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VOL. 130.
SATURDAY, APRIL 5 1930.
financial(Chromic
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New York City.
The Financial Situation.
The matter of brokers' loans is again coming
prominently into view, notwithstanding that
scarcely six months have elapsed since the stock
market's sad experience of last autumn, which, it
was supposed, had taught such a lesson that all fear
of a repetition of the experience could safely be dismissed for a long time to come. Yet these brokers'
loans are again increasing, and, unfortunately, too,
in a very disquieting way. Two sets of figures have
come to hand the present week, supplying information as to the course of these loans, and both testify
to the fact that expansion in this kind of borrowing
is once more furnishing occasion for concern, and
that the country is again facing the same problem
as before. One of these compilations is the monthly
statement of the Stock Exchange itself, and the
other the regular weekly return of the Federal Reserve Bank of New York, and it behooves every
thoughtful person to give pause and note what is
happening in that respect.
The showing is the same in both cases, but the
Stock Exchange figures are the more impressive,
NO.3380.
first because they deal with larger totals, the Stock
Exchange compilation being more comprehensive
and more inclusive, as has been so many times
pointed out in these columns, than the Federal Reserve returns, and, secondly, because they cover a
longer period of time, being for a full month, thus
affording a better idea of what is going on than the
Federal Reserve figures, which reflect the changes
merely for a single period of seven days. The Stock
Exchange figures this time cover the month of
March, and to those who have not seen them mentioned in the financial columns of the daily papers
we are sure they will prove an eye-opener as to what
is going on. The Stock Exchange figures show an
increase for the month of only a little less than half
a billion dollars, the exact amount of the increase
for the month having been $488,713,987. Let the
reader ponder well the significance of such a huge
addition in a single month. It had been known, of
course, that speculation was again in progress and
daily gaining headway, and that this involved extra
borrowing on Stock Exchange account, both because
of the rising volume of trading and the simultaneous
great advance in prices, but an addition in a single
month in borrowing of that description of almost
$500,000,000 is, in the vernacular of the day, certainly going it some.
During February also there had been some increase in this borrowing on behalf of the Stock Exchange, but it was much more moderate, amounting
to only $182,820,287, and being the first increase
after three months of most drastic shrinkage, it appeared like a natural rebound, which called for no
particular notice. As it is, the increase for February and March combined now reaches $671,534,274,
giving the expansion a decidedly serious aspect.
To be sure, even after this increase in the two
months, bringing Stock Exchange borrowing up to
$4,656,302,339, the amount falls away below the total
peak figure of $8,549,383,979 reached on Sept. 30
1929, but obviously at the rate of expansion which
occurred during March it would not take very long
to get back to the formidable total recorded at that
time and which proved the prelude to the awful collapse which followed.
The Federal Reserve statement is significant,
chiefly because while covering merely the usual week
ending Wednesday night (this time April 2), it is
two days later than the Stock Exchange statement
to the end of the month, on Mar. 31. Last week's
Federal Reserve statement, it will be recalled,
showed a small decrease in the amount of the loans,
namely, $21,000,000, but followed $352,000,000 increase in the three weeks preceding. Now, for the
present week,a new increase of $148,000,000 appears.
In other words, during the last five weeks the new
growth in these brokers' loans has been $479,000,000,
2280
FINANCIAL CHRONICLE
which is not materially different than the $488,713,987 increase shown by the Stock Exchange figures for the even month of March.
In seeking for the causes of this recrudescence of
the speculative spirit at a time of trade depression
and large-scale unemployment, we find easy money
and redundant bank credit as the controlling factor
in it. Easy money is a world-wide condition, just
as trade reaction and unemployment are world-wide.
New evidence to that effect has been furnished the
present week by the reduction in the discount rate
of the Bank of Switzerland from 3 % to 3%, this
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being the first time since Aug. 17 1922 that the Swiss
rate has ruled at so low a figure. In addition, the
Bank of Sweden on Wednesday cut its rate from
4% to 3/
12%, after having as recently as Mar. 6
marked it down from 41 2% to 4%. As it happens,
/
too, the Bank of India on Thursday marked its rate
down from 7% to 6%, though this does not possess
the significance of the other reductions, since it is
merely seasonal.
But while easy money is a world-wide condition
there is this difference between the ease in this country and that in the rest of the world, that while
abroad the ease is the result of natural, normal conditions, in this country the increase is being intensified and accentuated and aggravated by artificial
means. Our Federal Reserve Banks, and particularly the Federal Reserve Bank of New York, is the
cause of the trouble. While undertaking to copy
central bank methods abroad, our Reserve Banks
function in quite a different way. In the first place,
central bank rates abroad are almost invariably
held above the market rates, and this has the effect
of discouraging borrowing, because the operation
cannot be conducted with profit. In the case of our
Federal Reserve Banks, however, the rediscount
rates are almost always below open market rates,
thereby encouraging borrowing because of the profit
to be obtained from so doing. To be sure, in times
like these the member banks do not avail of the
opportunity, but as the experience of last year and
the year before so clearly showed, they do avail of
it with the utmost freedom when the speculation
spreads over the whole community and attains
dimensions where it can be depended on to absorb
any amount of extra funds no matter what their
magnitude.
In another particular our Reserve Banks also
function differently from the central banks of
Europe. If the member banks cannot be prevailed
upon to engage the facilities of Federal Reserve
institutions by direct borrowing, since trade is not
active enough and speculation not broad enough to
absorb any very large amount of extra banking
credit, the Reserve Banks proceed to force Reserve
credit out by their open market operations, either in
the purchase of United States Government securities
or by loading up with bankers' acceptances purchased in the open market. A conspicuous instance
of this kind was furnished in 1927 when the Reserve
Board forced a 3 % rediscount rate upon the whole
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12 Reserve Banks, against the violent protests of
some of them, and then when the member banks
could not be induced to borrow at the Reserve Banks,
since they could find no use for extra funds, the
Reserve Banks proceeded to thrust Reserve credit
out, putting it afloat through the purchase of United
States Government securities in huge amounts,
thereby starting the gigantic stock market specula-
[voL. 130.
tion which immediately got beyond control, continuing to spread until it eventuated in the stock
market catastrophe in the autumn of 1929. As indicating how far this policy was carried, it is only
necessary to say that from $253,896,000 May 11 1927
they increased their holdings of United States securities to $627,403,000 Jan. 4 1928, and from June 22
1927 to Jan. 4 1928 they ran up their acceptance
holdings from $183,217,000 to $387,131,000.
To-day they are again engaged in the same kind of
performances. In other words, they are putting out
Reserve credit by wholly arbitrary means. Proof
of this is found in the fact that their holdings of
United States Government securities at the present
time, according to this week's statement, are $530,389,000, whereas on April 3 last year they held only
$169,058,000 of United States Government securities.
They are also again adding to their holdings of bankers' acceptances purchased in the open market.
Their holdings of these acceptances on April 2 the
present year were $301,297,000, against $174,703,000
on April 3 1929. Of bills and securities combined,
they now hold $831,686,000 as against only $343,761,000 a year ago. Why have they thus extended
their holdings of bills and securities? The reason is
plain. The member banks, even though the discount
rate now is only 3 %, whereas in 1929 it was 5%,
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and later was raised to 6%, refuse to borrow simply
and solely because they have no use for the extra
credit facilities. Instead of increasing their indebtedness at the Reserve Banks, the member banks.
since the hectic speculation of last year disappeared
and no longer furnishes an outlet for such borrowings, have been reducing their borrowings at the
Reserve institutions. The member banks are to-day
—even after the present week's increase—borrowing
only $241,123,000 at the Reserve Banks, whereas
at the corresponding date last year they were borrowing no less than $1,029,852,000.
Instead of allowing this diminished borrowing to
have its normal natural effect in working a reduction in the amount of Reserve credit outstanding,
the Reserve Banks have proceeded to offset the reduction in the discount holdings by increasing their
purchases of United States Government securities
and their holdings of bankers' acceptances. In other
words, they are keeping Reserve credit outstanding,
literally thrusting it out, when it ought to go in
retirement until there is need for it in trade. When
it is not possible to find employment for extra banking credit in trade, it naturally flows into speculative channels. The outcome in 1927-1929 was the
greatest speculative debauch that the world has ever
witnessed. Speculation is ever to be guarded against
in this country, more so than in any other, because
our people are prone to speculate. To repeat the
folly of three years ago is to invite a similar menace.
A word deserves also to be added with reference to
another agency which serves on occasions to produce
artificial ease in our money market at certain
periods of the year. We have reference to the operations of the United States Government at the periods
of its quarterly financing in March, June, September
and December. Last month's financing of that description was the direct cause of the unnatural ease
in money which then developed, call money on the
Stock Exchange on two successive days loaning at
the absurdly low figure of 2%, and 10 successive
reductions in the rates for bankers' acceptances
being made, thereby carrying the rates for accept-
APRIL 5 1930.]
FINANCIAL CHRONICLE
2281
ceptances fell to the extraordinarily low figures
already mentioned. That is assuredly a most remarkable omission. Certainly these Government
deposits, which, as we showed in our remarks of
last week, reached in the case of the reporting member banks of the Federal Reserve System the huge
aggregate of $280,000,000 on Mar. 19 and would be
found to have been of still larger extent if we could
have figures covering the entire body of member
banks in the Federal Reserve System—certainly
this mass of Government deposits which came suddenly into existence on Mar. 15, when subscription
payments had to be made for the $483,841,000 new
issue of nine months' certificates of indebtedness
which the Secretary of the Treasury disposed of at
"But the operation of these more basic causes (of public sale only a few days before, cannot be treated
monetary ease) became confused in the second and
non-existent. Most assuredly it is no exaggerathird weeks of the month by Treasury tax period as
tion to say that this mass of Government deposits
operations. When the Treasury redeems its maturing obligations on the 15th of March, June, Sep- came suddenly into existence, inasmuch as these
tember, and December,this operation usually throws same reporting member banks showed absolutely no
into the money market a considerable amount of free Government deposits at the date of the previous
funds, for these Treasury disbursements precede the week's return of the Federal Reserve Banks, which
collection of income taxes and for an interval of a
few days the Treasury borrows from the Federal Re- was Mar. 12, or at the date of the return for the
serve Banks sums ranging from $100,000,000 to over preceding week, which was Mar. 5.
Even if we take it for granted, a not permissible
$200,000,000 on special one-day certificates of indebtedness. During the period when Treasury disburse- supposition, that the banks previously held the
ments exceed tax receipts and the gap is bridged by whole of these new Government deposits as private
this temporary borrowing, the money market re- deposits, yet the character of these deposits became
ceives from $100,000,000 to over $200,000,000 of free
funds. Under ordinary circumstances the member entirely changed when they were turned into Govbanks in principal centers are sufficiently in debt ernment deposits, since so long as the deposits were
at the Reserve Banks so that they employ the free merely ordinary deposits the banks were obliged
funds made available by the Treasury in the reduc- under the law to maintain reserves against the same
tion of their indebtedness for a few days. Thus, whereas against Government deposits they are not
ordinarily the Treasury operation has no considerobliged to hold any reserves. The effect thus is to
able effect on money rates.
"On this recent occasion, however, member banks ease the position of the member banks correspondin New York, Chicago and other principal centers ingly. The reserves which they previously held
were practically out Of debt at the Reserve Banks against the supposed private deposits are at once
when the Treasury put about $200,000,000 into the released and become available as a basis for a new
money market. A small part of this sum was ab- line of deposits. It is for that reason that we resorbed by dealers in acceptances to rebuy bills they
had sold to the New York Reserve Bank under repur- ferred to these suddenly created Government dechase agreement. But there was no means of absorb- posits as one of the main factors in the exceptional
ing the rest of the funds, and as a consequence many state of ease which developed at the time of the
banks found themselves in possession of excess funds slump in money rates referred to.
which they had no means of employing except by
The writer of the Federal Reserve "Monthly Rebuying acceptances and placing the funds in the call
market or some other short-time use. The result view" tells us that the real reason for the tumble
was so vigorous a demand for bills as to depress in money rates was that the United States Treasury
the rates rapidly from 31 8% on Mar. 14 to 21 2 on at income tax dates is always obliged to borrow at
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Mar. 20, and corresponding declines in rates took the Federal Reserve Banks to the extent of $100,place in other money markets.
000,000 to $200,000,000, and that when such borrow"The extreme ease in money rates continued for
ing is undertaken a corresponding amount of what
only a few days,for as the Treasury collected income
taxes, the excess funds were withdrawn from the he terms "free funds" are put at command of the
money market, and on Friday, Mar. 21, the member banks for the time being—that what happened was
banks in New York City found it necessary to borrow that $200,000,000 of these free funds were placed at
more than $100,000,000 to adjust their reserve command of the banks,for which, therefore, they had
position for the three-day period from Wednesday
to Friday. In the few days succeeding, the market to find employment, and that in seeking the kind of
readjusted itself to a more normal position, reflect- investments suitable for the purpose they found
ing the more basic tendencies of money conditions. themselves absorbing all the bankers' acceptances in
Bill rates rose to 2 % for 90-day maturities, and sight—that that, and that alone, was the cause of
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call money returned to an average of 31 2 to 4%. the money slump which has been so shrouded in
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The New York banks in a few days again paid off
most of their loans at the Reserve Bank, as Reserve mystery.
Even if we grant that the writer of the Federal
Bank bill holdings increased."
Reserve "Monthly Review" is correct in his hypotheWhat is particularly noteworthy in the above is sis the individual referred to would still be chargethat it makes absolutely no reference to the influ- able with having in his diagnosis presented only a
ence which the enormous Government deposits that partial picture of the actual situation in having enwere placed with the member banks at the time must tirely ignored the part played by the large Governhave had in creating the condition of extreme ease ment deposits in accentuating the ease in the money
which developed on Wednesday, Mar. 19, and Thurs- market. We would ourselves have to admit having
day, Mar. 20, when the call loan rate on the Stock presented only a partial picture in our discussion
Exchange dropped to 2% and rates for bankers' ac- of the subject if there were basis for the statement
ances for all maturities from 30 days to 120 days
down to the level of 2/ bid and 21 2% asked. It
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58%
was the extreme ease which then prevailed that
started the stock market again on a career of aggressive speculation which has been the feature of
the last two weeks. The speculation of the preceding
weeks, and which may be said to have been constantly in progress since the first of January, was
of much more subdued character. We gave our own
explanation of how the extreme ease on that occasion was brought about. A different explanation of
the operation is given in the "Monthly Review" of
the Federal Reserve Bank of New York just issued,
and we reproduce it here:
2282
FINANCIAL CHRONICLE
Folk 180.
that there were on Mar. 19 and Mar. 20 $200,000,000 member banks in New York City made for their own
of "free funds" at the disposal of the money market, account. These have risen from $1,424,000,000 Mar.
because of the existence of a $200,000,000 credit 26 to $1,547,000,000 April 2, and it is well enough
established with the Federal Reserve Banks through to point out that this latter figure compares with
Treasury borrowing. Certainly in that event we only $1,021,000,000 a year ago on April 3 1929, showought to have given greater prominence to the fact ing an increase of fully 50%. In the loans for acof Treasury borrowing than we actually did. We count of out-of-town banks there has been a decrease
ought to have said that this $200,000,000 of "free during the week from $1,118,000,000 to $1,104,funds" obtained at the Reserve Banks by the United 000,000, and this latter compares with $1,652,000,000
States Treasury plus the $280,000,000 of new Gov- 12 months ago, on April 3 1929. In the loans for
ernment deposits—not the one alone, but the two account of others there is also this time a small incombined—had been the agencies responsible for crease, the total during the week having risen from
the extraordinary ease which then developed.
$1,278,000,000 to $1,316,000,000, but a year ago the
The truth is, however, we could find no figures amount of these loans "for account of others"
stood
whatever to sustain such a view. The volume of at $2,889,000,000. As previously explained, the
reaReserve credit had actually been reduced very sub- son for the great shrinkage under these two
last
• stantially during the week ending Wednesday, Mar. mentioned heads is that with call loans ruling
at
19, instead of having increased in amount of $200,- such extremely low figures as now prevail there
is
000,000, as claimed by the writer of the "Monthly no inducement for large capitalists to indulge in
Review." The Federal Reserve statement for Mar. direct lending on the Stock Exchange, nor for out-of19 showed that the Treasury was borrowing, not town institutions to send their funds here for invest$200,000,000 at the Federal Reserve Banks at that ment in the New York call loan market.
particular date, but only $29,000,000. This same
As to the condition of the Reserve Banks themReserve statement also showed that the discount selves, the feature this week is an increase
in the
holdings of the 12 Reserve institutions had in the amount of Reserve credit outstanding under each
week ending Mar. 19 been reduced in the amount of one of the leading heads. The discount holdings,
re$60,704,000, that their acceptances in the same week flecting member bank borrowing, have risen during
had been drawn down in amount of $71,521,000, the week from $206,829,000 to $241,123,000, the acmaking a reduction of $132,225,000, under these two ceptance holdings have increased from $256,482,
000
headings combined, and that as against this loss of to $301,297,000, and the holdings of United States
Reserve credit to the market the only offsets were Government securities are also somewhat larger,
the $29,000,000 temporary certificates purchased being this week $530,389,000 against
$528,999,000
from the United States Government, along with last week. Accordingly, total bill and
security hold$26,326,000 of other Treasury securities purchased ings are $1,081,589,000 this week against
$1,001,during the same week. In brief, then, total bill and 090,000 last week, showing that the amount
of Resecurity holdings, far from having increased in serve credit outstanding has increased
$80,499,000
amount of $100,000,000 to $200,000,000 by the "free during the week.
funds" obtained at the Federal Reserve Banks, had,
in reality, been reduced in amount of $88,199,000.
Insolvencies in the United States continue someThat this is a correct calculation and sets out the what in excess of the seasonal average,
while the
situation accurately appears from the statement in liabilities are also heavy, as they have been for
each
the above excerpt to the effect that the banks in the of the two preceding months this year. The records
New York Federal Reserve District found themselves of R. G. Dun & Co. show 2,347 mercantile
defaults
obliged only two days later—that is, on Friday, in the months just closed for $56,846,015 of indebtMar. 21—to borrow "over $100,000,000" at the Fed- edness. These figures for March compare with
2,262
eral Reserve Bank to adjust their reserve position— failures in February involving $51,326,365, and
1,987
something of which no one previously had had any in March of last year for $36,355,691. The increase
knowledge. Meanwhile the reality of the Govern- in the number of defaults in March over a
year ago
ment deposits which the writer in the Federal Re- was 18.1%, while in February there was an increase
serve monthly has completely ignored is being made of 15.6%. Insolvencies for the month just closed
apparent two or three times a week in calls upon the were also more numerous than in the
preceding
banks to pay over to the Treasury some of the de- month by 3.8% in March of last year, the
increase
posits. The present week there have been two such over February was only 1.1%.
notices. In accordance with instructions from
Some increase in March over February occurs in
Ogden L. Mills the depositary banks were notified practically every year. In March 1922 there
were
on Tuesday that they would have to pay over 2,463 mercantile defaults involving $71,608,192
of
$28,053,100 on Friday, and yesterday they were noti- indebtedness, the number being the highest
on record
fied that they would have to pay over next Tuesday for that month. Next to March 1922 comes March
of
$35,456,100.
this year—in fact, for each of the first three months
of 1930 the number of commercial failures in the
In the preceding we have made a number of allu- United States was second only to those of 1922.
sions to the character of this week's returns of
The total for these three months this year was
the Federal Reserve Banks. Dealing now specifi- 7,368, with liabilities of $169,357,551, comparin
g
cally with the figures, it has already been indicated with 6,487 similar defaults in the correspon
ding
that brokers' loans for the week show a further in- period of 1929 involving $124,268,608. The increase
crease of $148,000,000, and that this comes after in number for this year to date is 13.6%, and for
the
$21,000,000 decrease in the previous week, but fol- liabilities 36.6%. The comparison for
March, as
lows $352,000,000 expansion in the three weeks pre- shown above, is somewhat less favorable than
apceding. As in other recent weeks, the bulk of the pears for the quarterly return. Only in the
first
increase is found in the loans which the reporting quarter of 1922 was the number of business
failures
APRIL 5 1930.]
FINANCIAL CHRONICLE
2283
for that period larger than is shown this year. In reaction under the influence of which some sharp
the first quarter of 1928 and 1915, however, this declines in prices occurred. As prices fell the volyear's figures were very closely approached. Mak- ume of business also declined, and the day's transing allowance for the increase during this time in actions, though still heavy, did not quite get up to
the number of concerns in business, the ratio of in- 5,000,000.
One factor no doubt served to bring about a reacsolvencies is now below what it was both for 1922
and 1915.
tion on Thursday. This was the publication of the
The increase in last month's record of failures Stock Exchange figures of brokers' loans for the
over a year ago applies to all three classes of busi- month of March, showing an expansion of $488,ness into which this report is separated. Thus,there 713,987 in the total of the brokers' loans for the
were 621 manufacturing defaults in March this year month. The publication after the close of business
against 512 a year ago; 1,587 trading failures com- on Thursday of the Federal Reserve figures of brokpared with 1,349 last year, and 139 insolvencies of ers' loans for the week ending Wednesday night, also
agents and brokers against 126 in March 1929. Like- showing a large increase ($148,000,000), exerted a
wise, as to liabilities. The amount shown for manu- similar adverse influence at the opening of the marfacturing defaults last month was $19,413,521, com- ket on Friday, with the result of carrying the decline
pared with $15,000,572 in March of last year; for in prices still further, but in the afternoon the uptrading failures $24,293,438 against $17,190,437 a ward movement was not only resumed but the maryear ago, and $13,139,056 for agents and brokers com- ket actually took on a runaway character. Call
pared with $4,164,682 in March 1929.
money on the Stock Exchange became a little firmer,
In the manufacturing division, nine of the 14 •but the rate never got above 4%. With large supclasses into which the report is separated show an plies of funds available at this figure the trading
increase in this year's record. This increase was element was enabled to conduct large-scale operalargely in lumber lines; in the clothing division, for tions for higher prices with great freedom.
Trading kept steadily expanding until the reaction
hats, furs and gloves, in machinery, for chemicals,
and in earthenware, the latter including bricks, &c. of Thursday, when the volume diminished somewhat,
There were also some failures in the textile lines. but reached the heaviest total of the year on Friday.
For the iron manufacturing section, a reduction ap- At the half-day session on Saturday the dealings on
pears for March this year; also, for the printing the New York Stock Exchange were 2,791,170
shares; on Monday the sales were 5,161,320 shares;
trades and for baking.
In the trading section nine of the 14 leading on Tuesday, 5,395,170 shares; on Wednesday,
classes also make a less favorable showing for March 5,312,660 shares; on Thursday, 4,633,610 shares, and
this year than a year ago. The clothing class leads on Friday 5,931,610 shares. On the New York Curb
all the others in this respect, there being a consid- Exchange the sales last Saturday were 979,600
erable increase in the number of defaults in that shares; on Monday, 1,768,600 shares; on Tuesday,
line for last month, and also heavier liabilities. For 1,452,900 shares; on Wednesday, 1,604,100 shares;
general stores more failures occurred this year than on Thursday, 1,304,900 shares, and on Friday,
last; also, in the dry goods section, for dealers in 1,580,600 shares.
In spite of Thursday's reaction, the record is one of
shoes, in furniture and household goods, for hardware, jewelers, books and stationery, drugs, and quite general further advances. General Electric
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paints and oils. Again in the month just closed closed yesterday at92 against83 onFriday oflast
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there is a reduction in the number of defaults in week; Electric Power & Light at 9434 against 9278;
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the grocery line; also among hotels and restau- United Corp. at 4638 against 42%; Brooklyn Union
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rants. Several large financial defaults, other than Gas at 167 against 16814; North American at 128%
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banks, added to the indebtedness for March in the against 12378; American Water Works at 114%
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division embracing agents and brokers.
against 1111 2;Pacific Gas & Electric at 70% against
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An increase in the number of large failures in 7178; Standard Gas & Elec. at 11934 against 115;
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March accounts for the heavier liabilities in that Consolidated Gas of N. Y. at 127% against 12434;
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month, just as it did in January and February. Columbia Gas & Elec. on Mar. 31 paid a stock diviThere were in all 78 defaults in the month just closed dent of 25% in common stock on the common stock;
for $28,189,698 of indebtedness, the liabilities in it closed at 83 against 98%;International Harvester
each case being $100,000 or more. For March of closed at 96% on Friday against 92% the previous
last year the corresponding figures were 70 failures, Friday; Sears, Roebuck & Co. at 87 against 83%;
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4
involving $13,899,930 of liabilities. Included in the Montgomery Ward & Co. at 40 against 361 8; Wool/
report for March this year were 36 of these larger worth at 6334 against 6178; Safeway Stores at 100
/
/
failures among manufacturing concerns for $10,- against 9514; Western Union Telegraph at 1901 2
/
/
217,908; 30 similar trading defaults involving against 1851 2; Amer. Tel. & Tel. at 267 against
/
/
1
2
$6,814,413, and 12 of agents and brokers, with total 2571 Int. Tel. & Tel. at 69% against 641 8; Amer%;
/
liabilities of $11,157,377.
ican Can at 14934 against 151; United States Indus/
trial Alcohol at 104% against 102%; Commercial
It has been an active and buoyant stock market Solvents at 35 against 361 Corn Products at 99%
%;
this week. The buoyancy has been contagious and ex-div. against 101; Shattuck & Co. at 49% against
the market kept steadily gaining momentum. Trad- 45%; Columbia Graphophone at 3078 against 2658
/
/
.
Allied Chemical & Dye closed yesterday at 3101 2
ing has been very large in volume and transactions
/
on Monday, Tuesday and Wednesday each day ex- against 295 on Friday of last week; Davison Chem/
ceeded 5,000,000 shares, and on Friday closely ap- ical at 40% against 411 2; E. I. du Pont de Nemours
proached 6,000,000 shares. All through the week at 139% against 140%; Radio Corp. at 611 4 against
/
there has been a great deal of selling to realize 51; National Cash Register at 66 against 67%; Fox
profits, and such selling was always well absorbed; Film A at 39% against 32%; International Combus/
%;
on Thursday, however, it led to a pretty general tion Engineering at 1234 against 121 International
2284
FINANCIAL CHRONICLE
Nickel at 43 against 41%; A. M. Byers at 101%
/
1
4
against 105%; Simmons & Co. at 52 against 4534;
/
1
4
Timken Roller Bearing at 85 against 86; Warner
/
Pictures at 7514 against 80%; Mack Trucks
Bros.
/
at 85% against 8714; Yellow Truck & Coach at 27
against 27; Johns-Manville at 133 against 126%;
/
/
Gillette Safety Razor at 8878 against 8678; National
/
1
4
Dairy Products at 55 against 50%; National Bel/
las Hess at 11% against 1258; Associated Dry Goods
/
at 45% against 4478; Lambert Co. at 110% against
111; Texas Gulf Sulphur at 64 against 651 8 and
/,
Kolster Radio at 43 against 5%.
/
4
The steel shares have encountered considerable
realizing sales. United States Steel closed yesterday at 195% against 192% on Friday of last week;
Bethlehem Steel at 107% against 105%, and Republic Iron & Steel at 80 against 76%. The motor
stocks show irregular changes. General Motors
/
1
4
closed yesterday at 50 against 50 on Friday of last
week; Nash Motors at 48% against 47%; Chrysler
at 3834 against 39%; Packard Motors at 2218/
/
against 2278; Hudson Motor Car at 5518 against 57,
/
/
and Hupp Motors at 25% against 251 8 The rubber
/
.
stocks are also again irregularly changed. Goodyear Rubber & Tire closed yesterday at 92% against
92% on Friday of last week; B. F. Goodrich at 54%
/
against 5514; United States Rubber at 33 against
301 8 and the preferred at 62% against 59.
/,
The railroad list has been quiet. Pennsylvania
RR. closed yesterday at 85 against 843 on Friday
4
of last week; New York Central at 188 against
18918; Erie RR. at 591/s against 6012; Del. & Hud/
/
son at 178% against 17814; Baltimore & Ohio at 121
/
against 120%; New Haven at 12614 against 126%;
/
Union Pacific at 239% against 238; Southern Pocific
/
at 12378 against 124; Missouri Pacific at 94%
against 947
/s; St. Louis-San Francisco at 117%
against 118; Missouri-Kansas-Texas at 631 4 against
/
62%; Rock Island at 122 against 124; Great Northern at 100 against 100%, and Northern Pacific at 93
against 9614
/
.
The oil shares have continued to manifest much
strength. Standard Oil of N. J. closed yesterday
at 76% against 72' 8 on Friday of last week; Simms
/
7
Petroleum at 33 against 33%; Skelly Oil at 40
/
1
4
against 34%; Atlantic Refining at 4918 against
/
47 8; Texas Corporation at 58% against 58;
/
7
Pan American B at 55% against 55 bid; Phillips Petroleum at 39% against 38 ; Richfield
/
1
4
Oil at 263 against 2618; Standard Oil of N. Y. at
4
/
/s
371 against 35%,and Pure Oil at 2514 against 24%.
/
The copper shares have also held up well. Anaconda Copper closed yesterday at 78 against 7778
/
on Friday of last week; Kennecott Copper at 58
against 59%; Calumet & Hecla at 29 against 291 8;
/
Andes Copper at 34% against 35; Inspiration Copper at 291 2 against 283 ; Calumet & Arizona at
/
/
4
78% against 83%; Granby Consolidated Copper at
58% against 58%; American Smelting & Refining
at 76 against 7534, and U. S. Smelting & Refining
at 33 against 35%.
Stock exchanges in the important European financial centers have been quiet and irregular this week,
with the Continental markets manifesting a slightly
better tone than the London Stock Exchange. There
have been important developments in all markets,
but on the whole most attention has again been paid
to the course of money rates. Notwithstanding the
low charges now prevalent and the numerous reduc-
[vol.. 130.
tions in discount rates of central banking institutions,
discussion centered on the likelihood of a further
lowering of bank rates. This was particularly true
at London, where open market rates are much under
the Bank of England rate. London is of the opinion,
however, according to current dispatches, that any
further downward movement in official discount
rates in Europe can only follow action at New York.
That the market position at London has been much
improved in recent weeks was indicated by increasing activity in new securities. Recent issues have met
with good reception and in many instances small
premiums have been established, while underwriters
have been relieved of much stock left on their hands
earlier this year. This improvement has been offset
to a degree by the likelihood of increased taxation,
owing to a budgetary deficit of £14,000,000 for the
British fiscal year ended March 31. One development which was accepted with satisfaction on all
markets was the ratification of the Young plan by
the French Chamber of Deputies early in the week,
making full legal application of the new scheme a
matter of only a few weeks more. The Berlin market has been upset by the Cabinet crisis, but recovery followed when the new ministry was sustained
by the Reichstag.
Mixed conditions prevailed on the London Stock
Exchange in the first session of the week, with giltedged securities soft while British industrials were
firm. The ease in the gilt-edged list was occasioned
by slight hardening of money rates in connection
with end-of-quarter demands. International issues
were active and strong. Further irregularity followed Tuesday, with gilt-edged stocks again under
pressure, while international favorites continued
their advance. Rhodesian copper stocks improved
on substantial buying which was attributed largely
to American sources. Developments Wednesday
were featured by a sharp rise in electrical equipment
shares, and this also was considered due to American
buying. Gilt-edged securities were uneven, with
most issues again soft. The market otherwise was
irregular, with some strong spots in the industrial
and oil sections, but with British rails lower. Less
optimistic overnight reports from New York caused
reaction in international issues Thursday. The market also was subdued otherwise, owing to maintenance of the Bank rate. Gilt-edged securities were
strong at the opening, but interest waned after the
Bank rate decision was made known. Prices sagged
in all departments at London yesterday, with giltedged issues leading the decline.
Prices on the Paris Bourse were marked upward
in Monday's session, largely on the basis of extreme
easiness in money which permitted month-end settlements at the unprecedented rate of 1
/
1
4%. Optimism
was general, owing to improvement in the domestic
political situation, ratification of the Young plan
bY the Chamber and steady progress toward adoption
of the budget. Bank shares and numerous industrial
stocks were actively bought and prices progressed
from the first hour to the last. Further buying developed Tuesday, owing to the extremely easy settlement, and trading at times was animated. Nearly
every department of the market benefited from the
day's transactions, reports said. Trading diminished a little on the Bourse Wednesday, and prices
also were more uncertain as profit-taking appeared.
Orders from the provinces and from foreign points
increased and offset this selling to a degree. Irreg-
APRIL 5 1930.]
FINANCIAL CHRONICLE
2285
ular conditions again prevailed Thursday, with standing the "authoritative denial" that any change
prices of most shares off a little, although some in the American attitude had taken place. It was
issues continued to rise. Unfavorable reports of the made clear in Washington reports that the new turn
trend at New York contributed to the unsettlement. of affairs ran directly counter to the position of the
The upward trend was resumed yesterday, with Administration as previously outlined. The silence
in Washington on this point finally gave rise to
prices firm in most sections.
Trading on the Berlin Boerse was characterized reports that President Hoover did not approve the
in the opening session by numerous short upward consultative pact suggestion. In order to allay such
and downward movements, but the general tendency disquieting rumors, President Hoover formally and
was toward firmness. The uncertainty was attrib- publicly approved,last Saturday,the statementissued
uted mainly to the Cabinet crisis, as numerous by the American delegation in London. The aprumors of the new Government's difficulties were proval was given indirectly, in a statement issued
circulated. The Boerse was again uneasy Tuesday, by Joseph P. Cotton, Acting Secretary of State.
but sharp advances in a few issues gave the market "There are no differences of view between the Presitone. Brewery stocks were favored on the basis dent and our delegation in London," the statement
of lower costs of raw materials, while automobile said. "The delegation has always had, and now has,
issues also improved. Increasing expectations that his unqualified support and authority. The delegathe new Cabinet would find a Parliamentary ma- tion is in London patiently to explore every suggesjority were reflected bY general firmness on the tion made and every possibility that leads to the
Boerse Wednesday. Brewery stocks were again great purpose of the conference; that is, the reducactively accumulated, but substantial gains also tion and limitation of naval arms and the preservawere recorded in electrical issues and in the banking, tion of the peace of the world. It is the high hope
mining and potash sections. Some uneasiness was that a plan for so doing can be evolved which will
apparent Thursday morning, but when news reached meet with the approval of the American people and
the market that the new Cabinet had been sustained will be consonant with our traditional policies and
the tendency changed and most issues regained their ideals."
No amplification of this statement was obtainable
early losses. Brewery issues continued their
advance. The advance at Berlin was continued yes- in Washington, a dispatch to the New York "Times"
said, but it was noted that Mr. Cotton conferred with
terday.
President Hoover for some time before it was issued.
Indications this week have been that progress was "As interpreted here," the "Times" dispatch said,
being made at the five-power naval armaments con- "the statement means that the President, while he
ference at London, largely on the basis of the tenta- may have been surprised over the character of the
tive capitulation by Britain and America to the midnight utterance of his armament conference deleFrench demand for political agreements in return gates, has expressed no disagreement with their view
for any downward revision of the French program and wishes it understool that he is standing by
for 724,000 tons of naval vessels by 1936. The them and has every confidence in their ability to
opinion that an agreement among all the delegations handle the situation produced by the effort to bring
represented will result from the conference was at this Government into a treaty agreement which
first strengthened by this development, but, on the would obligate it to consult with other powers should
other hand, much popular sentiment against con- international differences threaten world peace." It
sultative or security pacts has been expressed both was suggested that a formula would be sought in
in Britain and America, and it remains a broad London which would permit this Government to give
question whether the necessary parliamentary rati- the required assurance without violating apprehenfication will be forthcoming for a naval limitation sions of those anxious to preserve the American
agreement involving such treaties. A further long tradition of avoiding foreign entanglements. Such
forward step was taken this week when the Japanese a pact, moreover, was considered in the near backdelegation announced acceptance by the Tokio Gov- ground. "It appears to be necessary first," the
ernment of the compromise proposal suggested two "Times" dispatch remarked, "to establish whether
weeks ago for settlement of the divergent views on Great Britain and France can agree upon a treaty
Japan's ratio of British or American strength in which will be acceptable to France as giving her
cruisers and auxiliary craft. Some reservations the additional security which she insists is needed
were made by the Tokio Government, but these are to justify her in making reductions in her claims
not considered of a nature to prevent agreement. to naval strength." Authoritative indications were
A three-power treatY is therefore considered assured, given in London at the same time that President
while a five-power treaty is thought possible. One Hoover and the American delegation are in accord
of the main obstacles to a five-power treaty remains, on all questions.
however. This is the definite determination of the
The joint efforts of the French and British deleItalian delegation to secure theoretical parity in
naval strength with any other Continental power, gations on the question of a security pact began to
and the equally definite desire of the French to avoid be directed last week toward the devising of a formula which would define the duties of League of
the concession of parity to Italy.
The confusion that existed last week in regard to Nations members. under Article XVI of the Covethe American position on consultative pacts was but nant. This article binds League members to sever
slowly cleared up. The official statement issued at economic relations with an aggressor nation, but
London that the American delegation would consider the British Government has consistently refused
the question of consultative agreements "with an to consider it mandatory as regards naval or milientirely open mind" was recognized immediately tary sanctions. "A plan is sought by the diplomats
as a complete revision of Secretary Stimson's former of the two countries," a report to the New York
emphatic opposition to political agreements, notwith- "Times" explained, "which may be presented to the
2286
FINANCIAL CHRONICLE
[VoL. 130.
British public as not representing new commitments turns one down, M. Briand has another suggestion
for England, and to the French public as represent- to put forward." Secretary Stimson, accompanied
ing a reinforcement of peace. From some points of by Ambassador Morrow, called on both M. Briand
view it does appear similar to the problem of squar- and Mr. MacDonald late Monday, for the purpose,
ing the circle, but it is believed the willingness of it was understood, of expressing their hope that a
the United States to enter a consultative pact may five-power treaty would be written by the conference.
remove some of the British uneasiness previously "They are said to have stated that in their opinion
shown toward efforts to construe Article XVI in a an accord between the French and the British would
more definite fashion." Conversations also were greatly facilitate that accomplishment," a "Times"
carried on over the last week-end by the British and dispatch said. "Rightly or wrongly, the American
Italian delegations in an effort to find some solution intervention was interpreted in both British and
of the Franco-Italian parity question, Prime Minis- French quarters as meaning that if France's security
ter MacDonald using his good offices as Chairman of demands were met by an agreement with the British,
the conference to this end. Reports of last Sunday and France as a result reduced her naval figures,
indicated, however, that little progress had been the United States delegation would then be willing to
made in this project. Dino Grandi, Foreign Minis- give careful consideration to a suggestion for a conter of Italy, was again understood to have suggested sultative pact if that suggestion were made on the
adjournment of the conference for a few months in basis that such a pact would promote the prospects
the expectation that discussions in the interim of a successful five-power naval limitation treaty."
would enable the powers to resume the parley with A further development reported Monday was a sugbetter prospects of success.
gestion by Foreign Minister Grandi of Italy that the
The likelihood of an agreement between Britain French and Italians should adjourn their problems
and France on an interpretation of Article XVI for future discussion, leaving America, England and
appeared remote early this week, and hopes for a Japan free to frame a tripartite treaty. Some sigfive-power treaty were correspondingly dampened. nificance also was attached to an order by Secretary
The Article provides in the first paragraph that any Adams instructing three of the naval experts atnation which goes to war without resorting to all its tached to the American delegation to return to this
obligations under Articles XII, XIII and XIV shall country. Four others, however, are expected to
be considered ipso facto to have committed an act remain to the end of the conference.
of war against all other members of the League,
A much brighter tone resulted Tuesday, when it
involving as a necessarY consequence the severance became known that Foreign Minister Briand and
of economic relations with the offender. The second Foreign Secretary Henderson had reached agreeparagraph provides that the Council shall recom- ment on an interpretation of Article XVI of the
mend what military and naval steps the different League Covenant. The formula, which was not dismembers shall take against the aggressor. Britain closed, was telegraphed to Premier Tardieu at Paris
has taken the position that, since the Council only for approval. A further complication was revealed,
recommends, the individual members are not bound however, in a dispatch to the New York "Times"
to use military force against an aggressor, but may from Edwin L. James, European representative of
reject the recommendations of the Council. "What that journal. "There remains," said Mr. James,"the
M. Briand asks," a London report of last Sunday French demand for British agreement that, as beto the. New York "Times" said, "is that Britain tween the two nations, there be here and now an
agree that if the Council recommends military or acceptance of the jurists' recommendations for acnaval action, Britain will take it. Inasmuch as in commodation of the Covenant of the League with
such a case the Council could act only by unanimity, the Kellogg pact. This is to be considered by M.
with the exception of the parties involved in the con- Briand and Mr.Henderson at a further meeting, and
flict, the French hold that England would not be it is confidently expected that they will reach an
shouldering new commitments of a military nature agreement." It was suggested, moreover, that forto any great extent, since England is a permanent mal agreement between the British and French will
member of the Council and thus can control the open the way to a formal request that the American
Council's decisions." The British spokesman re- delegation join in a consultative pact among the five
ceived press correspondents at 10 Downing Street nations represented at London.
late last 'Sunday and explained that Britain "is
That the conference will become increasingly comanxious to do everything she can for peace and for plicated as a result of the political agreement was
the improvement of the machinery for keeping peace indicated in a dispatch of Wednesday to the New
and thus giving security against war." Further York "Times." "The French delegation let it be
military or naval commitments were nevertheless known," the report said, "that if a political agreedescribed as impossible, for that, the spokesman ment between Britain and France is reached, insaid,"would be tantamount to tying ourselves down creasing the provisions for international security,
to military operations without being able to control the French will propose that the naval figures of all
the situation from which they have arisen. No Brit- five powers be reduced from existing programs."
ish Government could undertake such commitments, The comment was added that the new French move
which would be contrary to the whole feeling of the is intended as an answer to the vital question, due
to be put to M. Briand if a political accord is
British people."
Although little progress was made in this matter reached, as to how much France will cut from her
Monday, Prime Minister MacDonald announced in naval program. The French argument will be, it
the House of Commons that the conference was still was said, that since everyone's security is increased,
endeavoring to arrange a five-power agreement. everyone's naval needs are lessened. Meanwhile, it
"The French seem to have an endless supply of was considered probable that the negotiations on poformulae," a dispatch to the New York "Times" re- litical agreements will extend into next week. With
marked, "and apparently as fast as Mi.. MacDonald this project under active consideration, announce-
APRIL 5 1930.]
FINANCIAL CHRONICLE
2287
ment was made Wednesday of the indefinite post- mula, prospects for a five-power treaty were sharply
ponement of a plenary session of the gathering, diminished by developments in connection with the
Italian demand for parity with the strongest Contiarranged late last week for April 4.
nental power, specifically with France. Foreign
on all occasions
Uncertainty regarding the reaction of the Tokio Minister Grandi has firmly declined
of parity with France, a London
Government to the compromise proposals arranged to shelve the issue
said. "Changing
by Senator Reed and Mr. Matsudaira several weeks dispatch to the New York "Times"
from a passive to an active role," the report conago was dispelled this week by official acceptance
Minister
of the suggestions. The compromise was designed tinued, "Signor Grandi called on Prime
MacDonald as Chairman of the conference to-day
to overcome the Japanese demand for a 70% ratio
of British or American strength in 10,000-ton cruisers and informed him that unless France recognized the
and auxiliary craft, as compared to the 60% accepted principle of Italian parity with her navy there would
by Japan on battleships and aircraft carriers in the be no five-power treaty made here. He added that
gave him
Washington conference. Much importance attached his instructions from Premier Mussolini
compromising." The Italian Minister,
to the Japanese demands, owing to the disparity in no room for
10,000-ton cruiser strength provided for between moreover, indicated clearly that his delegation did
the
Britain and America, Mr. MacDonald accepting a not favor the political negotiations between
French and English looking toward an interpretasmaller total of such vessels in return for a larger
"It is
tonnage of smaller cruisers. Agreement with Japan tion of Article XVI of the League Covenant.
strength understood," the "Times" dispatch added,"that Sigon a 70% basis would have brought Tokio's
in large cruisers close to the British strength—an nor Grandi also informed Mr. MacDonald that unless
arrangement that would have proved unsatisfactory France agreed to Italian parity there would be no
to England. In the conversations between Mr. Reed use of the Italian delegation remaining in London
and Mr. Matsudaira agreement was suggested on a any longer." Moreover, no wavering was reported
60% ratio of large cruisers, with compensating con- in the French attitude that the double coastline of
cessions in other classes of naval craft. Former Pre- France on the Atlantic and the Mediterranean and
mier Wakatsuki forwarded the compromise proposal the extensive colonial empire of the country required
to Tokio for consideration, with his own recommen- a larger navy than the Italian fleet. A four-power
treaty is unlikely, the "Times" report added, as the
dation for its acceptance.
Although prompt agreement by Tokio was at first Italians sent to the French delegation a written
expected, reports from the Japanese capital soon communication stating that Italy would regard it
made it clear that difficulty was being encountered as a friendly act if no agreement were reached in
owing to the determined opposition of powerful London between the French and Italians. "Signor
naval advisers. Early this week, however, a favor- Grandi means that Italy would regard it as an unable reply was approved by the Japanese Cabinet friendly act on the part of France should she take
and sanctioned by the Emperor. The proposal is part in a four-power treaty," the report said. Some
based on tonnages for auxiliary classes of 526,200 clarification of the situation is hoped for in the
for America; 541,700 for Britain, and 367,050 for coming week. British and French delegates con-inch guns, a tinued their discussions yesterday on a security pact,
Japan. On the large cruisers with 8
60% ratio is accepted by Japan, but in smaller but hopes for a five-power treaty waned rapidly.
sail
cruisers and destroyers the ratio is larger, while The American delegates arranged tentatively to
on the Leviathan April 22.
parity among all three countries is proposed in submarines. Several important reservations were made
Ratification of the Young plan of German reparaby the Japanese delegation in announcing their acThese relate to the construction of 10,000- tions payments was voted by the French Chamber
ceptance.
ton cruisers after 1935 on the understanding that of Deputies late last Saturday by 530 ballots against
the treaty now under negotiation would run to 1936 55. This vote was taken on Article 1 in the Young
only, and to earlier replacement of submarines. In plan bill presented by the Government, which authoragreeing to make the proposal the basis for a treaty, izes the President of the Republic to ratify The
the Japanese delegation stated: "The Japanese Hague protocol. Other articles providing for moGovernment has also in mind the fact that the treaty bilization of the annuities, exemption of reparations
to be concluded will be in force for us to the end bonds from taxation and for the payment of French
of 1936, and that as to the arrangements thereafter receipts under the plan direct into the national
all the nations concerned will be free to claim all sinking fund were adopted thereafter without a
they deem necessary and Japan will naturally be record vote. The debate in the Chamber on the bill
in a position to maintain a claim which she con- was a long one, and Premier Tardieu intervened a
siders necessary from the point of view of national dozen times. In order to satisfy the Left party depudefense." Official announcement was made at the ties, Premier Tardieu made it clear over and over
American headquarters Thursday that the Amer- again that in no case could there ever again be
icans, British and Japanese are in full accord, only occupation of the Rhineland with non-payment of
a few minor points remaining to be settled. A num- reparations as an excuse. The Premier declared,
ber of optimistic expressions were thereupon made however, at the start of the debate that in the event
regarding the likelihood of successful termination of of The Hague Court declaring that there had been
the conference, Secretary Stimson predicting that voluntary refusal on the part of Germany to execute
a five-power treaty will be made. It was generally the conditions of the Young plan, each creditor counconsidered that the conference will terminate late try would be free to take whatever action it deemed
necessary or advisable. The point was made, on the
this month.
Thurs- other hand, that the action taken in such an event
Although some progress was again reported
day in the efforts of the British and French delega- must be within the terms of the League Covenant
tions to find a mutually satisfactory security for- and the Kellogg-Briand pact, which expressly for-
2288
FINANCIAL CHRONICLE
bids war as an instrument of national policy. After
this favorable action by the Chamber, consideration
of the bill was begun by the Senate, which is expected
to approve the legislation by the end of this week
at the latest. Ratification by Britain, Italy and
Belgium is expected to follow almost immediately,
and the way will then be cleared for formal organization of the Bank for International Settlements and
full legal operation of the new plan.
[Von. 130.
Ireland's first Government crisis in almost eight
years was quickly ended Wednesday when the Free
State Parliament re-elected William T. Cosgrave as
President of the Executive Council by a vote of 80
to 65. President Cosgrave was defeated in the Dail
Eireann on the previous Friday by a vote of 66 to 64
on a bill to extend old age pensions. This result
was clearly due to the 20 absentees, and there was
every expectation that Mr. Cosgrave would be reelected. Under the Free State Constitution, fall of
the Cabinet does not necessarily involve a general
election, as the President is nominated by members
of the Dail and elected by majority vote of that
body. This task was taken up by the Dail Wednesday, and a nine-hour debate followed, in the course
of which both Eamon de Valera, candidate of the
Fianna Fail (Republican) party, and Thomas J.
O'Connell, candidate of the Labor party, were nominated and rejected by overwhelming majorities.
Every member of the Dail was present on this occasion. The debate was closed at length by the nomination and re-election of President Cosgrave. He accepted the post with simple thanks to the Dail, and
on the following day visited the Vice-Regal lodge to
announce his re-election to Governor-General McNeill. Satisfaction was general in Ireland at the
result of the crisis, a Dublin dispatch to the New
York "Evening Post" said, and it was considered
that Mr. Cosgrave's position will be strengthened.
A new Cabinet was formed in Germany over the
last week-end by Dr. Heinrich Bruening, leader of
the Centrist party, and it was accepted by the Reichstag Thursday, ending in a period of exactly a week
the Government crisis caused by the downfall of
the Mueller Cabinet. Peculiar difficulties faced
the new Chancellor in forming a government that
would secure a vote of confidence in the Reichstag,
as long-suppressed party differences in Germany
have crystallized since the ratification of the Young
plan protocol was effected. The Mueller Cabinet
was kept in office by common consent in order to
achieve such ratification, but when this legislation
was adopted Herr Mueller preferred to resign rather
than face certain defeat in the debate on his financial
program. President von Hindenburg named the
Catholic Center leader, Dr. Bruening, to form a new
Cabinet, and the latter promptly began conversations with other party groups. He gathered together
members of five center parties and several independent Nationalists. The venerable German President
The report of the Forbes Commission, which inexerted his influence vigorously in behalf of Dr. vestigated conditions in
Haiti at the request of
Bruening, and German newspapers referred to the President Hoover, was issued
in Washington on
Cabinet as the"Hindenburg Cabinet." In order to aid Mar. 28, just one month after
the investigation was
him in securing a vote of confidence, President von started. In making
the report public, President
Hindenburg gave Dr. Bruening authorization to dis- Hoover announced that
"the Administration will
solve Parliament if such a vote were not forthcoming. adopt these recommendations as
the basis of its
The new Chancellor made his Ministerial declara- policy in Haiti." The report proposes an
end of
tion to the Reichstag Tuesday, chiefly along sound the American supervision of the island
republic as
and well-tried lines. He declared that all Germany's soon as the political situation warrant
s it, and the
international commitments would be loyally carried enforcement in the meantime of decisive
steps to
out. Immediate and thoroughgoing relief measures speed that day. It recommends specifica
lly that
were promised in behalf of the hard-pressed agricul- Brig. Gen. John H. Russell, American
High Comtural areas in East Prussia, while assurances also missioner in Haiti, be supplanted by an
American
were given of financial reforms. He stated that his Minister and a military attache. The
progressive
own efforts would be the last made to put the meas- replacement of Americans by Haitians
in the
ures through the present Reichstag, and these words branches of the insular government also is
proposed.
were taken as a clear indication that a general elec- The commission found the immediate withdra
wal of
tion would follow any successful attempt to over- American marines inadvisable, but recommends
their
throw his minority Cabinet. Debate was started in gradual withdrawal in accordance with arrangethe Reichstag Thursday and an occasion was quickly ments to be made in future agreements between
the
seized by the Socialists and Communists to present two governments. Further intervention in
Haitian
a motion of non-confidence. This motion was de- affairs by the United States, it is suggested,
should
feated, however, and the Government sustained by a be limited definitely to "those affairs for
which provote of 252 to 187. The most significant feature of vision is made for American assistance by
treaty or
the balloting was the support of the Cabinet by Dr. by specific agreement between the two
governments."
Hugenberg, leader of the Nationalists. Adjourn- The aim of the commission is to have Haiti
as much
ment of the Reichstag was moved promptly after the under native rule as possible when the treaty
under
voting, and Dr. Bruening called a meeting of the which the American occupation is
maintained exCabinet to decide on the program to be presented in pires in 1936. At the same time, the
suggestion is
accordance with his declaration. The new Cabinet made that certain American experts be
retained
is as follows:
after 1936 as assistants to Haitian officials in the
Chancellor—Dr. Heinrich Bruening.
conduct of government as stabilizing forces. These
Foreign—Dr. Julius Curtius.
Interior—Dr. Joseph Wirth.
are the chief suggestions in a series of seven recomFinance—Dr. Paul Moldenhauer.
mendations, which in turn are followed by nine proAgriculture—Dr. Martin Schiele.
Labor—Dr. Adam Stegerwald.
posals for "Haitianization."
Transportation—Dr. Theodore von Guerard.
That there has been occasion for native resentJustice—Dr. Johann V. Bredt.
Econontics—Herinann R. Dietrich.
ment against the American occupation at times
Posts—Dr. George Schatzel.
is
frankly admitted by the commission. Pointing
Defence—General Wilhelm Groener.
out
Occupied Territories—Gottfried R. Treviranus.
Minister for
that the "elite," or governing class, is an urban
group
APRIL 5 1930.]
FINANCIAL CHRONICLE
2289
India on
2
1
/
of less than 5% of the total population, the report from 4 % to 4%. The Imperial Bank of
from 7% to 6%. Rates remain
says: "It has been the aim of the American occupa- Thursday reduced
2
1
/
5 % in
2
1
/
tion to try to broaden the base of the articulate pro. at 6 % in Italy; at 6% in Austria; at
2
1
/
at 5% in Germany;at4 % in Denmark and
letariat and thus make for a sounder democracy and Spain;
2
1
/
3 % in England
ultimately provide for a more representative gov- Norway; at 4% in Sweden; at
and Belgium, and at 3% in France and Holland.
ernment in Haiti. Hence its work in education, in
for short bills
sanitation, in agencies of communication such as In the London open market discounts
(@2 5/16% on
/
roads, telephones, telegraph lines and regular mail yesterday were 2 7/16% against 21 4
bills
naturally are deemed of sec- Friday of last week, and 2 9/16% for long
routes. These things
the previous Friday. Money
4
3
/
ondary importance by the elite, who see in the rise against 2 3/16@2 %
Paris the
of a middle class a threat to the continuation of their on call in London yesterday was 2%. At
market rate remains at 3%,and at Switzerland
own leadership. The failure of the occupation to open
understand the social problems of Haiti, its brusque at 2%70.
attempt to plant democracy there by drill and harThe Bank of England statement for the week
row, its determination to set up a middle class—
may seem to Amer- ended April 2 shows a gain of £1,128,923 in bullion,
however wise and necessary it
icans—all these explain why,in part, the high hopes but as this was attended by an expansion of £4,of our good works in this land have not been realized." 962,000 in circulation reserves fell off £3,833,000.
The commission declares that "it is under no delu- The Bank's gold holdings now aggregate £157,125,492
sions as to what may happen in Haiti after the con- in comparison with £154,467,255 a year ago. Loans
vocation of the elected Legislative Assembly,and to a on Government securities increased £9,255,000 and
greater extent, after the complete withdrawal of those on other securities £3,604,440. The latter
the United States forces." The government of Haiti, consist of discounts and advances which showed an
before American intervention, the commission as- increase of £4,199,392 and securities which decreased
serts, "was more democratic and representative in £594,952. Proportion of reserve to liabilities dropped
name than in fact." "The commission," it adds, "is rather sharply from 58.12% a week ago to 50.46%
not convinced that the foundations for democratic now. A year ago the ratio was 41.79%. Public
and representative government are now broad deposits dropped off to the extent of £364,000
enough in Haiti. The educated public opinion and whereas in other deposits an increase of £9,401,010
literate minority are so small that any government was shown. Other deposits include bankers accounts
in these circumstances is liable to become an oli- and other accounts. The former rose £7,959,620 and
garchy. The literate few too often look to public the latter £1,441,390. The rate of discount remains
offices as a means of livelihood. Until the basis of unchanged at 3%%. Below we compare the various
political structure is broadened by education—a items for five years.:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
matter of years—the government must necessarily
1928.
1929.
1928.
1927.
1930.
APr.7.
Apr.8.
be more or less unstable and in constant danger of
Apr.2.
Apr.3.
Apr.4.
357.268.000 363.319.000 136,6051000 137,859,345 141,891.810
Circulation
political upheavals."
18,422.000 17,798,000 25,998,000 21,035,604 13.175,540
Publio deposits
100,192,023 104.675,000 88,883,000 1.03,249,167 106.971.943
After pointing out that conditions were chaotic Other deposits
Bankers accounts_ 62,833,897 87,268.000
37,307,000
Other accounts-when the United States intervened in Haiti in 1915, Governm't securities 37.358,126 59,956,855 34,791,000 30,981,935 45,140,323
54,021,855
Other securities- --- 23,015,858 29.577,000 57,351,000 77,765.873 88,205,349
that property was menaced and the public debt one Dist. & advances- 10,309,949 13,221,000
12,705,909 18.358,000
Securities
of staggering proportions, the commission asserts Reserve notes & coin 59,859.000 51,147,000 40,390,000 33,191,112 24,513,403
Coin and bullion__ _157,125,492 154,467,255 157,244,685 151.300,457 146,855,213
that "there was not and there never has been on Proportion of reserve
20.40%
26.70%
35.113%
41.79%
50.46%
to
the part of the United States any desire to impair Bankliabilities
5%
5%
4%
334%
53S%
rate
Haitian sovereignty." "There is no room for doubt a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of EngEngland
that Haiti," it continues, "under the control of the land note issues adding at that time £234,199,000 to the amount of Bank of
notes outstanding.
American Occupation, has made great material progThe French Bank statement for the week ended
ress in the past 15 years. Eight hundred miles of
March 29, shows a gain in gold holdings of 4,612,694
highways have been built. A most involved financial
situation has been liquidated and the entire fiscal francs. The total of gold now stands at 42,556,853,
system renovated and modernized. Order has been 665 francs, as compared with 34,186,453,842 francs
created where there was only disorder in the collec- at the corresponding week last year. A large intion and disbursement of government funds. An crease appears in French commercial bills discounted
efficient constabulary has been organized and namely 1,136,000,000 francs. Both credit balances
trained and has maintained peace and order. A pub- abroad and bills bought abroad record declines of
lic health and sanitary service which is a model of 12,000,000 francs and 10,000,000 francs respectively.
devotion and efficiency has been organized and main- Notes in circulation rose 1,239,000,000 francs, bringtained. A modern and up-to-date budgetary system ing the total of the item up to 70,825,736,325 francs
has been established and a pre-audit which is one which compares with 64,574,764,295 francs last year.
of the latest and most effective devices for accurate, An increase is shown in creditor current accounts of
economical and expeditious management of accounts. 55,000,000 francs and a decrease in advances against
The revenues and expenses have been carefully bal- securities of 13,000,000 francs. Below we comanced with a conservative margin of revenues in pare the various items with last week as well as for
excess of expenditures resulting in a steadily increas- the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
ing Treasury surplus."
The National Bank of Switzerland on Thursday
2
1
/
reduced its discount rate from 3 % to 3%. This
first change of this bank since Oct. 22 1925.
is the
The National Bank of Sweden on Tuesday reduced
2
1
/
from 4% to 3 %, after having reduced on Mar. 6
Status as of
Changes
Mar. 29 1930. Mar. 22 1930. Mar. SO 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings— -100. 4,612.694 42,556,853,865 42,552,240,971 34,188,451842
Credit bait'. abed_Dec. 12,000,000 6,919,971,442 8,931,971,442 10,577,385,284
French commercial
bills discounted_Inc.1 138000 000 8.348,441.194 5,210,441,194 3,071,347,353
Bills bought abed_Deo. 10,000.000 18,715,408,732 18,725,408,732 18,325.038.298
Adv. 588. secure_ _Dec. 13,000,000 2,628,649,560 2,1339,649,560 2,322.468,731
Note circulation_ _Incl,239,000,000 70.825,738.325 89,588,738,325 64,574,764,298
Cred. cure. seals-Inc. 55,000.000 15.521,876.685 15.486,678,685 18,219,389,431
2290
FINANCIAL CHRONICLE
In its statement for the fourth weektof March, the
Bank of Germany reports a gain in gold and bullion
of 4,142,000 marks, raising the total of the item to
2,495,931,000 marks. Gold in the corresponding
week last year stood at 2,682,702,000 marks. Decreases appear in reserve in foreign currency of 64,026,000 marks and in silver and other coin of 34,922,000 marks, while the items of deposits abroad
and investments remain unchanged. Notes in circulation show an expnasion of 696,424,000 marks,
bringing the total of notes outstanding up to 4,805,581,000 marks, which compares with 4,821,986,000
marks the same week last year. An increase is
recorded in bills of exchange and checks of 562,744,000 marks, in advances of 145,682,000 marks
and in other liabilities of 2,532,000 marks, whereas
a decline is shown in notes on other German banks
of 17,156,000 marks, in other assets of 34,052,000
marks and in other daily maturing obligations of
$136,544,000 marks. Below we furnish a comparison
of the various items for the past three years:
Feu 180.
day of the week, as stated above, were at 4%, without change, this including renewals. Time money
has been dull and without noteworthy movement.
Rates all week have been 34@4% for 30 and 60
days, and 4@4y for 90 days to six months. Com4%
mercial paper in the open market was comparatively
inactive during the fore part of the week, due to
the scarcity of offerings of the desired quality.
Toward the end oi the week the supply improved and
the market again resumed its usual activity. Rates
were unchanged at 33
/
4@4% for names of choice
character, and the next highest grade was quoted
at 414%.
/
The market for prime bank acceptances has shown
a fair degree of activity insofar as bills were available, though the offerings were not particularly
attractive. Rates were advanced on Tuesday / of
1
2
1% for paper maturing in 60, 90 and 120 days, and
14 of 1% for five and six months. The Reserve
/
Banks further increased their holdings of acceptREICHSBANK'S COMPARATIVE STATEMENT.
ances during the week, raising the amount from
Changes
$256,482,000 to $301,297,000. Their holdings of
for Week.
Mar.31 1930. Mar.30 1929. Mar.31 1928.
Assets—
Retchsmarks. Reid:sr:larks. Retchsmarks. Reichstnarks.
acceptances for their foreign correspondents, howGold and bullion
Inc. 4,142,000 2,495,931,000 2,682,702,000 1,930.756.000
Of which depos. abed_ Unchanged
149,788,000
85,626.000 ever, were further decreased, being reduced from
85,626,000
Ree've in torn curr_ Deo. 64,026,000 286,591,000
35,956,000 188,866,000
Bills of each.& checksinc. 562,744,000 2,067,462,000 2,352,777,000 2,652,042,000 $496,661,000 to $475,524,000. The posted rates of
Silver and other eoin:..Dec. 34,922,000 130,755,000
101,992,000
59,947,000 the American Acceptance Council are
now at 3% bid
Notes on oth.Ger.blie_Dec. 17,156,000
3.918,000
8,508,000
6,886,000
Advances
Inc. 145,682,000 191,309,000 135,052,000
/
7
84,866,000 and 2 8% asked for bills running 30 days, and also
Investments
Unchanged
93,245,000
93,136,000
94,047,000
Other assets
/
Dec. 34,052.000 529,839,000 550,794,000 623,781.000 for 60 and 90 days, and 318% bid and 3% asked for
Main!
tea—
/
/
1
2
Notes in circulation--Inc. 696.424,000 4,805,581,000 4,821,986.000 4,513.155.000 120 days, and 314% bid and 3 % asked for 150 days
Oth.dally matur.oblig.Deo. 136.544,000 729,648,000 478,091,000 532,637,000
Other liabilities
Inc. 2,532,000 150,033.000 188,284,000 188,381,000 and 180 days. The Acceptance Council no longer
gives the rates for call loans secured by acceptances,
Money rates in the New York market were firm the rates varying widely. Open market rate for acthis week, with quotations but little changed from ceptances have also been raised, as follows:
earlier sessions. A slight hardening was apparent
SPOT DELIVERY.
in all departments of the market early in the week,
—180 Days— —150 Days— —120 D4V11....Bid. Asked,
Bid. Asked.
Bid. Asked.
but in the later dealings the tone became easier. The Prime eligible bills
334
331
334
334
3
334
most important change was an upward revision of
—90Days— —60Days-- —30Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
the rates on bankers' bills for all maturities from Prime eligible bills
3
234
3
8
234
234
60 to 120 days, effeCted Tuesday. The change in
FOR DELIVERY WrTHIN THIRTY DAYS.
member banks
834 bid
yield was 18@14%. Call loans on the Stock Ex- Eligible non-member banks
/ /
Eligible
334 bid
change were unchanged all week at 4%. Withdrawals by the banks of $75,000,000 Monday and
There have been no changes this week in the redis$35,000,000 Wednesday kept the market tight until count rates of any of the Federal Reserve Banks.
Thursday, when some outside offerings appeared at The following is the schedule of rates now in effect
3 %. Funds were again available at 3 % yester- for the various classes of paper at the different
/
1
2
/
1
2
day in the unofficial market. Time loans were un- Reserve Banks:
changed. Close attention was again paid to the DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
course of central bank discount rates in foreign centers, and it was noted that reductions were effected
Rats in
Federal Reserve Bank.
Alfas on
Dale
Previous
in the course of the week by the banks of issue in
Established.
Ayr.4.
Rats.
Switzerland, Sweden and India. Announcements Boston
4
Feb. 13 1930
414
New York
Mar. 14 1930
834
4
Philadelphia
were made this week on the two customary tabula- Cleveland
Mar. 20 1980
4
434
Mar. 15 1930
6
434
Richmond
tions of brokers' loans, very heavy increases being Atlanta
414
Feb. 7 1930
a
Dec. 10 1929
434
5
Chicago.
4
Feb. 8 1930
registered in both instances. The comprehensive St. Louis
434
434
Feb. 11 1930
5
Minneapolis
434
Feb. 8 1930
tabulation of the New York Stock Exchange for the Kansas City
5
4
Feb. 15 1930
434
Dallas
434
Feb. 8 1930
full month of March showed an advance of $488,- San Francisco
a
4
Mar. 21 1930
434
713,987. The report of the Federal Reserve Bank of
New York for the week ended Wednesday night indiSterling exchange has been dull and irregular, recated an increase of $148,000,000 in such loans. ceding at times from the high of the
year which was
These figures reflect the marked growth of specu- touched on Tuesday of last week, when
cable translative activities in securities. Gold movements at fers closed at 4.87 1-32. The
range this week
New York, as reported by the Federal Reserve Bank has been from 4.861 to 4.86 7-16 for
%
bankers' sight
for the week ended Wednesday night, consisted of bills, compared with 4.861 to 4.86 13-16
%
last week.
imports of $246,000 and exports of $195,000, with no The range for cable transfers has been
from 4.86 7-16
net change in gold held ear-marked for foreign to' 4.86 8, compared with
4.863/i to 4.87 1-32 the
account.
week before. The present recession is attributed
largely to the fact that the fiscal year-end requireDealing in detail with the call loan rates on the ments (March 31 in Great Britain
and several
Stock Exchange from day to day, all loans on every Continental centres) were provided for in
the active
APRIL 5 1930.1
FINANCIAL CHRONICLE
market of last week. These requirements and the
short covering in connection with them were, of
course, responsible for the activity preceding the
end of March. Most of the ground gained last week
was lost between Friday and Monday, since when
the market has become less irregular. The New
York money market has been removed as the dominating factor in the fluctuations of exchange, but
some apprehension is felt lest the present activity
in the New York security markets will cause a flow
of London and other European funds to this side,
which will affect the quoted rates on foreign currencies adversely, regardless of commercial or other
seasonal factors which might be expected to lend
firmness.
London money rates are slightly firmer than a few
weeks ago, and the open market seems to be rapidly
approaching parity with the Bank of England rate.
This tendency would normally assure a firmer tone
for sterling. As it is, current quotations this week
are considerably above the levels of mid-March.
The Bank of England statement for the week shows
the results of the financial year-end demands for
credit. Circulation was increased £4,962,000, while
holdings of Government securities were £9,255,000
higher. Discounts and advances rose more than
£4,000,000, while, at the same time private deposits
increased about £9,400,000. Thus, while the Bank's
gold holdings show a considerable increase, the proportion of reserve to liabilities was reduced to
50.46% from 58.12% a week ago. However, the
present figure compares with 41.79% a year ago.
This week the Bank of England shows an increase
in gold holdings of £1,128,923, the total standing
at £157,125,492, which compares with £154,467,255
a year ago and with the minimum set by the Cunliffe
committee of £150,000,000. On Tuesday the Bank
of England received £25,797 gold from abroad,
exported £2,000 in sovereigns and bought £40 in
foreign gold coin. Of the £970,000 gold available
in the open market on Tuesday £920,000 was taken
for shipment to Germany at 84s. 103/d. and the
2
balance was absorbed by the trade and India.
Yesterday the Bank received £100,000 gold sovereigns, bought £89 gold bars and also bought £39,800
foreign gold coin.
At the Port of New York the gold movement for
the week March 27-April 2 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $246,000, chiefly from Latin America.
Exports were $195,000 to England. There was no
change in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York for the week ended April 2, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, MAR. 27
-APRIL 2, INCL.
Imports.
Exports.
S246,000chiefly from Latin America I $196,000 to England.
Net Change in Cold Earmarked for Foreign Account.
None.
The Reserve Bank announced that $9,431,000 gold
was received at San Francisco on Wednesday, of
which $7,720,000 came from Japan and $1,711,000
from China.
Canadian exchange continues relatively firm in
comparison with recent weeks, although slightly
easier than last week, when Montreal funds touched
par. On Saturday Montreal funds were at 1-64
of 1% discount. Rates on Monday were at par,
on Tuesday and Wednesday at 1-64 of 1% dis-
2291
count, on Thursday were par, and on Friday the
rates were 1-32 of 1% discount.
Referring to day-to-day rates, sterling exchange
on Saturday last was dull. Bankers' sight was
4.86 3-16@4.86 7-16, cable transfers 4.86 9-16@
4.86%. On Monday, the undertone was easier.
1
The range was 4.86/g@4.861 for bankers' sight
%
and 4.86 7-16@4.863' for cable transfers. On Tuesday the market was firmer. The range was 4.86Wi@
4.86 7-16 for bankers' sight and 4.863/@4.86% for
2
cable transfers. On Wednesday the market became irregular. Bankers' sight was 4.861 1@4.86%;
/
cable transfers 4.86%@4.86 19-32. On Thursday
the market was easier again. The range was
4.86 7-32@4.86 5-16 for bankers' sight and 4.863/2@
4.86 9-16 for cable transfers. On Friday sterling
was firmer, the range was 4.86 3-16()4.86% for
bankers' sight and 4.86 7-16@4.86% for cable transfers. Closing quotations on Friday were 4.86 9-32
for demand and 4.86 17-32 for cable transfers. Commercial sight bills finished at 4.86 3-16, sixty-day
bills at 4.837 ,ninety-day bills at 4.827 ,documents
4
4
for payment (sixty days) at 4.837 and seven-day
4
grain bills at 4.85 15-32. Cotton and grain for
payment closed at 4.86 3-16.
Exchange on the Continental countries, while
inclined to follow the irregular tone of sterling, has
been relatively easy, though quiet. French francs
have been a trifle lower, with actual transactions
at practically minimum volume. The Bank of
France continues in a strong position with respect
to gold holdings and this week for the first time in
four weeks shows an increase, namely 4,612,694
francs, the total standing at 42,556,000,000 francs,
which compares with 34,186,000,000 -francs a year
ago. For the four weeks preceding March 28 the
Bank showed a decrease of 400,000,000 francs in
gold holdings, or approximately $15,600,000. By
far the greater part of this gold went to Germany.
From the present condition of exchange between
Paris and Berlin it would seem that the outward
gold flow from France is at an end. The Paris market
is glutted with money and as soon as a greater
degree of confidence develops with respect to business trends in other countries there should be a decided flow of French funds from Paris to seek profitable employment abroad.
German marks have been dull, but inclined to
ease. The dullness is due partly to uncertainty with
respect to trade trends throughout the world, but
perhaps chiefly to the rapid decline in money rates
in Europe which has forced down the excessively
high rates for money in Berlin and brought about
a measurably large supply of short-term credit for
German business, which at the present time seems
unable to absorb supplies on offer. On Monday
of last week interest rates for day loans in Berlin
fell to the very low level of 3@5% and as in the
preceding week good borrowers obtained loans at
rates running down to 2%. Even on Friday of
last week, under the direct influence of the quarterly
settlements, the day-loan rate went up only to
6@8%, which was the lowest seen in Berlin for
some time. As noted above, Berlin has taken a
considerable quantity of gold from London, as during
several weeks previous it took large supplies from
Paris. The Reichsbank statement for the week
ending March 31 shows an increase in gold holdings
of 4,100,000 marks, bringing the total gold reserves
2292
FINANCIAL CHRONICLE
[vol.. 130.
above her needs. At the end of January the Riksbank's gold reserves totaled 244,000,000 kronor and
the note issue 521,000,000 kronor. According to
law, the central bank is empowered to issue notes
to a total of double the gold reserves plus an additional 125,000,000 kronor. Thus the present reserves are sufficient to allow a note issue of 613,000,000 kronor. Gold imports at this time would
lay the foundation for a currency inflation and
would tend to bring Sweden out of line with world
price levels. It is believed, therefore, that the
lifting of the ban on imports hastened the decision
to cut the bank rate in order to forestall any possible
movement. Swedish exchange has been at a high
of 26.90 recently, but following the reduction the
rate dropped to 26.88. Par of exchange is 26.80.
The gold export point to Sweden is variously estimated at 26.97 to 27.00.
Bankers' sight on Amsterdam finished on Friday
2
at 40.133/, against 40.12 on Friday of last week;
cable transfers at 40.15, against 40.133/2, and commercial sight bills at 40.10, against 40.08. Swiss
francs closed at 19.363/ for bankers' sight bills and
at 19.373/2 for cable transfers, in comparison with
19.353 and 19.363 a week ago. Copenhagen checks
finished at 26.77 and cable transfers at 26.783/2,
against 26.773/ and 26.79. Checks on Sweden closed
2
at 26.87 and cable transfers at 26.883/, against
26.873/ and 26.89; while checks on Norway finished
2
at 26.76 and cable transfers at 26.773/, against
26.763/ and 26.78. Spanish pesetas closed at 12.38
Exchange on the countries neutral during the war for checks and at 12.39 for cable transfers, which
has been dull. Holland guilders have been excep- compares with 12.42 and 12.43 a week earlier.
tionally firm. On Wednesday the Swedish Riksbank
Exchange on the South American countries, which
reduced its rediscount rate from 4% to 332%.
from during the past few weeks have been inclined to
On Thursday the Swiss bankrate was reduced
332% to 3%. These decreases in rediscount rates show firmness following a long period of uncerare the result of world-wide movements. The tainty and inactivity, are again dull and frac33/2% rate prevailed at the Bank of Switzerland tionally easier than last week. This was to be
since Oct. 22 1925. Since the crash of last October, expected in view of the lower and irregular tone of
however, the Swiss bank rate, already at lower sterling as well as the uncertain trends of money
levels than other European countries, has been met and trade in all centres. Basically, however, the
by rates of record ease in Paris, Amsterdam and outlook for all the South American exchanges is
other centres. Consequently it has become neces- improved by reason of the lower money rates and
sary for the Swiss money market to reduce charges better opportunities for borrowing in London and
in order to prevent the attraction of an excessive New York. When money and exchange arrive at
amount of foreign capital. Swiss francs have been more settled levels it is expected that the South
in a strong relation to the rest of the European list Americans will show steadiness. Argentine paper
for some time and are now expected to tend to lower pesos closed at 37 3-16 for checks, as compared with
levels. The cut in the Swedish rate is the third 37 15-16 on Friday of last week; and at 393 for
made this year and was not unexpected. In addition cable transfers, against 38. Brazilian milreis finto the general tendency toward lower money levels ished at 11.60 for bankers' sight and at 11.65 for
at all centres, the action of the Swedish bank was cable transfers, against 11.75 and 11.80. Chilean
forecast in some degree by the action of the Swedish exchange closed at 12 1-16 for checks and at 121%
/
Government in removing the embargo on gold for cable transfers, against 12 1-16 and 121 s; Peru
imports established in 1924 when Sweden returned at 4.00 for checks and at 4.01 for cable transfers,
to the gold standard. Swedish exchange has been against 4.00 and 4.01.
firm throughout the past few weeks, and, although
The Far Eastern exchanges are practically unit is not at the gold point, recent advices from
have changed from the past few weeks. The Chinese
Stockholm indicate that banking circles there
discussed the possibility of gold imports from New units, while ruling low, are nevertheless steadier
York as well as from London and Paris. Despite than they were due to the slight improvement and
the lifting of the ban, it is felt that Sweden does not steadiness in the price of silver. The committee of
financial experts headed by Dr. Edwin W. Kemwant gold.
the majority of other countries, during and merer which has drafted plans for reorganizing the
Unlike
after the war Sweden suffered from a heavy influx finances of China recommends the gradual introof gold which led to greatly inflated prices and sub- duction of a gold standard currency system, but
sequent drastic deflation. The whole problem has there seems to be little prospect for adoption of
been to keep gold from entering the country. At the committee's recommendation until there is a
present Sweden's gold holdings are considered well radical adjustment of political conditions, and China
to 2,495,900,000 marks, providing better than 50%
gold cover even for the expanded fiscal year-end
circulation. On Tuesday it was reported that
23,250,000 marks of French gold were shipped from
Paris to Cologne. Berlin dispatches state that it is
the avowed policy of the present Governor of the
Reichsbank, Dr. Luther, to cover the reserve requirements of the Bank entirely with gold and to
eliminate exchange as far as possible.
The London check rate on Paris closed at 124.30
on Friday of this week, against 124.26 on Friday
of last week. In New York sight bills on the French
centre finished at 3.91 3-16, against 3.91 5-16 on
Friday of last week; cable transfers at 3.91%,
2
against 3.913/,and commercial sight bills at 3.91 1-16
against 3.913'. Antwerp belgas finished at 13.943/b
for checks and at 13.953/ for cable transfers, against
2
13.943/ and 13.953/. Final quotations for Berlin
4
marks were 23.861 for checks and 23.873 for cable
transfers, in comparison with 23.87k and 23.883
4
a week earlier. Italian lire closed at 5.24 for bankers' sight bills and at 5.2431 for cable transfers.
against 5.23 13-16 and 5.24 on Friday of last week.
1,
Austrian schillings closed at 143' against 143;
%
exchange on Czechoslovakia at 2.963 , against
2.969'; on Bucharest at 0.60, against 0.60; on Poland
at 11.25, against 11.25; and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.30 for
bankers' sight bills and at 1.303. for cable transfers,
against 1.30 and 1.3031
APRIL 5 1930.]
FINANCIAL CHRONICLE
2293
OF NEW YORK FEDERAL RESERVE BANK
becomes assured of a long period of orderly and DAILY CREDIT BALANCESCLEARING HOUSE.
AT
peaceful development. Japanese yen continue firm.
Aggregate
Monday,
The total gold imports to the United States from Saturday, Mar. 31. Tuesday, IVednesd'y, Thursday, Friday, for Week.
Mar. 29.
Apr. 1.
Apr. 2.
Apr. 4.
Apr. 3.
Japan during February and March amounted to
approximately $66,653.000, as adjustments were 148,000,090 142,000,600 197,000.000 213.000,001 190,000,005 187,040,E0 Cr. 1,097.110.IE
mass of checks which come
necessary following the return to the gold standard to Note.-The foregoing heavy credits reflect the huge country in the operation of
the New York Reserve Bank from all parts of the
on Jan. 11. As noted above, on April 2 approxi- the Federal Reserve System's par collection scheme. These large credit balanoeS.
however, reflect only a part of the Reserve Bank's operations with the Clearing
mately $9,431,000 gold was received at San Francisco House institutions, as only the items payable In New York City are represented
In the daily balances. The large volume of checks on Institutions located outside of
of which $7,720,000 came from Japan and $1,711,000 New York are not accounted for in arriving at these balances, as such checks do
from China. It is believed that this movement is not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
now probably at an end. The quotation for the yen
in the New York market has remained fairly steady
The following table indicates the amount of bularound 493/b for the past two weeks. Gold parity lion
in the principal European banks:
with the dollar is 49.85 and most calculations by
•
April 3 1930.
April 4 1929.
foreign exchange traders show that the current level Banks of
Gold.
Total.
Total.
Silver.
Gold.
Silver.
is too high to permit shipments at a profit. Closing
£
£
£
£
quotations for yen cheeks yesterday were 49.40@ England _ 157,125,492
154,467,255
167.125,492154.467,255
d
49 2 against 49 7-16@493. Hongkong closed at France s._ 340,406,829 c994,600 340.406,829 273,491,631 (d) 273,491.631
,
Germany b 117,307,150
994.600 130.027.000
118,301,750 129,853,800
Spain
37/@37 9-16, against 37/@37 11-16; Shanghai at Italy _ _ _ 98,729,000 28,418,000 127,147,000 102,383,000 28,644.000131,027,000
54,711,000
56,131,
56,131,000 54,711.000
35.981,000 30,627.000 1,761,000 32.388,000
Netherrds 35.981.000
47@47 1-16, against 47/ @47 5-16; Manila at Nat'l Belg. 33,733,000 1,288,000 35,021,000 25,934,000 1,268,000 27,202.000
1
21,033,000
Switzerl'd_ 22,439,000
4938, against 49 8; Singapore at 56 3-16@564, Sweden_ 13,543.000 716,000 23,155,000 19,251,000 1,782,000 13,072,000
13.543,000 13,072,000
Denmark - 9,574,000
470,000 10.063,000
398,000 9,972,000 9,593,000
8,145,000
against 56 3-16@563; Bombay at 363, against Norway _ _ 8,145,000
Total week 893,114,471 31.814.600924,929.071 821.541,686 34,919,600 856,461,286
363L, and Calcutta at 363., against 363.
Prey. week 892,197,404 31,823,600 924,021,004818,496,398 34.813.600853,309,998
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MARCH 29 1930 TO APRIL 4 1930 INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York
Value 55 United States Mews.
Mar. 29. Mar. 31. Apr. 1.
EUROPE$
Austria,'chilling
.140794
Belgium, beige
.139504
Bulgaria, lev
.007218
Czechoslovakia, kron. .029631
Denmark krone
.267856
England. pound
sterling
4.865741
Finland, markka
.025174
France, franc
.039146
Germany. reiclv3mark .238803
Greece, drachma
.012970
Holland, guilder
.401315
Hungary. Deng('
.174710
Italy, lira
.052397
Norway, krone
.267762
Poland, zloty
.112050
Portugal,escudo
.044933
Rumania,len
.005955
Spain, peseta
.124394
Sweden,krona
.268851
Switzerland, franc_ _ _ .193577
Yugoslavia, dinar
.017650
ASIAChlna-Chefoo tael
.487083
Hankow,tael
.480312
Shanghai, tael
.467678
Tientsin, tael
.403333
Hong Kong, dollar_ .371964
Mexican, dollar
.335625
Tientsin or Pelyang
336666
dollar
Yuan, dollar
.332916
India, rupee
.361178
Japan. yen
.494209
Bingapore(S.S.), dollar .558791
NORTH AMER.Canada, dollar
.999665
.999093
Cuba, peso
.475550
Mexico, Peso
Newfoundland, dollar .997093
SOUTH AMER.Argentina. Peso (gold) .874763
.117161
Brazil, milrebt
.120681
Chile, peso
.910644
Uruguay, peso
.963900
Colombia, peso
$
.140770
.139496
.007221
.029631
.267839
$
.140763
.139491
.007223
.029626
.267798
Apr. 2.
Apr. 3.
Apr. 4.
$
.140786
.139513
.007218
.029627
.267798
$
.140795
.139515
.007218
.029624
.267772
5
.140792
.139510
.007217
.029623
.267775
4.884116 4.86,5227 4.864687 4.864769 4.864375
.025164 .025168 .025170 .025169 .025168
.039136 .039143 .039141 .039138 .039133
.238760 .238747 .238730 .238703 .238668
.012968 .012972 .012970 .012971 .012969
.401326 .401372 .401577 .401531 .401422
.174731 .174714 .174712 .174717 .174712
.052396 .052402 .052416 .052414 .052416
.267738 .267743 .267753 .267722 .267718
.112085 .112044 .112172 .112063 .112083
.044980
045120 .044791 .044983 .044966
.005957 .005955 .005962 .005955 .005956
.124318 .124788 .125511 .125938 .125272
.268826 .268832 .268756 .268782 .268805
.193566 .193579 .193614 .193592 .193615
.017856 .017656 .017657 .017658 .017665
.487291
.480781
.469464
.493541
.371517
.336562
.487500
.480625
.469285
.493750
.372500
.336875
.487708
.481093
.469017
.493958
.371785
.336875
.485000
.478437
.466785
.491250
.370000
.333750
.486458
.480156
.468125
.492708
.371964
.335625
.337500
.333750
.361178
.494271
.558791
.337708
.333958
.361178
.494196
.558791
.338125
.334375
.361250
.494118
.558791
.335625
.331875
.361221
.493906
.558791
.336875
.333125
.361178
.493931
.558791
.999774
.999093
.475500
.997124
.999757
.999062
.475325
.997063
.999708
.999187
.475337
.997093
.999869
.999062
.475375
.997187
.999744
.999062
.475.500
.097032
.876338
.116325
.120667
.910757
.963900
.874705
.116130
.120562
.911257
.963900
.874534
.116515
.120761
.911257
.963900
.889813
.116745
.120554
.912507
.963900
.891086
.116565
.120551
.922482
.963900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £7,489,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Uncertain Situation at the London
Naval Conference.
The business of the London Conference has passed
through several phases during the past week, some of
which seemed to throw additional light upon certain
controverted questions and appeared,atleast,to point
toward an ultimate agreement, while others have
failed to dissipate, although they perhaps have not
increased, the uncertainty which has hung over the
Conference and prevented it from taking any positive
action.
First in order of time came an official pronouncement from Washington, called out by the sharp attacks on Secretary Stimson's statement to the effect
that the American delegation was prepared to consider a consultative pact, and by the intimation that
Secretary Stimson, in issuing his statement of March
26, had placed himself in opposition to President
Hoover's well-known views regarding American participation in European political affairs. On March
29 the Acting Secretary of State, Joseph P. Cotton,
gave out a statement, after conference with Mr. Hoover, declaring that "there are no differences of view
between the President and our delegation in London," that the delegation "has always had, and now
has, his unqualified support and authority," that it
"is in London patiently to explore every suggestion
made and every possibility that leads to the great
purpose of the Conference, that is, the reduction and
limitation of naval arms and the preservation of the
peace of the world," and that "it is the high hope
that a plan for so doing can be evolved which will
meet the approval of the American people and will
be consonant with our traditional policies and
ideals." Mr. Cotton's statement, it was at once noticed, said nothing about a consultative pact, but its
positive denial that any "differences of view" existed
between Mr. Hoover and the American delegation
seemed obviously to warrant the inference that Mr.
Stimson, in announcing that the delegation was prepared to consider a consultative pact "with an entirely open mind" in case the security which France
desired could be provided without making the United
2294
FINANCIAL CHRONICLE
States a party to a security pact, had spoken with
Mr. Hoover's entire approval.
The immediate effect of Mr, Stimson's statement,
backed by the assurance that the American delegation had the full support of Mr. Hoover, was the renewal of discussions between the French and British
delegations looking toward a security agreement.
M. Briand, who has now taken the leadership of the
Conference, has asked Great Britain to agree to some
declaration which would clarify its position regarding
the obligation imposed by Article XVI of the Covenant of the League of Nations. The first section of
this article provides for economic sanctions against
any member of the League which shall resort to warin
disregard of its obligations under Articles XII, XIII
or XV of the Covenant. The second section makes it
the duty of the Council in such case "to recommend
to the several governments concerned what effective
military, naval or air force the members of the
League shall severally contribute to the armed forces
to be used to protect the covenants of the League."
It has been the British contention that since, under
the second section, the Council merely recommends,
no obligation rests upon any individual member
State to use military force if for any reason it is unwilling to do so. M. Briand, on the other hand, desires a definite, undertaking on the part of Great
Britain to do whatever the Council recommends.
It is difficult to see where such an undertaking, if
it were given, would add very much to the French
sense of security. Great Britain has a permanent
seat in the League Council, and since the votes of the
Council require unanimity, a motion of which Great
Britain disapproved could at any time be blocked.
Moreover, in a note to Germany signed at Locarno
on Oct 16 1925, by representatives of Great Britain,
France, Italy, Belgium, Czecho-Slovakia and Poland, Article XVI of the Covenant was interpreted
as follows in order to meet certain German objections: "The obligation resulting from the said article on members of the League must be understood
to mean that each State member of the League is
bound to co-operate loyally and effectively in support of he Covenant and in resistance to any act of
aggression to an extent which is compatible with its
military situation and takes its geographical position
into account!' The proviso which we have italicized
would seem to offer an important loophole through
which to escape the obligations of the article. It appears to be M. Briand's idea, however, that if Great
Britain can be induced to declare its intention to
abide by the recommendations of the Council, it will
not be likely to interpose a veto if all the other members are agreed that force should be used.
The British Government has not yet accepted the
French suggestion. A Government spokesman told
the correspondents on Sunday that while Great
Britain was anxious to do everything it could to insure peace, "any further military or naval commitments are impossible, for that would be tantamount
to tying ourselves down to military operations without being able to control the situation from which
theY have arisen. No British Government could undertake such commitments, which would be contrary
to the whole feeling of the British people." Nor has
there yet been any intimation of the extent to which
France'may be disposed to reduce its tonnage demands in return for security. It has apparently been
assumed that the reduction would be considerable,
enough at least to enable Anglo-American parity to
riroL. 180.
be maintained at the agreed figure of fifty cruisers
for each country. M. Briand's persistence in urging
that security was best to be attained by bringing it
under the League has led to the suspicion that the reduction that would be offered might notbe verylarge.
The problem at this point is further complicated by
the attitude of Italy, which still stands firmly on
its demand for parity with France,no matter at what
figure the French tonnage may be fixed. If, as reported on Wednesday, France insists that since a
security pact adds to the security of all the Powers
and not merely to that of France, all the Powers
should agree to reduce their tonnage figures, the
whole question of tonnage and ratios would be reopened and the Conference would find itself back
where it began.
The most hopeful turn in the Conference proceedings was the announcement that Japan had accepted
the compromise suggestions made by Great Britain
and the United States regarding its naval tonnage.
The acceptance was accompanied by a number of
reservations, the precise phraseology of which was to
be determined later in conference, and the request
for a 70% ratio of cruiser tonnage was not withdrawn but only deferred, but the reservations are believed to be acceptable to both British and Americans. Any agreement upon anything was enough to
bring cheer to the other delegations, and the feeling, especially among the American delegates, appeared to be more optimistic now that this troublesome difficulty was out of the way. One effect of
the Japanese assent was to revive the hope that a
five-Power and not a three-Power agreement might
eventually :be made. There are many objections to a
three-Power treaty, two of the most forcible being
the effect of such a treaty upon France and Italy if
Great Britain, the United 'States and Japan were
the contracting parties, and the practical certainty
that the treaty would be looked upon as evidence of a
purpose on the part of the United States and Great
Britain, aided by Japan, to dominate the world. It
may be taken for granted that neither America nor
Britain desires to be put in such a position, and that
a three-Power treaty ought to continue to be looked
upon as only a last resort.
Such hope as any of these incidents or discussions
had raised was appreciably dimmed by the unexpected report yesterday that the Conference was
likely to be brought to an early close with the signature of a three-Power treaty, and that the questions
of security and Anglo-French parity would be left
for settlement elsewhere. The American delegation,
the report added, had made tentative arrangements
to sail for home on April 22. The suggestion that
an early dissolution of the Conference was imminent
gained probability from a statement issued by a
spokesman for the Italian delegation, declaring
frankly that the political formulas necessary for
security were matters best discussed at Geneva in a
meeting of the League, where all the Powers having
obligation under the Covenant would be represented.
"After all," the Italian spokesman said,"we came to
London to talk of disarmament and not to talk about
the League Covenant." We have already expressed
the opinion that if the original objects of the Conference cannot be attained, it would be better for
the Conference to end its sessions rather than to prolong discussions which seem to lessen rather than
increase common understanding and good feeling
between the nations represented. An adjournment
Aram 5 1930.]
FINANCIAL CHRONICLE
now, if one is really contemplated, would have the
further advantage of shelving the question of a consultative pact, and of leaving American policy regarding European political affairs unimpaired. It
would undoubtedly be a deep disappointment to Mr.
Hoover and Mr. MacDonald if the Conference were
to fail of its high purpose, and there would be many
in all countries to regret its failure, but if it has
become clear that the resources of compromise have
been exhausted, a continuance of the sessions would
be unprofitable.
The Crack of Doom in a Century.
Addressing members of the New York Association
of Biology Teachers at the American Museum of
Natural History on the evening of Mar. 20 1930,
Dr. Albert Edward Wiggam, scientist and author,
is reported, in the New York "Times," as saying:
"Civilization is making the world safe for stupidity.
Not only have the intelligent classes given up the
family idea, but they are going out of their way to
help the physically and mentally unfit, through charitable institutions, prolonging their lives and propagating others of their kind. It seems we are doing
everything we can think of to weaken the race."
. . . "At the present rate," he continued, "American intelligence is bound to decline, and, when intelligence declines, moral character sinks with it.
Society is dying at the top and democracy cannot
continue, nor can civilization of any kind, unless its
leaders actually lead in intelligence and character."
According to the report, Dr. Wiggam believes:
"Unless democracy can devise measures that will
cause the more intelligent sections of all classes to
reproduce, it cannot outlast the present century."
A biological prophecy of this sort must give us
pause. Compared to England and European countries, where civilization, after many centuries, has
not entirely expired, we are a young nation and
people, and it must startle us to put a limit of a
century on our further life and progress. Somehow,
though we have not studied the statistics, we cannot
believe it.
That in our manners and customs we have begun
to press toward a doom of the "simple life" there are
many evidences. But our classes change so rapidly,
rich and poor, constant and inconstant, wise and
frivolous, that we may reassure ourselves that the
mixture has in it abiding elements of a proper per.
petuity. If our school system is failing to enlighten
the children of our many vocational classes, it is
time to know why, and to begin therein ameliorat
ing
efforts. Our loyalty to our kind makes us
hope
ardently that our people and our government will
last for more than another century without
much
change in present forms. As for the word "civilization" it is one thing in a given decade and another
think in the next. Passing through a period
of
change in the physical appointments of life we
observe variations in conduct and business that
give
us great concern. In man and his environm
ent we
discern, however, certain elements of
lasting stability that tend to prevent decay, and to
react upon
idleness, waste, immorality, and selfishnes
s, bringing us back again to more sober living
and saner
thought. As proof, we may call attention
to the
question and analysis we put to ourselves
in all our
efforts and accomplishments,
One of our serious troubles lies in
our egotism.
Students of one business, philosophy,
science, or
2295
religion, we fail to take the broad view. Going
back for a century and coming down to the last 25
years there was no alarm of a biological debacle.
The most prolific period of our national life was
never obsessed with the actual loss of our civilization. While to-day, in spite of our spending, speculating, and sensuous activities, as a people in the
mass, we are not fearsome of our impending dissolution. Statistics culled from zealous study in a
single line are apt to mislead us. Of course biology,
dealing directly with the propagation of the race, is
to be respected. Yet it is only one science in a dozen
that affect our growth and progress. If we steadily
advanced in mentality and morality before we knew
anything about it, our present knowledge of the science need not fill us with gloom and despair. Not
only is New York City a "melting pot" for our immigration, but our whole country has been that for
more than a century. And this modern word
"moron" is one of the most misleading that ever
came into common use in America. Reduced to
plain definition we are inclined to believe it means
nothing definite.
Crime increases. Criminals find it expedient to
organize; and in our large cities the "racketeers"
flourish. We have gone wild on the making of laws
to correct, restrict, refine. Many of them are disobeyed, one in particular that is a subject of constant
controversy. Our Government, organic and administrative, is, more or less, insensibly changing.
Divorce is rising, marriage even flouted by some,
endangering the home. Commerce turns rapidly to
the production of luxuries or pleasure devices. Invention gives us labor-saving machines faster than
we can consume them; much faster than we can
rightly use them. And so we might go on enumerating features of the great change. Judged by certam n forms of mind measurement introduced into the
common schools, there may be more "morons," whatever they are. But what does all this amount to
when we walk abroad in our prosperous country?
We take alarm from our own studies, statistics,
newspaper reports, concentering isolated events over
a wide territory on the single mind. Better homes,
schools, churches, roads, public buildings, farms and
factories are everywhere in evidence. The decay
seems to be in current thought, within, not without.
And yet these splendid things in environment are
the expression of the inner life!
Seriously, it is mostly stuff—these dire predictions. Seeds there are, being sown in a "devil-takethe-hindmost" spirit, in haste and waste—but the
thinking people are not asleep. If anything, the
reformers are going too far in the line of repression.
A slower movement would help. Coming from older
countries, visitors are amazed at our progress.
True, it is material. Yet we find no signs of a rapid
decay that will annihilate us in a century. If the
world can escape war, we will all live, prosper, and
correct our evil trends. Leaving out the subtle
scholastic measurements it is impossible to believe a
majority of our children, or, for that matter, our
adults, are dull blockheads. Citizens change their
localities quickly, providing a means of intermarriage that prevents the propagation of dolts
and imbeciles. Horrifying predictions of early doom
are the ogres of specialists. They set up shadows
from which they flee in consternation and despair.
Such baleful thoughts never cross the minds of the
millions who work, succeed and fail.
2296
FINANCIAL CHRONICLE
If we are to condemn our own powers, ambitions,
accomplishments, others will not fail to do so. Yet
hundreds of thousands are seeking to enter our
ports and we are compelled to shut the gates. We
are so confident of our prowess and progress that
only half of us take the trouble to vote. Boasting
continually about "better living conditions," perhaps
now the best in the world, does not correlate with
these dreams of doom. We are not likely soon, in
the maintenance of our representative democracy,
to restrict our voters to standards of intelligence or
property. And we shall go on—deteriorating in
parts and climbing swiftly in others. As long as we
have a free press, communication of ideas and ideals
will not perish. Even the "moron" has a chance to
learn. The very contact with a high degree of intelligence is educative, in defiance of the prophecies and
ministers of dissolution. Men who foresee the death
of the nation in a hundred years, see red—or yellow.
There is no danger that creative work will stop.
Gorged with theories of Utopian plenty and peace
we are projecting endless reforms, but the fundamentals of work continue.
Let us neither rejoice nor despair. New efforts
make new conditions. New conditions require new
adjustments. As said before, the one thing to study
and to measure is the great change. We shall never
go back to the manners and customs of a century
ago. But we shall shuffle off much of the so-called
progress of to-day. If we are to work less and think
more there is no danger in this of itself. What we
need most is a recurrence of calm, a rejuvenation of
the sober living we once had, a restoration of that
reverence for the spiritual essences of life our forefathers once had. Materialism unaccompanied by a
sane interpretation will lead us downward, but when
and where in the history of the world was there such
intensive study of the meaning of life and things as
exists now? The dire prophecy we are examining,
unfounded as it is, is in itself proof and augur of a
better state. Action and reaction, being equal, are
preservative of the good. Behind all peoples and
nations there is a divine purpose, and we shall endure
as we perceive it.
Much Ado About—The Tariff.
Summing up the general results of the more than
six months' work on the Tariff bill by the Senate,
Senator Smoot,in a broadcast,is reported as saying:
"The Senate has made some important changes in
individual rates, but when considered as a whole,
the average rate for all schedules is not greatly different, 4.16% from the average of the rates as passed
by the House, which was 8.54% higher than the
average of all rates on comparable articles in the Act
of 1922." . . . "On the average, the Senate rates
are just about midway between the House rates and
the rates in the Tariff Act of 1922." Further than
this he is quoted as follows: "Most agricultural
products are fairly well taken care of by the Senate
rates, and certain other industries that were depressed and were threatened by foreign competition
have been given consideration. . . . The Senate
also reduced a number of industrial rates because of
the belief of a majority of the Senators that the
higher rates were not warranted or necessary."
These diminutive percentages, announced by the
Chairman of the Finance Committee, broadcast
especially to the people of the United States, and in
[Vou 130.
some degree to all the world, in a reputed effort
to proclaim the bill "on the whole . . . a Republican measure," prove that the half-year labor has
brought forth little of real value to our citizenry.
As reiterated so often in the press, the people are
tired of the whole thing, even if they are not disgusted. In the bill as it goes to the Conference
Committee there is the debenture clause or bounty
on exports and the change which takes away certain
powers of the President to alter rates formerly in
the Act. What will become of these major amendments no one knows,few care. There will, naturally,
be some compromises on individual rates. We think
the people, when the final vote comes on the bill,
will be little roused from their lethargy. It would
seem that if any political party wants to claim credit
for the Act it is welcome to do so. But there are
some truths that stand out more clearly than ever
before. Perhaps the first is the fact that the Tariff
is a local question, else why this interminable
scramble over rates that reduce in the end, in general, to a small percentage. Second, that in this
modern day of overwhelming industrial production,
showing a capability to confront successfully the
cheap labor of foreign countries, the rates (which
affect home prices) in these successive tariff bills,
on the average, continually rise. And third, the
more effort is made to equalize agriculture with
manufacture by means of the tariff, the more, impossible it becomes. No disinterested citizen can
seriously doubt these facts.
It is not worth while to try to go into the rates
and schedules themselves. There are several thousands of them. Like the former famous pork-barrel
expenditures, each locality, through its representations in Congress, has been eager to get something
for itself. Theoretical discussions by blocs have had
some effect in the course of the long consideration.
It has been alleged that "trades" have been made.
But the rate as it affects a local "home" industry
has been the seat and source of the debates and votes.
It does not appear that averages on "the whole"
entered much into the agitated minds while the bill
was taking its weary way to passage. This is not
new—it is old. Averages come after, not before.
Politics may inspire the origin of the heralded "protective" measure—but protection of sugar, oil, lumber, cement, or what not, whether on the schedule
or on the free list, occasions the animated discussion.
Investigating committees rarely hear from the common people. The bill is for the manufacturers by
the manufacturers, who always appear to present
their claims. Six months' consideration by the Senate ought to convince the voters that the monstrosity
of Congressional effort is a relic of ancient history
and not a live thing of the present day.
Perhaps we must qualify this last statement. The
tariff is an issue in many countries. The battle of
the tariffs, however, is under cover. Far be it from
advocates in our halls to feel retaliation. Far away,
on the other hand, is reciprocity. The words are
foreign to the debates. Yet, they say, there must be
"protection" or the factories will close and wages
fall. Looked at calmly the whole thing is a farce.
For the business interests it would have been infinitely better to have retained the old law. The
President, pursuant to the mandates of his party,
called the special session to lift rates on agricultural
products to aid the farmer (a magnificent gesture
and to change the rates on certain manufactures
APRIL 5 1930.]
FINANCIAL CHRONICLE
depressed, as claimed, by foreign competition. Once
the bill is introduced the whole list of articles are
clamoring for benefits. In the end the average rates
are advanced some 4 to 5%. As the tariff is a tax,
why not pass a bill adding the percentage to the
whole? But for more than six months Congress
turns itself into a price-fixing board, fixing the rate
of tax on thousands of articles, but steering clear
of retaliation and of reciprocity. France has been
making some objections, and rates on laces may
raise the rates on American automobiles and parts,
and later there may be a general tariff war as a
prelude to a military war.
That this hoary cure-all should crowd out muchneeded legislation for so long a time is a disgrace
to our form of government. True, the session is not
ended. But from now on there will be feverish haste
to get back home to build and repair political fences.
What has become of the interior waterway improvements? Why not spend a few months, if necessary,
to revise the income tax law, yet filled with injustices
and inconsistencies—a relic of the World War?
2297
But no. The sacred tariff ran away with Congress—
and even now will hold the boards for several weeks!
What reason can the Senate offer the country for
this ancient agony?
There are among us a few, only a few, heated
critics of our government, crying for "the overthrow." But how can we justify ourselves to ourselves when Congress spends the better part of a
year putting tariff rates on the necessities of life
which the so-called relieved manufacturer promptly
adds to the cost when and as he wishes to? Is this
old sinner, the Tariff, to grasp the reins of government forever and twirl the people about his little
finger? Are we so derelict and dead that we can
think of nothing but the tariff? It is even ceasing to
be a strict party question. Concealed in its rate
ramifications there is benefit for everyone. It is
offered as a panacea for all commercial ills—and,
hit or miss, it is constructed out of the cries of the
makers of things who would shut out cheap labor
and cheap goods, that they may help the people—
by elevating prices!
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. Hessian fly and more or less winter killing. The Northern
Friday Night, April 4 1930. Pacific coast also needs rain in its wheat section.
In the building trades the warmer weather has brought
As the year advances wholesale and jobbing trade expands
somewhat, but by no means at a rapid rate. Retail trades some improvement, and brickmaking establishments in the
are sluggish and it is said some of the largest department Hudson River Valley have resumed operations. Production
stores of this city are discharging many of their employees. of lumber is at a rate far below the mill capacity. Of course
Finished steel is lower. But the stock market strikes a this does not speak well for the condition of the lumber trade
jubilant note. The transactions to-day of close to 6,000,000 at this time. There was frost damage in the South during
shares are the largest of the year at an inspiriting advance March to truck crops even clear down to the Gulf. Car
in prices, though with an increase in brokers' loans for the loadings for the latest week reported were the smallest in
week of nearly $150,000,000. As regards general business eight years. The quarterly total is 7% below that for the
in this country, however, higher temperatures are needed to like period last year and 4% below 1928. Automobile
stimulate the sale of seasonable goods. But as Easter ap- production for the first quaretr of 1930 it is believed fell 30%
proaches the usual trading for that event tends to increase. below that of last year, but it was about up to the level of
The falling off in chain store sales in March was attributable 1928. A reflection of the slowness of trade in the first
partly at least to the usually late date ot Easter this year. quarter of 1930 is found in a falling off in bank clearings and
More than anything else, however,warmer weather is wanted. bank debits as well as an increase in the number of failures
Pig iron output has increased, but new business lags. Ingot and the amount of liabilities. But the decrease in clearings
steel output has also increased. And according to some re- and debits in March compared with 1929 significantly enough
ports the automobile trade is improving. Increased buying was smaller than in any previous months of the year. Anfrom that quarter will be welcome in the steel business. other thing worthy of note is that the decline in commodity
There is plenty of room for improvement in the trade of prices in hte first quarter of the year showed a decrease in
both iron and steel; there is no disguising that fact. De- the donward tendency, enough to suggest the possibility
layed Easter buying has helped the shoe manufacturing that the culmination of the falling off in prices in the last
industry to some extent. Seasonal orders have increased six months may be near at hand, if it has not already been
somewhat in the clothing, dress and knit goods manufactur- reached. If that is so it will naturally hearten the world of
ing industry. Mail order sales in March showed a decrease, business generally. There was a fair business in coal, but
but this was due more than anything else to the later Easter production is ample.
season this year.
Wheat advanced 6 to 7 cents owing to drought in the
Curtailment is still going on in the textile trade, notably Southwest,higher foreign marketsand alarger export demand,
in cotton goods, but prices have been firm under the in- the sales to Europe the other day being reported as 2,000,000
fluence of higher markets for raw cotton. Unfinished cotton to 3,000,000 bushels. The visible supply in the United
goods at times have been a little more active. But still the States is decreasing more rapidly than it was a year ago.
trade lacks snap. Buyers are watching the cotton market Wheat, however, is largely a weather market. Corn adand are apparently none too favorably impressed by its vaned 2 to 3 cents with a light crop movement and a larger
more or less erratic fluctuations. There has been a fair cash demand, but on the rise the receipts show signs of inbusiness in fine and fancy cotton cloths especially crepes,but creasing. Oats advanced and rye rose 5 cents or more
there has been nothing like activity. Still, in some quarters with a little export business to-day with Copenhagen. Moreprices have been advanced somewhat. Some houses have over rye is considered cheap. To-day all the grain markets
withdrawn their goods rather than accept current prices. declined under profit taking. Rains were promised at the
Only a fair business has been done in finished cotton goods Northwest. Provisions were higher, with grain and hogs
and that generally for prompt or nearby shipment. More rising, hog receipts much smaller than a year ago and cash
often than not trade has been quiet. Broad silks have in markets stronger. Cotton advanced 30 to 60 points net
some cases been in better demand, especially popular lines with the Farm Board still to the fore, available contracts
for spring and summer. Raw silk has been dull and a little scarce, and the spot houses after them, especially, of late,
lower. Wool has been quiet and about steady, but the tone July. The next crop has lagged behind, as it is not under
is not very emphatic, although London auction sales have the spell of government manipulation. Meanwhile spot
been on the whole at rather firmer prices. Still American cotton markets are dull and cotton goods quiet. While the
markets are slow to respond, as woolen goods have none too old crop is in the grasp of the Farm Board and new high
ready a sale. Wheat crop conditions have been less favorable levels on this movement have recently been reached after a
in Kansas and other Southwestern sections which need rain. rise of some 250 points the fact remains that trade in the
In some cases they have also complained of damage by the actual cotton and in goods is small at home and abroad.
2298
FINANCIAL CHRONICLE
[Volk 180.
Bradford, England cabled March 29: "Executive of woolen
Sugar declined 10 or 12 points under tired liquidation,
dullness much of the time of actual sugar and contradictory trade unions has decided to order members to cease work
reports about the Cuban Selling Agency. The truth seems when wage reduction notices expire on April 12. This will
to be that the agency is to be retained whatever its opponents affect 200,000 workers." London cabled that an unforemay say or do. Some insist that the agency is a good thing seen increase in England's unemployed to about 1,600,000
and that its operations will inure to the best interests of the made it necessary for the Labor Government to appeal to
sugar trade. Prices for sugar advanced on the news that it House of Commons for authority to enlarge its borrowing
would continue to function. But the market seems to have capacity. Calais, France cabled the Associated Press that a
become overbought. Cuban interests are said to have been silent procession of 20,000 marched last week in protest
selling. Coffee advanced some 15 to 35 points on buying of the increased lace duties in the American tariff measure,
by shorts, the trade, Brazil and Europe, but reacted on to picture the seriousness of the threatened industrial crisis.
profit-taking to-day. The Brazilian markets have on the
Montgomery Ward & Co's. sales for March amounted to
whole been firmer. Rubber declined half a cent as the pres- $20,632,071, a decrease of 8.7% from April 1929. Sales for
sure of liquidation was there and no pronounced demand for the first three months of this year amounted to $57,369,069,
the actual rubber. Moreover foreign stocks are increasing. a decrease of 3.4% from the corresponding period last year.
Cocoa advanced. Hides are higher and the leather trade is Sears, Roebuck & Co's. sales for the four weeks ending
better. Silk futures declined half a dozen points.
March 26 amounted to $25,174,441, a decrease of 10.9%
The stock market early in the present week showed an from March 1929. Sales from Jan. 2 to March 26 amounted
irregular advance with transactions up to the highest and to $79,619,584, an increase of 0.1% over the corresponding
most impressive totals of the year. On the 1st inst. they period last year. The Federal Reserve Board in Washington
were some 5,400,000 shares. That was the largest since last says reports from 654 stores in 274 cities, sales during FebDecember. Most stocks on that day advanced and some ruary declined 3% compared with last year and for January
rose 6 to 7 points. On the 2nd inst. stocks declined on active and February were 4% smaller.
shares 3 to 4 points. In March brokers' loans increased
The weather in the Southwest has been too dry. Tem$488,713,987, making the total on March 31 $4,665,302,339. peratures in the West have latterly been milder. At one
The decline was temporary and was merely a natural reaction time cold, the weather at the South has of late been moderatin a broad market, the sales for the day being 5,300,000 ing. In the cotton States east of the Mississippi rains
shares.
have within a few days been general. Here to-day it was
To-day the stock market so to speak took the bit in its 37 to 50 degrees. Yesterday it was 33 to 49 degrees. At
teeth and raced uphill under the whip and spur of transac- times it has been cold and blustery. The forecast was fair
tions closely approximately 6,000,000 shares. And stocks and warmer. Boston had 35 to 56 degrees; Montreal 26 to
that mean most advanced to new high levels for 1930. 38; Philadelphia 40 to 46; Portland, Me., 30 to 48, Chicago
Leaders really led. Radio, American Tel. & Tel., General 36 to 52, Cincinnati 36 to 62, Cleveland 36 to 50, Detroit
Electric, General Motors, Allied Chemical got into a stride 38 to 56; South 42 to 82; Louisville, 38 to 66; Milwaukee
which other stocks sought to emulate and were at least sitmu- 38 to 54; Kansas City 52 to 74; St. Paul 38 to 60; St. Louis
lated by it. Money is cheap. That has been the open 44 to 68; Winnipeg 38 to 48; Denver 40 to 66; Los Angeles
sesame to better things in the market. The rise in loans 52 to 08; Portland, Ore., 46 to 58; San Francisco 50 to 64;
for the week of $148,000,000 had no weight at all. Call Seattle 44 to 50.
money was at 4%. London might be sobered a bit by
the money situation. But New York had the biggest day's New York Federal Reserve Bank's Indexes of Business
trading of the year. Reactions in grain, cotton and some
Activity.
other commodities counted for nothing. In the old fash"General business activity showed no consistent change in
ioned phrase, many in Wall Street are "bulls on the country." February and at present it appears that March figures will
New highs for 1930 were reached to-day in Allied Chemical, show no material change," says the Federal Reserve Bank
American Telephone, Consolidated Gas, Columbia Grapho- of New York in presenting, in its April 1 Monthly Review
phone, General Electric, General Motors, International its indexes of business activity. The Bank continues:
Nickel, Loews, Radio, Radio-Keith-Orpheum and Fox.
Average daily car loadings of merchandise and miscellaneous freight inBig blocks of some stocks were taken, one of 30,000 shares creased slightly more than usual In February, and showed a further increase
March, while
of Columbia and another of 25,000 Radio making it plain of about seasonal proportions in the first half of usual decline. loadings of
The total
bulk freight have shown a little more than the
enough that the market was showing its mettle. Railroad foreign trade of this country dropped to a level substantially under that
and foreign bonds to-day were higher, but convertibles were of a year previous, and the index of imports,adjusted for seasonal variations
and
the lowest since 1924. Department store
the outstanding feature under a vigrous demand with some sales year-to-year growth, was changed in February, while advertising and
In this district were little
up more than a point. Kings County Electric 6s advanced chain store sales showed small increases, after seasonal allowance. Average
over two points. Brazilian bonds, German Bank 6s of daily life insurance sales increased in February, but the gain was somewhat
adjusted index showed a decline for the first
2
1960, Italians, Siemens & Halske 63/s and Toho Electric less than seasonal, and the bank's index of bank debits in 140 centers
time since last October. This
7s were conspicuously strong and several touched new highs outside of New York City remained in February at about the lowest level
since 1924,and it now appears probable that the March Index will show little
for the year.
change.
The general level of farm prices declined 5 points from
[Adjusted for seasonal variations and usual year-to-year growth.]
March 15, reaching the lowest point since May
Feb. 15 to
1929.
1930.
Economics,
1927 according to the Bureau of Agricultural
Feb.
Dec.
Jan.
Feb.
U. S. Department of Agriculture. At 126% of the pre-war
Primary Distribution-level on March 16 the index of prices paid producers was
99
87
92
Car loadings, merchandise and miscellaneous—
94
104
14 points under a year ago. Prices of all farm products Car loadings, other
88
90
89
105
80
85
Exports
85p
included in the index, excepting hogs, beef, cattle, horses Imports
117
104
104
959
91
traffic,
75
85
...
and apples made declines from Feb 15 to March 15. Farm Panama Canalto Consumer—
Distribution
101
2nd
100
98
99
prices of eggs made one of the most drastic seasonal declines Department store sales, thanDistrict
99
grocery
101
89
96
Chain store sales, other
March 15 Life insurance paid for
on record. Wheat prices reached the lowest
104
107
111
106
98
93
86
89
Advertising
level since 1913. According to reports submitted to the
Central Business Activity—
112
103
98
98
Bank
directors of the National Automobile Chamber of Commerce, Bank debits, outside of New York City
187
138
117
debits, New York City
126
125
115
115
400,000 automobiles were manufactured in March, repre- Velocity of bank deposits, outside of N.Y.City
115
210
139
129
Velocity of bank deposits, New York City
143
senting an increase of 18% over February and a decrease of Shares sold on New York Stock Exchange
313
289
241
267
87
85
80
Postal receipts
79
year.
36% compared with March last
106
102
1039
__
Electric power
101
96
96
Employment in
94p
Boston reports that cotton yarn prices show considerable Business failuresthe United States
102
100
111
116
109r
81r
88r
strength and the upturn was said to be in keeping with the Building contracts
90r
119
86
96
New corporations formed in New York State
101
recent advance in cotton. Some increase in inquiry has been Real estate transfers
85
71
69
69
179
174
174
General price level_
173
reported, although hardly in keeping with what would Composite index of•
225
227
wages.*
227r
226
170
172
170
170
naturally be expected on the growing strength of prices. Cost of living_*
* 1913 ¥st100. p Preliminary. r Revised.
At Providence, R. I., operating schedules are utilizing from
70 to 100% of normal producing capacities are in effect
throughout the dyeing, bleaching and finishing plants of Wholesale Trade in February as Reported to Federal
Reserve Board.
Rhode Island. Manchester, N. H., wired that a small
Reports to the Federal Reserve System by wholesale firms
following a
number of weavers struck at the Amoskeag Mills
dispute over wages and working conditions. Hope was ex- indicate that sales in February were smaller than in Februpressed, however, that the difficulty would soon be adjusted. ary a year ago for meats, dry goods, shoes, hardware,drugs,
APRIL 5 1930.]
FINANCIAL CHRONICLE
and silk goods, and about the same for groceries. The decline from a year ago in the case of hardware and drugs was
considerably less in February than that reported in January.
The statistics, issued by the Board March 28, follow:
PERCENTAGE INCREASE (+) OR DECREASE (—) BY
FEDERAL RESERVE DISTRICTS.
District Number.
Sales—February 1930, Compared with February 1929,
Line.
Ton
1
2
3
4
Groceries.....
—4
—2 —1
Meats *
—2
Dry goods....._ —18
—21 =i2" —13
Shoes
—18 —13 —6 —6
Hardware__ -- —4
—12 —5 —5
—3
Drugs
—1
—5
Silk goods_x
—2
5
6
7
+3 —3
9
8
10
11
12
+3 +2 —15 +1 +2
—8 —8 —23 =Hi
—6 —18 —17
—8
—18
+3 —12 —23
—6 —3 —5 —5
+7 —14 —4
+6 —11 —4
+1 +7 —6 —a
Sales—Jan. 1-Feb. 28 1930, Compared with Jan. I Feb. 28 1929.
Groceries_____
_ —4
—2 —1 +1 —4 —1 —3 +4
+6
Meats*
—2
Dry goods_ -- —17
—16 —8 —12 —5 —8 —22 —21
=ii —23 =ir7
Shoes
—18 —15 —6 —17 +10 —20 —28
—6
—16
Hardware_
—7
—12 —6 —10 —6 —4 —9 —7 —8 —1 —14 —8
Drugs
—9
—7 —9 —13 —10 —2 —7 —16
—2 —23 —2
Silk goods_x
—3
1 Boston. 2 New York.
3 Philadelphia.
4 Cleveland. 5 Richmond.
6 Atlanta. 7 Chicago. 8 St. Louis. 9 lilinneapolls. 10 Kansas City, 11 Dallas. 12 San Francisco.
* Meat packing establishments; figures collected and published by Federal
Reserve Bank of Chicago.
a Quantity not value. Reported by Silk Association of America and published
by Federal Reserve Bank of New York.
2299
DEPARTMENT STORE SALES, BY DEPARTMENTS.
•
Percentage Increase (+) or Decrease (—)
February 1930 Compared with February 1929.
Department.
Federal Reserve District.
Total
(a)
Boston.
St.
Dal- San
New Cleve- Rich- ChiYork. land. mond. cago. Louis. las. Fran.
Piece Goods—
Silks & velvets_ _ —9 —11 —12
Woolen dress goods —14 —16 —11
—2
Cotton wash goods —4
—1
—6
—7
—8
Linens
Domestics, muslins
—11 —10
&c
+7
Ready-to-wear Ac cessori esNeckwear,scarfs —11 -12
—8
Millinery
+1
+3
+5
Gloves (women's &
—2
children's)
+9 +10
Corsets, brassieres +16 +12 +16
Hosiery (women's
—2
+8
&
—15 —10 —29
Knit underwear _
Silk, muslin under—7 +10
—3
wear
—1
—3
Infante wear
+0
Small leather g'ds. —11 —10 —12
+9
Wornen's shoes_ _ _ +8
+3
+7
Children's shoes_ _ +4
1Vomen's Wear—
—6
co'ts,sults —11 —20
—2
Women's dresses.. —1
—5
—4 +20
Misses' coats, suits +1
+6 +26
+12
Miasma' dresses_
Juniors',glrls' wear -1-3 +10 +10
Men's, BMW We ar—3
Men's clothing- - - -11
+4
Men's furnishings,
—1
—8
—3
hats. caps
—8
—4
—8
Boys' wear
Men's, boys' shoes —7
+7 —4
House Furnish'gs
—9 +1
—6
Furniture
—2
—9
Oriental rugs
—1 —6
Dom.floor coveegs —7
Draperies, uphol+2
—5
stery
+3
—3
+0
China, glassware
-1
—12
—23
—10
—10
+2
+7
+6
—2
—10
—20
—3
—5
—19
—13
—2
-12
+7
—4
+5
—29
—8
—15
—11
—7
—16
—11
—15
—14
—37
—17
—14
—2
—4
+21
—10
—5
—7
+20
—17
+18
—15
—9
+11
+1
+22
—4
+19
—23
+24
—10
+28
—12
+16
—2
—9
+1
—3
+3
—13 —23
—6
—30
—6
—11
—12
—5
—18
+11
+5
+0
+6
—9
+7
+10
+0
—1
—14
+15
+17
—8
—1
—7
+1
—12
—7
—1
+5
+6
+4
—3
—18
—3
+0
—9
—13
+4
+31
+39
+28
+10
—11
—7
+1
—21
+7
—10
—10
—1
+16
+9
+8
+11
+3
+2
+21
+9
—19
+8
—16
+3
+0
—16
—2
—18
—13
—12
—10
+4
+7
—14
—5
—13
—6
+1
—9 —16
—8 —16 —8
—8 —16 —10
—9
—10 —15
+4
Federal Reserve Board's Survey of Retail Trade in the
United States During February—Sales 3% Smaller
—15 —10
—1 —21
+0
+2
—17
+2 —15 —31
Than in Same Month Last Year.
—6
—4 —17
—19
+2
Department store sales for February were 3% smaller than
—2
—3
—8 —14 —14
—5
+6
+1 —14
—5
—7
+0
in the corresponding month a year ago, according to reports
200 stores with total annual sales in isted departments of
a Data are for
to the Federal Reserve System from 654 stores in 274 cities. $850,000,000 and about departments of $1,250.000,000. More than 50% of these
in all
Total sales from Jan. 1 to Feb. 28 were 4% smaller this year sales are for about 40 stores located in six cities: Boston, New York, Pittsburgh,
Detroit, Cleveland, and Los Angeles. In individual Federal Reserve districts
than last year, says the Board, whose survey, made available more than half of the reported sales are made by stores in following cities: Boston,
New York, Pittsburgh, Cleveland, Washington, Dettolt, Milwaukee, St. Louis,
March 26, follows:
Dallas, Houston, Los Angeles, and San Francisco. The total number of reporting
SALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase (+) Over or Decrease(—)from a Year Ago.
District or City.
F. R. District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
Jan. 1 No.
to
of
Feb. 28 Stores
Feb.
+1
+0
—3
—7
+3
—4
—9
—2
—6
—1
+4
+1
—3
—8
+2
—9
—9
—7
—7
—4
—6
—1
97
66
67
58
35
42
112
21
24
38
26
68
SelectedMt/—
Akron
—15
Atlanta
—1
Baltimore
+7
Birmingham
—9
Boston
+3
—4
Bridgeport--- Buffalo
—9
Chattanooga
+4
Chicago
—7
Cincinnati
+3
—12
Cleveland
+2
Columbus
Dallas
+6
Dayton
—6
Denver
—2
Detroit
—20
Duluth-Superior..
—6
Fort Worth
—6
Houston
—4
—15
—4
+7
—12
+7
—3
—10
—2
—9
—1
—8
—3
—3
--8
—5
—19
—9
_9
_9
5
5
+0
4
12
3
6
33
9
6
5
3
5
6
4
6
5
District or City.
Feb.
Selected City
(Cocci.)—
Indianapolis
+3
Kansas City
Little Rock
—5
Loa Angeles
—3
Louisville
+8
—2
Memphis
+1
Milwaukee
—15
Minneapolis
Nashville
—3
Newark
—2
New Haven
—1
New Orleans
—4
+2
New York
Oakland
+17
Oklahoma City...
+7
Omaha
—9
Philadelphia
—1
Pittsburgh
—4
Providence
—3
Rochester
+0
San Francls-o-- _—5
Salt Lake City.....
—5
Seattle
+0
Spokane
—15
St. Louis
—4
St. Paul
+2
Syracuse
—7
Toledo
—25
Topeka
+6
Washington
+2
Jan.1 No.
to
of
Feb. 28 Stores
—2
—6
—8
—2
—5
—8
+2
—16
+1
—2
+2
—13
+3
+14
—3
+1
—2
—8
—1
+3
—3
—10
—2
—13
—7
+2
—7
—17
+1
+2
5
4
4
8
5
4
7
4
4
4
4
12
5
3
3
12
7
10
4
6
5
5
5
4
6
4
4
3
7
Total(274 cities)
—3
—4 654
DEPARTMENT STORES—SALES AND STOCKS, BY FEDERAL RESERVE
DISTRICTS.
Federal Reserve
Districts.
No. of
Stores.
Feb.
1930.
Jan.
1930.
Feb.
1929.
Feb.
1930.
Jan.
1930.
Feb.
1929.
36
60
57
55
25
41
97
19
19
103
115
90
98
107
103
113
102
99
110
113r
92
93
102
93
112r
SS
82
102
114
93
105
105
108
123
106
92
22
36
107
117
93
117
107
118
77
90
73
77
81
83
88
83
73
75
85
90
104
102r
80
78
85
78
90r
72
70
74
80
104
76
90
75
83
75
87
95
85
65
76
85
91
497
107
102
110
83
89
85
85
96
71
80
86
82
100r
79
64
102
72
100
91
99
85
91
94
98
106
86
75
124
79
98
(a)
Sales—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City b
Dallas
Ban Francisco
United States
Stocks—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minnealmils
Kansas City la
Dallas
San Francisco
irides Numbers. Monthly Average 1923-1925=100.
=
Adjusted for Seasonal
Without Seasonal
Variations.
Adjustment.
34
42
45
49
28
29
79
19
15
21
21
32
03
93
97
87
108
104
106
100
83
77
90
79
90
94
96
86
06
98
99
91
92
89
100
90
113r
110
108
104
88
91
92
82
70
72
78
67
---------113
SO
83
82
77
109
108
103
104
.
stores varies from about 65 for certain Items to about 175 for other items: in the
Individual Federal Reserve districts corresponding ranges are usually about as
follows: No. I, 8-30; No. 2, 8-12; No. 4, 18-64: No. 5. 7-11: No. 7, 8-30: No. S.
6-10; No. 11. 6-14; No. 12, 8-20,
National City Bank of New York on Business Conditions
—Failui.e of More Rapid Recovery Ascribed to Worldwide Reaction.
In reviewing general business conditions in the April 1
Monthly Bulletin the National City Bank of New York
says:
It is now evident that the failure of business to make a more rapid
recovery since the first of this year is due to the fact that the situation
is not simply a domestic one, but that we are involved in a worldwide
reaction. The fall of prices of staple commodities has been even more
serious to other countries. This is most clearly seen in the state of
British industry and trade. London has been for more than one hundred years the headquarters of a great trade with her own overseas
American and the continent of Europe, and the pulse of world trade
American and the continent of Europe, and the pulse of world rtade
is still felt in London more certainly than anywhere else. The roll of
unemployed in Great Britain is longer than at any time since 1921.
The Labor party came into power last June largely on the strength of
a challenge that it be allowed to try its hand with the unemployment
situation, but the number of unemployed is nearly so% larger now
than then.
The loss of purchasing power and the enforced policies of economy
in all countries are reflected in this country's trade and are a factor in
the lessened activity, in most of the industries as compared with a
year ago. Recent export and import figures appear elsewhere.
The world's industries have more than recovered their pre-war cpacity, but the markets are overloaded with staple goods. However, it
is not the first time that like conditions have been known, and the influences which make for recuperation already are forming.
The bank finds that "the state of general business has
shown seasonal improvement during the past month, although the steel industry, which made a fine recovery to
February 15, has been on a declining scale of activity,
reaching a fairly stable position in the second half of
March." In part the bank goes on to say:
From a little above 80% of present capacity for the whole industry
at the former date, production had fallen to slightly under 75% at the
middle of March. The trade reviews note the absence of any tendency
for consumers to order for future wants but state that low stocks in
the hands of either producers or consumers is a factor of strength.
.
Railway buying has eased off somewhat from the high volume of the
preceding five months and the automobile buying has not yet shown
a strong revival. These are the two most important factors in the situa.
tion. The demand from other sources is very good. Evidently the
number of used cars is a large factor in holding down automobile production. If the companies were taking trade-ins as freely as in past
years the volume of sales would be much larger than it is, but they
are obliged to restrict that class of business on account of the difficulty
in disposing of used cars. Undoubtedly the unemployment situation is
a factor here, as wage earners are large buyers of these cars.
•
•
•
An outstanding development is the sharp drop that has taken place in
interest rates, marking the end of a period of credit strain and bringing rates to the lowest point in several years. The factors responsible
for this striking change are taken up in our discussion of the banking
situation, but in its bearing on general business conditions the advent
414
09?
08
100
03
United States
88
95
a Stores for whin igureS are available since base period 1923-25. b Nionthly of really cheap money has been widely heralded, and rightly so, as the
I most important and promising feature in the general situation. That
average 1925=100.
1
Fou 180.
FINANCIAL CHRONICLE
2300
cheap money is a tonic for the recuperation of business has been proven definite establishment of some of the fundamentals of reby long experience. It works in a variety of ways, by encouraging covery, industrial revival has made only very moderate
commercial enterprise, new building construction, public utility, railroad and municipal projects and the stock and bond markets, including progress; and, while it seems likely that the depth of the
the sale of foreign bonds which assist the financing of our export trade. depression has been reached, its !width is not yet clearly
Despite the improvements that has taken place during the past few
evident," "The Survey" continues. "The Survey" also says:
weeks, the aggregate volume of manufacturing and trade is still run"The impetus given to the automobile and steel industries early In the
ning considerably below that of the same date in 1929, but that was
the high record year for all time and comparisons with previous years year has lost scene of its force, and falling prices in the commodity markets
make a less unfavorable showing. Of the general barometers, weekly have had a depressing effect upon business generally. Unemployment has
bank clearings for the country as a whole, excluding the thirteen larg- continued to a distressing extent, and the construction programs outlined
est cities, averaged $955,422,000 during the first three weeks of March previously have not yet been undertaken in any great volume.
as compared with an average of $1,095,228,000 in March of 1929, repConstructive Factors Visible.
resenting a decline of 12.8%, a portion of which is accounted for by
"Yet, in spite of these deterrent factors, there are important constructive
the lower level of commodity prices. The current month's figures are influences at work in the situation which seem certain sooner or later to
9.9% lower than March, 1928 and 8.6% lower than March, 1927.
dominate. First, and most important, is the ease of money and the
Railroad loadings of less than carload lot freight in the first three soundness of our credit situation. The recent action of the Federal Reserve
weeks of March averaged 251,488 cars weekly, which as compared with Banks in lowering rediscount rates clearly establishes the trend. It is
the 259,797 weekly average for March, 1929, represented a decrease difficult to obtain exact figures in regard to unemployment, but it seems
of 3%. The Standard Statistics Company index of industrial produc- probable that its low levels have been reached and recovery has already
tion, corrected for seasonal and long-term trend, reached its low point begun. With the usual seasonal activity at hand, this problem should
of 108.7 in December, from which it rose to 112 in January, 115.9 in disappear in its virulent form within the next 60 days. The recently
February and should be in the neighborhood of 118 in March. In reported increase in public savings and the large income tax receipts this
February, 1929, the index was 125.7 and in March 129.8.
month are distinctly favorable in their implications. Reports from the
various parts of the country indicate an improvement in both wholesale
in building construction, although
some definite
Business Profits in 1929, According to New York Federal and retail trade andfar below last increaselevels. It is expected that, with
year's
the latter is still
1928 and 46% the approach of the Easter season, renewed activities in these fields will
Reserve Bank, 19% Larger Than in
definitely raise the business barometer.
More Than in 1927.
"At present, such indices of business as freight car loadings, bank clearThe Federal Reserve Bank of New York, in its April 1 ings, export trade volume, and steel production are not encouraging on
Monthly Review states that "reports of 629 companies their face; and yet the economic needs of 120,000,000 people must still
we are now
now available, comprising 33 main industrial and mercantile be met, and with the processes of readjustment through which be expected.
going reasonably well completed, a definite move forward may
groups, showed net profits for the full year 1929 that were Whether this will be delayed until midsummer or even until the autumn is
19% larger than in 1928 and 46% larger than in 1927." In not clear, but that the problem involved is purely one of time, and not of
its further survey of Business Profits in 1929 the Bank says: direction, appears certain.
Outlook for Business.
This very favorable showing for the full year 1929 occurred in spite
"We must adjust our minds to what seems to be the fact, namely, that
of a sharp drop in industrial profits during the final quarter which accomupturn, will not
panied the business recession then in progress. In the fourth quarter, in- spring business, while it may show the usual seasonal
dustrial profits declined to the lowest level since the first quarter of 1928, equal last year's, or probably that of 1928. But weighing these factors
may still reason that
following an unusually high level In the preceding part of 1929, as is shown carefully, and viewing the situation as a whole, one
in the accompanying diagram. [This we omit—Ed.] This diagram also the current depression is temporary, and that sooner or later easy money
shows that railroad profits declined considerably in the final quarter of and economic necessity will exert their influences.
"The persistent strength of the stock market in the face of the rather
1929.
A large proportion of all the industrial groups had a materially higher indifferent current reports offers perhaps the strongest testimony to the
The outstanding confident belief of business men that recovery will not be indefinitely
margin of net profit for the full year 1929 than for 1928.
example was the steel group, which expanded net earnings 66% further, delayed. Consistently cheerful comment from Washington in connection
or about twice as much as the percentage rise from 1927 to 1928. Amuse- with the issuance of trade figures has probably helped to create this
ment, household equipment, realty, and shipping companies reported sentiment, although there has become evident an increasing disposition to
large increases in profits; also the railroad equipment, rubber, and coal discount such views as inspired by a desire to aid business recovery rather
and coke companies, but in the case of the three latter groups the advances than to examine the situation in the cold light of truth."
represented recoveries from the low figures for 1928. Increases in net
earnings of the oil, machinery, electrical equipment, office equipment,
metals and mining companies and miscellaneous were also above the average
for all industrial companies. The only groups to show smaller profits in
1929 than in the preceding year were the automobile companies, which,
exclusive of the Ford Motor Co., reported an 11% reduction; and clothing.
meat packing, leather and shoe, and silk and other textile concerns.
Corporation Groups.
Steel companies
Railroad equipment
Oils
Motors
Motor parts and accessories (excluding tires)
Rubber
Bakery products
Beverages
Confectionery
Meat packing
Other mLscell. food products
Tobacco
Leather and shoesPaper
Printing and publishing
Amusement
Clothing
SU
.
Other miscellaneous textiles_ _ _
Metals and mining (excluding
coal. coke and copper)
Coal and coke
Copper
Machinery
Chemicals and drugs
Electrical equipment
Heating and plumbing
Household equipment
Office equipment
Realty
Shipping
Building supplies
Stores
Miscellaneous industries
Total, 33 groups
Telephone (net operating income)
Other public utilities
,
Nuns
ber.
24
13
45
14
41
13
11
6
s
11
37
17
13
9
12
12
8
13
28
20
13
12
31
27
10
7
8
9
4
5
33
38
81
629
97
95
1927.
$
154.009,000
33,238.000
138,742,000
102,985,111
1928.
$
205,310,000
23,587,000
291,170,000
370,842,000
1929.
$
339,754.000
37,169,000
358,949,000
331,216,000
42,416,000
58,754,111
48.158,000
15,719,000
16,573,000
18,851,000
110,086.000
98.008.000
29,820,000
7,762,000
27,130,000
29,662,000
8,098,000
7.788,000
27,273,000
78,116,000
89,197.000
18,921,o le
31,284,000
58,001.000
50,153,000
21,818,000
18,128.000
20,903.000
18,395,000
33,978,000
34,462,000
127,186,000 144,850,000
99,435,000 109,875,000
24,868,000
28,854,000
8,044,000
8,470,000
30,274,000
31,767,000
55,031,000
36,515,000
7,955,000
10,498,000
8,551,000
7,116.000
17,871,000
18,111,000
40,882,000
12,780,1 $ 1
25,310,000
31,915,000
101,733,000
48,962,000
29,581,000
7,722,000
23,868,000
1,749,000
4,415,000
64,667,000
152,145,000
213,009,000
51,272,000
8,662,000
49,849,000
37,541,000
122,451.000
54,577,000
31.821,000
9.568,000
29,333,000
2,686,000
4,589,000
68,993,000
162,272,000
273,059,000
227,566,000
775,177.000
253,437,000 276,139,000
868,703.000 1,006,500,000
68,724,000
12,883,000
63,259,000
44,801,000
144,838,000
73,381,000
35,434,000
14.949,000
38,083,000
4,034,000
6,611,000
73,116,000
172,208,000
338,588.000
Production of Electric Power in the United States in
February 1930 Exceeded Same Month Last Year by
Approximately 3%.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
plants in the United States for the month of February 1930
amounted to 7,623,946,000 k.w.h., an increase of approximately 3% over the corresponding month in 1929, when
output totaled about 7,429,000 k.w.h. Of the total for
February of this year, 4,946,711,000 k.w.h. were produced
by fuels and 2,677,235,000 k.w.h. by water power. The
Survey's statement shows:
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
Total by Water Power and Fuels.
Dec. 1929.
Jan. 1930.
Feb. 1930.
Change in Output
from Previous Year.
January.February'
0%
New England
588,992,000 591,426.000 528,394,000
Middle Atlantle._ 2.273,566.000 2,277.498.000 1,998.977,000 +8%
East North Central. 2,037,044,000 2,088,317,000 1,838,153,000 +3%
West North Central_ 504.018.000 507,628,000 448,284.000 +8%
1,036,818,000 1,109,416,000 984,805,000 +13%
South Atlantic
East South Central. 301,107,000 326,333,000 281,216,000 +2%
West South Central_ 416,500,000 410.280,000 376.834.000 +8%
326.581,000 320.506,000 277,531,000 —1%
Mountain
1 028,817,000 1,026,187,000 911,772,000 +8%
Pacific
0%
+5%
—1%
+5%
+7%
—3%
+4%
—3%
+5%
Total for U. S____ 8,513,219,000 8,857,591,000 7.823,948,000
+5%
+8%
The average daily production of electricity by public utility power
plants in the United States in February was 272,300,000 k.w.h., about
234% smaller than the daily production in January. In a normal year,
as Indicated by the records for 10 years, the average daily production of
electricity in February is the same as in January.
The average daily production of electricity by the use of water power
1,927,578,000 2,380,924,000 2,823,420,000
continues to increase slowly but is still considerable below normal.
192
Claw r Railroads (net open inc.) 180
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
1,002.748,000 1,122,140.000 1.282,839,000
1,085,142,000 1.194,488,000 1,274,774.000
Total public utilities
1929.
Guaranty Trust Company of New York Finds Only
Moderate Progress in Industrial Revival.
The halt in business recovery in the last few weeks has
somewhat chilled the optimism expressed during the early
part of the year, when a marked reaction from the December
depression was manifest, states the Guaranty Trust Co. of
New York in the current issue of its publication, "The
Guaranty survey," published Mar. 31. "In spite of the
considerable improvement in business sentiment and the
1930.
8,241,000,000 8,658,000,000
7,429,000,000 7,624,000,000
7,989,000,000
7,881,000,000
8,084,000,000
Increase Inerease
1930
1929
Over
Over
1929.
1928.
5%
3%
____
---____
June
7,768,000,000
____
July
Austen
September..
October ___.
November _ _
December...
8,012,000,000
8,354,000,000
8,061.000,000
8,708,000.000
8.243,000.000
8,513.000,000
--__
---__
....
-------
13%
a12%
10%
15%
14%
11%
12%
11%
11%
10%
8%
8%
97 2ftli (win non
------------
- tier
January.—
February....
March
April
May
Total
sBawd on output for 28657..
Produced by
Water Power,
1929.
1930.
33%
34%
35%
35%
39%
42%
43%
40%
38%
34%
31%
31%
32%
32%
earls
_.
APRIL 5 1930.]
FINANCIAL CHRONICLE
8
99.051,300
140,827,600
60,244,500
41,752,400'
13,495,800
9,875,300
26,604,400
391,850,400
145,171,200
1
1
..1;
to g
"•
P
1
Contracts AW•filea.•
1929.
I
'' Eigi
iTgtI§
1
4
1
1930.
nit
..
B.
Number iNeto Floor
Space, in
of
Project!. Square Fen.
0 0= "
. 4P!
4
P: -PPP P PP PP PPe'Pl.".
0
r
• 1
Number New F1001
of
Space. in I Valuation.
Projects. Square Feet.
$
72,903.200
33,499,300
21,238.800
8,777,700
5.580,600
9,578,300
4,889,000
156,464,900
74,763,200
..
- - .. i
.
- . .
Ca-- 0. .---0
! ...
..
.
,0. .
90,-.
.
ww0.1... a w. 1.- .....--.
.
4..a am
.v. 1.- .0e-eae-ew.ge 1. v. .w.e-eppopo.
00
r
g
13
. eq
.
96,867,000
106,170,300
40,420,000
14,103,400
15,027,400
7,093,500
17,425.300
297,916,900
246,006,200
921 290 Inn
68.285,100
56,092,100
22,578,700
4,627,900
1,454,000
6,184,500
14,994,200
174,194,500
486 400
129•
'
303,690,900
57,593,000
543,923,100
228,698,500
Construction Contracts in February Smaller.
Total construction contracts awarded during February in
the 37 Eastern States amounted to $317,053,000, according
to statistics compiled by the F. W. Dodge Corp. In February 1929 these construction contracts aggregated $361,273,900. For the two months of 1930 the contracts foot up
to $641,028,200, as compared with $771,241,800 in the
corresponding two months of 1929.
We give below tables showing the details of projects
contemplated in February, and for the two months of this
537,021,500
243,756,800
80
81
87
74
73
10c..1
was
0.0,..m.,-mo 10 ..
a
''''©''.1 '?'P'?' $. ''`2°
'sp.MEM § 8
tg
i
t
1
!T
Min § rg ri §§reitt
..
........gw
-4o.&wo...m -4
.-.
361.273,900
81
54
89
120
72
iiiiiii
779 091 finn
80
55
90
118
69
780.778.400
138
145
127
. .
n
.a. w .... -aw
168,643,100
119,201,000
40,322,600
12,685,000
8,403,900
10,567,000
21,749,200
147
184
123
8888888
..4
:5 ,n ww
w n
= con
""
'oo 1410 W'n no4.-.woo'n - 1 me 1 m ..,.o-'0
Ca
Vo tg g=itr4M2 t Tg VI gtgggE8
°
379,571,800
267,555,000
131
151
172
122
t §- tt
t
301,743,000
141,395,100
103
94
117
99
696.323,200
510,084,500
102
95
116
105
163
107
131
80
82
75
117
120
116
126
113
101
123
79
148
98
128
123
160
152
129
894,532,400
289,627,400'
85
63
62
105
107
105
118
98
94
0.0,00.p.p,
z.b.z.,;.,4,-.0 ;.
30.
w m
-+ 4..w
.
.
E ..--...
v. v. -- ..*.
.v. .
.- .-.0.0., '. .- .. .-.00..
.CO.. .0 .....-0 0 .. .. ..-0..,
f
0
....
..
- -0 ...--. .-.
= .0
. ..
.-... v. ..1..v.I.
v.
.
.0. .0 .....0- -. -4w 0. ...-00.ca to i.1., ,..v000 ;-. cam..wpp.4.
r-w p
a. Fr...am,.
,
1,647,126,800
124,115,000
95
79
63
103
112
102
99
103
96
120
1,206,407,700
384,497,900
Feb.
1929.
1,184,159,8001
1,051,968,200
Feb.
1930.
toc2,4ovIpo
0 4:ae'w- wb -.
-,
a
.00500.W
10 1010 Wt, oww.e0 . 70 :p.'m 10- 4 m.... waa
.
.
a am
.ta
0 .co a. .e,e-eace.co ,aw .w owaoce,-0
ow woow*emen a Ca
e-ewowwA 4.
,
bon
4,.nn,nw
om,,mmmw
101014o"c.*-310 "ce
momoo-m
771,241,800
Production
Raw materials:
Animal products
Crops
Forestry
Industrial (omPiled by Federal Reserve Board)
Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders
Total
Textiles
Iron and steel
Transportation equipment
Lumber
Jan.
1930.
C.
..c....1
.
PC ww
1
ludas Numbers, 1923-1925=100.
l'
.0 co4n
" ,
*co .. v. ....b....
. .. ..,...- 3415
-..
.z..0 ,- .......
.- v. ...-..-. a
.0. .. ....0.
0 .0 .. ..-.... • &
47,
...
A.WWW1-.C.0
443,138,100'
197,890,100
Unfilled Orders.
Unfilled orders for manufactured goods at the end of February showed
gains over both the previous month and February 1929. Increases were
registered over the preceding month in orders for transportation equipment, principally railroad, and lumber, sufficiently large to more than
offset declines reported In the unfilled orders for textiles and iron and steel
products. As compared with a year ago, gains in iron and steel and transportation equipment more than balanced declines in textiles and lumber.
g' :
I 641,028,200
Production.
Manufacturing production In February after adjustments for seasonal
changes was larger than in January, but showed a decline from a year ago,
according to the weighted index of the Federal Reserve Board. The output
of minerals in February showed declines from both the previous month and
the same month of last year. Industrial production, including both
manufacturing and minerals, was larger than in January, but declined
from February 1929.
Commodity Stocks.
The general index of commodity stocks at the end of February was lower
than at the end of the previous month, but showed a gain over a year ago,
the increase over last year being solely due to a gain in the holdings of raw
nlaterials. The index of stocks of manufactured goods in the hands of
manufacturers, though showing a slight increase in February over the
preceding month, was about 3% lower than a year ago.
e7
a g4=.51Ea
.,
Ea A..apevE
iagEti
..n.
gEkalg
g5.
..
d fl
i
odf -5
'"a..-,.';
Mg prga6igq" 'E
L
.Egg.042=g R0
E§ A
6agEV3
g
...Y.
a S'
ffEffRr. 4
Eilg
k
cr
1,590,905,600
Industrial Production in February Larger Than in
Previous Month, Department of Commerce Notes.
The Department of Commerce in its monthly indexes
covering manufacturing production says:
2
4
Tnn5c1
WgFIRFV,
..J ag sZ 0=04=c19.-3 004 i
a==20•9'a.s
=0 -0 E'oo =lag g 9 0 =0
0 E.t=.4s5s
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4;
g El
.
I0
a aa
2,236.128,000
National Building Activities Show Large Gains Over
Other Recent Months According to S. W.Straus & Co.
That building activities are now definitely on the upgrade
was indicated by a 55% gain in building permits issued
throughout the country in March compared with February
S. W. Straus & Co. reported on Thursday. The normal increase between the two months is 37%, the same authority
pointed out. The reports cover 125 key cities in every section of the country and include such large centers of population as New York, Chicago, Philadelphia, Boston, Baltimore,
Cleveland, St. Louis, San Francisco and Los Angeles.
S. W. Straus & Co. stated that these figures are by far the
most encouraging building data received from over the country since last October. The 55% increase compares with a
loss of 2% from January to February; 17% from December
to January; 19% from November to December and 23%
from October to November.
"While reports from 450 additional cities are still to be
received, the figures from the 125 key cities," S. W. Straus
& Co. state, "are sufficient to show that an unmistakable
upward trend has been reached in the building industry of
the nation."
year as compared with the corresponding periods a year
ago. The table also shows the details of the contracts
awarded for the same periods. These figures, it is stated,
cover 91% of the United States construction.
Classification.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including central stations and electric railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports
is estimated; therefore the figures of output and fuel consumption as reported in the accompanying tables are on a 100% basis.
(The Coal Division. Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
2301
a
1
Annalist Weekly Index of Wholesale Commodity Prices•
The "Annalist" weekly index of wholesale commodity
prices stands at 134.3, an advance of 0.7 point from last
week (133.6), and compares with 145.6, the index on the
corresponding date last year. Continuing, the "Annalist"
says:
Of the eight groups comprising the index four are higher, one is lower
and throe are unchanged.
The metal group Is sharply lower because of steep price declines in
finished steel and zinc. The farm products group which had turned up
last week went higher again this week because of higher prices for grains
and cotton, though live stock, especially hogs and lambs, continued to go
to lower price levels. The food products index advanced 0.7 point and is
now at the highest point since Feb. 25.
All meats have advanced. Butter,
cocoa, flour, oranges and cottonseed oil are higher, A further advance in
cotton yarns has sent the textile index up 0.3 point. A slight advance
in bituminous coal has advanced the fuel index.
Commodities included in the building material, chemical and miscellaneous groups are unchanged.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
April 1 1930. Mar. 25 1930. April 2 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building meterh is
Chemicals
Miscellaneous
All commodities
127.9
137.6
130 7
150.1
121.4
149.9
131.7
116.6
134.3
126.9
136.0
130.4
149.8
122.9
149.9
131.7
116.6
133.6
144.2
140.0
152.3
162.0
135.9
154.5
134.9
122.3
145.6
Continued Shrinkage in Loading of Railroad Revenue
Freight.
Loading of revenue freight for the week ended on March
22 totaled 875,542 cars, the Car Service Division of the
American Railway Association announced on April 1. This
was a decrease of 5,645 cars under the preceding week and
a reduction of 86,858 cars below the same week in 1929.
It also was a reduction of 74,652 cars under the same week
in 1928. Details follow:
2302
FINANCIAL CHRONICLE
Miscellaneous freight loading for the week of March 22 totaled 360,114
the
cars. 41,696 cars below the same week in 1929 and 9,718 cars below
corresponding week in 1928.
lot freight amounted to 251,437
Leading of merchandise less than carload
9,127
cars, a reduction of 11,978 cars under the same week last year and
cars under the same week two years ago.
cars under
Coal loading amounted to 126,869 cars, a decrease of 9,621
the same week in 1929 and 30,254 cars below the same week in 1928. the
Forest products loading amounted to 58,398 cars, 9,998 cars below
same week last year and 10,744 cars under the corresponding week in 1928.
Ore loading amounted to 10.043 cars, a decrease of 1,843 cars under the
years
same week in 1929 but 1,495 cars above the corresponding week two
ago.
Coke loading amounted to 9,753 cars, a decrease of 2,463 cars under the
corresponding week last year and 577 cars below the same week in 1928.
Grain and grain products loading for the week totaled 37,657 cars, a
reduction of 4,454 cars under the corresponding week in 1929 and 8,960
grain
cars below the same week in 1928. In the western districts alone,
and grain products loading amounted to 24,661 cars, a reduction of 4,010
cars under the same week in 1929.
week
Live stock loading totaled 21,241 cars, 4,805 cars under the same
In 1929 and 6,767 cars below the corresponding week in 1928. In the
16,556 cars, a
western districts alone, live stock loading amounted to
decrease of 3,977 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
same
compared not only with the same week in 1929 but also with the
week in 1928.
compared with the two previous
Loading of revenue freight in 1930
years follows:
1928.
1929.
1930.
3,448,895
3,571.455
3,349,424
Four weeks in January
3,590,742
3.766,136
3,505,962
Four weeks in February
959,494
978,201
899,189
Week of March 1
951,556
947,539
873.548
of March 8
Week
942,572
958,601
'
881,187
Week of March 15
950,194
962,400
875,542
Week of March 22
[you 130.
week ended March 29 stood at 91.4; for March 22, 91.4; for March 15,
91.3; and for March 8, 91.2.
Chatham Phenix National Bank & Trust Co. Cites Improvement in Employment Situation.
Employment conditions in the United States are steadily
improving, the Chatham Phenix National Bank and Trust
Company states in its monthly "Outline of Business" for
April, as a result of the seven billion dollars expenditure
planned by the states, railroads, and public utilities for
construction and maintenance. The "Outline" points out
that the index figure determined by the U. S. Department
of Labor shows the,ratio of employment for February to
be 90.3 for each 100 wage earners employed in 1926, the
base year, a fractional increase over January when the
index figure stood at 90.2. Continuing, the "Outline" says:
"A much more substantial gain is disclosed for payroll totals in the
factories. The payroll index for 54 industries rose in February to
90.7 from 87.6 the previous month. This rise represents an increase
of 354% in the per capita earnings of 3,210,129 workers, and marks
a gain of many millions of dollars in their combined purchasing power.
A large part of the increasing expenditures for public buildings and
road construction are being paid out in wages.
"The final key to the employment situation, however, which is a vigorous and sustained upswing in general business, is still delayed. The
principal production indices for March continue to show the mixed
trends which began to develop in February after the opening spurt
of the year. Steel and iron were among the barometers which continued to show a rising output in February, but such activity fluctuated
in March. Gain was noted in production and employment in the motor
factories during the past month, Labor Department data shows. De10.843,453 clines are found in cotton and textile activity and in general commodity
11,184,332
10,384,852
Total
movement. No real recovery of the construction industry is possible,
it is generally agreed, until the volume of new residential work returns
nt to something like its normal proportions. The progressive easing of
Silberling Research Corporation Says Marked Improveme
interest rates is expected to promote this, although bow quickly any
In Business Conditions Is Unlikely For Some Months.
effect may be looked for from that quarter is uncertain."
Basic marked
In surveying the outlook for National Business and
Industries, under date of March 29, the Silberling Research
Farm Price Index Declines 5 Points Feb. 15 to March 15
Corporation, Ltd., of Berkeley, Cal., says:
-Wheat at Lowest Level
Fruits and Vegetables Higher
Indications: Preliminary figures for March point to a renewed dein the
cline in our index of general business activity and buying-power
Since 1913.
United States. The most important consideration in the immediate
The general level of farm prices declined 5 points from
industrial activity, which is the dominating influence in
outlook for
general buying-power, is the fact that so many lines are facing a situ- February 15 to March 15 reaching the lowest point since
ation of weak or spotty demand and are not likely to experience any May, 1927, according to the Bureau of Agricultural Ecomarked improvement in operating conditions for some months. The
. At 126% of the
recent brief spurt in general production has been due to the conoen- nomics, U. S. Department of Agriculture
hated orders arising from a few equipment lines which for a short pre-war level on March 15, the index of prices paid producers
impression
time stimulated steel output and thereby gave a misleading
really was 14 points under a year ago, says the Bureau under
in many quarters that the turn toward sustained recovery had
started. In fact this seems far from being the case. The forecast date of March 28, its advices adding:
derived from our Teleometer based upon credit conditions does not
Prices of all farm products included in the index, excepting hogs,
of buying
beef cattle, horses and apples, made declines from February 15 to
point to any continuous upward swing in the general' cycle
similarly derived fore- March 15. Farm prices of eggs made one of the most drastic seasonal
power until the third quarter of the year. Our
level of
cast of the direction over the next six months in the general in the declines on record. Wheat prices reached the lowest March 15 level
commodity prices leads to the same conclusion-that recovery
since 1913.
average level of quotations will not be possible as a broad tendency
During the period from February 15 to March 15 changes in the
to
until after the summer months. With world conditions unfavorable
indices of prices of the various groups of farm products, were: poultry
prices much less favor- and poulty products, down 39 points; cotton and cottonseed, down 8;
strong demand for manufactured products, farm
in comdairy products down 3; meat animals and fruits and
able to producers than last year, and further weakness likely
pros- grains, down 8;point
modity markets, even the reviving influence of prevailing and
vegetables up 1
modified.
Compared to a year ago, the index of cotton and cottonseed prices
pective easing of credit rates must necessarily be delayed and dInscesel
was down 42 points; poultry and poultry products, down 29 points;
At such time as the present, when so much attention is being
is of special importance to dairy products, down 18 points; grains, down 17 points; and farm
to the next turn in general conditions, it
from the prices of meat animals, down 9 points. Fruits and vegetable prices,
gauge the direction of the underlying tendency as distinct
individual lines alone, were higher than a year ago, the advance amounting to 57 points.
irregular and fluctuating movements which occur in
to be so close
The advance in the United States average farm price of hogs, which
of enterprise from one week to the next. It is possible panorama of
to the picture and to see so limited a part of the broad of activity is began in January of this year, continued from February 15 to March
the main current
15, but the price advance during the past month amounted to only about
economic forces that the direction of
Since the great 1% and on March 15 hog prices were 4% below a year ago. Hog
easily lost. This is the cause of most errors in policy.
the sweep of receipts at 7 primary markets during the 4
-week period ended March
majority of industries tend to respond sooner or later to
buying power, it is 15 were about 26% below the corresponding period ended February 15,
the general movements in production, trade, and
for individual and approximately 7% above the corresponding period in 1929.
of great advantage in estimating the longer range outlook
tides
The corn-hog ratio for the United States advanced from 12.02 on
industries and companies to keep always in mind the powerful
for products
of the business cycle which control the aggregate demand finance re- February 15 to 12.8 on March 15. The feeding ratio for Iowa advanced from 14.1 to 15.3 in the same period.
and service. Effective budgeting of production, sales, and
The farm price of sheep and lambs declined 4% and 8%, respecquires fairly long range estimates.
foregoing conclusions, tively, from February 15 to &larch 15, when sheep prices were 21%
There seems little question on the basis of the
presented below, that the earnings lower than a year ago, and the farm price of lambs was down approxias well as the more detailed matter
during a
of most corporations in 1930 will be very unfavorably affected contrast mately 27%. The decline in farm prices of sheep and lambs is attributed largely to heavy supplies.
considerable portion of the present year, and will be in sharp
of even
A 4% decline in the United States average farm price of corn from
with the exceptionally high returns of 1929. The maintenance unusual
year will require
February 15 to March 15 is reported, although in Southern States corn
moderately satisfactory business profits this
concentration of selling efforts upon prices continued to advance slightly. At 74.5 cents per bushel on
care in the control of costs and
prevailing March 15 the average farm price was about 16% below a year ago
consumers whose sources of income are least impaired by
and at the lowest level since November, 1927.
conditions.
Declines from February 15 to March 15 carried the United States
Slight average farm price of wheat to a low level for the current marketing
National Fertilizer Association Reports Continued
season, and to the lowest level for March 15 since 1913. At 91.9 cents
Advance in Commodity Prices.
per bushel, the mid-month United States average farm price of all
per wheat was approximately 9% below February 15 and about 12% below
Commodity prices advanced seven-hundredths of one
to the a year ago.
cent during the week ended March 29, according
The world-wide decline in the general commodity price level, the
price index of the National Fertilizer Associa- reduced export demand for United States wheat, large visible supplies.
wholesale
slight advance in the index, and prospects for an increased carry-over into the new crop year, have
tion. This is the third week of
advances of the had a depressing influence on wheat prices. Commercial wheat stocks
and there is a greater preponderance of
in principal domestic markets on March 15, were about 24.5% larger
the first week in December, than a year ago.
items than has occurred since
The farm price of cotton declined from February 15 to March 15,
says the association, which adds:
ad- and at 13.8 cents per pound on the latter date cotton prices were 1
Twenty-seven items advanced and twenty declined. Six groups
advances is cent lower than on February 15 and 5 cents below a year ago. Febvanced and three declined. While the preponderance of
it would seem that ruary statistics show a 34% reduction in exports of American cotton,
not great and the amount of the advance is trifling,
declines during the past and a 17% reduction in domestic consumption of cotton, as compared
the decline has been- checked. The important
reacted from previous advances. to February, 1929. March 1 stocks of American cotton remaining in
week occurred in lard and butter, which
the index for the the United States were 19% larger than a year ago.
Based on 1926-1928 as 100 and on 474 quotations,
APRIL
A slight increase in shipments, accompanied a 2% decline in the
average farm price of potatoes from February 15 to March 15. Potato
prices declined approximately 8% in the North Atlantic States and
3% in the East North Central Division. These declines more than
offset continued advances in farm prices of potatoes in other regions.
The advances amounted to 6% in the South Atlantic States and 2%
in the West North Central and Far Western Divisions. Potato prices
showed no change from February 15 in the South Central States. For
the country as a whole the farm price of potatoes on March 15 was
about 135% above a year ago.
The farm price of eggs broke sharply from February 15 to March 15.
At 21.3 cents per dozen on March 15, the farm price of eggs was 33%
below February 15 and 24% less than on March 15, 1929. This drastic
decline followed increased receipts at primary markets.
Dun's Index Number.
Monthly comparisons of Dun's Index Number of wholesale commodity prices, proportioned to consumption,
follow:
GroupsBreadstuffs
Meat
Dairy end garden
Other food
Clothing
Metals
Miscellaneous
Apr. 1 1930. Mar. 11930. Apr. 1 1929. Apr. 1 1928.
$38.341
$32.297
333.663
$31.719
21.474
22.180
24.057
22.036
19.836
20.085
20.940
21.796
18.202
18.184
19.376
19.893
31.668
32.015
35.066
35.927
21.440
20.430
20.558
21.708
35.421
35.602
36.786
36.544
Total
3179.294
5180.939
5191.596
5195.415
Dun's Report of Failures for March and the First
Quarter.
It has been indicated by the weekly returns that the number of commercial failures in the United States during March
would again be relatively high, and data compiled by R. G.
Dun & Co. show a total of 2,347. Naturally, with more
business days last month, there was a rise over the February
figure, and the increase was about 4%. That is a larger
ratio of increase than is usually disclosed at this period,
yet such a showing is in keeping with the trend of the business
mortality since last Autumn's speculative collapse. Comparison with the 1,987 defaults of March, last year, is qualified by the fact that the number at that time was comparatively low, but the present numerical exhibit is the most
unsatisfactory for the season back to 1922. In that year,
there were 2,463 insolvencies in March; for the five years
1925-29, the average for March was about 2,050. As with
the number of commercial failures, the liabilities last month
were higher than those of February, being approximately
11% heavier. Thus, the indebtedness rose from $51,300,000,
to $56,846,015, but even larger totals were reported to
R. G. Dun & Co. for January and last December. The
record for March, 1929, showed a total of around $36,350,000
but three years ago the amount was close to $59,900,000.
On several other occasions, also, the March liabilities have
been above the present aggregate, with the maximum
reached in 1924, at more than $97,600,000.
With the unfavorable trend of recent months, a considerably augmented commercial mortality for the first quarter
of this year was plainly foreshadowed,and statistics compiled
by R. G. Dun & Co. show 7,368 failures for that period,
involving debts of $169,357,551. The numerical increase
over the 6,487 defaults of the corresponding three months
of 1929 approximated 133/3%, while the rise in the liabilities
over the $124,268,608 of the earlier year was about 36%.
In no other first quarter back to 1922, when 7,517 insolvencies
occurred, has there been so high a number of failures as
for the three months recently ended, and the indebtedness
for the first quarter of the current year was the largest since
1924, when nearly $184,900,000 was involved. In the first
quarter of 1922, the liabilities rose a little higher, being about
$218,000,000; in 1921, they were $180,400,000.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Number.
1929.
1928.
2,347
2,262
2,759
1,987
1,065
2,535
2,236
2,176
2,643
7,368
6.487
7,055
1929.
1928.
1927.
2,037
1,796
1,822
1,943
1,838
2,023
5,655
5,804
2,162
1,864
31,313,581 34,990,474 36,235,872
1,787
'
5,813 $150,824,558 $116,366,069 $123,444,698
1,568
1,762
1,752
1,635
1,852
1,723
1,573
1,708
1,756
5,082
5.210
5,037 $100,296,702 5121,745,149 5115,132,052
1,767
1,897
2,021
1,947
2,008
1,818
1,833
1,852
1,968
2d quarter_ _..- 5,685
5,773
5,653 5107.860,328 5103,929,208 $125,405.665
February
January
1st quarter-
December
November
October
4th quazter
September
August
July
3d quarter
June
May
April
FAILURES BY BRANCHES OF BUSINESS
-MARCH 1930.
Number.
1930.
ManufacturersIron,foundries &nails
Machinery and tools
Woolens, carpets and
knit goods
Cottons, lace & hos'y
Lumber, carpenters
and coopers
Clothing & millinery
Hots, gloves & furs
Chemicals t nd drugs
Paints and oils
Printing & engraving
Milling and bakers
Leather, shoes and
harness
Tobacco, &c
Glass, earthenware
and brick
All other
Total manufact'g_
1929.
r It
1928.
LiabilUtes.
1930.
1929.
1928.
$
624,969
1,253,180
$
976.065
678,170
9
33
13
27
11
31
$
340,505
1,850,682
2
3
I
__
2
1
176,513
81,929
15,565
69,000
74,900
111
60
16
II
93
44
18
11
1
13
43
6,327,817
1,927,804
282,933
189,162
16
42
103
45
14
10
2
10
44
217,509
319,113
4.651.461
621,000
187,400
140,861
66,000
185,198
505,517
6,121,273
1,513.233
209,926
182,680
9,100
132,861
335,095
11
3
11
8
16
7
483,128
80.714
217,113
321,067
344.095
87,200
11
293
9
215
10
245
698,448
6.437,264
132,981
6.078,260
528,857
9,149,577
621
512
546
124
292
93
28
240
118
101
301
112
16
173
98
103
320
94
26
232
132
2,093,866
3,266,427
1,514,708
266,634
2,895,254
1,907,481
1,139,695
2,496,997
1,182,400
307,250
2,621,714
1,570,353
1,134,952
3,095,368
6,552.196
138,688
2,798,877
1,416,833
65
73
48
63
70
82
627,460
1,333,467
486,976
1,583,176
585,750
1,675,450
77
84
15
39
13
12
314
57
64
5
39
9
12
251
47
65
6
22
14
18
335
1,161,509
1,765,015
613,572
668,911
60,807
69,023
6,049,304
802,466
662,463
61,800
579,237
48,800
329,752
3,317,358
756,431
643,780
26,791
285,189
194,365
224,935
6.656,734
1,587
139
1,349
126
1.566
124
24,293,438 17,190,437 26,186,339
13,139,056 4,164,682 8,215,850
Total United States 2.347
1,987
2,236
56,846,015 36,355.691 54,814,145
Traders
General stores
Groceries, meat As fish
Hotels & restaurants
Tobacco, &c
Clothing & furnish'gs
Dry goods & carpets
Shoes, rubbers and
trunks
Furniture & crockery
Hardware, stoves &
tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers_
Hats, furs and gloves
All other
Total trading
Other commercial_ _ _
19,413,521 15,000,572 20,411,956
President Hoover Signs Bill Providing Appropriations of
$230,000,000 For Public Building-Seen As Aid to
Employment.
On March 31 President Hoover signed the Elliott-Keyes
bill authorizing an appropriation of $230,000,000 for the
construction of new public buildings throughout the country. The bill was referred to in these columns March 29,
page 2143. In reporting the signing of the bill by the
President the United States Daily of April 1 said: •
Of the total $115,000,000 is to be expended for public building construction in the District of Columbia and the same amount in the rest
of the country.
President Hoover attached his signature to the bill in his office at
the White House executive offices in the presence of Representative
Elliott stated orally that the $230,000,000 authorized in the bill, totee on Public Buildings; Senator Keyes (Rep.), of New Hampshire,
chairman of the Senate Committee on Public Buildings and Grounds,
authors of the measure; the Secretary of the Treasury, Andrew W.
Mellon; the Postmaster General, Walter F. Brown; the Assistant Secretary of the Treasury, Ferry K. Heath, and Representative Lanham
(Dem.), of Fort Worth, Tex., ranking minority member of the House
Committee on Public Buildings.
President Expresses Pleasure.
After the bill had been approved by President Hoover, Representative
Elliott stated orally that the $230,000,000 outhorized in the bill, together with what had already been authorized, made a total of $500,800,000 to be expended in Federal public building construction in the
United States during the next 10 years, or $50,000,000 annually.
President Hoover used five pens in signing the measure. One each
was given to Representatives Elliott and Lanham, Senator Keyes, Secretary Mellon and Assistant Secretary Heath.
President Hoover in signing the bill, it was said, expressed his gratification that the bill had been passed by Congress and his pleasure in
approving the measure.
Representative Elliott stated that the measure should have a widespread effect in stimulating employment. Provision is made, he said,
for expenditure of an additional $100,000,000 for construction in the
District of Columbia, over previous appropriations, besides an additional $15,000,000 for buying sites in the District. The fund for construction outside the District also is increased $115,000,000.
In addition to this Treasury program, Mr. Elliott said, there are appropriations of about $37,000,000 for construction of the new building
for the Supreme Court of the United States, the new House Office
Building, extension of the Capitol grounds, and the Arlington MemoLiabi!Wes.
rial Bridge.
1930.
1929.
1928.
Clearing of ground for the Supreme Court building will start in about
556,846,015 536,355,691 554,814,145 30 days, work on the new House Office Building will be started within
51,326.365 34,035.772 45.070,642 three months, and work in connection with the extension of the Carii61,185,171 53,877,145 47,634,411 tol grounds will be
done this Summer, Mr. Elliott stated. This insures
5169,357,551 5124,268,608 5147,519,198 that immediate aid will be given in reducing unemployment, he said.
Effects of the Federal building program will be felt in the steel,
1928.
1929.
1927.
stone, lumber, and other industries, Mr. Elliott said, and the demand
for great amounts of materials will have a wide effect in stimulating
567,465,114 $40,774,160 551,062,253
52,045,863 40,601,435 36,146,573 employment.
1930.
March
2303
FINANCIAL CHRONICLE
5 1930.]
534,124,731 533,956,686 532,786,125
33,746,452 58,201,830 39,195,953
32,425,519 29,586,633 43,149,974
$31,374,761 $29,827,073 $34,465,165
41,215,865 36,116,990 37.784,773
35,269,702 37,985,145 53,155,727
Two Bills Introduced By Senator Wagner To Relieve Unemployment Situation Reported Favorably in U. S.
Senate--Hearings on McNary Farm Labor Bill.
Two bills introduced in the U. S. Senate by Senator
Wagner (Democrat) of New York to remedy the unemployment conditions were favorably reported to the Senate
on April 3 by the Senate Commerce Committee. Three bills
were sponsored by Senator Wagner. Regarding the meas-
2304
FINANCIAL CHRONICLE
ures favorably reported a Washington dispatch April 3
to the New York "Times" said:
One provides for the collection of statistics on unemployment by the
Department of Labor and the monthly publication of the figures to keep
an up-to-date record from which employment trends may be forecast.
The other would authorize a constructive program for public works
of such scope as would provide employment for excess labor in any
future contingencies.
The remaining bill was held up, it is understood, not because of dissatisfaction with its provision for the establishment of a Federal employment organization which would serve as a labor placement bureau and
also co-ordinate the work of State in this direction, but to give time to
obtain additional data.
Among those who wish to be heard on it is James A. Emery of the
National Manufacturers Association, who has notified Senator Hiram
Johnson, chairman of the committee, that he wishes to file a brief. This
will be possible at the next meeting of the committee, probably on Monday, and the bill is expected to be then reported out.
!Hearings on the McNary bill suggested by the Federal Farm Board
were started before the Agriculture Committee today. The bill provides
for a commission to investigate the farm labor situation.
The hearings are being pushed, it was indicated, because of activity in
support of the Harris bill, which would restrict immigration from
Canada and Mexico.
Supporters of unrestricted immigration from both of these countries
appeared before the committee to picture conditions which would
threaten a labor shortage in some lines of work if this immigration
were stopped.
In the Southwest Mexicans are essential for field work, particularly
in the sugar beet fields, where Americans will not do the labor required,
Robert M. Wilson of San Francisco testified. If they are kept out, he
added, the benefit will not accrue to domestic labor, but to Filipinos, leaving the status of labor the same and resulting in a poorer quality of
work.
The lumber and wood pulp industry of Maine needs imported labor
from Canada, Senator Gould of that State told the committee.
The protest of Mr. Wilson against the limitation of Mexican immigration is known to have the indirect support of the State Department,
which has made clear its attitude that limitation of that immigration
would create a delicate situation between Mexico and this country.
William Green of American Federation of Labor at Senate
Hearing Places Number of Unemployed at 3,700,000—
Loss In Wages Estimated at $1,000,000,000—Remedial
Measures Suggested.
Labor's loss through unemployment the first three months
of the current year was estimated on April 1 by William
Green, President of the American Federation of Labor, at
approximately $1,000,000,000, with 3,700,000 persons out of
work. This is indicated in a Washington dispatch April 1
to the New York "Journal of Commerce," which further
said:
Mr. Green appeared before the Senate Commerce Committee today
to discuss with it the problems of labor for the solution of which Senator
Robert F. Wagner (Dem.), New York is seeking legislation.;
Unemployment has been a recurring problem since the beginning of
the factory system, Green pointed out. The first answer to the problem,
he added, was charity, but that was inadequate to meet the workers'
needs. The effects of the recurring problem of unemployment were
cumulative and charity as a remedy was soon found ineffective.
Green stated that in addition to the serial costs of unemployment
there is the very serious economic cost through waste and interference
with industrial stability. The unemployment figures of his organization
show that among its membership during the past twenty-seven months
unemployment has not been less than 9% for all trades and has gone
as high as 22%.
Sees "Grave Problem"
"It is most significant to note that even during the months of 1929
in which peacetime production reached new high records, in twentyfour industrial centers our average unemployment did not fall below
9%," he added. "This is indeed a grave problem.
"Doubtless one element in this problem is a mounting wave of technological unemployment. The federation has been increasingly conscious both through reports of displacements received from trade unions
and reports of technical progress. Increasing application of scientific
information to industry has brought social progress—but the changes have
been installed without consideration for what happens to displaced
workers. Unemployed workers have been left to pay the costs of social
progress. Intelligent managements have amortization funds to provide
against scrapping of machinery, but few have anything to tide over
the workers who have been putting their physical and mental ability
into operating the old machines."
The committee was informed that during the last year unemployment
has been steadily mounting over the previous year. Since October it
has increased from 11 to 22%, due to a business depression. This
huge unemployment, he asserted, has in turn retarded recovery from
the industrial recession of last fall.
"Unemployment in February this year is the most serious we have
experienced in the three winters we have collected figures and indicated
that approximately one worker in every four was out of work," Mr.
Green asserted.
"In the building trades 43% were unemployed. The total volume of
wage payments to workers in manufacturing industry has dropped 14%
since the stock crash and payments to employees on railroads have fallen
12%.
Cuts Installment Losses
"Because of this serious curtailment of buying power, retail trade
has failed to make its usual strong recovery. Because a strong demand
has not come from retail stores, wholesale buyers and jobbers have
been holding off, taking only small lots of goods for immediate needs,
lacking confidence to order ahead. Manufacturers are forced to limit
production and prices are still declining."
Installment buying was given another factor influential in the industrial depression and in retarding recovery.
"Installment buying was instituted to extend to wage earners purchasing power so that mass production industries might have customers."
the witness explained. "By mortgaging their wages, wage earners have
[VoL. 130.
bought things that would otherwise have been impossible. Undoubtedly
installment buying has raised standards of living for many—but installment buying over-stimulated contributed a depressing force and quickly
gets into difficulties through unemployment. Steady work is necessary
to steady payments—the unemployed forfeit their goods and dealers
take losses."
Green pointed out that the factories were producing beyond the power
of the public to buy. Production, he said, increased more than twice as
fast as the purchasing power of wage earners.
Outlines Program
Unemployment is a problem which has plagued workers and communities for decades and is beyond the power of individuals or groups
to cope with, he said, and he gave the following as his organization's
program:
Fact-Finding—By means of the unemployment census already used
by Congress in connection with the decennial census about to begin;
by the establishment of a national clearing house of current unemployment data under Federal administration; by publication by a Federal
agency of the facts of unemployment in all the major industries.
Industrial Measures—Stabilization of employment by the regulating
of production such as recently was brought into operation by the
Baltimore & Ohio Railroad.
Responsibility of Industry to Employes—to be met by fair wages and
hours and during irregularities in employment which industry cannot
overcome, hours should be still further reduced and the work distributed among the work force that none be turned adrift to charity and
bread lines.
Remedial Measures—in the establishment of a Federal employment
service to connect workers wanting jobs with work opportunities instead
of compelling to pay the fees exacted by private offices; provision for
special employment counsel for workers displaced by technological changes
and the assistance of vocational training opportunities in order to adapt
their abilities to new work without loss of income or lowered standards
of living; in job analysis to establish job requirements in order to find
work for which older workers are adapted.
Cyclical Unemployment—to obviate which there should be created
deferred programs for construction of public works, ready to be initiated
when needed.
Mayor Walker of New York Proposes Bill For Establishment of Free Municipal Employment Agencies.
On March 28 Mayor Walker of New York submitted to
the Board of Estimate branch of the Municipal Assembly
a bill calling for the establishment of free municipal employment agencies by the Department of Public Welfare.
Regarding his proposal the "Herald-Tribune" of March 29
said in part:
The measure proposes the listing of positions and free aid for the
unemployed in finding them. Under its provisions the Sinking Fund
Commission would provide suitable quarters and pay the expenses of
employment bureaus. The resolution introducing the bill was adopted
without a dissenting vote and without discussion. It will be presented
to the Board of Estimate next Tuesday.
It is understood to have been based on the suggestion made by the New
York Chapter of the Knights of Columbus that an organization similar
to the industrial aid bureaus set up after the war be temporarily established to meet the present unemployment situation.
According to the resolution:
"These agencies shall continue to function while the necessity exists
in the discretion of the Commissioner of Public Works, and shall cease
to function when the Commissioner and the Board of Estimate determine
their necessity to be at an end."
Similar agencies were established when an unemployment crisis arose
in the Hylan administration. It was pointed out in connection with
the introduction of Mayor Walker's bill that there is only one official
free employment agency in the city at the present time—that of the
State Department of Labor. There are between 1,000 and 1,200 private
employment agencies, a number of which have been severely criticized,
and in all instances fees are paid for the service rendered.
Merchants' Association of New York to Ask Congress to
Set Up Inquiry Board on Employment to Stabilize
Business.
Congress will be asked by the Merchants' Association of
New York to set up fact-finding machinery to compile reliable employment statistics and relevant data on which a
permanent project for the stabilization of employment may
be based and periods of depression be forestalled, the association announced on April 2 says the New York "HeraldTribune" of April 3, from which the following further
account is taken.
Decision by the executive committee of the group was based on a
study by the association's industrial relations committee, which includes
Henry Bruere and Ernest G. Draper, members of Governor Roosevelt's
recently appointed unemployment committee.
Emphasis laid on unemployment in late months the industrial committee called "a symptom common to all periods of business depression."
Effective efforts to avert such periods cannot be successfully administered, or even planned, the report stated, without access to facts regarding employment and unemployment, their extent and character and
the factors influencing them.
"That these facts are not now available is clearly indicated by the
conflicting reports and statements recently published," it is set forth.
Campaign to Enlist Support Relief of Mature Unemployed.
A campaign of propaganda and education to enlist public
support for the relief of mature unemployed workers and
to offset the growing tendency in business to deny employment to such workers was started on March 30 at the
Hotel Pennsylvania at a meeting under the auspices of the
National Association for Middle-Aged Employ. We
APRIL 5 1930.1
FINANCIAL CHRONICLE
2305
quote from the New York "Times" from which we also
-take the following:
Detroit City Council Rescinds Ban Against Alien City
Employees.
William Henry Roberts, executive director of the association, in
Under date of March 31, Associated Press advices from
outlining the aims of the organization described the situation as alarming,
and estimated that 1,000,000 "white-collar workers" 35 or more years Detroit stated:
old were unemployed in the United States "and find it impossible to
secure the most menial of positions."
He advocated a school of instruction for all over 40 Years old "to
restore the morale and correct the mental attitude of the mature worker,"
and suggested "consideration of legislation to increase the age limit on all
civil service positions, both Federal and State."
Meeting Is First to be Public.
About 300 persons attended the meeting, the first public one under
the auspices of the association since its inception on a temporary basis
in Nov., 1928. It was incorporated as a permanent organization in
Dec., 1929.
From the ages of 15 to 30 years youth is generally provided for,
Mr. Roberts said. Those above 65 are cared for by State or national pension systems or industrial retirement plans, "hut generally speaking,
no provision has been made for the middle-aged." To meet this problem,
the association aims to focus public attention on the needs of the mature
worker in industry by extension publicity "to convince the business
leaders of the economic fallacy of their discrimination against the
middle-aged."
He also suggested "an adequate survey of the number of accidents
in industrial and commercial occupations," to determine whether "accidents are really more frequent among the mature, experienced workers."
As possible auxiliary aids he suggested industrial homes "which can be
made self-supporting and provide mental and physical occupation for
the older people." the waiving of group insurance and old age insurance rights by mature workers, and the reservation for older workers of
such positions as guards, elevator operators, messengers, chauffeurs, etc.
Record Attendance at New York City Lodging House
1,538 Cared for Tuesday Night, April 1, Largest Number
Since Shelter Opened in 1909.
From the New York "Times" of April 3 we take the
following:
Christopher J. Dunn, Acting Commissioner of Public Welfare, announced yesterday that the 1,538 men, women and children who spent
Tuesday night (April 1) at the Municipal Lodging House broke all
records for attendance since the shelter was opened in 1909.
Of the number, 1,498 were men, 31 women and 9 children. On the
same day a year ago shelter was given to 726 persons. So far as
officials could ascertain, the previous record attendance was 1,473, on
March 2. The large increase was attributed by Mr. Dunn to reports
of large city contracts which had attracted jobless men to the city.
J. A. Mannix, director of the lodging house, said that there had
been several days this year when the attendance was unusual. Among
the peak days were Jan. 4, with 1,196 cared for; Feb. 1, with 1,366,
and March 2, with 1,473.
The monthly totals for the Fall and Winter revealed that March
was the heaviest month of the Winter. The figures since October are:
'October, 13,610; November, 18,360; December, 24,345; January, 30,344;
February, 30,886, and March, 35,183.
There were 1,848 hungry men on the bread line yesterday before
the Church of the Transfiguration (Little Church Around the Corner),
where Dr. Randolph Ray, the rector, has been distributing food tickets
since November. The men began forming at 6:30, two hours before
the distribution began.
Henry Ford Urges High Wages to Cure Britain's Ills—He
Will Pay $25 Weekly as Minimum There.
Henry Ford's solution for England's present industrial
'difficulties would be higher wages for British labor said
advices March 28 from London to the New York "Times,"
which went on to say:
The American car manufacturer suggests this in an interview to
be published tomorrow in The London Spectator.
He brushes aside efforts being made by the present government to
decrease unemployment and all theories for and against tariffs as
rather meaningless and irrelevant, and says that England needs an
•entirely new spirit among her manufacturers, which spirit, in his
opinion, would be manifested by a higher wage scale.
The interview reveals his own intention to pay a minimum weekly
wage of about $25 at his new English plant now under construction at
Dagenham, where he will have 30,000 employees eventually. He says
it is not true that he will never give a job to a man in England who
ever touches a drop of liquor, but adds, "We cannot employ what are
called drinking men," because he can pay good wages only to sober
-men.
*
• •
He declares that the McKenna duties have had nothing to do with
the comparative prosperity of the British motor car industry, and says
his English plant at Manchester did just as well before the duties
were operative as now.
As to the question of industrial problems, Mr. Ford said that the
main trouble everywhere, including America, was that leaders in
industry did not properly interpret their difficulties as warnings to
change their methods.
"They want to remain as they are," continues Mr. Ford. "They
suppose that the present condition is just a passing flurry which will
soon settle in the restoration of the placid old times. They don't see
that they have received notice to quit, that the new time is upon us.
They are old-fashioned and want to remain so. It is a common human
failing, but it is becoming impossible to indulge it any further. Life
itself is ordering us out.
"It is harder for you in England because you have built so solidly
in the first place, but it is not easy anywhere. Certainly we have not
found it easy in America. But one difficulty we didn't have which
England has in abundance—we did not have so many literary men and
theorists who knew from books just what could and could not be done.
We were free to follow where life was pulling us.
"England's case will never be hopeless so long as England has Englishmen, but it will need a complete change of outlook on the part of
your manufacturers. I see some signs of it among your younger business men, but it does not seem to me to be general."
The Detroit City Council voted unanimously to-day to rescind its recent
action barring aliens from employment by the city. Jobs of more than 1,800
city employees, mostly laborers, were affected by the order.
To-day's action followed a series of protests against the ban on alien
employees. After the resolution directing the discharge of non-voters was
passed, it was discovered that most of the City Hall scrub women were
aliens. The scrub women requested a public hearing. A protest meeting
was to be held to-morrow afternoon.
The purpose of the resolution against employing aliens, as announced
by proponents of the measure, was to relieve the unemployment situation.
A reference to the ousted aliens appeared in our issue of
March 1, page 1358.
Canadian Construction Maintained at High Level According to S. H. Logan of Canadian Bank of Commerce.
-500 Millions Being Spent This Year.
One of the most favorable features of the Canadian business situation is the manner in which general construction
is -being maintained at a high level, even though residential
building is less active than formerly. It will be recalled
that S. H. Logan, General Manager of the Canadian Bank
of Commerce, stated at the annual meeting of the bank's
shareholders that he had learned from most reliable sources
that the expenditure during 1930 on 'work of a character
which would add greatly to the country's productive power
would amount to 500 million dollars. It is stated that there
Is every indication that the authorities and corporations
interested will not delay their plans but will carry them out
according to schedule. The value of contracts awarded in
January and February, as given out by MacLean Building
Reports, Ltd., was slightly less than a year ago, but it Is a
favorable feature that the number of jobs increased, since
this means an almost proportionate increase of employment,
a number of small jobs demanding more labor than one
large job.
According to the calculations of the Canadian Bank of
Commerce, the unfinished portion of all construction contracts, including engineering, has at the present time a
value of 182 million dollars, as against 151 million a year
ago. While the total amount of building contracted for
during 1929 had a record value, 36% of this was concerned
with engineering work, and the ratio of residential building to the total was the lowest in 10 years. This was the
outcome of a marked reaction against the extensive building
program, largely speculative, of two years before, and at
the present time there is in sight, according to the bank's
calculations, about 11% million dollars of residential building contracted for but not yet carried out, as against 14
million a year ago, a decrease of almost 20%. The deflation in the market for residential building which was in
evidence during the past year in Canada has, according to
Mr. Logan, now reached a point where, generally speaking,
the supply of suitable modern houses is falling short of the
demand. In a few isolated instances the supply of housing
accommodation is greater than the demand, owing either
to overbuilding during the last two years, or stagnation in a
predominating local industry, but on the whole either supply
and demand are very well balanced or there is an actual
shortage of small houses, especially in industrial centers,
which have not been seriously affected by trade depression.
There are even cases where the shortage is acute, in towns
adjacent to development work. It is noted that a spirit
of caution pervades the residential building industry and
its allied trades and is likely to continue until there is
some clear indication of the prospects for the next season's
crops. Mr. Logan considers that this caution is one of
wisdom and will lay the best foundation for a healthy
building program when the time is ripe. At no period for
some years has irresponsible building and financing been
so little in evidence as at the present time, and from every
angle the situation is a healthy one. It is added:
There are peculiar problems to be faced in the building industry, according both to locality and the changing habits of the people. From reports
received from branches of the Canadian Bank of Commerce, situated at
representative points throughout the Dominion, it is clear that the primary
demand is for houses to rent and there is an urgent need for some system
of sound management which will enable this demand to be met, as at the
present time It is hardly a paying proposition to build for rental. The
compact residence in the form a an apartment or duplex continues to be
popular in many cities, or is growing in popularity in centers where it is
more or less an innovation, but there is evidence that the small house is
again coming into favor, and the pros and cons of the situation have to be
carefully weighed by the prospective builder in arranging his program
this spring. The collapse of the speculative markets has virtually elimi-
FINANCIAL CHRONICLE
2306
nated at some points the demand for houses of the more expensive type,
and it is likely that a large part of the building programs in most cities
and towns will concentrate on the construction of the small house.
Mortgage money was very easy until the late autumn of 1929, and both
corporations and individuals invested heavily in mortgage loans. Although
the crash of the stock markets released funds, money for mortgage purposes
has !memn tighter, or at least it is being placed with considerable discrimination, and there appears to be little chance of any easing unless
the new capital now coming from abroad into Canada for this purpose
assumes large proportions. While corporation lending may, in the aggregate, remain on a high level, large lenders are likely to pick and choose
their risks very carefully, and the smaller individual lenders are seeking
a more liquid form of investment. There seems to be a preference for
splitting risks among a large number of small mortgages, and this, if found
In association with a reaction from speculative habits, may encourage a
return to the home-making habits which are normally characteristic of the
Canadian people.
[VoL. 120.
Building Operations in Cleveland Federal Reserve
District.
The Federal Reserve Bank of Cleveland reports that "construction activity in the first part of March has shown a
remarkable increase in this locality, both as compared with
February and with March last year." The Bank further
reviews the building situation as follows:
According to the F. W. Dodge Corp., daily average contracts awarded
for the first half of the month in the Pittsburgh territory (which includes
western Pennsylvania, Ohio, West Virginia and Kentucky) were $3,632,166,
compared with a daily average of $1,697,400 in February and $2,037,000
In March, 1929. Large contracts for public works and utilities have bolstered up the totals. Residential building has increased slightly, but the
weather has not yet been conducive to much activity in this line.
Building and engineering awards in the Fourth District in February
amounted to $35,992,000, which was only 1% below the total for the same
month of 1929 and was slightly greater than in January. Because of
the unusually large volume of contracts awarded in January, 1929,the total
for the first two months of this year is still 20% lower than one year ago.
The value of building permits issued in 24 cities showed some large
variations in February, but the total was 20% less than last year. For the
first two months permits issued were 16% lower than in 1929, ten cities,
however, showed increases for the period.
Industrial Activity in New England In February Unchanged From Low Level of December and January.
The Federal Reserve Bank of Boston reports in its April 1
"Monthly Review" that "during February the rate of industrial activity in Now England remained practically unchanged from the low level which prevailed in December and Increase in Consumption of Electric Power by Industries in Philadelphia Federal Reserve District in
January." The Bank adds that "it has been encouraging
Philadelphia During February.
that during the first two months of 1930, activity in this
District maintained a steady, even though low, level, after
Daily sales of electrical energy, by twelve central stations
the unusually sharp declines in November and December." in the Philadelphia Federal Reserve District, increased
The Bank goes on to say:
about 1% between January and February and was 7%
There is usually a spring expansion, which In certain lines of industry larger than in February 1929, according to the Federal Rebegins in February, while in other industries it takes place later in the
which reports further as follows:
year. New contracts awarded for residential building increased in Feb- serve Bank of Philadelphia,
The largest increase in the consumption of electric power during February
ruary from the low January level, but nevertheless the February amount
in this district was the lowest for that month since 1921. Commercial was by industries. Purchases of power by municipalities and street cars and
and industrial building dropped to a low level in December, and increased railroads, on the other hand. declined. This also was true of sales of
slightly in January and again in February. When allowances had been electricity for residential and commercial lighting purposes. In comparison
made for customary seasonal changes, in February in this district there with a year ago,sales to all consumers of electricity were larger except those
was a decline in electric power production and a small decrease in carload- to street cars and railroads. Daily generated output of electric power
ings (merchandise and miscellaneous). On the other hand, more than was smaller in February than in January, but noticeably larger than in
usual seasonal increases took place in daily average cotton consumption. February 1929. Per cent changes are given below:
and silk machinery activity. The increases were of minor proportions.
(Daily Average)
There was a considerable lessening during February in the call for workers
February
Changefrom
Electric Power
at state employment offices in Massachusetts, Connecticut, and Rhode
Philadelphia Federal Reserre Dist.
Island. In an identical number of manufacturing establishments in Massa(Total for Month)
Jan. 1930. Feb. 1929.
12 Systems.
chusetts during February aggregate payrolls remained practically un1,924,000 kilowatts
-0.0%
changed, average weekly earnings declined slightly, and the number em- Rated generator capacity
+3.3%
20,036,000 kilowatt hours -4.0%
+6.0%
ployed increased two-tenths of one per cent. Registrations of new auto- Generated output
4,641,000 kilowatt hours -26.1% +47.0%
Hydro-electric
mobiles in New England during February were 5.4% less than those of a
+0.7%
11,557,000 kilowatt hours +5.6%
Steam
year ago, while for the first two months of this year the total was smaller
-7.1%
3,838,000 kilowatt hours +5,5%
Purchased
19,487.000 kilowatt hours +1.0%
+7.0%
by 17.3% than those during January and February 1929. Commercial Sales of electricity
+9.5%
Lighting
4,035.000 kilowatt hours +0.0%
failures in this district during February increased in number by 22% over
437,000 kilowatt hours +1.0% +10.5%
Municipal
February a year ago, and total liabilities increased 47.6%. In all districts
+9.4%
Residential and commercial__ - 3,598,000 kilowatt hours -0.1%
13,241,000 kilowatt hours +3.2%
+5.2%
combined a similar condition was reported during February. the number
Power
322,000 kilowatt hours -2.1% +44.3%
Municipal
showing an increase of 15.1%, and total liabilities were 50.8% larger.
-1.2%
2,195,000 kilowatt hours -2.1%
Street cars and railroads
Sales of Boston department stores in the aggregate have been maintained
.10,724,000 kilowatt hours *+4.6% *-1-5.7%
Industries
at an unexpected volume, increases being reported in January and February All other sales
2,210,000 kilowatt hours -9.5% +16.0%
over those months a year ago. Trend of total net sales, however, does not
*Working days average.
necessarily indicate profit margin trends. Sales of reporting New England
department stores in January showed a larger percentage gain than in any
other district, while in February only two other districts reported larger Industrial and Mercantile Conditions in Philadelphia
Increases than occurred in the Boston district. Preliminary reports for
Federal Reserve District Fair.
March indicate a smaller volume of sales in Boston department stores
than in March a year ago. There was a continued easing in money rates
In stating that industrial and mercantile conditions in
during recent weeks, and on March 20 the rate of bankers' acceptances ts District "are only fair," the Federal Reserve Bank
of
was 2;4%.
Real
Estate and Building Conditions in Philadelphia
Federal Reserve District.
The following regarding building and real estate is from
the April 1 "Business Review" of the Philadelphia Federal
Reserve Bank:
The value of building contracts awarded in February declined drastically
as compared with February 1929. This downward trend also continued
through the first two weeks of March. The drop in contracts for dwellings
since the first of the year was close to 50% in contrast with the first two
months of last year. The value of building permits issued In 17 cities of
this district increased In the month but remained substantially below the
volume in February 1929. Comparative figures follow:
Building Activity.
Contracts awarded
United States:
Total
Residential
Philadelphia Federal Reserve District:
Total
Residential
Permits Issued
Philadelphia Federal Reserve District:
Seventeen cities
United States total (572 cities)
2 Mos. of
1930 Compared
With
2 Mos. of
1929.
February
1930.
Change
from
February
1929.
$317,053,000
74.703,000
-12.2
-42.3
-17.1
-47.9
17,743,000
4,519,000
-45.2
-34.8
+17.0
-48.4
4.367.000
125,521,000
-51.7
-50.4
-71.6
Philadelphia says that "such recovery from the lower levels
prevailing in recent months as is now taking place is not
as rapid or extensive as to be expected at this time." The
Bank, in its "Business Review" April 1 likewise says in part:
The demand for funds by trade and industry has changed little, although
an increase is usually to be expected at this time. Credit conditions in this
district, as in the country, have become easier and money rates have
declined.
Manufacturing and Mining.
The demand for manufactured products and coal on the whole varies
from fair to poor, although there are at present signs of some seasonal
improvement. The rate of this improvement, however, is not as rapid as
that at the same time in other recent years. Sales of manufactures have
been in smaller volume than those of a year ago. Prices generally show a
further drop and are noticeably below the level of a year ago.
All groups of manufacturing industries show that unfilled orders were
smaller at the end of the first fortnight of March than on the same date of
the preceding month,although a few individual industries report some gain.
In comparison with a year ago, orders on the books also are smaller.
Inventories of finished products at manufacturing plants show some
accumulation, but on the whole they do not appear burdensome. In comparison with a year ago, returns are about evenly divided between those
that show increases and those that report decreases in stocks of finished
goods. The supply of raw materials as a rule is ample and stocks in many
Instances are somewhat larger than those on the same date last year.
Operations of plants show a slight seasonal gain, but it is not as extensive
as it should be. Factory employment in this section increased less than
was usual between January and February. The volume of wage of disbursements and employee hours worked also showed a much smaller increase
than in the same period last year. The demand for workers by employeers
has been a trifle more active in March as is to be expected at this time; in
February, however, it declined to the lowest level since 1922, as measured
by the ratio of positions to applicants in Pennsylvania. The daily use or
electrical energy by industries increased in the month and was nearly
6%
larger than in the same month last year.
Source: F. W. Dodge Corporation and S. W. Strauss & Company.
The real estate market continues unsatisfactory. The number of real estate deeds and the value of mortgages recorded in Philadelphia in February
declined further and were noticeably lower than in the same month last year.
Distribution.
There were, on the other hand,fewer foreclosures than in January, but,comThe movement of commodities from manufacturers into
pared with a year ago, the number of properties to be sold by the sheriff was
distributing
appreciably larger. Many vacancies are reported to exist in all types of channels shows less than the usual rate of speed. Railroad shipments in
buildings, a fact reflecting adverse conditions in trade and industry in this section during February and early March declined, contrary to the
usual seasonal tendency. In comparison with the previous three years,
Philadelphia.
APRIL 5 1930.]
moreover, the quantity of railroad freight traffic continued noticeably
smaller.
Daily wholesale and jobbing trade in February was about 2% larger than
in the preceding month but was about 5% below the volume in February
1929. All reporting lines had smaller dollar sales in February this year
than last; this decline is attributable, at least in part, to a further decline
in wholesale commodity prices. Reports covering the first two weeks of
March showed some seasonal upturn, particularly in the market for
groceries, hardware and jewelry. Price recessions are noticeable in dry
goods, groceries, hardware and PaPer•
The dollar volume of retail sales in February was about 2% below that
in January, when computed on the daily basis. Compared with February
1929,they were about 3% smaller; this was also true of the first two months
this year as contrasted with the same period last year. Reports from the
principal city areas show uniformly smaller sales excep (for the Wilmington
area, which exceeded the volume of February 1929.
Preliminary reports for the first half of March indicate that buying by
consumers is only fair and the number of retailers having declines since
the middle of February is greater than that showing increases. Prices at
retail for the most part show little change.
Inventories carried by retails at the end of February were larger than a
month earlier, the increase being in anticipation of Easter trade. Wholesale dealers in dry goods, hardware,jewelry and paper also had larger stocks
at the end of the month. In comparison with inventories held on the same
date last year, stocks generally were smaller at both retail and wholesale
establishments. Wholesalers report that collections as a rule have been
smaller since early February than those in the same period last year.
Sales of new passenger automobiles in this district increased seasonally
but were below the volume of February 1929, as shown by registrations.
Sales of ordinary life insurance in this section were noticeably larger than
in the preceding month and in February 1929. Check payments in the
leading cities of the district declined seasonally and were smaller than a
Year earlier.
Many Irregularities in Trade Seen By Federal Reserve
Bank of Cleveland.
Many irregularities are still evident in trade and industry in the Fourth (Cleveland) District, but indications
of continued, gradual improvement are discernible in some
lines, says the Federal Reserve Bank of Cleveland in its
April 1 Monthly Business Review which further indicates
conditions as follows:
The spring expansion has been slower than usual, partly because of
the lateness of Easter, still the general lack of stock accumulation and
the low volume of business done in the last four or five months are
two factors which now are considered favorable. An encouraging development in the past month was the general easing of credit, which has
resulted in lower rates on most classes of loans.
Building operations for the first half of March were the most favorable reported in over a year. Daily average contracts for this period
were more than double the average of February and were nearly 75%
larger than the daily average of March last year.
The rate of improvement shown in steel and automobile production
in January and February was not maintained in early March. Steel
operations even receded slightly, being about 75% of capacity, compared with over 80% last month. Cleveland, Youngstown and Pittsburgh mills were at 60-70%.
Both retail and wholesale trade has been in much small volume since
the first of the year than in 1929. Department store sales were lower
than in any year since 1923. Wholesalers are complaining about the
small volume of business that has been done. Buyers seem to be pursuing a hand.to-mouth policy until the commodity price situation clears,
notwithstanding that prices generally are at the lowest level since 1921.
Collections are reported below last season in all branches of trade.
Coal production decreased, both compared with last month and last
year, because of the unseasonable, warm weather. Prices also fell.
Consumption of electrical energy showed less than the seasonal increase
from January and was still considerably below last February. Cement
production also declined and operations at shoe factories in the southern
part of the District were about 20% below last year. Paint sales and
plant operations in February were under one year ago.
The situation in agricultural communities is fairly promising. The
winter wheat crop is in good condition and warm February weather
enabled farmers to get a considerable amount of their spring work
done earlier than usual. The March 1 carryover of all grains was generally lower than the average of the past five years.
Nearly all lines of activity are below the abnormal level of early 1929,
but definite improvement has occurred since the first of the year in
this District.
Surveying wholesale and retail trade the bank says:
Retail Trade
The volume of retail business in the first two months of this year as
shown by 58 reporting department stores throughout the District has
been lower than in any year since 1923. Sales in this period were 8%
lower than in 1929, all cities exhibiting declines. In February alone,
retail trade was 7.2% below last year, but two cities, Cincinnati and
Columbus experienced slight gains. The largest decrease, 25%, was
shown in Toledo where the employment situation has been particularly
bad, the number of men on industrial payrolls being about half as large
as last year. Retail stores have been reducing their overhead by carrying smaller stocks than a year ago. On February 28 they were 8%
less than last year.
Accounts receivable were 7% larger than last year. February collections on accounts outstanding at end of January (which were 8%
larger than last year) were only 0.2% ahead of 1929, so that unpaid
balances are larger than a year ago, despite smaller sales.
Sales of 17 retail wearing apparel stores were 11% below February,
1929 and in the first two months declined 10%. Accounts receivable
were 7.5 and collections 0.4% larger than last year.
February is usually a month of large furniture sales, but this year
they were decidedly below 1929 in volume. Forty-five stores throughout the District reported a decline of 18%, while sales in the furniture
department of department stores declined 15%. Accounts receivable
were 5% lower than last year, but collections decreased 15%.
Wholesale Trade
Sales of all reporting wholesale lines in the Fourth District were
smaller in February than in the same month last year. Increases were
2307
FINANCIAL CHRONICLE
shown from January in all lines except drugs and groceries. Collections are generally reported "poor."
All the larger cities shared in the 0.7% loss shown by the 41 wholesale grocery firms. The smaller cities, however, showed a gain of 5.4%.
Sales for the first two months also were 0.7% lower than in the same
period of 1929. Stocks increased 2.3%, accounts receivable 0.4, but
collections declined 2.7% from last year.
Dry goods sales were 13% behind last February, but 14% larger
than in January, despite the shorter month. Stocks and accounts outstanding are 5 and 7% lower respectively, but collections declined 14%
from February, 1929.
Hardware and drug sales each dropped about 5% from last year.
Hardware accounts receivable declined slightly, while drugs increased
about 1%. Collections in both groups were decidedly smaller than
one year ago.
Shoe firms reported one of the smallest declines for some time, sales
being 6% lower than last year. For the first two months of 1930 sales
were 17% below last year.
Manufacturing Activities and Output in Chicago Fed-Midwest Distribution of
eral Reserve District
Automobiles.
Regarding furniture manufacturing in its District and the
distribution of automobiles in the Middle West, the Federal
Reserve Bank of Chicago,in its Monthly Business Conditions
Report issued March 31, says:
Furniture.
Furniture manufacturing in the Seventh District experienced the usual
February expansion in shipments and recession in orders as compared with
the preceding month. Seasonal elements eliminated, business was maintained at January's level, and was considerably below that of last year.
Shipments of 25 firms increased 25% over January, accompanied by decreases of 26 and 13% in orders booked and unfilled orders, respectively;
and declined 15% from shipments in February 1929, orders and unfilled
orders declining 31 and 32%. Several firms, small ones for the most part,
showed decreases in shipments and increases in orders as compared with
January, indicating a lag of a month. The average rate of operations of
21 firms dropped from 70 to 62% and compared with arate of 74% a year
ago.
Automobile Production and Distribution.
A further increase was recorded in automobile production during Feb
ruary, output of 275,811 passenger cars and of 47.129 trucks from United
States factories gaining 18 and 24% respectively, over January. As compared with the e-irly months of 1929, however, schedules remain at a substantially lower level; passenger car production totaled 32% below last
February and that of trucks was 20% less.
Wholesale distribution of automobiles in the Middle West continued to
gain in February, and sales of retail dealers to users were considerably
heavier, but the volume sold at both wholesale and retail remained below a
year ago; about two-fifths of the reports, however,show heavier retail sales
in the latter comparison. Used car sales not only increased 05cr January
but also exceeded those in the same month of 1929. Stocks of new cars,
though slightly larger on Feb. 28 than a month previous, did not experience
the heavy increase which took place in the same month last year. so that
the volume on hand this February, for the first time since August 1928,
totaled less in the year-to-year comparison: used cars on hand avenged
slightly larger than in the preceding month, and were considerably greater
In number than a year ago. The ratio of deferred payment sales to total
retail sales of 50% for February showed little change from January and was
about the same as for last February.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in February 1930 from Previous Months.
Imo
m
carsWholesale
Number sold
Value
Retail
Number sold
Value
On hand Feb. 28
Number
Value
Used carsNumbet sold
Salable on hand
Number
value
P. C. Change From
Companies Included
Jan.
1930.
Feb.
1929.
Jan.
1930.
Feb.
1929.
+50.7
+60.6
-46.2
-41.0
30
30
so
ao
+69.5
+79.4
-12.1
-21.4
65
65
59
59
+5.7
+3.7
-3.5
-7.4
66
66
61
61
+51.2
+9.8
65
59
+4.2
+4.2
+21.9
+3.0
65
65
59
59
New
Early Advent of Spring in Kansas City Federal Reserve
District Quickens Trade and Helps Unemployment
Situation-Progress However Slow and Irregular.
"The appearance of Spring in the Tenth (Kansas City
Federal) District early in February, and somewhat ahead
of the scheduled time for the season's arrival, quickened
trade and industrial activity, caused a resumption of outdoor work in cities, towns and on farms, and brought
relief to the unemployment situation." In stating this in
its April 1 Monthly Review the Federal Reserve Bank of
Kansas City adds:
The reports for the month, reflecting the improvement in conditions,
showed an increase in the general volume of business as compared with
that for January. However, the progress was slow and irregular, and on
the whole business in this District was still below that of a year ago.
The dollar value of wholesale distribution in February, combined for
five leading lines, showed a decided increase over January but was lower
than for February 1929. Similarly, the dollar sales of retail department
stores in leading cities was larger than in the preceding month but
smaller than a year ago.
Building and general construction work made a good start for the
spring season. The value of contracts awarded in the District, and the
value of building permits issued in leading cities, showed remarkable
gains for February over the values reported for February last year. An
outstanding feature of the reports was an impressive increase in con.
2308
FINANCIAL CHRONICLE
tracts awarded for residential construction, the value of such contracts
awarded this year being more than double the values reported last year.
Manufacturing plants in this District, operating on spring schedules
and with larger forces, reported a marked increase in the February production over that for January. While operations of a number of large
plants exceeded those of a year ago the reports show that manufacturing
as a whole was not up to that of last year at this time. Makers of combine harvesting machines, and of grain storage tanks, speeded up their
output in preparation for the year's harvest, soon to begin. Automobile
assembly plants increased their operations and in the first week of
March the daily production of cars was larger than that reported a month
earlier, but somewhat less than a year ago. The building of airplanes
and equipments, one of the new industries in this District which has
made remarkable progress in the last year, showed further increase during February in the number of plants operating, number of employees,
and in the output.
In food lines, the reports showed the slaughter of meat animals during
the month was normally heavy and exceeded that for February of last
year for all classes except hogs, which showed a decrease. The output of
flour was smaller than for the corresponding month last year.
For the mineral industries the reports showed the February output of
crude petroleum and bituminous coal was smaller than in either the preceding month or the corresponding month last year. Production and
shipment of zinc and lead ores increased, but were smaller than a year
ago. The manufacture of cement in February was larger than in January or in February of last year.
Conditions during February and March were highly favorable for the
agricultural and livestock industries. Farmers were given an early start
for their spring plowing and plantings of oats, barley and other crops.
Wheat came through the winter in generally good condition, with relatively small losses from winter killings. At the middle of March the
reports indicated that, save for some sections where there had been damage by soil blowing, lack of moisture or insect pests, wheat made satisfactory progress and the condition at that time was fully up to that
recorded for the season in previous years of large production.
As to wholesale and retail trade the bank says:
Trade.
The total February sales of 38 reporting department stores located in
17 cities of this District showed an increase of five-tenths of 1% over
the total sales for January. Due to the fact there were two business days
less in February than in January, the daily volume of sales for the month
averaged about 9% higher than that for the preceding month. However, the February volume of retail trade at the reporting department
stores was 1.3% lower than that for February a year ago, and accumulated sales for the first two months of 1930 were 4.4% below those for the
like period in 1929. Of the stores reporting, 20 showed increases for
February over the same month last year, while 18 reported decreases in
their sales volume as compared with a year ago.
Stocks of the reporting department stores at the close of February
averaged 12.1% higher than at the close of January but showed a decrease of 5.3% as compared with stocks at the close of February 1929.
Retail furniture stores reported their February sales averaged 18%
below those for the same month last year. Stocks on hand at the reporting furniture stores were slightly larger than a year ago.
WHOLESALE: The dollar volume of sales of reporting wholesale
firms in this District for the 24 trading days in February showed a gain
of 4.8% over that for the 26 trading days in January, and a loss of 2.6%
from that for the 24 trading days in February last year. The upturn in
wholesale distribution was generally attributed to the mild weather during February, which gave spring trade an earlier start and stimulated
purchases of goods by retailers to meet their trade requirements.
The reports by separate lines show February sales of drygoods, hardware and furniture were larger than in January, while sales of groceries
and drugs were smaller than in the preceding month. In comparison
with a year ago, the February reports showed decreases in sales of drygoods and groceries, and increases in sales of hardware, furniture and
drugs.
Inventories of wholesale firms at the close of February showed stocks
of furniture were larger than on the corresponding date last year, while
stocks of drygoods, groceries, hardware and drugs were smaller than a
year ago.
COLLECTIONS: Department stores collections in February amounted
to 40% of their outstandings as of January 31, compared with 39.2%
for January and 40.3% for February last year. Wholesale firms reported
their collections were about up to those of a year ago, while some distributors of implements and farm machinery reported collections were a
little slower than at this time last year.
CanadianT Pulp and Paper Exports in February
Amounted to $13,547,933
-Total $852,009 Under
February of Last Year and $2,458,409 Below That
of Preceding Month.
Canada's exports of pulp and paper in February were
valued at $13,547,933, according to the report issued by the
Canadian Pulp and Paper Association. This was a decline
of $2,458,409 from the previous month and was less than
the total for February 1929 by $852,009, says the Montreal
"Gazette" of Mar. 26, from which the following is also
taken:
Exports of wood pulp for the month were valued at 23,557,070 and
exports of paper at 9,980,863 as compared with $3,923,584 and $12,082,758,
respectively, in January, there being a decrease of $356,514 in the value of
wood pulp exported and of $2,101,895 in the value of paper exports.
Details of the various grades for the month were as follows:
-February 1930-February 1929Tons.
Tons.
Pulp5435,126
14,775
Mechanical
9,927
$276,333
1,815,782
24,816
20,758
1,598,373
Sulphite, bleached
751,669
712.662
14,427
14,937
Sulphite, unbleached
9,882
521,789
582.584
9,446
Sulphate
1,343
2,537
28,876
42,704
Screenings
66.511
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other.
$3,567,070
56.137
$3,198,828
163,204
1,434
4,041
215
9.418,742
151,041
37,336
3.084
370,660
174,469
1,665
7,944
1,039
----
10,615,726
187,762
59,438
8,596
329,592
168.894
89.980.863
185,117
$11,201,114
[VOL. 130.
For the first two months of the year the exports of pulp and paper were
valued at $29,554,275 as compared with 30,536,140 in the first two
months of 1929.
Wood pulp exports for the two months amounted to $7,490,654 and
exports of paper to $22,063,621 as against $6,843,982 and $23,692,158,
respectively, in the corresponding two months of 1929.
Details for the various grades of pulp and paper for the first two
months of 1930 and 1929 were as follows:
-Two Months 1930-Two Months 1929PulpTons.
Tons.
Mechanical
36,595
51,085,822
26,698
$696,395
Sulphite, bleached
3,497,412
46,435
44,086
3.372,288
Sulphite, unbleached
34,993
1,744,771
1.445,108
29,017
Sulphate
19,050
1.078,298
1,258,253
20,988
Screenings
4,748
84,351
71,940
3,530
Paper
Newsprint
Wrapping
Book (owls.)
Writing (cwts.)
All other
141,821
$7,490,654
124,319
86.843.982
362.977
2,633
8,081
321
21.028,668
279.317
70,328
3,801
681,507
369,516
2,923
13.461
1.060
----
22.589,341
320,600
108.585
9.336
664.296
386,960 $23,692,158
374,012 $22,063,621
Exports of pulpwood for the first two months of the year amounted to
258,336 cords, valued at $2,400,358, which was an increase over the two
months of 1929, when the total was 192,549 cords, valued at $1,732,992.
Lumber Production Further Ahead of Orders.
A further, though slight, falling off in the relation of orders
and shipments of lumber to production • is indicated for
the week ended March 29. In telegraphic reports to the
National Lumber Manufacturers Assn. from 839 hardwood
and softwood mills orders were shown as 16% less and shipments 7% less than production, a decline of 2% in shipments
and 3% in orders from the relation indicated in reports of
860 mills a week earlier. Production reported by the 839
mills during the latest week totaled 369,944,000 feet, while
the larger number of mills a week earlier reported production
of 375,292,000 feet. Unfilled orders on hand at 483 softwood
mills on March 29 were the equivalent of 20 days' production,
which may be compared with an equivalent of 21 days' indicated by reports from 507 mills a week earlier. As compared with last year, 477 identical softwood mills reported
production 5% below, shipments 19% below and orders 29%
below figures for the same week last year; for hardwoods,
208 identical mills gave production 9% less, shipments 32
less and orders 35% under the volume for the week a year
ago.
Lumber orders reported for the week ended March 29
1930, by (104 softwood mills totaled 281,150,000 feet, or 14%
below the production of the same mills. Shipments as reported for the same week were 307,878,000 feet, or 6% below
production. Production was 326,472,000 feet.
Reports from 257 hardwood mills give new business as
31,450,000 feet, or 28% below production. Shipments as
reported for the same week were 35,278,000 feet, or 19%
below production. Production was 43,472,000 feet.
Unfilled Orders.
Reports from 483 softwood mills give unfilled orders of 923.660,000
feet, on March 29 1930, or the equivalent of 20 days' production. This is
based upon production of latest calendar year-300
-day-year-and may
be compared with unfilled orders of 507 softwood mills on March 22 1930.
of 1,011,060,000 feet, the equivalent of 21 days' production.
The 356 identical softwood mills report unfilled orders as 861,155,000
feet, on March 29 1930, as compared with 1,226,735,000 feet for the same
week a year ago. Last week's production of 477 identical softwood mills
was 302,842,000 feet, and a year ago it was 319,887,000; shipments were
respectively 288,517,000 feet and 355,395,000; and orders received 265,575,000 feet and 374,402,000 feet. In the case of hardwoods, 208 identical
mills reported production last week and a year ago 37.488,000 feet and 41,336,000; shipments 30,675,000 feet and 44,828,000; and orders 27,383,000
feet and 41,968,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 213 mills reporting for the week ended March 29
totaled 165.133,000 feet, of which 64.735,000 feet was for domestic cargo
delivery, and 28,140,000 feet export. New business by rail amounted
to 60,800.000 feet. Shipments totaled 178,756.000 feet. of which 65,978,000
feet moved coastwise and intercoastal, and 30,356,000 feet export. Rail
shipments totaled 70,964,000 feet, and local deliveries 11,458,000 feet.
Unshipped orders totaled 584,699,000 feet, of which domestic cargo orders
totaled 223,052,000 feet,foreign 182,469,000 feet and rail trade 179,178,000
feet. Weekly capacity of these mills 18 248,630,000 feet. For the 12 weeks
ended March 22, 139 identical mills reported orders 4.3% below production,
and shipments were 3.6% below production. The same mills showed an
Increase in inventories of 3.9% on March 22, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Assn. reported from New Orleans that for 141 mills
reporting, shipments were 6% below production, and orders 23% below
production and 18% below shipments. New business taken during the week
amounted to 47,607,000 feet, (previous week 56,007,000 at 143 mills); shipments 57,897.000 feet, previous week 59,451,000); and production 61,567,000 feet, (previous week 62,311,000). The three-Year average Productiom
of these mills is 69,618,000 feet. Orders on hand at the end of the week
at 101 mills were 160.881,000 feet. The 121 Identical mills reported a
decrease in production of 7% and in new business a decrease of 41% as
compared with the same week a year ago.
The Western Pine Manufacturers Assn., of Portland, Ore., reported
production from 78 mills as 45,970.000 feet, shipments 35,594,000 and new
business 33,332,000. Sixty-one identical mills reported an increase of 7%
in production, and a decrease of 31% in new business, when compared with
1929.
APRIL 5 1930.]
FINANCIAL CHRONICLE
2309
The California White and Sugar Pine Manufacturers Assn., of San Fran185 IDENTICAL MILLS.
cisco, reported production from 17 mills as 9,188,000 feet, shipments 13,- (All mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
972,000 and orders 12,567,000. The same number of mills reported a deAverage 12
Average 12
crease in production of 32% and a decrease of 30% in orders, in comparison
Week Ended
Weeks Ended
Weeks Ended
with last year.
Mar. 22 1930.
Mar. 22 1930. Mar. 23 1929.
142,432,621
176,967.192
155,907.042
The Northern Pine Manufacturers Assn., of Minneapolis, Minn., re- Production (feet)
Orders feet)
152,501.378
134,649,128
(
166.443489
Ported production from 8 mills as 1,961,000 feet, shipments 3,209,000 and Shipments
173.205,792
(feet)
136.178,576
153,520,184
new business 2,414,000. The same number of mills reported a decrease of
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.15'30(110 Mille).
25% in production, and of 44% in new business, when compared with the
corresponding week a year ago.
Unfilled
Orders on
The Northern Hemlock and Hardwood Manufacturers Assn.,of Oshkosh,
Orders
CancelHand BeShipOrders
Wis., reported production from 22 mills as 1,989,000 feet, shipments 1,abets Week Received. lotions.
menu. Week Ended
473,000 and orders 987,000. The same number of mills reported production
Mar.15 '30.
Mar.15 '30.
26% less, and orders 79% less, than that reported for the same period of
Washington dt Oregon
last year.
Feet.
Feet.
Feet.
(91 mm8)Feet.
Feet.
North Carolina Pine Assn., of Norfolk, Va., reported production from California
72,469,728 15,937,082
970,000 19,436,113 68,000,697
105,458,901 22,530,467 1,075,000 20,223,636 106,690,732
111 mills as 9,940,000 feet, shipments 10,377,000 and new business 12,514,- Atlantic Coast
None
4,411,211
587,000 3,921,347
97,136
000. Forty-nine identical mills reported a decrease in production of 21% MLscellaneous
and an increase in new business of60% when compared with 1929.
Total Wash. dr Oregon 182,339,840 38,564,685 2,045,000 40,246,749 178,612.776
The California Redwood Assn., of San Francisco, reported production
Brit. Col.(19 Mills)from 14 mills as 7,939,000 feet, shipments 6,600,000 and orders 6,596,000.
10
None
1,910,270
514,000 2,359,270
963.000
The same number of mills reported production 2% less, and orders 27% California
25,000 2,311,750 20,177.870
20,968,620 1.546,000
Atlantic Coast
less, than that reported for a year ago.
Miscellaneous
None
6,874,994 2,413,000
None 9,287.994
Hardwood Reports.
Total Brit. Columbia. 29,753,884 4,922,000
25.000 2,825,750 31,825,134
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
,
rnisi rinrnevatle miron 919 1102 724 42 4211 MR 2 n7n ma AA 072 490 210 427 910
,
production from 235 mills as 37,073,000 feet, shipments 31,189,000 and
new business 29,209,000. Reports from 186 hardwood mills showed a
decrease of 3% in production, and of 27% in new business, when compared
with last year.
F. A. Seiberling Sees Upward Swing in Rubber Industry
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh.
March Orders for Sieberling Rubber Company Ahead
Wis., reported production from 22 mills as 6,399,000 feet, shipments
of 1929.
4,089,000 and orders 2,241,000. The same number of mills reported a
decrease of 32% in production and of 71% in orders, in comparison with a
Tangible evidence of recovery of the rubber industry of
year ago.
1
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MARCH 29 1930 AND FOR 13
WEEKS TO DATE.
Association.
Produolion
M Ft.
Shipmenu
M Ft.
P. C.
of
Prod.
Southern Pine:
Week-141 mill reports
61,567
57,897 94
13 weeks
-1,842 mill reports
779,210
726.348 93
West Coast Lumbermens:
Week-213 mill reports
178,756 95
187.918
13 weeks-2,772 mill reports
1.994,381 1,876,687 94
Western Pine Manufacturers:
Week-78 mill reports
45,970
35,594 77
13 weeks
-1.026 mill reports
367,244
410,605 112
California White & Sugar Pine:
Week-17 mill reports
13,972 152
9,188
-329 mill rePorta
13 weeks
251,621 247
101,906
Northern Pine Manufacturers:
Week-8 mill reports
1,961
3,209 164
13 weeks
-109 mill reports
24,291
56,038 231
Northern Hemlock & Hardwood:
Week-22 mlll reports (softwoods):
1,473 74
1,989
13 weeks-418 mill reports
48.567
25,610 53
North Carolina Pine:
Week-111 mill reports
9,940
10,377 104
13 weeks
-1,436 mill reports
131,905
119.106 90
California Redwood:
Week-14 mill reports
7,939
6,600 83
13 weeks
-193 mill reports
103,046
87,224 85
Softwood total:
Week--604 mill reports
-8,125 mill reports
13 weeks
Hardwood Manufacturers Inst.:
Week-235 nitil reports
13 weeks
-2,818 mill reports
Northern Hemlock & Hardwood:
Week-22 mill reports
13 weeks-418 mill reports
Hardwoods Total:
Week-257 mill reports
13 weeks
-3,236 mill reports
326,472
307,878 94
3,550,550 3,553,239 100
Orders
M Pt.
P. C.
of
Prod.
47,807
747.432
77
96
165,133
1,903,147
88
95
33,332
409,838
73
112
12.567
254,917
137
250
2,414
48,155
123
198
987
27,236
50
56
12,514
104,043
126
79
6,596
92,408
83
90
281,150
3,587,176
86
101
37.073
428,455
31,189
390,833
84
91
29,209
396,840
79
93
6,399
123,491
4,089
67,453
64
55
2.241
63.870
35
52
43,472
551,946
35,278
458,286
81
83
31,450
460.710
72
83
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reportsfrom 215 mills show that for the week ended March 22
1930, orders and shipments were 14.13% and 5.41%, respectively, below output, which amounted to 189,785,475
feet for that period. The Association's statement follows:
the United States from the business depression that followed the collapse of security values, is furnished in a
statement by Frank A. Seiberling, President of The Seiberling Rubber Company and recently head of the Rubber
Manufacturers Association, reporting that the March tire
sales of The Seiberling Rubber Company are well ahead
of the same month in 1929. Mr. Seiberling believes that
the forecast made to President Hoover at the industrial
conference in Washington last December is being fulfilled by rubber manufacturers, that unemployment in the
rubber industry has been relieved, and that a tire shortage
impends because of the low inventories, which will call for
Increased production during the next four months. Frank
A. Seiberling was the representative of the rubber industry
at this conference. Mr. Seiberling says:
"An increase of 25% in Seiberling truck sales for March as compared to March, 1929, indicates that operators of large commercial truck
fleets throughout the nation, like the railroads, are investing in equipment in anticipation of heavy transportation requirements during the
second and third quarters. In foreign markets, all of which reacted
in sympathy with the American stock market, and, in many areas,
experienced poor 1929 crop and marketing conditions, recovery is somewhat spotty but on the whole very encouraging."
The Seiberling Rubber Company marketing in 49 foreign
countries, reports March export sales 80% ahead of a year
ago. "The Seiberling Rubber Company," Mr. Seiberling
continued, "with reduced inventories, increased its production in March over February by 45%. It is planning
increased production in April of 100% over March, of 140%
during May and of 200% in June to meet the demands for
Its products." The months of April, May, June and July,
Mr. Seiberling predicted, will provide employment for
labor in the rubber industry above the average of the past
five years.
Estimated inventories of manufacturers' stock as of
March 1, 1930, show approximately 15% fewer tires on
hand than on March 1, 1929. The quantity of tires in
dealers' stocks also is substantially lower than at this
time last year. Leaders in the rubber industry, it is stated,
unite in the prediction that an acute tire shortage may
occur during the third quarter of 1930, and are planning
huge tire production programs to meet the demand for
replacement tires. Slackening in new car sales and subnormal tire replacement purchases by car owners during
the past six months, they believe, assure large sales of
tires through dealers for renewals during the second and
third quarters of 1930, a factor which will largely counterbalance the lessened demand for tires from car manufacturers.
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
215 mills report for Week Ended March 22 1930.
(All mills reporting production, orders and shipments.)
Production
189.785,475 feet (100%)
Orders
162,975,482 feet (14.13% under production)
Shipments
179,525,118 feet (5.41% under production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (302 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date.)
Actual production, week ended March 22 1930
215,662,836 feet
Average weekly production, 12 weeks ended March 22 1930
171,428,896 feet
Average weekly production during 1929
206,511,257 feet
Average weekly production last three years
213,798,339 feet
:Weekly operating capacity
295,311,969 feet
x Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per
week.
WEEKLY COMPARISON (IN FEET) FOR 212 IDENTICAL MILLS
-1930.
(AU mills whoaa reports of production, orders and shipments are complete for
Automotive Parts-Accessory Business Gains.
the last four weeks.)
March 22.
March 15,
March 8.
March 1.
Week EndedBusiness of manufacturers in the automotive parts188.846,098 184.397,778 181,449,188 173,903,152
Production
162,199,635 157,441,687 164,354.053 151,090,122 accessory industry in February ran ahead of January and
Orders
63,321,080 85,033,450 68,552,103 65,573,424
Rail
54,058,574 46,761,103 53,604,200 39,598,343 some futher moderate improvement has been noticed in
Domestic cargo
24,399,818 34,150,444 31,585,413 33,521,432 March, according
Export
to the Motor and Equipment Association,
20,420,163 11,496,690 12,612,337
12,405,923
Local
178,678.705 153,816,640 134,466,805 158,774.609 which further states:
Shipments
69,636,872 69,985,955 65,634,364 88,742,573
Rail
The industry rebounded in a marked manner in January from the low
52,461,208 48,261,226 54.757,110 50.748,381
Domestic cargo
36,160,462 24,072,769 21,462,994 26.387.732 level reached in the closing weeks of 1929. While no large increase in
Export
20,420,163 11,496,690 12,612,337
12,405,923 activity is expected a slow but consistent improvement
Local
is looked for during
602.057,136 624,532,338 625,566,905 618,619,848 the next few
Unfilled orders
months.
191.742,677 197,909,077 205,015,304 204,328,014
Rail
Increased business was scored by suppliers of original equipment to
226,196,898 228,393,412 231,400,525 236,002,068
Domestic cargo
184,117,561 198,229,849 189,151,076 178,289.764 the car and truck makers and the manufacturers of garage service equiPment
Export
2310
FINANCIAL CHRONICLE
and tools for the trade, this last group making the most pronounced gain
in business. Manufacturers of this type of equipment are apparently well
started on an excellent year. Shipments of replacement parts and accessories to the trade were a little slower in February than in January.
laThe business of automotive wholesalers in the Association was somewhat
slower in February than in January, but preliminary reports indicate
that March business for these suppliers has improved in some sections.
The grand index for shipments for all groups of manufacturer members
reporting their figures to the Association In February stood at 138% of
the January 1925 base index of 100 as compared with 132 in January and
212 in February a year ago.
Reports by divisions, of member manufacturers business in January
follows:
Parts-accessory makers selling their products to the car and truck makers
for original equipment made shipments aggregating 141% of the January
1925 base index as compared with 135 in January and 243 in February a
year ago.
Shipments to the trade by makers of service parts were 131% of the
January 1925 base as compared with 137 in January and 136 in February
[VoL. 130.
Tasmania Refuses to Join Australian Wheat Marketing
Pool.
The following Associated Press cablegram from Canberra,
Australia, March 29, appeared in the New York "Times":
Australia's proposed wheat marketing pool under government auspices has received a setback due to the decision of the State Government of Tasmania not to join the pool.
The exact effect of Tasmania's defection cannot be known until official advices have been received from the remaining governments. It is
believed most of the States are willing to join the pool. Premier
McPhee of Tasmania said that State would neither join the pool, arrange the guarantee of about $1 a bushel of wheat, nor accept joint possibility for possible loss.
The scheme of a compulsory wheat marketing pool acting under a
Federal board with boards in each State, based on a Federal guarantee
of $1 a bushel for wheat at country sidings, was put forward at a gathering of Commonwealth and State representatives and representatives
last year.
of wheat growers and wheat associations recently. The government
Accessory shipments to the trade in February were 66% of the 1925 base promised the guarantee for a year but representatives of the wheat
figure as compared with 79% in January and 69 in Feoruary 1929.
growers asked it for three years. The matter was left to the consideraService equipment shipments, that is, repair shop machinery and tools, tion of the State Governments and the wheat growers. Earlier this
in February were 151% as compared with 135 in January and 192 in Feb- week it was announced the Commonwealth Government had promised
ruary a year ago.
financial support.
The wheat growers, who also differ on the question of government
versus farmer control of the pool will hold a ballot on the proposal before July 31.
Borneo and Java Rubber Planters Vote to Cut
Items regarding the compulsory wheat pool appeared in
Production.
these columns February 22, page 1191; March 1, page 1371
The New York "Evening Post" reports the following
and March 29, page 2114.
(Associated Press) from Bandjerrnasin, Borneo, April 4:
Dutch and native rubber planters at a combined meeting here to-day decided to effect a general stoppage of tapping in May. A committee was
formed to take charge of the scheme and speakers were appointed to tour
Inland and urge the population to support it.
The following from Batavia, Java, April 4 (Associated
Press) is from the same paper:
Russian Soviet Aids Farmers—Grants Exemptions to Stimulate Collective Enterprises.
In advices from Moscow April 2 (Associated Press) the
New York "Times" said:
A number of important exemptions for the peasants on collective
farms were decided upon today by the Communist party. The object
is to encourage the peasants to stay on such farms and also to promote
the growth of these institutions. The exemptions include the following:
Freedom from taxation for two years on all cattle and horses.
Extension of a credit of $250,000,000 to promote collective farm ordictator of the local rubber industry.
ganizations.
Postponement of all outstanding debts of collective farmers until the
end of the harvest season.
Cancellation of all fines imposed upon such farmers for failure to
Further Moves Toward Rubber Restriction Proposed. carry out the terms of the government grain collecting campaign.
Reduction of the total agricultural tax for the fiscal years 1930-31.
Mr. Marinus, official delegate of the rubber estate owners in Holland,
after an audience with the Governor General of the Dutch East Indies and
a conference with prominent planters, is convinced that the forthcoming
restriction scheme will have a fair chance of receiving every one's support.
The owners have given Marinus such freedom of action that he is virtually
The Rubber Exchange of New York issued the following
announcement this week:
Another attempt at restriction will be put into effect during the month
of May by the British rubber industry, and on this occasion the British
Interests will be joined by the Dutch rubber growers.
A London cable received late yesterday (March 31) by the Rubber Exchange of New York carried the official announcement that the total assents to the recommendations of the British-Dutch liaison committee for
suspension of rubber tapping during May were more than 80%, whereas
70% was necessary to put the plan into effect. The plan therefore becomes
operative.
Announcement was made by the Rubber Growers Association of Britain.
It was added that advices had been received from Malaya to the effect
that substantial support to the tapping suspension idea would be contributed by the Asiatic or native growers of Malaya.
Suspension of tapping of rubber trees in the Far East during the month
of May is estimated to total approximately half of world production for
that month. This is between 30,000 and 35,000 tons. or 3)4% at the most
of world production, for the whole year.
100,000 Mill Hands Idle in Lancashire—Member of Parliament Pictures Distress in Cotton Industry Centres—
Obtains Pledge of Action—Report of Survey to Be
Taken Up Immediately on Completion—Reorganization
Is Proposed.
Grim pictures of distress in the Lancashire cotton towns,
where the depression is described as the worst since the
American Civil War, were drawn in the House of Commons
at London on March 27 according to a message of that date
to the New York "Times" which continued:
One-fourth of all the cotton operatives, numbering 400,000 men and
women, are now jobless, 100,000 having been dropped in the last three
months, it was said.
Sir Herbert Samuel, Liberal, obtained the government promise that
a report which a committee had been preparing for the last eight
months would be examined immediately when it is ready.
One of the contributing reasons for the distress, Sir Herbert found,
was the fact that other nations are adopting automatic machinery more
rapidly than Great Britain. Lancashire exports have declined oneContinuance of Single Sugar Selling Agency in Cuba
third aim* the World War, he said, through Japanese competition in
Voted by Stockholders.
the Eastern markets and the Indian tariff.
Two
are being made
From Havana, April 1 advices to the New York "Journal try andbig constructive efforts of Japan, where to reorganize the indusmeet the competition
40% of the production
of Commerce" said:
is in the hands of four firms, whereas in Lancashire there are 1,800
By a majority vote of 4,300, stockholders of the Cuban single selling weaving and spinning concerns. The Lancashire Cotton Corporation,
agency at a meeting to-day decided to appoint a commission to interview backed by the Bank of England with $10,000,000 capital, is endeavorthe National Executive in order to obtain financial help for the present ing to get about 100 mills together, while a similar attempt is being
sugar crop. Also, it was voted to uphold the law of Oct. 4 1927, known as made by a joint committee of the cotton trade organizations.
Employers of the Northern Counties wool trade have decided to post
the Sugar Defense Law, which empowers the President to appoint a commission to study the sugar situation as well as create an export agency; notices of wage reductions. Arthur Shaw, secretary of the operaalso, it provides for crop restriction for six years, and gives the President tives' council, declares the reductions will be resisted, eve* if • stopthe final say on how the law shall be made applicable.
page is involved.
In the morning meeting the stockholders voted 12.918 to 11.419 In favor
of the continuance of the single selling agency. The result was the same Great Britain to Spend $- 350,000,000 t- o Relieve Unemwhen the vote was rechecked in the afternoon.
Attitude of United States Interests.
At the beginning of voting American sugar interests, with the exception of
Hershey and Cuban American, voted favorably to the single seller. Punta
Alegre requested to be allowed to vote last and then cast its ballot against
the agency, as did Cuba Cane.
Eighty per cent of the sugar mill owners and Colones are thought to be
in favor of dissolution, but in voting the Colones showed timerity when
some of the larger organizations, who were believed opposed to the organization, cast ballots for retention and followed suit.
At the conclusion of the meetings reports were current that another meet-
ing would be held within the next ten days, the presumption being that the
vote to-day has not definitely decided the agency's fate to the satisfaction
of the overwhelming Cuban opposition.
From the "Wall Street Journal" of April 4 we take the
following Havana advices:
Viriato Gutierrez, President of Cuban Co-operative Export Agency,
has called a meeting of members of the commission appointed to interview
President Machado, in order to exchange opinions and to reach an agreement on financing the crop and paying taxes on sugar.
Report in sugar circles is that an official announcement will be made
shortly by tie Cuban Government in connection with the single seller. It
probably will refer to maintenance of this Agency.
ployment.
Answering questions in the House of Commons, J. H.
Thomas, Lord Privy Seal and Minister of Employment,
said on April 1 that the estimated cost of approved schemes
to alleviate unemployment up to the end of March was
more than $350,000,000. Associated Press advices from
London April 1 reporting further said:
This amount was expended under the development act, the colonial
development act (which provides for works in the none-self-governing
colonies) and the domestic road-building program.
Mr. Thomas added assurance that be was doing all that was humanly possible to speed up such schemes.
1,621,800 Unemployed in Great Britain—Figures Are
Nation's Worst for Unemployment in 8 Years.
The following London cablegram March 25 is from the
New York "Times":
The worst British unemployment figures in eight years were announced tonight and in the opinion of Laborite statisticians it is beyond
doubt that Britain is passing through a period of trade depression
1
APRIL 51930.]
FINANCIAL CHRONICLE
more intense than any since the catastrophic collapse of 1921. The total
of unemployed, it was officially stated tonight, is 1,621,800. This is
57,993 more than a week ago and 439,346 more than a year ago.
While a portion of the week's increase is attributable to the operation
of the new unemployment insurance act, it is computed that there is
as much real unemployment as in 1926 following the general strike
and the mines stoppage. The case then, however, was one of industrial disturbance and not of dislocation of trade. It is anticipated that
a still further increase will be recorded next week.
2311
"In order to keep the mill running and our people employed we have
with great regret decided to reduce wages 10% and discontinue all night
work, effective week beginning March 31. It is hoped that the savings
effected will enable us to run the plant full time day shift and give steady
employment to a large majority of our employees."
The matter of discontinuing night work has been presented to Mr.
Brooks and it is thought here that if the night crew would work for
the same as the day employees on the new cut rate perhaps the night
work will be continued. Thus, if big orders came in, the mill could
easily handle them.
Delegation of Unemployed in Glasgow March to London to
Protest to Cabinet Against Unemployment Conditions.
Associated Press accounts from Glasgow March 31 stated:
Hosiery Mill Strike in Pennsylvania Ends.
Philadelphia advices, March 25, to the New York "Times"
Bearing banners with the slogan "Underfed and Underclad Under said:
The strike of 1,400 hosiery workers at the H. C. Aberle mill, which
began nearly eleven weeks ago and resulted in almost daily disorders
for London today to protest to the Cabinet against unemployment con- in the Kensington textile industry, with one fatality and scores of arrests,
was ended officially at noon today, when union officials authorized the
ditions. They expect to arrive in London by the end of April.
workers to return to their positions.
