenture 65 Dec 1 1966
Stand Invest deb Ss__ _1937
5155
1939
Stand Pow & Lt 65._ His':
Stand Telep 5155ser A 1943
Stinnes(Hugo)Corp
78 Oct 1 '36 without war]
78 without ware....Igo
Stutz Motor Car 7355 1937
Sun 011 aro 6 tts
itne
Sun Pine Line Co 55__1940
Super Pow of No Ill 4155'70
415s
1968
Swift& Co 1st m of 55_1944
5% notes
194'
Tests Elm Pow 55_ 19'
nn
5e
Tenn Public Service 551970
Tern' Hydro-Elec 6345 '53
Texas Cities Gas 55
1945
Tessa Flee Service 55.1961,
Texas Gas UM Os._..194&
Texas Power & Lt 55_ _195r
Thermold Co 6s_Feb 1 1934
with warrants
Trl Utilities Corp deb 55 79
Ulm Co cony deb its._1944
Un Amer Inv Corp 5s '48
With warrants
Un El L & P 55 ser B_1967
Union Gulf Corp Se Jul 1 '5]
United Elea Service 751956
With warrants
Without warrants
United Indus Corp 6%5'41
United Lt & Pow 65_1976
Deb 6355
1974
151 lIen & con 5155..1959
Un Lt & Rys 65 ser A_1952
lot ser Se
Deb 545
1952
U S Radiator 5s ser A.1938
Utah Pow & Lt lot 55.1944
Valvoline 011 7s
1937
57
101
99
99
11255 112%
106
106
9954 99
70
70
98%
99
99
99
6234
9535
57% 2,000
10134 6,000
99% 64,000
112% 6,000
10634 5,000
99% 118,000
2,000
70
9915 82,000
37,000
99
6254 68
83,000
95% 9515 53,000
103%
102%
10415
104%
96%
10114
9854 98%
6934 65
105%
107
65
65
10335
10254
105
10411
9634
103
104
10231
105
104%
96%
102
98%
70%
105%
107
65
103
8415 86%
9215
90
9755
97
. 97
90
90
90
1023-4 102% 102%
105 105
96
96
86% 8614
10234 10234 103
78% .80%
79
9734 97% 97%
1033-4 10331 103%
9734 97%
9735 9735 9735
10034 100%
3100
10034
100 100%
10454 103% 104%
9994 99% 10034
8534
20,000
25.000
4.000
3,000
797.000
18,000
10,000
75,000
1.000
11.000
1.000
1,00
25,000
22,000
17,000
1,000
29,00
1.00
5,00
1,000
32,00
9,000
29,000
3,000
6,000
39.000
11,000
11,000
3,000
129,000
59,000
Range Since Jan. 1.
Low.
57
100
96%
10931
10434
97
70
595
99
6251 Apr
92% Jan
100%
974
10234
102
96%
95%
9754
55
105%
10515
65
76
95%
71
79%
84%
8031
31,000
10,000
115,000
11,000
38,000
14,000
92
8,000
95
95
4154 41% 4535 71,00
1003.4 100% 100% 7,000
9634 96% 9655 174,00
99
896
99 118,00
80
75
89
77%
9615 96
96
10434 104
963.4 95%
10154
45%
94%
80
80
89
81
96%
96
104%
9615
10155
4615
95
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Jan
mar
Feb
Apr
67
101%
.9935
11214
10614
99%
75%
100
99
Feb
Feb
Mar
Apr
Mar
Mar
Jan
Mar
Apr
84% Jan
96% Mar
104%
102%
105
105
9634
103%
98%
7435
105%
107
80
Apr
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Jan
Mar
Jan
10135 Feb 103%
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Apr
Feb
Jan
Mar
Feb
Mar
Feb
Apr
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Apr
71
90
97%
90
99
102%
98
83
100%
74%
0434
103
9414
9734
100
99%
96
100
9534
12,000 100
101% 102
10334 10331 5,000 101%
7554 s75
9551
7054 6915
79%
8134 8115
79
80
Apr
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Apr
High.
88
9935
102
97
103%
105
9736
86%
103
e7934
084
10334
98%
98
101
100%
100%
104%
100%
Jan 103
Apr
Jo 104% Mar
Apr
75
Jan
94
Jan
60
6351 Jan
71
Jan
68
Jan
8354
90
74%
8315
85%
8234
Jan
let,
Mar
Mar
Mar
Apr
92
Apr 96% Mar
36% Apr 8.234 JtsU
94
Jan 10215 Mar
90
Jan 9655 Mar
79% Jan 106
Apr
9,000 56
Jan 80
Apr
77.000 5414 Jan 80
Apr
85
4,00
Jan 90
Mar
16,000 63
Apr
Jan 84
171.000 9254 Jan 97% Mar
12.00
Jan e97% Mar
93
32,00 100% Jan 10554 Mar
58,000 93% Jan 9735 Mar
6,00 100% Jan 101% Feb
17,000 35% Jan 54% Mar
Feb 95
Mar
5,000 90
10534 104% 105% 68,00
105 105% 31000
105
105 10535 33.000
105
104 104% 3,00
105 10534 10,00
105
935( 9414 29,000
101% 10134 2,000
9555 9515 3,00
6,00
1035( 104
9955
103
103
102%
103%
Po%
99%
954
102%
Jan
Jan
Feb
Jan
Apr
Jai
Jan
Mar
Jan
106
106
105%
10415
105%
95
10215
96
104
Apr
Apr
Apr
Jan
Mar
Feb
Feb
Apr
Apr
81
880
8234 80
9335 93%
6354 6334
9654 961(
94%
54
54
10615 106%
96
10134 101%
10155 :101%
100% 100%
100% 10015
84
84
884
84
9854 98%
7534 75
57314
63
93%
55
593
90%
50
101
96
98%
101%
9634
94
7534
77
94%
7314
Jan
Ian
Apr
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Jan
Jai
Mar
89
8415
9635
66
9734
97%
7254
107
98
102%
102%
101%
10134
8515
8614
100
76
Mar
Apr
Apr
Jan
Mar
Mar
Feb
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
35,000 64
33.000 60
13,000 z65
19,000 100%
9836
25,00
8934
39.00
9155
16,00
21,00 1024
9934
41,00
9834
61,00
33,000 94%
23,000 73
65
7,00
71,000 9555
15,000 56
9814
77,00
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8634
80
82
102%
100
9315
9315
103%
102%
103
68%
87
71
10034
80
102%
Apr
Mar
Mar
Mar
Jun
Mar
Mar
has
Mar
Mar
85
75%
101%
100
92
103
101%
103
8115
9955
101
48%
83
102
83
8254
96%
64%
9634
94%
c57%
107
96%
101%
102%
10154
u101
84%
884
9934
7555
85
85%
75
77
743.4 7511
101% 101%
99% 100
sill% 92%
9135 92%
103 103%
101% 101%
102% 103
97% 9734
81% 8355
65
67%
99% 99%
65% 66%
101 102
70
37
76
83
104
102
74
49
77
49.000
23.000
1125000
15.000
21.000
3,000
25.000
28.000
4.000
79.000
75,000
30.000
24.000
13.000
7.000
59,000
7,000
9,00
386,00
3,00
6654 Feb
37
Apr
73
Jan
84
6,00 z80
104
10,000 102
102% 31,000 z10054
79% Mar
64
Jan
85
Mar
Jan 586% Mar
Jan 10434 Jan
Jaz 10254 Mar
92
92
11,000 80% Jan 92%
90% 91% 15,000 80
92
J1.1
17,000 70
8434 83
85
Jan 85
9234 9234 9355 59,000 9114 Jan 97%
Jan 102
10034 10055 100% 16,000 98
10134 100% 10131 14,030 91
Jan 101 34
64,000 974 Jan 104%
10254 10114 104
10114 13,000 10031 I Jan 10134
101
Jan 91%
79,000 80
% 89% 90
893
4
1,000 72
Apr 580
72
72
72
7,000 94
Jan 9734
9654 9635 97
9415 94% 96% 9,000 95
Feb 9814
92
Mar
Mar
Mar
mar
Feb
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Feb
Mar
Mar
Bonds (Concluded)
3123
Friday
Bales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
8
Range Since Jan. 1.
Low,
U 8 Rubber
3
-year6% notee___1933 8454 84% 85
84.000 8254
Serial 634% notes_ _1932 9755 9755 97% 5,000 803-4
Serial 6%% notes1933 89
89
90
40,000 75
Serial 655% notes _ _1934
81
81
2,000 70
Serial 655% notai._1935
80
8214 2,000 70
Serial 64% notes_ _1936 73
73
4,000 69
76
Serial 655% notes-1937 73
73
7334 6.000 70
Serial 634% nOf es- -1938 7334 7334 7334 2,000 6834
Serial 615% notes_ _1939 73
73
7354 5,000 69
Serial 614% notes _.1940 72
72
10,000 694
74
Vanadium (Amer)55_1941 9234 8934 9334 586,000 8934
Van Camp Packing 65.1948 55
55
56
2,000 45
Van Sweringen Corp 65.'35 73
73
7734 29,000 73
Va Elec Pow 1st 55_ _ _1955
104 10435 7.000 9254
Va Public Serv 6%a A.1946 96
95
96
22,000 9235
1st ref 53 ser B
1950 90
90
9034 16.000 90
e t deb as
1946
92
92
5,000 z8854
Waldorf-Astoria Corp
1st 75 with ware......1954 6734 6734 6891 17,000 6754
Ward Baking 6s
1937 10214 10234 102% 4,000 9954
Warren Bros cony 65.1941 943.4 59334 9534 126,000 9334
Wash War Pow 6a_ _1960
1043.4 10434 t17,000 10235
Webster Mills 6155_1933
101% 10135 3,000 9634
West Penn Elea deb 5s 2030
89
893.4 4,000 95
West Penn Tract 5.5. _1960
96
2,000 96
96
West Texas UM 55 A,.195? 8835 8834 89
23,000 86
Western Newspaper Union
Cony deb (is
1944 5054 49
5034 19,000 47
Westvaco Chlorine Prod10-vr 545 Mar 1_1937
1,000 101
10231 10234
Wls Pow & Lt 5s F_1958 10214 10255 10255 1,000 10174
Ist Sr ref 5s ser E___1956 10234 1023.4 103
11,000 101
Wise Pub Serv 6s ser A_'52
105 105
1,000 10434
1st & ref 5555 B
1,000 10154
105 105
1958
Youngstown S & T 55 B '70
101
1013.4 154,000 101
Foreign Government
And MunicipalitiesAgric Mtge Bk (Colombia)
20
-year's I 75
1946
20
-year 7s Jan 15 _ _1947 7055
BuenosAires(Prov)7%8'47 91
External 7s
1952 7734
Cauca Valley 7s June 1 '48 75
Cent lik of German State Sr
Pro, Banks (Ss B
1951 7934
1st 6s ser A.Atig 1 1952 7934
Danish Cons Munlo 5345'55
55
1953
Danzig Port & Waterways
25-yr ext 6345
1952
German Cons Muni° 75'47
Os
1947 7955
Hanover (City) 75. -1939
Hanover (Prov) 6145_1949
Indus Mtge Bk of Finland
let mice coil s f 75..1944 9234
Lima (City) Peru 51551958 35
Maranhao (State> 75_ _195a 51
Medellin (Munic) 75-1951 76
Mendoza (Prov) Argentine
External s f g 7%8..1951 65
Mortgage Bank (Bogota)
-75 home of'27(M&N)'47
Mtge Bank of Chile65_1931
9751
Al tee Ilk of Denmark 55'72
Netherlands(King)65 1972 104
Parana (State) Bratil 78
.58
Rio de Janeiro 6155._.1959
Russian Government
634s certificates_ __1919
5155
1921
514.1 certificates_ _.1921
Saarbruecken (City) 75 '35
Saar Basin copse! 7/3..1935 10034
Santa Fe (City) Argentine
Esti 7s
Santiago (Chill)75_ .194
1 45 6814
9
75
ens'
en
72
7034
8934
7734
63
73
72
9234
81
75
3,000
22,000
38,000
17,000
30,000
High.
Jan 91
Mat
Jan 98
Ma:
Jan 91
Mar
Feb 84
Mar
Jan 8334 Mar
Feb 77
Apr
Feb 763-4 Mar
Mar 7634 Mar
Feb 75
Mar
Mar 78
Mar
Apr 10854 Mar
Jan 60
Feb
Apr 85
Jan
Apr 10454 Apr
Feb 9654 Mar
Mar 91
Apr
Jan x94
Mal
Apr
Jan
Apr
Jan
Jan
Feb
Apr
Jan
74
103
10051
10456
10134
93
95
9155
Feb
Apr
Mar
Apr
Apt
Mar
Apr
Mar
Apr
6834
Jan
Jan
Mar
Jan
Mar
Jan
Mar
103
103
10315
105
105
101%
Feb
Apr
Apr
Jan
Apr
Mar
Feb
68
6214 Jan
Jar
85
7714 Apr
4751 Jan
8834
78
9734
9055
75
Jar
Mat
Mar
Mai
Ara
65
6734
9955
9635
Jan 8034 Mai
Jan 8034 Mtn
Jan 10134 Feb
Jan 9934 MN
7834
7834
100
9734
7954 28,000
5,000
7934
10034 13,000
9755 3.000
75
38734
7915
8811
8334
7554 7,000
8915 30,000
81,000
81
7,000
90
84
12,000
6934 Jan 80
7634 Jan 90
6734 Jan 8214
8534 Jan 9534
77
Jan '8434
Mai
Mai
Am
Mai
Mal
9234
35
850
76
5,000
93
1.000
35
12,000
52
7635 5,000
9234 Apr z95
Mar 4954
35
Jan 5956
43
6215 Jan 79
Mai
Jar
Mat
Mai
60
60
9736
9934
104
35
40
65
10,000
5734
Jan
78
Mai
Mai
Jan 80
1,000 55
60
76.000 9534 Jan z9954 API
99
Jan 1013.4 Mal
9934 2,000 98
3,000 10314 Mar 10574 Jar
104
39,000 3334 Jan 5434 Mai
39
Mai
34 Jan 68
4154 21,000
255 254 18,000
234 254 2.000
23.4 38.000
23-4
102% 1023.4 4000
100 10034 3.000
68% 7814
7855
78
7514 80
8.000
9.000
2,000
3
134 Jan
3
255 Feb
3
155 Feb
9935 Jan 103
Jan 10034
92
68% Apr
Apr
78
Feb
75
Ma
Ma
Fel
Ma
Fel
8554 Ma
Ma
86
Ma
86
'" No Par value. I Correction. n Sold under the rule. o Sold for cash. 8 OPt106
sales. f Ex-rights and bonus. w When issued. x Ex-dividend. I Er-right.,
e See alphabetical Hat below for "Under the Rule" sales affecting the range for
the year,
Como!. Automatic Merchandising, corn. v. t. c.. March 9. 100 at 5-16,
General Rayon deb. its 1948, Feb 3 $3,000 at 55
Illinois Power & Light 6% pref., March 23, 18 at 9754.
Iron Cap Copper Co. March 16, 100 at 134.
National Baking, corn.. Jan. 16, 100 at 5.
Northern States Power 7% pref., March 20. 50 at 11014.
New England Gas & Elec. Ass'n. deb. 55. 1950, March 18. 864.000 at 93-9834,
North Ind, Public Service 1st & ref. 4155. 1970, April 1. $14.000 at 97.
Pacific Gas & Electric Ist 445. 1957. March 18. 114.000 at 100.
Pnisaian Elec. 6s 1954, April 21,$4,000 at 80%•
Shawinigan Water dr Power 1st 4555. 1968, March 25, $1,000 at 98,
r See alphabetical list below for "Option" sales affecting the range for the year.
Alabama Power let 55, 1956. Mar, 7, 81,030 at 10414
Am. El. Power Corp 55. 1957, April 4 83 000 at 65.
Arnold Print Works es 1941, Jan, 22,51,000 at 83.
American Solvents & Gnemica,e. i530 *MO warrants, Feb. 6. $1,000 at 53.
Associated Gas & Elec.. deb. 4365. 1949. Jan 2, 83.000 at 63.
Associated Telephone Utilities, cony deb 5155 1944. Jan. 2. 85.000 at 80,
Atlas Plywood 5155, 1943. Jan. 2. $1.000 at 62.
Cities Service deb. 50. 1966, Feb. 16. 83.000 at 66.
Columbia Gas & Electric deb 55 1961. Feb 2 85.000 at gaq.
Consul, Gas UM.615s W. W.
1943, Feb. 20, $1,000 at 70.
Consoi, Publishers 1448, 1936, March 9. 41.000 at S5'4.
Ercole Morelli El. Mfg. 614s. 1953, w. w.. Jan. 7, 81.000 at 6335•
Fageol Motors. March 30. 500 at 54.
Gen. Pub. Serv• deb. 5s 1953. April 4.82.000 at 9331.
Gen. Water Works Gas Sr Elec. 65, series IL 1944. April 23.82.000 at 41.
'
Godchaux Sugars 7.159, 1941. April 14, 81.000 at 9254.
Guardian Investors 58. 1948 with warrants. Jan. 28. 51,000 at 4054,
Houston Gulf Gas let 65 1943 Feb. 10. 83.000 at 9134.
Indianapolis Power & Light lot Ss, 1957, Feb. 8. 82 000 at 993.4.
Industrial Mortgage Bank of Finland let mtge 75 1944, Feb. 4, $1,000 at 95.
Interstate Power 15155. 1957. Jan. 20. $3 000 at 763-4
Kimberly-Clark Corp. let 55, 1943. March 23, $1,000 at 9815.
McCord Radiator Mfg.65, 1943, with warr.. Feb. 17. 81,000 at 58,
Middle West Utilities. 5% note], 1935. Jan. 2 1000 at 92.
Mortgage Bank of Chile 65. 1931. Feb. 24, 82,000 at 100.
Nat. Public Service. deb. 50, 1978, Jan. 2. 3,000 at 66.
National Trade Journal 68. 1938 Feb. 26, 82.000 at 15.
Northern Texas Utilities 70, 1935. April is. $1,000 at 10034.
Ohio Public Service 55, ser. D. 1954. April 14. 61,0130 at 10354•
Pacific Power Sr Light 55, 1955, March 10, 25,000 at 90.
Southern California Edison 7% pref. A. Jan. 9, 200 at 29.
Southern Natural Gas, 6s, 1944 with privilege. Jan. 2. 85.000 at 7235.
Southwestern Gm & Eleo.. let mtge. 5e, 1957, Jan. 2, 85.000 at 91.
SLUM Motor Car 745. 1037 Jan. 13 $1,000 at 58.
Truseon Steel. pref. April 22,25 at 100.
Union Amer. investing. 55, 1948 with warrant. Jan. 6, $1.000 at 79
Union Amer. Invest. deb. 55, 1948, with warrants. March 19. 82.000 at ST.
Union Gulf Corn. 55 1950 lan 2, Si ono at ,tglyi.
U. B. Radiator 55 A, 1938, March 6, $3,000 at 86.
Virginia FUbile Service Co.6$. 1946, Jan. 15.82.000. at 88: March 11.85.000 at 9434
Washington Water Power 1e*& rel. 56.1960. Jan.24.91.000 at 10234.
[VOL. 132.
FINANCIAL CHRONICLE
3124
Quotations for Unlisted Securities
Industrial Stocks.
Public Uti ity Stocks.
Par
Alabama Power $7 pref__100
Ain Pub Utll Co com____100
Arizona Power 7% Prei-100
Ark Pow & Lt $7 pref..__.•
55500 Gas & El meg pref. •
56.50 preferred
•
57 preferred
Atlantic City Elec $6 preL•
Bangor Hydro-El 7% 01.100
Binghamton L. H & P56 nt
Birmingham Elee 7% preL•
Broad River Pow 7% pf_100
Buff Niag & E pr pref___ _25
Carol1na Pow & Lt 57 pref.•
Cent Ark Pub Ser. pref.
,
_100
Cent Maine Pow 6% pref100
100
7% preferred
Cent Pow & Lt
pre1.100
Cent Pub San; Corp pref •
Cleve El Ilium 6% prat _100
ColRy,P&L6% let p1.100
100
654% preferred 13_
Como( Traction N J____100
Consurnere Pow 6% wet 100
8.60% preferred
100
Dallas Pow &Lt 7% pref 100
Dayton Pow & Lt6% pf _WO
Derby Gas & Else $7 pref__
Detroit Canade Tunnel____
•
Erie Railways
100
7% Preferred
Fursex-Hudeon Gas
100
Foreign Lt & Pow units
_
Gas & Elec of Bergen_ __100
Gen Gas & El part ctfs
Hudson County Gas____100
Idaho Power 7% Prof
Illinois Pow & Lt
pf.100
Inland Pow & Lt 7% of_100
Intcretate Power $7 prat _•
Jamaica Water Supp pf .51)
Jersey Cent P &L 7% p1_100
Kansas City Pub Service_ _•
•
Preferred
Kansas Gas & El 7% pf_100
Kentucky Sec Corp cora _100
8% preferred
100
Kings County Lse 7% pf 100
Long Island Lt pref A__100
Los Ang Gas &E16%p f _100
Ask
1143 1153
4
4
95
67
107 166
5112 5212
99 100
100 101
10712 109
119
82
86
109
-8712 61
2614 2634
Par
Metro Edison 87 prof fl....•
$6 preferred C
Mess River Power prof..100
Mo Public Service 7% p1100
•
Mountain States Power
100
7% Preferred
Nassau & Suffolk pref
Nat Pub Serv 7% Pf A-100
Nebraska Power 7% pre'100
Newark Consul Gas__ __100
New Jersey Pow & Lt $6 Pf•
New Orleans P57%[4_100
N Y & Queens E L &P pf 100
Nor N Y Utility pref____100
Nor States Pow (Del) corn A
109
Preferred
9712
)1alo Pub Serv 7% pref_100
95
97
106 108
Okla Gas & El 7% pref_100
10412 106
Pao GM & El $1.50 pref__25
79
82 Pao Northwest Pub Serv--•
Par Pow & Li 7% pref _ _100
111
Prof_
108 116- Pa-Ohio Pow & Lt
10912
7% preferred
42
Pa Pow & Lt 7% pref
40
10512
Piedmont Northern Ry _100
10514
Port Elec Pow 6% pref__100
109
10912
Pub Serv Co of Col 7%pf 100
88
62- Rochester0& E 7% pf B 100
100
6% preferred C
3
312
3 Sioux City 0& E 7% 01.100
1
38 Somerset Un Md Lt_ -100
South Calif El 51.50 pref_25
157
25
$1.75 preferred
25
So Colo Pow corn A
65
100
99
7% preferred
Tenn Elea Pow 6% pref_100
20
100
7% preferred
157
Pettus Pow & Lt 7% pref 100
10712
9212 94
Poled° Edison pref A __ _100
6612 United 0 & E (Conn) p1100
64
United 0 & E (N J) p1100
86
88
5412 United Public Service pref..
53
Utah Pow & Lt $7 pref----•
10812 110
12 112 Utica Gas & El 7% pref_100
5
8
ULU Pow & Lt 7% Pref_100
100
Virginian Sty corn
10812
'Vashington Sty & El com100
325
100
8912 61_
5% preferred
11012
Western Power 7% Pre1-100
110 112
Western States Gas & El
10712 109
7% Preferred
Red Ask
10212
9712 6610814 10914
92 06
15
95
9812
104 107
85
8714
110
102
98 166100 103
102
10612
13612 138
10712 110
107
109
2712 2812
74 80
102
100
110
110 112
42
50
55 65
10312
2
104 16E198 100
1033 10514
4
78
2712 2812
2912 3012
21
23
102
101 16i10812 110
11012 112
110
93
73
60 6210712 109
10414
9212 94
110 125
465
9812 16610212
31412
98 16i-
Investment Trusts.
A B C Trust Shares Bee D___
Series E
All America Investers A
Amer Brit & Cont $6 pL_•
Amer Composite Tr Shares_
Amer Founders Corp—
Convertible preferred
6% Preferred
7% Preferred
1-40ths
1-70the
Warrants
Amer & General Sec corn A.
Common 13
$3 pref
Amer Insuranstocks Corp.
Amer & Continental corp.•
Assoc Standard 011 Shares
All & Par Intern Corp units
Common with warrants
Preferred with warrants
Atlantic Securities Corp PI•
Warrants
Bankers Nat Invests corn •
Bar:sleet& Corp
•
Basic Industry Shares
•
British Type Invest
Chain & Oen'l Equities Ino•
634% Preferred
Chain Store Inv Corp......
100
Preferred
Chain Store Shareown Inc _
Chartered Investors corn...
Preferred
Chelsea Exchange Corp A
Class B
Corporate Trust Shares
Crum & Foster Ina Sh—
10
Common B
100
Preferred
Crum & Foster Inc °ern B__
8% preferred
Cumulative Trust Shares
Deposited Bank & Tr Shares
Series N Y
Depos Bank Shs NY ser A
Diversified Trustee Shares A
Equity Investors Corp corn_
Units
Equity Trust Shares A
•
First American Corp
•
Fixed Trust Shares A
•
•_
Fundamental to Snares
Shares B
General Equity class A-10
Granger Trading Corp....
Gude-Winmill Trad Corp.
Incorporated Investors_...
Incorp Investors Equities_
Ins Sec Corp of Am corn A..
Common B
63.4% preferred
6% preferred
Independence Trust Shares_
Insuransh & Gen Mgt Corp_
Invest Trust Associates....
Investment Trust of N Y
8
538 57
73
4 814
814 87
8
50 455
612 7
x77
x39
x4412
7c
4c
18
1412
112
38
5,
4
14
538
23
3
20
35
14
22
714
55
8
514
314
d51
1412
1412
79
1
18
538
36
99
39
105
7
65
8
578
1612
1312
538
2738
6912
5
712
1418
1214
63
4
7
212
12
3212
3278
8
17
112
87
81
418
7
21112
73
8
411
4712
12c
7c
_
- 364
16
818
26
4
22
39
112
27
73
4
61
8
614
414
3
50
1514
16
81
3
12
58
7
Investors Trustee Shares...
Jackson&CurtisInv Tr Asso•
Jaokson&CurtleSCorppf100
Leaders of Industry A
Low Priced Shares
Major Corp Shares
•
Uses Investors Trust
Mohawk Investment com.•
Mutual Inv Trust class A__
Mutual 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
011 Shares Inc units
Old Colony Trust Also° Sh •
Old Colony Invest Trust coin
Petrol & Trad's Corp cl A 25
Power & Rail Trustee Shares
Public Service Trust Shares
Representative Tr Shs
Research Investors corn...
Units
Second Internal Sec Corp A
Common B
8% preferred
Securities Corp Gen $6 pref
Selected American Shares...
Selected Income Shares
Selected Management
Trustee She
Shawmut Bank Inv Trust_•
•
Spencer Trask Fund
Standard Amer Trust Shares
Standard Collet Trust She..
State Street Inv Corp
Super Corp of Am Tr Shs A
1018 1118
3812 41
95 100
712
4
5,
4 53
47
8 58
3
65
8 7
518 53
4
3038 3278
4312 4514
6
5
234
iOo 1138
61, 63
4
53 .614
4
758 818
53
8 578
103 108
138
23
19
3212 3312
11
9
10
15
87
8 938
65
8 738
14i8 1478
3314 3412
75
793
4
1514
112
38
8412
512
5
65
8 718
Universal Trust Shares
838
10
2312
65
8
87
8
6412
65
8
63
8
1014
93
4
57a
378
33
4
53
8
55
8
718
83
4
52
,
2114
618
8c
1158
918
x1114
112
x38
293
4
718
512
Bonds.
Int Seeur Trust of Amer—
1933
Secured gold 68
1943
Secured gold 6s
1933
Secured gold Os
118
1943
Secured gold 55
• No par value.
73
728
612
1714
1414
57
8
2834
74
58
3
8
714
712
4
4212
35 8
3
93
4
Prust Shares of America
rrustee stand Investment C
trustee Standard 011 She A
rrusteed Amer Bank Shaun
Trusteed NY City lik Shs_ _
30111 Century Fixed Tr She_
rwo-Year Trust Sharer._ _ _
United Fixed Shares
Unit Founders Corp 1-70tris
United Bank Trust
United Ins Trust
S & Brit Internal class A.
Class B
Preferred
S Eleo Lt & Pow Shares A
45
9
WI;
75
8
912
6
223
4
65
8
12c
1278
1018
-3234
75
8
6
65 I _ _ _ .11Young(J 8)Co 10% COM 1001 97
100 101
7% preferred
d Last reported market.
BO Ask
98
z93
50 .
1
4
8 ____
115 122
12 212
83
88
2
3
35
30
39
42
24
32
50 60
48
44
103 107
10
14
5
10
70
75
56
60
e _
68 _ _ _ _
35
27
12 1
14
4
83
80
48
53
_
48
Canadian Celanese corn....
100
Preferred
Carnation Co $1.50 ezun__•
100
$7 preferred
Chestnut Smith corn
Preferred
100
Childs Co $7 pref
Clinchrield Coal Corp. _too
100
57 preferred
Color Pictures Inc
•
Columbia Baking corn_
•
let preferred
2d preferred
Colts Mfg Co 52
Congoleum-Nairn 57 p1100
Crosse & Blackwell corn _- _ Crowell Pub Co $3 corn new
$7 preferred
Deep Rk 011&Ref $7 p1100
Be Forest Phonofilm Corp—
•
Dictaphone Corp corn_
$8 preferred
100
Dixon (Jos) Crucible 58.100
Doehler Die Cast 7% pf 50
•
$7 Preferred
Douglas Shoe $7 Pref —100
Draper Corp $4
100
Driver Harris 57 prof __ _100
Dry-Ice Holding Corp
10
70
23
10212
t New stock.
x Ex-dividend.
13
73
25
__ __
2
5
15
105 108
212 6
75
65
312
3
5
8 118
4
6
12 2
1512 1712
99 _ _ __
112 3
63
67
104 109
50 60
1
3
20
23
102 107
127 135
1612 _•_ _ _
4912
____ 45
43 46
72
80
31
36
Elsemann Magneto corn ___ _
4
100
$7 preferred
Franklin Ry Supply $4--• 50
Fuel Oil Motors Corp corn__
4
Gen Fireproofing $7 p1_100 108
Craton & Knight com____•
1
$7 preferred
100 28
Great Northern Paper 53_25 30
Hale & Kilburn pref
100 ____
Herring-Hall-Mary Safe 100 40
Howe Scale
6
100 25
Preferred
Hudson River Nay com____
1
30
Preferred
Industrial Accept corn....' ____
100 47
57 preferred
Internet Textbook
100 17
1
Jessup de Moore Paper
let preferred
3
Hari-Keen Mfg Co B
King Royalty Co corn
33
100 85
$7 preferred
Lanston Monotype M $6 100 103
9
85
55
512
112
4
35
33
5
55
0
28
3
45
5
53
19
Par Bea Ask
Lawrence Portl Cem $4 100
• 50
Liberty Baking coin
56
100 ____
212
Preferred
Locomotive Firebox Co.._• ____ 16
Macfadden Publict'ns coin 5 13
18
• 19
56 preferred
21
51
Maxweld Corp corn
54
312 6
Merck Corp $8 pref____100
• 75
National Casket $4
78
• 88 95
57 preferred
National Licorice com _ _100 108 111
National Paper & Type Co. 28
35
New Haven Clock pre/ __100 25
35
New Jersey Worsted wet— -_-- 70
Northwestern Yea.st____100
130 138
Nye Incinerator corn
Units
7
100
__ 25
Okonite Co $7 pref
Parker Wylie Mfg Co corn-- 88 _ _ _ _
• 15
57 preferred
18
Petroleum Conversion
SO
84
Petroleum Derivatives
512 61e
Photornaton Inc class B..-012 812
Pick (Albert) pref with warr ____
1
____ 35
Poole Eng & Mach class A.
Claes B
4
2
Publication Corp $3.20 corn* __
100 55
69
$7 1st preferred
100 105
RemIng'n Arms $7 1st p1100
Robinson(D P) let 57 pf 100 85 _ _ _ _
Rockwood & Co $4 corn--• 75
85
100 3312 _ _ _ _
58 Preferred
Rolls-Royce of America---- 65 _
100
2
4
Preferred
4
6
Roxy Theatres unit
Common
1212 1412
Preferred A
3
4 114
14
Rubel Coal & Ice Co corn-- 12
8
9
Preferred
100 25
Ruberold Co $4
29
38
Safety Car Heat & Ltg_100 35
81
Seovill Manufacturing___25 75
25
28
Singer Manufacturing_ _100
Smith (A 0) Corp N D $2 • 310 320
145 155
Solid Carbonic Ltd
712 912
Southern States 011
Splitdorf Beth Else
14
24
100
2
312
Standard Screw Co
83
Standard Textile Prod_100 77
100
_
2
$7 class A
100 20
30
$5 class B
15
Stetson(J B)Co $6.25 corn -•
25 28
32
$2 preferred
34
Taylor Mill Corp $2.50com • 30
Taylor Wharton Ir& St com• 1912 2112
100
6
Preferred
8
Tenn Products Corp 54 of 50
Trent Process Corp
Tubb's! Chatillon 57 pf B 100
Unexcelled Mfg Co 700_10
United Businees Pub 57pf100
United Publishers 57 p1_100
U S Finishing $7 pref__100
Walker Dishwasher corn _ --•
Welch Grape Juice corn...•
100
$7 preferred
Westland 011 Corp
•
W Va Pulp & Paper $2 com •
100
56 preferred
Wheeling Steel 54 oom__100
100
58 preferred A
100
$10 preferred B
____ White Rock Min Spring—
100
4
57 1st preferred
100
38
520 2d preferred
Willcox & Gibbs $5 00111.-90
IGO
Woodward Iron $4
106
100
Worcester Salt $5
3712 3912
14
If
36
42
612 712
____ 65
75
99
45
55
712 10
45
50
100
6
8
31
33
100 102
20
24
90 100
95 101
10312 107
210 _
41
50
25
30
87
92
Telephone and Telegraph Stocks.
Am Diet Tel of NJ 64
• 8212 86
100 11012 112
7% preferred
Bell Tel(Can)8% wet 100 145 146
Bell Tel of Pa 555% pref 100 115 117
Cin & Sub Bell Telep---50 101 103
dile
Cuban Telephone 8%
7% preferred
d 80
62
Empire & Bay State Tel _100 58
44
Franklin Teleg $2.50.___100 d 40
94
Int Ocean Tales 6'.....100 d 89
4120
Lincoln Tel & Tel8%
12
147 146
Mtn States Tel & Tel
New England Tel S, Tel_100 135 136
9112
9012
80
79
38
101
411
9
1112
243
4
7
98
5
661,
7
63
4
1014
1014
63
8
418
418
Tobacco Stocks.
American Cigar 6% orer_1001
Par
Adams Millis $7 Id w w --•
Aeolian Co $7 pref
100
Aeolian Weber P&P corn 100
100
Preferred
Alpha Portl Cement p1_100
Amalgamated Laund corn_
American Beak $7
100
Amer Canadian Properties_•
Amer Hard Rubber 54-100
American Hardware
25
Amer Mfg 4% corn
100
5% preferred
100
American Meter new
•
Babcock dc Wilcox 7%..100
Baker (J T) Chemical corn.•
Bancroft(J)&Sons$1.204Pm•
100
7% preferred
Bliss (E W)$4 let pref_-50
10
2d preferred B
Bohn Refrigerator 8% p1100
Bon Arni Co B coin
"
Bowman-Biltrnore Hotels__
100
let preferred
2d preferred
100
13runew-Balke-Col $7 wet.
Bunker Hill & Sun 53 corn 10
Burden Iron ere'
100 420
Y Mutual Tel
24
Northw Bell Tel Pf 654-100 107
Pao & At Totes U S
14
17
Peninsular Teleph $1.40.._• 2212 25
7% preferred A ___. —100 103 105
Porto Rico Telep
4185
Such Telep 56.50 1st P1-100 109 11625 17
So & Atl Teleg 51.25
20
100 171 176
So &NETelep 8%
W Bell Tel 7% Pref —100 11912 12012
Fri-States Tel & Tel $6___• 4150
--10 10
8.00 preferred
103
4
Viscousla TeleD 7% 1/1_100 d112
Chain Store Stocks.
Melville Shoe Corp
let prof 0% with warr_100 86
90
Metropol Chain pref.._ _ _ IOU
812 10
Miller (I)& Sons pref __ _100 40
50
Mock Juds&Yoehungerpf100 55
65
Murphy (S. C.) 8% of-100 d 95 110
corn
Nat Shirt Shops
•d 6
9
Preferred 8%
100 4 75 85
Nedick's Inc corn
2
•
1
Newberry (J) Co. 7% Of 106 93
98
.
N Y al erchandise lot p1_100 80
Gt Atl & Pao Tea pref__100 118 121
90
•4 5
Kobacker Stores pref. _100 57 67 Plirg y-Wiggly Corp
__
10
10 4 Reeves(Daniel)Preferred 100 100
3
Kress(S 11)6% pref
10
Rogers Peet Co com---100 a 80
87
Lerner Stores 655% Prof w w x 83
Lord & Taylor
1004200 250 Schiff Co prof
100 67
72
___ Silver (Isaac) & Bros o1..100 68
First preferred 6% ____100 al 94
75
-__ Southern Stores 6 Unite__ __ ____ 26
Second preferred 8%..100 4 97
77 U S Stores lot pref 7%..l00 47 ....MacMarr Stores 7% pf w w
72
Bohan (11 C) Inn.—
100 104
7% let preferred
Butler (James) oommon____ 4 ____
100 d ____
Preferred
Diamond Shoe pref with war ____
Edison Bros Storrs pref _100 65
Fan Farmer Candy Sic pf.
• 31
Fishman (II M)Stores corn_ ____
Preferred
•
108
2
25
90
75
35
16
90
Sugar Stocks.
Fajardo Sugar
Haytlan Corp Amer
Savannah Sugar corn
7% Preferred
100
100
o Ex-dividend of $65.
3212 33
3
2
75
70
90
85
y Et-rights•
Sugar Estates Oriente pt 100
United Porto Rican corn....
Preferred
7
14
3
10
18
3125
FINANCIAL CHRONICLE
APRIL 25 1931.]
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
New York Bank Stocks.
Par Bit Ask
25 5112 5412
America
45
100 40
American Union
its 13
8
Bank of United States units
100 60 95
Bank of Yorktown
45
50 40
Brooklyn National
16
a0 12
Bryant Park
4
4
20 853 883
Chime
69
Chatham-Ph Nat Bk & Tr 20 66
20 8612 8912
City (National)
100 165 195
Columbus Bank
Comm'l Nat Bk & Tr...100 255 295
100 2400 2600
Fifth Avenue
First National of N Y 100 3610 3810
100 100 125
National
Flatbush
87
Globe Bank & Trust 00.100 77
100 400 600
Grace National Bank
65
25
Bank
Harbor State
Harriman Nat Bk & Tr_100 1500 1600
100 150 170
Industrial Bank
100 118 128
KIngsboro Nat Bank
Par
26
Lafayette National
100
Lebanon
Liberty Nat Bk & Tr new_ _
Manhattan Company_ _ _ _20
100
Merchants
20
Midtown Bank
Nat Bronx Bank
National Exchange
Nat Safety Bk & Tr_ __100
100
Penn Exchange
100
Paull& National
laiblioNat Bank & Trust 25
Queensboro National_ ...100
Seward Nat Bk & Tr...100
Sterling Nat Bk & Tr___25
Strauss Nat Bank & Tr..100
Textile Bank
100
Trade Bank
Washington Nat Bank _.100
Yorkville(Nat Bank 011_100
Bid Ask
30
25
30
15
2512 2812
4
4
793 823
95
85
12
7
90
80
32
28
22
17
72
62
300 350
56
53
170
86 85
21
26
100 115
43
48
190 150
65
83
70
Trust Companies.
100 195 210
American Express
Banca Comm Italians Tr 100 235 242
2e 2812 3012
Bank of SIMI) Trust
Bank of Europe Trust_.35 53 63
Bank of New York & Tr _100 600 620
10 100 103
Bankers
44
42
Broadway Plaza Trust
38
20 33
Bronx County
100 430 445
Brooklyn
20 •236 241
Central Hanover
414 614
25
Chelsea Bank & Trust_
4
Chemical Bank & Trust-10 4134 433
100
82
Clinton Trust
Continental Bk & Trust_10 1914 2214
Corn Each Bk & Trust-a0 x111 115
26 3712 3912
County
20 5412 5712
Empire
Fiduciary Trust
105 107
100 400 425
Fulton
100 468 473
Guaranty
100 125 135
Hibernia Trust
20
International Madison.. 25 15
20 1412 1712
International Trust
10 3312 3512
Irving Trust
100 2550 2750
Kings C,ounty
Lawyers Title & Guitr 100 230 235
46
25 44
Manufacturers
1912 2112
Mercantile 13k & Tr w I
100 87
97
M id wood
...10( 325 400
Mutual Trust of W.
2! 150 155
New York
20
TImes Square
.20 134 139
Title Guarantee & Tr..
7
5 _ 200
100
Trust Coot N A
25
25 21
Underwriters Trust
100 3000 3200
United States
100 900 1000
Westchester
Westchester Title & Tr...30 105 115
Chicago Bank Stocks.
Central Trust Co of III_100
Continental III Bk & Tr_100
100
First National
100
Forman National
Harris Trust Ar Say Mae-.100
224 228
356 360
452 456
350 355
450 475
Nat Bank of the Republic 20
100
Northern Trust Co
Formica Tr & Say Bank_100
Strauss Nat Bank & Tr_100
Union Bank of Chicago_100
53
427
320
175
148
54
431
325
185
152
Par
Aetna Caattalty & Surety _10
10
Aetna Fire
10
Aetna Life
25
Agricultural
10
American Alliance
American Constitution
American Equitable
American Homo
5
American of Newark
American Re-Insurance....
10
American Reserve
25
American Surety
10
Automobile
Baltimore Amer Insurance.5
25
Bankers & Shippers
100
Boston
25
Bronx Fire
Brooklyn Fire Insurance_ _6
10
Carolina
10
Central Fire
10
Chicago Fire & Martne
100
City of New York
10
Colonial States Firs
Columbia National Life..100
Connecticut General Life_10
Consolidated Indemnity....
10
Constitution
Continental Casualty_ _10
10
Cosmopolitan Ins
Eagle
5
Excess Insurance
10
Federal Insurance
Fidelity & Deposit of aid _50
20
Firemen's
25
Firemen's Fund
5
Franklin Fire
General Alliance
10
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
Globe & Rutgers Fire...100
10
Great American
Great American Indem'y _10
10
Halifax Insurance
50
Hamilton Fire
10
Hanover
10
Harrnonia
10
Hartford Fire
Hartf Steam Boll Ins&Ina 10
lo
Home
Home Fire & Marine_ _ _10
Home Fire Security
10
Homestead
10
Hudson Insurance
Importers & Exp of N Y.25
Independence
_10
Independence Indemnity.
Bid Ask
84
81
46
44
4514 4714
91 101
27
21
25
20
16
13
23
20
1614 1714
44
41
2712 3012
79
76
2414 2814
s
8
113 123
100 110
500 540
6212 6712
16
13
28
26
38
11
8
250 270
12
9
280 310
105 110
412 612
10
8
3112 3312
8
6
14
13
,
34
51.1
60 65
158 162
25
24
80 86
2414 2614
22
18
812 1012
50
48
17
14
595 645
2412 2512
1714 2014
1814 2014
200 300
3112 3312
2414 2614
4
563 5834
62 67
2914 3014
37
32
8 61)8
53
18
16
27
22
41
38
9
6
7
5
Par Bid Ask
10
7
Industrial of Akron
100 850 950
Kansas City Life
19
5 15
Knickerbocker corn
8
6
10 2212 2712
Lincoln Fire
10
Lloyds Casualty
8
6
10
Voting trust certifs
7
4
10
Majestic Fire
33
25 29
Maryland Casualty
25 75 85
Mass Bonding & Ima
59
Merchants Fire Amur corn 10 55
14
Mercia & Mfrs Fire Newark 5 11
19
10 18
Missouri State Life
100 120
Morris Plan Ins
10 1712 1912
National Casualty
214
814 52
10 50
National Fire
5
National Liberty
3
8
5
41
5 13834 13 34
National Union Fire
New Amsterdam Casualty10
10 2334 2534
New Brunswick
27
10 22
New England Fire
New Hampshire Fire .._ _10
8
0
5
5
53
20 45
New Jersey
24
20
6 38 40
New York Fare corn
10
North River
85
25
Northern
2
13
5
102 125
Northwestern National
10
Occidental
0
25 11512 120
Pacific Fire
612
5
Peoples National Fire
49
3
_10 6712 6212
Phoenix
20
Preferred Accident
Pro yid ence-Wmhington 10 4712 4912
Public Fire
714 914
Public Indemnity
2
23s 43
(formerly Hudson Cas'Ita)
6
4
Reliance Ins. of Phila
18
10 13
Republic Dallas
16
10 12
Republic (Pitts)
25
10 20
Rhode Island
50
25 40
Rochester American
St Paul Fire & Marine. 25 168 178
912 1112
Seaboard Fire & Marine__
33
10 31
Security New Haven
08
Springfield Fire & Marine 25 98
60 100 150
Standard Accident
53
25 43
Stuyveeant
100 1475 1575
Sun Life AsaUrance
Transportation Indemn'y 10
1 914
71,
Transportation Insurance 10
814 1014
100 900 950
Travelers Fire
59
25 54
S Casualty
U S Fidelity & Gusty Co 10 2514 2814
49
10 47
Fire
U S March & Shippers._100 310 330
8
10
6
Victory
Virginia Fire & Marine-25 85 100
40
10 38
Westchester Fire
5
Industrial and Railroad Bonds.
Adams Express 48. 1947J&D
Amer Meter 611.1946
Amer Tobacco 4s, 1951 FAA
Am 'FYPe Fdrs 6a. 1937 MAN
Debenture Is, 1939_M&N
Am Wire Fabrics 1st'42 MALS
Bear Mtn-Hudson River
A&O
Bridge 7a, 1953
Biltmore C,omni 74 '34 M&S
Floe & Alb RR 55 Oet'63
Boa & Me ItR Oa 1933_J&J
Chicago Stk Yds Is, 1961._
COLIBOI Coal 4 Nis. 1934 MAN
Consol Mach Tool 75, 1942
Conaol Tobacco 45, 1951...
Continental Sugar 7s. 1938.
Equl Office Bldg 58, 1952._
Flak Tire Fabric fiNia, 1935
Hoboken Ferry Is.'46 MAN
Internal Salt be. 1951 _Atk0
Journal of Comm aNis. 1937
Kansas City Pub Serv 6)e.
84
102
90
103
103
1180
86
66
10012
100
107
10112
85
70
1150
(188
4
89
9112
86
83
93
1189
47
44
Little (A K) 7s, 1942__A&O 1147
55
Loewe New Brd Prop
68. 1945
_
J&D 94
Mallory Steamship 5s.'32J &J 99
_
Merchants Refrig (is, 1937__
_
97
NO Or No RR 58,'55 FAA 50
-55
N Y & Hob Ferry 58.'46 J&D 90
NY Shipbidg 58, 1946 MAN 89
_
Piedmont&No Ry 5a.'642&J 89
91
Pierce, Butler & P 6 Nis, '42
_ 45
Realty Assoc Sea 65.37 J&-)
90
41 5
Securities Cool N Y 4s
0
61 Broadway 5Nie,'50 A&O 90
9212
So Indiana Hy 45, 1951 FAA 65
70
Stand Text Pr 64e,'42 INI&S 40
45
Struthers Wells, Titus92
ville, Via, 1943
1Tol Term RR 4 Nis.'57 MAN 9612 ii 2
114
U S Steel 58, 1951
4312
02
Ward Baking as.'37 Jar]) 15 135 00
WItherbee Sherman Is, 1949
Woodward Iron 5a.'52_ ...1&J 8412 87
Realty, Surety and Mortgage Companies.
92
Bond & Mortgage Guar__20 89
Empire Title & Gust..-100 100 110
14
Franklin Surety
Guaranty Title & Mortgage 200 225
Home Title Insurance____25 4312 4812
International Germania Ltd _ I 14
20 4314
Lawyers Mortgage
Lawyers Was Mtge & T1_100 180
National Title Guaranty 100 49
100 65
State Title Mtge
18
4514
200
54
75
Aeronautical Stocks.
Alexander Indus 8% pref...
Amarican Airports Corp...
Aviation Sec of New Eng.,
Central Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn._
Federal Aviation
General Aviation 1st pref.__
14
di
1
1
4
16
Kinner Airplane & Mot new.
Lockheed Aircraft
412 Maddux Air Licata
5 New Standard Aircraft corn
212 Sky Specialties
2 Southern Air Transport
Swallow Airplane
19 Warner Aircraft Engine...
WhIttelsey Manufacturing
138
8
3
2
178
2
8
8
11
212
3
12
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Allis Chal Mfg Se May 1937
Alum Co of Amer Ls May '52
Amer Metal 534. 1934 A&O
Amer Rad deb 49421 May '47
Am Roll Mill deb 55.Jan '48
Amer Wat Wks 581934 A&O
Bell Tel of Can 6a A Mar '55
Baldwin Loco 5345 '33 NUS
Cud Pkg deb 5145 Oct 1937
Edison Elea III Boston
84% note Novi '31 MAN
at% not', Nov 1 '32 MAN
5% notes Jan 15'33__J&J
Gulf Oil Corp of Pa
Debenture 5a....Dee 1937
Debenture 5a___Feb 1947
Bid Ask
10138 1017 kaneral Motors Accept
8
6% set notes___Mar 1932
4
1043 105
92 93
5% see notes.., Mar 1932
10114 10112
5% set notes...afar 1934
88
85
8% set notea_Mar 1935
4
1023 103
5% set notes...Mar 1936
105 10531 dot/pets Gas & Coke
8
1013 102
Debenture 68._June 1947
9912 997 Mai; Pet 4 Nis Feb 15 '30-'35
8
Marland 011
10058 _
Serial 5% notes June I5'32
10114 10112 lima Gas Cos 5)45 Jan 1946
103 10314 Proo & Oamb 4 Nis July 1947
floss-theft S ar I 4.48_1931
102 10212 Union 011 58 1935.-F&A
10112 1013 United Drug Is 1932__A&O
4
Debenture 65 1933...A.&0
Bid
Ask
8
1013
8
1013
8
1013
10114
10114
102 10214
10012
10012 101
1043 10512
4
10214 10314
9912
10012
101
101
1661;
Water Bonds.
Alton Water Is 1956___A&O
Ara Wilt 1st ad A tia__Aar0
Ashtabula W W 58 '58 _A&O
AtlanticCoWat 5958 A al&S
Birni W W 1st 5 NatiA'54A,a0
151 m tia 1954 set B-I&D
let 5s 1957 ear C____F&A
Butler Water 58 1957...A&O
City NV(Chat) SIB '54_J&D
1st Eal 1957 set C__ _ ..M&N
Commonwealth Water-FAA
1st 68 '56 B
1st m 5s '57 ear U.. FAA
Davenport NV 5.1 1961-1,4.1
E St LA lot NV 59 '42.J&J
let In tle 1942 ger 13 J&J
1st 15s 1960 ear D.._ _F&A
HuntIon NV 1st Ia '54_M&S
let m 58 1954 tier B _M&S
Joplin NV NV 5s'57 set A M&S
Kokomo W NV Se 1958.J&D
Monm Con NV lat 55 56.1&D
.
Motion Vat NV 534s '60_J&J
Rictinad W NV let 56'57M&N
St Joseph Wat 5s '41_..A&O
South Pitts Water Co
1st 58 1955
F&A
bat & ref 55 '60 set A _J&J
let & ref 5s '60 set B_J&J
9912 101
Terre tile NVNV .a 49 A JAI)
9912 101
1st m 581956 sec 13_ _J &D
9412 9512
97
98 Texarkana NV 1st 5s '68 FAA
102
Wichita Wat let Is '49_51&.9
1st m 55 '56 sec 11 F&A
9514 9(C12
let M 5s'60 ser C.__ al .N
9334 9114
9714 9314
9312 95
9312 95
10212 10312
10012 10112
10012 10112
94 95
100 10112
100 101
102 _ _
98
9912
93
94
9312 95
9412 9512
100
95
96
9914 100
4
993
4
993
4
993
102
98 100
95
94
102
9612 98
9612 98
• No par value. z And dividend. 11 Last reproted market. z Ex-div dend.
Atlantic Coast Line Is
Equipment flais
Baltimore & Ohio 68
Equipment 4)4, & 58
Buff !loch & Fitts equip Os.
CanadianPacific 4345 & he.
Central RR of N J as
Chesapeake & Ohio Is
Eall1Pment 6)4s
Equipment Se
Chicago & North West 68
Equipment 834s
Chic RI Ar Pac 4545 & 5s.
Equipment Is
Colorado & Southern Is.,...
Delaware& Hudson Is
Erie 4345 & 6a
Equipment as
Great Northern Is
Equipment 59
Hocking Valley fa
Equipment as
Illinola Central 434e & 68EQuiPment ae
Equipment 713 & 634e._..,
Kanawha & Michigan as_
Bid
4.60
4.25
4.50
4.30
4.40
4.50
4.50
4.60
4.25
4.25
4.50
4.40
4.35
4.50
4.70
4.50
4.50
4.75
4.50
4.30
4.30
4.50
4.25
4.50
4.30
4.60
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
4.16
4.10
4.10
4.10
4.15
4.20
Par Bid
Kansas City Southern 5145. 4.70
4.50
Louisville& Nashville 6a___
4.30
Equipment 6)45
4.25
Michigan Central 5.1
4.50
Equipment Is
Minn St P & SS M 43.4e & 65 4.7.
4.75
Equipment 634s & 7e
4.50
Missouri Pacific 6N48
4.50
Equipment 69
4.40
Mobile & Ohio Ea
New York Central 434e & Se 4.20
4.40
Equipment 6s
4.25
Equipment 75
4.20
Norfolk & Western 43.48
4.45
Northern Pacific Te
4.413
Pacific k'rult Express 78
Pennsylvania RR equip 59- 4.20
Pittsburgh & Lake Erie 614e 4.50
4.20
Reading Co 434a & ea
St LOUIS At San Francisco Se 4.36
Seaboard Air Line 5345 & Is 13.00
4.25
Southern Pacific Co 4148
4.35
Equipment 7e
4.40
ASS
Southern RY 4'49
4.45
Equipment 69
4.50
Toledo & Ohlo Central ea
4.35
Union Farina 7e
Ask
4.50
4.10
4.18
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.
14
American & Continental...522
Amer Invest Trust Shares__
Bankers Nat Bayed corn A.
31f
Beneficial Indus Loan pref.. - Central National Corp A
- 21
2
Class B
- 18
Colonial Investor Shares
Continental afetrop Corp A ____
Continental Secur Corp...*
Preferred
32
Devonshire Investing enra
16
Inter Germania Trust
y Ex-rights.
,
84
Invest Fond of N J
16
s 578
53
552 North American Trust Slim_
Old Colony Inv Tr 44% lacla 80..
4
12112
42 Shawmut Association corn
11
8
27 Shawmut Bank Inv Trust._
1942 70
75
4145
7
1962 70
75
5s
19
1952 110
Os
212
Standard Corporations
Standard 011 Trust Shares A
4
478 53
Class B
34
183 2014
4
19 York Share Corp
Current Camino
onthtp, Quarterip anb 3aLt
pear'.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
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,is not confined to the returns which have come to hand the present week.
It includes also some of those given in the issue of April 18. The object of this index is to supplement the
information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly
and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely
complete up to the date of issue, April 17, embracing every monthly, semi-annual and quarterly report which
was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the March number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week-an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
When Published Page
Name of CompanyApr. 25_3127
Abbott Laboratories
Apr. 25__3127
Ainsworth mtg. Co
Apr. 25__3I27
Air Reduction Co
Apr. 25__3133
Alleghany Corp
Apr. 25..3150
Allied Products, Inc
Apr. 25__3127
Allen Industries, Inc
Apr. 25_3127
Allis Chalmers mtg. Co
Apr. 25._3127
Alpha Portland Cement Co
Apr. 25__3150
Aluminum Co. of America
Apr. 25_3150
Aluminum Goods mtg. Co
Aluminum, Ltd
Apr. 25__3150
American Brown-Boveri Elec. Corp Apr. 25..3127
American Coal Co.of AllePhany Co_ _ Apr. 25.3151
Apr. 25_3127
Amer. Com'wealths Power Corp
Apr. 25__315I
American District Teleoraph Co
Apr. 18..2959
American Electric Power Corp
Apr. 25__315I
American Factors Ltd
Apr. 18__2960
American Natural Gas Corp
Apr. 25__3127
American Republics Corp
Apr. 18_2944
American Type Founders Co
Anglo-Norwegian Holdings, Ltd__ -Apr. 25__3151
Apr. 25__3151
Arkansas Natural Gas Corp
Apr. 25..3152
Associated Dry Goods Corp
Associated Telephone Utilities Co Apr. 25_3144
Apr. 25_3127
Associated Investment Co
Apr. 25_3135
Atlantic Coast Line RR
Apr. 25__3152
Atlantic Fruit & Sugar Co
Apr. 18__2944
Atlantic Refining Co
Atchison Topeka & Santa Fe Ry___ _Apr. 25.3135
Aviation Corp. (Del.)
Apr. 25..3127
Beech-Nut Packing Co
Apr. 25__3127
Belt Ry. of Chicago
Ayr. 25-_3131
Bing & Bing, Inc
Apr. 18__2944
Birmingham Electric Co
Apr. 25__3127
Blackstone Valley Gas & Elec. Co
Apr. 25__3127
Apr. 25_3127
(Sidney) Blumenthal & Co., Inc
Bohn Aluminum & Brass Corp
Apr. 25__3127
Boston Elevated Ry
Apr. 25__3I28
Botany Consolidated Mills, Inc
Apr. 25__3152
Bowman Biltmore Hotels Corp
Apr. 18-.2970
Brandram-Henderson. Ltd
Apr. 25__3153
Brazilian Tr., Lt. & Pr. Co., Ltd
Apr. 25__3128
(C.) Brewer SE Co., Ltd
Apr. 25._3152
Briggs & Stratton Corp
Apr. 25__3128
Brillo mtg. Co
Apr. 25__3128
British Columbia Telephone Co
Apr. 25__3144
British Type Investors, Inc
Apr. 25__3I53
Brockway Motor Truck Corp
Apr. 25_3153
Brooklyn-Manhattan Trans. System Apr. 25_3128
Brooklyn & Queens Transit System_Apr. 25__3128
Apr. 18._2944
(E. G.) Budd mtg. Co
Budd Wheel Co
Apr. 18__2944
Buffalo General Electric Co
Apr. 25__3144
Buffalo Niagara & East. Pow. Corp_ _Apr. 25_3144
(F. N.) Burt Co., Ltd
Apr. 25..3154
Butte & Superior Mining Co
Apr. 18.-2970
Butterick Co
Apr. 25__3128
Apr. 25..3128
(A. M.) Byers Co
Canadian Celanese. Ltd
Apr. 253154
Canadian Gen. Elec. Co., Ltd
Apr. 25_3I54
Apr. 25...3154
Canadian Industries, Ltd
Apr. 25_3154
Canadian Locomotive Co., Ltd
Apr. 18-2956
Canadian National Ry. System
Apr. 25_3154
Canadian Westinghouse Co., Ltd
Apr. 25._3128
Caterpillar Tractor Co
Apr. 25_.3145
Central Power Co
Apr. I8__2952
Central RR. Co. of New Jersey
Apr. 18__2963
Central States Utilities Corp
Central Vermont Public Serv. Corp_Apr. I8--2963
Apr. 182948
Central Vermont Ay., Inc
Apr. 25..3154
Centrifugal Pipe Corp
Apr. 18_2945
Century Ribbon Mills, Inc
Apr. 25__3155
Cerro de Pasco Copper Co
Apr. 253133
Chesapeake Corp
Apr. 25..3155
Chesehrough mtg. Co., Consol
Apr. I8__2963
Aurora & Elgin Corp
Chicago
Apr. 25__3140
Chicago Great Western RR. Co
Chicago Milw. St. Paul & Pac. RR_Apr. 25..3138
Apr. 18-2949
Ry
Chicago & North Western
Chicago St Minneapolis & Om. Ry Apr. 18-2949
Apr. 25_3128
Chicago
Apr. 18-2958
Chicago Union Station Co
Apr. 23_3128
Yellow Cab Co., Inc
Chicago
Apr. 18__2945
Cities Service Co
Apr. 25__3128
Commercial Solvents Corp
Apr. 25._3128
Commonwealth Edison Co
Apr. 18..2945
Connecticut Electric Service Co
Consolidated Chemical Indus.,Inc Apr. 25__3128
Apr. 18..2945
Consolidated Laundries Corp
Apr. 25_3155
Corroon & Reynolds Corp
Apr. 18-2972
Crown Cork & Seal Co., Inc
Apr. 25_3128
Curtis Publishing Co
Apr. 25__3134
Delaware & Hudson Co
Issue of Chronicle
Name of CompanyWhen Published Page
Delaware & Hudson RR. Corp
Apr. 25__3134
Denver & Salt Lake Ry. Co
Apr. 25..3142
Derby Gas & Electric Corp
Apr. I8__2963
Di Giorgio Fruit Corp
Apr. 18..2972
Dome Mines, Ltd
Apr. 25__3128
E. I. du Pont de Nemours & Co
Apr. 25__3128
Eastern New Jersey Power Co
Apr. 18__2964
Eaton Axle & Spring Co
Apr. 25__3129
Edmonton Radial Ry
Apr. 25__3129
Electric Auto Lite Co
Apr. 25..3129
El Dorado Oil Works
Apr. 25__3156
Empire Gas & Fuel Co
Apr. 18..2964
Erie RR. Co
Apr. 25..3133
European Electric Corp
Apr. 18._2964
Fall River Gas Works Co
Apr. 25__3129
Federal Light & Traction Co
Apr. I8__2945
Federal Motor Truck Co
Apr. 182973
Federal Public Service Corp
Apr. 25_3145
Federal Water Service Co
Apr. 25..3129
Fonda Johnstown & Glov. RR
Apr. 25_3133
(George A.) Fuller Co
Apr. 25__3129
Gabriel Co
Apr. 18_2945
General American Tank Car Corp Apr. I8__2945
General Electric Co
Apr. 25__3129
General Foods Corp
Apr. 25_3129
General Motors Corp
Apr. 25._3129
General Water Works & El. Corp.__Apr. 25._3145
Georgia Southern & Florida Ry. Co_Apr. 18__2954
Gillette Safety Razor Co
Apr. 25__3129
Godchaux Sugars, Inc
Apr. 18__2974
Gould Coupler Co
Apr. 25__3129
Granby Consolidated Mining, Smelting & Power Co., Ltd
Apr. 18_2974
Great Atl. & Pac.Tea Co.of America_ Apr. l8._2975
Greater London & Counties Tr. Ltd.Apr. 18..2965
(S. NI.) Grier Stores, Inc
Apr. 25__3137
Gulf States Steel Corp
Apr. 25..3129
Harbison-Walker Refractories Co _Apr. 25__3129
Havana Electric Ry. Co
Apr. 25_3129
Hawaii Consolidated Ry., Ltd
Apr. 25_ _3142
Hayes Wheels & Forgings, Ltd
Apr. 18_2975
Hercules Powder Co., Inc
Apr. 25_ _3129
Hollinger Consol. Gold Mines, Ltd Apr. 25_3129
Honolulu Rapid Transit Co., Ltd
Apr, 25__3130
Houston Lighting & Power Co
Apr. 25..3130
Howe Sound Co
Apr. 25_3129
Hudson Bay Min. & Sm. Co., Ltd
Apr, 25..3158
Hudson & Manhattan RR. Co
Apr. 18_2946
Hudson Motor Car Co
Apr. 25._3129
Hupp Motor Car Corp
Apr. 25._3130
Illinois Central RR
Apr. I8__2949
Indianapolis Power & Light Co
Apr. 18__2965
Indianapolis Union Railway Co
Apr. 18.-2959
Industrial Rayon Corp
Apr. 25__3130
Inspiration Consol. Copper Co
Apr. 253158
Internat. Business Machines Corp_Apr. 253130
International Cement Corp
Apr. 25..3130
Internat. Hydro-Electric System.
Apr 18__2965
Internat. Paper & Power Co
Apr. 25_3130
Internat. Rys. of Central America Apr. 25..3133
Interoceanic Ry. of Mexico
Apr. 18..2948
Interstate Power Co
Apr. 18_2965
Intertype Corp
Apr. 25__3130
Iowa Public Service Corp
Apr. 18..2946
Isle Royale Copper Co
Apr. 25_3159
Jackson & Curtis Investment Assoc_Apr. 18..2946
Jamaica Public Service Ltd
Apr. 25__3145
Kansas City Public Service Co
Apr. 18_2965
Kansas City Southern Ry
Apr. 25__3133
Kennecott Copper Corp
Apr. 25..3140
Keystone Telephone Co. of Phila
Apr. 25..3130
Kobacker Stores, Inc
Apr. 25__3159
Koppers Gas & Coke Co
Apr. 25_3160
Lambert Co
Apr. 25__3130
Langendorf United Bakeries, Inc_ _Apr. 18..2946
Lehigh Valley RR
Apr, 25..3138
Libby, McNeill & Libby
Apr. 25_31.60
Lily Tulip Cup Corp
Apr. 25_ _3130
Link Belt Co
Apr. 253130
Incorporated
Loft
Apr. 25..3130
Lone Star Gas Corp
Apr. 25..3146
Loose Wiles Biscuit Co
Apr. 25..3130
Los Angeles Gas & Electric Corp
Apr. 25..3130
Los Angeles Investing Corp
Apr. 25_3130
McGraw Hill Publishing Corp
Apr. 25.._3130
Magma Copper Co
Apr. 25__3130
Maine Central RR
Apr. 25..3134
Market Street Ry
Apr. 25_3130
Mathleson Alkali Works (Inc.)
Apr. 25__3130
Memphis Power & Light Co
Apr. 25..3130
Miami Copper Co
Apr. 25__3161
Mic-Continent Petroleum Corp
Apr. 25__3161
Midland Steel Products Co
Apr. 25__3131
Midland Utilities Co
Apr. 25._3146
Issue of Chronicle
When Published Page
Name of CompanyApr. 25..3161
Mining qbrp. of Canada
Apr. 25__3142
Mississip181 Central RR
Apr. 25__3146
Missouri Gas & Electric Co
Apr. 25__3134
Missouri-Kansas-Texas Lines
Apr. 18__2955
Mobile & Ohio RR
Apr. 18-2966
Narragansett Electric Co
Apr. 25..3131
National Biscuit Co
Apr. 25_3131
National Cash Register Co
National Distillers Products Corp Apr. 25_3131
Apr. 18.-2966
National Electric Power Co
Apr. 18_2949
National Rys. of Mexico
Apr. 25__3131
National Steel Corp
Nevada California Electric Corp.__.Apr. 25...3131
Apr. 25..3162
New England Fuel Oil Corp
Apr. 25..3131
New England Tel. & Tel. Co
Apr. 25_3162
New ldria Quicksilver Mines, Inc
Newmont mining Co
Apr. 18-2979
Newport Electric Corp
Apr. 18-2966
New River Co
Apr. 25__3162
Apr. 18-2979
New York Dock Co
N Y & Honduras Rosario Min. Co Apr. 25._3163
. .
Apr. 25_3163
New York Merchandise Co., Inc
Apr. 25__3134
N. Y. Ontario & Western Ry
Apr. 25_3134
N.Y. New Haven & Hartford RR
Apr. 18-_2966
New York Railways Corp
Apr .25_3131
N. Y. Westchester & Boston Ry_
Apr. 25__3162
(J. J.) Newberry Co
Apr. 25__3131
Newton Steel Co
Apr. 25_3131
Niagara Hudson Power Co
Apr. 25__3163
Nipissing Mines Co., Ltd
North American Gas & Electric Co.. Apr. 18_2966
Apr. 25_3163
Noranda Mines, Ltd
Apr. 18-2949
Northern Pacific Railway Co
Apr. 25_3147
North West Utilities Co
Apr. 25...3135
Northern Pacific Ry
Apr. 25_3137
Northern States Power Co
Apr. 25__3163
Ohio Copper Co. of Utah
Apr. 25__3I63
Oliver Farm Equipment Co
Apr. 25_3131
Orange & Rockland Electric Co
Apr. 25_3131
Otis Steel Co
Apr. 18_2946
Owens-liiinois Glass Co
Apr. 18__2980
Packard Electric Co
Apr. 25__313I
Packard Motor Car Co
Apr. 182947
Paramount Publix Corp
Apr, 25_3131
Parker Rust-Proof Co
Apr. 253164
Pathe Exchange. Inc
Apr. 253131
(The) Pawtucket Gas Cos
Apr. 25.3164
Pennsylvania Coal Sc Coke Corp
Apr. 25_3131
Pennsylvania Dixie Cement Corp
Apr. 25._3131
Pennsylvania Gas & Electric Co_
Pennsylvania Gas & Electric CorpApr. 18__2967
Apr. 25_3131
Peoples Gas Light & Coke Co
Apr .25__3134
Pere Marquette Ry
Apr .25__3131
Perfect Circle Co
Apr. 18-_2952
Philadelphia Co
Apr. 18-2949
Philippine Railway Co
Apr. 25_31E65
Phoenix Oil Co
Apr. 25..3132
Pierce Arrow Motor Car Co
Apr. 25__3165
Pittsburgh Coal Co
Apr. I8__2952
Pittsburgh Railways Co
Apr. 18__2980
Pond Creek Pocahontas Coal Co
Public Service Corp. of New Jersey Apr. 25_3132
Apr. 25._3142
Quebec Central Railway Co
Apr. 18__2947
Railway & Light Securities Co
Apr. 25_3165
Rand Mines, Ltd
Apr. 25__3166
Remington Arms Co., Inc
Apr. 18-.2981
Ruud Manufacturing Co
Apr. 25_3166
Ryan Consol. Petroleum Corp
Apr. 25..3166
Lawrence Corp., Ltd
St.
Apr. 25.3l34_
St. Louis-San Francisco Ry
Apr. 25__3166
St. Mary's Mineral Land Co
Apr. 25_3166
Safety Car Heating & mg. Co
Apr. 25_3166
Salt Creek Consol. Oil Co
San Diego Consol. Gas & Elec. Co Apr. 25_3132
Corp
Apr. 25..3149
San Joaquin Lt. & Power
Apr. 25__3166
(B. F.) Schlessinger & Sons. Inc
Apr. 18_2981
Schulco Co.. Inc
Apr. 18...2982
Schulte Retail Stores Corp
Apr. 18_2947
Seagrove Corp
Apr. 25_3132
Seeman Brothers, Inc
Apr. 18-2982
Seneca Copper Mining Co
Shreveport El Dorado Pipe Line Co Apr. 25__3167
Apr. 18__2983
Simla! 011 & Gas Co
Apr. 25__3167
Silver King Coalition Mines Co
Apr. 18..2949
Sinclair Consolidated Oil Corp
Apr. 18._2947
Sioux City Gas & Electric Co
Sheffield Steel & Iron Co
Apr. 25__3167
Sloss
Apr. 25_3134
Soo Line System
Apr. 18__2968
Southern California Gas Co
Apr. 25_3134
Southern Pacific Lines
Southeastern Express Co
Apr. 25_3132
Standard Gas & Electric Co
Apr. 25_3149
Apr. 25..3132
Standard Cap & Seal Corp
APRIL 25 1931.]
FINANCIAL CHRONICLE
Issue of Chronicle
Name of Company-When Published Page
(John B.) Stetson Co
Apr. 18_2983
Stix, Baer & Fuller Co
Apr. 25 3167
Stouffer Corp
Apr. 18..2947
Studebaker Corp
Apr. 25_3132
Sweets Co. of America
Apr. 25 3132
Apr. 25....3135
Symington Co
Telautograph Corp
Apr. 25_3132
Tennessee Central Ry
Apr. 25 3143
Texas Electric Ry
Apr. 18..2968
Texas Gulf Sulphur Co.,Inc
Apr. 25_3132
Thompson Products Inc
Apr. 25__3l32
Tung Sol Lamp Works
Apr. 25..3168
Twin States Gas & Electric Co
Apr. 18..2968
Union Bag & Paper Corp
Apr. 25_3168
Union Pacific System
Apr. 25..3134
Union Sugar Co
Apr. 25_3168
Union Tobacco Co
Apr. 25_3168
Union Twist Drill Co
Apr. 25..3168
Unit Corp. of America
Apr. 18..2984
United Biscuit Co. of America
Apr. 25..3132
Issue of Chronicle
Name of CompanyWhen Published Page
United Dry Docks Inc
Apr. 25..3169
United Dyewood Corp
Apr. 25..3169
(The) United Rys.& El. Co.of Balt Apr. 25..3132
United Biscuit Co. of America
Apr. 18..2947
U. S. Cold Storage Co
Apr. 25_3169
United Stores Corp
Apr. 25_3132
U. S. Hoffman Machinery Corp
Apr. 25..3132
U. S. Leather Co
Apr. 25..3132
United Light & Power Co
Apr. 18_2948
U. S. Printing & Lithograph. Co---Apr. 25._3169
U. S. Realty & Improvement Co
Apr. 18..2947
Universal Pipe & Radiator Co
Apr. 18..2985
Utah Copper Co
Apr. 25_3140
Utica Gas & Electric Co
Apr. 25..3149
Viau Biscuit Corp.. Ltd
Apr. 25...3188
Virginia Iron, Coal & Coke Co
Apr. 25..3132
Virainian Railway Co
Apr. 18...2954
Wabash Railway Co_
Apr. 18_2953
Waco Aircraft Co
Apr. 18..2985
Waitt & Bond, Inc
Apr. 25..3188
3127
Issue of Chronicle
Name of CoalmineWhen Published Page
Waldorf System, Inc
Apr. 18..2948
Waltham Watch Co
Apr. 25_318$
Warchel Corp
Apr. 25..3188
Ward Baking Corp
Apr. 25..3133
Warner Sugar Corp
Apr. 25..3188
(John Warren) Watson Co
Apr. 25..3189
Welsbach Co
Apr. 25_3189
West Texas Utilities Co
Apr. 25..3149
Western Dairy Products Co
Apr. 25_3133
Westinghouse El. & Mfg. Co
Apr. 25..3133
Westmoreland Coal Co
Apr.25__3189
Westmoreland,Inc
Apr. 25..3189
Westvaco Chlorine Products Corp Apr. 18..2948
Wheeler Metal Products Corp
Apr. 18..2948
Apr. 25..3133
White Rock Mineral Springs
Apr. 25_3133Willys Overland Co
Apr. 18..2969
Winnipeg Electric Co
Apr. 25..3133
Wisconsin Hydro-Electric Co
Apr. 18_2986
Woods Brothers Corp
Apr. 18..2948
Zonite Products Corp
Abbott Laboratories.
American Republics Corp.
Earnings for Quarter Ended March 311931.
Net profit after deprec., amortiz., &c., but before Fed. taxes__ $195,000
a'Last complete annual report in Financial Chronicle March 7 1931, p.
1801, and March 14 1931, p. 1993.
1928.
1929.
3 Mos.End. Mar.31- 1931.
1930.
Sales
$3,750,063 $6,014,731 $7,720,901 $6,126,671
Cost ofsales
6,843,870 5,456,191
3,709,489 5,380.841
620,274
750,252
604,591
Expenses
513,880
Net profit
Other charges(net)
Ainsworth Manufacturing Corp.
Quarter Ended March 31Net loss after taxes and charges
Earns, per share on 162,271 shs. cap. stock
1931.
$35,233
Nil
1930.
prof.3146,416
$0.90
Net prof. after Fed.tax $1,019,040 $1,523,276 $1,237,562 4728,940
738,364
Cap.stk. outst.(no par)_
783,542
676.203
841,288
$1.67
Earnings per share
$1.94
$1.21
x$1.07
x Before Federal taxes.
arlast complete annual report in Financial Chronicle Feb. 14'31, p. 1225
1931.
1930.
Quarters Ended March 311929.
$59,384
loss$7,583
Netearnings after Federal taxes
$49,442
Earns. per sh. OD 66,000 shs. corn.stk.
Nil
$0.71
(no par)
$0.55
rarLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1225
Allis-Chalmers Mfg. Co.
Quarter Ended March 311931.
1930.
Unfilled orders
$11,517,082 $15,570,365
Bookings
6,450,788 14,661,418
Net profit after all charges, incl. Federal taxes_
482,808
1.170,938
Shares common stock outstanding (no par)
1,258,400
1,256,448
Earnings per share
$0.38
$0.93
VErLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2183
236,125
51,774
46,633
22,220
1930.
$641,945
137,132
15,348
7,974
109,068
131,031
40,295
22,769
$163,827
4,304,213
40,983
$178,328
3,712,081
10,552
1931.
3624,223
84,620
19,0211
$4,509,023 $3,900,961
22,750
22,750
76,251
79,001
Total surplus
Dividends on preferred stock
Dividends paid on common stock
$4,407.272 $3.801,960
Balance March 31
Earns, per sh. on 80,000 shs. corn,stock (no par)._ _
$1.94
$1.76
rarLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1036
Aviation Corp. (Del.).
(And Subsidiaries)
Quarters Ended March 31
Loss from operations
Depreciation
12 Months Ended March 31Net sales
Operating expenses
Depreciation
1931.
1930.
$9,580,011 $11,183,880
7,025,224
8,279.150
1,345,253
1,307,497
Operating profit
Other income (net)
$1,209,534 $1,597,233
159,278
281,865
Total income
Federal taxes
$1,198.812 $1,654,098
140,000
140.000
1,244,250
2.133,000
1930.
$550,265
403,739
$224,988
119,024
3954.004
350,785
Net loss
EXAMS()of parent company
Proportion oflosses of controlled cos.(not consol.)_
$105,964
119,749
108,723
$603,219
167,906
92.526
$1,368,812 $1,879,098
170.000
225,000
Not income
Preferred dividends
Common dividends
1931.
$9,330
215.658
Totalloss
Other income
Alpha Portland Cement Co.
Deficit
$185,438
$618.902
$1.49
Earns. per sh. on 711,000 shs. com.stk.(no par)
$2.13
-Earned surplus April 1 1930, $3,753,735; net income
Surplus Account.
for 12 months ended March 311931. $1,198,812; total, $4,952,547. Deduct:
pref. dividends, $140,000; common dividends, $1,244,250; additional
depreciation for year 1928 as adjusted by Treasury Department, 332,366;
provision for additional Federal taxes prior years, $200,000; adjustment
of sack inventory to market value at Dec. 31 1930, $95,657. Earned surplus, March 31 1931. $3,240,274.
larLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1216
American Brown Boveri Electric Corp.
(And Subsidiaries)
Quarters Ended March 31
Net profit from operations
Income from investments. &c
Miscellaneous income
1931.
$52.448
24,639
21,008
1930.
$111,041
9,490
27,009
Gross income
Cash discount on sales
Interest on bonds
Depreciation
Miscellaneous charges
$98,095
89
56,708
166,660
2,030
$147,540
129
59,342
157,830
16,963
Not loss for period
$127,392
$86,724
rage-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2198
American Commonwealths Power Corp.
$50,205
301,933
Associates Investment Co.
Quarters Ended March 31
Earned interest and discount
Interest paid
Insurance
Commission on collateral trust notes
Salaries
Branch office expenses
Other expenses
Reserve for Federal taxes
Net profit
Balance Jan. 1
Increased capital
Allen Industries.
$126,778
210,566
$29,300
224,175
Net def.(after deduct.
$251,729
res.for Fed.inc.tax) $579,219
$83,788
$194,875
1a72ast complete annual report in Financial Chronicle Feb. 7 '31, p. 1052
Air Reduction Co.
1929.
1928.
3 Mos.End. Mar 311930.
.
1931.
Gross income
$4,479,015 $5,451,718 $4,732,385 $3.503,522
Operating expenses
2,814,798 3,244,677 2,894,520 2.285,634
431,670
Addition to reserves_ _ _ _
519,592
513,329
488,047
168,631
170,437
Federal taxes
125,584
def$473,307
105,912
$863,651
$334,436
Net loss for period
'Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2771
Beech Nut Packing Co.
3 Mos.End. Afar.31Net profits
Dividends
(And Subsidiaries)
1930.
1931.
$614,031
$536,958
334,766
334,766
1929.
$654,406
318,828
1928.`
$744,580
255,079.
$489,501
3335,578
$279,265
$202,192
Balance, surplus
425,000 •
446.250
425,000
Shs.com.stk.out.
(par $20) 446.250
$1.37
$1.51
31.24
$1.20
Earnings per share
in Financial Chronicle Mar. 7 '31, p. 1806
'Last complete annual report
Birmingham Electric Co.
(National Power & Light Co. Sub.)
-Month of February- -12 Mos.End. Feb.281930.
1931.
1930.
1931.
$736,086 $38,036,095 $9,068,294
$627,552
Gross earn.from oper
5,567.180 5,987,233
491,099
Oper. expenses & taxes_
431,696
Net earn, from oper__
Other Income
$195,856
25,705
$244,987 $2,468,915 $33,081,061
412,519
377,605
29,801
Total income
Interest on bonds
Other int. and deduc
3221,561
66,514
18,800
$274.788 $2.846,520 $3,493,580
924,395
76,651
900,633
58,907
4,597
104.577
Balance
Divs, on preferred stock
$136.247
$193,540 $1,841,310 $2,510,278
412.948
410,209
Balance
$1.431,101 82,097,330
IF
'Last complete annual report in Financial Chronicle Apr. 12 '30, p. 2576
Blackstone Valley Gas & Electric Co.
-Month of March- 12 Mos. End. Mar. 31.
1930.'-4
(And Subsidiaries.)
1931.
1931.
1930.
Gross earnings
$544,317
$555,518 $6,340,041 $6,618,662
12 Months Ended Feb. 281931.
1930.
2.764,528
2,684,872
227,492
-allsources
Gross revenues
237.747
y$26.316,410 $26,144,396 Net oper. revenue
2,097,593
2,053,066
Oper. expenses, incl. maint. & gen. tax:
13,273.873 14,325,264 Surplus after charges
Annual int. charges,funded debt,sub. cos
4,361,823
MPLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1988
4,486,500
Annual dividend, pref.stocks,sub. cos
1,600,807
1,740,998
(Sidney) Blumenthal & Co., Inc.
Balance available, Amer.Commonwealths Power
1928.
Corp., and for reserves
3 Mos.End. Mar.31
1929.
1930.
$7,079,897 $5,591,633
- 1931.
$116.722
$404,149
Int. charges, Amer. Commonwealths Power Corp_ 1,361,815
loss$404
$20,738
706,430 Earns. from operations.
28.840
26,661
48,834
Accruedinterest
66,558
59,286
Balance available for dividends and reserves- - $5.718,082 34,885,203 Depreciation reserve__ 74,783
79,826
47,730
Annual div. charges. 1st pref. stock, Amer. ComReserve for taxes
monwealths Power Corp
867,279
614,434
3270.472
$21,324
Annual div. charges, 2nd pref. stock, Amer. ComNet profit
loss$59,088 loss$124,021
monwealths Power Corp
95,977
95,977
tWLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1622
Bal. avail,for res.. Federal taxes & surplus
x$4,754,826 $4,174,792
Bohn Aluminum & Brass Corp.
x Balance of earnings, on the average amount of "A" and "ll" common
(And Subsidiaries)
stock outstanding for the period ended Feb. 28 1931 is at the rate of $2.60
1929.
1930.
per share before depreciation and $1.80 per share after deduction for
1928.
Quar End. Mar.31.
1931.
depreciation reserves. y The above statements reflect the earnings for 12 Net profit after all chgs.
$395,386 31,019,753
$437,296
months periods of properties owned at the respective dates. but, for 1931,
and taxes
8818,091
352.418
350,489
do not include, either the gross revenues or net earnings of Dominion Gas Shs.corn.stk.outstand'g
352,418
350,000
$1.12
& Electric Co., in which a controlling interest was acquired on Dec. 30 Earnings per share
$1.24
$2.91
$2.34
1930, nor the gtOsS revenues or net earnings of National Gas & Power
.
PR
-Last complete annual report inyinancial Chrcwi Mar;14 11, p 1995,
Corp., the stock control of which was sold in January 1931.
and Mar. 21 '31, p. 2201.
{yap. 132.
FINANCIAL CHRONICLE
3128
Boston Elevated Ry.
Caterpillar Tractor Co.
1930.
1931.
-Month of MarchQuarters Ended March 31Net sales
$9,070,537 216.796,402
1930.
ReceiptsFrom1931.
7,331,256 12,452,604
$2,687,229 $2,885,154 Cost of sales, operating expenses, &c
fares_
430,512
405.658
Depreciation
From oper. of special cars, mail pouch service, and
1,898 Interest paid
131,453
161,639
1,730
416.002
140,638
Provision for Federal income tax
advertising in cars,on transfers, privileges at
From
65,278
63.902
stations, &c
81.031,345 $3,365,832
Net profit applicable to dividends
From other railway cos. for their use of tracks dr
1,882,240
1,882,240
4.001 Shares stock outstanding
5,380
facilities
$1.79
$0 55
5,093 Earnings per share
5,410
From rent of buildings and other property
Feb. 14 '91, p. 1229
farLast complete annual report in Financial Chronicle
26,317
5.909
From sale of power and other revenue
Total receipts from direct oper. of the road
Interest on deposits. income from seems., &c
$2,769,564 $2,987,744
7,816
3.469
Chicago Surface Lines.
1930.
1931.
$4,584,224 $4,792,936
$2,773,033 $2,995,560
4,287,237 4,529,014
Total receipts
Cost of Service
$263,921
296.987
$242,485
Maintaining track, line equipment and buildings_ _ $257,667
41,500
-75.657
363,428
321.654
Maintaining cars,shop equipment, &c
-184,522 -281.891
216.378
198.130
Power
928,150
874,339
Transp. erns.(incl. wages of car service men)
$484,312
$557,167
Balance
7,768
7.882
Salaries and expenses of general Officers
114,292
Vi"Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2190
104,497
Law expenses,injuries and damages ahd insurance..
115,908
113.966
Other general operating expenses
135,158
140,946
Federal, State and municipal tax accruals
Chicago Yellow Cab Co., Inc.
261,285
260.332
Rent for leased roads
1928.
• 1929.
1930.
Quarters End. Mar, 31- 1931.
tunnel and rapid transit line rentals to be
Subway,
188,206 Net profits after deprec.,
198,754
paid to the city of Boston
$505,783
$664,419
$526,499
Federal taxes. &c---- $408,300
Cambridge subway rental to be paid to the Com33,310 Earns,per sh.on 400,000
33,256
monwealth of Massachusetts
$1.26
81.66
$1.31
$1.02
shs. coin. stk.(no par)
205,261
204,182
Interest on bonds and notes
4,968
4.676
Miscellaneous items
$2.720,287 $2,815,603
• Total cost of service
178,957
52,745
Excess of receipts over cost of service
farLast complete annual report in Financial Chronicle Feb. 21 '81, p. 1404
Month of MarchGross earnings
Operating expenses, renewals and taxes
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%
Commercial Solvents Corp.
3 Mos.End. Mar.31Operating profit
Other income
1931.
8690,284
23,873
1929.
1930.
$951,029 $1,129,641
47.772
67.970
1928.
$731,688
15,102
$746,790
$982,999 $1,177,413
$714,157
Total income
58,617
119,065
26,428
18.451
Charges
112,447
213,993
x206,079
58,162
-Month of March- -3 Mos.End. Mar.31- Federal taxes, &c
100,000
Reserves
1930.
1931.
1930.
1931.
Gross earnings from oper $3,102.183 $4,047,036 $9,606,513 $11,707,823
$844,355 81,575,726
$750,492
$537,544
Net profit
1,262.404 1,755,351 3,922.166 5.049,877 Site. com,
Operating expenses
stock outst'g
217 722
221,996
2,529,873 2.481,232
(no par)
$1.839,779 $2,291.685 $5,684,347 $6,657,943
Net earnings
$2.64
$3.80
$0.30
$0.21
Earnings per share
leirLast complete annual report in Financial Chronicle June 7 '130, p. 404o
x Includes provision for contingencies and inventory adjustments.
7 '31, p. 1099
-Last complete annual report in Financial Chronicle Feb.
[a
Brazilian Traction, Light 8c Power Co., Ltd.
Briggs & Stratton Corp.
•
1928.
1929.
1930.
1931.
Ow.End: Mar. 31Net earns, after charges
$140,154
$342,243
$301,041
$196.648
and taxes
Earns. per sh.on 300,000
$0.47
$1.14
$1.00
$0.65
shs.cap.stk.(no par)_
"Last complete annual report in Financial Chornicle Mar. 7 '31, p. 1606
.
Brillo Manufacturing Co., Inc.
1930.
1931.
Quarters Ended March 31$431,304
$441,280
Gross sales
45,078
76,405
Net profit after depreciation, Federal taxes. &c
$0.19
$0.39
Earns, per sh. on 160.000 ohs. corn,stock (no par)
Last complete annual report in Financial Chronicle April 25'31, p.3153
I'
Commonwealth Edison Co.
1931-12 Mos.-1930.
.
Period End. Mar 31- 1931-3 Mos.-1930.
Net income after deprec.,
taxes.interest, &c_ __ - $5.227.388 $5,120,866 $16,509.111 $16.501,853
1,372,306
1,527,186
1,372 306
She. corn, stock outat'g_ 1,527,186
$12.02
$10.81
$.i.73
$3.42
Earnings per share
OFLast complete annual report in Financial Chronike Feb. 7 11, p. 1029
Consolidated Chemical Industries, Inc.
Quarters Ended March 31Net profit after depreciation, Federal taxes, &c__ _
Earnings Per share on 285,000 combined shares,
class A Se B stocks (no par)
Curtis Publishing Co.
1931.
$116,095
1930.
$127.150
$0.41
$0.45
Brooklyn-Manhattan Transit System
1928.
1929.
1930.
Quarter End. Mar,31- 1931,
Net earns, after deprec.
(Including Brooklyn & Queens Transit System.)
& all taxes
$44,654,635 16,533,142 $5,752,493 25,162,374
-Month of March- -9Mos.End. Mar.31- Earns, per sh. on 1,800,1930.
1931.
1930.
1931.
000she.com.stock(no
$1.99
$2.32
$2.75
Total oper. revenues.-- $5,028,562 85.153.556 $43,781,717 $45.326,553
$1.71
par)
3,155,558 3,243,489 28,245,099 30,068.995
Total oper.expenses__
rirLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1040
Net rev,from oper--- 81,873.004 81.910.067 815,536,618 815,257,558
Dome Mines, Ltd.
353,487 2,993,434 2,947,461
340.289
Taxes on open. prop-Approximate Statement-Three Months Jan. 1 to March 31.
81,532,715 81.556.580 812.543,184 812,310,097
Operating income---1928.
1929.
1930.
1931.
654,119
605.030
66.970
62.025
9960.258
Net non-oper. income2259.886 91,030,042
$842.382
Average recovery
552,013
517,013
261,365
455,523
81,623,550 813,148,214 $12,964.216 Ope•r.& gen.costs
$1.594,740
20,925
Gross Income
26,183
27,781
773,865 6,960,302 6.978.043 Taxes
780.110
Total income deducts
$387,320
$486,846
$359,078 def$1,479
Net income
60,665
66,564
91,167
89,070
8849,685 26.167,912 85,986.173 Miscellaneous earnings_
8814.630
* Net income
$447,985
$553,410
$89,687
• Of which sums there
$448,148
Total income
accrues to minority
Note.
-In the above figures no allowance is made for depreciation or
ints. of the B. & Q.T.
771.831
822,154 depletion.
101,678
94.299
Corp.
"Last complete annual report in Financial Chronicle Sept. 6 '30, p. 1562
(E. I.) du Pont de Nemours & Co.
(And Subsidiaries)
1928.
1929.
1930.
.
3 Mos. End. Mar 31- 1931.
Brooklyn & Queens Transit System.
•
Inc. fr. oper., incl. co.'s
$4,270,579 $6,748,281 27,442,844 $3.977,713
eq. in earns, of con.cos
-Month of March- -9Mos.End.Mar.311930.
1931.
Inc. from investment in
1930.
1931.
7.484,000 al0,481,065 al7,466,131 a14,974,930
General Motors
Total oper. revenues... $1,941,078 $1,970.570 $16,790,006 817.653,096
1,008,782 1,096,119 63,208,707
• Total oper. expenses_ _ _ _ 1,492,163 1.525,494 13,044,581 13,878,279 Inc.fr. miscell.sec., &c.. 1,232,504
$12,987,083 $18,238,128 $26,005,094 $22,161,350
Total income
9445,076 $3,745,425 83.774,817
Net rev, from oper__- 8448,915
625,729
744,560
872,290
312,017
959,981
1.033.734 Prey.for Fed. taxes__ _ _
119,617
110.699
Taxes on oper. prop.._-_
20,689
21,423
18,212
18,137
Int. on funded debt_ _
$325,459 82.785,444 82,741.083
Operating income_ ___ 8338,216
$12,656.929 $17,347,626 $25,239,845 $21,514,198
Netincome
130,694
20.084
190,143
14.951
income_ _ _
Net non-oper.
1,209,711
1,392.168
1,492,995 1.492,979
Divs.on deb.stock
8345,543 22.916,138 82.931.226
$353,167
Gross inoome
120.782 1.123,429 1,131,155 Amt.earned on corn.stk.$11,163,934 815,854,647 $23,847,677 $20,304.487
125,695
Total income deducts_ _
Amt. earned per sh. on
corn. stk. outstanding
9224.761 91,792,709 81.800,071
$227,472
Net income
42.42
42.18
y$1.52
V$1.01
March 31
larLast complete annual report in Financial Chronicle Sept. 6 '30, p. 1563
Surplus Account.
1928.
1929.
1930.
1931:
Burn,at beginning of yr$208,082,665 9144920.215 2105710,319 $97,785,244
Butterick Co.
Net income 3 months- -- 12,656,929 17,347,626 25,239,845 21,514,198
(And Subsidiaries)
Surp, res't'g fr. reval. of
22,457,745 24,953,050 19,962,440
Gen.Mot.inv(see note)
1928.
1929.
1930.
1931.
Quar. End. Mar.31$2,919,876 $3,041,309 22.660,577 $3.131,656 Burp. result'g fr. issue of
Sales
corn.stk.sold under ex2.674,164 2,874,169 2,423,412 2,818,263
expenses
Cost and
7,467,060
ocut.test & b'nus plans
8237,165
8167,140
8313,393 Prem, rec. fro corn. stk.
$245,712
Operating profit
Issued under subscrip.
32,058
31,607
Other income
3.120
offer
O.
$237,165
$313,393
5199,198
8277,319
Total income
$220,742,714 *192.1926468155903,214 8139.261882
Total
100.591
88.248
130,266
117.159
Interest, deprec., &c__..
1,492,995 1,492,979 1,392,168 1,209,711
Divs.on deb.stock
$136.574
$225,145 Divs.on corn,stock_ _ 11,063.084 A13,457,155 a19,819.672 a16,634,718
$68.932
$160,160
Net profit
210,791
210,785
182,239
184,208
Shs.corn. outst.(no par)
$0.65
21.04
Surplus at March 31-9208,186,635 9177242,512 $134691,374 8121417,453
20.38
$0.87
Earnings per share
$20 par value common
x Amount earned per share on basis of shares of 9,315.803 shs.in
March 21 1931,
1929:
complete annual report in Financial Chronicle
1928).
arLast
stock outstanding March 31 (9,838,675 site, on (par $20)
2393.
outstanding during
P.2202, and March 28 1931, p.
'Earnings per sh. average of 11.065,762 ohs. quarter. a Includes extra
1930
1931 period and 10.463,693 during the amounting to
$2,993,600 in 1930
diva. on General Motors Corp. corn. stk.
and $9,981,220 in 1929 and 1928. b Includes approximately 92,286,000
(A. M.) Byers Co.
of IJ. S. Steel Corp.
representing profit received from sale of 114,000 Ors.
Subsidiaries)
and
corn. stk.
1931-6 Mos.-1930.
- 131-3 Mos.-1930.
Period End. Mar.31
Note.
-The value of du Pont company's investment in General Motors
adjusted on
Net after depreciation.
$461,917 Corp. common stock, equivalent to 9,981,220 shares, wsa which
861.016
8230,164
$28,820
closely
Federal taxes. &c__
209,431 the books of the company in March 1930. to $187,147,875,
42,217
101,337
20.435
Other income
corresponded to its net assets value as shown by the balance sheet of General
8671.348 Motors Corp. at Dec. 31 1929. Those shares are now valued at $18.75
$103,233
$331.501
849.255
having been $16.50 a share.
Net Income
Jan. 10 '31, p. 817, a share, the previous valuation
larLast complete annizal report in Financial Chronicle
tOrLast complete annual report in Financial Chronicle Jan, 31 '81, p. 839
p. 499.
and Jan. 11
•
APRIL 25 1931.]
3129
FINANCIAL CHRONICLE
Eaton Axle & Spring Co.
General Motors Corporation.
Quarters End. Mar. 31- 1931.
1930.
1929.
1928.
Net after Federal taxes_ $217 373
$314,749
$469,062 x$315,320
Shs. corn. stk. outstand.
(no par)
597,677
300,000
300,000
300,000
Earnings per share
$0.30
$1.04
$1.56
x$1.05
x Before Federal taxes.
WLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1626
1928.
Quar. End. Mar.311931.
1930.
1929.
x Net earnings
528.999,409 $44,968,587 $61,910,987 569,468,576
Dividends on pref.stocks 2,343,569 2,422,624 2,351,770 2,350,919
Edmonton Radial Ry.
-Month of March- -3 Mos.End. Mar.311931.
1930.
1931.
1930.
$67,746
$75,567
$233,802
$195.245
588
624
1,535
1,502
83
50
99
100
230
230
691
691
337
325
1,012
975
553
442
1,613
1,320
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
$26,655,840 $42,545,963 $59,559,217 $67,117:657
Net for common
$3.86
Earned on common_ __ _
30.61
50.98
$1.37
x Including equities in the undivided profits or the losses of subsidiary
and affiliated companies not consolidated.
lar'Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2570
Gillette Safety Razor Co.
(and Subsidiaries.)
Earnings for Three Months Ended Mar. 31 1931
Operating profit
Interest
Depreciation
Income taxes
Reserve for obsolescence
Total
Expenditure
Main. of track & o'head
Maint. of cars
Traffic
Power
Other trans. expenses
General & miscellaneous
$69,539
$77,239
$200,197
$238,390
3,958
8,019
217
7,446
23.757
3,689
3,826
8,872
191
7,146
24,295
3,139
10,315
22,623
627
20,498
70,487
11,636
12.660
26,348
600
23,952
72,925
9,924
Total operation
Operation surplus
Fixed charges
Depreciation
$47.087
22,451
17,429
5,000
$47,472
29,766
17,227
10,000
$136,189
64,008
52,289
16,000
$146,412
91,978
52.340
32.000
Quarters End. Mar. 31- 1931.
Net profit after deprec.,
Federal taxes, &c____ def$61.567
Other income
28,197
$21
$2.539
def$4,281
$7,638
Total
def$33,370
Interest
50,355
Liquid.loss ofsub. cos.11,038
Total surplus
Electric Auto Lite Co.
Quar. End. Mar. 31.
1931.
1930.
1929.
1928.
Profit after depreciation_ $1,778,588 $2,771,136 $4,361,269 $1,424,950
Expenses, &c
598,627
832,028
932,040
218,721
Interest
10,199
8,604
30,145
4,716
Profit before Fed.tax_ $1,169.762 $1,930,504 $3,399,084 $1,201,513
a'Last complete annual report in Financial Chronicle Mar.14 and Mar.21
1931, p. 2206.
Fall River Gas Works Co.
Gross earnings
Net oper. revenue
Surplus after charges
-Month of March
-12 Mos.End.Mar.311931.
1931.
1930.
1930.
$82.178
$85,852 $1,017,991 $1,031,387
21,211
278,728
303,916
26,414
254,669
277,847
$2,791.241
242.164
264,649
262.658
600,000
Balance carried to surplus
51.421;770
Earns, per sh. on 1,998,769 abs. coin. stk.(no Par)
$0.52
Note.
-European subsidiaries are included in the above figures for the
period ended Feb. 28 1931.
WLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2780
Gould Coupler Co.
1929.
1928.
$237,024
39.744
$100,048
25,600
$145.18:5
10.899
5276.768
52,732
$125,648
69,000
$158,084
70,591
1930.
Net profit
$56,648
$85 492
def$94.763
$224 1336
Earns. pew sh.on cl.A stk
$0.32
0.48
Nil
$1.28
fa'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2401
Gulf States Steel Co.
Quar. End. Mar. 31.
Net operating income
Taxes, deprec., &c
1931.
$62,977
280.018
1930.
6316,026
221,124
1929.
5609,167
254,912
1928.
$557,171
219.322
Net income
$337,849
df.$217.041
$94,902
$354.255
Shares com, stock outstanding (no par)--_ 197,500
197 500
xl2U)
.
(B
197,500
Earnings per share
Nil
$6.30
$1.62
x Par $100.
ta'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2208
Federal Water Service Corp.
Harbison-Walker Refractories Co.
(And Subsidiaries)
Quarters End. Mar. 31- 1931.
12 Months Ended Jan. 31.1931.
1930.
1929.
1930.
1928.
Operating revenues
$16,539,502 $15,900,247 Net income after deprec.
& deplet.& Fed.taxes
Operating expenses
3542,000 $1.436,000 $1.190,000 $1,020,000
5,005.611 4,709,969
Shs. corn. stk. outstand.
Maintenance
746,856
872,423
(no Par)
Reserved for retirements and replacements
1,440,0000 1.440 000 1,440,000
360 000
807,144
630,468
General taxes
$.71
1,171,373
$0$6.96$0.80
1,008.468 Earnings per share
ta'Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1233
Net earnings
58,808,517 38,678.919
,
Other income
669.505
488.726
Havana Electric Ry. Co.
Gross corporate income
39,478,022 $9,167,645
3 Mos. End. Mar. 31- 1931.
1930.
1929.
1928.
Charges of subsidiary companies:
$1,049.751 $1,356,063 $1,377,748 $1,367,984
Interest on funded debt
4,409.730 4,003,282 Operating revenue
958,619 1,148.840 1,124,020 1,162,432
Amortization of debt discount, misc. int., &c_ - _
160.823
53,972 Oper. exps., incl. taxes_
Dividends on preferred stock
1,226,530
1,174,599
Net oper. revenues_ _ _
$91,132
$207,223
$253.728
$205,552
Balance
$3,680,938 $3,935,792 Non-operating revenue..
1,351
6,004
7,164
12,546
Charges of Federal Water Service Corp.:
Interest on debentures
385,000
233,877
Gross corporate income
$92,483
$213,227
$260,892
$218%098
Miscellaneous interest and other charges
37,304
52,543 Interest & other charges
156,686
159,585
160,973
160,964
364,020
Provision for Federal income tax
247,229
Surplus (before decuct.
$2,894,613 $3,402,142
Balance
df.$64,203
depreciation)
$53.642
$99,919
$57,134
982,635
Diva, on pref. stock of Fed. Wat. Ser. Corp
991.380
$1,911,978 52,410,762
Balance
Hercules Powder Co., Inc.
$3.41
Earns,on which class A stock has let lien (per sh.)_
$4.46
3 Months Ending Mar. 311931.
1930.
1929.
$2.71
$3.25
Distributable to class A stock (per share)
Gross receipts
$5,140,930 56,865,889 58.438.926
qrLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2187 Net earnings from all sources after
deduct, all exps. incident to manf.
(George A.) Fuller Co.
& sale, ord. & extraord. repairs,
maint. of plants, accidents, deprec.
(And Subsidiaries)
&c
240,575
832,409
1,081.807
Earnings Quarter Ended March 31 1931.
Federal income tax (estimated)
24,115
100,874
142,761
$164,706
Net income after charges and taxes
Q
Dividends on 67 cum. gtd. & partic. pref. stocks of Geo. A.
Net profit for period
$731,535
$939,047
11,250 Proceeds from sale of cap. stk. in $216,460
Ltd
Fuller Co. of Canada,
120,007
Dividends on pref. stocks of company
excess of stated value
110,425
177.765
350,000
Surplus at beginning of year
13,329,725 13,380,596 12,863.378
$33,449
Balance, surplus
Total surplus
$13,656,610 $14,289,896 $14,152,425
Dividends on preferred stock
199.922
199,922
199,922
General Electric Co.
Dividends on common stock
452,309
448,500
448,500
1929.
1928.
1930.
Quarters End. Mar. 31- 1931.
Surplus at Mar. 31
$3i3,0M4,37 513,641,474 $13.504.
Orders received
560,366,297 590,397,7315101,365,208 579.925,840 Shs. com,stock outstand.(no par(._.
4
608,234
603,079
598. 1 1
Net sales billed
61.959,801 91,205,732 83,385,015 71,640,790 Earnings per share
$0.88
$1.24
$1.03
Cost of sales billed, incl.
arLast complete annual report in Financial Chronicle Jan. 24 '31, p. 666
oper.,maint.& deprec.
chip., res. & prov, for
all taxes
53,755.240 50,590,321 73.206,207 63,404.808
Hollinger Consolidated Gold Mines, Ltd.
Earnings for Quarter Ended Mar. 31 1931
Net income from sales $8,204,561 $10,615,411 $10,178,808 $8,235.983
Net profit after charges & taxes but before depreciation
$982,946
Oth, inc. less int. paid &
4,427,110 4,327,178 3.669,504
sundry charges
3.283,521
Howe Sound Company.
Profit avail,for diva_ 311,488,082 $15,042,521 514,505.986 $11,905,487
Cash divs.on special stk.
643,688
643,731
643,748
643,644
Quar. Ended Mar. 31- 1931.
.
1930.
1929.
1928,
Production
Gold (ounces)
2,489
3,170
3,454
3,050
Profits avail, for diva.
Silver (ounces)
802.151
1,078,408
690,000
700,446
on corn, stock
$10,844,334 $14,398,791 $13,862,298 $11,261,843 Copper (pounds)
8,054,620 11,753,009 10,214,981 9.438.600
8118. corn. stk. outstand.
29,168,294 16,079.543 20,456,992 19,560.036
(no par)
28.845.927 28,845,927 7,211,482 7,211.482 Lead (pounds)
22,692,729 9,179,452 17,317,282 14.260,462
Earns. per share
$1.92
$0.50
$0.38
$1.56 Zinc (pounds)
Earnings
Note.
-As a result of the transfer of radio receiving set and tube business,
$44,450,583 $3,594,968
outlined in the 1929 annual report, orders received, sales billed, and net Value of metals produced $2,704.720 $3,538,813 3,323.742 2,910,426
2.389.844 2,687,065
income from sales in 1930 will not include radio sets and tubes, but income Operating expenses
received will be included in other income.
$684,542
5851,748 $1,126,842
Operating income.. _ _ _
$314,876
IZ"Last complete annual report in Financial ChronickMar. 21 '31, p. 2184 Other income
93.283
99.755
102,307
129,696
General Foods Corp.
(And Subsidiaries)
Quarters Ended Mar. 311931.
1930.
Sales to customers
$28,839,665 $32.481,434
Cost of sales including manufacturing expenses_
12,738,788 16.359,622
K.
rc Gross profits
516,100.877 $16,121,812
Miscellaneous income
192,707
194.216
Total income
516,293,584 $16.316,028
Selling, distributing. adminis. & general expenses- 9,410,670 9,513,146
Provisions for income taxes
756,683
812.118
Provisions for depreciation
553,832
Net profits
55,572,399 $5.990.764
Shares common stock outstanding (no par)
5,257.407 5,282,851
Earnings per share
$1.05
31.13
rirLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2178
Totalincome
Depreciation
$444,573
124,875
$954,055 $1,226,597
231,024
236.312
$777.820
218.630
$990.285
$723,030
3559.196
Net inc. before deplet- $319,698
Earnings per share on
496,038 shares capital
$1.99
$1.46
$1.12
$0.64
stock (no par)
OF'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1628
Hudson Motor.Car Co.
Mar, 31'31. Mar. 31'30. Mar. 31'29. Mar. 31'28.
Quarters EndedNet inc. after deprec..
Fed, tax provision and
$226,395 $2,316,945 $4,567,783 $4.207,373
all charges
Shares capital stock out1.596.660 1.596.660 1,596.660 1,596660
standing (no par)__
$0.14
$1.46
$2.86
Earnings per share
$2.63
arLast complete annual report in Financial Chronicle Feb. 7 '31, pr 1044
3130
[VoL. 132.
FINANCIAL CHRONICLE
Honolulu Rapid Transit Co., Ltd.
Lambert Co.
-Month of March- -3 Mos.End,Mar.311930.
1931.
1930.
1931.
$259,325
$247,554
$89,848
• Gross rev,from tramp-.
'
$86,308
160.079
150,689
Operating expenses
53,790
50,797
Net rev, from transp_
Rev, other than transp_
$35,511
1,162
$96,865
3,123
$36,058
1,184
$99,245
3,373
$102,619
Net rev,from oper
$99.989
$37,242
$36,663
26,458
25,740
8,819
Taxes assign. to ry oper.
.
7,744
1,650
Interest
550
33,252
31,3,0
11,084
Depreciation
10,456
838
453
Profit and loss
26
26
Replacements
Is
$62,226
$57,111
Total deduc,from rev.
$20,933
$18,201
40,393
42,878
Net revenue
16.308
18.462
OPLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1990
Houston Lighting & Power Co.
(National Power & Light Co. Sub.)
-Month of February- -12 Mos.End. Feb. 281930.
1931.
1930.
1931.
$683,224 $8,771,829 $8,144,759
$669.283
• Gross earn,from oper_
4,216.655
4,549.037
341.458
314,572
Oper. expenses & taxes_
Net earn,from oper__
Other income
$354,711
2,830
$341.766 $4,222.792 $3,928,104
32.784
53,026
2.730
Total income
Interest on bonds
Other int. & deductions_
$357.541
94.179
7,272
$344,496 $4.275,818 $3,960,888
919,595
1.047.093
78.346
127,373
83.393
8,080
Balance
Divs,on preferred stock_
8256.090
$258,070 $3,145,332 $2,913,920
283.833
330,000
$2,815,332 $2,630,078
Balance
Hupp Motor Car Corp.
1928.
1929.
1930.
1931.
Quar. End. Mar,31$5,256,168 $8,069,684 $13,998,820 $19.009,279
Net sales
5,723.038 7,843,913 12,468,417 17,281,524
Operating costs
125,456
116.155
298.221
300.164
Depreciation
252,134
204,763
9,102
Federal taxes
def$767,034 loss$81,552 $1,200,184 $1,359.462
Operating profit
301,411
256,062
148.301
86.123
Other income
$66,749 $1,501,595 $1,615,528
def$680,911
Net profit
1,362.498
1,005,189
1,512,091
Shs.com.stk.out.(par310) 1,512,091
$1.61
Nil
Barns per share
;
$1 28
4
00
-Last complete annual report in FinanciatChronicle Fe1, 10 '31, p. 1628
100
and Mar. 7'31, p. 1816.
Industrial Rayon Corp.
1930.
1931.
3 Mos. End. Mar. 31Net profit after int. clags. & allow, for deprec. &
$359.439
$13.363
Fed. taxes
199,923
200,000
Shs. cap. stock outstand.(no par)
$1.79
$0.06
Earns, per share
Financial Chronicle Mar. 21 '31, p. 2209
ia'Last complete annual report in
International Business Machines Corp.
(Including Foreign Subsidiaries.)
1931.
1930.
Quarter End. Mar.31Net income after int., reserves, deprec. & Federal $1,890,663
$1.797.831
taxes (est.)
669,852
637,288
8bs. corn, stock (no par)
$2.82
$2.82
Earns, per share
International Cement Corp.
1928.
1929.
1930.
1931.
Quar. End. Mar. 31$6,111.424 $7,239,744 $7,491,036 86.719.938
Gross sales
5,630,821
5,506,287
5,020.808
4,878,748
Expenses, &c
446.369
491,637
400.048
467,626
Depreciation
$765.050 $1,242,420 $1,413,846 $1,299,082
Net income
396,227
400,940
231,154
354,141
Interest, tax, &c
8841.480 $1,017,619 $1,067,928
$410,909
Net income
619.924
628.883
562.500
636,085
filis. corn,stock (no par)
$1.64
$1.60
$1.34
$0.65
Earns, per share
Chronicle Mar. 21 '31, p. 2186
arLast complete annual report in Financial
International Paper & Power Co.
(And Subsidiary Companies)
Mar.31 '30. June 30'30. Sept.30'30. Dec.31 '30
Quarters Ended$40,400,436 $38,905,663 $36,267,204 $38,391,030
Gross sales
exp.,less other inc. 29,945,941 28,612,668 26,543,085 27.586.891
Cost
1,837,229
1,658,687
2,437,355 2,555,872
Depreciation
Interest on funded debt_ 4,214.853 4,204,948 4,175.139 4,239.818
260,297
273,731
250,183
244,346
discount
Amortization of
255,805
77.429
364.981
310,155
Reserve for income taxes
562,054
50,891
165,945
554.409
Min.int. in earns, ofsub
Balance avail,for dive. $2.693,377 52.751,066 $3,144,758 $4,147,278
Divs.on pref. & mm.corn.
2,169,884
2,186,738
2,150,010
2,023,323
stocks of subs
$974.874 31.960,540
$601,057
$670,055
Balance surplus
15,069,331 13,517,184 11.894.727 11,243,723
Surplus beginning
1,403,394
adjustments....
Surplus
515,739,386 514,118,241 312,869,601 814,607,656
Total surplus
1.625,879
1,632,444
1,624,676
Dividends on pref. stock 1,623.693
598,838
598,509
Dividends on cl. A comSurplus end of perlod-$13,517,185 $11.894,727 $11,243.723 $12.976.213
p.3189
ga"Last complete annual report in Financial Chronicle April 25'31,
Intertype Corporation.
1931.
Quarters Ended March 311930.
Net profits after taxes
$2,110,307 $2,068,267
Earnings per share on 748,996 shares capital stock
$2.76
$2.81
(no par)
UPLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2210
Lily-Tulip Cup Corp.
1931.
$154,658
189,500
$0.79
Quarters Ended March 31Net profit after charges and taxes
Shares of common stock outstanding
Earnings per share
1930.
$146,625
183.000
$0.77
Link Belt Co.
(And Subsidiaries)
1931-3 Mos.-1930.
Period End. Mar.31
- 1931-Month-1930.
Sales to customers
31,286.710 $2.004,940 83,653,776 85.690.189
5.018,917
3,445,327
1,710.166
Cost of sales
1,176,933
$671.273
$208,449
$294.774
Net profit on sales._ - _ 5109.777
67,864
83,586
20,442
Other income
24,201
3739.137
$292,035
$315,215
Total income
3133.978
3.433
9.632
1,829
Sundry charges to inc...5,864
85,399
39.772
41,765
Federal tax estimate__ -18.649
$650.305
$242,631
3271.620
Net credit to surplus
3109.464
460,965
425,506
Dividends paid
$189,380
$271.620 def$182,876
Balance, surplus
$109,464
Earns. per sh.00 709,177
$0.82
$0.25
shs. common stock...
Pa"Last complete annuas report in Financial Chronicle Feb. 7 '31, p. 1046
Loft Incorporated.
Earnings for Quarter Ended April 5 1931.
Net sales
Cost of sales
Stores & departmental expenses
General & administrative expenses
$3,405.189
1.716.126
1,292.732
178.610
Net trading profit
Interest, discount & other income
$217,722
26.794
Total income
Interest expense, discounts allowed, &c
Depreciation & amortization
$244.515
16.279
102,050
*$126,186
Net profit
$0.12
Earnings per share on 1,023,189 shares, cap. stock (no par) „.._
* This compares with a loss of 8185.713 for corresponding period of 1930.
IIIILast complete annual report in Financial Chronicle Mar. 7 '31, p. 1818
and Feb. 28 '31, p. 1601
Loose Wiles Biscuit Co.
(And Subsidiaries)
1930.
1931.
Quarter Ended March 313560.050
Net after Federal taxes, depreciation & interest__ x$515,833
500.000
548,303
Shares common stock (par $25)
$0.98
$0.82
Earnings per share
x Before appropriation for sinking fund requirements.
p. 1629
Last complete annual report in Financial Chronicle Feb. 28 '31,
CO'
and Mar. 7'31, p. 1818.
Los Angeles Gas & Electric Corp.
12 Months Ended March 31Gross earnings
Net earnings after operating expenses & taxes
Balance available for dividends & surplus
1030.
1931.
323.922.947 $23,660,250
10,778.429 10,890,683
5,258.102
4,254.561
Los Angeles Investment Co.
1930.
1931.
Quarter Ended March 31$137,188
$49,206
Net income after charges
larLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1236
McGraw-Hill Publishing Co., Inc.
(And Subsidiaries)
1930.
1931.
Quarter Ended March 31$534,980
$373,022
Net profit after charges and Federal taxes
$0.89
$0.62
cap. stk. (no par)._
Earns, per sh. on 600.000 shs.
larEast complete annual report in Financial Chronicle Mar. 7 '31, p. 1819
Magma Copper Co.
1928.
1929.
1930.
1931.
Quar. End. Mar.319,722,101
8,049.539
6,830,030
Copper produced (lbs.)- 7,245,889
exps.,
Net earnings after
8992.037 4440,970
$388.676
$111,425
but before taxes
Earnings on 408.155 shs•
$2.43
$1.08
$0.95
$0.27
capital stock
x Before depreciation.
in Financial Chronicle Apr. 25 '31, p. 3160
rff*Last complete annual report
Market Street Ry.
-Month of March- -12 Mos.End.Mar.311931.
1930.
1930.
1931.
5809,658 89.041.732 89,572.827
5757.960
Gross earnings
Net earn. inc. other
inc. before prov. for
*
1,350.937
129,623
1,555,855
124,614
retirements
640,296
697.325
56,756
51,786
Income charges
5710,641
$72,867
8858,530
$72,828
Balance
Chronicle Apr. 3 '31, p. 2581
larLast complete annual report in Financial
Mathieson Alkali Works (Inc.).
1929.
1028.
1930.
.
3 Mos. End. Mar 31- 1931.
$831,314
$866,412
$736,571
Tot.earns.from operat'ns $605.140
257,260
281,639
226.068
285,064
Prov.for deprec.& deple_
Cr6,689
Cr20,923
14.267
Cr11,067
Income charges (net)
74,068
63.750
66,772
33,740
Prov. for Fed. inc. tax__
Net inc. transferred to
5541,946
8506.675
$429,463
$297A04
surplus
Shs, com. stk. outstand650.436
147,207
650,436
147,207
ing(no par)
$0.76
$3.15
$0.39
$2.62
Earnings per share
"Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1236
1928.
1929.
1930.
Quar. Ended Mar. 31- x1931.
8480,138
$423.996
6490.233
Gross prof. before deprec $385,703
branch office
Head and
200,163
214,971
237.575
254.844
selling expenses
Memphis Power & Light Co.
46,104
46,276
45,168
41,589
Depreciation
38,000
29,000
32,000
(National Power & Light Co. Sub.)
14,000
Reserve for taxes
-Month of February- -12 Mos.End,Feb. 283133.921
3195,698
8175,490
1931.
1930.
375.270
1930.
1931.
Net to surplus
fiscal year.
$644,848 86,868,604 86,403.365
Gross earn.from oper_ _ - 3616,994
x Subject to adjustment at end of
363,420 4,074,369 3.865,019
364.885
report in Financial Chronicle Feb. 28 '31, p. 1629 ()per.exp.and taxes.....
ri"Last complete annual
$281,428 32,794.235 $2,538.346
Net earn,from oper.- $252.109
258.423
13,861
14,233
282,353
Other income
Keystone Telephone Co. of Philadelphia.
1931-12 Mos.-1930.
$295,289 $3,052,658 32.820,699
$266.342
Mos.-1930.
Total income
Period End. Mar.31- 1931-3
54,956
61,448
$546,262 $2.169,380 $2,199.389 Interest on bonds
755,746
647.764
$531.631
Gross earnings
1,078.521
1.105.965 Other int. & deductions.
12.342
9,203
272,943
74,316
120.702
269,428
Oper. exp. matnt. taxes..
595,590
608,779
151,776
150,750
$227,991 52.222.596 $2,052,233
$195,691
Balance
Interest on bonds
33.561
23.393
7,714
6,738
355,188
charges..Divs.on preferred stock_
285,119
Other interest
31,867.408 $1.787,114
$464,273
$458,687
Balance
$113.829
8104.715
Balance
KWLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2769
Financial Chronicle Feb. 21 '31, p. 1416
rieLast complete annual report in
APRIL 25 1931.]
FINANCIAL CHRONICLE
Midland Steel Products Co.
New York Westchester & Boston Ry.
Quarters Ended March 311931.
1930.
Net prof. after int. & deprec., but before Fed. taxes $360.272
$699,973
Earns, per sh. on 242.325 shs. common stock____
$0.49
$1.89
"Last complete annual report in Financial Chronicle April 18'31, p.2978
National Biscuit Co.
National Cash Register Co.
Total income
Federal taxes, &c
-Month of March- -3 Mos. End.Mar. 311930.
1930.
1931.
1931.
$609,551
$181,729
$208.434
$525,289
121,082
114,670
385,233
347.156
Railway oper. revenue__
Railway oper. expenses_
Net oper. revenue_ _ _
Taxes
•
1930.
3 Mos. End. Mar. 31- 1931.
1929.
1928.
Net,after taxes. &c_ - - _ $4,840,670 $4,665,616 $4,709,455 $3,795,131
Shares com.stk.outst'd'g
6,286,238
6,000,000 x2,400,000 x2,046,526
(par $10)
$0.70
Earnings per share
$0.70
$1.78
$1.64
x Par $25.
"Last complete annual report in Financial Chronicle Jan. 24 '31, p. 651
(And Subsidiaries)
1931.
Quarter Ended March 31depredation
loss$385,147
Profit after
11.964
Other income
1930.
1929.
$974,216 $1,993,940
78,733
123,581
$60,646
23,360
$93,764
24,832
$140,055
69,580
$262,395
73,856
Operating income__.,_
Non-operating income
$37,286
2,393
$68,931
994
$70,475
6,413
$188,538
2,268
Gross income
Deductions
Rents
Bond, note, equip. trust
ctf.int.(all int.on adv.)
Other deductions
$39,680
$69,926
$76,889
$190,806
36,133
33,177
116,508
99,532
197,415
1,934
192,905
1,358
592.332
6,554
578,712
8,338
$235,483
$227,441
$715,394
$686,583
Total deductions
$495,776
Net income (deficit)- - $195,802
$157,515
$638,505
10 Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2388
-
loss$373,183 $1.052,949 $2,117,521
140,709
297,712
Net profit
loss$373,183
$912,240 $1,819,809
Earns, per sh, on combined 1.190.000
ells. class A stock and 400,000 shs.
Nil
class B stock
$0.57
$1.14
tarLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2379
Orange & Rockland Electric Co.
-Month of March--12 Mos.End. Mar.
1930.
1931.
1931.
1930.
$731.730
$763,976
$59.054
$57,727
Operating revenues
Oper. exp., incl. taxes,
but excl. depreciation
1928.
$15.950
58.982
48,484
Profit before Fed. taxes $301,565
$204,496
$232,279 loss$91,516
x Includes depreciation,
ta"Last complete annual report in Financial ChronicleMar. 14 '31, p. 2007
National Steel Corp.
(And Subsidiaries.)
Earnings for Quarter Ended Mar. 31 1931
Net profit after charges, deprec., depict., Fed. taxes, &c
$1,926,000
Earns, per sh. on 2,155,905 shs. com. stock (no par)
$0.89
a"Last complete annual report in Financial Chronicle Apr. 25 '31, p. 3162
30.569
411,207
431,509
$21,166
6,862
$28.485
7,233
$320,523
76,041
$332.467
83.455
Operating income_ _-Other income
$14,304
866
$21,252
1,297
$244,482
17,019
$249,012
20.409
Gross income
Interest on funded debt
$15,170
5,208
$22,549
5,208
$261,501
62,500
$269,421
62,500
Balance
Other interest
$9,962
391
$17,341
261
$199,001
4,016
$206,921
3,559
Balance
Amortization deductions
1929.
$319.663
55,547
31,837
36,561
Balance
Depreciation
National Distillers Products Corp.
Quar. End, Mar. 311931.
1930.
Operating profit
4433.539 x$355,576
Interest
36,458
17.365
Depreciation
See x
114,609
114,622
Subs. pref. dividends__ _
3131
$9,571
1.052
$17,080
1.052
,
$194.985
12,683
$203,362
12.627
Balance
Other deductions
$8,519
334
$16.028
340
$182.302
4,277
8190,735
4.433
Balance
Divs, accrued on pf. stk.
$8,185
5,688
$15,688
6,135
$178,025
69.569
$186.302
69.137
8117.165
Balance
$108,456
$2,497
$9.553
Fed income taxes incl.
'
.
In operating expenses..
30,237
23,211
2,250
1.200
(And Subsidiary Companies)
-Month of March- -12 Mos.End.Mar.31
Otis Steel Co.
1931.
$483,591 $5,687,090 $5,718,764
1929.
Quarter Ended March 311930.
Gross operating earns-- $479,010
1931.
17,700
18,520
Maintenance
220,279
$634,058 x$962,331
241,491 Net profit after int., depr. & Fed. tax
$20,615
807,002
36,392
35,711
841,002
Taxes (incl. Fod.inc.tax)
446,958
423,717 Shares common stock outst'g (no par)
841.002
191,964
$1.19
204.617
$0.51
Other oper. & gen. exp-..
2,054,864
Nil
2,129,514 Earnings per share
a"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2009
Total oper. & general
$246,977 $2,722,102 $2,794,722
expenses and taxes_ $258,029
236,713
Operating profits
220,981
2,964,987
Packard Motor Car Co.
2,924,042
5,587
6,824
Non-oper. earns. (net)
132,055
188,826
(And Subsidiary Companies)
$226,568
$243,538 $3,097,042 33,112,868
Total income
1929.
1930.
Quar. End. Mar. 311931.
121,269
121,627
Interest
1,459,622
1,487,918 Net income after deprec.& Fed.taxes $113,004 $2,654.247 $7,114,000
Earns, per sh. on 15.000,000 shs, corn.
Balance
$105,298
$121,910 $1,637,420 $1,624,950
$0.17
$0.47
80.008
stock (no par)
55,826
Depreciation
52,298
702,651
630,466
-Last complete annual report in Financial Chronicle Apr. 18 '31, p. 298
10
$49,471
Balance
$69,612
$934,768
$994,484
7,974
7,963
Parker Rust-Proof Co.
Disc. & exp. on sec. sold
97,508
96,645
Misc. add xis & deduc'ns
1930.
1929.
1931.
Quarters Ended March 31624 deb.14,863
387
(net credit)
143,516 Net profit after charges, depredation
$155,797
$131.213
& pref. diva, but before Fed. taxes- $208,830
'
Surplus avail, for red.
$41,885
$62,272
$822,395 $1,041.354
of bonds, divs., &c_
Pawtucket Gas Co.
127
-Last complete annual report in Financial Chronicle Apr. 25 '31, 13. 3147
-Month of March- 12 Mos. Ended Mar. 31.
1930.
1931.
New England Tel. & Tel. Co.
1930.
1931.
$124.048 51.442,622 $1,480,128
$120,259
Gross earnings
1929.
1930.
1928.
3 Mos.End. Mar.31- 1931.
53,759
623.336
639.340
52,758
Net oper. revenues
$18,336,302 $18,095,030 $17,600.438 $16,702,442 Surplus after charges
revenues
Operating
395,555
396,443
12,035.748 12,309,861 11,969,809 11.591,970
Operating expenses
1.499,749
1,542,165
1,775,630
Taxes & uncollectibles
1.492.977
(The) Nevada-California Electric Corp.
Pennsylvania-Dixie Cement Corp.
Total oper. income_ __ $4,524,925 $4,243.003 84,130.880 $3.617,494
110,318
138,354
126,218
Net non-oper. revenues_
81,292
Total gross Income,..... $4,651,142 $4,381,357 $4,241,198 $3,698,786
1,047,012
1,033,790
1,012,500
Interest on funded debt_
1,033,262
329.967
127.125
Other interest
291,720
57,233
41,576
41,576
41,577
Debt, disc. & expenses
41,576
200,388
167.064
Rent, &c
206.493
168,427
Net income
$3,098.853 $2,762,413 $2,871,641 $2.398.288
2,217,056
2,213,224
Dividend appropriation_ 2,664,424
2,212,948
$545,357
Balance, surplus
$434,429
$658.417
$185,340
She, capital stock out1,107,384
1,106,610
standing (par $100)
1,332.029
1,106,474
$2.48
$2.32
$2.59
Earnings per share
$2.16
a"Last complete annual report in Financial Chronicle Feb. 7' , P. 1022
31
Newton Steel Co.
Quarters Ended March 31
Gross profit after cost of sales
Depreciation on buildings, machinery
and equipment
1931.
$147,427
1930.
$531,152
1929.
$932,654
90,000
75,000
62,500
Gross profit on sales
Add-Miscellaneous income
$57,427
2,680
$456.152
18,354
$870.154
35,741
Gross income
Administrative, general selling and
advertising expenses
Interest
Federal income taxes
$60,107
$474.506
$905,895
83,050
45.000
151,299
87,755
35.625
98.177
Net profit
loss$67,943
Shares common stock outstanding
(no par)
264,000
Earnings per share
Nil
$287.581
$719.962
264,000
$0.96
240,000
$2.86
Niagara Hudson Power Corp.
(And Subsidiaries)
Period End. Mar.31- 1931-3 Mos
.-1930. 1931-12 Mos,-_l930
Sales of gas (cu. ft.) _ _ _ _2168277600 2193555.000 8581368,100 8485297
200
IC. w. h.gener'd & purch1603316,775 1885425,828 6640207.645
Operating revenue
$20,088,623 $20,711,326 $78,210,837 7372910'071
$80,378'680
Yon-operating inc. (net)
331.921
548,987
1,287,407
2.682'284
Balance for dividends_- 3,659,394
4.789.644 14,428.095
She, corn. stk. outatand_ 26,123,632 25,714.956 26,123.632 15.595..066
25,714.956
Earns. per share
$0.14
$0.18
$0.55
$0.61
Ci"Last complete annual report in Financial Chronicle April 11 '31, p. 2763
(And Subsidiary Companies)
1931.
1930.
12 Months Ended March 31$2,594,627 $2.479,723
Operating profit
1.381.716
1.393.314
Depreciation & depletion
657.754
700,285
Interest
87,955
56,988
Federal taxes
$467.202
$329,136
Net profit
rirEast complete annual report in Financial Chronicle Feb. 14 '31, p. 1240
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of March- 12 Mos. Ended Mar. 31
1931.
1930.
1931.
1930.
$100,461
$104,527 $1,339,437 $1,328,024
earnings
Gross
54,777
56,964
714,554
708,573
Oper. expenses and taxes
$45,684
$47,563
Net earnings
Subsidiary company charges and preferred diva__
Bond interest
Other deductions
$624,883
16,466
263,039
21,886
$619,451
14.810
261,127
16,457
Balance
Preferred dividends
$323,492
104,984
$327.057
105,000
$218,508
$222.057
Balance*
* Before provision for retirement reserve.
ICO"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
Peoples Gas Light & Coke Co.
Period End. Mar.31- 1931-3 Mos.-1930, 1931-12 Mos.-1930.
Gross operating revenue_ $9,924,943 310,738.216 $39,067,355$41.679,302
Net income after ,taxes,
7,200.684
1,768,730
1,772,339
6,863,723
interest, &c
Shares of capital stock
666,903
602.257
666,903
602.257
(par $100)
outstanding
$2.65
$2.93
$10.79
$11.39
Earns.per sh.on cap. stk
annual report in Financial Chronicle Feb. 7 '31, p. 1023
airLast complete
Perfect Circle Co.
1931.
1930.
1929.
Quarters Ended March 31Net income after int., deprec. & Fed.
3126,183
$134,489
taxes
$205,232
Earns, per share on 162,500 shares
$0.77
$0.83
common stock
$1.26
larLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2788
[VOL. 132.
FINANCIAL CHRONICLE
3132
Sweets Co. of America, Inc.
Pierce-Arrow Motor Car Co.
(And Subsidiaries).
1930.
1931.
3 Months Ended March 312.244
1,602
Vehicles sold (including 210 trucks in 1929)
$4,154,388 $5,958,256
Net sales
and
Cost of sales, including manufacturing, selling
5,452,677
3,797,248
administrative expenses
55,483
76,995
Reserve for depreciation
3450,096
$280,145
Net profit on sales
31,837
35,054
Interest, discount on purchases, &c
$481.933
$315,199
Net profit before taxes, interest charges, &c_
20,532
8,750
Interest
$461,401
$306,449
for period
Net profits
112,500
107,250
Preferred stock dividends
98,625
Class A stock dividends
$100,574
4,186,939
Balance to surplus
Surplus, Dec. 31
$348,901
3,306,513
$4,287,513 $3,655,414
Surplus, March 31
Earns, per share on 197,250 shares class A stock
$1.77
$1.01
(no par)
'31, p. 1402
Last complete annual report in Financial Chronicle Feb. 21
E"
Public Service Corp. of New Jersey.
-Month of March- -12 Mos. End. Mar. 31
$11,404.557 $11,424,8483138,527,2333138,764,390
Gross earnings
Oper. exp., maint., taxes
7,828,482 94,482,408 96,120,660
7,925,764
& deprec
Net income from oper. $3,478,792 $3,596,365 $44,044,825 $42,643,730
2,789.029 3.147.091
62,084
51.839
Other net Income
33,530,632 53,658,449 546,833,854 545,790,822
Total
1322,826 16,157,928 15,297,502
1343,055
Income deductions
$2,187,577 $2,335,623 $30,675,926 $30,493,319
for diNs. & surp
Bal.
p. 1636
W'Last complete annual report in Financial Chronicle Feb. 28 '31,
San Diego Consolidated Gas & Electric Co.
-Month of January- -12 Mos.End. Jan.3'1930.
1931.
1930.
1931.
$728,152 $7,439,251 $7,311,226
$769,465
Gross earnings
3,768,088 3.503,119
355,509
416,853
Net earnings
31,738
3,356
569
479
Other income
$356,078 $3,771,445 $3,534,857
Net earns. incl.oth.inc $417,332
2,834,908
$3,040,726
Balance after interest_
Seeman Brothers, InC.
1931-9 Mos.-1930.
- 1931-3 Mos.-1930
Period End. Mar. 31
Net profit after charges &
8569,156
$414,245
$132.376
$117,273
Federal taxes
Earns, per sh.on 125,000
54.55
$3.31
$1.06
$0.94
stock.. _
shs, no par
'30, p. 1270
OrLast complete annual report in Financial Chronicle Aug. 23
Southeastern Express Co.
-12 Mos. Ended Dec. 31.
-Month of January
1929.
1930.
1930.
1931.
$558,629 $6,755,044 $7,999,090
$437,546
7,959
8,510
5
Revenues
Express
Miscellaneous
Charges for transp_ _ _
Express privileges
5437,551
133,431
$558,629 $6,763,555 $8,007,050
2,940,458 3,899,915
225,688
Rev,from transport
Oper. other than trasp_ _
$304,120
8,320
$332.941 53,823,096 54,107,135
136,536
112.590
9,880
Total oper.revenues_ _
Expenses
Maintenance
Traffic
Transportation
General
$312,440
$342,821
12,400
7,699
257.859
21,923
12.926
8,622
285,391
22.606
Operating expenses_ _ _
Net oper. revenue
Uncoil,rev,from transp.
Express taxes
$299380
12,559
79
8,000
Operating income_
$4,481
$3,935,687 $4.243,671
172,981
93.686
3,270,210
265,576
201,658
78,548
3.535.905
281,686
$329,545 $3,802,454 $4,097,799
133.232
145.872
13,277
1,753
1,023
79
110,000
97,000
9,000
$4,198
$34,578
1931.
$156.644
$0.76
1930.
$200,170
$0.97
Studebaker Corp.
(And Subsidiaries incl. Pierce-Arrow Motor Car Co.)
1930.
1929.
1931.
Quarters Ended March 3119,465
32,007
17,366
Number of vehicles sold
519,259,778 524,714.186 542.712.718
sales
Net
7,961,055
2.230,929 2,834,378
Net earns, after deduct. cost & exps._
602,360
462.117
463.160
Depreciation
735,572
2,022,097
824,469
Repairs and replacements
$943.300 $1,636.689 $5,336,598
Not earnings
585
65,949
Dr8.685
Interest received, less interest paid_ _ Total income
Deb. prem. & expense (Pierce-Arrow)
Federal taxes
5934,615 51.637,274 55,402.547
67,333
301,625
145,137
1,638
Net profit
Minority int. in Pierce-Arrow cl. A_ _
Pref. divs., Studebaker Corp
Pref. diva., Pierce-Arrow
Studebaker Corp.com.divs
$932.977 $1,492.137 $5,033,589
36.209
46,549
15,977
118,125
118,125
127,750
112.500
107,250
588,424
2,451.767
2,343,750
3103.201(131,226.464 32.515.540
18,512,495 30,561,767 36.681.039
Surplus
Previous surplus
318,615,696 529.335,303 $39,196,579
Total surplus
3045240
Stock dividend. Studebaker Corp..
518.615,696 $29,335,303 $36,151339
Profit and losssurplus
1,961,413
1,893,750
1,961,413
par)
Shs. corn, stock outstdg.(no
$0.62
$2.57
$0.35
Earnings per share
annual report in Financial Chronicle May 7 '30, p. 1790
Pal Last complete
Symington Co.
1930.
1929.
Telautograph Corp.
1931.
1930.
Quarter Ended March 31$84,242
$91,912
Net profit after depreciation, Federal taxes, &c
$0.40
$0.37
per sh. on 228.760 abs. con]. stock (no par)
Earnings
fiG9'East complete annual report in Financial Chronicle Feb. 7 '31, p. 1056
Texas Gulf Sulphur Co., Inc.
1928.
1929.
1930.
Quar. End. Mar.311931.
$2,448,198 $3,803,701 $3,880,261 $3,087,840
Net earnings
2,540,000
2,540,000
2,540,000
2,540,000
Dividends paid
$547,840
def$91,802 $1.263,701 31340,261
Balance, surplus
Surp.& res've for depict. 25,108,843 22,652,262 16,641,343 11.491,303
Earns.per sh.on 2,540,000
$1.57
$1.21
$1.50
$0.96
shs. cap.stk.(no par)_
During the first three months of 1931 the company decreased its reserves
for depreciation, &c., and for Federal taxes accrued, &c., by $3,713. making
a total of these reserves of $13,659,884 at March 31 1931.
a"Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1405
Thompson Products, Inc.
1930.
1931.
Quarters Ended March 315202.180
$335,058
Net profit after int., deprec. & Federal taxes
263.160
258.660
par)
Shares common stock outstanding (no
5.075
$0.11
Earnings per share
Mar. 21 '31, p. 2215
1iEast complete annual report in Financial Chronicle
United Biscuit Co. of America.
1928.
1929.
1930.
1931.
Quar. End. Mar, 31Net profit after int. and
$178.394
$399.822
5485,747
3371,804
Federal taxes
Shares common stock
323,000
458,054
486,230
470,766
outstanding
$0.80
$0.44
$0.94
$0.73
Earnings per share
7 '31, p. 1826
Mar.
tarEast complete annual report in Financial Chronicle
Rys. & Electric Co. of Baltimore.
-Month of March- 3 Mos. Ended Mar. 311930.
1931.
1930.
1931.
$1,250,854 $1,470,920 $3,632,775 $4,219,659
Passenger revenue
34,794
37,200
13,110
11,574
Other revenue
$1.484,031 $3,667,570 $4,256,860
51,262,429
Total
Operating Expenses
$223,890
$153,349
$73,281
$54,262
Way and structures229,247
144,725
77,353
50,258
Equipment
354.309
392,643
137.297
117.139
Power
1,248,917
1,109,795
431.680
376.091
Conducting transpt
10,894
12,895
5,484
4,390
Traffic
351,409
414,989
140,141
117.665
General and miscell- _
15,298
14,028
5,765
6,046
Transpt. for invest.-Cr
5859,477 $2,109,185 $2,507,956
$713,761
409,500
409.500
142,500
142,500
Depreciation
United
$856,261
$1,001,977 $2,518.685 $2,917,456
Net operating revenue
Taxes
$406,167
124.765
$482,053 $1,148.884 $1.339.404
348,176
147.521
40,350
Operating income_ IN on-operating income-
$281,402
11,467
$334,532
14.966
$800,708
35,908
$918,553
36.440
Gross Income
Fixed charges
$292,869
233.990
$349,499
221,749
$836,616
701.104
$954,994
691,538
558.878
46.666
$127,749
46,666
$135,511
140,000
$263,455
140.000
Total
Remainder
Interest on income bonds
def$4,488
$123,455
$81,082
$12,212
Net income
Chronicle Apr. 26 '31, p. 296
rirLast complete annual report in Financial
United States Hoffman Machinery Corp.
1928.
Quar. End. Mar.31
Gross profit on sales._ -Sell., admin. & gen. exp.
1931.
$369,746
358.806
1930.
5537.171
414,115
1929.
5745.188
429.706
1928.
5746.495
439.051
Profit from operations
Interest & other income-
534.848
Standard Cap & Seal Corp.
Quarter Ended March 31Net profit after all charges and taxes
Earns. per sh.on 206,000 shs,corn.stk.(no par)
1930.
1931.
Quarter Ended March 31$27,554
$18,393
Net profit after charges and taxes
$0.27
$0.18
Earns. per sh. on 100,000 shs. cap.stk.(par $50)12g7,ast complete annual report in Financial Chronicle Feb. 28 '31, p. 1634
$10,940
36,729
$123,056
44,144
$3315,482
47.330
$307,444
104,321
Gross income
Depreciation
Res.& other income chgs
Income taxes accrued
Prov,for amortiz. of pat.
$47,669
43.403
23,604
270
56,824
$167,200
40,972
40,404
3,210
56.234
3362.811
37,061
57,253
20.992
56.131
$411,765
47,936
47,579
35.821
55.001
626,380
$191.375
$225,427
Net income for period df.$76,432
Earns, per share on 222,203 abs. capital stock
31.01
$0.12
50.86
Nil
(no par)
reIrLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1244
United States Leather Co.
1930.
1929.
1928.
1931.
Quar.Ended Mar.31lossy$348.010 y$176,127lossx$865.799 x$1,581.847
Net profit
22.124
47.597
Income from invest
8176,327 loss$843,674 $1,629,444
loss$348,010
Net income
x After all charges (except interest) and reserve for depreciation. y After
all charges including provision for depreciation, taxes, repairs, &c,
Mar. 28 '31, p. 2409
rirLast complete annual report in Financial Chronicle
United Stores Corp.
Earnings for Six Months Ended Dec. 31 1930.
Dividends received and accrued
Taxes and expenses
Interest
$1,002,675
69.727
7,686
Net profit----- - -- , -- ------------Preferred --Cumulative convertible -------412,377
Balance, surplus---------------------------------------- $512,885
Virginia Iron, Coal & Coke Co.
Quar.Ended Mar,31Gross operating revenue..
Operating expenses
1931.
3399.492
372,824
1930.
$504,901
512,084
1929.
$668.632
632.099
1928.
$613,652
591.909
1931.
Quar. End. Mar.31Net after depreciation,
Federal taxes, &c____def$102,674
15,302
Other income
3150.807
14,651
$59,093
9,477
$75,164
4,330
Net operating revenue
Rev.from other sources_
$26,668
99,114
def$7,184
30.957
336,533
59.503
521.743
28,009
def$87,372
3165,458
$68,570
379,494
12,500
Total net revenue__ _ _
Bond interest, &c
$125,781
59,528
$23.773
65,226
$96,036
62.988
$49,753
70.709
Total income
Interest
566,994
368,570
5165.458
def$87,372
Net income
Chronicle Apr. 4 '31, p. 2604
arLast complete annual report in Financial
333.048 loss$20,956
$66,253 loss$41,453
Net profit
110 Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1827
APRIL 25 19311
FINANCIAL CHRONICLE
Ward Baking Corp.
12 Weeks EndedMar.2131. Mar. 2230. Mar. 23'29.
Net after int., deprec.,& Fed. taxes__
$196,367
$587,944
$238,725
Earns, per share on 7% pref.stock_ __
$0.71
$0.79
$1.95
IZP*Dast complete annual report in Financial Chronicle Feb. 7 '31, p. 1057
Western Dairy Products Co.
Quarter Ended March 31Net sales
Costa and expenses
1931.
1930.
1929.
$4,517,719 35,754.697 34,399,385
4,043,808
5,440,418
4,191,999
Operating profit
Other income
$473,911
2,999
$314,279
5,426
$207.386
37,300
Total income
$476,910
3319,705
$244,686
Depreciation
142,460
148,136
129.299
Interest
101,005
98,41()
65,862
Federal taxes
28,013
8,047
5,944
Net profit before subsid. dividends $205,432
$65,112
$43,581
Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1443
f
Westinghouse Electric & Manufacturing Co.
(Including Proprietary Companies).
3 Mos.End. Mar.311931.
1930.
1929.
1928.
330.100,410 347,150.196 $59,852,029 $47,847,477
Orders received
Net sales billed
27,837,160 45,043,934 45,680,249 45,449,794
x Net loss
2,885,945 *4,546,618 *5,631.700 *3,958,344
x After depreciation, taxes, &c. * Profit.
igiffLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2026
White Rock Mineral Springs Co.
Quar. End. Mar. 31Not prof. after gon. ad.in.
& sell. exp., Fed'! &
other taxes, &c
Earn, per sh.on com.stk.
1931.
1930.
1929.
1928.
$212.526
$0.73
$257,131
$0.89
$217,146
$0.73
$216.181
$0.72
-Grossfront Railway- -Net from Railway -Netlater Taxes
1031.
1931.
1930.
1930.
1931.
1930.
Chesapeake & Ohio Lines
March
9,711,979 10,436,792 3,206,186 2,943,053 2,335.342 2,117,399
From Jan 1_28,798,441 33,786.676 9,278,166 10,746,433 6,672,578 8,269,656
Chicago & North Western
March
8,725,342 10,224,550
*831,136 .770,172
From Jan 1_25,044,350 30,593,789
*1,721,700 *2,258,229
Conemaugh & Black Lick
March
75,766
143,174 -18,644
10,705 -19,544
9,795
From Jan 1_
396,100 -40,870
209,177
29,226 -43,570
26,226
Delaware Lackawanna & Western
March
5,016,896 5,558,146
*649,029 *588,488
From Jan 1_14,871,808 17,116,106
*1,705,482 *2,023,779
Lehigh Valley
March
4,396,612 4,828,403
*306,026 .305,007
From Jan 1_13,208,800 15,021,015
*1.229,025 •1,547,217
Montour
March
44,852
53,376
181,087
168,224
51,307
43,077
From Jan 1.. 526,272
174,022
543,422
146,890
167,816
141,565
Newburgh dr South Shore
March
88,988
12,809 -36,667
125,171 -23,653
-3,212
From Jan L. 263,923
11,267 -85,992 -38,796
329.013 -46,948
• Net after rents.
Other Monthly Steam Railroad Reports.
-In the following 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, &e., or where they differ in
some other respect from the reports to the Commission.
Alleghany Corp.
Willys-Overland Co.
(And Subsidiaries)
Earnings Quarters Ended March 311931.
Net profit after deprec. on property items, tax accr's, &c., chgs-3117,106
President L. A. Miller says: "This is an improvement of $1,302,018
as compared with the first quarter of last year after eliminating recoveries
from the Federal Treasury."
erLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2411
Wisconsin Hydro Electric Co.
12 Months Ended Feb. 28Gross revenues
Total operating expenses
Gross corporate income
3133
1931.
$758,471
385.537
$372,934
$1T872
293.032
$421,540
Quarters Ended March 31Total Income
Interest
Expenses
1931.
1930.
$2,349,153 $2,259,776
1,111,687
1,239.381
25,830
38,522
Balance
Loss from sale of securities
31,211,636
3981,873
263,359 prof.134.608
Net profit
Dividends accrued on preferred stock
3948.277 $1,116,481
746,000
916,753
Surplus
$370.481
$31,524
Earnings per share on 4,152,547 shares common
stock (no par)
$0.01
$0.09
ItgrDast complete annual report in Financial Chronicle Mar. 14 '31, p. 1984
Chesapeake Corp.
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
(+)
(-).
Current
Year
$
Period
Covered.
26 week of Apr
2d week of Apr
2d week of Apr
2d week of Apr
26 week of Apr
26 week of Apr
2d week of Apr
26 week of Apr
Name
-
Previous Inc.
Or
Year
Dec.
$
4,233,137 -797,007
3,315,000 -620.000
30,400
+1,875
247,879
-40,491
320,767 -100,400
3,434,337 -739,289
478.698 -164.398
337,347
-49,333
3,436.130
2,695,000
32,275
207,388
220,367
2,695,048
314,300
288,014
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.
Length of Road.
Month.
Inc. 1+) or
1930.
450,526.039
January
February
March
April
May
June
July
August
September
October
November
December
1929.
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
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.
385,416,905
336,137,679
January
February
-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
-85,3 4,308
-91,327,690
1929.
January
February
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
Mlles.
242,175
242,113
241,964
242,181
241,758
241,340
242,979
242,444
242,322
241,655
242,625
242,494
1930.
242,332
242.726
Amount.
$
January
February
March
April
May
Juno
July
August
September
October
November
December
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
(+1 or Dec.
^
1930.
1929.
(-).
Na Earnings.
Month.
1930.
Dec. 1-)•
Per Cent.
3
-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
-19.55
-22.40
-27.46
-24.54
-24.22
-26.58
-25.85
-27.21
-19.75
-23.13
-32.35
-24.08
22,883.171
-32,904.121
117,764,570
125,577,866
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
-24.13
-33.76
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, not earnings and not after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
4
Quar. End, Afar. 31- 1931.
1930.
1929.
1928.1
Dividend & int. accruals 32,616.910 $2,220,340 $1,533,459 $1,530,257
Bond interest
600,000
567.167
680.616
592,364
Other interest
360.930
Other expenses
5,003
12,013
4,739
4,875
Net Income
Common dividends
$1,676.800 $1,534,986
1,349.809
1,349,809
$936,220
675,000
$925,254
675,000
Surplus
E
Shsaincionmgs.sptker
3261.220
$250.254
$326,991
3185,177
1,799,745
900.000
900,000
par) 1.799,745
$1.03
share
$0.93
Surplus Account.
Jan.93 1 1931. $3.447,021; profit on bonds
-Balance $
Purchased and tendered to sinking fund trustee, $2,279: profit from sale of
$910 total surplus.
securities. $1.336; surplus for period (as above), $326,91; 4
.85
$3.777,626.
Financial Chronicle Feb. 21 '31, p. 1406,
rarLast complete annual report in
and Feb. 28 '31, p. 1614.
V
Erie RR.
(Including Chicago & Erie RR. Co.)
-Month of March- -3 Mos. End. Mar. 311930.
1931.
1931.
1930.
Operating revenues.... $8,130,335 $9.057,894 323,171.958 $27,229,536
Oper. expenses and taxes 6,444,761
7,769,094 18.865.209 23,067,822
Operating income__ -- $1,685,574 $1,288,799 34,306,749
hire of equip, and joint
fac. rents-net debt__
251,733
356.138
922,586
Not ry. oper. income_ $1,433,841
Non-operating income__
277,944
Gross income
Interest, rentals, &c
3,1,161,713
1.037,454
$932,651 33,384,162 $3,124,258
350,190
881,847
913,204
$1,711,785 $1,282,851 $4,266,010 $4,037,463
1,330,070
1,246,350
3,984,301
3,723,591
Net Income
3381,715
$ 36,500
3281.708
3313,872
larDast complete annual report in Financial Chronicle Apr. 25'31, p. 313$
Fonda Johnstown and Gloversville RR.
Operating revenues
Operating expenses
-Month of February- -2 Mos. End. Feb. 281931.
1930.
1931.
1930.
374,018
385.460
$153.782
3180,135
57.739
62,802
120,678
130,820
Net rev,from oper--_
Tax accruals
$16,278
4,500
$22,658
4,800
$33,104
9,000
$49,315
9,600
Operating income
Other income
$11,778
3,345
$17,858
5.703
$24,104
7.285
$39.715
10.960
Gross income
Deduct, from gross Inc-
$15,123
28,718
$23,562
31,314
$31,389
58.117
350.676
62.327
Net income (decrease)
313.594
326,728
311,651
$7,752
122
-Last complete annual report in Financial Chronicle June 21 '30, p. 4411
International Rys. of Central America.
Gross earnings
Operating expenses
-Month of March--3 Mos. End. Mar.311930.
1931.
1931.
1930.
3640,200
3845,397 81,913,072 $2,438,523
1,212,163
1,030,533
352.562
410.124
Int. appl.to fixed chits. $287,638
$435.273
$882,539 $1,226.360
a"Last complete annual report in Financial Chronicle May 10 '30, p. 3343
Kansas City Southern Ry. Co.
(Texarkana & Fort Smith Ry. Co.)
-Month of March- -3 Mos.End. Mar.3119:30.
1931.
1930.
1931.
$1,315,415 31.679,240 $3,775,241 34,779.880
-Grossfrom Railway- -Net from Rai way- -Net after Taxes
,
- Railway oper. revs
1,144.747
2,479.039 3,279,621
870,423
Railway oper. expenses.
1931.
1931.
1930.
1930.
1931,
1930.
$
$
Akron Canton & Youngstown
March
274,300
185.758
From Jan 1_
502.161
744,997
Central RR of N I
March
3,290,198 4,261,225
From Jan 1_
3
63,940
153,260
$
101.417
251,117
$
$
54.695
117.366
195,945
*341,901
*376.768
83,022
*1,137,242 *1,555,547
$444,092
97,532
258
$534,492 $1,296,201 $1,500,259
129,166
292,596
387.500
284
887
879
3347.201
3405.041 $1,002,717 $1,111.879
Railway oper. income_
arLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2573,
and Apr. 18 '31, p. 2956.
Netrev,from ry. oper.
Railway tax accruals- - Uncoil, railway revenues
[VOL. 132.
FINANCIAL CHRONICLE
3131
Maine Central RR.
Soo Line System.
Net operating income_ $1,631,023 $1,848.344 14,408433 $5.635.324
2,121
2,133
2,134
2,121
Aver, mileage operated..
P'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2377
Union Pacific System.
(d. St. P. SS. M. Ry. Co.)
-Month of March- -3 Mos. End. Mar. 311930.
1931.
1930.
-Month of March- 3 Mos. to Mar. 31
1931.
1930.
1931.
1930.
1931.
$1.050,041 $1,380,831
Freight revenue
216.806
Passenger revenue
170.788
$2,094,505 $2,472,399 65,903.284 $7.141,010
Freight revenue
810,543
505,175
240.617
160.784
Railway oper. revenues.. 1,340,805 1,716,979 $3.995,745 $5,049,278 Passenger revenue
701,515
595.409
371.871 All other revenue
255,417
153,122 def.16.241
Surplus after charges.-203.052
12,701
a'Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2572
$2,868,433 87,003,868 18.853.069
Total revenues
$2,458,342
Maintenance of way and
-Texas Lines.
Missouri-Kansas
1,293,222
888,641
440,349
315,041
structure expenses......
of March- -3Mos.End. Mar.31- Maintenanceof equip
691,792 1,674,807 2,062,015
-Month
569.468
1930.
239.721
1931.
219,200
1930.
1931.
80,492
73,862
Traffic expenses
3,188 Transportation expenses 1,065.174 1,283,386 3,138,595 3.876.243
3,188
3,188
3,188
Mileage open (aver.)
421.256
392,021
144,018
$2,842,377 $3,765,870 $8,278,625 10.834,530 General expenses
Operating revenues
129,032
2,091.653 2,715,940 6,328,838 8.147,286
Operating expenses
1,636,522
937.661
655.918
413.156
Available for interest__ _
$2,153,579 82,640,038 0,313,265 37.892,469
Total expenses
760,600
690,602
410,043 1,217,352 1,233,852 Net railway revenues
328,395
Int. chg.. incl. adj.bds405,714
304,762
665,637
651,904
277.777
Taxes & uncoil.ry.rev
222,657
$402.670
$245,874 def$270,691
Net income
$7.442
894.962
$38.697
$100.617
$82,105
Net after taxes-Cr
f
r 'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2378
194.790
173.123
65.808
65,511
-Dr..
Hire of equipment
207.622
217,476
67.789
73,843
Rental of terminals
-Dr.
New York New Haven & Hartford RR.
to March 31-Month of March- -Jan. 1
$307,450
8351,902
$32,981
$57.249
-Dr....
Net after rents
1930.
1931.
1930.
1931.
22,066
54,846
20,208
--Dr..
26.141
Other Income-net
Railway open revenues_ 18.734.686 $10,128.358 $25.255,976 $29.810.120 Int,on funded debt
1,668.595
572,216 1,698.831
582.864
-Dr.
7.027,864 17.577,040 20.457,738
Railway oper..expenses- 5.931.851
$625,405 $2,105,580 51.998,111
Net deficit
Net rev,from ry.oper. $2,802.835 13,100,494 $7,878,936 $9,352,382 Division of net profit or $666,265
1,656.600 2,060,000
720,000
552,200
Railway tax accruals___
deficit between:
4,335
822
4.180
116
ry. revenues-1,005.453
306.292 1,037.641
331,657
Soo Line
-Dr
1,067,939
992,657
319,112
334,608
W.0. Ry. Co-Dr.....
Railway oper.income. $2,230,519 $2.375.314 36.221,514 $7,288,047
512.140
8625.405 $2,105,580 $1,998,111
633,506
150.015
3666,265
System-Dr
222,820
Equip.rents (net-deb.)1,140,583
1,179.475
377.955
396,676
Joint fac. rent (net-deb.)
WLast complete annual report in Financial Chronicle May 17 '30, p. 3527
New York Ontario & Western Ry. Co.
Operating revenues
Operating expenses
-Month of March--3 Mos. End.Mar. 311930.
1931.
1930.
1931.
$779,355 82,499.242 $2,465,921
$872,538
2,204,246
1,920,451
722,904
639,272
t' Net rev,from ry. oper.
Railway tax accruals--Uncoll.railway rev
$233.265
42,500
157
856,451
42.500
1
$578,790
127.500
153
8261,674
127,500
126
Total ry. oper.Inc.Equip. & joint facility
rents (net Dr)
$190,607
$13,950
$451,137
8134,048
74,597
39,450
170.824
118,513
$15,534
$280,313
Net operating Income- $116,010 def$25,500
Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2382
rat'
-Month of March- -3Mos.End.Mar.311930.
1931.
1930.
1931.
Operating Revenues$10,790,506 111,343,278 330,418.778 333.219.771
Freight
1.623,401 3,748.707 4,869,391
1,281,764
Passenger
436.406 1.262.815 1.286,547
429.232
Main
738.848
577,109
306,029
264.807
Express
843,857 1,046.165
348,195
280,291
All other transportation667,098
698.240
206,796
236,737
Incidental
Railway open rev----$13,283,337 $14,264,105 $37.549,506 641.827.820
2,034,495 4,539.934 4.733.623
Maint.of way and struc. 1,853,155
Maint, of equipment...- 2,655.585 2,994,442 7,853,153 8,665.520
400.287 1.023,288„
362,988
Traffic
4,186,494 4,562,236 12.467,829 14,078.576
Transportation
768.453
736,105
239,406
238,420
Miscell. operation
662,213 2,007.043 1,998,377
673,474
General
4.253
141
.
Trans. for invest.-Cr _
Railway open expenses $9,969,975 $10,893,079 $28.623,099 $31.359.375
Income Items
Net revenue from ry.
-Month of March--3 Mos.End. Mar.31operations_ - _ _ ______ 3,313,362 3,371,026 8,926.407 10.468,445
1930.
1931.
1930.
1931.
1,332,237 3,771.854 4,091.255
2,265
2,241 Railway tax accruals--- 1,250,112
2,241
2,138
1,716
2,265
983
Miles of road operated_..
442
ry. revenues..-Total oper.revenues....... 62.468,749 33.310,506 $6,878,309 89,587,601
Ry.operating income.. 82,062,808 $2,037,806 $5,152,837 36,375.052
Total oper.expenses---- 2,015,696 2,619,675 5,990,602 7,824,628
365,822 1,487,793 1,081,198
591.703
$887.707 $1.762,972 Equip. rents (net dr.)-$690,830
139.249
164,847
44,413
Net oper.revenue........ $453.053
56,578
231.748
963,768 Joint lac.rents(net dr.)_
442,259
244,312
income_ _ Net ry. oper.
Netincome
31,414,527 $1,627,571 $3,500,197 $5.154,606
191.889
194.645
35,955
33,695
Other income
9,878
9,854
9.877
9.863
Aver. miles of road oper74.97%
76,23%
76.37%
75.06%
$423,637 $1,158,413 Ratio ofexpenses to revs.
$478,214
$278,007
Gross income
Chronicle Apr. 25 '31, p. 3135
894,352
661.059
220,520
W'Last complete annual report in Financial
304.000
Int.& other deductions_
Pere Marquette Ry.
-$25,993
Net income
Inc. appl. to sink. Sr
1
other reservefunds- _ _
$257,694 -$470,715
$497,354
281
1,059
37
Balance trans. to prof.
$496,295
3257,657 -3470,996
325,992
& loss
'Last complete annual report in Financial Chronicle Mar.21 '31, p. 2188
-San Francisco Ry. Co.
St. Louis
Operated mileage
Freight revenue
Passenger revenue
Other revenue
(Excluding Subsidiary Lines)
-Month of March- 3 Mos. Ended Mar. 31
1931.
1930.
1930.
1931.
5.266
5,314
5,314
5.266
$4,960,902 $11,221,013 $14,407.656
$3,876,413
1.447.120 2.326.434
704,846
449.114
609,998 1.216.865 1.520,461
416,785
Total operating rev-- $4,742,313 $6,275,747 113.884.998 $18.254.552
1805.495 11.488,451 $2,155,887
2,597.294 3.554.728
1.202.791
2.206,504 5.183.582 6.648.587
1,011,310
329,122 1,072,687
Maint. of way & struc-- $524,978
855.947
Maint. of equipment_ ._
Transportation expenses 1.784.340
358.352
Other expenses
Total oper. expenses.. 13.523,618 $4,543,912 110.342.015 $13,370,513
Net 17. oper. income...-. 3878,128 11,318,048 12,377,295 13.970.096
Balance avail, for int- $1,001,593 11,451.930 $2.764.760 34,382,760
def$173,738 sur$425,372 def$588,807sur$1307.040
After all charges
Note.-Defielt for the System (including subsidiary lines), is $296,468,
a decrease of 3660.053; for the period Jan. 1 to March 31 1931,$898,330, a
decrease of $2,068,805.
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1976
Southern Pacific Lines.
.
-Month of March--3 Mos.End. Mar 311930.
1931.
1930.
1931.
13,824
13,842
13,839
13,824
road oper.
Aver. miles of
Revenues
116,481,841 $36,100,670 $46,806,873
Freight
2,642.941 3,894.939 8,891,984 11,580,890
Passenger
410.278 1,179,216 1,222,169
402,294
Mall
516,335 1,218,038 1,312,919
487,694
Express
461,089 , 1,113.395 1,303,495
325.063
Another transportation..
598.606 1,236,668 1,742,462
419,016
Incidental
78.448
59,142
27.436
18.741
Joint facility--Cr
357,835
128.275 -258,145
-84.189
Jointfacillty-Dr
Railway oper.rev-- .$16,988,180 $22,262,253 $49,540,968 $63,689,423
Expenses2,284.876 3,239.158 7,046,580 8,882,991
Maint.of way and struc- 3,425,955 4,280.570 10.374,373 12,692,614
Maint. of equipment-1,601,295 1,887,622
660,631
546,581
Traffic
6,474.338 7,675,301 19,093,914 22,788,062
Transportation
932.235 1.253.261
416.449
306,324
Miscellaneous
964.903 2,699.607 2,946.722
900.294
General
443,499
119,562 -166,544
-78,167
Trans. for invest.-Cr$41,581,461 $50,007,776
exp---313,860.204 $17,117,453
Rallwayoper.
Income
5,144,800 7,959.506 13,681,647
Net rev.from ry. oper - 3,127.976 1,646,945 4.290,502 4,794,908
Railway tax accruals...... 1,340,640
19.026
12,915
5,249
--....4,196
Uncoil.ry.revenues
712,083 1,599,189 1,760,489
584,007
Equip.rents (net)
r23,516
Dr71,437
14,445
21,378
Joint facil. rents (net)
32.128,336 $7,130.739
Net railway open inc- $1,177,753 32.766,076
Chronicle Apr. 26 '30, p. 9962
P'Last complete annual report in Financial
FINANCIAL REPORTS
(The) Delaware & Hudson Co.
(101st Annual Report-Year Ended Dec. 31 1930.)
The remarks of President L. F. Loree, together with
income statement and balance sheet for the year 1930 are
given under "Reports and Documents" on subsequent pages.
As of April 1 1930 the company transferred to The Delaware & Hudson RR.Corp.all of the common carrier property,
owned and leased, operated by it within the United States.
Company received the entire capital stock of the railroad
corporation, consisting of 515,470 shares (no par value).
Owing to this transfer, figures with those of previous years
are not properly comparable. The figures of The Delaware
& Hudson R. Corp. are given elsewhere in this issue.
V. 130, p. 4046.
(The) Delaware 8c Hudson RR. Corp.
-Year Ended Dec. 31 1930.)
(Annual Report
of President L. F. Loree of the Delaware &
The remarks
Hudson Co. will be found under "Reports & Documents"
on subsequent pages.
The figures in the following tables are of the Delaware &
Hudson Co. for the years 1927, 1928 and 1929. The 1930
& Hudson Co. for
figures comprise those of the Delaware of the
Delaware &
the first three months of the year and
Hudson RR. Corp. for the last nine months of the year.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1928.
1927.
0 .409 23,557,354 24.981,012
2 29
0 .594 2719 8
39 9
No. tons carr. (rev. frt.) 2612 5
mile_ .3180905142 3464181.557 3299189,361 353579940
No.tons carried 1
. 77
80 2
6 4 .80
$.01025
$.01017
$.01030
Av.rev, per ton per mile
Frt. rev. p. mile road OP. $36,735.33 839,506.01 $37.664.11 $40.428.29
Trainloads in tons (rev86.907
837.00
876.58
enue freight)
82, 04 3.255.178
38
2,709,368
No. passengers carried.... 2,241.089 99,861,930 3,02.052 108,895,212
106,895,399
83,878,351
No. pass. carried 1 mile.
$.0329
3.0326
Av. amt. per pass. mile4
33
.7 2
19
Pass.rev. per mile road- $3.437.18 63.945.24 $4.204.51 14 545.47
$43.56
844.37
$38.22
Av.no. pass, p tr. mile
per
INCOME STATEMENT FOR CALENDAR YEARS.
1928.
1
7 2 ..3
8
,949
$37193 .340 $41194 29 8 840,285.496 $42.753.526
Total oper. revenue
30,831,189 32.235,572 31.685.730 34,656.101
Total oper.expenses.Net earns, before taxes $7,117,151 $9.185,806 $8,599,765 $8,097,424
Other Income
177,160
130 136
170,346
166,048
Hire of freight cars
176,409
194,066
224,397
260,682
Rent freight equipment:5
164 819
152,256
110 7
170.670
180,364
Joint facility rents
68
Gross ry.ep.Income- 87.715,450 $9,4,818 $9,135,808 $8.632 322
8 1,471,158
20..1 2
accruals...- 1,459,555 1,135,500 1,182 171
Railway tax
2.072
1,623
co
Unllectible ry.rev_ __ _
101,618
682
68,296
92.415
.
Rent for equipment_ _ ..
391.422
379.020
502,404
371.077
Joint facility rents
2 8 income- $5.790.78 1 .054.206 67,543,429 $6,589.782
Net ry. oper.
APRIL 25 1931.]
FINANCIAL CHRONICLE
The following tables are those of The Delaware & Hudson
RR. Corp. from beginning of operations, April 1 1930, to
Dec. 311930.
INCOME ACCOUNT APRIL 1 TO DEC. 31 1930.
Railway operating revenues
$28,470,303
Railway operating expenses
22,813,924
Net railway operating revenue
Operating Income Credits
-credit balance
Hire of freight cars
Rent from locomotives
Rent from passenger-train cars
Rent from work equipment
Joint facility rent income
$5.656.379
Gross railway operating income
Operating Income Debits
Railway tax accruals
Uncollectible railway revenues
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
$4,908,710
Net income-carried to profit and loss
Earnings per share-nine months
$1,464,224
$2.84
226,421,045
267,189,178
247,632.837
255,617,825
35,459.810
45,402,804
5,964,687
67,093,803
351,210
6,757,166
1,108,857
42,175,627
48,439,077
5,840.227
73.011.041
252,570
6,694.388
1,169,695
41,786,098
47,915.568
5,640,588
71,674.693
175,625
6,279,349
1,479,668
41,813,137
50,838,496
5,578.245
75,491,457
125,643
6,125,480
1,732,191
159,920,623
66,500,422
18,280.551
40,593
175.243.236
91,945,942
20,340,961
54,556
171,992,255
75,640,582
17,772.346
50,126
178,240,266
77.377,558
19,865.472
45,081
$4,718,524
Gross income
Deductionsfrom Gross Income
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
Total revenue
1927.
$
193,214.188
42,695,283
19,708,354
$6,139,123
Net railway operating income
Non-operating Income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Dividend income
Income from funded socurites
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
3135
INCOME ACCOUNT FOR CALENDAR YEARS.
1930.
1929.
1928.
Operating Revenues$
$
$
Freight
175,960,471 204,551,492 189,003,112
31,180,170
Passenger
37,926,205
38,371,577
Mall,express & mLscell
19,280,404
24,711,481
20.258,147
$142,088
67,858
65.758
82.424
124,615
$1.072,000
1,566
5,645
67.081
712
273,594
$22,799
74.017
Dr.142
4.653
10.957
39,574
36.642
1.686
$1,410,441
779
1,260
1,965,625
1.888
48,770
15,722
GENERAL BALANCE SHEET, DEC. 31 1930.
AssetsLtabititiesInv. In road & equipin't--__ $93,601,054 Cap. stock (515,740 sbs. no
Deposits in lieu of mtgd.
par)
$28,473.019
property sold
600 Funded debt unmatured_-- 59,671,650
Miscell. physical property
111,197 Traffic & car serv. bals. pay.
400,154
Inv. in affiliated cos.:
Audited accts. & wages pay. 3,648,243
5,229,185 Miscellaneous accts. pay_
Stocks
147,811
Bonds
700.000 Interest matured unpaid__
33,849
Notes
337.721 Funded debt matured unpd.
38.100
Advances
426,519 Unmatured Mt. accrued___
458.211
Other investments:
Unmatured rents accrued
115,582
Stocks
5,130 Other current liabilities_ _
579,451
Miscellaneous
1,650 Other deferred liabilities.
1,630.900
Cash
2,314,876 Tax liability
836.630
Special deposits
64.066 lasur. & casualty reserves_ _
703,103
Traf.& car serv. bals. recle_
.
1,142,852 A ecr. deprec.. equipment__ _ 12,401,621
Net bals. rec, from agts. &
Other unadjusted credits--902,437
conductors
114,123 Additions to prop. through
MIscell accts. receivable.-1,472,131
income and surplus
19,593
Material and supplies
2,849,831 Profit and loss
693,531
Int. & divs. receivable
11.470
Other current assets
6.455
Working fund advances-12.283
Insur. & other funds
816,849
Other deferred assets
2.229
Rents & ins. prems. paid in
advance
53,426
Discount on funded debt-- _
902,255
Other unadjusted debits_ --577,983
----Total
$110,753.884
Total
$110,753,884
This balance sheet does not reflect the contingent liabilities created
by
the guarantees of obligations of other companies.
-V. 131. p. 2890.
Union Pacific RR.
(34th Annual Report-Year Ended Dec. 31 1930.)
The text of the report, signed by Chairman Robert S.
Lovett, together with comparative income accounts, comparative balance sheet as of Dec. 31, and other statistical
tables, will be found under "Reports and Documents" on
subsequent pages of this issue.
-V. 132, p. 846.
Northern Pacific Railway Co.
(34th Annual Report-Year Ended Dec. 31 1930.)
The remarks of President Charles Donnelly, together with
the comparative income account and balance sheet, will be
found under "Reports and Documents" on subsequent pages.
Our usual comparative tables were published in V. 132, p.
2949.-V. 132, p. 2959, 2949.
Erie Railroad Company.
(36th Annual Report-Year Ended Dec. 31 1930.)
The remarks of President C. E. Denney and Chairman
C. L. Bradley, together with the comparative balance sheet,
and other statistical tables are given under "Reports and
Documents" on subsequent pages. Our usual comparative
'
income account was given in last weeks "Chronicle" p. 2949.
-V. 132, p. 2949, 2958.
Atchison Topeka & Santa Fe Railway.
(36th Annual Report-Year Ended Dec. 31 1930.)
The remarks of President W.B.Storey will be found under
"Report and Documents" on subsequent pages.
TRAFFIC STATISTICS FOR CALENDAR YEARS
-SYSTEM.
1930.
1929.
1928.
1927.
Tons of rev.freIght carried 44,584.471
50,948.871
46,846.579
47,401.693
zTons rev. freight carried
1 mile(000 omitted)_
14,526,835
16.579,277
15.207.098
16,247,802
Aver,revenue per ton$4.01
$3.95
$4.03
$4.08
Aver.rev. per ton per mile
1.211 eta,
1.234 eta.
1.243 eta.
1.189 eta.
No.of passengers carried_
3,274,826
4,253,695
4,520.339
5,363,556
Passengers carried 1 m110_1.050,544,657 1,240.494.049 1,230.436.700 1,340.720.650
Aver. revenue per Pass-$9.52
$8.92
68.49
$7.96
Av.rev, per pass, per mile
2.968 eta.
3.057 eta.
3.119 eta.
3.185 eta.
a Number of tons of freight carded one mile shown above includes water ton
miles, San Francisco and Galveston bays.
Operating ExpensesMaint.ot way & strut _ __
Maint. of equipment_ -- Traffic
Transportation-rail line_
Miscellaneous operations_
General expenses
Transport.for invest.-Cr
Total expenses
Net railway oper. rev
Taxes
Uncollectible ry. rev
Railway oper.income
48,179,278
71,550,425
57,818,114
57.467,004
Equipment rents (net)._ _ Dr.2,504,120 Dr.2,311,608 Dr.1,720,879 Dr.2.155,635
Joint facility rents (net)... Dr.798,691
Dr.586,486
Dr.764,703
Dr.708,264
Net ry. oper. income
Non-Operating Income
Income from lease of road
Miscellaneous rent income
Mise.non-oper.pbys.prop.
Dividend Income
Inc.from fund.securities_
Inc. from unfund. secur.
& accounts
Inc. from sink. & other
reserve funds
Miscell.income credits _
44,876,466
68.652.331
55,332.525
54,603.104
213,489
542,523
154,566
1,066,029
2,212,699
238.911
499,551
285,970
1,191.432
2,227,382
232.096
534.903
348.063
2,880,147
910,555
209,813
551,521
185,798
2,473,237
1.749,328
1,510,394
1,359,527
1,277,530
1,223,934
934
15,937
928
24,214
979
39,981
958
50,265
50,593,036
74.480,245
61,556,783
61,047,961
8,910
41,613
62,948
12,885,315
97,915
147,536
9.178
105,840
80.779
12,766,878
266,497
214,269
10,165
105,669
76,604
11,094.119
253,868
85,925
10,378
106.275
59.863
11,295,018
Cr.265,949
88.257
Net corporate income-Preferred dividends
Common dividends
Calif.
-Ariz. Lines bonds
sinking fund
S.F.& S.J..t. V.Ry.Co.
bonds sinking fund-- - -
37,348,802
6,208,640
24,171,761
61,036.804
6.208,640
24,162,930
49.930,433
6,208,640
24,162,607
49,754.119
6,208,640
23,240,950
22,044
21,397
20,769
20,160
31,984
54,277
45,487
49.068
Balance,surplus
Shs.com.outst.(par 8100)
Earns. per share on coo
6,914,372
2,421,669
$12.86
30,589,558
2,416,293
$22.69
19,492,867
2,416,293
$18.09
20,235,299
2,324.095
$18.73
Gross income
Deductions
Rent for leased roads...Miscellaneous rents
Miscell. tax accruals
Interest on funded debt _
Interest on unfunded debt
Miscell.income debts. _--
GENERAL BALANCE SHEET DEC. 31-SYSTEM.
1930.
1929.
1928.
Assets$
$
$
Invest. in road & equip_ _ _1,094,701,875 1,061,145,835 1,018,475.768
Exp. for additions & betterments & road ext.
33,556.041
during curr. Meal year. 42,466,988
29,828,591
Investment in terminal &
25,787,073
25,248,383
coll. companies
46,922,136
358
544
Sinking fund
222
13,516,872
Miscell. physical property 10,529,153
9.176,632
22,748,532
Other investments
48,891.477
3,977,594
33,710,303
37,985.017
Cash
28,238,073
618,146
687.500
Time deposits
250.000
74.939
54,364
267,130
Special deposits
911,096
975.634
158,826
Loans & bills receivable
2,909.751
Traffic & car service bal_
3,019.407
3,925.353
1,341,075
999,299
Agents & conductors
1,294,962
7,631,005
5,900,317
Miscell. accts. receivable_
7,425,703
29,731.382
29,097,945
28,741.516
Material & supplies
30,114
694,728
492,540
Int.& diva. receivable_ _ _
99,772
Other current assets
66,732
96,797
381,147
381,891
Deferred assets
531,465
1,692,386
1.919.893
Unadjusted debits
1,905,434
Total
38,140,861
21,644,713
876
12,649,759
23,485.858
29,860.104
275,000
275,590
304,381
3,261.379
1,020.932
7.152.798
29,774.215
294.114
130,059
596.704
1,729.243
1,272.674.937 1.262,491,804 1.186,048,982 1,150,931.497
LfabintiesPreferred stock
Common stock
Pren Into on capital stock.
Funded debt
Traffic & car service bal.
.
And, accts. & wages pay_
Miscell. accounts payable
Interest matured, unpaid_
Dividends matured,unpd.
Unmatured dive. declared
Unmatured int. accrued
Unmatured rents accrued
Other current liabilities...
Deferred liabilities
Tax liability
Accrued depreciation_ __ _
Other unadjusted credits_
Additions to property
through income & sure_
Fund, debt retired thru.
Income & surplus
Sink. fund, &c.. reserves_
Profit & loss
-balance...
Total
-V. 132, p. 1216.
1927.
$
980,334.907
124,172,800
242,166,900
358,400
310,626.335
1,527,921
14,379,381
497,315
803,777
260,860
9.166,398
3,351.235
101,019
461,210
3,351,366
11,068,335
136,283,793
4,242,224
124,172,800
241,629,300
124,172,800
241.629.390
124,172,800
232,409.500
311,575,201
1.610,464
18,392,661
645,819
822,878
258,550
9,145,053
3,390,676
112,752
565,350
3,043,950
13,532,893
125,877,658
4,960,937
281,751,800
1,587.069
16,229,514
811,722
737,211
244.474
9,145,053
3,226,539
97,033
510,669
1,166,104
11,809,993
116,991,957
3,763,914
277.125.920
1,694,636
18,358,123
1.148.246
747,989
246,484
8,914,557
3,137.589
95.307
533,562
971,520
13,675,251
109,473,032
4,299,634
87,797,619
87,602,228
88,190,954
88,003,179
396,011
350,290
321,311,747
341,541
350.732
314,460,358
296,386
320,213
283,366.273
246,684
303,659
265,373,844
1.272,674.937 1,262,491,804 1.186,048,982 1,150,931,497
Atlantic Coast Line Railroad.
(97th Annual Report-Year Ended Dec. 31 1930.)
Extracts from the text of the report, signed by President
Geo. B. Elliott and Chairman H. Walters, will be found
on subsequent pages of this issue.
STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1929.
1930.
Average miles operated5.152
5,118
5.157
5.065
2,825.587
Passengers carried
2.366.196
1.799.052
3.536.762
Pass. carried one mile
305,746.789 348.818,795 375,874,188 435,038.260
Freight carried (tons)
16,784,331 18,951,802 20,402,922 23,134.496
Tons carried one mile _2871257020 3281770100 3313823790 3787300710
Commodities Carried
2,636,594
2,528.376
2,429,604
Agricultural
2,679.438
183.401
160,252
197,104
Animals
230.136
6,000,154
5,819,740
Mines
6,979.675
8.579,037
3,233,866
4,562,745
Forests
4.989,758
5,380.799
3,766,025
3,951,140
Manufactures
4.086.525
4.156,643
1.276.072
Miscellaneous
1.617.768
1.720,256
2,108.443
Total tonnage
16,784.331
18,951,802
20,402,922
23,134,496
FINANCIAL CHRONICLE
3136
INCOME ACCOUNT FOR CALENDAR YEARS.
____
1927.^
1928.
1929.
1... Operating Revenues1930.
Freight
$46,428,030 $53,188.639 $52,019,282 $58,839,071
Passengers
10,538.341 12,132.623 13.065,377 14,955,528
1,523,
1,617,120
1,773,381
Mail
1,692,088
2.527,954
2,627,742 2,309,711
1,942.017
Express
725,472
672,160
Other transportation.._
798,146
721,387
1,855.086
1,709,522
1,851,363
Incidental & joint facil_ 1,698,094
Railway oper. rev_ -_-$63,019.957 $72,371,894 $71.393,174 $80,426,296
Operating ExpensesMafnt. of way & struc_- $9,787,465 $10,181,158 $10,935,260 $13,229,875
Maint. of equipment_ 12,513.108 13,874,060 14,812,873 16,842,645
1,983,340
Traffic
1.991.845 2,125.845
2,015.054
22.643.245 24,667,140 25,403,746 29.539.992
Transportation
708,915
627,682
654.564
655,232
Miscell. operations
2,100,249 2,139,332
General
2,099,810 2,095,193
113,865
39.595
32,272
Trans. for inv.-Cr
28,453
Operating expenses_ --549,685.460 $53.431,589 $55,966,059 $64,330,235
Net from railway oper__ 13,334,497 18,940.305 15,427,115 16,096,061
5,800,000 6,050,000
Tax accruals
5,525,000 6,240.000
58,566
40,666
45,793
29,851
Uncollectibles
Railway oper.income- $7,779,646 512.654,512 $9,586,449 $9,987,495
Non-operating Income
326,527
280,467
164,448
Hire of equipment
370,091
388,114
447,244
400,781
Joint facility rent income
4.690.895 4,636,986
4,691.391
4,894.056
Dividend income
Income from unfunded
677,860
481,217
614,335
516,969
securities & accounts_
584,669
488.429
464.722
471,133
Income from fund. secs..
1,113.313
389,382
903.846
735,653
Miscall.& other income..
xDividend approp___ _deb2,470,281deb2,470,281deb2,470,281deb2,470,281
Gross income
$12,327,957 $17,470,216 $13,834,673 $15,246,661
Deduct
$71,676
$82,476
$82,576
Rent for leased roads$82,576
Hire of equipment
557.377
412.779
359,667
391,999
Joint facility rents
381,746
282,892
392,492
Miscellaneous rents
447.631
420,716
73,553
119,857
Int. on unfunded debt
43,784
52,709
Int. on funded debt__ _ _ 6,322,207 6,322,207 6,329,674 6,221,722
Int. & diva, on equip.
596,801
535,686
433,400
trust notes, &c
415,544
157.500
Int. on 10
-year notes_
41,498
297,412
44,109
310.770
Miscellaneous
Net for year
$3.784.310 $9,451,226 55.973,323 $7.385.627
28,436
Inc.applic.to s.f.,&c.,fds.
22,759
28,476
28,215
Income approp. for inv.
25,156
90.292
58,348
352,978
In physical property
Transferred to P.& L_ $3,697.748 $9,332,457 $5,919.730 $7,009,890
Credit balance Jan. 1___ 97,631,217 92,958,632 92,726,679 92,046,410
1,304,891
1,095.919
449,383
Miscellaneous credits_ _ _
80,646
Total surplus
$101.778,3485103,595,980 $99,742,328 $99,130,946
9,835
Pref. dividends (5%)___
9,8359,835
9,835
(
C lit o rvs. o
for
goorr Ton di o ri7 )- _ - 5,763,989
5.763,989
5,763.989
5,763,989
property.....
gysicar
Loss on retired road and
equipment
Debt disct. ext. through
surplus
Prem. paid in redemp'n
of notes
Miscellaneous debits..
216.755
89,115
306,933
33,558
50,281
98,448
80,188
55,078
Cr.4.672
84,360
354,183
8,048
538,390
180,000
13.623
59.317
Bal. credit Dec. 31-$95,678,170 $97,631,217 592,958,632 592.726,679
823,427
823,427
823.427
Ms.corn. out.(par $100)
823,427
$14.46
$7.58
$10.24
Earns, per sh. on com__
x Extra div. of 13.5% in July and 131% in Jan. y See also "s."$11.95
GENERAL BALANCE SHEET DEC. 31.
1929.
1930.
1930.
1929.
$
Liabilities$
$
Assets$
Road & equip_272,762,458 270,433,429 Common stock_ 81,342,700 81,342,700
Class A Rich. &
Impts. on leased
376,127
400,738
P. RR.stock_ 1,000,000 1,000,000
property
21,919 Preferred stock_
21,919
Sinking funds
196,700
196.700
Prem.on cap.stk. 4.836.989 4,836,989
Deposit In lieu of
28.043 Grants in aid of
28,043
mtgd. prop
Misc. phys. prop 1,200,733 1,322,868
construction _
40.960
Inv.in Mfg.cos.:
Equip. tr.(Nig_ 7,637,500 8,701,800
69,154,342 58,943,303 Mtge. bonds_ _ _108,989,000 108,989.000
Stock
4,045,706 4.045,706 Coll, trust bonds 35,000.000 35,000,000
Bonds
2,219,335 2,341,499 Miscellaneous..4,579,930 4,579,930
Notes
Advances.... 8,412,224 7,634,317 Traffic, &c., ba.
968,245
932.792
Other investls_ 6,353,171 7,951.671 Accts. & wages_ 3,228,385 3,447,815
13,932,421 17,133,937 Misc,accts. pay. 1,042,177
Cash
984,763
Cash for diva.,
399,189
395.174
matured__
1,400,450 1,405,813 Int. matured._
interest, &c
19.869
21,520
Divs.
Bonds to secure
7,147
10,147
15,225 Fund. dt. mat'd 4,117,135 4,117,135
15,225
leases
4,434 Unmatured diva.
1,800
bills reo.
Loans &
Unmet.Int., &e. 1,375,016 1,401,193
Traffic, &c., bal. 2,211,975 2,420,159 0th. curr. !labs_
82,102
67,487
Bal.from agents,
25,524
30,402
360.389 Deferred llabs__
327,087
do
Tax liability__ 2,557,089 3,254,991
Misc, accts. rec. 2,043,066 1,977.295 Ins. & cas. res-692,992
738,496
& supers 6.701.666 6,386.742 Accrued deprec.,
Mails
Int. & diva. rec. 2,357.658 2,355,439
road & equip_ 29,742,583 27,927,457
10,914
6,391
.
Other assets_
793,549
36,807 0th. unadi. cred. 671,734
35,443
Work,fund adv.
692,930 Corp.surplus:
739,859
Ins.& 0th,funds
Add's to prop.
debits 4,156,842 4,538,459
Unadjust.
through Inc.
and surplus 4,304,342'"'" 4,029,239
Profit and loss 95,678,170 97,631,217
Total
388.528,552 390,437,426
388,528.552 390,437,426
Total
4
-V. 132. P. 198 .
General Motors Corp.
(22d Annual Report-Year Ended Dec. 311930.) 4
Lammont du Pont, Chairman, and Alfred P. Sloan Jr.,
President, state in part:
1930 were $141,616.131. This
-Net earnings forFor both years there Is includedcompares
Earnings.
the corfor 1929.
with $248,282,268
earnings and losses of subsidiary and
poration's proportion of the net
consolidated but accruing to General Motors
affiliated companies not
received. For 1930 this constituted a loss of
Corp. In excess of dividendsthere was a gain of $2,311,875 in the correnot include a non$2,667,254. while for 1929
The earnings stated for 1930 do
sponding account.-recurring profit of $9,482,861. after taxes, &c., which
operating and non
the sale to General Motors Management Corp.
resulted principally from
as authorcommon stock of General Motors Corp..$gm
of 1,375.000 shares of
at a meeting held March 5 1930 Total net
.
ized by the stockholders -operating. amounted to $151,098.992. After
earnings, operating and non the preferred stocks, requiring
paying regular dividends on
$141.560.332, being the amount earned on the
.25 per share on the
for the year, there remains
This is equivalent to C
common shares outstanding.
ar
outstanding and compares with 5.49 per she earned
common stock now
1930 are equivalent
-recurring earnings
in 1929. Non-operating and non stock.
on the common
to $0.21 per share
of $3 per share per annum on the
Dividends.-DIAdends at the rate year under review. The total divicommon stock were paid during the during the year amounted to $140,dends on all classes of stock declared
for the year 1929. After
038,662. This compares with $186.078,688was available out of earnings
providing for the payment of dividends there
[VoL. 132.
for reinvestment in the business $11,060,330. This BUM includes the
corporation's proportion of the earnings and losses of subsidiary and
affiliated companies not consolidated but accruing to General Motors.
Corp. in excess of dividends received, as well as the non-operating profit
previously referred to. This compares with $82,203,580 for the year 1929.
Total real estate, plant and equipment accounts as at Dec. 31 1930
amounted to $614,030,329. Charges against income on account of depreciation applicable to the year. amounting to $37,715,088, represent thelargest charge against earnings on account of depreciation in any one year
in the history of the corporation, and compare with $35,217,071 charged
against earnings on account of depreciation during the year 1929. Total
reserves for depreciation now amount to $218,656,021. The net investment in the plant account, after deducting depreciation reserves, showed a
reduction of $20,411,105 during the year. Investments in subsidiary and
affiliated companies not consolidated showed only a nominal increase of
$479,810 during the year, the total at the close of the year amounting to
$207.750,253.
Capital stock of General Motors Corp. held in the treasury for corporate
Purposes showed a decrease of approximately $57,900,000 during the
year. Substantially all of this decrease is accounted for by changes in
the method of handling the corporation's co-operative plans. A reduction
of $45,000,000 results from the substitution of bonds of General Motors
Management Corp. for treasury stock previously carried by General Motors
Corp. itself. An additional decrease of $13,000,000 is accounted for, first,
by reduced Employees Investment Fund requirements for the year resuiting from subnormal operations, and secondly, by the fact that stock
formerly purchased on account of the corporation's bonus plan was bought
during the year by General Motors Management Corp. and is, therefore,
not carried directly by General Motors Corp. There is a net increase of
51.268,689 in the good-will and patent account. This is due principally
to the acquisition of additional properties, offset in part by a decrease due
to the sale of other properties occasioned by consolidation of operations.
-In order to simplify the capital structure, stockCapital Account.
holders at a meeting held May 26 1930 authorized a new issue of 6.000.000
shares of preferred stock (no par) to be exchanged in part for the then
outstanding 7% preferred, 6% preferred, and 6% debenture stocks. This
exchange was made on the following basis:
1.35 shares of $5 preferred stock for each share of 7% preferred stock.
1.10 shares of $5 preferred stock for each share of 6% preferred stock.
1.15 shares of $5 preferred stock for each share of 6% debenture stock.
To make this exchange it was necessary to issue 1,875,366 shares of the
new $5 no par value preferred stock to replace 1.389,160 shares of allclasses of preferred stock previously outstanding. Annual dividend
charges were reduced from $9,724,000 to $9,377,000. All shares of 7%
Preferred,6% preferred, and 6% debenture stock, which were not exchanged
Prior to July 22 1930 were called for redemption on Aug. 1 1930.
The allocation of $100 per share for each share of the $5 no par preferred
stock necessitated a transfer of $45,567,132 from the surplus account to
capital account the combined capital and surplus account being, so far
as this transaction is concerned. unchanged.
-Net sales, excluding inter-company and
Operating Facts and Figures.
Inter-divisional transactions, amounted to $983.375,137. This comPares
with $1,504,404,472 for the year 1929-a reduction of 34.6%. A sharp
reduction in volume is usually attended by a much greater reduction in
Profits. This tendency was offset to an important degree by operating
economies referred to elsewhere. Sales of motor cars to dealers in the
United States reached a total of 1,035,660 units,as compared with 1,535,852
units for the previous year. Sales by dealers to consumers within the
United States amounted to 1,057.710 units, as compared with 1,498,792
Units for the previous year. Total sales of the corporation to dealers.
including Canadian sales and overseas shipments, amounted to 1,174,115
units as compared with 1,899,267 units for the year 1929. The corporation
enters the new year with a stock in the hands of dealers, both in domestic
markets as well as those overseas, well in line with current consumer
demand, so that any increase that may take place in consumer demand
should be reflected immediately by an improvement in the corporation's
earnings. Notwithstanding the sharp reduction in the volume of motor
car business, both in dollars and in units, as compared with the previous
year. the percentage of the total volume enjoyed by the corporation improved as compared with the previous year and, still more importantly,
showed an Improving trend in the latter months of the year.
During the year two outstanding developments were announced by the
corporation through the Cadillac Motor Car Division, i.e. the production
of the Cadillac V-16 and V-12. These cars have been accepted by the
public as recording outstanding progress in motor car development in the
high price field. Their advent will have an important influence on the
future trend of motor car design. Through the Buick Motor Division
-cylinder motor cars, replacing
there were announced four lines of eight
the previously combined Buick-Marquette lines. Through the Chevrolet
Motor Division a new series of Chevrolet cars was announced in November
with a broader selection of models, with improved appearance and refinernent in mechanical details, and at prices below those over made possible
before in the Chevrolet line. The response of the public has been gratifying.
Likewise, improved value to a substantial degree has been added to the
Oakland and Pontiac of the Oakland Motor Car Division, as well as to
the Oldsmobile Six, produced by the Olds Motor Works Division, It Is
believed that in no year in the corporation's history has it been able to
offer such outstanding values as at present exist. Stockholders have
every reason to be satisfied with the progress recorded by the corporation
in its car values during the year under review.
From the Chevrolet Six to the Cadillac V-I6 the corporation is now
producing practically 150 different passenger models at prices ranging
-in every sense of the word a car to
from $475 to approximately $15,000
suit',every taste and "for every purse and purpose."
-During the year there occurred the following
Operating Developments.
developments:
(1) Winton Engine Co., Cleveland, Ohio.-This organization has engaged
for some years past in the manufacture of power plants with engines employing both the Otto and Diesel cycles. It is an outstanding producer
of engines of those types. In view of the developments taking place in
the general direction of the Diesel type of construction it was thought
desirable for the corporation to deal in a practical way with the problem.
search
Furthermore, it was felt that the corporation's engineering and re
staffs could contribute to progress in that direction. The company was
acquired on a sound operating basis and will add value to the corporation's
operating structure.
The cost of this acquisition was $5.897,331, payment being made in
126,667 shares of General Motors common stock acquired in the open
market for this purpose.
-Closely affiliated with Winton
(2) Elearo-Motive Co.. Cleveland, Ohio.
Engine Co. is this organization which designs and sells gas-electric power
self-propelled railroad cars, locomotives and other purposes,
plants for
This acquisition supplements that of the Winton Engine Co., and was
acquired at a cost of $1.194,143, payment being made in 29,250 shares
of General Motors common stock acquired in the open market for this
Purpose.
-An important
(3) Kinetic Chemicals, Inc., Deepwater Point, N. J.
of the manufacture and disPart of the corporation's activities consistsnew refrigerant
refrigerators. The
manufactured
tribution of automatic
by Kinetic Chemicals, Inc., will reduce to a minimum the fire and toxic
properties involved in other forms of refrigerants. A real contribution
refrigeration art, especially in respect to such problems
has been made to the
assembled, by removing the fire
of cooling where large groups may be the corporation's
activities should
and health hazards. This addition to
in time add substantially to its profits, as has happened in the case of
(51 e
d
other developments resulting from its research activities, The
and your
owned by the E. I. du Pont de Nemours & Co.
is jointly own
corporation (49%).
-Certain of the plant facilities
(4) Martin Parry co. Indianapolis, Ind.
'
and branch operations of this company were acquired for the purpose of
for the truck department of the Chevrolet
producing commercial bodies
Motor Division and forco-ordinating body production with chassis procars form an
duction. AS trucks and commercialthis acquisitionimportant part of the
will enable the combusiness of the Chevrolet Division,
pany to establish definite prices on the completed vehicles based upon
effective manufacturing methods. A cash payment
the most efficient and
was made for these plant facilities in the amount of $900.000„
-As a result of consolidation of certain
(5) Jason Steel Products Division.
of the corporation's activities the plant and equipment of this Division
were sold.
-During the year the machinery and
(6) Saginaw Crankshaft Division.
equipment formerly operated by this Division, in order to effect greater
APRIL 25 1931.]
3137
FINANCIAL CHRONICLE
-economy in operation, were distributed in part to other operating divisions
-of the corporation and in part liquidated. The Division as such has
been discontinued.
-This organization was established in
(7) General Motors Holding Corp.
the latter part of 1929. The object was to acquire, to a limited extent,
partnership interests with individuals in operations having for their purpose
the sale of General Motors car products at retail. In recognition of the
important problems facing the distributing organization,i.e., its distributors
and dealers, and it was thought desirable for General Motors to have
direct contact with these problems to a limited extent. Furthermore,
many instances occur of individuals of character and ability but with
limited financial resources. With the temporary financial co-operation
of the corporation these may be developed into effective retail outlets.
-A particularly important event of the year
(8) Fisher Body Division.
was the development of improved methods of body production made possible by advanced engineering and manufacturing processes. A step
forward in quality as well as reduction in manufacturing costs have resulted. This will have an important bearing on the corporation's future
progress.
-The corporation's overseas activities may
(9) General Motors Overseas.
be divided into two parts: (a) Operations merchandising products elsewhere produced,(b) activities engaged in both production and distribution.
The review of the year 1929 referred to the rapid reduction in consumer
demand overseas that had taken place during the latter half of that year.
This trend continued throughout the year 1930, resulting in a substantial
reduction in sale of motor cars, as is shown elsewhere in this report. The
prices of commodities, upon which practically the entire purchasing power
of many overseas countries is founded, have been below the cost of production and in addition these prices have suffered in many countries from
a drastic depreciation in currency.
Inventory control in overseas operations presents important difficulties
on account of the time element involved in making necessary adjustment
as the consumer trend changes, due to the time of transportation. The
problem confronting the corporation's overseas operations has been an
even more difficult one than that of domestic operations in readjusting
their operating policies and personnel in harmony with the changed circumstances. At present inventories have been reduced until now they
are substantially in line with prospective demand.
Dealing with manufacturing operations overseas and with particular
reference to Adam Opel A. G. it might be stated that on account of the
acute industrial depression islIsting in Germany the operations of this
activity have been very distinctly subnormal. It was expected, however.
at the time this property was acquired that a period of at least two years
must elapse before products of General Motors design could be developed
and General Motors operating policies could be established. Important
Progress has been made in that direction during the year 1930, and during
1931 the program under development since the acquisition of this property
will have been substantially completed. That should be the starting
Point of a commercial development of Adam Opel A. G. that should place
that activity among the foremost motor car manufacturing operations
outside of the United States.
Progress of Vauxhall Motors, Ltd., England, has been substantial. The
development of new products was completed during the year and although
the full effect of these changes has not as yet been reaized, the position
of the company has materially improved.
-The distribution of the corporation's products
(10) Motor Accounting Co.
rests upon the effectiveness of its retail outlets. The corporation retails
a relatively small proportion of its automotive products-approximately
5% of the total value of its car sales. Therefore the sales effectiveness
and ability to render a high character of service to the public are dependent
management, financial strength and suitable location
uathee
va
ornleenreglyconugiuugaz
ffdof
t organization
of
dealers. In addition to the requirement that the manufacturer produce
products of commanding appeal, there is the responsibility of maintaining
constructive policies and administrative practices such as will assure
the opportunity for sound and profitable operation of the retail dealer.
The corporation approached this problem as it has in the case of other
problems,from the standpoineof providing ways and means of determining
facts pointing to the necessities of the case. It was for this purpose that
Motor Accounting Co. was formed in 1927 and it has been amply demonstrated that the establishment of the principle of fact-finding in the retail
end of this industry has been highly constructive.
General Motors Management Corp.
-Reference was made in the annual
report of the previous year to the formation of General Motors Management
Corp., established by the stockholders for the purpose of fulfilling the
same functions in principle, but in somewhat different manner, as were
formerly discharged by Managers Securities Co., which terminated, so
far as its contractual relations with General Motors Corp. were concerned,
at the close of the year 1929. Incident to its organization, General Motors
Management Corp. purchased from General Motors Corp. certain shares
of General Motors stock at $40 a share, to which trandsaction reference
has been made in the financial review of the year.
Bonus Plan.
-There was allotted for the year 117,624 shares of class A
stock of General Motors Management Corp. as bonus awards to employees
for conspicuous service. Under the contract existing between General
Motors Management Corp. and General Motors Corp., General Motors
common stock.in the amount of estimated current bonus requirements
is purchased by the former from time to time in the open market. General
Motors Corp. at the end of the year purchases from General Motors Management Corp. class A stock equal to the number of shares of General
otors common stock purchased. Class A stock of General Motors
Management Corp., thus obtained, is distributed as bonus awards. This
class A. stock is exchangeable, share for share, for common stock of General
Motors Corp. at the option of the recipient.
Employees Saving and Investment Plan.
-The scope of this plan, inaugurated in 1919, and its detailed operations have been dealt with in all
annual reports since that date. Employees savings may be applied to
the purchase or building of homes without losing any benefits of the plan
whatsoever. Since this plan has been inaugurated more than 39,500
employees have utilized it to assist in the buying and building of homes.
At the end of 1930 the seventh class, which was that of 1925, matured and
as a result there was paid to 20,009 employees the following:
On account of their savings
$2,486,540
On account of 6% interest on savings
On account of amount accumulated in the investment fund, 935,806
representing accumulation on account of contributions made
by the corporation five years ago (this amount is represented
by 149,388 shares of 910 par value common stock of the corporation at market value at the time of distribution)
5,284,591
This makes a total value of
$8.706,937
An employee who paid $300 during the year 1925 received in January
1931, on maturity, cash and securities having a market value of $1,054.16.
This was made possible by the partnership interest of the employee effected
through the investment of the corporation's contribution in common stock
of the corporation.
Dec.31 1930. Dec.31 1929.
General Motors Acceptance Corp
$78.300,581 $76,900.093
Yellow Truck & Coach Manufacturing Co
*30,669,265 *30,669,265
750,000
Ethyl Gasoline Corp
750.000
8,695,655
Vauxhall Motors, Ltd
9.498.630
25,965,196
Adam Opel A. G
25.966.705
15,091,217
Bendix Aviation Corp
15,091,217
General Aviation Corp. (successor to Fokker
7,782,342
7,782,342
Aircraft Corp. of America)
2.550,000
1,530,000
General Motors Radio Corp
8,008,769
7,532,383
General Motors Building Corp
10.823.860
11,940,451
Argonaut Realty Corp
Investment in housing facilities:
318,200
318,200
Bristol Realty Co
120,000
150,000
House Financing Corp
150,739
163,118
Modern Dwellings, Ltd
9,328,132
10,047.912
Modern Housing Corp
271.801
259.719
New Departure Realty Co
10.115,092
7.479,803
Miscellaneous
Total investments in subsidiary and affiliated
$207.750,253 $207,270,443
companies not consolidated
*Of this amount, $9,668.265.01 is represented by Yellow Truck & Coach
Mfg. Co.7% preferred stock.
Stockholders.
-It is extremely gratifying to note the substantial
of about 65.000 in the number of stockholders during 1930. Itincrease
is
ticularly interesting to note the extent to which this ownership is pardistributed throughout the United States and even throughout the world.
An important phase of this development is the fact that approximately
250,000 common stockholders hold an average of more than 50 common
shares each. The management interprets this fact as an expression of the
confidence of the public at large in the integrity of the institution and
in the honesty of purpose of its operating organization-another measure
of good-will. An important contribution is made to the progress of the
corporation through the co-operation ofsuch a large aggregation of partners
who are helpful in so many ways in promoting the corporation's interest
through the sale of its products and otherwise.
The following table shows the growth of the number of stockholders,
all classes, by years:
No. of Year
Year
No. of Year
No. of
Stock- Ended
Ended
Stock- Ended
holders. Dec. 31.
Dec. 31.
holders. Dec. 31.
holders.
65,665 1926
1917
2,920 1922
50,369
68,063 1927
1918
4,739 1923
66,209
66,097 1928
1919
18.214 1924
71,185
50,917 1929
1920
36.894 1925
198,600
1921
1930
66,837
263,528
Detail of Investment in Subsidiary and Afflicted Companies.
A list of these investments and the value at which they are carried
on the books of the corporation follows:
Total income
$16,840,320 $17,429,621 $16,670,252 $15,153,017
5,906,616
5,577.919
Interest charges (net)__ _ 5,646,354
5,647.736
2.750,000 2,200,000
2,900,000
Approp'n for deproc'n- 2,560.000
M
Our usual comparative consolidated income account was
.
published in V. 132, p. 2570.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1927.
Assets1930.
$
0
0
Investments$
Invest. in sub. tk affil. co's not
207,750,253 207,270,443 117,819,124 98,262,014
consolidated
Gen'l Motors Manage. Corp.
6% Sobs.due subseq. to 1 yr. 43,000,000
General Motors Corp. stocks
12,019,632 69,929.476 50,053,193 31,338,034
held in treasury
Fixed assets
Real estate, plants & equipm1_614,030,329 609,880,375 542,987.155 480,473,508
22,246,234 18,168,100 19,552,635 12,436,188
Deferred expenses
51,949,115 50,680,426 43,673,476 43,687,708
Good-will, patents, &c
145.713,657 101.085,813 99,189,839 132,272,218
Cash in banks and on hand
33,037,723 26,265,718 112,351,174 75,542,698
U. S. Govt. securities
285,691
4,364,217
361,282
Temp.loans & market.securities..
General Motors Management 6%
7,000,000
debs, due 1931
Sight drafts with bills of lading at6,707,616 13,579,613 9,273,824 14,649,097
tached, and Co.0. D.items
3,587,079 1,977,363 8,788,453 1,560,678
Notes receivable
a Accts. rec.& trade acceptances_ 28,965,096 33,866,864 34,565,680 31,646,088
136,298,891 188,472,999 196.692,868 172,647,716
Inventories
3,221,742 3.712.575 3,583,232 3,600.346
Prepaid expenses
Total
1,315,813,059 1324,889764 1242894,869 1098477,575
26,975,871 42,894,666 61,244,892 51,828,549
Accounts payable
Taxes, payrolls and sundry
17,915,048 22,401,424 24,180,315 20,671,868
accrued items
Employees savings Bind payable
12,142,369 9.010,571 9,302,494 6,564,202
within one year
Contractual liability to General
Motors Man. Corp. due March
8,170,558
10 1931
17,013,276 28,701,486 33,225,609 35,224,309
U. S. and foreign income taxes
1,562,738 1,615,015 1,567.673 1,567,219
Accrued dive. on pref. stook
13,050.000 43,500,000 43,500,000
Extra dividend on common
Reserves-Depreciation of real estate, plants & equipment_ _218,656.021 194,094,963 162,680,113 141,872,940
Employees'investment funds__ 7,995,013 9,915,825 9,019,707 6,316,320
32,326,509 32,412,618 23,100,639 14,933,834
Employees' saving fund
5,809.981 3,333,577 2,532,542 3,943.566
Sundry contingencies
12,539,544 14,078,560 11,715,710
Bonus to employees
135,513,800 131,108,300 130,835,700
7% preferred stock
1.410,500 1,579,500 1,713,400
0% Preferred stock
1,991,700 2,228,200 2,366,900
6% debenture stock
x187,536,600
05 preferred stook
435,000,000 435,000,000 435,000.000 435.000,000
Common stock b
Interest of minority stockholders
In subsidiary companies, with
443,800 3,087,730 2,603,975
443,800
respect to capital and surplus
344,265,275 380,560,273 285.458,595 187,819,083
Surplus
1,315,813,059 1324889,764 1242894,869 1098477,575
Total
Represented by 1,875,366 shares of no par value. •Less reserve for doubtful
accounts in 1930, $1,599,419 in 1929, $1,549,336: in 1928, $1,229,649, and in
1927, $2,293,437. b In 1928 authorized. 30,000,000 shares, par value $25. Effeotive Jan. 7 1929 the $25 par value stock was exchanged for new $10 par stock in
the ratio of 234 new shares for one old. 1927 corporation had shares of no par
-V. 132, p. 2974.
value outstanding taken at $50 per share.
Northern States Power Co. of Delaware & Subsidiaries.
-Year Ended Dec. 31 1930.)
(Annual Report
of President John J. O'Brien, together with
The remarks
the income account and balance sheet as of Dec. 31 1930,
will be found under "Reports and Documents" on subsequent pages of this issue.
INCOME ACCOUNT FOR CALENDAR YEAR.
1930.
1929.
1928.
1927.
Gross EarningsElectric Department-- -$27,784.755 $27,155,981 $25,915,677 $24,531,285
4,309,541
4,118,638
4,348,792
4,357,938
Gas Department
761,895
826,846
723,028
765,692
Steam Department
275,820
239,376
261,315
268,370
Street Railway Dept_
137,144
137,534
130,160
119.173
Telep. & Water Depots_
Total gross earnings _133.271,962 $32,754,120 $31,339,721 $29,803.158
Operating expenses
12,365,075 11.615,348 10,887,407 10,490,237
1,778,099
1.601,294
1,593.713
1,549,374
Maintenance
2,671.378
Taxes
2,942,567
2.749,997 2,761,221
Withdrawal from conting • Cr420,000
Net earnings
Other income
$16,606,220 $16,787,479 $16,097,380 $15,092,168
572,872
60,848
642,142
234,100
a Net income
$8,633,966 $8,881.885 $8,342,334 $7.046,401
4,739,735 4,221,825
4,679,054
Pref. stock dividends__ _ 4,717,143
2.101,824
2,833,480
3,236.534
Common stock divs_ - 3,315,542
Approp. for amortiz. of
75.000
75,000
debt disc. & expense
75,000
Balance, surplus
Surplus Jan. 1
$526,281
6.057,294
$891,296
5,165,997
$694,118
4.471,878
$722,751
3,749,127
Total surplus Dec.31- $6,583,575 26.057,294 $5,165,997 $4,471,878
292,761
341,551
219,246
Shs. cl. A out.(par $100)x 341,551
625.000
729 166
500,000
729,166
cl. B out.(no par)x
$10.14
216.13
$10.49
Earns, per sh. on cl. A$1.01
$1.01
$.94
$1.05
Earns. per sh. on cl. B-x After payment of preferred dividends, both classes of common share
in ratio of 10 cents in each class B share
In dividends without preference
for each $1 paid on class A stock.
a The companies on their books have charged against capital surplus
arising from appraisal of their properties as of Dec. 31 1924 the unamortized
bond discount and expense at that date and a portion of the debt discount
and expense incurred since that date. Accordingly no charge has been
made above for the portion of discount and expense charged off appllcatde
to these years.
3138
FINANCIAL CHRONICLE
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
Assets1930.
1929.
1928.
1927.
Plant, prop.,rights,fran$
$
II
3
chise, &c
232,449.793 221,525.975 213,981,291 208,022,831
Stock disc. expenses---- 8,821,556 8.436,765 7,988,299 7.277,224
Sinking funds and other .
deposits
565,914
274,678
655,141
175,502
Investments, stks, and
bonds of other cos.,
associations, Sic
419,521
478,782
591,458 2,474,197
Bal. of unamort. disc. &
400,712
exp. since Dec.31 '24_
346.667
288,863
365,853
Prepaid insur. & int_
112,434
89,669
108.116
147,005
Rate invest. expenses
98,857
Rap. & adv. on purch.
of property
62,751
78,093
60,397
61,281
Misc. def. & unadjusted
228,378
363,900
Items
290,808
394,478
Cash
7,238,185 3,847.080 4,333,654 2,576,194
Call loans
300,000 4,000,000
153,360
151,280
Cash dep. for bond int
145,352
144,708
115,674
76,918
Notes receivable
154,359
190,115
x Accts. receivable
2,956,862 2,854,625 2,665.446 2,844,385
Unbilled gas & electricity 1,479.667
1,401.867 1,326,867 1,218,767
Rec, on sale of pref. stk.
153,096
715,276
643,892
185,774
Due from affil. cos. on
open account
20,213
Materials & supplies_ _ 2,659,268 2,849,378 2,866,422 3,045,408
.
Total assets
258,339,837 245,182,142 239,475,208 227,952,099
LiabilitiesS
76
$
$
7 cumul. pref. stock 39,189,300 40,502,800 43,846,500 49,022,500
6% cumul. pref. stock 34,421,500 28,571,200 27,321,900 18,017,000
34,155,100 34.155.100 29,276,100 21,924,600
Class A corn, stock
Class B com,stock
x7,291,663 7,291,663 6,250,000 5,000,000
Subscrip. to pref. stock_
298,000
Capital stk. of subs, in
hands of public
594,900
612,100
651.300
669,000
Funded debt
111,265,184 102,632,723 104,139,963 106.668,103
Deferred liabilities
462,422
476,8.38
463,667
500,118
Purch. obligat. due 1930
1.800,000
Accounts payable
1,140,332 1,085,799 1,112,285
909,778
Accrued interest
1,171,516
1,139,696 1,155,156 1,177,669
Accrued taxes
2,558,257 2,466,407 2,855,585 3,367,277
Accr. pref. stks. divs
1,205,623 1,140,926 1,180.933 1,132,051
Corn.stk. diva. payable..
829,049
829,037
710,642
538.652
Sundry cur. liabilities
109,676
183,427
61,528
Deprec. (retire.) reserve 14,903,837 13,379,332 12,930,089 12.925,480
Miscell. reserve
211,769
181,245
191,174
186,525
Miscall. unadj. credit
188,842
35,982
303,405
Contrib. for line extens_
215,816
211,927
148,854
207,346
Reserve for conting_ _
875,573 1,635,573 1.285,243
350,000
Sur. of books of cos. acq.
at date of acquisition
thereof
667,901
700,692
700,692
700,692
Earned surplus
6.583,574 6,057,294 5,165,997 4.471,878
Total liabilities
258,339,837 245,182,142 239,475,208 227.952,099
x Represented by 729,166 shares of no par value. y After deducting
reserve for uncollectible accounts ($407.997 in 1930).-V. 132, p. 2967.
Chicago Milwaukee St. Paul & Pacific RR.
1930.)
President H. A. Scandrett says in part:
-Year Ended Dec. 31
(3d Annual Report
The world'wide industrial depression, the effects of which were first felt
the fall of 1929, and which continued throughout the
entire year 1930 with increasing severity, reduced sharply the volume of
business and revenues of company in common with other railroads and
Industries.
Total railway operating revenues were reduced from $171,361,385 in
1929 to $142,569,632 in 1930. or 16.8%.
Total freight revenue decreased from $137,176,431 in 1929 to $115.638.093 in 1930, or 15.7%, and was the lowest for any year since 1921.
Revenue per ton of revenue freight was $2.65 in 1930 as compared with
$2.64 in 1929, and the average revenue per ton mile in 1930 was 10.59 mills
as against 10.48 mills in 1929. The average distance haul of freight in the
year 1930 was 250 miles as compared with 252 miles in 1929.
Passenger revenue continued to decline, due to the business depression
and continued inroads on railroad passenger traffic by motor vehicles.
Passenger revenue for the year 1930 was $12,681,684 compared with
$16,753,297 in 1929, or a decrease of $4,071,613, or 24.3%. Total passenger service train revenue decreased from $27,351,398 in 1929 to $21,207,785
Passenger train miles decreased from 16,219,840 in
In 1930, or
22.5%.
1929 to 15.407,4921n 1930. or 5%•
Net railway operating income for 1930 was $15,954,548, a reduction
of $10,319,775 from 1929. or 39.28%•
Net income before interest on funded debt for 1930 was $17,901,207. a
reduction of $11,174,861 from 1929, or 38.43%.
To meet this heavy shrinkage in revenues, every effort was made to
Improve operating efficiency and to reduce costs where it could be done
without affecting materially the physical condition of the property.
Maintenance of way and structure expenses were reduced $5,531,621, or
19.8%; maintenance of equipment expenses, $2,955,312, or 9.5%, and
transportation expenses. $7,347,439, or 12.2%. These reductions were
made possible partly by more efficient operation and partly by the reduction in volume of business, in the latter case more so in maintenance of
equipment and transportation expenses than in maintenance of way and
structure expenses, where about two-thirds of the expenditures are due to
causes other than volume of business.
The total railway operating expenses for the year 1930 were $112,295,805
as compared with $128,800,861 for 1929, a reduction of $16,505.056.
or 12.8%.
A very creditable showing was made in the reduction of equipment rents
in 1930; payments on railroad-owned equipment in 1929 of $710,925 and
private car mileage of $3,284,384, or a total of $3,995.309, were reduced in
1930 to $2,064,100, or a total reduction of $1,931,209, or 48.3%•
The maintenance reductions made have not affected the physical condition of the property but it should be understood that such reductions
could not be continued indefinitely without doing so.
In a number of items where the falling off in business did not control
Improved operating performance was effected during the year, as, for example, pounds of coal consumed per locomotive mile in freight service
decreased 4.4%; freight train costs per average train mile, including all
operating expenses, decreased 2.6%; passenger train costs per average train
mile, including all operating expenses, decreased 5.1%, and the average
gross ton miles per freight train hour increased 3.6%.
It has already been stated that railway operating revenues decreased
were
In 1930 as compared with 1929 16.8% and that operating expenses regu-S. C. C.
reduced 12.8%. A railroad being subject to State and I. the public is
and required to afford a certain minimum service to
lation
not able to make reductions proportionate to the loss in business as are
other industries not so subjected and the nature of whose operations more
readily permits adjustments of production to consumption.
The officers have endeavored in the past to work out co-operative arrangeunnecessary
ments with other companies for the purpose of eliminating
competition and expense, particularly in the matter of passenger train
Efforts in this direction are being continued.
swvice.
equipment,including
The rate of return earned on investment in road and the year, was 2.12%
of
material and supplies and cash at the beginningwith 5.75% fixed by the
for the year 1929 and
as compared with 3.58%
entire Western Dis-S.
I. C. Commission as a fair rate of return. For the as compared with
trict the average rate of return for 1930 was 3.14%
Northwestern Region, in which this company is
4.55% for 1929. For the
compared with 4.15% for
grouped, the rate of return for 1930 was 2.55% asWestern District for 1930
1929. The deficiency in the fair return for the for 1929; for the Northwas $289.557,000 as compared with $129,954,000
western Region, $116,590,000 as compared with $56,606,000 for 1929; for
this company, $27,397,000 as compared with $15,980,000 for 1929. of the
Reference is made in the annual report for 1929 to the application
-S. C. Commission for an increase in
Western Trunk Line carriers to the I.
class rates. The Commission rendered its decision in this case on may 6
1930, which becomes effective June 15 1931,providing for both increases
and reductions in these rates, the increases applying generally on short
In this country in
[Wm: 132.
haul traffic and the decreases on long haul traffic. It Is doubtful if higher
rates on short haul traffic, which is particularly susceptible to motor truck
competition will increase to any substantial extent the rail carriers' revenues, and, in view of reductions in long haul traffic, it is questionable
whether any substantial increased revenues will result from this decision.
On July 1 1930 the I.
-S. C. Commission rendered its decision requiring
a general readjustment of rates on grain and grain products within the
Western District. The Commission has fixed June 1 1931 as the effective
date of its order. The exact effect of this decision cannot yet be determined,
but it will result in a substantial reduction in revenues from this traffic.
On Feb. 8 1930 the I.
-S. C. Commission granted authority to this company to acquire and operate the property of the Chicago Mailwaukee &
Gary By., the entire capital stock of which was acquired in 1922, and the
property was taken over on April 1 1930, and has since been operated
as a part of this railroad.
GENERAL STATISTICS FOR CALENDAR YEARS.
x1927.
a1928.
1929.
1930.
11,249
Miles oper., average_
11,251
11,314
11,248
Equipment
1,930
1,849
Locomotives
1,731
1,718
1,422
1,373
1,272
Passenger equipment
1,249
70,312
67,602
Freight equipment
84,578
66,738
4,900
4,806
Company serv. equip
4,601
4,169
9
10
Floating equipment..
8
s
Operations
8,144,675
7,508,483
7,444,431
6,078,523
Passengers carried.
652,538,191
611,282,032
572,419,772
Pass.carried one mile 449,338,901
2.944 cts.
2.959 eta.
2.249 eta.
Rate per pass. per m.
2.084 eta.
49,289,108
49,948,773
59,130,696
49,653,316
Freight (tons) carried
Frt.(tons)carried 1 m12,732,958,837 15,187,866,199 13,142,634,520 12,529,704,365
1.020 eta.
1.037 eta.
1.048 ets.
Rate per ton pores....
1.059 M.
$638
$652
$637
$600
Av.rev.tr. load(tons)
$6.51
$6.76
$6.67
$6.36
Earns. per.mile
frt.tr.
a Includes operations of Chicago Milwaukee & St. Paul By. receivers Jan. 1 to
13 1928, incl. x Chicago Milwaukee & Bt. Paul By. and corporate receivers' atecounts combined.
INCOME ACCOUNT FOR CALENDAR YEARS.
21927.
a1928.
1929.
1930.
$
$
Operating Revenues$
i
115,638,093 137,176.436 132,210,043 127.804.440
Freight
12,681.684 16,753,297 17,415,043 19.212,551
Passenger
11,749,627 14,447,211 13,552,347 13,307,822
Mall, express, &c
2.500,229 2,984,446 2.126,260 2,618,006
Incidentals, &c
Total oper.revenues-142,569.632 171,361,385 165,303,693 162,942,819
Expenses
Maintenance of way, &c 22,354,245 27,885,867 26,815.538 27,944.845
Maint. of equipment-- 28,181,134 31,136,446 28,655,812 35,615.377
Traffic expenses
3,824,992 3,863,536 3,495,859 3,849.551
53.124,009 60,471,448 56,516,946 60.589,389
Transportation
General expenses
4.411,557 4,647,003 4,236,603 4,589,698
1,264,939 1,222.442
Miscell. operations
1,078,634 1,346,621
Cr.678,767 Cr.550,058 Cr.404,779 Cr.305.304
Transporta. for invest
Total oper.expenses. 112,295,805 128,800,861 120,580.918 133.505,998
Per cent op.exp.to earn.
(81.93)
(72.9)
(78.77)
(75.16)
Net operating revenues- 30,273,827 42,560,524 44,722,775 29,436,821
42,195
2.403
Uncollectible ry.rev_ .
_ _
19,230
12.589
Taxes
9.501,000 9,648,912 9,924,917 8,869,507
Operating income--- 20,753,597 32,899,023 34,795,455 20,525,119
Nem-Operating Income
Rents received
701,095
1,071,809 1.169,585 1,244,658
Income from lease of rd.
366,154
364,224
330,620
339,018
Miscellaneous income_ _ _ 2,418,955 3,283.123 1,785,003
267,561
Gross income
24,608,585 37.690,Z50 38,155.736 21,859.929
Deduct
Interest on funded debt.. 22,786,616 22,002,054 21,236.783 17,257.525
Int. on unfunded debt
79,808 3,252,616
37,140
29,034
Rents for hire of equip.,
joint facilities, &c
6,590,137 8,461,685 7,404,629 7,560,931
Miscall, deductions
154,786
184,184
89,508
135,954
Balance, surplus.. _ _ _def4,894.816
Previous surplus
14,706.692
283,781
Miscellaneous credits__ _
7,062,023
8,382,072
197,285
Total surplus
10,095,657 15,641,380
Miscellaneous debits......2,410,000
934,688
9,250,332 def6,365,929
5,963,933
730,250
139.540
9,389,872
1,007,800
328,254
1,585,672
Total prof. & loss sur- 7,685,657 14,706,692 8.382,072 def1.257,418
a Income account Jan. 14 to Dec. 31 1928, inclusive. x Chicago Milwaukee & St. Paul Ry. corporate and receivers' accounts combined.
V. 132, p. 1792, 1406, 844. 307.
BALANCE SHEET DEC. 31.
COMPARATIVE
1929
1930
1929
1930
Liabilities$
$
$
Assets$
Road & equip.._720,377,652 700,277,388 Common stock_136,649,794 138,429,598
Preferred stock-119,280,100 119,238,800
Brier. on leased
11,697
24,745
363,392 Gov. grants-railway prop416,183
1,111 Funded debtSinking funds
unmatured_ _449,836,789 448,875,789
Depos. In lieu of
Equip. oblig- _ _ 34,563,188 18,947,320
mtgd. proper42,922
97,201 Loans& bills pay
ty sold
25,282
Traff. & car-serv
Miscell. physical
bal. payable-- 3,067,072 3,451,175
Property
5,420,874 4,964,439
Payrolls & vouch 7,595,513 10,985,892
Inv. in affil cos:
281,869
381,957
5,385,141 5,377.752 Misc, accts. pay
Stocks
Bonds
1,133,801 1,160,800 Int, mat. unp'd.. 3,231,335 3,006,575
Notes
10,412,730 11,425,069 Fund, debt mat.
8,500
7,000
Advances---- 8,916,323 7,326,822 unpaid
715,066 Unmat.Int. accr 9,266,229 7,400,319 .
Other investm'ts
632,597
.
Cash
12,124,554 7,856,129 Unmat.rents accrued
304,865
304,540
Demand loans &
370,562
5,700,000 0th. curr. Dab-463,428
deposits
871,523
862,734
Time deposits
8,315,622 1,314,773 Deferred nab-201,818 1,813.083 Unadj. credits__ 28,848,893 23,785,814
Special deposits_
Loans & bills rec 5,519,799 9,915,197 Corp.surplus:
Add'as to prop,
Trait. At car-serv
694,981 thru. Inc. &
bal. receivable
560,808
surplus
314,743
Due from agents
178,838
& conductors_ 2,825,250 3,723,728 Funded debt rot.
Misc. accts. rec. 2,764,551 3,345,239 thru. inc. &
33,638
Mater. & suppl. 12,550,886 13,925,510 surplus
23,808
615,220 Sink, to. res.399,970
Int. & dive. rec.
177 Bell. Bay &
175
Rents receivable
71,394 Brit. Col.RR.
49,556
872
0th. cure, assets
1,205
Deferred assets- 2,625,448 2,625,448 Profit&loss
7,685,657 14,706,692
Unadj. debits__ 3,596,465 4,061,626
_
802,235,893 787,085,582 Total
Total
802,235,893 787,085,582
-V.132, p. 1792. 1406. 844, 307.
Lehigh Valley RR.
-Year Ended Dec. 311930.)
(77th Annual Report
President E. E. Loomis says in substance:
Financial.
-At the close of the year company held in its Treasury
unpledged securities amounting to $32,831,157, and in addition, the
following securities of its own issue: General consol. mtge. bonds. $25,400,000; consol. real estate co. bonds (assumed), $2,600,000.
Company has practically no maturities of outstanding obligations to
meet for the next eight years, when an issue of $8,500,000 becomes due.
the refunding of which is provided for in the general consolidated mortgage.
Since Sept. 30 1903, the date of the general consolidated mortgage,
expenditures of approximately $78,000,000 have been made for additions
and betterments to the property of company and for other capital purposes,
against which no new or additional securities have been issued.
Since March 1 1920, the end of Federal Control, the funded debt of
company has been reduced $2,912,000. During this period there has been
a net increase in its property investment of $58,000,000.
APRIL 251931.1
FINANCIAL CHRONICLE
Expenditures -Expenditures for additions and betterments to road and
equipment during 1930, including expenditures on subsidiary properties,
amounted to $7,283,201.
General Remarks.
-Despite the grave depression in busin_ess, 66 new
industries were located along the line of the Lehigh Valley during the
year and approximately 2.42 miles of new industrial side tracks were constructed.
Company has leased Pier 38. North River. N. Y. City, in place of Pier
34, and as a result has obtained a most desirable freight station, particularly suited to its requirements. Extensive improvements on Pier 38
have been completed and company has been enabled to furnish well
equipped facilities for the prompt handling of dairy products and other
traffic.
The site of the West 27th Street Yards, New York, which covers the area
bounded by 26th and 27th Streets and Eleventh and Thirteenth Avenues,
heretofore held by lease, was purchased by company. This property is
Immediately adjacent to Pier 66. North River, and is served by Lehigh
Valley tracks. The Starrett-Lehigh Building, Inc., is erecting a 16
-story
warehouse. wholly owned by it, to be known as the Starrett-Lehigh Building, on this plot. The Lehigh Valley RR. will continue to have a railroad
Yard on the street level, equipped with modern and adequate facilities to
serve the public as well as the tenants of the buildings.
GENERAL STATISTICS FOR CALENDAR YEARS.
1928.
1929.
1930.
1927.
Tons revenue freight--- 25,592.021 30,005,044 29,522,290 29,989,190
Tonsfreight one mlie_4611706,622 5355544,573 5310135,080 5442025,756
$50,287,945 $59,359,407 $59,509,856 $61,207.680
Freight revenue
82.01576
Average revenue per ton 81.96499
81.97831
$2.04099
Avge.rev, per ton perm. 1.141 cts. 1.154 cts. 1.158 cts. 1.163 eta.
Passengers carried
2,147,503
2,980,387 3,354,078
2,674,621
Pass.carried one mile--190,557.369 222,438,119 237,376,743 260.220,170
Passenger revenue
$5,512,486 $6,506,173 $6,994.660 $7,688,474
$2.432
Avge. revenue per pass_
$2.345
$2.566
82.292
Av.rev, per pass. per m. 2.893 cts. 2.925 cts. 2.947 cts. 2.955 cts.
Netop.rev. p.m.ofroad
$13.279
$13,381
$9,194
$11,169
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
1930.
1927.
1,364
'Average miles operated..
1,362
1,362
1.364
Operating Revenues
Anthracite coal freight_$17,305,031 $19,175,954 $18,835,627 $19,549,533
1,568,046
1,844,013
Bituminous coal freight- 1,465,940
1,572,856
Merchandise freight
31,516.975 38,339,440 39,106,183 40,085,291
5,512,486 6,506.173 6,994,660 7,688,474
Passenger
339.950
541,340
Mail
368,806
319,521
1,271,553
1,308,212
962,166
Express
1,324,598
2.749,432 2,751.054 2,667,068
Other transp. revenue
2,398,101
1,258,171
1.134,684
1,067,997
Incidental revenue
1,295,477
Total oper. revenue-$60.664,188
lenses-yr
Operating KZ
.Maint. of way & struc__ $5,925,266
Maintenance of equip't- 13,198,354
1,699,014
Traffic expenses
Transportation expenses 25,285,944
Miscellaneous operations
339,451
1,706,824
General expenses
10,198
Transp'n for invest.-Cr
$71,722,735 $71,935,071 $74,502,819
.14.
mob kir
$6.110,456 $6,428,686 $8,310466
15,014,838 14,635,724 16,880.947
1,718,254
1,628,520
1,632.774
28,501,635 29,019,793 30,276,912
390,073
397,131
443,649
1.773,974
1,726,434
1,747,742
9,354
8,097
22.097
Total operating exp_.$48,144,655 $53,501,134 $53,826,935 $59,270.392
Net operating revenue__ 12,519,533 18,221,601 18,108,136 15,232,427
Total tax accruals, &c__ 2,692,344 3,698,439 3,696.504 3.483.159
Operating income-- $9,827,189 $14,523,162 $14,411,632 $11,749,268
Dividend income
676,548
619,454
461,559
423,928
Miscellaneous income- _ _
803,966
1,257,728
1.359,065
1,211,869
Total other income_.- $1,480,514 $1,877,182 $1,820,624 $1,635,798
Total income
11,307,703 16.400.344 16,232.256 13.385,066
Income Charges
Hire of equipment
1,194,484
1,605,553
2.030,548
1,901.697
Joint facility rents
94,897
Cr20.947
65,958
11,805
Rent for leased roads.... 2,342,711
2,342,782 2,345,833
2,352,459
Miscellaneous rents.._
298,096
377,332 ' 350,620
347.047
Miscell. tax accruals
475,092
448,062
441,533
340,260
Interest on funded debt_ 4,034.855 4,034,855 4,020,759 3,527.415
Int. on unfunded debt
76,181
26,844
16,738
409,815
Misc, income charges
268,117
223,289
313,758
228.561
Total deduc.from inc. $8,784,432 $9,037.770 $9,585,749 $9.119,059
Net income
2,523,271
7.362,573 6,646,507 4,266.007
Preferred dividends
10,630
10,630
10,630
10.630
Common dividends
4,235,119 5,445,153 4,235,119 4,235,119
Surplus
df$1,722,478 $1,906,790 $2,400,758
Shares common stock outstanding (par $50)- 1,210,034
1,210,034
1,210,034
Earned per sh. on corn_ $2.08
$5.48
$6.08
GENERAL BALANCE SHEET DEC. 31.
1930.
1929.
1930.
Liabilities
my.In road and
In
Common stock_ 60,501,700
equipment_ _ _110,007,954 108,381,537 Preferred stock_
106,300
Improv.on leased
Long-term debt_ 89,936,000
railway prop- 2,279,119 1,892,602 Loans & bills pay. 3,000,000
Misc. pin's. prop
120,826 Traffic and car120,207
Inv.In atIll cos.:
service balance
Stooks
payable
93,345,695 53,521,793
108,120
Bonds
20,856,130 20,856,130 Aud. accts. &
Advances_,, 8.232,331 43,422,823
wages payable 4,250,588
Other Investmls 2,937,604
Miscell.accts.pay
247,793
Cash
392,262
4,395,561 4,879,984 Int. mat. unpaid
Specialdepoalts.
18,248 Divs. mat.unpaid
5,773
28,547
Loans & bills rec.
2,201 Fund, debt mat.
904
Traffic car-ser,
1,000
unpaid
balances reedit
, 534,254
797,854 Unmat,diva. deal. 1,061,437
Net balance rec.
Unmat.int. accr. 611,752
from agents &
Unmat,rents am 503,824
conductors_
998,975 Other current llab 262,114
852,578
Misc, accts. rec.
902,229 1,142,902 Deterred Habil__
52,781
Material &supp. 4,074,171 4,286,922 Unadj. credits 31,531,408
Int. & dive. rec.
59,748
94,016 Adds,to property
29,848
Rents receivable
10,248
through Income
231,930
Other our. assets
281,004
and surplus.,
267,274
191,111
Deferred assets_
186,777 Profit and loss
Unadl. debits
2,264,348 2,577,706
surplus
58,458,595
$20,258
1,210,034
$3.52
1929,
60,501,700
106,300
89,936,000
94,488
4,434,008
287,224
390,971
22,710
14,000
2,271,471
609,981
503,824
306,548
106,626
30,160,842
256,279
81,201,503
Total
251,321,502 251,204,460
Total
251,321,502 251,204,480
Note.
-The item investment in road represents only road property of
Lehigh Valley RR. proper (Phillipsburg, N. J., to Wilkes-Barre, Pa.).
The total road and equipment investment of the system, including transportation subsidiaries, owned by company, is $270,630.173.-V. 132,
p.2381.
International Paper & Power Co.
(2d Annual Report-Year Ended Dec. 31 1930.)
President Archibald R. Graustein, April 8, reports in
substance:
Results.
-For the year 1930 the consolidated earnings of company and
subsidiaries, after deducting all interest and other charges senior to dividends on the preferred shares of the company, but before deducting depredation, amounted to $12.695,668. Total dividend payments on the
shares of the company amounted to $7,703,037. leaving a balance before
depreciation of $4,992,630. Depreciation charges (the rate of which
was reduced as of July 1 1930) amounted to $8.489.143, resulting in a
deficit for the year of $3,496,513.
The consolidated earnings before depreciation of $12,695,668 for 1930
are slightly less than the $13.151,264 shown on the same basis in 1929.
As a consequence, however, of the reduction in the rate of depreciation,
consolidated earnings after depreciation were slightly higher than in 1929,
3139
standing at $4,206,524, as against $4.011,762. The expected growth in
earnings from the company's Canadian power developments was realized
substantially in full and the anticipated increase in efficiency of paper
mill operations was surpassed, but the increases in income resulting from
these factors were offset by the adverse effect of the depression on the
volume of the company's business and on the prices of pulp and of most
grades of paper.
The regular quarterly dividends on the preferred stocks of the company were paid throughout the year, but the directors have not thought
it wise to declare any dividend on the class A common stock since the
payment on Aug. 15 1930. While the earnings during the first three
quarters were not sufficient to cover the preferred dividend payments
plus the amount set aside on the books for depreciation, the net earnings
for the fourth quarter showed a marked increase. This was due in part
to increases in contract deliveries by Canadian power subsidiaries, in
Part to continued improvement in manufacturing efficiency, and in part
to savings in administration expenses effected during the latter part of
the year.
During the year net additions to fixed properties amounted to $43,930,253 (of which $27.283,033 was on power and utility properties); and
$5.354,075 of subsidiary company bonds and other obligations were retired
through the operation of sinking funds and small maturities. Due to unsatisfactory conditions existing throughout the year in security markets,
no new financing was undertaken except for note and debenture issues of
New England Power Association. Proceeds of such new financing
amounted to approximately $28,700,000. The balance of funds required for the above capital additions and the additional working capital
needed in the operations of the properties were obtained from earnings
and from bank loans.
The net increase in funded debt amounted to $16,021,225, the issues
of New England Power Association having been offset in part by the
Issue of preferred stock of International Hydro-Electric System for bonds
of United Electric RYS., a subsidiary of New England Power Association,
and in part by a decrease in the funded debt on pulp and paper properties
from $96,832,135 to $94,258,275.
The consolidated balance sheet at the end of the year showed notes
payable totaling 325.885,450 of which 86.605.450 represented debt of
New England Power Association. Net current assets exceeded $38.300,000 and the ratio of current assets to current liabilities was a little
under two for one. If New England Power Association figures are eliminated, the ratio of current assets to current liabilities is greater than two
for one. Current assets are carried at conservative figures: finished newsprint, for instance. at $30 a ton at the mill-less than 60% of the selling
price. Wood inventories at newsprint mills normally rise in periods of
declining business, since a year's wood supply must usually be cut from at
least 6 to 18 months in advance of the time it is to be used. In spite
of this fact the expansion of inventories during the year has been relatively
slight and presents no serious problems.
-The total production of paper and pulp
Paper and Pulp Production.
by the company's subsidiaries during 1930 was 1.494,127 tons, as against
1.415,843 tons in 1929. 1.173,529 tons in 1928, and 833,833 tons in 1927.
These figures do not include pulp manufactured by the various mills for
their own use in the manufacture of paper.
Manufacturing capacity in 1930 was materially greater than in 1929.
due to the completion of the Dalhousie mill, a full year's operation of the
Mobile mill, acquisition of the Waterway mill and also to increased efficiency resulting in higher production at other mills. Notwithstanding
the larger production during 1930, that year saw a substantially heavier
curtailment of operations than in 1929. This curtailment was felt with
Increasing severity as the year 1930 drew to an end.
-Newsprint prices have maintained the level estabMarket Conditions.
lished during the spring of 1929. Consumption of newsprint during 1930
in the United States and Canada, however, decreased to approximately
6% under the previous year, as compared with an increase in 1929 of 6%
over 1928. Total shipments by North American mills to domestic and
foreign consumers decreased 8%, while production decreased 7%. This
is the first decline in total shipments since 1921, when total production
was approximately 14% under 1920. Consumption so far during the
first quarter of 1931 has been materially lower than in the corresponding
period of 1930.
Consumption of kraft papers and board held up fairly well during the
Year. Price movements were erratic with a general downward tendency.
Production of book, fine and other sulphite papers in the United States
for 1930 showed a decline of approximately 12% from the preceding year
with a sharp falling off in the last quarter. During the year substantial
Price reductions were made on practically all grades.
The consumption and price of bleached sulphite pulp experienced substantial recessions.
•
-The falling off in demand for book and fine
Book and Fine Papers.
papers resulted in some curtailment at the Piercefield. Fort Edward and
Ticonderoga mills during the last five months of 1930, but the Niagara
mill again operated substantially at capacity during the entire year.
Continued progress has been made at these mills both in the reduction
of operating costs and at the same time in further improving the quality
of the paper. Now lines of paper are being developed for the Piercetield
and Ticonderoga mills, including particularly a grade known as "Ticonderoga Text" recently introduced for use in high-grade booklets. Important additions have been made to the strong group of distributors
handling the company's fine papers and sales of new grades and of the
established "Adirondack bond" and "Adirondack ledger" papers are
being extended through advertising and special promotion.
-During the year the production
United States Groundwood Paper Mills.
of groundwood specialty papers, which are tariff protected, was concentrated at four of the company's most efficient United States mills
Hudson River, Otis, Webster, and Montague. This change is resulting
In lower operating costs, consolidation of grades, improved quality of
Paper, and better earnings. The opening of the Dalhousie mill and increased production at the other low cost mills in Canada and Newfoundland
enabled the company to transfer to those mills additional standard newsprint tonnage from the Hudson River, Waterway and De Grasse mills in
the United States, thus freeing the Hudson River mill to take over the
production of groundwood specialties. The Glen and Winnipiseogee
mills, which formerly made groundwood specialties, were shut down
during the year. The Waterway mill was shut down in June 1930, the
De Grasse mill in July 1930, and the Glens Falls, Wilder, Norwalk, High
Falls, and Woods Falls mills remained shut down throughout the year.
The four operating mills in this division operated full throughout the year
-producing basis.
and are on a profit
-In March 1930 Southern Kraft Corp.. a new
Southern Kraft Corp.
wholly owned subsidiary of International Paper Co., took over all of the
Southern kraft mills formerly owned directly by International Paper
Co. or by subsidiaries. The four mills owned directly by International
Paper Co. were conveyed to the new corporation subject to the lien of
the 1st & ref. mtge. 5% gold bonds of International Paper Co.
Operations at the new mill at Panama City, Fla., began in February
1931. giving Southern Kraft Corp. a total daily capacity of approximately
1,200 tons of kraft paper and icoard. This completes the original program which called for production of 1,000 tons a day, the additional 200
tons being accounted for by the greater efficiency which has been achieved
at the mills and by the increasing percentage of board, of which an appropriately designed machine will produce a larger tonnage than of paper.
The Mobile mill, with a capacity of 250 tons a day, is one of the lowest
cost kraft pulp and paper mills in operation. The new Panama City
mill, with a total capacity of 300 tons. is expected to operate at even
lower costs than Mobile.
The production of these mills for 1930 amounted to 231,491 tons of
kraft paper, board and pulp as compared with 177.205 tons in 1929.
These figures exclude pulp produced by the corporation for its own use
In the manufacture of paper and board.
Outlook.
-As stated in the last annual report, the extensive pulp and
paper development program initiated by International Paper Co. in 1925
was substantially completed during 1929. Since the end of that year the
two mills not then completed-the newspint mill at Dalhousie, New Brunswick, and the kraft mill at Panama City, Fla.
-have been placed in
Operation.
The adverse business conditions under which operations of the company
were carried on during the last year emphasize the benefits which are
being increasingly realized from the diversification of operations and
the concentration of production at low cost modern mills which the completion of this development program has made possible. No substantial
further capital expenditures for pulp and paper properties are now contemplated.
Due in part to the additional low cost paper-making capacity now
available at the two new 11111111 and in part to further increases in operating
FINANCIAL CHRONICLE
3140
efficiency at mills already in operation, manufacturing costs for 1931
should show further substantial decreases. In addition administration
expenses are being reduced. The effect of these reductions began to be
reflected In earnings about the first of October and their full effect is not
yet evident. During 1931 the company will also benefit from the large
increase in contract power deliveries by Canadian Hydro-Electric Corp.,
Ltd., since Oct. 1 1930 and from the further increases which will take
place on Oct. 1 1931.
On the other hand, the severe decline in volume of sales, both of the
Pulp and paper properties and of New England Power Association, which
took place in the last six months of 1930. is still substantially unrelieved
by any definite upward trend and it is not yet clear that its adverse effect
on prices has been exhausted.
COMPARATIVE CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND SURPLUS FOR CALENDAR YEARS.
1928.
1929.
1930.
Gross sales
2153.964.333 8148575,724 892.872,321
Cost of sales & exp.,less other inc---112,688,585 114,023.741 75,268,045
Net revenue, incl, other income---$41,275,748 534,551.982 $17,604,276
8,489.143 9.139.503 6,188,929
Depredation
16,834.758 12,889,137 5,567,728
Interest on funded debt
342,853
719,324
Amortization of disct, on funded debt 1,028,558
403,000
756,736
853,511
Reserve for income taxes
Min.int, in earns. of New Eng.Power
1.161,280
1,333,298
Assoc. and other subsidiaries
Balance available for dividends......$12,736,479 $9,886,003 $5,101,767
1,152,561
8,529,955 5,874,241
Dividends on stocks of subsidiaries
24,206,524 $4,011,762 $3,949,206
Balance added to surplus
15,069,332 18,180,332 22,648,544
Surplus beginning
Increase in mu% arising from acquis.
of bonds of subs, at less than par
and minor surplus adjustments
1,403,394 1,711.749
Total surplus
Dividends on preferred stock
Dividends on common stock
Paid-in surplus
320,679,250 223,903.843 226,597,750
6,268,757
6,447.651
6,505,691
1,197,346 2,386,860 2,386,853
Cr242,506
Surplus end of period
$12.976.213 215,069,332 $18,184,646
910,217
910,217
918,031
7% pref.stock outstanding ($100 par)
$4.34
$4.41
Earnings per share
$4.58
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1930.
1929.
1929.
1930.
Liabilities
Assets-3
Plants & prop_a632,143,315 588,003,016 Funded debt.__331,673,205 315,651,980
Woodlands
38,037,624 38,247,669 Notes payable.... 25,885,450
Accts. payable_ 9,704,427 17,773.739
Stks. & bonds of
Divs. accrued &
Int. P. & P.
2,594,872 2,982,309
Co. and subs_ 3,404,047 1,996,175 payable
Deprec. reserves 87,296.592 80,663,657
Other securities
and invesrts. 35,225,623 29.765,132 Insur. reserves_ 1,360,238 1,383,205
ContIng.& taxes 10,233,653 9,949,887
Cash in escrow
742,379 2,989,409 Pref. and class A
for power dev.
11,039,925 14,148,174 stocks ofsubs.158,788,035 148,877,896
Cash
Accounts rec... 19,865,504 19,307,336 Accr. int. pay-- 3,888,592
Notes receivable 1,659,234 2,248,551 Min. Int. in cap.
47,843,939 41,197,849 &surp.of subs 15,384,222 14,838,314
Inventories_ _
498,445 Cum.7% pf.stk 91.803.100 91,021,700
Sinking funds
466,096
Cum.6% pf.stk 1,659,400 1,659,200
Deferred assets,
Common stock.b87,404,769 67,343,218
prep'd & def'd
Class C common
exp. applic. to
9,308,952 8,954,497 stock subserip. 12,976,212 15,069,332
future oper_
1,806
Surplus
3,866
Meet. on bonds
& other sees.
20,917,926 19,844,050
issued
820,654,564 767,198,303
820,654,584 767,198,303 Total
Total
a After deducting general property reserves. b Represented by 998,228
class A shares, 998.228 class B shares, and 2,498,007 class C shares, all
-V. 132. p. 2976.
of no par value.
Chicago Great Western RR.
-Year Ended Dec. 31 1930.)
(21st Annual Report
TRAFFIC STATISTICS CALENDAR YEARS.
1928.
1929.
1927.
1930.
1,495
1,495
1,495
1,496
Miles of road operated__
7.046,448 7.573,945 7,289,091 6,897,361
Revenue tonnage
Revenue ton mileage.. _ _2061495989 2249856,744 2093964,819 1997300.610
0.950 cts. 0.961 cts.
Av.rev, per ton per mile 0.927 cts. 0.922 cts.
743.621
889.997
730,730
427,686
Passengers carried
Pass.carried one mile_ _ _ 68,762,298 93,940,609 93,684,763 106.603,023
Avrev.per pass. per mlle 2.877 cts. 2.995 cts. 3.134 eta. 3.047 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1929.
1930.
°gating Revenue$19,114,782 220.739.859 $19,891,568 819.189,732
1.977.957 2,813.774 2,935,709 3,248,333
Passenger
1,050,269
1,018,577
947.517 1,277,585
Mall and express
578,387
574.147
577,046
438.374
Miscellaneous
238,516
237,802
243.102
197,395
Incidental
177,288
172,549
176.869
154,295
Jointfacility
Total ry. oper. rev_ _ _222,830,321 $25,825,337 $24,871,023 224,444,753
Operating ExpensesMatht.of way & struct_ - 2.3,345,431 83.406,912 53,294,815 53,374,710
4,639,132
2.772.638 4,372.253 4,357,831
Maint. of equipment
933.838
974.842
990,157
997,809
Traffic
8,776,051 10,279.128 9.969.368 9,952,921
Transp.-Rall line
162,353
159,845
161,488
113.400
Miscellaneous operations
692,437
690.242
707,923
654,441
General
20,421
33,181
50.787
79,372
Transp. for invest.-Cr_
Total oper. expenses_ .$18.580.399 819.867.072 819,426.521 $19,722,210
6,249,922 5.958.264 5.444.502 4,722,543
Net rev,from ry. oper
1.076,255 1,042,859
Railway tax accruals...... 1,085,000 1,099,203
3,964
3,847
3.271
2.268
Uncoil. railway revenues
Railway oper.income_ $5,162.653 $4.855,790 24,364,400
Non-Operating Income
$21,875
$33,852
823,301
Hire of equipment
102,170
88,471
70,278
Joint facility rent Inc_ _ _
1.373
1,377
1,515
Misc.non-oper.phy. prop
84.342
84.162
87,870
rent income..
Miscell.
5,152
5,143
5,300
Dividend Income
107,885
119,553
77,970
Inc.from funded secur
Inc. from unfunded se41,139
50,257
53.031
curities & accounts......
329
309
278
Miscellaneousincome- _ _
$5.482,198 25.238.914 $4,728,665
Income
Gross
DeductionsInt. on funded debt.-- 1.630,021 21,695,762 $1,705.661
15,936
12,731
17,084
Int. on unfunded debt
996,435
1,202,837
1,381,980
Hire ofequipment
981.614
973,742
1,021.074
Joint facility rents
78,540
77.690
77,724
Rent for leased roads
7.395
7,385
7,391
Miscellaneous rents
2.591
2,553
4,975
MLscell. tax accruals__
of discount
Amortization
13,547
13,379
14,754
on funded debt
19,134
16.956
17.989
Miscell. income charges.
Net income
Pref. dividends ($1)
Balance, surplus
Earns. per sh.on pref__ _
$1.309,205 $1.235.880
461,346
$907,811
$847 859 $1.235,880
$2.62
0.78
$907,811
$1.93
(VOL. 132.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1929.
1930
1930.
1929.
$
LiabilitiesAssets$
$
Common stock_ 45,209,613 45,210,513
Inv. road & eq't.140,691,360 139,774,233
46,134,602 47,133.402
Misc.phys.prop.
281,907 Pref. stock
291,633
C. G. W.1st 4s_ 35,489,000 35,486.000
Impts. on leased
500,000
500,000
61,516 Minn.Terin.334s
railway prop.
61,516
109,000
105,000
M.C.& Ft.D. 45
Inv.In affil. cos.:
1,406,026 Misc. Ong. &c_ 4,971,313 4,171,013
Stocks
1,406,026
958,146
843,618
282,000
252,000 Traffic.acc., bal_
Bonds
165,443
162.254 Audited accounts
Notes
. 990.921 1,055,475
Advances......
305,423
287,760 and wages.34,836
38,757
5,667 Misc. accts. pay
Other investmls
5,015
Cash
2,757,176 2,054,999 Interest matured
46,731
52.747
U. S. Govt. sec. 1,364,860 2,206,989 unpaid
2 Unmatured int.
Loans dc bills rec
500,548
505,497
214,714 accrued
251,456
Traffic,&c., bal.
Unmatured diva.
Net bal. from
461,346
120,485 declared
agts.& conduc
118,751
565,744 Unmatured rents
Misc, accts. rec.
547.546
65,522
71,204
Material dr supp
949,104 1,046,810 accrued
Int. & diva. rec..
93,056 Divs. matured
112,631
1,269
1,269
Other curr.assets
18,773 unpaid
18,840
135,163
114,613
Other curr. nab.
Work'g fund ad15,110
42,831
6,153 Deferred liabil's
7.975
advances ---956,878
1.027,097
15,125 Tax liability
Other def. assets
18,340
Unadjust. debits 1,203,138 1.347,082 Depreciation...... 2,618,737 2,495,021
Other unadjust829.579
897,490
ed credits ...Corp. surplus 10,486,584 10,217,071
------- ---- -150,562,242 149,921,277
150,562,242 149,921,277 Total
Total
-V.132. p. 2958.
Utah Copper Company.
(26th Annual Report-Year Ended Dec. 311930.)
President D. C. Jaekling says in part:
During theyear, 9,552.500 tons of ore was milled, corresponding to an
average of 26.315 tons per operating day. The average copper content of
the ores milled was 19.46 lbs. per ton.
refined
The production of copper for the year was 161,138,717 lbs. of but intax
marketable copper, the cost of which, before I.ederal incomeexpense and
together with all fixed and general
cluding all other taxes,
plant and equipment, and after
accounting charges for depreciation ofmiscellaneous earnings, was 8.47c.
crediting the value of gold, silver and the production of copper together
from
Per lb. The gross revenue arising
with the returns of gold and silver accounted for amounted to 220,698.585.26.
After all operating charges for production including the cost of marketing
36,501.refined copper, the operating income from mining operations was
incident to
451.56. Indirect earnings accruing as miscellaneous incomewith income
to 8486,301, which, together
operations in Utah amounted
from outside investments of $3,403,552, brought the total income to
plant and
310,391,305. From this is deducted charges for depreciation of
to
equipment and obsolescence or retirement of property amounting
covered by surplus
31.501.924. As Federal income tax requirements werecharges on that acforward from the preceding year, no
reserves brought
to surplus account
count were necessary, thus leaving a net income carried stock outstanding.
of $8,889,381. equivalent to $5.47 per share of capital
year unsold copper in inventory was carried at
At the beginning of the
13.50c. per lb. and at the end of the year at 10.50c. Charges were made
to surplus to cover this reduction in inventory price as well as adjustments
yet to be made in export copper for which items a reserve has been established.
Further curtailments in output were made during the year to prevent the
cash.
greater accumulation of unsold copper and a corresponding tie-up of of its
At the end'of the year company was operating at a rate below 40%
Another occurrence during the year which adversely
Producing capacity.
affects company's industry was the creation by the State of Utah ofa revised
system of taxation whereby the tax burden upon company, already heavy,
will be increased.
Since the commencement of production in 1904 company's mines have
yielded 3,483,513,432 lbs of refined copper; 3,457,765,162 lbs. from the
treatment of 202,284,574 tons of milling ore and the remainder from miscellaneous mine products.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1927.
1928.
1929.
1930.
Sales of
161,138.717 296,625,554 273,823,351 233,002,661
Copper, lbs
.. 11.915 eta. 16.749 cts. 15.119 eta. 13.029 cts.
_
Average price- $20)....-89,330
64,239,879 116,087,182 104,292,119
Gold, ounces (at
795 888
917.226
563,330 1,050,074
Silver, ounces
$0.6640
30.5815
$0.5328
30.3806
Average price
Operating Revenue
6
$19.199,35 349,681.950 341.400.365 $30,503,937
Sales .of copper
1,2,798 2,321,744 2,085.842 1,786,065
84
Sales of gold
448,901
533,397
559,525
214,431
Sales of silver
220,698,585 $52,563,219 244,019,605 $32.738,904
Total income
Expenses
strip.exps_ 9,297.512 13,988,336 11,453,501 11,444,201
Min., mill.&
1,279,124
1,448.607
1,587,427
995.766
Ore delivery
291,253
342,279
370,782
201,423
Selling expense
3,702,432 6,753,910 6,342,167 6,006.237
Treatment and refining.
814.197.134 $22,700.455 319,586,554 819,020,817
Total expenses
6,501,452 29,862,764 24,433,051 13,718,088
Net operating revenue
Miscellaneous income- 3,889,854 7.675.758 4,167.314 3,264,624
310,391,306 $37.538,523 228,600.365 $16,082,711
Total income
1,433.438 1,323,438 1.217,092 1,241,946
Depreciation
Loss on plant and equip138,982
237.198
119,306
68,486
ment retired, &c
916.534
2.435,400 2,368,045
Federal taxes, &c
28,889,381 233,660,379 $24,876,246 $14,587,032
Net income
12,995.920 6,452,474
Dividends (earnings).. - 16,244,900 32,489,800
3,294 466
Divs. (cap. distribution)
($8)
2(6)
($2O)
($10)
Total rate per cent
Balance, surplus---def$7,355,519 21,170.579 311.880,326 $4.840 092
Shs.cap.stk.out.(par$10) 1.624,490 1,624,490 1,624.490 1.624:490
215.31
$8.98
$20.72
25.47
Earns.per sh.on cap.stk.
BALANCE SHEET DECEMBER 31.
23.675,720
1930.
1929.
1929.
1930.
Liabilities
$
51,646,874
Assets16,244,900 16,244,000
Capital stock
94,178 Mln. & mill, prop.
payable.
897,885
1.092
equipment_.:25,415,585 26,408,811 Accountsfor taxes, 1,165,481
81,482 Investments
29,578,794 29,179,619 Reserve
10,531,750 accident insur13.882 Deferred charges yI0,442.570
2,488,322 2,693,405
109,941 Materials & supp_ 1,469,649 1,728,994 ance, &c
Accts. receiv., &o_ 1,043,949 1,336,269 Treatment, refin'g
31,647 Copper in transit_ 9,293,597 15,944,729 & delivery clues.
935,366 1,509,478
not yet due....
408 Marketable secure 4,467,839 4,461,651
3,211.072 8,390,499 Surplus from sale
Cash
8,290,620 8,290,620
of securities_
85,655.223
Surplus from oper_55,798,366 68,344,035
$1.706.220
84,921,055 97,980,324
84,921,055 97,960,324 Total
Total
9,519
2,460,653
x After deducting $12,943,444 for reserve for depreciation. y Includes
960,801 39.963,963 for stripping ore, dumping rights, &c. and 2478,608 for other
77,690 deferred expenses.
-V. 131. P. 1579
8,182
430
Kennecott Copper Corp.
13,886
17,442
2400,398
-Year Ended Dec. 311930.)
(16th Annual Report
President Stephen Birch, April 17, reported in substance:
Due to the severe business depression which resulted in a substantial
decrease in the demand for copper and an accumulation of very largo stocks,
top 398 operations at the various properties of the corporation were materially
26.85 curtailed during 1930. Production from the Alaskan, South American
APRIL
251931.]
3141
FINANCIAL CHRONICLE
and Utah mines amounted to 346,115,719 lbs. of copper. This does not
include any of the production of the Nevada Consolidated Copper Co. or
the Mother Lode Coalition Mines Co. properties in which the corporation
has important interests. Operations at the Latouche, Alaska, mine were
discontinued in the latter part of November and the plant closed down.
The consolidated current operating earnings of the corporation, after
deductions for all taxes, amounted to $2.17 per share outstanding at the
end of the year. On the same basis, after making a proper allowance for
depreciation, they amounted to $1.66 per share. These earnings do not
include charges to surplus for inventory and metal price adjustments.
The average selling price during the year was on the basis of 11.854c.
per lb. of electrolytic copper.
Disbursements to stockholders totaling $3 per share were declared during
the year. As in previous years, the disbursement declared in the latter
part of the year 1930 was paid in January 1931.
A summary of the more important data relating to the various properties
follows:
Braden Operations -The smelter produced 161,986,598 lbs. of copper
with a recovery of 97.67%. A total of 3,943,775 tons of ore was mined.
The following tabulation gives milling results:
3,936,775 dry tons
Ore milled
10.786 dry tons
Average milled per calendar day
2.349% copper
Heads
.303% copper
Final tails
88.12% copper
Recovery
294,509 dry tons
Concentrates shipped
No final recalculation of ore reserves was made during the year. After
ore reserves as at Dec. 31 1929, the ore mined during 1930
deducting from
plus a small adjustment to cover mining losses, estimated ore reserves
at the end of 1930 were approximately 230,750,000 tons of an average
grade of 2.18%.
-The production of refined marketable copper for the
Utah Copper Co.
year amounted to 161,138,717 lbs.
The gross revenue resulting from the production of copper, together with
the returns of gold and silver accounted for, amounted to $20,698.585.
After all operating charges for production, including the cost of marketing
refined copper and after crediting miscellaneous income and returns from
investments, the income for the year was $10,391,306.
From this was deducted depreciation of plant and equipment and osbolescence or retirement of property amounting to $1,501,924, leaving a net
income carried to surplus account of $8,889,381, equivalent to $5.47 per
share of capital stock outstanding.
Distributions were made to stockholders each quarter aggregating $10
per share for the year and amounting in total to $16,244,900.
The Arthur plant was shut down in the latter part of January in order
to effect in the most economical way a further and urgently necessary curtailment in copper production. The Magna plant operated continuously
during the year, but at reduced capacity much of the time.
The results of milling operations were as follows: Total tons of ore
milled, 9,552,500; average daily tonnage milled (363 day basis), 26,315;
average copper content of ore, .973%; average recovery of copper in concentrates, 89%.
The total cost of property and plant additions and improvements for the
year amounted to $526,154. These expenditures covered, at the mine,
extensions of electric haulage system, shops, waste dump leaching plant
and housing accommodations for employees. At the mills only minor
additions were made to concentrating facilities of the Magna plant.
Churn drilling for ore development totaled 6.166 feet for the year.
While this exploration indicated actual additions to or prospective extensions of the ore-body in excess of the tonnage mined during the year, the
results of it were not fully calculated into ore reserves, which may again
be stated at approximately 640,000,000 tons as shown in the annual report
for the preceding year. The average copper content of these estimated
reserves is between 21 and 22 lbs. per ton as compared with 19.46 lbs.
for the ore milled during the current year.
Alaskan Operations.
-Ore production was as follows:
%
Ozs. Ag.
Tons
Tons.
Cu. Per Ton.
Copper.
Kennecott
58,493
14.62
2.460
8 551.9
,
Silver,1i,e 7
nc 3
Latouche
444,799
1.12
0.233
4,987.1
103,939
Total
503,292
2.69
0.493
13,539.0
247,896
Shipments to Smelter amounted to 42,630 tons containing 22,990,400
pounds of copper and 204,941 ounces of silver.
The combined metallurgical efficiency of the two paints was 91.86%.
A summary of milling operations is as follows:
'
%
Tons Tons Conc.
% Cu. In
Milled. Produced. Concentrates. Recovery.
11,638
95.11
52,480
40.95
Kennecott
25,958
444,799
16.07
83.66
Latouche
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1927.
Operating Revenue1930.
}$72.211,267$110,205,393J$82,921,165 861.385,775
Copper
1 2,774,666
2,391,054
Gold and silver
5,923,447
6,168,059
6,304,807
RRs.,steamship & wharf 5,347,922
Total oper. revenue_ _$77,559,189$116,128,840 $91,863,890 $70,081,636
Cost of metal produc.
incl. mining, treatm't
52,540,072 56,994,626 35,544,457 31.881,976
and delivery
RR. steamship & wharf
4,344,023
4,581,937
4,272,751
4,707.583
operating costs
Net oper. revenue_ _ _ _820,746,366 $54,790,190 $51.737,497 $33,492,077
Other receipts-divs., in8,609,247
4,756,150
3,920,522
3,725,924
terest and miscell_
$24,666,888 $63,399,438 $56,493,647 $37,218,001
Total income
6,365,599
4,538,096
6,230,936
3,933,810
Taxes
3,900,026
4,042,903
4,412,033
4,842,926
Depreciation
Minority int. in income
576,489
509,068
690,103
304,416
of subsidiaries
Net income applicable
to Kennecott stock
before depletion-- _$15,585,737 $52,066,365 $45,651,533 $28,127.934
y7,781,363 43,960,692 27,264.986 22,520,606
Dividends paid
$7,804,374 $8,105,673 $18,386,547 $5,607,328
Balance
132,117,468 131,939,920 122.388,743 115,371,881
)(Earned surplus
Shares of capital stock
4,552,036
9,385,850
4,516.163
outstanding (no par)_ 9,393.151
$5.55
$10.03
$6.23
$1.66
Earned per share
x Before deduction of any depletion based on March 1 1913 values.
capital surplus [estimated by
y Exclusive of distributions charged to
editor at $20,212.210.1 Total distributions paid during year amounted to
$3 per share. viz: $1.25 in April, 75 cents in July and 50 cents each in Oct.
and Jan. 1931.
-Balance Dec. 31 1929, $131,939,920; net inEarned Surplus Account.
come for 1930 $15,585,737, total $147,525,656. Charges for inventory
and metal adjustments, &c. (net), $7,626,825; dividends exclusive of
distributions charged to capital surplus, $7,781,364. Balance Dec. 31
1930, 8132,117,468.
CONSOLIDATED BALANCE SHEET AS OF DEC. 31.
1930.
1929.
1929.
1930.
Liabilities
8
A ssets20,403,413 41,497,605 Accts. payable. 3,177,813 3,785,000
Cash
Market. seem'. _ 5,228,803 5,228,603 Treatm't refund
cbgs. not due_ 1,089,619
1,680,869
Accounts receiv. 5,640,539 7.021,085
2,071,974 6,429,420
18,274,895 27,093,742 Tax reserve_ _
Metals
962,902 Del. nab.& eonOre & concent
999,946
tingencies---- 6,08.5,599
Mater.&supp
6,376,047 7,608,569
a Invest. securs. 27,555,371 26,731,935 Insurance & con2,096,304
Insur. res. fund_ 1,366,345 1,207,855 trol,&c
2,712,000
5% ser.gold bds. 2,455,000
Stripping & mining developm't 13,108,682 13,786,173 Distribut'n tote
paid Jan. 2.-- 4,696,542 11,730,92.5
336,284
364,598
Prepd.insurance
850,491 Stated capital_ - 46,375,000 46,375,000
988,240
Misc. def. accts.
Capital surplus_106,532,916 126,745,126
Mining props.,
RR.equip.,&c208,249,519 205,482,622 Min. int. in sub. 3,954.467 4,312,801
Earned surp. before deplet'n_132.117.468 131,939,920
308,556,397 337.807,866
Total
Total
308,556,397 337,807,866
a Partly owned, allied and affiliated companies. b Less deprecialon of
-V. 131. p. 1574.
$56,812,580. c Represented by 9,393,150 no par shares.
Oenerat Corporate anb 3nbettnent
STEAM RAILROADS.
ACb3Ei.
The directors are said to be awaiting the March results and the preliminary figures for April, the two largest traffic months in the year for the
company, before considering the current semi-annual dividend.
Prior to 1926, dividend action for the first half of the year was taken
at the May meeting of the directors, but in subsequent years declarations
were made following the annual stockholders meeting in April. Dividend
-V.132, p.1984
action probably will be taken at the May meeting this year.
-Western railroads are conWestern Lines Ready to Fight Rate Reduction.
-S. C. Commission, effective
sidering court action to annul the order of the I.
June 1, making drastic reductions in rates on grain and its products tnroughout the trans-Mississippi area. N. Y."Evening Post" April 20, p. 21.
Surplus Freight Cars.
-Class I railroads on April 8 had 628,704 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This was
-Earnings.
Belt Railway of Chicago.
an increase of 7,195 cars compared with March 31, at which time there
1929.
1928.
1927.
1930.
Calendar Yearswere 621,509 surplus freight cars. Surplus coal cars on April 8 totaled
Railway oper. revenues_ $6,803,386 $8,299,173 $8,152,395 $7,537,961
259,493, an increase of 6,668 cars within a week while surplus box cars
5,026,315
5,601,187
5,608,791
totaled 299,175, an increase of 338 for the same period. Reports also Railway oper. expenses_ 4,678,119
574.881
649,247
685,448
643,349
showed 31,231 surplus stock cars, a decrease of 413 below the number Railway tax accruals, &c
reported on March 31, while surplus refrigerator cars totaled 14,666, an
Railway oper.income_ $1,476,021 $2,004,934 $1,907,859 $1.936,765
increase of 223 for the same period.
129,313
140,363
Dr.5,641
689,616
income__
Matters Covered in the "Chronicle" of April 18.-(a) Gross and net earn- Non-operating
ings of U. S. railroads for the month of February, p. 2842. (b) Company
$2,165,637 $2,134,247 $2,048,222 $1,931.124
Gross income
organized for Polish railway; French banking consortium supplies capital Rent for leased road_ __ _ 1,761.421
1,635,598
1,696,850
1,762,782
out of $40,000,000 loan; line t,o aid coal exports, p. 2872. (c) A. P. Thom, Other rents
104,288
178.355
163,164
210.904
general counsel of Association of Railway Executives, in hearing on co- Int. on unfunded debt
58.
43
1,263
5,011
ordination of transportation systems, urges abolition by Government of Miscellaneous charges
3,978
965
4,646
1,101
practice of rebates and discriminations in rates by motor vehicles, p. 2898.
(d) "Railway Age" sees railways subjected to competition on all sides,
$187,200
$187.200
8187,200
$187,200
Net income
supplemented by regulation, p. 2898. (e) Lisman offers specific plan for Dividends paid
187,200
187,200
187,200
187,200
solving carriers' problem; railroad umpire would help remedy business
Corn parative Balance Sheet Dec. 31.
depression, p. 2899.
1930.
1929.
Liabilities1929.
1930.
AssetsAlgers, Winslow & Western Ry.-Operation.Investments
83,119,629 82,840,637 Common stock - --$3,120.000 $3.120.000
The I.
-S. C. Commission April 9 issued a certificate authorizing the Cash
198,000
359,438 Long-term debt_
374,699
company to operate under trackage rights, jointly with the New York Demand loans &
Traffic & car serCentral RR., over approximately 150 feet of a connecting track and
88,344
77,565
vice bal. payable
deposits
800,000
approximately 2,787 feet of a spur track owned by the Evansville Indian- Time drafts & dens 1,000,000
Audited accts. &
apolis & Torre Haute Ry., all in Pike County, Ind.
-V. 131. p. 3872.
419,298
wages payable__ 233,933
Traffic & car ser17.125
12,057
607,551 Miscell. accts. pay
vice balance rec_ 445,045
Alleghany Corp.
-Earnings.
Unmatured diviFor income statement for 3 months ended March 31 see "Earn- Net balance receiv.
93,6430
93,600
dends declared__
from agents &
ings Department" on a preceding page.
-V. 132, P. 1984.
5,435
43,884 Unmat.int. am_
29,627
conductors
177.663
145,871
Atchison Topeka & Santa Fe Ry.-New Director, dec. Niiscell. accts. rec. 521,635 611,114 Other curr. Raton_. 1,856,710 1,701,472
417,696 Unadjusted credits
Material & supplies 362,361
Carroll B. Merriam of Topeka has been elected a director. Mr. Merriam
19,100 Approp. surp. not
& diva. red....
24,288
succeeds to the directorship held temporarily by E. L. Copeland, Secretary_ Deferred
660 specifically in660
assets__ Treasurer.
vested-undivid
82,902
30.786
Charles Steele, Henry Pritchett and Clarence M. Woolley of New York Unadjusted debits
165,541
165,541
surplus
have been ro-olocted to the board.
The stockholders on April 23 approved the board's creation of an execu$5.908,734 $5,783,045
Total
Total
$5,908,734 $5.783,045
tive committee, of which Samuel T. Bledsoe of New York is Chairman.
They also appointed Price, Waterhouse & Co. of New York to make an
Note.
-Equipment leased by this company from Chicago & Western
independent audit.
Indiana RR.as of Dec. 31 1930, is vs ued at $2,205,443,including $931.152
inventory value of equipment leased Nov. 1 1912.-V. 130, p. 2953.
Sells Bus Unit.
The company has sold the Santa Fe Transportation Co., its motor trans-Earnings.
Chesapeake Corp.
portation unit operating in New Mexico over the "Indian Detour" and
For income statement for 3 months ended March 31 see "Earnings
other scenic points of the State, to Hunter Clarkson, Inc.
-V. 132, p. 1216.
-V. 132. p. 1614.
Department" on a preceding page.
-Dividend Action to Come Up
Atlantic Coast Line RR.
at a Later Meeting.
-
At the meeting of the directors held on April 21, the question of dividend action did not come before the board. The dividend for the first
half of the year is not payable until July 10 and action thereon will be
taken at a subsequent meeting.
Eastern Michigan Toledo Ry.-To Continue Operations.
'An order preventing the company from abandoning service between
Toledo, Ohio, and the Michigan State line was issued by the Ohio P. U.
Commission on April 22. It had previously been announced that the line,
which provides the only electric service between Toledo and Detroit,
-V. 127, p. 2228.
would cease operations this week.
3142
FINANCIAL CHRONICLE
[VoL. 132.
Under the new arrangement Baltimore shippers will load their Eastern
Denver & Salt Lake Ry.-Earnings.Shore freight in truck bodies at their store doors,from which it will be moved
Calendar Years
1927.
1928.
1929.
1930.
by motor to Pier 5, Light Street, where an especially designed crane will
Operating Revenues
lift the entire truck body from the chassis or trailer to the deck of the steamer.
$2,835,677 $3,471,169 $3.540.316 $3.546,551 After the trip across the Chesapeake Bay another crane will place the truck
Freight
305.165 body on a railroad car for the rail movement to Salisbury. At that point
254.472
Passenger
198,691
149.735
112,453 the truck bodies will again be placed on a truck chassis or trailer and deliverMail
82,527
a201.946
106.701
48,788 ies made by motor to the store doors of the consignees.
48,323
Express
40,011
34,299
97,328
86,024
All other
69,313
70,869
The new service combines the convenience and flexibility of store door
pickup and delivery with the advantages ofsteamer and rail service between
Total oper. revenues.. $3,197,282 $33,981.131 $4.011,663 34,110,286 Bialtimore and Salisbury.
-V. 132. p. 2959.
Operating ExpensesMaint. of way & struct- $626,161
$824,448 81,108.933
$660,393
Mississippi Central RR.
-Earnings.
902,749 1.217,467
Maint. of equipment_-785,256
641,779
1929.
1930.
Calendar Years21.636
22,995
Traffic
26.703
26,837
$1,317,572 $1,644,922
919,422 Gross operating revenue
687,738
Transportation
610,269
513.896
1,184,062
1.095,644
122,320 Operating expenses
129.486
General
163,992
180,930
14.276
31,094
Transp. for investment-Cr 14,652
19,966
$460,860
$221,927
Net operating revenue
111,861
63,033
Total oper. expenses-- $1,974,951 $2,226,647 $2,536,322 $3,375,502 Tax accruals
111
44
734,784 Uncollectible railway revenue
Net operating revenue 1,222,331
1,754,484 1,475,341
87,730
Tax accruals
131,570
156,447
185,004
$348,888
$158.849
Operating income
1,005
129
87
139
Uncollectible revenue_ -24,734
Dr.1,642
Cr33,858 Equipment rents
Cr84,769
Hire of equip.
Cr81,337
-net
Cr86,565
25,341
24,062
Joint facility rents
7,562
8.543
$697,907 Miscellaneous
Net railway oper. inc.. $1.123.752 $1,679,287 $1,428,412
Other Income
$406.527
$189,813
Gross income
5.723
7,018
Miscall. rent income.,..,,
5,844
6.280
9,232
40,500
58,631 Equipment rents
99.843
Inc.from funded secur_ _
86,971
112,657
12,349
9.472
Joint facility rents
Income from unfunded
127.097
120,292
24,388 Interest on funded debt
19,215
49,367
21.491
securities and accrued
2,436
2,483
Miscellaneous
$255,412
Total oper. and other
$17,065
Net income
$768,649 Sinking fund deductions
127.102
income
$1,264.181 $1.821,471 $1,554,489
133,907
Deductions
def$116,842 • $128,309
Balance to profit & loss
Rent for leased roads:
Balance Sheet Dec. 31.
292,209
345.900
Moffat Tunnel
345,900
Liabilities
AssetsNorthwestern Terminal
1.500 Investment
53,940,000
51,730
47,508
65.732
RR. Co
$9,029,550 Capital stock
106 Cash
2,358.400
151
146
151
218,203 Long term debt
Miscellaneous rents__
16,630
Traffic & car serv. bal. pay
Interest on funded debt:
Deposits to pay coupons due
138,500
150,000
150.000
102,500 Audited accts. & wages pay.... 114,302
Jan. 11931
150,000
First mtge. bonds_-4.264
495,000 Traffic & car service bal. rec.
660,000
660,000
27.804 Miscell. accts. payable
660.000
Income mortgage bonds
824 Due from agents & conductors
934
59,036
36
1,081
Interest on unfunded debt
1,586 Interest matured & unpaid.298
844 Miscellaneous accts. receivable
7,691
7,811
22.705 Other current liabilities
11,070
Miscall. income charges_
734
115,236 Other deferred liabilities
Materials & supplies
648,158
$636,774 Other current assets
Total deductions
$1.233,934 $1,211,402 81,162.716
459 Other unadjusted credits
40,955
Net income bal. trans.
1.270 Add'ns to prop. thru. surplusWorking fund advances
1,809,892
8131.875 Unadjusted debits
$391,773
$610,068
$30,247
to profit and loss
18,823 Sinking fund reserve
545,468
a Includes $71,537 back mail pay applicable to period Aug. 1 1927 to
Profit and loss
Dec.31 1928.
$9.538,141
Comparative Satancc Sheet Dec. 31.
Total
$9.538,141 Total
1929. -V. 128, p. 2085.
1930.
1929.
1930.
LtablittteaAssets$
5,110,035 5.110,035
Road & equip----18.884,898 18,504,408 Capital stock
Quebec Central Ry.-Earnings.Long term debt-13,500,000 13.500,000
Improv. on leased
1927.
35,805 Traffic& car service
1928.
Calendar Yearsrailway property 130.362
1929.
1930.
17,401 Gross revenue
13,933
900 balance payable
Invest.in affil. cos.
3,300
$2,464,380 $3,222,904 $3,155,967 $3,312,280
Oper.exp.and taxes
2,442,715 2,633.040
Other investments 2,721.784 3,138,387 Audited accts. and
2,139,339 2,496,481
194,978
155,217
448,344 wages payable1,033,612
Cash
38,511
41,253
Miscell. accts. pay.
Net revenue
$679,240
$713,251
Demand loans and
$726,423
$325.041
73,301 Other income
100,000 Int. matured unpd. 76,211
4,048
11.958
deposits
21,109
6.390
73,301 Unmatured interest
76.211
Special deposits.,
880.000
680.000
accrued
Total income
$683,288
Traffic & car service
$725,209
8747.532
2331,431
4,394
3.475 Interest charges, &c__ _ _
329,615 Other current flab.
balances reedy.. 211,247
404,693
398.192
324,629
331.128
538,847 Rentals leased lines
Unadjusted credits 702,530
Net balance receiv.
60.565
60,565
Corporate Suprlus:
from agents and
4,943 Additions to propNet income
5,986
conductors
$278,595
$327,017
def$53,761
$355,839
87.239 erty through inDividends
80,159
Bfiscell. accts. rec.
200,324
169.080
217.747
217,747
26,950
401.080 come and surplus 27,181
Material & supplies 349,900
1,087,556 1.033,494
22,397 Profit and loss
Balance,surplus
Accrued int. reedy. 16,418
def$271,508
$138,092
$126,693
1109,515
529
-V.130.P.3155..
906
Other current assets
240
240
Deferred assets._ _
69,824
63,287
Unadjusted debits
Richmond Fredericksburg & Potomac RR.
-$891,696
Recapture Ordered by I. C. Commission.
-1922-23 Earnings
-S.
Are Found Excessive-Commission Contends That It Follows
High Court Mandate in O'Fallon Case.-Chairman Brown of
Gulf Mobile & Northern RR.
Under the recapture clause of the interstate commerce act, an order was
issued April 22 to the company to pay the Federal Government $891,696.84.
Frisco Withdraws Application to Serve as Director.
21,358,313 21,194,994
Total
-V. 132, p. 844.
Total
21,358,313 21,194,994
as one-half of its earnings during 1922 and 1923 which were in excess of the
legal rate of a 6% return on the value of its property.
The order is the first final action of the kind against a major railroad
since the passage of the act in 1920.
A tentative order of a similar character was made recently by the Cornmission against the Norfolk & Western RR,involving recapturable excess
earnings of $15,849,344, but final action has not yet been taken.
The effect of the present action will be to test for the second time the
constitutionality of the recapture law. The first serious attempt to test
its legality was made in the St. Louis & O'Fallon RR. valuation case, more
than a year ago.
The Supreme Court at that time reversed the decision of the Commission,
deciding that it failed to give due consideration to "present or reproduction
costs" in arriving at the value of the railroad. It is on this value that the
Commission determines whether railroad incomes have been excessive.
In arriving at the conclusion leading to the order April 22 the majority
ofthe Commission placed the "final value"of the road in 1922 as 829.400.000
and in 1923 as $30,100,000. On the basis of a 6% return on the value of
its investment it was found that the road was entitled to earnings in the
two years of $1,764,000 and 81,806,000. An accounting of the company's
books disclosed, however, that it had a net railway operating income of
62,547,325 in 1922 and $2,806,068 in 1923. Thus for the two-year period,
it was declared the railroad had earned an income of $1.783,393.68 in excess
of the 6% return.
Although following the mandate of the Supreme Court In the O'Fallon
case, that due consideration be given to the original cost and the cost of
--Earnings.
Hawaii Consolidated Ry., Ltd.
reproduction, the Commission observed in its decision that the court had
never ruled on the "specific weights to be given such elements." adding:
1927.
1928.
1929.
1930.
Calendar Years"On the contrary, its decisions clearly indicate that they may well vary
$933,678
8885.659
$911,942
Rev,from transportation $768,235
according to the conditions affecting different railroads,'
Rev. other than transCommissioners Eastman and Mahaffie declared themselves as "dlaportation & non-oper.
149,926 seating in part" to the majority findings on the final value of the road.
167,206
162,327
157,766
revenue
V. 131. p. 110.
$926,001 $1,074,269 $1,052.865 $1,083,604
revenue
Total
-1;50,000,000 Bond Issue ApSouthern Pacific Co.
272,439
247,625
226,729
210,230
Maint. of way & struct114,666 proved by Commission.
126,058
141,561
107,842
Maint. of equipment_ -Traffic,transportation &
The L-S. C. Commission April 16 authorized the company to issue
331,253
311,948
296,856
273,044
general expenses
-year 434% gold bonds; to be sold at not less than 943i and
86,896 250,000,000 50
118,547
73,311
100.551
Taxes
113,483 interest, and the proceeds used to meet maturing indebtedness and to
129,000
112,630
110.690
& miscell. rentsreimburse the treasury in part for expenditures made in purchasing bond's.
The report of the Commission says in part:
$164.865
6119,684
$223,181
$123,643
Balance, surplus
The proposed bonds will be issued under and pursuant to an indenture
-v. 130. P. 2954.
to be made by the applicant to the Guaranty Trust Co. of New York, as
trustee, under date of May 1 1931,for the following purposes:
Huntingdon & Broad Top Mountain RR. & Coal Co. To provide funds to purchase at par before, on, or after maturity Galveston, Harrisburg & San Antonio Ry.:
-Protective Committee Appointed.
First mortgage Mexican & Pacific extension 5% bonds in the
the protection of hoLlers of the conA committee has been formed forinterest on which was defaulted April 1.
principal amount of
gold bonds,
solidated mortgage 5%
Second mortgage Mexican & Pacific extension 5% bonds in$13,4184"
Giksrd
The committee has called for deposit of the bonds with the
the principal amount of
2,539,000
Philadelphia depositary.
Trust Co.,
Chairman: W. L. To reimburse the applicant's treasury for moneys expended
The members of the committee are C. S. Newhall,
therefrom in purchasing:
S.
Haehnlen, Effingham B. Morris, Jr., and Jonathan 0. Neff. Charles
-year European Loan of 1911 4%
Central Pacific Railway 35
-V. 132, P. 2577.
Wesley is counsel for committee.
bonds in the principal amount of $35,646,106.93
24,545,658
Texas & New Orleans RR. Dallas division first mortgage 4%
-Announces New Freight Service.
Pennsylvania RR.
3,997.000
bonds
the early'inauguration of an entirely
The company on April 16 announced
Morgan's Louisiana & Texas Railroad & Steamship Co.:
new form of co-ordinated rail, motor truck and steamer transport in line
$4,939,883
Main line first mortgage 7% bonds
policy before the 1.-S. 0. Commission,
with its recent presentation of
Alexandria extension first mortgage 6% bonds 1.494.000
effective on April 20.
Truck bodies which will fit the chassis of a large motor truck or trailer, as
$6,433,883
Total expenditure
the operation involving three
well as a railroad car, will be handled in
5,500,342
Reimbursement sought at this time
forms of transport. New services will be established by the Pennsylvania
on its freight trains and steamers between Baltimore, via Love Point, and
Total
$50,000.000
Salisbury. Md., on the Delmarva Peninsula.
-S. C. Commission has declined to permit Edward N. Brown,
The I.
-San Francisco By., to act as a director of the
Chairman of the St. Louis
Gulf. Mobile & Northern in which the Frisco recently purchased a substantial stock interest.
Formal action to this effect was not taken but the finance director of the
Commission advised Mr. Brown that in his opinion the Commission would
not approve his application to serve on the G., M.& N.board and suggested
that the application be withdrawn. Mr. Brown thereupon withdrew the
application, without prejudice to its resubmission later. Accordingly, the
Commission has treated the application as withdrawn.
The Frisco executive said that he did not wish to press the matter at this
time. "I believe I can convince the Commission that the situation is such
that neither public nor private interests would be adversely affected by my
acting as a director of Gulf, Mobile & Northern," Mr. Brown wrote under
the date of April 1 last.
The Commission's objection to Mr. Brown becoming a director of the
G., M. & N. was motivated by the consideration that it might be detrimental to competition between the Frisco and the Northern on traffic to
Mobile. The same fear was expressed as to New Orleans traffic because of
the conpetition between the Northern on the one hand, and the Frisco and
the Chicago, Rock Island & Pacific on the other.
The crux of the Commission's objection was against Mr. Brown retaining
his directorships on the Frisco and the Rock Island roads while serving on
-V.132, p.2577,2381.
the board of the Northern.
FINANCIAL CHRONICLE
APRIL 25 1931.]
• The first mortgage bends of the Galveston Harrisburg & San Antonio
Mexican & Pacific extension mature May 1 1931; and the second mortgage
are to be purchased by the
bonds will mature July 1 1931. These
applicant. The Central Pacific European Loan bonds will mature March 1
1946. They were purchased by the applicant between December 1915, and
November 1921, at an average price of less than 68.85% of their principal
amount. The Texas & New Orleans Dallas division first mortgage bonds
matured Aug. 1 1930. They were purchased at par in August 1930. The
Morgan's Louisiana & Texas main line first mortgage bonds are matured
April 1 1918; and the Alexandria extension first mortgage bonds matured
July 1 1920. The applicant paid $4,939,883 for $4,935,000, principal
amount, of the main line bonds during the years 1917-1919, and purchased the Alexandria extension bonds at par during the years 1920-1923.
Subject to our approval, the applicant has contracted to sell the proposed
bonds to Kuhn, Loeb & Co. of New York at 94H and int. to date of
delivery. On that basis the average annual cost to the applicant will be
approidmately 4.805%. Of the $47,125,000 of proceeds from the sale of
the bonds. 815,957,000 will be used to purchase outstanding bonds and
$31.168,000 to reimburse the treasury in part for expenditures made in
purchasing bonds. These expenditures have not yet been capitalized.
The applicant submitted a statement for the period March 27 1931, to
Dec. 31 1931. giving estimated cash resources, exclusive of the proceeds
from the sale of the bonds,as $15,791,512. and requirements as $79,219,792.
The applicant stated that it expected that the excess of requirements over
resources, including the proceeds from the sale of the bonds, would be
provided for by remittances during the year from its operating offices.
3143
the substantial sales gain is significant, inasmuch as it indicates the stability of combined gas sales of the group in the 1930 industrial recession.
as compared with its operations during general industrial activity of 1929,
and, further, that with completion of construction projects, revenues and
gas sales should show a substantial increase this year.
New Director.
E. Howard H. Roth, partner in the firm of Glenny, Moll & Doolittle
of Buffalo, N.Y., has been elected a director of the Appalachian Gas Corp.
-V. 132, p. 2960, 2757.
-A banking
-Bonds Offered.