The arbitration committee, headed by Benjamin M. Squires of Chicago,
Unemployment Dole Proposed in Czecho-Slovakia.
following a morning conference with delegates of the American Federation
Associated Press accounts from Prague, Czecho-Slovakia, "the of Full Fashioned Hosiery Workers declared itself gratified with
splendidly co-operative spirit which has been shown by both sides,"
March 29, said:
and announced that regular operation of the mill would begin as soon
The Farmers' Federation has approached the Government with a pro- as possible.
posal to distribute employment doles in the future partly in cash
Under the arrangement agreed upon, the strike leaders are to be
and partly in milk and bread. The proposal is in the interest of the protected against discriminations, and the workers
will accept the old
promotion of the sale of agricultural products.
wage scale, pending the completion of a new scale the next fortnight.
the Labor Government," a party of eighty "hunger marchers" participating in a march of unemployed from all over Great Britain set out
Idle Riot in Budapest.
Indian Cotton 'Duty Raised.
•
From Budapest, April 2, the New York "Times" announces
The Indian Legislative Assembly has passed the cotton
the following message:
tariff bill without division, raising import duty on cotton
Demonstrations by the unemployed, who assembled before Parliament
today, were dispersed by the police with drawn sabers. The demon- piece goods to 15% from 11% with an additional 5% duty
strators shouted demands for food and work, defied the orders of the on non-British goods for three years; advices to this effect
police to disperse and resisted their attacks.
were carried in London advices to the "Wall Street Journal"
Even after fifty-eight had been arrested and taken in handcuffs to
the police stations, the idle assembled in the neighboring streets until of April 1.
the police drew a cordon around the whole district.
Cotton Mills Observing Program Looking Toward
Uniformity in Running Time and Regularity of
Employment.—Advices of Cotton Textile Institute
to Secretary Lamont.
Cotton mills representing more than half the productive
Steps to insure fair wages and an eight-hour day to all workers em- capacity of the industry in the United States have subployed in the public service directly by the government or indirectly scribed to
the program of greater uniformity in running time
through contractors on public works have been taken by the Dominion
and greater regularity of employment recently recommended
Government.
Peter Heenan, Minister of Labor, placed an Order-In-Council on the to the industry. This is indicated in the following report
table in the House of Commons today providing, with certain excep- just submitted
to Secretary of Commerce Lamont by
tions, that the hours of work of all employees of the Government be
Walker D. Hines, Chairman of the Board, and George A.
reduced to eight hours daily, wih a half-holiday on Saturday.
. The Order-In-Council supplements a resolution already on the order Sloan, President of The Cotton-Textile Institute:
Eight Hour Day for Workers in Public Service in Canada
Under Order in Council.
Canadian Press advices from Ottawa, March 31, published in the New York "Times" state:
paper of the House in Mr. Heenan's name to provide fair wages and
hours of work for labor employed by contractors on public works.
By these two measures the government will have fulfilled as far as
"We believe you will be interested to learn that to date a gratifying
response has been made to the recommendations looking to greater uni-
formity in running time and greater regularity
lies within its authority the provisions of the Treaty of Versailles re- made to the cotton textile industry by a group of 24of employment recently
mill
lating to labor. Legislation to provide for an eight-hour day in indus- the conference with you and other Department of executives following
Commerce officials in
try is under the control of the Provinces, and the authority of the Washington on Jan. 16 1930.
Dominion extends only to its own employees.
"We are advised that mill executives In New England and Southern
States, representing 422.901 looms and 18,494,396 spindles, have subsoundness of these
Few Are Idle in Chile—Public Works Program Declared to scribed to the59% of the looms andrecommendations. This represents
approximately
54% of the spindles in place in the
Make Unemployment Unlikely,
United States.
"This movement which we regard as highly constructive is going forward
From Santiago, March 25, the New York "Times" reIn all branches of the industry and we are hopeful that in the near future
ported the following:
the maximum running time recommended,
Senor Aureliano Burr, manager of the Central Bank of Chile, in an
interview granted to the newspaper La Nacion of Santiago on the subject of business conditions and external credit, stated that "though the
actual world crisis has compelled Chile to restrict the production of
L e. 55 hours for the day shift
and 50 hours for the night shift, and with no overtime beyond those hours,
will be observed by the cotton mills generally in the United States."
It is stated by the Institute that there is a general feeling
throughout the cotton textile industry that this plan will
tend to diminish the present disturbing practice of periods
tion of public buildings, roads, irrigation works, etc., will make all of overproduction and overemployment followed by periods
signs of unemployment in Chile practically impossible.
of reduced production and reduced employment. For some
"As to the external credit, the Chilean bonds are bought on the New years past
the mills have actually been running on a lower
York Stock Exchange at a price that varies from 9354 to 94%, according to emissions. These prices are higher than those of the last two total basis of production and employment than is indicated
years.
by these schedules but under conditions which have led
"Other favorable data on the Chilean business situation is the fact to much
unnecessary irregularity. Leading mill executives
that the Central Bank was authorized by law to contract a loan of
$4,500,000 at 534% interest, but it was eventually negotiated with the sponsoring the recommendations have expressed the hope
Guaranty Trust Company of New York at 5%, ;4% lower than that this plan will eliminate many of these irregularities
authorized."
which in the past have been matters of concern to management and employees alike.
Skowhegan Mill, Maine, Cuts Wage Scale.
copper and to close a few small nitrate establishments, in exchange
many important works of modernization have been started within those
mineral establishments. This fact, coupled with that of the construc-
A 10% reduction in wages, effective March 31 has been Wool
Statistics—February Percentages of Production.
announced for employees of the local plant of the SkowheBillings and Stock Compared With January..
Brooks of Boston, treasurer
gan Spinning Co. by N. B. K.
The Wool Institute makes public, under date of Mar. 27,
of tse concern. A dispatch from Skowhegan, March 30, to
the following percentages compiled from a preliminary surthe New York "Journal of Commerce" reporting this
vey of a majority of the mills reporting, the statistics being
added
In connection with the announcement of the wage decrease Treasurer designed to show the trend of production, billings and stock
Brooks stated that night work at the mill will be discontinued due to In the six major fabric groupings.
The comparison is made
the fact that night workers receive extra pay. The reason for the reduction
between January and February 1930:
was set forth in the following statement by Mr. Brooks:
"Since the stock market crash last November we have found it
impossible to secure sufficient orders to run the mill anywhere near
full capacity.
"Competition is very keen. Worsted yarn mills in the Philadelphia
and Rhode Island districts are paying from 10 to 15% lower wages
for 54 hours work than we are paying for 48 hours. We have one
competitor in the State of Maine who is doing this, thus saving a labor
cost 2254% less than ours. Even when we offer our yarns at cost our
competitors can sell for prices 234c less and still have a profit.
Menswear—
Woolens
Worsteds
Low-End
Total
WWIentreat—
Woolens
Worsteds
Low-End
Total
Surplus
Production,
BOWL
&OCAS.
Dovrn 30.8%
Down 31.6%
Down 11.7%
Down 26.7%
Down 11.7%
Down 24.8%
Down 20.8%
Down 20.6%
Up 1.2%
Down .3%
no 9.7%
Up 4.2%
Up. 14.7%
Down 7.4%
Down 36.6%
Up
4.0%
Up
Down 5.4%
Up 18.4%
Up 12.0%
Down 4.2%
To 4.6%
Up 2.7%
Up 1.4%
Ma%
2312
FINANCIAL CHRONICLE
American Woolen Co. Opens Fall Tweed Coatings and
Suitings For Women's Wear.
Featuring fancy woolen coatings with wide, fancy borders,
Department 4 of the American Woolen Co. on Mar. 31 opened
for the fall 1930 season more than 400 styles in tweed,
flubbed and brushed coatings and suitings. We quote from
the New York "Journal of Commerce," which said:
The department particularly stressed the style usefulness of the bordered
fabrics which may be manipulated to serve for decorative collars, sleeves,
hems and V-shaped panels in coats adapted for both sports and street wear.
Cutters who viewed the offerings yesterday were particularly attracted by
and are among
/
2
these coatings, which are priced at $2.071 and $3.07
the most original and attractive cloths to be seen in the women's wear
market.
/
2
,
Suitings range in price from $1.05 to 1.621 and all-wool coatings
from $1.25 to 2.421
k. Late last week the department opened lines of
tricot broadcloths on which considerable business has already been booked
for fall. The style and variety of the offerings opened yesterday and the
attractive prices named on goods were interpreted in some sections of the
market as indicating the determination of the American to win its share
of the so-called "style" business.
Department officials yesterday announced that sample piece deliveries on
the Sawyer, Pioneer, Vassalboro, Anderson, Ounegan and Hartland mills
will be made within three to four weeks. The Weybosset samples will
be available in four weeks.
Complete women's wear lines will be opened early next week, probably on
Monday, it was indicated yesterday. The lines opened yesterday included a
large sized collection of nubbed tweeds in two, three and multitone effects.
The color range for each fabric embraces many combinations of shades
particularly suitable for fall wear.
The lines, terms 10 off 60 or 7 off 4 months, are as follows:
/
1
2
Pioneer MW.
Description.
Range.
JJ-23704 Napped coatings
JJ-23706 Twist tweed sultings
J3-23705 Bordered fancy coatings
Sawyer Mills.
J-22343 Lacy, broken check tweeds
J-22344 Nubbed tweed coatings, ensembles
Vassalboro Mills.
M-20539 Napped tweeds
M-20541 Small, broken tweed effects
M-20542 Brushed tweeds
M-20543 Brushed spiral tweeds
Anderson M1/1.
0-20608 Brushed tweeds
0-20609 Brushed check tweeds
0-20611 Tweed sultings
Ounegan Mills.
PP-24209 Tweed coatings
Hartland Mill.
UU-19890 Subdued nabbed effects
UU-19891 Broad border effects
IVeybosset Mill.
V-20310 Nubbed effects
Weight.
17-18
13-14
17-18
14-15
17-18
163.4
18
17-18
19
17-18
18-19
11-12
Price.
2.00-2.05
1.6236
2.0734
1.95
2.00
1.75
1.52344.60
1.3734
1.8734
1.50
1.65
1.05
17-1736
1.25-1.3234
163i-1734
18-19
2.05
3.0734
20-21
2.9234-2.9755
Reveiw of Meat Packing Industry By Chicago Federal
Reserve Bank-Decrease in Production and Employment.
From the March 31 Monthly Business Conditions Report
of the Federal Reserve Bank of Chicago it is learned that
production at slaughtering establishments in the United
States decreased seasonally in February and continued less
than a year ago, because of reduced live-stock marketings.
The bank adds:
Payrolls at the close of the month showed a decline of 5% in number of employees, 10% in hours worked and of 7% in earnings compared with the preceding period. Demand in domestic markets was
slow during February for dressed beef, veal, and fresh pork; rather
draggy for lamb; and fair for smoked meat, dry salt pork, boiled ham,
and sausage. A substantial volume of lard moved into trade channels
Sales billed to domestic and foreign customers
during the month.
showed a seasonal decline of about 3% in February from January and
continued approximately 2% under last year. Prices of pork products,
beef rounds, and some cuts of veal averaged higher than in January,
while those of lamb, mutton, and carcass veal declined. Beef quotations ranged from steady to a little lower than a month earlier. Prices
of practically all of these commodities, however, trended downward
after the middle of February. The approach of the Lenten season
found domestic trade about fair. March 1 inventories of packinghouse products at slaughtering establishments and cold-storage warehouses in the United States were about average for the month and less
than a year ago, though seasonally more than on February 1. Stocks
of lard and dry salt pork decreased, however, from the 1925-29 March 1
average, while holdings of beef and lamb were above last year.
Shipments for export appear to have been somewhat heavier than in
January, although some of the reporting firms experienced a decrease.
Foreign demand was rather quiet during the period. Lard prices in.
European markets averaged close to Chicago parity, while meats were
quoted at somewhat less than the United States basis.
-Sharp Decrease in Santa
Petroleum and Its Products
Fe Springs Output Brings Country's Daily Average
Down-Humble Makes Initial Posting of Refugio
Crude Prices.
The crude petroleum output of Santa Fe Springs, Calif.,
was reduced 17,400 barrels in daily average for the week
ending March 29, while the daily cut for the entire country
for the same period totaled only 21,700 barrels. Other
California fields accounted for 1,000 barrels less on daily
average. A gain of 9,850 barrels in Oklahoma City field
was balanced with decreases of 5,750 barrels in East Earlsboro,2,400 barrels in Earlsboro,4,100 barrels in East Little
River, and 2,250 barrels in Bowlegs. A daily average gain
of 2,250 barrels was reported in Searight.
[VOL. 130.
The drop at Santa Fe Springs was due to the enforcement
of California's gas conversation law, and State officials
expressed their belief that before the end of this week the
law would be in full force, bringing about an additional daily
reduction of approximately 25,000 barrels. The industry's
fact finding committee set the actual California crude production for March 28 at 612,389 barrels, about 3,000 barrels
above the State's curtailment goal. The potential production of the State was set at 1,081,382 barrels per day.
April 2 was set as the "dead line" for Santa Fe Springs
operators to reduce the daily waste of gas down to the
required amount of 100 million cubic feet. Judge Hazlett,
who granted the injunction under which Santa Fe Springs
production is controlled, on April 14 will hear complaints
by operators and testimony of actual conditions under
operation of the law by the three experts appointed by the
court. Modifications of the restraining order are expected
when the hearing is reopened.
Encouraging reports from refineries regarding the improved
gasoline market situation may have some bearing on further
reduction orders.
On April 1 the Humble Oil & Refining Company made'its
initial posting of Refugio County crude in Gulf Coastal
Texas fields. It posted below 25 gravity crude in this
county at 75 cents, and extended its Coast "B" grade price
schedule for lighter grades of Refugio crude, adding new
gravities up to maximum grade of 44 and above.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Bradford. Pa
82.80 Smackover, Ark., 24 and over
1.75 'Smackover, Ark.. below 2
Corning, Ohio
Cabral, W. Va
1.35 Eldorado, Ark., 34
1.45 Urania, La
Illinois
Western Kentucky
1.53 Salt Creek. Wyo.. 37
1.23 Sunburst, Mont
Midcontinent, Okla., 37
.80 Artesia, N. M
Corsicana, Texas, heavy
.87 Santa Fe Springs, Calif., 33
Hutchinson, Texas,35
1.00 Midway-Sunset. Calif., 22
Luling, Texas
L20 Huntington, Calif., 28
SpIndletop, Texas, grade A
1.05 Ventura, Calif., 30
SpindletoP. Texas, below 26
Winkler, Texas
.65 Petrone, Canada
8.90
.75
1.14
.90
1.23
1.85
1.08
1.45
1.05
1.34
1.13
1.90
-TANK-CAR GASOLINE ADVANCES TO
REFINED PRODUCTS
-MOUNTING CONSUMPTION
9 CENTS
STRENGTHENS
-KEROSENE DEMAND FAIR-DOMESTIC
ENTIRE MARKET
HEATING OILS UNCHANGED.
The stronger tendency in the gasoline markets, due to
mounting consumption and decreased refinery output,
brought about a definite change this week when leading
refiners in the eastern market advanced tank car prices to
9c. per gallon, at refineries. Refiners reduced crude runs to
stills 44,100 barrels daily average for the week ending
March 29.
The first move was made April 2 by Shell Eastern Petroleum Products, Inc., and was quickly followed by Richfield
Oil Co., Warner-Quinlan Co., and Carson Petroleum Co.
Market operators in New York declare it would not surprise them if the tank-car rate is again advanced within the
next week or two. The success of the curtailed refinery operations has come up to expectations, and the higher price
movement is a logical result, they feel. Jobbers are also
showing an anxiety to cover their forward needs before warm
weather sets in, when another advance is to be expected.
Some companies are still holding to the 834c. tank-car
level, while others quite 83 0. per gallon. However, the
/
general market structure here will be on a 9c. per gallon
basis, tank-car, it is believed. Companies which failed to
meet the higher level reported a great volume of business.
No definite change in export gasoline trading is reported.
A slightly improved demand is noted in the Gulf markets.
The call for cased gasoline is also better.
Spot buying of kerosene continues along a hand to mouth
basis, with most shipments being made against existing contracts. However, refineries report that the general trend
in kerosene is much improved over past weeks. There is
still a wide range in prices, water white 41-43 being quoted
from 7% to 73% cents per gallon, tank cars at refineries.
A larger movement of domestic heating oils took place this
week, with prices steady. Bunker, grade C, holds firm at
81.05 a barrel, spot, at refinery. Diesel oil continues at
$2 per barrel, spot, refinery. Shipments are mostly against
contract.
Price changes follow:
April 2.
-Shell Eastern Petroleum Products, Inc., announce advance
In tank-car gasoline to 9c. per gallon.
April 3.
-Richfield Oil Co., revises tank-car gasoline price to 9c. Per
gallon.
April 3.
-Warner-Quinlan Co. revises tank-car gasoline to 9c. per gallon.
April 3
.-Carson Petroleum Co.revises tank-car gasoline to 9c. per gallon.
Gasoline. U. S Motor, Tankcar Lots, F.O.B. Refinery.
NY(BayOnnei3•0831@.09 Arkansas
5.0634 North Louislana-$.07M
ChWeelicagToexas
.0814 California
.08R North TOX88
.06M
.0914 Los Angeles. export.. .0734 Oklahoma
.08
New Orleans
07M Gulf Coast. export-. .0834 Pennsylvania
.0914
APRIL 5 1930.]
New York
Atlanta
Baltimore
Beaton
Buffalo
Chicago
FINANCIAL CHRONICLE
Gasoline, Service Station, Tax Included.
Minneapolis
4.163 Cincinnati
$.18
.21
New Orleans
18
Denver
.22 Detroit
188 Philadelphia
.20 Houston
.18 San Francisco
.15 Jacksonville
24 Spokane
.15 Zanies City
.179 St. Louis
5.182
.195
.21
.251
.195
.18
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
NY(Bayonne)07%.07% 1 Chicago
$.07%
5.051 I New Orleans
North Texas
.06%
.054 I Los Angeles. export_ .05% I Tulsa
Full Oh, 15-22 Degree. FOB. Refinery or Terminal.
New Tort(Bayonne)$1.05iLos Angeles
5.851Gulf Coast
5.75
Diesel
2.00INew Orleaus
951Chleago
65
Gas Oil, 32-34 Degree, F.0. B. Refinery or Terminal.
N.Y.
(Bayonne)
$.031Tuisa
-$.05%[Chicago
3.03
Petroleum
Institute
Endorses
Six-Day
Week
for
Oil
Refineries.
The American Petroleum Institute has endorsed the recommendation of the Federal Oil Conservation Board that
refinery runs in the United States should be put on a
six-day-a-week schedule, because "there is too much gasoline and its manufacture is proceeding unchecked." The
New York "Times" in announcing this April 3 stated:
A resolution adopted by the organization characterizes the recommendations as "timely, wise and in the interest of conservation."
The Federal Board's recommendation, made early in March, was
almost immediately adopted by the Standard Oil Company of New
Jersey, the Humble Oil and Refining Company and the Standard Oil
Company of California.
2313
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,512,400 barrels, or 95.6% of the
3,675,900 barrels estimated daily potential refining capacity
of the plants operating in the United States during the week
ended March 29 1930, report that the crude runs to stills
for the week show that these companies operated to 70.9%
of their total capacity. Figures published last week show
that companies aggregating 3,497,400 barrels, or 95.5% of
the 3,660,900 barrel estimated daily potential refining capacity of all plants operating in the United States during
that week, but which operated to only 72.5% of their total
capacity, contributed to that report. The report for the
week ended March 29 1930 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS.
WEEK ENDED MARCH 29 1930.
(Figures in Barrel), of 42 Gallons.)
District.
Per Cent
Potential
Capee'y
Report(no.
East Coast
100.0
Appalachian
91.0
Indiana, Illinois. Kent'ky 99.5
Okla., Kansas. Missouri._ 89.1
Texas
90.4
Louisiana-Arkansas
96.8
Rocky Mountain
93.6
California
99.3
Crude
Runs
to
Stills.
PerCad
Oper.
of Total
Capac'y
Report.
3,120,800
643,900
2,295,100
2,195,200
3,901,500
1,141,200
384,500
3,753,300
73.6
78.9
87.9
76.2
78.2
62.2
39.4
60.2
Gasoline
Stocks.
Gas
and
Fuel
Oft
Stocks.
9,550.000
1.865,000
8,479,000
4.700,000
8,153,000
2,553,000
3,049,000
16,390,000
8,314,000
668,000
3,056,000
3,622.000
11,072,000
2,008,000
1.059,000
108,387,000
Total week Mar.29---- 95.6 17,435,500
Crude Oil Output in United States Again Declines.
70.9 54,739,000 136,186,000
Daily average
2,490,800
The American Petroleum Institute estimates that the Total week Mar.22
95.5 17.744.400
72.5 53,830,000 137.253,000
Daily average
2,534,900
daily average gross crude oil production in the United States
Texas Gulf Coast
99.4
2,963,900
80.9
7,076.000
8,490,000
for the week ending March 29 1930 was 2,514,200 barrels, Louisiana Gulf Coast
100.0
751.700
72.8
2.207.000
1_174000
as compared with 2,535,900 barrels for the preceding week, Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
a decrease of 21,700 barrels. Compared with the output are included under the
heading "Gas and Fuel Oil Stocks." Crude cill runs to stills
for the week ended March 30 1929 of 2,627,250 barrels daily, include both foreign and domestic crude.
the current figure represents a decrease of 113,050 barrels
per day. The daily average production east of California February Natural Gasoline Output 14% Over
Same
for the week ended March 29 1930 was 1,883,100 barrels,
Month in 1929.
as compared with 1,886,500 barrels for the preceding week,
The production of natural gasoline during February 1930
a decrease of 3,400 barrels. The following are estimates of
amounted to 178,400,000 gallons,a daily average of 6,370,000
daily average gross prouction, by districts:
gallons, according to the United States Bureau of Mines.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
The latter represents an increase of 7% over January 1930
Weeks EndedMar. 29 '30 Mar. 22 '30 Mar. 15 '30 Mar. 30'29
Oklahoma
644,350 and of 14% over a year ago. The major portion of the
652,100
616,200
615,000
Kansan
116,200
94,150 increase in daily average output
117,150
114.500
occurred in California and
Panhandle Texas
91,600
60,700
93,550
89,900
North Texas
83,800 Texas. Stocks of natural gasoline held at the plants on
80,800
80.450
West Central Texas
51,100
52,350
51,300
51,150
343.950
West Texas
378,850 Feb. 28 amounted to 24,033,000 gallons, a decline from the
334,000
322.000
East Central Texas
19,900
25,450
25,200
25,400
Southwest Texas
72,200 previous month of 1,638,000 gallons. The utilization of
63,000
61,600
61,000
42,000
38,650
North Louisiana
35,700 natural gasoline in blending at the plants recorded
43,300
another
74,250
58,703
58,600
Arkansas
59,250
Coastal Tease
126,600 material decrease and amounted to only 851,000 gallons
180,200
183,950
193.650
Coastal Louisiana
21,550
19,100
20.500
19,650
120,000
Eastern (not incl. Michigan).....
120,500
120,250
104,950 as compared with 1,307,000 gallons in January. The
12,550
11,650
11,750
Michigan
4,800
Wyoming
50,600
50,350
50,850
51,400 "Survey"further shows:
Montana
Colorado
New Mexico
California
Total
9.300
4,750
11,000
831.100
8,250
4,400
11,400
649,400
7.900
4.750
10,650
651,600
10,200
6,750
2,850
781,900
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OE GALLONS).
2,514,200
2,535,900
2,583,200
2.627,250
Feb.1930. Jan.1930. Feb. 1929. Feb.1930. Jan.1930.
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central and southwest Texas, north Louisiana, and Arkansas, for the
week ended March 29 1930, was 1,461,300 barrels as compared with
1.477,150 barrels for the preceding week, a decrease of 15,850 barrels.
The Mid-Continent production, excluding Smackover (Ark.) heavy oil,
was 1.420,200 barrels, as compared with 1,436,000 barrels, a decrease of
15,800 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended-Week Ended
Oklahoma
-Mar.29.Mar.22. Southwest TexasMar.29.Mar.22.
Allen Dome
20,150 20,150 Darst Creek
15,500 15,500
Bowlegs
19,800 22.050 Luling
10,000 10.100
Bristow-Slick
16,250 16,250 Salt Flat
22,150 22,500
Burbank
18.300 18,500
North LouisianaCarr City
9.350
9.650 Haynesville
4,600 4.600
Earlaboro
35,100 37.500 Urania
5,350 5.400
Est Earistioro
35.300 41,050
ArkansasLittle River
42,000 42,300 Champagnolle
4.900 4,950
East Little River
13.750 17,850 Smackover, light
5.300 .5,350
Maud
41,100 41,150
7,000 6,150 Smackover. heavy
Mission
Coastal Texas
12,550 14,250
Oklahoma City
27,800 27.800
73,900 64,050 Barbera )3U1
St, Louis
11,000 10,300
39,300 40,400 Pierce Junction
Sasakwa
10,250 10,200
11,500 10,200 Raccoon Bend
Elearight
16,350 15,500
10,600 8.350 Spindletop
Seminole
10,150 10,600
19,950 20.550 Sugarland
East Seminole
Coasted Louisiana
3,700 8,100
Kansas1,200
1,200
East Hackberry
Sedgwick County
1,200 1,200
21,050 21,800 Old Hackberry
Panhandle Texas
3,350 3,500
Sulphur Dome
Gray County
56,400 59,600
Hutchinson County
Wyoming
22.600 23,500
North Texas
Salt Creek
30,300 29,650
Archer County
Montana
17,600 17,650
Wilbarger County
6,000 4,950
25,850 25,950 Sunburst
West Central Texas
Brown County
California-7,750 7,800
Shackelford County
6,600 6,600 Dominguez
8,500 8,500
West Texas
Elwood-Goleta
39,400 39,200
Crane & Upton Counties 46,400 45,200 Huntington Beach
30,000 29,500
Howard County
39,700 38,500 Inglewood
17,700 17,700
Reagan County
16,700 16,700 Kettleman Hills
12,500 12,700
Winkler County
86,250 88,000 Long Beach
102,500 104,000
Yates
113,900 126,000 Midway-Sunset
74,500 72.500
Selene° of Pecos County 5,600 5,700 Santa Fe Springs
135,000 152,400
East Central TexasSeal Beach
24,000 24,500
Cordeana-Powell
6,000
6,000 Ventura Avenue
44,000 45.400
Production.
Appalachian
Illinois, Kentucky. &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total
Daily average
Total (thousands of barrels)._
Daily average
9,200
1,300
47,300
2,800
36,700
6.000
2,400
3,800
68,900
10,900
1,400
50,000
2,600
37,200
7.700
2,400
3,200
69,800
Stocks End of Month.
10,900
1,200
47,500
2,800
29,800
4,900
2,400
3,200
54,200
3.235
431
10,089
816
6,116
809
247
569
1,721
3,411
404
10,626
535
7,147
1,030
246
584
1.688
178,400
6,370
185,200
5,970
156,900
5,600
24,033
25,871
4,248
152
4,410
142
3,736
133
522
611
Good Call For Copper-Steady Lead Demand-Zinc
Sales Improve-Tin Prices Unsettled.
The week's domestic sales of copper approximated 10,500
tons, which is the largest total for any similar period so far
this year, reports Metal and Mineral Markets. Export
business in copper was fair. Lead bookings were at a good
rate, although slightly below the previous week. Zinc
prices steadied after early weakness, owing to a moderate
increase in orders from galvanizers. Tin was unsettled toward the close. Silver prices were rather easy. The official
quotation for refined platinum was reduced to $48 per ounce,
which is a new low for the movement. The same publication adds:
Contrasted with business placed earlier in the year, domestic sales of
copper in the past week showed marked improvement,although an analysts
of the transactions discloses that consumers refused to buy except for immediate needs. About 90% of the business placed was for prompt delivery.
The larger purchases were attributed to the normal expansion in business.
Lead sales during March exceeded 70.000 tons,a total exceeded only twice
In the last year. In view of this, it Is expected that if prices are steady
during April, demand will be somewhat less active. More than 2-3 of
estimated April requirements had been sold before the end of March. Sales
during the week were principally for April shipment.
2314
FINANCIAL CHRONICLE
While business in zinc was not active, sales for the week were well above
the totals for the two preceding weeks. After early weakness, which took
the price down to 4.80 cents on prompt business, the market settled at
4.85@4.90 cents.
The tin market was steady until April 1, when selling, both in London
and New York, broke the price to 36,.1 cents for prompt Straits, nullifying
the rise of the week before. No heavy business was recorded.
American Tin Consumption at Highest Level in Thir-World's Consumption for March
teen Months
Exceeds Production by 531 Tons.
American consumption of tin during March reached the
highest level in thirteen months, totaling 8,675 tons, an
increase of. 75% over the February consumption of 4,940
tons, according to official statistics made public in London
this week. The world's total consumption for March exceeded production, it is stated, by 531 tons. Supplies of
tin for the month amounted to 11,902 tons, compared with
13,102 tons in February, representing a decline of 9%.
Deliveries on the other hand totaled 12,433 tons, an increase of 38% over February. The effect of the tin curtailment program, it is added, was strongly reflected in decreased supplies from the Straits Settlement, which at 7,818
tons showed a drop of 163% compared with February and
were actually 684 tons lower than the average monthly
figure for 1929.
-Pig Iron Production Increased
Steel Output Higher
in March-Price of Finished Steel Lower.
Pig iron production in March, in contrast with the decline
in steel ingot output, increased 3,060 tons a day, or 3%,
according to preliminary estimates telegraphed to the "Iron
Age." Total production for the month was 3,237,950 tons
and the daily average was 104,450 tons, compared with
2,838,920 tons and 101,390 tons, respectively, in February.
The daily rate is the highest since last November and compares with 119,822 tons for March a year ago.
Eight blast furnices were lighted in March and four were
put out, a net gain of four. The increase in active capacity
is in keeping with the current upward trend in steel works
output. The steel ingot output of Steel Corporation subsidiaries has risen to 83%, and the average for the country
at large has advanced to 78%, compared with 76% a week
ago. The "Iron Age" of April 3 goes on to say:
Expanding demand for line pipe from the larger oil and gas companies,
large structural steel inquiries, a more cheerful outlook in the automobile
industry and a further moderate increase in steel specifications from miscellaneous sources have raised the hopes of the mills. But no sharp rebound
in activity is looked for; on the contrary, some producers, doubtless influenced in their views by the hand-to-mouth character of buying and the
persistence of price unsettlement, believe that the industry will do well
to hold to its recent gains.
Throughout the winter months the heavier rolled products formed the
backbone of mill schedules, and it is open to question whether they will
continue to be in such active demand. Rail mills will run at a good rate
throughout the first half and railroad car builders are assured active operations until mid-year, but miscellaneous steel bookings from the railroads
have tapered. The outlook for further rolling stock purchases is still
considered uncertain, but the placing of 91 passenger cars by the Van
Sweringen lines and an imminent inquiry from the Illinois Central for
2,300 cars are encouraging developments.
The trend of structural steel business is also regarded as an unknown
quantity. After several lean weeks, fabricated steel inquiries aggregate
68,000 tons, the largest total so far this year. However, a single project,
a New York elevated highway, accounted for 23,000 tons. Awards for the
week were small, amounting to only 22,000 tons.
Taking into account a possible contraction of trade in heavy rolled
products, indications of expanding demand for lighter products are gratifying. Sheet specifications have been very good from consumers outside of
the automotive industry. In fact, with very little support from motor car
builders, sheet mills find it possible to operate at 70%.
Only a recovery of automobile manufacture is necessary to bring sheet
output within striking distance of capacity. Larger melt by automotive
foundries and somewhat more liberal releases of sheets, strips and bars
by motor car makers tend to support the view that April automobile production will show a moderate gain over March. Output last month was
below that of either January of February, and was only 45% of the total
of March 1929.
Line pipe bookings have been swelled by the placing of 24,000 tons for
two gas lines in Montana and North Dakota with the A. 0. Smith Corp.
The Milwaukee fabricator ia now operating on three shifts. Numerous
other projects are before the trade. Oil storage tanks, calling for fully
25,000 tons of plates, are pending, and demand is active for heavy-walled
pressure vessels for oil refinery use.
Finished steel prices have undergone further reductions. An increase
in pipe discounts equivalent to a reduction of $4 a ton is the first general
revision of the prices of tubular goods since April 19 1923. To a large
extent the new quotations represent an open ret...eguition of widespread
recent concessions. Mars are now more generally quoted at 1.80c., Pittsburgh, or $1 a ton below recent asking prices, and pronounced weakness
In wire nails has resulted in sales at $2.16 and $2.20 a keg, representing
concessions of 1 to $2 a ton. Hot-rolled strip is off another $1 a ton
to 1.70c. for wide and 1.80c. for narrow.
Pig iron demand is still spotty, but on the whole is gaining. March
shipments from Chicago furnaces led those of February by a comfortable
margin. Price competition is keen, with Alabama iron dipping to $12,
Birmingham, on a New England sale.
I.V0L. 130.
Lake Superior ore prices have been re-established at last year's level on
open market sales of 2,000,000 tons. In 1929 ore prices advanced 250. a
ton after remaining stationary for four years.
The "Iron Age" composite price for finished steel has declined from
2.312c. to 2.264c. a pound, its lowest level since August 1922. It is
almost $3 a net ton below its peak in 1929. The pig iron composite,
unchanged at $17.75 a gross ton, is 71c. lower than a year ago.
Pig Iron.
Finished Steel
Apr. 1 1930, 317.75 a Gross To1178..7465
n.
One weeAkpagr.0 1930, 2.2640. a Lb.
1
2.312e. One week ago
$
2.312e. One month ago
17.75
One month ago
2.4120. One year ago
One year ago
15.72
1.689e. 10-year pre-war average
10-year pre-war average
Based on steel bars, beams,tank plates. Based on average of basic iron at Valley
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo, Valley and BirmIngham.
States output of finished steel.
Low.
High.
Low.
High.
1930_2.362o. Jan. 7 2.264e. Apr. 1 1930-$18.21 Jan. 7 $17.75 Mar. 4
19292.412c, Apr. 2 2.362e. Oct. 29 1929___ 18.71 May 14 18.21 Dec. 17
1928_..2.391e. Dec. 11 2.314e. Jan. 3 1928_ 18.59 Nov.27 17.04 July 24
1927_2.453e. Jan. 4 2.2930. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453c. Jan. 5 2.4030. May 18 1926_ 21.54 Jan. 5 19.46 July 18
1925._2.560e. Jan. 6 2.3960. Aug. 15 1925„.. 22.60 Jan. 13 18.96 July 7
Iron and steel producers enter the second quarter with
expectations reasonably high, reports the "Iron Trade Review," Cleveland, in its issue of April 3. For this they
derive little tangible support from recent demand; in fact,
March bookings of finished steel barely exceeded those of
February despite the longer month and the slight improvement of the past fortnight. But the conviction is widespread that April will be a comparatively good month, and
some producers are planning moderately heavier schedules.
The "Review" continues:
Some acceleration in automotive production this month is regarded as
certain. Resumption of outdoor work, particularly building and highway
construction, will be helpful. New shipping to the extent of 247,000 tons,
requiring about 100,000 tons of steel, is assured by recent ocean mail
contracts, and early action on a portion is in prospect. Freight car inquiry
has expanded mildly, and a quickening of the general manufacturing trade
is indicated.
It is emphasized that expectations are not keyed too high. Majority
opinion in the industry is that activity comparable to 1929 is not in store
until the last half year. What is looked for over the next 90 days is a
showing equal to 1928, or what might be termed an average second quarter.
It is certain, however, that any improvement in the consuming lines will
be translated immediately into increased production.
March registered the third consecutive increase in the early rate of pig
iron production since December, the law point of the 1929 decline, but
evidencing the cautious policy of both producers and consumers the gain
was only 3.9%. The March rate of 105,520 gross tons daily compares
with 101,640 tons in February, 91,573 tons in January, and 119,662 tons
In March 1929. Excepting 1928, last month's daily average was the lowest
for any March since 1922.
March's total of 3,271,122 tons of pig iron contrasts with 2,845,937 tons
in February and 3,709,518 tons last March. First-quarter production stands
at 8,956,810 tons, compared with 10,860,922 tons in the opening quarter
of 1929. At the close of March 183 stacks of the country's 314 were in
blast, an increase of four over Feb. 28.
From the conservative character of current buying it Is evident that
large consumers do not yet regard the steel price situation as being
stabilized. The $4 per ton reduction by the National Tube Co. in oil line
pipe, standard black and galvanized pipe and oil well goods came as a
surprise. Efforts to obtain the $2 advance on most sheet steel grades have
been fruitless. Large buyers continue to win concessions in heavy finished
steel. Scrap continues soft. Largely on account of the decline in pipe,
the "Iron Trade Review" composite has fallen 28c. this week to $34.57,
the lowest since March 1922.
Actual fresh freight car inquiry is less than 1,000 units, including 500
by the Minneapolis ft St. Louis and 250 by the Missouri-Kansas-Texas, but
the Illinois Central is committed to the purchase of 2,321 cars, the New
York Central is said to be considering 10,000, the Erie and Pere Marquette a like number, and the Pennsylvania 6,000. The Van Sweringen
group has bought 91 coaches.
Including 35,000 tons for a Montana-Dakota line, the A. 0. Smith Corp.,
Milwaukee, has booked almost 130,000 tons of line pipe in the past three
weeks. Municipal buying of cast iron pipe is expanding, New York
having closed on 8,900 tons.
New York continues the most active structural steel market, inquiry
there including 24,000 tons for subways and a tunnel, to be closed this
month, and 30,000 tons for an elevated roadway which may mature next
month. This week's structural lettings of 26,000 tone compare with 26,426
tons last week and 44,717 tons a year ago. For 1930 to date structural
lettings total 451,000 tons, against 543,134 last year.
Plate mills, chief beneficiary of freight car and pipe business, are more
active than shape or bar mills, the latter being particularly short of automotive rollings. Strip and wire production is improving slowly. Sheet
bookings of the common grades denote slight gains by most users save
automotive, who are specifying full-finished grades a shade more freely,
Last year's iron ore prices, based on $4.50 for Mesabi non-bessemer at
lower lake ports, apply to 441,000 tons on which the Ford Motor Co. has
closed. In 1929 the Ford company bought 360,000 tons, and in 1928,
400,000 tons, the variations being due in part to production at Ford mines.
Other contracts for lake ore are reported to have been closed.
Steelworks operations continue to evidence a slightly stronger tone.
Youngstown mills are at 68% this week, against 65 last, while Buffalo
operations advanced from 'fl% last week to 77 this week. Cleveland is
off slightly, from 76 last week to 74. Common black and galvanized sheet
mills of independent producers this week average 85%, with jobbing mills
at 80 and full-finished at 71-the highest rates, generally, since the stock
market collapse last fall. Steel corporation subsidiaries this week average
83%, compared with 80 last week, and with independent producers at 69%,
give the industry a rate of 76%, against 73 to 74% last week.
Ingot production of the United 'States Steel Curp. has
Increased about 3% in the past week and is now at better
than 83% of capacity, compared with approximately 80% in
the two preceding weeks, stated the "Wall Street Journal"
of April 1. The "Journal" goes on to say:
Independent steel companies also have expanded activities and are running
at about 69% of theoretical capacity, contrasted with 66% in the previous
week and 68% two weeks ago.
APRIL 51930.]
2315
FINANCIAL CHRONICLE
For the entire industry the average is better than 76%, against 73%
in the preceding week and 74% two weeks ago.
The definite turn upward is considered significant at this time. It
probably reflects a better demand than existed in the past few weeks, and
may mean a change in the trend of operations.
At this time last year the Steel Corp. was at 97%, with independent
companies running in excess of 93%, and the average better than 95%.
Early in April in 1928 the Steel Corp. operated at 90%, with independents
at slightly over 80%, and the average was about 85%.
2,000 Miners Idle in Kentucky-1,200 on Strike, Others
-Down of Shafts.
Out After Shut
From the New York "Evening Post" we take the following
(Associated Press) from Madisonville, Ky., April 4:
Because of disputes over wages and working conditions and unfavorable
market conditions, nearly 2,000 miners to-day were out of work in the
Western Kentucky coal field, about 1,200 being on strike and the rest
affected by shut
-downs.
The latest to quit were 300 employees of the Providence Coal Mining
Co. and the Meador, Young & Holt Coal Co., in Webster County, who
failed to go to work yesterday following dental of their demand for payment
of the 1917 wage scale.
Under date of March 27, Associated Press dispatches from
Madisonville said:
Approximately 1,000 miners were on strike in the Western Kentucky coal
field to-day, though a vote favoring a strike for a higher wage scale, taken
last Fall, has never been acted on by National officers of the United Mine
Workers of America.
The strikes have all resulted from local disputes, and none is formally
recognized by the officers of District 23 of the union.
The latest group to go out are employees of the Duvin Coal Co. at
Providence, Webster County. Four hundred men walked out there when
the management refused to reinstate a machinist, Easel Grant, who was
laid off after his return from the Mine Workers' convention at Indianapolis.
Output of Bituminous Coal and Pennsylvania Anthracite Continues Below that of Last Year.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal and
Pennsylvania anthracite continues below that of a year ago.
The output for the week ended March 22 1930, totaled
7,839,000 net tons of bituminous coal, 957,000 tons of
Pennsylvania anthracite and 70,600 tons of beehive coke.,
This compares with 8,521,000 tons of bituminous coal,
1,132,000 tons of Pennsylvania anthracite and 125,200 tons
of beehive coke produced in the week ended March 23 1929,
and 8,077,000 tons of bituminous coal, 933,000 tons of
Pennsylvania anthracite and 67,000 tons of beehive coke
produced in the week ended March 15 1930.
For the coal year to March 22 1930, the output of bituminous coal amounted to 506,953,000 net tons as against
500,990,000 net tons in the coal year to March 23 1929.
The Bureau's statement follows:
The total production of soft coal during the present coal year to March 22
1930 (approximately 300 working days) amounts to 506,953,000 net tons.
Figures for corresponding periods in other recent coal years are given below:
580,052,000 net tons
500,990,000 net tons 1926-27
1928-29
525,658,000 net tons
468,219,000 net tons 1925-26
1927-28
the total production
As already Indicated by the revised figures above,
of soft coal for the country as a whole during the week ended March 15
1930, is estimated at 8,077,000 net tons. Compared with the output in
the preceding week, this shows a decrease of 488,000 tons or 5.7%. The
following table apportions the tonnage by States'and gives comparable
figures for other recent years:
Estimated lVeekly Production of Coal by States (Net Tons).
Mar. 1923
Week Ended
StateMar.15'30. Mar. 830.Mar.16'29. Mar. 1628. A oge.a
423,000
319,000
339,000
296,000
280,000
Alabama
19,00017,000
22,000
15,000
13,000
Arkansas
195,000
183.000
145,000
143.000
125,000
Colorado
894,000 1,037,000 1,065.000 1,667.000 1,684,000
Illinois
355,000
484,000
309.000
575.000
282,000
Indiana
122,000
87,090
89,000
70,000
62,000
Iowa
84,000
62.000
59,000
40,000
38,000
Kansas
560,000
791,000
813,000
701,000
640,000
Kentucky-Eastern
215,000
399,000
243.000
217,000
176,000
Western
52,000
51.000
55.000
43,000
44,000
Maryland
16,000
15,000
32,000
16,000
15,000
Michigan
69,000
64,000
60,000
59,000
Missouri
53,000
63,000
45.000
68,000
52.000
37,000
Montana
53.000
51.000
53,000
32,000
29,000
New Mexico
32,000
34.000
30,000
46.000
28,000
North Dakota
201,000
396,000
740,000
388,000
Ohio
360,000
55,000
46,000
49,000
28,000
Oklahoma
29.000
Pennsylvania (bitum .)_ _ _ 2,365,000 2,311,000 2,724,000 2,542,000 3,249.000
118,000
110,000
115,000
101,000
92,000
Tennessee
19,000
21,000
22,000
12,000
10,000
Texas
68,000
73,000
78,000
83,000
55,000
Utah
230,000
212,000
263,000
229,000
240,000
Virginia
74,000
48,000
51,000
43,000
34,000
Washington
W. Virginia-Southern-b 1,455.000 1,547,000 1,824,000 1,770,000 1,172,000
717,000
Northern_c
674,000 652.000
643.000
622.000
136,000
131.000
Wyoming
126,000
102,000
98,000
7.000
2,000
7,000
2,000
1,000
Other States
Total bituminous coal- 8,077,000 8,565,000 9,713,000 10,104,000 10,764,000
Pennsylvania anthracite-- 933,000 1,177,000 1,191,000 1,027.000 2,040,000
Total all COM
9,010,000 9.742,000 10,904,000 11.131,000 12,804.000
a Average weekly rate for the entire month. b Includes operations on the
N.& W., C.& 0.. Virginian, and K.& M. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended March 22 1930 is estimated at 957,000 net tons. Compared
with the output in the preceding week, this shows an increase of 24,000
tons,or 2.6%. Production during the week in 1929 corresponding with that
of March 22 amounted to 1,132.000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
929
1930Daily
Daily
Atge.
Awe.
Week.
Week.
Week Ended203,500
1,221,000
196,200
1,177,000
March 8
March 15
198,500
155,500
1,191,000
933,000
March 22
188,700
159,500
1,132,000
957,000
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended March 22 is estimated at 70,600 net tons as against 6 .000
7
tons in the preceding week. The following table apportions the tonnage
by regions:
Estimated Production of Beehive Coke (Net Tons).
1929
1930
-Week Ended
to
to
Mar.22. Mar. 15. Mar. 23.
Date.a
Date.
Region1929.
1930.b 1930.
Pennsylvania. Ohio & West Virginia_ 62,000 58,500 112,000 712.400 1172,300
BITUMINOUS COAL.
7.400 70,700 77.300
6,100
Georgia, Ky., Tenn., and Virginia__ 6,200
5,800 33.200 71.600
2,400
The total production of soft coal during the week ended March 22 1930, Colorado, Utah and Washington__ __ 2,400
Including lignite and coal coked at the mines, is estimated at 7,839,000 net
United States total
70,600 67,000 125,200 816,300 1321,200
tons. Compared with the output in the preceding week, this shows a
11,767 11,167 20,867 11,661 18,874
decrease of 238.000 tons, or 2.9%. Production during the week in 1929 Daily average
a Minus one day's production first week in January to equalize number of days in
corresponding with that of March 22 amounted to 8,521,000 tons.
the two years. b Subject to revision.
Estimated United States Production of Bituminous Coal (Net Tons).
-1928-1929-1929-1930-The total output of by-product coke for the 28 days in February amounted
Coal Year
Coal Year
to 4,004.217 net tons. This compares with 4,195,674 tons for the 31 days
Week.
to Date.
to Dated.
Week EndedWeek.
491,037,000
10,396,000
March 8
482,756,000 In January. The daily rate of output for February was 143,000 tons, an
8 565,000
1,703,000
Daily average
1.733,000
1.675.000 Increase of 5.7% over the January rate. Beehive coke production in
1,428,000
499,114,000
9,713,000
March 15.11
492,469,000 February Is estimated at 274,000 tons as compared 309,200 tons in January.
8,077,000
Daily average
1,674,000
1.346,000
1,695,0001,619,000
The total quantity of coal consumed in coke ovens in February amounted
506,953,000
March 22.6
500,990,000
8,521.000
7 839,000
1,688,000
Daily average
1,420,000
1,669,000 to 6,247,700 net tons, of which 5,818,200 tons was charged into by-product
1,307,000
ovens and 429,500 tons into beehive ovens.
a Revised since last report. b Subject to revision.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 2, made public by the Federal Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows increases for the week of
$34,300,000 in holdings of discounted bills, $44,800,000 in
bills bought in open market and $1,400,000 in U. S. Government securities. Member bank reserve deposits increased
$35,500,000, Government deposits $18,500,000 and Federal
Reserve note circulation $3,200,000, while cash reserves
declined $33,200,000. Total bills and securities were
$80,500,000 above the amount reported a week ago. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 2349 and 2350.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended April 2, is as follows:
Total reserves
Gold reserves
Increase (-I-) or Decrease (-)
During
Year.
Week.
$
3,208,876,000 -33.205,000 +316,355,000
3,021,709,000 -29,293,000 +302,497.000
Total bills and securities
1,081,589.000 +80,499.000
-298,869,000
241.123,000 +34,294,000
Bills discounted, total
Secured by U.S. Govt obligations-113,652,000 +27,178,000
127,471,000 +7,118,000
Other bills discounted
-788,729,000
-496,766,000
-291,963,000
+44,815,000
+126,594.000
+1.390,000
+12,502,000
+1.999,000
-13,111,000
+361,331,000
+2,496,000
+103,102,000
+255.733,000
+3,197,000
-87,552,000
+54,580.000
+35,504.000
+18,504.000
+60,570,000
+40.044,000
+22,022.000
Apt. 21930.
301,297,000
market
The principal changes in holdings of discounted bills for the week were Bills bought In open
increases of $17,000,000 at the Federal Reserve Bank of New York, $12,- U. B. Government securities, total
530,389,000
54.105,000
600,000 at San Francisco, $1,800,000 at Atlanta and $1,400,000 at CleveBonds
194.519,000
Treasury notes
land. The System's holdings of bills bought in open market increased
281,765,000
Certificates and 131118
S. bonds $12,500,000 and of Treasury notes $2,000,000,
$44.800,000. of U.
while holdings of Treasury bills and certificates declined $13,100,000.
Federal Reserve notes In circulation_ _1,576,097,000
Federal Reserve note circulation declined $4.500,000 at Chicago and
2,443.047,000
$2,000,000 at Cleveland, and increased $3,700,000 at San Francisco, Total deposits
2 375,348,000
$2,300,000 at Boston, $1,800.000 at Minneapolis. $1,600,000 at PhiladelMembers' reserve deposits
38,922,000
Government deposits
phia, $1,200,000 at Atlanta and $3,200,000 at all Federal Reserve banks.
2316
FINANCIAL CHRONICLE
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows an increase of
$148,000,000, the total of these loans on April 2 standing
at $3,968,000,000, as compared with $5,562,000,000 on
April 3 1929. The loans "for own account" increased during the week from $1,424,000,000 to $1,547,000,000 and
loans for account of others from $1,278,000,000 to $1,316,000,000. Loans "for account of out-of-town banks," however, decreased slightly to $1,104,000,000 from $1,118,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr.2 1930. Max.281930. Apr. 3 1929.
Loans and investments—total
7,850,000,000 7,756,000,000 7,405,000.000
Loans—total
5.894.000,000 5,810,000,000 5,521,000,000
On securities
All other
3,393,000.000 3,280,000,000 2,819,000,000
2,501,000,000 2,530,000,000 2,702,000.000
Investments—total
1,956,000.000 1,946,000,000 1,884,000,000
U.S. Government securities
Other securities
1,118,000,000 1,120,000,000 1,106,000,000
838,000,000 826,000,000 778,000,000
758.000.000
46.000.000
Reserve with Federal Reserve Rank
Cash in vault
751,000,000
47,000,000
729,000,000
55,000,000
Net demand dePosits
Time deposits
Government deposits
5,428,000,000 5,320,000.000 5,326,000,000
1.388.000.000 1,351,000,000 1,187.000.000
77,000,000
85,000.000 122,000,000
Due from banks
Due to banks
122,000,000
1,039,000,000
Borrowings from Federal Reserve Bank..
107,000,000
983.000.000
123,000.000
924,000,000
135,000.000
15,000,000
Loans on secur. to brokers & dealers:
1,547,000,000 1,424,000.000 1,021.000,000
For own account
For account of out-ot-town banks......1,104,000.000 1,118,000,000 1,652,000.000
1,316,000,000 1,278,000,000 2,889.000.000
For account of others
Total
On demand
On time
Loans and Investments—total
Loans—total
-3,968,000,000 3,820,000,000 5,562.000,000
3,474,000.000 3,337,000,000 5,137,000,000
494.000,000 483,000,000 426,000,000
Chicaeo.
1.973,000.000 1,981,000,000 2,068,000,000
1,575,000,000 1,587,000,000 1.631,000.000
955,000,000
620,000,000
On securities
All other
914,000,000
717,000.000
397,000,000
Reserve with Federal Reserve Bank
Cash in vault
437,000,000
159,000,000
234,000,000
201,000,000
237,000,000
181,000,000
15,000,000
U.S. Government securities
Other securities
393,000,000
160,000,000
237,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
973,000,000
614,000,000
174,000,000 166,000.000
14,000,000 16,000,000
1 259,000,000 1,247.000,000 1,172,000.000
628,000,000 625,000,000 638,000,000
31,000,000
8.000.000
7,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
147,000,000
348.000.000
131,000,000 162,000,000
338,000,000 322,000,000
99,000.00
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Mar. 26:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on March 26 shows increases for the week of
$49,000,000 in loans and investments, $129,000,000 in net demand deposits
and $110.000,000 in time deposits, and decreases of $12,000,000 in Government deposits and $4,000,000 in borrowings from Federal Reserve banks.
Loans on securities increased $130,000,000 at all reporting banks, $117,000,000 in the New York district, $31,000,000 in the Cleveland district
and $8,000,000 in the Boston district, and declined $13,000,000 in the
Chicago district. "All other" loans declined $91,000,000 at all reporting
[voL. 130.
banks and $102,000,000 in the New York district, and increased $9,000,000
In the Philadelphia district and $7,000.000 in the San Francisco district.
Holdings of U. S. Government securities declined $17,000,000 at all
reporting banks and $21,000,000 in the New York district, and increased
$21,000,000 in the Cleveland district. Holdings of other securities increased $14,000,000 in the New York district and $28,000,000 at all reporting banks.
The principal changes in borrowings from the Federal Reserve banks
for the week were an increase of $5,000,000 at the Federal Reserve Bank
of New York and a decrease of $4,000,000 at Atlanta.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
March 26 1930 follows:
Increase (+1 or Decrease (—)
Since
Mar. 26 1930. Mar. 19 1930. Max. 27 1929.
$
$
$
Loans and Investments
--total__ _22,563,000,000
.
+49.000,000
+20,000,000
Loans—total
On securities
All other
Investments—total
16,885,000,000
+38,000,000
+328,000,000
8,184,000,000
8,702,000,000
+130.000,000
—91,000,000
+592,000.000
—263,000,000
5,678,000,000
+11,000,000
—308,000,000
2.844,000,000
2,834,000,000
—17,000,000
+28,000.000
—242,000,000
—66,000.000
Reserve with Federal Res've banks 1,719,000,000
Cash In vault
212,000,000
+66,000,000
+13,000,000
—31.000,000
13,205,000,000
7,085,000,000
238,000,000
+129,000,000
+110,000,000
—42,000,000
+41,000,000
+258,000,000
—67,000,000
1,205,000,000
2,922,000,000
—14,000,000
—11,000,000
+55,000.000
+128.000,000
47,000,000
—4,000,000
—732,000,000
U. S. Government securities _
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2 1929,
which was merged with a non-member bank.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication April 5 the following summary of market
conditions abroad, based on advices by cable and radio:
AUSTRALIA.
The Australian financial and economic situation has shown no improvement in the past month, and importers are placing orders with caution.
Heavy cancellations of overseas orders, due to recent exchange development,are reported. The success of Government conversion loans has caused
considerable satisfaction in banking circles. The exchange situation, however, is worse, and although rates are largely nominal it is almost impossible
to obtain exchange. Despite gold shipments, overdrafts in London on
Government accounts grow. Australian banks report a large increase in
funds which cannot be transmitted to America or Europe because of the
absence of exchange bills. The Government has delayed publication of new
duty schedules, but early announcement of them is expected. In anticipation of the new • duties, importers have withdrawn large quantities
of goods from bonded warehouses. Construction activities have declined
considerably. Many industries are working part time and unemployment
is on the increase.
Australian exchange on London has declined somewhat In the past week
and the Government plans to ease the situation further by shipping £8,000,000 more gold in the immediate future. The Sydney Water and Sewerage Board has announced that it intends to float a £1,000,000 loan in
the United States soon. A definite guarantee of 4 shillings per bushel
for wheat f. o. b. country stations has been given by the Federal Government, and the export wine bounty has been increased to 1 shilling 9 pence
per gallon. A bill has been introduced by the Government providing
for a shale oil bounty of approximately 3% pence per gallon. New South
Wales has discontinued dole payments to striking coal miners.
BRITISH MALAYA.
The most important development of the week is the depression facing the
pineapple industry of British Malaya. The canners combine which was
formed March 22 has so far been ineffectual, as some of the Chinese members
have already broken verbal agreements by selling below the stated price.
One Chinese firm which controls 35% of the total production is not in the
combine.
CANADA.
A dull tone predominates in commercial circles, although some bright
spots are evident. The approach of Easter is counted on for some expansion of trade turnover, and a recent upturn in Canadian security prices
which have lagged behind the United States market is responsible for a
measure of optimism. The Winnipeg wheat market, the pivotal factor
in the present economic position, was erratic during the week No. 1 Northern
registering a net loss in prices to the close of trading on March 28, when
the cash quotation was 36.074. Substantial mining developments either
projected or under way are an encouraging factor In the demand for United
States mining machinery. A "Made-in-Regina" campaign has been
launched In Winnipeg and trade conditions there have improved slightly
over the past week. Employment in Canada on March 1, as represented
by the Dominion Bureau of Statistics index of the number of workers was
APRIL
5 1930.]
FINANCIAL CHRONICLE
2317
merchandise and collections continue to be slow. The increased plantings
and exports of corn, sisal. Pineapples, cacao and logwood, while of some
help, are not considered sufficiently large as yet to afford any perceptible
relief for this year. Extreme caution and credit investigation is recommended In American exporters, expecially as the "dead season" between
crops, May to October approaches. Exports for the first five months of
this fiscal year Oct. I to Feb.28,totaled $7,076,000 as compared to $9.504.000 for the same period of the preceding year. This large decrease was
mainly due to the low prices of coffee. Imports over the same period of
time dropped to $5,978,000 as compared to $9,278,000 in the preceding
year, a decrease of 36%. During February 4,627 long tons of sugar were
manufactured, of which 452 tons were exported and 263 tons sold locally.
Sugar stocks on hand March 1 are reported as amounting to 8,286 long
tons.
INDIA.
Indian conditions have not improved in the past month,but prospects for
standing crops are generally reported as fair to good. The political situation
remains unsettled, and commodity markets are dull. The values both of
imports and of exports have declined since the year opened. The Legislature
CHILE.
continues to debate the various new taxation measures which became efFollowing the seasonal dullness of January and February, retail sales
fective March 1. A bill which provides for an additional duty of6% on
Improved during March and the merchandising situation in the Santiago
all non-British piece goods is receiving considerable attention,and despite
region was satisfactory. The Government's construction program is being
strong opposition to the measure, because of its provision for Imperial
carried on along the lines laid down several years ago and private conpreference, it appears that it may be adopted. The Indian Government has
struction is still very active. Credit conditions are good with collections
impose a countervailing excise duty on all silver produced in
normal. The harvest just completed was larger than for many years. agreed to
equal to the new import duty of 4 annas per ounce and to amend the existing
As a result of the low world prices for important agricultural products, the
tariff schedule upward on silver plate thread and other silver manufacturers
Government has promised to endeavor to stimulate local consumption and to
30% ad valorem. Except for lineseed, all export commodity markets
to find some means of enabling local producers to withhold a portion of
are dull and featureless, with the volume of business small despite easier
their crops from the market until conditions improve. Manufacturing
prices. The uncertainty of future price trends is acting as a deterrent to
shows little change from February except that textile mills and the shoe
business, and until this factor is cleared and the proposed increased imindustry are now slightly curtailing production. This, together with the port duty on piece goods settled, business conditions are not expected to
lower prices for agricultural products and lessened mining activities, has improve.
-created a widespread feeling among local merchants that there will be some
JAMAICA.
reaction from the high levels of recent months. Labor released from the
Business conditions continued to be seasonably satisfactory during
nitrate and copper mines is being absorbed by other activities, especially
in private and Governmental construction, and unemployment does not March, with bank deposits normal. Collections were a little dower than
is usual for the month. Retail business is only moderately active, attributappear to be above normal for the post harvest season.
Nitrate production by the 50 nitrate plants in operation during Feb-- able part to a 5% decrease in the number of tourist visitors during March
ruary amounted to 2.339.000 metric quintals as against 2,558,000 quintals as compared with the number in the same month of last year. The agriIn February, 1929. Exports of nitrate during the month totaled 1.693.000 cultural outlook is considered favorable for most of the crops, although
metric quintals as against 2,690,000 quintals in the same month of last the present low world prices are retarding exports.
Year. World stocks as of March 1 1930. were 26,787.000 quintals as comMEXICO.
pared with 21,024,000 quintals on the same date of 1929. Copper proBusiness continues dull, conditions in the Monterrey district being more
duction by the large mines continued at about the same levels as in Feb-favorable than in other parts of the country. Collections generally are slow
emery.
with merchants showing a tendency to confine credit sales only to the most
CHINA.
reliable firms. It is announced that the Mexican Treasury Department
Business outlook in general in Shanghai areas shows little improve- has authorized the delivery of the sum of 1.365.944.56 pesos to the Bank of
ment. Growing uncertainty regarding the political situation is preventing Mexico for the payment of interest and amortization of the agrarian bonds.
any extension to trading activities with the Interior. Silver exchange which fell due in January, 1930.
value constitutes the element of greatest uncertainty toward profitable
NETHERLAND EAST INDIES.
operation, and tends to confine new business to minimum essential requirements. Exports In general are lifeless, although some slight recovGeneral dullness continues to characterize the bazaar trade. February
ery in raw silk Is reported, with increased interest shown in egg products. exports of rubber from the Netherland East Indies totaled 25,505 long tors,
Business conditions in North Manchuria continue at a low ebb. Dealers of which 6,900 were shipped from Java and Madura,7,191 from the Sumatra
are generally pessimistic in regard to possibility of any marked improve- east coast, and 11,414 from all other rubber producing areas.
ment during the next three months. At a meeting of shareholders of the
NEW ZEALAND,
of the Dalbank, it was decided to resume banking operations on April 1.
New Zealand's foreign trade In January declined somewhat, compared
Residents of Manchoull and Hailer have been granted a three months'
tax exemption as aid to recovery from losses incurred during the Sino-Soviet with the corresponding month in 1929. Chiefly because of smaller shipconflict. The ports of Antung and Newchwang were reopened to shipping ments and lower prices for wool, exports declined from £6,064,000 to
£4.906,000. Rabbit skins, kauri gum, and cheese were among other items
on March 19.
CUBA.
registering declines, but butter and frozen meat shipments were well mainNo change is evident in the general economic situation in Cuba. Trade tained. Total imports declined only slightly from £319,000 to £4,190,000
remains abnormally depressed and collections are very difficult. The though receipts of timber and automobiles dropped sharply from imports
tourist season has practically ended and the receipts from this traffic, of January, 1929.
PERU.
normally the third largest source of Cuba's general income, are estimated
to be about half those of last year. This lack ofincome has been particularly
Business conditions in Peru did not improve during March. Sales were
principal factor in slowing down retail business in.and less and collections are becoming more difficult with more extensions for
noticeable as the
around Habana during the past four months. The total production of credit being asked and granted. The general policy of the larger firms is to
sugar to March 15 was 2,449,510 tone, as compared with 3,277.503 tons carry accounts and grant extensions in order to reduce the number of failproduced over the same period a year ago. The industry is reported as ures. Local firms are paying more attention to credit risks and while the
being greatly affected by the slow rate at which sugar is being exported. situation is not unduly alarming, American exporters should carefully
Sugar stocks at the principal shipping ports are reported abnormally large, consider requests for credits and extensions, as Peru is facing the prospect
and, inasmuch as sales are very slow, money is not circulating through of a year of retrenchment and a further restriction of imports. Automobile
the channels of Industry at the usual rate. The improvement recorded dealers are slowly reducing their 1929 accumulated stocks at reduced
in sugar prices has somewhat relieved the general feeling of pessimism that prices and on long terms. A few new models of some makes have arrived
has been current for the last few weeks. Some labor difficulties In Havana at Callao. Imports of automotive vehicles through Callao during February
have been reported through the press, but it is believed that these did not Included 51 cars and 4 trucks. Tire sales have been light, especially in the
reach sufficient proportions to have any apparent effect on business.
provinces, but prospects are good for better sales. Cotton prospects are
bright for a normal yield but prices are low with exchange becoming more
DOMINICAN REPUBLIC.
of
Trade was at a low level in the Dominican Republic during March, with unfavorable to growers. Reports from Liverpool indicate that half
business practically confined to immediate necessities. The credit situa- last year's crop is still unsold in that port. Local textile mills are operating
at 70% of capacity. February cotton shipments totaled 3,560 bales as
tion showed no improvement during the month and collections are very
difficult. Although the crop outlook is good, low world prices make the compared with 4,325 bales in February of last year and sugar exports for
returns uncertain, and there is a decreasing demand for all factory products February, 1930, were 27,088 metric tons as against 27.831 tons in the same
due to decreased purchasing power. There is little new construction work month of 1929.
SIAM.
being undertaken, and unemployment continues to be serious with many
Declared exports from Bangkok to the United States in 1929, valued at
people reported in actual want.
$510,225 showed an increase of $200,000 over the previous year. The
ECUADOR.
advance was due mainly to several rather unusual developments in the
The economic and commercial situation in both the interior and coastal trade.
The classes of exports mainly responsible for the increase were Per,
areas of Ecuador continued depressed during the month and merchants are per, teak,
precious and semi-precious stones, skins, photographic films
less optimistic. Sales are insignificant and collections difficult with many and art
work. Pepper exported from Siam is usually sold in Singapore
firms far behind in meeting their accounts. Imports continue reduced, the from
whence it makes its way to world markets as Singapore pepper.
lowered purchasing power having a telling effect upon business in general. In 1929,
however, probably owing to high prime in other markets. pepper
Central Bank sales of exchange in January and February exceeded their to the value of
$65,186 was shipped direct from Bangkok to the United
purchases by more than 3.200.000 sucres or above the balance for the entire States. Precious
and semi-precious stones almost doubled in value, at
year 1929. The continued drain on the bank's gold reserve is causing tributable mainly to the apparent popularity among American buyers of
some concern locally. Reports from the cacao producing areas are con- the zircon, a semi-precious stone now exported in large quantities from
flicting with some dealers predicting deliveries in fair quantities in May Siam. Exports of all types of stones to the United States in 1929 were
and June and a total yield of approximately 25% above that of 1929. valued at $106,450, compared with $27,700 in 1928. Deer and elk skins
Weather conditions have been favorable and little monllia or new witch- are also being shipped from Siam to the United States, their total value in
broom is reported. Deliveries of cocoa at Guayaquil up to March 15 were 1929 reaching nearly
$8,000.
30,000 quintals (1 quintal equals 101.4 pounds) less than those in the
TRINIDAD.
same period of 1929. Cacao deliveries in the period, Feb. 22 to date totaled
Agricultural conditions in Trinidad became difficult during March on
35.900 quintals and exports 30.000 quintals. Stocks on hand of important
account of the low prevailing prices for cocoa in the world market and the
export commodities in luintals are as follows: Cacao, 12.000; coffee, 800:
depression in the sugar industry. The production of cacao continued norand hides, 900. Prospects for the rice crop considered good.
mally during the month at the rate of 200,000 pounds per day, but exportHAITI.
ers are reported holding stocks amounting to some 2.000,000 Pounds with
General business conditions showed no improvement during March. the hope of obtaining better prices. The production of cacao during April
-On account of the low prevailing prices, the coffee crop, which is of fair is estimated at about 140,000 pounds per day, and with no improvement
volume, has not brought In the returns necessary to effect the much desired In prices anticipated, the general situation is considered far from satisAmprovement in business. Merchants are carrying very small stocks of factory. Despite energetic measures of control, the witchbroom disease
somewhat less favorable than on Feb. 1, as the result of a pronounced
decline in logging activity after a very busy season. Some seasonal improvement was indicated in manufacturing but trade and construction recorded
loses which resulted in general decline in all provinces except British
ejolombia. February industrial records now available indicate some gains
over January activity but the majority of returns are under those for February, 1929. The output of Canadian automobile plants was 50% higher
than in January, although 50% under production in the second month of
last year. Imports were 35% lower than last year and exports of passenger
automobiles 29% lower. Exports of trucks declined 45% in the same comparison. Two-thirds of the February output of 15,548 units were manufactured for sale in the Dominion and one-third for export. Supplementary
sstimated introduced into the Dominion House of Commons during the
week include proposals to expend $4,171,000 for a Grand Trunk Railway
terminal and suburban works at Detroit. The British Columbia provincial
legislature adjourned after having raised the gasoline tax to 5 cents per
Imperial gallon. The proposed tax on fuel oil may be deferred indefinitely
on account of the strong public protest.
2318
FINANCIAL CHRONICLE
continues to spread over the island, although the output of cocoa has not
as yet been affected. Reports that a serious disease had attacked the
coconut trees, threatening the extinction of the industry, are said to be
unfounded. The facts are that a large number of trees were planted on
unsuitable soil and died from natural causes. Other crops are reported as
being normal and increasing. The production of oil is increasing steadily,
while the exportation of asphalt remains normal. As in the other islands of
the West Indies, the sugar industry of Trinidad has reached a serious state
of depression. It is reported that the Government of Trinidad will attempt
to relieve the industry by imposing higher duties on imports of refined
sugar.
VENEZUELA.
General business conditions in Venezuela as a whole are slower than during the previous month, when the situation was reported unsatisfactory.
Wholesale dealers are placing few orders for new merchandise and are
reducing credits to the interior merchants. Collections are likewise slow,
especially in the coffee growing sections of the country. Stocks of coffee,
cacao and hides on hand are small. Automotive sales are 25% less than
durhag February. The cabinet approved an airmail contract with the Pan
American Airways. Petroleum production during February amounted to
10,467,000 barrels, as compared with 11,500,000 in January. Shipments
totaled 10.146.000 barrels, or more than a million less than in the previous
month. Petroleum in storage at the end of February amounted to 16.600,000 barrels. With the activity in the new oil fields in the eastern
section of the country, the outlook for increased production in the future
Is promising.
The Department's summary also includes the following
with egard to the territorial and Island Possessions of the
United States:
HAWAII.
Weather conditions in Hawaii in the past month, particularly in windward districts, where rainfall has been heavy, have delayed the sugarcane harvest and have reduced the yield somewhat but in leeward areas
conditions are reported to be ideal. Conditions have been favorable in
pineapple districts and ranches, though there is seasonal shortage of fat
cattle. The sugar harvest is reported as 40% complete, and heavy blossoming pineapples in February and March indicates a summer pack that will
equal or slightly exceed that of last year. Recessions in business on the
mainland are reflected in Hawaii, but the outlook appears favorable.
Unemployment is confined almost entirely to non-essential city workers.
Plantation workers are being fully employed and the stability.of the laboring class is reflected in the fact that savings deposits and life insurance sales
continue at a normal ratio of growth compared with the corresponding
months last year. There is a decline in the demand for domestic servants
and as a result an increased number of Orientals are returning to their
homeland. Some unemployment is also noted among road workers and
other unskilled labor dependent upon Government work, but it is expected
this will be remedied by June, when new Government construction will
commence.
PHILIPPINE ISLANDS.
General conditions remain quiet with no improvement in the credit and
collection situation. No favorable trend have been noted in the textile
market for American goods. Abaca trade continues quiet with scarcity
of high grades and an ample supply of lower grades for which there is no
demand. Receipts of abaca during the week ended March 24 totaled 34,34,673 bales, and exports amounted to 35.100, of which 18,716 went to
the United States. It is reported that the leaf minor pest has spread to
new districts in coconut areas. The copra market is firm and production
Is very light. Four mills are operating part time only.
PORTO RICO.
Business conditions during March showed some improvement, owing
largely to the increased agricultural activity throughout the Island. Expectations are that this upward trend will continue for the next two months.
Banks report that collections are much better,an special improvement being
noted during the last two weeks of March. Money is still tight, however,
and credits are being allowed with cars. With weather conditions favorable
to the growing crops, harvest activity is at a high pitch. The sugar centrals are grinding day and night, while a considerable portion of the tobacco
crop has already been gathered and placed in drying sheds. Local estimates
for the sugar crop now being harvested and milled average between a total
production of 743,147 and 700,000 short tons. Fair sized shipments of
grapefruit are still being made to the United States, although the fruit
Is ripening so rapidly on the trees that larger quantities are being diverted
to the local canneries, which are working at f;11 capacity to absorb the
supply. The prospects of the pineapple crop are very favorable and there
are espectations for a large harvest to begin about the middle of April,
with an estimated production of between 550.000 and 600.000 crates. The
San Juan bank clearings from March 1 through March 28 are reported as
$15,928,497, as compared with $19,546,335 for the same period a year ago.
Sir Ronald Lindsay New British Ambassador to U. S.
Presents Credentials to President Hoover—Succeeds
Sir Esme Howard.
Sir Ronald Lindsay, who was named to succeed Sir Esme
Howard, the retiring British Ambassador to the United
States, presented his credentials to President Hoover on
March 24. Reference to the termination was made in our
Issue of February 22, page 1200. Sir Esme sailed for Europe
on February 21. Sir Ronald in addressing the President
stated that following the example of Sir Esme Howard "I
shall do my utmost to draw still closer the ties which so
happily unite the two countries." The President expressed
it as "the sincere purpose of the American people to promote the closest and most friendly relations between the
two nations." Sir Ronald addressed the President as follows:
"In handing you today the royal letter accrediting me his Majesty's
Ambassador to the United States, I am instructed by his Majesty to
convey to you his friendly greetings and to express to you his earnest
hope for the happiness and prosperity of the United States under your
administration.
"It is the earnest desire of Ids Majesty's Government that relations
of the utmost cordiality and a spirit of close co-operation shall prevail
between the American and British peoples. Following the example set
by my distinguished predecessor, Sir Esme Howard, and in accordance
[VoL. 130.
with my instructions, I shall do my utmost to draw still closer the ties
which so happily unite the two countries and I trust that in this honorable task I may receive your support, Mr. President, and that of your
administration.
"The principal effort of diplomacy today is directed toward the noble
task of making impossible any future outbreak of war. What for centuries has been the dream of poets and idealists has come to be regarded by practical men as a possibility of practical politics. In this
task the co-operation of all governments is necessary; but no co-operation is more important and none more completely assured than that
which so happily subsists between the government of the United States
and that ol the United Kingdom. The naval disarmament conference
now sitting in London is a part of this inspiring effort and it is the
hope of my government that it will result in an agreement satisfactory
to all its participants and marking a long step forward along the path
to permanent peace.
"In conclusion I venture to say that it affords me keen personal
pleasure to return to America, where I have spent happy years in the
past, and that as his Majesty's Ambassador I shall spare no
effort to.
promote cordiality in the relations between the country in which I belong and that with which I have so many personal ties."
President Hoover's reply follows:
"Mr. Ambassador:
"It is a source of unusual gratification to receive you as his
Majesty's Ambassador and to acknowledge his Majesty's Britannic
friendly wishes on my behalf and on that of the American kind and
people.
cordially reciprocate your Sovereign's good wishes and I express I
earnest hope that the British people may long continue to benefit my
from
the wise and patriotic labors of his Majesty for their welfare.
"It is the established policy of the United States, as it is the
purpose of the American people, to promote the closest andsincere
most
friendly relations between the two nations.
"Your predecessor, Sir Esme Howard, has won a peculiar place
in
the hearts of the Americans by his earnest labors to further the co-operation between our peoples in the cause of world peace. It is my pleasure to anticipate in your person, Mr. Ambassador, a worthy
in the cause which all right-thinking Britons and Americanssuccessor
have at
heart.
"I take pleasure, Mr. Ambassador, in welcoming you back
to
United States and in expressing the hope that your stay in this the
country may be long and happy."
$72,000,000 Deficit in British Treasury—Surplus of $7.0,000,000 Estimated by Winston Churchill Vanishes
With
Business Slump—Aid for Unemployed Cut Funds.
The British financial year closed on March 31
with a
deficit of £14,523,000 (about $72,615,000) instead
of a surplus of £4,096,000 (about $20,480,000), which
Winston
Churchill, Chancellor of the Exchequer in the
Baldwin
Administration, had estimated in his budget
speech of a
year ago. This is made known in a London
cablegram to
the New York "Times" the advices adding:
A steady decline in the consumption of intoxicants, lessened
activity which cause an increased grant to aid the unemployed, business
Stock Exchange depression, which caused a heavy decline in and the
the
of stamps, were among the chief contributory causes of the deficit. sale
The total of ordinary revenue for 1929-30 was
£734,188,748, as
against an estimate of £746,060,000, and 1758,104,055 for
1928-29.
Thus the decrease was £23,915,307. (The value of the pound sterling
is
$4.86.) The most serious disappointment on the revenue side
was in
the sale of stamps, which yielded only 125,670,000, as
compared with
an estimate of £31,000,000. Excise revenue comes next with
a yield of
£127,500,000 instead of £130,330,000, which probably is
diminution in the consumption of liquor, due mainly totraceable to a
a change in
public taste and the high taxation.
The income tax yield was practically the same as last
year— £237,426,000. But it was £2,000,000 below Mr. Churchill's
customs revenue was nearly £1,000,000 higher than estimate. The
last year and
slightly above the budget estimate, while the Postoffice
showed a net
profit of £9,200,000, or £1,100,000 more than last
year. Automobile
taxes produced £4,920,468, which is £694,401 more than
last year's.
The total of ordinary expenditure was £700,963,696
as against a
budget estimated at £691,564,000 and a revised
estimate of 1703,897,000. Interest on the national debt absorbed
£307,251,685 as compared with an estimate of £304,600,000 and £311,490,566
1928-29. The increase over the estimate was due to the in the year
high discount
rate at which treasury bills were sold during the early
part of the year.
Had it not been for a supplementary grant of about
£10,000,000 for
the unemployed there would have been a saving on
compared with the estimate. Including self-balancing expenditures as
expenditure and
sinking fund allocation, the total expenditure was
£889,493,543, while
the total revenue, including self-balancing items, was
£814,970,280.
As the fixed debt charge is £355,000,000, the
increased
terest has reduced the amount of money available for the cost of insinking fund
from 150,400,000 to £47,748,315. The total amount
appropriated to
the sinking fund in 1928-9 was £57,509,434.
As the real sinking fund is the surplus of revenue over
expenditure,
It would appear that the real, as distinct from the
nominal, appropriation to the sinking fund was 133,225,052.
Special miscellaneous receipts practically fulfilled Mr.
Churchill's estimate, although the total shows a big decrease from
1928.29. A further
decrease is to be expected this year as a consequence
of operations of
the Young plan.
Credit Liquidated More Rapidly This Year Than
Last by
Bank of England According to Report to
Department
of Commerce.
In a report to the Department of Commerce at
Washington, Thomas R. Wilson, of the Department's
Finance and
Investment Division has the following to say
according to
the United Statee Daily of April 1:
Liquidation of the outstanding credit of the Bank of
England has
been more rapid this year than a year ago. The Bank
extend less credit over the December-February period was called on to
of this year than
a year ago, as the result of the year-end drop in
security values, lower
APRIL 5 1930.]
FINANCIAL CHRONICLE
prices of grain and other agricultural products and the lessened industrial activity.
In the principal items making up the bank's outstanding credit, increasing declines were recorded, totaling 138,900,000 between Nov. 27,
1929, and Feb. 26, 1930, as compared with a decline of £19,000,000
during the same period of a year earlier. (£ equals $4.8665 at par.)
Return Flow of Notes.
The return flow of notes from circulation was not so great this year
as a year ago, though the decline from the peak at the close of December was almost equal for the two years. Gold stocks of the Bank of
England increased by £16,700,000 this year as compared with a decrease of £8,500,000 a year ago. The withdrawals of gold a year ago
were for Germany and France, where the central banks were strengthening their position, while the increases this year resulted from the
world-wide October drop in security values and the outflow of funds
from New York.
Discounts and advances by the Bank, which were £15,300,000 at the
end of November, 1929, a figure slightly higher than the previous year,
fell to £4,700,000 by the end of February, 1930—little more than
half of the previous year's figure. This is in line with the general lessening of activity on the London discount market due to a growing scarcity of commercial paper. As a result, the market has apparently been
living for the time being on treasury bill business.
On Nov. 30, 1929, treasury bills outstanding totaled 1796,960,000,
which were reduced to £657,615,000 by Feb. 22, 1930, a reduction of
1139,345,000 or 17.5%, this compares with an increase of 16,960,000
or about 1%, during the same period a year ago when there were £752,915,000 hills outstanding (on Feb. 23, 1929).
The present rapid reduction in treasury bills is not viewed with favor
by the discount market, as it will necessitate readjustments to the reduced business unless the volume of commercial paper offered on the
market expands. The scarcity of commercial paper has resulted from
the deflation in security and commodity prices and from the competition
of other financial centers, notably New York and Paris. In the latter
market an acceptance bank has been organized, and efforts are being
put forth to make Paris a rival international money market.
Another factor in the situation is the abnormal growth of funds for
international short-term loan purposes, which has created a demand for
a portion of the available supply of short term obligations. In time
these international short-term funds may be converted into long-term
investments, but in the meantime the demand on London for the lessening supply of bills has caused open market rates to drop to lower
levels, making the successively reduced bank rate ineffective.
Government Securities.
The largest decline in the outstanding credit of flue Bank was in
Government securities held, which fell from £57,700,000 to 134,400,000
during the period under review this year; this drop of £23,300,000
compares with a drop of £9,200,000 a year ago. Thus it can be said
that the Bank was not "in the market" so extensively as a year ago;
and in like manner but to a lesser degree the market was not "in the
bank" so extensively as a year ago.
The volume of credit outstanding of the Bank of England on Feb.
26, 1930, was £52,000,000 or 57.2% of the total on Nov. 27, 1929;
conversely the liquidation amounted to approximately 42.8% as compared with only 22.1% the previous year.
Council of Foreign Bondholders in London Asks Wickersham Commission to Study Question of Default by
Southern States—Attacks Repudiation as Unconstitutional.
From London, April 2, a message to the New York
"Times" says:
The Council of Foreign Bondholders here has asked the Wickersham
Commission on Law Enforcement to consider the case of the Southern
States which defaulted on their debts, especially Mississippi, which
wrote acts of repudiation into the laws of that State.
The Council's formal application draws attention to the nonobservance by Mississippi of what is called the fundamental law of the United
States and also of Mississippi's own law through the debt repudiation.
"It is needless to point out," the Council says, "that there has
hitherto been no enforcement of these laws by the properly constituted authorities."
Opinions of Webster, Calhoun and Bayard are cited in the Council's
fifty-sixth annual report, published today, to strengthen the claim
against the Southern States. The contention that the repudiation has
closed the matter is disputed by the council, which asserts:
"The repudiation clause was and is unconstitutional from the Federal and State view points and the matter can never be finally closed
while the bonds remain unredeemed. A bond does not die and in the
case of the State the stigma of repudiation is perpetuated during the
.existence of the dishonored issue which bears the seal of its sovereignty.
"If a State be part of the Federal Union a reflection is cast upon the
- protective sovereignty which encircles it."
2319
splendidly equipped to accommodate this flotation, but it has been discovered that the markets of many neutral countries are equally able
and anxious to participate.
According to experts, the latest outlook is so favorable as to cause
them to consider reducing portions of the first loan which had been
envisaged for France and America, and for this reason, unless market
conditions experience an unlooked for reverse, it is believed the United
States' share will be comparatively small.
Change in Plans Held Unlikely
Although changes in the financial world may yet interfere with the
anticipated flotation of Young plan bonds late this spring, such eventuality is regarded by directors of the bank as a purely outside chance.
They have been greatly encouraged by market prospects, and it is certain that plans, as far as they can now be made before the World Bank
actually opens, are definitely set for a Young plan bond issue in late
May or early June.
In addition to present excellent market prospects for bonds, another
strong influence for flotation before July is the fact that it would otherwise be impossible until late in the fall, and directors of the new bank
are anxious to get the institution under way on May 1. Prompt issuance of the first flotations would best exemplify to the world the sound
business basis on which the international bank will operate.
The Herald Tribune is informed that the opening of the international
bank at Basle on May 1—or possibly 2, since May Day is Europe's
Labor Day holiday—is now virtually certain. Under the impetus given
by the French Chamber's ratification of the Young plan, which will be
adopted by the Senate probably by the end of this week, the work of
directors of the international bank is becoming rationalized.
Britain, Italy and Belgium must still ratify the plan before the directors can meet, and the German directors must be appointed. It is evident that all these steps will be accomplished within the next two
weeks, and the first meeting of the directors of the bank is scheduled
to be held in Basle between April 15 and 20.
McGarrah To Be Elected
At this time Gates W. McGarrah, New York financier, will be elected
president of the bank and steps for capitalizing the bank at $100,000,000
will be taken. This having been done the bank will open May 2.
Ratification of the Young plan by Great Britain and Italy will be by
decree, therefore no anxiety is caused. Belgium will give parliamentary
ratification, but it is slated to take place in a week or ten days. As to
the appointment of German directors, Hans Luther does not assume the
presidency of the Reichsbank until April 3, when Dr. Hjalmar Schacht's
resignation becomes effective. Nevertheless it is stated that Mr. Luther
probably will appoint Germany's directors on April 4 or 5, and there
is no doubt that Dr. Luther's choices have been made and approved by
Mr. McGarrah. Thus, by April 15 or soon thereafter, all will be in
readiness for the first meeting of directors and launching of the bank.
In the last three weeks Mr. McGarrah and Leon Fraser have consulted, financial authorities in Brussels, London and Berlin, as well as
Paris, and with other directors have prepared the way for the start of
the International Bank and are ready to take up the bond flotation at
an early date.
Reparations Delegates Disbanding
Meanwhile the Reparations Commission, which for more than ten
years has occupied itself with all the loose ends of the war's financial
tangle, is beginning to pack up its stack of documents and disappear.
At their headquarters here a large part of the veteran staff was dismissed last night. Only skeleton staffs remain in the various divisions
and these will be discontinued before May 1. The same process is
going on at Berlin under S. Parker Gilbert, who is preparing to return
home after his long and efficient labors as Agent General of Reparation
Payments.
While the Reparations Commission's rooms are being vacated, the
problem arises of how to dispose of the many documents connected
with the reparations, the majority of which are of no value to the Bank
of International Settlements. It is planned to turn many of them over
to the French government to keep as historical documents.
Dr. Schacht Retires as German Reichsbank Head—Thanked
In Letter by Hindenburg as 6-Year Service Ends—
Luther at Post Today.
Dr. Hjalmar Schacht took leave of the directors of the
Reichsbank, April 2, and left the building for the last time
as President after more than six years of leadership. Noting this a Berlin message, April 2, to the New York
"Times" stated:
President von Hindenburg sent Dr. Schacht a letter regretting that
his term of office had ended and expressing again his gratitude and that
of the German people for the work Dr. Schacht did in connection with
the establishment of the rentenmark and the new Reichsmark and in
helping to bring the country out of inflation, adding, "from 'oar host
conversation, Herr Reichsbank President, you will know how deeply I
regret seeing you leave office just at this time."
Dr. Schacht plans to retire to his estate near Berlin and live the life
of a country squire. The new Reichsbank president, Dr. Hans Luther,
will take over his duties tomorrow without any special ceremonies, as
he has already been busy for several days in the bank acquainting himself with the details of his post. His first official duty will be to appoint the German members of the board of the International Bank for
Settlements. Dr. Luther recently returned front a trip to Paris and
Brussels, where he conferred with the heads of the central banks.
First Bonds Under Young Reparation Plan Likely to Be
Sold in May—$300,000,000 to Be Issued—America May
Get $75,000,000—Flotation First Task for Bank for
International Settlements.
Flotation of the first issue of Young Plan bonds on the
world markets, totaling $300,000,000 under terms of the
second Hague Conference, will be made in all probability
Reference to the election of Former Chancellor Luther as
in the latter part of May or early in June, said the Paris President of the Reichsbank succeeding retiring President
correspondent (Leland Stowe) of the New York "Herald- Schacht was made in our issue of March 15, page 1748.
Tribune" in copyright advices to that paper April 1. The
account also carried the following advices:
It now is expected that the American markets will share this flota- Take Up Reparations of the Non-Germans—Austria, Bultion to the extent perhaps of $75,000,000, but probably not in excess of
garia and Hungary Seek Accord With Creditors on
that figure.
Issues Not Settled at Hague Conference.
The Herald Tribune bureau learns that a careful study of the situation in European markets made in the last few weeks by British,
The Drafting Committee which undertook the settlement
American, French and other bankers, as well as those named as direc- of those non-German reparations questions which were not
tors of the Bank for International Settlements, has convinced them that
.conditions are unusually favorable for the Young Plan's first bond settled at The Hague conference met on March 3 at the
issue. Not only are such large markets as France and the United States Quai d'Orsay under the presidency of M. Loucheur, says 0
2320
FINANCIAL CHRONICLE
Paris cable March 31 to the New York "Times," which
likewise said:
(VoL. 130.
Berlin, March 29, to the New York "Times," which likewise-
states:
Only a general outline of an agreement was reached at The Hague
The report reviews the last year in detail and calls it critical and
Austria, Bulgaria and Hungary, and complicated by internal and external political problems which brought
between the debtor nations,
their creditors, Rumania, Czechoslavalcia, Greece and Yugoslavia. national depression.
It remains for the Drafting Committee, composed of representatives
"This depression in the spirit of a great people," the report says, "is
of the big allied powers and the Eastern European countries directly one of the most serious consequences of 1929. The hard fate of the
involved in the discussion, to agree on the details, which present German people cannot be overcome if their vigor, strength and constructive impulses are nullified by crippling pessimism, hopelessness
many difficulties.
At today's meeting an unsuccessful effort was made by Hungary and regulation."
and Czechoslovakia to solve the vexing problems arising from the
Referring to the Young plan, which it says nobody in Germany finds
private Hungarian claims. These claims result from the reapportion- really satisfactory because it is too much influenced by political conment of land following the establishment of new frontiers by the siderations, the report asserts it involves far-reaching consequences for
Versailles Treaty. While Czechoslovakia wants an immediate agree- the economic systems of the world, whether the obligations of the plan
ment which would be in the nature of a final blanket settlement, are regularly fulfilled or whether the plan proves incapable of fulfillHungary insists on a separate adjustment of all individual claims to ment. Nevertheless, the report says, "the period of verbiage ought to
follow this conference's agreement on the general principles of the be brought to an end," and continues:
"We cannot allow ourselves to be diverted from the great aims and
settlement.
A deadlock seems to have been reached, but M. Loncheur has de- objects of our national reconstruction by the conflicting dogmas in the
cided to hold another plenary session of the committee Wednesday, programs of political parties."
The report condemns the Reich's system of adjusting its income to
and has expressed the hope that Hungary and Czechoslovakia will
meet outlays, asserting that a change must be adopted whereby the outbe able to reconcile their differences in the meantime.
lays will be shaped to meet available funds, and it warns that there is
a danger of destroying the whole foundation of private enterprise if the
Reich continues to bend to political and social aspirations which origiJ. P. Morgan & Co. Reported as Offering Loan For Agri- nate in party politics without regard to the economic capacity of the
country. This principle, the report says, seems to be gaining undercultural Development in Roumania For Telephone standing in all ranks of society.
Concession.
The report asserts the technical and administrative foundations of
Under date of April 1 Bucharest advices to the New German production are sound and points out that Germany became the
second largest exporter in the world in the last year.
York "Times" said:
The board of the bank will meet April 12.
An electrical company associated with J. P. Morgan & Co., according to the newspaper Dimineata, has offered a loan of $25,000,000
Wiener Bankverein Cuts Dividend to 5%.
for Rumanian agricultural development in return for a national telephone concession.
In advices from Vienna, March 28, the New York "JourIt proposes in the course of a year to provide telephone connection
with outlying countries by means of cables and in three years to nal of Commerce" says:
The Weiner Bankverein lowered its dividend further from 754 to
install telephones in every municipality. The total investment would
5%. No additions to reserves were made. Purchases of the shares of
be $75,000,000.
this institution have latterly been made on a large scale by the Deutsche
Bank-Disconto Gesellschaft, the Societe Generale de Belgique and the
New Gold Inflow Toward Germany—New Policy Aims at Basler Handelsbank. Thereby, about two-thirds of the stock of the
bank has passed to foreign hands.
Free Convertibility Under Young Plan.
Of the deposits of 377,000,00e schillings, 12% came from abroad, as
Under date of April 1 a cablegram from Berlin to the against 9% for the year before.
New York "Journal of Commerce" said:
In spite of the reduction of the discount rate of the Reichsbank to 5%,
a marked inflow of gold has again set toward Germany.
Today Germany took about £920,000 out of the £970,000 in gold
offered in the London open market. In addition, 23,250,000 marks of
French gold was transported in trucks from Paris to Cologne, where
it was deposited in the local branch of the Reichsbank and so added
to the gold stock of ,the latter. Expectations are that such shipments
will continue to be made.
The gold shipments are believed to result from the continued inflow
of short-term capital into Germany, where relatively higher rates prevail than in other Western European countries for similar risks. However, while this capital movement furnishes the occasion of the gold
shipments, it is widely supposed here that the Reichsbank will encourage them and endeavor to avoid building up its foreign exchange reserve at this juncture.
Under the Young plan the Reichsbank will freely convert its notes
into gold, which means that Germany will shift from what has amounted
virtually to a gold exchange standard of currency onto a straight gold
standard. As a step in this direction, the Reichsbank is steadily building up its gold reserves. The Reichsbank gold reserves are now about
150,000,000 marks below the level of last year, while the reserves in
foreign currency are 185,000,000 marks greater. Dr. Luther, like
Dr. Schacht, is expected to discourage further gains in the latter and
to favor gold shipments into Germany under these conditions.
A further interesting development today was the announcement that
the Deutsche Ueberseeische-Bank had decided upon closing its Bolivian
branch, Lapaz and Gururo, because of the stringent laws passed governing foreign banking institutions. The bank again declared a divi.
dend of 7%, although a contraction in assets of 463,000,000 marks was
recorded.
Germany Cuts Import of Artificial Silk—Foreign Producers
Will Be Able to Supply Only 10 Per Cent of Needs
Under Trade Compact.
According to advices from Berlin, March 28, to the New
York "Times," foreign producers of artificial silk yarns
will be able to supply only 10% of the quantity needed in
Germany because German wholesale buyers have agreed
with domestic producers to purchase 90% of their needs
in Germany. The message adds:
Prague Banks to Unite.
Associated Press advices from Prague, Czecho-Slovakia,
yesterday, March 28, said:
The Government today approved fusion of three important banks, the
Anglo-Czechoslovak Bank, the Prague Credits Bank, and the Bohemian
Commercial Bank with paid up capitals of kronen 235,000,000 (about
$78,000,000). The Government is believed to have secured a 40%.
participation.
Austrian Cities Plan Bond Issue to Be Floated in New York.
A special cablegram from Berlin, March 26, to the New
York "Times" says:
It is reported here that a consolidated loan for Austrian cities is.
being actively negotiated with a New York banking group.
The decision to negotiate a consolidated municipal loan was reached
after efforts to place a loan for the City of Innsbruck with the Swiss
Kreditanstalt had failed. Similar efforts made by the City of Linz
were also without avail. With the improvement in the New York bond
market, these cities and others have decided to join together to put out
a single issue to meet their needs.
Vienna Bank Changes.
From Paris the "Wall Street Journal" of March 211
reported the following:
Banque Belge pour l'Etranger and Banque Commerciale de Bale, as
well as Societe Generale de Belgique and Deutsche Bank und Disconto
Gesellschaft, have taken increased holdings in Weiner Bank-Verein.
Alexander Weiner will join Weiner Bank-Verein as vice president of
the board of administration, while retaining his partnership in Ephrussi
& Co. Oscar Pollak has accepted an offer from Austrian Credit-Anstalt,
and will resign from Weiner Bank-Verein as managing director.
Provisional Credits Voted in France—Government's Expenses Must Be Authorized on Monthly Basis Until
Budget Is Passed.
A Paris cablegram, March 31, to the New York "Times"
says:
Germany's imports of about 20,000,000 pounds yearly will be reduced to about 5,500,000 pounds providing the total German consumpTax reductions voted in the new French budget, which will become
tion of 55,000,000 pounds remains stable. Importations of foreign
in application to the provisional credits for April, were passed
yarns will henceforth be primarily confined to finer qualities which are effective
today by both the Chamber and the Senate.
not produced in sufficient quantities in Germany.
The passage of this measure was made necessary by the fact that the
A trustee has been appointed to insure execution of the agreement.
budget authorizing expenditures for the entire year is still under disIt is stressed that increased sales will offset the higher overhead excussion in the Senate so that each month's expenses in the meantime
penses the German industry has in higher wages, taxes and expenditures
must be provisionally authorized.
for social welfare. Purchases will be divided among German plants
The April credits comprise a total of 4,150,000,000 francs (about
under an arrangement existing between the Dye Trust and the Glanzstoff
$16,400,000) under general expenditures and 525,000,000 francs for
Company.
supplementary credits, with 20,000,000 francs for maintenance of the
Rhineland troops and forces abroad.
Darmstaedter and Nationalbank of Germany Reports Profit
Up to this month no account has been taken of tax reductions apFor 1929 of $2,831,000—Optimism Urged in Report Views proved in Parliament this year since the budgetry year was fixed last
December as beginning April 1. One item in today's discussion caused
on Young Plan.
some comment. It was the famous article permitting a shopkeeper to
annual report of the Darmstaedter und National- deduct from his income tax return his wife's salary, which caused the
The
bank shows a net profit of 11,799,172 marks (about $2,831,- fall of the former Tardieu Cabinet.
Minister of the Budget Germain-Martin said the reductions could be
800) on a total turnover of 245,000,000 (about $58,800,- made after April 1, but would not be permitted over the period between
000). A dividend of 12% is proposed says a message from the formation of the present Cabinet and the application of the law.
APRIL 5 1930.]
FINANCIAL CHRONICLE
2321
price of silver last October and on the amount of gold, silver and other
Removal of Restrictions on Italian Exchange.
coin in circulation, the profits accruing to the government should
From the Monthly Bulletin, April 1, of the National City amount to $330,000,000.
As the project provides for gradual introduction of the new currency.
Bank of New York, we take the following:
A constructive development in the exchange market which is deserving
of special mention was the action by the Italian Government on March
11 in removing all restrictions on dealings in lira exchange. It will be
remembered that when Italy returned to a gold basis in December, 1927,
the Government continued to exercise a degree of control over exchange operations. The principal object of this control was to guard
against undue speculative pressure or export of capital, and to limit
transactions so far as possible to commercial or other approved purposes until such time as the adjustment of the country to stabilization
could be regarded as assured.
During the past year, Italy in common with other countries of Europe,
has had to contend with high money. In keeping the exchange above
the gold export point, the Bank of Italy, like other European central
banks, sustained a loss of foreign exchange reserves, but owing to the
decrease ía circulation and sight liabilities the reserve ratio was nevertheless maintained in excess of 50%.
Efforts of the Government have been centered on reducing the trade
deficit, and last year it was successful in bringing it down by some 900
million lire to 6,470 million lire, chiefly by encouraging the domestic
production of wheat and other foodstuffs. Moreover, with the Hague
settlement, by which Italy's share of German repa:rafions was increased
from 10 to 12%, a complete parity between out-payments for interallied war debts and her receipts on reparations account is assured. In
the field of national finance the budget balance is maintained, and sure
indication of an improvement in fiscal affairs was afforded by the
formal assurance given by the Minister of Finance that no recourse
will be made to compulsory funding of the 9-year Treasury bonds
maturing within the coming year, as was necessitated in the case of the
1927 maturities.
Reflecting partly the above accomplishments in the face of difficulties
and partly the decline of money rates abroad, Italian exchange has improved notably in recent months, and on March 2 the Bank of Italy
was enabled to reduce its rediscount rate from 7 to 6%%. A few days
later came the announcement of removal of all restrictions on free
trading in lire, which affords final proof of the confidence of the highest
Italian authorities that stabilization is now an accomplished fact.
Swedish Gold Restriction Off.
The following from London appeared in the "Wall Street
Journal" of March 31:
Advices from Stockholm state that Swedish Government has removed
the embargo on gold imports which was established when Sweden returned
to the gold standard in 1924.
Make-Up of International Syndicate Handling Advance
of $116,250,000 to German Government Against
Proceeds of Swedish Match Loan.
The advance of $116,250,000 to the German Government
against the proceeds of the Swedish Match loan has been
arranged. The transaction has been carried through by
a syndicate of German banks headed by the Reiehsbank and
by an international syndicate under the leadership of Lee,
Higginson & Co. The international syndicate includes:
United States: National City Bank, Guaranty Trust Co., Bankers
Trust Co., First National Bank of Boston. Union Trust Co. of Pittsburgh,
Chase National Bank, New York Trust Co., International Acceptance
Bank, Inc., Continental Illinois Bank & Trust Co., Brown Brothers
& Co.
Canada: Bank of Montreal.
Great Britain: N. M. Rothschild & Sons; Baring Bros. & Co., Ltd.;
Higginson & Co.; J. Henry Schroder & Co.
Switzerland: Credit Suisse.
Holland: Mendelssohn & Co., Nederiandsche Handel MaatschaPPll,
Hope & Co.
Sweden: Skandinaviska Kredit Aktiebolaget.
Czechoslovakia: Zivnostenska Banka.
the task of substituting the new for the old currency would be entrusted to a nation currency commission. The plans would allow retirement of present individual banknotes through reorganization of the
existing Central Bank of China, which would become the Central Reserve Bank, with a monopoly on the issuance of notes. A series of
periods is outlined for the enforcement of the necessary stages of the
project.
The Commission definitely rejects plans for the unification of China's
currency on a silver basis and a subsequent shift to a gold basis. The
report holds that method would be a serious mistake that would necessitate a painful process of contraction and deflation harmful to industry, trade and internal conditions. Moreover, such an indirect plan
would require the flotation of a large loan to establish the necessary
gold reserve, whereas the present plan is considered to be self-supporting.
"The direct method of going to the gold standard is businesslike,"
the report says, "and has great advantage that it would make possible
the introduction of the standard immediately in the more advanced
sections of China."
Items regarding the task of the Kemmerer Commission
appeared in our issues of January 19, 1929, page 346;
January 26, 1929, page 499 and December 21, 1929, page
3892.
The following editorial is from the New York "Journal
of Commerce" of April 1:
China's Monetary Standard
A commission that has been studying the financial position of China
for about a year has recommended, as was expected, that the country
should be added to the list of those now employing the gold exchange
standard. Undoubtedly the present lack of uniformity combined with
the troubles growing out of the reliance upon rapidly depreciating
silver currencies make the necessity for reform extremely pressing. On
the other hand, a thoroughgoing reform and unification of Chinese currencies presupposes a degree of political stability in the Central Government that has certainly not been attained as yet.
The proposal made by the Commission involves establishment of a
central bank holding a gold standard trust fund and controlling foreign
credits held abroad. Coins in general circulation would be worth only
a fraction of their face value, but would be made sole legal tender and
would supersede those now in circulation. The central bank would
also be given the exclusive right of note issue. Although comment
upon the feasibility of the plan must await the more detailed information concerning the proposal, it might possibly be economically practicable. There is serious doubt whether the necessary political stability
to assure consistent administration by a central bank and effective
functioning of a gold exchange standard can be secured for years
to come.
India's experience with the gold exchange standard has been reasonably successful under difficult political and social conditions, which are
totally different from China's. That country, however, has the advantage of belonging to the British Empire, and the fact that it can rely
upon English financial assistance to tide it over emergencies is a factor
that weighs heavily in its favor. China, as an independent State, faces
greater difficulties in these respects. On the other hand, Chinese foreign trade is relatively negligible in volume. It has, however, been
maintained at a surprisingly stable level throughout prolonged civil
wars and with the handicap of disordered currencies. The transition
to a gold exchange standard under such circumstances may not at first
sight appear difficult but involves immense obstacles. In whose favor
is this plan proposed?
Japan to Raise Duties if Gold Exports Hurt Industry.
From its Washington bureau, March 26, the New York
"Journal of Commerce" reported the following:
Legislation authorizing the Japanese Government temporarily to raise
tariff rates not exceeding 10% for a period of not more than one year
in the event that industry becomes dangerously affected by the removal
of the gold embargo, and providing for a Government guaranty of
banks against losses on export bills drawn on certain countries, has
been prepared
when it convenes April 20,
Gold Basis in China Urged After Study—Dr. Kemmerer's according to a for presentation to the Diet Commerce today from Comcable to the Department of
Commission Advises Nanking to Introduce it Directly mercial Attache H. A. Butts, at Tokio.
With raw silk prices at the end of February at the lowest level on
But Gradually—Reserve Banks Planned—"Sun" Would
silk
Be New Monetary Unit With Value of 40 Cents, Re- record, the Government has agreed to the operation of the raw June
compensation law permitting withdrawal from the market until
placing Present System.
10 of 114,000 bales of silk. This includes 24,000 bales of raw silk
The Nanking Ministry of Finance at Shanghai on March reeled from the 1929 cocoon crop to be withdrawn by the Silk Holding
yen and guarCo., for
the Government is advancing
29 issued the report of the commission of American finan- anteeing which against loss not exceeding 190 30,000,000
yen per bale. The Govbanks
cial experts, headed by Dr. Edwin E. Kemmerer, who have ernment is reported also to be considering granting of a subsidy to the
investigated China's chaotic currency during the last year. aluminum industry.
A cablegram from Shanghai to the New York "'Ames" from
which we quote, also has the following to say:
The report advssates the introduction of a qualified gold standard
basis in progressive stages, starting with the more advanced provinces
and then extending it throughout the country.
The Commission's report outlines a project to create a new currency
with the erann as is new gold unit valued at forty
cents, which is
approximately the value of the silver, or so-called Mexican, dollar,
and a new system of subsidiary currency ranging from fifty cents to
one-fifth of a cent, in order to meet China's peculiar currency needs.
While actual minting of gold coins is considered unnecessary by the
Commission, currency reorganization on a gold basis would be of great
assistance to business and industry in the country through increasing
production and stimulating foreign trade, it is held. The project provides for the establishment of a gold standard trust fund calculated at
at least 35% of the value of coins in circulation and a currency maintained at parity on a gold basis by means of unlimited redemption in
drafts on gold standard countries, with New York and London as the
principal centres.
The trust fund would be administered by the Ministery of Finance
and examination could be made by the three Shanghai bankers' associations at any time. The report estimates that on the basis of the
Hungary Improving Credit Position Through Growth of
Industries According to Study By Institute of International Finance.
Despite marked increases in expenditures and a loss of
revenue resulting from recent reductions in taxes on land,
luxuries and live stock, the budget of the Kingdom of
Hungary for the 1929-193d fiscal year is expected to again
show a substantial surplus and •a continuation of the
present strong financial position of the government, according to a credit study of Hungary just issued by the Institute of International Finance. The Institute, a fact-finding
body organized to study foreign credit conditions, is conducted by the Investment Bankers Association of America
in co-operation with New York University.
Budgetary estimates prepared by the Hungarian government for the present fiscal year are very conservative, the
2322
FINANCIAL CHRONICLE
Institute points out, falling well below the actual receipts
for 1927-1928. Since their reorganization with the aid of
a League of Nations loan, the Kingdom's finances, says the
institute, have been in a strong position, and each year
after 1923 the closed accounts of the Government have
shown an excess of revenues over expenditures. This continuing excess of revenues has enabled the Government to
make very substantial capital investments, totaling above
$162,800,000 for the last five years, of which more than
$106,000,000 were used for productive purposes, such as
improvement of agriculture, post, telegraph, railways, and
so forth.
Public debt service continues to be one of the larger
Items of Hungarian expenditures, it is observed. For 19291930 the debt service of Hungary amounts to approximately
$15,390,000, representing about 10% of the total revenues
of the state administration. The total debt of the country,
at the end of 1928, amounted to $265,180,000. "It should
be noted, however, the Institute says, "that this figure does
not include any prewar internal or war loans stated in
crowns. The debt may be divided into prewar debt, settlement of claims of private citizens arising out of war damages, war debts, including relief credits granted after the
war, postwar debt, the League of Nations loan, and reparations obligations." The relief credits extended to Hungary
by the United States government, following the war, have
been funded and the amount fixed at $1,939,753 payable in
65 years. The Kingdom and its political subdivisions have
five dollar-loans outstanding in the United States, aggregating $44,851,100.
Although primarily an agricultural country, Hungary is
rapidly and increasingly becoming industrialized, according
to the Institute, which points out that at present more
than 20% * of the total population derives its livelihood
from industrial pursuits. The aggregate value of the production of Hungary's 3,578 industrial plants amounted to
$498,000,000 in 1928, as compared with $470,000,000 in 1927,
while exports of manufactured products amounted to 15.5%
and 12.6% of total exports during the same years. Particularly notable is the rapid development of the textile industry, which meets domestic demand and supplies a large
export trade. Government aid to the textile and other
industries has found expression chiefly through the establishment of high tariffs.
Up to the past year it is stated the foreign trade of
Hungary has shown a continuous excess of imports over
exports. This was due to a comparatively large volume
of foreign loans, which led to an increase in imports of
raw material and machinery needed for the industrial
expansion of the country. The improvement of the trade
balance in 1929, the Institute notes, will undoubtedly have
a favorable effect on the country's balance of payments.
Agricultural products continue to be the principal exports
of Hungary, comprising 42% of the total. The principal
Industrial goods exported are textiles and hardware, although the value of machinery and electrical products
exported has shown a substantial increase within recent
years. Metals, machinery, coal and mineral oil and agricultural products for home consumption are among the
Important classes of imports.
Mexican Government Arranging Conference of Silver Producers to Effect Adjustment Incident to Fall in Prices.
Discussing the fall in silver as it has affected Mexico.
President Ortiz Rubio said the government was arranging
for a conference of leading silver producing companies in
an effort to find a way to meet the situation. The "Wall
Street Journal," of April 1, noting this in Mexico City
advices added:
He declared that in the necessary adjustment by companies of operating costs, discharge of miners will be necessary, but that to avoid further
unemployment every effort would be made by the government to furnish
these men with other positions.
Capital, he urged, should put forward its best efforts in Mexico, but
at the same time labor employers should observe a "humanized" policy
toward labor. He said it was his obligation to uphold "the conquests
made by labor in Mexico," and that he would do nothing against the
interests of workers.
Honduras Loan Considered.
United Press advices from Tegucigalpa (Honduras) to
the "Wall Street Journal" said:
Authorization of a loan of $1,000,000 is being considered by the
Honduran Congress. President Melia Colindres, urging the loan, indicated it would be negotiated immediately with American bankers.
[you 130.
Buenos Aires Bank Sees No Revival Soon—Branch of
First National Bank of Boston Says Large February
Bankruptcies Mark General Situation.
From a Buenos Aires cablegram, March 29, to the New
York "Times" it is learned that the Buenos Aires branch
of the First National Bank of Boston says there is no
indication of an early change from the present depressed
business situation, recalling that February bankruptcies
involved $11,500,000, more than double the amount for any
February in recent years except 1927, when the bankruptcy
liabilities reached $8,000,000. The cablegram reports further as follows:
Bank clearings, which furnish a good index to the volume of commercial activity in the Federal capital, were unusually low in February,
amounting to a little less than $1,290,000,000, the smallest total for
that month since 1926 and $165,000,000 under January of this year.
The first two months of this year show heavy decreases compared to
last year: grain exports, 31% less; wool, 41%; beef, 14; mutton and
lamb, 9; butter, 19.
The bank reports that the stringency which characterized the money
market during the early part of this year has largely disappeared, due
in part to the prevailing depression in business and also to the accumulation of peso balances awaiting an improvement in the exchange situation before being transmitted abroad.
The exchange value of the peso has been strengthened somewhat by
rumors that a large external loan is being negotiated. Futures for dollars and sterling are selling at 2 per 1,000 per month, but the trend
is uncertain.
Uruguay Reported as Seeking Loan in New York.
Associated Press advices from Montevideo, March 26,
state:
The Uruguayan Government is negotiating with Hallgarten & Co. of
New York for a loan with which to refund several outstanding foreign
issues. The amount has not been made known, but it has been agreed
that the loan, if made, will be issued at 95 and will bear 6% interest.
Cuba Studies Its Debts—Treasury Head Working on Plan
to Pay Internal Claims.
A plan by which the Cuban government would liquidate
Its internal indebtedness at an early date is being studied
by Dr. Mario Ruiz Mesa, Secretary of the Treasury, at the
request of President Machado, says a cablegram from
Havana, March 24, to the New York "Times" from which
we also quote as follows:
The government owes about $5,000,000 in war pensions to veterans
of Cuba's wars of emancipation. The total amount of indebtedness is
approximately $8,000,000, of which the government must pay the Royal
Bank of Canada $270,000 collected from it during the incumbency of
Gutierrez de Cells as Secretary of the Treasury.
The Consolidated Railways of Cuba is perhaps the largest creditor,
to which must be paid $8,000,000 for transportation and other services.
The railroad has demanded payment, but the administration has held
it up because the railway owes the government more than $1,000,000.
This money is owed by the railway to the special public works tax section of the Treasury Department.
Annual Convention of New York State Bankers' Association to Be Held at Chateau Frontenac, Quebec, June 9-11.
The Announcement is made by President William K.
Payne of the New York State Bankers' Association, that
the 37th Annual Convention of the Association will be
held at the Chateau Frontenac, Quebec, Canada, on June
9th, 10th and 11th, 1930. After the close of the Convention on June 11 there will be a special cruise up the Saguenay River on the Steamer Richelieu of the Canadian
Steamship Lines,
Porto Rican Directors of American Colonial Bank Vote
Against Merger With National City Bank of New
York—Oppose Stock Trade Basis.
From San Juan (Porto Rico) April 1 the New York
"Times" reported the following:
The Porto Rican directors of the American Colonial Bank of Porto
Rico voted late today to disapprove the offer of the National City Bank
of New York to acquire the Colonial through an exchange of 7,500
shares of City Bank stock for 15,000 shares of Colonial stock.
At the same time the directors said that they would draft a letter to
all stockholders and officers of the bank setting forth their reasons for
opposing the sale that has been recommended by the eight directors of
the Colonial Bank resident in New York, who ferns tke majority of
the board and also represent probably 80% of the stock. The basis of
exchange of one City Bank share for two Colonial shares gives a value
of approximately $120 a share to the Colonial stock, whereas local
shareholders assert that the book value is $170, while good-will increases its value greatly.
Under date of March 15 through the William Schell Company of
160 Broadway, New York, agent for the Colonial Bank, a statement
was issued to stockholders outlining the City Bank's offer and recommending its approval at a special stockholders' meeting on April 15 in
New York. The statement was signed by F. M. Schall, President of
the American Colonial Bank, and other directors and stockholders representing an estimated 20% of the shareholders.
Statements made as reasons for selling are believed by shareholders
here to be pessimistic as to the present condition of both Porto Rico
and the Colonial Bank and wholly favorable to the City Bank and the
APRIL 5 1930.]
FINANCIAL CHRONICLE
Schell Company, which was to receive a bonus from the City Bank for
remaining out of island banking for fifteen years. The directors here
say they have not been consulted at any stage of the negotiations for a
sale of the banking property, which they contend has greater good-will
value than any bank in Porto Rico.
The Colonial Bank was established in 1899 and is the oldest American
bank here. It always has been considered profitable and successful.
Its last statement showed a head office and six branches, with paid-in
capital and reserve of $2,500,000 and total assets of $13,700,000. The
City Bank was established here more than ten years ago, and last
August opened its own new building.
of Republic of Colombia Bonds Retired Through
Sinking Fund.
Hallgarten & Co., and Kissel, Kinnicutt & Co., Fiscal
Agents for the $35,000,000 Republic of Colombia 6% External Sinking Fund Gold Bonds of 1928, dated April 1, 1928,
announce that the Republic of Colombia has tendered to
them, for retirement through the Sinking Fund, $266,000
principal amount of bonds, leaving outstanding $34,121,000
par value of bonds.
Portion
Proposed Purchase of Argentine Government Bonds for
Sinking Fund—Tenders at Price Below Par Asked.
J. P. Morgan and Co. and The National City Bank, as
fiscal agents, have issued a notice to holders of Government
of the Argentine National External Sinking Fund 6% gold
bonds, issue of October 1, 1925, due October 1, 1959, to the
effect that $187,700 in cash is available for the purchase
for the sinking fund of such bonds of this Issue as shall
be tendered and accepted for purchase at prices below
par. Tenders of such bonds with coupons due on and
after October 1, 1930, should be made at a flat price, below
par, at the office of J. P. Morgan & Co., 23 Wall Street, or
at the head office of the National City Bank,55 Wall Street,
prior to 3 p. m. May 1, 1930. If the tenders so accepted are
not sufficient to exhaust the available moneys, additional
purchases upon tender, below par, may be made up to July
1, 1930.
J. P. Morgan & Co. and The National City Bank, as
fiscal agents, have also issued a notice to holders of
Argentine Government Loan 1926 external sinking fund 6%
gold bonds public works issue of October 1, 1926, due October 1, 1960, to the effect that $101,161 in cash is available
for the purchase for the sinking fund of such bonds as shall
be tendered and accepted for purchase at prices below par.
.Tenders of such bonds with coupons due on and after
October 1, 1930, should be made at a flat price, below par,
at the office of J. P. Morgan & Co., 23 Wall Street, or at the
head office of the National City Bank, 55 Wall Street, prior
to 3 p. m. May 1, 1930. If the tenders so accepted are not
sufficient to exhaust the available moneys, additional purchases upon tender, below par, may be made up to July 1,
1930.
Drawing for Redemption of Bonds of Department of
Cundinamarca.
J. & W. Seligman & Co., fiscal agent, have issued a notice
to holders of Department of Cundinamarca external
secured 6%% sinking fund gold bonds, 1928, due November
1, 1959, that $66,000 principal amount of these bonds have
been drawn for redemption on May 1, 1930, at par and
accrued unpaid interest.
2323
Dr. Coulter proposed that 2,000,000 acres be taken out of wheat production. He stated that not only would the change benefit grain farmers
of the United States by bringing about the 10% reduction in wheat acreage
recommended by the Farm Board, but that also the lands would be improved in fertility. The exchange of crops would necessitate no new machinery or materials except the seed, he said.
Grain Stabilization Corporation—Will Act to Prevent
Wheat Market Rush—Plans to Avoid Congestion
of Surplus.
Plans for handling surplus wheat to utilize all available
storage space and prevent rush of deliveries to Chicago and
other crowded terminals on May 1 are being perfected by
the Grain Stabilization Corp., auxiliary of the Federal
Farm Board,it was announced at Chicago April 1, according
to a dispatch to the Nqw York "Times," which said:
George S. Milner, Vice-President of the corporation, declared that
details of the plan would be announced in a few days and would be submitted to the American milling industry immediately upon completion.
"It is believed that the plan will tend toward avoiding the unnecessary
concentration of wheat in terminal markets, thus keeping he wheat in
position where it is available to interior as well as terminal millers," said
Mr. Milner.
The announcement followed an informal meeting of Stabilization Corp.
officers with some 30 milling industry leaders in Chicago yesterday.
William C. Kellogg, Vice-President and Manager of the Farmers' National Grain Corporation, farmer-owned sales agenoy set up by the Farm
Board, said to-day that 22 grain growers, co-operatives were eligible
to participate in the corporation's first annual meeting in Chicago April 8.
This $20,000.000 corporation has been operating since its creation in
Chicago last October under a board of directors named by its incorporating
grain growers, he explained. The meeting next Tuesday marks the
turning over of its affairs to the actual stockholders.
Further advices April 1 to the "Times" stated:
The Farm Board's Stabilization Corporation is working on a wheat storage and selling project to be submitted to the milling industry. It is be
lieved the plan will tend toward avoiding unnecessary concentration of
wheat at terminal markets and make it available to interior as well as
terminal market mills.
It is understood that country-run grain will be sold to mills as the latter
require it. In the last week about 500.000 bushels have been sold in the
Northwest and Southwest. Grain taken in on March contracts will
probably be hedged by sales of May if the market advances.
Federal Farm Board Urges Wheat Growers to Reduce
Plantings 10%—Farmers Responding to Acreage
Reduction Campaign.
In emphasizing the necessity for reducing wheat acreage,
the Federal Farm Board on April 2 pointed out that growers
will find it to their advantage to reduce plantings of spring
wheat 10%. With many countries in the world undertaking
to produce their own wheat and raising barriers against our
exports it is inevitable that American farmers will have to
confine their production in so far as practical to domestic
requirements. The Board's announcement April 2 further
stated:
The Farm Board is confident that grain growers will vclunteer to plant
less wheat this spring if they are thoroughly familiarized with the facts
concerning the wheat situation. The tariff on wheat can be made more
effective by reducing the acreage.
Reports from the Northwest indicate that farmers are responding to
the acreage reduction campaign launched recently in Minnesota. Montana
and the Dakotas. Dr. John L. Coulter, Chief Economist of the Tariff
Commission awl former head of the North Dakota Agricultural College,
is in the Northwest aiding in a campaign to withdraw two million acres
from the area that would normally be planted to spring viheat. He is
encouragin; farmers to plant flax, barley, rye, oats, alfalfa and sweet
clover.
The attitude of farmers toward the acreage reduction campaign is indicated in the following telegrams received by the Federal Farm Board from
wheat growers in the spring wheat area:
Thomas D. Campbell, a Montana wheat farmer who produces many
thousands of acres of grain annually, says: "I most emphatically endorse
Your wheat acreage reduction plan. Am reducing our own spring wheat
acreage 100%."
Mr. Campbell is planting principally flax instead of spring wheat.
This telegram was sent by J. W. Schnitzler, a wheat grower of Froid.
Montana, and member of the Wheat Advisory Commodity Committee:
"Growers fast falling in line here Plan to reduce acreage meets with
favor. Suggest campaign be started through county agents and agricultural associations. Reduction will first come in high priced land area."
A similar acreage reduction campaign will be conducted in the winter
wheat belt.
Alexander Legge of Federal Farm Board Seeks to
Further Board's Campaign to Reduce Wheat
Acreage In Northwest.
Alexander Legge, Chairman of the Federal Farm Board,
left Chicago for Washington on March 31, after a brief
conference with two emissaries of the Board, James R.
Howard and Dr. John L. Coulter, Chief Economist of the
Tariff Commisssion, who on April 1 opened the Board's
campaign in St. Paul to reduce wheat acreage in the North-. Chairman Legge of Federal Farm Board Says Export
Debenture Plan in Tariff Bill Will Not Work, as
west. A Chicago dispatch March 31 to the"Times"further
Foreign Countries Will Set Up Embargoes—
said:
The goal of the reduction campaign was said to-day to be the changing
Senator Borah's Comments.
of farm land usually planted with Spring wheat to the production of flax,
Chairman Legge of the Federal Farm Board expressed
barley, rye, oats, alfalfa and sweet clover. The farm board has agreed to
finance the supplying of sufficient seed for these crops in exchange for seed the conviction on March 24 that the farm export debenture
wheat, if the farmers are willing.
proposed in the Senate tariff bill could not be made operDr. Coulter said he and Mr. Howard would meet farm leaders from
Minnesota and North and South Dakota to-day and that the campaign ative. Associated Press advices to the "Times," from
tour would extend west through Montana to Washington and Oregon, if which we quote, indicated Mr. Legge's further views as
necessary.
follows:
"We have been assured by several large grain farmers in the Northwest
that they are in favor of this change in crops," said Dr. Coulter, who was
formerly President of North Dakota Agricultural College. "Since we are
a heavy flax-importing nation, as much as 1,000,000 acres of present
wheat land could be turned into flax production, and no one would be
hurt."
"It might work for a little while," he said, "but foreign importing countries undoubtedly would put up insurmountable barriers—perhaps to the
extent of an embargo—against American produce on which the debentures
were operative. They already have threatened such action in anticipation
of an attempt by the United States to 'dump' wheat."
2324
FINANCIAL CHRONICLE
(Wu 130.
The Chairman recalled the protest of importing countries when France
Mar. 27 1930.
recently announced a bounty of about 20 cents a bushel on certain grades To the Members of the New York Cotton Exchange:
of French wheat put in export trade. In some instances, he said, the result
Dear Sirs: After careful investigation and consultation with the attorwas tantamount to boycott.
neys of the Exchange, the Board of Managers has decided that, upon the
The Board was not opposed to the debenture plan which the Senate bill evidence so far submitted, no individual, firm or corporation and his
or its
proposes to make operative on option of the Board, Mr. Legge stated, but affiliations has an interest in contracts in either May or July that
is
it did not believe the plan could be enforced.
contrary to the rules of the Exchange.
Mr. Legge expressed opposition to the opening of new farm lands in the
The Control Committee has been and is endeavoring to ameliorate the
West by irrigation and other reclamation projects, on the premise that it apparently congested situation in the old crop positions.
would add to the agricultural surplus.
Very truly yours,
FRED. F. RTIHLMANN, Secretary.
The same paper, under date of March 25, reported the
following from Washington:
An interview on the debenture feat re of the tariff bill in which Chairman
Legge of the Farm Board was quoted as ritictzing that feature of the Act,
as passed by the Senate, drew pointed comment from Senator Borah soon
after the Senate convened to-day.
He Indicated that he believed that Mr. Legge had stepped out of his
province in discussing this item in the bill. inserted at the insistence of
the coalition, but which is not expected to survive the conference committee.
Mr. Borah is an outstanding advocate of the debenture, or bounty,
having devoted most of his closing remarks on the tariff yesterday to a
demand that it remain in t'le bill as finally drawn up by the committee.
Holding a copy of a newspaper which contained the syndicated interview, Mr. Borah said:
"I judge from a reading of this morning's paper that the Chairman of
the Farm Board, Mr. Legge, has taken a little time off from his arduous
labors to tell us what he thinks about legislation. It would be very satisfactory to the country if Mr. Legge would demonstrate his fitness to deal
with the farm question before he undertakes to advise with reference to
legislation.
"I feel that I owe an apology to the memory of Alexander Hamilton
in doing so, but I desire to place Mr. Legge's interview in the record alongside of the statement of Hamilton with reference to the debenture."
Federal Farm Board Approves Loan of $5,000,000 For
Federal Cotton Association.
The Federal Farm Board has approved application of
Federal Cotton Association for a commodity loan not exceeding $5,000,000, to supplement primary loans obtained
from immediate credit or commercial banks, according to
Washington advices to the "Wall Street Journal" of April 4.
Seed Loans to Farmers to Be Made Soon in Four Regions
—Fund of $6,000,000 Also Available for Buying Fertilizer
for 1930 and for Feed for Work Stock.
Loans to farmers in Storm, flood, and drought-stricken
areas of the United States, for seed, feed for work stock,
and fertilizer for 1930 crops, will be made by the U. S.
Department of Agriculture under the authority of a Resolution passed by Congress and approved March 3, 1930, a
fund of $6,000,000 having been provided in the Deficiency
Act approved March 26. This announcement was made
March 29 by Dr. C. W. Warburton, Director of Extension
Work, and Chairman of the Advisory Seed Loan Committee
of the Department. The resolution authorizes the making
of loans in areas in 15 States, where the Secretary of
Agriculture finds need for such assistance exists. The Department's announcement says:
For the prompt handling of applications four field officers are being
established at widely separated points, Applications for loans from
Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida,
will be received at the Farmers' Seed Loan Office, Columbia, S. C;
those from Ohio, Indiana, Illinois, Missouri, and Oklahoma, will be
handled at a similar office in the Old Custom House, St. Louis, Mo.;
those from Montana, North Dakota, and Minnesota from an office at
Grand Forks, North Dakota, and those from the flood areas in the
Rio Grande Valley in New Mexico, from an office at Albuquerque,
New Mexico. The necessary forms have been printed and are now
being distributed to committees in the counties in which loans are to
be made.
L. Emory White, who handled the appropriation for loans in the
Southeastern States last year, has been given general supervision of
the operations. J. H. Lynch, who was associated with Mr. White in the
Columbia, S. C.; office last year, will be in charge of that office, from
which it is expected that the larger part of the fund will be loaned. The
St. Louis office will be supervised by T. Weed Harvey, of the Office
of Co-operative Extension Work; that in Grand Forks by O. S. Fisher,
also of the Office of Co-operative Extension Work, and that in Albuquerque by J. W. Park, of the Bureau of Agricultural Economics.
Advances to borrowers will be made from each of these offices by temporary special disbursing agents assigned by the department for that
purpose.
New York Cotton Exchange Says No Contracts are
Held Contrary to Rules of Exchange—Carl Williams
of Federal Farm Board Not Cognizant of Efforts
of Co-Operatives to "Squeeze Prices" on Exchange.
The Board of Managers of the New York Cotton Ex:hange on May 27 decided that no evidence had been submitted to it so far to support the report circulated in the
cotton trade that an interest in contracts in certain months
was held in excess of the interest permitted by the rules of
the Exchange. Following a meeting of the Board, the
secretary of the Exchange was directed to send the following letter to every member of the Exchange:
Commenting on the announcement, the "Times" of Mar. 28
said:
Covering Rallies Cotton Prices.
During the last two weeks the May and July positions, which normally
would sell at a discount in comparison with more distant deliveries, have
rallied sharply on covering by frightened shorts who have been awaiting
liquidation of long contracts by the cotton co-operatives. In the absence
of this liquidation, however, the shorts became nervous, and a sharp advance
resulted in the May and July positions, which placed these deliveries at a
premium in comparison with the later contracts. Owing to the cost of
storage and other carrying charges, more distant contracts would normally
Sell higher than the near-by options of May and July.
Tightness in the May and July options caused the Board of Managers
early this week to consult Henry W. Taft to determine whether the Exchange's rules were being violated.
The Board of Managers of the Exchange ruled last December that the
maximum amount that one firm or interest would be allowed to control
in the May contract would be 200,000 bales, and in the July deliveries only
150,000 bales. The Exchange's rule states that if the Board of Managers
decides that when a hedge interest held by one firm or affiliated interests
is of such volume as to affect unduly the normal parities between months
and 'between markets, the Board may prescribe a limit to the future
contracts of this interest.
Heavy Losses on Hedges.
Heavy losses have been taken in the last two weeks in the tipsier of
hedges because near-by deliveries have been bought at a premium instead
of at a substantial discount as normally would prevail.
Last October, when the Farm Board announced a lending price of 180. a
pound on cotton, members of the co-operative associations took advantage
of the offer to surrender the cotton to the associations. It is generally
believed that several hundred thusand bales so surrendered were sold at
higher prices last fall, and futures were bought at the same time in
New York.
When prices declined recently from 18 to 140., the Farm Board came to
the rescue of these crop associations and the co-operative interest was partly
concentrated in the hands of Harriss de Vose, members of the New York
Cotton Exchange, necessary margins being supplied by the revolving fund
of the Farm Board. It was announced that the long interest had not been
taken over for the purpose of liquidation, and this created the impression
that the various associations intended to take up the actual cotton when
the contracts mature.
Uncertainty concerning the actual intentions and plans of the long interest
caused wholesale covering by speculators. As a result, May moved up from
a position where it was selling at a heavy discount under December of the
new crop, to where it is selling at an actual premium.
We also quote from the "Times" the following dispatch
from Washington, Mar. 27:
Carl Williams, cotton member of the Federal Farm Board, said to-night
that he had not been advised that attempts were being made by cotton
co-operatives to "squeeze" prices on the New York Cotton Exchange. He
said the Board had lent money to the co-operatives to enable them to protect their futures on the New York Cotton Exchange, but that he was not
advised as to just what steps those concerned had taken to attain that end.
The following from Montgomery, Ala., Mar. 27, is likewise from the "Times":
Allen Northington, President of the American Cotton Co-operative Association, said to-day:
"While the various co-operative associations are still operating independently, it is our opinion that no squeeze is intended and that none of
the State cotton co-operative associations have purchased contracts in
excess of the limit prescribed by the rules of the New York Cotton Exchange. It seems to us this situation arises from the fact that speculators
are willing to sell the next crop yet unplanted at a discount under this
crop, which is admittedly at least several cents below its cost of production."
Continued Increase in Outstanding Brokers' Loans
on New York Stock Exchange—Total March 31,
at $4,656,302,339, Exceed by $488,713,987 Figures
of Month Ago.
On top of the increase of $182,820,287 shown the previous
month, outstanding brokers' loans on the New York Stock
Exchange on March 31, at $4,656,302,329, exceeded by
$488,713,987 the Feb. 28 total of $4,167,588,352. The
latter figures compared with $3,984,768,065 on Jan. 31.
The latest figures (March 31) are made up of demand loans
of $4,052,161,339 and time loans of $604,141,000. On
Feb. 28 the demand loans were reported as $3,710,563,352
and the time loans as $457,025,000. The following is the
statement showing the March 31 loans, as made available
by the Stock Exchange April 2:
Demand Loans.
(1) Net borrowings on collateral from New York
banks or trust companies
$3,519,382,700
(2) Net borrowings on tvIlateral from private
bankers, brokers, foreign bank agencies or
others in the City of New York
532,778,639
$4,052,161,339
Time Loans.
5506,204.000
97,037,000
$604,141,000
Combined total of time and demand loans
$4,656,102.339
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business March 31
1930, aggregated $4,656,302,339. The detailed tabulation follows:
FINANCIAL CHRONICLE
APRIL 5 1930.]
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan. 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Det. 31
Nov.30
Dec. 31
1927—
.Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
-June 30
July 30
Aug. 31
Sept.30
-Oct. 31
Nov. 30
Dee. 81
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug 11
'Sept. 30
'Oct. 31
Nov.30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
'Oct. 31
Nov.30
Dec. 31
1930—
Jan. 31
Bab. 28
Mar. 31
Demand Loans.
82,516,960,599
2,494,846.264
2,033.483.760
1,969,889,852
1.987,316,408
2,225,453,833
2,282,976,720
2.363,861,382
2.419,206,724
2.289,430,450
2,329,536,550
2,541,682,885
Time Loans.
8966.213,55.5
1,040,744,057
966.612,407
865,848.657
780.084,111
700,844.512
714.782,807
778.286.686
799,730,286
821,746,475
799,625.125
751.178,370
Total Loans.
33,513,174,154
3,536,590,321
3,000,096.167
2,835,718,509
2,767.400,514
2.926.298.345
2.996,759,527
3.142,148,068
3,218,937,010
3,111376,925
3.129.161,675
3.292,860.253
2.328,340.338
2.475,493.129
2,504.687,674
2,541,305,897
2.673.993,079
2,756.968,593
2,764,511.040
2,745,570,788
3.107,674.325
3.023,238.874
3.134,027,003
3.480,779.821
810,446,000
780,961,250
785,093,500
799,903,950
783,875.950
811.998,250
877.184.260
928,320,545
896.953,245
922,898,500
957,809,300
952.127.500
3,138.786,338
8.256,459,379
3,280,781,174
3.341,209,847
3,457.860,029
3.563.966.843
8,641,695.290
3.673,891.333
3,914,627,570
3.946,137,374
4,091,836,303
4,432.907.321
2325
Developments in Roberts & Hall (Cincinnati) Failure.
Further referring to the failure of Roberts & Hall, widely
known Cincinnati brokerage firm, which took place at the
end of December (as noted in our Issue of January 4, page
51), the Cincinnati "Enquirer" in its issue of March 26
stated that by an overwhelming vote of more than 200
general creditors of the failed firm at a meeting held the
previous day at the Chamber of Commerce, a decision was
reached to enter a creditors' pooling agreement for the
selling and pro rata distribution of the assets of the firm
among the creditors. This was done in order to expedite
the settlement of the claims. The meeting authorized a
Creditors' Committee composed of Charles D. Jones, Chairman; G. B. Groesbeck, Secretary; A. J. Conroy, Henry C.
Yeiser and William S. McKenzie, all of Cincinnati, to act
for the general creditors and to employ legal counsel to
take steps to bring about a settlement with the receiver
of the Court, Attorney Graham P. Hunt. The vote of the
creditors was taken, it was said, following a general discussion of the status of the involved brokerage house, and
the reading by former Judge John Weld Peck, attorney for
the Creditors' Committee of a tentative statement of the
financial standing of the failed firm. We quote further
from the paper mentioned as follows:
4.420.352.541
4,322,578.914
4,640,174,172
4,907.782.599
5.274,046.281
4,898,351.487
4,837,347,579
Judge Peck was careful to say that this financial statement was not
5.051,437,405
5.513,639,685 to be considered as final. He said that it had been gathered together
5.1879,721,062 from the best information at present obtainable and appeared to be
6.391,644.264 correct.
6.439.740.611
From it he said that conditions appeared to favor a possibility of
6.735.164.241 creditors receiving about 93 cents on the dollar. But, he said, it could
752,491,831
5.982.672,411
6,678.545.917 not be said that this would be the amount derived from the settlement
730,396,507
6,948,149.410
6.804.457.108
.594.4.58.888
6,209.998.520
He would make no prediction, as he said it might
6.774,930.895 of the firm's assets.
571.218.280
6,203,712.115
6,665.137.925 not be possible to realize more than 80 or 85 per cent when a final
56.5.217.450
6.099.920.475
7.071,221.275 settlement was made.
626.762.195
6,444,459,079
7373,794,294
603.6.51.630
6.870,142,664
Judge Peck said also that the statement had made no reference to
7.981,619.426
719.641.454
7,161.977,972
of either of
8.549.383,979 the possibility of any realization from the personal holdings
717.392.710
7.831.991,369
6.108,824,868 the partners of the involved firm, J. Nevin Roberts and Walker P. Hall.
870.795.88e
6.238,028.979
4,016,598,769 The Peck estimate showed assets of $4,336,000 and liabilities of
719.305.737
3,297,2.93,032
3.989,510,273 $4,588,000 and it was this from which the conclusion was drawn that a
613.089.488
3,376.420,785
a possibility.
3.984.768,065 maximum settlement of 93 cents on the dollar was
456,521.950
3,528,246,115
With regard to the probable assets of the individual members of the
4,167,588.852
457.025.000
3,710,563.852
4,656,302,339 partnership, Attorney Oliver G. Bailey said that he understood the
604,141,000
4,052,161,339
individual holdings of Mr. Roberts would suggest more than $1,000,000, and that he had heard that Mr. Roberts had refused to surrender
'W. H. Young & Bros., Inc. (St. Louis) Failure—Loss his safety box to the receiver. Another person who claimed to be a
Now Expected to Reach $2,000,000.
creditor said that he had been assured that Mr. Roberts had holdings
which would reach $2,000,000 in value. The question was asked Judge
That loss in the collapse of the brokerage firm of W. H. Peck whether these alleged assets of the firm members would be conYoung & Bros., Inc., St. Louis, which was placed in re- sidered as assets of the firm.
•
•
•
•
ceivership on March 24, will probably reach $2,000,000 and
The attorney said that aside from the matter of the personal estates of
that the Federal receiver appointed for the company,
the two partners, the principal question for consideration was how much
Francis E. Williams, so far had been unable to find any could be realized from the item of the receiver's trial balance marked
significant amount could be realized, "customers' accounts due partnership in excess of securities which in
assets upon which a
Peck said that
was reported in the St. Louis "Globe-Democrat" of March the trial balance was placed at $1,537,593." Judge from this item. he
estimated that only $5,000,000 could be realized
29. It was learned, it was said, that the company had had am told," said he, "that I am entirely too conservative in making
"I
issued and sold $1,400,000 of its own 8% cumulative par- this estimate. Both the Receiver and others have told me that it would
ticipating stock, part of which had been redeemed. "This, be possible to reali,, a much larger sum from these customers' accounts
that they would realize more than $1,000,000.
it is anticipated, will constitute the greatest item in the' and a claim has been madeon the safe side and have placed them at
However, I want to be
total loss, the remainder consisting of stock in subsidiary $500,000."
He also said that there was an item in the dividend account which
companies upon which little or nothing is expected to be
was placed at $247,066 in the Receiver's statement which was doubtful
realized." The St. Louis paper continuing said in part:
as to its possibilities of recovery. He said he had placed this item's
The preferred stock was issued solely on the ability of the company's value at $120,000 and that he had been assured that this sum was too
carry on its business efficiently and move a great small.
largo sales organization to
volume of stock. A former associate of the Young Brothers ventured
Judge Peck said his advice would be to expedite matters by pooling
the opinion the collapse of the company came about as a result of its the interests of the creditors and selling out the holdings of the estate.
attempt to do two things at one time,that Is, keep up-to-date on deliveries He said that this would save money for the creditors and enable them
of stock sold and redeem its own preferred stock from dissatisfied pur- to go before the receiver with a concrete proposition. He said in anchasers.
impossible to tell from the present inforAs the company gradually fell behind in the delivery of stock, it was said, swer to a question that it was
members of the firm of Roberts
the salesmen refused to make further sales, and as a result, the income was mation available, whether either of the
holdings. He said he
curtailed sharply. This made it impossible for the company to redeem its & Hall had hypothecated any of their personal
own stock from those purchasers who were clamoring for their money, and had not gone into the personal holdings of either partner.
All he could consider at this time, he said, was the amount of securities
as a result, bankruptcy proceedings were instituted.
During the year 1928, it was revealed, the company did a gross business on hand as of December 31, which was $2,694,838. He said that there
of approximately $1.186,000, and out of this William H. Young, President, would be certain priority claims which would not be of a very large
and his brother, Fred C. Young, Vice-President. realized between $38,000 amount. Already, he said, the receiver had allowed $119,000 for such
and $40,000 each as dividends on the common stock which they held. claims from customers who had stock for which they had paid and to
Their other brother, Harold Young, who spent most of his time at the which they had an undisputed claim.
Guy W. Mallon, attorney, who said he represented a number of credfirm's Kansas City offices, is said to have received a much smaller amount.
Although definite information was not available, it was estimated by per- itors, said that he had advised his clients to join the pool. He said he
sons in close touch with the firm that its volume of business in 1929 doubled felt sure he could say that the pool would be able to obtain a quicker
that of 1928. The sales in one month of last year are understood to have settlement than any other method and that the settlement ought to
aggregated $1,000,000. These definite figures will not be available until reach 90 cents on the dollar. Mr. Mallon stated that he had been reliably informed that the amount of the priority claims was negligible.
the audit, now under way by Price, Waterhouse & Co., is completed.
Mr. Mallon also said that from his understanding of the intention of
Receiver Williams obtained permission from Federal Judge Davis yesterday to apply for the appointment of an ancillary receiver for the Midwest the Creditors Committee there would be no thought of releasing any
at Kansas City, claim of the creditors that might exist against the individual holdings of
Holding Co., a Young subsidiary. In the Federal Court
where all the known assets of the company are located. These consist of either of the partners. Judge Peck confirmed this statement and read a
undetermined equities in heavily mortgaged apartment properties, which section of the settlement agreement in the Beazell & Chatfield and
the ancillary receiver will handle for the benefit of the parent company, Channer & Sawyer failures, which provided for a realization from the
estates of the partners of the firms. He said the same instrument would
owner of the common stock in the holding company.
Through the assistance of William Baer. attorney for the Young Brothers be framed for the Roberts & Hall case.
in the criminal action that has been brought against them, Receiver Williams yesterday recovered two large Cadillac limousines to which the company held title and which were used by the brothers. One Is a seven- Bankruptcy Petition Filed Against Jackson & Harris,
Passenger car and the other a five-passenger car. The cars were ordered
Boston.
held in a downtown garage pending further action by the receiver, who
A creditor's bankruptcy petition has been filed against
had not ascertained last night whether or not they were encumbered.
3,392.873.281
3,294,378,654
3,580,425,172
3.738,937,599
4,070,359.031
3.741.632,505
3.767,694.495
4.093.889,293
4,689,651.974
5,115,727.534
5.614.388.360
5.722,258,724
1,027.470.260
1.028.200.260
1.059,749,000
1.168,845,000
1,203,687,250
1.156.718.982
1.069,653.084
957,548,112
824.037.711
763.993,528
777,255,904
717.481.787
The failure of the brokerage house was noted in our issue Malcolm N. Jackson and Howard S. Harris, stock brokers,
doing business under the firm name of Jackson & Harris,
of March 29, page 2126.
2326
FINANCIAL CHRONICLE
Boston,according to the Boston"News Bureau"of March 26.
The principal creditor was named as Penfield Mower with
a claim of $198,000. The creditors allege, it was stated,
that Jackson & Harris are insolvent and that on Feb. 3
they committed an act of bankruptcy by making a general
assignment for the benefit of their creditors to Frederick A.
Singleton of Brookline, Mass. The failure of this firm was
noted in the "Chronicle" of Feb. 8, page 911.
[VOL. 130.
$183,000,000, or nearly twice as much as in 1922, when they collected
$97,000,000, the increase in yield being due in part to increased population,
increased incomes, more efficient administration in collecting the tax, and
in part to increased rates. The average per capita income tax collections
by these 13 State governments rose from $2.68 the fiscal year ended in 1922
to $4.60 in 1928, an increase of 71%.
The ratio of revenue derived from income taxation to other taxes levied
by the State and local governments increased similarly, exact figures.
however, being available only up to and including the fiscal year ended in
1927. Income taxes in the 13 States combined in the fiscal year 1927 constitute 8% of all State and local taxes collected, as against 6.9% in 1922.
Exceptions are Connecticut, Virginia, Oklahoma and South Carolina, the
De Wolf & Co., Inc., Investment Bankers, Chicago, first two showing no increases, the latter two actual decreases in 1927 as
against 1922 in proportion to total taxes collected by State and local govin Receivership.
ernments. In Delaware,the proportion of State income to other State and
local taxes rose from 3.7% in 1922 to 11.5% in 1927; in Masachusetts
The Chicago Title & Trust Co., Chicago, was appointed
(receipts from individuals only),from 6.4 to 7.3%; in Mississippi,
receiver on March 29 for the firm of De Wolf & Co., Inc., to 3.3%; in Missouri, from 2.7 to 3.1%; in Montana,from 0.5 to from 0.1
1.0%; in
investment bankers, 100 West Monroe St., Chicago, follow- New Hampshire, from 1.1 in 1924 (1922 not being available) to 5.1% in
1927; in New York (receipts from individuals only), from 5.1 to 6.3%; in
ing the filing of a bill in equity by creditors, according to
North Carolina, from 4.8 to 7.5%; in North Dakota,from 1.3 to 1.9%; In
Chicago advices appearing in the New York "Evening Post" Tennessee, where figures are not available for 1922, the proportion of inof the same date. Obligations according to the bill in equity, come tax yield in 1927 constituted 1.2% of total State and .ocal collections;
Wisconsin,
it was stated, are about $1,250,000. It was also stated that in Although the ratio rose from 8.1 in 1922 to 12.0% in 1927.
income taxation has proved a most productive method of raising
the volume of assets is said to be in excess of the liabilities. governmental revenues,it affects, in the United States at least, a relatively
small proportion of the population. In 1927, only about 2% of the population was affected by the Federal personal icome tax; in New York State,
New Rates Allowed on Deposits By New York Clearing individual income tax returns were filed by only about 616% of the population, affecting slightly over 27;5% of the families residing in the State, a,
House Association.
proportion which will probably be further reduced in the 1930 collections
• Referring to the action of the New York Clearing House beciuse of the higher exemptions adopted for the year 1930. In Wisconsin.
March 18, in lowering the maximum interest which clear- where the State income tax reaches lower in the scale of income than in any
ing house institutions may pay on deposit (referred to in other State excepting in Delaware, the number of individual returns filed
in 1925 was a little more than 834% of the population and affected 37.9%
the March 22 issue of our paper, page 1948) the National of the families. The per capita State income tax collections in the 13 States
which had a State income tax in effect throughout the period in 1922 and
City Bank of New York in its April 1 Bulletin says:
While this schedule contains for the most part no new features, at- 1928 and of two other States compares as follows:
Per Capita State Income Tax Colledions.
tention is directed to one important innovation which has thus far
Stale1922.
1928.
excited little comment. This is the provision exempting deposits payConnecticut
$1.30
$1.57
able more than six months from date of demand from regulation as to Delaware
1.29
6.36
rate, thus giving the banks a freer hand in bidding for long-time, or *Massachusetts
3.33
5.65
0.02
0.80
"patient" money. The growing practice of corporations of lending their Mississippi
.75
1.05
funds direct in the Street has induced banks to consider ways and Missouri
.19
.45
Montana
means, consistent with sound banking, of rendering deposit rates more New Hampshire
1.25
attractive. In the case of money which can be counted on to stay for New York
5.86
9.99
.84
2.79
long periods, it is recognized that a basis exists for liberalizing the North Carolina
North Dakota
.71
.58
regulations, hence the new agreement which opens the way for banks Oklahoma
.45
.35
to compete more effectively for this type of money against the call South Carolina
1.21
.60
Tennessee
.29
market.
.93
1.34
Virginia
6.11
Wisconsin
3.70
New York Federal Reserve Bank on Gold Movement
All State', average
$2.68
$4.60
* Receipts are for individuals only.
During March.
The following regarding the gold movement during
March is from the April 1 Monthly Review of the Federal
Reserve Bank of New York:
Collection Survey by National Association of Credit Men
Shows Improvement.
Cheap, money and slightly •letter collection conditions
are the most favorable factors noted in the monthly bulletin of the National Association of Credit Men, which was
being mailed to members March 31. This is the first
time in four months that the credit association has made
a favorable report on the subject of collections. The
bulletin says:
Of principal interest during March was the continued importation of
gold from Japan at San Francisco, amounting to $38,500,000, and the
receipt of about $2,000,000 from China. Since the removal of the
embargo on gold exports in January, Japan has shipped abroad about
$79,000,000, with consequent strengthening of yen exchange. Imports
at the Port of New York amounted to about $7,000,000, made up largely
by the arrival of $5,500,000 from Brazil and $1,000,000 from C2lombia.
There was also a gain of $13,000,000 to this country's geed stock
through the release of gold previously earmarked for foreign account
Exports were negligible, and a preliminary calculation indicates a net
"Last month we reported the disappearance of the word 'good' from
gain to the country in excess of $60,000,000.
collection reports. It has not come back, but there is encouragement in
The Bank of England's gold holdings showed an increase of £5,000,- the fact that the designation 'fair' has replaced 'slow' in several mar000 during March, accounted for mainly by the arrival of £4,000,000 kets. The percentage is not high, but it is at least moving in the right
in sovereigns front Australia. Further shipments totaling £5,000,000 direction. The better collection reports come chiefly from cities in the
are reported en route from Australia. The Bank of France lost about Middle West. Unemployment is still the chief reported cause for slow
70,000,000 francs of gold to Germany during March, and 165,000,000 collections."
francs to Belgium.
Taxes Based on Incomes of Individuals or Business
Enterprises Levied in More Than 60 Countries.
National Industrial Conference Board Finds
Taxation Increasing Important Factor as Source
of Government Revenue.
Income taxation has become an increaingly important
factor as a source of governmental revenue during recent
years, and the movement is spreading, particularly in the
United States, according to a study entitled "State Income
Taxation" just completed by the National Industrial Conference Board, 247 Park Ave., New York. The Board
notes that taxes based on the incomes of either business enterprises or individuals or both at present are levied in more
than 50 countries, and in the United States, already 20
States besides the Federal Government are levying such
taxes, as many as five States having enacted income tax
laws during the past year, while various others are contemplating similar legislation. In indicating March 31, the
results of the study, the Board further says:
The importance of income taxation in the fiscal systems of nations is
indicated by the fact during the fiscal year 1926-1927 it yielded 46.5% of
the national revenues of Great Britain. 35.2% of those of Germany, 24.7%
of those of Italy and 20.7% of those of France. In the United States,
63.8% of the total Federal revenue was derived from the Federal tax on
Incomes.
The growth of income taxation as a source of revenue of State governments in the United States can be measured by the steadily increasing
amounts collected from 1922 to 1928 by 13 States which have had such tax
In effect during that period. In the latter year, these 13 States collected
The anticipated increase in construction has been slow
in materializing, the bulletin points out, although contemplated new work reported for February totaled $780,209;400, according to Dodge reports, an increase of 1% over
the total for February, 1929.
Conditions approaching normality in steel and automobile manufacture are viewed RS encouraging signs. Summarizing the business outlook, the bulletin says:
"Cheap money is still the most favorable factor in the general business
situation. Unemployment ebbs and flows, and so many varieties of statistics are issued on it that it is very difficult to appraise the situation
satisfactorily. Bond prices have definitely turned upward, municipal andFederal issues being particularly strong. Savings bank deposits stand.
up well, in spite of all that is said about unemployment. Business is
sailing against stiff winds, in a choppy sea. The old ship may be rolling
a bit, but she is still above water and making headway."
Gov. Young of Federal Reserve Board Declares Policies of
System Are Not Directed Toward Aiding England In
Accumulation of Gold-Tells House Committee Inquiring Into Branch Banking That Public Is Turning Toward Bond Market Question of Trade Areas.
The view that the public has been turning back to bonds,
as a medium for investment of funds, since the first of the
year, was expressed by Roy A. Young, Governor of the
Federal Reserve Board, on April 2 at hearings of
the
House Banking and Currency Committee on branch, chain
and group banking. The account in the United
States
Daily, of April 3 reporting this also had the following
to
say regarding the views brought forth at that day's
hearing..
APRIL 5 1930.]
FINANCIAL CHRONICLE
He agreed with Representative Busby (Dem.) of Houston, Miss.,
'that bonds are usually considered more stable than stocks, stating,
however, that there were exceptions to that general rule. Mr. Busby
had quoted statistics showing that recent years had brought about an
increasingly greater volume of stock issues than of bond offerings.
Cause of Bond Issues
Governor Young referred to the issuance of rights to subscribe to
their stock by numbers of corporations, and the disposition of the
investing public down to October, 1929, as at least partly responsible
for this change. At the present time, he thinks, bonds are gaining in
popular favor.
Mr. Busby, after referring to a tendency toward colossal bank
mergers, asked Governor Young if there existed a disposition on the
port of banking interests to unify the banks of the world into one
system. Governor Young replied that he thought that would be
impossible.
No Aid to Bank of England
Mr. Busby asked if the Federal reserve system had not been
operating in recent months to assist the banking interests of England.
Governor Young knew of no such policy.
Mr. Busby asked if the rate of the Federal Reserve Bank of New
York had not been maintained generally with a differential of onehalf of 1% from that of the Bank of England, so that the Bank of
England might build up its gold reserve. Governor Young pointed
out that the discount rate of the Bank of England had been below
the New York rate from July, 1928 to February, 1929, and moreover, that from Jan. 1, 1928 to October, 1929, the discount rate had
but little effect upon the flow of gold, the call rate being of much
greater importance.
There has been no effort on the part of the Bank of England to
accumulate gold during the last five months, Governor Young stated.
Speculation Discouraged
Banks, generally speaking, according to Governor Young, discouraged rather than encouraged the inflationary speculation of 1929.
Only about 4 or 5% of the total resources of banks of the country
found a place in the brokers' loans made by banks for their own
account.
Mr. Busby asked if the banking situation in the country over the
past two years had not been such as to encourage a greater relative
growth in credit for speculation than in national wealth and business
volume. He asked whether investment affiliates of banks had not encouraged the bringing out of stock issues, and whether bank loans on
securities have been a source of inflation.
Governor Young stated that, in his opinion, banks generally had
not participated in the inflationary movement, and had not encouraged
it. There may have been specific instances to the contrary, he admitted.
2327
Branches for Trade Areas
Representative Strong (Rep.), of Blue Rapids, Kans., said that
trade area branches nbw would mean nation-wide branches later.
The proponents of the McFadden Act, he declared assured Congress
that they would be satisfied with intracity branches for national banks
in those States where State banks are permitted branches.
But since that time, group and chain banking had been developed,
so that those who favor branch banking are now saying that Congress
will soon have to adopt branch bankihg to avoid group and chain
banking. Governor Young gave as his opinion that Congress is now
confronted with that choice.
Mr. Busby asked if it were not a fact that the buying power of
the country is centered in New York and if this situation is not
largely responsible for the distressed conditions in other sections.
"Didn't the New York Stock Exchange," he asked, "milk money
out of all the other sections of the country to the detriment of business,
and in some cases to its destruction?"
Governor Young would not put it so strongly as that, he said. He
referred to the fact that listings on the New York Stock Exchange
on Jan. 1, 1929, were some $114,000,000,000, and mostly paid for
broker's loans for carrying stocks being only about $5,000,000,000.
This, he said, illustrated the tremendous buying power of the
American public. Moreover, he added, only about 4% of bank resources were employed in brokers' loans.
Bank for International Settlements
Mr. Busby asked a number of questions about the procedure which
would be followed by the Bank for International Settlements in floating German reparation bonds. Governor Young stated he had heard
the suggestion made that the initial offering was to be some $300,000,000, with this market expected to take possibly $100,000,000 of it.
The maximum outstanding at any one time, he stated, has been
estimated at $2,500,000,000. The bonds would not be taken by underwriters in this country, he felt, faster than the public would absorb
them. The proceeds, he said, would perhaps be used to reduce the
obligations of the European nations to the Government of the United
States.
Issues Not Listed
Mr. Busby cited the Bank of Italy and affiliated institutions as
illustrative of the tendency to which he had referred. They were interested, he stated, in a variety of lines of business, banking, realty,
underwriting and selling securities, mortgages, farm loans, fire insurance, and indeed, practically every business activity.
Many of these lines, he stated, involved the issuance of securities.
Governor Young expressed the opinion that most of the securities
of that particular group were not listed on the New York Stock
Exchange, and questioned whether reported broker's loans covered
any of them.
Causes of Bank Failures
Governor Young agreed that one cause of bank failures in the rural
regions has been the deflation in land values, but coupled with that,
he stated, is too liberal lending in the first place. If we had had
branch banking 20 years ago, he said, many loans made by unit
bankers would not have been accumulated. A present potent cause
of bank failures, he stated, is withdrawal of deposits growing out of
a lack of confidence in the small banks.
The trade area of Aberdeen, S. Dak., was referred to by Governor
Young as illustrative of what has happened since 1920. The banks
of Aberdeen prior to that time were able, genefally speaking, to take
care of the banking needs of the 200 banks in its trade area. Since
that time they have found it necessary to resort more extensively to
the banks of Minneapolis and St. Paul. They in turn have turned
to the Federal Reserve Bank of Minneapolis, and the Minneapolis
reserve bank in turn, for a period of a year and a half, was an almost
continuous borrower at other Reserve Banks.
In another item in this issue we refer to what Governor
Young had to say as to the Reserve Board's action in
withholding approval of the increase in the New York
Federal Reserve Bank's rediscount rate early last year.
Gov. Young of Federal Reserve Board Tells House Committee Inquiring Into Branch Banking He Opposes
Canadian Banking System.
Opposition to adoption by the United States of the Canadian banking system, under which trade centres are defined, was expressed before the House Banking Committee
on April 2 by Governor Roy A. Young of the Federal Reserve Board. Associated Press advices from Washington
state:
Questioned by Representative Busby, Democrat, of Mississippi, Mr.
Young said he would prefer to have a central bank of issue, which
does not exist in Canada.
The testimony was given as part of the committee's inquiry into
the growth of chain branch and group banking in the United States
and the effect it is having on economic conditions.
Ohio, after telling of the
Representative Seiberling,
Republican,
establishment by a Cleveland bank of a branch in Akron, where
"adequate banking facilities already existed," asked if it would not
be better to prohibit the creation by national banks of branches in
counties having a city of more than 100,000 people.
Mr. Young replied that he had given no thought to this.
He added that the layout of the twelve Federal Reserve and
twenty-five branch districts "comes just about as close as is practicable in defining the trade areas at the present time."
Comptroller of Currency Pole Elaborates on "Trade Area"
Proposal Before House Committee Inquiring Into
Branch Banking.
If the trade area of a metropolitan center embraces territory outside of the Federal reserve district in which the
city itself is situated, the trade area rather than the disSecurity in Branch Banking
trict line should govern the establishment of branches by
If branch banking had been permitted in the Aberdeen trade area
20 years ago, Governor Young stated that, in his opinion, many of banks situated in the metropolitan center, according to a
the present difficulties would have been avoided. Now the Aberdeen supplementary memorandum submitted by John W. Pole,
area has been outgrown, he asserted.
Comptroller of the Currency, in extension of his testimony
As a general proposition, he added, it may be said that the 12
Federal Reserve Districts, with the 25 branch districts, come almost before the bearings on branch, chain and group banking
as close as is practically possible to setting up trade area limits. For being held by the House Committee on Banking and Curthe most part, he stated, banking can be pretty well confined to trade rency. This is learned from the United States Daily of
areas of that extent, but in the Northwest, the trade area has stretched
March 29, which went on to say.
from Minneapolis and St. Paul almost to the coast.
Representative McFadden (Rep.), of Canton, Pa., suggested the
possibility of rearranging the lines of Federal Reserve Districts to
coincide with trade areas, so that the tying up of members with each
Reserve Bank might bring about trade-area banking without branches.
Governor Young thought that there would always be some overlapping
of trade areas, and that Reserve District lines could not be made to
fit all of them.
Representative Seiberling (Rep.), of Akron, Ohio, asked about the
possibility, in case trade-area branches were authorized of a provision
prohibiting banks from establishing outside branches in counties having
a population of 100,000 or more. Akron, he stated, has sufficient
banking facilities, and does not care to see a branch of a Cleveland
bank opened there.
Governor Young replied that some such provision might be given
consideration. He doubted however that a Cleveland bank would
open a new branch in Akron, yen if permitted to do so, it being much
more likely to absorb one of the present banks of Akron, making it a
branch.
There has been no abuse of power given by the McFadden Act,
he stated, whereby the Comptroller of the Currency can permit the
establishment of intracity branches by national banks in certain cases.
(The hearing scheduled for Mar. 28 was postponed because of the
legislative recess, but sessions will be resumed Apr. 1)
Comptroller Pole was asked by the members of the Committee to
elaborate his idea of a trade area in a memorandum for the record.
In his first written statement he defined the trade area of any given
city as "that geographical area which embraces its flow of trade."
Every city, no matter how small, he stated, has a trade area. One
capable of supporting a sound system of branch banking, however,
in his opinion, must be of sufficient area or of sufficient economic
development to permit ate acquisition of a diversified banking business.
Mr. Pole suggested at the hearings that Congress might find it
desirable, if it set up branch banking trade are* to follow a procedure similar to that by which Federal reserve districts were originally laid out. The districting was done at that time by a reserve
bank organization committee, composed of the Secretary of the
Treasury, the Secretary of Agriculture, and the Comptroller of the
Currency. Governor Young, of the Federal Reserve Board, has stated
a somewhat different idea—that the determination of trade area limits
be left to the discretionary power of some administrative agency,
probably either the Comptroller of the Currency, as such; the Federal
Reserve Board, or both acting together.
2328
FINANCIAL CHRONICLE
Because of the number of inquiries that have been received by
members of the Committee as to what is covered by the trade area
concept, and in what trade areas particular towns and cities would be
included, and because of the feeling which has been expressed by
members that of first importance in the consideration of extending
branch banking to trade areas, if done at all, is a determination of
just what a trade area is, and by what agency the boundary lines
of such areas would be fixed, the Comptroller was asked for more
detailed information.
"It is recognized," states Mr. Pole, that the detailed application
of the general principles "may present a multitude of practical questions, many of which we cannot now foresee." The fundamental
principle, however, seems to him to be absolutely sound, that city
banks of sufficient ability be permitted in a more convenient manner
than is now possible to serve the people in the trade area tributary
to the city in which the bank is situated.
The overlapping of trade areas, that is, where a small city might
be situated within more than one trade area, Mr. Pole states, does not
seem to present a serious difficulty. "It would simply mean," according to his memorandum, "that in such a city there might be
branches of banks with head offices in different trade areas. This
might prove to be an advantage to such a city through increased
banking competition."
Minimum Capital of $1,000,000 Suggested
A minimum capitalization of $1,000,000 is suggested by Mr. Pole
for a bank permtited to establish branches throughout its trade area.
That would automatically determine, to some extent, he states, the
size of the trade area. They would have to be large enough, at least,
to support a bank of that size. Discretion should be given to the
Comptroller, in addition, to require a capitalization higher than the
minimum in cases he deems fit, Mr. Pole thinks. The parent bank
should be of undoubted strength and prestige, he states, in order to
discharge the responsibilities which such an undertaking entails.
The term "trade" as used by Mr. Pole, includes the wholesale as
well as the retail purchase and distribution of foods and commodities.
The area must have a rather definite economic autonomy, he states.
Population figures are not a satisfactory guide, he thinks. "The size
of a city may be no indication of its relative economic importance to
the surrounding community. Bridgeport, Conn., with a population
of 160,0000 could not be considered an independent metropolitan
center but is tributary to New York City and is within the New York
City trade area, whereas Shreveport, La., with a population of 81,300
might be found to be the center of a trade area of the scope above
discussed."
Mr. Pole has stated that the trade area should not be in any case
greater or more extensive than the present Federal reserve districts.
He does not doubt, he states, that there are many trade areas of
less extent. In the case of those metropolitan centers situated so
near Federal reserve district lines that the surrounding trade area
embraces territory in more than one Federal reserve district, such
as Kansas City, Mo., to which he refers, the Comptroller feels that
the trade area rather than the district line should govern.
Comptroller Pole's original memorandum to the House
Committee on his trade area proposal was given in our
issue of March 1, page 1348.
[voL.130.
Young Questioned Further.
Continuing its inquiry into branch, chain and group banking at today's
session, the House Committee harked back to February 6, 1929, the datewhich marked the issuance of the famous warning to the twelve Reserve Banks by the Federal Reserve Board. Got'. Roy A. Young of
the Reserve Board, still being cross examined by the committee, was.
asked questions concerning the Board's policy during the stock market
crash and finally was requested to read into the record the complete
text of the warning. He then was called upon to detail the action of
the Federal Advisory Council in approving the step taken by the Reserve Board on February 14, 1929.
"The Board still thinks it was a sound policy," replied Gov. Young
in replying to questions put by Chairman McFadden and other members of the Committee in the course of the discussion relative to the
procedure followed by the Reserve Board at the time speculation on,
the stock market was at its height.
Gov. Young explained that the Reserve Board exercised "direct action" in attempting to thwart the stock market panic. He was confronted with questions concerning the Board's refusal to approve the
New York Reserve Bank's applications for an increase in the rediscount rate, beginning February 15, and continuing through May, 1929.
Mitchell's Name Brought In.
Chairman McFadden brought into discussion the name of Charles A.
Mitchell, President of the National City Bank and director of the
New York Federal Reserve Bank. After citing various suppositions as
to what way Mr. Mitchell might have been able to use information concerning the New York Reserve Bank's operations in the course of conducting the business of his own bank, McFadden stated that he was
not accusing the National City Bank head of using such information tothe advantage of himself or his bank. The Banking and Currency
Committee had referred to information concerning the New York Re
serve Bank's application for an increase in the rediscount rate, repeatedly refused by the Reserve Board.
"Isn't there a great danger when action like that is in disagreement
that the institution having a director on the Reserve Bank board may
gain an advantage?" asked McFadden.
"I don't think so," replied Governor Young, who stated that he
would regret to think that any director of a Reserve bank would use
such information for his own benefit.
"It would seem to me that the fact that he possesses that information
would bring about action of that kind," insisted McFadden.
Gov. Young explained in minute detail how the New York Reserve
Bank board meets at 2 P.M. on a definite day and that any motion for
a change in the rediscount rate would be referred to the Reserve Board
at Washington and, if approved, would reach the public at the same
time the board meeting breaks up at 3 P.M.
Representative Goldsborough (Dem.), Maryland, whose turn it was
to examine the witness, undertook to proceed in "regular order," but
his questions suggesting a reminder of the stock market crash proved
too strong for other committee members to resist; thus the interpretations concerning the speculation on the market resulted. The Maryland member opened his examination by reading a letter from a banker
who outlined operations of the Canadian national branch banking system. Mr. Goldsborough wanted to know where pressure was coming
from for extension of the branch banking to rural communities in this
country.
Governor Young replied that he could not recall any, but said that
he thought many banks in group or chain systems would prefer branch
banking.
Gov. Young of Federal Reserve Board at Hearing of House
Committee Into Branch Banking Explains Board's 2% Consols of 1930 Stricken from New York Stock
Action In Withholding Approval of Increase in RedisExchange List, Reinstated.
count Rate of New York Federal Reserve Bank Early
The following is from the "Wall Street Journal" of April 3:
Last Year.
United
which the Stock Exchange struck from the
The increase in the rediscount rate asked by directors
of the Federal Reserve Bank of New York from February,
1929, to May, 1929, was not granted by the Federal Reserve
Board until August of that year because the members of
the Board felt that the credit policy of the system could
be effected through changes in bill rates and by direct
action without an increase in the discount rate, according
to a statement April 1 by Roy A. Young, Governor of the
Federal Reserve Board at the hearing on branch, chain and
group banking before the House Committee on Banking and
Currency. The United States Daily of April 2, from which
the foregoing paragraph is taken, in part also saia:
The Board felt that a rate increase was not necessary and that it
might be passed on to business borrowers, resulting in a check to commerce and industry rather than acting as a deterrent to speculation,
he said.
Effect on Market.
Governor Young stated as his personal belief that the action of the
Board in granting the increase in August had little effect on stock
market activity, but rather that the deflation resulted from a change
in mind on the part of the American public. The Board thought at
the time and still thinks that its August action was sound, Governor
Young stated, and that earlier action would not have averted the market break.
The information which Reserve officials have concerning proposals
for changes in discount rates could not be used by them to their own
private advantage, as a practical matter, Governor Young thinks, and
would not be so used, even if it were possible. Both Governor Young
and the members of the Committee expressed themselves as confident
that no advantage had been taken of such information which would
reflect discredit upon any director of a Reserve bank, but some of
the members queried the advisability of a director of an institution that
deals in stocks being at the same time a Federal Reserve bank director.
Mr. Young stated that he had never known of a director taking advantage of information gained by reason of that fact, and that he bad
never heard any intimation to that effect. He discounted the practical
use which might be made of such information.
States 2% Consols,
list in error as of April 1, and which have since been reinstated, are the
main basis of national bank circulation. Out of 11599,724,000 outstanding,
$593,085,000 are deposited to secure circulation. While there has been no
transaction in this issue on the Exchange since 1924 surprise was expressed
in bond circles when it was first announced that this important issue of
government bonds had been removed from the list.
Error in first striking the bonds from the list was due to misunderstanding
that interest ceased on April 1 last. But the bonds are only callable on and
after April 1 1930.
Although there has been some discussion of otherwise disposing of national
bank circulation, no definite steps have been taken recently along this line.
So far the Treasury Department has not indicated when the Consols will be
redeemed. Fact that 10234 is bid for the bonds indicates that they are
expected by national banks to run for some time.
Senate Passes Two Bills Amending Federal Banking
Statutes—Eight Banking Bills Ordered Favorably
Reported by Senate Committee.
Two amendments to Federal banking statutes were passed
by the Senate, April 1, says the "United States Daily,"
which stated:
One of the measures (S. 486) is designed to permit any National banking
association to give security in the form required by State law for State
banks to secure deposits of public funds of a State or any political subdivision of the State. It had the approval of the Secretary of the Treasury,
A. W. Mellon.
The second Bill (S. 2666) introduced at the request of the Governor of
the Federal Reserve Board, Roy A. Young, is intended to aid the Board in
securing the surrender of stock held by members which have gone out of
business without the appointment of a receiver or liquidating agent.
This change is secured by amending section 6 of the Act by authorizing
the Comptroller of the Currency to appoint a receiver for a National
bank which has discontinued its banking operations for 60 days, but which
has not gone into liquidation and for which a receiver has not already been
appointed for other cause. Under these circumstances the cancellation of
the Federal Reserve stock would be required.
Section 9 is also amended to authorize the Reserve Board after hearing
to forfeit the membership of a State member bank which has ceased to
exercise banking functions without a receiver or liquidating agent having
been appointed therefor.
The correspondent of the New York "Journal of Commerce" referring to what Gov. Young had to say on April
Regarding banking measures ordered favorably reported
1 stated in part:
on April 2, the same paper said:
APRIL 5 1930.]
FINANCIAL CHRONICLE
Following a meeting of the Senate Banking and Currency Committee
April 2, at which eight bills were ordered favorably reported to the Senate,
Chairman Norbeck (Rep.) of South Dakota,announced that the Committee
will meet again April 3 to continue consideration of its calendar.
Holding first place on the legislative calendar of the Committee is a
resolution (8. Res. 71) by Senator King (Dem.) of Utah, for an investigation of the national credit system. This proposal was not discussed at the
meeting April 2 because of the small attendance of members, but Senator
Norbock said that he hoped to get it before the Committee April 3.
Senator Glass (Dem.) of Virginia, who has prepared a substitute for the
King resolution as well as legislation amending the Federal reserve and
national banking acts, was not present at the meeting.
Barring Loans to Examiners.
Tho Committee ordered favorable reports on five bills amending the
Federal Reserve Act. One of these measures (S. 485) amends section 9 of
the act by granting to the Reserve Hoard discretionary authority in the
assessment of costs of examining member banks against the banks examined. A similar bill passed the Senate in the 70th Congress.
The Committee also acted favorably on another bill(S.3541)introduced
by Senator Norbeck at the request of the Board amending section 22 of the
act by prohibiting any member bank from making any loan or granting any
gratuity to any bank examiner or assistant examining the bank.
A bill(H. R.6604) which was passed by the House Feb. 19. was reported
favorably. This measure is similar to a Senate bill (S. 2666) passed by
the Senate April 1 and amends sections 6 and 9 of the act to permit the
cancellation of Federal Reserve bank stock held by member banks which
have ceased to function in certain cases.
Pittsburgh Bailidng Approved.
The Committee reported favorably a House measure (H. R. 8877).
authorizing the Federal Reserve Board to waive notice by State banks and
trust companies of intentions to withdraw from membership in a reserve
bank.
A third House bill (H. R.9046) amending section 13 of the act to permit
a member bank to rediscount with a reserve bank the same amount of paper
of a single borrower as a national bank may acquire from a single borrower
(Sec. 5200 Rev. Stat.), was favorably reportd.
The Committee also reported a resolution (H. J. Res. 227) for the ereotion of a Federal Reserve bank branch building at Pittsburgh for $875.000:
a bill (H. R.2029)authorizing the coinage of 50
-cent pieces commemorating
the 75th anniversary of the Hadsden purchase, and a measure (H. R.
6894) discontinuing the coinage of $2.50 geld pieces.
On Feb.19 the House passed Bill (H.R.8877),and the bill
authorizing the erection. of a new building for the Pittsburgh
branch of the Cleveland Federal Reserve Bank. Bill(H.R.
9046),which passed the House March 5, was mentioned in
our issue of March 8, page 1578.
Tariff Bill In Conference—Breaking Precedent Publicity is
Made of Conferees' Changes—Adjustments in Chemical
Schedules.
The work of adjusting the differences between the tariff
bill passed by the Senate on March 24 (referred to in our
issue of March 29 page 2137) and the bill as passed by the
House on May 28, 1929, was taken up on April 3 by the
Conference Committee composed of members of the two
branches of Congress. The bill with the amendments incorporated by the Senate was brought before the House on
March 25. The decision to have the differing schedules
adjusted in conference was reached late March 31 by Administration leaders in the House, after three previous
meetings of Rules and Steering Committee members on the
problem of handling the bill, the decision being coupled
with the understanding (we quote from the New York
"Times") that the rates on cement, sugar, lumber and
shingles shall be brought back to the House for record
votes when the changes made by the Senate are discussed.
The paper quoted added:
By this move, the Republican leaders believe they have
at least for the time being, the industrialists of the East, satisfied,
and the
sugar beet growers of the West, who wanted the bill sent to conference without prior debate, and also farm bloc members who have
demanded a vote on the four key items.
A rule incorporating the program probably will be introduced
tomorrow.
Representative Tilson of Connecticut, Republican floor
leader, said he hoped for a vote on it Wednesday.
In our reference to the bill a week ago we indicated that
plans were being considered to bring up a rule in
the
House allowing certain schedules to be opened up for debate and a separate vote in the House, with the remainder
of the bill being sent to conference. Under the decision
of
March 31, noted above, a special rule as follows calling for
the sending of the bill directly from the House to
conference was reported by the House Rules Committee.
"Resolved, That immediately upon the adoption of this
the bill H. R. 2667, with Senate amendments thereto, resolution,
same hereby is taken from the Speaker's table to the be and the
end that all
Senate amendments be, and the same are, disagreed to
and
ference is requested with the Senate upon the disagreeing a convotes of
the two houses."
Noting this, the "Times" Washington dispatch
April 1
said:
.
Tlie rule made no reference to the agreement between
the ad-
ministration leaders and dissenting Republicans that
the rates on
sugar, cement, lumber and shingles would be
brought to the House
for separate votes. That is
to be done, it was explained, under a
"gentleman's agreement."
Under the House procedure the rule must lay
being debated. It volubly will be brought up over one day before
tomorrow, with limited
2329
debate allowed, and most likely will be adopted before the day is
over.
Afterward the House will name its conferee, and so will the Senate,
and the conference committee will get down to work the latter part
of this or the early part of next week on the 1,253 differences between
the House and Senate tariff bills.
On April 2 by a vote of 241 to 153 the House adopted
the resolution whereby the bill was ordered to conference.
With reference to that day's action and the naming of the
conferees we quote the following from the Washington
dispatch April 2 to the "Times":
Vice President Curtis named the ranking Finance Committee members, Senators Smoot of Utah, Watson of Indiana and Shortridge of
California, Republicans, and Simmons of North Carolina and Harrison of Mississippi, Democrats, to act for the Senate. The House
conferees, appointed by Speaker Longworth from the Ways and
Means Committee, are Representatives Hawley of Oregon, Treadway
of Massachusetts and Bacharach of New Jersey, Republicans, and
Garner of Texas and Collier of Mississippi, Democrats.
Senator Smoot, as Chairman of the Conference Committee, announced the first meeting for tomorrow morning at 11 o'clock. The
meetings will be held behind closed doors and the Utah Senator said
it was hoped to complete the adjustment within three weeks.
House Opposition Fails
Opponents of the original House bill made a last minute stand to
prevent the measure being sent to conference, but, against charges
of "gag rule" and "steam roller methods," the vote was favored by
241 to 153.
Nineteen Republicans and one Farmer-Laborite, all from the Western farm belt, voted with the majority of the Democrats against the
conference procedure. Fourteen Democrats, from New England,
Louisiana and Florida were for the conference plan. Representative
Ruth Bryan Owen of Florida, daughter of William Jennings Bryan,
was one of these.
The farm bloc Republicans who were counted in the negative were
Representatives Browne, Cooper, Frear, Hull, Kading, Lampert, Nelson, Peavy and Schneider of Wisconsin; Christgau and Selvic of
Minnesota, Campbell of Iowa, Craddock of Kentucky, Lambertson of
Kansas, Simmon of Nebraska, Speaks of Ohio, Christopherson of
South Dakota, Sinclair of North Dakota and Halsey of Missouri.
The Farmer-Labor member was Representative Kvale of Minnesota.
The Democrats joining with the administration Republicans were
Representatives Aswell, De Rouen, Kemp, Montet and Spearing of
Louisiana; Connery, Granfield and McCormack of Massachusetts;
Drane, Green and Owen of Florida; Lea of California, O'Connell of
Rhode Island and Smith of West Virginia.
The vote was on a rule introduced by Representative Snell of New
York, chairman of the Rules Committee, and the fight was as nearly
along party lines as the House has seen this session. Democrats
asserted that the Republicans generally had relinquished their legislative rights to a few leaders.
Contrary to the accepted procedure, secrecy was removed
on April 3 from the conferees' action on the bill, the Washington correspondent of the New York "Journal of Commerce" thus describing in part the happenings on April 3:
Breaking all previous precedents the House and Senate conferees
on the Hawley-Smoot tariff bill tonight made public the details of
the thirty-one rate adjustments effected in the chemical schedule at
the initial work meeting this afternoon.
The morning session was devoted to the question of procedure and
a lively discussion is understood to have followed the declaration by
Representative John G. Garner, Texas, Democratic floor leader of
the House and a member of the Conference Committee, that in the
absence of announcement by the Republicans of conference accomplishments he would undertake to let the public know what was going
on.
This issue virtually was forced when, approached by a large
gathering of newspaper men awaiting outside the conference room, Garner
said he would carry out his threat and some of the men started off
with him. At this point Senator Smoot made his appearance with the
statement that in the interest of accuracy he would tell the gathering
what had happened. Garner made good his promise and made also
the following explanatiori:
Garner Hits Secrecy
"The public is entitled to know what transpires in the conference
with respect to the rates and provisions of the tariff bill.
"On March 27 I announced that I would demand publicity, a daily
report on the committee's progress.
"There has been so much secrecy in the formulation of this measure. The American people, who are vitally concerned, are entitled to
know from day to day whether the Conference Committee is handling
the bill in their interests or in the interests of those seeking special
tariff favors.
"The committee is considering a bill which will place a tax upon
every consumer in the United States, and it is the people's right that
they should know every phase and factor considering or entering into
this bilL"
Generally speaking, the rates adopted today leaned toward moderation, so far as that is possible under the rules governing the conference. Changes are limited to within the differences existing between the Senate and House proposals and the conferees may not
go outside the brackets thus formed.
Interest in Washington turned to several angles of tariff consideration today. Perhaps the most outstanding of these was the refusal
of the President of Argentina to join with the chief executives of other
South American countries and President Hoover, in an international
ratio conversion, the thought being expressed that the lack of cordiality
toward this country growing out of disapproval of our Latin American
policies, among other things, has been heightened by the new tariff
rates on cattle, beef, flaxseed and wool, the possibility of a tariff on
hides and our agricultural embargoes which cover cattle and fruits.
Incentive for Lower Rates
The question of publicity was another feature, the belief being expressed that the spotlight of publicity shining on the bill will lead
to
the loivest rates consistent on an agreement being adopted. The fear
that the conferees would turn to the highest rate in every case
seems
to be groundless.
2330
FINANCIAL CHRONICLE
130.
The reductions by the Senate under the House figures are:
The farmers and the agricultural insecticide and fungicide manuSchedule 1, chemicals, oils and paints, .87%; Schedule 2, earths,
facturers won a victory today when the conferees agreed to return
arsenious acid or white arsenic to the free list. At least 75% of all earthenware and glassware, 1.78%; Schedule 3, metals and manuarsenic consumed in the United States is used for agricultural pur- factures of, 3.99%; Schedule 4, wood and manufactures of, 9.69%;
poses, it was argued. Today's action brings this commodity in line Schedule 5, sugar, molasses and manufactures of, 15.21%; Schedule 6,
with calcium arsenate, paris green and london purple, all containing tobacco and manufactures of, 3.87%; Schedule 9, manufactures of
high percentages of arsenic, which were left on the free list originally. cotton, 2.60%; Schedule 10, flax, hemp, jute and manufactures of,
Acceptance of the House rate of 2c per pound on acetic acid also is .08%; Schedule 11, wool and manufactures of, 71%; Schedule 12,
of great importance. About 50% of domestic consumption of this manufactures of silk, 2.14%; Schedule 13, manufactures of rayon,
commodity is in the lacquer industry, 20% in the textile industry, 4.29%; Schedule 14, papers and books, .23%, and Schedule 15, sun15% in the manufacture of cellulose acetate yarns, 7% in the making dries, 89.58%.
Schedule 7, agricultural products and provisions, was raised by the
of white lead and 3% in the tanning of leather.
Senate over the House figures by 2.64%, while Schedule 8, spirits,
Prefer House Flexible Provision
wines and other beverages, shows the House and Senate each holding
The rate of lc per pound on the metallic capsules containing carbon the same figure of 47.44%.
dioxide used in the making of carbonated water for beverage purposes
Increases Over wean Duties
in homes was retained.
The increases in the House rates over those of 1922 on all schedules
With differing views upon the rate provisions of the Hawley-Smoot
bill various interests now are swinging around to the question of the are:
flexible provision and, generally speaking, advocating the retention
Schedule 1, chemicals, oils and paints, 2.90%; Schedule 2, earths,
of the House language in preference to the Simmons-Norris amend- earthenware and glassware, 9.35%; Schedule 3, metals and manument adopted by the Senate.
factures of, 2.63%, Schedule 4, wood and manufactures of, 9.50%;
•
•
•
Schedule 5, sugar molasses and manufactures of, 24.51%; Schedule 6,
From the "Times" Washington advices April 3 we take tobacco and manufactures of, 3.87%; Schedule 7, agricultural products and provisions, 10.98%; Schedule 8, spirits, wines and other
the following:
beverages, 10.96%; Schedule 9, manufactures of cotton, 2.92%; SchedChemical Rates Agreed Upon
ule 10, flax, hemp, jute and manufactures of, 87%; Schedule 11, wool
The rates in cents a pound and per cent ad valorem agreed upon and manufacture of, 8.55%; Schedule 12, silk manufactures 3.61%;
by the conferees, as compared with the House and Senate rates on Schedule 13, rayon manufactures, 9.75%; Schedule 14, papers and
the chemical schedule, are:
books, 1.63%; Schedule 15, sundries, 7.58%.
Rat
The increases in the Senate rates over those of 1922 are:
ConIce.
Senate.
House.
Article—
20
'Ac
lAc
Schedule 1, chemicals, oils and paints, 2.03%; Schedule 2, earths,
Acetic acid, not over 65% by weight
e
1 Ia
Free
Calcium acetate, crude
molasses and
Sc earthenware and glassware, 7.57%; Schedule 5, sugar,
3c
2c
Acetic acid, over 65% by weight
3M e manufactures of, 30%; Schedule 7, agricultural products and proSc
2M c
Acetic anhydride
lc visions, 13.62%; Schedule 8, spirits, wines and other beverages,
Sc
ltic
Boric acid
Free
tie
Mc
Borate or borax, refined
manufactures of cotton, 32%; Schedule 10, flax,
17c 10.96%; Schedule 9,
17e
18e
Citric acid
Sc hemp, jute and manufactures of, .79%; Schedule 11, wool and manu4e
Free
Formic acid
5e factures of, 7.84%; Schedule 12, silk manufactures, 1.47%; Sched40
6c
Tannic acid, less than 50%
Sic
12c
10c
Tannic acid, 50% or more, not medicinal
papers and books, 1.40%.
18e ule 14,
22c
18c
Tannic acid, 50% or more, and medicinal_ _ _ _ ._
The figures of 1922 exceeded those of the Senate in Schedule 3,
Free
2c
Free
Arsenous acid or white arsenic
6e metals and manufactures of, by 1.36%; Schedule 4, wood and manuSc
100
Gallic acid
Free factures of, by 19%; Schedule 13, rayon manufactures, by 3.54%;
tic
Free
Nitric acid
13-fe
20%
Free
Oleic acid
2c and Schedule 15, sundries by 1%.
2e
2c
Phosphoric acid, less than 80%
Schedule 6, tobacco and manufactures of, is in the Senate bill and
2c
2e
33-fc
Phosphoric acid, 80% or more
120 the act of 1922 at the same figure of 63.09%.
15e
10c
Pyrogenic acid
lc
Sc
Carbon dioxide in containers
20%
20%
25%
Acetone
1-5c
3-10c
1-5c
Aluminum sulphate, not over 15%
Free Governor Roosevelt of New York Names Committee to
Free
'Ac
Amonium sulphate
2c
6c
2e
Work Out Methods For Control of Unemployment—
Antimony oxide
50c
$1.
50c
Amber and amberoid
Recommendations to Mayors and Public Officials
4e+30%
Free 4c+30%
Synthetic gums
Free
Free
20%
Bleached shellac
to Relieve Present Situation.
$1.25
$1
$1.50
Caffeine
75c
60c
90c
citrate
Caffein
In addition to announcing the appointment of a special
Free
lc
Free
Tea waste, drc
le
le
23,i e
Carbon tetrachloride
4c committee of business men and labor representatives to
4c
60
Chloroform
25%
30% work out measures for the stabilization of employment and
35%
Tetraenioro ethane
Six major disputes confronted the conferees, which are expected to devise practical methods for the future control of unembe referred back to the respective branches for record votes. House
members are insisting upon action on the floor on the sugar, cement ployment, Gov. Franklin D. Roosevelt of New York on March
and lumber and shingle duties. The Senate conferees are under 30 urged the adoption by mayors and other public officials
agreement not to relinquish the Senate amendments embodying the of recommendations to overcome the serious unemployment
legislative flexible tariff, export debenture and the anti-monopoly
situation now existing. These recommendations were proclauses.
Senate's Tariff Rates Below House Bill—Commission Reports Average Set by Upper Branch at 4.38% Above
1922 Act—House Increase 8.59—Senate Raised Rates
Over House Figures Only in Schedule on Farm
Products.
Figures made public March 29 by the Tariff Commission
at Washington tend to show that the average ad valorem
rate of the tariff bill passed by the Senate is a little higher
than the average of the current law, but much lower than
the average ad valorem rate of the measure as passed by
the House. In reporting this telegraphic advices to the
"Times" March 29 from Washington stated:
The Commission's conclusions are in line with a recent announcement by Chairman Smoot of the Senate Finance Committee. They
bear out the view of the Republican leadership that the Senate's
work on tariff revision represents a cut in rates as compared with the
program put through by the House. The contrary view has been
expressed by critics of the bill.
In the Commission's comparisons it is asserted that the rates of
thirteen schedules were reduced by the Senate from the House figures,
that the Senate increased the rates of one schedule, namely agriculture, and that another, covering wines, spirits and other beverages,
was not changed.
The Commission compares the computed duties collectable and the
ad valorem rates of the tariff schedules of 1922 with the House and
Senate bills. In its summary the commission says that its figures
show the average rate of the bill passed by the House to be 8.54%
higher than that of the Fordney-McCumber act of 1922, while the
Senate rate is 4.38% higher than the 1922 average. The Senate rates
are 4.16% lower than the House rates.
Comparison of Computed Revenues
All its compilations, the commission announces, are based on imports for the calendar year 1928, valued at $1,480,816,251, on which
the computed duties would be $512,567,012 under the act of 1922,
$638,998,399 under the pending measure as passed by the House
of Representatives and $577,350,613 under the Senate bill.
The computed average ad valorem rate is 34.61% under the act
of 1922, 43.15% under the House bill and 38.99% by the bill as
passed by the Senate. The commission's summarization is:
Comparisons of the Senate rates and those of 1922 show the latter
to be exceeding those of the Senate figures on four schedules: No. 3,
metals and manufactures of; No. 4, wood and manufactures of; No. 13,
rayon manufactures; No. 15, sundries.
posed as follows, by the Governor:
"With respect to the present emergency, strongly urge upon Mayors,
boards of supervisors and public officials in every community in this state
the immediate adoption of the following program:
"I. The collection locally by responsible agents of complete local figures
on the number of unemployed in each city and town; the Department
of Labor is prepared to suggest forms and methods for such enumeration.
"2. The co-operative organization and supervision e public and private
philanthropic activities for the giving of such unemployment relief as is
locally needed under joint control.
"3. The active stimulation of small job campaigns in every city and
town in the State of New York, so that the modicum of unemployment
relief can be furnished locally.
"4. The establishment of local free employment clearing houses under
public auspices in every city and town linked up with the State public
employment service, where possible.
"5. The starting up of local public works immediately. Road building,
sanitation system, water works, building and building repairs are many
instances in the control of local officials, and the boards of supervisors
should make every effort to begin work on these items promptly.
"In addition, the local chamber of commerce should appoint committees
and plan concretely local means for stimulating trade and industry, at the
same time discussing ways and means for the future stabilization of industry
in the local communities. Chambers of commerce must recognize that the
prosperity of each town in this State is dependent upon having all of the
people in its town at work steadily and so be able with their purchases to
keep trade alive."
The members of the special committee created by the
Governor are as follows:
Henry Bruere, Vice-President Bowery Savings Bank, New York City.
Maxwell Wheeler, Vice-President Larkin Co., Buffalo.
Ernest G. Draper, Vice-President, the Hills Brothers CO. Brooklyn.
John Sullivan, President New York Federation of Labor.
'
Miss Frances Perkins, New York State Labor Commissioner, is ex-officio a member of the committee. In making
known the membership of the committee Gov. Roosevelt
said:
"I wish to stress the fact that in appointing this committee I am looking
forward to a long-time program for industrial stabilization and prevention
of unemployment. We do not expect miracles, but rather to assist
the
employers of this State in a gradual progress toward stabilization
based
on authentic American business experience and arising out of and
adapted
to their own local industrial problem, and such methods as their good
will
and sound business judgment may develop. Surely, both for
humanitarian
and business reasons their effort, difficult but urgently
necessary, is one
APRIL 5 1930.]
2331
FINANCIAL CHRONICLE
in which the Governor of the State may confidently expect whole-hearted
co-operation of the business community."
Shippers Estimate That 8,211,451 Freight Cars Will Be
Required to Handle Commodity Shipments In
In his announcement the Governor described the situaSecond Quarter of Current Year-4.2% Below
tion as serious,'and said that "the time has come for us to
Same Period In 1929.
face this unpleasant fact dispassionately and constructively."
"The index of employment in factory trades alone as reported by the regular monthly figures of the State Department of Labor has," said the Governor, "fallen off 9% since
October 1929, having dropped steadily each month since
October." He also stated that "bread lines are increasing
in our great cities, and charitable and relief organizations
throughout the State report unprecedented demand on their
funds."
We quote from the Governor's statement as
follows:
"In • general, the greatest source of hope for the future is revealed in
the fact that some kind of public works is either about to be undertaken
or now under way. Roads, highways, water works, grade crossing eliminations, school buildings, post office buildings, city buildings, prison and
jail buildings, park developments are all mentioned as affording relief
from local situations which would otherwise be even more difficult. Many
letters urge a larger and speedier program of public works both local and
State.
"Some letters recite with pride the efforts and achievements of local
employers to keep full or part time employment going. A note which is
encouraging for the future solution of this problem is that nearly all these
writers seem to be aware that the denial of opportunity to work to any
Man is the concern of all.
"There is, of course, likely to be some easing of the unemployment
situation with the coming of spring, the opening of more public works, the
development of agriculture, tze. This will not be sufficient to restore the
normal employment so necessary for stable business. Moreover, if we do
not make plans now, the slump of the autumn and winter of 1930-31 will be
more distressing than ever, coming after this year's crisis with its call on
savings, reserves, &c.
"I am convinced that concerted action of all elements in the community
can do much to remedy existing unemployment and prevent further depression. Action must be taken in full knowledge of the actual facts, but
without hysteria or exaggeration. Political stress must play no part in a
program which to be sound must be both scientific and dispassionate.
"We appear to have an accumulation of unemployment due to three
contributing factors: (1) seasonal fluctuations which have become chronic
in some industries; (2) technological unemployment or the displacement of
men by labor-saving machinery and methods. This has been
greatly
accelerated in recent years in New York State and since it is
indirectly
correlated with cheap mass production we must expect its
continuance.
(3) The depression due to the business cycle, which is an
economic phenomenon recurring with some regularity throughout the nation
as well as
in this State.
"The index of employment in factory trades alone, as
reported by the
regular monthly figures of the State Department of Labor,
has fallen off
9% since October 1929, having dropped steadily each
month since October. Sixteen years of experience show this factory employment
index to
be a fair guide to the degree of unemployment generally
in all occupations. Bread lines are increasing in our great cities, and
charitable and
relief organizations throughout the State report an unprecedented
demmd
on their funds.
"The situation is serious and the time has come for
us to lace this
unpleasant fact dispassionately and constructively, as a
scientist faces a
test tube of deadly germs, intending first to understand
the nature, the
cause and the effect, and finally the method of overcoming
and the technique
of preventing its ravages.
"Although serious, local unemployment conditions are spotty,
some cities
are almost normal, others very bad, still others merely
dull.
"Unemployment is a problem for the entire community. It is
a major
social tragedy for the individual who is denied the
and earn, but it does not stop there, and if not soon opportunity to work
corrected will have a
long-time depressive effect on business and trade in the
State.
"The prosperity of New York State depends upon the
prosperity and the
spending ability of its own and the nation's wage
earners. As the leading
industrial State, it is of first importance to maintain
and develop the
wage earner market. A few years ago this would
have
impassible task. To-day, experiments by industrialists seemed a wholly
and analysis by
economists have established a number of successful methods.
methods are in practice to-day in industries in New York Some of these
State, and some
are followed in cities as a result of planning by
chambers of commerce and
leading citizens. All of these offer suggestions which
can well be studied
by others.
"With regard to efforts to prevent or at least to
minimize future unemployment crises, much of the planning must necessarily
be done by the
industrialists of the State. One of the encouraging
factors of the present
situation is that some industrialists, by having given
thought and made
plans well in advance, have been able to keep their
factories and plants
operating at full or nearly full time throughout this crisis.
"I have received many letters from employers stating that
they have not
laid off a man and that they regard it as their patriotic
duty to strive to
keep their full force employed year in and year out. Their
success in this,
in spite of all the factors which are operating to make
unemployment and
the methods they have used, are an interesting and vigorous
chapter of the
story of American inventiveness, courage and leadership.
"I count on the industrialists of this State to strive to overcome
recurring
unemployment in their industries with the same good will as they have
overcome so many other adverse conditions, such as industrial accidents,
Industrial diseases, child labor, long hours, &c. Effort against unemployment made in the same educational and helpful terms as the campaign
against industrial accidents cannot 1141p but produce results.
"In order that such efforts may be organized and sustained until results
are produced, I am appointing a special committee of business men and
labor representatives and asking this committee to lay before the employers
and the workers of this State every worthwhile and significant practice
for the stabilization of employment which has come within their range of
knowledge and to work out with the business men of the State such practical methods as can be devised for the future control of unemployment.
"The Industrial Commissioner of this State will serve ex-officio and will
serve as a link between this committee and a committee appointed by each
Industrial community of the State, who have been working quietly but
effectively since last December to mitigate the present unemployment crisis."
.
Shippers of the country, through estimates of the Shippers'
Regional Advisory Boards, anticipate that carload shipments
of the 29 principal commodities in the second quarter Of
1930 (the months of April, May and June) will be approximately 8,211,451 cars, a reduction of 354,S18 cars, or 4.2%
below the corresponding period in 1929, the Car Service
Division of the American Ry. Association announced on
April 1. The announcement further states:
The Shippers' Regional Advisory Boards, covering the entire United
States, furnish these estimates quarterly to the Car Service Division so
that the railways may have a guide as to the service they are to be called
upon to perform in a given quarterly period.
These estimates are based on the best information as to the outlook,
so far as transportation requirements are concerned, obtainable at the
present time by the commodity committees of the various Boards.
Of the 13 Shippers' Regional Advisory Boards, only one, the Allegheny
Board, anticipates an increase in transportation requirements for the second
quarter of the year compared with the same period last year, while 12
expect a reduction. Three of the 12 Boards reporting anticipated decreases
report a decrease of only 1/10 of 1%, or virtually no change trom the
second quarter of 1929. These Boards are the Pacific Coast, Southeast and
Southwest Boards. The other nine Boards which estimate a reduction are
the New England, Atlantic States, Ohio Valley, Great Lakes, Central
Western, Midwestern, Northwestern, Trans-Missouri-Kansas, and the Pacific
Northwest.
The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 29 principal commodities
in the -second quarter of 1930 compared with the corresponding period in
1929 and the percentage of increase or decrease, follows:
Board—
Central Western
Pacific Coast
Pacific Northwest
Great Lakes
Ohio Valley
Mid-West
Northwest
Trans-Mlssouri-Kansas
Southeast
Southwest
New England
Atlantic States
Allegheny
Total
Actual
1929.
267,750
372,832
323,517
770,537
873,363
1,275,272
576,382
423,600
992,730
560,893
170,711
952,390
1,006,372
Estimated Per Cent
Inc. or
1930.
Dec.
—4.9
254,720
—0.1
372,350
285,547 —11.7
687,153 —10.8
—4.0
838,327
—7.4
1,181,427
491,828 —14.7
—2.3
414,067
—0.1
991,933
—0.1
560,186
—2.7
166,115
—44
910,504
+5.1
1,057,294
8,588.349
8,211.431
—6.2
The estimate of increase in the Allegheny Board district is based largely
on anticipated greater freight car requirements for the movement of coal,
cement, gravel, sand and stone, petroleum and petroleum products, and
machinery and boilers. Freight car requirements for iron and steel and
brick and clay products are expected to be somewhat less in the second
quarter than for the same period last year.
Of the Boards reporting reductions in the anticipated freight car
requirements for the second quarter, the estimate for the Great Lakes Board
shows a reduction, compared with the same period last year, in shipments
of automobiles, ore and concentrates, iron and steel, machinery and boilers,
and live stock, although an increase is expected in grain shipments, flour,
meal and other mill products as well as salt, agricultural implements, and
canned goods.
In the Atlantic States Board territory, which includes parts of the States
of New York, Pennsylvania, and Maryland, and all of the States of New
Jersey, Delaware, and the District of Columbia, estimates show an increase
for the second quarter this year in the anticipated freight car requirements
for a majority of commodities produced there, but the percentage of
reduction for those commodities which show decreases is greater in almost
every instance. Commodities for which reductions are estimated are iron
and steel, machinery and boilers, automobiles, trucks and parts, coal and
coke, and potatoes.
Estimated freight car requirements for commodities in the Northwestern
Board territory also show a reduction under the same period last year, due
largely to a drop in anticipated shipments of grain, flour, meal and other
mill products, potatoes,. ore and concentrates, lumber and forest products,
iron and steel, and brick and clay products, although increases are expected
for cement and agricultural implements and vehicles other than automobiles.
A similar situation exists as to the Midwestern, the Trans-Missouri-Kansas,
and the Central Western Boards.
In New England a small reduction in the estimated total freight car
requirements was reported, reductions being anticipated for lumber and
forest products, grain, iron and steel, coal and coke, with increases for
petroleum and petroleum products, cement, potatoes, and brick and clay
products. The estimate for paper, paper board and prepared roofing,
which moves in considerable volume over New England lines, is unchanged
from the actual loading in the second quarter last year.
For the Pacific. Coast estimated freight car requirements are virtually
the same as last year. The estimate as to citrus fruits shows a reduction,
but a substantial increase is shown for other fresh fruits, potatoes, petroleum
and petroleum products, automobiles trucks and parts, and chemicals and
explosives. Reductions are estimated, however, for canned goods, Iron and
steel, lumber and forest products, and gravel, sand and stone.
The anticipated reduction in freight car requirements for the Pacific
Northwest territory is largely due to a decrease under the second quarter
last year in the estimate as to shipments of lumber and forest products,
which commodity moves in the heaviest volume of any in that territory.
In submitting reports to the Oar Service Division, each Board estimates
what freight car requirements will be for the principal industries found
in the territory covered by that Board. On the basis of this information
it is estimated that of the 29 commodities, increases in transportation
requirements will develop for 12 as follows: Hay straw and alfalfa, cotton,
other fresh fruits except citrus, fresh vegetables except potatoes, poultry
and dairy products, gravel, sand and stone, salt, petroleum and petroleum
products, cement, brick and clay products, agricultural implements and
vehicles other than automobiles, and fertilizers.
Commodities for which a decrease h estimated totaled 17, as follows:
Grain, /lour, meal and other mill products, cotton seed and products
except oil, citrus fruits, potatoes, live stock, coal and coke, ore and con.
2332
FINANCIAL CHRONICLE
°entrees, lumber and forest products, sugar, syrup and molasses; Iron and
steel, machinery and boilers, lime and plaster, automobiles, trucks and
parts, paper, paperboard and prepared roofing, chemicals and explosives,
and canned goods.
The estimate in detail as to what transportation requirements will be
for various commodities for the second quarter of 1930 compared with
the same period in 1929 follows:
-Carioadtngs-- Per Cent
Actual
Estimated Inc. or.
1929.
-6.2
259,851
276,990
241,282
-0.3
240,576
60,071
62,311
+3.7
+11.9
34,266
38.345
15,918
-0.4
15,851
-46.2
24,951
46,326
83.740
+13.6
95,093
56,621
63,532
-7.7
81,413
+0.7
82.006
322,919
-5.0
306,931
+2.8
48,177
49,537
2,191,711
-1.4
2,162,318
-20.7
753,642
597,760
+0.2
798,774
800,758
+1.0
33.696
33,359
-5.7
1,016,008
958.029
604,844
+1.9
616,287
-1.0
51,900
52,727
555,442
600,024
-7.4
68,045
--5.2
64,487
232,510
218,000
+6.7
189,435
+0.1
189,694
65,101
-0.4
65,355
CommodityGrain, all
Flour, meal and other mill products
Hay,straw and alfalfa
Cotton
Cotton seed and products, except oil
Citrus fruits
Other fresh fruits
Potatoes
Other fresh vegetables
Live stock
Poultry and dairy products
Coal and coke
Ore and concentrates
Gravel, sand and stone
San
Lumber and forest products
Petroleum and petroleum products
Sugar, syrup and molasses
Iron and steel
Machinery and Boilers
Cement
Brick and clay products
Lime and plaster
Agricultural implements and vehicles, other
than automobiles
40,156
Automobiles, trucks and parts
300,462
Fertilize.s, all kinds
178,259
Paper, Paper board and prepared roofing
110,608
Chemicals and explosives
29,841
Canned goods-all canned food products(includes
catsup. Jams, Jellies, olives, pickles, preserves) 40.465
Total all commodities listed
8,566,349
41,731
248,194
181,316
109,568
29,404
4-3.9
--17.4
+1.7
---0.1
---1.3
39.123
---3.3
8,211,451
-4.2
Proclamation of Gov. Roosevelt of New York Requesting
That Flags Be Flown on April 6
-Anniversary of Entry
of U. S. In World War.
On March 21 Governor Roosevelt of New York proclaimed Sunday, April 6, as Army Day for the "manifestation of the admiration we feel for that army which so
courageously accepted and submitted to the hardships of
the battlefields of France." In his proclamation Governor
Roosevelt also said that "with the approaching anniversary
of the declaration of war, marking the entry of the United
States into the World War, memory prompts a sense of
obligation to those who sacrificed."
He urged the State "to observe this day by a State-wide
display of the American flag, the conduct of patriotic exercises having for their aim an expression of our esteem and
admiration for the United States army, ever glorious in
war or in peace."
[VOL. 130.
conference but the bulk of the discussion has been planned
to serve as a clearing house for the best corporate fiduciary
methods as tested in the South, Mr. Bowman says. The
program follows:
First session, Friday morning, April 25:
"Elements of Success in Performing Trust Service," C. Alison Scully,
Vice-President Bank of Manhattan Trust Company, New York City-,
Chairman Committee on Insurance Trusts, Trust Company Division,
American Bankers Association.
"The Personal Equation in Developing Trust Business in the South,"
W. H. Neal, Manager Public Relations Department Wachovia Bank and
Trust Company, Winston-Salem, North Carolina.
Symposium, "Our Most Successful Methods in Acquiring New Trust
Business," A. Key Foster, Assistant Trust Officer Birmingham Trust
and Savings Company, Birmingham, Alabama; Julius E. Schroeder,
Vice-President and Trust Officer Citizens and Southern Bank, Charleston, South Carolina; T. 0. Trotter, Jr., Assistant Vice-President First
National Bank, Chattanooga, Tennessee; H. A. Pharr, Vice-President
and Trust Officer First National Bank, Mobile, Alabama; E. J. Risley,
Vice-President Bankers Trust Company, Little Rock, Arkansas; P. D.
Houston, Chairman of Board American National Bank, Nashville, Tennessee; Paul S. Stonesifer, Trust Officer First National Exchange Bank,
Roanoke, Virginia.
"Selling Trust Service," M. B. Slaughter, Trust Officer Holston
Trust Company, Knoxville, Tennessee.
Second session, Friday afternoon, April 25:
"The Possibilities of Trust Business in the Southern States," Reuben
A. Lewis, Jr., Second Vice-President Continental Illinois Bank and
Trust Company, Chicago.
"The Life Insurance Trust in the South," Lee S. Thimble, Trust
Officer Orlando Bank and Trust Company, Orlando, Florida.
"Proposals for Modernized Trust Investment and Tax Statutes,"
C. W. Bailey, President Southern Trust Company, Clarksville, Tenn.
"The Organization and Activities of a Corporate Fiduciary Association," H. F. Pelham, Vice-President Citizens and Southern National
Bank, Atlanta, Georgia.
Third session, Saturday morning, April 26:
"Can Corporate Trust Business be Developed Profitably in Southern
States," Robert G. Stephens, Vice-President and Trust Officer Trust
Company of Georgia, Atlanta, Georgia.
Symposium, "How We are Handling a Going Business in a Trust
Estate," Troy Beatty, Jr., Trust Officer First National Bank, Memphis,
Tennessee; E. D. Kenna, Assistant Trust Officer The Merchants Bank
and Trust Company, Jackson, Mississippi; C. F. Zukoski, Jr., VicePresident First National Bank, Birmingham, Alabama; William Matthews, Assistant Trust Officer Fulton National Bank, Atlanta, Georgia.
"Proper Administrative Features in Southern Wills," Currell Vance,
Trust Officer American Trust Company, Nashville, Tennessee.
"Safeguards Thrown Around the Settlement of Estates and the Administration of Trusts in the South," Charlton Alexander, Vice-President Mississippi Valley Merchants State Trust Company, St. Louis,
Missouri.
A banquet will be held Friday evening, April 25, at the
Montgomery Country Club. Mr. Bowman will serve as
toastmaster.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the transAnnual Meeting of Investment Bankers' Association of
fer of three New York Stock Exchange memberships, the
New Orleans, October 12-15.
America to Be Held at
first at $425,000, an increase of $10,000 over the last preOctober 12 to 15, inclusive, have been selected as the
ceding sale, and the others at $450,000 and $467,000 reNineteenth Annual Convention of the Investdates of the
spectively.
ment Bankers' Association of America, to be held in New
Orleans, it was announced at the Association's offices
Arrangements were reported made this week for the sale
at Chicago March 31. A new form of program, recently of
two New York Curb Exchange memberships, the first
approved by the Association's Board of Governors, will at
$198,000, an increase of $13,000 over the last preceding
effective at this meeting. Instead of running for sale, and
become
the other for $225,000.
six days, as heretofore, the convention will run from Sunday to Wednesday, a period of four days. Forty-eight
The New York Cotton Exchange membership of John T.
hours time will thus be saved for the delegates. About Dicketson
was reported sold this week to E. A. Crawford
1,000 investment bankers from all parts of the United for another for
$21,500. The last preceding sale was for
States and Canada are expected to attend. The following $21,000.
are the members of the Association's 1930 convention committee:
An extra New York Coffee & Sugar Exchange membership
Alden H. Little, Chicago, Executive Vice-President, Investment of Arthur
H. Lamborn of Lamborn, Hutchings & Co. was
Bankers Association of America, Chairman,
sold this week to R. H. Hooper & Co. for $15,500. This is
Walter T. Collins, Hemphill, Noyes & Co., New York.
Larz E. Jones, Eustis and Jones, New Orleans.
an increase of $250 over the last preceding sale.
George H. Nusloch, Hibernia Securities Company, Inc., New Orleans.
George W. Robertson, Canal Bank & Trust Company, New Orleans.
Arrangements were made this week for the sale of a
Kenelm Winslow, Jr., Seattle Company, Seattle.
Kelton E. White, G. H. Walker & Co., St. Louis.
Chicago Exchange seat to Ralph L. Phelan, partner of
Harold E. Wood, Foreman-State Corporation, Chicago.
Phelan & Co., Chicago. The price was $32,000.
E. C. Wampler, Lawrence Stern and Company, Chicago.
Program of Southern Trust Conference to Be Held Under
Auspices of Trust Company Division A. B. A. at Montgomery, Ala., April 25-26.
The program for the Third Southern Trust Conference
to be held at Montgomery, Ala., under the auspices of
the Trust Company Division, American Bankers Association, April 25 and 26 at the Jefferson Davis Hotel, has
been arranged to cover a wide field of trust activity with
emphasis upon Southern problems and how they are met
by Southern trust officers, it is announced by W. C.
Bowman, President First National Bank of Montgomery,
who is serving as general Chairman for the conference.
Speakers from the North and West will participate in the
On Saturday March 29 the King of Italy granted a
private audience to E. H. H. Simmons, President of the
New York Stock Exchange. Mr. Simmons was accompanied by Rinaldo Stroppa-Quaglia of J. A. Sisto & Co. On
March 28 Mr. Simmons was the guest of honor at a reception given by the Italian-American Association at which
Count Giuseppe Volpi di Misurata presided. The reception
was attended by men prominent in the financial circles of
Rome.
The National City Bank of New York opened on
March
31 its Upper Park Branch, located at Park Avenue
and
96th Street. This is the fortieth branch of The
National
City Bank of New York In Greater New York. The
new
APRIL 5 1930.]
FINANCIAL CHRONICLE
2333
unit offers the complete banking, investment and trust of the components of Bancamerica-Blair Corporation, was
services of the worldwide National City organization.
originated as a partnership in 1890 by John I. Blair, a
pioneer in banking and railroad construction. In 1920 the
The Chatham Phenix National Bank and Trust Company partnership
was combined with the firm of William Sala
of New York on March 31 opened a branch in the heart
mon & Co. and from that date operated as a corporation.
of the Grand Central section, having leased quarters for
In addition to its activities in corporate finance Bancathe purpose in the new Lincoln Building, 60 East 42nd merica-Blair
Corporation, and its Blair predecessor, have
Street. Invitations were sent out to numerous patrons and floated important
loans in the American market for a long
prospective customers to attend a reception held through- list of foreign borrowers. Hunter
S. Marston was recently
out the day. Arthur L. Barnes, Vice-President, will be in elected
President of Bancamerica.-Blair Corporation to succharge of this new branch. The main entrance of the
ceed Elisha Walker who became Chairman of the Board
Grand Central Branch will be through the main lobby of
and active executive head of the Transamerica Corporathe Lincoln Building. The branch will also have an ention. Mr. Walker is also Chairman of the Board of
trance on 41st Street, at the street level. Altogether the Bancamerica-Bla
ir Corporation. Bancamerka-Blair Corbranch will occupy 12,000 square feet of floor space. An
poration now maintains 28 offices in the United States and
unusual feature is the location of safe-deposit boxes on
also in London and Paris.
the same floor with the bank. The Chatham Phenix claims
to be the first bank in the country to establish and maintain
The Board of Governors of the Association of Bank Stock
branches and the first, also, to incorporate both "national
Dealers on March 28 passed the following 'resolutions rebank" and "trust company" in its title. The bank as now
garding the Equitable Trust Company and the Interstate
constituted represents the merger or absorption of 21
Trust Company:
separate banking institutions. When Chatham Phenix first
•
"Resolved, that unless otherwise specified at the time of making
became a factor in New York financial life, 42nd Street, contracts, deliveries against sales of Equitable Trust Company may the
be
where the new branch is located, was a remote region, either in free stock or Certificates of Deposit issued under the plea
far removed from the little town at the tip of Manhattan. sent to its stockholders by the Equitable Trust Company under date of
March 18, 1930.
As pointed out in a brief history written in connection
"Resolved, that unless otherwise specified at the time of making the
with this week's event, the Federal Government itself was contracts, deliveries against sales of Interstate Trust Company may
be either in free stock or Certificates of Deposit issued under the plan
only 23 years old at the time of this bank's beginning.
sent to its stockholders by the Interstate Trust Company under date
Among the transactions of the Legislature, in that year of March 18, 1930."
of 1812, was a charter granted to the New York ManufacThe proposed consolidation of the Chase National Bank,
turing Company, containing a clause permitting the per- the Equitable Trust Company and the Interstate Trust
formance of banking operations. This shortly led to a Company was noted in our issue of March 22, page 1961.
separation of the company's banking department, which
became known as the Phenix Bank. In the intervening
At Jekyl Island, Ga., George F. Baker, Chairman of the
period the volume of funds entrusted to it has steadily Board of the First National Bank of New York, observed
increased until today they total $235,000,000.
his ninetieth birthday on March 27. Associated Press dispatches from Brunswick, Ga. referring to the quiet observAt a recent meeting of th- e Directors of the Chemical
ance of the occasion said:
Bank & Trust Company, of New York, Alfred G. TuckerA family dinner was
man was appointed assistant manager of the 320 Broadway reading and automobilethe only departure from the usual daily routine of
drives about the little island, eight miles long and
office and will take up his active duties there April 15, two miles wide, which has been transferred into an exclusive retreat by the
Jekyl Island Club, an organization of 100 millionaires.
Mr. Tuckerman is now assistant manager of the National
With the banker at his birthday dinner were his son, George F. Baker.
City Bank on East 86th Street. He is a graduate of Jr.; his daughter, Mrs. S. St. George, and her son, George St. George,all
Harvard, 1922 class, and was for several years connected of New York, and E. E. Loomis, President of the Lehigh Valley RR.
Holding to his lifelong policy of silence, no statement came from the
with Sanderson & Son, Inc., steamship agents. He joined Baker
home during the day.
the National City Bank in 1927.
Referring to Mr. Baker's departure from Jekyl Island for
The opening on March 31 of new quarters in the Bank New York a dispatch from Brunswick to the New York
of America Building, at the corner of Wall and William 'Times" March 31, said in part:
The banker came to Brunswick from his home at the resort in a special
Streets, by Bancamerica-Blair Corporation completes the
boat, boarded his special car attached to a regular train and began his trip
establishment under one roof of companies headed by the North.
Last Thursday, Mr. Baker celebrated his 90th birthday and spent an
Transamerica Corporation, the largest holding company
for financial institutions in the world. Transamerica con- evening aboard his son's yacht. He left the yacht in a launch for his
residence, but the craft developed motor trouble and drifted to a sand bar.
trols and manages banking and investment institutions in where the party remained until 3.30 o'clock Friday morning.
240 cities with assets of more than $2,500,000,000. The
The Park Row Trust Company of New York, organized by
building at 24 Broad Street from which Bancamerica-Blair
Corporation has just moved was sold to the New York a group of directors of the Plaza Trust Company,is slated to
Stock Exchange by Blair & Co., Inc., in December 1928, begin business on Monday next in the quarters formerly
three months before the merger of Blair with the Banca- occupied by the Clarke Brothers at 154 Nassau Street.
merica Corporation and the Bank of America National
Frederic H. Hatch, Chairman of the Board of Directors of
Association. The new quarters of Bancamerica-Blair in
Wall Street will embrace the entire second, third and Frederic H. Hatch & Co., 63 Wall Street, dealers in investfourth floors, with additional space elsewhere in the build- ment securities, and President of the unlisted Security
Dealers Association, died on April 2.
ing equivalent to half a floor.
According to the "Herald Tribune," Mr. Hatch's death
The Bank of America National Association has conducted
a banking business on the northwest corner of Wall and followed an operation which he underwent three months
William Streets since 1812, the year of its organization. ago. The item in that paper also said:
Familiarly
From 1812 to 1831 the Bank of America occupied the been active known as "the dean of Wall Street brokers," Mr. Hatch had
in financial circles for 50 years. He was the son of Alfrederic
premises as a tenant at an annual rental of $2,000. In S. Hatch.a former president of the New York Stock Exchange and a partner
1831 the bank purchased the two lots on Wall Street, to- In the Wall Street firm of Fisk & Hatch.
Ile was
South Norwalk. Conn.,on May 2 1862 and after a private
gether with a piece of land on William Street, for $70,000 education born into
went
work "on the Street" at the age of 17.
and in 1835 erected the second bank building there. It was the firm of Frederic H. Hatch & Co. in 1888 when he was 26He formed
years old.
on the stoop of this building that representatives of the It was reorganizaed at a capitalization of $1,000,000 in 1928.
For 13 years Mr. Hatch was President of the Village of Woodsburgh,
few banks in New York conducted the clearing of checks L. I., where he
maintained an estate until about a year ago.
In 1853. This was the inception of the present New York
Resolutions expressing the sense of loss suffered in his
Clearing House. Bank of America outgrew the second death were
adopted by the Unlisted Security Dealers'
building in the 80's end in 1888 constructed the third, a Association on
April 2.
nine-story structure then rated as the most magnificent in
the city. Acquisition of the Franklin Trust Company in
The Guaranty Trust Co. of New York in its condensed
1920, the Atlantic National Bank in 1922 and the Battery statement of condition as of March
27, issued this week
Park National Bank in 1923, coupled with the normal reports a gain
in undivided profits of $2,399,077 since the
growth of the Bank of America itself, made this third date of the last published
statement, Dec. 31 1929. The
building inadequate, and in 1925 and 1926 the fourth and company's undivided profits
total $35,035,100, which, with
present bank and office structure took its place in the archi- capital of
$90,000,000 and surplus fund of $170,000,000 gives
tecture of the financial district. Blair & Co., Inc., one a total capital
account of $295,035,100. The statement
FINANCIAL CHRONICLE
2334
[VoL. 130.
John P. Treadwell, Chairman of the Board of National
Bank of Norwalk, Conn., died of heart disease at his home
in New York on April 1. Mr. Treadweil, who was 76 years
of age, was born in New York and was educated in New
Bedford, Mass. Fifty years ago he joined the Fairfield
County Bank in Norwalk, and rose through various positions until he became President and later Chairman of the
0.F. Hevener, publicity manager of the Bank of America, Board of the National Bank of Norwalk, the office he held
N. A., New York, has left for Allentown, Pa., to attend a at his death.
shows total resources of $1,749,321,066, and deposits, including outstanding checks, of $1,133,385,431.
Owen T. Reeves, Jr., chief national bank examiner of the
New York Federal Reserve District, died at his home at
Great Neck, Long Island, on April 3. He was 61 years old.
-days' session of the Atlantic States Shippers' Advisory
2
Board before which he will present the report of the special
James Crosby Brown, senior member of the Philadelphia
bankers committee of which Clare Walker Banta, Vice- branch international banking house of Brown Bros. & Co.,
President of the Bank of America, N. A., is Chairman.
and long an outstanding figure in Philadelphia financial and
in that city on
of the Bankers civic affairs, died suddenly of a heart attack
Seward Prosser, Chairman of the board
Tuesday of this week, April 1. The deceased banker, who
Trust Co. of New York is reported as stating that there is no was 57 years of age, was stricken while walking south on
foundation for the reports of negotiations looking to a merger 16th
Street on his way from his office to a business appointof the Guaranty Trust Co., Bankers Trust Co. and New ment and died in a taxicab while being taken to Hahnemann
Trust Co.
York
Hospital. Mr. Brown was born in New York and received
According to the "Herald Tribune of April 3 Michael H.
education at St. Paul's School, near Concord, N. H., and
Cahill, President of the _Plaza Trust Co. of New York his
he was graduated in 1894. He
reports that his institution was planning Yale University, from which
denied on April 2
Trust Co. The entered the banking business immediately. In addition to
to merge with the Continental Bank &
his activities in the banking firm, which was founded by his
paper quoted added:
in 1800, Mr. Brown
A person in a position to be informed on the affairs of the banks indicated on the previous day that discussions were under way between Plaza
Trust & Continental Bank for a consolidation, but Mr. Cahill asserted that
no union of the banks was contemplated.
Announcement is being made of the proposal to merge
the Hanover Safe Deposit Co. and the Greenwich Safe Deposit Co. into the Central Union Safe Deposit Co. of this
city under the name of Central Hanover Safe Deposit Co.
Stockholders of the Central Union Safe Deposit Co. and the
Hanover Safe Deposit Co. will meet on April 16 to act on
the proposed merger and at the same time the stockholders
of the former will consider the question of increasing its
capital stock from $100,000 to $275,000.
The American Trust Comp- any and the New York Title
and Mortgage Company of New York on March 31 occupied
their new quarters at the Southeast corner of 41st Street
and Madison Avenue in the Lefcourt-Colonial Building.
The American Trust Company occupies the banking floor
and mezzanine. Space above it is used by the New York
Title and Mortgage Company. The New York Title and
Mortgage Company and the American Trust Company have
been in the Midtown Zone for several years, and this move
returns them to the location which they previously occupied. The property was formerly owned by Land Estates,
Incorporated, the land holding company of the New York
Title and Mortgage Company, and sold to A. E. Lefcourt,
who erected the Lefcourt-Colonial Building in which the
present quarters are leased. At the reception held on
Monday afternoon, March 31, President Harry A. Kohler
and the directors of the institutions were assisted by Roger
-President of the American Trust ComP. 7Co vanagh, Vice
Charles R. VanAnden, Assistant Vice-President
pany and
of the New York Title and Mortgage Company, in charge
of activities there.
The Fort Hamilton Office a Irving Trust Company, of
New York, was opened on March 31 at 444 86th Street, in
the lower Bay Ridge section of Brooklyn. It will be conducted under the supervision of H. A. Mathews, VicePresident and Stanley T. Wratten, Assistant Vice-President, and will be in immediate charge of Edward F.
Donahoe, assisted by Theodore M. Jacobsen. The Irving
now has four Banking Offices in Brooklyn, including the
Borough Hall Office, Court and Livingston Streets; the
Flatbush Office, Flatbush Avenue at Linden Boulevard,
and the New Utrecht Office, New Utrecht Avenue at 53rd
Street. Another, the Newkirk Plaza Office, will be opened
at 27-28 Newkirk Plaza next week.
great grandfather, Alexander Brown,
had many other business interests. He was a trustee of the
Penn Mutual Life Insurance Co., g director of tIr Lehigh Valley Transit Co., the Easton Consolidated Transit Co., the
Whitall Cement Co., the Edward G. Budd Manufacturing
Co.; the American Pulley Co., the Beaver Coal Co., Monroe
Coal Mining Co., Virginia Coal & Iron 0o., Stonega Coke &
Coal Co., the Rockhill Coal & Iron Co., East Broad Top Railroad & Coal Co., was Treasurer and Director of the Pennsylvania Glass Sand Corporation and the Pennsylvania Pulverizing Co., as well as President of the Locust Mountain Coal
Co., the Pine Hill Coal Co., and the Pine Hill Collieries Co.
He also was a member of the Philadelphia Stock Exchange.
During the World War Mr. Brown was in charge of the
finance and accounts bureau of the American Red Cross
in France. After seven montts of continuous duty he was
forced to return home through illness.
Announcement was made in Philadelphia on April 3 that
two more banking institutions of that city were to consolidate
namely the Kensington Trust Co. and the National Security
Bank, according to the Philadelphia "Ledger" of April 4.
The consolidated bank is to be known as the Kensington
Security Bank & Trust Co. and will have resources in excess
of $31,000,000. The directors of both banks have unanimously approved the proposed merger and it will be submitted to their respective stockholders for ratification at
special meeting to be held in the near future. The official
announcement which we give below, was made jointly by
Charles L. Martin, President of the Kensington Trust Co.,
who will occupy a like post in the enlarged bank, and John
W. Whiting, President of the National Security Bank,
who will become an Executive Vice-President of the new
company. The announcement said:
"The consolidation creates an unusually strong and influential institution
for the business and manufacturing interests of the northern and northeastern sections of the city. The capital of the new company will be
$1,300,000, surplus, $4,500,000, and undivided profits $300.000.
"We believe that the industrial and business interests of Philadelphia,
particularly in the fast-growing northern and northeastern sections, will
be greatly benefited by the consolidation.
"The National Security Bank and Trust Company was organized in 1870
and has had a very successful career, being of great assistance to many of
the important industrial and business enterprises located near Girard
Avenue. For more than 50 years it has occupied it present site at Girard
Avenue and Franklin Street, and only recently enlarged and completely
remodeled its bank building, equipping it with every modern banking
"The Kensington Trust Company was organized in 1906, and its first
office was on Kensington Avenue below Lehigh. Its successful growth
during the last 25 years kept pace with the growth of the locality. Last
year the company completed and occupied its present new bank building,
one of the most imposing and well-equipped edifices of its kind in Philadelphia, devoted entirely to the needs of the company.
"The new Kensington Security Bank and Trust Company will maintain three offices—Kensington and Allegheny Avenues, Girard Avenue and
Franklin Street and Broad Street and Allegheny Avenue."
At a stockholders meeting of the Banca d'America e
d'Italla and Ameritalia Corporation held in Milan on March
29th, dividends for the year 1929 of 4 lire on the stock of
In addition to Mr. Martin and Mr. Whiting, officers of
the Banca d'America e d'Italia and 4 lire on the stock of
Ameritalia Corporation, were declared. This dividend the new organization, will be: Harry P. Mauger, an Executhe
H. Chapman, Vice-President
Is payable at the various offices of The Bank of America tive Vice-President; Charles
H.Brehm,Frank Schoble,John B.S.
N. A. beginning April 1st, against surrender of 1929 divi- and Treasurer; William
dend coupons.
Rex and George Kessler Jr., Vice-Presidents; Mortimer N.
1111MA11 MB 00 years of age.
Secretaries; Fred G. Muhl, Assistant Title & Trust Officer;
Edward Clymer, Assistant Trust Officer, and C. G. Zeigler,
Eastburn, Title & Trust Officer; John W. Kommer, Secre
Frank S. Truman, Presiden- t of the First National Bank tary and Assistant Treasurer; George Ovington, Assistant
of Owego, N. Y., was killed on March 29 when his automo- Treasurer; Charles W. Shoch and John F. Fox, Assistant
bile and another car were in collision and overturned. Mr.
i.•••••••••••
APRIL 5 1930.]
N FINANCIAL CHRONICLE
2335
Assistant Treasurer. The directorate of the new bank will of the institution at a meeting of the directors on April 1,
be composed of the present directors of the two institutions. according to the Cincinnati "Enquirer" of April 2. Mr.
Shields, who will continue to hold the Cashiership in addition
The proposed union of the Pennsylvania Co. for Insurto his new duties, began his banking carrer more than 40
ances on Lives and Granting Annuities of Philadelphia and
years ago, starting as a clerk in the old Fifth National Bank
the Colonial Trust Co. of that city, under the title bf the
of Cincinnati in 1889. In 1904 he was made an Assistant
former, was consummated on March 29. The new organi- Cashier of the institution. His appointment as Cashier of
zation—said to be the largest State chartered banking the Fifth-Third National Bank came in April 1919. Mr.
Institution in Pennsylvania—is capitalized at $8,232,400 Shields is a member of the Cincinnati Chamber of Commerce.
with combined surplus and undivided profits of $39,000,000.
It has deposits of more than $182,000,000 and total resources
The taking over for liquidation of the Fishers National
in excess of $236,000,000. In addition, the total trust funds Bank, Fishers, Hamilton County, Ind., by the Citizens'
of the new company aggregate $2,584,615,080. Besides its State Bank of Noblesville, Ind., which has guaranteed demain office in the Packard Building at 15th and Chestnut positors against loss, was reported in the following disStreets, the enlarged bank maintains eleven branch offices patch from Noblesville on March 31 to the Indianapolis
throughout Philadelphia the city as follows: Commercial "News":
The National Bank at Fishers (Fishers National Bank), in the
Trust Branch, Colonial Branch, Independence Hall Branch,
doors
Bank of North American Branch, Baltimore Avenue southern part of Hamilton county, did not open itsCitizens today
State
(March 31). The institution has been taken over by the
Branch, Lehigh Avenue Branch, Bainbridge Street Branch, Bank, which has guaranteed depositors against loss. It also is said that
Girard Avenue Branch, Wolf Street Branch, Woodland Ave- all securities are good and that stockholders will not lose anything.
Limited territory was assigned by A. P. Butz, Cashier, as the cause
nue Branch and Walnut Street Branch. The senior officers
of liquidation. The Fishers institution has been in operation sevenof the new institution headed by C. S. W.Packerd.President teen years. J. M. Manship was President and T. A. Beaver Vice.
and C. S. Newhall, Executive Vice-President, include: John President. The directors were Manship, Beaver, C. J. Lancaster, S.
H. Mason, Win, Fulton Kurtz, Arthur V. Morton, Jay Gates, D. Dungan and V. E. Trittipo.
C. P. Lineaweaver, F. G. Sayre, Jas. R. Carpenter, Jr.,
Melvin A. Traylor, President of the First National Bank
Richard E. Hanson, John H. Packard, 3rd; R. S. McKinley,
of Chicago, on April 1 announced the completion of the new
Mark Willcox and Anthony G. Felix, Vice-Presidents;
Corp. on the fourth floor of
James Cheston, 3rd, Treasurer; L. J. Clark, Secretary and quarters of the First-Chicago
the bank's building. The corporation, which last year
Registrar; William M. David, Francis H. Shields and
to its working capital, will participate in
George E. Lloyd, Trust Officers; Harold W. Scott, Assistant added $5,000,000
underwriting of stock issues. The bond
to Executive Vice-President; William F. Kriebel, Cashier; the origination and
buying division of the First Union Trust & Savings Bank, as
Herman W. Coxe, Real Estate Officer, William Voetsch,
well as that of the corporation, will also occupy space in the
Comptroller and William A. Hennigan, Auditor. The apnew quarters.
proaching consolidation of these important institutions was
Frank 0. Wetmore and Frederick H. Rawson are Chairnoted in our issues of February 15 and March 22, pages
men of the corporation, Harry A. Wheeler is Vice-Chairman
1065 and 1963, respectively.
and Melvin A. Traylor is President. Irvin L. Porter, Frank
C. Templeton are
The resignation of Henry B. Reinhardt, as Vice-President M. Gordon, Albert C. Koch and J. H.
charge of the
of the Colonial Trust Co. of Philadelphia, effective March Vice-Presidents. Mr. Porter will be in active
affairs of the corporation and the bond buying division. A
28, was announced on that day by Wm. Fulton Kurtz, then
Wall St., which is
President of the institution and now a Vice-President of New York office is also maintained at 63
Lives and Granting -in charge of Mr. Templeton.
the Pennsylvania Co. for Insurance on
Annuities.
In its issue of March 31, the Pittsburgh "Post Gazette"
stated that effective that day the East End Savings & Trust
Co. at Penn and Highland Avenues, Pittsburgh, would become affiliated with the People's Pittsburgh Trus: Co.,
PittSburgh, as the East End Branch of that institution. The
People's Pittsburgh Trust Co. has held control of the East
End bank for 10 years and the move has been contemplated
for some time. The change in name, it was said, would not
affect the business or personnel of the bank, aside from
giving it all the advantages of a downtown bank and of
increased resources. Invested capital of the East End Trust
Co., under the new management, "is increased from $1,000,000 to $20,000,000. It will have resources of over $80,000,000,
and will become a member of the group known as the Associated Banks, of which the People's Pittsburgh Trust Co.
Is the parent institution, and which have combined resources
of over $200,000,000." J. 0. Miller, former President of
the East End Savings & Trust Co. and a Vice-President of
the People's Pittsburgh Trust Co., it was stated, would remain in charge of the East End Branch, while H. W. Loos,
heretofore Vice-President, would become Vice-President of
the People's PittSburgh Trust Co., and J. R. Jones, former
Secretary and Treasurer, would be made Second Vice-President of the enlarged institution. The Board of Directors of
the East End Savings & Trust Co., it was furthermore
stated, would be retained as an advisory board and would
continue to guide the policies of the merged bank.
Richard T. Cudmore, ranking Vice-President of the PeoT.
ple's Wayne Co. Bank, Detroit, died in ahe Henry Ford Hospital, that city on March 31. Mr. Cudmore was well known
in Detroit banking circles. Born at Chatham, Ont. (Canada) May 9, 1874, he went to Detroit when a lad of 16 and
entered the employ of the State Savings Bank in October
1890. He advanced through all the departments of the bank
and subsequently was appointed Assistant Cashier of the
People's State Bank,following the consolidation of the State
Savings Bank with that institution. Later he was made
Cashier of the People's State Bank and in January 1920 appointed a Vice-President. Upon the consolidation in February 1928 of the People's State Bank and the Wayne County
& Home Savings Bank, Mr. Cudmore continued as a VicePresident of the enlarged bank. At one time Mr. Cudmore
was a member of the Board of Directors of the Detroit
Board of Commerce and served on the committee of 100.
The proposed consolidation of the National Union Bank
Trust Co. of Jackson, Mich., and the People's National
Bank of that city—indicated in our issues of February 8
(page 921) and March 1 (page 1381)—was consummated
on March 29. The new bank is known as the Union
& People's National Bank of Jackson and is capitalized at
$700,000. According to the Detroit "Free Press" of March
30, the new 17-story building of the consolidated bank, which
has total resources of $18,000,000, was formally opened on
March Z. The bank, which is a unit of the Guardian Detroit Union group of banks, will occupy five floors of the
Stockholders of the Elkton Banking & Trust Co., Elkton, new building, it was said. Officers of the enlarged bank inMd., on March 26 unanimously ratified a proposal of the clude Arthur C. Bloomfield, Chairman of the Board of Didirectors that the institution consolidate with the National rectors. and Herbert S. Reynolds, President.
Bank of Elkton, according to a dispatch from that place
Effective March 25, the Kalamazoo National Bank & Trust
on March 27, printed in the Baltimore "Sun" of March 28.
Co., Kalamazoo, Mich, capitalized at $500,000, was placed
which went on to say:
The assets of the new bank will be about $3,700,000, with surplus in voluntary liquidation. The institution was absorbed by
and undivided profits amounting to about $220,000. The action of the the Bank of Kalamazoo and the Kalamazoo Bancshares, Inc.,
stockholders of the trust company will have to be approved by the
ank commissioner. It will probably require two or three months be- both of Kalamazoo.
fore the actual merging of the two institutions will take place.
Julius H. Ha,ass, President of the Detroit Bankers Co.,
Charles H. Shields, heretofore Cashier of the Fifth-Third Detroit announces that Joseph F. Verhelle, formerly AssistUnion Trust Co. of Cincinnati, was made a Vice-President ant Comptroller of the Continental Illinois Bank & Trust
2336
FINANCIAL CHRONICLE
Co., Chicago, has been appointed Comptroller of the former
organization. For 17 years Mr. Verhelle was associated
with the Illinois Merchants' Trust Co., Chicago, and at the
time that institution merged with the Continental was
identified in the capacity of Comptroller. While with the
Illinois Merchants Mr. Verhelle was active in a number of
consolidations throughout the country, having been engaged
in arranging the details of operation, personnel and building
matters. As Comptroller of the Detroit Bankers Co. he will
be responsible for the management of all units of that organization and will make his headquarters in the First National
Bank Building, Detroit. '
[Vol,. 130.
losses ensue." The closed bank had a capital of $200,000
and deposits of $816,000 held mostly in small amounts in
the names of approximately 6,000 customers. The following statement was issued by the directors on the day of
the closing:
"Owing to rumors detrimental to the trust company, resulting in
heavy withdrawals, the Union-Easton Trust Company has been placed
in the hands of the Commissioner of Finance for the protection of the
depositors. It is the belief of the board that with proper and orderly
liquidation, the depositors will be paid in full."
We quote further from the St. Louis paper as follows:
Cantley said in Jefferson City yesterday (March 29) he had ordered
the loans replaced by last night. He said department examiners had objected to the loans at the regular examination made late last month. He
characterized the loans as "slow paper," and not up to the standard
Consolidations affecting five of the banks of the First maintained by the department for this type of collateral.
Friday night, Cantley said, he was informed by the directors they
Bank Stock Corporation (headquarters St. Paul and Minneapolis) system were announced last week by J. P. Leeman. could not meet with his demand, and that consequently he instructed
them to close the bank.
Vice-President and General Manager. A communication
"No financial institution of that size," Cantley said, "can carry a load
in the matter from the Minneapolis office of the concern of $135,000 in bad paper safely. We required the company to take that
out and the directors deemed best to suspend."
said:
•
•
•
•
At Blue Earth, Minn., the First National and the Farmers National
J. B. Norris, an examiner for the State Department, assumed charge
will be merged Monday giving the Blue Earth a "million dollar" bank.
Both the First National and the Farmers National have been affiliates yesterday morning. The fifteen employes reported for duty. The offiof the group. The merged bank takes the name First and Farmers cers did not appear and none could be reached for statements.
Although the bank was not affiliated with the Associated Bankers of
National Bank. For the time being, the bank will occupy the quarters
of the Farmers National while a new monumental type banking building St. Louis, it sought the assistance of that organization Thursday in an
attempt to avoid the collapse.
is being erected on the site of the First National Building.
George Held, 4475 West Pine boulevard, president of the association,
. The First and Farmers National Bank will have a capital structure
of $124,000, including capital of $75,000, surplus of $35,000 and un- said officers of the trust company called him Thursday and asked for
divided profits of $14,000. Deposits are approximately $1,100,000 and sufficient financial assistance to guarantee the full liquidation of the
resources, $1,250,000. The officers include W. E. C. Ross, chairman of depositors' accounts.