Associated Electric Co.
group headed by Harris, Forbes & Co. and including Halsey,
Stuart Si Co., Inc., Chase Securities Corp., Continental
Illinois Co., Inc., Field, Glore & Co., Edward B. Smith it
Co., E. H. Rollins & Sons, Inc., Cassatt & Co., J. G.
White & Co., Inc., Chatham Phenix Corp., B. B. Robinson
& Co., Ltd., and General Utility Securities, Inc., is offering
publicly the unsold portion amounting to $5,500,000 of an
issue of $32,000,000 of 5% gold bonds, due Jan. 1 1961,
the greater portion of this issue being privately held by
interests not identified with the company. The bonds are
Has Not Acquired Any Additional Frisco Shares-Holds priced at 97M and int., yielding over 5.16. This issue does
40 . 5%.
not represent new financing by the company at this time,
The company has not acquired, either directly or indirectly, any ad- these bonds originally having been acquired by Associated
-San Francisco Ry. stock aside from its already
shares of St. Louis
ditional
known holdings of 4.05% of that road's voting securities, it was stated to Gas & Electric Co.
-S. C. Commission.
the I.
Company's investment in Frisco aggregates $5,036,770. representing
44,300 common shares and 1,600 shares preferred, which cost $4,888,625
and $148,145, respectively.
The extent of Southern Pacific Co.'s holdings of Frisco was questioned
by Walter E. Meyer in his petition to reopen hearings on the former's
application to acquire control of the St. Louis Southwestern Ry.
The Southern Pacific Co. is desirous of avoiding unnecessary delay, its
brief indicated, since its contract to buy majority shares in the Cotton Belt
expires July 15 1931.-V. 132. p. 2959. 2757.
Tennessee Central Ry.-Earnings.1928.
1929.
1927.
1930.
Calendar Years$2,782,058 $2,937,900 $2,859,595 $2,825,580
Freight revenue
234,072
185,932
122,135
285,997
Passenger revenue
Mail, express, all other
206.429
162,843
160,645
167.984
Transp., &c., inciden_
Total ry. per. reven- $3,064,838 $3,330,262 $3,256,511 $3,279,560
592,339
687,819
546,293
663,833
Maint. of way & struc
1,167,139
1,155,820
1,203,827
Transportation expenses 1,081,941
755.305
702,003
738,523
828,976
General & other expenses
Net rev,from ry.oper.
Railway tax accruals.-Uncollect. ry. revenues-
$698,081
82,429
105
$815,479
95,424
326
1710,868
88,002
686
$582,924
72,601
369
Ry. oper. Income-Non-operating income
$615,549
31,260
$719,729
32,541
$622,180
31,057
8509,953
30.501
Gross income
Deduction from gr. inc_
5646.808
519.052
$752,270
532,366
$653,237
529,992
$540,454
503,655
Net income
Preferred dividends....
$127,756
35,000
$219,905
35,000
$123,245
30,533
$36.799
30,533
Balance surplus
$92,756
$184,905
$92.712
$6.266
Comparative Balance Sheet Dec. 31.
Liabill.tfez1929.
•Assets
-1930.
1930.
1929.
Investments
85.687,722 55,593,168 7% Pref.stock--- 5500,000 $500.000
Gover't (grants)__
Deposits in lieu of
989
989
mtge. prop. sold
695
695 Long term debt_ -- 3,905,000 3.950.000
Loans & bills pay. 100,000
Miscell. physical
16,743 Traffic and car serproperty
30,685
vices bal. pay-- 169,331
Invest. in affiliated
157,303
45,750 Audited accts, and
cos.notes
65,698
wages payable-- 145,797
115,038
Cash
101,967
180.187
3,240 Miscell• accts. Par.
2,691
3,750
Special deposits__ 6.904
944 Interest matured,
1,660
Loans & bills roe..
tumaid
3,750
Trafficand car ser3,240
Divs. matured,un34.375
vice balances rec.
39,409
paid
17,605
Net balance reedy.
17,500
lJnmatured interest
from agents and
61.462
11,949
10.165 accrued
conductors
62,400
4,445
52,456 Other curr. Habil
40,517
Miscell. accts. rec.
2,796
252,581 Deferred liabilities
Material & suppl_ 307,235
750
707
437 Unadjusted (credits) 565,583
Other curr. assets_
524,677
62,391
Corporate Surplus:
62,391
Deferred assets_ _ prop.
548,240 Additions to
Unadjusted debits 556,006
through income
376,315
and surplus
370,482
Profit & loss bal.. 1.056,425
958,994
Dated Jan. 1 1931; due Jan. 1 1961. Interest payable J&J 1 in N. Y.
City. Red. all or part at. any time on 30 days' notice; at 105 and int. to
and incl. Jan. 1 1956; thereafter at 100 and int. Denom.c*$1,000 &r.
$1,000 and authorized multiples. Guaranty Trust Co. of New York.
trustee. Company agrees to pay interest without deduction for any
Federal income tax not exceeding 2% per annum which It may be required
or permitted to pay thereon or deduct or retain therefrom.
Legal investment for life insurance companies in the State of New York.
Company.-Incorp. in 1926. Controls a largo group of operating public
utility properties. Its bonds are issued to providt for their senior financial
requirements. Stability of income is obtained through serving widely
diversified territories and types of industry and, in addition, the usual
restrictions found in the senior obligations of operating public utility
properties are provided by the protective covenants of the indenture. The
junior financing for the group is provided through the medium of Associated
Gas & Electric Co.. one of the larger public utility enterprises in the United
States.
-The subsidiaries of Associated Electric Co. supply electricity
Properties.
and/or gas in over 600 communities, having a population of over 2,000,000.
located principally in the States of Pennsylvania, Kentucky, Tennessee,
Ohio, Indiana, Illinois, South Dakota and in the Philippine Islands, and
also provide electric, gas or ice service in a large number of communities
in the States of Arkansas, Arizona, West Virginia, Louisiana, Missouri,
New Mexico, Oklahoma and Texas. The wide diversity as to type of
industry and character of population served, as well as to geographical
location, is of great benefit in assuring stability and continuity in demands
for service, while the many industrial centers served offer important possibilities for the development of additional large power business.
-The consolidated capitalization of company and its
Capitalization.
subsidiaries outstanding as of Dec.31 1930,after giving effect to retirements
since that date and to the issuance of securities included below, will be as
follows:
$65.000,000
Capital stock (650,000 shs., no par), stated value
Associated Electric Co.:
x20,000.000
4A % gold bonds, due 1953
23,000,000
4547 gold bonds refunding series, due 1956
32.000,000
1961 (this issue)
5% gold bonds. due
y37,499,500
Subsidiaries' bonds and preferred stocks
Subsidiaries' minority common stocks and surplus applicable
z386.000
thereto
x An additional $5,000,000 principal amount, having been cancelled,
may be refunded. y Includes subsidiaries' bonds, $37,347,800; and preferred stocks, stated at liquidation values, $151,700. z At par or stated
value except that 9,377 shares Clarion River Power Co. participating
stock (par $100) are included at an estimated market value of $10 per share.
Earnings.
-The following is a statement of the consolidated earnings
(irrespective of dates of acquisition) of properties now included in the
Associated Electric Co. group for the 12 months ended Dec. 31 1930. and
annual bond interest and preferred dividend charges on securities outstanding as above:
Gross earnings and other income, including $508,603 credit
529.085.582
for interest during construction
Operating expenses, maintenance and taxes (except Federal
income taxes) and $11,044 applicable to minority common
16,008,637
stocks
$13,076,945
Net earnings before provision for replacements, &c
Annual interest and dividends on all funded debt of the company and all funded debt and preferred stocks of subsidiaries,
5,396.802
as above
1.739,332
Provision for replacements (depreciation)
Net earnings for 12 months ended Dec. 31 1930, as above. before proand replacements at the rates now required
for both maintenance
Total
66,910,397 86,736,223 vidingthe indenture, were $11,337,613, or over 2.10 times the above annual
46.910,397 66,736,223 Total
under
-V. 130. p. 2959.
charges.
Listed.
-Listed on Boston Stock Exchange.
-Associated Electric Co. and its subsidiaries constitute one
Ownership.
PUBLIC UTILITIES.
of the important operating groups of the Associated Gas & Electric System.
The outstanding securities of Associated Gas & Electric Co. have an aggreAmerican Commonwealths Power Corp. Earnings.
-- gate market value, estimated on the basis of recent market quotations, of
For income statement for 12 months ended Feb. 28 see "Earnings De-. over $450,000.000.-V. 132. a. 1219.
partment" on a preceding page.
-V. 132. p. 2383.
American & Foreign Power Co., Inc.
-Subs. Expands.
-
-Plan Operative.
Associated Gas & Electric Co.
H. C. Hopson, Vice-President and Treasurer, April 18, says:
The plan for the exchange of Rochester Central Power Corp. 5% gold
debentures, series A. due 1953 and 6% cumul. pref. stock has become
operative through the deposit of the required amount of debentures and
preferred stock.
In accordance with the plan, associated convertible 5% gold debentures
and $6 dividend series preferred stock, which depositors are to receive in
exchange for their securities, will be deposited with the Chase National
American Telephone & Telegraph Co.
-Listing of Bank of the City of New York. depositary, so as to be ready for delivery
by the depositary on or before May 18 1931 upon surrender of the deposit
400,000 Additional Shares of Capital Stock.
The New York Stock Exchange has authorized the listing of 400.000 receipts.
-day extension of the period for deposit having been already anA 30
additional shares of capital stock ($100 par) upon official notice of issuance
nounced, additional debentures and preferred stock a Rochester Central
and payment in full, making the total amount applied for 19,003.662 she. Power
Corp. may be deposited for exchange up to the close of business On
additional stock have been offered for subscription to
The shares of
employees of the American Telephone & Telegraph Co.and of its subsidiary May 18 1931.-V. 132, p. 2960.
corporations.
-V. 132. p. 2959, 2579.
.-A new
-Bonds Offered
Associated Telephone Co.,Ltd.
The electric light and power plants of Zipaguira, Nemocon, Chia Cajica
and Cogua, cities and villages near Bogota, Colombia, were purchased on
April 20 by the Compagna Colombians Electricidad, a subsidiary. The
price was reported to be 8250,000, of which half is to be paid in cash and
the remainder in shares of the Compagna Colombiana (New York "Tim"),
-V. 132, p. 2578.
American Water Works & Electric Co., Inc. Output. issue of $2,000,000 1st mtge. 5% gold bonds, series A is
being offered by Bonbright & Co., Inc. Paine, Webber &
I
Co. and Mitchum, Tully & Co. at 101S( and int. to yield
over 4.90%.
$1,000 and $500 e.
The power output of the electric subsidiaries of this company for the
month of March totaled 152,963,955 kwh., a decrease of 8% from the
output of 167,126,724 kwh. for the corresponding month of 1930.
For the three months ended March 31 1931. power output totaled 439,552,793 kwh., 11% less than the output of 492,732,279 kwh. for the same
-V. 132. p. 2189, 1983.
period last year.
Dated March 1 1930; due March 1 1965. Denom.
Interest payable M. & S. in New York or Los Angeles without deduction
of Federal income taxes, not in excess of 2%. Red. on any int. date in
-Sales Gain.
Appalachian Gas Corp.
whole or in part, on 30 days' notice, at the following prices and int.: On
This corporation reports total sales of group companies of
400 or before Feb 28 1935 at 105: after Feb. 28 1935 but on or before Feb. 29
cubic feet of natural gas during 1930, compared to 16,339,043,343 cubic feet 1940 at 104: after Feb. 29 1940 but on or before Feb. 28 1945 at 103: after
20,525.114,
during 1929, a gain of over 25%. During 1929 three of the companies Feb. 28 1945 but on or before Feb. 28 1950 at 102; after Feb. 28 1950
now in the group were not in operation, and, eliminating these, 1930 sales but on or before Feb. 28 1955 at 102: after Feb. 28 1955 but on or before
were 18,116,428,400 cubic feet, compared to 16,093,305.343 cubic feet in Feb. 29 1960 at 101; after Feb. 29 1960 but on or before Feb. 29 1964 at
1929, a gain of over 12%.
100A and after Feb. 29 1964 at 100. Company agrees to reimburse if
In making public the report officials of the corporation stated that requested within 60 days after payment, the Penn. or Conn, four mills
Increase in sales from 16,339,043,343 cubic feet in 1929 to 20.525,114,400 tax, Maryland 4H mills tax, the District of Columbia five mills tax or the
cubic feet in 1930 for the entire group was produced not only by the actual Mass, income tax up to 6%. Security-First National Bank of Los Angeles,
gains made by some of the individual companies, but also by the com- trustee.
pletion of construction projects and the commencement of operations during
-Application has been made to certify the bonds
Legal for Savings Banks.
1929 or 1930 on the part of Texas Gas Utilities Co.. Ohio Kentucky Gas of this issue as legal investment for savings banks in California.
Co. and Wayne United Gas Co.,subsidiaries. It was also pointed out that
-Authorized by the Railroad Commission of California.
Issuance.
3144
FINANCIAL CHRONICLE
[VoL. 132.
outstanding, including such bonds to be issued, and for refunding purposes,
Data from Letter of S. L. Odegard,President of the Company.
-Company incorporated in California in 1929. Is all as more fully set forth in the mortgage indenture.
Property & Territory.
Comparative Earnings 12 Months Ended Feb. 28.
through ownership of a majority of its voting stock by the
controlled
1931.
1930.
Associated Telephone Utilities Co. It owns and operates modern telephone
$1,282,773 31.383,351
systems, supplying telephone service without competition to 47 communi- Gross earnings
792,467
870,312
California. This territory served Oper. exps., maint.& taxes (not incl. Fed.taxes)
ties located in three counties in southern
has a population estimated to be in excess of 400,000. These properties
Net operating revenue
$490.306
$513,039
operate 70,090 stations, a large number of which are located in the Metro10,596
17,598
politan area of Los Angeles. The territories served include Long Beach, Income from other sources
San Bernardino, West Lm, Angeles, Santa Monica, Ocean Park, Venice,
Bal. before prov.for retire'ts, Fed.inc. tax., &c_ $500,902
$530.637
Puente, Baldwin Park, Huntington
Redondo, Covina, Azusa, Glendora,
154,450
Beach, Laguna Beach, Hermosa and Manhattan. Through inter-con- Ann.int,requirements on co.'s bonds,incl. this issue
The above balance of earnings before provision for retirements. Federal
nections with the lines of the Bell telephone companies, the long distance
Income taxes, &c., for the 12 months ended Feb. 28 1931, namely,$530,637,
lines of the Bell system are available to all subscribers.
Earnings.
-Earnings (including the earnings of all properties now owned) was more than 3.4 times total annual interest requirements on the comfor the years ended Dec. 31, (after giving effect to present financing) were pany's bonds, including this issue. The balance available after such requirements amounted to over 27% of gross earnings. For the 12 months'
as follows:
period mentioned, 65% of gross earnings was derived from electric light
1928.
1929.
1930.
Years Ended Dec. 31$2,597,636 $2,317,207 $2,053,727 and power service, 11.2% from transportation, 22.6% from gas and 1.2%
Gross earnings
844,125 from miscellaneous sources.
989,382
1,133,590
Oper. exp., maint. & taxes
Stock Ownership.
-More than 99% of the common stock of company is
-V. 132, p. 1794.
Net earnings before depreciation__ $1,464,045 $1,327,824 $1,209,602 owned by Engineers Public Service Co.
on 1st
Annual interest requirements
-Earnings.
British Columbia Telephone Co.
mtge. 5% gold bonds, series A
400,000
Income Account for 12 Months Ended Dec. 311936.
(incl. this issue)
$5,253,602
Operating revenue
3,121,672
Maintenance, operating, taxes &c
Balance avail, for reserves, Federal
46.473
$1,064,045
Employees' benefitfund
and dividends
taxes
1,051,236
Depreciation
x Includes net non-operating in$23,692
$25,275
$52,505
come amounting to
$1,034,221
Net income
Net earnings before depreciation, as above set forth, for the year ended
226,473
Dec. 31 1930, were more than 3.6 times the interest requirements on all Interest
40,000
deducting provision for de- Pension fund
the outstanding funded indebtedness. After
29,068
preciation for the year,amounting to $359,380, net earnings were $1,104,665 Sinking fund
360,000
more than 23 times the annual interest requirements on the funded Dividend on ordinary shares
or
%
60.000
Dividend on preference shares.6%
debt outstanding.
270,000
-Proceeds will be used to reimburse the company for expen- Dividend on preferred shares,6%
Purpose.
ditures for additions to property; and for other corporate purposes. rights
$48,680
to surplus
Balance transferred
-Secured by a first mortgage on all the fixed properties,
Security.
Balance Sheet Dec. 311930.
and,franchises of the company now owned, and on such property heremay be issued under the indenture.
Liabitalesafter acquired against which any bonds
Assets
$7,500,000
lst mtge.gold bonds
The value of the fixed property of the company is largely in excess of these Real estate, bldgs., plant &
117,332
first mortgage bonds presently to be outstanding.
$23,317,589 Employees' savings plan_ _ _ _
equipment
Associated Telephone Utilities Material in stores
42,563
-Company is a part of the
Management.
610,720 Accounts payable
24,586
System.
3,650 Unearned rentals
Investments
244,621
Authorized. Outstanding. Accounts receivable
391,919 Accrued liabilities not due_
Capitalization560,000
$25,000,000 $8,000,000 Prepaid expense
91,783 Pension fund reserve
1st mtge. 5% gold bonds,series A
300,000 shs. 106,312 shs. Deferred charges
65,799 Reserve for depreo. of bldg.,
$1.50 cum. preferred stock (no par)
6,635,366
plant & equipment
300,000 shs. 126,638 shs. Unamort. debt, disc., prem.
Common stock (no par)
906,799 Reserve for fire loss, accident
& expense
2960.
-V. 132, p.
988,458
237,344 & contingencies
Cash in bank
-Earns. Cash on deposit
475,587
Associated Telephone Utilities Co.($c Subs.).
962,859 Surplus
6% cum. preference shares- -. 1,000,000
1928.
1929.
1930.
Calendar Years4,500,000
6% cum. pref.shares
$15,559,445 $8,845,181 $4,738,498
Operating revenues
4,500,000
Ordinary shares
158,343
91,402
65,762
_
Non-operating revenues
$26,588,402
$26,588,462 Total
Total
$15,625,207 $8,936,583 $4,896,842
Total gross earnings
1,452,030 -V. 132, p. 309.
2,856,985
5,277,539
Operation
666,814
1,266,219
2,366,059
Maintenance
-Sale.
326,860
528,971
45,394I
9
}
Buckeye Light & Power Co.
State and local taxes
59.086
126,349
i
See National Electric Power Co. below -V. 131, p. 4215.
Federal income taxes
$7,036,215 $4,158,058 $2,392,052
Net earnings before depreciation
823,297
1,427,870
2,878,580
Interest on funded debt
925,658
548.718
1,451,095
Depreciation
76,871
6,242
General interest
74,669
210,791
130,454
Amort. of debt discount and expense_
38,501
67,830
Int, charged to construction-Cr--- Dividends on preferred stock of subs.
103,536
328,286
512,789
In hands of public
70,864
57.367
166,384
Minority interest
$707,594
$1,878,163 $1,244,700
Net income
261,422
597,853
868,015
Previous surplus
$2,746,178 $1,842,553
Total surplus
359,197
585,878
Preferred dividends
y553,902
x505,277
dividends
Common
Premium on unexpended discount and
93,126
expense on sub, bonds retired
61,438
83.926
Sundry direct surplus items (net)
$969,016
257.333
131,575
-Listing of $20,000,000
Buffalo General Electric Co.
Gen. & Ref. Mtge. 41 2% Gold Bonds Series B.listing of
$20,000,000
The New York Stock Exchange has authorized the
gen. & ref. mtge. 45.1% gold bonds, series B, due Feb. 1 1981.
Comparative Consolidated Statement of Earnings (Company and Subsidiaries).
1928.
1927.
1929.
1930.
Calendar Years$15,242,843 $15,270,053 $14.609,663 $13.426,937
Operating revenues
9,653,760
9,346,172
8,901,205
Oper. expenses, incl. tax. 9,650,316
432,159
331,290
489,513
341,447
Retirement expense__.,.
$5,251.080 $5,592,591
Operating income_ _
45,741
22,139
Non-operating income_ _
$4,523,744 $4.036,219
70,484
59,065
$5,273,219 $5,638,332 $4,594,228 $4.095,284
Gross income
990,000
991,200
990,000
990,000
Interest on funded debt_
21,083
Cr.10,984
183,634
343,404
Other int. & deductions_
33,282
36,204
Not corporate income $3,939,815 $4,464,698 $3,615,212 $3.083,001
-V. 132, p. 654.
$510,622
$868,015
81,477,970
Profit and loss surplus
-Exchange of Shares.
217,024
580.762
782,486
Shs. of com,stk. outstanding (no par)
Cables & Wireless, Ltd.
$2.08
Earnings per share51.52
The corporation announces that the final date for the exchange of Marissuance of 50,527 shares of common stock. y Includes coni's Wireless Telegraph Co., Ltd., shares into Cables' stock expires on
x Paid by
-V. 132. June 30 1931.-V. 131, p. 3365.
$253,822 paid in common stock, represented by 16,253 shares.
P. 2960.
Boston Worcester & New York Street Ry.-Bonds
Called.
The company has called for redemption on may 15 at par the $250,000
outstanding 7% 1st mtge. bonds, due in 1947, according to Boston advices.
The original issue of $252,000 was offered in 1927 at par for deposited
bondholders of the old Boston & Worcester Street Ry. 1st mtge. 4%%
.-V. 127. p. 2683.
bonds
-Stone &
-Bonds Sold.
Baton Rouge Electric Co.
Webster and Blodget, Inc. Chase Securities Corp., Bancamerica-Blair Corp. and Brown Brothers Harriman &
Co.,have
sold at 100 and int. an additional issue of $1,000,00
1st mtge. 5% gold bonds, series B. Dated Feb. 1 1929;
due Feb. 1 1959.
Data from Letter of Vice-President C. W. Kellogg, April 17.
Business and Properly-Company does the entire electric lighting and
power, gas, electric railway and bus business in Baton Rouge, La., and the
electric lighting and power business in Port Allen, La., and 34 other communities surrounding Baton Rouge, all of which are connected with the
transmission system of the company for power supply. Company owns
a modern steam generating plant at Baton Rouge of6,500 kilowatts capacity
which is equipped to burn natural gas as fuel. Inasmuch as the company
now purchases its power requirements from Louisiana Steam Products, Inc.
(a subsidiary of Engineers Public Service Co.), whose 45,000 kilowatt steam
generating station is located just north of the City of Baton Rouge, the
company's own generating plant is used as a standby. These sources of
supply are augmented by a transmission line which the company has
constructed to a point on the Atchafalaya River approximately 35 miles
west of Baton Rouge at which point a connection is made with the system
of Gulf States Utilities Co. (also a subsidiary of Engineers Public Service
Co.). Natural gas for distribution in Baton Rouge and also for fuel at
Co., Inc.
from the
the power station is purchased including InterState Natural Gas
bus passengers, totaled 3,000.156.
Passengers carried during 1930,
transportaThe total population served with electricity is 65,600, and with
tion and natural gas 50.000.
Authorized. Outstanding.
Capitalization$15,000.000 *$2,990.000
First mortgage gold bonds
25,000 shs. a4.958 shs.
Preferred stock $6 dividend (no par)
65.000 shs. 41.041 shs.
Common stock (no par)
5% series B, due 1959 (incl.
* 53.1% series A, due 1954, $990,000. the exchange of the 7% pref.
this issue), $2,000,000. a Giving effect to
stock for $6 pref. stock.
-Proceeds will be used toward the payment of floating debt
Purpose.
Incurred for additions to properties.
all
-Secured by a first mortgage on substantially thisthe fixed
Security.
series or
Additional bonds of
Property now owned by the company.
than Jan. 1
series A, or of any other series maturing not later
of the 53 %
80% of cost or value (whichever is
2000, may be issued to the extent of
of cash equal to
less) of additional property acquired, or upon depositon said 8% basis),
the principal amount of bonds applied for (withdrawable
charges upon all bonds
only when net earnings are at least twice interest
-Earnings.
Buffalo Niagara & Eastern Power Corp.
Calendar YearsOperating revenues
Oper.expenses, deprec.,taxes
1929.
1928.
1930.
$35.067.755 $36,951,937 $33.960,529
18.658,167 20,287.041 18,424,233
Operating income
Other income
316,409,588 316,664,896 815.536,296
378,686
355,532
234,335
Gross inc. avail, for int. charges- - -$16,643,922 $17,020,428 $15,914,982
4.263,18.3
4,201,664
4,239,850
Interest on funded debt
277,602
329,802
441.184
Miscellaneous deductions
$12,112,456 $12,479,643 $11,233,948
Net corporate income
1,750.000
1,750,000
1,750,000
1st pref. div requirements
3,301,054
3,273,567
3,240.443
$1.60 pref. dividends
789,852
777,315
601,792
Class A dividends
3,107,157
3,081,505
2.352,502
Common dividends
$3,202,582 33,559,067 33.289,211
Balance
-V. 132, p. 1615.
-Bonds Called.
Central Cities Telephone Co.
All of the outstanding 1st lien coll, sinking fund 6% gold bonds, series
1927. have been called for payment Aug. 1 next at 103 and interest at the
Central Trust Co. of Illinois, trustee, Chicago, Ill.coupons
attached, will
Any of the above bonds, with all unmatured
be accepted and prepaid at the Central Trust Co. at any time after April
20 1931, and prior to the redemption date at 103 and interest to the date
of redemption less discount on said amount at the rate of 2% per annum
from the date of such prepayment to Aug. 1 1931.-V. 127, p. 1804.
-Proposed Merger of Subs.
Central Indiana Power Co.
Merger of the Attica Electric Co. and the Wabash Valley h.lectric Co.
into the Northern Indiana Power Co. is proposed in a petition filed this
week with the Indiana Public Service Commission.
The three companies operate in the same general territory in central
and central western Indiana and in general furnish a like service to the
public, including the supplying of electrical energy and gas. A portion of
their territory is identical and in other instances districts served by each
of the three companies is contiguous. Transmission facilities are interconnected so as to form a single operating unit.
The thre companies are operating subsidiaries of the Central Indiana
Power Co. Operation of these properties by a single company and elimination of the other two corporate entities will make possible more efficient
service and economies both in generation of electrical energy and general
overhead costs, the petition declares.
The proposed merger, according to the petition, will be in the interest
of the public served by the three companies, both in present service and in
the future growth and development of the communities in which the
companies operate.
It is proposed to accomplish the merger by converting the pref. stocks
of the Attica Electric Co. and Wabash Valley Electric Co. into pref. stock
of the Northern Indiana Power Co., share for share. In neither instance
would the change affect the position of these securities or their dividend
yield. Common stocks of the two companies will be converted into com-V. 132, p. 2580.
mon stock of the Northern Indiana Power Co.
3145
FINANCIAL CHRONICLE
APRIL 26 1931.]
-Earnings:
Central Power Co.
1929.
1930.
Calendar Years-
$1,475.544 $1,425,604
Operating revenues
841,052
843,819
Operating expenses
50,935
55,501
Retirement expenses..-57,072
65,016
Taxes and uncollec. bills
1,139
2,191
Rentals
1927.
1928.
$1,313,286 $1.120,752
.692,999
762,827
39,513
44,709
46,224
43,159
2,172
3.310
Net operating income_
Non-operating income
$512.836
13,662
$471.586
7.751
$457,354
2,400
$341,770
3,972
Gross income
Interest on funded debtMisc.int. amortiz.. &c
Prov.for Fed.taxes
$526,498
203,086
22,863
$479,338
186,725
24,301
$459.754
169,055
22,068
5,000
5345,742
151,775
38,192
9.200
Net income
Prof.stock dividendsCommon stock dive- -
$300.549
86,018
108,106
$268.312
77.555
104,275
$263,631
78,478
104,264
$146,574
70,535
Surplus for year
Shares com, stock outstanding (Par $100)-.
Earnings per share-V. 132, p. 2384.
5106.425
$86,482
$80,889
$76,039
29.801
$7.19
29.801
$6.39
29.801
$6.21
29,801
$2.55
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities
Assets
18,250,000 16,250,000
Funded debt
Prop.. plant &
69,940,527 68,408,764 Fund, debt of subs28,772,100 25,022,200
equipment
Pure. money &
Sink,funds& misc.
671.169
41,504 equip. obi's.-- 517,778
30,023
Invest
2,807,500 1,750.000
714,889 Bank loans
759,547
Cash
Accts.& notes roc_ 1,178,829 1,187,180 Accts. & notes pay 568,526 1.536.888
Acor. int., taxes,
1nvent's of mat's
675,945
744,952 dividends, &c__ 938,870
704.460
&suppl
331.040
37.976 Consumers'dew_ _ 355,826
138,863
Miscellaneous
Deterred credits to
Due from subs, to
48,464
54,341
115,372 income
pref.stk. of sube 132,639
Deferred items-- 2,904,853 2,913.429 Retire. res., &o_ 4,768,319 5,333,856
Subs°.to pref.stks
189,600
182,900
of subs
$7.00 ser pref. stk.a3,250,000 3,250,000
$6.50 ser. pret. stkb1.750,000 1.760.000
Pref. cap. stk. Of
4,493.300 4,170,300
subs
Minor. int. in cap.
stk. & surpl. of
37,109
18,413
subs
Com.stk.& Burp el:1,061.668 13.145,495
-Sale of Pref. Stock.
Central Public Service Corp.
The corporation in first quarter of 1931 realized about $2,250,000 from
the sale of 39,208 shares of $4 preferred stock, of which 20,373 shares were
sold in March,due to the exercise of rights to buy stpck at $56 a share. The
proceeds were applied toward the company's 1931 capital expenditure
-V. 132, p. 2963.
program.
-Operations.
Central & Southwest Utilities Co.
Total
Total75.789,541 74,162.068
75.789,541 74,182,068
a Represented by 32,500 no par shares. b Represented by 17,500 no
par shares. c Represented by 281.354 class A shares and 500,000 class B
-V. 132, p. 1990.
shares, both of no par value.
-Stock Dividend.
Gas & Electric Securities Co.
The company announced a monthly dividend of 58 1-3c. a share on
the preferred, 50c. a month on the common, with a special of X of 1%
payable in common stock on the common stock, all allotments being due
May 1 to holders of record April 15. Like amounts have also been declared on the respective stocks, payable June 1 to holders of record May 15.
-V.132.
Distributions at the above rate were also made on April 1 last.
P. 848.
Subsidiaries of this company are generating 49.8% more electric power
per kilowatt of installed capacity than they were five years ago, when the
group was organized, according to a compilation issued on April 22 by
President J. C. Kennedy. This company is a part of the Middle West
Utilities System.
In 1926 the operating subsidiaries of this group generated 302,777,003
-Extra Dividend.
Gas Securities Co., New York.
kwh. of electric energy from a total generating capacity of 143,319 kw.
The directors have declared the regular monthly distribution of 50
The total kwh. generated per kw. capacity for that year was 2,150. For
from a capacity of 273.910 cents per share in cash and an extra dividend of M of 1% in scrip on the
1930 the total kwh. generated were 882,240,225
Like
pref. stock, both payable May 1 to holders of record April
kw., and the ratio increased to 3,222 kwh. per kw. capacity.
of
1.
Increased consumption of energy per customer, plus greater extension amounts have also been declared payable on June 1 to holders 15. record
of service by transmission line interconnection are given by Mr. Kennedy
115,p. 2911.
Similar payments were made on this issue on April 1 last -V.
as reasons for the gain.
-V. 132. p. 2759.
-Listing of $50,000,000
Columbia Gas & Electric Corp.
Gold Debenture Bonds,5% Series.
The New York Stock Exchange has authorized the listing of $50.000,000
gold debenture bonds, 5% series, due Jan. 15 1961 (see offering in V. 132,
p. 491).-V. 132, p. 1410, 1609.
-Earnings.
Commonwealth Edison Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 132, p. 1029.
Department" on a preceding page.
-Larger Dividend.
Connecticut Light & Power Co.
% on the comThe directors have declared a quarterly dividend of
mon stock. Payable June to 1 holders of record May 15. Previously, the
company made regular quarterly distributions of 131% on tills issue.
-V. 131, p. 3875.
Federal Public Service Corp.(& Subs.).
-Earnings.
Consolidated Income Account Year Ended Dec. 31 1930.
Gross earnings
$3,709,452
Operating expenses
1,831,210
Maintenance
246,360
Taxes
209,436
Net earnings
Other income
$1,422,446
17,340
Gross income, irrespective of dates of acquisition of subs. &
operating property
$1,439,787
1,022.
Funded debt interest
-General interest
13,164
Miscellaneous charges
24.893
Earnings of subsidiaries
Dr81.379
Net income before appropriation for depreciation
Preferred stock dividends
$297,871
189,272
-Earnings.
Havana Electric Ry. Co.
For income statement for 3 months ended March 31 see "Earnings De-V. 132. p. 1030.
partment" on a preceding page.
-Proposed Merger.
Indiana Electric Corp.
p. 2965.
Hydro-Electric System.-McIndoes
International
Hydro-Electric Plant Placed in Operation.
-V. 132.
See Public Service Co. of Indiana below.
The New England Power Association, a subsidiary of the International
Hydro-Electric System, has placed in operation its McIndoes hydroelectric generating station on the upper Connecticut River. With a
capacity of 16,500 h.p., the plant raises to 468,770 h.p. the hydro-electric
capacity of New England Power Association installed and in operation,and
increases to 1,148,000 h.p. the hydro-electric capacity of International
Co.
Hydro-Electric System, a division of the International Paper & Powerh.p.
Located seven miles downstream from the Association's 215,000
development completed last fall, the
-electric
Fifteen Mile Falls hydro
Mclndoes station is designed to operate as an integral part of that development, effectively utilizing the flow of the river after it has turned the
generators at the larger plant and producing a steady flow of water for
-electric plants of the Association further downindustries and other hydro
stream. The drainage area of hIcIndoes is about 2.200 square miles, one
and three-quarters times the area of Rhode Island. and the reservoir back
of the dam covers 540 acres.
Construction of the Mclndoes development was started in March last
year and work went on rapidly in the following 12 months. The development consists principally of a concrete spillway founded on ledge extending
from the New Hampshire side across the river, with the intake and power-V. 132, p. 2965.
house built in as part of it.
-Earnings.
Jamaica Public Service Co., Ltd.
-1930.
Calendar Years
$773,846
Gross earnings
426.248
Operating expenses
36,251
Taxes
1929. ,
$752,886
415,164
29.977
$311,347
12,600
$307,746
$323.947
90.579
$307.746
69,354
Balance
$108,598
-The Federal Public Service Corp. charged against its "Paid-in
Note.
Net earnings
• .Surplus" account the amortization of debt discount and expense on its Income from other sources
funded debt, applicable to the current year, amounting to 538,404. Ac-V. 131,
cordingly, no charge has been made above for this amortization.
Total
p. 1894.
Interst charges
-Earnings.
Federal Water Service Corp.
$238.391
5233,367
Balance
284.321
For income statement for 12 months ended Jan. 31 see "Earnings De.. Prior surplus
359.789
-V. 132, p. 2964.
partment" on a preceding page.
$522.712
5593.157
Total
80.000
85.000
-7th Ave. Bus Project Rejected:
- Retirement reserves
Fifth Avenue Coach Co.
1.673
49.253
-cent-fare bus line on Seventh Net direct charges
The plan of the company to operate a 10
52.500
to Varich and Preference dividends
52,500
Aye., from 57th St., N. Y. City, through Times Square
17,580
17,500
Canal Sta.t was rejected April 21 by the Committee of the Whole of the Preference B dividends
11,250
306.283
Board of Estimate.
Ordinary dividends
The committee rejected also the company's plan for short lines on West
•
$359,789
$82,621
Reserves and surplus at end of year
11th and West 12th 8ts., linking the proposed Seventh Ave. route with its
main line on Fifth Ave.
Comparative Balance Sheet Dec. 31.
The Seventh Ave. route incorporated in the company's blanket applica1929.
Liabilities
1930.
1929.
1930.
Assetstion for bus franchises on more than a score of lines, was stricken out on
_53,737,693 83,188,669 Ordinary shares_ - 8750,000 $750,000
motion of Borough President Samuel Levy of Manhattan. who objected Plant& property_
750,000
48,361 Preference shares_ 750,000
81,915
-cent-fare bus lino on a congested highway now used by Cash
to having a 10
250,000
250,000
56,111 Preference B she_
78,482
-cent-fare surface cars, lie pointed out that the proposed line also would Accts.receivable
.5
937,500
122,145 lit mtge. bonds- -- 2,000,000
-cent-fare bus line if pending plans to substitute buses for Materials & supple 116,747
compete with a 5
50.000
75.000
999 Notes payable_ _ 2,554
Prepayments
trolley cars were carried out.
33.155
27.177
172 Accounts payable_
The committee eliminated the short lines on West 11th and West 12th Sinking funds
15,352
17,127
18,644 Accts. not yet due_
25,308
.Sts. after Henry H. Curran, former president of the Board of Aldermen, Unadjusted debits
30,008
26,185
Tax liability
registered the protest of practically all property owners in the neighbor- Unamortized debt
had
204,660
208,125
Retirement res _ _ _
discount & exp._ 224,679
hood of 'Washington Square. The company made no protest when the
Approp. res. for re.committee deleted from its application the proposed route on Morningside
12,053
28,187
tirements
-V. 131, p. 3528.
Drive from 110th to 120th Sts.
40,584
41,054
Operating reserves
11,903
Unadjusted credits
General Water Works & Electric Corp. (& Subs.).
359.789
82,621
Reserves & surplus
1930.
Calendar Years---- -1929.
-Gross revenues & other income
$7,551,739 57.500,001
$4,267,378 $3,433,101
Total
$4,267,378 $3,433,101
Total
Operating expenses
3,805,319 3,383,823
Interest charges
2,511.193
1.930,351 -V.131, p. 1894..
Provision for retirements
402,883
538.764
-Listing of $27,000,000
Kansas City Power & Light Co.
Amortization of debt discount & expense
175,506
166,814
Other deductions
*6% Series.20,939 18t Mtge. Gold Bonds,,
authorized the listing of 427,000,000
The New York Stock Exchange has
Balance
$656,838 $1,489,611 1st mtge. gold bonds 4 % series, due 1961 (see offering in V. 132, p.849).
Earns, of subs
2,091
640,293 -v. 132, p. 2761. 217s.
Net income available for dividends
$654.747
Balance-Jan. 1
207,716
Surplus arising from reduction of stated value of
class B common stock
2.000,000
Add Surplus arising from appraisal of fixed assets
2
.374,142
ofsubs
24.608
Net credits to surplus
Total surplus
Preferred dividends
--Class A common dividends
. Subsidiary companies (since acquis.) diva
Balance
5849,318
3,023,789
-Earnings.
Keystone Telephone Co. of Philadelphia.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 132. p. 2386.
Department" on a preceding page.
-Earnings.
Los Angeles Gas & Electric Corp.
33,332
$5,261,213 53.906 439
341,251
261.423
528,310
154:110
307,567
273,324
64,084,084 $3,217,583.
1928.
1929.
1927.
12 Afos.End. Dec.31- 1930.
$24,115,777 $23,902,896 $22,318,592 $21.633,281
Gross earnings
13,359,109• 12,556,123 12,024,342 11.757,019
Opel. expenses & taxes
2.483.126
2,480,611
2,449,568
2,533,664
Int. charged to oper
3,030,939 12.673,545
1 3.508,454
2.461,506
Depreciation
- 1 253,601
227,516
Amortization
Bal.for dive. & surplus $4,767,694
85.832.708 .$4.917,537
$4,653,576
FINANCIAL CHRONICLE
3146
Balance Sheet Dec. 31.
1930.
1929.
Assets$
$
19,517.084
Plants & equip_112,335,125 103,667,636 Pref. stock
Corn. stock_ _ _ 20,000,000
Bubscrip. to cap.
stock
10,784
13,217 Bonded debt_ _ _ 48,282,000
4,024,683
Sinking funds
1,632,719 1.513,825 Current liab
194,974
Current assets_ - 5,136,256 5,800,783 Divs. accrued
828,704
Deferred debits_ 3,201,224 3,779,624 Deferred credits.
21,900,106
Reserves
7,568,558
Surplus
Total
122,316,110 114,775,085
-V. 132, p. 1221.
Total
19,483,212
20,000,000
48,282,000
4,211,905
194,483
765,220
17,325,856
4,512,410
122,316.110 114,775,085
-Earnings.
Lone Star Gas Corp.(& Affil. Cos.).
1927.
1928.
1929.
Calendar Years1930.
Gross earnings
$19,990,724 $18,210,710 $15.080,140 $13,692,177
Opera. exp., has purch.
7,122,225 6,883,923
10,239,547 8,380.831
& taxes
Operating income__ $9,751,177 $9,829,880 $7,957,915 $6,808,254
2,136,849
Deprec. & depletion_ _ _ _ 1.701,845 2,076.808 2,054,783
Net earns,from oper__ $8,049,332 $7,753,071 $5,903,132 $4,671,405
243.357
87.711
90.319
166.778
Non-operating income__
$8,216.110 $7,843,391 $5,990,843 $4,914,762
Grans income
1,084,861
1,166,038
1,302,810
Int.on cure.& fund. dt._ 1,753.524
Net earns, for the year $6,462,586 $6,540,581 $4,824,805 $3,829,901
520,133
Preference dividends_.._
2.732,678 2,253,846
4,319,863} 2,911,518
Common dividends
33,649
Pref. divs, of subs
$1,588,941 $3,629.063 $2,092,127 $1.576,055
2,480,803
3,849,969
5,883,676
9,481,902
Balance,surplus
Previous surplus
Total surplus
Adjustments
$11,070,843 $9,512,739 $5,942,096 $4,056.858
206,889
58,420
30,837
104,256
Profit & loss Surplus..-$10,966,587 $9,481,902 $5,883,676 $3,849,969
Slut. of stock outstanding
3.595.841 x1,458.850 x1,099,326
(no par)
4,557.131
$3.48
$1.82
$3.31
Earned per share
$1.29
x Par $25 per share.
Consolidated Balance Sheet Dec. 31.
[Inter-company transactions eliminated.]
1929.
1930.
1929.
1930.
$
Liabilities-$
$
Assets-.
470,900
498,000
Property acct _ _137,861,488 119,215,222 Stock of subs___
52,893 634% cum. pref.
Securities owned 3,123,779
8,000,000 8,000,000
2,002,174 1,744,237 stock
Cash
73,465 Common stock -x52,803,547 35,954,075
681,308
Notes receivable
Accts.receivable 3,697.310 2,750,228 Subscr.tocap.stk. 3,675,719 4,282,545
Material &sum). 1,519,995 1,551,355 Funded debt--- 26,842.000 29,747,500
1,577,000 4,054,000
122,096 Notes payable
120,871
Prepaid accts.__
1,513,631 1,654,672
619,102 Accts. payable
599,248
Other assets-Deferred charges 1,533,202 1,583,161 Customers'dew. 1,806,330 1,742,047
Accr. taxes &int.
675,343
707.703
Accr. for diva.
on pref. stock
87,067
11,215
12,679
Misc. curt'. liab.
Miscell. reserves 1,548,879 1,580.578
Res. for deprec.
& depletion 20,668,762 19,757.350
Capital surplus_ 1.208,878 1,208,878
Surp.from property appraisal 19,249,693 9,063.654
Earned surplus_ 10,966,585 9,481,902
[Vou 132.
of 278,300 common shares in 1929. Including company's equity of
$99,451 in subsidiary companies' undistributed surplus, total net income
for 1930 was $7.99 a share, on common stock, against $7.70 a share, in
preceding year.
Consolidated Income Account Years Ended Dec. 31 (and Subs. Co.)
1928.
1927.
1929.
1930.
Oper. rev. & other inc_ 427,996,895 $28,773,515 $25,573,001 $23,994,780
Oper. exp. & taxes (Incl.
charge for retirement) 18,114,926 18,996,369 16,949,423 17.344,170
Rentals of leased props_
873,858
877,552
894,833
Net open income_ - - - $8,987,135 $8.899.594 $7.749.720 $6,650,610
Profits on sale of secs, to
1.138,004
1.074,723
1,351.298
sub. cos. & others---- 1,338,092
Total income
$10,325,227 $9,974,317 $8,887.725 $8,001,908
2.780,979
3,113,292 2,778,407
Int. on funded debt__ _ 3,583,222
317,730
Amort,of disc, on secs- 583,718
567.666
472,454
150,000
150,000
Conting, res. appros
150,000
75,000
Divs. & earns, accruing
1,276,860
1.138,916
to outside sub.sh'hldrs 1,478,990
1,406,888
Net income avail. for
Midland Util. Co. diva $4.715.560 $4,736,471
Divs. decl. pay, to outside hides. of Midland
3,610,106
Util. stock
3,881,070
$4,098,739 $3.614.283
3.357.790
2,918,538
$740,949
$695,745
$834,489 $1,126,365
Balance
Sales of electrical energy in 1930, according to the report, totaled 411,743.k.w.h. sold in 1929, an Increase of
732 k.w.h. compared with 385,943,286
6.69%. In addition 66,202,324 k.w.h, were supplied to electric railways
operated by subsidiary companies. Sales of gas in 1930 totaled 9,445.4:31.088 Cu. ft. compared with 10.475,514.618 Cu. ft. in 1929, a decrease
of 9.83%.
At the end of 1930 subsidiaries of the company were furnishing electric
light and power, gas or transportation service to 318 communities in Indiana, Ohio. Michigan and Illinois, having an aggregate estimated population of 1,069,955. In addition interurban railways of subsidiary companies have terminals in Chicago and Indianapolis, providing regular
service to an additional estimated population of :3,740,599. Motor coach
terminal facilities are also maintained in Chicago. Electric service was
being supplied in 248 communities and gas service in 71. Seventy-eighth
communities were being served with interurban electric railway or motor
coach service and seven communities were being served with local electric
railway or motor coach service. Six communities received water service.
Subsidiary companies expended approximately $16,862,246 for improvements and betterments of plant and equipment during 1930.
Condensed Balance Sheet Dec. 31 (Midland Utilities Co.)
1929.
1930.
1929.
1930.
$
Liabilities$
Assets
Current assets____10,782,385 11,978,755 Pr.lien 7% cum.stk12,450,000 12,450,000
425,261 6% prior lien stock 9,750,000 9,750,000
Deferred charges.- 410,098
Reacquiredsecurs. 3,710,401 3,637,817 Pref.7% cum.stk_14,518,000 14,518,000
Pref.6% cum.stk_ 4,600,000 4,600.000
Securs. contracts,
&c-- _55.127,377 47,644.473 Common stock-- -x4,398,000 4,398,000
8,000,000 9,500,000
Funded debt
Current liabilities_ 7,805,460 3,653,681
Subscrip.to capital
stk.Nor.Indiana
Pub,Ser. Co_ 2,900,000
Def. payments on
12,134
much. contracts
926,993
Res. for coating- 1,005,746
4,603,056 3,877.497
Surplus
70,030,261 63,686,305
Total
Total
70,030,261 63,686,305
x Represented by 278,300 shares of no par value.
Consolidated Condensed Balance Sheet Dec. 31 (Co. and Subs.)
1929.
1930.
1929.
1930.
151,139,374 127,711,759
151.139,374 127,711,759 Total
Total
$
$
LiabilitiesAssets$
$
132. P. 1990.
Current assets__ 12,714,843 13,180,464 Prior lien stock_ 22,200,000 22,170,000
x Represented by 4,557.131 shares (no par)
Deferred charges 7,912.330 6.338,741 Preferred stock- 10,118,000 19.014,500
- Sink. & ret. fdsMarconi's Wireless Telegraph Co., Ltd., London.
9,711 Common stock_ 9,475,448 x8,735,778
29,661
Reacquired
-See Cables Invest, in secs. 3,985,707 3.637.817 Minor.stock hol.
Final Date for Exchange of Stock June 30 1931.
equity in cap'l
out-V. 131, p. 786.
& Wireless, Ltd. above.
side companies 7,199,603 7,713,004 &surp.of subs. 26,617,916 21,611,372
Funded debt_ - _ 77,606,761 67,348,761
Fix.assets, good-Sales Continue Increase.
Memphis Natural Gas Co.
will, do
140,937,202 125,010.129 Current Habib__ 7,818,108 8,137,427
Def.pay.on purThis company, affiliated with the Appalachian Gas Corp., reports sales
969.564
822,853
chase oblig.ace
of natural gas for March of 953,114,200 cubic feet. against 798,451.500
Retirement and
cubic ft. for March last year, a gain of over 19%. Sales for the 12-mo.
reserves 8,992,196 7,757,042
feet, against 7,877,other
period ended Mar. 31 1931 totaled 9,546.226,900 cubic
145,424
128,062
Unadj. cred., &c
078,080 for the preceding 12-mo. period, a gain of over 21%. Gross
----- --revenues from the sale of gas only during Mar. 1931 were $172,413, against
172.779.346 155,889,867
$145,397 for March last year, a gain of over 18.6% •
172,779.346 155.889.867 Total
Total
Vice-President D. C. Shaffer. in commenting on the report, pointed out
x Represented by 278,300 shares of no par value of which $4,398,000
that the large gain in consumption during March is in line with the upward stated capital and $5,077,448 surplus.
-V. 132, p. 310.
trend of the past few months. February gain having been 16%, while that
-Earnings.
for January was 12%; the gains, recorded despite an unusually mild winter,
Missouri Gas & Electric Service Co.
being due to greater demands resulting from increased industrial activity
1927.
1928.
1929.
1930.
Calendar Yearsand substantial additions of new customers. Mr. Shaffer also pointed out
$673,067
$633,484
$700,479
$721.504
that the company's main pipeline now terminating in Memphis, Tenn., will Operating revenues
501,207
478.182
526,030
526.413
this year be materially lengthened by the building of an extension to Oper.exps.(incl. taxes).
Jackson. Tenn. This line will serve intervening territory through arrange$171.860
$155,301
$174,449
Net oper. income_ - _ - $195,091
-V. 132, p. 1991.
ments made with West Tennessee Power & Light Co.
1.787
1.606
2,635
4,711
Non-oper. income
Midland United Co.
-Acquires Control of Gary Heat,
$173,646
$156,907
$177,084
$199,802
Gross income
72,188
55,762
Light & Water Co.
79,532
89.165
Mt. on funded debt_ _ -Amortiz,of debt discount
President Samuel Insull, Jr., has issued the following statement:
5.227
5,731
and expenses
"The announcement made by the United States Steel Corp. regarding the
27,528
34,095
16,309
21.818
proposed change in control of the Gary Heat, Light & Water Co. speaks Mace!. amortiz. & int_ _
for itself. Further comment on this aspect of the matter is at once super$68,703
$67,050
$75,512
$88,819
Net income
fluous and improper. Consummation of the proposed change will be the
36,498
36,498
35.730
32,863
result of many formalities. At present the time to be consumed in completing Prior lien dividends---18,000
18,000
21,933
34,596
Preferred dividends..- -them cannot be foretold.
"The proposed change in the control of the Gary Heat, Light & Water
$14,205
$12,552
$17,849
$21,360
Balance, surplus
Co. does not of itself pre-suppose any change in the type of service rendered
75.144
60.693
88,453
92.909
Profit and loss,surplus.._
to the Gary company's customers.
"At the present time, and until the transfer is completed Midland United Shares of common out7,444
x5,600
7.730
8,304
standing (no par)- Engineers will not even be in possession of the facts which they must have
$2.24
$1.91
$2.39
$2.57
before they can even start the complicated studies which along can answer Earns. per share on com.
X Par value $100 per share.
the question of whether or not 60 cycle energy will bo made available in
Sheet "December 31.
what degree, and under what conditions.
Gary. and, if so. to
Comparative Balance
1930.
1929.
Liabilities
"The completion of the proposed change in ownership will open the
1029.
1930.
Assetsway for the start of these studies. When they are concluded, the Gary Fixed capital
$3,683,255 $3,279,207 7% prior lien stock $467,400 $477,500
464,900
Heat, Light & Water Co. will lay the results before its customers through Cash80,540
84.117 $6 pref. stock..._.630,000
773.000
-V. 132, p. 2966.
10,308 Common stock_ -- 830,400
their proper representatives."
11,798
Notes receivable
5,300
9,600
134,901 Cap,stock subscrib
Accts. receivable-- 137,350
-Annual Report.
1,739,200 1,534,000
Midland Utilities Co.
458 Funded debt
454
Interest receivable
65,103
52,462
Accounts payable_
70,055
Earnings for Calendar Years (Midland Utilities Co.)
78,377
Materials dr supp_
14,262
12,632
5,531 Consumers'deposit
5,136
1928.
1927.
1929.
Prepayments
1930.
17,602
15.330
Dividends declared
$5.812,450 $5,867,311 $5,405.085 $5,058,349 Subscribers to capiTotal income
1,523
1,666
3,289 Miscell. cure, liabtal stock
1,496
exp., incl. admin.,
Total
38,780
33,539
16,770 Accrued liabilities_
12,168
assets.._._
918,719 Miscell.
489,479
817,538
476,569
&c.,charges
303,149
177,051 Adv.from affil co's 249,696
Deferred debits_- 183,153
Int on loans and serial
43,056
20,156
4,700 Reserves
1,500
450,042
444,413 Reacquir.securities
667.063
644,773
gold notes
88.453
92,908
Surplus
150.000
150,000
150,000
75,000
-- Approp.as res. for cont g
14,195.232 $3,786,388
Total
54,195.232 $3,786,388
Total
Net Inc. for the year__ $4,616,108 $4.560.769 $33,987,565 $3.545.218
1.076,217 -V. 131. p. 3043.
1,364,683
1.357,952
Divs,on prior lien stock- 1,277,319
Divs, on class A & B
-Adds Properties in Ohio.
1,128,055
1,275,619
1,235,754
National Electric Power Co.
1.212,251
preferred stock
Light & Power Co.
725,092
720,014
1,016,400
1.391,500
President Harry Reid announces that the Buckeyeof Philadelphia have
Common dividends- through Paul & Co., Inc.,
and subsidiaries, acquired
Propor, of sub. cos.' agjust been added to the company's system.
greg. undistrib. stup.
centred principally In
Cr.74,819
Operations of the newly-acquired companies are
accruing to company_ Cr.99,451 Cr.175,702 Cr.118,839
the State of Ohio, where electric service is furnished to about 50 communi$740,949
$695,746 ties. The companies have about 5,100 electric customers and electric
$834.489 $1.126,365
Balance
annually.
The net income for 1930 after dividend requirements on 7% and 6% revenues in excess of $250,000adjacent to the territory of the Ohio Electric
The communities served are
prior lien class A and class B pref. stocks, is equivalent to $7.64 a share on
Electric Co., affiliated
a share. Power Co., and the Columbus Delaware & Marion
278.300 no-par shares of common stock, and compares with $7.07
APRIL 25 1931.]
FINANCIAL CliiiCKECLE
3147
companies in the National group. The new properties will be operated in
New York Telephone Co.-'--Acquisition-Director.conjunction with these companies, Mr. Reid stated, and substantial operThe I.
-S. C. Commission
ating economies are expected as a result of co-ordinated management.
- pany of the properties of theApril 9 approved the acquisition by the comWest Berne Telephone Co.
V. 132, p. 2966.
Chester B. Lord, President of the First National Bank, Binghamton,
N. Y., has been elected a director.
-V.132, p. 2763,2583.
Nevada-California Electric Corp. (& Subs.).
-Earns.
12 Months Ended Dec. 31Gross operating earnings
Operating & gen. exps. & taxes
1930.
1929.
1928.
$5.672,386 $5,674,700 $5,461,340
2,704,324 2,791,972
2,341,230
Operating profits
Non-operating earnings (net)
$2,968,163 $2,882,729 $3,120.110
140,286
196,152
133,119
Total income
$3,108,448 $3,078,880 $3,253,229
Interest
1,464,275
1,487,231
1,473,200
•
Depreciation
689,673
628,725
602,750
Discount and expense on securs. sold97,488
96,629
97.147
Miscell.add'ns & deducts.(net credit) Dr.7,595
129,513
44,480
Niagara Hudson Power Corp.
-Earnings.
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2763.
Northern Indiana Power Co.
-Proposed Merger.
-
See Central Indiana Power Co. above.
-V.131. p. 629.
North West Utilities Co.
-Annual Report.
-
Income Account for Calendar Years (Company Only).
1929.
1930.
1928.
1927.
Int. rec. & accrued
$118,515
$91,519
$32,001
$11,893
Interest on bank balance
2,977
1,954
Dividends on stk,ofsubBurp.,avail,for red,of bds..divs.&c $849,417
$995,809 $1,124,612
1,285,937
sidiaries cos
1,643,970
1,163,965
1.024.989
Dividends on preferred stock
777,427
703,913
669,383 Sale ofsecur. to outsiders
40,825
18,816
4,411
stock of subs. not held
Divs.on
181
178
158 Miscellaneous income
3.740
999
14,897
Balance
$71,809
$290,619
$455,071
$1,779,335 $1,424,998 $1,215.781 $1.041,294
Total income
48,995
34,782
Administration expense_
46.787
43,150
Comparative Consolidated Balance Sheet, Dec. 31.
35.672
10,757
Interest
60,600
745
(Inter-Company Securities and Debts Eliminated.)
10,292
Taxes
1929.
1930.
1930.
1929.
AssetsLiabilities
$
Net income for
$997,398
$1,686,585 $1,315,403 $1,170.242
Prop.dr equip.,&e 45,280,557 43,450,246 Preferred stock--_11,138,800 10.039.200 Previous surplus year
611.470
711,766
850,110
530,308
Common stock-. 8,531,800 8,503,900
Net add, to assets
Stock of sub, cos.
based upon the
Total
$2,536.695 $2,027,169 $1,781,712 $1,527,706
aeguls.of stk.s.of
not held
4,201
4.151 Divs. on 7% prior lien
Prems, rec, on
sub. by Nevada271.532
305,730
291,868
304,178
Preferred stock
17,374
Calif. Elec. Corp 3,280.722 3,280.722
pref. stock
17,368 Divs. on 7% pref. stock.
407.528
425,241
353,858
350.918
Invst's in, & cons.
---- -25,500
Divs.
144,000
advs.to, control.
19,692,173 18,564,619 Divs,on $6 Pref. stock
on com. stock
cos., &c
662,977 Disc, on stock of
626,631
452.163
651,327
410,357
In cash
293.786
corp. In hands of
Funds with trustee
3,022
1,178,912 1,166,600
for red. of bonds
public
2,780
$850.110
$1,011,949
$711.766
$611.470
Surplus, Dec. 31
Curr. assets & inv. 2,825,221 3,639.420
Consolidated Earnings Statement of the Subsidiaries for Calendar Years,
Net cap. in stk-18,513,262 17,398,018
Prep. insur., taxes,
1928.
1929.
expenses.
1930.
1927.
53,094
50,704 PaymIs rec. on
subsea. to prof$15,665,334 $12,790,147 $10,990,172 $10,637,414
Disc. & exps. on
591,961 Gross earnings
Bonds & debent's-28.503.000 28.602,400 Oper. exps., taxes, &c
funded debt &
9,820,666 8,118,589 6,928,501
6,881,285
Current liabilities_ 1,034,046 1.079,879
prem. pd. in bd.
Soap, credit Items. 232,954
red. in process of
Net earnings
$5,844,668 $4,671,558 $4,061,671 $3,758,129
251,994
4,085,302 3,692.199 Rentals of leased prop_ amortization -.._ 2,592,289 2,709.747 Res, for deprec
24,310
25,581
24,310
24,310
Res.for fire ices,&c 333,633
1,645.469
1,488,944
2,110,365
1,451,925
293,097 Bond. deb. & other int
1,959,099 1,887,290 Amort. of disc. on secur_
Surplus
137,374
121.274
214,920
102,627
-Divs, on stock & proper.
54,661,298 53,796,841
Total
54,661,298 53,796,841
Total
of undistrib. earns, to
1,154.523
1,019,147
1,525,096
878,977
outside holders
-V.132, p. 2386.
New England Public Service Co.
-Moves Floating
Power Station.
The floating steam generating plan "Jacoma." stationed at Buckport,
Me., since last November where it has been supplying Auxiliary power
to the Central Maine Power Co. system, is being moved to Portsmouth,
N. H., the only deep-water harbor in that State. Arrangements have been
made there to connect the ship with the Public Service Co. of New Hampshire, at Dover. another operating subsidiary of the New England Public
Service Co., which owns this floating plant, capable of generating 20,000
kilowatts.
Indications of a slow yet consistent mend in general industrial conditions throughout the major part of the section served by the New England
Public Service Co. is seen in the first three months report of its operating
subsidiaries located in Maine, New Hampshire and Vermont. Power
output, not considering the new mill of the Maine Seaboard Paper Co.,
increased better than 8%. Including the mill, a large user of electricity,
the gain over the first three months of 1930 was in excess of 20%.Y. 132, p. 2387, 1991.
New England Tel. & Tel. Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2583.
Newfoundland Light & Power Co., Ltd.
-Bonds
Offered.-Royal Securities Corp., Ltd., are offering an
additional issue of
00,000 1st mtge. sinking fund gold
bonds, 5% series due 1971 at 953j and int., to yield
over 5.80%.
Dated Jan. 1 1931; maturing Jan. 1 1971. Principal and int. (J. & 3.)
.3 able in Newfoundland gold coin at The Royal Bank of Canada St.
,
Johns, Newfoundland. or, at the holder's option, in Canadian gold coin
'
at The Royal Bank of Canada, Halifax, Charlottetown, St. John, Quebec,
Montreal, Ottawa, Toronto, Hamilton, Winnipeg. Regina, Calgary,
Edmonton, Vancouver or Victoria;in United States gold coin at the Agency
of The Royal Bank of Canada, New York, or in sterling at The Royal
Bank of Canada, London. Eng., at the fixed rate of $4.86 2-3 to El Redeemable at the option a the company at any time on 30 days' notice, as
a whole or in part, at a premium of 5% up to and incl. Jan. 1932, the
premium thereafter decreasing % of 1% each 2-yr. period up to and incl.
Jan. 1970, and thereafter without premium until maturity; in each case
with accrued interest. Denote. $1,000 and $500 c*. Trustee, Montreal
Trust Co.
CapitalizationAuthorized. Outstanding,
First mortgage bondsy$2.145,500
7% mortgage debentures, due 1949
$1,000,000
490,000
Common shares ($100 par)
2.000,000
1,500.000
x The issue of additional bonds is limited by the restrictive provisions of
the trust deed, but not to any specific amount. y Consisting of $1,345,500
61, 0 bonds, due 1949, and this issue of $800,000 of the 5A % series due
4 119,
Company.-Incorp. in 1924 under the Companies' Act of Newfoundland.
Owns and operates the electric lighting, power and tramway service of
St. John's. Population served approximately 40,000. The business has
been in successful operation for more than 30 years, and its growth since
organization of the present company is indicated by the following figures:
Light et Power Gross
Light & Power Gross•
Customers Earnings Year
YearCustomers. Earnings
4,788
1924
$353,329 1928
6,460
$456,919
4,986
1925
367,144 1929
6,784
483,745
5,588
1926
414,513 1930
7,126
503,882
1927
6,051
436,175
Sale of power has been largely increased through deliveries as
from Jan.
1931 to Dominion Steel & Coal Corp., Ltd..(for operation of
iron mines) under a contract extending to June 30 1941. its Bell island
The
calls for delivery of increasing amounts up to 4.700 e.h.p. of contract
power and such surplus power as the company may have available. primary
Is transmitted to Bell Island through 3% miles of duplicate submarinePower
Power Supply.
-Company owns a hydro-electric development of cable.
7,000
h.p. at Petty Harbour, which is approximately eight miles
transmission
distance from St. John's, and has under construction at Pierre's
Brook
about 18 miles south of St. John's
-a new hydro-electric development with
a proposed installation of 5,000 h.p. The latter plant is
expected to be
completed and in operation by July 1 1931.
Purpose.
-This issue will fund part of the cost of the
development and other additions which have been made to Pierre's Brook
the company's
properties.
Earnings.
-Net earnings of the company, after deduction of operating
expenses, income tax and maintenance charges and available for
interest
and depreciation, for the past three calendar years. have been:
1930.
1929.
1928.
Net (as above)
$300,911
$272,915
$281.389
Annual interest charges on all first mortgage bonds now to be outstanding,
$131,458.
Dividends.
-An initial dividend of 3% on common shares was paid in
1927, since when the annual dividend rate has been 4%.-V. 123, p.
3320.
Total earns. accr. to
North West Util.Co. $1,968,706 $1,709,882 $1,407.996 $1,298,290
Of the above amt., N.W.
UM. Co. rec'd & accr.
1,203
2.636
1,834
as int. on bds. & debs87,258
110,631
18,880
813
Rec'd & accr. gen. mt....
Rec'd & accr. diva. on
1,265.157
1,145,966
1,604.183
1,020,489
stock
North West Util. Co.'s
propor. of surplus
carried to aggregate
surp. accts. of sub.
cos, on their own
books
$356,265
$251,256
$243,1530.
190
Balance Sheet Dec. 31.
29.
193
1930.
Assets
-•
3,444
362,295 Accounts payable_
Cash
384.941
2,355 Adv,from affil. cos 410,000
Notes receivable....
60.000
419,800 Dividends declared 238,876
let, de diva. rec_ -- 391,301
71.161
4,187 Dividends accrued
Prepaid expenses..
5,992
7% prior lien pref_ 4,400,000
Disc.& exp.on co's
703.3 7% pref. stock__ 6,100,000
703,317
own securities
Advan.to tsb. cos. 752,775 1,232.472 $6 pref. stock-- 2,010,000
ensu
25,641.927 24,653,375 Common stock. _x13,694,825
Investments
1,011,948
Surplus
Total
27.940,254 27,377,813
Total
-V. 131, p. 3369.
x260,531 shares (no par).
$275.154
1929.
31,318
220,442
71,117
4,400.000
6,100,000
2.010.000
13,694,825
850,111
27,940,254 27.377,813
-Two Subsidiaries Ask
Pacific Gas & Electric Co.
Rehearing of Recent Rate Decision.
The San Joaquin Light & Power Corp. and the Midland Counties Public
Service Corp., both subsidiaries of the Pacific Gas & Electric Co., have
filed a petition with the California RR. Commission for a rehearing of the
recent decision of the Commission reducing electric power rates approximately $600,000 a year. The companies in the petition for a rehearing,
claim the Commission failed to allow $7.500,000 of going concern value in
rate base appraisals. The petition also says that rates on the proposed new
basis would reduce the companies rate of return to 7%,whereas,they allege
8%, at least, should represent a fair rate of return. The companies ask
that the proposed rates be suspended pending determination on a rehearing
-V. 132, p. 2967.
of the entire case.
-New Directors.
Pacific Lighting Corp.
Wallace M. Alexander. Chairman of the board of Alexander & Baldwin,
Ltd., and prominently identified with the Matson Navigation Co., Honolulu Consolidated Oil Co., Home Fire & Marine Insurance Co., and other
corporations, has been elected to the directorate of the Pacific Lighting
-V. 132. p. 2585, 2179.
Corp., to succeed Frank L. Taylor, resigned.
-To Change Capital
Pacific Public Service Co. (Del.).
-Right to Reinvest Class A Dividends Discontinued.
Structure.
The directors on April 7 declared the regular quarterly dividend of 32%
cents per share on the class A common stock. Payable on May 1 1931. to
holders of record April 18 1931.
The company being completely financed by its recent $8,000,000 note
issue, the directors discontinued the right heretofore afforded to A stockholders to invest the cash dividends declared upon their stock in purchases
of A common at $13 a share.
The directors also called a special meeting of the A and B stockholders
to be held on June 10 1931 at which holders of both classes of stock will
each consider and vote on a plan to change the capital stock structure of
the corporation.
It is proposed by charter amendment to withdraw the present authorization for the issuance of 50,000 shares of 1st pref. stock and to change the
present A stock and present B stock into a new 1st pref. and new 2nd pref.
stock, respectively, with the same respective dividend rights per share, and
at the same time to provide a new common stock for the present holders of
A and B stock to evidence their equities in the surplus earnings of the
corporation. Conversion of the new 2nd preferred into the new 1st pref.
is likewise provided for. Under the plan part of the common stock which B
stockholders will receive will be voting stock.
In explanation of the readjustment a the capital stock structure. President R. W. Hanna said;"Any further issuance of the present A stock would
effect a dilution of the equities of the present A stockholders in the surphis
earnings of the corporation over and above the fixed dividends, to oneof which the A stockholders as a class are now entitled.
"It should seem that the A stockholders should feel it desirable to change
their present A stock into a 1st preferred security and to cancel the present
authorized but unissued 1st pref. stock of the corporation. The plan
would further simplify the present capital stock structure by providing
common stock which will give the present holders of A and B stock definitive
evidence of their interest in the surplus earnings of the corporation. It is
also proposed that whenever the earnings of the corporation are amply
sufficient for the dividends on the pref. stock, to convert the then outstanding 2nd pref. into a reduced number of 1st pref. shares. This will
3148
FINANCIAL CHRONICLE
increase the asset value of the common stock. The total dividend on the
converted 2nd pref. after conversion will remain the same as before conversion.
"The recent successful financing of the $8,000.000 note issue of the corporation provided that so long as the note issue remained unpaid the
Standard Oil Co. of California should retain control of the voting stock
and 90% of its present investment in the corporation unless the Standard
Oil Co. of California elected to guarantee payment of the notes.
"The present B stock, 90% of which is owned by Standard 011 Co. of
California, is the only voting stock of the corporation and will be replaced
as to voting rights by 200,000 shares of voting common stock, 90% of
which will go to the Standard Oil Co. In all other respects the voting
and non-voting common stock will be identical. The 200.000 shares of
voting stock will be part of the common stock to go to the holders of B
stock, representing their interest as a class in one-half of the surplus of the
corporation. On the approval of these changes by the stockholders,
application will be made to list the new pref. and common stock on the
exchanges where the present stock is now listed."
Plan of Capital Readjustment.
-The present issued capital stock consists
Present Capital Stock Structure.
of 484,130 shares of A stock (and unconverted scrip which when converted
it Is estimated will increase the A stock outstanding to not exceeding
490.000 shares) and 300,000 shares of B stock. The A stock is entitled as
declared to dividends at the rate of $1.30 a share per annum; after this, the
B stock is entitled as declared to $1 per share per annum; surplus earnings
beyond these amounts available for dividends belong as declared, one-half
to the outstanding shares of A stock and one-half to the 300,000 shares of
B stock.
In liquidation the A stock receives $25 a share, after which the B stock
receives $25 a share, and the surplus goes one-half to the outstanding
shares of A stock and one-half to the 300.000 shares of B stock.
-It is proposed to create approximately 490,000 shares
Proposed Changes.
of no par 1st pref. stock, entitled as declared to preferred dividends of $1.30
per share per annum. The present A stock will be changed into these
shares, share for share. The 1st preferred will be callable at $27.50 a share.
In liquidation the 1st pref. stock will be entitled to $25 a share. With each
share of 1st pref. stock will go one-half share of new no par common stock,
or approximately 245,000 shares.
It is further proposed to create 300,000 shares of 2nd pref. stock, entitled
as declared (but only after the dividend of $1.30 on the 1st pref. stock has
been declared) to preferred dividends of $1 per share per annum. The
present B stock will be changed into these shares, share for share. The 2nd
pref. stock will not be callable. In liquidation the 2nd pref. stock will be
entitled to $25 per share, after the 1st pref. stock has received $25 per share.
With each share of 2nd pref. stock will go 245-300ths of a share of new common stock, so as to give the present holders of class B stock an aggregate
amount of common stock exactly equivalent to the aggregate amount going
with the present class A stock.
The 300,000 shares of 2nd pref. stock, entitled as declared to $1 per share
per annum will be converted into 230,769 shares of 81.30 per share per
annum 1st prof. stock whenever the annual earnings of the corporation
available for dividends shall equal twice th3 annual dividend payable on
all the first preferred stock outstanding after conversion of the second
preferred stocic.
Of the 245,000 (approximately) shares of new common stock which goes
with the 2nd pref. stock, 200,000 shares will be voting stock to take the place
of the present voting B stock. No other stock will have any voting power.
-At present the 490,000 shares (approximately)
Effect of These Changes.
of A stock is entitled in any year as a class, after payment of $1.30 per
share thereon and after the present B stock has received $1 per share
in such year, to one-half of the surplus earnings available for dividends.
The common stock which it is proposed shall go with the new first preferred
will evidence this equity by stock certificates and will separate the indefinite
earnings feature from the fixed dividend of $1.30 per annum now payable
on the A stock.
The present authorized A stock of the corporation is 600,000 shares.
The issue of more A stock would dilute the participation of the present outstanding A stock in one-half of the surplus earnings of the corporation,
since 600,000 shares of A stock would receive the same total amount of
surplus earnings as a class as the present outstanding 490,000 (approximately) shares of A stock. By the plan proposed, the right to one-half
of the surplus earnings will be evidenced by me-half of the common stock
which will accompany the 1st pref. stock.
The present B stockholders will receive common stock equal in amount to
that given to the holders of A stock, to evidence the right of the B stockholders as a class to one-half of the surplus earnings. When the annual
earnings of the corporation are twice the annual requirements of all the pref.
stock, the 300,000 shares of 2nd pref. stock receiving $1 per annum will be
converted into 230,769 shares of 1st pref., the total dividend on which at the
rate of $1.30 per annum will be the same as on the 300.000 shares of B
stock at the present rate of $1 per annum. The future conversion of 2nd
pref. stock (into which the present B stock Is to be changed) into 1st pref.
stock will therefore not increase the amount of present dividends payable
on the B stock. The total liquidation value of the 230,769 shares of 1st
pref. stock resulting from the future conversion of 300,000 shares of 2nd
pref. stock, to-wit, $25 per share, would be $5,769,225 or $1,730,775 less
than the total liquidation value of the 2nd pref. stock or present B stock and
the conversion would thus add that additional amount to the asset value of
the common stock after liquidation of the first pref. stock.
The right to invest dividends of the corporation in the purchase of addi-V. 132. p. 2764.
tional A stock at $13 a share is discontinued.
-Earnings.
Peoples Gas Light & Coke Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 132, p. 1618.
Department" on a preceding page.
-Proposed Merger.
Public Service Co. of Indiana.
Merger of the Indiana Electric Corp. into the Public Service Co. of
Indiana (formerly interstate Public Service Co.) is proposed in a petition
filed with the Indiana I'. S. Commission.
The Indiana Electric Corp. serves a number of communities in centralwestern Indiana which lie between territories served by the Public Service
Co. of Indiana. Both companies are in the group controlled by the Midland United Co.
The transmission systems of the two companies are interconnected and
the Public Service Co. of Indiana buys a large amount of electrical energy
from the Indiana Electric Corp.
The proposed merger is in the public interest, the petition states, outlining certain of the advantages as follows:
"The bringing of the properties of petitioners into a single corporation
will make possible the maximum advantageous use thereof in serving the
public. it is believed that substantial savings will be effected in overhead operating costs through the simplification of management, accounting and other matters resulting from the elimination of one of the corporate entitles.
"The Joining under a common financial plan of these electric, gas and
other properties will give increased financial stability to these enterprises,
and will tend to insure to the communities served continued improvement
these
in the service rendered to them through the medium ofwill be properties.
capable of
"The financial structure of the surviving corporation
growth of the
the expansion necessary to meet and provide for the future
permit the financing of such growth on more favorable
properties and to
to be merged."
terms than can now be secured by the separate corporations
merger plan and to
The companies ask the commission to approve the stock, without par
161,451 shares of common
authorize the issuance of
exchange for all of the pref.
value, of the Public Service Co. of Indiana in Corp. The petition points
and common stocks of the Indiana Electric Service Co. of Indiana will
Public
out that if this Tian is followed. the
than the pref. stocks of the
then have 39,524 shares of pref. stock less prior to the merger. It is
two corporationa outstanding immediately
in the outstanding pref.
stated that this would be a reduction of 19.3%
requirements for pref. stocks.
stocks and a 20.4% reduction in dividend Co. of Indiana was supplying
Service
As of Jan. 1 1931, the Public
with gas service and 17
direct 192 communities with electric service. 25
90,700
with water. it supplies electric service to approximatelyelectric customers,
interurban
gas to 36,800 and water to 19,100. It also operates an
railway between Indianapolis and Louisville, Ky. supplying direct elecCorp. was
As of Jan. I 1931, Indiana Electric
tricity in 27 communities, gas in four and water in two. It serves approximately 4,750 customers with electric service. 1,750 with gas and 1,300
with water.
The Indiana Electric Corp. owns and operates an electric generating
,
station with a rated capacity of 60,000 kw. or approximately 80,000 h.p.
on the Wabash River at Dresser, near Terre Haute, and an extensive
[VOL. 132.
electric transmission system including a 132,000-volt superpower line, 161
miles in length.
The principal electric generating station of the Public Service Co. of
Indiana is located at Edwardsport and has a rated capacity of 32,500 kw.
or approximately 43,300 h.p.-V. 132, p. 2968.
-Annual Meeting.
Public Service Corp. of New Jersey.
President Thomas N. McCarter told the stockholders at their annual
meeting held on April 20 that while the operating subsidiaries in common
with other business organizations throughout the country had been affected
by the depression, the company has, as a whole, done very well, considering existing conditions.
Mr. McCarter said the transportation branch had been the chief sufferer
but that the electric and gas departments were holding their own and
there was no reason to believe they would not continue to do so. Mr.
McCarter pointed to the remarkable showing of electric power sales in
1930, which were but 0.7 of 1% lower than 1929.
The following directors were re-elected for a term of three years: Usal
H. McCarter, Frank Bergen, Percy S. Young, William H. Speer. and
George H. Howard.
The directors of 42 underlying companies were also re-elected as follows:
Thomas N. McCarter, Usal H. McCarter, Percy S. Young, Edmund W.
Wakelee, Landon K. Thorne, Alfred L. Loomis, John E. Zimmerman,
Edward Hopkinson Jr., and George H. Howard.
The vote cast for the re-election of the directors was 5,345,688 out of
6.951.716 total shares outstanding.
New Director, &c.
Thomas N. McCarter was re-elected for the 29th successive time as
President of the corporation and subsidiary companies at the annual
organization meeting of the board of directors. All other present officers
were renamed.
Col. Edward C. Rose of Trenton was elected a director to fill the unexpired term of David Baird Jr., who recently resigned. Col. Rose is Presi-V.132, p. 2195.
dent of the First
-Mechanics National Bank of Trenton.
-Bonds Called.
Public Service Electric & Gas Co.
All of the outstanding 1st & ref. mtge. gold bonds, 5% series due 1965,
have been called for payment on June 1 next at 105 and int. at the Fidelity
-V. 132, p. 2585, 2388.
Union Trust Co., trustee, Newark, N. J.
-Preferred Dividend.
Public Utilities Securities Corp.
The directors have declared the regular quarterly dividend for the period
ending April 30 1931 of $1.75 per share on the outstanding pref. stock, payable May 1 to holders of record April 24.
Under the resolution of the directors, the holders of the pref. stock have
the right and option to take and receive, in lieu of their cash dividend,
shares of the common stock of the Utilities I'ower & Light Corp. at the
rate of 1-20th of a share of such common stock for each share of pref. stock
standing of record in their respective names at the close of business on
April 24.
-V. 132, p. 657.
A similar distribution was made on Feb. 2 last.
-Asks Supreme Court to Review
Radio Corp. of America.
Decision Holding Patent Licenses Illegal.- .
The corporation has asked the U. S. Supreme Court to review a Philadelphia Circuit Court decision which held that patent licenses used by the
corporation were a violation of the Clayton Anti-Trust Act.
The provision of the contract, which was held illegal by the lower court,
required licensees under the Radio Corporation patents to equip radio
receiving sets which they manufactured with tubes made by the Radio
Corporation.
The suit testing the validity of this provision was originally brought in
Wilmington, Del., by the DeForest Radio Co.
The Radio Corporation desires the Supreme Court to pass upon the
question as to whether it is unlawful for a patentee to grant a license upon
condition that he shall share with his licensee in the manufacture of the
Patented article itself. The corporation believes, it is important that the
Court pass upon this question, as there are 17 different manufacturers of
radio apparatus who now have suits against the Radio Corporation for
treble damages under the Clayton Act in the lower courts. The total
damage claims in 11 suits in which complaints have been served aggregate
$48,350.000, it is stated.
-V. 132, p. 1980, 1800.
-Plan Operative.
Rochester Central Power Corp.
-V. 132, p. 2968.
See Associated Gas & Electric Co. above.
-Rate Reduction.
& Electric Corp.
Rochester Gas
The New York P. S. Commission has approved reductions in the electric rates of this company which, including decreases to be made in surare
and
rounding districts, will amount to about $430,000 a year go towhich
residence
effective April 16. About $300.000 of the reduction will remainder will
and domestic consumers in the Rochester district, while the the Rochester
be distributed between commercial and large power users in
-V.132, p.2968•
district and consumers in the district outside Rochester.
-Acquisition.
Rochester (N. Y.) Telephone Corp.
S. Commission
The corporation has been authorized by the New York P.
to acquire the Perry Telephone Co., including a municipal franchise.
-V.132, p. 2388.
-Bonds Called.
Light Co.
St. Paul Gas
6
, %. series B,
All of the outstanding gen. & ref. mtge. gold bonds, 53
been called for paydated June 1 1924 and maturing June 1 1954, have Bankers Trust Co.,
105% and interest, at the
ment on June 1 next at
-V. 121, p. 2877.
trustee, New York City.
-Earnings.
San Diego Consolidated Gas & Electric Co.
1927.
1928.
1929.
12 Mos. Ended Dec. 31- 1930.
$7.397,939 $7,322,176 $6.834,773 $6,564,213
Gross earnings
3,632,989 3,496,898
3,802,5(12
3,691,194
Opel% exp., maint. & tax
692,798
702,708
710,566
724,003
Interest
$2,809,107 $2,499,076 82,374.517
$2,982,742
Net earnings
5.045
2.868
31,482 •
3.446
Other income
$2,986.188 82,840.589 $2,501,944 $2,379,562
Total income
440,475
440.475
440,475
440,475
Preferred dividends- -- Bal. for retirem't res.,
coin, diva., amort,
$2,545,713 $2,400,114 $2,061,468 $1,939,087
and surplus
1,026,000
1,010,000
1,175,000
Approp. for retire. roe_ 1,120,000
$903,087
$1,425,713 $1,225,114 $1.051.468
Balance
Condensed Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
11
Assets7% pref.stock____ 6,292,500 6,292,500
Plant,prop.,rights.
Common stock __l0,032.500 10,032,500
franchises, &c__37,753,296 35,995,782 Funded debt
13,908,457 13,868,000
Unamor.debt disc.
1,100,000
850,440 Notes Payable
778,372
exp
341,158
4,750 Accts. payable.-- 300,544
7,450
Investments
252,805
245,093
39,913 Accr. for lot
42,428
Instil', unexpired
Accr,for taxes-- - 855,254
856,905
Deferred accts. in
477,977
377,652
29,425 Acer,for diva
61,494
Process of amor_
1.600
1,881
329,656 Other seer. 'Jahns_
Cash
486,301
94,829
Customers' dere
94,460
Accts. & notes rec.
490,294
603,360 Misc. unad. credits 467,711
652,066
-net
4,346,596 3,762,352
62,416 Retirement res
Due from Mtn. cos.
559,028
622,267
459,647 Other reserves
Mats, dc suppls--- 499,077
1,590,684 1.390,326
Surplus
-40,280,485 38,375,390
40,280,485 38,375,390 Total
Total
-V. 132, p. 2196, 129.
-New Field.
Southwestern Gas & Electric Co.
Demand for electric power in the new East Texas oil field increased 69%
in the first 11 days of April, according to James C. Kennedy, President of
the Central & South 1Vest Utilities Co., whose subsidiary, Southwestern
Gas & Electric Co., serves the new field. Power contracted in this field
Since Jan. 1 has totaled 8,800 h.p.-V. 132, p. 2767.
Apr.u. 25 1931.]
FINANCIA L CHRONICLI.'
San Joaquin Light & Power Corp.(& Subs.).
-Earns.
Calendar Years1930.
1929.
Operating revenues
*12,523.839 *11.336,744
Oper. expenses, maintenance and taxes
5,773,396 4.887,123
Rent from lease of operating property
26.046
Net operating revenues
*6,724,398 $6,449,621
Non-operating revenues
116,936
89.169
Gross income
36.841,334 36.538,790
Total interest charges
2,267,473
2.196,156
Interest charged to capital
Cr.73,272 Cr.103,433
Minority interest
2,288
2.736
Appropriations for depreciation reserves
1,596,289
1,456,488
Balance for dividends and surplus
$3.048.555 $2,986,843
Dividends on preferred stock
1,348,809
1,440,944
Dividends on common stock
1,040,000
1,040,000
Balance for surplus
$659,746
$505,899
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets3
$
$
$
Property & plant _79,500,011 76,308,318 Pref. stock of San
Cap't expenditures,
Joaquin Pow.:
current year.
4,049,920 3,191,692
Prior 7%
11,842,600 11,842,600
Sundry Invest_ ___
62,402
62,402
Prior ser. A 6% _ 2,627,600 2,627,600
Cash
Series A 7%
266,135
403,619
_ 6,468,400 6,468,400
Notes and bills reSeries B 6%-31,600
31,600
ceivable
52,174
57,932 Common stock_ _.13.000,000 13.000,000
Accts. receivable 1,201,179
984,685 Minor. int. in cap.
Material &supplies 1,139,087 1,018,332 & surp. of sub
11,615
9,326
Sundry curr. assets
3,306
28,295 Funded debt of San
Inter-company notes
Joaquin Pow.:
and accounts
1,992,158 2,100,179
& ref. M.
Prepaid accounts_
13,105
16,439
series B 6s._ _ 9,633,000 9,633,000
Reserve and special
& ref. M.
funds
8,608
6,109
series D Se... _23,747,500 24,097,000
Open accounts._ _
411,822
378,741
1st mtge. 5s. _ _ 2,018,000 2.068.000
Discount and exInter-co. accounts_ 3,126,003 3,028.940
pense on secur.... 5,561,768 5,721,812 Accounts payable_ 474,048
546,402
Sundry curr. liab_ 446,613
451,922
Taxes accrued_
843,003
742,288
Interest accrued_ _ 219,748
822,080
Dividends accrued
27,597
120,110
Sundry acc'd !lab_
33.587
26,093
Deprec. reserves 9,863,299 8.754,155
Other reserves_ _
788,597
770.739
Capital surplus._. 3,650,943
481,611
Earned surplu.s_ _ _ 5,407,921 4,756,688
Total
94,261,674 90,278,555
-V. 132, p 2585.
Total
94,261,674 90,278,555
Standard Gas & Electric Co. Earnings.
[Including Subsidiary and Affiliated Companies.]
Years Ended Dec.311930.
Gross earnings:
Public utility companies
153,732,480
Deep Rock Oil Corp. and subsid. & affli. co's
18,728,391
Totals
172,460.871
Operating expenses, maintenance and taxes:
Public utility companies
Deep Rock 011 Corp. and subsidiary & affil. co's 80,316,609
16,033,164
Net earnings:
Public utility companies
73.415,871
Deep Rock Oil Corp. and subsidiary & MTh.co's 2,695,227
Totals
*76,111.098
x Other income, net
5,575.887
Gross income
81,686,985
Interest (less interest charged to construction)
Appropriation for amortization of debt. disct.&exp. 24,017,243
912,367
Rent of leased properties
Appropriation for retirement of property & deplet.: 2.287,651
Public utility companies
15,143,035
Deep Rock Oil Corp. and subsidiary & affil. co's
726,769
Miscellaneous charges
546,985
1929.
154,616,920
18.604,300
173,221,220
80,441,200
13,956,746
74.175,720
4,647.554
*78,823,274
7.012,121
appurtenant coupons, deposited with Bankers Trust Co. as depositary
(provided the committee shall deliver not less than 60% of the outstanding
bonds of said issue), for cash at the following prices and subject to the
following conditions:
If there shall be delivered to the purchaser from 607 up to 65% of the
0
total amount of bonds issued and outstanding, at $830 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 65% up to 70% of the
total amount of bonds issued and outstanding, at $845 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 70% up to 75% of the
total amunt of bonds issued and outstanding, at $860 flat for each *1.000
bond.
If there shall be elivered to the purchaser from 75% up to 80% of the
total amount of bonds issued and outstanding, at $875 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 80% up to 85% of the
total amount of bonds issued and outstanding, at $890 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 859' up to 90% of the
total amount of bonds issued and outstanding, at $905 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 90% up to 95% of the
total amount of bonds issued and outstanding, at $920 flat for each $1,000
bond.
If there shall be delivered to the purchaser from 959' up to 100% of the
total amount of bonds issued and outstanding, at $935 flat for each $1,000
bond.
If there shall be delivered to the purchaser 100% of the total amount of
bonds issued and outstanding, at $950 flat for each $1,000 bond.
The committee consist of: Dudley F. King, Walter S. Klee, Louis C.
Bloomberg, Huntington P. Faxon, Robert M. Hopkins and Lawrence A.
Wert with Humes, Buck, Smith & Stowell, 50 Broadway, N. Y. City.
Counsel.
-V. 131, p. 2225.
United Electric Rys. Providence, R. I.
-Tenders.
The director: have authorized Ralph it. Nock. Comptroller of the company, to ask for tenders of prior Hen mtge. bonds, due Jan. 11946.series A,
6%;prior lien mtge. bonds, due Jan. 1 1946,series B.4%;gen. & ref. bonds,
due Jan. 1 1951, series A, 5%, and gen. & ref. bonds, due Jan. 1 1951.
series B, 4%.
The company has accumulated a fund of *200,000 through the liquidation
of certain assets no longer useful to the company, and proposes to reduce
its bonded indebtedness in the hands of the public by the purchase of a
portion of Its outstanding bonds.
Tenders must be made to and will be received by the Comptroller,
100 Fountain Sq., Providence, R. I., not later than noon of May 19 1931.
at which time they will be opened.
-V. 130, p. 2964.
United Light & Power Co. (Md.).-New Directors.
Frank E. Hulswit and R. L. Clark have been elected additional members
of the board.
-V. 132. p. 2968.
-Earnings.
Utica Gas & Electric Co.
Calendar Years1930.
1929.
Operating revenues
$5,361,851 $5,380,388
Operating expenses
2,355.647
2,294,451
Retirement expense
345,627
330,515
Taxes
497.505
583,710
Operating income
Non-operating income (net)
$2,163,072 $2,171,713
14.320
20,749
Gross income
Interest on funded debt
Miscellaneous deductions
$2,183,820 $2,186,032
791,673
804.597
137,801
111.751
Net corporate income
Preferred dividends
Common dividends
$1,254,346 $1,269,684
660.000
660.000
480,000 Not avail.
Balance
$114.346
$609,684
85,835,395 Shares of common stock outstanding (no par)_ _ _ _
400.000
400.000
24,460,343 Earnings per share
$1.48
$1.52
954,692 -V. 131. p. 3208.
2,468,298
-Merger.
Wabash Valley Electric Co., Clinton, Ind.
17,213,854
See Central Indiana Power Co. above.
-V. 124, p. 3632.
1,821.729
1,289,920
Telephone
Net income
38,052.933 37,626,560
Divs,on cap.stks. ofsub.& affil. cos. held by public:
Preferred stocks
12,934,884 13,849,006
Common stocks
4.361.839
4.409.670
Undistributed net income accrued to capital stocks
of subsidiary & affil. cos. held by public
1,265,626
4,980.050
Net income of Standard G. & E. Co. and undistributed net income accrued to capital stocks
ofsub.& affil. cos, held by Standard G.&E.Co. 19,490,584 14,387,834
Dividends paid and accrued on pref. stock
6.408,086
4,089,781
Surp.for year before deduc. for diva, on com.stk. 13,082,498 10,298,053
Shares common stock outstanding
2,162,607
1,562,607
Earnings per share
$6.04
$6.59
x Interest and dividends on outside investments, profits from
securities (incl. profits of parent co.from trading with the public in sales of
securities
of sub. & MM. cos.), profits on engineering and supervision fees
(incl,
those capitalized by sub. & affll. cos.), &c.
The report states that earnings of the subsidiary and affiliated
public
utility companies were adversely affected by the general business depression
and drouth conditions which reduced the output of hydro-electric
and necessitated increased steam electric generation. Deep Rock Oilpower
Corp.
and subsidiary and affiliated companies' net earnings were reduced by
ration of oil production and lower prices prevailing in the industry. proThe company's public utility system now serves a total of 1,648
munities having a combined estimated population of 6.000,000. 51 comcommunities having been added to the properties comprising the system during
1930. On Dec. 31 1930 a total of 1,617.414 customers of all classes
served, an increase during the year of 36.759 customers, or 2.32%. was
Electric connected load or business served increased 189,611
kw., or
6.07%. to a total of 3,312,475 kw. Electric energy output for the year
amounted to 4,594,752,028 kwh.. an increase of 0.94%, while gas
output
was 46.247,039,000 cubic feet, a decrease of 0.34%.
Net construction expenditures of the subsidiary and affiliated
public
utility companies during 1930 totaled $40,608,887. Electric
capacity increased 144,917 kw. during the year. As of Dec. generating
31
aggregate capacity of the generating plants of the subsidiary and 1930, the
affiliated
public utility companies was 1,539,637 kw.
The construction budget for 1931 totals $45,068,000, of
which
is for new projects, while $14,275,000 is for completion of $30,793,000
prior to Jan. 1 1931. Of the total budget. $8,229,000 is for work started
extensions to
serve new business.
President O'Brien, in his message to stockholders, said: "The
of Standard Gas & Electric Co. feel that substantial progress directors
was made
during the year in the administration of the subsidiary and
panies, and, in spite of the slowing up growth on account affiliated combusiness depression, feel confident in looking forward to a of the general
continuance of
their growth and usefulness.
"A number of rate reductions were made during 1930,
consistent with the
policy of reducing the coat of service to the public wherever
warranted.
"The development of the subsidiary and affiliated
ceeding along consistent lines, and the active commercial companies is promethods employed
are resulting in steady increases in business."
-V. 132, p. 2196, 1619.
Suburban Light & Power Co.
-
3149
-Subsidiaries
Co.
Western Power Light &
Increase Rates.
-
Increases in telephone rates have been granted to subsidiaries of this
company in four towns served by its system, it was announced by President
Nathan L. Jones on April 20. The new rates follow completion or announcement of plans for modernizing equipment at the points affected.
A new brick telephone exchange is being erected at Nees City, Kan., and
the entire system will be converted fr•m the old magneto or crank type
telephone to the modern common battery operation. Similar development
is announced for Watonga. Okla., and was recently completed at Taft, Tex.
At Weslaco, Tex.,a new switchboard has just been installed to meet growth
of service demands. The rate increases granted at these points will mean
substantial addition to telephone revenues this year.
-V. 132. p. 2968.
-Earnings.
West Texas Utilities Co.
Income Statement for the Year Ended Dec. 311930.
$6.970,662
Operating revenues
gperating expenses
x4,011,647
lincollectible bills
21.348
Taxes
425,464
Net operating income
Non-operating income
$2,512,202
135,776
Gross income
Interest on funded debt
Amortization of debt discount & expense
Miscellaneous deductionsfrom gross income
$2,647,979
1,035,835
72,411
6,225
Net income
Surplus, Dec.31 1929
$1,533,507
544,153
Totalsurplus
Dividends paid-preferred stock
Dividends paid and declared on common stock
$2.077.660
651,097
755,445
$671,118
8.825
Miscellaneous credits
Surplus, Dec.31 1930
$679,943
Balance sheet Dec. 31 1930.
Assets
Fixed capital
$43,113,969
Cash
404,535
Notes receivable
119,161
Accounts receivable
1,176,846
Materials and supellee
522,371
Prepayments
26,368
Subscribers to capital stock__
74,913
Miscellaneous assets
2,054,168
Deferred debits
2,686,315
82,344
Reacquired securities
.Ltantlates29,618,550
Preferred stock
Common stock
12,590.750
96,288
Capital stock subscribed
Funded debt
24,545,000
218,107
Notes payable
125,695
Accounts payable
217,295
Consumers' deposits
251,815
Dividends declared
5,062
Miscell. current liabilities__ _ _
719,874
Accrued liabilities
1,102,008
Reserves
90,604
Miscell. unadjusted credits
679,943
Surplus
The holders of certificates of deposit issued by Bankers Trust
Co. for
1st mortgage collateral 5h% gold bonds, series A, due 1952,
250,260.994
250,260,994 Total
Total
are
that pursuant to the call of the bondholders' protective committee, notified
a meeting -V. 131, p. 4058.
of the holders of the certificates of deposit will be held May 8, at
the office
of Bankers Trust Co., 16 Wall St., N, Y. City, for the following
-Earnings.
purposes:
Wisconsin Hydro Electric Co.
Authorizing the sale by the bondholders' protective
committee
For income statement for 12 months ended Feb.28 see"Earnings Departthe 1st mortgage collateral 5 % gold bonds, series A, together of all of
with the ment" on a preceding page.
-V. 132. p. 1415.
FINANCIAL CHRONICLE
3150
INDUSTRIAL AND MISCELLANEOUS.
[VOL. 132.
-Earnings.
Aluminum Company of America.
1927.
1928.
1929.
Calendar Years1930.
-Great Northern Gross earns, after exp-418.784,345 $34,421,804 $29,684,992 $22,612,972
Great Northern Paper Co. Acts on Newsprint Price.
Paper Co. became on April 22 the first of the newsprint manufacturers in Res.for deprec.,depl.,&c 5,417,910 5,391.792 5,572,514 5,411,569
3,439,728 2,093,379
the United States to follow Canadian manufacturers in reducing the price Res. for Fed. tax.
- 1,693,708 3,711,961
Bond prem., amort . &
&c.of newsprint. N. Y."Times" April 23, p. 14.
-The current quotation of New York
Price of Cement Lowest in 15 Years.
adjustments not affect1,393,286
1.436.084
ing year's operations- 804,042 1,189,541
City of $1.69 a barrel for cement in paper containers, less all discounts,
represents the culmination of a price war that has gained in intensity since
Net income
the beginning of the year. This price is the lowest it has reached in 15
$10,868,685 $24,128,509 $19,279,464 $13,671,940
years. N. Y."Times" April 23, po. 41.
Preferred dividends- _
8,835,750 8,849,750 8,846,250 7.745,388
Matters Covered in the "Chronicle" of April 18.-(a) Union Printers give
Surplus
day a week to aid idle; newspaper composing rooms to share 3,500 jobs for
$2,032,935 $15,278,759 $10,433,214 $5,926,552
12 weeks; book printers assessed, p. 2855. (b) B. F. Goodrich Co. reduces Previous surplus
25,938,284 10,659,525 25,530.816 19.539,260
wages, p. 2857. (c) Goodyear Tire & Rubber Co. to cut wages through reTotal surplus
classification of wage scales, p. 2857. (d) March output and shipments of
$27,971,219 $25,938,284 $35,964,030 $25,465,812
2,212,437
Portland cement continue below corresponding period in 1930; inventories Prof. city. pay. Jan. 1 1929
x23,005,995
higher, p. 2863. (e) Georgia small loan Act held invalid: Rome (Ga.) Distribution on reorganiz.
86,074 Cr.65,004
finance company loses case in Floyd Superior Court, P. 2883. (f) News- Subsy. cos. deficit
print Institute of Canada sued for $750,466 by Price Brothers Co., Ltd., of
2893.
Surplus
227.971,219 $25,938,284 810,659.524 $25,530,816
Quebec; 12 pulp and paper companies named as co-defendants, p.ng war
Earns. per sh.on 1,472,625
4)Newsprint industry In Canada reported in bad shape; price-cutti
$4.02
$7.08
$10.37
shs. corn.stk.(no par)
21.38
feared, p. 2893.
x Stock of Aluminum Limited.
-Earnings.
Abbott Laboratories.
Consolidated Balance Sheet Dec. 31.
For income statement for 3 months ended March 31 1931, see"Earnings
1929.
1930.
1929.
1930.
-V. 132, p. 1993.
Department" on a preceding page.
$
8
LiabilitiesAssets8
$
Preferred stock_147,262,500 147,262,500
-Earnings.
xLnad, plants &
Manufacturing Corp.
Ainsworth
facilities
111,502,665 112,973,683 Common stock- 7,363.1257,363,125
For income statement for 3 months ended March 31 see "Earnings Cash
3,472,497 4,840,810 Funded debt-- 38,778,000 40,205,000
-V. 132. p. 1033.
Department" on a preceding page.
3,462,498
Accts. payable- 1,851,762
Accts., notes roc.
& market.sec. 33,194,866 31,554.509 Bills payable.... 5,252.500 1,600,000
-Earnings.
Air Reduction Co., Inc.
38,282,486 29,897,521 Accrued Habil__ 9,220,835 1,529.460
months ended March 31 see "Earnings Inventory
For income statement for 3
100,889 Def. charges &
94,434
Sink.fds.for bds.
-V. 132, p. 1225.
Department" on a preceding page.
1,140,208 1,362,918
accruals
Inv. In subs. &
-Tenders. Mill. cos. not
Reserve for Fed.
Hotel (Albany, N. Y.).
Albany Metropolitan
1,425,125 3,214,884
consolidated_ 51,984,921 50,287,843 taxes. &c_ The Straus National Bank & Trust Co. of New York, successor trustee,
on April 30 receive
565 Fifth Ave., N. Y. City, will until 12 o'clock noon 6 % coupon gold Dederred charges 4,454,798 5,073,375 Conting.& other
477,524
512,454
reserve
3
bids for the sale to it of 1st mtge. fee sinking fund prices not exceeding
200,000
Subs. pref. stks
bonds to an amount sufficient to exhaust $61.000 at
2,208,938 2,212,437
Pref. div. pay
-V. 122, p. 3608.
Par and interest.
27,971,219 25,938,284
Surplus
-Earnings.
Inc.
Allen Industries,
242,986,667 234,728,631
Total
Total
242,986,667 234,728,631
For income statement for 3 months ended March 31 see "Earnings
x After amortization, depreciation and depletion of 260,340,660. y RepreDepartment" on a preceding page.
company states that the loss of $7,583 for the sented by 1.472,625 no par shares.
2969.
-V.132, p.
A statement issued by the
business which
quarter ended March 31 1931, was due to reduced volume of The statement
year.
-Earnings.
was less than half of that for the same quarter last the quarter, however,
Aluminum Goods Mfg, Co.
during
says that the volume was progressively better
1929.
1930.
Calendar
resulting in a net profit for the month of March. During the quarter, the Net sales Years$10,847,973 $14,426,511
company also put its new product, a jute liner for rugs and carpets, on a Cost of sales & expenses
9,454,468 12,777,435
products has
production basis. Heretofore the market for the company's
been almost exclusively in the automotive field.
$1,393,505 $1,649,076
Profit from operation
The new product, which is sold under the trade name of "Airytread,"
316,334
275,262
Is considered a logical step toward diversification, inasmuch as the company Other income
number of years been one of the largest jute shredders in the
has for a
$1,668,767 21.965,410
Total Income
-V. 132, p. 1225.
country.
294,319
201,996
Federal & Wisconsin income taxes
486,761
Depreciation
-Rights, &c.
Allied General Corp.
2969.
-V.132, p.
See Insuranshares Corp. of New York below.
$980,010 $1,671,090
Net income
1,785,087
2,005,774
-Subsidiary Merges With Two Surplus & undivided profits Jan. 1
Allied Products Corp.
Ohio Concerns.
President R. 0. Cunningham on April 20 announced that an agreement
has been signed by which the Indiana Lamp Corp. of Connersville, Ind., a
J. W. Brown
subsidiary of the Allied Products Corp., will merge with the Lamp Co. of
Mfg. Co. of Columbus, 0., and the Thomas J. Corcoran
Cincinnati, 0.
The merger, negotiations for which have been in progress for a number
three
of months, will be effective as of Feb. 1 1931. It brings together
Independent units which will now constitute the largest supplier of all
automotive industry.
types of lamps to the
Corcoran-Brown Lamp Co.
The name of the new corporation will be the
substantial interest in the new
The Allied Products Corp. will have a board of directors. G. P. Doll,
its
company and will be represented on
Co., will be President of
President of the Thomas J. Corcoran Lamp various organizations willthe
be
new corporation, and the personnel of the
held practically intact.
Commenting on the merger, Mr. Cunningham said: It Is expected
consolidation which will be
that many economies can be effected by thisis also expected that the new
of large benefit to the new corporation, and itelectrical field, including the
its activities in the
corporation will extend
manufacture of electrical switch-boxes, meter cabinets,flood lamps, directional signals, &c.
"During the past two years," Mr. Cunningham added. "great economic
changes have taken place within the lamp industry which have reduced
Such changes
the volume of business available to manufcturers.
affected the Indiana Lamp Corp. as well as others and resulted in a suba
factor in
stantial loss in its operations for the year 1930, and was large believed
It is
the loss sustained by Allied Products Corp. for the year.
that the interest of Allied Products in the merged companies will yield a
satisfactory return on its Investment." Corp.'s activities are being conPlans for extending Allied Products
to .be made to
sidered and announcement concerning these is expected
stockholders in the near future.
Consolidated Income Account for Calendar Years.
1929.
1930.
$15,102 $1,030,155
Consolidated net income
138,149
153,830
Depreciation
90,594
Federal tax
Net loss
Class A dividends
Class B dividends
038,728 prof$801,411
175,000
175,000
37,500
75,000
Balance, loss
Earns, per sh. on 75,000 shs. class B stks.(no par).
-V. 132, p. 2587.
$388.7285urP$588,911
Nil
$8.35
-Earnings.
Allis-Chalmers Mfg. Co.
ended March
For income statement for 3 months132, p. 2969. 31 see "Earnings
-V.
Department" on a preceding page.
-Earnings.
Alpha Portland Cement Co.
Total surplus
Dividends paid
Adjustment of prior years income taxes
32,985,784 0,456,177
1,437,985 1,437,893
12,510
18,192
$1,529,607 0,005,774
Surplus & undivided profits Dec. 31
Shares common stock outstanding (no par)
1,200 000 11,198,244
$1.40
Earns, per sh.00 1,198,244 shs. com.stk.(no par).
$i).132
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
A ssets--Liabilities
$
328,048
Cash
2,041,503 3,901.817 Accounts payable_ 188.496
359,473
Accts.receivable.. 929,808 1,009,635 Dividends payable 357,987
46,846 Accrued labor &
Notes receivable
43,836
123,392
85,097
commissions
Inventories
2,943,160 4,147,413
300,133
Income taxes Day- 203,192
Treasury stock_ _ 102,396
.
215,609
50,157 Accrued local taxes 214,759
Accrued int. me_ 106,130
Invest. (at cost)._ 3,950,250 1,492,491 Common stock_ _c14,224,840 14,163.396
291,427 Surpl. & undivided
Real estate
291,766
1,529,607 2,005,774
profits
Buildings
a3,535,007 3,559,617
Mach. de equipm1b2,063,235 2,013,855
005,841
740,810
Other assets
76,728
56,076
Deferred charges
16,803,978 17,495,827
16,803,978 17,495,827 Total
Total
a After depreciation of $1,087,990. b After depreciation of $3,994,057.
-V.130, p. 2774.
c Represented by 1,200,000 no par shares.
--Earnings.
(& Fully Owned Subs.).
Aluminum,Ltd.
1929.
1930.
Calendar YearsGross earnings, after deducting all expenses, in- $2,748,941
24,208,059
cident to operations
1.624,545
1.593,623
Reserves for depreciation and depletion
155,829
235,415
Reserves for income taxes
442,000
Dividends accrued on preferred stock
$526,567 $2,379,020
Balance,surplus
2,687,163
308,143
Previous surplus
def110,772
Sundry adjust, not affecting year's operations
$3,102,959 $2,887,163
Profit and loss surplus Dec. 31
.92
$4.15
Earns, per sh. on 572,678 shs corn, stock (no par).
V. 131, p. 3879.
American Asphalt Roof Corp., Kansas City, Mo.Omits Common Dividend.
The directors have declared the regular quarterly of $2 per share on the
March 31, but
Prof. stock, payable April 15 to holders of record$1.50 per share omitted
Jan. 15
the dividend on the common stock, which paid
last.
-V.122. p. 1919.
-Protective Group OpBond & Mortgage Co.
American
For income statement for 12 months ended March 31 see "Earnings poses Plan of American Bond & Mortgage and Backs Inquiry.
Department" on a preceding page.
A despatch from North Attleboro, Mass., to the N. Y. "Times" says:
31.
Consolidated Balance Sheet March
independent protective committee, formed to protect
Members of an
1931.
1930.
1930.
1931.
the interests of thousands of bondholders in real estate projects financed
8
8
Liabilities8
8
Assets1
by the American Bond & .1/1ortpge Co., which has issued more than 280,7% pref.stock__- 2,000,000 2,000,000 000,000 in bonds to about 50.01W investors in all parts of the East and has
Land, bldgs.,mach.,
.
equip., &c_ _ _x20,757,927 21,774,004 Common stook- _y24,134,500 24,134,500 defaulted in interest in many of the projects, met April 18 at the Manu424,686
4,535,142 1,873,677 Accounts payable_ 274,427
North Attleboro.
Cash
210,519 facturers National Bank,lasting several hours, they voted to send a letter
100,000 Federal tax, &e.._ _ 177,812
In an executive session
Call loans
533,250
125,000 2,500,000 Divs. payable_ ___ 177,750
secured upon Pelham Hall, an $1,800,000 apartment
of deposit
Ctfs.
719,979 to holders of bonds
912,688
Reserves
bondholders did not apU. S. Government 1,861,200 1,362,975 Earned surplus__ 3,240,274 3,753,735 hotel in Brookline, expressing the belief that the which became
financially
bonds.&e,
prove of the reorganization plans for the project,
adWork, funds,
involved in 1926.
186,123
202,807
In addition to properties in New York and Florida, Pelham Hall is the
vances, &o
511,841
524,983
third project in Greater Boston in which the protective committee has
Accts. & notes rec_ 2,423,555 3,039,085
being adequately
Inventories
charged that the interests of the bondholders were not to
273,039
committee, formed
reorganize the
Miseell. invest_ _ _ 290,055
protected by the so-called ChicagoBoston developments are the
155,925
Warwick
The other
_ _ 196,782
affairs of the company.
Deferred Items_
Street.
30,917,451 31,776,669 and the 250 Beacon chairman is Ernest 0. Mulvey, cashier of the Manu30,917,451 31,776,669 Total
The committee's
Total
-V. 131. 1). 3371.
depletion, &c. y Represented by 711.000 no par facturers National Bank.
x After depreciation,
-V. 132. P• 2198.
shares.
Boveri Electric Corp. (&
-New President.
Co., N. Y.
(B.) Altman &been elected President to succeed the late
has
John S. Burke
Michael Friedsam.
p. 2769.
Colonel
-V.132,
Mr. Burke formerly served as Vice-President.
American Brown
Earnings.
Subs.).-
For income statement for quarter ended March 31, see "Earnings Do-V. 132, p. 2198.
Partment" on a preceding page.
APRIL 25 1931.]
FINANCIAL CHRONICLE
American Coal Co. of Allegheny County.
-Earnings.
Calendar Years1930
Coal produced (net tons) 1,373,350
Profits
x$435.908
Taxes
50,922
Depreciation & depletion
250,067
Misc. charges (net)._
Cr.40,308
U.S. income tax reserve
16,500
1929
1,474,791
$481,501
50,850
243,242
9,500
14,402
1,025.551
3616,865
54,245
231.052
1,102
39.243
Net income
Dividends
$177,908
244,950
$197,677
244,950
$291,220
196,000
$158,725
242,006
1,072,571
3487,802
49,663
226,060
Deficit
$83,281
$67,042
$47.273 sur$95.220
Shares of capital stock
outstanding (par $25)
48,254
48 910
48.910
49,000
Earns, per share on corn.
$3.29
$2.63
$4.03
$5.94
x Includes other profit less miscellaneous charges of $5,000 and fire
insurance recovery of $129,456.
Balance Sheet Dec. 31.
1930.
1929.
LiabilitiesAssets-1930.
1929.
Capital stock
Land & coalseams,
$1,206,350$1,224,750
mine day., die_a31,828.174 $1,982.208 Accounts payable_ 270.200
87.262
Federal taxes
Leasehold & timber
18,730
9,730
b 455,482
491,802 Dividends payable
rights
48,254
48,990
15,260
14,258 Reserve
Cash
120,055
U.S. Gov. secure- 1,128.983 1,156,412 Surplus
c2,313,574 2.423,733
Accts. rec., dic
98,304
23,021
Inventories
83,847
87,053
Uncap.insur•Prem
sunp. dc prepaid
14,737
taxes
13,812
d378,596
Other assets
45,903
13.975,183 83,794.485
Total
Total
83,975,183 33.794.485
a After depreciation and depletion. b After depletion. c Including
$293,400 applied to retirement of treasury stock. d Includes 2338,558
fire insurance claims.
-V. 131. p. 3713.
American District Telegraph Co.(N. J.).
-Report.
Calendar Years1930.
1929.
1928.
1927.
Gross oper. revenue..._ $8,542,601 $8,230,654 $7,973,549 $7,638,314
x Operating expenses_ _ _ 6.767,403
6,553.242
6.262.880
5.910,199
Net oper. income.... $1,775,198 31.647,411 $1,710,669 $1,728,115
Income from diva.& int_
130.973
182.407
142.529
116.624
Total
31.906.171 $1,829.818 $1,853,198 61.844.740
Previous surplus
8,228,124
7.504,119 6,860.274 6,084,610
Pfd. stock purch for red.
201.254
252.600
251,900
Prof. stock covorted into
common stock
19.500
Total surplus
$10,335,550 $9,586,537 58,732,972 $8,181,250
Adjust. of surplus (not). Dr.26,143 Dr.20,409
Cr.96.669
Dr.33.859
Divs,on new preferred_ _
655,708
671.653
678,964
681,748
Divs, on now common
399,368
399,368
399,120
332.729
Approp. for red. of prof_
256,695
266.983
247.438
272,640
Profit & loss surplus_ - $8,997,634 68.228,124 37,504,119 36,860,274
Shs.of com.
(no par)out.
99,848
99,848
99.848
99.653
Earned per share
$12.52
$11.60$11.76
x Including repairs, reserved for depreciation, rent for lease of $11.67
plant,
taxes, miscellaneous interest, &c.
-V. 131, p. 1423.
American Factors, Ltd.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
Gross earnings
$2,030,621 $2,206,080 32,457,329 $2,360.084
Operating expenses
441,624
438,334
454,260
423,532
Territorial property tax29,886
28,825
27,709
27.963
Licenses & State taxes
1,998
2,029
1.225
2,809
Amon's. of bond disc..
71,469
Bondinterest
78,189
Sundry items
209
502
286
4.552
Res. for income taxes
137.807
194,125
158,926
188.470
Net income
$1,419,064 $1,577,496 $1,779,725 $1,563,100
Dividends
1,200,000
1.200,000
1,200.000
900 000
Rate
(12%)
(12%)
(12%)
(12%)
Under-assessm t income
capital stock
46,817
Balance, surplus
$219,064
Trans. to capital stock..
Previoussurplus
5.202,201
Over-res for inc. tax 1929
8,546
Income tax adjustments
$377.496
5532.908
4.825,341
4,257,642
$663,100
Dr1.000,000
4,555,901
34,790
Dr.634
38,640
Profit & loss surplus
$5,429,812 $5,202,201 $4,825,341 54.257.642
Shs. cap. stk. outst.(par
500.000
500 000
500,000
$20)
500.000
Earnings per share
$2.15
$3.56
$2.84
$3.12
-V. 130, p. 4242.
-First Preferred Stocks AdAmerican Founders Corp.
mitted to Trading on New York Curb Exchange.
The 7% and 6% cumulative first preferred stocks have been admitted
to unlisted trading privileges on the New York Curb Exchange.
-V. 132,
P. 650.
3151
Cosach, through unification of production, sales and operating management, will benefit from the economies enjoyed by large-scale operations.
Including an appreciable reduction in the expenses of management and
other overhead items.
The adherence of Anglo-Chilean and Lautaro to Cosach makes available to the industry the two large-scale modern plants constructed for use
of the Guggenheim Process
-namely, Maria Elena, now in operation, and
Pedro de Valdivia, where operations are just commencing. Ownership of
the patents covering the Guggenheim Process passes to Cosach, thus opening the way to the construction of new large-scale plants as conditions
justify. The two Guggenheim Process plants now constructed have a total
rated capacity of 1,350,000 metric tons per annum. Not only is the chat
of production in these plants substantially below the cost a production
of plants utilizing the old (Shanks) process, but the grained nitrate produced by them is a distinctly superior product. Moreover, the ability to
treat low-grade nitrate ores by the Guggenheim Process, and the higher
percentage of extraction reached, results in doubling the amount or nitrate
recoverable from the available reserves.
Pursuant to the Special Law providing for the consolidation of the
Industry the Chilean Government has agreed that all nitrate and iodine
exported by Cosach and its subsidiaries will be exempt from the export
'
duties heretofore in force, and has also made available to Cosach, without
cost, Government owned nitrate deposits up to 150,000,000 metric tons of
recoverable nitrate. For these concessions the Government has received
half of the shares of Cosach and has been guaranteed for the years 1931,
1932 and 1933, respectively, 321,900,000, 319.500,000 and $17,100.000:
The guaranteed payments for 1932 and 1933 may be made in Cosach bonds
of a principal amount equal to 110% of the amounts guaranteed, and it Is
expected that this will be done. The 1931 guarantee Is payable in cash and
provision for raising the funds needed for this payment has been made
through the recent financing of Cosach. After the year 1933, the Government will look to the income from its Cosach shares as its sole revenue from
the nitrate industry, except for an income tax of not to exceed 6% Per
annum.
The export tax on Chilean nitrate has been in force for more than 50
years and (except for unimportant concessions of a temporary character)
has stood at the rate of $12.32 per metric ton. For the past four years the
tax has averaged over 325,000,000 per annum.
To finance the guarantees to the Government for the years 1931. 1932
and 1933. to provide for payment of expenses incident to the organization
of Cosach. to fund obligations of certain of the constituent companies and
to acquire assets of certain of the companies, Cosach has created an issUe
of bonds the service of which, both for interest and amortization, is secured
by a charge equivalent to about $7.30 per metric ton of nitrate exported.
This charge is made pursuant to decrees of the Chilean Government, and
payment of the charge is to be made at the time of exportation. Such
Payments are, however, suspended for the current calendar year whenever
there has been collected the full service on the bonds for the entire year.
Assuming that only enough nitrate is exported to produce at $7.30 per
metric ton the annual service charge on these bonds (this would require 51
the maximum, which will not be reached for over two years, about 1;600,000 tons of exports), there is a saving (as compared to the old export
tax of $12.30 per ton) of $5 per ton for each ton exported. Whenev'er
annual exports exceed 1,600,000 tons, the saving will exceed $5 per ton.
During the last 20 years, exports have averaged 2,269.080 tons and during
the last five nitrate years, 2,365.352 tons. Of the latter tonnage, the
nitrate concerns which have indicated their intention of adhering to
Cosach have exported approximately 93.5% •
Under the plan, the funded debt of the Anglo-Chilean Consolidated
Nitrate Corp. and the funded debt and preference shares of Lautaro
Nitrate Co., Ltd. remain outstanding and both companies will remain
separate corporations owning the plants and other property which tb.'
now have. .As subsidiaries of Cosach, the position a these companies wM
be substantially Improved. In the first place, they will be relieved from
.
the payment of the $12.30 export tax, which has always been a charge
prior to the service of their funded debt, and instead they will pay a maximum charge of $7.30 per ton of nitrate exported. In the second place, the
sales quota restrictions which have served to restrict production at AngloChilean's Maria Elena plant, and would have restricted production at the
new Pedro de Valdivia plant, will disappear. Since these two plants are
the lowest cost producers, it will undoubtedly be the policy of Cosach to
operate these plants to their full capacity-that is, 600,000 tons in the
case of Anglo-Chllean's Marla Elena plant, and 750.000 tons in the case of
Lautaro's Pedro de Valdivia plant. The position of the Anglo-Chilean
bonds and of the Lautaro bonds and preference shares will be much improved. Each company will have the benefit of earnings based on full
operation of its plant and the elimination of at least $5 per ton of charges
prior to the bonds will mean an annual increase of income available for
service of these securities of at least 83.000.000 in the case of Anglo-Chilean
bonds and at least $3,750,000 in the case of Lautaro bonds and preference
shares. If Cosach exports more than 1.600,000 tons per annum, the additional earnings available for service of these securities will be increased
beyond the figures given above. In the case of Lautaro, the full benefit
of those increased earnings will not be realized until the Pedro de Valdivia
plant, which is Just commencing to operate, reaches its full capacity
(probably about Jan. 1 1932): but in the case of Anglo-Chilean, the ftM
benefit should be realized at once.
Particular reference to the outstanding Anglo-Chilean and Lautaro
securities is made because many inquiries as to the effect of the plan on
these securities have been received and it is believed that the improvement
of their position has not been generally understood by the investing public.
Seealso V. 132, p. 2769.
-Earnings.Anglo-Norwegian Holdings, Ltd.
Period- •
Mar. 22'29
to
Cal. Year
Dec. 31'29.
1930.
$439,310
$556.663
4.559
11,733
-Stockfor Employees.
American Machine & Foundry Co.
Dividends received
Interest received, &c
-Resignation.
American Radiator Co.
Total income
General expenses
Directors' fees
Corporation tax
Preferred dividends
Common dividends
3561.222
11,037
7,500
240
119,000
105,000
$451,043.
7,120
5.625
300
99,750
Balance, surplus
Earns, per share on 420,000 shs. of com. stock
no par)
-V. 132, p. 2200.
$318,445
$338.253
$1.01
$OSO
The stockholders on April 21 approved the proposed plan to permit the
sale of 59,620 shares of common stock to officers and employees. A committee consisting of Rufus L. Patterson (President). George H. Arents Jr.
and Herbert II. Ramsey, a director, will administer the plan. No member
of the committee will share in any stock sale plan.
-V. 132, p. 2969.
Announcement is made of the rwsignation of A. E. Geddes as VicePresident and General Manager of Manufacturing. V. 130, p. 801.
American Radiator & Standard Sanitary Corp.Acquisition.
-
Announcement was made on April 22 of the affiliation of this corporation
(The) Angus Co.
-Defers Preferred Dividend.
with the Central Supply Co., Minneapolis, Minn. The latter company
The directors have voted to defer the quarterly dividend of $1 per share
will be operated under its present name as a division of the American cordue May 1 on the no par value pref. stock. The last regular quarterly
poration and without change in either official peronnel or policy.
-V.132, distribution at this rate was made on Feb. 1 1931.-V.
130, p. 3544.
P• 2390.
-Earnings.
American Republics Corp.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 1025.
American Surety Coo
-New Member of Board.
Joseph F. Abbott, President of the American Sugar Refining Co., has
been elected a member of the board of trustees. V. 132, p. 659, 313.
-
Anglo-Chilean Consolidated Nitrate Corp.
-Merger
Ratified.
-The stockholders of this corporation and of the
Lautaro Nitrate Co., Ltd., at meetings held on April 17,
approved by a large vote the adherence of these two companies to the Chilean Government's plan for the consolidation of the Chilean nitrate industry into a single company,
Compania de Salitre de Chile (Cosach).
Silas W.Howland, 1st V.-Pres. of both companies,said:
The approval of the plan by these two companies doubtless will be
followed in the near future by approval of stockholders of the other companies which have signified their intention of joining the consolidation.
It is expected that by July 1 next practically the entire Chilean nitrate
industry will have joined Cosach and the Government's plan of bringing
the industry together into a single unit will have been consummated, with
the result that 36 companies which heretofore have operated independently
of each other will be fused into a single organization.
Arcturus Radio Tube Co.
-Annual Election.
Elections of officers and directors of this company for the ensuing year
were announced as follows after the annual meeting held on April 21:
Chester H. Braselton, President; George Lewis, Vice-President; Charles
E. Stahl, Vice-Pre
-Went and General Manager; Worcester Renck, VicePresident and Treasurer; F. N. Norris, Secretary; Frank I. Sparrow.
Assistant Secretary: M. E. Dorn, Assistant Treasurer. Directors are
Chester H. Braselton, George Lewis, Charles E. Stahl, Worcester Bouck
and A. E. MacParland.-V. 131, p. 1898.
Arkansas Natural Gas Corp. (1E Subs.).
-Earnings.
Calendar Years1930.
1929.
Gross operating revenue
$11,103.501 $9,790.831
Operating expenses, maintenance and all taxes- -- - 6.544.684
5,434.284
Net operatimrrevenue
$4,558,817 $4.356, 1.7
5
Non-operating income
341.103
377,544
Total income
Interest on funded debt
Interest on floating debt & discount
$4,936,361 $4,697,650
876.154
853,935
169,376
164,529
Net income
Preferred dividends
33.917,897 33.652.121
1.319,751
1,315,815
Balance,surplus
$2,602,082 $2.332,370
Earned surplus
5.995,029
x6.534,826
x After charging $1,916,605 for replacements and depletion.
--V. 131.
p. 2227.
[VOL. 132.
FINANCIAL CHRONICLE
3152
also announced that it has procured the services of Edward H. Crandall of
Mayfair House, who will supervise the management of The Barbizon.
The Barbizon, located at 63rd Street and Lexington Avenue, N. Y. City,
Is a 22
-story and tower apartment studio hotel building operated exclusively
for women,in which the Wellesley College Club of New York and the National Junior League each occupy two entire floors. It is also the headquarters for a number of other clubs for college women, including Cornell
-Earnings.
Associated Dry Goods Corp.
Woman's Club. Barnard College Club, Mount Holyoke College Club and
the alumnae committees of seven colleges.
Consolidated Income Account.
subsidiaries, and also Lord & Taylor, the
Rushmore, Bisbee & Stern, attorneys for the Chase National Bank,
Uncluding all wholly owned
corporate trustee of the first mortgage bonds of the Barbizon Corp.. inmajority of whose stock is owned.)
- stituted foreclosure proceedings against the Barizon. April 18, under the
31- -Calendar Years
-Years Ended Jan.
mortgage. This action is due to the interest default of the Barbizon Corp.
1927.
1928.
1930.x
1931.
under its first mortgage bonds on April 15 and previous defaults in regard
a Profits
34.394,641 35.439,819 35,379.977 $6,106,913 to
taxes.
Inc. of parent co front
The Barbizon Corp. bonds were sold in 1927 by Greenbaum Sons Invest12,238
17,852
14,683
94.375
other sources
ment Co. of Chicago and Ames, Emerich & Co. of New York. These bankTotal
34,489.016 35.454,502 $5,397,829 86,119,152 ing houses are forming a bondholders committee for whom Van Vorst,
251,210
246,135
257,624
213.482
Expenses of parent co
-V. 125. p. 2390, 3485.
861,923 Siegel & Smith will be counsel.
829,835
937,127
Prov. for depreciation
1,001,063
Int.. practically all on
-New General Manager.
Belding-Corticelli, Ltd.
267.191
251,485
326.149
337,405
real estate mtges_ _ _ _
w. P. MacDougall has been appointed General Manager. succeeding
679,314
502,500
410,000
310.000
Prov.for Federal taxes
C. A. Reynolds.
-V. 132. p. 853.
Net profit for year.
32,627,066 $3,523,602 $3,567,874 $4.059,514
-Earnings.
Beech-Nut Packing Co.
-Amt.of net prof.
Deduct
For income statement for 3 months ended March 31, see "Earnings
applic. to stks. of Lord
180,480 Department" on a preceding page.
174.725
218.616
159.607
& Taylor not owned
Condensed Balance Sheet March 31.
32.467.458 $3,304,986 $3,393,149 33,879,034
Net profit for year.
829.122
1,034,805
1931.
1930.
827,844
826.389
1st preferred dividends_
1930.
1931.
470.785
587,177
3
469.742
Liabilities452,172
2nd preferred dividends_
Assets
$
1.498,500 Real estate, build1.874,870
1,491,200
Common stock__ 8,925,000 8,925,000
1,472,200
Common dividends
4,500
4,500
Pref.stock class A_
,
31,086- 627
ings, &c
5,989,384 6,236,475
$516,200 def$103,703
def$283.303
Balance, surplus
148,122
74,069
Notes & accts. pay.
Mtges. & secured
Shs. of corn. stk. outst'g
334,766
599.400
90,646 Divs. payable__ __ 334,766
599.300
loans on real est.
87,548
589.000
588,940
(no par)
227,318
Expenses & taxes. 290,414
$4.30 U. S. Govt. sec_
$3.49
2,344,137
$3.41
$2.01
Earnings per share
100,000
60,461 Fairmont Box Co.
65,724
a Of retail dry goods stores and other subsidiaries wholly owned, and of Patents, tr.-marks 1,698,947 1,743,068 Res, for bad and
Lord & Taylor. after deducting from their sales cost of merchandise sold, Securities owned__ 1,301,193
71,666
doubtful sects
841,753
selling and general expenses, but before depreciation, interest expense Cash for
and
440,126
2,612 Rm. for gen. adv.
Cash
2,612
red. notes
and Federal taxes.
300,000
64,934 Res. for contingles 300,000
64,934
of
x Fiscal year changed to end Jan. 31. The net income for the month to Securities
Accts.& notes rec. 1,466,607 1,575,192 Res, for deprecia'n 2,385,696 2.330,026
exclusive of profits accruing
Jan. 1929 (not included in above table),
213,625
Inventories (cost). 8,164,796 9,483,415 Res, for ins.. &c... 281,819
stocks of Lord & Taylor not owned by Associated, was $31,628.
290,033 Res, for red. notes
-The dividends above charged to surplus account for 1928 apply Due from sub. cos_ 362,318
Note.
2,612
2,612
874,686 and stock
to one year and three months, on account of setting up as a liability at Deferred assets.- _ 696,419
117.815
Other reserves... _ 331,194
Dec. 31 1928 dividends previously declared but payable thereafter.
Surplus paid In... 1,450,700 1,450,700
7.792,182 6,668,667
Earned surplus
Consolidated Balance Sheet Jan. 31.
1930.
1931.
1930.
1931.
22.244,619 21,263,278
Total
$
22,244,619 21,263,278
$
Total
Liabilities$
Assets
$
Capital stock._ b17,523,500 17.523,500 -V. 132, p. 1805.
Land, bldgs.,imp.,
fixtures, &c_a23,193,784 22,995,732 Capital reserve- 4,543,200 4,543,200
-Loans Increase.
Beneficial Industrial Loan Corp.
5,684,155 Cap.stk. of Lord &
5,574.080
Cash
1931 Is
Continued expansion of industrial loans in the first quarter ofpersonal
Taylor not ow'd 1,142,316 1,084,855
U.S. Gov.& other
6,057,000 6,476,000 reflected in the corporation's statement which shows that the
mark. securities 2,421.960 3,002.359 Mortgages
2,252,015 3,562,240 finance offices controlled by this company loaned a total of 317.030.884
Accts.& notes rec_ 8,758,353 8,626,535 Accts. payable
696,903 in the first three months of this year, an increase of 32.877.271. or 20%.
9,817,827 11,885.114 Accrued expenses- 613,858
Inventories
703,143 when compared with the total for the first three months of 1930. Gain
798,765 Dividends payable 698,712
Deferred charges. 667,295
517,390 over the same period of 1929 is even larger, amounting to $3,940,237. or
403,707
Federal taxes
Corn.stk. of C. G.
16,100 Rm. for stk. of
16,100
Gunther's Sons_
37,487
For the month of March the total was $5,640,409 against ($4.651,550 in
predecessor cos_
1,916,287
Treasury stock-c2.143,195
March 1930 and$4,291.395 in March 1929. The comparative figures for
Res. for Surety
Coupon Co. stps 1,044.769 1,222,492 the individual months of the first quarter follow:
1929.
Earned surplus-18,313,517 18,557,837
1930.
1931.
$6.308,325 35,340.155 $4,812,097
January
52,592,594 54,925,047 February
3.987,155
Total
4,161,908
52,592,594 54,925,047
5,082,150
Total
4,291,395
4,651,550
5.640,409
a After reserves of $9,268:103. b Represented by 138,187 shares of March
1st preferred (par $100) 67,255 shares of 2nd preferred (par $100) and 588,Total
$17,030,884 $14,153,613 313.090,647
940 shares of common stock (no par). c Represented by 323 shares 1st
preferred 2,354 shares 2nd preferred and 10.460 shares of common at cost. -V. 132, p. 2589, 2392.
together amounting to $620,695, and 40,600 shares of common at declared
-Regular Preferred
Bigelow-Sanford Carpet Co., Inc.
value when issued amounting to $1,522.500.-V. 132, p. 2769.
-15C. Dividend.Art Metal Works Inc.
The directors have declared a dividend of 15 cents per share on the
common stock, payable May 1 to holders of record April 25. A like amount
was paid on Feb. 1 last, the first distribution since Aug. 1 1930. when a
-V. 132, p. 659.
quarterly payment of 25 cents per share was made.
Dividend-To Anticipate Payment of $1,000,000 Serial Notes.
-Earnings.
Associates Investment Co.
For income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
Condensed Balance Sheet March 31.
1930.
1931.
1930. i
1931.
Liabilities$
$
Assets2.440,707 2,909,530 Collat. trust notes_ 7.053,900 8,736,500
Cash
43,818
37,252
Notes receivable..10,944,992 11,555.345 Accounts payable_
98,182
112,329
67,299 Federal Income tax
62,769
Repossessed cars
340,958
481,956
Reserves
90,395
Notes rec., secured
1,774 Unearned disc, on
2,076
Cash val. life ins__
notes receivable_ 563,426
112,630
Acc'ts receivable__
185,298
41,345 Deferred liabilities
43,295
Office turn. & fin_
1,300,000 1,300,000
Preferred stock
295,000
Home office bldg_ 295,000
Common stock_ _x4,407,272 3,801,960
Prepaid int., com127,885 Payments on erap1.
64,457
mission & exp__
3,894
1,703
stock subscr's
Undivided Profits
586,051
deferred
The directors on April 21 declared the regular quarterly dividend of
% on the pref. stock, payable May 1 to holders of record April 24.
It was announced that the quarterly figures indicated that the dividend
on the pref. stock had been earned by a substantial margin.
It was also voted to anticipate the payment of serial notes in the amount
of 31,000,000. maturing in November 1934 and 1935. from cash on hand.
This will leave $2.000,000 of the original issue of 35.000.000 not maturing
until Nov. 30 1936 to 1940.-V. 132, p. 1418.
13,943,691 15,110,809
Total
13,943,691 15,110,809
Total
. x Represented by 80.000 no par shares.
E. R. McEnciarter, Vice-Prosident, says in part:
The company purchased during the first three months of the year $6,313,000 in notes, mortgages and contracts, and the outstanding notes receivable
on March 31 totaled $10,944,991, of which amount 827.717 was delinquent,
all of which but $3.101 was less than 60 days past due.
We are very well pleased with our first quarter's earnings, inasmuch
as we covered our quarterly dividend requirement by a margin of $62,000.
We are continuing our past practice with relation to carrying large reserves, and the reserve for loss account totals $255,508, which is equal to
2.33% of the outstanding notes receivable. We are likewise carrying a
high percentage of unearned discount, which is in excess of 5.5% of our
retail notes receivable outstanding. This item is a higher percentage of
the notes receivable than was shown on our March 31 report of 1930.V. 132, p. 1622.
Gross loss, excl. of de$18,007prof$657,245
$1.634,194 $1,335,087
predation
275,218
430,727
245,705
176,090
Int.-on bank loans, &c_
On bond indebtedness
44.948
52.635
32.865
19,610
of subsidiary co__ -On bond indebtedness
569,453
579,828
538,843
486,753
Parent company_ _ _
Amort. of organization
61,237
61,237
25,343
10,562
exp. & bond discount_
448,161
420.161
461,927
466,681
Provision for depreciat'n
72,758
24.343
129,134
255,895
Miscellaneous
3939.686
33,049,785 $2,768.905 31,461.783
Net loss
323.301
615,461
660,667
Profit & loss credits
3846,322
$616,385
Deficit for the year__ _ 53,049.785 32,108,238
Less portion applic. to
1,855
466
3,922
5,637
minority int.in sub_ _ _
--Earnings.
Atlantic Fruit & Sugar Co. & Subs.).
1930.
Calendar Years.
0
7
$6 331 101 $5,199;49 $4.595,15 $6,582,179
Sales of fruit
Production of sugar &
2.836,821
2,030,607
2,666.573
1.367.701
molasses
1,955,651
1,629,722
1,540,869
609.551
•Steamship receipts
201,643
224,505
177,643
121.767
Interest receivable
164,458
245,222
197,214
101,737
Miscellaneous income
$8.531,857 $9,781,796 $8,725,206 $11,740,752
Total income
Prod., purch. & mark.
exp. of fruit & sugar,
cost of oper. steamers
and head office admin. 9,289,365 9,569,322 9,125,517 10,734,907
Net loss
Provision for deprec
Interest paid
Balance, doficit
--V. 128, p. 1909.
$757,508 pr.$212,474
569,750
625,391
464,113
562,290
31,945,189
S400,311pr$1.005,845
626,755
590,061
406,907
422,333
$821,388 31,412.706
$27,817
-Earnings.
Aviation Corp.(Del.).
For income statement for quarters ended March 31, see "Earnings De-V. 132. p. 2970.
partment" on a preceding page.
-To Be Operated by Chase
(The) Barbizon, N. Y. City.
National Bank as Trustee for Bondholders-Protective Committee Being Formed.
1
-Earnings.
(Sidney) Blumenthal & Co., Inc.
For income statement for 3 months ended March 31 see "Earnings
-V. 132. p. 1623.
Department" on a preceding page.
--Earnings.
Botany Consolidated Mills, Inc. & Subs.
1929.
1930.
Calendar YearsLoss from oper., excl. of
31,755,568 $1,748.635
depreciation
Other income credits
413,548
121.374
interest, discount, &c_
1927.
144.309
284,319
Deficit for year applic.
7 $615,918
0
193 .
$844.46
to parent company. 53.044.148 $2,104,315
Consolidated Balance Sheet Dec. 31
19C3o0n.
1929.
Liabilities
$
$
Assets
11,000 5,0019 00
5.000
1 ,.
0
Class
Y Property
16 248,485 16,780,399 Com.A stock
capital
19,299,476 12,693,452
1,894.943
Cash
763,665
Ctfs. of deposit...100,000 Funded debt Mt. 7,757,000 8,429,000
No een rer . &e
NInote tootri eivi. co. . 114,343 1,893,921 Minor. stock
vt s c
s_
375,000 In cap. & surp.
44,544
of subs
51,531
5,074,269 9,528,96i
B. W. M. bonds__ 182,000
196,000
Bonds purch for
.
205,982 Notes payable.
,0
3,90000
202,636
20,793 Accts. payable,&c. 338,408
219 98
532 8
:556
217,169
Other assets
46,946
72,563
151,400 Due off& employes
Insviesuldtmngenftsund--- 123,401
224,614 Accrued liabilities_ 160,110
Deferred charges-- 121.479
Reserves
.
--- --- -Total
22,865,447 31,176,016
22,865,447 31.176,016
Total
shares. y After deducting depreciation.
x Represented by 380.129 no _par
-V.131, p.2540; V. 130. P• 3357
.
-Earnings.
(C.) Brewer & Co., Ltd.
1929.
1928.
Calendar YearsGross earnings
Expenses & losses
Netincome
has announced that,
The Chase National Bank of the city of New York 1st mtge. securing a Dividends
account of defaults of the Barbizon Corp. under its
on
,
certificates, the bank. as
Balance,surplus
$3.000,000 issue of its 1st mtge. 6% gold bond Barbizon." The trustee -V.130, p.4246
.corporate trustee, had taken possession of"The
1928.
3162.316 prf$372.926
1927.
1930.
$1,581,894 $1,762.663 $1,913,292 81,744,837
337,504
336,763
341,230
284,260
$1,240,663 31.425,901 31,575,788 $1,460,577
1,440.000
1,198,750
1,040,000
1,200,000
$200.663
$227.151
$135.788
$260,577
APRIL 25 1931.]
FINANCIAL CHRONICLE
Bohn Aluminum & Brass Corp.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2201.
Brandram-Henderson, Ltd.
-Annual Report.
Calendar YearsNet profit
Bond int., discount, &c.
Depreciationreserve
Pension reserves
Dom.of Can.income tax
Prof. dividends (7%J-.._
Common dividends
1930.
x$66,298
62,489
15,000
4,000
35,000
23,598
Balance, surplus
def$73,789
Previoussurplus
987,951
Res.for retroactive credit
adjust, on sales
Dr.13,884
1929.
x$245,478
74,393
30,000
2,958
9,080
35,000
5,899
1928.
$216.135
77,136
15,000
2,500
1927.
$192,648
79,947
20,000
3,102
35,000
35,000
$88,146
899,805
$86,499
813,306
$54,599
758,708
3153
British Type Investors, Inc.
-Earnings.
Years Ended Feb. 281931.
Dividends on stocks
$342.809
Interest on bonds
122,373
Interest on bank balances
4,501
Arbitrage, premium on stocks loaned, option commissions, &c
202,395
Profit on sale of securities
290,192
Interest on loans
Dr.137,330
1930.
$120,627
94,689
38,980
268,016
Total income
Expenses
$824,941
132,528
$522,312
101.805
Net profit before loss on securities and taxes
Loss on sale of securities (incl. year ended adjust.)
Taxes
$692,412
322,899
6,856
$420,507
Net profit
Dividends paid
$362,658
571,714
$386.974
266.789
33,533
Profit & loss surplus_ _ $900,279
$987,951
$899.805
$813.307
Earns, per sh. on 11.799
def$209,056 sur$120,185
Balance
1,156,117
shs.com.stk.Oar $100)
1.156,117
Nil
$7.47
$7.33
$4.62 Shares class A stock outstanding (Par $1)
$0.33
Earnings per share
x After deducting head office charges.
$0.31
Consolidated Balance Sheet Feb. 28.
Balance Siteel Dec. 31.
1930.
1931.
1930.
1931.
Assets-.
1929.
1930.
1930.
1929.
Liabilities
5
AssetsRealest., good-will
Preferred stock_ -- $500,000 $500,000
Patent rights_ - -82,551,233 $2,544,502 Common stock_ -- 1,179,900 1,179,900 Sec.owned,at costa12,019,002 9,436,498 Collateral loans_ __ 2,860,203
Divs. reedy, and
Secur. purch, but
Capital stock of
6% sink. fund 1st
69,458
not received____ 1,381,058
48,680
sub. co s., &c__ 354,176
mtge. bonds_.__ 181,100
349,423
200,000 Cash accrued___
811.843 Accrued interest on
258,320
Merchandise
971,696
964,159 Congo'.6% bonds_ 845,000
849,000 Securities
1,663
loans payable__
sold but
Accts.receivable
568,007 Bond prem. acct.467,564
4,614
4,636
not delivered_
107,059 Accounts payable
101,935
Cash
42,741
47,176 Res,for deprec.,&c 208,305
196,751
3,932
10,865
& accrued exp__
Deferred charges
19,777
12,772 Royal Bank of Can 398,777
358,185 Prepaid interest on
187,835
Subsc. to cl.A stk.
loans payable_
7,497
Bills payable
18,371 Furniture
159,000
4,651 Dep.on stks.loan'd
4,334
& fixt
ACCOUllt8 payable_ 133,584
139,584
33,533
Accrued Fed. taxes
8,750
Res.for pref. div
8,750 B.T.I., Inc., class 886,204
157,577 Class A stock____b1,156,117 5,780,585
"A" stk., at cost
5,899
Res. for corn. div_
5,899
4,212
c4,212
75,000 Class B stock____
Res.for bond int17,602
17,958 Stocks borrowed_
61,094 Capital surplus &
Other assets
3,168
Res. for Dom. of
undivided profits 7,952,594 4,502,739
87,573
37,573
Organization exp.
Can. income tax
9,080
8,634
Deferred liability_
9,114
13,366,714 10,741,294
Total
Total
13,366.714 10.741.294
Unclaimed diva.-858
860
Res,for retroactive
a Market value, $8,067,095; cost bid, periodic stock divs, at market
13,884
value data of record. b Represented by 1,156,117 $1 par shares. c Repadjust, on sales_
--V. 132, p. 1037.
Surplus
900,279
987.951 resented by 33,700 no par shares.
Total
$4.407.187 $4,486,040
--V. 130. P. 3357.
Total
$4,407,187 $4,486,040
Briggs & Stratton Corp.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 1806.
Brillo Manufacturing Co., Inc.
-Earnings.
-
-Stock and DebenBroadway Department Store, Inc.
tures Decreased.
-
On Feb. 1 last $60,000 of 1st pref. stock was retired under sinking fund
provisions. On March 15, $66,000 of the 6% debentures were purchased
and cancelled through the operation of the sinking fund at that date.
V. 132, p. 316.
-Annual Report.
Brockway Motor Truck Corp.
President R. F. Black says in part:
During 1930 company was confronted with many acute situations. The
early part of the year gave promise of a considerable amount of profitable
business which, on account of the general depression, soon reached levels
below that which was necessary to carry expenses and show profits. The
latter part of the year evidenced the results of very low volume caused by
the severity of the depression in the domestic market and worldwide economic conditions in our foreign markets.
Collections abroad were so greatly curtailed that the need for additional
capital was quite evident. Attempts to provide funds failed and in order
to continue operations and conserve the interest of the creditors and therefore of the stockholders, a creditors' committee was formed to operate
under an agreement dated Nov. 1 1930.
The committee is composed of E. J. Quintal, V.-Pres. of the Chase
National Bank, Chairman; George V. McLaughlin, Pres, of the Brooklyn
Trust Co.; Joseph S. Maxwell, V.-Pres. of the New York Trust Co.; C. A.
Dane, an officer of several of the large merchandise creditors of company.
and 11• H. Davidson of the Motor & Equipment Association.
The creditors' committee, at a meeting held on April 9 1931, decided
that a sufficient number of creditors representing a sufficient amount of
the debt had signed the creditors' agreement, and therefore declared the
agreement operative as of April 14 1931. The agreement had been previously
executed by the company with the approval of the directors.
One of the advantages of the creditors' agreement is that it contains a
commitment making available to company temporary working capital
under terms approved by the committee. It is believed that this commitment will furnish sufficient working capital for operating requirements so
Total
$1,793,091
Total
$1,793,091 that the business can be conducted in a subsatntial and constructive manx Issued and outstanding: Class A (no par, 28,756 shares; common (no ner. Future operations will, no doubt, require permanent financing and
rearrangement of company's capital structure.
par), 160,000 shares.
The operating program for 1931 has been scheduled in line with sales
For income statement for 3 months ended March 31 see "Earnings DePossibilities which were determined through a careful study. Every effort
partment" on a preceding page.
is being made to hold costs to a reasonable minimum,consistent with a high
The balance sheet as of March 31 1931 shows total current assets of
$592,223 as against total current liabilities of$48,390,or a ratio of 12H to 1. grade and dependable • product. Expenses were reduced approximately
Cash on hand and in banks increased from $126,380 as of Dec. 31 1931) to $500.000 during 1930 and it is expected that a further reduction of$1,250,000
will
$170,055 at the end of the first quarter of this year. Total assets increased or be made during 1931 without adversely affecting operating efficiency
sales volume.
from $1,793,091 to $1,843,926.-V. 131, p. 3534.
With the co-operation of those engaged in sales activities, rearrangements and improvements have been made whereby orders are taken on a
British American Oil Co., Ltd.
-Plans No Financing
- more satisfactory basis and on terms which are more satisfactory to the
Dividend ilssured.company and more sound for the purchasers.
The prominent position which your company occupies in the industry
President A. L. Ellsworth says:
"The company's business is being well maintained, our sales, expressed is already well recognized and when even a fair volume is realized under
business conditions which more nearly approach normal, the future possiin gallonage, being, the first three months of this year, in excess of
the bilities will unquestionably be bright.
corresponding period last year.
Consolidated Income Account for Calendar Years (Incl. Sales).
"The company has but normal inventories of raw and finished materials and is not obligated under contract to purchase any of its supplies
1930.
1929.
1928.
Net sales
at prices other than those prevailing at time of delivery.
$14,533,053 $20,419,549 $18,635,460
"The lower cost of our crude oil and the Raving effected by the move- Cost ofsales
11,398.858 15,818,919 14,165,227
ments of this oil by pipe line and oil tankers will offset the decline in
our
Gross profit
realization per gallon of gasoline as against last year's operations.
$3,134,195 $4.600,630 $4,470,233
Selling, admin.& general expenses_ - - 3,940,719
The earnings of our American companies, due to the increase in
4,437,529
3,232,710
the
proration rate, and, notwithstanding the decline in the price of crude oil,
Operating profit
will, we anticipate, be at least equal to the earnings of last year.
def$806,523
$163,101 $1,237,522
"The operation of our refinery at Montreal, when completed, will permit Other income
91,430
745,048
965,970
us to manufacture at lower cost and to market more economically
that
Total profit
gallonage which we enjoy in Eastern Ontario and the Province of Quebec.
def$61,475 $1,129,070 $1,328,952
"Trade in the Prairie Provinces, helped out by Govenment and municipal Interest
13,375
688,659
590,912
undertakings, will be done to a large extent on a cash basis this year. Other deductions
151,261
248,114
25,708
Shareholders who were present at the annual meeting of the company Extraordinary charges
x2,776,014 •
in February will remember that ample reserves were provided
Federal income tax (est.)
130,000
10,000
against
possible bad debt losses in that area.
Net profit
"There is no thought in the minds of the directors of the company,
def$3,551,857
$280.044 $1,034,316
but Previous surplus
that the earnings this year will be equal to those of 1930. and that
2.122,072
3.358,479
1.655,935
at least
the _present dividend will be maintained.
Total surplus
"The company contemplates no financing in the immediate future. def$1,895,922 $2,402,116 $4.392,794
Preferred dividends
V. 132, p. 2393.
869,381
120,251
160,8601
Common dividends
474,1441
British Columbia Packers, Ltd.
-Internal ReorganizaBalance, surplus
def$2,016,173 $1,767,110 $3,523,413
tion-Liquidating Inventory.
Inv. adj. applicable to 1928 and prior
periods
Internal reorganization of this company virtually has been
546,923
and resignation of t he present management has been accepted. completed, Prov, for bad & doubtful accts. &
presumably
at the request of Eastern financial interests who control the
repossensal losses applic. to 1928 &
company,
a Vancouver (B. C.) dispatch says:
prior periods
652,471
At. the peak last year, the company had a completed pack
Reorgan.& financing costs charged off
89,321
to $6,000.000, or appreciably above wholesale prices to-day. costing close Additions to reserves
Cry567,574
y524.665
A group of
three major banks financed the pack.
Profit and loss surplus
A representative of the Eastern controlling Interests is now in
def$2,016,173 $1,135,290 $2,909,427
Vancouver Shares of cont, stock outstanding (no
handling the liquidation of inventory,
progress. The
par)
bulk of the company's sockeye catch isand is making fair into
219,081
219 081
188,902
be moving
said to
the export Earned per share
market steadily at front $11.50 to $12 per case.
Nil
$b.54
$4.53
x As follows: Inventory obsolescence. $497,234; reduction in inventory
The fixed assets probably will have to be written down
despite this, the company will not go into liquidation evenmaterially, but, value of used trucks, $275,000; additional provision against foreign and
character. The main difficulty in liquidating inventory will of a voluntary domestic notes and accounts receivable, $1,769,858; sundry adjustments,
be the disposal including excess repossessal losses, &c. $105,059; accrued interest on
of large stocks of the lower-grade pack. for which the
spite a drastic fall in prices. Some of the lower gradesmarket is light de- indebtedness as provided in creditors' agreement, $28,863; provision for
are offered as low miscellaneous requirements, $100,000. y Includes
as $4.50 per case, it is said.-V. 132, p. 2173.
provision of a general
reserve of $500,000 for contingencies.
•
Earnings for Year Ended Dec. 31 1930.
Gross sales for period
$1,655,996
Operating expenses including manufacturing cost., all advertising. selling, shipping & administrative expenses
1,401.812
Depreciation
39,941
Net earnings on operations
$214.243
Interest & sundry income
1,394
Total income (before taxes)
215,637
Provision for Federal and State taxes
32,926
Net profit for year
$182,711
Earns, per sh. on 160,000 abs. of no par common stock, after
allowing $2 a sh. on 28,756 stm. of class A stk., no par value_ _
$0.78
Balance Sheet Dec. 31 1930.
Assets
Liabilities
Cash
$126,380 Accts. pay.& sundry accruals_ $25,361
Securities (at cost)
184,702 Dividends declared
35,943
Inventories
59,773 Prov. for State & Fed. taxes33,246
Accounts receivable
160,114 Mort.(6%) on factory bldg._
90,000
Notes receivable & sundry...
6,878 Capital stock
x961,020
Fixed assets
691,048 Surplus
647,521
Pats., trade-marks & good-will 535,821
Deferred charges
28.374
3154
Consolidated Balance Sheet Dec. 31.
1929.
z1030.
1929.
x1930.
$
Liabilities
8
Assets2,705,000
Notes payable_
295,226 1,421,504
Cash
845,344
Notes & drafts ree.y2.830,477 2,725,473 Accounts payable_ 369,335
3,541,201 5,160,557 Accrued wages.
Inventories
266.833
205.132
commislo, &c_
43,287
78,084
Other assets
z1,665,335 1,718,654 Accts. pay. origin.
Flied assets
prior toNov.1'30 444,129
138,153
47,013
Deferred charges-1 Due wholly owned
1
Oood-will
30,422
subsidiary
allotes&accts.pay. 3,213,663
Accr. int, thereon
28,863
to Dec. 31 1930
225,000
150,000
Funded debt
10,788
594,082
Reserves
2,290,500 2,290.500
7% pref. stock
Common stock 63.177,807 3.177.808
Profit and loss_def2.016,173 sur1655,935
8,457,339 11,207,630
8,457,339 11,207,630 Total
Total
a Extended to Nov. 1 1933 subject to terms of creditors' agreement,
dated Nov. 1 1930. b Represented by 219,081 shares (no par). x After
giving effect to the agreement with creditors, dated Nov. 1 1930. y As
follows: Foreign, $1.795,090; less amount pledged as collateral, $615,007.
balance $1,180,084; domestic (including $492,643 held by finance companies, $1,153,667, total. $2,233,751; accounts receivable of $1,346,083,
total, $679,834; less reserve, $849,357; balance. $2,830.477. z After
depreciation of $1,012,314.
Continent Liability on customers' notes, drafts and acceptnces digoznInted. Foreign paper (including $615,066.62 shown above), 82,052,572:
domestic customers paper, $2,350,530; total, $4,403,102.
The company's liability on the foregoing contingent liabilities in the
mount of 31,710.361 of foreign and $259.506 of domestic, has been extended under the above mentioned creditors' agreement or agreements
collateral thereto. The remianing domestic items represent current trans-V. 132, p. 498.
actions with finance companies and no part is in default.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
$
Liabilities$
$
Assets15,952,150 14,481,120 Common stock- 9,442,250
Plant,&c
1 Preferred stock--_ 8,557,750
1
Patents,&c
3,806.272 1,638,653 Accounts payable_ 2,068,822
Investments
Pref. dividends-- _ 149.760
Employ.say. plan_ 225,977
330,478
6,225,835 7,345,313 Corn. dividendsInventory
Accts.receivable 2,678,436 3.865,707 Deprec.& gen. res.11,649,898
Government bonds 8,108,750 5,250,000 Adv. payments on
3,467,078
contracts
4,608,923 4,030,930
Cash & loans
5,999,448
99.761 Surplus
59,039
Deferred charges_
----41.665,383
Total
Total
41,663,383 36,711,485
-V. 132, p. 1807.
-Merger.
(John W.) Brown Mfg. Co.
Budd Wheel Co.
-Suit.
A suit for $1,000,000 against this company has been filed in the Circuit
Court by counsel for Charles IIudson Machon of Ardmore, Pa. The suit
is for royalties alleged to be due on a patentable rolling, tapered steel disc
wheel perfected by Machen who assigned his interest in the patent application to the Budd Wheel Corp.. predecessor of the present company. The
Bucld Wheel Corp. was to apply for patent and Machen receive royalties
asa the Budd Wheel Co. accepted an assignment of the agreement, according to the attorney.
-V. 132, p. 2970.
-Smaller Dividend.
Buckeye Steel Casting Co.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, payable May 1. Previously, the company made
-V.121,
regular quarterly distributions of 62ji cents per share on this issue.
I,: 3007.
Change in Capitalization.
-Earnings.
(F. N.) Burt Co., Ltd.
1927.
1928.
1929.
1930.
Calendar Years$757.022
$789,843
S785,288
$592,560
Pvfits for year
166.701
187.445
195,028
188,529
Res. for depreciation_ _ _
26,349
25,609
25,726
23,222
Written off patents
67.000
67,000
61,000
34.000
Res.for Federal taxes__ _
$496,972
3509,789
$503,534
$346,809
Net profits
6,316
5,799
5,394
4,799
Pref.. dividends(7%) - Common dividends---(12%)321.774 (14)374.224 (12)320,058 (12)319,173
$171,483
8183.931
$123,917
$20,236
Balance,surplus
858,763
1,042,695
1,166,612
Profit and loss surplus_ _ 1,186,848
-V. 130, p.4246.
--Earnings.
Butterick Co.
For income statement for 3 months ended March 31 see "Earnings De-V. 132, p. 2393.
partment" on a preceding page.
-Earnings.
(A. M.) Byers Co.
For income statement for 3 and 6 months ended March 31 see "Earnings
-V.132, p. 1996.
Department" on a preceding page.
Calumet & Arizona Mining Co... To More Executive
Offices to New York City-New Directors, ctc.on April 20 after
P.The directors left the Presidency temporarily vacant from that office.
resigned
Gordon It. Campbell of Calumet, Mich., had
The resignation was announced a short time before the annual stockholders' meeting, at which a proposal to move the company's general
offices from Calumet to New 'York, which Mr. Campbell opposed, was
ratified.
James O. Rea of Pittsburgh was elected a Vice-President. succeeding
Frank J. Kohlhaas of Calumet. Thomas W. Lamont of New York, a
partner of J. P. Morgan & Co., and Alexander 0. Tener of Pittsburgh,
weft) elected directors to succeed Mr. Campbell and Geo. F. Ruppe.
No date for the transfer of the offices to New York has been fixed.
(See also V. 132, p. 2202.).-V. 132. p. 2773.
--Earnings.
Canadian Celanese, Ltd.
1929.
$527,519
162.202
1928.
x$180,409
$496,512
1,216,966
$365,317
512,119
8180,409
331,710
Balance,surplus
Previous surplus
$877,436
$1,713,478
Profit and loss surplus
Earns, per share on 90,000 shs. of
$4.06
$9.02
pref. stock
$100 par
x,Includes $167,152 interest earned on capital funds.
-V. 131, p. 2384.
$339,530 paid-in surplus.
$512,119
$2.00
y Includes
-Earnings.
Canadian General Electric Co., Ltd.
Calendar YearsOperating income
DSpreciation
ApProp. plant adjust..
Net income
Preferred dividends_ _
Common dividends
Surplus
Previous surplus
Total surplus
Shs, corn. stk. outstanding (par $50)
Earnings per share
1928.
1927.
1929.
1930.
$4,688,070 $5,337,029 $4,494,665 32,903,053
800,000
800.000
908,144
922,272
1,352,888
2,865,871
3,446,394
$750,164
$828.794
$982.491
33,765.797
599,043
599,043
599,043
599,043
755,380
$151,121
$229,762
5383,448
32,411.375
2,823.751
2,974,874
3,204,625
3,558,074
55,999,449 $3,588,073 $3.204,626 $2,974.872
188.845
$16.77
188 815
$6.03
188.845
$1.22
188 845
$6.80
1929.
1930.
9,574,695
3,610,962
3,588,073
36,711,485
1928.
1927.
$2,707,206 $3,583.731 $2,713,415 $2,158,158
961,351
1,333,433
1,205,559
970.205
25,431
1,235,774 10,415,152
34,633
'83,712,044 36,025,064 $14,462,000 $3,144,940
325,500
325,500
325,500
325,500
2,220,662
2,960,380
3.661.157
3,328,458
Total income
I'roferred dividends
Common dividends
$598,778
$58.087 $2,038,407 $11,176,120
Surplus
5,186,124
5,784,902
12,342,880 16,961.022
Preferred surplus
Dr6,656,550
stock_
Trans. to capital
Profit and loss, bal._ _312.400,967 $12,342,879 $16,961,022 $5,784,902
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
$
Liabilities$
$
Assets974,264
698,834
312,798 Accts.,&c. payable
430,377
Cash
398,167
298,396
2,230,052 2,264,538 Federal taxes
Accts., &c., rec_
1,329,553 1,329,515
5,062,615 4,401,178 Dividends
Inventories
94,294
13,488
Marketable securs. 8,395,339 11,415,014 Deferred credits...
56,000
42,000
Trustee stocks_.._.. 1,517.764 1,550.933 Notes payable_ 8,543,174 7,891,474
Reserves
64.195
Deferred deblts___ 183,081
4.650,000 4,650,000
Plants, goody/111_24,760,278 22,100,308 Preferred stock
3,998,963 3,887,675 Common stock--x18,602,077 18,260.046
Investments
12,400,967 12,342,879
Surplus
-- -- ------ -46,578,469 45,996,643
Total
46,578,469 45,996,643
Total
x Represented by 605,974 no par class A shares and 49,721 shares no par
-V. 132, p. 2394.
class B stock.
-Annual Report.
Canadian Locomotive Co., Ltd.
Calendar YearsOperating profits
Interest from invest's
Profit on sale of invest's
-Proposed
Total income
The stockholders will be asked on May 5 to approve a proposed change
-Bond interest
in capitalization from 100,000 shares of no par value class A common stock Deduct
with
shares of no par value new class A common stock valuea stated Depreciation reserve.._ to 100,000
class B
of no par
capital of $60 per share and from 100,000 shares
Net profit
common stock to 100,000 shares of no par value new class B common Previous surplus
each
stqck with a stated capital of $10 per share, each present share of
class to be exchanged for one new share.
the
Total surplus
The stockholders will also vote on ratifying a proposal to reduce
Sinking fund
stated capital represented by capital stock from $16,580,000 to $9,580,000. Preferred dividends_
Receivership Asked.
P. & L.surplus
Four stockholders of the company: J. P. O'Keith and Emile Ponchelet,
Thomas Madsen. all of New York, and Benjamin Lipschutz of Lakewood, Shares of prof outstanding
Chancery
(par $100)
N. J., have filed a complaint with Vice-Chancellor Fallon in 2773.
Earns, per sh, on pref.. _ _
Court In New Jersey, April 18, asking for a receiver -V.132. p.
-V.130. p. 3358.
1930.
' Calendar Years$1,254,530
Net profit from operaions
343,018
Depreciation, income tax, &c
Res. for contingencies and unascor100,000
taine charges
(3M %)315,000
Preferred dividends
1929.
9,442,250
8,557,750
1,791,268
149,757
-Earnings.
Canadian Industries, Ltd.
Calendar YearsIncome from
Operations
Investments
Realization assets
-V. 129, p. 801.
See Allied Products Corp. above.
Burns Bros.
[VOL. 132.
FINANCIAL CHRONICLE
S
1930.
$374,209
52,353
13,005
1928.
1929.
$180,238 def$99,030
52,860
53,128
1,580
1927.
$263,741
52.697
3439,567
90,000
150,000
3233,366 def$44,590
90,000
90,000
150,000
150,000
$316,438
90,000
100,000
$199,567
105,973
log46,6331064284,590
637,197
232,607
$126,438
630,758
$305.540
15,000
$757.197
$352.607
$225.973
15,000
15,000
15,000
105,000(7%)105,000 (7)105,000
$290,541
$105,973
$232.607
$637,197
15,000
$13.30
15,000
Nil
15,000
Nil
15 000
-Earnings.
Canadian Westinghouse Co., Ltd.
1926.
1927.
1929.
1930.
Years End. Dec. 31$3,602,535 $4,153,181 83,748,503 32,551,189
Net after expenses
240,000
395.000
387,000
379,000
Depreciation
187,000
280.000
320,000
250,000
Dominion taxes
50,000
100,000
100,000
100,000
Donation to pension fund
$2,873,535 $3,346,181 52.973.503 $2,074,190
Net income
499,999
Patents, rights, &c- 838,116
1,080,000
1,440,000
1,620,000
Dividends paid
$1,253,535 $1,906,181 $1,893,503
Balance, surplus
Shares of capital stock
x90,000
540,000
540,000
outstanding (no par)_ _
$33.04
$6.19
$5.32
Earn. per sh. on cap.stk.
131, p• 3880.
x Par $100.-V.
$736,074
x90,000
$17.49
-Omits Extra Dividend.
Tractor Co.
Caterpillar
dividend of 75 cents
The directors have declared the regular quarterly 15. Previously the
per share, payable May 29 to holders of record May to the usual quarcents per share in addition
company paid an extra of 25
terly of 75 cents.
etc.
Earnings,
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
1931.
1930.
1930.
1931.
Liabilities
$
Assetsa9,411,200 9,411,200
Capital stock
Land, buildings,
10,000,000 69,170,000
19,365,730 20,583,221 Notes payable
equity, &e
5,273,065 2,093,051 Accounts payable_ 536,365 1,973,971
Cash
19,070,417 Accrued pay-roll,
Notes & accts. rec.15,103,943
236,817
taxes & Maur
12,753,983 15,239,006
Inventories
250.000
16,298 Accrued int. pay
250,335
Investments
868,182 1,546,381
Federal tame
Patents, good-will,
1 Capital surplus 13,733.577 15,318,296
1
dre
147,098 Earned surplus 18,325,816 19,729.244
614,898
Deferred charges
53,361,956 57,149,092
Total
53,361,956 57,149.092
Total
completely retired
a Represented by 1,882,240 no par shares. b To besale of 310,000.000
proceeds of consummated
on or about May 1 1930 by
-V. 132. p. 1229.
convertible gold notes.
-Earnings.
Centrifugal Pipe Corp.(& Subs.).
Calendar YearsTotal royalties
Other income
1930.
$654,425
28,442
1929.
$637,409
21,569
1928.
$537,100
20,991
Total income
Expenses, &c
Federal tax
$682,867
105,697
36,013
$658,978
92,786
22,959
$558,091
83,240
24,876
Profit, before providing for amortization of patents
Dividends
$541,157
x259,745
3543,233
256,489
$449,975
258,553
$281,412
$286,744
$191,422
Surplus
Earns, per sh. on 433,094 shs. com$1.25
$1.25
$1.04
mon stock (no Par)
x Also before providing for depreciation to market value of investment
-V. 130, p. 2586.
securities.
-Extra Dividend.
Charis Corp.
The directors have declared the regular quarterly dividend of 50c. per
share and an extra dividend of 25c. per share on the common stock, no
Par value, both payable May 1 to holders of record April 22. Like amounts
-V. 132, p. 1807.
were paid in each of the 10 preceding quarters.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3155
Cerro de Pasco Copper Corp.(& Subs.).
-Earnings.
--
Columbia Graphophone Co., Ltd., England.
-Merger.
Calendar Years1930.
1929.
1928.
1927.
Sale of copper, silver. &c$19,679,809 $28,656,394 $25,261,249 $20,510,755
Divs.& int.received_ _ _ _ 1,275,347
1,679,190
1.347,315
695,900
Miscellaneous receipts1,261,195
Inventory Dec.31
3,464,964
6.006,850
6,736,020
7,468,781
A holding company to be known as the Electric and Musical Industries
has been registered in London, England, for the purpose of acquiring stock
in the Gramophone Co., Ltd. (His Master's Voice) and the Columbia
Graphone Co., Ltd., which recently were amalgamated. The new company
will acquire not less than 90%,or such less proportion of each class of shares,
respectively, as the company shall see fit, of the shares of the Gramophone
and Columbia companies and to develop the gramophone, television,
surgical and therapeutical instrument business.
The directors are: AR'red Clark, Chairman; L. Sterling, Lord Marks.
J. Broad, E. De Stein, M. Herbert, D. Samar and E. T. L. Williams.
Mr. Clark is Managing Director of the Gramaphone Co. and a director of
the British Zonophone Co., Marconiphone Co., and the Victor Talking
Machine Co. of America. Messrs. Broad. Sarnoff and Williams are directors of the Gramophone Co., of which Mr. Williams is Chairman,
while the other four directors are directors of the Columbia company,
Lord Marks being Chairman and Mr. Sterling Managing Director. See
also V. 132. p. 2204.
Total
$24,420,119 $36,341,935 $33,344,585 $29,936,631
Smelt.refin. & gen. exp.. 15,165,014 19,352,173 12,052,286 11.645,264
Inventory Previous year_ 6,006,350
6,736,020
7,468,781
5,668.005
Custom ores
2,792,015
3,850,230
U.S.& foreign taxes840,636
952,104
Net profit
$3,248,755 $10,253,741 $10,190,867 $7,821,026
Dividends paid
6,175,631
6,456,341
5,052,789
4,491,368
Capital distributions---Cr.5,624,096 Cr.2,643,509 Cr.945,667
Balance,surplus
Previous surplus
Adjustments
Total
Deprec. & depletion
$2,697,220 $6,440,909
7,380,241
6,463,960
$6,083,745 $3,329,658
505.403
1,620,096
Cr.4,309.350 aDr.287.604
$10,077,461 $12,904,869 $10,898,498
5,235,591
5,524,628
4,434.539
$4,662,150
4.156,747
Columbia Investing Corp.
-Larger Common Dividend.
The directors have declared a quarterly dividend of 15 cents per share
on the common stock, payable May 1 to holders of record April 25. Previously, the company made regular quarterly distributions of 123 cents
-V. 132, p. 662.
per share on this issue.
Balance, profit & loss- $4,841,870 $7,380,241 $6,463,959
$505,403
a For income taxes, &c., as of Dec. 31 1926.
-Chairman of Fin. Comm.
Columbia Pictures Corp.
Consolidated Balance Sheet Dec. 31.
Maurice Goodman has been appointed Chairman of Finance Cornmittee.-V. 132, P. 2397.
1930.
1929.
1930.
1929.
Assets$
Liabilities-Opens New
Commercial Investment Trust Corp.
Metal, Ace., mines
Capitalstock_-_y 6,200,000 6,200,000
& mineral, &c.,
Capital surplus
Branch Office.
leases, plant
Stockholders'
Because of the increase in its volume of business on Long Island, the
equipment, &c_x26,223,641 26,298,154
equity in owned
office at Bay Shore in the First National
Investments
1,812,539 1,815,079
properties
39,133.639 44,757,735 C.I.T. Corp. has establishd an
Bank & Trust Bldg., to give localized service to dealers and purchasers
Deferred charges.37,769 Accounts payable. 690,394 1,795,617
35,978
In Suffolk County.
Supplies for operDrafts payable... 672,386 1,374,294
Since the beginning of this year C.I.T. has opened offices in Beckley,
ations,&c
4,824.851 4,105,006 Wages accrued and
W. Va.• New Haven, Conn., and Hagerstown, Md., and now has more
Mdse.Inventory- - 366,815
363.913
unclaimed
182,310
306,054 than 140 branches in the United States and Canada, in addition to its
'
Accts. receivable... 3,163,358 2,981,092 Surplus
4,841.870 7,380,241
foreign activities. Each office is a completely functioning finance comOre inventory-- 664,735 1,528,048
.T.interests.
pany operated by specialists who devote their entire time to C.!
Metal & concen0.I.T. Corp. is a subsidiary of Commercial Investment Trust Corp.
trate inventory.. 3,464,964 6,006,350
-V. 132, p. 2591. 1807.
U.S.Treas. ars_ _ 9,500,000 12,000.000
Cash
1,663,718 6,678,528
-Earnings.
Commercial Solvents Corp.
For income statement for quarters ended Mar. 31 see "Earnings DepartTotal
51,720,600 61,813,940
Total
51,720,600 61.813.940
-V. 132, p. 1807.
x Metal and coal mines, mining leases and miscellaneous properties. ment"on a preceding page.
$49.141,760; plant, equipment, concession, construction. &c., $42,762.681,
-Earnings.
Consolidated Chemical Industries, Inc.
lees reserves for depreciation and depletion. $65,680,800. y 1.122,842
For income statement for 3 months ended March 31 see "Earnings
shares without par value.
-V. 132, p. 2774.
-V. 131, p. 2702.
Department" on a preceding page.
Chesebrough Mfg. Co. (Consolidated).
-Earnings.
--
Calendar Years1930.
1929.
1928.
1927.
Earnings for the year-- _ $1,415,878 $1,586,597 $1,269,628 $1,018,516
Previous surplus
2,189,280
1,720,524
1,318,977
1,126,671
Total surplus
$3.605,158 $3,307,121
Dividends paid
780.000
780.000
Appropriated to reserves
334,890
337,841
$2,588,605 $2,145,187
720,000
660,000
148,082
166.209
Surplus as at Dec. 31_ $2,490,268 $2,189.280 $1,720,524 $1,318,978
Earns,per sh. on 120,000
cons,stock (par $25)- $11.79
$13.22
$10.58
$8.49
Consolidated Balance Sheet Dec. 31.
'Assets
1930.
1929,
Liabilities1930.
1929.
Plants, warehouses
Common stock.--$3,000,000
and real eatate_x$1,425,649 $1,430,085 Accts. payable__. 143,612 83,000,000
179,826
Incomplete constr.
23,272
9,764 Deferred credits__
2,615
8,286
Pura. and fixtures
22,815
23,475 Red.on pref. stock
112
112
Autos, trucks and
Sundry reserves- 2,480,004 2,145,113
stable equip. _
4,344
4,909 Surplus
2,490,268 2,189,281
Cash
186,559
243,895
Accts. receivable
399,277
323,505
Notes receivable
40,000
10,000
Investments
4,631,899 4,093,765
Inventories(mdse.) 1,290,261 1,297,376
Red.on pref.stock
deposit account.
112
112
Deferred charges-92,422
85,742
-Announces Another New
Continental Motors Corp.
Engine.
Deliveries are shortly to be made of another new series, in four sizes,
-cylinder, L-head engines to be known as the E-600,"
of Continental 6
says L. J. Kanitz, General Sales Manager. "This group, designed for
high speed and performance, yet of comparatively low weight, in no wise
supplants any of our present models, but on the other hand it provides an
even more closely graduated series between the well-known Model 16-C
-V. 132, p. 2776.
and our heavier R-series of overhead valve type."
-Subs. Re-completes Well.
Continental Oil Co.
An authoritative statement says:
The Group No. 1 Oil Corp. (Toren Oil & Land Co.). controlled by the
Continental Oil Co., has re-completed its 2-B well in the Big Lake
field, Reagan County, Texas, with an' initial production of 173,000.000 cubic feet of gas and estimated 24,000 barrels of oil daily.
The well was completed at a total depth of 8,667 feet. In order to
Conform with proration measures in the field the well was filled with mud
and will be completely shut-in until some future time when production is
needed.
-V. 132, p. 2185.
-Litigation.
Continental Shares, Inc.
The company and Cyrus S. Eaton have filed answers to the suit brought
Utilities,
td_ . In
against them
aa
ls S. Wachner
ofa l
18
.
M
Illed
:
1
TTrgl11 Afeig
$2,400,000 in_profts paid Eaton and his holding
asking for the return or
Light & Power stock to Concompany, Foreign Utilities, in sales of United
tinental Shares, Inc.
The answers deny that Mr. Eaton dominated the affairs of Continental
Total
$8,116,611 $7,522,619
Total
$8,116,611 $7,522,819
Shares as charged, and contend that the purchase of United Light & Power
x After deducting depreciation.
-V. 132, p. 1419.
stock was and will be in the future of great benefit to Continental.
A new suit has been filed in the Common Pleas Court against Cyrus S.
Chevrolet Motor Co.
-March Sales, &c.
Eaton, Otis & Co., Industrial Shares, Inc. and Continental Shares, Inc.,
Domestic sales of new Chevrolet passenger cars and trucks in March by Sigmund Orach, as stockholder and on behalf of all stockholders of
totaled 73.628 units, a gain of 48% over February. Each 10
-day period Continental Shares. The suit contends that Continental Shares, Inc..
during the month showed extensive gains over previous period, it is stated. being incorporated under the laws of Maryland, is without legal authority
For the first 10 days of March sales totaled 17.224 units, against 24,910 to loan moneys to any of its directors or stockholders, such loans being
cars and trucks the second 10
-day period and 31,494 the last 10 days.
forbidden under the laws of the State. The suit further contends that on
While final figures for the first 10 days of this month have not been Dec. 3 1929, Continental Shares loaned $2,087.480 to Cyrus S. Eaton,
tabulated, dealers reports indicate the progressive gains in March are Chairman of the board and a director of Continental Shares. The loan
being continued into April.
was secured by a note guaranteed by Otis & Co. and Industrial Shares, Inc.,
Dealers' stocks of new cars were reduced by 6,500 units, while dealers' and was backed by collateral in the amount of 31,213 shares of Republic
used car stocks also dropped more than 5,000 during the month.
Steel Corp. common.
World Chevrolet production in March was 79,603 cars and trucks. Final
The petition states that the loan at maturity was not paid but was redomestic sales for February were 49,690 units; in January, 46.014, and in newed on Dec. 3 1930. However, owing to the decline in the value of the
December, the first full month when the 1931 cars were in dealers' hands, collateral, which at the present market of around $15 a share would total
46,605 units. In these months Chevrolet domestic passenger car registra- less than $470,000, the plaintiff contends the note is not adequately secured.
tions led all other makes, while returns from 27 States for March also show
The plaintiff asks for an order and judgment of the court directing deChevrolet leading the passenger car field.
-V. 132.
-V. 132, p. 2774.
fendants to repay the loan and interest at 6% from Dec. 3 I929.
P.2971,2592.
Chicago Yellow Cab Co.
-Earnings.
-
-Substan-New Company.
Corcoran-Brown Lamp Co.
-See latter
tial Interest to Be Owned by Allied Products Corp.
Chile Copper Co.
-The directors on above.
-Smaller Dividend.
April 23 declared a quarterly dividend of 37c. a share on
-Merger.
(Thos. J.) Corcoran Lamp Co. of Ohio.
the capital stock, payable June 29 to holders of record
-V. 121. p. 2044.
See Allied Products Corp. above.
June 5. This compares with a quarterly distribution of
-Liquidating Div.
Cornell Mills, Fall River, Mass.
50c. a share made on March 30 last and on Dec. 29 1930,
The directors have declared a liquidating dividend of $4 per share, payable
a dividend of 62443. paid on Sept. 30 1930 and 75c. on June May 1 to holders of record April 21.-V. 132, p. 500.
27 1930.-V. 132, p. 1625.
-Earnings,
Corroon & Reynolds Corp. & Subs.
1929.
Calendar YearsChrysler Corp., Detroit, Mich.
-Stockholders Increase- Gross earnings (excl. profits or losses on sales of 1930.
Sales.
$4,591,471 $4,778.447
investments)
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
-V. 131, p. 3048.
The annual meeting of the stockholders was held on April 21 at the
company's Highland Park plant. Shares voted at the meeting constituted
70% of the total shares outstanding, one of the largest representations of
stockholders at any of the company's annual meetings. Since the last
annual meeting the number of stockholders has increased from
39,973
to 45,929, a new high record.
B. E. Hutchinson, Vice-President and Treasurer, who presided,
pointed
out that since the annual report for 1930 was sent to the
stockholders on
Feb. 15 evidences have appeared of a progressive improvement in the
mobile industry. Preliminary reports of domestic registrations ofautonew
cars in March, he said, show that Chrysler Corp. has slightly
increased
Its percentage of the total automobile sales (exclusive of Ford) as compared
with a year ago and that the company's sales each month of this year
have
shown a substantial improvement over the preceding month, March sales
indicating a 60% increase over February.
The directors elected were; Walter P. Chrysler, .1. S. Bache,
Harry
Brenner, Waddill Catchings, George W. Davison, Allen P. Edwards,
.1. E. Fields, Byron 0. Foy, B. E. Hutchinson, E.F. Hutton, K. T.
Keller,
W.Ledyard Mitchell, Matthew S. Sloan, Marshall E. Sampsell, Harold E.
Talbott Jr., E. R. Tinker and F. M. Zeder.-V. 132, p. 2774.
City Mfg. Co. of New Bedford.
-Liquidating Dividend.
-
The directors recently declared a liquidating dividend of $25 Per
share,
payable May 1 to holders of record April 10.-V. 132, p. 2396, 1038.
Expenses
Provision for Federal income tax
Loss on sales of investments
3.049.034
3,312,532
107.754
38,784
148,010 xCr675,811
y$1.092,144 $2,297,471
Net income from operations
831,041,017 $31,037.017
Capital stock and paid-in surplus
886,892
Earned surplus, Dec.31 1929
Dr904,009
Amount incl. in paid in surplus as at Feb. 18 1929
23.364
Adjustment of income tax provision for prior year_
$33,043,418 $32,430,479
Total surplus
z697.420
506,570
Dividends on preferred stock
75,000
Reserve for contingencies
Excess of book values of investments over value at
9,460,565
18,014.798
which stated in balance sheet
114,256.199 $22,463,344
Balance at Doc. 31
Earnings per share on 787,310 shares of common
$0.50
$2.27
stock (no par)
x After deducting $83,527 for provision for Federal income tax thereon.
y The income stated above includes $164,742 of adjustments applicable to
prior years and is subject to the comment in the appended certificate with
respect to dividends received during 1930 z Including $12,703 on minority
stock of subsidiary company.
3156
-
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31 (Incl. Wholly Owned Subsidiaries).
Assets-1929.
1930.
1930.
1929.
$
Cash
Liabilities1,193,033 1,171,667
Notes and loans rec 380,761
141,686 Notes payable-- 2,591,996 4,090,000
Investments
10,494,742 20,773,020 Due to insur. cos.,
Due from insurance
4,356,084 5,528,966
&c
companies, &c._ 4,851,531 6,114,542 Accts. pay. accrued
Sundry accts. rec. 110,601
359,604
expenses, &c._ - 510,611
88,356
Adv.to off. & empi
58,063
74,837 Prov. for Federal
191,281
38,784
Cash surr. value of
Income taxes
insur. policies on
Minority interest
lives of officers_ _
61,008
46,458 in pref. stock of
200,850
196,322
Prepaid insurance,
subsidiary
taxes, &c
75,000
28,081 Reserve for conting
78,742
Funiture, fixtures
Capital stock and
14,256,199 22,463,344
and leasehold_ _ x275,546
282,675 surplus
Goodwill
4,037,500 4,037,500
Treasury stock
483,470
75,225
--22,024,996 32,834,045
Total
Total
22,024,996 32,834,045
x Less $117.151 for depreciation. y Represented by 114,120 snares
referred stock and 787,310 shares common stock both of no par value.
V. 130. p. 4057.
[VoL. 132.
don and marketingiwill be effected through consolidation with these two
companies, officials state.
The Dresser company manufactures pipe line equipment, its principal
product being Dresser couplings for plain end pipe which are regarded as
the standard joint in high pressure pipe line construction.
The Merco Nordstrom Valve Co. manufactures lubricated plug cock
type of valves.
-V. 132, p. 1230.
Dresser Nordstrom Co.
-To Be Formed.
See S. R. Dresser Mfg. Co. above.
Drylce Corp. of America.
-Patent Litigation.
The U. S. Supreme Court will reconsider the controversy between Carbice Corp. of America and the American Patents Development Corp. and
Drylce Corp. of America, so that it may pass on the validity of the Slate
patent under which the last named is licensed, and which has to do with
the "locational arrangement, in an unpatented container, of a specific
unpatented refrigerant (solid carbon dioxide) relative to footstuffs to be
refrigerated.' The Court did not pass on the validity of the patent. but
ruled that the American Patents Development Corp., which owns the
patent, could not employ it to obtain a limited monopoly with the onpatented refrigerant.
The Carbice Corp. states in its brief that a recent statement of Drylce
Corp. released to the press indicates commencement of an intention to
by patent infringement suits,
Coty, Inc.
-New Directors
-Bond Redemption Plan Ap- continue a wide campaign of intimidationto users of solid carbon dioxide.
under the Slate patent, and threat thereof,
proved.Counsel for the Drylce Corp. state it was necessary to issue the stateAt the annual meeting held on April 20, the following new directors ment to counteract publicity which created the impression that the "patent
were elected; Armand A. retitjean and L. It. Marais of tans, and Serge situation of respondent Drylce Corp. of America was practically demolHeftier and George Sabran of New York. They succeed E. M. Jones, ished." (Boston "News Bureau.")
-V. 132, p. 2776.
H. L. Brooks, Alphee Dubois and Henry R. lckelheimer.
Questioning of officers by several stockholders revealed that Benjamin
-Smaller Dividend.
Duff-Norton Mfg. Co.
E. Levy, Chairman of the board, received a salary and bonus last year
The directors have declared a quarterly dividend of 35 cents per share
totaling $233,000. The dissenting stockholders disapproved Mr. Levy's on the common stock, payable May 15 to holders of record May 1. This
contract with the company because it provides giving him a percentage compares with quarterly dividends of 6234 cents per share previously paid
on the net sales of the company, regardless of how much the company on this issue.
-V. 128, p. 1913.
makes. Mr. Levy's contract, however, was approved for another year.
-Earnings.
The stockholders approved a plan for changing the manner of redemp(E. I.) du Pont de Nemours & Co.
Participations Industries de Luxe,
tion of the bonds of Societe Omnium de
For income statement for quarters ended Mar. 31 see "Earnings DepartS. A., which are guaranteed by Coty, Inc. See also V. 132. p. 2592.
ment" on a preceding page.
-V. 132. p. 2593.
Crucible Steel Co. of America.-Pref. Dividend Safe.
-Acquisition.
Eaton Axle & Spring Co.
,
Chairman Horace Wilkinson states: "Our plants are operating at 50`;‘
See Reliance Manufacturing Co. of Massillon, Ohio, below.
of capacity. w lin this rate of operations and prevailing prices for finished
Earnings.
products we are covering our preferred dividend requirements.
For income statement for quarters ended Mar. 31 see "Earnings Depart"The preferred dividend is not in jeopardy. We would have to en-V. 132, p. 2398.
counter a far worse condition than anything we have seen to cause the ment" on a preceding page.
directors to consider suspending or redcuing the dividend rate on our
-Earnings.
El Dorado Oil Works.
-V. 132, p. 2971.
preferred stock."
1928.
-1929.
Calendar Years
-Not to Pay May 1 Int.- Net profit after all charges & taxes_ _ _ $1990
Cuban Dominican Sugar Co.
$514,814
$497.195
153,106
-year sinking fund 7Si% Earns, per aim, on 150,000 shs. com.stk
The interest due May 1 1931 on the first lien 20
$3.31
$3.44
1.
-year sinking fund 73i% gold bonds.
gold bonds, due 1944, and first lien 20
0
16
Balance Sheet Dec.. ..
-V.
due 1944, stamped, with warrants, will not be paid on said date.
1929.
1930.
Assets1929.
1930.
132, p. 1808, 1625.
$44,699
Cash
$70,116 Accounts payable. $101,516
$245,372
63,666
21,832
Call loans
-Earnings.
1,150,000 Reserve for taxes__
Curtis Publishing Co.
75,000
for diva.
220,157 Accried
For income statement for three months ended Mar. 31 see "Earnings Accts. receivable.- 116,101
x1,787,500 1,787,500
Advs. on copra... 553,617
513,369 Capital stock
-V. 132, p. 1040.
Department" on a preceding page.
1,118,194 1,183,597
562,074 Surplus
Inventory
1,415,810
-85% of Stock Owned by Investments
De Vaux-Hall Motors Corp.
2,650
7,650
Fixed assets
627,389
679,789
Officers and Directors.
Deferred charges-8,705
10,704
Hall, organizers of this corpora---Norman De Vaux and Col. Elbert J.
-$3,029,043 $3,154,462
tion, announce that 85% of the $2,000,000 capital stock is owned by the
Total
Total
$3,029,043 $3,154,462
officers and directors, every one of whom is an active worker either in the
x Represented by 150,000 no par shares.
-V. 131, p. 945.
manufacturing, engineering or sales department of the company. The
balance of the stock is in the hands of 2,500 stockholders distributed in
Electric Auto Lite Co.
-Earnings.
the western States.
For income statement for 3 months ended March 31 see "Earnings
Recently the corporation applied to the California Corporation Commis- Department" on a preceding page.
sion for permission to issue an additional 50.000 shares at $10 per share,
Specifications already received by this company for the balance of the
to be sold to officers and directors.
second quarter will permit it to earn the present dividend of $1.50 quarterly
The new company went into operation the first week of April, with for the first half a 1931, according to President C. 0. Miniger. April
motor cars. The principal assembly plant of the earnings will be
orders on hand for 8,000
-V. 132.
approximately 30% above March, it is stated.
company is in Grand Rapids, Mich. Another is located in Oakland, Calif. P. 2399.
President Norman DeVaux told the stockholders at the annual meeting
that the company had orders on file for 12.500 cars for shipment in April.
Electric Railway Equipment Securities Corp.-Certifs.
May and June. He declared he believed the organization would show
minimum monthly profits of $150,000 in May and June. "Even in April, Called.
The corporation has called for redemption on June 1 next 28 equipment
our first month of production, I am confident our Grand Rapids plant
a profit," Mr. DeVaux said. The Grand Rapids factories this trust certificates, dated Dec. 1 1930, at par and diva. Payment will be
will net
month will manufacture 1,000 cars while production at western factories made at the Fidelity-Philadelphia Trust Co., 135 South Broad St., Phila.,
Pa.
-V. 131. p. 3537.
is limited because operations did not begin until April 13.
Norman DeVaux. Col. Elbert .1. Hall. George S. Scott, George R.
-Common Dividends HereElectric Shareholdings Corp.
Morris and Owen Wright were elected directors. L. A. Abadie was appointed Secretary, succeeding II. L. Breed, who continues as legal advisor. after to be Paid Semi
-Annually Instead of Quarterly.
In our issue of April IS, page 2973, we erroneously stated that the com-Tenders.Devoe & Reynolds Inc,
ordinarily have been
The Chase National Bank of New York, as trustee, is notifying holders pany omitted the quarterly dividend which would was due on this issue
action
of 1st pref. stock that $30.035 in cash is now available for sinking fund Paid about June 1 on the common stock. No the company earlier this
purchases of so many of these preferred shares as shall be tendered and at this time. An official statement issued by
upon the declaration of stock
accepted at a price not exceeding 115 and divs. Tenders of stock should Year says:"The directors will in the future act instead of quarterly as in
dividends on the common stock semi-annually,
be delivered at the Chase National Bank, 11 Broad St., N. V. City, on the
be payable on
past. Accordingly, dividends hereafter declared will which the cor- •
or before May 21.-V. 132, p. 858.
Sept. 1 and March 1. Arrangements have been made by
common stockholders scrip representing
Poration will hold for the account of
-New Directors.Diamond Match Co. (Del.).
dividends
-V. 132. fractional shares of common stock, issuable from time to time asfull share,
Elisha Walker and Jean Monnet have been elected directors.
on the common stock, until such fractional scrip aggregates one
p.2179.
at which time a full share stock certificate will be mailed.'
A distribution of 1%% in stock was made on the common stock on
-Defers Dividend.
Dolphin Paint & Varnish Co.
quarterly dividends of 25 cents per
The directors have voted to defer the quarterly dividend due May 1 on March 1 last, as compared with fourin each of the first three quarters of
the $2 cumul. class A stock, no par value. On Feb. 1 last a quarterly share in cash In 1930, and in addition
a 1% distribution in stock was made. quarterly dividend on the
distribution of 25 cents per share was made on this issue, as compared with last Year
The directors, however, declared the regular
-V. 132, p. 501.
50 cents previously.
$6 preferred stock of 44-1,000ths of a share of common stock, or, at the
holder's option, advised to the company by May 15 1931. $1.50 in cash;
Dome Mines Ltd.
-Earnings.
of record May 5.-V. 132. p. 2973.
For income statement for three months ended Mar. 31 see "Earnings Payable June 1 to holders
-V. 132, p. 2973.
-Liquidating Dividends.
Department" on a preceding page.
River, Mass.
Flint Mills, Fall
The liquidating dividend of $11 per share, recently reported, was paid
-Merger Ratified.
Dorr-Oliver Corp.
in three installments as follows: $6 per share on March 21. $3 per share
See Oliver United Filter, Inc. below.
on April 6 and $2 per share on April 13; all to stockholders of record
March 16 1931. This made a total of $46 paid so far this year.
-Proposed Merger.
Dresser Mfg. Co.
(S. R.)
The directors have futher declared a liquidation dividend of $6 per share.
Plana for the consolidation of this company with the Merco Nordstrom Payable to holders of record April 18. This brings the total payments as of
Co: into a new corporation to be known as Dresser Nordstrom Co., that date to $52 a share.
Valve
-V.132, p. 2973.
have been announced. The directors of the Dresser comipany have ap-Deposits Exceed
(George M.) Forman Realty Trust.
proved the merger plan, while the directors and stockholders of Marco
Nordstrom Valve Co. had previously given their approval.
The consolidation of these two companies, leaders in their respective $10,000,000.
bonds issued against 27 properties and
Total of George M. Forman & Co.
fields, which are closely allied, will result in a new corporation with total
Forman Realty Trust, for exchange now exceeds
assets of $5,913,482. Total capital stock and surplus will be $5,467,974. turned in to the George M. Lodwick, Trust President, has announced.
of which amount $3.202,500 will be represented by capital stock and $10.000,000. William G.
Additional bonds aggregating $1,500,000 are under Trust control.
surplus.
$2,265,474 in
"Promptness and unanimity of bondholders' co-operation in the trust
The new company will have no funded debt and its authorized capitaliprotecting the properties have exceeded the most optimistic prezation will consist of 300,000 shares of class A stock. 170.000 shares of Plan for,
dictions, said President Lodwick. "The first call to exchange Forman
which will be presently outstanding and 800.000 shares of class B stock,
$14,500.000 for those of the trust was made
300,000 shares of which are reserved for conversion of class A stock and company bonds totalinghad response from every State and several foreign
196.000 shares of which will be outstanding upon completion of the con- Oct. 6 last, and we have1811. 1626.
countries."
p.
-V. 132.
solidation plans. Holders of the present class A and class B stock of the
Dresser company, under the terms of the merger, will receive class A stock
-Omits Common Dividend.
Foster & Kleiser Co.
and class B stock in the new company on a share for share basis. The
The directors have voted to omit the quarterly dividend ordinarily
Merco Nordstrom stockholders will receive in exchange for all of the outpreferred and common stock of their company 70,000 shares of payable about May 15 on the common stock. The last regular quarterly
standing
olvidend of 25 cents per share was made on this issue on Feb. 15 1931.class A stock and 96,000 shares of class B stock of the new company.
The letter to Dresser stockholders states that "it is expected that divi- V. 132, p. 136.
•
the class A and class B stock of the new comdends will be initiated on
The class A
-Earnings.
paid
(George A.) Fuller Co.
pany at the same rate as is at present being share them. class B
and the
stock
now on an annual basis of $3.50 per
3 months ended March 31 see "Earnings
For income statement for
stock Is
-V. 130, p. 1123.
is on an annual basis of $2 per share. company will include the present Department" on a preceding page.
The board of directors of the new
-Earnings Reported Satisfactory
directors of the Dresser company with Fred A. Miller as Chairman.
General Asphalt Co.
will be President of the new company
H. N. Mallon, President of Dresser,
•
Stock Purchase Plan Approved.- '
be Vice-President.
and Merrill N. Davis willto participate in the consolidation plan, must
says: "Officials of the company are very
Vice-Pres. Frank Seaman
Stockholders, in order
Economies in administra- well pleased with the indicated results for the first quarter of 1931 as condeposit their stock on or before May 12 1931.
APRIL 25 1931.]
FINANCIAL CHRONICLE
treated with the first quarter of 1930, considering conditions. Results for
the first quarter have not yet been received."
The stockholders on April 22 approved the employees' stock purchase
plan approved by the board of directors on Aug. 1 1930.-V. 132, p. 2594.
Galena Oil Corp.-Consol. Bal. Sheet Dec. 31
LtsbilfflesCash
$275,147 Accounts payable
$
Time deposits
100,000 Accrued taxes & expenses
8, 6
25 072
6 58
Notes & accounts receivable_
457,278 Cap.stk.(no par 269,293 shs.) 2.857,249
Inventories
828,633 Deficit
487,589
Real estate, plant & equip---- 755,260
50,000
Guaranty deposits
Deferred charges
15,000
Total
-V.130, p. 4615.
$2,481,319
Total
52,481.319
-Liquidating Value.
General Capital Corp.
The liquidating value of corporation's stock, based on closing prices on
April 22, was $43.76 a share, compared with a liquidating value on Dec. 31
of $43.93 a share.
-V. 132, p. 2206.
3157
Glidden Co.-Nwe Sales Manager of Subsidiaries.
William M. Steele, for many years Vice-President & Gen. Mgr. of the
John F. Jelke Co., Chicago, is now sales manager in charge of sales of
oleomargarine and other food products for Durkee Famous Foods, a subsidiary of the Glidden Co., it is announced. Mr. Steele's headquarters
will be in Chicago,
-V. 132, p. 1627.
Globe Grain & Milling Co.
-Dividend Decreased.
The directors have declared a quarterly dividend of 25 cents per share on
the common stock, placing the stock on a $1 annual basis, against $2 previously. The regular quarterly dividends of 50 cents per share on the
2nd pref. stock and 4334 cents on the 1st pref. stock were also declared.
All dividends are payable July 1 to holders of record June 20.-V. 132,
p. 1043.
Gould Coupler Co.
-Earnings.
For income statement for three months ended Mar. 31
Department" on a preceding page.
-V. 132. p. 2401.
see "Earnings
-New Directors.
Graham-Paige Motors Corp.
-
Mrs. Alfred G. Wilson and Herbert I. Lord (Vice-President of the
Detroit Lubricator Co.) have been elected directors.
-V.132, p. 2595.
Grand Union Co.
-Takes Over Management of Community
General Electric Co.
-Earnings for Quarter-Company
Stores.
Fails to Earn Dividends on Common Stock.
Orders received by the company for the first quarter of 1931 amounted
to $60,366,297, compared with $90,397.731 for the corresponding three
months of last year, Gerard Swope, President,announced April 21 at the
annual meeting of stockholders.
Sales billed for the first three months of 1931 amounted to $61,959,801
compared with $91,205,732 for the corresponding period last year.
Profit available for dividends on common stock for the first quarter of
1931 was 310.844,334,compared with $14,398.790for thesame three months
last year, which is equivalent to 38 cents per share in 1931 and 50 cents per
share in 1930 on the 28,845,927 shares outstanding in both periods. The
quarterly dividend is 40 cents a share.
A comparative statement of sales and earnings for the three months is
given in the "Earnings Department" on a preceding page.
T. W. Frech Re-elected Vice-President.
T. W. Frech, granted a leave of absence by the company on Jan. 1
1930 to organize the RCA Radiotron Co., has been re-elected to his former
Position as Vice-President of the General Electric Co. in charge of incandescent lamps, effective April 15, it has been announced by President
Gerard Swope. J. E. Kewley will continue as manager of the incandescent lamp department.
-V. 132. p. 2400, 2184.
-Earnings.
General Foods Corp.
For income statement for quarters ended Mar.31 see "Earnings Department" on a preceding page.
-V. 132, p. 2780.
General Motors Corp.
-To Change Certificate of Incor-President Alfred P. Sloan Jr., April 8, in a letter
poration.
to the holders of common stock, says:
At a meeting of the stockholders held on May 26 1930, the certificate of
incorporation was amended to authorize 6.000,000 shares of preferred stock,
without par value, to be issued in series in accordance with resolutions of
the board of directors.
At the time of the adoption of the amendment, the corporation had
outstanding 7% pref., 6% pref. and 6% debenture stocks. The directors
authorized the issuance of 1,875,366 shares of preferred stock without
par value $5 series, in exchange for the then outstanding preferred and
debenture stocks. The stocks not exchanged were redeemed on Aug.
1 1930.
At the present time under our certificate of incorporation, we have
authorized pref. stock without par value, 7% pref. stock, 6% pref. stock,
6% debenture stock and common stock $10 par value, although the only
stocks Issued and outstanding are the pref. stock without par value $5
series and the common stock $10 par value.
It is not the intention of the corporation to issue any 7%
pref. and 6% debenture stocks, and the corporation desires Pref.. 6%
to amend
article fourth of its certificate of incorporation, and to eliminate therefrom any and all reference to these stocks.
[A meeting of stockholders will be held on May 5 1931 to vote on the
above proposal.)
First Quarter Earnings Shows 61 Cents per Share Earned
-Alfred P. Sloan Jr., Pres., announced April 23
on Common.
the following:
The Grand Union Co. announces the execution of a contract whereby the
operating management of the Community Stores of Syracuse, N. Y. is
assumed by the former company. The Community Stores. Inc.. operates
a chain of 71 grocery stores and 12 meat markets located in Syracuse and
vicinity.
-V. 132, p. 2781. 1814.
Graton & Knight Co.
-Defers Preferred Dividend.
The directors have decided to defer the quarterly dividend of 1 3i% due
May 15, on the 7% cum. pref. stock. Regular quarterly distributions at
this rate were made from May 15 1928 to and incl. Feb. 16 1931.-V. 132,
p. 2401.
(S. M.) Grier Stores, Inc.(& Subs.).
-Earnings.
Earnings for Year Ended Jan. 31 1931.
Gross income from stores' operations
Operating expense
$2,705,548
2,702.809
Net income from stores' operations
Other store income
$2.739
20,991
Total income
Deductionsfrom store income
$23.730
72,322
Loss from stores' operations
Net profitfrom other companies 100% owned,after Fed.taxes..
$48.591
59,037
Total profit
Profit applicable to minority interest
$10.446
1.043
Net profit applicable to S. M. Grier Stores, Inc
$9,403
Consolidated Balance Sheet Jan. 31 1931.
L1.abiZides
$407,318 Notes payable
Cash
$415,000
Accounts & notes receivable- - 1.489,919 Trade accounts payable
789,998
Due from leased departments_ 134.865 Dueto leased departments_ __
. 83,225
33,911 Accrued salaries & expense_
Due from officers & employees
127.059
48.833 Res. for Fed.,State & oth.tax.
Surr. value of life ins. policies_
39,524
Merchandise inventories
705,236 Sundry accounts payable
101,611
Reserve for contingencies
Common capital stock of par15,000
Mortgage payable
ent co. much, for officers &
306,652
25,203 Minority interest in J. F. Donemployees
1,162,782 ovan & Co
Capital assets
25,366
529,633 $7 cumulative preferred stock_ 1.100,000
Other assets
414,633 Common stock
Good-will
x700,250
40,827 Surplus
Reorganization expense
1,461,402
171,928
Deferred charges
Total
$5,165,088
Total
-V.132, p. 2595.
x Represented by 120,010 no par shares.
$5,165,088
-Earnings.
Gulf States Steel Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132. p. 2208.
-Proposed Merger.
(W. F.) Hall Printing Co.
Further details regarding the contemplated merger of this company
Net earnings of General Motors Corp., including equities in the un- and the Art Color Printing Co. were disclosed when Frank R. Warren,
divided profits or the losses of subsidiary and affiliated companies not President of the W. F. Hall Printing Co. stated that press reports regardconsolidated, for the first quarter ended March 31 1931, amounted to ing this merger gave an erroneous impression that the Hall company was
$28,999,409. This compared with $44,968,587 for the corresponding quarter making an outright purchase of the Art Color Printing Co. "The fact is,"
a year ago. After deducting the dividend of $2,343,569 on the preferred said Mr. Warren, "that these two companies are to be merged under a
stock, there remains $26,655,840, being the amount earned on the common plan under which the present stockholders of Art Color Printing Co. will
shares outstanding. This is equivalent to $.61 per share on the common become stockholders of the W. F. Hall Printing Co. The corporate entity
stock and compares with $.98 per share earned in the first quarter of 1930. of the Art Color Printing Co. will be preserved and it will be operated as
For the three Months ended March 31, General Motors dealers in the an independent unit under the same management as before.
"Ernest Lilienthal, now Secretary and Treasurer of Art Color Printing
United States delivered to consumers 231.881 cars, compared with 286,690
cars in the corresponding period of 1930. Sales by General Motors operating Co. will become a Vice-President and director of W. F. Hall Printing Co.,
and will retain his present offices in Art Color Printing Co. Arnold A.
divisions to dealers in the United States amounted to 255,997, as compared
with 323,443 cars in the corresponding period of 1930. Total sales to Schwartz, President of Art Color Printing Co. will remain as President of
dealers. including Canadian sales and overseas, shipments, amounted to that company.
"The consummation of this merger will materially strengthen our busi304.547 cars, compared with 368,635 cars in the first quarter of 1930.
Cash, U. S. Government and other marketable securities, at March 31 ness in the east. Considerable economies can be effected and our eastern
plants will be placed in such a position that in conjunction with our Chicago
1931,amounted to $179,133,114 as compared with $125,814,939 at March 31
1930. Net working capital at March 31 1931 amounted to $292,723,601, plants we shall be able to extend to our customers and prospective customers advantages which cannot now be afforded by any other printer.
compared with $281,037,636 at Dec. 31 1930.-V. 132, p. 2974, 2780.
In my opinion, this merger will very materially benefit our stockholders."
See also 'V. 132, p. 2975,2781.
General Shares Inc.
Changed.
-Name
See Insuranshares Corp. of New York below.
-V. 132, p. 2207. 1426.
Hamilton-Brown Shoe Co.
-Additional Payment to
-Resignation.
General Steel Castings Corp.
--
Creditors.
-
Gillette Safety Razor Co.
-Earnings.
-
Harpen Mining Corp. (Harpener Bergbau-Aktien
Gesellschaft), Germany.
-Omits Dividend.
-
Witham R. Gentry, receiver for this company', has been authorized by
Clarence H. Howard has resigned as Chairman of the board.
-V. 132, the Court to pay another dividend of $64,817 to creditors. Of this amount
p.2207.
$49,893 constitutes a dividend of 23.i% to be paid on notes held by banks
bringing total payments on notes to 97,54 %. The remainder represents a
Gibson Art Co., Cincinnati.
-New Directors.
dividend of 5% equivalent to the
Edgar Friedlander, County Treasurer of Hamilton County. Ohio, and all creditors of the company whosebalance owing on other claims so that
accounts were
Andrew Zind, Superintendent of the company, have been elected directors, now have been paid in full with the exception ofapproved by the Court
the 23 % balance due
to succeed the late J. E. Mills and William H. Webster, resigned.
-V. 130, on the company's notes to banks.
-V. 132. p. 2781.
p. 4426.
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
Changes in Officers and Directors.
At the annual meeting of the shareholders held on April 21 the following
directors were re-elected: J. E. Aldred. Charles E. Lotting, Maurice „I
Curran, Henry J. Fuller, Henry J. Gaisman, John Gaston, King C. Gillette •
N.Penrose Hallowell, Bradley W.Palmer, David B. Stern, Philip Stockton
and Churning M. Wells. Louis E. Kirstein, Vice-President of William
Filene's Sons Co. was added to the board. The following former directors
were not re-elected: Frank J. Fahey, Thomas W. Pelham and Ralph E.
Thompson.
It was voted that the board of directors for the present should be fixed
at 13, with authority for the directors to elect additional directors up to
the limit of 16 provided in the by-laws, at their discretion.
It was also voted to change the date of the annual meeting of stockholders
from the fourth Tuesday in February to the third Tuesday in April.
At a meeting of the directors, the following officers were elected:
Vice-Presidents: H.L.Claisse, J. G.Coleman,E.H.Cooper, N. R. Maas,
S. C. Stampleman, It. E. Thompson; Secretary, J..1. DeCourcy; Treasurer,
Treasurers, A. J. Chomas and R. N. Rigby.
Stafford Johnson;
The following executive committee was elected: H.J. Fuller, H.J. Gaisman,
N. Penrose Hallowell, David E. Stern and Philip Stockton.
Frank J. Fahey, Thomas W. Pelham and C. Schumacher, formerly
Vice-Presidents, were not re-elected.
The meeting was adjourned to May 1, no action having been taken o
the election of a Chairman of the board of a President.
-V. 132, p. 2780!
The company has decided to omit the dividend for the year 1930. A
year ago, a dividend of 6% was declared for 1929.-V. 130, p. 2593.
Hartford Fire Insurance Co.
-New Officer.
L. D. Kearney. Vice-President and General Manager of the Hartford
Accident & Indemnity Co., has been elected a Vice-President of the Hartford Fire Insurance Co.
-V. 130, p. 4061.
Hazeltine Corp.
-Sues Five Large Radio Manufacturers
for Alleged Infringement.
Five actions alleging infringement have been filed by this corporation
in the U. S. District Court for the Southern District of New York. The
defendants are Radio Corp. of America. General Electric Co., Westinghouse Electric & Manufacturing Co., RCA-Victor Co. and General Motors
Radio Corp. of Ohio. Each of the bills of complaint alleges infringement
of the Trube patents, Nos. 1.798,962 and 1,763,380. owned by Hazeltine
Corporation.
In each bill of complaint the plaintiff asks for a permanent injunction
against each of the defendants and further requests an accounting of
profits and damages as well as the delivery of all infringing apparatus now
In defendant's possession.
The infringement is alleged in certain radio broadcast receivers, enumerated in each complaint, now being made and sold by each of the defendants.
The complaint alleges that the radio receiver specified embodies the inventions and improvements of the Trube patents.
-V. 132, P. 2975.
3158
FINANCIAL CHRONICLE
Hercules Powder Co.
--Earnings.
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Mar. 31.
1930.
1931.
1931.
1930.
AssetsLiabilities$
$
$
$
Plants & prop. .20.283.506 20,515,218 Common stock -x15,155,850 15,076,975
Cash
2311,575 1,401,595 Preferred stock_11,424,100 11,424,100
Accts.receivable_ 3,561,934 4,418,683 Accts. payable... 381,962
437,353
Collateral loans_
99,961
99,961
2,500,000 Pref. div. payable_
Invest. securities_ 1,425,754
120,919
41,262
753,107 Deferred credits__
Liberty bonds__ 5,176,975 2,349,200 Fed. taxes (est.)._ 210,638
525,268
Mat'ls & supplies_ 2,830,865 4,262,376 Reserves
3,273,464 3,014,127
Finished products_ 2,706,658 2,989,900 Profit & loss
13,004,379 13,641,474
Deferred charges__ 294,350
144,237
Goodwill
5,000,000 5,005,860
Total
43,591,617 44,340.178
Total
43,591,617 44,340,178
x Represented by 606,234 shares of no par value.
-V. 132, p. 665.
-Earnings.
Harbison-Walker Refractories Co.
For income statement for quarters ended Mar. 31 see "Earnings Department" on a preceding page.
-V. 132. P. 1233.
-Earnings.
Hollinger Consolidated Gold Mines, Ltd.
For income statement for three months ended Mar. 31 1931 see "Earnings
-V. 132, p. 1233.
Department" on a preceding page.
-Defers Dividends.Home Service Co. Los Angeles.
The company has decided to defer the regular quarterly dividends of
-V. 131.
50 cents per share due April 20 on the 1st and 2nd pref. stocks.
p.2073.
Howe Sound Co.
-Earnings.
For income statement for three months ended Mar. 31 see "Earnings
-V. 132. p. 2208.
Department" on a preceding page.
[VoL. 132.
Indiana Lamp Corp.
-Merger.
See Allied Products Corp. above.
-V. 123, p. 2526.
-Defers Dividend.
Industrial Brownhoist Corp.
The directors recently voted to defer the quarterly dividend of $1.75 per
share due Mar. 31 on the 7% cum. pref. stock. The last regular quarterly
payment on this issue was made on Dec. 311930.-V. 132, p. 1428.
Industrial Rayon Corp.
-Patent Suit.
The corporation has filed an answer in Federal court to two patent suits
brought against it by the Tubize Chatillon Corp. The suits alleged infringement of the Gardner and Singmaster patents for production of artificial silk fibre. The answer contends the patents are invalid and void
for the reason that the inventions described in them were known to others
and used by others more than two years prior to the date of patent applications.
Decreases Stated Capital.
The stockholders April 8 ratified the proposed reduction in capital
represented by stock of no par value from $12,000,000 to $8,000.000.
Earnings.
For income statement for three months ended March 31 see "Earnings
-V. 132, p. 2209, 2003.
Department" on a preceding page.
-Earnings.
Inspiration Consolidated Copper Co.
1927.
1928.
1929.
Calendar Years1930.
Copper produced (lbs.). 65.606,664 107,307,067 88,504,100 99.374.049
Sales of copper
$9,769,174 $13,182,122 $14,049.860 $12,817,599
Min. exp. (incl. devel.)_ 2,310,477
.
3 917.
4,651,984
3,627.273
037
Reduction & re
g exp.,
5,415,209
4,978,636
6,177,867
incl. selling
3,553,040
244.571
150,785
299,323
Admin. exp. & Fed. tax_
211.450
3,071,494
1,763,215
979.710
Copper on hand Jan. 1 4,850,744
Copper on hand Dec. 31Cr2,154,676 Cr4,850,744 Cr979,710 Cr1,763,216
751,897
752,284
913,887
326,318
Depreciation
483,629
330,739
289.010
422,529
Interest paid
-Annual
Hudson Bay Mining & Smelting Co., Ltd.
Report.
$696,976
$249,290 $4,721,084 $3,426.636
Balance
32,718
38,904
32.718
24.470
Income from investment
$729,694
Not income
President R. H. Channing Jr., March 27, says:
$273,759 $4,753,802 $3,465,540
295.492
986,475
4,727,868
1,772,951
During the year 1930 the company's construction program was com- Dividends paid
pleted and by the end of the year all the various plants had been brought
$434,202
$25,934 $2,579.065
Balance, surplus_ _ _def$1.499,192
into operation. From when the first pick was struck in the ground to Shs. cap. stk. outst'(par
completion was less than two years.
1,181.967
1.191,967
1,187,967
1,181,967
520)
In round figures the hydro-electric power and transmission system cost Earns. per sh. on cap.stk
$0.62
$2.92
$4.02
$0.23
$7,100,000 and the mine and metallurgical plants, $13,500,000. Of these
Balance Sheet Dec. 31.
expenditures, 90% were for labor in Canada or to Canadian industries.
1929.
1930.
1929.
1930.
Operations to date indicate that the mine, both underground and open
$
Liabilities$
Assets$
pit, and the power, mine and metallurgical plants can meet their rated
23,639,340 23,639,340
requirements, that they can respectively supply and treat tonnages and Prop. accts., &0__41,128,511 40,709,288 Capital stock
4,500.000 5,000,000
Gold notes
within extimates. It is Suppl. & copper
grades expected, and that they can be operated
on hand
3,194,278 6,084,830 Depreo. reserve.. 8,123,303 7,709,438
-entirely satisfactory
necessary to make one exception to this statement
662,102 Accts., tax, &IL
221,524
recoveries of the copper and zinc, particularly of the latter, are not being Accts.receivable
1,102,908 1.757,056
Payable
Mark. securities.- 870,169 1,377,556
made in the mill. Finer, grinding is expected to remedy this and we are
1,181,967
Cash
87,322 Divs. payable.105,695
now working on methods to accomplish this result.
8,160,933 9,726,080
92,785 Surplus
6,305
During the year an issue of $5,000,000 5
-year 6% cony, gold debentures Def. charges
--- were authorized and sold at face value for cash. To provide for the con45,526,484 49,013.884
Total
Total
45,526,484 49.013,884
version of these debentures the capital stock was increased from 2,500.000
shares to 3,000,000 shares without par value.
-V. 131, p. 2074.
Consolidated Income Account for the Year 1930 (Incl. Hudson Bay Mining &
-Readjustment of Capital.
Smelling Co., Ltd., Churchill River Power Co.,Ltd.,and Min Flea Mines,Ltd.)
Insuranshares Corp. of Del.
The stockholders will vote May 14 (a) on approving a proposed change
$497.162
Sales of metals
56.462 in capitalization from 750.000 shares class A common stock of no par
Freight, refining and all other sales and delivery expenses
value to 1,000,000 shares of common stock, par value $1, and from 500,000
$440,700 shares Class B common stock of no par value to 250,000 shares class B
Balance
stock of no par value and (b) on reducing the stated capital represented
Cost of sales:(Operating costs, net, $684,707; less, Inventory of
415,386 by the present class A common stock from $5 per share to 50 cents, two
metals. $269.321)
shares of each class to be exchange for one new share of each class.
The present class A common stock has a stated value of $5 a share and
$25,313
Operating profit
a paid-in surplus of $15 a share. The new class A common stock will
construction
---expenses in excess of all income during
Deduct
22,397 be $1 par and have a paid-1n surplus of $39 a share.
period
$2,916
Net profit transferred to surplus account
Consolidated Balance Sheet Dec. 31.
1930.
1929.
$
$
AssetsLiabilities$
$
$241,432 $461,550
Cash
Notes payable...-. $400,000
Metals at refinery
Accr,int, on bonds 137,500
or in transit_ _ _ _ y424.573
28,425
Accts. rec. (send.)
46.799 Accounts payable_ 211,898 $611,952
37.327
3,373,491 Contracts payable
Investments
141,546
59,419 Accrued payroll__
106,173
Aces*. int. recely.
16,782
Misc. accr. Habil.
12,743
269,321
Metals
110,219
554,403 Res. for depreo_ -Materials dr supp- 664,911
5-year 6% cony.
Depos. with Royal
5,000,000
gold bonds
2,969,856
Trust Co
Capital stock
27,500,000 27,500,000
MM.claims, devel.
2,916
& land
11,038,784 9,915,781 Surplus
Mine & metallurlurgical plants_ _13,466,915f 5,702,707
Power plant &
transmis. line__ 7,095,3031
45,571
46,037
Furn. & fixtures._
Churchill R. pow4,198,763
er development_
39,755
27,536
Prepaid insurance.
67,203
Preplad oper. exp.
Prepaid deb. no77,528
writing expenses
Ser. under contract
(leas paym'ts not
972,993
due
Total
33,447,969 28,341,087
33,447,960 28.341,087
Tttal
x Represented by 2.500.000 shares of no par value. y Sold under con-V. 130, P. 4251.
tract.
-Earnings-Contract.
Hudson Motor Car Co.
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
The company has been awarded a contract for 1,000 Essex Super-Six
units by the Poeta' Department, one of the largest contracts placed by the
-V. 132, p. 2595.
Government since the war.
-To Take Up Scrip.
Hupp Motor Car Corp.
Scrip certificates for fortieth interests in the common stock of this corporation, which ordinarily would become void unless exchanged for full
shares of stock on or before May 1 next, will be taken over by the corninYofk Stac.
t
scrlp
es a .
to ih r R u in: er
price equivalent iioil eesclosrr nsri.g on tile Ner
a ge
a
Rgant a on that date.
May 4 at the Guaranty Trust Co. of New Vert will receive in cash the
proportionate share of the amount realized fcr the stock.
Earnings.
For income statement for 3 months ended March 31 see "Earnings
-V. 132. p. 2595.
Department" on a preceding page.
Chairman Edward B. Twombly, April 23, in a letter to
the stockholders, says in substance:
For the three months ended March 311931. the Corporation had a total
income of $90,666 all from interest and dividends. Net income, after
deducting expenses and taxes, amounted to $71,843, which was carried to
earned surplus. The depreciation in the market value of the securities
as of Dec 3 lto $ ,327.273 as of March 31 1931,as compared to $7,428,692
held amountri 930
6
.
depreAs of March 31 1931, the net value of assets, after deducting thiscapital
ciation and after expenses and taxes, as compared with paid-in
have
and surplus of $15,000,000, was $8,784,451. No substantial changes
been made in the portfolio since the close of the year 1390. plans for the
for some time
The directors have had under consideration
such plans
development and expansion of the company. In order to carry
recommendations,
into effect, the board has deemed it advisable to make
incorporation, the details of
including amendments to the certificate of
The recommendawhich are attached to the enclosed notice of meeting. general the relative
in
tions have been designed: to protect and to maintainstock and at the same
interests, priorities and rights of the two classes of the expansion of the
time to obtaM a greater flexibility, permitting of sales of capital stock
corporation through the issuance of rights and(or)when the opportunity
at or above liquidating value from time to time
collateral value for
affords; to create a better marketability and a better time of additional
the stock; and to permit of the acquisition from time to
capital through mergers or exchanges of stock. and the reasons therefor,
he major objects of this internal reorganization
may be summarized as follows:
stock
1. To provide for the change of the entire Issue of class A common
((1.000.000 shares having
(750,000 shares no par value) into common stock stockholders will receive
a par value of $1), of which the class A common stock now held. [The
one share for each two shares of class A common
shares of the new
present class A common stockholders will receive 375,000 remainder authand the
common stock out of 1,000,(100 shares authorized,through rights. mergers,
the stock
orized will permit of further issues of
liquidating value or the
exchanges and (or)sales. As of March 311931,the portfolio) was $11.72
clam A common stock (at bid prices on stocks in the
common stock on the same
per share. The liquidating value of the new
price
baSis would have been $23.44 on the same day. The current market
market
is ranging oetween $7 and $8 per share. On the same basis, the
and $16. This is a
s colia then
:rice onteraLi
stock
new stk would have ranged between $14 are more acceptable
better price range,and stocks selling above $10 per share
stock,
2.
-To change the designation of class B common stock to class 13
and to reduce the number of shares from .500,000 to 250.000 of no par vlaue.
[This reduction is in precise proportion to the reduction of the number of'
class A.
to be received by
authorized and issued shares of common stockcommon stock.) the
common stockholders in exchange for class A
subThe changes in the capitalization of the corporation will result in a time
stantial saving in annual franchise taxes in Delaware. At the present
the animal franchise taxes amount to 33.175. Under the new capitalization,
it is estimated that the franchise tax of the corporation will only be $675 a
yf s2 T is yh uge will thereby effect a saving to the corporation in taxes
oear.,50 ha ccar
0
m
3.
-in order to permit of the foregoing changes, the stockholders must
adopt a resolution reducing the stated value of the class A common stock
es
he w
cents a share, which, on the exchange of two shares of class A
k
assets of this company to the Phillips Petroleum Co. is from
Sale of the
stock, will make up the $1 par value
defended as having been advantageou.s to the stockholders of the former common stock for one share of common
company in the answer filed in the Chancery Court at Wilmington, Del., of .5.5stock.
4.
-To amend Article Fourth in its entirety so that:
to a bill of complaint in which the appointby the independent company
(a) Section (a) will provide in part that the corporation shall be obligated
ment of a receiver in dissolution for the company is sought.
defends the payment of 32.373 shares of Phillips Petroleum to Pay in regular dividends In each calendar year all of the net earnings, conThe answer
Baneamerica-Blair Corp., and Henry Lockhart, sLsting of interest and dividends, but exclusive of stock dividends, dividends
Co. common stock to the oil company and the banking firm, for services in kind, and profits from the sale of securities, stock dividends, dividends
the
Jr.. director in boththrough the merger of the two companies.
In kind and rights. [This is a sound basis for dividends and permits profits
rendered in putting
the defendant now has no assets to be accumulated against present Cr future depreciation, and permits of
The answer continues by declaring that
policy which has been so
receiver appointed might take possession of and also growth through compounding in accordance with apresent,
normal earnings
of any kind that a
has no claim against the bankers successfully carried on by the British trusts. At
declares that the defendant corporation
and profits are treated alike and must be. paid out, if earned, up to 50 cents
Lockhart which could be enforced by a receiver.
and Mr.
answer continues, would serve no useful per share to the class A common stockholders; and at least 20% of any
Appointment of a receiver, the
unjustifiable burden on the defendant balance of earnings must be paid on the class A and class B common stocks
purpose but would merely impose an
in the propertion of 85% and 15c; , res18 ctivelyl
-V. 132, P. 862.
corporation.
-Files Answer to Suit.
Independent Oil & Gas Co.
APRIL 25 1931.]
FINANCIAL CHRONICLE
(b) Sections (a), (b) and (c) will provide in part that non-cumulative
dividends equal to 3% of the "average capital and surplus" for any year
must be paid or set aside for payment on the common stock before any dividend can be paid or set aside for the class B stock: any dividend above 3%
annually to be divided between the common stock and the class B stock
on the basis of 85% to the common stock as a class and 15% to the class B
stock as a class. [The present class A common stockholders have imiorities
in dividends up to 60 cents per share per annum, which is 3% of' the $20
capital and surplus originally paid in by the class A common stockholders.
The division above that point between the common and the class B stocks is
on the same basis as at present. This change is designed to retain the relative division of dividends between the common stockholders and the class B
stockholders.]
(c) Section (d) will provide that on liquidation or dissolution the common
stock will be entitled to a priority per share to be determined by dividing the
total number of shares of common stock outstanding into "capital and surplus"; the common stock and class B stock as classes to share 85 and 15%
respectively, in any balance above "capital and surplus." [At the present
time, the relations between the two classes of stock provide q priority up to
$20 on the class A common stock before any division of additional assets
between both classes. The present capital and surplus under the definition
above referred to amounts to $15,000,000. Dividing this by the 750,000
shares outstanding, results in a quotient of $20 per share.]
(d) Section (e) will provide that stock dividends shall be payable only in
shares of common stock capitalized at not less than "liquidating value."
and may be declared only when and to the extent that net assets exceed
"capital and surplus."
(e) Section (g) will provide for pre-emptive rights to'common stockholders
on all common stock issued at less than "liquidating value." [Hitherto
class A common stockholders have had no pre-emptive rights. By means of
this change outstanding stock may protect itselffrom dilution,and the directors will have the power to issue stock to stockholders at any price they may
determine regardless of whether the market on the stock is below or above
liquidating value. Stock may be sold to non-stockholders at a price below
"liquidating value"only when it has first been offered to stockholders. This
Permits of the development of the corporation in a period such as the present
and offers a means for liquidating currently its present obligations.]
(f) A new section (h) will define the "capital and surplus," "average
capital and surplus," "liquidating value" and "value of net assets of the
corporation."
5.
-To amend Article Ninth Section 3 to provide that the directors shall
have the right to set aside as reserves or undivided profits all stock dividends,
dividends in kind and profits from the sales of securities, stock dividends.
dividends in kind and rights. [This is designed to include all earnings of the
corporation other than normal net earnings which must be paid out. As
time goes on reserves so set aside may be used to offset depreciation as at
Present. Undivided profits may be used: (a) for the declaration of stock
dividends; (b) for the declaration of extra dividends which in the discretion
of the board may also be used in any year to make up any dividends less
than 3%.]
-To amend Article Third, Section 1 (a)so as to provide that there shall
6.
be no limitation as to the amount of the assets of the corporation which may
be invested in any corporation, syndicate, association or trust engaged in a
type of business similar to that of this coproration. [This change permits
of the acquisition of other trusts, which from time to time are offered by
eliminating the 20% limitation on such investments. Such opportunities
mat be the means to an early and more rapid growth of the corporation.]
-The board of directors is seeking authority from the stockholders to
7.
revalue the present assets of the corporation by writing the book value of
securities down from cost to market and to offset this write-down by a corresponding transfer to reserves out of surplus. [This makes it possible to
make adjustments in the portfolio at present prices without affecting normal
net earnings and the declaration of regular dividends to stockholders.]
This plan has been submitted to the largest class A common stockholders
and has received their approval. The board is unanimous in its approval
of these recommendations, and it is the belief of the directors that the plan
is fair to both classes of stock and that the changes will make it possible for
the corporation to grow more rapidly and to improve its position materially
at the present time.
Balance Sheet March 31 1931.
Before
After
Before Re- After Recapitaliz- capitalizcapiteliz- capitalizationation.
ation.
anon.
$
$
Liabilities$
Assets$
136,426
136,426 Common stock- - -c3,750,000
375,000
Cash
39,304 Notes payable_ -- _ 770,000
39,304
Divs. receivable_ _
770,000
202
202 Franchise tax 1930
13,480
Prepaid expenses-13,480
Investments-_al5,723,534 b9,396,259 Accrued Int. pay__
577
577
Franchise tax 1931
750
750
Transfer, regular &
customers' fees..
2,407
2,407
Accounting fees.....
525
525
Recapitaliz'n exp.
36,002
36,002
Paid-in surplus_ _ _11,250,000 8,297,725
Earned surplus_ -75,724
75,724
- - - ---15,899,466 9,572,191
15,899,466 9,572,191
Total
Total
a At cost. b At market value March 31 1931. c Old class A common
tock.-V. 132. p. 2003.
Insuranshares Corp. of N. Y.
-Rights, &c.
in connection with the recent plan of recapitalization, announced earlier
In the year. it is announced that holders of old common stock, no par value,
of record Jan. 29 1931, received in exchange for their holdings new common
stock of $1 par value, share for share, and the right to subscribe on or
before Dec. 31 1935 for one-half share of new common stock at par ($1).
Subscriptions are payable at the Guaranty Trust Co., 140 Broadway,
N. Y. City.
The stockholders on March 2 approved a change in the name of the
corporation to Allied General Corp. in order to avoid confusion between
the General Shares Corp., engaged in the marketing of securities, a similar
business, and General Shares, Inc.(former proposed name of Insuranshares
-V. 132, p. 1816.
Corp. of N. Y.).
3159
Intertype Corp.
-Smaller Dividend on Common Stock.
-
The directors have declared a quarterly dividend of 25c. per share on,the
common stock, no par value, payable May 15 to holders of record Apr.30.
From Feb. 15 1930 to and incl. Feb. 16 1931, the company made regular
quarterly distributions of 50 cents per share on this issue.
Earnings.
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2782.
Isle Royale Copper Co.
-Earnings, &c.
During the year there was produced from the mine of your company
10,659,513 lbs. of copper at an average cost sold, but not including depreciation or depletion, of 12.97c. per lb.
The average price received for copper sold during the year was 11.92c.
per lb.
1929.
Calendar Years1930.
1928.
1927.
515,024
Tons of rock
510,262
_
440,731
465.100
Cost of mining,transportreated..- ortation, stamping and
tation.
$2.44
$2.67
$2.71
$2.50
taxes per ton of rock__
Pounds of refined copper
10,659,413 10,864,085 10,520,771 11.391,338
produced
Pounds of refined copper
21.09
23.87
24.49
20.89
per ton of rock treated
Income Accountfor Calendar Years.
1929.
1928.
1927.
1930.
$1,105,915 $1,531,238 $1,939,167 $1,524,019
Copper sales
36,985
25,027
18,400
17,798
Interest
2,276
83
665
38
Miscellaneous receipts....
$1,123,751 $1.570,499 $1,964,277 $1,543.085
Total income
288,857
305.019
343,797
Copper on hand Jan. 1_ Prod., selling, admin. &
1,318,835
1,382,467
1,543,787 1.333,258
taxes
Copper on hand Dec.31_ Cr454,176 Cr343,797
Cr288,858
Operating loss
Depreciation
Depletion
8148,337prof$370.508prof$342,161 prof$208 JIM
57,208
96,947
79,1.10.
62,994
115,831
179,335
159.097
132,336
Net loss
Dividend paid
$343,667prof$197,469prof $65,878
262,500
75,000
300.000
Deficit
Earns. per share on 150.000 abs. cap. stk. (par
S25)
-V. 130, p. 3725.
$418.667
$102,531
Nil
$1.31
$196,622
$30,118.
150,000.
$180,118.
Nil
$0.43 •
-Omits Dividend.
Kawneer Co.
The directors have voted to omit the quarterly dividend which ordinarily
would have become payable about April 15. The last regular quarterly
dividend of 62% cents per share in cash, or at the option of the holder, 2%
in stock, was made on Jan. 151931.-V. 132, p. 138.
-Balance Sheet Jan. 31.Kaybee Stores, Inc.
Assets1931.
Cash
$102,382
Accts. receivable_ :993,897
Cash surrender val
of life Insurance
11,165
Merch. inventory. 280,598
Insurance fund_ - _
13,060
Inv. in attn. weFixed assets
y127,213
Prep. ins. & int. &
3,402
sundry dep. rec.
1
Goodwill
1931.
1930
$169,961 Notes payable_ -_ $257,500
563,992 Accts. payable___
74,415
Accrued diva
2,717
140
9,885 Accrued interest
255,014 Accrued exp.& Fed
inc. tax
11,566
88,908
6,738 Reserves
76,529 Cap, stk. equity.a1,108,039
1930.
$98 500
802s
27,178
11,566
890,232
17,814
1
^
$1,531,722 $1,111,501
Total
Total
88,531.722 $1,111,501
x After allowance for doubtful accounts of $265,357. y After deducting
reserve for depreciation and amortization of $55,059.
a Represented by 18,636 shares of cumulative convertible class A stock
of 18,636 shares authorized and 92,821 shares of common stock of 250,000
shares authorized, both classes of no par value.
The income account was given In V. 132, p. 2597: V. 132. p. 2783.
-Orders Set All-Time Record.
Kelvinator Corp.
Orders received on Monday, April 13, marked an all-time record In
Kelvinator history, according to a statement issued by H. W. Burritt,
Vice-President in charge of sales.
For the first 13 days of April, orders received for immediate shipment
are 26.7% in excess of orders received during the like period in April 1930.
Unfilled orders on hand for immediate shipment on the morning of April
14 are 52% in excess of unfilled orders on hand on the same date one year
ago.
-V. 132, p. 1045.
-Trustee.
Keystone Distributors, Inc.
Empire Trust Co. has been appointed trustee of an issue of Keyston
trust shares, cumulative and distributive series, of Keystone Distributors,
Inc.
-Defers Dividends.
Kidder Peabody Acceptance Corp.
In a letter to the stockholders advising them that the directors, in view
of conditions outlined, do not feel justified at present in authorizing.the
Paiment of any dividend on the preferred stocks, President Barbour says:
Surplus shows a reduction to $729,365 against $1,733,404 at the close
of 1929, after payment in 1930 of full dividends on all classes of preferred
stock and after setting up reserves of $991,180 for accrued preferred diva.
estimated taxes, and possible losses on some commercial accounts considered doubtful.
the balance sheet at
"Investments in securities are, as usual,
International Business Machines Corp.
-Earnings- book value which in most cases representscarried on valuation as of Dec.
cost. A
Tenders.
.31 indicates a depreciation of between $3,250,000 and $3,750,000 below
For income statement for quarter ended March 31 see "Earnings Depart- book value."
On Nov. 1 1930. the company paid regular semi-annual dividends of
ment" on a preceding page.
class A 5% cumul. pref. stock. 3% on the class B 6% ctunul.
% on
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until preferred the and 3% on the 6% ctunul. 2nd pref. stock -V. 130, p. 297.
stock
May 8 receive bids for the sale to it of Computing-Tabulating-Recording
-year sinking fund gold bonds, due July 1 1941, to an amount
Co. 6% 30
-$5 Liquidation Dividend.
King Philip Mills.
sufficient to exhaust $270,353 at prices not exceeding 105 and interest.
The directors have declared a dividend in liquidation of $5 per share,
-V. 132, p. 2976.
payable May 1. This will bring total payments to 50%,or $50 Per share
International Cement Corp.
-Earnings.
-V. 131. p. 1574.
For income statement the quarter ended March 31 1931 see "Earnings
(D. Emil) Klein Co., Inc.
-Sales Increase.
Department" on a preceding page.
Sales in the first quarter of 1931 increased $89,000, or 13%. over last
Holger Struckmann, President, states that earnings of the domestic subsidiaries were greater than for the first quarter of 1930. The net decline year. Contrasted with this is a decline of 23% for the United States in
In earnings compared to last year, he said, is due to the extremely depressed production of class C cigars, the division in which the bulk of Klein's
conditions in Cuba and to increased exchange losses in South American production falls.
-V. 132, p. 2977.
-V. 132, p. 2186.
countries.
International Printing Ink Corp.
-New Directors
Sales Decline.
At an annual mooting held on April 20 Eugene E. Andrews, Fred B.
Gleason, James M. Hutton, N. Baxter Jackson and Edwin L. Wayman
were elected directors. succeeding E. C. Andrews, H. A. Barmeier, Duval
R. Goldthwaite, Maynard F. Holt and Thomas J. Reese. Other directors
were re-elected.
President John M. Tuttle said that consolidation of the company's units
last year enabled a paring down of expenses to such an extent that a small
profit for the year was shown. Plants have been modernized and are now
low-cost producers. Ink grinding machines have been reduced to 107 from
240, and with the reduced number operating at 60% of capacity the company is able to handle present requirements. Sales for the quarter ended
March 31 were off approximately 25% from the corresponding period
If year ago.
Mr. Tuttle stated that contrary to the general impression the cost of
negotiations for a merger with the chemical and dye division of the Newport
Co.. which were abandoned late last year. was small, amounting to but
$45,000. The personnel has been reduced, effecting considerable savings,
and new machinery has been installed, which will permit of operating
-V. 131, p. 4223.
efficiencies.
-Earnings.
Kobacker Stores, Inc.(& Subs.).
Years End. Jan, 31Net income
Provision for Federal taxes
1931.
$133.800
16,500
1930.
$381,978
42,000
Net profit
Preferred dividends
Balance,surplus
Earns, per sh. on 83,243 abs. corn, stock (no par)..
-V. 131, p. 4062.
$117,300
101.850
$15.450
$0.18
$339,978
10.5,000
$234.978
912.82
-To Liquidate Notes.
Kolster Radio Corp.
Vice-Chancellor Alonzo B. Church at Trenton, N. J., filed an ord
April 21 directing the sale at public auction of 349,094 shares of stock f
the Federal Telephone Co. pledged as security for Holster notes of $1,400
000.-V. 132. p. 2597.
-Bonds Called.
(S. S.) Kresge Co.
The company has elected to redeem on June 1 next. $50.000 of its 0 standing 15
-year 5% let mtge. sinking fund gold bonds, dated mid
1930. Payment will be made at the Detroit Trust Co.. Detroit, Mich
at 100% and interest.
FINANCIAL CHRONICLE
3160
{VOL. 132.
Loft Incorporated.
-Earnings.
-
New Contract.
-
The company's stores have entered into an agreement to handle television kits manufactured by the Shortwave & 'Television Corp. of Boston,
It was announced by the latter company. In addition to its manufacturing activities in the television and short wave radio fields, the company
owns and operates television broadcasting station W1XAV at Boston,
from which programs have been received as far as a thousand miles distant.
-V.. 132, p. 2783, 1818.
-Earnings.
Koppers Gas 8c Coke Co.(& Subs.).
1928.
1929.
Calendar Years1930.
Net profit from operations
$4,430,786 $4,200,255 $2,534,062
305,955
Inc. from prop, under option of sale
623,347
1,910,715
Profit on sale of securities
2,978,292
4,967,883
Divs., in & miscellaneous income_ 4,737,074
$9,167,867 $11,078,853 $6,441,657
519,777
854,781
1,134.561
673,157
779,710
446,569
1,341,259
1,881,256
2,690,131
625,143
111,589
963,040
1,131,344
Gross income
Depreciation
Federal taxes (estimated)
Interest on funded debt
Other interest paid
Miscellaneous deductions
$3,140,113 $6,600,066 $3,795,874
Net income
735.192
4,434,502
8,574,227
Previous surplus
208,333
Excess res. for bd.redemp'n (yr.1929)
Realization of excess cost of prop.sold
1,753,437
during the year
For income statement for 3 months ended April 5 1931, see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Apr.531. Dec.31'30.
Apr.5'31. Dec.3130.
Assets$
$
$
Land, bidgs.& eq_ x6,192,916 8,887,734
$
Liabilitiesy9,853,987 9, 55;538
2
8 3 987
Goodwill, &c
2,659,982 2,659,982 Capitaistock
255,538
Leasehold Improve 351,317
361,227 Notes payable_
Cash
799,407 Accounts payable_ 697,986
534,121
660307,054009
Notes & accts. rec_ 367,937
215,853 Mortgages
Securities
3,541
3,541 Accrued salaries,
128,365
16 : 5
504,
930106
07
1
Inventories
613,313 taxes, &c
669,855
3,615
Prepaid rents, &c_
54,443 Rents rec.in adv_ _
58,371
Inv.in Happiness_ 1,100,000 1,100,000 Mortgage instal
21,809 Due Happiness
Deferred charges_ _
19,522
199,438
Candy
Other assets
385,684
180,079
1,453,574 1,332,630
Surplus
12,137,527 13,102,993
Total
Total
12,137,527 13,102,993
x After depreciation of $2,959,848 and mortgages of $675,000. y Rep-V. 132, p. 1818.
resented by 1,023,189 no par shares.
-Earnings.
Loose Wiles Biscuit Co.
For income statement for three months ended March 31 see "Earnings
-V. 132, p. 2403.
Department" on a preceding page.
-Earnings.
Los Angeles Investment Co.
ended March 31 see "Earnings
For income statement for
$11,922,674 $11,034,568 $6,284,503 Department" on a preceding three months
Total surplus
page.
1,800.000
1,200,000
1.200,000
Dividends paid
50,000
375.000
Trans. to deb. bond sinking fundOmits Dividend.
636,000
Underwriting exp. 6% pref. stock-- The directors recently voted to omit the regular quarterly dividend of
Adjust, of surp. on sale of Conn.
20 cents a share ordinarily payable about May 15. Three months ago the
249,341
Coke Co
-cent quarterly payment to 20 cents per
directors reduced the usual 30
to keep dividend disthe reduction was made
$10.722,674 $8,574,228 $4,434,502 share, stating that current earning power. in order p. 1629.
Balance at Dec. 31
-V. 132.
600,000 bursements within
807,091
807.091
com, stock outstanding (no par)
Shs.
$4.32
$6.69
$2.40
Earnings per share
-Bonds
Loyola High School, Los Angeles, Calif.
-V. 131. p.3886.
-1930 Dividend.
Kreuger & Toll Co.
The directors propose a dividend for the year 1930 of 30% per share
against coupon No. 25. If the proposal of the board is accepted by the
general meeting the interest rate on the partic. debentures will be 30%
payable July 1, against coupon No. 5. This is equivalent to $1.608 per
American certificate representing a panic. debenture of 20 kronor. This
is at the same rate as paid for the year 1929.-V. 132, p. 2977.
Lambert Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings De-V. 132, p. 2977.
partment" on a preceding page.
-See Ango-Merger Ratified.
•Lautaro Nitrate Co., Ltd.
-V.132, p. 2977.
Chilean Consolidated Nitrate Corp. above.
-Earnings.
Libby McNeil & Libby (& Subs.).
Year EndedFeb. 28 '31. Mar. 1 '30. Mar. 229. Mar.3'28.
Net profit
$2,130,357 $2.822,532 $3,012,288 $1,775.376
1,260,000
1.260,000
1,260,000
Old pref. dividends
630,000
New 1st pref. dividends
350,714
352,788
2nd pref. dividends
Surplus for year
Previous surplus
$796,855 $1,562,532 $1.752,288
8,224,880 6,472,592
9,787,412
$515,376
6,471.795
Total surplus
$10,584,267 $9,787,412 $8,224,880 $6,987,171
Surplus debt adjust..
514,579
Pref. diva. paid on 2nd
pref. stock
3.780,000
Offered.
-T. A. Oakey & Co. and Banks, Huntley.& Co.,
Los Angeles are offering at 10(1 and int. $415,000 1st (closed)
mtge. 532% serial gold bonds.
Dated Feb. 15 1931; due serially 1936-43. Exempt from personal property tax in California. Legal investment for saving banks and trust funds
in California. Principal and interest (F. & A.) payable at the main office
of the Bank of America National Trust & Savings Association in Los
Angeles. Denom. $1,000 and $500. Callable on any interest date on 30
days' notice at 100. Interest payable without deduction for the present
normal Federal Income tax not exceeding 2% per annum.
Loyola High School is conducted by the Order of the Society of Jesus,
better known as the "Jesuits," one of the largest and best established teaching bodies in the Catholic Church.
The bonds are secured by a first mortgage on the land and pundings
known as Loyola High School at 1901 Venice Boulevard, Los Angeles,
which has a frontage of 1.037 feet on the North Side of Venice Boulevard
and LOOS feet on the South Side of 15th Street with a mean depth of
approximately 370feet. The total area is 358,014 sq.ft. The improvements
-story and part basement reinforced
consists of (1) Faculty Building a 3
concrete and brick building, which contains approximately 40 living rooms,
chapel, dining room, library and executive offices. (2) High School Building a 3
-story and full basement reinforced concrete and brick building
which contains approximately 20 class rooms, high school offices, cafeteria
in basement and boiler room. (3) Small frame church with seating capacity
of approximately 400. (4) Gymnasium building in conjunction with the
Athletic Field, also tennis and hand-ball courts and other modern athletic
facilities.
In addition to the above, the loan is secured by a first mortgage on
property in Pasadena owned by the Order, consisting of approximately
13 acres, which is located in the heart of a highly developed residential
section. It is the intention of the Order to sell this property.
The proceeds of this issue will be used to liquidate an existing mortgage
and bank loans and for other corporate purposes.
$6,804,268 $9,787,412 $8,224,880 $6,472.592
$2.31
$2.59
$0.76
$1.18
-Notes Called.(Edith Rockefeller) McCormick Trust.
Consolidated Balance Sheet.
herT
have been called for redemption as of May 16 next, $3,000.000
AssetsFeb. 28 '31. Mar. 1 '30. Mar. 2'29. Mar.3'28. of coll. trust 5
-year 6% gold notes dated July 1 1929, at 101 and interest.
Land, bldgs., equip-- -y$19,742,381 819,710,306 $17,433,974 $16,895,867 Payment will be made at the Foreman-State Trust & Savings Bank.
1,052,393
1,109.319
Investments
1,942,910
1,169,358 trustee, Chicago, Ill., or at the Guaranty Trust Co. of New York.
630.531
690,978
752.526 V. 129, p. 3645.
Bond disct. and exP570,999
385,156
528,806
Deferred charges
469,877
506,207
Cash
2.601,322
2,410,142 2.387,065
-Earnings.
2,745,799
McGraw-Hill Publishing Co., Inc.
8,273.195 6,745,409 6.541,197
Accounts receivable_
5,345,828
For income statement for three months ended March 31 see "Earnings
Inventories 33,529,634 33,403,033 31,255.206 28,996,724 Department" on a preceding page.
-V. 132. p. 1819.
331,976
303.705
Prepaid.insur. & interest
292,648
311,677
Prof. & loss surplus
Earned on cons. shares
Total assets
$64,676.406 $66,387,913 $60,477,541 $57,524,292
Liabilities
1st pref. stock
$10.000,000
.
2nd pref. stock
11,780,000
Old pref. stock
$18,000,000 $18,000,000 $18,000,000
x Common stock
$6,750,000 6,750,000 6,750,000 6.750,000
Funded debt
11,875.000 12,187,000 12,500,000 12,500,000
Purchase money rutge _
100.000
Reserves
1,196,374
1,089,687
1,292,393
984,559
Notes & accts. payable
16,174,744 18,467,126 13,912,974 12.717,141
Surplus
9,787,412
8,224,880 6,472.592
6,804,268
-Earnings.
Magma Copper Co.
1928.
1927.
1929.
1930.
Calendar Years$4,510,043 $6,998,766 $4,692,720 $3.786.496
Sales of copper
2,594,157
2,879,558
3,411,176 3,786,737
Cost of sales. &c
General, selling, admin.
90,151
75,944
88,425
79,812
expenses, taxes, &c_ _
Cr64,298
Cr58,821
Cr99,099 Cr129,655
Interest & other income_
Cr1,714 loss13,393
Cr11,234
46,188
Railway oper. inc. (net)
51,375
Int. on bds disct., &c.
121.929
259,727
51,975
Res. for Federal taxes
$825,044
$1,019,991 83.004,765 81.952.495
Net income
3 25 1326503 (3)1224465
($3.75)1.530.581(85)2040.775( . )
Total liabilities
564.676.406 $66,387,913 $60,477,541 $57,524,292 Dividends
$625,992 def$399,421
$963,990
def$510,590
Surplus for year
x Represented by 675,000 shares $10 par stock. y After depreciation
408,155
408,155
408.155
408.155
Com.sh.outat'g (no par)
of $12,113,682.-V. 131. p.3539.
$4.78
S7.36
$2.02
$2.50
Earns. per share on corn.
-For income statement for three months ended
Lily-Tulip Cup Corp.
Quarterly Statement.
-Earnings.
Mar. 31 see "Earnings Department" on a preceding ago.
For income statement for 3 months ended March 31 see "Earnings
During the three months ended Mar. 31 1931 the re ined copper resulting
Department" on a preceding page.
-V. 132, p. 2005.
from the blister shipped to the refinery was 7.245.889 lbs. The cost of the
refined copper, after deducting the gold and silver values. was 8.80c. per lb.
Link Belt Co.
-Earnings.
any allowance for Federal taxes, but includes
or income statement for month and 3 months ended March 31 see This cost does not includefixed and general expenses.
depreciation and all other
"Earning Department" on a preceding page.
Consolidated Balance Sheet Dec. 31.
Consolidated Balance Sheet March 31.
1929,
Liabilities1930.
1929.
Assets1930.
1931.
1931.
1930.
1930.
Capital stock---.637,003,750 $7,003,750
Mines, RR., equip
Assets
82,416
$3,495,838 Accts. payable, &c
135,323
dre
43,316,000
Cash
3,564,164 2,879,742 Preferred stock_ _ 4,000,000 4,000,000
289,155
2,141,438 2,901,091 Accrued taxes, dm. 104,770
Accts.& notes rec. 2,736,981 3,924,813 Common stock __y10,584,739 10,584,739 Cash
510,366
12,805 Divs, pay.,dic.-- - 306,331
16,237
Accts.receivable
Inventories
3,418,453 4.493,295 Accts. payable_ _ _ 523,437
764,693 Bills roe
51,975
Fed, tax res
263,917
(not
Securities
5,425,061 4,242,111 Res. for Fed. taxes 283,940
415,436
3,959
7,384
17,892 Res.for insurance_
curr)
55,730 Other reserves.. _ -_ 355,659
Accrued tinterest _ _ • 62,694
352,864
1,223,711 1,599,685
2,314,761 Surplus
1,557,610
x7,186,602 7,330,427 Surplus
Fixed assets
6,740,917 6,906,660 Inventories
Mark. securs
1,699,180 1,046.875
94.737
98,274
Deferred charges__
10,200
10,200
Investments
10.693
39,672
Total
22,488,692 23,024,392
22,488,692 23,024,392 Deferred charges-Total
--- -x After depreciation. y Represented by 709,177 no par shares.
Total
$8,780,337 $9,810,155
Total
$8,780,337 $9,810,155
V. 132, p. 2783.
a After depreciation. b Represented by 408,155 no-par shares.V. 132, p. 1819.
-Sales Decline.
Loblaw Groceterias Co., Ltd.
-1930. 1931-44 Weeks-1930.
-Stated Capital Decreased.Period Ended April 4- 1931-4 Weeks
Mandel Bros.,Inc., Chicago.
$1.297.727 $1,405,104 $14,478,724 $15,698,832
Sales
President Edwin .F. Mandel, March 9, in the annual report, says in
-V. 132, p. 2403, 1629.
connection with the reduction of the stated capital: On Dec. 29 1930 a
stockholders approved a proposal to reduce the capital
majority of
-Motion to Dismiss Suit Against Sale of (represented the 313,000 shares of authorized and outstanding common
Loew's Inc.
by
stock of no par value) from a stated value of $7,500,000 to a stated value
Stock Denied by Court.
This
of 53,500,000, and to allocate the difference to capital surplus.
Supreme Court Justice Salvatore Cotillo has denied a motion to dismiss change in capital structure was given effect in the statements published.in
alsuit brought by stockholders of Loew's. Inc., to set aside the sale of V. 132, p. 2599.
1929. The complaint alleges
Loew's, Inc., to Fox Film Corp. on Feb. 25
-Board to Discuss Action
Maple Leaf Milling Co., Ltd.
an illegal profit of $9,200,000 was made by Nicholas M. Schenck, Arthur
M. Loew and David Bernstein, officers of Loew's, Inc. The complaint
-Earnings.
was brought by Edward NI. Stanton, a stockholder of Loew's, Inc. The Regarding Losses.
Any action which may be taken by the company as a result of losses
defendants are being sued to force them to account to Loew's, Inc., which
is also named as a defendant, for all profits or funds received by them in sustained by it from unauthorized speculation by former officials will be
their alleged breach of official trust to the defendant, Loew's, Inc., and the left to the judgment of the board of directors, it was decided at a general
meetinif of the stockholders on April 15.
-V. 132, p. 2978, 2403.
stockholders of the corporation.
AP1111, 25 Mt)
FINANCIAL CHRONICLE
3161
The meeting was called primarily for the purpose of considering an
-New President, ikc.Metropolitan Chain Stores, Inc.
operating statement for the first six months of the current fiscal year,
H. L. Green has been elected President, succeeding E. W. Livingston.
but considerable interest attached to the statement of 11. J. Symington,
R. C. Waller was elected Vice-President, succeeding L. R. Desmarteaux.
K. C., of Winnipeg. Vice-President, who stated that about 25% of the
George H. Burr, Joseph D'Assern and E. J. Winters of George H. Burr
common stock of Maple Leaf Milling held by James Stewart, former
President., had been recovered: The remaining shares, said to form the & Co.; H. L. Green and E. T. Quintal (Vice-President of Chase National
controlling interest, had been hypothecated to the bank and other creditors, Bank), have been elected directors succeeding Mr. Livingston. Mr. Desmarteaux, Joseph Unger, John Z. Lowe, Noble Crandall Paul Shields. and
and Mr. Stewart does not now posses.:any of the stock.
-V. 132, p. 323.
The resignation of Mr. Stewart. who owned the controlling interest in J. H. Shaffer.
the company at the time of the losses, and Mr. MacDonald were requested
-Earnings.
Mid-Continent Petroleum Corp.(& Subs.).
last June, C. W. Band being elected President and Major A. E. Nash,
1929.
1927.
1928.
1930.
F.C.A., Managing Director. Mr. Nash and the board have since proCalendar Years$9,460.082 $15,400,168 $11,919,538 $11,188.983
ceeded with the reorganization of the company, and several appointments Netincome
3,268,624
3,269,493
3,593,789
to execute positions have been made in the last six months from the ranks Provision for deprec_ _ _ _ 3,001,445
2,608,734
1,810.814
2.275,140
2,465,207
of the company's employees.
Depletion reserve
The statement for the six month's ended Jan. 31 1931, showed an operat- Leaseholds abandoned &
1,223,490
1.203.611
1,160,913
ing profit before providing for depreciation and bond interest for this period
1,733,460
surrendered,&c
739,210
817.868
of $464,779, in addition to which the company earned $71,039 on its in- Interest & amortization_
615,942
387,658
vestments, or a total of $535,818. After providing substantial depreciation Federal income tax
and accruing bond interest in full the net profit for the period amounted Adjust.ofcrude oil Invent 1,421,306
to $218.828. and after making further adjustments in respect of certain
$1.493,057 $7,683,378 $3,897,056 $3.298.575
items affecting the operations of the company in periods prior to July 31
Netincome
70,682
439,330
450,606
1930. the net addition to surplus was 3109,911.-V. 131.p. 2907.
Divs. on pref. stock_ _ _
2,784.684
704,573
2,030,569
Divs,on common stock _ 3,694,177
Marmon Motor Car Co.
-Shipments of New Car Started.
-
$817,400
Balance, surplus.. _ _ def$2,201.120 34,828,013 $2,753,153
Shs. com, stock out1,410.000
1,410,000
1,857.912
standing (no par)____ 1.857,912
$2.02
$2.45
$4.09
$0.80
Earnings per share
Consolidated Balance Sheet Dec. 31.
Massachusetts Investors Trust.
-Added Materially to
1929.
1930.
1929.
1930.
Its Portfolio During First Quarter.
Liabilities$
$
$
Assets
$
Accts. payable._ - _ 1,542,951 2,618.999
The company reports paid-in capital as of March 31 1931 of $21.319.659, Oil reserves, und.
Accrued int. de
leaseholds and
against $14,521.046 the previous year and $9,080,676 on March 31 1929.
567,218
general taxes_ _ _ 563,951
intabgibles____a36,727,276 37,862,771
Trustees have voted in view of the present economic condition to adopt
Reserve for Federal
the policy, effective May 1 next, that no more than 5% of the trust fund, Refineries, casing602,000
tax
gasoline
head
based on cost prices, be invested in non-dividend paying stocks.
694.036
Def,credit items_ - 650,886
pipeplants,
On March 31 last, portfolio securities which cost $21,285,380 had a
Common stock_ _c55,261,652 55,281,652
storage
lines,
market value of $18.031.709. Cash was $364.984. There were outb22,174,271 21,857,432 Surplus from optanks, &c
standing on that date 559,813 shares of Massachusetts Investors stock.
erations
23,928,160 26,129,281
The more important changes during the first three months of this year Stocks .4 bonds
709,161
2,340,370
(cost)
follow:
8,249,523 8,578.547
Cash
Purchases.
2,000,000
Secured loans
1,000 Allied Chemical & Dye Corp.
00
5 National Biscuit Co.
Notes & accts.
1,000 Allis-Chalmers Mfg. Co.
1,500 National Cash Register Co. "Arec.,leis res _ _ _ _ 2,047,004 3,058,999
1,500 American Can co.
1,
000 Pacific Gas & Electric Co.
Refined & crude
2,000 American Machine & Foundry Co. 8 Pennsylvania Railroad Co.
50
7,825,223 9,165,916
Otis
2,300 American Tobacco Co."B"
500 Procter & Gamble Co.
1,981,470 2,105,314
Materials & sup
000 Public Service Corp. of N. J.
500 Atch. Topeka & Santa Fe Ry. Co. 1,
535,044
602,463
Def,debit. items
500 Borden Co.
500 Quaker Oats Co.
1,500 Burroughs Adding Machine Co.
500 Sears. Roebuck & Co.
81,947,600 85,873,187
81,947,600 85,873,187 Total
Total
2,000 Standard Brands, Inc.
1,000 Central A nine Associates
900 Union Carbide & Carbon Corp.
500 Coca-Cola Co.
a After deducting $27,544,085 depreciation and depletion. b After
1,500 Continental Can Co.
500 Union Pacific RR. Co.
depreciation of $19,119.091. c Represented by 1,857,912 shares no par
2,
500 United Gas Improvement Co.
1,000 Continental Insurance Co.
value.
-V. 132, p. 2599.
1,000 DuPont(E. I.) de Nemours & Co. 500 United Shoe Machinery Corp.
-Earnings.
1,
000 Wm. Wrigley Jr. Co.
500 Eastman Kodak Co.
Midland Steel Products Co.
1,000 Electric Bond & Share Co.
Sales.
For income statement for quarters ended Mar. 31 see "Earnings Depart1,500 American Rolling Mill Co.
1,000 First National Stores
-V. 132. P. 2978.
ment" on a preceding page.
2,300 American Tobacco Co. common
2,000 General Motors Corp.
1,000 Hershey Chocolate Corp.
1.600 Gillette Safety Razor
-New Chairman.
Midvale Co.
500 Internat'l Business Machine Corp. 3,
000 National Cash Register Co."A"
Samuel M. Vauclain has been elected Chairman of the board. succeeding
1,000 Liggett & Myers Tobacco Co."B" 6 St. Louis & San Fran. Ky. Co.
00
-V. 132.
Thomas Newhall, who will, however, continue as a director.
1,000 McKeesport Tin Plate Co.
1.1 42 Stewart-Warner Corp.
P. 1629.
-V. 132, p. 2783, 1820.
-Earnings.
Production of the Mansion "Sixteen' is well under way and first shipments of this new 200 h.p. car to principal Marmon distributing points
have started, it is announced by P. H. Noland, general manager.
-V. 132,
p. 2210, 1630.
Mining Corp. of Canada, Ltd.
Melling-Forge Co.
-Smaller Dividend.
The directors recently declared quarterly payments of 30 cents-a share
on the common stock, payable April 15 to holders of record March 31.
Previously the stock paid 60 cents quarterly, the last distribution having
been made Jan. 6.
[Lorrain Operating Co., Ltd., Frontier (Lorrain) Mines, Ltd.)
1929.
1928.
1927.
1930.
Calendar Years$522,455
3804.102 $1,235,881
Income from production $553,444
436,637
651,024
462,123
691.280
Mining expenses
tg5:37
31:6 1
6 818 23 9: 74
0
3
3133 028
5 0
$544 6 2
Profit at mines
Massey-Harris Co., Ltd.
?9,ill
-New Directors.
$
•
Other income
The stockholders at the annual meeting held on March 23 approved a
$952,191 $2,292,103
$576,203
$110,838
Totalincome
change in the by-laws extending the terms of the directors from the one-year
term of the past. Directors were elected as follows: For five years, C. S. Administration expense,
473,694
1,797,127
153,343
110,512
royalties, &c_ _ _ _ _
Blackwell, J. H.Gundy, A.D. Armitage, John F. Lash, G.W.McLaughlin,
T. A. Russell,.1. N. Shenstone and 13. %V Burtsell; four years, E. R. Wood; Option prop. & shares in
other cos. written oft 2.425.023
three years, F. P..Tones; two years, J. A. Kilpatrick; one year, A.S. Patter'
son. Threo additional directors will be elected for five-year terms as soon
3478.497
3494.975 .$422.860
def$2,424,697.
Net profits
as the approval of the Federal Government has been obtained.
51,623
46,541
67,439
114.660
The new members are: Messrs. Lash. Armitage, Burtsell (new Vice- Previous surplus
President and General Manager), and Kilpatrick. Members of the old
$530,120
$541,516
def$2,357,258
$537,520
Total surplus
board, not reelected, are: Thomas Bradshaw, former President; George
74,880
47,669
3,665,408
7.5,967
Valentine, C. L. Wisner, W. J. Verity, R. W. Gifford, 0. H. Shenstone, Items written off
415.013
415,013
415.013
Dividends
B. S. Harris and George White.
-V. 132, p. 2006.
367.439
$51.623 .--- tr675 '41
def$6,022.666
Surplus
-Earnings.
-Mathieson Alkali Works (Inc.).
Consolidated Balance Sheet Dec. 31.
For income statement for three months ended Mar. 31 see "Earnings
Liabilities1929.
1930.
1929.
1930.
AssetsDepartment" on a preceding page.
$51,917 Accounts payable- $57,250
$53,950
Cash
$62.430
E. M. Allen. President, says:
•
33,829 Balance due subs--27,544
153.333
92,161
Ore inventory
_
The results for the first quarter of 1931 reflect the low range of selling Call loans
269,204 Unclaimed dive27,109
44,427
295,325
Prices of a number of our products, caused by the unwarranted price war Accts.receivable
96,203 Capital stock
x2,277,584 8,300,250
96,571
on Caustic Soda and Soda Ash in Dec., affecting contracts for 1931 business. Shares in other
Profit de loss bal
67,439
This price situation apparently is being remedied by a gradual return to the
mining cos. at or
1930 prices.
below market val 1,199,714 3,573,076
Our tonnage movement for the quarter was fairly satisfactory, considering Stores & prepaid
the present general business situation, and we are particularly encouraged
16,925
22,192
expenses
by the showing for the month of March.
101,973
54,251
Advance to subs
Forecast by our sales department points to a slow but steady improve- Optioned properment in the business situation for 1931.-V. 132. p. 1236.
ties & shares in
620,682
exploration cos_ 501,626
-Sales.
Melville Shoe Corp.
Plant, bldits.. &
This corporation, operators of a chain of 484 John Ward, Rival, Tom
equip.. Cobalt
205,590
65,217
McAn and Traveler stores in 214 cities as far west as Denver, reports the
& S. L
3,650,000
largest Easter week's business in its history. The storm sold 305,456 Mining rights.
_
Pairs during the six-day period, against 275.530 pairs in the Easter week
-- - -of 1930.
82,389,487 88,619.399 Total
Total
$2,389,487 58.619,399
Sales for 1930 amounted to 328,654.198, an increase of 12.28% over the
x 1930 value is $8,300,250, less profit and loss deficiency caused by drop
preceding year. For the first three months of 1931, sales were 35,406.179, in securities and write-offs.
-V. 132, p. 2783.
against $5,061,535 in the first quarter of 1930.-V. 132, p. 2783, 1820.
Miami Copper Co.
-Earnings.
-
-Balance SheetMarch 31.Mohawk Investment Corp.
1930.
Liabilities1931.
Assets1931.
1930.
1928.
1929.
1930.
Res. for Fed. &
Accr. Int. paid_
1927.
$8,425,632 311,033,222 37,283,355 37,206,680 Accts.receivable__ 288,031
State taxes
$12,132 $109,258
6,908,364
5,746,512
13,602 31.196,371 Res, for taxes on
7,301.944
5,937.859 Cash & Gov.bonds
426,951
418,228
543,045
unrealized profs
32,000
443,973 Secure. (at cost). _x4,073,914 4.155,113
Accts. payable
9,480
14,315
Balance
Capital stock &)
$580,642 33,697,908 31,118,613
14,624,930
3824,848
Other income
453,173
723.766
paid-In Burp_ 4,354,142
146,070
570,981
317,611
Earned surplus__)
Totalincome
-$726,712 34.151.081 31,842,379 $1.142,459
Dividends
(47H %)1,774,401(70)2614,906(30)1120,674(30)1120,674
Total
$4,375,754 $5,351,484 Total
$4,375,754 $5,351.484
x Market value 33,126,617.
Surplus
$21.785
$721,705
def$1,047,688 $1,536,175
For the quarter ended Mar. 31 1931, there was a net loss from the sale
Earns. per sh.on 747,116
of securities amounting to $167,910, as against a net loss for the correspondshs,can.stock (Par $5)
$5.55
$2.46
$0.97
$1.53 ing period of 1930 of $127,274.-V. 132, p. 2979.
Balance Sheet Dec. 31.
"Montecatini" Societa Generale per l'Industria Mine1930.
1929.
1930.
1929.
Assets
Liabilities$
-Dividend of 79 Cents.
raria ed Agricola (Italy).
$
Mining prop. Ace_x13,293,367 14,096,942 Capital stock
3,735,580
The company on April 17 paid a dividend of 79 cents per share on
Development
2,786,943 2,720,247 Accts. payable, &c 983,722 3,735,580 'American" deposit receipts to holders of record April
1,272,414
13.-V.132. p.200
Construction. &c.. 4,908.660 5.290,062 Tax reserves
25,000
330.000
Ore& metals
1,986,014 3,795,583 Surplus
-Bookings Increase.
Nash Motors Co.
8,709,055 10.844.490
Materials & supple 685,834
12 765 6 113,674,492
784,104 Depletion
. , 65
Orders received by the company thus far in April exceeded total March
Unexpired ins.,&o.
46,177
45,520
shipments by 6.16%, according to C. H. Bliss. Vice-President in charge
Cash
81,507
647,742
of sales.
Securities
2,429,605 2,395,344
"Orders for April delivery," Mr. Bliss said. "increased 72.68% during
Accts.receivable-77,915
81,432
the first 15 working days of April over orders on hand April 1."-V. 132.
p. 2784, 2211.
---- -Total
26,219,022 29,856,976
Total
26,219,022 29,856,976
National Air Transport, Inc.
-New President, &c.
-V. 131, p. 2390.
See United Aircraft & Transport Corp. below.
-V.132. p. 2979..22
Calendar YearsGross
Expenses, tax, &c
Depreciation,&c
--$207
FINANCIAL CHRONICLE
3162
[VOL. 132.
-Extension of Dealer Syttem.
Nation Wide Securities Co.
-To Distribute Trust
National Assured Estates Inc.
An increase of 25% in the number of dealers distributing the trust shares
Shares of America Under Special Plan.
of Nation-Wide Securities Co. and United States Electric Light & Power
National Assured Estates, Inc., announces completion of arrangements Shares, Inc., is reported by the firm of Calvin Bullock, sponsor for these
i
for
2c tile distribution of Trust Shares of America, a fixed trust of the capital trusts. The number of investment dealers enlisted during the first quarter
plan
ation type, under its "Estate Building Plan." Under this
an Investor will be able to create an estate in proportion to his income and
.at:the same time protect and insure completion of his purchase through
insurance coverage.
Included in the portfolio of Trust Shares of America is a well diversified
'llst Alf common stocks of 19 of the leading railroads, utilities and industrial
,corporations in this country. Distributors Guild. Inc. is depositor of the
Trugt and Central Hanover Bank & Trust Co., trustee.
Plan A of National Assured Estates provides that the subscriber may
invest deferred, monthly, quarterly, semi-annual or annual payments in a
-year
minimum amount of $10 per month, or multiples thereof, for a 10
period. Insurance on the life of the subscriber under this plan assures
,
completion of the contract in event of death. The subscriber's estate
is thus assured and kept Intact.
Plan B is identical with Plan A except that the insurance feature is eliminated.
Plan C provides for an initial investment of $1,000 in cash, or multiples
-year period, with no deferred payments and without life
thereof, for a 10
insurance protection.
with
Trust Shares of America purchased under these plans are deposited from
the Lawyers Trust Co., as depositary, and all distribution received
Trust Shares of America are reinvested semi-annually in additional shares
and held by the depositary for the account of the investor.
-Earnings.
Biscuit Co.
National
For income statement for three months ended Mar. 31 see "Earnings
-V. 132, p. 669, 651.
Department" on a preceding page.
-Earnings.
Cash Register Co.
National
For income statement for quarter ended March 31 1931 see "Varnings
Department" on a preceding page.
Sales for quarter ended March 31, amounted to $6.676,991. and curCurrent assets as of March 31 1931, amounted to $25.977,790
rent liabilities $2,760,242 comparing with $30,304,075 and $7,578,569
-respectively, on March 31 1930.-V. 132, p. 2979.
-New Director.
National Department Stores, Inc.
Hiram S. Rivitz, President of the Industrial Rayon Corp.. has been
-V. 132. P. 2784.
elected a director.
-Earnings.
National Distillers Products Corp.
For income statement for 3 months ended March 31 see "Earnings De-V. 132. p. 2007.
partment" on a preceding page.
-New Director.
National Pumps Corp.
Willis D. Grafton of Cincinnati has been elected a director, succeeding
Murray Smith, resigned. Mr. Smith remains as counsel for the company.
-V. 131, P. 2707.
-Fine for Deposits Extended
NationalRadiator Corp.
to May 30.
received under the plan for the
of the year was 190, making a total of 940firms in the distributing organization, as compared with 750 on Jan. 1.
In addition to this large increase in the United States and Canada, the
London office of Calvin Bullock reports sales by many new investment
dealers in Great Britain.
This rapid growth in dealer organization, according to the sponsors,
reflects a definite tendency on the part of investors towards investment
trusts which, while of the unit type, allow some degree of supervision over
the securities in the portfolio as against trusts of the strictly rigid type.
Combined sales of Nation-Wide, series B and Uselps B certificates on
April 17, reached a record total, being the highest for any single day since
-V.132, p. 2979.
the formation of the trusts, it is said.
-Earnings.
(J. J.) Newberry Co.
1927.
1928.
1929.
1930.
Calendar Years151
210
279
335
Number of stores
$30,187.392 127,789.369 $20,609,366 $15,069,159
Sales
1,229,864
1,691,537
1,893.207
Net income before taxes- 1,762,438
165,616
198,284
195,531
181,182
Federal and State taxes43,645
36,312
103,428
284,178
Interest
$1,297,077 $1,594,247 $1,456,941 $1.020,603
Net income
242,553
350,000
350,000
7 Preferred dividends- 350,000
Newberry Realty 63-5%
48,752
preferred stock
Newberry Realty 6%
2,745
preferred stock
142,242
421.947
434,857
Common dividends
$778,050
$964,700
$3822,300
$460,723
Balance, surplus
Shares of common out213,200
239,620
395,314
395,314
standing (no par)
$3.65
$4.62
$3.15
$2.22
Earns, per sh. on corn.,..
Balance Sheet Dec. 31.
Consolidated
1929.
1930.
1929.
1930.
$
8
Liabilities-8
Assets
Land, bides., &c_b7,023,817 4,305,023 7% pref. stock-- 5,000,000 5,000,000
3,651,614 Common stock-a5,208,572 b5,208.572
Furn. & fixtures_ 4,258,494
834% pref. stock
Alterations and Im3,559.338 3,506,959 Newberry Realty
provements
1,000,000
421,136 Co
1,378.169
Cash
6% preferred stock
Call loans
500.000
Newberry Realty
Miscell. claims &
81,000
Co
25,141
32,185
accounts receiv.
6,005,757 6,225,828 Accounts pay.,&c. 744,171 c3,137,603
Inventories
195.531
181,182
Federal tax
.EmP. notes receiv.
195,503 Purch. mon. mtge. 2,557,203 1,743,000
& Investment_ _ _ 182.472
5,893
18,436
746.377 Deterred Income688,280
Deferred charges
5,000,000
Gold notes
3,837,748 3,786,982
Surplus
---- -23,608,312 19,077,581
Total
Total
23,608.312 19,077,581
a Represented by 395,314 no par shares. b After depreciation and
-V. 132, p. 2786.
amortization. c Includes notes payable.
The time within which deposits will be
reorganization of corporation has been extended to May 30, in order to
participate in
afford holders of undepasited securities the opportunity to reorganization
the reorganization, according to an announcement by the
than 70% of the outstanding debentures:
committee, which reported more
of
59% of the outstanding preferred stock and a substantial percentage
reorganization committee com-Earnings.
New England Fuel Oil Corp.
common stock already on deposit. TheCharles 0. Cornell and John H.
prises Rudolph B. Flershem, Chairman;
1927.
1928.
1929.
1930.
Calendar Years-V. 132. p. 2211.
Waters.
Gross inc. (incl. sales
$83,796
$36,741
x$29,425
-Annual Report.
royalty oil)
$32,580
Steel Corp.
National
34,989
27.648
20,511
y23,510
Expenses and taxes
Chairman E. T. Weir reports in part:
subSince the close of our fiscal year, we have acquired all of the assets,
$48,806
$9,093
$8,914
NetIncome
$9,070
Steel Corp.at Detroit. This company
ject to the liabilities of the Michigan description,and complements facilities
50,000
25,000
Dividends
manufactures high grade sheets of all
in the shape of
at our Great Lakes plant in Detroit, using semi-finished steel
58.914 def$15,907 def$1,194
The Michigan plant was modernized
$9,070
Balance
sheet bars as produced by that plant.
In payment
during the year 1930, and prior to acquisition by company. debentures, Earns, per sh. on 50,000
$0.97
$0.18
$0.16
$0.18
56,062.500 -year 5%
shares(no par)
for this property, your company issued7,098 shares10 capital stock.
of
x Including New England Fuel 011 Co. of Mass. from Jan. 1 1929 to
cash in the amount of $5.707,650 and
Year Ended Dec. 311930.
Aug. 15 1929 and New England Fuel Oil Corp. from Aug. 16 1929 to
Consolidated Income Account
Dec. 31 1929. y Includes loss from sale of securities of $6,184.-V. 130,
Profit from operations & income from interest & dividends
general
1). 2405.
after deducting cost of sales, administration,selling &
$13,151,367
expenses special compensation, &c
-Earnings.
2,605,284
New Idris Quicksilver Mines, Inc.
Provision for depreciation &depletion
803.839
1927.
1928.
1929.
1930.
Calendar YearsInterest charm,bond discount,&c
1.048,328 Net income for year.
$15,979
$6,996
def.$22,145 def.$76,672
Provision for Federalincome taxes
2,776
minority interest in profit ofsubsidiary
130, p. 2982.
Provision for
275,316 -V.
Special provision for inventory revaluation
-Defers Preferred Dividend.
New Process Co.
$8.415 822
The directors have decided to omit the regular preferred dividend payNet profit
$3.91 able May 1 1931, it Is announced. The February 1931 dividend was also
outstanding (no Par)
Earns, per sh.on 2,149,734 sbs. com.stock consolidated, but a majority of
-Dividends paid by companies.not
Note.
than the pro- passed. Aug. 1 1927 to and incl. Nov. 1 1930.regular quarterly distributions
From
whoae stock is owned, are included in income at not more
such companies
portionate earnings of the paying companies. On all othersince acquisition of 1j% were made on the 7% cumul. pref. stock, par 5100.-V. 130, p.
4255.
net losses not taken up aggregated $33,109 and the equities
have decreased $20,823.
-Earnings.
New River Co.(& Subs.).
Consolidated Surplus Account for Year Ended Dec. 31 1930.
1928.
1927.
1929.
1930.
Calendar YearsCapital Surplus
$42,618,059 Production (net tons).- 3,141,178 3 158,369 3,_041,844 2,569,766
Balance-Jan. 1 1930
P90,108
$340,877
5539,391 aS588,428
upon exercise of warrants,
Net profit for year
Proceeds from sale of capital stock,
2,922,113 Previous surplus
1,858,042 1,854,537 2,073,963
in excess of825 per share appropriated to stated capital
27,746 Net refund of tax & int._ 2,291,831
_
121,232
Adjustments with respect to assets contributed at organization_
$45,567,917 Transfer of reserves for
47,120
conting' & deprecia'n_
Total
1.563
23,908
adjustm'tAdjastment with respect to shares of subsidiary purchased in
19,185 Miami. surp.sale of purNet prof. on
lieu ofexchange
8,125
110,000
chase contract
connection with cancellation ofstock purchase contracts
Prem.in
$45,540,607 Surplus of minor,stock8,701
holders acquired
Balance
Earned Surplus961,862
52,855,132 $2,616,384 52,363,347 52,414,840
Total surplus
Ba,lance-Jan. 1 1930
8,415,822
($6)426,996(545)324,552 (53)217,704(3%)217.896
Net profit for year (as above)
Dr.4,256,559 Preferred dive
Cr1.047
Dividends paid
Cr.1,239 Change in minority int__
287,601
343,453
Net add. Fed. tax, &c-Dividends cancelled on unassigned capital stock of partly owned
upon elimination from consolidation
Adjustment
5,910
Profit & loss surplus- $2,428,136 $2,291,832 $1,858,041 $1,854,537
subsidiaries as of Jan. 1 1930
a Includes $39,494 net income arising from encroachment on coal lands
5,116,454
owned.
Earned surplus
Comparative Consolidated Balance Sheet Dec. 31.
$50,657,061
1030.
1929.
1929.
Surplus Dec. 31 1930
1930.
income statement for three months ended
Quarterly Earnings. For
Assets
page.
571,566 Notes payable_ _ - 150.000
200,000
March 31 1931 see Earnings Department" on a preceding
669,812
Cash
Accts. payable- __ 333,389
570,743
Consolidated Balance Sheet Dec. 31.
U.S. Gov. dc other
1929.
1930.
316,586 Burial assn. do's37,340
20,974
1029.
mark. mews,dtc 283,892
1930.
79.013
$
80,180
Liabilities1,245,120 1,218,817 Accrued accts____
Accts. rec
Assets
51,800.000 Inventories
836,661 Est. Fed. Inc. tax_
70,000
70,000
696.280
scot-x89.333,085 88,578.534 Capital stock_ _ y53,743.350
Property
432,008 Deferred was28,545
57,090
414,018
1,388,363 6,855.847 Notes payable-- 8,500.000 10,396,813 Other assets
Cash
Bonded Indebted- 1,890,000 1,943,000
Accts. payable-- 8,660,491
Land, nigs.,
Notes & accounts
x13,789,320 13,925,079 Res. for rooting__ 1,002,236 1,002,238
mince. dkc
6,728,236 7,572,299 Accrued exp. & 1,158,249 z1,843,844
receivable
6% cum. pref. stk.. 7,367,900 7,367,900
Mining suppl., pre23,005,926 18,793,142 taxes
Inventories
1,048,328
141,139 Common stock-__ 3,837,900 3,837,900
Federal taxes
paid exps., dkc-- 126,218
Capital stk.subs
Surplus
2.428,136 2,291,832
5,354,570 Long-term flab.
reo., since pd_
--908.045 dz tended debt 10,206.257 9,821,532
908,126
Other assets
2,176.132 2,863.141
17,224,459 17,441,858
Reserves
17,224,459 17,441,858 Total
Total
523,708
Invest. in dr adv.
12.734
Minority int---V. 132. P. 2979.
13,270,695 11,858.794 Capital surplus_ 45,540,600 43,579,920
x After depreciation, depletion and amortization.
to affil. cos
907,527
Deterred charges 1.528.190
-Earnings
-Bonds Authorized-New
Earned surplus- 5,116,4541
Steel Co.
Newton
136,162,601 120,828,758 Directors.
136,162,601 120.828,758 Total
of the stockholders April 22 the $10,000,000 bond
Total
At
depletion of $36,258,906. y Represented by Issue the annual meeting
authorized by preferred stockholders was approved by common
x After depreciation and Includes Federal taxes.
holders. Henry O. Fownes 2d of l'ittsburgh and J. A. Brander of Now
2,149,734 no par shares. z
York were elected directors to replace 10. C. Wright of New York and
New President of Subsidiaries.
President of Hanna Furnace Corp. of W. H. B. Ward of Hartville, Ohlo.-V. 132, p. 2405.
Don M. Eddy has been elected
of New York, two of the principal
Nitrate Co. of Chile ("Cosach"). Acguisitions.--See
Delaware and Hanna Furnace Corp.
succeeding Charles A. Collins,
subsidairies of the National Steel Corp.,
-V. 132,
Anglo-Chilean Consolidated Nitrate Corp. above.
deceased.
-President in charge of sales of Hanna p. 2979.
. E. Kay Ford has been elected Vice p. 2784, 2404.
-V. 132,
Furnace Corp. of Delaware.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3163
New York & Honduras Rosario Mining Co.
-Earnings.
System, under a contract with the Chicago & North Western By. giving
preference in the handling of this remunerative traffic. The company
has developed a close relationship with the railroad and with important
individual shippers, until it now enjoys the patronage of more than a
thousand shippers forwarding from points along the various railroads
in the Central West, mostly from or by way of the North Western Lines.
$374,254
Net profit
$495,358
$507.992
$353,590
To keep pace with this development and growth the equipment has of
Other income
121,958
128,687
165,969
138.762 necessity been increased from 600 cars in 1926 to a present fleet of 2.874
cars of the most modern construction, presently valued in excess of 38.Total income
$624,045
$496.212
$673,962
$492,352 800,000, all of which are continually in full operation. The refrigerator
Miscellaneous expenses..
14,990
19.892
40.886
29,541 car lot shipments of the North Western By. System are in excess of 90,000
Res've for depletion ,&c..
13,552
19,562
26.353
29,403 annually, of which approximately 35,000 carloads are handled in the
34,220
Federal income tax
37,297
36,060
23,343 North Western Refrigerator Line cars.
The shipments originating on other limo and handled in the North Western
Net income
$547,294
$433,449
$570,663
$410,063 Refrigerator Line cars approximate 6,500 additional car lots annually.
375.000
500,000
Dividends
450,000
400,000 From this large volume of available traffic the North Western Refrigerator
Line Co. obtains an abundance of desirable business, which is assured
Surplus
$58,449
$47,294
$120,663
$10,063 by the two-fold relationship, first with the individual shippers, and second
Shares capital Mack outby its valuable contractual relationship with the Chicago & North Western
standing (par $10)
200,000
200,000
200,000
200,000 By. As 42,000 car loads annually are sufficient to employ the entire
$2.73
Earn. per sh. on cap.stk.
$2.16
$2.85
$2.05 present equipment of the North Western Refrigerator Line to its maximum
-V. 132, p. 2786.
capacity, it is evident that the volume of traffic available affords an
excellent opportunity for even greater future development.
-Earnings.New York Merchandise Co., Inc.
The company owns and operates a thoroughly modern repair shop at
1930.
1929.
Calendar Years
1928.
Baraboo, Wis., on the lines of the North Western System, adequate for
$198,576
$343.014
Profit from operations
$394,399 all functions required to maintain the cars in a thoroughly first class con86,138
Other income
110.259 dition, and the equipment is systematically returned to this shop for
Inspection and for such repairs and replacements as it may require.
$198,576
$429,152
Total income
-Company has enjoyed steadily increasing earnings from the
$504.658
Earnings
19,692
44.500
Reserve for Federal income tax
60.700 beginning and, because of its growing business, the year 1930 exceeded the
Previous high year of 1929 There is nothing to indicate any material
$178,884
Net profit
$384.652
$443,958 change in the present year as compared to 1930, and the earnings will
38.939
Dividend on 7% preferred stock
48.458
58,333 be more than sufficient to meet all requirements, including this issue.
V. 131. p. 952.
Net profit applic. to corn. stock__ - $139,945
$336,194
$385,624
72,909
Shs.of corn,stock (no par)outstand'g
75.537
75,000
Novadel-Agene Corp.$1.92
Earnings per share on corn. stock_ ....$4.45
$5.14
Pres. M. F. Tiernan reported that sales for the first three months were
Balance Sheet Dec. 31.
equal to sales for the same period last year and that for the first two months
-V. 132, p. 2008.
Liabilitiesprofits had shown a slight increase.
1929.
1930.
1930.
Assets1929.
$386,467 8119,157 1st pref. 7% cum.
Cash
stock
$359,400 $380,600
Accts.receivable 1,308,072 1,407,011
-Earnings.
Ohio Copper Co. of Utah.
2d pref. 7% cum
Notes & trade so200,000
200,000
1929.
1927.
Calendar Years1930.
1928.
242,500 Common stock.-- 374,124 1374.124 Copper
eept. receivable- 112,208
2,215.178
3,973,282
4,825,587
produced (lbs.)- 2,018,369
Accept.under corn.
Life ins. policies14.0613c.
11.427c.
10.254c.
Operating cost per lb_ _ _ 13.2641c.
letters of credit_ 324,914
18,180
20,120
cash our. value..
351,496 Aver, price realm.
12.9503c.
14.422c.
18.0385c.
12.839c.
119,160 Notes payable--. 300,000
64,204
Securities
900,000 Operating profit per lb.. def.31.856
5124,748
$88,099
5119,013
0th. nab. di accr_
62,329
Due from empl 8._
5.690
93,894 Miscellaneous income.... _
29,508
30,608
26.025
26,335
Discount & taxes_
11,200
Divs. receivable_
2,000
80,041
1,646,279 1,623,237
Surplus
Cash advance Los
3117,608
$151,084
Total income
$28,751
5145,039
15,000
Angeles
Interest on bonds,&c__ 13,001
13.165
32,161
32.763
1,216,553 1,918.680
Inventory
Local & Fed, taxes, Ins.,
102,000
Stock of Mill. cc& 125,102
68,474
77,614
72,469
admin.expense,
49.113
14,792
21,435
Furn.& fists
Res. for deprec. of new
16.425
9,050
Patents
39,600
39,600
39.600
39,600
plant
10,487
7,345
Prep'd ins. & exp..
27.929
60.842
Res, for depict. of mine_
25,581
50,095
_329
7.417
7.090
Total
$3,278,246 $3,983,392
Total
;3,278,246 $3,983,392 Year's prop. of bond disct
-V.131, p.487.
x Represented by 72,909 shares no par stock.
$117.904
541,031
$61,406
Deficit
$33,624
Prof.& loss clef. Dec.31_
347,052
229,147
240,294
244,690
Nipissing Mines Co., Ltd.
-Earnings.-V. 132, p. 2405.
1930.
1929.
Calendar Years1928.
1927.
Total income
$370,000
$390.000
$3390,000
-Earnings.
$487,696
Oliver Farm Equipment Co.(& Subs.).
16,056
Expenses
27,747
28,294
33,011
1929.
Calendar Years1930.
$24,934,142 $27.437.973
Net sales
Net income
$3362,253
$353.944
$361,706
$454,685 Cost of sales, expenses, deprec., &c.. accounts__ - _y26.846,223 25,035.386
Dividends
360.000
360,000
360,000
450,000
$1.912.082 x$2,402.587
Net loss from operations
Balance, surplus
def$6,056
$2.253
$1,706
$4,685 Interest earned
1.321.156
1,290,874
Prof.& loss surp. Dec.31
2,586
8.643
6,390
4.684 Profit on sale of capital assets (net)
109.382
Earnings of Nipissing Mining Co.. Ltd.
168,607
Miscellaneous income
Calendar Years1930.
1929.
1928.
1927.
$590,926 43,971,450
Total loss
Gross
$1,236,514 $1,545,829 $1,974,605 $1,985,268
707,549
44,623
Net after tax & charges_ loss15,613
180,009
406,441
347,059 Interest paid
64,448
x3,536,771
Dividends
Other deductions
370,000
390,000
390,000
480,000 Provision
250,000
for Federal and Canadian income taxes_
Deficit
$209,991 sur$16,441
$385,613
3132,941
$4,835,246 sur53612378
-v. 132, p. 142.
Net deficit
1,683,096
2.068,769
Preferred dividends paid
Calendar Years1930.
1929.
1928.
1927.
$1,247,011 $1,414.857 $1,442,287 $1,285,857
Operating income
Operating expenses, &c..
872,757
919,499
934,295
932,267
Noranda Mines, Ltd.
-Listing of 2,239,772 Shares of
Common Stock on New York Stock Exchange.-
The New York Stock Exchange has authorized the listing of 2,239,772
shares of common stock (no par) which are issued and outstanding in the
hands of the public.
1930.
1929.
Calendar Years1928.