Held said an examination of the trust company was made, but that
the board; Frank E. Putnam, president; William Kohlmeyer, vicepresident, F. H. Davis, cashier; H. D. Paschke and E. P. Hummel, the request was refused, principally because of the lack of time to make
a thorough investigation.
assistant cashiers.
He pointed out that only two days remained between the time asOn Monday, the two group members at Gettysburg, S. D., the Potter
County Bank and the First National, will be merged under the name sistance was asked and the expiration of the period granted by Cantley
Potter County National Bank of Gettysburg. The merger creates a for the replacement of the loans.
•
•
•
•
bank with capital of $75,000, surplus of $15,000 and deposits of $1,100,000. The Potter County National temporarily will be housed in
The trust company's balance sheet shows total resources and liabilithe First National's quarters while the present Potter County Bank ties of $1,150,166.79. Loans and discounts on personal and collateral
building is being remodeled. Officers are: Harry M. Griffith, chairman; security totaled $295,147.11; real estate loans, $296,332.19; governAdam Richardson, president; Ross Richardson, vice-president, and ment and industrial bonds, $177,722.51, and cash on hand and due
Harry Frick, cashier.
from other banks, $63,210.65.
Friday, the First National Bank of Harvey, North Dakota, affiliate
On the liability side, deposits in checking accounts are listed at
of the corporation, consolidated within its structure the Farmers State $465,962.84; savings accounts, $259,716.13, and participating certificates
Bank of Harvey. The consolidated bank has deposits of approximately secured by real estate mortgages, $61,323. The capital is listed at
$1,075,000. L. W. Miller, who has been president of the Farmers $200,000, surplus at $20,000 and undivided profits, $14,605.28.
State Bank, associates with the First National as a senior executive.
Shortly before noon yesterday the bank was named defendant in a
August Peterson of Harvey is president of the First National.
receivership suit brought in the Circuit Court by Mrs. Marie A. Mehl,
former operator of the Cabanne Hotel, at 5545 Cabanne avenue, who
Inclusion of the State Bank of Lake Elmo, Minn. and the also requested $50,000 damages she declared she suffered because of the
Bank of Leola, S. D., within the First Bank Stock Corp. alleged failure of the institution to keep a financial contract with her.
Mrs. Mehl stated
petition the bank entered into an agreement
group system was announced April 3 by P. J. Leeman, Vice- with her to finance in her the operation of the hotel, and, upon incorher in
President and General Manager. Application has been poration of the enterprise, she was to receive two-thirds of the stock
made to the Comptroller of the Currency for a national and the bank one-third. She also was to receive a salary of $150 a
charter in Leola and it is planned to organize the First month as preside9t and manager. of the plan and on April 24, 1929,
Mrs. Mehl alleged she approved
National of Leola as the successor to the present Bank of executed a deed of conveyance in blank and delivered it to the bank to
Leola. A statement by the corporation in the matter says be held in escrow. She charged the bank organized the hotel corporation
without notifying her or giving her any of the stock, and, because of the
in part:
failure of the trust company to advance additional funds, it was necesLake Elmo citizens. sary to close the hotel. The suit was filed by Maurice J. Gordon,
The Lake Elmo was organized in 1911 by a group of
In 1911, Ray G. Kern,the present Vice-President and Manager of the bank, attorney.
bought a controlling interest. Dr. F. A. Stevens. physician and surgeon,
Is President; E. A. Bentel, Cashier; and Howard J. Kern, Asst. Cashier.
On March 25 the First National Bank of Sumter, S. C.,
The management will continie without change. A recent statement of
the bank's condition showed capital, surplus and undivided profits of with capital of $150,000, was placed in voluntary liquida$35,051, deposits of $374,323 and total resources of $417,128. The capital tion. As noted in the "Chronicle" of Jan. 4 last, page 65,
of $15,000 is to be increased inunediately to $25,000. . .
The new First National Bank of Leola,8.D.is to be capitalized at $25,000 the institution was taken over by the National Bank of
with an initial surplus of $10,000. Deposits of the Bank of Leola are ap- South Carolina of Sumter.
proximately $360,000 and resources $400,000. Officers of the present
bank, who will continue the management under the national charter, are
Miami advices on April 1 to the "Wall Street Journal"
Fred Kusler, President; E. D. Berridge, Vice-President; W. C. Turner,
reported that the stockholders of the City National Bank
E. Heupel, Asst. Cashier.
Cashier, and A.
of Miami at a recent special meeting approved recommenThe Union-Easton Trust Co., St. Louis, Mo., a neighbor- dations of the directors, which included a reduction of the
'hood bank located at 5325 Locust Street, was closed on bank's capital from $1,000,000 to $500,000 and of surplus
the morning of March 29 on orders of State Finance Com- account from $1,000,000 to $500,000, to provide for charging
missioner Cantley, after the Board of Directors had failed off bad paper, and the removal of a further $1,000,000
of
to comply with his demand for the replacement of $135,000 questionable assets in exchange for a like amount of
funds
4n real estate loans, the existence of which among the contributed to the institution by J. C. Penney and other
bank's assets the Commissioner characterized as evidence majority stockholders. The dispatch went on to say:
-Democrat" of
of bad management. The St. Louis "Globe
J. C. Penney, chairman of City National Bank, Miami, in a letter
the next day, from which the above information was to the (Miami public, explains the action of the bank in reducing its
capital. Mr. Penney and several associates acquired a majority of the
'obtained, stated the closing of the institution was followed stock early in 1928 and put in $2,000,000 of
new funds at that time
-by the filing of a suit in the St. Louis Circuit Court for the to enable the institution to charge off that amount of bad paper, a
loss which the bank suffered through absorption, about two years earlier,
appointment of a receiver against the Provident Loan &
of Miami Bank & Trust Co. and Commercial Bank & Trust Co., and
Investment Institution at 1009 Locust Street, a concern made severe because of the hurricane and
collapse of the Florida real
were also the principal estate market.
headed by the Blase Brothers, who
this action went a long way toward placing City National in a
While
officers of the closed bank. Arthur F. C. Blase was Presisound condition, it is found, Mr. Penney says, that
dent of both the bank and the loan institution, while Oliver should be charged off from the bank's receivables. To $2,000,000 more
make this possible,
Blase was Vice-President and Treasurer of the bank and he and his associates have put into the bank, as of March 31, a further
Secretary of the company. The suit for the receivership $1,000,000 in new funds, and the institution has reduced its capital
funds by a like amount, while the remaining doubtful paper, amounting
against the loan company was filed by Foristel, Mudd, Blair to $2,000,000, has been charged off.
Mr. Penney points out that while the institution has sustained
& Habenicht, attorneys for Mrs. Walter Weihe, a stockheavy
,holder of the concern, "who alleged the company is insol- losses, these losses now have been made good. Capital and surplus of
$1,000,000, he states, are adequate to operate a bank with many times
vent, that its funds have been dissipated and that a receiver current deposits, and provide ample funds to meet
legitimate demands
should be appointed to wind up the business before further of business.
APRIL 51930.]
FINANCIAL CHRONICLE
"I have the utmost confidence in the future of Miami and the whole
of Southern Florida," states Mr. Penney, "and my associates and I
have evidenced this faith by our investments in Miami. We have been
squarely behind City National Bank since we entered it three years
ago. We have backed the bank and Miami unreservedly in the past and
we shall continue to do so in the future."
The reopening of the First Bank of Polytechnic, Tex.,
(a surburb of Fort Worth), the closing of which together
with the Texas National Bank of Fort Worth was noted
in our issue of Feb. 8, page 922, was reported in advices by
the Associated Press from Fort Worth on March 24, appearing in the Dallas "News" of the next day. The dispatch
said:
The First State Bank of Polytechnic reopened this morning. It had
been closed since Jan. 31.
With its $75,000 trust fund raised by Polytechnic business men and
contributed by depositors and with new officers in charge, the bank did
a rushing business within the first few hours after its opening.
The bank had announced that dollar for dollar would be paid old
depositors.
Deposits, however, greatly outnumbered the withdrawals. A small
group gathered in front of the bank as early as 7:30 o'clock. They
were admitted. The crowd gradually increased until by the time the
windows opened at 9 o'clock forty or more persons were in the bank.
Seated in the office of the president was H. H. Wilkinson, president
of the Continental National Bank. E. M. Perkins, vice-president and
cashier, stood in the lobby, shaking hands and accepting congratulations.
On March 26 the Comptroller of the Currency issued a
charter for a new bank in Henderson, Tex., under the title
of the Citizens' National Bank, with capital of $100,000.
C. L. Brachfleld is President of the institution and J. E.
Heath, Cashier.
We are advised that the Citizens National Trust & Savings Bank of Los Angeles, opened its thirty-third banking
office on March 29, at Angeles Mesa Drive and West Vernon
Ave., to serve the rapidly developing Leimert Park district.
John C. Henderson, formerly In charge of the Plaza branch,
has been appointed manager. Herbert D. Ivey, President
of the Citizens, states that the addition of the Leimert
Park branch is In line with the established policy of the
bank to place banking offices at strategic centers, as the
development of new communities In Los Angeles creates a
need for neighborhood banking service. He announced
at the time of the opening of the branch, that further
branches are in contemplation, and that work has already
begun on a new building which the Citizens will erect to
house a branch at West Adams and Cloverdale Avenues.
It is planned to open the latter branch about the first of
July.
The Farmers' & Merchants' National Bank of Blythe,
Cal., capitalized at $50,000, went into voluntary liquidation on March 1. The institution was absorbed by the
First National Bank of Blythe.
Further referring to the indictment by the San Francisco
Grand Jury on March 4 of George N. Keyston, President
of the San Francisco Stock Exchange and a member of the
brokerage house of Lieb-Keyston & Co. of that city, together with eight others for an alleged conspiracy in which
approximately $550,000 is said to have been embezzled
from the Post and Fillmore branch of the Bank of Italy
(noted in our issues of March 8 and March 15, pages 1585
and 1765, respectively) on March 22 all nine defendants
were arraigned and the case continued for pleading until
a later date, according to the San Francisco "Chronicle"
of March 23. The resignation of Mr. Keyston as President
of the San Francisco Stook Exchange and its subsequent
acceptance by the board of Governors was also reported in
the paper mentioned. In his letter relinquishing the office,
which was received by the board of Governors simultaneously
with his arraignment in the Federal Court, Mr. Keyston
said:
"Governing Board, San Francisco Stock Exchange.
"
'Dear Sirs: When asking recently that the Vice-President take over
the administration of the exchange I was not aware of the time which it
now appears the circumstances may require.
"
'My wish is to resign at that time was overcome by the urge of members and friends. However, with the knowledge that this period may
be extended unduly, and mindful of the importance to the exchange of
having a full executive personnel, may I ask that my resignation as President be accepted forthwith?
GEORGE N. KEYSTON.'
"
Mr. Keyston's retirement as head of the Exchange was
announced in the following statement issued by the Governors:
"The Board of Governors of the San Francisco Stock Exchange has
to-day (March 22) accepted the resignation of George N. Keyston as
President on the grounds he has indicated in the subjoinx1 letter.
"In accepting this resignation the Governors desire to express raxret
that Keyston has considered this action necessary and to record their
confidence in him."
2337
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has continued its forward movement
this week. The daily turnover kept steadily creeping up
and on the sales on every day except Thursday exceeded five
million shares with the ticker tape lagging far behind the
transactions on the floor. United States Steel has been
particularly prominent and there has been a strong demand
for telephone stocks, electric shares and public utilities at
steadily increasing prices. The weekly report of the Federal Reserve Bank made public after the close of business on
Thursday showed a further increase of $148,000,000 in
brokers' loans. Call money renewed at 4% on Monday
remained unchanged throughout the week.
Bullish activities were again in evidence during the abbreviated session on Saturday, the tremendous rush of buying
.
carrying numerous high-grade issues to new peaks for 1930.
The turnover exceeded 2,700,000 shares, and the ticker
lagged far behind. Radio Corporation was bid up sharply to
above 53 and closed with a net gain of 3 or more points.
General Electric sold up to 8878 at its top for the day and
closed at 8678 with a gain of 23/2 points. Westinghouse
closed at 1903/2 with an adavnce of 4 points. Amer. Tel. &
Tel. ran up to 264 and reached its final at 2633 with a gain
4
of 63/2 points. Industrial shares also were in demand and
advances ranging from 2 to 7 or more points were scored
by a number of the more active issues. Public utilities on
the other hand did not do so well, though the group as a
whole was fairly'strong in the early trading. Electric Power
and Light, for instance, shot ahead to a new high above 93,
but subsequently slipped to 9178 with a new loss of over a
point. Public Service of New Jersey was off about 2 points
at the close. Railroad shares scored sharp advances.
Heavy realizing characterized the transactions in most
directions on Monday, though several of the more prominent
of the speculative issues pushed briskly forward into new
high ground. In the public utility group the telephone
stocks were particularly conspicuous, American Tel. & Tel.
making a new high as it crossed 266, though it closed at 264
with a fractional gain. Int'l Tel. & Tel. enjoyed a brish run
up and advanced over 6 points to above 70. Columbia Gas
rushed into new high ground for the year as it crossed 104
with a gain of 4 points. American & Foreign Power also
registered a gain of 4 points. United States Steel advanced
to a new high for the year at 195, and Bethlehem Steel
recorded a gain of nearly 2 points at 108%. With the
possible exception of Wabash which advanced 3 points to
663/2, railroad shares moved within narrow limits with a
slight inclination to lower levels. Auburn Auto closed at
2613/2 with a gain of 13 points.
Public utility shares assumed the market leadership on
Tuesday, and while there was a brief period of irregularity
in the early trading the group as a whole closed at higher
levels. Electric Power & Light spurted forward to a new
high at 96 with a gain of more than 5 points on the day.
Public Service of New Jersey also enjoyed a sharp advance
of 5 points to 1133/2. Detroit Edison improved 4 points to
245; Consolidated Gas gained 35% points to 12678; Standard
Gas & Electric surged upward 63/s points to 12178 and
Electric P ower & Light fared equally well. United States
Steel, again raised its top as it corssed 197 with a gain of
3 or more points. Merchandising stocks were represented in
the advances by Sears Roebuck which gained 3 points to
873/2 and Montgomery Ward which shot upward 2 points
and crossed 40. Oil shares were somewhat stronger; Standard Oil of New Jersey bounding forward 23/2 points to 763/2,
followed by Atlantic Refining Co. which shot ahead nearly
2 points to 503.
On Wednesday the market displayed considerable buoyancy in the early trading which was maintained until the
closing hour when a sharp selling wave carried the final
prices from one to three or more points below the early quotations. Recent speculative favorites such as United States
Steel, common, Amer. Tel. & Tel., New York Central,
Radio Corp. and other high grade issues moved sharply
downward and closed the day from one to three points below
the preceding final. The volume of sales continued at a
high level and again exceeded the 5,000,000 mark. On
Thursday the trading was characterized by further recessions but a brisk rally late in the afternoon boosted many
of the leading speculative issues to the higher levels of the
preceding day. General Electric advanced 1% to 87,
Allied Chemical & Dye 33/2 to 3033/2, Amer. Tel. & Tel.
334 to 263, Case Threshing Machine 332 to 264, Detroit
Edison 33 to 2463 ,Western Union Tel.five points to 191 34
4
A
and Worthington Pump & Machinery 5% points to 138.
Amusement stocks also were conspicuous, Radio-KeithOrpheum going into new high ground above 40 with a gain
%
gain of 23 points, followed by Columbia Graphophone with
a gain of two points. Warner Bros., Loews and Famous
Players also were in strong demand at improving prices.
Radio Corporation was turned over in tremendous volume
and raised its top above 60 and closed ta 593'z with a net gain
of 23' points. The so-called specialties were featured by a
sharp demand for Simmons which moved up two points.
Bullish activities were again in evidence on Friday as
the market moved vigorously forward to a new high record
for 1930. Enormous blocks of stocks changed hands throughout the day and the total turnover reached fairly close to the
6 million mark. The upward procession was headed by
Radio Corporation and General Electric, the former shooting
ahead to 61% with a gain of nearly 2 points, while General
2
.
Electric moved ahead 53/i points to 923/ Practically the
entire list participated in the advances, but the rails, oils,
public utilities, motors and specialties were in the most
demand, many of the more active speculative issues recording
advances ranging from 1 to 10 or more points. The most
noteworthy advances were Allied Chemical & Dye 7 points
to 3103/2, Consolidated Gas 33' to 1273, Westinghouse
Electric 33 to 1853', Sloss-Sheffield 4 to 45 and Ches. &
Ohio 33' to 2383/2. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
drc.,
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
2,791.170
5,161.320
5,395,170
5,312,660
4,633,610
5.931,610
$6,165,000
9.215,000
10,423,000
7,913,000
7,967,000
12.042,000
$2,012,000
2,922,000
2,655,000
2.653,000
2,659,000
1,630,000
5201,000
1,770,000
795,200
193,000
369,000
269,000
Total
29.225.540
853.725.000
$14.531.000
33.507.200
Week Ended April 4.
State,
Municipal .4
Foreign Bonds
Week Ended Apr414.
Sales at
New York Stock
Exchange.
1929.
1930.
United
States
Bonds.
Jan. Ito April 4.
1929.
1930.
29,225.540
18,378,450
247,987,480
312,814.700
33,597.200
14,531,000
53,725,000
$1,977,500
10,275,000
33,269,000
332,537.100
191,879,000
574,456,000
$37,094,100
172,586,050
462,784,000
$71,853,200 $45,521.500
-No. of sharesStooks
Bonds.
Government bonds__
State and foreign bonds
Railroad & misc. bonds
Total bonds
$798,872,100
$672,464,150
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 41930.
*25,995
*51,918
*54,159
*60.887
*56,472
57,314
Total
306,745
week revised
Philadelphia.
Baltimore.
United Kingdom imports and exports of gold for the month of February
last are detailed below:
MIN
Imports
Exports
E372 £6,764,390
Germany
France
42,756
61.074
Switzerland
44,500
4,000,000
Spain
664
77,770
West Africa
16
49,318
Various countries in South America
Union of South Africa (incl. South West African
3.662,761
Territory)
92,495
Rhodesia
64,766
British India
66.022
Australia
34,825
Austria
14,382
31,555
Other countries
£8,005,876 $7.001,790
SILVER.
has been quiet. Although Continental sales have
The week under review
eased somewhat, America has been more willing to sell, but the moderate
demand from China has been sufficient to maintain a steady tone. There
has been a little forward selling on Indian account as well as purchases
for shipment and to cover bear sales The demand for prompt delivery,
however, having been less insistent, the difference between the two quotations gradually narrowed, and by the 18th instant, the premium on cash
silver had dimished to 3-16d.
To-day, owing to an absence of selling, there was a rise of 3-16d, carrying
quotations to 19%cl. and 19 3-16d. for cash and two months' delivery
respectively.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 10th instant, to mid-day on the 17th
instant:
Exports
Imports£8,400 Netherlands
£28,400
Java
75,000
63.486 Hong Kong
France
38.580
6,100 British India
Germany
2,241
6,150 Other countries
Egypt
10.000
Irish Free State
17.382
Canada
82,348
British India
15.800
Australia
2,468
Other countries
£144,221
£212,134
INDIAN CURRENCY RETURNS.
Mar.15. Mar. 7. Feb. 28.
(in lacs of rupees)17967
18171
18160
Notes in circulation
10867
10751
10761
Silver coin and bullion in India
Silver coin and bullion out of India
5257
5227
3227
Gold coin and bullion in India
Gold coin and bullion out of India
5g§§
3873
5rW5
Securities (Indian Government)
310
294
Securities (British Government)
The stocks in Shanghai on the 15th instant consisted of about 93.800.000
ounces in sycee, 136.000,000 dollars, 5,400,000 Saigon dollars and 7,140
silver bars, as compared with about 92,900,000 ounces in sycee, 134,000,000
dollars, 6,100,000 Saigon dollars and 19,000 silver bars on the 8th Instant.
Quotations during the week:
-Bar Silver per oz. std.Bar Gold
Cash.
Two Mos. Per Oz. Fine.
18 15-164. 84s. 11)(d.
March 13
194d.
19 1-16d.
18 13-164. 84s. Mid.
March 14
194.
19)(d.
84s. 11 wt.
March 15
19)(d.
194.
84s. 11 d.
March 17
194.
84s. 10 gd.
193-16d.
March 18
19 3-16d.
84s. 10d
19%cl.
March 19
19.2294.
18.989d.
843.10.808.
Average
The silver quotations to-day for cash and two months' delivery are
respectively ;id. and %d. above those fixed a week ago.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
PTPV
[Vim. 130.
FINANCIAL CHRONICLE
2338
280.757
$22,000
35,000
11,000
13.000
15,500
9,000
a113,243
a185,106
a186,045
a187,253
a143,107
23,821
37,000
21.000
40.000
18,500
7,000
7,000
01,881
03,570
01,992
2,318
5,234
3,128
$10,000
4,000
26,300
16,600
19,200
21,000
$105,500 838,575
$100,500
18,123
$97,100
8105.600
17.680 8111.400
870.000
728.240
•In addition, sales of rights were: Saturday, 1,310; Monday, 4,217; Tuesday,
1.177; Wednesday, 2,248; Thursday, 32.
S In addition, sales of rights were: Saturday, 700; Monday, 5,400; Tuesday.
14100; Wednesday, 3,800; Thursday. 3,800. Sales of warrants were: Saturday,
NO; Monday, 13,000; Tuesday, 2,500; Wednesday, 4,400; Thursday, 2,500.
•In addition, sales of warrants were: Saturday, 112; Monday, 188: Tuesday, 71.
THEIENGLISHIGOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Mar. 19 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £151,873,749
12th instant (as compared with £151,601,773 on the previous Wedneson the
-when
day), and represents a decrease of £2,032,566 since April 29 1925
an effective gold standard was resumed.
There was less competition for the South African gold available yesterday
in the open market. About £818,000 was on offer, and at the fixed price
of 84s. 100. per fine ounce, £200,000 was taken for a destination not
disclosed, £150,000 for Germany, £65,000 for the Home and Continental
trade and £45,000 for India. A welcome feature was that the Bank of
England secured £335,000 at the statutory buying price. It is more than
two months since the Bank received any of the open market supplies.
Movements of gold as announced by the Bank of England show a net
influx of £1,581,607 during the week under review. Withdrawals amounted
to £255.973, of which E250,000 was in bar gold for a destination not known.
Receipts totalled £1,837,580, which included £425,000 in sovereigns "released." £335.000 bar gold and £10,000 in sovereigns from Irish F. State.
and £1,025,000 in sovereigns from Australia. We understand that the
gold already shipped from Australia to this country amounts to £9.000.000.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 10th instant to mid-day on the 17th instant:
Exports
Imports£114,550
£48,497 Germany
France
10.000 France20,258
Irish Free State
13.655
1.025,000 Austria
Australia
41,225
British South Africa-__ 1,186.096 British India
14.902
5.815 Other countries
Other countries
£2,275.408
£204,590
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
(Saturday, April 5) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 7.3% below those for the corresponding week
last year. Our preliminary total stands at $13,410,712,414,
against $14,484,743,303 for the same week in 1929. At this
centre there is a loss for the five days ended Friday of 6.4%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending April 5.
1930.
1929,
Per
Cent.
$7,634,000,000
540,673,599
505.000,000
442,000,000
106.128,483
111,800,000
176.723,000
159,518,000
163,940,943
154,610,321
130.245,362
95,723,892
48,916,262
$8,155,000,000
573,039,915
632,000,000
484,000,000
118,734,098
121,100,000
187,668,000
179,191,000
179,539,165
169,530,521
140,037,944
118,660,440
49,099,131
-6.4
-5.7
-20.1
-8.7
-10.6
-7.7
-5.8
-11.0
-8.7
-8.8
-7.0
-19.3
-0.4
Thirteen cities, 5 days
Other cities, 5 days
$10,269,279,862 311,107,600,214
989,647.150
1,141,243,415
-7.6
-13.3
Total all cities. 5 days
All cities, 1 day
$11.258,927,012 $12,248,843,629
2,151.785,402
2,235,899.674
-8.1
-3.8
813.410.712,414 $14,484.743.303
-72
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
acveland
Baltimore
New Orleans
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
APRIL 5 1930.]
2339
FINANCIAL CHRONICLE
results for the week previous-the week ended March 29.
3 Months 3 Months Indor 3 Months 3 Months
1928.
1927.
1929.
Dec.
1930.
For that week there is a decrease of 14.0%, the aggregate of
t
8
8
II
%
clearings for the whole country being $11,567,551,788 against Federal Reserve Diets. 6,776,000,391 7,348,597,388 -7.8 7,517,864,591 7,135,587,911
1st Boston -__-14 cities
$13,449,732,699 in the same week of 1929. Outside of this 2nd New York__14 " 93,945,721,156 124,461,263,467 -24.5 95,334,488,301 79,303,029,523
-4.8 7,736 939,021 7,634
7.893,521,309
,278.696
3rd
city the decrease is 12.9%, while the bank clearings at this 4th Philadelpla 14 " 5,319,271,985 8,278,202,542 -10.0 5,446,788,853 5,422,590,335
5,912,786,254
Cleveland__15 "
2.296,529,361 2,363,549,080 -2.8 2,412,663,547 2,538.096,671
5th Richmond _10 "
centre record a loss of 14.5%. We group the cities now 6th Atlanta----17 " 2,331.473,157 2,587,299,512 -9.9 2,610,029,321 2,711,779,619
according to the Federal Reserve districts in which they are 7th Chicago ___29 " 11,509,149,919 14,593,105,311 -21.2 13,28/.922.655 12,661,307,314
2,669,004,609 3,077,574,839 -11.8 2,955,420,231 2,935.618,954
8th St. L01118--10 "
located, and from this it appears that in the New York 9th Minneapollal3 " 1,465672,021 1,636,354,461 -10.2 1,581,300,728 1,449,106,955
3,037,366,953 3,348,936,694 -9.3 3,468,031,571 3,274,323,060
10th KansasCitY 15 "
Reserve District, including this city, there is a loss of 14.5%, 11th Dallas
1,455,304,132 1.727,313,013 -15.8 1,554,606,915 1,681.185,136
11 "
in the Boston Reserve District of 9.7% and in the Philr del- 12th San Fran-28 " 7,207,323,925 8,347,595,258 -13.7 7,638,499,406 7.296,909.509
Total
190 cities 145,900,337,923 183,632,607,839 -22.5 151,739,555,440 134.043,813,653
phia Reserve District of 8.3%. The Cleveland Reserve
54,116,326,339 61,700,776,659 -12.0 57,933,83',549 56,694,928,041
District has suffered decrease of 5.8%, the Richmond Outside N. Y. CltY
Reserve District of 2.5% and the Atlanta Reserve District
Our usual monthly detailed statement of transactions on
of 9.1%. In the Cnicago Reserve District the totals show
a shrinkage of 21.6%, in the St. Louis Reserve District of the New York Stock Exchange is appended. The results for
1930 and 1929 are given below:
9.1% and in the Minneapolis Reserve District of 3.4%. March and the three monthsof
Three Months.
Month of March.
In the Kansas City Reserve District the totals are smaller
Description.
by 14.9%, in the Dallas Reserve District by 20.2% and in
1929.
1929.
1930.
1930.
the San Francisco Reserve District by 15.6%.
Stocks, number of shares_ _
96,552,040 105,661,570 226,694,430 294,436,250
RR.& miscellaneous bonds__
In the following we furnish a summary by Federal Reserve State, foreign, &e., bonds.._ 8252,335,000 $145,481,500 5.536,111,000 $429,515,000
77,569,000 53,108,000 181.381,500 162,311.050'
districts:
U.S. Government bonds_ _ _ 14,465,800 11,927,500 30,910,300 35,116,500
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 29 1930.
1930.
Federal Reserve Dusts.
$
let Boston __-_12 cities
491,407,763
2nd New York__11 "
8,038,811,713
3rd Philadelpla 10 "
526,179,108
4th C1eveland_ - 8 "
396,048,066
5th Richmond _ 6 "
156,443,103
6th Atlanta____12 "
152,768,170
7th Chicago _....20 "
801,872.922
8th St. Louls___ 8 "
182,991,140
9th Minneapolis 7 "
97,656,613
10th KansasCity 10 "
169,052.384
Ilth Dallas
59,672,215
5 "
12th San Fran 17 "
454,648,621
1929.
$
544,457,986
9,400,005,783
573,426,633
420,482,390
160.328,818
168,048,097
1,021,477,961
201,151,935
101.449,539
198,419,134
74,805,492
585,676,902
Inc.or
Dec.
$344,369,800 $210,517,000 3748,402,800 3626.942,650
Total bonds
1928.
1927.
$
$
%
-9.7
540,684,549
597,708,718
-14.5 6,014,520,780 6,581,119,417
-8.3
580,082,457
651,539,447
-5.8
387,048,601
389,789,093
-2.5
168,511,468
205,649,503
-9.1
171,963,970
150581,998
-21.6
982,574,107
963,334,296
-9.1
202,399,711
213,371,473
-3.4
118,255,983
101,605.197
-14.9
183.323,611
196,891,132
-20.2
65,808,748
72,781,528
-15.6
545,355,191
563,673,2.92
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1927.
1929.
1928.
1930.
No. Shares, No. Shares. No. Shares. No. Shares.
Month of January
February
March
62,308,290 110.805,940
67,834,100 77,968,730
96,552,040 105,661,570
1st Quarter
226.694.430 294.436.240 188.902.334 127.649.589
MONTHLY CLEARINGS.
Clearings. Total All.
31 dues
384.728.616
507.439.350 -24.2
392.590.967
314.813.114
34,275,410
44,162,496
49,211,663
The following compilation covers the clearings by months
since Jan. 1 in 1930 and 1929:
Total
126 cities 11.567,551,788 13,449,732699 -14.0 11.981,528,236 10,708,274,527
Outside N. Y. City
3,649,103,830 4,189,231,365 -12.9 4,083172,461 4,258.536,295
Canada
56.919,395
47,009,070
84,973,869
Clearings Outside New York.
Month.
1930.
1929.
1929.
1930.
We also furnish to-day a summary by Federal Reserve
51,499,101,142
22.0
-11.6
districts of the clearings for the month of March. For Feb. 42,418,215,982 65,989,378,189- 19,467,796,592 22,035,712,319 -11.7
22.3 16,430,567,075 18,622,335,710
54,552,094,040that month there is a decrease for the entire body of clearing Mar 51.983,020,799 63,091.015,608 --17.6 18,217,962.672 20.772,176,930 -12.3
houses of 17.6%, the 1S30 aggregate of tha clearings being 1st nu_ 145900 337923 183633487837 -20.5 54,116.326.339 61.480.224.959-12.0
$51,983,020,799 and the 1929 aggregate $63,090,015,608.
The course of bank clearings at leading cities of the country
In the New York Reserve District, the totals show a falling for the month of March and since Jan. 1 in each of the
off of 20.0%, in the Boston Reserve District of 9.0% and last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
in the Philadelphia Reserve District of 7.3%. The CleveMarch
Jan. 1 to March 31land Reserve District has a loss of 8.9%, the Richmond
1928.
1927.
1930. 1929. 1928. 1927. 1930,
1929.
(000.000s
$
$
8
8
$
$
omitted.)
$
8
Reserve District of 0.1% and the Atlanta Reserve District New York
33,765 42,318 35,454 28,728 91.784 122,152 93,321 77,349
7,467
9,733
9,075 8,264
2,484 3,158 3,156 3,099
Chicago
of 11.0%. In the Chicago Reserve District the totals are Boston
1,990 2,217 2,319 2,292 6,024 6,482 6,710 6,402
7,422
7,733
7,192
7,097
2,398 2,580 2,559 2,504
smaller by 20.0%,in the St. Louis Reserve District by 10.3% Philadelphia
657
1,611
628
1,871
1,874
1,870
616
534
St. Louis
and in the Minneapolis Reserve District by 13.6%. The Pittsburgh
2,391
767
827
2,228
2,436
2,248
789
820
867
2,617
2,714
2,842
2,442
982
952 1,020
San Francisco
Kansas City Reserve District shows a falling off of 20.4%, Baltimore
459
485
1,241
1,254
1,329
1,379
419
435
280
391
337
327
849
983
1,007
940
the Dallas Reserve District of 18.3% and the San Francisco Cincinnati
1,827
553
602
586
649
1,613
1,718
1,686
Kansas City
528
1,718
1,862
1,585
1,523
Reserve District of 12.3%.
583
654
533
Cleveland
March
1930.
Federal Reserve Diets.
let Boston .....13 cities
2nd New York__14 "
3rd Philadelpla 14 "
4th Cleveland_ _15 "
5th Richmond _10 "
6th Atlanta_ ___17 "
7th Chicago ...A9 "
8th St. Louts_ __10 "
9th Minneapolls13 "
10th KensasCity 15 "
11th Dallas
11 "
12th Ban Fran--27 "
March
1929.
Inc.or
Dec.
March
1928.
March
1927,
$
$
S
%
$
2,252,896,185 2,499,085,829 -9.0 2,585,409,904 2,538,330,539
3.5,486,898,887 43,085,057,495 -20.0 36,133,671,354 29,398,707,967
2,549,118,047 2751,780,226 -7.3 2,741,575,142 2,686,213,724
1,830,614,609 2,003,138,652 -8.9 1,839,734,319 1,878,586,316
795,678,450
795,951,706 -0.1
841,821,321
890,30692)
780,356,625
876,660,497 -11.0
890,442,758
931,939,538
3,074,482,716 4,645,016,524 -20.0 4,633(.37,388 4,542,020,286
889,009,026
991,355,406 -10.3
992,726,274 1,037,298,391
505,494,239
584,531,152 -13.6
553,793,142
510,981,992
1.010,012,545 1,153,441,529 -20.4 1,146,155,850 1,176,576,247
472,170,636
578,072,546 -18.3
514,016,729
563,881,797
2,536,388,834 2,891,494,047 -12.3 2,809,779,248 2,599,447.486
Total
190 cities 51,981.020,799 63,090,015,603 -17.6 55,692,363,459 48,763,288,189
Outside N. Y. City
18,217,962,672 20,771,933,517 -12.3 20,2.38,528,370 20,035,533,340
Canada
32 6181455
1 ROA a,S11
•', nan anc aea
.e, .en......... ..... .........- ........
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City _ __ Hartford
Total
Other cities
327
347
214
230
997
797
170
166
214
204
59
71
155
132
790 1,043
228
261
104
154
85
174
102
93
193
185
87
98
183
239
77
75
87
84
340
257
796
167
215
65
181
916
218
138
95
99
195
92
231
75
75
308
257
742
167
194
58
198
878
220
136
140
102
215
102
210
72
63
962
664
2,285
501
570
184
394
2,331
650
295
362
284
563
272
513
230
216
996
711
2,880
533
573
216
452
3,041
770
434
433
312
558
296
616
228
260
955
765
2,240
511
557
199
537
2,537
649
390
374
296
552
279
606
226
225
862
761
2,057
468
510
173
563
2,459
642
370
348
301
616
283
557
212
187
48,621 59,264 51,973 45,025 135,840 172,307 140,767 122,853
3,362 3,997 3.890 3,915 10,060 11,827 11,228 11,323
Total all
51,983 63,262 55,857 48.940 145,900 184.134 151.995 134,536
Outside N.Y. City 18,21720.943 20,403 20,213 54,116 61,982 58.674 57,187
We now add our detailed statement showing the figures
We append another table showing the c earings by Federal for each city separately for March and since Jan. 1 for two
Reserve districts for the three months back to 1927:
years and for the week ended March 29 for four years:
CLEARINGS FOR MARCH,SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 29.
Month of March.
Clearings at
1930.
1929.
3 3foaths Ended March 31.
Inc. or
Dec.
• 5
$
%
First Federal Rese rye District- Boston
Me.
-Bangor
2,555,547
2,815,600 -9.2
Portland
15,185,085
16,009,105 -5.1
Mass.
-Boston
1,990,227,032 2,217,182,054 -10.2
Fall River
5,043,975
5,923,899 -14.9
Holyoke
2,380,910
2.543,155-6.4
Lowell
4,191,507
5,360,044 -21.8
New Bedford
4,318,861
5,482,783 -21.2
Springfield
20,223,781
22,321,142 -9.4
Worcester
14,228,476
16,348,418 -13.0
Conn.
-Hartford__ - 87.777,866
84,169,474 +4.3
New Haven
34,255,192
36,384,131 -5.9
Waterbury
9,773,600
11,136,400 -12.2
It. I.
-Providence_
59,713,900
70,851.700 -15.3
N. H.
-Manchester
3.020,453
2,557,924 +18.1
Total(14 cities).
_ 2,252,896,185 2,499. 1
.5.829
-9.0
1930.
1929.
Week Ended March 29.
Inc. or
Dec.
!
1930.
1929.
Inc. or
Dec.
3
7,599,488
45,478,830
6,024,919,420
15,664,546
7,397,450
12,978,223
13,849,200
60,622,336
45,542,765
218,112,257
102,880,938
28,542,800
184,925,500
9,486,638
7,952,255
48,597,551
8,482,213,083
18,102.501
7,998,094
16,504,277
16.017,672
72,644,363
48.171,156
260,422,341
113,140,704
32,728,800
215,623,800
8,480,811
--4.4
--6.4
--7.0
--16.5
-7.5
--21.4
--I3.6
--16.5
--5.5
-.-23.0
--9.0
--13.8
--I4.2
+11.9
526,725
3,410,683
440,000,000
1,027.561
6,776,000,391
7,348,597,3884
-7.8
491,407,753
1928.
1927.
8
579,108 -9.1
2,994,193 +13.9
491,000,000 -10.4
1,313,196 --22.9
503,263
3,213.587
485,000,000
1.582,697
864.127
3,434,757
539.000,000
2,095.222
928,200
851,783
4,244,247
3,081,049
17,392,861
7.016,545
1,142,866
1,223,096
4,678,642
3,506,669
15.106.611
6,576,899
-18.7
-30.4
-9.3
-12.1
+15.2
+17.7
917.369
1,261,721
4,979,594
2,924,342
18.494,524
7,383,634
1,232,129
1,244,116
6,385,846
4.693.214
16,398.303
7.411,540
12,234,100
693,999
15,728,800
607,906 +14.1
13,612,800
811,018
14,201.100
748,384
540,694,549
597.708.718
544,457,986
-9.7
2340
FINANCIAL CHRONICLE
[Vol,. 130.
CLEARINGS
-(Continued.)
Month of March.
3 Months Ended March 31.
Week Ended March 29.
Clearings at
1930.
Inc. OF
Dec.
1929.
1930.
%
$
1929.
Inc. or
Dec.
1930.
$
%
$
$
$
Second Federal R = serve District -New York-Albany
N. Y.
•
27,885,905
25,687,237
Binghamton
•
5,306,462
5,939,570
Buffalo
228,039,170
261,110,748
Elmira
•
3,787,972
5,462,980
Jamestown
•
5,240,589
4,864,355
New York
• 33,765,058,127 42,318,838,678
Niagara Falls
•
*6,000,000
6,782,415
Rochester
•
47,579,286
64,204,700
Syracuse
•
28,895,542
23,633,825
Conn.
-Stamford- •
14,969,082
15,116,880
-Montclair
N. J.
3,565,849
4,456,441
Newark
145,448,383
130,159,699
Northern N. J_
203,650,607
206,141,105
Oranges
7,119,864
7,020,911
+8.6
79,881,258
77,586,137
-10.8
17,242,805
19,874,458
-12.7
650,865,705
769,789,551
-30.7
12,767,114
15.627,927
-7.4
16,032.873
17,505,924
-20.4 91,784,011,584 122,152,262,878
--11.5
19,275,932
15,992,773
-25.9
163,140,521
207,451,342
-18.2
90,711,621
69,868,074
-1.0
51,256,954
53,829,554
-20.0
9,936,483
12,657,459
+11.8
440,200,131
395,432,651
-1.2
603,740,539
615,816,439
+1.4
21,003,563
23,222,373
1929.
$
-2.9
8,001,650
6,595.875
-13.2
1,022,376
1,496,872
-15.5
51,112,790
57,649,144
-18.2
910,905
1,521,137
-8.4
998.523
1,157,252
-24.9 7,918,447,958 9,260,501,334
-17.0
-21.4
9,297,939
12,841,156
-23.0
4,477,773
6,042,998
-4.8
3,235,200
3,779,174
-21.5
718,013
778,615
+11.4
+2.0
40,588,588
47,642,226
-9.6
Inc. or
Dec.
1928.
1927.
%
g
8
+21.3
5,461,466
6,949,258
-21.8
1,022,794
1,229,000
-11.1
47,204,710
50,633,289
-40.2
964,972
1,097,522
-13.7
1,052,024
1,397,528
-14.5 7.898,355,775 6,449,738,232
-27.6
-25.9
-14.4
-17.8
12,910,850
*6,000,000
3,444,596
603,404
14,180,491
6,795,118
3,016,792
655,429
-25.8
37,500,189
45,426,758
Total(14 cities)--• 34,486,898,887 43,085,057,495 -20.0 93,945,721,156 124,461,263,467 -24.5 8,038,811,713 9,400,005,783 -14.5 8,014,520,780 6,581,119,417
Third Federal Re erve District--Philadelphia,
-Altoona
Pa.
•
5,405,867
6,184,453 -12.6
Bethlehem
24,919,719 -21.1
19,097,760
Chester
4,339,564
4,984,818 -13.0
Harrisburg
•
18,162,494
19,153,299 -5.2
Lancaster
•
10,055,725
9,555,645 +5.2
Lebanon
•
2,897,563
2,387,763 +21.7
Norristown
•
3,133,437
3,710,731 -15.5
Philadelphia
2,398,000,000 2,580,000,000 -7.2
Reading
15,107,114
•
17,078,676 -11.6
Scranton
22,030,851
27,179,445 -18.9
Wilkes-Barre
16,448,230 -12.8
14,369,374
York
8,783,998
9,244,539 -6.0
N. J.-Canden
9,479,300
10,907,872 -14.1
Trenton
18,525,000
20,025,036 -8.8
16,785,528
58,483,611
13,847,745
54,577,863
25,239,751
8,215,466
9,246,181
7,431,000,000
45,619,512
62,770,256
43,918,894
25,440,754
29,342,748
59,033,000
18,770,590
76.805,790
14,985,691
59,921,151
26,877,193
7,157,447
11,367,186
7,733,000.000
54,526,268
84,249,154
53,274,591
27,157,991
30,902,133
79,207,357
-10.6
-23.9
-7.6
-8.9
-6.1
+14.8
-18.7
-4.0
-16.3
-25.5
-17.6
-6.3
-5.0
-25.5
1,024,212
5,221,351
864,286
1,138,183 -10.0
5,310,650 -1.6
1,072,008 -19.4
1,156.425
3,844,865
1,163,537
1,424,946
4,474.740
1,500,356
2,277,688
2.379,895
-4.3
3,084,812
5,661,242
544.000,000 -8.1
3,746,749 -11.9
5.987,727 -22.5
3,610,800 -15.3
1.949,129 -6.5
550,000,000
3,459,201
6,059,780
3,548,909
2,121,388
615,000,000
4,735,359
7,207,202
3,519,196
2,263,966
500,000,000
3,302,592
4,637,751
3,055,514
1,822,714
3,973,000
4,231,492
-7.1
5,643,540
5,752,440
Total (14 cities)- - - 2,549,118,047 2.751,780.226
7.3
7,883,521,309
8,278,202,42
-4.8
526.179,108
573,426,633
-8.3
580,082,457
651.539,447
Fourth Federal R Dserve District -Cleveland
Ohio
-Akron
19,384,000
29,329,000
Canton
•
19,908,916
21,699.647
Cincinnati
280,487,536
331,099,304
Cleveland
653,607,848
583,550,196
Columbus
70,690.700
67,827,600
Hamilton
4,753,122
5,842,925
Lorain
1,424,776
1,779,400
Mansfield
8,328.955
9,905,209
Youngstown
28,111,162
25.730,962
-Beaver Co__ _ _ Pa.
1,846.028
2.196,579
Franklin
868,521
749,406
Greensburg
5,841,154
3,016,977
Pittsburgh
820,463,972
789,784,748
Ky.-Lexington_ _ _ _ 5,980,328
7,447,080
W. Va.-Wheeling 15,459,859
21,636,351
-33.9
-8.3
-15.4
-10.7
-4.1
-18.6
-21.9
-15.9
+9.2
-16.0
-13.7
-48.4
-3.7
-19.7
-28.6
59,873,000
55,908,425
849,529,600
1,718,591,083
201,953,900
13,605,813
4,591,314
23,764,546
702,74,866
5,632.237
2,318,711
9,015,393
2,228,043,630
29.665,455
46,503,012
89,193,000
60,288,519
983,372,729
1,861,539,859
221,402,500
15,343,217
5,172,069
27,086,195
80,372,497
7,796,414
2,522,559
17.524,356
2.436,313,471
42.387,043
62,471,826
-32.9
-13.3
-13.6
-7.7
-8.8
-11.6
-11.2
-12.3
-12.6
-27.9
-8.1
-37.6
-8.6
-30.0
-25.6
5,250,000
3,987,504
57,737,581
122,871,101
13,312,200
6,678,000
5,852,746
70,000,000
142,538,848
14,689,500
-21.3
-31.9
-28.6
-13.8
-8.3
7,649,000
3,258,494
72,158.187
116,547.118
14,454,600
6,751.000
3,670,456
74,527,854
124,852,866
18,388,600
1,949,180 +0.6
6,002,730 -16.4
1,801,196
6,013,662
1,814,318
5,440,395
_ - 1,830,614.609 2,008,138.652
-8.9
5,319,271,985
5,912,786,254 -10.0
Fifth Federal Res D rve District- RichmondW.Va.-Huntington 4,821,860
5,107,152
Va.-Norfolk
16.956,006
20,224,567
Richmond
193,512.000
184,615,324
-Raleigh
N.C.
9,696,923
10,470,234
-Charleston _ _ S. C.
9,121,000
*8,000,000
Columbia
8,690,783
11,282,595
Md.-Baltimore._ _ •
435,148.624
418,786,047
Frederick
2,001,876
1,674,254
Hagerstown
2.636,681
2,874,602
-Washington_ D. C.
114,113,697
131,795,929
-5.6
-16.1
+4.8
-7.5
-12.3
-23.2
+3.9
+19.5
-8.3
-13.4
14,337,642
53,965,290
562,719,000
27,449,597
25,540,816
28,240,569
1,241,976,291
5,652,206
7,769.778
328,878,172
14,844,487
61,526,989
557,632,260
30,723.097
28,417,984
31,107,720
1,254,327,559
5,332,728
8,752,996
370,883,260
-3.4
-13.3
+0.9
-10.7
-10.1
9.2
-1.1
+6.0
-11.2
-11.3
1,002,696
1,955,772
43,770,000
29,221,350 -19.9
26,634,787
28,318,205
795,951,704
-0.1
2.296,529,361
2,363,549,080
-2.8
156,443.103
160,328,818
-2.5
168.511,468
205,649,503
Sixth Federal Res = rve District- -Atlanta-Knoxville_ -Tenn.
12,059,580
13,539,331
Nashville
97,829,054
108,639,222
Ga.-Atianta
202,990,169
253,907,988
Augusta
7,247,442
9,462,674
Columbus
5,153,970
4,838,076
Macon
6,469,186
7,118,665
-Jacksonville
-.
Fla.
77,090,702
74,841,003
Miami
17,209,000
18,423,000
Tampa
14,865,795
9,490,981
-Birmingham _
Ala.
99,063,360
103,472,209
Mobile
•
7.999,837
8,137,787
Montgomery
5,219,352
7.388,236
Mi118.-Hattiesburg 7,065,000
6,581,000
Jackson
•
8,795,400
8,030,130
Meridian
3,929,360
3,417,365
1,624,341
Vicksburg
890,300
229,714,661
La.
-New Orleans_ _
214,521,946
-11.0
-9.0
-20.1
-23.6
+6.5
9.1
-2.9
+7.2
-26.1
-4.3
+1.7
-29.4
-6.9
-12.7
-13.0
-45.2
-6.6
40,989,544
280,651,429
602,780,777
23,277,291
13,647,357
18,790,526
209,340,374
50,013,000
27,705,361
304,077,853
25,951,665
18,719,446
20,208,000
27,504,788
10,199,314
3,006,544
654,609,888
42,860,031
316,759,551
715,580,879
22,907,586
15,160,196
22,551,477
222,011,640
43,415,000
45,410,239
310,056,067
23,591,391
21,784,402
22,242,000
29,476,382
11,889,551
5.680.050
710,923.070
-4.4
-11.4
-15.8
-16.6
-10.0
-16.7
-5.7
+15.2
-29.0
-1.9
+10.0
-14.1
-9.2
-6.7
-14.3
-47.1
-7.8
1,980,038
19,299,892
43,634.620
1,570,599
*2,800,000
21,661,847
53,552,753
1,919,954
-29.3
-10.9
-18.5
-18.1
*2,750,000
20,380.805
48,000,000
1,938,407
*2,800.000
20,793,932
46,117,705
1,830.971
1,224,226
14,376,340
2,576,000
1,389,149 -11.8
15,788.927 -9.2
3,329,000 -12.6
945,054
16,718.362
4,330,000
1,920,317
21.487.417
8,967,872
21,000,753
1,570,805
21,732.210
1,677,399
-3.4
-6.3
23,060,741
1,678,601
23,542.737
1,996,126
1,574,666
1,781,500 -11.8
1,488,000
1,246,976
159,464
43.800,767
313.427 -49.1
+4.0
42,101,931
390,5,00
52,283,500
371.637
21,906,308
876,660,497 -11.0
2,331,473,157
2,587,299,512
-9.9
152,768,170
-9.1
171,963,970
150,981,998
3,048,207
11,230,566
2,285,398,343
40,423,794
70,884,051
22,932,094
48,221,101
44,369,318
65,202,513
283,562,000
34,261,225
70,521,823
38,754,458
393,680.935
10,395,811
39,517,506
152,375,613
126,646,503
6,097,845
83,555,207
19,089,748
13,901.084
22,362,378
7,467,823,768
14,751,578
65,043,025
41,919,962
33,179,463
3,694,457
14,125,747
2,879,772,813
52,219,845
111,042,532
29,716,012
48,033,743
46,682,878
66,676,320
311,671,000
42,083,876
73,538,983
44,193,362
451,732,259
13.207,927
40,576,248
168,627,565
122,185,371
6,383,941
92,894,456
19,800,152
17,348,244
25,655,970
9,732,582,418
17,271,429
75.792,951
48,148,269
37,446,543
Total(15 cities)
Total(10 cities) _ _ _ -
Total(17 cities)---
795,578,450
780.356.625
Seventh Federal
eserve Metric t-ChicagoMich.
-Adrian
1,289,694
1,003,504
Ann Arbor
4,901,806
3,905,699
Detroit
997,428,910
797,624,529
Flint
12,426,246
18,980,235
Grand Rapids
25,381,850
35,045,560
Jackson
8,396,200
6,962,190
Lansing
15,502,175
14.711,873
Ind.
-Fort Wayne_ _
14,082,712
17,627,191
Gary
22,401,276
20,300,738
Indianapolis
93,125,000
102,166,000
South Bend
10,780,403
13,140,324
Terre Haute
23,060,707
24,603,412
Wis.-Madison
14,301,418
15,638.581
Milwaukee
155,231,228
132,426,593
Oshkosh
3,413,723
4,577,544
Iowa.-Ced. Rapids_ _
13,966,865
13,726,678
Davenport
51,929,714
73,081,863
Des Moines
44,225,921
46,749,584
Iowa City
2,390,084
2.409,363
Sioux City
28.545,934
33,467,777
Waterloo
6,621,050
7,223,787
-Aurora
111.
5,598,570
4,900,545
Bloomington
8,841,552
10,140,051
Chicago
2,484,522,819 3,158,010,843
Decatur
5,449,868
5,048,183
Peoria
24,955,982
20,525,927
Rockford
17,096,284
14,388,570
Springfield
11,735,116
13,508,982
Total(28 cities)._ _
889,009,026
185,909,302
172,771,386
+7.6
165,166,344
154,343,604
396,048,066
420,482,390
-5.8
387,048.601
389,789,093
914,059 +9.6
4,589,993 -57.4
43.497,477 +1.5
1,045,041
4,722,424
41,707,000
1,172,943
5,013,475
48.159.000
1,919,353
84,398,561
23,396,721
1,658,000 +15.7
80,447,939
168,048,097
+3.9
*2,000,000
2,130,619
92,402,216
120.855,261
-17.5
249,399
186,075
296,230 -38.2
315,318
-20.5
1,339,013
746,778
1.579,830 -52.8
1,305,321
-20.6'184,665,122 227,551,432 -18.8 173,898,450 158,936,772
-22.6
-36.2
8,359,418 -29.3
6,579,051
6,748,323
8,629,036
-22.8
+0.4
3,345,087
3,223,576 +6.2
2,760,982
2,485.000
-5.0
2,851.545
4,097,102 -30.4
2,440.191
2,643,593
-2.2
17,585,000
20,095,000 -12.5
-9.0
19,261,060
21.064.000
-18.6
2,262,704
2,622,824 -13.7
2,552,900
3,259,790
-4.1
4,482,596
5,027,671
10.9
4,791,865
4,747,682
-12.3
-12.9
29,022,426
35,811,433 -18.9
36,878,257
40,650.203
-21.3
2,752.621
-2.6
2,767,587 -0.5
2,731,302
3,011,676
-9.7
9,778,943
9,314,728 +4.9
+3.7
9.691.955
11,104,956
-4.5
5,515,985
7,451,627 -26.0
-10.1
7,211.154
7.184,594
1,354,473
-3.6
1,878,784 -27.9
6,166,679
1,412,424
-19.9
1,634,349
2,080,034 -21.4
-12.8
1,855.857
2,025,176
-23.3 519,056,676 677,145,809 -24.6 691,432,441 680,159.868
1,045,302 -4.0
1,003,684
-14.6
1,164,315
1,297,407
4,013,477
4,948,017 -18.9
-14.2
4,946,398
4.897,035
3,467,769 -24.8
2,607,100
-12.9
3,539.373
4,080.917
2,429,210
2,713,788 -10.5
-11.4
2,914,253
3,123,618
3,874,482,716 4,45,016,524 -20.0 11.509,149,919 14,593,105,311 -21.2
Eighth Federal Re serve District -St. Louis
Ind -Evansville_ _ _ _
19,474,829
21,835.216
New Albany
680,122
761,396
615,830.152
-St. Louis
534,713,921
110.
170,749.242
166,302,965
Ownesboro
1,792.703
1,623,736
10,513,876
11,905,325
Paducah
-Memphis_
87,265,206
98,454,029
Tenn.
-Little Rock_ _
56,202,536
65,877,802
Ark.
-Jacksonville_ _ _ _
1,034.932
1,738,147
Ill.
6,581,659
7.026,638
Quincy
Total(10 cities)-
-22.1
-20.3
-20.2
-34.6
-27.6
-17.1
+5.4
-20.1
-9.4
-8.8
-17.8
-6.3
-8•8
-24.8
-25.4
+1.7
-28.9
+5.7
+0.8
-14.7
-8
.3
-2.5
-12.8
-21.3
-7.4
-17.8
-15.9
-13.1
1,961,437
5,018,941
-10.8
-10.7
-13.2
+1.5
+10.4
-12.0
-11.4
-14.7
-40.5
-6.6
58,027,917
2,073,725
1,611,649,555
501,635,950
7,826,167
29,730,437
271,658.022
165,891,473
3,132,656
17.378.707
70,635,971
2,370,374
1,870.822,933
532.557,419
6,518,889
37,879,145
206,311,557
187,063,937
4.831,941
18,582,673
991,355.406 -10.3
2,689.004,609
3.027,574,839 -11.8
-17.9
-23.6
-13.9
-5.8
+20.1
-21.5
-8.3
-11.3
-45.2
-6.5
801,872,902 1,021,477,961 -21.6
982,574,107
962,334.296
3,706,995
5.129,985 -27.8
4,175,561
5.824,294
114,970.392
33,693,111
290,536
129,500,000 -11.9
32.354,400 +4.1
283.938 +2.3
134.300,000
31,701,929
311,156
139,400,000
35,888,552
315,492
17.653,871
11.237,205
170,418
1,268,612
18,710,240 -5:7
13.301,092 -15.6
378,530 -56.0
1.403,750 -15.1
18.150,044
11,788,130
310,364
1,662.527
19.700.000
11,935,665
424,490
1,882,950
202,399.711
213,371,473
182,991,140
201,151.935
-9.1
f
APRIL 5 1930.]
FINANCIAL CHRONICLE
2341
CLEARINGS
-(Concluded.)
Month of March.
? Months Ended March 31.
Clearings at
1930.
Inc. or
Dec.
1929.
$
$
%
Ninth Federal Re il erve District- -MinneapolisMinn.
.
-Duluth
21,223,462
30,463,291 -30.3
Minneapolis
•
327,887,976
347.335,283 -5.6
.
Rochester
2,411,897
2,284,503 +5.5
St. Paul
104,548,028
153,799,305 -32.0
N. Dak.-Fargo.- .
8,925,561
8,559,293
+4.3
Grand Forks
6,030,000
6,205,000 -2.8
Minot
.
1,412,477
1,689,284 -16.4
S. D.
-Aberdeen-- .
4,092,017
4,754,030 -13.9
Sioux Falls
.
8,683,946
8,100,626 +7.2
Mont.
-Billings
2,528,090
2,729,754 -7.4
Great Falls
4,522,296
4,991,708 -9.4
Helena
12,787,622
13,558,721 -5.7
Lewistown
440,867
490,355 -10.1
Total(13 cities)---
505,494,239
Week Ended March 29.
1930.
1929.
Inc. or
Dec.
8
$
%
59,752,689
962,080,148
7,165.263
294,554.487
24,776,572
18,453,000
4,488,010
12,787,305
26,338,286
7,629,245
12,861,239
36,745,026
2,040,751
80,348,529
995,745,959
7,088,966
403,729,371
25,054,966
17,182,000
5,005,875
13,766,074
23,259,161
8,293,418
15,065,534
40,364,264
1,480,364
1930.
3
1929.
3
Inc. or
Dec.
1928.
%
$
1927.
$
-25.6
-3.4
+11.1
-27.0
-1.1
+7.4
-10.3
-7.1
+13.2
-8.0
-14.4
-9.0
+37.8
3.698,700
66,750,156
6,760,456 -45.3
66,987.704 -0.4
6,234.319
68,507,215
5,460.689
64.000,658
21,450,085
1,699,942
21,365,926
1,732,011
+0.4
-1.9
27,132,232
11,732,152
26,263,081
1,623,932
1.078,144
902,088
1,010,816 -10.7
1,271,920
501,362
590.626 -15.1
583,145
518,721
2,654,280
3,002,000 -12.8
2,795,000
2,660,000
584,961,153 -13.6
1,469,672,021
1,636,384,481 -10.2
97,656,613
101,449,539
-3.4
118,255,983
101,605,197
Tenth Federal Re i erre District- -Kansas CityNeb.-Fremont
1,714,282
1,947,519 -12.0
Hastings
2,542,246
3,018,215 -15.7
Lincoln
•
17,273,484
21,436,534 -19.4
Omaha
204,828,189
214,063,446 -4.3
Kan.
-Kansas City 10,150,523
8,777,719 +1.6
Topeka
•
14,133,648
14,802,485 -4.5
Wichita
30,724,728
33,199,540 -7.4
Mo.-Joplin
4,832,778
7,075,463 -31.7
Kansas City
553,977,614
602,389,833 -8.0
St. Joseph
26,732,000
32,686,526 -28.1
Okla.
-Tulsa.
*45,000,000
56,569,355 -20.4
Colo.
-Colo. Springs
5,558,769
5,703,271 -2.5
Denver
85,642,643
174,436.441 -50.9
Pueblo
6,901,641
7,335,182 -5.9
4,588,653
6,762,930
48,116,175
570,850,381
29,689,385
43,774,675
92,751.912
13,678,360
1,613,860,212
82,332,011
133,417,446
15,303,053
362,028,813
20,211,952
5,241,455
8,240,152
58,796,442
573,058,638
27,246,630
46,263,683
103,893,579
18,718,061
1,718,453,843
92,853,395
172,547,530
19,615,505
483,132,174
20,875,607
-12.5
-17.9
-18.2
-1.2
+9.0
-5.4
-10.8
-26.9
-6.3
-11.4
-22.7
-21.9
-25.1
-3.1
279,991
409,567
3,063,300
40,107,828
347,966
629,774
3,815,608
44,675,042
-19.6
-36.0
-19.7
-10.2
324,567
500.156
4,908.161
40,392,037
368,604
458.597
4,787,027
38,486,389
2,684,648
6,572,612
2,558,614
7.012,001
+4.9
-6.9
2,679,065
7,580,910
2,469,762
6,977,942
129,648,868 -23.7
7,187,587 -29.7
118,433,998
6,145,568
135,650,067
5,786,199
3,037,365,958
3,348,936,694
-9.3
20,400,821
27,005,000
575,616,160
83,514.930
149,059,162
51,873,000
427,806.275
9,647,279
7,405,598
29,274,000
73,701,907
26,510,149
29,452,000
729,528,153
80.784,516
174,950,480
74,700,000
487,878,840
9,154,778
7,966,183
35,011,246
71,376,668
-23.0
-8.3
-21.1
+3.4
-14.8
-30.6
-12.2
+5.4
-7.0
-16.4
+3.3
Total(14 cities)...
1,010,012,545 1,183,441,529 -14.6
472,170,636
578,072,546
Twelfth Federal R eserve Distric t
-San Franc
Wash.
-Bellingham_ _
*4,000,000
3,864,000
Seattle
183,228,464
238,902,316
Spokane
47,113,000
55,699,000
Yakima
4,469,470
6,800,708
Idaho-Boise
5,155,195
4,913,167
Ore.
-Eugene
1,794,875
2,070,000
Portland
148,804,607
167,074.845
Utah-Ogden
6,690,346
6,471,518
Salt Lake City
75,499,450
76.631.667
Ariz.
-Phoenix
19,072,000
20,903,000
Callf.-Bakersfleld_ -.
6,128,589
6,254,329
Berkeley
19,841,164
20,464.668
Fresno
13,848,777
14,431,030
Long Beach
31,674,556
40,282.579
Los Angeles
790,583,000 1,043,390,000
Modesto
3,796.116
3,997,551
Oakland
69,649,180
84,531,950
Pasadena
26,654,710
34,527,126
Riverside
4,721.670
5,715,805
Sacramento
26,917,842
38,342,700
San Delgo
20,664,057
23,319,866
San Ws ncisco
982.829,073
951,967,478
San Jose
11.808,853
12,977,094
Santa Barbara
8.075,341
8.289,524
Santa Monica
9,402.198
8,270,654
Santa Rosa
2,030,918
1,976,555
Stockton
9,995,700
11,364,800
Total(28 cities)_
1+1+1++ 1111 + 11 11111 44410
.
pwco.—wcaww l
Total(11 cities)-- --
-21.8
-18.7
-21.8
-2.1
-14.3
-37.7
-17.4
-0.9
-8.3
-14.0
+1.5
I
Eleventh Federal Reserve Distr let
-Dallas
Tex.
-Austin
7,352.305
9,398,918
Beaumont
8,089,000
9,952,000
Dallas
190,336,356
243,485,066
El Paso
26,741,097
27,327,821
Fort Worth
47,847,597
55,804,000
Galveston
15,524,000
24,954,000
Houston
138,864,024
168,283,224
Port Arthur
3,167,656
3,197,336
Texarkana
2,569,190
2,801,551
Wichita Falls
9,293,000
10,803,000
La.
-Shreveport
22,386,411
22,065,630
2,536,388,834 2,891,494,047 -12.3
1,455,304,132
1,727.313,013 -15.8
11,614,000
512,672,747
143,486,000
15,675,562
15,986,224
5,219,675
426,459,373
20,648.526
229,640,547
58,092,000
19,779,894
61,025,321
43,272,871
95,844,781
2,331,592,000
12,637,676
200.022,561
80,759,788
13,455,554
91,640,962
73,920,700
2,617,039.871
40,441,573
25,459,814
25,136,504
6,154,801
29,644,600
10,256,000
656,126,930
160,667,000
18,336,903
14,972,180
6,113,000
468,648,547
20,045,262
227,772,191
63,941,000
18,556,787
55,121,423
44,913,887
119,467.805
3,041,178,000
11,435,236
250,540,243
107,260,231
17,124,434
100,563,340
77,658,713
2,714,268,783
39,813,690
25,299,922
29,165,269
6.145,682
32,202,800
7,207,323,925
8,347,595,258 -13.7
+13.1
-21.9
-10.7
-14.5
+6.7
-14.6
-9.0
+3.0
+0.8
-9.4
+6.6
-6.3
-3.7
-19.8
-23.4
+10.5
-20.2
-24.7
-21.5
-9.0
-4.8
-3.6
+1.5
+0.6
-13.8
+0.1
-8.0
108,561,720
5,052,525
966,811
1,353,382
169,052,384
1,115,695 -13.4
1,090,883
651.822
-5.2
1,258,266
1,254.723
198,419,134 -14.9
183,323,611
196,891,132
1,427,979
-7.9
1,478,717
1,736,848
39,388,598
52,502.198 -25.0
45,264,613
44,953.603
11,317.367
2,877,000
11,356,189 -0.4
5,110,000 -43.7
10,160,476
4,379.000
11.426,190
10.157,000
1,881,431
2,028,869
+0.5
4,525,942
4,507.927
59,672,215
74,805,492 -20.2
65.808,748
72.781.528
38,544,596
9,308,000
877,799
51,791,993 -25.6
11,016.000 -15.5
*1.100,000 -20.3
47,880,098
10,741,000
1,084,392
43,300.920
9,948,000
1,164.558
30,205,922
36,782,228 -17.9
32,698,761
41,229,743
15,984,877
16,846,211
-5.1
14,343,880
15,478,158
2,613,690
6,595,424
169,000,000
2.744.641 -4.8
8,316,524 -20.7
224,921,000 -24.9
2,438,642
6,968,798
188,188.000
3,098,552
6,931,769
204.399.000
13,380,887
5,382,773
17,210,286 -22.1
6,925,547 -22.3
17,974,806
6,308,179
17,359,932
6,682,175
4,411.556
4,627,727
186,223,039
2,411.450
1,551,894
1,761,387
5,352,024 -17.6
5,375,283 -13.9
188.564,933 -1.2
2,568.141 -6.1
1,546,556
+0.3
2,013,356 -12.5
4,342.059
4,582.422
199,883,000
2,413,071
1,244,160
1,761,323
6.607.585
5,675.537
194,027,000
2,166,989
1,258,188
2,122.986
4,207,819
3,808,236
1,767,600
2.602,200 -32.1
2.502,600
2,222,200
494,648,621
585,676,923 -15.6
545,355.191
563,673.292
Grand total(190 cities) 51,983,020,799 63,091,015,608 -17.6 145,900,337,923 183,632,607,839
-20.5 11567551,788 13449732.699 -14.0 11981528,236 10708274,527
Outside New York _ _ _ 18,217.962,672 20,772.176,930 -12.3 54,116,326,339 61,480,344,961
-12.0 3,649,103,830 4,189,231,365 -12.9 4,083,172.461 4,258,536,295
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 27.
3 Months Ended March 31.
1930.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottaws
Quebec
Halifax
Hamilton
Calgary
St. John
V letoi Lr
London
Edmonton
RegIne
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_-_
Medicine Flat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Tnt21 RI ,
1 1[1.1
$
600.555,371
537,664,282
185,675,455
84,557,784
29,599.215
24,922,358
12,941,723
25,768,043
38,554,463
9,844,263
9,860,451
14,364,175
22.705,082
17,510,171
1.861.318
2,223,748
*9.000.000
4,345,816
4,393,334
:3,167,888
*3,000,000
1,252,251
3,729,913
3.815.102
5,369.167
20,461,560
1,780,749
3,564,188
3,034,148
2,317,351
3,133,064
1929.
$
651,452.845
660,219,271
226,251,980
118,402,181
33,417,408
27,388,477
15,983,222
27,014,518
77,193,005
12,776,397
12,339,562
14,144,762
28,006,289
22,565,608
2,390,806
2,750,611
9,823,298
5,430,660
6,332,930
3,574,460
3,745,144
2,093,746
4,433,589
4,606,999
4,649,874
27,147.239
2.056,700
3,668,425
3,518,992
3,898,183
3,268,688
Inc. or
Dec.
1930.
1929.
Week Ended Marti 27.
Inc. orInc.
or
Dec.
Dec.
1929.
1930.
I
%
-7.7
-19 8
-17.9
-28.6
-11.4
-9.0
-19.0
-4.5
-50.1
-23.0
-20.1
+1.6
-18.9
-22.4
-22.1
-19.2
-8.4
-20.0
-30.6
-11.4
-19.9
-40.2
-15.9
-17.2
+15.5
-25.7
-13.4
-2.8
-13.7
-40.6
-4.1
$
1,686,217,634
1,571,319,638
565,194,942
255,786,516
88,979,657
75,087,768
40,121,829
78.639,279
124,603,594
28,883.566
29,707,272
39,741,943
71,544,076
52,912,950
5,924,477
6,832,136
26,784,178
13.235,232
13,816.526
9,733,854
9,927,235
4,032,353
10,536,281
11.168,180
15,641,235
58,542,560
5,315,904
11,288,805
9,372,817
8,207,046
8,979,609
$
1,979,526,918
2,040,861,067
637,364,704
316,749,535
110,694,306
83,467,189
47,437,287
82.184,061
182.637,676
36,231,233
35,553.040
42,161.027
81,712,947
66,562.378
7,104,679
8,406,746
29,162.491
16,094,705
18.438,703
10,898,235
11,796.700
5,955,263
12,979,113
12,533.408
16,558,214
74,677,615
5,711,381
11,855,827
10,606,459
10,689,796
9,338,737
%
-14.8
-22.9
-11.3
-19.3
-18.6
-10.0
-15.4
-4.3
-31.8
-20.3
-16.5
-5.7
-12.6
-20.5
-16.6
-17.5
-8.2
-17.8
-25.1
-10.7
-15.8
-32.3
-18.8
-10.9
-5.5
-21.6
-8.9
-4.8
-11.6
-23.2
-3.8
$
134,356,510
128,284,152
43,967,744
18,679,057
5,522,467
5,019,434
2,709,934
5,278,523
8,276.949
2,043,979
2,171,993
3,104,437
4,523,039
4.148,833
389,595
438,902
1.706.032
886.073
844,045
848.512
856,351
255,056
911,810
727,263
1,064,910
4,866,921
359,871
827.948
606,518
506,748
748,010
$
167,970.487
166,360,940
57,505,667
31,156,200
7,654.291
6.072,768
3,769,374
6,744.201
17,200,037
3,172,682
2,751,477
2,989,950
6,545,319
4,265,620
523,537
643.392
2,246.110
1,232,956
1,420,434
814,916
1.060.211
464,668
994,274
1.052,768
1,210,348
6.844,111
478,384
887,976
796,419
931,516
778,317
1.690.972.433 2.1120.545.869 -1113
4935 0790112
R.f115!MAUR
-1711
5125 Ton ale.
R117 450
* Estimated.
w.kutu.ro 0..tu1b.abzwe0 Iw•towo.c..u.m but.oco.,
to:Awmu.cowomocoow&.owow.c.,..00.uvowt.uo
Month of March.
Clearings at
--
sgn -OA
1928.
1927.
3
132,997.924
128,380.156
46,226.216
20,320,228
6,155,220
5,189.535
2,776,169
5.210,422
11,485,678
2.494,854
2,053,038
2,705,526
5.381,610
4,047,786
456,855
.725
544
2.013,023
1,056,798
1,138,050
759,926
740,606
447,341
777,672
753,390
1,052,060
4,420,034
388,407
715.672
627,333
669,676
607,037
.1
$
104.832,766
102,182,083
39,922,192
14,947,261
4,831,420
5,950,559
2,418,440
4,727,901
6,466,336
2,448,243
1,767,809
2,565,984
4,070,097
3,216,900
453,700
437,359
1,559.721
947,936
950,369
661.859
654,170
226,972
699,283
734,933
990,978
4,605,221
329,143
689,108
526,375
goo xon oa,
114 512 111
.
[You ISO
FINANCIAL CHRONICLE
2342
Barley. 1 Rye.
Oats.
Corn.
Wheat.
Receipts at- Flour.
THEICURBIEXCHANGE.
bbls.196155.bush.60 lbs.btuh.56 lbs.bush.32 lbs bus.48 lbs./bus. 56 lbs.
11,000
Curb securities continue to move forward in an active New York- __ 425,000 573,000
3,000
26,000
8,000
5,000
214.000
_
39,000
market this week, and new high records for the year were Philadelphia_ _
2,000
82,111
9,000
22,000
17,000
Baltimore_ _
4,000
1,000
recorded. The trend of prices was uneven for a time due to Newp't News_
Norfolk
2,000
18,000
45,000
profit-taking, but the week closed with business on the New Orleans * 27,000
12,000
19,000
Galveston
Increase and a. general upward movement of prices. Electric St. John, N.B. 48,000 498,000
8,000
3,000
1,000
31,000
Bond & Share, coin. was a feature selling up from 108% Boston
13,000
11,000
56.000
85,000
1.398,000
to 1123/2 then down to 1083/8. To-day it reached 11354 Total week '30 588,000 17,539,000 1,168,000 1,044,000 222,000 93,000
6,208,000
4
and finished at 1113 . Amer. & Foreign Power warrants Since Jan 130
281,000 590,000
5,000
141,000
554,000 3,857,000
Week 1929_
from 65m,reached 733, the close to-day being at 71. Amer. Sin,. rao 1 '20 7 457000 40 2(19.000 13.128.000 4.160.000 7,343.000 1.791.000
& Elec. corn. advanced from 149 to 156, dropped back •Receipts do not include grain passing through New Orleans for foreign ports
Gas
to 149 and to-day recovered to 154%, the close beingjat on through bills of lading.
The exports from the several seaboard ports for the week
1548%. Cleve. Elec. 111. corn. improved from 817 to 868%,
4
and sold finally at 843 . Eastern State Power corn. B ran ending Saturday, March 29 1930, are shown in the annexed
up from 29 to 38% and ends the week at 373'. A number statement:
noney.
nye.
(ICUS.
corn.
Flour.
wheat.
Exports front-of oil stocks show strengths. Standard Oil (Ohio) corn. sold
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
to
up from 96 to 104. Penn Mex. Fuel Co. rose from 2078
271,186
48,000
1,207,000
New York
5,000
26. Humble Oil & Ref. advanced from 111 to 1167s, re- Boston
3,000
Philadelphia
6.000
acted to 112% and recovered to-day to 116 closing at 114. Baltimore
48,000
1,000
Norfolk
Cosden Oil gained six points to 56 and finished to-day at Newport News
2,000
4,000
2,000
32,000
2,000
80,000
New Orleans
4
Gulf Oil of Pa. sold up from 152 to 1563 and down Galveston
548%.
25,000
437,000
46,000
8,000
498,000
price up to 155 with St. John, N.B
to 1508% to-day's business carrying the
6,000
Halifax
the close at 154%. Among industrial and miscellaneous
56,000
2,000
6,000 397,186
Total week 1930__ 2,270,000
issues, Aluminum Co. of Amer. advanced from 33532 to 350. Rftma week 1020
1 004,000
3.170.000 170.000 124,936 185,400
from
Anglo-Chilean Nitrate was conspicuous for an advance
The destination of these exports for the week and since
278% to 41, the close to-day being at 373's. Electric House- July 1 1929 is as below:
56%. Ruberoid Co.
hold Utilities over seven points to
%ATM.
wnear.
Flour.
moved up from 538% to 648%. Technicolor, com, eased off Exports for Wad
TVeek
Since
Since
Week
Since
Week
and Since
July 1
Mar. 29
July 1
at first from 71% to 673g, then sold up to 7778, the close
Mar 29
Mar.29 July 1
July 1 toto-day being at 718%.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
.
4,000
34,000
518,000 41,845,000
Unit'd Kingdom-- 83,326 2,778,138
A complete record of Curb Exchange transactions for the Continent
4,000
141,650 3,042,202 1,684,000 65,263,000
596,000
51,000
9,000
695,200
So.& Cent. Amer_ 74,200
week will be found on page 2370.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Stocks
(No. Shares)
Week Ended
April 4.
Domestic
Rights
Foreign
Government
aaturuay
Mouday
uedday
Wednesday
Thursday
Friday
979,600
1,768,600
1,452,900
1,604,100
1,304,900
1.580,600
2,800
2,275
6,808
11,200
8,400
9,730
82,123,000
2,165,000
3,176.000
2,899,000
2,729,000
2,863,000
2307,000
476,000
786,000
518.000
487,000
472,000
otal
8,690,700
41,213
215,955,000
33,046,000
-PER CABLE.
IESGLISH FINANCIAL MARKET
The daily closing quotations for securities, &e., at London,
as reported by cable, have been as follows the past week:
Wed.,
Mon.,
Tues.,
Sat.,
Mar. 29. Mar. 31. AprU 1. ApriI 2.
19 7-16
19 7-16
195
p. oz_d_ 19 7-16
Silver,
"old,p. fine oz. 8411.11)4d. 848.11 Xd. 843.1034d. 848.10d.
°ousels,2X% _
5674
56X
56)
103
103
103 •
British, 5% _-99 X
9914
995
British, 434 %French Rentes
89.00
88.65
88.60
(in Paris).fr _ _
French War L'n
102.45
102.40
102.25
fr_
(in Farb)_
Thurs.,
.
Frt.,
April 3. AprU 4.
19 3-16
19 7-16
84s.11d. 84s.11d.
66'(
56l
103
1027.
99 X
99
89.10
89.75
102.30
102.35
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
42
Foreign
413.1
42)e
413.
41X
423.4
gotaintrcialand WiscalaturatsBtxtre
-All
Breadstuffs figures brought from page 2442.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush.60 lbs. bush.56 lbs. bush. 32 lbs. bus. 48 lbs us.56 lbs.
198,000
42,00
1,048,000
366,000
51,000
1,000
Chicago
518,0
189,000
252,000 189,000
101,000
Minneapolis_
29,000
197,000
771,000
Duluth
174,000
62,000
56,000
19,000
18,0
Milwaukee32,000
34,000
63,0
Toledo
8,000
11,000
6,000
Detroit
274,000
322,000
36,000
Indianapolis357.11 1
334,000
11,000
125,000
354,00
St. Louis_ _ _ _
92,000
140,000
31,000
346.000
50,000
Peoria
150,000
602,000
_
507,000
Kansas City.
246,000
766,000
Omaha
76,000
72,000
252,000
26,000
St. Joseph_
6,000
111,000
65,000
Wichita
4.000
46,000
148,000
16,000
Sioux City_
Total week '30
Same week '29
Same week '28
392,000
389,000
477,000
2,594,000
5,347,000
5,485,000
4,353,000
5,030.000
7,027,000
2,019.000
1,829,000
2,903,000
600,000
713,000
847,000
102,000
249,000
500,000
Since Aug.114,987,000300,528,000 188,629,000102.750,00055,695.00020.953,000
1929
16,965,000403,249,000218,708,000 108,096,00082,008,00022,350,000
1928
16,791.000 374,680,000231,799,000 113,225,00061,235,00031,686,000
1927
Total re3eipts of flour and grain at the seaboard ports for
the week ending Saturday, March 29 1930, follow:
West Indies
81,000
Brit. No. Am. Col. 2.700
Other countries__ _ 14,310
Total 1930
Total 029
742,800
36,100
514,148
1,000
36,000
2,000
248,000
763,000
397,186 7,808,588 2,270,000 108,503,000
124 ORR 8.515.103 3.170.000 230.901.418
337,000
6,000
170.000 26.879,322
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 29 1930, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye,
Barley,
bush.
bush,
bush.
bush,
bush,
United States48,000
43,000
56,000
50,000
New York
1,051,000
1,000
6.000
Boston
186,000
19,000
157,000
2,000
18,000
456,000
Philadelphia
41,000
24,000
141,000
2,777,000
47,000
Baltimore
726,000
Newport News
398,000
13,000
65,000
167,000
New Orleans
812,000
160,000
Galveston
1,060,000
179,000
9,000
171,000
312,000
Fort Worth
3,119,000
266,000
497,000
956.000
Buffalo
6,628,000 1,908,000
305,000
" afloat
2,042,000
4,000
406.000
22,000
Toledo
2,292,000
16,000
45,000
3,000
23,000
Detroit
223,000
389,000
20,447,000 4,324,000 2,208,000 7,245,000
Chicago
2,484,000
841,000
1,229,000
"
afloat
14,000
190,000
Milwaukee
656,000 1,606,000 2,772.000
643,000
178,000
afloat
Duluth
548,000 2,487,000 2,854,000 1,062.000
29,709,000
270,000
" afloat
357,000
804.000 4,219,000
Minneapolis
30,188,000 1,116,000 6,620,000
79,000
Sioux City
784,000
7,000
665,000
231,000
12,000
St. Louis
50,000
3,160,000 2,052,000
22,000
27,000
Hanna City
21,943,000 2,643,000
186,000
344,000
Wichita
4,235,000
86,000
Hutchinson
2,959,000
58,000
St. Joseph, Mo
4,572,000 1,458,000
37,000
532,000
106,000
Peoria
42,000
168.000
613,000 1,786,000
Indianapolis
24,000
354,000
7,160,000 3,108,000
2,000
Omaha
147,000
23,533,000 18,340.000 14,069,000 7,804,000
Total Mar. 29 1930 -149,307,000
151,312,000 24,497,000 18,777,000 14,060,000 7,972,000
March 22 1930
122,572,000 34,150,000 12,609,000 6,905,000 8.430,000
March 30 1929
-New York, 314,000 bushels;
Note.
-Bonded grain not included above: Oats
Philadelphia, 1,000; Baltimore, 5,000; Buffalo, 164,000: Duluth, 5.000: total 489,000 bushels, against 515,000 bushels in 1929. Barley-New York, 501,000 bushels;
Buffalo, 2,201,000; Duluth, 78.000; total 2.780,000 bushels, against 1.884.000
-New York, 3,806,000 bushels; Boston, 1,532,000; Philabushels in 1929. Wheat
delphia, 3,626,000: Baltimore, 3,826,000; Buffalo, 7,250.000; Buffalo afloat. 3,150,000; Duluth, 176,000; total, 23,366,000 bushels, against 22,553,001) bushels in 1929.
Canadian
6,841,000
1,010,000
Montreal
392,000
547,000
3.334,000 4,572,000 14.353,000
Ft. William & Pt. Arthur 53,101,000
"
afloat_
194,000
299,000
2.470.000 1,268.000
15.130.000
Other Canadian
534,000
6,814.000 6,187,000 15,733,000
Total Mar. 29 1930.._. 75,266,000
7,007,000 6,170,000 15,733,000
Total Mar. 22 1930._ 75,037,000
9,116,000 2,777,000 9,104,000
Total Mar. 30 1929... 88,828,000
Summary
149,307,000 23,533,000 18,340,000 14,069.000 7,804,000
American
75.288.000
6,814,000 6,187.000 15,733,000
Canadian
Total Mar. 29 1930_ -224.573,000 23,533.000 25,154,000 20,256,000 23,537,000
Total Mar. 22 1930_226,349,000 24,497,000 25,784,000 20,239,000 23,715,000
Total Mar. 30 1929_ -211,400,000 34,150.000 21,725,000 9,682,000 17,534.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, March 28, and since July 1 1929 and 1928,
are shown in the following:
1Vheat.
Exports
-
Week
Mar. 28
1930.
Since
July 1
1929.
Corn.
• Since
July 1
1928.
Week
Mar. 28
1930.
Since
Julg 1
1929.
I
Since
July 1
1928.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels,
Bushels.
North Amer_ 5,730,000238,357,000 435,424,000,
56,000 2,897.000, 31,543,000
Black Sea__ _
600,000 20,819,000 2,128,000 952,000 17,995,000, 1,827,000
Argentina__ 2,381,000 133,025,000 143,072,000, 1,142,000141,747,000181,255,000
Australia_
1,696,000 48,333,000 83,656,000
India
320,000 1,112,000;
0th. countr's 480,000 33,332,000 38,292,000; 272,000, 24,213,000, 24,377,000
Total
10.887,000 474,186,000 701.684,000 2,422,000186,852.000239.002.000
1
APRIL 5 1930.]
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Mar. 29 to April 4, both inclusive, compiled from official sales lists:
'
,
may
ollits
Last Week's Range for
Sale
Weak.
of Prices.
Par. Price. Low. High Shares.
Stocks-
Allegheny Steel
*
Aluminum Goods Mfg___* 2034
American Austin Car
634
Arkansas Gas Corp
• 11334
Preferred
10
734
Armstrong Cork Co
*
Blaw-Knox Co
• 3634
Carnegie Metals
10
8
Clark (DL)Candy
* 1634
Colonial Trust Co
100
Consolidated Ice pref_..60
Devonian Oil
10
Dixie Gas & Utilities pref._ 90
Donner Steel Ott of Sep__
Preferred Ott of dep
Donohoes, Inc, class A_ •
Duff Norton
•
Follansbee Bros pref___100 9134
Harbison-Walker Retr___* 60
Independent Brewing_ _ _50
Preferred
50
Koppers Gas & Coke pf 100 102
Liberty Dairy Prod
• 2934
Lone Star Gas
25 4634
McKinney Manufacturing*
Mesta Machine
31
Nat Fireproofing
50
Preferred
50 4334
Peoples Say & Trust_.-100
Phoenix 011
600
Preferred
1 500
Pittsburgh Brewing_ -50
Preferred
50
Pittsburgh Forging
22
Pittsburgh Oil& Gas_ _ _ _25
3
Pittsburgh Plate Glass-100 5834
Pitts Screw & Bolt Corp..*
Plymouth 011 Co
5
Pruett Schaffer Chem...* 2034
Preferred
•
San Toy Mining
1
Shamrock 011 dr Gas
2231
Standard Steel Springs...* 48
Suburban Elea Dev
* 1834
United Engine & Fdy.......* 44
Vanadium Alloy Steel_ _ • 65 .
Waverly 011 Wks class A_.• 1834
West'house Air Brake_ _ _ _• 49
Unlisted
Amer Fruit Growers
Preferred
Central Tube Co
Copper Welding Steel
Internat Rootless iron-.
Leonard Oil Dev
Lone Star Gas pre!
West Pub Serv v t 0
Range Since Jan. 1.
Low.
1.480 58
63
65
145 21
2034 2134
534 634 3,725
534
16
9
1634 1,540
798
734 8
734
58
135 58
58
3534 3634 1,861 2134
5
615
734 8
1534 1734 3,570 13
315 315
30 305
25
25
27 2434
934 10
9
35
90
20 70
90
699 28
30
30
101H 10134
232 95
16
• 16
10 16
34
34
50 34
9114 92
140 9134
295 59
5934 60
I
100
234 234
300
334 334
134
102 102
348 9934
22
2934 5,641 22
4334 4634 12,746 3434
100
534 631
531
2834 3334 9.475 t25
125 33
4334 45
210 35
4334 45
160 175
114 155
1,000 600
600 600
6,700 300
400 50e
234
50
434 434
514
9
50
9
11,005 12
1934 22
638
3
3
3
5934 4,415 53
56
21
2134 1,175 18
325 2434
2434 25
1,415 1734
1934 21
100 28
26
26
30
40
2,290
30
23
4,795 11714
22
4,465 38
52
46
1,215 13
19
18
1,285 3831
44
45
50 65
65
65
225 18
1834
18
48
70 44
49
17
19
75
75
25
25
4934 4734 50
2
114 2
4
334 434
1083.4 10934
27
2634 2834
Bonds
Shamrock 0 & G 68..1939
9734 99
. High.•
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
65
24
734
1634
8
62
37
8
1734
325
25
12
98
30
10134
18
34
93
60
434
5
102
2934
4634
634
3334
45
45
175
600
600
434
9
2134
3
5934
23
2734
23
2834
4c
2334
52
19
48
6734
1834
5034
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Apr
Apr
Jan
Apr
Mar
Feb
Mar
Apr
Jan
Mar
Feb
Apr
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Apr
Mar
Mar
Jan
Apr
Feb
100 1034 Feb
19
Apr
Jan 75
170 60
Mar
100 2434 Jan 2531 Feb
Mar 50
Apr
1,565 42
134 Jan
7,070
3
Feb
334 Mar
9,375
334 Mar
120 10434 Jan 10934 Mar
6.140 2334 Jan 2834 Max
510,000
9531 Jan
99
Jan
• No par value. t Includes also record for period when in Unlisted Dept.
New York City Realty and Surety Companies.
(AU prices dollars per sham.)
Bid.
Alliance R'Ity
95
Bond & Mtg G
($20 par).- 107
Home Title Ins
60
Bid.
Ask.
Bid.
Ask.
53
55 U S Casualty_
95
100
Lawyers Title
& Guarantee 293
110 Lawyers Westchest M & T 225
N If Inv't'rs
mat prat-26 pref.__
98
97
Ask.
108 Lawyers Mtge
65 Mtge Bond_ 193
302
300
203
Int.
Rate,
Bid.
Asked.
Westchester
Title & Tr_ 130
Maturity.
Int.
Rate.
June 56 1930... 434% loots. 10014,, Sept 15 1930-32 834%
Sept.15 1930_ - 334% 100
1002n Mar. 15 1930-32 334%
.
Dec. 15 1930- 334% 1001st 1001,81 Dec. 151930-32 33.4%
155
Bid.
99"n
9911so
9911s
Asked.
99141
gon.
991121
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
Capital.
Mar. 29
-The Peoples National Bank of Lewisburg, W.Va
$50.000
Correspondent, W. H. Garnett. Lewisburg, W. Va.
CHARTERS ISSUED
Mar. 24
-The National Exchange Bank and Trust Co. of New
York, N. Y
1,000,000
President, Arthur S Somers.
Mar. 26
-Citizens National Bank of Henderson. Texas
100,000
President, C. L. Brachfield. Chashier, J. E. Heath
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Van Buren, Arkansas
Mar.25
100,000
Effective March 21 1930. Liquidating agent, The First
and Crawford County Bank, Van Buren, Ark. Succeeded by The First and Crawford County Bank, Van
Buren. Ark.
-Kalamazoo National Bank and Trust Co., Kalamazoo,
Mar. 26
Michigan
500,000
Effective March 25 1930. Liquidating agent, Bank of
Kalamazoo, Mich. Absorbed by Bank of Kalamazoo
and the Kalamazoo Bancshares. Inc., both of Kalamazoo, Mich.
-The City National Bank of Sumter, South Carolina-,- 150.000
Mar. 26
Effective March 25 1930. Liquidating agent, Geo. L.
Ricker,Sumter, S. C. Absorbed by The National Bank
of South Carolina of Sumter, S. C., No. 10660.
-The First National Bank of Mt. Rainier, Maryland_
- 25,000
Mar. 28
Effective March 5 1930. Liquidating agent, William
Burton Spire, Mt. Rainier, Maryland. Absorbed by,
Mt. Rainier Branch of Prince Georges Bank, HyattsI
,
ville, Md.
-The Farmers and Merchants National Bank of Blythe,
I
Mar. 29
Calif
50,000
Effective March 1 1930. Liquidating agent, D. A.
Leonard, Care of the liquidating bank. Absorbed by
The First National Bank of Blythe, Calif., No.10944
CONSOLIDATIONS.
Mar. 29
-The Peoples' National Bank of Jackson, Michigan---- 200,000
National Union Bank and Trust Co. of Jackson, Mich_ 500,000
Consolidated to-day under Act of Nov. 7 1918, under
the charter of The Peoples' National Bank of Jackson,
No. 1533 and under the corporate title of "Union &
Peoples National Bank of Jackson," with capital stock
of $700,000.
The consolidated bank has one branch, located in the
City of Jackson, which was a branch of National Union
Bank & Trust Co. of Jackson and which was in operation on Feb. 25 1927.
25,000
The First National Bank of Blue Earth, Minn
50,000
The Farmers National Bank of Blue Earth, Minn
Consolidated to-day under Act of Nov. 7 1918, under
the charter of The First National Bank of Blue Earth,
No. 5393, and under corporate title of "First and
Farmers National Bank of Blue Earth," with capital
stock of $75,000.
25,000
The First National Bank of Gettysburg, South Dakota30,000
Potter County Bank, Gettysburg, South Dakota
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The First
National Bank of Gettysburg. No.8776, and under the
• corporate title of "Potter County National Bank of
Gettysburg," with capital stock of $75.000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Mar. 28
-The National City Bank of New York, N. Y. Location
,
branch, 135-137 West 125th Street, (also known as
140-142 West 126th Street).
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
25 Nat. Rockland Bank, par 520_10334
50 Atlantic Nat. Bank, par 3325__106H
2 Federal Nat. Bank, par $20
106
2 Webster & Atlas Nat. Bank _ _ _ _225
25 First Nat. Bank, par 520
13234
37 U S Trust Co., par $25
102
50 Beacon Trust Co., par 520
60
2 Ludlow Mfg. Associates
137
16 Boot Mills
12051
100 New England Sou. Corp.. COM $12 lot
20 Boott Mills
12034
5 Nashu Mfg. Co., prat
77
10 Hamilton Woolen Co
4114
3 Lawton Mills
55
20 Farr Alpaca Co
7834
2 Laurel Lake Mills
$234 lot
1 Pacific Mills
25
25 William Whitman & Co., Inc., pf 80
13 Ludlow Mfg. Associates
137
4 Boston & Maine RR., corn., (tinstamped)
80
50 Worcester Consol. St. Ry., pref.,
Par 580
1034
7 Boston dr Maine RR., corn.,
(tinstamped)
80
20 Mass. Utilities Associates, pref.,
Par 850
3734
25 Old Colony Trust Associates.... 43
3Hartford City Gas,corn., par $25. 6834
3 Plymouth Cordage Co
86 ex-div.
2 Riverbank Court Hotel Co
40
514 Riverbank Court Smut.. Co_ __ _ 40
3 Boston Ins. Co
822
10 Dennison Mtg. Co.. pref....103 ex-div.
3 .K.Mosser Leather Corp,eom- IX
4 North Bost. Ltg. Preto., Pref.
(undep.), par $50
5234
50 Saco Lowell Shops, 2d pref
1834
10 New Eng.P.S., prior lien
102
78 Boston Wharf Co
103
190 Baush Machine Tool Co.,cons. 6
Shares. Stocks.
8 Per /31.
50 Baush Machine Tool Co., pref.- 15
3234
25 Copley Square Trust Co
820
5 Boston Insurance Co
25 Gt. Northern Paper Co., par $25 5334
13 Milton Bradley Co., prat...105 ex-div
170 Boston Co-operative Bldg. Co.,
534
Par $19
,
4
25 Springfield Fire e Marine Instil
156
ance Co., par $25
3 Tennessee East. Elec. Co., 7%
9634
preferred
9 B. B.& R. Knight Corp., pref.
631
voting trust Otis
84
1 Municipal Service Co., pref
15
20 Farms Co. A
6334 ex-d1v.
8 Western Mass. Cos
9934
2 State Theatre, preferred
8734
13 units Thompson's Spa., Inc
3 Boston Belting Corp., pref..
450
par 50
95 Lowell Electric Light V. t. c., par
5234
$25
30 North Boston Ltg. Prop.. pref.
voting trust ctfo., par 550-.5834 div.on
55 Boston Herald-Traveler Corp..
common
27634
Per Cent.
Bonds$1.000 Utilities Pow. & Lt. Co. 58,
Feb. 1959. without warrants.... 75
$1,000 Wayland Manor Inc. 75,
Aug. 15 1938, coupon Aug. 15
1927 and subsequent on
$20 lot
53,000 Lockwood Greene & Co.,
Inc.. 75, Mar. 1933, coupon
March 1 1929 and sub. on
10 flat
$3,000 Continental Valve & Equip.
Co. 8s, Jan. 1939. Coupon July
1927 and subsequent on
115 lot
53,000 Minneap. Anoka & Cuyuna
Range Ry. Co. 55, May 1935.
ctf deposit
1334
By Wise, Hobbs 8z Arnold Boston:
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Motorist/.
2343
FINANCIAL CHRONICLE
Shares. Stocks.
$ Per Sh.
2 Worcester Co. Nat. Bk., par $50_192
25 Atlantic Nat. Bank, par $25.-10634
590 First Nat. Bank, par 520 13234-13234
50 Nat. Shawmut Bank, par $25„. 8254
5 Associated Textile Cos
35
5 Associated Textile Coe
35
11 Merrimack Mtg. Co. common__ 7634
5 Associated Textile Cos
35
28 Otis Company common
4234
25 Berkshire Fine Spinning Assoc..
Inc., common
30
50 Pepperell mtg. Co
9634
25 Farr Alpaca Co
7834
5 Associated Textile Cos
3614
1 B. dr M. RR. coin. (unstmpd.)._ 80
21 Shawmut Bank Invest. Trust__ 3134
10 New England Power Co.6% pf _109
25 Merrimack Hat Corp.common__ 59
10 Brockton Gas Light Co. v. t. c..
par $25
3934
14 New Bedford Gas & Edison Lt.
Co., par $25
90 ex-d1v.
10 Boston Woven Hose dc Rubber
Co. common
8934
Shares. Stocks.
$ Per lal.
20 Old Colony Trust Associates.... 43
4 Eastern Utilities Assoc. corn.... 4234
25 Boston Chamber of Commerce
Realty Trust, let pref
3534-3934
5 New England Pub, Ser. Co. prior
10634
pref
15 Mass. Bonding & Ins. Co.. Par
134 ex-div.
$25
300 Butte Ballaklava Mining Co.,
par $10; 700 Kruger Mining Co.,
$1; 300 Santa Fe Gold &Copper
Mining Co., par $10; 6 2-3 Arlon
Mfg. Co.; 610 Boston & Ely Con$17108
sol. Min. Co., Par $5
$45,000 note, bal. due $19.500.
dated May 22 1925, due May 22
1928, given by Charles A. Newhall to Frank A. Connors, sec. by
8.1 mtge. on real estate at 61-63
& 63 South St.. Boston, Mass_$950 lot
Per Cent.
Bonds$1,000 James River Bridge Corp.
7s, June 1943
75 Stint.
By Barnes & Lofland, Philadelphia:
Shares, Stocks.
$ per Sh.
35 Philadelphia Nat. Bank
141
3 Market Street Nat. Bank
536
5 First National Bank
496
1 Citizens Nat. Bk. of Jenkintown,
Pa
100
10 First Nat.Bk.Ocean City, N.J.225
5 Ninth Bank & Trust
5034
15 Ninth Bank & Trust
50
10 North Broad Nat, Bank
15
10 Broadway Merchants Trust CO.,
Camden, N. J
60
1 Penna. Academy of Fine Arts...._ 18
4 Philadelphia Bourse
20
30 Power,Gas,k Water Be,,. Corp__ 10
48 Phila. Traction Co
4134
50 Hestonville Man. & Fairmount
Possenger Ry
19
6 William Penn Fire Ins. Co
120
30 Boulevard Recreation Co
$12 lot
30 Tradesmens Net,Bk.& Tr. Co_420
20 Corn Exch. Nat. Bk.& Tr. Co.-125H
30 Corn Exch. Nat. Bk.& Tr. Co._125
100 Commercial Nat.Bk.dz Tr.Co. 2534
54 Commercial Nat.Bk. dr Tr.Co.- 95
15 Adelphla Bank & Trust Co
1534
30 Central Trust dr Say. Co
20
25 Bankers Trust Co
7034
127 Bankers Trust Co
7054
23 Bankers Trust Co
70
Shares. Stocks.
t Per a.
40Pa.Co.for Ins. on Lives,&a_ --1151(
95 Pa. Co.for Ins. on Lives; &c......11436
1200
5 Northern Trust Co
25 Metropolitan Trust Co
62
5 Jefferson Title & Trust Co
91
5 Fidelity-Phila. Trust Co
741
240 Franklin Trust Co
za
5 Merlon Title dr Trust Co., Ardmore, Pa
210
15 J. B.Stetson Co.common
7134
10 J. B.Stetson Co. common
71
114
800 Tobe Deutschmann Corp.corn
85 Pennsylvania Sugar Co
36
BondsPer Cent.
$45,000 demand notes Nos. 1,3091,311 Walnut Inv. dr Hold. Co.$13 10t
$250 Nos. 1309-11 Walnut Inv. &
Holding Co. pref
$11 lot
$1,000 Elec. dr Pee. Traci. Co. 4%
stock trust ctfs., 1945
42
$4,000 Lob. Val. St. Ry. 1st 58,
1929
2034
$4,000 Leb. Val,St. Ry. 1st 58,'29- 2036
$5,000 Peoples Pass. Ry.4% stook
trust Ctrs.. 1943
59
$3,000 Reading Trae. Co. 1st 68.
8034
1933
51,000 Temple Untverafty 1st tis. _
1942(6 $100 bonds,2 5200 bds.)-11113
By A. J. Wright & Co., Buffalo:
Shaies. Stocks.
1,000 Area Mines, par $1
100 Assets Realization Co
$ per Sh. Shares. Stocks.
$ Per Rh
So. 5 Labor Temple Assn. of Buffalo &
Vicinity, Inc.. Par $5
$2 lot
5041.191
By Adrian H. Muller & Son, New York:
Per Cent.
Bondsi Per Sh.
Shares. Stocks.
$1,767,900 principal amt. of Corn213i Guardian National Bank of
Paula Aeucarera Salamanca (Sala$2,250 lot
New York
manca Sugar Co.) 1st M. 20-yr.
10 Commodore Trading Co., pref.,.;
Sc. ($1,720,000 in temporary
$200 lot
10 common, no Par
form without coupon and $
47,900
100 Investment Co. of America,
in permanent form with coupons
$42
Iskommon, no par-,
due July 1 1926 and subsequent
$210 lot
100 Nat. Equip. Co., pref
$200,000 lot
coupons attached)
500 Nat Equip. Co., common____$90 lot
$30 lot $5,000 Interboro Metrop. Co., coll.
98 Converse Properties, Inc
trust 430, receipt for etfs of dep.
50 Commonwealth Bond Corp.,
$5 lot
option No. I elected
$57 lot
lacommon, no par; 50 pref
4,000 Nancy Hanks Montana Mining Co., depositary's receipt. Par
$1; 1,000 West Va. Con.sol. 011
$26 lot
Co., par $1
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.
When
Per
Cent. Payable.
Books Closed
Days Inductee.
Railroads (Steam).
• $1.375 May 1 *Holders of rec. Apr. 15
Allegheny Corp., pref. A (guar.)
Cincinnati Sandusky & Cleveland, pref. "11.50 May 1 *Holders of rec. Apr. 15
Ctn. Chic. & St. L., pref.(qu.)_ *134 Apr. 30 *Holders of rec. Apr. 19
Cleve.
Public Utilities.
250. May 15 Holders of rec. Apr. 25
Amer. Water Wks. & Elec., com.(qu.).
Associated Telephone Utilities (in stock) *8134 Apr. 15 *Holders of rec. Mar. 31
Ches. & Potomac Tel. of Balt., pf. (qu.) 134 Apr. 15 Holders of rec. Mar. 31
Consolidated Public Service (No. 1)____ *25e. Apr. 25 *Holders of rec. Apr. 5
134 May 1 Holders of rec. Apr. 15
Eastern Mass. St. Ry., pf. B (quar.)__
First pref. & sinking fund stocks (qu.) 134 May 15 Holders of rec. May 1
220. May 1 Holders of rec. Apr. 10
Eastern States Power, corn. (quar.)____
$1.75 May 1 Holders of roe. Apr. 10
$7 preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 10
$6 preferred (guar.)
Elec. Pow. & Light, allot. et/ 60% paid 735e. May 1 Holders of rec. Apr. 8a
1234c. May 1 Holders of rec. Apr. 80
Allotment ctfs. full paid
Empire Gas & Fuel,6% pref. (cattily.)... *50c. May 1 *Holders of rec. Apr. 15
54 1-6c May 1 *Holders of rec. Apr. 15
634% preferred (monthly)
58 1-3c May 1 'Holders of rec. Apr. 15
7% preferred (monthly)
662-3e May 1 'Holders of rec. Apr. 15
%
8 Dreferred (monthly)
General Public Serves, $3 pref.(guar.). $1.50 May 1 Holders of rec. Apr. 10
1.37)i May 1 Holders of rec. Apr. 10
$6.50 preferred (guar.)
Havana Elec. & Utilities, ist pf. (qu.)_ $1.50 May 15 Holders of rec. Apr. 21
$1.25 May 15 Holders of rec. Alm. 21
Preference (guar.)
Metropolitan G&9 & Electric (guar.)._ *10c. Apr. 1 *Holders of rec. Mar. 28
Missouri Gas k El. Serv. prior lien (qu.), $1.75 Apr. 15 Holders of reo. Mar. 31
234 Apr. 15 Holders of rec. Apr. 7
Montreal Tramways(quar.)
*45c. May I 'Holders of rec. Apr. 15
National Lim. Power corn. A (quar.)__
North Amer. Gas & Elec. class A (guar.)
May 1 *Holders of rec. Apr. 10
40 cents cash or 1-40th sh. A stock....
550. Apr. 1 Holders of rec. Mar.20
Pennsylvania Power. $6.60 pref.(mthlY.)
Mc. May I Holders of rec. Aln• 19
86.80 preferred (monthly)
520. June 2 Holden* of rec. May 20
$6.60 preferred (monthly)
$1.50 June 2 Holders of rec. May 20
$6.80 preferred (guar.)
May 1 *Holders of rec. Apr. 15
Public Serv. of Nor.Ills. common(qu.) .$2
"134 May 1 *Holders of rec. Apr. 15
6% preferred (guar.)
*134 May 1 *Holders of rec. Apr. 15
g% preferred (:11/&-.)
Rhode Island Pub.Sere.,class A (qu.) _ *$1.80 Mey 1 *Holders of rec. Apr. 15
*50c. May 1 *Holders of rec. Apr. 15
Prang red (guar.)
250. May 15 Holders of rec. Apr. 30
Southern Canada Power common (oil.)-.
•$1.75 May 1 *Holders of rec. Apr. 15
(guar.)
Standard Telephone pref.
134 May 15 Holders of rec. Apr. 19
West. Penn Elec. Co. 7% prof.(guar.) _
135 May 15 Holders of rec. Apr. 19
6% preferred (guar.)
Banks.
Corn Exchange Bonk Sr Trust (quar.)_
Trust Companies.
Kings County (Brooklyn) (guar.)
Fire Insurance.
American Reserve (quar.)
Lincoln Fire (guar.)
$1
May
1 Holders of rec. Apr. 24
'20
May
1 *Holders of rec. Apr. 25
Apr. 15 'Holders of rec. Apr. 5
*60c. Apr. 15 *Holders of rec. Apr. 7
Miscellaneous.
*60c. May 1 *Holders of rec. Apr. 15
Adams Manufacturing (quar.)
"3735c Apr. I *Holders of rec. Mar. 21
Aero Supply & Mfg.class A (guar.)
Akron Rubber Reclaiming-Dividend at tion de ferrod.
*75c. May 15 *Holders of rec. Apr. 24
Allis-Chalmers Mfg. (guar.)
50c. Apr. 30 Holders of rec. Apr. 150
Amerada Corp. (guar.)
*750. Apr. 1 *Holders of rec. Mar. 17
Bakeries class A (guar.)
American
*134 Apr. 1 *Holders of rec. Mar. 17
7% preferred (guar.)
*The. Apr. 1 'Holders of rec. Mar. 15
Amer. Capital Corp.$3 pref.(quar.)
Apr. 1 *Holders of rec. Mar. 19
*$1
(quar.)
Amer. Hardware Corp.
of rec. Apr. 18
Amer. Mach. & Fdy. common (quar.).. 134 May 1 Holders of rec. Apr. 18
134 May 1 Holders
Preferred (guar.)
May 1 'Holders of rec. Apr. 11
(guar.)._ *El
Amer. Smelt. & Ref., corn.
•134 June 2 *Holders of rec. May 2
Preferred (war.)
750. May 15 Holders of rec. May 1
Amer. Solvents & Chemical (guar.)._
•50c. May 1 *Holders of rec. Apr. 20
Archer-Daniels-Midland, corn. (quar.)
*134 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
*720. May 1 *Holders of rec. Apr. 15
Art Metal Works(qua?.)
Apr. 1 *Holders of rec. Mar. 15
"$1
Athol /* anufacturing (guar.)
*750. June 28 *Holders of rec. Ji no 16
& Katz, corn. (guar.)
Balaban
•134 June 28 *Holders of rec. June 16
Preferred (guar.)
Banco Commerciale Italians
$3.41 Apr. 18 Holders of rec. Apr. 11
American shares
$1.50 Apr. 1 *Holders of rec. Mar.124
*
Bay State Fishing (guar.)
134 May 1 Holders of rec. Apr. 15
Belding-Corticelli, Ltd., corn. (guar.)._
•25e. May 15 *Holders of rec. Apr. 15
Birtman PleetrIc Co., corn.(guar.)
*$1.75 May 15 *Holders of rec. Apr. 15
Preferred Neer.)
*134 May 1 'Holders of rec. Apr. 20
Bloomingdale firsos.1 prof.(quar)
"75c June 2'Holders of rec. May 15
Borden Company (guar.)
234 May 15 Holders of rec. Apr 30K
Boss Manufacturing, cons.(guar.)
134 May 15 Holders of rec. Apr. 30
Preferred-(quar.)
134 May 1 Holders of rec. Apr. 21
Brown Shoo, ore.(guar.)
*134 May 1 *Holders of rec. Apr. 25
Bros., reef. (guar.)
Bunte
-Dividend pass ed
California Cotton Mills
*25e. Apr. 15 Holders of rec. Mar. 31
Canadian Brewing, Ltd.. (guar.)
6234e. May 1 Holders of rec. Apr. 19
Canadian Bronze, corn. (guar.)
134 May 1 Holders of rec. Apr. 19
Preferred (guar.)
25c. May 1 Holders of rec. Apr. 00
Canadian Investors (No. 1) (quar.)___
panic. pf.(qu.) 134 May 15 Holders of rec. Apr. 30
Canadian Pow. & Paper,
*1234c Apr. 15 Holders of rec. Apr. 3
Canadian Wineries, Ltd.(guar.)
*3735e May 1 Holders of rec. Apr. 19
Central Illinois Secur., pref. (quar.)._
$1.50 May 1 Holders of rec. Apr. 10
Cerro de Pasco Copper Co.(quar.)
*6234c May 15 Holders of rec. May 1
Chain Belt Co., corn. (guar.).
Apr. 15 Holders of rec. Apr. 1
*2
(guar.)
Chapman Valve Mfg.
Apr. 3 Holders of rec. Mar. 26
*1
Extra
of rec. Apr. 15
Carbon (guar.)._ ....... *$1.25 May 1 Holders of rec. Apr. 15
Columbian
•220. May 1 Holders
Extra
4334c. Apr. 15 Holders of rec. Apr. 1
Commercial Bookbinding (quar.)
*Holders of rec. Apr. 1
Commercial Discount8% pref. new (an.) 1120c. Apr. 10 *Holders of rec. Apr. 1
*1734c Apr. 10
7% preferred, new (guar.)
6
Laundries, pref.(quar.)__* $1.875 May 1 *Holders of rec. AM. 1
Consolidated
Contoocook Mills, pref.-dividend omitt ed.
Apr. 1 'Holders of rec. Mar. 15
*$2
Courier Post Co.(guar.)
Apr. 1 8Holders of rec. Mar. 15
'$I
Extra
33e. May 1 Holders of rec. Apr. 15
Curtis Lighting, Inc. (War.)
*720. June 1 *Holders of rec. May 16
Corp., corn. (qua?.)
Dictaphone
June 1 *Holders of rec. May 16
*2
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar.28
Dominion Rubber. pref. (guar.)
4140e. Apr. 25 *Holders of rec. Apr. 10
Equip.(Guar.)
Emsco Derrick ea
[VoL. 130.
PINANCJIAL CHRONICLE
2344
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days /missive.
Miscellaneous (Concluded).
300. Apr. 15 Holders of rec. Apr. 1
Equitable Financial Corp. class A (qu.)
May 1 Holders of rec. Apr. 15
$1
Eureka Pipe Line (quar.)
3714c Apr. 30 Holders of rec. Apr. 15
Exchange Buffet Corp. (guar.)
1600. Aug. 1 *Holders of rec. July 19
.
Fair (The) common (guar.)
1
. 134 Aug. 1 *Holders of rec. July 19
.
Preferred (guar.)
Fenton United Cleaners & Dyers
Apr. 15 *Holders of rec. Apr. 10
Common (guar.)
Apr. 15 *Holders of rec. Apr. 10
*1
Common (extra)
•13,‘ Apr. 15 *Holders of rec. Apr. 10
Preferred (guar.)
•135 July 1 *Holders of rec. June 16
Florsheim Shoe pref.(guar.)
"4334c Apr. 15 *Holders of rec. Apr. 4
Fokker Aircraft pref. (guar.)
*3734c Apr. 15 *Holders of rec. Mar. 31
Food Machinery ((luar.)
Foreign Power Securities panic. pf.(qu.) 134 May 15 Holders of rec. Apr. 80
*50c. Apr. 15 *Holders of rec. Apr. 1
Foremost Fabrics (guar.)
"25e. May 15
Foundation Co.of Canada (guar.)
720. May 1 Holders of rec. Apr, 150
General Mills, Inc., common (guar.)...
•300. May 1 'Holders of rec. Apr. 20
General Parts Corp. pref. (quar.)
*115 Apr. 15 *Holders of rec. Mar. 31
Globe-Wernicke Co. pref. (guar.)
*750. Mar. 29 *Holders of rec. Mar. 24
Gorton-Pew Fisheries (guar.)
Mar. 29 *Holders of rec. Mar. 24
*$1
Extra
-Silver Stores com.(gu.) 25e. Apr, 23 Holders of rec. Apr. 14
Grand (F. & W.)
-10 -Cent Stores
Grand (F. & W.) 5 -25
25e. Apr. 21 Holders of rec. Apr. 14
Common (guar.)
134 May 1 Holders of rec. Apr. 14
Preferred (guar.)
•250. May 20 "Holders of rec. May 9
Grand Rapids Metalereft (guar.)
Apr. 1 *Holders of rec. Mar. 26
*35
Gray Telep. Pay Station (guar.)
*$2.50 Apr. 1 *Holders of rec. Mar. 26
Extra
•30c. Mar. 31 *Holders of rec. mar. 20
Hamilton Watch
Handley-Page Ltd
May 2 *Holders of rec. Apr. 11
American Ms. perticipatIng preferred *5
American refs, mile. pref. (extra)... *24 May 2 *Holders of rm. Apr. 11
*75c. May 15 *Holders of rec. May I
Hartford Times Co., pref. (guar.)
134 May I Apr. 19 to May 1
Higbee Co. 181 pref. (guar.)
*So. Apr. 22 *Holders of rec. Apr. 8
Hollinger Cons. Gold Mines
Ilollyward Paper Box, coin. (quar.)........ •250. Apr. 10 *Holders of rec. AM. 1
235 Apr, 1 Holders of reo. Mar. 22
Holmes(D. H.) Co., Ltd.(guar.)
•250. Apr. 10 *Holders of rec. Mar. 31
Honolulu Plantation (monthly)
25c. Apr. 15 Holders of rec. Apr. 1
Horn'Signal Mfg. panic. pref.(qua?.)
*50c. May 1 *Holders of rec. Apr. 15
Hunt Bros. Packing class A (guar.)
Imperial Chemical Industries
Juno 7'Holders of rec. Apr. 15
*w5
American deposit receipts
20c. Apr. 15 Holders of rec. Mar. 31
Industrial Collateral Assn. (guar.)
Industrial Finance Corp., pref. (guar.). "134 May 1 *Holders of roe. Apr. 18
g May 1 Holders of ree. Apr. 18
Internat. Cigar Machinery (guar.)
Interstate Dept. Stores, pref. (guar.).- 134 May 1 Holders of rec. Apr. 15
50c. May 15 Holders of rec. May 1
Intertype Corp., corn. (guar.)
*Mc. May 1 *Holders of rec. Apr. 20
Kodel Elec. & Mfg., pref. (guar.)
Lakey Foundry & Machinery-Dividend Passed
134 May 1 Holders of rec. AM. 15
pref. (guar.)
Lane Bryant, Inc.,
London Canada Investment, pref. (qu.) 134 Juno 2 Holders of rec. May 15
London Tin Corp., Ltd.
Ti Apr. 7 *Holders of rec. Mar. 26
Amer. dep. rots, participating pref._
*30c. May 15 *Holders of rec. Apr. 15
Los Angeles Investment (guar.)
•500. May 15 *Holders of rec. May 5
Lynch Glass Machine (quar.)
*50o. Apr. 15 *Holders of rec. Mar. 31
MacMillan Petroleum (guar.)
Apr. 15 *Holders of rec. Mar. 31
*e2
Extra (stock dividend)
•1
Apr. 2 *Holders of rec. Mar. 31
Manning, Maxwell & Moore (quar.)_
$1.50 May 1 *Holders of rec. Apr. 15
Maytag Co., 1st pref.(guar.)
750. May 1 Holders of rec. Apr. 15
Preference (guar.)
*50c. July 1 *Holders of rec. May 31
Mengel Co., coin. (guar.)
*134 July 1 *Holders of rec. May 31
Preferred (guar.)
Merchants Warehouse (Boston) dividend ornitte d.
Midland Associates, corn, B qu.((No. 1) *15c. Apr. 10 *Holders of rec. Apr. 1
*75c. Apr. 10 *Holders of rec. Apr. 1
Preferred (quar.)
Mills Alloys, Inc., class A-Dividend pas sod
Apr. 15 Holders of rec. Apr. 1
$1
Moloney Electric, class A (guar.)
National Dept. Stores, Inc. 1st pf. (an.) "134 May 1 *Holders of reo. Apr. 15
*134 June 1 *Holders of rec. May 15
(guar.)
Second preferred
•50c July 1 *Holders of rec. June 20
National Screen Service (guar.)
Notional Securities Investm't, pf. (qu.) *$1.50 May 15 *Holders of rec. Apr. 15
$1.25 May 15 Holders of rec. May 5
National Supply Co., corn. (guar.)
*1334c May 1 *Holders of rec. Apr. 14
National Tea, pref. (guar.)
154 May 1 Holders of rec. Apr. 15
Weisner Bros., Int., pref. (guar.)
•15.4 June 1 *Holders of rec. May 16
Newberry (J. J.) Co., pref. (guar.).N. Y. & Foreign Investing, pref. (guar.) 134 Apr. 15 Holders of rec. Mar. 31
New River Co., pref. (acct. accum. div.) *5135 May 1 *Holders of rec. Apr. 15
-Dividend deferr ed
New York Auction Co.
N. Y. & Foreign Investing, pref. (qu.)* $1.625 Apr. 15 *Holders of roe. Mar. 31
"2e. May 26 *Holders of rec. May 16
Oceanic Oil (bi-monthly)
720. Apr. 15 Holders of rec. Apr. 5a
011 Shares, Inc., pref. (quar.)
Olistocks, Ltd., class A & B (quar.).... *1235e May 15'Holders of rec. Apr. 30
Oppenheim, Collins & Co., tom. (guar.) $1.25 May 15 Holders of rec. Apr. 25
May 1 Holders of rec. Apr. 21a
$1
Outlet Co., corn. (guar.)
134 May 1 Holders of rec. Apr. 21a
First preferred (guar.)
135 May 1 Holders of rec. Apr. 21a
Second preferred (guar.)
*Me. May 1 *Holders of rec. Apr. 20
Pacific Clay Products (guar.)
Pacific Portland Cement pref. (qua?.).. •134 Apr. 5 *Holders of rec. Mar. 31
10. AM. 1
Petroleum Royalties pref.(monthly)....
He. Apr. 1
preferred (extra)
*40c. Apr. 25 *Holders of rec. Apr. 15
Pittsburgh Forgings Co.(guar.)
*134 June 1 *Holders of rec. May 10
Pittsburgh Steel pref. (guar.)
Pittsburgh Steel Foundry corn. (quar.)_ •250. Apr. 15 *Holders of rec. Air. 7
•25e. Apr. 15 *Holders of rec. Am. 7
Common (extra)
$2
Apr. 15 Holders of ree Mar 31
Polygraphic Co. of Amer.. of.(qu.)
314 May 1 Holders of rec. Apr. 10
pref., series 1926
Prudence Co., Inc.,
50c. May 1 Holders of rec. Apr. 21
Reed(C. A.) Co., class A (guar.)
50c. May 15 Holders of rec. Apr. 20
Richfield 011 of Calif.. corn.(guar.)
*8
May 6 *Holders of rec. Apr. 8
Rolls Royce,Ltd., Am.dep.zeta
"2
May 6 *Holders of rec. Apr. 8
Amer. dep.rcts.(extra)
"900. May 1 *Holders of rec. Apr. 15
Co., pref.(qu.)
Rollins Hosiery
*7c. Apr. 1 *Holders of rec. Mar. 25
Royalties Man'g't corn. A & B (mthly.).
4
.500. May 1 *Holders of rec. Apr. 15
Salt Creek Producers Assn (guar.)
*1214e Apr. 15 *Holders of rec. Apr. 1
Schnebbe Fire Prot. Eng.,corn.(qu.)
*(10c. Apr. 15 *Holders of rec. Apr. 1
Class A (guar.)
*750. Apr. 15 *Holders of rec. Apr. 1
Preference (quar.)
*50e. May 1 *Holders of rec. Apr. 16
Solon Leather (guar.)
25c. Apr. 21 Holders of rec. Apr. 14
Silver (Isaac) & Bros., Inc., corn.(qu.)._
134
May 1 Holders of rec. Apr. 14
(guar.)
Preferred
•750. May 1 'Holders of rec. Apr. 15
Spreger-May-Stern Co., corn. (guar.)
1.154 May 1 *Holders of rec. Apr. 16
Preferred (guar.)
le. Apr. 15 Holders of rec. Mar. 31
Stand. Royalties Wetumka, pf. (mthly.)
1e. Apr. 15 Holders of rec. Mar. 31
Stand. Royalties Wewaka, pf. (mthly.)
10. Apr. 15 Holders of rec. Mar. 31
Royalties Wichita. pf. (mthly.).
Stand.
91_ Apr. I *Holders of rec. Mar. 21
Stern Brothers class A (qua?.)
6214o Apr. 15 Holders of rec. Apr. 5
Superheater Co.(quar.)
Syracuse Washing Mach., corn. B (cm.)_ *25e. Apr. 1 *Holders of rec. Mar. 25
150. May 1 Apr. 17 to Apr. 30
Teck-Hughes Gold Mines
*51.1c Apr. 30 *Holders of rec. Apr. 16
Tobacco Products dill. ctfs. B
Traveler Shoe Co., com.-dividend act' on dole rred
Tung Sol Lamp Works, corn. (quar.).. *50c. May 1 *Holders of rec. Apr. 19
*720. May 1 *Holders of rec. AM. 15
Tri-Utilltles Corp., $3 pref. (quar.)
'750. May 1 *Holders of reo. Apr. 14
Trumon Co.(guar.)
Stock dividend-omitted.
United Business Publications, pref.(qu.) "134 Apr. 1
1 .25 mar
United Pusbllshers Corp.,corn.(guar.).- 11% Mar31
31
Preferred (guar.)
United Secur. Trust Associates(No. 1).. •300. May 15 *Holders of rec. May I
U. S.& Internat. Secur., 1st pref. (an.).. *$1.25 May I *Holders of rec Apr 11
•9334c May 1 *Holders of rec. Apr. 11
Allotment Ws. part paid (guar.)
2
Apr. 15 Holders of rec. Apr. I
U. S Paper Box, corn. (quar.)
U.S. Rubber Reclaiming,Prior pf.(gu.). *we. Apr. 1 *Holders of rec. Mar. 20
•3734e Apr. 1 *Holders of rec. Mar. 20
Preferred (A (guar.)
•13.‘ May 1 *Holders of rec.
Universal Pipe & End. 1st pf. (qu.)
Apr. 15
*6234c May I 'Holders of rec. Apr. 16
Vick Chemical (qua".)
May 1 *Holders of rec. Apr. 5
Victor Talking Mach., tom.(guar.)._ *$1
*13..6 July 1 *Holders of rec. June
Waltham Watch, prof. (quar.)
21
Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
*6234c May 1 *Holders of rec. Apr. 15
Warchel Corp., pref. (guar.)
.15c. May 1 *Holders of rec. Apr. 15
4
Western Air Express (guar.)
10o. Apr.
Western Royalty Corp. (monthly)
*1% Mar. 31 *Holders of rec. Mar. 22
Worcester Salt (qua?.)
APRIL 5 1930.]
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
2345
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Baltimore & Ohio, common (guar.).--13.( June 2 Holders of rec. Apr. 19a
June 2 Holders of tee. Apr. 19a
1
Preferred (guar.)
Carolina Olinchfield & Ohio, corn. (qu.). $1
Apr. 10 Holders of rec. Mar. 31a
Stamped certificates (guar.)
$1.25 Apr. 10 Holders of rec. Mar. 310
Chesapeake & Ohio, preferred
334 July 1 Holders of rec. June 7a
Delaware Lackawanna & West (guar.) - $1.50 Apr. 21 Holders of rec. Apr. 50
.
Georgia RR.& Banking (guar.)
Apr. 15
*3
IN Apr. 7 Holders of rec. Mar.280
Joliet & Chicago (guar.)
Kansas City Southern,common (guar.). 134 May 1 Holders of rec. Mar.310
Apr. 15 Holders of rec. Mar.31a
Preferred (guar.)
1
Mahoning Coal RR.. Corn. (qUar.)---- $12.50 May 1 Holders of rec. Apr. 160
4
Apr. 10 Holders of tee. Mar.31a
Maryland & Pennsylvania (No. 1)
$1.25 Apr. 15 Holders of tee. Mar.316
Midland Valley, common
2
May 1 Holders of rec. Mar. 28a
New York Central RR.(guar.)
1
May 19 Holders of rec. Apr. 300
Norfolk & Western, adj. pref. (guar.).Northern Pacific (guar.)
134 May 1 Holders of rec. Apr. 100
Pere Marquette, prior pref. & pref.(go.) 134 May 1 Holders of rec. Apr. 5a
*21.50 June 1 "Holders of tee. May 15
Pitts. Bessemer & Lake Erie, pref
Pittsb. Ft. Wayne & Chic., pref.(guar.) 134 Apr. 8 Holders of rec. Mar. 100
144 Apr. 30 Holders of rec. Apr. 150
Pittsburgh dr West Virginia (gust.)-$1
May 8 Holders of rec. Apr. 106
Reading Company,corn.(guar.)
50e. Apr. 10 Holders of rec. Mar. 20a
Second preferred (guar.)
Apr. 15 Holders of rec. Mar. 280
2
Rutland RR., preferred
Bt. Louis-San Francisco. Pref• (guar.).- 134 May 1 Holders of rec. Apr. 12a
144 Aug. 1 Holders of tee. July la
Preferred (guar.)
144 Nov. 1 Holders of rec. Oct. la
Preferred (guar.)
2
May 1 Holders of rec. Apr. lc
Southern Ry., common (guar.)
134 Apr. 15 Holders of rec. Mar. 240
Preferred (guar.)
*244 Apr. 10 *Holders of rec. Mar. 20
United N. J. RR.& Canal Cos.(gU.)
*234 July 1 *Holders of rec. June 20
Quarterly
*254 Oct. 1 *Holders of rec. Sept. 20
Quarterly
31
*254 Jan 1, *Holders of rec. Deo.20'30
Quarterly
13.4 May 24 Holders of tee. Apr. 190
Wabash Ry., pref. A (guar.)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days lnclusire.
Public Utilities (Concluded).
Nor. Indiana Pub.Sexy.,7% pref.(gu.)- 151 Apr. 14 Holders of rec. Mar. 31
134 Apr. 14 Holders of rm. Mar. 31
6% Preferred (guar.)
134 Apr, 14 Holders of rec. Mar. 31
534% preferred (guar.)
50c. Apr. 25 Holders of rec. Mar. 31
Northern Ontario Power, corn.(guar.)
134 Apr. 25 Holders of rec. Mar. 31
Preferred (guar.)
May 1 Holders of rec. Mar.31
Nor.States Pow.(Del.), corn. A (guar.). 2
142 Apr. 21 Holders of rec. Mar. 31
7% Preferred (guar.)
144 Apr. 21 Holders of rec. Mar.31
6% preferred (guar.)
Northwestern Bell Telep.. pref. (guar.). 134 Apr. 15 Holders of rec. Mar. 206
Ohio Edison Co., 6% pref. (guar.)
134 June 2 Holders of rec. May 15
1.65 June 2 Holders of rec. May 15
6.6% preferred (guar.)
I% June 2 Holders of roe. May 15
7% preferred (guar.)
154 June 2 Holders of too. May 15
5% preferred (guar.)
50c. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c. June 2 Holders of rec. May 15
6% preferred (monthly)
550. May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
55o. June 2 Holders of reo. May 15
6.6% preferred (monthly)
50c. Apr. 15 Holders of rec. Mar. 316
Pacific Gas & Electric, corn. (guar.)........
*$1.50 Apr. 15 *Holders of rec. Mar.31
Pacific Lighting, 26 pref.(guar.)
Pacific Public Service, corn. A (gu.)__hh *3231c May 1 *Holders of rec. Apr. 10
13. Apr. 15 Holders of rec. Mar.310
Pacific Telep. & Teleg., pref. (guar.)
.35c. July 1 *Holders of rec. June 14
Peninsula Telephone. Corn. (guar.)
*350. Oct. 1 *Holders of rec. Sept. 15
Common (guar.)
•350. Jan 1'31 *Hold. of roe. Dec. 15 '31
Common (guar.)
Pennsylvania-Ohio Power & Light Co.
$1.50 May 1 Holders of rec. Apr. 21
36 preferred (guar.)
134 May 1 Holders of reo. Apr. 21
7% preferred (guar.)
60e. May 1 Holders of rec. Apr. 21
7.2% preferred (monthly)
55c. May 1 Holders of rec. Apr. 21
6.6% preferred (monthly)
2
Apr. 17 Holders of rec. Apr. 30
Peoples Gas Light & Coke (guar.)
Philadelphia & Camden Ferry (guar.).- $1.25 Apr. 10 *Holders of tee. Mar. 14
1
Apr, 30 Holders of tee. Apr. 16
Philadelphia Co., common (guar.)
The. Apr. 30 Holders of rec. Apr. la
Common (extra)
$1.50 May I Holders of rec. Apr. la
6% preferred (guar.)
*$1.25 May 1 *Holders of rec. Apr. 10
Phila. Elec. Power, $5 pref. (gni
Philadelphia Rapid Transit, common... 81 AM, 30 Holders of rec. Apr. 15a
$1.75 May 1 Holders of rec. Apr. 1
Preferred (guar.)
134 May 31 Holders of rec. May 120
Philadelphia Suburban Water, pf.(qu.)_
Philadelphia .Se Western Ry., pref.(qu.)_ *6244c Apr. 15 *Holders of rec. Mar.31
154 Apr. 15 Holders of rec. Mar.31
Power Corp. of Canada,6% pref.(qu.)75c. Apr. 15 Holders of rec. Mar. 31
Participating preferred (guar.)
500. Apr. 30 Holders of rec. Apr. la
Pub. Serv. Corp. N. J.,6% pf. (m'thlY)
111.50 Apr. 15 *Holders of rec. Mar. 20,
Puget Sound Pr. & Lt., 26 pref. (g1.)
6234e. Apr, 15 Holders of rec. Mar. 27
Quebec Power Co. (guar.)
San Diego Cons Gas & El.. pref.(qu.) -- 134 Apr. 15 Holders of rec. Mar. 31
6234e. Apr. 10 Holders of rec. Mar. 15
Shawinigan Water & Power (guar.)
50o. May 15 Holders of rec. Apr.5196
So. California Edison, corn. (gust.)...._..
50c. Apr. 15 Holders of rec. Mar. 20
Original pref.(guar.)
3450. Apr. 15 Holders of rec. Mar. 20
Series C 544% prof. (guar.)
*3754e Apr. 15 *Holders of rec. Mar. 31
Southern Calif. Gas, pref. A (guar.)
Southern Canada Power, pref. (gust.).
134 Apr. 15 Holders of rec. Mar.20
Southern Counting Goa,6%,pref.(qu.)_ '1% Apr. 15 *Holders of rec. Mar. 31
Apr. 15 *Holders of rec. Mar.31
•2
Southern N. E. Telephone (guar.)
134 Apr. 15 Holders of rec. Apr. 1
South Pittsburgh Water, Prof. (guar.)•154 Apr. 15 *Holders of rec. Apr. 1
6% preferred (goat.)
(No. 1)
Standard Gas & Elec., corn. (guar.).
- 8734o. Apr. 25 Holders of rec. Mar. 31
Prior preference (guar.)
$1.75 Apr. 25 Holders of rec. Mar. 31a
Standard Power & Light, pref. (gust.).... $1.75 May 1 Holders of rec. Apr. 16
Union Natural Gas of Canada (gust.).... *640c. June 10 *Holders of rec. Apr. 15
United Lt.&Pow.,corn. A & B,old (gu.) $1.25 May 1 Holders of rec. Apr. 156
25c May 1 Holders of rec. Apr. 1541
Common A & B, new (guar.)
Western Power Corp., pref. (guar.).
- 134 Apr. 15 Holders of rec. Mar.31
Apr. 15 Holders of rec. Mar.216
2
Western Union Teleg. (guar.)
West Penn Power Co., 7% pref.(guar.). 13.4 May 1 Holders of rec. Apr. for
135 May 1 Holders of rec. Apr. 5 .
6% preferred (guar.)
Banks.
244 June 1 Holders of rec. May I54
Prisco State (guar.)
134 Apr: 5 Holders of rec. Mar.:25
Trade (guar.)
Public Utilities.
$1.25 May 1 Holders of rec. Apr. 15
Alabama Power, 25 pref. (guar.)
Amer. Cities Power & LIght,class A
75c. cash or 1-32d sh. cl. B stock.... (dd) May 1 *Holders of rec. Apr. 5
- *244 May 1 *Holders of tee. Apr. 5
Class B (payable in class B stook).
Amer. Commonwealths Power Corp.
Corn. A & B (payable in class A stock) 254 Apr. 25 Holders of rec. Mar. 310
$1.50 May 1 Holders of rec. Apr. 150
$6 first preferred (guar.)
$1.63 May 1 Holders of rec. Apr. 156
$634 first preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 156
First and second pref. (guar.)
Amer. Dist. Teleg. of N..3., corn.(qu.)_ *21 Apr. 15 *Holders of rec. Mar. 15
*134 Apr. 15 *Holders of rec. Mar. 15
Preferred (guar.)
American Gas & Electric, pref.(guar.)_ _ $1.50 May 1 Holders of rec. Apr. 9
Amer. Light & Traction, coin. (guar.).- 234 May 1 Holders of reo. Apr. 166
154 May 1 Holders of tee. Apr. 160
Preferred (guar.)
234 Apr. 15 Holders of rec. Mar. 146
American Telep. & Teleg. (guar.)
Associated Gas & Electric
-40th eh. A.stock) *50e. May 1 *Holders of rec. Mar. 31
Class A (in cash or 1
Apr. 15 Holders of reo. Mar. 22
2
Bell Telephone of Canada (guar.)
Apr. 30 *Holders of rec. Mar. 31
*2
Bell Telep. of Pa.,corn.(guar.)
64% preferred (guar.)
*13.5 Apr. 15 *Holders of tee. Mar. 20
*400. Apr. 15 *Holders of tee. Apr. 21
Bridgeport Hydraulic (guar.)
50o. Apr. 15 Holders of tee. Mar. 31
British Columbia Power, class A (oil.)
Brooklyn Borough Gas, corn. (guar.). •
- 21.50 Apr. 10 *Holders of rec. Mar. 31
Brooklyn-Manhattan Transit, corn.(qu.) $1 Apr. 15 Holders of rec. Apr. la
$1.50 Apr. 15 Holders of rec. Apr. la
Preferred, series A (guar.)
Cables & Wireless, Ltd.
*te234 Apr. 5 *Holders of rec. Feb. 28
American dep. refs. for preferred
California-Oregon Power,7% Pref.(mt.) 134 Apr. 15 Holders of rec. Mar.31
Trust Companies.
6% preferred (guar.)
134 Apr. 15 Holders of tee. Mar.31
.
*50c Apr. 10 *Holders of rec. Mar 31
Bank of Sicily Trust Co.(guar.)
15e. Apr. 25 Holders of rec. Mar.31
Canada Northern Power, corn.(guar.).13.4 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Fire Insurance.
Central Ill. Pub. Service, pref.(quar.)-- *154 Apr. 15 Holders of reo. Mar.31
*600 May 1 *Holders of rec. Apr. 22
United States Fire (guar.)
Apr. 15 Holders of rec. Mar. 31
Cent. & S. W. Utilities, corn. (guar.)..... P.
Common (payable in corn. stock)
113.4 July 15 Holders of rec. June 30
Miscellaneous.
Chic. Rapid Transit, pr. pref. A (a11.)
- *65e. May I 1 *Holders of rec. Apr. 15
14 Apr. 21 Holders of rec. Apr. 106
Abitibi Power & Paper,6% pref. (flu.)
*65c. June 1 *Holders of tee. May 20
Prior preferred A (guar.)
Abraham & Straus, Inc., prof.(guar.)._ I% May 1 Holders of rec. Apr. 154
*600 May 1 *Holders of tee. Apr. 15
Prior preferred B (guar.)
Addressograpb International (guar.)._ '3734e Apr. 10 *Holders of rec. Mar.21
*60c June 1 *Holders of rec. May 20
Prior preferred B (guar.)
June 2 *Holders of rec. May 20
Ainsworth Mfg.(stock div.) (guar.).--- *el
Cities Service Pr.& Lt., 26 pr.(monthly) *50o Apr. 15 *Holders of rec. Apr. 1
75c Apr. 15 Holders of rec. Mar. 3I0
Air Reduction Co.(guar.)
58 1-3c Apr. 15 *Holders of rec. Apr. 1
$7 preferred (monthly)
15e Apr. 18 Holders of rec. Mar.31
Allegheny Steel, common (monthly).
May 1 *Holders of tee. Apr. 15
*2
Commonwealth-Edison (guar.)
250 Apr. 18 Holders of tee. Mar.31
Common (extra)
Consolidated Gas of N.Y., pref.(guar.). $1.25 May 1 Holders of refs. Mar. 290
4
.150 May 17 *Holders of rec. Apr. 30
Common (monthly)
$1.25 July 1 Holders of reo. June 14
Consumers Power. 25 (guar.)
*15e. June 18 *Holders of rec. May 31
Common (monthly)
134 July 1 Holders of rm. June 14
6% Preferred (guar.)
*13.4 June 2 *Holders of roe. May 15
Preferred (guar.)
1.65 July 1 Holders of reo. June 14
6.6% preferred (guar.)
*141 Sept. 1 *Holders of roe. Aug. 15
Preferred (guar.)
134 July 1 Holders of tee. June 14
7% preferred (guar.)
*134 Doe. 1 *Holders of rec. Nov. 15
Preferred (guar.)
50c May 1 Holders of roe. Apr. 15
6% preferred (monthly)
75c. Apr. 22 Holders of roe. Apr. 80
Alliance Realty, common (guar.)
500. June 2 Holders of tee. May 15
6% preferred (monthly)
154 June 1 Holders of rec. May 20
Preferred (goat.)
50e. July 1 Holders of rm. June 14
6% preferred (monthly)
134 Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
Mc May 1 Holders of tee. Apr. 15
6.6% preferred (monthly)
154 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
550. June 2 Holders of rec. May 15
6.6% preferred (monthly)
Allied Chemical & Dye Corp., eom.(TM.) $1.50 May 1 Holders of rec. Apr. 80
55c. July 1 Holders of tee. June 14
ILO% Preferred (monthly)
0
11,4 Apr. 15
75o.
2
Apr. 15 Holders of rec. Mar. 200 Alpha Portland Cement, corn. (quar.) : J . 3 *Holders of rec. Mar.256
Detroit Edison CO.(guar.)
*Holders of rec. June 15
Aluminum Mfrs., pref. (guar.)
Diamond State Teter., Pref. (guar.).-- *144 Apr. 15 *Holders of rec. Mar. 20
*134 Sept. 30 *Holders of rec. Sept.15
Preferred(guar.)
Duquesne Light, 1st pref. (guar.)
134 Apr. 15 Holders of tee. Mar. 15a
*134 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Edison Elec. 111. 01 Boston(guar.)
3.40 May 1 Holders of rec. Apr. 10
750 Apr. 15 Holders of rec. Mar.27
Amalgamated Elec. Corp., Ltd., pref._ _
11.34 Apr. 15 Holders of tee. Mar. 11
Electric Bond & Share,corn.(guar.)
American Art Works,corn. & pf.(ouar.) 134 Apr. 15 Holders of rec. Mar. 31
$1.50 May 1 Holders of rm. Apr. 10
Preferred (quer.)
75e Apr. 20 Holders of rec. Apr. 10
American Chain,common (guar.)
Apr. 8
corn. (quar.)
25e. May 1 Holders of rec.
Electric Power & Light,
134 June 1 Holders of rec. Mar. 14
American Colortype. pref.(guar.)
El Paso Electric Co., pref. A (guar.)__. *134 Apr. 15 *Holders of rec. Apr. 1
- 40o. Apr. 15 Holders of rec. Mar. 290
Amer. Comm'l Alcohol, corn. (guar.).
Federal Pub. fiery., pref.(guar.)
*134 Apr. 15 *Holders of rec. Mar. 31
*354 Apr. 15 *Holders of rec. Apr. 5
American Fork & Hoe, 7% pref
Illinois Northern Utilities. pref. (guar.). •154 May 1 *Holders of rec. Apr. 15
Mc. May 1 Holders of rec. Apr. 140
Amer. Home Products Corp.(mthly.)
Illinois Power & Light, $6 pref. (guar.). $1.50 May 1 Holders of rec. Apr. 10
750. Apr. 25 Holders of roe. Apr. 40
American Ice, common (guar.)
Internat. Hydro-Electric System
154 Apr, 25 Holders of rec. Apr. 4a
Preferred (guar.)
Apr. 15 Holders of tee. Mar. 290
CI. A (qu.)(50c.cash or 2% in A stk.)
50c. Apr. 15 Holders of rec. Mar. 210 American International Corp.
International Telep. & Teleg.((Mari--Oct. 1
Common (payable in common stock)._ j2
$1.75 May 1 Holders of rec. Apr. 180
Internat. Utilities, 27 pref. (guar.)
20
Class A (guar.)
8734e Apr. 15 Holders of rec. Apr. 3a American Laundry Machinery (gust.).... *El June 1 *Holders of roe. May 30
July 1 June 16 to JAMB
American Manufacturing, corn. (guar.). 1
Interstate Public Serv., prior lien (qu.)_
13.4 Apr. 15 Holders of rec. Mar.31
1
Oct. 1 Sept. 16 to Sept.30
Common (guar.)
154 Apr. 15 Holders of ree. Mar. 18
Kentucky Securities, pref.(guar.)
1
Dec. 31 Dec. 16 to Dec. 30
Common (guar.)
•1.62 May 1 *Holders of tee. Apr. 19
Lone Star Gas. prof. (guar.
)
13.4 Mar. 31 Mar. 16 to Mar.30
Preferred(gust.)
Maas. Utilities Associates. pref. (guar.). 6214c Apr. 15 Holders of rec. Mar. 31
1% July 1 June 16 to June 30
Preferred (guar.)
Middle Western Telep.. corn. A (qu.) .*4341 June 15 *Holders of rec. June 5
144 Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
*4334c Sept.15 *Holders of roe. Sept. 5
Common A (guar.)
1% Doe. 31 Dec. 16 to Deo. 30
Preferred (guar.)
•
4344c Dee. 15 *Holders of roe. Dee. 5
Common A (guar.)
e8 Apr. 15 Holders of rec. API% 40
American News Co.(stock dividend).
*T2
May 15 *Holders of rec. Apr. 15
Middle West Utilities, corn.(goat.)
50c. Apr. 15 Holders of too. Mar. 31.0
American Rolling Mill, corn. (guar.)....-801115
Preferred A ($1.50 or 3
American & Scottish Invest. (guar.).--- *30o. June 1 *Holders of rec. May 15
May 15 Holders of rec. Apr. 15
(guar.)
share common stock)
2
May 1 Holders of rec. API. 15
Amer. Shipbuilding, corn. (guar.)
Midland Utilities, 7% prior lien (guar.). 13.4 Apr. 7 Holders of rec. Mar. 22
1% May 1 Holders of rec. Apr. 15
Preferred (guar.)
134 Apr. 7 Holders of rec. Mar. 22
6% prior lien (guar.)
75c. Apr. 15 Holders of roe. APr• lc
134 Apr. 7 Holders of rm. Mar. 22
American Steel Foundries, corn. (guar.).
7% preferred A (quar.)
1% Mar. 31 Holders of rec. Mar. 156
134 Apr. 7 Holders of rec. Mar. 22
Preferred (guar.)
6% preferred A (guar.)
0
50c. Apr. 1 Holders of rec. Mar. 15
American Stores, common (guar.)
Milwaukee Elec. Ry.& Light. pref.(qu.) 1% Apr. 30 Holders of rec. Apr. 21
American Sugar Refg., corn.(guar.).
$1.75 Apr. 15 Holders of rec. Mar.31
- 1% Apr. 2 Holders of tee. Mar. 50
Mo.Riv.-Sioux City Bdge.. Pref. (4131.)
1% Apr. 2 Holders of tee. Mar. 50
Preferred (guar.)
60c. Apr. 30 Holders of rec. Mar. 31
Montreal L., H. & Power (guar.)
American Type Founders, corn.(guar.). 2
2
Apr. 15 Holders of tee. Mar. 31
Apr. 15 Holders of rec. Apr. 5a
Montreal Telegraph (guar.)
Proferred (cluar.)
154 Apr. 15 Holders of rec. Apr. 56
- 13.4 Apr. 21 Holders of rec. Mar.31
Mountain States Power, pref.(guar.).
Amer. Vitrified Prods.,corn.(guar.).._
25e. Apr. 15 Holders of rec. Mar.31
*50c. Apr. 15 *Holders of rec. Apr. 5
National Fuel Gas (guar.)
*1 8
Preferred (guar.)
% May 1 *Holders of rec. Apr. 19
National Pow. & Light, 26 pref. (qu.)_ _ $1.50 May 1 Holders of rm. Apr. 8
Amoskeag Mfg., common (guar.)
134 May 1 Holders of rec. Mar.31
•250. July 2 *Holders of me. Arne 14
Nevada-California Elec., pref. (guar.) _
Common (guar.)
*El June 10 *Holders of roe. May 31
*25o. Oct. 2 *Holders of rec. Sept. 13
Newark Telephone (guar.)
Anaconda Copper Mining Co.(qu.)
120
*21 Sept. 10 *Holders of rec. Aug. 29
$1.75 May 19 Holdefo of foo
Quarterly
rs
roe.
rec..
Anaconda Wire &Cable(guar.)
*El Dee. 10 *Holders of tee. Nev.30
75c. May 12
Quarterly
Andes Copper Mining (guar.)
75e. May 12 Holders of rec. Apt. 120
New England Power Assn., corn.(qu.)._ noe. Apr. 15 *Holders of rec. Mar.31
Associated Dry Goods, common (guar.).
620. May 1 Holders of rec. Apr. 12a
New England Pub. Secy., 27 pref.(qu.). 21.75 Apr. 15 Holders of roe. Mar.31
First preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar.31
144 June 2 Holders of ree. May 10a
Adjustment preferred (guar.)
Second preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar.31
1% June 2 Holders of roe. May 10a
$6 preferred (guar.)
Atlas Plywood (guar.)
$1.50 Apr. 15 Holders of tee. Mar.31
"50c. Apr. 15 *Holders of rec. Apr. 1
$6 convertible preferredi(quar.)
Atlas Powder, preferred (guar.)
1% Apr. 15 Holders of rec. Mar.20
135 May 1 Holders of rec. Apr. 18a
N. Y. Telephone, 654% Pref. (guar.)
2346
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Atlantic Gulf & W.I. SS. Lines, pf.(qu.) 114 June 30 Holders of ree. June lla
Preferred (guar.)
114 Sept. 30 Holders of roe. Sept. 10a
Preferred (num.)
1% Dec. 31 Holders of rec. Dec. 11
Auto Strop Safety Razor, class B (No. 1)
400. May 1 Holders of rec. Apr. 10
Bancroft (Joseph) & Sons Co.. Pt.(qu.). 134 Apr. 30 Holders of rec. Apr. 180
BanatWilla Corp.(guar.)
.250. Apr. 14 *Holders of rec. Mar'. 31
Bankers Securities Corp., pref.(guar.)
750. Apr. 15 Holders of rect. Mar.3I0
Barnsdall Corp., corn. A & B (guar.)50c. May 7 Holders of rec. Apr. 76
Baum Candy Co., common (OUoe.)
*100. May 15 *Holders of rec. May 1
Common (extra)
*100. May 15 Holders of rec. May 1
Bayshore Packing, pref.(No. 1)
*9314c Apr. 5'Holders of rec. Apr. 1
Bayuk Cigars, Inc., common (guar.).
750. Apr. 15 Holders of rec. Mar.310
First preferred (quar.)
134 Apr. 16 Holders of rec. Mar. 310
Beech-Nut Packing (quar.)
750. Apr. 10 Holders of rec. Mar. 250
Bethlehem Steel. common (quar.)
$1.50 May 15 Holders of rec. Apr. 186
Bigelow-Sanford Carpet, com.(qium.)- *$1.50 May 1 'Holders of rec. Apr. 18
Preferred (guar.)
*1% May 1 *Holders of rec. Apr. 18
Bloch Bros., common (guar.)
*3710 May 15 *Holders of rec. May 10
Common (quar.)
*37140 Aug. 15 *Holders of rec. Aug. 9
Common (guar.)
*37140 Nov. 15 *Holders of rec. Nov. 10
Preferred (guar.)
*1% ;tine 30 *Holders of rec. June 25
Preferred (guar.)
*1% Sept. 30 *Holders of rec. Sept. 25
Preferred (quar.)
*1.14 Dee. 31 *Holders of rec. Dec. 26
*5634 June 1 *Holders of rec. May 20
Bobbs-Merrill Co.(quar.)
Bolsa Chica Oil, class A (guar.)
*2o. Apr. 15 *Holders of rec. Mar. 31
Bon Ami Co., class A (OUST.)
$1 Apr. 30 Holders of roc. Apr. 15a
Borne Scrymser Co
$1 Apr. 15 Mar. 22 to Apr. 14
Brading Breweries, common (quar.)--- 33 1-3e Apr. 10 Holders of rec. Mar. 31
Bridgeport Mach., com. (qu.)(No. 1)._
25e. May 1 Holders of rec. Apr. 20
British Aluminum Co.. Ltd.
Amer. dep. rots. for ord. shares
*te6
Apr. 7 *Hollers of rec. Mar. 20
Brompton Pulp & Paper (guar.)
50c. Apr. 15 Holders of rec. Mar. 31
Buckeye Pipe Line (Quar.)
June 14 Holders of rec. Apr. 28
$1
Bucyrus Erie Co., common (guar.)
250 July 1 Holders of rec. May 270
Preferred (quar.)
134 July 1 Holders of rec. May 276
Convertible preferred (quar.)
62140. July 1 Holders of rec. May 276
Bunker Hill & Sullivan Mining &
Concentrating (monthly)
*250. Apr. 5 *Holders of ree. Mar. 25
Extra
*250. Apr. 5 *Holders of rec. Mar.25
Burger Bros., pref. (quar.)
*2
July 1 *Holders of rec. June 16
ea
Oat. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Burroughs Adding Machine (quar.)-25c. June 5 Holders of rec. May 96
Bush Terminal, common (quar.)
62140. May 1 Holders of rec. Apr. 40
Debenture stock (guar.)
1% Apr. 15 Holders of rec. Mar.280
Byers (A. M.) Co., pref. (quar.)
134 May 1 Holders of rec. Apr. 156
Calaveras Cement. pref.(guar.)
81.75 Apr. 16 Holders of rec. Mar. 31
Campe Corp.. preferred (guar.)
*1% May 1 *Holders of rec. Apr. 15
Canada Bread, preferred A dr B (guar.)-. •114 Apr. 1 *Holders of rec. Mar. 15
Canada Bud Breweries. com.(quar.)---250. Apr. 15 Holders of rec. Mar. 31
Canada Dry Ginger Ale (quar.)
$1.25 Apr. 15 Holders of rec. Apr. la
Canada Foundries & Forg., cl. A (qu.)
37.14c. Apr. 15 Holders of rec. Mar. 31
r3
May 10 Holders of rec. Apr. 30
Canada Iron Foundries, common
r6
May 10 Holders of rec. Apr. 30
Preference
44.c Apr. 10 Holders of rec. Mar.26
Canadian Car & Foundry, pref. (Quar.)Canadian Fairbanks Morse Co. pl. (qu.) 114 Apr. 15 Holders of roe. Mar. 31
Canadian Industries, Ltd., corn. (qu.)-- *623.4c Apr. 30 *Holders of rec. Mar. 31
*25c. Apr. 30 *Holders of rec. Mar. 31
Common (extra)
Preferred (guar.)
134 Apr. 1' Holders of rec. Mar. 31
Celluloid Corp.. lot panic. (pantie. dIv.) $1.60 June 2 Holders of rec. May 10
Oentral Alloy Steel, common (quar.)--- *50c. Apr. 17 *Holders of rec. Apr. 3
Central Coal & Coke, pref. (guar.)
134 Apr. 15 Holders of roe. Mar. 310
Central Cold Storage, common (quar.)__ *400 June 30 *Holders of rec. June 25
150. May 15 Holders of rec. May 5
Centrifugal Pipe Corp.(titian)
150. Aug. 15 Holders of rec. Aug. 5
Quarterly
15c. Nov. 15 Holders of rec. Nov. 5
Quarterly
Century Ribbon Mills, pref. (quar.)---- 134 June 2 Holders of rec. May 206
*31340 Apr. 15 *Holders of rec. Mar. 25
Chapman Ice Cream (quar.)
Checker Cab Mfg. Corp. (monthly)
*350. May 1 *Holders of rec. Apr. 15
*350. June 2 *Holders of rec. May 15
Monthly
*350. July 1 *Holders of rec. June 16
Monthly
25c. May 15 Holders of rec. May 1
Chelsea Exchange Corp., cl. A & B (qu.)
Chicago Flexible Shaft, corn. (guar.).
- *300. July 1 *Holders of rec. June ES
*30o. Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
280. May I Holders of rec. Apr. 216
Chicago Yellow Cab (monthly)
25e. June 2 Holders of rec. May 206
Monthly
2140. May 1 Holders of rec. Apr. 15
Cities Service, common (monthly)
Common (payable in common stock). J'A May 1 Holders of rec. Apr. 15
Preference and pref. BB (monthly)--500. May 1 Holders of rec. Apr. 15
Preference B (monthly)
50. May 1 Holders of rec. Apr. 15
City Ice & Fuel, stock dividend
'e134 Sept. 1 *Holders of rec. Aug. 15
12140. Apr. 15 Holders of rec. Mar. 310
City Stores Co., common (quar.)
8714e. May 1 Holders of rec. Apr. 15
Class A (guar.)
July 1 *Holders of roe. Jan. 20
Claude Neon Elec. Prod., stock div--- *3
250. Apr. 15 Holders of rec. Apr. 4
Coca Cola Bottling See. (guar.)
*250. July 15
Quarterly
Quarterly
*25c. Oct. 15
37140. May 1 Holders of rec. Apr. 15
Cockshutt Plow (guar.)
Colgate-Palmolive-Peet, cont.(quar.)- 62140. Apr. 15 Holders of rec. Mar. 200
Commerz-und-Privat Bank
*tell May 5 *Holders of rec. Apr. 28
Amer. depositary receipts
Community State Corp., class A (quar.) *1214c June 30 *Holders of rec. June 26
*121.4c Sept. 30 *Holders of rec. Sept. 26
Class A (quar.)
*121.4c Dec. 31 *Holders of rec. Dec. 26
Class A (guar.)
•12140 Mar. 31 *Holders of rec. Mar. 26
Class B (guar.)
*1214c June 30 *Holders of rec. June 26
Class B (quar.)
*1214c Sept. 30 *Holders of roe. Sept. 26
Class B (quar.)
*12140 Dec. 31 *Holders of rec. Dec. 26
Class B (quar.)
*500 Apr. 15 *Holders of rec. Mar. 31
Consolidated Dairy Prod. (quar.)
*750. Apr. 21 *Holders of rec. Apr. 10
Consolidated Ice. pref. (guar.)
Apr. 15 *Holders of rec. Apr. 1
Continental Securities Corp., corn.(qu.)_
Coon (W. B.) Co., common (guar.)... *700 May 1 *Holders of rec. Apr. 16
*134 May 1 *Holders of rec. Apr. 15
7% Preferred (quar.)
500. Apr. 15 Holders of rec. Mar. 15
Copper Range Co., common (guar.)._
750. Apr. 21 Holders of rec. Apr. 40
Corn Products Refining, corn. (quar.)-Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 46
Corporation Securities Co. of Chicago
(f) June 20 Holders of Tee. June 2
Corn.(3-200ths share corn. stk.)
(ti) May 1 Holders of rec. Apr. 10
Prof.(75c. or 1-40sh. corn. stock)
June 30 Holders of rec. June lea
e3
Coty, Inc., stock dividend
Creamery Package, common (quar.)____ *500. Apr. 10 *Holders of rec. Apr. 1
Preferred (guar.)
*114 Apr. 10 *Holders of ree. Apr. 1
20. Apr. 10 Holders of rec. Mar. 31
Cresson Consul. Gold Mining (fluor.).
Crowley. Milner & Co., common (guar.) *50c. mar. 31 *Holders of rec. Mar. 10
250. Apr. 15 Holders of rect. Mar. 316
Crown Zellerbach Corp.. com.(guar.).Crucible Steel, corn.(War.)
134 Aim. 30 Holders of rec. Apr. 15
Crum & Forster, corn., A & B (quar.)_ _ 2% Apr. 15 Holders of rec. Apr. 4
June 30 Holders of rec. June 20
2
Preferred (quar.)
$1 Apr. 15 Holders of rec. Apr. 40
Cudahy Packing, common (quar.)
8
May 1 Holders of rem Apr. 21
6% preferred
334 May 1 Holders of rec. Apr. 21
7% preferred
*62140 May 1 *Holders of rec. Apr. 15
Cuneo Press, com.(Quar.)(No. 1)
*114 June 15 *Holders of rec. June 1
Preferred (guar.)
*50e. May 2 *Holders of rec. Apr. 20
Curtis Publishing, corn. (monthly)
*51.75 July 1 *Holders of rec. June 20
Preferred (quar.)
4
.250. Apr. 16 *Holders of rec. Mar.31
Darby Petroleum (guar.)
Davenport Hosiery Mills, Ine.,com.(qu.)
500. Apr. 15 Holders of rec. Apr. 1
Debentures Inv. Corp. (quar.)
*25c Apr. 15 *Holders of rec. Apr. 1
Decker (Alfred) & Cohn, pref. (guar.)._ *114 June 2 *Holders of rec. May 20
Preferred (guar.)
*1% Sept. 2 *Holders of rec. Aug. 20
Deere & Co.,corn.(payable in corn. stk.) fl 3.4 Apr. 15 Holders of rec. Mar. 15
De Forest Crossley Radio(qu.)(No. 1)_ _ *20c. May• 1 *Holders of rect. Apr. 25
Dennison Mfg., deb. stock (guar.)
May 1 Holders of rec. Apr. 19
2
Preferred (guar.)
1% May 1 Holders of rec. Apr. 19
Denver Union Stock Yards,cont.(qu.)_ _ 'Si July 1 Holders of rec. June 20
Common (guar.)
*El Oct. 1 Holders of rec. Sept. 20
Common (guar.)
*$1 Jan 1'31 Hold, of rec. Dee. 20'30.
11
Ap.1 31 Hold, of rec. Mar. 2031
Common (Var.)
4
Devonshire Investing Corp., com.(qu.)_ *50e. Apr. 15 *Holders of rec. Apr. 1
June 16 *Holders of rec. May 31
*2
Diamond Match (quar.)
250. Apr. 21 Holders of rec. Mar. 316
Domes Mines. Ltd.(quar.)
Dominion Engineering Works (guar.). - 81 Apr. 15 Holders ofirec. Mar. 31
[vol.. 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Diversified Investment, common A500. cash on 1-50 share A stock
Apr. 15 Holders of rec. Apr. 1
Class C (guar.)
$1
Apr. 15 *Holders of rec. Apr. 1
Preferred (quar.)
$1.75 Apr. 15 Holders of rec. Apr. 1
Participating preferred (guar.)
$1 Apr. 15 Holders of rec. Apr. 1
DOMID1011 Textile, Ltd., Prof. (quar.)_ _ _
134 Apr. 15 Holders of rec. Mar. 31
Dunhill International, common (guar.). $1 Apr. 15 Holders of rec. Apr. la
Common (payable in common stock)__ /1
Apr. 15 Holders of rec. Apr. la
Du Pont(E. I.) de Nemours & Co.
114 Apr, 25 Holders of rec. Apr. 100
Debenture stock (guar.)
*200. Apr. 15 *Holders of roe. Mar. 31
Eagle Picher Lead Co.(quar.)
Preferred (quer.)
*134 Apr. 15 *Holders of rec. Mar. 31
Eastern Utilities Investment
$1.75 May 1 Holders of rec. Mar. 31
Participating preference (guar.)
81.50 June 2 Holders of rec. Apr. 30
$6 preferred (guar.)
$1.75 June 2 Holders of roe. Apr. 30
$7 preferred (quar.)
$1.25 July 1 Holders of rec. May 31
$5 prior preferred (guar.)
750. May 1 Holders of roe. Apr. 156 .
Eaton Axle & Spring, common (quar.).._
*250. Apr. 15 *Holders of rec. Apr. 1
Economy Grocery Stores (quar.)
25e. Apr. 20 Holders of rec. Mar. 31
Edison Brothers Stores, coin. (quar.)--1% June 14 Holders of rec. May 31
Preferred (guar.)
Electric Household Utilities. com. (qu.)
50o. Apr. 19 Holders of rec. Apr. 7
Subj. to stockhold. meet. Apr. 16
El. Stor. Batt., corn. & pf.(in com.stk.) 100
*621.40. May 1 *Holders of rec. Apr. 16
Elgin National Watch (guar.)
Empire Bond & Mtge.,com.(in com.stk.) *fl 14 Apr. 15 *Holders of rec. Mar.31
'1)4 Apr. 15 *Holders of rec. Mar. 31
Preferred (guar.)
*600. May 15 *Holders of rec. May 5
Ewa Plantation (quar.)
60e. May 1 Holders of rec. Apr. 216
Fair (The) common (guar.)
134 May 1 Holders of rem Apr. 21.0
Preferred (quar.)
Federal Knitting Mills, common (quar.) 62140 May 1 Holders of rem Apr. 15
1210 May 1 Holders of reo. Apr. 15
Common (extra)
25c. Apr. 7 Holders of reo. Mar.27
Federated Metals Corp.(quar.)
25e. Apr. 7 Holders of rec. Mar. 27
Extra
Finance Co. of America (Baltimore)
200. Apr. 15 Apr. 6 to Apr. 14
Common A and B (quar.)
43340. Apr. 15 Apr. 6 to Apr. 14
7% preferred (guar.)
40e. Apr. 21 Holders of rec. Apr. 4a
Firestone Tire & Rubber. corn. (QU.)Fishman(M.H.)Co., Inc.. pref.(qu.)134 Apr: 15 Holders of rec. Apr. 1
3
Apr. 15 Mar. 26 to Apr. 15
551 Fifth Avenue, Inc., pref
Flintkote Co.. class A and B (guar.).--- 37140 Apr. 15 Holders of rec. Apr. 10
75e. June 2 Holders of rec. May 170
Florshelm Shoe, class A (qu.)(No. 1).-*3714c June 2 *Holders of rec. May 17
Class B (guar.)(No. 1)
e*1
Apr. 15 *Holders of rec. Mar. 31
Food Machinery, stock dividend
*50c. July 1 *Holders of rec. June 15
Formica Insulation (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Quarterly
*50c. Jan1'31 *Holders of rec. Dec. 15
Quarterly
. 134 July 1 *Holders of rem June 15
1
Frank (A. B.) Co., pref. (attar.)
.
*114 Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
IQ% may 1 *Holders of rec. Apr. 20
Franklin (H. H.) Mfg., pref. (guar.)
Freeport Texas Co.(guar.)
$1 May 1 Holders of rec. Apr. 150
400. Apr. 25 Holders of rec. Mar. 70
General Electric, new corn.(qu.)(No. 1)
150. Apr. 25 *Holders of rec. Mar. 76
Special stock (guar.)
General Industrial & Bancshares A (qu.) 37%0 Apr, 15 Holders otter. Apr. 10
General Motors Corp.,7% pref.(quar.)- *134 May 1 *Holders of rec. Apr. 76
*1.14 May 1 *Holders of rec. Apr. 70
6% Preferred (guar.)
*134 May 1 *Holders of rec. Apr. 7a
6% debenture stock (quar.)
Gen'l Outdoor Advertising, corn. (qu.) 500. Apr. 15 Holders of rect. Apr. ba
General Realty az
Apr. 15 Holders of rec. Mar. 25
($1.50 cash or 75-100ths sit nom.)
General Stockyards, com. (quar.)...,.__ - *50c. May 1 *Holders of rec. Apr. 15
Common (extra)
May 1 *Holders of rec. Apr. 15
*$1
Preferred (quar.)
*$1.50 May 1 *Holders of rec. Apr. 15
GlIchrlst Co. (quar.)
*2
Apr. 80 *Holders of roe. Apr. 15
*25e. June 30 *Holders of rec. June 18
Gilbert (A. C.) Co., corn. (guar.)
134 May 1 Holders of rec. Apr. 150
Gimbel Bros., Inc., pref. (quar.)
Godman (H. C.) Co., com.(guar.)
*750. May 10 *Holders of roe. Apr. 25
Goldberg (S. M.) Stores, corn. (guar.).25e. June 16 Holders of rec. June 2
$1.75 June 16 Holders of rec. June 2
Preferred (quar.)
Gold Dust Corp., common (guar.)
62140. May 1 Holders of rec. Apr. 106
114 July 1 Holders of rec. June 140
Goodrich (B. F.) Co., preferred (quar.)
Goodyear Tire & Rubber,corn.(quar.)-- $1.25 May 1 Holders of roe. Apr. la
Gotham Silk Hosiery, pref.(quar.)
134 May 1 Holders of rec. Apr. lla
Granby Consol. Min.Smelt. Jr Pow.(qu.) $2 May 1 Holders of ree. Apr. 176
Great Lakes Engineering,com.(quar.)-- *25e. May 1 *Holders of rec. Apr. 24
Great Nor. Iron Ore Prop.. ctfs.bear.int.
750. Apr. 29 Holders of rec. Apr. 70
Greene Cananea Copper (guar.)
$2 Apr. 7 Holders of rec. Mar. 13a
Greenfield Tap & Die,6% pref. (quar.)_
134 July 1 Holders of rec. June 14
8% preferred (guar.)
2
July 1 Holders of rec. June 14
Ground Gripper Shoe, pref. (guar.)._ .750. Apr. 15 *Holders of rec. Apr. 1
Gruen Watch, common (quar.)
*50c. June 1 *Holders of rec. Mayr20
Common (quar.)
*500. Sept. 1 *Holders of rec. Aug. 20
Common (quar.)
*50c. Dec. 1 *Holders of rec. Nov.120
Common (guar.)
*50e. Mar131 *Hold,of rec. Feb.2031
Preferred (quar.)
*134 May 1 *Holders of rec. Apr. 20
4.134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
Preferred (quar.)
'134 Nov. 1 *Holders of rec. Oct. 20
*1% Feb 1 31 *Hold. of rec. Jan. 2O'31
Preferred (quar.)
Gulf Oil Corp.(quar.)
*37140 July 1 *Holders of roe. June 20
*37140 Oct. 1 *Holders of roe. Sept. 20
Quarterly
Quarterly
*3714e Janl 31 *Hold. of rec. Dee. 20 '30
Gulf States Steel, 1st pref.(quar.)
134 July 1 Jolders of rec. June 1663
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
First preferred (quar.)
134 Jan2'31 Holders of roe. Dec. 154
Hall(W. F.) Printing (qu.)
500. Ara, 30 Holders of rec. Apr. 19a
.
Hamilton Bridge, common (guar.)
500. May 1 Holders of rec. Apr. 15
134 May 1 Holders of rec. Apr. 15
Preferred (guar.)
Harbison Walker Refrac., Pref.(quar.)
134 Apr. 19 Holders of rec. Apr. ita
134 May 15 Holders of reo. May 3
Hercules Powder, prof.(WO
350. Apr. 25 Holders of rec. Apr. 18
Hibbard, Spencer, Bartlett & Co.(mthly)
35e. May 29 Holders of rec. May 23
Monthly
35e June 27 Holders of rec. June 20
Monthly
Higbee & Co., first preferred (quar.).... *134 Aug. 1 *Holders of rec. July 20
.
0134 Nov. 1 *Holders of rec. Oct. 19
First preferred (quar.)
*2
June 1 *Holders of ree. May 20
Second preferred (quar.)
*2
Sept. 1 *Holders of rec. Aug. 20
Second preferred (guar.)
*3
Doe. 1 *Holders of rec. Nov. 21
Second preferred (quar.)
I% Apr. 15 Holders of rec. Mar. 31
Hillcrest Coilleries, common (quar.)-._
1% Apr, 15 Holders of rec. Mar. 31
Preferred (quar.)
'2340. Apr. 15 *Holders of roe. Mar. 31
Holly Development Co.(quar.)
Horn ez Hardart Co.of N.Y..com.(au.)'621403 May 1 *Holders of rec. Apr. 10
75e. Apr. 15 Holders of rec. Apr. la
Household Fin. Corp., panic. pf.(qu.)__
12140. Apr. 15 Holders of reo. Apr. la
Participating preferred (extra)
$1 Apr. 15 Holders of roe. Mar. 31a
Howe Sound Co.(quar.)
500. May 1 Holders of rec. Apr. 15a
Hupp Motor Car, corn. (guar.)
*60e. Apr. 15 *Holders of rec. Apr. 3
Illinois Brick (quar.)
*80e. July 15 *Holders of rec. July 3
Quarterly
*60e. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Incorporated Investors, corn. (guar.).
- *250. Apr. 15 *Holders of roe. Mar.22
Stock dividend
'e23.6 Apr. 15 *Holders of rec. Mar. 22
500. AM. 30 Holders of rec. Apr. 15a
Independent Oil az Gas (guar.)
50c. May 15 Holders of roe. Apr. 25
Indiana Pipe Line (guar.)
250. May 15 Holders of rec. Apr. 25
Extra
Industrial Finance Corp., corn. (in stk.) 1234 May 1 Holders of rec. Apr. 18
Common (payable in common stock)_ 1234 Aug. 1 Holders of rec. Apr. 18
Common (payable in common stock)_ 12% Nov. 1 Holders of reo. Apr. 18
Common (payable in common stock)_ _ 1214 Febl'31 Hold. of rec. Apr. 18'30
Inspiration Cons. Copper Co.(guar.).
- $1 Apr. 7 Holders of rec. Mar.20a
Instill Utility Investments, com. (pay.
1% Apr. 15 Holders of rem Mar. 31
In corn, stk.) (additional)
Insult Utility Invest., corn. (in stock).- 1114 Apr. 15 Holders of rec dMar. 31
Common (payable In common stock). *fl 14 July 15 *Holders of roe. July 1
Common (payable in common stock). 1134 Oct. 15 *Holders of rec. Oct. 1
$5.50 prior preferred (guar.)
*81.37 Apr. 15 *Holders of ree. Mar. 15
Insurance Securities, Inc. (quar.)
35c. Apr. 15 April 1 to April 5
Internat. Business Machines (quar.)_ _ _ 81.50 Apr. 10 Holders of rec. Mar. 220
Internat. Educational Publishing, pref._ $1 May 1 Holders of rec. Mar. 1
Internat. Harvester, corn. (guar.)
62140. Apr. 15 Holders of rec. Mar. 20a
International Match, corn. (guar.)
$1 Apr. 15 Holders of reo. Mar,25a
Participating preference (guar.)
$1 Apr. 15 Holders of rec. Mar. 250
Internat. Nickel of Canada, Pref. (qu.)._
1% May 1 Holders of rec. Apr. la
Internat.Paints(Canada), Ltd.. pf.(qu.) 1% Apr. 15 Holders of reo. Mat, 31
APRIL 5 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Conftnued).
Internat. Paper,7% pref.(quar.)
134 Apr. 15 Holders of reo. Mar.29
Internat. Paper & Power,7% Pref.(qu.) 134 Apr. 15 Holders of reo. Mar.290
6% preferred (guar.)
134 Apr. 15 Holders of reo. Mar. 290
Internat. Printing Ink, corn. (qu.)
750. May 1 Holders of rec. Apr. 160
Preferred (guar.)
134 May 1 Holders of reo. Apr. 16a
International Shoe, pref. (monthly).500. May 1 Holders of roe. Apr. 15
Preferred (monthly)
•500 June 1 *Holders of rec. May 15
Interstate Bakeries, corn.(qu.)(No.1)- •250. July 1 *Holders of roe. June 14
Investment Foundation, Ltd.. Pf.(qu.)750. Apr. 15 Holders of rec. Mar. 31
Jewel Tea, common (guar.)
750. Apr. 15 Holders of rec. Apr. 20
Johns-Manville Corp., common (quar.)7533. Apr. 15 Holders of rec. Mar. 250
Kaufmann Dept. Stores, corn. (quar.)
370. Apr. 28 Holders of rec. Apr. 100
Kawneer Co.,corn.(guar.)
'62340 Apr. 15 *Holders of rec. Mar.31
Kayser (Julius) dc Co., common (guar.). al May 1 Holders of rec. Apr. 15
Kelsey-Hayes Wheel, pref.(quar.)
134 May 1 Holders of roe. Apr. 21
Keystone Steel & Wire, corn. (guar.).25e. Apr. 15 Holders of rec. Mar. 21
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 21
Kidder Participations, Inc., common.-- •56340 Aug. 1 *Holders of rec. July 17
Kidder Participations No. 2, pref.(extra) "25c. Oct. 1
Kirby Lumber (guar.)
'134 June 10 *Holders of rec. May 31
Quarterly
*134 Sept. 10 *Holders of reo. Aug. 30
Quarterly
•134 Dec. 10 *Holders of rec. Nov. 29
Klein (D. Emil) Co.(guar.)(No. 1)---- *250. July 1 *Holders of rec. June 15
Knott Corp.(guar.)
1.60e. Apr. 15 *Holders of rec. Mar.29
Kroger Grocery dr Baking,stock divel
June 2 Holders of rec. May 100
Stook dividend
Sept. 1 Holders of rec. Aug. 110
el
Laboratory Products, stock dividend
•e3
Apr. 15 *Holders of rec. Mar. 20
Landis Machine, common (guar.)
•750. May 15 *Holders of reo. May 5
Common (guar.)
*75e. Aug. 15 Holders of rec. Aug 5
Common (guar.)
•750. Nov. 15 *Holders of rec. Nov. 5
Langendorf United Bakeries A & B (O11.) •500. Apr. 15 'Holders of rec. mar.31
Leath & Co., common (guar.)
•250 June 30 *Holders of rec. June 20
Common (guar.)
"2513. Sept. 30 *Holders of rec. Sept.20
Lefeourt Realty Corp.,corn.(guar.).40o. May 15 Holders of rec. May 5
Preference (guar.)
750. Apr. 15 Holders of rec. Apr. 4
Lehigh Portland Cement, corn.(guar.).- 62340. May I Holders of rec. Apr. 140
Liberty Share Corp., stock dividend
*el
Dec. 31
Stock dividend
*el
Mar. 31
Link Belt Co., corn.(guar.)
*650. June 1 "Holders of reo. May 15
Lion 011 Refining, common (guar.)
*50e. Apr. 28 *Holders of rec. Mar. 27
Liquid Carboni° Co., common (guar.)
El May 1 Holders of roe. Apr. 190
Loew's. Inc., pref. (guar.)
$ 1.6234 May 15 Holders of rec. Apr. 30
Loose-Wiles Biscuit, common (guar.)...
650. May 1 Holders of rec. Apr. 186
Common (extra)
1043. May 1 Holders of rec. Apr. 180
Lord dr Taylor, 2d pref. (guar.)
2
May 1 Holders of rec. Apr. 170
Louisiana 011 Refining, pref.(guar.).- 134 May 15 Holders of rec. May la
MacAndrews & Forbes Co., corn.(MO650. Apr. 15 Holders of rec. Mar. 310
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.310
Madadden Publications, common
*El Apr. 15 *Holders of rec. Mar.15
MaeMarr Stores, me., corn. (quar.)
250. May 1 Holders of roe. Apr. 20
Macy (R.IL) & Co., common (guar.)._
500. May 15 Holders of rec. Apr. 250
Madison Square Garden (guar.)
3734e. Apr. 14 Holders of rec. Apr. 40
Magma Copper Co. (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 310
Magnin (I.) Co., common (guar.)
•37340 Apr. 15 'Holders of rec. Mar. 31
Preferred (guar.)
•134 May 15 *Holders of rec. May 5
Preferred (quar.)
*134 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
*134 Nov. 15 *Holders of rec. Nov. 5
Mahon (R. C.) Co., pref. (guar.)
.550. Apr. 15 *Holders of rec. Apr. 1
Manischewitz (B.) Co.
Common (pay. In oom.stook)(quar.)- , 1
of
June 1 *Holders of roe. May 20
Preferred (guar.)
"134 July 1 *Holders of rec. Mar.20
Maple Leaf Milling, 1st pref. (guar.)._
134 Apr. 18 Holders of rec. Apr. 3
Marbelite Corp., pref.(guar.)
*50o. Apr. 10 *Holders of reo. Mar. 31
Margay Oil Corp.(guar.)
500. Apr. 10 Holders of reo. Mar. 18
Marine Union Investors,Inc
•25o. Apr. 15 *Holders of reo. Mar.31
Massey-Harris Co.(guar.)
750. Apr. 15 Holders of rec. Mar. 29
May Department Stores
Common (payable in common stock). f134 June 2 Holders of reo. May 150
Common (payable In common stook). flli Sept. 2 Holders of reo. Aug. 150
Common (payable in common stock)- f1.34 Dec. 1 Holders of reo. Nov. I5a
McCall Corp. (guar.)
62340 May 1 Holders fo reo. Apr. 19a
McCall Frontenao 011, pref. (guar.).- *134 Apr. 15 *Holders of roe. Mar.31
McCrory Stores Corp.,6% pref.(guar.)_
134 May 1 Holders of rec. Apr. 18
Mead Pulp dr Paper. common (guar.)... "2
Apr. 15 *Holders of rec. Apr. 1
Merchants & Mfrs. Scour., pr. pref.(qu.) *31.75 Apr. 15 *Holders of rec. Apr. 1
Mexican Petroleum, corn.(guar.)
$3 Apr. 21 Holders of roe. Mar. 310
Common (extra)
$20 APr. 21 Holders of rec. Mar.316
Apr. 21 Holders of roe. Mar.316
Preferred (guar.)
2
62340. Apr. 21 Holders of roe. Mar.3I0
Michigan Steel (agar.)
Mid-Continent Petroleum,corn.(Quer.).
1500. May 15 Holders of rec. Apr. 156
25e. Apr. 15 Holders of reo. Mar. 31
Mitchell (Robert) Co.. Ltd.(guar.)._
*25c, may 1 *Holders of rec. Apr. 21
Modine Mfg.,corn.(guar.)
"500. Apr. 15 *Holders of rec. Mar. 31
Mohawk Investment (guar.)
12340. Apr. 10 Holders of rec. Mar.31
Monarch Royalty, pref. A (,monthly)
Preferred (monthly)
1340. Apr. 10 Holders of reo. Mar.31
Morris (Philip) & Co., Ltd., Inc.(quar.) 25e. Apr. 15 Holders of rec. Apr. 20
•20. Apr. 1 *Holders of roe. Mar. 29
Mountain & Gulf Oil (guar.)
National Acme Co.,corn.(guar.)
3730 May 1 Holders of rec. Apr. I50
National Biscuit, corn. ($10 par) (guar.)
700. Apr. 15 Holders of rec. Mar.200
Common ($25 par) (guar.)
$1.75 Apr. 15 Holders of rec. Mar.200
Nat. Cash Register, class A (guar.).750. Apr. 15 Holders of roe. Mar. 28a
National Casket,common
4
12 May 1 *Holders of rec. May 1
National Dairy Products Corp.
July 1 Holders of reo. June 30
Corn.(payable in corn, stook) (quar.)- fl
Oct. 1 Holders of reo. Sept. 30
Corn.(payable in oom.stook) (guar.). fl
Nat. Distillers Products, corn. (quar.)
50c. May I Holders of rec. Apr. 15a
750. May 1 Holders of reo. Mar.31
National Fireproofing Corp., commonPreferred (guar.)
134 Apr. 15 Holders of roe. Mar.31
National Lead, pref. B (guar.)
134 May 1 Holders of reo. Apr. 180
National Rubber Machinery. corn. (qu.) '500. Apr. 1 *Holders of rec. Mar.28
Nat. Shareholders Corp.(No. 1)
Apr. 15 Holders of roe. Apr. 1
25o.to cash or I% stock
Neisner Bros., Inc., common (quar.)--40e July 1 liolders of reo. June 140
Common (guar.)
NM Oct. 1 Holders of reo. Sept. 15a
400. Jan1'31 Holders of roe. Dec. 15a
Common (guar.)
New Bradford Oil (guar.)
•12340 Apr. 15 'Holders of roe. Mar.29
Newberry (J. J.) Realty, pref. A (qu.)
•134 May 1 'Holders of roe. Apr. 16
*134 May 1 *Holders of roe. Apr. 16
Preferred B (guar.)
Newhall Bldgs. Trust (Boston), p1.(qu.) 134 Apr. 15 Holders of reo. APr. 1
*we. May 10 *Holders of rec. Apr. 19
New Jersey Zinc (guar.)
$1 Apr. 15 Holders of roe. Mar.31
Newmont Mining Corp.(quar.)
Newton Steel, preferred (guar.)
*134 Apr. 30 *Holders of reo. Apr. 15
New York Air Brake (guar.)
900. May 1 Holders of roe. Apr. 20
New York Hamburg Corp
$1.25 Apr. 29 Holders of roe. Apr. 15
New York dr Hanseatic Corp
$3 Apr, 15 Holders of roe. Mar.28
New York Investors, Inc., corn
600. API% 15 Holders of rec. Apr. 1
Apr. 15 Holders of rec. Apr. 1
Preferred
3
40e. Apr. 15 Holders of ree. Mar.21
New York Transit (guar.)
100. Apr. 15 Holders of reo. Mar. 21
Extra
100. Apr. 15 Holders of roe. Apr. 10
Niagara Share Corp. of Md.,corn. MONichols Copper Co., class B (quar.)
"750. May I *Holders of rec. APr. 21
Niles-Bement
-Pond, common (guar.).- •500. June 30 *Holders of roe. June 20
Common (guar.)
•500. Sept. 30 *Holders of rec. Sept.20
Common (guar.)
•50e. Deo. 31 *Holders of rec. Dee. 20
•234e. Apr. 21 *Holders of rec. Mar.31
Nil:diming Mines Co.(guar.)
Noblitt-Sparks Industries (in stock).- •e134 July 1 *Holders of reo. June 20
Stook dividend
*el 34 Oct. 1 *Holders of rec. Sept.20
Noma Electric Corp. (ouar.)
400. May 1 Holders of reo. Apr. 15
Northern Disc., pref. A (monthly).---* 662-30 May 1 *Holders of rec. Apr. 15
Preferred A (monthly)
' 2-333 June 1 *Holders of rec. May 15
86
Preferred A (monthly)
'66 2-30 July 1 *Holders of reo. June 15
Preferred A (monthly)
•662-30 Aug. 1 *Holders of reo. July 15
Preferred A (monthly)
•66 2-3o Sept. 1 *Holders of reo. Aug. 15
Preferred A (monthly)
•66 2-3 Oct. 1 'Holders of rec. Sept. 15
Preferred A (monthly)
•66240 Nov. 1 'Holders of rec. Oct. 15
Preferred A (monthly)
•66240 Doe. 1 *Holders of rec. Nov. 15
North German Lloyd, Amer.shares
$3.43 Apr. 10 Holders of rec. Apr. d46
Northwest Engineering (guar.)
.50e. May 1 'Holders of rec. Apr. 15
Ogglesby Paper, preferred (qUar.)
4
31.50 May I 'Holders of roe, Apr. 20
Preferred (guar.)
*S1.50 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
*S1.50 Nov. 1 *Holders of roe. Oct. 20
Name of Company.
2347
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
*5013 Apr. 15 *Holders of rec. Apr. 1
Ocean Spray Press, A
"335 Apr. 15 'Holders of roe. Apr. 1
Preferred
31.2.5 Apr. 15 Holders of res. Mar.31
Ohio Brass, common B (guar.)
134 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
134 May 1 Holders of reo. Apr. 12
on Well Supply. pref.(guar.)
*50o May 1 *Holders of rec. Apr. 21
Oliver United Filters, class A (quar.)._
Otis Elevator, new common (guar.).- 62340. Apr. 15 Holders of rec. Mar. 310
134 Apr. 15 Holders of rec. Mar.310
Preferred (guar.)
134 July 15 Holders of rec. June 300
Otis Elevator, pref.(guar.)
134 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
134J an15 31 Hold, of rec. Dee.31'30a
.
Preferred (guar.)
Packard Electric Co. corn. (guar.)
6.5c. Apr. 15 Holders of rec. Mar. 31
•134 May 15 "Holders of rec. May 8
Paepoke Corp..corn.
(guar.)
Park & Tilford, Inc. (guar.)
750. Apr. 14 Holders of rec. Mar. 290
1
Apr. 14 Holders of rec. Mar. 290
Stook dividend
Parmelee Transporrtation, corn.(mthly.) 12340. Apr. 10 Holders of rec. Mar. 26a
Ponder (D.) Grocery Co.,Cl. A (au.)87340. June 1 Holders of rec. May 20
$1 May 15 Holders of rec. May 5
Penman.% Ltd., common (guar.)
135 May 1 Holders of rec. Apr. 22
Preferred (guar.)
•$1.25 Apr. 1 *Holders of rec. Mar.31
Pennsylvania Salt Mfg. (guar.)
1043. May 1 Holders of rec. Apr. 18
Philippe (Louis), Inc., Cl. A & B (special)
134 May 1 Holders of rec. Apr. 210
Phillips-Jones Corp., pref.(guar.)
Pirelli Co. of Italy, American shares
33.14 Apr. 8 Holders of rec. Mar.310
35e. Apr. 15 Holders of rec. Mar. 280
Pittsburgh Screw ,Sr Bolt (guar.)
*134 Apr. 18 *Holders of rec. Mar. 31
Plymouth Cordage (guar.)
Porto Rican Amer. Tobac., ol. A (qu.)
134 Apr. 10 Holders of rec. Mar.'206
5134 Apr. 10 Holders of rec. Mar. 200
Class A (account accum. diva.)
Procter & Gamble,8% pref.(guar.).- 2
Apr. 15 Holders of rec. Mar. 256
Quaker Oats, common (guar.)
*El Apr. 15 'Holders of rec. Apr. 1
Common (extra)
*34 Apr. 15'Holders of rec. APr. 1
Common (payable in common stock). 120
*Holders of rec. 3ilr. 1
"1.34 May 31 *Holders of rec. May 1
Preferred (guar.)
15
July 15 *Holders of.reo. July 1
Rapid Electrotype, stock dividend
Republic Iron & Steel-See note (cc)
"75c Apr. 15 *Holders of rec. Apr. 1
public Supply (guar.)
*75e July 15 *Holders of roe. July 1
Quarterly
•75c Oct. 15 "Holders of rec. Oct. 1
Quarterly
$1.75 May 1 Holders of rec. Apr. 106
Revere Copper dr Brass, pref. (quar.)
3734e May 1 Holders of rec. Apr. 15
Rice Stix Dry Goods, corn. (guar.)
•43540 May 1 *Holders of reo. Apr. 5
Richfield 011, pref.(guar.)
500 Apr. 25 Holders of tee. Apr. 1 0
Rio Grande 011(guar.)
0
•65o May 1 *Holders of reo. APr. 20
Rudd Manufacturing (guar.)
•2543 May 1 *Holders of roe. Apr. 20
Extra
•650 Aug. 1 *Holders of reo. July 20
Quarterly
*2
Apr. 15
St. Croix Paper, corn. (guar.)
50c June 20 June 10 'to June 20
St. Joseph Lead Co.(guar.)
25e June 20 June 10 to June 20
Extra
5oe Sept.20 Sept. 10 to Sept.21
Quarterly
25o Sept.20 Sept. 10 to Sept.21
Extra
50o Dec. 20 Dec. 10 to Dee. 21
Quarterly
250 Dee. 20 Dec. 10 to Dee. 21
Extra
St. Lawrence Paper Mills, pref. (guar.). 134 Apr. 15 Holders of reo. Mar.28
"134 May I *Holders of roe. May 1
Savage Arm. pref. (guar.)
'8734c May 1 *Holders of rec. Apr. 30
Schletter & Zander, pref.(guar.)
75c. Apr. 15 Holders of rec. Mar.31
Scullin Steel, pref. (guar.)
134 May 1 Holders of rec. Apr. 1
Scott Paper, pref. A (guar.)
6
134 May 1 Holders of reo. Apr. 16
Preferred B (guar.)
Seagrave Corp. (allar.)
Apr. 19 Holders of rec. Mar.81a
30c. cash or 235% In stock
•132340 May 1 *Holders of rec. Apr. 140
Sears, Roebuck & Co.(guar.)
May 1 Holders of rec. Apr. 146
el
Stock dividend (guar.)
el
Aug. 1 Holders of rec. July 15a
Stook dividend (guar.)
el
Nov. 1 Holders of rec. Oct. 150
Stook dividend (guar.)
750. May 1 Holders of rec. Apr. 15
Seeman Brothers ,Inc.. corn. (guar.)...
1.34 Apr, 25 Holders of rec. Mar.31
Shaffer 011 & Refg., pref. (guar.)
Sharon Steel Hoop, corn. (guar.)
50e Apr. 25 Holders of rec. Apr. 54
Sharp & Dohme, Inc. pref. A (guar.).- 87 Mc May 1 Holders of reo. APr. 17a
25e Apr. 10 Holders of rec. Mar.204
Shattuck (Frank G.) bo.(gnat%)
Sheaffer (W. 8.) Pens, common (guar.). 'Si Sept. 15 *Holders of rec. Aug. 25
Shenandoah Corp., Preference (quar.)
(gg) May 1 Holders of roe. Apr. 5
Signal Oil & Gas, class A & B (guar.).- '43340Apr. 10 *Holders of rec. Feb. 28
Signode Steel Strapping, corn. (quar.)- •20c Apr. 15 *Holders of rec. Mar.20
Apr. 15 *Holders of rec. Mar.30
Common (payable in common stook). '11
Preferred (guar.)
*6234 Apr. 15 *Holders of rec. Mar.30
Sinclair Consol. Oil, common (guar.).50c Apr. 15 Holders of rec. Mar.15a
Solvay Amer.Invest., pref.(guar.)
$1.7 May 15 Holders of rec. Apr. 15a
Southern Acid dc Sulphur(guar.)
•750 June 1 *Holders of rec. June 10
Southland Royalty (guar.)
•250 Apr. 1 *Holders of rec. Apr. 1
Spalding(A. G.)& Bros.. corn.(guar.)
500 Apr. 15 Holders of rec. Apr. la
Spicer Mfg., preferred (guar.)
75C. Apr. iS Holders of roe. Apr. 4a
Standard Cap & Seal, corn. (In oom.stk.)(100
Apr.I S Holders of rec. Mar. 31
Steel Co. of Canada, corn. & pf.(qu.)
4334c Mal I Holders of rec. Apr. 7
Stlx, Baer & Fuller, common (quar.)
•37340 June 1 *Holders of rec. May 15
Common (guar.)
'3734c Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
•3754e Dee. 1 *Holders of rec. Nov.15
Stone(H.0.)& Co. cam.(In corn.stk.)- '15
July 1 *Holders of rec. June 16
Stone & Webster, Inc. (guar.)
El Apr. 15 Holders of reo. Mar. 14a
Sunray 011 Corporation
*100. Apr. 15 *Holders of reo. Mar.25
Super-Maid Corp. (stock dividend)
*el
May 1 *Holders of rec. APr. 2
2
Sweets Co. of America (toax.)
250. May 1 Holders of reo. Apr. 15
Teiautograph Corp.,corn,(guar.)
30c. May 1 Holders of rec. Apr. 150
Common (extra)
5c. May 1 Holders of rec. Apr. 150
Telephone Corporation (monthly)
•200 May 1 *Holders of roe. Apr. 20
Monthly
"20c June 1 *Holders of rec. May 20
Monthly
•200 July 1 *Holders of rec. June 20
Monthly
*200 Aug. 1 *Holders of rec. July 20
Monthly
*20c. Sept. 1 *Holders of rec. Aug. 20
Monthly
*20c. Oct. 1 "Holders of rec. Sept. 20
Monthly
•20e. Nov. 1 *Holders of rec. Oct. 20
Monthly
•20c. Dee. 1 *Holders of rec. Nov.20
Tide Water Associated 011, seml-annual_
30e. Aug. 15 Holders of rec. July 310
Tooke Bros., Ltd., pref. (guar.)
134 Apr. 15 Holders of rec. Mar.31
Transamerica Corp.(guar.)
•406. Apr. 25 *Holders of rec. Apr. 5
Stock dividend
•e3 July 25 *Holders of roe. JUIY 5
Transcontinental Oil (new)
300. May 1 Holders of reo. Apr. 156
Transue & Williams Steel Forging (lu.)25e. Apr. 15 Holders of reo. Mar.306
Traung Label dc Lithograph, Cl. A (qu.)- •3734e June 15 *Holders of rec. June 1
Class A (guar.)
'37350 Sept. 15 *Holders of reo. Sept. 1
Class A (guar.)
*3734c Doe. 15 *Holders of rec. Dec. 1
Tr -National Trading Corp.. pref.(qu.). 134 Apr, 8 Holders of rec. Mar.21
Truseon Steel, common (guar.)
30c. Apr. 15 Holders of rec. Mar.264
'Puckett Tobacco. Ltd.. corn. (guar.)._
1
Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
154 Apr. 15 Holders of rec. Mar. 31
Twenty Wacker Drive Corp., pref. (qu.) *$1.50 Apr. 15 *Holders of rec. Mar. 31
Union Storage Co. (guar.)
'62540 May 15 *Holders of rec. may 1
Quarterly
'62340 Aug. 1 *Holders of rec. Aug. I
Quarterly
•62140 Nov. 1 *Holders of reo. Nov. 1
United Biscuit,corn.(guar.)
40e. June 1 Holders of rec. May 170
Preferred (guar.)
I% May 1 Holders of roe. Apr. 170
Preferred (guar.)
131 Aug. 1 Holders of rec. July 170
United Carbon, preferred
•334 July 1 'Holders of rec. June 13
United Chemicals, Inc., prof. (guar.).- •750. June 1 *Holders of rec. May 15
United Linen Supply, pref. B (guar.)... *31.50 Apr. 20 *Holders of rec. Apr. 1
United Piece Dye Works, eom.(guar.)._
500. May 1 Holders of rec. Apr. 154
Common (guar.)
50e. Aug. 1 Holders of rec. July 150
Common (guar.)
50e. Nov. 1 Holders of rec. Oct. 154
Preferred (guar.)
I% July 1 Holders of rec. June 206
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.206
Preferred (guar.)
134 Jan2'31 Holders of rec. Dec. 200
United Profit-Sharing Corp. pref
50o. Apr. 30 Holders of rec. Mar.310
United Retail Chemists (guar.)
'8734c Apr. 15 *Holders of rec. Mar.28
United Shoe Machinery, corn. (guar.).- 6234e Apr. 5 Holders of reo. Mar.18
Preferred (guar.)
37340 Apr. 5 Holders of reo. Mar.18
United Verde Extension Mining (quar.)- Si May 1 Holders of rec. Apr. 2
Universal Leaf Tobacco, com. (guar.).75e May 1 Holders of reo. APr. 2
14
Upson Co., class A dr B (guar.)
*40c Apr. 15 *Holders of rect. APr. 1
Class A & B (extra)
•100 Apr. 15 *Holders of rec. Apr. 1
U. S. Finishing, common (guar.)
50c Apr. 15 Holders of roe. Mar. 12
Common (payable in common stock). f2
Apr. 15 Holders of rec. Mar. 12
U.S.& Foreign Scour., 1st pref.(guar.). 81.50 May 1 Holders of roe. APr. la
U. 8, Industrial Alcohol, corn. (quar.)-- $1.50 May 1 Holders of reo. Apr. 150
2348
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
U. S. Pipe & Foundry, COM.(guar.)____
Common (guar.)
Common (guar.)
Common (guar.)
First preferred (guar.)
First preferred (guar.)
First preferred (guar.)
First preferred (guar.)
Second preferred (guar.)
Second preferred (quar.)
Second preferred (guar.)
Second preferred (quar.)
U. S. Radiator, common (guar.)
Preferred (guar.)
U. S. Smelt., Ref.& Min., corn.(guar.).
Preferred (quar.)
Vanderbilt Hotel Corp., Pref. (quar.)
Vapor Car Heating, pref. (guar.)
Preferred (guar.)
Preferred (guar.)
Vulcan Detirming, common & common A
Preferred and preferred A (quar.)_
Vulcan Detinning, corn. & coin. A (qu.)_
Preferred and preferred A (guar.)
Walker Mining Co. (No. 1)
Warner Co.. common (guar.)
West Coast On (guar.)
Westchester Title & Trust (guar.)
Western Grocers, Ltd., pref.(guar.)
Western Tablet & Stationery, corn. (qu.)
Westinghouse Air Brake (guar.)
Westinghouse Elec. & Mfg.
Common and preferred (guar.)
Wiebolt Stores (guar.)
Will & Baumer Candle, corn. (quar.)Common (extra)
Williams (R.. C.) & Co. (guar.)
Winsted Hosiery (guar.)
Extra
I Quarterly
Extra
Quarterly
Extra
Winters & Crampton Mfg. pref. A (qu.)_
Worthington Ball class A (guar.)
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
Monthly
Books Closed,
Days Inclusive.
ICI
Apr. 20 Holders of rec. Mar. 310
July 20 Holders of rec. June 30a
234 Oct. 20 Holders of rec. Sept. 200
234 Ja20'31 Holders of rec. Dec. 310
30c. Apr. 20 Holders of rec. Mar. 31a
30e. July 20 Holders of rec. June 30a
30e. Oct. 20 Holders of rec. Sept. 300
30e. Ja 20'31 Holders of rec. Dec. 31a
t30e. Apr. 20 Holders of rec. Mar. 31a
t30e. July 20 Holders of roe. June 30a
t30c. Oct. 20 Holders of rec. Sept. 30a
t30c. Ja20'31 Holders of rec. Dee. 31a
*50c. Apr. 15 *Holders of rec. Apr. 1
Apr. 15 *Holders of rec. Apr. 1
87He Apr. 15 Holders of rec. Apr. 30
87340 Apr. 15 Holders of rec. Apr. 30
1% Apr. 15 Holders of rec. Apr. 1
*1% June 10 *Holders of rec. June 1
*I% Sept. 10 *Holders of rec. Sept. 1
4.1. 4 Dec. 10 *Holders of rec. Dec. 1
5
Apr. 19 Holders of rec. Apt. 10a
134 Apr. 19 Holders of rec. Apr. 100
July, 21 Holders of rec. July 50
1% July 21 Holders of rec. July 50
*7.550. Apr. 25 *Holders of rec. Apr. 10
50c. Apr. 15 Holders of rec. Apr. 1
*134 Apr. 5 *Holders of rec. Mar. 17
600. Apr. 7 Holders of rec. Mar. 31
$1.75 Apr. 15 Holders of rec. Mar. 20
50e. May 1 Holders of ree. Apr. 21
50c. Apr. 30 Holders of rec. Mar. 30
$1.25 Apr. 30 Holders
*400. May 1 *Holders
10c. May 15 Holders
10c. May 15 Holders
350. May 1 Holders
*2H May 1 *Holders
*500. May 1 *Holders
*2H Aug. 1 *Holders
*50c. Aug. 1 *Holders
*2H Nov. 1 *Holders
*500. Nov. 1 *Holders
*50e. May 1 *Holders
*50c. Apr. 15 *Holders
250. May 1 Holders
50c. June 2 Holders
25e. July 1 Holders
of roe. Mar. 11
of rec. Apr. 15
of rec. May 1
of rec. May 1
of rec. Apr. 15
of rec. Apr. 15
of rec. Apr. 15
of rec. July 15
of rec. July 15
of rec. Oct. 15
of rec. Oct. 15
of rec. Apr. 15
of rec. Mar. 31
of rec. Apr. 19a
of rec. May 20
of rec. June'20
*From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Exchange Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend.
is Payable in cash or one-fortieth share class A stock.
d Correction. e Payable in stock.
f Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. 5 Payable in preferred stock.
Knott Corp. dividend payable either in cash or one-fiftieth share stock. Stockholders must notify company by March 31 if they desire stock.
r Canada Iron Foundries preferred and common dividend subject to confirmation
by general meeting on April 17.
I Payments on 2d pref. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
in the event of the redemption of that stock before all dividends are paid.
u Union Natural Gas of Canada dividend payable either 40c. cash or 2% stock.
to Less deduction for expenses of depositary.
dd American Cities Power & Light Class A div. Is payable in class B stock unless
written notice is received on or before April 15 of stockholder's desire to take cash.
ee A dividend at rate of $4 per share per annum from March 1 1930 to date upon
which plan shall be consummated is payable 14 days after date of consummation
of plan to holders of record April 2.
gg Shenandoah Corp. div. is 1-32d share common stock or at option of stockholder on written notice on or before April 15, 750. cash.
lth Unless notified to the contrary. Pacific Public Service dividend will be paid
in class A stock.
it Preferred stockholders of Corporation Securities Co. who desire cash must
give written notice to that effect not later than April 10.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAR. 29 1930.
Cleaning House
Members.
*Capital.
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.Nat.13k.&Tr.Co,
Cent. Han. Bk. slv 'Fr. Co_
Corn Each. Bk. Trust Co_
First National Bank
Irving Trust Co
Continental Bk.& Tr. Co_
Chase National Bank,_,,
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co
Fidelity Trust Co
Lawyers Trust Co
Raw York Trust Co
;..lom'i Nat. Bk.& Tr. Co_
Efarriman Nat. Bk. & Tr_
$
6,000,000
22,250,000
626,775,300
110.000,000
1.,,000,000
90,000,000
16,200,000
21,000,000
12,100,000
10,000,000
50,000,000
6,000.000
105,000,000
500,000
50,000,000
25,000,000
10,000,000
6,000,000
3.000,000
12,500,000
7.000,000
f2,000.000
Clearing Non-Menitersalty Bk. Farmers Tr. Co_
14ech. Tr. Co.. Bayonne_
10,000,000
500,000
Totals
*Surplus and Net Demand
undivided
Deposits
Profits.
Average.
Time
Deposits
Average.
$
$
14,297,300
62,816,000
43,209,600 184,099,000
640,786.400 165.585,000
129.650,200 a1000210,000
22,017,700 204,463,000
202,636,000 b800,241,000
19,466,100 152,193,000
84,117,700 361,420,000
22,604,000 176,024,000
103,359,800 225,142,000
83,741,000 382,343,000
11,280,300
9,520,000
136,365,100 0738,785,000
3,627,700
23,278,000
63,611,000 d484,593,000
82,641,400 0365,629,000
36,990,000
24,321,600
41,707,000
5,659,200
19,650,000
4,615,100
34,276,600 152,469,000
43,721,000
8.790,500
31,582,000
f2,509,700
$
11,108,000
42,913,000
60,003,000
233,660,000
19,238,000
121,670,000
43,161,000
44,363,000
33,897,000
15,169,000
52,735,000
823,000
87,401,000
1,477,000
73.723,000
69,378,000
1,796,000
4,951.000
2,019,000
28,997,000
10,385,000
7,103.000
7,053,000
2,810,000
1,580,000
5,450,000
626,825.300 1.156.630.000 5,672,323,000
973,000,000
12,167,700
888,300
* As per official reports National. Dec. 31 1929; State, Dec. 31 1929; Trust co's,
Dec. 31 1929.
Includes deposits in foreign branches: (a) $297,857,000; (b) $142,867,0001 (c)
215,345,000; (d) $116,070,000: (e) $63,303,000; (I) As of Jan. 20 1930; csp As of
Feb. 17 1930.
[VoL.180.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Mar. 28:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY. MARCH 28 1930.
NATIONAL AND STATE BANKS-Average Figures
OilierCash Res., Dep., Dep. Other
Including N. Y. and Banks and
Grog
Gold. Bk.Notes. Elsewhere. Trust Cos Depos
Loans.
Manhattan$
Bank of U.S____ 215,269,000
Bryant Park Bk. 2,648,300
Grace National__ 23,888,394
Port Morris
3,507,000
Public National
.148,019,000
Brooklyn
Brooklyn Nat'l
8,285,300
Peoples Nat'l._
. 7.400,000
$
$
$
$
$
18,000 3,930,000 30,605,000 2,198,000 209,2H .000
___ 200,600
296,000
2,122,900
4,000
27,748 2,068,940 2,609,301 22,108,715
18,500
88,300
195,000
2,812.500
27,000 1,703,000 9.271.000 29,489,000 158,209,000
12,100
5,000
49,400
99,000
470.900
514.000
435,000
167,000
5,217,500
7,300,000
TRUST COMPANIES-Average Figures
Loans.
Cash.
Res'ye Dep., Depos.01her
N. Y. and Banks and
Gross
Elsewhere. 7'rust Cos. Deposits
ManhattanS
$
$
American
843,800
50,726,800 12,612,300
Bank of Europe & Tr. 15,793,547
834,633
125,993
Bronx Count..,
24,721,657
546,462 1.665,593
Chelsea Exchange Bk 22,202,000 1,231,000 1,863,000
Empire
87,750,200 *5,605,700 6,284,200
17,896,886
122,897 1,300,374
Federation
308,000
Fulton
18,795,100 *2,073,500
360,499,000 2,940,000 43,781,000
Manufacturers
68.163,065 3,850,000 11,498,257
United States
Brooklyn
120,150,000 1,956,000 21,145,000
Brooklyn
28,244,510 1,955,292 1,901,240
Kings County
Bayonne, N. J.
Mechanics
8.701.370
247.961
721.101
8
$
22,700 51,027,400
15,063,393
24.304,829
20,475,0 0
4,355,200 88,49'1,3
00
151.038 17,494,682
15.750,300
2,647,000 331,613,000
55,726,803
120,443,000
25,469,3 0
331.833
8.659.1 6
* Includes amount with Federal Reserve Bank as follows: Empire, $3,932,000
Fulton, $1.968,000.
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.
April 2
1930.
Changesfrom
Previous lireek.
March 26
1930.
March 17
1930.
$
$
$
$
97,475,000
Capital
97,475,000 Unchanged
97,475,000
&aphis and profits
103.107,000
+646,000 102,461,000 102,461,000
+2,042,000 1,117,112,000 1,100,196,000
Loans, disc'ts & invest'ts_ 1,119,154,000
Individual deposits
682,844.000 +13,751.000 669,093,000 662,556,000
Due to banks
152,308,000 +6,112,000 146,196,000 142,783.000
Time deposits
273,977,000 -3,517.000 277,494,000 268.388,000
United States deposits,,,
17,965,000 -1,207,000
19,172,000
15,773,000
+7,242,000
Exchanges for Clg. House
27,934.000
35.176,000
29,632,000
Due from other banks
86,353,000 +6,098.000
80,255,000
78,597,000
-188.000
83,463,000
Res've in legal depositles
83,275,000
82,200,000
-288,000
Cash in bank___ __
6,901,000
7,189,000
6,906,000
Res've in excess InF.R.Bk
-998,000
373.000
1.371.000
1.390.000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Mar.29, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended March 29 1930.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System Companies.
Capital
62,538,0
Surplus and profits_ _ _ _ 216,118,0
Loans, disc'ts & invest. 1,083,761,0
Exch. for Clear. House
39,252,0
Due from banks
97,237,0
Bank deposits
144,229,0
Individual deposits
630,019,0
Time deposits
241,136,0
Total deposits
1,015,384,0
Res. with legal depos
70,795,0
Res. with F. R. Bank_
Cash in vault*
10,021,0
Total res. & cash held_
80
f816,0
Reserve required
Excess reserve and cash
in vault
Total.
March 22
1930.
March 15
1930.
$
$
$
7,500,0
70,038,0
70,038,0
69,908,0
16,714,0 232,832,0 232,994,0 233,714,0
63,992,0 1,147,753,0 1,139,283,0 1,136,335,0
324,0
39,576.0
34,291,0
38,305,0
13,0
97,250,0 106,400,0
99,070,0
1,844,0 146,073,0 147,693,0 145,558,0
29,154.0 659,173,0 652,845,0 648,220,0
15,266,0 256,402,0 256,263,0 2.52,118,0
46,264,0 ,061,648,0 1,056.801,0 1,045,896,0
70,795,0
71,486,0
72,245,0
4,422,0
4,422,0
4,807,0
4.972,0
1.639,0
11,660,0
11,431,0
11,643,0
6,061,0
86,877,0
87,724,0
88,860,0
* Cash in vault not counted as reserve for Federal Reserve members.
APRIL 5 1930.]
2349
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, April 3,and showing the condition
for the system
a the twelve Reserve banks at the close of business on Wednesday. In the first table we present the resultewqek last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 2315, being the first item in our department of "Current Events and Discussions."
BUSINESS APRIL 2 1930
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
RESOURCES.
1016 with Federal Reserve agents
;old/redemption fund with U. B. Treas..
April 3 1929.
April 2 1930. Mar.26 1930. Mar.19 1930 Mar,121930. Mar.51930. Feb. 26 1930. Feb. 19 1930. Feb. 12 1930.
$
$
$
S
$
$
$
•
$
$
/,235.237,000
1,693,284,000 1,717,859,000 1,683,659,000 1,656.159,000 1,615,230,000 1,629.630.000 1,663,332,000 1,646,634,000
64,432,000
57.558.000
55.109.000
55.409,000
53.266,000
53,766,000
53.770.000
51,865,000
51,851.000
1,718.441,000 1.704,192,000 1,299.669,000
Gold held exclusively ages. F.It. notes 1.745,135.000 1,769,724.000 1,736,925,000 1,709,925.000 1,669,000,000 1,685.039,000
664.423,000 742,785,000
Ioldjsettlement fund with F.R.Board- 588,864,000 587,321,000 615,496,000 638,670.000 648.856.000 634,655,000 627.763,000 606,363,000 676,758,000
683,616,000 690.564,000 677,667.000 669,937,000 631,314.000
Iold and gold certificates held by banks_ 687,710,000 693,957,000
3,021.709,000 3,051,002.000 3,036.037,000 3,039,159,000 2,995,523,000 2,989,631.000 2,977,518.000 2,974,978,000 2,719,212,000
Total gold reserves
187,167,000 191.079,000 185,058.000 183,703.000 188,436.000 196,954.000 199,412,000 198,479.000 173,309,000
teserves other than gold
3,208,876,000 3,242,081,000 3,221,095,000 3,222,862,000 3,183.959,000 3,186.585,000
Total reserves
70,001,000
71,724.000
67.857,000
71,600,000
72,366,000
67.422,000
1on-reserve cash
Ms discounted:
82,970.000 120,838,000 148,890,000 184,163,000
86,476,000
Secured by U. S. Govt. obligations- 113,652,000
127,471.000 120.353,000 122,664,000 145.500.000 159,726,000 158.618,000
Other bills discounted
241,123,000 206,829,000 205,634,000 266,338,000 308.616,000 342,781.000
Total bills discounted
301,297,000 256,482.000 185,017,000 256,538,000 271,202,000 299,306,000
3111s bought in open market
J. S. Government securities:
79.167,000
69.660,000
66,339,000
56,252,000
41,603,000
54.105.000
Bonds
194,519,000 192.520.000 211,763,000 214,504,000 209,665,000 221,030.000
Treasury notes
281,765,000 294,876,000 293,424,000 233,270,000 206,820,000 182,558,000
Certificatee and bills
530,389,000
8,780,000
Total U.S. Government securities
Mher securities (see note)
PoreIgn loans on gold
528,999,000
8,780.000
561,439,000
8,780.000
514,113.000
12,080,000
486,145,000
12,230,000
3,176.930.000 3,173,457,000 2,892,521,000
75,924,000
68,031.000
69,602,000
482,755,000
13,680,000
610,418,000
419,434,000
204,930,000
172,013.000
212,650,000
169.264,000
376,90.000
281,057.000
381.914,000 1,029,852,000
276.084,000 174,703,000
69,770,000
200,532,000
210,313,000
69,592,000
186,182,000
222,786,000
51,609,000
91.417,000
26,032,000
480,615,000
14,280,000
478,560,000
11,280,000
169,058,000
6,845,000
960,870.000 1,049.069,000 1,078.193,000 1.138,522,000 1,152,895.000 1.147.838,000 1,380,458,000
Total bills and securities (see note)....
3o1(1 held abroad
Cue from foreign banks(see note)
Uncollected items
Bank premises
AU other resources
1,081,589,000 1.001,090.000
dil
5,146,975.000
5,075,305,000 4,968,435,000 5,030,587,000 5,057,790.000 5.035.622.000 5,147.303,000 5,124,287,000 5,112,972.000
1,663.649,000
1,576,097,000 1,572.000.000 1,583,701,000 1,609.006,000 1,641.426,000 1,637.094,000 1,656,161,000 1,682,444.000
Total resources
LIABILITIES.
V. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
RI
722.000
645,994,000
58,507,000
12,195.000
724,000
582.194,000
58,501,000
11,479,000
723,000
705,903,000
58,430,000
11,916,000
722,000
639,502,000
58,453.000
15.458.000
722,000
631.687.000
58,419.000
14,785.000
721,000
678,198,000
58.419,000
14,857.000
722,000
651,924,000
58,388,000
13.826.000
2,375,348.000 2,339,844,000 2,290,540,000 2.353.902.000 2,315,190,000 2,345,858,000 2,315,411.000
48,987,000
36,840.000
6,732,000
1,171,000
3,008,000
20,418.000
33,922,000
8,226.000
6,389,000
7,710,000
6.696.000
6,503,000
8,128,000
6,610,000
18.297,000
18,893,000
19,476,000
19.672.000
19,447,000
20,077.000
22,167,000
721.000
650,812,000
58,311,000
13,802,000
2.307,658,000 2,335,30 ,
4 000
16,900,000
11,743,000
10,558,000
6,305,000
19,715.000
63,165.000
2,443,047,000 2.388.467,000 2,319,498,000 2,381.441,000.2,349.108,000 2,407,980,000 2,390,921,000 2,388,871,000
586,667,000 537,074,000 660,145,000 599.918,000 578,440,000 635,683,000 611,818,000 576,719,000
174,246,000 174.266,000 172,245.000 172,212.000 172,064.000 171,813,000 171,591,000 171,434,000
276,936,000 276.936.000 276.936,000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000
16,568.000
16.860,000
17.797.000
17,648,000
18.277,000
18,062,000
18,792.000
18,312,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
722 000
730,174.000
58,693,000
8,483,000
2,382,477,000
669.514,000
154,307,000
254,398,000
22,630,000
5,146,975,000
Total liabilities
5.075,305.000 4,968,435,000 5,030,587.000 5,057,790.000 5.035.622.000 5,147.303,000 5,124.287.000 5.112,972.000
Ratio of gold reserves to deposits and
67.2%
73,7%
73.5%
73.9%
75.9%
76.2%
77.7%
F. R. note liabilities combined
77.0%
75.1%
Ratio of total reserves to deposits and
71.5%
77.9%
78.5%
78.8%
79.8%
80.8%
81.8%
82.5%
F. R. note liabilities combined
79.8%
Contingent liability on bills purchased
505.179,000 513,346,000 518.664.000 523.891.000 338,287,000
for foreign correspondents
475.524,000 496,661.000 503.362,000 505,599,000
$
$
S
$
$
$
$
$
Distribution by Maturities$
79,288,000
79,605,000 135.843.000 125,896.000 153,895.000 150,444,000 146,001,000
205,190,000 172,731,000
1-15 day bills bought In open market
164,494,000 132,180,000 128.042,000 179.416.000 222,086.000 253,437,000 284,604.000 281.658.000 855,144,000
1-15 days bills discounted
2,420,000
630.000
150.000
54,032,000
77,728,000
2,160,000
100,000
29,000,000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
41,937.000
68,485.000
62,413,000
70,628.000
63,532,000
49,042,000
41,454,000
28,467,000
36,401,000
16-30 days bills bought in open market
45,810,000
27,426.000
24,845,000
23.760,000
24,488.000
23,522,000
19,682,000
17,966,000
19,040,000
(6-30 days bills discounted
61.102,000
34,037,000
16-30 days U. S. certif. of indebtedness
30,000
16-30 days municipal warrants
27,855,000
49,840,000
59,899.000
50,007,000
40,996,000
52,697.000
40,634,000
45,257.000
81-60 days bills bought in open market_
45.272,000
70,143.000
39,968.000
36,363,000
36,142,000
34.230,000
27.502,000
27,694,000
33,082,000
30,205,000
31-60 days bills discounted
61.516,000
27,000,000
38,000,000
days U. S. certif. of Indebtedness38,000,000
31-60
30,000
30,000
30,000
31-60 days municipal warrants
30.000
23.489,000
11,551.000
8,123.000
19,583.000
13,277,000
28,375.000
13,977,000
25,618,000
22,669,000
61-90 days bills bought In open market
48,324,000
24.070.000
22,191.000
20,012,000
18.927,000
17,646,000
16,462.000
20,536,000
61-90 days bills discounted
17,080,000
80,000
58,072,000
20,000
61-90 days U. S. certif. of indebtedness_
56,115.000
72,530.000
30,000
30,000
30,000
61-90 days municipal warrants
2,134,000
207,000
178,000
193.000
380,000
Over 90 days bills bought in open market
702,000
673,000
778.000
1.070,000
10,431,000
8,792,000
8,940,000
9,430.000
11,799,000
8.885,000
Over 90 days bills discounted
12,527,000
9.782,000
11,267,000
23,532,000
196,193,000 198,601.000 153,894,000 155,542,000 152,768,000 148,371,000 149.211,000 160.640,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
.F. R. notes received from Comptroller_ 3.131,407,0003.142,406,000 3,230,561,000 3,295,118,000 3,332.638,000 3,391,218.000 3,449,193,000 3.459,900.000 2,859.913,000
1,231,271,000 1,226.726,000 1,283,902,000 1.291,275,000 1.318.110.000 1.363.869.000 1,382,813,000 1,411,803,000 796,307,000
11'. R.notes held by F.R.Agent
Issued to Federal Reserve Banks
1,900,136,000 1,915.680.000 1,946,659,000 2,003.843.000 2,014,528,000 2.027,349.000 2,066.380,000 2,048,097,000 2,063,606,000
How Secureddity gold and gold certificates
Gold redempt1on fund
Gold fund-Federal Reserve Board
By eligible paper
402,028,000 402.239.000 401,539,000 399,239.000 397,210,000 404,910.000 418.112.000 421,114,000 367,595,000
95,491,000
1,291,256,000 1,315,620,000 1,282,120,000 1,256.920,000 1,218.020.000 1,224,720,000 1,245,220,000 1.225.520.000 772,151,000
514.028,000 451,950.000 381,856,000 507.391,000 562,422,000 597,048,000 621,869,000 625.288,000 1,150,767,000
Total
2,207,312,000 2,169.815.000 2.065.515.000 2.163.550.000 2.177.852.000 2.226.678.000 2.285.201.000 2.271.922.000 2.386.004.000
-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separate y the amount of balances held abroad and amounts due
NOTE.
to foreign correspondents In addition, the caption, • all other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated. are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 2 1930
Two ciphers (001 omitted.
Federal Reserve Bank of
Total.
Boston,
New York.
Phila.
Cleveland, Richmond Atlanta. Chicago. Si, Louts. Ifinneap. Kan.City. Dallas. San Pram,
RESOURCES.
II
$
Gold with Federal Reserve Agents 1,693,284,0 184,917,0
51,851.0 1.477.0
Gold red'n fund with U.S.Tress.
s
s
$
$
$
$
$
$
$
$
$
258,594,0 135,000,0 175,550.0 73.000,0 131,470,0 309,000,0 76.345,0 55,845,0 80,000,0 33,800,0 179,763,0
1,447,0 6,390,0
15.401.0 3,113.0 4.048,0 1,704,0 1,677,0 10.949,0 1,982.0 1,951.0 1.712,0
Gold held excl.agst.F.R. notes 1,745,135,0 186,394,0
•Gold settle't fund vrith F.R.Board 588,864.0 19,849,0
Gold and gold et/9.h eld by banks.. 687.710,0 29,618,0
273,995,0 138,113,0 179,598,0 74.704.0 133,147,0 319,949,0 78,327,0 57.796,0 71,712,0 35.247,0 186,153,0
134,604,0 47.251,0 86,678,0 26,625,0 9,268,0 112,979,0 29,986,0 17,360.0 41.690,0 14,703,0 47,871.0
408,888,0 32.491.0 47,153,0 7.818,0 5,738,0 99,972,0 6,936,0 4.327,0 10,046,0 8,722.0 26,001,0
3,021.709,0 235,861,0
187,167,0 17,957,0
817,487.0 217.855,0 313,429.0 109,147,0 148.153,0 532,900,0 115,249,0 79,483.0 133,448,0 58,672,0 260,025,0
53,427.0 16.330,0 13,532,0 7.872,0 15.631,0 19,026,0 12,126.0 4,545,0 8,913,0 7,093.0 10,715,0
3.208,876,0 253,818,0
Total reserves
67,422,0 9.202,0
Non-reserve cash
13111s discounted:
See. by U.S. Govt. obligations 113,652,0 8,764,0
127.471,0 10.728,0
Other bills discounted
870,914,0 234,185.0 326,961,0 117,019,0 163,784,0 551,926,0 127.375,0 84,028.0 142,361.0 65,765.0 270,740.0
14,350,0 3.895.0 5.085,0 4,268,0 4.159,0 8.108,0 4,743,0 1,635,0 2.101,0 4,491.0 5,385,0
I
306.0 3,072,0
669,0 12,217.0
38,073,0 15,367,0 15,003.0 2,817,0
642,0 10,399.0 6.323,0
15,794.0 16.067,0 12.831,0 11,831,0 15,655,0 11,650,0 7,034,0 1,979.0 9.250,0 5,910.0 8,742,0
Total gold reserves
Reserve other than gold
Total bills discounted
Bills bought In open market
'U. S. Government securities:
Bonds
Treasury notes
Gerifficatea pf Indebtedness
241,123,0 19,492,0
301,297,0 16,820,0
54.105,0 1,190.0
194,519.0 12,646.0
281,765,0 26,487,0
53.867,0 31.434,0 27,834.0 14,648,0 16,297,0 22,049,0 13,357,0 72,285,0 12,322,0 6,579,0
142,795,0 7,610,0 15,827,0 8,789,0 14,211,0 28,265,0 8.829,0 11.633,0 9,470.0 7,859.0
I
81,0 8.279.0
481,0 1,299,0
645,0 4,737.0
978,0
15.388,0
97.0 20,564.0
76,858.0 17,318,0 17,913,0 3,660,0 4,508,0 16.475,0 11.511,0 6,517,0 1,886.0 6,978,0
7,224.0 3,957.0 10,380,0
118,368,0 27.829,0 16,601,0 7,680,0 4,162,0 33,885,0 7,112,0
Total U B .Gov't securities
530.389.0 40.323.0
210.614.0 46.125.0 34.995.0 12.639.0
8.7117.0 70.024.0 19.268.0 18.478.0
20,954,0
29.199,0
366.0
18,249.0
13,080,0
5.924.0 25.637.0 36.695.0
2350
FINANCIAL CHRONICLE
ttESOURCES (Concluded)-Two Ciphers (00) omitted.
Total
Boston.
$
8,780,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
1.1/ other resources
3
1,000,0
New York.
Phila.
$
6,750,0
$
1,000.0
[VOL. 130.
Cleeetana. Richmond Atlanta. Chicago. St. Louis.
Minneap Kan.C11g. Dallas. SanFrass.
$
$
$
$
$
$
$
$
3
30,0
1,081,589,0 77,635,0
722,0
53,0
645,994,0 66,897,0
58,507,0 3,580.0
12,195,0
49.0
414,016,0 86,169,0 78,656,0 36,076,0 39,275,0 121,238,0
41,484,0 32,396,0 27,716,0 40,075,0 86,853,0
237,0
70,0
72,0
30,0
26,0
97,0
26.0
17.0
22.0
22,0
189,057,0 59,937,0 57,296,0 47,123.0 20,723,0 75,576,0 28,249,0
50.0
12,262,0 36,332,0 19,896,0
15,664.0 1,762,0 7,058,0 3.204,0 2,658.0 2,295,0
3,811,0 2,018,0 3,972,0 1,876,0 32,646,0
3,209,0
4,609,0
143,0 1,126,0
670,0 3,802,0
791,0
291,0
523,0
275,0
866,0
450,0
Total resources
5,074,305.0 411,234.0 1,507,447,0 386,161,0 476,254,0 208,390.0 234,427,0
766,031,0 205.979,0 132,879,0 212,779,0 132,991,0
LIABILITIES.
400,733,0
Ir. R. notes in actual circulation_ 1,576,097,0 163,396,0 196,502,0
144,492,0 178,481,0 72.915,0 129,829,0 280,896,0 79,146,0
Deposits:
60,511,0 77,864,0 34,873,0 157.192,0
Member bank-reserve &eel 2,375,348,0 147,260,0 975,450,0 140,752,0
190,719,0 65,869,0 63,533,0 346,250,0
Government
38,922,0 1,468,0
10,380.0 4,018,0 3,264,0 5,001,0 2,362,0 5,255,0 79,008,0 49,261,0 85,577,0 61,207,0 170,462,0
994,0 1,468,0 2,213,0 1,743,0
Foreign bank
6,610,0
419,0
756,0
2,813,0
549,0
566,0
237,0
204,0
758,0
204,0
Other deposits
130,0
170,0
170,0
22,167.0
390.0
100,0
9.270,0
143,0 1,927,0
96,0
104,0 1,078,0
341.0
330,0
193,0
36,0 8.543,0
Total deposits
2,443,047,0 149,247,0 997,919,0 145,462,0 196,476,0 71,203,0
66,203,0 353,341.0 80,547,0 51,189,0 88,153,0 63,156,0 180,151,0
Deferred availability items
586,667,0 64,929,0 157,694,0 51,922,0 54,708,0 44,782,0 20,029,0
68,709,0 28,611,0
Dapital paid in
174,246,0 11,669,0
69,730,0 16,625,0 15,947,0 5,999,0 5,454,0 20.259,0 5,300,0 9,860,0 23,853,0 20,849,0 31.721,0
Surplus
276,936,0 21,751,0
80,001,0 26,965,0 29,141.0 12,496,0 10,857,0 40,094.0 10,877,0 3,089,0 4,334,0 4,425,0 11,415,0
511 other liabilities
7,143,0 9,162,0 8,935,0 19,514.0
18,312,0
242,0
5.601.0
695,0 1.501,0
995,0 2,055,0
2.732,0 1,498,0
1,087.0
413,0
753,0
740,0
Total liabilities
5,075,305,0 411,234,0 1.507,447,0 386,161.0 476,254,0 208,390.0 234,427,0
766,031,0 205.979,0 132.879,0 212,779,0 132,991,0400,733,0
Memoranda.
.
Reserve ratio (per cent)
79.8%
81.2%
72.9%
80.8%
87.2%
81.2%
83.5%
87.0%
79.8%
Oontingent liability on bills pur75.2%
85.8%
67.1%
80.3%
chased for foreign correspondls
V. R. notes on hand (notes reed 475,524,0 35,702,0 151.791,0 46,799,0 48,246,0 20,263,0 17,369,0 64,650,0 17,369,0 11,097,0 14,474,0 14,474,0 33,290,0
from F. It. Agent less notes In
elreuladon)
324.039.0 41.698.0
45.307.0 21.555.0 31.658.0 19,169.0 31.321.0 40.389.0 15.678.0
5.733.0 10.155.0 10.042.0 51.354.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE
AGENTS AT CLOSE OF BUSINESS APRIL 2 1930.
Federal Reserve Agent atTotal.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
Si. Louis. Winne:op. Kan.City. Dallas. San Frau.
Two Ciphers (00) omitted5
$
$
s
$
$
$
3
P.R.notes rec'd from Comptroller 3,131,407,0 310.394,0 665,333,0 3
$
S
$
3
214,947,0 287,399,0 124,114,0 244,020,0 542.745,0 110.824,0 103,294,0
F.R.notes held by F. R. Agent-- 1,231,271,0 105.300,0 423,524,0
48,900,0 77,280,0 32,030,0 82,870,0 221,460,0 16,000,0 37,050,0 128,989,0 91,802,0 307,546,0
40,970,0 46,887,0 99,000,0
F.R.notes issued to F.It. Bank
.1,900,136.0 205,094,0 241,809,0 166,047,0 210,119,0 92,034,0
161,150,0 321,285,0 94,824,0 66,244,0 88,019,0 44.915,0 208,546,0
Collateral held as security for
F.It. notes issued by F. R.Bk.
Gold and gold certificates__ 402,028.0 35,300.0 229,968.0
39,900,0 15,550.0 5,000,0 5,920,0
9,245.0 11.845,0
Gold redemption fund
14,300,0 35,000.0
Gold fund-F.R.Board
1,291,256,0 149,617,0
28,626,0 95,100.0 160,000,0 68,000.0
Eligible paper
514,028,0 36,233,0 177,342,0 35,089,0 43,061,0 22,766,0 125,550,0 309,000,0 67,100,0 44,000,0 80,000,0 19,500,0 144,673,0
29,744,0 50,109,0 21,214,0 13,644,0 21,291,0 13,965.0 49,570,0
Total collateral
2,207,312,0 221,150,0 435,936.0 170,089,0 218,611.0 95,766,0
161,12,40 159,109,0 97,559,0 69,489,0 101,291,0 47,765,0 229,333 0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving
the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns
behind those for the Reserve banks themselves. Definitions of the differentare obtained. These figures are always a week
items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dee. 29 1917,
page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events
and Discussions," on page 2316 immediately preoeding 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 1920. the loan
figures exclude "Acceptanc
es of other banks and bills of exchange or drafts sold with
dorsement, and include all real estate mortgages and
enmortgage loans held by the bank. Previously acceptance
endorsement were Included with loans, and some of the
s of other banks and bills sold with
banks
no longer shown separately, only the total of loans on securities Included mortgages In investments. Loans secured by U. S. Government obligations are
divided to show the amount secured by U. S. obligations and being given. Furthermore, borrowing at the Federal Reserve are not any more subthose secured by commercial paper,only a lump total being given.
banks is now omitted, in its place the number of cities included
The
has been substituted. The figures have also been revised to excludenumber ofreport In
Francisco district with loans and investments of $135.000.0
a
00 on Jan.2 which recently merged with a non-member bank. The figures bank to the San
round millions instead of in thousands.
are now given in
PRINCIPAL RESOURCES AND LIABILIT1E
Federal Reserve District-
Total.
./ff ALL REPORTING MEMBER BANKS IN
EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 26 1930 (In millions of dollars).
Boston. New York
Loam and investments
-total--
3
22,563
3
1,519
$
9,041
Loane-total
16,885
1,192
6,752
8,184
8,702
526
666
3,755
2,997
On securities
All other
Investments
-total
5,678
814
59
891
488
17
5,92
.
0
1,921
92
50
119
148
1,045
47
Borrowings from F. R. Bank
98
14
1,205
2,922
Dm from banks
Due to banks
1,246
1,043
13,205
7,085
238
Net demand deposits
Time deposits
Government deposits
2.289
155
172
1,719
212
Reserve with F. R. Bank
Cash In vault
327
2,844
2,834
U. S. Government securities
Other securities
4
9
Phila.
3
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneng. Kan. Mg Dallas.
SanFrea.
3
I
$
3
$
$
$
$
1,209
2,203
652
625
3,205
639
373
666
466
1,966
920
1,556
496
499
2,555
512
256
431
353
1,364
482
759
200
164
1,288
230
87
130
116
447
439
797
295
335
1,266
282
169
300
237
917
288
647
156
126
154
650
117
208
113
602
78
329
71
62
293
38
64
90
73
346
210
319
85
64
116
357
53
118
41
256
77
130
39
40
251
26
47
55
39
103
13
26
12
9
33
5
6
11
8
17
700
1,043
351
324
1,835
222
378
479
333
727
292
982
241
244
1,209
231
133
180
145
1,020
16
20
14
20
12
1
3
3
16
25
58
99
52
79
213
48
54
131
114
158
162
231
98
110
468
119
81
190
89
212
14
4
4
3
2
3
3
1
1
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New
In comparison with the previous week and the corresponding date last year: York at the close of business April 2 1930
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury.
April 2 1930. Mar.26 1930. April 3 1929.
258,594,000
15,401,000
258,594,000
15.402,000
281,582,000
9,323,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board.
Goldand gold certificates held by bank_
273.995,000
134,604,000
408,888,000
273,996,000
162,698,000
425,216,000
290,905,000
254,357.000
423,304,000
Total gold reserves
Reserves other than gold
817,487,000
53,427,000
861,910,000
54,243,000
968,566,000
49,536,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations-Other bills discounted
870,914.000
14.350,000
916.153,000 1,018,102,000
29,327,000
15,270,000
38,073,000
15,794,000
21,088,000
15,770,000
160,135,000
75,393,000
Total bills discounted
Bills bought in open market
II. S. Government securities
Bonds
Treasury notes
Certificates and bills
53,867.000
142,785,000
36,858,000
105,750,000
235,528,000
26,877,000
15,389,000
76,858.000
118.367,000
1,989.000
79,321,030
138.214,000
1.381,000
12,727,000
9,422,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Tote menaces
April 2 1930. Mar.281930. April 3 1929'
$
$
$
237.000
189,057.000
15,664,000
3,209,000
240,000
155,842,000
15,664.000
2,414,000
219,000
215,995,000
16,087,000
876,000
1,507,447,000 1,474,465.000 1,568,639,0
00
Fedi Reserve notes in actua circulation_
Deposits
-Member bank, reserve mot
Government
Foreign bank (See Note)
Other deposits
196,502,000
196,860.000
300,197,000
975,450,000
10,380,000
2,813,000
9,276,000
954,721,000
14.549,000
3,675,000
8,695,000
939,102,000
8,696,000
2,055,000
7,540,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
997,919.000
157,694,000
69,730,000
80,001,000
5,601,000
981,640,000
140,629,000
69,718,000
80,001,000
5,617,000
957,393,000
178,445,000
55,261,000
71,282,000
6.061,000
Total liabilities
1,507,447,000 1,474,465,000
1,568,639,000
Ratio of total reserves to deposit and
Fed1 Res've note liabilities combined72.9%
77.7%
81.0%
Todd bills and securities (See Note).-- 414,016,000 368.882,000 288,033,000 Contingent liability on Mlle purchased
for foreign correspondence
151.791.000 158.910,000
103,102.000
NOTE.-Beginnin2 with the statement of Oct. 7 1925. two
new items were added in order to show separatelythe amount of balances held
iorolgn correspondents. In addition, the caption -All other
abroad and amounts due to
earning assets." previously
rOther securities," and the caption "Total earning assets" to "Total bliis and securities." mole up of Fedaral Intermediate Credit bank debentures, was changed to
Tns latter term was adopted as a more accurate description
discount acceptances and MOUrities acquired under the provisions
of the total of the,
of Sections 13 and 19 of tha Federal Rsisrve Act, wnlott,i t was
stated.are the only Items Included therein,
Total U.S. Government securities__
Other securities (see note)
!Foreign loans on gold
210,614,000
6,750,000
219.524,000
6,750.000
23,533,000
2.095,000
APRIL 5 1930.]
STOCKS.
Week Ended April 4.
Vaulters' Gazette.
Wall Street, Friday Night, April 4 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2342.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended April 4.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.1 Shares. $ per share. I $ per share. $ per share.$ per share.
RailroadsFeb
Mar 59
70 564 Apr 2 58 Apr 3 56
Canada Southern_ __100
Mar
90 92 Mar 311 92 Mar 31 8634 Mar 92
Caro Clinch & Ohlo_100;
Feb
Jan 315
Apr 3 279
J..1001
400-289 Mar 29 292
Central flit of N
Feb
Jan 105
&
50 105 Mar 29 105 Mar 29 98
C C C St L pref _ _100
34 Mar 234 Mar
Chic R I & Pac rights_ 16,700 1% Apr 3 234 Mat 31
Mar
106
370 75 Apr 1 75 Apr 1 744 Feb 76
Cleve & Pitts
Mar
100
260 63 Mar 31 66 Mar 31 5734 Mar 70
Cuba RR pref
Jan
100
200 14 Apr 2 14 Apr 3 134 Jan 3
Duluth SC & AtI
Feb 794 Jan
Hud & Manhat pfd..100
300 78 Apr 3 7934 Mar 31 75
Feb
Apr 130
Illinois Central wet100
300 128 Apr 1 12834 Apr 4 128
mar 1%, Mar
100
100 134 Mar 31 134 Mar 31 1
Iowa Central
Feb
Apr 29
Int Rye Cent Am ctfs_.
400 25 Apr 4 273.4 Mar 31 25
Feb
.100
50 62 Mar 31 6234 Mar 31 5134 Jan 65
Manhat Kiev guar.
Feb
100 2 Apr 3 2 Apr 3 134 Jan 3
100
Market St Ry
200 234 Mar 31 234 Mar 31 234 Mar 334 Feb
Nat Rys Mex tat p1100
Mar 334 Feb
630 2 Mar 31 234 Apr 1 2
NY State Rye pref_ 100
Feb 1934 Mar
100 15 Apr 2 16 Apr 3 15
Pacific Coast 2d p1.100
364 Apr 364 Apr
10 364 Apr 1 3034 Apr
Phila Rap Tran pf _50
Jan 15334 mar
153 Mar 31 153 Mar 31 151
Pitts Ft NV & Ch pf_100
Mar
Mar 142
Rensselaer & Sara_ _100
2014034 Apr 414034 Apr 4 36
Jan 1354 Mar
Mar 31 121 Mar 31 90
200 121
Sou Ry M & 0 ctfs_100
Apr
Jan 98
50 98 Apr 4 98 Apr 4 95
Vick Shrev dr Pac_ _100
Jan
Jan 813
400 82 Mar 31 85 Apr 1 75
Wabash Itit class B..100
Indus. & Miseell.
Allegheny Corp pref 5! 1 3,500 99% Mar 29 9934 Mar 29 99% Mar 99% Mar
Mar
Feb 45
100 36 Apr 1 36 Apr 1 36
Am Beet Sugar pref.100
Mar 874 Jan
100
100 8634 Aur 3 863-4 Apr 3 84
Amer Ice pref
Amer Machine & FdyMar
Jan 115
30 115 Apr 2 115 Apr 21112
Fret ex-warrants_100
100 2,300 8 Apr 4 94 Mar 29 334 Jan 9% Mar
Am Piano pref
Apr
Apr 4 12634 Jan 141
Apr 4141
10 141
Am Rad & Std San pf 100
Feb
34 Jan 2
% Am 3 134 Apr 4
Am Rolling Mills rts___ 107,300
600 27 Apr 3 2734 Apr 1 2434 Jan 2834 Feb
Art Metal Construct_10
Feb 94% Apr
600 934 Mar 31 9434 Apr 4 85
Asso 1)ry GM( let pt 100
Jan 9834 Apr
100
500 9634 Mar 29 9834 Apr 1 85
20 preferred
Mar
• 36,400 334 Apr 4 36 Mar 29 ri14 Mar 36
Atlas Storm
700 63% Apr 4 64 Apr 1 6034 Jan 7034 Jan
Beech-Nut Packing._20
Mar
10 284 Apr 2 2834 Apr 2 2234 Jan 29
Brit limp Steel 1st p1100
Mar
180118 Mar 31 119 Mar 29 1134 Jan 119
Brown Shoe pref._ _100
Mar
100 6634 Apr 3 6634 Apr 3 6634 Apr 67
Budd (E G) pref... _100
Jan 8434 Mar
.100
800 7934 Mar 29 8434 Mat 31 71
Celotex Co
Mar 34% Feb
pref__Central Allot Steel 01s_ 4,000 33 Apr 2 3434 Apr 2 31
Certain-Teed Products
100 3,000 35% Apr 4 434 Apr 2 3534 Apr 4534 Mar
Preferred
Apr
Apr 165
100
10 165 Apr 3165 Apr 30.65
City Investing
Star 6334 Mar
Colg-Palmolive-Peet--* 1,400 61 Apr 3 63 Mar 31' 60
Col Gas & Elm new_ _ -* 207,100 804 Apr 3 8334 Apr 1 8034 Apr 8334 Apr
Feb
200 25 Apr 2 25 Apr 2 22% Jan 25
Commercial Creel p1-25
let pre( ex-warr_ _100
120 92 Apr 3 933-4 Apr 4 773-4 Jan 9334 Apr
Com'l Investment Trust
Star
• 1,600 84% Apr 4 87 Mar 29 8434 Apr 87
Cony preferred
Feb 101 34 Mar
Mar 29 99
Commonwith & Son pf• 4,800 100% Apr 1 101
20 82 Apr 1 82 Apr 1 763-4 Jan 8474 Feb
Cons Cigar prof (7)_100
34 Apr 1
34 Mar 34 Mar
34 Mar 29
Consolidated Film rts__ 28,600
Crown Willamette
Feb 9834 Apr
10 984 Apr 3 9834 Apr 3 93
•
let preferred
Apr 101
Jan
146 100 Apr 1 100 Apr 1 100
•
Cuyamel Fruit
Apr 2
Apr
50 2 Apr 3 2 Apr 3 2
'Frac.-Duluth & Sup
Apr
30 734 Apr 3 8 Apr 3 734 Apr 8
Preferred
Jan
Mar 14
.50
10 1014 Apr 1 1034 Apr 1 9
Elk Horn Coal prof.
20 19 Apr 4 19 Apr 4 174 Jan 204 Mar
Emporium Capwell •
Mar 61% Mar
11,700 59 Apr 3 6194 Apr 4 55
Engineers PS Ws
Jan 100% Mar
300 99% Mar 31 100 Apr 1 98
Fed Min & Sm pfd..100
Mar
100
100 185 Apr 4 185 Apr 4 1743-4 Mar 185
Common
Apr
Fourth Nat Investors-. 8,800 46% Mar 31 49 Apr 1 4634 Mar 49
80,900 4% Mar 29 7% Apr 4 3% MAI 734 Apr
rights
Fox Film A
34 Apr 3 1-16 Mar
4 Mar
34 Mar 29
Debenture rights_ _ _ _ 65,000
Mar
40 354 Apr 1 96 Apr 1 944 Jan 99
Franklin Simon pf__100
Jan 86
Feb
* 1,150 84 Apr 2 84% Mar 31 80
Fuller Co 2d pref
Apr 2 17 Apr 4 1334
Mar 31 42 34 Mar 31 41
Apr 1 42 Apr 1 42
Apr 1 90 Apr 3 8734
Apr 2 27 Niar 29 25
Apr 1 29 Apr 1 28
Apr 1 128 Apr 1 100 34
Mar 29 84 Apr A 7834
Apr 3 1934 Mar 29 16 34
Apr 1 754 Apr 2 70
Apr 111834 Apr 1 116
Mar 29 234 Apr 1
134
Apr 1 115 Mar 31 108
Apr 2 50 Apr 2 50
Apr 2 110 34 Apr 4 110
Apr 4 35 Apr 4 3234
Apr 4 106 Apr 4 105
Apr 2 10034 Apr 1 98
Apr 3 95 Apr 1 89
Apr 214234 Apr 3 133
Apr 2 125 Apr 2 11834
Mar 17
Mar 44%
Mar 4234
Apr 90
Apr 27
Jan 29
Jan 128
Feb 85
Mar 19%
Apr 7534
Fel 121
Mar 2%
Jan 115
Mar 62
Jan 113
Feb 35
Apr 106
Jan 1003-4
Mar 95
Jan 14234
Jan 126
Apr
Feb
Mar
Apr
Mar
Star
Mar
Jan
Mar
Apr
Jan
Apr
Mar
Jan
Feb
Apr
Feb
Apr
Mar
Mar
Mar
1 116 Apr 3116 Apr 3 116
Manhat Shirt let p1105
300 734 Apr 4 83.4 Apr 1 534
•
Maracaibo 011
Metro-Gold Pict p1....27 6,200 2534 Slar 31 2534 Mar 31 234
Apr 1 9134 Apr 2 83
50 91
_ _10
Mengel Co
pref_- Midland Steel Prod
600 102 Apr 2 103 Apr 1 90
100
let prat
100 60 Mar 31 60 Mar 31 55
Nat Dallas Hess pref 100
400 14634 Apr 31464 Apr 3 14234
Nat Biscuit pref._ 100
300 4534 Apr 3 48 Apr 1 43
Neisner Bros
70 67 Mar 31 70 Apr 1 53
Outlet Co
10 107 Apr 2 107 Apr 2 02
100
Preferred
100 80 Mar 29 80 Mar 29 734
p1e1_100
Omnibus Cot p
Oppenhelm Col & Co.• 1,600 45 Mar 29 4834 Apr 2 43
Pacific Lighting rights_ 43,300 4% Ap_ 3 5% Mar 29 34
500 22% Mar 29 2334 Mar 29 19
Pac Tel & Tel rights_ _ _
69,800 3134 Mar 31 344 Apr 4 25
Park & Tilton!
2,800 70 Apr 1 82 Apr 4 69%
Pierce Arrow Co 1)1.100
Mar 29 102 Mar 31 100
100 101
100
Pitts Steel pref
200 1114 Apr 1 1134 Apr 1 8
Pitts Terminal Coal 100
20 38 Mar 31 38 Mar 31 36
100
Preferred
400 102 Apr 2102% Apr 1 97
Postal Tel di Ca Pf-100
200 35 Mar 29 35 Mar 29 31
Producers & llefr p1.50
600 9614 Mar 29 9734 Apr 2 923-4
Pub Ser of NJ pf(5)__•
11,000 75 Mar 29 8034 Apr 1 71.4
Republic I & S
200 114 Apr 3 11434 Apr 3 10934
Preferred ctfs
150 103 Mar 31 104 Apr 1 102
Revere Cop & B p1100
50 Mar 31 00 Mar 31 45
Scott Paper
•
Shell Trans & Trad _ _ £2
80 4514 Apr 4 4534 Apr 3 4234
Sloss-Sheff 8 & Ir. _100 1,300 40 Apr 3 50 Mar 29 35
Preferred
414 7334 Apr 3 77 Mar 31 6034
100
80 734 Apr 4 8 Mar 29 6
Spear & Co
•
Sou Calif Edis rights...132,500 334 Mar 29 434 Mar 31 334
Stand Oil of Kansas_25 43,600 3734 Mar 31 40 Apr 1 374
Apr 11
Jan 1034
Jan 25%
Jan 923.4
Apr
511-r
Feb
Feb
Feb 110
Mar 82
Jen 148
Jan 10
Jan 70
Mar 107
Mar 80
Mar 54
Mar 534
Mar 243-4
Jan 3434
Feb 82
.1811 103
Mar 15%
Mar 45
Jan 103
Jan 40
Jan 97,4
Star 8034
Feb 114%
Jan 104
Mar 50
Feb 47
Jan 56%
Feb 82
Jen 104
Mar 43.4
Mar 40%
Feb
Jan
Mar
Jan
Apr
Apr
Mar
Jan
Mar
Mar
Apr
Apr
Jon
Jan
Jan
Jan
Star
Apr
Apr
Apr
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Star
Gen Gas& El CIA new •255,500 1534
3,900 41%
Gen Italian Edison__
200 42
Gen Printing Ink
200 8734
Preferred
100 25
Guantanatno Sug p1100
10 29
Hackensack Wat p1_25
130 128
Hanna Co 1st pref__100
* 1,300 80
Hercules Powder
Intelnat Carriers Ltd.. 35,000 1834
900 70
Int Comb Eng etfs_ _
100
400 118%
Int Nickel prof
4
Int Tel & Tel rights._ - - 525,400 13
160 114 34
KCL&P leapt 113.._.
70 50
Kresge Dept as P1-100
30 11034
Kresge (S 8) mei_ 100
100 35
Kuppenhelmer & Co- -L
100
100 105
Preferred
100
50 10034
Laclede Gas pref
• 27,900 9234
Lehman Corp
500 14134
Liggett St Myers pf_100
20 125
Looae-W Brae 1st p1100
2351
FINANCIAL CHRONICLE
Sales
for
Week.
Range Since Jan. 14
Range for Week.
Highest.
Lowest.
Lowest. I Highest.
per share. $ per share.15 per share
Par. Shares. $ per share.
Indus. & Mice.(Conc.)
102850 Apr 1 2850 Apr 1 2500 Mar 2850 Apr
Tex-Pac L'd Tr(010)100
Mar 4514 Mar
Third Nat Investors__. 2,100 43 Star 31 4434 Mar 31 43
Thompson Products... 42,600 3434 Mar 29 3834 Apr 4 3334 Feb 3834 Apr
Mar 1834 Mar
Thompson-Starrett _ _* 9,400 1534 Apr 3 1834 Mar 29 11
Jan 4934 Mar
Preferred____
• 2,200 454 Mar 29 4534 Mar 29 40
Jan
Apr 95
U S Distributing p1_100
400 70 Apr 1 71 Apr 2 70
Feb
100 94 Apr 1 94 Apr 2 534 Jan 11
United Dyewood___100
Mar
90 114 Apr 3115 Mar 31 10334 Jan 115
Unlv Leaf Tob pf___100
30 5034 Apr 4 504 Apr 4 484 Feb 5434 Jan
Van Raalte Co pref_100
Mar
100 10234 Apr 2103 Apr 1 10034 Jan 103
Va El & Pow p1(61.100
Feb 9634 Apr
30 9634 Apr 4 9634 Apr 4 90
Vulcan Doting pf A 100
61 Mar 1 68
Feb 7034 Jan
* 1.100 68
Apr
Wrigley Co
• No par value.
New York City Banks and Trust Companies.
(All prices dollars per share).
Banks.
New York
America
Amer Union._
Broadway Nat
Bk & Tr Co
Brooklyn
Bryant Park.
Bid
139
125
115
113
50
166
Chase
Chath Phenix
Nat Bk &Tr 136
580
Commercial
Fifth Avenue_ 3550
6400
First
600
Grace
1465
Harriman_
Industrial.... 195
165
Lefeourt
130
Liberty
National City
Penn Exch _
Port Morris__
Public
Seward......
Sterling N at
Ilk & Tr Co
Straus Nat Ilk
& Trust Co_
U S par $25._
Yorkville ____
243
80
47
1401
138
54
Banks.
Ask V. Y. (Con.)
141 Yorktown._
135
Brooklyn
125 Globe Exch.
116 Peoples
56
trust Cos.
New York
167
Banes Comas
Italians Tr _
138
595 Bank of N Y
& Trust Co_
3700 Bankeis Trust
475 Bronx Co Tr_
Cent Hanover
565 Chelsea Bank
& Trust Co_
210
185 Chemical Bk
& Trust....
140
ContinentalBk
dr Trust_...
244
88 Corn Exch Bk
& Trust_
52
143 County.
148 Empire
Equitable Tr_
60
Trust Cos.
Ask V. 1. Con.)
200 International_
Internat Mad
Irk & Trust_
245 nterstate____
625 IrvIng Trust__
Bid
220
47.5
60
46
41
4
5214 523
69 12
69
_
Lawyers Trust
Manhattan... 151
355 Manufacturers 146
atututil(West
cheater).... 400
345
17811
77 N Y Trust__ 326
398
190
Pacific
125
61 Plaza
349
835
1771
74
394
57
85
431
237
305
90
1;2
600
860
300 Guaranty
78
185
200 Hibernia
• State banks. t New stock. z Ex-dividend.
280
77
58
162
148
425
330
205
135
80
5612 timm Square. 76
Title Gu & Tr 170 173
4412
United States_ 4175 4275
239 Weatches'r Tr 1000
315
Brooklyn
92
13212
933 943
650 Brooklyn _
Globe Exch Bk
&'trust__ - _ 220 245
564
Kings County 3400 3600
230
195 atidwood
g Ex-stock dry.
y Ex-rights.
-p. 2343.
New York City Realty and Surety Companies.
-p.2343
of Indebtedness.
Quotations for U.S.Treas.Ctfs.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
4.
Daily Record of U. S. Bond Prices. Mar.29 Mar.31 Apr. 1. Apr. 2 Apr. 3. Apr.
____ 100,,s2 100.0 1001722 100.22 100,722
hugh
First Liberty Loan
____ 1001*n 10010n 100.0 100140 100.0
334% bonds of 1923-47_ Low____ 1001.rr 1001°,2 100110 100.32 100022
Close
(First 334)
22
27
28
89
72
____
Total sales in 51,000 units__
Converted 4%bonds ofkHigl;
1932-47 (Flrat 45)
Close
------------_
Total sales in $1,000 units__ _
'
Converted 434% bonds High 10118n 101.0 101.0 101.22 101.0 1011 0
r1
of 1932-47 (First 449)1Low- 10111,r, 1011, 101.0 101.0 101.0 101.0
Close 101'832 1011"31 1011'32 1011,32 1011'32 1011432
31
21
2
41
4
Total sales in $1,000 units__
Second converted 44 TO Illitil
----- - - ---- - ---- ------ ----------___
(First Lowbonds of 1932-47
Second 434*).
------- - ---____
Total sales in $1,006 units __ _
,
.
101 32 101..31 101"32 1013,n
-102
Illgh 102
Fourth Liberty Loan
44% bonds of 1933-38._ Low- 101 2*0 101"0 101..2 101.0 1012*0 101140
,
101,722 101.0 101. 22 101.0 101.0
Close 102
(Fourth 4348)
26
50
74
608
435
130
Total sales in $1,000 units ___
,
High 112340 112340 111..2 111.0 In '" 1111.”
Treasury
1113.,, 1111n 11111,, 1111rrr 111
112
4Low_
4345, 1047-52
ar 1111n 1111in 1111.n 111in
Close 1121,, 1113,
51
35
2
13
14
27
Total sales in $1,000 units ___
(High 1081n 108.,, 1071rn 1071.n 10710n 10713ri
0 107.0
(Low_ 108122 107.0 107"22 107.0 1071,
4s, 1944-1954
0 107.2.
(Close 10Sist 107,,22 107"22 107.0 1071,
51
it
25
29
3
10
Total sales in ELKO units ___
High 10511n 105'n 105131 1041in 1051n 1051n
62
Low_ 105.0 1041122 1041.n 10431n 104"21 104'
3%,, 1948-1958
104.0 104.22 104.22 10510
Close 10511,, 105
63 - 2;
75
23
878
1
Total sales in $1.000 wins__
100 0.2 000210 100.0 100..2 100134
High 101
4 100";
Low_ 100.0 100.0 100.22 100.0
334s. 1943-1947
,
Close 100.0 100.0 1010122 100.0 100.0 10014
.
27
3
25
21
30
Total sales in 51,000 units ___
__ _
0 100.22
____ 100"22 100.0 100,4
{High
_
''
1003iin
100 ,, 10010n 10131.. 1003n
0....
334s. 1911943
Low.
____ 1001 n 100.0 100..2 100"0
Close
Sc
51
12
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
101"32.10 101"33
1 let 44,
'n
10121n to 1011
15 4th 434s
Foreign Exchange.
-I6@
To-day's (Friday's) actual rates for sterling exchange were 4.86 3
4.8634 for checks and 4.86 7-16g4.863-4 for cables. Commercial on
banks, sight, 4.86©4.86 3-16; sixty days, 4.8334@4.8434: ninety days.
.
4.824@4.834 and documents for payment, 4.83 @4.834. Cotton for
Payment, 4.85 15-32, and grain for payment, 4.8 15-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.914@
3.91 5-16 for short. Amsterdam bankers' guilders were 40.11©40.14
for short.
Exchange for Paris on London, 124.30; week's range, 124.30 francs high
and 124.28 francs low.
Cables.
Cheeks.
Sterling, Actual4.8634
4.86 716
High for the week
4.86 7-16
4.86%
Low for the week
Paris Bankers' Francs
3.914
-16
3.91 7
High for the week
3.914
3.9174
Low for the week
Amsterdam Bankers' Guilders
40.1634
40.15
High for the week
40.13
40.11
Low for the week
Germany Bankers Marks
23.884
23.8834 '
High for the week
23.87
23.84
Low for the week
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.
Mar. 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1.
Wednesday. Thursday.
Apr. 2.
Apr. 3.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share I per share $ per share 3 per share $ per share $ per share Shares
Railroads
Par I per share $ per share 8 per share $ per
240 24212 23914 2413 238 24052 238 2394 237 23812 23772 2393
4
share
4 8,200 Atoll Topeka & Santa Fe__100 21932 Jan 6
24212Mar 29 19512 Mar 29852 Aug
105 1053 *105 10514 10514 10514 1014 105
4
105 105
10514 10514 1,700 Preferred
IGO 10252 Jan 3 10612 Mar 26
99 May 1047 Dec
17512 17512 175 175
174 175
2
17312 175 5
.171 175
174 174
1,200 Atlantic Coast Line RR
100 166 Jan 11 17512 Mar 18 161 Nov 20912 July
120 2 1213 12112 12232 12112 1223 11912 1217 120 1203 11972 122
3
4
2
2
2
28,400 Baltimore & Ohio
100 115 Jan 2 12232 Mar 31 10514 Nov 14512 Sept
*8112 8212 *8112 82
*7112 82
82
82
82 34 823
4 83
83
600 Preferred
100 781; Feb 10 83 Apr 4
75 June 81 Dec
83 4 8412 8232 83 4 811s 823
3
3
4 797 8012 77
7912 7912 798 4,800 Bangor es Aroostook
50 83 Jan 3 8412 Mar 29
55 Oct 9032 Sept
111 111 *111 112
11173 11172 112 112
11212 11212 *11212 113
110 Preferred
100 109 Feb 28 11212 Apr 3 y10314 Oct 115 Sept
10712 10812 *108 110
107 107
106 108 *102 110 *102 106
700 Boston & Maine
100 99 Jan 14 112 Feb 8
85 Apr 145 July
•12
1212 12
1212 12
12
*12
1212 12
1212 *12
12
1,600 Brooklyn & Queens Tr_No par
10 Jan 11 1314 Jan 25
7 Nov
*61
6512 6512 6512 *81
15 Dec
67
*81
67
*61
*61
67
67
200 Preferred
No par 54 Jan 11 6512Mar 18
44 Nov 65 Sept
7412 75
743 747 x737 743
2
2
4 721z 737s 72
72
7033 72
5,000 Bklyn-Manh Tran v t c_No par 63 Jan 2 7833Mar 18
40
Oct 817 Feb
92 92
9212 9312 *91
2
913 *8912 9012 •90
4
91
8972 8972
800 Preferred v t e
No par 84% Jan 6 9304Mar 31
7612 Nov 9252 Feb
22
2232 2213 2214 203 2172 2012 203
2
4 2012 2014 203 233
2
2 9,500 Brunswick Term & Ry Seo_100 1412 Feb 17 237 Jan 16
2
412 Oct 4412 Jan
2134 215
21112 214
21152 21212 209 212
21012 2123 21214 2133 11,900 Canadian Pacific
4
4
100 18732 Jan 3 2264 Feb 10 185 Dec 26972 Feb
239 241
237 2383 2381 23812 237 23714 235 237
,
4
2363 2388 5.800 Chesapeake & Ohio
4
100 203 Jan 7 24134 Mar 28 160 Nov 2793 Sept
7
7 18
4
714 712
714 812
8
10
814 852
: 852 9,300 Chicago es Alton
81
100
414 Jan 8 10 Apr 2
4 Nov
812 812
193 Feb
4
84 814
8
814
814 9
814 812
8% 834 13,100 Preferred
100
534 Jan 20
9 Apr 2
312 Nov
*25
2612 *2378 2612 *24
25 4 Feb
3
28
*2312 25
*23
26
*23
26
Chic es East Illinois RR__ __100 1414 Jan 7 28 Mar 28
15 Dec 43 Feb
50
52
52
52
52
52
50 2 5112 •49
3
*49
50
50
4,300 Preferred
100 36 Jan 2 5272 Mar 26
3634 Dec 6672 Feb
153 1712 1684 173
4
4 16
1714 15% 17
1812 163
2 1612 17
54,900 Chicago Great Western_ -100 128 Mar 6 173 Mar 31
4
7 Nov
45
503
4 4614 473
23% Feb
2 453 4733 4414 46% 447 46
2
473 26,500 Preferred
45
4
100 34 Feb 25 504 Mar 29
1712 Nov
2412 2514 2433 2512 233 248 233 24
6352 Jan
4
4
2312 233
4 2312 2412 17,100 Chicago Milw St Paul & Pao-.. 2212 Mar 13
16 Nov 447 Aug
4234 4334 4312 43 4 423 43
2658 Feb 7
3
2
4152 424 403 42
4
41
428 26,200 Preferred new
3914 Mar 13 484 Feb 10
2812 Nov 6852 Aug
883
88
4 88
8812 873 88
4
8714 87% 87% 873
4 87
884 13,300 Chicago & North Wastern_100 84 Jan 3 89% Feb 8
75 Nov 10812 Sept.
•13912 14012 *13912 14012'
5140 141 *140 141 *13912 14012 •140 141
Preferred
100 138 Mar 5 14014 Mar 24 134 Apr 145 Feb
124 124
124 12412 124 124
12312 12312 123 123
122 122
1,500 Chicago Rock 1.51& Pacific_100 114 Jan 6 12512 Feb
1
101 Nov 1431: Sept
*109 10912 109 109 *10712 108 •10712 108 *105 109 *10512 109
500 7% preferred
100 107 Jan 2 110% Mar 2
100 Nov 109
10412 10412 10334 1033 10314 10314 10312 10312 •103 101 •10314 101
Oct
4
400 6% preferred
947 Nov 10314 NOT
100 993 Jan 6 108 Feb
4
*93
96
*93
91
93 93
*9212 93
*92
93
92
93
400 Colorado & Southern
100 83 Jan 15 95 Feb 1
8614 Dec 135 July
7612 7712 7612 7612 *73
77
*78
7712 *76
77
*76
77
40
First preferred
100 683 Jan 3 7712Mar 2
4
6512 Oct 80
*66
693 *66
4
Jan
694 *68
68 '
568
68
68
68
*68
69
20 Second preferred
100 65 Jan 23 70 Mar 1
64 Apr 7212 Mar
593 593
4
4 80
60
5912 60
60
60
60
60
61
61
2,200 Congo' RR of Cuba pref....100 49 Jan 2 6112 Mar
45 Nov 7052 Jan
179 179
17812 17934 17912 180
179 17912 177 17912 178 1787
3.900 Delaware & Hudson
100 16112 Jan 3 181 Feb
14112 on 226 July
147 14933 148 15014 1474 148
145 14512 *145 149 x14414 146
10,800 Delaware Lack & Western_100 136 Jan 28 153 Feb
12014 June 1693 Sept
784 7814 783 7914 7814 7814 *76% 78
2
4
7612 7612 *7611 77
800 Deny. & Rio Gr West pref-100 60 Jan 2 80 Mar 2
49
Oct 773 Feb
60 4 6112 6012 613
3
4
4 594 603
2 59
6014 58
583
4 5812 6012 39,200 Erie
100 553 Mar 17 633 Feb 1
4
4
4112 Nov 9312 Sept
*65 4 663
3
2 644 66
6412 65
6412 843
4 617 65
2
65
85
3,100 First preferred
100 8158 Jan 10 673 Feb 1
2
5512 Nov 6614 July
*8212 63
6212 6212 6212 62% 8212 6212 *6212 63
*8212 6412
300 Second preferred
100 5712 Jan 2 6212 Feb 1
52 Nov 837 July
10134 10134 10072 1013 100 4 1003 1007 1001 100 10012 5,400 Great
10012 102
8
4
3
4
2
Northern preferred 100 95 Jan 13 102 Mar 2
8514 Nov 12814 July
97 97
9712 98
9719 9814 *9714 9712 9712 9714 97
9711 3,600 Fret certificates
100 9014 Jan 3 9914 Feb 2
423 433
2
85 Nov 12214 July
12
4 4214 4312 4158 4212 *41
42
4052 42
403 42
4
5,700 Gull Mobile de Northern-100 3812 Jan 2 461: Feb 1
*9812 9712 *96
18 Nov 59 Feb
9714 *96
9712 *96
97% 97
9712 9833 985
8
400 Preferred
100 94 Jan 14 9814 Marl
70 Nov 103 Jan.
*414 7 4 *44 7 4 *414 7 4 *414 74 *414
3
3
3
7
*414
Havana Electric Ry___No par
7
8 Jan 2
61 Dec 1112 Apr
812 Jan 1
Preferred
100 8812 Jan 14 72 Jan
55 Feb 7344 Dec
525 525
520 520 *5004 525 '
550014 510 *492 50014 50014 50014
30 Hocking valley
100 450 Jan 25 525 Mar 2
370 Nov 600
513 5232 5112 524 5114 5152 49
4
Oct
513
2 4912 5114 504 513 10,300 Hudson de Manhattan
2
100 4658 Jan 16 533
2Mar 2
3412May 583 Jan
12913 1303 12913 12912 130 13912 1293 1304 1297 130
4
2
4
2
1293 1303
4
4 2,900 Illinois Central
100 12812 Feb 1 131 Jan
116 Nov 15312 July
*74
.7314 76
76
*7314 7714 75
75
7412 7412 75
75
70 RR Sec Stock certincates- 70 Jan 2 75 Mar 2
70 Nov 8012 Feb
35% 3512 3514 38
3
412 35
3512 3312 347
34
2 324 341
7,600 Interboro Rapid Tran v t c_100 20 2 Jan
3912 Mar 18
3
15 Oct $83 Feb
*2812 29
29
29 .2812 30
2
*2812 30
*2812 30
*2812 30
100 lot Rys of Cent AmerIca 100 2814 Marl
3223 Jan 16
25 Nov 59 Jan
'6914 72
*6914 70
*6914 70
6914 70
*6914 75
*6914 75
220 Preferred
100 614 Jan
72 Mar 27
6114 Dec 8014 Jan
831 *81
8533 28434 8532 *82
85
83
8114 8114 82
8312 2,600 Kansas City Southern
100 77 Jan 3
853 Mar 29
2
60 Oct 1087 July
6912 891 *6812 70
2
*68
70
*68
70 •68
70
0812 6812
600 Preferred
100 67s Jan
89I4Mer 14
63 Nov 7012 Jan
:
84
811 84
847
2 83 833
4 833 84
2
83
8352 81
8372 14,600 Lehigh Valley
50 7014 Jan 2
847 Mar 31
2
65 Nov 10214 Feb
137 1373 1373 1373 13712 138
4
4
1373 1373 1373 138
4
4
4
138 13812 1.800 Louisville &Nashville
100 128 Jan
13812 Apr 4 110 Oct 1543 Sept
.37
37
38
37
4
36
377
3612 3612 *3512 3712 *3512 3712 1,000 Manhat Elev modified
guar 100 3014 Jan
4012 Mar 18
24
Oct 5712 Jan
*22
*22
23
23
*22
23
*22
23
*22
23
*22
23
Market St Ry prior pref--100
Jan 1
2512 Feb 13
102 Nov
•112 13
3912 Jan
112 112 *112 13
152 13
4
4
13
4 2
17
2
5,200 Minneapolis & St. Loubs_100 17 Feb 2
2
11
2 Jan 7
114 Nov
334 Jan
*3212 35
*3212 35
•321z 35
343 343 *30
4
4
34
*3214 3412
100 Minn St Paul dc 55 Marle_100 2812 Marl
35 Feb 7
35 May 811 Sept
*58
581 *5712 5812 *56
581 .56
5812 *54
58
*54
58
Leased lines
100 54 Jan
1
591 Feb 21
51 Dec 66 Jan
633 65
2
6314 643
6312 68
4 6312 647
2 8312 644 8314 653 117,800 Mo-Kan-Texas RR____No par
4
467 Jan
2
66 Mar 29
2712 Nov 65 4 July
4
108 10814 1073 108
1073 108
3
4
108 10814 10772 1O7'e 1073 108
4
2,800 Preferred
100 103 Jan
2
1083 Mar 27
7 941 *9312 94
93 2 Nov 10712 Apr
7
93
9412 953
9212 923
4 9112 02
924 943
4 3,300 Missouri Pacific
100 87 Jan
9812Mar 6
46 Nov 10133 July
*1397 14004 13872 140's 1383 13912 1387 13872 13812 1387s 13934 140
2
4
2
2,600 Preferred
100 134 Jan
14512Mar 8 105 Nov 149 Oct
*8212
•8212
-- •8212
-- 823 823 *823 83
4
4
4
*823 83
4
10 Morris & Essex
5
813 Jan 2
4
83% Mar 14
7558 Oct 8652 Jan
*130 1341 *130 1311 130 110 *132 13412 *132 134'2 131 131
--30 Nash Chatt & St L.ouls_._100 s12812 Feb 1
132 Mar 25 173 Nov 240 Aug
*1
112
104
1
3
4
1
1
1
1
.1
1
112 2,300 Nat Rye of Mexico 26 pref_100
3 Feb
4
114 Jan 11
1
Oct
190 1911 18812 191
3 Jan
188% 189 4 188 188
52
3
186 18714 186 18912 32,800 New York Central
100 167 Jan
19244 Feb 14 160 Nov 25612 Aug
138 - 138
139 139
138 1394 13814 13814 *136% 13812 13652 137
2,700 NY Chic & St Louis Co.._100 130
Jan
144 Feb 10 110 Nov 1 9258 Aug
1091,10958 10952 109% 110 110
4
110 110
1093 110
110 110
1,200 Preferred
100 1083 Jan
11012 Mar 26 100 May 110 Dec
4
289 289 289 289 nso 290
280 280
278 279
231 278
690 N Y es Harlem
50 180 Jan
324 Feb 3 155 Oct 379
Jam
4
12714 12812 1253 128
12514 1271s 1241: 127
12112 124121 125 1273 23,600 N YIN H & Hartford
4
100 1051 Jan 20 12812 Mar 29
2
807 Jan 13212 Or:
2
13258133
2
1323 13212 132 13212 13134 1317 12914 13112 128 12914 4.900
s
Preferred
122 Jan 23 13512 Mar 21 11452 Jan 1345 Aug
1672 *1512 153
1652 1714 16
1612 17
4 1512 1512 1512 16% 15,200 N Y Ontario & Western-100
1312 Jan 2 1714 Mar 31
8 Nov
32 Feb
2
233 278 *212 3
.2% 3
233 252 .212 23
3
312
800 N Y Railways pref____No par
2 Jan 7
4% Jan 16
112 Der
97 Feb
n's 214
2
2% 212
2
2
2
2
2
2
2
430 N Y State RD
100
112 Jan 15
212 Feb 6
1
3012 3012 30
Oct 1414 Mar
30
3012 30
29
3014 *29
30
2814 2814 1,000 Norfolk Southern
100 1634 Jan 8 3312 Feb 14
1412 Dec
26012 28012 261 2615 *280 26012 280 262
2601: 262
4812 Feb
260 251
1,900 Norfolk & Western
100 228 Jae 4 265 Feb 18 191
Jan 290 Sept.
*854'6814 '
*8533 87
87
58512 8814 *86
85% 86
8558 8533
60 Preferred
100 83 Feb 3 8712 Mar 22
82 Nov
8714 May
914 95
98
957
9314 9114 93
9835 95
91
923 93
4
3,500 Northern Pacific
100 84 Jan 29 97 Feb 21
75% Nov 1187 July
9412 9314 91
934 933 *94
4
2
93 9312 93
93
913 93
4
3.700 Certificates
100 8212 Jan 23 9832 Feb 21
75 Nov 11452 July
147
15
15
15
14
15
17
17
1612 17
18
18
900 Pacific Coast
100
7 Jan 3 18 Apr 4
47 Dec 43 Feb
2
8518 863
2 8512 8633 8512 8633 811 8612 8112 8472 81
.
855a 72.200 Pennsylvania
50 7212 Jan 8 8652 Mar 31
7212 Mar 110 Aug
21
21
2412 23
23
24
ns 21 •20 25 *22 24
1,500 Peoria & Eastern
100 1714 Feb 28 2412 Mar 31
•160 165 *160 165 *161 165 *161 165 •160 165 *160 165
17 Dec
35 Jule
Pere Marquette
100 150 Jan 30 163 Mar 18 140 Nov
*98
260 Aug
98
9912 98
9912 *98
98
98
99% 9914 '
599 100
210 Prior preferred
100 9454 Jan 31 9912 Max 20
91 Nov 101 Mar
*95% 97
97
97
97 97
9714 974 •973 100
4
_ _
100 ge Jan 7 9711 Apr 2
300 Preferred
00 Nov 97
117% 11712 1153 1154 108 108
2
10972 ill's 10814 110
Jam
*9772- 111 11212 1,800 Pittsburgh & West Vs
100 108 Apr 1 1214 Feb 11
90 Nov 1483
2
12612 1287 12733 1297s 128 12812 127 128 ! 126 12612 126 1373
4
4 5,100 Reading
50 121 Jan 4 14113 Feb 8 10111 May 14758 Jan
547
*47
49
49
.47
49
*47
49
47
Sept
47
47
47
500
First preferred
50 4412 Mar 11 53 Feb 21
4112 Apr 50 Sept
•50
51
*50
51
51
53 .50
53 i .50
52
•50
52
1,300 Second preferred
50 47h Jan 4 57 Feb 6
43 2May 60 4 Sep,
5
*60
68
6804 *65
68
*65
3
*60
65 ' *80
65
.60
Rutland RR Dref
65
100
4
497 Oct 7414 Sept
118 11812 11712 11814 11712 11812 117 11814 11512 1167 11412 11712 7,30) St Louls-San Francisco____100 6012 Feb 1 873 Mar 5
2
10752 Jan 3 1187 Mar 27 101 Nov 1333
2
3
4
10012 100 4 10012 1003 10018 10012 10012 101
4 Aug
10014 1007 10014 1004 4.503 let pref paid
s
100 92 Jan 2 101 Apr 2
87 Nov 9612 Feb
89
70
897 .897
67
2 687 6872 67
2
*65
6614 87
1.600 St. Louis Southwestern.....-100 5914 Jan 20 70 Mar 29
50 Nov
.872 93 4 *873 9314 *873 933 *873 9314 •873 933 *874 6772
4
3
le% Feb
4
84
4
4
4
4
4
Preferred
93
100 87 Jan 4 90 Mar 5
84
Oct 94
104 1033 1033 1014 1012 101
4 10
1058
97 10
Apr
10
10
8.500 Seaboard Air Line
100
93 Jan 15 1212 Feb 15
2
912 Der 204 Mar
*233 25
*24
25
25
25
*233 24
1
4
*2312 24
400
Preferred
2358 2352
100 2214 Jan 30 28 Feb 7
1814 June 4132 Oct
12314 12412 122% 12314 12214 123
1244 125
1235 125
123 1202 7.000 Southern Pacific Co
100 11914 Jan 8 127 Feb 10 105 Nov
12934 1294 12912 13012 s12912 130
12812 129
4
1273 12872 12812 129
5,900 Southern Railway
100 123'2 Mar 8 1363 Jan 13 109 Nov 15712 Sept
4
18212 Sept
9914 99'4 9914 9914 9912 9912 99
*99
99
9912 99
99
700
Preferred
100 98 Jan 2 101 Mar 20
93 June
127 127
12812 1294 *126 129
12804 12912 12912 130
131 132
1,500 Texas & Pacific
100 117 Jan 6 132 Apr 4 115 Nov 100 D
4.42% 1312 13
13
1212 125 1112 12
181 May
.1212 13
1212 124 1,300 Third Avenue
100
9 Jan 14
1512Mar 20
6% Nov
23
2 23
*22
2
39 Feb
223
227 227
4 223 2233 *22
4
223
800 Twin City Rapid Tranalt__100 2234 Apr 2 3112 Jan 29
4 221s 2272
2014 Dec 5814 Jam
*56
70
.56
70
70
7472 *85
8904 *65
743 *65
40 Preferred
7/4
100 70 Jan 28 79 Feb 3
75 Dec 100 Jab
4
2383 2423 240 24234 23714 2413 23512 238
4
4
238 239
2361 1 240
6,100 Union Pacific
100 215 Jan 3 2423 Mar 29 200 Nov
4
2
8812 *813 86
8134 813
86
2975 Aug
4
4 8112 853 *853 8534 853 854 1.600 Preferred
2
2
4
100 8214 Jan 17 518'251er 29
1710 Nov
1161 Sept
4 85
:
873
6212 8312 6314 683
2 6312 6514 6112 63
81
8514 30,300 Wabash
WO 51 Jan 8 373 Apr 1
2
40 Nov
*8114 83
8712 88
88 12 89
8158 Jam
89
881g 882 *88
8812 8812
Preferred A
800
100 83 Jan 7 89 Apr 1
82 Nov 1047 Jan
1 36
31
354 3312 314 3212 337
34
2
3152 3212 317 343 82.400 Western Maryland
4
100 2414 Jan 18 36 Mar 29
10 Oct 51 Feb
*31
37
*32
*3812 38
35
*31
*33
31
*3212 38
36
Second preferred
100 2412 Jan 18 38 Mar 28
1412 Nov
5312 Feb
304 293 3012 29
4
2914 3012 30
•29
29
2912 29
30% 3,400 Western Pacific
100 21 Jan 2 3012 Mar 29
15
Oct 417 Mar
5112 521
2 5114 513
4912 51
4 5072 .517
51
2 51
5012 514 4,509 Preferred
100 4011 Jan 2 5312 Mar 19
3712 Nov 67k4 July
.
Industrial & Miscellaneous
*32% 3314 33
337
33
•3358 34
31
3514 341 37
31
2
7,100 Abitibi Pow &Pap
No par 22 Jan 18 37 Apr 4
344 Dec 574 Aug
2
8312 83
847
2 847 84% *83
*84
*83
84
38
*83
84
100 Preferred
100 847s Jan 17 8512 Mar 19
69 Nov
MN Jun
and asked prices; no sales on 11113 day. •60% swat dividend paid s Ex-dhedend. y El
-rights
2353
New York Stock Record-Continued-Page 2
For males during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHORE, NOT PER CENT.
Saturday.
Mar. 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1.
Wednesday. Thursday.
Apr. 3.
Apr. 2.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
On basis of 100-share tots
Highest.
Lowest.
PER SHARE
Ranee for Previous
Year 1929.
Lowest.
Highest.
Railroads (Con.)
Par 3 per share $ per share $ per share $ per share
per share
Per share $ per share $ per share $ per share $ per share Shares
43 Dec 15912 Jan
400 Abraham & Strauss__ _No par 45 Jan 2 5712 Feb 1
5012 5012 *4814 51%
*45
5118 50
51
51
53
5014 *51
140 Preferred
104 Jan 11 110 Feb 11 10012 Nov 11212 Oct
10814 10814 10814 10814 *10814 109
10814 10314 *10814 109 *10814 109
34 Nov
20 Nov
r
3514 3614 88,300 Adams Express new__ _ No par 2318 Jan 20 378 Mar 31
353 367
4
8
8
8 363 37% 36
3612 355 36% 3518 36
Jan
84 Nov 96
100 8514 Feb 4 92 Mar 27
*90
200 Preferred
9314 *92
9314
*92
92
9314 *92
9314 *92
9314 92
3533 Jan
19 Nov
No pa
23 Jan 23 32 Mar 31
32
3112 3112 32
18,800 Adams Millis
31
3138 31
3112 31
3158 31
31
8
7 Oct1047 May
100 1112 Jan 6 234 Jan 24
1933 6,200 Advance Homely
1918 193
193
4 19
8 19
1934 1912 2014 1858 1912 19
15 Oct119 May
100 22 Jan 4 4114 Jan 29
4 6,000 Preferred
37
373
38
37% 38
3912 ' 3812 39
3712 39
38
39
Oil Feb
38 Dec
8
114 9,700 Ahumada Lead
15 Ivlar 28
ris
1
% Jan 4
118
118
114 1%
1%
1% 112
118 114
114
3
77 Nov 223 8 Oct
No par 118 Jan 22 148 Mar 26
8
8 1417 1447 18.900 Air Reduction.Inc
8
145 1463 314314 1457 140 144
1403 1427
4
1393 144
4
8
8
18% Dec 487 May
11,600 Air-Way Elec AppllanceNo par 21 Jan 13 36 Mar 24
3312 34
3312 347
8 3312 33 8 3312 333
8
7
4 325 3312 3212 34
1114 Jan
1 Dec
1% Jan 2
2 12 Jan 9
No par
218 212
2
218
214 212
214 2% 24,500 Ajax Rubber.Inc
2
218
2
2 18
1014 Jan
91 Jan 7
414 Nov
8
7 Mar 3
74 74
75
8 74
75
8 73 15,300 Alaska Juneau Gold Min__10
4
814
,
8
4 814
4 814
,
73
73
5 Oct25 Jan
814 Jan 21 1512 Feb 17
200 Albany Pert Wrap Pap_No par
8
*1212 14
8
1312 1312 *125 13% *125 1312
14
*1212 14
14
1
17 Nov56 Sept
No par 23 Jan 8 3514 Mar 31
3412 361s 3418 3514 333s 343
8
8 325 3314 323 3414 220,100 Alleghany Corp
4
8 3314 337
4
90 Nov1183 July
100 95% Jan 3 10712 Feb 11
1045 105
8
10514 10533 10514 10514 3,600 Preferred
10434 105
10438 105
104% 105
8018 ScOt 92
Oct
Preferred ex-warrants
89 4 Jan 27 964 Feb 24
,
9312 *913 933
4
*913 9312 *913 9312 *92
4
8
92
9312 *92
9312 *
4
4
4
16,900 Allied Chemical & Dye_No par 2553 Jan 3 3124 Apr 4 197 Nov3543 Aug
29612 30417 300 30412 298 306
296 30312 30312 3123
4
29812 300
100 121 Jan 2 12614 Apr 1 11812 Nov125 Apr
800 Preferred
*12412 -- *126
12614 12614 12614 12614 126 12614 *12412 126
35 8 Nov 7512 Sept
,
643 653
8
4
s 643 6512 64% 6718 6514 6713 645 65% 6514 663 46,100 Allis-Chalmers Mfg new No par 4914 Jan 3 68 Mar 11
8
23 Nov 23 Nov
40
38
40
393 393
4
4 38% 3818 2,000 Alpha Portland CementNo par 2818 Mar 7 4214 Mar 27
4114 39
3914 3542 381
11% Jan
312 mar 10
2 Nov
*3
314 *3
2% Jan 6
3
200 Amalgamated Leatber-No Par
314
3
314
314 314 *3
314 *3
8
1712 Oct 425 Jan
4
18 Jan 16 293 Mar 28
No par
23.800 Amerada Corp
2812 2914 2712 29
263 2712 26% 28
4
4
273 2812 2718 281
4
Oct 23% Jan
6% Feb 25 1038 Mar 31
9,000 Amer Agricultural Chem__ 100
012 93
4
818 103
77
4
87
8 87
8
3 81s
833 83
85
8 97
8
18 Nov 73, Jan
4
100 26 Feb 20 39 Apr 1
8,200 Preferred
3212 34
34
3512 3512 3612 37
36
37
39
3812 37
Oct
65 Nov 157
10 77 Jan 2 97% Mar 27
9412 9412 93, 93 4 9214 9214 92
4 2,100 Amer Bank Note
9112 9212 9134 943
931
3
3
3
57 July 65 4 June
4
20 Preferred
50 61 Feb 3 663 Jan 31
4
4
6212 621 *6212 623 *6212 623
6212 6212 *6212 63
*6212 63
514 Dec 2012 Jan
0
012 *914 1018 2,200 American Beet Sugar__No par
7 Jan 4 12 Jan 16
9
9
918 91
9
93
8
93
8 93
8
27 Nov 76% Sept
8
5012 513
4 50% 527 11,100 Amer Bosch Magneto_ _No par 4018 Jan 17 547 Feb 14
4914 52
503 527
8
8 51
52
5238 51
4012 Nov 62 Feb
1,200 Am Brake Shoe & F---No Par 47 Jan 9 54% Mar 20
*5212 53
52
52
53
5214 53
53
52
5212 5218 521
90 Preferred
100 11814 Jan 14 128 Feb 13 113 Nov 126% Mar
8
*1243 126
3
12433 12438 124% 1243 *12212 1248 *121 1243 *121 124%
8
418 Oct 3434 JUL°
19% Apr 3
83 Jan 16
8
195 114,000 Amer Brown Boveri El_No par
8
4
1712 183
8 165 1818 1714 173
4
s
4 163 18% 193 1934 19
493 Jan 104 June
4
100 60% Jan 3 76 Mar 31
890 Preferred
75
75
7412 76
74
75
7512 76
75
7512 75 . 75
86 Nov 18411 Aug
25 11714 Jan 2 154 Mar 29
4
152 154
8
15213 1533 15112 1527s 1493 153 8 148 15112 1483 15118 159,200 American Can
,
4
_
600 Preferred
100 14014 Jan 27 14512 Mar 13 13318 Nov 145 Dec
14458 1445 14458 14458 14412 14412 *14414 ---- 014414 ____ *14414
8
75 Nov 10612 Jan
7212 2,700 American Car & Fdy--No Par 6512 Mar 21 82% Feb 6
703 71
71
7114 7018 7118 70
70
683 70
8
TO
Jan
100 110 Jan 27 116 Jan 4 11012 Oct 120
400 Preferred
*111 11214 111 11112 111 111 *1113 11214 *111 11214 *111 11214
4
7014 May 95% Oct
800pAmerican Chain pref
100 75% Jan 3 101 Mar 28
993 993
4
4
09
99
995 995
8
8 9934 100
988 9914 *99 100
8
27 Nov 815 Sept
No par 365 Jan 2 5114 Apr 3
8
477 477
8
4912 4818 491s 4812 50% 5018 5114 504 5114 16,800 American Chicle
8 48
Oct 55 May
20
No par 19% Mar 20 33 Jan 16
22,800 Am Comm'l Alcohol
26
4 25
8
24
243
4 2212 2414 233 2412 23% 23% 233 233
8
3
1814 Nov 47 4 Feb
5
2918 5,700 Amer Encaustic Tiling_No par 23 8 Jan 17 30% Mar 31
29
*263 283
8
293s 2612 2812 *2812 29
8 2714 307
8 29
23 Nov 9812 Sept
8 5638 5938 21,900 Amer European Sec's_No par 35 Jan 8 5912 Mar 31
4
573
8 563 58% 5512 573
8
547 573
8
4 55
5912 557
50 Oct 199 4 Sent
,
8
No par 825 Mar 12 10114 Feb 19
9714 9212 9514 9418 9612 422,200 Amer & For'n Power
8918 903
4 8918 943
4 9212 9512 93
No pa 107 Jan 3 11014 Mar 20 10112 Nov 10812 Feb
1,800 Preferred
4
1093 110
4
1093 1093 1097 110
4
,
8
4
110 1101, *10934-9-i_ *1093 110
8614 Oct 103 Feb
No pa
95 Mar 12 9912 Feb 19
1.900 2d preferred
4
963 963
4
4 963 98
97
9678 97
*9614 97
9614
97
1712 Dec 42 Apr
10 19% Jan 2 3358 Mar 19
5,300 Am Hawaiian SS Co
263 27
4
27
2914 2612 2714
2812 2834 2812 30
287 29
8
312 Dec
10 Jan
5% Mar 10
418 Jan 30
5% 5%
400 American Hide & Leather_100
5
.43
8 538 *45
5
4% 4%
8 514
8 558 *43
2314 Nov 5214 Aug
100 2718 Feb 7 34 Feb 19
400 Preferred
323 33
4
32
3112 *31
*31
33
3112 3112 32
32
*31
5
40 Nov 85 8 Jan
4
55% Jan 11 693 Mar 20
Amer Home Products_No pa
6414 4,100
64
05
66 4 634 64
*6512 66
6512 6512 647 66
8
29
Oct 5312 Aug
8
No pa
3518 Feb 7 417 Mar 27
33812 3914 9,600 American Ice
4
41
4078 393 40
4112 4078 41
403 407
4
s 40
4
2912 Nov 963 Sept
8
No par 35% Jan 20 553 Apr 2
553 150,100 Amer Internat Corp
8
53
54
5538 5212
51
50
5012 60
49% 54% 53
87 Jan
8
212 Oct
4 Apr 2
2 Jan 20
35
333 15,400 Amer La France & Foamite_10
3% 33
212 234
4
27e
278
2 8 278
7
3
75 Feb
2712 Nov
100 30 Jan 9 35 Feb 14
120 Preferred
40
*35
40
*35
.301 32
,
40
35
35
32
32
*36
90 Nov 136 July
80 Mar 27 105 Jan 6
84
8512 7,600 American Locomotive_No pa
8412 851
84
86
86
843
4 85
8612 8812 86
100 104 Mar 31 11812 Mar 1 11114 Nov 120 Dee
1,100 Preferred
10712 10712 104 105
10414 105 *10758 109 *10714 1083 109 109
25812 25812 3,800 Amer Machine & Fdy_-No pa 210 Jan 10 26812 Fob 28 142 Nov 279% Oct
253 2563 25212 253
4
252 264% 260 267
4
2543 258
31% Nov 8118 Feb
44 Jan 21 5112 Feb 7
8
463 493 39,900 Amer Metal Co Ltd___No pa
4
4714 4714 48
51
4858 48
485
8 4818 511. 49
100 110 Feb 6 116 Feb 18 106 Nov 135 Feb
100 Preferred (6%)
4
*115 1153 1153 1153e *112 1163 *112 1163 *112 11684 *112 1168
4
4
4
58 Nov 0814 Jan
65 Jan 23 95 Mar 27
2,600 Amer Nat Gas prat__ _No pa
914 92
94
92
94
93
92
93
913
2
90
913
4 91
17% Jan
3 Dec
4
27 Mar 31
8
No par
12 Feb 7
7
8
114
112 14 97,500 American Piano
11
17
8 278
3
2
17
8 23
1,
2 13
4
1753 Sept
4
6414 No
77 Jan 2 119% Apr 1
No pa
8
116 11914 1153 119% 1153 119
117 119
4
4
11218 11614 114 1157 37,500 Am Power & Light
9214 Oct 105 Feb
No pa 100 Jan 28 107 Mar 24
1,700 Preferred
*105 106
10513 10518 10514 10514 10518 10512 105 1055 10512 10512
8
70 May 80 Feb
No pa
75 Jan 8 85 Mar 20
700 Preferred A
8312
85
841s 84% *84
83
8312 *83
8412 812 837 84
8418 Feb
72 8 No
7
No pa
80 Jan 6 88% Mar 21
87% 88% 2,700 Pref A stamped
*877 8814 88
8
88
88
4 87
87% 8814 87
873
28
Oct 55% Sept
3018 Jan 3 3918 Apr 4
8 3738 3818 3818 3918,220,000 Am Had &Stand San'ry No pa
3618 363
8
4 357 37
37
3814 3712 383
64 4 Jan
3
1212 No
No pa
2012 Jan 21 37 Mar 25
347
8 3418 361
34
34% 35% 34
353
4 335 347
8
8 3312 343 1 7,400 American Republica
60 Nov 144% Sept
8
25 805 Jan 2 1007 Feb 17
8
38.100 Amer Rolling Mill
9112 9212 9112 9218 91
9212 90% 92
888 9014 8912 97
4
743 Jan
44 No
59 Jan 16 641 Mar 4
American Safety Razor_No pa
6112 602
800
4
6212 6212 6212, 6212 6158 6233 *6112 613
*
6212 63
41% Mar
17 De
No pa
173 an 3 2612 Fer..1.8
a:
21
600 Amer Seating v t e
*201g 22
21
*ails 22
21
2112
*2018 21
22
21
7 Feb
212 Apr 4
I% Feb 25
Oct3
154
*13
4 03
214 212 11,000 Amer Ship & Comm__ _No pa
17
8 214
8 17
8
17
17
8
17
8
17
8
70 Oct 112% Aug
83 Jan 24 98 Feb 14
90
280 American Shipbuilding ____10
91
92
90
92
91
91
91
*8912 90
*86
92
13014 Sept
62 No
7412 7514 7414 7714 76
4
7712 55.200 Am Smelting & Refining-100 697 Jan 22 7912 Apr 2
78
78
7912 763 7814 76
Jan
10 13312 Feb 6 140 Mar 29 12318 Nov 138
800 Preferred
140 140 *130 140
140 140
140 140
140 140 *140 141
38
Oct 49 July
4112 Mar 31 437 Jan 27
8
2
4238 4238 4112 42
1,500 American Snuff
415 4134 4112 42
8
*4218 4214 42 42
98 Nov 112 Jan
Preferred
100 10018 Jan 3 10733 Mar 11
*10512 108 *10512 108 *10512 108 *10512 108 *10512 108 *10512 108
15 Mar 4 2212 Mar 7
1814 183
s 18% 197
183
4 6,100 Amer Solvents & ChemNo pa
8
8 183 19
1814 1812 1814 188 18
253 Mar 1 331 Mar 5
4
No pa
2918 2918 28
2912 2912 1,200 Preferred
28
28
2812 2812 *2812 297
30
9
-;
35% Oct -7 7 Feb
4412 Jan 2 5214 Mar 20
4912 5012 49% 5014 34812 4912 48
4 7,700 Amer Steel Foundries_ _No pa
4
483
493
4 473 4818 48
10 11012 Jan 7 116 Feb 25 110 June 114 Mar
*113 114 *113 114
113 113
300 Preferred
--------112 112
113 113
40
Oct 85 Ain
4612 Jan 2 53 Mar 4
No pa
49
50
52
3,600 American Stores
4812 497
8 51
50% 52
5012 517
4
3 493 51
3
86 Nov 94 4 Jan
s
10
6018 Jan 3 697 Mar 26
67
6818 6718 68
67
66
66
677
8 6.800 Amer Sugar Refining
663 6712 664 67
4
Feb
99 Nov 111
10 104 Jan 6 10812 Apr 3
10712 10712 10712 10712 *10758 10812 10712 10712 10812 10812 10712 10712
700 Preferred
18 Nov 60 Jan
4
1512 Mar 21 263 Feb 10
No par
1712 173
17
17
2,800 Am Sum Tob
4 1714 1712 163* 178 1612 163
4 1653
165*
8
17 Jan 327 Mar
24
25
25
23
24
*24
330 Amer Telegraph & Cable_100 23 Mar 31 2712 Feb 8
2418 24
24
24
2418 24
100 216 Jan 2 26912 Apr 4 19314 Jan 31014 Sept
258 264
26178 266
2633 26912 122,800 Amer Telep & Teleg
4
26214 26412 259 2637 25612 263
8
4
24212 2433 241 24114 238 23812 235 23712 232 235
4
231 234
5,300 American Tobacco com____50 197 Jan 8 2433 Mar 29 160 Mar 23212 Oct
50 197 Jan 8 24614 Mar 3 160 Oct 235 Oct
24212 2453 24214 24412 23814 24312 23618 2383 235 23814 23312 237
4
22,800 Common class B
4
5
100 120 Feb 3 12418 Mar 14 114 8 Nov 12114 Jan
*121 123 *122 123 *12212 123
100 Preferred
12314 12314 *123 12312 *123 12312
139 14012 14012 14012 14114 1413 140 1403 140 140 *138 141
4
1.000 American Type Founders_ -100 125 Jan 22 1414 Apr 1 115 Nov 181 Sept
4
8
*11112
100 108 Feb 5 1143 Apr 4 103 Nov 112 Apr
30 Preferred
___ 114 11418 *114
__ 31143 11458
8
- *114
9.15
11158 113 1118 11373 112 1157g 11214 11712 11212 115 11314 1153, 53,700 Am Wat Wks & El____No par 8812 Jan 2 11712 Apr 2 50 Nov 199 Sent
Jan
97 Jan 104
*10414 108
9912 Jan 4 10412 Apr 1
400 1st preferred
10438 1043 10412 10412 10412 10412 10412 10412 *10412 1043
8
4
8
5% Oct 277 Jan
100
15
151s 1414 15
712 Jan 2 2014 Feb 17
1412 1458 1433 14%, 143 16
15
1512 7,200 American Woolen
1E02 Nov
583 Jan
8
100 193 Jan 2 44.8 Feb 18
393 4114 39
4
4
40
4112 40
407
8 7.800 Preferred
384 40
3911z 3912 397
3
1618 July
4 Nov
712 Jan 31
612 612
5 Jan 29
65
s 658
612 63
618 64
6
6 14
4 *614 714 2,200 Am Writing Paper etfs _No par
46 Mar
28 Nov
443 Feb 27
4
*3912 41
*3912 41
400 Preferred certificate_ -100 2912 Jan 1
3912 40
39
39
039
3912 3912
40
4914 Mar
7 Nov
1313 133
Jan 2 17% Feb 3
812
1312 13
1418 1438 163
4 13
10,700 Amer Zinc. Lead & Smelt-25
1412 15
8 143 15
4
49% Nov 11114 Mar
8
*65
25 56 Jan 6 797 Jan 20
70
*65
70
400 Preferred
*65
70
71
7112 71
71
*69
71
67, Dec 140 Mar
4
7718 773
4 7714 7914 7818 8013 7918 8112 777 7938 775 7914 340,100 Anaconda Copper Min new_50 6912 Mar 14 81% Apr 2
8
893 Sept
4
46 Der
48
5314 Feb 6
48
48
48
48
48
477s 477
2,100 Anaconda Wire & Cable No Par 40 Jan 2
8 477 4814 473 48
4
8
80
Oct
25
Oc
467 47
8
4618 467
No par 35 Jan ' 49% Mar 25
8 4612 4612 463 4912 4714 4734 4712 48
4
4,900 Anchor Cap
96 Nov 15412 Oct
•110 120
11118 11118 *111 116 *111 116
111 18 Mar 31
Preferred
par 105 Jan
No
200
11118 11118 *111 116
30 Oct 68% Mar
35
35
35
3512 3514 36
365 3714 3514 3614 3418 353
8
8 3,100 Andes Copper Mining_No par 3014 Feb 20 37% Apr 2
4912 Mar
1812 Nov
243 243
4
27% Apr 4
4 2412 2434 2414 2433 243 2612 2578 2634 2612 273 11,000 Archer, Danas, M triad _No par 2212 Mar
8
Oct 95 Jan
75
76
7612 7612 7512 7512 7512 753 .76
76
81% Jan 3
000 Armour & Co (Del) pref _ _100 74% Mar 1
4
764 76
76
181s Jan
518 Oct
65
8 63
63
4 712
7
73
8
4
818 Mar 26
7
514 Jan 1
71 1
63
4 67
63
4 67 13,000 Armour of Illinois class A__25
8
10% Jan
23 Nov
4
3% 4
312 33
8
4% Me r 26
33
4 4
25
312 4
33
4 33
27, Jan 20
8
4
33
4 37 15,500 Class B
8
Jan
60
57 Nov 86
8 5914 597 *587 5912 *5812 6012 59
8
603
8 597 597
8
100 5712 Mar 24 64 Jan 9
5918
800 Preferred
912 101.2
1018 1012
614 Dec 40% Jan
9
914
918 912
6% Feb 8 12% Mar 5
914 912
914 914 3,300 Arnold Constable Corp_No par
165 Nov 30 Feb
8
*1712 2012 *17
193 *165 20
4
8
*165 193 *163 193 *163 1934
8
20 Feb 6
4
Artloom Corp
No par
8
4
1718 Feb 8
8
421 1 4312 413* 43
58% tune
41
34 Nov
423
4 4012 4112 403 4114 4012 41
8
9,200 Assoctated Apparel Ind No par 3618 Jan 4 4618 Mar 10
47
453 457
8
8 45
25 Nov Ph Jan
45
4612 4518 47
4512 463
4 4512 462 26,500 assoc Dry Goods
No par 28 Jan 4 47 Mar 31
4
45
44
44
*44
45
*4312 45
3412 Dec 4714 Apr
45
.4412 45
44
44
50 Associated Oil
25 3212 Feb 27 45 Mar 14
68 683
4 6818 681s 673 691
*6714 68
3218 Feb 861s Oct
8 67
6814 66
667
3,900 All G dr WI El S Line_ --No par 6512 Mar 13 80% Jan 30
63
8
4
4534 Feb 62% Sent
633
8 63
63
*623 6318 63 633 *623 63
4
63
63
1,100 Preferred
100 59 Jan 7 6514 Feb 26
8
8
s 4818 50
Oct 77% July
48
30
49
48
4712 477
s 477 4912 493 507
507 Apr 1
8
493 106,700 Atlantic Refining
4
25 3614 Jan 17
98 101
8
96 1007 1003 10318 11,500 Atlas Powder
103 1033 102 1033 102 102
67 Nov 140 Sept
8
4
4
4
No pa
8113 Jan 17 1043 Mar 21
104 104
104 104
10412 10412 105 105
10412 10412 104 104
90 Nov 10612 Jan
160 Preferred
100 101 Jan 20 i06 Mar 22
8
714 714 *67
17% July
812 Mar 5
5 Nov
8 78
7
77
8 77
Vs *714 77
8 057
200 Atlas Tack
*714
8 8
No par
614 Jan 2
20
let 514 Sept
25214 25512 254 25912 20.800 Auburn Automobile_ No par 17533 Jan 18 263% Apr 1
250 26112 257 2633 2531s 258
4
24812 253
314 Oct
412 43*
458 45
8
45
8 438
1134 Aug
412 453
412 412 2,500 Austin, Nichols & Co No par
45
8 458
Jan 28
33 Jan 22
4
*34
36
*34
*34
18 Nov 4218 Jan
3514 35
36
*34
36
*34
36
35
100 Preferred non-voting _ _ __100 24 Jan 2 35 Mar 7
Jan
*561 58
*563 58
8
*5614 58
*563 58
4912 Nov 65
*563 38
8
.5614 58
Austrian Credit Anstalt
56 Jan 10 60 Jan 13
712 77
8
712 77
8
8
4 Dec 3511 Aug
712 712 2,200 Autosales Corp
778 814
8
8
858
412 Jan 20 1038 Mar 3
No par
*16
13 Dec 4578 Aug
22
*18
22
*18
22
*17
23
*17
22
*16
'24
Preferred
60 15 Jan 11 25 Mar 4
51
517
8 5118 53
523 53
4
4
52
34 Nov 50 Jan
5,400 Autostr Sal Razor A_ __No par 37 Jan 2 533 Mar 29
52
633
8 513 525* 51
8
412 Dec 20 Aug
8
818 64,900 Aviation Corp
818 Feb 18
713 73
43 Jan 20
4
71 8%
73
8 8
4
712 73
712 73
4
Vo pa
4
4
8
15
35% 3612 51.600 Baldwin Loco Wks new No par 30% Jan 2 38 Feb 18
35
3512 3412 3514 3118 3518 3438 3118 333 35
Oct 665 Aug
420 Preferred
11412 11412 114 114
1143 11412 114 11412 114 11412 114 11413
8
100 III Jan 13 116 Jan 21 10912 Nov 125 Apr
4
4
9312 Nov 11012 Feb
4
160 Barnberger (L) dr Co pref 100 107 Jan 3 11012 Feb 4
*109 10912 *10914 10913 10914 1093 10934 1093 *1093 1097s *1093 1007
8
4
1818 19
3
19
1812 1812 1.050 Barker Brothers
16 Dec 33 4 Jan
19
1818 19
.1818 1812 1818 1818
161a Jan 15 2014 Mar 5
No Par
90
*88
90
.88
60 Preferred
*87
90
90
91
91
70 Nov 97 Jan
87
87
*87
100 7312 Feb 11 91 Mar 31
8
900 Barnett Leather
212 Dec 2914 Jan
67 Apr 3
8
23 Feb 18
6
67s
65
63
8
6
No par
*514 614 *514 614 *512 614
5
20
Oct. 491s Ma,
8
8 3118 33 1122,200 Barnsdall Corp class A
25 2012 Feb 15 34 Mar 28
317 3212 3112 3212 3212 3318 3018 3312 307 317
8
'Bill and asked ',Mese; no sales on this day
z Es-dlv dend
r Es-rIghta
2354
New York Stock Record-Continued-Page 3
For sales during the week of mocks nor recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1,
Wednesday. Thursday.
Apr. 2.
Apr. 3.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
PER SHARE
Range fo Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ Per share $ Per share $ Per share Shares Indus. h Mime!,(Con) par $
per share S per share $ Per shim 5 per 116ard
63 63
*62 A 654 6212 63
*6114 63
*6114 624 *5914 6212
300 Bayuk Mark Inc
No par 6212 Apr 1 88 Feb 4
55 Nov 1133 Jan
4
*99 100
*99 100
98
99
*98
993 *98
4
99
40 First preferred
*98
99
100 97 Mar 3 99 4 Feb 21
3
95 Oct 1063 Jan
4
1513 15 4 157 164 163 16 8 16
3
5
8
7
164 1618 164 1614 1614 4,900 Beacon 011
No par 13 Feb 18 167 Apr 1
8
1212 Dec 32 8 July
7
827 824 *80
8
82
81
8212 81
814 81
81
814 82
1,900 Beatrice Creamery
50 67 Jan 18 83 Mar 24
12
69 Dec 131
Oct
*10212 10312 *10311 104 *10312 104
104 104
104 105
400 Preferred
104 104
100 10114 Mar 20 105 Apr 3 100 Dec 10612 Aug
5
532
6
5
*5
54
5
54
514
514 *5
511
800 Belding Hem'way
4 e Jan 3
3
413 Dec 1734 Apr
3
63 Jan 17
8312 8312 8314 8314 8312 8311 *833 844 *834 8411 83 8 8312 1,000 Belgian Nat Rye Co__No par
4
3
part Prof-- 80 Jan 8 8512 Mar 19
75 Nov 84 8 Jan
7
6011 513
8 504 5134 5038 55
5418 564 5418 5512 54
5512 129,100 Bendix Aviation
No par 33 8 Jan 18 6612 Apr 2
7
25 Nov 1043 July
8
454 4618 453 4618 4413 457
8
8 443 454 4413 453
8 45
4
4614 12.300 Best & Co
8
25 Nov 12313 Sept
1053 1063 1063 10811 10811 11014 107 70912 10612 1077 1063 10814 190,800 Bethlehem Steel Corp No par 3118 Jan 8 463 Mar 26
4
4
4
8
4
100 92 Jan 2 11014 Apr 1
7814 Nov 140 4 Aug
4
132 13214 13112 132
4
13113 1313 13112 1313 13113 13112 13111 13112 3,300 Beth Steel Corp Pf(7%)-100 12214 Jan 13 134 Mar 22 1163
4
8May 128 Sept
*24
26
*24
25 4 *24
3
25 4 •24
3
25 4 •24
3
253 *24
4
Bloomingdale Bros---No par 23 Jan 4 29 Jan 31
253
4
3
224 Dec 617 Apr
8
*100
•10012
10012 10012 *10012 -_ •10012 - -- *1004 - _
10 Preferred
100 100 Mar 14 103 Mar 8 100 Oct 111
Jan
L 85 85
*85 18
86
86
•86 88
88
88 110 Blumenthal & Co Met
86
86
-100 74 Feb 7 88 Apr 3
7018 Dec 118 Jan
I 573 5812 5918 60 4 594 68 4 6618 684 65
8
3
3
66
6614 22,300 Bohn Aluminum & Br__No par 474 Jan 22 683 Apr 1
66
4
37 Nov 1363
4May
*73
7414 *73
7412 *7314 7413 744 744 *7413 80
75
1.500 Bon Ami class A
76
No par 70 Mar 7 76 Apr 4
70 Oct 8913 Jan
4, -.4
44 413 *418 414
44 418
4
4
414
438 1,100 Booth Fisheries
No par
3s Jan 3
5
5 Mar 28
3 Dec 114 Jan
*2613 29
*25
29
*25
29
*25
29 •25
29
*25
let preferred
29
100 22 Mar 24 3314 Jan 3
18 Dec 63 4 Jan
3
7412 7512 743 7512 74
s
743
4
4 743 767
8 7512 7713 7614 78
45,500 Borden Co
25 601s Jan 8 78 Apr 4
53 Oct 1004 July
4834 4911 484 4918 4614 49
4814 50
27,200 Borg-Warner Corp
473 43 a 475 49
4
7
10 324 Jan 2 504 Mar 27
26 Nov 1434May
*434 514 *5
514
5
5
*5
514 *412 54
200 Botany Cons Mills class A 50
413 44
3 Jan 14
5 Mar 27
212 Dec 154 Feb
Ws 1012 1813 193
8 1858 19
1778 187
8 173 1914 183 191 80,400 Briggs Manufaeturing_No par
4
8
4
1312Mar 6 2078 Mar 25
812 Nov 6318 Jan
*304 32
32
3214 33 3312 333 333
8
4 333 344 35
4
3512 2,700 Briggs & Stretton
• 2114 Jan 2 3511 Apr 4
174 Dec 43 July
12
*134 218 *17
8 218
2
218
24 214 •218 24
400 British Empire Steel
23
8 24
100
13 Jan 30
8
24 Apr 4
lls Dee
678 Jan
*44 478 *44 478 *44 478
412 412 *418 4 8
7
200 2d preferred
44 44
100
418 Mar 10
4 8 Feb 6
7
34 Nov
134 Jan
1812 19
184 20
1918 20
19
193
8 183 194 184 194 7,900 Brockway Mot Tr
4
No par 13 Jan 3 2014 Mar 24
14 Nov 734 Jan
*77
774 7712 7712 7611 7613 *74
764 *74
7613 *74
40 Preferred 7%
7612
100 68 Jan 11 7712 Mar 31
7114 Dec 145 Jan
16534 1654 16512 167
106 16938 1654 170
164 166
166 16812 9,800 Bklyn Union Gas
No par 131 Jan 6 17814 Mar 3
99 Nov 2484 Aug
*4113 ,112
4113 414 *4013 41
40 40
4012
4012 *40
*40
200 Brown Shoe Co
No par 40 Jan 30 42 Feb 18
36 Oct 5113 Sept
2813 3014 28 s 303
7
8 27
29
2813 2938 2514 273
4 25s 272 63,600 Bruns-Balke-CoLlender_No par 131s Jan 15 303 Mar 31
3
8
1614 Nov 5514 Jan
3018 31
307 31
8
30 4 303
3
4 304 31
2912 3014 294 303
-Erie Co
8 5,100 Bucyrus
10 224 Jan 24 317 Mar 24
3
14 Oct 4244 Jan
4253 42 3 42 2 43
7
3
4212 4278 4214 423
4234 4212 422
4 6,900 Preferred
4 42
10 3312 Jan 7 43 Mar 25
2612 Oct 50 Feb
'112.- 112 112
111 112 '111 11312 112 112
170 Preferred (7)
112 112
100 107 4 Jan 3 112 Jan 14 1073 Dec 117 Apr
3
4
13 8 1412 143 1473 1453 1514 15
7
2
15 5 1415 15
3
1413 143s 44,900 Budd (E (3) Mfg
No par
818 Jan .3 1538 Apr 2
84 Dec 227 Oct
8
14
1414 137 14 8 13 8 14
3
3
3
13
53 1414 1312 137e 1315 135* 25,500 Budd Wheel
No par
818 Jan 2 1438 Feb 8
3
7 4 Dec 124 Dec
38 4 4018 41
3
43
407 43
8
394 417
39
8 3818 40
404 87,000 Bulova Watch
No par 2518 Jan 17 43 Mar 31
2114 Nov 34 Dec
85 6714 6614 684 68
727
8 714 74
694 72
6914 7318 51,800 Bullard Co
No par 297 Jan 16 74 Apr 2
25 Nov 543 July
$
8
104 105
105 109
109 109
10912 11018 107 107 *105 107
2,500 Burns Bras new cl AcomNo par 9912 Jan 13 11012 Apr 2
88 Nov 127 Jan
264 28
28 8 293
3
4 30
3314 3214 35
303 33
8
294 317 23,600 New class B corn....._No par 2212 Fob 15 35 Apr 2
8
225 June 39 Jan
3
*9312 99
*9318 99 '
5931s 99
9612 9612 *97
10 Preferred
*97
99
99
100 93 Feb 7 100 Feb 19
88 Nov 10514 Jan
475 4814 477 487
2
2
3 477 4812 4813 487
s
3 473 4813 47 3 487
4
a 9,500 Burroughs Add Mgeh__No par 4314 Jan 7 514 Mar 1
5
29 Oct 329 4 May
3
417 4214 42
8
434 417 43
3
431f4 4312 42
8
427 x4138 42 I 4,300 Bush Terminal
No par 36 Jan 4 4812 Mar 5
3114 Nov 8912 Feb
109 4 1093 108 108 *108 10958 *108 10912 *108 109
3
4
108 108
260 Debenture
100 10014 Jan 2 110 Mar 15
9113 Nov 11012 Mar
115 115
115 115
115 115 '115 11512 11512 11512'11512 1157
90 Bush Term Bldgs pret
3
100 10918 Feb 10 117 Mar 3 1053 Nov 1184 Feb
4
*313 3
53
3
12 33
3
3
35* 3 8
3
53 3 4
53 3 4
3
3
8 37 21,500 Butte & Superior Mlning_10
3
3
37
3 8 Mar 27
3
43 Dec 123 Jan
8
514 Jan 8
8
*338 3 4
3
34 3 4
3
34 38
3
38 38
7
378 4
7
7
4
4
2,500 Butte Copper & Zino
5
3 Jan 24
414 Feb 20
2 Oct
913 Jan
2612 263
4 255 263
8
4 2614 2612 2618 2612 2618 2614 2612 2612 2,900 Butterick Co
100 1612 Jan 17 293 Feb 24
3
Jan
1711 Dec 41
10512 10734 10338 10918 104 1054 10114 105 4 10114 10338 1014 1044 49,000 Byers &
3
Co(A 1.1)
1
No Par 801s Feb 4 110 Mar 26
50 Nov 19272 Jan
*109 1101, 11014 11014 111 111 *10912 111 *109 111 "109 111
20 Preferred
100 109 Jun 27 114 Jan 25 105 Apr 12114 Jan
721s 7218 7218 73 8 7312 7312 723 7313 73
7
4
1,700 California PackIng____No par 8653 Jan 3 7711 Mar 5
7312 '7214 73
63 Oct 847 Aug
12
8
•28
293 *28
8
293 *28
8
297 *28
8
2938 •28
293 *28
8
California Petroleum
293
8
25 28 Jan 22 28 Jan 22
25 June 344 Aug
14 11
14 138
138
138
138
138
13
8
112
113 14 3,100 Callahan Zino-Lead
10
1 Jan 2
1
213 Feb 3
Oct
4 Jan
83
83
82
8273 '
58218 83
81
8314 78311 82
7712 7912 2,800 Calumet & Arizona Mining_20 744 Feb 19 897 Jan 9
8
731 Nov 1363 Aug
:
4
29
2934 28 8 28 4 28 282
5
3
4 283 3()
4
285 293
8
8 283 291s 8,900 Calumet & Hecla
4
25 26 Mar 15 333 Jan 7
3
e
25 Oct 617 Mar
26 4 2713 267 27
3
8
27
2812 27
28
201s 2658 2552 2634 8,100 Campbell W & C Fdry_ No par 19 Jan 2 30 Mar 25
19 Dec 404 Aug
743* 7473 7412 7514 e7358 751s 7312 733
4 73
7312 73
7312 9,100 Canada Dry Ginger Ale No par 634 Jan 3 754 Mar 10
45 Oct 98 4 July
3
31
31
3114 317
8 32
32
3118 3118 *31
3114 32
32
1,500 Cannon Mills
No par 27 Jan 7 3414 Mar 18
27 Dec 4834 Sept
28
2838 28
2812 28 283
2812 28
8 28
28
277 283
3
4 4,200 Capital Adminia el A_No par 18$3 Jan 18 28 4 Apr 4
3
17 Nov 651s Oct
eons 41
4013 401a *39
40 '39
40 '37
40
*39
100 Preferred A
40
50 31 Jan 2 42 Mar 19
29 Nov 39 / Oct
7
270 274
253 2693 263 2673 26014 273
4
4
264 26912 2683 2743 44.200 Cue Thresh Machine 001_100 19214 Jan 2 2943 Mar 10 130 Nov 467 Sept
4
4
4
*130 132
130 130 *126 1297 126 126 *127 1297 *127 1297
s
s
8
110 Preferred canine:Atm....100 115 Jan 16 132 Mar 25 113 Nov 12312 Dee
743 77
4
12 76
77
783
3 7611 77
77
74
753
4 7414 75
30,300 Caterpillar Tractor_-No par 54 Jan 2 783 Mar 31
8
5014 Dec 61 Dec
*9 4 11
1
*10
11
*1011 11
,
*1012 11
1012 1012 *1014 107
200 Cavannagh-Dobbs Ino_No par
8
812 Jan 2 137 Jan 11
s
614 Dec 4218 Feb
0
70
72 '70
72 '70
72
*70
72
70
733 '7012 73
4
60 Preferred
100 82 Jan 2 75 Jan 18
58 Dee 10512 Mar
52 4 53'l 5238 543
3
s 523 53 8 .503 523
8
7
4
4 5112 523* 5113 5178 16,500 Celotex Corp
No par 8513 Jan 2 60 Mar 10
31
Oct 7018 Feb
29
29
293 304 29
8
2913 29
29
2818 284 284 2811 2,900 Central Aguirre Asso No par 234 Feb 19 304 Mar 31
21
Oct 4834 Jan
3.338 331
3238 343
8 34
347
3 3413 347
8 3212 3412 "3212 3413 9,000 Central Alloy Steel
3
No par 30 4 Jan 2 347 Apr 1
2613 Nov 5934 Oct
3
*109 110
109 109
110 110
10912 10912 *10918 110 *109 110
60 Preferred
100 10514 Feb 7 110 Jan 8 1053 Apr 11212 Jan
4
712 77
2
612 714
7
7
7
7 12
714
7
7
7
3,900 Century Ribbon MIlls_No par
3 4 Feb 4
3
814 Mar 27
3 Oct 2018 J218
*8012 80 "6012 62
*60
6212 "80 2 62
,
*60
6213 *60
Preferred
6212
5014 Dec 82 Jam
100 51 Feb 27 8014 Mar 26
624 63
61
824 804 62
63
6414 6211 64
8
6313 647 11,800 i3erro de Paco Copper_No par 5734 Mar 17 653 Jan 6
3
5214 Nov 120 Mar
1212 121
1212 1212
1212 1314 127 13 8 13
2
3
1312 128 1314 6,300 Certain-Teed Products_No par
4
11 Jan 26 157 Feb 6
3
10 s Dec 32 July
7
4612 4613 47 47
*461s 4714 *47
471, *47
4734 47
47
700 Clty Ice & Fuel
3912 Dec 62 4 Jan
No par 4018 Jan 3 49 Feb 4
3
*9814 97 '
59614 97 '9614 97
*9614 97
97 97
97
97
40 Preferred
4
98 Sept 10514 Jan
100 96 Jan 15 9133 Feb 11
60
63's 575* 64
571s 61
55 4 603
3
8 55
5853 5612 5912 112,200 Checker Cab
8
No par 36 Jan 2 677 Mar 27
18
Oct 80 4 Sent
3
,
81
7934 78is 79
82
79
79 4 8214
2
78
7812 783 82
3
22,100 Chesapeake Corp
4212 Nov 112 July
No par 6312 Jan 3 8212 Mar 29
35 4 3613 3533 37
3
3414 357
3 3414 35 8 3413 3412 343 357 31,100 Chicago Pneumat Tool_No par 2212 Jan 20 37 Mar 31
3
8
4
217 Oct 47 Sept
8
12
5514 553 *5478 55 4 554 5312 554 5512 55 55
3
500 Preferred
"5 3 55
47
No par 5112 Jan 3 557 Mar 14
47 Nov 61 Sept
8
297 297
2
29 4 30 "2813 297
3
2912 2912 *29
3 28
28
2912
210 Chicago Yellow Cab...No par
162 Feb 1 32 Mar 20
217 Oct 36 Jan
4
8
2514 251
2514 2513 25
25
2513 2512 '2512 253
4 2513 2512
900 Chickasha Cotton 011
25 Dec 50
10 243 Mar 28 2814 Feb 5
4
Jan
6112 64
63
643
4 64
6414 64
653
3 633 6413 84
4
643 14.000 Childs Co
4
No par 5712 Jan 8 6712 Mar 3
4412 Nov 75 5 Sept
7
*55
65
*55
65
*5514 65
6013 6013 *5514 65
*5514 65
100 Chile Copper
25 6013 Apr 2 65 Feb 6
53 Nov 12712 Mar
38 2 39
7
3
3814 393
3 38
3137
8 38
383
4 377 3814 383 393 145,000 Chrysler Cory
s
4
s
No par 3314 Jan 18 404 Feb 6
26 Nov 135 Jan
813 81
2813 83
814 812
3
814 812
83
3 812
4
812 83 10,000 City Stores New
No par
732 Mar 21 1014 Jan 2
7 14 Oct 27 Feb
"3712 39
*3712 38
3713 3712 '3712 38
37
377 '
3 53612 3712
600 Clark Equipment
No par 33 Jan 20 3812 Feb 7
25 Nov 617 Oct
8
4312 431 *4312 47
51
483 50
56
4513 45.2 477 48
4
2,200 Cluett Peabody & Co No par 30 Feb 1 56 Apr 4
2
3412 Dec 723 Jan
4
'100 103 *100 103
99 99
100 100 "100 103 *100 103
140 Preferred
100 0114 Jan 2 100 Feb 13
9012 Dec 119
Jan
181 1837 18212 1867 1825* 18312 183 1877 183 18453 18318 1867 18,600 Coca Cola Co
8
s
3
8
No par 13314 Jan 8 1877 Apr 2 101 Nov 15412 Aug
8
6012 503* 5012 5012 5012 5012 50'2 5012 5012 503
4 5012 5012 1,600 Class A
No par 4812 Jan 8 53 Mee 21
443 Oct 50 Feb
4
2824 2834 2812 29
2812 2873 4,900 Collins & Altman
4 2812 29
8 2914 293
295* 297
No par
4
14 8 Jan 2 353 Feb 13
5
10 Nov
7214 Mar
*8514 8512 *8514 85' *8514 85.2 85
85 '83
200 Preferred non-votIng-__100 73 Jan 3 44513 Mar 28
8514 '83
85
65 Dec 10312 Feb
6914 697 724 894 7314 67
6514 857
2 65
8
8
704 703 741 55,900 Colorado Fuel & iron
8
100 3613 Jan 2 743 Apr 4
s
272 Nov 78' mu
2
4
175 183
172 1795* 178 183
182 1843 27,800 Columbian Carbon v t eNo par 1681s Jan 18 189 Mar 11 105 Nov 344
178 18413 17714 184
4
Oct
98 4 997 10012 10438 -----------------------142,800 Colurn Gas & Elm
3
8
No par 70 2 Jan
1043 Mar 31
8
,
52 Nov 140 Sept
'1083 109
109 109
4
109 109
108 3 1087
8
1,000 Preferred
7
100 10414 Jan 31 1093 Mar 24
4
9912 Nov 109 July
27' 28 2 295* 303
3
311s 303 323 589.000 Columbia Graphophone
8 2914 391 2813 3013 28
4
4
24 3 Jan 17 323 Apr 4
3
4
1613 Nov 88 4 Jan
3
38'z
3712 40
52,700 Commercial Credit____No par 23 3 Jan 2 40 4 Apr 1
40
40 4 3812 40 4 33
3
,
3012 3813 40
3
3
IR Not
625* Jan
4318 43 3 422 44
3
3
4
43 3 4433 431 435* 43 43
7
42
5,500 Class A
43
50 317 Jan 2 4433 Apr 1
8
28 Nov 315 Sept
8
*2512 26
26
2614 26
26
26 '26
28
26 • 26
540 Preferred II
26
25 22 Jan 6 26 Mar 22
203 Nov 28 June
3
947 95
8
94
94
93
"93
94
94
93
931 '9312 9313
430 1st preferred (6 SS %).
-100 7614 Jan 18 95 Mar 29
70 Oct 105, .tar
3
477 4814 48
3
4814 483 507
48
2
9,600 Corn Invest Trust new_No par 3613 Jan 20 55 Mar 8
49
8 50
51,
2 4918 491
284 Nov 79 Oct
*984 100
*99 100
*98 100 •934 100
Preferred (6 S2%)
*9812 100
*9812 100
100 89 Jan 8 100 Mar 24
87 Nov 90 jee
*19
20
*19
20
20
191 "14
1,100 Warrants
20 12 *1914 2212 19
18
100 11 Jan 3 2314 Mar IS
cl Dec 6912 Sept
353 363
4
3 3614 3714 357 357
8
8 304 3814 31 2 35'2 3412 365* 156,100 Comm Solvents new_ __ No par 2714 Jan 22 3714 Mar 31
,
201s Oct 63 0.1
173 18
4
1842 193
Cornmonwealth&Sou'rnNo par
3 191s 19t2 19
1234 Jan 2 197 Apr 4
8
197 608,900
19
'2 19
1913 19
8
10 3
4ct 2434 Oct
58
57
55
5678 56
554
56 '
55
56
55
1,800 Conde Nut Publics_._No par 44 Mar s 57 Mar 27
*53
55
33 Nov 93 Jae
1812 19
33,900Congoleurn.Nairn Ino__No par
183 183
3
4 181 183
1312 Ja.. 2 1924 Mar 24
4 1814 1813 1713 18's 1713 18
s
11
Oct MN Jan
52
52
*5134 52
51
516,600 Congress Cigar
51
5112 52
51
No par 45 Jan 14 567 Mar 11
513 52
4
s
43 Nov 9254 Feb
' ,127
53
700:Comley Tin Foil rand No par
3
7
3
7
3
3 4
3
"12
7
8
3
*13
4
*12
3
3 Jan 16
4
6
1 Star 24
14 Nov
11: Fel
5314 5314 53
801),Consolidated Cigar......No par 44 Jan 2 6918 Mar 17
52
54
5314 5312 54
53
52 '51
52
40 Oct 9014 '
.
^
79
79 '7R. 80
80
*79
79
79
79
79
100 67 Jan 22 80 Mar 25
79
79
801 Prior preferred
63 Nov 96
I kr
23 4 2414 itI4 247
3
2512 247 253
s
, 217 231, 25
3 2513 2512 15,200 Cons& Film Indus....No par
2
1512 Jan 3 273 Mar 11
3
10 Oct253* Sepl
243 243
3
4 2413 2478 24ts 253
8 243 25
4
2412 2514 2473 253 15,200 Como! Film lad pref..No par
8
IS Jan 3 281 4 Jan 10
1514 Oct 30 4 A pi
3
12314 12414 12214 12414 1223 1263 12414 12712 12314 12514 1233 12812,288,500 Consolidated (3eap1 YlNo par 9655 Jan 2 12812 Apr 4
8
,
4
83)1s Nov 18314 Sept
*1013 10174 10153 1017 10113 1013 1013 1013 10114 102
3
4
3
3
Preferred.
3
No par 9912 Jan 28 103 Mar 14
10172 10178 2,600
92,1. Nov 1003* De(
13
2 112
113
Consolidated Textile_ No par
Ps 1,
, 138
ss
11
,
134 12,900
13
5
112
1 Jan 2
15
2 Jan 27
'''s 1)11
3
62 Jan
''
19 4 20
3
19
203
3 19's 2014 19,2 203
12 Jan 2 2212 Feb 24
8 19
3
'2 10
4 133 1914 7,300 Container Corp A yot..No par
12 May 2312 Jar
8
814
8
712 75*
812
Class B voting
8
712 734 16,200
77
8 814
81
8
No par
414 Jan 2
812 Feb 20
31s Nov
102 Jay
3548 363
4 3533 373* 37
3772 3814 391
8 3811 39
383 3912 24,700 Continental Baking el AN° par 3512 Mar 29 52'2 Feb 17
4
2514', Oct 90 July
513 53
2
5314 573
53
4 63*
57
3 514
No par
57
618 40,100 Class B
3 61s
6
7 Feb 17
5'2 Mar 13
4ts Oct
1514 July
8613 Ms 85
8512 85
87
*8618 88 '8614 88
1,800 Preferred
85
87
100 85 Mar 31 4147 Feb 17
8
7812 Nov I00 Jun
,
693 71
8
70 2 715
,
8 70
7118 701s 713* 6912 70
,
683 70 4 53.300 Continental Can Ine_Arn par 501s Jan 2 715 Mar 31
8
8
40:: Novo: 17 "1
04 Sen
1,1
3112 3213 305 317
8
3 303 311
4
30' 3113 2954 303
13
2
8
4 303 307 29.900 Cont'l Diamond Fibre.No par 28 Jan 21 3412 Feb 5
20 4 Nov 3313 Dec
3
7512 7713 7512 7753 75
743
757
4 733 753 15,400 3ontinental Ins
73
8 7312 76
2
2
10 69 Jan 4 773 Mar 31
8
46
673 7
67
s 7
67s 7i,
7
732
7
7
7 1s
714 32,200 Oontinental Motors-N' Par
5 1 Jan 3
5
RI4 Feb 18
61, n, ?e3 JR
4
,
263 27
4
2612 2813 2814 29's 28
2914 2713 2814 2712 29 109,200 Continental ()II
No par
1912 Feb 4 2914 Apr 1
18 Nov 373 Ant
4
3612 3602 36, 3734 3818 407
2
8
_No par 2713 Jan 21 40 3 Apr 1
3
383 39)8 3814 38's 375 3812 55,300 Continental
7
2612 Dec 43 8 Dec
7
10038 10118 997 10114 10013 1013
8
Shares__993 10112 99 1007 x985 903 28,900 Corn Products Refining ____25 8713 Jan 3 1023 Mar 2,1
1
4
8
8
'4
2
70 Nov 1263 Oct
4
146s 14612 *14613 149 '14681 149
*148 149
Preferred
14613 14612 14412 14412
110
100 140 Feb 10 147 Mar 21 137 Nov
14434
4
30% 303
30
4 293 31
303
3 297 307
2
3 301s 303 16.000 Coty Inc
4
3 301s 307
No Par 2414 Jan 2 33 Feb 3
IR 'lbw 44214 Jar
3372 33 3 333 3418 *333 31
7
4
4
3 3312 3313 2,600 Cream of Wheat
4
7
33 4 33 5 333 337
3
No par 2512 Jan 6 355 Mar 20
2
24 Nov 31 Not
s 2318 2414 23 23
2414 247
1913 2114 175 19 "183 193
s
4
4 3,200 Crex Carpet
100
9 Jan 22 2913 Mar 5
15 Doc 5752 Ain
17
17
17
17
22
18
2053 213 12,800 Croeley Radio Corp___No par
4 18
177 183
18
s
4
1014 Jan 17 22 Jan 2
15 Dec 125 Feb
4 iiii34 iiii34
'Bid and naked prices 00 sales on this day. x Ex-dividend. g Ex d vidend and ex rights.
2355
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar, 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1.
Wednesday. Thursday.
Apr. 3.
Apr. 2.
Friday.
Apr. 4.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
$ Per share $ per share $ per share $ Per share $ per share $ per share Shares Indus. & MIseel.(Con.) Par $ per share $ per share $ per share
79 Aug
3718 Nov
563
5514 5914 56
4 8,300 Crown Cork & Seal_ _No par 43 Jan 2 5914 Mar 29
5612 56
56
5914 5612 57
567
8 56
3
Oct 25 4 Jan
17
*1612 1714 *17
No par
*177 1813 6,500 Crown Zellerbach
8
17 Jan 8 1812 Feb 19
177 18
8
17
175
17
8
1714 17
4
71 Nov 1213 Aug
8918 90
4
8 8,000 Crucible Steel of America _100 84 Mar 14 93% Mar 25
885 897
8
8912 864 8814 893 897
8 8912 907
8 88
4
*1154 1153 11514 11514 115 115
230 Preferred
100 109% Feb 7 117 Mar 13 103 Nov 1163 Feb
4
4
4
115 1157 *115 1153 1153 116
8
2412 Jan
5 Nov
Jan 2 17% Apr 1
No par
20,000 Cuba Co
17
15
9
153
8 1513 16
167
8 1618
157 173
8
8
4 16
4 165 173
312 Mar 2
7 Mar 3
418 418 2,700 Cuba Cane Products__ No par
44 418
419 413
4
4
*33
4 4
418 414
1-12 Jan
14 Feb 2
No par
5,400 Cuba Cane Sugar
1
14 Jan
1
1
118
1
118
1
1
1
1
118
1
1873 Jan
158 Dec
4 Mar 3
2 Jan
100
212
212
23
8 238
212 212 1,700 Preferred
212 3
212 27
8
*27
3 3
678 Dec 17 Jan
9 Feb 4
67 Mar 2
8
712 78 1,900 Cuban-American Sugar,,.. _10
7
67
8 67
8
7
7
74 *714 712 *714 712
56 Dec 95 Jan
220 Preferred
*5712 59
100 5712 Mar 25 6553 Feb 11
*58
59
58
58
5712 571 *54
59
59
59
3
36 Nov 677 Jan
4578 4578 4512 46
464 1,600 Cudahy Packing
50 4434 Mar 6 48 Jan 2
464 463 x46
8
4612 4612
4612 463
Oct
121 121 *118 122 *118 12112 *118 121
400 Curtis Publishing Co__ No pa 113 Jan 27 122 Feb 15 100 Nov 132
1193 12() *118 121
4
4
116 118 *118 11812 118 118
Jan 29 12113 Mar 19 11218 Nov 1213 May
11818 1,800 Preferred
3
No pa 1147
8
118 11814 118 11814 1177
63 Dec 3012 Aug
8
'1238 1318 1212 13
No pa
612 Jan 31 144 Apr 2
14
1414 480,000 Curtiss-Wright
123 1318 1318 1414 1312 14
4
8
134 Dec 377 Aug
100 13% Feb 1 19% Apr 2
1818 184 1814 185
1912 30,700 Class A
8
8 19
8
4 187 195
8 1818 187
8 185 193
10,600 Cutler-Hammer Mfg ,._No pa
8812 9014 884 9012 88
64 Jan 25 9012 Mar 31
8612 874 8514 8612 8612 88
89
11;
2114 Oct -8912 - 1
4112 42
14,500 Davison Chemical
28% Jan 2 43% Mar 31
8
4114 '435
No Pa
423
8 4014 4112 405 42
8 42
43 8 41
3
8
20 Dec 467 Jan
Debenham Securities
*21
22 Mar 25 27 Jan 20
*22
____ *21
*22
*22
*21
_
Jan
110 Deere & Co pref
123 123
100 117 Jan 4 12712 Feu 13 109 Nov 128
122 123
123 123 *123 12312
1233 1233 12318 124
4
4
Aug
100 1953 Jan 3 25012 I co 7 151 Nov 85
237 • 237
3
241 242
8
242 24714 243 2447 243 24634 *243 24414 6,100 Detroit Edison
8
.4 Nov 547 Feb
3912 393 *37
30% Jan 24 42% Mar 4
36
397
8 1,400 Devoe & Raynolds A__No pa
*36
39
4
*37
40
40
*37
40
Dec 11512 Jan
4
1st preferred
*106
__
100 1068 Jan 14 1113 Mar 18 19
*106
__
4
*112 115 *112 115 *112 115
*106
187 189
100 139 Jan 13 194 Mar 27 117 'sov 16412 Jan
8 2,370 Diamond Match
180 185
4
181 18212 18014 1813 180 18112 18112 1847
11% Aug
6 Nov
9% Jan 18
No pa
7
9
9
63 Jan 3
4
8 8 8 1,000 Dome Mines, Ltd
4 *83
83
4 83
*83
4 87
88 88
4 9
8 *83
12
Oct 54% July
203 21
No pa
19,800 Dominion Stores
4
20 Mar 28 29 Apr 4
263 29
4
21
4
2118 233
4 2412 2578 253 27
21
69 Nov 12613 Feb
3
No pa
823 83
4
76 Jan 2 873 Mar 10
827
8 82 8214 10,500 Drug Inc
8212 8312 8212 83 4 8218 8334 82
3
Jan
25
Oct 92
32 Mar 13 434 Apr 4
8
3312 3334 *3314 34
33214 3512 35
4018 4238 4112 433 28,700 Dunhill International_No pa
40
10 Nov 28% Jan
No pa
*1812 1914 *1812 1914 *1812 1914 *1812 1914 *1812 19
15 Jan 4 1812 Apr 4
100 Dupan Silk
1812 1812
3
49 2 Jan 1007 Mar
,
600 Duquesne Light 1st pref__-100 100 Jan 7 10212 Mar 21
*102 10214 102 102 *102 10212 10212 10212 102 102 *102 10212
Oct 3913 Sept
19
2012 Jan 2 2512 Jan 31
8 3,900 Eastern RohIng Mill. No pa
*22
*2314 233
4 2312 243
23
24
223
4 205 22
2158 22
8
4
No pa 175% Jan 9 2447 Mar 25 150 Nov 2643 Oct
8
23612 239
23318 2373 23112 23712 23114 23414 23212 2337 26,400 Eastman Kodak Co
2364 243
4
Feb
No pa
8 9,100 Eaton Axle & Spring
2773 Jan 2 374 Feb 20 18 Nov 7614 Sept
343
4 3312 345
3514 36
4 34
35
353
3412 35
3412 36
Oct 231
80
20 11213 Jan 11 14312 Mar 28
8
14014 14212 13918 1423 139 1413 13718 140
1394 1415 62,200 E I du Pont de Nem
13618 140
4
4
4
100 11412 Feb 4 12012 Apr 1 10712 Nov 1193 Aug
700 6% non-vot deb
120 120
120 120
12012 12012 *118 12012'11814 120 *11814 120
8
4 Dec 393 Jan
No par
73
8
7 Afar 25 107 Feb 6
712 712 *714 818 1,200 Eitingon Schild
712
74 718 *7
73
4
714 8
Jan
39 Dec 113
100 41 Jan 7 62 Feb 5
100 Preferred 6 ti%
*5238 54
*5212. 54
5312 5312 *5212 55
*5212 54
*5212 53
50 Oct 174 July
No par 81 Jan 7 1147 Mar 29
8
113 11478 111 11418 11112 11212 110 113
s
1085 11012 10914 1117 42,800 Electric Autolite
8
100 10814 Jan 6 11034 Jan 7 102% Nov 115 Apr
210 Preferred
109 110
109 110 *10712 109 *107 110 *107 110
109 109
3
34 Oct 183 Mar
No par
93 Mar 31
4
412 Jan 4
83 78,200 Electric Boat
8
8
73
818 812
4 87
7
87
8 93
8
77
8 83
75
4 94
4
2918 Nov 86% Sept
No par 4914 Jan 2 99 Apr 2
9112 931, 89
9714 451,800 Electric Power & Lt
947 9812 94
8
0418 99
8
9114 875 96
98 Nov 109% Feb
No par 10612 Jan 3 111 Mar 24
900 Preferred
11018 11014
11018 11018 11038 1104 *110 110% *110 11014 110 110
;
10 Certificates 60% paid
12614 Jan 9 153 Apr 4 106 Nov 1401 June
*150
*136 ------------153 183
*140
*136
64 Nov 10412 Oct
794 Feb 10
4
7512 7518 7614 4,500 Elec Storage Battery__No par 693 Jan
7518 7518 7538 7612 7512 767
8
8 757 764 *75
1012 Oct
Elk Horn Coal Corp
No par
34 June
5
5% Mar 24
3% Mar 1
*4
*4
514 *4
5
*4
5
- 514 *4
514 *4
314 Oct 2212 Feb
100 Emerson-Brant class A_No par
512 512 *514 53
4 *514 53
7 Jan 24
53
3% Jan
4
*5% 55
8 *514 53
4
4 *514 53
3
4914 Nov 83 8 Jan
-Johnson Corp___ _50 5212 Jan
59% Jan 22
8
4 557 5573 2,800 Endicott
4
5414 5414 5312 557
8 565 567
557
8 553 553
8
8 56
11212 Mar 15 1084 Sept 12414 Feb
300 Preferred
100 10713 Jan
111 111 *111 1117 11178 11178 *1113 112
1113 1114 *11112 116
4
4
8
31
Oct 7958 Aug
613 Mar 27
4
4
8
6018 6014 5912 6112 5912 61
595 6018 593 613 16,900 Engineers Public Serv--No Par 39% Jan
61
60
80 Nov 12314 Aug
1044 Mar 21
No par 945 Jan
8
101 10214 1,900 Preferred $5
•I003 10214 *1003 102
4
10114 10114 10114 10114 101 101
4
Oct
843 Oct 109
4
102 Feb 13
No par 9412 Jan
1,900 Preferred (5)4)
9918 9914 9912 9912 993 100
993 10114 10114 10114 10114 102
4
4
314 Jan 41 May
44 Feb 6
1,700 Equitable Office Bldg No Par 39% Jan
43
43
*424 43
4 43
4212 43
423
43
4212 43
43
3612 Dec 64 Feb
39
4012 393 40
4153 40
407 11,500 Eureka Vacuum Clean_No par 35 Jan 27 434 Mar 5
2
4013 42
4
407 4212 40
8
15 Nov 73% Mar
5 184 Jan 20 30 4 Feb 18
3
2112 2312 3,500 Evans Auto Loading
23
2312 23
24
2312 23
2212 23
231
23
2214 Jan 2712 July
263 Mar 3
3
22 Jan
SO Exchange Buffet Corp_No pa
2512 2512 25
2512 251
2512 *25
2512 2512 *2512 20
26
13% Dec
4% Jan 28
53
8 512
3 4 Nov
3
9% Jan 6
25
519 514
4 1,200 Fairbanks Co
54 53
54 53
4
53
8 553
54 514
Apr 35 Jan
11
39% Jan 20
100 1533 Feb 1
70 Ft eferred
8
*1812 20
*1812 195
8 193 194
*1812 20
*1812 20
183 20
8
No pa
29% Oct 5478 Sept
453 Mar 7
4
3412 Jan
4412 455
4212 4212 42
8 4.900 Fairbanks Morse
4212 417 4212 4238 421
4214 45
8
100 102 Jan 7 109% Feb 19 10112 Dec 110% Jan
80 Preferred
10714 10714 *107 10914 107 107
10612 10012 *10612 107
109 109
15 Mar 15 2714 Feb 27
22 Dec 7258 Mar
1,500 Fashion Park Assoc___No pa
1512 1612 1714 1712 1712 1712 1714 173
1712 1718 *1612 17
15 5953 Feb 6 9014 Mar 18
700 Federal Light & Trae
60% Nov 109 JUDO
85
*82
83
58 84
83
*834 85
83
835
8 83
*84
85
No pa
90 Nov 104 Feb
91 Jan 13 06 Feb 17
30 Preferred
*96
9512 9512 *9512 99
99
9512 9512 *9512 99
*9518 99
5
Oct 224 Feb
74 Jan 17 12% Feb 28
3
1114 1114 11
114 1112 1112 1,700 Federal Motor Truck No pa
11
1118 1113 1114 1112 11
28 Nov 5514 Sept
3212 Jan 3 43 Mar 19
413 10,600 Fedi Water Service A_No pa
3
4218 41
4118 417
8 42
4212 42
427
2 41
4233 42
2512 Dec 33 Dec
29 Jan 4 367 Feb 8
8
3,900 Federated Dept Stores_No pa
32
*31
32
2912 30
*31
30
8
303
8 303 3012 3012 31
4712 Nov 123 Sept
4
84
8612 5,000 Fidel Phan Fire Ins N Y---10 65% Jan 2 893 Mar 31
84
863 884 8212 893
4
84
86
4
4 873 873 .85
4
6
Oct 13% Mar
No pa
7 Feb 11 10% Apr 4
320 Fifth Ave Bus
4914 10
1012
10
4
83
*83 10
9
4 83
10
10
9
4
30 Dec 9813 Feb
No pa
33 Apr 3 4012 Jan 22
100 Filene's Sons
36
*20
33
*33
*33
36
*33
353
4 33
*33
36
36
Jan
84 Dec 107
Preferred
100 92 Mar 15 97 Apr 1
20
*0718 98
*974 98
*95
*95
97
*9712 98
97
97
97
244 Dec 37 Dec
8
8 8,100 Firestone Tire & Rubber _i0 26 Feb 24 3318 Jan 7
8
*2714 273
4 2758 293
4
3 2873 2914 2858 287 x285 287
4 283 297
8358 Dec 89% Dee
3
100 79 4 Feb 20 87% Mar 24
854 855
8 1,700 Preferred
*8512 86
85 4 853
3
8
855 855
8
8 854 857
4
4 843 86
5
4,700 First National Stores__No par 50 3 Jan 2 61% Jan 30
4412 Nov 90 Sept
5614 5512 56
53 4 5412 5334 5414 5418 564 55
3
5614 55
212 Dec 2018 Jan
No par
3 Jan 2
512 Apr 2
43
4 5 111,600 Fisk Rubber
513
454
3.8 378
45
8 512
334 43
35
8 378
4
8 Dec 7212 Jan
100 13 Jan 2 21 Apr 2
1912 1912 1,910 1st preferred
1812 19
21
1318 133
19
19
8 14
4 1312 137
12
8 Dec 82 Jan
4
al() 123 Jan 2 21 Apr 2
1st pre( convertible
1812 1912 19
1418 1418 *14
1954 2,780
1812 21
1414 18
15
54
Jan
38 Nov
200 Florsbetm Shoe class A.No par 4212 Jan 4 5278 Mar 21
8
497 497 *4712 49713
8
*43
*4712 50
50
*4712 50
50
50
9018 Oct 10218 Jan
Preferred 6-4,100 97 Jan 18 100 Feb 3
*95 100
•95 100
*9912 100
*95 100
*95 102
*9912 100
4
324 Nov 823 Aug
No par 37 Jan 2 504 Mar 25
453 4614 5,600 Follansbee Bro.;
8
4
4813 483
473
4 453 47
4 4812 497
8 464 4912 46
33 Nov 95 Sept
No par 6012 Jan 3 9112 Mar 31
85
8614 8912 8812 9112 37,100 Foster-V, heeler
8912 8614 89
885
8 8812 9112 87
128 Nov 69% APT
4
1,
No par
1518 Jan 6 263 Mar 19
'23
2312 1,200 Foundation Co
23
2373 24
8 2313 23Ig 22
2414 2438 2418 243
1918 Dec 105% Sept
413 Apr 4
4
Vo par
1613 Jan
3 3713 415 400,400 Fox Film clawi A
325 333
8
8
8 333 397
3318 347
3218 347
8 3318 344
4
54% Jan
2334 Nov
4818 , 483
4673 4612 473 28,600 Freeport Texas Co___No par $818 Feb 25 49% Mar 27
8
4713 46
8
4 465 4812 45
475
8 46
8212 Nov 107'* May
10 Fuller Co prior pref _. __No par 85 Feb 14 9512 Mar 6
92
*8912 92
*90
92
92
590
92
92
9014 9014 *90
5 Oct 33% Feb
1014 Apr 1
5% Jan
104
2,600 Gabriel Snubber A.__No par
914 914
*838 812 *83
9
9 12
912 10
8 812
9
12
6518 Nov 83 July
80 Mar 28
No par 6914 Jan
*75
79
no 77 *75 77 75 75 *74 77 74 7412 600 Gamewell Co
Jan
3 De,. 2.5
7% Feb 18
5
34 Jan 1
612 68
512 55
8
64 612 18,400 Gardner Motor
65
8 7
512 512
53
4 718
InvestuN. __No par
12 Jan 23 1612 Feb 18
1458 15
8
1518 1512 15
8
8 153 1538 9,200 Gen Amer
4
157
8 153 1614 153 155
100 90 Jan 23 103 Apr 4
*10012 101
1,700 Preferred
103 103
100 101
101 101
101 101 *100 103
75 Nov 1231* Oct
1117 Apr 4
8
102 1043 104 1057 10412 1093 108 1113 10878 111
4
10914 11172 124,000 Gen Amer Tank Car__No par 994 Jan
8
8
4
4214 Nov 9434 Aug
3
.____100 494 Jan 7 70 8 Mar 25
6512 67
653 6818 6612 683
8
6553 6912 47,800 General Asphalt
(181 1 6514 65
8 65
No pa 105 Mar 4 125 Jan 15 121 Nov 140 Feb
115 115
*115 115
140 Gen Baking href
118 118
115 115
11412 11514 *117 120
24 Nov 69% June
No pa
3318 331
25% Jan 7 384 Feb 15
32
323
4 3218 3278 3,700 General Bronze
33
32
32
32
301 1 3212
Feb
23 Nov 61
31
26 Jan 7 3412 Mar 7
A
305 305
311
8
8 305 31
2,400 General Cable
30
8
8
305 304 2912 305 .29
8
6332 Dec 12012 Feb
No par 65 3 Jan 4 740 Feb 5
711
7114 711
3
71
4,000 Class A
71)
70
7012 71
72
7214 7014 71
Oct 74 Feb
42
5818 591 *5812 59
Jan 2 61 Mar 7
No pa
General Cigar Inc
51
581 587
573) 573
4 2,100
58
:
8 5813 581
: 58
834 86
64% Jan 29 9212 Apr 4 1684 Nov 403 Aug
No pa
84
8618 8313 8514 837 8813 854 8739 874 9212 729,500 General Electric
8
1134 Feb
11
Jan
1153 115
4
8 1158 1148 1158 113
10 1139 Jan 2 113 Feb 28
4 7,000 Special
4 1112 1153 •114 1181 1158 113
7
35 Oct 778 July
4912 501
8
4914 50
par 464 Jan 17 555 Feb 11
4938 503
493 503 36,300 Gen Foods
4
8 497 5012 TJ 4 50
8
8
59% Nov 112 Sept
821
80
'8))par 6412 Jan 20 8212Mar 31
803
8 80
81
821. 80
4,100 General Gas & Elea A Noo a
83
8018 .80
Oct
76
Jan 116
*927 94
8
*9318 941 *875 941 *8753 9413
No pa
90 Feb 25 91 Feb 7
Clasa B
8
*120 122 *12112 122 *12014 1211 122 122 •120'1 122 *1- 014 122
115 Mar 19 122 Apr 2 11112 July 135 Feb
70 Preferred A (8)
2
Oct 11612 Jan
109 109
99
109 109
107 107
- o
N
110 Preferred A (7%)No pa 104 Feb 10 10914 Mar 11
10812 1083 109 109 *109 110
4
Oct 894 Jan
46
50
4652 4618 47
46 Mar 29 5514 Jan 80
4612 48
No 9a
1 001
5,000 General Mills
4712 4831, 481 1 4812 484 49
87% Dee 100 Jan
8
90
90
9118 92
*907 92
*9018 93Ig *9(118 9318 *9018 9313
90 Mar 29 95 Mar 22
30J Preferred
3312 Oct 91% Mar
4912 504 4912 504 4914 5014 49
8
3712 Jan 16 5114 Apr 4
497
8 44, 4918 4978 511, 429.400 General Motors Corp
12412 12518 125 125 *1243 125
125 125
4
125 12512 125 12512 4,200 7% preferred
100 11712 Jan 24 12512 Apr 3 112 Nov 12612 .1030
Jan
*3912 40
30 Oct 52
3914 3912 3915 3918 3914 4012 40
2,800 Gen Outdoor Adv A...No par
41
4012 41
35 Jan 6 41 Apr 4
1718 1712 177 193
164 17
8
215
8 2073 2134 310
4 20
6,600 Common
21
15 Mar 17 214 Apr 3
No Pat
475 4814 48
98 Aug
8
Nov20
5112 1812 4912 50
5012 48
494 49
27,400 lien Pubnc Set vlee.......No par
32% Jan 2 5112 Apr 2
51
10212 10514 101 10412 10114 10418 1015 1033 102 1037 10212 104
70
Oct 12912 Aug
8
21,200 Gen Rs Shilial
8
4
No par 8618 Jan 7 106% Mar 28
54
Oct 8812 Aug
8414 8612 8312 85 1 8418 8531 24,700 General Refractorien_No par 67 Jan 2 90 Mar 28
8512 87
8718 887 X85'2 88
8
44
4412 4314 44
4212 4414 44
8
4514 4412 40 1 477 50 248.100 Gen Theatre,, 1.:.oilii_ No pal
39% Jan 31 50 Apr 4
8712 8913 162,100 C1Ilette Safety Rasor No par 8112 Mar 21 1064 Jan 16
80 Nov 143 Ott
861 897
:
3
3 853 9112 8553 88
4
8514 8672 843 87
1012 Nov 484 Jan
19 Mar 26
1712 19,100 Gin.bel Brea
8 17
8 1639 173
1812 1714 1814 17% 177
171g 173
4 18
1112 Jan 20
No par
104
Oct
Dei
56
na 80 *76 82 81 80 *72 80 6,70(1 Preferred
797 794 .•7812 82
8
100 60% .19,11 30 8015 Mar 27
3518 357
3 3513 355* 3:03 3.558 15.400 Glidden Co
Oct 6412 July
3512 36
26
8
3553 3572 357 37
No par 31 Jan 18 38 MOT 20
350 Prior preferred
95 Nov 1061a Am
4
1043 1043 *104 10431 •104 1043
4
4
105 105
105 105 •10412 105
100 984 Jan In 10518 Mar 27
918 Nov 66 Feb
1512 16
1512 16
153 1614 13,300 Gebel (Adolf)
8
19 Feb 7
8 164 171
16
173
153 16
4
13 Jan 16
No par
Jan
124 433 103,400 Gold 13,00 con) v t c_ No par 37% Jan 2 467 Feb 5
3112 Oct 82
4
4
3
8
42
433
8 41% 4278 425 434 415g 43 8 4134 42'8
4 54
5558 5411 5512 20,200 Goodrich ''o (B F)
4
3814 Dee 1053 Jan
5512 5573 55
No par 4014 Jan 17 5813 Mar 25
554 574 5412 563
57
9,515 Dec 1154 Feb
400' Prefer rell
104 10t100 9552 Jan 7 194 4 Mar 2,
,
10412 10412 *104 10412 *104 101
•104 10412 104 104
28,500,Goodyeal T ilt Rub_ _ __No par 62 Jan 2 96% Mar 31
60
Oct 15412 Mar
9214 94
9412 004 Di
933 9514 93 4 964 x935 953
8
4 92
3
4
•7 Nov les% Feb
lot preferred
1,100
10112 10112 101 10112 *101 10112 10112 102
•101 10112 101 101
No par 90 Jan 3 102 Mar 25
14 Nov 60 Apr
3
8
27
2718 274 2612 274 25's 2678 257 23 3 9,400 DOthent Sll Hos new No par 2112 Jan IS 297 Mar 8
2713 27
275
8
65 Dee 10114 Jan
150 Preferred new
81
81
8212 821
.
*7413 81
81
*79
82
100 70 Jan 10 8212 Apr 4
79
579
70
14 May
4
1212 1114 1114 2,700 Gould ,-.miler A
1212 *12
Oct
712 Jan 2 134 Mar 21
121 1253 1214 124 1212 123 *12
:
No par
4
Jan
73 Oct 54
8
8
8
4 It's 1214 1214 125 57,000 I.:nibs.- Paige Motoro_No par
8
10
1018
913 Jan 16 133 Apr 1
10
1218 133
3 115 123
13
"ertiricates
7 Nov 4912 Jan
3 Apr 1
4
Vs par
4 104 105
8 4.200 ,
853 Jan 10
97 103
83
4 83
8
4 1018 1012 .912 103
9
97
8
4
8
1027 Mar
46 4 Nov
,
s
8 58
587
8 5812 5812 6.700,Granby Cons M Sin & Pr.100 51 Jan IS 597 Apr 2
5818 597
58
58
58
5712 5873 58
1 Dec
3212 De, 447 mar
No par
4912 51
3214 Jan 22 52 Apr 2
481 4 4912 11,300'Grand silver Stores.
4912 5013 50
5112 5012 5112 504 52
,
1
d S
33 D. 96,2
100 3312 Feb 6 4512 Mar
327 Jan
4
914 Nov
No par
8
8
135 Jan 18 205 Feb 13
8
17 8 - i'i7 firs - iiFs i77; - 3.200 Grand Colon Co
-7177
3 j7l 1778 T71- 173
8
4 1712
177
8
54% Jan
Oct
30
421 4 4214 12
No par 37 Jan 2 4314 Mar 14
8 4112 4112 1,600' Preferred
413 414 4112 415
4
8
423
8 415 42
sal. Sept
32 Nov
50 8 Apr 3
3
an
No par 37
497 503
8
8 491 50 i 8,700 Granite City Steel
4512 46
8
49
4612 50
493
4 493 50
1
•1314 and talked prIces; no sales on this day. s Ex-41131 lend
1
to Ex-dIvidend ex-rights.
V 3 additional shares for each share held.
2356
New York Stock Record-Continued-Page 5
For sales daring the week or stocks not recorded here, see fifth page precedIgg
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1.
Wednesday
Apr. 2.
Thursday.
Apr. 3.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share $ Per share $ per share
Per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par
33
343
4 344 3478 344 34% 364 377
8 3612 38% 37
383 22.600 Grant (NV T)
8
No par
23
2314 223 23
4
2212 224 2212 227
8 2212 227
8 2212 23
10,500 Gt Nor Iron Ore Prop No par
3212 327
8 324 324 324 3218 313 32
4
3112 32
313 3112 3.900 Great Western Sugar No par
8
*11712 11814 *11712 11814 1171z 11712 11712 11712 11712 11712 1174 118
180 Preferred
100
18
183
4 18% 19 4 17% 1812 18% 2012 20
3
2114 21
213 221,600 Grigsby-Grunow
4
No par
*118 138 *118 138
114
114 *118 112 *118 02
118
118
200 Guantanamo Sugar__ .No par
70% 707
8 70
7012 7178 73
724 727 *71
8
72
703 70% 1,800 Gulf States Steel
8
100
*105 106 *105 106
105 106 *100 105 •100 105 *100 105
90 Preferred
100
2814 283 *2814 29
4
*28
*28
29
29
*28
29
28
28
100 Hackensack Water
25
2612 264 *2612 28
2612 2612 *2612 28
*2612 28
*2612 28
20 Preferred A
25
18 8 19% 18% 193
7
4 1834 1918 1814 19
1814 19
183 18% 31,000 Hahn Dent Stores
8
No par
8614 8614 86
86
864 8614 85 4 85 4 8512 854 *8412 85%
3
3
700 Preferred
100
2918 297
4
8 293 30
295 30
8
2914 2912 294 2938 294 2918 3,700 Hall Printing
10
*103
_ 10314 10314 *103 _ _
_
103 103 •103
20 Hamilton Watch pref
100
92 92
9112 92
92
92 *103-- - *92
92
92
9312 92
92
300 Hanna pref new
No par
60
60
581/ 60
*58
*583 60
4
60
*58
60
*58
60
330 Harbison-Walk Refrae_No par
17
17
17
17
163 17
4
164 17
167 167
8
8 1612 16% 2,100 Hartman Corp class B _No par
225 22% 2212 2212 *2212 223 •2212 227 *2212 22% *224 22%
8
8
4
200
No par
*5812 60
*581z 60
*58 12 60
*5812 60 .5812 59
*58
Hawaiian Pineapple
59
13
143
4 1318 1412 14
15
1318 1112 1318 16
1638 173 103,700 Flans Body Corp
4
No par
89 89
90
90
*81
91
93
90
91
*89
934 9378
500 Helme (GI Vn
25
•25
2512 25
25
213 25
4
25
.25
25
26
2514 254
900 Hercules Motors
No par
100 10112 100 101.3 10033 10112 9912 100
4
975 994 9312 10012 9,500 Hershey Chocolate
8
Aro par
11105 101
8
101 10214 101 101
100 100
100 100
99 10014 1,300 Preferred
No par
*10814
*10614 ____ *106 10612 1053 106% 106% 1063 *105
4
____
4
200 Prior preferred
100
2012 2012 *2012 22
*2012 23
21
21
22
*20
20
20
300 Hoe(0 & co
1
No par
3918 397
8 3918 4014 3918 393
4 3318 39
33
40
397 403
8 5,000 Holland Furnace
No par
74 74
*73
4 74
78 77
7
7
74
3
7
• 718 74
Hollander & Sons (A)__No par
800
*7612 78
*7612 774 *77
79
79
*77
*77
79
7714 7714
100 Homestake Mining
100
263 27
4
253 2718 253 234 2314 2714 254 233
4
4
4 2638 2678 29,700 Houdaille-Hershey al B'No par
55
55
55 5518 25118 514 51
51
54
54
54
5453 1,600 Household Finance part p1.50
Household Prod Ine___No par
red" 105* -ii" 107 ia- 105'2 -9973 1- 1 93 10233 93 1- -2 -- 1
6
6 -14 59;855 Houston Oil of Tex tam ctfa 100
3918 39% 238
383
4 38
33% 404 39
33
3914 3812 3912 14,400 Howe Sound
No par
5512 56% 55 4 56,
3
2 5512 5612 5518 5314 5418 5512 55
5612 32,200 Hudson Motor Car
No par
2418 25
24
247
8 2312 2112 2314 244 23
21
234 254 52,003 Hupp Motor Car Corp
10
28 8 2912 28% 294 294 3112 294 313
7
4 294 308 294 31 128,903 Independent Oil dr Gas_No par
134 134 1212 4312 12
1112 1214 12
13
13% 1234 1312 36,500 Indian Motocycle
No par
62 62
65
.0
*55
70
70
70
*56
70
70
70
150 Preferred
100
23 4 243
3
4 234 245
8 24
243
s
4 231 244 2318 23% 2314 245 80.800 Indian Refining
8
10
2112 221
: 21
2212 22
227
8 214 214 2113 2318 29,400 Certificates
223
4 22
10
1131 117 *117 118
4
117 117 *117 118
115 117
11412 11412 2,603 Industrial Rayon
No par
9412 1944 193 195
190 191
190 190
191 191
1954 19514
1,600 Ingersoll Rand
No par
924 9212 •b2
93
924 9373 9414 95
93
93
9211 9314 2,000 Inland Steel
No par
2812 283
4 2812 2918 283 29
8
2912 301
2914 293
4 2918 '293 12,000 Inspiration Cons Copper-20
167 1718 167 1718 167 17
8
8
8
163 17
4
167 17
8
4,500 Insuranshares Corp
1634 17
No par
63
4 712
•64 612
6% 6%
7
*8
7
618 634 2,600 intercont9 Rubber_ _ No par
67e
2514 2512 254 2512 2541 253
4 26
287
2738 2834 2712 284 15,200 Interlake iron
No par
54 6
3
6
74
3
8
714 77
7
612 7%
714
714 14,400 Internat Agricul
7
No par
5712 5712 57
61
6114 6212 6112 621 *61
63
613 623
4
4 2,900 Prlor preferred
100
81 184
182 1833 1823 183
4
4
182 1831 1803 1833 18414 18414 2,600 lot Business Maohines_No par
4
4
7212 731
7214 7412 737 74
8
74
75% 74
75
8,900 International cewent__No par
741 747
:
1214 1278 1134 1314 1212 134 12% 133
4 1214 1314 124 13
70,300 Inter Comb Eng Corp__No par
6912 70
69
75
74
78
76% 777
8 7312 754 69
13,300 Preferred
73
100
9278 937
8 93
943
4 9234 94
9318 96% 93 8 9512 943 973 32,700 Internat Harvester____No par
4
8
*1433 1441 *1433 14414 •1438 14414 14418 14418 *1437 14414 *143 14414
4
4
100 Preferred
100
464 471
453 463
4
4 45
46% 4412 45% 433 45
4
4412 453 31,900 Int Hydro
-El Sys el A_No Par
8412 847
84
83
8218 83% 8214 83% 82
8212 8112 82±8 7,200 International Match pref....35
27
271
27
2714 2712 2814 2712 2814 27
2712 27
27
3.900 lot Mercantile Marine ctfe_100
4
413 4214 41% 4312 423 4314 4214 4313 417 4278 423
4
4 448 371,100 lot Nickel of Canada_ _No par
*60
*55
70
65
*55
65
*55
70
*55
.55
65
65
International Paper__ _No par
86
•84
*8312 85
*83
86
*82
85% .83
85
*83
85
Preferred (7%)
100
29
29
29
29
28
283
4 283 287
4
8 273 2814 273 283
4
4
8 2,800 Inter Pap dr Pow el A__No par
191 *184 19
*19
1814 1814 18% 18% 1818 1818 18
1818 1,000 Class B
No par
154 151
147 1512 14% 1514 14% 154 144 147
8
8 1434 15
10,800 Class C
No par
8378 84
8312 8312 8312 8312 *8214 8414 •82
8212 827
83
1.500 Preferred
o
100
5218 52
52
52
5212 5212 5278 524 5212 523
4 523 527
1,500 lot Printing Ink Corp__No par
4
*973 98
4
*98
99
99
994 99
99
9912 10014 100 1003
4
510 Preferred
100
82
82
81
81%
8114 803 803
4
4 80
8012 80
710 International Salt
8112
100
5912 591
59
5912 *5812 59
573 58
4
58
57
*5812 591
2,000 International Shoe_ _ _ _No par
*101 103
102 103
102 102 *19212 103 *101 102
102 1041
800 International Sliver
100
*108 111 *108 111 *108 111
108 108
108 108 *108 110
110 Preferred
100
6412 651
65 4 701
3
6912 7214 68
704 6712 6914 684 705 406,400 Internal Telep & Teleg-No Par
8
2812 283
27
28
27
28
28
2812 265 277
8
8 27
28
2,800 Interstate Dept Stores-No par
*714 777 •7118 777 *714 77% *714 778 *7118 77% •714 777
Preferred ex-warrants
100
301 *303 31
311 *30
*30
4
•30
31
*304 31
300 Intertype Corp
30
3012
No par
25 4 261
3
2618 27
2614 27
2534 2633 254 26
25
26
18,500 Investors Equity
No par
39
39
39
401
3912 391
3912 3912 3912 3912 40
40
2,000 Island Creek Coal
1
55
55
55
54
54
563 25512 5513 *54
*54
55
55
2,900 Jewel Tea Inc
No par
125 127
12414 123
12712 132
12933 1334 12853 1324 13112 13414 67,100 Johns-ManvIlle
No pa
*122 123 *122 123
122 122
12212 123 *122
____ 122 122
80 Preferred
100
123 123 *12212 123
12212 123
12212 12212 12212 123
123 123
110 Jones dr Laugh Steel pref 100
3
12 3%
353 3
3
34 4
3
418 478
438 478
43
8 413 21,300 Jordan Motor Car
No pa
124 124 1212 123
13
1318 13
13
13
13
1314 1,900 Karstadt (Rudolph)
*13
1914 1914 *19
1918 1918 *19
191
1912 •19
1912 *19
300 Kaufmann Dept Storee.$12.50
194
8
37
3712 367 37% 37% 3758 3712 377
8 3718 374 3718 374 7,100 Kayser (J) Co v t e__ __No par
*3514 40
*3514 39
*34
37
*35
40
37
*38
40
100 Kelth-Albee-Orpheum -No par
4013
115 115 *115 11712 11612 122
115 115
122 125
1233 126
4
3,000 Preferred 7%
100
•434 5
43
4 514
16,100 Kelly-Springfleld TIre__No par
44 5
5
514 512
512
514
5
34
*3918 37
34
341: *304 37
31
34
*34
310 8% preferred
3412 34
100
*4212 46
*4212 50
*4212 50
*4212 50
*4212 50 •4212 50
6% preferred
100
367 387
8
35% 36% 35
8 35% 381
354 34
377 32,200 Kelsey HayesWheel new No par
3514 36
24% 2234 23% 2214 2314 2112 234 2214 233 107,300 Kelvinator Corp
23 4 247
8 23
3
4
No par
88
*87
88
*87
*87
88
*87
88
87
10 Kendall Co pref
87
88
*87
No par
587 59% 5814 595
8
8 584 593
4 5912 62
8
58% 604 577 5933 197.800 Kennecott Copper
No par
5614 58% 577 59
8
5714 5714 *56
55
551
53% *55
5533 3,900 KIrnberley-Clark
No par
30
28
33
30
334 35
334 35
4
13,900 Kinney Co
323 34
3212 321
No par
93% 9514 9512 961
95
Ms 95
660 Preferred
9512
*95
96% 94% 95
100
518 5%
45
47 16,400 Kolster Radio Corp _No par
5
8 518
5 14
47
4 5
44 47
43
4712 4814 48
483
4 48% 49
48% 50
5018 507 19,500 Kraft Cheese
493 513
4
8
No par
*10612 10714 *10612 108 •106 108 *10612 108
300 Preferred
8
1064 1081 10612 1065
100
313 3178 31% 3178 31% 33
4
32% 34
, 328 3312 18,800 Kresge (55) Co
32% 33
10
65
.64
*64
65
6312 631
65
: 65
65
400 Kress Co
6314 6314
*64
No par
31% 3114 314 313
4 31% 32
31% 32% 3218 321
8
3233 325 229,900 Kreuger & Toll
3814 39
39
40
4014
4218 41
40
404 413
42
407 86,800,Kroger Grocery & Bkg _No par
8
*2312 24
24
21
2414 2414 25
25
1,200 Lago 011 & Transport_ _No par
25
*2412 25
25
11018 1114 109% 112
11114 113
1094 1117 1084 1101 10918 1107 67,300,Lambert Co
8
8
Na par
1014 1014 10
1014 10
912 1014 *912 91
1014
4 2,600 Lee Rubber & Tire__ _Aro par
93
4 93
40
4018 41
4112 4112 42
4112 41% 1,900 behhth Portland Cement---50
4112 41.4 4112 42
•104 10812 *108 10812 108 108 *104 103 •107 108
120 Preferred 7%
107 107
100
143 1514 1458 15
4
14% 144 13% 1412 14
8
147
1512 4,800 Lehigh Valley Coal____No par
14
34
34
*34
3412 34
3318 34
34
3378 34
5.000 Preferred
34
*33
50
31.2 31% 314 32
*32
3212 313 323
2,100 Lehn & Fink
32
32
32
4
4 32
No par
2918 3112 2912 3012 28
2512 267
8 264 267 18,200 Libby-Owens Gla.s.s._ No par
8
2914 284 28
110 110
110 113
112 1133 111 11118 110 110
112 112
3.200 Liggett dr Myers Tobacco___25
4
11058 11338 1123 11438 11018 11212 10933 1111 11012 11133 87,600 Series B
110 111
4
25
44
44
43 43
4212 43
4212 4214 434 3,800 Lima Locomot Works __No par
424 43
42
*4112 45
*4412 45
1-Ink Belt Co
*4412 44% •4113 44
*4112 44
*4112 44
No par
8138 79
80
80
784 7912 78
6,900 Liquid Carbonic
79
783
8 78
78z 77
No par
754 764 743 75 4 7412 80
4
3
85 197,400 Loew's Incorporated_No par
804 7812 834 81
78
10212 1033 *103 104
*10212 104
4
10212 1024 103 1044 10418 1044 1,300 Preferred
No par
*9012 93 4 *904 9312 *9112 9312 91
3
700 Preferred ex-warrantsNo par
92 .90
90
91
921z
438 412
44 433
412 43
412 48
45
8 43
7,300 Loft Incorporated
433 43*
4
No par
•1358 14
*134 14
*135 16
8
4
200 Long Bell Lumber A
'
No par
1333 1333 *133 1414 134 137
4
66% 6812 673 684 67
6934 6718 7014 6712 6833 6712 6812 24,200 Loose-Wiles Biscuit
25
2512 263
2512 26
8 2614 271
.j 2512 27
81,000 Lorillard
25% 263
8 25
26
25
.97 10
8
93 10
4
97 10,000 Louisiana 011
97
104 1114
1018 1118 10
1014
No par
*89
90
*89
90
89
89
90
*89
40 Preferred
894 89
*89
89
100
451_ 4412 4512 447 473
45
8
4 454 4818 45
47
453 4714 78,600 Louisville 0 & El 4.._,._No par
4
g 01
8
4018 40 4 397 41
3
397 4 : 3914 4014 39
3912 3918 4018 12,500 Ludlum Steel
'c'o par
*88
94
93
9712 *90
96
*91
954 *90
Preferred
9712 *90
9518
200
No par
284 36
*2914 30
3414 36
35
3914 39
393
4 37
38% 6,400 MacAndrewx & Forbes_No par
85% 863
4 854 8633 85% 8618 844 87 8 85
863 87
s
,
857 18,800 Mack Truck,Inc
8
No par
133 4 1354 136 13712 137 143
3
140 12412 139 140
6.500 Mary
137 139
No oar
•Ind and asked prices: no sales on OM day. I Ex-inv.-Ex-tights.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share $ per share $ per share $ per 8/tare
32% Jan 2 43 Jan 9
3212 Dec 144% Feb
197 Jan 3 253 Mar 25
8
8
19 Oct 394 Feb
2814 Mar 1 344 Jan 16
28 Nov 44 Jan
11412 Jan 4 120 Mar 14 105 Nov 11912 Feb
1212 Jan 18 2212 Jan 2
1414 Nov 70 Sept
12 Mar 7
4 Feb 4
1 Nov
5 Jan
%
51% Jan 2 80 Feb 19
42 Nov 79 Mar
984 Jan 17 10712 Mar 14
993 Dec 109 Feb
4
26 Jan 4 30 Mar 24
2312 Nov
35 Aug
26 Jan 6 2814 Mar 28
26 Jan 30 Aug
12% Jan 2 20 Mar 25
12
Oct 563 Jan
4
714 Jan 3 863 Mar 28
2
7134 Dec 115 Jan
24 Mar 17 31% Mar 25
27 Dec 29 8 Dec
,
99 Jan 7 104 Feb 8
99 Nov 10552 Jan
85 Jan 16 92 Mar 20
55 Mar 12 61 Jan 25
54 Jan iiri Oct
13% Jan 15 20 Feb 5
13 Oct 417 Aug
8
201: Jan 17 23 Feb 5
16% Oct 31 Sept
54 Jan 14 61 Feb 13
55 Dec 724 Aug
64 Feb 24 173 Apr 4
4
512 Nov 683 Ma,
8
82 Mar 20 923 Feb 19
8
81 Nov 1184 Jan
22 Jan 3 2714 Feb 10
2112 Dec 3312 Oct
70 Jan '2 107% Mar 25
45 Nov 143% Oct
8312 Jan 2 106% Mar 25
605 Nov 14314 Oct
8
10414 Feb 21 108% Apr 2 104
Jan 10638 Oct
15 Jan 15 2514 Feb 27
12% Dec 33 Aug
2614 Jau 14 4114 Mar 28
21 Nov 51 Mar
612 Feb 27 125 Jan 29
8
134 May 243 Aug
8
76 Mar 14 83 Feb 1
65 Nov 93 Aug
19 Jan 2 29 Feb 5
13 Nov
523 May
4
49 Mar 5 553 Mar 31
45 Aug 524 Sept
2
40
5212 Jan 25 6112 Mar 10
Oct 7912 Jan
26
5214 Jan 17 110 Mar 27
Oct 109
Apr
3514 Mar 17 41 8 Feb 7
34% Nov 8212 Mar
,
53% Jan 16 62% Jan 6
38 Nov 934 Mar
18 Nov 82
2014 Jan 18 25% Apr 4
Jan
20:4 Feb 19 3118 Apr 2
173 Oct 39% May
4
312 Oct 3212 Jan
5 Jan 3 17 Mar 4
30 Jan 6 8712 Mar 3
25 Nov 953 Feb
4
17% Jan 2 2S3 Mar 22
1318 Oct 53 Aug
8
16 Jan 2 27% Mar 22
114 Oct 514 Aug
90 Feb 11 124 Jan 10
6812 Nov 135
Jan
15414 Jan 8 2037 Mar 18 120 Jan 22312 Oct
8
70 8 Jan 6 98 Mar 11
5
71 Dec 113 Aug
2614 Jan 17 807 Feb 7
8
22 Oct 6612 Mar
1314 Jan 3 17% Mar 10
12 Dec 16 Nov
712 Apr 1
414 Jan 2
144 Jan
Nov
24 Feb 20 287 Apr 2
8
_
412 Jan 2
7% Apr 1
4
Oct -ffi Jan
5112 Mar 8 623 Apr 4
4
40 Nov 8812 Jan
15212 Jan 18 19214 Mar 11 109 Nov 255 Oct
54
55 Mar 6 753 Apr 2
2
48 Nov 102% Feb
5 Jan 2 1412 Mar 26
414 Dec 10312 Feb
30 Jan 2 78 Apr 1
1812 Dec 121 Feb
783 Jan 7 974 Apr 4
8
65 Nov 142 Aug
14012 Feb 10 14412 Mar 14 137 Aug 145 Jan
3112 Jan 3 4734 Mar 21
23 Nov 594 Sept
6512 Jan 3 86 Mar 27
47 Nov 10212 Jan
25 Jan 2 30 8 Jan 6
5
1818 Nov
3918 Oct
8
25 Nov
31% Jan 2 443 Apr 4
72% Jan
58 Jan 6 65 Mar 21
57 Dec 112
Oct
80 Jan 23 8512 Mar 12
77 Nov
9412 Jan
26 Jan 7 3118 Mar 22
20 Nov
4414 Oct
1514 Jan 6 2012 Mar 22
12 Nov
33% Oct
124 Jan 7 17 Mar 21
9 Nov 264 Oct
86 Mar 26
7914 Jan 3
77 Nov 95 Oct
4614 Jan 1
40 Nov 6838 Oct
53 Feb 14
100% Apr 4
9312 Feb
91% Nov 106 Mar
5512 Jan 90 4 Feb
69 Jan 30 854 Mar 17
3
54
62 Jan 15
57 Apr
Oct 7712 Sent
95 Nov 15912 Aug
119 Feb 1
IGO Mar 1
105 Feb 26 11214 Feb 17 1034 Oct 119 Jan
53 Nov 1494 Sept
3
623 Jan 3
8
75 4 Jan 2
2612 Mar 2
2518 Oct 9312 Jan
40 Feb 4
71 Mar 12 7514 Feb 6
74 Dec 97 May
17 Nov
31 Mar 15
23 Jan
387 July
8
29 Feb 19
19 Jan
1212 Nov 721s Aug
3812 Mar 2
39 Oct 69 Mar
43 Mar 19
39 Nov 16214 Feb
43 Jan 20 59 Mar 7
148% Feb 5
117 Jan
90 Nov 24234 Feb
11814 Feb 21 123 Mar 21 113 Nov 123 May
11812 Jan 6 123 Mar 15 117 June 128
Oct
4% Apr 2
14 Oct 1612 Jan
2 Jan 22
1112 Mar 17 1312 Jan 16
10% Nov 13% Nov
17:4 Dec 371g Feb
18 Jan 7 2012 Mar 7
34 Jan 23 414 Jan 2
30 Nov 5812 July
21 Jan 8 40 Apr 3
1512 Nov 48 Jan
85 Jan 7 126 Apr 4
70 Nov 138
Jan
314 Jan 2
Mt Jan 24
3 Dec 23% Jan
2018 Jan 3 42 Jan 24
16 Dec 94% Jan
29 Jan 2 55 Jan 25
26 Dec 100 Feb
22:8 Jan 3 38% Mar 29
135 Nov
8
5934 May
74 Jan 2 24% Mar 29
5 Oct 1914 Feb
8212 Jan 4 89 Mar 21
75 Nov 96 Feb
5414 Mar 15 628 Feb 7
4
4938 Nov 104% Mar
49 Jan 7 59 Mar 31
4514 May 573 Oct
2
20 Jan 29 35 Apr 1
211 Nov 4112 July
:
8612 Feb 26 96% Apr 2
80 Oct 109% Mar
6% Mar 17
13 Jan 18
4
312 Dec 78
% Jan
384 Jan 6 51% Apr 2
27 Nov 7074 Oct
98 Feb 6 10714 Mar 21
95 Apr los% Oct
30% Feb 17 363 Jan 2
4
28 Nov
5712 Mar
6114 Jan 15 70 Jan 24
534 Nov 114
Jan
233 Jan 2 32 8 Apr 2
4
,
2218 Nov 463 Mar
8
37 Feb 27 481g Jan 23
3814 Nov 12212 Jan
214 Jan 11 251 Mar 12
:
164 Nov 383 June
2
97 Jan 2 113 Apr 1
8018 Nov 1574 Mar
614 Jan 2 11 Mar 25
5 Oct 25 Jan
34 Jan 4 42 Apr 1
30 Nov 65 Feb
105 Jan 2 108 Mar 10 100 Nov 11034 May
12 Feb 10 1712 Mar 17
10
Oct 32
Oct
32 Feb 24 374 Mar 19
31 Dec 44$4 July
297 Jan 21
8
34 Jan 27
28 Nov 62 Feb
4
193 Jan 4 3112 Mar 29
4
17
Oct 43 Aug
09112 Feb 13 1133 Apr I
4
8014 Nov 106
Oct
g911 2 Feb 10 114% Apr 1
80 Nov 1064 Oct
357k Jan 2 4914 Feb 15
30 Nov
673 J u.7
4
39 Jan 14 4533 Feb 21
3758 Nov 61
Feb
523 Jan 3 RI% Mar 28
40 Oct 113% Jan
4218 Jan 2 81 Apr 4
32 (let 344 Feb
85% Jan 17 105 Mar 10
80
Oct 1103 Jan
4
84 Jan 28 9212 Mar 26
803 Nov 95 Mar
4
31 Jan 27
:
63 Feb 19
8
3,4 Dec
1112 Apr
1184 Star 6 15% Mar 22
12 Dec 3212 Jan
5012 Jan 4 7014 Apr 2
394 Nov 877 Sept
8
1618 Jan 2 284 Mar 3
144 Oct 3112 May
8 Feb 28 11 14 Apr 1
7 Oct 18
Jan
84 Jan 7 8918 Feb 6
80 Nov 10014 Feb
3814 Jan 18 484 Apr 2
28
Oct 7252 Sept
32 8 Jan 2 4478 Mar 12
5
22 Nov 108% July
90 Jan 20 99% Mar 18
76 Nov
18 June
23 Feb 28 393 Apr 3
4
304 Oct 46
Jan
yd Jan 3 8812 mar 27
554 Nov 1143 Feb
4
122 Mar 22 '1501, Feb
110 Nine 9331,%
Di
2357
New York Stock Record-Continued-Page 6
For sales daring the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 29.
Monday.
Mar. 31.
Tuesday.
Apr. 1.
Wednesday. Thursday.
Apr. 3.
Apr. 2.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
High.rt.
Lowest.
PER SHARE
Range hror Pret4011a
Year 1929.
Lowest.
Highest.
$ per share $ Per share $ per share $ per share $ per share $ Per share Shares Indus. & Miscel.(Con.) Par
Per share $ per share
Per share
Per share
1112 Nov
24 Feb
113 111 115 113 *1114 12
4
8
8
8
8Mar 31 14% Feb 14
*111 113
3
900 Madison Sp Garden__No par
115
4
4 113 1212 Z117 117
8213 Mar
35 Nov
•52
5212 2507 5114 503 51
8 2,000 Magma Copper
4
/3
493 513
4
No par 45 Mar 15 523 Jan 7
5138 52
5014 51
4
393 Jan
8
6 Nov
1012 1114 1012 1012 11
4
934 10
4,000 Mani/30n(H R) & Co No par
11
1012 10
10
8 Jan 15 123 Mar 18
10
*512 812 *512 612 *512 612
Jan
3 Dec 26
5
512
8 Jan 29
200 Manati Sugar
5
5
*512 612
100
5 Jan 21
1972 Dec 5012 Jan
231 2312 2312 2312 2312 2312 2312 231* 23
221 221
8
23
370 Preferred
100 227 Apr 4 50 Jan 28
14
Oct 333 Mar
/1
*1418 15 .141 1434 14
*14
15
14
*14
15
*14
15
200 Mandel Bros
No par 14 Jan 16 15 Jan 14
197 Nov
8
373 Jan
4
8
385 Mar 31
367 38
8
371 373 24,500 Math Elec Supply...,,._No par 257 Jan
4
3818 351 3712 383
8
8 3712 3814 3753 38
1914 Dec 35 8 Jan
5
2214 2214 *21
8
2112 2112 2112 *2112 213
215
8 1,000 Manhattan Shirt
25 207 Jan 6 2458 Jan 10
4 211 211 21
Oct 8978 May
30
51
55 Feb 28
51
513 *5012 51
4
*51
*51
51
5212 1,100 Marlin-Rockwell
No par 397 Jan
8
507 5214 51
8
19 Nov 104 May
No par 2018 Jan 1
3012 Mar 5
2812 293
8 273 2812 28
4
2812 28
8 8,500 Marmon Motor Car
287
8 2712 271 2712 297
512 512
512 5s8
Jan
18
518 512
212 Nov
5 Mar 31
/
1
4
434 43
No par
3 Jan
43
4 43
4 *43
4 53
4 1,500 Martin-Parry Corp
4
29
Oct 218 Feb
513 Mar 28
8
4934 5012 4914 5038 4918 5014 48
8
13
4912 4714 483
4 4714 483 14,200 Mathieson Alkali WorksNo par 37 Jan
Jan
*12514 _ _
*12514
Preferred
*12614
100 115 Jan 24 12212 Mar 19 120 Jan 125
- *12614 - *12614
4512 Dec 10812 Jan
5458 55
53
613 Jan 31
8
55 *12514- - 5412 551 5314 - 512 *54
51 2 5418 55
1-"3",i6o May Dept Stores
25 49 Jan 1
151 Oct 2913 Aug
1912 213
23 Mar 26
No par
4 20
203
4 21
2112 2052 2112 2018 213
23
12,400 Maytag Co
1618 Jan
4 22
2814 Dec 4914 July
40 Mar 25
*3914 393
4 3812 39
No par 2914 Jan
*383 39
4
381 3812 3918 397
8 1,300 Preferred
39
39
•82
75 Nov 901s Jar.
12
8412 *82
Prior preferred
No par 76 Jan 7 8412 Mar 26
8412 *83
8412 83
*83
84
8412 *83
84
Oct
391 Dec 108
4614 4614 4614 483
No par 403 Jan 14 50 Apr 1
*4812 49
1,800 McCall Corp
4 48
50
481 4912 *4812 49
8
/
1
4
74 Dec 113 Feb
*64
67
McCrory Stores class A No par 64 Mar 20 74 Jan 2
*64
67
*63
67
*63
67
67
*63
67
*64
*62
70 Dec 11512 Feb
67
*62
ule;
67
*62
67 . 100 Class B
No par 63 Feb 201 70 Jan 16
*92
67
63 63
*92
63
*95l 99
*9514 97
8612 Nov 120 Feb
*9514 97
400 Preferred
92 Feb 4 97 Mar 24
95
95
*95
97
97
97
Oct 48 Feb
39
30
39
40
40
407 41
41
42
1,300 McGraw-Hill PublIca's No par 35 Jan 15 4212 Apr 2
8
42
42, *411 44
2
12 Nov 2312 Jan
/
1
4
•1814 181 *1814 1812 1814 1814 *183 1812 *1814 1812 1812 1812
200 McIntyre Porcupine Mines__5 143 Jan 2 183 Mar 27
4
4
4
8
Jan
54 Nov 82
723 73
4
7214 731 73
8
77
7612 773 38.600 McKeesport Tin Plate_No par 61 Jan 2 771 Apr 2
8
7612 763 771 76
2914 30
2118 Oct 59 Mar
29
33
29
2912 2912 291 2912 2912 2912 2912 2,500 McKesson & Robbins-No Oar 2514 Mar 13 35 Jan 9
Oct 63 July
4638 4618 451 47
40
4812 1,200 Preferred
50 411 Mar 6 4812 Apr 4
47
47
47 18 4718 471 4718 48
1614 1514 1538 16
1812 Dec 5913 Aug
1412 Feb 14 2014 Jan 7
4 1,400 McLellan Stores
No par
157 157 *1514 1573 1512 153
8
8
16
16
Jan
261 Dec 72
*38
3912 38
2,700 Melville Shoe
3912 40
No par 2614 Feb 8 40 Mar 25
33
3712 3712 3712 371
*3712 40
Oct34 8 Jan
7
2014 2114 21
9
8
par 1518 Jan 15 23 Mar 10
14
217
203 2138 2012 2118 2012 201 2014 213 10,990 Mengel Co (The)
4
/ Jan
1
4
3114 32
914 Oct69
opar 1618 Jan Is 357 Mar 22
2
3218 3414 122,900 Mexican Seaboard 011 NVa
307 331 313 331 32
8
333
4 3114 327
4
Oct 541 Mar
20
31
31
14,300 Miami Copper
301 311
32
33
5 2672 Jan 2 331 Feb 6
3112 32
3212 331 3212 331
44 Dec 1227 July
8
No par 53 Jan 6 74 4 Jan 13
7012 70, x70
2,700 Michigan Steel
2
6912 71
3
72
7014 701
707
701 721 71
/ Jan
1
4
39
31
No par 2312 Feb 24 323 Apr 1
8
2218 Nov
313
8 311 323
8
8 32
3112 3118 317 36,000 Mid-Cont Petrol
3258 311 3212 31
35 July
8
78 Mar 4
15
8 13 10,000 Middle States 011 Corp ctfs.212 Mar 17
15
8 13
4
13
4
112 158
11
2
4
13
4
8 Nov
4
'
112 11
431 437
4318 441 8,100 Midland Steel Prod
No par 37 Feb 24 53 Feb 28
8 44
4
4 43
4614 4514 463
463* 433 44
314 Dec -2P2 Kis;
No par
*43
518 518
53 Apr 2
8
4 512
5
51 53
8
518 518 1,000 Miller Rubber
37 Jan 23
8
45
8 41
5
59 Nov 12314 Sept
75
•72
73
900 MInn-Honeywell Regu _No par 61 Jan 10 763 Mar 19
75
*70
75
4
*73
73
75
731 748 73
10
Oct 43% July
2012 21
8
1218 Jan 10 23 Mar 25
20
21
2014 2111 2014 2118 2014 2012 203 211 11,000 Minn-Mollne Pow Impl No par
84
80
83
300 Preferred
65 Nov 102 July
*81
8312 *81
*83
No par 72 Jan 7 87 Jan 30
8212 81
82
82
81
8
35 Nov 8014 Mar
25
2412 245 11,600 Mohawk Carpet MIlls_No par 2412 Apr 3 40 Jan 27
26
251 2412 25
251 253
4 251 261 25
47 Nov 80
13 Oct
535 513
8
4 2,800 Monsanto Chern Wks No par 483 Mar 15 60 Jan 30
8
4 531 5114 531 513
8 531 533
4 521 521 5214 533
425 Dec 1564 Jan
8
/
1
40'8 208,930 Mont Ward & Co III Corp No par 3514 Mar 28 497 Jan 2
36
8
8
3712 37
41 393 401 40
331 3314 403
4 391 413
113 Oct
5
OcI
133 153 120,600IMoon Motor Car new _No par
4
8
1338 1438 15
151
3 4 Jan 22 1612 Apr 2
3
15
1612 1412 16
15
16
Oct 813 Oct
8
900.Morrell (J) & Co
66
No par 5818 Jan 7 72 Feb 5
42
66
*66
66
667
8 6512 6718 6612 6612 661 673
4 66
611 Mar
113 Oct
17
8 2
5,800 Mother Lode Coalition_No par
2 Jan 2
178 2
2
13 Jan 18
4
2
11
178
2
2
17
8 2
/
1
25,400 Moto Meter Gauge &Mph,par
61 8
418 Jan 16
8 Apr 4
658 61
63
8 61
61 63
8
314 Oct 314 Aug
614 63
8
63
8 612
36 Nov 206 Mar
5712 60
6112 611 641 5,100 Motor Products Corp_ _No par 50 Feb 15 65 Mar 31
6014 611
61
613
4 6112 6212 60
BS% Aug
21 Nov
4 8,200 Motor Wheel
No par 264 Jan
3214 33
/
1
34 Mar 19
33 18 34
323 333
4
4 321 3214 3218 323
4 3218 323
10
8
No par
Oct 817 Jan
1858 193
4
127 Jan
8
20 Feb 14
14
1814 1812 173 1818 3,500 Mullins Mfg Co
8 183 19
4
1812 19
1878 19
62
100 Preferred
No par 57 Jan
55 Dec 10214 Jan
647 Jan 31
8
*91
63
6212 62
13
63 63
*60
*60
60
6212 60
100 MunsIngwear Inc
No par 46 Jan
38 Nov 6114 May
•49
*49
4912
5312 Feb 10
501 *49
50
50
*49
4912 *49
50
50
144 Nov 100 June
/
1
2114 211
No par
/
1
4
4
18 Jan 1
2412 Apr 1
2118 233
225 2412 2152 2338 217 2252 223 2312 92,100 Murray Body
8
8
/
1
4912 Mar 25
Oct 67
13 Oct
471 481
4718 4718 481 1,900 Myers F A; E Bros__ No par 354 Jan
30
4812 491
483 487 *47
8
473
4 47
8
473 477
483 18,100 Nash Motors Co
4
No par 45 Mar 5 53 Jan 6
40 Oct 1187 Jan
8
8
8 48
/
1
4
/
1
4
4718 48
4738 471 4712 485
8 471 483
2438 241
8 5,200 National Acme stamped____10 185 Jan 18 2614 Feb 14
145 Nov 4178 July
8
8
233 241
4
2312 2318 237
231 24
2314 2358 23
No par
223 233
4
8
11 Jan 13 2718 Apr 4
10 Dec 4814 May
4 2312 241
2412 245 2718 112,300 Nat Air Transport
231 241 2318 243
4 23
No par
13
95 Jan 1
8
918 Dec 71 Mar
1314 1212 133
157 Feb 4
8
4 123 133
4
8 111 1212 1112 1212 13,300 Nat Bellas Hem
/
4
8 1258 133
National Biscuit
25 177 Jan
22534 Mar 21 140 Nov 2363 Oct
4
10 71 Jan
9118 Mar 31
"ii" 16" 883i 911 -884 19'2 -iif3 '19-iii4 iii "itiia "ii7"8 "3Y,Cioo New
6514 Dec 73 Dec
7-18 68 6712
8
675 21,600 Nat Cash Register A WI No par 6014 Mar 22 8313 Feb 3
8
4
66
59 Nov 1483 Mar
6612 68
66
6718 65, 681 6612 883
2
No par 45 Jan 20 56 Apr 4
14
36
Oct 8612 Aug
503 51
8
4 551 56 158,600 Nat Dairy Prod
51
515
8 5114 52
541 541 553
52
207 204 1,000 Nat Department Stores No par 20 Jan 15 2412 Feb 27
8
/
1
20 Dec 373 Mar
4
21
21
21
*20
21
21
21
2114 213
8 21
50 let preferred
100 88 Feb 4 90 Jan 27
89 Dec 96 June
4
88
89
4 891 891
*88
89 *8812 893
89
89
*88
89
3438 3412 2,900 Nat Distill Prod ctfs___No par 29 Jan 2 3911 Feb 6
15
Oct 58 June
345 343
8
3414
4 343 3518 3412 341 3412 311 34
4
29
2918
600 Nat Enam & Stamping
100 2713 Feb 3 3312 Mar 1
25 Dec 62
12
/ Jan
1
4
29
*30
31
293 3014 *29
4
*29
301 29
30
1,900 National Lead
100 137 Jan 2 189 Feb 7 12914 Nov 210
Oct
/
1
4
•171 173
16912 16912 *169 16914
17014 173
170 17014 169 171
Preferred A
140
100 1381e Jan 3 142 Mar 26 138 Nov 1411 Feb
/
4
610
*141 142
139 139 *139
141 141
139 14012 139 139
60 Preferred B
100 116 Jan 17 119 Apr 2 115 Oct 12334 Apr
11718 11718 1171s 11718
*11718 1197 11718 11718 *11718 1191 119 119
8
No par 32 Jan 2 5612 Apr 2
23 Nov
713 Aug
4
/
4
55
54
8
551 5314 553
8 5212 56
5612 527 5518 541 5512 252,300 National Pr & Lt
No pa
14 Jan 7
/
1
17
413 Jan 15
112 Dec
Jan
2 4 278 278 21 278 310 314 314 34 318 318 314 1,300 National Radiator
7
300 Preferred
No pa
4 Jan 2 11 Jan 15
113 Dec 41
Jan
7
7
*6
7
6
6
*6
3
678 7
6
6
119 121
2,100 National Supply
50 102 Jan 10 122 Feb 18
9813 Nov 144
Jan
*113 118 *114 118 *113 118 *115 11812 117 119
2,400 National Surety
50 3012 Jan 7 9838 Mar 22
7014 Dec 155 Feb
9212 9012 91
951 96
4
9418 95
92
931 933 93 4 91
3
No pa
315 Mar 31 414 Feb 4
8
3118 Nov
911 Mar
/
4
4 6,800 National Tea Co
/
1
3
321 323
315 3214 3212 353
8
8 341 35 4 3418 341 3418 343
267 Mar 14 3238 Jan 7
8
2314 Nov 627 Mar
8 2938 297 70,700 Nevada Consol Copper_No pa
8
8
285 291
8
2818 29
2812 2914 291 311
: 2914 305
43 Mar 103 Sept
77
600 Newport Co class A
5
51 Jan 9 85 Mar 25
77
77
80
7514 7514 77
80
79
78
7814 *73
No pa
11,600 Newton Steel
8
35 Dec 113 July
521 5412 5312 55
40 Jan 2 573 Feb 6
54
551
541 5412 533 5412 5314 54
4
*4414 45
45
1,600 N Y Air Brake
No par 4414 Jan 2 47 Feb 19
35 Oct 493 Mar
13
4
45
45
45
45
45
45
4514 x441 45
*40
42
42
42
35 Jan 9 4414 Mar 27
33 Nov
3
.42
40
500 New York Dock
583 Feb
44
40
*42
43
41
42
Apr
84
84
100 80 Feb 8 85 Feb 27
90
85
*84
85
200 Preferred
823 July
4
*84
86
*84
*84
86
84
84
Jan
300 NY Steam pref (6)__ __No pa 100 Jan 2 10312 Mar 27
93 Nov 103
/
1
4
1023
41103
103 103
1021 1031 10314 10314 *10314 10312
103 103
No pa 110 Feb 5 11612 Mar 13 107 Nov 115 Ault
•113 114 *113 114
1121 114
220 let preferred (7)
113 114 *11212 114 *11212 114
/
1
4
66 Nov 1863 Sept
/
1
4
4
1233 1241 125 1261 1255 1263 12518 1271 1241 12614 126 1283 67,700 North American Co__ No par 93 Jan 18 123 Apr 4
4
4
/
1
4
4
8
5414 Jan
8 5412 541
48 Nov
8
*5412 551
541 5478 5412 541 541 541 545 545
800 Preferred
50 51 Jan 13 5513 Mar 24
4
98 Nov 10334 Jan
*103 1041 10414 1041 10412 1041 1043 1043 1041 10438 •104I8 1043
8
8 1,300 No Amer Edison pref__No par 1003 Jan 23 1043 Mar 19
4
8
54
4112 Dec 6414 Jan
53 8 537
7
5414 5412 x515 5218 1,100 North German Lloyd
54
8
45 Jan 7 5412 Apr 3
54
54
*5358 54
50
50
4013 Dec 50 Mar
50
50
349 4 50
3
50
50
*50
80 Northwestern Telegraph -.50 42 Jan 2 5018 Mar 14
50
50
501
614 Feb
214
212,
4 Mar 26
212 234
212 212
214
214 2,800 Norwalk Tire & Rubber____10
212 27
212 212
3 Oct
4
/ Jan 9
1
4
2 Dec
8 Feb
Nunnally Co (Tbe)___.No par
•3
6
*3
6
*3
6
*3
6
*3
6
*3
6
2 Feb 3
214 Mar 10
Jan
4
7 Dec 32
/
1
4
*115 12
8
8 123 1234 1234 123
25
9 Jan 3 1514 Mar 21
/
1
4
12
1212 1212 1412 1214 137
4 3,400 011 Well Supply
*91
93
4
*91
9212 *91
93
93
100 86 Mar 10 93 Apr 4
883 Dec 10612 Jan
9212 *91
9212 *91
93
20 Preferred
Oct 64 Apr
/
1
4
271 277
8 2714 2814 2714 27,
2734 281 5,700 Oliver Farm Equip____No par
/
1
4
8
13 Jan 2 29 Mar 24
/
1
4
2 2718 2712 2714 28
17
Oct 69
/ Apr
1
4
42
42
4214 4278 4212 4278 4218 421 42
43
43
42
/
1
4
2,300 Cony participatIng__No par 314 Jan 3 443 Mar 25
6412 Dec 9912 May
par
863
*8614 877
s 8614 8614 *86
86
an 2 89 M arn 11
8614 *86
4 86
600 Preferred
8714 86
1078 Feb
718 818
212 Oct
73
8 712
73
4 814 25,400 Omnibus Corp
AN par 70 Jan
No
234
83 Mar 31
8
713 83
8
7
718
73
8 73
*805 8312 .8012 84
8
85
86
89
8712 8984
3
831 82
504 Oct 95 4 Jan
/
1
*80
850 Orpheum Circuit, Inc pref_100 63 Jan 6 893 Apr 4
4
747 7518 737 7614 73
8
8
7412 71
724 7014 72
8
7118 78
32,500 Otis Elevator new
No par 7014 Apr 3 803 Mar 13
12518 12518 .124 125 *125 12534 *125 1251 *125 1253 *125 12534
4
20 Preferred
100 1181g Jan 23 126 Mar 24 11878 Oct iii" Jan
/ 3614 37
1
4
374 38
/
1
38
3878 373 3858 374 37
361 3612 9,100 Otis Steel
/
4
8
2214 Nov
Oct
/
1
4
55
No par 3012 Jan 2 38 Mar 31
98
98
98
*98 103
98
9712 9712 *98 103
*98 101
4
300 Prior preferred
893 Nov 108 Feb
100 91 Jan 10 98 Mar 24
*59
60
591s 5918 5914 597e 5958 603
2 593 6038 60
4
43 Nov 8912 Sept
60
3,200 Owens-Illinois Glass Co
25 5214 Jan 8 607 Feb 7
3
723 7412 x7258 747
8
8 71
70
715
8 6912 7112 57,700 Pacific Gas & Elee
7318 7012 73
25 6218 Jan 2 747 Mar 31
42 Nov 983 Sept
4
8
10414 106
104 10578 10212 10412 1001 104
4
10012 1023 1011 1043 25,300 Pacific Ltg Corp
4
No par 72 Jan 2 1077 Mar 24
8
5818 Nov 14612 SW
*2514 263 *2514 263
4
4 2514 2514 *25
261 *25
261 .25
Apr
1713 Nov
20 Pacific Mills
37
2612
100 21 Jan
' 30 Feb 8
118
118
Ds 114
118
118
118 11
118
118
l's
114 4,500 Pacific 011
/ Oct
1
4
/
1
No par
1 Jan "/ 14 Jan 22
112 Jan
14712 148'2 149 15212 15212 1543 149 1533 148 150
8
2
148 150
2,570 Pacific Telep & Teleg
100 141 Mar 17 178 Feb 19 131 Nov 220 July
*1243 ____ *122
4
_ *122
____ *12214 ____ *123 130
3
_ ______
Oct
Preferred
4
100 11613 Jan 6 145 Feb 21 1163 Jan 138
22
/ 23
1
4
211 223
/
4
4 2112 223
8 2112 223
8
8 215 224 324,400 Packard Motor Car__ --NO Par
8 215 217
8
/
1
13 Nov
1518 Jan 18 231 Mar 18
3212 Sept
*5412 5513 55 5514 *55
58
*55
56
*5412 56
*54
56
300 Pan-Amer Petr & Trans___50 515 Feb 21 60 Jan 4
8
/
1
4
40 Feb 69 Aug
14
545 5518 65
8
553
8 553 5618 551 5612 55
8
5514 55
55381 4,500 Class S
4013 Feb 6914 Ang
50 5012 Jan 25 6014 Jan 8
21
2212 22
23
22
23
/ 2212 23
1
4
/ 224 227s1 80.300 Parmelee Transports n_Aro par
1
4
/ 2218 22
1
4
/
1
1738 Feb 18 2618 Mar 10
1512 Dec 21 Dec
7
713
67
8 71
/
4
714 7
/
1
4
1514 Jan
74 714
/
1
3 Nov
61 61
/
4
/
4
418 Feb 14
8 8 Mar 26
7
61 714 11,300 Panhandle Prod ei ref__No par
/
4
*55
69
69
*55
69
•55
69 .55
*55
69
*55
69
Jan
Preferred
100 4713 Jan 14 5112 Mar 25
4712 Feb 76
/
1
/
1
743 7612 733 76 164,500 Paramount Fern Lasky_No par 485 Jan 2 7714 Mar 31
8
754 761 7614 7714 754 76
/
1
/ 744 77
1
4
4
36
Oct 7512 Oct
8
3
3is
313 3
/
1
4
3's 31s
31 314
318 314
314 33
8
1
213 Jan 31
33 Jan 2
8
3 Dec 137 Feb
8 3,700 Park Utah C M
472 53
4
454 5
512 53
4
514 53
2
514 614
Vo par
14
/ Jan
1
4
614 Ayr 3
2 Jan 3
/
1
4
212 Dec
5
1 614 82,600 Pathe Exchange
1134 12
1114 113
105 103
8
4 1012 12
4 1114 133
4 1158 1338 31,400 Class A
/
1
4
Jan
No par
412 Dec 30
5 Jan 2 13 Apr 3
2618 2678 2612 2738 2612 2718 27
8 2712 28
27
/ 273
1
4
s
/
1
4
271 4,500 Patlno Mines et Enterpr__ _20 2312 Mar 21 327 Feb 5
244 Oct 47 Mar
/
1
4
1014
932 1018
1058 111 1012 1132 10
/
4
54 Oct 2212 Jan
9
84 93
618 Jan 7 14 Feb 3
50
91 11
11,300 Peerless Motor Car
4212 4334 43
443
8 4318 4414 4318 4372 433 45
43
4313
4
No par 261 Jan 7 45 Apr 4
22 Nov 60 Sept
/
1
4
/
4
24,600 Penick at Ford
70
6714 684 67
64
70
67,
68
2 6612 66
/
1
4
1 6
No par 62 Jan 22 80 Jan 31
66 Nov 1051, Oct
61 6614 6,600 Penney (J C)
99
9812 99
9814 9914 93 4 953
*9814 9812 9314 9813 99
3
100 93 Jan 7 9914 Apr 3
33
Oct 97 Dec
800 Preferred
4
101
101 1032 10
1018 1014 10
1014
9 4 10
3
10
Jan
61 Jan 4 12 Mar 8
/
4
27
10
312 Nov
4,000 Penn-Dlxle Cement___ _No par
*5012 54
*5012 54
*5018 54
*5012 54
*5012 54
*5012 54
100 3018 Jan 2 5512 Mar 13
Jan
Preferred
2018 Nov 94
306 312 *307 313 x306 310
31312 31412 *308 315
100 230 Jan 17 320 Mar 27 208
31212 314
Jan 404 Aug
2,800 People's0 L & C (Cnic)
8
18
18
/ 1812 1812 171 177 *1712 18
1
4
4
/
4
183 183 •185 19
4
8
8
No par 177 Apr 3 2012 Feb 24
1818 Dec 4512 Jan
500 Pet Milk
/
1
8
/
1
403 4018 393 4012 394 4138 404 3'2 41
8
/
4
4212 4218 433 11,500 Phelps
-Dodge Corp
25 361 Mar 7 4418 Mar22
79% May
31 Nov
8
*245 250 *245 250 *245 250 *245 250 *240 250 3240 250
Oct
4
Philadelphia Co (Pittsb)___51 2213 Jan 10 24712 Mar 20 1571 Apr 285
4
*5212 5312 52
*54
543
4 543 55
25312 51
''() 501 Jan 15 55 Mar 31
/
4
5213 523 523
54 Mar
471 Nov
4
4 1,300 6% preferred
161 17
Jan
17
113 Jan 17 193 Apr 4
8
17
1714 1612 1714 1612 17
4
34
18
918 Nov
173 193 47,700 Phil& dr Read C& I__ ._,Vo par
4
4
13
814 Jan 8 1512 Misr 11
131 13
1314 r13
1314 13
/
4
127 137
8
a
13
5 4 Oct 231 Feb
3
1212 13
5,700 Phillip Morris & Co.. Ltd ...10
*23
2412 *2312 2412 *23
25
*23
•25
26
2
1913 Nov
73 May
Phillips Jones Corp.,_ __No par 243 Mar 2t 277 Feb 18
8
25
•23
25
705 70
8
*705 80
8
100 70 Feb 4 75 Feb 11
/ *704 74
1
4
/
1
*72
8
•705 74
80
65 Nov 96 May
*72
80
30 Phillips Jones prat
• Bid and asked prices: no sales on this day.
b Ex-dividend and ex-rights.
x
2358
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here. see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 29.
per share
383
3
88
1413 1
*25
28
2
24
34
34
512 53
4
3212 33
4738 484
*
6153 66
95
08
*
*21
2112
2214
22
3078 3134
5
.71
713
4
25
253
2
483 4912
4
553 557
4
8
1414 143
4
71
71
Monday.
Mar. 31.
per hsare
38
39
15
15
273 28
4
2
218
34
34
5 2 512
3
33
33
z4512 4614
*6158 66
*
95 100
2014 2114
22
224
3118 32
7114 7114
245 254
8
49
49
554 557
8
14
1414
*
69
73
6718 6712 6652 674
103 103
3
8
2 103 11
Tuesday.
Apr. 1.
$ Per share
383 3912
4
*15
1512
28
28
2
218
*33
35
514 54
313 33
4
4412 4413
613 613
4
4
•
95 100
2014 21
22
2218
3112 313
4
7117
71
25
264
49
54
56
567
8
133 14
4
*
69
724
6652 8712
103 1112
4
Wednesday. Thursday.
Apr. 2.
Apr. 3.
$ per share
3818 3914
*15
1512
28
30
2
24
35
37
512 5 8
7
33
3614
4412 4412
64
64
*
95 100
21
21
22
2218
304 3113
2
71
713
24
2514
524 53
66
57
134 144
4
7114 713
6612 674
107 1141
8
IS per share
38
3812
*15
1512
31
33
2
2 18
37
3713
55
8 54
354 364
4438 444
*615 64
8
•95 100
203 203
4
4
22
22
30
303
2
71
71
24
243
8
51
52
5614 564
133 1412
4
•71
7218
8
667 673
8
11
11
Friday. t
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share
3814 404
15
1612
32
33
218
2
37
38
4
512 53
3618 3812
*4412 45
*6152 64
*95 100
*2013 21
2218 224
2934 313
8
71
71
2311 2412
515 52
8
56
5612
1414 15
713 72
4
67
673
2
11
11
PER SHARE
Range Since Jan. 1.
On bisis of 100
-share tots.
Lowest.
Highest.
Shares Indus.& 511scell.(Con.) Par
per share g per share
96,600 Phillips Petroleum____No par 2918 Feb 17 407 Apr 4
8
900 Phoenix Hosier
5 1034 Mar 4
,
/
1612 Apr 4
4,600 Pierce-Arrow Class ANo par 2113 Jan 13 33 m pr 17
212 Aa 3
8,400 Pierce 011 Corporation
25
1 Jan 4
1,300 Preferred
100 2013 Jan 10 413 Mar 17
8
38,800 Pierce Petroi'm
No par
2 Jan 3
/
1
4
67 Mar 17
8
10,600 Pillsbury Flour Mills...._No pa
3212 Mar 29 3714 Jan 22
2,300 Pirelli Co of Italy
443 Apr 3 507 Feb 27
8
8
200 Pittsburgh Coal of Pa____100 60 Feb 14 78 Jan 7
13
Preferred
100 95 Mar 20 110 Jan 7
/
1
4
1,400 Plttsb Screw dr Bolt_ _No par 175 Jan 22 227 Feb 18
8
8
7,000 Pittston Co
No par 2018 Feb 28 223 Mar 27
8
10,100 Poor & Ca class B
No par 27 8 Jan 23 343 Mar 18
5
8
900 Porto Rican-Am Tob Cl A-100 59 4 Jan 14 7614 Mar 18
3
15,000 Class B
No par
12 Jan 10 27 Mar 10
/
1
4
10,700 Prairie Oil & Gas '
25 45 Mar 6 6018 Apr 7
1
54
8,700 Prairie Pipe & Line
25 544 Mar 6
Feb
13,000 Pressed Steel Car
No par
77 Jan 2 165 Feb 18
8
8
800 Preferred
100 52 Jan 2 7613 Feb 14
6.500 Procter & Gamble
No par 5232 Jan 3 7012 Feb 19
Producers & Refiners Corp-50 612 Feb 17 114 Mar 17
4,900
Pro-phy-lac-tia Brush _No par 46 Jan 2 55 Feb 27
.
4
1084 1103 1073 10934 10814 111 2 i.O6T 113. 21 1093 112
4
8 1
- 1109
8
par 8113 Jan 2 11312 Apr 1
10058 10958 *110 111 210912 10912 110 110 11012 11012 11012 11172 152,700 Pub Ser Corp of N J No 100 10613 Jan 3 11232 Mar 20
1114
700 6% Preferred
*12812 130 *12812 130 •12812 1293 *12812 1297 *12812 1304 *12812 130
4
8
7% Preferred
100 121 Jan 10 13014 Mar 21
'
150 154 *150 154 *150 154 *150 1534 •150 15314 *150 153
8% preferred
100 143 Jan 2 15552 Feb 6
8
•1097 110
1097 1097 *1097 110 '
8
8
8
51097 110 1 1094 110 •1093 110
8
21,600 Pub Serv Elea dr Gas pref_100 10714 Feb 5 11014 Mar 26
4
82
8
833
2 827 83
8214 834 8212 847
17,500 Pullman. Ins
8, 8212 8412 8214 83
No par 8118 Mar 17 893 Jan 3
8
*4 8 514 *478 5
5
418 47
414 47
8
8,
44 3,300 Punta Alegre Sugar
44 472
47
8
418 Apr 1
50
812 Jan 17
25 253
24
8 254 257
52 25
8 2514 2578, 25
253
8 2518 253 42,200 Pure 011 (The)
8
25 3118 Feb 25 257 Apr 1
8
113 4 1133 1123 1133 *11212 11314 113 113141 11312 11212 11314 1137
3
4
4
4
8
150 8% preferred
100 11214 Jan 2 1137 Apr 4
8
74
7512 76
7672 764 763
4 76
7712 763 78
7512 77
4
11,400 Purity Bakeries
73 Mar 28 887 Feb 15
8
51
5412 534 553
8 5318 5614 55 4 583
3
8 57
2
6014 604 627 2036200 Radio Corp of Amer___No par 343 Jan 29 627 Apr 4
2
8
*54
553 *54
8
55
55
55
55
56
55
56
56
56
700 Preferred
50 53 Feb 4 56 Apr 3
757 767
2
79
79
2 77
81
85
81
81
8212 8218 8412 21,900 Preferred 13
No par 68 Jan 24 85 Apr 2
37
36
354 363
4 35
363
394 3818 4014 3812 404 453,400 Radio Kelth-Orp el A No par
2 37
19 Jan 2 493 A pr 4
4
4 4
0
8 454 47
481z 484 46
457
45
4832: 4614 474 4812 49
58,900 Raybestos Manhattan_No par 33 Jan 4
6214 627
8 6218 6312 615 623
8 614 6214: 60
8
15,400 Fkua Silk Hosiery
8
617
8 603 61
10 4434 Jan 15 647 Mar 26
8
100 100
*
98 100
*98 100
*98 100 1 *98 100
98
50 Preferred
98
100 88 Jan 13 100 Mar 29
43
8 43
418 5
45
8 47
8
8
414 43
8
414 414 *4
414 7,000 Reis(Robt) & Co
No par
3 Jan 16
14
5 2 Feb 3
7
33
314 3118 33
*33
3912 *32
35
*31
35 .31
900 First preferred
337
2
100 2812 Feb 27 37 Jan 28
4313 4414 4212 433
7
4 424 4314 4218 43 8 424 43
4213 434 60,200 Remington-Rand
No par 2552 Jan 2 4414 Mar 28
*100 1003 •
4 100 1003 100 100
4
100 100 1'
5100 10014 100 1004
400 First preferred
100 92 Jan 3 1004 Mar 28
*100 101
100 100 •100 101
101 101
101 101
140 Second preferred
101 101
100 95 Jan 4 102 Mar 10
1418 133 14
14
134 134 1334 14
4
134 1384 1314 133 12,900 Rao Motor Car
10 104 Jan 24 147 Mar 24
4
8
8284 78
8
8
767 7712 783 8012 817 8278 79
8
19,800 Republic Iron & Steel
79'2 79
80
100 72 Mar 15 827 Apr 1
8
8
4
*113 4 1143 1133 114 *1133 114
3
114 11412'
4
511414 1143 *11412 115
600 Preferred
100 107 Jan 8 11412 Mar 1
•24
263 ,524
4
2612 *24
2634 *24
263
4 2612 261 .24
200 Revere Copper & Brass No par 23 Feb 28 80 Jan 3
263
4
55
8 57
8
513 57
512 53 16,200 Reynolds Spring
4
5
12
57
2
5 4 54
3
512 614
No par
4 Jan 10
713 Jan 29
8
553 5614 553 5613 554 554 5512 5614 55
4
553
5412 55
69,600 Reynolds(R J) Top class D _10 4918 Jan 3 585 Mar 11
8
• _ 69
75
75
75
*74
7412 744 7412 741 *74
130 Class A
75
10 7214 Jan 27 80 Jan 2
*43
4314 4314 43 43
44
43 8 *4312 44
441 *434 4412
7
400 Rhine Westphalia Elea Pow__
41 Jan 7 4552 Jan 21
8
2618 263
8
2 257 264 265 2714 2634 274 2612 267
49,700 Richfield011 of Californht 25 224 Feb 17 2814 Mar 14
8 2612 27
5
2314 23 8 2312 2438 2413 2538 2458 254 245 2512 243 254 78,400 Rio Grande 011
8
4
No pa
1612 Feb 19 253 Apr 2
8
567 567 *58
8
5612 567
57
8
2 563 5712 5614 59
4
5612 5612 7,100 Ritter Dental Mfg
No pa
447 Jan 13 593 Feb 5
8
4
8
467
45 4 463
3
4 46
8 455 4614 4538 4612 4512 4512 4514 46
11,300 Rossia Insurance Co
1
374 Jan 18 483 Mar 3
4
5412 53 4 543
527 53 2 53
2
5314 5314
3
3
4 533 5433 5418 543 33.100 Royal Dutch Co (N Y shares
4
4
4914 Feb 20 54 Apr 62
67%
8
8 525 5414 53
5314 543
543
4 5314 545
8 54
53
54
5312 6,900 St. Joseph Lead
484 Jan 2
1
Feb
9912 9912 10438 993 103
954 973
4 98
4
9914 101
994 100
17,800 Safeway Stores
No pa
9314 Mar 24 1223 Jan 23
8
96
9412 95
95
05
95
96
9618 9514 0514 96
320 Preferred (6)
96
10
94 Mar 28 997 Feb 7
8
4
1083 10814 1083 109 *107 1083 108 108
4
4
107 107 *107 10812
450 Preferred (7)
100 10518 Jan 14 1097 Mar 26
8
261.1 274 *27
. 4 28
273
29
2912 313
4 30
307
8 30
13.100 Savage Arms Corp____No pa
30
244 Jan 17 313 Apr 2
4
9
9
83
4 9
83
4 9
84 9
85
2 8 2 5,000 Schulte Retail Stores_No pa
7
85
8 9
414 Jan 2 134 Jan 23
70
8 70
*
70
70
70
747
*70
743
4 70
70
70
370 Preferred
70
100 85 Jan 2 75 Jan 21
*1212 1312 123 1212 115 1214 *1112 1214
8
1212 1212
8
12
12
700 Seagrave Corp
No pa
/
1
4
93 Jan 24 14 Mar 11
4
8713 85 44 8812 85
827 843
8
4 814 847
2 84
5
8718 87
8818 65,500 Sears, Roebuck & Co__No pa
8114 Mar 31 10052 Jan 31
•2014 2012 193 193
1812 184 1813 1,500 Second Nat Investors Nopa
4
8
185 193 *18
8
4 187 20
8
912 Jan 2
23 Feb 17
*81
8012 8233 8012 8012 *513
8212 *
81
80
4001 Preferred
80
80
80
No pa
5812 Jan 3 823 Mar 18
4
278 3
28 3
7
3
3
23
4 3
278 3
5,400 Seneca Copper
3
3
No pa
24 Jan 3
313 Jan 29
1212 1158 1238 1134 12
12
1158 1212 115 12
8
115 12
62,600 Serve! Inc
8
No pa
8
7 8 Jan 13 127 Mar 25
7
46
4934 4758 5014 483 493
463
4 4618 474 47
8
4 4878 493 40,900 Shattuck (F 0)
4
No pa
3634 Jan 2 5014 Apr 2
2918 2912 30
3112 3118 3158 31
31
3012 3012 *2914 30
2,600 Sharon Steel Hoop___ _NoPa
224 Jan 18 323 Feb 13
4
*234 23 8 2312 2412 2312 2412 2378 237
24
24
*23
*23
7
8
500 Sharp dr Dohme
No par 17 Jan 2 2734 Mar 10
62
*5812 6218 *60
6212 *6018 61
*
60
6014 6014 *58
1001 Preferred
61
54 Jan 2 63 4 Mar 10
No pa
3
2318 23
23
8 233 24
2312 2312 237
4
233 2453 243 243 46,100 Shell Union Oil
4
8
4
No pa
21 Feb 20 243 Apr 4
4
103 103
8
103 103
1027 103
104 10414 103 10514 1033 1033
8
8 1,7001 Preferred
10 100 Mar 8 10514 Apr 3
145 1612 1618 163
8
1512 1512 1518 1772 16
2 1514 16
173
2 3,800 Shubert Theatre Corp_No pa
4
84 Jan 2 183 Mar 19
4638 49
45
12 47
4714 513
4 474 523
513
4 47
5314 157,100 Simmons Co
4 51
No pa
433 Mar 22 94 8 Jan 2
4
7
3312 343
5
3418 3218 323
34 8 33 8 3412 32
4 33
1
4 3212 3414 53,900,81mms Petroleum
1
227 Jan 22 37 Mar 24
8
2734 28
274 293
313
4 30
2 294 313
4
8 294 304 293 31 306,600•Sinclair Cons 011 Corp_No pa
2138 Feb 17 313 Apr 1
8
*110 11214 *110 11214 *111 11214 *11112 11214 *11112 11214
*111
Preferred
100 109 Jan 18 1117 Mar 28
8
344 3652 37
343 15
4
.
3712 383
383
8 3714 39
4014 67.800 Skelly 011 Co
4 39
2
287 Feb 18 4014 Apr 4
8
700 Snider Packing
614 63
*814 812
64 614 *614 612
8
6341 632
64 64
No pa
54 Jan 2
8 Jan 9
29
32 •
31
6
*26
•
32
29
4
7001 Preferred
3012 3014 3014 303 317
8
23 8 Jan 2
No pa
3
113 114
11212 114
11012 12112 11014 11312 4,200 Solvay Ara Inv Trust pref.10
10912 10912 10912 114
954 Jan 6 131% Ae b 23
2
8 Fpr 4
28
3,300 So Porto Rico Sug
284 2812 2714 28
28
27
28
28
2714 *2614 27
No pa
2438 Jan 2 30 4 Jan 16
3
63
4
877
52 6412 6512 674 6612 673
2 66
8 653 667
2
8 6612 674 51,400 Southern Calif Edison
5612 Jan 2 627 134In; 3
78 Aa 2
712 74
*7
600 Southern Dairies el B __No pa
8
*74 8
*712 8
714
718
7
Vs
313 Jan 4
4334 44
544
44
•4112 43
44
44
4218 *4112 44
6001Spaldirut Bros
42
No pa
33 Jan 8 45 Mar 17
'
113 113 *110 113 *110 112 *110 112
70 Spalding Bros 1st pref___100 108 Jan 13 113 Mar 15
113 115 *113 115
3414 3214 3318 3212 333 • 3252 3414 36.2001Spang Chalfant &Co IncNo pa
34
8
3612 33
343 35
2
197 Jan 2 3613 Mar 31
8
10 Preferred
9412 944 •9412 96
*9412 96
*9412 106
*9412 95
*9412 96
100 92 Jan 20 96 Jan 2
195 2013 204 2214 213 223
8
8 2218 2314 2212 233
3 2318 237 44,700 Sparks Withington____No pa
4
8
8
134 Jan 18 237 Apr 4
*2114 22
2112 22
2212 2212 *22
224 223
23
207 Feb 1 3 4 Ae r 4
8
2 1 F pb 4
6
3
4 2218 2312 1,000:Spencer Kellogg & Sons No pa
•3114 313 *31
3112 30
8
30
30
No Pa
30
3012 2.900'Spicer Mfg Co
303 *2912 30
2
214 Jan 2
*4312 44
45
No pa
400 Preferred A
4414
544
45
45
*44
4512 *4312 447
39 Jan 15 4518 Mar 31
8 45
/
1
4
40
*37
4212 403 42
*3814 40
40
417
4014 4013 41
4
8 2,300 Spiegel-May-Stern Co_No pa
3512 Jan 4 52 Feb 3
2318 233
4 2312 2432 243 2614 26
4
223 Mar 15 2914 Feb 8
No pa
8
2612 2512 2814 251z 26 213,800 Standard Brands
•11834 11914 11914 11914 •11514 11914 •11812 11914 1194 11914 11914 11914
No pa 11712 Feb 3 11912 Feb 11
5001 Preferred
512 512
900,Stand Comm Tobacco_No pa
6
6
6
5 8 54
5
6
5 Jan 2
6
6
74 Feb 11
6
64
11412 115 511212 115
11458 122
3
8
11814 1215 103,700 Standard Gas dr El Co_No pa 109 4 Jan 18 1244 Feb 19
11818 12412 117 120
65
6512
6412 653
50 64 Feb 6 6512 Mar 21
654 6512 6512 3,100 Preferred
4 6512 6512 65
133 143
4
4 1312 1412 1214 137
10 Jan 2 1512 Mar 27
*127 1312 5,700'Stand Investing Corp_ _No pa
8 124 1318 13
8
13
1004 100% 1004 10012 10012 10012 101 101
10052 1004 10052 1004 2,300'Standard 011 Export pref _.100 98 Feb 8 102 Mar 14
6514 6512 654 663
2 6714 6812 6712 6912 6752 683
5513 Feb 20 70 Apr 4
59.600 Standard 011 of Cal_ _No pa
2 6818 70
724 7312 7212 7412 7412 764 7414 767
58 Feb 20 773 Apr 4
2
4
8 744 753
4 743 773 416.300 Standard 011 of Newlersey _2
2
35
3514 343 353
4
8 3518 35 4 355 36
8
3
36
3672 3612 3712 105,800 Standard 011 of New York _25 8114 Feb 19 3712 Apr 4
*218 212 *218 212
24 214 *2
14 Jan 3
1,200:Stand Plate Glass Co__No pa
3 Feb 19
213
2
2
214 214
712 712 *8 4 8
*713 812
812 84
100
4 Jan 6 1012 Mar 10
812 812
1501 Preferred
3
8
8
6014 6014 6313 70
25 Jan 9 72 Apr 2
69
69 4 72
1
72
7212 1,070:Stanley Co of America_No pa
70
72
70
*37
3818 *383 39
4
*36
39
'Starrett Co (The L S)__No pa
33 Jan 23 434 Feb 17
*37
39
381 •37
*37
3812
1778 20
193 2012 197 204 193 2012 187 1952 1812 193 31,800 Sterling Securities el A_No par
4
8
1018 Jan 8 2012 Mar 31
8
8
4
44414 1412 1412 143
4 1414 1412 1414 1412 14
20 12 Jan 2 144 Mar 31
1418 2,700 Preferred
14
141s
4518 46
4614 4612 4612 4612 47
4634 4714 4618 463
47
4 2,300 Convertible preferred._ _ -50 3638 Jan 6 48 Mar 18
4118 4138 4138 4118 4112 433
4 43
8
4413 4234 435
487 44.100 Stewart-Warn Sp Corp_._ _10 88 Jan 3 467 Apr 4
8
8 43
10114 10212 100 1024 101 1031.4 1001.2 103
9913 10114 10014 10418 74,230 Stone & Webster
No par 77 Jan 22 1044 Mar 27
4078 40
40
4034 40 4 42
3
413 4212 4152 423
4
8 42
43
35,400 Studeb'r Corp (The) 3 Par 40 Mar 29 474 Feb 6
10
*12412 125 •12412 125 *12412 125
125 125 *1243 125 *12412 125
4
200 Preferred
100 lid Jan 21
1
13
8
38 118
114
114
1
1
118
No pa
8 Jan 4 12833 1 ar 31
8
118 42.100 Submarine Boat
1
18
114
118
•647 6512 *647 6512 647 647
8
8
8
64
6418 6414 6412
64
4
8 64
600 Sun 011
No par 53 Feb 20 653 Mar 19
10312 10312 104 10412 10312 10312 1033 1033 10312 104
104 104
12,850 Preferred
4
4
100 10212 Jan 13 1054 Feb 6
718 714
74 752
73
8 73
8
714 73
83 Mar 14
8
714 712
No pa
54 Feb 17
2
714
74 11.300 Superior Oil new
25
2512 26
2572 25
Ms 27
284 2614 2612 26
3
100 20 Jan 2 293 Mar 27
2712 17,000 Superior Steel
1412 141z 1414 144 1432 147
2 1414 1414 14
14
1318 133
s
813 Jan 24 157 Mar 28
50
4 2,000 Sweets Co of America
514 54
53
2 54
8
5 2 53
3
1,300 Symington
5
*5
5
512
No pa
5
23 Jan 3
4
6 Mar 18
5
4
1514 157
8 153 154 15
154 1517 153 .153 1512 15
812 Jan 3 164 Mar 20
8
No pa
4
153
2 5,100 Class A
20
195 203
2012 2012 20
8
4 203 203
8
22.300 Telaulogra ph Corp_ ---NO Pa
4
4 2013 2312 233 26
154 Jan 25 26 Apr 4
1512 153
8 1512 1612 16
1613 16
16
4
1618 153 16
163
13 Jan 3 1612 Feb 6
8 8,100 Tenn Copp & Chem-No Pa
8
4 5814 5918 573 594 5712 58
574 5818 575 583
4
5712 587 46,000 Texas Corporation
57 3 A ) 2
25 504 Feb 24 6938 3 ar 24
8 ir
2
2 6412 6514 0414 647
6514 663
8 64
8
614 633 644 634 6438 28,800 Texas Gulf Sulphur___No / or 547 Jan 2
g
1212 1314 124 1318 1212 127
124 13
2 1212 1212 1238 134 8,700 Texas Pacific Coal & Oil...10
87 Mar 3
8
1412 Mar 18
8
26
2614 2713 2752 2812 277 29
284 2612 273
2 2612 2814 92,500 Texas Par land Trust
1
1352 Jan 2 323 Mar 22
8
•Bid and asked prime:..""""
this day. x Ex-dividend.
• Ira trips
C Ex-div. 200% of
20'11M011 Mtoet
PER WARR
Range for Pretious
Year 1929.
'Moen.
Highest.
$ NT share $ per share
2414 Nov 47 Jan
103 Oct 375 Jan
8
8
18 Nov 37 2 Jan
7
1
Oct
338 Mar
20 Oct 5112 Mar
57 Jan
8
12 Oct
30 Oct 634 Jan
4314 Oct 68 Aug
54 Nov 83 4 Jan
3
8313 June 110 Oct
17 Dec 27 Aug
12
20 Nov
51 Nov
8 Nov
4012 Oct
45 Oct
618 Nov
50 Dec
4318 Nov
4 Oct
35 Oct
54 Nov
98 Nov
105 Nov
13912 Nov
10412 Nov
73 Nov
6 Dec
20 Nov
108 Nov
55 Oct
26
Oct
50 Nov
62 Nov
12
Oct
28 Nov
364 Nov
8614 Dec
33 Dec
8
40 Dec
20 2 Nov
3
81 Nov
93 Mar
1018 Oct
624 Nov
1034 Nov
25 Dec
35 Nov
8
39 Nov
70 Apr
424 Dec
225 Dec
8
15 Oct
40 Nov
28 Nov
4E18 Oct'
3812 Nov
9018 Nov
85 Oct
100 Oct
2012 Nov
34 Dec
30 Dec
10 Dec
80 Nov
9 Dec
45 Nov
2 Nov
74 Nov
2518 Oct
20 Nov
167 Nov
8
50 Nov
10
Oct
Dec
5913 Nov
15 Nov
21 Nov
103
Oct
28
Oct
34 Nov
14 Nov
85 Nov
123 Dec
2
4518 Nov
2 Nov
12
30 Nov
107 Nov
15 Oct
89 Mar
134 Nov
20 Nov
2018 De,
38 Nov
34 Dr.
20
Oct
11414 Nov
313 Dec
7312 Nov
5812 Nov
4 Dr,
_
5112 Oct
4s Pk
3134 Nov
14 Nov
312 Dee
20 Nov
301x Oct
84
,
812
31
30
64
3814
115
3
2
55
100
5l4
15
512
2.2
614
Vs
9
012
24
92
,
6l4
-- 1
4331111
95 4 Mat
4
5034 Jan
65 8 Jan
5
65 Aug
2538 Mar
81 Mar
98 Aug
254 Jan
8234 Jan
13714 Sept
10818 Feb
12478 Jan
151 Sept
1093 Jan
8
9914 Sept
2112 July
304 May
116 Feb
1484 Aug
11434 Sept
57 Jan
8213 Apr
464 Jar
5812 Sept
843 Mar
8
10212 Feb
1614 Feb
10812 Feb
573 Oct
4
9612 Oct
101
Apr
317 Jan
8
14614 Sew
11512 Feb
3113 Nov
1214 Jan
66
Jan
8912 Oct
64
Jan
495 Jan
8
4212 Mar
70 June
96 Ma,
64 Sept
94 Jan
19514 Jan
101. Sept
10913 Dec
517 Jan
2
4112 Jan
11812 Jan
2214 Apr
181
Jan
1511 Nov
6314 Nov
1013 Mar
213 Aug
8
194 Aug
533 July
4
22 Nov
657 Aug
8
313 Apr
4
7413 Jan
188 Sept
404 Aug
45 Jan
111
Jan
46's May
164 Feb
644 July
111 Sept
45 May
9314 Sept
3
15 2 Jan
Mt May
117 Feb
524 Jan
98
Oct
73 Aug
45 Aug
663 Mar
4
554 Mar
11772 Feb
4454 Sept
1183 Sept
4
4338 Jan
24334 Sept
67 Feb
48 Sept
WS
.
;
83 tin,1
4812 Sept
6,1 Jan
2
al
Jan
45 May
477 Oct
8
Nov 38 Sept
Nov
157 July
8
Oct 5512 Sept
Or
77 May
Nov 201 2 Aug
,
Nov 98
Jan
Nov 126 Jon,
Orr
412 mar
Dec 863 Oct
2
Jan 10513 3512
Nov 24 Aug
Nov 734 Apr
Nov 9214 Apr
Dr,
11 May
Nov
9 2 May
3
Der
51 Mar
:
Nov
072 AN
Nov
172 -ter t
No%
9311 Apr
No, 23 2 Mar
7
Or2413 Jan
2359
New York Stock Record-Concluded-Page 8
Por sale. during ale ...ea of stocks not recorded here. see eigotb page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 29.
Monday,
Mar. 31.
Tuesday,
Apr. 1.
Wednesday. Thursday.
Apr. 3.
Apr. 2.
Friday.
Apr. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-Mare tots
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
per share $ per share $ per share $ per share 8 per share $ per share Shares Indus. & Miscall. (Con.) Par $ per share $ per share
Per share
164 Mar 35 Sent
No par
263 28
4
19 Jan 17 364 Apr 4
8
8
2912 33
3218 3312 3238 344 327 354 345 364 57,300 Thatcher Mfg
35 Mar 494 Sept
No par 4014 Jan 2 48 Mar 31
4612 4612 48
900 Preferred
47
4712 *44
8
48
8
4712 474 477 477 *44
z
2512 Dec 517 Jan
No par 26 Mar 20 32 Jan 18
900 The Fair
29
285 *2812 2912
8
29
29
293
4 28
*283 2934 30
8
30
10 Preferred 7%
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
110 110 *____ 110
4
4
110 *____ 1093 •____ 1094'---- 1093
Jan
30
Oct 62
25 364 Jan 21 4712 Mar 12
900 Thompson (J Ii) Co
424 424 4214 4214 42
4212 4212 4212 4212
4212 43
42
10 Nov 2312 JUDO
4
147 15
4
8
4
8 153 1612 90,300 Tidewater Assoc 011___No par 103 Feb 15 163 Apr 1
1614 163
147 16
8
164 154 163
4 16
744 Nov 907 Aug
/
1
4
4
100 78 Feb 13 893 Mar 25
1,600 Preferred
87
87
8518 88
87
8 87
8718 875
8 8718 877
867 87
8
14 Nov
40 June
100 1912 Jan 31 28 Apr 1
300 Tide Water 011
29
*26
*26
*27
29
*27
30
28
28
28
28 .26
12 Jan
8518 Nov 97
100 861s Feb 13 92 Apr 1
800 Preferred
*99 91 *89 92 904 92 *91 95 *91 94 9118 9118
10 1412 Jan 17 204 Mar 31
17,100 Timken Detroit Axle
1812 19
1713 19
1112 Oct 344 Sept
8
1912 183 19
1914 204 1913 203
8
8 187
Jan
58.2 Nov 150
864 31,500 Timken Roller Beating_No pa
703 Jan 18 864 Mar 29
3
8 84
8
845s 864 833 8512 84
4
8512 823 8514 8318 837
1
Oct 224 Mar
612 Jan 23
214 Jan 3
418 412
412 44 8,100 Tobacco Products Corp___ _2
43
8 44
412 45
8
414 412
43
8 45
8
5
514 Nov 225 Mar
2
74 Jan 2 12 Apr 2
1014 1012 1038 107
117 117
8
8 114 111 11,100 Class A
113
4 1112 12
8 11
8
1614 Aiar 10 207 Mar 25
1834 19
4 1918 20'2 104,400 Transcont'l 011 Co ____ No pa
19
1834 20
19
193
4 1914 193
20
1538 Dec
244 2112 2334 2412 2312 215
/
1
le Jan 4 284 Jan 31
8 7,400 Transue & Williams St'l No pa
8
-. 1317
A
.
8 2312 244 2338 243 • 2318 237
30 Dec 63 July
304 Jan 2 4134 Mar 1
3914 3914 3938 4078 4012 4138 394 41
4014 4118 8,000 Trico Products Corp__ No pa
394 40
134 Dec 317 Jan
8
No Da
19
15 Jan 2 22 Mar 18
700 Truax Truer Coal
*1812 19
1818 183 *1818 184 174 1818 •1812 19
19
4
1
304 Nov 6152 Jan
33 Mar 2 3758 Mar 25
*354 36
400 Truscon Steel
4
/
1
8
36
36
*3618 383
8 3514 3514 *3434 363 *343 3513
82 Nov 18114 Oct
125 126
13,400 Under Elliott Fisher Co No par 9714 Jan 2 138 Mar 21
1214 12514 121 126
122 • 12312 124 126
12212 125
Preferred
100 121 Feb 4 12212 Feb 25 120 Dec 125
Jan
•123
____ *123
•122 ____ *122 ___ *122
*122
Jan
7 Nov 43
*13
4
1312 1212 12121 13
1354 134 1358 134 1318 *1312 133 11,000 Union Bag & Paper Corp-100 10 Jan 8 16 Mar 1
59 Nov 140 Sept
76 Jan 2 1064 Mar 31
1045 10512 104 10318 1031z 1013 10218 1017 10218 1033 1024 1014 197.800 Union Carbide & Carb_No par
8
4
8
4
25 4118 Feb 20 474 Mar 19
7,400 Union Oil California
4512 4578 4512 4614 4518 467
464 4614 4618 47
424 Nov 57 Sept
8 4614 47
No par 33 Feb 27 37 Apr 2
*3412 36
363 364 2,600 Union Tank Car
4
364 37
35
37
3512 354 36
36
4 8614 894 328,400 United Aircraft dr Tran_No par 434 Jan 31 9312 Apr 2 "If Nov 162 May
834 8712 87
9312 8318 913
893
8 853 9112 89
4
447 Nov 10912 May
8
50 56 Jan 31 78 Apr 2
7412 7412 3,200 Preferred
75
75
7218 7218 7414 7114 743 75
75
76
8
Oct
3313 Dec 60
No par 38 Jan 7 52 Apr 1
15,000 United Biscuit
50
4534 46
493 5014 50
4
51
50
52
46
4614 47
Preferred
100 118 Feb 6 127 Mar 21 11412 June 136
Oct
•127 14912 *127 14912'
5127 14912 •130 14912 *130 16412 *130 14912
8
443 Jan 2 743 Mar 25
4
No pa
38,100 United Carbon
40 Nov 1113 Sept
12
4
703 73
4
4 6618 6712 6714 69
4 6514 693
684 71
684 693
10
3 Dec 2712 Jan
4 Jan 4
9 Jan 22
6
6 18 6,600 United Cigar Stores
6
6 18
8 618
6
6
6
618
64
6
Jan
197 Dec 104
8
100 28 Jan 2 584 Jan 23
300 Preferred
40 40
5
.3612 41
40
40
*40
43
41
41
*36
41
No pa
19 Nov 7512 May
8
3013 Jan 2 463 Apr 4
8 4418 4618 637,900 United Corp
4258 4378 434 4438 434 4514 435 4512 433 445
8
8
/
1
No pa
8
4211 Nov 497 July
5,100 Preferred
464 Jan 6 524 Mar 19
503 51
4
4
503 51
4
5078 5138 503 514 5038 513
8 503 51
4
No pa
10 Jan 2 194 Feb 19
3,300 United Electric Coal
6 Dec 814 Feb
15
1514 1414 15
1418 1418 1414 144 1414 1412 144 15
No pa
99
Oct 15812 Jan
8612 Feb 21 105 Jan 13
9312 13,500 United 'Fruit
913 927
4
8 9112 9212 92
89
93
90
9014 9114 91
22
8
315 Jan 2 453 Apr 4
8
Oct 594 July
43
4438
4518 586.800 United Gas & Improve_No pa
4138 423
4 43
2 4338 43
437
8 434 441
No pa
2,500 Preferred
90
/ Oct 9814 Dec
1
4
97 Jan 13 10014 Mar 24
9912 9912 100 100
*984 994 9918 993
995 100
8
8 9912 993
263 Jan
3
7 Nov
100
7 2 Jan 4 14 Mar 14
7
.1112 1218 3,600 United Paperboard
12
4
4 12
11
8 113 123
1112 12
1214 124 133
154 Nov 4878 Aug
/
1
25 Jan 20 3234Mar 7
3,800 United Piece Dye Wks_No pa
*30
32
31
4 30
2912 2912 303
2814 2812 283 283 *29
4
4
No pa
Oct
318 Dec 14
418 Jan 2 12 Jan 23
3,100 United Stores cl A
4 9
83
8 84 *83
85
8 94
8
8 14
8
8
8
8
1414 Dec 407 Oct
No pa
1512 Jan 2 3614 Jan 23
s
*2614 273
*2814 304 *2914 3012 1,600 Preferred class A
31
31
2712 2712 31
4 27
2518 Nov 854 May
3213 Jan 7 39 Mar 15
365 37
8
*3614 3612 3614 364 3613 3612 3612 3612 3612 3612 1,600 Universal Leaf Tobacco No pa
28 Dec 93 Jan
564 5914 5914 *59
/
1
100 Universal Pictures let pfd.100 30 Jan 3 61 Mar 10
*591 65
/
4
*53
*59
63
65
59 4 59,
,
4
2 Dec 2214 Jan
/
1
4
73
4
8 Apr 4
218 Jan 9
30,400 Universal Pipe .12 Rad No par
64 8
65
8 67
64 714
7
63
4 7
8
7
77
8
12
1
Oct 557 Mar
s
3614 3412 354 344 354 47,100 US Cast Iron Pipe & Fdy--20 1812 Jan 2 367 Mar 29
353 364 33512 3612 35
4
35
36
Jan
15 Oct 19
1st preferred
4
No par
154 Jan 7 183 Mar 29
1812 5,400
8 18
183 1834 x1812 1812 1812 184 1812 18'2 1838 183
4
18 4 Nov 20 June
,
2d preferred
No par
184 Jan 3 20 Mar 15
*193 21
4
*20
4
21
*193 21
*193 20
4
*193 21
4
•1934 21
9
Oct 23 Sept
No par 15 Jan 6 203 Jan 17
900 U S Distrib Corp
164
s
/
1
4
16
•16
16
*1514 1614 *1514 16
17
8 16
1538 153
10 Apr
2 Jan
314 378 4.000 U S Express
3 8 Apr 4
7
25 Mar 24
8
100
338 33
3
3
3
318
3
3 14
3
34
5
8614 Nov 13412 Sept
8
No par 855 Feb 25 10114 Jan 6
3.600 U S Freight
8914 907
90
89
9018 9012 9012 89
89
89
8812 89
171a Nov 72 Aug
8
1814 Jan 3 327 Mar 30
2914 3014 304 324 30,58 317
8 294 307s 2978 307 25,400 U S & Foreign Secur No par
8 3018 317
82 Nov 924 Aug
*9638 981
.No par 8512 Jan 8 101 Mar 21
700 Preferred
*9612 98
*9612 98
*963 99
8
*9613 98
9612 99
8
174 Dec 497 Jan
2712 271
500 US Hoff Mach Corp_ __No par
no 2714 274 2718 2778 274 *27 28 *27 28
19 Jan 2 3053 Mar 12
95 Nov 24358 Oct
1023 1031
4
3
10212 1064 103 10512 103 1041s 10418 105g 16,900 U S Industrial Alcohol_ ___100 9814 Mar 20 139 8 Jan 2
10212 104
3513 Jan
5 Nov
*103 101
8
No par
8
8 4,900 U S Leather
10
103
8 1018 107
712 Jan 2 1112 Mar 26
8 1014 114 103 11
8 ' 107 113
1414 Dec 617 Jan
8
20
No par
1912 2018 183 20
*19
15 Feb 26 2012 Mar 26
*1814 1912 18
8
203 *1812 2012 2,600 Clam A
s
8114 Dec 107 Feb
100 774 Mar 17 89 4 Jan 9
*7918 83
3
300 Prior preferred
*82
95
82
82
*7918 82
7812 79'8 *7812 82
724 721
711 7112 7.600 U S Realty & Impt____No par 60 Jan 3 7512 Mar 25
/
4
714 7314 714 7314 715 734 7112 72
5012 Nov 11912 Feb
8
15 Oct 65 Mar
30
10 2118 Jan 17 3414 Apr I
93,100 United States Rubber
8
324 3414 3214 34
/
1
304 304 331
324 334 325 34
4018 Nov 9212 Jan
1st preferred
6312 63
7
100 4724 Jan 17 63 8 Apr 4
e
59
5813 581
6212 631 17,600
4 6118 62
6312 6114 633
3414 8,700 US Smelting Ref & Min____50 29 Mar 5 361s Jan 6
8
294 Oct 727 Mar
3514 357
354 351
33
35
/ 354 354 364 x343 35
1
4
a
Jan
48 Nov
58
8
50 507 Apr 1 5312 Jan 7
51
51
.503 511
4
600 Preferred
511z 504 51
51
51
•504 5114 51
4
19214 1941 1934 195
8
194 107's 513,100 United States Steel Corp__100 166 Jan 2 1977 Apr 1 150 Nov 2613 Sept
1943 1977 19312 1973 1924 195
4
8
4
/
1
Preferred
100 141 Jan 4 146 Mar 21 137 Nov 1444 Mar
1,700
*14513 1453 1455 1453 1454 1455 145 14512 145 145
1444 145
8
8
4
65
7124 Nov
No par 6014 Jan 6 68 Feb 10
654
554 Nov
1,600 U S Tobacco new
67
66
66
87
68'2 6512 6612 654 66
66
2418 Nov 584 Aug
No pa
53,200 Utilities Pow & Lt A
42
42
424 4112 4212 4112 424 4114 4278 41
314 Jan 4 4314 Mar 27
/
1
424 41
1312 Jan
3 Nov
No pa
74 Mar 12
4 Jan 7
554 57
8 3,600 Vadsco Sales
512 578 *54 584
534 578
513 13
54 57
8
3712 Nov 1164 Feb
No pa
10712 11612 1045 112
494 Jan 2 12412 Mar 25
103 1081 10518 10834 97,200 Vanadium Corp
8
108 11112 10518 112
May
33 Oct
No pa
44
4434 3,400 Vick Chemical
*4434 45
45
4518 4414 414 4318 44
3712 Jan 18 48 Mar 7
4312 431
2
43 Jan
814 25,300 Virginia-Caro Chem_No pa
8
6
612
,
87 Apr 1
8
512 Jan 2
8
8
812
63
4 814
3 8 Oct 199 4 M
8't
818 84
Jan
15 Oct
30
30
2612 Jan 17 3414 Apr 1
10
3214 32
31
4,400 6% preferred
32
3318 *32
3418 3314 3414 32
69 Nov
10
•80
81
78 Jan 2 82 Apr 4
400 7% preferred
4
81
8112 *82
*82
823
4 813 814 82 82
83
10
*80
81
8
_111 111
80 Virginia El & Pow pf (7).100 1053 Jan 8 111 Mar 31 102 Nov 16975'4 Sept
___. 10914 110 *110
111 111 *110
48
ep
39 Dec 142 Jat:
Virg Iron Coal & Coke PI-100 39 Feb 3 39 Feb 3
*39
45
*39
42
539
42
42 '
*39
*39
*39
42
45
a
38 Nov 1497 Aug
146 14612 1424 145
100 65 Jan 7 156 Mar 24
13512 136
13513 138
136 140
690 Vulcan Detinning
135 142
81 Nov 110 Apr
Preferred
•100 10112 *100 105 *100 10412 *100 103 *100 10212 *100 103
85 Jan 24 100 Mar 24
10
40 Jan
14114 143
8
68 Jan 22 1497 Mar 24
10
660 Class A
131 134
132 134
141 142
131 135
139 139
20 Nov 364 Oct
28
2414 Jan 6 291z Mar 20
2912 283 2914 26,500 Waldorf System
No pa
8
2912 29
8 284 2914 29
2814 28
385
8
38
22 Nov 497 Oct
4
No pa
424 4012 4112 4114 42lg 20,900 Walworth Co
384 3812 395
26 Jan 3 423 Apr 2
1
8 387 4114 41
41
3
20 Dec 84 4 Jan
484 48
2112 Jan 7 54 Mar 24
48
483
4 4278 471
50
507
8 494 504 49
3,670 Ward Bakeries class A No par
112 Oct 211 Jan
/
4
1112 124 1338 15
No par
144 153
8
4 Jan 2 153 Apr 1
/
1
4
8 1314 141 218,200 Class B
8 1412 1514 1418 145
69
69
72
50 Nov 874 Jan
100 58 Jan 2 7718 Apr 3
721
763
4 5,300 Preferred
76
7718 73
8
734 7412 767 77
79
30 Nov 6412 Aug
8014 7812 797
8 775 793
8
8 7718 8014 7712 7912 7414 787 429,300 Warner Bros Pictures new-- 384 Jan 2 8014 Mar 28
8
6914 7014 6914 6914 69 69
25
/ Oct
1
4
No par 3612 Jan 2 7014 Mar 28
66
2.600 Preferred
694 7018 694 1391 *65
184 1812 1814 181
42 s Jan
15 Oct 59714 3
No par 164 Jan 23 20 8 Jan 2
7
183
8 8,700 Warner Quinlan
183
8 18
181s 1812 1818 1812 18
18712 190
4
1885 1903 188 190
8
No par 132 Jan 18 1934 Mar 14 115 Nov 2073 Oct
4
1834 18614 5,100 Warren Bros
185 18814 18512 187
64
61
6314 6314 6314 6314 64
39 Aug 6318 Oct
64 Mar 21
1st Preferred
50 46 Jan 1
63
633
4
*6014 63
64
150
3312 334 3218 333
14
1518 Mar 34' Jan
334 Mar 28
8
324 324 317 3212 3114 32
33 33
6.000 Warren Fdy & Pipe__-No par 2314 Jan
9
83
8 878
91
25
812 94
8
/ 818 8,900 Webster Elsenlohr
1
4
812 84
813 918
2818 293
4 284 2912 2812 2834 28
2813 2718 2714 27
6,200 Wesson Oil & Snowdrift No par
27
*58
584 5612 98's 58
5818 *58
Preferred
No par
58
*58
59
59
700
58
186 1883 18112 1884 18514 1893 186 18918 18612 1911 19012 1933 22,800 Western Union Telegraph_100
4
4
8
4914 495 31818 4812 484 483
8
4 48
474 4878 11,700 Westingh'se Air Brake_No par
48'2 4814 481
18718 1907 18412 19214 18418 18712 18318 188
8
8
1803 1851 1825 1864 207,000 Westinghouse El & Mig____50
4
18914 190 *184 193 *184 193
184 184
50
190 let preferred
181
180 180
4612 48
48
4878 4534 477
8 4614 47'8 46
473
3 4618 18338 7.600 Weston Elea Instrum't_No pa
4738
*35
37
*35
37
*35
37
No pa
35
*35
35
200 Class A
.35
37
37
*105 108 *105 106
106 106 *10612 107
107 107 •107 10712
50 West Penn Elea class A _No pa
*110 11012 109 110
110 110 *100 110
10
1740 Preferred
109 1097 10912 10912
0
100 100
10014 10012 10014 10014 100 10014 10018 1001 100 100
100
500 Preferred (6)
•116 1171z 11712 11712 *117
_-_- *11714 ____ 11714 11714 117 117
*4
50 West Penn Power prat---10
*109 110
109 10912 109 10912 10912 110 *110 1123 *110 11212
10
290 6% Preferred
4
*48
*48
49
4913 *18
494 *4913 493 *48
4
West Dairy Prod cl A__No pa
4912
4912 *48
183 184 183 183
4
8
4 1812 183
4 184 187
8 187 187
8
NO pa
/
1
4 2,800 Class B
8 184 183
54
5414 55
54
51
533
4 54
55
5212 5212 54
553
4 3,300 Westvaco Chlorine ProdNo pa
•1313 15
1418 1418 14
14
14
14
144 1418 *1418 16
400 Wextark Radio Stores_No pa
397
3914
39
-Ws -56T, 163; -40T4 11 2 -iii:i ii" . White Eagle Oil& Barg No pa
No pa
20:300 White Motor
-15018 5114 48
50
49
4914 49
493
4 4818 487
4814 4,800 White Rock Min Spring ctf _50
s 48
1118 113
8 114 115
8 1112 123
8 124 134 13
135 •124 123
8
4 8,300 White Sewing Machine-No Par
*3612 37
8 39
384 3712 *374 387
393
4 39
397 *384 39
8
No par
1,600 Preferred
177 1812 18
8
17
17
18
18
18
18
1818 18
1814 3,200 Wilcox Oil& Gas
No par
3314 *33
34
*32
,
3312 304 304 *31
*
33 33 4 33
33
400 Wilcox-Rich class A__ _No par
8 2618, 273
4
4 263 2714 264 274 285 2712 264 2714 21,700 Class B
2514 263
8
No par
95
8 97
94 94
8
912 93
,
94 9 2
912 95
8
4
912 954 30,400 Willys-Overland (The)
5
*7814 85
*7814 85
*784 80 '7814 85
/
1
85
*82
85
8412
100 Preferred
100
612 612
6
63
s 612 *614 613
513 54
618
54 512 1,400 Wilson & Co Inc
No par
13
4 1218 1212 13
1114 1214 1114 1114 11
123 123
4
11
2.200 Class A
No par
5238 524 5278 5412 5378 5412 5312 53(2 *52
54
5218 5218 1,900 Preferred
100
62 4 614 634 6318 654 6418 6612 633 6514 833 647 71,900 Woolworth (F W) Co
61
4
8
8
10
13314 1373 123 12912 117 12614 128 13614 132 13914 13212 1394 45,100 Worthington P & M
4
100
*94 100
100 100
*98 100
*98 100
*98 100
100 100
200 Preferred A
100
89
88
89
*89
88
904 89 89
87
90
87
90
700 Preferred B
100
*55
65
65
559
5818 5818 '
*52
65
*59
*65
65
65
100 Wright Aeronautleal___No par
7412 7434 7412 7413 *744 75
*7412 75
74
7412 7414 75
1,800 Yale & Towne
25
25
263
267 2712 254 27
8
243 2534 253 274 110,400 Yellow Truck & Coach cl B_10
4
4
8 213 28
8
*88
90
90
90
90 90
100 105
105 105
105 105
590 Preferred
100
8 44
453
8 45
4414 445
454 45
457
455s 44
it 4312 45
39,400 Young Spring & Wire_No par
147 150
147 148
149 15014 147 14914 146 1474 14612 148
21,100 Youngstown Sheet & T _No par
912 10
812 gia912
*94 912
/
1
8
111s 11
918 1014 10
113 27,100 Zenith Radio Corp_ _ _ _No par
C 14.538isked Prfaen no same on this day, so Ex dividend. g Ea rights.
514 Jan 2
2212 Jan 23
504 Jan 1
177 Mar 2
435 Jan 1
/
140 Jan 2
133 Jan 2
293 Jan 18
4
3312 Jan 27
98 Jan 3
105 4 Jan 2
3
9714 Jan 2
11312 Jan 3
1043 Jan 23
8
44 Jan 11
134 Jan 3
37 Jan 2
10 Jan 21
26 Jan 17
31 Jan 2
3618 Jan 21
711 Jan 14
27 Jan 11
12
1112 Feb 26
27 Jan
194 Jan 1
74 Jan 2
6714 Jan 2
3 Jan 14
12
7 Jan 1
/
1
4
42 Jan 1
584 Mar 22
6714 JitT1 17
88 Jan 17
78 Jan 3
353 Jan 23
8
71 Afar 12
123 Jan 16
4
72 Jan 27
364 Jan 17
103 Jan 11
55s Jan 17
912 Mar 31
297 Mar 27
8
59 Mar 26
2194 Feb 19
52 Feb 27
195 Mar 7
192 Mar 10
484 Mar 31
36 Jan 28
107 Apr 3
110 Jan 30
10012 Jan 14
11712 Mar 22
110 Apr 2
50 Mar 10
20 Afar 26
591 Feb 17
1
21 Jan 7
2912 Mar 17
43 Apr 4
547 Mar 20
8
137 Mar 4
8
397 Apr 3
8
1812 Mar 26
3414 Jan 29
273 Mar 31
4
114 Feb 6
85 Apr 3
7 4 Mar 27
3
13 Mar 27
5412 Afar 31
723 Jan 2
s
1394 Apr 3
103 Mar 27
914 Mar 20
5912 Mar 5
77 Mar 1
2712 Mar 29
105 Apr 2
47 Mar 7
15014 Apr 1
1112 Apr 3
4 Oct
20 Oct
4918 Nov
160 Nov
3612 Oct
100 Oct
103 Nov
1918 Nov
391z Aug
90 Nov
97 Nov
884 Nov
110 Nov
102 Sept
3612 Nov
7 Nov
30 Oct
19
Oct
25
Oct
2714 Nov
8
277 Nov
Oct
1
27 Dec
1278 Nov
19
Oct
123 Oct
8
514 Oct
65 Dec
3 Dec
64 Nov
353 Nov
4
524 Nov
43 Ma
75 Nov
66 Apr
30 Nov
614 Feb
712 Nov
80 Ma
334 Oct
91 No
615 Dec
1134 Feb
48 Mar
7212 Mar
27214 Oct
673 Aug
4
2924 Aug
284 Aug
644 Sept
3612 Apr
110 Feb
11114 Jan
Jan
102
117 Mar
11012 Jan
60 Sept
40 Sept
9418 May
75 Sept
38 Feb
534 Mar
552 Sept
4
Jon
48
574 Jan
29 4 Feb
3
6114 May
62 May
35 Jan
103 Jan
1312 Jan
27
Jan
79
Jan
112 Sept
1373 Sept
8
10012 Sept
904 Sept
Feb
299
88 Aug
6114 Apr
9613 May
59 4 Aug
,
173 Rent
52 4 Jul,'
3
2360
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1909 the Exchange
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Apr. 4.
metSod
ef quoted bonds was changed and prices are now '*54841 Oderssi"-exespt for intone and defaulted bond
Price
Apr. 4.
Week's
Range or
Last Sale.
84 •
g
U. S.0
mint.
Bid
Ata Low
High No.
First Liberty Loan
/1%% of 1932-1947
J D 1001332 Sale 100111.100"w 338
°Gaya% of 1932-47
J D
_ - 9913144Jan'30
Cour 414% of 1932-47
J D 1011 42 Sale 1011232101"w 66
.
2d cony 4}4% of 1932-47
J D
993142Feb'30
Fourth Liberty Loan
4%% of 1933-1938
A 0 101841 Sale 1013435102
1343
Treasury 434
,
1947-1952 A 0 111',, Sale 11111421125w 142
Treasury 45
1944-19543 D 10712w Sale 1071
;2108"w 129
Treasury 33(s
1948-1956 M S 10541 Sale 1041%105"w 1057
Treasury 334s
1943-1947 J D 1001448 Sale 10011,,101
98
Treasurf 381. June 15 1940-1943 J 1) ____100511 100544 100:548 53
/
4
Range
Since
Jai. 1.
BONDS
11
N. Y. STOCK EXCHANGE. .1
Week Ended Apr. 4.
'
..
,a,
Price
Friday.
Apr. 4,
Range'ar
o
Lan Salo.
ig
Mae:
lass. 1.
Low
High
Bid
Ask Low
High No Low
Hig
'apeliccelovakia (Rep of) 88-1951 A 0 10912 Sale 1094 11038 28 1091 111
4
.w-aa fund 8s ser B_-1962 A 0 110 111 110 4 1103
9851110021n
/
4
_
3
4
3 109 1111
98144t9954 Danish Cons Municip 85A_1946 F A 10914 1097 1092
8
110
4
2 109 111
s if 88 Series 13
1001241101"u
1946 F A 10914 1091/ 10914 10912
3 10812c112
983449951u Denmark 20
-year extl 65_1942 i J 1051/ Sale 1043
4 1051/ 28 10312 10534
External a 514e
1955 F A 101 Sale 10034
10134 54
99 1018.
11
External g 434s_Apr 15 1982 A 0 92 4 Sale 9234
10355
.10212n
3
934 82
9019 934
109"43113144.4 Deutsche Bk Am part ctf 68_1932 M S 10018 Sale 994 10018 94
/
1
97 100,
1
10510441094w Dominican Rep Cust Ad 534e'42 M 3 9614 Sale 953
4
964 63
93
12 97
1st ser 530 of 1926
103 10611
/
4
4
1940 A 0 9114 94 92
9214 12
904 9811
2d aeries sinking fund 5%8 1940 A 0 93 Sale 92
99142 1013142
93
3
92
96
985544101"w Dresden (City) external 73.1945 MN 101 Sale 101
96 10111
1011/
8
Dutch East Indies extl 6E4_1947 1 J 102 102 102
/
1
4
10234
8
4 1015 103
State and City 1 smith's.
,
40
-year external 614
1962 M 5 1023 Sale 102
4
1021/ 18 10112 1034
N Y C 334% Corpi-...Nov 1954 MN
855 Oct'29
30
8
-year external 5558_ -1953 M S 1023 Sale 10158
8
10212 34 1011 1021
/
4
/
4
314% Corporate f _May 1954 MN
30
_-_- 8814 Aug'29
-year external 5358..-- -1953 SIN 102 Sale 10134
10134
2 1013 10234
8
41 registered
1
1936 MN ____
El Salvador (Republic) 8E1_1948 J 3 105 108 106
993 Mar'28
4
108
4
8 1033 1013;
is registered
1956 M N
Feb'30
94
-ii 94 Eaton% (Republic of) 7s 1967 J 3 86 Sale 86
8714 17
75
88
4% corporate stock
1957 M N
Finland (Republic) eat! 6E4_1945 M 3 9714 Sale 9714
95 Nov'29
971/ 16
911 97
/
4
/
1
4
494% corporate stock _ _ _1957 MN
---- 104
Mar'30
jog, 1647- External sluicing fund 78_1950 M 8 1003g Sale 9928 10038 35 974 10114
434% corporate stock_ __ _1957 M N ---. ---- 10212 Dec'29
External sinking fund 63.4s 1956 M 3 9814 Sale 971/
9112 081;
9814 44
4% corporate stock
1958 MN ---9414 Nov'29
External sinking fund 534s 1958 F A 91 Sale 91
18
8418 911/
911
/
4
4% corporate stock
1959 M N
Finnish Mun Lean 630 A 1954 A 0 98 Sale 98
953 June'29
4
0814
8
92
/ 98;
1
4
444% corporate stock_ _ _ _1931 A 0
--_- 96
Oct'29
External 1330 series B
1964 A 0 9718 977 933
8
93
/
1
4
0
928 978
4
43i% corporate stock._ _ _1960 M 8 ____
Jan'30
95
-58- 95 French Republic extl 730-1941 3 D 12234 Sale8 12234 12314 175 1175, 125 1
434% corporate stock._ - _ 1964 M El
99 Mar'29
---External 7e 01 1924
1949 J D 1177 Sale 1177
8
8 11814 243 11218c118
/
1
4
434% corporate stock_ _ 1966 A 0 ---- --_- 101 Mar'29
German Republic eat! 78_1949 A 0 1083 Sale 1083
4
10914 184 10614 1091
4
/
4
444% corporate Met__ _1972 A 0 _-__
Gras (Municipality) 8.
991/ Oct'29
1954 M N 9912 99
/ 9912
1
4
9934
9
94 c1,604
414% corporate stock _ _ _1971 J D
.
Gt Brit & Irel(UK of) 5348_1937 F A 1043 Sale 104
10034 Sept'29
4
127 10212 105
105
494% corporate stock_ _ _1963 M S 105 1.
6i12 1051/ Mar'30
F A _
Reglstered
_ ___ 1031/ Dec'29 --/ --- 10114 10512
-4 ya% corporate stock__ _ _1965 J D
444% fund loan £ opt 1960-1990 M N e§i - 8 883
106 Mar'30
106 106
883
89
4
6 e825 -5 90
434% corporatestock July 19673 3
e5% War Loan 8opt 1929.1947 J I) e98
4
1013 Nov'29
_-_993 cOO Mar'30 --, e9714 99
4
New York State Canal 4s_ 1960 ___.
Greater Prague (City) 7548_1952 MN 106 Sale 106
10114 Mar'29
____
10612
7 102 Ion
/
1
4
4s Canal
Mar 1958M El
Greek Governments I sec 75 1964 MN 101 Sale 993
10114 July'29
17
4 101
9814 101
OM
19643 3
3E441'30
109
Sinking fund sec 6s
ioi- 109
1968 F A 88 Sale 863
88
$8'
4
75
81
Haiti (Republic) is I 68
1952 A 0 96 Sale 96
93 1005/
974 28
Foreign Gam &Municipals.
78
7912 78
Hamburg (State) 68
8112 11
48
97
4
1946 A 0 963 Sale 96
91
9711
AgrIc Mtge Bank if 64
1947 PA 77is 78
7712
8312 86
10
78
Heidelberg(Germany)ext17;0'50 J J 103 20334 10314 Mar'30 -- 10012 1041;
Sinking fund la A __Apr 15 1948 AO 0612 Sale 934
9414 45
/
1
6312 8012 Hungarian Muni° Loan 734819453 3 963 Sale 9612
4
97
6
2
9084 89814
Akersbus (Dept) extl M._ _1963 MN 82 Sale 82
7
8412
External e f 7a
95
87
Sept 1 1948 3 3 9314 94
11
94
9314
86
94
Antloqula (Dept) col 75 A._1945
J 8014 84
83
6
8511
71
873 Hungarian Land NI Inst 730'61 MN 9734 991/ 99
4
1
99
91 190
External a f 7s ser B
1945 Si 83 Sale 83
7
85
Sinking fund 730 ser 13....1961 MN 973 Sale 973
7012 8712
9012 981
:
4
981/ 20
4
External i f 78 see C
1945 J J 83 Sale 821/
8518 18
70 8712 Hungary (Kingd of) a 1 730 1944 F A 103 Sale 102
1033
4 33 100 1044
/
1
External s f 78 ser D
Irish Free State extls 51 58_1960 MN 9714 98
194533 81
83
83
8
88
70
834
/
1
97
97 12 23
96
98
External s f 7s let ger__ 1957 AO 7914 85
8218
793
4
70 871.2 Italy (Kingdom of) extl 7s-_1951 J 0 99 Sale 997
/
1
4
8 1001/ 282
9414 101
External serif 78 2d ser_1957 AO 78
Italian Cred Consortium 7s A1937 M S 9812 Sale 97
7
8312 81
83
89
0811
67
93
42
98
/
1
4
External see if 78 3d aer_1957 AO 97 Sale 95
/
1
4
External sec el 7s set B _ _ 1947 M 8 98 Sale 97
88
67
97
985
/ 54
1
4
/
1
4
8 33
1
92
/ 98
1
4
/
1
4
Antwerp (City) external 55_1958 J
99 Sale 983
Italian Public Utility eat' 70 1952 j 3 me sale 9614
4
997
8 40
9214 98
97
48
92 98
Argentine Govt Pub Wks63_1960 AO
Japanese Govt £ loan 45.....1931 J 3 9678 974 983
951 100
/
4
4
109
97
943 97
4
Argentine Nation (Govt of)
99 Sale 983
4 100
78
1964 F A 104 Sale lO32s 1044 83 10112 1048
30
-years f 634e
/
Sink fund 611 of June 1925-1959
D 9915 Sale 983
4
Jugoslavia (State Mtge Bank)997
8 130
95 100
Extl s I Oa of Oct 1925._ _ _1959 AO 99 Sale 983
4
0611 99
991/ 56
Secured s 1 g 7s
/
1
4
1957 A 0 8418 Sale 84
85
104
774 8311
Sink fund Ss series A
1957 MS 983 Sale 983
4
4
997
8 28
9458 c100 Leipzig (Germany) s 1 7s...._1947 F A
9912 Sale 9913 10078 29
944 10114
/
1
External Cs series B._Dee 1958 JO 99 Sale 983
4
991/ 39
Lower Austria (Pray) 7345-1950. 0 98
95 100
1
981/ 100 Mar'30 --9315 100
Ext1 s f 68 of May 1928..1960 MN 99 Sale 9834
9934 52
/
4
95 8 1001 Lyons(City of) 15
5
-year 88_1934 M N 103811 Sale 10313 10478 28 1021281047
3
External a 1 fia (State Ry)_1960 MS 983 Sale 98
4
/
1
4
991/ 29
95
993
4
Extl Oa Sanitary Works__ _1981 FA 99
993 99
8
991 36
/
4
95
992 Marseilles(City of) 15-yr 6. 1934 M N 1033 Sale 1035, 1033
4
8
4 60 10212 1041
1
Extl 68 pub wka
(Sfay'27)_1961 MN 951/ Sale 9518
54
c97
94 1003 Medellin (Colombia) 6345_1954 J 0 77
/
1
4
8
783 78
4
7934 35
65
80
Public Works extl 5348_ _ _1982 PA 891/ Sale 8714
!Mexican IrrIgat Asatng 4%a 1943---8912 17
89 c97
1014 14
1214 Mar'30.-....
1214 1511
Argentine Treasury 5.£....1045 MS 9114 Sale 9034
9112 89
85
/ 8912 Mexico(U 6) extl ta of 1899 E'45 Q J ____
1
4
__ 4924 Jan'30
Australia 30-yr 518__July 15 1955ii 9118 Sale 91
913
Assenting 5a 01 1890
4 41
87
/ 9414
1
4
1945 --- 17 -20
17 Mar'30 ---17 204
External Si of 1927_ _Sept 1957 MS 8315 Sale 83
107
84
Assenting 5s largo
87
---- 1714 Sale 173
9414
4
173
4
5
1812 171
1
External g 430 of 1928 1956 MN 10614 1063 10614
10714 24
4
Assenting 4s of 1904
80
---- 123 Sale 1238
8
85
/
1
4
123
8
3
118 133
4
a
Austrian(Govt) e f 79
1943 ID 9714 Sale 9714
9812 58
Assenting 48 of 1910 large..
4
---131/ Sale 1313
131/ 16
111/ 1411
Bavaria (Free State) 63M 1945 FA 1154 Sale 11514 11538 84 1023 108
Assenting 4s of 1910 small_ _ _ _ ---- 12 Sale 12
91
9812
/
1
4
1234 46
1028 14
Belgium 25-yr ext if 730 g_1945 3D 11014 Sale 11014 1104 38 115 c118
Treas 65 of'13 assent(large)'33 3 J 20
23
22 Mar'30-._18
25
20
-year •f Sa
1941 FA 11014 Sale 11014 11012 36 1091/ 11112
Small
21 Mar'30 --,19
254
25
-year external 6%a___ _1949 M S 1091/ Sale 1083
4 10912 43 1053 109
: 0 931/ Sale 9318
4
1
93
/ Milan (City, Italy) extl 6%3'52 1 1
4
/ 89
1
4
85
95
External. f (is
1955 J J 10214 Sale 1021 1023
/
4
4 56 1011 103
/
4
/ Minas Germs (State) Brazil
1
4
External 30
-year s I 7e. 1955 in 1121/ Sale 11214
113
59 10914 113
External a f 63413
83
65
824 36
80 8
1958 M S 8212 83
8
Stabilization loan 7.
1956 MN 10814 Sale 10814 10914 50 107 11014
Extl sec 634s series A _ __ _1959 M S 81 Sale 81
8113 11
691/ 8211
Bergen (Norway),f 8/5
1945 MN 11018 110 4 11018 1101/
3
110 11212 Montevideo (City of) 78-1952 ./ D 1021/ Sale 10113 1021/ 11
984 103
/
1
15
-year sinking fund Oa_ 1949 AO 1003 1061/ 1003
4
4 101
11
External 5165 series A _ _1959 MN 9434 Sale 93 4
99 101
3
95
11
91
95
Berlin (Germany) a f 830_1950 AO 99 Sale 9814
69
99
Netherlands Os (flat prices).1972 M S 10314 10514 103
9211 99
10318
13 103 107
External sink fund M.._ _1958 3D 93 Sale 93
93 3 114
4
853 933 New So Wales(State) extlfe 1957 F A 88 Sale 8712
8
4
29
88
844 90
Bogota (City) extl s f Sa
9912
32
1945 AO 99 Sale 9812
9212 9912
Externals f 5s
8814 48
8
Apr 1958 A 0 88 Sale 873
84
90
Bolivia(Republic of)extl 89_1947 MN 9734 Sale 97
983
4 48
88 100
Norway 20
1047
-year extl (is---1943 F A 1047 Sale 103
8 13 1023 1041
8
, /
4
Externalsecurities 78
1958 Si 8118 Sale 81
51
83
20
-year external 68
7212 85
/
1
4
1944 F A 1031/ Sale 10311 104
28 102 104
/
1
4
Externals f 78
4
1969 MS 803 Sale 804
823
30
4 40
84
-year external 65
72
1021/ 26 1013 104
1962 A 0 1021/ Sale 1018s
8
Bordeaux (City of) 15-yr 88_1934 MN 1033 Sale 1033
22 10214c105
4
8 104
40
-year 81 530
8 84 100 1011
1965 1 D 10114 Sale 0118 1015
/
1
4
/
4
Brazil(US of) external 88_1941 J D 1001/ Sale 10014 10112 121
94 102
External e t Is._ __Mar 15 1963 M fil 99 Sale 98
99
79
0834 9
914
External if O34s of 1936_1957 AO 871/ Sale 84
8712 123
Municipal Bank exti s f 58 1967 J D 965 971/ 9714
7212 881e
8
971/
7
943 98
4
EMI f 6348 of 1927
1957 AO 8712 Sale 84
871/ 107
7214 8712 Nuremburg (City) eat' 6E1_1952 F A 9058 91/ 90 8
9214 22
5
84
8
9212
78(Central Railway)
9214 51
1952 JD 911/ Sale 91
12 Oslo (City) 30-year.1 O,.._1955 MN 102 Sale 1011/ 102
80 93
15 100 102;
7445(coffee occur) (flat) 1952 AO 10118 Sale 10014 1041/
8
Sinking fund 53451
95 1051
/
4
4 100
993
1946 F A 993 100
4
8
98 101
/
1
4
firemen (State of) extl 78
1935 M S 10134 Sale 1011/ 1025
8 57
Panama (Rep) extl 534s-1953 1 13 1015 1023 1021/ 10212
981/ 103
8
4
_
3 10018 103
Brisbane (City) 8 f M
8
4
85
1957 MS 833 844 84
Extl s f 55 set A __May - 1963 MN 9412 Sale 94
/
1
90
83
15
95
22
8912 0612
Sinking fund gold 518
8
85
1958 PA 8318 841/ 841/
83
90
Pernambuco (State of) eat' 78'47 M S 84 Sale 84
87
/ 10
1
4
714 90
/
1
Budapest(City) exti s 1 68_ _1962 in 82 8 Sale 82
7
84
/ 136
1
4
/
1
4
73
8512 Peru (Rep of) external 78_1959 11 5 9818 Sale 973
4
9918 13
094
91
Buenos Aires(City)6302 B 1955 Si 9914 Sale 97
6
Nat Loan extl s f 6s let ser 19603 D 8012 Sale 8014
/
1
4
9612 10012
9914
82
81
69
84
External is f 6a ser C-2_ _ _ _1960 A0 98 Sale 96
96
1
Nat Loan extl 81 6s 2d ser 1961 A 0 8112 Sale 801/
9212 9812
82
30
69
8414
External if as ser C-3_ _ _ _ 1960 A0 96
96 Mar'30
98
_
9818 Poland (Rep of) gold 6s
90
1940 A 0 80 Sale 7918
c81
36
74
81
Buenos Aires (Prov) extl 6a_1961 MS 8914 Sale 89
50
90
84
Stabilization loans 1 78-1947 A 0 87 Sale 8612
91
875
8 26
79
88
/
1
4
Bulgaria (Kingdom) s f 78_1957 J J 83 Sale 83
16
84
External sink fund g 8s_.1950 .1 J 961/ Sale 96
764 85
/
1
9718 45
93
12 98
Stabil% l'n 8 1 734. Nov 15 138
46
89 Sale 88
90
82
9014 Porto Alegre (City of) 8s_ _ _1961 J I) 99 Sale 99
997
8
8
91 100
Caldaa Dept of(Colombla)730'46 i 1- 871/ Sale 8712
931',
Extl guar sink fund 7345-1060 J .1 933 Sale 933
9114 16
1
81
4
4
941/
6
8312 9412
Canada (Dominion of) 68 _ _1931 AO 1002 Sale 1005
8 100 4 50
993 101
4
8
Queensland (State)extl a f 78 1941 A 0 1073 108 1063
3
8
4 10712
9 1047 1084
8
58
25
4 10414 96 102 10414
-year external 65
1952 MN 10414 Sale 1023
1047 F A 10112 Sale 1001/ 10112 12
/
1
4
994 10414
4548
/
1
4
9912 56
1936 FA 99 Sale 99
973 10018 Rio Grande do Sul extl a f 88 1946 A 0 101Ir Bale 10112 10212 22
4
90 103
Carlsbad (City) a 18.