Metal recoveries
$11.967.472 $10,947,290 $6,160,099
451.291
Miscellaneous income
546.069
83,953
Total income
12,418,763 $11,493,358 $6,244,051
Cost of metal products, Incl. mining,
6.024,679 4,592,2971 2,495.324
treatment and delivery
Custom ore
132,324
260,251
Administrative and general expenses..
192,619
122,226
Interest on bonds
x204,220
205.930
Reserved for taxes
481,041
515,118
270,000
Bond redemption premium
See x
27,500
Organ,and admin.expo.and bond and
other int. applic. to prior periods.
20.902
Development Z.: mining-prior periods
459,967
428,221
265,970
Prospect. & explor.-outside prop_
279,922
Reserved for deprec. of bldgs., plant
1,350,710
and equipment, &c
1,273,711
1,063,697
Balance--transferr. to surp. acct._ $3,842,115 $4,287,173 $1.360,256
Provision for dividends
3,919,601
1,679.829
Balance,surplus
def.$77,486 $2,607,344 $1,360,256
Shares corn, stock outstand. (no par) 2,239,772
2,239,772
2,168.566
Earnings per share
51.71
51.91
50.63
x Includes bond redemption premium.
-V. 132, p. 1049.
North Western Refrigerator Line Co. Equipment
-Freeman & Co. are offering at prices to
Trusts Offered.
yield from 4.75 to 5.25%, according to maturity, $1,080,000
6% equipment trust gold certificates, series G. Unconditionally guaranteed as to principal and dividends by North
Western Refrigerator Line Co. Issued under tho Philadelphia plan.
Bank of Manhattan Trust Co., New York. trustee. Dated May
payable in semi-annual installments of 580,000 each from May 1 11931;
Nov. 1 1935, both incl., and 375,000 each from May 1 19:36 to 1933 to
Nov. 1
.
1939. both incl. Denom. $1,000c5 Both principal and dividend warrants (M. & N.) are to be paid in gold coin of the United States, without
income tax not to exceed 2% per
deduction of the normal Federal
annum.
Red. as a whole on any div. date at the option of the company, lay payment
of 101% of the par value thereof plus the current and all accumulated
dividends. The company agrees to reimburse to the holders of these
certificates the Pennsylvania State tax (not to exceed four mills annually).
Data from Letter of J. Kibben Ingalls, President of the Company.
Security.
-This issue of certificates is to be secured by deposit of title
with the trustee to the following standard railroad equipment: 505 steel
underframe refrigerator cars (80,000 pounds capacity).
This equipment has a current aggregate value in excess of $1,450,000,
or more than 134% of the total face amount of the series G certificates
to be issued.
Pending the transfer of title to these cars, cash to the full face amount
of the certificates will be deposited with the trustee to be withdrawn as
cars aro delivered.
-Organized in November 1925 to care for the perishable freight
Company.
business originating on the lines of the Chicago & North Western By.
$6,518,342 eur$1543609
Balance deficit
x Profit.
y Includes provision for depreciation of 51,079.760 in 1930 and $819.733
In 1929.
z Includes $1,385,524 extraordinary provision for collection losses on
receivables: $1,043.777 losses occasioned by the introduction of new models
of tractors; $750,000 provision of general reserve for possible losses and
adjustments in respect to inventories, &c., and $357.469 miscell. items.
Consolidated Balance Sheet December 31.
1929.
c1930.
1930.
1929.
Liabilities-Assets$
$
$
$
Fixed assets
212,580,672 11,847,458 Preferred stock___20,000,000 20,000.000
Cony. partio.stock
Patents, good-will,
5.224.960
1 Common stock_ _ _69,244,180 3,741,720
1
.to
3,529.748 2,206,843 Notes payable.......16.698.932 2,018,750
Cash
Accounts payable_ 1,845,540 1,526,979
Notes, accounts &
acced hat. rec_23,643,284 19.605.849 Accrued payrolls,
taxes, &c
12.815,765 11,252,031
804,135
856,249
Inventories
Prior pref. In hands
Employ.stk.subsc
65,018
of trustees
867,797
Federal taxes
250,000
291,005 Reserves
Sundry debtors..
750,000
250.000
543,301
Unused property
Sub. ci's stook held
23,871
by others
4,000
Investments
4,000
497,092 Capital surplus__ 1,500.000 1,500,000
Organization exps_
753,756
490,099 Profit & loss sum. 3,624,519 10,841,591
Deferred charges
54,534,324 46,124,249
Total
Total
54,534,324 46.214,249
a After depreciation of $6,466,083. la Represented by 622.976 no par
shares. c After giving effect to the issuance of new common stock in
exchange for the outstanding convertible participating and common stocks
as approved Jan. 14 1931.-V. 132, p. 1630.
Oliver United Filters, Inc.
-Merger Sanctioned.
The stockholders on April 14 ratified the merger of the assets of this
company with those of the Derr Co. of New York into a new corporation
to be known as the Dorr-Oliver Corp. Similar action was taken by the
Dorr Co. stockholders. See also V. 132. p. 2600.
Otis Steel Co.
-Earnings.
Per income statement for quarters ended March 31 see "Earnings Deptment" on a preceding pago.-V. 132, p. 2601.
-New Directors.
(The) Outlet Co., Providence, R. 1.
Joseph E. Boson has been elected a director to succeed the late Daniel
Donig.-V. 132, p. 2601.
-Dividend Dates.
Owens-Illinois Glass Co.
The quarterly dividend of 50 cents per share recently declared on the
common stock is payable May. 15 to holders of record April 29 (not April 30
as previously stated).
-See V. 132, p. 2980.
-Earnings.
Packard Motor Car Co.
Per income statement for quarters ended March 31 see "Earnings Deptment" on a preceding page.
-V. 132. p. 2980.
-Declares Regular Dividend.
Paraffine Companies, Inc.
At a meeting of the board of directors held April 13 1931 declaration
was made of the payment on June 27 of the regular quarterly dividend of
$1 Per share, payable to stockholders of record June 17 1931.
This action was taken a month before the usual declaration date for
the purpose of reassuring the stockholders of the company in view of the
many false rumors that have been passed about in the last few days, an
-V. 132, p. 2009.
official of the company says.
3164
FINANCIAL CHRONICLE
Parker Rust-Proof Co.
-Earnings.
-
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 1239.
[Vol,. 132.
(J. C.) Penney Co., Inc.
-Listing of Additional Stocks.
--
The New York Stock Exchange has authorized the listing of (a) 2,703
additional shares of common stock (no par) on official notice of issuance
upon conversion of classified common stock, making the total amount
Pathe Exchange, Inc.
applied for 2,469,611 shares of common stock, and (b) 706 additional
-Annual Report.
shares of 6% cumulative preferred stock (par $100) on official notice of
Joseph P. Kennedy, Chairman, says in part:
The financial statements have been adjusted to give effect to the con- issuance upon conversion of classified common stock, making the total
-V. 132. P. 2788. 2009.
summation of the contract entered into with Radio Keith Orpheum Corp., amount applied for 199,661 shares.
approved at the special meeting of stockholders on Jan. 5 1931 (see also
V.131, p. 4064).
Pennsylvania Coal & Coke Corp.(&Subs.).
-Earnings.
The balance sheet reflects substantial changes, most of which have to
Calendar Years1930.
1929.
1928.
1927.
do with the Radio Keith Orpheum transactions. The amount of the notes Mined tonnage sold (net) 2,132,708
2,425,738 2,072,449
1,730,942
of Radio Keith Orpheum Corp. shown is the balance left after retiring Net sales
$3,852,018 $4.559,827 $4,198,493 $3,929,705
certain notes payable outstanding on Dec. 27. The balance sheet also Selling & shipping exp._
220,428
196,733
183.635
190,254
gives effect to the exercise by company of its option to repurchase 49% a Cost and expenses....
3,659,599
4,207,262 4,523,251
4,532.288
of the capital stock of the Du Pont-Pathe Film Manufacturing Co. The
net effect of the foregoing transactions and the operating results for the
Total colliery loss_ _ _
$508,393
$28,009 sur$155,831
$792.837
Year are shown in the financial statements.
Miscell. oper. income...
88,560
83,488
83,922
56,627
The Du Pont-Pathe Film Manufacturing stock has been set up on the
balance sheet at a value of $4,000,000. This, it is felt, is a conservative
Net coal loss
$424,471
$736,210
and fair valuation. This value is based on the fact that your company Deprec.& depletion, &c. sur$60,551 sur$239,319
252,380
267,381
308,433
287,216
is receiving dividends at the rate of $196,000 a year on its holdings of this
stock. The current dividend rate being paid by the Du Pont-Pathe Film
Net colliery loss
$191,829
$732,904 $1,023,426
$28,062
Manufacturing Co. represents a disbursement equivalent to less than 40% Real estate oper
Cr.12,191
Cr.15,958
Dr.6,914 Dr.43,094
of the earnings per share in 1930.
Over a period of time the pictures not sold to Radio Keith Orpheum
Total oper. loss
$12,104
$739,818 $1,066,520
$179.638
Corp. should liquidate for a substantial amount of money. The new Miscell. income (net)
121,525
215,175
151,391
272,772
R. K. 0.-Pathe Co., through its exchanges taken over from Pathe, is Proportn.ofsubs.earns7,140
9,661
liquidating the accounts receivable. Pathe International Corp., your
foreign subsidiary, continues in existence distributing pictures in foreign
Total loss
821,109 sur$119,082
$524,643
$793,748
countries other than the United Kingdom and Canada, at the same time
a Includes prepaid royalties.
liquidating the substantial amount of accounts receivable which it has outConsolidated Balance Sheet Dec. 31.
standing. The laboratory at Bound Brook, N. J., continues in operation,
1929.
1930.
1929.
1930.
doing the release printing for the new R. K. 0.-Pathe Co. In connection
AssetsLiabilities$
with the sale to Radio Keith Orpheum Corp. of the right to nal the name
8,630,300 8,630,300
"Pathe" in the motion picture field, the name of Pathe Films Inc., which Properaty account a8,096,435 8,363,923 Capital stock
282,246
223,293 Funded debt
737,000
952,594
was organized to conduct the non-theatrical business of Pathe Exchange, Cash
Accts. payable_
278,493
377,332
Inc., has been changed to Pathegrams, Inc. This company continues in Notes and acct.
receivable, &c__ 639,820
803,686 Accrued int., &c.65,165
70,282
operation.
Securities
7,250 Contingent reserve
59,918
59,918
53,875
Comparative Income Account.
274,468 Trust fund reserve,
Years EndedtcDec. 27 '30. Dec. 28 '29. Dec. 29 '28. Dec. 31 '27. Equity in subs.... 272,238
285,197 &c
2,202,014 2,082,170
Gross sales and rentals_414,581,210 $18,166,877 $17,265,321 $17,553.528 Treasury stock...285,197
71,433 Surplus of sub---- 272,238
274,468
73,398
Cost ofsales, rentals,&c_ 15,601,371 a17,591,720 17,006.582 18,353,154 Inventor's:3
Investments
23,313 Surplus
185,097
212,675
3,543
Mtge. certificates_
60,500
41,250
Operating income__def$1,020,162
$575,157
$258,739 def$799,626 Roy. and
adv. preOther income
223,070
446,126
489,348
386,463
paid, Sze
2,218,375 2,082.334
464,342
Total income
def$797.092 $1.021.283
$748,087 def$413,163 Trust funds, &c...._ 463,848
Bond int. & discount
430,289
452,361
479,136
329,412
Total
12,430,225 12,659,739
12,430,225 12,659,739 Total
Depreciation
74,786
66,929
81,516
132,474
a After depreciation and amortization of $3,654,900.-V. 132. p. 867.
Prov. for contingencies_
106,700
Loss on sale of eap.assete
34,724
Special write-offs
-Earnings.
564,180
Pennsylvania-Dixie Cement Corp.
Special reserve for adv.
For income statement for 12 months ended March 31 see "Earnings
to outside producers_
1,150,000 Department" on a preceding page.
Devel. exp., &c. (net).
126,833
At the annual stockholders meeting held on April 21, President Blaine
S. Smith stated that unfilled orders as of April 1 1931. were about the
Net income
loss$2,007,771
$501,993
$187,435df$2,151,882 same as a year ago, with bookhigs showing an upward tendency.
Prey. surplus (adj.).... 1,857,521
805,447
876,704
4,086,342
"Due to overcapacity in the cement industry and consequent exceedingly
Cap. Burp. arising thru.
keen competition," Mr. Smith said, "selling costs continue much too high.
inc. in investments.-- 3.532,647
Our selling and administrative expense in 1930 was $102,460 less than in
Surp. ace. incl. equity
1929, which followed a reduction of $145,507 in 1929 below the 1928
in undistrib. earns, of
total."
affiliated cos
79.877
Consolidated Balance Sheet March 31.
Proceeds fr. sale of corn.
1931.
1930.
1931.
1930,
stk. in excess of $1 per
AssetsLiabilities$
$
share
$
$
1,150,833
Land, bldgs.,mach.
Preferred stock...l3,588,800 13,588,800
Credit arising from red.
and equipment y23,999,732 24,987,226 Common stock...x4.000.000 4,000,000
of cl. A pf. & corn.stk.
2,741,306
10,630,000 11,353,000
Cash
2.189,885 1,851,841 Gold bonds
222,853
Accounts payable_ 145,760
Total
552,000
$3,462,274 $2,458,273 $3,805,445 $1,934,460 Short term secur
Accrued taxes, int.,
Dividends on pref. stock
61,828 Notes and accounts
135,293
166,652
receivable
654,789
633,392
Common dive. (cash)...
803,024
70,143
Inventories
3,055,380 3,135,590 Federal tax reserve 117,624
Transf. to Cr. of P. & L..
6541,597
93,972
92,208
Mlscell.Invest.... 344,547
427,910 Other reserves
Reserve for pers'i prop.
2,292,308 1,724,829
Insur. fund, &c
129,740 Surplus
186,409
dam. & legal fees_._
50,000
33.153
Deferred charges
40,646
Exp. & prem. in connection with red. of 8%
Total
31,001,991 31,220,249
Total
31,001,991 31,220,249
bonds
163,733
Loss on sale of certain
x Represented by 400,000 no par shares. y After depreciation and
assets
637,518
depletion.
-V. 132. p. 1240.
Prov. for sp. res. against
adv. to outside prod..
3,000,000
-Omits Class B Dividend.
Pennsylvania Investing Co.
Miscell. adjust. (net)
4,970
9,155
The directors have voted to omit the semi-annual dividend ordinarily
payable about June 1 on the class B stock, but declared the regular quarProfit & loss surplus_ - $2,819,786 $1,857,521
$805,445
$902,874 terly dividend of 62M cents per share on the class A stock, payable June 1
No.ofshs.of CIA sz corn.
to holders of record April 30.
stk. outst'g (no par)
1,202,780
1,077,780 1,002,630
1,191,804
From Dec. 1 1929 to and including Dec. 1 1930, the company made
Earns, per sh. on outregular semi-annual distributions of 50 cents per share on the class B stock.
standing capital
Nil
$0.11
$0.36
-V. 132. p. 867.
x Giving effect as at that date to the transactions enumerated above.
a After deducting $2,542,128 transferred from special reserve in 1928
-Earnings.
Perfect Circle Co.
and $457.872 transferred from special reserve and $541,597 transferred
For income statement for 3 months ended March 31 see "Earnings
from surplus in 1929 to absorb excess costs of sales over normal costs.
preceding page.
b Amount transferred to credit of profit and loss as authorized by direc- Department" on aearning figures, Lothair Teeter, Vice-President in charge
In releasing the
tors to absorb excess costs over normal costs as estimated by management of sales,
this year have shown
in excess of amount provided through the special reserve authorized as of the first states:"Sales so far view of the increasean increase of 5% over
so far, we confidently
quarter of 1930. In
Jan. 1 1928 (as under "a" above).
expect that sales will continue to mount throughout the rest of the year.
Comparative Balance Sheet.
Replacement sales through automotive equipment jobbers have broken
aDec. 27'30. Dec. 2829.
aDec. 2730. Dec.28'29. all existing records, with a gain of 42% over the first three months of
1930. Car owners have demanded Perfect Circle rings In such great
Assets
Liabilities$
Cash
364,136
615,441 Preferred stock_
804,300
804,300 quantities that it has been necessary to add to the manufacturing, billing,
Notes receivable_
6,270
Common stock___ z1,191,804 1,202,779 and shipping facilities to take care of the flood of ring orders. ReplaceAccts.receivable_ _ 844,789 1,187,655 Pfd.stk.of sub.cos.
200,000 ment orders received for the new, sensational type "85" oil-regulating
ring have jumped from 132.992 in December 1930 to 247.635 in January
yAdv. to outside
Owing to outside
producers
172,380
383,392
producers
175,687
214,812 1931, and to 516,687 InFebruary." V. 132, P. 2788.
Advs.to Multicolor
Notes payable_ _ _
5,313
637,071
-Portfolio Revised, &c.
Petroleum Corp. of America.
Films, Inc
55,386
77,396 Uncl. dive. pay___
176
252
Since the close of last year the corporation has disposed of its holdings
Inventories
2,186,728 4,755,511 Mortgage payable_
410,000
of 10,657 shares of Phillips Petroleum Co. stock and its 5,000 shares of'
Notes rec. from
Accts. payable and
Rad.-K.-Orph.._ 2,486,074
accrued expense 752,177
590,726 General American Tank Car Corp. common stock and has sold part of
Its holding in Ohio Oil Co. common stock, which totaled 90,000 shares at
z379,284 2,393,389 Bank overdraft _ __
Plant equip., &el
25,904
the end of 1930. The corporation has added 900 shares to its holding of
Inv. In assoc. co 4,006,245
106,951 Res.for pers. prop.
Prairie Oil & Gas Co. stock, amounting to 582,800 shares on December 31
Deferred charges
535,228
642,327
damage claims__
6,109
last year, while its investment in Prairie Pipe Line Co. stock remains unResidual value of
Rea. for conting__ 106,700
changed at 555,600 shares. Since the close of last year it has acquired
films written off
1 Spec. res. against
12.300 shares of International Petroleum, Ltd., stock.
Rights & contracts
advs. to outside
At the annual meeting, H. D. Sheldon, Secretary, was temporarily
Pathex, Inc_
200,000
producers
50,000
100,000 Accrued bond bit_
Contr. with stars
54,887
59,643 elected a director, and all other directors, with the exception of Garrett
son Dunn, of Tucker, Hunter, Dunn & Co., and R. E. Harding, President
Adv. payments on
Good-will, patent
-V.132, p. 1051.
film rentals_ _
100,677
rights, scenarios
183,784 of the Fort Worth National Bank. were re-elected.
1,087,825 10-year 7% bonds_ 4,993,000 6,339,000
and stories
-New Control.
Petroleum Royalties Co.
Surplus
2,819,786 1,857,521
J. Edward Jones, oil royalty operator, has acquired complete common
stock control of the Petroleum Royalties Co. of Oklahoma from F. H.
11.036.520 11,549,888
Total
Total
11,036,520 11,549,888
Greer, President, and associates. The acquired company is described as
a Giving effect as of that date to transactions enumerated above.
bring the value of the
having
x Including $679,544 for land, buildings and factory equipment at ap- Jones properties that cost $3.000,000 and is said to
properties to $15,000,000.
praised value, plus advances at cost, $31,838, for equipment at home office
branches, and $140,390 for theatre, leasehold, remodeling and equip- ofRecently the Jones interests purchased control of the Royalty Corp.
and
America and the Tristate Royalty Corp. It is planned to consolidate
ment; total, $851,778; less $472,488 for reserves for depreciation; balance.
by the Jones interests, Mr. Jones
$379,283. y Secured by negative and positive film. z Represented by these and other properties controlled for the unification of small units.
holding that current conditions call
- -V.
243,223 no par class A pref. shares and 948.581 no par common shares.
132.p. 142.
V. 132, p. 1630.
--Merger Talk Revived.
Phelps, Dodge Corp.
-Patent Suit.
Penick & Ford, Ltd., Inc.
Negotiations between the Calumet & Arizona Mining Co. and the
Judge Walter C. Lindley of the U. S. District Court at Chicago on April Phelps Dodge Corp. looking to a merger will be resumed shortly, Cleveland
opening arguments of attorneys for this company in the suit E. Dodge, Vice-President of the latter, at the annual meeting held April 21
20 heard
charging_the Corn Products Refining Co. with infringement of Penick & said in reply to an inquiry by a stockholder.
"There have been negotiations and exchanges of considerable engineering
Ford s Widmer patents which cover certain phases in the process of manufacturing starch. The plaintiffs allege that the McCoy patents of the data between the two companies," Mr. Dodge said, "but everything is still
Corn Products Refining Co., which cover methods of filtration, introduced very indefinite. There have been no commitments on either side. The
a variation in the Widmer method for treatment of waters, effluents and reason for such a consolidation obviously would be the economies that
recovery of solubles resulting from starch mantucature.-V. 132, p. 2405. could be introduced. -V. 132. p. 2601.
APRIL 25 1931.]
FINANCIAL CHRONICLE
Phoenix Oil Co.
-Earnings.
Calendar YearsGross income from production of crude oil and
casinghead gas
Other income
$54,522
42,862
$156,594
23,069
Total income
Expenses, depletion, depreciation, &c
$97,384
100,176
$179,663
129,085
loss$2,791
$50,578
Net income
-V. 130, p.2599.
1930.
1929.
-Retail Sales Increase.
Pierce-Arrow Motor Car Co.
Consistent improvement in Pierce-Arrow's sales position continued, as
the first two weeks of the second quarter marked the highest number of
retail sales for any two-week period since last May, one of the peak months
of 1930, according to George E. Willis, Vice-President in charge of sales.
"This statement is particularly impressive," declared Mr. Willis, "when
it is taken into consideration that Pierce-Arrow's first six months' sales
record last year was one of the high lights of the industry.
"Compared with the sales average of the first two-week periods of
January, February and March of this year, the corresponding April period
shows an increase of 23.2%. April sales to date are better than 15%
above those registered during the same number of days in March.
"Although there has been a particularly noticeable demand for rush
deliveries, Pierce-Arrow distributors and dealers continue to maintain a
bank of unfilled orders in excess of last year's average.
"While the entire line of Pierce-Arrow cars has contributed to our increased business, the popularity of our extended group of convertible and
open cars is particularly noticeable since the advent of Spring. Fine car
buyers the country over have expressed in unmistakable terms of new
car orders, their high regard for Pierce-Arrow's ultra-fashionable creations
in the open and convertible types."
Earnings.
-
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1931.
1930.
1931.
1930.
Liabilities$
5
$
Assets$
907,137 Notes payableCash
1,307,898
1,400,000
976,032
Sight drafts outst- 451,030
528,738 Accts. pay. current 2,797,204
81,887 Deposits on sales
63,021
Investments
62,541
contracts
704,019
70,019
Notes & accts. rec_ 722,695
4,897,612 5,207,444 Sundry creditors
Inventories
195,414
and reserves__ _ 332,211
422,580
Deferred charges_ 268,396
340,000
Plants & properties 7,671,190 7,166,781 Purch. mon. oblig. 325,000
6% cum. pref. stk. 7,150,000 7,500,000
Trade name, good1 Class A stock
197,250
1
197,250
will, &c
Class B stock
230,125
230,125
Surplus
4,287,513 3,655,415
15,381,845 14,791,421
Total
-v. 132, P. 2 .
788
Total
15,381,845 14,791,421
-Total Oil Deliveries (in Barrels)
Pipe Line Statistics.
0. H. Pforzheimer & Co., Now York. specialists in Standard Oil Securities, have prepared the following statistics:
1931-3 Mos.-1930.
Period End. Mar. 31- 1931-Month-1930.
2,681,344 8,599.898
xBuckeye Pipe Line Co_ 3,339,881
7,225,187
164.066
136,126
449,610
Cumberl'd Pipe Line Co.
482,020
557,424
669,664
Eureka Pipe Line Co__
1,822,892
2,048,362
520,877
943,443
Line Co--Illinois Pipe
1,866,161
2,584,500
960,959
Indiana Pipe Line Co__ _
2,955,205
3,247,883 8.655,050
National Transit Co_ --- 1,075.789
1,196,983
3,032,498
3.262,827
190,702
211,803
New York Transit Co__
529,753
597,752
Northern Pipe Line Co517,0031,381,845 1,397,106
Prairie Pipe Line Co_ - 2,095,788
6,114„572
6,450,849 17,805.360
Southern Pipe Line Co_
131,807
194,404
550,868
598.111
960,698
727,368
So. West Penns Pipe Line
2,300,847
2,183.594
-V. 132, p. 671.
x Includes inter-company transfers.
3165
Punta Alegre Sugar Co.
-Abandons Reorganization Plan
-New Operating Agreement.
The company has abandoned the plan of reorganization of capital structure proposed about a year ago. due to conditions prevailing in the sugar
industry, which make it Impossible to carry out the project. A plan has
been formulated, however, to keep the company operating.
In its notice to stockholders and debenture holders the company states
that it is unlikely that any satisfactory plan of reorganization can be formulated until conditions in the sugar industry improve materially. A new
reorganization committee, consisting of the same members as the old
committee, has formulated an agreement under which holders of certificates of deposit are asked to redeposit the securities. The new deposit
agreement, which will last until April 1 1933, may be extended for 3 years.
In the letter to stockholders the reorganization committee states that
in co-operation with the receivers it has procured the necessary funds for
raising and marketing the 1930-31 crop. The letter says: "In June 1930,
with such committees' assistance and approval. a dead season credit of
$3,600,000 was obtained from the banks, with final maturity of all loans
made thereunder on June 11931. By the end of the dead season the price
of raw sugar had declined further and it was only with considerable difficulty that arrangements were made for borrowing the funds necessary to
permit the grinding of the crop.
"An additional bank credit in the amount of $1,850.000, subject to
cancellation by the banks, was finally obtained and additional collateral,
including a subordination of intercompany accounts, given to the banks
In connection therewith.
"Even on the basis of the present low price for sugar, the grinding of the
crop should permit a considerable reduction of the 1930-31 dead season
borrowings, after repayment of the moneys borrowed under the current
grinding season credit. Unless, however, there is a material improvement
In the price of sugar there will be a substantial amount of the 1930-31 dead
season borrowings which the proceeds of such crop will be insufficient
to pay when due.
"It is our ballet' that all possible economies are being effected and that
it is imperative that, even though there be a current operating loss, the
properties continue to be operated so as to prevent the rapid depreciation
-down. The reported probaof the cane fields and plant incident to a shut
bility of the adoption of the so-called 'Chadbourne' plan for stabilization
of the sugar industry gives some hope of a return of such industry to a
more normal basis.
"The adverse conditions which have prevailed in the sugar industry
throughout the past two years, during which the price of raw sugar has
declined to below the cost of production, have resulted in a considerable
accumulation of bank indebtedness on the part of the subsidiaries of the
company, largely secured by crop liens or otherwise. A substantial part
of this indebtedness becomes due on or about June 1 1931, and, under
present conditions, it is difficult to see how such indebtedness can be taken
care of.• While we can give no assurance as to what we may be able to
accomplish, we believe that the situation is such as to require the concentration of the largest possible amount of securities in a committee able to
act promptly for the protection of the interests of the security holders
when a turn comes or in any crisis which may arise."
The new deposit agreement fixes May 1 next as the last day for deposits,
unless the reorganization committee extends such time -V.132, p. 2406.
-New President.
(G.P.) Putnam's Sons, N. Y. City.
Palmer Cosdett Putnam was recently
late Irving Putnam. P. C. Putnam is
Other officers are. Mellville Minton and
Edmund W. Putnam, Secretary; John
-V. 131, p. 1907.
elected President to succeed the
also Treasurer of the company.
Earle H. Balch, Vice-Presidents:
P. Richmond, Asst. Secretary.
-Directorship Approved.
Railway Express Agency, Inc.
Tne e.
-S. C. Commission has issued a formal authorization permitting
President Ralph Budd of the Great Northern Ry. to act as a director of
-V. 132, p. 2788.
the above corporation.
-Sales Increase.
Ralston Purina Co.
During the month of March the total volume of sales in units of all
the cereal food products manufactured by the company was larger than
any previous March in its history and 19.7% greater than the next highest
March (1930), it was announced this week in a statement by Herman
Bowmar, general sales manager of the cereal division.
-Earnings.
-Pittsburgh Coal Co.
The unit volume of whole wheat cereal, one of the principal products
of the company, for March of this year exceeded by a considerable margin
1929.
1930.
1928.
Calendar Years1927.
$42,118,115 $46,208,633 $42,568,772 $43,699,828 that of any previous March. The volume of rye wafers in units for March
Gross receipts
Oper. exp., incl. taxes_ - 37,614,083 40,834,629 39,561,398 42,346,433 set a new all-tune record for any month-that is 20.3% above Mar. 1930.
Whole wheat flour volume also scored a new all-time record of 20.5% above
Profits after all exp_ -- $4,504,031 $5,374,004 $3,007,373 $1,353,395 the next highest month (October 1930) and 43.3% over March 1930.
"That March was not a freak month is revealed by the fact that our total
1,437,486
1,207,729
Depletion
1,471,960
887,560
2,076,623
1,611,232
Depreciation
2,32 ),823
1,634,334 volume of cereal foods for the seven months from Sept. 1 1930 to April 1
1.724,655
1,748,704
612,211
Interest
614,792 1931 increased more than 3054% over the same period of 1929-1930. Fur95,598
56,288
70,072
Minority Int. in subs_ -97,304 thermore, our total cereal volume in units for the fiscal year ended Aug. 31
1930 increased 31% over the previous year, said Mr. Bowmar.-V. 124,
$493,871 $1,880,596 P. 2441.
Net loss
$1.078,696 prof.$15,592
5,450,285 8,238,189
2.102,178
Earned surplus
9,726,954
-Earnings.
Rand Mines, Ltd.
-Surplus Dec. 31 1929, $59,Consolidated Surplus Account Dec. 31 1930.
1929.
1928.
1930.
1927.
774,562; net loss for year 1930 (as above), $1.078,690; loss on obsolete
Calendar Years£486,531
mine plants and equipment scrapped, unavailable coal acreage charged off Dividends received
£500,514
£419,330
£436,357
128,125
98,218
143,343
and other charges relating to previous years'operations, $2,954,634; Federal Other income
273,423
355,432,027.
taxes paid, $309.205; surplus Dec. 31 1930,
£628,639
£584.749
£562,673
Total income
£709,780
Consolidated Balance Sheet Dec. 31.
29,685
26,235
26,929
25,142
Administration exp., &c
1930.
1929.
1929.
1930.
42,692
37,038
43,985
49,444
Taxes, Ac
$
Assets$
Coal lands.-x103,835,903 106,613,759 Preferred stock.z35,000,000 35,000,000
£564,672
£512,372
£492,452
Net income
£635,195
Plant & equip.y28,427,323 30,483,073 Common stock_ 40,000,000 40,000,000 Dividends
460,159
511,287
511.287
511,287
27,356,500 28,302,500
Inv. in stocks &
Bonds
250,000
bonds
6,086,654 Insur. fund.- -250,000
5,736,887
£104,513
£1,085 def£18,835
Balance, surplus
£123,908
872,427 Mint.int. In subs 1,443,656 1,478,534
Mortgage rec_ _ _
852,144
Balance Sheet Dec. 31.
14,979
Perch. mtges--.
Sinking fund &
44,937
Liabilities1929.
1930.
1929.
Assets1930.
reinv.fund_
3,821,892 3,831,858 Workpen's coinCapitalstock
5E531,499 £531,499
pensation adj_
850,000
Pension fund Inv
211,005
849,245 Mines, claims,
211,001
lands, arc
c£159,237 £147,038 Reserves
2,320,747 2,558.275
Deferred charges 1,052,163 1,212,946 Workmen's com297,166
2.476,576 2,286,164 Ump.and unc. div. 247,537
669,113
pen. claims_ _
Market. scour
667,519 Investments
3,151,845 2,674,834
49,454
86,482 Gov. prov. tax.-14,325
10,503
165,786
Inventory
106,909 Sundry ells. & debs
7,703,669 8,279,094 Pension fund_
403,110 Sundry credit
_ 348,521
8i4,400 1,047,622 Governmentstocks 237,916
343,584
Accts, ds bills roc 6,806,918 5,750,041 Bills payable.-166,980 Unapprop. surplus 428.817
3,462,356 4,051,392 bRand Mines Ltd eh 166,980
422,026
Cash
3,859,067 5,557,530 Accts. payable
15,965 General reserve.-- 100.000
100,000
9,358
Paid-In surplus_ 53,329,848 53,324,278 Plant stores, &c.._
389,317
Earned surplus.. 2,112,178 6,450,285 Sundry debtors.-- 333,380
Deposits
433,516
298,479
102,350
165,458,818 171,573,221 So. Africa Ins_
Total
Total
165,458,818 171,573,221
233,718
x After depletion. y After depreciation of $16,718,916. z Dividends Divs. receivable.. 245,050
Cash
11,196
2,235
1926.-V. 131, p. 3888.
have accumulated on pref. stock from Jan. 25
-Total
Total
£3,987,624 £4,266,875
£3,987,624 £4,266,875
Corp.-Bal. Sheet Dec. 31 1930.Pittsburgh United
a Represented by 2,125,995 shares, par value 5s. b Represented by
AssetsLiabilities
80,844 ex-enemy share at cost. c After depreciation.
-V. 132, p. 2010.
Cash
payable
$90,574 Notes
$834,000
U. S. Steel Corp. stock
15,301,511 Dividends payable
105,864
-Merger
Reliance Manufacturing Co., Massillon, 0.
Escrow fund
1,555,000 Accounts payable
6,959
Accounts receivable
6,270 State taxes
18,500 Approved.
Reserves
30,879
The stockholders on April 20 approved the acquisition of their company
7% preferred stock
6,049,400 by the Eaton Axle & Spring Co. Over 83% of outstanding common stock
Common stock
9,749,075 of Reliance was represented at the meeting and was voted in favor of the
Surplus
158,678 offer, under the terms of which Eaton Axle acquires Reliance assets subject
for which each Reliance shareholder is
Total
Total
$16,953,355 to its liabilities, in considerationEaton Axle stock for each four shares of
816.953,355
entitled to receive five shares of
-V. 132, p. 2788.
Reliance stock.
A dividend of 16 2-3 cents per share for the month of April was declared
Prairie Oil & Gas Co.
-New Directors.
on the
payable May 1 to holders of record April 25. The
At the annual meeting Elisha Walker, Chairman of the board of the action Reliance stock,
was taken to adjust the one month's difference in the dividend
Transamerica Corp.; H. G. Freeman, President of the Chase Securities payment dates of the respective companies.
-V. 132, p. 2406.
Corp.; Hunter S. Marston, President of Blair & Co., and J. H.
-Earnings.
Reynolds Metals Co.
Jr., Fresident of Petroleum Corp. of America, were elected new Markham
directors.
The number of directors was increased from 5 to 7. Other directors
Earnings for the quarter ended March 31 were 46 cents a share on the
49 cents a share in the first quarter of last
were W. S. Fitzpatrick, N. K. Moody and D. H. Kelsey,
re-elected
- common stock, compared with
--V. 132, p. 2011.
V. 132, p.2212.
year. according to C. K. Reynolds, Vice-President.
-To Reduce Authorized Capital Stock.
Reynolds Spring Co.
Printing Machinery Co.
-1% Extra Dividend.
The committee on securities of the New York Stock Exchange has
The directors recently declared an extra dividend of 1% in addition to
company of the proposed reduction in the authorthe usual quarterly dividends of 2% on the common and pref. stock, received notice from the elimination of the class A pref. stock and class B
stock
payable April 15 1931 to holders of record April 13. The company on ized capitaland a by the
reduction in the authorized common stock from 1.000,pref. stock
Jan. 15 last made an extra payment of 2% on both issues.
-V. 132, p. 2407.
000 shares to 200,000 shares.
FINANCIAL CHRONICLE
3166
-Earnings.
Remington Arms Co., Inc.
1927.
1928.
1929.
1930.
Calendar Years$16,819,387 $21,670,770 $20,074,236 $19.733,055
Net sales
Oper.expenses & deprec. 14,893,573 19,267,414 17,265.320 18,126,576
713,316
661,342
636,276
579,480
Bond interest
90,337
37,719
Other interest
162,384
112,589
111,508
126,455
Amortization
110,000
70,000
50,000
and State taxes_
Federal
$640.442
Net income
$1.169,879 $1.585,571 $1,887,264
320.056
307,979
297,048
285.674
1st preferred dividends_
$884,206 $1,288,522 81.579,285
700,000
Balance
Non-recurring profit_
$320,386
$320,386
Total surplus
$884,206 $1,288,522 $2,279,285
621,035
621,185
642.385
Skis. com, stock outst'g_
642.385
Nil
x$1,89
$1.38
Earnings per share
$0.75
x Exclusive of a non-recurring profit of $700.000 on stocks of Remington
Service Machines, Inc., exchanged for voting trust certificates for stock
of Consolidated Automatic Merchandising Corp.
Consolidated Balance Shet Dec. 31.
1929.
1930.
1929.
1930.
$
$
LiabilitiesAssets$
$
1st pref. stock__ __ 3,999,700 4.163,100
Plant,equipment.
6cc
a13,422,172 13,425,566 2d pref. stock_ ___ 5,000,000 5,000.000
291.656 Common stock___b6,423.850 6,423.850
Securities owned._ _ 180,986
104.948
62.848
62 Minority interests
1,123
Sinking fund
70,000
50.000
762,328 Fed'I tax res., &c.
781,683
Deferred charges
9,537,000 10.859.000
Funded debt
Patents, trade
13.665
marks, &c
3,005,657 2,977,660 Royalty particip'n
22,006
Cash
1,253,074 2.283,475 Bank acceptances
12.281
Due affiliated co's
Notes and accounts receivable 2,375,164 4,050,721 Accounts payable_ 712.636 1,217,031
477.145
550,494
Inventories
8,184.806 7,380,770 Accrued int., &c
531,618
Adv.from custom's
Current accounts,
1,184
3,140
132,446 Reserves
affiliated co's_ - _ 335,073
3.200,070 2,408,856
Surplus
Total
29,539,738 31,304,684
a After depreciation of $7,654,091
-V. 130. p. 3659.
shares.
29,539,738 31,304,684
Total
b Represented by 642,385 no par
Richfield Oil Co. of Calif.-Pref. Stockholders Asked to
Deposit Stock-Cities Service Co. Offer 1Vithdrawn.-
[VOL. 132.
Balance Sheet Dec. 31.
1930.
1929.
LiabilitiesAssets-.
1930,
1929.
Oil lands & leases- a3.256,485 3,542,421 Capital stock and
$4,015,609 $4,395,710
Field inv.& equip_ b558.743
683.083 surplus
17.771
50,953
200,616
Cash
167,848 Accounts payable_
138,199
137.810
Accts. receivable
97,700 Divs. payable_ _ _
32,121
13,491
10.132
Stocks and bonds_ 208,746
181,913 Notes payable_ ___
75,000
75.000
Reserve for taxes_
$4,250,711 $4,672,964
Total
Total
$4,256,711 84.672,964
a After deducting $4,467,998 reserve for depletion. b After deducting
-V. 132, p. 1825.
$5,134,425 reserve for depreciation.
-Earnings.
St. Lawrence Corp., Ltd.(& Constit. Cos.).
Earnings for Year Ended Dec. 31 1930.
$2.280,506
Earned surplus of constituent companies at Dec. 31 1929
-Lake
Additional credit to depreciation reserve for year 1929
148,857
St. John Power & Paper Co., Ltd
4,288
Other adjustments
$2,127,361
Balance
Profits from operations of constituent companies for year
2,759,875
ended Dec. 31 1930, after providing for income tax
34,887,236
Total surplus
750,209
Provision for depreciation
237,422
Provision for depletion on wood cut on companies' own limits_
325,000
Bond interest, Lake St. John l'ower & l'aper Co., Ltd
195,000
Debenture interest
-Lake St. John l'ower & Paper Co., Ltd
855,000
Div. on pref. stock of St. Lawrence Paper Mills Co., Ltd
40
Div. on pref, stock of Brompton Pulp & Paper Co., Ltd
222,218
Div. on no par value corn. shs. of Brompton l'ulp & P.Co.. Ltd.
377,783
Div. on class "A" shares of St. Lawrence Corp.. Ltd
$1,924,564
Earned surplus at Dec. 31 1930
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets
8473,594 Accts. payable Sc accr. chgs_ $1,171,522
Cash
1,842,065 Bank loans & overdrafts see. 1,446,378
Accounts & bills receivable
363,750
412,128 Dividends payable
Call loans
221,980
Bond interest accrued
Invest, at not more than presBalance of purchase price of
ent market price, plus soLake St. John Power &
287,912
crued Interest
500,000
116,460 Paper Co.. Ltd., pref. stk.
Insurance deposits
Bonds & debs. of Lake St.
Inventories and advances for
John Pr. & Pap. Co., Ltd. 8,000,000
6,526,238
woods operations
Pref, stock of St. Lawrence
Balance due on employees'
14,241,875
Paper Mills Co., Ltd
35,652
stock Investments
Cap. stk, of constit. co's not
Stores, equipment and repair
642,632
held by St. L. Corp., Ltd_
178,791
materials
Reserves for deprec. & depict. 7,738,397
Organization expense, prepaid
264,742 $2 cl. "A" cum.conv.pf.stock 14,640,700
insurance, taxes, &c
x5,590.154
Common stock
Accounts & mortgages receiv53,011 Capital surplus of constit. co's
able over a period of years
(subject to minority int.)_ 2,867,226
Investments in and advances
to other companies
950,087 Capital surplus arising from
consolidation of statements 8,731,564
Freehold & leasehold timberEarned surplus at Dec. 31 '30 1,924,564
lands de water power, real
est., bldgs., mach. de equip. 56.940,063
The protective committee for the holders of the preferred stock in a
letter April 21 to stockholders, advised preferred stockholders to deposit
their stock immediately in order that the rights of the holders may be
fully protected.
It is pointed out that the offer formerly made by Cities Service Co.
for the exchange of its stock for Richfield preferred stock has been withdrawn, and that the purpose of the committee is to act for the protection
of preferred stockholders pursuant to a deposit agreement which has been
executed and is being lodged with the depositaries. The letter adds:
"No plan of reorganization has as yet been suggested but in connection
with any plan the rights of the preferred stockholders cannot be effectively
enforced without concerted action. which can only be insured by a deposit
of stock under the deposit agreement."
The depositaries are Bank.of America N. T. & S. A., 660 South Spring
$68,080,743
Total
$68,080,743
Total
St., Los Angeles, Calif., and Chemical Bank & Trust Co.. 165 Broadway,
x Without nominal or par value (authorized 2,000,000 shs., reserved
Now York. Headquarters of the Committee are at 935 Rowan Building,
against exercise of warrants and options issued by St. Lawrence Paper Mills
Los Angeles.
The committee consists of Gurney E. Newlin, Chairman, James S. Co., Ltd., 225,000 shs., and against conversion rights of class "A" shs.,
Thomas W.Streeter, 600,000 shs.); outstanding, 559,016 shs.-V. 132, p. 2602.
MacDonnell, Ray D. Robinson, George T. Cameron,
and the Secretary is Ray .J. Coleman, 935 Rowan Building, Los Angeles.
-Earnings.
(B. F.) Schlesinger & Sons, Inc.(& Subs.).
V. 132. p. 2789, 2213.
Earnings for Year Ended Jan. 31 1931.
$16,461,686
-Smaller Dividend.
Net sales: Owned departments
Cream Co.
Rich Ice
1,789,635
Leased departments
The directors have declared a quarterly dividend of 50 cents a share on
common stock, payable May 1 to holders of record April 15.
the no par
$18,251,320
of 60 cents a share.
Total sales
This compares with previous quarterly payments
12,736,422
Cost ofsales
5,246,054
- Operating expenses
-Report.
Consol. Petroleum Corp. (& Subs.).
Ryan
1928.
1927.
1929.
1930.
Calendar Years$223,410
$186,684
$377,646
$229.709
x Net profit
deduction of depreciation, depletion and drilling expenses.
x Before
-V. 130, p. 2221.
-Earnings.
Safety Car Heating & Lighting Co.
Calendar YearsGross profits
Depreciation. &c
Federal taxes
Net profit
Dividends
1928.
1929.
1927.
I $2,217,816 $1.947,448 $1,785,017
866,450
762,072
629,180
Not
140,000
165,000
150,000
reported. t
1930.
I
$820,860 $1,186,366 $1,045,375 $1,006,838
986,200
986,200
986,200
788,960
$19,638
$59,176
$200.166
$31,900
Surplus
Earns. per ski, on 98,620
$10.60
$10.19
$12.02
$8.32
shs.cap.stk.(no par)_
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities
Assetsy9,862,000 9,862.000
Real est., mach,&c.19,760.628 9,805,094 Capital stock
124,986
209,125
740,376 Accts. payable_ _ _
1,039,406
Cash
2,200 Tax reserve & con2,209
Investments
150,292
242,487
tingencles
Call loans & notes
4,730,547 4,698,647
1,601,984 1,607,079 Surplus
rec., &c
924,409
Accts.receivable_ _ 676,734
1,443,247 1,596,427
Inventories
336,674
343,625
Deferred charges
- -14,867,825 15,012,259
Total
14.867,825 15,012.259
Total
x After depreciation of $6,529,698 and other reserves of $800,000.
-V.131, p. 3721.
98,620 no par shares.
y Represented by
-Smaller Dividend.
Sagamore Mfg. Co., Fall River.
The directors have declared a quarterly dividend of $1 per share. payable
April 30 to holders of record April 22, placing the stock on a $4 annual
-V. 128. p. 3849.
basis, against $8 previously.
--Listing of Bonds.
St. Joseph Lead Co.
Net operating profit
Miscellaneous income-net
$268,844
11,037
Total income
Provision for Federal income taxes
$279,881
28,346
Consolidated net income
Preferred stock dividends paid & accrued by,& minority interest
in,earnings ofsub.co
$251,535
Balance
Balance as at Jan.31 1930
87,099
3164,436
292,771
Total surplus
Cash dividends preferred stock
$457,208
229,882
Balance
Cap, surplus-excess of par value over cost of preferred &
common stock retired
$227,326
50,131
$277,457
Balance as at Jan.31 1931
Consolidated Balance Sheet Jan. 311031.
LiabilitiesAssets
$2,050,000
5125 178 A otes t ay
3 77;934 Nccounats able
Cash
payable-trade_ :2
12 25
455 119
Customers' accts. receivable_
123,734 Accts. payable-lessees of
Sundry accounts receivable- r ay
ptm
Merchandise Inventories- e m
2 388
94:383
dt
167 16 Acce r .dtsiscellancous_ _
Prepaid expenses &supplies- - 3,832:145 Accts. pay.-taxes & expenses
182,479
Advance to officers & sundry
121,725 Accrued dividends
investments
33,500
Prov. for Fed. income taxesStore furniture & fixtures,
711.575 Int, of pref. & min. stockdelivery equip. & garage
holders of City of Paris Dry
609,720
Improve. to leased properties
1,327,334
Goods Co
Leaseholds Sc goodwill of
3,186,400
1,354,916 Preferred stock 7%
stores acquired
Com.stock & paid-in surplus_ x3,180,807
Surplus (incl. capital surplus)
277,457
$10,824,092
Total
$10,824,092
Total
x Represented by 98.027 shares of c ass A stock and 123,950 shares class B
-V. 132, p.2214.
stock, both of no par value.
The New York Stock Exchange has authorized the listing of $9,752,300
% gold debenture bonds, dated May 1 1931, due
-year convertible
10
-New Director.
Scovill Mfg. Co.
May 1 1941.
-V. 132, p. 105;1.
$9,752,300 bonds is being offered to stockholders
A. L. Adams has been elected a director.
The entire issue of
each 20 shares of
of record April 20, in the proportion of $100 of bonds for subscribed (being
-Insurance Subsidiary
subscription price is $97.65 per $100 of bonds
Sears, Roebuck 8c Co., Chicago.
stock. The
at 55.5% per
$97.50 plus $0.15 accrued int, on principal amountare payable in annum Organized.May 1 1931 to May 11 1931). Subscriptions May 11 1931.full at
the Allstate Insurance Co., a subsidiary,
from
Upon receipt of a charter for
time)
or before three o'clock p. m. (eastern standard subscriptions for the entire from the Illinois Superintendent of Insurance, the following directors wore
J. Pollock, G. E. Humphrey,
J. P. Morgan & Co., have underwritten the
elected: R. E. Wood, L. J. Rosenwald, E.
Lederer and Carl L. O'Dell. All
issue.
for the retirement of bank D. M. Nelson, E. II, Powell, Charles
The purpose of the issue is to provide funds of properties now owned except the two last named are executives of the parent company.
G. E. Humphrey. Pros. &
•
loans and to provide for futrher development its working capital. For
The following officers were elected: V.-Pres. &
Sec., and F. Ie, Fowler,
or controlled by the company and to increase
Trees.
L.J. Rosenwald, V.
-Pros.; C.L.O'Dell,
further details and description of bonds see V. 132. p. 2789.
Comptroller,
Mr. Humphrey stated that the underwriting of risks will be based strictly
-Earnings.
St. Mary's Mineral Land Co.
ou the character of the applicant, regardless of whether he lives in the city
year ended Dec. 31 1930 receipts of or country, or has been a customer of Sears, Roebuck & Co. A specimen
The company reports for the
$85,979 and expenditures of $544,604 of which $478,080 represents divi- policy shows that the company will insure individual automobile owners
dend disbursements. Cash on hand declined from $487.031 at the begin- against bodily injury liability, property damage liability, glass damage,
-V. 131, p. 127.
ning of the year to $28.406 at the end of the year.
collision, fire, lightning and trausportation, theft, robbery and pilferage,
tornado, cyclone, windstorm, hail, earthquake, explosion and water dam-Earnings.
Co.
Salt Creek Consolidated Oil
age. Excess liability will be reinsured so that the company will write
Although financed by Sears,
liability up to $300.000 in any one accident.will
1928.
1927.
1929.
Calendar Years1930.
be conducted separately,
Roebuck & Co., the insurance company
Net inc. before deprec.,
$767,743 except that it will tako advantage of Sears, Roebuck & Co.'s mailing lists and
3611,893 x$656,339
deple.& Fed. taxes- _ _
$564,782
business contracts. The company will write no commercial business and
x After decineting taxes.
FINANCIAL CHRONICLE
APRIL 25 1931.]
will insure only cars used for personal, pleasure and family use and for
business calls. Coverage does not extend beyond the territorial limits of
United States and Canada. (See also V. 132, p.2602.)
3167
-Approves Stock
(Howard) Smith PaperlMills, Ltd.
Distribution Plan-New Director.
At a special meeting of the stockholders approved the employee's stock
distribution plan, confirmed the action of the trustees under the plan in
borrowing $100,000 from the Montreal Trust Co. to acquire shares to be
resold to employees, affirmed the liability of the company in respect of
Sears, Roebuck & Co. has made arrangements offered
to all employees repayment of this sum and interest, and authorized more than one Vicebe
Life Insurance Co.for a group insurance plan to
having six months' continuous service. Applications will be received be- President.L. Burton, President of Simpson's Ltd.. was elected a director
Charles
ginning April 20 and plan will become effective April 30. More than 35,000
Howard Smith Paper Mills, Ltd., to succeed the late 0. Howard Smith.
The minimum policy of
employees are likely to come under this plan. maximum cost for policies of At the annual meeting of the Candian Cellulose Co., a wholly owned
cost the employee $6 a year and the
31,000 will
each $1,000. The balance of the net subsidairy, E. IC. Robinson, Vice-President of the Smith company, was
of over $2,000 is $7.20 a year for
-V.132, p. 327.
elected a director.
-V. 132, p. 2789. 2602.
cost of the plan will be paid by the company.
Arranges with Metropolitan Life Insurance Co. to Offer
Group Insurance to Employees.
with the Metropolitan
-Makes Exchange Offer for
Seasoned Securities, Inc.
Foundation Trusteed Shares.•
-Sale of Units, &c.
Southern Stores Corp., Miami, Fla.
In a letter to the stockholders, President R. J. Marshburn. states that
the company has sold its units in Georgia and Tennessee. The proceeds
are being used to reduce the company s indebtedness. Mr. Marshburn
continued: "Since Dec. 1 1930. the monthly operations of the company
have shown the following profits: Dec. 1930, $6.384: Jan. 1931, $19.908;
Feb. 1931,$17,971; March 1931,819.920; total profit for the period $64,185.
We expect a reduced profit during April after which period up to Dec. 1
we can hardly hope to do more than break even on operations. the only
"Operating expenses in the Miami and Tampa units, which are
greatly reduced."
units now operated by the company, have been requested of merchandise
Further extension until March 15 1932 was
creditors on March 15 last, and since then over 85% of merchandise
accounts have consented, it is reported.
On Sept. 30 1930, an involuntary petition in bankruptcy was filed
the courts.
against this corporation, which petition was dismissed by p. 2105.
-V.126,
Following this a creditors committee was appointed.
The proposed acquisition of Foundation Trusteed Shares, series A, by
extended
Seasoned Securities, Inc., was made known April 20 in an offer Shares to
of Foundation Trusteed
by the latter company to shareholders.Securities Trust Shares according
exchange their holdings for Seasoned
to specified terms and conditions. The offer was extended through the
sponsors of Foundation Trusteed Shares.
the
Certificate holders of Foundation Trusteed Shares, according to
provisions of the offer for exchange, upon deposit of their holdings with
the corporate trust department of the Bank of America, National AssoShares to
ciation, will receive certificates of Seasoned Securities Trust their holdof
an amount equal In market price to the net liquidating value
ings. The net liquidating value of each Foundation Trusteed Share will
be determined in accordance with the terms of that trust's indenture.
be exThe market price at which Seasoned Securities Trust Shares will market
changed will be the offering price determined daily by the .total
-Earnings.
Standard Cap & Seal Corp.
value of the deposited property.
Trusteed Shares over
For income statement for 3 months ended March 31 see "Earnings
Any excess in the liquidating value of Foundationwill be remitted to the
-V. 131. p. 3722.
Department" on a preceding page.
shame received in exchange
the market prices of the
individual depositors in cash.
-Subsidiary to
features of both
Standard Oil Co. of California (Del.).
Seasoned Securities, Inc., operates a trust combiningtrusts. Approxiinvestment
-See Pacific Public Service Co
Readjust Capitalization.
the fixed and general management plans of
of stocks of
mately 75% of its funds are Invested in a fixed list companies,30 leading under "Public Utilities" above.
-V. 132, p. 2573.
while the
banks, public utility, railroad, oil, and industrial
as provided
remaining 25% is invested in sound listed stocks and bonds
-Dividend Outlook.
Starrett Co.
(L. S.)
of stockholders.
an
for by the general management company in the interest
President, Frank Ball said: "The business of our company shows
V. 132, p. 2408. 143.
first quarter of the year over the preceding quarter.
Improvement for the
look forward to a steady
Our financial condition is unimpaired, and we
-Earnings.
Seeman Brothers, Inc.
increase in business.
For income statement for 3 and 9 months ended March 31 see "Earnings
Mr. Ball said he did not known the reason for the break of Starrett stock
-V.132, p.673.
unpreceding page.
Department" on a
on the New York Stock Exchange, but that it was not caused by an
healthy financial condition.
-Temporary President.
not passed quarterly dividends since
Pointing out that the company had
Shell Petroleum Corp.
would not be paid for the
George Leigh-Jones of San Francisco has been appointed Acting President 1900, Mr. Ball said he saw no reason why they
-V. 132. p. 2013, 1633.
pending the election of a successor to fill the vancacy caused by the resigna- present quarter.
of the Shell Oil Co.
tion of U. de B. Daly. Mr. Leigh-Jones is President
-Earnings.
Stix, Baer & Fuller Co.(& Subs.).
of California and also a member of the executive committee of the Shell
-V. 132. p. 2983.
Earnings for Year Ended Jan. 31 1931.
Union Oil Corp.
85,907.083
Gross profit on sales
leveland.-Extra Div. of 12 c. Admin., buying, selling, publicity & occupancy exps., incl.
Sherwin-Williams
5,303,854
of
extra dividend of M Co.,f% has been declared on the outstanding
deprec. charges & interest
An
76.797
315.889,575 common stock, par $25, in addition to the regular quarterly Provision for Federal & state income taxes
dividend of 4%. both payable May 15 to holders of record April 30. Like
$526,431
have been paid on the common stock since and including Nov.15.
Net profit
amounts
3.36
1
1929. On Nov. 15 1928 and on Feb. 15. May 15 and Aug. 15 1929 extras Earns, per share on 292,600 shs,corn.stk.(no par;
of 11,3 each and regular quarterly dividends of 3% each were paid. An
Balance Sheet Jan. 31 1931.
t of 1% and a regular of 3% were paid on Nov. 151927,
extra dividend of
LiabilitiesAssets-and on Feb. 15, May 15 and Aug. 151928. From Nov. 1925 to Aug. 1927,
$707,127 Curr. Invoices in course of
Inclusive, the company paid an exCra dividend of 1% and a regular dividend Cash bonds dr other market.
pay. not yet due for disc-- $500,740
Mon.
of 2% each quarter.
228,019
369,017 Employees'savings accounts_
securities
The directors have also declared the regular quarterly dividend of 1%%
76,797
Provision for income taxes- _
2,714,546
Due by customers
on the pref. stock, payable June 1 to holders of record May 15.-V. 132, Sundry accts. receivable__ .._
66,643
27,339 Accr. exp. di sundry liabilities
P. 869.
2,309,174 Unearned profit on installMerchandise inventory
9,820
ment salts
Investments & other assets- 3,526,989
-- Store furn.,fix.,eoulp.& impts 11,440,326 7% cumul, pref. stock
-Earnings.
Shreveport-El Dorado Pipe Line Co., Inc.
1,875,000
y8,432,814
1 Common stock
1928.
1929.
1927.
1930.
Calendar YearsGoodwill
95,314
4,615,443 Def. charges to future over.
Barrels of oil transported 3,152.836 3.808,808 4,594,920
$4.745,118 $5,991,837 $5,085.935 $1.107,658
Gross revenue
$11,189,832
5,503,614 4,109,675
611,189,832 Total
5,063,267
462,384
Operating expenses
Total
Other charges, incl. disdepreciation of$1.235,382. y Represented by 292,600
a168,549
1'115,048
9.303 nox After reserve for
1
count on bonds &c--1, 131,386
par shares -V. 132, p. 1440.
128,292
Taxes, incl.Fed.inc.tax.1
Balance
def$449.534
$373.174
$gt?g
81 2
$8 711
Invetory
adjust., &c..
Balance
Interest
Reserve for deprec
3373.174
$716,467
def$449,534
-See Note a-293,454
305,060
318,671
$389.319
8,595
186,385
$423,012
139 300
0.11
$194,339
100,000
$1.94
$68,116
def$768,206
Balance,surplus
139.300
145.430
Earnings per share
$0.50
Nil
per share
Earnings
-V. 132, p. 2790.
a Includes interest.
-Earnings.
Silver King Coalition Mines Co.
Calendar YearsOre sales
Other earnings
1928.
1929.
1927.
1930.
$2,403.733 $4,088,419 $3,398,011 33.185,818
68,749
58,937
61.314
55,562
$2,465,047 $4,157,168 $3,456,948 $3,241,380
Total earnings
1,666,271
1.576,389
MinIng,mill.,&c.,exp-- 1,740,980 2,176.497
57.572
Administrative expenses
74,517
92,629
73,611
72,239
Depreciation
139.434
226,453
48,350
204,604
Tax reserve
Net cinome
Dividends paid
$544,533 $1,748,608 $1,489,707 $1,388,148
076,373
1,342,514
1,464.560
1.339,054
3431.840
Balance, surplus
(par $5) 1.220,467
Shs.cap.stk.oust.
60.44
Earns. per share
-V. 132, p.2408.
3284.048
1,220,467
$1.43
$147.193
1,220,467
$1.22
$49,094
1,219,940
$1.14
-Earnings.
Studebaker Corp.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1930.
1931.
1930.
1931.
f4abilities$
Assets6,750,000
Plant et prop'ty_ 56,968,461 58,797,372 7% pref.stock- 6,750,000 78,456,620
Common stock_x76.281,800
-name, goodTr.
19,807,277 19,807,277 Pur.mon. obi's.,
will, &c
340,000
325,000
Plerce-Arrow.
7,758,357 6,775,022
Cash
__ 7,528,172 7,923,720
Sight drafts. &c. 2,467,470 3,207,005 Minority
193,458 Notes payable_ 3,000,000 3,900,000
170,262
Investments
Accts payable- 3,892,969 4,417,766
Notes & aceis
541,471
464,884
2,915,612 2,889.285 Deposits
receivable
15,906,754 23,960,138 Sundry cred.and
Inventories
res., inc. acBranch house r'l
2,053,230 2,128,877
cruals
estate & lease838,890
79,133
holds not used 10,533,092 13,972,745 Res. for taxes18,615,696 29,335,300
Surplus
984,138 3,564,988
Treasury stock.
R'l est. contets
879,939
843,708
receivable....
585,323
557,721
Deterred charges
118,910,883 134,632,552
Total
118,910,883 134,632,552
Total
x Represented by 1,961,413 no par shame of which 56,368 shares are
-V. 132, p. 2409.
held in treasury.
Super-Corporations of American Depositors, Inc.Dividends.
share on the series A
A semi-annual cash distribution of 30 cents per
and 20.7 cents per share on the series B shares will be made on May 1.
it is announced. The payment on the A series represents accumulations
of 20.4 cents plus 96 cents from the reserve fund set up to assure minimum
1927.
semi-annual distributions of 30 cents per share.
$2,814,741
On Nov. 1 1930, initial semi-annual distributions of 43.22 cents per share
478,716 on the series A and 19.65 cents per share on the series B shares were made.
1,021,034 -V. 132, p. 2984.
163,682
-Investment Counsel.
Supervised Shares Corp.
Paul Clay, President of Clay's Economic Service and formerly Vice$1,151.309
investment
469.000 President and chief economist of Moody's, has been appointed American
of Supervised
600.000 counsel for Supervised Shares Corp., sponsors an investment committee
with
Fixed Equities, Mr. Clay in co-operation
and substitutions
$82,309 of directors of the corporation will decide on eliminations
between Mr. Clay
$9,765,063 In the portfolio of the trust. In event of disagreement N. A., as trustee,
100,000 and the committee as to changes, the Bank of America.
-V. 132, p. 2984.
66.82 casts the deciding vote.
--Earnings.
Sloss-Sheffield Steel & Iron Co.
1929.
1930.
1928.
Calendar Years$2,091.519 $2,070,600 $2,592,478
Operating profits
472.053
467,748
449,950
Interest
1,021,805
988.745
Depreciation & depletion 1,031,188
73,669
56,128
Federal taxes
Net profit
Preferred dive. (7%)_....
Common diva. (6%)-.-
3536.712
351,750
$576,742 $1,079,857
469,000
469,000
150,000
600,000
$10,857
$184,962 def$42,259
Balance, surplus
Total prof. & loss surp_ - 37,364.589 87.330.347 $9,116.957
100,000
100.000
100.000
fills. corn,out.(par $100)
$1.07
$1.85
$6.11
Earns. per share on corn.
Balance Sheet Dec. 31.
-Earnings.
Sweets Co. of America, Inc.
31 see "Earnings Depart1930.
1929.
1930.
1929.
For income statement for quarters ended March
Liabilities$
$
-V.132, p. 2013.
5
page.
Assets$
ment" on a preceding
Property account x26,112.375 26,056,297 Preferred stock...- 6,700,000 6,700.000
-Earnings.
Symington Co.
451,962 Common stock_ _ _10,000.000 10,000,000
Securities owned_ _ 414,055
31 see "Earnings
51,150 Gold notes
For income statement for 3 months ended March
4,500.000 6,000,000
90,225
Bills received, &c_
-V.132, p.2604.
preceding page.
1,842,208 1,987,364 Accounts payable- 336,472
543,200 Department" on a
Inventories
662,125 1,272,805 Accrued accounts. 111.624
-Earnings.
Cash
177,182
Telautograph Corp.
207,712 Federal taxes
73,669
1,252
148.773
March 31 see "Earnings
Other assets
For income statement for 3 months ended 2215.
785,315 Deferred income22,329
22,485
Accts. receivable-- 680,968
-V. 132. p.
page.
preceding
45,816 Reserves
896,193
35.248
707,718 Department" on a
Nlte discount, dto-Extends Quotation Board Service.
7,364,589 7,330,347
23.763 Surplus
Teleregister Corp.
20,900
Deferred charges---- --The Teleregister Corp. of New York announced last week that BA instock quotation boards in Boston IS prac31,482,184 Total
30,004,876 31,482,184 stallation of electro-magnetic
30,094,876
Total
x After depreciation and depletion of $8,620.057.-V. 131, p. 3889.
tically completed and that these boards should be in operation Monday
3168
FINANCIAL CHRONICLE
in the offices of Clark. Childs & Co., Hayden, Stone & Co.
Jackson
& Curtis. Before the first of May the new boards will also beand
in operation
in the offices of Clark. Childs & Co. Statier Branch, H. Bentz & Co.,
Paine, Webber & Co., Whitney & Elwell and Wrenn Bros. & Co.
-V. 132.
p. 2215.
[VOL. 132.
Union Sugar Co.
-Earnings --Calendar YearsOperating profit
Previous surplus
Miscellaneous credits..
1930.
338,217
253,711
1929.
$44,951
358,813
6,884
1928.
$3,778
544,473
225
1927.
def.33,914
785.405
14.955
Total surplus
Preferred dividends_ _ _ _
Depreciation
Miscellaneous debits__ _ _
$291,928
35,420
95,163
5,099
Clint Kimbro has been elected a director, succeeding Thomas R. Hall,
Profit & loss surplus_ _
deceased.
-V. 132, p. 2792.
-V. 130, p. 4070.
$410,648
35,420
99,590
21.927
$548,476
35,420
118,696
35,547
$796,447
86,020
121,857
44,095
$156,246
$253,711
$358,813
$544,473
Texas Gulf Sulphur Co.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 1405.
Texas Pacific Coal & Oil Co.
-New Director.
-
Textile, Inc.
-Proposed Consolidation of 14 Mills.
The
directors of 14 textile mills met at Gastonia, N. C.. and approved
plans for a merger that will create a $10,000.000 textile corporation. They
also approved plans to bring six other mills into the merger through an
exchange of stock. The new corporation will be known as Textile, Inc.
All mills involved are in the Carolinas and have approximately 300.000
spindles. The stockholders of the mills will vote May 26 on approving
the plan. Since the directors who have approved the merger control a
majority of the stock, stockholders' approval is regarded as a formality.
-(Philadelphia "Financial Journal").
Thompson Products, Inc.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 2604.
Trans
-Lux Daylight Picture Screen Corp.
-Litigation.
This corporation and the News Projection Corp. announce that all
litigation has been settled between them. A new company, to be called
Trartslux Movie Ticker CO., will be formed to take over and consolidate
the movie ticker business of these companies. Dr. James W. Decker will
be President of the new company and Percy M. Furber, Chairman of the
board.
-V. 132, p. 2604.
Trusteed Equities Foundation, Inc.
-Offer Made to
Holders of Foundation Trusteed Shares, Series A.
-See
Seasoned Securities, Inc., above.
-V. 130, p. 4260.
Tung-Sol Lamp Works, Inc.
-Earnings.
Calendar Years1930.
1929.
Net operating profit
$590,428 $1,249,660
. Other income
82,116
96,628
Union Tobacco Co.
-Earnings.
Income Account for the Year Ended Dec. 31 1930.
Income: Dividends, $59,365; interest, $1,448
-Total
Expenses: Salaries, $17,230: rents, $5,298; interest, $25,709;
other exp3nses, 321,291-Total
$60,814
69,530
Excess of expenses over income
Debits
-Provision for contingencies
Loss on sale of securities
Loss on machinery and equipment scrapped in excess of
reserve provided Dec. 31 1929
Expenses applicable to prior period
$8,716
15.000
375.032
Total debits
Credits-Revaluation of securities
Cancellattor o9exce‘es reserve for claims, losses, &c., provided
pec 3 92
f
$440.006
143,750
Cancellation of excess reserves for allowances, discounts, and
doubtful accounts provided Dec. 31 1929
Cancellation due to expiration of warrants for common stock
of no par value, issued and not redeemed, less expenses__ _
Profit on sale of "Latakia" tobacco
Cancell. of excess reserve for circulars provided Dec.31 1929_ _
Miscellaneous Income-prior periods
Excess of amount received for capital stock over decl. value_ _
Deficit for the year
Surplus, Jan. 1 1930
24,739
16.518
70,750
44,790
32,419
8.118
5,279
1,154
7,333
$126,409
140,775
Surplus, Dec. 31 1930
$14,365
1928.
Note.
-The surplus above is on the basis of valuing securities owned at
$1,018,707 cost
which was in excess of market value at Dec. 31 1930.
65,387
Comparative Balance Sheet.
Gross income
$672,544 $1,346.288 $1,084,094
AssetsDec.3130. Feb. 28'30.
LiabilitiesDec.31'30. Feb. 28'30
Deduct, incl. disc. & amortization......
214,788
210,676
250.996 Cash
'
$36,667
$96,205 Notes payable....
Federal tax provisions
51,563
129,907
88,417 Stocks of other co's 9,595,761 9,731,536 Accounts payable_ $400,000 $400,000
41,425
1,012
No. Va. Corp.Reserve for claims,
Net income
$406,193 $1,005.705
$744.681
Subscrip.to pref.
Dividends on preferred stock
173,041
tax., conting.,Arc 115,058
182,757
236,209
345,000
(see contra)__....1,000,000 1,000,000 Pref. stock subscr.
Dividends on common stock
342,765
289,842
195,000 Accounts receivable
10,000 abs. (see
(less reserve) _ _
621
Balance
1,000,000 1,000,000
contra)
1,718
def$119,329
$479,654
$204,681 Mach., furniture.
Pref. 7% stock... 4,000,000 4,000,000
& fixtures (less
Consolidated Balance Sheet Dec. 31.
x4.314,900 4,314,900
Class A stock
Assets
-1929. reserve)
Liabilities762
Common stock_
7,436
763,409
y763,716
1930.
Cash
$276,383 $211,383 Notes payable-- $100,000
Prov.to cover warr
18,43S
Market. securities. 781,322
566,019 Accounts payable.
Surplus
14,365
125,681
74,481
$25,722
Trade accept. rec_
3.525 Due subs. dr Mill.
878
Res. for United Prof.
Accts. reale
211,997
127,986
selling cos
Sher. coupons,dic
6,299
10,177
Due from MM. dc
Accr. sal., wages,
Accr'd underwriting
subs, sell. cos_ _
68,885
royal., bonuses,
14,583
fee-pref.stock_
Merch. inventories
taxes & exps__ _
75,147
29,620
Total
& merch.on con$10,633,812 810836,894
Provision for FedTotal
$10,633,812 810836,894
signment
x 176,496 shares (no par value) with a declared value of $25 per share
362,661
281,463
eral income tax_
51,563
136,843
Call loans
400,000 Dividends payable
2,599
3.257 less 3,900 shares in treasury. Y 763,716 no par shares, declared value
Other assets
209,839
582,446 Reserves
61,699
65.800 $1 per share.
Fixed assets
842,634
558,653 Capital & surplus_x3,548,842 3,709,095
Investments in Stocks of Other Companies. Dec. 31 1930.
Frahchises, licenses
Shares,
DescriptionPatent rights. Aze 1,151,341 1,229,001
Market Price.
Cost.
2.150 Phillip Morris Consolidated, Inc.. corn__
Acct. int. recelv_
$10,000
$1,209
327
32,300 Phillip Morris & Co., Ltd
Deferred charges
628.832
290,700
14,691
9,532
61,100 Tobacco Products Corp., class A
626,275
1,381,341
- 372,200
Tobacco Products Corp., corn
Total
744,400
7,567,247
83,920,631 $3,970,338
Total
$3,920,631 $3,970,338
300 United Cigar Stores Co. of Amer.,corn....
8,338
1,200
x Represented by 60,919 shares preference (no par value) and 228,510
shares common (no par value).
-"V. 131, p. 1272.
Total
$9,595,760 81.663,784
Note.
-All of the above securities were pledged with Guaranty Trust
Union Bag & Paper Corp.
-Annual Report.
Co. of New York at Dec. 31.1930. as collateral tea loan.
-V. 132, p. 2984.
C. R. McMillen, President says in part:
The benefits from the closing down of plants, the reorganization of the
Union Twist Drill Co.
-Earnings.
capital structure, and the sale of the Power Company's stock resulted immediately in a marked improvement in the company's earning capacity,
Condensed Statement of Income and Surplus
-Year Ended Dec. 31 1930.
so that it has been able to show net earnings in each month beginning in Manufacturing
$1,049,933
profit (after depreciation of $206.008)
July. This has been so, notwithstanding the company experienced a Selling and general
540,806
expenses
falling-off in volume of orders, owing to the generally poor business conditions which existed, and had to take 16% lower selling prices for its product
Operating profit
$509,127
than the average of 1929. The operations for the first six months of the Other income
(Interest, tenement rents, &c.)
26,021
year showed a loss of $240,589 after all charges, including depreciation and
a write-down of $86,000 in inventory, whereas the operations for the last
Total
$535,148
six months showed a profit of $85,306 after depreciation.
Cash discounts, addition to reserve for bad debts, &C.,$38,217:
The improvement in earnings has been due to a considerable extent to
loss on plant items sold or scrapped, $21,643-Total
59,860
steadily reduced costs and increased efficiency in manufacturing, adminis- Reserve for
Federal and Canadian income taxes
57,000
tration, sales and distribution, as well as to reductions in the cost of raw
materials.
Net operating profit
$418,288
The sale of properties (fully completed Juno 19301 has also resulted in Surplus
credits-Refunds of Federal and Mass, taxes paid in
decreasing the amount of depreciation required to be charged off in 1930.
prior years and int. on such taxes less expense of collection
About one-half of our depredation charged off in 1929 was on the property
and less reserve for taxes on taxable inc. included in this item
282,122
of the Power Company,and when the stock of that company was sold, our
Adjustment of reserve for 1929 taxes
19
depreciation charges were correspondingly reduced. (Compare also V. Surplus
at beginning of the year
4,161,051
130, p. 3564).
Calendar Yearsz1930.
Total surplus
1929.
1928.
$4,861,482
1927.
from operations_ -$82,540
$116,318 sur.$597.112sur.$717,518 Surplus charges
-Addition to reserve for sink,fund for pref.stk.
107,594
Depredation
65,310
377,699
Dividends paid-on pref. sock 17 per share
556,061
705.525
60,922
Interest(net)
7,433
On common stock $1 per share
256,071
x
4,534
200,000
sur$7,459
Balance
df.$155,284 df.$750,089 surl641,051
Surplus, Dec. 31 1930
$4,492,965
Bond disc. & exp. applyEarnings per share on 200,000 shares (par $5) corn. stock
$1.78
ing to bond issues reComparative Condensed Balance Sehet Dec. 31.
tired May 1 1926365.466
182,733
182,733
AMU-LtabtlUies-1930.
1930.
1929.
1929.
Loss on liquid'n of capCash
$863,873 $522,784 Accounts payable dr
ital or non-usable assets
1.758,735
8,732
369.687 Accts. dc notes
rec.
accrued expenses $44,029
$90,754
(Ices reserve)_ _. 232,382
Total deficit
$155,284 $2,874,290
386,773 Accrued Federal &
$150,414
$544,962 Merchan. Az
slum- 1,692,421 1.741,912
Canad'n income
Surplusfrom readj. ofcap y1.518,292
Miscall. accts. rec.
66,823
45,234
taxes
68,253
Previous surplus
143,000
221,863
372,276
917,237 Athol Homes Corp.
Notes payable to
stock (cost) _ _ _ _
137,000
137,000 L. S. Starrett Co
$1,363,009 df$2,652,427
68,500
Total surplus
68,500
$221,863
$372.276 Miscall,securities_
10,975
12,350 Preferred stock.- 3,129,600 3,129,600
x Interest on bonds, less income from funds in escrow, &c., together with Plants & equipm't
Common stock...... 1,000,000 1,000,000
amortized portion of bond discount were charged to new construction.
(less devree.)
y Surplus arising from reduction of capital, less charges for write-down of Sink, fund, invest. 3,258,923 3,260,267 Res.for sink.fund.
pref. stock
670,950
563,356
properties. addition to reserve taxes and contingencies and deficit at Dec.
pref. stock
670,950
4,492,965 4,161,051
563,356 Surplus
Si 1929. z Includes Union Bag & Paper Power Corp. from Jan. 1 to May Pref. stock of Co.
6 1930.
deposit for sink.
Consolidated Balance Sheet Dec. 31.
fund requiremla 1,734,539 1,708.078
Goodwill, pats., Am 742.105
1929.
1930.
1930.
742,105
1929.
Prepaid expenses.Liabilttie,s-$
$
36,990
36,402
$
$,
Assets:Capital assets...... 3,470,063 13,607,059 Capital stock.... _y4,382,230 14.607,
436 Treas.stock-corn.
(cost)
1,133,084 1,731.392
27,317
2,951,000
Inventories
650,743,
Purch, money obllg
105,000
Accts. & bills recTotal
Total
$9,474,298 $9,156,261
113,500 Bills payable
89,474,298 89,156,261
115,880
1,425,000
Investments
809,713 Accounts Payable- 385,363
561,206
378.081 - 130. 13. 4070.
V•
Cash
Accrued liabilities_
64,842
59,020
U. S. Govt. secur- 305,859
United Aircraft & Transport Corp.
Tax reserves and
-New Vice-Presi350,000
Demand loan
contingencies- 418,831
168,148
27,460
222,786 dent, &c.
Deferred charges..
1,363,009
2,652,427 Surplus
Deficit
Paul Henderson has been elected a Vice-President of the United Aircraft
&
6,614,275 19.748.303 a Transport Corp. and Chairman of the board of National Air Transport,
6,614,275 19.748,303
Total
Total
subsidiary. P. G. Johnson will succeed Mr. Henderson as President of
-V. N. A. T. L. D. Seymour has been made a Vice-President and Treasurer
x After depreciation. y Represented by 146,074 shares (no par).
of the latter company.
132. p. 2984.
-V. 132. p. 2605.
Loss
APRIL 25 1931.]
.
Unit Corp. of America (& Subs.).-Bal. Sheet.
Consolidated Balance Sheet Dec. 31.
Assets-.
1929.
1930.
1930.
1929.
Cash
$41,064
$49,258 Notes payable__
$155,000
Marketable sec._ 39,925
174,450 Accts. payable &
Cash surr. value,
accrued expenses 291,435 $385,125
12,440 Prov. for Wisconlife insurance_
16,278
Accts.& notes rec_ Y167,303
288,010 sin Inc. tax pay.
864,366 in 1931
Materials &suppl-712,274
4.500
46,100
Prepaid expenses_
10,496
11,766 Res. for Wisconsin
inc. tax payable
Sundry bds., stks.
21,500 in 1932
& real estate _
32,500
18,500
Pref. stock
Property, plant &
3.131,820 3,149,820
equipment
3,203,092 3,207,366 Common stock__ x750,000
750,000
Patents & patent
Surplus
364,266
809,011
130,488
141,230
rights
22,702
30.273
Organization exps339,396
339,397
Goodwill
Total
$4,715,522 $5,140,055
Total
84.715,522 $5,140,055
x Represented by 110.000 shares of no par value. y Less reserves for
bad debts of 15,761
The income account was given in V. 132. p. 2984.
United Biscuit Co. of America.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2985.
United Cigar Stores Co. of America.
-Sales Increase.
-Chairman George-K. Morrow says:
"Sales for the first three months of 1931 show an increase over the same
period of 1930. There are now real indications throughout the country
of an improvement in the retail price situation with which your company
has had to contend. We have recently leased some desirable locations
for our cigar store as well as our drug store operations and it is the policy
of directors to add more stores as opportunities present themselves at
reasonable rentals.
"With the sale of its stock interest in Happiness Candy Store, Inc., in
August 1930, your company has retired from all manufacturing activities
and operating losses previously experienced from this source have been
terminated."
-V. 132, p. 2792.
United Dry Docks, Inc.
-Earnings.
Period Ended Dec.31Year 1930. 10 Mos.'29.
Net earnings
$821,837
$660,888
Interest on mortgages and notes payable
409,758
392,793
Depreciation
402,953
279,624
Extraordinary deductions, including interest on
292,406
mortgages on idle property
272,306
Net loss
$283,279
Comparative Balance Sheet Dec. 31.
1929.
1930.
1930.
Liabilities
Assets$
$
Cash
517,359 Accounts payable_ 483,475
909.589
Accrued taxes_ _ _ _
Irrevocable letter
24,000
Accrued expenses_ 113,784
of credit
125,000
152,658 Accr. Int, on mtgs.
Notes receivable__ 120,058
Acc'ts rec., lessres. 1,209,801 1,616,031
Payable
146,317
Inventories
1,041,008 1,329,788 Underlying mtges.
Plant, prop'ty 8;
on Alderton pl't 1,065,000
leaseholds ____621,466,909 22,508,108 Fur. non. mtges.
Deferred charges_
81,748
95,300 Payable
8,483.450
Investments
10,000
Has, for contings_ 107,842
Pats. 8e goodwill_
1
1 Res. for dredging,
& damage cl'ms_
36,568
6% pref. stock__ 1,815,000
Corn. stk.
(no par)a11,075,000
Capital surplus__ 1,900,567
Deficit
286,889
$283,835
1929.
448,914
12,000
152,339
150,004
1,095.000
8,639,250
167,551
1,815,000
11,075,000
2,675,713
11,529
Total
24.964.115 26,219,244 Total
24,964,115 26,219,244
a Represented by 553,750 shares (no par). b After depreciation of
85,916,314.-V. 132, p. 2605.
United Dyewood Corp.(& Subs.).
-Earnings.
--Calendar YearsOperating profit
Other income
1930.
$575,985
13,774
1929.
$834,015
31,323
1928.
$932,802
51.339
Total income
Depreciation
Federal taxes
Miscellaneous deductions
General reserve
Other appropriations
$589,759
138,243
73,365
62,769
19,575
86,324
$865,338
150,829
83,816
49,561
22,644
97,356
$984,141
121,773
125,110
44,758
28,363
114,414
Net income
Subsidiary dividends
7% preferred dividends
$209,482
13,576
275.112
$461.132
21.116
'276,500
$549.723
19,903
276,500
Surplus
$163,516
def$79,206
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
AssetsLiabilities
i
8
Plant property___ 4,230,357 4,233,459 Preferred stock._ 3,870,000
Cash & ctfs. of dep. 717,676
761,309 Common stock-13,918,300
Securities
416,234
228.663 Holding of Mb:Lint.
Bills & acc'ts rec 1,844,240 1.489,660 in cap. stocks of
subsidiaries -___
78,661
Inventories
3,292,878 3.770,041
Sundry adv. pay
209,031 Bills de accts. pay_ 1,695,311
241,867
Cash for pfd. div
67,737
69,125 Pref, diva. pay.-67,737
5,045
Suspend.debitems
11,633 Susp. cred. items_
18,217
G'dwill, pats., &a_ 957,615
964,973 Res. for deprec.,
eonting., &e...._ 2,477,536
Cost ofsecurities of
subsids. owned..13,837,652 13,836,844 Surplus fr. acquis.
87,042
of treas. pi. stk_
Surp. U. D. Corp_ 3,410,226
Surp. of min. int_
14,515
Total
25,624,373 25,574,738
-V. 131, p. 1729.
Total
$253,320
1929.
3,950,000
13,918,300
79,121
1,691.383
69,125
4,941
2,294,078
42,521
3,513,223
12,046
25,624,373 25,574,738
-Report.
United States Cold Storage Co.
1929.
1928.
Calendar Years1930.
1927.
Gross income
$1,701,622 $1,844,763 81,631,189 $1,497,286
xNet inc. after charges
296.402
293.927
271,712
287,458
Fixed assets after depr_ _ 5.428,790
5,357,446
4,899,298
4,463.500
Net worth
3,522,796
3.464,434
2,912,654
3,558,923
x Not including earnings from partially owned subsidiaries in excess of
dividends received.
Current assets as of Dec. 31 1930 were $2,383,100 and current liabilities
$1,700,329, comparing with $2,372,072 and $1,711,553, respectively, at
end of preceding year.
-V. 130, p. 4071.
U. S. Industrial Alcohol Co.
-New President, &c.
-
Charles S. Munson has been elected President and director, succeeding
Russell R. Brown. Glenn Haskell has been elected let Vice-President and
G. Sykes as Vice-President.
-V. 132, p. 2985.
United States Leather Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceeding Page.
-V. 132, P. 2409.
United States Pipe & Foundry Co.
-Operations.--President N. F. S. Russell, said at the annual meeting: "Operations so
far this year have about covered dividend requirements on the common
stock for the period. This we consider satisfactory in view of the fact
that we started 1931 with only a small backlog of orders. Buying 80 far
this year has been only to meet current requirements. On April 1 we had
orders ahead which would require between five and six weeks to fill, with
3169
FINANCIAL CHRONICLE
plants operating at 60%. Ogerations are now at about 60r against '70?
ao
the like period a 1930 and
ut 35% the final quarter of ?130."-V • 13
p. 2186.
-Earnings.United States Hoffman Machinery Corp.
For income statement for 3 months ended March 31 see "Earnings
Department.Condensed Balance Sheet March 31.
Liabilities1930.
1931.
Assets1930.
1931.
Plant property- - c$862,382 $1,085,074 Capitalstock--b$4,632,182 $4,632,182
38,437 Accounts payable
Pit constrAeqpt.
57,879
de accrued accts..
Patents
al.357,523 1,547,201
includ'g Federal
Good-will
339,462
298,399
517,095 taxes(est.)
767.021
Cash
Notes & accts. rec. 2,628,363 3,239,889 Customers' install.
83,972 dividends
26,042
77,287
Prep'd de def. chgs.
1,129,108 1,204,595 Deposits on acct.of
Inventories
9,911
uncom pl.sales _
. 10,178
Deposits on leases,
1,364 Reserves for taxes
1,349
contracts, &en _
43,332
54,895
36,067 and royalties_ __
132,417
Investments
Unappropriated
44,420
Treasury stocksurplus
2,075,662 2,691,202
_
------$7,057,753 $7,753,694
Total
$3,057,753 $7,753,694 Total
a After deducting reserves of $2,016,844. b Authorized 223,334 shares
of no par value outstanding, 222,203 1-3 shares. c After deducting reserves of 5392,230.-V. 132, p.1244.
(& Subs.).United States Printing & Lithograph Co.
Consolidated Earnings for Calendar Years
1929.
1930.
$835,441 $1,395,258
75,482
411,175
524,127
Gross earnings
Reserve for Federal income taxes
Depreciation
Special commission and interest on 6% serial gold
notes
213.889
149,757
$97,426
1.072,703
Net profit
Previous surplus
Miscellaneous adjustments
$758,844
2,094,629
27,323
$1,170,129 52,880,797
Total surplus
56,880
55,269
Less on sale of machinery,equipment,&c.,expense
20.496
13,788
Tax adjustment prior years
Reorganization expense, losses and expenses in197.882
cident to assimilation of acquired subsidiaries
119,053
149,666
Preferred dividends
256,668
255,643
Common dividends
Write off of good will, engravings, unamort. bond
1.157,114
discount, less surplus from appreciation
$695.762 $1,072,703
Nil
$3.78
Surplus, Dec. 31
Earnings per share on common stock
-V. 131, p. 4068.
-Sales Off.
United States Rubber Co.
President F. B. Davis Jr. at the annual meeting held on April 21 stated
that sales in the first quarter of 1931 were smaller than those in the same
period last year.
"The company in the first quarter did not quite earn depreciation
charges," said Mr. Davis. "We have been steadily proceeding with our
reorganization program and we are experiencing satisfactory progress.
Expenses now are about in line with the volume of business as a result of
reduced cost of production and of distribution.
"We have 100,000 acres planted in rubber in our Far Eastern planta-V. 132, p. 2606, 2182.
tions, of which about 70,000 acres are bearing."
-Contract with Fried. Krupp,
United States Steel Corp.
A. G., of Germany.
-
The corporation has made an arrangement whereby it has secured American rights for the manufacture of rust-resisting and heat-resisting steels
under the various patents of the Krupp interests of Germany.
In announcing the contract, President James A. Farrell said:
"An arrangement has recently been concluded by the United States
Steel Corp. with Fried. Krupp, A. G., Germany, whereby the subsidiary
companies of the Steel corporation are licensed by Krupp, under various
patents of Strauss. Johnson, Armstrong, Fry, Kuehn and Smith for rust
resisting and heat-resisting and other alloy steels and for the heat treatment
thereof.
"This arrangement, which includes the collaboration of Krupp with
respect to technical matters in connection with corrosion-resisting and heat
resisting steels, &c., will apply to the products of the Illinois Steel Co.,
American Steel & Wire Co., the American Sheet
the Carnegie Steel Co., the
& Tin Plate Co., the National Tube Co. and the Lorain Steel Co.
"The major products manufactured by these companies in corrosionresisting and heat-resisting steels include shapes, plates and bars, strip.
wire products, rope, sheets, tubes and castings."
Pension Plan Approved.
The stockholders at their annual meeting held on April 20 ratified a
revised pension plan providing for the compulsory retirement of employees
at the age of 70.
The new pension plan provides for substantially larger pension payments than did the old plan. Employees hereafter are to receive, after
their retirement. 1% of their average salary for the last 10 years of employment, multiplied by the total number of years of service, according to the
general understanding of the plan. The details, however, were not given
out.
-V. 132, p. 2985.
-Earnings.
United Stores Corp.
For income statement for six months ended Dec. 31 1930 see "Earnings
Department" on a preceding page.
The capital and initial surplus account follows: Capital and initial surplus
June 30 1930, $36,641,026; add: Total value assigned by the directors to
securities acquired by the corporation during the six months ended Dec. 31
1930 in exchange for capital stocks of the corporation issued therefor,
$94,325; proceeds of fractional shares of the corporation sold for cash,
$24; total, $36,735,375; deduct: Cost of 27,491 shares $6 cumulative convertible preferred stock purchased and retired, 51,266,329; difference between amounts realized on sale of investments and values at which the
investments were carried on the corporation's books: On sale of 20,643
shares of United Cigar Stores Co. of America preferred stock to that company, 8732,664: on sale of 3,100 shares of the Union Tobacco Co. common
stock, $186: additional organization expenses incurred, $1,978; capital and
initial surplus, Dec. 311930, 834,734,218.-V. 132, p. 1442.
-Balance
Universal Insurance Co. of Newark, N. J.
Sheet Jan. 1 1931.--AssetsGovt., State and municipal
bonds
Railroad bonds
Public utility bonds
Industrial and miscell. bonds
Preferred stocks
Bank and insurance stocks
Common stocks
Cash in banks
Agents' balances not over
90 days
Interest due and accrued_ _ _
Amounts recoverable on paid
losses
Total
-V. 131, p. 3890.
Liabilities
Reserve for known and un$578,172
known losses
Reserve for unearned premiums on unterminated
1,861,860
risks
85,000
Taxes unpaid (estimated)
40,500
Other accounts payable
Funds held under reinsurance
165,978
treaties
1,000,000
Capital
802,975
581,149 Surplus
24,280
$657,970
434,760
483,580
411,180
424,842
573,703
659,452
244,439
39,129
$4,534,484
Total
__$4,534,484
-Officers and Directors.
Van Camp Packing Co., Inc.
The following officers have been elected for the ensuing year: Benjamin
Titman, Pres.; N. Musher, George Sirota and T. E. Brick, V.-Pres.;
J. E. Gavin, Sec. & Treas.
The following have been elected as directors: Benjamin Titman,John M.
Hancock, John P. Frenzel Jr., Wm. Scarborough, N. Musher. George
-V.132
Sirota, Wm. D. Campbell, G. B. Chipman and E. E. Richards.
la• 2711.
News, see pages 3188 and 3189.
For other Investment
FINANCIAL CHRONICLE
3170
[Vol,. 132.
'Reports amt Ponb2flent5.
P55051410 AS ADVERTISEMENTS
NORTHERN PACIFIC)RAILWAY COMPANY.
THIRTY-FOURTHIANNUALIREPORT-FOR THE YEAR ENDED DECEMBER 31, 1930.
PASSENGER BUSINESS.
Office of the
NORTHERN PACIFIC RAILWAY COMPANY,
St. Paul,.Minnesota.
To the Stockholders of the
Northern Pacific Railway Company:
The following, being the thirty-fourth annual report,
shows the result of the operation of your property for the
year ended December 31, 1930.
INCOME ACCOUNT.
Increase (+)
1929.
Decrease (-)•
6,789.52
-.30
1930.
6.789.22
Average mileage operated...._
Operating Income
Operating revenues
80,642,412.37 96,522,348.22-15,879,935.85
Operating expenses
62,734,420.23 70,551,664.61 -7,817.244.38
Net operating revenue_ _ _ _17,907,992.14 25,970.683.61 -8,062,691.47
Railway tax accruals
7,480,777.83 9.210,938.51 -1.730,160.68
Uncollectible railway revenues
20,739.09
-2,342.90
18,396.19
Railway operating income.10,408,818.12 16,739.006.01 -6,330,187.89
Equipment rents
-net
1.421,760.48 2,297,562.79 -875,802.31
Joint facility rent
-net
2,462,634.66 2,373.775.29
+88,859.37
Net railway oper. income_14,293,213.26 21,410,344.09 -7,117,130.83
Non-Operating Income
Income from lease of road.-- 338,476.51
333,349.58
+5,126.93
Miscellaneous rent income__ 509,730.35
558,358.94
-48.628.59
Miscellaneous non-operating
physical property
178,909.28
229,616.24
-50,706.96
Dividend income
16,319.187.14 12,833,745.15 +3,485,441.99
Incomefrom funded securities 248,471.13
808,502.25 -560,031.12
Income from unfunded securities and accounts
378,780.61
710,081.05 -331,300.44
Miscellaneous income
11,015.90
11,313.48
+297.58
Total non-operating income17,984,868.50 15.484.669.11 +2.500,199.39
Gross income
32,278,081.76 36,895,013.20 -4,616,931.44
Passenger revenue was $7,727,955.13, a decrease of
$2,092,963.11, or 21.31 per cent.
Mail revenue was 81,883,496.12, a decrease of $882,080.59,
or 31.90 per cent. Of this decrease $819,169.60 is due to
inclusion in 1929 of additional mail pay for period May 9,
1925, to July 31, 1928.
4
Express revenue was $1,570,964.75 a decrease of
$367,854.46. or 18.97 per cent.
Sleeping car, parlor and chair car excess baggage and
miscellaneous passenger revenue was $745,571.10, a decrease
of $193,107.97, or 20.57 per cent.
Total revenue from persons and property carried on
passenger and special trains was $11,927,987.10, a decrease
of $3,536,006.13, or 22.87 per cent. Of this decrease
13,169.60 is due to inclusion in 1929 of additional mail
pay for period May 9, 1925, to July 31, 1928.
The number of revenue passengers carried was 1,396,553,
a decrease of 536,157, or 27.74 per cent. The number of
revenue passengers carried one mile was 257,074,433, a
decrease of 65,022,286, or 20.19 per cent.
The average revenue per passenger mile decreased, by
reason of changes in traffic movement, from 3.049 to 3.006
cents.
EARNINGS AND EXPENSES PER MILE OPERATED.
1917.
1927.
1928.
$
1926.
$
1930.
1929.
$
Operating revenues per m. 13,526.37 14,568.38 14,329.17 15,048.31 14,216.37 11,878.01
Oper.expenses
.
Per mile_ _ 8,171.39 10.215.11 10,173.20 10,520.60 10,391.26 9,240.03
$
$
$
Net oper. rev.
per mile.... _ 5,354.98 4,353.27 4,155.97 4,527.71 3,825.11 2,637.71
Taxes per mile 1,059.52 1,369.45 1,335.41 1,439.5 1,356.64 1,101.86
Net after taxes 4.295.46 2.98.1.82 2820.56 3088.12 2,468.47 1,535.85
RATIOS.
Deductions from Gross Income
(exclusive of fixed charges)
Miscellaneous tax accruals
89,525.77
Miscellaneous income charges 207,375.89
Total of above deductions_
296,901.66
1917.
'MAINTENANCE OF EQUIPMENT.
The charges for maintenance of equipment were $
17,053,768.73, a decrease of $1,701,336.13, or 9.07 per cent.
Of the total charges $4,297,708.38 represents depreciation,
accrued at the rate of 4 per cent.
-51.80
-854.98
-68,846.23
+75.5897b
--1,758.74
+4,077.95
9,408,308.48 -4.579,592.67
EARNINGS.
FREIGHT BUSINESS.
Freight revenue was $65.135,270.47, a decrease of $11,726,871.76, or 15.26 per cent.
The number of tons of revenue freight carried was
19,685,492, a decrease of 3,472,210, or 14.99 per cent.
5,420,866,297 tons of revenue freight were moved one
mile, a decrease of 1,173,622,528 tolls one mile, or 17.80
per cent.
The average revenue per ton mile increased, by reason
of changes in traffic movement, from 1.166 cents to 1.202
cents.
The revenue train load decreased from 670.85 to 643.68
tons. The total train load, including company freight,
decreased from 783.78 to 750.50 tons.
The number of miles run by revenue freight trains, including proportion of mixed, was 8,421,621. a decrease of
1,408,375, or 14.33 per cent.
1930.
-41,416.72
17,228,715.81 21,808,308.48 -4.579,592.67
12,400,000.00 12.400.000.00
4,828.715.81
1929.
338,318.38
14,752,464.29 14.748.386.34
Balance for the year
1928.
7
Oper. expo. to oper. revs_ 60.41 70.125' 71.000 69.91 73.09 77.79%
Transp.exps.to oper.revs. 32.34 33.17 33.385 32.41 33.51 35.45%
Taxes to oper. revenues-- 7.83% 9.40% 9.32% 9.57% 9.54% 9.285
Fixed Charges
51.470.65
Rent for leased roads
51,418.85
84,441.02
Miscellaneous rents
83,586.04
Interest on funded debt
14.500.227.32 14,569.073.55
Interest on unfunded debt.. _
13,680.75
89,270.45
Amortization of discount on
funded debt
29,720.37
27.961.63
Net income
Dividend requirements
1927.
-39.382.56
-2.034.16
Amount available for fixed
charges and other corporate
purposes
31,981.180.10 36,556,694.82 -4,575,514.72
Total fixed charges
1926.
128,908.33
209.410.05
LOCOMOTIVES.
Total number of locomotives on active list, December 31, 1929-- 1,087
Additions:
11
Locomotives purchased
1,098
Deductions:
2
Locomotives sold
46
48
Locomotives withdrawn from service, to be dismantled
-1.050
Total locomotives on active list, December 31. 1930
In addition to locomotives on active list there were:
62
on hand December 31, 1929- - _ 16
Withdrawn from service and
46
Withdrawn from service during the year
Less-Dismantled
Leaving on hand locomotives withdrawn from service which may
be sold or dismantled
PASSENGER EQUIPMENT.
Comparative number and sealing capacity of passenger cars.
61
1
Increase (+)
Dec.31,1930. Dec.31,1929. Decrease (-
Coaches-first class
Coaches
-second class
Cafe coaches
Combination passenger cars_
Gasoline rail cars
Tourist cars
Buffet and observation cars
Parlor cars
Sportsmen's cars
Total passenger carrying cars..
Dining cars
Express refrigerator cars
Postal cars
Baggage and express cars
Baggage and dormitory cars_ - -Mail and express cars
Gasoline rail cars
Total TISAAMIS'Pr train est,:
Num- Seep Num- &are Num- Searg
ber. Capac. bee. Capac bee. Capac.
218 17,372 ___ ___ _
218 17,372
101 7,102 -18 -1,040
83 6,062
6
384
6
384
66 1,994 -8 -228
58 1,766
855
20
855 _ _ _ _ __
20
6
312 -6 -312
34 1,272 _ - -- ---,§
- -54 1.15
589 __ _ _ _ _ _ _
15
589
__ __ ____
1
17 -1 -17
434 28,300
467 29,897 -33 -1,597
150
----
164
----
92
-- - -
97
----
889 28.300
-ii
-8 _
933 29.897 --44 -1 507
APRIL
FINANCIAL CHRONICLE
25 1931.]
During the year there were added, as referred to in
-electric cars.
last year's report, 9 dining cars and 2 gas
Three dining cars were sold; 2 second class coaches and 1
baggage and express car dismantled. The following conversions from one class to another were made: 15 second
class coaches and 6 tourist cars converted to freight equipment; 1 second class coach, 8 combination, 1 sportsmen's,
13 baggage and express, and 5 mail and express cars to
work equipment.
On December 31, 1930, of the 889 passenger cars owned,
656 were not due in shops for two months or more.
FREIGHT EQUIPMENT.
Comparative number and Capacity offreight cars.
Dec. 31, 1930.
Dec. 31, 1929.
Increase(+
Decrease(-
Num- Capacity Num- Capacity Num- Capacity
ber. (Tons). ber. (Tons). ber. (Tons).
Box
Automobile
Refrigerator
Stock
Flat
Coal
Ballast and ore
24,242 969,68024,286
3,434 160,240 3,435
4,741 158,725 4,811
65.220 1,994
1,969
7,224 264,950 7.234
7.096 364,740 7,287
66,350 1,345
1,289
971,440
160.290
160.535
62,920
265,330
374.240
68,590
-44
--1
--70
-25
-10
-191
--56
--1,760
--50
--1,810
+2,300
-380
-9,500
--2,240
49,995 2,049,905 50,392 2,063,345 -397 -13,440
Total
-0.79
Percentage
Aver. capacity Per car_
__-_
41.00
_ ---
40.95
-0.65
--- -
+.05
The 250 stock cars, as referred to in last year's report,
have been purchased and placed in operation.
FREIGHT CAR SITUATION ON DECEMBER 31.
1930.
Inc. +
1929. Dec.-
43,287 40,940 +2,347
Northern Pacific cars on line
5,252 5,981 --729
Foreign cars on line
48,539 46,921 +1,618
Total cars on line
6,708 9,452 -2,744
Northern Pacific cars on foreign lines
3.875 3.305 +570
Number of cars unserviceable
7.98
7.04 +.94
Percentage of unserviceable to total cars on lino_ _
2,534 1,994 +540
Number of cars requiring heavy repairs
5.22
4.25 +.97
Percentage of above to total cars on line
1,341 1,311
+30
Number of cars requiring light repairs
2.76
2.79 -.03
Percentage of above to total cars on line
MAINTENANCE OF WAY AND STRUCTURES.
The charges for maintenance of way and structures were
$9,884,413.27, a decrease of $2,819,137.91, or 19.00 per cent.
The table on page 28 [pamphlet report] shows the distribution of this decrease under the respective accounts.
GENERAL.
FINANCIAL RESULTS OF OPERATION.
The Net Railway Operating Income of the Company in
1930 was $14,293,213.26, a decrease of $7,117,130.83, or
33.24% under 1929. The Net Income of the Company in
1930, after paying all charges, was $17,228,715.81, a decrease of $4,579,592.67, or 21.00% under 1929. Included
In the Net Income for 1930 is a liquidating dividend of
$2,833,832, received from the Northern Express Company,
a wholly owned subsidiary, and an extra dividend of
$4,150,895, received from the Burlington Railroad.
Due to the general depression in business during the
year, the Operating Revenues of the Company decreased
$15,870,936, or 16.45%, compared with 1929. There was
included in 1929, $813.170 account of additional mail pay
for period of May 9, 1925 to July 31, 1928. Operating
Expenses decreased $7,817,245, or 11.08%.
RETURN ON PROPERTY INVESTMENT.
Railway Property Investment, incl. Material
Return on
Net Railway
and Supplies and
Operating
Year Ending
Investment
Working Cash
Per Cent.
Income.
December 31at End of Year.
810,843.826
1.939
1921
$559,236,547
19,450.515
1922
3.486
557,966,448
17,100.557
2.941
1923
581,455,528
19,861,077
1924
3.387
586,395,122
22,227,319
1925
3.727
596,316.581
24,213.700
1926
3.979
608.490,106
22,592,837
1927
3.661
617,172.925
25,088,572
1928
4.018
624,378,240
21.410.344
1929
3.386
632,230,551
14.293,213
1930
2.246
636,501,129
The progress of the investigation by the Interstate Commerce Commission of the class rates in western trunk
line territory has been indicated in previous reports. During the year the Commission announced its decision in
which it held that the carriers were in need of additional
revenues and that class rate traffic in western trunk line
territory should pay higher rates. The revision of these
rates, which the Commission directed, while authorizing
increases, also carried substantial reductions in the over-
3171
_
head class rates between the East and the Middle. West,
and it is doubtful whether the new basis of class rates
prescribed by the Commission will yield this Company, or
the carriers generally, any additional revenue. A petition
seeking a modification of the reductions required in the
overhead class rates has been filed with the Commission
by all of the interested carriers, and is still pending. The
new class rates have not yet been made effective and cannot be made effective before July 1, 1931, due to the large
amount of work necessary to revise the tariffs.
The Commission also announced its decision with respect
to rates on grain and grain products in the western district.
In that decision the carriers are directed to make very
substantial reductions in the rates on grain and grain
products, in the interests of farm relief. The decision is
based upon a finding that in view of increases granted in
the class rates case, tin: readjustment prescribed will not
threaten the maintenance of an adequate national system
of transportation. It is estimated that the reductions
required will cost the carriers in the western district in
the aggregate more than eighteen million dollars a year.
The revenue loss to this Company alone would approximate between $600,000 and $800,000 a year. Due to the
immense amount of work involved in the preparation of
the tariffs necessary to make the prescribed rate adjustment effective, however, the Commission has from time
to time postponed the effective date of its order, and it
now appears that the reduced rates on grain and grain
products cannot be established before June 1, 1931. In
view of the relatively poor earnings of the carriers generally during the past year, efforts have been and are being
made to induce the Commission to set aside its order in the
grain case and to reopen it for further hearing.
LAND DEPARTMENT.
The operations of the Land Department for the year are
summarised on pages 38 and 39 [pamphlet report].
During the year 112,277.44 acres were sold as compared
with 249,492.31 acres sold in 1929, a decrease of 55%. The
total of land, town lot, timber, and miscellaneous sales in
1930 amounted to $1,484,628.62, as compared with $2,246,935.32 in 1929, a decrease of 33.9%. The market for all
classes of land was greatly depressed throughout the year,
the timber industry and the various branches of agriculture
being affected to a marked degree by the adverse business
conditions generally prevailing. Contract cancellations
during the year amounted to 76,899.88 acres, representing
$381,456.30, as compared with 49,016.98 acres, representing
$211,026.90 cancelled in 1929, an increase of 56.9% in acres,
and 80.8% in amount.
The outstanding deferred payments on land contracts
on December 31, 1930, amounted to $4,673,610.72, as compared with $5,051,620.02 on December 31, 1929, a decrease
of 7.5%.
The net cash receipts for the year amounted to $431,329.65, as compared with $621,017.86 in 1929, a decrease of
30.5%. This is largely caused by fewer down payments
as the result of the falling off in sales of lands and timber,
and slower collections of deferred payments and interest on
outstanding contracts, but receipts from cultivation leases
and coal mining leases were also much below similar
receipts in 1929. On the other hand, receipts from iron
ore leases amounted to $450,121.79, as compared with
$241,015.42 in 1929, and the receipts from oil and gas leases
amounted to $42,847.98, as compared with $22,761.10
in 1929.
The equity suit involving the land grants of the Company, authorized by Act of Congress June 25, 1929, was
begun in the District Court of the United States, at
Spokane, by the filing of a bill on July 31, 1930. Issue has
been joined, but the case has not yet been tried.
TAXES.
•
The following statement shows taxes accrued each year
during the past four years:
1930.
1929.
1928.
1927.
$7.657,980 $8,199,054 $8,189,577 $7.575,471
State taxes
136.417
980.722
1,449,562
1,207,638
Federal taxes
Canadian and miscel41,724
40,639
39,557
41,505
laneous taxes
$8.907,123 99,688,173 89,210,938 87.480,778
STATEMENT OF PAYROLLS AND EMPLOYEES.
COMPARATIVE
Total
A comparison of payrolls and number of employees for a
period of years ended December 31, follows:
3172
1921
1922
1923
1924
1925
FINANCIAL CHRONICLE
No. of
Payrolls. Employees.
$50,643,526
28,911
49,041,401
27.899
51,921,572
31,344
45,950,886
27,133
46,188,348
26,831
1926
1927
1928
1929
1930
No. of
Payrolls. Employees.
26,111
544,938.046
25,728
44,952,702
46,261,766
25,841
45,962,423
25.403
40,723,725
22,809
SECURITY OWNERS.
There are now 36,394 owners of stock and about 30,000
owners of bonds of the Company.
As showing the diversity of holdings, the following figures are given:
18,298 hold from 1 to 19 shares;
12,369 hold from 20 to 99 shares;
30,667 or 84.26% hold less than 100 shares each;
5,727 hold 100 or more shares.
Total 36,394
Of the above stockholders15,602 are women;
2,870 are savings banks. insurance companies,
trustees, guardians, colleges, and charitable
Institutions.
IMPROVEMENT IN EQUIPMENT.
On December 31, 1930, the Company had 49,995 freight
.
cars with a total capacity of 2,049,995 tons, and an average
capacity of 41.00 tons. The following tabulation shows a
comparison of freight car construction:
Cars new or rebuilt since March 1, 1920
Cars with steel center sills
Cars with steel underframes
Cars all steel construction
Cars with metal roofs
Cars with steel ends
March 1, 1920. Dec.31, 1930
41,572
23,106
18,860
3,773
14,590
4,681
3.795
31,484
19,094
6.471
would serve, and the uncertainty as to how soon these
conditions will improve, application has been filed with the
Commission for an extension until April 1, 1932, of the time
within which construction may be commenced. The extension has been granted.
SUBSIDIARY COMPANIES.
The operating results of the Spokane, Portland & Seattle
Railway Company, together with its subsidiaries, the Oregon Trunk, Oregon Electric, and United Railways, will be
found on page 40, and those of the Minnesota & International Railway Company on page 41 [pamphlet report].
By order of the Board of Directors,
CHARLES DONNELLY, President.
CHARGES TO CAPITAL ACCOUNT.
FOR YEAR ENDED DECEMBER 31. 1930.
$443,518.12
Engineering
Land for transportation purposes
162,100.18
Grading
473.449.13
Tunnels and subways
14,768.03
437.267.15
Bridges, trestles, and culverts
Ties
122,724.61
Rails
130,877.86
Other track material
327,508.27
Ballast
302.103.03
Track laying and surfacing
139,981.68
Right of way fences
10,440.54
Snow and sand fences and snow sheds
1,225.70
Crossing and signs
104,077.20
Station and office buildings
178,407.75
27,793.19
Roadway buildings
Water stations
66,499.18
Fuel stations
39,001.54
Shops and enginehouses
151,809.60
Wharves and docks
39,918.54
Coal and ore wharves
9,746.00
Gas producing plants
1,487.78
Telegraph and telephone lines
115,595.68
228,199.44
Signals and interlockers
Power plant buildings
40,290.25
Power transmission systems
7,208.76
Power distribution systems
21.199.14
Power line poles and fixtures
3,479.33
Miscellaneous structures
35,873.98
Paving
5,291.15
Roadway machines
61,657.59
Roadway small tools
2,020.26
Assessments for public improvements
90,724.48
Revenues and operating expenses during construction
2,794.34
Shop machinery
158,077.32
Power plant machinery
54,575.12
Power substation apparatus
2,921.11
All classes of equipment, including locomotives, have
been adequately maintained and are in good condition.
Eight hundred and fifteen locomotives are equipped with
superheaters, and two hundred and ninety-five are equipped
with mechanical stokers. The total tractive power of locomotives on December 31, 1930, was 46,943,270 pounds, an
average of 44,708 pounds.
An extensive program for rebuilding freight equipment
at company shops at various points on the line is in progress, which calls for dismantling of three thousand of older
type of refrigerator, box, and gondola cars, and construcTotal expenditures for road
tion of one thousand refrigerator cars, one thousand 80M
Expenditures.
capacity box cars, five hundred 100M capacity box cars, Steam locomotives.$2,071,013.47
Freight train cars.. 1,077,519.50
and five hundred 40
-foot stock cars.
Passenger train cars 677,915.35
FINANCIAL CONDITION.
During the past year outstanding securities amounting
to $1,287,500 have been retired, reducing the funded debt
from $315,421,500 to $314,137,000. The net expenditures
for additions and betterments amounted to $5,496,274.
During the past ten years $86,887,502 have been expended
on additions and betterments to the property. In the same
period, not considering the increase in debt due to the
refunding of the Northern Pacific-Great Northern (C. B. &
Q. Collateral) Joint 4's in 1921, the total debt outstanding
in the hands of the public decreased $4,247,400. Excepting
certain Equipment Trust Certificates and Branch Line
Bonds totaling $6,169,000, which mature from time to time
between now and the year 1968, none of the Company's
funded debt will mature before 1996, and the larger part
of it will not mature until 2047.
Work equipment_ _
Miscell. equipment
342,213.85
600.00
$3.470,152.53
Retirements.
$736,968.7631334,044.71
712,116.16 365,403.32
474,874.01 203,041.34
190,996.66 151,215.29
600.00
$4,169,262.17 $2,114,957.51
Total expenditures for equipment
Law
Stationery and printing
Taxes
Interest during construction
Other expenditures-General
Total general expenditures
52.054,304.66
2,627.32
.27
91,141.83
9,667.64
.28
28,182.70
5,496,274.49
Net charges to capital for the year
-adjusting value of
Adjustment of road, prior to July 1, 1907,
estimated land grant acreage transferred to account 705 in
13,148.34
1920, to value of actual acreage
Net increase in capital account this year
$5,483,126.15
COMPARATIVE STATEMENT OF EQUIPMENT,
DECEMBER 31, 1917, 1929 AND 1930.
14 c Dec.
193 .
1.)
Locomotives
PENSION DEPARTMENT.
Passenger Train Cars:
Dining cars
On December 31, 1930, there were on the retired list 880 Buffet and observation cars
employees' whose average monthly allowance was $55.52. Chair cars
Parlor cars
During the year 171 employees were added to the list, and First class coaches
Second class coaches
64 died. The total amount disbursed during the year was Cafe coaches
Tourist sleepers
$542,800.77.
Combination cars
Baggage and express cars
UNIFICATION OF NORTHERN PACIFIC RAILWAY COMPANY Baggage and dormitory
AND GREAT NORTHERN RAILWAY COMPANY.
Mai and express cars
Postal cars
You were informed by the notice from the Deposit Com- Express refrigerator cars
mittee, dated January 9, 1931, that the unification applica- Gasoline rail cars
Total passenger train cars
tion which had been pending since July 5, 1927, would be
Freight
withdrawn. On February 19, the Interstate Commerce Box cars Train Cars:
Automobile cars
Commission issued its order dismissing the application.
Refrigerator cars
Stock cars
CONSTRUCTION ON OLYMPIC PENINSULA.
NEW
Flat cars
The order of the Interstate Commerce Commission 011 cars
Coal cars
authorizing the construction of a branch line of railway Ballast and ore cars
approximately 60 miles in length on the Olympic Peninsula
In the State of Washington, to be owned and operated by
the Northern Pacific Railway Company and the OregonWashington Railroad & Navigation Company, requires that
construction shall be commenced by April 1, 1931. Because
of the serious decreases in earnings during the past year,
the depression in the lumber industry which this branch
[VOL. 132.
1917. 1929. 1930. with 19g.
red
1,361 1,087 1,050
37
42
34
48
34
15
218
101
6
6
67
164
7
97
3
151
22
15
218
83
6
58
150
7
92
3
151
24
933
889
44
25,709 24,286
772 3,435
4,354 4,811
2,361 1,994
8,144 7,234
62
5,130 7,287
1,548 1,345
24.242
3,434
4,741
1,969
7,224
44
1
70
25
10
7,096
1,289
191
56
48,080 50,392 49,995
Total freight train cars
Miscellaneous Equipment:
534
555
545
Cabooses
23
41
Drovers cars
44
28
27
Business and instruction cars
74
40
Boarding cars
38
Pile drivers, steam shovels, wrecking
3,187 2,856 2,804
cranes and other equipment
Hand,push, motor and velocipede cars 3,568 3,602 3.234
397
54
39
6
26
224
223
16
69
165
105
15
87
1,029
Total miscellaneous equipment _ _ _ _ 7,428 7.094 6,678'
6
18
6
9
14
5
2
18
11
1
2
52
368
416
31 3
FINANCIAL CHRONICLE
APRIL 25 1931.]
GENERAL BALANCE SHEET, DECEMBER 31, 1930.
ASSETS.
INVESTMENTS:
ROAD AND EQUIPMENT:
Road
Equipment
General
0
$480.1193.
818.87
41,
125,291,381.99
4,067,543.73
1929.
$476,684,814.68
123.237.077.33
4,095,726.43
Increase.
$3,457.004.19
2,054,304.66
$609,500,744.59
DEPOSITS IN LIEU OF MORTGAGED PROPERTY SOLD (Net
309,670.88
moneys in hands of Trustees from sale of land grant lands, etc.)
10,987,619.69
MISCELLANEOUS PHYSICAL PROPERTY
AFFILIATED COMPANIES:
INVESTMENTS IN
144,232,322.51
Stocks
34,091,128.63
Bonds
2,472,761.17
Notes
4.385,324.80
Advances
$185,181,537.11
OTHER INVESTMENTS:
8,631.00
------------------------Stocks-------------------------------1,966,629.42
Bonds
2,189,814.91
S. Treasury notes and certificates, etc
U.
4,673,610.72
Contracts for sale of land grant lands
$604,017,618.44
$5,483.126.15
657,679.93
10,936.249.01
51.370.68
$8.838,686.05
$9,318,871.32
Decrease.
$28,182.70
348,009.05
144,087,485.01
33,695,747.75
2,472,761.17
3,823,774.88
144,837.50
395,380.88
$184,079,768.81
$1,101,768.30
8,631.00
1,874,551.54
2,387.068.76
5,051,620.02
561,549.92
95.077.88
197,253.85
378,009.30
$480.185.27
$814,818,258.32
$809,010,187.51
$5,808,070.81
15,714,011.83
5,282,339.00
850.00
1,216,389.43
710,483.43
2,795,211.69
9.459,995.39
102,464.79
72,008.83
15,434,625.61
5,275,991.00
1,920.35
1,419,849.59
745,067.79
3,157,118.39
10.933,802.13
106,974.25
79,959.42
279,386.22
6,348.00
Total Current Assets---------------------------------------- $35,353,754.39
DEFERRED ASSETS:
43,400.52
Working fund advances---------------------------------------------85,926.77
Other deferred assets------------------------------------------------
$37,155,308.53
$1,801,554.14
44,341.34
101,056.74
940.82
15,129.97
Total Capital Assets
CURRENT ASSETS:
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balances receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest, dividends and rents receivable
Other current assets
1,070.35
203,460.16
34,584.36
361,906.70
1,473,806.74
4,509.46
7.950.59
$129,327.29
$145,398.08
$16,070.79
2,288,148.56
16,326,479.20
2.341,916.59
17,820,222.37
27,768.03
1,493,743.17
Total Unadjusted Debits------------------------------------ $18,614,627.76
$868,915,967.76
Grand total
$866,447,033.08
Total Deferred Assets--------------------------------------UNADJUSTED DEBITS:
Discount on funded debt-------------------------------------------Other unadjusted debits---------------------------------------------
$1,521,511.20
$20,136,138.96
$2,468,934.68
LIABILITIES.
STOCK:
Capital stock—common
GOVERNMENTAL GRANTS:
Grants in aid of construction
LONG TERM DEBT:
Funded debt (see below)
Less—held by or for the Company
$248,000,000.00
$248,000,000.00
481,983.76
474,733.34
331,312,500.00
17,175,500.00
$7,250.42
332.600,000.00
17,175,500.00
$1,287,500.00
$314,137,000.00
$315,424,500.00
$1,287,500.00
$562,618,983.76
$563,899,233.34
$1,280,249.58
517,684.74
4,993,671.92
382,775.01
5,285,277.00
3,100,000.00
346,735.41
7,456.59
71,219.82
724,898.47
6,260,285.75
619,835.77
5,278,929.00
3,100,000.00
361,351.04
7,456.59
72,974.50
207,213.73
1,266,613.83
237,060.76
Total Current Liabilities------------------------------------- $14,704,820.49
DEFERRED LIABILITIES:
76,728.12
Other deferred liabilities---------------------------------------------
$16,425,731.12
Total Capital Liabilities
CURRENT LIABILI IES:
Traffic and car service balances payable
Audited vouchers and wages payable
Miscellaneous accountspayable
Interest matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
;
$76,728 12
Total Deferred Liabilities-----------------------------------UNADJUSTED CREDITS:
9,595,093.65
Tax liability
55.616,240.02
Accrued depreciation of equipment------------------------14,154,681.95
Other unadjusted credits
Total Unadjusted Credits------------------------------------ $79,366,015.62
CORPORATE SURPLUS:
1,154,505.37
Additions to property through income and surplus
17,640,474.54
Funded debt retired through income and surplus
146,864.95
Miscellaneous fund reserves
Total Appropriated Surplus
Profit and loss balance
$18,941,844.86
193,207,574.91
6,348.00
14,615.63
1,754.68
$1.720,910.63
131,232.55
54.504.43
$131,232.55
$54,504.43
374,690.25
9,969,783.90
52,526,285.28
15,791,644.04
3,089,954.74
$78.287,713.22
$1,078,302.40
949,524.66
17,500.395.79
271,620.87
204.980.71
140,078.75
$18,721,541.32
188,981,581.53
220,303.54
4,225,993.38
124,755.92
$212,149,419.77
Grand Total
8207,703,122.85
$4,446,296.92
$868,915,967.76
Total Corporate Surplus
1.636,962.09
$866,447,033.08
$2,468,934.68
CAPITAL STOCK.
0.248,000,000
There was no change in the amount of capital stock outstanding during the year, viz.
FUNDED DEBT.
Funded debt has been reduced as follows:
Prior Lien bonds purchased and cancelled under Article eight, Section 2 of mortgage
Equipment Trust of 1920, certificates redeemed ------------------ _
Equipment Trust of 1922, certificates redeemed
Equipment Trust of 1925, certificates redeemed
$152.500
450,000
450,000
235.000
Decrease in funded debt-------------------------------------------------------------------------------------------------- $1.287,500
FUNDED DEBT, DECEMBER 31, 1930.
NA3IE.
Amount
Nominally
Outstanding.
Issued.
Northern Pacific Ry. Co. prior lien mortgage
$107,399,600
Northern Pacific Ry. Co. general lien mortgage
60,000.000
Northern Pacific Ry. Co. St. Paul-Duluth Division mortgage_ 355,000
impt. mtge, Series A- - 20,000,000
Northern Pacific Ry. Co. refunding and
Northern Pacific Ry. Co. refunding and impt. mtge., Series B 107,295,600
Northern Pacific Ry. Co.refunding and leapt. mtge., series C-8,702,300
Northern Pacific Ry. Co.refunding and leapt. mtge., Series D
17,837,000
Northern Pacific Ry. Co. equipment trust 1920, certificates..
1922, certificates
Northern Pacific Ry. Co. equipment trust
900,000
2,350,000
Northern Pacific Ry. Co. equipment trust 1925, certificates.-Assumed.
St. Paul and Duluth R. R.first mortgage
St. Paul and Duluth R. R. first consolidated mortgage
The Washington and Columbia River Ry. first mortgage
The Washington Central Ry. first mortgage
1,000,000
1,000.000
2,620.000
*1,853,000
INTEREST.
Amount Held
Date
by or for
Amount
of
MaActually
Northern
lirhen
Outstanding. Issue. lures.
Pacific
Rate. Payable.
Railway Co.
1897
1897
1900
1914
1921
1922
1923
1920
900,000 1922
2.350,000 1925
$107,399,600
54,551,500
355,000
20,000,000
336.000 106,959,600
8,702,300
7,837,000 10,000,000
$5,448,500
2,480,000
1,074,000
1,000,000
1,000,000
140,000
779,000
1881
1898
1895
1898
Amount
Charged
Income for
Year Ended
Dec. 31, 1930.
$4.297,109.45
1997 4°' Qr., Jan.
1.636.545.00
Qr., Feb.
2047 3
14,200.00
1996 4% June, Dec.
900,000.00
Jan., July
2047 43%
6,417,576.00
Jan., July
2047 6
435,115.00
Jan., July
2047 5
500,000.00
Jan., July
2047 5
11,812.50
1930 7% May. Nov.
53,156.25
1932 43-i% Feb.. Aug.
107,953.12
1940 Si% Mar_ Sept.
1931
1968
1935
1948
5%
4%
4%
4%
Feb., Aug.
June. Dec.
Jan. July
Qr. Alan
50,000.00
40,000.00
5,600.00
31.160.00
$14,500.227.32
Total
$331,312.500 $17.175.500 1314.1.117.000
•Railway and property, formerly of the Washington Central Railway Company, deeded to this Company subject to these bonds.
3174
FINANCIAL CHRONICLE
[VOL. 132.
FREIGHT AND PASSENGER STATISTICS.
Year 1930.
Mileage
Stntistics.
Average mileage of road operated
Average mileage of road operated in freight service_
Average mileav ofroad operated in passenger service
Freight Traffic.
Fre.ght revenue_
Other freight train revenue
Year 1929.
Amount,
Rate, etc.
Mileage
Statistics.
6,789.22
6,744.38
5,986.67
Increase.
Amount,
Rate, etc.
1,398,553
257,074,433
Amount.
6,789.52
6,744.68
6,222.50
$11,927.987.10
5.53
.03006
184.08
111,726.871.76 15.26
270,904.13 17.29
111.997,775.89 15.30
3.472.210 14.99
1,173,622,528 17.80
$0.01 .30
1.00036 3.09
$3,536.006.13 22.87
536.157 27.74
65,022,288 20.19
$15,463,993.23
5.08
.03049
9.39 3.30
$1,778.44 15.29
$2.092,963.11 21.31
11,443,043.02 25.57
1,932,710
322,096,719
$0.45 8.86
.00043 1.41
17.42 10.45
166.68
1,992.42
Per
Cent.
.30
.28
235.83 3.79
$65,135,270.47
$76,862,142.23
1,296.313.16
1,567,217.29
Total freight train revenue
$66,431,583.63 ----------178,429,359.62
Tons of revenue freight carried
19,685;492
23,157.702
Tons of revenue freight carried one mile
5,420,866,297
6,594,488,825
Average receipts from each ton of freight
3.31
3.32
Average receipts per ton per mile revenue freight .01202
.01166
Average distance haul of one revenue ton
275.37
284.76
Freight train rev. per mile ofrcrid in freight service9,849.92
11,628.36
Passenger Traffic.
Passenger revenue
7,727,955.13
9.820.918.24
Other passenger train revenue
4,200.031.97
5,643,074.99
Total passenger train revenue
Passengers carried-revenue
Passengers carried one mile-revenue
Average amount paid by each passenger
Average rate per passenger per mile
Average miles traveled by each passenger
Pasqenger train rev, per mile of road in pass, service
Total Train Traffic.
r ime from freight and passenger trains
i
e
Revenue per mile of road operated
Revenue per train mile
Expenses per train mile (excl. miscell. operations)_
Net traffic revenue per train mile
Amount.
Decrease.
Per
Cent.
2,485.17
492.75 19.83
93,893,352.75
13,829.16
4.89
3.59
120
78,359.570.73
11.541.78
4.44
3.47
.97
15,533.782.02 16.54
2,287.40 16.54
.45 9.20
.12 3.34
:13 25.:114
Total net sales as above
$1,103,172.32
LAND DEPARTMENT.
Interest collected
' 141,732.85
The transactions for the year ended December 31, 1930,
$1,244,905.17
were as follows:
Expenses and taxes
1,191,584.82
Contracts for
Surplus
$53,320.35
deferred
Cash
Credited to-Miscellaneous Physical property-- $53,159.34
payments.
Acres.
payments.
Total.
Profit and loss
161.01
New sales
112,277.44 11.050,883.83 $433,744.79 11.484,628.62
Cancellation of prior
sales
76,899.88
366,935.81
14,520.49
381.456.30
BALANCE OF LAND DEPARTMENT CURRENT
ASSETS.
Net sales
$66.808.98 $1,103,172.32
35,377.56 $1,036,363.34
Increase r
)
The cash transactions of the Department were as follows:
Decrease •1929.
1930.
Contracts for sale oflands
$4,673,610.72 $5,051,620.02 -$378,00 .3
Received from sales as above
$1,038,363.34 Bills receivable
15.00
15.00
Received from payments on contracts
444,818.28 Accounts receivable
98,513.38 -50,637.30
47,876.08
Interest collected on deferred payments
141,732.85
14,721,501.80 $5.150,148.40 -$428,646.60
Total
$1,622.914.47
Less for expenses
$475,636.11
Less, accounts payable
$133,384.75 -$36,003.07
Less for taxes
715,948.71
Less, suspense account (collec- 897,381.68
1,191,584.82
tions not taken to account by
land agents)
30,361.58 -$5,955.66
24,405.92
Net cash receipts for the year
$431.329.65
$121,787.60 $163,748.33 --141.958.73
The net proceeds credited to property and profit and loss
Balance Land Department
accounts were made up as follows:
current assets
.599,714.20 14,986,402.07 -$386,687.87
$4
ATLANTIC COAST LINE RAILROAD COMPANY.
SYNOPSIS OF NINETY-SEVENTH ANNUAL REPORT
-YEAR ENDED DECEMBER 31, 1930.
Richmond, Va., April 21, 1931.
To the Stockholders of the Atlantic Coast Line Railroad Company:
The Board of Directors of the Atlantic Coast Line Railroad Company respectfully submits the following report for
the year ended December 31, 1930:
INCOME ACCOUNT.
DIVIDENDS.
1929.
1930.
Decrease.
Dividends were declared as follows during the year:
Operating revenues
Operating expenses
63,019,956.88 72,371.894.14 9,351,937.26
49.685.460.01 53.431,588.81 3,748,128.80
Net operating revenues
Railway tax accruals
13,334,496.87 18,940,305.33 5.605,808.46
5,525,000.00 6,240,000.00
715,000.00
Net operating revenues, less
taxes
7,809,496.87 12,700,305.33 4,890.808.46
Uncollectible railway revenue.._
29,850.87
45,793.07
15,942.20
Total operating Income
Equipment rents
-Net
-Net
Joint facility rents
7,779.646.00 12,654,512.26 4,874,866.26
(dr.)557.377.44(cr.)164,448.77
721,826.21
7,222,268.56 12.818,961.03 5,596,692.47
(cr.)19,035.08 (Cr.)55,245.56
38,210.48
Net railway operating income 7,241.303.64 12,874,206.59 5,632.902.95
6,817,810.34 8,674.291.98
Non-operating income
56.481.64
13,859,113.98 19,548,498.57 5.689.384.59
Dividends declared from non2,470,281.00 2,470,281.00
operating income
Interest and rentals
11,388,832.98 17.078,217.57 5,689,384.59
6,825,731.50 6,843,587.45
17,855.95
Miscellaneous deductions from
income
4,563,101.48 10,234,630.12 5,671,528.64
778,791.38
783,403.98
4,612.60
3,784,310.10 9,451,226.14 5.666,916.04
Net income
INTEREST AND RENTALS.
To Preferred Stockholders, 5 per cent_______
To Common Stockholders, per cent
933b'7
_S8,164, .56
To Common Stockholders, 3 per cent, extra
2,470,281.00
from non-operating income
Total amount of dividends to Common stockholders, 10 per cent
$9,835.00
$8,234,270.00
OPERATING REVENUES.
Per
Decrease.
Cent.
1929.
1930.
Freight
$46,428,030.38 $53,188.638.62 $6,760,608.24 12.71
Passenger
10,538.341.06 12,132,622.83 1,594,281.77 13.14
9,691.73 10.81
89.664.17
Excess baggage
79,972.44
81,292.45
Mail
1,692,088.26 1,773,380.71
685,725.21 26.10
Express
1,942,017.12 2,627,742.33
All other transportation
708,482.71
67,069.12 9.47
841,413.59
Incidental and joint fa153,268.74 8.28
cility
1,698,094.03 1,851,362.77
Total
$63.019,956.88 $72,371,894.14 $9,351,937.28 12.92
OPERATING EXPENSES AND TAXES.
1930.
Maintenance of way
and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General expenses
Transportation for investment--Credit
1929.
$9,787,464.79 $10,181,058.53
Decrease.
Per
Cent.
1393.593.74 3.87
12,513,107.69 13,874,060.31 1,360.952.62 9.81
1,991,844.94
*23,209.21 1.17
, • .22,643,244.93 24,667,139.99 2,023,895.08 8.20
654,564.10
655,231.61
*867.51 .10
2,095,193.28
2,099,809.66
*4.616.38 .22
32,272.34
28,452.82
3,819.52 11.84
01
$49,685,460. $53,431,588.81 $3,746,128.80 7.01
Total
715.000.00 11.46
Railway tax accruals
5,525,000.00 6,240,000.00
1930.
1929.
$6,322,207.00 $6,322,207.00
Interest on funded debt
Total
$55,210,460.01 $59,671,588.81 $4,461,128.80 7.48
5,404.00
5,404.00
Interest on certificates of indebtedness
•Increase.
Interest on equipment trust notes of January
128,853.25
154,171.25
OPERATING REVENUES AND EXPENSES.
15, 1920
Dividend on equipment trust certificates of
Operating
12.92.7
118,625.00
138,125.00 Operating Revenues decreased
February 1. 1921
7.01
Expenses decreased
Dividend on equipment trust certificates of
Railway Tax Accruals decreased
11.46
168,266.25
141,104.20 Total Operating Income decreased
February 1, 1926
38.52 0
82,576.00
82,576.00
Rentals
The Ratio of Operating Expenses to Operating Revenues
$6,825,731.50 $6.843,587.45 WEIS 78.84%, as compared with 73.83% for the previous year.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3175
give the railroads an opportunity of competing on a more
GENERAL REMARKS.
nearly equal basis. To any such regulation there has been
The year 1930 was full of unwelcome surprises, perplex- vigorous opposition by the motor interests in all the States.
Purchase of Stock and Lease of Property of Charleston &
ing difficulties and world-wide drop in commodity and
Western Carolina Railway Company: During the year
financial values.
the Interstate Commerce ComRailway Operating Revenues of your Company for 1930 hearings were held before application, referred to in the
of $9,351,937.26, mission on your Company's authority to your Company to
were $63,019,956.88, a decrease from 1929
report for the year 1929, for
or 12.92 per cent. Comparison of Railway Operating lease the property and purchase all of the stock of Charleston
Revenues for 1930 with 1928 shows a decrease of $8,373,- & Western Carolina Railway. Company. At said hearings
217.47, or 11.73 per cent. Balance of Income Transferred certain objections to the said lease and purchase of stock
the Receivers of Georgia & Florida
to Profit and Loss December 31, 1930, was $3,697,747.75, were interposed by Hampton & Branchville Railroad Comg Income of two extra Railroad and by the prepared by an Examiner of the Comafter deduction from Non-operatin
pany. A report was
dividends on Common Stock of one and one-half per cent. mission in which he recommended that the Commission grant
each, aggregating $2,470,281.00. Compared with 1929 the application but with certain conditions respecting traffic
there was a decrease of 60.38 per cent. in the amount of routes in the operation of the property proposed to be leased.
Examiner's report and
Income Transferred to Profit and Loss. Balance to credit Exceptions by your Company to thewere filed and hearing
to the objecting carriers' demands
Loss December 31, 1930, was $95,678,169.92.
of Profit and
was held thereon by the Commission.
Operating Expenses for the year 1930 were $49,685,460.01,
On March 3, 1931, the Commission entered a report and
a decrease from 1929 of $3,746,128.80, or 7.01 per cent. The order reviewing the case and indicated that its approval of
decrease from the year 1928 was $6,280,598.84, or 11.22 per the lease would be upon conditions similar to its construction
of the Carolina,
cent. It will be observed that additional economies in the of those imposed in connection with the lease
It further noted that since
and Transportation Departments were effected, Clinchfield and Ohio Railway. Georgia & Florida routing
Maintenance
your Company is now, in the
the principal reduction in expenses, however, was made in case, contesting in Court, the construction of said condithe Transportation Department, mainly due to reductions tions, the Commission was of opinion that "pending such
made in the number of both freight and passenger trains determination, no change should be made in the relationship
Western
required to move the reduced volume of freight and passenger between the Coast Line and the Charleston &the Coast
or another,
in payrolls from the previous year Carolina, which might affect one way the Interstate Comtraffic. The decrease
Line claim under Section 15 (4)" of
amounted to $2,137,041.97, or 6.47 per cent.
merce Act and it therefore denied its approval of the lease
The Citrus Fruit Crop in Florida for the season of 1929- and purchase.
1930 amounted to 17,000,000 boxes as compared with 25,On March 9, 1931, the District Court of the United States
500,000 boxes for the season of 1928-1929, a decrease of for the Western District of South Carolina, sitting as a
8,500,000 boxes. Of the 1929-1930 crop 14,200,000 boxes Three Judge Court, entered an order denying the prayer of
were handled by all means of transportation, of which your your Company, the Louisville and Nashville Railroad
Company handled 9,229,360 boxes, or 65 per cent., and of Company and the Charleston & Western CarolinaRailway
the 1928-1929 crop, 23,700,000 boxes were handled by all Company for an injunction restraining the Interstate Commeans of transportation (including an estimate of movement merce Commission from enforcing its order in the Georgia
by truck of 500,000 boxes), of which your Company handled & Florida case, thus upholding the Commission's con14,691,758 boxes, or 62 per cent. It is estimated by the struction of its conditions imposed in the Clinchfield lease
Florida office of the Crop Reporting Board of the United case. Your Company will appeal to the Supreme Court of
States Department of Agriculture that the 1930-1931 crop the United States.
will amount to 29,000,000 boxes, exceeding any previous
New Construction: The line, referred to in the previous
citrus fruit crop. There has been an increased movement of report, between Medulla and Ridgewood, Polk County,
fruit to foreign countries, a marked increase in the canning Florida, 6.68 miles, was completed during the year and on
and juice extracting industries and a material increase in June 10th placed in operation. Said line serves plants of the
fruit shipments by motor truck. The citrus fruit for the Southern Phosphate Company.
season of 1930-1931 was generally of better grade than in
At Spartanburg, South Carolina, connection between the
the previous season.
line of the Charleston & Western Carolina Railway ComQuarantine Restrictions: The prompt and vigorous pany and the railroad property, operated as the "Clinchmeasures taken by the Federal and Florida State authorities field Railroad Company" (under lease to your Company
to eradicate the Mediterranean Fruit Fly,.referred to in the and the Louisville and Nashville Railroad Company), is
previous report, having proved effective in a shorter time effected over the tracks of the Southern Railway Company.
than had ,been expected, all quarantine regulations govern- In order to have the ownership and control of a direct
ing the shipping of fruit and vegetables from the previously physical connection at Spartanburg, thereby securing more
infested districts in Florida were removed, effective Novem- economical and efficient operating conditions in interchange
ber 15, 1930, and, though strict inspection has been made of traffic between the Clinchfield and the Charleston &
by the authorities, there has been no further report of any Western Carolina, application was filed with the Interstate
Fly infestation.
Commerce Commission for authority to your Company and
Agricultural Crops: Generally speaking, normal or in- the Louisville and Nashville Railroad Company, as Joint
creased crops were produced in 1930 in the territory served Lessees of "Clinchfield Railroad Company," and to the
by your lines, but market prices were, practically without Charleston & Western Carolina Railway Company jointly,
exception, lower than in the previous year, in common with or to either of them, to construct and operate a connecting
the world-wide drop in prices for all crops and commodities. track. On November 13, 1930, the Interstate Commerce
Although the cotton and tobacco crops were larger, the Commission issued its order authorizing such construction.
grade was poorer and prices depressed. The strawberry
The Louisville and Nashville Railroad Company in 1930
crop was smaller and continued the declining trend in completed its line from Chevrolet, Kentucky, to Hagans,
In the Southeast along your
acreage, except in Florida.
Virginia, 14.63 miles, whereby, with trackage rights over
lines, drouth conditions prevailed in Virginia and the 17.37 miles of the Interstate Railroad Company, from
however, materially benefitted
Carolinas. The dry weather,
Norton to Miller Yard, Virginia, the Louisville and Nashthe cotton crop and lessened the damage from boll weevil. ville Railroad Company directly exchanges traffic with the
Fall of 1930 and frequent spells line of the "Clinchfield Railroad Company." The line was
Heavy rains and hail in the
of unusually cold weather during the Winter months in placed in operation on December 1, 1930.
Florida damaged the early vegetables. Shipments never- . Automatic Signals: In the years prior to 1930, automatio
theless were in excess of the previous season and brought signals had been installed on 710.49 miles of your Company's
better prices.
main line between Richmond, Virginia, and Tampa, Florida,
Competition with Motor Vehicles on Public Highways: leaving 541 miles of main line not so equipped in Georgia
vehicles using the public highways and
Competition with motor
Florida, over which fast passenger trains are operated.
has, in the past few years, become a real factor. In the A program was inaugurated in 1930 whereby the work of
Company, the volume of freight
territory served by your
automatic signals on said main line will be comtraffic handled by motor trucks is relatively small, as installing five years. Under this program 117.15 miles of
handled in more populous pleted in
compared with the volume so
the past year, protected with
States. However, during the year 1930, it is estimated that track in Florida were, during
trucks approximately $6,- automatic signals, as follows:
Miles.
your Company lost to motor
100.91
Between Yukon and Orange City Jct., Fla
50(4000 of its prospective freight revenue.
16.24
Your management has given serious thought to the proper Between Sanford and Winter Park, Fla
117.15
retaining your Company's
method of competing for and
traffic. By way of experiment rates have been reduced on
In addition, 1.08 miles of track between Dunlop and
certain commodities produced in the territory served by Collier, Virginia, were protected with automatic signals.
your Company, but without substantial results, the motor
The Board of Directors acknowledges its appreciation of
trucks having met each reduction.
the support by the patrons of the Company and of the
Loss of passenger traffic has been principally due to services of its officers and employes.
privately owned automobiles. Your management has tried
GEO. B. ELLIOTT, President.
to meet this reduction in revenue by decrease in its passenger
H. WALTERS,
s in its through schedules.
train mileage and improvement
Chairman.
Legislation is under consideration in all the States in
which your Company operates to provide adequate regulaFor Comparative General Balance Sheet, Income Account, &c.
tion of motor vehicles operated for revenue, which will see Annual Reports in "Investment News" columns.
3176
FINANCIAL CHRONICLE
prou
132.
THE ATCHISON, TOPEKA AND SANTA FE RAILWAY COMPANY.
THIRTY-SIXTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31, 1930.
March 18, 1931.
To the Stockholders:
Your Directors submit the following report for the fiscal
year January 1, 1930, to December 31, 1930, inclusive.
The lines comprising the Atchison System, the operations
of which are embraced in this report, and the mileage in
operation at the end of the year as compared with the previous year, are as follows:
Dec. 31, 1930. Dec. 31, 1929.
Atchinson. Topeka and Santa Fe Railway__ 9,622.60 miles 9,650.05 miles
Gulf. Colorado and Santa Fe Railway
1,943.39 "
1,976.74 "
Panhandle and Santa Fe Railway
1,563.79 "
1,713.01 "
13,312.35 "
13.157.23 "
Increase during the year, 155.12 miles.
The average mileage operated during the fiscal year ending December 31, 1930, was 13,194.68, being an increase of
483.51 miles over the average mileage operated during the
preceding fiscal year.
The Company is also interested jointly, through ownership of stocks and bonds of the Central California Traction
Company and the Sunset Railway Company, in 105.13 miles
of railway, of which the former company owns 55.27, and
the latter 49.86 miles.
INCOME AND PROFIT AND LOSS STATEMENT.
The following is a summary of the transactions of the
System for the years ending December 31, 1929 and 1930:
1929.
1930.
*$267,189.178.12 $226,421.044.94
175,243,236.62 159,920,622.80
Operating revenues
Operating expenses
Net operating revenues
Railway tax accruals
Uncollectible railway revenues
Equipment and joint facility rents
$91,945,941.50 $66,500,422.14
20,340.961.38 18.280,551.52
54,555.91
40,592.67
2,898,093.50
3,302,811.53
Net railway operating income
Other income
$68,652,330.71 $44,876,466.42
5,827,913.81
5,716.570.03
CAPITAL EXPENDITURES AND REDUCTION
OF BOOK VALUES.
The total charges to Capital Account, as shown by the
General Balance Sheet at December 31, 1930, aggregated
$1,196,233,979.81 compared with $1,178,018,912.02 at December 31, 1929, an increase during the year of $18,215,067.79, which analyzes as follows:
Construction and acquisition of new mileage, including the
acquisition of bonds and stocks ofother System railway
companies:
Cane Belt RR
$995,158.09
Clinton & Oklahoma Western RR
18,897.98
Clinton-Oklahoma-Western RR. of Texas
152,096.44
Elkhart & Santa Fe By
504,531.72
Kansas City, Mexico & Orient By
9,058.39
-Kansas City,Mexico & Orient Ry.ofTexas 3,543,321.60
North Plains & Santa Fe Ry
3,498,897.22
North Texas & Santa Fe By
58,751.05
Oklahoma Central RR
7.566.00
$8.788.278.49
Additions and betterments:
Fixed property
$18,029,784.52
Equipment—
Net additions
14,923,422.20
Betterments
725.446.99
33,678,653.71
Investments in terminal and collateral companies:
Alameda Belt Line
$99,986.76
Beaumont Wharf & Terminal Co
5,688.81
Central California Traction Co
3,800.00
Chicago Produce Terminal Co
231,779.58
Denver Union Terminal Ry Co
724.62
El Paso Union Passenger Depot Co
3,825.63
Houston Belt & Terminal By. Co
37,572.39
Joliet Union Depot Co
598.29
Kansas City Terminal By. Co
26,124.80
Pueblo Union Depot & RR. Co
832.69
Railway Express Agency, Inc
110,400.00
Sabine :Basin By
6,405.73
St. Joseph Terminal RR. Co
782.99
Santa Fe Tie & Lumber Preserving Co__ _
48,844.56
Santa Fe Stock Corporation
8,137.50
Sunset By. Co
2,000.00
Union Passenger Depot Co.of Galveston_
798.85
Union Terminal Co. of Dallas
22,911.23
538,689.83
Miscellaneous physical property
1,352,521.34
Other investments, including sinking funds
26,143,131.83
Miscellaneous items
56.25
Net increase in Capital Account during the year
818,215,067.79
Credits in bold face.
The charge of $14,923,422.20, covering net additions to
equipment for the year, analyzes as follows:
Gross income
$74,480,244.52 $50,593,036.45
1 Locomotive
Miscellaneous tax accruals
80.779.12
-train cars
62,947.74 5,630 Freight
52 Passenger-train cars
Rent for leased roads and other charges_ _
595.783.80
295,973.82
2 Motor equipment of cars
1 Car float
$73.803,681.60 $50,234,114.89
598 Company service equipment
Interest on bonds,including accrued inter19 Miscellaneous equipment
est on adjustment bonds
12,766,878.31
12,885,314.64
Netcorporateincome(representing amount
available for dividends and surplus)- - 261,036,803.29 $37.348,800.25
From the net corporate income for the year, the following
sums have been deducted:
Dividends on Preferred Stock:
No.64(235%) paid Aug.
1, 1930
93,104,320.00
No.65(23.%) Paid Feb.
2, 1931
3,104,320.00
56.208,640.00
Dividends on Common Stock:
No. 100 (24%) paid
June 2, 1930
$6,040,732.50
No. 101 (2% %) Paid
Sept. 2. 1930
6.040.732.50
No. 102 (2% %) paid
Dec. 1. 1930
6,040,732.50
No. 103 (2 36 %) paid
,
March 2. 1931
6,062.077.50
3.797.698.94
Of the 2.055 freight-train cars retired 535 were converted to company
service equipment.
Of the 34 passenger-train cars retired 12 were converted to company
service equipment.
Of the 548 company service equipment retired 3 were converted to
freight-train cars.
COMPARISON OF OPERATING RESULTS.
The following is a statement of revenues and expenses of
the System for the year ending December 31, 1930, in comparison with the previous year:
Year Ending
Dec. 31. 1930.
22,043.76
31,983.94
30.434,428.62
Surplus appropriated for
investment in physical
Property—Debit
Miscellaneous debits—Net_
$18,721,121.14
•
The additions and retirements reported above include the
following conversions:
24,171,760.92
Surplus carried to Profit and Loss
Surplus to credit of Profit and Loss. December 31. 1929
$314.460,357.85
Donations in connection with industry
tracks, etc
195.391.11
Less—Ledger value of equipment retired during the year
as
51 Locomotives
$1,024,120.97
2,055 Freight-train cars
2,186,954.75
34 Passenger-train cars
259,297.15
_ 1 Motor equipment of cars
3,700.09
048 Company service equipment
312,927.17
10 Miscellaneous equipment
10,698.81
$14.923.422.20
824,184.275.00
Less accrued dividends
received on common
stock issued in conversion of Convertible
Debenture Bonds__ __
12,514.08
California-Arizona Lines Bonds Sinking
Fund
S. F. & S. J. V. Ry. Co. Bonds Sinking
Fund
$135,094.01
15,866,082.33
1,847,605.26
74,740.48
127,535.65
652,272.63
17,790.78
88.914,371.63
$314,655,748.96
9195,391.11
62,982.18
258,373.29
314,397,375.67
Year Ending Increase or
Dec. 31, 1929. Decrease.
$
Operating Revenues—
$
3
'might
175,960,470.98 204.551.491.70 28,591,020.72
31,180.170.25 37,926,205.06 6,746,034.81
'assenger
fail, express & miscellaneous 19,280,403.71 *24,711,481.36 5,431,077.65
Total operating revenues_ _ 226,421.044.94 267.189.178.12 40,768,133.18
-Operating Expenses—
laintenance of way and structures
35,459.810.19 42,175,626.91 8,715,816.72
faintenance of equipment_ _ _ 45,402.804.05 48,439.076.66 3,036,272.61
'raffle
5.964,687.08 5.840.227.06
124,460.02
'ransoortation—Rail line_ _ _ _ 67,093.802.78 73,011,041.33 5,917,238.55
351,210.29
252,570.42
fiscellaneous operations_ _
98,639.87
leneral
6.757,166.13 6.694.388.76
62,777.37
Yansportation for invest1,108,867.72 1,169,694.52
ment—Cr
60,836.80
Surplus to credit of Profit and Loss December 31, 1930- -- $321.311,747.30
* Includes $2,493,193.36 back mail pay.
Total operating expenses__ _ 159,920,622.80 175.243,236.62 15,322,613.82
rot operating revenue
66,500.422.14 91.945,941.50 25,445,519.36
,allway tax accruals
18,280,551.52 20,340.961.38 2,060,409.86
40,592.67
54,555.91
ineollectible railway revenues
13,963.24
"Other income" consists of interest accrued and dividends
received on securities owned,including United States Government securities, interest on bank balances, rents from lease
of road and other property, and other miscellaneous receipts.
Railway operating income_ _ 48,179,277.95 71,550,424.21 23,371,146.26
2,504,120.35 2,311,607.65
Equipment rents—Net—Dr
192,512.70
Dint facility rents—Net—Dr.
798,691.18
586,485.85
212,205.33
Net railway °nor. income
44.876.466.42 68.652,330.71 23,775.864.29
Credits in bold face. * Includes $2.493,193.36 back mail pay.
FINANCIAL CHRONICLE
APRIL 25 1931.]
CAPITAL STOCK AND FUNDED DEBT.
The outstanding Capital Stock on December 31, 1929,
consisted of:
$241,629,300.00
Common
124,172,800.00
Preferred
$365,802,100.00
Issued during the year:
Common Stock issued in exchange for Con537,600.00
vertible Debenture Bonds retired
Capital Stock outstanding December 31,1930:
$242,166,900.00
Common
124,172,800.00
Preferred
$366,339,700.00
The number of holders of the Company's capital stock at
the close of each of the last five years was as follows:
Common.
38,068
37,734
41,204
40,927
40.874
December 311926
1927
1928
1929
1930
Preferred.
21,784
20,673
19.439
18.115
17,328
The outstanding Funded Debt of the System
$311,575,201.30
on December 31, 1929, amounted to
The following changes in the Funded Debt
occurred during the year:
Obligations retired:
S. F. & S. J. V. Ry. Co. First Mortgage 5%
$52,000.00
Bonds
Convertible-Debenture 455% Bonds—issue
897,000.00
of 1928
Obligations issued:
California-Arizona Lines First and Refunding Mortgage
434% Bonds
Decrease of Funded Debt
$949.000.00
133.50
$948.866.50
Total System Funded Debt outstanding Dec. 31, 1930-...$310.626,334.8o
TAXES.
Federal, state, local, and miscellaneous railway tax accruals for the year 1930 aggregate $18,280,551.52, a decrease
of $2,060,409.86 compared with the year 1929. A comparison of these accruals for the two years is presented in the
following table:
'
1930.
Federal Taxes—
Income
Stamp and license
1929.
Increase or
Decrease.
$4,469,214.39 $6,651,650.56 $2,182,436.17
39,510.76
3,273.11
36,237.66
Total
$4,472,487.50 $6.691,161.32 $2,218,673.82
State. Local & Miscellaneous_ 13,808.064.02 13,649,800.06
158,263.96
Grand Total
518.280.551.52 520.340.961.38 52.060.409.86
Credits in bold face.
GENERAL.
Your Company has shared in the vicissitudes which affected
business generally during the year 1930. In no other year
in its history has there been such a drastic decline in traffic
as that which occurred last year. A new high record was
established in 1929 and this made the recession in 1930
appear correspondingly greater. Gross earnings were 15.26
per cent below 1929 and 8.57 per cent below 1928. Practically @very source of traffic experienced a shrinkage. The
drought curtailed crops, although less than in territory
further east. Wheat was made before the drought and
turned out well, cotton fair, corn from 25 per cent to 50
per cent off, and other crops fair; oil, mining, lumber, building, manufacturing, and industry generally were depressed.
It was this combination of unfavorable factors that resulted
in so great a diminution of earnings. Because of the widespread drought the railroads put in emergency rates for the
movement of feed and live stock to relieve the situation.
Under these reduced rates your Company handled a total of
5,164 cars, with a reduction in revenue from regular tariff
charges of approximately $250,000.
Relative to prospects for the coming year: Winter wheat
in Santa Fe territory has experienced rather more favorable
growing conditions than the average, and up to the present
has suffered no real damage. The outcome, however, will
be determined by conditions as they develop up to harvest
time. Citrus fruit promises a larger crop than last year.
3177
On the other hand, business generally in our territory is
reduced in volume, much as elsewhere, and cannot be expected to increase except in proportion to such general improvement as may take place during the year.
Our normal program of additions and betterments, maintenance and operations was maintained during the early
months of the year, in the hope that there might be a recovery during the latter part, but when it became evident
that this would not come about retrenchment was made all
along the line. While no impairment of condition is being
allowed in roadway and structures, nor in equipment, all
expenditures not strictly necessary which might, however,
be desirable in times of better business have been eliminated
and train mileage has been cut to accord with the volume
of traffic. In connection with roadway maintenance 552
miles of old rail were replaced with new. Of the new rail
-lb., 382 miles were 110-lb., and 163 miles
7 miles were 130
were 90
-lb. Since the adoption of 110-lb. rail as standard
for our transcontinental main lines 3,013 miles of this weight
have been laid and in addition 14 miles of 130-lb. rail. A
,
.
reasonable program of additions and betterments is also
being carried on. New equipment has been ordered to take
care of all necessary replacement during the year.
In 1920 your Company carried 15,656,333 passengers, an
average distance of 139.83 miles each; in 1930, 3,274,826
passengers 320.79 miles each. Private automobiles largely
and busses to a less degree, have taken away the great part
of the short haul passenger business and a substantial amount
of long haul. In order to meet these conditions your Corn..
pany has now in operation 32 gas-electric motors in lieu of
local passenger trains and will substitute 14 more during this
year. These give very satisfactory service and save in expense.
The situation with respect to trucks and pipe lines, which
are very serious competitors in freight transport, is quite
menacing. We feel that thus far the truck competition has
not been on a strictly economic basis. Trucks are not generally required to pay their full share of the upkeep of the
highways and are seldom, if ever, required to compensate the
public for their use of the highways as a place upon which to
conduct a business for profit. Truck rates are made at times
to get business without due regard to costs. Truck owners
have not been governed in size of trucks by public convenience, nor in weight by the designed strength of the highways.
We hope that in time these operations will reach a strictly
economic basis and the railroads will then know better where
they stand. Relative to pipe lines: Where the volume of oil
is enough to justify a pipe line, a railroad cannot compete
successfully. Crude oil has been largely handled by pipe
lines for years. It is now proposed to send refined oils
through them, but it is not known how much this field
will be developed.
There is a disposition on the part of the Government to
provide inland waterways and carriers thereon, although
every study shows that the cost of this transportation, if all
expenditures are included, is greater than by rail. The
railroads are, however, not only compelled by law to put in
joint through rates in order to feed the water carriers, but
also the water carriers contend that the rail carriers should
receive less in the division of these joint through rates than
they would receive out of joint through all rail rates via the
same points of interchange, notwithstanding the fact that
by reason of these joint rates with the water carriers the
railroads are deprived of traffic which they originate and
otherwise would handle to destination.
During the year 1930 your Company paid out in pensions
to its retired employes $692,214.79, there being 1,412 pensioners on the roll at December 31, 1930, compared with
$599,479.69 paid in 1929 and 1,248 pensioners December 31,
1929. The pensioners have an average service of 30 years
with the Company and an average age of 67 years. During
1930 death benefits were paid in 433 cases, amounting to
$514,377.88,compared with $455,779.68 in 412 cases in 1929.
The average length of service in all cases in which death
benefits were paid in 1930 was 19 years, while in 1929 it
was 17 years.
Your Directors acknowledge with pleasure the faithful and
efficient service rendered by the officers and employes of the
Company.
W. B. STOREY, President.
[For comparative General Balance Sheet, Income Account, ecc..,
see Annual Reports in Investment News columns.]
[VoL. 132.
FINANCIAL CHRONICLE
3178
ERIE RAILROAD COMPANY
THIRTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1930.
New York, April 14, 1931.
To the Bond and Stockholders of Erie Railroad Company:
The Board of Directors submits the following report of the operations and affairs of the Erie Railroad Company for
the year ended December 31, 1930, including Chicago and Erie Railroad Company, the entire capital stook of which is
owned by Erie Railroad Company.
OPERATED MILEAGE.
The operated mileage at December 31, 1930, as shown in detail in Table No. 1 [pamphlet report!, was 2,315.742.
CONDENSED INCOME STATEMENT.
Increase(+)or
Per Cent
Decrease(—
1929
1930.
$129,230,437.21 —$20.234.4a62
8108.996,10.59
97.630,916.12 —13.161.667.02 —13.48
84,469,249.10
$24,526,761.49 831.599.521.09 —87.072.759.60 —22.38
—9.61
—541.052.60
5,627,391.58
5,086,338.98
—34.024.19 —73.96
46.004.07
11,979.88
Railway operating revenues
Railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Net equipment and Joint facility rents—Debit
$19,428,442.63
4,401,250.19
$25.926,125.44 —46.497.682.81
—62,837.29
4.464,087.48
—25.06.
—1.41
Net railway operating income
Non-operating income
815,027,192.44
5.178,092.59
$21.462,037.96 —86.434.845.52
+469,551.49
4.708.541.10
—29.98
+9.97
Gross income
Deductions from gross income
$20,205,285.03
16,034,135.65
$26.170,579.06 —$5,965.294.03
+1.541,266.17
14.492.869.48
—22.79.
+10.63
$4,171,149.38
811,677,709.58 —87,506.560.20
—64.28-
Net income
A comparative income statement, in detail, is shown in Table No.2[pamphlet report], and detail of tonnage handled
by commodities, operating statistics and operating expenses by primary accounts are shown in the various Tables following.
GENERAL REMARKS.
Your Companies' total operating revenues, during the
year 1930, were $108,996,010.59, or $20,234,426.62 less than
for the previous year; a decrease of 15.66 per cent. This
compares with a decrease for all Class I Roads in the
Eastern District of 20.10 per cent, and for all Class I Roads
In the United States of 19.49 per cent. Freight revenue
decreased $17,178,008.09, as compared with 1929, of which
$13,287,557.33 was in merchandise and $3,890,450.76 in coal.
There was a decrease in operating expenses of $13,161,667.02, or 13.48 per cent; the ratio of operating expenses
to revenues being 77.50 per cent.
The Net Income transferred to the Profit and Loss
account was $4,171,149.38.
Dividends were declared on May 27, 1930, payable during
the year as follows:
First Preferred Stock:
2%, payable June 30, 1930
2%, payable December 31, 1930
Second Preferred Stock:
2%, payable June 30. 1930
2%, payable December 31, 1930
Total
3958,088
958,088
320.000
320,000
$2,556,176
General Balance Sheet at the close of business, December 31, 1930, is shown in Table No. 4.
There were purchased in 1930, in part through funds
provided by sale of $6,690,000 of equipment trust certificates, 10 switching locomotives, 5 locomotive tenders, 500
gondola cars, 950 hopper cars, 500 box cars, 300 automobile
cars, 100 automobile furniture cars, 20 steel suburban passenger coaches, 7 steel through-line passenger coaches, 5
steel combined baggage and mail cars, and 10 steel gaselectric rail motor cars.
Other road and marine equipment was acquired and
substantial expenditures were made for the improvement
of existing equipment and for additions to and betterments
of roadway and structures. The improvements to roadway
and structures included the rearrangement and enlargement of existing yard and terminal facilities, elimination
of grade crossings and the construction of piers at Weehawken and Jersey City. The changes during the year in
the accounts "Investment in road and equipment" and
"Improvements on leased railway property" are explained
In Table No. 9.
There were issued during the year $50,000,000 of Refunding and Improvement Mortgage 5% Bonds, Series of 1930.
Of these bonds, $13,621,250 were received in exchange or
substitution for a similar amount of bonds of Erie Railroad
Company and predecessor companies which were held in
your Company's Treasury, $2,896,000 were received in exchange or substitution for a similar amount of bonds of
Jefferson Railroad Company which had been purchased by
your Company at maturity and were held in the Treasury,
$20,486,500 were received to provide for the acquirement
October 1st, 1930, of a
at maturity on September 1st and
similar amount of bonds of predecessor companies, and
$12,996,250 were received in reimbursement of expenditures
Company's property.
for additions and betterments to your
Improvement Mortgage
The $50,000,000 of Refunding and
April, 1930, and the
5% Bonds, Series of 1930, were sold in
of bonds
proceeds were used to purchase the $20,486,500
which matured on September 1st and October 1st, 1930, to
remainder was
retire $5,000,000 of bank loans and the
used for additions and betterments to your Company's
property, including a part of the cost of new equipment, to
increase working capital and for other corporate purposes.
During the year, the Trustee under the Refunding and
Improvement Mortgage delivered to the Trustee under the
First Consolidated Mortgage $29,010,750 of bonds of predecessor and affiliated companies which had been refunded
by the issuance of Refunding and Improvement Mortgage
5% Bonds, Series of 1927 and Series of 1930, and received
In exchange or substitution therefor a similar amount of
Consolidated Mortgage General Lien 4% Bonds, due January 1, 1996, which, in turn, were pledged as additional
collateral under the Refunding and Improvement Mortgage.
Other financial changes during the year included the
acquisition or retirement of $25,433,312.01 of "Long Term
Debt," because of its maturity, or through operation of
sinking funds, as follows:
Equipment trust obligations (See Table No. 6)[Pamphlet
$3,486,100.00
report]
1,348,000.00
Pennsylvania Collateral Bonds
Erie and Jersey R. R. Co. First Mortgage Bonds
51,000.00
43,000.00.
Genesee River R. R.Co. First Mortgage Bonds
Erie Railway Co. First Consolidated Mortgage Donde,
15,523,000.00
matured September 1, 1930
New York, Lake Erie and Western R. R. Co. First Consolidated Mortgage Coupon Bonds, matured September
2,005,500.00
1 1930
New York and Erie R. it. Co. Fourth Mortgage Bonds,
2,898,000.00
matured October 1, 1930
78,712.01
Real estate and Construction obligations
$25,433,312.01
Total
The capital stock outstanding at December 31, 1930, was
as follows, none having been issued during the year:
Issued.
Authorized.
$189,000,000 $151,116,700
Common
47,904,400
48,000.000
First Preferred. Non-cumulative four per cent
,
16,000,000
Second Preferred, Non-cumulative four per cent 16,000.000
Total
•
8253,000,000 $215,021,100.
In accordance with permission received from the Interstate Commerce Commission, there was charged to Profit
and Loss account during the year $22 110,657.52, covering
adjustment of balances in the equipment depreciation
reserves as of December 31, 1929, to provide for past
accrued depreciation.
On May 22, 1930, the 311ddletown and Crawford Railroad
Company, Conesus Lake Railroad Company and Tjie Erie
and Black Rock railroad Company were merged into Erie
Railroad Company. Your Company has operated the properties of these companies for a number of years and at date
of merger it owned all of their outstanding securities.
The total cost of Federal Valuation to the end of the
year 1930 was $2,685,926.24, of which $2,287,921.40 was
charged to Operating Expenses of your Companies; the
remaining $398,004.84 being assumed by the United States
Railroad Administration during the period of Federal Control. The Interstate Commerce Commission, by Order dated
August 1, 1930, established Final Valuations for the properties of Erie Railroad Company and Chicago and Erie
Railroad Company, as of June 30, 1918. These Final Valuations, issued as of June 30, 1918, with 1914 prices for labor
and materials, and 1918 prices for lands, report values for
"rate-making purposes" of the properties of your Companies owned or used, devoted to common carrier purposes,
aggregating $309,775,081. Since June 30, 1918, your Companies have made expenditures for additions and betterments, less retirements, of $104,686,880.39.
The Directors express their appreciation of the co-operation and faithful and efficient services rendered by the
officers and employee during the year.
For the Board of Directors,
C. L. BRADLEY, Chairman.
C. E. DENNEY, President.
APRIL
25 1931.]
FINANCIAL CHRONICLE
3179
TABLE 4—COMPARATIVE GENERAL BALANCE SHEET—DEC. TABLE 3—PROFIT AND LOSS STATEMENT—YEAR ENDED
31, 1930. AND DEC.31. 1929.
DECEMBER 31. 1930.
Debits—
ASSET SIDE.
Surplus applled to sinking and other reserve
Increase (±) or
funds
$1.453,455.97
Investments—
Dec.31 1930. Dec. 31 1929.
Decrease (—).
Dividend appropriations of
Investment in road and
$
$
surplus:
equipment
389,339,889.31 377.472,114.03 +11.867.775.28
First'Preferred stock, 4% -$1,916,176.00
Improvements on leased
Second Preferred stock, 4% 640,000.00
railway property- _- — 54,491,348.69 49,363,264.57 +5,128,084.12
$2,556,176.00
Sinking fds_$25,664,817
-.27
Surplus appropriated for investment in
Less Erie
physical property
34,012.48
RR.Co.
Debt discount extinguished through surplus_
3,635.730.80
obllg's - 25,656,000.00
8,817.27
9,800.44
—983.17 Loss on retired road and equipment
1.287,455.41
Deposits in lieu of mort(a)22.110,657.52
gaged property sold
410.06
2,300.00
—1,889.94 Delayed income debits
(0)1,456,293.19
Miscellaneous phys. prop'y 1,591,111.20
1,404,115.93
+186,995.27 Miscellaneous debits
$32,465,756.41
Investments in affiliated
Balance credit December 31, 1930, carried
companies:
to General Balance Sheet
14,523.147.93
94.657,947.06 95,098,689.06
Stocks
—440,742.00
28,884,047.78 30,139.857.65 —1,255.809.87
Bonds
$46,988,904.34
649,300.00
749,300.00
Notes
—100,000.00
10,477.672.52 10,268,631.25
Advances
+209,041.27
(a) See General Remarks, page 3178.
Other investments;
207,792.00
209,470.61
Stocks
—1.678.61
(b) Includes $1,365,373.15 for loss in connection with investments in
2,000,300.00
300.00 +2,000,000.00 securities and advances account of abandonment of operation of the propBonds
664.17
664.17
Advances
erties of Elmira Corning and Waverly Railway and Corning and Painted
48,603.50
Miscellaneous
46,216.00
--2,387.50 Post Street Railway.
Credits—
Total
582,355.516.06 564,767,111.21 +17.588,404.85
Balance December 31, 1929
$42,714,323.18
Current Assets—
$4,171,149.38
Cash
15,390,230.66 11,971,870.41 +3.418,360.25 Credit balance transferred from income_ _ _ _
13.095.64
Time drafts and deposits
100,000.00
+100,000.00 Profit on road and equipment sold
7,360.79
Special deposits
1,964.719.33 1,766,216.50
+198,502.83 Unrefundable overcharges
34,012.48
Donations
90
Loans and bills receivable_ _
580.49
—579.59 Miscellaneous
116,987.83
credits
car-service balTraMc and
ances receivable:
4,274,581.16
New York, Susquehanna
and Western Railroad
$46.988,904.34
Co_
4,251,559.40 4,101.097.58
+150,461.87
The New Jersey and New
York Railroad Co-- - 1,076,361.54
1,050.337.21
+26,024.33
INVESTMENT ACCOUNT FOR ADDr
1,744,555.80
Other companies
1,108,674.49
—635.881.31 TABLE 9—CHANGES IN
TIONS AND BETTERMENTS TO, AND RETIREMENTS OF,
Net balance receivable from
661,738.16
agents and conductors..
421,481.72
—240,256.44
ROAD AND EQUIPMENT, DURING THE YEAR ENDED
Miscellaneous accounts reDECEMBER 31, 1930.
ceivable:
ROAD.
New York, Susquehanna
and Western Railroad
Engineering
$.513.442.49
1,912,589.03 1.548,888.71
Co
+363.700.32 Land for transportation Purposes
1,267,927.75
The New Jersey and New
Grading
2.190.717.11
1,945,169.51
1.732,600.31
York Railroad Co_ _
+212,569.20
3,249,265.04 3,484,498.32
Other companies
—235,233.28 Tunnels and subways
1,626.66
5,309,062.97 5,503,636.12
Material and supplies
—194,573.15 Bridges, trestles and culverts
1.104.453.94
Interest and dividends re703.738.93
1,752.184.76
107,450.17 +1,644,734.59 Ties
ceivable
254,158.10
284,820.84
759,476.67
Other current assets
—30,662.74 Rails
Other track material
1,243,700.74
38,735,457.45 33,958.290.57 +4,777,166.88
Total
Ballast
653.897.72
Deferred Assets—
591,829.03
34,385.78
34,435.78
Working fund advances-- —50.00 Track laying and surfacing
202,353.33
Insurance and oter funds
179,665.83
15,952.94
+22,687.50 Right of way fences
148,127.24
Other deferred assets
117.525.89
+30,601.35 Snowand sand fences and snowsheds
956.70
Crossings and signs
704.259.56
Total
384,866.35
331,627.50
+53,238.85
Unadjusted Debits —
Station and office buildings
728,174.11
Rents and insurance pre18,166.56
Roadway buildings
miums paid in advance
321,906.38
333,518.25
—11.611.87 Water stations
119.683.25
Other unadjusted debits--- 1,933,134.70 2.004.355.77
—71.221.07 Fuel stations
245,999.69
Total
2,255,041.08 2,337,874.02
1.035,219.44
—82,832.94 Shops and enginehouses
289,731.74
Wharves and docks
Grand Total
623,730.880.94 601.394,903.30 +22,335,977.64
4,176.85
Coal and ore wharves
Securities of Companies' Own Issue Held by It or for Its Account:
172,674.00
Telegraph and telephone lines
Unpledged.
Pledged.
Total.
152,155.54
Signals and interlockers
Stocks
$100.000
$100,000 Power plant buildings
16,101.54
Bonds
$17,505,150
76,898,500
94,403,650
buildings
Power substation
4,654.53
LIABILITY SIDE.
44,121.82
Power transmission systems
Increase( or
62,844.54
Dec.31 1930. Dec.31 1929. Decrease(—). Power distribution systems
33,935.51
Power line poles and fixtures
Capital Stock—
$
$
Common (see x below)_ _ _151,116,700.00 151,116,700.00
Underground conduits
10,365.98
First Preferred Non-cumu28,308.75
Miscellaneous structures
lative
47,904,400.00 47,904,400.00
Paving
3,447.54
Preferred Non-cuSecond
Roadway machines
mulative
16,000,000.00 16,000.000.00
129.568.50
Roadway small tools
9,378.01
Total
215,021,100.00 215,021,100.00
Assessments for public improvements
32,731.71
Governmental Grants—
9,011.24
Revenues and operating expenses during construction
Grants in aid of construct'n 1,804.634.24
934,210.63
+870,423.61 Cost of road purchased
46,986.14
Long Term Debt—
708.17
Equipment obligations- _ _ _ 36,636,500.00 33,432,600.00 +3,203.900.00 Other expenditures—road
400,740.11
Mortgage bonds.. _ _I See {226,030.100.00 194,605,100.00 +31.425,069.00 Shop machinery
83,749.74
Coll trust bonds_ _ _
x
8,344,000.00 11,697,500.00 —3,353,500.00 Power plant machinery
Power substation apparatus
7,179.58
Income bonds
below
98,000.00
98,000.00
Unapplied construction material and supplies
411,484.03
Miscellaneous obligations__ 1,042,995.75
1,121,707.76
—78,712.01 Law
6,090.76
Total
272,151,595.75 240,954.907.76 +31,196.687.99
$13,697,443.88
Current Liabilities—
Less credits account property retired
2,808,405.79
Loans and bills payable..
3,250,000.00
3,250,000.00
Traffic and car-service balTotal Road
$10,889,038.09
ances payable
2,737,848.91
—275,593.97
3,013,442.88
Audited accounts and wages
EQUIPMENT.
payable
7,110,538.36 8,303,398.44 —1,192,860.08
Equipment Trust of 1929Miscellaneous accounts pay-ton steel sheathed box cars
500 50
*$1,115,504.02
able
417.308.64
269,043.65
—148,264.99
Other equipment
*39,743.38
Interest matured unpaid_ -- 2,001,000.46 1,992,041.96
+8,958.50 Equipment Trust of 1930Dividends matured unpaid_ 1.289.392.50
1,289.552.50
—160.00
500 steel drop end gondola cars
*1,329,754.37
Funded debt matured un-clearing hopper cars
800 steel self
*1.982,877.29
paid (see x below)
64,000.00
4,250.00
+59,750.00
-clearing hopper cars
150 steel convertible self
*455,172.44
Unmatured interest accrued 2,114,009.01
1,994.293.06
+119.715.95
500 steel sheathed box cam
*1,253,601 Al
Unmatured rents accrued
357,929.98
357.021.89
+908.09
300 steel sheathed automobile cars
*851,157.45
.
_
Other current liabilities. . 200,415.44
—74.829.90
275.245.34
100 steel sheathed automobile furniture cars
*340,094.00
7 steel through line passenger coaches
Total
*2,613.62
16,144,178.31 20,896,554.71 —4.752,376.40
20 steel suburban passenger coaches
*381,620.76
Deferred Liabilities—
5 steel combinedbaggage and mail cars
*1,077.86
Other deferred liabilities_.. 1,019,103.35
931,585.49
+87,517.86
10 switching locomotives
*356,601.96
Unadjusted Credits—
5 locomotive tenders
*824.06
2,065,578.65 2,508,180.27
Tax liability
—442,601.62
10 steel gas-electric rail motor cars
*6,767.42
Accrued depreciation—
5 steel express cars
*99.958.62
Equipment
63,177,398.19 40,406,258.79 +22.771.139.40
*135,657.91
3,083,405.61
Other unadjusted credits
3,706,487.05
—623,081.44 3steel dining cars
5 rail motor cars
*376,144.06
*79,984.99
68,326,382.45 46,620,926.11 +21,705,456.34 25 cabooses
Total
23,091.16
2 25
-ton locomotive cranes
Corporate Surplus—
75.730.96
1 Diesel lighter
Add'ns to property through
67 497 72
* , .
12 Refrigerator barges
9,325.565.18 9,359,577.66
income and surplus
34,012.48
*761,117.05
4 Diesel tugs
Funded debt retired through
1,161.747.85
919,945.99
1,027,176.58
income and surplus
+107,230.59 Other floating equipment
658,564.44
24,387,997.15 23.041,771.77 +1,346,225.38 Miscellaneous additions and betterments
Sinking fund reserves_ _
Profit and loss—credlt bal511,477,418.04
14.523,147.93 42,714,323.18 —28,191,175.25
ance
Less credits account equipment retired:
$800,082.62
Steam locomotives
49,263,886.84 76.035,618.60 —26,771,731.76
Total
4,354,854.17
Freight-train cars
60,157.56
Passenger-train cars
623,730,880.94 601.394.903.30 +22,335,977.64
Grand total
15,135.77
Floating equipment
126,663.71
Work equipment
Total
Held by or for
x Note-13,702.90 5,370,596.73
Miscellaneous equipment
Issued.
Company.
$151.216,700
Common
$100,000
$6,106,821.31
Total Equipment
283,617,750
Mortgage bonds
57,587,650
34,000.000
Collateral trust bonds
25,656.000
$16,995,859.40
Total Road and Equipment
10,000,000
Income bonds
9,902,000
26,978,000
Funded debt matured unpaid
* Partial accounting.
26,914,000
[vol.. 132.
FINANCIAL CHRONICLE
31s0
UNION PACIFIC RAILROAD COMPANY.
THIRTY-FOURTH ANNUAL REPORT—YEAR ENDED DECEMBER 31, 1930.
New York, N. Y., April 7, 1931.
To the Stockholders of Union Pacific Railroad Company:
The Board of Directors submits the following report of the operations and affairs of the Union Pacific Railroad Company for the calendar year ended December 31, 1930, including the Oregon Short Line Railroad Company, whose entire
capital stock is owned by the Union Pacific Railroad Company, the Oregon-Washington Railroad & Navigation Company,
whose entire capital stock (except fifteen qualifying shares held by Directors) is owned by the Oregon Short Line Railroad
Company, and the Los Angeles SE Salt Lake Railroad Company, whose entire capital stock is owned, one-half each, by
the Union Pacific Railroad Company and the Oregon Short Line Railroad Company. For convenience, the four companies
are designated by the term "Union Pacific System."
INCOME.
The operated mileage at close of year and income for the calendar year 1930, compared with 1929, after excluding all
offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., Oregon-Washington Railroad &
Navigation Co., and Los Angeles & Salt Lake Railroad Co., were as follows:
Calendar Year Calendar Year
1929.
1930.
Increase.
Decrease.
Operated Mileage at Close of Year.
Mlles of road
Miles of additional main track
Miles of yard tracks and sidings
9,841.08
1,559.50
4,090.18
9,878.21
1,554.67
4,054.78
4.8.3
35.40
Total Mileage Operated
15.490.76
15,487.66
37.13
3.10
Transportation Operations.
$189,672,612.04 $217,356,592.76
131,154,849.68 147,026,561.37
Operating revenues
Operating expenses
$27,683,980.72
15,871,711.69
$11,812,269.03
2,047,680.92
6,089.90
Revenues over expenses
Taxes
Uncollectibie railway revenues
358.517,762.36
15,041,887.42
7,862.69
370,330,031239
17,089,568.34
13,952.59
Railway Operating Income
Rents from use of joint tracks, yards. and terminal facilities
843.468,012.25
1.748,789.17
353,226.510.46
1.452,821.57
$45,216,801.42
$54.679.332.03
$7,593,045.52
2,326,033.83
$6,974,463.90
2.379,299.67
$618,581.62
$9.919,079.35
39,353,763.57
$565,315.78
$35,297,722.07
$45,325,568.46
$12,579,740.61
Dividends on stocks owned
6,042,382.24
Interest on bonds, notes, and equipment trust certificates owned
296,576.56
Interest on loans and open accounts—balance
120,275.34
Rents from lease of road----------------------------------------------------613,393.81
Hiscellaneous rents- - ----------------------------------------------------185,384.63
Sliscellaneous income------------------------------------------------------
$11,597,524.46
6,496,949.38
2,471,725.15
120,704.09
625,011.07
286,558.61
319,837,753.19
821.598.472.76
$1,760,719.57
355,135,475.26
566.924,041.22
$11,788,565.96
-- $15.260,713.15
Enterest on funded debt---------7,678.98
discellaneons rents--------------------------------------------------------1,131.077.53
discellaneons charges-------------------------------------------------------
$17,035,128.53
25,298.42
607.571.42
$16,399,469.66
$17.667,998.37
$1,268,528.71
Yet Income from All Sources---------------------------------------------- $38,736,005.60
249,256,042.85
210.520,037.25
Hire of equipment—debit balance
Rents for use of joint tracks, yards, and terminal facilities
Net Income from Transportation Operations
$9,758,498.21
1295,967.60
39.462,530.61
353,265.84
$10,027,846.39
Income from Investments and Sources other
than Transportation Operations.
---------------------------
Total
rota' Income----------------------------------------------- _ ------------
$982,216.15
$4454,567.14
2,175,148.59
428.75
11,617.26
101,173.98
Fixed and Other Charges.
Total
81.774,415.38
17,619.44
8523.506.11
DISPOSITION OF NET INCOME.
Hvidends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1, 1930
2 per cent paid October 1, 1930
Common stock:
2% per cent paid April 1, 1930
24 per cent paid July 1. 1930
234 per cent paid October 1, 1930
234 per cent payable January 2. 1931
Total Dividends
inking Fund Requirements
Total Appropriations of Net Income
urplus, Transferred to Profit and Loss
81,990.862.00
1,990.862.00
35,557.290.00
5,557,290.00
5,557,290.00
5.557.290.00
$3,981,724.00
$3,981,724.00
22.229,160.00
22,229.160.00
$26,210,884.00
$26,210,884.00
10,000.00
$26,210,884.00
$26,220,884.00
$10,000.00
$12,525,121.60
223,035,158.85
$10,510,037.25
$10,000.00
The decrease of $20,084,748.98 or 11.7% in "Freight Revenue" was due to a decrease of 10.9 per cent in net ton-miles
occasioned principally by fluctuations
of revenue freight carried and a decrease of .7 per cent in average revenue per ton-mile
commodities handled. Reduced production by lumber mills in the Pacific Northwest caused a large decrease
in the hinds of
of manufactures and miscellaneous commodities decreased substanin the transportation of forest products. Shipments
and steel pipe, because of less construction of natural gas pipe lines in System territory; (2) matially, particularly (1) iron
activities; (3) automobiles and
chinery and boilers and other iron and steel products, attributable to curtailed industrial
production; (4) radios, washing machines, refrigerators, etc., due to generally unfavorable busiparts, because of decreased
less volume from smelters in
ness conditions; and (5) silk, because of smaller imports. Lead, zinc and copper moved in
because of depresssed metal market. Completion early in the year of pleasure pier at Long
Utah, Idaho and Montana
industrial requirements and increased
Beach, California, resulted in a smaller movement of stone; and mild weather, reduced
substantial decrease in the transportation of coal. There was a decrease in shipments
competition of natural gas caused a
of canned food products, principally because of smaller pack of fruits and fish in California and less demand for canned salmon
APRIL
25 1931.]
FINANCIAL CHRONICLE
3181
OPERATING RESULTS FOR YEAR 1930 COMPARED WITH YEAR 1929.
Calendar Year
1930.
9,868.93
Average miles of road operated
Calendar Year
1929.
9,869.40
.47
Increase.
Decrease.
Per
Cent.
-
Operating Revenues
1.
2.
3.
4.
5.
6.
7.
8.
9.
Freight revenue
Passenger revenue
Mall revenue
Express revenue
Other passenger-train revenue
Other train revenue
Switching revenue
Water line revenue
Other revenue
$151,661,002.09
21,177,194.59
5,100,357.38
3,732,807.36
3,498,129.77
50,295.60
1,171,739.26
63,832.56
3,217,253.43
$171,745.751.07
26,323,718.00
5,232,626.30
4,464,243.37
3,874,020.32
101,721.96
1,306,024.48
72,390.43
4,236,096.83
$20,084,748.98
5,146,523.41
132,268.92
731,436.01
375,890.55
51,426.36
134,285.22
8,557.87
1,018,843.40
11.7
19.6
2.5
16.4
9.7
50.6
10.3
11.8
24.1
10.
Total operating revenues
$189,672,612.04
$217,356,592.76
$27,683,980.72
12.7
$22,917,347.76
34,548,850.41
$28,246,009.61
38,283,100.50
$5,328,661.85
3,734,250.09
18.9
9.8
$57,466,198.17
4,730,408.82
57,567.892.33
45,534.03
3,439,242.13
7,916,741.99
11,167.79
$66,529,110.11
4,909.341.10
62,638,350.86
56,453.22
4,531,661.95
8,362,828.93
1,184.80
$9,062,911.94
178,932.28
5,070,458.53
10,919.19
1.092,419.82
446,086.94
13.6
3.6
8.1
19.3
24.1
5.3
-
$131,154,849.68
$147,026,561.37
$15,871,711.69
10.81
$58,517,762.36
$70,330,031.39
$11,812,269.03
16.8
$11,853,944.60
3,187,942.82
$11,988,300.23
5,101,268.11
$134,355.63
1,913,325.29
1.1
37.5
$15,041,887.42
$17,089,568.34
$2,047,680.92
12.0
$7,862.69
$13,952.59
$6,089.90
43.6
$43,468,012.25
7,593,045.52
577,244.66
$53,226,510.46
6,974,463.90
926,478.10
$35,297.722.07
$45,325,568.46
69.15
67.64
1.51
31,844,462
12,858,923.108
403.80
1.164
$7.29
36,250,018
14,430,923,565
398.09
1.172
$7.47
5.71
2,270,235
738,178.548
325.16
41.34
2,828
$1.17
$1.84
3,021,329
894,452,892
296.05
47.76
2.895
$1.38
$2.09
Operating Expenses
11. Maintenance of way and structures
12. Maintenance of equipment
13.
14.
15.
16.
17.
18.
19.
20.
Total maintenance expenses
Traffic expenses
Transportation expenses-rail line
Transportation expenses-water line
Miscellaneous operations expenses
General expenses
Transportation for investment-Credit
Total operating expenses
21. Revenues over expenses
$9,982.99
Taxes
22. State and county
23. Federal income and other federal
24.
Total taxes
25. Uncollectible railway revenues
26. Railway operating income
27. Equipment rents (debit)
28. Joint facility rents (debit)
.
29. Net railway operating income
Per cent-Operating expenses of operating revenues
$618,581.62
$9,758,498.21
18.3
-------------8.9
37.7
----$10,027,846.39
22.1
2.2
Freight Traffic (Commercial Freight only)Tons of revenue freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
.
12.2
10.9
1.4
.008
.7
2.4
3.18
-=
4.405.556
1,572,000,457
Passenger Traffic (Excluding Motor Car)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile, passengers only
Average total revenue per passenger-train mile
751.094
156,274,344
29.11
6.42
.067
3.21
3.25
24.9
17.5
9.8
13.4
2.3
15.2
12.0
from the North Pacific Coast. The movement of citrus fruits decreased on account of the small orange crop in California
but better crops of deciduous fruits and vegetables in Pacific Coast and intermountain territory resulted in a substantial
increase in the transportation of these commodities. The wheat crop was larger in Kansas, Nebraska and Colorado, and
the movement increased substantially. There was also an increase in the transportation of refined petroleum oils, particularly gasoline, because of favorable weather conditions and additional improved highways in System territory permitting greater use of automobiles.
The decrease of $5,146,523.41 or 19.6% in "Passenger Revenue" was due to a decrease of 17.5 per cent in revenue passengers carried one mile, occasioned principally by a decrease in general travel on regular trains and in summer travel to National
.
Parks and by the continued diversion of business to motor vehicles; and to a decrease of 2.3 per cent in average revenue per
passenger mile.
The decrease of $731,436.01 or 16.4% in "Express Revenue" was due principally to decrease in movement of less than
carload traffic.
The decrease of $375,890.55 or 9.7% in "Other Passenger-Train Revenue" was due principally to a decrease in dining
and buffet revenue because of the decline in passenger traffic.
The decrease of $134,285.22 or 10.3% in "Switching Revenue" was due to the decreased volume of freight traffic
handled.
The decrease of $1,018,843.40 or 24.1% in "Other Revenue" was principally in receipts from hotel and restaurant
operations, due chiefly to the decrease in passenger traffic and in receipts from company boarding outfits operated for the
benefit of construction forces at isolated locations, because of less construction work at such locations.
The decrease of $5,328,661.85 or 18.9% in "Maintenance of Way and Structures Expenses" was due to the smaller
volume of traffic moved and very favorable weather conditions throughout the year, permitting the handling of maintenance
work at minimum expense; to economies in the use of labor and material and greater use of power machines;
and to less
improvement work involving heavy retirements and other charges to Maintenance Expenses. Way and structures were
well maintained.
The principal track materials used during the year in making renewals were as follows:
New steel rails _______________________________________________________________ 254.59 track miles
Second-hand steel rails ________________________________________________________ 23.83 "
Total
278.42 track miles
excluding yard tracks and sidings, equivalent to 2.7 per cent of the track miles in main track at the beginning of the year.
Ties, 1,919,204 (98.4 per cent treated), equivalent to 4.9 per cent of all ties in track at the beginning of the year. Tie plates,
1,442,862, and continuous rail joints, 125,892.
The decrease of $3,734,250.09 or 9.8% in "Maintenance of Equipment Expenses" was principally in repairs to locomotives and freight cars, because of less use. Locomotive miles decreased 8.4 per cent and freight-car miles 6.1 per cent.
Equipment was maintained in good condition.
3182
[VOL. 132.
FINANCIAL CHRONICLE
The decrease of $178,932.28 or 3.6% in "Traffic Expenses" was chiefly in expenditures for advertising, stationery and
printing, and outside agencies.
The decrease of $5,070,458.53 or 8.1% in "Transportation Expenses-Rail Line" was due principally to the decrease
in volume of freight business handled. There were decreases of 7.1 per cent in freight gross ton-miles and 9.4 per cent in
freight-train miles. There was also a decrease of 3.9 per cent in passenger-train and motor-car miles, with a consequent
reduction in expenses, due to the discontinuance of a number of main line local and branch line passenger trains during the
year. There has been a continuing decrease in passenger business since 1923, but until this year it has been difficult to
get authority from the various regulatory bodies to discontinue unprofitable passenger trains.
The decrease of $1,092,419.82 or 24.1 per cent in "Miscellaneous Operations Expenses" was principally in dining car,
hotel, restaurant and boarding outfit operations. (See explanations of decreases in Other Passenger-Train Revenue and
Other Revenue.)
The decrease of $446,086.94 or 5.3 per cent in "General Expenges" was due principally to decreases in clerical forces,
premiums on employes' group insurance and expenditures for stationery and printing.
An analysis by classes of the decrease of $2,047,680.92 or 12 per cent in "Taxes" is shown in the table. The decreasein State and county taxes resulted principally from decreases in several States in both assessments and tax levies. Thedecrease in Federal income and other Federal taxes was due principally to a decrease in taxable income and profits, partially
offset by an increase in the income tax rate from 11 to 12 per cent.
The increase of $618,581.62 or 8.9 per cent in "Equipment Rents (Debit)" was due chiefly to an increase in mileage
payments on refrigerator cars, there having been a substantial increase in number of carloads of perishable commodities
handled.
The decrease of $349,233.44 or 37.7 per cent in "Joint Facility Rents (Debit)" was due chiefly to an accounting adjust..
tnent.
Branch line extending 22.71 miles in a general easterly direction from a connection with the main line at a point about
7.17 miles south of Las Vegas, Nevada, to provide for the transportation of men and materials necessary for the construction by the United States Government of the Hoover Dam (formerly called Boulder Dam)at Black Canyon on the Colorado.
River, was completed and placed in operation on February 5, 1931.
In the report for the year 1929, it was stated that the Oregon-Washington Railroad & Navigation Company and Northern Pacific Railway Company would early in 1930 commence the construction of a line, to be jointly owned and operated,
to extend approximately 67 miles northerly from a point near Moelips, Washington, into the Olympic Peninsula, to servean undeveloped territory containing a large amount of timber and some other resources. Due to the general depression in
the lumber industry, the construction of this line has been deferred. During the year 1930 changes in survey were made
which will shorten the line approximately 10 miles.
GENERAL BALANCE SHEET
-ASSETS.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 91,
1930.
Investments
Road and Equipment
Less:
Receipts from improvement and equipment fund
Appropriations from income and surplus prior to July 1, 1907. credited
to this account
Total
701. Investment in road and equipment
704. Deposits in lieu of mortgaged property sold
705. Miscellaneous physical property
Total
706. Investments in affiliated companies:
Stocks
Bonds, notes, and equipment trust certificates
Advances
Total
707. Investments in other companies:
Stocks
Bonds, notes, and equipment trust certificates
Total
United States Government Bonds and Notes
703. Sinking funds
Total Investments
Current Assets:
708. Cash
709. Demand Loans and Deposits
710. Time Drafts and Deposits
711. Special deposits
712. Loans and bills receivable
713. Traffic and car service balances receivable
714. Net balance receivable from agents and conductors
715. Miscellaneous accounts receivable
716. Material and supplies
717. Interest and dividends receivable
718. Rents receivable
719. Other current assets:
Baltimore and Ohio Railroad Co. capital stock applicable to payment
of extra dividend of 1914
Miscellaneous items..
Total Current Assets
Deferred Assets:
720. Working fund advances
722. Other deferred assets: per contra
Land contracts, as
Miscellaneous items
Total Deferred Assets
Unadjusted Debits:
723. Rents and insurance premiums paid in advance
725. Discount on funded debt
727. Other unadjusted debits
Total Unadjusted Debits
Grand Total
$920,613,595.19
823,823.091.13
December 31,
1929.
Increase.
Decrease.
$909,873,259.09 $10,740,336.10
$23,823,091.13
13,310,236.52
13,310,236.52
$37,133,327.65
837.133.327.65
$883,480,267.54
$872,739,931.44 210,740,338.10
$102,685.68
39,496.34
$358,320.17
2,416,296.47
3255.634.49
2,376.800.13
$2,774,616.64
$2,632,434.62
$142,182.02
$22,325,141.53
21,691,522.13
21,932,117.40
$21,853,592.46
24,535.064.50
20.194,845.61
1,737,271.79
$65,948,781.06
$66,583,502.57
$95,840,417.27
71,868,252.26
$93.932,217.27
76,213.897.06
$167,708,669.53
$170,146,114.33
$24,652,736.56
$32,013,361.56
$2,639,375.00
$173.932.08
8156.797.93
$17,134.15
$471,549.07
$2,843,542.37
$634,721.51
$1,908,200.00
$4,345.644.80.
$2,437,444.80,
$1,154,739,003.41 $1,144,272,142.48 910,488,880.98
$9,171,390.61
127,074.53
5,702.11
3,986,590.47
986,471.46
3,973,319.42
16,962,371.08
1,645,880.87
186,535.73
$9,313,776.86
6,500,000.00
50,000.00
81.678.41
9,285.92
4,120,597.18
1,125,724.24
4,637,685.18
17,963,837.11
1,752,392.62
178,758.63
121.398.20
112,860.46
125,08.20
99,233.29
13.627.17
$48.093,371.79
$45,958.027.63
$2,135.344.16
$89,586.90
$101,836.70
$12,249.80.
10,206.49
2.613,419.71
14,257.93
2,978,317.57
4,051.44
364,897.86.
$2,713,213.10
$3,094,4/2.20
S3.543.90
953,462.84
1.540.525.91
$4,742.92
985,156.88
1.373.431.71
$18,485,167.46
1,500,000.00
$5,000,000.00‘
50,000.00.
45,396.12
3,583.81
134,006.71
139,252.78'
664,365.76.
1,001,466.03
106,511.75.
7,777.10
3,660.00.
$381,199.10
$167,094.20
$134,201.14
$2,363,331.51
$2,497,532.65
$1,208,043,120.98 $1,195,887,913.79$12,355,207.18
$1,199.02.
31,694.04
APRIL 25 1931.]
FINANCIAL CHRONICLE
3183
GENERAL BALANCE SHEET—LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line
Railroad Co., Oregon117ashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31,
1930.
$1,600,025.53
10,548,468.97
$245,357.01
22,209,288.47
211,500.51
20,534.409.14
206,916.90
1,674,879.33
4,583.61
101,271.44
4,516,582.20
118,070.24
4,516.523.10
59.10
130,322.50
127,716.50
2,606.00
130,730.94
5,557,290.00
56,325.00
•
1,527,678.13
622,050.92
74,367.23
134,902.30
5,557,290.00
580,325.00
1,552.020.44
635,403.56
148,641.23
524,000.00
24,342.31
13,352.64
74,274.00
$46,260,712.91
$184,068.01
$14,257.93
1,660,000.00
8,191,886.58
11,075,936.52
$20,942,081.03
$3,679,494.92
74,524,804.59
$639,304.29
5,298,653.14
703,313.09
1,351,392.18
678,369.09
2,555,822.95
24,944.00
$86,196,962.21
$81,438,491.55
$4,758,470.66
$833,959,459.10
2833,424,973.47
$534,485.63
$30,474,626.71
34,972,570.88
536,828.66
177,606.00
$30,425,460.90
34,972,570.88
536,828.66
170,126.22
a$49,165.81
$66,161,632.25
276,249,135.38
Total Liabilities
$1,845,382.54
9.093.855.02
$4,318,799.21
79,823,457.73
Total Unadjusted Credits
a$79,827.38
$19,053,886.63
Jnadjusted Credits:
773. Insurance reserve:
Reserve for fire insurance
776. Reserve for depreciation
778. Other unadjusted credits:
Contingent interest
Miscellaneous items
$831,067.98
$10,206.49
1,660,000.00
8,253,925.05
9,129,755.09
Total Dferred Liabilities
$2,231.550.00
$46,076,644.90
Total Current Liabilities
)eferred Liabilities:
770. Other deferred liabilities:
Principal of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
Miscellaneous items
771. Tax liabilitity
$2,231,550.00
$683,952,620.00
$910,895.36
754. Grants in Aid of Construction
:urrent Liabilities:
759. Traffic and car service balances payable
760. Audited accounts and wages payable___
761. Miscellaneous accounts payable:
Due to affiliated companies
Other accounts payable
762. Interest matured unpaid:
Coupons matured, but not presented
Coupons and interest on registered bonds, due first proximo
763. Dividends matured unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8, 1914, payable to
stockholders of record March 2, 1914. unpaid
Divided on common stock payable second proximo
764. Funded debt matured unpaid
766. thamatured interest accrued
767. Unmatured ren accrued
rents
768. Other current liabilities
$321,836,200.00
362,116.420.00
$681,721,070.00
Total
$222,293,100.00
99,543,100.00
$321,836,200.00
359,884,870.00
Total Capital Stock
755. Funded Debt
December 31,
1929.
$222,293,100.00
99,543.100.00
751. Capital Stock:
Common stock
Preferred stock
366,104,986.66
264,485,059.44
$56,645.59
11,764,075.94
Increase.
Decrease.
$1,454,613.95
16,798.80
4,171.36
$ 4,051.44
$62,038.47
1,946,181.43
$1,888,194.40
$1,204,430.77
sri
"Surplus:
Appropriated for additions and betterments
Reserved for depreciation of securities_
Funded debt retired through income and surplus
Sinking fund reserves
Total Appropriated Surplus
784. Profit and Loss—Credit Balance
7,479.78
Total Surplus
$342,410,767.63
"is this consolidated balance sheet excludes all intercompany items, securities
of the
Los Angeles & Salt Lake Railroad Company owned by other System
companies
are not included. The difference between the par and face value ofsuch
securities
as carried on the books of the Los Angeles & Salt Lake (less
unextinguished discount on the bonds and discount charged to Profit and Loss but added
back in
consolidating the accounts) and the amounts at which the securities
on the books of the owning System companies is set up here to balance are carried
Grand Total
$31,672,894.22
$330,590,046.10 $11,820,721.33
•
$31,672,894.22
31,208,043,120.95 $1,195,657,913.79 $12,355,207.16
a These amounts respectively represent donations made during the year
and companies in part payment for improvements,such as road crossings, by Federal Government, States, counties and municipalities and by Individual
drainage projects, and industry spur tracks, the cost of which was charged t
"Investment in Road and Equipment." These amounts are so accounted for to
conform with regulations of the Interstate Commerce Commission.
The increase in "Investment in Road and Equipment" is made up as
follows:
Extensions and Branches _____ - - ___ uip ent
Additions and Betterments, crew ding ___________________________________________________________________________________
$498,220.73
______________________________________________________________________ 8,746.447.69
Equipment
4,820,964.87
Total Increase __________________
_______________________________________________________________ _
$14,065,633.29
From which there was deducted:
Cost of property retired from service and not to be replaced
_________________________________________________$1.168,437.12
(Jost of real estate retired _ _ _______ _ _________________________
Cost of equipment retired from service
43,948.69
_____________________________________________________________ ____________________________________ 2,112,911.38
Total Deductions
______________________________________________________________________________________________ 3,325,297.19
Net in
in "Investment in Road and Equipment"__________________
$10,740,336.10
CURRENT NOTICES.
SURVEY OF OFFICIALS OF ADMINISTRATIVE &
RESEARCH
CORP., SPONSORS FOR CORPORATE TRUST SHARES,
FIND
NEWSPAPERS BEST ADVERTISING MEDIUM.—After a survey,
lasting several months, of the advertising medium best suited to
financial
advertising, officials of the Administrative and Research Corp.,
sponsors
of Corporate Trust Shares, announced on April 19 their decision not
only
to continue to place the larger part of their advertising appropriation
in
the financial pages of newspapers of the country, but to augment the
amonnt
of space heretofore used. It is stated that this company is already
the
largest user of advertising space in newspapers among financial
advertisers
in the country and much pressure has been brought to bear upon
the
Administrative & Research Corp. to divert their large
appropriation to
other advertising channels. Discussing the step just taken by his
organization, John Y. Robbins, President of Administrative & Research
Corp.,
said;
"For some time past there have been persistent rumors in financial
and
advertising circles that this company would discontinue its
advertising and adopt another form of publicity. In order newspaper
definitely
at rest these rumors, I should like to state that not only are
to set
we
continuing our newspaper advertising, but as a result of a recent
study of
the advertising situation made by us, have decided to increase out present
appropriation.
newspaper
"Last year, the sales of Corporate Trust Shares exceeded
Investment trust, averaging more than a million shares a those of any
month. In
the first quarter of this year, sales ran substantially ahead of the
average. It has long been our conviction that the consistent use of 1930
space
on our part in the financial pages of representative newspapers
throughout
the country has had much to do with this
distriwu iion. Thor
b htch h
f is
has been fully attested by the survey referred to,
widespraconvt
ad
its purpose a thorough and disinterested investigation of the type of publicity
carrying the most weight with investors."
—Rutter & Co., investment bankers and members of the New York
Stock Exchange, announce the removal of their
main office to the City
Bank Farmers Trust Co. Building at 20 Exchange Pl.,
where they will
occupy the entire 34th floor. Branch offices are maintained
at Hartford, Conn., and Boston, Mass.
—George L. Cross, for many years manager of the municipal
bond department of the National City Co. and more recently president
of C. F. Childs
& Co., is conducting a general brokerage business
in State and municipal
bonds. Mr. Cross is making his headquarters with
Bainbridge & Ryan,
100 Broadway, New York.
—Announcement has been made of the retirement
of Edward C. King,
and Noble Crandall from the firm of George
H. Burr & Co., simultaneous
announcement being made that Mr. King and Mr. Crandall are associated
together in the investment banking business with offices
at 43 Exchange
Place, N. Y. City.
—Fred W. Preller and Percival J. Steindler announce the formation of a
partnership under the name of Steindler & Broiler, with offices at 11 Broadway, N. Y., to transact a general investment securities business together
with a special confidential service to dealers.
—The American Express Bank & Trust Co. has been appointed transfer
agent for the capital stock of Cement Securities Investment Corp.
and
agent for the voting trustees under an agreement dated March 30
1931.
under which the said stock may be deposited.
—J. Wilton Peters, a partner of Otis & Co., members of the New
York
and other leading stock exchanges, was elected a Governor of the
Association of Stock Exchange Firma at the annual meeting.
—Herbert II. Seaman Jr., formerly with Pynchon & Co.is now
with J. Roy I'rosser & CO. as Manager of their insurance stock associated
department.
3184
[Vol,. 132.
FINANCIAL CHRONICLE
THE DELAWARE AND HUDSON COMPANY.
DECEMBER 31, 1930.
ONE HUNDRED AND FIRST ANNUAL REPORT—FOR THE YEAR ENDED
New York, N. Y., March 25, 1931.
To the Stockholders of
The Delaware and Hudson Company:
' The net income of your Company for the year 1930 was
$4,693,234.98, or 9.10% of the par value of the capital stock
outstanding. The principal elements of the income account
•
were as follows:
From January 1 to March 31, inclusive, your Company was
operating its railroad, and during that period earned from
the transportation of freight and passengers and from other69,478,037.00
incidental sources
of
Out of this amount it was necessary to pay as expensesthe
operation, including the cost of repairing and renewing of
roadway, tracks, and other fixed property, the costthe
repairing and renewing locomotives and car equipment
cost of traffic solicitation, the cost of train, yard, stations,
and other phases of current operations, and other general 8,017,264.96
and miscellaneous expenses
.04
There was thus left as net operating revenues for taxes__ $1,460,772
370,500.00
Against this amount it was necessary to charge
960.52
equipment and joint facility rents, etc., net
.For
as
Leaving what the Interstate Commerce Commission defines $1,089,311.52
net railway operating income
interest, and other
Against this there was charged for rentals,
1,108,029.11
miscellaneous charges, a net amount of
Resulting in a loss from railroad operations, for the period $18,717.59
Indicated, of
dividends on
The Company earned during the entire year. asfrom sales of
stocks, interest on bonds and loans, profits
5,090,197.19
other miscellaneous sources
securities, and
adminisFrom this it was necessary to deduct as expenses of
378,244.62
tration, taxes, etc
$4,693,234.98
Leaving a balance of
which was added to the accumulated surplus earnings of
prior years.
Hudson Company on June 1, 1920, and assumed by The
Delaware and Hudson Railroad Corporation on April 1,
1930, became due and payable. To provide funds for the
retirement of these bonds, the railroad corporation sold,
under authority of the Interstate Commerce Commission,
$10,000,000 par value of the First and Refunding Mortgage
4% Gold Bonds of 1943 of The Delaware and Hudson Company, which had been issued and pledged as collateral under
the indenture of the Ten Year Seven Per Cent Gold Bonds
of 1930, currently maturing.
At the close of the year the funded debt of the railroad
corporation was $59,671,650.
SINKING FUND.
The sum of $490,000, being one per cent of the par value
ot the First and Refunding Mortgage Gold Bonds outstanding
on June 1, 1930, was paid during the year to the trustee
under the mortgage securing that issue, making a total
paid to December 31, 1930, of $8,242,430. The sum paid
was expended in additions and betterments to the mortgaged
property,in accordance with the trust agreement.
DIVIDENDS.
Dividends for the year 1930 upon the outstanding 515,740
shares of the capital stock of The Delaware and Hudson
Railroad Corporation at the rate of $1.00 per share, amounting to $515,740, were declared out of the surplus of the
Corporation, payable December 31, 1930.
RAILWAY OPERATIONS.
For the purpose of affording a comparison with the results
comparative statistical
of your Company for the year 1930, of operation during the year 1929, the
The income account
statements included in this report show, for the year 1930,
is shown below.
in more technical form,
the figures of The Delaware and Hudson Company for the
GENERAL REMARKS.
period from January 1 to March 31, 1930, and of the railroad
CAPITAL STOCK.
corporation for the period from April 1 to December 31, 1930.
The par value of the capital stock of The Delaware and
NET RAILWAY OPERATING INCOME.
Hudson Company on December 31, 1930, was $51,573,900,
The net railway operating income for the calendar year
the year.
there having been no change during
1930 was $5,790,780, a decrease of $2,263,426, or 28.10
FUNDED DEBT.
per cent under 1929. This decrease resulted principally
The total funded debt at the beginning of the year was from the diminished traffic movement attributable to the
to
$59,937,050. This was reduced in January, 1930, duethe widespread business depression that existed during the year.
on The operating ratio was 81.25 per cent in 1930 compared
extent of $265,400 by the payment of the installment
January 15 of Equipment Six Per Cent Gold Notes, Series A, with 77.82 per cent in 1929.
OPERATING REVENUES.
issued to pay for 1,500 freight cars allocated to your comOn
pany by the United States Railroad Administration. On
The gross operating revenues in 1930 amounted to $37,March 31, 1930, the funded debt was thus $59,671,650. The 948,340, a decrease of $3,473,038, or 8.38 per cent under 1929.
April 1, 1930, the obligation therefor was assumed by the
FREIGHT REVENUES.
Delaware and Hudson Railroad Corporation as a part of
The freight revenues amounted to $32,759,833, a decrease
for the sale to that corporation of the railroad of $2,452,269, or 6.96 per cent under 1929. Of this decrease,
consideration
and other transportation properties of your company,further $156,385 was in anthracite traffic; $114,282 was in coke
35
reference to which transaction will be found herein.
traffic; $80,167 was in bituminous coal traffic, and $2,101,4
AND HUDSON RAILROAD in
ORGANIZATION OF THE DELAWARE
other freight traffic. The revenue tons carried decreased
CORPORATION.
3.04 per cent but owing to a decrease of 5.30 per cent in the
In the report for the year 1929, you were informed that on average haul, the revenue ton miles decreased 8.18 per cent.
January 16, 1930, the Interstate Commerce Commission had The traffic moved on a slightly increased rate per ton mile.
to
entered an order authorizing your company to transferthe The average loading per car of revenue freight was 27.70
The Delaware and Hudson Railroad Corporation all of by tons compared with 27.51 tons in 1929. Traffic originating
common carrier property, owned and leased, operated
and terminating on The Delaware and Hudson Railroad
carried; traffic
your company within the United States.
constituted 27.05 per cent of the tonnage Railroad and
That transfer was made on April 1, 1930. In accordance originating on The Delaware and Hudson
with the terms of said order and the contracts of sale and destined to points on other railroads, 34.76 per cent; traffic
purchase duly executed, your company sold and conveyed received from other railroads and destined to points on The
to the railroad corporation all its common carrier property, Delaware and Hudson Railroad, 12.45 per cent; and traffic
owned and operated in the United States, and the capital in connection with which The Delaware and Hudson Railstock and other securities of certain common carrier sub- road performed an intermediate service, 25.74 per cent.
sidiary companies; assigned to the railroad corporation its
PASSENGER REVENUES.
leasehold interest in all railroad property leased and used in
The passenger revenues amounted to $2,735,346, a des, and $1,500,000 in cash.
its common carrier operation
$552,065, or 16.79 per cent under 1929. The total
The railroad corporation assumed all outstanding liabilities crease ofof passengers carried decreased 17.28 per cent. This
out of carrier operations and number
increase in the length
of your company growing
decrease was partly offset by a slight
received an assignment of all outstanding current and de- of the average journey with the result that the passenger
such operations. Your comferred assets growing out of
but 16.01 per cent.
pany received the entire issue of capital stock of the railroad miles decreased
OTHER REVENUE.
shares of common stock,
corporation consisting of 515,740
a
of
The other revenues amounted to $2,453,161, decreasefor
without par value.
1929. The figures
DIVIDENDS.
$468,704, or 16.04 per cent under a decrease of $118,990,
ation show
Dividends for the year 1930 upon the outstanding $51,- revenue from mail transport largely due to the inclusion in
stock of your company at the rate of nine or 30.44 per cent. This is
573,000 of capital
51,
for a retroactive settlement of a rate
per cent upon the par value thereof, amounting to $4,641,6the 1929 of $112,363 1929. Eliminating this item, the current
surplus, payable quarterly on
increase obtained in
were declared out of
r.
decrease will be found to be $6,627, or 2.38 per cent. Express
twentieth days of March,June, September and Decembe
revenue decreased $92,401, or 16.86 per cent, on account of
STEAM RAILROADS.
decreased traffic. Demurrage revenue decreased $80,975,
HUDSON RAILROAD CORPORATION.
THE ELAWARE AND
or 32.98 per cent, principally because of a decrease in the
CAPITAL STOCK.
held awaiting orders on the
and Hudson Railroad number of cars of anthracite
The capital stock of The Delawarer 31, 1930, was 515,740 Pennsylvania Division.
outstanding on Decembe
Corporation,
OPERATING EXPENSES.
having been no change
common shares of no par value, there
The operating expenses during the year 1930 amounted to
since April 1, 1930.
$30,831,189, a dcecrease of 41,404,383, or .4.36 per cent
FUNDED DEBT.
on April 1, 1930, The Delaware under 1929.
As before stated herein,
Maintenance of way expenses increased $687,289, or
assumed the funded debt
and Hudson Railroad Corporation Company amounting to 13.41 per cent over 1929, principally on account of enlarged
Hudson
of The Delaware and
improvement programs in connection with bridges, culverts
These projects involved substantial
$59,671,650.
par value Ten Year Seven and grade crossings. account of the retirement of facilities
On June 1, 1930, $10,000,000
issued by The Delaware and charges to expenses on
Per Cent Gold Bonds of 1930,
APRIL 25 1931.]
3185
FINANCIAL CHRONICLE
replaced in 1930 and there were similar charges, although
not so great, in 1929. The cost of ordinary maintenance work
charged to expenses in 1930 was slightly less than in 1929.
Maintenance of equipment expenses decreased $703,316,
or 7.37 per cent, compared with 1929. This reduction was
made possible by the equipment conversion and rebuilding
programs of previous years, which made possible the movement of the reduced volume of business handled in 1930 at
reduced expenditures for maintenance and without sacrifice
of the condition of the equipment.
Traffic expenses increased $16,696, or 2.45 per cent,
principally because of the establishment in June, 1929, of a
traffic solicitation office at Cleveland, Ohio.
Transportation expenses decreased $1,278,936, or 8.66
per cent, which is consistent with a decrease in revenue ton
miles of 8.18 per cent. The transportation expense ratio was
35.57 compared with 35.67 in 1929. Charges for locomotive
fuel consumed in revenue service were reduced $755,043,
or 22.71 per cent, as compared with a reduction of 7.48 per
cent in revenue locomotive mileage and 8.18 per cent in
revenue ton miles. This saving was brought about by
reductions in the tonnage consumed and cost per ton of
fuel used, the latter resulting from the use of a larger proportion of bituminous coal. The average tons per train—
revenue and non-revenue freight—increased from 910.47
tons to 918.29 tons.
Expenses of miscellaneous operations decreased $48,465,
or 30.38 per cent, and general expenses decreased $74,861,
or 3.80 per cent.
HIRE OF FREIGHT CARS.
During the year 1930, $1,663,746 was paid to foreign
roads and $287,116 to private car lines and individuals for
the use of freight cars, and $2,117,810 was received for the
use of Delaware and Hudson cars by other railroads, the
favorable balance being $166,948. This compares with a
similar balance ot $170,346 in 1929.
the year, and one at Cooperville was started. Over or under
passes at Howe's Cave, Round Lake and Comstock were
completed; work is in progress on overcrossings at Cooperville, Glens Falls and Port Henry. Four important crossings
between Delanson and Kelleys were eliminated by the
abandonment of the old northbound main track, which
formerly occupied a separate right-of-way, and by the construction of a new northbound main track on the right-of-way
of the southbound main track. The grade crossing elimination at Almond Street, Avoca, ordered by the Public Service
Commission of Pennsylvania, in 1927, was completed.
One passenger and five freight locomotives were built
and one locomotive was purchased during the year. Two
locomotives were converted from consolidation to switcher
type. One freight locomotive was sold and twelve obsolete
locomotives,including four passenger, six freight, one passenger or freight, and one switching locomotive, were dismantled
during the year.
In continuance of the program of modernizing the freight
equipment there were built during the year, in the Oneonta
shop, six hundred three-hopper type coal cars to replace the
same number of twin-hopper cars retired. Seven hundred
and thirty-nine freight cars, including the six hundred twinhopper cars, were dismantled or destroyed during the year
and seven were transferred to work service. Thirteen automobile cars were converted into box cars and two cabooses
were sold.
During the year two all-steel combination mail and
baggage cars were purchased. Five coaches, six baggage
cars, and four milk cars were reconditioned and seven combination mail and baggage cars were converted to full
baggage cars. Two passenger coaches and four baggage
cars were transferred to work service.
One locomotive crane was purchased during the year
and twenty-two units of work equipment were retired.
TAXES.
Sixty-eight new industrial plants were located along the
tracks of the railroad in 1930. In addition, there were
eighteen extensions to plants already established. Thirteen
new side tracks were constructed and four were extended.
The estimated cost was $60,823, of which $16,435 was
borne by the railroad and $44,388 by the industries served.
During the year 1930 taxation absorbed $1,459,555 of
your revenues,compared with $1,135,500 during the previous
year, an increase of $324,055. For every dollar of revenue
earned during the year, over three and three-quarter cents
were used to pay taxes.
The taxes of Class I railroads, including large switching
and terminal companies,for the year 1930 were $353,685,697,
as compared with $402,943,185 for the previous year. This
decrease is not in any way an indication of diminished taxation but is really due to the falling off in earnings in the
past year. While the tax bill of Class I carriers decreased
12.22 per cent, this decrease was exceeded by the decline
of 16 per cent in gross revenues.
ROAD AND EQUIPMENT.
During the year 1930, $3,347,759 was expended for additions and improvements. Property carried on the books
at $1,535,691 was abandoned. The result was a net increase
in the road and equipment account of $1,812,068.
Lands were acquired at Mechanicville, Albany, Delanson,
Carbondale, Fort Edward, and Hudson for future development; at Comstock for a stone quarry; at Sidney for elimmination of curves; at Delmar for yard purposes; and at
Ararat and Binghamton for elimination of encroachments.
Construction of a new bridge and realignment of tracks at
Sidney, started in 1930, was about 84 per cent completed.
The work of rebuilding bridge W-131.48 at Shushan, which
was begun in 1929, was completed and several other bridges
and culverts were strengthened to accommodate the heavier
equipment now being used.
Rail of 130-lb. section and corresponding track material
have been adopted as standard for use in main tracks
instead of 90-lb. rail and corresponding material, and during the year about 23 miles of track were relaid according
to the higher standard.
Three electric switch machines with necessary signals
were installed at Alplaus, thereby eliminating the mechanical interlocking plant at Glenville Junction.
Four signal towers on the Nineveh Branch were replaced
with a system of centralized control by which all the switches
and signals formerly operated from the towers are now
controlled by a device located in the station at Windsor.
By the construction of 4,707 feet of track together with
necessary signal apparatus, the sidings known as Swift's
and Shea's were connected to provide a running track of
approximately five miles in length extending from Bevier
Street, Binghamton, to Mile Post A-137.77.
A new freight terminal, including freight house, necessary tracks, loading platforms, and paved driveways, was
constructed at Wyoming Avenue, Scranton.
In order to utilize the land under Island Creek, at Albany,
which was acquired from the State of New York in 1929, a
sewer has been built to provide an outlet for sewage and the
creek has been filled with material from dredging operations
in the Hudson River.
About eight miles of the main tracks between Fort
Edward and Whitehall and two miles of the main track and
the running tracks at Valcour were ballasted with broken
rock.
In compliance with orders of the Public Service Commission of the State of New York, considerable progress was
made in the elimination of grade crossings. Construction
of connecting highways to eliminate crossings at Round
Lake, Rouses Point and Saratoga was completed during
INDUSTRIAL DEPARTMENT.
TRAFFIC DEPARTMENT.
During the year the Traffic Department was successful
in establishing rates on anthracite from mines located on the
Pennsylvania Railroad to all points in Canada and from
mines located on the Central Railroad of New Jersey to
New England and Canada, both via The Delaware and
Hudson Railroad, enabling your railroad to participate in
the movement of traffic formerly handled exclusively by its
competitors. Rates were also established on bituminous
coal destined to various points in Canada, making available
traffic that previously moved over competitive routes.
Negotiations are being carried on between officers of the
Albany Port District Commission, the New York Central
Railroad and The Delaware and Hudson Railroad to
establish rates which will enable that port to operate upon
terms substantially as advantageous as those existing at
New York, Philadelphia, and Baltimore.
PENSIONS.
On December 31, 1930, three hundred and three retired
employes were receiving pensions, an increase of eleven over
1929. The amounts paid to pensioners during the year
aggregated $175,235. At the end of the year thirteen employes were carried on the Incapacitatea Roll, to whom
$12,281 had been paid during the year.
GROUP INSURANCE.
The group insurance plan, through which comprehensive
protection is afforded to employes and their families against
losses by death, illness, accident, and unemployment, has
been continued. During the year 1930, the ninth in which
the plan has been in operation, premium payments amounting to $159,547 were contributed by the company. The
payments to employes and the beneficiaries they selected
amounted to $415,221, as follows:
163
892
117
15
9
39
Death claims
Health claims
Accident claims
Accidental death and dismemberment claims
Total and permanent disability claims
Unemployment claims
1,235
$277,156
93,436
9,404
21,600
10,501
3.124
$415,221
All the claims except those on account of unemployment
were paid by the Metropolitan Life Insurance Company,
which underwrites the plan. The unemployment claims
were paid directly from the treasury.
.The pension and incapacitated payroll payments and con•
tributions to the group insurance plan, including unemployment allowances, amounted'to $350,187. The employes'
contributions to the group insurance plan were $320,754.
At the close of the year 11,663 employes were protected by
group life insurance to the extent of $19,073,750, an average
of $1,635 each.
VALUATION.
The cost of valuation work to the end of 1930, aggregated
$875,288, of which $738,714 has been charged to corporate
operating expenses, and $136,574 to the operating expenses
of the United States Railroad Administration.
The work required under Supplements 4 and 5 of Valuation Order No. 3 and Valuation Order No. 25, desired to
3186
[VoL. 132.
FINANCIAL CHRONICLE
bring the valuation down from June 30, 1916, the date of
primary valuation, to December 31, 1927, waS progressed
during the year. The returns under Supplements 4 and 5
of Valuation Order No. 3 were filed with the Interstate
Commerce Commission in February, 1931. The returns
under Valuation Order No. 25 are now in the course of
preparation.
During the year the Bureau of Valuation of the Interstate
Commerce Commilision ordered the filing of returns under
Supplements Nos. 4 and 5 to Valuation Order No. 3 and
under Valuation Order No. 25, for the period from January
1, 1928, to December 31, 1929, and yearly reports thereafter.
The returns for the two-year period are now being prepared.
Similar orders were serve'd Upon the Greenwich & Johnsonville Railway Company, The Champlain Transportation
Company, The Cooperstown and Charlotte Valley Railroad
Company, and the Wilkes-Barre Connecting Railroad Company, and responses have been filed for the period from
January 1, 1928, to December 31, 1929.
declined less than 6 per cent in 1930, compared with the
preceding year.
COAL PROPERTIES.
These are being maintained and kept in modern condition.
The sand flotation process of preparation was installed at
Polvderly Colliery during 1930, resulting in efficient and
satisfactory preparation, as well as in substantial economies
in operation. With the other collieries of your affiliated
corporations which are equipped with the sand flotation
method of preparation, the proportion of output now being
cleaned in such manner is approximately 69 per cent. It is
planned, in the near future, to prepare at Powderly Breaker
the output of another of your affiliated corporations' collieries
so that approximately 77 per cent of the total production will
then be prepared for market in this modern and efficient
manner.
By order of the Board of Managers,
L. F. LOREE, President.
GREENWICH & JOHNSONVILLE RAILWAY COMPANY.
INCOME ACCOUNT—YEAR 1930.
The operating revenues of the Greenwich & Johnsonville
Railway Company decreased $12,686 under 1929 principally
because of decreased freight traffic. Operating expenses
decreased $29,495 principally on account of decreased bridge
and culvert maintenance. Net operating revenues amounted
to $32,426, which was $16,809 or 107.63 per cent over 1929.
The revenue ton miles decreased 4.79 per cent and the passenger miles decreased 10.15 per cent.
TABLE NO. 1.
Net railway operating income—January 1 to March 31,1930-31.089.311.52
NAPIERVILLE JUNCTION RAILWAY COMPANY.
The operating revenues of the Napierville Junction Railway Company decreased $4,893 under 1929. Freight revenues increased $51,509, or 21.01 per cent, the revenue ton
miles increasing 27.92 percent. Passenger revenues decreased
$59,281, or 14.51 per cent, the passenger miles decreasing
14.14 per cent. Operating expenses decreased $160,140, or
29.81 per cent, principally on account of reduced current
maintenance requirements because of the renewal in 1929
of the rail throughout the entire line. Net income was
$220,543, an increase of $149,086 over 1929.
Additions and betterments during the year resulted in a
net charge of $150,926 to road and equipment account,
mostly for the erection of a new station at Lacolle, Quebec;
installation of color light automatic signals between Lacolle
and Delson Junction, Quebec, and the purchase of one locomotive and two cabooses.
SCHOHARIE VALLEY RAILWAY COMPANY.
Nonoperating income charges and credits incident to railroad
Dr.$1,108,029.11
operations—January 1 to March 31, 1930
Income from investments funds:
$503,729.33
Dividends on stocks
1,999,808.47
Interest on bonds
643,464.76
Interest on loans and special deposits
245,793.21
Net profits from sales of securities
Total
Income from investment in affiliated companies:
Dividends on stocks
Interest on bonds
Interest on loans and advances
Total
Other income:
Interest on bank balances
Gross income
Deductions from gross income:
General office salaries and expenses
Other expenses
Tax accruals
Other income debits
Total
$3,392,795.77
$785,740.00
1,120.00
900,000.00
$1,686,860.00
$10,541.42
$5,071,479.60
$92,911.03
111,408.13
160,000.00
13,925.46
$378,244.62
$4,693,234.98
Net income
9.10%
Percentage to capital stock
It will be noted that the net income as stated is but slightly in excess of
9 per cent, on the company's outstanding capital stock. This is due to
the fact that your company elected to take from The Delaware and Hudson
Railroad Corporation and its other affiliated companies, only sufficient
income to meet its dividend requirements, deeming it advisable to leave
surplus earnings in the treasuries of the individual companies rather than
to transfer them to the treasury of the parent company.
The combined net income of your company and all its affiliated companies for the year 1930 amounted to $5,411,689 or 10.50 per cent on the
capital stock of the parent company.
The operating revenues of the Schoharie Valley Railway
Company decreased $608, or 2.67 per cent, under 1929, and
operating expenses increased $1,768 mainly on account of
the replacement of a wooden overhead highway crossing by
one of modern concrete construction. Net income amounted
to $4,656, a decrease of $2,593, or 35.76 per cent, under 1929. GENERAL BALANCE SHEET—DECEMBER 31, 1930.
TABLE NO. 2.
BOAT LINES.
ASSETS.
THE CHAMPLAIN TRANSPORTATION COMPANY
The operating revenues of The Champlain Transportation
Company decreased $33,855, operating expenses decreased
$412 and the net operating deficit was $104,476 as compared
with a deficit of $71,093 in 1929.
THE LAKE GEORGE STEAMBOAT COMPANY.
The operating revenues of the Lake George Steamboat
Company decreased $23,880 under 1929, operating expenses
decreased $4,073 and the net operating deficit was $29,556
as compared with a deficit of $9,749 in 1929.
COAL COMPANIES.
PRODUCTION.
The anthracite produced by your affiliated corporations
during the year 1930 aggregated 6,455,050 long tons, a
decrease of 284,168 long tons, or 4.21 per cent below 1929.
The production of the industry as a whole during 1930 declined approximately 3,500,000 long tons, or 5.7 per cent,
below 1929. The output of your affiliated corporations was
11.19 per cent of the year's total production of all anthracite
companies, estima.cd at 57,685,000 long tons.
MARKET CONDITIONS.
During the year 1930, market demand fell off somewhat,
compared with 1929. The anthracite sold by your affiliated
corporations in 1930 aggregated 6,340,457 long tons, a decrease of 468,247 long tons, or 6.87 per cent, below 1929.
This decline in anthracite sales is attributable to the following causes: unseasonably mild weather temperatures which
.
prevailed in a large part of the anthracite-consuming territory during the early months of 1930; an increase in the
practice of "hand-to-mouth" buying on the part of consumers
generally; and reduced purchasing power of the public as a
,
result of the general it dustrial depression which existed
throughout the country io 1930. The anthracite industry
as a whole, and your affiliated corporations in particular,
have made and are contiouing energetic efforts to increase
the sale of anthracite, and it is believed that with an improvement in industrial conditions generally, and normal
weather temperatures, the anthracite business will benefit
accordingly.
Despite adverse economic conditions existent throughout
the country during 1930, which have resulted in greatly curtailing the output in many lines of industrial activity, it is
significant to note that the total production of anthracite
Investment funds:
$56,305,400.42
Stocks and bonds (see note below)
6,887,600.00
Demand loans
1,000,000.00
loans
Time
$64,193,000.42
Total
Investments in affiliated companies not included in investment funds:
$45,064,284.24
Stocks
59,389.00
Bonds
156.677.00
Loans and advances
$45,280,350.24
Total
Investments—Other:
$2.20
Other securities
Current assets:
$915,835.13
Cash
461,527.75
Special deposits
1,099.987.67
Miscellaneous accounts receivable
778,394.04
Interest and dividends receivable
6,989.58
Rents receivable
$3.262,734.17
Total
Deferred assets:
$50.00
Working fund advances
1.00
Other deferred assets
$51.00
Total
$7,926.67
Unadjusted debits
$400.00
Securities issued or assumed—Unpledged
$112,744,464.70
Total assets
LIABILITIES.
Stock:
Capital stock—Common
Premium on capital stock
Total
Current liabilities:
Audited accounts and wages payable
Dividends matured unpaid
Unmatured rents accrued
Other current liabilities
Total
Deferred liabilities
Unadjusted credits:
Tax liability
Other unadjusted credits
Total
Corporate surplus:
Profit and loss
Total liabilities
$51,573,000.00
4,535.450.00
$56.109,350.00
$47,531.73
125,235.00
250.00
37,600.00
$210,616.73
$47 638 93
$160,000.00
445,091.47
$605,091.47
$55,771,767.57
$112,744,464.70
This balance sheet does not reflect the contingent liabilities created by
the guarantees of obligations of other companies listed in Table No. 3 on
page 13 [pamphlet report]; nor the obligations of this and other companies,
shown in Table No. 6 on page 18 [pamphlet report], now assumed by The
Delaware and Hudson Railroad Corporation.
On D.Icember 31, 1930, the market value of the securities carried at a
cost of $56.305.400.42 was $54,103,321.58. On March 25, 1931, the date
of this report, the market value of those securities was $56,006,498.73.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3187
NORTHERN STATES POWER COMPANY.
TWENTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1030.
OFFICE OF THE PRESIDENT,
231 South La Salle Street,
Chicago, Illinois,
April 18, 1931.
To the Shareholders:
The twenty-first annual report of your Company is submitted herewith. Comparative consolidated earnings were
as follows:
Year ended December 31—
1930.
1929.
Gross Earnings
$33,271,961.52 $32,754,119.65
Operating Expenses. Main517,085,741.45
tenance and 'Faxes
Credit—Withdrawal from
420,000.00 16,665.741.45 15,966,640.89
Contingency Reserve_ --Net Earnings before Appropriation for Retirement (Depreciation) Reserve
$16,606.220.07 $16,787.478.76
Other Income
234,099.54
642,142.31
Net Earnings, including Other Income
$16,840,319.61 $17,429,621.07
Interest Charges—Net
5,646,354.45 5,647,735.99
Balance
$11,193.965.16 $11,781.885.08
Preferred Dividends
4,717.142.53 4,679,054.41
56,476,822.63 $7,102,830.67
Balance
Appropriation for Retirement
(Depreciation) Reserve_ - _52.900,000.00
Credit—Withdrawal from
Contingency Reserve
340,000.00 2,560,000.00 2,900.000.00
Balance for Amortization, Common Divi$3.916,822.6.3 54,202.830.67
dends and Surplus
Gross earnings increased $517,841.87, or 1.58 per cent,
while net earnings decreased $181,258.69, or 1.07 per cent.
Your Company continued its activities during the year
in promoting the use of additional lighting and power for
residential, commercial and industrial service. A large
amount of business development work also was doie to stimulate sales of gas. Poor water conditions affecting the hydroelectric plants were responsible for the increased operating
expenses and decreased net earnings. The ratio of operating expenses to gross earnings was 50.08 per cent for 1930,
compared with 48.75 per cent for 1929 and 48.64 per cent
for 1928. Earnings of the electric department represented
.83.51 per cent of the Company's gross earnings and 91.74
per cent of the net earnings.
NEW PROPERTIES.
Seventeen communities were added to the system in 1930,
making a total of 614 communities now served by your
Company. The policy of concentrating on improving service and developing new business on existing lines was continued.
CHANGES IN CAPITAL STRUCTURE.
During the year 1930 funded debt of subsidiaries increased
$9,382,460. Financing included the issuance and sale from
the treasury of $10,000,000 face value Four Per Cent Gold
Notes, due December 1, 1931. Other funded debt outstanding was reduced $617,540. There was sold from the treasury $5,850,300 par value of six per cent cumulative preferred stock; and $1,330,700 par value of seven per cent
'cumulative preferred stock was reacquired.
The total number of shareholders of preferred stocks of
record at December 31, 1930, was 65,948, most of whom
are customers of the Company or residents of the territories
served.
DEVELOPMENT OF BUSINESS.
Business connected to your Company's lines increased at
a satisfactory rate over 1929. Exclusive of customers served
indirectly through wholesale contrasts, your Company supplied service, at December 31, 1930, to a total of 474,392
customers of all classes, a gain of 11,410 or 2.46 per cent,
over 1929.
Electric connected load, or business served, increased
from 990,675 kilowatts to 1,054,886 kilowatts, a gain of
6.48 per cent over 1929. The output of electric energy
totaled 1,024,205,047 kilowatt-hours, an increase of 5.68
per cent. Kilowatt-hour sales of electric energy, including
industrial power, increased 8.24 per cent over 1929. Sales
for residential purposes increased 13.84 per cent and for
commercial lighting 11.05 per cent. The use of electric
service per residential customer increased 51 kilowatt-hours
during the year, again of 11.24 per cent over 1929,the largest
increase registered in the last five years. This indicates that
the falling off in sales was wholly in the industrial field,
and that sales in other departments showed highly satisfactory increases. Total gas output was 4,082,897,000
'cubic feet, in increase of 0.34 per cent.
It is the policy of your Company to promote the maximum
sale and use of electric and gas load-building appliances,
and to accomplish this end it co-operates actively with all
local dealers selling this class of merchandise. As a result
of this policy, a gratifying volume of such appliances has
been sold, both by the dealers and your Company.
Your Company, at December 31, 1930, served 4,811 farm
customers with electricity.
1930 CONSTRUCTION.
Net expenditures for additions and improvements to
properties during 1930 amounted to $8,228,392. The 20,000
kilo-watt capacity Minnesota Valley steam electric generating
station at Granite Falls, Minnesota, was completed. Additional capacity of 4,800 kilowatts was installed in the Dells
hydro-electric generating station at Eau Claire, Wisconsin,
and the capacities of the steam electric generating stations
at Fargo and Minot, North Dakota, were increased by the
installation of additional units of 3,000 kilowatts and 2,500
kilowatts capacity, respectively.
A modern six-story office building in Saint Paul was practically completed during the year and formally dedicated
on February 23, 1931.
1931 CONSTRUCTION.
The construction budget for 1931 totals $10,803,000. It
includes the installation of 35,000 kilowatts of additional
generating capacity in the Riverside steam electric generating station in Minneapolis, the building of two 66,000-volt
transmission lines and necessary substations to connect the
new Minnesota Valley steam electric station with the present
transmission system, and miscellaneous plant, transmission
line and substation construction.
HARVARD ADVERTISING AWARD.
On February 27, 1931, Northern States Power Company
received the 1930 Harvard Advertising Award for the best
local advertising campaign conspicuous for the excellence of
its planning and execution. This is the same award your
Company won for 1929. The prize-winning campaign this
year consisted of a series of twenty-three newspaper advertisements setting forth the advantages of complete gas service in the home.
CONCLUSION.
The territories in which your Company operates felt
some of the effects of the business depression during 1930,
but not to the extent to which some other sections of the
country suffered. Agriculture, the basic industry of this
section, is looking forward to better conditions in 1931, as a
result of increased rains and snows in the fall of 1930, which
warrant a good start for the growing season this year.
Relations with communities served continue amicable, and
we look forward to a continuance of this mutually satisfactory situation.
The Board of Directors desires to express its appreciation
to the shareholders and customers for their co-operation,
and makes sincere acknowledgment to the able force of
employes and executives for their loyal and efficient services.
By Order of the Board of Directors,
JOHN J. O'BRIEN,President.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
DECEMBER 31, 1930,
AND SUMMARY OF CONSOLIDATED SURPLUS ACCOUNT.
Gross Earnings:
Electric Department
$27,784,754.91
Gas Department
4.348,791.85
Steam Department
761,895.25
Transportation Department
239.375.89
Telephone and Water Departments
137,143.62
Total Gross Earnings
533.271.961.52
Operating Expenses and Taxes:
Operating
512.365.075.19
Maintenance
1,778,099.09
Taxes
2,942,567.17
Total Operating Expenses and Taxes-317,085.741.45
Credit,—Withdrawal from Contingency
Reserve
420,000.00
16.665,741.45
Net Earnings before Appropriation for Retirement (Depreciation) Reserve
$16,606,220.00
Other Income
234,099.54
Net Earnings including Other Income
$16.840,319.61
Interest Charges:
Bond Interest
$4,910.593.07
Note Interest
715.591.82
General Interest
183,002.12
Total
Less Interest Charged to Construction_ _
55,809,187.01
162.832.56
Net Interest Charges
5.646,354.45
Balance of Income Before Deducting Appropriation for
Retirement (Depreciation) Reserve, etc
$11,193,965.16
Deduct:
4.717.142.53
Preferred Stock Dividends
$6,476,822.63
Remainder
3.315.542.00
Common Stock Dividends
$3.161,280.63
Remainder
Appropriation for Retirement (Depreciation) Reserve(as made by companies) $2,900,000.00
Credit—Withdrawal from Contingency
340,000.00
Reserve
2.560,000.00
$601.280.63
Remainder
Appropriation for Amortization of Debt Discount and
*75.000.00
Expense
Balance—Carried to Surplus
5526,280.63
6.057.293.72
Surplus Balance at January 1, 1930
Total Surplus at December 31, 1930
$6,583,574.35
• Appropriation for amortization of debt discount and expense is exclusive of any portion of debt discount and expense heretofore charged
against capital surplus arising from an appraisal of the properties of the
companies.
ARTHUR ANDERSEN Sz CO.
[VOL. 132
FINANCIAL CHRONICLE
3188
NORTHERN STATES POWER COMPANY OF DELAWARE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DECEMBER 31, 1930.
ASSETS.
$232,449,792.90
Plant, Property, Rights, Franchises, etc
Discount, Premium and Expense on Original Sales and on
8,821,555.91
Resales of Preferred and Common Stocks
175,501.67
Cash Sinking Funds and Other Deposits
Investments in Stocks and Bonds of Other Companies,
591,458.39
Associations, etc
Unamortized Debt Discount and Expense-Balance In365,852.66
curred Since December 31, 1924
Prepaid Accounts and Deferred Charges:
$147,004.94
Prepaid Insurance, etc
Expenses and Advances on Purchase of
61.281.30
Properties
Miscellaneous Deferred and Unadjusted
394,478.28
Items
602,764.52
Current Assets:
$7.238,184.97
Cash in Banks and on Hand
144,708.00
Bond Interest Deposits
190,115.16
Notes Receivable
$3,364,859.89
Accounts Receivable
-Reserve for UncolLess
407,997.43
lectible Accounts
2,956,862.46
1,479,667.00
Unbilled Electricity and Gas
20,212.64
Due from Affiliated Company
643,892.03
Receivable on Sale of Preferred Stock
2,659,268.31
Materials and Supplies
15,332,910.57
$258,339,836.62
LIABILITIES.
Capital Stock of Northern States Power Company of Delaware Outstanding and Subscribed:
7% Cumulative Preferred, 391,893 shares,
Par value $100.00 each_ _ _ _ _ _ _ ________$39,189,300.00
6% Cumulative Preferred, 344,215 shares,
34,421,500.00
par value $100.00 each
Subscriptions to Preferred Stock, 2,980
298,000.00
shares, par value $100.00 each
Class "A" Common, 341,551 shares, par
34,155,100.00
value $100.00 each
Class "B" Common, 729,166 1-3 shares of
7,291,663.33
no par value
$115,355,563.33
Capital Stock of Subsidiary Companies Held
by Public:
$592,900.00
7% Cumulative Preferred
2,000.00
Common
594,900.00
111,265,183.57
Funded Debt (page 8, pamphlet report)
Current Liabilities:
$1,140,332.32
Accounts Payable
1,171,515.65
Accrued Interest
2,558,257.33
Accrued Taxes
1,205.623.00
Accrued Preferred Stock Dividends
829,049.07
Common Stock Dividends Payable
109,676.50
Miscellaneous Current Liabilities
7,014,453.87
Deferred Liabilities:
462,422.40
Customers' Deposits
188,842.19
Miscellaneous Unadjusted Credits
Reserves:
$14,903,837.06
(Depreciation) Reserve
Retirement
211,768.62
Operating Reserves
215,816.47
Contributions for Extensions
875,573.27
Reserve for Contingencies
16,206,995.42
Capital Surplus:
Surplus on Books of Subsidiary Companies at Dates of
667,901.49
Acquisition Thereof
6,583.574.35
Surplus
$258,339,836.62
Total
AUDITORS' CERTIFICATE.
We have examined the accounts of the Northern States Power Company of Delaware and subsidiary companies for the year ended December 31, 1930.
As of December 31. 1924. the subsidiary companies reflected on their books the cost of reproduction of their properties and accrued depreciation as
determined by an appraisal as of that date by Byllesby Engineering and Management Corporation. During the period subsequent to the appraisal date.
property additions have been accounted for at cost, which, in the case of certain major acquisitions of new properties, includes cost over appraisal values,
and property retirements leas the appropriation therefor have been applied against the retirement (depreciation) reserve balance arising from the appraisal.
On the foregoing basis, we certify that, in our opinion, the above consolidated balance sheet and the accompanying consolidated income and surplus
accounts (page 9, pamphlet report) fairly present the financial position of the companies at December 31, 1930, and the results of their operations for the
year ended that date.
ARTHUR ANDERSEN & CO.
Chicago, Illinois, March 16, 1931.
-Earnings.
Viau Biscuit Corp., Ltd.
Waltham Watch Co.
-Earnings.
Calendar YearsGross profit
Expenses
1930.
$132,623
422,601
1929.
$649,301
. 413.501
1928.
$640,589
400,952
Balance
Sundry revenues
3310.021
5.445
$235,799
7.537
$239,637
Net earnings
Bond interest, &c
Depreciation
Tax reserve
Bad debts reserve
Write off
$315,466
33,474
40,000
12,381
20,000
x19,000
$243,337
39.330
35,000
8,000
20.000
5,000
$239.637
46,488
33,000
7,000
12,000
Net income
1st preferred dividend
2nd preferred dividend
$190,611
70,000
32.900
$136,007
70,000
32,900
$141,149
75.833
35,642
$87,711
63,783
$33,107
29.961
$29,674
Total surplus
2nd pref. dividend for year 1929-- - -
$151,494
32,900
363,068
$29,674
Balance
Loss on sale offixed assets
$118,594
7.796
$63,068
$29,674
Balance
Previous surplus (adjusted)
$63.068
$110,798
Profit and loss surplus
x Including organization expenses, provision for old tins, and
advertising.
Balance Sheet Dec. 31.
1930.
1929.
10AI.
Assets-20,000
$30,961 Bank loans
519,260
Coati
3,622
4,626 Accounts payable_ 136,696
Bills received
11,355
382,537 Accrued interest
Accounts receivable 364,875
65,800
296,722 Dividends payable
Inventories
283,356
12,381
1,789,500 1,779,964 Income tax
Fixed assets
7,562
12.670
17,670 Deferred liabilityOrganization expen
349.400
16.931 Bonds
21,208
Deferred charges_
1,000,000
lag preferred
470,000
2nd pref. stock_
Common stock.._ 125,000
Depreciation reser. 185,500
110,708
Surplus
$2,494,493 $2,529,413
Total
-V.132, p. 1827.
Total
$29,674
deferred
1929.
$150,000
139,709
12,223
32,900
8,000
375,900
1,000,000
470,000
131,439
146,172
63.068
$2,494,493 $2,529,413
-Earnings.
Virginia Iron, Coal & Coke Co.
For income statement for three months ended March 31 see "Earnings
-V. 132, p. 1827.
Department" on a preceding page.
-Earnings.
Waitt & Bond, Inc.
1929.
1928.
1927.
1930.
Calendar Yearsa Manufacturing profit_ $1,240,098 $1,303,447 31.539.374 $1,418,705
737,151
707,385
655.481
745,614
Sell., adm. & gen. exp....
Calendar YearsGross profits for
Taxes, int., deprec., new mach., &c
1928.
1929.
1930.
$952,485 $1.444,169 31.599,554
792,588
784.285
775,704
Net income
$659,883
$176,781
Balance Sheet Dec. 31.
1930.
1929.
1930.
$
Assets-LiabilitiesPlant
3,467,007 3,467,007 1st mtge. 6% bds.,
3,000,000
1943
Inventory
1.431,311 1,347.704
1,700,000
Cash
848,174 7% prior pr. stk
738,638
5,000,000
Notes & acc'ts rec_ 1,625,136 1,416,836 6% pref.stock _
84,742
Accounts payable.
Cost of $1,461,000
bonds
1,386,230 1,373,767 Iles. for Federal,
240.849
Cost of co.'s Stock, 2,526,503 2,526.103 &c.,taxes
Res. for bad debts 159,504
Trade-marks, pat1,060,000
ents, &c
2,290,090 2,290,090 Res, for deprec
Res. for bond and
116,049
note discount
Profit & loss surp_ 2.103,768
$806,966
1929.
3.000,000
1,700,000
5,000.000
7,760
308,925
159.504
795,000
101,234
2.197,255
13,464,914 13,269,680
Total
Total
13,464,914 13,269.681
class
Note.
-There are issued and outstanding 70,000 shares common 1057. B
-V. 132. P.
no par value.
and 25,000 shares common class A all of
-Earnings.
Warchel Corporation (& Subs.).
1930.
1929.
Years Ended Dec. 313530.216 31.550,479
Net sales
402,115
1,120.841
Cost of sales
89,782
206,291
Selling and shipping expenses
68,373
125,003
Administrative and general expenses
- 1,059
13,552
Miscellaneous charges (net)
1,619
3,515
Interest paid
8,100
Provisions for Federal income taxes
20,600
Loss of sub, to date of disposition
$73.178
loss$53,333
Net profits
62,696
58,400
Convertible preferred dividends
loss$116.029
$14.778
Balance,surplus
Nil
$0.29
stock
Earnings per share on common
Balance Sheet Dec. 31.
1929.
1930.
Liabilities
1929.
1930.
Assets-.
$4,924
$272
$86,58; Notes payable- _ __
Cash
587,099
138,741 Acc'ts payable, ac72,629
Notes & accts. rec_
29,901
157,411
cruets,&c
539,750
176,504
Inventories
7.500
14,567 Mortgage due- --11,837
Prepayments
15.000
6,662 Purchase mtge.....
832,913
Investments
60,718 a Preferred stock_ 1,010,708 1,048,266
Pats.,goodwill,&c.
60,326
250,000
5,400 b Common stock- - 260,918
Water power rights
229,845
325,009
955,687 Surplus
290,336
Land, bldgs., &c
644 51,808,110
1,
Total$531,
$1,531,644 51.808,110 Total
a Represented by 32,239 shares in 1930 and 33,437 shares in 1929.
-V. 131, p. 2550.
b Represented by 50,800 shares.
-Earnings.
Ward Baking Corp.
Operating profit
Other income
$494,484
32,971
3566,296
31,211
3831,989
22.916
$763,224
20,894
For income statement for 12 weeks ended March 21 1931 see "Earnings
-V. 132, p. 1442.
Department" on a preceding page.
Total income
Interest paid
Prov. for Federal taxes-
$527,454
54,745
54,113
$597,507
55.443
52,338
$854,905
66,678
91,314
$784,118
87,446
90,898
Su
CWaleanrdnare ears gar Corp. (&
YearsOthe f nm rae
Loss rrio oom w sugar operating
-Earnings.--Sub.).
$1192370,134prom192491:883
x
5,493
3696.912
3489,726
$605,774
3418,597
Net profit
787.093
537.782
356.429
729.875
Previous surplus
$127,134prof$347,376
Loss
$962.203 Interest on 1st mortgage bonds
323,218
31,148,472 31,276,819 $1,234,694
328,608
Total surplus
37.926
10,933
Head office expenses (net)
Prem.& disc. on bds.red.
18,602
22,821 Int. on deb. accr. but not paid
52,543
14.251
Miscell. adjustments_ _ _
14,599 Depreciation
Former pref. stock diva
200,000 Amortization
%fa
iiit li2
i 70
Former corn. stk. divs_
200,000
80,000
196,475
200,000
Present class A stk. diva.
230,001
107,000
260,000
$985,356
$937,641
240,000
Net loss
Present class B stk. diva.
3537.78
$78h011
3
$729,875
x After providing $91,328 for bad and doubtful advances to Colones and
Surplus, bal., Dec.31.. 3694,221
$2.02 $54.371 for amortization of cane fields.
$1.46
$1.09
Earn.per sh. on cl.B stk.
Surplus Account.-Capltal surplus arising from reduction of capital stock
sold, incl. materials, labor, factory exa After deducting coat of goods
In accordance with action of stockholders Mar. 7 1930, 37,000,000, Depenses and depreciation.
-V. 132, p. 1828.
duct: Deficit Jan. 1 1930 $5,250,676; loss for 1930 (as above) $985,356:
provision for contingencies, $2,474,218: additional provision for bad and
doubtful Colonos accounts, $283,875; miscellaneous adjustments, $20,730;
deficit Dec. 31 1930, $2,014,856..
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets87,808 Loans pay. to banks, secured5 2.350,000
Cash In banks & on hand- _ _5
124,580
476,452 Accounts payable
Raw sugar on hand a
29,512
375,056 Res. for Cuban taxes
Accounts receivable
2,945,232
Advances to Colonos (net)_. 1,425,575 Res, for contingencies
4,656,400
66,764 1st & ref. mtge. bonds
Sundry advances, less resbl0,530,929
287,052 Capital stock
Materials & supplies
4,015
Live stock
Exp. on dead season 1930-31
390,441
crop
c15,196,337
Fixed assets
38,506
Inv. In stocks & securities
16,372
Due from officers
Cash in hands of trustees for
155
bonds
257,266
Unamor. bond disc. & exps
2,014,856
Deficit
-$20,636,654
520,636,654 Total
Total
a Reserved for National Sugar Export Corp. of Cuba under the provisions of The Cuban Sugar Stabiliration Laws: 142,562 bags at $4 Per
bag, $570,248; Less reserve for shipping expenses, $93,796. b Represented
by 860,350 shares (no par value). c Sugar mills, railroads, buildings,
plant and equipment (after depreciation of $3,416,210),• $9,007,019. lands
$5,391,907; cane and pasture cultivation written down to company's
valuation, 8797,411.
-Mortgage bonds outstanding assumed by purchaser
Contingent Liability.
of refinery properties, 53,589,400.-V. 132, p. 145.
Warren Brothers Co.
-Listing of $5,000,000 6% Debentures and Additional Shares of Common Stock.
though they have been reduced very materially cannot be made to follow
the monthly fluctuations of the business. As a result the company operated
at the deficit shown.
"At this time prospects for the future are somewhat brighter for two
reasons: (1) the economies and reductions in expenses which are being put
into effect daily will have cumulative effect on future operations; (2) since
January, orders booked have substantially increased, though still at a rate
considerably under normal. February and March were progressively better
and it is expected that final figures for April will show the improvement
being maintained."
-V. 132. P. 2793, 2606.
--Earnings.
Westmoreland Coal Co.
Calendar YearsOperating revenue from mining
Int.& divs. on investments, bank balances, &c
-Earnings.
(John Warren) Watson Co.
1930.
Calendar Yearsloss$52,616
Gross profit from operations
167,180
Selling, admin. & general expense--- -
1929.
$183,962
462.851
Net operating loss
Other income & deductions (net)-- --
$219,797
44,470
$278.889
44.248
Net loss for the year
-V. 130. p. 4262.
$264,269
$323,137
-Earnings.
Welsbach Co.
Manufacturing profit
Selling, admin. & gen. expenses
1930.
$1,861,994
1,405,992
$456,002
543,021
Net loss from sales
Other inc. (rentals, int., &c)
$87,019
35,648
Loss before deducting fixed charges
Fixed charges
$51.370
42,541
$93,912
Net deficit from operations
Statement of Working Capital Reserve and Surplus.
Working capital reserve and Burp. Jan. 1 1930
Less appropriations
Balance
Less loss for 1930
1930.
$1,066,830
97,279
1929.
$964,873
111.279
$1,164,169 51.076,152
Total income
291,089
279,269
Taxes, State & Federal
144,402
259,225
Royalty
135,488
Depletion
360,706
354,647
Depreciation
144.467
270.967
Profit transferred to surplus
80.72
$1.36
Earns, per sh. on 200,000 shs. cap. stk. (no par)
Balance Sheet Dec. 31.
1929.
-1930.
Liabilities
1929.
Assets1930.
$75,493
Cash
$767,641 $754,395 Accts. payable_ _ _ $74,827
142,000
Marketable securs 1,933,943 1,445,589 Accr. mine payris 107,063
77,583
78,336
590,661 Accrued taxes---Accts. receivable_ 540.699
124,590
180,297 Deferred accounts 102,344
Operating supplies 148,995
49.739
Coal in transit
30,997 Reserves
28.439
Other curr. assets
15,708 Capital stock_ _ _ _x5,000,000 5,000,000
20,779
1,676,105 1,528,321
Surplus
Min. prop., struc.
&c
3.583.224 3.894,927
Prep. accts. & 0th.
35,411
assets
61,691
-17,088,415 $6,947,987
Total
57,088,415 56.947,987 Total
-V. 131. p. 3725.
x Represented by 200,000 no par shares.
The New York Stock Exchange has authorized the listing of $5,000,000
convertible 6% sinking fund debentures, dated March 1 1931 and due
March 1 1941.
-Earnings.Westmoreland Inc.
The Exchange has also authorized the listing of 111,111 shares of common stock (no par) which are reserved for and are issuable as and when
Period
required, upon conversion of the 6% debentures, on official notice of issue, Royalties & rentals
also 50,000 shares of common stock which are reserved for and are issuable Interest & dividends
on rfficial notice of issue, as and when required, by the terms of two certain Profit on sale of bonds, &c
option agreements by and between the company and a certain banking
syndicate, said option bearing date of March 1 1931 and granting to
Total income
bankers an option to purchase 50,000 shares or any part thereof of the Miscellaneous expenses
common stock at $40 per share, subject to certain dilution provisions: x Taxes, state & local
making the total number of shares of common stock applied for 682,000
-V. 132, p. 2985, 2216.
shares.
Available for distribution
Dividends paid
-
Years End. Dec. 31Sales
Cost of sales
3189
FINANCIAL CHRONICLE
APRIL 25 1931.]
Year End. 6 Mos. End.
Dec. 31 '30 Dec. 31 '29
$145,202
$260,397
36,186
80.862
Dr9.380
41,649
$382.908
46,167
37.002
$172,008
20,923
16.588
$299,740
400,000
$134.497
1928.
$403,219
734.203
def$100.260 sur$134,497
Balance
Earns, per sh.on 200,000 shs. cap.stk. outstanding
$0.67
$1.50
(no par)
x.The company pays no Federal income taxes because depletion allow$330.984 able by the Treasury Department offsets the taxable income.
17.946
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$348,930
$
Liabilities$
Assets
7,772
3.923
631,988 Accts. payable_.
356,744
Cash
220,000
25,547 Dividends payable 220,000
32,460
Accts. receivable_
9,675
29,325
Marketable secure 1,496,536 1,341,814 Accrued taxes_ __ _
1929.
13,066 Capital stock___-x2,000,000 2,000,000
7,942
Other curr. assets_
$2,804,203 Coal lands in Pa.
9,834,154 10,064,996
Surplus
2,106,641
& W.Va
9,854,355 9,987,466
$697,562 Surface lands in Pa 270,209
274,692
& W.Vs
822,415 Prep. accts. & 0th.
27,870
69,156
assets
$124,852
- 38,341
12,087,402 12:302,443
Total
12,087,402 12,302,443
Total
-V. 131, p. 3725.
x Represented by 200.000 no par shares.
$86,511
83.200
-Receiver Named.(Morris) White Holding Co. Inc.'
On the petition of three creditors, Federal Judge John M. Woolsey
$169,711 April 21 appointed the Irving Trust Co. receiver in bankruptcy for the
company, operator of three hotels and a group of apartment houses. The
Morris White. Bank of United States director.
$349,027 Company is headed by of them the Irving Trust Co. claiming a debt of
The peitioners, one
60,906
$1,000,000 as receiver for Morris White, Inc., leather goods concern,
receivership, listed the de$788,121 which was thrown recently into an equity
assets at $9,500,000.
93.912 fendant's liabilities at $10,000,000 and its
$694,209
Working capital res. and surp. Dec. 31 1930
Comparative Balance Sheet As Of Dec. 31.
1929.
Assets1930.
1930.
1929.
$11,521
Cash
$97,715 Accts. payable-- $274,778 5220,730
750,000
750,000
Accts.receivable_
299,007 Bills payable
246,314
1,225,000 1,225,000
Inventories
938,706
889,308 7% pref.stock
Real estate & bldits 786,192
3,500,000 3,500,000
786,192 Common stock
27,144
26,856
Plant Os equipml_ 447.843
457,012 Empire liab. res.
Sundry assets
1,655
7,303
441,352
449,398 Dept. lig. reserve_
Good-will, trade
Work cap., res. &
marks, &c
694,209
849,027
3,600,569 3,600,569 surp
--Earnings.
White Rock Mineral Springs Co.
For income statement for three months ended March 31 see "Earnings
-V. 132, p. 2986.
Department" on a preceding page.
-Earnings.
Willys-Overland Co.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
President L. A. Miller reports: "The car sales for the period totalled
20,924. There was an increase of61% in car sales in February over January
and of 16% in March over February.
"Taking into consideration the present conditions, this showing is encouraging and demonstrates the result of rigid economies in administration
and policies applied to the operation of the various plants.
Total
$6,472,500 $6,579,205 Total
26,472,500 $6,579,205
"Willys-Overland has bettered its earning possibilities through a closer
-V. 128. p. 3371.
control of overhead savings for the first quarter in overhead being approximately $2.000,000, as compared with the same months of 1930. period
Westchester Fire Insurance Co.
-Extra Dividend.
"Willys-Overland inventories are one-third less than for the same
The directors have declared an extra dividend of 10c. per share in addi- of last year. Our cash position is satisfactory, with no bank loans.
tion to the regular quarterly dividend of 50c. per share, both payable
"Our policy of closely controlled operations, which was developed last
May 1 to holders of record April 20. An extra distribution of 10c. per year, is being carefully maintained, placing the company in an excellent
-V. 132. p. 872.
share was made on Feb. 2 last.
position for greater earning possibilities with every improvement in business
during the year.
-Earnings.
Western Dairy Products Co.
"New car stocks in the hands of dealers at the present time are approxiFor income statement for three months ended March 31 see "Earnings mately 45% less than the same time last year,showing a careful maintenance
-V. 132, p. 1443.
Department" on a preceding page.
of our policy not to overload dealers with cars, providing them only with a
volume that is certain to have a sales outlet in their respective territories."
-Outlook.
Westinghouse Air Brake Co.
At the annual meeting held on April 21, Pres. A. L. Humphrey stated: -V. 1:12, p. 2793.
"It is very gratifying to us to be able to report that since the beginning
-Listing of $25,000,000
Youngstown Sheet & Tube Co.
of the year our activities have shown a tendency toward improvement, and
at present our company is more than holding its own. During the first 1st Mtge. (Series B) Sinking Fund 5% Gold Bonds.
The New York Stock Exchange has authorized the listing of $25,000,000
three months of the current year our business was larger than in the last
quarter of 1930. Indications are encouraging and we have every hope 1st mtge. (series B) sinking fund 5% gold bonds, due April 1 1970. See
that the business depression before long will have become a thing of the offering in V. 132. p. 2412.
past.
"From the prospective business of our company, as well as the Union
CURRENT NOTICES.
Switch & Signal Co., the future shows many bright lights, indicating that
the outlook not only for our own business, but for the economic conditions
-Albert E. Peirce & Co., Inc., announce that Mace D. Osenbach has
promising, and the situation is slowly but surely moving
in general, is most
been appointed Resident Manager of their New York office, which Is now
forwards toward a period of normal industrial as well as commercial located at
40 Wall St.
activity."
Mr. Humphreys also told the stockholders that there is no intention of
J.
- Hall Corcoran, formerly with the Chase Securities Corp. is now
either reducing or passing the present dividend rate on the company's associated with Billings, Oic,ott & Co., members of New York Stock
-V. 132. p. 2017.
shares.
Exchange, New York.
-Frederic Eugene Reeve, certified public accountant, announces the
-Earnings.
Westinghouse Electric & Mfg. Co.
removal of his office from 40 Rector St., New York City, to 21 West St..
The earnings statement for the quarter ended March 31 are given on a
New York City.
preceding page.
-Harold W. Hatch. formerly with J. Roy Prosser & Co. has become
In a statement accompanying the income account, the company states
that tne results from operations for the first quarter are disappointing, but associated with Grannis, Doty & Co. in charge of their insurance stock
not entirely unexpected. The steady decline in orders booked which department.
started in the summer of 1930 continued through January of this year, the
-Auerbach, Pollak & Richardson. members of the New York Stock
total for that month being less than 50% of orders received in January Exchange, have moved their main office from 30 Broad St. to 30 Pine St.
1930. The statement continues:
-John S. Millen, formerly in charge of E. F. Hutton & Co.'s office.
"The volume of business, therefore, available for factory production was The Breakers, Palm Beach, is now associated with Stein Bros. & Boyce.
decidedly below satisfactory load requirements, and though operating
Blake Brothers & Co., members New York and
-The
York office
expenses were materially decreased, the abnormally low sales billed for the Boston New Exchanges, of been moved to 40 Wall Street.
has
Stock
quarter were insufficient to produce a profit. Th1 comes about from the
The main office of H. L. Horton & Co., members New York Stock
more or less fixed expenses of the company on account of selling, engineering, advertising, accounting, and other administrative expenses, which Exchange, has been removed to One Wall St., New York.
3190
FINANCIAL CHRONICLE
[Vol.. 132.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL
-ETC.
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.
that an export tax will be put on coffee by the Brazilian
Government. The amount has not been officially stated.
It is conjectured that it will be something like 20s. to 30s.
The popular idea has been about $5 per bag. The market
here seemed to be heavily short. On April 23 Brazilian
exchange at the local opening was 1-16d. higher in Santos
at 33 d., with the dollar 200 lower at 13$200. Rio was
A
3-32d. higher for exchange at 334d. and 320 lower for the
/
dollar at 13$200. A private cable from Santos said: "Market firm owing to good acceptance new tax. Nothing definite as yet." On the 23d a special public cable from Rio
received later quoted exchange on London at 33 d.,a decline
A
of 1-16d. The dollar rate was 30 reis higher at 138200. On
April 23d the New York Exchange sent the following to its
correspondent in Rio: "Cable promptly who comprise coffee
conference, whether it consists of growers or representatives
of various States, or who." The following was received in
response: "Coffee conference consists of Governor, State
Secretary Finance of Sao Paulo and directors of 'Institute
de Cafe do Estado de Sao Paulo'; also official state representatives Rio Minas Espiritosanto Parana in close touch
with President of the Republic and the Minister of Finance."
Today Rio futures closed 4 points lower to 2 points
higher with sales of 64,000 bags and Santos futures were
18 to 23 points lower with sales of 73,000 bags. Final
prices show an advance, however, for the week of 37 to 64
points on Rio and 75 to 96 on Santos. Today a special!official
cable from Rio received shortly after 1 p. m. reported a
decline of 3-64d. in exchange on London, making it 3 53-64d.
with the dollar rate 130 reis higher at 12$900. Today the
first May notice day 39 were issued, including 30 Rio, 7
Bahia and 2 Victoria. Brazilian exchange was higher again
this morning and at the hour of the New York opening
Santos was quoted 3Md., or 5-32d. above last night's closing,
with the dollar 500 lower at 12$800. Rio was 5-32d. higher
net at 37 1. and the dollar 430 lower at 128770. A cable
4
to the New York Exchange said:"Unofficially rumored that
the Federal Government is favorably disposed towards a
gold export tax. Details still unknown. Rumors ranging
from ten to twenty shillings bag." Today Rio cabled to
the N. Y. Exchange that receipts of coffee at Rio from May
1st to May 15 will be at the rate of 16,125 bags daily. Rio
regulating warehouse stocks on April 15 were 1,394,000
bags which includes stocks in interior warehouses, at stations
and railway wagons.
Rio coffee prices closed as follows:
Friday Night, April 24 1931.
COFFEE on the spot was firmer; Santos 4s, 834 to 83/20.;
Rio 75,5 to 53c. On April 18 cost and freight were irregular.
For prompt shipment they included Santos Bourbon 4s at
7.60 to 7.80c.; 34s at 8 to 8.1504 4-5s at 7.30c.; Rio 7s at
43'c.; 7-8s at 4.40c.; 8s at 4.30c.; Victoria 7-8s at 4.70c.
On April 20 cost and freight offers were unchanged to slightly
higher because of the relief measures being discussed at Rio
there were no reported offerings for future shipment. For
prompt shipment Santos Bourbon 2s were quoted at 8.85 to
9.15c.; 2-3s at 83/2 to 8%c.; 3s at 83. to 8.700.; 34s at
7.95 to 8.40c.; 3-5s at 73/i to 8c.; 5s at 7.45 to 7.85c.; 5-6s
at 7.3004 6s at 7.20c.; 6-7s at 7.05c.; 7-8s at 6.65c.; part
Bourbon 2-3s at 84c.; 3s at 8.35 to 83 c.; Peaberry 3s at
%
8.200.; 4s at 7.800.; 4-5s at 7.65c.; 5-6s at 7.15c.; Rio 7s
at 4.70 to 4.90c.; 7-8s at 4.60 to 43 c. Local prices 83i to
%
83/2c. for Santos 4s with Rio 7s 5to 53'o. On April 22 some
cost and freight offers were slightly higher and some slightly
lower. Prompt shipment, Santos Bourbon 2s were quoted
at 9.150.; 2-3s at 8.45 to 8.60c.; 3s at 8.20 to 8.70o.; 3-4s
at 8.05 to 83/2c.; 3-5s at 7.60 to 8.200.; 4-5s at 7.45 to 7.90c.;
5s at 7.7004 5-6s at 7.15 to 73'c.; 6s at 7 to 8.95c.; 6-7s at
6.85c.; 7-8s at 5.90 to 6.65c.; Peaberry 3s at 8.10 to 8.20c.;
4s at 7.80c.; 4-5s at 73'20.; 5-6s at 7 to 7.200.; Rio 7s at
43jc.; 7-8s at 4.65c.; 8s at 4.55c.; Victoria 7-8s at 4.450.
On April 23 cost and freight offers were much higher;
prompt shipment Santos Bourbon 2s at 940.; 3-4s at 8 to
9.15c.;3s at 9.950.; 3-5s at 83/i to 8%c.;4-5s at 8.30 to 8.60c.;
5-6s at 80.; 7s at 7.30c.; 7-8s at 6.95o.; Peaberry 3s at 8%c.;
4s at 8 to 8.60c.; Rio 7s at 5.70c.; 7-8s at 5.55c.; 8s at
5.40c.; Victoria 7-8s were offered at 5e. in New Orleans.
No reported Victoria offers here. To-day firm offers were
scarce and higher; prompt shipment Santos Bourbon 3s
at 9.950.; 3-4s at 93/20.; 3-5s at 8.90 to 9.200.; 4-5s at 8.85c.;
5-6s at 8.300.; 6s at 7.90c.; 7-8s at 7.40c.; Peaberry 2-3s
5%
I September
5.40®5.42
at 9.35c. Rain-damaged but well dried Santos 7-8s free Spot unofficial
May
December
5.05®
5.50®
July
March
5.60®norre
6.27®
from Rio flavor were offered at 7.15 to 7.30c. Rio cabled
Santos coffee prices closed as follows:
to the New York Exchange: "Unofficially informed that an Spot unofficial
September
8.62
9%
December
8.40®
8.62@8.6&
agreement has been arrived at that gold tax not to exceed May
8.54®
July
March
8.64 nom
20s. bag; other taxes to be retained, except tax in kind
COCOA today ended 1 point lower to 4 higher with
abolished; dates of enforcement unknown." On the 18th
inst. Rio futures closed 15 to 18 points higher with sales of sales of 80 lots; May ended at 5.17c.; July, 5.33c.; Sept.,
7,000 bags. Santos closed 14 to 22 points with sales of 5.49c.; Dec., 5.690. Final prices are 13 to 16 points lower
21,000 bags. On the 20th inst. Rio futures opened 1 point than a week ago.
lower to 15 points higher, but ended 3 points lower to 7 higher
SUGAR.
-Cuban raws were quiet at one time at 1.30 to
with sales of 44,500 bags. Santos opened 7 to 15 points 3.28c. On the 18th inst. futures ended 1 point off to 1
higher, but closed 6 points lower to 3 points higher with point up with sales of only 4,800 tons. Cuban interests
sales of 67,500 bags, showing heavy liquidation. On appeared to be selling but London was firm and shorts
April 20 early London cables were lower on raw sugars; here were buying. On the 18th inst. 7,000 tons of Philipsales of 3,000 tons for May shipment to refiners at 6s. 3d. pines due about May 1 sold at 3.270. delivered. Between
c.i.f., equal to 1.19c. f.o.b. Cuba. Trade demand at a 8,000 and 10,000 tons of Philippine raw sugar for arrival
minimum. Dullness is expected until after the Budget.
the first week in May were sold at 3.25e. delivered. On
On the 21st inst. futures advanced 8 to 33 points on cover- April 18 London closed unchanged to Md. advance. Livering due to a bullish interpretation put on reports of a Bra- pool was quiet and unchanged to Md. higher. Private
zilian conference looking to the betterment of conditions cables from London reported the sale of a parcel at 6s. 43d.
in the trade. The sales were 41,000 bags of Rio and 94,000 One statement here said: "Deliveries of refined beet sugar
bags of Santos, the most active day for a long time. On in the United States during March, according to the DoApril 21 in Brazil,Santos Exchange was off 1-32d. at 39-16d., mestic Sugar Bureau, totaled 1,657,535 bags of 100 lbs.
and the dollar 100 higher at 13$900. Rio was off 1-64d. at each, equivalent to 79,547 long tons, raw sugar value.
3 9-16d. and the dollar 40 higher at 13$900. Rio cabled: This compares with 1,642,825 bags, equivalent to 78,841
"Result of today's meeting not yet known. Rumored new long tons, raw sugar value, delivered during March 1930.
export tax about Ll per bag Government compromise by For the first three months of 1931 deliveries totaled 4,552,733
20% coffee dispatch in Interior. General opinion that new bags (218,491 long tons, raw sugar value), as against 4,973,plan will be adopted." On the 22nd inst. futures advanced 035 bags (238,662 long tons, raw sugar value) during the
10 to 26 points or about 100 points in four days on the same months of 1930."
London mail advices said: "There is a rumor that Russia
largest business since last October based on various reports
winch said that Brazil will levy an export tax of $5 a bag. for the coming crop means to push home consumption. At
Brazil and Europe bought and also local shorts. The sales present this is strictly rationed to 8 kilos per head. It is
were 106,350 bags of Santos and 54,500 of Rio. On the stated that the intention now is to raise the ration to 22 kilos
22nd, Santos Exchange at the hour of the New York open- per head. If carried out, Russia would consume its own
ing was 5-64d. higher at 34d. while the dollar was 250 reis sugar. We give the story for what it is worth." The Sugar
lower at 13$700. Rio Exchange was 3-64d. higher at Institute Inc. said the total melt and the total deliveries
3 19-32d. and the dollar 210 lower at 13$740. Rio spot of 14 United States refiners up to and including the week
ended April 11, and the same period for 1930, are as follows:
was 50 reis higher at 12$450.
On the 23d inst. futures advanced 20 to 51 points on Melt Jan. 1 to April 11, 1931, 1,080,000 long tons against,
of 86,000 bags of 1,270,000 in the same week last year; deliveries, 940,000
Santos and 12 to 30 on Rio, with sales
Santos and 79,000 of Rio. The rise was due to reports long tons, against 1,125,000 in the same time last year.
APRIL 251931.]
FINANCIAL CHRONICLE
On the 20th inst. futures closed 1 to 3 points lower with
sales of 37,850 tons with spot raws reported lower, foreign
markets down and some selling attributed to Cuba. At the
21st London opened easy at % to %d. decline and at 3:15
p.m. was barely steady and unchanged to Md. lower than
initial figures. Liverpool opened quiet at %d. decline.
On the 22d inst. futures advanced 2 to 4 points with London
up and the trade buying. This more than offset Cuban
selling. The sales were 36,700 tons. Refined was 4.50c.,
with poor withdrawals. London was supposed to be braced
by an expectation of an increase of duties on non-preferential.
Moreover, May liquidation was smaller. Cuban interests
bought May and sold January.
On April 22 Havana cabled that the Senate had sanctioned
the bill creating a Cuban Institute for the stabilization of
sugar and the measure was immediately sent to the House
where it is expected to receive prompt action. On April 22
advices from Havana state that 94 mills have completed the
'Tiding of their crops. Early London cables were firmer.
ales were reported to operators of 4,000 tons. Cubas
and (or) San Domingos for May shipment at 6s. 3d. with
further buyers at that price; sellers asked 6s. 43"2d. Havana
cabled that rumors were again in circulation concerning
the re-establishment of a single selling agency. The weekly
Government report said sugar cane was doing well in Louisiana and sugar beet planting was making good progress in
Colorado. On April 22 London at 3:15 p. m. was % to 2d.
above the previous closing levels. Liverpool opened steady
and unchanged to %d. higher. The Bureau of Commerce
and Industry says the March shipments from Porto Rico
to the continental United States were 74,934 short tons of
raws, and 9,573 tons of refined. Molasses shipments
amounted to 2,220,489 gallons, and honey movement was
71,395 gallons.
On the 23d inst. futures closed unchanged to 2 points
higher with sales of 44,300 tons. The trading was largely
switching from May to Sept. and Dec. The switches, it was
estimatedz amounted to 30,000 tons. 41,000 bags of Porto
Rico clearing on the 27th sold at 3.27e. delivered. An official
cable to the New York Coffee & Sugar Exchange reported
stocks of sugar in Hungary on Feb. 28 as 112,300 tons and
in Germany on April 1 as 11638,000 tons. On the 23d inst.
one refiner paid 3.27c. delivered on 41,000 bags of Porto
Rican raw sugar clearing next Monday. There are believed
to be further buyers at this price with possible sellers at
3.30c., but so far as can be learned nothing is being offered
firm. On April 23 London at 3:15 p.m. was unchanged to
13%d. Liverpool opened steady and unchanged to Hd.
lower. On the 23d later London cables reported a dull market for raw sugars, awaiting the Budget. There were sellers
for May shipment at 6s. 45'd., equal to 1.22c. f.o.b. Cuba.
The trade and refiners were indifferent.
To-day London opened at Md. advance to Md. decline
and at 3.15 p. m.was firm and % to Md. above last night's
3
closing levels. Liverpool opened unchanged to %d. lower.
The National Sugar Refining Co. hdre announced that effective immediately, their price is 4.40c. for refined sugar, a
decline of ten points. They also announce that an extension of withdrawal time for contracts until May 8 on the
4.35c. contracts. To-day was the first notice day for May
deliveries and 45 notices were issued. Dr. Mikusch has
issued his second estimate of the European area sown to
beets this year. Without. Russia he makes it 1,636,000
hectares. He gives Russia 1,362,000 hectares. This is an
increase of 13,000 hectares for Europe outside of Russia
and unchanged for the latter country in his first estimate
for 1931-32. His last year's figures were 1,044,000 hectares
for Russia and 1,030,000 for the rest of Europe. To-day
dullness and weakness in refined sugar, May liquidation,
the circulation of May notices, and selling attributed to
prominent Cuban interests were the reasons for an early
decline of 1 to 2 points. Sales were reported of 5,000 bags
of Porto Rican due May 4 at 3.27e. delivered. To-day prices
closed 4 to 7 points lower with sales of 56,000 tons. Final
prices are 4 to 5 points lower than a week ago. To day
early London cables reported that the terminal market was
firm but raw sugars dull. Several thousand tons of raws
for May shipment were sold at 6s. 43/d. c.i.f. equal to 1.22e.
2
f.o.b. Cuba. Havana cabled this morning that 99 centrals
had finished grinding.
Prices were as follows:
Spot unofficial
May
July
September
1.27
1.20
1.28
1.36
December
_ January
March
1.37
1.44
1.46 nom
1.51 non,
m
LARD on the spot was steady with prime Western 9.10
3
to 9.250.; refined Continent, 9%o.; South America, 9%c.;
/
Brazil, 105sc. Futures on the 18th inst. closed 2 to 5
points lower with hogs off 10 to 15c. On the 20th inst.
futures declined 2 to 8 points with hogs and corn lower.
Prime Western, 9.10 to 9.20c.; refined Continent,
/
South America, 93%c.; Brazil, 1055c. On the 21st inst.
futures closed 8 to 13 points lower with hogs off 10 to 150.
Receipts at Chicago were 21,000 hogs with 16,000 expected
to-morrow, and at all Western points the total was 86,000
against 99,000 last year. Exports of lard from New York
were 2,254,000 lbs., largely to England. Prime Western,
9 to 9.10e.; refined Continent, 93%c.; South America, 9y .
e;
Brazil, 103/se. On the 22d inst. futures declined 3 to 10
points with grain, hogs and stocks all lower. London fell
3 to 6d. Cash lard was lower at 8.90 to 9c. for prime West-
3191
ern; refined Continent, 93%c.; South America, 93c.; Brazil,
%
103'ge. On the 23d inst. futures declined 5 to 8 points with
corn off lc. and hogs 15 to 25e. Western hog receipts were
88,400 against 83,900 last year. Prime Western, 8.80 to
8.900.; refined to Continent, 9c.; South America, 9'%c.;
Brazil in kegs, 103%c. To-day futures ended 2 to 5 points
net lower. Final prices show a drop for the week of 35
to 38 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Mon. Tues.
Fri.
Sat.
8.50
8.40
8.32
8.27
8.60
8.62
8.52
8.65
8.47
8.45
8.75
8.77
8.80
8.70
8.65
8.62
8.90
8.95
May
July
September
PORK steady; mess, $25.50; family, $26.50; fat, $18.50
to $20.50. Ribs, cash, 9.50c. Chicago. Beef steady;
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; 6 lbs. South America, $16.75; pickled
tongues, $70 to $75. Cut meats steady; pickled hams, 10 to
16 lbs., 143% to 163%c.; pickled bellies, 6 to 12 lbs., 153/2 to
1834c.; bellies, clear dry salted boxed, 18 to 20 lbs., 113/ao.;
16 to 18 lbs. 12%c. Butter, lower grades to high scoring,
22 to 26c. '
Cheese, flats, 13 to 223%c.; daisies, 143/2 to
19c.; Young America, 15 to 20c. Eggs, medium to extra
firsts, 17 to 203.c.; closely selected heavy, 203% to 213%c.;
premium marks, 213 to 233.je.
%
OILS.
-Linseed of late has been a little more active but
the bulk of the business was against old contracts. Raw
oil in carlots was quoted at 9.2c., but on a firm bid 9c.
it was said would be accepted. Jobbers are taking moderate
quantities from day to day. Cocoanut Manila coast tanks,
s
43/2c.; spot N. Y. tanks, 47/ to 5c.; Corn, crude tanks,
%
f.o.b. mills, 6/i to 63 c.; Corn, Den., 82 to 85e.; China
5
wood, N. Y. drums, carlots, spot, 7 to 73.c.; tanks, 6c.;
Pacific Coast tanks,53% to 5%c.; Soya Bean, carlots, drums,
7.1e.; tanks, Edgewater, 6.5c.; domestic tank cars f.o.b.
Middle Western mills, 60.; Edible, olive, 1.50 to 2.15e.
3
Lard, prime, 13c.; extra strained winter, N. Y., 9%e.
Cod, Newfoundland, 480. Turpentine, 54 to 59c. Rosin,
$4.70 to $9.15.
COTTONSEED OIL sales today including switches, 1
eOn irnet. Crude S. E. nominal. Prices closed as follows:
sp rtit
Apo
August
7 40
September
7.40
aye7.67 October
7.60
June
7.70(t7.9() November
6
7.73 7.7
July
7.7517.90
7.83 7.85
7.657.80
7.60 7.85
-The Humble Oil & Refining Co. anPETROLEUM.
nounced a reduction in crude oil prices in Texas and New
Mexico of 5 to 20c. And pipe line tariffs were lowered 25%,
the changes being made to permit the other fields to compete
more effectively with the east Texas area. The local gasoline market was a little unsettled of late with reports current
of movements in barges below 60. Leading refiners quoted
63% to 70., however. Domestic heating oils were rather
quiet but steady at $1.05 for bunker fuel grade C refinery.
Diesel oil was $1.75 same basis. Kerosene was quiet and
3
easy at 5% to 6c. for 41-43 gravity, tank cars at refineries.
Later on Pennsylvania crude oil was out 10 to 20c. by the
Joseph Seep Purchasing Agency of Pittsburgh.
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 18th inst. prices declined 10 to 20
points, touching 6.100. at the Exchange with statistics
bearish, Malayan shipments still large and demand nothing
great. The Malayan March statistics were not stimulating.
Estate stocks totaled 22,492 tons at the end of March as
compared with 25,056 tons at the end of February and
25,770 at the close of January. Dealers' stocks were 20,830
tons against 17,971 tons in February and 15,850 in January.
First half April shipments were placed in an exchange cable
at 22,000 tons and for the full month in the neighborhood
of 44,000 tons. Traders there were disappointed in the
March statistics, especially in the production. No. 1
standard contract closed on the 18th inst. with April,
6.20c.; May,6.26 to 6.30c.; July, 6.48 to 6.50c.; September,
6.64 to 6.65c.; December, 6.89 to 6.90c.; March, 7.18 to
7.20e. Old "A" contract: April, 6.10c.; May, 6.20e.;
June, 6.30 to 6.40c.; July, 6.40 to 6.50e.; August, 6.50e.;
September, 6.50 to 6.60c.; October, 6.60c. New "A" contract: April, 6.17c.; June, 6.33c.; July, 6.44c.; September,
6.60c.; October,.6.69c.; November,6.760.; December,6.86e.;
February, 9.05c.; March, 7.14c. Outside prices: Spot and
April,6%to 63%c.; May,67-16 to 6Y June,63/2 to 69-160.
2c.;
spot first latex thick,6% to 6 Yse.; thin pale latex,63s to 7c.;
clean thin brown No. 2, 63 to 63/2c. On April 18 London
%
opened quiet and unchanged to 1-16d. higher and closed
unchanged; April, 3 1-16d.; May, 3 1-16d.; June, 33%d.;
/
July-September, 3 3-16d. October-December, 338d.; January-March, 3%d., and April-June, 3%d. Singapore closed
dull, unchanged to Md. lower; April, 2 13-16d.; July-September, 3d.; October-December, 3Md.- No. 3 amber crepe,
2 11-16d. On the 20th inst. prices fell 20 to 40 points to a
'
new low of 5.80c. under good Wall Street selling and a drop
in London and Singapore. Actual rubber was also weak.
The sales at the Exchange were 1,020 tons of No. 1 standard
90 of new "A" and 280 of old "A." No. 1 standard May
ended at 5.99 to 6.02c.; July at 6.18e.; September at 6.35
to 6.40e.; December at 6.65c.; January at 6.75c.; March
at 6.90c. New "A" May, 5.960.; December, 6.62c.; January, 6.71c. Old "A," April, 5.80c.; May, 5.90c.; July,
3192
FINANCIAL CHRONICLE
6.10 to 6.20c.; September, 6.20 to 6.30c.; October, 6.40 to
6.50c.; December, 6.60e. Outside prices: Spot and April,
6 to 63'gc.; May and June, 6 1-16 to 63'c.; July-September,
63 to 63.'e.; October-December, 63/i to 63c.; spot first
%
%
latex thick, 63/s to 63c.; thin pale latex, 63' to 65 c.;
%
clean thin brown No. 2, 6 to 63'c.; specky crepe, 53% to 6c.;
rolled brown crepe, 53% to 5 Mc.; No. 2 amber, 6 to 63-ic.;
No. 3,6 to 63e.• No. 4, 53% to 6c.
On April 20 '
London at 3:37 p.m. was quiet and Md.
lower. April, 2 15-16d.; May, 2 15-16d.; June, 3d.; JulySept., 3 1-16d.; Oct.
-Sept., 3%d.; April-Dee., 33(d.; Jan.
June, 33'd. Singapore closed quiet and 1-16d. to Md. off.
May, 23cl.; July-Sept., 23/sd.; Oct.
%
-Dec., 3 1-16d.; No. 3
amber crepe 258cl., off 1-16d. London stocks increased for
/
the week 1,283 tons to 85,704 tons, compared with 73,252
tons last year. The unofficial estimate on Friday was for
an increase of 1,400 tons. Liverpool stock of rubber increased 1,488 tons to 51,221 tons. The estimate on Friday
was for an increase of 1,200 tons. On the 21st inst. prices
went to another new low of 5.70c. Actual rubber for May
delivery sold at 6c. At the Exchange closing prices were
unchanged to 20 points lower; sales, 970 tons of No. 1 standard, 40 of new "A" and 582 of old "A." No. 1 standard
closed on the 21st with May 5.85e.; July, 6 to 6.060.; Sept.,
6.18 to 6.22c.; Dec., 6.50c.; Jan., 6.58c.; March, 6.75 to
6.80c.; new "A," Sept., 6.15c.; Oct., 6.26c.; Dec., 6.480.;
old "A," April, 5.80c.; May, 5.70c. to 5.80c.; June, 5.80c.;
July, 5.90 to 6c.; Sept., 6.10 to 6.20c.; Oct., 6.20 to 6.300.;
Dec., 6.40 to 6.50c. Outside prices: Spot and April,
5 15-16 to 6 1-16c.• May, 6 to 6 1-16c.; June, 6 to 63'c.;
July-September, 63/i to 63c.; October-December, 6%
to
spot first latex thick, 6 to 6Mc.; thin pale latex,
3
63/20.•'
63% to 6Mc.; clean thin brown No. 2, 5% to 5Mc.; specky
% to 53%c.; rolled brown crepe, 5% to 53c.; No.
5
5
crepe, 5
%
3
3
2 amber, 5% to 53/sc.; No. 3, 5% to 57c.; No. 4, 5%
%
to 5%c. On the 21st London opened 1-16 to Md. lower
and at 3:38 p. m. was quiet, unchanged to 1-16d. lower;
April offered at 2Md.; May, 2 13-16d.; June, 2Md.; JulySeptember, 3d.; Oct.
-March, 3 5-16d.;
-Dec., 33/8d., Jan.
April-June, 3 7-16d. Singapore closed barely steady and
1-16d. to 3-16d. lower; May,2 9-16d.; July-Sept., 2 13-16d.;
-Dec., 2 15-16d.; No. 3 amber crepe, 23,d., off Hd.
Oct.
On the 22nd inst. prices were unchanged to 20 points
higher the first advance in 11 days. It was denied from
London that several brokers might have difficulty in meeting the settlement next Monday. No. 1 standard contract
closed with May 6.020.; July, 6.16 to 6.220.; Sept., 6.35 to
6.40c.; Dec., 6.66c.; March, 6.92 to 6.960.; sales, 600 tons;
Old "A" May, 5.90c.; July, 6.10 to 6.20c.; Dec., 6.50 to
6.60c.; sales, 70 tons. Outside prices: Spot, April and
May, 6 1-16 to 63c.; June, 63% to 63c.; July-Sept., 6%
to 63%c.; Oct.