1 103 1093
External sinking fund 68-1968 1 ID 7612 Sale 75
3
1954 .1 J 1093 -- -- 109 4 1093
4
4
4
7714 41
643 80
4
/
1
4
Cauca Val(Dept) Colom 730'46 AO 923 95
2
External s f 7s of 1920_ .1966 M N 99 Sale DO
95
931/
4
8312 95
93
13
74
9314
Central Agric Bank (Germany)
External s f 7smunic loan 1967 .1 D 843 88
4
8513
8658 26
73
894
Farm Loans 1 is Sept 15 1950 1%f S 98 Sale 971/
9812 44
984 Rio de Janeiro 25
/
1
9212
-year 51 8e-1946 A 0 104 Sale 102
10514 218
92 10514
/
1
4
Farm Loans f tla July 15 1960 J J 8815 Sale 884
47
External, t 6358
7714 9058
89
1953 F A 821/ Sale 811/
84
46
7014 85
Farm Loan a f Oa Oct 15 1960 AO 884 Sale 8814
Rome (City) extl 634e
/
1
883 163
4
1952 A 0 9338 Sale 93
94
7754 90
135
87
94 4
3
Farm Loan Osser A Apr 15 1938 AO 92 Sale 92
Rotterdam (City) extl 68.._1964 MN 103 104 103
923
8 56
/
1
4
8412 94
103
/ 12 103 10611
1
4
Chile (Republic of)
Saarbrueeken (City) 65......1963 J J 9014 ___ 88 Mar'30 ___,
80 8 88
8
20
-year external e f is.
9912 10314 Sao Paulo(City) 44 f 8s..b1ar 1952 MN 102 104 10212 10412
..A942 MN 102 Sale 102
10314 16
7
95 107
External sinking fund 68_1960 AO 93 Sale 921/
External 81 1334s of 1927_1957 MN 8214 Sale 813
9314 57
043
88
8
4
8214 13
70
84
External a I 88
c9412 25
1961 FA 9212 Sale 921/
88 c9412 San Paulo (State) extl al 85.19363 J 1001/ Sale 10012 101
3
96 102
Ry ref extl a 88
921/
931/ 36
External sec s f 88
1961 J J 93 Sale
94
1950 J J 100 Sale 99
88
101
47
99 101
Exti sinking fund Oa
Externals f 78 Water L'n_1956 M S 92 Sale 9114
9314 54
1961 MS 9212 Sale 9215
88
94
92
15
793 0312
4
Extl sinking fund Os
931/ 33
External 5 f 65 int rcts-1968 3 J 7814 Sale 744
1962 MS 9212 Sale 921/
9414
88
784 48
/
1
65
81
Chile Mtge Bk 854e June 30 19673D 981/ Sale 98
9812 57
9214 9812 Santa Fe (Prov Arg Rep)78 1942 M S 93 Sate 92
/
1
4
94
22
87
95 4
3
S I 68M of 19213_ _June 30 1961 in 98 s 99
985
8
94 1003 Saxon State Mtge Inet, 75_1945 3 D 9934 Sale 981/
4
3
9912 35
993
4 26
93
995
4
Guar a f as
94
Apr 30 1981 AO 931/ Sale 93.
35
Sinking fund g 6 Ms_ _Dec 1946 J D 96 Sale 96
94
8612
97
11
86
97
Chilean Cons Muni° 75
8
38
Seine, Dept of(France) extl 7s'42 .1 J 1071/ Sale 10718 1087
96
1960 51 S 96 Sale 945
9312 496
8 35 10658c109
/
1
4
Chinese (Hukuang Ry) 56_1951 J D 261/ Sale 2658
Serbs, Croats A Slovenes 88 '62 MN 971/ Sale 97
5
273
4
23
/ 30
1
4
973 144
4
87
98
Christiania (Oslo) 30-yr if Os '54 M S 1001/ 101 100 4 101
4 100 10218
3
External sec 78 ser B
1962 MN 86 Sale 843
4
86
88
7534 8612
Cologne(City)Germany630 1950 MS 97 Sale 9615
00 c083 Silesia (Prey of) extl
/
1
4
9712 24
1958 J D 79 Sale 7812
4
7914 32
70
82
Colombia (Republic) 68 ___ _1981
Silesian Landowners Awn Os 1947 F A 811 Sale 8112
9712 24
3
664 c83
/
1
75_'3 8114 Sale 80 4
8214 31
72
847
4
Externals I Os of 1928._1961 AO 8114 Sale 80
61
/ c83
1
4
813 3olssons (City of) extl 68_1936 MN 1033 Sale 103
68
4
4
/ 104
1
4
17 101558105
Colombia Mtg Bank 6%not 1947 AO 805 Sale 8012
811/ 128
6514 8214 Styria (Prov) external 7s
8
1946 F A 921/ 9318 92
934
/
1
7
86
931E
Sinking fund 7/1 of 1928_1946 MN 7814 80
Sweden external loan 5348_1954 MN 1043 Sale 10414
791
/
4
80 4 24
86
3
71
8
105
42 10314 10814
Sinking fund 711 of 1927_1947 FA 8318 843 84
7
Swim Confed'n 20-yr it 88-1940 J J 1077 Sale 1077
844
/
1
86
4
70
8
8 10814 42 10712c109
/
1
4
Copenhagen (City) 511
7
841/
1952 3D 8314 843 84
961s c983 3witzerland Govt extl 5348_1946 A 0 10414 Sale 103 4 10482 37 10212
4
4
1048/
-year g 4 34.
25
97
/ 4983
1
4
1953 MN 981/ Sale
4 17
8812 931/ Tokyo City to loan 01 1912.1052 M S 811 811 81
/
4
/
4
8112 37
7478 8112
Cordoba (City) eat' a f 78_1957 PA 9212 Bale 92
764 93
922
4 IS
External a 1 534s guar--19131 A 0 93 Sale 93
9312 80
874 9311
Externals f 7a_ __Nov 15 1937 MN 881/ Sale 88
905
8 19
82
8
978 Tolima (Dept of) cal 78
1947 M N 82 Sale 82
82
8
8712 37
Cordoba(Pray) Argentina 7,19423' 97 Sale 96
97
15
TrondhJem (City) lit 530_1957 M N 973 Sale 97
93 100
4
/
1
4
973
4
9
9312 98
Costa Rica (Repub) cxli 70_1951 MN 95
97
6
95
91
CIPPer Austria (Prov) 7a
96
88
97
94
1945 J D 94
94
1
925 91 114
4
Cuba (Republic) 55 of 1904_1944 51
9014 19
881/
External a f 6 Ha_June 15 1957 J D 89 8 91
8812 Sale
99 101
/
1
4
8
893
8
91
23
8114 91
External 58 of 1914 eer A_1949 PA 99
993
4 24 100 102
Uruguay (Republic) extl 8a..1946 F A 107 Sale 1063
991/ 9912
/
1
4
4 1074 11 105 108
/
1
External loan 430 ser C._1949 FA 1011/ Sale 0112 1011/
8
External a f 65
93
95 4
3
1960 M N 9812 Sale 981/
99
62
93
12 9911
Sinking fund 544a_Jan 15 1953 .1
94 Mar'30
94
/ 96
1
4
9914 10114 Venetian Prov Mtge Bank is'52 A 0 95 Sale 94
96
61
88
96
Cundlnaraarca(Dept)Colombia
10014 118
100 Sale 00
Vienna (City of) extl at 6a-1952 M N 893 Sale 893
4
4
90
57
82
01
External a f 640
82
1959 MN 80 Sale 761/
31
Warsaw (City) external 75_1958 F A 82 Sale 81
84
65
82
15
73
831:
Vnlrnhams. fOltv\ arril ft.
Cash sale. e On the basis of 4.3 to the £ titer rig.
1051 1 T1
OR
Sale
978.
98
25
Os
no
New York Bond Record —Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 4.
it
Price
Prides..
Apr, 4.
Week's
Range or
Last Sale.
Rana
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr, 4.
58
E
zA.
2361
Price
Friday.
Apr, 4.
Week's
Range or
Last Sale.
re
Ask Low
Bid
High
High No. Low
Bid
Ask Low
High Ne
Railroad
Ch M & St P gen 48 A_May 1989 J J 853 863 855
32
8
87
4
4
Ala Gt Sou let cons A 5s___ 1943 J D 103 104
5 100 103%
0034 10313
/
1
4
Registered
Q J 844 8814 85 Mar'30
1st cons is ser B
19432 D 93 4 9
92 4 Mar'30
3
92
,
Gen g 34 sec B
923
5
/
1
s
4
8
_May 1988 32 725 754 745s
74
/
1
4
Alb & Susq lst guar 34
6
5-1946 A 0 8411 Sale 8338
/
1
8412
Gen 41 series C _May 1989 I J 95 Sale 95
/
4
83% .8
s
/
1
4
/
1
4
957
s 4
Alleg & West let g go 46_ .._ _1998 A 0
2
_ 85
87
Registered
87
85
---- -- 100 May'28
Alleg Val gen guar g 4a
1942M S 95
9513
9511 10
96
92% 9512
Gen 4;Orreries E__ _ _May 1989 JJ 9614 sale 944
9614 34
Ann Arbor let g 48._ __July 1995 Q J 83
12
85
83
84
76
Chic Min St P & Pee Ea_ _ _ _1975 FA 9414 Sale
85
AVM Top de S Fe--Gen g 4e_1995 A 0 9412 Sale 93
/
1
4
94 4 127
91% 9612
5
Cony adj 56
194
4
6
9614 3 0
75
721
Jan 1 2000 A0 73 Sale 93%
Registered
1
A 0
90
90
91
90
Chic Az N'west gong 3;is_ __1987 MN 7914 8014 851s jan41
800
3
20
3
Adjustment gold 4e.
.July 1995 Nov 91
91 8 91
,
911
/
4
Q F
8714 93
Registered
Stamped
July 1995 M N 9014 92 9014
9112 15
87
/ 93
1
4
General 48
/
1
1987 MN 9014 Sale 904
9112 33
Registered
MN
Q F
85
/ 8814
1
4
8814 Feb'30
Registered
84 Apr 29 -Cony gold 45 of 1909
1955 J 13
92 Mar'30
87
Stpd 45 non-p Fed in tax '87 MN -98T2 11
92
/
1
-1- 904
901s 12
Cony 4801 1905
1955 J D 92 Sale 92
92
94
Gen 41 stpd Fed Inc tax_1987 MN 104%
/
4a
88
104 Mar'30
Cony g 46 issue of 1910_ _ _1960 D 903 ---- 8912 Feb'30
,
8914 89 4
4
Gen 58 atpd Fed Inc tax,.1987 MN 10914 fffi 112 Mar'30
s
Cony deb 41
/
4s
1948 J D 139 Sale 13812 14112 66 128 14112
MN
105 Mar'30 Registered
_
Rocky Mtn Div lit 4e_ _ _1965 J J 90
92
89 Mar'30
N jai
Sinking fund deb 5e
88
101 Mar'30 -9012
1933
Trans
-Con Short L let 46_1958 J J 9254 __ _- 9214 Mar'30
MN
9013 9214
99 Feb'30
Registered
Cal-Ariz 1st dc ref 434s A_1962 M S 993 10014 100
4
101
10
10058 14
97 10114
-year secured g 73
1930 3D 10014 Sale 10014
Atl Knoxv & Nor let g 58 _ _ _1946 J 13 103% -- 10353 1035s
1 10214 104
•S 109 Sale 109
15
10913
-year secured g 6/
6
1936
1
46_
Atl & Charl A L let 41 A _ _1944 J 2 9514 9'71 9712
/
4s
3
9712
1st ref g So
97.2
95
3 l06'i
5
May 2037• D 10613 107 1057
1st 30
-year 56 series B
1944 J .1 10214 Sale 10214 10214
1 100 104
1st & ref 41
/
1
4
99
98
/
4
s
981 53
/
4
May 2037 3D 98
Atlantic City let cons 48__ _1951 J J 853
8
87
Jan'30
Cony 44 series A
87
103
87
/
1s
4
693
1949 MN 1023 Sale 102
A II Coast Line lst cons 48 July'52 M
19
923 Sale 925
4
4
c94
Subs rcts part paid
95
91
9913 Feb'30
Registered
M S
9014 June'29
166_ ChicRegide P riailrvay gen 48_1988 33 90 Sale 90
it I stered
9114 13
General unifird 434s
1964 J 13 -.§T4 0834 983
1 -6tir8
9
4
ii 89 Sale 89
983
4
89
5
L & N coil gold 48__ Oct 1952 MN 9018 Sale 90
9012 36
8812 9318
Refunding gold 4e
167
98
1934 A0 974 Sale 9714
Ail & Dan 1st g 48
19482 J 83
23
64
65
67
A0
58
733
4
95
Registered
Jan'30 ---204s
19482 J 51
581 58 Mar'30
MS
53
9412
/ 58
1
4
Secured 4;is series A
9514 65
Atl & Yad 1st guar 48
1949 A 0 8314 895 85 Mar'30
Ch St L & N 0 Mem Div 48_1952 3D
82
90 Mar'30 ---/ 85
1
4
51
19
Auetin de N W lst gu g 56_ _ _1941 J J 101
99 Feb'30
Goid ,4tered
Re 5
99
16
99
104
2
104
June 15 1951 3D
•D
102
102
3
Balt& Ohio 1st g 4s__ _.July 1948 A 0 93 4 Sale 933
,
4
9112 95
947
s 40
Gold 34e
/
1
81 July'29
June 15 1951 ▪ D
Registered
July 1948 Q J
9913 Mar'30
90
3D
9912
78 Apr'29
Registered
20
-year cony 4345
1933 M
100 Sale 100
10014 121
98 10014 Ch St L & P 1st cone g 5s____1932 AO
/
1
4
/
4
We" 991 9974 1
Registered
M
99 Mar'30
AO
984 99
/
1
_ 1011 June'29
/
4
Registered
Refund & gen 5s series A _ _1995 J D 103 Salo_ 1023
4 1031
69 101 1048 Chic St P M &0 cons 6s__1930 31.5 10518 16614 loots
4
Registered
J D
9914 June'29
Cons6s reduced to 3Ms _ _1930 3D 9912 ___ 994 Dec'29
letgold 58
July 1948 A 0 10872 6;f8 105
23 10118 iciEf
1051
•S
s Debenture Ea
997 Feb'30 -8
1930
Ref & gen 65 series C
1995 J
41 10812c111
110 Sale 109
110
MS
Stamped
10018 Dec'29 -PLE&WVaSysref 48_1941 MN 94 Sale 94
17
941
91
Chine 6 .4
Ic TH 54So East 1st 56_ _ _ 1960 3D 9912S5e 9912 10018 22
95
,
Southn Div 1st 56
19502 J 10358 Sale 103
18 10012 10454
104
8
3
4
91
Dec 1 1960 M S 9112 927 90 4
Tol& Cin Div 1st ref 4s A.1959 J J 85
/
1
4
8
/ 86 85
1
4
86
9914 12
84
8714 Chic Un Sta'n let gu 44 A _1963 J
9814 Sale 981,3
/
1s
Ref & gen 56 series D__ _ _2000 M S 10314 10312 10212 10314 13 10114 10412
let 58 series B
4 105
1963 23 105 10512 1043
Cony 434s
1960 F A 104 Sale 10314 1043 3119 10012 1043
4
4
Guaranteed g
4
4 1233
4
1944 J o 1025s 1033 1033
Bangor & Aroostook let 56_ _1943 J J 103 105 105
1 1013 105
105
4
lot guar 634e series C _ _ _ _1983 33 11514 1168 116
5
116
Con ref 46
10512 J 87
8
873
/ 88
1
4
4
8814
90
84
Chic & West Ind gen 66_Dec 1932 QM 101_ 101
2
101
Battle Crk At Stur let gu 3s_ _1989 J D
6812 Feb'28
J 3 8912 Consol 50
9014 90
90 14 31
-year 48
119962
52
Beech Creek 1st gu g 4s_ _ _1938 J J
96 Mar'30
-orsr2 96
let ref 51 series A
MS 10434 Sale 1043
4 105
8
/
4s
Registered
J J ---- -- 95 Aug'29
Choc Okla de Gulf cons 5s
N 1004 ____ 1005 Mar'30 -/
1
8
1952
2d guar g 58
1938 J J 9934 ___ 100 Jan'30
iiio" 116- Cin H & D 2d gold 4/ _1937 33 981 ____ 9512 Jan'30 -/
4
1
4s___
Beech Crk Ext lat g 3Hs_ _ 1951 A 0
78 Feb'30
78
78
C 1St L & C let g 48_Aug 2 1938 Q F
9514 Feb'30 ---Belvidere Del cons gu 34
/
1
..1943 J J 8318
Registered
94 Feb'30 Aug 2 1936 Q F
Big Sandy 1st 48 guar
1944 J D 92
9312
. .
zUE;a5
-OOT2 92
Cm Leb & Nor let con gu 48.1942 MN 895 ____ 90 Mar'30
3
Bolivia Ry let Is
1927 J J
----------- _
Boston & Maine 1st& A C-1987 MS 100 Sale 99
10014 63
96 161 s Clearfield M Mah 1st gu 58__1943 3J 935
- -7100 July'28
8
Boston &N Y Air Line lst 48 1955 F A 9412 88
1
86
88
81
87
Cleve
1
8978
Ch dr St L gen 43._ 1993 3D 893 91
897
4
8
Bruns & West 1st gu g 48_ _1938 J J 93 2
8
943 Mar'30 -- 92 s 9453
,
7
20
-year deb 434s
3
100
1931 23 100 Sale 100
Buff Roar & Pitts gen g 56_ _1937 M S 993 Bale 993
4
4
993 103
993
4
4
3
General As series B
_ 108 Feb'30
1993 3D 108
Congo'41
/
4
6
1957 MN 94 Sale 94
9412 29
90
95
Ref & impt 68 ser C
106% 1063
/
1
1941 J J 1064
8
Burl C R dr Nor let & coil 56_1934 A 0 10018 10012 99
/
1
4
99
/
1
4
2
9912 101
Ref & impt 58 ser D
2
/
1
4
2
1983 J 3 103 164 - 103% 103%
Ref & impt 41 ser E
/
4e
1977 33 9712 975 9512
973
4 30
Canada Sou cons gu 56 A_1982 A 0 105 Sale 105
1 10212 105
105
J
/
1
4
Cairo Div 1st gold 4s
944 10
9454 -- 944
Canadian Nat 41
/
4
6_Sept 15 1954 M S 9612 964 9618
9318 97i8
967
8 34
/
1
Chi W &M Div let g 4e.._1991 33 87
8712 14
8718
1939
30
-year gold 41
/
4e
0612 17
1957 J
96 Sale 96
92
/ 97
1
4
fit L Div 1st coll tr g 48_ _ _1990 MN 87
88
/
1
4
25
89
Gold 4145
1968 J D 9512 Sale 9512
9614 39
9214 97
Spr & Col Div 1st g 4s___ _ 1940 MS 9214
9218 Mar'29
Guaranteed g 55__July 1969 J J 1023 Sale 1023
25
8
8 103
9914 103
W W Val Div let g 4a
54
93 Jan'30
1940 J J 9218
Guaranteed g 56.---Oet 1969 A 0 1023 Sale 10212 103
65 1014 103
4
/
1
/ CCC&I gen cons g 6s.._ _1934 33 104 Sale 1043
1
4
/
1
4
8 1043
5
8
Canadian North deb a!7s_1940 J D 11114 Sale 11114 112
82 109 112
/
1
4
Clay Lor & W con 1st g 56._ _1933 AO 100 _
997 Jan'30
8
25 year. f deb 6341
1946 J J 116 Sale 1143
4 11614 12 113 11653 Cleve & Mahon Val g 5s
/
4
4
1938 32 991 -- - 1003 Mar'30
Registered
11314 Jan'30
11314 11314 CI & Mar let gu g 4348.._ _ _1935 MN 9812
10034 Mar'28
jilA
1 -Yr liald 4 Ms_
0
Feb 15 1935 F
2
100
100
9818 100
/ Cleve & P gen gu 41 ser B _1942 AO 983 --__ 1003 Mar'28
1
4
/
4
4
4
45
Canadian Pac Ry 4% deb stock J J 863 gide 86
110
87
4
8312 8814
Series B 34s
AO 887
8
87 Mar'29
/
1
Col tr 4lis
1946 M S 99 Sale 9812
9
99
96% 10012
Series A 41
/
4
4
9512 Nov.
1942 33 983
195
4
29
0
1942
/equip tr temp ctfe
1
1
4
1944 J J 10312 Sale 103
1033
4 15 1005 10354
10084
4
Series C 31e
/
4
8818 Mar'30
1948 MN 8514 1;0
Carbondale & Shaw 1st g 46..1932 M S 9713
9818 Mar'29
Series D 3Hs
FA 85% ---- 893 Jan'29
4
Caro Cent let cons g 46
1
19492 J 84
84
84
74
8458 Cleve Shor Line 1st gu 418_1961 AO
101 Mar'30
/
4
Caro Clinch &0 1st 30-yr 5.1_1938 J D 1017 Sale 1017
8 1017
4
g
3
9912 102
Cleve Union Term let 534s....1972 AO 10758
10612 10714
9
let de con g 66ser ADee 15 '52 J D 11012
-- 10838 Mar'30 --_- 107 10912
AO
Registered
107
_
Oct'28
Cart dr Ad 1st gu g 48
19812 D 85
833 Feb'30 _-_/
1
4
4
853 85 4
4
3
let s f 58 series 13
"—
1043
4 33
1973 AO lova Sale 104
Cent Branch U P let g 46_ 1948 J D 85
85 Mar'30 _-__
86
82
8512
lets t guar 41a ser C _ _1973 A0 98'4 Sale 98
/
4
9841 239
77
Central of Ga let g 5a _Nov 1945 F A 103
105 May'30
10214 105
Coal River Ry 1st gy 4s_ _ _1945 3D 90
91 Mar'30
Consol gold 58
1945 M N 1033 Sale 1033
4 1033
4
4
101 104
Colo & South ref & eat 4 yis_1935 MN 100
100
10014 25
Registered
100 Feb'30
MN
100 100
Col & H V 1st eat g 4s
913
1948 A0 9112
119585
4
914
4 20
Ref & gen 51 series B._1959 A 0 1041 105 105
/
4s
/
4
8 104 10.534 Col & Tol let est 49
105
FA 8612
844 Dec'29
Ref de gen 58 series C
1027
1959 A 0 102 Sale 100
8 31
/
1
4
98% 1027 Conn At Paesum Ely let 48_1943 AO 81
8
8612 Feb'30
Chatt Div pur money g 46_1951 J D 8614 -- 89 Mar'30
8412 89
Consol Ry non-cony 48
76
_
1
76
1954 23
Mac & Nor Div 1st g 54_ _1946 J
100 Feb'30
9718
100 10112
Non-cony deb 4s
1
7414
1955 J•ScJ 75
7414
Mid Ga & Atl Div pur m 56'47 J
9812 ____ 100 Mar'30
98 100
Non-cony deb 45
69 Dec'29
1955 AO 75
Mobile Div 1st g Is
103
____ 103
1 100 103
1946 J J 103
Non-cony debenture 43_1956 33 731g
75 Mar'30
Cent New Eng 1st gu 48
854
1
/
1
1961
84
4
4
81% 8538 Cuba Nor Ry let 53.45
e
1942 3D 64 6.6;1- 64
6512 52
Central Ohio reorg lst41
100 Mar'30
/
413..1930 58 S
9912 100
Cuba RR 1st 50
15
7912 801 807
8
/
4
82
-year 5 g__ _1952
1 42
.s
Cent RR & Bkg of Ga coil Ea 1937 MN 102 Sale 10112 102
3
9512 102
let ref 734e series A
Kos 23
90 Sale 8912
Central of NJ gen gold Ia....1987 22 1103 Sale 1103
4 1117
8 19 10754 1117
4
8
1st lien & ref Os ger B__ _ _193 .1 D 85
8612 8612
3
6
193 2 11°
8612
Registered
11014 Mar'30
_
1987 Q
107 111
General 48
92 Mar'30
1987 2J 9114 94
903 92
4
Day & Mich 1st cons 41 _1931 3 3 093 Sale 99 2
2
8_
/
4
993
4
4
Cent Pee 1st ref gu g 4a _ _1949 FA 9312 Sale 93
943
19
9114 95
Del& Hudson 1st & ref U.._ _1943 M
ill
94
9314 Sale 9254
Registered
90 Mar'30
FA
90
90
30
-year cony 5s
1935 A0 993 102-2 101 Mar'30
4
Through Short L let gu 48.1954 AO 9212 943 9212 Mar'30
8
9038 r933
4
15
-year 51
/
4
e
N 104'4 1041 104
:
1C45
1937
3 23
Guaranteed g 56
1037
37 100 4 10412
1960 FA 103 Sale 103
3
10-yesr secured 76
8
/ 10012
1
4
1930• D 100 Sale 100
/
1
4
D RR & Bridge lat gu g 48_1936 FA 9514
9614 Aug'28
Charleston & Say'h 1st 75_1936 23 108% -- 108 Dec'29
Den dr R G lat cons g 48----1936 22 9512 Sale 933
4
957s 45
Chea dc Ohio 1st con g 56._ _ _1039 MN 10312 1033 1033
4 1033
4
2 10214 104
Consol gold 41
4
/
4
6
4
1938 32 983 Sale 9818
983
4
Registered
N
1939
_ 10112 Jan'30
10112 10218 Den & R0 West gen 56.Aug 1955 MN 98 Sale sfi
9814 68
General gold 41
/
4
6
1992 M
99 Sale 99
991
62
9714 102
Ref & impt 5s ser 11_Apr 1978
9412 96
N 93 4 Sale 93%
3
Aegistered
98 Mar'30
M
96
98
Des M & Ft D let gu 4s
30 Mar'30
35
1935 J J 28
Ref & impt 44
/
1
s
1993 A0 9712 Sale 97
977
8 84
94
9812
Certificates of deposit
3
28
31
33
31
Registered
90 4 Sept'29
FA
3
Des Plaines Val let gen 41
9212 _
925 Feb'29
e
/
4
6_1947 M
Ref de Imps 4345 Der B.-__1995 J J 97 Sale 9612
973 221 -55E8 - -1- Det & Mac let lien
4
99 4
3D 66
74 2 66 Mar'30
g 4s
1955
Craig Valley let 56_ _May 1 '40 J J 10114 102 102 Mar'30
965s 102
Gold 48
61
60
65
1995 3D 61
.'otta Creek Branch 1st 48_1946 42
88% Mar'30
8612 8812 Detroit River Tunnel 43424_1981
99 Mar'30
N 99 100
R & A Div 1st con g 46_ _1989 22 88
89
15
89 e 88%
3
884 8918 Dul Missabe & Nor gen 5a.._1941 33 10314
/
1
101
Fab'30
2d consol gold 4e
1989 J J 843 88 87 Mar'30
8
8313 87
Dul & Iron Range let 58
31937 A0 10012 1124 103 Mar'YO
Warm Spring V 1st g 58..1941 MS 983
8
-- 10014 Mar'30
97 10118
Registered
97
Oct'29
A0
Chesap Corp cony 5s_May 1547
N 10018 Sale 10018 101
174
98 10112 Dul Sou Shore & Atl g 56.._1937
75
3 • 2 We' 1412
Chic & Alton RR ref g &J....1949 AO 68
72 69
7
6918
6514 72
East Ry Minn Nor Div let 46'48 AO 93
92-2 Feb'30
CU dep stpd Oct 1929 int_ _ _
6712 70 69
6918 10
63 8 6918 East T Va & Ga Dly g 5s_ _1930 J J 99.8 1664 99.8 Mar'30
7
Railway first lien 3;is_ -1950 JJ 6412 6512 6412
6412
3
59
69
Consol let gold 5s
4
1958 MN 104 4 io852 1043 Mar'30
Certificates of deposit......
65 Mar'30
645
4
6113 68
Elgin Joliet & East let
1941 MN 10212 10.514 103 Mar'30
Chic Burl & Q—III Div 330_1949 ii 88
8
87 873
/
1
4
8754
1
8518 8814 El Paso & S W lat 56 g Se....
1965 AO 10214 1031s 10214 Mar'30
Registered
- 8418 Feb'30
841e 8413
Illinois Division 48
1949 J J 93
9413 9411
9412 10
92 3 95
,
Erie 1st consol gold 76 ext_1930 58 S 101 10114 101
10114 33
General 4s
1958 MS 925 Sale 9218
3
93
28
89
94
1st cons g 4s prior
865
1998 33 864 Sale 8614
a 23
Registered
MS
913 Sept'29
4
Registered
8214 Jan'30
1996 J J
1st & ref 434s ser B
1977 PA 98
8968 9718
9814
8
96 100
1st consol gen lien g 4s__..1096 J
823 Sale 8212
4
8314 61
1st & ref Se series A
1971 J A 1064 Sale 1063
/
1
8 106%
3 10412 1074
/
1
Registered
77 Mar'30
1996 33
Chicago& East Ill is 63_,_ _ 1934 AO 10414
10038 Mar'30
10053c105
Penn coil trust gold 4s__ _ _1951 P A it'd" 10112 101
101
1
8112 Sale 8114
C cic E III Ry (new co) con 58..1951 M
8212 153
84
72
50
-year cony le series A,._ _1953 A0 8414 85
844
85 2 12
,
1982 MN 1043 10514 104 4 1044
Chic & Erie let gold 58
4
5
1 102 105
/
1
Series B
1953 A0 8412 8512 8512
8512 13
Chicago Great West 1st 4s 1959 MS 71 Sale 70 4
5
7012 275
64
7212
Gen cony 48 series 13
83 Dec'29
/
1
4
1953 AO
(
1
4_1947 22 1123 ---- 11234 Jan'30
Chic Ind & Loulsy—Ref /
4
112 113
/
1
4
Ref & inept 58
00- 8 12 95
1
8
N 1967
'2
9814 342
Refunding gold 56
1947 2J 1025 1034 1023 Mar'30
3
4
/
1
1015 1023
4
4
Erie & Jersey lets 6s__ _ _1955 .7
113 Sale 11213 113
8
1947 22
C
Refunding 4s series
89 Dec'29
Genessee River lets
11214 Sale 11114
112
/
1
4
3
1966
N 10312 1044 10412 10412
/
1
Ist & gen 58 series A
4 "Si 10458 Erie de Pitta gu g 31 f 158_ _1957 J
/ secr 11_1940 J
4
86% -s
88 4
,
8613
3
lst & gen 66 ser B__ _May 1968 22 107 107 107
5 106 10918
10714
Series C 3Hs
863g
8638
857 Oct'29
8
1940 J
-year 4a-1956 J
91
Caw Ind dc Sou 50
92
91 Mar'30
89
92
Est RR extl if Te
Sale 1053
4
1954 MN
106
67
Chic LB & East let 434e..1969 J D 9814 100 9814 Mar'30
93 4 9814
3
•Cash sal*.
Range
Since
.7an. 1.
Low
High
844 87
/
1
4
318 36
4
72's 74 3
5
92
/ 97
1
4
9238
90 3
5
714
/
1
775
8
75
877,
961,
4
965
7812
804
75
9111
jars 98
100 104
107 112
105 105
1004 10112
/
1
99
99
10014 10114
4
1075 10912
104 4 10612
5
99
95
9814 103
99
9912
88
92
8512 89
95
/ 9814
1
4
95 95
924s 98
8814 90
1034 1044
102 102
"Eiis 997
1067 'WO;
,
997 ,if"
k
184 10058
89
9414
97 100
103 105
1015 104
4
114 11513
100 3 10114
3
8512 92
103 105
997 1003
8
8
9512 95
12
9514 9514
94
94
18
88 c94
/
1
4
£
8513 .. 12
99 100
/
1
4
108 108
103 106 1
,
102 104
/
1
4
93
/ 98
1
4
97
92
8514 8212
844 8914
/
1
90 W103 1044
/
1
99
/ 994
1
4
98
98
-85's 88's
-Eirs ffzif"
mole 1084
102'a 1O5'i
3
96
98 4
88
91
97 10314
,
881s 91 4
71658
-862 76
70
70
75
-536012
77
8954
8612
75
75
84
9914
92
9912 100
9114 94
97 107
1007 1043
8
8
100 101
-We
3
95 8
92
12
9712
23
14
25
-1
16 4
99
991e
95
30
31
"Ei
66
60
61
95
/ 9914
1
4
101 101
10014 103
72
79
9212 924
97 100
100 1045
4
102 103
102 10314
101 1015
4
84 c89
8213 8214
79
84
764 77
/
1
101 101
82 5 86,
7
2
82 6 86
7
/
1
4
98
94
110 4 113
3
109 113
86 s 88%
3
ioiks 106
2362
New York Bond Record-Continued-Page 3
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 4.
Fla Cent& Pen let eons g 58 1943 is
Florida East Coast let 440.1959 JD
1974 MS
let & ref 58 series A
Fonda Johns dr Gloy let 43451952 MN
Fort St U D Co let g 4 Xs_ _ _1941 J J
Ft W & Den C let g 5 Xs_ _1961 J O
From Elk dr Mo Val let 6s _ _1933 AO
GH&SAM &P let 5e__ _ _1931 MN
1931 J J
2d extens 5s guar
Only Hous & Rend let Be__ _1933 AO
'
5
GA dc Ala By let cone 5e Oct 1945
Ga Caro & Nor let gu g 5s 1929 55
Extended at6% to July 1_1934 J J
Georgia Midland 1st 3s
1946 AO
1942 in
Gouv & Oswego let bs
Or R & I ext 1st gu g 414s--1041 J J
Grand Trunk of Can deb 79_1940 AO
15
-year f 65
1936 M S
Grays Point Term let 5s
1947 S D
Price
Friday.
Apr. 4.
Week.
Range or
Last Sale.
Range
Since
Jan. 1.
c‘ar.
5
101
101 Sale 101
7012 7812 73 Mar'30 98% Feb'24
9712
-- 9713 Mar'30 - 111 .
11112 1103
4 11112 49
106% Sale 10614
1067
8 54
1
97%
97%
111
10812
9514
10914
10612
9712
9714
86
32
9314
10512
96
10518
9812
9712
9812
10012
100
9912
9914
110
97
81
11214 123
_
1Dec'29
44
96
11114 22
3
107
9812 17
Mar'30
Oet'28
323
4 59
Mar'30
Mar'30
Feb'30
1
10518
11
99
9712 13
Mar'30 ---Mar'30 ---Jan'30 4
100
Dee29
Mar'30
58
98
176
82
1
96
96 06
Illinois Central 1st gold 4s_ 1951 J J 04
ii
Oet'29
Registered
87
84
8658 Mar'30
let gold 834s
1951
_
.1
8234 Feb'30
Registered
883 85 Jan'30 - _
4
Extended 1st gold 3345._ _1951 AO 84
- 73 Mar'30 ---let gold 38 sterling
1951 MS 701
1
93
2- -12 93
Collateral trust gold 49......1952 AO 93% 94
MN
03
8712 Mar'30
Registered
10
let refunding 45
925s
1955 MN 0258 Sale 92
8
Purchased lines 3348
1952 S i 825 9012 85 Mar'30
_
J J
87 hlar'28
Registered
4 20
883
883
4
Collateral trust gold 48_ _ _1953 MN 884 91
MN
8712 Jan'30
Registered
4
Refunding 58
1955 MN 1053 10658 10512 Mar'30 - - - 11014 22
15
-year secured 634s g
1936 J J 109 110 110
135
40
-year 4548
Aug 1 1966 FA 9912 Sale 9912 100
1
91
Cairo Bridge gold 4e
1950 S D 91 Sale 91
_
78
Litchfield Div 1st gold 38_1951 is 76
748 Mar'30
8
8358
Loulsv Div & Term g 334e 1953 S i 835 Sale 8358
3
7434 Feb'30
Omaha Div let gold 38_1951 FA 747 78
7514 Mar'30 -St Louis Div & Term g 313_1951 5' 7612 78
1
'835
8358
Gold 3345
8
8358
1951 J
J J
76 July'29 -_
Registered
Springfield Div 1st g 3345 1951 is
72 Sept'29
2
9114
Western Linea let g 46
1951 FA 9114 ---- 9114
FA
92 Apr'29
Registered
DI Cent and Chic St L & N 0
10612 22
Joint let ref 58 series A ___1963 J O 106 Sale 106
5
98
4
let & ref 4345 series C____1963 J D 9714 973 98
Ind Bloom & West 1st ext 4s 1940 A 0
19505 .1
Ind III & Iowa lst g 4s
Ind & Louisville let gu 4s
1956 1 J
Ind Union Ry gen 5s ser A _ _1965 J J
Gen & ref bs series B
1965.5 J
Int & On Nor lst 6s eer A_ _ _1952 J J
Adjustment 68 ser A July 1952
let be seriesB
1956 .i--i
Ist g bs serlea C
1956 5 .1
lot Rye Cent Amer 1st 58_ _1972 M N
1941 MN
lst coil tr 6% notes_
1947 F A
let lien & ref 634s_ ..
Iowa Central 1st gold 5/3_ _ _1938 J D
Certificates of depoelt---11
,
1951 1g
Refunding gold 48
James Frank & Clear 1st 48_1959 J D
1938 J J
Kan A & G R let gu g 5s
1990 A 0
Kan & 24 let gu g 48
K C Ft S & M Ry ref g 49_1936 A 0
Kan City Sou 1st gold Is.. _1950 A 0
Apr 1950 J J
Ref &'rapt bs
Kansas City Term 1st 45__1960 J J
Kentucky Central gold 48_1987 J 1
Kentucky & Iud Term 4745_1961 J J
1961 J 5
Stamped
1961 J J
Plain
1937 .1 J
Lake Erie &West let g 5s
2d gold 59
19415 J
Lake Sh & Mich So g 330..1997 J D
1097 J D
Registered
25
1931 MN
-year gold 49
MN
Registered
Leh Val Harbor Term gu 58_1954 F A
Leh Val N Y 1st gu g 440..1940 J J
Lehigh Val(Pa) cons g 48-.2003 MN
MN
Registered
General cons 4348
2003 MN
MN
Registered
863
- 91 Nov'28
907 .
4-- 91 Mar'30
8 93
87 Mar'30
101% _--- 10039 Mar'30
1017 ____ 10014 Feb'30
8
10312 Sale 103
10312
86 Sale 86
9113
9612 Sale 9612
97
96 Sale 96
0612
74
78 78
79
93 9312 93%
93%
9612 Sale 9612
9712
33
35
33
33
3412
3413 36
3412
93
818 93
914
8058 __-- 883 Feb'30
4
__- 10114 Apr'28
9788
89
88
88
96
9718 9918
9714
7714 7712 7714
7712
1014 Sale 1007
8 102
9018 91
89
9018
88
874
r- 88
8512 Mar'30
8512 .
.
87
91 Mar'30
9012 92
8718 --- 833 Nov'29
8
4
1013 102 102 Mar'30
99 103 103 Mar'30
81
8112
8012 81
_ 7834 Feb'30
997 Sale 9934 10014
1953 Apr'29
0 4 lo5
9
Lehi Valley RR gen be series 2003 MN
Leh Y Term Ry let gu g 58_1941 A 0
A 0
Registered
Lab & N Y lst guar gold 48__1045 M S
Lex & East lst 50-yr bs gu _ _1965 A 0
Little Miami gen 48 series A..1962 M N
Long Dock consol g 85
1935 A 0
Long Isld Int con gold 5s July1931 Q J
let consol gold 43____July 1931 Q J
General gold 45
1938 J D
Gold 4.8
1932i D
Unified gold 48
1949 M 13
Debenture gold 58
1934 J D
20
-year p m deb 58
1937 M N
Guar ref gold 48
1949 M S
Nor Sh B lst con gu bs Oct'32 Q J
LOUIS & Jeff Bdge Co gd g 48_1945 M S
Louisville & Nashville 5s._ _1937 M N
Unified gold 4s
1940 5 J
Registered
J .1
Collateral trust gold be__ 1931 MN
10
-year sec 78...._May 15 1930 M N
let refund 534e series A__2003 A 0
lst & ref 56 series B
2003 A 0
lst & ref 434s series C
2003 A 0
When issued
A0
108 109
10212 103
t
Price
Friday,
Apr. 4.
High
High No. Low
Bid
Ask Low
Bid
97
983 Louisville & Washy (Concluded)
8
98%
-- 9812 Mar'30
Paducah & Mem Div 413_1946 FA
7912 87
88 10 8612 Mar'30
9012
6
St Louis Div 2d gold 3s _ __1980 MS 67
59
50
61
58 Sale 57%
2
Mob & Monte let g 430...1945 MS 97%
2512 35
33% 34
3314
3314
South By joint Monon 45..1952 S i 92
933 Sept'29
4
_ 10512 106
A tl Knoxv & Cin Div 45.1955 MN 9214
106 Mar'30
107
4 10218 104%
Louley Cin & Lex Div g 4 Me.31 NM 993
- 5
.
10412 104.. 8 10458 104%
4
3
10018
1934 S i 10018
99 1003 Mahon Coal RR let 5s
8
10018 100% 10018
1
10018
10018 100% 10018
993 100% Manila RR (South Lines) 481.1939 M.N 7512
8
2
let ext 4s
N 69
99
99 Sale 99
943 99
4
1959
3
84.
85 83
Manitoba S W Coloniza'n 5s 1934 in 993
8118 84
83
3
4
Great Nor gen 75 series A _ 1936 J J 1113 Sale
5'
Registered
1st & ref 4As series A ___1961 J J 96 Sale
8
General 5345 series B____1952 is 1105 Sale
4
General 58 series C
1973 J J 1063 107
General 4345 series D
1976 5.5 9812 Sale
General 434e series E___ _1977 ii 97
98
85
Green Bay & West deb ctfs A..,.. Feb 78
Feb 32 Sale
Debentures ctfs B
Greenbrier By 1st gu 457__1040 MN 9414 ______
Gulf Mob & Nor let 5345___1950 AO 104
lat M &series C
4
1950 AO 993
Gulf & S I let ref & ter La_b_1952 55
--Hocking Val let cons g 4345_1999 J J 105988 99
Registered
19995'
Housatonic By cons g 5,8 ___1937_ MN 988 _--H ,t T C lst g 5ii int guar_ 19375' 101 ---Waco & NW div let Ca._1930 MN ---- ---Bowdon Belt & Term 1st 59_1937 J , 9913 ---_
Houston E & W Tex 1st g 58_1933 MN 100
let guar bs redeemable _ _..l933 MN 100 1.03
_Bud & Manhat let 5s ser A.1957 FA 973 Sale
4
Adjustmentincome be Feb 1957 AO 8114 Sale
•Oaah sale. b Due Feb.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 4.
io5 gife
23
33
11
3
4
6
24
6
5
5
3
58
10
32
9
5
1
63
1
-- 99 Mar'30
99.
89
. 8812
89%
90
2612 Mar'30
99% Sale 983
4
99
99 . ov'29
N
10812 10812
102 Mar'30
Feb;28
150%8 ma 30
05
26
11
5
89%
1
.310818 113 4 10818 10818
8614 91
88
Jan'30
_-_ 104 Mar'30
1031
4.
10014 101 10014 10014 11
8
-- 985 Mar'30
985
8
6
4
933
935 9514 9312
973 99
4
9658 Dee'29
9014 Mar'30
8818
10018 10012 100 Mar'30
10014 14
10014 10012 9914
7
91
903
4
9012 91
10012 10012 Mar'30
100
905 Mar'30
8
4
903 92
101 103 10318 Mar'30
65
96
9518 958 95
9412 Mar'30
1
1003
4 10034
100%10018
7
g10018 Sale 100
10612 107% 1.0612 1068 17
10312 106% 10412 Mar'30
987 154
8
987 Sale 98
8
96 Mar'30
Week's
Range or
Last Sale.
Ask Low
-- _
70
_
9212
_.
9212
67
9738
92
9234
_
993
4
-- 9958
Sale 75
73 67
4
---- 993
Range
Since
Jan. I.
High No. Low
Mar'30
67
Mar'30
92
Mar'30
993
4
Feb'30
76
Feb'30
993
4
2
3
10
9
2
' 86
5
99 10112 Man GB ANW 1st 3348_1941
2
90 89
89
Mex Internat let 48 asstd_1977 MS
551g 73
5 Sale
10
5
6
Mich Cent Det& Bay City 55_ '31 MS 10018
10018 Mar'30
QM
Registered
9612 9712
100
Jan'30
Mich Air Line 48
1991z 11214
1940 is 9318
95 Feb'30
is
Registered
104 106%
9218 July'29
Jack Lane & Sag 334s____1951 M S
973 973
8
8
79 Mar'26
let gold 334s
1952 MN iL8412 Feb'30
Mid of N J 1st eat be
1940 A0 95 Sale 95
110 113
2
9512
Mil & Nor let ext 4348(1880)1934 J D 9714 9912 9712 Mar'30
1
Cons ext 4348 (1884).._1934 J D 97 Sale 963
/14
3
,2
4
9712
108 11114 Mil Spar & N W 1st gu 48_1947 MS 9112 92
92% Mar'30
-- - 90 Apr'28
10314 10714 Mllw & State Line 1st 3345..1941 J J 841
Minn dr St Louie let cons 59_1934 MN 41 299
4112 41 Mar'30
95
Temp ctfs of deposit
98
4114
1934 MN 4114 Sale 41%
2
95
let & refunding gold 4s
4
1949 MS 123 Sale 1212
1312 22
5
-i8- 3234 Ref & ext 50-yr be ser A _ _1962 Q F 1112 20 15
15
913 9314
4
15
Certificates of deposit ______
11
_
14 Feb'30
9118 12
98 10512 M St PASS M con g 48 lot gu '38 Si 9012 Sale 9012
let cons 59
6
9712 9614
98
1938 S i 95
96
96%
1st cons 5s gu as to int _ _1938 S i 98 Sale 9612
9
98
103 10518
984 9912
10
-year coil trust 6
__ _1931 MS 10114 10112 10078
10112 23
let & ref 13s series A
9378 9712
9812 Mar'30
19465' 9814 100
25
-year 574s
16
90
1949 MS 90 Sale 8814
9714 9812
let Chicago Terms f 413_1941 MN
4
92 Feb'30
993 10011
100 100
1
95
4
953 1003 Mississippi Central let 58__ _1949 Si 95 Sale 95
4
Mo Kan & Tex let gold 4e 1990 J D 88 Sale 88
8812 19
998 100
4
Mo-K-T RR pr lien be ser A.1962 is 102% Sale 10214
10212 13
40
' 88
S
-year 49 series B
40
8812 8812
89
1962
93 100
Prior lien 4748 ser D
953
4 12
1978 is 95% Sale 95%
3
7614 84 8
Cum adjust bs ser A Jan 1967 A0 10712 Sale 10712 10814 69
Mo Pac let & ref be ser A._ _1965 FA 101 Sale 100
10112 29
93 96
General 4s
1975 MS 80% Sale 793
4
803 114
4
lst & ref be series F
81
86%
4 10014 141
1977 MS 100 Sale 993
let&refgseeero
1978 MN 9934 Sale 993
82% 82%
4 10014 89
Cony gold 534e
4
85
4
1949 MN 1133 Sale 11212 1133 275
83
Mo Pac 3d 78 ext at 4% July 1938 MN 9114 9214 92
1
92
73
68
895 9412 Mob & hr prior lien g ba
8
100 Mar'30
1945 S i
'
5
Small
95 Feb'30
8712 97 2
,
let M gold 48
5
89
95
19465' 8858 Sale 8818
90
Small
85
867 80 Feb'30
8
1945 S i 82
82
Mobile & Ohio gen gold 48..1938 MS 94% ____ 9412
5
9412
Montgomery Div lst g 59_1947 FA 10018
Jan'30
99
-174 92
8712 8712
Ref & Inapt 430
3
968 98
1977 MS 9612 .
98%
Mob & Mal let gu gold 4s 1991 MS 86
90 883 Mar'30
4
10418 107
1937 J J 104% -- -- 105 Feb'30
10712 11014 Mont C let gu 6s
1st guar gold be
1937 J J 10012-97 c102
10018 Mar'30
Morris & Essex let gu 3349..2000 S D 8014 82
- 795 Mar'30
8812 91
8
Constr M 5s ser A w I
1955 MN 106 1063 10514
747 74%
8
8
1063
4 62
8212 8514
Constr M 434e ser B w 1_1955 MN 99 Sale 9758
78
99
7412 7512
91% 92
7514 75 4 Naah Chan & St L 4fiser A _1978
,
91
9112 22
1937
2
10018 ---- 10018 100113
823 83% NFladcSIstgug 58
8
Nat By of Mex Dr lien 4345_1957
18 July'28
July 1914 coupon on
7234 July'28
--714
Assent cash war rct No 4 on
92
8 Mar'30
89
Guar 70
8712 Aug'28
-years f 4e
1977
7 4 Sale
3
5
Assent cash war rct No Son
73
4
73
4
Nat RR Mex pr lien 434e Oct'26
3512 July'28
10214 107
1418
1412
Assent cash war rct No 4 on
9812
1412 14
95
let consol 4s
22 Apr'28
1951
718 Sale
Assent cash war rct No 4 on
7
73
4 23
-55- Ii1- Naugatuck RR let g 48._ _.1954
2
8214 89 86 Mar'30
New England RR Cons 55_1945
84
88
9838 105 9614 Jan'30
Consol guar 49
100 10112
1945 S i 8914 9212 89 Mar'30
NJ Juno RR guar let 4s.._.1986 FA _
Jan'30
91
100 101
88
N O&NE let ref & Imp 4348 A '52 is 923
4
102 106
95 Mar'30
9212 New Orleans Term 1st tc_ _ _1953 J J 88 bale 88
84
1
88
NO Texas & Mex n-c Inc 56 1935 A0 99
9912 9812 Mar'30
9114 97
let bs series B
91 100
98 12 29
1954 AO 9812 Sale 98
lit 58 series C
7212 8118
1
4 1003
4
1956 FA 100% Sale 1003
let 434s series D
93
9214 Mar'30
9012 94
_
1956 FA 92
93
9812
let 5748 series A
4 102% 48
1954 AO 10214 Sale 1013
N & C Bdge gen guar 434s 19455' 9614 9812 9512 Mar'30
35
30
3014 3412 N Y 13 & M B let con g 58_1935 AG 98% ---- 100 Mar'30
NY Cent RR cony deb (Ss_ _1935 MN 107 Sale 106
8
10
10714 22
Registered
N
106
Jan'29
875 883
8
4
Consol 4e series A
9112 38
1998 F A 9112 Sale 9012
Ref & imp 434s series A _ _2013 A 0 10014 Sale 9914 100
-§3 4 8814
.1
25
Ref & impt Is series C
9412 9714
4
2013 A0 107 Sale 10678 107, 187
75
80
A0
106 Mar'28
re
99 10212
N Y Cent & Hud My M 330 19975 J 80 Sale 80
881g 92
8118 45
Registered
8712 89
8012 Mar'30
1997 J J
Debenture gold 48
8514 8812
1934 M N 99 Sale 986
8
99
54
88
91
MN
Registered
94 July'29
30
_12 fiel2 94% Mar'30
.
-year debenture 48
1942 J .7
105- O- Lake Shore colt gold 3hs 1998 F A 79 80 77
79
29
Registered
1998 F A 77% 79% 78 Mar'30
W 103
Mich Cent coil gold 374e 1998 F A 783 Sale 783
4
7914 8212
8
7838 24
Registered
1998 F A 71% 8014 8012 Mar'30
773 78%
4
_
9612
987 10014 N Y Chic & St L lst g 4s_ __ _1937 A 0 9612 07
8
07
7
Registered
1937 A 0
9014 Mar'30
25
-year debenture 48
1931 M N -6534 Vlifs 995
8 100
103 16E9
988, 2912
2d &series A B C
4
1931 M N 1013 Sale 10112 101% 20
6% gold notes
1932 A 0
865 91%
8
10212 1023
4 23
Refunding 5745 Bailee A 1974 A 0 ioais gale 10612 10712 30
8612
86
9612 100
Refunding 534e series 13_1975 J J 107 10714 10618
10714 14
Ref 434e series C
1978 M S 97
9712 97
0712 83
N Y Connect lst gu 4343 A _ _1953 F A 97% 9812 97%
9812
5
1st guar 58 series B
1953 F A 10212
4
108 1003
10312 10312
101114 10314 N Y & Erie 1st ext gold 45. 1947 M N
92
02
3d ext gold 434e
1933 M N
9812 May'28
91- 4118 ext gold be
1930 A 0 10018 ---- 10018 Mar'30
554 10414 109
N Y & Greenw L gu g fa__ _1946 M N 9612 _- 96
88
88
Jan'30
NY & Harlem gold 3ha_ _ _2000 MN 8012
104 107
8518 Dee'29
Registered
9914 100%
2000 M N
7514 Oet'29
98% 98% N Y Lack & W let & ref gu be'73 M N
97% Oet'29
8812 933
8
lst & ref gu 434s ser B _ _ _1973 MN 0918
99%
0912
N Y L E & W 1st 78 ext._ 1930 M S 100
1005 Dee'29
8
161; N Y & Jersey 1st 58
1932 F A 10038 16614 10014
101
991, 10012 N Y & Long Branch 4e_ _ _ _1941 M S 8131,8
87 Sept'29
9712 10014 N Y & N E Bost Term 41939 A 0
9512 July'28
91
N Y N H & H n-e deb 4s_1947 M 5
87
8612 Mar'30
9914 10012
Non-cony debenture 3348_1947 111 S 83
83% Mar'30
Non-cony debenture 330_1954 A 0 783 .. 7. 783
8
89% 905
4 74 8
'
4
783
4
Non-cony debenture 48_ _1955 J -1 8512 Sale 8512
101% 10314
8312 19
Non-cony debenture 45
9414 9612
1956 MN 85% Sale 85%
85% 20
Cony debenture 374s
923 9412
4
7812 81
1956.5
7812
4
7812
Cony debenture 6s
993 101
4
1948 J .1 132 Sale 13212 1343 157
4
Registered
100 101
J J 131 Sale 130%
131
11
Collateral trust 68
10312 10714
1940 A 0 10514 10512 10514
10514
9
Debenture 4s
9912 lots%
7984 22
1957 ill N 7912 Sale 79%
let & ref 430 BA2 of 1927,19675 0 94 Sale 9312
95 100
941 137
Harlem R & Pt Chas 151 48 1954 N1 N 8814 89 89 Mar'30
94 4 96
3
9118
66
9788
89
9114
9839
99%
7312
60
981s
Hick
92%
6715
97%
9312
93
12
991
4
99%
76
67
993
4
89
89
412 5
100 1001g
100 100
9414 95
-We
95
9614
963
4
90
11i9512
9712
9712
92%
377 411e
4114
36
1212 16
15
151e
14
15
8818 9112
93 4 96%
3
97
9912
99 10112
97 100
91
81
92 92
05
09
8512 883
4
9912 104
8512 8912
9212 9612
10312 10812
99% 10214
7414 81%
97 102
963 102
4
1073 113%
8
91
92%
100 100
95
95
87% 91
80
8018
92% 9412
9618 99
9414 9858
8614 883
4
105 105
9912 10012
77
82
10314 1063
4
96% 9912
90
100
9112
100%
•
739
958
-1314
584
8
86
86
9614 9614
8614 89
85
88
92 8 96
7
87% 9012
955 99%
8
92 8 99
7
96 100 4
3
9012 94
101% 10512
95
9512
100 100
105 107%
-Ws - .192 2
97 101
105 107%
7814 82%
75
81
97
99
93 lil;
76
8114
75% 78
7612 8112
79
8012
94
97
Nu 2318
98% 10018
10118 10218
10114 1023
4
10518 107%
10511 1075
8
935 98%
8
9618 10018
100 10312
89
92
11618
95
96
9884 1161:
-6912 10i14
-8
.3f8 8611
78
83%
73% 79
8112 8812
79
86
74% 79
121 135
125 131
1041 106%
4
77
80
90
9612
873 8924
s
2363
New York Bond Record-Continued-Page 4
BONDS
N Y. STOCK EXCHANGE
Week Ended Apr. 4,
.54
Prks
Week's
Range or
Laid Said.
Friday,
Apr. 4.
Range
Since
Jan. 1.
1.4
044
111th
111938 No. Low
Ask Lots
Bid
29
60
60 Sale 5812
N YO&Wref 1st g4s_June 1992 M
6612 65%
_
70 Apr'29
Reg 6.000 only__ June 1992 MS
17 -iTs
54
50
50
53
General 45
1955 J D 50
9012 June'29 _
N Y Providence de Boston 451942 AO 87
A 0
8914 Jan'28 _-__
Registered
1
87%
NY & Putnam 1st con gu 4e 1933 A 0 878 Sale 87%
1
84%
NY Susq & West let ref 52_1937 J I 84% 86
8212 8612
8472
1
75
75
2d gold 4545
75
75
80
1937 FA 75
79
75
General gold Si
12
7712
1940 F A 7514 7712 77
7
8
993
4
94% 99%
3
Terniinal let gold 58
1943 M N 9814 10112 99 4
4
90
21
/
1
4
N Y W-ches dr B 188 ser 430'46 J .1 89 Sale 882
8612 92%
10414 23 10212 10512
Nord By ext'l sink fund 635s 1950 A 0 1037 10412 10234
8
7412 28
Norfolk South let &ref A 58_1961 F A 7412 Sale 72
5812 79
99
90
5
/ 89
1
4
Norfolk & South let gold 58_1941 M N 8714 89
89
Norfolk & West gen gold 8e..1931 MN
Improvement & ext 6s
1934 FA
New River let gold 6s
1932 AO
N & W Ry lst cons g 4e_1996 AO
Registered
1996 AO
Div'l let lien & gen g 45-1944 Ii
Pocah C & C joint 46
1941 J O
North Cent gen dr ref as A 1974 MS
Gen & ref 434s se A stpd_1974 M
North Ohio 1st guar g 5s_ _ _1945 AO
North Pacific prior lien 4s_ _1997 Q
Registered
Q J
Gen lien ry dr Id g 36_Jan 2047 Q F
Registered
Jan 2047 Q F
Ret & lmpt 4He series A__2047Ii
Ref dr impt da series B___2047Ii
Ref dr impt Si series C____2047 1.3
Ref & impt fie series D_ _2047• J
Nor Pac Term Co let g 644_1933• J
Nor Ry of Calif guar g 5s193S AO
1013 _- 10134
4
1044
1047
8
10212
10212
8
9414 Sale 937
____ 92
90
9412 95 95
9434 ____ 943
4
10212
10112
97
_- 99
9514 Sale 9518
91 Sale 9012
895 9112 89
8
6612 69 6614
6512 - _- 6212
9714 9818 9718
113 Sale 112%
1054 10614 10412
/
1
1053 Sale 105%
4
10512
1023
8
100 _-_- 101
Og & L Cham 1st gu g 0_1948 Ii
Ohio Connecting By let 48_1943 MS
Ohio River RR let g 56
1936 J D
General gold 543
1937 * 0
Oregon RR & Nay con g 46_1948 J D
Ore Short Line 1st cons g 58_1945ii
Guar stpd cons rs
1946 Ii
Oregon-Wash let & ref 48_1961 J J
Pacific Coast Co 1st g 53-1948 ID
Pac ER of Mo let ext g 4s 1938 FA
2d extended gold 5s
1938 Ii
Paducah & Ills lets f 4348_1955 Ii
Paris-Lyons-Med RR esti 85 1958 FA
Sinking fund external fl_.1958 MS
Paris-Orleans RR ext 5146 1968 MS
Paulista By 1st & refer 74-1942 MS
83
8212 82
81
9218 Mar'30
92
100% 10412 10018 10012
99 Feb'30
100 104
92%
9212
92% 96
8
/
1
1045 _- 1044 1045
8
1043
4
- 104% 104%
9114
90% 9114 90%
61% 63 6114 Mar'30
95
95
9512 9312
99
9914 Mar'30
97% ---- 9512 Dec'29
103 Sale 10212 103
10518 Sale 10414 10512
10114 1013 10934 1014
4
10012
100 _--- 100
1013
4
Mar'30
Mar'30
9414
Feb'30
95
943
4
Feb'30
Jan'30
9514
9114
89
6714
Feb'30
971
/
4
1133
4
10512
1053
4
Jan'30
Jan'30
11
38
3
2
2
38
28
31
5
39
28
13
21
3
13
26
2
46
77
46
10
_ 95% Mar'30
Pennsylvania RR cons g 46_1943 M N 9512
14
97
Consol gold 46
4
1948 M N 953 if 95
1
96
96
4esterl stpd dollar _May 1 1948 MN 9312 97
9212 Jan'30
Registered
8
Consol sink fund 414s____1960 F A 10218 1033 10012 101
4
General 4Hs series A _ ___1965 J D 100 Sale 99% 100% 64
33
1081
General 156 series B
1968 J D 108 Sale 107%
5
10
-year secured 78
1930 A 0 997 Sale 99% 100
15
-year secured 614.
1936 I' A 10912 Sale 10914 1093 157
112 Apr'28
F A
Registered
40
40
-year Secured gold M___1984 M N i1
33i4 1iil-- 10312 104
e
2
90
Pa Co gu 310 coil tr A reg-1937 MS 89% - 90
Guar 3341 coil trust ser B _1941 F A 87
88 Mar'30
Guar 334s Must ctfs C.... _1942 J D 8612 ---- 83% Sept'29
Guar 334s trust Ms D.
_1944 J D 86
__- 88 Mar'30
31
4 110
Guar 15 -year gold 4s._1931 A 0 100 Sale 993
-25
3
901
Guar eager E trust etts__-1952 M N 8914 9014 9018
87
Secured gold 41is
Sale 9912 1001
1963 M N 100
6
98
Pa Ohlo & Det 1st & ref 4134 A'77 A 0 9712 Sale 97%
12
87
Peoria & Eastern let cons 43_1940 A 0 8618 8712 86%
16
377
34
4334 36
Income
April 1990 Apr.
Peoria dr Pekin tin let 5146_1974 F A 109 - 10318 Mar'30
-12 10312
12
7
1037
Pere Marquette let sir A 58956.3 J 10312 10414 103%
4
1510series B
913 Mar'30
1956 J .1 9012 92
280
98
1st g 434s seriesCS 978 Sale 97%
9312 Jan'30
Phil& Bait &Wash 1st g 4
s 1 3 Z N 932*
1 1 1
1064 Jan'30
General Ce series B
1974 F A 10714
Philippine By 1st 30-yr s f M '37 1 J
Pine Creek reg let Se
1932.3 D
Pitta & W Va let 414s sir A_1958 J D
let M 4348 series B
1959 A 0
PC C dr St L gu Cis A
1940 A 0
Series B 434s guar1942 A 0
Series C 414/3 guar
1942 al N
Series D 45 guar
1945 M N
Series E 334e guar gold
1946 F A
Series F 48 guar gold
1953 J D
Series G 4s guar
1957 M N
Series D eons guar 4s_ _1960 F A
Series Icons guar 4143-1963 F A
Series J cons guar 4346_1984 MN
General M 51 series A_
1970 J D
Registered
I D
Gen mtge guar 5s ser B__1975 A 0
Registered
A 0
30
30
3018 31
102% 10312 102% Mar'30
96
953 9612 96
4
94
94
94
96
98%
. 99 Mar'30
99
3
9912 fiki 99 4
9712 Dec'29
9912 96% Mar'30
9618
0514 --- 95 Mar'30
963 May'29
4
983
4
94 Nov'29
065*
96%
_ 94% Feb'30
99 faiil 99% Mar'30
98 Sept'29
10812
108 189 108
99 __ _1_
10734 Mar'30
4 10814
e
1
.65T4 tit;I-- 1073
_-_- ---- 113% Jan'29
88
____
104
9912
100%
973
4
99%
9114
93
10314
101%
10014
102%
88
9634
10112
Sale 9912
8
Sale 1003
1013
4
97%
98
99%
101
Sale 91
Bale 9212
Sale 102%
8
-- 1013
Bale 10014
---- 104
89
100
7
65
10
7
23
21
15
42
88
Nov'29
Feb'30
9912
1003
4 19
Dec'28
59
98
Mar'30
9112 62
9312 477
10312 16
Mar'30
100% 21
3
104
e Cash aale. 4 Due May. I Due Augula• *WWI 1054.
1
20
--
Pitts McK dr Y 1st gu Se,_.1932 J J 10212 ---- 102 Mar'30
2d guar t3s
1035 July'28
8
19341 J
Pitts Sh & LE lst g M___ _1940 A 0 150E ---- 100% Mar'30
8
let consol gold M
1943 J J 10012 ____ 10014 Aug'29
Pitts Va dr Char let 45
923 Mar'30
4
1943 MN 86
Pitts Y dr Ash 1st 4.5 sir A1948.3 D 93'
9112 Jan'30
lit gen 5s series B
1982 F A 104 107 10478 Mar'30
let gen be series C
__1974 J D 103
Providence Secur deb 4s
1957 M N 7714 -- 75 Feicio
Providence Term 1st fa__ _ _1958 M S 8514---- 86 Mar'30
Reading Co Jersey Cen coil 46 '51 A 0 923 9312 923
4
4
9312
Registered
A 0___ 9414 July'28
Gen & ref 434s series A,_1997 J
10014 Sale 9912
10014
Rensselaer de Saratoga 92___1941 M N 10512
10018 Mar'21
Rich dr Meek 1st g 42
1948 M N- 7- -7- 7818 May'28
79 8
litchis Term By 1st gu 58_1952 J
loi
____ 100 Dec'29
Rio Grande June 1st gu de-1939 J D 9714 - -- 9718 Mar'30
Rio Grande Sou 1st gold 48_1940 J
6 May'28
114 8
Guar ts (Jan 1922 coupon)'401 I
2
712 Apr'28
_
Rio Grande West let gold 46_1939 J
95
9118 9014 93
8514
let eon & coil trust 4s A 1949 A 0 8518 8712 9514
9914
4
RI Ark & Louis 1st 4348-1934 M 5 983 Sale 9814
Rut
75
78 Mar'30
-Canada let gu g M
1949 J
81
Rutland 1st con g 4348
1941 J 1 9018 ---- 9012 Mar'30
St Joe dr Grand 1st 1st 4s---1947 JJ
Si Lavrr & Adir lst g 56-1996Ii
2d gold lis
1996 AO
St L Cairo guar g 4s
1931 J J
St L It Mt dr 13 gen con g 66_1931 AO
Stamped guar 6s
1931 AO
Riv &
Div lst g 4s_ -- _1933 MN
St L M Bridge Ter tug 56_1930 AO
Si 1,
-San Fran pr lien 46 A-1950 MS
Can M 434s series A
1978 M
Prior lien 6s series B
1950 1J
St Louis dr San Fr By gen 66_1931 Ii
General gold 56
1931 II
at L Poor &N W 1st gu 56_1948
1
4
100% 1013
103 104%
/
1
4
10214 102%
90% 9412
90
90
91% 95
4
92
/ 943
1
4
10112 10112
99
99
98
93
8812 9212
8658 90
7
83 8 7014
6212
62
8
95
12 993
112 11512
10312 105%
103% 1053
4
10512 10512
101 101
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 4.
Prize
Friday.
Apr. 4.
Week's
Ramo or
Last Sate.
"4
Range
Sines
Jan. 1.
Bid
Ask Low
High No Low
Hit&
9418 99
St Louis Sou 1st gu g 48
1931 M S 9912 ---- 99
99
2
86
9 - 86%
7
8
1
St L S W 1st g 48 bond ctfs_1989 M N 86
8912
863
767 82
8
2d g 4s inc bond etre Nov 1989 1 1 8012 82
82
82
4
9714 110
84_:le_ 9834
Consol gold 4a
99
/ 60
1
4
98 100
1st terminal & unifying 58_1952 :9918 99% 99
8
;1
99 /
1
4
1 32 I
94 c98
/
1
4
St Paul & K C Sh L 1st 4.156-1941 F A 97% sale 963
97% 34
4
/
1
St Paul & Duluth let 56-1931 F A 10 8
10018 Feb'30
- 1004 100%
0 4
7
0
9112 9112
1s1 001,501ol gold 46
9112 Mar'30
1
St Paul E Cr Trk let 4)4s-988 j
971 Jan'28
/
4
47 "
19
St Paul Minn & Man con 48_1933 4
'9718 9812 9714 Feb'30
2 103 105
let consol g Se
105
1933 1 / 105 10814 105
J J
Registered
- 10018 Dec'29 -6s reduced to gold 4Hs
4
193 . . .:4 190
93 J .1 55_3
33 1
7
wo
2
-1
-_ 993
_!
98 98
98 Feb'30 -J D 943 - - 943 Mar'30 -92
Mo etleRegisteredt gold &I
94 4
7
4
4
89 4 92
8
Pacific ext guar 48 (steeling) " 8_ 92 Mar'30
921
'
40
St Paul Un Dep let & ref 544_1972 / j 106 10i 10514 Mar'30
a
3
1
- 1047 105 8
,
S A & Ar Pass lst gu g 4
90% 94%
9
94
92 4
1:8
:
5
1943 A 0 1100034 .2_3_12 93
99% 10114
Santa Fe Pres & Phen let 58_1942 M 5
10114 Mar'30 -103 10318
Say Fla & West 1st g 13s
1934
10318 Mar'30
1994 A 0 10314 ---- 993 Jan'30
99 4 oast
1st gold 5s
3
4
Scioto V dr N E 1st gu g 4s 1989 M N 91 -8814 94
94 91 Mar'30
60 5 70
3
Seaboard Air Line 1st g 46_1950 A 0 6718 72
70 Mar'30 65
71
Gold 4s stamped
10
1950 A ° 70
71
71
71
54
60 4
1
Adjustment 55
A A
575
8 24
Oct 1949 F 0 58 Sale 57
52
Refunding 4s
601
:
1959
6012 13
59% Sale 59%
1st & cons 135 series A
65
79
763 135
1945 M 5 7512 Sale 751
M 5
Registered
75 Mar'29 -1 98124 AU& Birm 30-yr let g 4s_41933 M S -882
88% 10
8818
72
Seaboard All Fla let fill 68 A_1935 F A 66 S 4 6712
61
6812 105
8
6
17
F A
72
Series B
62
68
68
9
S aboard & Roan 1st 58 extd 1938 1 4
e 9812
94
9812
9
31
9812
5
8
B&NAlaconsgug 5a
1003 Mar'30 -- 100% 100 4
4
12
Gen con.s guar 50-yr 56
1 6 1 41 10712 ----- 10712 Mar'30 -- 10528 107
192338
998
1
% -------
90
2
4 94 !2:_
"ii" WI;
giii,
So Pac coil Is(Cent Pao 0011) 1949 •. D
8918 93
3
914 15
/
1
Sale 905
8
J D
Registered
88 Dec'29 -1st 414s(Oregon Lines) A-1977 M 6 -99:58.
44 101
2 -1
9918
9914
J 8
20
-year cony 55193410 D 100 lO
10012 10184 21 100 102
98
Gold 4146
93 4 99
3
9814
8 70
983
9718
1966 A N
9612 101
Sale418
May 1 1969 M 0 100 Bale 100
10012 117
San Fran Term bit 4s____1950
9358
89
91%
93% 66
A 0 92 Sale
87 87
Registered
87 Feb'30
So Pao of Cal 1st con gu g 58_1937 MN
100 103
" :::: 103 Mar'30 So Pao Coast 1st ICU g 4s____1937
98
98
"
Jan'30 - -9512 -- -- 96
So Pac RR let ref 4s
91
94
1955
"
9318 38
92%
.1 I
91
91
Registered
93 8 0 91
Jan'30 - -10le
a
Southern By 1st cons g 55_1994 i 4 io9i sale 10914
4
28 10814 111
100
J 1
Registered
10814 Mar'30 - - -- 108 10814
Devel dr gen Miseries A___1956 A D -6ii, &ifs- 91
8812 93
913
4 76
A 0
Registered
8714 Elept'28 -1956 A 0
Devel de gen es
111)
11718
119
23
1956 A
Develop &gen 13)4s
28 122 12612
124 6ife- 123%
126
Sale
Mem Div 1st g 5s
10812 107
1996
921 95%
4
"
1065 Mar'30
106
*
_
St Louis Div 1st g Is
8718 923
925 97
8
4
1951 1 J
7
92 Mar'30 _
East Tenn reorg lien g 5s 1938 M S
9214 96
4 100 100%
100
0
0
9 _
6
0018 947
Mob & Ohio coU tr 4s__1938 M S 19478 _ _ _14 100
9212 92%
94%
7
94%
98% 1017
8
Spokane Internet 1st g 5s.„1955 / .
72
68
97% 101
3 80 - i 72 Mar'30
7 84 93
7
8212 867
106 10918 Staten Island By let 4345_1943 1 D 82
2
85 Feb'30
1
997
/0101% Sunbury dr Lewiston let 48_1936. 1 901 --_ - 95 Apr'28 _
/
4
10818 109% Superior Short Line let 58_41930 M S 99%
99 Mar'29
_Tenn Cent let 6s A or B
1947 A 0
9712 9914
9814
4
9814
1043- Term Assn of St L 1st g 4H11- 1939 F D
- 4
97
984
A A
9818
let cons gold 5s
11995443 j j 10218 10.3 10314 Mar'30 -- egg% 103 4
00
90
1
2
/
1
4
103
Gen refund 5 f g 4s
88
88
871 9112
4
999881:1! g31-40--1; 91
9112 11
Texarkana & Ft 13 let 534s A 1950 F A
10412 10812
8 105%
105 106 1047
6
Tex dr N 0 com gold ts
1943. 1
88
88
_3
- 98 Dec'29
Texas & Pac 1st gold 5s
2(1.130 1 D 98
987 100
8
8 10612 110
8 10912
2d Inc5s(Mar'28cp on)Dec2007 979r 10914 1 10 1085
0
197 A 0
90
91%
_- 95 Mar'29-_- _
Gen de ref 5s series B
97 1001.
4 41 -554 16iSale 102
1023
9412 99
Gen & ref 56 series C
1979 A 0 loge Sale
987 10418
11
101%
1011
10212 36
La Div 13 Lisle Ss
993 1013
8
84
4
8812
101% 1013 101% 1014
3
64 M
31
193 j j
37% Tex Pac-Mo Pao Ter 51M-1 9 j $ 106 106% 1068 1067
8
8
8 10412 1067
,j
101 10412 Tol & Ohio Cent let gu 5s 193
9912 103
29912 Mar'30 - _
Western Div 1st g 56
3
1935 A 0 10011 102% 104%
98 100 8
Mar'30
Gen gold 55
9012 9212
193 1 .
9718 100
7 100'8--- 100 Mar'30
98 1001 99
9712 99% Toledo Peoria & West let 46_191 1 4 12
12 Sept'29 -9214
9312 93% Tol St L & W 50-yr g 45..-1950 A 0
91
121 9212
923
4 11
9812 9818
1 1
1063 1081 Tol W V de 0 iru 4345 A...193l .7 j MI _
4
4
9812 Jan'30
1st guar 41.4s series B
193
981a 9914
9914 Mar'30 ---9912 100
let guar Is series C
28
32
9212 92
1r
9812
92% Mar'30 ---102 1023 Toronto Ham & Buff 1st g 48194 M D
2
1946 J s
88
90
9812 if 90 Mar'30
9212 96
D
79
92
9018
9514 Ulster & Del let cons g 5s_-_1928
9018 Mar'30 -sois 96
Stpd as to Deo '28 & J'ne '291n1
81
87
14
9714 100
8113 Mar'30
1st cony Is ctfs of dep
9612 99%
-ioTs - i 74 Nov'29 -- "Lo- II1st refunding g 45
1952; i
1-1
51 -1
93 1196,
1
9414 96% Union Pao 1st RR &Id gr 48_1947 J 1 4818 58% 5018
9512 58
9412
J J
9114 93
Registered
935 95
8
99 8 :5
98 13 1e 92 Mar'30
:
2
9
G tlienref 4s____June 2007 j_
let lien dr
887 93
,
g
8
196
9112 15
91 Bale 91
96 100
9912 44 10612 110
9812
1st lien & ref 59
9458 94%
June 2008 31
1
100 196% 10914 10914
93 1012
40
8714 91
-year gold 4s
97
993
4
903
4 83
4
931s 94
U N J RR & Can gen 4s-___19 4 97j D 893 Sale 8918
1 48
8
B
9318 Feb'30 - 10614 109
Utah & Nor 1st ext 46
l933J 1
1073 1071 Vendetta cons g 43 series A1955 F A 96% ---- 96 Nov'29
4
4
93 Mar'30
MN
Cons s f 4s series B
10618 109
8212 May'29
Vera Cruz & P assent 4)0_193
1984
7
812 Mar'30 85 10
8
981s 101
Virginia Mid 58 series F
1931 hi
36 M
10014 101 101 Mar'30 -- 100 101
101% 102
General 5s
1002* 10012. 101 Mar'30
95
99
Va & Southw'n let gU 5s
2003
5
99
99
1959 A 0 99 101
847 Mt
8
1st cons 50
iEsiEs 1005
-year 5s
*
2 10218 107
92%
94% 92
Virginian By 1st 55 series A_1962 M H 89
10512 24 101 103 4
8
0254 -- 3- Wabash RR let gold 92
1939 M N 105 Sale 105
9 4
1
24
8 1038
2d gold 5s
9112 9115
1939 F A 101% Sale 1015
9912 102
10 101% 106
102
Ref &gen 8 f 5Hs ser A __ _1975 M S 101% 102 102
10214 105
/
1
4
12
104
10312 104 103
Debenture B 65 registered_ 1939
9818 May'29
let lien 50-yr g term M
-di- -- 1f
8
1
75 75
1954
84% -- 86 Mar'30
Det & Chic ext let 5s
100 100
88
86
1941
10112 103 100 Feb'30
Des Moines Div let g 42...1939 1
91
93 4
3
4
T0iaha D e lit g 45
Orn & chilvrisv 314s
"'Taft - -876
1941 A 0 92 923 87 Nov'30
/
4
8514 RI
89
/
1
4
5
-9714 1611941k S 8912 ---- 891
8 10118 48
Wabash By ref & gen 5s B 1976 A 0 101 Sale 1003
9734 1021,
9312 Sale 93
12
94
150
Ref & gen 434e series C
888 95
4
12
1978 F A
7212 7212
Warren let ref gu g 3148
2000 F A 72 2 7812 72% 7Feb'30
87 Mar'30 -851
-di If% Wash Cent 1st gold 4s
83 8 99
3
85% Mar'30
Wash Term 1st gu 3
8414 86
194 Q M 8618 94 F A
8
5
84% Mar'30
9118
let 40
-year guar 4s
83N 96
4
91
9%
993
4
95
1
993 993
0
4
4
9 48 F A
u 58_193 F A 993 10014 9
823
4 39
4
823 Sale 82
W er W A 1 W 144 g
8112 88% W Mta yIandN st g 4s
84
81
9812 Sale 9812 10014 18
let & ref 514s series A___1 9 2 J
95 4 9912
3
94 8 100%
3
197 7A
8
102
4
101 10112 101
75
West N Y dr Pa lst g 613
78
98 102
1937 1
9912 9212
9218
7
92 Sale 91%
86
9112
Gen goldtsA
m
985 223
8
8
983 Sale 9814
Western Pao 1st ser A 53_9 3
97% 99
946
4
97 Feb'30 _ 85
88
M
Registered
97
97
90
9014
6
8812 90
West Shore let Is guar
2361 J
853 91
4
iiii- 1011
87
883 8714
4
8814 15
Registered
23611
85
511 89
983 9912 Wheeling & Lake Erie4
9912 Nov'29
100 1003
Ext'n & impt gold 56
4
1930 F A
90% 9212 94%
94%
1
Refunding 4348 series A 1966 M
955 iis;
4
10012 -- 101 Mar'30
BR nciing 551 gg 13,...,1966 IN
Refulet e098 series
101
.
997 10012
87% 8914 89 Mar'30
4
8814 89%
87% 92% Wilk & East lst gu g 66
8
2
7014
1942 1
949 NID 7014 717 7014
62
14 Ti
8812 954 Will & F 1st gold 5s
/
1
101
98 Nov'29
100 104
2
3
60
384 D
Winston-Salem
8614
19 .1J 85 4 93% 8614
865* ION
414lst
10015 101% Wis Cent 50-yr 1st gen 4_..1949J J 82 Sale 811
/
4
89
14
83
12
79
100 10112
4
Sup & Duldiv & term 1st te '36 IN N 893 Sale 89
90
21
8
881 91N
10214 104
Wor & Conn East let 434s_.19433 J 85
Oct'29
93% 79
77
83
9218 9218
100 100%
99
99
91
93
10418 106
1037 10514
s
883 9314
4
60
6212
9214 9512
4
973 100
_
ioi foot
10314 107
4
993 102
95 100%
o ii5
8
3
i7-4 "99
51 --
iti" Ws;
9314
2364
BONDS
N Y. STOCK EXCHANGE
Week Ended Apr. 4.
New York Bond Record—Continued—Page 5
Flies
Friday.
Apr. 4.
Week's
Range or
Last Sale.
gt
‘c,
c
Range
Sinu
Jon. 1.
INDUSTRIALS
High /s7,, Low
High
Bid
Ask Low
8712 68
Abitibi Pow & Pap 1st bs_ - —1953 JD 87 Sale 85
8214 88%
Abraham dz Straus deb 530-1943
AO 10112 Sale 100
97 10112
With warrants
10112 52
24
Adriatic Filo,Coextl 75
1952 AO 9912 Sale 99% 100
96 100
82
88
88
21
Adams Express coil tr g 48_ —1948 MS 87 Sale 87
11
45% 80
63
Ajax Rubber 1st 15-yr 81 88_1936 JO 63 Sale 6018
812 9
5% 512 9 Mar'30
Alaska Gold M deb 65 A__ _ _ 1925 MS
51
53
3
514 Feb'30
Cony deb 65 series B
1926 MS
514 10
85
9212
90 Mar'30
Albany Pefor Wrap Pap 68-A948 A0 9312 95
99 10414
Allegheny Corp col tr bs_ _ _1944 FA 10318 Sale 10212 10414 118
10412 174
99 104%
Coll & cony 58
1949 JD 103 Sale 10234
97
9918
9814 654
Coll & conv 5.8
1950 AO 98 Sale 973
4
10114 12
Allis-Chalmers MU deb 55-1937 MN 10114 Sale 101
993 10112
4
973
97% Sale 97
Aipine-MontanSteel 1st 7s_ _1955 M
4
91
08 4
,
Am Agile Chem 1st ref s f 730'41 FA 103% Sale 1935
1033
4 16 10212c10434
75
8758
87%
Amer Beet Bug cony deb6s 1935 FA 87 Sale 86
7
97 10112
10112 25
American Chain deb 516s1933 A0 10112 Sale 101
99 1003
4
Am Cot Oildebenture te___ A931 MN 10018 10012 10018 10018
2
Am Cynatold deb 5a
1942 AO 9912 Sale 9914
96 100,2
9912 18
8834 90
Amer Ices f deb bs
1953 ID 88 Sale 88
88
2
Amer 30 Chem cony 530_ _ 1949 MN 107% Sale 1053
4 1075s 339 100 10314
Amer Internet Corp cony 530'49 J J 10118 Sale 100
93 13112
-0114 393
Am Mach & Fdy sZ 6s
4 104
4
1939 A0 1033 Sale 1033
7 1033 105%
4
92% 101
Am Nat Gas 631s(with war)1942 A0 8813 Sale 8913
/
1
4
Am Sm & R let 30-yr be ser A '47 AO 10134 Sale 10112 102
110
9
7
910192
0 02
.1 .1 104 Sale 1033
Amer Sugar Ref 15-yr 6s.._ _1937
4 10414 30 103 10518
S 9712 Sale 9714
Am Telep & Teleg cony 4s
1936
9712
6
94
% 98
30
-year cony 430
1933 MS 100 1043 10014 101% 18
991 105
4
105
105 Sale 10414
30
-year coll tr 5s
1946 J
45 103 105
JO
103 Feb'30 Registered
103 103
35-yr s f deb ba
10334 183 10913 105
1960 .1.1 103 Sale 10234
20
-year s f 530
1943 MN 10718 Sale 1083
4
4 10712 73 1043 108
Cony deb 4345
1939 Si 187 Sale 17612 18834 10235 13714 1883
4
PA 1031 Sale 103
35-yr deb Ss
103% 494 10018 105
1965
Am Type Found deb 6s
10512
1940 A 0 105 106 105
3 103 106
Am Wat Wks& El col tr 58_1934 A 0 100 4 Sale 1003
9912 1013
3
4
4 10112 22
Deb g(is series A
32 10414 108
107
1975 M N 10614 107. 106
Am Writ Pap 1st g 68
69
84
1947 J J 821 Sale 8012
83
9
MN 93 Sale 93
Anglo-Chilean 81 deb 7s_ _ _ _ 1945
8311 95
9412 92
g
Antilia(Comp Azuc)75s..,.1939 J
49
55
28
497
50
50
153
Ark & Mem Bridge & Ter 56_1964 Pd S 101 Sale 101
9814 101
101
5
12
Armour & Co Ist 430
91
1939
72
8712 9112
9012 Sale 90
Armour & Coot Del 530_1943 J J 8418 Sale 8314
8512 48
81% 863
4
Associated 0116% gold notes 1935 M S 103 Sale 1023
4 103
6 102 10313
Atlanta Gas L 1st bs
102%
8
2 1013 102%
4
1947 ID 1023 Sale 1023
Atlantic Fruit 78 ctfs dep
__
12% May'28 - _ _
1934 SD
JD
1
Stamped ctfs of deposit
12% May'29 Atl Gulf & WI SS L col tr bs 1959 is 78 Sale 7718
78% 66
7318 80
Atlantic Refg deb fis
10212
1937 J J 10212 Sale 102
7 100 10212
Baldw Loco Works let 58_ _ _1940 MN 1063 Sale 1063
4
4 107
28 105 107
8114
Baragua(Comp Az) 7345_ 1937 Si 8114 Sale 8114
5
8114 91
9334 67
923 9314 9294
8
Batavian Pete gen deb 430_ _ 1942
923 9512
4
7012 15
Belding-Hemingway6s
67
1936 J J 69 Sale 69
75
8
Bell Telep of Pa ba series B 1948.1, 1043 Sale 104% 1047g
9 102 108
let & ref bs series C
4
107
1060 AO 1063 Sale 10614
43 103% 10818
Berlin City Elec Co deb 6301951 SD 95 Sale 95
88
95% 95
971s
Deb sink fund 830
843 95
4
94
1959 FA 94 Sale 93
86
Berlin Elec El dt Undg8 Hs_ _1956 AO 933 9413 9412
86
96
96
4
124
Beth Steel 1st & ref 58 guar A '42 MN 104 Sale 10214 104
31 10112 104
30-yr p m dt imp f 5s_ _ _1938 Si 10113 Sale 10118 102
39
903 104
4
S 89 Sale 89
Bing & Bing deb 630
90
8614 91
7
1950
Botany Cons Mills630
42
43
1934 A0 40
40
47
42
6
Bowman-BM Hotels 7s
103 102% 103
1934 M
7 101 105
B'way dr 7th A v 1st eons 58 1943 J
38 Sale 3713
38
12
35
4413
Brooklyn City RR lat 5s
84
84
86
1941 Si 84
2
8213 88
Bklyn Edison Inc gem 5s A
8
8
1949 is 1047 Sale 10414 1047
9 103% 1053
3
9958 149
Bklyn-Man R T sec els
9412 101
1968 ii 9912 Sale 99
Bklyn Qu Co & Sub con gtd Ss'41 MN 70
73
7112 Mar'30 -___
71
7514
1st ba stamped
8313 Dec'29 4
1941 J J 753 92
92% June'29
Brooklyn R Tr 1st cony g 48_2002 Si
Nov'29-- _
3-yr 7%s ecured notes _ _.1921 J J
1064
Bklyn Un El 1st g 4-bs
88
17
81 4
1
1950 FA 8712 Sale 87
883
88
Stamped guar 4-5s
8
85
1950 PA 88 Sale 8712
4 1057
4
Bklyn Un Gas 1st cones be_ _1945 MN 1053 10614 1053
3 104% 10612
8
1st lien & ref 6s &Idea A _1947 MN 1143 ____ 114%
4
1143
4
5 114 117
255 Oct'29............
Cony deb g 5
1936 J J 200
Buff & Susq Iron lat a f bs _ 1932 JD 9414 ___ 96 Jan'30
-56- 96
Bush Terminal let 4s
8714 90
1952 A0 8914 917 90 Mar'30 ___
Consol 55
94 99
983
4
6
1955 J J 97 Sale 97
99 1025
Bush Term Bldgs Ss gu tax-ex '60 A0 1013 Sale 1013
1
4
10134
4
8
By-Prod Coke 1st 5345 A _,,1945 MN 101 103 102
10418
9 10014 10418
Cal G & E Corp unit& ref 58_1937 MN 10114 1027 10118 10112
3
2 100 s 102%
8
94 100
9914
Cal Petroleum cony deb sf 581939 FA 9914 Sale 9914
6
981 102
4 21
4
Cony deb s f g 530
1938 MN 1013 Sale 101.2 1013
55
56
12
60
Camaguey Bug 1st 81 g 78_ _ _1942 AO 55 Sale 55
947 97
8
Canada SS L 1st & gen as _ _ _1941 AO 965 97
7
963
4
97
8
104
Cent Dist Tel 1st 30-yr bs. _ _1943 JO 10312 10334 104
6 10218 104
7914 8112
Cent Foundry 1st f 6s May 1931 FA 81
9712 80 Mar'30 ___
1 10214 10312
CentHudG & E bel
Jan 1957 M S 10358 105 10312 10312
1 121 125
4
Central Steel 1st gs 1 8s_ __ _1941 MN 12418 1253 12412 12412
51
81
56
45
Certain-teed Prod 6345 A _ _ _1948 MS 54 Sale 54
7814
70
7312 19
Cespedes Sugar Co 1st sf730'39 MS 73 Sale 70
5312 5312
4
Chic City & Conn Rya 5sJan 1927 AO 583 6114 5312 Mar'30
1 100 1027
102
s
Ch CIL & Coke 1st gu g 58_1937 Si 102 Sale 102
Chicago Rys 1st bs stamped
80
69
7912 20
Aug 1 1929Int10% paid _ _1927 PA 7814 Sale 7814
9413 9814
9712 102
Chile Copper Co deb 503
1947 J J 96 Sale 96
86% 907
3
89
27
Cin & E let m 4s A
1968 AO 8812 Sale 8812
66%
63
66 Mar'30
Clearfield Bit Coal 1st 4s.. _ _ _1940 J J 6713 74
8914
FA 8314 Sale 83
71
Colon Oil cony deb 6s
8714 89
1938
95
9818
1
9718
ColoFtt ICogen s I 58
1943 .1 .1 975 9812 9718
9212 9614
Col Indus let & coil bs gu_ 1934 PA 9614 Sale 96
9614
9
98% 10214
N 102 Sale 10112 102
48
Columbia G & E deb be May 1952
983 192
17
Debentures bs_ __ _Apr 15 1952 A0 102 Sale 10112 102
95
95%
953 Feb'30 ___
4
4
Columbus Gas 1st gold 59_1932 Si 953 98
5
90 96
Columbus Ry P & List 434s 1957 J J 9414 942 94
953
4
4
933 100
24
997
4
Commercial Credits 18s. _ _ _ 1934 MN 993 Sale 99%
Col tr s 530 notea
85 99
9714 22
1935 Si 97 Sale 97
86 100 4
Comm'i Invest Tr deb 6s _
,
99% 49
1948 MS 98% Sale 9811
Cony deb 530
83
9713
97
202
1949 FA 96% Sale 9618
8 10513
3 10312 10512
Computing-Tab-R s f 68.A941 J J 105% 10534 1053
9512 9512
Conn Ry & L 1st & ref g 4301951 J J 955 ____ 9513 Mar'30
8
Stamped guar 430
2
93% 9714
4
9714
1951 J J 96 10213 963
7612 90
Consol A gricul Loan 6348_ _ _1958 JO 885 Sale 89%
55
90
8
Consolidated Hydro-Elec Works
89 c953
95% 12
of Upper Wuertemberg 78_1958 .1 .1 95% Sale 9412
557 63
8
Cons Coal of Md Ist&ref 58_1950 JO 57 Sale 563
4
57
18
4 10614 126 105 10812
Consol Gas
(N Y)deb 530_ _1945 FA 106 Sale 1053
9812 10112
D 10013 ____ 10012 Mar'30
Consumers Gas of Chic gu 56 1936
10314 103% 14 10214 1031
Consumers Power 1st 5a_ _ 1952 MN 10314 _
891g 9512
16
4
951
Container Corp 1st Os
1946 SD 95 Sale 943
85
77
16
85
15-yr deb bs with warr _ _ _ _1943 JD 85 Sale 84
913 973
4
4
9612 24
Copenhagen Telep 5s Feb 15 1954 PA 9612 Sale 96
97% 102
Corn Prod Refg 1st 25-yr g f 58'34 MN 10118 10214 10134 10134 91
3
9512 44
499
1
4 29
983
Crown Cork & Seals f 68..
4
1947 JO 9614 983 9812
36 8 143,3.
9 12 0
9
2
10134
9
Crown-Willtamette Pap So._1951 J J 10112 Sale 10114
41 Mar'30
Cuba Cane Sugar cony 7a_..1930 J J 374 50
3912
Cony deben stamped 8% _1930
'S 39% Sale 3912
99% 10014
100
40
Cuban Am Sugar 1st coil 88_1931 MS 100 Sale 100
32
383
8
3418 19
34% 33
Cuban Cane Prod deb 8s ..,...j950 ii 33
47
32
39
1
39
Cuban Dorn Sug 1st 730
1944 MN 35
35
44
1
37%
3718
Certificates of deposit
40
35
105
12 10014c105
Comb T de T lst & gen 5s-__1937 J J 101% 102 102
4
4 1041
4 19 10214 1043
Cuyamel Fruit 1st I 138 A _1940 AO 1037 Sale 1033
8
76 Dec 29___
Denver Cone Tramw 1st 58_ _1933 AO
5 -61 162
Idly 10112 101%
N
Den Gas & B L lst az ref 03'51
9812 103
6
N 10112 Sale 10112 101%
Stamped sato Fa tax
1951
Oct'29
49% 61
Dery Corp(D 0)18t s 7s 1942 MS
-.
4
1
Jan'30
40
32
Peenna'damped__ ___________
/OUR Mos
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr, 4.
Detroit Edison 1st coll tr 58_1933 J r
1st dr ref be series A _July 1940 MS
Gen & ref 58 series A
1949 AO
let & ref Os series B _ _July 1940 MS
Gen & ref bs series B
1955 J D
Series C
1962 PA
Det United let cons e 430-1932 is
Dodge 13ros deb Os
1940 MN
Dold (Jacob)Pack 1st 60_ _ _ _ 1942 MN
Dominion Iron & Steel bs
1939 M S
Donner Steel 1st ref 7s
1942 Si
Duke-Price Pow let Os scr A _1966 MN
Duquesne Light let 431, A _ 1967 AO
East Cuba Suit 15-yr s f g 730'37 M S
Ed El III Bkln let con g 48 _ _1939 is
Ed Elec III 1st cons g 5s
1995 Si
Edith Rockefeller McCormick
Trust coil tr 6% notes__ _1934 Si
Elec Pow Corp(Germany)6340'50 MS
Elk Horn Coal 1st & ref 630 1931 SD
(Deb 7% notes(with warr)1931 SD
17q uit Gas Light 1st eon 53_ _1932 MS
Ernesto Breda Co let in 7s 1954
PA
With stk parch warrants
Federal Light & Tr 1st 5s_ _1942 M
1st Ilen s f 5s stamped _
_
1942 MS
1st lien 6sstamped
1942 M
30
-year deb 138 series B _ _ _ 1954 JO
Federated Metals s f 7s
1939 J D
Fiat deb 7s(with warr)
1946 Si
Witnout stock parch warrants_
Flak Rubber 1st s 88
1941 MS
Framerican Ind Dev 29-yr 730'42 is
Francisco Sugar 1sts 730_ _1942 MN
French Nat Mall SS Lines 751949 SO
Gannett Co deb 68 _____ _ _ _1943 FA
Gas & El of Berg Co cons g 5s1949 JD
Gaul Amer Investors deb bis _1952 PA
Gen Cable 15151 534s A__ _ 1947 Si
.
Gen Electric deb g 334s
1942 PA
Gen Elec (Germany) Jan 15 '45 .1 .1
78
8f deb 1330 with warr_ _ _ _ 1940 JD
Without warets attach'd_1940 SD
29
-year s f deb 6s
1948 MN
Gen Mot Acceptdeb 6s
1937 FA
Gen]Petrol let s f be
1940 FA
Gen Pub Serv deb 534s
1939 Si
Gen'l Steel Cast 530 with war '49 Si
Good Hope Steel & I sec 75..1945 AO
Goodrich(B F)Co 1st 6348_1947 Si
N
Goodyear Tire & Rub 1st 58_1957
Gotham Silk Hosiery deb 88_1936 SO
Gould Coupler lets f68
1940 FA
Gt Cons El Power(Japan) 781944 FA
15t &gene f 830
1950 J J
Gulf States Steel deb 534s. 1942 SD
Hackensack Water 1st 4s...1952 Si
Heroin Mining 6s with stk parch
war for corn stock or Am she'49 is
Hansa SS Lines Os with warr.1939 AO
Hartford St Ry let 48
1930 M S
Havana Elec coneol g 58—.
1952 FA
Deb 530 series of 1928_ _ _1951 MS
Hoe(R)& Co let630 eer A.1934 AO
N
Holland-Amer Line 63(flat) 1047
Hudson Coal 1st s f 5s ger A _1962 SD
Hudson Co Gas 1st g 5s
1940 MN
Humble 011 ds Refining 5345_1932 Si
Bob gold 58
1937 AO
Illinois Bell Telephone be._1956 SD
Illinois Steel deb 430
1940 At)
Reeder Steel Corp mtge 89...1948 FA
Indiana Limestone 1st a f 621_1941 MN
Ind Nat Gas & 0115s
1936 MN
Inland Steel 1st 430
1978 AO
Inspiration Con Copper 830 1931 MS
Interboro Metrop 430
1956 AO
Interboro Rap Tran 1st 56_1966 is
Stamped
Registered
10-year 68
1932 AO
10
-year cony 7% notes...1932 MS
Int Agri° Corp 1st 20-yr 58_1932
N
MN
Stamped extended to 1942_
Int Cement cony deb bs. ..1948 MN
Internet Match s f deb 511_1947 MN
Inter Mercan Marines f 6s 1941 AO
Internet Paper Es ear A & B_1947 is
Ref s f 6s series A
1955 wi
Int Telep & Teleg deb g 4345 1952 Si
Cony deb 434s
1939 Si
Deb Ss
1955 FA
Kansas City Pow dr Lt Ss..1952 MS
1st gold 430series 13
1957 is
Kansas Gas & Electric 132...._1952 MS
Karstadt (Rudolph)(38
1943 MN
Keith(B F)Corp let Os
1946 M
Kendall Co 530 with warr_ _1948 MS
Keystone Telco Co let Se_ 1935 Si
Kings County El & P g 58....1937 AO
Purcbase money Os
1997 AO
Bingo County Elev 1st g 4o .. _1949 FA
Stamped guar 48
1949 FA
Kings County Lighting Se...1954 j
First& ref630
1954 Si
Kinney(GR)dt Co 734% notes'36 JO
Kresge Found'n coil tr Os_ _1938 J D
Kreuger & Toll bs with war _.1959 MS
Lackawanna Steel 1st 58 A 1950 MS
Lad Gas 01St L refdtext 58 _1934 AO
Col & ref 530series C _ _ _1953 PA
Lautaro Nitrate Co cony 65_1954
Si
Without warrants
Lehigh C & Nay 51 430 A __I954
Lehigh Valley Coal lat g 58..1933 is
1st 40-yr gu lot red to 4%.1933 JS
1st dt ref s 1 5s
1934 FA
lst & ref s t 58
1944 PA
1st & ref s f bs
1954 FA
let&refsfSe
1984 FA
1st & ref s f Es
1974 FA
Liggett& Myers Tobacco 7..1944 AO
bs
1951 PA
Loew's Inc deb 68 with warr_1941 AO
Without stocks purch warrants AO
D
Lombard Elec let 7s with war '52
SD
Without warrants
Lorilliard (P) Co 721
1944 AO
58
1951 FA
Deb 534s
1937 Si
Louisville Gas & El(Ky)68_1952 MN
Louisville Ry 1st cons So. _ _1930 Si
Lower Austria Hydro El Pow—
'stet630
1944 FA
McCrory Stores Corp deb 534s'41 SD
Manati Sugar lsts f 734s_ _1942 AO
Manhat Ry(NY)cons g 48_1990 AO
2d 4s
2013 SD
Manila Eleo RI &LC 51 5e..1953 MS
Prtce
Friday.
Apr. 4.
Week's
Range or
Last Sale
Q
Range
Since
Jan, 1.
lioi2
Ask Low
BOO No. Low
Hick
10314 14 10014 10314
Sale 102
3 101 1033
10358 1033
4
4
Sale 10313 10412 28 1013
4c10412
4 10714 48 10512 10714
Sale 1063
9 102 1043
1043
4 1043
4
4
1 1023 1043
4
Sale 10334 1033
8
8
98% 18
9814 983g
96
98%
973
8 68
Sale 96
9213 98%
5
85
Sale 71
67
75
_ _ _ 10012 Mar'30
100% 109%
5 10112 1033
1033
Sale 103
4
4
Sale 10512 10613 65 10318 10612
9614 10012
51
Sale 99% 100
32
4
85
Sale 823
66
87
94% 96%
963 9612 Mar'30
4
sale 11012 11012 1 199 111
10113
96
96
75
993
4
Sale 10112 10112
8
9714
Sale 967
953
8
96
97
66
Jan'30
85
4
9934
Sale 093
Bid
102
103%
10414
1087g
1043
4
10334
9714
97
75
90
103
106
100
823
4
15
24
31
_
3
100 8
3
8912
82
66
993
4
102
9712
96
66
100
8313 55
82 8 Sale 82
7
7534 84
3
963
4
9612 Sale 9612
9738
94
9612 Sale 96%
94% 981s
963
4 11
6 10058 103 2
103 Sale 103
10312
,
13
98
9714 9814 98
9218 081s
4 100 102
10012
10012 Sale 100
23 103% 107
4 105
103 1043 1043
4
9412 Sale 94
9412 20
90 94%
8518 63
85 Sale 83
75
89
10814 Sale 10814 10812 24 10311 109
95 Mar'30
____ 937
8
95
97
37 102% 104
4 104
104 Sale 1033
7
9112 89
9012
90
86
9012
997g 997
10212 — -- 99 d Feb'30
a
80
90
8914 Sale 88
82
92
10212 45
102 Sale 102
99 103%
5
98
95
96
94
41
4 105
1033 Sale 033
4
9914 105
11412 1141
109 124
10012 Sale 99 10012 18 9512 101
8
9612 52
95% Sale 957
9218 9714
8 10312 69 10012 104%
102% Sale 027
8
10112 Sale 013
8 10112
997 102
8
10114 Sale 993
9312 102
4 10138 121
108 Sale 0512 10614 53 101 10614
993 10312 973
8
987
8 31
9212 98%
4
107 Sale 07
1077
g 40 105 107%
95 Sale 9412
00 96
953 192
4
2
93%
94
96
933
8
87
9712
13
801g Sale 703
8
83
69
847
s
100 1003 00
4
1003
9714 10115
4 22
95% Sale 953
4
963
8 30
9118 913
100 Sale 00
1003
8 91
97 10038
1
88
88
90
88
85
90
9612
_ 9314
21
94
91 - - 91
in12
913
4 65
9612
9612 Aug'29
80 - - 82
4
1327
8
82
84 63 Mar'30
86 Sale 8512
86
82% 87
813 Mar'30
4
72 Sale 717
7214 33
8
103 _
03 Mar'30
102 Sale 1011
4 10218 83
10114 Sale 10118 102
30
10414 Sale 104
10414 30
47
983 993 9912 100
4
8
36
9012 Sale 90
91
21
77 Sale 75
77
_
100 Mar'30
100
94 Sale 94
943
4 41
101% Sale 10118 10114 13
913 20
912 Feb'30
7312 Sale 72%
74 -136
383
73 Sale 7213
74
65 Mar'30
7
8013 Sale 6012
64
91 Sale 91
93% 85
94% 9712 95 Mar'30 _
4
75
7418 79
75
1007 Sale 100
10112 115
8
99 Sale 983
4
993 131
4
100 Sale 100
1003
4 33
6
8712 897 89%
9112
8
9212 17
92 Sale 9112
9114 Sale 91
913
4 40
123% Sale 12814 12613 1314
97 Sale 98%
97% 378
10412 Sale 10414 10412 27
953
4- 9512 Feb'30
105
10514 gale
10514 32
7813 Sale 78
8012 53
8818 Sale 87
4
8818
924 93 02
9212 33
81
84 90 Mar'30
10114 10212 10414 Mar'30
2
8 13ale
128
128
81
86 81%
813
8
81
83 81%
8212
3
105 Sale 104% 105
4
11518 120 118% 11634
10512 10714 105 Mar'30
104% 105 1043
4 105
19
9912 Sale 9814
99% 1046
10218 10212 102
2
102
100%
101
10114 16
10212 Sale 10212 10334 10
843 Sale 84
4
9714 983 97
4
101
1003
8
9412 9511
100 101
8514 81
82
94
73
73
72
73
70
1E114 121 120
.
1033 Sale 1033
4
4
122 Sale 11812
9812 Sale 9812
99 Sale 99
9814
97
98
1097 Sale 1097
8
8
893 Sale 89
4
91% 9312 9214
101 101% 1017
97% 95
9012 Sale
9912 Sale
72 Sale
5812 Sale
54
50
9714 10212
843
4 47
97
1
1003g
3
Mat'30
Dec'29
Mar'30
Mar'30
4
72
71
6
122
15
104
9
12414 355
10012 77
9912
8
99
57
1
1097
8
893
4 14
94
31
(10312 18
Mar'30
83 4
,
9012
99
100
72
7812
6818
69
54 Mar'30
98
98 I
13
45
25
31
_
1
871s 94
87
92
82
84l
824s 881s
75 87
8012 9211
6513 73
10113 10414
101 10212
993 102
4
103 105
97 102
82
92
68
77
100 101
91
9512
10018 10114
9
13 9
13
61% 7412
6113 7412
603 65
4
61
8614
84
943
4
9312 96
721‘ 75
91 10112
97 10012
96% 1003
4
83 9212
85 92%
89% 94
118 12512
9614 99%
103 105
9513 9512
104 106%
69% 837
g
74
91
89
9212
75 90
19914 10414
125 128
7512 81%
7512 84
10012 105
11412 117
101 105
10214 105
92 100
100 10212
99 10214
100 4005%
8
74
85
941a 98
09% 10012
9512 9612
801
81'4
7212 74
701g 7814
70
75
117% 122
99% 1041a
10112 12414
9134 101
93
99%
93
99
104% 110%
78% 89%
84
9514
100 10312
87
95
80
91
9613 10011
67
86
54
80
47
54
04
98
New York Bond Record-Concluded-Page 6
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 4.
•
Price
Friday,
Apr. 4.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 4.
t
2365
Price
Friday,
Apr. 4.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
/It!
Ask Low
High No. Low
Bid
Low
High
Hick
Ask Low
High
Marion Steam Shovels f 65_1947 AO 8118 8512 86 Slar'30
Rhine-Main-Danube 78 A _ _1950 1\1 S 10212 Sale 102% 103
27 100 103
75
86
Mfrs Tr Co ctfs of panic in
7 100 103 2
Rhine-Westphalia El Pow 75 1950 MN 10312 10512 1031g
10312
,
A I Narnm & Son let es . _1943 J D 962 Sale 9612
2
9612
Direct mtge 65
9612 98
86
9238 41
4
1952 MN 913 Sale 9134
9512
Market St Ry 7s ser A_AprIl 1940 0.3 95 Sale 95
973 151
4
80
Cons NI Os of'28 with war _1953 FA 93 Sale 92
923
90
83 94
973
4
Meridlonale Elec 1st 7s__ _ _1957 AO 109 Sale 100
1
1003
91% 92
4 11
9112
Without warrants
85
9412
9112
9714 102
Metr Ed 1st & ref Os ser C__1953 J .1 10. .8 10414 10312 1035
,
97
8 36 101 1033 RIchfleld 01101 Calif 68
89
1944 MN 97 Sale 96
94 98 4
,
4
Mete West Side El(Chic)45_1938 FA 75
7512
77
5
7712
_
9712 97 NIar:30
6612 7712 Rime Steel 1st s 17,
8812 9714
1955 FA 95
Miag Mill Mach 7a with war 1956 .310
963 81
23 1063 108%
4
Jan'30
108
Rochester Gas & El 7s ser B_1946 MS 108 Sale 107%
81
4
81
• D 85
Without warranta
5
891x 897
90
Gen mtge 530 serles C__ _1948 51 S 10515 Ion 108
5 105 108
108
90
80
9
Midvale St & 0 cony sf Is._1936 M
10112 Sale 10078
10112 75
Gen mtge 433s series D_ _ _1977 SI $ 9814 _9912 Mar'30 - - - 97
997
/
,
993 101 2
4
Milw El R'y & Lt ref & est 454s'31 ▪ J 10018 Sale 100
9
10012
86
99 90 Nor'29 _ _ -9712 10012 Roch A: Pitts C&Ipm 5s_ _ 1946 MN
General & ref 5.1 series A _ _1951.30 1023 1031 10214
8
6
10214
6 -54- - - -197
9978 10214 St Jos Ry Lt II & Pr 1st 55_1937 Si N 97 Sale 97
07 2
1St & ref 5s serlcs 11
95
1961 J D 101 Sale 10038
101
6234
62%
4
2
96% 10114 St L Rock Mt & P55stmpd_1955 J J 6314 64
60 623
lat rot 6a ser B temp
4
1961 .310 1003 101
9914 Mar'30
85
90
80
85 87 Mar'30
9712 9912 St Paul City Cable cons 5s. _1937 J
Morita
l'ower 1st 58 A _ _ _1943.3' 10218 Sale 10114
7 102 106 2
10214 36 100 10312 San Antonio Pub Serv 1st 65_ /952 J J 10614 10612 10614
10612
,
Deb 5s ierles A
1962 JD 101 1021 10112 10218
8
3
92% 100 4
98, 1023 Saxon Pub Wks(Germany) 75'45 FA 100 Sale 99
8
10012 50
4
Montecatiul Min & Agrie9642 sale 9614
97
Gen ref guar 630
64
1951 MN
86 c99
Deb 75 with warrants_ _ _ _1937 jJ 105 109 106
10 10112 10812 Schulco C ct guar 6335
1081
Sale 7Q
6
1946.3'
75
70
45
without warrants
J J 10012 Sale 98% 101
88
2
70
0
Guar of 630 series B_ _ _ _1946 A0 70 Sale 70
95 101
45
7514
Montreal'tram 1st & ret 5E4_1941
9914 20
997
4
99, Sale 9812
7
95 100% Sharon Steel hoop 51 5305_1948 MN 9912 Sale 9914
95 100
Gen & ref s f 5s series A _ _1955 AO 957 98
8
9512
5
951
Shell Pipe Lines f deb 58_ _. 1952• N 957 Sale 9514
96
8
64
9114 96
9212 09714
Series B
8
1955 AO 957 _-- 91% Jan'30
42
93% 98
98
9178 917 Shell Union 011 s 1 deb 5s.._ 1947 MN 9714 Sale 97
8
Oen & ref 131 430 ser C_ _1965 AO 8812
_ 8412 Feb'30
8412 8412
9713 10212
Deb Os with warn
c1017 257
8
1949 AO 10014 Sale 100
Morris & Co 1st 1 4
853 84
4
8412
_ _ _1939.3, 82
6
85% 94
93
31
81
4
8514 Shlnyetsu El Pow let 054s..1952 JO 93 Sale 913
Mortgage-Bond Co 4s ser 2_1966 AO 7314 75
73% 73% Shubert Theatre 6s _June 15 1942 I) 05 Salo 5313
7314 Jan'30
532
'
39
64
41
10 -year 5s series 3.. _1932 .3.3 963 Sale 963
-25
4
4
97
34
l932
1 101 104
102
Siemens & Halske 5 f 78
96% 97
_1935 .3.3 10014 10212 102
Murray Body 1st6s
963 95
4
3
95
1934 J O 94
Deb 51 630
1951 88 S 10712 Sale 1063
89
9814
4 10712 30 10112 10712
Mutual Fuel Gas 1st gu g 58.1947 MN 103 Sale 103
18
103
12
Sierra & San Fran Power 58_1949 P A 10114 102 10114 101's
99% 103
965 102
s
Mut Un Tel gtd6s ext at 5% 194 MN
98% Jan'30
4
90's
98% 98% Silesia Elec Corps I 630_ _1946 FA 90 Sale 90
8012 90%
Namm (A I) & Son-See Mfrs Tr
Silesian-Am Exp coil tr 7s_ _1941 P A 9414 Sale 9318
9012 9114
994
6
j 5414 57
Nassau Elec guar gold 4s_ _ _1951
5512
G
5414
Sinclair Cons 011 15
91 100% 104
5012 57
104
-year 73_1937 MS 10,312 Sale 10314
Nat Acme 1st a f Os
8
1942 J D 1015 10212 102 Mar'30
lot lien coil Cs series D
4 45
10152 102
34
99% 1003
4
1930 MS 10012 Sale 10012 1003
Nat Dairy Prod deb 530_ 1948 F A 993 Sale 993 c101
4
275
4
lot lien 630 series D
' 10212 Sale 102
13
9718c10I14
10212 64
1938
99% 10212
25 Sale 25
Nat Radiator deb 630
29
29
1947 FA
Sinclair Crude 011530 ser A.1938'.3 997 Sale 9912 100
24
40
69
947 10012
8
4
Nat Starch 20
_
100 Mar'30
-year deb Is. _1930 J J 993 _
Sinclair Pipe Line s f 5s_ _ _1942 AO 983 Salo 9712
99% 100
99
4
68
9413 99
Newark Consol Gas cons 58_1948• D 103
_ 102 103
102 Mar'30 _
Skelly 011 deb 530
1939 MS 954 Sale 941
: 9512 53
90
91
8
New Engl Tel & Tel 56 A_ _1952 J D 1055 Sale 10512 10558 12 10312 10612 Smith (A 0) Corp lat 630_ _1933 MN 10218 Sale 10218 10212 13 10112 104
1st g 434s series 13
1061 MN 100 Sale 9912 10014 36
9818 10012 South Porto Rico Sugar 78. _1941 J o 10212 105 10412 Mar'30
- 10414 107
New On Pub Serv lst 5e A _ _ 1952 A 0 90% Sale 90
24
92
93 South Bell Tel & Tel let s f 521'41 J
82
10414 32 101% 104 4
1033 Sale 103
4
,
8
c93
First & ref 58 series B ..J955 J D 905 Sale 9018
62
1st s f Os temporary
93
83
1941 J J
101% 1023
102 Feb'30
8
NY Dock 50
-year let g 4s 1951 F A 80 Sale 81
83 2
,
3
8014 843 Southern Colo Power (is A.1947 .1 J
4
7 mu: uniz
10414 10312 104
80 Sale 80
3
80
Serial 5% notes
1938 A0
Solvay Am Invest 59
86
70
1942 M S 0612 97
9378 97
90
NY Edison 1st & ref 630 A _1941 A 0 114 Sale 1137
8 11412 17 11112 1141 S'weet Bell Tel 1st & ref 58_ _1954 F A 104% Sale 10414 104'12 27 102 c106
:
96 2 13
let lien & ref 53 series 13_1944 A 0 10414 1043 10414 10412 26 1023 104 4 Spring Val Water 1st g 5s
3
4
,
1943 M N 99 Sale 99 4
3
99 4 ---, 99% 100
3
8 23 1043 109
NYOasElLt1t&prg5ei948 J D 10612 Sale 10614 1065
Standard Milling 1st 55
4
5
1930 m N 10014 Sale 10014
10014
99% 100%
17
c963
Purchase money gold 4s_ _1949 F A 9414 Sale 9414
lst & ref 5325
92% 97
10314
4 100 103
1945 M S 10314 10358 10314
,1
__
NYLE&W Coal 42RR 530'42 NI N 10018 102 101 Mar'30
Stand 011 of N J deb 55 Dec 1546 F A 103% Sale 1027
99 101
10334 56 100 103%
9(I5-- -_ 9712 Sept'29
NYLE&W Dock & Imp 5e'43 J J
_ Stand 01101 NY deb 430_ _ 1951 J D 9714 Sale 9631 9712 77 9534 97%
_ 6FA, 16614 Stevens Hotel let 65 ser A_ _1945 J .1 87 Sale 88
N Y & Q El L & P let g 58_1930 F A 993 10012 10014 Mar'30
4
67
c90
90
58
4318 50
_ 43% 43% Sugar Estates (Oriente) 78..1942 M S 39 Sale 39
4'3% Mar'30
N Y Rya lst R E & ref 03..._1942
9
39
48
39
_ 4318 - - 5614 Mar'29 - - _
Certificates of deposit
Syracuse Lighting let g58. _1951 J 13 105 Sale 105
1 10312 105
105
30
1 Aug'29 - -year adj inc 513_ _ _ _Jan 1942 AO
TerinCoalIron&RRgen 53_1951 J .6
_ _ 10252 10238
3 10218 101
_
4% 1 July'29
__
Certificates of deposit
Tenn Cop & Chem deb 6s 11_1944 M S 10114 1021: 101
10258- 9713 102
10112 21
5
N Y Rye Corp Inc 6s_Jan 1965 Apr
'5
18
6
43
4
Tenn Elec Power 1st Gs
1947 .3 D 10612 Sale 1061 1 107
68 10412 108
Prior lien Gs series
--_1965• j 72 Sale 72
64
72 4 Texas Corp cony deb 59_ _ _1944 A 0 10418 Sale 1033
,
4 1044 754 100% 106
N Y & Richm Gas 1st esA _ _1951 MN 104 105 10434 10211'
74 4
6 104 105
1
Third Ave 1st ref Is
1960 J .1 51 Sale 51
5234 24
45
54%
20
19 Sale 19
N Y State Rye let cons 430_1962 MN
19
AdjInc 5s tax-ex N Y Jan 1960 A 0 3014 3112 30
18 c25
3
12
33
28 '35
Jan'30
MN ------- 17
Registered
Third Ave Ry let g 58
17
17
1937 J J 95
96
10
97 96
96
92
1814 20
151 cone 630 series 13_ _ _ _1962 MN
20 Mar'30
20 c2414 Toho Mee Power let 7s
1955 M
1003
100 Sale 100
s 15
98'l 100%
N Y Stearn 1st 25-Yr 6eser A 1947 MN 10712 108 10712 10712
5 10518 103
73
- 1932 J J 100 Sale 99 4 100
6% gold notes
3
9634 100
N Y Telep 1st At gee s f 4;0_1939 MN 100 Sale 993
11
4 100
9838 100
,2 Tokyo Elec Light Co, Ltd
4 17 11014 1113
30
-year deben s f fts_Feb 1949 FA 11112 Sale 11014 1113
1st 65 dollar series
4
1953 .1 LI 9112 Sale 91
913 150
87% 9212
30
-year ref gold 65
2
1941 AO 1063 Sale 10618 c10712 117 10618 10813 Toledo Tr L & P 533% notes 1930 J .5 10018 100% 10015 1001
27
99% 100%
N Y Trap Rock 1st Os
14
1946 J O 100 Sale 9912 100
94 100
Transcont 011630 with war_1938 J J 102 Sale 101
43
102
96 102
Niagara Falls Power 1st 55_ _1932 .3.3 101%103 1013
13 100 4 103
4 102
Without warrants
,
9212
9514 Sale 92
8712 9414
10318 22 10012 10314 Trenton 0& El 1st g 58_ _ _1949 2.1 S
10318 10314 1023
Ref & gen 68
8
Jan 1932 A0
_ _ 103 Mar'30
10214 103
10314
7 1015
Niag Lock &0 Pr lst 55 A_ _1955 A0 10314 Sale 10314
5 104 4 Truax-Trier Coal cone 630_1943 MN 103-87
90 87
,
6 7912 90
88
9212 35
Norddeutsehe Lloyd 20-yr s f 613'47 MN 9112 Sale 9112
863 9212 Trumbull Steel 1st a f Gs _ _1990 M N 102% Sale 10258 103
4
16 102 1033
4
6912 68
697
Nor Amer Cern deb 630 A _ _1940 MS 66
5
5012 69% Twenty-third St Ry ref 5s_ _1962 .1 .1 33
47
33
1
33
33
49%
10338 14
No Am Edison deb baser A _1957 MS 10318 10314 103
9918 103% Tyrol Ilydro-Elec Pow 7335_1955 NI N 99 Sale 99
9
993
4
993
4
94
41
Deb 530ser B__ __Aug 15 1963 J A 102% Sale 10218 103
Guar sec s f 7a
99% 103%
9414 36
1952 F A 9414 Sale 93
85
944
c97
177
Deb 5s series C._Nov 15 1969 MN 9614 Sale 96
953 9812 Ufigawa Elec Pow s f 78.._ _ _1945 M S 10014 Sale 10014 100%
8
8
97% 10012
8
103
41
Nor Ohio Tree & Light 65_ _1947 MS 1015 Sale 110
Union Elec Lt& Pr (231o) 55_1032 MS 100 10014 10018 100%
98 104
3 100 100 4
3
Nor States Pow 25-yr 5s A _ _104 AO 100 2 Sale 10012 102
,
57
Ret & ext 5s
993 102
4
1933 M N 1014 Sale 10114 102
38
8
1st & ref 5-yr Gs ser B__1941 AO 1063 Sale 10614 c11012 17 10412 11014 Un E L & P(III)let g 530 A_ 1954 J J 1025 Sale 10212 102% 15 100 102
8
101 103
9912
North W T 1st fd g 433e gtd_ 1934 ii 9912 __-- 9912
3
98
9912 Union Elev Ry (Chic) 5s_ ..1945 A 0
_ 78
78 Mar'30
79
70
4
933
8 38
Norweg Hydro-El Nit 530_1957 M N 923 Sale 92
553 9412 Union 011 1st Hen s f 5s _ _ _1931 J .1 10114
8
_ 101% Mar'30
9912 101%
Ohio Public Service 730 A_ _1946 AO 112 Sale 11112 11212 14 110 112%
30-yr 68 series A_ ___May 1942 F A 106 nigi. 10814
1 10612 109
10814
8
113
9 110 113
let & ref 75 series B
1047 FA 1117 1121 11218
let liens f 5s ser C__ _Feb 1935 A 0 ioo 10014 100
10014 36
98 10014
10612 11 105 10612 United Biscuit of Am deb 6s_1942 MN 103 Sale 1023
Ohio River Edison let 6s_ 1948 J J 10612 Sale 10534
6
4 103
99 103
_ 77
1944 FA
77
77
Old Ben Coal 1st Os
5
71
805 United Drug 25-yr 5s
8
65
1953 M S 96 Sale 96
98
,
92 2 99
16558 loll 10012 101
Ontario Power N F 1st 58_ _.1943 FA .
7
United Rya St L lst g 4s
9914 102
70 Sale 70
21
70
1934 J
693 74
4
Ontario Transmission 1st 55_1945 MN 10018
- 101 Mar'30
United SS Co 15-yr Os
98 101
4
1937 MN 10012 Sale 10012 10012
97% 100 4
3
99% Sale 993
1953 M
Oriental Devel guar Gs
8 100
43
95 100
UnSteelWorkaCorp63-4eA_1951 .1 13 9114 Sale 905
8514 9112
8
9112 199
MN 92% Sale 9214
Eitl deb 530
1958
93
119
Sec a f 630 series C
86% 93 4
,
17
1951 1 13 91 Sale 907
8
SI
4
853 91
9412 Sale 923
Oslo Gas & El Wks extl 5s_ _1963 M
9412 15
9412 United Steel Wks of Burbach
90
10212 Sale 10218 10234 15
Otis Steel 1st NI 6s ser A .__1941 M
10014 103
Esch-Dudelange s f 7s...1951 A 0 10412 Sale 10435 10412 12 102 105
102 1021 102
Pacific Gas & El gen &ref 58_1942
1023
8 29 1005 103
U S Rubber 1st & ref E.sser A 1947 J
8
8713 Sale 87
64
88
82% 8314
Pac Pow & Lt 1st &ref 20-yr 5830 FA 100 Sale 100
101
993 10134
4
8
10-yr 73-2% secured notes_ 1930 F A 1007 Sale 10012 10078 60 10018 101
10214 Sale 10214
Pacific Tel & Tel let 58
1937 J
10214
7 100 10314 Universal Pipe & Bad deb Os 1936 J D 61
70 6212 Jan'30 _ _ _
61
6212
8
Ref mtge 58 series A
1952 M N 1045 Sale 1045
8 105
18 10158 10512 Unterelbe POW & Lt
1953 A 0 8912 Sale 8912
9014
es
9
91
81
Pan-Amer P & T cony f 6s_ 1934 MN 10212 Sale 10212 10212 15
Utah Lt & Trac 1st &
1024 105
5s_1944 A 0 9538 Sale 953
955
8 21
9218 97
4
1st lien cony 10-yr 7s_ _ _ _1930 F A 1043 Sale 1043
4 1043
4
4 101 104% Utah Power & Lt 1st ref
10012 49
_1944 F A 100 Sale 100
5s_
9712 10112
Pan-Am Pet Co(of Cal)conv 68'40 J D 97 Sale 9612
97
14
Utica Elec L & P 1st s f g 58_1950 J
89
07
__
102%
- 10318 Feb'30
99 11131t
102 Sale 1015
Paramount-13'way 1st 530- _1051 J
8 102
14
99 1925 Utica Gas& Else ref Srext Os 1957 J .1 10412 Sale 10412 10412
3 10214 104%
8
Paramount-Fern's-Lasky 65_1947 J D 101 Sale 101
102
87
98 103% URI Power & Light 530_ _ _ _1947 J D 9318 Sale 92
111
9312
86
95
85 Sale 8418
Park-Lea let leasehold 630_1953 .1
85
20
7512 85
567
3
5714 20
Vertlentes Sugar 1st ref 78..1942 .1 D 56
57
56% 611
87% Sale 87
:
Parmelee Trans deb 6s
1944 A
8813 31
75
913 Victor Fuel 1st
4
45 25 Mar'30
1953 .1 .6 28
25
21
103
_ _ _ _ 1013 Feb'30
Pat & Passaic G & El cons 55 1949 M
4
_ _ 101 1013 Va Iron Coal & s f 5s
4
8
Coke let g 58 1999 M S 7218 73
727
8 10
727
73
70
Paths Rich deb 7s with warr 1937 M N 60 Sale 58
6312 36
36
687 Va Ry & Pow lst & ref 5s. _1934 J .1 10018 1003 10012 101
8
4
4
99 4 102
3
Penn-Dixie Cement 6s A
_1941 M S 79 Sale 79
80
23
7312 83
Walworth deb 630 alth war 1935 A o 10912 Sale 107
10912 30
9318 10912
Poop Gas & C 1st cons g Gs....1943 A 0 11114 112 11114
11114
2 11114 112%
W1thout warrants
94 95 Mar'30
_
93
95
Refunding gold 58
1947 AI S 103 Sale 102% 010512
87
6 101 c10512
1st sink
9314 14
91% Sale 9112
M S
Registered
1007 Mar'30 -- _ _ 100% 1007 Warner fund Os series A..1945 K
85
8
12 93 4
,
8
Bros Pict deb es_.1939 SI S 11014 Sale 10912 113 1557 10812 113
Phila Co sec 55 ser A
1967 J D 10014 Sale 993
4 10014 104
96 100% Warner Co let Gs with warr_1944 A 0 99 4 _ _ 99
3
128
100
Philo Rice Co 1st 410
1967 M N
95 100
9912 10012 29
97 10012
Without warrants
__
A 0 94_ 95 Mar'30
PhIla & Reading C & I ref 65_1973 J J 87
90
95
867
89
8
87
9
873 Warner Sugar Refill 1st 7e_ _1941 J D 10512 106 10518
8
84
105 4 13 102% 107
3
102
1949 M S 101 Sale 99
Cony deb 65
152
91 102
Warner Sugar Corp 1st 7,._1936 J .1
50 Mar'30
4
Phillips Petrol deb 5318- - - - 1938
48
4 06
seta
228
D 943 Sale 943
90 /96
Stamped
49
48 Mar'30
Pierce 011 deb s f 8s_ _Dec 15 1931 .1 D 10512 10812 10512 10512
7 104
49
5118
107
Warner-Quinlan deb es
4
883
4 12
1939 PA S 883 Salo 8712
Pillsbury Fl Mills 20-yr 6s_1043 A 0 10012 Sale 10212 104
8314 883
4
13 102 105
,2
Wash Water Power,f 5s_ _ _1939 J .1 10312 10514 10414
10412 14 10012 105
Pirelli Co (Italy) cony 7t3 _ _ _1952 MN 107 109 111 Mar'30
1053 1133 Weetchest Ltg g 5s stpd gtd_ 1950 J D 1033
4
4
2 103% 105
s
1033
4 1033
4
9412 Mar'30
Pocah Con Collieries 1st f 58'57.3 J 9412
94% 9412 West Penn Power ser A 58_ _1946 M
10314 1633- 1033
1 1013 10312
-4
3 1033
8
Port Arthur Can & Dk (is A_1953 F A 105 106 105
2 102% 105
105
let 5s series E
10414 Sale 10378 10412 18 102 4 105
1963 M
1953 F A 10012 Sale 10012 10012
1st M Os series B
2 10012 1043
4
1st 530 series F
10514 12 10V2 105%
1953 A 0 104% Sale 104
Portland Elec Pow 1st 138 13_1947 MN 100 100 2 9912 10012 13
,
9612 10012
1st see 5s aeries G
104 1041 104
1956 J
104
13 101% 10414
4
Portland Gen Elec 1st 58_1935 J J 1003 10112 1003
4
1003
4
1
9814 103
West Va C 42 C 1st 6s
24
15 Mar'30 _ _ _ _
14
1950.3 J
Portland Ry 1st & ref 56._ _ _1930 MN 995 99% 995
1113 20
10018
7
97 100% Western Electric deb Is _ _ _1944 A 0 103% Sale 1033
8 104
33 10112 104
Portland Ry L & P hare 5s_1942 F A 995 Sale 993
14
1
4 101
96 101
Western Union coll tr cony Os 1938.3 J 1013 102 10114 102
8
33 10012 103 4
let Hen & ref Gs series 13_1947 MN 99 10012 10012 10012
,
96% 101
Fund & real est g 430
971 97
1950 MN 97
9712
2
2 1045 107
1st lien & ref 730 ser A _ _1946 MN 10512 Sale 10512 10512
95
98%
8
15-year 630
9 108 110
10912
1936 F A 10912 Sale 109
17
96
Porto Rhean Am Tob cony 68 1942.3 J 9512 Sale 9512
91
98
25
-year gold Es
Sale 102
102
10312 23 10018 104 4
1901.3
9412 Sale 0412
9514 57
Postal Teleg & Cable coil 55_1953 J
,
9312 9612 Westphalia Un El Pow es__ _1953 J D 8912 Sale 8712
8912 34
J
7
9012
91
Pressed Steel Car cone g 5s.1933 J J 00 Sale 90
76
94
81
Wheeling Steel Corp 1st 530 1948.3 .1 10212 Sale 10218 1025
20 1003 103
97 190
Jan'30
4
Pub Serv Corp N J deb 4338_194S F A
181 194
let & ref 430 series B_ _ _ _1953 A 0 90% 91
90%
9118 52
4 10218 105
93
Pub Serv El & Gas 1st& ref 58'65 .1 D 103 10412 10412 10412
87
White Eagle Oil & Ref deb 5135'37
1067J D 98 Sale 977
9812 14
Rit & ref 4339
9512 100
With stock purch
10612 Sale 10412 107
--H
53 10214 107
lst&raf4l-4s
9314 210
1970 F A 98 Sale 977
95% 9914 White Sew Mach es warrants '36.3 S 85
89
81 Feb'30
with ware
J
14
81
50
90
Punta Alegre Sugar deb 7s._1937 J J 45 Sale 45
55
50
Without warrants
'
80
84% 84
84
AS% 49
75
84
45
59
10
Certificates of deposit-----55
45
Partic e 1 deb (is ----- _ _ _1940 NI N 78
793 SO
80
1
SO
73
9912 83
Pure 011 s f 634% notes_ _ _1937 F A 9938 Sale 9812
98 10012 Wickwire Spen St'l let 75.
.1935 J J 35% 367 40 Mar'30
'2512 40
9718 12
Purity Bakeries 5 1 deb Ss_...1948 J J 96%9638 96%
95
9712
Ctf dep Chase Nat Bank
3312 371 35
36
5
2518 39%
97
Remington Arms 65
18
1937 M N 97 Sale 96
9314 07
Wickwire 09 St'l Co 7s_Jan 1935 MN 3512 Sale 35
0
36
41
25
4 1003 177
Rem Rand deb 530 with war '47 MN 10018 Sale 993
4
9112 101
Ctf dep Chase Nat
25
36
- 3512 Sale 34
10214
25
3034
Repub I & El 10-30-yr &a f_ _1940 A 0 10238
10212 13 10114 10212 Willys-Overland s f Bank _1933
4
-- 1003 Sale 101
MS
6
_.
10112 33
98 101%
8 103%
2 10012 104% Wilson & Co let
Ref & gen 510 series A... _1953 .1 J 1013 102 1037
25-yrs f 68.1941 A 0 101 Salo 10012 101
58
993
4c1013
4
Revere Cop & Br es_July 1948 M S 10338 Sale 10212 10312 12 102 10414 Winchester
Repeat Arms 734541 A 0 103 106 102
22 100 103
103
Relnelbe Union is with war.1046
4
4
1071s
J 1063 114 107
993 107, Youngstown Sheet & Tube 58'783 J 102 Sale 101%
4
5
1023
8 45 10014 103
Without etk mire, warn _ _1098 J J 9812 Sale 98
983
4 21
923 9834
4
s Cash Bak
[VOL. 130.
FINANCIAL CHRONICLE
2366
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Mar. 29 to April 4, both inclusive, compiled from official sales lists:
Stocks-
notes
Friday
for
Last Week's Ran
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2nd preferred
Boston & Maine
Prior preferred stpd-100
Series A let pfd stPd-100
Ser B let pref stpd-106
Ser 01st pf stamped 100
Boston & Prov1dence-100
Ciao Jet Ry US Y pf-100
East Mass St Ry com-100
100
Preferred B
100
1st preferred
100
Adjustment
Maine Central prat_ - _100
N Y N H &Hartford-10U
North New Hampshire-100
Norwich & Worceeter_-100
100
Old Colony
50
Pennsylvania RR
Providence & Worcester100
100
Vermont & Mass
83
108
94
18134
8034
9354
10734
94
182
8435
9334
108
94
111 111
83
82
126 128
128
118 114
113
175 175
105 107
107
834
8
8
40
40
4434 44%
254 2634
84
84
1254 12734
109 109
132
132 132
13534 13534
8534 8434 8634
175 175
118 118
111
Ranee Since Jan. 1.
Low.
High.
Feb 182
97 175
1,176 67
Jan 8454
Jan 97
10 85
125 10554 Jan 110
119 89
Jan 9954
Mar
Mar
Mar
Feb
Mar
III
84
130
114
175
107
10
46
48
283.4
84
12734
109
133
138
864
185
118
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Jan
Jan
Mar
Jan
Apr
Feb
Mar
Mar
Apr
Mar
Mar
65
200
135
49
1
120
67
10
13
110
13
128
20
14
85
887
37
24
104
77
115
108%
170
101
634
35
41
2534
82
10841
10834
130
125
72
171
116
Jan
Jan
Fe.
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Ja.
Jan
Jan
Jan
Miscellaneous
Jan 213.4
2134
135 16
20
Amer Equities Co
Apr 3234
12,720 23
25
23
Am Founders Corp cam stk 24
9
534 Jan
734
7% 734
260
Eery _ -.25
Amer Pneumatic
24
265 204 Jan 2434
25 23
23
Preferred
Jan 52
60 48
50
5034 52
lat preferred
100 26731 25734 2694 1,456 21634 Jan 269.4
Amer Tel & Tel
Jan 3134
24
20
3134 4,355 19
Amer & Conti Corp
770 124 Jan 18%
15
" 15
1534
Amoakeag Mfg Co
5
Feb 1034
934 1034 1,935
Aviation See of New Eng360 704 Mar RA
73
72
Bigelow-Sanford Carpet--• 73
Jan 28
1,173 22
Boston Personal Prop Trust 274 2534 28
83
Feb 85
88 80
82
Brown Co preferred
3034 2,411 2434 Jan 3144
Columbia Graphaphone.-. ___ _ 28
Jan 63
6134
124 48
614 60
Continental See Corp
1634 154 1634 3,318 1234 Jan 1834
Credit Alliance Corp el A
124
114
660 104 M
1134 11
Crown Cork & Inil
454
50
334 Feb
434 44
But Boston Land C°rD 11:1
Jan 41
39
3
2,641 26
634 41
Bat Gas & Fuel Assn corn_
Jan 83
83
398 76
100 8134 80
454% prior pref
Jan 9544
100 95
9434 95
422 92
6% cum pref
36
3,310 2534 Jan 38
Eastern El S Lines Inc new. 3534 33
100 493.4 48
380 44
Jan 4954
4934
Preferred
99 100
40 9334 Mar 100
1st preferred __ _ • 100 99
Mar 15
.14
14
48 12
Inv Corp elA
East Util
Mar 40
._ ___
231
3434
30 30
Economy Grocery Stores_
1.434 237
Jan 276
100 269
265 276
Edison Elec Ilium
26
5,886 2134 Feb 26
2534 24
Empl Group Assoc
Mar
9
6
6
75
4
6
Galveston Hone Elea--100
100
20
Mar 24
20
25 12
Preferred
100
834 Feb 1034
1034 1034
General Alloys Co
517 43
Jan 58
58
5654 55
General Capital Corp
Georgian (The)'no
11
el A..20
285
951 Jan
10
10
Preferred
German Cred dr Inv Corp
Jan 14
14
14
30 11
Sat pfd
1234
27 1134 Mar 19
12
*
Gilchrist Co
8434 9134 2.734 8234 Mar 10534
Gillette Safety Razor CO.•
25 14
Jan
1634 1634
1934
Greenfield Tap la Die- _25
17. 40
41
41
Mar 42
Grelf Bros Coop'e Corn el A
75 99
Mar 1084
100 101
Hathaway Bakeries prof _
Mar 2054
550 16
1634 17
Class B
Mar 31
29
15 27
27
Hygrade Lamp Co
194 1,425 1534 Jan
1934
Carriers Ltd com_
1934 18
Internat
531 Jan 144
1134 1334
339
International Com
170 43
Feb 47%
Hydro El Sys el A--- ___ _ _ 44% 47%
Inter
234 Jan
93.4
84
334 934 2,075
Jenkins Television com
Jan 89
89
28 88
89
Kidder,Peab Recap A pf100
2534
351 1734 Jan 2534
McNeil & Libby-10 254 20
Libby
734 Jan
175
1034
25
1034 104
Loew's Theatres
6,192
63.4 Jan 12
9%
93-4 10
Mass Utilities Assn
70 105
Mar 10834
1064 108
Linotype 100 108
Mergenthaler
2
200
14 134
134 Jan
10
National Leather
8
4
Mar
454 434 1,067
434
National Service Co
95 2734 Mar 3734
30
30
New Engl Equity Corp_
3,693 143
Feb 159
New Engl Tel & Tel__100 15534 15334 157
7
Jan
1034
10
1034 7,701
Rights
554 Jan 1034
40
10% 1034
Nor Area Aviation, Inc-291 2054 Jan 30
140
254 2534
Pacific Mills
7
Feb
7
20
7
7
Plant (Thos G) 1st pfd 10'
Public Utility Hold com-- 2534 244 254 2,232 1734 Jan 2534
25 7234 Jan 82
82
82
Light & Ser Co__
Railway
Jan 164
130 15
164
Reece But Hole Mach Co10 164 .16
144
1 14 Apr
,
100
134
lb 16
Reese Folding Math Co 10
6
431 Jan
305
5%
534
Equity corn ea
534
Second Inc
Jan 2144
4,800 16
21
2034
0
Shawmut Ass'n corn stk._
Mar 65
10 25
65
5
So New Engl Ice Co Pr 10
Jan 1044
020 82
9% 103%
Stone & Webster Inc
mar 3454
798 31
3134
31
31
Swift & Co new
Feb 67
355 60
62
60
Co
61
Torrington
3
Jan
1
910
24
2
234
Tower Mfg
1834
49 124 Jan
1834 1834
Tr Conti Corp corn
Mar 51
480 30
34
5 33
3234
Union Twist Drill
Mar 4431
7,27
36
United Founders Corp_-- 3734 364 39
United Slam Mach Corp_25 674 6534 674 2,814 5934 Jan 6734
Jan 32
127 30
25
3134 39
Preferred
18
20
2034 4,741 174 Mar 23
U SElec Power Corp
10 3934 Apr 4034
3934 3934 3954
&Brit Int Co pref
US
Feb 52
45 49
49
49
50
U 8& Intl Ser Corp pref_
Jan
2234
U Et & Overseas Corp com- 2234 1954 2234 7,691 16
20
24 104 Jan 20
Utility Equities Corn- •
20
Jan 9134
1,980 71
Preferred
9034 854 9131
2
1
Feb
130
Venezuela Holding Corp__ - ___ _ __
134 2
Mar 7834
7
270
Venezuela-Mexico Oil
8
7
8
Waldorf System Inc
* 284 2834 294
295 2554 Feb 2934
Jan 85
20 75
81
Waltham Watch pref-100
81
Mar 97
100
ii r95
Prior preferred
97
97
260 38%11 Apr 4134
Walworth Co
3834 414
80 5934 Mar 65
Warren Bros Co New stock
6234 6334
5 14934 Feb 190
Old stock
189 189
Jan 70
195 49
50
70
70
26 preferred
270 22
Feb 2734
Weetlield Mfg Co ePte.......
2434 26
954
134 Jan
Wkittelsey Mfg Co A
14 14 1,660
134
Misting
275 300' Mar 60e
Arcadian Cons Min Co_25
300 40e
134
131 Jan
290
Arizona Commercial
114 1%
13.4
5
536 264 Mar 3234
25 2834 2
Calumet & Heels
834 30
25 1534 1534 1634 1,190 1434 Jan
1634
Coppei Range Co
14
134 Jan
645
14
154
134
East Butte Copper Min_10
834
25
134 Jan
2
254
660
234
Hancock Consol
1
200 15o Mar 500
200 200
Hardy Coal Co
1
20 3954 Mar 43
394 3934
Island Creek Coal
1234
Jan
25 1134 104 1134
490 10
Isle Royal Copper
Jan
1
25 920
325 36e
92e
1
Salle Copper Co
La
1
Jan
25
900 900
44 900
Lake Copper Co
600 300 Feb 600
40c 40c
Mayflower & Old Colony25 40c
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Feb
Apr
Jan
Apr
Jan
Feb
Mar
Jan
M
Mar
Jan
Apr
Jan
Mar
Apr
Apr
Apr
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Jan
Aix
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Feb
Feb
Apr
Apr
Apr
Jan
Feb
Mar
Apr
Mar
Jan
Jan
Mar
Apr
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Apr
Apr
Apr
Apr
Jan
Apr
Feb
Mar
Apr
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High Shares.
25
Mohawk
New Dominion Copper_..1
Nipissing Mines
15
North Butte
28
Old Dominion Co
PC Pocahontas Co
•
25
Quincy
St Mary's Mineral Land _25
b
Utah Apex Mining
Utah Metal & Tunnel _ _ I
454
10e
3
9
15
4431
25
334
80o
45
100
134
3
834
14%
36
25
351
The
59
46
100
100
134
100
334 3,060
595
9
15%
790
4434 19,202
2554
235
354 1.035
80e
2.000
BondsAmoskeag Mfg Co 68_1948 824 82
'
8234
1946 95
95
9534
Brown Co 5548
1950
95
95
534s
9234 9234
Can Inter Pap Co Os_ A949
95
95
Central Pow Sr Lt 5s_ _1956
Chic tot Ry &II £3 It 5E1.'40
10074 101
48
1940
8834 8834
48
E Mass St RR 434e A...1948 4654 46
1948
55
55
Series B 5s
97
97
Gen Pub Util 648____1956
1936
97
97
Hood Rubber 7s
10431 105
Inti Hydro-Elea Sys 13s '44
98
9834
K CM &Bine 5e....1934
_1931
Mass Gas Co 454s_ .
9954 9954
Nat Hung Ind Mtge Trust
1948
8534 85%
75
New Engl Tel & Tel 5s 1932 10034 10034 10034
95
95
New River bs
1934
109 10034
PC Poeshontasdeb7s_1935
Ruhr Gas Corp 54s_ _1953
8334 8534
10154 10134
1944
Swift & Co fis
100 10034
Western Tel & Tel be 1932
$3,000
11,000
20,000
2,000
10,000
3,000
1,000
11,009
1,000
5,000
7,000
4,000
1,500
1,000
Range Since Jan. 1.
Law.
High.
44
10e
134
251
6%
10
15%
23
231
50c
Jan
Apr
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
7934
84
95
92
95
9854
86
42
46
97
9044
98
97
98
Jan 84
Feb
Mar 9734 Jan
Mar 95
Mar
Feb 95
Jan
Mar
Mar 95
Jan 10134 Jan
Jan 89
Feb
Mar
Jan 48
Jan 65
Mar
Apr 97
Apr
Feb 97
Apr
Jan 105
Apr
Feb 9831 Mar
Jan 9954 Jan
1,000 854
1,000 9934
1.000 89
3,000 100
2,000 8554
8,08) 9954
8,000 094
Mar
Jan
Jan
Jan
Mar
Mar
Feb
52
15e
14
544
10
17
44%
28
334
80c
854
101
95
110
8534
102
1014
Feb
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Mar
ACC
Mar
Mar
Apr
Feb
Mar
Mar
Mar
•No par value. a Ex-dividend.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore stook Exchange, Mar. 29 to April 4, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. prim Low. High Shares.
Appalachian Corp
Arundel Corporation --__*
Baltimore Trust Co ____10
Black & Decker corn ----*
Central Fire Insurance-10
_10
Voting trust
certif.Chas&Po Tel of El Pref100
*
Commercial Credit
25
Preferred
25
Preferred B
64% lag preferred_ _100
Commercial Credit N 0 1/1
Consol Gas E L & E
6% preferred ser D_ _100
534% pref wiser E.100
100
5% preferred
Consolidation Coal_ ..100
Preferred
Continental Trust
4534
394
524
5034
5034
11554
25
123
111
107
10254
Eastern Rolling Mill
* 23
Scrip
EmersonBromoSeltzerAw I
32
25
Equitable Trust Co
Fld air Guar Fire Corp ....10 45
Fidelity & Deposit
50 180
Fin Co of America A
•
Fin Serv pref
19
Find Nat Bank w I
Houston 011 pref v t ofe100
Mfrs Finance corn v t__ _25 2454
25 184
let preferred
26 preferred
25
Maryland Casualty Co_25 10534
Maryland Trust Co
March & Miners Transp-* 46
Monon W Penn P S pref.25
Mon Bond & Title w 1_ _ _
Mt V-Woodb Mills v t_100
Preferred
100
New Amsterdam Cas Ins.. 4134
Northern Central
Park Bank
10
Penna Water & Power_ *
Second So Bankers 75% pd 35
Southern Bank Sec Corp__
Preferred
Standard Gas Equip pref
__ __ __
Un Porto Rico Bug prof _ ..* 37
Union Trust Co
50 6731
United Rys & Electric. _50 13
US Fidelity & Guar new.. 4634
West Md Datry Ina pref_ • 90
Prior preferred
80
Rights
Con Gas EL & Pow
434 44
4534 4534
374 3934
52
5234
4854 6234
49
52
115% 11654
3834 3834
2434 25
25
254
94
94 ,
24
24 .
118 123
11034111
107 107
102 10254
12
1234
42
42
220 222
2134 23
2234 23
3154 32
161
161
45
4534
178 180
1034 11
93.4 931
4934 51
90
93
22
2454
1834 1854
15
17
100 10554
220% 22031
4534 46
2434 25
14% 15
154 1535
85
86
41
42'
87
88
29
92
35
18
82
36
36
6644
13
45
90
5351
29
92
35
18
82
36
37
68
13
47
90
534
574
7
10
1,805
1,185
938
1,551
1,546
44
500
348
169
130
30
915
61
6
88
330
20
50
Range Since Jan. 1.
Low.
High.
434
4031
3655
40
2934
3034
11334
2334
2234
23
7954
22
93
109
10534
9934
12
42
220
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Apr
Jan
Feb
5
4754
3934
56
5234
52
117
3834
25
254
94
24
123
111
107
10254
15
43
223
Feb
Mar
Air
Mar
Apr
Mar
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Jan
Feb
273 21
4 44 20
,
254 30
5 145
259 39
322 168
77 10
7
150
126 49
316 7751
320 15
109 174
336 13
702 8731
5 220%
409 44
33 234
50 1434
100 1154
226 73
709 38
11 86
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Apr
Jan
Feb
Jan
Mar
2534
2651
3334
161
49
180
1234
934
51
93
2444
19
17
10534
22154
47
26
20
17
86
424
88
Jan
Jan
Feb
Mar
Feb
Feb
Jan
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Feb
Jan
Jan
30
9544
35
27
82
36
43
7434
1331
4834
90
5331
Jan
Mar
Apr
Jan
Apr
Apr
Jan
Jan
Feb
Jan
Mar
Apr
7
Apr
100
40
25
30
15
1
135
71
1,126
2,021
31
4
371
29
72
35
18
82
314
36
61
834
4034
80
48
334 Feb
Bond s
Baltimore City Bonds•
1961
98
98
$3,300 9534 Feb 9854 Mar
4s Sewer Loan
1961
___- 98
98
200 97
4s Dock loan
Feb 98
Apr
98
1958
98
500 9634 Feb 98
Conduit
Apr
98
98
600 9734 Jan 98
4s Engine house__ _1957
Apr
1951
98
98
100 9654 Feb 98
45 Annex inapt
Mar
1951
9734 9754
600 97
4s Paving loan
Mar 98
Jan
68
68
5,000 66
Balt Spar Pt&Ches 4 ifi '53
Jan 68
Jan
9934 9934 1,000 9731 Jan 9934 Apr
ConsolGE L 84P 454e 1935
10634 10654 10654 1,000 10654 Mar 10654 Mar
53411
96
96
4,000 95
Elk Horn Corp 634%-1931 96
Mar 98
Apr
8931 8,000 87
Fair & Clarks Trao 53_1938 8934 89
Feb 8931 Apr
9854 99
99
2,000 95
Houston 011534%
Mar 99
Apr
85
__ -- _ _ 80
1,500 80
Lord halt Hotel genl OM
Apr 85
Apr
Md Electric Ry 1st 5s_1931 9754 9734 9754 2,000 94
Jan 9744 Apr
86
86
let & ref 634s ser A_1957
1,000 80
Jan 86
Mar
61
61
3,000 50
Macon Dublin &Say 5% _ _ 61
Mar 61
Apr
8934 8934 3,000 87
Monon Valley Trao 5s 1942
Jan 8934 Apr
88
North Ave Market 6s.1940
88
7,000 85
Mar 88
Mar
Norfolk & Ports Trae 58_
9834 9831 984
1,000 984 Apr 9854 Apr
924 9234 2,000 9
Olustee Timber Co 6% 1935
234 Mar 9234 Mar
Sandura Co Inc 1st 6s_1940
8634 87
3,000 86
Jan 87
Feb
Sou Bankers Sec ex-war_'38 85
85
85
2,000 85
Apr 85
Apr
Un Porto Rican Sugar
654% notes
1937
8334 8354 2,000 79
Jan 8934 Jan
6154 62
Milted Ry & E let 42_1949 62
14,000 5554 Jan 69
Jag
Income 4s
1949
46
46
10,000 34
Jan 4934 Feb
Funding be
1936
64
6434 5.000 4954 Jan 6431 Apr
Let 65
1949 80
7831 80
4.000 67
Jan 84
Jan
Wash Balt ar Annap 5/1941
6734 6734 3.000 65
Feb 8734 Apr
0 Par
APRIL 5 1930.]
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Mar. 29 to Apr. 4, both
Inclusive, compiled from official sales lists:
Stocks--
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Almar Stores
•
Amer Foreign Securities-American Stores
•
Bankers Securities prat_ _50
Bell Tel Co of Pa pref__100
Bornot, Inc
Budd (E G) Mfg Co
*
Preferred
Budd Wheel Co
50
Cambria Iron
Camden Fire Insurance__
Central Airport
Commonwealth Can Co_10
Consol Traction of N J 100
Cramp Ship & Engine
Elm Storage Battery_ -100
Empire Corporation
Exide Scour
Fire Association
10
Horn & Hard (Phila)com_•
Horn & Hard (N Y) corn-5
Preferred
100
Insurance Co of N A--- _10
Lake Superior Corp_ _100
Leh Coal & Nav newW I__
Lit Brothers
Little Schuykill
Manufact Can Ins
Minch & Schuylk Hay_ _50
Mitten Bank Sec Corp.....
Preferred
Mock Judson Voehr corn
Penn Cent L & P aura pf.•
Pennroad Corp
50
Pennsylvania RR
Penn Traffic
2%
Phila Dairy Prod pref
Phila Electric of Pa $5 pref
Flinn Elec Pow pref
25
Phila Insulated Wire
Philadelphia Inquirer
Preferred when issned
Phila. Rapid Transit- -50
50
7% Preferred
Phila & Rd Coal & Iron-Philadelphia Traction__ _50
Certificates
Railroad Shares Corp
10
Reliance Insurance
Seaboard Utilities Corp_
Scott Paper
7% A
Shaffer Stores Co
Shreve El Dorado Pipe L 25
Sentry Safety Control
Tacony-Palmyra Bridge.*
Tono-Belmont Devel„ _ _1
1
Tonopah Mining
Union Traction
50
CM of deposit
Unit Gm Impr com new_ _•
Preferred new
•
U S Dairy Prod class A_ _ _•
Common class B
•
1st preferred
Victory Ins Co
Westmoreland Corp
York Railways pref
3%
4034
11634
1434
26%
%
10%
16%
42
165
83
12%
48%
36
17%
17%
93
102
33
5234
37%
41
934
9%
50
102%
2334
3-16
30%
45
9934
663'(
25
17%
Range Since Jan. 1.
Low.
High.
Mar
434
3
3% 3% 2,865
Mar 9934
25 84
95
95
Jan 52
2,900 45
52
49
Jan 4434
900 36
40
4034
823 11334 Jan 117%
115% 11636
Apr 10
8
100
8
8
934 Jan 1534
14
1536 21,500
Jan 70
36 60
6534 67
834 Jan 14%
1436 9,300
13
180 3836 Jan 41
41
39
26% 27% 3,500 22% Jan 2834
3% Feb
634
900
4% 634
Jan 27
200 20
23% 23%
122 48% Feb 52
51% 52
1
34 Feb
800
%
%
Jan 78%
25 70
76% 7636
834 Mar 14
10
10% 4,505
Mar 1934
1634 16% 2,575 16
41% 4334 5,000 36% Jan 4334
Jan 165
125 145
160 165
Jan 4636
700 40
45
4534
20 97% Feb 103
103 103
Jan 8534
82% 84% 4,100 69
12% 13% 12,600 10% Jan 1534
Jan 4934
4634 49% 11,700 39
5
Apr
5
190
5
5
Mar 42
67 40
42
40
Jan 3734
1,400 33
36
35
Feb 5434
91 54
5434 543-4
Jan 20
800 16
17% 17%
Jan 26
2,000 16
17% 18
100 25% Mar 27%
25% 25%
180 7534 Jan 78%
7734 78%
15% 16% 74,600 13% Jan 16%
84% 86% 27,600 72% Jan 86%
1% Jan
500
13-4
134
134
223 86% Jan 93
93
92
1,400 98% Feb 102
101% 102
7,700 31% Jan 33
32% 33
Mar 57
18 54
57
57
Jan 5034
200 40
4734 4734
Jan 5334
5234 52% 2,100 49
Jan 40%
950 38
3934 40%
1,280 3734 Apr 44
39%
3734
1,800 14% Feb 18
1634 18
Mar 44
600 40
41%
41
Jan 4034
200 37
4034 4034
936
8% Feb
834 934 3,900
Jan 18
800 16
1734 17%
736 Feb 10%
734 10% 20,300
Feb 51
69 50
50
50
8 102% Apr 106
10231 102%
2334 2334 12,000 2234 Jan 23%
Jan 16
9
5,670
1334 16
9%
4% Feb
834 934 2,000
Jan 5334
505 34
50% 5334
%
3-16
Si 3,600 % Ma r
234
136 Mar
134
134 1,200
2,160 2534 Jan 32
30% 32
300 3734 Feb 3035
3034 3034
4136 45% 195,100 3134 Jan 4536
9936 9934 4,875 9634 Jan 100
Jan 67
2,200 52
6234 67
Jan 25
3,850 14
2334 25
Mar 9734
50 93
9736 9734
400 1634 Feb 1734
1634 1734
Feb 20
100 18
1834 18%
Feb 36
110 35
36
3534 4
Bonds88
Consol Trate N J 1st 513 1932 90
El & Peoples tr ctfs 48_1945 4234 40
40
Cti's of deposit
79
Keystone Tel 5s
1935
103
Phila El
(Pa) 1st Inakrf6860
10634
1st 5s
1966
Phila El Pow Co 5348_1972 105% 10534
9634
Strawbridoe & Cloth 58 '48
Feb
Feb
Apr
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Mar
Apr
Feb
Apr
Feb
Feb
Feb
Feb
Apr
Apr
Feb
Mar
Mar
Feb
Apr
Apr
Apr
Mar
Apr
Jan
Jan
Jan
Mar
Feb
Apr
Jan
Feb
Apr
Feb
Apr
Feb
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Jan
Apr
Feb
Feb
Mar
Apr
Mar
Apr
Feb
Jan
Apr
Apr
Apr
Jan
Apr
Apr
API
Apr
Feb
Mar
Apr
Jan 90
90 COMO 82
Jan 44
Mar
8,500 34
44
Mal
2,000 39% Mar 44
42
Feb 79
1,000 75
Aral
79
103% 2,000 10234 Feb 104% Fel
3.000 10336 Jan 106% Ap
106%
105% 22,000 1043.4 Feb 105% Mx
9734 6.001 9534 Jan 9734 Ap
• No par value.
-For this week's record
Pittsburgh Stock Exchange.
of transactions on the Pittsburgh Exchange see page 2343.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Mar. 29 to Apr. 4, both inclusive, compiled from official sales lists:
Stocks-
2367
FINANCIAL CHRONICLE
ands
Friday
Last Weelc's Range for
Week.
of Prices.
Sale
Par Price Low. High. Shares
Aetna Rubber corn
*
Air-Way Elec Appi pfd.100
Allen Industries corn
734
•
Amer Multigraph corn_ •
Apex
*
Bulkley Building prat_ _100 60
Brown Fence A
* 27
B
• 31
Central Alloy Steel pfd_100
Central United
8434
Chase Brass pref
• 10336
City Ice & Fuel
* 47
Cleve Autom Mach pfd 100
Cleve Builders Realty...."
Cleve Builders Supply__ .*
Cleve-Cliffs Iron com_
*
Cleve Railway ctfs
' • 9134
Cleve Sandusky Brew_
•
Cleve Securities P L pfd.10
Cleve Stone corn
• 67
Cleve Trust
100 486
Cleve Union Stky'ds oorn.•
Cleve Worst Mills eom_100
Commercial Book
•
Dow Chemical corn
• 73
Elec Control & Mfg corn_ _•
Federal Knit Mills corn. _•
Ferry Cap
•
Foote
-Burt corn
• 26
General Tire & Rub corn _25
. 18
Geometric stamp
Glidden prior pref
100
Godanan Shoe corn
*
Great Lakes Tow pref _ _100
Guaranty Title
• 118
Guardian Trust
100
5 37%
Halle Bros corn
Preferred
100 99
Hrsrbauer corn
•
Higbee 1st pref
•
India Tire & Rubber com •
intorinlra Atnomahin nr.....a
63.4 6%
95
95
834 736
4034 41
1634
16
60
60
2734
27
31
31
108 108
8434 8434
103 103%
47
46
60
60
15
15
35
35
137 138
91% 92
3
3
2% 234
67
67
485 486
15
15
12% 1234
15
12
73
72
7734
77
3334 3334
16
16
26
25
160 163
1834
17
105 105
31
30
112 112
118 118
417 417
37% 3734
99
99
2334 2334
105 105
19
18
on t-4
en
100
62
575
80
145
5
550
25
47
483
280
225
80
133
17
40
392
10
503
15
186
200
35
45
261
40
75
10
1,110
30
220
30
124
10
50
10
100
55
105
ii
200
431
Range Since Jan, 1.
Low.
6%
85
5
34
12
60
20%
1734
106
8434
102
41
68%
15
34
125
90
134
234
67
484
15
12
12
6934
64
3034
16
2134
13534
17
100
30
110
118
415
36
96
20
105
834
80
Apr
Jan
Feb
Jan
Feb
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Feb
Jan
Jan
Apr
Mar
Mar
mar
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Feb
High.
834
95
734
41
1634
63%
27%
31
109%
86
10334
47
60
17
35
138
9334
3%
334
69
501
18
1634
1734
75
83
38
1934
26
163
25
105
33
113
118
43234
38
99
25
10536
19
87
Feb
Apr
Feb
Mar
Feb
Mar
Apr
Apr
Feb
Jan
Apr
Apr
Mar
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Apr
Mar
Jan
Mar
Jan
Mar
Apr
Feb
Feb
Jan
Mar
Max
Max
Max
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
•
Jaeger Machine corn
100
Jordan Motor prof
Kelley Isl Lime & Tr com_•
•
Lamson & Session
•
McKee B
•
Medusa Cement
Matron Pay Brick com-*
Midland Bank
Miller Whole Drug com--*
*
Mohawk Rubber com
*
Myers Pump corn
*
Preferred
National Acme com _ __ _10
*
National City Bank
National Refining oom__25
*
National Tile cam
*
Nestle-LeMur corn
No Ohio P & L 6% pfd_100
Ohio Bell Telep prat_ _ _ 100
•
Ohio Brass B
100
Preferred
•
Otis Steel corn
Packard Electric com____•
•
Packer Corp corn
.
Paragon Refining com_ _•
•
Preferred
•
Voting trust ctfs
Patterson Sargent
50
Peerless Motor com
•
Reliance Mfg corn
Richman Brothers com_ •
Robbins & Myers ser 1_ _•
Voting trust ctfs prior_ _•
Selberling Rubber corn_ •
iik
Preferred
Sherwin-Williams com- _25
100
Preferred
Smallwood Stone Dom- - --•
Sparks-Withington com__•
Thompson Products oom_•
Trumbull-Cliffs Furn pf 100
Union Metal Mfg corn-.
10
Union Trust
Van Dorn Iron Works oom•
•
Weinberger Drug
•
Western Reserve
Youngstown Steel & Tube_
29
55
385
6
114
23
11
11
4534
11
14
85
107%
15%
3834
93
100
Bonds
Cleve 8 W Ry & Lt G & C
1954
tos
2736 2734
123-4 1234
4234 42%
2934
29
58
55
100 100
3036
30
385 38534
2534 2534
1036 1034
48
4834
104% 10434
2334 2434
345 345
33
33
22
18
63-4 7
9631 97'
112% 114
75
75
104 10434
3834 3834
23
20
934 11
11
1234
36
35
12
12
2834 29
1034 11
45% 4536
92
90
5% 534
11
11
14
1634
60
60
85
85
10634 107%
15% 15%
22% 2234
3434 3834
104 104
34
35
93
9334
9
10
2034 21
98
98
100 100
23
96
25
75
500
455
200
35
20
10
50
125
12
300
10
60
585
1,194
129
354
65
22
100
265
1,275
354
100
100
550
206
175
1.094
10
40
3,064
45
40
120
25
325
1,490
18
215
186
225
760
110
370
2334 $12,100
lanai inn
is knn
Range Since Jan. 1.
Low.
25
12
4234
2734
44
100
30
385
22
814
3934
102
2134
345
32
1734
534
90
110
70
101
3531
20
83.4
734
35
734
23
6
39
7934
534
10
1034
60
80
105
15%
22%
23
101
3234
8934
73.4
1934
98
100
23
Cm.4
High.
Jan 2934
Jan 1234
Apr 4434
Jan 2934
Mar 59
Mar 105
Jan 32
Apr 403
Mar 2534
Jan 14
Jan 4834
Jan 10434
Jan 2634
Feb 350
Feb 34
Mar . 29
Jan 10
Jan
97
Feb 114
Jan 7554
Jan 10434
Mar 3834
Mar 2334
Mar 1334
Jan 15
Mar 39
12
Feb
Jan 29
Jan 1134
Jan 4734
Jan 99
Jan
734
Jan 1434
Jan 1834
Mar 70
Jan 85
Jan 107
Apr 15%
Mar 2234
Jan 3836
Jan 104
Mar 35
Mar 95
Jan 10
Mar 21
Feb 99
Feb 10331
Feb
Apr
Mar
Feb
Mar
Mar
Feb
Jan
Apr
Feb
Apr
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Apr
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Jan
Apr
Mar
Jan
Feb
Mar
25
Jan
Sari
MO
Mar
* No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, Mar. 129 to [April 4 both inclusive, compiled from official sales lists.
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
-Par. Price. Low. High Shares.
Stocks
Aluminum Industries, Inc *
Am Laundry Mach com-20 68
•
Amer Products corn
Amer Rolling Mill com _ _25 95
Amer Thermos Bottle A- •
50
Preferred
• 2434
Amrad Corp
100
Baldwin new pref
100
Carey (Philip) pref_
Champ Clad Pap apl pf 100
Churngold Corporation_• 18
• 583.4
Cin Adv Products
•
CM Ball Crank pref
•
Cincinnati Car B
20
Preferred
234
100
CNO&TP
100
Preferred
Cin Gas Sr Elec pref _ _ - _100 9934
C N & C Lt & Trac pf..100
50 45
Cin Street Ry
50 116%
Cin & Sub Tel
•
City Ice & Fuel
•
Cohen (Dan) Co
100
Cooper Corp pref
•
Crosley Radio A
Crown Overall prat_ _100
•
Crystal Tissue
•
Dow Drug corn
Eagle-Picher Lead corn._20
100
Preferred
•
Early & Daniel corn
Fenton United pref__ _100
Fifth-Third-Union Tr_ _100 315
100
First National
Formica Insulation
• 4734
•
French-Bauer (dep.)
100
Preferred
i
Fyr Fyter A
Gerrard S A
45%
Gibson Art corn
:
Gruen Watch corn
50
Hobart Mfg
• 53
lot Print Ink
100 100
Preferred
40
Kahn participating
Kodel Elec. & Mfg A. "
• 4034
Kroger corn
•
Lunkenheimer
Leonard
4234
ManIschewitz,corn
Mead Pull)
Moores Coney A
•
B
Nat Recording Pump_ _ __• 31
Newman Mfg Co
• 3134
Ohio Bell Tel pref
100 11336
Paragon Refining B
* 11%
•
Voting trust ctfs
A preferred
•
Proct & Gamble corn new • 67%
8% preferred
100 162
100
5% preferred
Pure 011 6% pref
100 99
8% preferred
100 112
Rapid Electrotype
•
Richardson,corn
•
Randall A
18%
8%
United Milk Crate A
U S Playing Card
10
U Sprint & Litho com_100 3034
Preferred
100
•
Waco Aircraft
WesternBank
100
*
Whitaker Paper, corn_
Preferred
itio 104
•No par value.
Range Since Jan. 1.
Low.
High.
160 2334 Mar 3034 Feb
24% 2534
Jan
Jan 75
67
68
842 64
46 16% Apr 17% Jan
1634 17
493 8034 Jan 10034 Feb
8834 95
Jan 1731 Mar
16% 17
- 165 15
Mar
20 4834 Feb 50
4934 50
Mar
Jan 31
2434 2734
714 12
Mar
Mar 60
60
60
356 60
Jan
11534 116
68 11534 Mar 120
Mar
17 103% Jan 105
105 105
Jan
Mar 25
163 15
173.4 19
Feb 6234 Feb
400 50
58
59
Jan
130 20
Jan 26
2034 21
Mar
2
36 Jan
1%
4
134
1% Jan
109
33.4 Mar
236 234
Jan 350
Mar
330 330
5 325
Feb
110 110
44 105% Jan 110
Mar
Jan 100
460 95
9934 100
Apr
Mar 90
90
50 81
90
Feb 4534 Apr
43
4534 3,427 42
Jan
116 11634
722 110
Mar 119
Jan 49
Feb
1 -42
46
46
Jan
50 1934 Jan 25
2034 21
Jan
155 10
Mar 20
13
18
Apr
1,081 113-4 Jan 22
1734 22
Jan
Jan 106
104 105
4 104
Jan
Apr 23
20
2034
50 20
Jan
25 1434 Apr 18
143.4 15
Feb
945 11% Mar 15
1134 12
Jan
10034 100%
201 1003.4 Apr 102
Jan
15 2336 Jan 43
25
28%
Mar
Jan 101
50 96
9934 9934
Jan
Jan 315
30734 315
63 300
Jan
Mar 420
410 410
4 410
Jan 5334 Jan
533 40
4634 49
Jan
12
200 12 • Mar 15
12
Mar
Jan 101
ii 96
99
9934
Apr 2034 Jan
100 18
18
18
Jan
Jan 24
3 20
20
20
Jan
Jan 50
306 38
4554
45
94 4034 Mar 4234 Jan
4034 4134
Mar
Mar 50
10 42
50
50
Apr
Jan 53
25 45
5154 53
Apr
Feb 100
289 94
99% 100
Feb
Mar 30
' 50 27
27
27
834 Mar
173
534 Jan
734
7
Jan
42
558 3834 Mar 47
39
110 39
Jan 44% Jan
41
40
Mar
Jan 23
40 17
20
20
Mar
Jan
45
87
38
42
4234
64
40 59% Jan 6836 Jan
64
Feb
10 20
Jan 22
213-4 21%
Feb
15
3Jan
4
334 3%
Jan
30% 3134
88 3034 Mar 36
Feb 32
Mar
29
3136
775 25
112% 11334
89 11034 Feb 1133.4 Apr
11
260
734 Feb 1434 Mar
1134
1136
125
11
734 Feb 143.4 Mar
38
1,870 3334 Mar 39
Mar
35
68
645 5336 Jan 70
Mar
67
22 160 - Jan 180
Mar
162 16254
1084 110
103 104%Jan 110
Mar
Mar 10034 Feb
9854 99% 1,048 98
112 113
20 110
Mar 11336 Mar
55
54
92 393-4 Jan 5734 Mar
17
17
Feb
• 8 16
Mar 28
1834 19
Mar
590 1334 Jan 19
8
10
Mar
623
5
Jan 11
1634 1636
30 17
Mar 1934 Jan
83
Jan
85
Apr 91
30 83
Jan
303-4 303.4
Jan 33
15 30
50
50
10 47
Feb 523.4 Jan
1034' 1034
61
634 Mar 1034 Mar
Mar
37
37
Mar 37
10 37
Apr
76
75
Jan 76
61 54
Jan
104 104
Apr 106
104
FINANCIAL CHRONICLE
275
20316
570
Miscellaneous Stocks
4.
Amer Inv "B"
9
9
BentleyCh Stores corn _ - ._.•
10,36
10
Brown Shoe corn
41
10
0 4034 40
100
Preferred
118 118
Bruce (E L) pfd
100
95
96
Champ Shoe Mach pfd 100
88,14 88%
Chic Ry Equip coin
_25
20
20
25
Preferred
20
20
Coca-Cola Bottling Sec _ _1 59
0(116
58
Consol Lead & Zinc"A" -•
414 516
514
Corno Mills Co
*
27
27
Curtiss Mfg
25
2616
25
Ely&WalkDryGdscorn_ _25
29
28
Fulton Iron Wks cons
2%
*
2
Hamilton-Brown Shoe -.25
634
616 8
Hussmann Refr, corn_
•
13
12
Hydraldlc Pr Brick corn 100
236 216
100 35.
Preferred
35
35
Independent PM corn --•
536 5.16
• --5/1i 5916 60
Internal Shoe corn
100
Preferred
105 108%
Johnson-S & S Shoe----- _____
•
45
45
Key Boller Equipt
38% 39%
Knapp Monarch com
40
* 40
39
Laclede-Christy Clay Prod
Common
* 31
31
31
Laclede Gas Light pref.100 101
101
101
Laclede Steel Co
42% 43
20
Landis Machine corn _ _ _ _25
43% 44
*
McQuay-Norris
49
48
Meletio Sea Food corn_ •
46
45
Moloney Electric A
5916
59
Mo Portland Cement_ __25 34
84
34
Nat Bearing Metals Pf-100
100 10014
Nat Candy 2nd Pref--100
99
98
• 2636 26
Nat Candy common
27
100
2nd preferred
99
98
5
Nicholas Beasley
434 5
Pedigo-Weber Shoe
• 14
13
14
Picked Walnut
*
20
20%
Rice-Stix Dry Gds oom- * 1416
14% 14%
lot preferred
160
99
99
2nd preferred
100
8.5
8.5
corn
-V-B D G co_ _25 12% 1234 12%
BggS
Salin Steel prat
2816 29
*
Skouras Bros A
2634 27%
Southw Bell Tel pest 100 120
119% 120
Stlx, Baer & Fuller corn_ •,
24% 25
Sunset Stores pref
50 4836 48
4836
Wagner Electric corn _ _ _15 34
3234 3416
St Louis Bank Bldg
•
10% 10%
5 216
398 84
15 350
64 284
Apr 23916 Jan
Apr 90
Feb
Apr 350
Apr
Jan 301
Jan
52 259
62 284
5 525
Jan 29716 Feb
Star 300
Jan
Jan 558
Feb
100
8
200
9
383 40
20 114
70 94
5 88%
27 14
59 20
876 3814
282
416
50 25
460 2411
80 26%
520
2
616
52
66
9
3
2
23
3216
20
516
1,058 5734
24 104%
20 43
500 30
30 39
20 30
50 100
170 38
155 40
Ma
1034
Mar 100
Apr 42
Jan 118
Ma
95
Apr 95
Jan 2714
Apr 22
Jan 60%
Mar
6%
Mar 29%
Mar 27
Mar 29
Apr
2%
Apr 11
Mar
23
Mar
216
Jan 38%
Mar
716
Apr 63
Jan 10734
Jan 55
Ma
40
Apr 40
Jan
Feb
Mar
Apr
Apr
Jan
Feb
Mar
Apr
Jan
Jan
Mar
Apr
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Apr
Ma
35
Ma 101
Ma
45
Feb 64
137 45
70 44
75 52
265 31
145 100
13 95
430 2234
13 95
15
434
245 13
310 16
610 1434
20 97
60 85
430 1234
108 28
50 21
170 11634
456 20
525 45
2,555 2534
.50 1034
Feb
Apr
Jan
Jan
Mar 50
Mar 51
Jan 66
Jan 3534
Apr 101
Feb 99
Feb 2736
Feb 99
Jan
734
Apr 18
Jan 2034
Apr 16
Feb 100
Apr 88
Apr 1416
Mar 3134
Feb 2634
Jan 12034
Jan 25
Feb 4834
Jan 3434
Mar 12
Jan
Mar
Mar
Mar
NIar
Mar
Mar
Mar
Feb
Feb
Mar
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Apr
Apr
Apr
Jan
Street Railway Bonds,
East St L & Sub Go 5s 1932
United Railways 4s..13134
95.14
0516 95%
4.000
70' 70% 20.000
95% Feb
69% Feb
Miscellaneous
Houston 011 5144
1938
Scruggs-V-B is
Serial
Scullin Steel 6s
1941
9011
9816 99
24,500
2,000
9634 91636
95
91
4.000
9111 Jan
9511 Jan
89
Feb
•NO par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares,
Par
4434
32
4434 4431
300
3134 3334 1,300
11
1.000
1134
18
17
1731
700
115 116
301
9416 9434
120
4034 4034 4234
2.300
10,200
22
2114 20
21
17
21
700
81-4 8%
100
Internal Re-insur Corp _10 49%
LIneolgRiltge Did
•
LA
Elec Did_ __IGO 107
L A Invest Sec Corp _ .26
MacM111an Petrol Co.
..25 29
Union:011 Associates ...25 3414
Union 011 of Calif
25 4634
Van De Kamp Baking_ •
Victor 01I,Co
10
Western Air Express ._ _10 44
Mtge Guarantee Co_ _ _100
Pae Arner Fire Inn Co.__ JO 54
Pacific Clay Products Co_• 284
Par FiDanee Corp com_ _10 3816
Series G
10
Series D
10
934
Pacific Gas & Elea corn 25
Par Mutual Life Ins__ _10 94
Pacific Nat Co
25
Rights
5
Pan Pub Service A com* 3616
Pacific Western 011 Co___• 1734
Pickwiek Corp oom
10
Rights
4.40
Republic Petroleum Co _10
234
[Lichfield Oil Co corn_ _ 25 2636
Preferred
25 24
Rio Grande Oil cam_ _ _ _25 2534
3Joaquint4eP 7% pr pi100
6% prior preferred_ - _100
3eaboard Dairy Cred Corp
100
A preferred
3eeurity First Nat of L A 25 11434
3hell Union 011Co tom __25
25 3611
3ignal Oil& Gas A
3o Calif Edison Orb; pi_ _25 -_--25 2934
7% preferred
25 263,4
6% preferred
25 2434
534% preferred
GA.&
Alaska Packers
Anglo & London P Nat Bk
Assoc Ins Fund
Assoc 011
Atlas Imp Diesel A
Aviation Corp of Calif.-Bank of California
Bond & Share Co
Borden Co
Byron Jackson
Calamba Sugar corn
Preferred
Calaveras Cement pref___
California Copper
Calif Cotton Mills corn_
Calif Ore Pow 7% pref.--California Packing
Caterpillar
Clorox Chem
Coast Cos G & E lot Pref.Cons Chem Indus A
Crown Zellerbach prei A_
Preferred B
Voting trust certificates_
Douglas Aircraft
Eldorado 011 Works
Fageol Motors corn
Firernans Fund Uns
Food Mach Corp corn
Foster & Etcher corn
Galland Mercury Ldy -__.
Golden State Milk Plod -01 West Power 6% pfd-7% preferred
Haiku Pine corn
Hale Bros Stores
Hawaiian C & S Ltd
Hawaiian Pine
Home Jr & NI Ins
Honolulu Cons Oil
Honolulu Plant
Hunt Bros A corn
III Pac Glass "A"
Investors Assoc
Jantzen Knitting
Holster corn
Langendori Baking "A"
176 176
176
15
21234 21216 21234
5
7%
7
716 2,190
4316 4314
233
2934
29
370
11
11
10
215
290 290
60
596
1534 1534
176
7416 7434
1714
3,726
173.4 18
17
17
200
17
150
1634 1616
10
8634 8634
350
234 214
33
65
33
5
1103.4 11034 11034
1,243
7234 73
73
74
75
7731 30,281
28
716
2911
102
9816 9811 9834
2916 3034
1,345
402
8434 85
8416 8416
84
397
17,254
1616 18
1714
1,315
22
20
22
120
2416 2436
200
3
3
1,278
9914 99 10016
3611 36
550
3816
220
834 9
3116 32
210
26
26
27
1,825
130
1033-4 103 104
105 10616
105
430
50
38
3916
4134
4716
415
28
Leighton "B"
Leslie Calif Salt
107
Ls Ang G & E Corp
4
Lyons Magnus "B"
5
Nlagnavox
I Nlagnin corn
95% Apr March Calcu new corn- --- 20
Jan Mere Amer Realty 6% pfd _
74
Natonms Co
No Amer Inv corn
Preferred 8%
9934 Mar
Preferred 514%
0634 Mar
, North Amer Oil Cons
1934
95
Mar
Occidental Ills
Oliver Filters "A"
28
"B"
2611
A In
Jan 73/4 Slur
Mar
Mar 94
816 Mar
Feb
Feb
534 Mar
Jan 3834 Mar
Jan
163.4 Mar
816 Jan
Jan
Feb
4.45 Slur
Feb
Jan
4
Feb 2734 Mar
Mar 2234 Jan
Feb 2411 Mar
Jan 11811 Mar
Jan 10334 Mar
95 93
2,850 110
100 2134
300 2716
100 67
1,300 2731
2,500 2414
2,800 2211
Mar 9614 Jan
Jan 11834 Mar
Feb 2434 Mar
Feb 3634 Afar
Jan 6616 Feb
Jan 3014 Mar
Jan 2711 Mar
Jan 25
Mar
93
113
2434
34
6636
2934
2614
2441
.11!
0354
116
2434
363.1
6634
2934
2616
2434
A 1r face ann
616 0
11% 1134
50
50
5816 59
3734 38
3814 3911
6214 6234
22% 233.4
26
25
4116 4131
4716 4734
416 5
28
29
2334 25
434 416
IS
18
107 108
4
4
5
516
2111 2416
1911 2014
99
99
26
26
110 11016
9831 9816
91
90
1916
19
2416 2434
28
28
2534 2614
170
110
120
564
300
4,448
65
1,275
775
380
427
1,686
1,000
1,160
100
220
85
100
6,277
1,270
2,945
20
100
80
75
35
2,135
577
187
675
Low.
High.
1711
2331.4
714
4316
34
11
300
1511
7416
2334
19
1616
89
316
42
11236
77
7711
383.4
9911
3334
85
8434
1834
22
253.4
416
10216
4411
10
3834
3134
104
10631
Apr
Jan
Apr
Apr
Feb
Apr
Jan
Apr
Apr
Feb
Jan
Apr
Mar
Mar
Feb
Mar
Mar
Slur
Feb
Feb
Feb
Mar
Apr
Feb
Apr
Jan
Feb
Jan
Feb
Nis!
Jan
Jan
AM
Feb
9
14
51
63
3916
3934
63
2334
2834
4211
48
6
29
2516
5
21
108
4
714
2434
25
99
28
113
100
9116
1934
2516
31
2934
Apr
Jar
Jar
Feb
Jar
Mar
Mat
Apr
Mal
Fat
Mai
Mai
Man
Jar
Jar
Fet
Nfar
Api
Mat
Apt
Jar
Api
Jar
Jar
Mai
Fel
Mal
Fel
Jar
Jar
Par Flnance
200
37
37
4134 Jar
Pac G dc E corn
6934 6914 7334 36,913
731.1 Mai
tat preferred
2,805
2714 273.6
2716 Mal
103
Pacific Light common
1003.4 104% 3,415
10534 Mat
102 10411
213
102
6% Preferred
1053.4 Mal
Range Since Jan. 1.
Rights
434 514 24,312
534
534 Mal
3616 3516 3834 71,020
Pac Pub Service A
39
Fet
Low.
High.
Pacific T & T com
1,785
14934 149 15416
180
Fel
122 124
190
Preferred
144
Fel
4234 Mar 4434 Mar Paraffin°
555
7534
75
78
Jar
22
Jan 3316 Mar Pig'n Whistle pre(
1416 1416
1416
100
1434 Ma.
11
Mar 1434 Mar Rainier Pulp & Paper
26
27
660
2934 Jar
17
Mar 2334 Feb Richfield
10,842
2616 26
27
2714 Mal
113
Feb 120
Jan
651
22
Preferred
22
22
2234 Jar
90
Jan 95
Feb El J L & Power pr pref
118
519
11634 118
11834 Mal
Mar 45
40
Feb
10331 103 10314
55
6% Prior Prof
1033.4 Apt
Mar Schlesinger common
1234 Jan 22
1,715
7
5
103.4 Jar
17
Mar 23
Jan
62
Preferred
62
25
70
Jar
916 Mar Shell
834 Feb
2434 2316 2434 2,619
2434 Apt
Sherman Clay prior pref..
65
65
55
65
Am
Jun 4934 Mar So Pac Golden Gate A _ _ _ ...... 17
41
1714
350
1734 Fel
Spring Valley Water Co__ _ ...... 1444 15
645
9016 Fel
Feb 107
Mar Stand 011of Calif
101
24,200
693.1 6514 70
70
Api
1634 Jan 2034 Jan Tidewater Assoc 011 com
15
16
16
1,060
16
Api
18
Jan 30
Mar
Preferred
8716
8734 86
400
Mal
90
4034 Feb 4636 Star Transamerica
4531 4416 4634 93,640
4716 Fel
4134 Feb 4734 Mar Union 011 Assoc
5,267
4534 44% 46
4644 Mat
3814 Mar 4034 Feb Union Oil Calif
47
7,273
451.4 47
4714 Mal
Feb West Coast Bancorp
116 Mar
2
20
2034
20
1,580
2431 Mat
Mar West Pipe & Steel
Jan 45
22
2516
253.4 25
1.335
29
Fel
Feb 171
Jan Yellow Checker Cab
165
2534 2534 273.4
354
Sc
Toy
Feb
Jan 55
50
27
Jan 2816 Mar
Chicago Stock Exchange.
-Record of transactions at
Jan
3616 Mar 43
834 Mar
834 Mar Chicago took Exchange, Mar. 29 to April 1, both inclusive,
500
4634 47'
6
6
400
106341177
400
100
1 734
28
4,700
30
4414 463.4 13,700
4516 47
7,900
39
200
39
116
500
134
45
44
1,600
167 167
100
450
5216 54
100
21&14 2816
omit 3934 8.700
814 834
1,000
14
934
1,900
255 5234
7334 7334
2,100 8034
9134 94
7
7
200
6
3.45
534 8,400
5
3614 3834 9,200 28
16
1734 2,600 13
716
600
731
714
4.25 4.45 10,800
2.90
2,000
2.10
214 214
10,900 2234
2534 27'
200 2034
21% 22
2316 2234 35,000 163.4
164 11034
118 1164
10331 10334
27 100
1734
Mar
Niar
Star
Feb
Range Since Jan. 1.
u.
OVNGaW
..1P.ONW0044.CON.0001.00.C.WWCI.WW0.4.0.,
gX=
=X=X
X=
X
Stocks-
/Woo Gas &'Elec "A"....•
Barnsdall Oil A
"5
1
Boles Chica 011"A"
•
Byron,Jaekson
California Bank
25 100
Central Invest Co
Claude Neon Elec Prof .._•
Douglas Aircraft Inc ____*
Emsco Der & Eq Co .___.
Foster-Kelsler coin
10
Sales
Last Week's Range for
of Prices..
Sale
Week.
Price. Low. High. Shares.
High
99
70
2816
4734
San Francisco Stock Exchange.
-Record of transactions at an Francisco Stock Exchange, Mar. 29 to April 4,
both inclusive, compiled from official sales lists:
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stook Exchange, Mar. 29 to April 4,
both inclusive, compiled from offic al sales lists:
Friday
Low.
9616 Feb
56
Jan
2414 Jan
4234 Jan
= X
4
Trust Co Stocks
Franklin-Amer Trust 100
273
Miss Valley Mer State 101) 29336 289
St L Union Trust
100
570
216
85
350
291
46
98
10
11,300
70
800
2711
4616 25.000
42-4;
;2.F, tV647A"42,43e4ggiltg44'45g4it'AS
1
216
84
350
290
High.
6916
98
6511
2611
4434
4;'N.2.g3.2.2.4a2-41'442.4t4g4N-55;.g74 ttgaVAtt5E17
85
Low.
So Counties Gas6% pre:25
Standard 011 of Calif
•
Taylor Mfg
Trans-America Corp_ _25
* No par value.
Range Since Jan. 1.
X4
Bank Stocks
Boatmen's Nati Bank 100
First Natl Bank
20
Lot
-South Side Bank _ 100
Merc-Commerc°
109
Range Since Jan. 1.
owes
g=
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low, High. Shares.
e ria ay
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
to—
b0...4.4NCNOMOW
O. W. ...W.!
,
:=W3014 . ,
,
WO
5ONW
<ACOW4.0WOrW0.00Noi.0•4oPW.t.0,,D.....4W01—.0
ITCOW..4..IWN4•WWWWWCOWW-4M.N.f.00.44..,OW.P.ObDW
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stook Exchange, Mar.29 to April. 4, both inclusive
compiled from official sales lists:
[VOL. 130.
X=
2368
a QA
0,,,
A IA
XII..
compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Abbott Laboratories corn _•
Acme Steel Co cap stk...25
Adams (J D) Mfg com.._•
Adelressogr 1st Corp com_•
Ainsworth Mfg Corp comb0
All-Am Mohawk Corp A_5
Allied Motor Ind Inc corn,.
Allied Products Corp A,
Altorfer Bros Co cony pt•
Amer Commonw Power
Common A
•
Warrants
%% preferred A_
Amer Equities Co corn __ _•
Amer Pub Serv pref__100
Am Pub Utll part pref. 100
Prior preferred
100
Amer Radio & Tel St Corp.
7216
30%
3216
33
234
15%
484,4
32
191:
9736
93
2
Range Since Jan. 1.
Low.
High.
46
72
2914
32
2816
116
15
47
41
46%
72%
3011
3216
3316
314
1554
49%
42%
150
550
850
1,0.50
700
1,100
3,300
6,150
360
35
Jan
70
Feb
28
Feb
2214 Jan
21
Jan
1
Jan
15
Jan
3411 Jan
34% Feb
09
32
33
33
311
1916
49%
45
Mar
Jan
Mar
Max
Apr
Apr
Feb
Mar
Mar
2611
4%
8854
1834
97%
9134
91
114
32
4%
8854
21%
0855
9115
93
2%
1,010
50
90
2,50h
184
10
91
2,500
23%
316
81
5%
96
9
034
88
1%
32
4%
8834
22
1814
93%
93
2%
Apr
Apr
Mar
Mar
Feb
Jan
Jan
o
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
4631
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Amer Service Co corn.. •
Am Util & Gen Corp B vto* 12
Art Metal Wks Inc com__• 24%
Assoc Investment Co_
•
Assoc Tel & Tel CIA
• 6055
Assoc Tel Mil Co com
* 28
Rights
34
Atlas Stores Corp com__• 33
Auburn Auto Co com _.• 255%
Automatic Washer cony pf*
25
Balaban dc Katz v t 0
Preferred
100
Bancoky Co (The) com_10
•
Bastian-Blessing com_
Baxter Laundries Inc A.
•
Beatrice Cream com_50
Bendlx Aviation corn__*
Sinks Mfg Co cl A cv pf_.
Borg-Warner Corp com_10
7% preferred
100
Bonin Vivitone Corp pfd_*
Brach & Sons(K J) corn...*
Brown Fence & Wire cl A..•
Class B
•
Bruce Co(EL)common. •
Bunte Bros corn
10
Burnham Trad Corp al ctf•
Butler Brothers
20
Bulova Watch Co Inc corn•
Preferred 8335
Camp Wy & Can Fdry*
Castle & Co (A M)
10
CeCo Mfg Co Inc com___*
Cent Cold Stor Co com 20
Cent Illinois Sec Co Ws__
Central Ill PS pref
•
Cent Ind Pr ctfs of dep_100
Cent Pub Serv class A
*
Common new
•
Cent SW Util corn new*
Prior lien pref
•
Preferred
Cent States P & L pref. •
Chain Belt Co common*
Cherry Burrell Corp corn.*
Chic City & Cons RyCertificates of deposit--•
•
Part preferred
•
Chicago Corp corn
Convertible preferred •
Chic Flexible Shaft com_
Chic Investors Corp com_•
Preferred
•
Chic No Sh & Mil lir p1.100
Preferred
100
Common
100
Chic Rys part Weser 2_100
Chic Rap Tran pr pf A_100
Cities Service Co com_-_•
Club Alum Uten Co
•
Coleman Lamp & St com •
CommonwealthEdison_100
Cem'ty Tel Co corn part_*
Com'ty Water Serv corn- •
Congress Hotel com_ _100
Construction Material_
Preferred
•
Consumers Co common...1
Cont Chic Corp allot ctfs_•
Continental Steel cont._
Cord Corp
Corp Sec of Chic allot ctf_•
Common
25
Crane Co corn
Preferred
100
Curtis iAght'g Inc corn....
Curtis Mfg Co corn
Davis Industries Inc A_100
De Mete Inc prof w w_ •
Decker Cohn A corn_ _100
Diversified Invest Inc A__*
Eddy Paper Corp (The) •
El Household Util Corp_ 10
Elec Research Lab Inc__.•
Empire Gas & Fuel Co
100
6% preferred
100
7% preferred
8% preferred
100
Fitz Simmons & Connell
D & D common
•
Foote BrOs 0 & M Co__ _6
Rights
76%
97
24
37%
6
81
5055
29
47%
99
14%
16
26%
27%
53
21
48
10%
38
42
84
97
25
37%
7
83
56%
30%
50%
99%
14%
16%
28
31
59%
21
52%
13%
3855
42%
425
40
2,850
200
670
1,420
53,000
1,300
46,650
550
100
200
1,600
4,800
15,500
45
18,250
10,350
100
100
66%
90
19
36
6
70
33
24%
32%
97
10%
15%
17%
9%
40
20
25
10
30%
34
27
65%
15
24
29
94%
91
41%
31
28%
102%
98%
92
47%
36
27%
250
70% 41,800
5,300
17
24
. 10
29% 2,300
3,843
97
1
91
4155 7.800
1,92.
32%
13,45
31
5
10254
150
99
iii
94%
400
48
70
37
4855
99
14%
16
28
3035
57
5155
13
29%
9535
4155
32
29
9834
36
14
1455
44%
15
831
39
97%
2
41%
4%
291
2934
2255
48
531
66%
16%
70%
2835
43
2155
2
5554
Jan
Mar
Feb
Mar
Feb
yeb
Mar
Mar
Apr
Jan
Jan 84
Jan 100
Jan 25
Mar 3935
Mar 12
Jan 83
Jan 56%
Feb 30%
Jan
5044
100
Jo
Mar 1751
18
Mar
Jan 28%
Jan 31
Feb 59%
Mar 28
Jan 52%
Mar
1755
Feb 38%
Feb 42%
Mar
Jan
Mar
Mat
Jan
Apr
Apr
6255
5
48%
2754
32%
28
655
21%
29
30
23%
28%
26%
2431
4634
2755
675£
97%
24
49%
84
34
754
6
26%
23%
42%
50
IN
100
1,600
60%
59
16% 19% 19,300
"ts 154 44,100
Mar
Jan
30
Jan 7044 Apr
Jan 20% Jan
Jan
Jan 25
Feb
Jan 33
Mar
Jan 97
Jan
Jan 94
Jan 41% Apr
Feb 3554 Mar
Mar
Jan 31
Jan 102% Mar
Jan 100
Mar
Jan 96
Mar
Jan 48
Feb
Jan 40
Jan
.50
16%
2%
6
3
9%
95
20%
23
4254
254
200
7%
53
50%
17% 2,225
334 6,250
400
8
705
314
175
10
100
95
27% 111,550
24% 1,350
200
4234
550
254
Mar
Mar
Feb
Mar
Jan
Ma
,
Apr
Jan
Feb
Feb
Mar
Jan
Apr
Jan
Jan
Mar
Apr
Mar
Apr
Feb
Apr
Feb
Mar
Jan
Mat
Apr
Apr
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Apr
Mar
Apr
Apr
76
Mar 7955 Jan
85% Ma
90
Apr
98% Jan 102
Apr
47
Mar
15% Ma
54 Mar
485 5854
62%
62
35
8%
8% 8%
5
5
100
4
10
10
100
7
42% 50
53,210 31%
27H 28% 1,119 20
24
23
300 18
14% 15%
400 13
31% 32%
1,000 1954
21% 30
1,950 1344
4
634 6% 3,650
189 189
20 150
41
41
60 38
12
12%
230 12
17% 2151 276.000 12)4
29
30
1,400 2455
29
30%
600 2731
23
24
1,300 20
135 135
50 133
250 27
2734 2934
2854 29%
1,950 21
25% 27% 25,200 19
12
12
100 12
24
25
515 24
4634 46% 4,350 4655
42
49
52% 55
15,35
24
27% 28
70% 31,65
53%
67
1.250 81
97
98
1,20
22
23% 24
47% 4955 13,200 30
845! 32,450 58
79
450 34
3544
34
5% 5% 11,550
4%
6g
50
17
Mar
Mar
Feb
Jan
Jan
Mar
Apr
Apr
Feb
Apr
Jan
Mar
Mar
17
100
83.4 Jan
1434 1434
1,250
9% Feb 20
15
14
13% 15% 96,800 1234 Jan 15%
Jan 45
9,050 38
45
43
Feb 16
255 14
14
15
Jan
6
9%
6,150
8% 9}
39
1,000 3254 Jan
38% 39
98
108 93% Ma
9331 9714
40
65 1915 AP
1035 20
Jan
9
5
50
6
6
529
155 Feb
3%
1% 2
Feb 98
70 96
96
98
41% 43% 55,500 26% Jan 43%
3H Jan
5,650
434 534
5%
Mar 40
65 25
26
28
1,480 23554 Jan 293
287 291
29%
480 20% Fe
28
2954
450 1234 Jan 18%
16% 17
Feb 89
85 84
89
89
Jan 2355
2,350 14
23
21
4,850 36% Jan 49
4355 49
5% Jan
650
8
555 5%
6534 66% 10,100 62% Jan 6854
Feb 21
1,500 15
18
20)4
Jan
1.1
1744
16% 17% 140,300
Jan 71%
71% 9,900 54
69
2735 28% 33,700 27% Apr 28%
Apr 4454
200 42
4355
42
140 113% Jan 119%
115 11535
Jan 22
1.205 17
22
20
Jan 28
50 20
26' 26
100
154 Feb
2
3%
2
50 1744 Mar 20%
20
20
13
1044 Jan 16
14
15
50 48% Jan 51%
51% 51%
50 17% Jan 21
28
20
Feb 56%
48% 5634 81,300 41
2% 4,650
55 Jan
1
2%
76% 76%
90
90
102 102
60%
Ill
134
High.
Jan
11
Apr 14%
27%
Jan
Jan 63%
Jan 61%
Jan 29%
1
Mar
Jan 36
Jan 264%
Jan 15
19
45
14
2254
26
93%
8734
35
22
21%
98
94
90
443.4
34%
27
69%
16%
82
54%
•
Gardner-Denver Co corn.
*
General Box Corp corn
Gan Candy Corp class A __5
Gen Parts Corp cony pref_.
Oen Theatre Equip v t o_•
Gen Water Wks Corp cl A*
Geriach-Barklow pref._ •
Common
Gleaner Corn Har
Godchaux Sugars Inc Et __•
•
Great Lakes Aircraft A_.
_ICU
Great Lakes D &
Greif Bros Coop'ge A corn.*
Greyhound Corp com__*
Grigaby-Grunow Co corn.%
Hall Printing Co com___10
Harnischfeger Corp corn-•
-Carter Co cony pfd.•
Hart
Hart Shaffner & Marx_100
Hormel & Co(000) com A •
Bondable-Hershey Corp A.
•
Class B
Hussman-Ligonier Co nom*
25
Illinois Brick Co
Ind Ter Ilium Oil
Indep Pneum Tool Y t e_-•
Inland Util Inc class A___•
Insull Util Invest Inc----•
•
2d preferred
Iron Fireman Mfg Co vice
Jefferson Elea Co com- •
Kalamazoo Stove corn_ -•
1
Katz Drug Co win
Kellogg Switcbb'd corn_ -10
Ken Radio Tube & Lt
•
Common A
Kentucky Util lr eum 0(.50
Keystone St & Wire earn.•
Lane Drug corn v t a_ -.
3
Cumulative preferred__.
La Salle Ext Univ com_10
Leath & Co common
•
Lehman Corp cap
•
Libby McNeill & Libby_10
Lincoln Printing nom_ „..•
7% Preferred
50
Warrants
Low.
1,260
5
9%
9,850 12
14
24% 28,400 17%
61%
100 58%
380 58
6054
7,750 2154
29
34
34,750
1
9,550 17%
36
264%
5,750 172
400 12
13%
24
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
9%
12
20
6134
60%
27H
54
33
250
13
80
2369
FINANCIAL CHRONICLE
APRIL 5 1930.]
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jun
Jan
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Jan
JT
Apr
Jan
5% Ma
Jan
50
13% Mar
21
4 Mar
Apr
6
Jan
3
755 Mar
Jan
78
18
Jan
Jan
19
41% Mar
1
Mar
64% Mar
Jan
20
1% Apr
643
4
8%
6
11%
50
28%
2634
16%
34
30
8%
200
42
13
22%
31%
30%
2714
140
3644
31
285
4
23%
27
46%
55
2855
70%
9935
25
49%
84%
42%
844
Feb
Mar
Feb
Mar
Apr
Ai%
Feb
Jan
Mar
Apr
Feb
Mar
Feb
Feb
Jan
Nar
Apr
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Mar
Mar
Feb
Mar
Jan
Mar
Apr
Fet
Apr
Range Since Jan. 1.
High.
Low.
9% Apr
Jan
Apr
Feb 29
Apr
Jan 28
Feb 51%, Apr
Apr
Jan 28
Mar
Jan 37
Jan 2751 Feb
Mar 5035 Jan
Apr 5335 Feb
Jan 40% Mar
Jan 4255 Apr
Feb
Jan 25
414 Feb
Jan
Feb
Jan 22
Jan 3035 Mar
Apr
Apr 95
Jan
Jan 12
Feb 2655 Jan
Feb 38% Apr
Jan 108% Mar
531 Apr
Jan
Feb
8
Jan
2914 Feb
Jan
Jan 101% Mar
Mar
Jan 113
Mar
Jan 102
Mar
Feb 40
Jan
Mar 98
Jan
Feb 96
Jan 28% Apr
Feb
Jan 60
Jan 1334 Feb
Jan 2154 Mar
Jan
Mar 15
Apr
Jan 22
4% Feb
Jan
Jan 21% Apr
900
9%
8% 931
Lindsay Light Co com_10
4,600
29
Lindsay Munn Pub $2 pf_* 2855 26
2931 31,250
Lion Oil Ref Co com____. 29% 23
715
5155
50
•
Loudon Packing Co
25,550
28
26
Lynch Glass Mach corn_ •
15
34% 34%
McCord Radiator Mfg A%
1,600
25% 2754
McGraw Elea Co oom_ •
145
49
50
McQUay-Norris Mfg Co_ •
Marshall Field & Co nom.* 45% 45% 47% 7,900
2,000
Manhattan-Dearborn corn• 38% 3854 40
75
42%
41
•
Mapes Cons Mfg Co_
180
21
23%
Material Serv Corp com_10
3,850
2% 3
3
Meadow Mfg Co com....'
100
15
15
Mercantile Diset Corp A_•
Mer & Mfrs Sec Co A corn.* 2835 27% 29% 2,150
100
95
95
*
Metrop Ind Co all ctfs
708
10%
10
5,11d-Cont Laundries A__• 10
200
26
26
Middle West Tel Co corn •
3614 38% 315,700
Middle West Utilities new • 3735
850
10644 10714
• 107
$5cumpreferred
A
4% 554 10,350
5%
Warrants
4,750
8
7
754
Warrants B
8% 10,600
Midland United Co com__• 27% 27% 2
382
97% 100
Midland Util6% pr l'n_100 98
519
10735 112
13108
7% prior lienA
7
232
101 102
102
300
38
39%
f00
_•
Miller &Hart Inc cony pli00
100
97
97
Miss Val Utll Inv 7% pf A•
50
94
94
•
6% Prior lien pref
Mo-Kan Pipe Line corn...5 2834 27% 28% 11,600
2,350
60
* 59% 55
%iodine Mfg corn
105
12%
11
Mohawk Rubber com
•
300
Monighan Mfg Corp A___• 2051 2031 21
615
1255
Co'com___* 1234 12
Monroe Chem
14,500
22
19
Morgan Lithograph corn.* 22
530
355 4
%tine% Gear Class A_ •
2151 3,250
19
Muskeg Mot Spec cony A • 20%
554
24%
18%
40
14
34
a
40
45%
300
17% 19
Nachman Springfd corn.' 19
65
2855 29
Nat Battery Co prat_ •
5,700
37
35
Nat Elec Power A Part--• 36
50
20
20
Nat Family Stores com •
200
134
134 1%
National Leather corn- -10
National Pub Serv Corp--;
1,817
4835 4855 49
$355 cony pref
1,150
50% 48% 51
Nat'l Republic Inc Trust
corn.
• 2455 23% 26% 7,600
Nat Scour Invest Co
1,800
100 101%
•
Certificates
400
25
25
Nat Shareholders corn.. •
43% 15,000
40
41
Nat'l Standard com
•
200
1355 14
1351
Nat Term Corp part pfd_
9
855 9% 4,800
Nat tin Radio Corp corn_
12,350
54% 57
Nobblitt-Sparks Ind corn.• 57
48% 2,550
39
North American Car corn.' 46
North Amer0& El ci A _.• 2731 24% 27% 16,850
2,280
71
70
• No Am Lt & Pr Co corn-• 70
9,100
N & S Am Corp A com.• 24% 2335 25
5455 2,750
52
54.35
Northwest Bancorp com.50
1,600
29% 30%
Northwest Eng Co corn- •
Northwest Util92
9555
94
7% preferred ......101) 94
27
99
99
Prior lien preferred__100
400
33% 34
•
Ontario Mfg Co com
180
555
535
555
Oshkosh Overall Co corn.'
365
20
20
Convertible preferred_
Mar
17
Mar
27
18
Jan
Jan
18
1% Mar
Pac Pub Serv Co al A corn • 3631
Parker Pen(The) Co corn 10
*
Peabody Coal 13 corn_
Penn Gas & Elea Acorn..'
Perfect Circle (The) Co--• 43%
5
Pines Winterfront corn
Polymet Mfg Corp corn..• 13
Potter Co (The) com
•
Process Corp common_ _.• 1135
Pub Serv of Nor Ill com • 280
Common
100
100 13()
6% preferred
•
Q-R-S De Vry corn
Quaker Oats (The) pref 100 113%
954
Railroad Shares Corp com •
• 32%
Raytheon Mfg Co
Reliance Internal Corp .A..* 1535
Reliance Mfg Co corn._.10 16
Rollins Hoe Mills cony p1.' 43
3434
R0813 Gear & Tool corn....'
Ryerson & Son Inc corn..' 34%
Sally Frocks Inc common_'
•
Sangarno Electric Cc
9
Seaboard Util Shares Corps
'6334
Sheffield Steel Corp com
Strap corn
Signode Steel
Stvyer Steel Casting nom •
25
So Colo Pr cl A corn
Sp'west Gas & El 7% pf 100 9855
Southwest L & P Prof....'
Standard Dredge cony Pf• 2834
• 2754
Common
Standard Pub Serv A
*
134
Steil:lite Radio Co
•
Sterling Motor Truck p1_30 2634
• 2954
Stone & Co (II 0)com
Storkline Fur cony pref_25
Super Maid Corp corn- _• 5034
25 3144
Swift & Co Ws
15 3234
Swift International
Tenn Products Corp com_.
Thomson Co (J R) com_25
rime-0-Stat Controls A_-• 2755
Twelfth St Stores A pref_-* __16
Twin States Nat Gas pt A.• 14)4
(Tnit Corp of Amer pref--• 18
1855
United Am Util Inc corn__
• 21
Class A
• 41%
United Gas Co corn
U S Gypsum
20 52
100
Preferred
•
U S Lines Inc pref
If S Radio & Telev com--•
551
Utah Radio Prod corn_ -..•
11111 & Ind Corp com...._• 2151
Convertible preferred- -• 2754
4135
QUI Pow & Lt Corp
Common non-voting---• 2534
20
Van Bidden Corp part A.
Viking Pump Co corn----• 14
Preferred
Vote% eCorP Part Prd •
*
• 2654
Vortex Mfg
• 2934
10% Jan
wa hl a acommon
Cia.
co
•
•
51
Feb
22
Jan
Waukesha Motor Co Corn.' 101%
6
Jan Warchel Corp
15
Jan
2034
Convertible preferred..
3% Feb Ward (M)& Co class A- •
15
Jan Wayne Pump cony prat-% 303.4
95
Apr West Con CBI Inc Cl A__-• 2254
2734 Apr Western Pr Lt & Tel A--• 2654
26
Mar Wextark Radio Stores com•
4354 Jan Wieboldt Stores Inc
•
751
254 Mar Williams 011 -Mat corn •
-0
55
38
20
2
10
17%
95
10
25
3144
98
1%
3
21;4
81
94%
91
3454
96
91
1844
48
8%
10
12
10
2
16
48%
47
13%
75
25
31%
12
334
46%
35
1934
673.5
16
48%
21
Jan
Jan
Feb
Apr
Feb
Mar
Mar 50
Jan
Jan 52
Jan 264 Mar
Jan 101% Mar
Jan 25;4 Feb
Jan 4354 Mar
Jan
Its
Mar
931 Mar
Jan
Mar
Jan 59
4834 Apr
Jan
Jan 27% Apr
Mai
Jan 72
Jan 25% Mar
Mar 55)4 Jan
Mar
Jan 31
98% Jan
Ma
91
Mar
9554 Feb 101
35
Feb
Jar
31
6
Jan
Jan
5
Feb
18
Jan 20
631 2734
38
35
800 33%
43
42
100
8
834
8
115 16
1734
16
4454 7,350 30
43
350 3634
4134
40
034
1,150
12% 13
1634 2034 2,100 12
21,700
534
75.5 12
444 213
27654 282
40 21534
279 282
10 115
130 130
400 1555
1514 17
273 110
113 1145'
85.4 934 28,300 735
6,950 17
26% 35
1555 1555 :,090 15
1534 16% 4,050 14
100 40
43
43
3235 34% 1,700 29
400 Si
3434 35
970 13
15
14
150 30
3735
37
41,150
6
10
75.1
06g 633i 1,452 50
100 1134
13% 1354
50 34
34% 34%
150 2334
26
25
92 93
9855 9831
50 82
86
86
2844 31% 4,150 2544
27% 3034 2,95S 20%
50 11
15
15
134
18,700
134 3
25 2444
26% 2614
26
3134 1,950 24
50 1234
1544 1534
52% 5,250 45
50
315.4 3134 5,250 31
32% 3334 4,800 3134
Feb38%
Feb 4534
9
Mar
Mar 1945
Jan 4434
Jan 45
Jan 15%
Jan 20%
Feb 12
Jan 282
Jan 232
Jan 130
Apr 22
Feb 116
Jan
Jan
Mar
Jan,
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan
150 13
1434 1434
Jan
600 36
43
42
Feb
1.100 24
2554 2754
Jan
120 13
15
16
1454 15% 12,450 1444 Mar
183.4 7,500 1034 Jan
17
Mar
4,965 14
1754 19
Apr
2,400 20
21
20
6.250 19% Jan
4034 4434
4935 5331 8,900 39% Jan
120 11451 Mar
115 115
Jan
2.800 14
1954 20
Jan
3.450
8
9
12
411 Jan
434 635 9,400
2055 2355 41,800 1734 Jan
5,050 245.4 Jan
2634 28
41
4231 3,600 3154 Jan
7,635 1454 Jan
2554 28
Jan
455 16
20
2134
843 12
14
Jan
14
Jan
95 25
2654 26%
82
7
8% 9
Fe
850 20% la
2634 27
550 2614 Jan
2954 2931
744 7%
300
5
Jan
3.690 9934 Mat
1013's 105
20
2054
11454 11644
3054
30
22
2234
26
2651
14
14%
28
2954
7% 85.4
283(
31
3844
20
2
200 20
200 112
425 28
2,700 123.4
630 2434
1,250 10
500 27
700
73.4
Feb
mar
Feb
Mar
Apr
Jan
Mar
Mar
Apr
Mar
Mar
Mar
Feb
mar
935 Jan
Apr
35
1555 Mar
, Jan
17,
4555
375.4
3634
17
4,,
10
6334
1355
35
26
99
88
3344
31-54
15
3'5
28
3331
18
54
333.4
3534
Mar
Feb
Jan
Jan
Feb
Apr
Apr
Mar
Feb
Jan
Feb
Fen
Mar
Mar
Jan
Feb
Feb
Mar
Jan
Mar
Feb
Jan
16
47%
2714
16
15%
18%
1934
21
4554
5351
121
20%
13%
7
2314
29
43
28
23
14%
27%
15
2754
30
14
125
Jan
Mar
Apr
Feb
Apr
Mar
Mar
Apr
Mar
Mar
Feb
Mar
Feb 2344
Mar 130
Jan 32%
Jan 22%
Jan 28
Jan 24
mar 31
8)4
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Mat
Feb
Jan
Jan
Jan
2370
FINANCIAL CHRONICLE
Friday
Soles
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par.
Low. High Shares.
Winton Engine Co com _.•
Convertible preferred_ _*
WISCOEIBILI Bank She corn 10
Wolverine Portl Cem Co 10
-Am Mach part pf--•
Yates
Yellow Cab Co Inc(Chic)_•
Zenith Radio Corp corn_ _•
69
68
1134
Range Since Jan. 1.
Low.
High.
Bonds
Chicago City RysCertificates of deposit'27
21,000
69
200
68
1,350
1135
120
6
2,000
15
2951 2,200
1131 14,550
45% Jan
Feb
50
114 Jan
Feb
1231 Jan
264 Feb
551 Jae
69
68
1151
6
174
31
114
78
15
1034
6454
68
114
5
134
2834
851
78
$1,000
6954 Feb
78% Mar
Apr
Apr
Jan
Apr
Feb
Mar
Feb
Bonds (Concluded)
-
Fou 130.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Chic Rys 5e series A1927 60
60
60
5s series B
1927 4431 4431 444
Insull Util Inv 68
1940 1104 1104 112
Metr W 550ev let 48.1938
754 77
South Union Gas 6518_1939
99
96
Standard Tel 5348_ _1943
85
85
Swift & Co let at g 58_1944
102 102
Texas Gas Utilities 6s_1945
103 103
United Amer Util 6s_ _1940 9854 984 93;4
• No par value. s Ex-dividend r Ex-rights
Range Since Jan. 1.
Low.
High.
10,000 4031 Jan 60
Mar
3,000 32
Jan 4534 Mar
1611000 99% Jan 1124 Mar
18,000 654 Feb 77
Mar
18,000 96
Mar 99
Max
2,000 85
Apr 89
Feb
5,000 10034 Feb 102
Jan
10,000 103
Apr 103
Apr
12,000 98
Mar 984 Mar
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (March 29 1930) and ending the present Friday (April 4 1930). 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.
rim.4.
....co
Week Ended Apr. 4.
Stocks-
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
I
High.
tttgtw,ttmgml 55555ggigttigg gggvag55gg g5 gig% t 4t tttti tiggl ggNtgl5ggt955 gg'al5ggvagtritigg. Oggilag:=
.
.
M
Vk
393.4
3034
3534
4
Jar
Jar
Mar
Mar
88
634
11
334
Apt
Apr
Apr
Mai
43-4
834
1
15274
7494
83-4
851
19
224
75
65
45
6634
1334
7
1931
ma,
Fel
Api
Ap
An
Ara
Ma
Jar
Ap
Jar
Ma
Ma
Fel
Jar
Jai
18
23
5651
3634
3434
324
108
154
1351
26
23
9
22
67-4
64
6851
51
13
88%
593-4
204
42
2734
3451
94
Ap
Ma
Ap
Ap
Ap
Ma
Ap
Fel
Jai
Ma
Ma
Ma
Fel
Fel
Fel
Ma
Jai
Fel
Jai
Ap
Fel
Ap
Jai
Ma
Ap
22g1
X
0000
X
1951 29,200
3,700
35
50
25
114 10.000
X
1054
1854
3331
50
9
XX
184
34
t...00,M04
2654
1734
51
324
8
40
3
1011
13.4
16,200
53,900
1,400
12,300
11,800
19,200
2,000
700
2,200
1,200
3,700
13,300
2,600
1,000
500
150
300
300
800
200
4,800
300
200
26,900
1,200
X
1,100
100
800
6,200
800
100
500
2,600
4,700
1731 145 18
%
2051
18
183.4
5654 4951 5654
3534 344 363.4
3431 32
3434
2931 3134
31
10731 10551 108
1434 154
84
6
83-4
254
25
1931
194 224
9
851 9
1734 2131
434
3% 431
451 451
6034
59
51
94
11
10
3751 3531 3754
5531 5951
184 174 184
414 42
42
24
2435
314 343-4
32
931
531 94
XXXX X XX
http://fraser.stlouisfed.org/
r
Federal Reserve Bank of St. Louis
2851
274
5851
46
834
40
3
334
134
East UM Invest eom A-- _•
Jan 141
•
Mar
Eisler Electric corn
Feb634 Mar Flee Household UM_ ..10
Feb634 Mar Elea Pe.wer Associates com•
Jan 5034 Feb
•
Class A
Elee Shareholdings corn..'
Jan all% Jar
Mar 38
Jan
Cony Prof with ware...'
Empire Fire Insurance_10
Jan 3634 Max
Jan 304 Fell Empire Steel Corp com_.
1531 Mar
Jan
Employers Ito-Ins Corp_10
Europ El Corp Ltd el A w 1
Jan 447-4 Apr
Warrants
Jan 44X Feb
134 Mai Ex-cello Aircraft & Tool.*
Jan
Fabrics Finishing corn_ __ _•
Fell
8
Mar
Mar 15
Fairchild Aviation corn__ ..•
Mar
Mar 40
Fajardo Sugar
Mar
100
Fandango Corp common...
Mar
5
Jan
Jan 147-4 Feb
Fansteel Products Inc....'
Federal Screw Works....'
Jan
534 Mar
Ferro Enamel class A_ .•
Apr 164 Jan
Fiat. Amer dep receipts_ _
.
Max 2834 Jan Fire Assn of Flails,
10
Flintkote Co com A
Feb 274 Apr
•
Fokker Air Corp of Amer.•
Mar 5651 Apr
Folds-Fisher Inc cora.._ _ _•
Mar
Jan 46
Jan ' Ford Motor Co Ltd
Jan 10
Jan
Amer dep rets ord reg_£1
Jan 41
Jan e334 Jan Ford Motor of Can ci A_ _•
Class B
Mar 1734 Jan
•
Mar
23.4 Jan Ford of France Am den rcts
100
1,400
100
16,200
275
93,600
18,300
600
18,200
400
13:0
10,900
1,900
2,800
9,700
100
!•.N.OMMONWOOt...N0W
.m4Nm.m.
3
334
1351
28
274
534
4231
8
40
3
33-4
1034
Davis Drug,allot certifs.-451 434
Dayton Aeropl Eng corn..'
5
4
5
Decca Record Amshs._ £1
1
1
Deere & Co new corn w 1__• 15074 145 1524
Old common
100 746
725 74934
Be Forest Radio com___•
7
474 834
Detroit Aircraft Corp....'
74 831
77-4
Doehier Die-Casting com •
1754 183.4
Douglas Aircraft Inc
• 2134 1951 2251
I)ow Chemical corn
* 73
72
73
Draper Corp
• 65
65
65
Dresser(Sit) Mfg Co el A • 4351 43
45
Driver-Harris Co com___10 6451 63
664
Dubilier Condenser Corp •
931 10%
Durant Motors Inc
•
434
434 451
Duval Texas Sulphur_
•
1531 153.4
XX X
Apr
Jan
Mar
Feb
Feb
Apr
Apr
Mar
Feb
Fel]
Fell
Apr
Mar
Apr
Mar
XX X
Mar
8
2
Feb
Jan
63.4
Jan
543.4
Mar 284
Febore
Jan 2434
Jan26
Feb
1534
Mar
84
Mar 1734
Jan4834
Jan 17
Jan 164
Jan 494
X
534
s34
44
3934
204
31
154
2214
7
4%
94
2451
124
74
36
N.0..MVM
1,
0040
.
..,00.
.*
13,000
8
300
134
300
451
1,800
5231
300
234
II,
2,300
1,200
2431
2551 2,600
934 2,500
200
534
700
1234
4,100
4831
3,300
17
1654 4,200
100
474
X
551
131
434
50
23
x
2334
2431
734
531
12
4231
1534
134
47%
00
Feb
Feb
Apr
Mar
Mar
Feb
Mar
XXXX
2834
1434
41
4
233-4
2734
334
M
Mar
Apr
Jan
Jan
Jan
Jan
Jan
XX
2434
10
1551
234
934
18
2
00
0 000 0
0 .. 000
300
2634
1134 3,400
44,800
41
500
3
1.500
19
244 2,500
500
231
XXX
2634
10
274
3
18
1914
2
0
49
NM
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Mar
X
13
ION
40
7431
9014
32
37
6
22
1534
734
75
404
6034
77
Shi
6231
951
334
1934
1431
731
30
XXX/
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Mar
Apr
Mar
Apr
Jan
XX:
754
7%
3534
37
68
204
2534
3
1534
10
434
624
3134
45
77
54
5531
9
334
17
1134
34
174
Mn..M.M0
0000
vn.
..QN
19,200
13
1034 3,600
3531
100
684 19,500
83
100
1.000
32
3534 126,200
300
5
22
9,900
154 39,000
7% 9,600
180
67
4031
200
56
50
25
77
100
74
500
60
500
934
354 1,700
500
17
50,100
14
1,600
5
3,000
27
650 122
134 138
231
6,200
44 .5
151
100
4
4
4774 4731 474 1,100 46
554
300
7X
73-4
100 31
31
31
900 e3134
3651
3551 35
900 2331
264 27
43,100
64
14% 134 15
443-4 17,200 8351
434 43
100 2754
36
36
%
%
200
54
6
300
751
7
1,500 13
15
14
10 30
30
30
30
234
500
331 4
331
200 1031
1034 1151
251
800
44
4
100 10
10
10
4431
8
Jan
Feb
Apr
Feb
Fob
Mar
Jan
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Mar
93-4
8
354
6234
82
304
32
4%
1834
14
551
664
3931
56
77
731
60
9
351
17
1134
331
20
5
2831
231
Jan
Apr
634
Jan 3934
Mar 154
Jan 1734
Jan
1
Jan
331
Jan 350
Feb 1084
Apr 234
Jan 209
Jan 4834
Mar 44
Mar
10
83-1
Jan
X
1,600
54
431
200
300 33
4,800 104
100 14
200
51
600
31
3,300 275
1.200 1054
300 2034
1.100 108
400 864
100 3554
5
400
1,200
451
Low.
XX
134 234
44 5
38
393-4
11
124
14
14
3-4
X
4
54
335 350
10831
10731
204 2034
177 209
4751 484
38
36
5
54
831
8
5,000 4234 Mar 523-4 Feb
500
331 Mar
534 Jan
2,000
Feb 124 Feb
8
300 1334 Jan
2334 Mar
Jan
2,750 19
Feb 24
Apr
Jan 84
50 81
3,400 214 Jan 3354 Apr
1,500
34 Jan
6% Apr
Mar
600 114 Feb
19
100 119% Jan 1324 Mar
Feb 141
Apr
60 126
151 Feb
500
234 Jan
6,000 16
Jan 204 Apr
651 Mar
300
Apr
7
100
734 Mar
734 Mar
100 14
Jan
1434 Apr
Cable Radio Tube v t e--•
54 734 6,800
6
Can Gypsum & Alabastine•
244
800
23
Can Pac RI new w I
534 524 5431 29,900
Carnation Co common...: 29
600
28% 2034
Carrier Eng corn4
100
413-4 4134
Castle (A M)& Co
900
10 70
68
70
Celanese Corp of Am corn _• 23
700
23
24%
7% first partic pref _ _100
200
8231 83
7% prior preferred _100
225
8754 88
Celluloid Corp 1st pref.- •
50
10234 10231
Centrifugal Pipe Corp.....'
851 2,500
8
8
Chain Stores Bevel corn...*
574
43-4 134 4,100
Chain Stores Stocks Inc..' 1434
600
144 1534
Charlie Corp corn
31
200
*
31
Chatham & Phenix Allied. 2451 2434 25
16,200
Chemical Nat Associates_
2451
700
244 24
Chee & Ohio RR new___25 6031
5931 6134 9,000
Cities Service common ' 42
4134 4334 281,000
Preferred
• 9331 9334 934 1,900
Preferred BB
100
844 8431
*
City Machine & Tool.....' 25
274
25
400
Clark Lighter Co,cony A..•
200
13-1 14
Cleveland Tractor Corr---• 35
2934 354 17,800
Club Alum Utensil corn..'
434 54 2,300
5
Cohn & Rosenberger com-•
13
13
100
Colombia Syndicate
%
118
Ii, 4,800
Colt's Pat Fire Arms M(825
31
3131
700
Columbia Pictures corn_ _.• 443-4 38
4451 11,300
Consolidated A ireraft_ _2431 247-4
• 2451
1,500
Consol Automatic
Merchandising corn v t o•
1
51
10,600
34
93.50 preferred
451 5
•
200
Como!Dairy Products_ •
15
900
157-4
C012801Gaa Utll class A _ _ _•
294 30% 3,100
30
ClassBv t c
1331 1434 4,600
*
Consol Instrument com__•
43-4
451 434 2,500
Coneel Laundries corn_ __• 1434 1434 154 6,200
Cons Retail St's Ina corn _ ..• 11
104 1134
700
8% cum pf with warr_100
93
93
100
Coon(W B)Co, corn
25
100
25
• 25
Cooper-Bessemer Corp
Common
•
3931
34
1,400
$3 pref A with war____• 4431 44X 454
700
Copeland Products el A...'
Without warrants
931 114
200
Cord Corp
1731 132.400
16
5 1631
Corroon & Reynolds cora.• 1451
1434 16% 3,500
$6 preferred class A • 79
600
7731 7951
Coty Societe Anonyme-Amer dep rots bear shs_
500
41
4154
Courtaulds, Ltd
Amer dep rights reg__£1
100
1251 12%
Crocker Wheeler corn _ _ __• 2754 26
17,300
31
Crosse & Blackwell Inc
$3.50 pref with warr__*
3231
200
32
Crowley, Milner & Co....'
1,000
29
26
Crown Cork & Seal pref_..* 35
150
3434 35
Cuban Cane Products ware
31
51
1,700
gi
Cuneo Press
300
88
634% pref warrants.100 88
88
Curtiss Airports v t e_ -__*
1,600
53-4 631
551
Curtiss Flying Service. •
200
1031 11
Curtiss-Wright Corp ware.
351 15,000
3
33-4
Range Since Jan. I.
XXXXXX
5151
254
1234
1834
24
84
3331
63.4
19
13234
141
234
2034
7
751
1434
High.
XX
Babcock & Wilcox
100
Bahia Corp com
•
Cumulative preferred_25
Bancomit Corp
•
Bellanca Aircraft com 43 t e•
Blauners common
•
Blaw-Knox Co
•
Bliss(E W)Co corn
•
Blue Ridge Corte cona____•
Opt 6% cony pref____50
Blumenthal(Sidney) & Co*
Botany Cons Mills
•
Bourjois Inc
*
Bower Roller Bearing. _•
Bowm-Blit Hotels 1st pfl00
Bridgeport Machine com_*
Brill Corp class A
•
•
Class B
Brillo Mfg corn
British-American Tobacco
Am dep meta ord bear_ £1
Brown Fence & Wire pf A •
*
Bruce(EL) Co corn
Bulgy& Watch $334 pref__'
•
B 7. S Int corn
d% Sony pf with warr-50
Warrants
Burma Corp Amerdep rots
e
Butler Bros
-
47
231
11
184
22
84
284
54
18
13234
140
134
194
651
731
1434
Low.
Friday
sates
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.
MM.
XM 0 ,
00
.
..d.0MN .
I
..0./0
9QN 0
C4 100.000=0
.M0C1.!NOOWN
Indus. & Miscellaneous.
Acme Wire corn v t 0_25 50
Aeronautical Indus warr__ ______
Aero Supply Mfg class 13.5 1234
Aero Underwriters Corn- •
Agfa Masco Corp com____• 2334
Preferred
100 84
Ainsworth Mfg corn - --.10 32
Air Investors corn v t o--.•
655
Convertible preference_. 184
Ala Gt Southern ord
_50
Preference
50
Alexander Industries
•
All Amer General Corp__20 2031
Allen Industries corn
*
7
Allen Mfg class B
Aires & Fisher corn
Allied Aviation Industries_
With stock purch warr.
•
2
Allied Internet Investing-8
$3cony preferred
Allied Mills Inc
• 114
Allied Motors Indust com • 14
Allison Drug Stores Cl A...'
51
Class B
*
Aluminum Co corn
• 350
Preferred
100 1084
Aluminum Goods Mfrs_ __• 2034
•
Aluminum Ltd
•
American Arch Co
Amer Bakeries class A_ *
Amer Beverage Corp__ _.•
54
Amer Brit & Cent Corp8
8
Amer Brown Boverie Elec
Founders' shares
* 12
Amer Capital Corp com B * 104
$3 preferred
•
Amer Chain COM
• 8751
American Cigar cone_ _ _100 82
Amer Colortype com
•
Amer Cyanamid corn el B_• 343-4
Amer Dept.Stores Corla--•
American Equities com.....• 19
Amer Investors al B corn.' 144
Warrants
554
Am Laundry Mach com_.• 67
Amer Maize Producte. •
American Mfg corn_ _100
American Meter
* 77
Am Pneumatic Serv corn 25
751
Amer Salamandra Corp.25 60
American Service corn....'
Amer Thread pre!
5
Amer Transformer corn...' 17
Am UM & Gen B v t c____• 1231
Amer Yvette Co corn__ _*
5
Amrad Corp common_ __ _* 2431
Amsterdam Trading Corp
American shares
Anchor Post Fence corn_.' 11
Anglo-Chile Nitrate Corp.' 3731
Anglo Norweg Holdings....'
3
Arcturus Radio Tube__._' 184
Art Metal Works core _ _ _* 2414
Associated Dyeing & Print*
234
Assoc Elec Industriee-Amer dep rcts ord shs_fl
74
Associated Laundries•
Associated Rayon corn___•
6% preferred
100 5251
Atlantic Coast Fish corn _ •
%
AU Fruit dr Sugar
Atlantic Secur Corp corn * 2451
Atlas Plywood
• 25
Automat Music Instru A•
734
Automatic Voting Mach •
54
Cony prior panto stk_ _• 12
Aviation Corp of the Amer* 4534
Aviation Credit Corp_ _• 17
Aviation Securities Corp.* 16
Axton-Fisher Tob corn A 10
Range Since Jan. 1.
194 Ma
85
Ma
58
Jai
1154 An
934
2
434
58
30
44
70
85
90
88
103
851
83.1
17
3274
25
2451
6151
4334
9331
8434
2851
14
353.4
6
1334
51
32
443-4
25
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Apr
Jan
Mar
Mar
Mar
Max
Apr
Apr
Mar
Apr
Apr
Apr
Mar
Jan
Apr
Jan
Feb
Jan
Mar
Apr
Mar
1
5
19
443-1
1431
531
16
13
93
254
Mar
Mar
Jan
Apr
Mar
Feb
Mar
Feb
Feb
Feb
3935
453-4
Apr
Apr
114 Mai
1734 Apr
1651 Pet
707-4 Max
4151 Mar
134 Fell
333,4 Mar
Jar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Foremost Dairy Prod com •
8
Foremost Fabrics Corp__ _• 14
Foundation Co
Foreign shares class A_ _•
5
Fox Theatres clan A corn _•834
Franklin(H H)Mfg, corn •
7% prelerred
100 7534
Oarlock Packing corn- •
General Alloys Co
•
Gen Baking Corp com___•
4
Preferred
• 4134
Gen Cable Corp warrants_
General Electric(France)
Am dep reels ser A bearer 146
Gen Else Co of Gt Britain
American deposit rots_ £1 1331
Gen Eleo (Germany)
Am der) rcts reg shs_ _
General Empire Corp_
• 27%
Gen Indust Alcohol v t o • 1131
Gen Laund Nisch, corn_ _.*
7%
Gang Realty .4 Util coin_ _• 15%
Pt with corn purch war _• 96%
Genl Tire & Rubber com25
Gilbert (A C) Co
•
Preferred
Gleaner Comb Harvester _* 3131
Glen Alden Coal
• 100
Globe Underwrit Exch..' 1431
Goldman-Sachs Trading_ ..• 45
Gold Seal Electrical Co__ _•
454
Gorham Inc 33 pi with w •
Gotham Ilnitbac
231
Gramaphone Co Ltd
Amer dep rcts ord reg .61 23%
Graymur Corp
• 43%
Gt Atl & Pat Tea 1st pt 100
Non vol corn stock
• 250
Greenfield Tap & Die core.
Greyhound Corp corn.
*
Greif(L) & Bros pref X 100
Griffith (D W) class A •
Grocery Stores Prod v t cs.•
1234
Ground Gripper Shoe corn"
Guardian Fire Asssumnce10
Guardian Investors
•
Guenther(Rod) Ruse Law5
Hall Lamp Co
•
Happiness Candy St corn *
1%
• 28
Hazeltine Corp
Helena Rubinstein Inc_ _-*
6%
Hayden Chemical Corp
Hires (Chas E) class A...• 2634
Holopharte Co common....
Holt (Henry) & Co A_
•
Horn (A C)Co
•
Hydro-Elee See corn
• 51%
Hegrade Food Prod com • 1116
Indus Finance corn v I o_10 25
7% turn prof
100 68%
Insult Utility Investm __.• 66%
$8 pref 26 series
•
Ineur Coot North Amer_10 83%
Insurance Securities_-10 22
Intereoast Trading com_.• 22%
Internat. Cigar Mach_ _•
Internal Holding & Invest*
Inter nat Products corn
•
lot Safety Razor B
• 124
Interstate Equities com_-• 1234
Convertible preferred--•' 4435
lute mote Hosiery Mill_ •
Iron t weman Mfg v t c _ *
,
Irving Air Chute com
2534
Jefferson Eleo Co
• 5134
Jonas-Naumburg corn. •
$3 cum cony pref
•
Klein (1) Emil) Co
•
Klein (II Li & Co pref _ _20 1534
Kleinert (I 11) Rub com- •
Knott Corporation
• 29
Kolster-I3randes, Ltd
134
/1
American shares
Lackawanna Securities---• 41%
Lakey Fdy & Mach com__•
7
•
Lake Superior Corp
Lana Co of Florida
•
Lane Bryant Inc
• 3134
Langendorf Un Bank B. •
Lazarus (I & R) & CO...'
,
634% preferred
0
Lewitt Realty Corp....' 24
• 35%
Preferred
Lehigh Coal & Nay new...* 49
•
Lerner Stores Corp
Libby, McNeil & Libby_10 26
Liberty Dairy Products.-- 2934
•
Lily-Tulip Cup Corp
Loew's Inc stock purchwarr
14
Louisiana Laud & Explor_•
43-4
MacMarr Stores com____• 19%
Magnin (I) & Co corn__ •
Manning Bowman & Co A•
Manufae Finance v t 0..25 24%
Mapes Consol Mfg
• 42%
Marine Midland Corp___10 42%
Marine Union Invest_ _ _10 25
Marton Steam Shovel com • 16
Marshall Field & Co
• 45%
Maryland Casualty
106
Mavis Bottling Coot Am.'
2%
Mayflower Associates Ine.• 61
May Hosiery Mills
2,4 preferred with warr_.• 2334
Mead Johnson & Co coin.'
March & Mfrs Sec corn A • 2735
Merritt
-Chapman at Scott
• 1834
Common
Mesabi Iron
5 3131
Mesta Machine
Metal & Min Shares cm..
90%
Metal Textile panic pref.
Metropol Chain Stores_ •
Sletropol 5 ..tf 50e Stores A *
Midland Royalty $2 pref.' 19%
Midland Steel Prod 26 pf-• 20
Midland United Co corn --• 27%
Midvale Co
Miller (1) & Sans own-- -• 3134
Miss Riv Fuel Corp warrMock,Juds & Voehringer_• 24%
Montecatini M & Agr war
1%
Moodya Investors pt PL• 42
Moore Drop Fore Cl A_ _ _• 48
Morrison Elec SuP01Y
•
Nachmann-Springfilled - •
Nat American Co
8%
• 18%
Nat Aviation Corp
National Baking pref. _100 80%
Nat Bancservice Corp__ • 15
•
Nat Casket prat
2371.
FINANCIAL CHRONICLE
APRIL 5 1930.]
8
8
11% 14
5
6%
20
7534
26
9
3%
40
12%
100
400
534
200
934 21,000
214
400
50
75%
33% 2.500
300
10
431 266,500
44% 8,700
100
1234
146
146
11
14
Ranee Since Jan. 1.
Low.
8
Apr
11% Mar
1014
24%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
7%
9%
24
80
33%
10%
634
64%
1434
Jan
Jan
Jan
Feb
Apr
Mar
Jan
Jan
Jan
2%
2%
14%
75
20
64
2%
35%
834
10 146
38,100
14
Apr
Apr
Jan 4234
Jan 3334
Mar 1434
Star 10%
Jan 16%
Jan 9734
Mar 160
Mar 21
Jan 43%
Jan
33%
Mar 12134
16%
Jan
Jan
66%
Feb
434
Jan 3531
354
Jan
Feb
Apr
Jan
Jan
Star
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Mar
Feb
300 20
Feb 23%
1,100 31% Jan 44
40 11534 Jan 122
540 220% Mar 260
100 12% Jan 20
20
12% Mar
125 90
Feb 97
134 Jan
200
1%
1,300 1234 Mar 144
100 19% Mar 27%
300 36% Jan 46
600
3
Jan
534
3.100 28
Mar 29
Apr
Mar
Jan
Star
Mar
300 15
15
113
I
I% 3,400
34
4,300 18%
2534 30
6
734 1,500
5
21
400 20
20
500 24%
2534 2634
200 1734
19
19%
1934 1934
300 19%
100
6% 6%
6%
48
5234 26,100 373(
2,300 10
11
12
2134 25
6,900 17
62
68%
700 60
6634 6834 3,500 5434
250 82%
97% 98
83
8534 2,300 6934
3,500 17
21
22
2034 2234 1,500 2014
200 100
110 110
654 634
400
4%
6%
634 1334 2,000
200 11%
12
124
4,300 1034
3123-1 13
700 40%
4331 4434
100
104 104
8
100 2334
2334 230%
2434 2531 15.100 1235
1,200 44
5134
48
100
1% 1%
134
100 14%
15
15
200 1734
1934 1934
14
1634 4, 00 14
0
19% 20
700 1934
30%
500 23%
29
135
4131
634
13
3
30%
24%
1534
9434
23%
3331
46%
47%
20
28%
25
12%
4%
1934
21%
14%
22%
4034
40%
234
15
4431
105
2
61
131
42%
834
13%
454
32%
24%
1534
94%
25%
3
6%
50%
48%
26%
29%
2534
154
4%
21
21%
144
24%
43
42%
25
17%
47
106
2%
62%
700
3.000
1,800
40
1,70
800
100
100
10
3,70
6,40
15,200
600
11,200
600
400
1,400
13,800
1,500
100
100
4,500
1,700
20.300
400
1,100
5,500
200
45,300
1,000
20
63
27
23%
63
27%
500
400
200
17%
1%
28%
8%
37
1734
231
19
1934
2734
57%
31%
21%
24%
14
42
48
42%
19%
8%
17%
60
15
108
Apr 146
1034 Mar
40
200 36%
40
27% 33% 1,500 21
10
8
900
12%
6%
634
734 2,100
15% 16% 18,000 9%
9534 97% 2,000 69
10 160
160 160
100 1534
15% 15%
42
200 39
42
700 21
31% 31%
100 100% 4,200 99
14% 14% 6,600 11%
43
46 137.300 115
3% 534 22,500
2%
100 30
35
35
1,000
2% 2%
144
2231 2334
42% 43%
117 117%
23734 260
1834 18%
12% 13
97
97
1%
134
1234 1234
1934 19%
37% 3734
5
531
29%
28
High.
34
3514
6%
10%
131
2134
24
15
92
1434
29
38%
3834
18
28%
17%
3%
3
18
21%
14%
22
37
32%
21
10
44%
90
I
48
Jan
16
Ja
nl 34
Jan 30
Jan
731
Mar 23
Feb 264
Mar 22
Mar 21
Mar
7
Jan 52%
Feb 13
Jan 25
Feb 68%
Jan 71
Jan 98%
Jan 85%
Feb 23
Jan 2334
Jan 112
Feb
7
Mar
754
Jan
134
Jan 14%
Jan 45%
Mar 10%
Apr 25
Jan 25%
Jan 5135
Mar
2%
Mar 22
Jan
1934
Apr 20%
Apr 25%
Jan
30%
Jan
Feb
Feb
Mar
Jan
Apr
Mar
Feb
Jan
Apr
Jan
Apr
Apr
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Star
Jan
Mar
Feb
Mar
Feb
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Star
Jan
1%
Jan 4334
Apr 12
Jan
14%
Jan
414
Star 35
Jan 25
Feb
15%
Jan 94%
Jan 254
Jan 8714
Jan 50%
Jan 55
Jan 26%
Apr 30
Feb 25%
Jan 16%
Feb
Feb 2434
Apr 21%
Apr
17
Mar 240%
Feb 43
Jan 4434
Mar 25
Jan 17%
Apr 53%
Jan 106
Jan
234
Jan 65
Mar
Jan
Feb
Star
Apr
Star
Jan
Star
Apr
Star
Jan
Mar
Jan
Apr
Jan
Apr
Mar
Jan
Jan
Apr
Jan
Apr
Mar
Feb
Apr
Apr
Feb
Apr
Mar
Feb
20
Star
55% Feb
15% Jan
1854 3,100 17%
114
100
33% 10,100 2634
10% 2,900
8%
37
100 364
18%
800 16
214
100
234
19%
600 13%
20% 1,900 19
2834
600 22
57%
100 50%
33
1,200 27
23%
800 13
600 19%
25
134
1% 1,800
200 41%
42
48
100 47
43%
874
200 17%
1034
744
0% 2,800
814
194 6,800
125 5931
60%
150 15
20
10 10534
108
Mar
Jan
Feb
Jan
Feb
Apr
J80
25
Mar
63
Star
2934 Mar
J • n 20
Jan
23-4
Mar 333.4
Jan
12
Feb 410%
Mar 30
Apr
3
Jan 2134
Star 22
Jan 2931
Feb 5734
Mar 3334
Jan 2734
Jan 26
Jan
234
Jan 4331
Feb 55
Feb 4334
Feb 27
Jan 1234
Jan 1934
Jan 65
Apr 3334
Mar 110
Feb
Jan
Apr
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Apr
Star
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Nat Dairy Prod pref A.I00 106
Nat Family Stores eom_-_• 19%
$2 pref with warrants_
National Food Prod cl A.
•
Class B
• 27%
Nat Investors corn
•
Nat Mfrs .3f Stores
Nat Rubber Stfuit'y com.• 22%
• 28
Nat Screen Service
Nat Steel without warr--.• 67
Warrants
Nat Sugar Reg
• 31
•
Nat'l Trade Journal
934
Nat Union Radio oom__-•
Nebel (Oscar) Inc
• 10%
2534
Neet Inc class A
Nehi Corp common____ ••• 2555
Neisner Bros 7% pref. 100
Nelson (Herman) CorP- -5
Neptune Meter class A. •
Newberry (J J) Co corn_ •
100
7% preferred
•
Newport Co corn
New Haven Clock corn _ -• 20%
5%
New Mex & Ariz Land_ I
•
N Y Auction corn
• 27
N
investors corn
N Y Rio Buenos Alms AL. 11%
Niagara Share of Maryland 20%
Niles-Bem't-Pond corn__.• 41%
Norma Elec Corp com • 15%
North American Aviation.' 11%
33-4
Warrants A
Northam Warren Corp pf.• 37%
Northwest Engineer Corn.'
Novadel Agana common.' 34
•
Ohio Brass claw B
Preferred
100
• 10%
011stocks Ltd cl A
•
Class 13
•
Orange-Crush Co
Outboard MotCorp corn B• 104
• 15%
Cony pref el A
• 19
Overseas Securities
Coast Biscuit com_• 40%
Pacific
Parker Rust
-Proof Co com•
Preferred
82
Paramount Cab Mfg corn.* 10%
Parke Davis & Co
Patterson-Sargent Co_
•
Pennroad Corp COM V O.
15%
Peoples Drug Store Inc,-..• 52
•
Perfect Circle Co
8
Perryman Elea Co Inc_ •
Pet Milk 7% pref
•
Phil Morris Con Ino oom.
25
Class A
Philippe (Louts) corn I3._.•
Pierce Governor corn.._.• 1134
Pilot Radio & Tube cl A..' 1534
Pitney Bowes Postage
14
Meter Co
21%
Pittsburgh Forging, Co..
Pittsb & L E RR com__50 119
Plttsb Plate Glass com__25 1834
• 13
Polymet Mfg
•
Potrero Sugar, corn
Powdrell & Alexander.- _• 59%
• 5531
Pratt & Lambert
Pressed Metals of Amer_
Prince &Whitely Trad come 14%
• 42%
$63 cony pref A
• 11%
Process Corp, corn
Proper McCallum Hosiery
•
Mills common
Prudential Investors corn..• 21%
Public Utility Holding Corp
• 25%
corn with warrants
9%
Warrants
10
934
Pyrene Mfg corn
Q 118 De Vry Corp corn...
Radio Prod Corp com___-* 20%
Railroad Shares Corp
Ry & UM Invest corn A_10 15
RainbowLuminousProdA •
934
4%
•
Common claw B
Raytheon Mfg com v t c_.•
27
Reeves (Daniel) Inc
• 18
Reliable Stores Corp
Reliance Management.... 2354
1
Repettl Inc
5
Repub Steel Corp (new co)
• 77%
Corn when issued
100 95%
6% cum pref w I
Reynolds Bros Inc
87.50
Reynolds Metals corn....' 31%
•
Richman Bros
•
Rich's Inc
Rike-Kumler Co com_
• 2731
Rolls Royce of Am pf__1111e
Rolls-Royce Ltd
Amer dep rcts ord shs.£1 10%
•
Roosevelt Plaid Inc
43.4
•
134
Ross Stores Inc
11
Rossis International W I_
Ritherold Co
Russeks Fifth Ave Inc...' 17
1150
Safety Car lit & Ltg. -100
St Law'ce Pap /stills corn.' 11
St Regis Paper Co corn.-10 30%
7% cum preferred__ _100 109%
• 33%
Schiff Co. corn
8
Schletter & Zander v
• 20%
Cum cony prof
3%
Schulte-United Se to $1 St•
Seaboard Util Shares_ _ -*
93-4
Seeman Bros common...' 40%
7
Segal Lock & Hardware..'
Settiorling Rubber
•
Selected Industries oom •
931
Allot Mrs lot & 2nd paid 79%
Prior preferred
Selfridge Provincial Stores
Amer dep refs ord shs_el
8%
Sentry Safety Control....'
Beton Leather
• 1834
Sheaffer (W A) Pen Co._• 5734
Shenandoah Corp com • 20
8% cony pref
50 4834
Sherwin-Wms pre! AA.100 10635
Sherw-Wms Canada corn..
Silica Gel Corp coin v e-• 3231
Silver (Isaac) & Bro pf.100
Singer Slfg Ltd
El
Slaw Financial Corp
25
Smith (A 0) Corp corn : 23931
•. 14%
South Coast Co corn
Southern Corp corn
834
Southern Ice & Util cl A-•
Common class B
•
Southwest Dairy Prod.--•
934
10534 106%
20
19
24
22
14
14
331
331
26
2934
1234 1234
2234 2234
2734 30%
6231 67
25
25
3031 32
3% 4
9
1031
8% 10%
26%
23
24% 26
115 118
29
29
2231 2234
44
49
100 100
41
38
2034 21
531 6
7
734
2634 2931
1031 1151
15% 2134
4131 4531
,
15% 1634
1034 12%
2% 3%
36
38
2934 2934
3135 3431
75
75
103 103
104
10
10
1034
3734 3734
10% 13
15% 184
18
19
40%
40
117 117%
82
79
8
11
36% 37%
27% 29%
15% 16%
52
52
42% 44
7% 84
100
100
%
1,rs
8
9%
18
18
10% 11%
1534
14
700
3,600
1,000
100
100
13,100
300
100
2,800
11,600
200
3,200
300
8,500
7.600
15,700
1.800
50
100
200
800
50
1,000
300
600
400
7,900
500
13,300
5.600
900
72.300
16,700
300
100
3.100
25
10
2,000
1,600
100
14,700
1,400
600
400
100
1,200
34,500
400
1,100
95,400
100
900
700
50
5,100
2,400
100
600
17,300
Range Since Jan. 1.
Low.
1331 1431 7,500 10
7.400 13
1931 22
700 111
119 120%
500 53
5734 584
1,500
12% 13
9
300
731 8
634
50
60% 1,300 50
300 5354
5531
55
100 22
23
23
13% 1431 85,200
834
4131 4234 9,200 35%
200
1134 1134
731
700
1834 19%
27,400
21% 23
High.
10634 Apr
Jan17;4
Mar
Jan 20
Jan
Mar 26
22
Jan
Mar 20
14
4% Jan
Feb
Jan 30
15% Feb
123;4 St
84 j
1% j
an
23% Mar
15% Jan 30% Mar
Mar
50
Jpn 70
Mar
19% Feb 25
29
34 Ja
33% Jan
634 Jan
Apr
% Jan 10% Apr
13F
834 Apr 10% Apr
Feb 26% Apr
Apr
16% Jan 26
115
Jan 12431 Jan
27% Jan 31% Feb
17
Feb 2234 Apr
Mar
Mar 49
36
Feb
Jan 101
95
Mar
Jan 42
24
Feb 220% Feb
714 Feb
138M% Jan
9% Jan
6% Jan
22% Jan 29% Apr
Mar
14
j n 21% Apr
Jan
12
8
27 i j n 45% Mar
61: Ja
2114 Mar
12% Jan
1234 Apr
336 Apr
Apr
32
2
S eb 38
Far
I
214 Jan 29% Star
22% Jan 34% Apr
Feb
Jan 76
74
Mar
103
84 Nlar 103
Fe b
10% Mar
1034 Star
8% Feb
Jan 3734 Mar
29
Mar
3% Jan 13
1014 Jan 184 Star
1534 Feb 19% Feb
Mar
26
Jan 42
Ma 11731 Star
117
Mar
85
J
49
636 Mar 13% Jan
4234 Jan
364 Fe
134 Jan 29% Apr
22 34
Jan 1634 Feb
Mar
Mar 64
43
Apr
3 8
;
8
9
3 4 1)711.r 44
Mar
12
9634 Jan 101% Mar
74 Mar
44 Jan
934 Mar
5% Jan
Mar
18
134 Jan
934 Mar 12% Mar
10% Jan 15% Apr
105
Jan 1534
Jan 22
Jan 12034
Jan 5814
Jan 15%
10
Jan
Mar 63%
Mar 57%
2331
Jan
Jan 1431
Jan 4234
11%
Mar
1634 Mar
16
Jan
Jan
Apr
Mar
Jan
Jai
Feb
Jan
Jan
Jan
Apr
Apr
Apr
20
28
Mar
Mae
2431
9
9
1734
20%
9%
14
931
434
35
26%
17
23%
341
25% 25,300
934 1,800
1.400
934
200
18
1,500
22
934 1,00
200
15
900
9%
43-4 2,100
1000
35
700
27
700
18
2534 1.800
1
1,500
1736
9
7%
15
16
90%
8
814
314
20
2534
17
184
)4
Jan
Apr
Jan
Feb
Jan
Apr
Fe
Jan
Jan
Mar
Mar
Feb
Jan
Jan
25%
9%
946
23
27
9%
15
14%
7%
35
30
19%
25%
1
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Feb
Feb
Apr
Feb
Jan
Mar
Apr
7534
95
731
293.4
91
1734
27
14
18,700
79
9534 2,400
00
834 3,5
32
9,400
100
91
600
23
400
2734
950
1634
Jan
71
9054 Feb
534 Jan
2214 Jan
803.4 Jan
1734 Mar
2634 Mar
Mar
14
79
9534
834
3231
91
23
30%
18
Apr
Mar
Mar
Mar
Mar
Apr
Feb
Feb
1031
434
1
10%
53%
17
10%
4%
134
11
6434
17%
100
1,500
8,200
800
1,800
900
1034 Feb
2
Jan
1( Feb
10% Apr
5234 Jan
14% Jan
1114
%
n2%
11
64%
17%
Mar
Mar
Jan
Apr
Apr
Mar
Feb 137
Star
11
Jan
31
Jan 110
Jan 34
Mar 1234
Mar 25
Jan
4
Mar 10%
Feb 4234
Feb
834
Jan 1734
Jan
1054
Jan 84%
Jan 70
Jan
Apr
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Feb
Jan
Mar
Mar
124%
10
26
10934
3231
6%
20
3%
7%
40
7
1334
934
7931
6835
275 12016
127
200
934
11
31 139,800 1935
200 106
10934
600 27%
33%
1,400
8
600 19
22'A
2%
3%, 2,000
7%
10% 13,100
1,700 36%
42
9,500
5%
8
1631 4,400 1031
716
9% 23,300
8435 2,000 66
700 59
70
235
234
83
,
1 934
14% 21
5734 59%
1634 20
46
4834
106% 106%
85
85
31% 3434
8831 93
5% 531
25
25%
230 241%
1234 15
734 834
734 74
7
7%
9
10
800
2%
10,800
454
900 12
200 51%
26,700
8%
17,200 83
10 105
100 80
11,300 18
150 8831
600
4%
800 18%
1,000 137%
6,900
5
7,200
43.4
100
43.4
434
400
700
734
Mar
2% Jan
934 Mar
Feb
Feb 21
Apr
Jan 59% Feb
Jan 20
Apr
Jan 4834 Apr
Mar 10634 Apr
Apr
Mar 85
Jan 34% Mar
Mar
95
AP
e7% Feb
Jan
Jan 25% Mar
Jan 244% Mar
Feb
Jan
17
8% Feb
Jan
7% Feb
Jan
734 Feb
Jo
Mar
Mar 13
2372
Range Since Jan. 1.
Low.
Spanish & Gen Corp Ltd
1%
13
,
4 1%
1,300
Amer dep rets ord reg El
1
-Meyer Inc corn_
•
Stahl
200 2454
24% 24%
Stand Cap & Seal new__10 35% 34% 35% 1,700 3334
Standard Investing pref.. •
50 7011
82
82
2%
3% 43,300
Stand Mot Construct.-100
2
%
100 142
Standard Screw
75 120
142 150
Standard Steel Spring- •
200 45
51
51
• 3531 33 3734 10,700 20
Starrett Corp corn
6% cum preferred____50 45% 45
48% 5,000 34
•
Stein Cosmetics corn
900 10
1534 17
Steinite Radio
•
1
700
234 3%*
Sterchl Bros Stores com_ •
100 12
13% 1331
Strauss(Nathan) Inc corn.' 1331 13% 1335
100 1011
Strauss-Roth Stores Inc..' 21% 1635 21% 6,400
9%
Stromb'g-Carls'n Tel Mfg*
400 2(314
2834 2934
Strooelt (S) & Co
24
300 23
24
Stutz Motor Car
•
375 8,700
331
3
151
Sullivan Machinery
150 48%
4834 50
Sun Investing corn
19% 18% 19%
1,300 1414
$3 cony preferred
•
800 39
46
47%
Superheater Co
• 4931 44% 52
4,700 38
Swift & Co new
25 31% 31
31% 2,500 30%
Swift International
15 3254 3231 3331 2,300 31
Syrao Wash Mach B corn •
800
8
834
75'
Taggart Corp
•
Taylor Milling corn
•
Technicolor Inc
Tennessee Prod corn
Thermold Co corn
•
7% cum cony pref __ _100
Tishman Realty dr Constr•
Tobacco & Allied Stocks- •
Tobacco Prod Export
•
Todd Shipyards Corp_
Transamerica Corp
25
Transoont Air Transp--__•
Trans
-Luz Pict Screen
•
Class A common
Triplex Safety Glass
Amer dep rts reg shs_El
Tri-Continental Corp com •
6% cum pref
100
Warrants
Tel-Utilities Corn
•
Preferred
Trans Park stores
•
Tebise Artificial Sift cl B.•
Tung Sol Lamp Wkscorn.'
•
53 cum conv:pref
•
Ulan & Co corn
Ungerleider Finan
Union Amer Investing.'
•
Union Tobacco corn
United Amer Utilities
United-Carr Fastner corn.'
United Chemicals, corn...'
Preferred
•
United Corp warrants
United Dry Docks com...._•
United Founders
United Milk Prod com_ *
Preferred
100
United Molasses, Ltd_ __El
United Profit Sharing__.•
United Shoe Mach
25
•
United Stores Corp
United Wall Pa Fact corn •
•
U El Dairy Prod elms A-•
Class B
U S Finishing
•
U El Foil class B
•
US Gypsum common_ _20
US & Intern Sec Corp...'_
1st pref with warrants._ _
Allot certificates
•
U S Linea pref
U S Overseas with warr_ _ _
U S Radiator common......
Common v t c
•
U 8 Rubber Reclaiming_ •
U S Shares Financial Corp
With warrants
•
Universal Insurance__.._25
Universal Pictures
•
Utah Radio Prod corn...'
Utility Equities Corp....*
Utility & Ind Corp com-•
•
Preferred
2636
7134
27
44
2%
4534
831
13
18%
90
8%
58
23
37
2131
3431
41
34
13
39%
25
7
37%
27%
2
66
66
2435
23%
--7534
1934
22
52
52
23
24%
67%
14
26
82
4334
40%
134
50
4414
834
26% 5,400
24%
100
77% 20,900
300
14%
27% 11,700
87
800
44
300
41%
400
2% 2,200
52
500
4631 44,700
951 7,100
834 13
5% 6%
17% 1934
8934 90%
7% 8%
58
58%
57%
56
24;4 24%
10534 129%
2434
23
37
36
2116 22
34% 3574
41
38
31
34
17% 18%
14
13
30
30
38% 39%
2334 2535
6% 735
36% 38%
214 2%
531i 533.4
26% 28
1% 2
6431 67
3% 334
1314 1334
62
67
24%
23
28%
25
25
23
4811 5231
534 6
70
70
75% 76
1931 20%
1934 22%
50% 52
52
49
5
5M
63,200
Jan
234 Mar
Apr 28
Jan
Mar 35% Apr
Jan 82
Mar
334 Apr
Jan
Jan 15931 Mar
Feb 51
Mar
Jan 37% Mar
Jan 4834 Mar
Jan 18% Mar
311 Apr
Feb
Mar 18% Jan
Jan 1534 Mar
Feb 2134 Apr
Mar 2916 Mar
Jan 2534 Jan
4% Jan
Jan
Apr
Apr 50
Mar
Jan 20
Jan 4734 Apr
Apr
Feb 52
Mar 3434 Jan
Mar 85% Jan
0
Mar
Mar
19
Jan
21
Jan
6731 Mar
14
Jan
19% Jan
78% Mar
4334 Apr
Jan
24
Si Jan
44% Jan
41% Jan
Jan
6
4;4
High.
Jan
28%
25
8634
1434
28
87
4534
41%
234
52
47%
10%
Apr
Jan
Mar
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Feb
Feb
13
Apr
Jan
500
5% Apr
8
40,400 11% Jan 19% Apr
Ap
4,600 75
Jan
13,000
rr
Jan 98031
4
5,300 40
Aa
Jan 4834 Nipr
58
Mar
1,000 45
500 24
Jan
800 11731 Mar
Jan 1726N Mar34 Janjn
1,000 20
28
8(
400 3334 Mar 3814 Mar
300 1734 Jan 244 Mar
2,100 2631 Jan 86% Feb
1,300 2734 Jan 41
Apr
35,000
34 Jan
Jan
1
400 17% Apr 18% Apr
1,300 11
12
Jan 4631 Jan
100 1934 Feb
Feb
800 32
Jan 44
Feb
20,000 14% Jan 2514 Apr
2.500
634 Mar 44
Jan
8% Islar
55,700 36% Apr
400
234 Apr
4% Jan
100 50
Mar
Jan 55
1,500 22% Mar 2934 Jan
900
134 Jan
2% Jan
1,400 60
Apr
Jan 67
100
3% Jan
6% Jan
100 10
Feb
Jan
14
1,000 52
Apr
Jan 67
4,300 13% Jan 24% Apr
2,100 20
Feb 2834 Apr
4,000 1734 Jan 2534 Feb
900 42
Jan 52% Mar
1.000
234 Jan
Apr
6
100 60% Feb 75
Mar
1,800 60% Jan 80
Feb
20,300 14
Jan 20% Mar
8,600 19% Mar 22% Apr
1,500 42% Jan 52
Apr
1,900 42
Apr
Jan 52
200
Jan
5
Feb
6
9
64
18
5
18%
20%
2635
10
1,100
68
250
18
200
400
5%
20% 12,100
2334 20,500
2814 8,100
7
5311
9
5
10%
1734
2434
Jan
Mar
Feb
AD
Jan
Jan
Jan
1014
68
18
5%
2031
23%
29%
Mar
Apr
Mar
Apr
Mar
Feb
Feb
)4
10
42
8%
20
21
11
48%
26
11
14%
43
834
20%
21
11%
5034
27
2,400
1,000
200
4,800
300
400
300
1,800
700
7%
10
373(
8
16
15
834
4731
25
Apr
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
14%
14%
43
93(
2231
21
14
61
35
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Jan
Jan
10% 1134
62% 65
414
4
13% 13%
60
61
42% 4534
30% 30%
106 125
2334 2334
1431 16
11
13%
52%
50
4% 454
234 234
2034 2014
11,000
11,100
1.900
700
1,200
5,100
200
260
100
1,900
12,800
700
300
100
34,600
8%
60%
134
834
52
18%
30
90
23%
14%
634
50
3%
2
1734
Mar 11% Mar
Mar
Mar 65
Mar
6
Jan
Jan 1434 Mar
Jan 69
Apr
Mar
Jan 46
Feb 3934 Feb
Feb 125
Mar
Apr 2331 Apr
Apr 20
Jan
Mar 13% Apr
Apr 5 54 mar
5Jan
6
Jan
Feb
Jan
3
Feb 20% Jan
Right'
931 1035 3,200
Associated 0& El deb rts- _
9%
1
Associated Telep Utilities.
5,500
34
31
1,708
n636
Consol GEL&P (Balt).
6
Fiat
2
234 2,200
200
Foote Bros Gear & Mach_ _ -----36
34
Indian Ter Ilium Oil
7
734 10,600
7%
1,800
Loew's Inc deb rights
40% 50
50
Ludlum Steel
1%
134
1% 4,600
010% 010g
75
New Eng Telep & Teleg134
Rossia Insurance
31
1% 8,100
White Eagle 0& R deb rts
300
434 5
400
White Sew Mach deb rights
214 231
7
31
314
131
34
7
12%
134
731
34
23(
1%
Jan
Mar
Feb
Jan
Mar
Apr
Jan
Apr
Jan
Apr
Mar
Jan
VaD Cann)Packing
25
7% preferred
•
Veeder-Root Inc
Vick Financial Corp_-__10
•
Vogt Mfg
•
Waitt & Bond class A
•
Class B
Walgreen Co oommon----•
Warrants
Walker(Hiram)Gooderham
•
& Wortscommon
Warren Bros new
Watson (John W)Co....'
Wayne Pump common...'
Welch Grape Juice corn..'
Western Air Express____10
West Auto Supply corn A_*
West'n 131d Ry 1st pref.100
Westfield Manufacturing_
Williams (R C) & Co----•
Wil-low Cafeterias
•
Wilson-Jones Co
•
Winter (Ben)) Inc corn...'
Worth Inc cony class A_ •
Zonite Products Corp corn•
[VOL. 130.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
64
5%
1931
2134
27%
10%
13%
831
4915
1034
62%
4
13%
45
3054
15%
11%
50
2035
Public Utilities
Alabama Pow $7 pref
114%
Allegheny Gas Corp oom_•
734
7
46%
AID Cities Pw & Lt el A..50
• 28
Class B
26%
26% 26
Am Com'wfth P corn
• 4034 39
Common B
454
Warrants
4
71
65%
Amer & Foreign Pow Warr
Amer Gas & Elec corn....' 1544 149
• 10754 107
Preferred
114%
8%
4834
28%
28
4054
4;
‘
,
7314
156
10734
50 111
4
10,300
1.800 3734
24,200 14
22,400 233(
400 34%
3%
5,700
36,100 8035
16,800 113%
600 10531
1154
1
n6%
334
14
7%
50
134
10%
1%
5
2%
Mar
Mar
Apr
Feb
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Feb
Jan 114% Apr
Jan
9% Mar
Mar
Jan 49
Jan 28% Apr
Jan 2834 Mar
Jan 4134 Mar
Jan
534 Feb
Mar 76% Feb
Mar
Jan 156
Jan 10931 Mar
Friday
Sales
Last Week's Range for
Public Utilities(Con.)
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Lt & Trac com___100
Com new w I
25
6% Preferred new...-25
Amer Nat Gas corn v 1 o_-•
Am States Pub Serv el A •
Amer Superpower Corr
,
Corn, new
•
First preferred
•
•
$6 CUM pre!
Assoc Gas & El corn
•
Class A
Assoc Telep Utilities
Brazillian Tr Lt dr Pow ord'
Buff Niag & East Pr pf__25
Cables & Wireless
Am dep rots A ord sh_el
Am dep rats B ord abs.£1
Am dep rots pf
Carolina Pow dr Lt $7 PL.
Cent Atl States Serv V to.'
Cent Ilud 0& Evto newCent Pub Serv corn
•
Class A
•
Cent States Eleo coro
•
6% Prat without warr 100
Convertible pref._ _100
Cony preferred new__100
Cleveland Else III corn_ •
Columbia 04 E new w 1_ _
Com'w'Ith Edison Co__100
Comm'wealth & Sou Corp
Warrants
Community Water Serv-•
Conn G El& P Balt corn.'
Dixie Gas & Util core____•
Duke Power Co
100
Eastern Gas dr Fuel Assn•
6% preferred
100
East States Pow B
East Util Associates
•
Convertible stock
•
Elea Bond & Sh Co corn •
Preferred
•
Empire 0 dz F 7% pref_100
Eleo Pow & Lt 2d pref___•
Option warrants
Empire Pow Corp part stk•
Empire Pub Serv corn cl A•
Engineers P S opt warr__
Fla Pow dc Lt $7 pref_
•
Gen'l Gas & Elea cony pf.•
•
$6 pre series B
Gen Water Wks & El A.-•
Georgia Power $6 pref...'
Hartford Elea Light_ __.25
Internal Superpower
•
International Utli ol A_ •
Class B
•
Panto preferred
•
Warrants
Italian Super Power el A--•
Warrants
294;4 29135
7331
114%
1431
1335
22%
298
74%
11434
1534
23%
35
3334
100
100
953.4 95
5036 4834
41%
40%
27% 1112714
4934 45
2531 2534
3531 384,300
4,500
10034
9534
1,800
51% 9.200
44
30,400
1,800
12814
50% 60,100
2531
1,700
231
1%
434
32%
32
41%
38%
-2873.4
3714
42%
17
11131
107%
104
70
23
3231
9834
94
27
95
4231
1534
1435
Low.
575 225
4,700 72
25 11431
5,600
731
300 18
2331
9434
87%
4834
3654
28
3551
24;4
700
2% 2%
211
134 4,500
134
131
434
100
414
411
111 111
25 108%
435 634 1,500
334
32% 33
200 30
32
32% 1,600 2531
41% 4134 20,400 34%
46,300 19
3474 39
82
200 70
81
100 9434
190 190
400 88
97 100
81% 8654 1,000 63
7934 8334 27,000 76%
200 234
287.14 29054
534 6% 161,900
634
1631 316% 1731 5,700
123
120 12434 6,200
19
101
38
Range for Year 1929.
21;5
18
191 194%
42
37
95
95
38;4
29
42% 42%
1735
17
10814 113%
10734 108
90% 90%
104 104
74
63
57
55
23
22
3235 3334
10231 n10334
9934
95
94
91
29
327
10234 10234
9234 9611
4234 4634
44
46
15% 17
99
98
4% 434
14
15%
734 8%
2,700
475
2,200
100
69,000
100
800
419,100
4,400
100
100
19,400
1,200
4,000
700
300
4,600
2,500
1,500
200
400
5,000
800
24,400
100
1,700
10,600
900
834
1234
9011
High.
Jan 303
Mar 75
Apr 114%
Jan
1531
Jan 28
Mar
Mar
Apr
Mar
Feb
Jan 8531
Jan 101
Jan 9534
Apr 5114
Jan 46%
Mar 28%
Feb 5031
Jan 26
Mar
Mar
Mar
Mar
Jan
Mar
Apr
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Ayr
Mar
Mar
Apr
Apr
Mar
Apr
Apr
Mar
Mar
2
4%
111
0%
33
35%
41%
39
82
190
100
8631
8334
293g
Jan
63-4 Feb
Jan
1834 Mar
Jan 12431 Mar
10% Jan
145
Jan
2534 Jan
295 Mar
18% Jan
Feb
40
1411 Mar
8034 Jan
103% Jan
86% Mar
9031 Jan
2814 Jan
Jan
40
1934 Jan
16
Jan
100
Jan
85
Feb
8934 Mar
20
Feb
9834 Feb
Mar
88
8234 Jan
34% Jan
634 Jan
79% Jan
1% Jan
9% Jan
Jan
5
2334
200
42
595%
3834
4234
1761
113%
108
90%
107
74
60
25
3334
104
9934
94
29
10234
9834
4635
46
17
9934
434
1631
931
Mar
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Feb
Mar
Mar
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
J C Pow & Lt
pref_100 106%
Long Island Light corn...* 5334
7% preferred
100 110
Marconi Internal MarineCommun Am dep rens_ - -----Marconi Wire' Tel Ltd
Bearer shares
1036
534
Marconi Wirel Tot Can.
.1
Maritime Tel & Tel Ltd_10
• 2131
Memphis Nat Gas
Middle West Util corn
• 3711
$6 cony prof series A • 1093(
A warrants
515
B warrants
Mob & Bud Pow 1st pref' 10734
2d preferred
•
•
Municipal Service
934 10% 3,400
914
531 634 40,400
814
100 15%
15% 1534
20% 2134 50,300 10%
27,300 25%
38
37
1,500 97
107 109%
1%
4% 5% 3,300
334
1,800
7.31 7%
107% 108%
500 104
150 10334
107% 10731
9% 1134 2,000
6%
Apr 12%
Jan
7%
Mar 1534
Jan 2131
Jan 38
Jan 109%
Jan
5%
Jan
8
Jan 10831
Jan 110
Jan 11%
Jan
Mar
Mar
Apr
Apr
Apr
Apr
Feb
Feb
Feb
Apr
N t Elea Pow class A_
•
Nat Pow & Lt 6% pref_ •
$7 preferred
•
Nat Pub Serv corn class A..•
Nevada Calif Elec__ _100
New Engl Pr Assn com- •
6% preferred
100
New Engl Pub Serv $7 pf-•
New Eng Tel dr Tel_
100
N Y Pow & Lt $6 prat__.•
N Y Telep 634% prat_ -100
Hilts Hudson Pr con:L.-10
Class A opt warr
B warr (1 warr for 1 eh)..
Nor Amer Lt & Pow_
•
Nor Amer Util Sec corn..'
Nor States P Corp com_100
7% preferred
100
6% preferred
100
600 29
36%
35
103 103
100 10034
10914 11014
250 108%
2514 2654 5,700 2234
800 60
100 10254
200 92
0434 95
120 88%
9234 9534
94
25 04
94
550 144
154 15714
75 9614
101 101
11414 1155-4
325 114
1634 2116 506,900 11%
3
454 6
9% 13% 16,600
6%
200 67
6074 70
1,600
10
10%
534
1,800 170
177 181
108% 109
100 95%
9911 9931
70 9534
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
36%
10354
110%
2636
102%
98
95%
94
158
101
116
21%
6
1334
71
1034
18334
109
100
Feb
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Jan
Feb
Feb
Apr
Apr
Apr
Mar
Apr
Feb
Mar
Mar
11134
11231
27%
107
36
89
4134
10131
30
65
100%
6734
82
30
40
2414
75
7414
92
29%
26%
2434
75
2535
11%
111
74%
75
106
89
2734
1611
Feb
Jan
Feb
Apr
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
„Tan
Mar
Apr
Mar
Jan
Jan
Jan
114%
11231
27%
107
3934
9534
46
10134
32
75
101
67%
82
3031
4014
29%
7035
79
97
29%
2734
26%
75
2634
1534
113
7934
7731
106%
98
30%
1734
1
4534
2831
96%
II%
4934
11234
19
Apr
Mar
Mar
Apr
Feb
Mar
Mar
Apr
Feb
Feb
Mar
Apr
Apr
Mar
Apr
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Feb
Feb
Feb
mar
Mar
Apr
mar
Mar
Mar
Jan
Ohio Bell Tel 7% pref..100
Oklahoma G & E 7% pf 100
Pacific Gas& El 1st pref_25
Pm Pow & Light 7% p1100
Pacific Pub Sere al A corn.'
Pa Water dr Power
•
Peoples Lt & Pow corn A.•
Phlia Eke $5 pref
Power Securities cont....*
•
2d preferred
Puget Sd P4 L 6% Pf--100
•
Quebec Power corn
Railway dr Light See corn.'
Rhode fel Pub Serv prat_ •
Rochester Cent Pow corn.'
Rockland Light & Power 10
Shawinigan Wat & Pow_ •
Sierra Pacific Elea com.100
100
6% preferred
Sou Calif Edison 7% pf A25
25
6% Preferred B
53.4% preferred cl C..25
Sou Cities Utll 7% pref_100
Southern Colo P w el A.25
.•
Sou West Gas Utll
Standard 0& E 7% p1..100
Stand Pow & Lt new
•
Series B
•
Preferred
•
Tampa Electric Co
Union Nat Gas of Can._ •
United Elec Serv Am shs-.
Purchase warrants
United Gm corn
•
When issued
Frei non-voting when las
Warrants w I
United Lt & Pow corn A__•
•
6% corn 1st pref
United Pub Serv corn _ _ _•
9211
94
15635
101
115%
21
57
%
1231
10
17834
27%
36%
42
10131
30
68%
82
40
28
2934
26%
12%
76
75
8935
1631
4134
25%
9534
911
47
112
17
106% 10631
50
56
109% 11131
10% 11
250 100% Jan 106% Feb
4,300 40
Apr
Jan 56
430 10734 Jan 11135 Mar
1,400
11431
40
11254
100
2734 2,600
107
50
39
5,100
94
700
4414 5,700
101%
50
30
100
69%
400
40
10034
100
673S
82
100
30
200
4036
100
29% 7.500
78
300
75
400
02
10
100
29%
27
9,000
25
000
75
7E
100
2531
12% 2,100
111
100
7614 2,100
75
1.700
200
106
98
27,100
900
2835
400
1634
13,, 1,500
4014 4434 101,800
24% 2734 198,400
94% 963( 4,400
9 1035 50,300
46
4934 138,200
11034 11234 6.700
16% 17
200
934 Feb
111
108%
2614
107
2754
73
32
9911
1431
38
99
61
69
2911
3415
1931
7431
41
92
2814
24%
22%
73
23
734
106%
62
61
993.4
54%
25
15%
44
19%
2414
94%
634
27%
97%
15
13
Feb
APRIL 5 1930.]
Friday
Sales
Lan Week's Range for
Public Utilities (Cond.) Sale
of Prices.
Week.
Par. Prize. Low. High. Shares.
U B Elea Pow with ware_ _•
ULU Pow & Ltnom
•
Claim Byte
•
Western Mass Co's cons_
2373
FINANCIAL CHRONICLE
19%
25%
58%
17%
25%
59%
62%
Range for Year 1929.
600 19%
National Transit____12.50 20%
20
20%
New York Transit
10
14
14
100 14
Ohio 011
25 7434 73% 74% 1,900 66%
6% cum pref new_ _ _100
200 103
104% 105
Penn Mex Fuel
4,400 19%
25 234 20% 26
Solar Refining
100
25% 25% 25%
South Penn 011
44
45
5,000 37%
25 45
Standard 011 (Indiana)
56% 58% 73,400 49%
.2558
Standard 011(KY)
7,400 3354
10 36% 35% 37
Standard Oil (Neb)
300 4435
25 4834 48% 48%
Standard 011(0) com__ _25 104
550 81
96 104
Preferred
100
121 121
20 117%
Vacuum Oil
25 9434 90% 9435 14,600 8855
Other 011 Stocks
Amer Contr 011F1elds__--1
31
in
Amer Maracaibo Co
2
2
5
Arkans Nat Gas Corp com * 16% 15%
Class A
• 16%
15
Preferred
10
7%
Atlantic Lobos 011 nom_ --•
54
in
1%
155
Carib Syndicate nom
Colon Oil Corp common_ _•
6%
Consol Royalty 011
1
455
Coaden Oil common
• 5434 50
Creole Syndicate
•
634
6%
Crown Cent Petroleum_ •
51
9%
Darby Petroleum Corp_ _ _• 10%
Derby Oil& Ref com
7
•
7%
38%
Preferred
General Petroleum new_ __
37
35%
GUlf OK Corp of Penna_ _25 154% 150%
Indian Ter 111 011
1
Class A non-voting- - - -*
Class 13
Intercontinental Petrol_ _10
Internat Petroleum
•
Kirby Petroleitm
•
Leonard 011 Dtvelopm1_26
Lion Oil Refining
•
Lone Star Gas Corp
•
Magdalena Syndicate_ _1
Marland 011 of Mex
I
Mo Kansas Pipe Line_ _ _b
Mountain ek Gulf 011_ _ _ _1
Mountain Prod Corp___10
Nat Fuel Gas
•
New Bradford Oil Co_5
New York Petrol Roy
North Cent Texas OIL _ _ _•
Pacific Western 011
•
Panden 011 Corp
•
Pantepec 011 of Venezuela•
Petroleum Corp of Amer_*
Plymouth 011 Co
8
Reiter Foster 011 Corp..
Richfield Oil Cal pref. 25
Root Refining nom
Cum preferred
Ryan Consol Petrol
•
Salt Creek Consol 011_ 10
Salt Creek Producers_ _ _ _10
Savoy Oil Corp
5
Southland Royalty Co-,'
Sunray Oil corn
Taxon Oil & Land
•
Trinidad Leaseholds Ltd
Am depicts ordshsreg,f1
Venezuela Petroleum__6
Woodley Petroleum
"Y" Oil& Gas Co
Mining Stocks
Arizona Globe Copper _ _ _1
Bunker Hill& Sullivan _10
Bwana M'Kubwa Cop Min
American shares
Carnegie Metals
10
Consol Copper Mines_-__5
Consol Nov Utah Corp_ _3
Copper Range Co
25
Cresson Consol GM & MI
Cusl Mexicana Mining___
Dolores Esperanza Corp._2
Engineer Gold Min Ltd_o
Evans Wallower Lead com•
Falcon Lead Mines
1
First National Copper_ _ _5
Gold Coin Mines
Golden Centre Mines-_5
Goldfield Conaol Mines_.1
Heels Mining
25e
Hollinger Consol0 M_ -Rod Bay Mln & Smelt__ _•
Iron Cap Copper Co ___10
Kirkland Lake G M Ltd_ _I
Mining Corp of Canada-5
Mohawk Mining Co_ _25
22%
28
65
65%
Feb
Mar
Jan
Feb
Apr 69
Jan 170
Feb 17%
Apr 53
Mar 54%
Jan 116%
Jan 311
Feb 28
Mar 41
Jan
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Jan
Mar 2234
Apr 18%
Feb 74%
Feb 105
Jan 26
Jan
Jan
Mar
Jan
Apr
20% 26,200 17
Mar
66,600 1454 Jan
28
64
800 s34
Jan
Feb
63
200 60
Former Standard 011
Subsidiary
Buckeye Pipe Line
50 61% 6131 61%
100 61%
Chesebrough Mfg Con8_25 165
800 155
165 170
Contin 011(Me) v t c_ _ _10 1635
800 12%
16% 17%
Cumberland Pipe Line_ _50 41
41
41
50 41
Eureka Pipe Line
100
100 44
44
44
Humble 011 & Rfinfing_ _25 114
111 116% 20,500 78
Illinois Pipe Line
100
50 305
306% 306%
Imperial on(Canada)----* 27
26% 27% 13,900 22%
Indiana Pip Line
500 37%
10 38% 37% 38%
55
3"i 28,400
154
2% 5,500
1635 24,100
8%
16% 153,700
8%
300
7%
7%
200
35
in
I% 1,000
Si
54
7% 3,300
100
435
4%
4,400 50
16
5%
6% 7,400
200
31
31
7%
10% 10,400
7% 3,300
434
200 30
40%
2,400 32
37
15651 18,500 131%
Bonds
-
High.
Low.
Feb 45% Mar
Feb 58% Apr
Jan 37% Feb
Jan 4835 Mar
Jan 108% Mar
Mar
Jan 122
Feb 96% Feb
%
Jan
351
Jan
Jan 16%
Jan 11355
8
Feb
I
Mar
2%
Jan
Jan
851
5%
Feb
Feb 7431
Feb
735
1
Jan
Feb 11
Mar
734
Jan 40%
Feb 37
Feb 156%
Mar
Feb
Apr
Apr
Jan
Mar
Mai
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Apr
41,900
42,100
87,600
28,600
9,800
3,300
24,400
4,500
10,000
700
100
20,300
1,900
4,400
1,100
2,600
100
1,200
6,000
37,300
1,100
22% 25% 100,400
24% 25% 4,100
20%
45%
50%
31
17%
134
1
18%
3454
34
3-16
18%
35
8
2555
2%
1034
6%
12%
1
I%
19
24
Jan
Mar
Apr
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Mar
53%
46%
53%
1%
23
3
4
2835
46
55
1%
2834
54
12
35%
3%
16%
10%
18
254
454
25%
2734
Mar
Apr
Apr
Mar
Mar
Mar
Mar
Apr
Apr
Mar
Jan
Apr
Mar
Mar
Mar
Mar
Jan
Apr
Apr
Mar
Jan
Apr
Feb
2,600
100
800
300
2,300
300
6,200
100
5,500
10,400
1,200
255
21
10
15
3%
2
10
55
9
5%
8%
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Feb
3%
23%
16%
1754
454
2%
14%
1
16
855
14%
Mar
Jan
Apr
Apr
Mar
Mar
Apr
Mar
Jan
Jan
Mar
2%
200
6,200
1,200
600
18% Apr
2% Jan
255 Ma
34 Jan
18%
434
4
1%
Mar
Mar
Mar
Feb
54
.16
4
6.5% 65%
8,800
1,100
11, Jan
65
Mar
35 Jan
0534 Jan
4%
5
7
755 7%
11
.
ill
1535 16%
in in
11
4 134
800
800
2,200
300
300
5,400
8,200
434
5
5
114
14%
he
1
Feb
Jan
Jan
Apr
Jan
Jan
Mar
6%
8%
834
lit
16%
55
2
Mar
Apr
Feb
Apr
Jan
Jan
Feb
ale 12,000
134 3,300
4% 3,900
7,900
34
1,900
3,200
34
6% 29,200
916 3,100
300
1354
300
6%
13
4,000
2%
200
16
100
251
1,900
47
200
1-16
55
3%
54
34
%
3
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
3-16
255
6
Its
55
%
7
35
14
5%
14%
3
I
355
49
Apr
Feb
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Mar
Feb
Feb
46%
52%
1%
22
3
28%
46
28%
in
11%
34%
3%
10%
9%
1735
3%
25%
25
15
17
4%
1455
10%
755
48%
45%
50%
1
21%
5355
46%
5355
1%
22%
3
3% 4
24% 2835
43% 46
.16
1%
27% 28%
in
31
11% 12
33% 34%
3
334
10% 10%
10%
16
18
2%
2
2%
21%
15
17
434
234
14
2%
21%
16%
17%
2%
1455
34
10
10%
735
11%
11%
18% 18%
335
235
1%
755
116
in
in
1
4
4
3"
5%
13
531
12%
235
54
34
he
5
%
12%
554
12%
2%
16
2%
46%
'Is
11%
5
8%
255
51
255
44%
132 141% 10,700 10555 Jan 14134 Apr
Newmont Mining Corp.10 136
800 663( Jan 91% Mar
87% 8951
25 88
New Jersey Zinc
600
%
34 Mar
1
55
Jan
New Quincy Mining _ _ _10
55
12%
300 12
12
Mar 16
10 12%
Jan
N Y & Hood Rosarlo
1% 154 2,700
134 Jan
1% Mar
5
Nipisalng Mines
3955 40% 5,400 34% Jan 45% Mar
Noranda Mines Ltd
• 4051
54 1
11,800
35 Feb
1
Jan
Ohio Copper
1
34
400 10% Mar 14% Jan
12% 13%
Pacific Tin special stock.*
51 Mar
I
I% 3,400
1% Jan
Premier Gold Mining.___
4,10
1-16 Mar
3-16 Jan
Red Warrior Mining _ _ _1
in
in
in
28% 30% 1,800 25% Mar 33
Jan
Roan Antelope C Min Ltd. 30
St Anthony Gold Mines_l
Shattuck Dens Mining__•
So Amer Gold & Plat
_1
Tack Hughes
Tonopah Mining
1
United Verde Extension 50e
United Zinc Smelting... _•
Unity Gold Mines
1
Utah Apex Mining
5
Wanda° Copper Mining 1
Yukon Gold Co
5
34
8%
1335
in
in
lie
in
Si
8% 9
I%
154
6% 6%
1% 1%
13% 15%
3
3
i16
3% 354
54
116
Ile
%
1,30
2,400
20
200
100
6,200
100
700
1,400
2,200
1,000
35
755
134
451
1)4
11
2
• 54
234
Jan
Ma
Mar
Jan
Mar
Jan
Jan
Ma
Jan
16 Mar
is AP
)4
914
2%
654
2
1654
3
1111
355
•34
34
Feb
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Mar
Feb
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price Low. High. Week.
9631
9
634 96
102 102%
102
101% 103
103
102% 102 10255
9935 100
100
Alabama Power 4545-1967
56
1968
1956
Ee
Aluminum Cost deb 5s'52
1948
Aluminum Ltd 58
Amer Aggregates 8s 1943
With stock per warr___ _
1949 10554
Amer Com'Ith Pr 6s
Cony deb 6s
1940 98%
Amer & For Power 5s_2030
Amer G & El deb 5s_ _ _2028 9731
Amer Gas & Power 68_1939
American Power & Lightfis, without wart._ _ _2016 108
Amer Radiator deb 4)4s'47 98
Amer Roll MU deb 53_1948 100
Amer Solv & Chem 6358'30
With warrants
Appalachian El Pr 53_1956 99%
Appalachian Gas 6s--1945 120
Arkansas Pr as Lt 5e-1956 9734
Arnold Print Wks 6s_ _1941 93
Associated Gas& Electric
Cony deb 4348w war1948
Without warrants_ -- -----1949 85
4558 aeries C
Be
1968 85)4
1938 85%
5555
555a
1977 104%
Assoc'd Sim Hard 634s 1933
Assoc Telep Util 5553_1944 101%
When Issued
Atl Fruit di Sugar 8s_ _1949
Atlas Plywood 550_1943
Bates Valve Bag Corp
(is with warrants__ _1942 s10734
Beacon Oil 6s with warr '36 104
Bell Tel of Canada 56_1957 102%
let M 5s series A _1955 102%
Boston & Maine RR 681933 102%
bat bs series 2
1955
-
85
106%
9831
so 9655
985( 97%
94% 9551
85
s105
98
oo
Range Since Jan. 1.
High.
Low.
$48,000 93
Feb 9754
Jan 103
13,000 99
Jan 10234
10,000 100
22,000 10154 Feb e10254
32,000 9751 Feb 100
4,000 83
263,000 100
152,000 98
390,000 90
153,000 9331
17,000 94
Mar
Apr
Apr
Mar
Mar
Mar
Feb 87
Jan el0655 Feb
Mar 9934 Mar
Mar 913.I Mar
Jan 9854 Mar
Mar 9655 Jan
Mar
Jan 109
107% 10855 188,000 105
9854 8,000 9654 Mar 9834 Mar
98
Mar
99% 100% 93,000 9654 Jan 101
trm 100
99% 100
10034 120
97 a98
9051 93
5,000
53,000
936,000
141,000
5,0013
11555
9151
85
8454
8414
103%
86
101
10031
3
85
20,000 10135 Jan 124
7,000 87% Jan 9454
60,000 85
87
Apr
175,00
7834 Mar 88
79,000 8434 Apr 87
29,000 9834 Feb 105
27,000 86
Mar 8651
Jan 108
182,000 98
91,000 9834 Jan 10334
435
3
Apr
12,000
Jan 88
1,000 82
Jan
.110
Mar
Jan
Mar
Mar
Feb
Feb
Mar
Apr
Mar
10834
104
10354
10234
103
10031
Mar
Feb
Mar
Mar
Mar
Mar
118
9255
87
0635
8634
104%
86
101%
10134
434
85
95
953;
9934
9335
90
10634 10735 2,000 102
2,000 103
103 104
102 102% 26,000 100
102 10251 7,000 100
12,000 100%
102% 'Oa
10955 10031 83,000 10055
Jan 100% Mar
Mar
Jan 101
Apr
Mar 120
Jan 98% Mar
Feb
Feb 94
Jan
Feb
Feb
Jan
Jan
Mar
Canadian Natl Ry 75_1935
Can Nat SS 55
1955
Canadian Pacific Ry 551954
Capital Admln deb 5a41953
With warrants
Without warrants
Carolina Pr & LOSE._ _1956
Caterpillar Tractor 55
Cent States Elec 58._ _1948
Deb 5555__Sept. 15 1954
Cent States P & Lt 535s '53
let lien 5555 new _1953
C Mil St St P4545 F. 1989
ChM Pneu Tool 5555_1942
Chic Rys be ctfs dep__1927
Chic RI & Pat Ry 455s'60
Childs Co deb 55
1943
Cigar Stores Realty
1949
555s series A
Cincinnati St Ry 5%s _1952
Cities Service 5s
1966
Cities Service Gas 55551942
Cities Serv Gas Pipe L 6s'43
Cities Serv P & L 534 1952
,
Cleve Elect Ill deb 76_1941
General 5s series 13_ _1961
Cleve Term Bldg 63„ _1941
Commerz und Private
Bank 555s
1937
Com'wealth Edison 434*'57
Comm'GEL &P (Balt)1952
555s series E
Consol Publishers 6515 1936
1941
Consol Textile 5*
Consumers Power 434s'58
Cont'l G & El 55......1958
Continental Oil 551s:_1937
Crown Zellerbach 6s_ _1940
With warrants
Cuban Telephone 734819
41
Cudahy Pack deb 53481937
ba
1946
108% 19834 10854 10,000 107% Jan 10855 Mar
5,000 9934 Mar 101% Mar
10134 101% 101%
Mar
102% 102g 103 116,000 9934 Jan 103
98
10835
98
10031 1,0034
Mar 90 ,Mar
93% 114.000 98
Mar
1,00 10734 Jan 109
10834
Mar
9851 14,000 9555 Jan 99
054 Apr
10035 7,000 9834 Jan 10
0_1959
Delaware FII Pow 53
,
Deny & Salt L RY 68_ _1960
Os Series A
1950
Det City Gas Os ser A_I947
55 aeries B
1950
Detroit Int Edge 6340_1952
25-yr a f deb 7s
1952
Dixie Gulf Gas 635s-1937
With warrants
East Util trW 53 W W_1954
Edison El(Boston) 511-19
33
Electric Pow (Ger) 6543 53
'
Elea Power di Light 5s_2030
El Paso Natural Gas
655s Series A
1943
6558
1938
Empire 011 & Rola 555s '42
Ercole Marelli El Mfg
635s with warr
1953
European Elec 6555 -1965
Eur Mtge & Inv 7s ser C '67
Fairbanks Morse Co 5111942
Federal Water Serv 535s'54
Finland Residential Mtge
Bank 6s
1961
Firestone Cot Mills 58_1948
Firestone T & R Cal 551942
Fisk Rubber 5%a
1931
Florida Power & Lt 58_1954
9531
75
102
106% 10555
100% s10051
87
87
72% 7231
96
82
102
10655
10034
89
70
9434 93
8634 8534
101% 101%
96
9234 92%
943,<
8634
101%
93
9214
Garlock Packing deb 6s '39
Gatineau Power 55_ _1956
Os
1941
Gelsenkirchen Min 65_1934
Gen Baking 534s W 1_1940
Gen Indus Alcohol 6345'44
Gen Laund Mach 6348.1937
General Rayon (ts A__1948
General Vending Corp
13s with warr_Aug 15 1937
Gen Water Wks Gas & El
6s series B
1944
Georgia & Fla 6s ser A.1946
Georgia Power ref 58..1967
Goodyear T & R 5358_1931
Grand Trk Ry 655s_ _ 1930
Grand(F & W) Properties
Cony deb 138 Dec 15 1948
Guantanamo & W Ry 6s'58
Gulf 01101 Pa Is
1937
Sinking fund deb 56..1947
Gulf States Utll 5s_ _ _1956
Hamburg Elea 7s_ _ _.1935
Hamburg El& lJnd 53513'as
Hanover Cred that 66_1931
Hood Rubber 5355__1936
78
1936
Jan 9051
90% 9031 5,000 83
Jan 8254
8155 81% 8215 6,000 74
101% 101% 14,000 9834 Jan 102%
101%
9931 9951 10031 125,000 9931 Apr 10051
Jan 84
13,000 71
7954 7954 81
8834 133,000 7234 Jan 8955
87
87
91 109,000 8834 Jan 91
90% 90
9034 00% 9035 .9,000 8935 Mar 9034
10034 10034 10
955 97,00(1 10035 Mar 10034
Jan 162
13,000 97
100 101
101
Feb 79
12,000 68
76% 7634 73
10354 10251 104 931,000 9854 Mar 104
26,000 8255 Jan 9155
8851 89
Apr
Mar
Mar
Apr
Mar
Mar
Feb
Apr
Mar
Feb
Mar
Mar
Mar
13,000 6255 Jan 89
Feb 97
12.000 93
35,000 8254 Jan 8855
25.000 8334 Jan 8834
21.000 90
Jan 95
83,000 81
Jan 9434
7,000 108
Jan 108
Jan 10334
2,000 100
Jan 9735
11,000 90
Mar
Jan
Mar
Mar
Apr
Mar
Jan
Mar
Apr
84
9535 95
s87
s87
87% 87%
9435 94
91% 91%
107
10331 10351
97
97
89%
8534
96%
88
88%
95
92%
1,0755
10331
9755
8935 9 % 111,000
0
2,000
9755 98
8155 Jan
9354 Feb
8,000 106
10631107
6,000 9634
9735 98
4,000 87
70
69
994 18.000 9154
99
67,000 8431
89% 91
30,000 94
97% 97'35 98
69
95%
107
109
88
9534
99%
95%
9754
27
Mar
Jan
Jan 107 , Apr
Feb 99 ' Mar
Feb 72
Jan
Feb 9931 Mar
Mar
Feb 94
Mar
Feb 98
Feb 96
Jan 85
Feb 102
Feb 1054
Feb 10074
Feb 89
Jan 75
Apr
Feb
Jan
Apr
Apr
Mar
Mar
Mar
Jan 95
68
Mar
8551 Apr 87
994 Jan 101% Mar
Mar
Jan 98
87
925.11 Apr 9435 Mar
Pan 108
98
Jan 110
98
83% Jan 89
4,000 78
Feb 8654
316,000 100
Feb 10174
Jan 91
28,000 83
Jan 97
12,000 93
24,000 9051 Jan 9634
Jan
Apr
Mar
Apr
Mar
Apr
Mar
Mar
8755
92.54
95
52
91%
88
9351
96
63%
92
11,000
40,000
40,000
17,000
138,000
7551
89
9235
44
8234
103
95%
90%
9535
97
72
50
79
1,05
96%
9954
96%
9754
75
• 50
79
9,000
67,000
17,000
106,000
45,000
5 000
.
1.000
11,000
Apr
9455 Jan 105
91
Feb 9734 Mar
Mar
9451 Jan 101
90
Jan 9831 Mar
97
Apr 9731 Mar
Apr 90 • Jan
72
Jan
Jan 52
50
Mar
Jan 80
26% 27
95
25%
9935 9934
10034
107%
108
9551
94,000
1116,000
61,000
52,000
222,000
22,000
103% 107
13,000
109 110
8755 88% 49,000
86)4 8851 86%
100% 100% 101
91
904 88
97
96% 91
96
97
97
93%
95%
6334
91%
7,000 9231
21,000 72
2,000 100
11,000 10454
19,000 9754
37,000 7334
16,000 50
91
98
9535
25%
100
10034
108
4.000
21
46,000 9134
• 1,000 1855
128,000 9555
7,000 9954
12,000 10555
90
91% 41,000 90
91
50
50
1,000 45
26,000 9951
10051 100% 101
10155 101 101% 19,000 100
96% 97% 52,006 9251
97
101 101
5,000 100
101
25,000 8455
85% 8555 88
9934 99% 42,000 9635
86
89
28,000 80
87
98
73,000 8835
9735 96
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
88
Mar
9331 Apr
9654 Mar
7234 Feb
92
Mar
34
Feb
e9534 Feb
28 - Mar
101 .Mar
Mar
101
10554 Mar
Mar 9115 Apr
Jan 604 Mar
Feu
Jan 102
Jan 10234 Mar
Jan 9755 Mar
Jan 102 _ Jan
Mar
Jan 90
Jan 993-4 Apr
Apr
Jan 89
Mar
Jan 98
2374
Bonds (Continued)
Houston Gulf Gas 6348 '43
1943
S as
Hungarian Dal Bk 7348'63
Hygrade Food as A-1949
III Pow dr Lt 5348 ser B '54
Deb 53411
1957
Indep Oil& Gas deb Os 1939
Ind'polks P & L Os sex A '57
Inland Utilities 66
1934
noun Utility Investment
Os ser B without warr '40
Int Pow See Is ser E.1957
Interest Securities 58_1947
Interstate Power 58.-1957
Deb 68
1952
Invest Bond & Share 55
With warrants
1947
Invest Cool Am 59 A.1947
Without warrants
Investors Equity 58..1947
Without warrants
Iowa-Neb L & P Os-1957
Isareo Hydro Else 78_ _1952
Isotta Frasehini 78_1942
Without warrants
Italian Superpower of DelDebs Os without warr '63
Keivinator Co 6s
1936
Without warrants
Koppers &C deb 58-1947
534s
1950
[vol.. 130.
FINANCIAL CHRONICLE
Friday
Last Week's Range
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
94
92
9434 308,000 64
Jan 94% Apr
9434 92% 95 139.000 67% Jan 95
Apr
90
90
Jan 92
9034 3,000 76
Mar
6234 62% 6434 52,000 5834 Jan 69
Jan
100% 9934 100% 18,000 9734 Feb 101
Mar
93% 9234 93% 10,000 8834 Feb 93% Apr
10834 105% 10834 9,000 100
Feb 10834 Mar
9934 99
99% 59,000 96% Jan 100% Mar
101
399 101 426,000 9834 Jan 102
Mar
11031 109
99%
100
86
86
91% 91)4
91% 91
111% 616,000
101
48,000
47,000
87
93% 26,000
18,009
92
90
90
99% 101
82
81
78
94)4
92
20,000
22,000
24,000
78% 12,000
78
8,000
9432 95
92
94% 23,000
87
87
88
8,000
79%
79% 80
133,000
8634 88% 51,000
79,000
99% 100
102% 10234 10214 50,000
86%
99
Jan 112)1 Mar
93% Jan 101
Apr
SO
Jan 88% Jan
83
Feb 93% Mar
80% Jan 92% Mar
88
86)4
7834
Jan 90
Jan 101
Jan 82
Jan
70
9031 Mar
Jan
83
Apr
Mar
Mar
80
Mar
Mar
95
9434 Mar
75)4 Feb
88
Apr
69
Jan
80
Mar
6931
9534
9934
Jan 88% Apr
Jan 100% Mar
Jan 103
Mar
Bonds (Concluded)
-
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.
Strauss (Nathan) Inc 68'38
7031 75
Stutz Motor Car 7Si9.1337
33 33
Sun Oil 534e
1939 10131 101% 102
Swift & Co 5s Oct 15 1932 100% 10034 101
Texas Cities Gas 58-.1948 84
83% 84
Texas Gas UM 138___A945 103
102% 103%
Texas Power dr Lt 58...1956 9834 99% 99%
Thermold Co 68 w w 1934 98% 98
98%
Tri Utilities Corp deb 58'79 99
s99 100
Ulen Co as
1944 92%
Union 011 55
1945 99%
Union Amer Inv 58_...1948
Un El L dr P 55 B.....1967
58 B new
1967
United El Service 78..1956
With warrants
Without warrants
97%
United Indus Corp 6348 '41 91%
United Lt & Rys 5348-1952 93
1952
138 series A
United 011 Prod 8s_ _1931
United Rys (Hay) 7348 '36 102
United Steel Wks 63481947
With warrants
92%
U S Radiator Is A-__1938
U El RubberSerial694% notes_1931 10034
Serial 634% notes_ _1932
Serial 634% notes_1934
Serial 634% notes_ -1935
Serial 634% notes.-1936
Serial 634% notes-1937
Serial 044% notes.-1938 96
Serial 634% notes-1939
Serial 63.4% notes--1940
92%
99%
94
102
102
Low.
7,000 70
5,000 28%
9,000 100
47,000 70)4
10,000 50
248,000 102%
34,000 95
75,000 82%
747,000 78
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
High.
81
50
102%
10131
84
103%
100
98%
100
Mar
Jan
Mar
Max
Mar
Apr
Mar
Mar
Mar
93
23.000 83
Jan 9431 Mar
09% 94,000 9934 Mar 100% Mar
9,000 84
98
Jan 98
Apr
102% 19,000 9934 Jan 10234 Mar
102
2,000 102
Apr 102
Apr
102 10254
96)4 97%
9134 9141
93
9334
103% 103)4
90
90
102 102
91% 93
88
86
100)4
99
897
96
96%
96)
.
1
96
96)4
95%
Range Since Jan. 1.
23,000 9834 Jan 103
20,000 8914 Jan 9731
34,000 84
Jan 92
110,000 8334 Jan 94%
19,000 10034 .Tan 104
1,000 70
Feb 90
1.000 100)4 Jan 102%
14,000
27,000
10034 7.000
4,000
99
97% 8,000
97
12.000
96% 7,000
96)1 1,000
3,000
96
9634 1,000
9734 11,000
87
Jan
82% Jan
9634
9534
93%
94
93
92
92%
92%
92%
93
88
Jan 101
Jan 99
Jan 97%
Jan 97
Feb 9634
Jan 96%
Feb 96
Feb 9834
Feb 9
194
Mar
Apr
Mar
Mar
Mar
Mar
Feb
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Mar
Jan
Apr
Apr
Laclede Gas5Ms
1935
101 101% 5,000 97,4 Jan 10334 Mar
1960 1023( 102 103 150,000 102
5348
Mar 103% Mar
Lehigh Pow Secur 6s-2026 10534 105% 106
22,000 102% Jan 10731 Mar
Libby, MeN & Libby fe '42
33,000 91
9334 95
Jan 95
Apr
Lone Star Gas Corp 5s 1942
97% 99
11,000 96% Mar 99% Mar
Long Island Ltg Os_ -1945 10531 104 10534 39,000 103% Jan 106
Feb Valvoline 011 78
10334 10334 7,000 102% Jan 10334 Mar
1937
Louisiana Pow & Lt 55 1957 9534 95% 9634 25,000 92
J an-9734 Mar Van Camp Packing 611_1948
80
3.000 80
80
Jan 81
Feb
Manitoba Power 5%8_1951 9935 9934 100
44,000 96g Feb 100
100 101% 19,000 97% Jan 101% Apr
Mar Virginia Elea Pow 58...1955
Mass Gas Cos 530-1946 102
103,54 105
25,000 101% Jan 105
Apr Virginian fly 4348 13..1962
Mar
97% 97% 80,000 97% Mar 100
Memphis Nat Gas 68_1943
Wabash fly 58 set D..1980
100% 100% 266,000 10014 Mar 102% Mar
With warrants
10734 10334 10734 113,000 95
Jan 107% Apr
Waldorf-Astoria Corp
Metros> Edison 4345-1968 9834 9834 .9874 9,000 9534 Feb 99% Mar
1st 7s with wart_ _1954 94
82,000 86
93
Jan 10334 Jan
94
Milw Gas Lt 1st 4318.1967
Jan 99% Apr Wash Wat Pow 5s w 1_1960 1014 10131 102
98% 9931 5,000 95
46,000 9834 Jan 102
Apr
Miss River Fuel llsAug15'44 11934 11734 121
79,000 102
Jan 122
Webster Mills 634s...1933 9734 97)5 97% 50,000 8531 Jan 97% Apr
Mar
Witisout warrants
98
98
98% 151,000 9234 Feb 98% Mar West Penn Eine deb 58.1930 9334 93
Apr 93% Mar
9335 8,000 93
Montreal L H & P(m150'51 10031 10031 100% 562,000 98% Jan 10134 Ma
, West Texas URI 58 A.1957 9144 91% 9231 42,000 89% Feb 9331 Mar
Mo Pac RR 58 set H-1980 101
24,000 100% Mar 102
10034 101
Mar Western Newspaper Union
Morris & Co 734s
1930 10034 10034 101
11.000 994 Jan 101
1944 91
Cony deb 68
Feb
01,000 88
Jan 9234 Mar
9034 92
Munson S B Lines 6348 '37
Western Power 514s..1957
12434 126
35,000 111% Jan 126
Mar
With warrants
100 100
2,000 98
Jan
Mar 103
WesternUnionTeleg 561960 103
102% 10334 12.000 100% Feb 104% Mar
Narragansett Elec 193 A '57
100% 100% 33,000 97
Jan 101% Mar Westvaco Chlorine 531s'37
102% 102%
3,000 101
Feb 10331 Jan
Nat Power & Lt 613 A.2026 107
105% 108% 18,000 104
Jan 10831 Mar
Nat Public Service 58_1978 8174 80
83 159,000 74
Jan 86% Mar
Foreign Government
Nat Trade Journal 6s.1938
3834 40
2,000 3134 Jan 40
and MunicipalitiesJan
Nebraska Power Os A_2022
108% 108% 1,000 104
AgricUl Mtge Bk Rep of Col
Jan 108% Apr
Weisner Bros cony 13s 194e 9434 94
9434 3,000 90
20
Jan 95
-year 75 A & 0_ _1948
Mar
3,000 82
8614 87
Mar 9434 Jan
Newberry 1J J)53413 w L'40 9934 99% 9934 5,000 9934 Apr 9934 Apr
78 J & J
1947
h 87% 6,000 7234 Jan 8731 Mar
N E Gas & El Assn 58_1947
21.000 85
91% 92
Jan 93% Mar Baden(Germany)7e-1951 9634 95% 96% 7,000 91
Mar
Jan 96
1948 9134 91
92
5s
36,000 86
Feb 93
Mar Buenos Aires(Prov) 7348' 7 101 34 101% 101)1 28,000 9734 Jan 101% Mar
4
Y Chic & St L 4348 C'78 9734 9734 97% 33,000 9734 Mar 97% Mar
7e
1952 99
9834 99% 11,000 94% Jan 100
Mar
N Y & Foreign Invest
Cauca Valley(Dept) Rep of
88
5348 A, with warr-1948
23,000 79
90
Jan 90
Columbia,esti. 5 f 78.'48 86
Apr
85
8835 33,000 138
Feb 88% Apr
N YP &LC orp 1st 4348'67 9334 9334 95 109.000 91
Feb 95% Mar Cent Bk of German State &
Niagara Fails Pow 66_1950 10574 105% 10534 2,000 105
Jan 10635 Feb
Prov Banks as 13_1951 8434 84% 8434 42.000 7634 Jan 85% Mar
Nippon Elec Pow 634s 1953 9231 9234 93
11,000 88% Feb 94
1st (Ss series A
Mar
1952 86
86
86
773,4 Jan 86% Mar
2.000
North Ind Pub Saw fe 1966
101% 102% 9.000 9734 Jan 102% Mar Cuba (Rep.) 5348 w 1_1945 98
98
9835 56,000 98
Feb 9834 Apr
1969 10134 10131 10144 22,000 9734 Jan 102)4 Mar
fa series D
No Sta Pow 6%% notes'33
102% 102% 6,000 10034 Feb 103
Danish Cons Munk 6318'56 99
Feb
99 100
14,000 97% Jan 100
Jan
Power 68 A 1960 100
Northwest
73,000 98% Jan 100
99% 100
5s
1953
Mar
9634 9634 3,000 90% Jan 9634 Mar
Ohio Power 434s ser D.'56 9431 94
9434 49,000 91
Jan 95
Mar Dasudg P dr Waterway Ba
Ohio River Edison 56_1951 9934 99% 99% 7,000 98% Feb 101
Ertl s f 6%s
Mar
1952 8434 8435 85% 13,000 78% Jan 85% Mar
Oswego Falls Co Os. _1941
80
4,000 79
80
Mar 80
Jan Frankfort (City)6348.1.953 95
9434 995' 71,000 89% Jan 96% Mar
Oswego River Power 681931
100% 100% 4,000 99
Jan 100% Apr German Cons Munic 78 '47 9734 97
9745 48,000 91
Jan 98% Mar
& El list 4%8_1941
Pao Gas
95)1 9.000 9534 Feb 97
95
Os
Mar
1947 9034 90
9034 51,000 7
Mar
04 Jan 91
Pacific Invest deb 5s...1948 85
85
Feb 8531 Apr Hanover (Pray) 6348.1949
85)5 16,000 79
90
95
55,000 8634 Jan 95
Apr
Pacific Western Oil 6)0'43 9134 91
92% 35,000 81
Hanover(City) 78w 1.1939 98
Jan 94% Mar
19,000 95), Jan 98% Mae
97% 98
Penn-Ohio Edison 68-1950
Helsingfors (City) 6348 '60 9544 95
95% 75,000 95
Apr 96
Mar
104
Without warrants
103% 104
14,000 99
iRD 104
Apr Indus Mtge of Finland
1959 10034 99% 100% 61,000 90
5345
let mtge colt s f 7s• _1944 100
Jan 101% Mar
2,000 97
Jaf. 1110% Mar
99% 100
Penn Dock & W 68 w w '49 9835 97% 98% 51,000 9334 Jan 98% Mar Lima (City) Peru 634s 1958
82
82
1,000 73
Jan 83
Feb
Penn Pow & Lt Is B 1952
101
101%
2.000 9914 Feb 10234 Jar.
Maranhao(State) 78..1958 85
3,000 66
8434 85
Jan 84% Apr
Meer D. _1953
1st & ref
yi Feb 102% Jar
102 102
1,000
Medellin (Colombia) 78 '51
1,000 75
87
87
Jan 87
Mar
Pennsylvania RR 4481970 9534 95
9535 333,000 9434 Mar 9734 Mar Mendoza (Prov) Argentine
Peoples Lt & Pow 5s-1979 9134 90
Extl 744s sink fund g '51 9234 92% 94
92% 98,000 s7434 Feb 9334 Mar
24,000 85
Jan 9434 Mar
Phila Else Pow 530-1972 10535 105% 10634 47,000 101% Feb 11634 Mar Mortgage Bank of BogotaPhil Rap Tran 6s_ _1962
78 issue of 1927_ _ _1947 82
5,000 88
Mar 9334 Jan
89
88
3,000 71
8134 82
Jan 82% Mar
Phila & Suburban Counties
7s Issue of 1927 new.1947 82
7,000 65% Jan 82% Mar
82
82
G & E 1st & ref 430-'57
9731 97% 6,000 96% Mar 98% Mar Mtge Bank of CbIle 68_1931 9934 9934 100
58.000 96% Jan 100
Mar
Pittsburgh Steel Os.,.A948 10234 102% 102)4 9.000 10134 Jun 103
Os
Mar
4 Jan 92
82,000 943
1962 9134 91
92
Mar
Mtge Bk of Denmark 55'72
Poor & Co 6s
1939 10734 10894 10734 6,000 s104
Jan 11031 Feb
1,000 95% Jan 0834 Jan
97% 97%
Potomac Edison 5a..._1956 9934 98% 99)5 53,000 9435 Jan
¶934 Mar
1947 77
Potrero Sugar is
10,000 73
Feb Netherlands 68
Mar 77
77
77
1972
._ 103% 10334 4,000 103% Mar 106
Jan
Power Corp of N Y 5348'47
9.000 95% Jan 9734 Mar Parana(State)Brazil 781958 7974 79
96)4 97
82% 14,000 65
Jan 1.234 Mar
PowCorpofCan4%BB -1959
Mar Prussia (Fee State) I!s _1952 91
Feb 90
6.000 81
88
90
9034 9131 97,000 8134 Jan 92% Mar
Esti 6348(of'26)Sep 1551 9735 96
& Gamble 4348-'47
Procter
9834 98% 10,000 95% Feb 9931 Jan
97% 77.000 8631 Jan 9734 Mar
Rio de Janeiro ha_ _ _1959
Pub Serv of No B158_1931 10031 10034 10054 5,000 9934 Feb 102% Jan
8035 82% 14.000 67
Jan 83
Mar
Puget Sound P & L 534s'49 10234 100 10234 68,000 9934 Jan 1t1234 Mar Rumanian Mono Inst 75'59 8434 84% 85% 23,000 80% Jar. 86
Mar
Russian Govt
1940 9741 97)4 98 181,000 97)4 Apr 9834 mar
Pure 011 5318
6348
Queens Borough G & E
1919
10,000
4% 6
5% Jan
8
Jan
6448 etre
1952
102% 102%
1919
5348 series A
Mar
1,000 10034 Jan 103
434 22,000
4%
4% mat
7
Jan
534s
Reliance Manage't 68_1954
1921
4% 4% 6,000
434 Mar
8
Jan
94
With warrants
93% 95
1935 10031 100 101
35,000 77
Mar Saar Basin 78
Jan 95
5,000 ft3
Jan 101
Apr
Remington Arms 5348.1930 98
1935 10054 9934 10014 8,000 98
98
98
6,000 98
Apr 99% Feb Saarbruecken 75
Feb 101
Jan
Rochester Cent Pow fe '53 8234 81% 82% 34,000 77
Mar Sante Fe (City) Argentina
Feb 84
external 78
Royal Dutch Co 4$_ _1945
1945 9334 92
9334 26,000 86
Jan 94
Mar
With warrants
1949
98% 99
8934 89% 90 327,000 89% Mar 9014 Mar 9antlago (Chile) 7s
7,000 9031 Jan 899
Mar
Ruhr Gas 6348
1953 8734 8794 8834 119,000 'so
Jan 89% Mar Sydney (City of) New
South Wales 5)4s.1055 9031 90)1 9031 135.000 90
Ruhr Housing Corp 634s'53 88
85,000 86% Mar 8834 Mar
8731 88
Mar 9
051 Mar
San Antonio Pub Servres'58 9734 97% 9734 42,000 91
Jan 98
Mar
• No par value I Correction
ns Listed on the Stock Exchange this week,
Sauda Falls 1st 58_ .1955
100% 101% 8,000 99% Mar 102
Mar
additional transactions will be found. n Sold uncle the rule e Sold for where
Schulte Real Estate 68 1935
,
cash,
7634 4,000 53
Without warrants
75
Jan 76% Apr s Option sales. t Ex-rights and bonus. to When Issued. z Ex-div. y Ex rights.
Serval Inc 58
10,000 84
1948 7034 7034 71
Feb 71
Mar
e "limier the rule" sales as follows:
Mar Aluminum Co. of Amer. Se. 1952, Jan. 30. $1,000 at
8
111aWinigan W & P 4%8'67 9434 9331 94% 31.000 99% Feb 95
94
4348 series B
1968
94
10,000 90
Feb 9434 Mar Amer. Commonwealth Os, 1949, Jan. 22. 33.000 at 103%.
1060107.
1st 58 ser C when issued_ 10034 100 100% 56,000 98
Feb 10134 Mar Arcturus Radio Tube. Feb. 6. 100 coca. at 1531.
Shawsheen Mills 78...1931 10034 100% 10035 16.000 96% Jan 101
Mar Blaw-Knox Co., Jan. 2, 58 shares at 31.
Sheffield Steel 5348. _.1948
9774 9834 12,000 9734 Feb 9931 Feb Burro Co.. Jan. 26, 50 warrants at 494.
Silica Gel Corp 6348_193 2
Central States Elec., Feb. 6. 3,300 shares 6% Pref. at 70.
104 106
With warrants
6,000 97
Jan 107
Mar Donner Steel Feb. 27. 50 shares common at 33.
Simmons Co Is
96
10,000 96
1944
96
Feb 10134 Feb General Water Works & Elec. 6m, 1944, Jan. 29, $1.000 at 96%,
Snider Pack 8% note8.1932
8,000 59
72% 73
Jan 73
Mar Gerrard (S. A.) Co., Jan 2. 105 shares corn, at 24.
Southeast P & L 6s...2025
Houston Gulf Gas, Mar. 3, 2 shares at 19.
106
Without warrants
105% 107 170,000 103
Feb 108)1 Mar
Lackawanna Securities, Jan. 27. 300 shares at 41)4.
Son Calif EdLson 58___1951 10234 101% 10234 44,000 99% Jab 103)4 Mar
Mohawk & Hudson Power. Fe 6, 75 shares 2d pref. at 112.
Refunding Ers
1952 10234 10231 n10334 22,000 99% Feb n103% Apr Nelsner Bros. Realty 6s, 194 Feb. 6. 511,000 at 9334.
7,000 10034 Jan 103
Gen & ref 58
10131 103
1944 103
Apr North Texas UHL 7s 1935, Jan. 3, 31,000 at
10244.
31,000 9034 Feb 94
1937
9334 94
Sou Cal Gas Is
Mar Russian Govt. 644s, 1919 Ws. Web 20. $4,000
Hon Gas 6345 with WAIT '35
103 103
Jan 103% Feb Russian Govt. 5348. 1921 etre., Feb. 7, $6.000 at 744.
6,000 97
at 7.
jan 101% Mar Singer Mfg.. Feb. 18, 100 abs. at 8
1944 9934 98% 99)1 176,000 97
Sou Nat Gas as
S'west Dairy Prod 834s '38
1,000 85
Apr 91
85
Jan United Zinc Smelting, Feb. 5, 200 shares at
85
334•
31,000 91
Jan 97
13'west0& E 5s A____1957 96
Mar
94% 96
y Cash sales as follows:
So'west 14 & Pow 58 A 1957 9534 04% 95% 18,000 90% Feb 9534 Apr
Jan 107% Mar American Super Power Co. 1st pre/. March 20, 100 at 101.
trwest Pow & Lt 6s__ _2022 10634 106% 10631 34,000 103
Staley Mfg Co let 68..1942
9934 99% 20,000 9734 Jan 99% Apr
z "Optional" sale as follows:
Standard Invent 5346.1939 94
22.000 s‘134 Jan 93% Apr American Aggregates
93
94
deb. 68. 1943. Jan. 3. 31.000 at 8634
Stand Pow & Lt 6s.- _1957 10031 99% 100% 88,000 97% Jan 100% Mar
Bellanca Aircraft corn not trust etre. Mar. 4, 200 shares
Stinnes;(Hugo) Corp
Del. Else. Pow. 534e. 1959, Feb. 19. $1.000 at 9234
Mar Montreal Lt.. Ht. &
8134 8234 10,000 75
Feb 83
1946 without warrants
7s
Pow. Cons • Feb. 10, 100 share
9,
8534 12.000 821.< tan 9924!
7-("I 1 '36 withoUt warr 8534 85
Sou. Calif. Gas 513, 1937, Feb. 15, 11.000 ay 9034
2375
FINANCIAL CHRONICLE
APRIL 5 1930.]
Quotations of Sundry Securities-r..
All bond prices are "and inter*sr"
Railroad Equip.(Cancld.) BM
Public Utilities
Par Bid. Ask.1
85 I
Amer Public UM com___100 65
0312
7% prior preferred__--100 91
9312
Partic preferred
100 91
Appalachian El Pr pref 100 109 110
Associated Gas & Eloc*9512
$5 preferred
85
83
Cleve Elec Ill corn
100 111 114
6% Preferred
Col El dr Pow 7% pf
100 103 111
43
Eastern Util Assoc com_t *42
*161 1712
Convertible stock
Gen Public UM $7 pref-t *921 9412
Mississippi Ely Pow pf _100 1071 10912
•
First mtge 55 1951..__J&J 100 101
98
Deb Es 1947
MAN 96
National Pow & Lt $7 pref _ t *109 11012
*1021 10312
$6 preferred
North States Pow 7% pref _ 107 109
Ohio Pub Sem 7% pref.100 105 106
,
97
95
6% Preferred
,
8
Pacific Gas & El 1st pref._25 *275 27 4
Puget Sound Pr dr Lt $6 pf _t *99 101
*8912 9112
$5 Preferred
1st dr ref 55 1949__J&D 10112 10212
93
Say El & Pow 6% pf_100 90
95
Sierra Pao El Co 6% pf_100 93
Stand Gas & El $7 pr pf.100 110 112
Tenn Elec Pow 1st pref 7%. 109 110
6% Preferred
100 100 102
92
90
Toledo Edison 5% pref____
104 106
6% Preferred
7% Preferred
100 109 111
,
Utilities Pow AL 7% of _100 99 4 101
Short Term Securities
Allis Chal Mfg 58 May 1937
Alum Coot Amer Is May 52
Amer Bad deb 4M May '47
Ara Roll Mill deb 58_Jan '48
Bell Tel of Can 58 A_Mar'55
Bethlehem Steel
Sec 5% notes_June 15 '30
Bee 5% notea_June 15 '31
Sec 5% notes June 15 '32
Comma Invest Trust
'
.
5% notes
may 1930
Cud Pkg deb 5r6s_Oct 1937
Edison El III Boston
484% notes
Nov 1930
Empire Gas & Fuel
58
June 1930
Fisk Rubber 5tf.s_ _Jan 1931
General Motors Accent
6% ser notes.. Mar 1931
5% ser notes_ _ Mar 1932
5% ser notes. Mar 1932
5% ser notes_ _Mar 1934
5% ser notes_Mar 1935
5% ser notes_ _Mar 1938
Gulf Oil Corp of Pa' Debenture 5s._ _Dec 1937
Debenture 58_ _ _Feb 1947
Koppers Gas & Coke
Debenture Es_June 1947
Mag Pet 41-58 _ Feb 1530-35
Mar 0115% notes J'n3 1530
Serial 5% notes Joe 1531
Serial 5% notes Joe 15'32
M648 Gas Cos 584s Jan 1946
Pacific Mills 5Sis_ _Feb 1931
Peoples Gas L & Coke
Dec 1930
4845
Proe dr Gamb 484s July '47
Swift & Conotes___Oct 15 1932
Tobacco Stocks
Par
American Cigar Pref___ 100
British-Amer Tobac ord._ £1.
Bearer
El
Imperial Tob of GB & Irel'd
Int Cigar Machinery_ _ _ _100
Johnson Tin Foil & Met _100
Union Cigar
Union Tobacco Co Class A.
Young (J El) Co corn__ _100
Preferred
100
Indus. & Miscellaneous
Aeolian Co prof
Aeolian Weber P & P---100
25
American Hardware
Babcock & Wilcox
100
Bliss (E W) Co
Preferred
50
100
Childs Corp pref
Dixon (Jos) Crucible__ _100
Safety Car Ht & Ltg
100
Singer Manufacturing-100
Singer Alfg Ltd
£1
Railroad Equipments
Atlantic Coes Line (is
Equipment 6345
Baltimore & Ohio Os
Equipment 430 &
Buff Roch & Pitts equip (is.
Canadian Pacific 4358 & 65.
CentralRR of N J (is
Chesapeake & Ohio 68
Equipment 634e
Equipment 68
Chicago & North West Os..
Equipment614e
Chic II. I & Pee 454s & 5s._
Equipment 65
Colorado & Southern 6a
Delaware & Hudson es
Erie 434s & Ss
Equipment 6s
Great Northern Bs
Equipment 55
Hocking Valley 58
Equipment lie
Illinois Central 43411 & Equipment 6a
Equipment 75 &
Kanawha & Michigan 69._
Kansas City Southern 53.45.
Louisville & Nashville 6s
Equipment 634a
Michigan Central 55
Equipment 6s
•Per share.
10114 103
102 10212
977 9812
8
99 4 100
,
,
102 102 4
997
8
10014
10018
99
98
98 4
,
100
10018
99 4 10014
,
64
60
100 10012
8
993 1003
4
9912 10014
0914 100
9812 9912
98
99
Ask
5.00
5.00
4.55
4.85
4.50
4.50
4.80
4.60,
4.40
4.70
4.60
4.60
4.60
4.40
4.50
5.70
4.40
4.60
4.40
4.80
4.90
4.50
Aeronautical Securities
Aeronautical Ind without war
Warrants
Air Investors common
Airstocks Inc
Alexander Indus corn
8% Participating pref.
American Airports Corp-Aviation Corp of Calif.
Avistion See Co of N F
Salience Aircraft Corp
Central Airport
Cessna Aircraft new corn_ _ _
Consolidated Aircraft
Consolidated Instrument_ _t
Curtiss Flying service
Curtiss Reid corn
Curtiss-Robertson coin....
Dayton Mild Engine
Detroit Aircraft
Fairchild Aviation class A..
Federal Aviation
Fokker Aircraft
kinner ARV dt Motor
Lock heed Aircraft
Maddroc Air Lines corn....
National Aviation
New Standard Aircraft_
North Amer Aviation
Sky Specialties
Southern Air Transport
_
Swallow Airplane
Warner Aircraft Engine....
Whittelsey Mfg
10
1412
214 23
4
512 6
2
-16-
214
82
1
2
912 161714 9
5
n3
4
1
4
2412 243
414 458
912 11
5
n2
40
30
418 43
4
814 83
s
45
8 434
112
21
114 2
8
n4
12
1814 181s
10
1114
20
17
.5 10
5
3
9
06
6
b Basis. 4 Purch also paye neer div.
Chain Store Stocks Par!
Schiff Co corn
Cum cony pref 7%---100
Shaffer Store corn
Sliver (Isaac) ar Bros com-t
7% cum cony pref._ _100
Southern Stores 6 units
U S Stores
First preferred 7%___100
Young(Edwin H) Drug units
1344.
•32
_
134
46
90
Ask.'
3312
93
24
55
94
45
6
8
50 57
100 103
Standard Oil Stocks
1512
Anglo-Amer 011 vot-stock CI *13
1512
£1 *13
Non-voting stock
25 *4914 4912
Atlantic Ref corn
25
25 *23
Borne Scrymser Co
62
541 060
Buckeye Pipe Line Co
Cheeebrough Mfg Cons 25 *161 165
18
Continental Oil(Me) v t c 10 *17
*2818 2812
Continental 011 (Del)
2
(1) *vs 67
Creole Petroleum
43
Cumberland Pipe LIne_100 39
100 4212 47
Eureka Pipe Line Co
(4) .212 4
Galena w I
Galena Signal 011 cod..100 *3 , 4
100
Preferred old c.o.d
100
Preferred new c.o.d
*36
37
General Petroleum wl
,
Humble Oil A Refining_ - _25 *113 4 114
100 306 308
Illinois Pipe Line
306 310
Ctf of dep
*27
2738
Imperial Oil
Indiana Pipe Line Co._ _10 *3812 39
223
8
International Petroleum...) 022
National Transit Co..1250 2018 2012
New York Transit Co...100 1312 1518
47
Northern Pipe Line Co..100 42
25 *7414 75
Ohio 011
10( 102 105
Preferred
25
25 24
Penn Hex Fuel Co
4
21 *513 52
Prairie Oil& Gas
8
25 *557 5612
Prairie Pipe Line
28
2 *24
,
Solar Refining
15
Southern Pipe Line Co_ _50 *14
21 *4414 4434
South Penn Oil
55
.50
Southwest Pa Pipe Line_50 0
,
Standard OH (California)....1 *139 s 6912
,
Standard 011(Indiana) _ _.25 *57 4 58
O39% 3912
.
Standard Oil(Kansas)
Standard Oil (Kentucky)_10 *3614 3612
49
Standard 011 (Nebraska)_25 *48
25 *7614 7612
Standard Oil of N. J
25 *3718 3714
Standard 011 of N Y
2 *96 102
,
Standard 011 (Ohio)
100 *120 121
Preferred
,
Standard Oil Export pref... 10012 100 8
10
25 *7
Swan & Finch
3611 367
s
Union Tank Car Co
,
25 *9414 94 8
Vacuum 011
Investment Trust Stock.
and Bonds
Water Bonds.
05
10014 101
Ark Wat 1st 5s A '56_ _A&O 93
10112 1013 Birm WW 1st 5tisA'54 A&O 10014
4
lot M 55 1954 ser B _ _J&D 95
City W (Chat)5MA'54 J&D 9812
99 4 100
,
6695 loo
tat M 55 1954
MD 93 997
8
City of New Castle Water
99. fail;
55 Dec 2 1941
J&D 90
99
99 4 Clinton WW let 58'39_F&A 93
,
103 4 105
Com'w'th Wat 1st 53SsA'47 9912 101
,
99 100
Con'llsv W Is Oct2'39 A&O 90
93
E St LA Int Wat 5542 J&J
9912 101
J&J
1st NI Os 1942
9912 100
98
Huntington 1st Os '54_MAS 102
5s
1954 93
10012 101
Mourn Con W lst5s'56 J&D 9012 92
Monm Val W 514s '50_J&J 9914 100
Muncie WW 5sOct2'39 Adz° 93
St Jos Wat Is 1941
A&O 9112
90
83
Shenango Val W 58'56_A&O 89 16*2712 2012 So Pitts Wat 1st 55 1960 J&J 93
*2712 2912
661st M 55 1955
FAA 9712 24
022
Terre H WW Os '49 A.J&D 9912
107 120
1st M Is 1956 ser B_F&D 92
55
65
Wichita Wat 1st Os'49 _M&S 99
18
1-16
94
1st M 55 1956 ser B_F&A
*2
Chain Store Stocks.
97 101
102
90
Berland Stores units new.._ n80
Bohack(H C) Inc com____t 64
70
7% 1st preferred100 1n0 104
0
Butler (James) common.... n3
7
30
Preferred
16- Diamond Shoe common_ 100 n10 35
__ _
31
;66'- 62
Preferred with warr
94
98
134 137 Edison Bros Stores corn
13
16
.2612 28
Preferred
90
94
50
Fan Farmer Candy Sh pf_t 32
34
108 113
Fed Bak Shops corn
t *41a 814
168 173
Feltman & Curme Shoe
124 126
Stores A 7% pref
50
100
485 500
Fishman (H M) Stoma corn .
16" 20
*512 6
Preferred
95 103
Gt Atl & Pac Tea pref-_100 115 118
13
Howorth-Snyder Co A
Knox Hat
- - 90
66
5.00 4.80 Kobacker Stores corn
34
t 31
4.75 4.60
Cum pref 7%
100 n90
96
5.00 4.80 Kress (S H) 6% pref
10
9
4.60 4.45 Lane Bryant Inc 7% p w w
91
96
5.00 4.25 Lerner Stores 63i% pf w w. 97 100
4.85 4.50 Lord & Taylor
400
5.00 4.80
First Preferred 6%___100 4325
n95
1
5.60 4.80
Second preferred 8%1® n100
4.80 4.60 MacMarr Stores 7% pf w w 97 16514.60 4.40 Melville Shoe Corp
hit prof 6% with warr_100 88
5.00 4.80
92
4.85 4.70 Metropolitan Chain Stores
85
New preferred
4.65 4.45
100
_t *3112 3314
5.00 4.80 Miller (I) & Sons com
88
100 n80
5.50 5.20
Preferred 054%
5.00 4.80 Mock Judson & Voeringer pf 87 90
70
4.90 4.65 Murphy (G C) Co corn._ _t *60
100 100
8% cum prof
5.20 4.90
5.00 4.80 Nat Family Stores Inc warr n1
23
t *19
4.60 4.45 Nat Shirt Shops tom
Preferred 8%
100 96
4.60 4.45
912
t *8
5.00 4.80 Nedick's Inc com
4.55 4.40 Neisner Bros Inc Pref 7%100 112 120
5.00 4.80 Newberry (J) CO 7% pf 100 95 101
22
t *19
4.70 4.60 N Y Merchandise com
First preferred 7%___100 90
5.20 4.10
5.50 5.00 Peoples Drug Stores cOra-t
13;4% cum prof
100 105 108
5.00 4.80
lO
4.70 4.55 pigsty-Wiggly Corp
Preferred 8%
100 aSS
4.60 4.40
98
4.60 4.40 Reeves (Daniel)Dreferred100 94
100 120 135
Rogers Peet Co com
t No par value.
Minn St P dr SS M 434 & 58
Equipment 6Ais & 75....
MissouriPacific ilkis
Equipment fs
Mobile dr Ohio 55
New York Central 434. & 55.
Equipment 8s
Equipment 78
Norfolk & Western 430
Northern Pacific 78
Pacific Fruit Express 7s
Pennsylvania RE equip 55Pittsb & Lake Erie 6
Reading Co 4845 & 58
St Louis & San Francisco 55
Seaboard Air Line 584* & (is
Southern Pacific Co 4 145
Equipment 7s
Southern By 48.45 & 59
Equipment 68
Toledo Or Ohio Central (is
Union Pacific 7s
5.25
5.50
5.15
5.05
4.75
4.70
5.00
4.75
4.55
.5.70
4.80
4.50
4.8"
4.55
4.70
5.25
4.55
4.80
4.55
5.00
85.00
4.95
whore ..ww.2
Investment Trust Stocks
and Bonds (Cond.) Par Bid. Ark.
General Trustee common
New units
6% bonds
30
28
Greenway Corp corn
54
Preferred wtthout warr.
Warrants
- 1312
Guardian Investment
24
28
Preferred
5
6
Guardian Investors
85
75
$6 units
30
35
$3 units
90
$7 preferred
37
34
Incorporated Equities_
60 6212
Incorporated Investors
Industrial Collateral Assn-.
Industrial & Pow Sec Co-. 16- 111;
15
17
Insuranshares Ctts Inc_
61
55
Inter Germanic Trust
64
Int Sec Corp of Am coin A.. 60
29
33
Common B
Allotment certificates_
89.L..
7% preferred
91
85
654% preferred
88
80
6% Preferred
58
Internet Share Corp Inc... 55
Interstate Share Corp.....
Invest Co of Amer corn.... 18 -_-_-_-_
88 I 94
7% preferred
74 8
3
Invest Fund of N J
1178 12 8
,
Investment Trust of N Y_.
33
38
Invest Trust Associates.._.
45
Joint Investors class A.
Convertible preferred.... 100
Keystone Inc Corp class A
Class B
, 1234
Leaders of Industry
4978 53
Massachusetts Investors._.
x7314 7614
Mohawk Invest Corp
1012 1112
Mutual Invest
15
14
Nat Re-Inv Corp
1012
9
North Amer UM'Sec
Preferred
93 1014
4
North Amer Tr Shares_
212 512
North A South Am B cotn_.
55
60
Oil Shares units
13
15
old Colony Invest Tr corn_
85
88
484% bonds
4212 4411
Old Colony Tr Associates1941'
Overseas 55
_
Pacific invest Corp corn__
Preferred
61 61Power & Light Secs Trust..
Public Utility Holding. -2414 2412
Common with warrar ts.
Warrants.._ ...._
Research Inv Corp corn _ . 1680
Units
712 1011
_
Royalties
Seaboard Cent Corp units_
Management._common
_-_second Financial invest....
____
2nd Found Sh Corp units_ _
Class A
One hundredths
44
.
40
Second Internet Sec Corp
20
18
Common B
44
40
6% preferred
Second Nat Investors
1412
14
Select Trust Shares
3
2014 20 4
Shawniut Association corn
32
31
Shawmut Bank Inc Trust
87
1942 82
4,
03
90
1952 85
55
1952 195
Os
Soother!' Bond & Share
211* 2412
Common A
10
Common B
3812
Preferred
1434 153
4
Standard Collateral Trust
2358 2538
Standard Corporation
15
14
Standard Investing
82
% prof with warr_ _ _
4
Standard Oil Trust Sias_ - - - 103
8
Trustee Stand 011 Shs A... 107
11
1118 -- -721
Class B
s
1018 101
United Fixed Shs ser Y
Founders Corp corn
United
52c 56c
1-70ths
!Bitted Trust Shares A 21814
18
1-1 S Elec Pow Corn
7
Warrants
118
1312 - 7U S Shares class A
3
133 14 4
8
Class A 1
113 13
4
Class A 2
29 8
,
Class C 1
305
8
Class C 2
23 4 165;
,
Class C 3
1612
Class D
183 201s
8
Class F
g
1212 137
Class II
17
U S & Brit Internet class B. 13
34
30
Class A
40 45
Preferred
44
42
U S Elec Light & Power..
2012
LT S Overseas Corp corn.... 20
1212
10
Admstr A Research A
8
7
Amer Capital Corp B
Amer Common Stocks Corp
28
27
Amer dr Continental
Amer A For Sh Corp units_
Common
1938
5.54% conv debs
2418 2518
Amer Founders Corp coin_
88
Cony preferred
4512 - 2
4V16% preferred
54
50
7% Preferred
50c 54c
l-40ths
32e 36c
1-70ths
9
Warrants
Amer & General Sec 6% 'Tel 40 1634
30
Class A
16
12
Class B
153 1718
8
Amer Insurance Stock Corp
106 110
Amer & Overseas pref
Amer Sty Tr Shares
-_Astor Financial
____
Atlantic c roles .lom
Warr-nts
4412 47
Preferred
Bankers Financial Trust _ _
10
Bankers Investmt Am
Bankers Sec Trot Am corn _ _
Bankinstocks Holding Corp_
Bankshares Corp of US cl A
Bankstocks Corp of Md Cl A
Class B
Preferred
Basic Industry Shares...
1(11(6) -13; -- 8
British Type Investors
8
173 183
8
Cent Nat Corp A
43
45
Class B
23
18
Colonial Investor Shares.
28
27
Commonwealth Share Corp.
ContinentalShares corn__ Cony pref
161- 89
2
Continental Securities Corp. 60
64
Preferred
75
72
Corporate Cap Corp units.. 19
21
Deferredstock
(t)
Credit Alliance A
16 1612
Corporate Trust Shares
914 10
SugarStocks
Crum & Forster Insur80
Fajardo Sugar
100 59
ance shares corn
18
*15
74
76
Godchaux Sugars Inc
7% Preferred
80
100
Preferred
100 76
*5
Deposited Bank Shares B-1. 14
7
143 Haythin Corp Amer
4
Diversified Trustee Shs A..
35
2614
Holly Sugar Corp com----t *30
SharesB
2112 2214
SO
Preferred
100 75
Series C
918 93 National Sugar Ref--- _100 3112 3212
8
Domestic dr Overseas
3
16
New Niquero Sugar--100 12
5
Eastern Bankers Corp corn_
91
*87
Savannah Sugar corn
Units
98
Preferred
100 93
Equit Investing Corp units- 2317
14
9
Sugar Estates Oriente pf_100
Equity Invest Corp corn.... 33
35" Vertientes Sugar prof.-100 35 45
Units
76 80
Federated Capital Corp
Rubber Stocks (Cleveland)
25
20
New units
*5
Aetna Rubber corn
614
First Holding & Trad
Falls Rubber corn
4
Fixed Trust Shares cl A --(t) 2212
s;iui 912
Preferred
25
B
Class
37
(f) 193u _-_- Faultless Rubber
Founders Holding corn cl A_
____ Gen't Tire & Rub oom-25 *155 162
•6% Preferred
Preferred
90
100
New 140ths
Goody'r TAR of Can pf.100 r1011a 108
Foundation Sec corn
India Tire & Rubber
*1812 20
Preferred
Miller Rubber prof
100
Founders Sec Tr pref
Mohawk Rubber
12
100 11
Founders Shares
55
Preferred
100
General Equities A
10
Selberling Tire & Rubber-t ;lift 14
Gen Pub Sem 6% prof
92 94
Preferred
100 57
It Last sale.
9
Nomln.
x Ex-div*
g Ex-rights.
r Canadian attotationi
a Sale price,
237.6
investment and, gtattroad 3,nteRigout,
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
.
Georgi & Florid.,
Minneapoild & St Louis
Mobile & Ohlo
Southern
St 1.0m3 Southwestern
West Maryland
Current
Year.
Period
Covered.
4th wk of Mar
4th wk of M.,r
3d wk of Mar
3c1 wk of Mar
3d wk of Mar
3d wk of Mar
3d wk of Mar
3d wk of Mgr
5,861.642
4.347,000
34,750
239,839
307,378
3,263,622
480,400
354,493
log.(+) or
Previous
Year.
Dec.(-)
3
7.498,480 -1,636,838
5,404.000 -1,057,000
-3,850
38,600
313,406
-74,567
-43,812
351,190
3,794,213 -530,691
514,691
-34,291
+1,793
352,700
We ajso give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxe.$), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.
Length of Road.
Month.
1920.
January
February
March
April,
May
June
July
1928.
488.201.495
474.780,516
516,134,027
513,076,026
538.723.030
531,033,198
556.706,135
585.638.740
585.816,654
607,584.997
498,316.925
4138,182,822
1930.
450,526,039
457,347,810
436.387.931
506,249,530
474.784,902
510,543,213
602,455,883
512.821.937
557,803,468
558.003,668
617.475,011
531,122,999
495.950.821
1029.
486,028,286
inc. 1+) or
Dec.(-).
3
+28,853,885
+18.292,585
+10,884,477
+38.291,124
+26,120,817
+28,577,315
+43,884,198
+27,835,272
+9,812,986
-9.890,014
-32,806.074
-27,767,999
1929.
1928.
Miles.
240.833
242,884
241.185
240.956
241,280
241,808
241,450
241,028
241,704
241,622
241,695
241,864
1930.
242,350
Miles.
240.417
242,668
240,427
240.816
240.798
241,243
241.183
241,253
241.447
241.451
241.326
240.773
1929.
242,175
- -Net after
-Gross.rom Railway- -Net from Railway
f
1929.
1930.
1930.
1929.
1029.
Chicago St Paul Minn & 0- $
February _ 1,949,153 1,978,374
From Jan E 4,121,540 4,040.996
359,968
735,110
244,776
465,026
253.423
514,333
134,642
245,574
Clinchlicid505,470
Februa ry
From Jan E 1,081.539
162,659
388.712
241.484
489.640
92,640
248,682
166,452
339.569
283,002
535,853
140,018
364,022
214,301
386,885
298,146
717,374
113,018
286,222
240,895
590,034
24,285 -90,169
44,618 -137,136
16,337
28,911
60,910
126,945
8,186
19,025
52.502
109,686
22,550
53,704
26,466
56,910
18,942
46,197
657,523
1.476,435
269,300
776,698
472,418
1,126,327
232,303
448.899
112,866
329,638
222,303
428,699
1,122
--5,674
--18,009
--35,714
--9,292
--28,840
591,418
1,202.606
Colorado & Southern
209,903
935,189
858,412
February
504,033
From Jan E 1,836,700 1.940,670
Ft Worth & Denver City
150,453
881,242
782,119
February __
370,949
From Jan!. 1,624,660 1.914,611
Trinity & Brazos Valley
174,323 -82,359
139,622
February _
399,770 -121,104
From Jan 1. 325,378
Wichita Valley
15,359
124.527
73,567
February __
33,272
267,964
149,112
From Jan 1_
Columbus & Greens
31,243
138,051
144,345
February __
69,692
308,293
308,008
From Jan 1_
Denver & Rio Grande
444,388
February - 2,143,492 2,443,382
From Jan 1_ 4,835.319 5.192,311 1,151,943
Denver & Salt Lake
126,886
413,898
284,889
February _ _
357,646
810,573
From Jan 1_ 691,981
Detroit & Mackinac--8,502
97.238
72,519
Februat y
187,235 --18,700
146,328
From Jan 1_
September_ __
Dul =smile az Northern
October
201,173 -550,426
February ._
212.018
November
381,127-1,285,653
378.474
From Jan 1_
December
Dul So Shore & Atlantic
63,215
JanuaKy
393,867
-36,102,247
337,877
February .._
102,947
769,434
From Jan 1_ 684,553
Winnipeg & Pacific
Net Earnings.
Inc.(4 or Dec.(-J.
Dul
-)
29,170
216,067
183,122
Month.
February _
54.176
424,155
379,057
Amount.
1929.
Per Cent.
1928.
From Jan 1_
Elgin Joliet & Eastern
3
637,895
February __ 2,007,038 2,087,962
January_
+25.04
94,151,973
+23.578,213
117,730,186
From Jan 1. 3.917,447 4,049.482 1.100,594
February
126,368,848
+15.05
+17.381,398
108,987,455
& Western
March
139.639,086
+5.68 Ft. Smith
132,122,686
+7.516,400
20,408
119,305
123,505
February __
April
136,821,660
+23.39
110,884,676
+25,937,085
47,747
271,976
256,179
From Jan 1_
+12.09
129,017,701
May
146,798,792
+17,754,091
June._
150,174,332
+17.77 Galveston Wharf
127,514.775
+22.659,557
24,778
166,012
120,245
February __
188,428,748
+22.37
+30.793,381
July
137.625,367
76,215
394,943
From,Jan E 269.043
+9.62
174,198,544
August
190,957,504
+16,758,860
181,413,185
+1.46 Georgia Railroad
178,800,939
+2.612,246
September
26,198
395,006
204,335,041
216,519,313
12,183,372
October
-5.63
353,075
February _ _
806.750
73,626
127.163,307
-19.11
157.192,289
30,028,982
November
From Jan!. 745.709
-23.12 Georgia & Florida
138.501.238
32.186.071
December
106,316.167
1929.
1930.
11,575
112,637
123,082
February __
J'antiary_
--19.55
117.764,570
-23,005.176
94.759,394
-0,082
225,215
From Jan!. 223,373
Trunk West
Net Earnings Monthly to Latest Dates.
-The table Grand
496,734
February __ 2,329,749 3,101,617
981,232
following shows the gross, net earnings and net after taxes
From Jan!. 4,725,042 5,947,313
for 'STEAM railroads reported this week to the Inter-State Great Northern System- 7,472.257 835,302
February _ _ 6,503,274
Commerce Commission:
From Jan 1_12,961,656 14,827,897 1,512,131
-Grossfrom Railway- -Net from Railway- -Net after Tares
- Green Bay & Western
1960.
29,487
1930.
1929.
1929.
1929.
1930.
133,961
129,204
February __
S
87.953
283.719
From Jan E 275,530
Ann Arbor
Gulf Mobile & Northern
135,824
71,514
February
521,463
163,338
427,641
97,605
43,016
525,803
964.070
February _
121,202
From Jan 1_
259,786
204,778
827,413
173,546
989,239
136,645
988,155 1,125,403
From Jan 1_
Atch Topeka & Santa Fe
Sr Ship Island
February _ _14,071,620 15.782,343 3.404,345 4,731,625 2,221,923 3,305,491 Gulf
34,810
247,263
247,612
February _ _
From Jan 1,28.827.845 32,043,008 6,914,497 9,696,376 4.530,544 8,827.802
82,518
509,031
From Jan!. 493,523
Gulf Col'es Santa Fe
Illinois Central System173,523
267,739 -89,893
3.607
February _ 1,912,624 2,037,296
February _12,846,343 14,831,895 2,828,749
788,454
963,178 -32,931
From Jan't_ 3,854,968 4,432,955
157.096
From Jan 1_26,487,27.5 29,979,512 5.360,1336
Panhandle & Santa Fe-158,241
431.134
362,896 Illinois Central Co.
212.010
February __1,109,249 1,184,120
February _ _10,729,281 12,819,707 2,253,260
759,499
389,168
897.818
From Jap1_ 2,454,473 2,601.006
494,849
From Jan E22,285,290 25,814,072 4,333,634
Atlanta & West Point
Y11200 & M198. Valley
32,125
18,188
46,379
32,705
February __
226,162
199,717
572,375
February __ 2.101,499 1,997,867
62,406
55037
91.953
83,997
From Jan 1_
461,034
419,545
From Jan!. 4,169,664 4,135,291 1,020,046
Baltimore & Ohio
Illinois Termlna•-February _16,005,373 17,650,276 2,886,451 3.541,898 1,932,508 2,514,998
149,693
556,441
529,212
February _
From Jan 1_33,425,776 36,417,546 6,373,147 7,543,601 4,364,323 5,489.041
305,154
From Jan 1_ 1,106,604 1,181,631
B dr 0 Chic Terminal
5.448 International Great Northern
63.890 -73,061
322,279 -16.783
292,900
February __
137,981
February _ _ 1,257,946 1,484.135
91.469 -78,482 -22.575
48.457
From Jan 1. 604,873
636,047
282,652
From Jan!. 2,521,137 2,980,368
Bangor & Aroostook
Kansas City Southern
314,940
351,040
383,931
418,323
812,223
898,427
February __
422.468
February _ 1,340,860 1,425.260
553,572
689.015
681,688
828,860
From Jan 1_ 1,325.110 1,559,282
810,053
From Jan!. 2,716,728 2,958,358
Bessemer & Lake Erie
Tesiu"kana & Ft. Smith
-40
24,285 -44,957
February __ 621,869
e58,455 -20.003
84,083
239,992
193,445
February _ _
--3,238
46,455 --130,457
From Jan 1_ 1,273,004 1,368.163 -73,350
SE From Jan 1_ 383,912 500,704 155,714
Bingham & Garfield
Okla. & Gulf
14,869 Kansas.
3,883
24,118
11,391
32,679
45,666
February __
128,987
292,564
263,358
February _
19.958
8.165
From Jan L.
37.288
67,995
22,850
89,184
277,602
594,028
From Jan 1. 540.878
Boston & Maine
Los Angeles dr Salt Lake
February ..._ 5,671.888 5.860,871 1,522,105 1,548,362 1.252,667 1,239,416
380,799
February _ _ 1,822.273 2,054.407
From Jan1.11,579,522 11.901.963 2,813,876 2,975,692 2,299,136 2,370,803
887,008
Front Jan!. 3,845,666 4,201,326
Buffain & Su.squehanna& Arkansas
17,087 Louisiana
5,182
19.187
132,047
7,262
Felituary __
153,830
178,042
574,636
February _- 594,057
53,941
7,983
58,141
Front Jan 1_
12,138
329,379
283,323
311,352
From Jan 1_ 1,140,015 1,182,778
Canadlan National Rya
La. Ry. & Nay. Co. of T.
All & St Lawrence
77,613 --13,553
76,519
February __
6,547 -12,059
2,601
February __
20,827
182,375
199,763
160,185 -20,930
161,892
From Jan 1_
--11,189 --52,778
--23,216
From Jan E 390.552
17,99
357,564
Nashville
Louisville &
Can Pac Lines In Me
February _ 9,932,856 11,081,892 1,712,433
87,274
87,277
101,774
February _
101,777
356,394
299,710
From Jan 1 20,533,776 22.119.101 3.568,808
155,957
101,589
184,957
From Jan 1_
130.589
748,243
527.912
Maine Central
Can Pac Lines In Vt407,473
February _ 1.582,985 1,518.155
6,293
10,313 -12.917
February _. 134,187
156,906
868,698
8.897
From Jan!. 3,332,299 3,037,495
6.479
-5,926
14,519
Frorn Jan 1_
292,750
2,114
316,210
Midland Valley
Central Vermont
98,931
285,700
235,565
February _
123,526
88,890
139,772
104.888
February _- 685,173
612,801
183,580
599,029
From Jan!. 467.285
216,929
144,314
249.338
From Jan!. 1,181,571 1,236,457
170.307
Mississippi Central
Chicago Burl & Quincy
18.077
127,442
112,650
February __
February __11,139,019 12,822,579 4.130,600 5,284,506 3,107,280 4,038.842
38,066
260,746
From Jan!. 231,083
From Jan 1_22,675.763 25.705,385 7,415,170 9.631,095 5,447,330 7.182,183
Missouri-Illinois
Chicago Great Western
38,384
151,928
141.248
February _ _
203,004
322,897
296,921
February __ 1.749,031 1,883,032
417545
64,633
315,354
286,078
From Jan 1_
395.157
603,791
667,153
From Jan 1_ 3,507.614 3.768,589
782,006
Missouri-Kansaa-Texas
791,483
Chicago &flhinois Midland
February _. 3,415,594 4,159,620
59,676
8,318
67,611
228,080
February __
250,130
16,653
From Jan!. 7,088,660 8,738,402 1,637,314
113,387
52,666
129,237
494,108
From Jan 1_
511.146
69.336
Missouri & North Arkansas
Chicago & North Western
29,942
142,790
February - 145,292
February __ 9,895,110 10.950,401 1.897.133 2,191,790 1,119,800 1,415,194
39,548
280,481
273,328
From Jan 1_
From Jan 1.20.360,239 21,798,905 3,521.303 3.828,765 1,964,481 2,275.816
Missouri Pacific
Chic R I & Pao
10,467,141 2,774,571
9,916,082
February
February __ 9,572,941 10,738.369 1,876,608 2,418,144 1,330,249 1,692,407
From Jan 1_20.046,313 21,325,104 5,078.341
Jan 1_19.155.392 21,701.716 3,085,440 4,795,390 1.993,099 3,343.748
Fr
Nash., Chatt. & St. Louis
I & Gulf248,485
February _ _ 1,606.512 1,783,002
228,053
136,950
255,003
__
586,964
522,384
135,984
465.330
From Jan!. 3,268.763 3,601,025
432.260
226,080
486,111
7,054,300 1,178,552
263,864
1_
Taxes
--478,932 --673.299 --598.047
--984,889--1,285.653--1,222,133
85.248
117,320
32,215
40,946
53,247
53,319
56,329
106,521
19.031
34,240
45,648
85,436
705,964
1,250,875
516,933
863.344
574,465
1,012,573
13,908
53.925
15,889
38,288
9,188
44,443
64,342
178.509
-224
26,215
47.342
144,509
51,496
100,958
17,438
54,460
49,806
84,136
9,145
3,396
1,875
-28.470
567
-16,041
1,103,001
1,931,331
366.734
721,232
977,951
1,681,281
1,207,951
2,217.244
159,403
240,915
540,923
864,288
21,390
41.431
21,487
51.953
13,351
25.382
128,673
287.924
15,602
79,722
90,232
211,436
42.068
89,941
2,714
18,288
10,382
25,765
3,667.911
7,313,772
1,884,158
3,481,701
2,567,326
5,135,182
3,342,979
0,557,062
1,476,593 2,413,484
2,793,450 4,720,685
322,666
752.294
405,284
683.306
152,492
411,913
109.832
310,274
125,603
257,154
88,467
257.627
260.414
502,463
04,744
176,375
217.227
417.016
407.120
880,761
308,676
582,546
289,384
645,352
119,138
249,172
68.376
124,292
102,296
215,493
133,695
270,317
108,129
235,716
113.455
229,830
544,972
1,065,687
213,276
543,962
404,151
784,414
150,297
309.980
133,036
221,344
95,222
200,876
-1.609
1,380
-17,555
--28,957
-5,621
-6,643
2,481,087
4,621,815
1.160.118
2,433,631
1,829,856
3,363,583
381,657
676.608
309,960
673,671
304,755
513,352
124,549
264,025
84,744
154.902
107,772
231,342
33.479
70,182
111,019
25.604
24,348
51,665
45,856
91.754
30,584
50,033
35,732
71,063
1,230,787
2,569,969
680,908
1,225,290
964,950
2,034,217
19,617
19,109
27,525
34,667
17,126
14,127
2,713,076 2,293,825 2,222,348
5,315,984 4,158,645 4,369,140
447,193
772,711
189,313
342,108
36.5,163
608.587
APRIL 5 1930.]
2377
FINANCIAL CHRONICLE
e
r2
:V
1i e:
11w7from Ra192 . -nI:Lafter Faressf
9.
-Grossfrom Railway-y- -Net()
-Grossfrom Railway- -Na from Railway- -Na after Tares
1930.
1929.
1930.
1929.
1930.
1930.
1929.
$
$
8
8
$
Wichita Falls & SouthernNevada Northern
9,097
13,603
75,713
51,354
February _ _
75,510
18,479
65,068
February __
28,301
66.991
107,685
148'.347088
6
37.203
5 053
43: 69
25.070
161,188
146,830
From Jan 1_
105.905
47,215
135,606
From Jan 1_
67.992
220,769
146,320
New Orleans Gt. Northern
-In the fol49,259
65.913
65.952
Other Monthly Steam Railroad Reports.
February _ _
80,970
244,681
238,395
111,254
113,112
145,817
From Jan 1_ 487,569
143.112
491,712
lowing we show the monthly reports of STEAM railroad
New On. Tex. & Mexico
7,374 companies received this week as issued by the companies
67,670
27,858
February _ _
88,617
224,611
277,450
35,957 themselves, where they embrace more facts than are re100,677
77,803
From Jan!. 524,231
142,589
456,197
Beaumont So. Lake & W.
quired in the reports to the Inter-State Commerce Com67,994
75.202
71,951
79,509
277,932
February __
286,461
120,638 mission, such as fixed charges, Sec., or where they differ in
189,294
128.912
From Jan!. 606,668
197.896
550,776
some other respect from the reports to the Commission.
St. L. Browns. & Mex.257,161
296,439
277.257
318,826
February __
816,620
843,195
440,006
665,590
480,333
From Jan 1_ 1,799,942 1.555,502
708,540
Canadian Pacific Ry.
New York Central
-Month of February- 2 Mos. End. Feb. 28.
Indiana Harbor Bel
s
1930.
1929.
29.
19s
s
1930.
229,941
208,278
282,655
260,510
980,932
February _ _
904,140
368.511
430.984
541.736
From Jan 1_ 1,834,392 1,975,784
470,093
Gross earnings
12,053.903 14,458,245 24.725.307 30,323,844
Pittsburgh & Lake Erie
11.202,411 12,666,872 23.138.032 26,636,539
167,432 Working expenses
212,239
321.432
361.541
February _ _ 2,167,665 2,606,858
315,762
347,281
623.518
From Jan!. 4,462.956 5,237,387
646.583
Net profits
851,492 1,791,372 1.587.275 3,687,304
Northwestern Pacific
February _ .. 376,970
382,606 -31,914 -32,351 -68,344 -70,628
Georgia & Florida RR.
From Jan 1_
767.083 -101,858 -102,673 -174.744 -179,184
739,860
-Month of February- 2 Mos. End. Feb. 28.
Pennsylvania System
1929.
1930.
1929.
1930.
Pennsylvania Co
$
9,387,521 12,306,851 7,150,641 9,964,240
February _45,087,805 49,682,633
225.215
223,378
112,637
123,082
Railway operating revenue__
From Jan 1_93,439,213 101347,437 19.047,608 23,898.551 14,621,342 19,263,279
221,819
32,460
2
103.492
Railway operating expenses_
111,507
Long Lsland551,998
483,477
648,772
588.225
February __ 2,786,934 2,758,438
3,395
-9,082
9.144
Net rev, from ry. oper _ _ _ _
11.574
966,359 1,096,971
5,662,862 1.170,579 1,288,848
From Jan 1_ 5,696,187
19,400
19,372
9.700
Railway tax accruals
9,700
37
15
W Jersey & Seash12
Uncollectible ry. revenue _
122,884
122,637
139,438
138,397
675,944
February __ 631,809
229,302
209,965
245,421
225,838
-567 -28.470 -16,041
Railway oper. income.. _ _ From Jan!. 1,258,732 1,353,107
1.874
Cr11.149
Cr7,257
Cr5,330
Equip. rents, net balance_ _ _
Cr2,952
Peoria & Pek'n Union
31,570 Joint facil. rents, net balance Dr2,557
Dr1,848
13,986
Dr5,383
Dr853
48,570
30,986
156.788
February _ _
139,059
59,594
29,944
03,594
64,273
309,785
From Jan I_
286.724
-6.740
Net ry. operating income_ _
3,909 -26,595
2,269
Pere Marquette
3.661
3,311
1,555
1.451
985,331 Non-operating income
755,048
815,968 1.199,380
February __ 3,211,366 3,619,580
1,627,943
794,227
From Jan!. 6.277,096 6,899,865 1,072,143 2,057.972
-3.070
Gross income
5,464 -23.283
3.721
Pittsburgh de West Va.2.259
2,256
1,142
1.139
153,546 Deductions from income_
88,602
208,188
95,294
426.582
298,003
February __
317,043
159,475
428.268
212,869
861.927
627,310
From Jan 1_
-5,330
Surplus applicable to int_ _
4,322 -25,540
2,581
33,039
66.897
160,523
Total interest charges
33,503
Quincy, Omaha & K. C.
--7,429
-5,200
-2,573
-513
63.323
44,595
February _.
-9,634
79 --13.069
-3,681
38.369
Net loss
92,438
12,201
106,637
30,922
From Jan 1_
95,499
Note-Int. chargeable to conSt. Louis-San Francisco
strue. on funds for GreenFebruary _ _ 5,719,538 5,912,896 1,825,385 1,592.055 1,461,734 1,286,390
wood ext. Int. on secure.
From Jan 1_11,978,806 12,457,028 3,152,204 3,425,696 2,609,049 2,662,477
issued for construe. of Gr.
Ft. Worth & Rio Grande
ext.incl.in"total int chgs.'
--4,063
331 -26,805
-22,214
87,354
58,428
February _
26.657
13.594
fr. June 1 '29 to Feb.28 '30
11,088
19,656 -28,731
200,297 -19,506
143,440
From Jan 1_
St. 1.-Sen Fran. of T.
31,791
20,144
34,926
23,143
144,164
124.046
February __
55,801
34,277
61,830
40.703
254,835
298,155
From Jan 1_
San Diego & Ariz
25,995
24,438
31,880
29,813
112,003
102,552
February _
49,715
58,876
68,649
60,487
210,015
229,708
From Jan 1_
St. Louis Southwestern
493,474
335.992
551.882
385,115
February _ _ 1,289,327 1,472,138
943.622
558,395
637,898 1,061,812
From Jan 1_ 2,519,247 2.977,859
-W of T.
St. Louis S.
--155,292 --62.635 --182,896
573,268 --34,118
548,343
February _ _
From Jan! 1,114.431 1,184,451 --121,611 --270.939 --178,993 --328,225
San Diego & Arizona
25,995
24,438
31,880
29,813
112,003
February __
102.552
56,876
49,715
68,649
80,467
229,708
From Jan 1_
210,015
San Antonio, Uvalde & Gulf
44,761
50,546
48,885
55,466
164,911
162,300
February _
64,658
58.793
72,947
68,339
315,319
From Jan 1_
276,264
Seaboard Air Line
932,453 1,153,187
February _ _ 4,743,393 5.290,851 1,279,396 1,500,394
From Jan 1_ 9,660.639 10,511,543 2,531,606 2.831,804 1,853,979 2,158,718
Southern Pacific System
-Sou Pacific Co
February _ _14,666,468 16.367,603 3,828,933 4,696,963 2,502,450 3,231,480
From Jan 1_29,749,308 33,159,328 6,852,515 8,845,266 4,300,276 6,034,620
Tex & New Orleans
982,241
729,683
February __ 5,068,603 5,815,919 1,043.962 1,318,803
From Jan 1_10,336,230 11,434,215 1,835,313 2,291,368 1,228,936 1,653,409
Southern Pacific) 13.13. Lines
27,585
29,197 -94,758
890,429 -93,378
677,177
February _ _
From Jan!. 1,341,832 1,724,663 -150,981 -10,510 -153,672 -13,538
Spokane International
36,160
41.624
400
4,684
133,610
70,298
February _
4.483
14,724
38,469
49,397
214,635
From Jan!. 150,303
Spokane Portl & Seattle
168,878
254,210
68,359
155,498
644,524
February __
561,541
308,001
476,619
133.264
307,496
From Jan!. 1,155,351 1,295,614
Tennessee Central
50,894
45.129
8.684
13,545
257,409
February __
238,129
81,154
93,674
42,151
52,812
510,904
From Jan 1_
483,361
Texas & Pacific
922.540
936.390
720,366
750,805
February _ _ 3,108,265 3,536,285
From Jan 1_ 6,252,688 7,297,101 1,521,542 2.015.915 1.150,520 1,611.259
Texas Mexican
498
-4,502
3,468
8,487
89,297
87,399
February -.
19,416
-5,521
4,500
9,338
199,014
From Jan 1_
168,949
Toledo. Peoria & West.
71,356
18,698
16.129
62,475
187,881
February __
157,885
131,638
114,759
14,670
17,943
372,922
From Jan 1_
308,100
Union Pacific Co.
February _ _ 7,009,746 8,629,295 1,875,568 3,000,242 1,162,275 2,275,923
From Jan 1_14.667.825 17.205,265 3,999,517 5,745,183 2,572,879 4.295,987
Oregon Short Line
787,806 1,134,664
486,057
847,715
February _ _ 2.516,864 2,984.051
From Jan I_ 5,248,058 0,033,726 1,659.290 2,229,169 1,055,683 1,655,466
-Wash. By. & Nay. Co.
Ore.
322,032
326,072
128,667
131,452
February _ 1,898,338 2,119,380
551,604
621,438
164,721
232,333
From Jan 1_ 3,802,166 4,169,305
Joseph & Gd. Island
St.
114,880
121.401
309,223
98,856
296,559
92,795
February _ _
228,787
216.675
623,040
174.074
574,523
184,144
From Jan 1_
Virginian
730,178
838,990
565.178
663,990
February _ 1,538,641 1,645,929
From Jan!. 3,412,286 3,494,475 1,750,540 1,829,445 1.388.540 1,459.445
Wabash
861.309 1,476,249
February _ 5,177,706 6,071,692 1.108,292 1,794,969
From Jan 1_10,477,740 11,860,010 2,144,750 3,210,831 1.659,646 2,602,999
Western Maryland
500,148
482,289
420,148
382,189
February - 1,480,636 1.467,128
919,859
859,491
759.659
From Jan 1_ 3,043,5413 2,969,055 1,029,491
Western Pacifle101,604 -172,736
-1,431
February - 961,221 1,101,043 -70.811
302,604 -242,328
96,062
From Jan 1_ 2,101,108 2,365,375 -38,311
Western By. of Alaharre433,311
29,291
17,417
15,713
231,162
220,963
February _ _
87.297
62,292
55,772
31,109
487,228
From Jan!. 461,276
Wheeling & Lake Erle
521,904
310,155
193,696
336,884
,
February _ 1,306,054 1,591.4 46
687,130 1,003,244
423,198
728,221
From Jan!. 2,622.091 3,208,629
Pere Marquette Ry.
Railway oper. revenues
Railway oper. expenses
-Month of February- -Jan. 1 to Feb. 281929.
1929.
1930.
1930.
IS
$
277.095 6,899,865
3,211,365 3.619.560 6,
204,952 4,841.893
2,395,397 2,419.680 5,
Net revenue from ry. oper_
Net railway oper. income__ _
Other income, net
815,967
698,565
17.750
1.199.879
985,043
38,246
1,072,142
521,509
135.559
2,057,971
1.463.110
205,838
Bal, before deduct. of int.Total interest accruals
716,315
208,387
1,023,290
212,361
657,068
418.431
1,668,948
426.388
507,928
810.929
238,637
1,242,560
Balance
Virginian Railway.
- 2 Mos. End. Feb. 28.
-Month of February
1929.
1929.
1930.
1930.
1,538,541
Operating revenues
808,363
Operating expenses
565.178
Railway operating income_ _ _
703,386
Gross income
380,188
Netincome
1.645.929
806.938
663,990
797,642
467.736
3,412,286
1,661,746
1,388,539
1.659,666
1,012,798
3.494.475
1.665,029
1.459.445
1.709,956
1,049.398
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
- -12 Months Ended Feb. 28
-2Ifonth of February
Net oper. Surplus
Net Oper.
Revenue. Aft. Cho..
Gross.
Revenue.
Gross.
Baton Rouge Electrie Co
128,938
54,573
1930
46,359
114,245
1929
East Texas El Co (Del) & Sub Cos
293,660
746,04.4
1930
265,687
683.527
1929
El Paso El Co (Del) & Sub Cos
136,240
291.930
1930
278,879
120,965
1929
dr Lt Co & Sub Cos
Puget Sound Pr
717,268
1.473,353
1930
438,006
1,364,854
1929
Savannah Elec & Pow Co
02,808
184,660
1930
85,997
182,374
1929
Va Elec & Pr Co & Sub Cos
684,323
1,420,300
1930
647,715
1,384,361
1929
Other Companies
Cape Breton Elee Co Ltd
58,669
1930
58,939
1929
Eastern Utilities Associates
813,537
1930
788,878
1929
Fall River Gas Works Co
91,552
1930
88,041
1929
Elec Co de Sub Cos
Gal-Houston
402,179
1930
413,804
1929
Haverhill Gas Light Co
65,280
1930
60,944
1929
Jacksonville Traction Co
90,293
1930
96,057
1929
Northern Texas Elee Co de Sub Cos
202.400
1930
219,687
1929
Sierra Pacific Else Co & Sub Cos
115,711
1030
120,867
1029
1,282,773
1,139,207
463.917
428,448
356,906
351,841
9,935,046 4.153,462 2,239,292
8,266,433 3,403,628 1,750,903
3,556,729 1,532,247
3,238,792 1.315.432
1,261,032
1,097,266
16,608,056 6.851,868 4,308,691
15,345.109 6,465,792 3,945,655
2.208,112
2,226,173
1,027,902
1,004,111
587,239
555,420
17.176,783 7,831,374 6.044.355
16,347,693 7,139,992 5,250,435
155,208
144,663
86.212
76.022
356,155 9,382,542 3.775.736
330,733 8,695,248 3,318,901
2,956,563
2,618,265
10,274
17,721
689,350
670,088
1,022,926
1,026,907
289,994
233,213
264,183
212,687
125.577 5,217,185
129.559 5,249,148
1,694,586
1,696,366
856.777
816.037
32,095
23.015
18,120
13,339
741,755
701,684
171,929
152,854
167,581
144,909
11,906
8,778
1,132,833
1,187.548
95,173
111,719
63.095
'50,647
60,311 2,674,366
58,537 2,822,404
833,973
868,186
392,041
422,013
50,529 1,426,762
52,925 1,411,349
597,676
641,088
530,313
582,326
2378
FINANCIAL CHRONICLE
-Month ofEebruary- -12 Months Ended Feb. 28
Net Oper.
Net Oper.
Surplus
Gross.
01035Revenue.
Revenue.
aft. Chas.
$
Tampa Electric, Co & Sub Cos
1930
419,273
170,664 4,593,883 1,509,594 1,461,845
1929
420.677
174,807 4,639,689 1,461,574 1,418,786
Barcelona Traction, Light & Power Co.,Ltd.
-Month of February1930.
1929.
Pesetas. Pesetas.
Gross earnings from oper__ 9.470,120 8,938,082
Operating expenses
2,972.596 2.555,546
Net earnings
• Deficit.
New York City Street Railways.
Gross
Deductions
Gross
Income.
from Inc.
Revenue.
Net Corp.
Income,
Companies
Brooklyn & Queens
[Vol.180.
2 Mos. End. Feb. 28.
1930.
1929.
Pesetas,
Pesetas.
19,608.547 18.107,244
6.332.368 5,023,237
6,497.524 6,382.536 13.276,179 13.084,007
Central Illinois Light Co.
(Subsidiary of Commonwealth & Southern Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1930.
1929.
$
$
Gross earnings
483,843
476,490 5,180,857 4.840.871
Oper. expenses. including
taxes & maintenance
261,198
266,452 2,987,801 2,841,361
308,512
126,283
182,229
Nov '29 1,861,348
302,745
244.979
57,765
. .
632,818
5 months ended Nov 30 '29 9,472,485 1,546,449
913,630
'28 9.657,567 1,159.371 1,219,674 -60,302
Eighth & Ninth Ayes (rec)-Nov '29
81.614
3,253
7,908
-4,655
-412
8,167
78,720
-8,580
'28
Gross income
222,645
210,038 2.193,055 1,999,510
16,623
5 months ended Nov 30 '29
39,793 416,506
23,168 Fixed charges
359.903
360,976
13,829
'28
40,022 411,821
26,202
Fifth Ave Coach Co
51,626
467.039
Nov '29
658
50,967
Net income
1,833,151 1,638,534
52,858
474,973
'28
2,140
50,717 Dividends on preferred stock
405,060
408.147
5 months ended Nov 30 '29 2,666,998
460,951
3,223
457,727 Provision for retirement reserve
325,600
307,800
485,711
12,099
'28 2,796,557
473,611
Balance
Interboro Rapid Transit
1.102,491
313,418
Nov '29 4,629,891 2,137,594 1,824,175
922.586
(Subway Division)
'28 4,296,664 1,946,811 1,100,775
846,035
5 months ended Nov 30 '29 21,025,314 8,534,484 6,899,905 1,634,578
Consumers Power Co.
'28 19 444,231 8,384,868 5,511,903 2,852,964
(Subsidiary of Commonwealth & Southern Corp.)
(Elevated Division)
259,682
463,877 -204,195
Nov '29 1,613,812
-Month of February- -12 Mos.End. Feb. 28198,403
'28 1,585,135
,
-268,618
1929.
1930.
1930.
1939.
5 months ended Nov 30 '29 7,979,695 1,108.014 2,313,538-1,205,523
$
$
$
$
'28 7,834,390
574,880 2,333,645-1,758,765
Gross earnings
2,839,449 2.867,009 33.386,316
Manhattan & Queens (rec) Nov '29
7,064
10,191
40,576
-3,127 Oper.exp.,Incl. taxes & maint 1,336,158 1.406,083 16.186,077 31.153.777
15.342,780
'28
9.874
40.585
-1,946
7,927
5 months ended Nov 30 '29
34,172
51,280 -17,108
210,297
Gross income
1,503.291 1,460.926 17.200,239 15.810,997
'28
210,513
36,964
50,759 -13.794 Fixed charges
2.889.605 2.855,971
Manhattan Bridge 3
-Cent
Nov '29
7,744
200
-1,803
-1,603
Line
'28
18,587
731
1,187
456
Net income
14.310.633 12.955,026
.5 months ended Nov 13'29
2,200
78,973
-1,050 Dividends on preferred stock
1.150
3.768.944 3.588.811
'28
90,713
1,784 Provisions for retirement reserve
4,197
2,412
2,375.000 2,050,000
New York & Harlem
78,226 Nov '29
26,423 -41,819
15,395
Balance
108,468
'28
8.166.689 7,316.215
59,829
90.653
48,639
5 months ended Nov 30 '29
371,961 87,093
131,557 -218,653
'28
163.037 -127,032
398,467
36,007
Eastern Massachusetts Street Ry.
New York & Queens
2,029
Nov '29
74,623
23,107 -21.077
-Month of February- -2 Mos. End. Feb. 28'28
71,475
10,847
23,251 -12,404
1929.
1930.
1930.
1929.
5 months ended Nov 30 '29
24,143
115,640 -91,496
379,957
2
$
$
$
374 105
36,296
'28
116,092 -79.795 Operating revenues
684,617
726,870 1.443,429 1,523,272
New York Rys
50,501
Nov '29
175,726 -125,225 Operating expenses
473,756
418,491
437,656
866.775
928,746
'28
71,349
178,195 -106,845
511,477
5 months ended Nov 30 '29 2,619,532
395,027
880,008 -484,981
Net operating revenue_ _ _ _
266,126
289,214
576,654
594,526
472.719
'28 2,782,426
894,050 -421,330 Interest on funded debt
198,848
209,416
426,920
434,036
New York Rapid Transit
Nov '29 3,057,948 1,048,377
572,462
475,915
Net income
'28 2,957,385 1,033,593
494,341
539,252
67,278
79.798
149,734
160,490
5 months ended Nov 30 '29 15,277,811 4.071,557 2,895,199 2,076.357
'28 14,633,762 4,774,375 2,653,863 2,120,512
Engineers Public Service Co.
South Brooklyn
74,138
11,516
Nov '29
15,227
-3,711
(And Constituent Companies)
12.522
'28
79,287
-4,843
17,366
-Month of February- 12 Mos. End. Feb. 28.
5 months ended Nov 30 '29 490,844
144,097
72.171
71.926
1930.
1929.
1930.
533,884
152.177
'28
1929.
92,817
59,359
$
$
$
$
Steinway Rys
67,206 -23,859
Nov '29
5,203 -29,062 Gross earnings
4.288,385 4,058,956 51,325.066 36,091,384
'28
68,934
5,105
4.417
687 Operation
1.681,093 1,857,167 22,171,018 15.575.710
5 months ended Nov 30 '29
329,712 -51,677
26,747 --78,422 Maintenance
288,933
278.483 3,753.268 2,663.346
-11,844
332,124 '28
25,195 --37.038 Depreciation of
equipment
14.884
14,492
181.962
43,457
Surface Transportation
158,456 -12,265
Nov '29
13,695 -25,960 Taxes
323,716
308.575 3,441.712 2,687,312
Corp
-7,625
'28
151,735
10,160 -17,786
5 months ended Nov 30 '29
818,994 36,656
67.652 -104,308
Net operating revenue__ _ _ 1,979,757 1.600,238 21.777.105 15.121,557
767,434 -42,773
'28
48,874 -91,647 Income from other sources__
70,305
82,801
820,743
302,259
195,315
Third Avenue System
Nov '29 1,256,076
235,375 -40,059
214,150
Balance
'28 1,278,800
233,196 -19,045
2,050.053 1,683.039 22,597,848 15,423,816
993,937 1,173.773 -179,835 Interest and amortization__ _
.5 months ended Nov 30 '29 6,392,582
579,930 6.973.617 4,634.318
607,577
'28 6,475,396 1,016,778 1,150,770 -133,991
Balance
1.442.485 1.103.108 15.624.231 10,789.498
Divs. on prof. stock of sub. co's (accrued)
4.072.008 2,537.206
• Manhattan Bridge Three-Cent Line ceased operations Nov. 13 1929.
-Deficit or loss.
Balance
American Water Works 8c Electric Co., Inc.
(And Subsidiary Companies)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1929.
1930.
Amt. appllc. to corn. stk, of subs, in hands of public
Bal. applic. to res. and to Engineers P. S. Co
11,551.322 8,252,291
96.899
71,264
11.454.423 8.181.027
Illinois Power Co.
(Subsidiary of Commonwealth & Southern Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1930.
1929.
$
$
$
$
Gross earnings
278.858 2.911.760 2,774,219
276,295
2,384,814 2,236.756 27,227,195 25,353,298 Oper. expenses, including
Gross income
Less-Int. and amort. of discount of subsidiaries-- 8,317,960 8,055,179
taxes & maintenance
158.555 1.858,703 1,792.807
166,172
5,366,510 5,142,557
Preferred dividends of subsidiaries
Gross income
22,059
32,850
Minority interests
120,302 1,053,057
110.123
981.411
Fixed charges
384,333
384.783
13,706.530 13,230,588
Total
Net income
668.723
596,628
13,520,664 12.122,709 Dividends on preferred stock
Balance
230,929
228,246
Provision for retirement reserve
Interest and amortization of discount of American
150.000
150,000
1,396,549 1.301,696
Water Works & Electric Co., Inc
Balance
287,794
218,381
12,124.114 10,821,013
Balance
4,188,354 4,281.620
Reserved for renewals, retirements and depletion
International Rys. of Central America.
-Month of February- 2 Mos, End. Feb. 28
Net income
7,935.759 6,539,393
1930.
1929.
1930.
1929.
$
$
$
$
Gross earnings
797.234
847.135 1,587,730 1.727.300
Elevated Ry.
Boston
Operating expenses
396,151
447,189
797,064
881.847
-Month of February
1930.
1929.
Inc. appl. to fixed charges_
401,083
399,946
790,676
845.453
Receipts8
$
2,665.868 2.704.233
From fares
(The) Pullman Company.
From operation of special cars, mail pouch service,
-Month of February- Jan. 1 to Feb. 28.
1.402
918
and service cars
1929.
1930.
1930.
1929.
64,849
65.060
From adv.in cars, on transfers, priv. at stations. &c_
$
$
3.773
$
4,760
From other ry. cos. for their use of tracks & facilitiesSleeping Car Operations
4,949
4.338 Berth revenue
From rent of buildings and other property
5.682,278 5.987,865 12,251,782 12,628,076
23.939
22.298 Seat revenue
From sale of power and other revenue
718,270
777,270 1,545,004 1,617,911
Charter ofcars
203.101
195,490
343.741
374,204
Total receipts from direct operation of the road-- _ 2,764,782 2,801,609 Miscellaneous revenue
14,148
13.556
27,044
29,848
4,811
4.057 Car mileage revenue
Interest on deposits,income from securities, &c
150,072
85.847
309,292
155,085
Contract revenue
-Dr
650.743 1,002,695 1.354.567
428,486
2.769.594 2.805,666
Total receipts
Gross earnings
Oper. exp., maint. & taxes
4,618,392 4,423,957 54.538,864 51,439,063
2,233,578 2,187,201 27,311,669 26,085,765
Cost of Service
Maintaining track. line equipment and buildings_ __ _
Maintaining cars, shop equipment. &e
Power
Transportation exp. (incl. wages of car service men)Salaries and expenses of general officers
Law expenses. injuries and damages,and insurance
Other general operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel and rapid transit line rentals to be
paid to City of Boston
Cambridge subway rental to be paid to Massachusetts
Interest on bonds and notes
Miscellaneous items
Total cost of service
Excess of receipts over cost'of service
264,978
339,381
223,244
852,003
7.520
124,521
112,007
135.821
261.285
272,465
363.359
226,448
876,490
7.538
150,905
117,442
143.955
261,903
187,692
33.210
204,973
4.819
187,595
33,361
212,052
5,381
2,751.558 2,858,902
18.035 def53,235
Totalrevenues
6,331,182 6,417.489 13.474.170 13.450.559
Maintenace of cars
2,553.911 2,449,530 5.045.389 4,814,587
All other maintenance
42,132
51,734
134.566
83,590
Conducting car operations _ _ _ 2.921,040 2,759,694 6,057.937 5,714,115
General expenses
249,036
246.793
562,296
489.187
Total expense
5,775,722 5,498,152 11,800,190 11,101,480
Netrevenue
919.337 1,673,980 2,349.078
555,459
Auxiliary Operations
Total revenues
135,542
125.155
270,212
241,856
Total expenses
105,680
122.612
237,154
197,674
Net revenue
19,475
12,930
33,058
44.181
Total net revenue
Taxes accrued
568,390
246.470
938.813
328.911
Operating income
321.919
.609,901
1,707,038 2.393,259
518,322
696.785
1.188.716
1.696,473
APRIL 51930.]
2379
FINA_NCIAL CHRONICLE
Ohio Edison Co.
Virginia Electric & Power Co.
(Subsidiary of Commonwealth.& Southern Corp.)
(and Subsidiary Companies.)
-Month of February- 12 Mos. End. Feb. 28.
Month of February-- 12 Mos. End. Feb. 28
1929.
1930.
1930.
1929.
1929.
1929.
1930.
1930.
$
s
$
$
$
$
$
$
Gross earnings
221,081
207,295 2,298,136 2,170,639 Gross earnings
1,420.300 1,384.360 17.176,783 16.347.693
Oper. expenses, including
500,088 6,486,122 6,300,774
496,347
Operation
taxes & maintenance
100,950
91.351 1,106,480 1,062,141 Maintenance
114.389 1.527,152 1,515.468
121,212
122.168 1.332.134 1.391,458
118.418
Taxes
Gross income
120,130
115.944 1,191.656 1,108,498
Fixed charges
684.322
647,715 7.831.374 7.139.992
192.047
191.755
Income
25.679
23.143
IIt5g;
operatingrseovtf4Zi
Net income
999,609
916,742
Dividends on preferred stock
7.857.053 7.163,136
165,529
Balance
162,792
Provision for retirement reserve
1,812.698 1,912,700
162,000
152.000 Interest & amortization
Balance
6,044,355 5,250.435
Balance
672.079
601,949
•Interest on funds for construction purposes.
Railway Express Agency, Inc.
-Month of January- 12 Mos. End. Dec. 31
1929.
1930.
1929.
1928.
Revenues
Express-domestic
Miscellaneous
18,794.129 20,528,364 283308.044 281533,883
1,352
872
11.682
10.758
Charges for transport
Express privileges-Dr
18.796,082 20.529.236 283319,726 281544.641
8,070,232 9,397,448 146145,029 141288,099
Revenue from transport_
Oper. other than trasnport
10,725,849 11,131,788 137174,697 140256,542
262,787
288.821 3,536,089 3,620.121
Total operating revenues_ _10.988.637 11,420,610 140710.786 143876,663
Expenses
Maintenance
665,771
705,574 8.641.601 8,530,974
Traffic
23,613
17.417
329,401
257,743
Transportation
9,457,639 9.814.333 122620,824 124502,244
General
625,653
614,145 6,502,794 7,384,043
Operating expenses
10.772,678 11,151.470 138094,622 140675,005
Net operating revenue
Uncoil,rev,from transport_ Express taxes
215,959
1.270
123.755
269.139 2.616.164 3,201.658
2,074
19.102
17,820
169.383 1.669,726 2.038,008
Operating income
90,932
97.681
927,336 1,145.829
• Covers operations of American Railway Express Co.
Rock Island Lines.
Month of February
1930.
1929.
S
$
7,778.503 8,816,894
1,377.836 1.530,674
251.701
254.220
201,232
203,362
486,053
520.183
Freight revenue'
Passenger revenue
Mail revenue
Express revenue
Other revenue
Total railway operating revenue
Railway operating expenses
10,095,325 11,325,333
8,082.733 8.652,186
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
2,012,592 2.673,147
550,000
749.856
5,393
2,831
Total railway operating income
Equipment rents-debit balance
Joint facility rents-debit balance
1,457,199 1.920,460
341,952
385,274
97.312
103,974
Net railway operating income
Non-operating income
1,017,935 1,431,212
68.090
104,097
Gross income
Rent for leased roads
Interest
Other deductions
1,086,025 1,535.309
12,964
12,951
1,011,273
972,001
9.501
37,590
Total deductions
1,033,738 1.022.542
Balance of income
52.287
512,767
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth & Southern Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1929.
1930.
1930.
1929.
Gross earnings
285,304
301,316 3.408,424 3.217.765
Oper. expenses, including
taxes & maintenance
166.140 1,901.114 1,850,388
157,739
Gross income
Fixed charges
127,564
135,175 1,507,309 1,367,376
328.404
308,051
Net income
Dividends on preferred stock
Provision for retirement reserve
1,178,904 1.059,325
418,578
389,284
260.000
243,333
500.326
426.707
Balance
Southwestern Power & Light Co.
(and Subsidiary Companies)
-Month of January- 12 Mos. End. Jan, 31.
1929.
1930.
1930.
1929.
Gross earns. all subsidiaries_ _ 1,564,494 1,684,883 20.449,005 18.984.771
Bal. of subs, earns., after all
exp.. applic. to S. P. & L.
Co
550,945
576,166 7,213.897 6,748,427
/Zaps. of S.P.& L. Co
24.783
19.168
215,024
162,861
Balance
526,162
556,998 6,998.873 6.585,566
Int.on secured bonds
57,488
57.488
689,850
689,850
Int.on 6% deb. bonds
25.000
25,000
300,000
300,000
All other interest
28,599
Cr.313
60,280 Cr.109.795
Balance
Dividends on preferred stock
Balance
415.075
474,823 5,948,743 5,705.511
587,090
587,090
5,361.653 5.118,421
Tennessee Electric Power Co.
(and Subsidiary Companies)
-Month of February- -12 Mos.End.Feb. 281929.
1930.
1930.
1929.
S
S
S
S
Gross earnings
1,284.896 1.168.366 15,032.262 13,50.177
OPer.exp..incl. taxes & maint 636,386
561,210 7.629,540 6.963.124
Gross income
607.156 7.402.721 6,606,053
648,510
Fixed charges (see note)
2.182.491 2.173.719
Net income
5,220,230 4.432.334
Dividends on preferred stock
1,332.821 1,339.515
Provision for retirement reserve
1,175.127 1.001,691
Balance
2.712,280 2.091.126
Note.
-Includes dividends on Nashville Ry. & Light Co. preferred stock
not owned by Tennessee Electric Power Co.
FINANCIAL REPORTS.
-The following is an index to all
Annual, &c., Reports.
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including March 1 1930.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Railroads
page.
Akron Canton & Youngstown Ry-1822
2200
Ann Arbor RR
1446
Baltimore dr Ohio RR. Co
2196
Bangor dr Aroostock RR. Co
Buffalo Rochester & Pittsburgh Ry_1816
1818, 2195
Canadian Pacific By
1648
Chesapeake Corp
2198
Chicago & Eastern Illinois By
Chicago Rock Island & Pacific By.. 2i97
Chicago Sr Western Indiana RR_ -1452
2020
Cleveland Union Terminals Co
1452
Consolidated RR. of Cuba
1452
Cuba Northern Rys
1452
Cuba RR
Delaware Lackawanna&Western RR2196
2200
Elgin Joliet & Eastern By
1453
Green Bay & Western RR
2198
Hudson & Manhattan RR. Co
1818
Lehigh Valley RR. Co
1453
Louisville dr Nashville RR
1453
Mahoning Coal RR. Co
1816
Maine Central RR. Co
2020
New York Connecting RR
N.Y. N. H.& Hartford RR__1817, 2014
N. Y Ontario & Western By. Co_ -.2020
2195
Norfolk & Western By. CO
1640
Reading Co
1818
St. Louis-San Francisco By
1641
Seaboard Air Line By
1816, 2199
Southern Railway Co
2021
Toledo Terminal RR
2196
Wabash Railway Co
Public Utilities (concluded)- Pages
Indiana Hydro-Electric Power Co---1457
Indiana Service Corp
2025
Indianapolis Crawfordsville & Danville Electric By
1457
Indianapolis & Martinsville Rapid
Transit Co
1457
Indianapolis & N-western Trac.Co_ _1457
Indianapolis Street Railway Co
1457
International Telep. dr Teleg. Corp..1827
Interstate Public Service Co
1827
Kansas City Power & Light Co-- _2196
2206
Kentucky Utilities Co., Inc
1457
Kings County Lighting Co
Lincoln(Neb.)Tele,.& Teleg. Co--2206
Massachusetts Utilities Aasociates-1828
2026
Michigan Bell Telephone Co
2015
Middle West Utilities Co
2026
Midland United Co
2026
Midland Utilities Co
Milwaukee Electric By. & Light Co_2027
2207
Milwaukee Gas Light Co
Missouri Gas & Electric Service Co--2207
Monongahela West Penn Public
2026
Service Co
National Power & Light & Subs-1828
..l645
New England Telep. dr Teleg. Co.
1457
New Jersey Bell Telephone Co
2027
New York dr Stamford By
1655, 1821
New York Telephone Co
2207
New York Transportation Co
2207
New York Water Service Corp
N. Y. Westchester & Boston By..._2027
1655
Niagara Hudson Power Corp
1817
North American Co
2028
North American Edison Co
North Boston Lighting Properties-1828
Northern Indiana Public Service 00_2027
Northwestern Bell Telephone Co- - -2028
Nova Scotia Light & Power Co.. Ltd 2207
1828
Ohio Bell Telephone Co
165.5
Ohio River Edison Co
2207
Ohio Water Service Co
Oregon-Washington Water Serv.00-2208
Ottawa Light, Heat & PowerCo..Ltd1828
1828
Pacific Gas & Electric Co
1643
Pacific Lighting Corp
2028
Pacific Telep & Teleg. Co
2028
Peoples Light & Power Corp
1822
Philadelphia Rapid Transit Co
Pittsburgh Suburban Water Sere. Co2208
1829
Postal Telegraph & Cable Corp
2028
Providence Gas Co
1447
Public Service Corp. of N. J
Puget Sound Power & Light Co__ 1458
2208
Rochester Telephone Corp
1828
Rockland Light & Power Co
1458
Savannah Electric & Power Co
Scranton-Spring Brook Wat.Serv.Co 2208
Sierra Pacific Electric Co., Reno,Nev1458
Southern IBell Telep.&Teleg.Co.,Inc1829
1817
Southern California Edison Co
Southern Counties Gas Co. of Callf_2030
Southwestern Bell Telephone Co--1829
Southwestern Light &Power Co-- - _2030
1829
Springfield Gas Light Co
2030
Springfield Street By
1829
State Line Generating Co
2030
Telephone Investment Corp
2030
Tennessee Electric & Power Co
Terre Haute Indianapolis & Eastern
1459
Traction Co
1459
Terre Haute Traction & Light Co
1459
Texas Electric Ry
2030
Toledo Edison Co
Union Electric Light & Power Co..
2030
St. Louis, Mo
Union St. By., New Bedford, Mass_1459
Utility Equities Corp
3031
Virginia Electric & Power Co
1459
Waterloo Cedar Falls & Northern Ry2209
West Ohio Gas Co
2031
West Penn Electric Co
1830
West Penn Power Co
2031
West Virginia Water Service Co
2210
Western Power Corp
2031
Western Public Service Co.(Md.)_1460
Western Union Telegraph Co..Inc.
.2194
Western United Corp
2031
Western United Gas & Electric Co_2031
Wisconsin Michigan Power Co
2031
Wisconsin Power & Light Co
2031
Worcester Consolidated Street By. 2032
Public Utilities
2203
Alabama Water Service Co
American Cities Power & Light
1644, 2021
Corp
American Commonwealth Power
1455. 2203
Corp
Americam & Foreign Power Co.,Inc.1652
American Light & Traction Co_ -2022
2203
American Public Utilities Co
American States Public Service Co 2022
2204
American Superpower Corp
1640
American Telep. & Teleg. Co
American Water Works & Elec. Co-1821
2022
Androscoggin & Kennebec By
Associated Gas &Electric Co
2023
Atlantic City Sewerage Co
1455
(The) Bell Telep. Co. of Canada--1455
Berkshire Street By
2023
Boston Elevated By
1449
Brockton Gas Light Co
1825
Brooklyn Union Gas Co
1646
California Water Service Co
2204
Canadian Western Natural Gas
Light, Heat & Power Co., Ltd_ -1455
Capital Traction Co
2024
Central Illinois Public Service Co_ _1825
Central dr South West Utilities Co 2204
Central States Electric Corp
1643
Chesapeake & Potomac Telephone
Co. of Baltimore
2024
Chesapeake dr Potomac Telephone
Co. of D.of C
2024
Chesapeake & Potomac Telephone
Co. of Va
2024
Chesapeake & Potomac Telephone
Co. of W. Va
2024
Chester Water Service Co
2205
Chicago North Shore & Milw. RR_ _1455
Chic.South Shore & South Bend RR 1825
Chicago Surface Lines
1825
Cincinnati Gas & Electric Co
1825
Cincinnati & Suburban Bell Tel. Co-1456
Citizens Water Service Co
2205
Cleveland (Electric) By. Co
1456
Columbia Gas & Electric Corp
1450
Concord (N. H.) Electric Co
1825
Connecticut Company
2024
Consolidated Gas Co. of N. Y
1447
Consolidated Gas Electric Light &
Power Co. of Baltimore
1825
Dakota Central Telephone Co
1825
Detroit Edison Co
2024
Duke Power Co
1456, 2024
Eastern Massachusetts St. By
1826
Eastern Texas Electric Co.(Del.). _1456
Eastern Utilities Inv't'g Corp 1653, 1826
Edison Electric Ilium.Co.of Boston_2012
Electric Power & Light corn
1826
El Paso Electric Co
1456
Engineers Public Service Co
1446
Exeter(N.H.)& Hampton Elec. Co 1826
Industrials
Federal Light & Traction Co
1456 Abitibi Pow. &Paper Co.,Ltd_1656. 1830
Federal Water Service Corp
2018 Affiliated Investors, Inc
16.56
Fitchburg Gas & Electric Light Co-1826 Ahumada Lead Co
1461
Foreign Power Securities Corp.,Ltd_1654 Air Investors, Inc
1460
Galveston & Houston Electric Co-2206 Alaska Juneau Gold Mining Co
2032
Gary Railways Co
2025 Allegheny Steel Co
2032
Gulf States Utilities Co
2024 Allied Chemical & Dye Corp
2011
Hamilton Gas Co
2206 Allis-Chalmers Mfg. Co.. Milwaukee,
Haverhill Electric Co
1826
Wis
2014
2206 Amalgamated Bilk Corp
Holyoke Street Railway
1481
Honolulu Rapid Transit Co., Ltd -1827 American Dank Note Co
2210
Houston Natural Gas Corp
2206 American Brown Boveri Elec. Co
1830
Illinois Northern Utilities Co
1457 American Can Co
2210
Illinois Power dr Light Corp
1827 American Capital Corp
1461
Illinois Water Service Co
2208 American Cigar Co
1656. 1831
2380
Page.
Industrials(Conhanded)Page.
• Industrials(Conttnued)2221
1461, 1656 International Investing Corp
American Express Co
American Hawaiian Steamship Co_ _1482 International Nickel Co. of Canada,
1646
Ltd
2210
American Ice Co
1662
American International Corp-1447. 1645 International Salt Co
1838
1831 International Share Corn
American Locomotive Co
1662, 1839
1462 International Silver Co
American Metal Co.. Ltd
1472
1462 Intertype Corp
American Multigraph Co
1839
2016 Investors Association
American Rolling Mill Co
1447
American Safety Razor Corp. 1656. 1831 Iron Fireman Mfg. Co
American Smelting &Refining Co_ --1642 Irving Investors Management Co.,
1447
Inc
1831
American Steel Foundries
1820 Jackson & Curtis Securities Corp_ -1839
American Sugar Refining Co
& Laughlin Steel Corp _1662. 1839
1831. 2032 Jones
American Tobacco Co
2222
1831 Keith-Albee-Orpheum Corp
American Woolen Co
1450
Anglo-Norwegian Holdings. Ltd_--2012 Kelly-Springfield Tire Co
2222
Arizona Commercial Mining Co_ ---2211 Kroger Grocery & Baking Co
1840
2018 Lambert Co
Associated Oil Co
1473
1832 Lawrence Portland Cement Co
Atlantic Refining Co
1483, 2032 Lawyers Mortgage Investment corp.
Atlas Stores Corp
2039
of Boston
1832. 2011
Autocar Company
2223
1832 Lefcourt Realty Corp
Automatic Washer Co
1647
Auto-Strop Safety Razor,Inc_1657, 1832 Lehigh Coal & Navigation Co
2222
1463 Lehigh Valley Coal Corp
Aviation Corp. of Calif
1473
Aviation Securities Corp.(Del.)_. 1832 Lehn & Fink Products Co
1473
2033 Liberty Baking Corp
Babcock & Wilcox Co
1840
2211 Loose-Wiles Biscuit Co
(L) Bamberger & Co
2040
1833 Ludlum Steel Co
Barnet Leather Co., Inc
1473
1642 McKeesport Tin Pints Co
Barnsdall Corp
1840, 2040
2212 Mack Truck, Inc
Beacon Oil Co
2223
2011 (R. H.) Macy & Co
Bethlehem Steel Corp
1473
Bigelow-Sanford Carpet Co., Inc- 1463 (I.) Magnin & Co
1474
2212 Mandel Bros., Inc
Bloomingdale Bros.. Inc
2223
1833 Manufacturers' Finance Co
(F. E.) Booth Co., Inc
2040
1642 Marine Bancorporation
Borden Company
1474
2210 Matson Navigation Co
Borg-Warner Corp
2223
1833 May Department Stores Co
Borne Scrymer Co.
2040
1463 Mengel Co
Boston Insurance Co
1474
2212 Metal and Mining Shares, Inc
Bourne-Fuller Co
2040
1464 Midland Steel Products Co
Buckeye Pipe Line Co
2040
2213 Midvale Co
Bucyrus-Erio Co
2040
(Edw. G.) Budd Manufacturing Co-1463 Miller Rubber Co
1817
-Kansas Pipe Line Co
1464 Missouri
Budd Wheel Co., Phila
Mitchum, Tully Participations. Inc.1840
Bunker Hill & Sullivan mining &
2213 Mitchum, Tully Participations, Inc.
Concentrating Co
1840
2213
No. 2
Burroughs Adding Machine Co
1663
Capital City Products Co...... -.2213 Mortgage Bond & Title Corp
2224
Corp. of America__ _1657, 1834 Mountain & Gulf Oil Co
Celanese
1475
2213 (G. C.) Murphy Co
Central Alloy Steel Corp
1475
1834 National Belles Hess Co
Central Coal & Coke Co
1834 National Cash Register Co., Md -2201
Inc
Century Ribbon Mills.
2224
1465 National Dairy Products Corp
Century Shares Trust
2224
1646 National Fireproofing Co
Certain-teed Products Corp
1475
Chicago Railway Equipment Co - 1465 Nelsner Bros., Inc
2224
1643. 1818 New Bradford Oil Co
(Thrvsier Corn
2041
1463 New England Steamship Co
City Ice dr Fuel Co
2224
1451 North American Aviation, Inc
Cluett, Peabody & Co., Inc
1475
2034 Nunnaliy Company
Colgate-Palmolive Peet Co_
1478
2214 Ohio Brass Co
Colorado Fuel & Iron Co
2224
2195 Ohmer Fare Register Co
Columbian Carbon Co
2225
Old Colony Investment Trust
Consolidated Dairy Products Co..
2041
1466 Oppenheim, Collins & Co
Inc
2225
2118 Orpheum Circuit, Inc
Consolidation Coal Co
1475
1466 Overseas Securities Co., Inc
Company
Consumers
1476
Pacific Mills, Lawrence, Mass
Continental Gin Co., Birmingham,
2225
1857 Pacific Western Oil Corp
Ala
1476
1647 Park Lexington Corp
Continental Oil Co
1476
1835 Patterson-Sargent Co
Cord Corporation
1476
1644 (David) Fender Grocery Co
Corn Products Refining Co
1664
1835 (J. C.) Penney Co., Inc
Counselors Securities Trust
1665
1641 Pettibone Mulliken Co
Crane Co
1665
1486. 2215 Phillips-Jones Corp
Crown Zellerbach Corp
1448
1640 Phillips Petroleum Co
Crucible Steel Co. of America
(F. R.) Crulkshank & Co.(N. Y.)-1467 Phoenix Hosiery Co., Milwaukee-1665
-Arrow Motor Car Co., Buffalo
1467 Pierce
Cuba Company
1645
1467
N.Y
Detroit Steel Products Co
1477
2035 Pittsburgh Bond & Share Corp
Diamond Match Co
2215 Porto Rican American Tobacco Co 1868
Doehler Die Casting Co
1842
2215 Power & Light Securities Trust
Donner Steel Co., Inc
1665
1467 Pressed Steel Car Co
Drug, Inc
1665
2216 Producers & Refiners Corp
Eastern Manufacturing Co
1643 Providence Washington Insur. Co-1478
Eisler Electric Corp
2226
1644 Public Investing Co
Electric Shareholdings Corp
2042
Electric Storage Battery Co..1658, 1835 Public Utility Investing Corp
2226
Equitable Office Building Corp ----2216 Pullman Co
2227
Inc
1833 Pullman,
Equity Investors Corp
2042
1488 Pure Oil Co
Exchange Buffet Corp
1478
1835 Quaker Oats Co
Exide Securities Corp
2227
2216 Radio-Keith-Orpheum Corp
Fairbanks Co
2227
1835 Regal Shoe Co
Federal Mining & Smelting Co
2227
First Federal Foreign Banking Corp-1468 Reiter-Foster Oil Corp Corp
1666
2018 Reliance International
Fisk Rubber Co
1666
2217 Reliance Management Corp
Bros. Gear & Machine Co
Foote
2227
Motor Car Co
1836 Boo
Fox Film Corp
2227
2035 Republic Iron & Steel Corp
Fox Theatres Corn
2228
1469 Republic Steel Corp
Franklin Process Co
1642
1469 Richfield 011 Co. of Calif
Gabriel Snubber Mfg. Co
1642
American Tank Car Corp- -2218 Rio Grande Oil Co
General
1667
2219 Roxy Theatre Corp
General Baking Co
2229
2036 Salt Creek Consolidated 011 Co
General Cable Corp
.2229
2036 Salt Creek Producers AM.,Inc...
General Capital Corp
1667
Co
2197 Scovill Mfg.
General Electric Co
1843
1660. 2012 Securities Corporation General
General Foods Corp
Corp-1820 Segal Lock & Hardware Co., Inc-1843
General Motors Acceptance
1667
2012, 2194 Shubert Theatre Corp
General Motors Corp
1816
2036 Simms Petroleum Co
General Printing Ink Corp
2229
(Franklin) Simon & Co., Inc
General Realty & Utilities Corp1660,2036
1667
2219 Mato Financial Corp
General Surety Co., N.Y
1843 2044
2219 (A. J.) Smith Corp
Gimbel Bros., Ino
1843
Co
2219 South Penn 011
Gold Dust Corp
1817
Brands, Inc
(B.F.) Goodrich Co____1470, 2019. 2220 Standard Oil Co.(Indiana)
2230
Standard
Goodyear Textile Mills Co., Los Ang1470
1688
State Street Investment Corp
Goodyear Tire & Rubber Co., Akron,
1688
1449 (8 W.) Straus & Co.. Inc
01110
1644
Studebaker Corp
Goodyear Tire & Rubber Co., Callf.1470 (The)
1837 Stutz Motor Car Co.of America. Inc 1668
Goenold Mille Corp
1844
2037 Bun Investing Co., Inc
Gotham Silk Hosiery Co., Inc
1845
1470 Super Maid Corp
Gould Coupler Co
2230
.2037 Superior Oil Corp
& W.)Grand-Silver Stores. Inc.
(F.
1845
Superior Steel Corp
2219
Grand Union Co
1845
1837 Sweets Co. of America. Inc
Granger Trading Corp
1479
2220 Symington Co
(W.T.) Grant Co
1845
Gold Mines, Ltd
Great Northern Investing Co., Inc-2220 Teck-Hughes
2016
1837 Texas Corp
Guardian Investment Trust
1845
Thatcher Manufacturing Co
(Rudolph) Guenther-Russell Law.
2017
1661 Tide Water Associated 011 Co
Inc
2017
2220 Tide Water Oil Co
Gulf Oil Corp. of Pa
1669
1660, 2037 Timken Detroit Axle Co
Gulf States Steel Co
1845
2221 Ulen de Co
Hayes Body Corp
1448
1471 Underwood Elliott Fisher Co
(George W.) Belie Co.. Inc
2013
2221 Union Carbide & Carbon Corp
Hershey Chocolate Corp
1669
1471 Union Mills Inc
Heywood Wakefield Co
1661 Unit Corp. of America, Milwaukee,
Honolulu Consolidated 011 Co
1846
Wls
1838
Household Products, Ins
1846
America
Houston 011 Co. of Texas_ ___1472, 1661 United Biscuit Co. of
1479
Carbon Co
Humble Oil& Itefining Co- _1661. 1838 United
2045
2038 United Electric Coal Co
Motor Car Corp
Hupp
1669
-Sharing Corp...
Profit
United
Imperial Tobacco Co. (of Great
1480
1662 United States Envelope Co
Britain & Ireland)
1670
2038 United States Gypsum Co
Inland Steel Co
1670
Industrial Alcohol Co
1838 U. S.
Insull Utility Investments, Inc
2038 United States Pipe & Foundry Co__ -2019
Insuranshares Certificates. Inc
1819
S. Rubber Co
U.
International Business Machines
2011
2195 United States Steel Corp
Corp
1450
2039 United States Tobacco Co
International Cement Corp
Verde Extension Mining Co_2045
International General Electric Co._ _2221 United
[Vol,. 130.
FINANCIAL CHRONICLE
Page
Industrials (Concluded)Page.
Industrials(Conttnued)1817 Westinghouse Electric & Mfg. Co _1817
Utility & Industrial Corp
2045
1670 Wheeling Steel Corp
Veeder-Root, Inc
.2048
Virginia Iron, Coal & Coke Co__ _.2019 White Rock Mineral Springs Co...
1847
1670 (Wm.) Whitman Co., Inc
Vulcan Detinning Co
2232
1846 (H. F.) Wilcox Oil dr Gas Co
Walworth Co
2232
2045 Woodley Petroleum Co
Warren Bros. Co
2231 (Wm.) Wrigley, Jr. Co
1847
Washington Oil Co
1817
Wesson Oil& Snowdrift Co.. Inc_ _2231 Yale & Towne Mfg. Co
1847 Yellow & Checker Cab Co.(Consol.)
Western Air Express Corp
1847
San Francisco
2013
Western Electric Co., Inc
1847
1847 Youngstown Sheet & Tube Co
Westinghouse Air Brake Co
Paramount-Famous-Lasky Corporation.
(Annual Report-Fiscal Year Ended Dec. 311929.)
The statement for the late fiscal year is given in full
under "Reports and Documents" on a subsequent page of
this issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
1927.
1926.
$17,537,447 $9.329,593 $8,662,712 $6,100,815
Operating profit
616.529
604,714
500,000
Less prov. for Fed. taxes 1,992,903
Oper. profit for year _ _S15,544,544
Prof. dive. pd.& reserves
Corn. div. pd. & reserved 7,330,222
$8,713,063
5,671.797
$8,057,997
614.586
5.793,991
$5,600,815
633,070
4,443,640
Balance, surplus
$8,214,322
18,549.703
Previoussurplus
Sun). approp. to red.pfd.
stock & for other nonoperating reserves _ _ _ _
$3,041.266
15,508,437
$1,649.419
15,733,422
$524,106
15,209.317
1,874,405
Profit & loss surplus_ -$26,764,025 $18,549,703 $15,508,437 $15,733,423
Average number of corn.
579,327
459.020
abs. outst'g (no par)__ 2,444,794 a2,062,857
$4.22
$12.85
$10.82
$6.36
Earns. per sh.on corn__ a After 3 for 1 split-up or $12.67 on old basis.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1928.
1929.
$
LiabtlUtes-$
$
Assets$
Common stock_ _b98,979,175 68,187,331
Land, buildings,
Acc'ts payable____ 4,278,261 2,941,262
leases & equip174,838,176 117,158,870 Owing to sub. cos.
ment
148,221
(not consul.)... 367,377
a7971,133 6,155,119
Cash
168,771 Excise taxes, payBills receivable_
roils, &c
2,946,918 2,209,628
7,419,122
Accts. receivable 7,528,002
20,564,091 19,454,002 Owing to outside
Inventory
producers and
2,117,709
990,169
Securities
owners of royInvest. In sub.
ally rights
1,086,651 1,797,593
Mill. cos. (not
consolidated).. 16.473,111 10,399,129 Pur. mon. notes
& mtg. bd. of
Deno& to secure
subs. due in 12
2,729,165
contracts ... 2,962,100
months
2.588,236 2.412,036
5.033,817
Deferred charges 5,383.625
Ser. pasets on inv.
due in 12 mos. 1,313,239 1,218,166
Fed. taxes (est.)
2,380,000
920,000
Fur. mon. oblig. of
subs, mat. after
1 yr
1,482,257
Adv. paymle of
film rertals, &c- 836.983
666,388
Fur. mon. notes &
mtgs. of subs__ -57,547,960 41,607,801
Serial payments on
Investments.... 5,776,913 7,294,143
20-yr. sink, fund
gold bonds
14,323,000 14,885,000
Approp. surplus,
.
& c., reserve_ _ 9,310,996 2,107,808
Minority int. in
subsidiary cos. e6,728,415 5.686,624
26.764,025 18,549,703
Total (ea. slde)236,710,407 170,831.704 Surplus
-(1)Contingent mortgage liability ofsubsidiary companies,$1,393,Note.
liability on investment notes discounted, $1,268.500;
907, (2) contingent
total, $2,662,407.
a Includes call loans of $500,000. b Representing 2.685,313 shares of
-V.130. p. 1664.
no par value. c Includes $4,740.900 preferred stock.
Wabash Railway Company.
(14th Annual Report-Year Ended Dec. 311929.)
The remarks of President J. E. Taussig, together with
comparative income account and balance sheet for the year
1929, will be found under "Reports and Documents" on subsequent pages. Our usual comparative tables were publised in V. 130, p. 2196.
(The) Pennsylvania Railroad Company.
(83d Annual Report Year Ended Dec. 31 1929.)
Results.
-The net income for the year increased $18,952,324 compared
with 1928, being equal to 17.64% upon the outstanding capital stock at
the close of the year and compares with 14.69% upon the amount outstanding at the close of 1928. The net income per share (par $50) was
$8.82, compared with $7.35 in 1928.
-The business of the year, as reflected by the operating
The Year 1929.
revenues, while greater than in 1928, was not so large as in the record.
years 1923 and 1926, but the net income exceeded that of any year in the
history of the company. This satisfactory result Is due in part to, and
emphasizes the wisdom of, the policy of your company for many years of
investing in capital account a portion of its earnings to furnish additional
and improved transportation facilities without Issuing securities therefor,
and to the continued efforts of the officers and employees to conduct the
business expeditiously, efficiently and economically. The railroad and
equipment were fully maintained.
-The railway operating revenues increased $32,Revenues and Expenses.
135.615, or 4.9%, due chiefly to the greater volume of freight traffic
handled, the increase being principally in coal, coke, ore, Iron and steel.
The number of loaded cars of freight increased 4.6% compared with 1928,
and the ton mileage increased 8.9%. The larger mail revenues resulted
from the receipt in 1929 of an increase In pay applicable to the years 1925.
1926 and 1927. Express revenues improved as a result of increased business.
Incidental revenues increased principally on account of larger receipts from
demurrage,storage of freight and handling of ore at the lake ports.
Passenger revenues decreased as a result of smaller volume of both long
and short haul traffic, reflecting the continued loss of passenger travel
caused by the more extensive use of private and commercial automobiles
and buses, which has seriously affected the passenger traffic on all railroads.
The general decline in passenger revenues commenced about 1924 and since
then they have steadily decreased. Comparing 1928 with 1923 there was a
decrease of over $24,000,000, or 15.6%. being an annual average of 3.1%.
The decrease in 1929 as compared with 1928 was 1.2% and your management Is hopeful that the passenger business will soon show better results.
While the railway operating revenues increased $32,135,615, or 4.9%,
the larger volume of business was handled with an increase of only $12,978.958, or 2.7%, in railway operating expenses. The principal Increases in
operating expenses were: $2.427,477,in maintenance of way and structures:
$1,411,474 in maintenance of equipment; $1.293,197, In traffic, and
$7,487.104, in transportation expenses, the latter being due chiefly to
larger expenditures for train and yard operation, necessitated by the
Increased business.
-The net railway operating income
Net Rathcay Pperating Income.
amounted to $133,139,626. an increase of $16.032,640 over 1928.
APRIL 5 1930.]
FINANCIAL CHRONICLE
Non-Operating Income.
-Non-operating income increased $4,255,842.
chiefly as a result of dividends and interest on larger holdings of securities
of leased and affiliated companies, higher dividends, and of interest on
advances made in prior years to affiliated companies.
Fixed Charges and Other Payments.
-The increase in "rent for leased
roads" represents principally larger rentals due the Western New York SG
Pennsylvania By. and the Belvidere Delaware RR., whose railroads are
operated by your company, the rentals being the gross earnings less the
operating expenses, taxes and hire of equipment, and whose stocks are
largely owned by your company. The decrease in "interest on funded
debt" is due to the savings effected through the payment of equipment
trust obligations and other items of funded debt.
Net Income, Dividends, &c.
-The net income for the year amounted to
$101,378,518, an increase of $18,952,324, or 23%, compared with 1928.
Against this net income were charged dividends of 8% upon the capital
stock. The rate of dividend in 1928 was 7%. The continued improvement
in net results warranted the payment of a larger return to the stockholders,
and, commencing May 31 1929, the quarterly dividend was increased to
27 or at the rate of8% per annum.
0,
ps,There were also charged against net income the usual appropriations to
the sinking and other reserve funds of $4,962,852, and $654,106, advanced
for construction and other purposes to leased and affiliated companies that
were unable to make repayment. The remaining surplus of $48,925,596
was transferred to the credit of profit and loss. That account was charged
with sundry net debits aggregating $3,408,096, resulting principally from
sales and retirements of various items of road and equipment during the
2381
These operations required the expenditure of about $205,000.000 for
fuel, materials and supplies and improvement work, and approdmately
$349,000,000. for wages paid to 183,000 employees, while $44,700,000
were paid in taxes for the support of our National, State. County and
Municipal Governments. The magnitude of the operations and the large
annual expenditures serve to emphasize the importance of your System as
one of the largest contributors to our National prosperity, and particularly
to the section of the country contiguous to its lines, in the development of
which it has played such an important part.
During the year, 14,928,000 tons of coal were consumed by locomotives,
and the maintenance of the property required the installation of 3,6£6,000
cross ties and 206.000 tons of new heavy steel rail.
Steel Rail.
-Steel rail ordered during the year for use in 1930. aggregated
310,000 tons, the largest steel rail order in railroad history, which, together
with the necessary rail fastenings, will cost approximately $21,000,000.
The orders placed in 1928, 1929 and those in contemplation for 1930, will
amount to about 900,000 tons, representing the greatest consecutive annual
purchases of new steel rail ever made,and illustrate the steps being taken to
maintain and improve the tracks of your railroad at the highest standard
in keeping with the operation of the faster and heavier Gretna in both passenger and freight service.
Operating Egiciency.-Further progress was made in improving the operating efficiency, as is indicated in the following statement of operating ratio
of the system, beginning with the year 1921. This ratio is the percentage
of operating revenues used to pay operating expenses.
77.5
87.6%1926
1921
76.9
1922
82.4
1927
73.8
81.8
1928
General Balance Sheet.
-The general balance sheet shows the financial 1923
72.1
condition of company at the close of the year, compared with Dec. 31 1928. 1924
80.2
1929
The net increase in investment in road and equipment during 1929 on 1925
78.3%
lines owned, leased and operated, as carried on the general balance sheet,
The year 1929 marks the ninth consecutive year in which the operating
was:
ration has shown a reduction, the rat o for that year being the lowest since
Road
$32,731,971 1916. This was made possible through the expenditure of many millions
Equipment
12,934.566 of dollars to improve and expand the plant, equipment and facilities;
General expenditures
614,716 intensive efforts to produce further operating economies and a higher degree
of efficiency and economy in methods, plants and machinery; heavier lading
Total,lines owned
$46.281.253 and increased speed of trains, and continued increased vigilance and cooperating of officers and employees. The following comparisons between
Improvements on leased ry. prop., pay. by the Pennsylvania
RR.,lessee:
1921 and 1929 will illustrate, to some extent, what has been accomplished
Road
$7,997,454 in the important factors of operation:
Equipment (decrease)
550,051 Freight car miles per day increased
35.17
General expenditures
Cr, 141.120 Net ton miles per car day increased
26.2
39.4
Gross tons per train increased
Total,leased lines
$7.588,523 Net tons per train increased
30.5
57.7 •
Gross ton miles per train hour increased
Total
$53,869,776 Net ton miles per train hour increased
47.6%
Large expenditures were also made during 1929 for additional and im- Locomotive miles per day (freight) increased
27.4%
proved facilities by the various leased and affiliated lines in the Pennsyl- Locomotive miles per day (passenger) increased
15.1
vania RR. System.
13.8
Pound of coal per 1,000 gross ton miles decreased
7.0%
Investments.
-During the year additional capital stock or bonds were Pounds of coal per passenger train car mile decreased
58.7%
acquired in leased and affiliated companies, chiefly: Long Island RR.: Material and supplies on hand decreased
The above statistics clearly show the result of the efforts of your mangePittsburgh Ft. Wayne & Chicago Ry.; Pittsburgh Youngstown & Ashtabula Ry.; Cleveland & Pittsburgh RR.; Philadelphia Baltimore & Wash- ment since 1920 in restoring the property and organization to a business
ington RR., and Pittsburgh Cincinnati Chicago & St. Louis RR. A one- basis, the properties having been returned from Federal operation inadequately maintained. with traffic diverted and the organization in a chaotic
third interest in a new produce terminal at Detroit was also purchased.
The increase in "Ivestment in securities issued, assumed or otherwise condition
carried asa liability," represents almost entirely the purchase of company's
Continuous efforts are being made to further reduce the aper•?...ne ratio
10
-year 7% bonds, In anticipation of their retirement at maturity on April to a minimum consistent with the adequate maintenance dr the proga(kty
1930.
and the ability to render an expeditious, safe and satisfactory service to
The changes in "other investments" are due to the purchase of additional the public.
stocks of the Fort Street Union Depot Co. and the New York New Haven
-To accomodate the increasing
Improved Passenger and Freight Service.
& Hartford RR., with which latter road, company interchanges a large
growing demands
volume of traffic; bonds of the Pennsylvania Dock & Warehouse Co., and volume of long distance passenger travel, and meet the and
fast, time-saving schedules,
to the receipt of bonds of the United New Jersey RR.& Canal Co. in reim- of the traveling public for far-reaching improvements in the for luxurious
operation of
service and appointments,
bursement of funds advanced to redeem bonds of that company which
York
matured during the year. The decrease in "notes" represents chiefly the your passenger trains between Newnew and Chicago were effected during
-hour limited train in each direcsale of United States Government securities which had been held as tem- the year by the establishment of a time 20 several other passenger trains.
of
tion, and shortening the running
porary investments.
As a result, your railroad offers an unsurpassed service to its patrons through
Current Assets.
-The decrease in "time drafts and deposits" reflects the the operation of six "twenty-hour" and six "twenty-hour and fifty-minute"
use of funds resulting from the 1928 stock allotment. The decrease in passenger trains between New York and Chicago, which in equipment.
"material and supplies" is due to the continued efforts of the management appointments and service, represent the highest standard of passenger train
to conduct the operations of your railroad with a smaller inventory.
operation. Service to other cities and the New England States was also
materially improved and increased.
Capital Stock.
-The increase of $13,082,450 in outstanding capital stock
for the transportation of freight was also inaugurated,
Improved
reflects chiefly the stock issued to the employees who subscribed therefor and under which service between Chicago, St. Louis and the Eastern Seaboard
freight
completed payment of their monthly instalments during the year under the is being delivered on the third morning after it is dispatched. This places
terms of the employes' stock plan of 1928. A small percentage of em- your freight service between those points, eastbound as well as westbound,
ployes discontinued payments on the stock to which they bad subscribed.
a third morning delivery basis throughout the entire year.
This stock was sold at current market prices, a premium of 31,103.136, onThe travel habits, comfort, convenience and business necessities of the
having been realized therefrom.
public are of paramount importance, and a constant study is being made to
The board of directors, in the latter part of the year, authorized the
service and facilities to best meet their demands.
Issuance and sale of additional capital stock to the extent of $89,836.050 adjust the
-It is recognized that motor vehicles offer
Rail-Motor Highway Service.
(par). Of this amount, $71,836,050 was allotted to stockholders at par
in amounts equal to 12ii% of their respective holdings as recorded an important supplemental service which the railroads can utilize to ad($50)
on the books at the close of business Dec. 7 1929. The funds derived from vantage. In the territory served by your lines, intensive efforts have been
this issue will be used for the redemption of obligations maturing in 1930, made to co-ordinate the motor coach and motor truck service with your
-year 7% secured gold bonds issued in 1920, train operations, on the theory that each of these forms of transportation
which include $50,000,000, 10
as well as to pay for necessary additional equipment and facilities: to reim- has a field in which it excels, and that the public is entitled to the utmost
burse the treasury for outlays for capital account purposes heretofore possible elasticity in its transportation mediums. The question of comade, and for other corporate purposes. As this stock was not issued until ordinated transportation is one of the most important present-day problems.
1930 it does not appear on the general balance sheet.
requiring for its proper solution scientific study and treatment, and coThe directors will, at the forthcoming annual meeting, request the operation on the part ofthe public and the authorities in charge ofregulation.
stockholders to approve the issue and sale of $18,000,000 capital stock
Your management believes that motor coach service should be conducted
to the employees (at $50 par) and on such other terms and conditions as under responsible management, and upon a basis which, in safety, rethey shall find expedient. In 1928, when stock was first offered to em- liability, comfort and convenience, will, in so far as possible, offer patrons
ployees, subscriptions were made by over 100,000 employees in all depart- service comparable to that of standard passenger train service.
ments of the service, 40,000 of whom are still paying for the stock on the
Considerable progress has been made in this direction during the past
instalment plan, which will be fully paid for in 1930. The board deem it year, and your company is co-operating with various companies specie
proper to recommend that the stockholders give their consent to this issue in motor traffic. In lending its endorsement and support to this form o
of new stock. The management believes that employee ownership of stock transportation on the public highways, and in arranging such service in
strengthens the cordial relations and increases the co-operation that exist conjunction with its own train operations, it will be the policy of your
between the employees and the management: permits the employees to company to assure the public that motor operations with which it is asparticipate more fully in the prosperity due to increased efficiency, and is sociated will be conducted in accordance with proper standards.
an inducement to persevere in their efforts to continue the company's
A bill is now pending before Congress dealing with the regulation of
service at the highest possible standard and increase the net income, with motor buses operating on the public highways. This legislation should
have the effect of placing this class of business under responsible manageresultant benefits to stockholders and the public.
As a result of such issues and sales of stock, including the proposed ment and is in the public interest.
$18,000,000, recommended to be sold to the employees, about $31,000,000
Rail
-Air
-The cor-ordinated 48 hour rail-air service between New
of the present $700,000,000 of authorized capital stock will remain unissued, York and Service.
Pacific coast cities involving a combination of train and airplane
which is not sufficient to meet the company's future requirements. There- was
inaugurated on July 7 1929, and is now in successful operation. This
notice already given, there will be submitted for
fore, in accordance with
consideration of the stockholders at the annual meeting, the question of service Is performed in co-operation with the Transcontinental Air TransIncreasing the authorized capital stock to the extent of $170,000,000, port-Maddux Air Lines, in which your company has an interest, and with
making the total authorized $870,000,000. which increase, in the judgment the Atchison, Topeka & Santa Fe Ry.
Your management is of the opinion that, for the present, successful
of directors, is necessary and desirable.
No issue of any part of this new stock is now contemplated, but it is commercial flying in America depends upon a co-ordinated service, rather
than
essential to have such authorization,so that the company's capital require- joint in the establishment of lengthy routes covered by airplane alone as
rail-air routes seem particularly adapted to the vast distances within
mant can be met through the issue of either stock or bonds, as financial
a
conditions may Justify. Therefore,such stock increase,should be authorized our national boundaries.
Federal Vatuation.-The issuance by the I.
by the stockholders, so that the new stock may be issued by directors at
-S. C. Commission in June
such times, in such amounts, at such prices-not less than par- and for 1929, of the so-called "final valuation" reports on the Pennsylvania RR.
such improvements and extensions of the road, equipment and facilities, and 67 other corporations, practically brings to a conclusion the first major
and for such other corporate purposes and requirements as may be for the step in connection with the Federal valuation of the properties of the companies in your system. With the exception of several of the minor subbest interests of company.
The total par value of capital stock is 50.6% of the aggregate stock and sidiary roads which are yet to be reported, all of the final valuations have
now been received. These valuations were based on the Commission's
bonds outstanding as of Dec. 31 1929.
-Equipment trust obli- usual method for ascertaining value, to which your company,together with
Changes in Funded Debt and Other Liabilities.
other railroads in the country, has objected. The Commission's valuations
gations aggregating $5,800,000, which matured during the year, were paid, considerably exceed the amount at which the property and equipment are
various other outstanding bonds and trust cer- carried on the books of the servers' companies as of the dates of valuation.
and minor reductions in
tificates were also made.
The Valuation Act provides that after the primary valuations have been
The iricresse in "current liabilities" calls for no particular comment determined, they
be brought up to date under methods prescribed by
except the increase in "miscellaneous accounts payable, which results the Commission. shall Commission is now proceeding with this stage of the
The
chiefly from larger deposits of leased and affiliated companies whose capital Investigation. The date to which the primary valuations are being adcompany. The changes in the accrued justed is
stock is almost entirely owned by
Dee. 31 1927; and under the orders of the Commission your comdepreciation accounts are She net result of the operation of these accounts pany is preparing the data for the underlying reports and is continuing to
during the year.
co-operate with the Commission to the extent required.
The principles which are to determine value are still unsettled, but we
Public Serrice.-The public service performed during the year was
equivalent to carrying one ton of freight 49 billion miles and one passenger believe the contentions of the railroads have been materially strengthened
six billion miles,and was 10)4%_of the freight traffic and over 19% of the by two decisions of the Supreme Court of the United States during the
Passenger traffic of the entire United States. Your System operates daily past year.
Leases of West Jersey and Seashore and Western New York and Pennsylvania
approximately 6,500 trains, both passenger and freight, on its 28,000 miles
Roads.
--Continuing the policy of unifying the Pennsylvania RR. system
of track.
2382
so as to further increase efficiency and economy in operation and administration, directors believe it desirable for company to negotiate long
term leases of the lines of the West Jersey & Seashore RR. and Western
New York & Pennsylvania Ry. and the question of leasing the railroads,
properties and franchises of these companies will be submitted for approval
at the annual meeting.
These companies have reached a position where their lines, facilities and
train service should no longer be considered and reported as separate railroads, but as integral parts of the Pennsylvania RR.. and their future
development and improvement requires that sound basis of credit which
the leases will provide, and the further economies which a single management and united service will afford.
The West Jersey & Seashore RR. owns 339.91 miles of road, extending
from Camden, N. J.,to the principal Southern New Jersey seashore resorts.
Approximately 72% of its capital stock is owned by your company and its
affiliated companies. The basis of the proposed lease, for a period of 999
years, is an annual rental to the fixed charges, taxes and a dividend of
6% per annum upon the capital stock.
The Western New York & Pennsylvania By. has been controlled by The
Pennsylvania RR. since 1900. which at present is operating its railroad
under a yearly lease on the basis of a net earnings' rental, but subject to
cancellation by either company on 60 days' notice. It owns 566.03 miles
of road, located generally in the northern part of the State of Pennsylvania
and the western part of the State of New York, through the use of which
your lines are extended to Buffalo and Rochester, N. Y. Your company
owns 99.9% of the preferred stock and 99.8% of the common stock. The
basis of the proposed new lease, which is for a 999 year period, is an annual
rental equal to the fixed charges, taxes, dividends of 5% per annum upon
the preferred stock and 6% per annum upon the common stock:
The lease of the West Jersey & Seashore has been approved by the stockholders of that company and if the lease of the Western New York &
Pennsylvania By. is approved by its stockholders, and both leases are
-S. C.
approved by the stockholders of The Pennsylvania RR. and the I.
Commission, they will become effective as of July 1 1930.
Stockholders.
-The capital stock of company has reached a new high
record for wide-spread ownership, being owned by 196,119 holders as of
Dec. 31 1929, an increase of 42,111 compared with the previous year, the
average number of shares held by each stockholder being 58.6. A large
proportion of this increase in the number of stockholders represents new
employee holders as a result of the employees' stock allotment of 1928.
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT
(AS CARRIED ON BOOKS).
Pennsylvania Railroad company and lines directly operated'.
Net Ry. Oper.
Inc. . Ins:
of
Ins. in Road
Net Ry. Oper.
in Road &
Calendar YearsIncome.
Equilo.
$1,416gr 10
)
,6
$37,037,344
1921
1.88
1,975,081.422
73,411,398
1922
3.72
2,052,362,136
83,545,404
4.07
1923
2,108,385,309
78,799,913
3.74
1924
2.147,439,758
100,108,008
4.88
1925
2,217,005,932
108,432,757
4.80
1926
2,268,508.722
103,977,303
1927
4.58
2,296,554,418
117,297,686
5.11
1928
2,373,120,985
133,139,626
5.61
1929
Investment in road and equipment above stated does not include material
and supplies or other working capital.
STOCKSOWNED BY THE PENNSYLVANIA RAILROAD DEC. 31 1929.
Total Par.
Shares.
Name of CompanyAmerican Contract & Trust Co
10,000
$500,000
Baltimore & Eastern RR. Co
16,830
841.500
Baltimore & Viginia Steamboat Co., common
8,800
440,000
Balitmore & Virginia Steamboat Co.. preferred
1,191
59,550
Belvidere Delaware RR. Co
4.892
244,600
5,000
250,000
Cherry Tree & Dixonville RR. Co
7.000
700.000
Chicago Union Station Co
Cincinnati Union Terminal Co., common
50
5,000
9,319,950
Cleve. & Pitts. RR. Co., special guar. betterment- 186,399
22,254
1.112,700
Columbus & Xenia RR. Co
3,507
175,350
Connecting Ry. Co
400
20,000
Connecting Terminal RR. Co
7,000
700,000
Cumberland Valley & Martinsburg RR. Co
26.000
1,300,000
Delaware River RR. & Bridge Co
2,000
100,000
Duquesne Warehouse Co
1,000
50,000
Enola Realty Co
500
25.000
Enola Sewerage Co
2,500
250.000
Fort Street Union Depot Co
200
20,000
Fort Wayne Union By. Co
378
37,800
Freehold & Jamesburg Agricultural RR. Co
125
12,500
Frontier Electric Ry. Co
18.494
1,849,400
Fruit Growers Express Co
21,500
2,150,000
Grand Rapids & Indiana By. Co
No Par.
120.000
Green Real Estate Co
3,000
150,000
Johnsonburg RR. Co
2,094
209,400
Lehigh & Hudson River Ry. Co
52
2.600
Little Miami RR. Co.(original)
1,099,023
54,951,150
Long Island RR. CO
30
600
Lykens Valley RR.& Coal Co
40,000
2,000,000
Manor Real Estate & Trust Co
1,245
124.500
Merchants' Warehouse Co
3
3,3331.
1,666,666
Monongahela Ry. Co
15,000
1,500,000
New York Connecting RR. Co
17,302,500
New York, New Haven & Hartford RR. Co., corn. 173,025
50,000
2.500,000
New York, Philadelphia & Norfolk RR. Co
124,520
12,452,000
Norfolk & Western Ry. Co., adjustment prof
216,560
21,656,000
Norfolk & Western By. Co., common
261,161
13,058,050
Northern Central By. Co
22,157
1,107,850
. Pennsylvania & Atlantic RR. Co
2.492,500 124,625,000
Pennsylvania Co
30,000
3,000,000
Pennsylvania Terminal Real Estate Co
50,000,000
500,000
Pennsylvania Tunnel & Terminal RR. Co
834
83,400
Peoria & Pekin Union Ry. Co
3,968
198,400
Perth Amboy & Woodbridge RR. Co
4,000
200,000
Philadelphia & Beach Haven RR. Co
17.929
448,225
Philadelphia & Camden Ferry Co
600
6
Philadelphia & Trenton RR. Co
21,586,943
Philadelphia, Bait. & Washington RR. Co.(The). 431.738%
1,000
10,000
Philadelphia Union Stock Yards Co
26,484,150
- 264,8413'i
Pittsburgh, Cincinnati, Chic. & St. L. RR. Co.
75,762,000
Pittsburgh, Ft Wayne & Chicago Ry. Co.. com.-- 757,620
15,000
1,500,000
Pittsburgh Joint Stock Yards Co
3,050,000
Pittsburgh, Youngstown & Ashtabula By. Co., pL. 30,500
126
No Par.
RailwafExnress .Agency, Inc
4,450
445,000
Richmond-Washington Co
5
250
Rocky Hill RR. & Transportation Co
1:000000
800,000
Southern Pennsylvania Railway & Mining Co16
100,000
St. Louis Connecting RR. Co. common
,
190
9,500
Stewartstown RR. Co. of Pennsylvania
5,000
Stuyvesant Real Estate Co500,000
21,368
2,136,800
Susquehanna Coal Co
2,000
200,000
Terminal Warehouse Co. of Baltimore City
3,872
387,200
Toledo Terminal RR. Co
50,000
No Par.
Transcontinental Air Transport. Inc
1,350,000
13,500
United New Jersey Railroad & Canal Co
2.800
140,000
Waynesburg & Washington Ry. Co., stk. subscrip1,511,100
30,222
Western Allegheny RR. Co
6.747,900
West Jersey & Seashore RR. Co., common ___- - 134,958
907
45,350
dWest Jersey & Seashore RR. Co.. special guar'I' 5434
2.725
Western New York & Pennsylvania Ry. Co
23,846,651
0i
Western New York & Pennsylvania Ry.Co., corn-476,9332
Western New York & Pennsylvania By. Co., non6,944,900
138,898
cumulative5% preferred
1,826
91,300
Wilkes-Barre Connecting RR.Co
987.000
19,740
York, Hanover & Frederick By. Co
8.019,150
Sundry Water Companies
19,587
Miscellaneous stocks
Stocks held under lease of United New Jersey Rail8,415,000
road & Canal Co
Total
[Vohs 180.
FINANCIAL CHRONICLE
6516.492,798
TRAFFIC STATISTICS PENNSYLVANIA RR. REGIONAL SYSTEM.
Calendar Years1929.
1928.
1927.
1926.
No of pass carried- 113,713,797
129,076,228
137,141,641
118,120,504
No pass. carr. 1 mile 4,234,747,758 4,318,664,600 4,841,211,501 4,918,301,580
Avge. revenue from
each passenger_ .._ _
114 cts.
118 Os.
115 eta.
113 eta.
Average revenue per
Passenger per mile_
3.173 eta.
3.158 etc.
3.167Icts.
3.159 eta.
No. of pass carried
12,214
13,060
13,927
per miles of road__
11.890
No. of rev, tons carr.. 233,528,274
215,371,187
223,200,064
244,704,115
No. of revenue tons
carried 1 mile
49,174.162,345 45,171,430,130 45,356,971,186 49,116,691,068
942
847
824
Avg. trainload (tons)
1,005
$2.15
$2.09
$2.06
Avge. rev. per ton
$2.09
Average revenue per
1.024 etc.
1.024 eta.
ton per mile
0.994 ets.
1.030 cts.
No. of rev, tons car20,037
22,467'
ried per mile of rd_
21,747
20,568
Gross revenue per
$46,194.
$45,496
$43,039
$43,051
mile of road
INCOME STATEMENT FOR YEARS ENDED DEC. 31.
1928.
1927.
1929.
1926.
Mileage (including 67 miles of
10,534
canals and ferries)
10,581
10,594
10,579
$
$
$
$
Railway Operating Revenues482 896,402 457.294,397 461,612.156 497,424,226
Freight
129,583,665 131,179,770 140,810,692 147,976,357
Passenger
49,086,991 42.535,860 42,008,898 42,872,757
Mail, express, die
Incidental
20,306,579 19,058,688 19,902,722 20,974,876
Cr.829,294 Cr.498,600 Cr.518,555 Cr.569,233
Joint facility (net)
Total railway oper. revenues -682,702,931 650,567,316 664,851,023 709,817,450
Railway Operating ExpensesMaInt. of way and structures-- 87,847,375
131,642,781
Maintenance of equipment
Traffic
. .
235,190.937
Transportation
8,410.012
Miscellaneous operations
19.826,177
General
Cr.821,101
Transportation for investment
85,419,898
130,231,307
. .
227,703,832
8.368,755
19,220.966
Cr.534,338
87.929,524
140.878.861
, .
245,052,205
8,760,046
18,971,707
Cr.501,684
92,362,198
161,880,739
. .
259,815,202
9,228,605
18,642,827
Cr.453,626
Total railway oper. expenses--493,150,592 480,171,634 510,668,662 550.360.578
Net rev,from railway operations_189,552,339 170,395,682 154,182,361 159,456,872
40,518,596 37,846,357 35,709,749 37,110,198
Railway tax accruals
261,611
149,611
88,002
88,726
Uncollectible railway revenues
Railway operating income__148,945,017 132,461,323 118,323,001 122,085,068
-Debit bac__ 14,116,524 14,047,210 12,923,190 14.921,271
Hire of equipment
Dr.1,688,867Dr.1,116,427Dr.1,422,508 Dr.731.039
Joint facility rents
Net railway operating income_133,139,626 117,297,686 103,977,303 106,432,757
Non-Operating Income
income from lease of road
Miscellaneous rent income
Misc, non-oper, physical prop_ Separately operated prop., profit.
Dividend income
Income from funded secui RiesInc. from unfunded secs. & accts.
Inc. from skg. tv other res. funds_
Release of prem. on funded debtMiscellaneous income
278,160
2,430,449
277,695
2,188,469
276,804
2,339,276
28,535,116 27,042,894 23,613,366
10,959.435 8,176,070 9.127,555
3,030,130 3,441,766 4,917,164
3,516.435
3.361,935 2,921,468
41,775
46,829
41.363
100,542
2,397,274
52,002
77,126
24,038,838
6,808.091
3,462,541
2,958,214
3,921
1,487
Total non-operating income-- 48,791,500 44,535,658 43,236.996 39,890,036
181,931.126 161,833,345 147,214.300 146,322,793
Gross income
Deductions
50,442,830 48,585,352 47,029,935 45,927,919
Rent for leased roads
Operating deficits of branch roads
108,543 Cr.46,671
56,960
206,305
born by Pennsylvania RR1,093,092
1,223,430 1,226.473.
1,061,311
Miscellaneous rents
101,882
113,068
123,769
118,174
Miscellaneous tax accruals
18,957
69,852
Separately operated prop., loss
27,777,736 28,800,564 29,893,587 30,013,723
Interest on funded debt
465,704
458,658
976,810
876,346
Interest on unfunded debt
295,662
289,550
279,838
97.815
Miscellaneous income charges_ _ _
Total deductions
Net income
80,552,608 79,325,731 79.054,004 78,754,835
101.378.518 82,507,613 68,160,296 67.567.959
Disposition of Net Income
5,164.438 4,108,483
Sinking and other reserve funds_- 4,962,852 4,634,814
(8%)46.835965(7)38,17l621(7)34949502(614%)32451339
Dividends
Balance,surplus
49,579,701 39,701,190 28,046,355 31.008,137
Shs,of cap.stk. outst'g (par $50). 11,495,128 11,233,479 9,985,314 9,985,314
$7.35
Earns, per share on capital stook..
$6.83
$8.82
$6.77'
GENERAL BALANCE SFIEBT DEM 31s
1929,
1928.
1929.
1928.
Liabilities$
Assets$
$
Capital stock,.-.574,756.400 561.673,950
Investment in
Road
564,388,902 531,656,931 Prem. on stock- 8.737.794 7.634,657
Equipment___540,320,032 527,385,465 Grants in aid of
construction
100
100.
Gen'l expend- 3,778,571
3,161,855
:
Fu
428,470,860 428.477,860
Impt. on leased
railway prop,. 76,794,115 69,205,592 Pd. debt of acq.
Sinking funds72,342
116,074
Penna.un b3 34,576,500 34,591,100.
. k:
cos.ep msR__
Misc. phys. prop 1,318,544 1.318,527
Pd. debt assum - 29,001,000 29,453,000
Inv. In affil. cos.
tarat ettt_s_t_k
Stocks
389,697,132 360,202,143 Gurutnteed ;
7,478,250 7,478,250
Bonds
61,066,353 37,491,227
Notes
39,648,238 39,376,238 Equip. tr. oblig- 58,389,000 64.189,000
.
co ist . 3 s
.
Advances
120,336,778 123,358.503 Girntd Pm.Stor
1,627,000 1,649,000
Inv.in sec. iss'd,
WSW:
I1.0r carr.
Mrens & gra uled
tget pay ob n
. 840,955
72 :000
3 3
9 05
4
as liability by
accounting co. 4,864,663 1,673.280 Loans & bilis paY
9,000
Other investls- 76,188,509 82,021,265 Tr
baaces serv 10,436,466 11,164.270
aflt car pay..
29,840.086 34,920.895
Cash
Audited sects.
wages pal,ab
Demands loans,
11 31,861,295 28,993,903
time drafts &
4,187,646 12,654,233 Misc,accts. pay. 29,484,690 21,612,500
deposits
307,373 Int. mat. unpaid
431,743
472,665
Special deposits_
480.828
746,524
71.506 Div. mat. unpd85,821
Loam & bills rec
100,662
Fund, debt mat.
Tref. & car serv.
unpaid
8,387,614 9,050,658
18,771
balances rev
152,371
int.accr. 6.249,712 6,221,389
Un
Net bal. rec. fr.
agts. & coed,. 11,251,359 11,020,380 Unmatrents am 6,583,819 6,664,421
Misc. accts. rec_ 12,400,577 13,974,865 Otis. curr. liabll. 1,237,910 1.178,237
Mat'l & supplies 38,401,816 40,547,730 0th. def. llabils- 3,195,885 2,756,786
Int. & MN's. rec- 4,275.566 3,872,203 Tax liability
43.883.792 36,708,994
0th. curr. assets
343,182
399,504 Prem. on fd. dl,.
119,925
123.846
road &deprip:
Work,fund adv.
309,339
265,833 Accrued eciueo
Insur.& oth.fds. 73,471,961 67,553,999
201.370,298 193,000,484
Other def. assets
73,641
70,136 Res. for inj. to 3.796.618
Unadjus. debits. 15.710.694 17.129.718
Re ve7ftreigoils
c rs or l ht:
i m
E
2,652,077
Otis. unadj. cred 64,806,446 69,419,285
Ad hr
td
'
ns ). &sur. .
.inr prop 212,418,359 212,314,083
. 6.954.506 6,515,488
Fund.
hr.
Sinking fund res.
116,074
72.342.
Misc, fund res 65,082,284 60,245,658
APPr 9 surin us 12,880.859 9,829,627'
not s. cli.pl .
° pe
Tot.(ea.side)2078388584 1988762405 Prof.& loss, bal.230.834.073 185,316,574.
-17,, 130, p. 2203.
APRIL 51930.]
23S3
FINANCIAL CHRONICLE
Delaware & Hudson Company.
(100th Annual Report-Year Ended Dec. 31 1929.)
The remarks of President L. F. Loree, together with comparative income account and comparative balance sheet for
1929. will be found under "Reports and Documents" on
subsequent pages.
BALANCE SHEET DEC. 31.
1929.
1928.
Liabilities
Assets$
$
Stocks owned.._x44,980,855 23,517,969 Common stock- 5,296,460 5,032,240
29,862
27,433
Miscell. stocks___ 2,268,583 9.885,789 Accounts payable_
Loans pay. (see.). 1,363,895
Bonds of domestic
Divs. payable....504,424
478,308
co's (at cost)___ 393,694
810,438
Cash
840,991 3,314,879 Tax reserves, azo__ 1,347,899
Other assets
53,454 Capital surplus___ 4,226.650 4,150,500
66,988
Earned surplus-__35,781,922 26.273,172
TRAFFIC STATISTICS FOR CALENDAR YEARS.
48,551,111 36,772,091
Total
Total
48,551,111 36,772,091
1926.
1927.
1928.
1929.
x Stocks of
paying corporations at cost, $32.452,383
No. tons carr. (rev. frt.) 27.028,409 23,557,354 24,981,012 26.794,153 (market value listed dividend 339,844,012); stocks of listed non-dividend
Dec. 31 1929,
No.tons carried 1 mile- - 3464181557 3299189361 3535799440 3773810041 paying corporations at cost. 312,528,473 (market value Dec. 31 1929,
Av. rev, per ton per mile
$.01062
3.01025
$.01020
$.01017
Frt. rev. p. mile road op. $39,506.01 $37,664.11 $40,428.29 $44,693.17 $12.044,523).-v. 130, p. 2041.
'Trainloads in tons (rev838.35
enue freight)
837.00
847.87
86,907
Louisville & Nashville Railroad.
No. passengers carried_ - 2,709,368 3,022.504 3.255,178 3.560.497
No. pass. carried 1 mile_ 99,861.930 106,895,399 108,895,212 113,657,792
(79th Annual Report-Year Ended Dec. 31 1929.)
Av, amt. per pass. mile_
3.0328
3.0332
$.0328
3.0329
Pass.rev, per mile road_ $3,945.24
$4,335.43 $4.470.68
$4.204.51
The report, signed by Chairman H. Walters and President
Av, no. pass, per tr. mile
47.47
45.47
44.37
43.56
INCOME STATEMENT FOR CALENDAR YEARS.
1926.
19271
1928.
1929.
Transportation of mdse.318,698,260 317,595,393 $17,921,407 $18,308,677
Transportation of coal__ 16,513,842 16,068,791 18,322,959 21,767,237
5,784,215
Passengers, &c
5,601,576, 5.693,854 5 637.298
573,561
Miscer aneous
871,862
927,458
607,700
Total oper. revenue--341,421,37S $40,285,496 342,753,526 $46,433.690
5,373.037
Maint.of way,&c
5,127,034 4,740.694 5,713,637
Maint. of equipment_ _ 9,541,936 9,388,659 11,284,973 11,506.764
619.518
Traffic
639,573
651,348
680,150
Transportation_ _ 14,775.907 14,713.567 15,024.743 15,411,348
General & miscellaneous 2,127,796 2.205.867 2,012.958 2,045,182
Tramp, for invest. (Cr.)
14,030
14,406
19.782
17,252
W. R. Cole, together with income account, comparative
balance sheet as of Dec. 31 1929 and other statistical data,
will be found under "Reports and Documents" on subsequent pages of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1926.
1928.
1929.
5,064
5.038
5.076
Avge. miles ofroad oper_
5,176
$
$
Freight revenue
107,640,549 112,805,423 116.384,472 116,617,329
15,473,111 17,353,852 20,026,869 22,142,710
Passenger revenue
8,376,492
Mail. & express, &c._
8,942,323 5,479.183 8,193.776
3
147,136,630
21,715,672
33,029,477
3,061,003
50,658,351
4.417.555
419,668
Total income
132,055,983
Expenses-Maint. way- 21,118,138
Maint. of equipment_ 30,406.966
Traffic expenses
2,958,996
Transportation exp.,.- 45,009.440
Miscell. & gen. exp _ _ _ 5,207,521
Tramp,for inv.-Cr
154,386
Gross LIT. op.income $9,684,818 $9.135,808 $8,632,322 $11,911,717
1.471,158
1,688,168
1.122,128
Railway tax accruals- _ 1.135,500
Cr7,888
686
Uncollectible ry.rev_
2,072
11,059
68,292
55,927
80,171
Rent for equipment_
101.618
502,404
400,673
Joint facility rents
379.020
391.422
Total expenses
104,546,674 106,231,041 112,857.835 112,462,391
Netfrom railroad
27,509,309 29.407,416 31.747.282 34.674,140
Taxes
7,566.457 7,605,176 7.639,855 7,927,642
Uncollectible revenue_ -20,214
19,696
23.738
23,790
Equipment rents (net)- _Cr1,726,776 Cr793,069 Cr178,041
Cr812,459
Joint facility rents (net)_ Cr.347,808 Dr370,042 Dr388,938 Dr495,900
Net ry. oper. income_ $8,054,206 $7,543,429 $6,589,782 $9,774,816
Non-oper. Income
112.911
91,401
Income from leased road
108.859
113,308
87.902
Miscell. rent income_ _ _ _
81,400
84,683
92,491
Misc. non-op. phys. prop
1,971.475
Dr1.362 Dr284,925
Dr284
1,258.440
1,335,309
Dividend income
1,199.455
152.487
Inc.from fund. secs. and
unfund.secs. & seals_ 4.059,293 2,308,731
621.784
559,800
Miscellaneous income _ _
915,794
1,820,740
127,809
124.075
wetry.oper.income_ -
Non-operating Income,.,.
Total income
Int. on funded debt__ _ _
Other deductions
135,638,457
21,036,462
30,408,612
2.962,228
46,993.053
5,026,774
196,088
144,605.117
22,147,438
32,443.885
3.189,787
50,531,905
4,837.089
292,271
Total oper. expenses_ _332.235,572 $31,685,730 $34,656,101 $34.941,819
Net earns, before taxes.._ 9.185,806 8,599,765 8,097.424 11.491.871
Other Income
-130,136
37,018
Hire of freight cars
177,160
170,346
224.397
196,848
Rent freight equipment_
194,066
176,409
185,981
180,364
Joint facility rents
164,817
152,256
21,993,646 22,205,053 23.876,834 27,039.319
3.783,224
4,006,042 3,251.675 4,075.051
25,999.689 25,456,728 27,951.885 30.822,543
10,634,582 10,763,746 10,893.095 11,023,086
377,346
332.550
369,761
1,638,565
Net income
13.726.542 14,323.219 16.726,240 19.422,111
Dividends
8.190.000 8,190,000 8,190,000 8.190,000
Income applic. to sk. fd_
328
328
298
289
Miscall, approp. of inc_
13,379
Gross income
$12,594,862 311.372,520 $9,301,687 $15,634,941
Deductions
Balance.surplus
5,536,244 6,132,930 8.535.913 11,218.404
Rent for leased roads _ _ _ 1,911.008
1,962,169 Profit & loss, surplus---103,493,602 86,500,406 80,341,468 71,336,122
1.915,545
1,883,867
Int, on funded debt,.,..,. 2.855.940 2,931,614 3,266,625 3,641,312 Earns per sh. on cap.stk
$14.31
$11.73
$12.24
$16.60
Int. on unfunded debt
223,206 -V. 130. P. 1651.
441,475
145,324
1,663
Misc,tax accruals
1.483,196
584,995
2.250
9.900
Miscellaneous
55.743
447,613
15,287
43,054
Net Income
Dividends paid
37.808.712 $6,358,759 $3,037,304 $7,877,445
4,641,651
4.641,651 4,251,958 3,836,902
International Harvester Co.
(Annual Report-Year Ended Dec. 31 1929.)
The remarks of President Alexander Legge, together with
the income and surplus account and balance sheet as at
Dec. 311929, will be found under "Reports and Documents"
on subsequent pages of this issue.
Balance, surplus
$3.167,061 $1,717.108d131,214.654 $4,040,543
Shares of capital stock
430,927
outstanding (par $100)
515,739
515,739
515.739
$18.28
Earns.per sh.on cap.stk.
$5.88
$12.33
$15.14
GENERAL BALANCE SHEET DEC. 31.
1928.
1929.
1928.
1929.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Liabilities
Assets$
1929.
1928.
1927.
1926.
Capitalstock__ 51,573,900 51,573,900
lave:Ain't In rd.
Operating income
$59,614.589 349,333.613 $36,863.501 334.348.913
& equipment _ 77.703,706 77,040,171 Premium on cap535,743
272.487
321,046
276,159
ital stock_ _ _ _ 4,535,450 4,535.450 Deductions-Interest
Impts. on leased
405.646
Ore and timber eating
328.138
423,749
495.817
railway prop'y 14,085,279 13,472,213 Funded debt unReserve for deprec n
8,938.953 7,422,355 5.461,222 4,781,283
Misc. phys. prop
matured
6,472
69,937,050 60,202,450
6,473
Special maint.reserve..,. 3,632,262 3,030.890 2,641.286 2,017.594
Inv. in Mill. cos. 27,168,795 30.880,522 Traffic & carser4,899,495 3.266,883
2,656.982 2,119,168
Other investm'ts 10,394,947 4.762.804
vice bats paid
319,975
528,275 Res.for losses on rec
2,000,000 2,000,000
Cash
Develop & extension_
2,093,784 2.250.012 Audited accts. &
750.000
Demand loans &
750,000
wages payable 3,236,623 5,647.843 Res.for coll. expense
deposits
2,500,000
2.000,000
2.000,000
212,054
225.127 Pension fund
16,450.000 8,041,745 Misc, accts. pay.
Special deposits.
1,750,000
361,768 Int. mat. unpaid
407,949
51,528
47,500 Res.for touting
Time drafts &
Divs, mat. unpd
119,592
111,505
deposits
336,779.998 329,685,350 323.359,215 322.658,891
15,000.000 45,000,000 Funded debt maNet profit
Loans & bills roe 20,050.000
29,759,714 83.242.886 77.042,890 64.934.939
870,000 Lured unpaid_
7,100
7,100 Previous surplus
Traffic & cur serUmnatured Int.
vice vais. rec. 1.407,074 1,034,793 accrued
$66,539,712$112.928,237$100,402.105 $87,593.831
456,606
Total
463,873
Agents' & conUnmatured rents
Preferred diva.
(7%)- 5,442,615 5,099.173 4.792.084 4.558.338
_
ductors bats.
171,143
156,967 accrued
115,832
115,832
do (in stock).-(S2.50)11,023,014 (6)7,651.231 (6)6,294,630(6)5,992,602
.
Misc. accts, rec. 3.742,675 3,743,996 Other cur.!lab_ _
4,280,348 6.072.504
583,060
580,639
do (in stock)
Mat. & suPP - - 3,719,626 4,180,384 Deferred ilabil's 1,658,140 1,683,317 Amt, trans. from surp.
Int. & diva. rec.
137,782
115,173 Tax liability,..
66,137,770
493,147
289.628
to capital
Rents receivable
6,990
6.900 Insurance & casOther curr Assets
4,430
ualty reserve. 1,180,085 1,141,887
Profit & loss surplus- $50,074.083 329.759,714 $83,242,886 $77.042.890
Work,fund adv.
12,332
11,685 Accr. deprec'n
She, corn. stk. outstandInsur&other Ids 1,247,471 1,227,818 equipment_ _ _ 11,903,179 11,214,680
x998.768
4,409,185 4,409.185 x1,059.493
ing (no par)
Other der assets
2,542
6,209 Other unadjust$17.52
$5.58
$18.12
Earned per share
$7.11
Bents de insur.
ed credits,.... 1,496,960 1.500,575
premiums paid
Add'ns to propCONSOLIDATED BALANCE SHEET DEC. 31.
in advance_ _ _
71,754
96,424 arty through
1929.
0th. unadjusted
1928.
1929. •
1928.
Inc. & Burp_ _ _ 7,017,687 7,006.777
1 Liabilities-Assets$
debts
228,263
491,909 Profit & loss, bal 49,421.387 46.676,137
$
$
Real est., plant
Preferred stock - 78,699,800 73,712,300
Securs. issued or
mines,&c_a115,343,363 103,944,447 Common stockc176,367,400 176,367,400
min,&c..
assumed, uspledged
400
400 Total
194,113,419 193.758,438 Marketable set. 2,406,286 6,869,345 Current invoices,
Deferred charges
pay t'ls, tax, c38,425,348 34.896,482
501,280
668,772
130, P. 1109.
Inventories _ _ _102,295,188 80,231,599 Pen.fd. prov.for
Accts. rec.,'Sc 6137,325,297 120,467,701
Can. employ's 1.013,480
Newmont Mining Corporation.
Investments _ _ 2,561,398 1,637,742 Fret. thy. pay'le 1,391,402 1,310,977
.
Cash
23,478.017 32,468.372 Corn. div. parte 2,755,759 2,755,741
(Annual Report
-Year Ended Dec. 31 1929.)
Fire insur. re've 9,227,469 8,971,785
Special maint_ __ 13.623,580
The remarks of President Charles F. Ayer and Treasurer
Other reserves_ _ 12,500,001) 18,346,085
Surplus
50,074,083 29,759,714
H.E. Dodge, together with an income account and a balance
sheet as of Dec. 31 1929, will be found in the advertising
pages of to-day's issue.
EARNINGS FOR CALENDAR YEARS.
1928.
1927.
1929.
1926.
Gross earnings
$13,291,590 $8.328.623 316,791,516 $4,696.633
Interest paid
9,487
State tax&res.for Fed.tax 1.267,967
716,522 2,124,340
423.862
Admin. ;ft other expenses
129,080
92.499
184,763
90.691
Exp.for investigat maize.
44,663
81,227
68,409
52,325
Net income
311.777,049 $7,438,357 $14,493,450 $4.113,672
Cash dividends paid_ _ _
1,910,132 1,630,136
1,033,320
2,016,096
Stock dividends
239,154
226,480
215.600
252,212
Balance, surplus
39,508.741 $5,289,071 $12,636.834 $2,864,752
Shares of common outstanding (par $10)
479,325
452,960
452,760
504.425
Earns, per share on coin_
$15.53
$31.99
$9.08
$23.35
Total
Total
384,078,322 346,120.486
384,078,322 346,120.486
a Includes real estate, plant, property, mines, timber lands, &c.. $174.544,379, less reserves for plant depreciation of $59,201,016. b Includes
dealers, and farmers' notes, $110.865,450 and accounts receivable 339.782.464. total $150,647,914 less reserve for losses of 313.322,617. c Represented by 4,409.183 no par shares.
-V. 130. I) 296.
International Business Machines Corp.
(18th Annual Report-Year Ended Dec. 31 1929.)
The remarks of President Thomas J. Watson together with
an income account and balance sheet for the year ended
Dec. 31 1929 will be found under "Reports & Documents"
on subsequent pages. Our usual comparative tables were
published in V. 130, p. 2195.
2384
FINANCIAL CHRONICLE
Hamilton Gas Co.
(Annual Report
-Year Ended Dec. 3111929.)
The remarks of President W. Angamar Lamer together
with an income account and balance sheet as of Dec. 31 1929,
will be found under "Reports and Documents" on subsequent
pages. Our comparative statement of earnings was published in V. 130, p. 2206.
[VOL. 130.
BALANCE SHEET DEC.31.
1929.
1928.
1929.
1928.
Assets
-Liabilities
Road & equ p_ _60,234,163 58,653,195 Capitalstock
11,000,000 11,000,000
Securities of affililet cons. M. 410_15,884,000 15,888,000
ated, &c., cos.:
let M. C.&H.V.4s 1,401,000 1.401,000
Stocks pledged1
1 lstM.C.SzT.RR.4s 2,441,000 2,441,000
Bonds pledged..., 300,000
300,000 Non-negot.debt
74.012
72,806
Misc. unpledged 4,921,324 1,990,716 Gen. M.6% bonds
Other investmla.._ 326,001
not out (contra)12,801,000 12,801,000
326,000
Dep.in lieu of mtge
Equip. trust °Mfg- 5,433,339 6,072,675
prop.sold
1,087.406 1,086,236 Misc, accts. pay
48,045
53.361
Gen, M.6% bonds12,801,000 12,801,000 Traffic balances
628,107
742,950
Time drafts & dep.. 200,000 1,511.903 Vouchers & wages_ 1,222,625 1,243,252
Special deposits_ _ 397,842
11.449
399,040 Miscellaneous11,975
Cash
2,229,461 1,818,776 Matured interest,
Inventories
670,849
dividends, &c
601,563
398,875
400,072
Traffic balances.. 911,232
946,823 Unmat'd interest.
Agents' balances._
142,071
dividends. &c
115,699
126,657
124,575
Misc. accts. receiv 513,538
998,841 1.099,802
430,309 Taxes accrued..-47,407 Insurance and casMiscellaneous
77,350
ualty reserve... 127,966
Common stk.-un120,847
500 Accrued deprec'n_ 5,700 753 5,078,851
500
pledged
524,129
Other def'd Items_ 395,491
327.524 Deferred items
648,430
Appropr'd surplus_ 518,056
518,690
(each 16
y (e ,paide) 85.123.531 81,452.353 Profit and loss.... .25,794,633 21,733,062
31 t
-V.130,
General Foods Corporation.
(Annual Report-Year Ended Dec. 311929.)
The income account and balance sheet of the company as
of Dec. 31 1929 will be found in the advertising pages of
to-day's issue. Our usual tables were given in V. 130, p.
2012.
(The) White Motor Co., Cleveland, Ohio.
(Annual Report-Year Ended Dec. 31 1929.)
The remarks of President R. W. Woodruff, together with
income account and balance sheet as of Dec. 31 1929, will Missouri-Kansas-Texas RR. Co. (& Controlled Cos.).
be found under "Reports and Documents" on subsequent
(Condensed Annual Report-Tear Ended Dec. 31 1929.)
pages.
COMPARATIVE INCOME ACCOUNT.
President C. Haile reports in brief:
1929.
Calendar YearsOper. profit (after deducting mfg., selling,
services & adm.exp.)_ 2,468,332
Discount on purch.,int.,
• earned & miscell. other
income
-net
429,314
Totalincome
Estimated Fed.taxes
Adj. earns, ofsubs
2,897,646
_
350,000
Cr.327,719
1928.
1927.
1,988,588 def1,696,299
250,174
1926.
$
1,959,538
318,859
582,029
2,238,761 def1,377,439
275,000
Cr.357,051 Cr.482,097
2,541,567
358,000
Cr.382,724
Net profit for year_ __ Previous surplus
2,875,365
6,802,165
2,320,813
5,781,352
de1895,341
9,476,693
2,566,291
14,810.403
Total surplus
Dividends (cash)
do (20% stock)
Tran. to res. for conting _
9,677,530
1,000,000
8,102.165
800,000
8,581,352
2,800,000
17,376,694
2,900,000
5,000,000
500,000
Surplus Dec.31
8,677,530
6,802,165
5,781,352
9,476,694
Shares capital stock outgoo pop
standing (par 350)
800,000
800,000
800,000
Earned per share
Nil
83.21
$2.90
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARIES.)
1929.
1928.
1929.
1928.
488as-$
Liabilities3
8
$
Bldgs., real estate,
Capital :stock
40,000,000 40,000,000
&a
a9,834,263 9,282.018 Accts. payable__ 2,161,255 2,689,190
pats.,&c_ 5,388,910 5,388,910 Accr. taxes, &c_ _ - 730.269
845,495
Inv.in attn. cos_ _ b4,417,043 4,568,891 White Mot. Realty
Inventories
15,566,153 13,243,128
&c
37,063
29,958
Treasury stocks... 877,027
White Mot. SecurU.S.Govt.secure_ 9,223,654 10,869,935
ties Corp
247,226
175,621
Notes receivable _ 1,325,029 2,024,846 Purch.morey oblig
42,330
Accts. receivable.... 4,515,117 4,349,212 Contirgencies res_ 1,107,333 1,147,753
Cash
1,432,786 1,376,907 Surplus
8,677,530 6,802,165
Miscell. accounts
receivable, &c_ _
134,013
130,620
Prep'd rentals,tax,
int.,&c
489,010
455,815
Tot.(each side)_53,003,007 51.690,183
a After deducting $6,115,795 allowance for depreciation. b Includes
common stock of White Motor Securities Corp. (book value) $1,753,718
and capital stock of the White Motor Realty Co. (book value) $922,790.
Note.
-The White Motor Co. has guaranteed the principal amount of
$2,500,000 of 7% preferred shares of White Motor Securities Corp. and
the payment of regular dividends thereon. There was a contingent liability
as of Dec. 31 1929 in connection with $9,915,287 of customers' notes receivable sold to White Motor Securities Corp. under agreement to repurchase in case of makers' default. All of these notes are secured by
direct lien on trucks and busses.
-V. 129, p. 2702.
(The) Hocking Valley Railway Co.
(31st Annual Report-Year Ended Dec. 31 1929.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1928.
1926.
1929.
1927.
Revenue coal and coke
carried (tons)
21.754,664 22.787,206 21,215.777 18,713,789
4,184,142
Oth.rev.frt. car.(tons).. 4,468,909
4,072.216
4,138,881
Av. rev, per ton of rev.
0.513 cts. 0.513 cts. 0.531 cts. 0.545 cts.
coal per mile
1.248 Os. 1.236 ate.
1.194 cts.
1.194 Os.
Other per mile
288,552
359,558
381,584
248,021
Passengers carried
Pass. carried 1 mile
19,944,813 22,363,830 25,308,091 24.186,694
3.220 cts. 3.150 cts. 3.248 cts.
Rev. per pass. per mile._ 3.252 ate.
Rev,freight tons carried 26,223,573 26,859,422 25,354,658 22,897,931
Rev,tons car. 1 mile_ -2,928175366 2,996101645 2,902014167 2,596271626
0.627 cts. 0.655 ate.
Rev,per ton per mile_ _ - 0.622 cts. 0.607 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1926.
1927.
Revenues1929.
Freight
$18.226,408 818.177,574 818,203.368 $16,995,351
785,524
720,144
797.312
Passenger
648.611
81,015
88,950
85,808
Mail
121,220
138,294
Express
120.093 '131,550
133,098
1,545.283
1,702,404
1.821.335
Miscellaneous
1,759,522
Total
$20,888,860 820,801,232 821,042,515 819.550,258
'; ExpensesMalnt. of way & struc- - $2,506,365 $2,306,643 $2,430,765 $2,389,905
3,844,060
4,419.475
5.030,627
Maint. of equipment_ - _ 3,848,878
198,443
185,157
Traffic
201,292
203.127
5,928,170
5,717,221
5,784,419
Transportation
5,509,793
531,653
505,417
General
541,414
551,611
Cr.292
Cr.2.215
Transport. for invest_ _ _ Cr.17,044
Cr.200
Total
$12,602,729 $12,677,629 $13,508,216 $13.826.111
7,534,299
5,724,147
Net revenue
8,123,603
8,286,130
1,521.865
1.331.760
Railway tax accruals_ _ _ 1,492,133
1.525.779
754
572
Uncollected ry.revenue_
1.591
736
kil Operating income_ _
86.793.262 $6,596,233 $6,011,679 $4,391,815
Equipment rents (net)- _ Dr.818,637Dr.1,032,862Dr.1.088,439 Dr.240,338
45,558
7,525
61,374
Joint facility rents(net).
60.814
247,432
243.770
Other income
218,988
325,902
Less rents,&c
deb.55,678 deb.55.189 deb.58.782 deb.68,170
titGrossincome
on debt
Interest
$6,305,664 $5,788,543
1.122,108
1,152.849
Net income
Dividends
Rate
$5,183,556 $4,635,694 33,751,393 $2,741,807
1,044,952
1,319.940
1,099,950
1,099,950
(12%)
(10%)
(9)4%)
(10%)
Balance,surplus
$4,083,606
She. capital stock out110,000
standing (par S100)
847.12
Earns. per sh.on com_
85.115,753
1,364,361
$4,376,297
1,634,490
$3,535,744
82,706.441
81.421,867
110,000
$42.14
110.000
$34.10
110,000
$24.93
Financial.
-Preferred stock, series A, increased during the year by
$5,493,213, of which.$5,492,100 was for conversion of a similar amount
of adjustment mortgage 5%,series A bonds and $1,113 issued for corporate
purposes.
Common stock (no par) increased during the year $1,835 represented by
22.2611 shares issued for corporate purposes.
Long term debt decreased. $5,583,200. of which $5,492,100 is represented by adjustment mortgage 5%, series A bonds converted into preferred stock, series A. $94,100 underlying bonds and equipment notes paid
and retired, and 82,000 Missouri, Kansas & Texas Railway 1st mtge. 4%
bonds, heretofore held by the 'Prustee, surrendered and now carried as
treasury assets.
During the year $21.000 of underlying bonds were exchanged for a similar
amount of prior lien, series A and B bonds.
Dividends were declared during the year at the rate of 7% per annum
on preferred stock, series A, outstanding in the hands of the public.
Operation.
-The operated mileage on Dec. 31 1929, was 3,188.57. compared with 3,188.54 on Dec. 31 1928. The increase of .03 miles was occasioned by relocation of a connection at Granger, Tex.
Freight revenues in 1929 were $642,662 less than in 1928, or 1.42%,
notwithstanding that for the first eight months' period there was an increase
of 81,016,039. The abrupt decline during the last four months was due
in a large measure to partial failure of the cotton crop in Texas, to lack
of export demand for grain and grain products, and to temporary reduction
In grain rates which was made as an emergency measure to if possible,
stimulate movement to seaboard during the summer and early fall for the
purpose of relieving interior storage. Freight rate reductions and adjustments ordered by the I.
-S. C. Commission, and placed in effect during the
year, will decrease our freight revenues at the rate of approximately $125,000
per annum.
Passenger traffic continues to decline as the result of automobile travel
and more bus competition. The loss is principally in local or short haul
business. However, the decrease in number of passengers carried. 1929
compared with 1928,is less than one-half the decreasein 1928 compared with
1927, indicating that we are reaching the minimum number of passengers
who will use railroad service. The decrease in passenger revenues in 1929
compared with 1928 was $561,108, or 8.29%, while the decrease in 1928
compared with 1927 was 81.044,674, or 13.37%.
Train operation, both freight and passenger, was generally satisfactory
throughout the year. There were some interruptions by high water at
various points on the system, particularly during the month of May. and
in Missouri during the month of August.
The property, including roadway, structures and rolling stock, has been
maintained in good condition.
Additions to Property -Additions and improvements to road during the
year involved capital account charges amounting to $3,131,860.
During the year new 90
-pound rail was laid on 67.31 miles of main tracks:
23.34 miles replacing 85
-pound rail on the St. Louis Division and 43.97
miles replacing 85
-pound rail on the Houston Division. 58.54 miles of the
released 85
-pound rail on
-pound rail were relaid; 16.61 miles replacing 56
-pound rail on the San
the Neosho Division and 41.93 miles replacing 66
Marcos Division.
Total main track rail replacements during the year
were 125.85 miles.
Expenditures for new equipment amounted to $571,048. and expenditures
or improvements to existing equipment amounted to $331,403. The
amount of retirements for the year, less replacements, was $647,493. The
net increase in value of equipment owned was $254,959.
Federal Valuation.
-The I.
-S. C. Commission did not serve a final valuation upon the property of Missouri
-Kansas
-Texas Lines during the year
1929. Some progress has been made in work required by the Commission
In connection with bringing valuations to Dec. 31 1927. The cost of
valuation work to the end of 1929 aggregated 31,641.442.
Industrial Development.
-Industrial development during the year has
resulted in establishing on the lines of company 248 now industries, representing an investment of approximately 38,000.000. Seven of these industries are concerns utilizing farm products, with an estimated investment
of$1,550,000; nine are fabricating concerns with an investment of 8 50.000.
4
and 200 are warehousing and distributing concerns, representing an investment of$1.900,000. These concerns produce a traffic movement estimated
at 27,570 cars of freight per annum.
INCOME ACCOUNT FOR CALENDAR 19 AR.S.
YE7.
2
1928.
1929.
1926.
3,188.57
Average mileage oper___
3,188.54
3,188.54
3,188.54
Operating Revenue
$44,619,990 $45,282,653 $43,961,760 $45,050 764
Passenger
6,206,421
6.767.529
7,812,203
8,669,898
Mail
1,823,922
1,201,406
1,116,558
1,107,607
Express
1,824,973
1,843.834
1,790,566
1,768,781
Miscellaneous
805,033
842,688
822: 7
42 2
1 60
4
758,825
Incidental
684.089
614,349
636,563
701,501
Joint facility--Cr
41,151
35,520
43,390
Total oper. revenue-356,024,439 $56,549,118 $56.181,528 $58,100,766
Operating ExpensesMaint, of way & struc
7.708,904
7,861,520
8,240,609
7,818,707
Maint, of equipment_ -- 9,854,928 10,143,558 10,398,911 11,203,005
Traffic expenses
1,379.158
1,516.158
1,390.797
1,319,918
Transportation expenses 16,149,710 16,920,529 17,271.332 17,625.954
Miscell. operations
164.307
181,604
96,828
374,480
General expenses
2,447,447
2,062,332
1,940,697
1.984,759
Transp. for invest.-Cr_
347,753
Total oper. expenses.
-$37,456,339 $38,933,816 $39.339,174 $39.979.070
Net oper. revenue_
18,568,100 17.615,302 16,842.354 18,121,696
Railway tax accruals_ _ -1 6.002,008
5,410,831
5,142,3811 3.367,208
Uncollectible ry.revenuel
29,316
Total
Total oper. income
Other income
86.002.008 $5,410,831 $5,142,381
12,566,092 12,204,471 11,699,973
938.765
1,074,967
913,807
83,396.524
14,725,172
931.825
Gross income
$13,641,059 $13.143,236 $12,613,780 $15,656,997
Deduct
-Rentals, &c _ _.
2,237,341
Fixed Interest charges} 5,114,818
5,646.973
6,618,9701 4,379,547
Int. on adjust. bonds_ _ _
2,682,641
Net income
38.526,241 $7,496,263 $5,994,810 $6,357,468
Prof. dividend
(7%)4,402,893 (7)3.763,870(53.5)2111270 (6)1,615.112
Balance, surplus
$4.123.348 33.732,393 $3,883,540 $4,742.356
APRIL 5 1930.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1929.
1928.
1928.
LtablUttesi
8
i
Invest. in prop.
Preferred stock_ 65,076,365 59,841,023
used in transp.
Common stock-x66,653,151 66,687,649
service:
Stock liab. for
Road
94,204
238,533,118 235,401,257
conversionEquipment
53,160,993 52,906,034 Mtge bonds___ 93,214,179 93,226,179
Inv.in sep.°per.
Equip.M. oblige
504,600
588,700
companies _ -- 1,577,761 1,343,560 Int. mtge. bonds 15,147,067 20.639,167
Inv.in U.S.Gov.
Current liablls_ 6,908,533 8,075,901
securities__ - - 3,071,406 4.023.665 Tax liability.. _ _ 2,121,652 2,155,060
Other investm'ts 1,772,810 1,794,336 Accr'd depreo..
Cash
3,256,270
2,672,349 equipment_ _ _ 11,827,746 9,960,834
Time drafts and
Reorg. suspense. 29,887,033 29,785,949
loans
10,021,513 8,390,918 Other liabilities_ 1,417,284 1,787,433
Maple & Suppl's 5,459,277 5,518,809 Corporate surp_ 27,371,010 23,404,432
Other cumassets 2,952,385 3,329,813
Deferred assets_
417,292
551,589
Totallea.side)320,222,825 315,932,329
x Represented by 808,701 no par shares.
-V. 129, p. 3469.
Assess
-i
Kansas City Southern Railway.
(30th Annual Report
-Year Ended Dec. 31 1929.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1929.
1926.
1927.
1928.
Miles operated
883
865
865
865
Statistics
Passengers carried
311,274
491,973
358,713
603,297
Pass. carried 1 mile_ --- 39,338,853 36.729,917 43,482.593 48,997,298
Rev,per pass. per mile
2.908 cts. 3.181 cts. 3.263 cts. 3.297 cts.
Rev,freight car'd (tons) 7,921.251
7,951,076 8,090,227
7.477.706
Rev. fr't car'd 1 mile.- 1802140820 1829419103 1931629299 1733662983
Rev, per ton per mile--- 1.023 cts. 0.986 cts. 0.957 cts. 1.050 cts.
Rev, per mile of road-- 824,883
$25,340
825.487
$24.765
2385
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Consider Parker Bus Bill.
-The Senate Interstate Commerce Committee,
April 2 began consideration of the Parker Bus Bill. "Wall St. News."
April 2.
Holding Company /nquiry.-Chairman Parker of House Interstate Committee says testimony will open April 5. "Evening Post," April 3, page 15.
-Railway Labor Executives' AssoLabor Assails Plan for Rail Mergers.
ciation says financiers will 131 chief beneficiaries of Interstate Commerce
Commission program. N. Y. 'Times,' Section 1. March 30, page 3.
-C. B. & Q. is putting 1,250 new men
Burlington Adds 1,250 Road Men.
to work in its maintenance-of
-way department west of the Missouri.
"April
N.Y."Times. Aprll 1, page 30.
-Offers resolution barring
.
Senator Consols Opens War on Rail Mergers.
Interstate Commerce Commission approval of any pending laws 'to
protect public." N.Y."Times," on April 2. page 13.
Surplus Freight Cars.
-Class I railroads on March 15 had 467,182 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 13,344 cars compared with March 8. at which time there
were 453,838. Surplus coal cars on March 15 totaled 208,716, an increase
of 9,684 cars within approximately a week, while surplus box cars totaled
203.517. an increase of 1,153 for the same period. Reports also showed
27,893 surplus stock cars, an increase of 2,197 above the number reported
on March 8, while surplus refrigerator cars totaled 13.669, an increase of
622 for the same period.