-Dec., 63% to 6%c.• first latex, thick, spot,
63% to 6%c.; thin, pale, latex, 6M to 63%c.; clean, thin,
'
5
brown No. 2, 53% to 63/sc.• specky crepe, 5% to 5%c.;
% to 54c.; No. 2 amber, 53% to 6c.;
5
rolled brown crepe, 5
3
No.3,5% to 53%e.; No. 4, 55% to 53c.; Paras, upriver fine
%
spot, 83% to 83%c.; coarse, 4 to- 6c.; Acre, fine spot, 83% to
85 c.; Couch° Ball-Upper, 4 to 6c. On April 22 the chair%
man of the Rubber Trade Association of London cabled to
the New York Rubber Exchange: "Wish categorically to
deny the rumor that the settlement in London on Friday
is causing anxiety. If such a rumor is in existence please
immediately deny." London closed 1-16d. to Md. net
higher; April and May, 2 15-16d.; June, 3d.; July-Sept.,
33%d.; Oct.
-Dec.,3%d. Jan.
-March,3%d.;April-June,3 Md.
;
On April 22 Singapore closed quiet and unchanged to 1-16d.
lower; May,29-16d.;July-Sept.,23 d.;Oct.
%
-Dec.,2 15-16d.;
No. 3 Amber Crepe, 2 3-16d., off 1-16d.
London cabled: "The view is freely expressed in rubber
circles here that lower quotations for the staple will rule in
the near future. A contributory factor to yesterday's weakness was an addition of 2,771 tons to stocks, bringing the
total of United Kingdom figure to 136,925 tons, compared
with 99,915 a year ago. "Financial Times" has an Amsterdam dispatch stating that expectations in Dutch rubber circles
regarding the project for a new Dutch Association are subdued, it being realized that opposition to any form of legal
restriction of the output is strong enough to have considerable
influence in Government circles. Consequently, a very
pessimistic tone prevails." On the 23d inst. prices were
13 points lower to 10 higher with sales of 770 tons of No. 1
standard 160 of new "A" and 365 of old "A." No. 1 standard
closed with July, 6.05 to 6.08c.; September, 6.26 to 6.28c.;
December, 6.55c.; January, 6.64c. New "A" July, 6.04c.
September, 6.26c. Old '.A" May, 5.90 to 6c.• July, 6 to
'
6.10c.; September, 6.20 to 6.30c.; December, 6.40 to 6.50c.
Outside prices: Spot, April and May, 5 15-160.; June, 6c.;
July-September, 6%c.; October-December, 63%c.; spot first
/
latex thick, 63%c.; thin pale latex, 63sc.; clean thin brown
%
%
No. 2, 53c.; specky crepe, 53%c.; rolled brown crepe, 55 c.;
No. 2 amber, 53%c.; No. 3, 53%c.; No. 4, 5%c. On April 23,
London at 3.35 p. m. was 1-16d. to Md. lower, April,
23%d.; May, 23/8d.; June, 23/d.; July-September, 3d.;
October-December,3%d.;January-March, 334c1.; April-June,
3 7-16d. Singapore unchanged to 1-16d. advance; May,
2%d.;July-September,213-16d.;October-December,215-16d.
No.3 amber crepe, 23%d., up 1-16d.
Far Eastern figures for March were as follows: Production
on 100 acres, 18.356 tons; on 100 acres or over, 18.913;
estates stocks, 22.492; dealers stocks, 20.830; exports,
67.540 tons. To-day price closed 5 points lower to 3 higher
[VOL. 132.
on new "A"contract with sales of 7 lots 10 points lower to
10 higher and Old "A" with sales of 73 lots and 5 lower to
5 higher on No. 1 standard with sales of 45 lots. Final
prices show a decline for the week on old "A" of 46 to 49 •
points. To-day London at 3:37 was quiet and unchanged
to 1-16d. lower; May, 23/8d.; June, 23/d.; July-Sept., 3d.;
8
Oct.
-Dec., 3Md.; Jan.
-March, 33%d.; April-June, 3 7-16d.
Singapore closed dull and 1-16d. off; May 2 9-16; JulySept., 23 d.• Oct.-Dec., 2Md.• No.3 Amber Crepe, 2 7-16d.,
4
off 1-16d. '
Unofficial estimate of stocks in Great Britain
for the week ending April 15th show for London an increase
of 100 tons increase and for Liverpool 450 tons.
HIDES on the 18th inst. were 20 to 25 points lower with
sales of 600,000 lbs. The outside markets were steady
and 2,000 April light native cows sold in Indianapolis at
/
9hc. and 2,000 March light native cows at 83 0. Argentine was quiet; a lot of 4,000 April frigorifico steers sold at
123/c. At the end of the week certificated stocks were
2
69,202 hides, an increase of 22,567 hides over the previous
week. In addition there were 15,000 hides pending certification. Here on the Exchange, May closed on the 18th
inst. at 10 to 10.25c.; Sept. at 11.85c.• Dec., 13.10 to 13.15c.
On the 20th inst. prices declined 5 to 15 points with Chicago
'
lower and renewed liquidation here. Here at the Exchange
sales were 1,320,000 lbs. Sales in the outside markets
included 8,000 March-April heavy native steers at 9c. City
packer hides were firm. Advices from River Plate indicated
that unsold stocks have been increasing. There are 24,000
Argentine steers on hand as well as 6,000 Uruguayan steers
with trade quiet. At the Exchange futures closed with
May at 10c.• July at 11c.; Sept., 11.85c.i Dec., 13.05 to
13.10c.; March,14.10 to 14.20c. On the 21st inst. prices ended
unchanged to 30 points lower with sales of 2,240,000 lbs.
River Plate was quiet. Sales reported in Chicago Included
5,400 heavy native steers March-April at 9c.; 2,100 butt
branded steers, March-April at 9c.; 3,900 Colorado steers,
March-April, at 83%c.; 1,500 heavy Texas steers March-April at
April, at 9c., and 1,500 light Texas steers March
83/2c. Futures closed here on the 21st inst. with May at
10 to 10.10c.; Sept., 11.55 to 11.65c.; Dec., 12.960.; March,
13.95 to 14c. On the 22nd inst. prices closed 5 to 10 points
off with sales of 1,360,000 lbs. Chicago was more active
with sales of 33,000 hides at steady prices. Last sales were
for March-April, light native cows at 83/c. Here at the
2
Exchange, May closed on the 22nd inst. at 9.90c.; Sept.,
11.50c.; Dec., 12.70 to 12.75c. Common dry Cucutas, 13
to 14c.; Orinocos, 103%c.; Maracaibo, &c., 9Mc.• Santa
Marta, 10Mc.• Packer native steers and butt brands, 9c.;
Colorados, 8Ac.• New York City calfskins 5-7s, 1.25 to
1.35c.; 7-9s, 1.65C.; 9-12s, 2.60c. On the 23rd inst. prices
ended 15 points off to 11 up with sales of 1,000,000 lbs.
A lot of 9,000 April frigorifico steers sold at 11 3-16c., a
decline of lc. City packer hides remained very quiet.
May ended at 10.01 to 10.05c.; Sept., 11.35 to 11.40e.;
Jan., 12.85c. Today prices ended unchanged to 5 points
lower with sales of 32 lots. May closed at 9.97c. to 160.;
Sept., 11.30 to 11.35c.; Dec., 12.60 to 12.65c.; March,
13.65 to 13.75c. Final prices are 23 points lower for the
week on May and 80 lower on Sept.
-Grain charters were recently exOCEAN FREIGHTS.
ceptionally large. River Plate chartering was exceptionally
active. Grain business increased later.
CHARTERS included: Grain: Montreal, May 3, Danish ports,
163c.; Montreal, May 1-10. or Quebec, Antwerp-Rotterdam, 10',Vic•;
option Mediterranean,
Hamburg, 11,1c.; option half barley, lc. more;Mediterranean,
13c..
13%c.; 28,000 qrs., Montreal. May 10-25, to
Montreal, Havre-Dunkirk, 12c.; option
14c., and 14c.; 30,000
up to
half oats, 2c. more; option qrs.' 1,250 tons barley, lc. more; 33,000 rqs..
Montreal-Mediterranean, 1330.• 13,000 qrs., Montreal, May, to Den-June 10,
35,000 qrs., Montreal, May 20
mark, 16c., 163c., and 17c.; '
Antwerp-Rotterdam, 1035c.; Havre-Dunkirk-IIamburg-Bremen, 11%c.;
-June 10, Antwerp-Rotterdam, 10%c.;
Montreal, May 20
22,000 qrs.,
Havre-Dunkirk, 11.1ic.; option up to full barley, lc. more; 35,000 grs.,
2c. Berthed, 15 loads
Montreal, May 10-25, Mediterranean basis, 13Y
to start May, Montreal-Antwerp, 10c. Grain booked included from
New York, 24 loads. Havre-Dunkirk, early June, 10c.; New York to
Antwerp, 9hc., May; to Glasgow, 2s.: 80 loads on Saturday including
7 New York-Marseilles, April, 12c.; 15 Montreal-Antwerp, May, 10c.
12 Montreal-Rotterdam, 10c., May; 25 New York-Havre-Dunkirk, May,
10c.; 4 New York-Hamburg-Bremen, April, 8c.; 5 New York-Antwerp,
May, 8;ic.; 3 Montreal-Hamburg, May, 11%c.; and 10 Montreal-Marseilles-Genoa, May, 13Mc.• 10 loads, Montreal-Antwerp. May, 11c.;
5 loads, Naw York-LiverpOol, is. 6d.; 10 loads, London, special discharge, idlseo. d..May, and 3 loads, New York. May, Copenhagen, 10c.
.9 3
:
Coal: Prompt, Baltimore, West Italy, $2.10; Hampton Roads, June, to
$
COAL.
-Trade everywhere was quiet. But some predict
the anthracite retailers will soon have to buy more freely.
Egg and chestnut sizes are well ahead of stove coal in the
size of the trade. There is a shortage of steam sizes of
anthracite and buckwheat is 75 to 81 above the circular.
Hampton Roads steamers took 49,735 long tons of soft coal
last Wednesday, April 15. New York reported for three
terminals 173 dumped cars of soft coal and 1,061 cars standing. These decreased operations are in trade view the
forerunner of lighter business before better trade sets in.
Western screenings of second grade was on the basis of 85c.
at the mine with no snap in trade.
TOBACCO.
-A moderate routine trade has been going
on here with no features reported of special interest. Amsterdam cabled the "United States Tobacco Journal": "Market
high at Sumatra sale to-day. About 3,000 bales bought for
America. Principal buyers were General, 1,100 bales;
Bornholdt, 778; Duys, 553; Rosenwald, 550; American
Cigar, 250 bales." Richmond, Va., reported: "Virginia
farmers will plant 150,900 acres of tobacco in 1931 or 87%
APRIL 25 1931.]
FINANCIAL CHRONICLE
3193
of the acreage harvested in 1930, according to report on in 1921, in which year the average price was $23.78, last
intentions to plant, with a supplemental outlook report week's figure was the lowest since 1901, when the bottom
issued by the Virginia State Department of Agriculture. was $22 also. In London on the 23d inst. spot was unTotal acreage for the country is estimated at 2,096,400, changed at £11 5s.• futures fell 2s. 6d. to Ell 8s. 9d.; sales,
or 99.3% of the total acreage harvested last season. North 25 tons spot and 1,100 futures.
Carolina leads with 724,000 acres, which is 93% of that of
STEEL has been generally quiet. Operations are estilast season. Kentucky is next with 573,500 acres, or 113%
of the acreage in 1930. Tennessee is third with 170,000 mated at about 40% against 50% last week, including 51%
acres, or 112% of acreage harvested last year. Virginia by the big corporation. Independents are said to be gaining
ranks fourth.' Mayfield Ky., reported: "Lower averages at 47%%. A year ago the industry as a whole was estiare again reported at practically all the markets, expecially mated as operating at 773/2%. Prices show a downward
those selling large quantities of tobacco. Week's sales at tendency with new business still unsatisfactory. It is of
various districts follow: Mayfield, 397,575 lbs., at an aver- notice that some huge structural projects are ahead such as
age of $4.47, or 60e. lower than the preceding week. At radio city, the electrification of the Pennsylvania and now
Paducah, sales 155,150 lbs., at an average of $4.59, or 5c. one that involves 110,000 tons of steel and cables for a bridge
higher than the preceding week. At Murray, 160,995 lbs. across San Francisco Bay. On May 19 bids will be opened
sold, averaging $3.81 for the week, or 14e. higher. Sales of for the construction of the first section of the Sixth Avenue
dark tobacco at Hopkinsville were 993,725 lbs., at an aver- subway, the total section to require 25,000 tons. A water
age of $5.89, or down 31c. At Clarksville sales totaled pipe line in California will require 30,000 tons of steel plates,
1,560,895 lbs., at an average of $7.88, or 25c. lower. At which is all very well as far as it goes. The Central West
Springfield sales 1,224,269 lbs., averaging $11.11, or 51c. expects gains in trade in May. Still scrap is weak; also steel
slabs. Youngstown wired that some Mahoning Valley steel
lower.
All Louisville, Ky.: Burley markets are now closed. The makers are inclined to feel that there is too much pessimism.
crop was unexpectedly large. Springfield, Tenn.: Sales for They expect May to bring larger sales of certain rolled steel
the past week here were 1,066,640 lbs., the lightest week lines. According to the "Times," after fluctuating within a
since early January, total sales to date 20,373,520 lbs. narrow range for the last two months and a half, adjusted
This leaves about 4,000,000 lbs. unsold. It is believed that index of steel mill activity has declined sharply and for
floors will sell between 24,000,000 and 25,000,000 lbs., week ended April 18 was 54.9 against 57.1 for preceding
and that the 1930 crop will show a production of nearly week and 87.2 last year.
PIG IRON was quiet. The weekly sales here average
30,000,000 lbs. Prices on good to fine leaf and lugs have
shown little or no change since the opening. Trashes and about 6,000 tons or 4,000 tons less than at this time two
common lugs are in line with last week's figures, while com- years ago or 40% under that level. Prices showed no quotmon leaf and all colory grades were from one to four dollars able change in so dull a market. It is not being really tested.
higher during the last week. Havana to the "Journal":
WOOL.
-A government report from Boston said: "Only
During the first quarter of this year 15,117,139 lbs. were limited sales are being reported on domestic wools and
exported as against 14,065,068 during the corresponding prices generally are only barely steady. On some lines of
period last year. Wrapper leaf was exported only to the original bag territory wools quotations are slightly easier.
United States last month, while 17 different countries took According to reports some 58-60s strictly combing territory
leaf tobacco fillers in bales, five countries stripped tobacco wools are being moved at prices %c. scoured basis below
in barrels or packs. The United States was the only country what similar wools were bringing two weeks ago. Quotations
to import Picadura or scraps. The United States took
combing wools are only nominal,
6,559 lbs. of wrapper leaf at an average of $2.16 per pound on 48-50s and 56s strictly
due to restricted demand." Boston wired April
($4.71 per kilo), valued at $14,205. Of Picadura or scraps "Advices received from the wool auction at Sydney,22nd:
Ausit took 90,436 kilos (196,600 lbs.) at an average of 56c. per tralia to-day stated that the selection was rather poor, but
kilo or 260. average per pound.
that prices were maintained on a fairly steady basis."
COPPER was very quiet for domestic account, but export Boston wired later: "New Arizona bag wools of 64s and finer
sales were better. On the 23rd inst. foreign sales totalled 645 qualities although only arriving in moderate quantities froin
tons. Prices were 93/i to 9Yie. for domestic and 10.05c. the West, are fairly active. Choice wools of this type confor export. Export sales thus far this month have been sisting of bulk French combing with some strictly combing
about 15,500 tons. Shipments of finished copper and brass staple are selling at prices in the range of 58 to 60c. scoured
goods, this month are smaller than in March. In London basis. Average wools are bringing 56 and 58c. scoured
on the 23rd inst. standard fell 3s. 9d. to £42 75. 6d. for spot, basis." Boston prices:
and £43 Is. 3d.for futures; sales 50 tons spot and 450 futures;
Ohio and Pennsylvania fine delaine, 26 to 27c.; Ii-blood, 25c.; 54-blood
22c.;
21c. Territory, clean basis, fine
electrolytic dropped 10s. to £45 10s. lid and £46 asked; at fine Si-blood, 20 tocombing, 58 to 60c.; fine medium staple. 65 to 66c.:
medium, French
clothing, 55 to 56c.:
the second session standard was unchanged with sales of A-blood staple, 58 to 60c.: staple. 47 to
Si-blood, 42 to 45c.
fine
50 tons of spot. Trading on the National Metal Exchange Texas, clean basis, fine 12-months, 62 to 64c.; 50c.:. 8-months, 59 to 90c.:
65c.; B, 47 to 5204
57c. Pulled,
on the 23rd inst. consisted of two lots of Sept. at 8.76 and fall, 55 to45c. Domesticscoured basis, A suner, 60 toto 26c. Australian.
mohair, original Texas, 24
C. 40 to
8.580. The closing was quiet and 10 points higher for the clean. 64-708, combing super. 48 to 49c.; 64-70s, clothing, 42 to 44c.: 64s
46 to
day: April ended at 8.35c. nominal; May, 8.40 to 8.50c.; combing,bond,47c.; 60s. 43 to 45c.: 58-608. 40 to 41c. New Zealand,clean
basis, in
58-60s, 38 to 39c.; 56-58s, 34 to 35c.
June, 8.45. nominal; July, 8.50c. nominal; Aug., 8.60c.
At Wanganui on April 20th, 19,000 bales offered and
nominal; Sept., 8.70 to 8.85e.; Oct., 8.80e. nominal and 14,000 sold. The cross-bred selection was representative.
10 points higher for each succeeding month. The export Continental buyers were active, but Yorkshire was quiet.
.
prices was reduced to 10.05e. early in the week.•To-day Compared with the Wellington sales pries ranged from par
there were no sales of futures on the exchange here. Prices to 5% lower. Fine and medium grades were wanted. Prices
were 15 to 45 points lower, May closing at 8.25 to 8.40e.; realized were cross-breds 50-56s,
2
73/i to 83/d.; 48-50s,
July, 8.350.; Sept., 8.500.; Dec., 8.600.
63 to 83,d.• 46-48s, 6W, to 85.c.; 44-46s,6 to 73 0.;40-44s,
/
TIN trading on the National Metal Exchange on the 23d 5 to 7d.; 36-40s,5% to 68 d.
%
inst. was the most active so far in 1931. Sales totaled 400
At Sydney on April 20 sales opened. A good average
tons, or as much as usually dealt in in two weeks of trading. selection was offered and met keen competition, especially
The American Metal Co. and Federated Metals Corp. were from Continental buyers. Compared with previous sale,
the principal traders. Futures dropped 5 to 10 points for the market was unchanged on all descriptions. At Liverthe day. Straits tin was rather quiet. Spot was quoted at pool on April 22, 1,123 bales of Peruvian, 515 of Easter
24.85 to 24.95c. In London on the 23d inst. spot standard Island memo, 380 of Lima and 100 bales of Baires slipe
advanced 7s. 6d. to £111 7s. 6d.; futures up 5s. to £112 12s. were offered. Demand poor. Odd lots of Peruvian and
6d.; sales, 10 tons spot and 190 futures;spot Straits advanced Lima wools barely reached the rates at recent private sales.
7s. 6d. to £113 10s.; Eastern c.i.f. London ended at £114 Merino prices were about equal to the last London sales,
17s. 6d. on sales of 250 tons of futures; at the second London but Baires wool prices were fully 5% lower. London cabled'
session that day standard rose 5s. on sales of 30 tons of April 22: "Wool exports from Melbourne from July 1 to
futures. To-day futures at the Exchange closed 15 to 30 March 31 included 2,246,000 bales of Australian and 433,000(
points lower with sales of 50 tons, May ending at 24.40 to of New Zealand wool, as against 1,768,000 and 426,900
24.45e., July 24.65c., Aug. 24.80c., Dec. 25.50e.
respectively, in the corresponding period of the previous
LEAD was reduced $3 per ton by the American Smelting year."
Co. to 4.35c. on the 23d inst. and prices in the Middle West
SILK today ended unchanged to 2 points higher with
were reduced only $2, bringing the price down to 4.15c. sales of 2,350 bales; July closed at 2.29 to 2.30; July, 2.26
East St. Louis. Prices are now the lowest since 1921, when to 2.28; Sept., 2.26 to 2.27. Final prices are 3 points
4c. was reached. Demand was small. Shipments of lead lower on May for the week.
this month and last have been 10,000 monthly in excess of
current sales. In London on the 23d inst. spot lead was
COTTON
unchanged at £12 5s.; futures off is. 3d. to £12 8s. 9d.; sales,
350 tons futures; at the second session prices fell Is. 3d. on
Friday Night, April 24 1931.
sales of 100 tons of futures. World output amounted to
THE MOVEMENT OF THE CROP, as indicated by our
145,489 short tons in March against 135,320 in Feb. and
163,177 in March last year, according to the American telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
Bureau of Metal Statistics.
ZINC broke sharply during the week. On the 22d inst. 33,372 bales, against 52,119 bales last week and 40,426
prices were down to 3.500. East St. Louis or 3.85e. New bales the previous week, making the total receipts since
York, the lowest since 1897. Demand was quiet. Sales Aug. 1 1930 8,203. 280 bales, against 7,727,783 bales for
,
of Tn-State zinc concentrates last week totaled 4,540 tons the same period of 1929-30, showing an increase since
with the price at $22 a ton. Excepting the $20 a ton reached Aug. 1 1930 of 474,497 bales.
3194
Receipts at-
Sat.
Mon.
Galveston
200
Texas City
Houston
229
Corpus Christi_ _
____
Beaumont
New Orleans- - - 1.445
Mobile
28
Savannah
•
224
Charleston_.,__
Lake Charles- - - ---Wilmington
34
Norfolk
39
Boston
Baltimore
Totals thlu wk_
22
AR
Wed. I Thurs.
Tues.
375
Fri.
185
319
893
,
ig)
18
3,943
350
394
21
- --_ _
41
26
104
50
2,053
515
235
2,424
4,675
116
t824
4.255
681
93
2,455
_
602
1,783
16
741
7 SRR
453
37
2,300
174
Total.
3,987
37
5,155
332
1,316 12,964
604 6,218
303 2,073
29
70
200
200
311
118
702 1, 27
3
152
--_387
387
-----_ 66
26
138
294
52
100
5.4141
8.6231 33.372
The following table shows the week's total receipts, the
total since Aug. 1 1930 and the stocks to-night, compared
with last year:
Stock.
1929-1930.
1930-1931.
Receipts to
April 24.
This Since Aug This Since Aug
Week. 1 1930. Week. 1 1929.
Galveston
Texas City
Houston
Corpus Christi__ _
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles.. _
Wilmington
Norfolk
Newport News_
New York
Boston
Baltimore
Philadelphia
1931.
3.987 1,377,148 5,034 1,710,864 556,062
31,598
437 135,924
37 111,118
5.155 2,808.489 4,696 2,574,779 1,058.780
43,489
332 572,748
252 383,257
15,319
24,515
159
12,964 1.350,666 17.136 1.559,539 729,772
6,218
2,073
70
200
311
1.327
2,791
568.780
62,350
493
691.701
49,050
286.450
59.418
61,541
151,733
379,277
1.161
1.175
25
4,588
21,305 10,391
12
152
387
945
983
336
2.421
32,186
384
449,154
7,094
185,583
9,763
90,993
143,011
5,084
1,744
43,095
753
3.631
1930.
261,196
6.074
722,826
8,240
419,020
248,792
11,532
1,360
363.613
887
39,425
166,580
15,737
12,372
82,673
15,444
48,308
227,278
3,173
1,230
5,213
99,845
2,519
1,385
5,212
33,372 8.203.280 5,0239 7.727,783 3.531,985 1.657,630
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
{voL. 132.
FINANCIAL CHRONICLE
1930-31. 1929-30. 1928-29. 1927-28. 1928-27. 1925-26.
Galveston_....
Houston
New OrleansMobile
Savannah - __ _
Brunswick
Charleston..
Wilmington_ Norfolk
N'port News_
All others....
3.987
5,155
12,964
6,218
2,073
5.034
4,696
17,136
2,791
3,631
9.603
12,264
18,565
4,906
3,310
33.846
13,625
19,036
4.
8,763
12,762
16,566
21,678
2,940
11,104
19,368
37,582
26,302
2,260
13,291
7
311
1,327
945
336
2,421
1,588
1,046
1,214
3,737
3.737
2.735
7,453
4,819
5,328
2,293
1,217
9.398
1,267
13.249
4,421
1.959
3,488
3,739
Total this wk.
33.372
50,239
56.917
92,378
86,137
115,448
Since Aug.1-- 8.203.280 7.727.783 8.702.934 7.854,224 11959762 8,829,885
The exports for the week ending this evening reach a
tat of 57,152 bales, of which 9,048 were to Gerat Britain,
2,403 to France, 7,938 to Germany, 1,115 to Italy, nil to
Russia, 28,866 to Japan and China, and 7,782 to other
destinations. In the corresponding week last year total
exports were 76,829 bales. For the season to date aggregate exports have been 5,798,237 bales, against 6,072,185
bales in the same period of the previous season. Below are
the exports for the week.
Exported to
Week Ended
Apr, 211931.
Great
Exports from
- Britain. France
Galveston
Houston
Corpus Christi_
Beaumont
New Orleans--Mobile
Norfolk
New York
Los Angeles_Lake Charles_ -
2,126
2,320
Germany.
Italy.
1.283
4:iii
1,153
365
____
1- 676
.
2,518
650
___
Japan&
Russia. China. Other.1 Total.
5,432
---- 16,127
-159
1:416
2,833
----
2.715
50
4,592
"ioo
--9,048 2,403
- ----,--___1 28,866
7,938 1,115
Total
-35,970
4.685 2,365 14,717 10,176
Total 1929-30_
-29._ - 16.089 3,013 10,320 10,093 26:520 13,500
Total 1928
From
GerApr. 21 1931. Great
Exportsfrom- Britain. France. many.
5.086 12,644
682 23,761
411 2,847
159
1,46 8,358
1,410
2,883
100
200 4,792
200
7,782 57.152
- 8.916 76,829
4.660 84.195
Exported lc
Japan&
Italy. Russia. China. Other.1 Total.
248,73 204,2651,041,568
193,37• 80,7191
Galveston...- 141,751 163,71
182,910429.86'444,14: 165,0521 3,435 433,017 249,246 1,907,968
Houston
___ 3.74' 5,86452,983
12,93: 1,42
15.167 13,84
City__
Texas
--- 119.85' 45,725 511,242
65.848158.7i'100.69 20,36
Corpus Christ
24,644
3
9.633
------- -4,300
4,489 5,92
Beaumont
6.259 854,429
90.713 152,49 92,075 25,844 22618
New Orleans_ 180,562
____ 12,996 3,367 221,185
85,431 2,244
109,907 7,2
mobile
202 62,481
---- 5,267
43,161 1.272
---_
12,57
Patmeola
8,795 400,757
214,72 10,707
---_ 32,80
131,8581 1,86
Savannah
49,050
41.25
-----------____
7,793
Brunswick...
____
____ 9:832 172,606
___
313 101,981
60,48
Charleston- - _
563 3,5011 48,034
11,52 24,
___
-7,845
Wilmington- _
1,17
79,264
- - 1,3
691
31,09
42,29312:64'
Norfolk
50
-----50
Gulfport
2,74
5,967
21,540
1 6651
2,21
2 29i 6,652
York
New
245
754
4,984
311
8,19
Boston
---20
---- ---- -- - --205
Baltimore..
Philadelphia.
,29
-_-_---. 2,90
238
21,62
14.622 3,395
Los Angeles__
400
--_
40
San Diego.-1,65
-_..--__ 44,84
56,966
3,68
-_-6,72
San Frandsc
13,000
_._ 13,000
-Seattle
2,38
59,558
--__
.
0,
26,0
2,456 12,95
Lake Charles..
29.27983646,0685.708,237
993,119898.381 1.496,536 420,671
Total
H---.
- ..... rot,,AIIS 11,21112Q it9A Aftcli 1179 155
.
Total 1929-301.191,237 78 . „
182.0421331855 690.0187.059,808
1.743,445 741,228 1,776,770 588,450
Total 1928-29
to include In the
-It has never been our practice
-Exports to Canada.
NO M.
reason being that virtually
above table reports of cotton shipments to Canada, the
all the cotton destined to the Dominion comes overland and it Is impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding this matter, we will
say that for the month of March the exports to the Dominion the present season
have been 15,848 bales. In the corresponding month of the preceding season the
exports were 15,314 bales. For the eight months ended March 31 1931 there were
15
4,933 bales exported, as against 119,362 bales for the eight months ended March
31 1930.
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
CoastGreat
GerOther
Apr. 24 al
- Britain. France. many. Foreign wise.
Galveston
New Orleans_ _
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports *_ _
2,200
3,880
548
2;666
2.000
1.741
3,300 10,000
3.771 8,409
"Ho
4,508
1,666 3,000 19,000
Total 1931... 8,428 4,941 10,071 41,917
Total 1930._ 10,609 10,061 10,213 43,020
Total 1929- 14,503 8.902 13.103 51.691
* Estimated.
Leaving
Stock.
Total.
1,500 19,000
1,428 19.029
300
30Q
200
200
77 5,333
537,062
710.743
363.313
166.380
243.459
82,673
25.615(5 1.359.493
-
3,505 68,8623.463,123
4,487 78.370 1.579.260
9.741 97.9401.329,780
Speculation in cotton for future delivery has been somewhat more active at times, though never really large. But
latterly 'prices have shown more steadiness owing to the
Increased strength of the technical position after the recent
very heavy liquidation of May. Moreover, the weather
has been mostly too cold, and the co-operatives have been
steady buyers as well as the trade. On the 18th inst. prices
advanced owing to scarcity of contracts, trade and co-operative buying and covering. Stocks rallied later. The weather
at the Southwest was cold and rainy, which was not supposed to be the best thing in the world at this particular
time. The spot markets advanced 15 points. Liverpool was
listless, but Alexandria and Bombay advanced. Spot sales
in the 10 designated spot markets last week were 26,375
bales, against 27,811 in the previous week and 14,415 last
year. Friday's average spot price in the same markets
was 9.48 against 9.51 a week ago and 15.16 last year.
On the 20th inst. prices again advanced, but only half a
dozen points, or less, though contracts were scarce and
the weather at the Southwest was bad, i.e., cold and wet
in parts of the belt. Texas had 3% inches of rain at Houston. The co-operatives. it is true, sold May on the rise,
if they bought October and December. While offerings fell
off the demand was less active. Worth Street and Manchester were quiet. The Hunter Co. stated that while it
was another quiet week, their sales were much in excess
of thOse of the previous week, and on a level with those
of two weeks ago. In gray goods, mainly print cloths and
sheetings. 50% in excess. Heavy shipments against unfilled
orders, many of them by request in anticipation, have still
further reduced print cloth stocks to a new low record.
On the 21st Inst. prices declined 15 points or more owing
to a decline in stocks, an unfounded rumor that the Farm
Board was to liquidate its holdings.of 'wheat by dumping
them on European markets, and a fear that it might dispose of its cotton holdings in much the same fashion. The
co-operatives sold May, July, and October, if they bought
December and March. The Exchange Service pointed out
that while the movement of the crop into sight is slower
than it was a year ago. the forwardings to mills are even
smaller, and therefore the visible supply is not decreasing
as rapidly as it was a year ago. With the movementlight,
the available stock is heavy. It added that the domestic
mill position is more unsatisfactory than it was recently.
Prices have weakened and margins of profit are smaller
regardless of the decline in the price of raw cotton. Mills
feel the effects of lowered stock and cotton markets. The
improvement in Germany is only moderate and Continental
conditions as a rule show no betterment. English mills
are not selling their output, though they are running on
only half time.
On the 22nd inst. prices declined a dozen points or more.
meeting stop orders on the day down. Adverse factors
were a decline in stocks and grain, lower Liverpool prices
than due, liquidation of May cotton here on the eve of
notices, reports of financial troubles In Barcelona. Spain,
and dullness of cotton goods in Worth Street and Manchester. The trade continued to buy, and there was also more
or less buying by the co-operatives. Parts of the belt were
too cold, notably in the Southwest. What the belt needed
was warm, dry weather. The weekly report said that in
Texas the weather has been mostly favorable, with some
improvement, but the crop was still late and in only fair
condition, with stands uneven and considerable replanting
may be necessary. Others sections west of the Mississippi
River sent favorable reports, and the same was true of the
Eastern cotton belt. At the same time, it adds that there
has been a cold wave with freezing conditions in the Panhandle of Texas. Spot prices were off 15 points.
On the 23rd inst. prices advanced 10 points early, but
reacted later, partly because of a decline for a time in
stocks, and closed steady 2 points lower to 1 higher. The
trade, the co-operatives, and the shorts bought. An unfounded report of a bank failure in Amsterdam,.Holland,
had some effect, but it turned out that the failure was of a
APRIL 251931.]
FINANCIAL CHRONICLE
small bank at Groingen, Holland. Meanwhile, wintry temperatures prevailed in parts of Texas, Oklahoma, Mississippi, Arkansas, the Memphis district, and in the Atlantic
States. The rains slackened, but the low temperatures were
naturally bad for germination and growth. The technical
position was better. Some thought it was oversold. Worth
Street, on the other hand, was dull amd weak. Manchester
was dull and yarns seemed to be tending downward. Japanese interests sold here, it was understood, quiet freely.
In Liverpool, Alexandria was selling. Fairchild estimated
the decrease in the acreage at 11.9%. There are fears of
considerable weevil damage this year.
To-day prices advanced 12 to 15 points, with the technical
position stronger, offerings light, the weather unfavorable,
with rains over most of Texas, Oklahoma, and Arkansas, a
wet forecast, continued buying by the trade, and the co-operatives and not a little covering in a short market. One
report was that the weevil emergency at College Station
is nearly the largest ever recorded there, being 3%% up to
the middle of April, compared with none at all at that
station up to that date last year. The recent temperatures
have been too cold. In some parts of Oklahoma it is
asserted the acreage will be cut 15 to 25%, though it is not
claimed that such a reduction will be general in that State.
The consumption of commercial fertilizers in eastern Texas,
It is said, will be 40 to 75% smaller than last season. In
other parts of the belt the reduction is expected to be about
30%. Spot markets were higher. Worth Street was said
/
1-inch 64x60 print
to be rather more active, but with 382
cloths selling at 5 to 5 c. Manchester reported a rather
/
1
2
better business, with some buyers and South America, but
trade with India and China is said to be very small. The
East Indian boycott appears to be in full force still. Final
prices for the week are 3 points lower to 2 points higher.
Spot cotton advanced 10 points here to-day, middling touching 10.15c., showing no net change for the week.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
April 18 to April 24Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
10.30 10.30 10.20 10.05 10.05 10.15
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statethent.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures.
Market
Closed.
SALES.
Spot. Contr't. Total.
3195
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 24Stock at Liverpool
Stock at London
Stock at Manchester
1931.
bales 889,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
225.000
1930.
815.000
1929.
966,000
137.000
1928.
773,000
103,000
78,000
952,000 1.069.000
851,000
544,000
382,000
11,000
120.000
66,000
456,000
292,000
6.000
82,000
45.000
487,000
235,000
14,000
80,000
44,000
481.000
284,000
11,000
104,000
34,000
1,123,000
881.000
860.000
914.000
1.114.000
2,237,000 1,833.000 1.929.000 1.765.000
Total European stocks
India cotton afloat for Europe_ _ _ 114,000 194.000 180.000 171,000
American cotton afloat for Europe 172,000 220,000 269.000 385,000
Egypt,Brazil,&c.,afloatforEurope 63,000
94,000 106,000
95,000
671,000 531,000 391,000 364,000
Stock in Alexandria, Egypt
1,054,000 1.308,000 1,217.000 1,004,000
Stock In Bombay, India
3,531,985 1,657,630 1,427.720 1,498,241
Stock in U. S. ports
Stock in U. S. Interior towns_ __ -1.175,730 980,279 615.322 737,026
5,370
U.S. exports to-day
75
3,629
9,024,085 6,817,909 6.135,117 6,022.896
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
437,000 351,000 654,000 554,000
Liverpool stock
91,000
69,000
72,000
59,000
Manchester stock
1,011,000 808,000 794,000 865,000
Continental stock
172,000 220,000 269.000 385,000
American afloat for Europe
3,531,985 1,657,630 1.427,720 1.498.241
U. S. port stocks
1,175,730 980.279 615,322 737,026
U. 8. interior stocks
5,370
U. S. exports to-day
75
3.629
Total American
East Indian, Brazil, dc.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
6,424,085 4,085,909 3,832.117 4,101,896
452,000
464.000
312.000
219,000
134,000
68.000
31,000
19,000
112.000
73,000
66,000
49.000
114.000 194.000 180,000 171.000
63,000
94,000 106,000
95,000
671,000 531.000 391.000 364.000
1,054.000 1,308,000 1,217.000 1.004.000
2,600,000 2,732,000 2,303.000 1,921,000
6,424,085 4.085.909 3.832,117 4,101,896
9,024,085 6,817.909 6,135.117 6,022.896
Total visible supply
5.62d.
8.74d.
Middling uplands, Liverpool
10.23d.
11.61d.
16.25c.
Middling uplands, New York_ -- _ 10.15c.
19.75c.
21.85c.
9.50d.
Egypt, good Sakel, Liverpool....
15.288.
19.188.
22.40d.
14.50d.
Peurvian, rough good, Liverpool_
13.788.
4.53d.
6.308.
8.688.
10.00d.
Broach, fine. Liverpool
5.28d.
7.688.
9.80d.
10.988.
Tinnevelly, good, Liverpool
* Estimated.
Continental imports for past week have been 109,000 bales.
The above figures for 1931 show a decrease from last
week of 128,648 bales, a loss of 2,206,176 bales from 1930,
a decrease of 2,888,968 bales from 1929, and a loss of
200
-166 3,001,189 bales from 1928.
-that is,
AT THE INTERIOR TOWNS the movement
Total week200
____
200
Since Aug. 1
35,517 465,300 500.817 the receipts for the week and since Aug. 1, the shipments for
FUTURES.
-The highest, lowest and closing prices ai the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
New York for the past week have been as follows:
detail below:
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
April 18. April 20. Apra 21. April 22. April 23. April 24.
Movement to April 251930.
Movement to April 24 1931.
Saturday__ Steady. 15 pts. adv_ Very steady - -Monday _-- Quiet, unchanged-- Steady
Tuesday --- Quiet. 10 pts. dec__ _ Barely steady-.
Wednesday. Wet,15 pts. dec... Barely steady-Thursday -- Quiet, unchanged.. Steady
Friday
Steady. 10 Pts. adv- Steady
April
1Ship- Stocks
Receipts.
Towns.
Receipts.
I Ship
"
Range..
10.05meats,I April
, meats, SW
April
Closing. 10.1910.22- 10.08
9.98 -10.05
Week.( Season. I Week. 25.
Week., Season. Week. 24.
Hag
1-Range__ 10.16-10.30 10.26-10.37 10.18-10.25 10.05-10.18 10.03-10.14 10.12-10.19 Ala.,Birming'm 1,425 98,92
316 109,3121 2,033 11,360
1,086 33,400
Closing. 10.29-10.30 10.32-10.33 10.16-10.19 10.05-10.07 10.05-10.08 10.14-10.15
61
60 13,683
81 5,498
19,753,
Eufaula
20 28,604
June
414 60,8191 1,276 25,155
328 61,598
Montgomery.
123 68,618
Range..
112 72,3691
Selma
921 19,280
142 98,876 1,393, 42,855
Closing. 10.42 --- 10.45 -10.31 -10.18 -10.18 -10.28 --_. Ark.,
736 18,443
20 127,7551 1,438 26,068
3 76,725
Blythville
July
655 4,935
1
30.5341
220 8,310
Forest City..
307 14,812
Range__ 10.44-10.56 10.53-10.63 10.45-10.51 10.32-10.43 10.29-10.40 10.38-10.44
186 61,4191
Helena
518 12,960
149 41,460 1,098 13,664
Closing. 10.5510.59-10.60 10.4510.32-10.33 10.31-10.32 10.42 --804 3,706
950 1,474
823 55,922,
Hope
20 32,275
A vg.
78 2,343
2041 2,699
30 39,616i
Jonesboro.. • 7 26,370
Range -316 127,241 3,439 17.362
Little Rock..
410 101,648 2,526 29,703
Closing. 10.6810.7210.5810.4610.44 -- 10.56 --_.
689 4,833
173 2,297
9 51,352
Newport _
61
27,7201
Sept,
889 15,974
Pine Bluff
58 187,503 1,561 24,338
180 86,968
Range-23,886
104' 4,017
5 55,889
20 2,606
Walnut Ridge
10.86Closing. 10.8010.71 10.5910.58 -•10.70- Ga., Albany
8 3,764
7,393
____1 2,494
6,482
Oct.
"Ho, 44,973 900 27,712 -ii
Athens
500 18,298
41,712
Range __ 10.79-10.90 10.87-10.97 10.79-10,84 10.68-10.79 10.65-10.77 10.74-10.81
Atlanta
2,890 205,493 1,710165,678 1,70 162,460 9,1371 73,384
Closing. 10.89-10.90 10.95-10.96 10.8010.68-10.69 10.67-10.68 10.792,307 302,130 4,862 73,095
Augusta -1,354 325,138 3,363 83,51
Nov.
683, 1,982
15
75 25,196
200 14,450
Columbus_
49,330
Range..
-75,497 1,880 13,984
31
Macon
91,490 1,078 30,84
10.92Closing. 11.01 -11.0610.7910.78 --- 10.89 --Rome
23,356
300 16.506
400 11,10
20,886
Dec.144,648
462 49,688
22
911 65,89
1 107,412
44
Range__ 11.03-11.14 11.11-11.22 11.03-11.09 10.91-11.03 10.88-10.99 10.97-11.09 La., Shreveport
Miss., Crksdale
258 191,337 1,345 26,139
12 112,455 2,039 28,82
11.04-11.05 10.91 Closing. 11.13-11.14 11.1810.89-10.90 11.00-11.01
Columbus...
197 28,811
57 6,337
19 25,147 1,314 9,08
Jan.
Greenwood..
960 57,277
29 231,376
10 137,989 1,922 42,39
Range__ 11.13-11.25 11.23-11.29 11.13-11.18 11.00-11.11 10.99-11.08 11.06-11.14
Meridian.....
375 5,676
52.758
131
636 21,279
93 60,720
11.24-11.25 11.2711.14 --- 11.00-11.01 11.01-11.02 11.12Closing.
Natchez -5 9,242
39 25,167
436 6,977
100 12,292
Feb.
Vicksburg_
13i 35,053
932 11,357
Range..
- _
26
3
7 6913
6 466
:
Yazoo City
6 41:78
32 24
5 32,875
586 8,952
11.3811.2411.10Closing. 11.3411.11 11.22
Mo., St. Louis_ 5,328 216,161 7,738 7,543 4,88 277.717 5.341 10,882
March
620 10,385
21,065
3
545 44,506 1,1401 35,850
Range.. 11.34-11.45 11.44-11.52 11.35-11.40 11.21-11.33 11.21-11.28 11.29-11.315 N.C.,Gr'nsb'ro
Oklahoma
elna1n2 _ 11.4511.4911.35-11.36 11.21-11.22 11 21
15 towns._ 2351 749,278 1,121 41,166
309. 531,915 2,411 35,34
S. C.,Greenville
645 135,164 1,91 56,340 5,765 171.1351 11.143 55,385
prices at New York for week ending Tenn.,Memphls
Rangel of future
23,965.226,82 14,4731,884,856!25.267301,656
13,201 1,263,679
824
219
61
Apr. 16 1931 and since trading began on each option:
Texas, Abilene_
621 28,765
7
15
26,985
---11,39
---Austin
10
456
24,802
---8 2,833
7
.
11,01
7
Brenbarn____
4
4,76
19,421
Range Since Beginning of Option.
Range for Week.
Option for
074 1 68
42
5 112.2151 1, 2 12:4884
Dallas
8,72
2791 144,405 1,06
196
,
87
Parts
63,505
1
Apr. 1931.. 10.05 Apr. 23 10.05 Apr. 2310.05 Apr. 23 1931 13.34 June 18 1930
212 1,797
32,7001
6
9,67
Robstown_
54.781
May1931__ 10.03 Apr. 23 10.37 Apr. 20 9.80 Dec. 16 1930 15.00 June 2 1930
1,155
San Antonio_
1,340 "ioi 23.86
25,177
10.76 Jan. 23 1931 10.76 Jan. 23 1931
June 1931-_
85 60,
-iii 3,888
22
3,64
Texarkana..
201 34,576
July 1931.. 10.29 Apr. 23 10.63 Apr. 20 10.00 Dec. 16 1930 13.82 Aug. 7 1930
164 7,488
99 105,4661
221 4,61
Waco
751 61,301
10.44 Dec. 13 1930 12.15 Oct. 28 1930
Aug. 1931
10.19 Dec. 16 1930 12.57 Oct. 28 1930
Sept. 1931
'
Total, 56 towns i34,641,91t 66,0821175730 36.0795,929,265 80,237 980.279
Oct. 1931._ 10.65 Apr. 23 10.97 Apr. 20 10.22 Dec. 16 1930 12.31 Nov. 13 1930
Nov.1931._
• Includes the combined totals of 15 towns in Oklahoma.
. ..2
.
.
Dec. 1931 10.88 Apr. ii ii:ii...... in Nati..... - "iiii i2.32ieb. 21 iiii
-- The above total shows that the interior stocks have
Jan. 1932__ 10.99 Apr. 23 11.29 Apr, 20 10.88 Apr. 10 1931 12.42 Feb. 25 1931
Feb. 1932._
decreased during the week 38,260 bales and are to-night
Mar.1932._ 11.21 Apr. 22 11.52 Apr. 20111.06 Apr. 10 1931 11.59 Apr. 6 1931
1
195,451 bales more than at the same time last year. The
receipts at all towns have been 7,836 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
April 24 for each of the past 32 years have been as follows:
1931
1930
1929
1928
1927
1926
1925
1924
10.15c.
16.50c.
20.25c.
21.90c.
15.25c.
18.90c.
24.50c.
29.90c.
28.05c.
18.150.
12.25c.
41.45c.
28.80c.
29.40c.
19.850.
12.05c.
1923
1922
1921
1920
1919
1918
1917
1916
10.60c.
13.25c.
12.00c.
11.85c.
15.150.
15.150.
10.70c.
10.10c.
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
11.25c
11.65c.
7.75c.
14.00c.
10.50c
9.50c.
8.350.
9.81c.
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:
-1929-30-1930-31Since
Since
Week. Aug. 1.
Week. Aug. 1.
5,341 275,964
7,738 222,620
63,904
1,468
52,395
2,970
1,5093,596
29,901
-i15
16,331
184
13,465 169,323
3,556 142,317
11,996 534,564
9,695 475,535
April 24ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
24,143
Total gross overland
Deduct Shipments
Overland. to N. Y., Boston, &c_..... 539
394
Bewteen interior towns
3.501
Inland, &c.,from South
910,707
32,685 1,077,252
27,080
12,029
238,611
11,577
426
3,975
50,343
14,894
370,551
4,434
277,720
15,978
435,788
Leaving total net overland* -19,709 632,987
-* Including movement by rail to Canada.
16,707
641,464
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 19,709 bales, against 16,707 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an decrease from a year ago
of 8,477 bales.
-----1929-30-----1930-31
Since
In Sight and Spinners*
Since
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
Receipts at ports to April 24
50,239 7,727,783
33,372 8,203,280
641,464
Net overland to April 2419709
16,707
Southern consumption to April 24_100:000 3.180,0 0 105,000 4,000,000
0
Total marketed
153,081 12,016,267 171,946 12,369,247
Interior stocks in excess
770,369
*38,260
614,035 *43,846
Excess of Southern mill takings
667,257
over consumption to April 1_ _ _
317.684
Came into sight during week_ - _114,821
128,100
13,806,873
Total in sight April 24
12,947,986
North.spinn's'takings to April 24. 44,480
* Decrease.
895,015
38,227
1,048,571
Movement into sight in previous years:
Bales.
14,630,463
12,933.092
17,880,264
Bales.
Since Aug. 1210,190 1928-29
165,186 1927-28
177,099 1926-27
Week1929-Aprll 27
-April 29
1928
-April 30
1927
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:
C osing Quotations for Middling Cotton on
April 24.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth__ _ _
Fou 132,
FINANCIAL CHRONICLE
3196
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.20
10.04
9.95
9.90
10.13
10.25
9.81
9.15
10.10
9.05
9.55
-___
10.25 Holiday.
9.92
10.11
9.40
9.55
9.78
9.92
10.00
10.13
10.25
10.30
9.69
9.81
9.05
9.15
10.15 Holiday.
8.95
9.05
9.55 Holiday.
9.55 Holiday.
10.00
9.84
9.35
9.65
9.88
10.15
9.56
8.90
9.90
8.82
9.30
9.30
10.00
9.84
9.35
9.68
9.94
10.10
9.56
8.90
9.90
8.82
9.30
9.30
10.10
9.89
9.45
9.75
10.00
10.15
9.69
9.00
10.10
8.90
9.40
9.40
Rain. Rainfall.
0.10 in.
2 days 0.22 In.
3 days 0.94 in.
2 days 0.05 in.
2 days 0.08 in.
2 days 0.60 in.
1 day 0.34 in.
3 days 1.20 in.
3 days 0.82 in.
4 days 1.30 in.
4 days 0.40 in.
3 days 1.38 in.
2 days 0.41 in.
2 days 0.78 in.
2 days 0.42 in.
3 days 0.15 in.
2 day ; 0.36 in:
2 days 0.35 in.
1 day 0.40 in.
3 days 1.44 in.
4 days 2.35 in.
2 days 0.05 in.
4 days 0.94 in.
5 days 1.23 in.
4 days 0.30 in.
dry
1 day 0.62 in.
2 days 1.37 in.
4 days 1.76 m.
4 days 1.65 n.
4 days 1.31 n.
2 days 0.26 n.
2 days 0.76 n.
3 days 1.21 in.
2 days 1.34 n.
2 days 1.90 n.
dry
1 day 0.67 in.
1 day 0.02 in.
2 days 2.01 in.
3 days 1.49 in.
3 days 2.28 in.
3 days 0.22 in.
1 day 0.49 in.
5 days 1.34 in.
3 days 0.82 in.
6 days 1.01 in.
2 days 0.80 in.
1 day 0.14 in.
2 days 0.79 in.
Galveston,Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Teat
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock. Ark
Pine Bluff, Ark
Alexandria, La
Amite, La •
New Orleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg Miss
Mobile, Ala
Decatur, Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S. C
Columbia,S. C
Conway, S. C
Charlotte, N. C
Newbern, N.0
Weldon, N. C
Memphis. Tenn
Thermometer
high 80 low 49 mean 65
high 78 low 40 mean 59
high 82 low 40 mean 61
high 80 low 52 mean 66
high 76 low 50 mean 63
high 82 low 38 mean 60
high 86 low 34 mean 60
high 80 low 30 mean 55
high 82 low 32 mean 57
high 86 low 30 mean 58
high 80 low 40 mean 60
high 82 low 36 mean 59
high 84 low 38 mean 61
high 84 low 38 mean 61
high 80 low 44 mean 62
high 80 low 36 mean 58
high 82 low 28 mean 55
high 82 low 32 mean 57
high 81 low 31 mean 56
high 81 low 31 mean 56
high 79 low 35 mean 57
high 84 low 32 mean 58
high 86 low 35 mean 61
high 84 low 39 mean 62
high 87 low 35 mean 61
high 88 low 36 mean 62
high 85 low 39 mean 62
mean 68
h gh 86 low 38 mean 62
high 92 low 38 mean 65
high 91 low 35 mean 63
high 86 low 40 mean 63
high 85 low 47 mean 68
high 87 low 39 mean 63
high 85 low 44 mean 65
high 85 low 44 mean 65
nigh 84 low 47 mean 66
high 86 low 47 mean 67
high 79 low 47 mean 63
high 83 low 40 mean 62
high 80 low 44 mean 64
high 86 low 45 mean 66
high 75 low 48 mean 62
high 77 low 40 mean 59
high 78 low 42 mean 60
high 82 low 40 mean 61
high 79 low 44 mean 61
high 81 low 39 mean 60
high 79 low 33 mean 56
high 81 low 39 mean 60
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 gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Apr. 241931. Apr. 25 1930.
Feet.
Feet.
6.5
6.5
15.2
15.8
9.0
14.9
6.9
8.5
23.2
29.7
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
al
Ende
Receipts at Ports.
1931. 1930.
1929.
Stocks at Interior Towns. Receiptsfrom Plantalions
1931. I 1930.
1929.
Jan.
122,377154,364 88,298 1.777,081 1.476,971 1,240,631
115,570 137.699 172,34 1,750,85 1.477,3451.203,459
16_ 106.80 104,523 151.177 1.725.164 1,456,8331.161340
23- 80,428 98.388 71.761 1.696,148 1.432,38711.118.699
30-- 115.045 87.594 55,731 1.658,372 1 403 1071l. .
. .
072 678
Feb.
8..105,953 82,277 135.078 1,627,316 111,82 1,355.621
106,106 53.506 81,57 1,588,762 1.326,078 966,412
13-20-_ 113.043 65.886 80,866 1,558.997 1,306.632 936,027
27-- 119.362 55.748 91,438 1.514.682 1.288.139 906,387
Mar.
118,571 50.312 86.941 1,401.8361,256.076 849,195
13_ 93,477 44,919106,3 I 1.420,7881,228.666 814.522
20._ 68.139 46.415 97,085 1.379,376 781,6671,202.943
27- _ 61,736 46,906 78,0411,349.018 1.1633701 752,959
Apr.
53,101 49,351 59.8841,312.856 1313.592I1 711,349
10.. 40.426 47,498 48,659 1,264,845 1.066,544 679.205
17
52,119 46,693 53,351 1,213,990 1,024,125 646.881
24 33,372 50,239 56,9171,175,730 980,279 695.322
1931.
1930. 1929.
98.71 138,320173,028
89,348 138.973 135,168
81.11 84,011 108.858
51.412 73,942 129,320
77.26 58,314 109,710
74,897
67,552
81,673
77.047
34,791
23,972
46.440
37.255
70.313
40,069
50,481
61,798
65.72 18,248 29,749
41,083 17.510 71.677
26,762 20.692 64,230
31,378 7.133 49,333
16.939
N11 18,274
Nil
450 16,515
1,264 4,274 25,027
Nil 6,393 25,358
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
The above statement shows: (1) That the total receipts
market for the past week have been as follows:
from the plantations since Aug. 1 1930 are 8,807,478 bales; in
1929-30 were 8,473,853 bales, and in 1928-29 were 8,970,115
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
bales. (2) That although the receipts at the outports the
April 18. Apra 20. April 21. April 22. April 23. Apra 24.
past week were 33,372 bales, the actual movement from
April
was nil bales, stock at interior towns having
10.29-10.30 10.35-10.36 10.17-10.18 10.08-10.09 10.08-10.10 10.14-10.11 plantations
May
decreased 38,260 bales during the week. Last year receipts
June
10.54-10.55 10.61-10.62 10.43-10.45 10.33-10.34 10.34-10.36 10.40- from the plantations for the week were 6,393 bales and
July
August_ _
.
for 1929 they were 25,358 bales.
September
10.79-10.80 10.6910.7010.78-10.79
10.9610.88October
WORLD'S SUPPLY AND TAKINGS OF COTTON.
November
11.0241.03 10.91 Bid. 10.91-10.92 10.99December_ 11.11 Bid. 11.2011.21 Bid. 11.30 Bid. 11.13 Bid. 11.01 Bid. 11.05-11.06 11.12-11.12
January
1930-31.
Cotton Takings
1929-1930.
February Week and Season.
MarchSeason.
Week.
Week.
Season.
April
Tone
9,152,733
Visible supply April 17
6,946,865
Steady.
Quiet.
Quiet. unQuiet.
Quiet.
Steady.
Spot
5,302,014
Visible supply Aug. 1
changed.
3,735,957
American in sight to April 17... 114,821 12,947,986 128,100 13,806,873
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Options_
83,000 2,944,000
Bombay receipts to April 23--- - 100,000 2,733,000
483,000
24,000
Other India ship'ts
April 23-17,000
632,000
ACTIVITY IN THE COTTON-SPINNING INDUS- Alexandria receiptsto April 22_ 18,000 1,296,900 28,000 1,549.200
to
-Persons interested in this report Other supply to April 22 5b... 11,000 527,000 10,000 626,000
MARCH.
TRY FOR
will find it in our department headed "Indications of Business
Activity" on earlier pages.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that considerable rain
sections of the Cotton
has fallen during the week in most
Belt. It has been somewhat too cool for germination in
many localities and rains have delayed planting.
-The past week has been favorable for
Mobile, Ala.
planting, but unfavorable for germination. There has been
some replanting.
Totalsupply
Deduct
Visible supply April 24
Total takings to April
Of which American...
Of which other
9,420,554 23,289,900 7,212,965 1.3,294,030
9,024,085 9,021,0856,817,909 6,817,909
396,469 14,265,815
279.469 9,930.915
117,000 4,334,900
395,056 16,476,121
237,056 11,484,921
158,000 4,991.200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,180,000 bales in 1930-31,and 4,000,000 bales in 1929 -30
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 11.085,815 bales in 1930-31 and 12.476,121 bales in
1929-30, of which 6,750,915 bales and 7.484,921 bales American.
b Estimated.
APRIL
25 1931.1
FINANCIAL CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1930-31.
Bombay
1929-30.
1928-29.
Since
Week. Aug. 1.
April 23.
Receipts at
-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
100,000 2,733,000 83,0002.944.000 110,000 2,684,000
For the Week.
Exports
from-
Since August 1.
Great Conti-'Japan&
Great I ContiBritain. nent. IChina. Total. Britain. nent.
-
Japan &
China.
Total.
Bombay
11,0001 24,000 35,000 106,000 556,0001,457,000 2,119,000
1930-31__
23,000 13,000 36,000 67,000 640,000 1,214,000 1,921,000
1929-30._
1928-29__ 47.665 27,000
31,000 48,000 615,0001,270,000 1,933 000
Other India24,000 119,000 364,000
1930-31__ 13,000 11,000
483,000
17,000 127,000' 505,000
1929-30__ 1,000 16,000
632,000
11,000 88,000 432,000
1928-29._1 4,000 7,000
520,000
Total all
1930-31__I 13,000 22,000 24,000 59,000 225,0001 920,000 1,457,000 2,6(12,000
1929-30__' 1,000 39,000 13,000 53,000 194,000 1,145,000 1.214.0002.553,000
1928-29__ 8,000 34,000
__-- 42,000 136,000 1.047.000 1.270.0002,453,000
3197
NEW ORLEANS
-To Havre-April 15
-Endicott, 916
To Ghent
-April 15
-Endicott.250
To Rotterdam-April 15
-Endicott,828
To Venice-April 15
-Maria,650
To Bremen-April 15
-West Chatala, 1.391---April 16-Riol,
•
1,127
To Japan-April 18
-Ethan Allen, 2,015
To China-April 18
-Ethan Allen, 700
To Dunkirk-April 21-Tampa, 154
To Gothenburg-April 21-Tampa. 100
To Copenhagen-April 21-Tam_pa, 125
To Porto Colombia-April 18-Tela, 100
NEW YORK
-Conte Grande, 100
-To Naples
-April 17
CORPUS CHRISTI
-To Bremen-April 18-Narbo, 1,153
-LanTo Havre-April 20
-Youngstown, 1,150_ _ _April 22
caster Castle, 100
To Dunkirk-April 20
-Youngstown, 33
To Antwerp-April 20
-Youngstown. 33
To Ghent-April 22
-Lancaster Castle, 378
MOBILE
-To Liverpool
-April 14-Designer, 338__ _April 15
West Maximus,9
-West
To Manchester-April 14-Designer, 213___April 15
Maximus,850
LAKE CHARLES
-To Liverpool-April 21-West Harshaw, 100_ _
To Manchester-April 21-West Harsnaw, 100
Bales.
916
250
828
650
2.518
2,015
700
154
100
125
100
100
1,153
1,250
33
33
378
347
1,063
100
100
57,152
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Apr. 3. Apr. 10. Apr.17 Apr. 24.
.
24,000
32,000
29,000
18.000
Sales of the week
15,000
Of which American
8,000
7,000
16.000
According to the foregoing,;Bombay appears to show an
1,000
1,000
1,000
1.000
increase compared with last year in the week's receipts of Sales for export
47,000
44,000
34,000
41,000
Forwarded
919.000 918,000 901,000 889.000
17,000 bales. Exports from all India ports record an increase Total stocks
Of
452,000 453,000 446,000 437,000
of 6,000 bales during the week, and since Aug. 1 show an Totalwhich American
33.000
37,000
30,000
31,000
imports
increase of 49,000 bales.
7,000
13.000
Of which American
16,000
14,000
100.000
96.000 106.000 109,000
Amount afloat
Of which American
56,000
42.000
53,000
48,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
The tone of the Liverpool market for spots and futures
Alexandria, Egypt. The following are the receipts and each day of the past week and the daily closing prices of
shipments for the past week and for the corresponding week spot cotton have been as follows:
of the previous two years:
Spot.
1930-31.
Receipts (cantars)This week
Since Aug. 1
1929-30.
1928-29,
93,000
6,328,761
Alexandria. Egypt,
April 23.
140,000
7.732,120
110,000
7.590 MS
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)To Liverpool
To Manchester,&c
To Continent and India
To America
5,000 109,611
--- - 125.223 3,000 148,863
4,000 99,132 10.000 128.778 - - 140,022
5,000 437,483 6,000 380,219 7.000 394,879
1,000 15,145 13,000 101,491 1,030 158.232
Totalexports
15,000 661.371 1.9,000 735.711 11,000 811.996
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Apr. 22 were
90.000 cautars and the foreign shipments 15.000 bales.
MANCHESTER MARKET.
-Our report, received by
cable to-night from Manchester, states that the market in
both yarns and in cloths is steady. Demand for home
trade is improving. We give prices to-day below and leave
those of previous weeks of this and last year for comparison:
1930
1929
ax
32s Cop
Twist.
Lbs. Skirt- Cotton
ings. Common Middrg
to Finest.
s. d.
d.
d. a. d.
Dec.
26.... 85‘@ 934 85 @ 9 1
32s Coy
Twist.
834 Lbs. Shirt- Cotton
iturs„ Common Aliddrg
to Finest.
E. Owe
d.
d. s. d.
d.
e. d.
5.31 13H014,f 12 3 @12 5
d.
9.51
5.40
5.41
5.63
8.63
1311@l44 122
13X@14Si 122
13;(@1414 122
13 (41414 122
1930
@124
@124
@l24
@124
9.58
9.49
9.40
8.85
90
90
90
90
8.72
6.88
6.04
6.18
12541814 11 4
121i@l8M 11 0
121(@13S4 10 6
12 @HiSt 10 4
@l2 0
@II 4
011 2
@II 0
8.60
8.69
8.47
8.49
914@l0X
9 41110
9 @10
9 @1054
90
84
84 @ 9 0
84 @ 9 0
84 @ 90
6.09
5.97
5.95
8.85
1114@l3
1154181254
11%@111
12 @l3
10 2
10 2
10 4
104
(410 6
@l0 6
@II 0
@11 0
8.18
8.05
8.54
8.44
9 0103i
814@ 954
814@10%
85(@1.03.1
84
84
84
84
5.76
5.59
5.55
5.62
12%013%
12 Si @1351
1154181234
12 4:0713
10 4
10 4
10 I
10 I
011 0
011 0
48105
010 5
8.85
8.76
8.61
8.74
Jan.
23
Feb.
20.
834@ 954
854@ 954
SS'S@ 934
8,40 9%
85
85
84
84
814@ 914
9 @10
954@1094
9H@1OM
84
84
84
84
1931
@91
@91
@ 90
090
@
@
@
@
Mar.-
April
-
@ 90
@90
1890
@ 90
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 57,152 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
GALVESTON-To Barcelona-April 16-Aldecoa, 3,713
To Japan-April 16-Buchanness, 3,884--April 20-Hofuku 3,713
Maru 1,025-------------------------------------To China-April 16-Buchanness, 379---April 20 Hofuku 4,909
M arrs, 144-- ------- - --------523
To Liverpool
-April 18-Duquesne. 746
746
To Manchester
-April 18
-Du uesne. 1,380
1,380
To Lisbon-April 20-0gontz, 0
50
To Oporto-April 20-0gontz, 1,323
1,323
NORFOLK
-To Havre-April 18-Schodack, 50
50
To Liverpool
-Clairton, 150
-April 22
150
To Manchester
-Clairton, 2,683
-April 22
2,683
BEAUMONT-To Liverpool
-April 17-Traveller, 159
159
HOUSTON-To Bremen-April 16
-August Leonhardt, 1,979
-- -April 20
-Rio Bravo, 2,288
4.267
To Japan-April 17
-Havana Marti, 2,150_ - -April 18Hofuku Maru. 3,990; Buchanness, 9,110
15,250
To Oporto-April 18-0gontz, 592
592
To Coruana-April 113-0gontz, 40
40
To Passages
-April 18-0gontz, 50
50
To China-April 18-Hofuku Maru, 356; Burhanness, 521
877
To Liverpool
-Duquesne,854
-April 22
854
To Manchester
-April 22
-Duquesne, 1,466
1,466
To Venice-April 20
-Maria 365
, 365
OS ANGELES
-To Antwerp-April 18
-San Jose. 100
100
To Japan-April 19
-President Pierce, 2,500 ; Sanyo Maru,
•
1,192------------------------- 3.692
To China-April
soo
To India-April 19-Silvercedar, 100
100
Saturday.
Monday.
Market,A fair
12:15 .{ Quiet.
business
P. M.
doing,
klid.Uprds
3ales
Tuesday. Wednesday. Thursday.
Good
inquiry,
Quiet.
5.66d.
5.59d.
5.63d
5.57d
5,000
5,000
4,000
A fair
business
doing.
5.54d.
5,000
7,000
Friday.
Quiet.
5.62d.
4,000
Quiet but Barely stdy Steady,
Quiet,
Steady,
Futures.{ Quiet.
Market
1 to 2 pts.6 to 7 pts. st'dy,2 pts 5 to 6 pts 1 to 2 pts. 1 to 3 pts.
decline,
decline, decline.
decline,
advance.
opened
decline,
Quiet,
Market, I Dull, un- Quiet but
4
ch'gd to 1 st'dy, 9 pts 5 to 7 pts
decline,
P.M.
advance,
pt dec.
Quiet,
648s.
decline.
Quiet but Steady,
st'dy, un- 7 tog pts.
ch'gd to 3 advance.
ntq dee.
Prices of futures at Liverpool for each day are given below:
Sat.
April 18
to
April 24.
I
Mon.
Tues.
Wed.
Thurs. I
Fri.
12.15 12.30 12.15 4.0012.15 4.00 12.151 4.00,12.15 4.00'12.15 4.00
p.m.p.m.p.m.p.m.p.m.p.m.P.m.P.m.p.m.p.m.'P.m.p.m.
New Contrail. d.
April
May
June
July
August
September _ _ -October
November __
December
January (1932)
February
March
April
d. I d.
5.441 5.51
5.46! 5.53
5.511 5.58
5.55, 5.62
5.59 5.66
5.62 5.69
5.66 5.73
5.70 5.77
5.74 5.81
5.78 5.85
5.82 .5.89
5.871 5.94
5.91 5.98
d.
5.53
5.55
5.60
5.64
5.68
5.71
5.75
5.79
5.83
5.87
5.91
5.96
6.00
d.
5.48
5.50
5.55
5.59
5.63
5.67
5.71
5.75
5.79
5.83
5.87
5.92
5.96
d.
5.47
5.49
5.63
5.58
5.62
5.86
5.70
5.74
5.78
5.82
5.86
5.91
5.95
d.
5.42
5.44
5.48
5.53
5.57
5.61
5.65
5.69
5.73
5.77
5.81
5.86
5.90
d.
5.41
5.43
5.47
5.52
5.56
5.60
5.64
5.68
5.72
5.76
5.80
5.85
5.89
d.
.5.39
5.39
5.43
5.48
5.52
5.55
5.59
5.63
5.68
5.72
5.76
5.81
5.85
d.
5.41
5.41
5.45
5.49
5.53
5.57
5.61
5.65
5.69
5.73
5.78
.
5.87
d.
5.47
5.4
5.5
5.55
5.59
5.63
5.67
5.71
5.75
5.79
5.83
•
5.92
d.
5.49
5.49
5.52
5.57
5.61
5.65
5.69
5.73
5.78
5.81
5.85
5.90
5.94
BREADSTUFFS
Friday Night, April 24 1931.
Flour was quiet but firm. On the 20th inst. prices declined, somewhat generally, about 5c. Later feed was
unsettled. On the 22nd inst. It was reported that a Texas
mill had sold new flour for June-July shipment at $3.45.
Total exports, 45,000 barrels.
Wheat has been more or less under the influence of a
declining stock market. Moreover, export demand of late
has fallen off, and the winter wheat reports have been very
favorable. The spring wheat section has had some rain,
and though it needs more, this fact thas had less effect
than it had recently. Big stocks and a less active foreign
demand are really the cardinal factors in the situation,
apart from the effect of the recent decline in securities.
On the 18th inst. prices advanced 1% to 1%c., with export sales estimated at 2,500,000 bushels. France bought
considerable Argentine wheat. Later cables from Buenos
Aires said that export sales by that country to Europe had .
been enormous. Consumption in England and the Continent was said to have increased greatly. Liverpool closed
% to id. higher. Buenos Aires finished 1% to 1%c. higher.
The dry weather continued in the American Northwest and
In Canada, with high winds and dust storms all over the
spring wheat area.
On the 20th inst. prices ended % to 1k3gc. lower, owing to
rather general rains at the Southwest and some scattered
rains in the Northwest, with a blizzard in parts of Canada.
Export sales were only 250,000 bushels, after as high as
3,009,000 bushels, according to some estimates on Saturday.
The United States visible supply decreased last week
1,496,000 bushels against 3,925,000 in the same week last
year. The total is now 197,731,000 bushels against 139,594,000 a year ago.
On the 21st inst. prices ended %c. lower to %c. higher
4c. higher here. Early prices
In Chicago, and unchanged to 1
3198
FINANCIAL CHRONICLE
were 1 to 11 lower. It was rumored that the Farm
/
4c.
Board would dump 275,000,000 bushels in the markets of
the world. Later this was denied by Chairman Stone of
the Board, who said: "There is no foundation in fact for
such reports. The subject was not even considered by the
Farm Board yesterday. The Board has made no decision
in regard to future wheat stabilization operations except
those previously announced." This includes the effort to
sell 35,000,000 bushels of Farm Board wheat stored at
Atlantic, Gulf, and Pacific Seaboard ports by July 1st, and
the fact that stabilization purchases will not be made from
the 1931 crop. The export sales were only 300,000 bushels,
all Manitoba, about 600,000 bushels of Canadian barley, and
some rye. Bradstreet's world's visible supply for the week
decreased 3,156,000 bushels against a decrease last year
of 8,508,000 bushels.
On the 22nd inst. prices closed % to 114c. lower, with
/
reports of Australian bank troubles, a decline in stocks, and
a sharp decrease in the export business. The Government
weekly report was very favorable. The Missouri State
report was very promising. Serious bank troubles were
reported in New South Wales, Australia. On the 23rd inst.
prices declined in the end % to 1%c., with stocks at times
lower, and crop reports from Kansas and Iowa very favorable. Beneficial rains occurred in the West and Southwest.
Export sales were only 300,000 bushels. Liverpool closed
% to id. lower.
To-day prices closed lc. lower to %c. higher at Chicago,
with Minneapolis %c. lower to %c. higher, and Winnipeg
down % to %c. Early prices were firm, with the spring
wheat belt still dry and no rain predicted. Moreover, Liverpool was higher than due. Later on offerings increased.
Weather conditions in the winter wheat belt were good.
Some glowing crop reports came from the Southwest. Export sales were only 400,000 bushels, mainly to England
and France. At Kansas City the Southwestern Millers'
League estimated the crop of Kansas, Oklahoma, and Texas,
at 305,000,000 bushels against 214,000,000 in those States
a year ago. The East Indian crop, on the other hand, was
officially estimated at 349,000,000 bushels, or 40,000,000
less than a year ago. World shipments look like something
over 14,000,000. The suspension of Pynchon & Co. was not
announced until after the grain markets had closed. Final
prices show a decline for the week of 114 to 2%c.
[VoL. 132.
supply decreased last week 1,048,000 bushels against
715,000 a year ago. The total is now 14,788,000 bushels
against 16,724,000 last year. On the 21st inst. prices ended
14c. lower to 2 4c. higher, after an early decline of % to lc.
4
to new low levels for the season for July and September.
Cash houses bought on the decline. Shipping sales were
105,000 bushels. On the 22nd inst. prices fell % to %c., with
corn lower. On the 23rd inst. prices closed % to %c. lower.
To-day prices ended % to %c. lower. New lows were
reached in all months under the pressure of steady liquidation under the influence of falling prices for corn. On the
other hand, there was a fair cash demand, and cash interests
were buying futures on a scale which, with the cash business, had the effect of Checking the decline. Final prices
show a drop for the week of 1% to 2%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
No.2 white
40-40% 3934-40 3934-40 3934-40 4034-41 40-40%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May (new)
31
30
30% 29% 2934 2834
July
3134 30
3034 3034 2934 28%
September
3134 30
3034 3034 29% 29%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
May
2934 2834 28% 2834 29
29
July
30
2934 2934 2934 29% 29%
Rye, as usual, has followed wheat, and that, of course,
during the past week has meant lower prices. There is
some hope of a better export demand if Germany really
reduces the duty on rye. But it is not an active factor in
the market. On the 18th inst. prices ended unchanged to
%c. higher, as a feeble response to the rise in wheat. On
the 20th inst. prices declined % to %c.. with wheat lower.
The United states visible supply decreased last week
420.000 bushels against 26,000 last year; total, 11,459,000
against 13,978,000 last year.
On the 21st inst. prices ended % to %c. lower, with rumors of some export business in Canadian rye and Hales
to foreign buyers of 600,000 bushels of barley. On the 22nd
Inst. prices ended unchanged to %c. lower, in response to
the weakness in wheat. On tile 23rd inst. prices closed %
to 1 4c. lower. A little Canadian rye, as well as barley and
,
oats, was bought for export. Germany, it is aid, will
reduce the import duty on rye. To-day rye closed % to %c.
lower, though steady early in the day. There were reports
that Rotterdam and Scandinavia had bought a little rye.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri. It was also rumored that the German duty will be reduced.
May
6734 el 6834 75% 84$ 6434 But the effect of declining prices for wheat was apparent
July
68
66% 65
6934 67
6534 later on. Final quotations show
a decline for the week of
70
October
68% 67
71 Si 69
67 34
2% to 2%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9334 9334 9334
94
No.2 red
9434 94
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat Mon. Tues. Wed. Thurs. Fri.
May (new)
83% 8334 8234 82q 8234 825%
July
65% 64
84% 63
62% 61%
September
6234 81%
6534 63% 6434 63
December
8734 87% 68% 65% 64%
89
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
64% 82% 62% 611 80% 80
July
, 62
61
65% 643-i 64% 62
October
65% 64
63% 63
6734 66
DAILY CLOSING PRICES OF RY4 FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
38
3734 37
3634 36
3534
4034 39% 3934 38
3834 375%
4134 4134 4134 40
39% 3834
May
July
September
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No. 2 red, f.o.b. new
No. 2 white
93%
,
.40(440%
No.3 white
Manitoba No.1,f.o.b. N. Y. 7434
3903934
Rye
-No.2.f.o.b. N.Y
4534
Corn,New YorkChicago, No. 1
75% Barley
No.2 yellow,all rail
7%
No.3 yellow,all rail
No. 2 c.i.f. N. Y., domestic. _59%
Chicago cash
40(468
Indian corn has been under the influence of falling prices
FLOUR.
for wheat, as well as a lack of a good cash demand. BeRye flour
Spring
aides, there is the old complaint that corn is too high as Spring pat, high protein $4.70 $5.15 Seminola.patentsNo. 3-13.50183.75
med.,
patents
4.35 4.70
compared with other cereals. On the 18th inst. prices ended Clears,first spring
3.90 4.35 Oat. goods
2.00
2.05
Soft wimer straights.-- 4 00 4.35 Corn flour
9.000) 2.05
unchanged to Y,c. higher. Country offerings were larger Hard winter straights-- 4.2010 4.50 Barley goods
and the weather was good for farm 'work in the Southwest. Hard winter patents-- 4.500 4.85 Coarse
3.250
Fancy pearl, Nos. 1.
Hard
3.900 4.15
,
All this offset, in a measure, the rise in wheat. On the Fancywinter clears
2. 3 and 4 ...
Minn. patents 5.700 6.30
6.15(0 6.50
20th inst. prices ended % to %c. off, with wheat lower. The City mills
5.900 8.75
For other tables usually given here, see page 5090.
United States visible supply decreased 942,000 bushels
against 260,000 last year. The total is now 18,703,000
bushels against 23,640,000 a year ago. On the 21st inst.
prices closed % to %c. higher, after an early decline of %
to %c., with wheat lower. May went to the lowest of tile
season. The later rally followed wheat. Country offerings
to arrive were fair, with purchases of 320,000 bushels.
Shipping business was dull.
On the 22nd inst. prices declined % to lc., with wheat
down. On the 23rd inst. prices closed % to lc. lower.
Covering and buying against privileges checked the decline.
Liquidation earlier in the day uncovered stop orders. To/
day prices ended 14 to 114c. lower with near months the
most depressed. In fact, May and July went to new lows
for the season. Liquidation increased. So did professional
only moderate, and prices
selling. The cash demand
were barely steady. Final prices show a decline for the
week of 2% to 314c.
DAILY CLOSING PRICES SaOF CORN IN NEW YORK.
t.
on. Tues. Wed. Thurs. Fri.
77
75%
78% 77% 7834 78
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
aiq 60X six 60$
May (new)
60% 60
62% 82% 61
62
July
59% 5934
6134 61% 61
81
Beptember
5434 5434 5434 5334 5334 5234
December
Oats have been affected by the decline in corn and other
grain, though this has been mitigated to some extent by a
pretty good cash demand. On the 18th inst. prices ended
unchanged to %c. higher. On the 20th inst. prices ended
% to %c. lower, with corn off. The United States visible
WEATHER REPORT FOR THE WEEK ENDED
APRIL 21.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended April 21, follows:
At the beginning of the week temperatures were rather mild for the
season, with only scattered showers, and these conditions prevailed up
until about the 18th. On the closing days of the week it had become
somewhat cooler over the Northwest. with moderate to locally heavy rainfall over a rather wide area from the Lake region southwestward.
Chart I shows that, for the week as a whole, temperatures were abnormally high over north-central sections, with the plus departures from
normal ranging from 9 deg. to as much as 13 deg. over the Ohio Valley
and Lake region. It was also unusually warm over the central valleys
of California where the temperatures ranged from 10 dog. to 12 deg, above
normal. Rather cool weather for the season prevailed in most parts of
the far Northwest, in the immediate Southwest, and locally in Florida.
Minimum temperatures continued high, the lowest for the week in Gulf
sections ranging mostly from 45 deg. to 60 deg., and they were mostly
above 40 deg, east of the Mississippi River. In Rocky Mountain districts and adjacent areas the lowest temperatures for the week were
about 8 deg. to 15 dog, below freezing. The lowest reported for the from
week
at a first-order station was 16 deg, above zero at Cheyenne, Wyo., on
the 21st.
Chart II shows that rainfall was moderate to heavy over a rather wide
area, extending from the western Lake region southwestward to Oklahoma.
The weekly amounts in this section ranged mostly from about 0.5 Inch to
well over 2 inches. In the more eastern States precipitation was
light, especially in the Northeast. but in the Florida Peninsula some rather
local falls were reported. In the spring wheat area the weekly heavy
totals
continued light in northern parts, but they were moderate to rather heavy
in southern districts. West of the Rocky Mountains there was light or
only inappreciable rainfall, except in the extreme Northwest and locally
In the southern mountain section.
General, moderate to heavy rains over the central trans-Mississippi
area were very timely and largely favorable. Warm weather, in addition
to the Increased moisture, made extremely good growing conditions, with
general advance excellent, and farm work made good progress during the
week. The western Ohio Valley benefited from the rains. although
more
moisture is needed in the eastern part, especially for the subsoil.
In the spring wheat area continued drynem, attended by high
was very detrimental to the crop, and thore were still complaints winds,
of soh
APRIL 25 1931.]
FINANCIAL CHRONICLE
blowing. The latter condition was more serious ingMinnesota where the
dust storms were especially severe on the 18th, causing some damage on
exposed slopes and sandy soils. Rather general precipitation toward the
close of the week was helpful in relieving the seriousness of the situation,
but in the western belt conditions are still actutely dry.
The cold wave that overspread the Great Plains and much of the West
at the close of the week brought freezing temperatures to northern Texas,
but there was no apparent harm to staple crops. In the Pacific Northwest, however, frost caused much injury to soft fruits, and considerable
damage to apples and pears in some districts. The continued dry, windy
weather in California was detrimental to grains and ranges, with irrigation
being used wherever practicable to save crops.
• Cgton.—In Texas the weather was more favorable for cotton, with
some improvement noted, but the crop is still late and in only fair condition, with stands uneven; considerable replanting may be necessary. In
other sections west of the Mississippi River cotton planting progressed
well, with considerable coming up nicely. In the eastern Cotton Belt
planting advanced satisfactorily, with this work nearly finished in some
southern parts and fair to good stands noted locally; chopping has begun
in southern Georgia.
The •Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Moderate temperatures; light precipitation; much
sunshine. Favorable for all farm work, except some moisture needed
for top soil. Gardens, truck, grains, and pastures good. /tarty potatoes
coming up. Planting corn. Tobacco plants pientitul, but late. Cotton
land being prepared. Fruits excellent; bloom heavy.
North Carohna.—Raleigh: Moderate temperatures and mostly fair,
though showers latter part of week. Favorable for farm work and. crops.
Transplanting tobacco begun. Good progress in planting cotton on Coastal
Plain and beginning to plant in lower Piedmont. Much earn corn planted.
Truck improved, trough late. Small grains and potatoes doing well.
South Caron/tn.—Columbia: Seasonable temperatures, with beneficial
showers in east, south, and central, but wet soil in northwest retarding
plowing and planting. All crops improved and winter cereals heading.
Corn and cotton planting general, with early plantings coming to good
stands. Tobacco and sweet potato transplanting continue.
Georgia.—Atlanta: Higher night temperaturts would improve germination; otherwise conditions favorable; rains irregularly distributed and
deficient in some central counties where needed for transplanting tobacco.
Rapid progress during week in all farm work. Planting cotton general
and almost finished over southern division where much up to good stands,
with chopping begun. Planting corn advanced to northern counties;
mostly up over southern half and doing well.
Florida.—Jacksonville: Mostly dry, with much sunshine, west of Suwannee River. Rains unfavorable in lower central and southern counties;
large areas of lowlands too wet. Serious damage to truck in some localities.
Corn and melons fair to good progress. Harvesting strawberries in northeast and digging potatoes in Hastings district delayed fore part by rain;
resumed latter part.
Alabama.—Montgomery: Temperatures averaged much above normal;
beneficial rains at close. Much farm work accomplished. Planting cotton
nearly finished in some southeastern localities and becoming quite general
in north; some up to fair to good stands in south. Corn planting good
progress; early-planted coming up. Progress and condition of oats fair
to excellent. Progress and condition of truck crops, vegetables, and pastures excellent in coast region.
Mississippi.—Vicksburg; Fair progress in corn and cotton planting and
germination of seed generally. Warm nights and moderate to heavy rains
in many localities. Progress of fruit, gardens, pastures, and truck generally excellent.
Louisiana.—New Orleans: Warmer weather and light to moderate local
showers highly favorable for growth and germination of recently-planted
iaegozedgritinn
r
inin
m
ae i needed aa southwest
p
e a agon or cotton
arnethour rli izEan
ca
e
tigVtttoon
cons
up to south and coming up elsewhere on lowlands. Corn growing well;
being cultivated and color improved. Sugar cane and truck doing well.
Texas.—Houston: Cool in southern third, but warm elsewhere until last
day when cool wave, with freeze in northern Panhandle. Light to heavy
rains at 95% of reporting stations favorable. Progress and conditions of
pastures, wheat, and oats good to very good. Conditions more favorable
for corn, cotton, and spring truck, which made some improvement, but
these crops still late and condition only fair. Early corn and cotton stands
uneven and considerable replanting necessary; weekly cotton planting
progress good, except in northwest.
Oklahoma.—Oklahoma City; Warm, with occasional showers. Favorable for planting and rapid growth of crops; week closed with heavy.
general rains and cold wave; near freeizng in north and west Tuesday
morning, but no frost damage. Progress and condition of wheat and oats
good to excellent. Corn planting nearly finished in south and well advanced in north; early corn irregular stands and much replanting. Some
cotton planted in southeast.
Arkansas.—Little Rock: Progress in planting cotton very good, due to
light to heavy rain and warmth; some coming up nicely, but part in southwest must be replanted. Corn planting well along and nearly completed
In some localities; good stands in most portions; cultivation begun. Wheat
and oats heading nicely. Weather very favorable for potatoes, truck.
meadows, pastures, fruit, and strawberries, and all in good to excellent
condition.
Tennessee.—Nashville: Warm, with abundant sunshine and no rain.
All crops, except winter wheat, retarded to a slight extent by dryness,'
although relief in west last of week; condition and progress of wheat excellent. Large percentage of prospective corn crop planted. Cotton
land being conditioned, but little planted. Spring oats mostly sown.
Kentucky.—Louisville: High temperatures; heavy rain in extreme west;
otherwise light and more needed. Corn planting pushed in southwest
where some farmers more than half done; just beginning in north. Tobacco
fine progress. Condition and progress of wheat excellent. Oats range
from just up to 5 inches high. Moisture deficiency appearing in east.
F
THE DRY GOODS TRADE
New York, Friday Night, April 24 1931.
With .almost all textile divisions seasonally quieter, the
old problems which have been so continually in evidence in
the past several years, and notably since the present business depression began, have been thrown into relief again.
Unsettlement in raw cotton and silk, sharper competition
In rayons, the between-seasons position in woolens and
worsteds, and the absence of indications of vitality in
prices in general are discouraging, though the fortified
statistical positions in cotton goods and woolens are helping producers in those divisions to sustain an optimistic
outlook on the future. Confidence, the absence of which
continues to be manifest in buyers' avoidance of extensive
forward buying, and in the concessions which recur perpetually in various divisions, has, of course, suffered worldwide impairment, and is obviously as much the victim of
general conditions as of special circumstances in the dry
goods trade. However, the situation in most quarters is
measurably better than last year, and the rate at which
retail business is progressing is very heartening to mill
men, who are showing a salutory disposition to stick to
business and prepare for the future. Silk goods markets
continue unsettled, finding it very difficult to throw off
the adverse influence which heavy offerings at concessions
have exercised on buyers. However, volume is large, and
the fact that some producers are now confining output to
demand is a source of hope that in time silk may follow
3199
the lead cotton goods and woolens have taken toward a
sound statistical position and a consequently fortified
price basis.
DOMESTIC corroN GOODS.—The continuation of
relatively quiet conditions in cotton goods markets and the
reappearance on the scene of that pet bugbear, the indiscriminate offering of superfluous stocks from a number of
quarters at almost any price buyers are willing to bid
in the region of cost, is having a sobering effect on sentiment, which was recently inclined to be over-bullish on the
statistical situation. News sources outside of the trade are
still much prone to stress the brightness of the outlook and
the excellent business which has recently been done, and,
more important, the improved demand-supply ratios which
have come into being in both woolen and cotton goods, with
particular stress on the latter. However, they generally
neglect to remark that the recent heavy decreases in stockson-hand in cotton goods mills were made from a level that
was far too high, and that it is, primarily, it check to
threatened demoralization which have been achieved by
producers, rather than a complete and satisfactory reformation of conditions. The producing end of the industry, it is
pointed out, has been operating, on the average, far below
capacity, with consequent enhancement of costs, and the
fact that only minor upward revisions in prices were
achieved, even when business has been most active, and•
that renewed easiness has repeatedly recurred when such
activity slackened, is sufficient evidence that the current
troubles of the industry are by no means completely solved.
Nevertheless, while prices, notably in gray goods, are somewhat easier than they were a few weeks ago, a comparatively good business is being done, in the aggregate, and
there are a number of encouraging indications. These include the fact that retail trade continues to maintain a
very good pace, and tangible evidence of this is seen in
numerous requests for earlier shipment, for instance of
unfinished goods bought under May contract. Curtailment of output continues to be widely observed, and while
heavy shipments continue to deplete unfilled orders the
extent of the decline is said to be less large than recently
estimated. Price concessions are partly attributed to the
traditionally greater pressure which buyers impose at
"making-up" time in primary markets. A moderate acceleration of filling-in business for heavy cotton goods for
tile automotive trade is in evidence, though the accentuated
depression in cotton ducks remains unrelieved, with stock
accumulations precipitating pressure to sell. Cotton dress
goods are being given considerable prominence at retail,
as this is National Dress Goods Week, chiefly of highly
styled but low priced merchandise which has a demonstrated ability of finding a ready market. Fine goods,
notably prints, are increasing in popularity; voiles, organdies, and fine broadcloths are cited as among the leaders.
Print cloths 27-inch 64x60's constructions are quoted at
3%c., and 28-inch 64x60's at 3% to 4c. Gray goods 39-inch
98x72's constructions are quoted at 6c., and 39
-inch 80x80's
at 7 to 7%c.
WOOLEN GOODS.—The woolen goods industry continues
to maintain a close balance between demand and production, the average rate of which is estimated to be around
55% of capacity. Stocks are said to be in clean shape in
most directions. Spring business, the bulk of which is
now completed, has run into fairly good figures on dress
fabrics, coatings, men's wear medium and lightweight suitings, and topcoatings, it is reported, and there is still it
considerable volume of filling-in ordering being done. However, like the cotton goods trade, the general situation in
woolens and worsteds is not so bright as it is made out
by observers from points outside the industry. Some organizations have been forced out of business by the poor
character -of business in certain divisions, and it should be
remembered that even the low rate of the above quoted
estimate does not measure the operations of all separate
mills. On the contrary, those which are doing the more
profitable business are operating considerably above that
figure, and others are less active. Prices on new coatings
for the fall season ranged from around 10 to around 25%
lower, compared with last year. Mills are making efforts
to attract business at once, with a fair measure of success,
though volume is not expected to develop before the summer. With demand for soft-napped sports coatings continuing brisk, sellers are taking care not to accumulate an
oversupply, and spot goods are not easy to get, in some
quarters.
FOREIGN DRY GOODS.—Activity in linen markets is
spotty. Dress goods continue to move in good volume,
men's wear fabrics are in fair demand, and recent interest
shown in damask tablecloths is interpreted in some quarters
as heralding a revival of business in that direction. Solidcolor fabrics, particularly the heavy types, are still being
sought in good volume. Elsewhere conditions are quiet,
but prospects for the trade as a whole are considered to be
bright for the summer season. Caution is the outstanding
characteristic of the demand for burlaps, which is rather
slow, though prices have remained fairly steady. Light
weights are quoted at 4.15c., and heavies at 5.60c.
3200
FINANCIAL CHRONICLE
[VoL. 132
*tate aukt Txty pepartment
(
individual members pledged that they would not institute
impeachment or other proceedings against State officials.
A new issue of $1,000,000 hospital bonds is scheduled or
sale on April 30.—V. 132, p. 2818.
NEWS ITEMS
The possible default was averted on April 22, according to
Coral Gables, FIa.—State Supreme Court Confirms an Associated Press dispatch from Jackson on that date to
Validity of Bonds.—The bondholders' protective committee the New York "Times" which reported the latest developannounced on April 22 that a decree rendered by the Circuit ment as follows:
Court in 1927 validating bonds aggregating $3,532,000
"The State of Mississippi completed arrangements yesterday for the
funds for
issued by this municipality was confirmed by the State sale of 81,500.000 of its obligations which will provide sufficientit was anit to most obligations maturing between now and Jan. 1 1932,
Supreme Court on April 16 in dismissing an appeal brought nounced here by R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, pursuant to a formal statement by Attorney General
by State Attorney Hawthorne.
Mitchell of
com-
Mississippi, who is also Secretary of the State's bond
mission.
"Under the arrangement the Hibernia Bank & Trust Co. will purchase
as of May 1, $500,000 State of Mississippi bonds, due in 20 years, and a
State-wide group of Mississippi banks will purchase an issue of $1,000,00
short-term notes of the State. The formal sale of the notes will tak
place on April 30 at a public sale.
"Mr. Hecht came to New York to confer with Thomson, Wood & Hoff
man, municipal bond lawyers, on the legality of the financing. He said
that the lawyers had found that ample authority existed for the arrange"A bill calling for the abolishment of the Borough of Greenwich and con- ment. Quick action in the matter has been required because of the fact
colidation of the area it now occupies with the Town of Greenwich was that the State has interest and principal on its debt to meet on May 1.
"This financing is entirely separate from the issue of $1,000,000 hospital
passed to-day by the House of Representstives. The bill will be signed by
Governor Wilbur L. Cross, but will not become effective until Jan. 1 1932. bonds of the State which has been scheduled for sale on April 30.
"Attorney General Mitchell in his statement said:
"The borough, established 77 years ago, is located in the central district
"There is no uncertainty whatever as to the punctual payment of all
of the town. Citizens residing within the borough have been urging the
consolidation for some time as it will mean paying taxes only to the town of the State's maturities and recent reports that a default might occur
instead of both the town and the borough. The bill was introduced by are utterly unfounded. Officers and bankers of the State of Mississippi
the tanot uredir
woulgi te s c ndet.any circumstances have permitted such a reflection on
.
State Senator II. Allen Barton of Greenwich.
• "Immediate steps will be taken to liquidate all borough debts. Under
the provisions of the bill the town will take over the police department of
the borough, its sewer and highway systems. All the offices of the borough
Moffatt Tunnel District, Colo.—U. S. Supreme Court
will be abolished. The borough has approximately 4,000 population out
Declines to Review Lease Cases.—On April 20 the Supreme
of the 30,000 total in Greenwich."
Greenwich, Conn.—Legislature Passes Bill Abolishing
Borough.—On April 1 a bill was passed by the House and
forwarded to the Governor calling for the abolishment of the
Borough of Greenwich and consolidation of the area which it
now occupies with the Town of Greenwich, according to a
Hartford press dispatch of that day which reads as follows:
Illinois.—Governor Emmerson Vetoes Act to Void Dry
Laws.—On April 13 Governor Louis L. Emmerson vetoed
a bill to repeal the State prohibition acts, declaring that it
attempted `to nullify the provisions of the Eighteenth
Amendment." It is said that the veto came as a surprise
to the Legislature because the O'Grady-McDermott repeal
measure has passed the House by a vote of 91 to 56 and the
Senate by a 26 to 24 count. We quote in part as follows
from the Governor's message accompanying the veto:
Court of the United States declined to review the Moffatt
Tunnel railroad lease cases from the Circuit Court of Appeals
for the Tenth Circuit. The validity of a lease of the tunnel
under the Great Divide to the Denver and Rio Grande
Western Railway Co. is involved. The cases arose in 1929
when the railroad was notified it was in default on its rental
payments and the lease would be forfeited if payment was
not made in 24 hours. Action was brought by the railroad
to enjoin the forfeiture and the Circuit Court of Appeals
gave a ruling favorable to the railroad. Unless the $8,750,000
supplemental bonds are found invalid, the decision of the
Supreme Court means that the District taxpayers will be
forced to assume the debt of approximately $30,000,000 in
bonds (see V. 131, p. 3736). A special dispatch from Denver
on April 20 to the New York 'Herald-Tribune" reported
on the decision as follows:
I return herewith without my approval House Bill No. 1,"A Bill for an
Act to repeal certain Acts therein named."
The purpose of this bill is to repeal the Illinois Prohibition Act and the
so-called Search and Seizure Act. Its effect would be to leave Illinois,
for the first time in its history, without any State law for the control or
regulation of intoxicating beverages. It attempts to nullify the provisions of
the Eighteenth Amendment to the Constitution of the United States so
far as the State of Illinois is concerned.
This State has always recognized the need for regulation or control of
traffic in intoxicating liquor. From the beginning of organized GovernThe
to-day refused to review the Moffatt
mentin Illinois there were laws on the subject and the liquor traffic has been TunnelUnited States Supreme Court the Circuit Court of Appeals, holding
lease case
restricted with constantly increasing stringency of legislation culminating the lease to the and the decision ofstands as final, immune from further
Moffatt road valid,
regulated the sale of intoxicating legal
in 1874 in the Dranuthop Act. State laws
attack.
the tunnel never can be made to pay the cost of
liquor both within and outside the limits of cities, towns and villages: construction. This meansof the tunnel district are stuck for approximately
Taxpayers
prohibited the sale of intoxicating liquor to minors, near homes for disabled $30,000,000 in bond interest
and principal unless $8,750,000 of supplemental
volunteer soldiers, or within four miles of the State university, and pro- tunnel bonds are
held invalid. Litigation over these bonds now is pending
hibited the admission of minors to dance halls where intoxicating liquor in the Denver
District Court and in the local Federal District Court.
Law was adopted, giving the people
was sold. In 1907 the Local Option
now can go
The Denver & Rio
Western Railroad,
in cities, towns and villages the right to create by popular vote anti-saloon through with its deal Grande purchase of control if it chooses, road, and
of the Moffatt
for the
territory to prohibit the sale of intoxicating liquor.
Amendment was by building the Dotsero cutoff, use the tunnel rent free.
This group of laws was in force when the Eighteenth
The Circuit Court of Appeals held that the entire railroad use of the tunmade a part of the Federal Constitution and the two Acts which this bill nel had been leased legally
Under the terms of the
seeks to repeal were enacted in order to make effective within the State of lease the tunnel commissionto the Moffatt road.
has the power to make additional leases, but
Illinois the provisions of that amendment.
grev
p r
irfrom theseleases would be given to the Moffatt road and
The Supreme Court of this State has said that the Illinois Prohibition not to arr
Act was a revision of the whole subject under the amendment to the Federal
Last Hope Wiped Out.
Constitution and was intended as a substitute for and to repeal all existing
The action of the United States Supreme Court wiped out the last hope
law on that subject. The statutes of this State provide that: "No Act or
part of an Act repealed by the General Assembly shall be deemed to be re- that increased use of the tunnel would bring increased revenues to the district which constructed the bore. Some time ago the Inter-State Commerce
vived by the repeal of the repealing Act.
Commission held the Rio Grande could buy control of the Moffatt road, prominority
vided
Vetoes $100,000,000 Road Bond stock:that; first—the Rio Grande offered $155 a share for all theand comIowa.—Governor Turner
second—the Rio Grande have work started in six months
third—the Rio
Enabling Bill.—On April 18 the enabling bill for the $100,- pleted in two years on the Dotsero cutoff, and terminus of the Grande
western
Moffatt
maintain an open gateway
000,000 road bond issue was returned unsigned to the State road. The Rio Grande wasto Craig the days in which to accept or reject
given ninety
Legislature by Governor Turner who objected to a provision
r anconditions. At d expirationof the 90 days, application was made
ese extension of 90 the
increasing the mileage of the primary system paving program. for
The
Grande agreed to the first condition, but declared it could not
The veto was sustained by the House and a new measure was pass onRio second condition while litigation of the tunnel lease was pending.
the
Early in 1929 the Moffatt Tunnel Commission repudiated the lease and
objectionable features removed.
started on its way with the
made a demand
the Moffatt road for an increased rental. The road
We quote in part as follows from an Associated Press dis- countered with aupon in the Federal District Court to have the lease desuit
clared valid. The commission, in answering this suit, declared the lease
patch to the Omaha "Bee" of April 19:
to, unauthorized by and in violation of the
which it
Exercising his veto power for the first time, Governor Dan Turner laws of had made "is contrary
Colorado." The commission asked that the lease be canceled or
Saturday returned to the legislature the unsigned enabling bill for the amended to
increase the annual rent from $349,500 to $850,000.
$100,000,000 road bond issue.
The house promptly sustained his veto by a vote of 18 to 80. RepresentaInfluence Is Charged.
tive S. R. Torgeson of Worth County served notice that administration
It was charged that Gerald Hughes, Chairman of the board of the Moffatt
leaders were framing a measure to meet the Governor's views, and for that road,
and one of counsel for the road, had exercised a sinister influence over
purpose the house held a night session.
pointed out that at the time the lease
The Governor's objection was to a provision increasing the mileage the tunnel commission. It also was general counsel for the tunnel commiswas executed, Norton Montgomery,
of the primary system paving program. His action was taken while good sion,
roll as an employee of the law firm of Hughes
was on the Hughes pay
roads leaders were framing an amendment to make the section optional
with Hughes was admitted,
Instead of mandatory. To them the veto came as a surprise, following & Dorsey. Montgomery's connection drawing the tunnel lease. but it was
claimed Montgomery had no part in
what was believed to have been an agreement on the change.
The lease, as drawn, bound the Moffatt road to pay rent on the tunnel
only as long as the road used the tunnel. It gave the road the entire railDelays Farm Roads.
with an option to extend the lease for
road use
"This bill provides for a mandatory addition of over 1,800 miles to the 49 more of the tunnel for 50 years
years, rent free.
program and the expenditure of approximately $50,000,000,"
paving
The United States District Court and the United States Circuit Court of
the Governor's message said, "in addition to what was contemplated in the Appeals
both upheld the lease but the tunnel commission appealed to the
original program.
"This tying up of the funds for a specific purpose by mandatory edict United States Supreme Court.
to pave these roads is, in my opinion, contradictory, in spirit at least, of the
New Jersey.—Legislative Session Ends—Special Session
constitutional mandate as it is now pending before the electors.
"It would also postpone for years, by reason of this mandatory feature, Expected.—At 2.50 a. m. on April 23 the 155th session of the
development of a system of farm to market roads so necessary to utilize
the
to a close. Before adjourninent
the system of highways now developed and provided for in the constitutional State Legislature came
amendment.
Governor Larson had indicated that he would probably
have become law only in case the Supreme Court ap- call a
"The bill would
special session before July 1 to deal with South Jersey
proves the validity of the road bond amendment and it is accepted by the
transit problems. A Trenton dispatch to the New York
voters at a special election June 16."
April 24 commented in part on the
Mississippi.—Payment of May 1 Bond Interest Expected.— "Herald Tribune" on as follows:
session just concluded
was reported that the interest on outstanding
On April 20 it
While the Abell program of governmental reform was adopted almost in
bonds, payable on May 1, concerning which rumors of a its entirety and the session was one of achievement, the record contains
platform
failure. The Legislature
had been circulated, would probably be one conspicuous opposition to prohibition.ignored a house did pledge to
possible default
Neither
anything
take a stand in
though
paid through the securing of bank loans. The default was with proposals dealing with the dry law, evenacceptedthe Republican State
platConvention
a dispute between Governor Bilbo form the had adopted a resolution which Dwightas the party'sbased
feared as a result of
W. Morrow
position on prohibition upon which
and the Legislature which would have to pass upon any his campaign for election to the United States Senate.
Act enabling the State to borrow. The Governor had refused
Seaid. allow prohibition to
dt rs to
i
of
unwillnn ng E oi
C
Because
to call a legislative session in order to meet the May 1 become an of thein theoilignesslec
coming election, all measures dealing with the quesissue
interest on bonded indebtedness, amounting to $698,413, tion were kept safely in committee. These called for the memorializing of
for which current funds on deposit are insufficient, unless the Congress for the amendment of the Eighteenth Amendment, repeal of the
APRIL 25 1931.]
FINANCIAL CHRONICLE
Hobart Enforcement Act, a referendum on that Act, and also on the Volstead law, and, finally, the repeal of both the Volstead Act and the Eighteenth Amendment.
The Legislature this year adopted the largest appropriations bill in the
State's history, the total expenditures called for being $36,703,000. The
appropriations, contained in three bills, passed the Senate last night and
were passed in the House to-day by substantial majorities after the Democrats had objected to two of the measures as representing extremes in
extravagance. The bills arousing the minority were the annual bills for
$28,704,007 and the supplemental bills, with a total of $1,178,049. There
was no opposition to the third measure, which makes available $6,205,992
for special construction as a means of relieving the unemployment situation in the State.
-Governor Roosevelt Signs Bill Providing
New York State.
-On April 21 Governor Roosevelt
48-Hour Week for Women.
signed the Gates-Miller bill providing for a 48-hour week
with a weekly half holiday for women and minors employed
in mercantile establishments, according to press dispatches
from Albany on that date. In approving the bill the Governor stated: "The bill is an agreed measure, the fruit of
long negotiations between the merchant's and women's
organizations favoring hours regulations and is believed by
all of them to embody sound and fair provisions and to
represent a forward step.
The Governor also signed the Mastick bill reducing the
franchise tax on savings banks from 1% to six-tenths of 1%
on surplus and undivided surplus, and the Goodrich bill
raising the motor vehicle speed limit from 30 to 40 miles an
hour.
Additions to List of Investments Legal for Savings Banks.
On April 22 Joseph A. Broderick, State Superintendent of
Banks, announced the following additions to the list of
investments considered legal for savings banks and trust
funds:
Boston & Maine RR. Co. gen. 45(s, 1961, series JJ.
Southern Pacific Co. gold 43's, 1981.
Texas & Pacific Ry. Co. gen. & ref. 5s, 1980,series D.
Public Service Electric & Gas Co. of N. J. 1st & ref. 4s, 1971.
Public Service Newark Terminal Ry. Co. 1st 5s, 1955.
-Financial Report Shows Unexpected
Taunton, Mass.
-As the result of an audit of the books of this city
Deficit.
for the year ending Nov. 30 1930, Theodora N. Waddell,
Director of the State Division of Accounts, on April 10 submitted to Mayor Willis K. Hodgman Jr. a report in which he
states that the financial condition of the city is such as to
demand careful consideration from the Mayor and City
Council if the credit of the city is to be maintained and its
business carried on in a legal manner. The Boston "News
Bureau" of April 11 carried the following report on the
subject:
The financial condition of the City of Taunton as of Nov. 30 193) is
such as to demand careful consideration from the Mayor and City Council
if the credit of the city is to be maintained, according to report made public
by Theodore N. Waddell, director of the State Division of Accounts.
An audit of the books of the city departments was made under direction
of Edward H. Fenton, chief accountant of the division, for the year ended
Nov. 30 1930. His report is the basis of the director's report to Mayor
Willis K. Hodgman Jr.
The report read in pact:
"The financial transactions of the city, as recorded on the books of the
several departments receiving or disbursing money for the city or committing bills for collection, were examined and reconciled with the books
and records in the City Auditor's office.
"The balance sheet shows the financial condition of the city on Nov. 30
1930 to be such as to demand careful consideration from the Mayor and
City Council if the credit of the city is to be maintained and its business
carried on in a legal manner.
"From this balance sheet it appears that there is a surplus revenue
amounting to $13,618.17. but there are deficits in the overlay accounts of
1926 to 1930. inclusive, and overdrawn appropriation accounts aggregating $21,936.50, so that in reality there was a deficit of revenue in excess of
$8.000 on Nov. 30 1930. In addition, there are many thousands of dollars in uncollected taxes for the years 1923 to 1929 which are undoubtedly
uncollectible at this late date: and as the overlays for these years have been
exhausted, the abatement of these outstanding accounts will materially
ncrease the revenue deficit.
-At a
-Voters Ratify City Charter Plan.
Warwick, R. I.
special referendum election held on April 21 the taxpayers
approved by a vote of 1,045 to 930 the adoption of a city
form of government, discarding the town form of government which had been in use for 288 years and creating the
seventh city in Rhode Island. We quote in part as follows
from the Providence "Journal" of April 22:
Under the provisions of the Charter Act as ratified, the new mayor-city
council form of government becomes effective Ian. 1 1933. The first
election takes place in November 1932, and the present town officers will
hold over until the newly elected officials are inaugurated the following
January.
Despite a last minute appeal to the electorates by the Warwick Charter
out of 8.100 qualified
Commission on Saturday for a big poll, only 2000,
taxpayers took part in the referendum. Members of the Charter Commission, commenting on the result, charged the light vote not to any disinterestedness on the part of the taxpayers, but to the fact that many
taxpayers felt adoption of the ehartcr was assured and hence did not trouble
to go to the polls. Of the 2,000 votes cast, only 25 were ruled out as
defective.
Four Districts Gire Majorities.
Four of the six voting districts in the town gave majorities for ratification
ranging front 22 to 57. The opponents ofthe charter carried but one district, that being at Norwood where the "No" voters prevailed by a majority
of 60. In the Conimicut district the vote resulted in a deadlock, each side
polling 136 votes.
Twenty-one years ago Cranston was incorporated as Rhode Island's sixth
city on March 10 1910. The first election was held on April 19 1910, and
the new government of that municipality organized May 2 of the same year.
West Palm Beach, Fla.
-Bondholders' Protective Committee Issues Statement on Attack by City Commission.
-On
April 21 the protective committee sent the following report
to all persons holding the securities now on deposit with the
committee:
3201
"At the same time the Commission is said to have voted that they would
not repeal an ordinance recently passed reducing the penalty on tax certificates from 25% to 10% for the first year's delinquency and lengthening
the redemption period from two to seven years, and that property owners
might pay only that part of the tax levy which goes to operate the city and
allow taxes for bond interest to remain delinquent for the full redemption
period of seven years.
"At a meeting held in Jacksonville on April 10 1931. which was attended
by counsel for this committee, the City Attorney of West Palm Beach
submitted a plan of settlement of the city's outstanding indebtedness.
involving, among other things, an immediate refunding of all of the outstanding bonds at a reduced interest rate. In accordance with its previously declared policy, this committee has consistently refused to accept
any plan of this nature, feeling It would not be to your interest to do so.
The foregoing action is undoubtedly taken by the city in retaliation for
our refusal to permit the city to dictate the terms of the refunding plan.
In our two years of negotiation with the City Attorney he has never raised
any question as to the validuty of our obligations, and the city itself two
years ago voted to refund them without reduction of interest, as previously
reported to you.
"This action on the part of the City Commission further demonstrates
the urgent necessity of all improvement bondholders uniting for the protection of their interests. We propose to take immediate action to defend
the bonds deposited with us from this attack,and also to compel the officials
of West Palm Beach to make use of the tax collecting machinery available
to them to enforce the payment of taxes instead of taking action discouraging
such payment.
"Holders of West Palm Beach improvement bonds who have not deposited their securities should send them with all past due coupons to the
depositary, the Chase National Bank of the City of New York. for deposit
under the terms of a deposit agreement dated Jan. 2 1930, as amended.
"Further information concerning this situation can be secured front the
Secretary of the committee, W. D. Bradford, room 904, 115 Broadway,
New York City."
MALVERN HILL.
KENNETH M. KEEFE,'Committee.
P. C. WILMERDING,
BOND PROPOSALS AND NEGOTIATIONS.
-BOND OFFERING.
ADAMS COUNTY (P. 0. Decatur), Ind.
Ed. Ashbaucher, County Treasurer, will receive sealed bids until 10 a. m
on May 6 for the purchase of the following issues of 4.3i% road impt. bonds
totaling $7,920:
$4,240 Jefferson Twp. bonds. Denom. $212. Due $212 July 15 1932.
$212 Jan. 15 and July 15 front 1933 to 1941 incl., and $212 Jan. 15
1942.
3,680 Blue Creek Twp. bonds. Denom. $184. Due $184 July 15 1932:
$184 Jan. 15 and July 15 from 1933 to 1941 incl., and $184 Jan. 15
1942.
Each issue is dated April 15 1931. Interest is payable semi-annually on
Jan. 15 and July 15.
-E. C Gal-BOND OFFERING.
AKRON, Summit County, Ohio.
leher, Director of Finance, will receive sealed bids until 12 M. (Eastern
standard time) on May 11 for the purchase of $450,000 5% coupon or
registered street 1mpt. bonds, comprising the following issues:
at the
$250,000 bonds, being part of an issue of $2,140,000 authorized 1 from
general election in November 1928. Due $10,000 Oct.
incl.
1932 to 1956
200,000 bonds, being part of an issue of $900.000 authorized at the general
election in November 1928. Due $20,000 Oct. 1 from 1932 to
1941 incl.
Each issue is dated April 1 1931. Denom. $1,000. Both issues are
-mill limitation.
said to be payable from a tax levied outside of the 15
Prin. and semi--ann. hat.(A.& 0.) are payable at the Chase National Bank.
New York. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of M' of 1%, will also be considered. Bids must
be for "all or none" and are to be conditioned upon the approval of the
bonds by the attorney for the bidder, the cost of which is to be borne by
the purchaser. The city will furnish the necessary bonds. A certified
chock for 2% of the amount bid for, payable to the order of the Director
of Finance, must accompany each proposal.
ALLAMAKEE COUNTY (P. 0. Waukon), lowa.-BOND SALE
The $300.000 issue of annual primary road bonds offered for sale on
-was purchased by Geo. M. Bechtel & Co. of
April 16-V. 132, p. 2814
Davenport, as 4jig, paying a premium of $2,865. equal to 100.95, a basis
of about 4.05%. Due from 1936 to 1945 and optional after May 11936.
The only other bid was a premium offer of $2,860 tendered by the WhitePhillips Co. on 4Ms.
-PROPOSED BOND
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-The proposed sale of several (rapt. bond issues
SALE CANCELLED.
aggrezating $7,000,000, scheduled to have been held on April 21-V. 132,
-was cancelled.
P. 3007
-Sealed
-BOND OFFERING.
ASTORIA, Clatsop County, Ore.
bids will be received until 10 a. m. on May 4, by George Garrett, City
Manager, for the purchase of an issue of $132,000 refunding bonds. Int.
rate is not to exceed 6%. Denom. $1,000. Dated May 1 1931. Due
on May 1 as follows: $7,000, 1934 to 1945, and $8,000, 1946 to 1951, all
inc. Prin. and int. (M. & N.) payable at the banking institution designated by the Governor of the State of Oregon, as the fiscal agent for the
payment of bonds and coupons issued by the various municipalities in the
State. All proceedings of the Common Council relative to the issue, sale
and delivery of the bonds shall be examined and passed upon by Storey.
Thorndike, Palmer & Dodge, of Boston, whose opinion will be furnished
at the expense of the City. These bonds are issued for the purpose of
refunding general fund warrants of the City, and such general fund warrants will at the option of the City be accepted as cash for the amount
principal and interest due thereon in payment for said bonds. A certified
check for 1% of the bid is required.
-BOND OFFERATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-Enoch L. Johnson, County Treasurer, will receive sealed bids until
ING.
11 a. m. (daylight saving time) on May 2 for the purchase of $439,000
coupon or registered bonds, divided as follows:
$130,000 tax revenue bonds. Denom. $5,000. Due Nov. 11932.
126,000 tax revenue bonds. Denom. $3,000. Due Nov. 1 1934.
117,000 tax revenue bonds. Denom. $1,000. Due Nov. 1 1933.
• 56,000 tax revenue bonds. Denom. $2,000. Due Nov. 1 1932.
All of the bonds are dated May 1 1931 and are said to be issued against
outstanding delinquent and unpaid taxes due the County from several
Rate of interest to be suggested in bid,
political subdivisions therein.
expressed in multiples of 1 1-100ths of 1%. Principal and semi-annual
interest (May and Nov.) are payable at the office of the County Treasurer.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
purchaser.
AVOYELLES PARISH SCHOOL DISTRICTS (P. 0. Marksville),
-It is reported that an election will be held on
-BOND ELECTION.
La.
May 19 in order to vote on the proposed issuance of $120,000 in bonds
divided as follows: $30,000 Bordelonville School District No. 9: $40,000
Evergreen School District No. 13: $15,000 Dupont School District No. 14.
and $35,000 School Districts Nos. 4 and 7.
BALTIMORE, Md.-VOTERS TO PASS UPON $7,500,000 BOND
PROPOSAL -Walter R. Lyon, Deputy City Register, informs us that
at an election to be held during May the only bond proposal to be submitted for consideration of the voters will be a $7,500,000 water loan issue.
-BONDS REGISTERED.
BEAUMONT, Jefferson County, Texas.
The $600.000 issue of 4 % wharf and dock extension, 1929, series A,
unsucassfully offered for sale on April 22 was registered on
bonds
April 17 by the State Comptroller. Due from March 1 1932 to 1971, incl.
While the enclosed letter dated April 8 was in the press the following
statement, which is of immediate interest to you, was released by your
committee:
"We have been advised that the City Commission of the City of West
Palm Beach, Fla., voted yesterday to attack the validity of Its outstanding
-BONDS NOT SOLD.
improvement bonds, approximating $7,405,000 in amount. One of the
-The
BEAUMONT, Jefferson County, Tex.
Commissioners is reported to have declared the purpose of this is to protect five issues of coupon bonds aggregating $1,100,000 offered on April 22
the city and to bring the improvement bondholders to terms. Other -V. 132, p. 3007
-were not sold, as the only bid received was rejected.
officials are reported to have stated that they desired to annoy the improve- The offer received was 93.72 for the total amount and was submitted by
ment bondholders until they showed some signs of trying to help the city.
Simpson & Co. of Dallas.
3202
FINANCIAL CHRONICLE
BERKS COUNTY (P.0. Reading), Pa.
-BOND SALE.
-The $2,600,000 3,i% coupon or registered court house, bridge and tuberculosis hospital
construCtion bonds offered on April 20-V.132, p. 3008
-were awarded to a
syndicate composed of Graham, Parsons & Co., Edward B. Smith & Co.,
and E. H. Rollins & Sons, all of Philadelphia; the First Detroit Co., Inc.
of New York, and Otis & Co., of Cleveland, at par plus a premium of
$61,434, equal to 102.36, a basis of about 3.577
0. The bonds are dated
April 1 1931 and mature April 1 as follows: $30,000 from 1932 to 1935,incl.;
$32,000, 1936; 156,000, 1937; $60,000, 1938; 164,000, 1939: $68,000, 1940;
S72,000, 1941; $76,000, 1942: 180.000, 1943; $84,000, 1944; $88,000, 1945;
$92,000, 1946: $96,000, 1947; 1100,000, 1948: 1104,000, 1949; $108,000,
1950: $112,000, 1951; 1116,000, 1952; $120.000, 1953; $124,000, 1954:
$128,000, 1955; $132,000. 1956; $136,000, 1957: $140,000. 1958; $144,000
in 1959, and $148,000 in 1960. Members of the successful group are reoffering the obligations for general investment at prices to yield from
2.50 to 3.50% on maturities from 1932 to 1939, incl., and 3.60% for the
bonds maturing from 1940 to 1960, incl. The bonds, according to the
bankers, are legal investment for savings banks and trust funds in Pennsylvania and New York, and are free of the Pennsylvania personal property
tax. The successful syndicate, in addition to the accepted bid of 102.36,
submitted an alternative offer of 102.459, conditioned upon the deposit
of the proceeds of the sale in the Penn National Bank & Trust Co., Reading.
BEVERLY, Essex County, Mass.
-John C.
-LOAN OFFERING.
Lovett, City Treasurer, will receive sealed bids until 5 p. m. (daylight
saving time) on April 30 for the purchase at discount basis of a $300,000
temporary loan. Dated April 30 1931. Denoms. $50,000, $25,000, $10,000 and $5,000. Due Nov. 27 1931. The notes, evidencing the existence
of the debt, will be authenticated as to genuineness and validity by the
First National Bank, of Boston, under advice of Ropes, Gray. Boyden &
Perkins, of Boston.
BOONE COUNTY (p.0. Boone), lowa.-LIST OF BIDS.
-The other
bids received for the $180,000 issue of coupon ann. primary road bonds
that was purchased by the White-Phillips Co. of Davenport as 4
at
101.197, a basis of about 3.99%-V. 132, p. 2815
-were as follows:
Name of BidderPremium.
Ames. Emerich & Co
$2,150
Geo. M. Bechtel & Co
2,140
Carleton D. Beh Co
1,500
Glaspell, Vieth & Duncan
1,460
Iowa-Des Moines Co. and Boone State Bank
1.425
[VOL. 132.
CANONSBURG, Washington County, Pa.
-BOND OFFERING.
John W. Black, Secretary of the School Board, will receive sealed bids
until 7.30 p. m. (Eastern standard time) on May 4 for the purchase of'
$12.000 416% bonds. Dated May 11931. Due $2,000 on May 1 in 1933.
,
1935, 1937, 1939, 1641 and 1943. Int. is payable semi-annually in May and
November. A certified check for $1,000,payable to the order of the District
Treasurer, is required. The successful bidder will be furnished with the
opinion of Burgwin, Scully & Burgwin of Pittsburgh approving the legality
of the issue, and also the certificate of approval of the Department of
Internal Affairs of Pennsylvania.
-The
CARROLL COUNTY (P. 0. Hillsville), Va.-BOND SALE.
$15,000 issue of 5% coupon semi-annual refunding school bonds offered
for sale on April 18 (V. 132, p. 2815) was purchased by the Well, Roth &
Co. of Cincinnati as 5s, paying a premium of $600, equal to 104.00. The
other bids received (all for 53) were as follows:
Premium.
BidderBank of Glade Spring of Glade Spring
$579.15
432.00.
Bohmer-Reinhart & Co
Walter, Woody & Heimerdinger
234.00
150.00
Magnus & Co
-BOND OFFERING.CASS COUNTY (P. 0. Logansport), Ind.
Herbert D. Condon, County Treasurer, will receive sealed bids until
2 p. m. on May 11 for the purchase of $8,921 434% Adams Two, road
impt. bonds. Dated May 1 1931. Denom. $446.05. Due $446.05.
July 15 1932; $446.05 Jan. 15 and July 15 from 1933 to 1941 incl., and
$446.05 Jan. 15 1942. Prin. and semi-ann. int. (Jan. 15 and July 15)
are payable at the office of the County Treasurer.
CHAMBERLAIN, Brute County, S. Dak.-BONDS NOT SOLD.
The $7,000 issue of 5% semi-annual swimming pool bonds offered on
April 6-V.132, p. 2631-was not sold. We are advised by L. L. Heneger,
City Auditor, that the city will take over these bonds. Dated May 1)931.
Due from May 1 1933 to 1936.
CHARLES CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
Charles City), Floyd County, Iowa.
will be received until 7:30 p. m. on April 30 by A. R. Eggert, Secretary of
the Board of Education, for the purchase of a $250,000 issue of coupon
school bonds. Denoms. 11.000 and $500. Dated May 1 1931. The
interest rate is to be named by the bidder. Principal and int. payable in
Charles City. Authority: Chapter 225. Laws of 1927. These bonds were
voted at an election held on March 9-V. 132, p. 2042. No certified
check is required.
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN OF $2,000,000 SOLD-BIDS INVITED FOR ADDITIONAL LOAN OF $3.000,000.CHELAN COUNTY SCHOOL DISTRICT NO. 100 (P. 0. WenatEdmund L. Dolan, City Treasurer, on April 24 awarded a $2,000,000
-The $33,000 issue of semi-ann. school
-PRICE PAID.
temporary loan to Salomon Bros. & Hutzler of Boston at 1.78% interest chee), Wash.
rate basis, at par plus a premium of $29. The loan is dated April 27 1931 bonds that was purchased by Wm. P. Harper & Son of Seattle as Is
-V. 132, p. 3008
-was awarded at a price of 100.06.
and matures Oct. 1 1931.
Mr. Dolan will receive sealed bids until 12 m. on April 28 for the pur(P.O.Port Angeles),
CLALLAM COUNTY SCHOOL DISTRICT NO.7
chase of an additional loan of $3,000,000, dated April 30 1931 and due
-The following is an official list of the bids
-LIST OF BIDS.
Oct. 2 1931. Interest payable at maturity. Bids submitted at the current Wash.
received for the $71,000 school bonds awarded to the First Seattle Dexter
sale were as follows:
a basis of about 4.49%
Horton Securities Co.
BidderInt. Rate. -V. 132, p. 3009: of Seattle, as 4s, at 100.17,
Salomon Bros. & Hutzler. plus $29 premium (purchaser)
1.78
-871,000 at 4M % per annum
*First Seattle Dexter Horton Securities Co.
Shawmut Corp
1.81
payable semi-annually. For each $100 par value will pay $100.117.
First National Old Colony Corp
1.839
-$71,000 at 4%% per annum payable
Port Angeles.
S. N. Bond & Co
1.95% First National Bank in a premium of $356.
semi-annually, plus
State of Washington.
-$71,000 at 44% per annum payable annually
BRIDGEPORT, Fairfield County, Conn.
-BOND SALE.
-The
at par.
1150000 431% series D coupon or registered sewer extension bonds offered Wm. P. Harper & Son, 1nc.-$71,000 at 5% per annum payable semion April 20-V. 132, p. 3008
-were awarded to Estabrook & Co. of Boston
annually. For each $100 par value will pay $100.27.
at par plus a premium of $6,528, equal to 104.35, a basis of about 3.859'•
-871.000 at 5% per annum payable semiThe bonds are dated May 1 1931 and mature $5,000 on May 1 from 1932 The Armstrong-Davidson Co. value will pay 2100.50.
annually. For each $100 par
to 1961 inclusive.
Geo. H. Burr, Conrad & Broom, Inc.
-$71.000 at 5 % per annum
The following is an official list of the bids submitted for the issue:
payable semi-annually, plus a premium of $400.
BidderPremium.1 BidderPremium.
* Successful bid.
Estabrook & Co.lEldredge & Co
$5,904.00
CLARKSDALE, Coahoma County, Miss.
-TEMPORARY LOAN.
-A
(purchasers)
$6.528.00 H. L. Allen & Co
5,300.00
Phelps, Fenn & Co
6,454.501H. M. Byllesby & Co-- - 4,618.50 $50.000 temporary loan has been awarded to the Union Planters National
Bank & Trust Co. of Memphis. Due on Feb. 15 1932.
BRIGANTINE, Atlantic County N. J.
-BONDS SOLD PRIVATELY
CLAY COUNTY(P.O.Spencer),Iowa.-BONDSALE.-The $200.000
FOLLOWING FAILURE TO RECEIVE OFFER AT PUBLIC SALE.
L. W. Schenck, City Clerk, re..rts that following the failure of the city Issue of annual primary road bonds offered for sale on April 21 (V. 132.
to receive an offer for the $55,111 6% coupon or registered refunding water p. 3009) was awarded to the White-Phillips Co. of Davenport as 4)O,
bonds offered for sale on April 1-V. 132, p. 2242
-the issue was subse- paying a premium of $2,295, equal to 101.147, a basis of about 4.00%.
quently taken at par by the Bushvrlek Savings Bank of Brooklyn, in ex- Due from 1936 to 1945, and optional after May 1 1936.
change for an issue of like amount that had become due. The bonds are
-C. Wm.
-BOND OFFERING.
CLAY COUNTY (P. 0. Brazil), Ind.
dated March 1 1931 and mature $5.500 on July 1 from 1931 to 1941, incl.
Baumgartner, County Treasurer, will receive sealed bids until 10 a.m.
% Lewis.Twp. road improvement
on May 5 for the purchase of $8,600
BROOKFIELD, Linn County, Mo.-BONDS CALLED.
-The 6% bonds. Dated March 3 1931. Denom. $430. Due $430 July 15 1932:
water works bonds dated May 11921. bonds numbered 1 to 120 incl., for $430 Jan. and July 15 from 1933 to 1941, incl., and $430 Jan. 15 1942.
$1,000 each, have been called and will be paid on May 1 1931.
Prin. and semi-ann. int. (Jan. and July 15) are payable at the office of the
County Treasurer.
BROWN COUNTY (P. 0. Brownwood), Texas.
-BONDS REGISTERED.
-Three issues of 5% bonds, aggregating $32,000, were registered
CONCHO COUNTY ROAD DISTRICT NO. 1 (P. 0. Paint Rock),.
-Sealed bids will be received by Lee Molloy,
-BOND OFFERING.
by the State Comptroller on April 14. The issues are as follows: $16,000 Texas.
refunding, series of 1930; $11,000 road, series B, and $5,000 road, series A County Clerk. until 11 a.m. on April 27 for the purchase of a $285,000 issue
bonds. Denom. $1,000.
of 5%% coupon road bonds. Denom. $1,000. Dated April 10 1931.
Due on March 10 as follows: 13.000. 1932 and 1933; $4,000, 1934 and 1935;
BROWNSVILLE, Lima County, Ore.
-BOND OFFERING.-Sealed 15.000, 1936 and 1937;$6,000, 1938 and 1939; 17,000, 1940 to 1944; 18.000.
bids will be received until 8 p. m. on May 18, by H. W. Stevenson, City 1945 and 1946; 19.000, 1947 to 1949;$10,000, 1950 and 1951: 111,000. 1952;
Recorder, for the purchase of two issues of 6% coupon refunding bonds. $12.000. 1953; 113,000, 1954; $14,000, 1955; 115.000, 1956: 816,000,
1957 and 1958; 217.000, 1959; 118.000, 1960 and 119.000 in 1961. Prin.
aggregating $27,000, as follows:
116.500 water bonds. Denoms. $1,000 and $500. Due on Juno 1, as and semi-ann. int. payable at the Chase National Bank in New York.
follows: $1,000, 1932 to 1937, and 11,500 from 1938 to 1944, The approving opinion of Chapman & Cutler of Chicago will be furnished.
The county will furnish the required bidding forms. A. certified check for
all inclusive.
10,500 street intersection and fire equipment bonds. Denom. $1,000 2% of the par value of the bonds, payable to 0. L. Sims, County Judge.
$1,000, 1932 to must accompany the bid. (These bonds were voted at an election held
and one for $500. Due on June 1, as follows:
March 19.-V. 132, p. 2435.)
1941, and $500 in 1942.
Dated June 1 1931. Principal and interest (J. & D.) payable in New
-LIST OF BIDS.
-In connecCOOK COUNTY (P. 0. Chicago), 111.
York. Legality to be approved by Teal, Winfree, McCulloch & Schuler.
tion with the award on March 26 of 1200.000 4% nurses' dormitory bonds
of Portland. .A certified check for 5% must accompany the bid.
to the Northern Trust Co. of Chicago, which paid $191,852 for the issue,
-TEMPORARY LOAN.- equal to 95.926, a basis of about 4.53% (V. 132, p. 2435), we furnish hereBRUNSWICK, Cumberland County, Me.
The Merchants National Bank ,of Boston purchased on April 17 a $30,030 with a complete list of the bids submitted at the sale:
Amount Bid.
Biddertemporary loan at 2.45% discount basis. The loan matures Nov. 2 1931
$191,852.00
Northern Trust Co. (purchaser)
and was bid for by the following:
191.778.00
Disci. Basis. Ames, Emerich & Co
er189,615.00
First Union Trust & Savings Bank (Chicago)
Merchants National Bank (purchaser)
2.45
191,328.00
Halsey, Stuart & Co
2.48
First National Old Colony Corp
R. E. Herczel & Co
190,061.50
2.48%
W. O. Gay & Co
190,160.00
Central Illinois Co
190,830.00
BRUNSWICK TOWNSHIP (P. 0. Brunswick), Chariton County, Continental Illinois Co
190,707.00
Mo.-BOND SALE.
-A $15,000 issue of road bonds is reported to have Foreman-State Corp
A. C. Allyn & Co
190,821.00
been purchased by the Commerce Trust Co. of Kansas City.
Lawrence Stern & Co
191,013.00
CALIFORNIA, State of (P. 0. Sacramento).
-BOND SALE.
-The
Y.
-BOND SALE.
-The followCORTLAND, Cortland County, N.
$1.147,000 issue of 4Y9' semi-annual State park bonds offered for sale on ing issues
of coupon or registered street improvement bonds, aggregating
-was awarded Jointly to the National City Co.
April 23-V. 132, p. 2434
132. p. 3009) were awarded as 45 to Harris,
of California, and Weedeen & Co. of San Francisco, for a premium of $188,000, offered on April 21 (V.
$43,987, equal to 103.83, a basis of about 3.57%. Dated Jan. 2 1929. Forbes & Co. of New York at par plus a premium of $2,254.12, equal to
101.199, a basis
Due on Jan. 2 as follows: $46,000 in 1935; $250,000, 1936 to 1939. and $148,000 series Aof about 3.847o:
bonds. Due March 1 as follows: $7,000 from 1932 to
1101,000 in 1940.
1943, incl., and $8,000 from 1944 to 1951, incl.
-OFFER BONDS.
-The successful bidders are offerPURCHASERS RE
40,000 series B bonds. Due $4,000 March 1 from 1932 to 1941, incl.
ing the above bonds for general investment priced to yield as follows:
Each issue Is dated March 1 1931.
0:
1935 maturity, 3.20%; 1936. 3.30%; 1937. 3.40%; 1938. 3.507 1939,
3.60%, and 1940, 3.65%. These are coupon bonds, registerable as to
COWLITZ COUNTY SCHOOL DISTRICT NO. 122 (P. 0. Kelso),
principal and interest. They are legal investments for savings banks and Wash.
-Sealed bids will be received until 10 a, m.
-BOND OFFERING.
trust funds in New York. Massachusetts, Connecticut and other States, on May 9 by H. D. Renner, County Treasurer, for the purchase of a
being direct obligations of the entire State.
$201.000 issue of school bonds. Int. rate is not to exceed 6%, payable
-TEMPORARY LOAN.
- semi-annually. Denominations of $100 or some multiples thereof not to
CAMBRIDGE, Middlesex County, Mass.
-was exceed $1,000. Dated Dec. 15 1930. Due in from 2 to 20 years. Prin.
The $1,000,000 temporary loan offered on April 21-V. 132, p. 3008
and int.
County Treasurer or the State Treasof
awarded to S. N. Bond & Co., of New York, at 1.90% discount basis, urer. A payable at the office5%the the bonds must accompany the bid.
of
certified check for
plus a premium of V. The loan is dated April 22 1931 and is payable (These bonds
-V. 132, p. 1663.)
were offered for sale on Feb. 2I
Nov. 3 1931 at the National Shawmut Bank, of Boston, or at the Chase
National Bank, New York, at the option of the holder. Bids for the loan
-BONDS REGISTERED.
CUERO, DeWitt County, Tex.
-On April 16
were as follows:
Discount Basis. the State Comptroller registered the $30.000 issue of 5% street extension
Bidderbonds that was sold on April 8-V. 132, p.3009. Due from 1932 to 1951 incl.
1.907
S. N. Bond & Co. (plus $3)
DANUBE SCHOOL, DISTRICT (P. 0. Danube), Renville County,
1.94
Shawmut Corp
-BOND SALE.
-A $40,000 issue of school bonds is reported to have
1.999% Minn.
Central Trust Co. (plus $5)
been purchased recently by the State of Minnesota.
2.00%
Harvard Trust Co. (Cambridge)
APRIL 25 1931.]
FINANCIAL CHRONICLE
DARTMOUTH, Bristol County, Mass.
-BOND SALE.
-Harry R.
Bennett, Town Treasurer, on April 22 awarded an issue of $50,000 3 %
)
coupon water main bonds to F. S. Moseley & Co., of Boston, at 101.66, a
basis of about 3.41%. The bonds are dated April 1 1931 and mature April 1
as follows: $4,000 from 1932 to 1936 incl., and $3,000 from 1937 to 1946
incl. Principal and semi-annual interest (April and Oct.) zre payable at the
Merchants National Bank, New Bedford, or at the Merchants National
Bank, Boston. Legality to be approved by Storey, Thorndike, Palmer &
Dodge, of Boston.
DAVIESS COUNTY (P. O. Washington) Ind.-BOND OFFERING.
-E. 0. Chattin, County Treasurer, will receive sealed bids until 2 p.m.
on May 6 for the purchase of $7,800 445% highway improvement bonds.
Dated April 15 1931. Denom. $390. Interest is payable semi-annually
on Jan. and July 15.
DAYTON CITY SCHOOL DISTRICT, Montgomery County, Ohio.
-SALE OF $460,000 NOTES AUTHORIZED.
-C J. Schmidt, ClerkTreasurer of the Board of Education, has received authorization by passage
of a resolution to negotiate for the sale of $460,000 in notes, the proceeds
to be used to meet regular payrolls and current operating expenses of the
city school district until July 1 1931. According to the resolution, the
notes may all be dated May 7 1931, or as follows: $100,000. May 7 1931;
$150,000, May 211931; $210,000, June 11 1931. Irrespective of the date
of the notes, they will mature Sept. 1 1931.
DEARBORN, Wayne County, Mich.
-BOND SALE.
-The $890.000
coupon or registered sewer bonds offered on April 21-V. 132, p. 3009
were awarded as 43is to Ryan, Sutherland & Co., of Toledo. at par plus a
Premium of $14,519, equal to 101.63, a basis of about 4.37%. The bonds
are dated April 15 1931 and mature April 15 as follows: $390,000 in 1946;
$400,000 in 1951. and $100,000 in 1956.
Joseph Cardinal, Deputy City Clerk, forwards the following complete
list of the bids submitted at the sale:
Bonds
Int.
BidderBid for
Rate. Premium.
*Ryan, Sutherland & Co
$890,000
4%
$14,519
434 1
400.000
Ryan, Sutherland & Co
4%
390,000
269
100,000
4(
First Detroit Co., Braun, Bosworth'& Co., 400,000'
4)i
Stranahan, Harris & Co., Guardian De- 390.000
444 0
75
trolt Co., and Gray, McFawn & Co
100,000
44
Above group also bid for
4%
890.00011,176
* Bid for $890,000 bonds as 4)is was accepted.
3203
Financial Statement
Valuation for year 1930 less abatements
$3.854.725
Total debt (present loan included)
86.000
No water debt. Population, 1,200.
DUMAS INDEPENDENT SCHOOL DISTRICT (P. 0. Dumas),
Moore County, Texas.
-BOND OFFERING.
-Sealed bids will be received
until 1•30 p.m. on April 25 by J. C. Phillips, Secretary of the School Board,
for the purchase of an issue of $150,000 5% coupon annual school bonds.
Dated March 1 1931. Due serially over a period of 36 years. A $2,500
certified check must accompany the bid.
DYERSBURG, Dyer County, Tenn.
-NOTE SALE.
-A $60,000 issue
of 6% revenue notes is reported to have been purchased by the Union &
Planters Co. of Memphis. Dated March 2 1931. Legality approved by
Benj. H. Charles of St. Louis.
EAST GRAND RAPIDS, Mich.
-BOND OFFERING.
-Louis F.
Battjes, City Clerk, will receive sealed bids until 7 p. m.(Eastern standard
time) on April 27 for the purchase of $25,930.26 not to exceed 5% interest
North Shore Sanitary Sewer District No. 1 bonds. Interest is payable
semi-annually. Bonds mature annually on Aug. 1 from 1933 to 1941 Incl.
A certified check for 1% of the bid, payable to the order of the City Clerk,
must accompany each proposal.
EAST LIVERPOOL, Columbiana County, Ohio.
-BOND SALE.The $15,450 fire department equipment purchase bonds offered on April
6-V. 132, p. 2244
-were awarded as 4 j.is to E. .1. Smith & Co., of East
Liverpool, at par plus a premium of $87.50, equal to 100.57, a basis of
about 4.31%. The bonds are dated March 1 1931 and mature Sept. 1 as
follows: $3,450 in 1932, and $3,000 from 1933 to 1936, incl.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
Merge E. Croop, County Auditor, will receive sealed bids until 10 a. m.
on April 29 for the purchase of $41,500 4% bridge construction bonds.
Dated April 15 1931. Denom. $415. Due $2,075. May and Nov. 15
from 1932 to 1941 inclusive.
The County Auditor will also receive sealed bids until 10 a. m.on May 15
for the purchase of $8,089.96 6% ditch construction bonds. Dated May 15
1931. Due annually as follows: $1,339.96 in 1932 and $900 from 1933
to 1940 incl. A certified check for 5% of the par value of the ditch bonds
bid for must accompany each proposal.
ELLPORT SCHOOL DISTRICT (P. o. Ellwood City), Lawrence
-BOND OFFERING.-Sealed bids addressed to the Secretary
County, Pa.
of the Board of School Directors will be received at the office of Humphrey
DE KALB COUNTY (P. 0. Auburn) Ind.
-BOND SALE.
-The two & Humphrey, Ellwood City, until 2 p. tn. on May 4 for the purchase of
issues of 4)4% coupon bonds aggregating $106,500 offered on April 21- $4,000 57. school bonds. Dated Jan. 1 1931. Denom. $500. Due $500
V. 132, p. 2435
-were awarded to the City National Bank. of Auburn, as Jan. and July 1 from 1935 to 1938, incl.
follows:
ESSEX COUNTY (P. 0. Lawrence), Mass.
-BOND OFFERING.
$100,000 William Currie et al.:highway improvement bonds sold at par
plus a premium of $3.200, equal to 103.20. a basis of about The County Treasurer will receive sealed bids until 11 a. m.on April 25 for
3.86%. The issues matures $10,000 annually on May 15 from the purchase at discount basis of a $200,000 temporary loan, due Nov. 6
1931.
1932 to 1941 incl.
6,500 Alvin Steckley et al., highway improvement bonds sold at par
ETOWAH COUNTY (P. 0. Gadsden), Ala.
-BOND OFFERING.
plus a premium of $65. equal to 101, a basis of about 4.17%. Due
as follows: $650. July 15 1932'$650, Jan. and July 15 from 1933 to Sealed bids will be received until noon on May 6 by W.F. Jeffers, President
of the Board of Revenue, for the purchase of a $200,000 Issue of warrant.
1941 incl., and $650, Jan. 15 1912.
voted at an election held on April 14.)
refunding bonds. (These bonds were
Each issue is dated Feb. 20 1931.
The following is a list of the bids submitted at the sale:
-LOAN OFFERING.
EVERETT, Middlesex County, Mass.
-William
$100,000
$6,500
E. Emerton, City Treasurer, will receive sealed bids until 11 a. m.(dayBidderPremiums
light saving time)on April 28 for the purchase at discount basis ofa 8500,000
Auburn (awarded both issues) $3,200.00
City National Bank,
$65.00 temporary loan, dated April 29 1931 and due $200,000 on Dec. 2 1931
Fletcher Savings & Trust Co.• Indiana oils
2,016.00
and $300,000 on Dec. 15 1931. The notes, evidencing the existence of the
First & Tri-State National Bank, Fort
'Wayne
3,050.50
debt, will be authenticated as to genuineness and validity by the First
City Securities Corp., Indianapolis
x2,671.00
x91.00 National Bank of Boston, under advice of Ropes, Gary. Boyden & Perkins,
Merchants National Bank, Muncie
4,232.32
x197.50 of Boston.
Union Trust Co., Greensburg
x156.00
x Conditional bids.
FARMINGTON, San Juan County, N. MeX.-CERTIFICATE
SALE.
-A $33,000 issue of sanitary sewer system certificates has been
DELAWARE COUNTY (P. 0. Manchester), lowa.-BOND SALE.
- disposed of at par to J. H. Miller & Co. of Denver. the contractors.
The $315,000 issue of coupon annual primary road bonds offered for sale
(This corrects the report given in V. 132, p. 2632)•
on April 17 (V. 132, p. 2816) was purchased by the Peoples Savings Bank
of Cedar Rapids as 4)4s, paying a premium of $3,481, equal to 101.105,
-BOND OFFERING.
FORSYTH, Rosebud County, Mont.
-Sealed
a basis of about 4.05%. Due from 1936 to 1945 and optional after May
bids will be received until 8 p. m.on May 11 by H. V. Beeman,City Clerk,
1 1936. The other bids (all for 43(s) were as follows:
for the purchase of a $75,000 issue of water plant construction bonds,
Bidder
Premium. Interestrate is not to exceed 6%, payable J. & J. Dated May 1 1931.
White-Phillips Co
$3,480 Amortization bonds will be the first choice and serial bonds will be the
Geo. M.Bechtel & Co
3,465 second choice of the City Council. If amortization bonds are sold and
Ames, Emerich & Co
3,045 issued the entire issue may be put into one single bond or divided into several
lowa-Des Moines Co
3,000 bonds, as the Council may determine upon at the time of sale. If serial
bonds are issued and sold the sum of $4,000 will be due and payable on
DELTA, Fulton County, Ohio.
-BOND SALE.
-The $96,000
works improvement bonds offered on April 20-V. 132. p. 2816 water Jan. 1 1932 to 1949 and $3,000 in 1950. The bonds will be redeemable
-were
awarded as 434s to the BancOhlo Securities Co. of Columbus at par plus in full on any interest payment date on and after 5 years from the date of
a premium of $729.60. equal to 100.76, a basis of about 4.42%. The issue. Both principal and interest to be payable in semi-annual installbonds are dated March 1 1931 and mature $4,000 on Sept. 1 from 1932 to ments during a period of 19 years. The approving opinion of Jtmell,
1955 inclusive.
Oakley, Driscoll A Fletcher of Minneapolis will be furnished. A $5,000
certified check, payable to the City Clerk, is required.
DES MOINES, Polk County. lowa.-LIST OF BIDS.
-The follow-BOND SALE.
ing is an official list of the other 1;ids
FREEHOLD, Monmouth County, N. J.
-The $80.000
for the $268,000 issue of water works
Improvement bonds that was awarded to Wheelock & Co. of D(18 Moines, coupon or registered sewer bonds offered on April 20-V. 132. p. 2816
were awarded as 4)4s to J. S. Rippel & Co.of Newark at par plus a premium
as 4s, at 101.49, a basis of about 3.87%-V. 132, p.3009:
about
Names of Other Bidders
Premium. of $826.53. equal to 101.03. a basis of1 from 4.10%. The bonds are dated
Bechtel & Co. of Davenport
1932 to 1947 inclusive.
$3,890 May 1 1931 and mature $5,000 May
White-Phillips Co. of Davenport
The following is an official list of the bids submitted at the slae:
3.225
Halsey-Stuart & Co., Chicago
Int. Rate. Premium.
Bidder3,050
Carlton D. Beh & Co., Dee Moines
4
$826.53
2.680 J S. Rippe'& Co.(purchasers)
Iowa-D. M.National Bank. Des Moines
4
693.84
1,850 C. C. Collings & Co., Philadelphia
Cummins
-Morrison Co., Des Moines
4
429.60
1,750 B.J. Van Ingen & Co., New York
Ames-Emerich & Co., Chicago
4
310.00
1,350 O. A.Preim Co., New York
National City Co., Chicago
4
138.48
1,200 Graham, Parsons & Co., New York
M. M. Freeman & Co.. Philadelphia
4
111.11
DETROIT, Wayne County, Mich.
-ISSUANCE OF 215,000,000 IN
York
64.00
4
NOTES AUTHORIZED
--BONDS TOTALING $19,337,000 SCHEDULED H. L. Allen & Co., New
4
975.00
FOR SALE ON MAY 18.-G. Gall Roosevelt, City Controller, was author- National Freehold Banking Co
480.00
.
ized by the city council on April 21 to issue $15,000,000 in notes, the pro- Rufus Waples & Co., Philadelphia
Financial Statement.
ceeds to be used to meet municipal payrolls and to finance current activities.
The Controller was granted permission to negotiate the loan for 60 days, Total assessed valuation for the year 1936
86.448.432.00
3 months, 6 months or one year, depending upon the most advantageous Borough property owned:
terms that can be obtained from investment bankers. Sale of this loan
Water and sewer system and municipal building
637.000.00
will bring the total of funds obtained through temporary
School property
530.000.00
borrowing to
$78,000,000, or approximately $2.000,000 in excess of the entire tax levy
for the coming fiscal year, it was said.
$1,167,000.00
Bonded Debt.
BOND SALE SET FOR MAY 18
-Controller Roosevelt informed the
council that he plans offering for sale on May 18 a total of $19,337,000 Municipal building bonds, payable annually
22.000.00
permanent improvement bonds. consisting of an $8,817,000 public
Water bonds, payable annually
141,000.00
utility
water issue, due in 30 years; $7,000,000 street railway, due $175,000 Sewer bonds, payable annually
*128,500.00
annually from 1932 to 1941, incl., and $525,000 from 1942 to 1951, incl.: Storm drain bonds, payable annually
21.000.00
$2,245,000 lighting system, due $112,000 annually from 1932 to 1950,incl.. Street improvement bonds, payable annually
48,000.00
and $117.000 In 1951. and $1,275,000 general improvement bonds, due Temporary notes (issued for street & fire dept.improvements)
25,825.00
$63,000 annually from 1932 to 1950, incl., and $78,000 in 1951. All of the
$386,325.00
bonds are to be dated May 11931.
School bonds (separate corporation) payable annually
384,500.00
DIXON COUNTY SCHOOL DISTRICT NO. 62 (P. 0. Ponca), Neb.
Population: 1930 census, 6,935.
-BONDS OFFERED.
-We are informed that sealed bids were received
*Above figures for bonded debt include bonds now to be issued.
until April 21 by C. L.Philips, School Director,for the purchase of a $20,000
issue of school bonds.
FREEPORT SCHOOL DISTRICT, Nassau County, N. Y.
-BONDS
-The District Clerk informs us
-ISSUE OFFERED FOR SALE.
DODGE CITY, Ford County, Kan.
-BOND SALE.
-A $60,000 issue VOTED,
494% semi-ann. water works bonds has been purchased by the Fidelity that at an election held on March 31 the voters authorized the issuance of
of
National Corp. of Kansas City at a price of 99.75, a basis of about 4.80%. $560.000 in bonds for school construction purposes by a vote of 176 "for"
to 86 "against." Sealed bids for the purchase of the bonds will be received
Dated April 11931. Due $6,000 from 1932 to 1941. inclusive.
until 8 p. m. on May 11. Rate of int. is not to exceed 6%. Due serially
DOUGHERTY COUNTY (P. O. Albany), Ga.-BONDS DEFEATED. on April 1 from 1932 to 1961 incl.
-At the special election held on April 10-V. 132, p. 2436
-the voters
-BOND OFFERING.
FREEPORT, Nassau County, N. Y.
-Howard
rejected a proposal to issue $500,000 in road bonds, reports the Clerk of
E. Pearsall, Village Clerk, will receive sealed bids until 8:30 p. m. on
the Board of Commissioners.
Ail 29 for the purchase of 8263.000 coupon or registered not to exceed
-BOND OFFERING.-Lewls B. 6 (, interest bonds, divided as follows:
DOVER, Norfolk County, Mass.
Paine, Town Treasurer, will receive sealed bids until 8 . m. (daylight $10.000 series G street improvement bonds. Due April 1 as follows:
saving time) on April 29 for the purchase of $80,000
coupon Caryl
86.000 from 1932 to 1941 incl. and $9,000 from 1942 to 1951 incl.
School House addition bonds. Dated May 1 1931. Denom. 81,000.
90,000 series C water bonds. Due April 1 as follows: $4,000 from 1932
Due May 1 as follows: $10,000 in 1932 and 1933, and $6,000 from 1934 to
to 1941 incl. and $5,000 from 1942 to 1951 incl.
1943,incl. Principal and semi-annual interest(May and Nov.) are payable
23,000 series A park bonds. Due April 1 as follows: 34,000 in 1932
at the First National Bank, of Boston, under whose supervision the bonds
and 1933 and 85.000 from 1934 to 1936 inclusive.
and which will certify as to their genuineness. The favorwill be engraved
Each issue is dated April 1 1931. Denom. 31,000. Rate of interest to
able opinion of Ropes. Grey, Boyden & Perkins of Boston, as to the validity be expressed in a multiple of 94 or 1-10th of 17,, and must be the same for
of the issue will be furnished without charge to the purchaser.
all of the bonds. Principal and semi-annual interest (April and October)
3204
FINANCIAL CHRONICLE
are payable at the First National Bank & Trust Co., Freeport. A certified
check for $5,000, payable to the order of the village must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
'
York will be furnished the purchaser.
Financial Statement.
Assessed valuation (1931)
$57.985,790
Special franchises
703,757
Total assessed value taxable property
58,689,547
Bonded debt, including this issue
2,901,200
Water bonds included in above
323,000
Sinking funds
None
Floating debt other than tax anticipation
487,500
Total debt, exclusive of water bonds
*2,578,200
Population January 1931
* $168,000 of this amount is electric light bonds against the municipal
plant.
FREMONT COUNTY (P. 0. Sidney), Iowa.
-BOND SALE.
-The
$42,000 issue of annual primary road bonds offered for sale on April 23
(V. 132, p. 3010) was awarded to Geo. M. Bechtel & Co. of Davenport as
448, paying a premium of $399. equal to 100.95. a basis of about 4.09%•
Due from May 1 1936 to 1945, and optional after May 1 1936.
FRESNO, Fresno County, Calif.
-At the
-BONDS DEFEATED.
city election held on April 13 the voters rejected two proposed bond issues
as follows: $750,000 civic center bonds by a count of 5,407 "for" and 6,471
"against:" $1.250,000 auditorium bonds by a vote of 5,748 "for" and
6,485 "against."
The electors also defeated a proposed city charter amendment creating a
public utilities board to operate the city water system by a vote of 5,580
as compared with 5,529.
FRUITPORT SCHOOL DISTRICT, Muskegon County, Mich.
BOND SALE.
-A Lundberg, Director of the Board of Education, informs
us that an issue of $20,000 534% coupon school improvement bonds was
sold on March 11 to the Grand Rapids Trust Co.. Grand Rapids. Price
paid not disclosed. The purchasers agreed to furnish bonds. The issue
matures $1,000 annually on May 1 from 1932 to 1951. incl. Denom.
$1,000. Interest is payable semi-annually in May and November.
GAINES COUNTY (P. 0. Seminole), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on May 14, by J. J. Kendrick,
County Judge, for the purchase of an issue of $150,000 534% road bonds.
Denom. $1,000. Dated March 15 1931. Due o e March 15 as follows.
83,000, 1932 and 1933: $4,000, 1934 to 1936: $5,003, 1937 to 1939; $6,000.
1940 to 1942; $7.000, 1943 to 1945; $8,000, 1946 to 1948: $9,000. 1949 to
1951; $10,000, 1952 to 1954; $11,000. 1955; $12.000. 1955; $13,000, 1957:
$14,000, 1958; $15,000. 1959, and $16,000 in 1960 and 1961. Prin. and
int. (M. & S. 15) payable at the Central Hanover Bank & Trust Co. in
New York. The County will furnish the printed bonds and the approving
opinion of Chapman & Cutler,of New York City. A $3.000 certified check,
payable to the Commissioners' Court. must accompany the bid.
OFFICIAL FINANCIAL STATEMENT.
-Estimated actual value of all
property, $13.570.761. Assessed valuations of taxable property for 1930,
real property, $3.341,805; personal property. $1,181,782; total, $4.523,587.
Outstanding bonds, exclusive of this issue, $55,000; outstanding warrants,
.
$22,250 securities in sinking funds,$7,000• cash in sinking funds,$13,983.80
Population, 1930 Census. 2,800: 1920 Census. 1,080.
GARNER INDEPENDENT SCHOOL DISTRICT (P. 0. Garner),
-The $25,000 issue of coupon
Hancock County, lowa.-BOND SALE.
(M.& N.) hign scnool bonds offered for sale on April 17-V. 132, p. 2816
was purchased by the Carleton D. Beh Co. of Des Moines as 44s, paying
a premium of$376,equal to 101:504. Dated May 11931. Denom.$1,000.
-BOND SALE-The following
GLOUCESTER, Essex County, Mass.
Issues of 34% coupon bonds aggregating $80,000 offered on April 22V. 132, p. 3010
-were awarded to the Gloucester National Bank, at a
price of 100.79, a basis of about 3.32%:
$60,000 highway improvement bonds. Due $6,000, May 1 from 1932 to
1941 incl.
20,000 sidewalk bonds. Due $4,000, May 1 from 1932 to 1936 incl.
Each issue is dated May 1 1931. The following is a list of the bids submitted for the bonds:
Rate Bid.
Bidder100.79
Gloucester National Bank (purchaser)
100.566
Gloucester Safe Deposit .5r Trust Co
100.536
F. S. Moseley & Co
100.47
Eldredge & Co
100.42
Harris. Forbes & Co
100.339
R. L. Day & Co
100.14
Stone & Webster and Blodget, Inc
100.14
Cape Ann National Bank
100.053
Atlantic Corp
GRAHAM CONSOLIDATED SCHOOL DISTRICT NO. 2 (P. 0.
-A $20.000
-BONDS REGISTERED.
Graham) Young County, Tex.
issue of 5% serial school bonds was registered on April 16 by the State
Comptroller, Denom. $500.
-Jacob
-BOND OFFERING.
GRAND RAPIDS, Kent County, Mich.
Van Wingen, City Clerk, will receive sealed bids until 3 p. m. (Eastern
standard time) on April 27 for the purchase of $200.000 not to exceed 334%
interest social service relief bonds. Dated May 1 1931. Denom. $1,000.
Due Aug. 15 as follows: $50,000, 1931: $75,000 in 1932 and 1933. The
bonds, according to the official offering notice, will be a direct full faith
and credit obligation of the City, payable as to both principal and interest
at the office of the City IYeasurer. The bonds will be delivered without
expense to the buyer for printing and will be sold subject to the approval
of any recognized bond attorney selected by the successful bidder, who
will be obliged to pay for said opinion. A certified check for 3% of the
par value of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal.
Financial Condition, April 15 1931 (As Officially Reported).
None
Floating debt
$274,678,717.00
Assessed valuation of city. 1930-1931
1,296,178.55
Total value of water works sinking fund
1,038.415.20
Total value of general sinking fund
1,290.104.32
Total value of special assessment sinking fund
646,657.40
Total value cemetery trust funds
Total value ofsinking funds, water works,general,cemetery
4.271,355 A7
trust and special assessments
2,127,594.22
Cash on hand exclusive of sinking fund
Cash value of assets of city. (This includes water works
44,747,213.87
value of $7.082,522.86)
Population, U.S.census of 1930 168,234.
-Street improvement and sewer construction bonds are only a
Note.
temporary obligation, being issued for from one to 10 years, and their
payment is provided for by special assessment on .the property directly
benefitted; but are a direct city obligation.
Recapitulation of Bonded Debt April 15 1931)
$3,910,000.00
Sewage disposal, general taxation
150,000.00
Cemetery, paid by general taxation
215,000.00
Tuberculosis hospital, paid by general taxation
540,000.00
Bridge bonds, paid by general taxation
150000 00
,
Social service relief bonds, general taxation
057,000.00
Flood bonds, paid by general taxation
1,500.000.00
Civic Auditorium, paid by general taxation
3,553,000,00
Water works, paid by water revenue
4,420,250.00
School bonds, paid by general taxation
4,033,900.00
Street improvement bonds, paid by special assessment
613,700.00
Sewer construction bonds, paid by special assessment
135.000.00
*West Side library bonds
$20.177,850.00
Less general sinklnx fund:
Cash and securities
Less water works bonds
Less street and sewer bonds
$1,038,415.20
3,553.000.00
4,647,600.00
9,239,015.20
$10,938,834.80
Net bonded debt payable by general taxation
* Serial bonds all held in sinking fund.
SALE.
-The $47,000
-BOND
GRANT COUNTY (P. 0. Marion) Ind.
4,4% Guy Johnson et al., highway improvement bonds offered on April 21Merchants National Bank, of
-were awarded to the
V. 132. p. 3010
[Vol,. 132.
Muncie, at par plus a premiumiof $1,652.16, equal to 103.51, albasis of
about 3.84%. The bonds are dated April 15 19311and mature as follows:
$2,350,/July 15,1932; $2,350,!Jan. and July 15 from11933 to 1941 incl., and
$2,350,tJan. 15 1942.
The following is an_officiallist_of the bids_submitted at the sale:Al
Bidderremiu .
Merchants National Bank, Muncie (purchaser)
$1,652.16
Brazil Trust Co., Brazil
1,480.50
Fletcher American Co
1,551.00
Fletcher Savings & Trust Co
1,554.00
Pfaff & Hughel
1,541.50
City Securities Corp
1,351.00
Breed, Elliott & Harrison
1,560.00
GREAT FALLS, Cascade County, Mont.
-A
-BOND OFFERING.
$290,000 issue of water bonds is to be offered for sale at public auction by
W. H. Harrison, City Clerk, at 10 a. m. on May 25. Interest rate is not
to exceed 5%, payable J. & J. Denom. $1,000. Dated July 1 1931.
Amortization bonds will be the first choice. If amortization bonds cannot
be disposed of to advantage, serial bonds will be second choice, and if
serial 'bonds are issued they will become due and payable on July 1 as follows: $6,000, 193310 1935; 811,000. 1936 to 1939; 817.000, 1940 to 1944:
$23,00, 1915 to 1949, and $28,000 in 1950. The city reserves the option
to redeem any of said serial bonds six months prior to due date. No bonds
will be said for less than par and accrued interest. No split rate bids will
be entertained, and all bonds to bear the same rate of interest. Bidder
is to furnish the lithographed bonds. Bidders shall satisfy themselves as
to the legality of the bonds before bidding. l'rin. and int. payable at the
office of the City Treasurer or at the designated fiscal agency of the State
in New York. A certified check for $5,800, payable unconditionally to
the City Treasurer, must accompany the bid.
-BOND SALE.
-The $28,000 issue
GREELEY, Weld County, Colo.
of 5% semi-annual Paving District No. 8 bonds offered for sale on April 21
(V. 132, p. 3010) was purchased by O'Donnell, Owen & Co. of Denver
as 445 at a price of 98.36, a basis of about 4.37%. Dated June 1 1931.
Due in 1953.
-The
-BOND SALE.
GREENE COUNTY (P. 0. Snow Hill) N. C.
$350.000 issue of 5% semi-annual refunding bonds offered for sale on
April 21-V. 132, p. 2817
-was purchased by Stranahan, Harris & Co.,
Inc., of Toledo. paying a premium of $1,295, equal to 10037% a basis of
about 4.95%. Dated Nov. 11930. Due from Nov. 1 1931 to 1946 incl.
-ADDITIONAL INFORMATION
HAMMOND,Lake County, Ind.
BONDS RE
-OFFERED.
-The $60,000 59' coupon library building bonds
awarded at a price of par on Dec. 11 1930 V. 131, p. 4084) are dated Jan. 2
1931, mature $4,000 annually on Jan. 2 from 1932 to 1946, incl., and are
payable as to both principal and semi-annual interest (Jan. and July 2)
at the State Bank of Hammond. Legality approved by Smith. Remster,
Hornbrook & Smith of Indianapolis. The Peoples State Bank of Indianapolis is now reoffering the bondsfor public investment at prices to yield 3.70%
for the 1932 to 1934 maturities; 3.80% for the 1935 to 1938 maturities;
3.90% for the 1939 to 1943 maturities, and 4.00% for the bonds due in
1944, 1945 and 1946.
Financial Statement.
$165,000,000
Actual value of taxable property, estimated
101,328,885
Assessed valuation, 1929
Total bonded debt, this issue only
60,000
Population (U. S. Census 1930,) 64,523.
HAMPDEN TOWNSHIP (P. 0. Mechanicsburg), Cumberland
County,Pa.
-BONDS VOTED.
-At an election held on April 21 the voters
authorized the issuance of $40.000 in bonds for school construction purposes by a favorable vote of 133 "for" to 29 "against." according to A. U.
Shuman, Secretary of the School Board, who also advises that the issue
will bear interest at 434% and mature over a period of 20 years. Date of
sale has not as yet been fixed.
HAMPTON BAYS WATER DISTRICT (P. 0. Southampton),
Suffolk County, N. Y.
-BOND OFFERING.
-J. Augustus Hildreth.
Supervisor of the Town of Southampton, will receive sealed bids until
2 p.m. on April 29 for the purchase of $130,000 5% coupon or registered
water district bonds. Dated May I 1931. Denom. $500. Due May 1
as follows; $3,500 from 1936 to 1970, incl. and $7,500 in 1971. Prin,
and semi-ann. int. (May & Nov.) are payable at the Hampton Bays National Bank. Hampton Bays. A certified check for $1,000, payable to
the order of the Town Supervisor, must accompany each proposal.
Official advertisement of the proposed sale of these bonds appears on a
subsequent page of this section.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Sneedville), Tenn.
-Sealed bids will be received until 2 p.m. on May 4 by W. W. Chambets.
Chairman of the Board of Commissioners, for the purchase of a $45,000
Issue of court house construction bonds. A $2,000 certified check must
accompany the bid.
-Paul
-BOND OFFERING.
HARTFORD, Van Buren County, Mich.
F. Richter, Village Clerk, will receive sealed bids until 7.30 p.m. on April 27
for the purchase of $48,541.53
% electrical distribution system bonds.
Dated May 1 1931. Due Jan. 1 as follows: $4,451.53 in 1934, and $4,000
from 1935 to 1945, incl. The bonds, however, are subject to call in whole
or in part by lot at 101 plus accrued interest on any interest payment date
on or prior to Jan. 1 1937, after which same are subject to call in whole
or in part by lot on any interest payment date at par plus accrued interest.
Interest is payable semi-annually in Jan. and July. A certified check
for 2% of the bid must accompany each proposal.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
-Adele M.
-BOND OFFERING.
Freeport) Nassau County, N. Y.
Stephens, Clerk of the Board of Education, will receive sealed bids until
8 p.m. (Daylight saving time) on May 11 for the purchase of $560,000
coupon or registered not to exceed 6% interest school bonds. Dated April 1
1931. Denom. $1,000. Due April 1 as follows: $10,000 from 193210 1945
incl.; 314.000, 1946;$18,000, 1947;$20,000 from 1948 to 1953 incl.: $40,000.
1954; $47.000 from 1955 to 1957 incl.; $37.000. 1958; $20,000 in 1959 and
1960, and $10,000 in 1961. Rate of interest to be expressed in a multiple of
il of 1-10th of 1% and must be the same for all of the bonds. l'rincipal
and semi-annual interest (April and Oct.) are payable at the Freeport
Bank, Freeport, or at the Chase National Bank, New York. A certified
check for $12,000, payable to Ernest H. de Guiscard. Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon & Vandewater, of New York, will be furnished the purchaser.
-BOND OFFERING.HENRY COUNTY (P. 0. New Castle), Ind.
Zella M. Compton, County Treasurer, will receive sealed bids until 10 a.m.
on April 28 for the purchase of $204.800 44% road construction bonds.
Dated April 15 1931. Denom. $510. Due $10,200 May and Nov. 15 from
193210 1941, incl. Interest is payable semi-annually on May and Nov. 15.
A certified check for 2% of the amount of the bid, payable to the order of
the County Treasurer, must accompany each proposal.
HIGHLINE SCHOOL DISTRICT (P. 0. Seattle), King County,
Wash.
-MATURITY.
-The $60,000 issue of school bonds that was purchased by the First Seattle Dexter Horton Securities Co. of Seattle as
434* at a price of 101.27 (V. 132, p. 2817) is due from 193210 1954, giving
a basis of about 4.61%.
-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
Pierre Bonvouloir. City Treasurer,in .April 23 awarded a $400,000 temporary
loan to the Merchants National Bank. of Boston, at 2.03% discount basis.
Dated April 23 1931. Payable Jan. 15 1932 at the First National Bank, of
Boston, or at the First of Boston Corp., New York. Legality approved by
Storey, Thoendike, pahnor & Dodge, of Boston. Bids submitted for the
loan were as follows:
Discount Basis.
Bidder2.03%
Merchants National Bank (purchaser)
-2.07%
------------------Faxon, Gade & Co_
2.07
First National Old Colony Corp
2.13
Salomon Bros. & Hutzler--- _ -2.20%
S. N. Bond & Co., plus $4 Premium.
-LOAN OFFERING.
INDIANAPOLIS, Marion County, Ind.
A. B. Good, Business Director of the Board of School Commissioners, will
receive sealed bids until 8 p.m. on April 28 for the purchase of $200,000
not to exceed 6% interest 'special fund" school notes. Dated April 29
1931. Payable June 30 1931 at such a bank in Indianapolis as the successful bidder may name.
APRIL 25 1931.]
FINANCIAL CHRONICLE
3205
LAKE CHARLES HARBOR AND TERMINAL DISTRICT (P. 0.
-BOND SALE.
-The 310.097
JAY COUNTY (P. 0. Portland), Ind.
-Sealed bids will be received until
-BOND OFFERING.
434% coupon cement road construction bonds offered on April 17 (V. 132. Lake Charles), La.
P. 3011) were awarded to the Fletcher American Co. of Indianapolis at noon on May 19 by W.P. Weber, President of the Board of Commissioners,
par plus a premium of $330.27, equal to 103.27. a basis of about 3.88%. for the purchase of a $700,000 issue of district bonds. Int. rate is not to
The bonds are dated April 15 1931 and mature semi-annually as follows; exceed 5%, payable J. and D. Denom. $1.000. Dated June 15 1931.
$504.85 July 15 1932; $504.85 Jan. and July 15 from 1933 to 1941, incl., Due on June 15 as follows: $14,000, 1932 to 1936; 321,000, 1937 to 1941;
$28,000, 1942 to 1946; 335,000, 1947 to 1951 and $42,000, 1952 to 1956,
and $504.85 Jan. 15 1942. Bids submitted for the issue were as follows:
Premium. all inclusive.
BidderThe bonds will bear interest at a rate not to exceed 5% per annum,
$330.27
Fletcher American Co. (purchaser)
330.00 payable semi-annually, said interest rate to be fixed by the Board of ComPfaff & Hughel
303.50 missioners of the Lake Charles Harbor and Terminal District, at the
Fletcher Sayings & Trust Co
interest are payable at the Chase
- time of the award, both principal and State of New York. Bidders shall
-BOND OFFERING.
JEFFERSON COUNTY (P. 0. Madison), Ind.
National Bank in the City of New York,
William E. Carr, County Treasurer, will receive sealed bids until 2 p.m. specify in their bids the amounts of the bonds, and (if for less than the
on May 5 for the purchase of the following issues of 434% road improve- entire amount offered) the due dates of the bonds they desire to purchase.
ment bonds, aggregating $17,000:
Each bidder shall further specify in his bid the interest rate upon which
$8,000 Lancaster Twp. bonds. Denom. $400. Due $400 Jan. and July his bid is based and which he desires the bonds to bear if he is the successful
15 from 1932 to 1941, inclusive.
bidder; which shall not be in excess of 5%. It is the intention of the Board
5,000 Lancaster Twp. bonds. Denom. $250. Due $250 Jan. and July 15 of Commissioners of the Lake Charles Harbor and Terminal District to
from 1932 to 1941, inclusive.
bonds upon sealed bids at a rate of interest that will be most
Due $200 Jan. and July 15 award these for the Lake Charles Harbor and Terminal District. The
4,000 Hanover Twp. bonds. Denom. $200.
economical
from 1932 to 1941, inclusive.
right is reserved to reject any and all bids. No bid will be considered at a
Each issue is dated May 1 1931. Interest is payable semi-annually on price leas than par and interest accrued to date of delivery. Any bidder
Jan. and July 15.
may file two or more bids at different rates of interest in and for different
bonds
JEFFERSON DAVIS AND CALCASIEU PARISHES GRAVITY amounts of bonds, but each bid must be complete in itself. The of the
-ADDITIONAL IN- are offered subject to approval by Thomson, 'Wood and Hoffman
DRAINAGE DISTRICT NO. 2 (P. 0. Iowa) La.
issue of coupon drainage bonds City of New York, State of New York. Bond blanks will be furnished by
FORMATION-The $84,000 (not $85,000)
facilitated
that was purchased by the Calcasieu National Bank of Southwest Louisiana. the Lake Charles Harbor and Terminal District. Delivery will beBank City;
-was awarded as follows:
by shipment of bonds to satisfactory bank at any Federal Reserve
-V.132. P. 1459
of Lake Charles, at par on 6s
charges and exchange or other charges, if any,
$44,000 drainage bonds. Due on April 1, at follows: $500, 1932; $1,000, the purchaser to pay carrying
to 1936; $1,500, 1937; $1,000. 1938; $1,500, 1939 to 1944: $2,000, for transfer of proceeds to New York, Now Orleans, Chicago, or St. Louis,
1945 to 4947; $2,500. 1948; $2,000, 1949; $2.500, 1950 and 1951;
-The 31.000.-BOND SALE.
LANCASTER, Lancaster County, Pa.
$3,000. 1952 to 1954, and $3,500, 1955.
bonds offered
drainage bonds. Due on April 1, as follows: $500, 1932 to 1935: 000 4% coupon or registered sewer and water improvementFirst National
40,000
$2.000, 1947 to 1950: on April 18 were awarded to a syndicate composed of the
31,000, 1936 to 1940; $1,500, 1941 to 1946:
Old Colony Corp., New York, Stetson & Blackman and R. M. Snyder &
$2,500, 1951 to 1954. and $3,000 in 1955 and 1956.
at a price of 103.95, a basis of
Denom. $500. Legality approved by Thomson, Wood & Hoffman of Co., the latter two both of Philadelphia, 1 1931. Denom. $1,000. Due
about 3.69%. The bonds are dated May
New York.
May 1 as follows: $16,000, 1932; $18,000, 1933 and 1934: 320,000, 1935 and
JEFFERSON WATER CONSERVANCY DISTRICT (P. 0. Madras), 1936: $21,000, 1937 and 1938; $23,000, 1939; $24,000, 1940; $25.000, 1941;
-Sealed bids will be re- $26,000, 1942; $27,000. 1943; $28,000, 1944; $30,000, 1945; $31,000, 1946;
-BOND OFFERING.
Jefferson County, Ore.
ceived by Cecil Porter, Secretary of the Board of Directcrs, until May 18 $32,000, 1947; $34,000, 1948; $35,000, 1949: 336,000, 1950; $39,000, 1951
for the purchase of a $61,000 issue of 6% refunding bonds. Denom. and 1952; $42,000, 1953: 544,000, 1954: $45,000, 1955: $48,000. 1956;
$1.000. Dated June 1 1931. Due on June 1 as follnws: $4,000, 1934 to $49.000, 1957; $52,000, 1958; $54,000, 1959: 556,000 in 1960 and 347,000
1937; $5,000, 1938 to 1941; $6,000. 1942 to 1944. and $7.000 in 1945. Sub- in 1961. Interest is payable semi-annually in May and November. Legalject to call on any interest paying date on and after Jan. 1 1942. Prin. ity to be approved by Townsend, Elliott & Munson, of Philadelphia. The
and int. (I. & J.) payable at the office of the County Treasurer. The Dis- following is an official list of the bids submitted at the sale:
Rate Bid.
trict offers the above bonds subject, to the issuance thereof being confirmed
Bidderby the Circuit Court of Jefferson County. The approving opinion cf The First National Old Colony Corp., Stetson & Blackman and
*103.95
Teal, Winfree, McCulloch & Shuler of Portland will be furnished. The
R. M. Snyder & Co •
Philadelphia, E. H. Rollins & Sons. Inc.,
Board reserves the right to reject any and all bids, and to award nnt lass Graham, Parsons &
103.66
than $60,000 par value of said bonds. If only $60,000 bonds are awarded
Co.,
and Edward B. Smith & Co
the last maturity will be reduced $1,000. A certified check for $1,000 must Guaranty Company of New York,and Brown Bros, Harriman & Co_ 103.58
accompany the 'bid.
Ames, Emerich & Co., Inc., and Stone & Webster and Blodget. Inc 103.53
103.34
JEFFERSONVILLE SCHOOL DISTRICT (P. 0. Tazewell), Taze- M. & T. Trust Co., Buffalo
103.06
-We are informed that an elec- Lancaster Trust Co.. Lancaster
well County, Va.-BOND ELECTION.
102.80
and Yarnall & Co., Philadelphia
tion will be held on May 5 In order to vote on the proposed issuance of Bankers Securities Corp.. National City Co.and E. W.Clark & Co. 102.73
Harris, Forbes & Co. The
building bonds.
$135,000 in school
102.65
Philadelphia
A. B. Leach &Co.,Inc.,
-BOND SALE.
- Farmers Trust Co., Lancaster
102.63
JOHNSON COUNTY (P.O. Mountain City), Tenn.
The $50,000 issue of 5% coupon semi-ann. refunding bonds offered for sale Townsend, Whelen & Co. Philadelphia, the Philadelphia National
102.39
on April 6 (V. 132, p 2633) was purchased by the Merchants & Traders
Co., and W. 11. Newbold's Son & Co
Bank of Mountain City at par. Denom. $1,000. Dated Feb. 14 1931.
* Accepted bid.
Due $5.000 from July 1 1932 to 1941, incl.. lot, payable on Jan. & July 1.
general investment
The successful bidders are reoffering the bonds for
-BOND SALE.
-The priced to yield from 2.25 to 3.65%. according to maturity. The securities,
JOHNSON COUNTY (P. 0. Iowa City), Iowa.
$173.000 issue of semi-annuall county road bonds offered for sale on April 20 according to the bankers, are legal investment for savings banks and trust
purchased by the White-Phillips Co. of Davenport. funds in Pennsylvania, New York, Connecticut and other States.
-V. 132, p. 3011-was
for a premium of $2,326, equal to 101.344. Dated May 1 1931. Due on
-BOND OFFERING.
May and Nov. 1 from 1942 to May 1 1945.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-Sealed bids Roy W. Leas, County Auditor, will receive sealed bids until 10 a. in. on
KENOVA, Wayne County, W. Va.-BOND OFFERING.
be received until 8 p. m. on May 16, by I'. H. Osborn, City Clerk- May 2for the purchase of$280,000 4 % bridge construction bonds. Dated
will
15 from 1932
Treasurer, for the purchase of an $80,000 issue of 5% coupon city bonds. May 2 1931. Denom. $1,000. Due $8,000 June and Dec. semi-annually
is
Denom.$500. Dated April 11931. Due $2,500 from April 1 1932 to 1963, to 1948 incl., and $8,000 June 15 1949. Interestthepayable of the bonds
par value
nor later than 8 p. m. on June and Dec. 15. A certified check for 3% of
incl. No bids will be received prior to May 9 1931,
must accomon May 16 1931. The approving certificate of the Attorney General is offered, payable to the order of the County Commissioners, April 18printed on each of the bonds, in accordance with Chapter 13, Code 1931. pany each proposal. (These bonds were previously offered on
and the bonds are incontestable under provision of the Chapter. No bid V. 132, p. 2633.)
for less than par will be considered. A certified check for 2% of the bid,
LE FLORE COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Poteau),
payable to the City Clerk-Treasurer, is required.
-The $6,000 issue of school bonds offered for sale
Okla.
-BOND SALE.
-was awarded to Calvert St Canfield of Okla-The $40,- on April 8-V. 132, p. 2817
COUNTY (P. 0. Seattle) Wash.-130ND SALE.
KING
250 issue of coupon Meriden Ave. impt. bonds, Donohue Road No. 16 homa City, as follows: $5,000 as 5s and $1,000 as 5Yis. Due $500 from
-was purchased by the Wash- 1936 to 1947, incl. The other bids received were:
offered for sale on April 14-V. 132. p. 2347
and $3,000 as 5s
33,000 as 5
ington Mutual, Savings and Loan Association, of Seattle, as sq% bonds R. J. Edwards, Inc
$5,000 as 5Us and $1,000 as 53is
at par. Dated May 1 1931. Due in 12 years from date with option lf J. E. Piersol Bond Co
payment. No other bids were received.
prior
-The
LINN COUNTY (P. 0. Cedar Rapids) lowa.-BOND SALE.
-BOND OFFERING.
-Sealed $275,000 issue of coupon primary road bonds offered for sale on April 17KING COUNTY (P. 0. Seattle), Wash.
bids will be received until 2 p.m. on May 12 by George A. Grant, County V. 132, p. 2818
-was awarded to Cedar Rapids Banks, as 4s, paying a
Auditor, for the purchase of a $43,250 issue of coupon Fifth Ave. Northeast premium of $1,176, equal to 100.427, a basis of about 3.915'. Due from
Impt. horde, Donohue Road No. 17. Int. rate is not to exceed 63.4 7, 1936 to 1945 and optional after May 1 1936. The other bids (all on 4s)
payable (M. & N.). Denom. $1,000. one for $250. Dated May 1 1931. were as follows:
Premium.
Due serially in 12 years. The maximum amount of int. which said bonds
bidder$1.175
shall bear is six and one-half per centum (04%) per annum, payable semi- Geo. M. Bechtel & Co
750
annually. Each bidder submitting a bid shall specify: (a) The lowest rate Iowa-Des Moines Co
of interest and premium,if any,above par at which such bidder will purchase
INDEPENDENT SCHOOL DISTRICT (P. 0. Logan),
LOGAN
said bonds; or (b) The lowest rate of interest at which the bidder will purissue of school
-The $75,000
-BOND SALE.
chase said bonds at par. Bonds shall be sold to the bidder making the best Harrison County, Iowa.April 20-V. 132, p. 3012
-was purchased by
bid, subject to the right of the Board of County Commissioners of said bonds offered for sale on
4s. paying a premium of $350.
county to reject any or all bids and re-advertise. None of such bonds shed: the Carleton D. Beh Co. of Des Moines as Dated May 1 1931. Due from
interest, nor shall any discount or com- equal to 100.466. a basis of about 3.95%.
be sold at less than par and accrued
mission be allowed on the sale of such bonds. The legal opinion of Howard 1933 to 1951 inclusive.
-ADDITIONAL INA. Hanson of Seattle. will be furnished. A certified check for 5% of the
LONG BEACH, Los Angeles County, Calif.
bid, except the State, is required.
-The $800,000 issue of water works improvement bonds
FORMATION.
SCHOOL DISTRICT NO. 2 that was purchased by a group composed of R. H. Moulton & Co., the
KLAMATH COUNTY UNION HIGH
-The following is an Harris True, & Savings Bank and the Security First National Co., all of
-LIST OF BIDS.
(P. 0. Klamath Falls), Ore.
-was awarded for a premium
official list of the other bids received for the $100,000 coupon school bonds San Francisco, on April 14-V. 132, p. 3012
the bonds, divided
that were awarded jointly to Ames, Emerich & Co. Inc., and the Arm- of $889„ equal to 100.11. a basis of about 4.05%, on1941, and $725.000
1 1940 and
'
strong-Davidson Co., both of Portland, as 44s, at 101.60. a basis of about as follows: $75,000 as 5s, due on JuneThe other bidders and their bids
as 4s, due from Juno 1 1941 to 1953.
4.57% (V. 132. p. 3011):
Rale. Premium. were given as follows:
Names of Other BiddersPremium
Biaders%
31,340
First National Bank, Klamath Falls
$500 for $80,000 5s $720,000 4s
414
National City Co.and Weeden & Co
Geo. H. Burr, Conrad & Broom; Ferris & Ilardgrove;
72.000 4s
American Secur. Co.and First Detroit Co.. 158 for 80,000 58
Jones & Co., Inc.,
Smith, Camp & Co.; Atkinson, Jon
830 Anglo London Paris Co.. Bancamerica Co.,
jointly, of Portland, Ore
New York and
%
First National Bank of
1,152
C. W. McNear & Co., Chicago
705,000 4s
1 for 95,000 5s
Eldredge & Co
-BOND OFFERING.
- Dean Witter & Co., Wells Fargo Bank &
KNOX COUNTY (P.0. Mount Vernon), Ind.
H. N. Mendenhall, Clerk of the Board of County Commissioners, will
Union Trust Co., Wm. Cavalier & Co.,
receive sealed bids until 12 m. on May 4 for the purchase of $34,000 6%
Wm. R. Staats & Co. and Heller, Bruce
710.000 45
Improvement bonds. Dated Sept. 15 1928. Due Sept. 15 as follows:
15 for 90,0005s
& Co
$4,000 from 1931 to 1936 Incl., and $5,000 in 1937 and 1938. Interest is Smith, Camp & Co., Continental Illinois
payable semi-annually. A certified check for $3,400. payable to the order
Co.. Foreman State Co. and Anglo Caliof the Board of County Commissioners, must accompany each proposal.
120 for 570,000 4it's 230,000 4s
fornia Trust Co
-WARRANT OFFERING.
-A.M.Pollock,
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND OFFERING.
LORAIN,Lorain County,Ohio.
-Henley C. Sloan, County Auditor, will receive sealed bids until 2 p. m. City Auditor, will receive sealed bids until 12 m. (Lorain city bonds) on
on May 16 for the purchase of $100,000 6% temporary loan warrants. May 7 for the purchase of $25,000 5% general improvement garage conDated as of the day of sale. Due Dec. 31 1931. Proceeds of the issue will struction bonds. Dated March 15 1931. Denom. $500. Due $2,500 on
be used for the purpose of covering appropriations heretofore made and Sept. 15 from 1932 to 1941 incl. Principal and semi-annual interest
payable out of the county general fund for 1931. and are payable out of (March and Sept. 15) are payable at the office of the Sinking Fund Trustees.
taxes already levied for the general fund for 1931. which taxes are now in Bids for the bonds to bear interest at a rate other than 5%,expressed in a
course of collection. A certified check for 3% of the warrants bid for, multiple of 3 of 1%. will also be considered. A certified check for 2%
payable to the order of the Board of County Commissioners, must accom- of the amount of the bonds bid for must accompany each proposal. A
pany each proposal.
complete transcript of the proceedings had relative to these bonds will
-BOND OFFERING,_ be furnished the successful bidder upon the day of sale. The bonds are
KNOX COUNTY (P. 0. Knoxville); Tenn.
Sealed bids will be received by S. 0. Houston, County Judge, until 10 a. m. to be delivered at Lorain.
Financial Statement.
on May 11, for the purchase of two issues of 4%% bonds aggregating
$135,000,000.00
Real valuation
$1.000,000 as follows:
88,401,080.00
Assessed valuation (1930)
on May 1 1951.
$500,000 Henley St. bridge bonds. Due
3,098,619.11
Total debt (including this issue)
500,000 school bonds. Due on May 1 1951.
651.233.00
Denom. $1,000. Dated May 1 1931. Prin. and int. (M. & N.), pay- Floating debt
3493.000.00
Water debt (Included above)
able at the Chemical Bank & Trust Co. in New York City. The purchaser
1 825,876.11
will be required to pay for .the attorney's approving opinion and furnish Special assessment bonds
303,847.11
bond blanks. No bid will be considered for less than par and accrued Sinking fund
Population. 1920 Census, 37,000; present population, 44,512.
interest. A certified check for 12% must accompany the bid.
3206
FINANCIAL CHRONICLE
[Vol,. 132.
LOUISIANA, State of (P. 0. Baton Rouge).-BONDOFFERINGMANNSVILLE, Jefferson County, N. Y.
-BOND OFFERING.
Sealed bids will be received by L. B. Baynard Jr., Secretary of the Board of C.
Liquidation of the State Debt, until 2 p.m. (Central standard time) on for L. Beebe, Village Clerk, will receive sealed bids until 8 p. m.on April 30
the
of $30,000 coupon or registered not to exceed 6% interest
April 27, for the purchase of two issues of bonds aggregating $2,502,000. water purchaseDated
bonds.
April 1 1931. Denom. $1,000. Due $1,000,
divided as follows:
April 1 from 1933 to 1962
$2.000,000 Confederate Veterans' and Widows Pensions bonds. Due are payable at the Chase incl. Prin. and semi-ann. int. (April and Oct.)
National Bank, New York. Rate of interest
3500,000 from April 15 1939 to 1942, incl. These bonds will to be expressed in a
constitute general obligations of the State, and are secured for all of the bonds.multiple of ji or 1-10th of 1% and must be the same
A certified check for $600, payable to the order of
by the avails of a special tax of three quarters of one mill on the the village, must
accompany each proposal. The approving opinion of Clay
dollar of assessed value of all property subject to taxation in the Dillon & Vandewater of
New York will be furnished without cost.
State.
Financial Statement.
502,000 drouth relief bonds. Due on April 15 as follows: $40,000, 1932:
$375,000
$42,000, 1933; $44.000. 1934: $46,000. 1935: 848.000, 1936; Valuations-Estimated actual valuation
Assessed valuation, real property and special fmnchise__.,
183,793
$51.000, 1937; $54,000, 1938; $56,000. 1939: $59,000, 1940, and
-Bonded debt outstanding
None
$62.000 in 1941. These bonds will also constitute general obli- Debt
This issue, water bonds
gations of the State, and are secured by the surplus of a tax
$30,000
Net bonded debt, including this issue
Nil
of 1 15-100tbe of one mill on the dollar of assessed value of all
Population-1920 Federal Census
265
property subject to taxation in the State.
1930 Federal Census
Denom. $1,000. Dated April 15 1931. No bid for less than par and ac313
crued interest will be considered. The approving opinion of Thomson,
MANSON SCHOOL DISTRICT (P. 0. Wenatchee) Chelan County,
Wood & Hoffman, of New York, will be furnished. All bids must be un- Wash.
-BOND SALE.
-The $20,000 issue of school building
conditional. Bidders are requested to name the rate of interest that said for sale on April 18-V. 132, p. 2818- was purchased by bonds offered
the State of
bonds will bear in multiples of X of 1%, not however to exceed 5% per Washington, as 5s, at par.
annum, interest being payable semi-annually April 15 and Oct. 15. No
MARIETTA, Washington County, °Mo.-BOND SALE.
bid for less than the entire issue will be considered, but different interest
-The
rates may be named and it shall not be necessary that all bonds of the issue $5,300 coupon paving improvement bonds offered on April 20-V. 132,
-were awarded as 4;is to the Davies
bear the same rate of interest. The bonds will be awarded to the bidder ro• 2818
-Bertram Co. of Cincinnati,
at par plus a premium of $30.05, equal to 100.56, a basis of about 4.37%.
offering to pay par and accrued interest on the same and naming the
Interest rate or rates which will result in the least interest cost to the State. The bonds are dated April 1 1931 and mature Nov. 1 as follows: $800 in
The interest cost to the State will be computed by ascertaining the total 1932, and $500 from 1933 to 1941, incl. The following is a list of the
amount of interest required to be paid by the State during the life of the bids submitted at the sale:
Bidderbonds and deducting therefrom the amount of the premium, if any, bid.
Int. Rate.
Prem.
All bidders are required to submit a certified check drawn to the order of the Davies-Bertram Co. (purchaser)
$30.05
43%
Spitzer, Rorick & Co
Board of Liquidation for the amount of 1% of the bonds bid for. (These Spitz
00
.
are the bonds originally scheduled to be offered on April 15, the sale of Farmers & Merchants Bank
n
131.00
Bre d & Harrison
which was postponed.
e ,,
41
1.59
-V. 132, p. 3012).
Well, Roth & Irving Co
3.00
LOWER MERION TOWNSHIP SCHOOL DISTRICT (P. 0. Ard- Provident Savings Bank & Trust Co
4 ;
1.60
9
more), Montgomery County, Pa.
-BOND OFFERING.
-William J. Blanchet, Bowman & Wood
5 e.,
9.00
Byrnes, Secretary of the Board of School Directors, will receive sealed
bids until 8 p. m. on May 13 for the purchase of 1700.000
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
% or 4%
-The
coupon school bonds. Dated June 1 1931. Denom. $1,000. Due June 1 following issues of coupon bonds aggregating $75,800 offered on April 17
as follows: $20,000, 1932:$25,000 in 1933 and 1934; $20.000, 1935;$25.000, -V. 132, p. 2818, 2634
-were awarded to the Fletcher Savings & Trust
1936 and 1937; $20,000, 1938; $25.000. 1939 and 1940; 120,000, 1941; Co. of Indianapolis, as stated herewith:
$25.000. 1942 and 1943; $20,000, 1944; $25,000, 1945 and 1946: $20,000, $71,300 4% highway construction bonds sold at par plus a premium of
1947; $25,000, 1948 and 1949: 320.000, 1950; 325,000. 1951 and 1952; 320,$927.62, equal to 101.30. a basis of about 3.74%. Due $33,565,
000, 1953; 325,000, 1954 and 1955; $20,000. 1956; $25,000. 1957 and 1958;
May and Nov. 15 from 1932 to 1941 inclusive.
320,000. 1959, and $25,000 in 1960 and 1961. Single rate of interest to
4,500 44% Perry Twp. gravel road bonds sold at par plus a premium
apply to all of the bonds. No bids will be considered which are condiof 391.11, equal to 102.02. a basis of about 4.09%. Due $225,
tional in form, but bidders may stipulate for all or any part of the issue.
July 15 1932; $225, Jan. and July 15 from 1933 to 1941 incl., and
A certified check for 2% of the face value of the bonds bid for, payable
$225, Jan. 15 1942.
to the order of the School District, is required. The approving opinion
Each issue is dated April 1 1931. Bids submitted at the sale were as
of Morgan, Lewis & Bocldus of Philadelphia will be furnished the purchaser. follows:
Bidder
-Premiums
371.300
Condensed Statement of Debt ofSchool District.
-$4,500
*Fletcher Savings & Trust Co
Electoral debt
$927.62
191.11
$625.000.00
Fletcher American Co
Less cash in sinking fund and applicable revenue 195,227.00
884.66
Union Trust Co. (Indianapolis)
823.00
Woo
Pfaff & Hughel
Net electoral debt
81.50
$429,773.00
Debt not requiring electoral vote
*Awarded both issues.
31.066.000.00
Less cash in sinking fund and applicable revenue 323,567.29
MARYLAND, State of (P. 0. Annapolis).
-APPROXIMATELY
Net debt not requiring electoral vote
742,432.71 $50,000,000 IN BONDS AUTHORIZED AT RECENT SESSION OF
-The 1931 session of the General Assembly of the State,
Proposed issue
700,000.00 LEGISLATURE.
which recently completed its activities, passed numerous bond proposal
bills providing
Total net debt (including this issue)
$1,872,205.71 according to a for the issuance of approximately $50,000,000 in bonds,
synopsis ,prepared by the Baltimore Bureau of Legislative
Population, 1930 census, 35,166.
Reference, reports the Baltimore "Sun" of April 18. The State itself
LUVERNE,Steele County, N. Dak.-BOND SALE.
-The $5,000 issue received approval of road improvement and bridge construction measures
of coupon light system bonds offered for sale on April 20-V. 132. p. 3012
totaling $8,163,000, of which $1,000,000 bridge bonds is scheduled for sale
was purchased by the Bank of North Dakota, as (is, at par. Dated May on Jione
migs u n
V.securities
at l32, p 3042, egailinghe CItooof 0 ira
gr w h te t s29, y xB
5
Baltimore obtained per.
1 1931. Due $500 from June 1 1931 to 1940, incl. No other bids were
to flo
10received.
The following tabulation, taken from the report of the "Sun," shows the
LYNDHURST TOWNSHIP (P. 0. Lyndhurst), Bergen County, names of the municipalities, the purposes set forth in the proposals and the
N. J.
-BOND OFFERING.
-John F. Woo, Director of the Department amount of the various issues authorized:
of Revenue and Finance, will receive sealed bids until 8 p. m. on April 27
Counties.
for the purchase of $100,000 street and storm sewer bonds. Dated May 1 Allegany, roads
8800,000 Baltimore City Juvenile and
1931. Denom. $1.000. Due May 1 as follows: $5,000 from 1932 to Allegany, hospital
Peoples Court
$500,000
1936, incl., and $75,000 in 1937. Bidder to suggest a rate of interest, Calvert, roads
300,000 Cumberland, water
900,000
expressed in a multiple of 3i of 1%. Principal and semi-annual interest Cecil, roads
1,000,000 Cumberland, city jail
50,000
(May and Nov.) are payable at the First National Bank, Lyndhurst. Charles, school
23,000 Cumberland, sewers
10,000
The approving opinion of Caldwell & Raymond of New York will be fur- Dorchester, road
80,000
1,000,000 Cumberland, incenerator...nished the purchaser.
Dorchester, court house and
Cumberland, streets
100,000
school
70,000
175,000 Centreville, electric light plant
McKEESPORT SCHOOL DISTRICT, Allegheny County, Pa.- Frederick,
170.000 Clearspring. water and sewer
25,000
BOND OFFERING.
-W. T. Norton. Secretary of the Board of School Frederick. roads
188.000 Crisfield, bridge
30,000
refunding
Directors, will receive sealed bids until 7 p.m. (Eastern standard time) on Frederick,
124.000 Colmar Manor, street imschools
May 11 for the purchase of 1300,000 4;1% coupon school building con- Frederick, refunding
provement
80,000
100,000
struction bonds. Dated April 1 1931. Denom. 31.000. Due April 1 as Garrett,
schools
150,000 Chestertown, street improvefollows: $10.000 from 1932 to 1958 incl. and $15,000 in 1959 and 1960.
ment
25,000
Interest is payable semi-annually in April and October. A certified check Montgomery, current In'
70,000 Cambridge, sewers
debtedness
350,000
for $1,000, payable to the order of the School District, must accompany
100,000 Cambridge, general improveMontgomery, courthouse_
each proposal.
ment
30,000
50,000
Montgomery, polies station_
MADISON COUNTY (P. 0. Canton) Miss.
Easton, refunding
45,000
-BOND SALE.
-A Montgomery, schools, roads
and bridges
2,144,000 Frederick, water
$43.000 issue of 5% semi-ann. refunding bonds is reported to have been
225,000
purchased by Saunders & Thomas ofMemphis. Dated Dec. 1 1930. Legal Montgomery, refunding
200,000 Federalsburg, current indebtedness
approval by Benj. H. Charles of St. Louis.
78,000
Montgomery,school
72,000
170,000 Frostburg, water
Montgomery, roads
200,000
MADISON COUNTY (P. 0. Anderson) Ind.
-BOND ISA LE
- Prince George's, schools....
275,000 Grantsburg, water
25,000
BOND OFFERING
-The following issues of 4,%% coupon road improve- Queen Anne's, schools
40,000 Hitzmillersville, water
25,000
sch
ment bonds aggregating $34,100 offered on April 16-V. 132, p. 2438
-were
45,000 Laurel, street improvement
10,000
awarded to the Fletcher American Co., of Indianapolis. at par plus a Talbot, schools
55,000 Middleton, water
Washington, schools
10,000
premium of $1,127.10. equal to 103.30, a basis of about 3.825%;
110,000 Ocean City, general imWicomico,
414.500 Anderson Township bonds. Due semi-annually on Jan. and July Worcester,schools expenses
provement
140,000
20,000
current
15 over a period of 10 years.
25,000 Ocean City, inlet loan
500.000
8,700 Anderson Township bonds. Due semi-annually on Jan. and July 15 Worcester, construction
Rockville, water and sewer.50,000
Cities.
over a period of 10 years.
100,000 Salisbury, street improvement
50,000
5,900 Pipe Creek Township bonds. Due semi-annually on Jan. and Brunswick, water
Baltimore City, sewerage_ __ 5,000,000 Salisbury, water and sewer._
75,000
July 15 over a period of 10 years.
sewer.
25,000
5,000 Anderson Township bonds. Due semi-annually on Jan. and July 15 Baltimore City, paving and 5,000,000 Snow Hill, water and plant_
bridges
St. Michaels, electric
18,000
over a 'period of 10 years.
1,500,000 State of Maryland, bridge
Baltimore
TWO ADDITIONAL BOND ISSUES UNSUCCESSFULLY OFFERED. Baltimore City, conduit
2,000,000
10,000,000 loan
City, schools
-The two issues of 6% drain construction bonds aggregating $10,057.10
7,500,000 General construction loan
Baltimore City, water
5,883.000
offered for sale on April 15-V. 132, p. 2438
-were not awarded, as no bids
-BOND OFFERfor their purchase were submitted.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
BOND OFFERING.
-Marcia H. Barton, County Treasurer, will receive ING.
-We are informed by W. E. McNabb, County Judge, that he will
sealed bids until 10 am.on May 16 for the purchase of the following issues offer for sale at 10 am. on May 2. an issue of from $200,000 to 3400,000
53‘,7 semt-ann, road bonds. A 310,000 certified check must accompany
-of 434% road improvement bonds aggregating $64,600:
419,200 Anderson Twp. bonds. Due semi-annually from July 15 1932 to the Ad.
Jan. 15 1942.
-BOND OFFERING -Theodore
MAYBROOK,Orange County, N. Y.
19,000 Pipe Creek Twp. bonds. Due semi-annually from July 15 1932 to A.
Miller, Village Clerk, will receive sealed bids until 3 p. m. (Daylight
Jan. 15 1942.
Anderson Twp. bonds. Due semi-annually from July 15 1932 to saving time) on May 8 for the purchase of $105.000 not to exceed 6%
16,700
interest coupon or registered water bonds. Dated May 1 1931. Denom.
Jan. 15 1942.
$1,000. Due Aug. 1 as follows: 34,000 from 1935 to 1949 incl., and $5,000
5,400 Anderson Twp. bonds. Due semi-annually from July 15 1932 to from 1950
to 1958 incl. Rate of interest to be expressed in a multiple of X
Jan. 15 1942.
or 1-10th of 1%
for all of the bonds.
4,300 Van Buren Twp. bonds. Due semi-annually from July 15 1932 to annual interest and must be the same at the Maybrook Prin, and semiNational Bank,
(F. & A.) are payable
Jan. 15 1942 Ind.
Maybrook. A certified check for 32,000, payable to the order of the Village,
Interest is payable semi-annually. To enable the immediate delivery of must
proposal. The approving opinion of
accompany
of sale the transcript will have attached to it a written opinion & Vandewater, each York, will be furnished the purchaser. Clay, Dillon
bonds on day
of New
of the examining attorney, cost of same to be paid by the purchaser in
-BONDS PUBLICLY OFFERED.
MEMPHIS, Shelby County, Tenn.
addition to the amount of his bid.
-The $250,000 issue of.01% coupon or registered school bonds that was
-The 380.000 purchased by
MANDAN, Morton County, N. Dak.-BOND SALE.
a syndicate headed by the Continental Illinois Co. of Chicago,
Issue of 43i% coupon refunding bonds offered for sale on April 18-V. 132. at 101.03, a basis of about 4.16% V. 132. p. 3012
-is being offered by the
-was purchased by the Wells-Dickey Co. of Minneapolis at par. purchasers for general subscription at prices to yield 3.75% in 1935: 3.80%
R. 2818
Dated May 1 1931. Due $4,000 from May 1 1932 to 1951 incl. Interest in 1936: 3.85% in 1937; 3.90% in 1938; 4%. 1939 to 1941; 4.05%, 1942 to
payable M. & N. No other bids were received.
1946, and 4.10%. 1947 to 1964. Dated Jan. 1 1931. Due from Jan. 1
-BOND OFFERING.
-P. L. 1935 to 1964, incl. These bonds are reported to be direct general obligaMANSFIELD, Richland County, Ohio.
Kelley, City Auditor. will receive sealed bids until 1 p. m. on April 29 for tions of the entire city, payable from unlimited taxes. They are said to
the purchase of 392,200 not to exceed 6% interest street improvement be legal investments in New York.
bonds. Dated May 1 1931. Due semi-annually as follows: $9,700,
Financial Statement (As Officially Reported).
April and Oct. 1 from 1932 to 1934 incl., and $8,500 on April and Oct. 1 Assessed valuation for taxation
$3302,176,483
in 1935 and 1936. Denoms. $1,000, $700 and $500. Interest is payable Total debt (this issue included)
6,303,000
check for 2% of the
Leas sinking fund
semi-annually in April and October. A certified
$494.129
amount of bonds bid for, payable to the order of the City Treasurer, must Net debt
5.808,871
accompany each proposal.
Population, 1930 Census, 253,143; 1920 Census, 162.351.
APRIL 25
1931.]
FINANCIAL CHRONICLE
3207
-BOND OFFERING.
-Albert premium of $917.15, equal to 101.07, a basis of about 3.83%. The bonds
MIAMI COUNTY (P. 0. Peru), Ind.
Eikenberry, County Treasurer, will receive sealed bids until 2 p. in. on are dated April 1 1931 and mature $5,000 on April 1 from 1932 to 1948.
% Richland Twp. road improvement incl. Bids for the issue were as follows:
May 7 for the purchase of $2,900
Premium
Premium.I BidderBidderbonds and $6,800 4 % Jefferson Twp. road improvement bonds. The
$125.80
combined issues aggregate $9.700 and are dated April 15 1931. Due semi- R. L. Day & Co.(purchasers)$917.151H. L. Allen & Co Co
106.95
153.001H. M. Byliesby &
Eldredge & Co
annually from July 15 1932 to Jan. 15 1942.
the bonds for general investment
(The successful bidders are re-offering
-FINANCIAL STATEMINNEAPOLIS, Hennepin County, Minn.
priced to yield from 2.00 to 3.85%. According to the bankers, the • ecu-The following detailed statement is furnished in connection with
MENT.
savings banks and trustfunds in Connecticut.)
the offering scheduled for April 27 of the $974,325.57 issue of not to exceed ritie are legal investment for
NEW CASTLE WATER DISTRICT NO.1(.O.Chappaqua), West.
-5% coupon or registered special street improvement bonds, described in
.-The $85,000 coupon or registered
-BOND SALE
cheater County, N. Y.
V. 132, p. 3013:
-were awarded as 4s to BatchAssessed Valuation 1930
bonds offered on April 22-V. 132. yi. 3013
$282,501,935.00 elder & Co. of New York, at 100.08. a basis of about 3.99%. The bonds
Real property
47,746,813.00 are dated April 1 1931 and mature $5,000 April 1 from 1936 to 1952 Incl.
Personal property
126,768,953.00
Moneys and credits
NEW LYME TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
$457,017,701.00 New Lyme), Ashtabula County Ohio.-BOND OFFERING.-W.C.
Assessed valuation 1930
Stults, Clerk of the Board of Education, will receive sealed bids until 1 p. m.
1930
Full and True Valuation
$705,984,420.00 on May 2 for the purchase of $5,000 5% school bonds. Dated April 1 1931.
Real property
163,134,592.00 Denom. $1,000. Due $1,000 April 1 from 1932 to 1936 incl. Bids may be
Personal property
126.768,953.00 submitted for the bonds to bear interest at a rate other than 5%,expressed
Moneys and credits
in a multiple of 3•4 of 1%. Principal and semi-annual interest (April and
$995,887,965.00 October) are payable at the Jefferson Banking Co., Jefferson. A certified
and true valuation 1930
Full
-1910, 301,408: 1920, 380.592; 1930, 464,753. check for 5% of the bonds bid for, payable to the order of the above-menPopulation. Nat'l Census
tioned Clerk, must accompany each proposal. After sealed bids have been
The city of Minneapolis was incorporated Feb. 6 1867.
tabulated, open bids for the issue will be considered.
Outstanding Bonds
$47.148.500.00
Sinking fund liability bonds
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
14,242,280.85
Street improvement et al. bonds
2,000,000.00 Charles H. Adamson, County Auditor, will receive sealed bids until 1 p.m.
Floating debt
May
974,325.57 on May 9for the purchase of$25,000 5% jail construction bonds. Dated 1947
This sale
1 1931. Denom. $1,000. Due as follows: $1,000 Jan. 1 from 1933 to
$64,365,106.42 incl.. and $1.000 Jan. and July 1 from 1948 to 1952 incl. A certified check
Total
$3.583,000.00 for 3% of the par value of the bonds, payable to the order of the County
Water works bonds included in the above
Commissioners, must accompany each proposal.
Sinking Fund
$6,080,674.07
City of Minneapolis and other bonds, and cash
NORTH HEMPSTEAD COMMON SCHOOL DISTRICT NO. 2
and City Hall certificate sinking fund, City
Court House
-BOND SALE.
-The
Nassau County, N. Y.
166,579.35 (P. 0. East Williston),
of Minneaplis and other bonds and cash
coupon or registered school bonds offered on April 21-V.
The bonds held in the Sinking Funds are 3%. 4, 43i, 43., 43, 5, 53, $20,000 2819
-were awarded as 3.9013 to A. M. Lamport & Co. of New
132. p.
value.
u and 6% and are carried at their face
'
York, at par plus a premium of $3.60, equal to 100.01, a basis of about
-NOTE OFFERING.
-Bids 3.89%. The bonds are dated April 1 1931 and mature $5,000 on April 1
MISSISSIPPI, State of (P. 0. Jackson).
will be received by Theo. G. Bilbo, Governor, until noon on April 30 for from 1932 to 1935, incl.
the purchase of an issue of $1,000,000 5% short term notes. Denom.
NORTHVILLE AND NOVI TOWNSHIPS FRACTIONAL SCHOOL
35,000. Dated May 1 1931. Due on March 1 1932. Chapter 123,
-MALaws of 1930, further provides that the Governor may accept sealed bids DISTRICT NO. 2 (P. 0. Northville), Oakland County, Mich.
-The $45.000 434% refunding school bonds sold to the Fidelity
all bids if not satisfactory. and TURITY.
for said notes, and he may reject any and
100.748, a basis of
may sell said notes at private sale at a price not less than the price offered Trust Co., of Detroit, for a premium of $337, equal to and
mature $3,000
at public sale. The notes are the direct obligations of the State and are about 4.37%-V. 132, p. 3014-are dated April 1 1931
payable at the office of the State Treasurer or at the National City Back annually on April 1 from 1932 to 1946 inclusive.
in New York. Purchaser may bid for all or any part of said notes. The
-M. M.
-BOND SALE.
OCEAN CITY, Cape May County, N. J.
approving opinion of Thomson, Wood & Hoffman of New York will be
Freeman & Co.,of Philadelphia, bidding for $319.000 bonds of the $321.000
furnished. A certified check for 5% must accompany the bid.
coupon or registered improvement issues offered on April 20-V. 132 p.
-NOTE OFFERING.
-were awarded the former amount as 5s, paying $321,500, equal to
- 3014
MISSISSIPPI, State of (P. 0. Jackson).
Bids will be received until noon on April 30. by Theo. G. Bilbo, Governor, 100.78, a basis of about 4.92%. The issue is dated April 1 1931 and mature
for the purchase of a $500,000 issue of 5% short term notes. Denom. April 1 as follows: $10,000 from 1932 to 1947 incl.; $11,000 in.1948; $15,000
$5,000. Dated May 1 1931. Due on Marc.h 1 1932. Chapter 123 of the from 1949 to 1957 incl., and $13,000 in 1958.
Laws of 1930 further provides that the Governor may accept sealed bids
-BOND SALE.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
for said notes, and he may reject any and all bids if not satisfactory, and
$520,000
bonds,
may sell said notes at private sale at a price not less than the price offered The following issues of coupon or registeredawardedaggregating Stone &
-were
as 3.70s. to
at public sale. The notes are the direct obligations of the State, and are offered on April 21-V. 132. p. 2635
payable at the office of the State Treasurer, or at the National City Bank Webster and Blodget. Inc., of New York, and the Marine Trust Co., of
In New York. Purchaser may bid for all or any part of the notes. No Buffalo. jointly, at par plus a premium of $1,814.80, equal to 100.34, a
split bid or bid for a part of the notes at one rate of interest and a part at basis of about 3.8670:
another will be entertained. A certified check for 5% must accompany $430,000 county home bonds. Due April 1 as follows' $20,000 from 1932
to 1945. incl. and $25,000 from 1946, to 1951, incl.
the bid.
90,000 county penitentiary bonds. Due $5,000 April 1 from 1933 to
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND OFFERING.1950. inclusive.
Sealed bids will be received until 10:30 a. m.on May 1, according to report.
Each issue is dated April 1 1931. The successful bidders are reoffering
by E. D. Laurendine, President of the Board of Revenue and Road Com- the bonds for general investment at prices to yield from 2.25 to 3.65%.
missioners, for the purchase of an issue of $169,000 5% semi-ann. refunding according to maturity. The securities are said to be legal investment for
bonds. Denom. $1,000. Due from June 1 1934 to 1961 incl. A cer- savings banks and trust funds in the State of New York, and to be a
tified check for $1,500 must accompany the bid.
direct obligation of the entire County, payable from unlimited taxes
levied upon all taxable property therein.
MONESSEN, Westmoreland County, Pa.
-BOND OFFERING.
Financial Statement.
John C. Lermann. City Clerk, will receive sealed bids until 10 a.m. on
$1,246,000
(outstanding)
May 13, for the purchase of $20,000 4)i% coupon improvement bonds. Gross debt bonds
Floating debt (including temporary bonds outDated April 1 1931. Denom. $1.000. Due $5,000 April 1 in 1938. 1942,
$1,246,000
standing)
1947 and 1951. Interest is payable semi-annually in April and October. .A
Deductions
A certified check for $500, payable to Lorrin Culler, City Treasurer, must Amount of indebtedness provided for In current
accompany each proposal. Successful bidder to pay or the printing of
$25,000
budget
the bonds. Legality of issue to be approved by Moorhead & Knox. of
25,000
Pittsburgh. (Notice of the passage of an ordinance authorizing the issu- Sinking funds
ance of these bonds was given in V. 132, p. 1847.)
$1,221,000
Net debt
Bonds to Be Issued
MOUND SCHOOL DISTRICT (P. 0. Ventura), Ventura County,
$430.000
-We are informed that sealed bids will be County Home bonds of 1931
-BOND OFFERING.
Calif.
90.000
Clerk for the purchase of a Penitentiary bonds of 1931
received until 10 a. m. on May Shy the County
$520,000
$19,000 issue of school bonds. Int, rate is not to exceed 5%, payable
1,741,000
Net debt, including bonds to be issued
semi-annually.
450,947,483
Assessed valuations, real property 1930
181.215
Personal property 1930
-BOND OFMUSSELSHELL COUNTY (P. 0. Roundup), Mont.
16.750,120
Special franchises 1930
-Sealed bids will be received until 10 a. m. on May 5. by James
FERING.
Census of 1930, 291,000. Tax rate, fiscal year, 1930. Per
Population.
Hunter. Chairman of the Board of County Commissioners, for the purchase of an issue of $151,000 refunding bonds. Int. rate is not to exceed thousand,$6.15.
6%,payable J. and J. Amortization bonds will be the first choice and serial
-BOND OFFERING.
-Noe
ORANGE COUNTY (P. 0. Paoli), Ind.
bonds will be the second choice of the Board. If serial bonds are issued and
until 2 p. in. on
will receive sealed
sold they will be In the amount of $1,000 each: the sum of $7,000 of the said S. McIntosh, County Treasurer,following issues of bids bonds totaling
434%
and a like amount May 4 for the purchase of the
serial will become payable on the 1st day of July, 1932,
on the same day each year thereafter until $63,000 in nine installments of $18.000:
Denom. $460. Due
such bonds are paid. and the sum of $8,000 per year thereafter shall be paid $9,200 Paoli Township road improvement bonds.
$460 July 15 1932: $460 an. and July 15 from 1933 to 1941 incl.,
until balance of $88,000 is paid in eleven installments,and will be redeemable
and $460 Jan. 15 1942.
In full on any interest payment date on and after 5 years from the date of
7.800 North East Twp. road improvement bonds. Denom. $390. Due
issue. A $200 dertified check, payable to the Clerk of the Board of County
$390 July 15 1932:$390 Jan.and July 15 from 1933 to 1941 incl., and
Commissioners, must accompany the bid.
$390 Jan. 151942.
Each issue is dated May 4 1931. Interest is payable semi-annually on
-LOAN OFFERING.
NASHUA, Hillsboro County, N. H.
-Sealed bids
will be received until 10 a. m.on April 29 for the purchase at a discount basis January and July 15.
of a $100,000 temporary loan, payable Dec. 18 1931.
-BOND OFFERING.
ORLEANS COUNTY (P. 0. Albion), N. Y.
-BOND SALE.
NEWBERRY COUNTY (P. 0. Newberry), S. C.
- Francis W. Buell. County Treasurer, will receive sealed bids until 3 p. m.
The $148,500 issue of coupon refunding bonds offered for sale on April 10 (Eastern standard time) on May 6 for the purchase of $129,000 4% coupon
Dated March 1
(V. 132, p. 3013) was purchased by the Peoples State Bank of South Caro- or registered highway and general purpose bonds.
lina as 5t8 for a premium of $15. equal to 100.01.a basis of about 5.49%. 1931. Denom $1,000. Due September 1 as follows: $40,000. 1943
(The purchaser agreed to pay for the printing of the bonds and the legal and 1944, and $49.000 in 1945. Principal and semi-annual interest
opinion.) Dated May 1 1931. Due $5,500 from Jan. 1 1934 to 1960, (March and Sept.) are payable at the Citizens National Bank, of Albion.
incl.
Bids must be for all of the bonds offered and must offer a price of at least
Official Financial Statement.
par for same. A certified check for 2% of the par value of the bonds bid
Real valuation (estimated)
35
$ ,000.000.00 or, payable to the order of the County Treasurer, must accompany each
Assessed valuation (1929)
9,400,000.00 proposal. The bonds will be certified as to genuineness by the aforeTotal bonded debt
1,013.000.00 mentioned Bank; their legality will be approved by Caldwell & Raymond,
Total notes outstanding
813,044.10 of New York, whose opinion will be furnished the purchaser.
Reimbursement highway bond
$360,000.00
-BOND SALE POSTOSCEOLA COUNTY (P. 0. Sibley), lows.
Sinking fund
28,737.43
-We are informed that the sale of the $300,000 issue of annual
PONED.
-was postApril 22-V. 132. p. 3014
scheduled for
Net bonded debt
624,262.57 primary road bonds a State order by the State Supreme Court. Due
poned on account of
Population. 1930 Census, 35.000.
optional after May 1 1936.
Constitutional amendment has been passed and ratified to convert the from 1936 to 1945, and
above outstanding into bonds.
-A $97.500
-BOND SALE.
OTTUMWA, Wapello County, Iowa.
is reported to have been purchased at Par
NEW BRAUNFELS, Comet County, Tex.
-BOND SALE POST- Issue of 434% funding bonds
& Co. of Davenport. Due from 1945 to 1950.
-We are informed by the City Clerk that the sale of the $35,000 by Geo. M. Bechtel
PONED.
-D. V.
-BOND OFFERING.
issue of bridge construction bonds scheduled for April 6-,V. 132. p. 2248OWEN COUNTY (P. 0. Spencer), Ind.
was temporarily postponed. Due $1,000 from May 1 1937 to 1971, incl.
Lucas, County Treasurer, will receive sealed bids until 2 p. in. on May 2
for the purchase of $9,900 434% Marion Twp. road improvement bonds.
-BOND SALE.
NEW BRITAIN, Hartford County, Conn.
-C. L.
Denom. $495. Due $495 July 15 1932; $495 Jan.
Sheldon, City Treasurer, reports that a $150,000 temporary loan was Dated May 15 1931.
1941 incl., and $495 Jan. 15 1942.
awarded on April 22 to the First National Old Colony Corp. of Boston, at and July 15 from 1933 to
.2.08% discount basis. The loan is dated April 1 1931 and matures Aug. 4
PARK COUNTY SCHOOL DISTRICT NO.6 (P. 0. Cody), Wyo
follows:
-We are informed that sealed bids will be received
1931. Bids for the loan were as
BOND OFFERING.
BidderDiscount Basis. until 8 p. m. on May 18, by Chas. Gawthrop. District Clerk, for the purFirst National Old Colony Corp. (purchaser)
2.08% chase of an $87.000 issue of 434% school building bonds. Denom. $500.
G. L. Austin & Co
2.14% Dated June 1 1931. Due from 1932 to 1950 incl.
Putnam & Co
2.25%
-NOTE SALE.
-Harold L. BrisPATERSON, Passaic County, N. J.
NEW CANAAN, Fairfield County, Conn.
-BOND SALE.
-The tow, City Clerk, reports that S. N. Bond & Co. of New York purchased
bonds offered on April 22-V. 132, p. on April 16 a total of $1,275,000 notes at 3.40% interest basis, at par
$85.000 coupon sewerage filtration
-were awarded as 4s to R, L. Day & CO., Of Benton, at Par plus a plus a premium of $12. The sale consisted of:
3013
3208
FINANCIAL CHRONICLE
$1,050,000 temporary assessment improvement notes. Due as follows:
$350,000, April and Oct. 22 1932, and $350,000, April 22 1933.
225,000 tax anticipation notes. Due Oct. 21 1931.
Each issue is dated April 22 1931.
PATERSON,Passaic County, N. J.
-PUBLIC OFFERING OF $2.545.000 BONDS.
-George B. Gibbons., Inc., of New York, are offering for
public investment a block of $2,545,000 434% coupon or registered impt.
and school bonds,dated April 1 1931 and due serially from 1932 to 1970 incl.,
price to yield 250% for the 1932 maturity; 1933, 3.25%; 1934. 3.50%;
1935, 3.75%; 1936 and 1937. 3.90%; 1938 to 1943 maturities, 4.00%
1944 to 1949 maturities, 4.05%, and 4.10% for the bonds due from 1950
to 1970 Incl.
BOND OFFERING.
-The Board of Finance has adopted a resolution
providing for the sale on June 4 of $2,300,000 tax revenue bonds, according
to report. Included in the sale will be $1,800,000 revenue bonds of 1930,
dated June 12 1931 and due Dec. 1932. and June and Dec. 1933, and $500,000 revenue bonds of 1929, dated June 12 1931 and due in June, 1932 and
1933.
Financial Statement.
$211,588,247
Assessed valuation, 1931
Total debt,including this issue
36,021,864
Less water debt
513,858,000
Less cash on nand and sinking funds for otner than
3.744,171 17,602,171
water bonds
$18,419,693
Net debt
Population, 1930 U. S. census, 138,513.
-TEMPORARY LOAN.
PAWTUCKET, Providence County, R. I.
The First National Old Colony Corp. of Boston recently purchased a
5250,000 temporary loan at 2.32% discount basis. The loan matures
Oct. 27 1931 and was bid for by the following:
Discount Basis.
BidderFirst National Old Colony Corp. (Purchaser)
2.45%
R. L. Day & Co
2.50%
Rhode Island Hospital Trust Co
-W. E. Salkeld,
PERRY, Lake County, Ohio.
-BOND OFFERING.
Village Clerk, will receive sealed bids until 12 in. on May 5 for the purchase
of $17,928.08 57 special assessment street improvement bonds. One
bond for $928.08, others for $1,000. Due semi-annually as follows:
$928.08 May land $1,000 Nov. 1 1932, and $1,000, May and Nov. 1 from
1933 to 1940 incl. Interest is payable semi-annually in May and November. Bids for the bonds to bear interest at a rate other than 5%,expressed
in a multiple of 14 of 1%, will also be considered. A certified check for
$200 must accompany each proposal.
PERRYTON INDEPENDENT SCHOOL DISTRICT (P.O. Perryton),
.-The two issues of 5%
Ochiltree County, Tex.
-BONDSREGISTERED
bonds aggregating $45,000, that were sold on March 23-V. 132, p. 2635
were registered by the State Comptroller on April 13. Due from March I
1932 to 1951, inclusive.
-An issue of
PIKE COUNTY (P. 0. Pikeville), Ky.-BOND SALE.
$157,000
% funding bonds is reported to have been purchased by the
Well, Roth & Irving Co. of Cincinnati. Denom. $1,000. Dated Jan. 1
1931. Due on Jan. 1 as follows: 53.000. 1935 to 1937; 54,000, 1938 to
1941: $5,000, 1942 to 1944; 510,000, 1945 to 1947: 520,000. 1948 to 1950,
and $27,000 in 1951. Prin. and int. (J. & J.) payable at the Chemical
Bank & Trust Co. in New York. Legality to be approved by Chapman
& Cutler of Chicago.
-BOND ORDINANCE APPLYMOUTH, Richland County, Ohio.
PROVED.
-The village council recently adopted an ordinance providing
for the issuance of $10,000 6% water supply system bonds. To be dated
April 1 1931. Denom. $500. Due $500 on April 1 from 1933 to 1952, incl.
Principal and semi-annual interest (Jan. and July) payable at the office of
the Village Treasurer. (This report corrects that given in V. 132, p.
3014, captioned "Plymouth, Mich.")
PONTOTOC COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Ada),
Okla.
-BOND OFFERING.
-Sealed bids will be received until 2 p m.
on April 27 by L. A. Parker, School Director, for the purchase of a $8,250
issue of school bonds. The interest rate is to be named by the bidder.
Denom. $500: one for $750. Due $500 from 1934 to 1945 and $250 in
1946. A certified check for 2% must accompany the bid.
-BOND ELECTION.
-A
PORT HURON, St. Clair County, Mich.
special election has been called for May 6, on which date the voters will
decide the fate of a proposition to bond the city for an additional $100,000.
the proceeds of which would be used to establish a municipal park and
civic centre.
-BOND SALE.
-An issue of
PORTLAND, Multnomah County, Ore.
5116.315.57 impt. bonds was awarded on April 1 at public auction as follows:
Accrued int.and 106.378 for $50,000.00
*J. D.Leonard
Accrued int.and 106.328for 50,000.00
J. D.Leonard
Accrued int. and 106.178for 16,315.57
J. D.Leonard
Accrued int.and 106.27 for x25,000.00
*Smith,Camp & Co
Accrued int.and 106.17 for 25,000.00
Smith,Camp & Co
Accrued int.and 106.11 for 25,000.00
Smith,Camp & Co
Smith,Camp & Co
Accrued int.and 106.03 for 25,000.00
Smith,Camp & Co
Accrued int.and 105.93 for 16,315.57
The First National Bank,Pad., Ore_Acerued int. for 106.221 for 116,315.57
G.H.Burr and Conrad & Broom,IncAccrued int.and 106.22 for 10,000.00
G.H.Burr and Conrad & Broom,IneAccrued int. and 106.14 for 10,000.00
G.H.Burr and Conrad & Broozn,IncAccrued int. and 106.06 for 10,000.00
G.H.Burr and Conrad & Broom.IncAccrued int.and 105.98 for 10.000.00
0,11. Burr and Conrad & Broom,IncAccrued int. and 105.92 for 10,000.00
N.C.Patterson
Accrued int.and 106.25 for 1,000.00
Abe Tichner
Accrued int. and 105.74 for 12,000.00
* Successful bids. x Of which, $16,315.57 were sold.
PORTLAND Multnomah County, Ore.
-BOND OFFERING.-Sealed
bids will be received until 11 a. m.on May 1 by Geo. R. Funk,City Auditor,
for the purchase of an issue of $100,000 4% emergency relief fund bonds.
Denom. $1,000. Dated May 1 1931. Due on May 1 as follows: $6,000,
1934 to 1936: $7,000. 1937 to 1939; $8,000, 1940 to 1942; 59,000, 1943 to
1945. and $10,000 In 1946. Prin. and int. (M. & N.) payable in gold at
the office of the City Treasurer or at the fiscal agency of the city in New
York. Bidders are requested to submit separate or alternative bids based
upon the place of delivery of bonds. If delivery is demanded outside of
Portland, it shall be at the expense of the purchaser. Legality to be approved by Storey. Thorndike, Palmer & Dodge of Boston. A certified
check for 5% of the bonds bid for, payable to the city, is required.
Summary of Bonded Indebtedness April 1 1931.
Total bonds outstanding
$51,440.562.04
Sinking funds
7,142,985.42
[vol.. 132.
PORT OF NEW YORK AUTHORITY, N. Y.-$1,000,000 43.1%
BONDS OFFERED TO YIELD 4.20%.-The National City Co. of New
York, whose name appeared first in the list of the members of the syndicate
which purchased on March 9 a total of $66,000,000 434% bonds at 98.75.
a basis of about 4.35% (V. 132, p. 2047), is now offering for public investment a block of$1,000,000 bonds of the recent issue. due $100,000 annually
from 1951 to 1960, incl., at prices to yield about 4.20% for all maturities.
All of the bonds of the $66,000,000 award are redeemable at the option of
the Port Authority, at 105 and interest on any interest payment date,
on or after March 1 1941, upon four weeks' notice. The scale of prices
for the current offering of $1,000,000 bonds is as follows:
Price.
Maturity.
Maturity.
Price.
100.76
1951
1956
100.66
100.78
1952
100.68
1957
100.80
1953
1958
100.71
100.81
1954
1959
100.72
A00.83
1955
100.74
1960
PORT OF PORT TOWNSEND (P. 0. Port Townsend), Jefferson
County, Wash.
-We are advised that a $60,000 issue
-BOND REPORT.
of 4it %.port improvement bonds will be put out by the Port Commission.
It is stated that these bonds will be taken by the State providing all the
technical requirements are met.
-BOND ELECTION.
PUTNAM COUNTY (P.O. Cookeville), Tenn.
On May 2 an election will be held in order to vote on the proposed issuance
of 580.000 in school bonds.
-BOND OFFERING.
RAMSEY COUNTY (P. 0. St. Paul) Minn.
We are informed that sealed bids will be received until 2 p.m. on May 18.
by the County Auditor, for the purchase of an issue of $1,000,000 city halt
and court house bonds. These bonds are said to be a part of the $15,577,000
joint city-county improvement program series.
-The $25,000
-BOND SALE.
READING, Hamilton County, Ohio.
-were
Park and playground bonds offered on April 11-V. 132, p. 2249
awarded as 434s to Ryan, Sutherland & Co., of Toledo, at par plus a
premium of $163, equal to 100.65, a basis of about 4.435%. The bonds are
are dated Feb. 1 1931 and mature $2,500 on Sept. 1 from 1931 to 1940, incl.
The following is an official list of the offers submitted at the sale:
Int. Rate. Premium.
Bidder$163.00
434%
Ryan, Sutherland & Co. (purchasers)
157.50
414%
Provident Savings Bank & Trust Co
125.00
a Taylor, Wilson & Co
434
122.00
b Well, Roth & Irving Co
434 0
102.00
434%
c Bohmer-Reinhardt & Co
98.55
Title Guarantee Securities Corp
434
95.00
434 o
Davies-Bertram Co
89.85
434 °A
Seasongood 8z Mayer
BancOhio Securities Corp87.50
44.00
Assel, Goetz & Moerlein
P3R
11.00
d Atlas National Bank
434%
-These firms also bid for the issue as 5s, stipulat(a), (h), (o) and (d).
ing premiums as follows: (a) $525; (b) $575; (c) $517: (d) $332.50.
-BOND SALE.-F.S. Moseley
READING, Middlesex County, Mass.
& Co., of Boston, were awarded on April 17. an issue of $90,000 334%
bonds at a price of 100.84, a basis of about 3.405%. The bonds are dated
April 15 1931 and mature serially from 1932 to 1951, incl. Bids submitted for the issue were as follows:
Bidder
Rate Bid. .
F. S. Moseley & Co. (purchasers)
100.84
Atlantic Corp
100.374
Stone & Webster and Blodget, Inc
100.18
National City Co
100.16
R. L. Day & Co
100.089
Harris, Forbes & Co
100.03
RIO TOWNSHIP (P. 0. Rio), Knox County, Ill.
-BOND SALE.Olasspell, Vieth & Duncan of Davenport purchased on April 15 an Issue of
$37,000 5% registered road improvement bonds at a price of par. Dated
April 15 1931. Denom. $1,000. Due serially on Sept. 1 from 1933 to
1..42 incl. Interest is payable semi-annually in March and September.
(These are the bonds mentioned in V. 132, p. 3014.)
RITENOUR CONSOLIDATED SCHOOL DISTRICT (P. 0. Clayton), St. Louis County, Mo.-BOND SALE.
-A $75,000 issue of 434%
semi-ann. school bonds was purchased by Stern Bros. & Co.of Kansas City.
Dated March 11931. Legal approval by Benj. H. Charles of St. Louis.
-BOND OFFERING -Benjamin
ROCKPORT, Essex County, Mass.
F. Batchelder, Town Treasurer, will receive sealed bids until 4 p. m. on
April 28 for the purchase of $12,000 4% coupon water bonds. Dated May 1
1931. Denom. $1,000. Due $2,000, May 1 from 1932 to 1937 incl.
Prin. and semi-ann. int. (M. & N.) are payable at the National Shawmut
Bank, Boston. The bonds will be engraved under the supervision of and
certified as to genuineness by the aforementioned bank. The approving
the pehaer.
opinionofStorey, Thorndike, Palmer & Dodge. of Boston, will be furnished
ur
s
-BONDS REOFFERED
SALAMANCA, Cattaraugus County, N. Y.
FOR INVESTMENT.
-The three issues of 4.20% coupon or registered
bonds aggregating $93,949.71 awarded on April 6 to Batchelder & Co., of
-are being
New York, at 100.14, a basis of about 4.18%-V. 132. p. 2820
reoffered by the successful bidders for general investment priced to yield
from 3.50 to 4.05%, according to maturity. The securities are said to be
legal investment for savings banks and trust funds in New York State and
to be direct obligations of the city, which reports an assessed valuation or
$6,914,874 and a net bonded debt of $595,923.
SALE CITY CONSOLIDATED SCHOOL DISTRICT (P. 0. Sale
-A special election
City) Mitchell County, Ga.-BOND ELECTION.
will be held, according to report, on May 16 in order to vote on the proposed
issuance of $25,000 in school bonds.
-Helen
-BOND OFFERING.
S4LEM, Columbiana County, Ohio.
R. Woerther, City Auditor, will receive sealed bids until 12 m. on May 1,
for the purchase of $43.778 5% special assessment street improvement
bonds. Dated May 1 1931. One bend for $778. others for $1,000. Due
Oct. 1 as follows: $4,788 in 1932: $5,000 from 1933 to 1935. incl.. and
$4.000 from 1936 to 1941, incl. Interest is payable semi-annually in
April and October. Following the opening of the sealed bids submitted,open
offers will be received. Bids for.the bonds to bear interest at a rate other
than 5%, expressed in a multiple of 34 of 1%, will also be considered. A
certified check for $500, payable to the order a the city, must accompany
each proposal. The approving opinion of Squire, Sanders & Dempsey.
of Cleveland, will be furnished the purchaser.
-The $20,000 issue
-BOND SALE.
SALINA, Saline County, Kan.
of railroad aid refunding bonds offered for sale on April 13-V. 132. p.
2820
-was purchased by the Brown-Cummer Co. of Wichita, as 4s, pay$44,297.576.62 ing a premium of $100, equal to 100.50, a basis of about 3.90%. Due
Net bonded indebtedness
$13,061,906.55
$2,000 from 1932 to 1941, incl. All the other bids submitted were on 414s.
Net general bonds outstanding
6,842,157.67
Net dock bonds outstanding
-BOND SALE.
-An
SALT LAKE CITY, Salt Lake County, Utah.
16,360,330.93
bonds outstanding
Net water
issue of $1,300,000 43.6% water revenue bonds is reported to have been
Payable from assessments against private
Purchased recently by a group composed of the Walker Bank & Trust Co.,
property and not a part of the limitation
the First Security Co., Snow, Goodart & Co., Edward L. Burton & Co.,and
by law as to indebtedness:
the National Copper Bank, all of Salt Lake City.
$8.103,762.04
Improvement bonds
197,580.57
SALT RIVER VALLEY WATER USERS' ASSOCIATION (P. 0.
Less sinking fund
-An issue of
Phoenix), Ariz.
-BONDS OFFERED TO THE PUBLIC.
51,800.000 6% coupon refunding bonds was purchased recently by the
improvement bonds outstanding__ 7,906,181.47
Net
127,000.00
Security First National Co., and the Pacific Co., both of Los Angeles,
Public utility certificates
and is now being offered by the purchasers for general investment priced
t on
Total net bonded indebtedness$44.297,576.62 at 99anNdovaccrul d interest to yield over 6.05%. Dated Nov. 1 1930.
56
Due
1956.
Amount to Be Raised by Taxation for City Purposes, 1930 and 1931.
this issue. ficial advertisement of this offering appears on Page xiv of
(The of
)
56,441,40.00
$6,736,i41.00
Total
Assessed valuation for city:
-BONDS VOTED.
-S. E. BisSANDUSKY, Sanilac County, Mich.
161,541,145.00
162.120,370.00
Real estate
held
104,772,265.00 sonette, City Clerk, informs us that at the election to on April 6 the
102,480.655.00
Improvements
finance the con42,790,270.00
41,108,810.00 voters authorized the issuance of $25,000 in bonds
Personal property
40,579,105.00
41,726,875.00 struction of a sewage disposal plant.
Public service corporations
-BONDS OFFERED FOR IN
SEATTLE, King County, Wash.
$347,391,085.00 $349,728,320.00
$1,000,000 issue of coupon or registered municipal light and
00 $383,027,030.00 power, series LV2 bonds that was purchased by a syndicate headed by
Assessed valuation for county, incl. citi-$380,228,745.
Property assessed by County Assessor at 65% of cash value on land and C. W. McNeal'& Co. of Chicago, as 434s, at 95.47, a basis of about 4.88%
-V. 132, p. 3015
35% of cash value on buildings. Population 1930, 301,890.
-is being offered by the successful bidders for public
Al'RIL
25 1931.]
FINANCIAL CHRONICLE
3209
-BONDS NOT SOLD.
UNION dbUNTY (P. 0. Maynardville) Tenn.
subscription priced as follows: 1937 to 1939, 4.60%; 1940 to 1949, 4.65%,
and from 1950 to 1961, to yield 4.70%. Due from May 1 1937 to 1961, -The $80,000 issue of not to exceed 6% semi-ann. county bonds offered
2442
-was not sold as there were no bids received.
incl. Prin. and int. (M. & N.) payable at the City Treasurer's office or on April 6-V. 132. p.
at the State's fiscal agency in New'York City. Legality to be approved by Dated March 1 1931. Due in from 5 to 30 years. Private bids will be
entertained on these bonds.
Thomson, Wood & Hoffman. of New York.
-BOND OFUNION SCHOOL TOWNSHIP, Jasper County, Ind.
SEDGWICK COUNTY HIGH SCHOOL DISTRICT (P. 0. Jules.
-Francis E. Scroer, Township Trustee, will receive sealed bids
burg), Colo.
-BONDS CALLED.
-$23,000 5% school bonds, dated FERING.
Aug. 1 1909, Nos. 1 to 46, are called for payment at the office of the until 1 p. m. on May 28 for the purchase of $16,000 4h % refunding bonds.
County Treasurer, or at the office of Boettcher, Newton & Co. of Denver, Dated Feb. 1 1931. Denom. $800. Due $800, July 1 1932; $800, Jan.
on which date interest shall cease. Denom. $500. Due on Aug. 1 1949. and July 1 from 1933 to 1941 incl., and $800. Jan. 1 1942. Principal and
optional on Aug. 1 1929.
semi-annual interest (January and July) are payable at the Farmers &
Merchants National Bank, Rensselaer.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
UNION TOWNSHIP SCHOOL DISTRICT NO.2(P.O. Union City),
Henry Booher, County Treasurer, will receive sealed bids untll 10 a. m.
-The $95,000 school bonds
-BOND SALE.
en April 27 for the purchase of $11,840 4h % highway improvement bonds. Branch County, Mich.
-were awarded as 4s to Stranahan,
Dated April 15 1931. Denom. $592. Due $592, July 15 1932; $592. offered on April 20-V. 132, p. 3016
Harris & Co., Inc., of Toledo at par plus a premium a $510, equal to
Jan. and July 15 from 1933 to 1941, incl., and $592. Jan. 15 1942.
100.53, a basis of about 4.46%. The bonds are dated April 15 1931 and
SMITH COUNTY SCHOOL DISTRICT NO. 67 (P. 0. Winona), mature April 15 as follows: $1,500 from 1933 to 1936 incl.; $2,500 from
Tex.
-BOND SALE.
-The $35,000 issue of 5% semi-ann. school bonds 1937 to 1941 incl.: $3,000 from 1942 to 1947 incl.; $4,000 from 1948 to 1956
-is reported to have been incl., and $4,500 from 1957 to 1961 incl.
offered for sale on April 15-V. 132, p. 2820
purchased by the State.
The following is an official list of the bids submitted at the sale'
Int. Rate. Premium.
Bidder-BOND SALE.
-The $28,000
SOUTH BEND, Pacific County, Wash.
$510.00
43,e
Stranahan, Harris & Co., Inc. (purchasers)
annual funding bonds offered for sale on April 13-V. 132, Fidelity
Issue of coupon
4 h%
°
505.00
Trust Co
p. 2441-was purchased by the Pacific State Bank, of South Bend, as
508.00
43%
Bosworth & Co
5hs, at par. Due in from 2 to 12 years from date. No other bids were Braun,Guardian Detroit Co., and the First Detroit Co., both of Detroit,
The
received.
also bid for the issue, the nature of whose tenders, however, was not die
-BOND SALE.
-The closed.
SPENCERPORT, Monroe County, N. Y.
$114,000 coupon or registered sewer bonds offered on April 21-V. 132,
UVALDE COUNTY ROAD DISTRICT NO. 1 (P. 0. Uvalde), Tex.
P. 3015 were awarded as 4s to the Marine Trust Co., of Buffalo, at BOND SALE.
-The $175,000 issue of 53. % road bonds, series 2, offered
100.579. a basis of about 4.20%. The bonds are dated May 1 1931 and for sale on April 11-V. 132, p. 2251-was purchased by the Alamo Namature Sept. 1 as follows: $3,000 from 1935 to 1944, incl., and $4,000 tional Co. of San Antonio, paying a premium of 82.401.75, equal to 101.37,
from 1945 to 1965,incl. The following is an official list ofthe bids submitted a basis of about 5.39%. Dated March 10 1931. Due from March 10
for the issue.
1933 to 1961 incl. The following bids were also received:
Rate Bid.
Bidders (Allfor 4)% Bonds)Price Bid.
•
Names of
Marine Trust Co. (purchaser)
100.579 H. C. Burt Other BiddersCo., Dallas Union Trust Co. and Glaspell, Vieth
George B. Gibbons & Co
100.349
$177.222.22
& Duncan
100.313 J. R.
Central Trust Co., Rochester
177,216.99
The Trust Co. of Texas
Philips Inv.
Sage, Wolcott & Steele
100.173 Stranahan, HarrisCo. and and Dallas Bank & Trust Co
177.139.00
& Co.,
176,987.50
Heimerdinger and Well, Roth & Irving Co
-BOND OFFERING.
-Forest Walter, Woody &
SPRINGFIELD, Clark County, Ohio.
E. Counts, City Auditor, will receive sealed bids until 12 m. on May 8, Brown-Crummer Co., B. F. Dittmar Co. and Van H. How176,802.50
ard Co
for the purchase of $1,500,000 4% coupon or registered hospital construction bonds. Dated March 1 1931. Denom. $1,000. Due Sept. 1 as fol-BOND OFFERING.-John
WALDWICK, Bergen County, N. J.
lows: $63,000 from 1932 to 1943, incl., and $62,000 from 1944 to 1955, incl.
bids until 8
m.
Principal and semi-annual interest (March and Sept.) are payable at the White, Borough Clerk, will receive sealed $58,000 43j, p. 53 (daylight
purchase of
5,
agency of the city of Springfield in New York City. Bids for the bonds to saving time) on May 8 for the assessment bonds. Dated May or 534%
1
expressed in a multiple of h of 1%, coupon or registered sidewalkas follows: $5.000 from 1932 to 1937 1931.
bear interest at a rate other than 4%,
incl.;
will also be considered. Transcript of, proceedings will be furnished the Denom. $1,000. Due May 1
'
incl. Principal and semi-annual interast (May
successful bidder and sufficient time allowed with in 15 days from the time $7.000 from 1938 to 1941, the First National Bank, Allendale, or at the
and Nov.) are payaple at
of the award for the examination of said transcript by bidder's attorneys,
Guaranty Trust Co.. New York. No more bonds are to be awarded
and bids may be made subject to approval of same. Award of the issue than will produce a premium of $1,000 over $58.000. A certified check
will be made at the regular meeting of the city commission at 7:30 p. m. for
bid for, payable to the order of the Borough,
2% of the amount of
on May 11. A certified check for 5% of the face value of the bonds, pay- must accompany each bonds
proposal. The approving opinion of Hawkins,
able to the order of the City Treasurer, must accompany each proposal.
Delafield & Longfellow, of New York, will be furnished the purchaser.
STAMFORD (Town), Fairfield County, Conn.
-TEMPORARY
WASHINGTON COUNTY ROAD DISTRICT (P. 0. Greenville),
LOAN.
-The $150.000 temporary loan offered on April 22-V. 132, p.
-Sealed bids will be received until May 4 by
-BOND OFFERING.
3015
-was awarded to S. N. Bond & Co., of New York, at 2% discount Miss.
Howard Dyer, Clerk of the Board of Supervisors, for the purchase of a
basis, plus a premium of $2. The loan is dated April 17 1931 and matures
$300,000 issue of road bonds. Int. rate is not to exceed 6%. Payable
Nov. 5 1931. Bids for the loan were as follows:
1934. A $5,000 certified check, payable
BidderDiscount. semi-annually. Dated Feb. 1 of the Board of Supervisors, must accomPresident
S. N. Bond & Co. (plus $2)
2.00% to A. 0. Huddleston, above bonds were offered for sale without success
pany th6 bid. (The
Peoples National Bank of Stamford
2.01% on March
2.)
First National Old Colony Corp
2.04%
F. S. Moseley & Co
2.09%
WASHINGTON SCHOOL DISTRICT, Warren County, N. J.-Graham, Parsons & Co. of New York, bidding for $158.000
STONE CORRAL SCHOOL DISTRICT (P. 0. Visalia) Tulare BOND SALE.
offered on
County, Calif.
-BOND OFFERING.
-Sealed bids will be received by bonds of the $160,000 434% coupon or registered school issue at
a price
-were awarded the former amount
Gladys Stewart, County Clerk, until 10 a.m. on May 4, for the purchase April 20-V. 132, p. 2637
of 101.836, a basis of about 4.33%. The bonds are dated April 1 1931 and
of a $6,000 issue of 5% school bonds. Denom. $500. Due $500 from April
6 1939 to 1950. incl. Prin. and int. (A. & 0.) payable in gold at the office mature April 1 as follows: $4,000 from 1932 to 1941 incl., $6,000 from
of the County Treasurer. A certified check for 5% of the issue, payable 1942 to 1960 incl. and $4,000 in 1961.
to the Chairman of the Board of Supervisors, is required.
WATERVILLE SCHOOL DISTRICT (P. 0. Waterville) Le Sueur
-At an election held on April 14 the
-BONDS VOTED.
STURGEON BAY, Door County, Wis.-BONDS VOTED.
-At the County, Minn.
voters are reported to have favored the issuance of $60,000 in school bonds.
special election held on April 14-V. 132. p. 2441-the voters gave their
approval (823 to 571) to the issuance of $100,000 in high school building
-We are now inWAYCROSS, Ware County, Ga.-PRICE PAID.
bonds. (This is the election that forced the postponement of the $95,000 formed that the $175,000 issue of 434% coupon or registered general imbond sale. scheduled for April 17.)
provement bonds that was purchased by the Citizens & Southern Co. of
BOND OFFERING.
-Sealed bids will be received until 7.30 p.m. on Atlanta-V. 132, p. 3016
-was awarded for a premium of $1,750, equal
April 28, by E. S. Ackerman. City Clerk, for the purchase of a $95,000 to 101.00, a basis of about 4.41%. Due from May 1 1906 to 1960. Interissue of school bonds. Denom. $500. Dated May 11931. Due on May 1 est payable M.& N.
as follows $5,000, 1938; $10,000, 1939 to 1942; $12,000. 1943 to 1945.
and $14,000 in 1946. Prin. and int. (M. & N.) payable at the office of
WELD COUNTY SCHOOL DISTRICT NO. £4 (P. 0. Fort Lupton),
-The $40,000 issue of 4% registered reColo.
the City Treasurer.
-BOND DESCRIPTION.
funding bonds that was purchased by the International Co. of Denver
-A $15,000 V. 132, p. 2821-Is dated July 1 1931. Denom. $1,000. Due $4,000
SUFFOLK, Nansemond County, Va.-BOND SALE.
is reported to have been purchased in from 1 to 10 years. Interest payable Jan. and July.
Issue of 4h % semi-ann. refunding bonds
at par by the Farmers Bank of Nansemond.
-BOND DETAILS.
-The
WELLSBURG, Grundy County, Iowa.
-BOND OFFERSULLIVAN COUNTY (P. 0. Blountville), Tenn.
semi-ann, water works bonds that was purchased by
ING.
-Sealed bids will be received until 10 a. m. on May 8 by Jos. A. $12,000 issue of 4h% of Davenport
-was awarded for a
-V. 132, p. 3016
the White-Phillips Co.
Caldwell, County. Judge,for the purchase of an issue of $112,000 5% coupon
100.05, a basis of about 4.24%. Due as follows:
county bonds. Denom. $1,000. Dated April 1 1931. Due in 20 years. premium of $7.00, equal to
1943 to 1949 all inclusive.
Prin. and semi-ann. int. payable at the Chemical Bank & Trust Co. in $300. 1933 to 1942 and $1,000,
New York City. The approving opinion of Chapman & Cutler of Chicago
-BOARD OF
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
will be furnished. A certified check for $1,000 must accompany the bid.
-The
SUPERVISORS AUTHORIZES SALE OF $15,547,000 BONDS.
-PROPOSAL TO ADOPT COMMIS- Board of County Supervisors on April 20 authorized the issuance of $15,SUMMIT, Union County, N. J.
SION RULE DEFEATED.
-At an election held on April 21 voters of the 547,000 in bonds to take up a similar amount of certificates of indebtedness,
city rejected a plan to change from the present councilmanic form of Gov- sold during the past year for impt, purposes, which fall due June 5.
ernment to that of the commission rule. The proposition received a vote
WESTWOOD SCHOOL DISTRICT, Bergen County, N. J.
-BOND
of 1,000 "for" to 2,800"against."
-George Mills, District Clerk, will receive sealed bids until
OFFERING.
SUNSET SCHOOL DISTRICT (P. 0. Salinas), Monterey County, 8 p.m. on May 4 for the purchase of 5200,600 4,4h ,4 h , 4 h or 5% coupon
-Scaled bids were received until 10 a. m. on or registered school bonds. Dated May 1 1931. Denom. $1,000. Due
Calif.
-BONDS OFFERED.
April 23 by the Clerk of the Board of Supervisors, for the purchase of a May 1 as follows: $8.000 from 1932 to 1941, incl.. and $12.000 from 1942
semi-annual school bonds. Due $5,000 from April 23 to 1951, incl. Principal and semi-annual int. (May and Nov.) payable
$75,000issue of 5%
In either Westwood or New York. No more bonds are to be awarded than
1932 to 1946, incl.
will produce a premium of $1,000 over $200,000. A certified check for
-BONDS VOTED.
SUTTON COUNTY (P. 0. Sonora), Tex.
-At the 2% of the amount of bonds bid for, payable to the order of the Custodian
election held on March 28-V. 132, p. 1668-the voters approved the issu- of School Moneys, must accompany each proposal. The approving opinion
count of 231 to 89.
ance of $175,000 in 5h % road bonds by a
of Thomson. Wood & Hoffman of New York will be furnished the purchaser.
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 106 (P. 0.
WILKES COUNTY (P. 0. Wilkesboro), N. C.
-LIST OF BIDS.
-The
-Sealed bids will be received until May following is an official list of the other bids received for the $127.000 issue
Amite), La.
-BOND OFFERING.
12, by C. C.Pittman, Superintendent of Schools, for the purchase of a $25,- of school funding bonds that was awarded to the Bank of North Wilkes000 issue of school bonds. Int. rate is not to exceed 6%, payable semi- boro as 5s, at par (V. 132, p. 3016):
annually. (These bonds were voted at an election held on April 6-V. 132,
Names of Other BiddersPrice Bid.
p. 2441.)
Ryan, Sutherland & Co., Toledo, Ohio
$127,521.00 (4 5h%
127,208.00 (KS 5h%
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT Braun,Bosworth & Co.,Toledo,Ohio
-BONDS REGISTERED._ Title Guarantee Securities Co., Cincinnati, and
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
Provident Savings Bank & Trust Co
127,038.10 €6 534%
The $1,500,000 issue of 44% water, series C bonds that were sold on
127,978.00 I§ 5%%
March 17-V. 132, p. 2250
-was registered on April 14 by the State Comp- C. W. McNear & Co., Chicago
Asset, Goetz & Moerlin and Bohmer, Reinhart &
troller. Due from March 15 1935 to 1971, incl.
Co
127,190.50
534%
TINICUM TOWNSHIP, Delaware County, Pa.
-BOND ORDI-BOND OFFERING.
WILLMAR, Kandiyohi County, Minn.
-Sealed
NANCE ADOPTED.
-The Board of Township Commissioners recently
adopted an ordinance providing for the issuance of $200,000 4h% sewer bids will be received until 8 p.m. on April 27, by Hans Gunderson. City
system construction bonds, to be dated April 1 1931 and mature April 1 Clerk, for the purchase of two issues of bonds aggregating $30,000, as follows:
as follows: $20,000. 1941: $30,000, 1946; $40.000, 1951; $50,000 in 1956; $25,000 43.4% sewage disposal plant bonds. Dated May I 1931. Due
$1,000 from Aug. 1 1933 to 1957, incl.
and 560,000 in 1961. Principal and semi-annual interest (April and Oct.)
5,000 4% permanent impt. bonds. Dated May 15 1931. Due on May 15
to be payable at the Tinicum Bank of Essington, in Essington. The issue
1936.
was previously approved by vote of the electorate.
A certified check for 2% must accompany the bid.
-BOND SALE.
TONAWANDA, Erie County, N. Y.
-The $46,000
-TEMPORARY LOAN.WOBURN, Middlesex County, Mass.
coupon sewer bonds offered on April 20-V. 132. p. 2637
-were awarded
as 4s to Edmund Seymour & Co., of New York, at 101.599, a basis of William H. Weafer, City Treasurer, on April 17 awarded a $200,000 temabout 4.63%. Dated Jan. 1 1931. Due $2,000 annually on Jan. 1 from porary loan to the First National Old Colony Corp., of Boston. at 2.02%
1939 to 1961, incl. The First Trust Co., of Tonawanda, bidding for the discount basis. The loan is dated April 21 1931 and matures Dec. 4 1931.
The First National Bank, of Boston, will guarantee the signatures and will
bonds as Ss. offered a price of 101.879.
certify that the notes, evidencing the existence of the loan, are issued by
UNION CITY, Branch County, Mich.
-BONDS VOTED.
virtue and in pursuance of an order of the city council, the validity of which
-At
special election held recently the voters authorized the issuance of $95.000 order has been approved by Storey. Thorndike, Palmer & Dodge,of Boston.
In bonds to finance improvements to the present school building. The The Bank of Commerce & Trust Co., of Boston, the only other bidder,
measure was passed by a vote of 174 to 105.
offered to discount the loan at 2.12% interest cost basis.
3210
FINANCIAL CattONICLE
[VoL. 132.
-Hodgson Bros. & Dunton, of'
-BOND SALE.
WILTON INDEPENDENT SCHOOL DISTRICT (P. 0. Wilton
MONCTON, N. B.
-year sinking
Junction), Muscatine County, lowa.-BOND OFFERING.
-Sealed bids Montreal, recently purchased an issue of $25,000 4 % 20
will be received until 10 a. m. on May 21 by Harry G. Nicolaus, Secretary fund bonds at a price of 98.832, a basis of about 4.58%. The bonds are
of the Board of Education, for the purchase of a $70,000 issue of school dated April 15 1931 and were bid for by the following:
Rate Bid.
bonds. Denom. $1,000. Dated June 1 1931. Due on Nov. 1 as follows:
BidderRate Bid.
Bidder97.19
Eastern Securities Co
$1.000 in 1933; $3.000, 1934 to 1939; $4,000, 1940 to 1945; $5,000, 1946 to Hodgson Bros. & Dunton
97.465
1948, and $6.000 in 1949 and 1950. Prin. and int. (M. & N.) payable at
98.832 T. M. Bell & Co
(purchasers)
the office of the District Treasurer. The approving opinion of Chapman Gairdner & Co
98.672 Dominion Securities Corp_ _ _ _97.58
& Cutler of Chicago will be furnished. Open bids will also be received. J. M. Robinson & Co
97.42 Central Trust Co. of Canada_94.95
W.C. Pitfield & Co
Authority for issuance: Chapter 225 of the Code of Iowa, 1927.
97.90
-William H.
WOBURN, Middlesex County., Mass.
-BOND SALE.
MONTREAL METROPOLITAN COMMISSION,Province of Quebec.
Weafer, City Auditor. on April 24 awarded an issue of $110,000
% -BOND OFFERING.
-E. T. Sampson, Secretary-Treasurer, will receive
coupon water bonds to the National City Co., of Boston, at 100.67, a basis sealed bids until 11 a. m. (standard time) on May 5 for the purchase of
of about 3.43%. The bonds are dated May 1 1931 and mature $5,000 on $2,680,000
% sinking fund gold bonds, dated May 1 1931 and due May
May I from 1932 to 1953. incl. Denom. $1,000. Prin. and semi-annual 1 1965. Denom. $1,000. Coupon bonds, registerable as to principal
int.(M.& N.) are payable in Boston. The bonds are exempt from taxation only. Interest is payable semi-annually in May and Nov.
in Massachusetts and will be engraved under the supervision of and certified
Alternative bids will be received as follows:
as to genuineness by the First National Bank, of Boston. Legality ap1. For bonds payable both as to principal and interest at the office of
proved by Ropes, Gray, Boyden & Perkins, of Boston. Bids reported The Montreal Metropolitan Commission in Montreal or at the Agencies
to have been submitted at the sale follow:
, of the Bank of Montreal, in New York. if. S. A., or in toronto, Ont. The
Rate Bid. amount tendered to be payable with accrued interest on said bonds from
Bidder100.67
National City Co. (purchaser)
May 1 1931 in Montreal, in Canadian funds against delivery of the bonds.
100.519
R. L. Day & Co
2. For bonds payable both as to principal and interest at the Office of
100.32 I The Montreal Metropolitan Commission, in Montreal. The amount to
Shawmut Corp.
be payable with accrued interest on said bonds from May 1 1931 in MonFinancial Statement, Apr. 1 1931.
$23,544,563 treal. In Canadian funds against delivery of the bonds.
Valuation for year 1930 less abatements
1,658,800
All bids must be accompanied by a deposit equal to 1% of the par value
Total debt (present loan included)
385,900 of the loan, either in cash or by an accepted check payable to the ComWater debt (included in total debt)
No sinking funds. Population, 18,370.
mission, drawn upon a chartered bank doing business in Montreal. According to the offering; notice, the bonds are secured on the taxable imWOODRIDGE UNION FREE SCHOOL DISTRICT NO. 13 (P. 0. movable property of the municipalities subject to the action of the Com-Philip
-BOND OFFERING.
Woodridge), Sullivan County, N. Y.
are jointly and severally responsible for
mission and
Baker, District Clerk, will receive sealed bids until 10 a. m. on May 1 said loan. these municipalities
for the purchase of $15,000 6% coupon or registered school bonds. Dated
action of the Commission are the cities
June 1 from 1932 to 1946 incl. ofThe municipalities subject to the
June 11931. Denom. $1,000. Due $1,000
Outremont, Verdun and Lachine, and the towns
Montreal,
Principal and semi-annual interest (June and Dec.) are payable at the First of Montreal Westmount,
Montreal West, Mount Royal, Lasalle, Hampstead,
National Bank, of Woodridge. A certified check for 10% of the amount St. Laurent, East, Pierre, Pointe aux Trembles, Montreal North and
bid must accompany each proposal. (This Issue was unsuccessfully offered Saint Michel, Saint
on April 17, all bids submitted having been rejected.)
NORTHUMBERLAND AND DURHAM (United Counties of),
WOODBURY HEIGHTS (P. 0. Woodbury), Gloucester County,
-BOND SALE.
-We understand that the following issues of coupon Ont.-BOND SALE.-Gairdner & Co. of Toronto, recently purchased an
N. J.
or registered bonds aggregating $45,000,offered for sale on April 6-V. 132. Issue of $138,772 51 improvement bonds at a price of 101.50, a basis of
about 4.77%. The bonds mature in 15 annual installments.
-were awarded to M. M.Freeman & Co., of Philadelphia:
p. 2443
$20,000 tax revenue bonds. Due $5,000 on Dec. 1 from 1931 to 1934 incl.
-BOND OFFERING.
NOVA SCOTIA, Province of (P. 0. Halifax).
Interest is payable semi-annually in June and December.
Treasurer, will receive sealed bids until 2 p.m.
14.000 tax title bonds. Due Dec. 31 as follows: $3,000 from 1932 to 1935 -John Doull, Provincial30, for the purchase of $2,100,000 45i% coupon
(standard time) on April
incl. and $2,000 in 1936. Interest is payable semi-annually on
bonds, dated May 15 1931 and due May 15 1961. Denoms. to be uniform,
.
June 30 and Dec. 31.
but not to
$1,000 each. Principal and semi-annual interest
11,000 assessment bonds. Due Feb. 1 as follows: $2,000 in 1932and $3.000 (May and be less thanpayable in gold coin of or equivalent to the present
Nov. 15) are
from 1933 to 1935 incl. Interest is payable semi-annually in Febstandard of fineness and weight fixed for gold coins by the laws of the
ruary and August.
United States of America and are a charge upon all the revenue, moneys
Each issue is dated Feb. 1 1931.
and funds of the Province. Principal and interest payable in Halifax,
-A Montreal, Toronto, or New York City. Payment for the bonds to be made
WRIGHT COUNTY (P. 0. Clarion), lowa.-BOND SALE.
$300,000 issue of primary road bonds is reported to have been purchased In New York funds in the City of New York at the agency of the Royal
recently by Ames, Emerich & Co. of Chicago as 431s, annual, paying a Bank of Canada, or at the agency of the Canadian Bank of Commerce, or
at the agency of the Bank of Montreal. A sinking fund will be established
premium of $2,705, equal to 100.90.
-BOND OF- into which will be paid annually on May 15 one-half of 1% of the total
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
bids will be received until 2 p. m.on April 30 by William amount of bonds offered.
-Sealed
FERING.
Beggs, County Clerk, for the purchase of five issues of 4X% bonds aggreAuthorities Under Which the Above Mentioned Loan Will Be Issued.
1. $606,000 to be borrowed under the authority of Chapter 4,
gating $240,800, divided as follows:
Acts of 1931, "the Unemployment Act"
$606,000
$134,000 Edwardsville-Maywood road bonds. Due on Jan. 1, as follows:
2. $2,700 to be borrowed under the authority of Chapter 59,
$8,000 in 1932, and $9,000, 1933 to 1946, inclusive.
Acts of 1924, for the following purpose:
51,900 Eagle road bonds. Due on Jan. 1, as follows: $1,900 in 1932;
inclusive.
2.700
$3,000, 1933 to 1938 and $4,000. 1939 to 1946 all
Department of Agriculture-Agricultural College
40,000 Tunston road bonds. Due on Jan. 1, as follows: $2,000, 1932 to 3. 14,496 to be borrowed under the authority of Chapter 60.
1936, and $3,000, 1937 to 1946, all inclusive.
Acts of 1926. for the following purpose:
as
7,800 Drone (Bonner-Loring) road final bonds. Due on Jan. 1.
Department of Public Works and Mines- Nova Scotia
follows: $800 in 1932; $500, 1933 to 1944, and $1.000 in 1945.
Hospital
4,496.
7.100 39th Street road bonds. Due on Jan. 1, as follows: $100 in 1932 4. $150,000 to be borrowed under the authority of Chapter 3.
and $500 from 1933 to 1946, inclusive.
Acts of 1928 for the following purpose:
Dated Jan. 1 1931. The County will furnish the approving opinion of
The Nova Scotia Power Commission
150,000.
Bowersock, Fizzell & Rhodes. of Kansas City. A certified check for 2% 5. 11,500 to be borrowed under the authority of Chapter 18,
of the bid, payable to the Chairman of the Board of County Commissioners,
•
Acts of 1928, for the following p
is required.
-Victoria General
Department of Public Works and Mines.
1,500.
Hospital
-BOND OFFERING.
YONKERS, Westchester County, N. Y.
to be borrowed under the authority of Chapter 8.
Charles E. Stahl, City Comptroller, will receive sealed bids until 12 m. 6. $242,500 of 1929, for the following purposes, namely:
Acts
time) on April 28 for the purchase of 52.560,000 coupon or
(daylight saving
(a) Department of Public Works and Mines
registered, not to exceed 5% interest bonds, divided as follows:
$500
Victoria General Hospital
$1,200,000 assessment bonds. Due $200,000 May I from 1932 to 1937 incl.
(b) Department of Highways-Purchase of Real
local improvement bonds. Due $155.000 May I
775,000 series B, 1931,
42,000
Estate
from 1932 to 1936 incl.
200,000
(c) To pay off existing obligations
525,000 series A, 1931, local improvement bonds. Due $35.000 May 1
,
242,500
from 1932 to 1946 inclusive.
under Chapter 1, Acts of
60,000 equipment bonds. Due $10,000 May 1 from 1932 to 1937 incl. 7. $263,187 to be borrowed
1930, for the following purposes, namely:
11931. Denom. $1,000. Rate of interest to be
Each issue Is dated May
$138.148
(a) To pay off existing obligations
expressed in a multiple of 31; of 1%, and whereas different rates may be
-Nova Scotia
(b) Department of Attorney General
named for different issues, a single rate must be named for all of the bonds
n•aining School for the Treatment, Care and
will be made on Nov. 1 1931. and
of each issue. First interest payment
Education of Mentally Defective Children_ _ _ 44.316
thereafter semi-annually on April and Oct. I. Principal and semi-annual
(c) Department of Education-Nova Scotia TrainInterest are payable at the office of the City Treasurer. A certified check
ing School for the Treatment. Care and
the order of the City
for 2% of the amount of bonds bid for, payable to
50,000
Education of Mentally Defective Children
Comptroller, must accompany each proposal. The approving opinion of
(d) Department of Public Works and Mines
Hawkins, Delafield & Longfellow, of New York, will be furnished the suc8,674
Nova Scotia Technical College
cessful bidder.
900
Province House-Vault
7,230
Nova Scotia Sanatorium
1,000
Victoria General Hospital
700
Victoria General Hospital
400
Victoria General Hospital
11,819
Resources
(e) Department of Natural
-An iS8L10 of 322,000 5% imGEORGETOWN, Ont.-BOND SALE.
263,18T
provement bonds was sold recently to Milner, Ross & Co., of Toronto, at a S.
$829,617 to be borrowed under the authority of Chapter 1,
price of 101.016. a basis of about 4.79%. The bonds mature in 10 annual
Acts of 1931, for the following purposes, namely:
Installments and were bid for by the following:
(a) Department of Attorney General-Lands and
Rate Bid.
Bidder$8,738
orests
101.016
Milner, Ross & Co
2,281
"The Mothers' Allowances Act"
100.75
Gairdner & Co
(b) Department of Public Works and Mines
100.561
Dyment, Anderson & Co
33,875
Provincial Annexes
100.38
Graham & Co
J. L.
11,500
Nova Scotia Normal College
100.31
C. H. Burgess & Co
(c) Department of Highways
100.08
Griffis Fairclough & Norsewortby
50,000
Agreement with Towns
590,000
-M. Murray, Secretary-BOND OFFERING.
GLEICHEN, Alta.
Construction of Highways
133,223
(d) To pay off existing obligations
Treasurer, in an official advertisement calls for sealed bids for the Purchase
-year irrigation bonds, dated May 1 1931
829,617'
% 10
of an issue of $15,000
the Canadian Bank of Commerce, Gleicben. No mention
and payable at
12,100,000
Grand total of this issue
Is made of the date on which the issue is to be sold.
-The $278,100 5% ocupon water works
LAUZON,Que.-BOND SALE.
-BOND SALE
.ONTARIO (Hydro-Electric Power Commission of).
construction and debt consolidation bonds offered on April 9-V. 132, p. J. W. Gilmour, Treasurer of the Commission, received sealed bids until
-were awarded to J. E. Laflame, Ltd., of Quebec, at a price of 99.80, 12 m. on April 24. for the purchase of $2,466,205 4Si% and 5% bonds, the•
2252
serially on May 1 from 1931 to
a basis of about 5.03%. The bonds mature the bids submitted at the sale. successful bidders for which were Wood, Gundy & Co. and the Royal
1946 incl. The following is an official list of
Rate Bid. Bank of Canada„ jointly, at a price of 103.67, a basis of about 4.54%.
BidderThe award comprised the following issues:
J.E. Laflame, Ltd.(purchaser) L. G. Beaublen & Co., and Credit99.80
1966,205 5% bonds, dated Sept. 1 1923 and due Sept. 1 1943. Interest •
Nationale,
Banque Canadlenne
Payable at the Bank of Montreal, in Toronto.
98.03
Anglo-Francais, Ltd -- _ - -- - --- ----------- - --750,000 6% bonds dated July 1 1925 and due July 1 1945. Interest
Lagueux & Darveau and
-La Corporation de Prete -- Quebec,
payable at the Bank of Montreal. Toronto or Montreal.
'
98.85
Lucien Cote, Inc
600,000 5% bonds, dated July 15 1926 and due July 15 1946. Interest
98.425
Ernest Savard, Ltd
payable at the Bank of Montreal. Toronto or Montreal.
99.15
Hamel Fugere & Co
100,000 5% bonds, dated Sept. 1 1925 and due Sept. 1 1945. Interest
-0.
SALE.
payable at the Bank of Montreal, Toronto or Montreal.
MARKHAM TOWNSHIP, Ont.-BOND $25,000 5 H. Burgess & Co.,
% improvement
50,000 4Si% bonds, dated April 1 1920 and due April 1 1960. Interest
issue of
Toronto, recently purchased an of about 4.73%. The bonds mature in
payable at the Bank of Montreal, Toronto.
bonds at a price of 102.15. a basis
According to the official offering notice, all of the bonds are guaranteed
by the following:
five annual installments and were bid for
Mae Md. as to principal and semi-annual interest by the Province of Ontario. Bids
Bidder
reported to have been submitted at the sale follow:
102.15
C. H. Burgess & Co.(Purchasers)
102.11
Rate Bid.
BidderDyment,.Anderson & Co
Wood,
102.037 Wood Gundy & Co., and the Royal Bank of Canada (successful
Milner, Ross & Co
101.61
103.67
„
k 7
J. M. Walton
101.50
Dominion Securities Corp., et al
103.587
R. A. Daly & Co
101.50
Gairdner & Co., et al
103.41
& Co
A. E. Ames
101.38
McLeod, Young, Weir & Co., et al
102.29
Dominion Securities Corp
Bank of Montreal et al
101.11
102.52.
Harris, McKeen & Co
CANADA,its Provinces and Municipalities
APRIL 251931.]
FINANCIAL CHRONICLE
RENFREW,
Ont.-BOND SALE.
-R. A. Daly & Co., of Toronto,
recently purchased an issue of 365.000 5% improvement bonds at a price
of 101.881, a basis of about 4.74%. The bonds mature in from one to
15 years and were bid for by the following:
BidderRate Bid.? BidderRate Bid
R. A. Daly & Co.
Dominion Securities Corp__ _100.86
(purchasers)
L. Goad & Co
101.881
100.83
Gairdner & Co
101.272
L. Graham & Co
100.625
Milner, Ross & Co
101.23 Dyment, Anderson & Co_ -100.545
Matthews & Co
101.031 Bank of Montreal
100.51
Griffis, Fairclought & NorsMcLeod, Young, Weir & Co.100.47
worthy
100.93 C. H. Burgess & Co
100.46
Ont.-BOND SALE.
-J. L. Goad & Co. of Toronto purchased on April 21 an issue of 3137,006 5% improvement bonds,
due annually in from 1 to 20 years, at a price of 101.908, a basis of about
4.68%. The following is a list of the bids reported to have been submitted for the bonds:
BidderBidderRate Bid.
Rate Bid.
L. Goad & Co.(purchsers) 101.908 Cochran & Co
101.438
Wood, Gundy Sr Co
101.85 C. H. Burgess & Co
101.29
Dominion Securities Corp---101.85 Gairdner & Co
101.281
Imperial Bank
101.849 A. E. Ames & Co
101.17
Dyment, Anderson & Co__ __101.689 Fry, Mills, Spence & Co..
101.08
Bell, Gouinlock & Co
101.563 Matthews & Co
101.067
L. Graham & Co
101.52 R. A. Daly & Co
100.91
-BOND SALE.
-The $655,000 4% coupon improvement bonds, comprising the fo lowing issues, offered on April 21V. 132, p. 3017
-were awarded to a syndicate composed of the Canadian
Bank of Commerce and R. A. Daly & Co., both of Toronto, also the
Royal Securities Corp. of Montreal, at a price of 98.89, a basis of about
J.
J.
ST. CATHARINES,
J.
ST. JOHN, N. B.
SHERBROOKE,
$325,000 bonds. Dated April 15 1931. Due April 15 1971.
164.000 bonds. Dated Dec. 1 1930. Due Dec. 1 1960.
72,500 bonds. Dated April 15 1931. Due April 15 1946.
52,000 bonds. Dated April 15 1931. Due April 15 1961.
34,500 bonds. Dated April 15 1931. Due April 15 1941.
7.000 bonds. Dated April 15 1931. Due April 15 1951.
The following is a list of the bids submitted for the bonds:
BidderRate Bid.
R. A. Daly & Co., Ltd.; Canadian Bank of Commerce. and Royal
Securities Corp
*98.89
Dyment, Anderson & Co.; C.H. Burgess & Co.,and Gairdner & 0o-98.632
A. E. Ames & Co.. Ltd.; Royal Bank of Canada, and Dominion
Securities Corp
98.587
Eastern Securities Co., Ltd.; Wood, Goody & Co., Ltd., and the
Bank of Nova Scotia
98.447
Irving Brennan
98.3751
Bank of Montreal; McLeod, Young, Weir & Co.; Bell, Gouinlock &
Co., and
M. Robinson & Sons, Ltd
97.88
*Accepted bid.
Que.-BOND SALE.
-A syndicate composed of A. E.
Ames & Co., the Royal Bank of Canada, and Mead & Co., recently purchased an issue of $414,000 5% bonds at a price of 99.58, a basis of about
5.08%.
The bonds mature serially in from 1 to 20 years and were bid for
by the following:
BidderRate Bid,
A. E. Ames & Co.,the Royal Bank of Canada. and Mead & Co
99.58
Credit Anglo-Francais, Ltd., Rene T. Lerclerc & Co. and Ernest
Savard, Ltd
99.27
Dominion Securities Corp
99.03
McLeod, Young, Weir & Co
97.27
J.
ST. LAMBERT,
Ont.-BOND SALE.
-The Imperial Bank of Canada,
of Toronto, recently purchased an issue of $92,0004j3 % improvement
bonds, due serially in from 1 to 15 years, at a price of 100.769 a basis
of about 4.56%. The following is a list of the bids submitted at the sale:
BidderRate Bid.
Imperial Bank of Canada (purchaser)
100.769
Ball, Gouinlock & Co
100.413
L. Graham & Co
100.275
J.
NEW LOANS
Bidder
Rate Bid.
C. H. Burgess & Co
100.21
Wood, Gundy & Co
100.14
A. E. Ames & Co
100.14
Hodgson Bros. & Dunton
100.137
Milner, Ross & Co
100.107
Fry, Mills, Spence & Co
100.093
Dominion Securities Corp
100.079
Midland Securities Co
99.935
Gairdner & Co
99.872
R. A. Daly & Co
99.833
Dyment, Anderson & Co
99.81
Cochran & Co
99.619
McLeod, Young, Weir & Co
99.60
Que.-LIST OF BIDS.
-The following is a
list of the bids received on April 15 for the purchase of the $307.500 5%
Improvement bonds awarded to Hannaford, Birks & Co. of Montreal
(not Toronto as previously reported), at 103.09, a basis of about .472%V. 132, p. 3017.
BidderRate Bid.
Hannaford, Birks & Co. (purchaser)
103.09
Dominion Securities Corp. and Royal Bank of Canada
102.293
A. E. Ames & Co., and Banque Canadienne Nationale
101.38
McLeod, Young, Weir & Co
100.47
-The following is a list of the
Que.-LIST OF BIDS.
e
bids received on April 7 for the purchase of the $490,000 43 Y impt. bonds
awarded to the group headed by the Banque Canadienne Nationale. of
Montreal, at 98.68, a basis of about 4.64%.-V. 132. p. 2822.
Price
Offered,
Bidder97.69
C. H. Burgess & Co., and Gairdner & Co •
97.096
Hodgson Bros. & Dunton, Ltd
97.864
Banque Canadienne Nationale. Credit Anglo Francais, and Ernest
*98.68
Bayard Ltd
96.31
McLeod, Young Weir & Co., Ltd
98.047
Hanson Bros. & Mead & Co
98.02
Dominion Securities Corp., and Royal Bank of Canada
98.217
Wood, Gundy & Co., and Hannaford Birks & Co.. Ltd
98.282
Bank of Montreal and A. E. Ames & Co
97.87
Canadian Bank of Commerce, and Bell Gouinlock & Co
97.891
Fry, Mills, Spence & Co.. Ltd
98.433
Dyment.Anderson & Co., and Matthews & Co
*Successful bid.
(P. 0. Trafalgar), Ont.-BOND OFFERING.
-S. H. Albertson. Clerk, will receive sealed bids until May 2. for the
purchase of $10,459 5 % water main construction bonds. Due in 30 equal
annual installments a principal and interest. Payable at the Bank of
Toronto, in Oakville. Bids will be opened at 2 p.m. (Eastern standard
time) on May 4.
-The $300,000 4% coupon
Que.-BOND SALE.
various local improvement bonds offered for sale on April 21-V. 132.
-were awarded to the National City Co. of Montreal at a price
P. 3018
of 99.647, a basis of about 4.53%. The bonds mature Nov. 1 as follows
$6,_000. 1931: $7,000, 1932: $8,500 from 1933 to 1936 incl.: 39.500. 1937
$10,000, 1938 and 1939: 811,500, 1940; 88,500, 1941: 37,500, 1942: $9,500
1943;$8,000, 1944: $10,000. 1945: $9,500, 1946: 311,000. 1947: $10,500
,
1948; 311,500 1949; $12,500. 1950; $3,500. 1951 and 1952: $4,500, 1953
84,000, 1954; $4,500, 1955; $4,000. 1956; $5,000 from 1957 to 1960 Inc'
35.500, 1961; $6,000, 1962 and 1963; $6,500. 1964: $7,000, 1965: $6,500
1966: 37.500, 1967; $8,000, 1968 and 1969, and 38.500. in 1970. The following is an official list of the bids submitted for the issue:
Bidder•
Rate Bid.
Rate Bid.
Bidder99.34
National City Co.(Purchaser) 99.647 Bank of Montreal
98.82 Wood, Gundy & Co
99.537
Bell, Goulniock & Co
93.00 Banque Canadienne Nationale 99.017
Gairdner & Co
99.229 Collier, Norris & Henderson_ _99.07
Drury & Co
99.377
99.419 Harrison Bros
A.E. Ames & Co
Dominion Securities Corp__ _ _99.10 McLeod. Young, Weir & Co_ _97.88
SHAWINIGAN FALLS,
J.
ST. THOMAS,
TRAFALGAR TOWNSHIP
WESTMOUNT,
DIRECTORY
$974,325.57
City of Minneapolis
Directory Of Stock
SPECIAL STREET IMPROVEMENT and Bond
Houses
Minnesota
BONDS
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
1931, at 2:00 o'clock p. m. (Central Standard
Time), $974.325.57 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 installments, of
Which $60.696.37 will be payable in five years;
3886.814.20 in ten years and $26,815.00 in
twenty years, as follows:
8103.325.57. May 1st, 1932; 5102,000.00, May
1st in each of the years 1933 to 1936, inclusive; S90,000.00, May 1st in each of the
y_ears 1937 to 1941, inclusive; $2,000.00.
MaY 1st in each of the years 1942, 1943 and
1944: and $1,000.00 May let in each of the
years 1945 to 1951, inclusive.
To be in denominations of 850, $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. m. 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
bonds bid for made to C. A. Illoomquist, City
Treasurer, must accompany bids.
No bid will be considered for an amount less
than the par value of the bonds.
The right to reject any and all bids is hereby
reserved.
The approving opinion of Thomson. Wood &
Hoffman, Attorneys, will accompany these
bonds.
MONDAY, APRIL 27TH.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller.
Minneapolis, Minnesota.
3211
NOTICE OF SALE
$130,000
Town of Southampton,
New York
HAMPTON BAYS WATER
DISTRICT BONDS
NOTICE IS HEREBY GIVEN, that the
undersigned. Supervisor of the Town of Southampton, New York. will receive sealed proposals
at the Town Clerk's office in the Town of Southampton, Suffolk County, New York, until 2:00
Publisluul semi-annually
o'clock P. M., on the 29th day of A ril, 1931, for
the purchase of the following described bonds of
wit:
A 1,055 Page Book containing over the Town of Southampton, New York, todollars
One hundred and thirty thousand
11,000 listings arranged alphabetically ($130,000) Hampton Bays Water District(coupon)
Bonds,
by States and Cities with full details hundreddated May 1st, 1931, denomination Five
dollars ($500) each, maturing Thirtyas:
five hundred dollars ($3,500) on May 1st, 1936.
and three thousand five hundred dollars (3,500)
Street Address.
on May let in each of the years 1937 to 1970.
both inclusive: and seventy-five hundred dollars
Officers or Partners.
(67,500) on May 1st in the year 1971, bearing
Interest at the rate of five (5) per cent per annum,
Department Heads.
payable semi-annually May and November first.
Branches maintained with street Both principal and interest will be payable in gold
coin or its equivalent in lawful money of the
address and name of resident United States, at the Hampton Bays National
Bank, Hampton Bays, Suffolk County, New
managers.
York, in New York exchange. Bonds will be
Character of business and class r%.isterable as to principal only or as to both
principal and interest.
of securities handled.
The right is reserved to reject any and all bids.
all bids are
Stock Exchange memberships Unlessthousand rejected said One hundred and
dollar ($130.000) bonds will be
thirty
held.
awarded to the highest bidder complying with the
terms of sale, provided however, that if two or
Correspondents.
more bidders submit a bid for the same amount.
then the bonds will be awarded to the bidder
Private wire connections.
offering the highest price therefor upon an auction
for less than
Local and Long Distance Tele- at the same time and place. No bidbid not compar value will be considered. Any
phone Numbers.
plying with the terms ofthis notice will be rejected.
Each proposal must be enclosed in a sealed
envelope addressed to the undersigned Supervisor and marked on the outside "Proposal for
Bonds" and must be accompanued 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
Incorporated
credited upon the purchase price. Checks of
unsuccessful bidders will be returned on the award
Publishers
of the bonds. The successful bidder will be
128 Yvon! Bt., near
New York ONY required to pay the par value of said bonds and
the accrued interest thereon from May 1st, 1931.
Telephone
-John
to the date of delivery.
Dated Southampton, N. Y.
April 15th, 1931.
AUGUSTUS HILDRETH,
Supervisor.
**Security Dealers of North America"
Price $6
HERBERT D. SEIBERT & CO.
wan
057
J.
3212
[VOL. 132.
FINANCIAL CHRONICLE
ifinancial
:foreign
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
$2,000,000.00
$27,503,497.28
Capita,
Surplus and Undiv:ded Profits,
OTTOMAN
BANK
CAPITAL . . . . . £10,000,000
-UP CAPITAL . . £5,000,000
PAID
RESERVE . . . . . . 11,250,000
NEAR EAST: Istanbul (formerly Constantinople), Egypt, Palestine, Cyprus, Persia,
Syria, Salonica, Izmir, Tunis, Irak (in all
about 80 Branches).
LONDON; 26 Throgmorton Street, E. C. 2
Paris ,• 7 Rue Meyerbeer.
MANCHESTER; 56-60 Cross Street.
MARSEILLES; 38, Rue St. Ferreol.
January 1, 1931
This Company acts as Executor, Administrator, Trustee, Guardian, COMmittee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON , Chairman of the Board
CARL 0. SAYWARD, Asst. Vice-President
WILLIAM M. KINGSLEY, President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, 1st Vice-President
LLOYD A. WAUGH, Asst. Comptroller
FREDERIC W. ROBBERT, V.-Pres. & Comp. HENRY L. SMITHERS, Asst. Secretary
WILFRED J. WORCESTER, V.-Pres. Sc Secy. ELBERT B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice-President
ALBERT G. AT WELL, Asst. Secretary
HENRY E. SCHAPER, Asst. Secretary
ALTON S. KEELER, Vice-President
ROBERT S. OSBORNE, Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
GEORGE F. LEE, Asst. Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
frs.
frs.
frs.
Capital
Surplus
Deposits
318,760,000
200,000,000
6,129,431,000
Head Office
PARIS
723 Branches in France
TRUSTEES
WILLIAM M. KINGSLEY
LYMAN
CORNELIUS N. BLISS
JOHN J. PHELPS
WILLIAM VINCENT ASTOR
LEWIS CASS LEDYARD
JOHN SLOANE
EDWARD W. SHELDON
ARTHUR CURTISS JAMES FRANK L. POLK
THATCHER M. BROWN
FRANK
Banque Nationale de Credit
WILLIAMSON PELL
LEWIS CASS LEDYARD, JR
GEORGE P. BAKER, JR
WILSON M. POWELL
JOHN P. WILSON
GENERAL BANKING BUSINESS
.fforeig n
iforeign
Australia and New Zealand
NATIONAL BANK OF INDIA, LIMITED
NATIONAL BANK OF NEW ZEALAND Ltd.
BANK OF
NEW SOUTH WALES
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopagate, London, E. C.
Branches in India, Burma, Ceylon. Kenya
Colony and Aden and Zanzibar
£4,000,000
Subscribed Capital
£2,000,000
Paid-up Capital
.0,000,000
Reserve Fund
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
Head Office: 8 Moorgate, London, E.C. 2. LIM.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital-i2,000,000
Reserve Funds and
Undivided Profits_
C2,174,171
£4,174,171
The Bank receives Deposits at rates which
may be ascertained on application and condescription of Banking business
ducts every
connected with New Zealand.
Arthur Willis, Manager.
Hong Kong & Shanghai LINCOLN MENNY OPPENHEIMER
BANKING CORPORATION
594 BRANCHES and AGENCIES in tile
Australian States. New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Australasian Banking Mishima. Wool and other
Produce Credits arranged.
London Office:
Head Office:
29 Threadneedle
George Street,
§treet, E.C. 2
SYDNEY
Agents: Standard Bank of South Africa, Ltd.
New York
Bankers
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong Currency) 11850,000.000
Paid Up Capital (Hongkong Currency)...1.1320,000.000
£6,500,000
Received Fund In Sterling
Reserve Fund In Sliver (Hongkong Cur11310,000.000
rency)
Reserve Liability of Proprietors (Hong11320,000,000
kong Currency)
C. DE C. HUGHES, Agent
72 WALL STREET, NEW YORK
(ESTABLISHED 1817)
($5==./1)
$37,500,000
30,750,000
37,500,000
$105,750,000
Aggreate Assets 30th Sept., 1930_$446,141,892
A. C. DAVIDSON, General Manager
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
Frankfort o. M., Germany
Cable Address
Openhyrn"
The National City Bank of New York
Execute orders for purchase
and sale of Stocks and Bonds
Foreign Exchange
Head Office:56
Letters of Credit
WALL ST..
New
YORK.
U.S A
49 Branches in
Greater Nem York
FOREIGN BRANCHES
English; Scottish and Australian Bank, Ltd
Head Office, 5 Gracechurch St., London, E. C.
and 459 Branches & Agencies in Australia.
£5,000,000
Subscribed Capital
£3,000,000
Paid-up Capital
£2,000.000
Further Liability of Proprietors
.C3,160,000
Reserve Fund
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. NI. JANION. Manager.
Ernst Wertheimber & Co.
BANKERS
Frankfort o. M., Germany
Cablo Address: Ernstbank
Execution of all Stock Exchange
Orders
Specialists in German City Bonds
LONDON
ARGENTINA
BELGIUM
BRAZIL
CHILE
CHINA
COLOMBI n
PERU
CUBA
poRTO RICO
DOMINICAN
REPUBLIC OP
REPUBLIC
PANAMA
5TRAIT8
INDIA
ITALY
BETTLFAIENTS
CRUGUAY
JAPAN
MANCHURIA
YENZUELA
PHILIPPINE ISLANDS
MTEICO
The International Bashing Corporation
-55 Wall St., New York. U. S. A
Head Office
BRANCHES
LONDON
SAN FRANCISCO
MADRID
BARCELONA
And Representatives in Chinese Branches
The Mercantile Bank of India, Ltd. "Security Dealers of North Anerica"
A directory of Stock
and Bond Hou•es
Head Office
16 Gracechurch St., London, E. C. 3
Capital Authorized
Branches in India, Burmah,Ceylon. Straits Settlements. Federated Malay States, Siam. China and
Mauritius and Dutch East Indies. New York
Correspondents. Bank of Montreal. 64 Wall St.
Cotton Facts
Carry your message to
these readers at a moderate
cost through our advertising
columns.
Strong—Rugged—Dependable
£3,000,000
£1,050,000
Capital Paid Up
Reserve Fund & Undivided Profits_E1,646,506
HERBERT D. SEIBERT SE CO.
Publishers
126 Front St., Near Wall, New York City
Royal Bank of Scotland
Incorporated by Royal Charter 1727.
$ 16,812,210
Capital (fully paid)
$ 17,904,630
Reserve Fund
$251,935.400
Deposits
(35 to El)
Cs•C' ,
---.......- t.......dY0
ZOINC".—Pv--..0%nat
•
SECURITIES ENGRAVED
Over
200 Years of Commercial Banking
For Listing on All Stock Exchanges
Terms for the opening of Accounts furnished on
Application
c
COLUMBIAN BANK NOTE COMPANY
82 WALL STREET
5008. ASHLAND bLVO
NEW YORK
CHICAGO
PIRANCNEs IN PRINCIPAL CITIES
tuotoso—bevivie,..740Ce4.01
0—beftwei„.740
CHIEF FOREIGN DEPARTMENT
3 Bi•hopsgate, London, England.
HEAD OFFICE- EDINBURGH
General Manager, Sir A. K. Wright, K.B.D.D.L
Total number of offices. 243
@FedFRASER