-Capital expenditures by
Matters Covered in the "Chronicle" of March 29.
-largestfor any since 1926,page 2144,
class I railroads in 1929.3853,721,000
Allegheny Corp.
-Capitalization Increased.
The common stockholders on March 31 approved amendments to the
charter as follows: (1) to Increase the authorized pref. stock from 1.000.000 shares to 1,500,000 shares. par $100; (2) to increase the authorized
common stock from 7,500,000 shares to 8,500,000 shares, all without par
COMPARATIVE STATEMENT OF OPERATIONS FOR CAL. YEARS. value; (3) to empower the board of directors to authorize the issuance
of any and all of the pref. stock from time to time for such consideration
Kansas City Southern By., Texarkana & Fort Smith By.]
as it shall from time to time determine but in no event at less than 890
Operating Revenues1929.
1928.
1926.
1927.
a share.
-V. 130. p. 2020.
Freight
$18.428,962 $18,034,002 $18,489,931 818.196.796
Passenger
1,143.977
1,168,531
Boston & Maine RR.
-Plans New Financing.
1,418,707
1,615.559
Mail,express, &c--_ _ - 2.087,166
1.923,432
1,874,953
1.830,956
The stockholders will be asked on April 9 to authorize a new equipment
Incidental & joint facility
297,929
265.012
318,117
278,635 trust agreement, the issuance of additional bonds under the mortgage of
1919 and the issuance of 75,000 additional shares of 7% prior preference
Gross revenues
321,978,222 $21,423,896 822,048,606 $21.921,947 stock to be exchanged for convertible general mtge. bonds. For the next
three years not more than $7,500,000 of the bonds may no converted anOperating ExpensesMaint. of way Ile struc
$2,595,480 82,485,054 $2,603,629 $2,506,165 nually. To Jan. 1 the company met maturities of $2,813,000 without new
Maint. of equipment_ _ _ 3,433,248
3,321,178 3,496.471
3,523,780 financing, but oetween Nov. 1 1930, and Jan. 1 1934. there will be addiTraffic
716.771
853,015
784,472
687.870 tional maturities of $27.440,979.
The stockholders will also be asked to approve the obtaining of a leaseTransportation
6,179,335 6,369.109 6,785.784 6,766,974
Miscellaneous operations
17.912
60,006
18,719 hold interest in the Sullivan County RR. and the Vermont Valley RR.
28,337
General
1,171,081
1,109,927
1.076,034 V. 130, P. 2201.
1,166.472
Transportation for invest Cr12,142
Cr27,158
Cr9,057
Cr30,883
Canadian National Rys.-New Branch Line.
Approximately 95 miles between Regina. Moose Jaw and other southern
Total oper. expenses_ _$14,275,415 314.089.021 314,764.490 $14,548.658
Saskatchewan points and The Pas will be served by the new SturgisNet revenue
7,702,806
7,334,875
7,284.115 7,373.288
Taxes
1,259,496
1,437.017 Hudson Bay Junction branch line of the Canadian National System, which
Thicollectible revenues _ - "
Ing
139
1.in
6.683 will be completed and turned over to the operating department by May 18.
Announcement to this effect was made by A. E. Warren, Western ViceOperating income..$6,244,544 36,070.971 $5,879.872 35,929.587 President of the railway.
Intermediate points, such as Melville and Yorkton will also be brought
69,824
76,034
75.491
Joint facility rent income
173,959
169,670
168,845 considerably nearer to the Hudson Bay By. This line was one of those
179.643
-year branch line program which was passed by ParliaInc.from lease of road
1.024
950
968 included in the 3
1.003
Miscell,rent income_
11,320
13,097
12,882
11,384 ment in 1927. Its completion is more than six months ahead of the time
Misc. non-op. phys. prop
33,962
34,579
34,859
42,305 set by the bill. The laying of steel to Churchill and the completion of the
Dividend income
168.750
337,500 railway to the Flin Plan and Sherritt-Gordon mines are other examples
1,687,500
Inc.from funded secur
14,412
7,829 ofroad building finished before the expiry of the time limit.
328,215
13,414
Inc. from unfund. secur.
Branch Line Construction.
and accounts
.7.80,326
311,646
498,895 Dr100,976
Nine million dollars will be spent on branch line construction by this
Miscellaneous income__ _
634 company in Western Canada this year, according to a statement made by
598
554 Dr276,725
A.
exclusive of
Total non-op. income $1,305,902 $1,898,702
$610,568
$956.604 theE. Warren, Western Vice-President of the system. This is betterments
Mudson Bay By. and does not include any
for
Gross income
17,550.445 37.969.673 36.490,441 86.886.192 or new works on lines now in operation. The expenditureundertaken this
work to be
Deductions
year includes the grading of 261 miles; laying of track on 201 miles and the
Hire offr't cars,deb. bal.
8935,499
$968,932
3764,831 ballasting of 280 miles. When this work is finished, the company will have
940,359
Rent for equipment__
141,539
126,213
146,183 opened for operation 290 miles of the 518
143.548
-mile 3
-year branch line program
Joint facility rents
262,413
269,832
273,073
259.068 approved by the Federal Government at its last session. Twelve branch
Rent for leased roads,,_
171,759
171.814
173,268 lines are covered by the program of which six are wholly in Saskatchewan;
171,880
667
491
Miscellaneous rents_ _ .
708
493 one partly in Saskatchewan and Alberta; three wholly in Alberta and two
Misc,tax. accruals
10.693
5,234
10,837
5.895 In British Columbia. Divided by provinces the work can be summarized
Int. on funded debt_
2,590,231
2,585,320
2,599.987
2,490,576 as follows: Saskatchewan, 171 miles of grading. 139 miles of track laying
Int. on unfunded debt
874,882
419,283
32.307
736,384 and 218 miles of ballasting; Alberta, 78 miles of grading and 52 miles of
6,511
Amort. of disc.onfd.debt
6,511
6,719
5,138 track laying and ballasting; British Columbia, 32 miles of grading and 10
Misc. income charges..
26.770
26,290
26,076
24,530 miles of track laying and ballasting. The longest piece of line is 126 miles
joining St. Walburg, Sask., and Bonnyvllle, Alberta. Of this line 100 miles
Total deductions
35.028,386 84,592,774 $4.606.360 will be graded during the year and steel laid and ballasting completed on
$4.185.227
Net income
33,365.219 $2,941,287 $1,897,667 $2.279,832 50 miles. In addition to the completion of this 290 miles. grad • will
Preferred divs. (4%)- 840,000
840,000
840,000
840,000 also be finished on 213 miles of additional line and 90 additional
es of
Common dividends
1,498,111
steel laid, so that very little work will be required to complete the full
program within the stipulated 3
-year period.
Income balance transTwo bridges of considerable size will be constructed this year. One of
ferred to profit & loss $1,027,108 $2,101,288 $1.057,667 $1,439,832 these, over the Beaver River in Saskatchewan, will be 1,300 ft. long, 110
Shs.com.outst.(par $100)
299,599
299,599
299.599
299.599 ft. high and will have a clear span of 180 ft. The second is over the Fraser
Earns per sh. on corn
87.02
$8.46
$3.53
84.81 River. It will be 4.100 ft. long and will contain a swing span 280 ft. long.
Three hundred miles of fencing, 240 miles of telegraph line and a large
BALANCE SHEET DEC. 31.
number of railway building's are also part of the construction program for
1930.-V. 130. p. 1270. 1823.
Kansas City Southern By.. Texarkana & Fort Smith RD.!
1929.
1929.
1928.
1928.
Cleveland,Cincinnati, Chicago & St. Louis Ry.-To
Assets
Liabtlittesf
Invested in road
Common stock -.29,959,900 29,959,900 Place Common Stock on a $10 Annual Dividend Basis.
& equipment_115,852,219 111,567,262 Preferred stock -.21,000,000 21,000.000
The company, in an announcement to the New York Stock Exchange,
Deposited in lieu
stated that at the next meeting, the directors will declare a semi-annual
Grants in aid of
of mortgaged
construction _ _ 260,548
135,350 dividend of $5 per share on the common stock, which will place the issue
property sold_ 4,817,873 4,800,442 1st M. 3% g. bds.30,000,000 30,000,000 on a $10 annual basis, against $8 previously. Previous declarations on the
Misc. phys. prop 1,059,424 1,025,034 Ref. & Imp.M.58.21,000,000 21,000,000 common stock have been on a quarterly basis. The regular quarterly
Inv.in affil. cos..
dividend of $1.25 per share on the preferred stock has been declared, paylet M.534% bids.
Stocks
able April 30 to holders of record April 19.-V. 130, p. 1109.
1,944,507 1,958,207
of Texas & Ft.
Bonds
1,023,915 1,023,915
Smith By
10,000,000 10,000,000
Notes
Detroit & Mackinac Ry.-Abandonment.12,917
81,478 Kan.Cityl& GrandAdvances_
1,961,018 2,063,679
The I.
view By.Co. 1st
-S. C. Commission March 17 issued a certificate permitting the
Other invest'te- 8,560,853 12,463,655
mtg. series A.. 2,400,000
company to abandon its Rose City branch extending from Emery Junction
Cash _
(now known as National City) to Rose City, approximately 31..22 miles,
6,656,035 3,493.782 Eq. Tr. No. 34
Special deposits..
570,951
571,326 61.4% n otes -- 381,600
445,200 and the branch extending from Smith Junction to South Branch,0.92 mile.
Loans & bills rec.
22,694
318 Equip.Tr.5 %13- 972,000 1,080,000 all in Iosco and Ogemaw Counties, Mich.
-V. 128. p. 2800.
Traffic ard car
Texarkana Union
service bal'ces
Kansas, Oklahoma 8c Gulf Ry.-Earnings.Sta. tr. Ws.,
receivable _ _ 508,644
577,752
series A
285,000
285,000
Year Ended Dec. 31.1928.
1927.
1929.
Net balance reMisc. fund. debt
3,047
6,094 Railway operating revenues
s3,698,842 $3,266,728 $2.937,043
ceivable from
Traffic & car serRailway operating expenses
1861,499
,
2,034,773 x2.301,159
286,549
393,506
vice bals. pay
agts. & cond's
851,225 1,005,124 Taxes
124,481
255,485
117,917
678,792 Audited noels
670,764
Misc. accts. rec.
Uncoliectible railway revenues
512
142
273
Material supp. 2,064,523 1,956,955 & ages payable- 1,721,060 1,720,930
125,928
4,125 Misc. accts. pay
Int. diva. rec.
31,466
32,916
Total operating income
31.581,346 $1,107,333
8517,693
46,148
75,809 Int. & divs. ma0th. curr. assets
Other operating income
, 77,732
72,909
61.776
22,050
21,150
tured unpaid_ _ _ 570,951
Work.fund adv.
571,327
406
406 Unmatured dive.,
Other del. assets
Gross operating income
$1,654,256 $1,185,064
8579.469
int. & rents.... 1,149,422
Rents ins. pre.
768,573 Deductions from gross operat. income
267,231
259.817
356,483
74,627 Other cur. liabll_ 322,005
Paid in adv _ _ _
84,786
269,691
Other def.
Disc. on funded
429,745
434,582
Net operating income
8917,834
$319,652
$1,297,773
140,520 Tax liability
234,754
1,261,312 1,230,431 Non-operating income
debt
32.716
59,352
41,955
406.297 Accr. depr. equity 3,344,427 2,984,850
418,989
Other accounts_
0th. unadi. ere& _ 399,197
490,842
Gross income
31.339.729
8950,549
S379,904
Additions to pron.
Deductions from gross income
201,552
222.814
219,399
thru.income and
surplus
524,860
479,976
Net income
81.138,177
8727,735
$159 605
.
Appr. Burp, not
Series A pref. dividends
254.253
424,395
spec. invested_ 772,076
726,809
Profit and loss
Balance
8473,482
$159,605
8713.782
Total(ea. side)146,925,949 143,379,046
credit balance_ _19,286.104 18,751,467
x Included in operating expenses is $278,427 on account of rehabilitation.
129. 9. 3007.
-V. 130. p. 283.
-v.
2386
FINANCIAL CHRONICLE
Erie RR.—Bonds Authorized.—
-S. C. Commission March 31 authorized the company (1) to issue
The I.
$50.000,000 ref. & improv. mtge. 5% gold bonds, series of 1930. to be sold
at not less than 933.5 and int. and proceeds used to meet maturing indebtedness, for additions and betterments, to provide working capital, and for
other corporate purposes; and (2) to issue $29.071,750 gen. lien 4% bonds,
to be pledged with the trustee of the ref. & improv. mtge.
The report of the Commission says in part:
The ref. & improv. mtge. bonds are to be authenticated and delivered
under provisions of the ref. & improv. mtge. dated Dec. 1 1916 (as amended)
to the Bankers Trust Co. of New York. trustee, for the following purposes:
(1) To refund and retire the following bonds of the applicant and of
predecessor companies, outstanding in the hands of the 'public:
New York & Erie RR.4th mtge.5% bonds,due Oct. 1 1930
$2,912,000
New York, Lake Erie & Western RR. 1st consol mtge. 7%
coupon bonds, due Sept. 1 1930
2,005,500
Erie Ry.consol. mtge.7% bonds,due Sept. 1 1930
15,569,000
Total
$20,486,500
(2) To refund and retire the following bonds of the applicant and of
predecessor, constituent,or subsidiary companies, held by or for the account
of applicant:
Erie Ry. 1st consol. mtge.7% bonds, due Sept. 1 1920
$3,000
Erie Ry. 1st consol. mtge. 7% bonds purchased without delivery on proof of loss or destruction, due Sept. 1 1920
20,000
New York & Erie RR.3rd-mtge.43. %.due Mar. 1 1923
1.000
' New York & Erie RR.5th-mtge.4%,due June 1 1928
709,500
Buffalo & South Western RR. lst-mtge.6%.due July 1 19281,499.750
Erie RR., Buffalo & Southwestern division, 2nd lien 5%, due
July 1 1928
63,000
Newburgh & New York Ry.lst-mtge.5%,due July 1 1929
250,000
96,000
Jefferson RR.,Honesdale Branch,2nd-mtge., due Jan. 1 1929
Jefferson RR.lst-mtge. 53.6%, due April 1 1929
2,800,000
Total
$5.442,250
(3) To refund, retire and replace the following bonds originally issued
and taken into applicant's treasury to reimburse it for expenditures made
from income for additions and betterments or for acquiring and refunding
maturing bonds of subsidiary or predecessor companies:
1st consol. mtge. gen. lien 4%,due Jan. 1 1996
$7,000,000
545,000
Erie RR.cony. 50
-year 4%,series B.due April 1 1953
Erie RR.cony. 50
3,530,000
-year 4%,series D,due April 1 1953
Total
$11,075,000
(4) To reimburse the treasury in part for improvements and additions
and betterments, not heretofore capitalized, made on the properties of the
applicant and of its subsidiary or affiliated companies from Dec. 1 1916
to Nov.30 1929 inclusive,$12,996,250.
While no definite arrangements for sale of the bonds have yet been made.
the applicant states that it expects to sell them at not less than 933i and
Int. On that basis the average annual coat to applicant will be approximately 5.3859'. The proceeds of the bonds will be applied as follows:
To meet the 1930 mature.,listed in paragraph numbered 1 above$20.486,500
2,275.000
To meet equipment-trust obligations maturing in 1930
For miscellaneous corporate purposes, incl. construction liabilities, real estate liabilities, advances to Erie Land & Improve- ,
ment Co.. sinking fund payments for retirement of bonds,
1,491,808
and advances to Chicago & Western Indiana RR
To provide for cash payment on equipment proposed to be ac2,250,000
quired under equipment-trust (estimated)
-trust certificates (est.)
300,000
To meet discount on sale of equip.
To provide funds for additions and betterments on 1930 budget_ 23,000,000
5.000,000
To pay short-term notes
For working capital
5,000,000
—V.130, p. 2202.
Louisiana & Arkansas Ry. (Del.).—Bonds Offered.—
Dillon, Read & Co., Chase Securities Corp., E. H. Rollins
& Sons, A. Iselin & Co., Rogers Caldwell & Co., Inc.,
Central-Illinois Co., Inc., Foreman-State Corp., A. G.
Becker & Co., Canal Bank & Trust Co. and John Nickerson
& Co., Inc., are offering at 92 and int., to yield
$13,000,000 1st mtge. 5% bonds, series A. Of the above
$13,000,000 bonds, $1.500.000 have been sold privately.
For... 130.
western and Chicago, Rock Island and Pacific railway companies, respectively.
Purpose.—Series A bonds to the aggregate principal amount of$12,000,000
are now outstanding, having been issued by the company in connection
with its acquisition of the entire capital stock (except directors' qualifYing
shares) of Louisiana Railway & Navigation Co.; an additional $1,000.00(1
principal amount of these bonds are being sold by the company, the proceeds to be applied to the reduction of short-term indebtedness.
Security.—Direct obligations of the company and secured by (a) first
mortgage lien on the lines and other fixed property and on all equipment
(except certain equipment securing equipment trust notes now outstanding
in the principal amount of 382.000) now owned by the company, and a
direct lien on all lines and other fixed property and equipment hereafter
acquired; (b) pledge of lease terminating 999 years from Jan. 1 1929,
whereby Louisiana Railway & Navigation Co. has leased, at a nominal
rental to Louisiana & Arkansas By. all its lines and all other property
(including its important terminal property in New Orleans) and equipment,
now owned or hereafter acquired; and (c) pledge of the entire capitalstock,
except directors' qualifying shares, of Louisiana Railway .Navigation Co.
The Louisiana R.& Navigation Co. has no funded or preferred stock
authorized or issued, and the indenture securing these bonds provides,
that Louisiana & Arkansas By. shall not permit the lessor company to
issue bonds or other evidences of debt secured by lien upon the property
of the lessor company or create any other lien upon such property (unless
such bonds or evidences of debt or lien are pledged with the trustee under
the indenture), except that the lessor company may (1) create purchase
money mortgages constituting a lien only on the property acquired, (2)
acquire property subject to existing mortgages, (3) create obligations for
the purchase of equipment,and (4)incur in the ordinary course of business—
obligations maturing within one year.
Valuation.—The value of the physical properties of Louisiana & Arkansas
Railway and Louisiana Railway & Navigation Co., as determined by the
I.
-S. C. Commission (on a 1910-1914 price basis) as at June 30 1917, plus
additions and betterments at cost, less retirements and depreciation, from
that date to Dec. 31 1928, amounted to approximately $9,700,000 and
$12,675,000, respectively, or a total for the two companies of $22,375,000.
Ford, Bacon & Davis, Inc., Engineers, have prepared estimates of reproduction cost new less depreciation as at Dec. 31 1928, of the property included in such valuations by the I-.S. C. Commission as at June 30 1917
and giving consideration to additions, betterments and retirements to
Dec. 31 1928, showing $15,200,000 and $19,750.000. respectively, for the
two companies, or a total of $34.950,000.
Results of Operations.—Based upon statements submitted to the 1-9. C.
Commission, the combined results of operations of Louisiana & Arkansas
By. and Louisiana Railway & Navigation Co., for the period of 5 calendar
years ended Dec. 311929, were as follows:
x Net
Net Revs.
Availab
from
Railway
Railway
for Int.
Over. Ezps. Ry. Oper.
Over. Revs.
1925
57,950,559 $5,908,015 $2,042,544 $1,024,676
1,086.317
2,160,178
1926
5,966,229
8,126,407
*535,517
1.443,612
5.420,225
1927
6,853,837
2.151,108
1.196,855
1928
5,133,390
7.284,498
1,491,226
1929
5.314.428 2,552,237
7,866.665
* The decline in earnings for the year 1927 was largely a direct result of
the unprecedented flood occurring in the Mississippi Valley in that year.
x Before Federal taxes.
The annual interest requirement on these $13.000.000 series A bonds
amounts to $650,000, and on all interest-bearing indebtedness to be outstanding upon completion of this financing amounts to $756,920.
The improvement shown above in results of operations for the year 1929
as compared with the year 1928 is, in the opinion of the management, in
part due to certain benefits and economies resulting from the unification
effected in May 1929. Such benefits and economies include the joint use
of terminal, yard and shop facilities, the more efficient use of motive power
and equipment, and the co-ordination of accounting, purchasing and other
departments.
Authorized. Outstanding.
Capitalization—
First mortgage bonds
65150.000,000 a$13,000,000
1,782.000
Short term and equipment obligations
3,000,000
6% cum. prior pref. stock (par 350)
3,000,000
2,000,000
2,000,000
6% pref. stock (par $50)
100,000 shs. 100,000 sha.
Common stock (no Par)
a 5% bonds, series A. In addition, $3,000,000 5% bonds, series A are
Issued and, upon completion of this financing, are to be held in treasury.
b Bonds additional to the $13,000,000 to be outstanding and 53000,000
to be held in treasury are issuable under the restrictions and provisions of
the indenture; the maximum authorized amount is $150,000,000, of which
not more than $100,000,000 are to be outstanding at any one time.
Missouri Pacific RR. Agreement.—The company, the lessor company and
-year agreement,
Missouri Pacific RR. have recently entered into a 99
-S. C. Commission, of which the following
subject to the approval of the I.
is a brief summary;
1. Missouri Pacific RR. and affiliated companies [including New Orleans
Texas & Mexico Ry. and Texas & Pacific Ry.] are to have the right to use,
jointly with the company, the lessor company's line between Baton Rouge
and New Orleans (approximately 80 miles) and appurtenant property
including terminal and yard facilities of the lessor company in such cities,
such line and property together hereinafter called the "joint line."
2. In consideration of such right, Missouri Pacific RR. agrees to make
payments as follows:
(a) For each of the 3 years subsequent to the approval of the agreement
by the I.
-S. C. Commission, a charge averaging not less than $173,583 per
annum for such 3
-year period;
(b) If after 3
-S.
-years following the approval of the agreement by the I.
C.Commission Missouri Pac. RR.shall not have commenced to use the joint
line, and until the commencement ofsuch use, an annual amount equivalent
to one-half of 6% per annum on the value of the joint line, which, for the
purposes of the agreement,shall be taken at $7.000.000 plus net subsequent
additions and improvements made at the expense of the company, and
(c) Commencing with Missouri Pacific RR. use of the joint line, a portion, based upon use (but in no event less than one-half of the net total),
of the taxes on the joint line and of an amount equivalent to 6% per annum
on the value of the joint line determined as in (b) above; also a portion.
based upon use, of maintenance charges and other operating expenses
appertaining to the joint line, and amounts ($150,000 annual minimum
guaranteed for each of first 5 years of use) representing a division of gross
revenues accruing to Missouri Pacific RR. or its affiliated companies from
certain freight, passenger, mail and express traffic on the joint line.
The agreement provides that, in event of the purchase by Missouri
Pacific RR. of a one-half interest in the Mint line as set forth in (4) below,
such of its terms as are inconsistent with Missouri Pacific RR. rights as
joint owner shall be terminated, but in no event are the payments provided
for in (a) above to be terminated.
3. Missouri Pacific RR. is to contribute up to $1,000,000 toward the
cost of improvements to the joint line to be completed within 3 years after
-S. C. COMMISS1011, of a total estimated
approval of the agreement by the I.
cost of $2,000,000 for such improvements.
4. At any time at the company's option. on 6 months' notice. Missouri
Pacific RR. will purchase,free from all liens, an undivided one-half interest
in the joint line for the sum of 54.500.000 less one-half of the amount
contributed with respect to the $1,000,000 referred to in (3) above and
plus one-half of the amount expended by the company for additions and
betterments subsequent to May 10 1929; or if at any time the company
decides to sell or lease, or ceases to operate, its property, it shall first sell,
and Missouri Pacific RR. agrees to buy, such undivided one-half interest
for the price stated above.
The management estimates that the agreement, provided it is approved
by the I.
-S. C. Commission, will be a source of substantial additional income
to the company.
Application is shortly to be made for the approval of the agreement by
the 1.-S.C. Commission;the company has agreed that,should such approval
be obtained, it will subordinate the lien of the indenture securing its first
mortgage bonds to the trackage rights granted in such agreement. The
agreement contains the further provision that, should such approval not
be obtained within 2
-years from the filing of such application, the agreement is to be terminated.—V. 128. p. 1722; V. 130, p. 283.
Dated Jan. 1 1929; due Jan. 1 1969. Prin. and int. payable in U. S.
gold coin at the principal office of Dillon, Read & Co.. New York. bit.
payable J. & J., without deduction for Federal income tax not exceeding
2% per annum. Indenture contains provision for refund ofPenn.and Conn.
personal property taxes not exceeding 4 mills per annum each,the Maryland
securities tax not exceeding 4% mills per annum,and the Mass,tax measured
by income not exceeding 69' per annum. Denoras. ctfs. of $1,000 and $500,
and reg. $1.000 and multiples thereof. Red. as a whole, or in part by lot.
at any time on at least 30 days' notice, at 103% and int. Chase National
Bank, New York. trustee.
Legal Investment for life insurance companies in New York, Pennsylvania,
New Jersey and Connecticut.
Listing.—Company has agreed to make application in due course to list
these bonds on the New York Stock Exchange.
-S. C. Commission.
Issuance authorized by the I.
Data from Letter of Pres. H. C. Couch Dated March 31.
Company.—A Delaware corporation. In May 1929 acquired the business
and assets and assumed the liabilities of a corporation of the same name
organized in Arkansas in 1902. Company, in addition, acquired all the
capital stock (except directors' qualifying shares) of Louisiana Railway &
Navigation Co. (La.). and leased, at a nominal rental, all the lines and all
other property of the latter company for a period of 999 years from Jan. 1
1929. Main lines operated, including the lines of the lessor company,
extend from Hope, in southwestern Arkansas, through Alexandria and
Baton Rouge, La., to New Orleans, and from Shreveport to Alexandria.
Total lines operated,including branches, comprise about 608 miles together
with about 219 miles of yard tracks and sidings, all owned directly by the
company or the lessor company, except about 53 miles operated under
leases or trackage agreements. Company also owns, directly or through
lessor company, valuable terminal properties in New Orleans, Baton Rouge,
Alexandria and Shreveport.
Both Louisiana & Arkansas Railway and the lessor company are primarily
freight carriers. Revenues are derived chiefly from the transportation of
crude and refined petroleum,lumber and other forest products, miscellaneous
manufactured products, sugar and cotton. Interchange traffic with connecting lines has increased steadily during the past few years.
Properties.—The main line extends from Hove, Ark., to Alexandria, La.,
where connection is made with the main line o Louisiana Railway & Navigation Co.. and comprises about 195 miles of railroad, all owned directly
by the company with the exception of less than 3 miles owned by the lessor
company. In addition, company owns and operates about 80 miles of
branch lines and about 84 miles of yard tracks and sidings, and operates
under leases or trackage agreements about 40 additional miles of branch
lines, yard tracks and sidings. The branch lines are located in Louisiana
and extend from Minden to Shreveport, and from Packton to Vidalia
where connection is made, via ferry to Natchez, with the lines of Mississippi
Central RR. This latter branch, which includes approximately 24 miles
operated under lease or trackage agreements, forms a part of an important
through traffic route between the Southeast and the 'Southwest, known as
the"Natchez Route."
The main line of Louisiana Railway & Navigation Co. extends from
Shreveport through Alexandria and Baton Rouge to New Orleans, and comprises about 310 miles of railroad, all owned directly by that company except about 12 miles under trackage agreements. In addition, the lessor
company owns about 119 miles of yard tracks and sidings. In 1928 the
lessor company Completed a bridge, representing an expenditure of more
than $2,000.000. over the Atchafalaya River, as a result of which the
distance of the ferry crossing at Angola, on the Mississippi River, was
decreased from 8 miles to approximately 1 mile.
The New Orleans terminal properties. owned by the lessor company,
constitute one of its most valuable assets. The passenger terminal is
located near the center of the city, convenient to the hotel and business
Mississippi River Western Ry.—Stock.—
district, and the adjoining freight terminal, warehouses and yards are
The I.
-S. C. Commission March 25 authorized the company to issue not
advantageously situated with respect to connections with other railroads
The
and with shipping facilities of the Port of New Orleans. lessor passenger exceeding $500 capital stock (par $100), stock to be sold at par and the
company proceeds used in connection with the acquisition of certain railroad property.
stations owned by the company at Shreveport and by the
at Alexandria, are used jointly, on a rental basis, with the St. Louis South- —V. 128, p. 3998.
APRIL 5 19301
2387
FINANCIAL CHRONICLE
Midland Valley RR.
-Earnings.
Year Ended Dec. 31
1926.
1927.
-1929.
1928.
Railway operat. revs---$3,581,685 $3.725,532 $3,964,918 $4,314.245
Railway operat. exps_ _ - 2,070,164 2,195,020
2,551.732
2,529.252
Taxes
247,151
190,611
207,822
190,314
Uncoil. railway revs__ _ _
1.186
3,603
462
603
Total operat. income.. $1,320,744 $1,339,297 $1,226,657 $1,511,759
Other operating income_
92,187
147,672
74,111
109,891
Gross operat. income.. $1,430,635 $1,413,407 $1,318,843 $1,659,431
Ded,from gross oper.Inc
361,958
355,773
377.731
393,853
Net operat.Income... $1,052,904 $1,019,555
Non-operating income
145,175
244,510
1963,071 $1,297,473
182,608
193,055
Gross income
$1,297,414 $1.164,730 $1,156.126 $1,480.081
Ded,from gross income_
705,161
480,534
607,114
708,570
Net income
Div. on pref. stk.(5%)_
Div. on corn. stk.(7%)_
$774,919
$557,616
$447,556
$816,880
199,962
199,962
199,962
199,963
280,455 (5)200,325 (5)200,325 (5)200,325
Amt. cred. to profit &
loss, Dec.31
-V. 130. p. 2202.
$336,462
$157,329
$47,269
$374,632
Nashville Chattanooga & St. Louis Ry.-Abandonment.
The I.
-S. 0. Commission March 22 issued a certificate authorizing the
company to abandon the portion of its Swan Creek branch between Rochelle
and Bond in Hickman County. Tenn., 1.9 miles.
-V. 130, p. 464.
Owasco River Ry.-Control.The I.
-S. C. Commission March 17 approved the acquisition by the
New York Central RR. of control of the Owasco River By., by purchase
of its capital stock.
The report of the Commission says in part:
All the capital stock of the Owasco is owned by the International Harvester Co. On Dec. 1 1928, the Harvester Co. gave the Central an option
to acquire all the capital stock of the Owasco, on or before Sept. 1 1929,
for $75,000. It was provided in the option that prior to its exercise or
promptly thereafter. in case of its exercise, the Owasco, for a nominal
consideration, would convey to the Harvester Co. all its right, title, and
interest in and to the tracks, right of way,and other property, not including
equipment, operated by the Owasco at the northerly end of its railroad,
being the tracks, right of way, and other property in or immediately adjoining the enclosure of plant No. 2 of the Harvester Co. The option
was accepted by the Central on or about April 18 1929, subject to our
approva
transfer of the stock is to be effective from May 1 1929, provided
the whole transaction is approved by us.
-V. 125. El. 909.
Pennsylvania RR.
-Increases Investment in New York,
New Haven & Hartford RR.
-See under caption "Stocks
Owned" in annual report for 1929 on a preceding page.
To Provide Faster Service.
-
-J. PrePreferred stock is entitled to cumulative dividends payable Q.
ferred as to dividends and assets over any other stock of the corporation.
Red. as a whole or in part, at the option_of the corporation, at any time
Rdivs
:
la6e antisttcc or
gonsitota netn 60 days o otict at $ 10 a sl 0. o IewufuttecI
an fer ler
1 rrust
nver
Regisank
agent,
trar, New
Trust Co.. New York.
Data from Letter of L. K.Thorne, President of the Corporation.
Business.
-Corporation was organized in Delaware in 1923, with broad
Powers to acquire and hold securities of electric power and light companies.
to construct, operate or lease power stations and transmission lines and to
act fiscal agent for electric power and light properties. While the corporation is not limited by its charter as to the character of the investments
that it may make, it is primarily concerned with the development of the
electric power and light industry,and is particularly interested in the development, through interconnection, of large power systems along so-called
"superpower" lines.
The corporation holds for investment the common stocks of a number of
successful and progressive companies in the electric light and power business.
Its regular income consists primarily of dividends on these stocks. In each
year since it was organized, the corporation has, in addition, received
substantial underwriting fees and has realized cash profits from the sale
of securities.
Earnings 12 Months Ended Feb. 28.
1930.
1929.
$4,052,071 $4,289,064
Interest and cash dividends
18,690,288 31,410,265
*Profits,commissions,&c
,
Total
Expenses
Taxes, incl. reserve for Federal income tax
$22,742,360 $35.699.329
278,260
104,388
3,469,130
2,309,838
$2,414,226 $3,747,391
Total
20,328,133 31,951,938
Balance applicable to dividends
Annual div. requirem'ts on 600,000 shares 1st
3,600,000
preferred stock, $6 series (incl. this issue)
* Includes large profits from the sale of securities which cannot be considered as regular earnings.
The above earnings do not include any income to be derived from the
Proceeds of the sale of this first preferred stock, nor do they include stock
dividends received or any enhancement in market value, during the period.
of the present holdings of the corporation. If stock dividends had been
included at their market value at the time of receipt, the income from
dividends would have been increased $4,585,758 for the 12 months ended
Feb. 28 1930.
Assets.
-Corporation has no funded debt. Its net assets (at current
market prices at the close of business March 27 1930) after giving effect
to the sale of this first preferred stock amount to more than $285,000,000
This amount is approximately $475 for each of the 600.000 shares of first
preferred stock to be presently outstanding.
Holdings.
-Corporation owns substantial interests in the following companies:
Commonwealth & Southern Corp.
United Illuminating Co. of New Haven.
United Corp.
Consol. Gas, El. Lt. & Power Co.of Bait.
United Gas Improvement Co.
Electric Bond & Share Co.
Electric Power & Light Corp.
Consolidated Gas Co. of N. Y.
American Gas & Electric Co.
Niagara Hudson Power Corp.
American & Foreign Power Co., Inc.
United Light & Power Co.
American Power & Light Co.
Italian Superpower Corp.
Detroit Edison Co.
National Power & Light Co.
It also has holdings in several other companies.
-Proceeds will be used for the acquisition of additional interests
Purpose.
In certain electric light and power companies and for other corporate
purposes.
Condensed Statement March 27 1920.
(Upon completion of present financing),
LtzroillItes8Se
$23,047,912 Cap. nits. & surplus, repreCash Az call loans
sented by the follow'g out&cur. owned,at market val.
,812.
269,957,062 standing
on March 27 1930
1st pref. stk.,56 no par val 600,0 9shs0
stocks286 5
1 5
Other assets, Incl. dive. acer.
Pref. stk.,56 no par vame. 267,164 she.
on stocks owned to April
736,408
Corn. stk., no per val.8,293,005.3 she.
1 1930
Res, for inc. taxes, exp. &
gen conting , & for seer
1,180.724
dividends to April 1 1930_
845
Other liabilities
Faster service and additional trains between Chicago and New York will
be one of the principal features of the new schedules which will go into effect
with the company's spring change of time-table, April 27 1930. Announcement to this effect was made on March 29.-V. 130, p. 2203.
Vice-President George LeBoutilller on March 31 announced that a new
tariff has been filed with the I.
-S. C. Commission which will reduce the
rates for vehicular traffic now in effect on the ferry line operating between
Cortlandt St., New York City, and Exchange Pl. Jersey City, the new
schedule ofcharges.to become effective May 1. Under the newly authorized
tariff the charges for automobiles and horse-drawn vehicles have been
decreased, and an additional _reduction is made possible by the purchase
of so-called "package tickets" in lots of 50, amounting to approximately
10% under the individual ticket fares.
The present charge for small automobiles, containing one seat and
occupied by an operator and one passenger, is 32 cents, and for auto with
two cross seats and covering operator and three passengers the charge is
51 cents. The new tariff provides a charge of 25 cents for both classifications. For the large pleasure automobiles containing three or four
cross seats and occupants, the present rate is 63 cents for a three-seat
automobile and 95 cents for a four-seat automobile. Under the new tariff
there will be a flat charge of 50 cents for both classifications, the same as
for passage through the Holland Tunnel.
$293,741,383 Total
8293,741.383
Total
At present the charge for a motor bus, including operator only, is $1.26.
Under the new tariff a bus, including operator and occupants, the charge -V. 130, p. 2204.
Tunnel rate.
will be $1, the same as the Holland
The Pennsylvania RR.. in co-operation with the Greyhound Corp., the
-Earnings.
American Electric Power Corp.(& Subs.).
most extensive passenger bus enterprise in the United States, inaugurated
1929.
1928.
Calendar Years
on April I combined bus-rail service between New York and Chicago and Operating revenues
$13,952,208 $13,503,847
St. Louis. This constitutes a distinct innovation in long-distance passenger Other income
149,496
166,939
in the United States. The cardinal feature of this Joint
transportation
through service is that long distance travelers have the privilege of enjoy$14,101,704 $13.670,786
Total gross earnings
ing motor coach travel during the daylight hours, with the comfort of Oper. exp. & taxes incl. Federal income taxes
8,496,009
8,876,970
-V. 130, p. 2203.
Pullman cars for the night portions of the journey.
15,224,734 15,174.777
Net earnings
Texas Short Line Ry.-Construction.of suosictiary companies:
The I.
-S. C. Commission March 20 issued a certificate authorizing the Deduct charges
2,175.643
2.235,130
Interest on funded debt
company to construct and operate an extension of its railroad from Grand
48,822
34,971
Interest on unfunded debt
in a general southeasterly direction to Van, approximately 11 miles. Amortization of debt discount & expense
Saline
125,077
125.536
all in Van Zandt County, Tex.
1,090,913
Divs.on pref.. partic. & corn,stocks held by public 1,042,541
The company is controlled by the Texas & Pacific Railway through stock Interest charged to construction
Cr12,774
Cr21,901
ownership. It ONVIIS and operates a railroad extending from Grand Saline
in a general northeasterly direction to Alba, 10.04 miles. The main purposes
Net income before provision for retirement
of the proposed extension are to provide rail facilities and carrier service
11,808.926 11.746,637
reserves & charges of A.E.P.Corp
to a large oil producing field recently discovered in the vicinity of Van, Deduct
-Charges of A.E.F. Corp.:
and to prospective oil producing territory between Grand Saline and Van.
432,353
473,463
Interest on funded debt
comprises about 300 square miles, and has an
The territory to be served
3,758
16,091
Interest on unfunded debt
estimated population of about 10,000.-V. 128, p. 2457.
15,539
Amortization of debt discount and expense
13,178
618,232
758,532
Retirement reserve
PUBLIC UTILITIES.
-Employees of Peoples Motor Bus Co. have
St. Louis Bus Strike Ended.
resumed work after a strike lasting 20 days. "Wall St. Journal," April 2,
page 6.
-Commissioner Knight introduces
Offers Final Bills in Utility Program.
three measures, one for bus supervision. N. Y."Times," April 4. page 2.
-By a margin of one vote the New York
N. Y. City Transit Unification.
city transit unification bill failed of passage in the New York State Senate,
April 3. N.Y."Times," April 4,Page I.
-Earnings.
Alabama Water Service Co.(& Subs.).
Year Ended Jan. 31Operating revenues
Operating expense
Maintenance
Taxes (excluding Federal income tax)
182
$845,1
.:
326,313
31,157
86,524
$768.663
293.484
34,152
73,465
Net earnings from operations
Other income
$401.988
1,923
$367,862
1.270
Gross corporate income
Intereat'on funded debt
-V.130, p. 2203.
$403.912
194.233
$369,133
-Acquires MonAmerican States Public Service Co.
tana Utility.
-
Netincome
Surplus
-January 1 1928
Directsurplus credits
-net
$739,044
9,115.951
21,903
$485,372
8,481.109
310,125
Totalsurplus
19.876,898 19,276,607
Dividends on American Electric Power Corp.stock:
Divs.on $7 pref.stock series of 1927
22,101
7,822
Divs.on $6 pref.stock series of 1928
210.000
152,834
Profit and losssurplus
$9.644,797 $9,115,951
Shares of common stock outstanding (no par)
200,000
200,000
Earned per share
$2.53
$1.62
Capitalization in the hands of the public at Dec. 31 1929 consisted of
$7,276,600 convertible debenture 6s of 1957, 35.000 shares of $6 pref. stock.
3.484 shares of $7 pref. stock. 13,700 shares of second pref. and 200,000
shares of common.
Sales of electricity for the year amounted to 127,254.61:3 kilowatt hours
as against 113,354,503 kilowatt hours in 1928-a gain of more than 12%.
Gas sales for the year were 6,830,172 cubic feet, or nearly 6% greater
than in 1928.-V. 130, p. 284.
American Water Works and Electric Co., Inc.Comptroller.
Arthur L. Rae, formerly Assistant Comptroller, was recently elected
Comptroller to succeed A. A. Adams.
-V. 130, p. 2204.
This company announces the acquisition of the Commonwealth Public
Appalachian Gas Corp.
-Organizes Texas Subsidiary.
Service Co. of Montana. The new concern is an important addition to the
This corporation, it was announced this week, has organized the texas
existing chain of water systems owned by the company and is a further
development of the American States activity in the Northwest territory. Gas Utilities Co. as a subsidiary to construct and operate a natural gas disThe Commonwealth company has a sound value of approximately $250,000. tributing system in the Southwest. The latter company will control certain
gas rights in approximately 215.000 acres of land in Mavreick. Dimmit and
V. 130, p. 2022.
Zavella counties, Texas. Upon completion of construction work, the comAmerican Superpower Corp.-Pref. Stock Offered.- pany, it is estimated, will add more than $7,000,000 gross assets to the
Appalachian
recently announced
Bonbright & Co., Inc., are offering 100,000 shares 1st pref. of important Gas organization which in the Eastern field.the consolidation
See Texas Gas
natural gas companies
stock, $6 series, at $100 a share and divs. from April 1.
Utilities Co. below.
-V. 130. p. 2023.
[VOL. 130.
FINANCIAL CHRONICLE
2388
Cincinnati Gas & Electric Co.
-New Contract.
-
-Earnings.
-Brooklyn Borough Gas Co.
1926.
Years End. Dec. 311929.
1928.
1927.
Amt. of gas sold (1,000
1,811,869
1,656,427 1,582,875
Cu. ft.)
1,964,208
To'l rec'ts fm,sale of gas $2,607,641 $2,480,885 $2,190.588 $2,048,397
1,387,919
1,376,566
1,332,876
Operating expenses
1,485,859
See Louisville Gas & Electric Co. below.
-V. 130, p. 1825.
Net earn. fm. °peens $1,121,781 $1.092,966
Other income
27,207
24,338
$814,023
46,921
Cincinnati Street Ry.-Bonds Offered.
-Guaranty Co.
of New York and W.E. Hutton & Co. are offering $5,000,000
1st mtge. gold bonds, series "B" 6%, at 99
and int.,
$715,521 to yield over 6%.
30,205
Total income
$1,146,120 $1,120.173
Int.,taxes,retirem't exp.
351,519
397,565
Income tax (est.)
91,021
82,526
$860,945
331,382
29.767
$745,727
275,936
63.534
Surplus for year
-V.129, p. 2068.
$499,796
$406.256
$666,028
$677,632
California Water Service Co.
-Earnings.
Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
1929.
$2,129,736 $2,069,795
835.697
802,268
95,705
101,037
147,973
143,332
Net earnings from operations
Other income
$1,050.361 $1,023,157
12,372
20,276
Gross corporate income
Amount not applic. to Calif. Water Service Co_
81,062,733 81.043,433
28,708
Balance
Interest on funded debt
-V. 130. p. 2204.
$1,062,733 $1,014,725
358,881
Caluniet & South Chicago Ry. Co.-Earnings.Total
Bond
Other
Dividends
Yrs. End. *Int. on
Balance
Paid.
Surplus.
Jan. 31. Capital. Income. Income. Interest.
$333,372
1929-30-$589,298 820.674 8609.972 3276.600
588,525
1,745 586.780 276,600
1928-29
310,180
587,243
15,612 571.630 276,600
1927-28
295,031
582,242
8,317 590,559 274,296 (1V)100.000 216,262
1926-27
581,344
13,967 567.377 280,936 ((%) 75,000 211,441
1925-26
16,721 592.009 288,392 O%)50.000 253.618
575,288
1924-25
196 572,775.270,655
572,579
1923-24
571,558 def2,042 569.516 307,409 1%)100,000 162,107
1922-23
570,812 def4,101 566.711 317,299 1 0175.000 74,411
1921-22
568,912 def241 568,671 316,904 231)225,000 26,768
1920-21
• Representing company's proportion of 40% of Chicago Surface Lines
residue receipts 'pursuant to unification ordinance effective Feb. 1 1914.
-V. 128, p. 2087.
-Earnings.
Central Illinois Light Co.
1928.
1927.
1926.
12 Mos. End. Dec. 31- 1929.
$5.136,159 $4.765,845 $4.391.161 $4,197,747
Gross earnings
Oper. exp. incl. taxes &
2,975,809 2,817.130 2,650,287 2,514,378
maintenance
358.194
360,856
415,864
470,102
Fixed charges
Net income
81,802.156 81,587.859 81,325,010 $1,213.267
Dividend, pref. stock__. 405,418
408,837
413,462
394,789
Prey. for retire. reserve322,800
304,800
256,800
256,800
Balance
$1,073,938
$874,221
$561,678
$654,748
Comparative figures showing service rendered by the Electric, Gas and
Heating Departments during the past five years are as follows:
Calendar
Electric Sales in
Gas Sales
Heating Sales
Kilowatt Hours. in Cubic Feet.
in Pounds.
Years.
96.048,052
734,472,100
450,698.000
1925
1926
105,625.747
764,854.300
504,739,000
122,265,494
1927
796,774,220
471,951,000
1928
143.027,409
888,714,100
492,439,000
161,210.064
961,081,000
535,457,000
1929
-V. 128, p. 1902.
Central Indiana Power Co.
-Earnings.
Calendar YearsGross earnings
Oper. exp. & taxes
1929.
1928.
1926.
1927.
$7,228,905 $8,995,871 $6,418,543 88,616,310
4,388,764 4.287,168 3,770.435 5,339.571
Net earnings
Other income
$2.840,141 $2.708,703 $2,68,108 $3,276,740
7,607
16,265
200,033
309,168
Gross income
Interest charges
Amortizations, &c
$2,847,748 $2,724,968 $2,848,141 $3,585,908
1.531.752 1,434.937
1,450,148 2,097,881
327,953
254,073
216,408
318,192
Net income
Div. on pref. stock
$988,043 81.035.958 $1,181,584 S1,169,834
531.360
539.711
539.357
543,031
Balance
-V. 130, P• 619.
$456,683
Dated April 1 1930;due April 1 1955. Int. payable A&0,at Guaranty Trust
Co.of New York or, at holder's option, at Central Trust Co.in Cincinnati,
Without deduction for any Federal income tax up to 2%. Red. all or part
on 30 days' notice on any int. date, at 1073i and int, on or before April 1
1935,and thereafter at 34 of 1% less for each year or fraction thereof expired
subsequent to April 1 1935. Denom. $1,000 c*. Guaranty Trust Co.
of New York. trustee.
Data from Letter of Walter A. Draper, Pres, of the Company.
-Company (formed by consolidation in 1880) owns and operates
Business.
the entire street railway system in Cincinnati, together with an extensive
supplementary us system.
The company's franchise, which extends for 25 years from Nov. 1 1925
is of the "service-at-cost" type and provides for the automatic adjustment
of railway fares to cover operating expenses, depreciation, interest, sinking
funds and a 6% return on capital stock.
The present railway fare is 8 1-3c. for tickets or 10c. cash, a reduction
from a straight 10c. fare having been made on Nov. 1 1925. The bus
fares are 10c. and 15c. cash.
Purpose.
-This financing will provide for the payment of indebtedness
heretofore incurred for capital additions, including new substations, a new
repair shop, 100 new cars and a substantial number of buses, and will also
provide funds for further capital additions and other corporate purposes.
Capitalization Outstanding After Giving Effect to This Issue.
$6,784,500
let mtge. gold bonds: series A
%
5,000,000
Series B 6% (this issue)
217,500
Equipment trust certificates 6%
23,761.950
Capital stock
Securitg.-The mortgage under which these bonds are to be issued has
a direct first lien on all fixed property and all equipment now owned by
the company, eicept about A of its railrway cars, on which the mortgage
has a lien subject to the $217,500 outstanding equipment trust certificates.
-Additional bonds are issuable under the
Issuance of Additional Bonds.
mortgage for refunding purposes and for not more than 75% of net property
additions, provided in the latter case that net earnings after depreciation
are at least twice interest cheroots, all as defined in the mortgage. Approximately 81,750,000 bonds,exclusive of the present series B issue, are issuable
on the basis of net property additions existing at the present time.
Retirement of Bonds.
-Company will be obligated to make sinking fund
payments, beginning Jan. 1 1931. which are calculated to retire more than
75% of the series B bonds by maturity. If by Nov. 11940, the franchise
has not been extended to Nov. 1 1960 or a later date, the company will be
required, as long as no such extension has been made, to increase these
payments sufficiently to retire all series B bonds by the expiration of the
franchise or the maturity of the bonds, whichever shall be earlier.
Earnings Calendar Years.
1929.
1928.
1927.
1926.
Gross revenues
88.844,733 88,846,665 *8.748.279 *8.102,518
Oper. exp., maint.,taxes.
& deprec
6.725,909 7,073,508 7,103.800 6,580,205
2,118,824
Net available for int
1,773,157
1,644,479
1,522,313
Net earnings for 1929, as shown above, amounted to more than 3 times
annual interest requirements of total funded debt presently to be outstanding.
General.
-Company has paid dividends without interruption since its
formation nearly 50 years ago. At present prices the outstanding stock
has an indicated aggregate market value of more than $2,000,0000.-V • 128.
p. 2087.
Earnings for Calendar Years.
1928.
1926.
1927.
1929.
88,819,944 $8,819,116 68,700,257 $8,065,297
Operating revenue
6,021,350 6,320,173 8,332,429 5,846,222
Operating expenses
Net operating rev_ _ Taxes
$2,798,594 82,498,943 *2,367,828 82,219.075
747.318
693,268
771,369
708,832
Operating income_ - $2,105,326 $1,751,625 $1,596,458 $1.510,243
27,549
48,022
Non-operating income..37,221
24,789
Gross income
$2.130,114 $1.779,174 $1,644,480 81,547,464
Rent!.int., sink. fund
Rental. int. sink. fund'&
1,764,381
1.624,141 1,533,399
return on cap
2,126,610
Balance
Fare control fund-previous bal. incl. initial
$400,000
$3,504
$14,793
$20,339
$14,084
455,971
441,177
420,838
406,774
$459,475
$455,971
$441,177
8420,838
William H. Wildes,formerly Vice-President and director of E. H. Rollins
-Earnings.
Citizens Water Service Co.
& Sons, has been elected executive Vice-President effective April 1. Mr.
Years Ended Jan. 311930.
Wildes will be elected a director of the corporation at its next meeting.
Operating revenues
$39,363
D. C. McClure will continue in direct charge of operations.
11.725
Mr. Wildes is also a director in the American Equities Co., the Union Operating expense
1,439
Power Corp. and the Federal Public Service Corp., as well as an officer or Maintenance
Taxes (excluding Federal income tax)
-V. 130, p. 1455.
1,062
director of a number of industrial concerns.
1929.
$39,557
10,891
1.966
894
$496,247
8642.227
$626.803
Tot, in fare cont. fd_ _
-V.128, p. 2087.
CentralPublic Service Corp.
-New Officer.
-
-Earnings.
Chester Water Service Co.(& Subs.).
Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
Gross corporate income
Interest on funded debt
-V. 130. p. 2205.
Chicago City Railway Co.
-Annual
Years End. Jan. 311929.
1930.
Sonth Side Lines(40%)- $5,386,866 $5,372,222
'Joint acct. exp., &c_ _ -- 3,774,097 3,775,159
Net earnings
$1,612,769 $1,597,063
City's proportion, 55%
as per ordiance
878,385
887,023
Cos.' prop'n, 45% as
per ordinance
South St. fly, proportion
Gross corporate income
$25,136
$25,805
Annual interest requirements on total funded debt
10.945
1929.
$524.098 -V. 130, p.2205.
133.313
Commonwealth & Southern Corp.
-Organizes New Co.
26,686
Chairman B. C. Cobb announces that the Allied Engineers,
11,450
has
been organized to take over the assets, business and organizations Inc.of Stevens
& Wood, Inc., Dixie Construction Co. and Empire Construction
$352,648 new company will continue in the present location of Stevens Co. The
$389,689
& Wood,
3.224
6,873 Inc., 60 John St. N. Y. City, until about May 1 when it will move to
its
'
new headquarters at 120 Wall St.
8359.521
$392,913
Stevens & Wood, Inc. and the Empire and Dixie construction com135,252
panies have for many years been engaged in industrial and public utility
designing and construction work and now have in process for clients extensive construction programs all of which will be taken over by the new
Report.
c°rporation.
1927.
1928.
E. A. Yates, formerly Vice-President of the Southeastern Engineering
85,357.303 35,320,845 Co., will be Chairman of the board; B. F. Wood, formerly of Stevens &
3,856.508 3,525,319 Wood, Inc., will be President: while the following will be
H. Sawyer, 0. G. Thurlow, B. L. Huff, R. W. Stovel and A. C. Polk.
'ice-PrsdntW.
81,700,794 *1,795,525
The board of directors will consist of. B. 0. Cobb, H. G. Kessler, Thos.
W. Martin, F. P. Cummings, Jacob Hekina, W.H. Sawyer, T. A. KenneY.
987.539 0. G. Thurlow, E. A. Yates, W. H. Berthold and B. F. Wood.
935,437
1930.
$565,177
136,307
24,228
14.955
New President of Subsidiaries.
$725,746
39,045
$718.678
38,665
8765,357
41,176
$807,986
43,954
William H. Berthold has been elected President of the Central
Light, Illinois Power, Illinois Electric Power and Southern IndianaIllinois
Gas &
Electric companies, all of which are subsidiaries of the Commonwealth &
Sduthern Corn. Mr. Berthold previously was a vice-president.of these
companies.
-V. 130, p. 1825.
Company's proportion $686,701
$764,032
$724,181
$680,013
Int. on capital investm't 2,804,491
2,789,150 2,788,024
2,796.393
Income from oper'n _ _ $3,491.192 $3,476.407 $3.513.331 $3.552,056
Consolidated Gas, Electric Light & Power Co. of
Other income (net)
def7,474
.44,397
def59,967
134.346
Baltimore.
-Acquisition-Increase in Stock-Listing.
-Net income
The stockholders at the annual meeting held on April 2 approved the
*3.625,538 $3,520.805 $3,453,364 $3,544,582
on bonds
Interest
1,717.951 sale of this corporation of all the property and assets of the Woodbine
1.696,300
1.696.300
1,696,300
Dividends (6%)
1,080,000 Light & Power Co. within certain territory as an entirety, including its
good-will and franchises.
Balance,surplus
The stockholders also increased the total authorized amount of capital
3746,631
81.929,238 $1,824,505 $1,757,064
stock from 1,200,000 shares ofcommon stock and 300,000 shares of preferred
Shares capital stock unstanding (par $100)
180,000 stock to 2,000,000 shares of common stock and 500.000 shares of preferred
180,000
180,000
180.000
Earned per share
$10.15 stock and to classify such increase in preferred stock as 5% preferred stock.
$10.14
$9.76
$10.72
x Joint account expenses interest on capital investments of the Chicago series A.
-V. 130. p. 1835.
The Baltimore Stock Exchange has approved the listing of 106,127 shares
City By. and Caulmet & South Chicago By. and Southern Street R.
(no par value) additional common stock.
-V. 130, p. 1825.
V. 130, P. 285.
APRIL 5 1930.]
Cumberland County Power & Light Co.
-Earnings.[Including Operations of Portland RR. Co. leased.]
Calendar Years
Gross earnings
$4.720,285 $4,396,372 $4,312,597
Operating expenses, maint. & taxes- - 3,107.594
2,459,754
2,425,622
Retirement appropriation
370,200
341,156
Rent for leased properties
263,548
263,548
263,548
Bond and other interest charges- -- 403,055
402,078
402,025
Amort,of debt discount & expenses...
63.874
53,664
53,723
Net income
Previous surplus
Adjustments
2389
FINANCIAL CHRONICLE
$883.244
1,505,089
Dr17,620
$797,426
1,052,172
Dr40,300
$875,196
1.165,881
Cr143,427
Total surplus
Dividends on preferred stock
Dividends on common stock
$2,370,713 $2.184,504 $1,809,298
241,416
241,416
241,416
435,000
438,000
402,000
Profit and loss surplus
-V.130. p. 796.
$1,694,297 $1,505,089 $1,165,881
Dixie Gas & Utilities Co.
-Consolidation.
-See United
Gm Corp. below.
-V. 129, p. 3799.
Dixie Gulf Gas Co.
-Consolidation.
--See United Gas
Corp. below.
-V. 128, p. 3683.
East St. Louis & Suburban Co.(& Subs.).
-Earnings.
Calendar YearsOperating revenues
Operating expenses
Maintenance
Taxes
1928.
1929.
$4,629,650 $4,358,457
2.642,760
2,363,621
604,979
613,853
220.811
334,100
Net operating revenue
Non-operating revenues
81,161,101 $1,046,883
93,100
181.871
Gross income
Interest on funded debt
Amort. of bond disc. & expense
Other interest charges
Int. during contract
Approp. for depreciation reserves
$1,244,201 • $1,228,754
460,167
460,700
5,113
5,133
269,222
267.673
Cr.13,871
Cr.19,367
287.860
284.319
Portfolio.
-The following is a list of company's investments, as at Dec.
31 1929, other than United States Electric Power Corp. and Electric
Shareholders Corp.:
Brooklyn Manhattan Transit Co. notes.
Central States Electric Co. prefd.
Commonwealth & Southern Co. corn.
Corporation Securities Co. of Chicago prefd. & corn.
Instill Utility Investments Co. prefd.
Louisville Gas Rs Electric Co. A corn.
North American Co. corn.
Northern States Power Co. A corn.
Middle West Utilities Co. corn.
Pacific Lighting Co. corn.
Public Utility Holding Co. of America corn.
Southern Colorado Power Co. corn.
Standard Gas & Electric Co. corn.
Standard Power & Light Co. corn.
United Corp. corn.
United Gas Improvement Co.corn.
Barcelona Traction. Light & Power Co. prefd.
Intercommunale d'Electricite capital and founders shares.
Mexican Light & Power Co. bonds.
Mexico Tramways Co. bonds.
Rio de Janeiro Tramway Light & Power Co. bonds.
Societe Generale Adriatica di Elettricita shares.
Societe Generale Elettrica della Adamello shares.
Societe Generale Elettrica della Sicilia shares.
Societe Internationale d'Energie Hydro-Electrique (Sidro). prefd. and
ordinary shares.
Banque de Bruxelles shares.
With the excetion of two securities, namely, United States Electric
Power Corp. "A' and preferred shares, all the investments owned are
marketable, being either quoted on the Stock (or Curb) Exchange of New
York. or the Stock Exchange of Montreal, London, Brussels or Milan.
Approximately 90% of investments are in companies operating in the
United States. The remaining 10% are divided among companies whose
properties or controlled properties are situated (in the order of their importance) in Spain, Brazil, Italy, Belgium and Mexico.
Balance Sheet Dec. 31 1929.
Liabilities
ASSetS$841,262 5% class B cum. partic. pref.
Cash
20,000,000
shares
Accounts receivable
1,008,468
x20,319 285
Investments
43,482.798 Common shares
6,063.552
Syndicate accounts
1,050,309 Surplus
$228.747
$46,382,837
Total
Total
$46,382,837
-V.129, p. 3325.
x Represented by 921,530 shares no par common stock.
-Forms New Holding ComElectric Power & Light Co.
pany to Acquire Natural Gas Properties.
-See United Gas
Corp. below.
-V. 130, p. 2205.
The New York Stock Exchange has authorized the listing of 4,655 additional shares of common stock (par $15 per share) 315,000.000, on official
notice of issuance as a stock dividend, making the total amount applied for
470.528 shares.
-V. 130. D. 1826.
Balance for common dividends & surplus
-V. 129, P. 3800.
$247,260
-Listing.
Federal Light & Traction Co.
.-Annual Report.
Empire Gas & Fuel Co.
(& Subs.)
Year Ended Nov. 301928.
1927.
1929.
Gross earnings
868,892.665 $60.301,621 $66,037,811
Operating and maintenance expense.. 38.174,890 34.735.375 34,550,098
Net earnings
Non-operating income
$30,717,775 $25,566,246 $31,487,713
1,386,621
1,065.850
421,681
Net earnings
Interest charges
Federal taxes
Amortization of bond discount
$31,139,456 $26,952,867 $32,553,563
5,014,925 4,781,681
6.300,516
35,000
544,220
639,003
673,945
774.208
Houston Gulf Gas Co.
-Merger.
-See United Gas Corp.
below.
-V.130, p. 466.
Illinois Power & Light Corp.
-Stock Increased.
At the annual stockholders' meeting held March 19, the stockholders
authorized the increase from 600,000 shares of common stock without par
value to 800,000 shares.
None of the authorized increased common stock will be available for
Issue to the public, all of the common stock being controlled by the North
American Light Ss Power Co.
-V. 130, p. 1827.
Illinois Water Service Co.
-Earnings.
-
Net available for dive, and reserves$24.064,731 $21,263.939 $26.553,717
Dividendson preferred stock
3,061,252
3,852,450 3.964,633
Cash dive,paid to minority stkhldrs
67.605
66.790
Dividends on common stock
4,500,000 6,000,000
Years Ended Jan.31-1930.
Operating revenues
$639.128
Operation expense
252,159
Maintenance
36,444
Taxes (excluding Federal income tax)
45,096
1929.
$590.320
235,538
24.121
48,099
Balance, surplus
Previous surplus
Net earnings from operations
Other income
$305,928
668
8282,562
1.079
$306.596
129,378
8283,641
$15,645.491 r11.231.701 $23.492,465
77,975,374 77,004,946 68,152,101
Gross corporate income
Total surplus
$93,620,865 $88,236,647 $91.644.566
Depreciation & depletion
12,345,738 11.727.639 13.645,016 Interest on funded debt
Adjustments applicable to prior years Cr772,141 Cr1.466,366 Dr994,604 -V. 130, p. 2206.
Totalsurplus
$82,047,267 $77,975,374 $77,004,946
Amt.applic. to minority stkhldrs_ _ _ _ 6,916,700 5,893,679 4,223,202
Bal. apple. to majority stkhldrs_ --$75,130,567 $72,081.695 $72,781,745
Shares of common stock outstanding_
750.000
750,000
750.000
Earned per share
$26.86
$22.97
$31.32
Consolidated Balance Sheet Nov. 30.
1928.
1929.
1029.
1928.
Assets-Liabilities$
$
$
$
Plant & invest..307,158,876 279,455,711 Common stock- 37,405,357 37,405,357
Mlimell. invest__ 7,931,407
227,805 P1. 8% cum.stk. 13,253,637 13,253,637
Cash In banks &
P1.7% cum.stk. 30,506,600 30,506,600
on hand
sto6
9,282.080 7,811,642 Pret.c p% cum.
Invent. of crude
3,400,000 3,400,000
& refined oils_ 26,445,549 20,683,916 Pt.6% cum.stk. 7,264,500 7,264,500
Accts, rec. oust. 4,076,491 2,611,982 Bonded debt.. 86,703,200 78,718,700
Current accts. of
Notes payable
11,546,110 6,960.847
attn. cos
1,423,095 1,183,700 Accts. payable_ 4.690,709 2,376,557
Notes, accts. &
Wages,salarics &
Int.reo., sund.
632,052
613,700
commis. accr.
313,592
Materials & sup. 4,904,041 3,889,566 Accr.Int..tax.&c 1,028.503 3,118.726
Prepd. ins., int.,
Divs. of pf stock
321,040
321,369
royalties, rentDue to part co- 43,107,843 16,104,798
ate, taxes. &c.
947,179
553,763 Custom. depos104,892
123.691
Expenses of oil
Sund. def. items
48,051
163,087
In storage_ __ _ 1,289,999 2,105,020 Depr. & depict- 51,089,572 48,593,618
Bond.¬e digInventories_ _ -. 2,625,844 1,663,909
count & exp-. 9.106,853 7,605,195 Bad & doubtful
Prop, in course
accts.& allow.
378,050
344.990
of replacement 5,415,690 4,675.560 Injuries & darn.
73,532
64,585
Miscellaneous
638,833
666,828
Minor.stockhol.
int, in sub. cos 9,144,284 8.122.660
Tot.(ea. side)378,594,960 331,435,911 Surplus
75.130,567 72,081,695
-V.128, p. 2088.
Engineers Public Service Co.
-Plan Operative.
-
See Stone & Webster, Inc., under "Industrials" below.
The New York Stock Exchange has authorized the listing of 36.430 shares
of common stock (no par value) on official notice of issuance on account
of payment of stock dividend or in exchange for scrip so issued, making the
-V. 130. p. 2024.
total amount applied for 2,379,621 shares.
Hydro-Electric Securities Corp.
-Earnings.
Earnings Year Ended Dec. 311929.
Dividends de interest received in cash
$1,663,569
Dividends received in stock, whereof:sold for cash
606.318
k Retained as invests. & valued at market prices prevailing on
fry dates dividends were received
625,827
Rio de Janeiro Tramway,Lt.& Pow.Co.coupons funded
54,955
Net profit on sale of investments
4.066.503
Totalincome
Administrative & general expenses & differences of exchange
87.017.172
103,968
Net profit
Surplus as at January 1 1929
$6.913,205
1,021.838
Total surplus
$7,935,043
Remuneration directors & advisory committee for the year 1928..
19,361
Dividends paid on preferred shares
1.000,000
Dividends paid on common shares
852,129
Surplus Dec. 31 1929
$6,063,552
Interborough Rapid Transit Co.
-Registrar.
-The Equitable Trust Co. of New York has been appointed registrar for
certificates of deposit for capital stock and voting trust certificates for
capital stock.
-V. 130. p. 2206.
Kansas City Public Service Co.-Earnings.Cali/radar Years1929.
1928.
1927.
1926.
Gross revenue
$8,951,616 89.030.316 89.369,315 $9,856,016
Total ry. oper. exp
7.029,311
6.015,155 6,179,035
6,590.092
754,998
Bus operating expenses_
663,069
660,835
633,719
xExtraordinary maint._ 62,738
63,436
Valuation expense
84,256
544,759
505,530
532,790
Taxes
501,786
Gross income
Interest on bonds
Miscellaneous charges
Net income
Pref. stock div. approp_
81.624,613 81,621,481 81,612,714 $1.526.947
747,912
881,421
846,709
10.263
44,969
29,266
$698,223
330.726
8745.507
454,955
$854,539
291.774
1
$562.766
$367,497
8290,552
Balance
x Beginning Jan. 1 1928, franchise requires that annual reserve of not
less than % of 1% of gross operating revenue be set up for extraordinary
maintenance. y No deductions from income shown in 1926 statement as
the property was operated by receivers for 934 months during that year and
-V. 129, p. 1910.
no interest was paid during receivership.
Keystone Telephone Co. of Phila.-To Reclassify Pref.
Stock.
-President F. C.'Durant, Jr., March 27, says:
At the present time the company has an authorized capital stock of 200,000
shares preference stock of no par value, all of which are entitled to a $4
dividend per annum and $65 per share upon redemption or liquidation, of
which 40,000 shares have been issued, and 50,000 shares of common stock,
par $50 per share.
It is proposed to convert and classify the preference stock,so that it may
be issued from time to time in accord with the more modern practices of
corporate financing. The change which is to be submitted to the stockholders for approval on April 28, will provide that 100.000 shares of stock
will be classified as $4 preference stock bearing $4 curn, dividends per annum and entitled to $65 per share upon redemption or liquidation. The
remaining 100,000 shares of stock will be classified as $3 preference stock
bearing $3 cum, dividends per annum and entitled to $48.75 per share
redemption or liquidation. The 40.000 shares of preference stock now
outstanding will be exchanged share for share for $4 preference stock.
It is the intention of the directors to give to the preference stockholders
rights to subscribe to such additional preference stock as may be presently
issued, and upon such terms and conditions as should prove of financial
benefit to them.
-V. 130. p. 1457.
Key System Transit Co.
-Deposits.
It is understood that between 95 to 99% of the several bond issues have
been deposited under the plan. Foreclosure proceedings are at present
pending in the Superior Court of Alameda County, Calif.
-V.130, p. 1457.
London (Ont.) Street Ry.-Annual Report.
-Calendar YearsGross earnings
Operating expenses
Interest and taxes
Depreciation
Dominion inc. tax
Net income
-V.128, p. 2270.
1929.1926.
$592,844
$626,691
3618.961
$638,5I9
495,219
528.528
531,598
519,690
42,555
43.793
43,766
44,129
51,625
38,128
48,625
48,625
115
1.118
1.287
398
23.330
86,482
913.048
814.958
2390
FINANCIAL CHRONICLE
[Vou 130.
The balance of $982,317, as shown above, was equal to more than 2.3
Indiana Hydro-Electric Power Co.
-New Director, &c.
Robert M. Feustel was recently elected a director to succeed F. A. Dale. times the annual dividend requirements of $409,332 on the cum. 26 pref.
Lucius B. Andrus was elected Vice-President and Louis B. Schiesz, Comp- stock (incl. this issue). After decuting appropriations for renewals and
replacements (depreciation), the balance of $849,533 was equal to over
troller.
-V. 130, p. 1457.
twice such requirements.
Louisville Gas & Electric Co.(Del.).
-New Contra-t.
Capitalization Outstanding (As at Feb. 28 1930, including this issue.)
Construction of an electric transmission line, 82 miles long and costing 1st Mtge. gold bonds,5% series due 1957
$9,000,000
approximately $1.000,000. for interchange of power between Louisville Underlying bonds
333.500
and Cincinnati is provided In a contract which has been signed by officials
68,222 shs.
$6 pref.stock,cum.(no par)(incl. this issue)
of this company and the Cincinnati Gas & Electric Co., according to an $6 2nd pref.stock,cum.(no par)
35,000 shs.
announcement made April 4 1930.
1,000,000 Os.
The route of the transmission line is from the Louisville company's Ohio Common stock (no par)
* Authorized amount of $6 pref. stock and $6 2nd pref. stock is 150,000
Falls hydro-electric station, crossing the Ohio River and extending in a
straight line to Madison, Indiana, thence to Aurora, Indiana, crossing shares, of which 50,000 shares are authorized to be issued as $6 2nd pref.
stock. Subsequent to issuance and when certain earnings requirements
the river back into Kentucky for a distance of 5 miles, crossing the river a
third time to the Cincinnati company's new Columbia power station at are met, any of the 26 2nd pref. stock may become $6 pref. stock.
-Company is controlled through ownership of all its 26
Supervision.
the mouth.of the Great Miami River in Ohio.
Officials said most of the right-of-way has been purchased and it is 2nd pref. stock and common stock by Electric Power & Light Corr.. Elecplanned to begin construction immediately. The line is expected to be in tric Bond & Share Co. supervises (under the direction and control of the
boards of directors of the respective companies) the operations of Electric
operation next fall.
-V. 126, p. 107.
Plans for the Interconnection call for a normal capacity of 40.000 kilo- Power & Light Corp. and Mississippi Power & Light Co.
watts, with electricity being transmitted at 132,000 volts. Most of the
-Listing.
Montreal Tramways Co.
territory traversed by the proposed line is now being served with electric
power and it is not planned to tap it for this purpose.
The New York Stock Exchange has authorized the listing of series D
Interconnection of the two systems, officials said, gives to both a reserve 5% general and ref. mtge. sinking fund gold bonds in the amount of
supply of power which means that installation of additional generating 23,000,000. due April 1 1955.
facilities can be delayed from time to time.
-V. 130, p. 620.
Earnings for Calendar Years.
1926
1928
1927
1929
Maine Gas Companies.
-Earnings, &c.
Gross receipts
The company reports total revenue from all sources for the year ended Oper.expenses & taxes $15,669,912 $14,938,678 $13,728,154 $12,899,602
7,148,387
6,760,074
6,582,974
7,480,020
Dec. 311929, of $1,223,854, an increase of 6.2% over the previous year. Operating profit_ _ _ _
58,862
57,350
55,278
61,957
Net income available for dividends was 2204,593, compared with $190,000
3,248,589
2,478,642
2,870,229
In 1928. while net available for common was 2130,833, equivalent to 22.63 Maintenance & renewals 3,179,115
1,047,476
1,153,721
Autobus expenses
per share on the 49,691 shares of common stock. This compares with $2.34
earned in the previous year, and $1.78 per share earned in 1927.
Balance
$3.795,099 $3,435,364 $4.432,087 $3,391,122
The company reports substantial increases in all of its operations with
the exception of gas appliance sales, which show a slight reduction in revenue
due primarily to reduction in prices. Operating revenue from the sale of 6% on capital value---- $2,177,178 22,177,178 $2,177,178 $2,177,178
514,725
460,337
703,003
567,539
gas at $814,817 was 6% larger than in previous year. Gas sales totaling Additions to capital_ _ _ _
5,807
3,915
9,216
working capital
10,517
615,906.700 cu. ft. were 10.8% larger. Coke and breeze sales at 20,819 6% on autobus inv
*94,652
tons were 21.7% larger. Reflecting the increased use of gas in the com- Int, in
181.431
181,431
181,431
Financing expense
181,431
panies' territory, sales for commercial purposes were 9.2% larger: for industrial business, over 50% larger, and for house heating, 51% larger.
Total
23,166,782 $2,935,364 $2.879,141 $2,822.861
The report reveals that as of Jan. 31 1930, three of the subsidiaries.
Portland Gas Co., Municipal Light & Power Co. and Westbrook Gas Co..
$568,261
Balance
$500,000 $1,552,945
$628,317
have been consolidated into the Portland Gas Light Co.(V. 123, p. 2140), City of Montreal rental_
500,000
500,000
500.000
500,000
which will service the territory of South Portland, Cape EAzabeth and West
Portland. The merger is expected to result in further economy of ad int $1,052,945
268,261
Balance
$128,317
tration, it is stated.
-V. 123, P. 2139.
* Included in additions to capital in 1928.
Revenues and expenses figures of company compare as follows for the
Minnesota Power & Light Co.
-Bonds Offered.
-Harris
as above:
Forbes & Co., Tucker, Anthony & Co., Bonbright & Co., same periods capital val- $2,890,698 22,753,932 22,697,709 22,641,430
Return upon
Inc. and Coffin & Burr,Inc. are offering at 933 and interest Interest on investment in
94,652
82,648
61,044
32,916
autobus service
to yield 4.85% an additional $4,000,000 1st & ref. mtge. Operating profits
58.862
57,350
55,276
61,958
gold bonds, 4% series due 1978. Dated May 1 1928; 20% of divisible surplus_
124,241
25,663
125,562
64.685
67,783
76,104
Other revenue
due May 1 1978.
•
Data from Letter of E. W. Hill, Vice-Pres, of the Company.
Total revenue
23,198,534 $2.960,127 $3,008,130 $2,805,726
2,233,152
2,116,705
2,125,643
2.126,567
-Company supplies, directly or indirectly, electric power and Interest,&c.,expenses
Business.
light service in an extensive territory in Northern and Eastern Minnesota.
Net income
$965.382
$843,422
$882,486
2679,159
serving 100 communities, including Duluth, Chisholm, Eveleth, Ely, CloDividends
699,650
550,000
499,602
400,000
quet, Little Falls and Brainerd. It also serves Superior, Wis. at wholesale.
The territory which company thus serves comprises a population estimated
Surplus
$265,732
$293,422
at 327,000, and includes the Mesaba. Vermilion and Cuyuna Iron Ore
$382,884
$279,159
1,969.503
Ranges, where approximately 60% of the country's entire output of iron Previous surplus
1,676.081
1,293,197
1,014,038
ore is mined,and the "Duluth district" which, with its great natural harbor,
Total
22,235,235 $1,969,503 $1,676,081 $1,293.197
is one of the foremost manufacturing and jobbing centers in the Northwest.
Security.
-Bonds are secured by a direct first mortgage on all of the -V. 130, P. 620.
physical property of the comapny, except as to the property acquired from
the Great Northern Power Co.. which is subject to one issue of $7.476,000
-Acquisition.
Mountain States Telep. & Teleg. Co.
(ciosed mortgage) bonds outstanding in the hands of the public and maturThe I.
-S. C. Commission March 20 approved the acquisition by the coming Feb. 1 $935. Mortgage contains provisions for its modification in
-V.129, p.2682.
certain respects, with the assent of the holders of not less than 85% of the pany of the properties of the Southern Utah Telephone Co.
outstanding bonds.
-New Pref. Stock.
New England Power Association.
Capitalization Outstanding Upon Completion of This Financing.
The stockholders on March 18 voted that 750.000 transferable shares
$20,000,000
Common stock (par $10)
the following desig8,447,400 be and hereby are authorized, which shares shall have
7? preferred stock, cumulative (par $100)
165,000 nations, rights, preferences and limitations:
6 preferred stock, cumulative (par $100)
1. Such shares shall be designated $2 div. pref. shares and shall be of no
70.126 shs.
preferred stock, cumulative (no par)
$°
1st & ref. mtge.gold bds.: 4 % ser. due 1978 (incl. this issue)_ _$18,000,000 par value, full paid and non-assessable.
2. The $2 div. pref. shares shall be entitled out of the net profits or sur10,700,000
5% series due 1955
7,476.000 plus of the company to quarterly, cumulative, preferential dividends,
Underlying divisional issue with public
Purpose.
-Proceeds will provide funds to reimburse company for ex- part passu with the pref. shares of the series originally authorized, when,
penditures made for additions to property and for other corporate purposes. as and if declared by the directors and after registration thereof by the
trustee, from the quarterly dividend day next preceding the day of issue,
Earnings Year Ended Feb. 28 1930.
$6.273,658 or from the day of issue, if it be a quarterly dividend day, at the rate of
Gross earnings from operation
-J. 1 to shareholders of record on
2,3,7,624 22 per annum and no more, payable Q.
Operating expenses, taxes & maintenance
such day, not more than 30 days before the day on which the dividend is
23,896,034 payable. as may be fixed by the board.
Net earnings from operation
3. With the consent or at the direction of the directors all or any part of
1,718,800
Annual interest on bonds (including this issue)
the 22 div. pref. shares at any time outstanding may be called for purchase
$2,177,234 or redemption by the company on any dividend day at 237% and dtvs.
for other int., renewals & replacements, &c
Bal.
4. The $2 div. pref. shares shall be on a parity with the pref. shares of
-Franchises under which company operates are generally
Franchises.
satisfactory and free from burdensome restrictions. A great portion of the the series originally authorized upon the liquidation or termination of the
outside of the cities served and is with company, whether voluntarily or involuntarily, except that, in case holders
company's large power business is
industries so located and served that no franchises are required in connec- of pref. shares of the series originally authorized shall be entitled to receive
2100 a share plus dividends accrued, holders of 22 div. pref. shares shall
tion therewith.
-Company Is controlled through ownership of all its com- be entitled to receive upon surrender of their certificates tlareefor duly
Supervision.
mon stock (except directors' shares) by the American Power & Light Co. endorsed or assigned in blank $33 1-3 a share plus dividends accrued thereon
Electric Bond & Share Co. supervises (under the direction and control of for the same period of time as provided in respect of the Prof. shares of the
the boards of directors of the respective companies) the operations of the series originally authorized.
The stockholders also voted that this company shall and does hereby
-V.
American Power & Light Co. and the Minnesota Power & Light Co.
agree to reimburse the holders of $2 div. pref. shares for any Massachusetts
27. p. 2526.
Income tax which such holders shall pay, pursuant to a lawful assessment
- therefor, on account of the dividends received upon such $2 div. pref.
Mississippi Power & Light Co.-Pref. Stock Offered.
to an amount not
W. C. Langley & Co. and The First National Old Colony sharesapplication for suchexceeding 6% of the dividends so received, pro
reimbursement be made, if the
Acted
Corp. are offering an additional issue of 40,000 shares of require, at such time and in such form as the said boarddirectors shall so
may from time
time determine, and further, that the issue of 750,000 of the $2 div. pref.
to
cumulative $6 preferred stock at $100 per share and div.
shares from time to time and at such times as the directors may consent to
Dividends playable q.
-F. Preferred as to assets and dividends over the or request either for money, services or property or in exchange for
cumulative $6 2nd pref. stock and common stock. Red. all or part at shares in the company at the time outstanding and upon such terms other
as
$110 per share and diva, upon affirmative vote of a majority of the out- valuation of shares, services or property or other shares and otherwise to
as
standing common stock. Transfer agents: Irving Trust Co. New York the board and/or the executive committee may see fit be and the same
'
and Merchants Bank & Trust Co., Jackson, Miss. Registrars: Guaranty hereby is authorized and approved.
-V. 130, p. 2027.
Miss.
Trust Co.. New York and Jackson-State National Bank, Jackson,
New England Telep. & Teleg. Co.
Data from Letter of E. W. Hill, Vice-Pres. of the Company.
-Acquisition.
--S. C. Commission March 21 approved the acquisition by the
The I.
Business.
-Company supplies electric power and light service to 162 comserving a wide territory located in company of control of the White River Valley Telephone Co. by purchase
munities (including one at wholesale),
-V. 130, p. 2207.
growing agricultural, industrial and lumbering regions in western Mississip- of its capital stock.
pi, including the cities of Jackson, Vicksburg, Greenville and Natchez.
New York Steam Corp.
-To Split Up Stock.
Company also does some manufactured and natural gas, transportation,
The corporation is planning an 8
-for-1 split-up of its common stock in
water and ice business. Total population of the territory served is estimated
response to a suggestion of minority stockholders made at the hearings
at 248,000.
Company's electric properties, with a few exceptions,are completely inter- recently before the New York P. S. Commission in connection with the
connected. These properties are also tied in with the transmission lines of sale of additional stock.
The petition for issuance of 14,000 additional shares, at $400 a share,
two associated companies, Arkansas Power & Light Co. and Louisiana
Power & Light Co., and with those of Memphis Power & Light Co., thus consequently has been amended to provide for the sale of 112,000 additional
part of a large interconnected system serving wide areas in the four shares at $50 a share. The minority interests contended that these terms
forming
would be fairer to them, permitting them to take up a larger proportion of
States of Mississippi. Arkansas, Louisiana and Tennessee.
-Proceeds will provide funds to reimburse the company for additional stock than at the price of 2400
Purpose.
The Consolidated Gas Co. of New York owns 7,615 common shares, the
and acquisitions and or other
expenditures made for property additions
NOW York cllson Co. 6,720 corn. shares, and the United Electric Light
corporate purposes.
& Power Co. 6,288 com, shares of New York Steam Corp. stock. Other
Earnings 12 Months Ended Feb. 28.
large stockholders are Bert Feder. with 1,300 shares; Fred L. Lovelace.
1929.
1930.
$3.466,312 $4,678,826 1,000: Wyndham Realty Corp. of Delaware, 1,000: Bolt, Rose & Troster.
ross
2.834.667 434; Frank S. Seymour, 400; R. Stockton Pope, 400, and Stuart & Co
2,200,357
expenses, maintenance & taxes
Operating
300. (New York "Times,")
-V,130. P. 2207.
$1,265,955 21,844.159
Net earnings
New York Telephone Co.
861,842
-Appropriations Approved.
Interest and other deductions
The directors on March 26 authorized the expenditure of $16,559,190
$982,317 for new construction throughout the State, according to an announcement
Balance for dividends,depreciation and surplus
made by President J. S. McCulloh. This brings the total appropriations
Annual div. requirements on the 68,222 shares of cum.$6 pref.
409,332 since the beginning of the year to $41,149,200, of which $35,911,460 has
stock outstanding Feb.28 1930,and incl. this issue
APRIL 5 1930.]
2391
FINANCIAL CHRONICLE
been set aside for additions to facilities in the Metropolitan area.
-V:130.
p. 2207.
• New York Water Service Corp.
(& Subs.)
.-Earninos.Years Ended Jan.31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
1929.
$2,617,542 $2,461,296
754,633
709,401
149,138
87.315
214.319
221.063
Net earnings from operations
Other income
81.499,451 $1,443,517
50,305
37,282
Gross corporate income
Interest on funded debt
-V. 130, p.2207.
$1,549,756 $1,480,799
626,389
North American Gas & Electric Co.
-Dividend.
The directors have declared the regular quarterly dividend of 40c. a
share on the class A stock, payable May 1 to holders of record April 10.
The stockholders have the option of receiving this dividend in cash or in
class A stock, at the rate of 1-40th of a share for each share held. No
fractional shares will be issued. A similar distribution was made on this
Issue on Feb. 1 last.
A quarterly cash dividend of 40c. a share was paid on May 1, Aug. 1
and Nov. 1 on the class A shares. Stockholders of record for the Nov. 1
dividend were given the option of raceiving 1-50th of k share for each share
held instead of cash.
-V.130. p. 973.
North American Light & Power Co.(& Subs.)
.-Earns.
Calendar Years1929.
1928.
1927.
1926.
Combined gross earns_446,131.765 $42,342,001 $38,120,057 $34,175,901
Lest; inter-co. items_ 324,962
445,441
502.496
487,445
Gross earns. fr. oper..$45,806,802 $41,896,560 $37,617,560 $33,688,456
Exps., maint. & taxes_- 25,434.456 23.504,919 22.117.030 20,551,778
Net earns, from oper.$20,372,347 $18,391,641 $15,500.529 $13,136,678
Other income
818,189
169,310
Dr76,155
236,738
Total net earnings-- -$21,190.536 $18.315,486 $15,737,267 $13,305.988
Int. on bonds, dm. and
amort. of debt disc%- 8,863,732
7,140,231
9,155,450
8,246,940
Div.on pf.stks.sub.cos- 3,687,279
2,727,870
3.720.249
3,390,176
Allow, for minor stk.int.
2,046
1,455
43,944
1,528
Power facility rentals_ - _
896,803
Balance
$7.740.676 $5.438,259 $4,056,205 $3,436,431
Approriat'd for deprec..
retirements, &c
3.064,561
2,480.951
2,007,129
1,870.408
Bal. avail,for diva. on
Nor. Am. Lt.& Power
Co. stocks
84.676.115 $2,957.308 $2,049.076 81.566,023
Divs. on N.A. Lt. .It Pr.
Co. pref. stock
1.113.866
847.317
721,281
405.469
Surplus after pref. div. 83,562,248 $2.109.991 $1.327,795 81,160.554
-V.130, p. 1275.
Income Account for Calendar Years (Parent Company Only).
1929.
1928.
82,296.427 $1,976,115
Interest received and accrued
*17.261,975 12,749,355
Dividends
299,430
1,419.220
Other income
$19,857,832 $16,144,691
729,511
656,693
1,263.493
1.102.161
Total
Expenses and taxes
Interest paid and accrued
$17,864,827 814.385.837
Balance for dividends and surplus
* Includes 3509.582 representing stock dividends of non-subsidiary comcharged to surplus of issuing
panies taken up at value at which stock was
company.
-Balance. capital surplus, Dec. 31 1928, $25,789,985;
Surplus Statement.
capital surplus arising from issue of common stock during year 1929 (other
than in payment of dividends). $5,214,804; other credits $79,289: capital
surplus. Dec. 31 1929. $31,084,078: undivided profits, balance, Dec. 31,
1928, $25,195,335; balance of income, year ended Dec. 31 1929. $17,864,827: other credits, $530; grand total, 874,144,770. Deductions: Dividends
on stock of North American Co., preferred, $1,820,034; common (paid by
issue of 535,301-37-40 shares), $5,353,019; total surplus, Dec. 31 1929.
$66,971.716.
Balance Sheet December 31 (Parent Company Only).
1929
1928
1928.
1929.
$
AssetsStocks & bonds_132,700,581 109,879,111 Preferred stock_ 30.333.900 30,333,900
Common stock-y55,922,830 x50,005,090
Loans & adv. to
y115,560
x114.510
32,007,405 24,066,582 do Scrip
sub. cos
3,562.573 *5,770,422 Purch. Ws. for
Cash
abs of corn.
979.257
1,699.614
Notes rec
stock
542,816
23,300
707,681
Accounts recDiv.pay.in corn.
Office furniture
1,397,985 1,250,020
1 stock
1
& miscel. prop
Funds of sub.
& Ohl. cos.
dep. for pay of
coupons
601,028
694,956
Due to sub. cos 14.438,513 6,963.522
Accts. payab e
109,727
105,380
Dlv. pay. on
pref. stock _ _ _
455,009
4:5,009
Div. unclaimed_
20,812
20.483
Reserves
287,475
310,002
Capital surplus_ 31,084,077 25,789,985
Undiv. profits 35,887.639 25,195,335
170.677,855 141,238,191
Total
170,677.855 141.238.101
Total
• Includes call loans of $3,500,000. x Represented by 5,011.960 shares.
-V. 130, p. 1817.
y Represented by 5,603.839 shares.
-Earnings.
Ohio Public Service Co.
1928.
1927.
1926.
Calendar Years1929.
Gross operating revenue$10,990,636 $10,598,702 $11,225,246 $11.503,274
Operating exps., maint.
5,580,426
6,828,787
6,901,908
5,455,121
and taxes
216,427
360,357
223,156
424,796
Federal taxes
North American Co.
-To Consolidate California Operating Subsidiaries With Pacific Gas & Electric Co.
-
Net operating revenue $5,110.719 $4,657,919 $4.173,302 $4,384,938
26,117
14,459
209,129
30,791
Non-operating revenue_
Announcement was made early this week of the first step, subject to the
approval of the California RR. Commission, in the consolidation of the
lorth American Co.'s California operating subsidiaries and Pacific Gas &
Electric Co., as a result of which the North American Co.. through its
subsidiary, Western Power Corp.. will become the largest stockholder in
Pacific Gas & Electric Co. through ownerhsip of more than 32% of its total
outstanding common stock.
The consolidation which has been under discussion for some months will
give California one of the largest interconnected power systems under single
ownership in the United States; it will substantially increase the scope of
North American interests in that State and further diversify the investment of the North American Co. through participation in an extensive
natural gas development and in electric service furnished in territories in
which the North American subsidiaries had not operated heretofore. The
combined properties will continue under the management of the group now
In charge of operations in California.
$5,141,510 $4,867,048 84,199,419 84,399,397
Gross income
Int. on funded debt and
1.621,788
1,446,641
1,627,034
1.618,350
other obligations
Amort. of bond and note
63,816
109.657
discount
Frank L. Dame, Pres. of the North American Co., said:
The combined interconnected power system of Pacific Gas & Electric
Co., with the properties of Great Western Power Co. of California, San
Joaquin Light & Power Corp. and Midland Counties Public Service Corp.,
will extend nearly 500 miles in Central and Northern California, serving a
territory having an area of 75.000 square miles and a population of approximately 2.500,000, and embracing more than 350 communities.
Co-ordination of facilities and administration is expected to be ofincreasing
benefit to Ctlitomers and stockholders and will result in better service to
all customers, economies in operation, more efficient use of existing plant
facilities, unification of construction programs to meet future requirements,
and the avoidance of future duplication of large capital investment.
The North American Co. further evidences its confidence in the future
of California by entering this consolidation and by thus acquiring the stock
interest in Pacific Gas & Electric Co.
The North American Co.. which has had large investments in California
since 1925, is one of the oldest and largest public utility holding companies
in the United States and controls subsidiaries serving extensive territories
centering in Cleveland, Milwaukee, St. Louis and Washington, D. C. It
has large investments in the Detroit Edison Co.,and also in North American
Light & Power Co., two of the most important public utility systems in
the Middle West. The North American Co. does not maintain a central
management or engineering organization in connection with the operation
of any of its subsidiaries. Each group of properties is under the management of local officers directly responsible for operation and construction.
The application being filed with the California RR. Commission recites
the general advantages of consolidation,including more rapid development
of water power resources. By the terms of the agreement the North
American Co.'s subsidiary. Western Power Corp.. acquires from Pacific
Gas & Electric Co. 1,825,000 shares of common stock to be issued in
exchange for Western Power Corp.'s holdings in Great Western Power
Co. of California, San Joaquin Light & Power Corp. and Midland Counties
Public Service Corp. and cancellation of approximately $19,000,000 of
their floating indebtedness.
The North American Co.
-Gross earnings of the North American Co.
and subsidiaries for the year ended Dec. 31 1929 were $147,779,869. wtih
$26,986,790 balance for common stock after all operating expenses, interest
charges, depreciation and all other reserves and preferred dividends. Total
electric plant capacity of the North American System on Dec. 31 1929
Was 1,088,202 kilowatts. customers receiving electric service numbered
1,216,428, and total electric output for the year was 6,772,637,073 kw. hrs.
Gas properties on the same date had total daily plant capacity of 25,995.000
cubic feet (not including natural gas purchased)gas customers numbering
.
112,121, and gas output for the 12 months of 5.915,919.900 cubic feet.
The North American California subsidiaries on Dec 31 1929 had 413.505
kilowatts electric plant capacity, 159,626 electric customers and 1,692.113,398 kw. hrs. annual output; daily gas capacity of 1,560,000 cubic
feet (not including natural gas purchased), gas customers numbering 11.610
and annual gas output of 1,310,984,100 cubic feet.
Pacific Gas and Electric Co.
-Gross earnings of Pacific Gas & Electric
Co. for the year ended Dec. 31 1929 were $b4.810,618, with $10.844,285
balance for common stock and surplus. Electric plant capacity on Dec.
21 1929 was 603,475 kilowatts,customers receiving electric service numbered
549,816. and total electric output for the 12 months was 1,948.656.448
kw. hrs. Gas output for the 12 months was 22,041,345,500 cubic feet and
customers receiving gas service on Dec 31 1929 numbered 479.986.
Revenue from electric properties averages 94% of the total revenue of
the North American Co.'s California subsidiaries and 66% of the total
revenue of Pacific Gas & Electric Co. Hydro-electric capacity amounts
to slightly more than 70% of the total plant capacities of the North American
Co.'s California subsidiaries and Pacific Gas & Electric Co.
Listing-Earnings and Balance Sheet (Parent Company).
The New York Stock Exchange has authorized the listing of 143.247
additional shares (no par value), common stock, on official notice of issuance as a stock dividend, making a total of 6,462,616 shares applied for.
Net income
Previous surplus
$3,694,869 $3,240,014
1,849,782
1,199,647
2.517,254 $2,667,953
844,718
803,628
$5,544,651 $4,439,661 $3,361,972 $3,471,581
Total surplus
732,027
876,902
837.028
875,314
Preferred dividends_
576,675
538,230
875,570
1.473.360
Common dividends
1,224,993
775.999
641,000
Reserve for replacement
480.000
71.481
172,107
339.384
Property amortization
425,775
Amortization pref. stock
5,240
6,509
premium paid
Dr21.685
Miscell. adjustments_ _ _Cr1,037,902 Cr148,216 Cr161,041
$3,321,595 $1,849,782 $1,199,647
Condensed Balance Sheet Dec. 31.
1929.
1929.
1928.
Liabilities
Assets$
$
Plant lic Investm1-43,783,823 40.448,337 Preferred stock_.13.665,700
Common stock-- 6,139,000
Discount on pref
Underlying bonds_ 1,261,500
stock
332,387
Unexp. constr. Id.
787,428 First mtge. bonds-23,875,000
Disc, on cap. stk332,387 Accounts payable.. 491,415
Securities owned_
7,949 Fed, taxes accrued
Sinking fund
72,969 Int.,other taxesAc 1,176,389
79,651
Customers' & line
Underlying bd.red.
extension depos. 281,736
fund
78,500
-affil.
Stores and supplies 599,290
657,265 Acc'ts pay.
927
companies
Notes receivable_ 299,966
155,683
6,778
Other liabilities_
Customers' acc'ts
receivable
1,734,942 1,756,309 Replace't reserve_ 3,522,907
Prepayments
39,813
69,090 Injuries & damages
21,981
Cash
619,514 reserve
574,592
Accts. receivable_x1,047,977 2,444,731 Capital surplus_. 377,882
3,321,595
Special cash depos.
1,800 Earned surplus
1,800
Suspended expo_
249,038
Discount on bonds 1,813,109 2,099,902
Other deferred digs 586,112
Property amortlz.
account
Total(ea. side)-54,142,809
3,249,348 3,656,266
x Parent company.
-V.128, p. 20.1.
Total surplus
8844.718
1928.
13,565,700
6,139,000
2,367.000
23,875,000
368,704
371,849
694,938
286,207
1,085
10.987
3,578,672
41,934
286,313
1,849,782
53,437,170
Ohio Water Service Co.(& Subs.).
-Earnings.
Years Ended Jan. 31-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$598.431
159,136
28,687
58.754
1929.
$555.259
137,804
37,489
55.723
Net earnings from operations
Other income
$351.854
28.721
$324.243
22,889
Gross corporate income
Amount not applicable to Ohio Water Service Co
$380.575
$347,132
69.539
Balance
Interest on funded debt
-V.130, p. 2207.
$380,575
162,195
$277,593
Oregon-Washington Water Service Co.
-Earnings.
--
Years Ended Jan.31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$608,838
233.094
28.229
76,139
1929.
$581.406
216,684
30.661
68.977
Net earnings from operations
Other income
1CGross corporate
.
income
Interest on funded debt
-V. 130, p. 2208.
$271,374
1,899
$265,083
2,640
$273.274
137,729
8267,724
Pacific Telephone & Telegraph Co.--Listing.-
The New York Stock Exchange has authorized the listing of 875.000
additional shares of common stock (par $100), upon official notice of issuance and payment in full pursuant to offer to stockholders, making the ful.
amount applied for 1,805,000 shares (total authorized issue).
-V. 130.
P. 2028.
2392
FINANCIAL CHRONICLE
-Over 32% of Common Stock
Pacific Gas & Electric Co.
to be Acquired by Subsidiary of North American Co.
See North American Co. above.
-V. 130. p. 2028.
-Subscriptions.
Penn Central Light & Power Co.
Subscription for the additional $2.80 series cumul. pref. stock offered
last week are payaole at the Pennsylvania Co. for Insurances on Lives and
Granting Annuities. Philadelphia, Pa., transfer agent, or Middle West
Stock Transfer Co., Chicago, Ill., transfer agent, or at the company's
investment department, Penn Central Building, Altoona, Pa., or at any
of its district offices.
The money obtained from the sale of additional cumul. pref. shares,
$2.80 series, is to be used for additions, improvements and extensions to
the company's system, necessitated by the increasing demand for service
on the part of communities served by it, and for other corporate purposes.
See also V. 130, p. 2028.
Pennsylvania Water & Power Co.
-Listing
.The Baltimore Stock Exchange has authorized the listing of $1,750.000
additional first ref. mortgage 43.4% gold bonds series B.
-V. 130, p. 1655.
Philadelphia Electric Co.
-Rights
-Bonds Called.
The stockholders of record April 10 have been offered the right to subscribe to additional common stock at $20 a share in the ratio of one share
for each eight shares held.
No fractional shares will be issued, but stockholders shall have the right
to combine their fractional rights with other fractions to subscribe for a full
share. Subscription warrants and fractional warrants, together with full
information will be mailed to holders of common stock on or aobut April 15.
Certificates for additional common stock.so subscribed and paid for will
be issued as soon as practicable after May 1 1930 and will entitled the
holders to participate in dividends declared and payable after but not on or
before May 1 1930.
The company has called for redemption May 1 1930 all of its 1st lien
and ref. mtge. gold bonds, 51.4% series, due 1953, at 107 and int. Payment
-V. 130, p. 974.
will be made at the Girard Trust Co., trustee, Phila., Pa.
Pittsburgh Suburban Water Service Co.
-Earnings.
Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1030.
$323,044
113.969
16,997
7,186
1929.
$306,698
111,929
21,623
5,332
Net earnings from operations
Other income
$184,890
1,193
$167,814
839
Gross corporate income
Interest on funded debt
-V. 130, p. 2208.
$186,084
85,000
$168,654
Portland (Me.) Gas Light Co.
-Acquisitions.
-V. 123, p. 2140.
See Maine Companies above.
-Earnings.
-Public Utility Holding Corp.
The company reports for the 6 months ended March 15 1930. preliminary net income of $3,005,039 (including non-recurring profits from the
sale of securities and stock dividends received), after expenses and taxes,
equivalent to 88c. a share on the 3,377,387 combined class A and corn.
-V. 130, p. 2208.
shares now outstanding.
Rochester & Lake Ontario Water Service Corp.
Earnings for Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income,tax)
Net earnings from operations
Other income
Gross corporate expenses
Interest on funded debtj__
-V. 130, p. 288.
$566,179
189,429
30,368
39.436
$521.620
169,732
28.384
33,370
306,947
1.587
290,134
2,501
$308,534
125,000
292,635
Scranton-Spring Brook Water Service Co.
-Earnings.
Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$5,506,659 $4.941,679
1.297,132
1,201,029
355.967
364.268
123,802
87.918
Net earnings from operations
Other income
83,729.759 $3,288,465
11.929
7,414
Gross corporate income
$3,741,688 $3,295,879
Amount not applicable to Scranton-Spring Brook
Water Service Co
426.271
Balance
Interest on funded debt
-v.130. p. 2208.
$3.741,688 $2,869,608
$1,624,692
-Listing
.Southern California Edison Co., Ltd.
The New York Stock Exchange has authorized the listing of 2.976,293
shares of common stock (par $25) per share as follows' 2,469,620 shares
on official notice of issuance in exchange for a like number of shares of
common stock issued by the company under the name of Southern California
Edison Co., which have been issued and are outstanding in the hands of the
public and which are now liested; with authority to add' 223,673 shares on
official notice of issuance and payment in full and 283,000 shares on official
notice of issuance and payment in full pursuant to offer to stockholders,
making a total of 2493,293 shares applied for to replace stock previously
authorized to be listed under the name of Southern California Edison Co.
and an additional 283,000 shares to be issued for the purpose stated or a
total amount applied for of 2.976,293 shares of common stock
On March 26 1930, the name of the company was changed from Southerh
California Edison Co. to Southern California Edison Co., Ltd.
-V. 130.
p. 2208.
Southern Gas Co.
-Consolidation.
---See United Gas
-V. 130, P. 800.
Corp. below.
Southern Gas Utilities Inc.
-Consolidation.
-See Unit-V. 125, p. 1711.
ed Gas Corp. below.
•
Southern Indiana Gas & Electric Co.
-Earnings.
.
1928.
1927.
1929.
1926.
12 Mos End.Dec.3183,418.602 $3.165,606 $3,038,391 $2,883,251
Gross earnings
Oper exp., incl. taxes
1,817.430
1.911.750
1,739.766
1,695.397
and maintenance
312,634
347.096
Fixed charges
316,735
395.554
Net income
$1.190.117 $1.035,632
413,453
385,398
Dividend preferred stock
Prov. for retire. reserve240,000
260.000
$051.528
351,792
220.698
$792,301
308,262
216,182
Balance
$410,234
$379,037
$267,857
$516,664
Service Rendered.
-Sales of electricity showed an increase over 1928 of
10,582,957 kilowatt hours, or 19.92%, and sales of gas increased 39,885,300
cubic feet, or 8.65%. In the steam heating department, sales increased
13.61% and the number of revenue passengers carried by the transportation Department showed a gain of 127,869 over the year 1928.
Steam
Revenue
Electric Sales Gas Sales
Sales in
Passe? gers
inKilowatt
in
Pounds.
Carried.
Hours.
Cubic Feet.
Cal. Years92,958,200
12,030,431
40,407.938 371,286,800
1925
11.568,005
44,619,940 401,117,200 110.116,100
1926
93.282,600
48,866.925 427,246,400
11,151,361
1927
10,450.044
53,120,109 461,194,300 111,138,400
1928
63.703.066 501.079,600 126,265.300 10, 577.913
1929
128. p. 2092.
[VOL. 130.
Southwestern Bell Telephone Co.
-New President.
-
The board of directors at its annual meeting on March 25 elected Albert
B. Elias as President. Mr. Elias, who has been 1st Vice-President for
the past five years, succeeds E. D. Nims, who becomes Chairman of the
board.
Direct supervision of the operations of the company will remain where
it was placed about a year ago, with Vice-Presidents A. 0. Stannard and
F. M. Hoag.
-V. 130, p. 1829.
Texas Gas Utilities Co.
-Bonds Sold.
-A banking group
headed by P. W. Chapman & Co.; Hale, Waters & Co. and
Reilly, Brock & Co., announces that the $3,000,000 1st
mtge. cony. 6% sinking fund gold bonds, formal offering
of which was made to investors April 3 at 98 and int.,
yielding over 6.20%, has been heavily over-subscribed.
Dated April I 1930; due April I 1945. Principal and int. (A. & 0.)
payable at office of Pennsylvania Co. for Ins. on Lives & Granting Annuities, Philadelphia, trustee, or at principal office of City Bank Farmers
Trust Co., New York, or at Continental Illinois Bank & Trust Co., Chicago.
Denom. $1,000 and $500c*. Red. all or part, upon 30 days' notice, to and
incl. Oct. 1 1935. at 105 and int., the redemption premium decreasing ).4%
during each year thereafter. Interest payable without deduction for that
portion of any Federal income tax not in excess of 2%. Refund of certain
Calif., Conn., District of Columbia, Iowa, Kansas, Kentucky, Maryland.
Mass., Mich., Minn., New Hampshire, Oregon, Pa., Virginia and Wash,
taxes, upon timely and proper application.
Listing.
-Listed on Chicago Stock Exchange.
Company.
-A subsidiary of Appalachian Gas Corp. Is engaged in the
production, transportation and distribution of natural gas for domestic
and industrial purposes in a prosperous and rapidly growing section of
Southwest Texas.
Central Power & Light Co. controlled by Middle West Utilities Co., has
contracted to purchase from Texas Gas Utilities Co., subject to the terms
of the contract, the entire fuel requirements of its new central station electric power plant located near Del 'Rio, Tex., for a period extending beyond
the maturity of these bonds. The annual revenue to be derived from this
contract alone, after deducting operating expenses in connection therewith, is estimated to be in excess of the maximum annual interest requirements of the company's funded indebtedness presently to be outstanding.
Upon completion of the construction of pipe lines provided for by this
financing, the company, in addition to furnishing gas under the contract
with Central Power & Light Co., will furnish gas for domestic and industrial purposes in the cities and towns of Del Rio, Eagle Pass, Uvalde.
Crystal City and Carrizo Springs, Tex., and intervening territory, including
the well-known "Winter Garden" district in Zavalla and Dimmit Counties.
Tex.
Authorized.
Outstanding.
Capitalization$3,000,000
$4.000,000
1st mtge.6% skg.fd. gold bonds a
000
1,000,000
10-yr. 7% gold notes b
600.000 shs.
600: 00 slag.
0 '
Common stock (no par) c
a Additional first mortgage bonds to the extent of $1,000.000 principal
amount may. as provided in the mortgage, be issued to provide for the cost
of extensions and additions to the properties. b Owned by Appalachian
Gas Corp. c 75% owned by Appalachian Gas Corp.
Gas Reserves.-nycado Oil Corp., the owner of two leases covering oil.
gas and other mineral rights in tracts aggregating 193,000 acres of land in
Maverick. Dimmit and Zavalla Counties, Tex.• has assigned by contract
to Texas Gas Utilities Co., certain gas rights under said leases and the exclusive right, subject to the terms of said leases and contract, to market gas
produced from such acreage. Texas Gas Utilities Co. also controls through
lease the gas rights in approximately 22,000 acres ofland in Zavalla County,
Tex, Brokaw, Dixon. Garner and McKee have reported that in their
opinion the company's present gas production is more than sufficient for
its present needs and that an adequate supply of gas to meet the company's
requirements will be available beyond the life of this issue of bonds.
-Bonds will constitute a direct obligation of company and will
Security.
upon completion of the project be secured by a first mortgage on its gas
leases and its entire fixed physical properties consisting of pipe lines and
auxiliary equipment, subject to the usual farm mortgages. These bonds
will be further secured by a pledge with the trustee of the contracts with
Central Power & Light Co. and Rycade 011 Corp.
The properties and assets of the company, upon completion of developments provided for through this financing, have been estimated by Brokaw.
Dixon, Garner & McKee to have a value of approximately $7,400,000.
Earnings.
-Brokaw, Dixon, Garner & McKee have estimated that the
earnings of company for the first three years of full operation will be as
follows•
1st Year. 2nd Year. 3rd Year.
$919,926
$822,010
$729,182
Gross revenue
Oper. exp. maint. & taxes (not incl.
224,308
220.710
217.313
Federal fricome tax)
Bal. avail, for int, deprec., deple. &
$695,618
$601,300
$511,869
Federal income tax
Maximum annual interest requirements of this issue, $180,000.
Exchange Privilege.
-For each $1,000 bond which at the option of the
holder thereof may after Jan. 1 1931 be presented for exchange, Appalachian
Gas Corp. will issue 80 full paid and non-assessable shares of its common
stock if such exchange is effected on or prior to Jan. I 1935, or earlier redemptlon, and 70 shares if thereafter and prior to maturity or earlier redemption. Each $500 bond is similarly exchangeable for a proportionate
number of shares. The foregoing exchange privilege is further subject to
the terms of a contract dated April 1 1930, between Appalachian Gas Corp.
and the trustee of this issue which contract provides, among other things,
for certain adjustments in the event of the reorganization, consolidation
or merger of Appalachian Gas Corp. or a reclassification of its shares. The
bonds acquired by Appalachian Gas Corp. through any such exchange will
continue to rank on the same basis pro rata as unexchanged bonds.
Sinking Fund.
-Mortgage will provide for a fixed sinking fund payable
monthly to the trustee, beginning in Dec. 1931, and for an additional annual sinking fund payable out of income, as provided in the mortgage,
calculated to retire this entire issue prior to maturity. Company may
deposit either cash or bonds at par and the trustee will use the cash thus
deposited for the purchase of bonds at not exceeding the then call price.
In the event that laonds cannot be purchased at or less than the call price,
the trustee will call bonds by lot through publication of notice.
Purpose.
-Bonds are issued in connection with the acquisition of properf 0th rcor do ate
ties. to ovip erfundsfore construction of pipe lines and extensions and
,
purposes.
Appalachian Gas Corp.
-A Delaware corporation. Through subsidiaries,
supplies natural gas under long term contracts to outstanding public utility
and industrial companies in Ohio. West Virginia and Kentucky, and,
through the acquisition of control of Texas Gas Utilities Co., will furnish gas
under long term contract in the State of Texas. Upon completion of this
financing, properties of the companies in the Appalachian Gas Corp.
Group will have an appraised value of approximately $20,000,000.
Management.
-Union Management & Engineering Corp. will supervise
the operation of Texas Gas Utilities Co. under the direction of its Board
of directors. Union Management & Engineering Corp. also thus supervises
the operations of Ohio Valley Gas Corp., Ohio Kentucky Gas Co., Wayne
United Gas Co., Ohio Southern Gas Co. and Allegheny Gas Corp., ail of
which companies are included in the Appalchlan Gas Corp. group. Union
xiam phis N ttural ngineering Corp. also supervises the operations of the
Me nagemena & E Gas co
Tr -Utilities Corp.
-Preferred Dividend.
The directors have declared a regular quarterly dividend of 75 cents per
share on the cumulative pref.stock. $3 series, with stock purchase privilege.
payable May 1 to holders of record April 15.-V. 130, p. 623.
-Listed.
Twin States Natural Gas Co.
The Chicago Stock Exchange has authorized the listing of the class A
stock (no par value). See also V. 130. p. 2209.
-Seeks to Form
Union Street Ry. of New Bedford, Mass.
Voting Trust.
-
A voting trust for the stock is proposed in a letter to the stockholders
by Charles S. Kelley Jr., New Bedford, Gordon H. Michler and Robert
S. Binkerd, New York, the trust agreement to extend until April 1 1935.
Under the trust, the trustees would hold complete voting power of the
shares and the right to sell at $110 a share. The reasons given for the,
APRIL 5 1930.]
FINANCIAL CHRO NICLE
proposed trust are to bring about changes in methods to increase earnings
of the company.
President Elton S. Wilde urged the stockholders not to deposit their
shares, declaring their interest would be best served outside of the trust.
The Central Hanover Bank & Trust Co. has been appointed agent for
the voting trustees under voting trust agreement dated April 1 1930.—
V. 130, p. 1459.
Union Water Service Co.(& Subs.).—Earnings.--
Years Ended Jan. 31—
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$425.241
113.601
16,876
56,392
1929.
$401,681
107,684
17,082
48,501
Net earnings from operations
Other income
$238,372
55.024
$228,414
55.518
Gross corporate income
Interest on funded debt
—V.130, p. 289.
$293,396
146.520
5283,932
United American Utilities, Inc.—Stock Offered.—A E.
Fitkin & Co., LI are offering 112,000 shares class A stock,
first series (with warrants), at the market.
Entitled to cumulative dividends, to extent earned in any calendar year,
in priority to common stock, at the rate of $1.30 per share per annum,
payaole quarterly. Class A Stock—First series is fully paid and not redeemable and has limited voting rights, in case of default in payment of
preferential dividends thereon, as provided in the charter. Class A stock—
First series is entitled to priority, in liquidation or dissolution, over the
common stock up to $32.50 per share plus div. at rate of $1.30 per share
to the extent earned but unpaid. Dividends on first series will accrue
from April 1 1930.
Listed.—Stock is listed on Chicago Stock Exchange.
Transfer Agents: New York Trust Co., New York; Central Trust Co.
of Ill., Chicago; Bank of Italy, N. T. & S. A., Los Angeles, and Bank of
Italy, N. T. & S. A., San Francisco. Registrars: Bank of America N. A.,
New York; Continental Illinois Bank & Trust Co., Chicago; Security First
Nat. Bank of Los Angeles and Crocker First Federal Trust Co., San
Francisco.
Stock Purchase Option Warrants
.—Each share of this issue of 112.000 shares
of Class A stock—first series will be accompanied by a stock purchase
warrant entitling the holder thereof to purchase A share of common stock
at $40 per share up to and incl. March 1 1935.
Conipany.—Incorp. in Delaware for purpose, among others, of acquiring
majority or substantial minority interests in public utility corporations
both foreign and domestic, possessing attractive possibilities of development. In line with this policy. company has acquired a substantial interest
in Eastern States Public Service Corp., which corporation, througn its
subsidiaries,furnishes electricpower and light and (or) water or miscellaneous
services to over 300 communities in 16 States along the Atlantic Seaboard
and in the East and Middle West.
Company will also own all the outstanding stock of Pacific Freight Lines,
Inc., which, through its subsidiaries, will servo a population of about
2,750,000 throughout Southern California, and, with terminals in Los
Angeles, provide daily "express service at freight rates" between Los
Angeles and 84 cities, towns and communities within a radius of 240 miles.
Earnings.—Consolidated earnings, including earnings of subsidiaries to
be acquired by Pacific Freight Lines, Inc., for the year ended Dec. 31 1929
after adjustments, and giving effect to present financing, are as follows:
Gross earnings of subsidiar.es to be acquired by Pacific Freight
Lines,Inc.(incl. non-oper.income)
.
51.871,801
Annual int. and dividend income from invts. owned by United
American Utilities, Inc., at Feb. 28 1930. or to be owned upon
completion of presentfinancing
300,560
Total
Operating exp., maint. & taxes (other than Federal)
52.172,361
1.442,902
Net earnings
$729,460
Prior charges, comprising consolidated interest on funded debt.
depreciation and Federalincome taxes
405.384
Balance available for dividends
$324.075
Annual dividend requirements on Class A stock—First series, to
be outstanding in the hands of the public (upon completion of
presentfinancing)
145,600
Batten on 112.000 shares of Class A stock—First series, to be outstanding
in the hands of the public (upon completion of present financing), the
balance as shown above is at the rate of 2.22 times annual dividend requirements, equivalent to $2.89 per share. Compare also V. 130, P. 1829.
United Gas Co.—Consolidation Approved.—See United
Gas Corp. below.—V. 130, p. 2031.
United Gas Corporation (Del.).—New Holding Company
Formed to Acquire Natural Gas Properties.—Following the
preliminary statement made a few days ago, it is now announced that the plan under which the United Gas Corp., a
new company organized in Delaware, is to acquire securities
of the present United Gas Co., and of certain of its subsidiaries, of Louisiana Gas & Fuel Co. and of The Palmer
Corp. of Louisiana has been agreed upon. In the meantime,
the present United Gas Co. has financed and, through its
subsidiaries, has completed the purchase of the properties in
Texas and Louisiana formerly owned by Magnolia Gas Co.
The Louisiana Gas & Fuel Co. is a present subsidiary of the
Electric Power & Light Corp., and The Palmer Corp. of
Louisiana is a present subsidiary of the Louisiana Gas &
Fuel Co. If the plan is consummated, the new corporation
will be a subsidiary of Electric Power & Light Corp.
Digest of Consolidation Plan, Dated March 29 1930.
Canitmizatton of New Company.
The new corporation at the time the plan becomes operative will have a
corporate structure under which it will be entitled initially to issue (a)
.
1,000,000 shares of no par value $7 cum. non-voting pref. stock, callable
at 110: (b) 1.000.000 shares of no par value $7 cum. 2d pref. stock, each
share to be entitled to three votes, callable at $110: (c) 20,000,000 shares
of no par value common stock, each share to be entitled to one vote; (d)
option warrants, unlimited as to time, each such warrant entitling the
holder thereof to purchase one share of common stock of the new corporation at $33 1-3 per share cash, the new corporation to accept one share of
its $7 2nd pref. stock at $100 in making such payment for three shares of
its common stock. All stocks are to be without par value.
The Electric Power & Light Corp. agrees that as and when the plan
by its terms becomes, or is by the new corporation declared operative,
it will deliver or cause the other holders to deliver to the new corporation all
of the outstanding securities of Louisiana Gas & Fuel Co., transfer to the
new corporation loans payable of Louisiana Gas & Fuel Co. to the extent
of $3,468,000 principal amount, and pay to the new corporation $30.000,000 in cash. It will in addition furnish the new corporation with a subscription for at least 200,000 units of securities of the new corporation at
$100 per unit (aggregating at least $20,000.000). each unit to consist of
one share of $7 2nd pref. stock, two shares of common stock and three
option warrants and to be represented by an allotment certificate. This
subscription will provide for the payment on such units at the time of subscription of 20% of the subscription price, the remainder of the subscription price to be paid when and as called by the new corporation at any
time on 30 days' notice. Certificates for $7 2nd pref. stock covered by
the units so subscribed are to be delivered as and when and to the extent
that payments for integral shares are made, but shares of common stock
and option warrants covered thereby are to be delivered only upon payment of the subscription price in full.
For the securities, cash and subscription, all as referred to above, the
new corporation will issue to or upon the order of Electric Power & Light
2393
Corp. securities of the new corporation, as follows• 584,680 shares of $7
2nd pref. stock, 3,809,680 shares of common stock and 2.700.250 option
warrants.
The obligations of Electric Power & Light Corp., as stated above, are
subject to there being deposited with the depositaries at least 75% of
the common stock and at least 51% of the $7 pref. stock of United Gas Co.
and at least 90% in the aggregate number of all shares of stock without
par value and 90% of the aggregate par value and princiapl amount of all
securities having a par value or principal amount to be deposited by holders
of securities of the Palmer Corp. of Louisiana and United Gas Co. and
certain securities of certain subsidiaries of United Gas Co., or to the plan
being declared operative by the new corporation.
Offers of Exchange.
Holders of common stock of United Gas Co. will receive for each share
of such stock a share and one-half of common stock and one-half of an
option warrant of the new corporation. Holders of $7 pref. stock of
United Gas Co. will receive for each share of such stock one share of $7
pref. stock of the new corporation. Holders of option warrants of United
Gas Co. will receive for each such warrant 1H option warrants of the new
corporation.
The basis of the exchange of certain securities of Houston Gulf Gas Co.,
Southern Gas Co.,Dixie Gulf Gas Co.,Dixie Gas and Utilities Co.. Southern
Gas Utilities,Inc., South Texas Gas Co.,and The Palmer Corp.of Louisiana,
for securities of the new corporation follows:
Houston Gulf Gas Cornpan.—(a) For each $100 1st mtge. & collat. 6%
gold bonds, series A, one share of $7 pref. stock of the new corportton:.
(b) for each $100 of 634 4 s.f. gold debentures, with warrants attached,
one share of $7 pref. stock of the new corporation: (c) for each share of
series A pref. stock (7%),one share of $7 pref. stock of the new corporation;
(d) for each share of series B pref.
(7%), one share of $7 pref. stock
of the new corporation; (e) for,
are of common stock, %this of a
share of common stock of the nee-corporation.
Southern Gas Co.—(a) for each $100 of 1st mtge. 636% s.f. gold bonds.
without warrants, one share of $7 pref. stock of the new corporation:
(b) for each $100 of 10
-year 634% cf. gold debenture bonds, series A,one
share of $7 pref. stock of the new corporation; (c) for each share of common
stock, 23% shares of common stock of the new corporation.
Dixie Gulf Gas Co.—(a) For each $100 let mtge,
% s.f. gold bonds.
series A, with warrants attached, one share of $7 pref. stock of the new
corporation; (b) for each unit consisting of one share of pref. stock, $7 div.
ales. and one share of common stock, one share of $7 pref. stock of the
new corporation.
Dixie Gas & Utilities Co.—(a) For each $100 of 10
-year secured 634%B.f.
golds bonds, series A, without warrants, one share of $7 pref. stock of the
new corporation; (b) for each share of 7% cumul. pref. stock, one share of
$7 pref. stock of the new corporation: (c) for each share of common stock,
% of a share of common stock of the new corporation. The foregoing
exchanges of securities of Dixie Gas & Utilities Co. are subject to the right
of the new corpotation to exclude any part of said securities from the operation of the plan unless 75% of the common stock of said Dixie Gas & Utilities
Co.(other than the shares thereof owned by the United Gas Co.) shall have
been deposited under the plan.
Southern Gas Utilities, Inc.—(a) For each $100 of 634% s. f.gold bonds,
series A, with warrants attached, one share of $7 preferred stock of the
new corporation: ('b) for each share of common stock, ;i of a share of
common stock of the new corporation.
South Texas Gas Co.—(a) For each $100 of 1st mtge.& collat. 634% gold
hence, series A, with awrrants attached, one share of $7 pref. stock of the
new corporation; (b) for each share of 7% cumul. pref. stock, series A,one
share of $7 pref. stock of the new corporation: (c) for each share of common
stock. }i of a share of common stock of the new corporation.
The Palmer Corp. of Louisiana.—(a) For each $100 of 1st mtge. 6% s. f.
gold bonds, one share of $7 pref. stock of the new corporation.
The Bank of America N. A., 44 Wall St., N. Y. City, is the depositary
for all securities which, under the plan, are exchangeable for $7 pref.
stock of the new corporation.
The Equitable Trust Co. of New York, 11 Broad St., N. Y. City, is the
depositary for all securities which under the plan are exchangeable for common stock and or option warrants of the new corporation.
Arrangements have been made by the depositaries whereby any of the
securities may be deposited with Continental Illinois Bank & Trust Co..
Chicago. Old Colony Trust CO.. Boston, or Bank of Italy National Trust
& Savings Association, San Francisco.
The depositaries and tehir agents are now prepared to accept deposits
of securities in New York, Boston and Chicago, and will be prepared to
accept such deposits in San Francisco beginning April 7.
All deposits must be made on or before May 1 1930.
Securities of the new corporation to be outstanding upon completion of
the plan (including 20% payment on the 200 units of securities), assuming
that all exchanges which are permitted under the plan have been made,
will aggregate approximately 608,000 shares of $7 pref. stock. 628.700
shares of $7 2nd pref. stock, 7,295,500 shares of common stock. and 3,947.000 option warrants.
Consolidated Earnings of Constituent Companies—Operations, ttc.
After giving effect to the issuance of securities of the new corporation.
as provided in the plan, the consolidated earnings of the constituent companies (including earnings of properties formerly owned by Magnolia Gas
Co.). as reported by the constituent companies, for the lg months ended
Dec. 31 1929. before Federal income tax and before deductions for depreciation and depletion, applicable to the $7 pref. stock of the new corporation,
were equal to more than 3.1 times the annual dividend requirements on
the $7 pref. stock to be outstanding upon completion of all exchanges.
After deduction for depreciation and depletion but before Federal income
tax, these earnings were equal to more than 23% times such annual dividend
requirements. These figures are after all interest charges on indebtedness
to be owing by the new corporation upon completion of the plan.
The operating gross revenue of the companies arising entirely from the
sale of natural gas for the year 1929 was approximately $22,000.000. It
is estimated that the operating gross revenue of the subsidiaries of the
new corporation for the first year will be in excess of $26,000.000. These
figures are exclusive of substantial gross revenue arising from oil, sulphur
and gasoline operations.
During 1929 these companies sold approximately 160 billion cubic feet
of natural gas. It is estimated that the sales during the first year of the
new corporation will be in excess of 190 billion cubic feet. This gas will
be sold directly or indirectly largely for industrial consumption in a territory
extending from St. Louis to Monteray, Mexico, including among other
cities, St. Louis, Atlanta. Birmingham, Memphis, New Orleans, Monroe.
Dallas, Fort Worth, Beaumont. Port Arthur, Orange, Houston, San Antonio, Austin, Laredo and Monterey. In some of these cities the company
will supply all, and in the others, a substantial portion, of the natural gas
requirements. The company will also own interests in natural gas operations outside of this territory.
The pipeline system to be owned by the new corporation, comprising
more than 2,000 miles of main pipe line, extends from the Monroe and Richland gas fields in Northern Louisiana to the Louisiana-Texas border, and
from that point three main lines extend, one to Dallas and Fort Worth.
one to the Beaumont
-Port Arthur district, and the third to the Houston
district with a branch to the Beaumont
-Port Arthur district.
From the gas fields in southwest Texas, one main line of the system extends to the Houston district, three lines to the San Antonio district, one
of which continues as far north as Austin. Another line extends west to
Loredo and another south to Monterey, Mexico. The company
own the line from Baton Rouge to New Orleans. approximately will also
46% of
the stock of the Mississippi River Fuel Corp.. which OWDB the line from
the Monroe-Richland fields to St. Louis, and also interests in other pipe
line companies.
The new corporation will own substantial gas reserves, leases and gas
purchase contracts in the Monroe. Richland and other fields in Louisiana,
at the northern end of the system,and in southwest Texas, near the southern
terminus.
The new corporation will supply approximately 40% of the requirements
of the St. Louis line, approximately 42% of the requirements of the line
to Birmingham and Atlanta, approximately 34% of the requirements of
the
line to Memphis, approximately all of the requirements in
and substantial amounts to other pipe line companies. TheseNew Orleans.
requirements
will be supplied under existing long-term contracts. All of these trunk
linos are now in operation. The St. Louis line has been in operation only
since last December, and the Birmingham and Atlanta line was placed in
operation last January. These two lines are not yet taking their full
requirements. The line from southwest Texas into San Antonio, recently
acquired with the Magnolia properties, was put in operation during the
latter part of 1929. The line to Monterey. Mexico, was placed in operation
early in 1930 and is not yet taking its full requirements. Approximately
FINANCIAL CHRONICLE
2394
[Vol.. 130.
24% of the gas to be sold by the system during the first year of the new
-Earnings.
York Utilities Co.
corporation will be used as fuel in steam electric generating stations, in1929.
1928.
1927.
1926.
12 Mos.End.Dec.31cluding among others the power plants at Sterlington, New Orleans, Operating revenue
$103,649
$124,228
$169,653
$202.323
Memphis, Dallas, Fort Worth, Beaumont, Houston, San Antonio and Operating expenses
124.508
211,352
110.043
177.654
Laredo.
The plan contemplates ultimately a simplified corporate structure which
def$280
Net revenue
def$6,394
def$8,001
det$0,029
will result from the exchanges of securities called for and from the subsequent Non-operating income
68
49
53
63
elimination of many small companies now owning separate units of the
those which have
larger system. The financial structure, fashioned after
def.
0231
def$6,326
def$7,948
def$8,967
Gross income
been used so successfully in building the large interconnected systems in Coupon interest
40.705
40,705
40.705
40,705
the electric industry is designed to permit of ample and economical future Taxes
4.248
4,341
5,971
4,585
financing to provide adequate facilities and service for this rapidly develop- Other deductions
177
59
32
176
ing area served by the system. The elimination of the many small comfinanced as independent units under structures
panies which have been
$51.431
$45,361
$54,657
$54,433
Net deficit
Inadequate to keep pace with the growth of the communities, is essential Surp. from previous yrs. def188,375 def142,825
def88,173
def23,807
to the carrying out of the general scheme in order that the proper foundation Profit and loss, adj
ór27
Dr134
Dr7
Cr87
may be laid for future growth and expansion. The large central stations
and interconnected systems which are now supplying electric energy for
$188,320
$142,838
$78.174
$239,778
Total deficit
the operation of industrial plants in the South and Southwest have materi- -V. 129, p. 2073.
ally aided in the industrial development of the territory. It is bellevea
that a similar useful purpose will be served by the system of the new corporddon through the furnishing of ample and dependable supplies of fuel on
INDUSTRIAL & MISCELLANEOUS.
an economical basis for the operation of industrial plants, as well as for
the general convenience and-comfort of the communities.
--Revere and Arbuckle Bros quoting sugar prices at 4.70c.
Sugar Prices.
Al.The business will be conducted by residents of the territory served. The
Moody-Seagraves and G. E. Barrett & Co. interests who have developed a reduction of 30 points. "Wall St. News." April 2. Ford rules Police Com-Justice
Low-Rate Taxis Win in Supreme Court.
substantially interested in the
the present United Gas Co system, will be
new corporation. 0. R. Seagraves. who is president of the present United missioner Whalen has no right to regulate fares below legal maximum.
N. Y."Times," April 2, page 29.
Gas Co., will be active in the affairs of the new corporation.
Matters Covered in the "Chronicle" of March 29: (a) United States con1, The amount and character of the public financing to be done by the new
tinues to buy more life insurance-February figures show 7% gain, page
corporation have not been determined.
2108. (6) Gov. Roosevelt of New York in message to Legislature urge!:
amendment to labor law, giving citizens of State preference in employment
-Earnings.
United Light & Power Co.(& Subs.).
on public works, page 2110. (c) Offering in New York market, $8,000,000
1928.
1929.
12 Mos. Ended Dec. 316% bonds of Province of Buenois Aires, Argentina, 2122. (d) W. H.
Gross earnings of subsidiary & controlled companies
$96,200,648 $88,537.345 Young & Bros., Inc., St. Louis brokerage house fails-Two receivers
(aftere liminating intercompany transfers)
40,193,661 37,718.199 appointed, page 2126. (e) First week's operations of financial stock clearing
Operating expenses
5,516,396 corporation-shares with market value of $34,000,000 cleared, page 2127.
6,469,121
Maintenance, chargeable to operation
8,188.223 7,993,500 (f) Edward L. Doheny acquitted of charge of bribery growing out of
Taxes, general and income
6,865.486 leasing of Elk Hills Naval oil reserve, 2142. (g) Secretary of Treasury
7.507.862
Depreciation
Mellon announces Federal building plans in various cities involving $92,$33.841.782 $30,443,765 000,000, with view to remedying unemployment conditions, page 2143.
Net earnings of subsid. & controlled cos
22,099 (h) Senate votes $383,000,000 in bills to aid business, page 2143.
934,468
Non-operating earnings
$34,776,250 $30.465,864
118,212
182,682
Total earnings
Holding company expenses
$34.593,567 $30,347,651
Net earnings, all sources
Interest on bonds, notes, &c., of sub. & controlled
11,446,261 11,668,613
companies due public
841,720
940,349
Amon.of bond & stock disct. ofsubs. & control.cos
Divs. on pref. stocks of subs. & controlled cos. due
attributable to
public & proper. of net earns,
8,530.438
9.208,339
common stock not owned by company
Gross income,avail. to Union Light & Pow.Co_ _$12,998,618 $9,306,880
3.086,302
2,909,742
Interest on funded debt
4,932
298
Other interest
160,136
116,937
Amortiz. of holding co. bond disct. & expense_ _ _ $6,055.509
$9,971,641
Net income
1,043,659
554,439
Class A preferred dividends
307,080
161.260
Class B preferred dividends
1.753.805
$6 cum. cony. 1st pref. dividends
$4.704.771
Balance available for common stock dividends__ $7,502,136
3,059,755
Average no.of corn.shs. outstanding during periods 3,227,517
$1.54
$2.32
Earnings per average share
-V. 130. p. 1655.
-Listing.
Utilities Power & Light Corp.
-Earnings.
Aero Underwriters Corp.
Earnings for Year Ended Dec. 31 1929.
Premiums, commissions, interest & dividends earned
Miscellaneous earnings
Increase in book value of investments
Sale of capital stock
Total income
Losses & loss expenses incurred
General expenses
Taxes
Net loss from sale of securities
Loss from depreciation in security investments
Loss from increase in expenses reserves
-V. 130, p. 2031.
See North American Co. above.
-Earnings.
West Virginia Water Service Co.(& Subs.).
Years Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$814,023
305.293
39.582
90.970
1929.
$769,633
293,299
39,942
81.703
Net earnings from operations
Other income
$378,178
2.760
$354,688
3.137
Gross corporate income
Interest on handed debt
-V.130. p. 2210.
$380,939
176,683
$357,825
-Annual Report.
Wisconsin Electric Power Co.
1926.
1927.
1928.
1929.
Calendar Years$2,421,037 $2,054,076 $1,984,616 $1.825,495
Gross earnings
20,742
22,288
24.972
21,583
Operating expenses
447.771
481,340
494.894
Deprec. (reserve credit)_-_ 565,951
79,999
111.274
127,800
221.950
Taxes
530.975
524.844
498.580
522.797
Interest charges
Net income
-V. 129. p. 3169.
$1.088,757
$907,830
$844,870
$746.007
-Annual Report.
Wisconsin Gas & Electric Co.
Calendar YearsOperating revenues
Operating expenses
Taxes
1926.
1927.
1928.
1929.
$7.023,064 $6,396.136 $5.678,888 $5,390,867
3,431,427
3.550.234
3.808.685
3.999,664
429.000
458,996
564,248
775,000
Net oper. revenues.,. $2,248,400 $2.023,203 $1,669.658 $1,530,440
146,659
159.565
144,947
Non-operating revenues_
127,615
$2.376,015 $2.168.150 $1.829,223 $1,677,099
Gross income
241,615
272,092
269.364
309,130
Interest charges
420,718
447.949
515,839
562,904
Depreciation reserve_ _ _
$1,503,981 $1.380.219 $1.111.908 $1,014.766
Condensed Balance Sheet December 31.
1928.
1929.
1928.
1929.
lAatrlItItes$
Assets$
Property & plant-23,712.890 21,095,273 Preferred stock.- 4.500,000 4,500.000
Cash with trustee_ 265,438
216,096 Common stock- -- 6,000,000 6,000,000
10.400,000 6,055,500
Sundry investmls 260,390
186.840 Mtge. bonds
2,345,000
Cash
432,762 Notes ez bills pay_
268.360
173,297
Accounts payable_ 139,317
Notes & bills rec__
13,454
16,157
146,097
Acc'ts receivable__ 1,098,822 1,142.417 Misc. curr. Bab_ __ 174.383
Material & SUDD-- 964,183
886,459 Due to OM co's__ 242,697 1,128,206
189,216
Due from attn. co's 523,560
41,037 Taxes accrued---- 345,262
38,409
53,625
Prepaid accounts _
11,287
11,324 Interest accrued76,026
73,997
Open accounts_ __ _ 964.479 1,478,670 Divs. accrued-16.730
19,060
Bond & note disc't 395,836
298,171 Misc. accr. liab___
333,382
Open accounts_ -_ _ 311,272
Treasury stocks &
3,936,761 3,418.038
6.000
kbonds
445,000 Reserves
2,287,328 1,830,307
Surplus
Balance
23,483,701 28,250,207
' Total
129, p. 3168.
Total
28.483,701 26.250,207
$1,051,402
195,884
374,718
39.062
507
218,116
20,903
$204.432
Excess of income over disbursements
Consolidated Balance Sheet, Dec. 31 1929
Liabilities
Assets
$159,409
Bonds & stocks(market value)$3,111,233 Reserve for losses
Cash office, banks & on call__ 462,908 Res. for unearned premiums- 194,502
38,849
Accounts receivable
310,624 Reserve for expenses & taxes
Furnitui e & fixtures
12,177 Accounts pyable
157.897
Accrued Interest & exchange
28,177 Capital stook
4.497,306
Deferred charges
50,979 Minority cap. stk of subsidiary
25,164
Contracts, good will, etc
1,097,089 cos
The New York Stock Exchange has authorized the listing of $36,000,000
-year gold debentures, due Feb. 1 1959.
5% 30
Total
55.073,186
Total
The Exchange has also authorized the listing of 34,000 additional shares
of class A stock (no par value), on official notice of issuance and payment -V. 130, p. 1656.
stockholders in lieu of cash dividend, making the total
in full by sale to
-Earnings.
amount applied for, 1.677,000 shares of class A stock.
All-America General Corp.
On Feb. 27 1930, the directors authorized the issuance of 34,000 shares of
Earnings for Period Ended February 28 1930.
class A stock to continue the corporation's policy of offering for purchase
such stock to class A stockholders to be paid for by cash dividend for the Interest & dividends received
current quarter, of 50 cents per share. payable April 1 1930, such sale to Let loss on securities sold
Expenses, legal fees, etc
-V.130, p. 2209.
Le at the rate of $20 per share.
-Operating Companies in CalWestern Power Corp.
ifornia to be Consolidated With Pacific Gas & Electric Co.
$754.039
1,283
286,090
9,990
$5,073,186
$84.305
269,623
x60,335
Net deficit for period
$245,653
x Includes all non-recurring expenses incident to organization.
Balance Sheet Feb. 28 1930.
Liabilities
Assets$590,699 Capital stock (Par $20)
$4.000,000
Cash & call loans
Surplus
y754,347
Stocks & bonds owned at cost
(market value Feb. 28 1930
4,142,988
$4,085.267x
15,658
Interest & dividends accrued
Total
5,000
Deferred charges
$4,754,347
x Market value includes 25,000 shares of the corporation's own stock at
a value of $442,750 acquired at a cost of $394,744. y Gain in surplus,
$1.000.000 less deficit of $245,654.
Note.
-Corporation has issued to the management option warrants
covering the right to purchase 66,647 shares on or before Aug. 1 1939, at
the price of $27.50 per share. In addition, the corporation has contracted
to deliver to the management similar option warrants covering the right
to purchase up to 133.333 shares of the corporation's capital stock; one
such warrant being deliverable for each three shares of stock sold by the
management over and above the orig nal issue of 200,000 shares.
-V. 130.
p. 2210.
Common Stoek,
Common Stock.
Shares.
Shares.
500 United States Steel Corp.
1,500 New Yrok Central RR_
2,500 Childs Co.
1,000 American Tel. & Tel. Co.
1,000 S. S. Kresge Co.
1,000 Columbia Gas Si Electric Co.
500 R. It. Macy & Co.
1,500 Electric Bond Sc Share Co.
1,000 First National Stores Co.
3.000 United Gas Improvement Co.
1,000 Atlantic Refining Co.
2,000 Anaconda Copper Co.
5,000 Continental Oil Co. of Del.
1,000 Kennecott Copper Co.
500 Gulf Oil Co. of Penn.
500 Newmont Mining Co.
1,500 011 Share units.
1,300 Cream of Wheat Corp.
2,500 Mexican Seaboard 011 Co.
2,500 General Mills Corp.
2,500 Sinclair Consolidated 011 Co.
1.000 Notional Dairy Products Co.
25,000 All American G•neral Corp.
500 Standard Brands Corp.
Preferred Stocks,
1,000 Air Reduction Co.
2,000 Chicago. Mil., St. P. & Pac.
1,000 Atlas Powder Co.
500 American Writing Paper Co.
500 J. I. Case Co.
1,400 Oliver Farm Equip.Co.Conv. prd.
500 Eastman Kodak Co.
Rights.
1,000 General Electric Co.
500 Liggett dr Myers.
1,000 Gillette Safety Razor Co.
4.200 Kreuger & Toll
Bonds.
$100,000 Int. Tel. & Tel. deb. 58-1955.
1,000 Liggett & Myers Tobacco "B."
30.000 Chicago, Mn., St. P. & Pee.
2.000 McCall Corp.
a I. 58-2.000
1.000 Mack Trucks.
40,000 Amer. Tel & Tel. deb. 58-1965.
1.000 Union Carbide dt Carbon Co.
The board of directors have elected the following officers: Willard V
King, Chairman of the Board: Mason B. Starring Jr.. President; 0. Shelby
Carter, Vice-President; Harold Richard. Treasurer; Arthur R. Upgren,
Secretary, and Matthew Robinson, Assistant Treasurer,
After the board meeting it was stated that the asset value of the stock
now exceeds $25 a share, which is the price originally paid In.
-V. 130.
p. 2210.
-Extra Dividend.
Altorfer Bros. Co., Peoria, Ill.
-
The directors have declared an extra dividend of 65c. a share and the
regular quarterly dividends of 35c. a share on the common stock and 75c.
a share on the preference stock, all payable May 1 to holders of record
Aprll 15.-V. 130, p. 623.
American Basic Business Shares Corp.
-New Trust.
-
The corporation, originator of Fixed Trust Shares and Baste Industry
Shares has announced the formation of a new investment trust of the
APRIL 5 1930.]
FINANCIAL CHRONICLE
entirely
fixed trust type called "Fixed Trust Shares Series C" composed oil comof common stocks of the leading Standard Oils and independent
the new trust, it is announced, will be made
panies. Formal offering of
about April 15. This is the 4th investment trust sponsored by this cornpany.-Y. 130, p. 2032.
-Earnings.
American Bosch Magneto Corp.
1926.
1927.
1928.
1929.
Calendar Years$11.740,684 $13,446,178 $7,975,027 212,510,222
Netsales
5,996,194 11.838.642
8,844,606 10.612,430
Cost ofsales
1.306.410
1,560,382
General sales and advert. 1,630,058
223.261
203,248
233,109
335,240
Depreciation
50,000
Prov.for Federal taxes_ 5448.319
$469,174
Net profit
2880,781 51.040,255
Shares of capital stock
207,399
207,399
207,399
208.799
outstanding(no par)_ $2.16
$2.26
$5.01
$4.21
Earns.per sh.on cap.stk.
Dec. 31.
Condensed Balance Sheet
1928.
1929.
1928.
1929.
$•
Liabilities-$
AssetsxProp., plant & eq. 4,333,849 4,136,090 Cap. stk. Ss surp _210,382,362 9,451,881
216,886
633.256 Accounts payable_ 445,761
633,256
yPaterrts, &c
315,106
130,065
1,099,594 1,110,120 Accrued accounts_
Investments
160,000
150,000
512,836 Res.for conting___
Cash
530,826
Notes & accts., &
trade weep.roc_ 1,245,404 1,470,267
2,925,029 2,147,601
Inventories
30,553
Life insurance- - .
38.329
Tot.(each side)_11,108,189 10.143,873
103,149
Prepaid expenses
301,900
'after deducting $1,466,540 allowance for depreciation. y After deduct$160,823 amount written off. z Represented by 208,799 shares of
ing
no par value.
-V. 130. p. 1830.
-Earnings.
American Commercial Alcohol Corp. 1929.8 Mos. 1928.
Period Ended Dec. 31Operating & other income
Administ.selling & general exp.& interest
Res.for depreciation
Bond interest & discount
Amortization oforganization expense
Federal income taxes
Year
$2.782,780 81.635,831
513,102
1,070,636
100,688
186,697
192,351
17.095
101,733
129.731
Net profit
Preferred stock dividends
Common dividends
51,395,716
143,708
714.150
8710.862
118.067
5592,795
3537,858
Balance surplus
87.382
389,138
Shs. corn,stock outstanding (no par)
$6.96
$3.22
Earns, per share
Balance Sheet Dec. 31.
Condensed General
1928.
1929.
LiabilitiesAssets
-1928.
Cash
$537,581 $446,325 Notes payable.--- $150,000 $375,000
410.697
Accts. payable_ _ _ - 292,244
Customers' notes &
44,910
accts. receivable 1.183,830 1,191,509 Bond int. accrued
115,061
Fed.inc. tax pay- 129,731
Other notes & sects
38,500
67,633 Pref. div. payable165,306
receivable
Corn. dlvs. PM% In
Merch., materials,
215.861
corn.stock
supplies & cont. 2,114,502 1,456,576
Cora. (cash) diva.
Treas. stk. purch.
152.356
payable
for stk. dive_ _ .._ 215,861
119,376
Notes payableCash Burr. value of
-year mtge.sink.
15
life insur.& bldg.
2,994.000
fund7gold bonds92,727
dr loan listen stk 68,763
Sundry reserves-- 137,595
Prep. Insur.,taxes.
2,200,000
94,533 Preferred stock 121,999
kr
Common stock. _ _ y8,766,133 2,076,362
i s.,
;(1,131dg..mach..
592,795
26,183,058 5,265.413 Earned surplus- 698,805
&c
13,993
7.940
Investments
Bond disc.& organ.
287,376
132,522
expenses
Good-will, tradee,
marks,formula
Tot.(each side)S10.662,101 $8,916,087
1
1
gm
,
x After reserves of $313,663. 3 Represented by 389.139 no par shares
-Y. 130, p. 2032.
2395
Charles B. Rose. President, says in part:
that the result
Taking into consideration existing conditions it Is believed was approxivolume
ofoperations for 1929 has been satisfactory. The sales
decrease in sales volume
mately $130,000 less than for the year 1928. This
casuses, one, the effect of
and operating profit can be attributed to two product to municipalities.
the strike of the machinists on the sale of our
part of the year. The
which became rather effective during the early to overcome the effects
strike was settled on April 26 and it took some time rates prevailing during
money
ofsame. Another cause was due to the high difficult for municipalities to
the greater part of the year, making it very purchase of additional fire
market their bonds to provide funds for the
protection equipment.
of to the LaFranceThe commercial truck department was disposed
effective as of March 31.
Republic Corp. during the year. This sale was LaFrance-Republic Corp.
the
1929, and payment was received in stock of stock and 235.085-2-3 shares
of 15,144 shares of $100 par value preferred
shares are carried On the
of no par value Class A common stock. These valuation is substantially
balance sheet at a value of 31.730,441. This
assigned to this holding on the basis of
less than the value that would be
and it has been adopted by
book values of the LaFrance-Republic Corp. that It seemed to them a
reason
the management and Directors for the the time element that would be
wisely conservative policy to discount
Corp. into an established posiInvolved in getting the LaFrance-Republic expected that profits would be
tion as a profitable business. It was not
is, however, being made and
shown by that company for 1929. Progress
from April 1 to Dec. 31
the LaFrance-Republic Corp. during the period time a the sale of the
at the
operated approximately as per estimates
commercial truck assets to that corporation.
Consolidated Balance Sheet December 31.
1928.
1929.
1928.
1929.
$
5
Assets7% cum. pref.stk _x5,800,000 5,800,000
Land,bidgs..mach•
stock...x2,437,200 2,437,200
& good-will, &c. 1,713,041 2,652,459 Common notes__ 3,400,000 4,000,000
615,494 51.6% gold
410,457
Cash
652,489
390.559
1,819,556 Meta payable_ _ _ _
Notes & wrings rec. 931,604
53.808
50,978
Accts receivable.. 1,533,432 2,373,307 Int. accrued
1,420,845
Special reserve_ Accts. rec.-La
138,995
Res, for conting.
France Repub.
74,262
74,262
Capital surplus
122,334
Corp
393.710
718,429
Surplus
1,730,441
do Investment
Patents & goodwill 3,466,071 3,476.358
59,287
Plant expenses...
2,766,982 3,723,265
•
Inventory
Mtges.rec.& treas.
248,248
82,702
stock, &c
12,871,428 14,971,310
Total
62,621
55,074
adv
-V.129. p. 2539.
no par shares.
x Represented by 609,300
-Reorganization.
Piano Co.
American
(W. B. Armstrong.
The preferred stockholders' protective committee the reorganization of
plan for
Chairman), has formulated and adopted a committee has had in mind the
the company. In formulating the plan, the believe that the plan adopted
protection of the rights ofthe stockholders and
as well as creditors
affords to the stockholders, both preferred and common, s.
circumstance
the maximum protection permitted in the deposited under the agreement
preferred stock not heretofore
Holders of
on or before the close
of Jan. 15 1930, and holders of common stock, may,
depositary under the plan
of business on April 15 1930. deposit with the
under
of deposit as to preferred stock issuedand as
and shall receive certificates
assenting to the plan,
the agreement of Jan. 15 1930, but stamped asIrving Trust Co.,depositary.
common stock issued under this plan.
to the
issued under or subject
The rights of all holders of certificates of deposit the plan and shall be
by
to the plan shall be such only as are conferred the plan as conditions of
with the terms imposed by
subject to compliance
participation in the benefits thereof.
28.
Digest of Reorganization Plan Dated March
on shall be effected
New Cornpany.-It is contemplated that reorganizati
of such State as reorganizaby formation of a new company under the laws in suoh manner as the comtion committee may select, which shall acquireliens or subject to such liens
mittee may determine, and either free from all
or control of all or such
as the committee may determine tile ownership deem expedient, of the
portion as the reorganization committee shall
at Receiver's sale.
property now owned or controlled by the old company,
or otherwise, as the committee may determine.
n for the property to be acquired
It is contemplated that as consideratio
and deliver its first
by the new company, the new company shall issuestock.
-New
secured notes, its debentures, its class A and class B
American Eagle Aircraft Corp. group Plant.
will beselected
of Mexican bankers
-The first board of directors ofthe new companyDirectors.
Arrangements have been completed with a
for the establish- by the reorganization committee, and if the reorganization committee
headed by Col. Antonio Sea of San Lois Potosi, Mexico.
into three or five
assembly of the above corporation according to deems it advisable the board of directors may be classifiedyear.
ment there of a branch
class only will expire in each
The Mexican company
announcement by President E. E. Porterfield. to the assembling and classes so that the term of one
the
-It is proposed that new company shall authorize
owns a modern manufacturing plant well suited
New Securities.
American Eagle planes are being ship_ped to following securities:
marketing of aircraft. Five
129.
notes. all of which are to be
be assembled there.
-V.
gold
Mexico and gradually all models of the line will
(1) 3700.000 1st secured 7% 1-year
be dated on or about
presently 'satiable under the plan. Notes are toat par and int., upon 30
P. 3638.
May 1 1930, payable on or before May 1 1931. andof any delay in consum--Earnings.
American Ice Co.
days notice. Committee reserves right in event later date after May 1
-Month-1929. 1930-2 Mos.-1929.
Period Ended Feb. 28- 1930
mation of the plan, to make the notes dated at any
payable one year after their date.
Net profit after int., but
$126.582
$144,326 1930 and notes are to be secured by a trust agreement from the new com554.819
before deprec.& Fed. tax $48,170
The first
which will provide,
-V. 130, p. 2210.
pany to Central Hanover Bank & Trust Co., as trustee, to be used by the
plant assets that are not
-Listing.
American News Co., Inc. authorized the listing of 200,000 among other things, that certain under this plan, and which it is intended
not disposed a
new company and
date, shall be segreThe New York Stock Exchange has
shall be liquidated and converted into cash at an early
shares of capital stock (no par value) on official notice of issue in exchange gated and named and the cash or other proceeds of such liquidation will
for present outstanding certificates; with authority to add 16.000 shares on be deposited with the trustee for the express purpose of the purchase and (or)
will likewise provide that none
official notice of issue on April 15 1930, as a stock dividend. and
affiliated Payment ofsuch first notes. The agreement
new company may
The company Is engaged directly or through subsidiary
of the assets of the new company to be retained by the
corporations in the business of purchasing (also importing), vending and be mortgaged during the life of the first notes, and that no pledge of
distributing of printed matter, periodicals, books, magazines, newspapers assets other than paper received from the sale of finished stock will be
conducting hotels,
and other merchandise, stationery, gift cards, novelties, tobacco and food made during the life of the first notes. (It is understood that full rights
paper rerestaurants, newsstands, checking facilities and selling
will be reserved to the new company to sell or pledge installment
supplies on railroad trains, at stations and elsewhere and conducting ceived by the new company either through purchase from the old comlending libraries. The value of the fixed assets (including delivery equip- pany or any continuation of the business to be acquired, so that the pro
ment) employed by the company in its business is (as of Dec. 31 1929)
thereof may be used for working capital.)
36,779,706, after allowance for depreciation, aggregating $2,992.695.debentures. To be dated on or about
-year 6% gold
(2) 3827,084 of 5
Red. at 100 and
Consolidated Income Account Years Ended Dec. 31.
May 1 1930, to be payable five years from date of issue.
1928.
1929.
int., upon first day a any month upon 30 days' notice, but no debenture
been redeemed or paid in
Net sales after intercompany & interbranch sales.. S56.8&3,195 $54,586,650 shall be redeemed until the first nines shall have
38,509,608 36,805,705 full. Secured by a trust agreement running to Irving Trust Co.,as trustee,
Cost of sales
which will provide that none of the fixed assets of tile new company to be
$18,353,587 217.780,945 retained by the new company may be mortgaged during the life of the
Gross profit
16.834,340 16.629.074 debentures, and similar provisions with regard to the pledge of assets as
depreciation)
Operating expenses (bacl.
contained in the provisions relating to the first notes.
$1,519,246 $1,151,871
Operating profit
Capital Stock shall be of two classes; class A and class B.
266,115
315,919
Clam A Stock.
-240.000 shares (no par). Shall be non-voting; shall be
Other income
entitled to receive, share for share with the class B stock without reference
31,835.166 $1.417.987 as to class, dividends of the new company without preference as to the same.
income
Total net
160.000
210,000
Provision for Federal income taxes
but in the event of any liquidation or distribution of the assets of the new
shall be entitled to receive prior to any distribution to the class B
51.625.166 $1,257,987 company,as a preference over the same asset value to the extent of $10 per
Net profit
700.000 stock and shall be limited in such distribution to the sum of $10 per share.
800.000
share, but
Dividends
be presently issuable under the plan.
2557.987 The entire 240,000 shares shall
$825,165
Balance,surplus
-742,708 shares (no par) shall be entitled to the entire
Class B Stock.
36.28
38.12
voting power of the new company; shall be entitled to share equally, share
.
Earns per share(200.000 shares)
transfer agent for for share, without reference to class, with the class A stock, in the earnings
The City Bank Farmers Trust Col has been appointed
of the new company, and on any liquidation and distribution of the assets
216.000 shares of capital stock, no par value.
of the
of the new company shall be entitled to receive
- after the payment of $10 per share upon the classall stock. assets remaining
A
American La-France & Foamite Corp. (& Subs.).
x1928.
31929.
shares of the class B stock shall be placed under a
-720,000
Voting Trust.
Consolidated Earnings for Calendar YearsNot
9.766,1891
voting trust for a period of 10 years. Voting trustees shall be five in number
Sales
9.443.5101 A,vaLlable.
and shall be selected by the reorganization committee and among the five
Costs (incl. depreciation)
so to be elected shall be the following: George G. Foster, Richard W.
$415,213 Lawrence, and Wm. Dewey Loucks.
2322,679
Operating income
217.590
Disposition of New Securities.
Other income
1. First secured 7V 1-year gold notes. 3700,000.
$632,803
2322,679
Total income
-year gold debentures. $606.000.
2. 6% 5
220,000
123.002
Interest on gold notes
3. 60.000 shares of class A stock.
12,520
Foreign tax reserve
4. Voting trust certificates for 720,000 shares of class B stock.
The amounts of the new first notes and debentures and class A stock and
$412.803
$187.156
the offering to the
Net income
the results of voting trusticertificates for the class B stock, subject to are to be under.
Excluding operations of the commercial truck division
preferred stockholders of the old company (as set forth)
therefor.
provided
which were charged to the special reserve
A
2396
FINANCIAL CHRONICLE
written by a syndicate under agreement with the reorganization committee
under which such syndicate will agree to underwrite the offer to the preferred stockholders of the old company and (or) purchase the same, and pay.
subject to the payment by such preferred stockholders of the old company
of such as they may take under the offering, for the purposes of the plan,
the sum of $1,230,000, in order to furnish partially the cash requirements
of the plan.
The method of the Issuance of the new securities of the new company
shall be entirely subject to the approval of counsel, but such approval shall
be predicated upon the facts that there shall be the following rights for the
deposited stock under the plan, to wit:
(a) Distributable on consummation of the reorganization, to depositors
of the present outstanding preferred stock of the old company, without
payment therefor, three shares of class A stock of the new company for each
one share of preferred stock deposited, to wit: 180,000 shares of class A
stock of the new company in exchange for 60,000 shares of preferred stock
of the old company.
(b) Optional rights to depositors of the present outstanding preferred
stock of the old company: for each share of the preferred stock so deposited,
such depositors shall receive the right to subscribe for the securities of the
new company as follows:
A warrant will be issued at a date fixed by the reorganization committee
giving unto such depositing preferred stockholders of the old company the
right to pay in the sum of $10 within 15 days from the date of the warrant,
and receive in consideration of such payment the following: $10 face value
of debentures of the new company, one share of class A stock of the new
company, and voting trust certificates for eight shares of class B stock of
the new company, all of said stock to be fully paid and non-assessable.
(c) In addition to the aforesaid, the syndicate will agree in addition, to
the purchase and underwriting of the above cash requirements assuring the
new company of $1.230,000, to arrange for the sale of one of the piano
names to be acquired from the old company, together with certain other
assets, in the direction of the reorganization committee as and in the judgment of the reorganization committee shall redound best to the benefit of
the new company, under which the new company will surely receive the
sum of $450,000.
(d) For the commitment of the syndicate, there will be Issued voting
trust certificates for 240.000 shares of class B stock, which shall wholly
belong to the syndicate, upon the carrying out of its obligation, irrespective
of the proportion of rights exercised by the preferred stockholders of the
old company.
5. Undisposed ef, under the foregoing, are the following securities of the
new company:
Five-year 6% gold debentures
$227,084
Class B stock (not under voting trust)
22,708 shs.
Rights shall be issued to the common stockholders of the old company.
represented by warrants, which shall be dated of a fixed date to be determined by the reorganization committee and exercisable 15 days thereafter,
under which each share of deposited common stock of the old company
shall be entitled, upon payment of $1,to receive $1 face value of debentures
of the new company and 1-10 of a share of the class B stock of the new company.
Results to Depositing Security Holders.
Preferred Stock.
-Each depositor of $100 of preferred stock shall be entitled to receive, on consummation of the reorganization, without payment
therefor, three shares of the class A stock of the new company, and, in
addition thereto, the optional right without obligation, upon payment of
the additional sum of $10, to receive $10 of debentures and one share of
class A stock of the new company, and voting trust certificates for eight
shares of class B stock of the new company.
Common Stock.
-Each depositor of one share of common stock without
nominal or par value, upon consummation of the reorganization, upon
payment of the sum of $1, shall be entitled to receive $1 of debentures of
the new company and 1-10 ofa share of the class B stock of the new company.
Cash Requirements and Provisions Therefor.
The plan contemplates the acquisition from the receiver and the old company of all the assets of the old company for a cash consideration, subject
to the lien of the mortgages affecting the real estate,the claim of the Bankers
Trust Co., and the claims of the Bankers Commercial Security Co. and
Commercial Investment Trust. The new company will also assume as part
of the consideration in its transaction with the receiver, all due bills and
cash credits relating to due bills outstanding, which have been represented
to be the amount of $139.000, as of Dec. 18 1929, and all merchandise
accounts on order at the time of the receivership by the old company, and
undelivered and any other liability may be assumed as part of the offer for
such assets. The transfer will be free from all other liens of every kind,
name and nature, including the expenses of the receiver's administration.
Included in the cash to be acquired from the receiver and the old company
will be the net cash balance in the hands of the receiver, estimated at the
time of the consummation of the plan at in excess of $400,000. Under the
terms and conditions of the plan, there will be surely available in addition
to the cash in the hands of the receiver, from the syndicate, $1,680,000,
and such portion of the offering to common stockholders which is not underwritten and which, if all is exercised, will amount to the additional sum of
$227,080.
-For the purposes of meeting the estimated cash requirements
Syndicate.
of the plan, a syndicate is being formed with George G. Foster and Wm.
Dewey Loucks as syndicate managers. The syndicate will agree to purchase the $700.000 of first secured notes and underwrite the offering to the
-year 6% gold debentures, together
preferred stockholders of $600.000 of 5
with 60,000 shares of class A stock, together with voting trust certificates
for 480,000 shares of class B stock, and, likewise, underwrite the purchase
of certain assets for $450,000 cash all in return for voting trust certificates
for 240,000 shares of class B stock, and will furnish to the reorganization
committee, against delivery of the securities, the sum of $1.080,000, and
such additional cash representing the offer to the preferred stockholders
as shall not be taken by such preferred stockholders within 10 days after
the expiration of the rights, in return for the proportionate amount of the
same securities offered to such preferred stockholders and not taken.
-George G. Foster, Chairman. Richard W.
Reorganization Committee.
Lawrence. Wm. B. Armstrong, George L. Eaton and W. Lee White.
V. 130. p. 801.
-Reduction of Capital.
American Ship Building Co.
President W. H. Gerhauser, March 28, says'
The "plan for reduction of capital" of this company (as set forth in the
"Chronicle" of March 1 1930, page 1462) was carried unanimously at the
special meeting of preferred and common stockholders held on March 26
1930. and the proposed amendments of the certificate of incorporation were
duly authorized by vote of the stockholders.
In order to carry out the plan it is necessary to have new common stock
certificates prepared and to make other necessary arrangements. Consequently, the actual exchange of the present common stock certificates for
new certificates and the making of the cash capital distribution will be
delayed several weeks.
As soon as these arrangements have been completed the stockholders will
be notified by letter of the time and place for the sending in of their present
certificates and receiving in exchange new certificates and the cash distribution on the common shares.
-V. 130, p. 2211.
-Stocks Offered.
American Utilities & General Corp.
G. E. Barrett & Co., New York are offering units of 100,000
shares $3 cum. pref. stock and 50,000 shares class B stock
at $45 per unit.
Stocks are offered in the form of allotment certificates of Chatham Phenix
National Bank & Trust Co., depositary, representing units of 1 share of
preferred and 34 share of Class B, the latter in the form of voting trust
certificates, entitling the holder to receive such stoca and voting trust
certificates on April 1 1931 or on such earlier date as may be fixed by the
Board of directors.
The $3 cumulative preferred stock is red, any time, all or part, on 30
days notice. at $55 and dive. Preferred over the Class A stock as to
cumulative dividends at annual rate of $3 a share, and as to assets in the
event of liquidation te the extent of $50 a share and dive. Dividends
Payable quarterly. Dividends free of present normal Federal income tax.
Transfer agent: Chatham Phenix National Bank & Trust Co. Registrar:
Equitable Trust Co. of New York.
Data from Letter of Pres. E. C. Diefenbach March 28.
-Company was organized in Delaware in Jan.. 1929, with
Business.
broad powers to acquire, hold, sell, underwrite, offer and generally deal in
securities. While the corporation Is not limited by its charter as to the
[vol.. 130.
character of the investments that it may make, the present policy is to
limit, in general, its investments to stocks and other securities of natural
gas and other public utility companies, the corporation being particularly
interested in the development ofsuper gas systems through inter-connections
oflarge gas companies.
The present holdings include substantial interests in the following public
utility companies: United Gas Co., Northern Texas Utilities Co., and
Electric Power & Light Corp.
CapitakzationAuthorized.
Outstanding.
$3 cumul. pref. stock (no par)
500,000 shs. 181,749.6 she.
Class A stock (par $20)
92,986 shs. 92,986.0 shs.
Class B stock (no par)
*1,400,000 shs.1,169.778.4 she.
* Including 230,221.6 shares reserved for warrants and for conversion
of Class A stock.
Earnings.
-Net profits for the 12 months ended March 20. 1930,
were as follows:
Net profits after reserve for Federal and state taxes
$1,173,165
Annual div. require.: 181,749.6 shs. $3 cum. pref. stock
545,248
92,986 shs. class A stock
120,881
Balance for class B stock
$507,034
These net profits reflect the benefit derived from the proceeds of only
a part of the 181,749.6 shares of $3 cumulative preferred stock to be outstanding, the average amount of the preferred stock outstanding for the
above period being only 42,692 shares.
The balance for class B stock, after deducting reserve for Federal and
State taxes and actual dividends paid on the preferred and class A stock for
this period, amounted to $919.545, equivalent to approximately n cents
per share for the class B stock to be outstanding with public. Regular
quarterly dividends have been paid on the preferred stock and Class A
stock since issuance and 3 quarterly dividends at the rate of 10 cents a
share each have been paid to date on the class B stock.
Due to the affiliations and close associations of the corporation's management with large gas and electric utility companies, affording opportunities
for participating profitably in refunding and other operations of these
companies,further substantial profits should be realized for the benefit
of its stockholders.
Balance Sheet As of March 20 1930 (Giving Effect to Present Financing).
Assets
Liobtiides
Cash
$2,942,149 Accrued dividends
$3,583
'Investments at cost
8,720,327 Res. for Fed. & State taxes_
150.733
Deferred charges
7,269,984
434,881 $3 eumul. pref. stock
Class A stock
1,859,720
Class 13 stock
1,960,005
Surplus-earned
853.332
Total
$12,097,359 Total
$12,097,359
* Investments show a substantial appreciation over cost, due to increase
In value of market securities.
Purpose.
-Proceeds will be used for the purpose of increasing the present
holdings of the corporation and for investment with major associates in
other natural gas enterprises.
Listed.
The Board of Governors of the Chicago Stock Exchange has approved
the listed 4% voting trust certificates for class B common stock, no par
value.
-V. 130, p. 1657.
American Zinc, Lead & Smelting Co.
-Earnings.
Calendar Years
1929.
Operating profit
$1,081:712
48 4 9
0
Interest on bonds,&c_ _ _
1928.
$908,468
47,310
1927.
$287,710
26,724
Balance, surplus
Previous surplus
$861,158
1,705,081
$260,985
$473,743
1,923,252 x1,930,789
81,046,717
1.038,363
1926.
$502.973
29,230
Total surplus
$2,085.081 82,546.239 82.184,237 32.404,532
Deduct
-Depreciation &
depletion reserves ._ -459.099
379,687
479,157
481,280
Adjust. in invest, of own
pref. stock
644,578
Spec.res.for Silver Dyke
loss
518.885
Surplus adjustmento
Cr15,275
Preferred dividends.. _
361,478
Total surp., Dec.31_ _ $1,264,504 $1,038,364 $1.705.081
xAdjusted.-V. 129, p. 2685.
81,923,253
Auburn Automobile Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 3.547 additional shares of common stock (no par value), on official notice of issue. as
a stock dividend, making the total amount of common stock applied for,
180,977 shares. The shares are to be capitalized at $52 per share.
-V.130.
p.2211.
Bank & Insurance Shares, Inc.
-Offer Shares of New
Investment Trust.
-Trust certificates of Deposited Bank
Shares, series of New York, are being offered by Bank &
Insurance Shares, Inc., priced to yield about 7%.
Deposited Bank Shares, series of New York, has been organized as a
fixed investment trust whose underlying security is made up of stock of
22 el New York's largest banks and trust companies, 297 shares of such
stock making up a unit which is represented by 5,000 Deposited Bank
Shares, series of New York, certificates. The trust will run until Oct. 1
1954.
Units comprising the specified number ofshares of stocks of the 22 banks,
and cash for the reserve fund, designed to equalize dividends, are deposited
with the Pennsylvania Co. for Insurances on Lives & Granting Annuities,
as trustee, and title to the stocks vested in it. The trustee collects all
regular and extra cash dividends, also stock dividend, rights and other noncash distributions which are sold. All net income, less expense of maintaining trust and payment to the reserve fund, if any, received by the trustee, le distributed pro rata semi-annually to certificate holders. For each
unit deposited,5,000 Deposited Bank Shares,series of New York,are issued.
Holders of a unit may convert them into the deposited stocks at any time,
while holders ef less than a unit may receive their pro rata cash share.
Rights are to be issued semi-annually by the depositor to shareholders
permitting reinvestment of dividend returns in additional Deposited Bank
Shares at the bid price.
-V. 130, p. 2211.
Best & Co., Inc.
-Earnings.
Year End. Jan, 31Income from sales
Costs & expenses
Depreciation
Federal taxes
1930.
1929.
1928.
$14,614,182 $13,345.643 $12,519,017
12,942,921 12,037.156 x11,360.199
170,000
116.563
Sees
222,000
188.000
180.000
Net profit
$1,279,261 $1,003,924
$978,818
18,638
Preferred dividends
25,156
25,472
Common dividends
487.500
450,000
450.000
$773,123
$528,768
Surplus
$503,346
She. com. stk. outstand.(no par).--300.000
150.000
150.000
Earns, per share
$4.20
$6.52
$6.33
x Includes depreciation.
Condensed Balance Sheet Jan. 31.
1929.
1930.
1930.
1929.
Assets$
$
$
$
Accounts payable.. 382,568
Land.bldgs.,equip.
456,146
&c
4,865,200 4,573,520 Contract deps _ _
Good-will
1
1 Tax
222,000
665
237,Vg
Prepayments, .ke.
12,222
23,687
211,266
237,795
Real estate mtge.- 950,000
Expenses funds In
950,000
3.671 6% pref. stock_... 226,100
hands of empl._
3.662
231,100
Cash
300,862 Common stock _ _63,750,000 3,750,000
462.599
Inventories
1,313,743 1,206,180 Res,for coatings
33.816
33,816
Accounts reeelv. 1,863,662 1,762,699 Unearned surplus_
73,248
61.652
Supplies on hand
21,562 Earned surplus._ _ 2,706,729 1,933,602
35,302
1 655
Total
Total
8.556,391 7,892,182
8,556.391 7,892,182
a Less depreciation charged. &C., of $588.557. b 300,000 no par shares.
-V. 129, p. 3329.
APRIL 5 1930.]
FINANCIAL CHRONICLE
Beacon Participations, Inc.
-Earnings.
Earnings for 12 Months Ending Dec. 31 1929.
Income from interest commission & dividends
Ohter income (net)
8139,516
30 399
Total income
Expenses
Reserve for taxes
8169.915
1,774
32,000
Net income available for dividends
Dividends paid
Adjustment 1928 taxes
$136.141
125,000
143
Balance carried to surplus
$10,998
Balance Sheet, Dec. 31 1929.
AssetsLiabilities
Investments at cost
$1,417,002 Class A particip. pref. stk
x$1,554,903
Cash, demand loans, & short
yClass B partial). pref. stk.}
500,000
time loans
771,748 yCommon stock
Peserve for taxes
32,000
Reserve for dividend
10,420
Total (each side)
$2,188,749 Profit & loss-surplus
91,427
x Represented by 81,837 no par shares. y Represented by 25,000
no par shares.
-V. 127, P. 1393.
Bethlehem Steel Corp.
-Earnings Ahead of 1929.
-
Eugene G. Grace. President, at the annual meeting of stockholders in
Newark, April 1, stated that earnings for the first quarter of this Year
would exceed $2.50 a share on the outstanding 3,200,000 shares of common
stock. He said this statement was based on the actual earnings of Jan.
and Feb. and the shipments made in March. He put total income for the
three months, before interest and depreciation charges, above those of
the similar three months of 1929.
Mr. Grace said that because of increased business, operations for April
had been scheduled at 85% of capacity. In the first three months of the
Year, he added, operations had averaged 80.8% of capacity, compared
with 91.8% in the first three months of 1929.
The stockholders chose R. E. McMath as a director to succeed H. E.
Lewis, and re-elected other retiring directors. They voted also to authorize a change in by-laws to permit the annual meeting to be held on the
second Tuesday in April instead of on the first Tuesday. This is to enable
the management to estimate the first quarter earnings in more detail.
"We are reasonably optimistic over prospects for the current year said
Mr. Grace. "We cannot expect to produce as mcuh steel as we did last
Year, but as a rough guess the volume should not be more than 10% less.
"The year 1929 was the first year we had a fair chance to show what
Your properties under certain conditions can do. It was by far a record
Year for Bethlehem, and we know, with the start we have this year, you
can see that your institution as now constituted is in all respects a fine
rounded-out steel concern."
Mr. Grace, in discussing the proposed merger of Bethlehem with the
Youngstown Sheet & Tube Co. said. that if he were a stockholder in the
latter he would take Bethlehem stock rather than cash.
'
"Our acivices from Youngstown this morning," continued Mr. Grace,
"in respect to the proxy situation, confirms our confidence that the merger
will be approved at the stockholders' meeting a week from to-day.
"Your management naturally believes it is a good thing for your company to undertake the merger. Their management likewise considers it
a good thing. The terms seem ultimately fair to both sides.
It will
give us diversification, which your corporation should have. We should
have additional pipe and sheet capacity, which Youngstown can give us,
and on their side they need diversification of a character of products we
have. It will diversify both institutions from the standpoint of both location and products. The two managements and the two boards of directors
are enthusiastic about the resulting good to be derived from the merger.
"We haven't the problem of modernization of the Youngstown Sheet
& Tube Co. properties that we had in the purchase of the Lackawanna
Steel Co.
-V. 130, p. 2033.
Blue Ridge Corp.
-Retires 74,200 Shs. of Pref. Stock
To Create Reserves to be Applied to Reduction of Book Value
of Investments-Definitive Ctfs. Ready.
The stockholders will vote April 16 on ratifying (a) the acquisition and
retirement of 74,200 shares of preference stock.(b) the creation by appropriation from capital surplus as of Nov.30 1929, of a reserve applied in ruction of the book value of investments, other than syndicate participations,
to then market prices, and, in connection therewith. (c) the acquisition
on Dec.4 1929 upon terms representing, in effect, a substantial contribution
to capital, of shares of common stock of Central States Electric Corp.
(subject to an option for the reacquistion thereof by purchase from this
corporation at $30 per share, good until Dec. 31 1935). and (d) credits to
capital surplus incident to such acquisitions of stocks and such retirement
of preference stock.
Definitive certificates for the optional 6% cony, preference stock, series
of 1929,and common stock are ready for delivery in exchange for temporary
certificates now outstanding. Holders of the latter are requested to send
same to the Manufacturers Trust Co., Trinity P. 0. Box 49, N. Y. City,
for exchange.
-V. 130. P. 1267.
Bolsa Chica Oil Corp.
-New President, &c.
William Ford was recently elected to the Presidency to fill the vacancy
created by the recent death of Irving V. Augur. Francis B. Gormley and
S. A. Reed remain secretary and treasurer respectively. E. Ord Slater
and Dora D. Augur were elected members of the board. With their election
the vacancy recently created by the resignation of J. B. Elliott from the
board was also filled.
-V. 130, P• 2033.
Boston Personal Property Trust.
-Earnings.
-Income Statement 12 Months Ending March 15 1930.
Income received during Year
$269,720
Commissions, expense and interest
24.359
Taxes _ _
7.920
Dividends----- _ -- 214.774
Surplus income for Year
22 667
,
Taxes on capital gains paid during year were $15,119.
Balance Sheet March 15 1930.
Assets
United States securities (3 items)
Real estate securities (13 items)
" 796
425 5
98 3
'
Public utility securities (14 items)
1,027.925
Railroad securities (11 items)
1,277,372
Industrial securities (22 items)
1.525,563
Miscellaneous securities (2 items)
203,924
Sundry securities (1 Item)
1
Cash
97,244
Total
Liabilities
Capital and surplus
Accrued dividend expense and taxes
$5,056,741
$4,984,485
72,256
Total
$5,056,741
February 28 1930 appraisal value of fund 58,297,200-$31.80 per share.
-V. 130, P. 1833.
British American Oil Co., Ltd.
-Split-up of Stock.
Secretary P. W. Binns, March 31, in a letter to the stockholders says:
At a special general meeting of the shareholders held on Feb. 24 1930
the shareholders authorized the subdivision of each existing share of capital
stock without par value into two shares without par value, widen subdivision has been duly confirmed by supplementary letters patent.
Share certificates and share warrants for the subdivided shares will be
issued on the above basis upon deposit for cancellation and exchange therefor
of the existing share certificates or share warrants as the case may be
representing the old shares of the company, only at the office of the transfer
agent, Union Trust Co. Ltd., 105 Victoria St., Toronto, Ontario. Share
'
warrants so surrendered must have Coupon No. 14 and all subsequent
coupons attached.
Shareholders are requested to deposit their share certificates or share
warrants as the rase may be for the old shares as soon as possible after
April 1, and not rater than April 15, 1930.
2397
The transfer books will be closed from the close of business on April 14
1930 to the close of business on April 30 1930, except for the purpose of
recording the exchange of subdivided shares for old shares so surrendered
for cancellation.
Delivery of share certificates and share warrants for the new shares
-See also V. 130. p. 1463.
will be made as soon as possible after May I.
Burns Bros.
-Earnings.
9 Mos.End.
Years Ended Dec. 31
Dec. 31 '26.
1927.
1928.
1929.
$50,115,635 $27,701,922 $27,754,370 $23.491.265
Net sales
Cost of sales (Mel. oPa.
exp. and depreciation) 46,438.052 24.359,650 24,655.288 21,246,093
Gen, exp.,incl. allow, for
2,339,375
2,220,502
doubtful acc'ts & taxes 3,140,952
1,442,897
95,000
165,000
60,000
145.000
Federal income taxes_
$956,771
$764,707
$742,275
$391,634
Net profits
273,004
229,470
188,149
704,791
Other income
$930,424
$1,096,423 $1,186,241 $1,037,711
Total income
4,247.394
3,914,366
Bal. beginning of year
4.455.387
5.710.987
Reduc. of prior pref. tsk.
430,418
thr. purch, for retir't_
Profit on sale of investx1,574,868
ments (net)
146,286
Our, of subs. at acquis„.
$6,953,697 $6,675475 $5.715.524 $5.385,811
Total
Deduct Dividends,
(7%)180,000 (7)180,600 (7)180,600(5X)128,100
Preferred
(7%)
180,
000
(7%)50,155 (Si)38,662
Prior preference
924.814
729,897
783,888
823,149
Common class A
Rate
($8.00)
($8.00)
146, 2
146,010
Common class B
($1.50)
Rate
($1.50)
95,725
344.669
Charges not appl. to op_
154,910
Settlement of litigation_
$5,950,548 $5,710,987 $3,914,366 $4.247.395
Surplus
97,365
97,365
100,000
100,000
Ohs. class A stk. outst'g..
97 387
97,367
100,000
Shs. class B stk. outsVg.
100,000
sit.88
68.14
Earn,per sh.on A stock_
$9.11
$1.11
Earn. per sh.on B stock_
$0.45
$0.14
$0.80
$650,000 estimated Federal and State taxes thereon.
a After deducting
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
-Assets
$
7% cum. pref. stk. 2,580,000 2,580,000
Real estate, bldgs.,
equip., &c
88,614.506 7,027,975 Class A corn. stk.:10,000,000 10,000,000
529,247 Class B corn. stk -y4,000,000 4,000.000
Cash
980,822
Customers' accts.
Accounts payable.. 7,167,299 2,991.918
Tee., less res've_13,093,968 6,499,900 Notes&accpt. pay. 6,343,253
573.827
Sundry accts. rec_
301,295 Purch.money oblig 2.754,978
339,441
92,635
205,430 Min. int. in subs.Notes & accpt. rec. 328,391
69,296
Inventories
160,643
6,413,802 5,383,164 Accruals
815,000
180,226
Insurance fund__ - 262,860
108,878 Res. for Inc. taxes_
Miscell. securities,
241,500
Mtge.on real est_ - 267,100
mtges., &c
45,954
29,258 Res, for insur. &
216,038
288,434
267,818
Deferred charges._
mLscell
345,753
Goodwill. contr'ts,
Surplus
5,950,548 5,710,987
9.359,616 6,865,803
&c
Total
39,765,114 27,198,589
39.765.114 27,198,569
Total
x Represented by 100,000 shares of no par value. 3 Represented by
,
100,000 shares of no par value. z After depreciation of $2,870,701.V. 130, p. 1464. •
Broad Street Investing Co., Inc.
-Balance Sheet.
Price, Waterhouse & Co. in their statement to the company state:
In accordance with your request, we have examined the books and
accounts of The Broad Street Investing Co., Inc. as at Jan. 1 1930: we
have also examined the books and accounts of the First Investment Fund
and the Second Investment Fund of Security Management Co. as at Dec.
31 1929, and have prepared the attached statement of investments and
pro forma balance sheet of Broad Street Investing Co. Inc. as at Jan. 1
1930 giving effect at that date to the following:
(I) Acquisition of the assets and assumption of the liabilities of the First
Investment Fund and of the Second Investment Fund of Security Management Co. in consideration for the issuance of capital stock of the Broad
Street Investing Co. Inc. in exchange for certificates of the funds as follows
and by delivery of such certificates to the trustees in exchange for securities
and cash: 23.788 shares of the Broad Street Investing Co. Inc. in exchange
for 11.889 units comprising class A and B shares of the First Investment
Fund of Security Management Co., and 62,856 shares of the Broad Street
Investing Co. Inc. in exchange for 15,714 units comprising class A and B
shares of the Second Investment Fund of Security Management Co., and
3.073 shares of the Board Street Investing Co. Inc. in exchange for 3,963
class B shares of the First Investment Fund and 3,928 class B shares of
the Second Investment Fund of Security Management Co.
(2) Redemption by the trustees for cash aggregating $15,702.60 of 100
units and 33 class 11 shares of the First Investment Fund and 80 units
and 20 class B shares of Second Investment Fund.
(3) The reduction of both cash and the reserve for contingent taxes by
$22,067, the amount withheld by the trustees in respect of the First and
Second Investment Fund certificates redeemed subsequent to August
1929.at which date the reserve for contingent taxes was originally provided.
(4) The payment by the trustees in cash of $164,714 representing distributions on class A and B shares of both funds, declared to holders of
record Dec. 31 1929.
(5) The allocation of $5 per share to capital stock and the allocation of
the excess of $2,124,758 received over $5 per share to paid-in surplus,
in accordance with resolutions of the board of directors on Dec. 23 1929.
(6) The payment in cash of estimated organization expenses aggregating
$17,000 and the deduction thereof from paid-in surplus.
Pro Forma Balance Sheet Jan. 1 1930.
[Giving effect as at that date to the acquisition of assets, &c. as enumerated
above.]
Assets
Liabitdies
Bonds
$540,678 Common stock
x$448.585
Preferred stock
151,822 Paid in surplus
2,107.759
Common stocks
1,380,050 Compensation pay. to Securfty
Divs. & accrued int. rec
21,522
Management Co
6.912
Cash & call loans
603,836 Dividend unclaimed
125
Reserve for contingent taxes134,378
Total
$2,697,709
Total
$6.097,709
a Represented by 89,707 no par shares.
Investments January 1 1930.
Bonds.
Face
Fare
Value. IndustrialsValue.
Utilities (Concluded)
350,000 Amer. I. G. Chem. Corp. gtd. 26,000 Interborough Rapid Tr. Co. see.
cony. deb. 5348.
cony. 7% notes.
50,000 Amer. Intl Corp. gd. deb. 514s. 38,000 Interborough Rapid Transit Co.
55,000 Remington Rand, Inc. Income
1st & ref. gold 58. stamped.
deb. series A 5158 w•w•
25,000 Interl Tel. & Tel. Corp. cony.
.
Railroadsdeb. 414s.
50,000 Allegheny Corp. 58, 1949.
60,000 Manhattan By. Co. cons. 4s.
30,000 Chicago, Terre Haute & Southeastern Ry.
.
ForeignUtilities25,000 Kreuger & 'roll Co. see. 5. L
100,000 Amer. Tel. & Tel. Co. cony. deb.
deb. 5s, 1950 w.w.
410.
Preferred Stocks.
No.
No.
of Shares. Railroads
of Shares. Uttlifies (Coneluded)200 St. Louls-San Francisco Ry.8.
300 United Light & Power Co. $0
Utilities
1st pfd.
200 Alabama Power Co. $7.
80 So. Jersey Gas, Elec. & Traction
Industrials
Co. c-d 8.
800 Sheri Union 011 Corp. 514%
20 Bo. Jersey Gas, Elec. & Traction
cum. cony.
Co. 8.
FINANCIAL CHRONICLE
2398
Common Stooks.
No.
No.
of Shares. Industrials (Concluded)
Shares.
800 General Electric Co. (old).
560 Canadian Pacific.
735 Gillette Safety Razor Co.
York Central.
800 New
200 Gulf Oil Corp. of Penn.
800 (Ms.) New York Central
200 nimble Oil & Ref. Co.
300 Pennsylvania RR.
900 Inter'l Nickel Co. of Can., Ltd.
RR.
300 (Eta.) Pennsylvania
600 Krouger & Toll Co., Am. Certfs.
rlitiutiesa4
400 St. Joseph Lead Co.
102 American Gas & Electric Co.
100 Standard Brands, Inc.
200 Amer. Superpower Corp. (new).
600 Standard Oil Co.(N. J.).
500 Columbia Gas & Electric Co.
1.300 Texas-Pacific Land Tr. Certif.
Gas Co. of N. Y.
• 660 Consol.
for sub-shares.
875.945 Electric Bond & Share Co.
1,884 Union Carbide & Carbon Corp.
700 Northern States Power Co."A".
200 United States Steel Corp.
1,000 Public Service Corp. of N. J.
500 Vacuum Oil Co.
Fore1gnIndustrials180 Banque Genie Beige (Antwerp).
100 Aluminum Co. of America.
100 American Metals Co., Ltd.
Total mkt. value of invest's_$2,076,856
100 American Smelting & Ref. Co.
100 Amer. Tobacco Co. Class "B". Total cost of investments__ 2,072,551
400 Columbia Graph. Co., Ltd.
4,305
Excess of mkt. val. over cost$
American Shares.
-V.130. p. 2033.
-Merger.
Bush Service Corp.
The merger of the First Federal Foreign Banking Corp. with-Bush
Service Corp., effective April 1, was announced on March 30 by tho latter
company.
"The basic idea behind the establishment of Bush Service Corp. was that
it should provide the most complete unified through service to meet every
requirement and every necessity of producing and merchandising interests
In connection with their foreign trade. To further this original idea, the
management of Bush Service decided to combine with its other various
comprehensive services those afforded by a bank specifically created by law
to assist in every conceivable manner the business of foreign trade.
"Thus, it was announced recently that Bush Service Corp. made an offer
to shareholders of the First Federal Foreign Banking Corp. with a view
to inaking it and Bush Service stronger instruments for use by American
manufacturers and American exporters and importers. We are glad to be
able to announce that by substantial majority the shareholders accepted
our offer, and that from April 1 on, the First Federal Foreign Banking
Corp.joins forces with Bush Service Corp. to facilitate foster and,if possible
-V. 130, p. 1834
to extend, foreign trade."
-Omits Dividend.
California Cotton Mills Co.
The directors have omitted the quarterly dividend of $1 a share, due to
be paid April 15. The current condition of cotton industry was given as
-V. 128, p. 3517.
reason for omitting this disbursement.
--Earnings.
California Petroleum Corp.(& Subs.).
Calendar Years
-will
Gross operating earnings
Operating St general expenses
Taxes
Intangible development costs
Depletion Ss lease amortization
Deprec.,retirements & other amortization
832,535,415
13,802.141
x1.269,342
4.460,856
1,395,422
4,374.405
'
Net operating income
Non-operating income (net)
Itsilsiti•K
Total income
Interest on funded & long-term debt
Other interest
Profit for period
Profit applicable to minority interests
Net profit accrued to corporation
Deficit, Dec. 31
Adjustment of previous deficit
Dividends paid
`.
I
pi
831,063.680
13.948,271
855,371
4,353,165
1,771,441
7,115.480
57.233,248
87,507
$3,049.951
Dr175,385
$7,320,755
1.037,170
562,984
$2.874,565
1,129,818
212,369
S5,720,601
1,8€17
81,532.378
116,542
$1,648,920
$5.718.734
4,770,177 Sur.19,767,478
Dr145.374 Dr24,125,608
fat
2,060,966
$803.183 De/44,770,177
Surplus, Dec. 31 1929
Earns, per shr. on 2.060,966 slate. corn, stk.
$2.77P3i
$0.80
(par $25)
a In addition to the amount of taxes shown above there was paid (or
accrued) for state gasoline taxes the sum of $2.370.900.
Consolidated Balance Sheet, Dec. 31.
1929.
1928.
1928.
1929.
$
$
Liabilities$
$
duets$250,000
1,661,799 1,836,682 Notes payable_
Cash
202,715 Accts. payable___111,216,255 9,567,016
479,342
Note; receivable
Accts. receivable-. 2,349,102 3,122,764 Accrued liabilities_ 1,683,512 1,821,606
515,242
16,969,957 12,137,141 Div. payable
Inventories
4,555 Funded & long4,261
Other cur. assets...
long debt
19,258,376 21.207,555
Permanent Invest. 4,100.149 4,039,535
113,941
245,903
318.000 Deferred credits
702,000
Bond sink. fund
Cap. & Surplus of
ssirilicp
Properties. plant & *
293,425
minority int
22,109
equipment_ - - _160,675,761 55,891,630
Com, cap. stock 51,524.150 51,524.150
Prepaid & deterred
803,183 Dr4770,177
2,679,154 3.101.707 Surplus
charges
[VOL. 130.
-Earnings.
Canadian Investors Corp., Ltd.
Earnings for Yeard Ended Jan. 3181930.
Interest & dividends from investments
Interest on loans & bank balances
• kw w.
* ,6
*** *." :i .4 :111 A...................
Total income
Rent,salaries, office &general expenses
Registrars'& auditors fees
United States income tax
Provision for Dominion income tax
$58,696
75,737
$134,433
4,089
2.644
2.784
5,412
$119,504
Net revenue for period
$1.19
Earns, per share on 100.000 shares capital stock (no par)
Sheet Jan, 31 1930.
Balance
Assets
3488,670 Reserve for Dominion inc. tax,
Cash and call loans
$6,470
& auditors' & regLstrar's fees
Accrued interest on investx2,000,000
5,358 Capital stock
ments and loans
500,000
Capital surplus
Investments in stocks and
119,503
2,131,945 Revenue account
bonds
Total
$2,625,974
Total
-V. 130. p. 2213.
x Represented by 100,000 no par shares.
$2,625,974
-Defers Pref. Dividend.
Canadian Locomotive Co., Ltd.
The directors have decided to pass the quarterly dividend, which is due
April 1, on the 7% preferred stock. The company has paid dividends
regularly on the preferred stock since 1911 when the company was formed.
The company has 15,000 shares of 7% cumul. pref. stock of 8100 par
value and 20,000 shares of $100 par value common, authorized and out-V. 128, p. 3192.
standing.
-Reports.
Capital Administration Co., Ltd.
The company, in accordance with a new policy of publishing quarterly'
statements of its condition so that the stockholders may be kept fully informed with regard to its progress, has issued a report as of March 31 1930
for the three months period ended on that date. The report discloses that
net assets, taking investments at market value and before deducting outstanding debentures, are $13,260,244, as compared with $11,509,806 at
the close of business Dec. 31 1929, an increase of $1,750,439 or 15.21%.
After deducting outstanding debentures and preferred shares at their par
value, the net assets of each class A share amount to $31.68 per share, as
compared with $23.13 per share on Dec. 31 1929, or an increase of $8.55
per share In the liquidating value.
At the close of this period the company had cash, call loans and short
time loans in the amount of 32808,929. or 21.18% of the net assets taken
at their market value, after giving effect to payment for securities purchased but not yet received; and common stocks with a market value of
$8,620,495, or 65.01% of the net assets at their market value. The detailed
statement follows:
Mar.31 '30. Dec. 31 '30. Increase,
$13,260,244 311,509,805 31,750,438
xNet assets
2,302
350
2,652
Net assets per $1,000 debenture
Net assets per share of pref.stock ($50
108.50
29.17
137.67
Par) after deducting debentures
Net assets per share of class A stock
(after deducting debentures and
pref. stock, but without giving effect to possibld exercise of outstand23.13
31.68
ing deb, warrants for 13.700 sitsx Taking investments at market value and before deducting outstanding
-V. 130, p. 2034.
debentures.
-Loan of $12,000,000.-77 111
Carew Tower, Cincinnati.
A real estate mortgage loan for $12,000,000, whose favorable rate Is
regarded as marking a definite turn for the better in the mortgage money
situation has been made by the construction firm of Starrett Brothers, Inc.,
of New York and Chicago.
-story Carew Tower now being erected
The mortgage which covers the 46
In Cincinnati by the Starrett interests, is being taken by the Northwest
Mutual Life Insurance Co. of Milwaukee, bears the relatively low rate of
% interest and runs for 20 years.
In announcing the transaction, A. B. Walsh, Vice-President of the
Starrett organization, said that the loan marks the first break in the high
Interest rates which have prevailed for over a year in the building industry
and indicates that capital is again becoming available on reasonable terms
for solid building operations.
-An issue of
-Notes Offered.
Caterpillar Tractor Co.
-year 5% convertible gold notes is being offered
$10,000,000 5
by a banking group comprising Peirce, Fair & Co., Stone &
Webster and Blodget, Inc., Harris, Forbes & Co., Chase
Securities Corp. and Bankers Co. of New York. Notes are
offered at 983 and int., to yield about 5.35%.
Dated April 1%1930; due April 1 1935. Principal and int. (A. Zs 0.)
payable at Bank of California. National Association, San Francisco,
trustee, or at Chase National Bank, New York, or at Harris Trusti& Savings Bank. Chicago, paying agents, without deduction for normal Federal
Income tax, not exceeding 2%. Denom. $1,000 c*. Red. all or part at
any time on 45 days' notice at 102;i and int, on or before April 1 1931;
thereafter at 102 and int, to and incl. April 11932; thereafter at 10136 and
int. to:and incl. April 11933: thereafter at 101 and int. to and incl. AprIl 1
1934; and thereafter at 100 and int. Company agrees to reimburse holders
and timely application for payment of Calif. personal property
Total
89,621,526 80,654,720 uponfproper
89,621,526 80,654,720
Total
taxes not exceeding 2 mills per dollar of par value, for payment of Penn,
- personal property taxes not exceeding 4 mills per dollar of par value and for
After reserves for depreciation, depletion and amortization of $50.
payment of Mass, taxes based on, or measured by income. or, as to savings
437.637.-V. 128, P. 3830.
banks and savings departments, measured by deposits invested in bonds,
note is
-Stockholders Asked to up to 6% of interest, which the holder of any in the required to pay by
Canada Steamship Lines, Ltd.
trust Indenture.
reason of his ownership thereof, all as providea
Guarantee Mortgages and Bonds of Subsidiary Cos.
-Notes will be convertible into common at any time during
Convertible.
special general meeting of the shareholders will be held on April 28 their life, or if called for redemption, up to 10 days prior to the date of
f' A
for the purpose of considering and, if deemed advisable, sanctioning, such redemption, with adjustment for accrued int. and diva., on the basis
ratifying and confirming, with or without amendment. By-laws "J" and of par for notes and following prices for the stock: $85 per share,if converted
on or before April 1 1931: 95 per share, if converted after April 1 1931
'1K" enacted by the board of directors, to wit:
share, if converted after April 1
-To authorize the directors to guarantee money to be bor- and on or before April 1 1932; $105 per$115 per share, if
By-Low "J".
converted after
bonds to be issued by Manoir Richelieu Co.. Ltd. 1932 and on or before April 11933; and
rowed and/or $2,000,000
on or before April 11935.
April 1 1933 and
-To authorize the board to guaranteej31,500.000 bonds
-Law "K".
By
Force, President of the Company.
-V. 128, p. 2997.
Data from Letterjof R. C.
to be issued by Kingston Elevator Co., Ltd.
.-A California corporation organized In 1925 for the rourpose of
Fr History
-Smaller Dividend.Canadian Brewing Corp. Ltd.
acquiring all of the assets of the C. L. Best Tractor Co. and the Holt
The directors have declared a quarterly dividend of 25 cents per share on Manufacturing Co. 0. L. Best Tractor Co.. organized in 1910. had been
previously engaged in the production of Bast "Tracklayer" tractors.
the capital stock, payable April 15 to holders of record March 31. From
Jan. 16 1928 to Jan. 15 1930. incl., quarterly disbursements of 50 cents per Holt8Manufacturing Co., established in 1883, had been engaged both in
-V. 128. P. 3689.
made.
the*manufacture of Holt "Caterpillar" tractors anti farm implements
share were
generally. "Caterpillar" Tractors are employed for road building and road
- maintenance, for logging, hauling, excavating, grassing, snow removal and
Canadian International Investmentt Trust, Ltd.
kindred uses, and for agriculture and in general, wherever a large mobile
Earnings for Year Ended Feb. 28 1930.
Company manufactures 5 tractors
$122.601 traction power plant is required. big Sixty."
Triterest earned
ranging from the baby "Ten' to the
79,849
Dividends received (cash)
In the fall of 1928'company consolidated with its own operations those of
former subsidiary, which manufactured and
8202,451 the Western Harvester Co., a Harvester-Thresher
Gross income
Combine. The output
16,875 sold the well known "Holt"
increasing.
General expense
56,620 of 'Holt" Combines has been steadily
Interest paid, &c
In December 1928, company acquired, through merger, the principal
Grader Manufacturing Co., which had
$128,955 assets and businessiof the Russellyears in the
Net income
manufacture of high-grade
100,000 specialized over a long period of
Preferred dividends
"
road machinery., Caterpillar's ownership of the Russell road macninery
increase in the production and sale of
828,955 business has not only resulted in an
Surplus subject to income tax
Its road machinery, but has also served to stimulate sales of tractors which
supply tne necessary tractive power therefor.
Balance Sheet Feb. 28 1930.
The company operates 4 plants: At Peoria, Ill., for the production of
Liabilities
Assets
$54,713 tractors, tractor equipment and parts,harvesters and parts and a foundry
1882,491 Accounts payable
Cash & call loam
41,369 for thoproducaon of castings; at San Leandro. Calif., for theimanufacture
1.597 Bond Interest accrued
receivable
Accounts
2,000,000 of tractors, tractor equipment and parts; at Minneapolis, Minn.. for the
31,849 Bonds
Aecr'd Int. on bonds held
2,000,000 manufacture exclusively of road machinery, equipment and parts; and at
x4,509.807 Preferred stock
Investments at cost
1,200,120 Stockton, Calif.. a foundry for theoroduction of castings for the San
Common stock
119,414
Deferred charges
b128.955 Leandro plant.
Profit & loss
-Net sales, and net earnings after all charges, including depreEarnings.
$5.325,158 ciation, but before interest charges and Federal income tax, since date of
Total
$5,325,158
Total
organization, were as follows:Rana
zz After reserves of $123.578.-V. 129. p. 2862.
I
APRIL 5 1930.]
2399
FINANCIAL CHRONICLE
Net Eanrs.
Net Sales.
Net Earns.I
Net Sales.
$20,699,103 $5,021,758
1929
$51,812,462 $13,405,022 1926
9,503.919 1925 (last8
1928
35,071.601
3,607.727
months)* 13,785.247
6.944,459
26,928.089
1927
* Company opened its books as of May 1 1925.
Net earnings as shown above for the year 1929 were at the rate of more
than 26 times the interest charges on these notes. Such net earnings for
the last 4 calendar years averaged $8,718,790 per year, or at the rate of
more than 17 times such interest charges.
-Total assets as of Dec. 31 1929, giving effect to this
Assets and Equity.
financing, and after deducting all liabilities other than this issue of notes,
were in excess of $52,900,000. Similarly net current asseZs as of Dec. 31
1929, were in excess of $31600,000.
The value of the equity junior to these notes based upon the aggregate
market value of the outstanding common stock at current quotations is in
excess of $135,000,000.
Purpose.
-Proceeds will be used to retire current bank indebtedness
aggregating approximately $9.000,000 and resulting in large part from
additions to plant in 1929, and for other corporate purposes.
Authorized.
0utstanding.
Capitalization5
-year 5% cony, gold notes
$10,000,000
$10,000,000
Capital stock (no par)
x2.500,000 sits. yl,882,240 shs.
x 117,647 shares reserved to provide for conversion of these notes.
y Stated value $9,411,200.-V. 130, p. 2034.
Chain Store Fund, Inc.
-Acquisition.
The corporation, through its President, Paul D. Childs, announces the
acquisition of a substantial interest in G. Tamblyn, Ltd. of Toronto, a
.
large and successful drug chain in Canada, which was formed 25 years ago
and at present is operating 45 stores -V 129. p. 2078.
Chain Store Investment Corp.
-Earnings.
Years Ended Dec.31Income from dividends and interest
Gains from sales of securities
1929.
$40,390
1928.
$46,813
183,628
Total income
Loss on sale of securities
Interest and miscellaneous expense
Taxes
$40.390
17,816
26,705
13,732
$230,441
Net loss
Previous surplus
Miscellaneous credits
$17,864 Surp$196.279
134,377
3,098
29.940
Total surplus
$146.453
Preferred dividends
32,500
Reserve for preferred dividends one year in advance
1,423
32.740
$199.377
32.500
32.500
Balance,surplus
5113.953
$134,377
Balance Sheet Dec. 31.
Ands1929.
1929.
1928.
Liabilities1928.
Cash
$26,136
$12,561 Preferred stock-- 8500,000 $500,000
Investments
1,285,213 1,157,257 Common stock_ _ _ 500,000
500,000
Acc'ts receivable_ 25,906 Accounts payable_ 165,348
568
115
Unclaimed diva__
Res. for taxes_
28,808
Reserve for diva__
32,500
32,540
113,953
Surplus
134,377
Total
$1,311,917 $1,195,726 Total
$1,311,917 $1.195,726
List of Securities Owned Dec. 31 1929.
1,500 Badger Paint & Hardware Stores 1,000 Metrop. 5c to 50c Stores. Inc., pfd.
2,000 Chain & Gen Equities, com.
'
.
100 G. C. Murphy, common
500 Crown Drug Stores, Inc., units
2,624 National Shirt Shops, Inc., corn.
350 Diamond Shoe Co.. common
725 Neisner Bros., preferred
500 Edison Bros. Stores, Inc., corn.
1,025 J. J. Newberry, common
200 Edison Bros. Stores, Inc., pref.
2,400 Peoples Drug Stores, Inc., corn.
1,365 F. & W. Grand Stores, Inc., corn. 100 Safeway Stores, Inc., wart., 2nd
120 Greet Atlantic & Pacific Tea Co., 300 Clarence Saunders, common
common non-voting
75 Clarence Saunders, 8% preferred
2,000 Mengel Stores, Inc., common
1,200 A. G. Spalding & Bros., common
4,594 49-100 McLellan Stores corn. A
2,781 Traveler Shoe Co., common
1,100 Melville Shoo Co.. common
500 Walgreen Company, common
-V.128, p. 3831.
Chapman Valve Mfg. Co.
-$1 Extra Dividend.-
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of $2 per share on the common stock,
both payable April 3 to holders of record March 26. Like amounts were
Paid on this issue on Jan. 2 last. Total payments for the year 1929 of $9
per share compare with $8 per share in cash and 662-3% in stock in 1928.
-V.129, p. 4143.
-Listing.
Commercial Solvents Corp.
The New York Stock Exchange has authorized the listing of 48,697
additional shares common stock (no par value) on official notice of issuanceas a stock dividend, making the total amount applied for 2,483,560 shares.
As the consideration for the issue of the shares required to pay the stock
dividend there has been capitalized out of the surplus or net profits, the sum
of $2.2882 per share for each share issued in payment of the dividend being.
the full book value,exclusive of earned surplus, of the outstanding shares.
-V. 130, P. 1282, 1121.
(The) Congregation of the Immaculate Heart and'
-An
-Notes Offered.
Marywood College, Scranton, Pa.
issue of $300,000 direct obligation 5% serial notes is being
offered at par and int. by Stix & Co., St. Louis.
Dated Jan. 2 1930; due serially Jan. 1 1932 through 1940. Denoms.
$1.000 and $500 ctfs. Prin. and int. (J. & J.), payable at the St. Louis
part
Union Trust Co., St. Louis, Mo. Callable as a whole or in any Bank on
in
any int. date on 30 days notice at 101 and int. First National
Dallas, Tex., and Jerre B. Moberly, trustees.
This issue. in the opinion of counsel, is a direct obligation of The Congregation of the Immaculate Heart, a corporation, and Marywood College.
faith
a corporation. These obligors jointly and severally pledge their full these
and credit for the prompt payment of the principal and interest of
notes as they mature.
The Congregation of the Immaculate Heart, located at Marywood
College, is the corporate title for the Mother House of the Scranton FounThis
dation of the Sisters, Servants of the Immaculate Heart of Mary. 1845
in
order of the Roman Catholic Church was founded in Michigan for girls
educational institutions
for the primary purpose of conducting
and young women. The Sisters conduct schools in the archdiocese of
Altoona.
Baltimore, New York, and Oregon City, and in the dioceses of Syracuse
Boise, Brooklyn, Harrisburg, Pittsburgh, Providence, Raleigh.
and Scranton.
valuable
Marywood College. located on Mount St. Mary,one of the most
of being the.
residential sections of Scranton, Pa., enjoys the distinction is conducted
founded in the State. It
first Catholic college for women
by the Sisters. Servants of the Immaculate Heart of Mary, under the auspices of the Right Reverent Thomas C. O'Reilly, D.D.,Bishop of Scranton.
A full college course is offered and under the charter granted by the State
of Pennsylvania, it is empowered to confer the degrees of Bachelor of Arts.
Bachelor of Music, Bachelor of Science in Home Economics, Bachelor of
Science in Education, and Master of Arts. The college property, consisting
of approximately 48 acres of land and 6 modern buildings, has a conservative
valuation of $2.942.000 against which there is an indebtedness of $890.000.
including this issue.
This loan is unconditionally guaranteed as to prompt paymert of prin.
and int. by the endorsement of Right Reverend Thomas C. O'Reilly,D.D..
Bishop of the Diocese of Scranton, Pa.
-Gets Order
Consolidated Aircraft Corp. of Buffalo.
from Army.
contract for 15 Fleet
The U. S. Army has awarded the corporation a
according
light training planes, including spare engines and spare parts,
to an announcement by President R. H. Fleet.
awarded
"This order from the Army which follows closely the contract
significant
the corporation by the Navy for the same type of planes is very
changhDig from
inasmuch as it indicates that the Government air forces are
power as
the high horse power training machines to ones of low horsep. 2214.
-V. 130,
represented by the Fleet machines," stated Mr. Fleet.
-Unrealized Profits Increased.
Continental Shares Inc.
as of
Unrealized profits, it is announced, were in excess of $25,000,000 the
above
March 31. representing an appreciation of approximately 20%
cost of securities. On Dec. 31 1929 unrealized profits were $8,276,022,
so that the appreciation during the first quarter has accordingly been in
excess of $17,000,000.
largely of
The company's portfolio at the end of 1929 was composed -V. 130.
Public utility, steel, bank, rubber and paint company stocks.
P. 1266.
-Defers Preferred Dividend.
Contoocook Mills Corp.
The company has deferred the quarterly dividend on the preferred
stock which is due April 1. The last quarterly payment was $1.75 Per
share made on Jan. 2.-V. 128, p. 1235.
-Stock Offered.
Corporation Securities Co. of Chicago.
-Utility Securities Corp., E. H. Rollins & Sons, A.B.Leach
& Co., Inc., A. C. Allyn & Co., Inc., Hill, Joiner & Co.,Ina.,
Insull Son & Co., Inc., Europe and Canada, Emery, Peck
& Rockwood Co. and Russell, Brewster & Co., are offering
at $27.50 per share 1,250,000 shares common stock (no par).
These shares are listed on the Chicago Stock Exchange. Dividends
free from normal Federal income tax. Exempt from personal property tax
Chatham-Phenix Allied Corp.
In Illinois. Transfer Agent Northern Trust Co., Chicago, Ill. Registrar.
-Liquidating Value.The corporation reports as of March 31 1930, a liquidating value of Central Trust Co. of Illinois. ChicagoIll.
Chicago, March 21.
of$26.49 a share,an increase of51.49 a share over the offering price.
-V.130. Data from Letter of Samuel Insull, Chairman,
13usiness.-Corporation was organized in Illinois Oct. 5 1929, with broad
P• 1657.
kinds for
charter powers allowing it to purchase and hold securities of all capacities
City Ice & Fuel Co.
-Proposed Acquisition.investment, to deal in such securities and to act as agent in various
The stockholders on April 3 approved the proposal to acquire the Seaboard for individuals and corporations.
Terminal & Warehouse Co. of Jersey City. The City ice company will
The corporation's investments have so far been confined to the Purchase
give Seaboard stockholders one share of 6%% Preferred for each share of of substantial blocks of stock in the following companies: Middle West
Edison Co.,
Seaboard 8% preserred and
share of City Ice preferred for each share Utilities Co., Insull Utility Investments, Inc., Commonwealth & Coke Co.
of Seaboard common stock.
l'ublic Service Co. of Northern Ill., and Peoples Gas Light
Exchanges or
The Seaboard company began operations in 1927 and has a long term These stocks are listed on the Chicago or New York Stock
contract with the Erie RR. for its terminal ice requirements and a further are traded on the New York Curb. The value of the securities and other
contract for handling freight in and out of its warehouses. The Erie uses assets owned by the corporation, based upon market prices as of the date
the first four floors of the Seaboard plant for freight purposes. The Sea- of this letter, and after giving effect to the present offering of 1,250,000
0
board plant has a storage capacity of 5,000,000 cu. ft. and operates a 500- additional shares of common stock, is in excess of $115,000,00 . funds
ton ice plant.
Purpose.
-The proceeds of this financing will furnish sufficient
-V. 130, p. 1465.
portion of
to pay off all current indebtedness incurred in the purchase of a substantial
Columbia Pictures Corp.
-May Inaugurate Dividend its present portfolio and to provide the corporation with a
cash sum.
on Common Shares-Earnings Estimated.Outstanding.
Authorized.
Au
On the basis of earnings of $479,129 for the first half of the fiscal year
None
1,000,000 shs.
erred stock
and with current earnings running in excess of the earlier quarters, the Prior preferred stock (no par)
x749,531 she.
she.
(no par)
corporation' estimates net profits for the year ended June 30 1930 will Preferred stock(no par)
.
0, 8p shs
0
0,5310 hshs. x4,0089 stock
9 0,0 s ares of c0mm0
0
approximate $1,000,000, equivalent to $40 per share on the preference Common stock
x 749.531 shares of preferred stock and 749,531
stock and $9.25 per share on the common stock. This compares with net
profits of $551,823 or $22.07 per share on the preferred stock and $4.77 are outstanding in units of 1 share each, represented by allotment certificates exchangeable for stock certificates on Nov. 1 1931, or earlier at the
per share on the common for the preceding year.
"In view of the greatly increased earnings, early action by the directors option of the corporation, and listed on Chicago Stock EXchtlage•
to place the common stock on a substantial dividend basis seems probable,"
Y 500.000 shares have been reserved to satisfy an option to Purchase
common stock at $25 per share and sufficient shares are reserved to provide
the statement reveals.
The production schedule for the present fiscal year consists of three super- for the conversion of the preferred stock and the payment of preferred stock
common stock.
feature pictures, eight special feature pictures, and 15 feature pictures, dividend No. 2 and common stock dividend No. 1 in incorporation provides
Prior Preferred and Preferred Stocks.
-Certificate of
all 100% talking, and 104 short subjects.
-V. 129. P. 3330.
that the prior preferred stock may be issued in series bearing such dividend
rates and redemption prices, conversion privileges. &c., as may be designated
Columbian Carbon Co.
-Extra Dividend.laws of the
The directors have declared the regular quarterly dividend of $1.25 a at the time of issuance for each respective series, subject to the $3 optional
share and the usual extra dividend of 25c. a share, both payable May 1 to State of Illinois. Preferred stock, now outstanding, designated
dividends at the rate of
holders of voting trust certificates of record April 15. Like amounts were preferred stock, 1929 series," bears cumulative
1-40th of a share of common stock quarterly, or at the option of the limder.
paid on Feb. 1 last.
callable.
In each of the four quarters of 1929, the company paid a regular of $1 a cash at the rate of 75 cents per share quarterly. Preferred stock is 1 1934.
at any time at $55 per share and is convertible on or before Nov.
share and an extra of 23c. a share -V. 129, p. 3330.
Into common stock on the basis of 1 share of preferred stock for 134 shares of
convertible
Commercial Discount Co., Los Angeles.
-Initial Divs. common stock as then constituted, and after Nov. 1 1934, isstock to be
The directors have declared an initial quarterly dividend of 20 cents a into common stock as then constituted share for share. Allstock of the
presently outstanding has equal voting rights. No class of
share on the 8% preferred stock, and one of 17 cents on the 7% preferred
or to
stock, both payable April 1010 holders of record April 1.-V. 129, p. 3640. corporation will be entitled to any pre-emptive rights to subscribe for
purchase any new or additional shares of stock of any class
Earnings.
-The following is a statement of estimated net earnings for
Commercial Investment Trust Corp.
-Listing.securities
The New York Stock Exchange has authorized the listing of (1) 400,000 the calendar year 1930. based upon the present income from the proceeds
shares (no par value) convertible preference stock, optional series of 1929; now owned and 5% interest upon the unexpended balance of the
financing:
(2) 32,621 additional shares of common stock (no par value) on official of this
notice of issuance as a dividend on the common stock, payable April 1 1930. Net income after deducting all expenses and taxes
731150
20:
making the total amount of convertible preference stock, optional series Cash dividends on pref. stock now outstanding, paid or accrued-1
of 1929 applied for, 400.000 shares, and the total amount of common stock
$4,868,595
Balance available for common stock
applied for 3.510,688 shares. The stated value of $8 per share has been
charged to earned surplus and credited to capital for each share included in
* To the extent that holders of preferred stock elect to take their dividends
this stock dividend and no other reduction of earned surplus or increase In common stock instead of cash the corporation will benefit through
corresponding conservation of its cash resources.
of paid-in surplus has been made.
-V. 130, p. 1282.
2400
FINANCIAL CHRONICLE
[voL. 130.
Idithe above statement of earnings, stock dividends received and to be
European Mtge. & Investment Corp.
-Bonds Called.
received upon holdings of Midlde West Utilities Co. common stock and
Announcement is made that $543,000 1st lien gold farm sinking fund
Instill Utility Investments, Inc., common stock have been taken at current bonds, series
A, 734%, due Nov. 1 1950, have been drawn by lot for
market prices. On the above basis the earnings available for the 4,000,8983
shares of common stock for the average time outstanding during 1930 will redemption on account of the sinking fund and will be paid on May 1 at
100 and int. The bonds will be paid at the offices of Lee, Higginson &
be $1.42 per share.
-V. 127. p. 3404.
Dividends on Common Stock.
-Common stock has been placed on a divi- Co. and J. Henry Schroder Banking Corp.
dend basis through the declaration of an initial stock dividend at the rate
Federal Bake Shops, Inc.
-Earnings.
of 6% or 12-200ths oft share of common stock per annum on each share of
2 Months Ended Feb. 28 19301930.
common stock to be outstanding, payable in common stock. Dividend
1929.
$44.317
No. 1 is payable as of June 20 1930, to holders of record June 2 1930, in Net profit after charges and taxes
$27,982
the amount of 134%,or 3-200ths of 1 share of common stock for each share -V. 130, p. 1835.
ofcommon stock to be outstanding,including that represented by allotment
certificates.
Federal Theatres Co.
-Acquires Properties of National
Officers.
-Samuel Insull, Chairman; Samuel Insult, Jr., Vice-Chairman;
-Personnel.
H. L. Stuart, Pres.; Martin J. Insull, C. W.Sills, C. B. Stuart, Vice-Pros.; Theatres Corp.
Announcement is made of the organization of this company and the
C. T. MacNeille, Sec. & Treas.; V. Lamont, Asst. Sec. & Asst. Tress, and
election of Frederic Peirce, of Phlladelphia, as President, James E. Coston,
John F. O'Keefe. Asst. Sec.
Directors.
-Samuel Insull, Samuel Instill, Jr., H. L. Stuart, C. W. Sills, Executive Vice-President; Robert 0. Farrell and T. J. Corbett, Vice-Presidents; Paul King, Treasurer, and E. S. Jacobsen, Secretary. All the offi0.B. Stuart, Martin J. Insull, and F. K. Shrader.
Voting Trust.
-The members of the board of directors and the institutions cers except the President are residents of Chicago. The company was
with which they are directly associated ow-n substantial blocks of the cor- recently incorporated in Delaware,and is taking title to all of the fee theatres
poration's preferred and common stocks represented by allotment certifi- and stock ownership of a subsidiary that controls all the leased theatres
cates, and in addition own 2,000,000 shares of the 4,000,89834 shares of of the former National Theatres Corp. of Chicago. The directors of the
common stock to be presently outstanding. These 2,000,000 shares have new company are Messrs. Peirce, Coston and Farrell, and Frederick A.
been placed in a voting trust to continue for a period of 5 years with an McCord of Philadelphia.
An authoritative statement says:
option to renew for an additional 5 years. The voting trustees under this
This chain of eight theatres with approximately 20,000 seats, dominates
trust are Samuel Insull, H. L. Stuart and Samuel Insull, Jr.
the South Side of Chicago, which has a population as large as the City of
Earnings for Period Oct. 5 1929 to Dec. 31 1929.
Detroit. Three of the properties are de luxe houses, with full orchestras
Interest received and accrued
$151,235 and stage shows, and all of the theatres have large screens adapted to the
Clash dividends received and accrued
173,682 showing of the coming wide films and all of them are equipped with sound
Stock dividends received and accrued
279,215 reproduction apparatus.
Profit from sale of investments
30,939
The reorganization of the former National Theatres properties in unique
In financial annals. In June 1928 the Guaranty Trust Co. of New York,
Total income
$635,072 as trustee for the 1st & refunding 634% bonds, put the company into
Operating expenses
4.980 receivership under the jurisdiction of the Federal Court, and sought foreclosure of the mortgage, the earnings having been impaired by improper
Net profits
$630,092 management. A bondholders committee was formed and secured the
Preferred stock dividend
349.999 deposit of 97% of the bonds. A plan of reorganization was finally worked
out and assented to by 100% of the holders of the deposited bonds. During
Earned surplus Dec. 31 1929
$280,093 the receivership the two underlying bond issues were never in default.
Under the reorganization plan, the foreclosure suit has been withdrawn
Balance Sheet Dec. 31 1929.
and the 1st & refunding bonds have been reinstated and will be returned to
AssetsLiabilities
their owners without a charge
Cash,call loans, & time loan_ $9,242,596 Purchase contract obligations$10,961,594 substitution of preferred and or assessment of any kind, and with but the
common stock for four interest coupons on
Notes & accounts receivable_ 2,928,951 Accounts payable
200,425 each bond,
all the expenses of the reorganization,
Investments (book value)--_*51.576,264 Pref, stock div. payable
349,999 receivershipthe new company paying
committee, and all liens having priority to
Preferred stock
x34,999,850 the bonds. and bondholders
y13,500,023
Common stock
On March 26
turned the properties over to the new
Capital surplus
3,455,828 company, whichthe Federal Court them. The common stock will be
Total (each side)
863.747,811 Earned surplus
280,093 owned by nearly is now operating and will be held in a voting trust.
1,400 stockholders
* Market value Dec. 31 1929, $60,502,438. x Represented by 699.997 The gross earnings have shown a substantial increase during the period of
po 2 .
n. m shares. y Represented by 2,700,004 no par shares.
-V. 130, the receivership, and under the new management a material reduction in
Operating expenses is forecast.
-V. 130, p. 1659.
Credit Service, Inc.
-Volume of Loans Higher. Fenton-United Cleaning 8c Dyeing Co., Cincinnati.
This corporation, industrial bankers, operating a chain of small-loan
offices in the East, report the volume of loans outstanding at the close of $1 Extra Common Dividend.
the fiscal year Feb. 28 1930, of $2.217,530. constituting 14,365 individual
The directors have declared an extra dividend of $1 a share on the comloans, as against $1.166,862 at the close of the fiscal year of 1929, or an mon stock, and
the regular quarterly dividends
increase of $1,050,668 for the full year. The increase in individual loans and $1.75 a share on the preferred stocks, all of $1 a share on the common
payable April 15 to holders
for the year, was 5,207.
of record April 10. Like amounts were paid on Jan. 15 last.
-V. 129.
p. 2393.
Curtis Publishing Co., Phila.-Regular Dividends.
The directors have declared the regular monthly dividend of 50c. a
(Harold G.) Ferguson Finance Co., Ltd.
-Financing
.share on the common stock, payable May 2 to holders of record April 20,
Public offering of $2,000,000 of securities of the Harold G. Ferguson
and the regular quarterly dividend of $1.75 on the preferred, payable
July 1 to holders of record June 20. In the previous month the directors Finance Co., Ltd., and $1,000,000 common stock of the Guaranty Trust
Co., both of Los Angeles is expected to make its appearance in the investdeclared an extra cash dividend of 50c. a share.
-V. 130, p. 1122.
ment markets in the near future. Frank C. Mortimer, formerly VicePres, of the Citizens National Trust & Savings Institution of Los Angeles,
Detroit Life Insurance Co.
--New Directors.
This company,a division of the Insurance Securities Co., Inc., announces who resigned to accept the presidency of both institutions, announced
the recent election to its board of directors, of Homer Guck, Publisher of that operations of the organizations will begin in the near future.
The capital structure of the Harold G. Ferguson Finance Co., Ltd.,
the Chicago "Herald and Examiner," and J. W. Wilford, President of the
consists of 200.000 shares ($10 Par) preferred stock and 100,000 shares
Bank of Lansing, Lansing, Mich.
-V. 129, p. 1919.
($10 par) common stock. The offering will be made in the form of $50
Detroit & Security Trust Co.
-Certificates Offered.
- units, each unit consisting of four shares of preferred stock and one share
common stock.
First Detroit Co., Inc., is offering at par and accrued int. ofThe Guaranty Trust Co.'s capital consists of $1,000,000 ($100 par)
$1,000,000 Detroit & Security Trust Co. depositary 1st mtge. common stock, which will be offered at $115 a share.
% certificates of participation, series E2, maturing
Oct. 1 1936.
First Industrial Bankers,Inc.
-No.of Loans Increase.
-
Despite the unsettlement of economic conditions, the percentage of
Dated April 1 1930: due Oct. 1 1936. Prin. and int. payable April 1 delinquent accounts has decreased materially, President Wallace Groves
in inverse numerical states in his report for February. Since July 1929 the number of accounts
and Oct. 1, as and if earned. Subject to redemption
order on any date on two week's notice at par and bit. Denom. $1,000. delinquent in any respect has decreased 25%, the report shows. "From
$500 and $100 c*. Payable at the office of the depositary. Detroit & December 1929 to February 1930 the decrease was over 8%. and out of a
total of 17,860 contracts outstanding en Feb. 28 1930, only 191 were paySecurity Trust Co., Detroit, Mich.
or more overdue," Mr.
Description.
-These certificates of participation are issued by Detroit & ments 60 days month of January, the Groves says. made 1,624 loans, a
During the
Security Trust Co., depositary, and are not the obligation of Detroit & total of 3,186 for the first two monthscorporationThe 17,860 loans outSecurity Trust Co., individually, but represent an interest in 333 first standing on Feb. 28 1930 represented anof 1930. of 185% over February
increase
,
mortgages on improved properties in Wayne, Washtenaw, Oakland and
Macomb Counties appraised by Detroit & Security Trust Co. at more than 1929.-V. 130, p. 1122.
twice the amount of certificates of participation outstanding. The average
Fourth National Investors Corp.
-Quarterly Report.
loan is $3,003 and each mortgage is of a type legal for savings bank investEarnings for 3 Months Ended March 31 1930.
ment.
845.772
-The declaration of safekeeping provides Income: Interest on call loans, etc
Declaration of Safekeeping.
Interest on bonds
4.033
that these certificates of participation represent ownership of a proportional
Cash dividend
163,228
beneficial interest in first mortgages deposited with Detroit & Security
Trust Co., depositary.
Total
$213,033
The declaration of safekeeping also provides that no mortgage can be
160,796
substituted for those now on deposit, nor can any mortgage be withdrawn Deduction: Loss realized on sale of securities
Management fee
47,219
unless an equal amount of certificates of participation is also retired, nor
Miscellaneous expenses
22.788
can any mortgage be extended or renewed.
Provision for N. Y. State taxes
6,798
-Earnings.
Devonian Oil Co.
Earnings for Year Ended, Dec. 31 1929.
Gross income from operations
Operating, development, abandoned lease expense & taxes
Net loss
Deficit Dec. 31 1929
$1.532,787
1,101,832
Operating income
Other income
$430,936
$18,541
Total income
Depreciation
Depletion
$449,476
$232,599
118.478
Net profit for year
Earns per stir. oh 328,800 shs. common stock (Par $10)
-V. 124, p. 2286.
Drug Incorporated.
-Purchases
$98,398
$0.29
Chairman Louis K. Liggett announced on April 2 that the United Drug
Co. had pruchased for cash Pocasset Mill No. 5 at Fall River, Mass. This
mill will be operated principally for the manufacture of the various gauzes
usediby the company. In addition, It was stated that a new bleachery will
be installed in connection with the company's plant at Valley Park, Mo.
-V.130. P. 2216.
Eaton Axle & Spring Co.
-Merger Basis.
See Wilcox-Rich Corp. below.
-V.130, p. 2035.
$24,569
914,291
Total deficit
$938,880
Excess of cost over market value of securities at Dec. 31 1929-$2,608,760
Excess of market value over cost of securities at March 31 1930
1,209.090
Increase for the three months ended March 31 1930
$3.817.850
Change in Net Assets Adjusted for Market Value of Securities Owned.
Total.
3 Months Ended March 31 1930xPer Share.
Net assets-Dec. 31 1920
$23,401,949.27
$46.80
Increase for period
3,793,281.12
7.59
Net assets-March 31 1930
$27,195,230.39
$54.39
x Without giving effect to possibls exercise of purchase warrants for
shares of common stock at $60 per share until Oct. 1 1939.
1,000,000
Balance Sheet March 311930.
LiabilUiesAssets$
$
Securities owned, at costx___ x23,202.937 Accrued expenses
14,500
2,6149;006890 Prov. for N.Y. State taxes
Call loans
00
57,194
yCommon stock
Cash
20,000,000
10,044 Capital surplus
Interest receivable
26,925,000
Dividends receivable
79,300 Deficit
938.860
Prend. N.Y.State fmn. tax_
15,863
Electric Storage Battery Co.
-Listing.
Total
Total
26,057,834
26,057,834
The New York Stock Exchange has authorized the listing of 25,000
x Market value, March 31 1930, 324,412.027. y Authorized 2,000.000
additional shares of common stock (no par value), on official notice of issupar) outstanding 500,000
ance and payment in full pursuant to employees' stock purchase plan, shs. (noshs, are reserved for exerciseshs, at stated value of $20,000,000.
of purchase warrants (non-detachable
making the total amount applied for 930,211 shares. The proceeds from 250,000
except upon exercise
11934,or scuh
the saie of the 25,000 shares will be used for general corporate purposes. tion may determine)prior to Oct.the outstandingearlier date as the corporaattached to
common stock certificates
-V. 130. P. 1835.
entitling the holders to purchase common stock at $60 per share until
-Bonds Called.
Oct. 1 1939: and $750,000 shs. are reserved for exercise of additional
Equitable Office Building Corp.
Certain of the 35 year 5% sinking fund debentures, dated Sept. 11917, purchase warrants on the same terms as the purchase warrants attached
aggregating 8210.000 have been called for payment May 1 next at par and to the common stock certificates. z Representing the excess of amount
- paid in for capital stock and purchase warrants over the stated value of
Interest at the Empire Trust Co., trustee, 120 Broadway. N. Y. City.
capital stock, after deducting organization expenses.
-V. 130, p. 2217.
V.1130. p. 2216.
APRIL 5 1930.]
FINANCIAL CHRONICLE
-Proposed Merger.
(Edward) Ford Plate Glass Co.
The directors of this company and the Libbey-Owens Glass Co. have
approved the consolidation of the two concerns, it is announced. Negotiations have been under way for several months. It is understood that
common stock of IAbbey-Owens will be given in payment.
The new company, to be known as the Libbey-Owens Ford Glass Co..
will be the largest manufacturer of sheet glass and one of the largest of
plate glass in the world.
J. C. Blair of Toledo. President of Libbey-Owens, will continue at the
head of the new company. The Libbey-Owens directors will be on the
enlarged board. The new members will be John D. Ford of Detroit and
George R. Ford and G.P. MacNickel Jr. of Toledo.
The Libbey-Owens company, organized in 1916 has five plants in the
-United States and is affiliated with nine glass plants abroad.
The Edward Ford Plate Glass Co., organized in 1899, was the first
successful manufacturer of glass in this country -V. 117, p• 2776.
Fox Film Corp.
-Present Status of Suits, &c.
The following is from the New York "Times," April 3:
The legal actions involving the Fox theatrical enterprises wound their
weary way through three courts April 2 with no definite action at the end
of the day. Justice John Ford in Supreme Court heard arguments on
the motion of William Fox to discontinue his action against John E. Otterson and Harry L. Stuart, his co-trustees, and on the motion of the trustees
to restrain Mr. Fox from prosecuting his Federal court suit. Decision was
reserved on both motions.
The Appellate Division in Brooklyn listened to an appeal of the Fox
Theatres Corp. against a decision of Justice Dike,requiring that new debentures of the theatres corporation pear on their face notice that they are
subject to a minority stockholders action pending in Brooklyn. Decision
was reserved in this case also.
Motions to be heard in Federal court were adjourned until April 7 after
Judge John Clark Knox, who already has expressed his displeasure at the
dilatory tactics of the attorneys, said:
"Will y'ou gentlemen be prepared to argue then? I cannot waste my time
coming in here just to hear a request for an adjournment."
The attorneys assured him that they would notify him early in the
day if unprepared to proceed.
Samuel Untermyer argued the case for Mr. Fox in the motion to discontinue the State court suit. He maintained that since the suit was started
the stockholders' meeting had been held and a suit broader in scope which
also will determine the validity of the trusteeship is now before the Federal
court.
Directors Get Offer of Release from Bancamerica-Blair Group.
2401
With regard to the situation at Bryanmound, the report of the accountants points out that "the net result of adjustments, plus depletion
sustained for the year ended Nov. 30 1929, left an estimated reserve at
the latter date of 1,256,779 tons of sulphur."
Based on the statement of reserves as shown in the Haskins & Sells
report, namely 11,500.000 tons at Hoskins Mound and 1.256,779 tons at
Bryanmound. Freeport Texas Co.'s reserves are estimated at 4,706,779
tons, a figure arrived at by taking 30% of the reserves at Hoskins and
adding thereto the 1,256,779 tons estimated for Bryanmound. This, it is
pointed out, exceeds the total production from Bryanmound to date, since
13ryanmound's production over the past 17 years is about 3,969,715 tons.
On Dec. 16, last, E. P. Swenson. President of the Freeport Texas Co..
wrote to Haskins & Sells and said that "this company desires uour firm
to make an examination and report of its condition as of Nov. 30 1929.
and the results of operations for the three years ended that date. We
desire you to make a thorough and exhaustive examinazion of the corny's books without any limitations and we request that you arrange to
gin your examination at as early a date as you can." The report which is
being sent to stockholders takes up in detail all the controversial points
raised by certain minority interests in the company.
Fr
George Gordon Battle, Counsel for the Stockholders' Committee, Issues Statement.
The stockholders on March 31 received a statement from George Gordon
Battle, counsel for the stockholders' committee which is securing proxies
for the forthcoming annual meeting, citing specific instances of what the
latter calls "ths contemptuous disregard with which the present management has treated stockholders who'have tried to learn about their company." The letter from the committee's counsel states:
"That the stockholders of the Freeport Texas Co. must join forces to
protect their interests has become increasingly evident in recent years
during which the management has consistently disregarded proper request
for information. The management has seen fit to ignore not only requests
for information by letter, but also requests at annual meetings where the
stockholders come to find out about the affairs of their company.
"On April 7 the annual meeting of the stockholders of the Freeport
Texas Co. will take place. We cannot better indicate how imperative it is
that the stockholders' committee have your support at that meeting than
by calling to your attention the procedure adopted by the management
at some of the recent annual meetings. These meetings were not even
attended by officers of the company. The management was represented
by Charles P. Northrop, counsel for the company, a director of the company, and one of the proxies for the management at the coming meeting.
"Extracts from stenographic reports of two of the company's annual
meetings illustrate the contemptuous disregard with which the management has treated stockholders who have tried to learn about their company."
The menorandum then quotes verbatim from stenographers' reports of
two of the company's annual meetings. At one of these meetings a copy
of the by-laws was demanded. Mr. Northrop stated that the meeting did
not have the by-laws and refused to make any effort to produce them.
At both of these meetings questions ofstockholders were completely ignored.
"These extracts," the statement says, "indicate what kind of treatment
continue
stockholders have received at annual meetings and what they, may p.2218.
to expect if the present management is continued," See also V. 130.
At the meeting of directors of Fox Film Corp.,April 1 a letter from Band
america-Blair Corp.. Dillon, Read & Co. and Lehman Bros. was read.
The purport of the letter was stated by a director of Fox Film Corp. to
release the corporation from its obligation to go through with the refinancing
plan prepared by the Bancamerica group who offer to withdraw upon
payment of the compensation of $975,000 specified in the plan. This would
allow Fox Film Corp. to accept the Halsey-Stuart plan if desired.
Samuel Untermyer, counsel for Fox Film Corp. and Fox Theatres Corp.,
questioned as to the significance of the letter of the Bancamerica group.
that was presented at the meeting of directors of the Fox Film Corp. said:
It has no significance whatever and does not in the least alter the status of
--Earnings.
Foster Wheeler Corp.
the relations between the banking group and the company. It is a mere
1928.
1929.
Calendar Yearsreiteration of the provisions of the original contract whereby the Fox
$851.354
$1,617,437
companies, if they so desire, might retire from the contract by the payment Netincome after taxes
145.650
Profit on sale of portion of foreign patents
of about $1,250,000, which they have no intention of doing."
$997,004
$1,617,437
Totalincome
President Fox Issues Statement to Note Holders.
2,375
2,466
dividends
3,600
President William Fox in a notice April 2 to holders of the $12,000,000 British tax on adjustments prior years (net)
Non-operating
6% notes which became due April 1 says:
243.950
216,538
dividends
We regret to have to advise you that
214,728
-owing solely to the opposition of Preferred dividends
Halsey, Stuart & Co., Inc., and their associates, to the plan of financing Common
that has been agreed upon between the company and the Bancamerica$747,078
$1,183,705
Balance,surplus
1,571,790
Blair-Lehman Bros.-DWon, Read & Co. group-it has been impossible Previous surplus
2,318,868
for us to pay these notes at maturity.
"That plan provides for the payment of all the debts of the company,
$3,502,573 $2,318,868
Total surplus
193,800
with interest, including the notes of the above-mentioned issue held by you.
231,055
outstanding (no par)
$3.12
"Halsey- Stuart & Co., Inc. have appeared in Court and demanded the Sits, corn.stock
$6.05
.
Earns per share
appointment of receivers for the company. Compliance with their demand
31.
Consolidated Balance Sheet Dec.
would have gravely imperilled your notes and indefinitely delayed their
1928.
1929.
1928.
1929,
payment.
5
Lfabi/fifesWe accordingly urge you not to deposit your notes with any committee
Assets
815,007
named by Halsey,Stuart & Co., Inc.. or acting in their interest. If you have Cash
51,160,119 8363,644 Accts. payable_ __- 567,800
Accrued comm.,
already done so, we urge that you withdraw your notes from deposit, so as Notes receivable_ _12,993,804 J 115,271
178,083
232,259
to secure their early payment and avoid involving your interests with other Accts.receivable _ _J
4 wages &
0,55
12,89
171,140 Accrued costs on
203.743
interests that Halsey, Stuart & Co. Inc. claim to have in preventing the Marketable secs
contracts 159.152
billed
'
consummation of the plan that has been approved by the directors and Accruedint. on '
.
3,521 Accrued freight &
24,887
stockholders of the company Aland that provides for the payment In full of
notes & secure
433.011
your notes, with interest."
2,556,036 2,218,719 erection costs__
Inventories
309,435 Adv. on contracts
236.494
Investments
0
39,50
171,875
unshipped
Noteholders' Protective Committee File Suit.
Checks submitted
Accr. inc. & fran28,498
with blds
Suit for the payment of $4,668,000 of notes which have been deposited
168,902
244,488
chise taxes
with the protective committee has been filed in the New York State Bal. rec. on emPref. dtv. payable
72,662
ploy. subscrips.
Supreme Court as a result of the failure of the company to pay the $12,60,900
153,448
Jan 2
000.000 note issue which matured on April 1, it was announced April 3 by Deposits with in24.719 Res. for addl Fed.
28,215
co.'s...
surance
Frueauff, Robinson & Sloan. 67 Wall Street, attorneys representing the
177.468
190.015
taxes
5,781,866 5,954,259
Fixed assets
Committee.
35,088
30,303
19,449 Deterred credits
13,600
In a statement the Committee, which consists of George W. Davison, Deferred charges..
2.147,800 3,480,000
152,181 $7 pref.stock
Chairman (Pres., Central Hanover Bank & Trust Co., New York City). Patents purchased 116,754
Corn. stk. & cap.
Andrew J. Miller (Hallgarten & Co., N. Y. City), Frederick T. Moses Good-wIll & develx5,816,963 4,518.068
surplus
1
(Pres., Firemen's Mutual Insurance Co., Providence, R. I.), and William
oped patents._ _
Earned surplus... 3.502,573 2,318,868
Buchsbaum (V.-Pres., Barstow, Tyng & Co., Inc., N. Y. City) requests
the deposit of additional notes saying:
13,216,678 12,222.894
Total
13.216,678 12,222,894
"Corporation has defaultedn the payment of its notes which became
i
Total
conversion of
due and payable on April 1. In order that the committee formed to protect
x Authorized 300,000 shares (no par value) reserved for
-V. 129.
noteholders may act promptly and effectively noteholders are requested Preferred, 53,695 shares: issued and outstanding 231,055 shares.
In their own best interests to deposit their notes immediately with the
3481.
committee by delivering the same to either of the depositaries with interest p.
coupons due April 1 1930 attached, under deposit agreement dated Jan. 29
-To Increase Stock.
General Refractories Co.
1930. Upon deposit of notes certificates of deposit in bearer from will
no par
The stockholders will vote June 28 on increasing the authorized600.000
be issued.
value common stock from 300,000 shares (all outstanding) to
'In view of the many proceedings that have been instituted and are now
p. 808.
-V. 130,
pending before the U. S. District Court for the Southern District of New shares.
York, and before the Supreme Court, State of New York, in which the
-Listing.
General Theatres Equipment, Inc. listing of $5,921.000
affairs of Fox Film Corp. are involved, it is essential for the noteholders'
The New York Stock Exchange has authorized the
protection that their notes be deposited with the committee in order that
1944.-V. 130.
-year 6% convertible gold coupon debentures due July 1
prompt action may be taken. By the prompt deposit of notes the individual 15
claim of a noteholder becomes the claim of the committee whs cannot take p.982.
action on behalf of any of the noteholders who do not deposit their notes
-Receivership.
Gerard Investment Trust, Chicago.
with it.
"Deposits received by the committee to date have been substantial.
Two Chicago investment trust concerns were the objects of involuntary
The committee reserves the right to limit the time within which notes may bankruptcy action March 1 last. They are the Gerard Investment Trust.
names
be deposited. Central Hanover Bank & Trust Co.. N. Y. City, and a $10,000,000 company, and Merrill L. Hawkins, trading under the Trust.
are acting as depositarlea.-V. of the Home Builders of America, the Home Builders Investment
Central Trust Co. of Ill.. Chicago.
Guardian Finance Corp. and others.
the
130. p. 2217.
Federal Judge Wilkerson appointed the Chicago Title & Trust Co. as
-Haskins & Sells Make Analysis.
Freeport Texas Co.
- receiver for the Gerard company. The action followed the filing of equity
over the three-year proceedings against the company on behalf of H. C. Gaggans, and R. A.
Results of an exhaustive analysis of this company
claim of $3,750.
Period ended Nov. 30. last, are contained in a report made by Haskins Ftitehle of Dallas. Tex., the petitioning creditors with a
The petition alleges that the assets of the company,according to its latest
Sc Sells and presented to stockholders in a letter mailed this week by the
that its liabilities are $7,174,731, leaving a
Freeport Texas management. The report of the accountants answers all reports, are $9,709,095, and
questions which have been raised by certain minority stockholders and book value of $2,934,364. It was explained by counsel for the petitioning
gives details regarding sulphur deposits. On the question of sulphur de- creditors that most of the assets were "frozen.'
The company recently changed its name from the Gerard Trust Co.
posits, the report of the accountants says:
"Hoskins Mound is owned by the Mound Co. and is leased to The to the Gerard Investment Trust and has been in business under both
to Freeport Sulphur Co. a sub- names for many years.
Texas Co. which lease has been assigned
Involuntary bankruptcy proceedings were instituted against the Hawkins
sidiary of Freeport Texas Co. In a joint report prepared by engineers of
$5,000.
The Texas Co. and the Freeport Sulphur Co.for the purpose of establishing company on behalf of three petitioning creditors with claims of been in
According to the petition for adjudication, the company has
depletion rates for Federal income tax purposes,it is stated that it is evident
that an estimated reserve of 20,000,000 tons of sulphur is conservative the real estate business and owes more than $1,000.000.
A. II. Jones, representing Mr. Hawkins, asserted that his client was
and more accurate and complete sampling methods would probably raise
this estimate by as much as 25%. After taking into consideration various solvent and that the proceedings were the result of a conspiracy. (New
hazards. percentage of recovery and other factors, it is believed that a York "Times.")
conservative estimate of the ultimate recovery of sulphur from Hoskins
-Extra Dividend.
Gibson Art Co., Cincinnati.
Mound will approximate 14.000.000 long tons. and this tonnage is used
The directors have declared an extra dividend of 20c. a share and four
as the basis of revaluation account of discovery." Deducting the tons of
pa ble
j
common
share on
sulphur mined by Freeport Sulphur Co. from the mound since commence- regular quarterly
r20,
TLdeersuraof ecord
rli
(
e t
ec l anc4 5
givideada 1 4 al
ment of operations from the 14.000.000 tons estimate would leave an
dividendcarries
p.
tons at Nov. 30 1929." Aug. 20, Nov.rs
and'March 20, respectively.a
2u
estimated reserve of approximately 11,500,000
789.
-V. 125.
the same dates as the first quarterly dividend.
he report of the accountants points out.
2402
[vol.. 130.
FINANCIAL CHRONICLE
-Listing.
Glidden Co.
The New York Stock Exchange has authorized the listing of 6,886 additional shares common stock (no par value) upon official notice of issuance
as a 1% stock dividend and/or issuance in exchange for scrip certificates
resulting in connection with such dividend or sale, making the total amount
applied for, 695,454 shares. The shares issued will be capitalized at $5
-V. 130. p. 2037.
per share.
-To Hold Interest in
Goldman Sachs Trading Corp.
Pennsylvania Co. for Insurances on Lives and Granting Annuities.
-See latter below.
-V. 130, p. 1660.
-Stock
Goodyear Tire & Rubber Co., Akron, Ohio.
Increased.-New Directors, &c.
The stockholders on March 31 increased the authorized com, stock to
5,000,000 shares of no par value from 1.450,000 shares, and the directors
were given the power to issue at their discretion the balance of the authorized preferred stock. Of an authorized issue of 1,000,000 shares of no
par value $7 cum. 1st pref. stock, 208.549 shares are still in the treasury.
Public financing is expected to be made in the near future.
In connection with the increase in authorized common stock, President
Paul W. Litchfield said, "Issuance of additional common stock in the last
18 months has practically exhausted the authorized, but unissued capital
and, while the company has no immediate purpose in view for which additional shares might be required, in the present state of the industry there
may develop opportunities to acquire on advantageous terms property
valuable to the company and which the board should be in a position to
act upon."
The following new directors have been elected: James T. Begg of Sandusky. Ohio, a member of Congress and an associate of the Eaton-Otis
& Co. interests; W. R. Burwell. President of Continental Shares, Inc.,
investment trust controlled by the Eaton-Otis group: Tom M. Girlder,
Chairman of the Republic Steel Corp. formed by Mr. Eaton and his associated; George A. Martin, President of the Sherwin-Williams Co. of Cleveland; J. R. Nutt, President of the Union Trust Co. of Cleveland; Henry W.
O'Melveny, member of the Los Angeles law firm of O'Melveny, Tuner &
Meyers, and Clifford F. Stone, President of the Central States Electric
Corp. and formerly a Vice-President of Goodyear, and A. G. Partridge.
Robert E. Christie Jr. of Dillon, Real & Co., who formerly controlled the
Goodyear company, was re-elected to the board. Other directors retained
were: E. R. Greene of the Cleveland Trust Co., J. Arthur House of the
Guardian Trust Co. of Cleveland, Paul W. Litchfield, Henry B. Manton
(President of the Robinson Clay Product Co. of Akron), Francis Sieberling,
-P.
it. C. Schaffner (of A. G. Becker & Co. of Chicago). Grayson M.
Murphy of New York, and G. A. Tomlinson.
Walter B. Mahoney who was the representative of Edgar B. Davis on the
board, was not reelected. Mr. Davis was one of the largest stockholders.
Robert H. Bishop Jr. of the Guardian Trust Co. of Cleveland, Fayette
Brown of Mentor, Ohio, George B. Duren, President of American Fork &
Hoe Co., Cleveland; Elton Hoyt 2d, of Pickands, Mather & Co., Cleveland; R. L. Robinson, Vice-President of Robinson Clay Product Co.,
John Sherwin of Union Trust Co. of Cleveland and Samuel L. Smith of
Cleveland, were the retiring members of the board.
At the organization meeting of the newly-elected board of directors, the
following directors were elected to the executive and finance committee*
Mr. Litchfield, Mr. Greene, Mr. Murphy, Mr. Nutt, Mr. Sieberling,
-V. 130, p. 1470, 1449.
Mr. Tomlinson and Mr. Burwell.
-Rights.
Indian Territory Illuminating Oil Co.
The stockholders of record April 15 will be given the right to subscribe
on or before April 30 at $17 a share for the newly created class A stock
In the ratio of one share for each four shares of class B stock or old stock held.
Holders of capital stock now have the right to exchange their stock for
the newly created class B stock share for share. The charter of the company was recently amended to authorize the issuance of 5,500,000 shares
of class A common stock without par value and 9,500,000 shares of class B
stock of no par. The class A and class B stocks are alike in all respects
except that the class A has no voting power. Prior to reclassification of
Its capitalization the company had outstanding 7,752,620 shares of $1
par capital stock.
The proceeds raised by the sale of class A stock, which will produce
about $30,000,000 of new capital, will be used in connection with the
acquisition and development of properties, including the purchase of the
Foster Petroleum Corp. and for other corporate purposes.
Consolidated Earnings for Fiscal Year Ended Oct. 31 1929.
$1,294,555
Gross earnings from gas sales
442,992
Expense of gas department
237,166
Royalty on gas sales
Net earnings from gas department
Gross earnings from oil produced
Expense of oil department
$614,397
9,806,930
2,652,342
Net earnings from oil department
Gross earnings from gasoline produced
Expense of gasoline department
$7,154,588
93,785
41,750
Net earnings from gasoline department
Gross earnings oil, gas & gasoline departments
Miscellaneous income
$52,035
11,195,270
193,297
Gross earnings
Total expense
Interest charges
Reserves
$11,388,568
3,374,250
1,293,043
3,687,993
$3,033,28/
17,522,658
Net applicable to dividends
Surplus beginning Nov. 1 1928
$20,555,939
212,701
Cr.5,159
Total surplus
Cash dividend
Adjustment & direct entries to surplus
Surplus Oct.31 1929
$20,348,397
Earns, per share on 7,752,842 shares common stock (par $1)__..$0.39
Consolidated Balance Sheet Oct. 31 1929.
Liabilities
AssetsPlant & investment
$7,752,842
$48,014,473 Common stock
Treasury stock
662,805 Royalties payable
213,012
Securities owned
10,573 Accounts payable
98,277
Stores & supplies
907,239 Notes payable
4,800,000
Oil in storage at market
14,462,882 Wages Sr sal2ries payable _ __
303,725
Oil, gas & gasoline accts. rec. 1,077,446 Taxes accrued
177,311
Notes & accts. receivable___.
243,978 Federal taxes accrued
441,652
Interest receivable
233 Interest payable accrued....
4,047
Cash
2,364,117 Customers' deposits
31.464
227,068 Bad debt reserve
Expenses paid in advance_ _ _ _
12,162
Suspended expense
915,416 Depreciation, depletion &
-Extra Dividend.
(L. F.) Grammes & Sons, Inc.
other reserves
16,107,336
The directors have declared an extra dividend of 18%c. per share in Property in process of being 1,601,099 Contingent
reclaimed
liabilities
208,195
addition to the regular quarterly dividend of $1.50 per share on the class
Deferred liabilities
19,987,662
A stock, payable April 1 to holders of record March 24.-V. 116, p. 2889.
Surplus(minority interests)._
91,738
Total (each side)
$70,487,331 Surplus
20,257,908
-Extra Dividend.
Gray Telephone Pay Station Co.
[Including: Osage Producers Gas Co., Delmar Oil Co., Westerly 011 Co..
An extra dividend of $2.50 per share and the regular quarterly dividend
Pawhuska 011 & Gas Co., Osage Distributing Co.. Indian Territory Co.)
of $5 per share were recently declared, payable April 1 to holders of record -V.
130. p. 1662
March 26.-V. 128, p. 3521.
International Carriers, Ltd.-Assct Values Increases Up
- $1,728,000 Since Jan. 1.
-75c. Dividend.
Great Northern Iron Ore Properties.
-
The trustees have declared a distribution of 75 cents on the certificates of
beneficial interest, payable April 29 to holders of record April 7. Last
year $1.25 was paid on April 30 and $2 on Dec. 28. In 1928, 75 cents
was paid April 30 and $2 on Dec. 28.-V. 128. p. 3175.
-New Financing.
Guaranty Trust Co., Los Angeles.
See Harold G. Ferguson Finance Co., Ltd., above.
-Listing.
Gulf States Steel Co.
The New York Stock Exchange has authorized the listing of $2,000,000
% sinking fund gold debentures, due June 1 1942.-V• 130,
15-year
P• 2037.
-Reorganization.
Honolulu Consolidated Oil Co.
The directors have adopted a plan of reorganization of the company to
facilitate acquisition of new properties and their development. The plan
provides for the organization of the Honolulu Oil Corp., Ltd., in Delaware
with an authorized capital of 2,000,000 shares of no par value stock. Shares
in the new company will be given present stockholders on a share for share
basis.
-V. 130, p. 1661.
-Acquisition.
Honolulu Oil Corp., Ltd. (Del.).
See Honolulu Consolidated 011 Co. above.
-Status, &c.
Hook Drugs, Inc.
Fletcher American Co., Indianapolis, Ind. In a recent circular gives the
following data:
Authorized.
Outstanding.
Capitalization123,750 she.
250,000 shs.
Common stock (no par)
History.
-Business was founded in 1900 with one retail drug store. In
1912 the business was incorp. and at that time seven stores were operated.
In 1925. the Hook Drug Co. (Del.) was organized and consisted of a chain
of 18 retail drug stores. In 1928, two subsidiary companies, the Hook
Drug Co. of Kentucky, and the E. 11. Bennett Drug Co. of Kentucky,
were organized to own the assets of the stores in Louisville. All of the
common stock of these subsidiaries was held by the Hook Drug Co. of Del.
In Feb. 1930, the Hook Drugs, Inc. (Ind.) was formed to buy all of the
assets and good will and assume all of the liabilities of the old Delaware
Corp. As a part of the reincorporation plan the capitalization of the
company was simplified to consist of one class of stock.
Assets.
-The pro forma balance sheet as of Dec. 31 1929, which provides
for the effect of the incorporation showed current assets approximately
2.6 times current liabilities.
Earnings and Statistics.
-The number of stores in operation and the net
profit of the company and its subsidiaries, after all charges including depreciation and Fderal taxes and the amount earned per share, adjusted to
the new recapitalization, from 1924 to 1929, are given in the following
table:
1924.
1925.
1929.
1928.
1927.
1926.
18
21
18
Stores
41
37
29
Net profit
$300,000 $258,659 $246,323 $212,514 $208,469 $154,238
$1.34
$1.85
$1.81
Earn. per sh
*$2.62
$2.14
$2.25
* Estimated.
-Initial dividends on the present stock paid April 1 1930, at
Dividends.
rate of 25c. per share in cash and 1% in stock. Quarterly dividends dates
are April, July, Oct.1 and Jan. 2.
Listed.
-Stock listed on the Indianapolis Stock Exchange.
-V. 130. P•
2221.
Horni Signal Mfg. Corp.
-Initial Preferred Dividend.
The directors have declared an initial quarterly dividend of 25c. a share
on the partic. preference stock, payable April 15 to holders of record April 1.
-Ar, 130, P. 296.
This company, one of the largest Investment trusts in the country
specializing in railroad securities reports a substantial gain in the value of
Its assets since Jan. 1 1930. Total securities holdings are currently valued
at $17.200,000 based upon present market quotations, which Is equal to a
liquidating value of about $21.50 for each of the 800.000 shares outstanding.
This compares with total holdings valued at $15,472,000 on Dec. 31 192o.
equal to $19.34 a share.
-V.130, p. 2221.
International Petroleum Co., Ltd.
-Production.
The company produced 2,625,443 barrels of crude petroleum in Columbia
and Peru, South America. in January 1930, a daily average of 84,692
barrels, compared with 2.511,976 barrels or 81,032 barrels daily in January
1928, according to O'Shaughnessy's Oil Reports. The following table
shows total and daily average production of the company in these two
countries, for January 1930 and 1929 (figures in barrels)'
January 1930- -January 1929
Total.
Daily.
Total.
Daily.
Colombia
1.674,245
1.721,744
55,540
54,008
Peru
29,152
837.731
903.699
27,024
Total
84.692
2,625,443
2,511,976
81,032
In Colombia, the company completed 13 wells in January 1930 with an
average initial production of 601 barrels, compares with 6 wells with[an
average production of 16 barrels in 1929. In Peru, 13 wells were completed
in January 1930 with an average production of 284 barrels a day each,
against 12 wells producing 136 barrels a day in the same month of 1928.
-V. 130, P. 1662.
Interstate Bakeries Corp.
-Initial Common Dividend.
-Sales Gain.
The directors have declared an initial quarterly dividend of 25 cents a •
share on the common stock, payable July 1 1930, placing the 230,000 junior
shares on an annual basis of $1.
Business depression and industrial unemployment have failed to reduce
the corporation's volume of business in the first 12 weeks of this Year.
President R. L. Nafziger, reported to the company's bankers, Spencer,
Trask & Co. and It. M. Byllosby & Co., Inc. Sales showed an
over the corresponding period of last year, although profits wereincrease
7-10ths
of 1% lower. This was due to one local situation and was not the result
of the depression, said Mr. Nafziger, adding that the situation was in
process of recovery.
The company operates 22 plants serving 16 cities in 7 States, including
Chicago, Los Angeles, Cincinnati, Kansas City, Omaha, Des Moines and.
Grand Rapids. Twelve plants are in California, where low operating costa
give them a decided advantage over units in the North and East.
-V. 130.
p. 2039.
Interstate Department Stores Inc.
-Earnings.-
Calendar YearsNet sales
Cost of sales
Total expenses
Net profit on sales
Leased department income
Net profit
Net profit-wholesale business
Use and occupancy ins. recoveredConsolidated net profit
Huttig Sash & Door Co.
-Defers Pref. Dividend.
Non-recurring items organization exp.
written off
Net adjustment for officers' and managers' salaries
Federal taxes
-Listed.
Illinois Publishing & Printing Co.
Consolidated net profits-as adj
Preferred dividends
Common dividends
The directors recently voted to defer the quarterly dividend of $1.75
-V.129, p. 2085.
per share, due April 1 on the preferred stock.
The $5,000,000 6j4% secured gold debentures, dated March 1 1930,
and described under Chicago "Herald and Examiner" in our issue of March
29. p. 2214, have been listed on the Chicago Stock Exchange.
Balance, surplus
Earned per share of common
zi
1929.
1928.
1927.
$°5,545,411 321,544,423 $17,939.789
{24,306.9591 15,769.481 13,191,160
I 4,681,755
3,851.805
$1,238,452 $1,093,186
$896,821
311,248
218,383
$1,238,452 $1,404,435 $1,115,204
108
43.789
40,308
$1,238,452 $1,444,850 $1.15 - i
-8
39,811
171,844
36,500
151,537
$1,101,874 $1,233,194
192,500
227,500
465,377
$970,957
$443,997 $1,005,694
$3.89
$4.81
$907.957
$3.64
136.579
APRIL 5 1930.1
FINANCIAL CHRONICLE
2403
The balance sheet as at Dec. 31 1929 shows current assets of $6.393,284, Transferable stock subscription warrants will
including cash on hand and in banks and U. S. Liberty bonds amounting subscription rights. The subscription rights be issued representing such
will expire at the close of
in all to $718,790. as compared with total liabilities other than capital and business on May 19 1930.
surplus of $1,240,588, a ratio of over 5 to 1 and leaving a working capital
The underwriting of such offering has been deemed advisable in order to
of $5.152,696. 1.7et worth is shown as being $6.938,943.-V. 130, p. 1125. Insure the receipt by the company of the requisite funds, says President
Edwin Corning.
-V.130. p. 2040.
Italo Petroleum
Corp.-Earnnigs.-
Earningsfor 11 Months Ended Nov. 30 1929.
Sales of crude oil, casinghead gasoline & dry gas
Cost of production, general & administrative expenses
Depletion & depreciation
Abandonments at cost
Interest expense
Other income charges, less credits
Proportion of net in applic. to mon. stockholders' int. in sub
Louisiana Oil Refining Corp.(& Subs.)
-Earnings.
$2.870,361
591,645
1,162,953
289,464
125,415
56,114
2,993
Net income
•
Earned surplus at Jan. 1 1929
$641,777
$406,612
Total surplus
Preferred stock dividends paid
$1,048,389
257,355
Surplus Nov. 30. 1929
-V. 129, p. 3809.
$791,035
Jefferson Electric Co.
-Adds S100,000 Labor Saving
Machinery.
The company is completing the installation of more than $100,000 of
labor saving machinery in its two Chicago plants, all of which will be ready
for use before the company reaches its peak season of operation, President
J. M.Bonnan announced. Most of the new equipment has been developed
and perfected by Jefferson engineers.
-V. 130. p. 1290.
Joint Investors, Inc.
-Net Worth Increases 20%.
-
The company reports that its net worth increased 20.8% during the
quarter ended March 31, after deductions for dividends, expenses and taxes.
Net income was $45,346, equal to $4.33 per share of convertible preferred
stock, and to $2.37 per share of class A common stock. Appreciation on
investment portfolio was more than $254,887.
The net asset value of class A common stock was $48.12 a share on
March 31. compared with $25.36 on Dec. 31, an increase of 822.76 a share.
This rise of the class A stock close to the conversion level puts the noncallable convertible preferred stock in position immediately to reflect
any further rises in the price of class A shares.
The report shows that the Trust is fully invested in a general diversified
list of leading common stocks.
-V.130, p. 2039.
Kentucky Independent Oil Co., Inc.
-Sale.
The purchase of this company by the Shell Petroleum Corp., for a consideration of approximately $935,000. negotiations for which have been
under way for several weeks, was ratified by a vote of the stockholders of
the Kentucky company at a special meeting held on March 12, it was
announced by President B. H. Bramlage. The physical assets of
the Kentucky company are estimated at a minimum of $935,000 while the
value of the current merchandise inventory is placed at approximately
$65.000, which brings the purchase price up to $1,000,000. Under the
terms of the purchase the transfer of the company's properties goes into
effect April 1, at which time their operation by the Shell company begins.
The former properties of the Kentucky company, taken over by Shell
on April 1, include the Surburban 011 Co. of Cincinnati, some 32 service
stations and 2 modern bulk terminals in the Cincinnati area, which embraces properties in both Ohio and Kentucky.
The Ohio property consists mainly of a bulk plant located at Tennessee
Avenue and the Baltimore & Ohio railroad tracks, Cincinnati, 0., a vacant
property site at Langdon Farm Road and Carthage Pike, and 15 service
stations, formerly operated by the Surburban Oil Station Co., a subsidiary
of the Kentucky company. Eleven of these stations are located in Cincinnati, the others being located at Linwood, Sllverton, Madisonville and
Pusculum, Ohio. The Shell company Is abandoning the station at Linwood
in order to co-operate with the civic authorities on a street widening project.
The Cincinnati bulk plant is located on a triangular plot of land about
366 feet wide at the widest point and extends a distance of approximately
700 feet toward the point of the angle where it adjoins the property of
another oil company. On this bulk plant site are located an office building,
garage, warehouse and pump houses and six stationary storage tanks
with a total capacity of approximately 416,000 gallons. One of these
tanks has a storage capacity of 203,000 gallons. A network of concrete
driveways on this property facilitates communication between the various
units.
Other Ohio properties in the purchase include four additional service
stations, a vacant piece of property, and a modern garage at Hamilton, 0.
Two of these service stations are located in Cincinnati while the other two
are at Lockland and Norwood, Ohio.
The Kentucky properties included in the purchase of the Kentucky
Independent Oil Co., Inc., by Shell consists of a general office building,
stockrooms, warehouse, garage, 11 service stations
-four of which are in
Covington, one at Erlanger, two at Latonia, famous horse-racing center,
one at Ludlow, three at Newport, and a modern bulk plant located on
Donaldson Ave. at Covington, one block off Madison Ave., the main
traffic artery of the city. This bulk plant has unusually good shipping
facilities being located on a railroad spur track. In a large warehouse on
the property, there is located a great quantity of portable bulk plant
equipment. The Kentucky company, which formerly had headquarters
at 2036 Madison Ave., Covington, 1Ky., was organized in 1888, with a
capital stock of $10,000.
The former princiapl officers of the Kentucky company were B. H.
Bramlage (President), H. B. Mackey (Vice-President), W. F. Burke
(Secretary), and D. D. Johnson (Treasurer and General Manager). No
changes in the operating personnel of the new Cincinnati-Covington organization, are contemplated by Shell according to company officials.
The Shell corporation owns its own producing wells, transportation facilities, refineries and marketing units. Shell refineries are located at Wood
River, ill., East Chicago, Ind., Arkansas City, Kan., Houston, Texas,
and Sellers. La. Headquarters of the Shell Petroleum Corp. are in its
own office building at St. Louls.-V. 122, p. 758.
Knickerbocker National Corp.
-Transfer Agent.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent of 150,000 units of allotment certificates, each unit representing one share of pref. stock and one share of common stock, and also
transfer agent of 250,000 shares of pref. stock, without par value, and
600,000 shares of common stock, without par value.
-V.130, p.2222.
Calendar Year1928.
1929.
1927.
1926.
Net earns, from oper_ _ _ $3,229,660 $3,830,914 $2,075,903 84,257,366
Deductions from income
370.853
244,309
238,324
99.886
Interest paid
66,699
89,540
96.333
224,672
Depletion of cost
192,719
274,263
385,465
413,693
Depreciation
1.056,342
1,078,706
1,031.604
947.871
Drlling labor & expense_
352,416
546,742
308,070
176,976
Amort. of bond discount
109,667
Write-off of obsolete
equip
131,699
Amort. of pref. stk. disc.
17,071
34.401
37,253
18,626
Net income
Profit on sale of invest_
$1,019,496 $1,585,317 def$21,146 $2.265.974
598,702
230,727
Total income
$1,618,198 $1,585,317
Estimated Federal taxes
110,027
50.000
$209.581 $2,265,974
20,958
226.597
Net income
$1,508,171 81.535,317
Preferred dividends-- - 260.000
260.000
$188,623 $2.039,377
260,000
Balance,surplus
$1.248,171 $1.275.317 def$71,377
82.039.37
Consolidated Balance Sheet, December 31.
1929.
1928.
1929.
1028.
AssetsLiablittfes8
8
8
Fixed assets
x18,138,476 18,097,090 Pref. stock
4,000.000 4.000,000
Cash
1,311,791
499.353 Corn. stock
Y5,619,095 5,619.095
Accts. & notes rec. 1,507.283 1,646,557 Accts. & notes Day 1,384,381 1.013,859
Crude & ref. oil__ 1,995,623 1.344,543 Fed. tax (prior yr) 197,348
197,348
Mater'l & supplies 901,027
676.051 Fed. tax(cur.)
_ 110.027
50,000
Investments
78,183 Unisur. losses red_
547,318
3,892
Trustee for fract'n
Accr. accts
320,666
306.838
shares
100
100 Purch. MAU;
1,242,149
488,725
Paid up cracking
Suspense toy. Inc_
94.174
royalty
527,000
561,001 Comp. Ins. res__
41,666
41.666
Deferred charges.. 123,099
76,875 Earn. surp
8.657,300 7.471,576
Unearn.apprec
3,381,016 3,790,656
Total
25,051,717 22.979.753
Total
25,051,717 22,979,753
x After depreciation and depletion. y Represented by 1.190,063 no-par
shares.
-V. 129, p. 2869.
MacMillan Petroleum Corp.
-Earnings.
Earningsfor Year Ended Dec. 31 1929.
Net sales
Coast ofsales
General,administrative,& other operating expenses
Net non-operating expenses
Interest paid
Depreciation on plants & equipment
Depletion on producing properties
Federal income taxes,estimated
Net profit available for general purposes
Earns, per share on 116,497 shares corn. stock (Par $25)
-V.130, p. 2223.
$9,738,869
7,137.725
689.015
101,921
48,381
281.695
398.873
75,000
$1,006,259
$8.64
Manhattan Electrical Supply Co., Inc.
-Reorganization Plan Approved.
-The stockholders on March 25 approved a plan of reorganization outlined as follows:
1. The present company having transferred its electrical supply jobbing
business to a new subsidiary subject,insofar as practicable, to the liabilities
of that business, will have assets consisting pf the stocks of subsidiary
companies, cash and certain credits.
2. A new corporation will be formed in Delaware under the name "American Machine & Metals, Inc., with an authorized capital stock of 500.000
shares of common stock without par value.
3. The present company will sell all of its property, subject to Its liabilities, to the new Delaware corporation solely in exchange for a number
of shares of the latter's stock equal to the number of shares of the present
company'sstock outstanding at the time of sale. The sale will also be made
subject to the payment from the property transferred of all taxes and expenses of the present company in connection with its dissolution or the expiration of its corporate life.
•
4. Thereafter the present company will be brought to an end either by
voluntary dissolution as provided in the Massachusetts statute, or. if
practicable, by amendment of its charter to provide that its corporate
existance shall end at the close of business June 30 1930.
5. Upon its dissolution or the expiration of its corporate life, the present
company will divided its distributable assets pro rata among its stockholders,
which will mean that each stockholder of the present company will receive
one share of stock of the new Delaware corporation for each share of the
present company that he then holds. (See also V. 130. p. 1663).-V. 130.
p. 2223.
Marlin-Rockwell Corp.(& Subs.)
-Earnings.
Calendar Years1926.
1927.
1928.
1929.
Gr.earn.from oper. co.'s $3,792,559 83,836.402 $2,443,595 $2,145,114
Depreciation
557.008
343,6e0
269,189
Selling & admin. exps799,531
767,402
803,377
763,935
Gross profits
$2,719,993 $2,728.787 81,119,185 81,345,583
Inc. from investments
42,031
77,832
335.258
139.984
Total income
$3,055,251 $2,868,771 $1,197,018 81,387.614
Charges not applic. to
operations
48,432
57,620
3,107
1,607
Federal taxes
205,600
187,500
355,267
344,739
Net profit
82,707,406 $2,511,897
$961,086 81,124,394
Pref. dive.7% stock_
40,297
Corn. diva
(56)2181870($3.75)1354294($3.75)1115683(52.50)841037
Kreuger & Toll Co.
-German Loan.
-
Balance, surplus
8243,060
8525,536 $1,157,603 def$154,597
Shs.corn.stk.(no par)- _
364,145
343 761
357,145
362,145
Earned per share
$7.43
$A.15
$2.70
$6.93
Lakey Foundry & Machine Co.
-No Div. Action.
Consolidated Balance Sheet Dec. 31.
The directors have taken no action on the quarterly dividend of 25c.,
[Including Subsidiary Cos.1
which would ordinarily have been declared at this time. A quarterly
distribution at this rate was made on Jan. 30 last.
1929.
1928.
1029.
-V. 130. p. 1290, 297.
19281
Assets$
Liabilities
i
Lefcourt Realty Corp.
Prop. & plant _ ___x2,599,082 2,500,116 Common stock y 364,145
-Earnings.
-362,145
Cash & ars. of dep 5.832,099 4,067,007 Accts. pay.&c _ _ 230,064
Quarter Ended Feb. 281930.
153.976
1929.
Notes dc accta.rec _ 431,934
Net income after int. deprec.. amortiz., Federal
531,344 Fed, tax reserve__ 357,306
366,271
taxes, &c
1,645,721 1,543.931 Cont. res., &c__
$241,678
233,414
1,270,881
8226.866 Inventories
Earns per share on 210,000 shs. corn.stock (no par)
277,144
220,628 Surplus
$0.79
8.579,366 7,767,302
$0.72 Investments
Good-will. &c
130, p. 2223.
1
1
Deferred charges
17,081
15,783
Tot.(each side)_10,801,764 8,883,108
Libbey-Owens Glass Co.
-Proposed Merger.x After depreciation of $3,262,040. y Represented by 364,145 no par
-V.130. p. 291.
See Edward Ford Plate Glass Co.above.
shares.
-V. 130, p. 1840.
See last week's "Chronicle," p. 2123.
Ludlum Steel Co., Watervliet, N. Y.
-Rights.
-
Missouri-Kansas Pipe Line Co.
-Acquisitions.
-
The stockholders will vote April 10 on approving an agreement between
The company has acquired the distribution system, field lines and gas
the company and the banking firms of Edward B. Smith & Co. and Gurnett wells of the Franklin Gas Co. at Franklin. Ky., together with a 20
-year
& Co. under which these banking firms will underwrite the subscription by franchise. This is the second, by Missouri
Kentucky,since
-Kansas
the holders of common stock for 5,000 additional shares of $6.50 cumul. March 1. The Cloverport Gas Co. system, lines and in
wells were bought
cony. pref. stock and 34,000 additional shares of common stock.
March 4.
The directors have authorized the offer of shares of $6.50 cumul. cony.
Owensboro, Henderson and City% erport are using Missouri
-Kansas gas,
pref. stock for subscription at $98 per share and shares of common stock and other communities scheduled for service are Madisonville, Greenville
for subscription at $33 per share to holders of common stock of record Utica and Hawesville, Ky..and Cannelton and Tell City. Ind. In Missouri
April 25 1930, each holder of common stock to be entitled to subscribe for the company has franchises covering new markets at Blue Springs near
one share of preferred stock for each 34 shares of common stock and for Kansas City.
A pipe line to supplement service at Franklin will be built from a number
one share of common stock for each 5 shares of common stock owned.
This proposed offer of additional stock has been authorized in order to of gas wells acquired when the Wood Oil Co. was purchased in February.
provide additional funds required for the corporate purposes of the company. -V. 130. P. 1840. 1817.
2404
s
FINANCIAL CHRONICLE
-Listing.Monsanto Chemical Works.
The New York Stock Exchange has authorized the listing of 6,064 addtional shares of common stock no par value) upon official notice of issuance in connection with a 136% dividend, payable April 1, making the total
amount applied for, 410.318 shares. The shares to be issued will be capitalized in the corporation's capital stock account by crediting the capital
stock account for the stated value of such shares ($16 2-3 per share) and
charging earned surplus with that amount plus an amount equal to the pro
rata share of surplus on the capital stock outstanding just prior to the
Issuance of the stock dividend, and by crediting the capital surplus account
with the balance.
Comparative Income Account Years Ended Dec. 31.
1929.
1928.
$3,278,914 $2,291,873
Gross profit (sales less cost ofsales)
690,829
General, administrative & miscellaneous expenses_ 1,047,055
371.681
579,857
Depreciation and obsolescence
128,979
296.180
Research expense
Earnings after depreciation
Other income
$1,355,821 $1.100,382
107,214
104,124
Total income
Bonet interest and discount
Other interest
Income taxes
$1,459,945 $1,207,596
120,674
111,102
6,850
26,698
131,760
176,848
Net earnings
651,145,297 a$948,312
125.604
c398,286
Shares outstanding Dec.31
$7.55
$2.88
Earnings per share
a Includes earnings for period from Nov.8 to Dec. 31 1928 of GraesserMonsanto Chemical Works, Ltd., the remaining 50% interest in which was
acquired Nov. 7 1928. b Includes 12 months earnings of Graesser-Monsanto Chemical Works, Ltd., earnings of Rubber Service Laboratories Co.,
(acquired June 30 1929) for the 6 months ended Dec. 31 1929 and earnings
of Merrimac Chemical Co.. Inc. (acquired Nov. 15 1929), for the period
from Nov. 16 1929 to Dec. 311929. c Includes the following shares issued
subsequent to tne 125,604 shares outstanding on the Dec. 31 1928 statement, 111 shares sold under stockholders subscription rights, 147,716
shares Issued under the 2 for 1 stock split-up, 21,494 shares issued as stock
dividends and 103,361 shares issued in connection with the acquisition of
other companies and businesses.
-V. 130. p. 1840.
-March Sales.Montgomery Ward & Co.
SalesMonth
First 3 months
-V. 130, p. 1663.
1928.
1929.
1930.
$20.632,071 $22,616,668 $17,800,945
57,369,069 59,400,774 45,576,495
-First Detroit Co.,
-Notes Offered.
Motor Bankers Corp.
Inc. are offering $500,000 coll. trust gold notes on a6% discount basis (net).
[VoL. 130.
-Earnings.
National Enameling & Stamping Co., Inc.
1926.
1927.
x1928.
x1029.
Calendar YearsSales billed to customers$12,548,257 $12,325.773 $23.373,718 $26,310,145.
sales,incl.selling,
Cost of
publicity & adm. exps. 11,542,112 11,385,354 20,283,020 22,517,726.
Profitsfrom operations $1,006,145
79,393
Income from invest
Profit on sale ofsecurities
$940,419 $3,090,698 $3,792,41%
2,678
103,121
297,324
170,874
$1,085.538 $1.237,743 $3,364,693 $3,795,097
Total income
Repairs, renewals and
1,605,762
1,536,123
445,347
383,685
maintenance
1,120,615
1,037,765
398,721
322,189
Depreciation
96,061
73,076
Increase in oper.reserves
37,710.
26,523
15,438
4,625
Bond interest
15,691
Cr33,143
interest (net)
Other
Provision for Federal
58,00041,590
income taxes
246,708
Strike expenses, &c__
$614,550
$724,349
$378,235
$333,539
Net income for year
700.000
700,000
231,224
Pref. stock divs. paid
155,918
155,918
Common dividends..
75,000
for conting
Provision
$24,349 det$85,45%
def$8,907
$102,620
Balance, surplus
2,579,177
2,473,162 2,482,068 2,481,765
Previous surplus
Dr11,962
Dr4,392
Surplus adjust
$2.473,162 $2,501,722 $2,481,765
$2,575,783
Surplus, Dec. 31
Shares corn. stock outy155,918
y155.918
155,918
155.918
standing (no par)
Nit
$0.15
$0.94
$2.14
Earnings per share
.
x Excluding Granite City Steel Co y Par $100.
Sheet Dec. 31.
Comparative Balance
1928.
.
1928.
1929.
g
$
Liabilities$
$
Assets-Common stock.....:15,591,800 15,591,800
Real estate, plant,
235,000
m. 5% bonds_
good-w111, &c.._ y13,245,063 13,002,020 1st
231,118 Acc'ts payable and
231,118
Investments
412,215
745,899
payrolls
3,916,255 3,413,498
Inventories
1.095
Accts. & notes rec. 1,021,482 1,048,243 Accrued interest130,580.
107,808
606,318 1,150,173 Prov. for taxes
Cash
41,279
117,472
Reserves
40,078
Deferred charges_ - 118,527
2,575,783 2,473,162
Surplus
19,138,763 18,885,132
Total
19,138,763 18,885,132
Total
depreciax Represented by 155,918 no par shares. y After reserve for
tion of 54,610,122.-V. 130, p. 298.
-New Members of Exec. Comm.
Steel Corp.
National
C.Williams.
C. A. Collins,President of the Hanna Furnace Co.,and John
the executive comPresident of the Weirton Steel Co., have been added toWeir (Chairman of
members of this committee are: E. T.
mittee. Other
and George
the Board), George Is. Humphrey (of the M. A. Hanna Co.),
Steel Corp. .)
R. Fink (President of National Steel Corp. and Great Lakes Cleveland to
Co. will move its headquarters from
The Hanna Furnace
Detroit, the Hanna Ore Co. remaining in Cleveland.
Earnings of National Steel Corp. were reliably reported as being as
good as they were in 1929, with general conditions in the steel industry
-V. 130, p. 987.
characterized as satisfactory.
-Jan. 21 1931. Notes
Dated March 19 1930: due serially July 1 1930
available in denom. of $1.000 and $5,000. payable at the office of the
Detroit & Security Triust Co., trustee. Detroit.
-Corporation was organized in 1919 for the purpose offinancing
Business.
the sale of automobiles on the deferred payment plan, and for the handling
of commercial paper, throughout Michigan. Company was organized
with a paid-in capital of $125,000, which has been increased to $2,170349
and shows surplus of $559,162 as of Feb. 28 1930. Company diversifies
its purchases of notes secured by Ford, Chevrolet, Hudson, Essex, Nash,
Chrysler, Pontiac, Oakland, DeSoto, Jordan, Packard and other cars,
-Annual Report.
National Supply Co.
with a 33 1-3% down payment and the balance in monthly payments not
Consolidated Income Account of Company and Subsidiaries.
exceeding 12 months.
1926.
1927.
1928.
1929.
-Notes are direct obligations of corporation, issued under an
Security.
Calendar Years510,327,550 $9,787,895 $9.142,489 810,678,364
indenture of trust to the Detroit 6z Security Trust Co.. trustee, and are Gross income
5,182,219 5,171,532 4,927,344 4.831.743
secured by 110% of purchase money obligations, secured in turn by motor Selling & general exp
cars, on which the payments have been at least 33 1-3%. The notes are
self-liquidating as the collateral matures serially to correspond with the
Net inc. from oper__ - $5,145,331 $4,616,362 54.215,145 85,846,621
886,371
681,906
1,003,785
826,695
maturity dates of the collateral trust notes.
Other income
-The net earnings of the company since its inception in April
Earnings.
65,972,026 85,620.147 54.897.051 $6,732,992
1919, totaled $1,625,684. or an average of approximately $161,358 per
Total income
703,816
719,486
901,822
annum. Net earnings, after operating expenses, insurance and all interest Depreciation
96.1,668
470,180
534,955
676,838
charges on outstanding collateral notes, for the year ended Dec. 31 1929. Interest, taxes, Ike_ _ _ 574,382
815,353
511.054
482,465
were $308.958.-V. 130. p. 1126.
520.390
Federal income tax
209,482*
350.000
120,412
Transfer to pension fund
131,431
-Acquisition.
Motor Wheel Corp.
Transfer to reserve funds
66.870
60,180
The corporation has acquired, through an exchange of stock, in excess Divs,ofsub.co
of 50,000 shares of trusteed common stock of the Cleveland Welding Co.,
$3,715,974 $3,371,739 82,781,555 $4,534,161
Net income
manufacturers of tire rims, &c. Approximate terms of exchange are under496,132'
495,957
493,112
271,533
7)
stood to be two shares of Motor Wheel for 33.6 shares of Cleveland Welding Preferred diva. (70
1,571,428
1,503,469'
2,100.000 2,078,576
diva. (cash)
Common
common stock, It is stated.
The capitalization of the Cleveland Welding Co. on Dec. 31 1929, con$714,170 $2,534,561
$800,051
$1,344,441
Balance,surplus
sisted of $250.000 1st mtge. 6% bonds, $1.500,000 7% preferred and
15,882,265 15,079,199 14,314,276 12.156,264
100,000 shares of no par common stock. Total assets were $2,884,065. Previous surplus
114,216
9,991
The Cleveland Welding Co. for the year ended Dec. 311929, earned net Fed, tax adjust -pr, yrs.
profit of $380,999, equal after preferred dividends to $2.75 a share earned Div.fr. pd.in sur. ofsub 1,089.370
on the common shares.
-V. 130, p. 1292.
$18,326,067 $15,993,466 815,028,446 814.690,825
Total surplus
125,000.
Transfer to pension fund
-To Be Sold.
Munyon Remedy Co.
50,752
111,200
251,549
By order of the Lackawanna County court, the equity receivers of the Miscell. adjustments_ _ - x489.662
company will offer for sale, April 11, on the company's premises, 1821
Prof.& loss surplus-- 317,836,405 $15,882,266 $15,079,199 $14,314,276
the accounts, inventories, trade rights,
No. Main St., Scranton,
265,900
300,000
265.900
300.000
Pa..
equipment, and other personal property of the concern. The receivers, Shs. com.outst.(par $50)
$9.59
$8.59
$15.19
$11.48
Earns. per eh. on com___
Clarence P. Wynne and Francis D. Mahon, reserve the right to reject
x Premium on capital stock purchased.
-V. 123.
any and all bids and to adjourn the sale as may seem desirable.
Comparative Balance Sheet December 31.
P. 334.
1929.
1928.
1928.
1929.
Liabilities$
$
-Sales Decline.
$
Assets$
National Bellas Hess Co., Inc.
,
1928.
1929.
1930.
Plant & equip- 9,890,818 9,661,898 Preferred stock, 3,087.600 6.353,300
3.535,655 2,279,751 Com.stk.(par$50)15.000.000 15,000,000
$5,842,208 $5,238,310 Cash
$3,293,091
Month of March
891,600 1,003,000
5.600,000 Und-ly.cap.oblig
8,051,323 11,211.172 10,365.197 Call loans
First 3 months
The statement by the company says figures for 1930 include sales in Notes receivable 2,164,203 2,523,318 Accts. payable__ 3.162,073 3,160,804
certain stores not forming part of the system last year. consequently, the 'Accts. rec____ 9,576,057 9,157,984 Accrued taxes,
wages.&c---100,580
119.350
actual comparative decrease is greater. The lateness of Easter this year Mdse.invent.- 15,350,145 13,908,718 Prov.for Fed. tax
520,390
1,601,004 1,274,220
482,465
has had a marked effect on March volume, but April should benefit, the Investments.,..
16.612 Maur. & pension
10,366
Deferred charges
-V. 130. P• 2041.
company stated.
fund reserve-- 1,529,600 1,331,949
Surplus
-Balance Sheet Dec. 31.
17,836,405 16,971,635
National Dairy Products Corp.
Total (ea. side) 42,128,246 44,422,503
1928.
z1929.
1928.
'1929.
-V. 129, p. 3336.
reserves.
x After deducting
Assets
889.511
Notes payable-- 1.055,999
Cash in banks
-Transfer of Properties.
National Theatres Corp.
and on hand_ 21,021,327 10,428,782 Accts. Pay. incl.
sundry,accrd_ 16,810,461 13,357,086
-V. 130. p. 1664.
Marketable see- 1,424,140 1,380,251
See Federal Theatres Co. above.
130,016
2,591
Divs.pay.& accr.
and accts.
Notes
.-Earnings.National Transit Co.(& Subs.')
receivable__ _ _ 16,973,439 14,546,647 Prov. for Fed.
1928.
1929.
1927.
Inventories - -- 10,510,906 9,500,524 Income tax_ _ _ 2,489,271 2,140,659
1926.
Calendar Years601,211 Rev,from pipe lines, &c_ $4,402.431 $3,418,712 $3,432,550 def$48,310.
452.999
Res,for contings
Miscell. supplies
% gold debs_ 47,918,000 47,582,000 Divs., int. & misc. inc.370.638
351,858
& repair parts 3,196,735
462.811
727,585
Bub. co. bonds
Receivable from
640,120 5,137,390
540,017 and mtges___
$4,754,289 $3,789,349 $3,895,360
employees ___ 1,142,594
Total
$679,275
359,152 Min. Int. In cap.
2,599.664
exp..deprec.,tax, &c 3,853,827
Life insurance__ 300,850
3,264.738
38,809
279,539 Op.
264,008
&surp. of sub.
Invests. & advs. 3,524,039 1,193,396
301,300 2,078,600
$900,462 $1.189.685
7.634 Pref. stk. of sub.
Sinking fund_
12,118
$630,622
Net income
$640,466
Class A pref. stk 6.680,400 6,924,400 Dividends paid
buildings.
(12%)763,512(68)4326,512 (8)509,035 (9)572,634
Land,
mach'y, &c_ x106,133.208 89,948,238 Class B pref. stk 4.995,000 5,000,000
Common stock_ y41,403,213 32.991,646
$136,950df$3.136,527
Balance, surplus
Prepd.taxes,ins.,
$121,587
867,832'
interest, &c__ 1,497,263 1,227,831 Capital surplus_ 27,225,296 5,112,984
Balance Sheet Dec. 31.
Gd-will purch'd_ 14,235,887 12.968,036 Earned surplus_ 29.733,849 19,875,468
1928.
1929.
1929.
1928.
LiabilitiesAssets
$
179,972,507 142,100,509
$
179,972,507142,100,509 Total
Total
Capital stock
plant &
6.362,500 6,362,500
depreciation. y Represented by Invest. In
x After deducting $33,601,423 for
84,060,867 83,640,769 Minority interest_
equip
850
850'
date to the
5.175,402 shares of no par value.z Giving effect as of that31 1929 and Res. fund invest _x6,027,946 6,016.403 Res. for ins., ann.
acquistion of companies held under firm contracts at Dec.
& casualties-. 1,771,815 1,910,198
Def. assets & un84,425 Other reserves_ - _- 1,822,505 1,903,375
24,614
since acquired.
adjusted debits_
Dec. 31 1929
501,816
777.693 Min. int. in surplus
Our usual comparative income account for the year ended
Cash
303
275
712,957 Surplus
3,129,598 2,992,648
Accts. & notes rec_ 519,975
was published in V. 130, p. 2224.
3,064,812 3,064,410 Current liabllitles_ 302,397
inventories
303,497'
-Larger Dividend.
National Screen Service Corp.
payable Res. for invent. &
of
Tot.(each side)_13,389,968 18,473,344
DP.810,063 Dr.823,313
bad debts
The directors have declared a quarterly dividendthe50c. a share, annua
$2
stock
July 1 to holders of record June 20. This placesp. 978. on a
x After reserves for depreciation of $8.307.778.-V. 129. p. 3336.
129,
-V.
bask compared with $1.60 previously.
APRIL 5 1930.]
FINANCIAL CHRONICLE
New England Fuel Oil Corp.
-Earnings.
Calendar YearsGross inc. (incl. sales
royalty oll)
Expenses and taxes
Net income
Dividends
1929.
1928.
$29,425
20,511
$36.741
27.648
$8,914
$9.093
25,000
1927.
583.796
34,989
1926.
$101.621
37,271
$48,806
50.000
Balance
$8.914 def515,907
def$1,194
Earns per sh. on 50.000
abs.(no par)
$0.16
$0.18 '
$0.97
x Including New England Fuel Oil Co. of Mass. from Jan. 1
Aug. 15 1929 and New England Fuel Oil Corp. from Aug. 16
Dec. 31 1929.-V. 129, p.1926.
$64,350
50,000
$14,350
$1.28
1929 to
1929 to
(J. J.) Newberry Co.
-Notes Offered.
-Guaranty Co. of
New York offered, April 3, $5,600,000 10
-year convertible
53% gold notes at 99 and int., to yield 5%%.
2405
Statement of Financial Condition as of Dec. 31 1929.
Assets
Liabilities
Cash
$49,449 Notes payable to bank
3800.000
Adv.to shippers accts. rec.. _x1,347,091 Vouchers payable
17,138
Adv. to shippers
accts. rec.
Miscellaneous_ _ _ .
10.230
(unsecured)
1,108 Res.for deprec. of fixed assets.
46,051
Miseell. accounts receivable
8,117 Res.for bad debts
7,032
Merchandise inventory
34,548 Miscellaneous reserves
4,212
Land, bldgs. equipment__ _ 7473,72I Res.for Fed,talon 1929 inc.._
17,397
Furs, fixtures, &c
20,720 Capital stock
z1,069,108
Prepaymerts sundry charges
25,736 Surplus
26,643
Accts. rec.(doubtful)
37,321
Total
$1,997,812
Total
$1,997,812
x Merchandise is held as collatera security thereto. y After deducting
mortgages payable of $517,000. z95,910 shares, no par value.
-V. 129.
P. 1756.
New River Co.
-161.50 Back Dividend.
-
The directors have declared a quarterly preferred dividend of $1.50 on
account of accumulations, payable May 1 to holders of record April 15.
Dated April 1930; due April 1 1940. Denom. $1,000
Interest
able (A.-0.) without deduction for normal Federal income tax up to pay- This represents the dividend due Nov. 1 1922. See also V. 130. p. 143.
c*.
2%.
Principal and int. payable at principal office of Guaranty Trust Co.,
New York. Red. all or part, at any time on 30 days notice at 103 and
New York Casualty Co.
-Smaller Dividend.
to and incl. April 1 1934 the premium decreasing % of 1% for each int.
The
year
or fraction thereof elapsed thereafter. Penn. four mill tax refundable. share, directors recently declared a quarterl. dividend of 50 cents per
payable March 31 to holders of record March 25. Previously, the
Guaranty Trust Co. of New York, trustee.
company paid quarterly dividends of $1 per share.
-V.128, p. 3844.
Data from Letter of J. J. Newberry, Pres. of the Company.
Company.-Incorp. in January 1923, in Delaware, succeeding a business
North American Trust Shares.
-Total Sales $60,341,000.
of the same name originally established in 1912 by the
Thomas F. Lee & Co.Inc., report total sales of North American Trust
founder, J.
Newberry. Company, directly or through wholly owned subsidiaries, J. Shares amounting to $60:341,000 as of April 1 1930,compared with 55.930.engaged in the business of retailing a wide variety of merchandise in is 000 on the same date last year.
-V. 130. p. 146.
the
price range of 5c. to $1. Starting with one store in 1912 the business
has
shown a steady growth and is now operating a chain of 290 stores, located
North Central Texas Oil Co., Inc.
-Earnings.
principally in the esat in the States of Maine, New Hampshire.
Massachusetts, New York, New Jersey and Pennsylvania and in the west in
Calendar Years1928.
1929.
1926.
1927.
the
States of California and Washington.
.Income from all sources_
$605,138
$532.707
$466.165
$527,245
91,515
110,623
114,452
112.388
Purpose.
-Proceeds are to be used for the retirement of indebtedness Oper.and gen.expenses_
Incurred in connection with the company's expansion program, for further
Net operating income_
$513,623
$422,083
$351,712
$414,857
expansion and for additional working capital.
Depletion & deprec
190,067
164,153
133,363
138.966
Provisions of Issue.
-Notes are to be direct obligations of company and
44,918
30,464
26,324
33,481
are to be issued under an indenture which will provide, among other things, Federal taxes
4,371
that company will not (a) mortgage or subject to lien or pledge any of its Development costs
Property without thereby securing these notes ratably and equally with any
NetIncome
$227,466
$278.638
5192.025
5238.039
and all obligations secured by such mortgage or lien or pledge, or (b) Preferred
dividends_ _ _ 65.000
27.397
Permit any subsidiary (as defined in indenture) to mortgage or subject Common
dividends
161.743
161,908
157.183
111.980
to lien or pledge any of its property, unless company and (or) another
subsidiary acquire all obligations secured thereby; provided that nothing
Surplus
$51,895
$38,161
$34.842
$126:059
shall prevent company or any subsidiary from (1) securing the purchase Shs. of
corn. stk. outPrice of any property hereafter acquired with a purchase money mortgage
standing (no par).268,900
270.000
266,346
248.848
or from assuming the payment of existing mortgages on property hereafter Earns.
per sh.on com.
$0.79
$0.75
$0.72
$0.96
acquired, (2) mortgaging specific contiguous parcels of real estate or
(3)
refunding any mortgage permitted by (1) or (2) above.
Comparative Balance Sheet Dec. 31.
Company will also covenant that so long as any of these notes are outAssets1928.
1928.
1929.
standing, neither it nor any subsidiary will create or incur any debt or Mineral rights &
Preferred stock- _ 5960,0 0 51.000,000
.
0
liabilities, direct or contingent, if thereupon tangible assets of the company
Common stock _ _ y2.023,168 2,031,440
leases (less res.
and its subsidiaries will be less than twice the amount of their total liabilifor depletion)_ _ _32,037,335 $2,072,174 Accts. payable. ___
8,844
9,437
ties, all as defined in the trust indenture.
30,464
44,918
Lease equip. (less
Federal inc. tax...._
Sales and Earnings.
res. for deprec.)_
16,250
21,130 Dividends payable
16,250
-Combined gross sales of the company and sub13,888
sidiaries in recent years and the number of stores operated have been as Furn., fist. & auto
Surplus
342,030
348,480
follows:
(less res.for dep.)
2,581
4,728
Cash & time dep.. 109,511
532.465
Calendar
Stores
Gross
Calendar
Stores
Gross
Time loans
Years.
300,000
1,000,000
Operated.
Sales.
Years.
Operated.
Sales.
297.942
95,000
1925
86
56,897,413 1928
210
$20,609,366 Securities owned...
Accts. receivable..
39,638
24,855
1926
112
9,985,073 1929
279
27.789.369 Deferredassets.... 116,935
Tot.(each side)-$3,402,253 $3.429.028
163,095
1927
•
•
3. Represented by 268,900 no par shares.
-V. 129. p. 3811.
Consolidated net earnings (exclusing non-recurring profits) of the company and subsidiaries after depreciation but before interest and Federal
Income tax, for the years 1927 to 1929 inclusive and as reported by the
Northern Illinois Coal Corp.
-Default.
companies for the prior two years, have shown a steady and uninterrupted
The Chicago "Journal of Commerce" says:
ncrease from $615,996 in 1925 to $2,089,199 in 1929.
with the appointment of the Chicago
The average of such net earnings for the 5 years amounted to 51,313.830 asIn connection the Garard Investment Trust, it wasTitle & Trust Co.
receiver for
learned that the
or more than 2% times annual interest charges on these notes and on out-year 1st mtge. 6% cony. notes,
standing mortgages and dividends on subsidiary company preferred stock. $4,000,000 Northern Illinois Coal Corp. 2 A very substantial portion of
due March 1
Such net earnings in 1929 amounted to more than 4 times such annual the defaulted last, have gone into default. Investment
notes IS owned by the Gerard
Trust, the default
charges.
thereby contributing directly to the receivership.
No allowance has been made in the foregoing ratios for any benefits from
The notes were issued by the Northern Illinois Coal Corp. in 1928 to
the additional funds for expansion being provided by this financing.
refund all maturing mortgage indebtedness of the company and to provide
Equity.
-Company has outstanding $5,000.000 7% cumulative preferred for the completion of a two-unit development in Will and Gundy Counties.
stock and 395.314 shares of common stock which, at present quoted prices, Ill. No earnings report has been issued by the company.
have an indicated market value of more than $22,000,000.
Another factor contributing to the financial difficulties of the Gerard
Listing.
-Application will be made to list these notes and the common Investment Trust was the practice of making good on defaulted real estate
bonds. No figures are available regarding the amount of such defaults.
stock on the New York Stock Exchange.
but based on the experiences of other houses which have had similar
' Earnings for Calendar Years.
difficulties, the volume of the losses from that source could have easily
1928.
1929.
1927.
run into a large figure.
1926.
Number of stores
210
279
151
121
Sales
$27.789,369 $20,609,366 $15,069,159 $9,985,074
-Shipments, &c. InOhio Brass Co., Mansfield, 0.
Net income before taxes_ 1.893,207
1,691,537
1,229,864
886.763
Federal and State taxes_
198,284
195,531
165,616
124,565 crease.
Interest
36,312
103,428
43,645
The company reports a 5% increase in receipts including those of its
subsidiaries, the Ohio Insulator Co. and the Canadian Ohio Brass Co.,
Net income
51.594,247 51.456,941 $1,020,603
$762,197 Ltd., for January and February 1930 as compared to the same period of
Preferred dividends.. _
350,000
350,000
242,553
131.784 1929, its record year, and 14.4% increase over the same months of 1928.
Common dividends
142,242
421,947
Likewise shipments for the first two months of 1930 show a 5.4% increase
over the same period of 1929, and 4.7% increase over 1928.--V. 130. P.
Balance, surplus
$822,300
$964,700
$778,050
$630,414 1476.
Shares of common outstanding (no Par)---239.620
395,314
213,200
206,000
Ohio Oil Co.
-Annual Report.
Earns, per sh. on corn
$4.62
$.15
$3.65
$3.06
Calendar Years1926.
1928.
1927.
1929.
Consolidated Balance Sheet as at Dec. 31 1929.
Net earnings
1517.094.548
Not
$13,451,381 55.407,6101
(Adjusted to give effect to present financing.)
Federal taxes
352.6551 Available 1 3.557,644
1,103.732
AssetsLiabilities- .
Property & equipment
$13,547,367 Accts. payable, bonuses, int..
Net income
$12,347,649 $5,054,956 $3.510.372 $13.536,904
Cash reserve for exp. program 1,750,000
etc
3703,676 Dividends
7,865,119
8,377,086
6.563,441
4.786.630
Cash
951,705 Prov. for Federal tax
204,516
Misc. claims & accts. rec._ __
25.141 Sub. co. pref. div. pay
17,165
Surplus
$268,326d1$4.354,747 $5,159.818
55,784.208
Inventories
6,225,828 Deferred Income
5,893 Earns, per sh. on 2.400,Empl. notes receivable
35,091 Pur, money mtgs on real est. 2,594,000
000 shs. cap. stk. (par
7.990 Gem..804% gold notes
Invest. In co.'s own stock__5,000,000
$25)
$5.14
$1.46
$2.10
OA*
Invest. In other cos
16,026 804% cum. pref. series A..... 1,000,000
1.021,602 6% cum. pref. series B
Prepaid exp. & def. charges
Balance Sheet December 31.
61,000
7% pref. stock
5,000,000
1929.
1928.
1928.
1929.
Corn. (no par)
25,208.572
Assets-Liabilities$
$
$
$
Surplus
3,785,928 Plant
42,653,516 36,558,119 Capital stock _ -- 60,000,000 60,000, 0
Cash
..
1.376.832
917.498 Notes & aceta.
Total
$23.580,750
Total
$23,580,750 Notes & accts.
2,719,109 1,732,051
payable
x Represented by 395,314 (no par) shares.
receivable_ _ _
-V. 130, p. 1841.
. 4,962,411
5,387,345 Unadj. credits
150,763
209,060
Inventories _ _
.
30,062,950 30,801,810 Tax.liability _. 2,090,313 1,279,556
-Omits Div.
New York Auction Co., Inc.
881,918
-Earns. &c.- Investments _ -- 31,068,127 29,169,222 Min. int. In subs 345.381
45,299,670 40,661.818
539,697 1,374,111 Surplus
The directors have voted to omit the quarterly dividend of 37% cents Unadjust. debits
7
ordinarily payable March 15 on the class A stock. This rate had been
Total
Total
110,663,533 104,206.106
110,663.583 104,206.10$
paid since and incl. March 15 1926.
-V. 130. p. 1684.
Income Account for Year Ended Dec. 31 1929.
Income from operations
Oil Shares, Inc.
Gross earnings., commissions, auction fees and lot charges
-Portfolio Value Higher.
$536,352
Income from interest, packing charges, &c
Following the quarterly meeting of the directors at which the regular
63,462
dividend of 75 cents a share on the preferred stock was declared, payable
Total income from operations
$599,814 April 15 to holders of record April 5, President F. DeC. Sullivan made the
Operating expenses
-Selling expenses
82,560 following statement:
Administrative and general expenses
"The improvement in portfolio value of the holdings of 011 Shares Inc.
326,091
Miscellaneous charges against income
35,514 during March was more than $1,500.000 while the per unit value of Oil
Less: Provision for Federal income tax
Shares stocks increased during the month from $54.03 to $63. or approxi17,397
Four quarterly dividends of 37%c. per share
143,865 mately $9 per unit." The corporation owns securities of more than150
leading petroleum companies.
-V. 130. P. 1841.
Loss for the period
$5,616
Surplus, Jan. 1 1929, $54.596; less: sundry adjustments, net,
Outboard Motors Corp.
-Earnings.
$22,336; surplus Jan. 1 1929. adjusted
The company reports for the nine months ended Dec. 31, net income of
32,259
$244.343 after al..charges and Federal taxes, equal after dividends on class
Surplus. Dec. 31 1929
$26,643 "A" stock to 51 cents a share on the 160,000 outstanding "B" shares.
Earnings per share (on 95,910 shares of no par value)
$1.44 V. 129. p. 1138.
[VOL. 130.
FINANCIAL CHRONICLE
2406
-Earnings.
Paragon Refining Co., Toledo, Ohio.
-Earnings.
Oil Well Supply Co.
1926.
1927.
1928.
1929.
Years End. Dec. 31$14,392,409 $9,899,633 $7,979,798 38,891,809
Net sales
8.687,862
7,495,674
8,949,534
13,604,098
Oper. & gen. expenses
1929.
Calendar YearsGross profit from oper-- $6,400,325
Selling,adm.& gen. exp. 4.333,526
1926.
1927.
1028.
34.989.798 85,384,764 $6,921,027
4,248,072
4,328,703
4,346,562
$2,066,799
400,959
$643,236 $1,056,061 $2,672,955
313,814
211,225
217.524
Operating profit
Other income
8950.099
294,417
8484,123
236,550
$203,946
179,853
$2,467,756
Total income
613,662
Depreciation
4,215
Sat, disc. & misc
Pray,for Fed. inc. tax_
68,647
Loss on sale ofcap.assets
508.742
Prey,for bad debts
200,000
Prov,for obsol.stk. 1929
3,525,516
Extra.charges
$860,760 $1,267,286 82,986,769
452,841
497,906
562,733
170.201
196,142
19,200
318,500
82,735
$1.038,802 $1,244,516
Total income
460,430
441,299
Depreciation
179,960
Interest
40.527
51.724
Loss on sale of assets, &c
88,883
Prov.for Federal taxes
8720,674
384,961
23,885
$383,799
311,648
36,680
.def$2,453.025
Net income
451,736
Preferred dividends_ -- Common dividends
15,069
Subs.pref. diva
8278,827
462,542
187,744
Net profit from oper
Other Income
Net profit
Class A dividends
$490,502 $2,045,227
605.150
472,500
650,000
711.873
Balance, surplus- def$2,919,830 def$371,459 def$693.871
366 567
395,625
Shs.ofcom.outst.(par$25) 395,625
$0.04
Nil
Nil
Earns per sh. on corn_ _ _
-V.130, p. 147.
-Earnings.
Otis Steel Co.
1929.
Calendar Years$6,643.427
Mfg. profit
724,226
Sell. gen & admin. esp.-
1928.
$6,286,482
673,542
$790.077
325.000
34.80
1926.
1927.
913,727,479 $4,022,781
627,004
665,979
Operating profits
Depreciation
$5.919.201 $5,612,940 $3,061,500 $3.395.777
720.000
720,000
864,000
864,000
Operating profit
Other income
85.055,200 84,748,940 82,341,500 82.675,777
37,65e
46,793
Dr151,248 Dr144.182
Gross profit
Other deductions
Pray. tor est. Fed. tax
84,903.953 84,604,757 $2,388,293 82.713.430
766,121
785,413
768,776
751,263
40,000
220.000
465,000
465,000
Net income
Pref. divs
Common diva
$3,687,690 $3,370,982 $1,382,880 $1,907,315
398,431
819,582
821,108
818.713
1,051.261
8563,298 81,508,884
$1,817,716 $2.549,874
Balance surplus
Profit and loss surplus
$7,722.843 $5,905,129 $3,352,843 $2,583,128
746,802
741.802
807,002
841.002
Shs.com.stk.out(no par)
$1.46
$0.75
$3,15
$3.41
Earns, per share
December 31.
Balance Sheet
1928.
1929.
1928.
1929.
,
Assets
66,601 Pr. prerce--stk. 11,531,625 11,731,417
42,372
Cash
Pref.-7% cum.
Ctts. of deposit &
1,600
stk
3,740,458
2,923,089
accrued int_
312,507 Common stock_ y4,205,010 4.035,010
11.S.Govern.sec. 1,068,636
2,497 1st mtge.gd. bds 11,580,000 12,000.000
Notes receivable
1,233,433 2,089,648
1,698,235 Acc'ts payable
1,058,281
Accounts me
7,936,513 6,000,435 Accrd Fed. &
Inventory
c'ty taxes, bd.
407,608
Elerles"A"6% bds. 275,000
1,250,319
1,272,286
int., &c
Invest. in & adv.
886,185
1,145,446
1,044,459 Total reserves
987,669
to other cos..
Capital surplus_ 3.941,653 3,733,783
Miscall. accts. &
100,661 Res, for exch. of
90,979
other assets- outstand. pref.
Real est., plant
stk, for prior
& equipment.x27,489,716 27,344.911
532
pref. stock_
Disc.& exp.on let
795,877 Prof. & loss surp 7,722,843 5,605,127
730,462
mtge.gold bds
Prior pref, stock
15,039
5.036
Issue expenses
Unexpired Ins.
Total(ea.side) 42,632,295 41,633,620
14,333
24,537
prem.,&o__
x After depredation of 810,157.187. y Represented by 841,002 no par
ihares.-V. 129. p. 2698.
-Earnings.
Packard Motor Car Co.
Earnings for Four Months Ended Dec. 31 1929.
Sales
Costs
Expenses
$27,733,638
20,674,176
1,683,876
Balance
Other income
$5.375,586
500,103
Total income
Depreciation
Federal taxes
85,875,689
990.232
579,105
Net profit
Net profit from subsidiaries, &c
$4,306,352
418,819
34.725.171
Total net income
$0.31
Earns, per share on 15,000,000 slis. cap.stk. outstanding (no par)
Alvan Macauley, President, says in part: "Contrary to the experience
companies following the stock market crash in October 1929, our
of many
date.
operations have been profitable during each subsequent month, and toreces• 'The industry has suffered, as is well known, from the business more
fall. The volume of our business has declined
sion that started last
or less in line with the general depression. Yet it is very clear that we
have somewhat more than held our own in the volume of business that
has been available.
"The inventory of raw materials, work in progress, &c., is $3,542,191
less than at close of the last fiscal year. This is due partly to increased
efficiency but chiefly to our production program having been curtailed
in line with the general recession of business.
"Our strong cash position is reflected in the balance of 817.910,361,
comprised of cash on hand and in banks, United States Government
securities, and municipal and State bonds.
"Wo have begun the production and manufacture of our oil burning
Diesel-type radial aviation engines. They now can be purchased freely
by any one desiring them.
"We are engaged now in developing a more modern type of marine
motor of the Diesel principle, and embodying the important features
which we have developed and perfected in connection with our Diesel-type
aviation engine. We hope to be ready to market a popular size of these
marine motors during this calendar year.
Comparative Balance Sheet.
Dec. 31 '29 Aug. 31'29
Dec. 31 '29 Aug. 3129
$
$
LiabilitiesAssets$
5
Capital stock __ _y50.000,000 50,000,000
Property account x37,870,254 36,390,415
1 Accts. pay., &c.-- 4,251,542 7,117,521)
1
Rights.fran., &c....
Mtge.& land contr 2,526,951 2,578,190 Federal tax reserve 3,236,079 3,435,069
13,624,228 13,237,908 MIscell. liabilities_ 1.073,683 1,368,044
Inventories
Accts. receivable.. 1,866,140 3,300,277 Dividends payable 3,750,000
893,059
Reserves
Def'd notes & bills
15,584,419 z19106,349
receivable
4,679,253 3,952,456 Surplus
Miscell. securities_ 6,150,648 6,289,026
Govt.seourities___ 7,309,671 7.598,703
4,450,240 7,324,611
Cash
Tot.(each side)_78,788,782 81,026,991
355,404
Deferred charges
311,396
x After depreciation. y Rperesented by 15.000,000 no par saares.
z After transferring 820,000.000 from surplus to capital on account of
-up.
-V. 129. P. 3977,
stock split
Palmer Corp. of Louisiana.-Earning8.12 Months Ended Nov.30Gross earnings,incl. other income
Operating expenses,incl.taxes
Earns.avail.for Int.,res.& cap.extinguishments
Combined annual interest & principal payments..- -V.128. 13• 26 .
46
8788,311
250,491
1928.
1929.
$1,958,181 $1,322,138
744,195
777,932
1,180,249
550,000
577,943
$365,818
123,777
$654,675
$311,827
$35,471
Balance, surplus
-V.129, p. 1927
$242,041
$654,875
$311,827
$35,471
-Earnings.
Passwall Corp.
Net income for the March quarter, after charges, including taxes,
amounted to $189,350, or sufficient to cover the full year's dividend requirements of $187,098 on the $3 cony. pref. stock outstanding. The balance
available for the common stock after providing for the quarters' requirements to cover pref. dividends, was equivalent to 79 cents a share on the
-V. 130, p. 2041.
180,033 shares of common stock outstanding.
-$2 Preferred Dividend.
Peabody Coal Co.
The directors have declared a dividend of $2 a share on the 6% pref.
stock,covering the period from Jan. 1 to April 20,Payable May 1 to holders
ofrecord April 15. A distribution oflike amount was made on Jan. Mast.
V. 130, p. 147.
-Rights -Par Changed.
Peerless Motor Car Corp.
The stockholders on April 1 (a) voted to change the date of the annual
meeting from the first Tuesday in April to the fourth Tuesday in January;
(b) authorized the issuance of certificates of stock of a par value of $10
share for share, in exchange for and in lieu of the existing certificate of
stock with 850 par value, thus decreasing the actually issued and outstanding stock of the corporation by reducing the par value of the shares:
(c) approved the offering of stock to stockholders, pursuant to the plan of
organization (see below); (d) authorized the underwriting of said stock
offering: (e) authorized contracts with executive officers, including options
on not more than 25% of capital stock at the time outstanding, at prices
not less than $8 per share.
Plan of Reorganization.
This corporation, a Virginia corporation, having an authorized capital
of 400.000 shares of stock, par $50 per share, of which there have been
issued and are now outstanding 268,589 shares of which 10.000 shares
are in the treasury of the corporation, is to be reorganized and recapitalized.
as follows'
-The certificate of incorporation is to be amended so as to provide
1.
for a capitalization of $7,500,000, consisting of 750.000 shares of stock,
par $10 per share.
-New certificates of stock of such par value of $10 per share are to be
2.
Issued to the stockholders of the corporation in exchange for the present
outstanding stock (other than treasury stock), in the ratio of share for share.
-Additional stock is to be offered to stockholders for subscription at 88
3.
per share. Warrants ev dencing such rights to subscribe for one additional
share for each share held, are to be issued to stockholders of record after
such adjustment of capital shall become effective, and are to be exercisable
for a period of at least 20 days. Such warrants shall be in the usual form
and shall be assignable.
-The offering of additional stock to stockholders Is to be underwritten.
4.
the obligation of the underwriters therefor to be in the aggregate of $1.000.000. Such underwriters are to have the option to subscribe to all stock
unsubscribed and/or unpaid for by the stockholders, a $8 per share, for a
period of 30 days after the termination of the offer to stockholders. Such
underwriters are to receive a commission of 40 cents a share on the stock
underwritten and/or purchased and reimbursement for legal and other
expenses.
-The corporation Is to make application for the listing of all such stock
5.
-V.130, p. 2044.
with the New York Stock Exchange.
Pennsylvania Co.for Insurances on Lives & Granting
-Goldman Sachs Trading Corp. Acquires Interest.
Annuities.
Announcement was recently made by the Goldman Sachs Trading Corp.
that it will hold an important interest in the Pennsylvania Co.for Insurances
on Lives and Granting Annuities after the merger of the Pennsylvania
company with the Colonial Trust Co.,in which the Trading corporation has
retained its original substantial investment. Henry S. Bowers, a partner
of Goldman, Sachs & Co.. who was recently elected to the board of directors
of the Pennsylvania company, will represent the interest of the Goldman,
-V. 130, p. 1127.
Sachs Trading Corp. in the management of the bank.
-Earnings.
Phelps-Dodge Corp.
(Including Operations of Subsidiary Companies Owned.)
1926.
1927.
1928.
1929.
Calendar YearsGrossincome
840,060,524 847,230,068 532,985,490 538,424,039
Cost of fuel, metal &
27,763,755 34,764,539 27.455,027 31,175,849
merchandise
1,906,881
2.388,077
2,378,522
1.755.176
Depredation of plants
Res,for taxes
940,380
6,395,765
5,817,264
4,822,680
4,229,590
Depletion of mines
Net profit
Dividends
Total deficit
Res.for conting
Balance,forward
85.371,622 53,681,686 loss 51,199,099 loss $947,598
y5.750,000(7%)4000000(6)3.000,000(534)2750000
$318,314 84,199,099 83,697,597
5378.378
1,350,000
68,219,842 68,538,157 74,087,255 77,784,852
Profit & loss surplus- 467,841.464 868,219,842 $68,538,157 $74,087,255
Shs, cap. stk. outstandx500,000
x500,000
ing (par $25)
2,000,000
x500.000
$7.36
Nil
Earns, per share
$2.68
Nil
x Par $100. y Paid
% on old capitalization and 9% on new capitalizdon.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
Liabilities
AssetsMines & claims_159,801,108 159,953,514 Capital stock_ 350,000,000 y50,000,000
Bldgs. & plants- 40,159,892 38,876,417 Accts. payable_ 4,159,646 5,579,464
1,743,725 Divs. payable_ - 1,500,000
1,250,000
Inventories- -- 1,871,978
1,013,834 Deprec.& dente.
Investments __
4,310,132
reserve
119,424,927 112,165,298
Merchandise
1). M. Co.)._ 1,043,904
67,841,464 68,219.842
1,080,136 Surplus
Metals & ores on
hand
14,086,156 3,759,734
1,373.496
M'ketable secur 6,084,514
Accts. recelv
3,288,917 10,015,482
Cash
11,525,873 17,244,390
M'k'ble sec.held
540,190
against res
540,190
Stripp'g & prep.
1,613,685
expenses
Tot.(ea.side)242.926,038 237,214,605
Deferred expend
213,371
x Par $25. y Par 8100.-V. 129, P. 1458.
(P.
-Rights.
Pickwick Corp., San Francisco.
Inasmuch as the usual five day's notice of rights was not given the
Los Angeles Stock Exchange, the corporation recently agreed to extend
rights to purchase stock which accrued to holders of record March 19 to
all purchasers of Pickwick common stock on the Exchange who had their
stock transferred on or before March 28.
This did not rescind the rights received as of record March 19. but
added new ones for new stockholders. The common, therefore, sold exrights as regards purchasers on the Exchange on March 28.
The rights entitle record holders to buy one share of 7%, pref, stock with
common stock purchase warrants attached at $10 a share for each six
shares of preferred and for common stock held. Warrants entitle the
purchase of one common share at $10 until May 11931, or at $18.50. from
APRIL 5 1930.]
FINANCIAL CHRONICLE
2407
May 1 1931, to May 1 1932, or at $11.50 from
May 1 1932, to May 1 1934.
-1/. 130, p. 478.
Consolidated Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets
Cash
812,843
_x10,000.000
declared an extra dividend of 25c. a share and the Accts.rec., other 1.170.881 1,646.291 Preferred stock_ .10.000.000 10,000,000
1,276.485 Common stoat_
10,000,000
regular quarterly dividend of 25c. a share on the common stock,
both Marketable see. &
Accts. payable___ 288,984
322,051
payable Aprll 15 to holders of
Like amounts were paid
accrued hit
2,854,601 3.357,344 Accrued PaYrell
on Jan. 15 last. A dividend of $1record April 7. on Oct.
a share was paid
15 1929.-V. 129. Deferred Habil_
525.000 other creel. exps_
29.132
93,886
p. 3487.
Inventories
2,524,612 2,088,821 Prey, for Fed. inc.
Notes receivable- 209,655
tax
6,518
Pocasset Mfg. Co., Fall River, Mass.
406,769
-Sate.
Misc.invest
618,461
875.854 Reserves
767,191
699,198
See Drug, Inc., above.
-V. 124, p. 2921.
Land,bldg., mach.
Minority lilt. in
& equip
71,496.580 1,529.404
sub. company_
24,323
Polymet Mfg. Corp.
-Co-transfer Agent.
Trade mks., pats.
Surplus for dove_ _16,762.872 12,470,950
The Bank of America N. A. has been appointed co-transfer
agent of
& good-will_ __ _18,120,600 17,938.153 Unreserved surplus J
15,432,371
300,000 shares of capital stock.
-V. 130. P. 1842.
Deferred charges46,461
212.145
Pittsburgh Steel Foundry Corp.
-Extra Dividend.
The directors have
Prudential Investors, Inc.
-Holdings Gain in Market
Value.
The liquidating value of the holdings
John C. Maxwell, has increased to moreof the company according to Pres.
than
shares of common stock outstanding, which $25 per share for the 750.000
compares with 221.42 as of
Dec. 31 1929. On that date the company had invested
$16,214,789 and
had in cash, call loans and advances $2,909,295.
Among the investments of the company which a total of $19,124,084.
have appreciated substantially since the beginning of the year are American Power
American Superpower, Electric Bond & Share, Electric Power & Light,
& Light,
General Electric, Mississippi River
Service Corp. of N. J. and Stone &Fuel. National Power & Light, Public
include Canadian Pacific, ChesapeakeWebster. Inc. Railroad investments
the bank holdings of the company are& Ohio and Union Pacific,and among
Chase National, Bankers Trust and
Central Hanover.
-V. 130. p. 478.
Public Industrials Corp.
-New Director.
-
O. H. Hathaway, Vice-President of H. W. Briggs & Co., Inc.,
has been
elected to the board of directors.
-V.129,P. 3647.
Punta Alegre Sugar Co.
-May Reorganize.
-Defaults
Interest on 6% Notes.
-
Total
27,854.698 29,449,499
Total
27,854,098 29,449,499
x Represented by 800,000 no par shares. y After depreciation of 21.206.697.-V. 129, p. 1459.
Royal Dutch Co.
-Offering in Holland Over-Subscribed.
The banking syndicate headed by Mendelssohn & Co. and Naderlandsche Handel Maatschappij, which recently offered a portion of the
$40,000,000 debenture issue in Holland, has cabled the American banking
group, headed by Dillon, Read & Co., that the offering in that country
was many times over-subscribed.
-V. 130, p. 2043.
Rossia International Corp., Hartford.
-Organized.
-
See Rossia Insurance Co.of America above.
Rossia Insurance Co. of America.
-Organizes Securities
Co.
-Rights, &c.
-B. N. Carvalho, 1st Vice-President,
March 28, in a letter to the stockholders, says:
This company has caused to be organized in Connecticut, a new corporation known as the Rentals International Corp. with an authorized capital
of
1,000,000 shares
President Wm. C. Douglas states that at a meeting of the directors, to International of no par value. The Insurance company has transferred
for a consideration of 750,000 shares of International,
it was decided that in view of the critical conditions prevailing
in the shares of various domestic and foreign insurance companies owned by Rossi&
Cuban sugar industry, the amount of bank indebtedness of the company's of an aggregate
at book or cost of approximately $7,075,000, as shown
subsidiaries, guaranteed by the company, and the general financial con- below, and/or value and
cash
marketable securities. The shares of stock of
dition of the company, the interest due April 1 1930 on the company's Insurance companies
so transferred to International are as follows:
6% gold notes should not be paid at such time, and that the directors had
appointed a committee consisting of E. V. It. Thayer. R. F. Hoyt and
Book Value or Cosi
Shares.
Company.
W. C. Douglas to formulate and submit to security holders
to Rossia Ins. Co.
creditors
of the company, a plan for reorganization of the company andthe read- 80,000 The First Reinsurance Co.of Hartford
or
11.026 Assecuranz-Union von 1865(Insurance Union of 1865)-..$1.920,000
justment of its finances.
-V. 130, p. 302.
550,370
7,500 shares nominal 200 Rm.fully paid
Pure Oil Co.
3,526 shares nominal 200 Rm.50% paid in
-Subs. Makes Contract.
48.970 Germania von 1922(Germania Life Insurance Co.)
The Pure Van Pipe Line Co., a subsidiary, has contracted with
2,450 shares nominal 20 Rm.fully paid
Derweld Steel Co. of Glassport, Pa., for 375 miles of "Copperwethe Copld" tele40,070 shares nominal 100 Rm. 25% paid in
phone wire for installation in the new Van, Texas, field where the'Pure
6,450 shares nominal 20 Rm. 25% paid in
OH Co. has large interests -V. 130. p. 2042.
44,806 Germania Allgemeine Versicherungs A. G.Zu Stettin_
Railroad Shares Corp.
(Germania General Insurance Co., Ltd., of Stettin)
-Earnings.
3,695 shares aominal 20 Rm. fully paid
The corporation reports net gain to date after Federal taxes and expenses
3,101,885
8.854 shares nominal 100 Rm.fully paid
$295,943 and for 3 months period from Dec. 17 1929 to March 22 1930,
32,257 shares nominal 100 Rm.25% paid in
both inclusive, before dividends 2159,156. Liquidating value per share
18,376 Germania Unfelt & Haftpflicht Versicherungs A. G. Zu
March 22 after deducting dividend paid March 15 is $9.68.-V. 130.
P.2227.
Stettin (Germania Accident & Liability Insurance Co.)
Reliance International Corp.
273 shares nominal 20 Rm.fully paid
-Rights, &C.
16,906 shares niminal 100 Rm. 27% paid in
Holders of units are being offered the privilege
subscribing for class A
1,197 shares niminal 20 Rm. 27% paid in
common stock at $15 per share in the ratio of four of
shares of class A common
1,755 L'Oceanide Cie Francaise D'Assurance et de Reassurance
stock for each five units held. This offering is being made by
Ames,
(The Oceanid° French Insurance & Reinsurance Co.) s 137.357
Emerich & Co., Inc., F. A. Willard & Co., and Estabrook &
Co. and will
1,750 shares series N nominal 500 frs. 50% paid in
expire April 14 1930.
5 shares series A nominal 500 frs. 50% paid in
The corporation is affiliated with and managed by the Reliance
4.140 Societe Anonym° de Reassurances (The Fire Reassuranc
Management Corp. and commenced business in Sept. 1929. Total funds
e
Co. of Parts)
paid into the corporation during Sept. and Oct. 1929, less organizatio
1,291,402
n
4,000 shares nominal 1.000 frs. series N fully paid
expense, amounted to $17,966,033. As of March 24 1930, the net assets
140 shares nominal 1,000 frs. series A fully paid
of the corporation, taking investments at market value were reported
at
700 American Reserve Insurance Co
approximately $18,129,000. The liquidating value of the outstanding
28,700
500 Fire Association of Philadelphia
class A common stock as of March 24. was stated to be $13.84 per share,
15.000
14 La Reassurance Nouvelle Compagnie de Reassurance
which compares with a paid-in value of 213.50 The net assets of the
s et
de Coassurances (New Reassurance. Reinsurance & Cocorporation as of the same date available to satisfy this liquidating value.
insurance Co.)
amounted to $15.92 per share of class A common stock.
2.768
nominal 1,500 frs. fully paid
The Reliance Management Corp. and the bankers have each agreed
340 National Fire Insurance Co
to purchase one share of class B commons tock for each two shares
17.000
of
100 Northwestern National Insurance Co
class A common stock subscribed for by stockholders, at 21.50 per share
10,200
or substantially in excess of current Ifequidating value.
Total
The corporation's invsetment portfolio as of March 24 1930 contained
$7,074,682
The Rossia Ins. Co. now offers pro-rata to its stockholder
over 185 differnt securities. The assets of the corporation consisted
s of record
following: Caah, call loans and accrued interest receivable 6.81%; of the April 7 1930, the right to subscribe to 450.000 shares of such International
bonds stock thus acquired by it at $10
20.57%; preferred stocks 9.50%; domestic common stocks
per share in the proportion of 114 shares
common stocks 3.10%. These figures do not give effect 60.02%; foreign of International stock for each one (1)share of Rossia Ins. Co.stock. The
mitments for the purchase of securities not yet delivered to certain com- latter will retain for its investment account not less than 300.000 shares
or
40% of the total stock of International outstanding. The
The total list of the securities owned by
corporation
was included in the letter of the bankersthe the holders as of March 24, authorized capital of International, 1. e., 250,000 shares, balance of the
to
of
will not now be
stated that there are over 4,300 holders of the corporation' units. It is Issued but will be reserved for future issue for cash or
s units which tional shares of
exchange for addihave been distributed nationally
insurance company stocks for investment as favorable
opportunities may arise for such acquisitions.
The class A common stock (no par value) has been listed on
the Chicago
The right to subscribe will expire on April 28 1930.
Stock Exchange.
-V.130. P. 16615
The subscription price of 210 per share may be paid under any one
.
of the
plans: (a) $10
Richfield Oil Co. of California.
-Asphalt Deliveries- following $2.50 per shareper share with subscription on or before April 28
.
1930; (b)
with
The company is making deliveries of asphalt for the paving
of 1.250.000 $7.57 per share on July 15 1930subscription on or before April 28 1.930, and
square feet of new roads in Los Angeles and vicinity. 750.000
feet is being with subscription on or before(which includes interest);(c) $2.50 Per share
used in resurfacing and widening Riverside Drive in Los
April
Angeles to a width 1930, and $5.12 per share on Oct. 28 1930, $2.50 per share on July 15
of 40 feet for a distance of approximate 334 miles, the
work being done $2.50 per share with subscriptio 15 1930 (which includes interest): (d)
ly
by the George R. Curtis Paving Company, under the direction
n on or
of J. J. share on July 15 1930, 22.50 per share on before April 28 1930. $2.50 per
Jessup, City Engineer of Los Angeles. Asphalt for
Oct. 15 1930, and $2.64 per share
500.000
is being furnished to the Griffith Company for road work in square feet on Dec. 15 1930 (which includes interest). Payments on account of subAzusa, Calif. scriptions will be received at the office
J. R. Keane, manager of Richfield's asphalt department
of Rossia Insurance Co. of America.
and President 115 Broad St., Hartford. Conn.
of the Western Asphalt Paving Association, stated that it
of the association that the current year will see record use is the belief
Purpose of Plan.
-The organization of the Rossia International Corp. by
of asphalt for Rossia
paving purposes on the Pacific Coast. This will be
Insurance Co. of America is an important
to the popularity of the now type of non-skid asphalt due to a large extent, of a carefully planned policy of future expansion step in the development
paving being generally
for the latter. Some years
laid throughout the Pacific Coast -V. 130. p. 2228.
ago in order to enlarge the reinsurance facilities which
it could offer to
companies or groups writing both fire and casualty insurance
Rossia purRitter Dental Mfg. Co., Inc.
chased the entire capital stock of The First Reinsurance
-Regular Dividend.
00. of Hartford;
The directors have declared the regular quarterly dividend of one of the oldest casualty reinsurance companies
in the United States.
6234 cents Last year Rossia
per share. payable April 1 to holders of record March 20.
acquired more than 20% of the stock
An extra dis- ance Co.
tribution of 50 cents per share was made on Jan. 1 last.
of Paris, one of the oldest and strongest fire of the Fire Reassur-V.129, p. 3978. In
France, with assets of over $7,000,000 and closelyinsurance companies
affiliated for many
Royal Baking Powder Co.
years in its business relations with Bowie's
-Earnings.
management. At about the
same time Rossia acquired approximately 21% of
Calendar Years1928.
1929.
the outstanding capital of
1926.
Gross profit
Insurance Union of 1865. a large German company
960 $4.845.395 $4.92 ..459 $4,775,449
1 31
9 7
with assets of over
Sell.gen.& admin.exp-- $3
3,702,772 3.970.486 $7.000,000 located in Hamburg. Since January 1930, Roasts has Purchased
3, 4 :338 3.680,541
3H
26
more than 85% of the capital stock of each
known as the Germania group, consisting of of three German companies
Net operating income_
$92,621 $1,164,854 $1,228,686
a life insurance company
$804.962 over $100,000,00
Divs.on sub.shares (sold
0 life insurance in force, a fire insurance company with
and a
casualty insurance company. These companies
after June 30 len for
groups or fleets in Germany having total assets form one of the largest
approx.$5,000,000)
242,073
334.933
in
1.159.535
These investments and others of a similar nature excess of $23,000.000.
Miscellaneous income__ _
142,287
109,290
234,304
but of less importance
177.918 have now been
transferred to International, which becomes the holding
Total income
$201.912 $1,549,214 $1,797,924 $2,142,416 company.
Depreciation
Values.
-The "commercial value" of the stocks
143,217
122,321
128.770
125,382
Federalincome tax
national, including equities in reserves accruing to so acquired, by Inter140.808
15,490
180.786
131,750 and
the shares now owned.
Minority int. in sub_
other intangible values usually taken into account
Cr.14
Dr.936
in arriving at the
worth of insurance company stocks is estimated
at a substantiall
Net profit
$64,101 $1,265,203 $1.487.431 $1,885,282 figure than the acquisition cost. The management of the Rossia y higher
Preferred dividends.._ _ _
Ins. Co..
in order to confirm its own estimate of the intrinsic
600,000
579,738
600.000
600,000 hes
Common dividends
value
submitted to Joseph Froggatt & Co., Inc. insurance of these shares,
800.000
800.000
800,000
1,000,000 countants,
actuaries and acthe published statements of the First Reinsurance
Balance
def$1.315.637 def$134,797 sur$87,431 sur$285,282 ford and of the several European insurance companies whoseCo. of HartEquiv. per share on 800.stocks have
been acquired by International, together with
000 (no par) corn shs.
supplementary data from
the managements of these companies and
after prov. for div. on
& Co., Inc. to compile from this data, thehas requested Joseph Frogitatt
aggregate "commercial value"
pref. stock
of the shares of
$0.83
Nil
$1.11
21.61 of Internationa these companies which constitute the principal Investments
Surplus Account Dec.
l. The summary of their
-Balance surplus
profit and loss credits,31 1929. total surplus, Dec.31 1928.$7.903,321:
"At your request we have compiled report is as follows:
$325.060;
dividends (as above), $1,315.637;Profit anf loss $8.228,381; net loss after equities in reserves at Dec. 31 1928 as the aggregate capital, surplus and
calculated by the managements of
charges. $149.872; surplus the several companies,
at Dec. 31 1929, $6,762,872.
whose stocks, you state,
Rossia International Corp., and have prorated are to be acquired by the
the totals to the propor-
FINANCIAL CHRONICLE
2408
nal
tionate share of each company to be acquired by the Rossia Internatio
Oorp.
the figures and
"The commercial value of the shares to be acquired using
estimates submitted to us by you, are as follows:
82.417.504
The First Reinsurance Co.of Hartford
7,242,965
Germania Group of Stettin
837,274
z Union of 1865, Hamburg
Assecuran
138,420
VOceanide Compagnie of Paris
1,295,006
Societe Anonyme de Reassurances of Paris
$11,931.168
Total
"We have in no way verified or audited the figures and estimates submitted to us by you.
al
‘• It appears from the above compilation, that the aggregate "commerci
te
value' of the stocks which International owns, should approximafor $15
the
the subscription price
a share on 750,000 shares as compared with
stock to Rossia stockholders of $10 per share.
Barnings.-All of the companies whose stocks have been acquired by
of years past.
International have paid regular dividends for a number , the income of
Based on the most recent dividend rates of these companies
n
International from this source should be sufficient to permit the distributio
to its stockholders of moderate dividends from the beginning. In addition
from the normal growth and develthere should be an appreciation arising
opment of the companies in which International holds substantial interests.
The operating expenses of International should be nominal as it is confor
templated that the management of Roasts will serve as management
International. A number of members of the board of directors of Rossia.
directors of International.
with some additions, will serve as
-Taken as a group. The First Reinsurance Co. of Hartford
• Summary.
l
and the European companies, in which International owns a substantia
annual
stock interest, report total assets in excess of $40.000.000 and an aggrefrom the various kinds of insurance written
earned premium income
companies
gating approximately $11,000.000. They are old establishedbasis. The
with excellent managements and are all on a dividend-paying cost much
been acquired at an aggregate
stocks in these companies have
below their intrinsic values and in offering to its stockholders the right to
is in effect disPurchase stock in International at $10 per share, Rossia not reflected in
tributing to its stockholders valuable equities which are
Its own financial statement, in such a way as to retain for Rossia substantially all of the business advantages which it can obtain by continuing
-V. 130. D• 1843.
to hold these stocks in its own portfolio.
-Listing.
Safeway Stores, Inc.
The New York Stock Exchange has authorized the listing of 8.923 addiof common stock (no par value) as follows: 8,123 shares
tional shares
rs
representing the maximum amount to be issued to common stockholde
800
,
.on account of a dividend payable either in cash or in common stock. lbers
the maximum amount to be issued to warrant-ho
shares representing
making
on the exercise of subscription rights at the price of $100 per share,
'the total applied for, 723,141 shares.
stock issued as a dividend to common
In respect of each share of common
dividend in common stock
stockholders electing to receive payment of the e from earned surplus and
Instead of cash, the corporation will appropriat
warrant-holders upon sudcapitalize the gum of $100. Shares issued to
d at
scription on account of above stock dividend will also be capitalize
$100 per share.
Earnings for Calendar Years.
1926.
1927.
x1928.
1929.
$213.496,2548103.303.598 869,573,685 850,536,513
Sales
)205,247,032 184,665.091 57,749,938 41,862,371
Cost ofsales
9,032,653 6,635,644
113,969,011
Operating expense
289,417
402,264
662,807
1,518,696
Depreciation
Change in Net Assets Adjusted for Market Value of Securities Owned.:
Total. Per Sh. Pref.
3 Months Ended March 31 1930$102.80
$10.279,911
-Dec. 31 1929
Net assets
$17.07
$1,706,989
Increase for period-before dividends
1.25
125,000
-Dividends on pref. stock
Deduct
$11,425,617
Total
$11,425,617
Total
par).
y
x Market value, March 31 1930, 511,757,097.the 300,000 ails. (no
stated value of capital
over
z Representing the excess of paid-in capital
stock.
-12,276 shares of convertible preferred stock and 24,552 shares of
Note.
against 12,276
common stock remain with the depositary for delivery
stock are reserved
units not yet exchanged. 200.000 shares of common additional shares
stock, and 200,000
for conversion of convertible preferred
share until Jan.
are reserved for exercise of purchase warrants at $25 per
1 1944.-V. 130, p. 1297.
-New Fixed Investment Trust.
Depositors Corp.
Security
fixed type known as
The formation of a new investment trust of the
A" and sponsored by C. M. Cryan
"Public Service Trust Shares, seriesannounced. The security underlying
113
& Co., Inc., syndicate managers,
stocks of 33 leading public
this new fixed trust consists of the common
tion lines, gas and electric
service companies operating communica
States.
companies and affiliated services in 45
constituting a unit are deposited
The stocks of the underlying companies York. for the life of the Trust
with the Trustee, Empire Trust Co., New 1 1930, and against this unit
under a trust agreement, dated as of Jan.
are
2,000 public service trust shares 180 issued. of the common stocks of the
shares
Each unit will be secured by
following companies:
4
4 International Tel.& Tel. Corp
American Gas & Electric Co
4
4 Long Island Lighting Co
American Light & Traction Co
12
West Utilities Co
4 Middle
American Power & Light CO
12
4 North Ameiican Co
& Tel. Co
American Tel.
4
Gas & Elect ie Co
4
American Water Works dr Elec. Co.. _ 4 Pacific Lighting Co p
4
Pacific
Brooklyn Union Gels Co
4
Illuminating Co- _ 4 Pacific Tel. & Tel. Co
Cleveland Electric
4
4 Penn Wate & Powe Co
Columbia Goa & Electric Corp
4
12 Peoples Gas Light.2 Coke Co
Commonwealth & Southern Corp
12
4 Public Service Corp.of N.J
Commonwealth Edison Co
4
Public Service Co. of Northern III
Consolidated Gas Co.of New York Co. 4 Southern California Edison Co
4
Consolidated Gas, El. Lt. dr Pwr.
4
4 Standard Gas & Electric Co
of Baltimore
4
4 United Corporation
Detroit Edison Co
12
4 United Gas Improvement Co
Duke Power Co
4
12 Western Union Telegraph Co
Electric Bond & Share Co
4
4 Westinghouse Electric & Mfg. Co
General Electric Co
collects all dividends and converts
Under the trust agreement the trustee
accumulated up
into cash. Net distribution to holders on Jan.to and
all other benefits
15 and
d
including Dec. 31 and June 30 will be distribute
July 15 respectively.
existence of Public Service Trust Shares for the 10 years
Assuming the
return based on the average annual
from 1920 to 1929, the average annual the trust would have been $2.21
to underlie
prices of the stocks selectedaverage annual yield of over 19%.
an
per share, equivalent to
-New Financing, &c.Segal Lock & Hardware Co.
of a new issue of $700,000 of 6%%
The offering to common to
bonds for each 100 shares of stock
convertible bonds In the ratio of $700 ofused to liquidate maturing obligaheld expired April 1. Proceeds will be
with the acquisition of additional properties.
tions incurred in connection
of the bonds, if any, will be
It is expected that the unsubscribed portion
the securities affiliate of
offered shortly by the Chelsea Exchange Corp.,
Chelsea Bank & Trust Co.
of 1930, it is announced,
Earnings of the company for the first quarter
last year. For 1929 the comare 20% larger than for the same period of $210,999, equal to $1.31 a
pany, after preferred dividends, showed net
outstanding. The balance sheet
share on the 160,118 shares of common financing shows current assets of
on Dec. 31 1929 adjusted to the current $125,000.
$1.340.000 against current liabilities of by the company, which will be
The new factory recently completed
of bonds, is now in full operpartly financed through the current offering
of 1930 do not reflect the
ation, it is stated, and the first quarter earnings
new addition to the company's operations. Compare
activities of this
also V. 130. p. 2043.
Shell Petroleum Corp.-Acguisition.--
above.
See Kentucky Independent Oil Co.. Inc..
-Bonds
Shreveport-El Dorado Pipe Line Co., Inc.
Offered.-Boenning & Co., Kurtz Bros. and Lilley, Blizzard
& Co., Philadelphia are offering at 100 and int. $1,000,000
-year 7% sinking fund bonds.
1st (closed) mtge. cony. 5
Increase Stock.
-Earnings.
Second National Investors Corp.
31 1930
$13,049
3,841
75,853
$92.743
90,366
21.107
10.241
2,641
$31.611
856,628
Net loss
125,000
Earned surplus Dec. 31 1929
on pref. stock
Dividends
$700,017
Surplus March 31 1930
1,176,718
at Dec. 31 1929
Excess of cost over market value of securities at March 31 1930,
Excessof market value over cost of securities $58,693
561,883
of
after allowing for Federal income taxes
51.738.601
31 1930
Increase for the three months ended March
$15.82
$118.62
-March 31 1930
Net assets
x After allowing for Federal income taxes.
-Each of the 100,000 shares of the $5 convertible preferred stock
Note.
this
If it is
is convertible into 2 shares of common stock. cannot assumed that exreasonably be
preferred stock be converted (such conversion
assets of the corporation are substantially larger) and if
pected until the
the possibility of the exercise of purchase warrants for 200,000 additional
assets per
the
shares of common stock at $25 per share Is excluded, 1930net compared
as
share of common stock would be $23.72 on March 31
with $20.56 on Dec. 31 1929.
Balance Sheet March 31 1930.
Liabilities
Assets-.
$5,900
Securities owned, at costs...411,136,520 Accrued expenses
:
5
"
11.9 700
200,000 Prov. for Fed. tax
Call loans
1,000,000
41,510 25 cony. pref. stock
Cash
y1,500,000
5,991 Common stock
Interest receivable
010
x8,710000:000
35.413 Capital surplus
Dividends receivable
6,184 Earned surplus
Prepd. N.Y.State fran. tax_
-To
St. Joseph Lead Co.
the authorized capital
The stockholders will vote April 10 on increasing
-V.129.P.3647.
par $10,from 2.000,000 shares to 2,500,000 shares.
stock.
-Sales.
k 8c Co.
Sears, Roebuc
-1929. Increase.
1930-12 Weeks
-1929. Decrease.
-4 Weeks
1930
84 579,534,278 $85,306
$25 174.441 $28,256,770 83,082,329 1$79,619,5
-V.130. P. 2229.
Total
Deductions: Loss realized on sale of securities
Management fee
Miscel. expenses
Prov. for N. Y. State taxes
$1,581,989
111.861,899
Increase for period-after dividends
81.749.081
Operating Income_-_ $6,730,526 84,006.689 $2,388,830
72,209
40,006
106,298
208,313
Other income
16,938.839 $4,112,987 $2,428,836 81,821,290
Total income
91,419
174,156
74.178
185,109
Interest,&c
Prov.for Federal & Can.
249,186
348,006
533,711
606.417
taxes, &c
z$6,147,313 y$3,505,098 51.906,674 $1,480,685
Netincome
129,947
248,220
490,626
559,997
Preferred dividends_ --110,000
571,630
950,586
2,159,464
Common dividends
Comm.84 prem. on pref.
3,487
151,430
3.385
stock
406,849
Net Income of prod. cos8833.888
$3,424,467 $1.912,456 51.083,338
Surplus
833,888
1,917,226
3,829,682
Previous surplus
Dr.40,544
Adjustments
$833,888
$1,917,226
Profit & loss surplus-- $7,213,605 $3,829,682
for companies acquired
x From date of acquisition to Dec. 31 1928,
dividends to $8.12 on the
during the year. y Equivalent after preferred
ng during the year, as compared
average amount of common stock outstandi of common stock outstanding
with $26.82 per share on the 60.000 shares per share on 619.423 average
1927. zEquivalent after pref. diva. to $9.02 during 1929.
in
number of shares common stock outstanding
Consolidated Balance Sheet Dec.31.
19284
1929.
1928.
1929
•
LiabilitiesAssets4,745,200
7% pref.stock........ 4.598.400 3,915,000
Real est.. leasex17.137,470 8,709,952 6% pref.stock__ 5.915.000
holds, &c
5,600.981 5,835,030 Corn. stock & paidCash
x20,116,906 14,174,423
in surplus
303,437
U.S. Treas. notes_
830,769 Earned surplus- 7.213,605 3,829,682
Aecta. receivable...y2,161,721
stk. of
22,249,088 15.663.601 8% pref.
Inventories
234.250
200,400
subsidiaries_
292.646
405,541
Prepaid expenses
437,185 7% gold notes Of
Invest. & advances 159,948
439.500
579,677 subsidiaries_ _ _ 183.500
446
stock...
Treasury
M'tges on real est _
259.000
220,500
& buildings _ _
14,767
17,670
Deposit on leases__
Divs.pay.(stk.) &e 593.278
pay. 6,806,937 3,170,811
Accts.& notes
544,063
Accrued liabilities_ 749,116
552,649
Divs. pay. (cash). 366,155
Fed, tax, conting.
772,952
733,728
32.652,297 reserve,&c
Tot.(each side)_47.715,195
y Includes sundry notes
x Represented by 643,911 no par shares. 3.-V. 130, p. 1843.
84,311,83
receivable. z After depreciation of
Income Account 3 Months Ended March
Income: Interest on call loans, etc
Interest on bonds
Cash dividends
[VOL.130.
0.)
Dated April 1 1930: due April 1 1935. Int. payable (A. & the at Infor
tegrity Trust Co., Philadelphia, trustee., without deduction all or normal
Red.
part on
Federal income tax up to 2%. Denom. $1,000c*.Red.
through sinking
any hit, date on four weeks' notice at 102 and int.
int.
fund on four weeks' published notice at 101 and
t
Data from Letter of B. H. Gray, Vice-Presiden of the Company.
-In engaged in gathering, transporting and refining crude oil
Company.
The properties constitute a moderz;
and marketing of refined products.connecting oil
refineries at Shreveport
pipe line system of about 210 miles,
Eldorado,
La., with the well known and established oil fields atThese fieldsLisbon.
have a
Champanolle and Smackover (Ar.) and Homer (La.).
production of about 65,000 barrels daily. The maximum capacity
settled
In conjunction
20.000 barrels per
of the company's system is about owns and operatesday. pumping plants
five
with the pipe lines the company
It also owns
and steel storage tanks having a capacity of 364,000 barrels. own
private
140 miles of telephone and telegraph lines, constituting its
of communication.
system
at ShreveCompany also owns a modern and well maintained refinery city
limits.
port, La., located on a strategic site of 185 acres adjoining the
The plant, which has adequate railroad connections, has a daily capacity
of 10,000 barrels of crude oil. Tnis refinery since it has been merged with
the Shreveport-El Dorado Pipe Line Co., Inc. has operated at full capacity
and with increased efficiency. The refinery has a storage capacity in
excess of 200,000 barrels for refined oils.
Company owns a large majority stock interest of a subsidiary which
and about the City of Shrevehas 20 retail distributing stations situated in public
under their own trade
port, marketing their own products to the
business is being expanded in a conservative
name. This branch of the
manner.
-Secured by a direct first lien on the entire property of the
Security.
company.
-The actual cash cost of the properties covered by the mortEquity.
times the total
gage securing these bonds is in excess of $3,750.000 or 3 property is comauthorized issue of bonds. A considerable part of the
new and all of it has been well maintained.
paratively
APRIL 5 1930.]
FINANCIA-L CHRONICLE
The net current assets ofthe company,after giving effect to thisfinancing,
will exceed $650.000 or over 65% of the total amount of bonds to be outstanding.
The present market value of the outstanding capital stock, which is
listed on the Philadelphia Stock Exchange, indicates an equity following
these bonds in excess of $1,375,000.
Earnings.
-The average annual net income of the company after all
deductions, but before depreciation and Federal income taxes, available
for interest charges for the past eight calendar years was over $548.000 or
more than 7( times the $70.000 annual interest requirements on this
issue, and in no year since Its organization has such net income been less
than five times the interest requirements on these bonds. Such net income for the year ended Dec. 31 1929, was in excess of 6( times interest
requirements on this issue.
Conversion.
-Each $1,000 bond will be convertible at any time up to and
including the 10th day prior to maturity, or, if called for redemption, up
to and including the 10th day prior to the date for redemption, into 50
shares of the common stock. Indenture will contain provisions designed
to protect the conversion privilege against dilution.
Sinking Fund.
-Mortgage provides for a sinking fund amounting to
25% of the net earnings of the company but in no event less than 3560.000
per annum, operating semi-annually.
Furpose.-Proceeds will be used to redeem all of the outstanding first
mortgage bonds and to provide for additional working capital for the
large volume of business which the company is now handling.
-V. 129.
p• 3979.
2409
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Liabilities$
Assets-.
$
Capital stock
25.771,244 25,654,600
Plant improverals
4,922,085 4.886,252
and equipment_34,140,260 32,543,242 Acets payable
Merchandise
7,727,156 7,286,504 Accrued depreen_15,532,243 14,309,541
Pension & annuity
Cash, acc'ts rec.,
res. & ins. fund_ 1,208,221 1,224.502
&c., and invest709,745
562,512
ments
19,955,152 18,982,401 Fed'I tax reserve
Surplus
13,681.031 12,174,738
Total
61,822,568 58,812,147
-V.130, p. 1479.
Total
61.822.568 58,812,147
-Merger Denied.
Standard Oil Co.(N. J.).
John W.Davis, Counsel for the company has issued a statement declaring
there is no foundation for reports that a merger agreement has been entered
into by that company with Standard Oil Co. of Calif. Mr. Davis stated
that the subject was broached but the Department of Justice expressed an
opinion that such a merger would be in violation of the dissolution decree of
1911. No further action was taken in view of this opinion. The statement
of Mr. Davis follows:
"I was consulted about a year ago on the legal questions which should
be considered if a merger of the business and assets of the Standard Oil
Co.(N. J.) and Standard Oil Co. of California were to be discussed.
"Later, I addressed an inquiry to the Department of Justice at Washington as to the attitude of the department toward such a combination or
Silica Gel Corp.
-Receives Order.
An order has been placed with this corporation for an installation for merger. No contract or agreement had been entered into prior to this
dehydration of the air in the large cable works of tha Western Electric Co. inquiry. The department expressed the opinion that such a merger was
at their Hawthorne works at Chicago. This installation is to be similar to forbidden by the dissolution decree of 1911.
action looking to such a
"Since the
one now in operation at Western Electric Co.'s Baltimore plant.
-V.130. combination receipt of this intelligence, no furtherJersey or the Califorpa
has been taken by either the New
v. 2229.
company. There is no foundation for any stories to the contrary."
Simmons Co.
-Omits Stock Dividend.
-
The directors have declared the regular quarterly cash dividend of 75c. a
share on the common stock and omitted the stock dividend of 1M % which
had been paid along with the cash disbursement in recent quarters.
The cash dividend is payable May 1 to holders of record April 14.
Sales of the Simmons Co., not including textile or furniture divisions or
other subsidiaries for the month of March showed an increase of $2,916,
or9.09% over the same month last year. For the same month, including
sales of B.F. Huntley and the Berkey & Gay division,sales totaled $472,912.
or a gain of 12.3%. Sales of all divisions for the three months ended March
31 showed a gain of 9.9%.-V. 130,p. 1843.
Sinclair Pipe Line Co.
-Earnings.
Calendar Years1929.
1928.
1927.
1926.
Operating revenue
$23,612,745 $22,880,320 $20,434,106 $17,402,182
Oper. gen.& administrative expenses
6,523,540
6.812.794 7,592,130
6,094,915
Operating income--.417,089,206 $16,067,525 $12,841.976 $11,307,265
Other income
405,358
257,370
260.450
250,200
Total income
$17,494,564 $16.324,895 $13,102,426 $11,557,465
Depreciation
5,899,872 5,734,912 5,730.284
5,672,078
Int.,disct. & Fed. taxes- 2.173,934
2,201,696
2,004,153
1,787.168
Net income
Dividends paid
$9,420,757 $8,388,286 $5,367,989 $4.098,219
10,672,072 5,897,724
5.897,724 3,931,816
Balance, surplus---def$1,251.315 $2,490,562 def.$529.735
Profit & loss. surplus- - - 8,024,372
9,275.686
6.796,185
Earns.per sh.on 280,844
shs.cap.stk.(par $100)
$33.64
$19.11
$29.87
Balance Sheet Dec. 31.
1929.
1928.
1929.
Assets-$
$
Liabilities$
Real estate, lines,
Capital stock
28,084,400
equipment, &o 88,2l9,945 84,311,334 20-yr.5%s.f.g.bds.13,511,000
Specific funds_ _ _ _ 1,145,923
958,418 Depr.& amort. res.43,343,931
Cash
3,270,016 4,896,812 Insurance reserve_ 1,145,923
Accts. receivable 2,088,930 2,060,479 Other reserves. _ -- 632,738
Inventories
3,349,594 2,972,024 Deferred credits_ _
4,594
Deferred charges- 734.258
992,950 Accounts payable_ 342,706
Accr. int., tax., &c 1,719,004
Total(each aide)96,808,667 96,192.018 Earned surplus._ 8,024.371
.
-V. 128. P. 2649.
$166,403
7,522,273
$13.88
1928.
$
28,084,400
16,639,000
38,077,857
958,418
643,693
4,925
671,320
1,836.717
9,275,696
(F. H.) Smith Co.
-Receivership.
Chancellor Wolcott in Chancery Court of Delaware has handed down a
decision denying application for appointment of a temporary receiver for
company, which has been the subject of Federal grand jury investigation
at Washington. A hearing will be held later on the petition for a permanent
receiver. Morris A. Stewart, a stockholder, is complainant.
-V. 130,
v. 2044.
Solar Refining Co.
-Earnings.
Calendar Years1929.
Net income
loss$223.063
Cash dividends (10%)-400.000
1928.
1927.
$450.238 loss$478,057
400.000
400.000
1926.
a$635.347
400.000
Forming Co. to Take Over American Rights to New Process.
A company to be owned Jointly by the Standard Oil Co. of New Jersey
and I. G. Farbenindustrie A. G. of Germany is being formed to take over
the American rights to the Catalytic hydrogenation process of refining low
grades of crude petroleum, according to Orion, Kent & Co., who state that
this_process is regarded in oil circles as the greatest forward step in refining.
-Every important American oil refiner has just been offered the rights
to use this process," states Orton, Kent & Co., "providing that those desiring to use it subscribe to stock in the new company holding the American
rights, and pay a small royalty. The holding concern in turn will pay a
royalty to Standard Oil Co. of New Jersey and Farbenindustrie. No refiners, except those subscribers to this stock, shall be licensed to use the
hydrogenation process in the United States. Hydrogenation is not regarded
as a competitor to the cracking method of producing gasoline. It has
shown its adaptability, however, for refining any grade of crude oil as
highly as desired. At present it is slightly more costly in producing gasoline
than the cracking process. but this cost is being lowered to a commercial
basis and hydrogenation has demonstrated its advantages in other more
complicated refining problems on a competitive Price basis•
"An experimental laboratory was constructed at Baton Rouge. La., to
develop the hydrogenation process commercially. Experiments at this
laboratory were so successful that Stnadard Oil Co. of New Jerse_y decided
to construct commercial plants at Baton Rouge, La., Baytown. Tex.. and
Bayway, N. J. The Bayway plant is expected to be completed and offer
a complete line of hydrogenation products by May 1. The Baton Rouge
plant will be completed before the end of this year and the Baytown plant
early in 1931. The process is especially valuable in treating low grade
crudes, with a high sulphur content. A specialty product of the process
Is a highly refined line of lubricating oils and similar expensive products.
"Using this process, 104 barrels of light gravity gasoline have been re.
covered from 100 barrels of heavy gravity crude oil, in addition to byproducts, indicating that hydrogenation is the most efficient method of
refining now know."
German Monopoly Denied.
-
Persistent reports, both In the European press and in papers published
In this country, that this company is conducting negotiations with the
German Government looking to a loan to be made to the Government in
return for a monopoly on the petroleum business in that country are without foundation.
This story emanated from Communist sources in Berlin early in February and has reappeared at frequent intervals, despite categorical denials
made by all parties concerned. It is announced that the company has
never considered nor discussed such a project as that suggested.
It is also stated that this company is convinced that any governmentcreated monopoly is against the best interests of the public. Experience
has shown that where such measures have been adopted they result in
materially increased costs, impaired efficiency and reduction in consumption. The policy of the company would not permit of its participation
in any plan looking toward the creation of a government monopoly, the
announcement concluded.
-V. 130, p. 2230.
-Earnings.
Standard Oil Co. (Ohio).
1927.
Calendar Years1928.
1929.
Gross profitfrom sales and other Inc- $63,305,895 $45,133,673 $11.107.630
Selling & gen. exp.and other charges
against income
56,685,384 39,299,603 7,323,086
1.449.501
1,508.186
Depreciation
1,845,734
Min. int. in prof
73.609
429,336
Federal taxes
498,783
Balance, surplus
$50,238 1058$878,057
1oss623.063
$235.347
Profit and loss surplus
206,795
329,858
Net earnings
*4,202,384 $3,896,548 $2,335,042
b279.620
1.241,966
Shs.cap.stk.out.(par$100)
40,000
40,000
40,000
13,938.611 19,197,063 20,927,139
40.000 Previous surplus
Earns.persh.on capstock
Nil
$11.25
Nil
1,813
$15.88 Adj. during year
a After Federal taxes. b After deducting $356.609 adjustment for
obsolete equipment for prior years and adding refund of Federal taxes
Total surplus
$18,142.808 823.093,611 523,262,182
1909 to 1923, amounting to $272.321.
Deduct
-Book value, less salvage
Balance Sheet Dec. 31.
value, of obsolescent Burton Pressure Stills, charged in 1927 direct
Assets-Liabilities1929.
1928.
1929,
1928.
2.756.622
to surplus
Real estate
$124,683 $124,683 Capitalstock
$4,000,000 $4,000,000
490.000
490,000
Preferred dividends
492,745
Plant
x 2,097,449 2,007,999 Accla payable_
306,425
362,313
1,400,000
1.400.000
Common dividends
2,285,071 2,684,015 Deferred credits1,400,000
Investments
2,146
Reserves for annuties, &c
7,265,000
Inventories
1,395,829 1,595,132 Contingent res've. 2,000,000 2,500,000
Cr581,504
Conting.res. trans. to surplus_
Acc'ts receivable.. 238,096
260,118 Surplus
206,795
329,858
Cash
173,112
302,512
Total(each side)$6.515.367 $7,192.171
217,710
Balance,surplus
Deferred charges
$16,250,064 $13,938,611 $19.197.063
201.124
Earns,
x After deducting depreciation of $3,112,891 and adding incompleted Ens. per sh. on 560,000 shs. com.
$3.29
stock (par $25)
construction of $276.351.-V. 128. v. 330.
$6.08
Balance Sheet December 31.
Sonora Products Corp. of America.
-Off List.
1929.
1928.
The Committee of Listing of the New York Curb Exchange has susAssets1929.
1928.
$
$
pended dealings in the common stock until further notice.
-V.130, p. 1129. Plant
S
Liabilities$
43,855,123 38,646.552
Merchandise_
7.585,383 6,423,891 Common stock. 14,000,000 14.000,000
Spang Chalfant & Co.
-Earnings.
Cash
7,000,000
620,299
565,328 Preferred stock.. 7,000,000
Period Ended Feb. 28 1930Month,
2 Mos.
Accts. receivable
Accts. payable-- 3,372,210 3.201,679
Net income after deprec. Federal taxes, &c
$336,401
$664.576
198,142
and invest_ 6,443,795 9,122,858 Notes pay.of Bub
-V. 129, p. 3648.
257,059
Misc.int. in subs
Prepd. rent,tax,
&c
25,568
720,743 Miscell. reserves
1,048,166
Standard Oil Co. of California.
-Merger Denied.
Depreciation_ __ 11,210,844 9,699,951
Goodwill of subs
314,400
-V.130, v. 1844.
See Standard Oil Co.(N.J.) below.
Reserve
t les, ace__
7,043,156 7,209,795
Standard Oil Co.(Kentucky).
-Earnings.
Fed.inc. ta xes-510,123
429,336
1929.
Calendar Years1928.
1927.
1926.
16,250,063 13,938,611
Total
59,867,167 55,479,373 Surplus
$7.362,736 $5,308,116 $5.163,559 $8,306,620
Net profit
-V.130.P. 2230.
709,745
Federal taxes
562,512
671.551
997,052
Regeg
$6,652,991 $4,745.604 $4,492,008 $7,309,568
Net income
Previous surplus
12,174,739 17,277,497 15.858,319 11,264,886
1,980,186
Tax adjust. prior years
Total, surplus
$18,827,730 $24,003,287 $20.350.327 $18,574,454
3.078,549 3,072 830
5.146.700
Cash dividends
2.716135
Rate of dividends
(20%)
(1A%)
(1A%)
8.7 ,O 0
Stock dividends (50%)Profit & loss surplus--$13,681,030 $12,174,738 $17,277.497 $15,858,319
Shares capital stock outstanding (par $10)__.. 2,577,124
2,565,460
x684.120
680,500
Y$1.85
Earnings per share
$2.58
$6.58
$10.74
x Par $25. y Equivalent to $6.94 a share on the 684.120 shares (par $25)
were outstanding practically the entire year.
which
-Suit Dismissed.
Standard Oil Shares, Inc.
Chancellor Walcott has dismissed the injunction suit brought by the
Standard Oil Shares. Inc., against Standard Oil group. Inc. The complainant sought an injunction to have the defendant enjoined from using
the name Standard 011 Group, Inc.. and the name of Trust Standard 011
Shares as its commodity. Both companies hold on deposit stA.ck of the so-V.130, p. 1668.
called Standard Oil group.
-Stock Offered.
-John NickerStandard Utilities, Inc.
son & Co., New York, announce the formation of this company and expect to offer a block of common stock in the
near future. A circular shows:
Transfer Agent, United States Corp. Co.. Jersey City. N.J. Registrar.
Guaranty Trust Co. of New York.
2410
FINANCIAL CHRONICLE
-Company was incorp. in March 1930 in Maryland. Is
Business.
securities,
principally engaged in acquiring for long term investment the
investments,
especially common stocks, of public utility companies. Itspublic utility
leading
currently consisting of the common stocks of 30 afford broad diversificompanies and 2 electrical equipment companies,services rendered, and
cation, with proper regard to income, types of
territory served.
-Authorized capitalization is 1,000,000 shares of common
Capitalization.
stock and 10.000 shares of class Et stock, all without par value.
the
Common stock is entitled to quarterly non-cumulative dividends at
After
rate of $1.50 per share per annum in priority to the class B stock. or in
declared in any quarter
dividends on the common stock have been
quarter or year,
any year at such annual rate, directors may. during suchamount equal to
declare dividends on the class B stock as a class in an declared on the
10% of the aggregate amount of the priority dividends
are
common stock during such quarter or year. Any additional dividends the
to
a class,
to be distributed 90% to the common stock, as common and 10%entitled
stock is
class B stock, as a class. In case of liquidation, an amount equal to 10%
to all of the assets of the corporation, excepting
be
of any undistributed earned surplus or net profits, which amount shall
paid to the class B stock.
stock is entitled to one vote per share, and the
Each share of common
votes as
class B stock is entitled, in the aggregate, to one-half as many as to an
there are shares of common stock outstanding, so that (except
class B stock) the common stock will at all
increase or reduction of the
times have two-thirds of the aggregate vote and the class B stock one-third.
-Earnings are derived from interest and dividends, including
Earnings.
realized
regular and extra stock dividends on securities owned and from value of
appreciation in the value of its market prices), together with the at the
rights issued on these stocks during 1929 (taken
the stock purchase
in
market value at the time of issue), but giving no effect to appreciation
the value of the stocks or to any extra stock dividends, would be equivalent
Utilities, Inc., common stock.
to $2.94 per share of Standard
$1.55
Estimated income from dividends at current rates
1.39
Value of rights issued in 1929
effect to appreciation in the value of securities $2.94
Total, giving no
or to extra stock dividends and split-ups
Management -Directors as presently constituted are closely identified
with John Nickerson & Co., Inc., and the personnel of that organization,
Inc.,
has been made available to the corporation. John Nickerson & Co.,
contract.
have purchased the entire class B stock. There is no management
-Corporation has entered into an agreement with John
Issue of .Shares.
purchase
Nickerson & Co., Inc., under the terms of which the latter may market
the common stock, as issued from time to time, at the current event
but in no
price less a charge to cover the cost of distribution, in the charter).
offering
at less than the current net asset value per share (as defined otherwise, to
No stockholder of any class has any rights, preemptive or
subscribe for any additional stock of any class.
-Listing,&c.
Stone & Webster, Inc.
listing of $1,224,498
The New York Stock Exchange has authorized the issuance as required
notice of
shares capital stock (no par), on officialPublic Service Co. with Stone &
the plan for affiliation of Engineers in exchange for common stock
under
Webster, Inc.. dated Feb. 11 1930 and (or)
amount of said stock
of Engineers Public Service Co., making the total
applied for 2,483,479 shares. Engineers Public Service Co. with Stone &
The plan for affiliation of
that all common
Webster, Inc., dated Feb. 11 1930. provides, as extended,
on or before April 7 1930
stockholders of Engineers who deposit their stockn of the plan 3-5ths of a
consummatio
will be entitled to received on the
each share of common stock
share of capital stock of the corporation for the outstanding shares of
of Engineers so deposited. Over 83.8% of to March 21 or are already
common stock of Engineers had been deposited
owned by the corporation.
Plan Declared Operative. Public Service Co. with Stone & Webster,
[Vol,. 130.
of $35,000 became due April 1 1930. Interest due on the certificates
April 1 1930, and amounting to $68,250, not paid.
During the past few years, the company has suffered from changes in
the industry, which have adversely affected the operation of the elevators
in the I'ort of Buffalo, as well as from an inefficient management. As a
result of these conditions, the company has been faced for several years
with substantial losses despite strenuous efforts made by the underwriters
to correct this situation.
As a result of this situation, the underwriters and principal distributors
of these bonds have formed a protective committee (below)for the purpose of
protecting the interests of all bondholders. Several problems confront the
committee. In the first place, it is essential to provide in some manner
for the payment of the heavy, delinquent taxes in order that the property
may not be sold therefor. In the second place, it Is necessary immediately
to either obtain a new management or to arrange for a sale of the property,
as an incident to which it will probably be necessary to readjust the company's present capital structure.
The Superior Elevator is one of the largest and most efficient elevators
in the Port of Buffalo and IS strategically located upon the Buffalo River,
with excellent trackage facilities. We are advised that the property has
with
been well maintained and believe that, under different conditions and upon
proper management, it can be made to earn a substantial return
the investment of the 1st mortgage bondholders.
As a matter of fact, tentative negotiations are now in progress looking
toward the sale of the property or such a rehabilitation as may be brought
about by the introduction of a new management.
Because of such pending negotiations and because of the necessity of
providing in the near future for the payment of back taxes and efficient
co-operate to protect
management,it is essential that bondholders promptly and thus enable the
their investment by depositing their bonds at once,
committee to deal effectively with these situations.
The committee, therefore, invites the prompt deposit of bonds with
Marine Trust Co. of Buffalo, depositary or the Bank of California, N. A.,
San Francisco, Calif., sub-depositary.
Committee has fixed May I 1930, as the final date for the deposit of
bonds.
-Albert F. Beringer, Chairman (President P. W. Brooks &
Committee.
Co.), Philadelphia;
Co., Inc.), New York; E. A. Pearson (Elkins. Morris &York and Chicago.
William B. Prickitt (A. B. Leach Sz Co., Inc.), New San Francisco, with
Peirce, Fair & Co.).
Donald G. Sherwin (Vice-Pres.,
and Kenefick.
Paul W. Fisher, Sec., 57 William St., N. Y. City.Bldg.. Buffalo, Cooke,
N. Y.,
Mitchell, Bass & Letchworth, 1330 Marine Trust
counsel.
Condensed Balance Sheet Jan. 31 1930.
Liabilities
Assets$67,656
$67,758 Current liabilities
Current assets
181,475
Property taxes
30,154
Prepaid items
bonds
Fixed Assets (book value)_ 3,063,144 1st mtge. Mtge. bonds_ - 2,100,000
689,000
2d & gen.
122,924
Capital and surplus
$3,161,055
Total
$3,161,055
Total
Comparative Income Statement Twelve Months Ended Dec. 31.1928.
1929.*
$333,162
$272,432
Total revenues
266,082
204,191
Operating expenses and property taxes
$67,079
$68,241
Net operating income
189,329
178,854
Interest and fixed charges
60,000
60,000
Depreciation
Net loss
-V. 121, p. 2052.
* Partly estimated.
$170.613
$182,249
-Bond Default,
Superior Forwarding Co., Inc.
See Superior Elevator Corp. above.
-Omits Dividend.
Texas Pacific Coal & Oil Co.
Plan for affiliation of Engineers
announcement made
The directors have voted to omit tho regular quarterly stock dividend
Inc.. has now been declared operative according to an Service Co. common of 2%% which ordinarily would have been paid on March 31. A like
Public
April 3, the last day for deposits of Engineers
certificates on amount was paid in each of the four preceding quarters.
and scrip
stock being April 7. Stone & Webster, Inc. stock
1926.
1927
1928.
common stock of Engineers
1929.
Calendar Yearsthe basis of 3-5 of a share for each share of of deposit, will be ready for
$8.050.272 $6.798,484 6,693,035 $7,731,233
Public Service Co. represented by certificatescertificates of depasit on and Gross earnings
3,909,944
4,247,658
4,354,287
5,495,412
Operating expenses
by the depositary upon surrender of
delivery
after April 14 1930.
Operating profits__.... $2,554,859 $2,444,197 $2,445,376 $3,821,289
Earnings for 6 Month.? Ended December 31 1929.
874,187
.513.683
163,405
184,257
$7,931,061 Other income
Gross earnings
4,555,951
& interest
$2,739,116 $2,607,602 $2,959,059 $4,695,476
Operating expenses, Federal & other taxesin hands of public
Gross income
542,142
subsidiaries
870,185
719,897
631,214
689,844
Amount applicable to stock of
Lease, rentals, int., &13_
2,247,248
1,925,073
1.774,596
1,261,986
& Webster. Inc.$2,832,969 Depreciation, &c
Balance applicable to res. & to stock of Stone direct to surplus 1,246,680
carried
$314,089 $1,578,043
$201.793
$787,286
Profit on sales of sec., less Federal taxes,
Net income
506,800
$4,079,649 Dividends paid
Total net earnings & profits
1,476,590
1929
$201.793 def$192,711 $1,578,043
$787,286
Surplus of subsidiaries adjusted as of June 30
Balance, surplus
12.293,392
844.804
844,804
844,804
Surplus paid in
Shs.cons.outst.(par 510) 932,403
$0.37
$1.87
$0.24
$0.84
$17,849,631 Earns. per sh.on cap.stk.
in 1929 amounting to $875,983.
Total, surplus
Note.
-Paid stock dividends
989,779
Organization expense
500,000
Comparative Consolidated Balance Sheet Dec. 31.
Reserve for doubtful accounts
4,729
1929.
1928.
1928.
1929.
Miscellaneous debits
215
Liabilities$
$
$
ASSTIS$
Miscellaneous credits
2,517.962 Total properties-32,874,318 31,317,119 Capital stock
9,324,031 8,448,048
Dividend payable Jan. 15 1930
Acc'ts,k notes pay. 712,732
680,174
Deposit as guar. of
$13,837.376
152,453
9.907 Accrued taxes
paving maint.
Surplus December 31 1929
3.24 InvestmentsReal estate purch
com. stk. (no par)._
Earnings per share on 1,258.981 shares
47,500
77,810 contingencies_ _ _
Stocks & bonds. 364,971
Consolidated Balance Sheet Dec. 31 1929.
110.009 Secured liabilities
Contr. in prog.(net) 165,757
Liabilities
300,391
436,497
Cash & call loans_ 1,156,553 1,476,503 (contra)
Assets
33,362,000 Notes & acc'ts rec.
Deferred credits-28,750
$5,499,676 Bonds (office building)
28,756
Cash
6.751,000
998,527 Reserves
15,300.000 Notes payable
(less reserve)___ 918,037
Call loans
3,710,066 Inventories
Deple. oll & coal
29,226 Accounts payable
2.590.283 2,573.894
receivable
Notes
826,502
deposits. based
388,078
8,958,969 Accounts not yet due
320,831
Accounts receivable
2.517,962 Pledged assets
on cost
1,958,148 1,892,128
57,055.907 Dividend declared
342.874
charges
Securities at cost
20.921 Deferred progress, 482,540
Deprec. of physi447,525 Unadjusted credits
Contr. in
equipment
Furniture &
1,277,727
cal property...14,210,954 8,911,552
308,684
4,691,553 Reserves
estimated value_
Office building
in capital
leaseAmort. of
354,186 Minority interest
Sundry assets
3,292,785 Dep. on compen.,
holds & contr_ 495,629
889
76,902 & surplus of subsidiaries
458,871
&c., Insurance__
Unadjusted debits
x56,817,606
Inv. labor & dev
Capital stock
4,633,563
13.837,376
Contracts in Prog592.413,946 Surplus
(each side)
Total
ress, unearned_
308,684
shares. On Dec. 311929 Stone &
x Represented by 1,258,981 no par these shares incident to ' general
its
11,642,705 11.806.021
Total(each side)38,873,293 37,604,293 Surplus
Webster and Biodget, Inc. held 7,900 of 1844.
-V.129, p. 980.
130, p.
-V.
investment security business.
-To Advance
Stutz Motor Car Co. of America, Inc.
Prices.
be advanced,effective April 1.
are to
Prices on Stutz and Blackhawk cars E. S. Gorrell, President of the Stutz
Col.
according to an announcement by
at Indianapolis, Ind. "This action
company,following a sales convention upward trend of prices in the inuniversal
is in keeping with an almost
"Last summer, we made material redustry." explained Col. Gorrell.
have remained unchanged. The step
ductions in prices, and these pricesour distributors, dealers and salesmen."
received the unanimous approval of
the Stutz factory was operating on a satisCol. Gorrell reported thateverywhere showing a steady and gratifying
factory basis with business
spring is based on the encouraging
pick-up. Prophesy of a prosperous
distributors from various parts of the
business outlook reported by Stutz
Country.
Blackhawk models for spring will be made.
great
"No change in Stutz and
introduced last summer, and they aroused
Our present models werewinter automobile shows. We will continue to
interest at the various
when asked about
fall," said Col. Gorrell
build them until at least next 130, p. 1668, 304.
-V.
innovations in Stutz design.
-A protective
fault, &c.
Superior Elevator Corp.-De.
holders of shares
in a,letter dated March 28 to the
committee
0
-year 6147 sinking fund gold
20
or parts of first mortgage
Oct. 1 1945, says:
loan, due
Superior Elevator Corp.)
Co..Inc. (successor to
which, with
The Superior Forwarding
the payment of taxes upon its propertyIt is also in
is now in default in
amount to over $185,000.
and penalties thereon, sinking fund requirements established by
interest
with the
fund payment
default in connection
amount of $70,000. A further sinking
the mortgage in the
--Earnings.
Texon Oil & Land Co.(& Subs.).
Earnings for Year Ended Dec. 31 1929.
Gross earnings
Operating & administrative expenses
$3,761,072
1,080,067
Net earnings
Other income
$2,681,005
1.496,703
Gross income
Interest & discount
Provision for depreciation
Provision for depletion
Intangible drilling costs
Leases cancelled
Provision for Federal income tax
Applicable to minority interests
$4.177.708
2,233
388,863
43,249
107.179
122.640
24,539
994,642
Surplus
$2,494,363
Deficit as at Dec. 31 1928 (adjusted)
398,819
Excess of invest, over book value of minority int. acq. in 1929
304,677
Surplus balance at end of period
Earns. per shr. on 943,723 slim cap. stock (no par)
-V. 129, P. 1460.
$1,790,867
$2.64
-New Canadian Plant.
Thompson Products, Inc.
The corporation is constructing a new plant at St Catherines, Ontario
President C. E. Thompson announced recently. The new factory will
have a total of 45,210 square feet and will be of brick construction, lt is
to be one of the most modern plants of its kind. The company now has
-V. 130. p. 2044.
three factories in Cleveland and one in Detroit.
-Earnings.
Third National Investors Corp.
Income Account 3 Months Ended March 311930.
Income:Interest on call loans,etc
Interest on bonds
Cash dividends
Total
Deductions: Loss realized on sale of securities
Management fee
Miscel. expenses
Prov. for N. Y. State taxes
Net loss
Earned surplus Dec. 31 1929
Total surplus
Excess of cost over market value of securities at Dec. 31 1929-Excess of market value over cost of securities at March 31 1930-
-Unfilled Orders.
Unit Corp. of America.
Unfilled orders are at the highest peak in the company's history. WnI•
stated on March 21. Every
$5,152 Schmidt, President and General Manager, full-time schedule, he added.
active and on a
567 division of the company isorders now on books are unprecedented since
"The number of unfilled
74,602
the company's inception" said Mr. Schmidt. "Four new accounts of
and shipments on orders
$80,322 considerable size have recently been procured
-V. 130, p. 2044.
79,492 for these will begin shortly."
18,669
-Earnings.
Vacuum Oil Co.
7,534
1926.
1927.
1928.
1929.
Calendar Years2,846
$38,894,015 $39,672,908 $29,173,624 528,366.037
Gross profit
763,450 2,613.725 2,506.382
$28,218 Inventory depreciation_ 2,126.387
596,000
332,146 Prem. paid to red. bonds
See x
1,000,000
1,250,000
See y
Income tax reserve
$303.928
y$36,767,627 537.659.458 $25.559,899 $25.263,655
Net income
1.612,056
(17%)21.790,898(17)18917602(20)12542460(20)12478583
6,044 Dividends
$1,618,100
Increase for the 3 months ended March 31 1930
Changes in Net Assets Adjusted for Market Value of Securities Owned.
'O'er Share.
Total
3 Months Ended March 31$41.27
$9,079,407
Net assets-Dec. 31 1929
7.23
1,589.881
Increase for period
$48.50
510.669.288
Net assets-March 31 1930
x Without giving effect to possible exercise of purchase warrants for 130.000 shares of common stock. at $60 per share until March 1 1934:and thereafter at $2 more per share per annum until March 1 1939.
Balance Sheet March 311930.
LtabtigfesAssets$5,000
Securities owned, at costx _ _ _$10,404,605 Accrued expenses
24,583
200,000 Prov. for N. Y. State taxes__
Call loans
53,064
94,435 Prov. for Federal tax
Cash
y$8,800,000
3,849 Common stock
Interest receivable
z1,559,318
Capital surplus
36,362
Dividerds receivable
303,927
6,640 Earned surplus
Prepd. N.Y. State fran. tax_
810,745,892
Total
$10,745,892
Total
x Market value, March 31 1930, $10,410,649. y Authorized, 400,000
130,000 shares are
shares; outstanding, 220.000 shares at stated value.
reserved for exercise of purchase warrants entitling the holders to purchase
common stock at $60 per share until March 1 1934; and thereafter at $2
more per share per annum until March I 1939 when the warrants expire.
z Representing the excess of paid-in capital over the stated value of capital
-V. 130, p. 2230.
stock, after deducting organization expenses.
$14,976,729 $18.741,856 $13.017,439 $12,785,072
Balance, surplus
37,494,629 81,717.324 68.699,884 55,914,812
Previous surplus
62,964.550
Stock dividend (100%).Profit & loss, surplus _ $52.471.359 $37,494.629 581,717,324 $68.699,884
Shares of capital stock
2,498.832
2,512.382
5,047.214
outstanding (par $25) .5,139,887
410.11
$10.17
$7.46
y$7.15
Earns. per share on corn_
x Income tax for 1926 is estimated at $1,130,000 but as the excess in
for this purpose over prior years' requirements was
income tax reserve
sufficient to take care of the tax liability it was unnecessary to set aside
any amount from the 1926 earnings. y Income tax for 1929 is estimated at
$1.000,000, but as the excess in income tax reserve for this purpose over
prior years' requirements is sufficient to take care of tax liability, it was
unnecessary to set aside any amount from earnings for year 1929.
Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Liabilities
$
Assets
Capital stock....128.497,17& 126,180,350
Real est., plant,
36,241,265 26,778,948 Accounts pay&c
15,866,378 17,907,887
able, &c
Stock foreign cos 57,100,084 53,432,201
2,500,000
Other investm'ts 9,123,822 3,233,007 Insurance res've 2,500,000
53,732,006 44,229,536 Federal tax res. 1,620,197 2,781,186
Inventories
25,445,405 Earn surplus__ _ 52,471,359 37,494,629
Accts. receivable 31,094,449
18,431,734 33,740.306 Capital surplus_ 4,769,800
Cash & secur
4,650
1,550
Deferred charges
-Div. on Series B Certificates.
Tobacco Products Corp.
on the series "B"
205.724,910 186,864,052
Total
-V.130, p. 1480.
The directors have declared a dividend of 51 1-10c.
dividend certificates, payable April 30 to holders of record April 16.V. 130, p. 304.
-Initial Pref. Dividend.
Tubize Chatillon Corp.
recently declared on
the
An initial dividend of $1.16 2-3 per share was
7% preferred A stock (covering a period of two months). payable April 1.V. 130, p. 2044.
-Earnings.
United Fruit Co.
1927.
1928.
1929.
3 Mos. End. Mar. 31- x1930.
Net earns, after all chgs.
except Fed.taxes (est.) 53,800,000 $3,300,000 $4,650,000 $4,725,000
Shs. corn, stk. outstdg.
2,500,000
2,500,000
2,625.000
2,925.000
(no par)
$1.89
$1.86
$1.25
$1.33
Earnings per share
x Includes Cuyamel Fruit Co.
A statement issued by the company in conneCtion with earnings says in
part:
The World market for bananas has been excellent as regards volume.
The
Prices were slightly under the corresponding period for last year. rains.
outlook for balance of year is for excellent quality fruit due to spring and
There should also be a drop in costa. The market forecast as to volume
price is favorable at the moment.
The cash balance at end of quarter was $20,000,000. In addition to
Cash, company has sugar inventory in Cuba of nearly $3,000,000, movement of which has been delayed on account of single seller plan. Returns
from merchandise department were similar to corresponding quarter last
year.
-year
The company has been awarded mail contracts, which, over a 10
period, will give an approximate revenue of $18,000,000 and involve conperiod of 5 years of 8 fast passenger and
struction by the company, over a
freight ships at a cost of about $27,000,000. Construction of the ships
-V. 130, p. 1669.
will involve no new financing.
-Initial Dividend.
United Securities Trust Associates.
The trustees have declared an initial quarterly dividend of 30 cents per
share, payable May 15 to holders of record May 1.-V. 130, p. 818.
-Acquisition.
United States Dairy Products Corp.
The corporation has acquired the business of H. 8. Chardavoyne, Inc.,
one of the oldest milk companies in Brooklyn, N. Y. This acquisition will
increase the sales of U. S. Dairy by more than $1,000,000 a year, it Is
stated. H. S. Chardavoyne, Inc. is the growth of a dairy business started
by H. S. Chardavoyne in 1885 and since that time the company has been
operated by the Chardavoyne family. The two sons of the founder will
continue to direct the management. The main plant of the company is
located at 395 Smith St., with a branch plant in the Bay Ridge section.
V. 130, p. 2231.
-Earnings.-Union Tank Car Co.
1926.
1927.
1928.
1929.
Calendar YearsEarns, after oper.exp _ _ _44,042,703 43.207.997 43,901,759 $7.213,410
See x
3,494.989
See x
See x
Depreciation
123,500
677,477
566,240
602,880
Interest on certificates
562,650
Reserves
401,872
305,542
438,931
Federal taxes
Net income
Other income
$3.000,892 $2,336,214 $2,822,409 $3,032,271
395.744
665,697
Total income
Prof. dividends (7%)_
Corn. dividends(5%)
$33,666,589 $2,731,958
Balance, surplus
Adjust, equip. acct
Previous surplus
$2,106,717 51.180,953 51.283,959
1.559,872
4.905,970
1,551,005
3,738,052
$2.822,409 $3,032.271
840,000
1,538,450
1,228,220
2.454,092
$964.051
820.666
8.616,176
Total surplus
$7,012,687 $4.919,005 $3.738.052 $10.400.893
Prem,on pref. reit
1,800.000
Com, stock dividend_ _ _
6.146.800
Rate
(25%)
Adjustments
13.035
41,880
Profit & loss surplus-- $6,970.806 $4.905,970 $3,738,052 $2,454,093
y308,440
Shit. com. out. (no par)_ 1.254,048
y311.012
Y307,340
$2.92
$9.15
$8.78
Earn, per share on com_
$7.13
,
x Alter depreciation. 3 Par $100.
Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Liabilities
Assets
Common stock..:31,351,200 31,101,200
Tank car, equip.,
Equip, trust ctts__ 9,100,000 10,400,000
prop., plant, &e,
400,167
less deprec'n- - -34,350.276 36,145,980 Accts. payable,&c. 485,798
159,923 Accrued Interest__ 102,375
117,000
Unamort. debt-- 123,470
706,653 Reserves
532,973
830,718
Inventories
696,243
1,458,345 1,285,182 Surplus
6,970,807 4.905,970
Accts. receivable
4,128,419 4,236,519
Securities
8.155,677 4,982,117
Cash
Tot. (each side)48,840,899 47,620,581
104,205
91,738
Def. charges, &c
-V.130. p. 990.
Represented by 1,254.048 no par shares.
la, Utilities Hydro & Rails Shares Corp.-Earnings.
Earnings for period Nov. 4 to March 29 1930 incl.. amounted to $38,504
from which was paid the April 1 dividend of 516,800.-V. 130. p. 2231.
2411
FINANCIAL CHRONICLE
APRIL 5 1930.]
Total
205,724,910 186.864,052
-Earnings.
Venzuelan Petroleum Co.
1929.
Years Ended Dec. 31$461,402
Royalties
104,199
Int. & misc. income----
1928.
$223,537
35,777
1927.
$180,209
23,392
1926.
$32,562
7.637
Total income
Exp., incl. deprec., Fed.
taxes, &.c
8565,601
5259.314
$203,602
$40.199
193,971
105.580
94.977
43,504
Net income
Dividends paid
$371.630
400,000
$153,734
152,268
5108.625
loss$3,304
$108.625 loss$3.304
$1,466
def$28,370
Balance, surplus
Shares capital stock out736,050
755.090
2.000.000
standing (par $5)---- 2.000.000
Nil
$0.15
$0.07
$0.18
Earnings per share
Condensed Balance Sheet Dec. 31.
1928.
1929.
1928.
Assets1929.
Liabilities
Concessions, roy10,000,000 10,000,000
89,466.036 59,070.172 Capital stock
alties, &c
9,780
18,947
58,552 Accts. payable _
Accts. receivable__ 127,219
20,000
32,000
540,547 Res. for Fed. tax
Investments
923.481
895,112
404 Surplus
817
Accr. Int. rec'bie
. 1,351,987 1,283,585
Cash in banks.
Total(each side)10,946,059 10,953,262
-V. 128, p. 2289.
--Transfer Agent.
Visionola Mfg. Co.
The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent for 500,000 shares of capital stock, without par value.
V. 130, p. 1299.
-Listing.
Walworth Co.
The New York Stock Exchange has authorized the listing of 10,000additional shares of common stock (no par value) on official notice of Issuance
and payment in full and sale to employees making the total amount applied
-V. 130. p. 1846.
for 374,000 shares.
-New Mill.
Weirton (W. Va.) Steel Co.
The corporation has contracted with the United Engineering & Foundry
Co. for a rail and structural mill for its Weirton. W. Va., plant. The
purchase involves an expenditure of $3,500.000. Immediate construction
of the mill is provided for,and it is expected to be completed and in operation
by the close of the year. Construction of this rail and structural mill
-V. 129.
will give the Weirton plant a great diversification of products.
p. 2407.
-Accepts Merger Terms.
Western Air Express Corp.
Acceptance of the merger proposal made recently by the Aero Corp. of
California has been announced by the directors of the Western corporation.
Under the terms, 12 shares of Aero Corp. stock was exchangeable for one
-V. 130, p. 2046.
share of Western stock.
-Listing.
Western Dairy Products Co.
The New York Stock Exchange has authorized the listing of voting trust
certificates for 9.649 additional shares of class B stock (no par value) in
exchange for 9,649 shares of the capital stock of Continental Chain Stores.
Inc. (Del.), and not exceeding 8,000 additional shares of the class B stock,
as additional compensation to certain senior executive officers of the
company when and if earned by such officers over aperiod of three years.
The total listing applied for to date is voting trust certificates for 624,556
shares of class B stock of a total authorized issue of 800,000 such shares.
Consolidated Income Account for Calendar Years.
[Incl. Western Dairy Products Co., Inc. and Arden Sanitary Gold Seal
Farms, Inc.1
1927.
1928.
1929.
$26,047,400 $5,025,154 $4,511,528
Net sales
3,905.015
4.419.810
23,508,666
Cost and expenses
$805,344
353.500
119,300
$6606,513
252,063
$2,685,796 $1,078,144
214,460
804,608
41,000
129.500
167,341
350,652
111,556
$858,576
186.734
37,000
141,901
215,977
$2,538.734
Operating income
Dividends received from Cal. Dairies
147,062
Other income
Total income
Depreciation
Federal taxes
Interest
Undistributed income Cal. Dairies-
$708,917
$766.899
$1,401,036
Net income
The consolidated balance sheet as of Dec. 31 shows current assets of
$3,395,212 and current liabilities of $1,802.273. leaving net working capital
of 51,592,939.-V. 129, p. 3184.
-Merger Terms.
Wilcox-Rich Corp.
The directors of the Wilcox-Rich Corp. and the Eaton Axle & Spring
Co. have approved terms for the merger of the two concerns on a basis of
85 shares of Eaton Axle for 100 shares of Wilcox-Rich class B stock. WilcoxRich class A stock will not be exchanged.
On the basis of 328,620 Wilcox-Rich B shares outstanding exchange of
stock will require the issuance of 279,327 additional shares of Eaton Axle
capital stock.
The offer of85 shares of Eaton Axle capital stock for 100 shares of WilcoxRich B stock remains open until May 10, or may be extended not longer
2412
FINANCIAL CHRONICLE
than 607days thereafter. The exchange will be effective when not less than
200.000 of the 328,620 shares of Wilcox-Rich B shares outstanding shall
have been deposited under the plan.
The Guardian Trust Co. of Detroit and the Bankers Trust Co. of New
York, depositories, will issue to the depositing stockholders transferable
certificates of deposit. It is understood that application will be made to
list the certificates on the New York Stock Exchange.
-V.130, p. 1300.
White Motor Securities Co.
)"Calendar Years1928.
1926.
1927.
1929.
Int. & discount earned- $1,002,772 $1,097,644 $1,293,187 81,250,962
Int. on money borrowed
523,955
524,097
456.848
471,051
80,787
61,737
Adminis. & gen. exp_ --81,272
116.639
Taxes
9,033
13,088
12,412
17,160
Provis.for Fed.taxes(est)
61,000
92,000
87,500
48.000
[VOL. 130.
terms under which the merger is proposed and authorized by the two
boards of directors seem to be ultimately fair to both sides. It will give us
diversification that your corporation should have. We should have additional pipe and sheet capacity which Youngstown can give us and on
their side they need diversification, of a character of products which we
have. It will diversify both institutions from the standpoint of both location
and products. The two managements and the two boards of directors are
enthusiastic about the resulting good to be derived from the merger.
"We haven't the problem of modernization of the Youngstown Sheet &
Tube properties that we had in the purchase of Lackawanna Steel Co.
Cyrus S. Eaton Claims Victory.
-
During the week conflicting claims of victory in the merger fight have
been issued by both sides. Cyrus S. Eaton, on behalf of the opponents
of the merger, told the Youngstown Chamber of Commerce that 412,571
shares have been definitely lined up in opposition to the merger, and that
$564,539 510,756 shares were in favor of it, leaving 262,273 shares still undecided
Net profit
8445.996
$587,411
3390.038
Preferred dividends.. _ - _
175,000
175,000
175,000 at that time. A total of 395,201 shares is sufficient to block the merger.
175,000
Common dividends
100,000
In his statement to the Youngstown Chamber of Commerce, Mr. Eaton
50.000
50.000
50,000
said in part.
Balance surplus
"The proposed merger of the two companies would be of no great ad3220.996
$362,411
$289,53
$165,038
-V. 128, p. 2290.
vantage to Sheet & Tube from the standpoint of markets or products.
Actually, the benefits would flow to the Bethlehem Steel Corp. at the
Wil-low Cafeterias, Inc.
-Reduces Debt.
expense of Sheet & Tube stockholders. Clearly, the aim of Bethlehem's
The balance sheet as of March 1 1930. shows a reduction in the in
poll is to invade the rich market of the Middle West, and the Chicago
debtedness of the company of $53.873 since Jan. 31. Notes payable were district. Long considered as definitely entrenched in the East, the pene3361.030 compared with $414,903 as of Jan. 31. Total surplus of the tration into the West of this company threatens to upset the economic
company amounted to $445,514 and total assets to 51.275,791. Cash was balance of the steel Industry, resulting in conditions which would be detrireduced only $19,080 in effecting the reduction in debt.
-V. 130, p. 2232. mental to general prosperity.
Wright Aeronautical Corp.
-Earnings:
-
Calendar Years1929,
1928.
1927.
1926.
Net sales
310,379.245 38,781,516 $3,990,546 $3,173,419
Expenses,incl,depree'n_x10,264,321 x6,400,108 3,194.331
2.607,517
Net income
Other income
8114,924 $2,381,408
883.109
364,430
3796.215
240,024
3565,902
222,810
Total income
Federal taxes reserve_
8998.032 52,745,838 81,036.240
97.194
312,067
102,340
3788,712
88,024
Net income
8900,837 52,433,771
$700,688
3933,900
Dividends paid (cash) (32)1049527 (32)539,666 (51)247.665 (51)247,846
Balance,surplus
$452,842
def$148,690 $1.894,105
$686,235
Bhs. cap. stk. outst'd'g
As(no par)
599.857
300,000
250,000
250,000
Earned per share
$1.50
$8.11
32.80
33.73
x Includes depreciation on fixed assets 1929. 3831,705: 1928, $311,115.
Surplus Account Dec. 31 1929: Earned surplus for 1928, $4,799.757
mundary adjustments 323,380; total surplus $4.823,136; Deduct: Deficit
for year 1929 after dividends 3148,690; dividends paid in stock (299,856
shares). 31,499,280; earned surplus Dec. 31 1929 53.175,167.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
$
LiabilitiesAssets$
$
$
Mach.. eq., Ac x7.994,344 0,106,355 Capitalstock__ y2,999,285 1,500,000
215,287 1,367,739 Accts. payable__
429,760 1,007,767
Cash
19,875 2,763,262 Deposits
43,591
Securities
169,935
Accr. wages,sal.,
Accts. & notes
768,173 1.288.965
dm
15,182
282.692
MO
.
97,195
Inventories-_ _ 3,748,236 2,399.159 Federal taxes _ _
312.067
Sundry reserves_
35,313
73,020
Int. rec. & Ins.
208.303 Capital surplus_ 6,452,743 6,525,001
72.916
dep
371,752
344,485 Earned surplus_ 3,175,167 4,799,757
Misc.invest
191.971
57,655
Patents. acc--Total
13,248,238 14,670,239
Total
13,248.238 14,670,239
x After depreciation reserve of 51 426.258. y Represented by 599.857
-V. 130. P. 1847.
no par shares.
-Shipments Increase.York Ice Machinery Corp.
lirShipments for the five months ended Feb. 28 1930. which are the first
five months of the company's fiscal year, were approximately 25% larger
than in the corresponding period of the preceding year. For the week
ended March 4 shipments were the largest in the history of the company
which has been in continuous operation for over 30 years.
The milk machinery division of the company at Canton, Ohio, for the
five months ended with Feb. 28 1930, reports gross business equal to that
of the entire 12 months ended Sept. 30 1928.
Total sales of the company for the fiscal year ended Sept. 30 1929 were
$17,546.000 which compared with $15,884,000 in the preceding year, gain
of $1,662,000 or over 10%. Net income of the past fiscal year, as previously reported, was $1,696.184 as against $1,393,563 the year before.
V. 128, p. 1249, 1077.
Youngstown Sheet & Tube Co.
-Developments in
Youngstown-Bethlehem Steel Proposed Merger.
The proposed merger of the Bethlehem Steel Corp. and the Youngstown
Sheet & Tube Co. will result in increasing the payroll of the Youngstown
concern and augment the industrial facilities and the general prosperity
of the Mahoning Valley, Charles M. Schwab, Chairman of the Bethlehem
organization, and E. G. Grace, President, stated March 31. They also
announced that the plan of consolidation contemplates the operation of the
Youngstown company as a separate concern under its present name.
The Bethlehem official announcement was received by the Cyrus EatonOtis & Co. group, the Youngstown faction opposing the merger, as an
Indication that Bethlehem Is prepared to make further concessions, especially in regard to terms. To this end the opposition group advised the
Youngstown stockholders "to stand pat.
The statement of Mr. Schwab and Mr. Grace says:
"Questions have been asked as to what are the plans which Bethlehem
Steel Corp. has for carrying out its previously announced Purpose to
develop and expand in the Youngstown district the business of the merged
companies and to maintain in Youngstown important executive offices.
"Bethlehem fully recognizes the value of the name Youngstown and
the importance of maintaining the good will which the Youngstown Sheet
& Tube Co. has developed through the wide distribution of its products.
We wish to maintain these values to the utmost. Accordingly, the plan of
merger contemplates that the Youngstown properties will 130 operated by
a operate company, to be known as the Youngstown Sheet & Tube Co.
Such company will have its headquarters in Youngstown with resident
executive officers.
'One of the most important aims in entering this merger is to obtain an
alliance with a large pipe and sheet manufacturing company to complement our present activities. We contemplate the development and expansion of the Youngstown plants in the largest possible manner that commercial conditions will warrant.
"We foresee a great future for the business of these plants and we believe
that in combination with our other lines of manufacture the opportunities
for such business will be of great advantage to all concerned.
"We are confident that the merger will result in increasing the pay roll.
the industrial facilities and the general prosperity of the Mahoning Valley.'
The committee opposed to the sale and dissolution of the Youngstown
Sheet & Tube Co. send the following communication to Youngstown Sheet
& Tube stockholders:
Bethlehem Steel Corp.'s proposal to make the Youngstown Sheet &
Tube Co. a wholly owned subsidiary indicates that Bethlehem has recognized the defeat of its original plan. If Youngstown Sheet & Tube stockholders continue to stand pat, as they have stood pat so far, it would seem
reasonable to expect that Bethlehem will offer further concessions extending to a favorable change in the terms so that they will be more nearly on
the basis that independent statisticians say they should be in fairness to
Sheet & Tube stockholders."
Mr. Grace,commenting on the terms of the proposed Bethlehem-Youngstown Sheet & Tube merger at the annual meeting of stockholders of Bethlehem, April 1, said, that if he were a stockholder of Youngstown he would
take Bethlehem stock rather than cash.
"Our advices from Youngstown this morning in respect to the proxy
situation confirms our confidence that the merger will be approved at the
stockholders' meeting a week from to
-day'
"Your management naturally believes itis a good thing for your company
to undertake the merger," Mr. Grace continued. "Their management
likewise considers it a good thing for Youngstown to merge with us. The
Chairman Campbell Predicts Merger Will Be Approved.
Chairman Campbell of Youngstown Sheet & Tube Co. says: "The
Irresponsible character of so many statements which have been made in
opposition to the merger of Bethlehem and Sheet & Tube is again manifest
in the statement of the specific number of shares the opposition claims
to be able to vote. It is absolutely foolish for any one to make claim as to
specific number of votes, for the reason that proxies can be revoked up to
the time of the meeting. All we care to say is, and we say it with full responsibility, that the proxies already in our hands, leave no doubt in my
mind that the merger will be approved."
Banker in Suit Asks Merger Data.
Arthur B. Taylor, a banker or Elyria, owner of 360 shares of common
stock of the Youngstown Sheet & Tube Co., filed an action April 2 in court
at Youngstown for a mandatory injunction to require officers of the company to afford him an opportunity to examine data bearing on the proposed
sale of the company to the Bethlehem Steel Corp.
The petition demands an order affording the plaintiff as a shareholder of
Sheet and Tube the opportunity "of exmaining reports, audits or any
information in writing in the possession of the defendant relative to the
value of the common stock of the Bethlehem Steel Corp." It requests also
comparisons of the value of the common stock of Bethlehem and Sheet and
Tube.
Mr. Taylor recites that he is "unable from the information at his command to determine whether said proposed sale is to the advantage of the
plaintiff and other holders of common stock."
Mr. Taylor says he has been informed and believes that certain reports.
audits and analyses of the accounts of the assets and earnings of Bethlehem
were submitted to Sheet and Tube directors, who have consistently refused
to comply with demands to reveal these statistics made by officers and
attorneys representing the committee opposing the sale.
He resorts to the court because he believes it would be futile for him to
demand on his own behalf access to this information, Mr. Taylor says.
Youngstown Sheet & Tube Co. has filed its answer to the complaint filed
by Arthur B. Taylor. In its answer the company admits that certain
reports, audits and analyses of the assets and earnings of Bethlehem Steel
were submitted to its officers and directors "on, prior to and since March 12
1930" and that demands have been made upon the Youngstown company
by the committee ofstockholders opposed to the sale and by their Attorneys
but the company denies that such reports, audits and analyses submitted
to its officers and directors are any longer in its possession or subject to
Its control and thus pleads inability to produce them. Depositions were to
be taken at the office of Harrington, DeFord, Huxley & Smith at Youngtown (April 4) and at office of Squire, Sanders & Dempsey at Cleveland
on April 5. Trial will be held at Youngstown, April 7.
Accountants Submit Reports.
Three firms of independent accountants-Haskins & Sells, Lybrand,
-who have gone
Ross Bros. A Montgomery and Arthur Anderson & Co.
over the books of the Bethlehem Steel Corp. and,the Youngstown Sheet Sr
Tube Co. at the request of the two companies have issued a joint report,
finding that the proposed merger favors the Youngstown Sheet & Tube
stockholders. The letter of these accountants, which was published as an
advertisement in the press April 2, says in part:
"Our conclusion is that on the basis of relative earnings the proposed
terms are fair and favorable to the Sheet & Tube company. On the basis
of net assets values and on the basis of relative working capital they are
even more favorable to the Sheet & Tube shareholders."
Regarding relative fixed charges the accountants say:
"The fixed charges in the case of Sheet & Tube are relatively more
favorable than in the case of Bethlehem, but on the other hand Bethlehem's
fixed charges are mainly in the form a dividends on stock, while Sheet Sr
Tube's are mainly in the form of interest and in ourjudgment. therefore,
no adjustment is required in respect of this situation.
They give the relative fixed charges of the two companies after the
retirement of debt recently effected as follows: Bethlehem, interest on
bonds, $5,900,000: dividends on preferred stock, $7,000,000: total, $12„900,000: Sheet & Tube, interest on bonds, $3,600.000; dividends on preferred stock. $825,000; total, $4,425,000.
With regard to relative working capital, the accountants say:
"Bethlehem's net working capital as shown by its balance sheet is
3179,245.656; that of the Youngstown Sheet & Tube Co. is $74,898,139.
On the basis of the relative shareholdings in the consolidated company,
Bethlehem's net working capital is thus in excess of the relative contribution* on a share basis by Sheet & Tube to the extent of $29,446,378. This
figure should be adjusted for dividends declared in 1930, shown by Bethlehem as a liability at Dec. 31 of $6,550,000 and for marketable securities
held as reserve fund assets in excess of the relative figure for Youngstown
of $5,170,625, making the excess $41,170,003. or $12.87 per share.
"In our opinion, even if the merger is to be considered on relative earning
capacity, Bethlehem is fairly entitled to an allowance over and above the
ratio fixed on the earning capacity basis of at least $12.50 per share for
excess working capital.
In summarizing the accountants say:
"Summarizing the foregoing our conclusions are: First, that on the basis
of relative earnings (taking into account the years 1925 to 1929 inclusive
and plant under conqtruction at the end of the year), the basis of exchange
is favorable to Sheet & Tube: second, that Bethlehem is contributing
working capital to the extent of $40,000,000, or $12.50 per share in excess
of its rateable contribution on the agreed basis of merger. We are convinced, therefore, that the terms of the proposed merger are fair and
-V. 130, p. 2232.
avorable to Sheet & Tube."
CURRENT NOTICES.
-The new six-story Guttag Brothers Building at 42 Stone Street, New
York,in the financial district, the first structure in New York City devoted
to an Over-the-Counter house, was formally opened on Tuesday. April 1.
Established in 1910 by the present active heads of the business, Henry
and Julius Guttag, the firm since that time has been specialists in bank
and insurance stocks, and has been one of the leading foreign exchange
houses. Julius Guttag, one of the foremost coin collectors in the world.
has utilized one of his rare pieces to decorate the massive bronze main
entrance doors of the new building. This coin, one of a series of pattern
and experimental pieces issued by private individuals prior to the establishment of the U. S. Mint, and linked up with the early coinage of New York
and New Jersey, is dated 1785. Both sides have been reproduced on the
six panels of the door.
-Harold B. Smith & Co., have removed their offices to 42 Broadway,
N.Y.
APRIL 5 1930.1
FINANCIAL CHRONICLE
2413
York Stock Exchange,
—Clark Williams & Co., members of the New
Cusick & Co.and Orton,
of
—Following the dissolution of the firms ofP. F.
office at 16 Court Street under the management
formation of the firm of P. F. will open a Brooklyn
with Wade Bros.
Kent & Co., announcement is made of the
James J. Boylan. Mr. Boylan was formerly connected
memberships on the New York Stock Exchange,
•Cusick, Kent & Co., with
Exchange. The partners & Co.
New York Curb Exchange and New York Cotton
Richardson, has become
Sydney G. Willcox,
—Elliot H. Falk, formerly of Chase, Falk &
of the firm include Patrick F. Cusick, Douglas Kent,
Co., members of the New York
Irving T. Smith. Thomas a general partner in the firm of Buell &
Hulbert Schaaf, Thomas L. Leeming and
Robert Cluett and Robert
of the company will be Exchange, New York. Effingham Lawrence.
F. Patterson is a special partner. The main offices
two uptown H. Bassett have retired from the firm.
Broadway, N. Y. and in addition they will have
located at 39
Y., have issued the 1930
Philadelphia, Scranton
—J. Roy Prosser & Co., 52 William St., N.
branch offices as well as branch offices in Newark,
and bank stocks, containing
edition of their analysis of leading insurance
and Wilkes-Barre.
mortgage
companies, and 79 banks, trust companies,
Meehan & Co., members of data on 78 insurance
—Announcement has been made by M. J.
branch office and title companies.
reopen their
admission of two partners,
the New York Stock Exchange, that they will
—Wallace & Co., of New York,announced the
inaugurated last summer
on the "Berengaria" on April 7. This service was
partner and James R. Sanderson as general
for the transmission by radio of quotations Henry Sanderson as a special
when arrangements were made
to Wallace, Sanderson &
hment of the branch partner. The name of the firm will be changed
and orders between shore and ship. The re-establis
by the reopening Co.
office on the "Berengaria" will be followed on April 12
and Baltimore Stock
The firm plans
—Mackubin. Goodrich & Co., members New York
of branch offices on the "Leviathan" and the "Bremen."
the
the transatlantic travel Exchanges, Baltimore, have compiled a comprehensive analysis of
o maintain these offices in operation throughout
forwarded on request.
Houston Oil Co. of Texas, copies of which will be
season.
Fred J. Young
Brown Bros. in Phila—Announcement is made that Leon D. Pierson and
—Albert G. Stephenson, who was associated with
and from 1923 have resigned as vice-presidents of Yeager, Young & Pierson, Inc., and
delphia, from 1911 to 1923 as salesman and salesmanager
Eugene L. Hof- that the corporate name has been changed to H. C. Yeager & Co., Inc.
to 1930 with Reilly, Brock & Co.. as salesmanager. and
more recently
60 John St.,
mann, who was associated with N. W. Halsey & Co. and
—Eppler, Betz and Sangster, accountants and engineers.
formed the firm of
formerly with Deloitte.
with Reilly, Brock & Co., and Yarnell & Co., have
N. Y., announce that Oscar J. Weldon, C. P. A.,
grade securities
in the firm.
Stephenson, Hofmann & Co., to deal exclusively in high
Plender, Griffiths & Co., has been admitted to partnership
and estates. Their
and to render investment counsel to banks, individuals
formerly with Smith, Graham & Rockwell of New
—Kortright Church,
a.
of Baltimore.
offices are located in the Packard Building, Philadelphi
York, has become associated with Mackubin, Goodrich & Co..
in Wall Street as Manager of the stock department of their Washington office.
—A new investment banking house comes into being
Young & Co., Inc.,
circular descrip—The National City Co. has prepared for distribution a
with the announcement of the formation of Pierson,
New York
Albany. Both Mr.
tive of North Carolina,showing that that State is second only to
with offices at 63 Wall Street and 75 State Street.
have been identified with the underwriting and State in the aggregate taxes paid the United States Government.
Pierson and Mr. Young
Yeager,
nts of
distribution of various new public utility issues as vice-preside
—Hoit, Rose & Treater. 74 Trinity Pl., N. Y., have prepared a bulletin
Pierson, Young & Co.
Young & Pierson, Inc. The new corporation of
discussing New York. Chicago, Hartford. Boston. and Hartford bank stocks
distributing business in investment
will transact an underwriting and
and insurance, industrial and investment trust securities.
.securities, specializing in public utility issues.
—Fetzer & Emmons, 120 Broadway, N. Y.. announced the opening
Grand Silver Stores stresses of a new department in charge of Kenneth Stoddard to specialize in rights
—Jackson Bros., Boesel & Co.'s analysis of
the company excepting one banking and script of securities listed on the Curb Exchange.
good management. Every director of
stock room through years
representative has graduated from the basement
—Gammack & Co., members of the New York and Pittsburgh Stock
grow only as fast as man
that Lloyd 0. Vernon Mann has become associated
of service. It is the fixed policy of this chain to
work to become a store Exchanges, announce
hard
power can be trained. It takes three years of
with them in their New York office. 39 Broadway.
managers are trained in each store.
manager and three prospective new
—Reed A. Morgan & Co., members Philadelphia Stock Exchange.
ascertain the progress of every
Monthly questionaires are rigidly enforced to
announce the removal of their offices to the Fidelity-Philadelphia Trust
male employee.
123 South Broad St., Philadelphia.
firm under the name Building,
—The formation of a new investment securities
—Utley, Blizzard & Co., Philadelphia, have opened a New York office
Place, New York,
Gallaher Brothers, Inc., located at 43 Exchange
-of
three direct private telephone
Gallaher, formerly for telephone service only. They now have
boa been announced. Members of the firm are Maurice
Philadelphia.
Charles D. Robbins & Co., wires between New York and
Manager of the investment department of
department of the
—Frazier Jelke & Co.. members of the New York Stock Exchange,
Jamieson D. Kennedy, formerly head of the trading
announce that Thomas 0. Haskins and Norris E. Moore are now associated
.same firm, Hugh W. Gallaher and F. K. Gundlach.
of Myron with them in their office at 2 East 57 St.
—Eldredge dr Co. announce the withdrawal from their firm
formerly
—The current issue of "Food Securities Review" by Chandler & Co.
-G. Darby. They also announce tnat Thomas E. Stone, Jr.,
has been features an article entitled "The New Milling Revolution" by James F.
Manager of the municipal bond department of Wnite, Weld & Co.,
McEntee and Bell, President. General Mills, Inc.
.admitted to partnership in their firm, and that Thomas F.
of White,
—Redmond & Co., 48 Wall St., members of the New York Stock Ex‘Edward H. Hills, formerly with the municipal bond department
Jr..
change. announce the admission of Charles Reed and Allan McLane,
Weld & Co. are now associated with them.
Mc- to their firm, as general partners.
firm of Darby & Co., of which Myron G. Darby, George I.
—The
as of
—Campbell. Peterson & Co., Inc., New York. has issued a descriptive
Kelvey, Jr., and John B. Westcott are partners, has been formed
securities, booklet on the scope and aims of the company's recently inaugurated
April 1, with offices at 2 Wall St.. N.Y., to deal in investment
have been Industrial Intelligence Service.
Apeciallzing in municipal bonds. Mr. Darby and Mr. McKelvey
a partner of that
with Eldredge & Co. since 1919 and Mr. Darby has been
—The Brooklyn National Bank of New York has been appointed transfer
& Roberts
dirm since 1920. Mr. Westcott was Vice-President of Mulliken
agent of the participating preferred stock and common stock of the Searight
Inc.
Royalty Participations, Inc.
—F. B. Keech & Co., members of the New York Stock Exchange,
—F. A. Willard & Co., announce the opening of a Newark, N. J., office
Clarke Dean has been admitted
52 Broadway, N. Y., announce that J.
at 790 Broad St., under the management of L. Gordon Miller who is entitled
the firm,effective April 1 1930. They also announce resident partner in Newark.
as a general partner in
the retirement of Charles Reed as a general partner and I. Chauncey
—Macauley & Co., New York, have issued their April Quotation Bulletin
McKeever as a special partner, effective March 31.
on Brooklyn, Long Island, Staten Island and Westchester bank, trust.
—Fred E. Linder, formerly of Edmund Seymour & Co., has been elected title and insurance stocks.
President of the National Water Works Corp. and of Detwiler & Co.,
—Ralph S. Grubb, formerly with West & Co., has formed the firm of
succeeding L. Edgar Detwiler. Henry B. Price. President of Minor C. Grubb & Co., with offices at 1518 Walnut St., Philadelphia, to specialize
made Chairman of the National Water Works Corp..
Keith, Inc.. has been
in unlisted securities.
of which he had previously been a director.
—W. W. Snyder & Co., New York, announce that Hollis P. Gale has
A. Greene, formerly Vice-President of C. Lester Horn & Co., been made a member of their firm and William J. Wilson has become
—Irving
Inc., has organized the firm of Greene & Co., with offices at 30 Broad St., associated with them.
New York, to deal in bank, insurance and unlisted securities. Cornelius
—Philip Gassier. Jr. has been admitted to partnership in the banking
B. Sheridan, formerly with C. Lester Horn & Co., has been appointed
firm of White, Weld,& Co. and will represent them on the floor of the New
their trading department.
Manager of
York Stock Exchange.
—Bauer, Pogue, Pond & Vivian, members of the New York Stock Ex—Sewell Nightingale Dunton, who has been with Lee Higginson & Co..
-change, have appointed Raymond D. Stickney as Manager of the investhas joined the investment banking house of Pirnie,
ment department of their Albany office. Associated with him will be Colin Boston, for 10 years,
McRae in Albany, N. W. Davey in Troy, W.K. Hagginbothom in Catskill Simons & Co
—Charles D. Doyo, formerly of the firm of Arthur S. Kleeman & Co.
and I. Stuart Williams in Kingston.
New York office of James H. Causey &
—Announcement has been made of the formation of Craig & Co., Inc., has become associated with the
.with offices in the Integrity Building. 1528 Walnut St., Philadelphia, to Co.. Inc.
—Chase, Falk & Richardson, 63 Wall St., N. Y. announce the change
transact a general business in investment securities featuring public utility
of Elliot
Issues. The officers are Nelson G. Craig, President and Harold P. Wood- of the firm name to Chase & Richardson, following the retirement
H. Falk.
cock, Secretary and Treasurer.
in
—Nearly $10,000,000,000 is spent annually in the restaurants of the
—L. F. Rothschild & Co. announce that they will be represented
United States, according to an analysis of the restaurant industry by God- Buffalo by F. Taylor Root with headquarters in the Liberty Bank Building.
Exdard & Co., New York, who point out that the number of commercial
—Smith, Graham & Rockwell, members of the New York Stock
.restaurants in the country is increasing at the average rate of from 8 to change, 50 Broadway, N. Y., have prepared an analysis of United Corp.
.10% annually.
—Chase Donaldson, formerly partner in Bertles, Rawls & Donaldson,
—Edw. L. Wemple, former Vice-President, General Manager, raw has been elected Vice-President and director of Founders General Corp.
sugar distributor of the Warner Sugar Refining
,sugar buyer and refined
—-Sulzbacher. Granger & Co.. members New York Stock Exchange.
Co., has become associated with Lamborn & Co., and will represent them announce the opening of a branch office in Atlantic City, N. J.
-President and western manager, and will maintain headquarters
.as Vice
—Paul F. Lamorelle,formerly of Lamorelle & Co., has become associated
in Chicago.
their Philadelphia office.
Blun has been admitted as a with C. Clothier Jones & Co. In
—G.& A. Seligmann announce that Edwin
—Adams & Peck, 63 Wall St., New York, have prepared a review of
-special partner of their firm, and that Arthur May and Jules G. Franks
The Philadelphia office will all phases of the Mobile & Ohio segregation case.
,have retired from membership in their firm.
—Thomas J. Evans is now connected with the wholesale department of
be continued under the management of Jules G. Franks and Robert W.
G.E.Barrett & Co., Inc., 120 Broadway, N.Y.
Fraker.
—Paul Plunkett & Co., Inc., announce the removal of their offices to
—A series of six articles in booklet form outlining the basic principles
s as advantageous the Lincoln Building, 60 East 42nd Street.
.by which the bond investor can use minor fluctuation
buying or selling points, is being distributed by Theodore Prince & Co.,
—O. M. Cryan & Co., Inc., announce the removal of their offices to
The National City Co. building. 52 Wall St.
420 Broadway, N. Y.
bank stock firm of
—Potter and Co.,New York, have issued a special analyses of Associated
—Announcement is made of the dissolution of the
Corp.
Pinkerton & Heimlich and the continuance of the business by Thomas N. Dry Goods
—Prince & Whitely. New York, are distributing an analysis of Penn(Pinkerton, to be known as Pinkerton & Co., with offices at 26 Broadway,
sylvania Railroad.
New York.
2414
FINANCIAL CHRONICLE
[Voz. 130.
Ileports and glocumenIs
ks.)
PUBLISHED AS ADVERLISPMENTS
LOUISVILLE AND NASHVILLE RAILROAD COMPANY
SEVENTY-NINTH ANNUAL REPORT—FOR THE YEAR
ENDED DECEMBER 31, 1929.
Louisville, Ky., April 2, 1930.
To the Stockholders of the Louisville & Nashville Railroad
Company:
The Board of Directors of your Company respectfully
submits the following report for the year ended December 31,
1929:
MILEAGE.
I. Lines Owned and Operated
II. Lines Operated Under Their Separate Organizat
or is Interested as Joint Owner or Lessee ions in which this Company Owns a Majority of the Capital Stock
III, Lines Owned by this Company but Operated
by other Companies
Total mileage
Total mileage December 31. 1928
Decrease
Accounted for as Follows—
Deductions—
Nashville, Chattanooga & St. Louis Railway
Chicago, Indianapolis & Louisville Railway
Ad ditions—
Sundry additions (net)
Miles.
5,250.05
2,447.1!
269.19
7,966.26
8.005.41
39.15
36.82
2.70
39.52
.37
39.15
INCOME.
The Income as shown in detail in Table No. 1, page 18 [pamphl
et report], is here summarized, compared with previous
year:
Railway Operating Revenues
Railway Operating Expenses
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
1929
$132,055,983.32
104.546,674.23
$7,566,457.15
23,789.69
$27,509.309.09
7.590,246.84
Total Operating Income
Equipment Rents (Net)
Joint Facilly Rents (Net)
Cr.1,358,398.93
Dr. 449,241.41
Net Railway Operating Income
Other Income (Non-operating)
1928
$137,464,231.58
107,702,823.49
$7.649,705.45
20.274.52
7,669,979.97
$19.919.062.25
Cr. 909,157.52
Cr. 795,783.81
Dr. 405,858.25
$22.481.353.68
3.280,033.05
$24,834.261.72
$10,634,582.09
473,137.29
Total Deductions
$22,091,428.12
Cr. 389,925.56
$20,828,219.77
4,006,041.95
Deductions from Income:
Interest on Funded Debt
Other Deductions
$29.761,408.09
$25,761,386.73
$10,857.079.90
375,822.31
11,107.719.38
11,232,902.21
$13,726,542.34
Net Income
$14.528.484.52
The following is a comparison of freight and passenger traffic with
the previous year:
Number of passengers carried, 1929
Number of passengers carried, 1928
Number of passengers carried one mile. 1929
Number of passengers carried one mile, 1928
Number of tons of freight carried. 1929
Number of tons of freight carried, 1928
Number of tons of freight carried one mile, 1929
Number of tons of freight carried one mile, 1928
6,200,214
7,550,649
482.542,463
542,880.731
58,974,165
62,523,542
12,580,521,098
13,090,951.875
For comparative purposes, the above includes operations of the Louisville,
Henderson & St. Louis Railway for the period June 1 to December
31. 1929.
FUNDED DEBT.
Funded Debt, December 3' 1928
.
OUTSTANDING IN HANDS OF PUBLIC).
$231,008,120.00
CHANGES DURING THE YEAR
Matured—
Redeemed—
Equipment
Equipment
Equipment
Equipment
Equipment
Trust No. 37 Gold Notes
Trust No. 37-A Gold Notes
Trust Series "D" Certificates
Trust Series "E" Certificates
Trust Series "F" Certificates
Bonds Purchased for Sinking Fund—
Newport and Cincinnati Bridge Co. General Mortgage
Decrease in Funded Debt Outstanding Held by the Public
$512,600.00
191.300.00
735,000.00
420,000.00
400,000.00
$2.258,900.00
3,000.00
2,261,900.00
Total Outstanding Funded Debt, December 31, 1929
8228.746,220.00
OWNED.
Bonds Owned, December 31. 1928
$74.977.500.00
CHANGES DURING THE YEAR.
Bonds Issued—
First and Refunding,Series "0"
Total Funded Debt Owned, December 31, 1929 (See Table V, page 24 (pamphlet report)
Funded Debt, December 31, 1929, total issue (See Balance Sheet, Table III)
Funded Debt, December 31, 1928. total issue
Increase
21,205,000.00
96.182,500.09
$324,928,720.00
305,985,620.00
$18,943,100.00
RAILS.
The rails in main track owned, operated by other
comThe rails in main track operated, except trackage rights, panies, are shown below:
Steel Rails—
are shown below:
Under 70 pounds per yard
Steel Rails—
Under 70 pounds per yard
70 pounds per yard
80 pounds per yard
85 pounds per yard
90 pounds per yard
100 pounds per yard
Over 100 pounds per yard
Total
To which add—
Operated under trackage arrangements
67.88
542.70
778.77
Miles.
n.32
24.17
52.95
30.82
166.78
Less—Portion of Paducah & Memphis Division used by L.
& N.
Railroad under trackage arrangements
1,722.53
1.987.17
1.64
Total mileage operated by other companies (see page
5 of
pamphlet report)
5,112.01
138.04
Total mileage owned and operated (see page 5 of pamphlet)- 5,250.05
80 pounds per yard
85 pounds per yard
90 pounds per yard
274.72
5.53
269.19
ADDITIONS AND BETTERMENTS—ROAD.
During the year there were charged to Investment
Road,
expenditures for additions and betterments as follows:
2415
FINANCIAL CHRONICLE
APRIL 5 1930.]
Charges
$56,556.71
141.501.96 Passenger-Train Cars
$643.937.30
Twenty-two (22)acquired
387.361.90
Equipping baggage and mail and postal cars
Cr. 21,266.59
with electric fans, and coach with ad424.693.35
5,963.18
ditional toilet, etc
139,467.66
Additional charges for passenger-train cars
442,502.86
4,200.00
acquired in prior years
648,497.57
654.100.48
Cr. 22,598.69
43,485.96 Work Equipment
$520.00A
One (1) unit acquired
6,159.38
Equipping pile driver and locomotive cranes
87,063.05
with electric lights, business car with speed
705,849.80
1,439.20
indicator, etc
14,741.41
Nine (9) locomotive tenders changed to work
46,667.27
6,879.00
equipment
53,780.61
Sixteen (16)freight-train cars changed to work
501,561.67
5,873.57
equipment
187,606.64
Thirty-three(33) passenger-train cars changed
24,653.17
24,698.37
to work equipment
19,971.82
Cr.
42,496.04
$39,410.14
257,451.33
5,344.72 Less
Adjustment of charges for work equipment
1,296.66
1.200.00
acquired in 1928
10,621.17
38,210.14
2,620.34
13,761.73 Miscellaneous Equipment
6.141.17
8,257.68
Five (5) motor trucks acquired
4,836.77
$7,380,978.60
27,683.83
465.36
Credits32,358.69 Locomotives
2,192.65
Cr.
$370,110.69
Thirty-seven (37)retired
196,088.02
Twelve (12) locomotive tenders
19,734.26
10,625.00
retired
7,174.06
Cr.
Nine (9) locomotive tenders
185.025.56
6,879.00
changed to work equipment_ _
384.00
Cr.
$387.614.69
-Train Cars
Freight
Table
Total for the year ended December 31, 1929 (See
Two thousand three hundred
4,646.605.32
$1,623,882.65
VI. page 27 of pamphlet report)
sixty-two (2,362) retired
5,418.290.76
Totalfor the year ended December 31,1928
Sixteen (16) changed to work
12.263.78
equipment
$771.685.44
Decrease
$1,636,146.43
-EQUIPMENT. Less
ADDITIONS AND BETTERMENTS
Adjustment of charges for
527.00
equipment converted in 1928The following expenditures for additions and betterments,
1,635,619.43
equipment, were charged to Investment, Equipment, during Passenger-Train Cars
20,294.17
Five (5)retired)
the year:
Thirty-three (33) changed to
Charges162.584.20
work equipment
Locomotives
182,87..37
$1.414,439.58
Twenty-four (24) acquired
Work Equipment
16,300.00
Thirteen (13) locomotive tenders acquired.56.927.31
One hundred sixty (160) units retired
Equipping with superheaters. cab curtains,
Miscellaneous Equipment
pneumatic fire doors, cut-off control
4.640.30
Four (4) motor trucks retired
17.625.08
gauges, power reverse gears, etc
2.267.680.10
$1,448.364.66
Freight-Train Cars
Net charge to Additions and Betterments, Equipment for
acquired.$5,233,692.52
Two thousand five hundred (2.500)
$5.113.298.50
1929(See Table VI,page 27 of pamphlet report)
Equipping flat car for handling wood pulp,
Net charge to Additions and Betterments, Equipment for 1928 2,450,388.81
gondola with steel sides and floor, and
469.63
caboose with first aid kits, etc
$2,662,909.69
Increase
5,234,162.15
Engineering
Land for Transportation Purposes
Grading
Tunnels and Subways
Bridges.Trestles,and Culverts
Ties
Rails
Other Track Materials
Ballast
Track Laying and Surfacing
Right-of
-Way Fences
Crossings and Signs
Station and Office Buildings
Roadway Buildings
Water Stations
Fuel Stations
Shops and Enginehouses
Storage Warehouses
Wharves and Docks
Coal and Ore Wharves
Telegraph and Telephone Lines
Signals and Interlockers
Power Plant Buildings
Power Substation Buildings
Power Transmission Systems
Power Distribution Systems
Power Line Poles and Fixtures
Miscellaneous Structures
Paving
Roadway Machines
Roadway Small Tools
Assessments for Public Improvements
Other Expenditures-Road
Shop Machinery
Power Plant Machinery
Unapplied Construction Material and Supplies
Interest during Construction
Other Expenditures-General
EQUIPMENT.
Locomotives.
Owned or Operated Under Trust Agreements
On hand December 31, 1928
Acquired
Changed.
37
63,317
2,500
---65.817
2,362
16
2,378
1,310
1,323
24
----
On hand December 31, 1929
Leased from Louisville. Henderson & St. Louis Railway Company
On hand June 1, 1929
Changed
40
-__
Destroyed
Changed
2.593
1
58*
994
22
----
63,439
1,347
37
--__
Destroyed or sold
Changed
..._
40
697
---2
Work Equipment.
Passenger Cars.
Freight Cars.
097
1,016
38
29
---
2,652
160
2.492
978
1
__
160
----
5
33
29
1
93
92
1
--
2
1
1
40
On hand December 31. 1929
* Includes 9 Extra Locomotive Tenders converted to Water Tanks.
__
695
28
92
The following table shows the equipment on hand at the close of each of the past ten years:
1920.
Locomotives
Freight Cars
Passenger Cars
Work Equipment
1,209
52,462
683
2.338
1921.
1.234
55,523
834
2,303
1922.
1,289
54,674
856
2.250
1923.
1,327
61,375
881
2.362
1924.
1925.
1926
1927.
1928.
1929.
1,347
64.825
922
2,451
1,344
65,025
925
2,441
1.371
65,237
992
2,407
1,356
64,019
1,005
2.465
1,323
63,317
994
2,593
1.350
64.134
1,006
2.584
SINKING FUND REQUIREMENTS, 1930.
Newport & Cincinnati Bridge Co
July 1, 1930
GUARANTIES.
The Company has guaranteed, by endorsement or by
agreement, the following obligations:
Annual Charge.
Louisville & Nashville Terminal Company First Mortgage
p. 4 per cent. Gold Bonds
Endorsement, made jointly and severally with Nashville,
Chattanooga & St. Louis Railway, covers principal and
interest of bonds issued:
Amount Issued
$2,601,000.00
Owned by this Company
101,000.00
Outstanding
$2,500,000.00 $100,000.00
Louisville & Nashville-Southern, Monon Collateral, Joint
4 per cent. Gold Bonds
This Company and the Southern Railway Company are
each liable for one-half of the principal and interest of
t bonds issued, $11.827,000.00. Should either Company
default in its obligations to the other in respect of the
g bonds of this issue, the pledged shares of stock belonging to such Company so in default shall become and
be the property of the Company not in default, which
thenceforth shall be liable in severalty upon all covenants
contained in the bonds:
Southern Railway Company's liabilltY-$5,913,500.00
One-half of amount of bonds owned by
15,500.00
this Company
$5.898.000.00 $235,920.00
$12.220.00
Nashville & Decatur Railroad, Rent Dividend
Under lease of this property, the payment of seven and
one-half per cent. annual dividend to stockholders is
guaranteed as rent:
$3,553,750.00
Amount of Capital Stock Issued
1,758,850.00
Owned by this Company
$1,794,900.00 $134,617.50
Outstanding
Memphis Union Station Company First Mortgage 5 per cent.
Gold Bonds
Endorsement, made jointly and severally with Nashville,
Chattanooga & St. Louis Railway, Southern Railway
Company, St. Louis, Iron Mountain & Southern Railway Company, and St. Louis Southwestern Railway
Company, covers principal and interest of the bonds
8125.000.00
issued, $2,500,000.00
Lexington Union Station Company
the Chesapeake & Ohio Railway ComThis Company and
pany, joint users of the property of the Lexington Union
Station Company, obligate themselves to pay jointly and
severally, according to the use made of the property, to
the Lexington Union Station Company, semi-annually,
an amount equal to 4 per cent, upon the Preferred Capital
Stock of that Company.
$390,600.00
Amount of Preferred Stock Issued
1,700.00
Owned by this Company
$388,900.00 $15,556.00
Outstanding
of St. Louis
Terminal Railroad Association
Amount of General Mortgage Bonds outstanding in the
hands of the public, December 31, 1929, $31,790,000.00:
$1,271,600.00
One year's interest @4o
110,000.00
Annual Sinking Fund Payment
$1,381,600.00
$92.106.67
Company's liability, one-fifteenth
This
2416
[Vor.i. 130.
FINANCIAL CHRONICLE
CINCINNATI PASSENGER TERMINALS.
SEPARATION OF GRADES IN THE CITY OF LOUISVILLE.KY.
During the year, The Cincinnati Union Terminal Company decided upon plans for the arrangement of the proposed
Union Passenger Station and coach and engine terminal
facilities. Grading has been commenced, and some masonry
work undertaken.
For the purpose of providing funds for immediate needs,
the Interstate Commerce Commission on August 10, 1929,
authorized The Cincinnati Union Terminal Company to
issue not to exceed $3,000,000.00 of 5 per cent. cumulative
preferred stock; also to issue and renew, from time to time,
to and including July 1, 1931, notes not exceeding $5,250,000.00, payable on demand or within six months from their
respective dates, with interest at a rate not to exceed 6 per
cent. per annum; the preferred stock to be sold at not less
than par and accrued dividends, and the notes at not less
than the face amount thereof. During October and November the total authorized issue of preferred stock was sold
at par.
In July, 1929, your Board of Directors agreed to participate with the City of Louisville in the elimination of the
grade crossing at Third and K Streets, and, in accordance
with the contract dated August 1, 1929, between this
Company and the City of Louisville, the work commenced in
December. The estimated cost, excluding cost of right of
way and property damage, is $342,000.00, of which this
Company's proportion will be $224,500.00, with additional
cost for right of way and property damage estimated at
$50,000.00.
It is expected that the work will be completed by September, 1930.
CONSTRUCTION OF NEW BRIDGE OVER KENTUCKY RIVER
AT FRANKFORT, KY.. LEXINGTON BRANCH.
The construction of this bridge, authorized in November,
1927, and the reconstruction of smaller bridges on the
Lexington and Shelby Branches, were completed and heavier
engines placed in service between Louisville and Lexington
in September, 1929.
YARD AND MECHANICAL FACILITIES AT MOBILE, ALA.
The new yard and mechanical facilities at Mobile, Ala.,
the construction of which was authorized in April, 1928,
and commenced in August of that year, were completed and
placed in service in September, 1929.
CONSTRUCTION OF FERTILIZER WAREHOUSE AT
PENSACOLA, FLA.
This work, including the rearrangement of Tarragona
Street wharf. authorized in December, 1928, was completed
in September, 1929.
CONSTRUCTION OF NEW LINE FROM CHEVROLET, HARLAN
COUNTY, KY.. TO HAGANS, LEE COUNTY, VA., AND
RECONSTRUCTION OF MARTINS FORK BRANCH.
The reconstruction of the new line from Chevrolet, Ky.,
to Hagans, Va., proceeded satisfactorily during the year.
The relocation and revision of 3.28 miles of Martins Fork
Branch, between Chevrolet and Cawood, were completed
and placed in operation in September, 1929. At December
31st, new construction between Cawood, Ky., and Hagans,
Va., was about 80 per cent. complete, and it is expected
that the line will be ready for use during the summer of 1930.
RECONSTRUCTION OF BRIDGES, FIAGANS TO NORTON, VA.
CUMBERLAND VALLEY DIVISION.
In order to provide for the use of heavier locomotives
between Hagans and Norton, Va., part of the proposed
route for the movement of traffic between the Harlan coal
fields and the Clinchfield Railroad, the reconstruction of
bridges was authorized in February, 1929, and at December
31st the work was practically completed.
AUTOMATIC BLOCK SIGNALS.
The installation of automatic block signals, between
Etowah, Tenn., and Junta, Ga., a distance of 88.60 miles,
commenced in February, 1929, was completed in October,
1929.
The construction of approximately 130 miles of automatic
block signals between East St. Louis and Maunie, Ill., was
authorized in October, 1929, and work commenced in
December. It is expected that this installation will be ready
for operation by July, 1930.
At the effective date of the lease of the property of the
Louisville, Henderson & St. Louis Railway Company,
hereinafter referred to, the line of road from Strawberry,
near Louisville, to Stephensport, Ky., a distance of 62.80
miles, was protected by automatic block signals, making
a total for the system of 1,460.70 miles at December 31,
1929, as follows:
Cincinnati, Ohio,to East Louisville, Ky
On Lexington Branch at LaGrange, Ky
Anchorage to Lexington, Ky
Louisville Union Station to A Street Junction
South Louisville, Ky.,to Nashville,Tenn
Strawberry to Stephensport,Ky
Maplewood to Radnor Yard,Tenn
Ma yton to Brentwood.Tenn
Calera to Three Mile Creek. Mobile. Ala
Mobile. Ala.,to New Orleans, La
Covington, Ky., to Junta, Ga
Oakdale to Jackson, Ky
Perritt to North Hazard,Ky
Leewood to Anion,Tenn
Meanie.Ill.,to Howell.Ind
Evansville.Ind.,to Amqui,Tenn
Total
Total December 31,1928
Increase during 1929
108.00 miles
1.50 miles
71.45 miles
1.76 miles
183.96 miles
62.80 miles
7.51 miles
5.00 miles
240.40 miles
137.20 miles
435.09 miles
12.00 miles
15.80 miles
2.33 miles
27.80 miles
148.10 miles
1.460.70 miles
1,309.30 miles
151.40 miles
SEPARATION OF GRADES IN THE CITY OF COVINGTON, KY,
In September, 1929, authority was given for the construction of an underpass near the existing grade crossing
at Fortieth Street, and in November, 1929, for the construction of an underpass at Carolina Avenue, closing the
crossing at grade of Southern Avenue, also the construction
of an overhead bridge or viaduct at Nineteenth Street, the
City of Covington to participate in the cost of the work,
which will be commenced early in the summer of 1930.
SEPARATION OF GRADES IN THE CITY OF BIRMINGHAM,ALA.
Work under the agreement dated October 31, 1928,
between the City of Birmingham and this Company, the
Southern Railway Company and the Alabama Great Southern Railroad Company, providing for the reconstruction of
viaduct at Twenty-second Street, and for the construction
of underpasses at Fourteenth, Eighteenth and Twentieth
Streets, has progressed satisfactorily during the year.
The viaduct at Twenty-second Street was completed in
September, 1929, and at the end of the year, retaining walls
had been completed and track raised to permit starting
construction of the underpass at Fourteenth Street.
LEASE OF LOUISVILLE,HENDERSON AND ST. LOUIS RAILWAY.
The application to the Interstate Commerce Commission
for authority to acquire control of, and operate under lease,
the railroad and other properties of the Louisville, Henderson
& St. Louis Railway Company, referred to in last year's
report, was approved and appropriate order issued by the
Commission on April 2, 1929. The Order of the Commission
specified that the lease agreement should provide that the
minority common stockholders of the Louisville, Henderson
& St. Louis Railway Company dissatisfied with the terms of
the lease may have the reasonable value of their stock fixed
by arbitration, with an undertaking on the part of this
Company to acquire such common stock at the price os fixed.
Under date ofjMay 6, 1929, an indenture was executed
by the Louisville, Henderson & St. Louis Railway Company,
leasing all of its property, real and personal, and all its
corporate rights, franchises, and privileges, except the
franchise to be a corporation, to this Company for a period
of ninety-nine years from June 1, 1928, the Lessee assuming
the obligation of paying $5.00 per share per annum on the
outstanding preferred capital stock, $8.00 per share per
annum on the outstanding common stock, and the interest
on all outstanding bonds. The requirements of the Commission with respect to the minority common stockholders
was incorporated in the lease, and in accordance therewith,
arbitrators were chosen and on January 2, 1930, reported
that they had agreed that a fair price for the minority
common stock as of May 6, 1929, was $232.40 per share.
It is expected that substantially all of the outstanding common stock will be acquired by this Company at the price
fixed by the arbitrators.
The property leased includes the line of railroad from
Strawberry, near Louisville, to Henderson, 137.08 miles,
and a branch from Irvington to Fordsville, including spurs
to Hardinsburg and Falls of Rough, 43.96 miles, a total of
181.04 miles, all in the State of Kentucky.
The operation of this road as a part of the Louisville and
Nashville System commenced on June 1,1929.
FEDERAL VALUATION.
There has been no material change in the status of valuation matters during the year.
FINANCIAL.
There have been no sales of securities during the year 1929.
The funded debt outstanding decreased $2,261,900.00, as
explained in detail on page 7 of pamphlet report.
On January 1, 1930, bonds secured by the two mortgages
known as the New Orleans and•Mobile Division First Mortgage for $5,000,000.00, and New Orleans and Mobile
Division Second Mortgage for $1,000,000.00, matured, and
on May 15, 1930, the Company's Ten-Year Seven Per
Cent. Secured Gold Notes, $7,500,000.00, will mature,
requiring a total of $13,500,000.00 to take up funded obligations maturing during the year 1930.
Application was made in February, 1930, to the Interstate Commerce Commission for authority to sell $15,000,000.00 par value of First and Refunding Mortgage
Series "C," 43/2 per cent. Bonds, and $5,000,000.00, par
value, of Unified Fifty-Year 4 per cent. Bonds, the proceeds
from the sale thereof to be used to restore to the treasury
the money required in the payment of the maturing obligations referred to above, and to provide money to pay for
extensive improvements to roadway and equipment.
On February 21, 1930, the Commission issued its order
authorizing the sale of the above mentioned $20,000,000.00
of bonds, and these were sold on February 27th, yielding
$18,500,000.00.
Attention is called to the report of the Comptroller for the
details of the year's business.
The Board acknowledges the fidelity and efficiency with
which the officers and employees of the company have
served its interests.
For the Board of Directors,
H. Walters, Chairman,
W. R. Cole, President.
2417
FINANCIAL CHRONICLE
APRIL 5 1930.]
-INCOME ACCOUNT.
TABLE NO. 1.
$132,055,983.32
104,546,674.23
Railway Operating Income—
Railway Operating Revenues
Railway Operating Expenses. 79.17 per cent
$27.509,309.09
Net Revenue from Railway Operations, 20.83 per cent
Railway Tax Accruals
Uncollectible Railway Revenues
87,566.457.15
23,789.69
Total Operating Income
Non-Operating Income—
Equipment Rents—
Hire of Freight Cars—Credit Balance
Rent from Locomotives
Rent from Passenger-Train Cars
Rent from Work Equipment
7,590.248.84
$19,919,062.25
$1,474,449.25
49,582.98
166,900.83
35,842.95
$1,726,776.01
347,808.82
Joint Facility Rent Income
Income from Lease of Road—
Clarksville & Princeton Branch
Paducah & Memphis Division
$12,039.70
206,506.20
Miscellaneous Rent Income
M scellaneous Non-operating Physical Property
Separately Operated Properties—Profit
Dividend Income—
Chicago, Indianapolis & Louisville Railway Co
Nashville, Chattanooga & St. Louis Railway
Louisville, Henderson & St. Louis Railway Co
Sundry Stocks
From stocks held under Georgia Railroad Lease
$218,545.90
52,568.50
95,973.82
507.000.00
$420.709.50
803,887.00
90.350.00
48,532.00
97.444.00
1.460,922.50
Income from Funded Securities—
Sundry bonds and notes maturing more than two years after date
From bonds held under Georgia Railroad Lease
$379,333.96
620.00
Income from Unfunded Securities and Accounts
Income from Sinking Funds
Miscellaneous Income
379,953.96
1,258,045.78
20,836.82
12,194.67
4,006,041.95
5.080,626.78
Total Non-Operating Income
$25,999,689.03
Gross Income
Deductions from Gross Income—
Equipment Rents—
Rent for Locomotives
Rent for Passenger-Train Oars
Rent for Work Equipment
$73,4M.96
282,327.80
12,584.3
Joint Facility Rents
Rent for Leased Roads—
Nashville & Decatur Railroad
Louisville, Henderson & St. Louis Railway
Rents for other roads
$134,867.49
108,224.35
106,003.07
Miscellaneous Rents
Misce laneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges—
U. S. Income Tax paid on Interest on Tax-Exempt Bonds
Fees and Expenses paid Mortgage Trustees
$21,800.28
6,276.10
$368,377.08
797.060.23
$349,094.91
46,731.50
18,912.70
10,634,582.09
30,321.80
28,076.38
11.107.719.38
12.273,146.89
Total Deductions from Gross Income
13.726,542.34
Net Income
Disposition of Net Income—
Income applied to Sinking Funds
298.46
8
$13.726,243.8
Income Balance Transferred to Credit of Profit and Loss
TABLE NO. II.---PR()FIT AND I.()SS ACCOUNT.
CREDITS.
Balance to Credit of this account, December 31, 1928
Credit Balance transferred from Income Account
Profit on Road and Equipment Sold
Delayed Income Credits—
Settlement with Western Union Telegraph Company of claim for use and occupation of right-ofway, &c
Retroactive adjustment of mail compensation, May 9, 1925, to July 31, 1928, Ind
$86,500,406.11
13,726,243.88
10.440.46
$1,747,336.03
978.893.14
2,726.229.17
286.972.46
Unrofundable Overcharges
Donations—
Estimated value of land and cost of labor and material donated for transportation purposes
Miscellaneous Credits
12,729.57
230,580.19
$103.493,601.84
DEBITS.
Dividend Appropriations of Surplus—
Cash Dividend, 3;.6 per cent., payable August 10, 1929
Cash Dividend, 3% per cent., payable February 10, 1930
$44,095,000.00
4,095.000.00
$8,190,000.00
12,729.57
309,303.82
46,964.54
94,934,603.91
$103.493,601.84
Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and Equipment
Miscellaneous Debits
Credit Balance, December 31, 1929
-INVESTMENT IN ROAD AND EQUIPMENT.
TABLE NO. VI.
(INCLUDING IMPROVEMENTS ON LEASED RAILWAY PROPERTY.)
Road and Equipment, December 31, 1928, was—
$291,810,384.45
Road
145,439,754.64
Equipment
Improvement on Leased Railway Property
$437.250,139.092,225,030.08
$439,475,169.17
To which add the following:
Road—
$1,769,716.01
New Line, Chevrolet, Ky., to flagons. Va
1,499.29
Catrons Creek Branch
34,342.99
Left Fork Branch
1,396.40
Sundry Items
$4,646,605.32
Additions and Betterments (see page 8 pamphlet report)
Deduct—
Amounts included in above account of Elkton & Guthrie Railroad, Glasgow
Railway, Cumberland and Manchester Railroad, and Louisville,
35,682.93 4,610.922.39
Henderson and St. Louis Railway
6,417,877.08
Equipment—
Bought, built or otherwise acquired during the year (see page 9 pamphlet report)
5.113.298.50
11,531,175.58
Total, as per Table III, page 20 pamphlet report —
Road
Improvement. on Leased Railway Property
$298,197,097.21
150,553.053.14
$448,750,160.35
2.256,194.40
S451.006.344.7;
2418
FINANCIAL CHRONICLE
[VOL. 130.
TABLE NO. IIL-GENERAL BALANCE SHEET.
Dr.
Dec. 311928.
$291,810,384.45
145,439,754.64
3437.250,139.09
2,225,030.08
601,382.76
81.000.00
$520,382.76
71,495.82
3,196,288.75
19,323,443.00
1,770,019.15
992,287.89
2,701,883.26
$24.787.413.30
1.991.555.99
4,876.943.42
85,158.31
1,000.00
56.734.857 72
4474,785,407.52
INVESTMENTS:
Investment in Road and Equipment—
Road
Equipment
ASSETS.
Improvements on Leased Railway Property
Sinking Funds
Total Book Assets
'Bonds, this Company's sane
59.687.59
5,913,500.00
495,683.13
$8.409,163.13
$6.488,850.72
2,659.29
1.972.761.99
$1.975.42128
$607,681.22
81.000.00
526,681.22
71.495.82
3,067,461.80
Deposits in Lieu of Mortgaged Property Sold
Miscellaneous Physical Property
Investments in Affiliated Companies
(a) Stocks
(b) Bonds
(c) Notes
(d) Advances
$19,330.488.73
1,678.374.21
954,180.38
2,872,298.68
24,835,342.00
Other Investments—
(a) Stocks
(b) Bonds
(c) Notes
(d) Advances
CURRENT ASSETS:
15,585,185.65
Cash
13,742,892.31
Time Drafts and Deposits
Special Deposits—
620,598.50
Total Book Assets
500,000.00
Bonds, this Company's Issue
5.00
Stock
120.593.50
Cash
4120,598.50
3,545,278.52
3.089,185.78
782,430.89
2.382,932.10
11.214.918.95
349,261.43
86,044.25
93,084.76
$50,971,813.14
$298,197,097.21
150,553,053.14
$448,750.150.35
2.258.194.40
$2,016,755.99
5.487.404.20
71,547.56
1.000.00
7,578,707.75
$487,084,033.34
$20,233,769.58
7,875.941.68
$829,222.50
500.000.00
$5.00
129.217.50
$129,222.50
2,039,601.55
3,156.686.80
796,826.01
2,437,887.68
12,102,593.42
346,437.23
92,064.10
59,337.64
Loans and Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest a d Dividends Receivable
Rents Receivable
Other Current Assets
DEFERRED ASSETS:
Working Fund Advances
Other Deferred Assets
Southern Railway Company's Proportion of Bonds Issued jointly
Other Accounts
49,270,368.19
60,747.59
$5,913,500.00
487,036.92
8,400.536.92
UNADJUSTED DEBITS:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
6,461,284.51
$8,333.26
1.870.950.33
1.877.283.59
$56.067,500.00 Securities Issued or Assumed—Unpledged
18,329,000.00 Securities Issued or Assumed—Pledged
$77,272,500.00
18.329,000.00
CONTINGENT ASSETS:
L. & N. Terminal Co. Fifty-year 4 per cent. Gold Bonds outstanding, endorsed by Louisville &
Nashville Railroad Company and Nashville. Chattanooga & St. Louis Railway
2.500.000.00
Memphis Union Station Company First Mortgages 5 per cent. Gold Bonds, guaranteed by Louis- $2,500,000.00
ville & Nashville Railroad Company and other interested Railroad Companies
2.500.000.00
$5.000.009.00
2,500,000
$539,201.492.88
Grand Total
5.000.000.00
3549.892.989.63
LIABILITIES.
Dec. 31, 1928. STOCKS:
Cr.
Capital Stock—
Full shares outstanding
$118,859,500.00
3116,860.300.00
720.00
Fractional shares outstanding
720.00
Original stock and subsequent stock dividends unissued
139,780.00
138,980.00
$117,000,000.00
$117,000,000.00
12,116.76
Premium on Capital Stock
12,116.76
$117,012.116.76
3117.012,118.78
GOVERNMENTAL GRANTS'
'4
132,531.80
Grants in Aid of Construction
127.186.64
LONG TERM DEBT:
Funded Debt—UnmaturedBook Liability
305,985.820.00
324,928.720.00
Held by or for this Company
58.067,500.00
In Treasury
77,272,500.00
81,000.00
In Sinking Funds
81,000.00
18,329,000.00
Deposited as Collateral
18,329,000.00
500.000.00
Special Deposit
500,000.00
$74.977.500.00
398,182,500.00
Actually outstanding
it231,008,120.00
$228,746,220.00
Liability of Southern Railway Company for Bonds Issued Jointly with this Company
5,913,500.00
5,913,500.00
$236,921,620.00
55,685.91
3236,977 305.91
761,039.64
7,704,732.24
1,087,339.34
1,828,890.50
201,199.00
11,000.00
4.095,000.00
1.856,754.48
18,760.12
232,351.69
Non-negotiable Debt to Affiliated Companies—Open Accounts
CURRENT LIABILITIES'
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
,Miscellaneous Accounts Payable
Interest Matured Unpaid_
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
3234,659,720.00
32,924.75
234,692,644.75
$725,158.27
7.900,568.44
1,431,043.28
1,847 124.50
221,516.00
11,000.00
4,095.000.00
1.813,230.57
28,218.66
227,373.30
$17,797,067.01
i113,3t6 72
e
4,070,707 58
18,063.006 08
45,123,399 56
323,580 64
7,101,825 85
DEFERRED LIABILITIES'
Other Deferred Liabilities
UNADJUSTED CREDITS
.
Tax Liability_
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Accrued Depreciation—Miscellaneous Physical Property
Other Unadjusted Credits
318.300,231.02
1,113,797 93
4,082.733 64
16.917.962 14
47,632,463 32
305,037 26
6,600,113 91
$72,682,519 71
2,633,618 30
56.347 10
276,253 44
$2,986,218 84
86.500.408 11
CORPORATE SURPLUS'
Additions to Property through Income and Surplus
Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
Total Appropriated Surplus
Profit and Loss—Balance
75.538.310 27
2,666,347 87
56,845 56
251,084 92
2,974,078 35
94,934,803 91
$89,486,624 95
2,500,000 00
2,500,000 00
CONTINGENT LIABILITIES*
L. & N. Terminal Co. F fty-year 4 per cent. Gold Bonds outstanding, endorsed by Louisville &
Nashville Railroad Company and Nashville, Chattanooga & St. Louis Railway
Memphis Union Station Company First Mortgage 5 per cent. Gold Bonds, guaranteed by Louisville Railroad Company and other interested Railroad Companies
6,000,000 CO
$539.201,492 66
97,908.682 26
2,500,000 00
2,500,00000
5,000,000 00
Grand Total
350.692,989 63
APRIL 5 1930.]
2419
FINANCIAL CHRONICLE
WABASH RAILWAY COMPANY.
FOURTEENTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31, 1929.
To the Stockholders of the Wabash Railway Company:
The Board of Directors herewith submit an Income Account and Report of Operations for the year ended December 31,
1929:
Decrease.
Increase.
1929.
1928.
Per
Cent.
Amount.
Average Mileage Operated
2,523.82
2,524.20
$63,796.582.56
7,042,372.25
1,318,496.07
1,759,485.20
1,672,993.82
755,699.22
287,344.85
$58,840,270.65
7,194,988.17
853,779.83
1,553,661.48
1,605,026.11
730,997.95
294,266.88
$4.956,311.91
464,716.24
205,823.72
67,967.71
24,701.27
54.43
13.25
4.23
3.38
Total Railway Operating Revenues
$76,632.973.97
$71,072,991.07
$5,559,982.90
$10.273,861.52
12,922,779.14
2,237,292.70
27,985,608.49
430,001.97
2,732,956.15
307.076.95
$9,496,663.03
11.815,468.66
2.037,900.66
26,784,642.81
421,650.43
2,223.050.89
367,808.81
$777,198.49
1.107,310.48
199,392.04
1,200,965.68
8.351.54
509.905.26
8.18
9.37
9.78
4.48
1.98
22.94
Total Railway Operating Expenses
1456.275,423.02
$52,411,567.67
$3,863,855.35
7.37
$20.357.550.95
$18,661,423.40
$1,696,127.55
9.09
$3,253,683.00
11,319.59
$3,052,356.85
13,667.03
$201,326.15
6.60
Per
Cent.
7.82
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation-Rail Line
' Miscellaneous Operations
General
Transportation for Investment
--Credit
Amount.
Operating Income
Railway Operating Revenues:
Freight
Passenger
Mail
Express
Miscellaneous
Incidental
Joint Facility
Net Revenuefrom Railway Operations
Total
$152,615.92
$3,066,023.88
$198,978.71
$1,497,148.84
$70,342.19
59,257.32
85,939.69
22,349.60
457,118.19
$63,985.47
Net Railway Operating Income
Total Non-Operating Income
1.56
$695,006.99
$149,799.98
$4,685.764.61
$243.481.07 11.21
21.173.90 18.45
3,037.65
4.61
37.80
83.362.94
$4,340,367.15 %VI $345,397.46
$11,950,039.36
$20,051.50
$27,841.19
244,518.28
265.185.61
36,804.10
68,152.32
1,137,740.48
r 947,800.75
90,428.01 n
83,478.58
372,727.63 're- 239,679.14
212.50 . t 212.50
rt.
20,405.03
e 3,505.72
$1,301,551.36
11.72
....
7.96
10.89
V
Ir.-$189,939.73
6,949.43
133,048.49
20.04
8.32
55.51
,..,•
16,899.31 482.05
$1,635.855.81
$287,031.72
$1,588,583.08
$363.633.53
21,189.00
84.985.09
5,936,108.95
665,664.87
109,235.68
3,801.04
$624.32
11,898.60
ta.17
56.15
303,207.36
5.11
16,325.99
14.95
$7,320,074.39
$7.184,618.16
$135,456.23
1.89
$6,401,277.01
$1.453,126.85
27.98
7.79
46.00
"
11.69
1364,257.85
33,087.60
43,052.26
6,239,316.31
513,269.51
125,561.67
1,529.19
$7.789.69
20,667.33
31,348.22
t,
err
" t rk,
17.55
$13,585,895.17
22.70
OPERATING REVENUES.
The operating revenues for the year 1929 compare with
1928 as follows:
1928
.
low
7 •.
,-
$5.695.90
4.30 't. te
$7.854.403.86
Net Income
1.68
10.11
$2,171,711.31
114,753.20
65,865.66
I.48,596.97
1,939,440.01
10.36
21.55
$1,646,948.82
$1.922.887.53
Deductions from Gross IncomeRent 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 Deductionsfrom GrossIncome
I mums
17.18
$6.139.08
Ir.,
375 M7
90.984.76 19.90 '1,344.40
$15.174.478.25
Gross Income
16.51
Am • mut
$16,290,406.51
$13,251,590.72
Non-Operating IncomeIncome from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities
Income from Sinldng and Other Reserve Funds
Miscellaneous Income
$60.731.86
90.96
$2,415,192.38
135,927.10
68,903.31
37.80
42,901.07
2,022,802.95
Total Deductions from Operating Income
I
$ ..
"'
9.60
$844,806.97
Deductions from Operating IncomeHire of Freight Cars
-Debit Balance
Rent for Locomotives
Rent for Passenger Train Cars
Rent for Floating Equipment
Rent for Work Equipment
Joint Facility Rents
.y.
.W.1,...'
6.49
$15,595,399.52
$17.937,355.33
Total Operating Income
T"2.35
$2.347.44
$134.327.66
53,118.24
87.28409
21,974.03
548.102.95
Total Other Operating Income
2.12
I 144
I
6,922.03
$3.265,002.59
Other Operating IncomeRentfrom Locomotives
Rentfrom Passenger Train Cars
Rentfrom Floating Equipment
Rentfrom Work Equipment
Joint Facility Rent Income
Total
8.42
$17.092.548.36
Railway Operating Income
1929
1.02 I
I ii
Railway Tax Accruals
Uncollectible Railway Revenues
Freight
Passenger
Mall
Express
Miscellaneous
.38
Per Cent
Increase or Ine.or
Decrease.
Dec.
63,796,582.56 58,840,270.65 4,956,311.91 8.42
152,615.92 2.12
7.042,372.25 7,194,988.17
853.779.83
464,716.24 54.43
1,318,496.07
1,553.661.48
205,823.72 13.25
1,759,485.20
85,746.95 3.26
2,716.037.89 2,630,290.94
76,632,973.97 71,072,991.07 5,559,982.90 7.82
.IIP 1
...I
• Lt.
- 7
"
$41,932.83
152,395.36
2,271.85
1929
Maint. of Way and
$
Structures
10,273,861.52
Maintenance of Equipment
12.922,779.14
Traffic
2.237,292.70
Transportation-Rail
Line
27,985,608.49
Miscall. Operations_ -- - 430,001.97
General
2,732,956.15
Transp. for Investment
--Cr
307.07695
Total Operating Expenses
56,275,423.02
1928
$
9,496,3663.0
11,815,468.66
2,037,900.66
49.34
'
22.89
59.77
PerrCent
Increase or Inc.or
Decrease.
Dec.
777,198.49 8.18
1,107,310.48 9.37
199,392.04 9.78
26,784,642.81 1,200,965.68 4.48
421,650.43
8,351.54 1.98
2.223,050.89
509,905.26 22.94
367.808.81
60,731.86 16.51
52,411,567.67 3,863.855.35 7.37
The ratio of operating expenses to revenues for the year
A comparison of freight revenue by general classes of
1929 was 73.43% as compared with 73.74% for the year
traffic fol o
1928, a decrease in the per cent of .31.
Increase or
4
Decrease.
1928
1929
The increase in Maintenance of Way and Structures
Products of Agriculture.... $9,921.367.89 $9,194,074.91
$727,292.98
9xpense is due to increase in rail laid and increase in forces
Products of Animals
6,540,103.67
27,317.40
6,512.786.27
Products of Mines
8,335.955.57
826,292.24 improving general track conditions and a much heavier pro9,162,247.81
Products of Forests
2,281,052.30
146,340.40 gram for
2,134,711.90
bridge renewals and improvements.
Manufactures and miscellaneous
The increase in Maintenance of Equipment expense •1
27,748.762.68 24,762,214.51
2,986,548.17
is
Merchandise
7,726.869.69
589,836.32 due to heavy repair program
8,316,706.01
to steam locomotives and
Total
$63,796,582.56 $58,840,270.65 $4,956,311.91 freight train cars, which expense includes increase in wages
Tho increase in mail revenue, $464,716.24, was due to of shop crafts.
.
receiving in 1929 a retroactive adjustment in the rate for TRANSPORTATION AND TRAFFIC STATISTICS.
hauling mail.
The details of Transportation, Freight and Passenger
OPERATING EXPENSES. '
Statistics relating to train and car loading and commodities
The operating expenses for„
-Pthe year 1929 compare with handled are fully shown on pages 25 to 30,inclusive [pamphlet
1928 as follows:
report].
FINANCIAL CHRONICLE
2420
FINANCIAL.
CAPITAL STOOK.
The par value of Capital Stock issued to December 31,
1929, was $138,492,967.17, there having been no change
during the year.
Under the Articles of Incorporation, the holders of the
Five Per Cent Convertible Preferred Stock B, may, at any
time after August 1, 1918, and up to thirty days prior to
any date fixed for the redemption of the entire issue of Five
Per Cent Profit Sharing Preferred Stock A,convert the same
into, and exchange the same for, Five Per Cent Profit
Sharing Preferred Stock A and Common Stock of the corporation, such conversion to be at the rate of $50.00 par
value of Five Per Cent Profit Sharing Preferred Stock A
and $50.00 par value of Common Stock for each $100.00
par value of Five Per Cent Convertible Preferred Stock B,
with a proper adjustment of declared and unpaid dividends.
During the year $72,400 par value of Five Per Cent Convertible Preferred Stock B was surrendered and exchanged
for $36,200 par value of Five Per Cent Profit Sharing
Preferred Stock A and $36,200 par value of Common Stock.
Since August 1, 1918, $46,338,500 par value of Five Per
Cent Convertible Preferred Stock B has been surrendered
and exchanged for $23,169,250 par value of Five Per Cent
Profit Sharing Preferred Stock A and $23,169,250 par
value Common Stock.
FUNDED DEBT.
The total funded debt on December 31, 1929, was $129,073,787.97, a net increase of $1,368,600.00 as compared
with December 31,1928. This increase was due to issuing
certain obligations and retiring others as follows:
Issued During the Year.
$3.375.000.00
Equipment Trust of 1929. Series H
Retired During the Year.
Equipment Trust of 1920-6 Certificates
8755,400.00
Equipment Trust of 1922-5% Certificates
283,000.00
Equipment Trust of 1923—Series 0
134,000.00
166,000.00
Equipment Trust of 1924—Series D
Equipment Trust of 1924—Series E
171,000.00
279,000.00
Equipment Trust of 1925—Series F
176,000.00
Equipment Trust of 1927—Series GI
Detroit & Chicago Extension First Mortgage
43.000.00 2,006,400.00
Bonds
81,368,600.00
Net Increase
The issue of $3,375,000 par value Wabash Railway
Company Equipment Trust Certificates, Series H, was
dated February 1, 1929, payable in fifteen equal and consecutive annual installments of $225,000, commencing
February 1, 1930, and ending February 1, 1944, bearing
interest at the rate of four and one-half per cent per annum,
payable semi-annually, February 1 and August 1 of each
year. Proceeds were used as part payment for two thousand
-ton capacity, steel frame, single sheathed automobile
40
box cars, purchased under the terms of Wabash Railway
Equipment Trust Agreement, Series H, dated February 1,
1929, between Andrew S. Hannum and Harry Wells,
Vendors, Bank of North America and Trust Company,
Trustee, and Wabash Railway Company, the total cost of
the equipment being $4,532,425.49. The remainder of the
purchase price was paid in cash.
ROAD AND EQUIPMENT.
The more important items are as follows:
ROAD.
8652,133.92
Land for yard and terminal extensions
. •
Grade separation
128,013.93
River protection
200,095.03
Signals and interlockers
88,032.66
Crossings and signs
746.472.77
Train yards
Passing and other track additions and exten469,677.93
sion.
718,946.77
Bridges, trestles and culverts
460,636.31
Rail and other track material
451,797.66
Ballast
339,190.62
Widening cuts and fills
46,271.94
Wharves and docks
Freight and passenger stations and other
830,624.24
buildings
55,572.56
Track scales
91,085.83
Water stations
158,223.74
Grain elevators
51,533.99
Shops. enginehow3es and appurtenances
31,132.93
Special assessments
40,218.55
Roadway machines
57,747.77
Shop tools and power plant machinery
14,151.49
Application of rail anchors
28,142.44
Application of tie plates
New:
2,035 automobile cars
12 automobiles
86,220,519.92
EQUIPMENT.
$4,611,017.43
7,808.77
$4,618,826.20
The following is a general description of the expenditures
enumerated:
The policy of improving condition of ballasting in main
tracks was continued by applying 242,805 cu. yds. of
crushed rock, 39,869 cu. yds. of washed gravel, and 21,456
cu. yds. of slag.
One hundred thirty-seven miles of new 110-lb. rail was
laid, replacing lighter weights.
The program for replacing of pile and temporary bridges
with permanent structures was continued.
The work of constructing a new 828-ft. double track
concrete and steel bridge over the Vermillion River at
Danville, Ill., replacing a 668-ft. single track bridge was
practically completed at the end of the year.
Due to continued erosion of the embankment by the
Missouri River, additional protection was placed at Missouri
City, Mo., DeWitt, Mo., and Brunswick, Mo.
For more efficient and economical handling of freight at
Detroit, Mich., a new concrete and brick freight house
[vou 130.
was constructed at Trombly Ave. The facilities at Twelfth
St. were improved by constructing a steel and concrete
addition to the freight house, replacing office with a new
brick and concrete structure.
A new concrete, steel, brick and limestone passenger
station was constructed on Delmar Boulevard, in the
residential section of St. Louis, Mo. Owing to this convenient location, there has been a considerable increase in
our passenger business into and out of St. Louis.
The work of eliminating grade crossings at Hastings and
Russell Sts., Detroit, Mich., and State Highway No. 6,
Moravia, Iowa, was completed. Separation of grades at
Southfield Road, Oakwood, Mich., was started and completed within the year. Separation of grades at West
Fort St., Detroit, Mich., will be completed early in 1930.
Work was well under way on separation of grades at Seventyfifth St. and Western Ave., Chicago, Ill., and Brush College,
Road, Decatur, Ill.
Crossing signals for protection of highway traffic were
installed at the following points: Moberly, Mo., Cerro
Gordo, Ill., Detroit, Mich., Chicago, Ill., Willis, Mich.,
Whittaker, Mich., Orland, Ill., Hand, Mich., Oak Lawn,
Anglum, Mo., Forrest, Ill., Taylorville, Ill., Rockford,
Ind., Whitehouse, Ohio, and Buck Creek, Ind.
Automatic block signals were installed between North
Liberty, Ind., and Lakeville, Ind., between Hugo, Ind.,
and Peru,Ind., and between Edwardsville, Ill., and DI()Camp,
Ill., making a total of 716.85 miles of track now protected
by automatic block signals. Automatic signals at crossings
with the Missouri-Kansas-Texas Railroad at Moberly, Mo.,
were installed.
For handling eastbound trains, additional yard facilities
were constructed at Decatur, Ill., and the yard at Oakwood,
Mich., was enlarged. The yards at Delray, Mich. were
rearranged and extended so as to properly serve the new
Fruit Terminal constructed by the Green Real Estate Co.
FEDERAL VALUATION.
During the entire year the Interstate Commerce Commission has had under consideration the evidence submitted
and the briefs filed in your Valuation Case, consequently
no final valuation has yet been served on the Company.
The Interstate Commerce Commission has during the
year established a new valuation date, namely December 31,
1927, and your valuation forces are now engaged in the
preparation of returns to recent Orders issued by the Commission requiring a complete record of all changes in your
property together with their costs, from the date of basic
inventory, June 30, 1919, to the new valuation date, December 31, 1927.
DEVELOPMENT.
Your Company purchased for the enlargement of terminal facilities, 4.30 acres of land at Lafayette, Ind., 12.08
acres at Chicago, Ill., 2.22 acres at Delray, Mich., 7.22
acres at Decatur, Ill. 1.86 acres at St. Louis, Mo., 42.70
acres at Windsor, Out., 33.70 acres at Council Bluffs,
Iowa, 2.28 acres at Tolleston, Ind., for additional interchange facilities, and 57.95 acres of land to increase the
present right-of-way to 100 ft. in width between West
Point, Ind., and Attica, Ind.
There were one hundred fifty-seven new industries located
on the tracks of your Company.
PREFERRED STOCK LITIGATION.
On January 6, 1930, the United States Supreme Court,
by a unanimous decision which reversed the United States
Circuit Court of Appeals for the Second Circuit and affirmed
the District Court of the United States for the Southern
District of New York, ordered a dismissal on the merits
of the suit brought by John C. Barclay and the Willoughby
Company on behalf of holders of Five Per Cent Profit
Sharing Preferred Stook A to establish a dividend credit
in respect of earnings for years in which no Preferred A
dividend was declared by your Board of Directors, and to
enjoin payment of dividends on the FivePer Cent Convertible
Preferred Stock B and Common Stock until full dividends
for all such previous years be paid. The policy of your
Board of Directors in utilizing earnings for betterments and
improvements in non-dividend and partial dividend years
was sustained by the opinion of the Supreme Court. Following this decision, your Board of Directors released a
5% dividend on the Convertible Preferred Stock B for the
year 1928, and declared a similar dividend for the year 1929.
CONSOLIDATION OF RAILWAYS.
On July 1, 1929, your Company filed with the Interstate
Commerce Commission an application under Paragraph 2
of Section 5 of the Interstate Commerce Act for the establishment of a Wabash system to include:
Wabash Railway Company.
Lehigh Valley Railroad Company.
The Wheeling and Lake Erie Railway Company.
The Pittsburgh & West Virginia Railway Company.
Western Maryland Railway Company.
Lehigh and New England Railroad Company.
The Akron, Canton and Youngstown Railway Company.
Toledo, Peoria and Western Railroad.
Elgin, Joliet and Eastern Railway Company.
Chicago at Illinois Midland Railway Company.
This application was strongly supported by shippers and
industries served by the Wabash lines and was formally
approved by interventions on the part of the Public Service
Commissions of nearly all the States in which Wabash
properties are situated. While the application was pending
APRIL 5 1930.]
FINANCIAL CHRONICLE
awaiting hearing the Interstate Commerce Commission,
under date of December 9, 1929, adopted as required by
Paragraphs 4 and 5 of Section 5 of the Interstate Commerce Act, its Final Plan for the Consolidation of the
Railway Properties of the Continental United States into
a limited number of Systems. Under the Commission's
Final Plan the Wabash properties were included in System
No. 7—Wabash-Seaboard—which embraces all of the above
Companies except three, which are relatively unimportant.
There were also incorporated in the System:
Norfolk and Western Railway Company.
Seaboard Air Line Railway Company.
The Chesapeake and Ohio Railway Company of Indiana.
Detroit. Toledo & Ironton Railroad Company (undivided one-half
interest).
as well as numerous small Companies having connections
with the major Companies incorporated in the System.
GENERAL REMARKS.
A new fruit and vegetable terminal, consisting of one twostory concrete and brick building 1,044 feet long by 70 feet
wide, and one concrete and brick building 1,044 feet long
by 70 feet wide, having two stories for a length of 666
feet, together with tracks, having capacity of 841 cars
and other appurtenances, was constructed at Detroit,
Mich., by the Green Real Estate Company.
2421
These facilities provide a home for the fruit and vegetable
business of Detroit, consisting of a fruit auction auditorium,
facilities for displaying fruit and vegetables, offices for carlot receivers, shippers, growers and other enterprises affiliated
with the fruit and vegetable industry.
The Capital Stock of the Green Real Estate Company,
consisting of 360,000 shares, without par value, is owned
equally by the Wabash Railway Company, the Pennsylvania
Railroad Company and the Pere Marquette Railway Co.
On July 11, 1929, the Company entered into an agreement
with the Baldwin Locomotive Works for the building of
25 Mountain type 4-8-2 freight locomotives, and on December 13, 1929, for the building of 25, 4-8-4 type freight
locomotives. These locomotives are to be delivered in the
early part of the coming year.
On December 6, 1929, agreement was entered into with
the American Car and Foundry Company for the building
-ft. steel baggage-mail cars, for delivery in the
of three 70
early part of the coming year.
On June 27, 1929, the Company entered into an agreement with the Toledo Shipbuilding Company for the building
of one 370-ft. car ferry,for use on the Detroit River, delivery
of which will be made early in 1930.
By order of the Board of Directors.
J. E. TAUSSIG, President.
WABASH RAILWAY COMPANY
PROFIT AND LOSS ACCOUNT DECEMBER 31, 1929
CREDITS:
Credit Balance December 31, 1928
Balance Transferred from Income. Page 9[pamphlet report]
Profit on Road and Equipment Sold
Unrefundable Overcharges
Donations
Miscellaneous Credits
$7.854,403.86
76,698.09
14,395.38
100.115.62
25.670.35
LESS:
Dividend Appropriations of Surplus
Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and Equipment
Miscellaneous Debits
$3,461,790.00
100,115.62
129,660.85
10,417.13
$42.324.871.01.
$8,071.283.30
3.701.983.60
Credit Balance December 31, 1929
4,369,299.70
144.694.170.71
WABASH RAILWAY COMPANY
GENERAL BALANCE SHEET DECEMBER 31, 1929, COMPARED WITH DECEMBER 31, 1928
ASSETS.
Investments:
Investment in Road and Equipment
Sinking Funds
Miscellaneous Physical Property
Investments in Affiliated Companies
Other Investments
Deferred Assets:
Working Fund Advances
Insurance and Other Funds
Other Deferred Assets
Total
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued or Assumed—Unpledged
Securities Issued or Assumed—Pledged
Total
LIABILITIES.
Stock:
Capital Stock
Long Term Debt:
Funded Debt Unmatured
Current Liabilities:
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured 'Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liaoilities
Total
Deferred Liabilities:
Other Deferred Liabilities
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Accrued Depreciation—Equipment
Other Unadjusted Credits
Total
Corporate Surplus:
Additions to Property
11/1 Profit and Loss Balance
L ii...
Total
Total Liabilities
$10.701,042.53
393.23
1,967.56
2.009,635.06
$316,488,967.14
$12,709,634.38
14,668.064.61
426,036.25
8,633.59
1,714,376.00
294,079.77
2.420,444.90
4,371,183.28
501,509.84
54,121.78
59.978.36
$3,719,323.82
4,467,717.87
1.563,217.30
2,168,546.91
318,774.43
1,862,884.86
4,691,575.26
324,251.89
94,517.50
60,805.44
$948,740.79
$19,261.615.28
$4,743,186.90
1197,476.79
45,983.81
5,855.11
$214,039.99
46.621.50
11.500.45
$16,563.20
637.69
5.645.34
$272,161.94
122,846.23
$62.770.52
3,442,477.09
778,933.39
988,406.63
1.037.924.00
$79,404.48
3,454,194.23
1,565,769.28
999,406.63
1.037,924.00
$16,633.96
11,717.14
786,835.89
11.000.00
Increase.
Decrease.
.504",
557.660.04
14,041,681.62
1.544,583.71
454,170.91
24,694.66
320,391.98
177.257.95
40,395.72
827.08
16.310.511.63
17,136,698.62
$350.276,757.24
Total Assets
DM
1281,230,365.75
62.51
2,008,497.26
9,577,050.06
23,672,961.56
$249,315.71
Total
$291,931.408.28
4.55.74
2.010.484.82
11,586,685.12
23.669,457.56
114.518,428.38
Current Assets:
Cash
Special Deposits
Loans and Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous —Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
1928.
$329,198.501.52
Total
1929.
$343,159,442.98
1929.
1928.
1138.402.967.17
1138.402.967.17
$129,073./87.97
1127,705,187.97
11.368,600.00
$2.172,674.11
6.488,013.94
534,782.58
238.767.50
4.935.00
11,200.00
1,681,562.03
376,506.00
158,161.77
$1,698,287.22
5.170.106.08
291,498.17
255,902.00
4.268.75
5,200.00
1,649.369.29
260,884.23
222,164.73
$474,386.89
1.317.907.86
243,284.41
111.666,602.93
19,551,680.47
12.108,922.46
$826,186.99
$7,117,314.26
Increase.
666.25
6,000.00
32,192.74
115,621.77
Decrease.
$17.134.50
64.002.96
$4,473,255.34
$7,150,422.17
$2.569,879.15
132,620.72
13,657,765.83
2,462,098.17
$2,392,148.71
118,589.88
12,085.738.23
2,378,343.74
$177,730.44
14.030.84
1,572,027.60
83,75443
118.822.363.87
$16,974,820.56
11,847.543.11
$1.053,609.25
46.694,170.71
1953.493.63
42.324,871.01
$100.115.62
4,369,299.79
$47.747,779.96
$43,278,364.64
14.469,415.32
$350.276.757.24
$343.159,442.98
17.117.314.26
12.677.166.83
2422
[VOL. 130.
FINANCIAL CHRONICLE
THE DELAWARE AND HUDSON COMPANY.
ONE HUNDREDTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31, 1929.
New York, N., Y., March 26, 1930.
To the Stockholders of The Delaware and Hudson Company:
The following statement presents the income account of your company for the year 1929, arranged in accordance
with the rules promulgated by the Interstate Commerce Commission, with comparative results for the year 1928:
Increase.
$1,35,882.00
549,840.88
1929.
$41,421,378.00
32,235.571.68
Net railway operating revenue
Operating Income Credits:
Hire of freight cars-credit balance
Rent from locomotives
Rent from passenger-train cars
Rent from work equipment
Joint facility rent income
Total credits
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
1928.
$40,285,496.00
31,685,730.80
$9.185,806.32
$8.599.765.20
$170,345.89
38,446.17
93,909.11
44,054.10
152,256.67
$177,160.18
57,527.85
107.78945
28,748.06
164,817.44
6499,011.94
Railway operating revenues
Railway operating expenses
$536,042.98
$9,684,818.26
$9.135.808.18
8549,100.08
$1.135,500.00
2,072.04
8,303.26
92,704.81
610.27
391,421.71
$1,122,128.40
11,059.16
8,299.81
70,622.11
1,249.78
379,019.90
Decrease.
$13.371.60
$586,041.12
$6.814.29
19,081.68
13,880.34
$15,306.04
12.560.77
$37,031.04
$8,987.12
3.45
22,082.70
639.51
12,401.81
$1,630,612.09
$1,592,379.16
$38,232.93
Net railway operating income
$8,054,206.17
$7,543.429.02
$510.777.15
Nonoperating Income:
Income from lease of road
Miscellaneous rent income
Miscellaneous nonoperating physical property
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
$108,859.33
92,491.28
Dr. 284.16
152,487.03
189,445.39
3,869,847.58
64,992.88
62,816.50
$113,308.33
84,882.84
Dr. 1,362.91
1,199.455.19
202.262.77
2.106.468.90
56,406.31
67,669.07
$4,540,655.83
$3,829,090.50
$711,565.33
$12,594,862.00
$11,372,519.52
$1,222.342.48
$1.911,008.04
862.25
2,250.00
2,855.940.00
1,663.35
14,425.48
$1,883.867.11
968.34
9,900.00
2,931.614.00
145,324.88
16,617.27
25,468.92
$27,140.93
Total debits
Total nonoperating income
Gross income
Deductions from Gross Income:
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Income applied to sinking and other reserve funds
$4,786,149.12
Total deductions
Net income-carried to profit and loss
Percentage to capital stock
FINANCIAL.
The capital stock of The Delaware and Hudson Company
on December 31, 1929, was $51,573,900, there having been
no change during the year.
The total funded debt was $59,937,050, a decrease of
$265,400 since December 31, 1928. The outstanding Six
Per Cent Gold Notes, issued to pay for 1,500 freight cars
allocated to your company by the United States Railroad
Administration in 1920, were decreased by the payment of
$265,400 that matured on January 15, 1929.
The sum of $490,000, being one per cent of the par value
of the First and Refunding Mortgage Gold Bonds outstanding
on June 1, 1929, was paid during the year to the trustee
under the mortgage securing that issue, making the total
paid, to December 31, 1929, $7,752,430. The sum paid was
expended in additions and betterments to ,the mortgaged
property in accordance with the trust agreement.
Dividends for the year 1929 upon the outstanding $51,573,900 of the capital stock of the company at the rate of nine
per cent upon the par value thereof, amounting in the
aggregate to $4,641,651, were declared out of the surplus
of the company, payable quarterly on the twentieth day of
March, June, September, and December.
$6,358.759.00
1.046.968.16
12,817.38
1,763,378.68
8,586.57
4,852.57
$106.09
7,650.00
75.674.00
143,661.53
2,191.79
25,468.92
$5.013,760.52
87,808,712.88
$4,449.00
$7,608.44
1,078.75
15.14
$227,611.40
$1.449,953.88
12.33
2.81
year 1929, was a net railway operating income of $8,054,206,
an increase of $510,777, or 6.77 per cent, over 1928. This
gain was the result of an increased volume of freight traffic
moved and the conduct of operations at a ratio of 77.82 per
cent as compared with a ratio of 78.65 in the previous
year.
OPERATING REVENUES.
Gross operating revenues of your railroad amounted to
$41,421,378 during the year 1929, an increase of $1,135,882,
or 2.82 per cent, over 1928.
FREIGHT REVENUES.
Freight revenues amounted to $35,212,102, an increase of
$1,547,918, or 4.60 per cent. Of this increase, $418,536 was
from bituminous coal traffic, $26,515 from anthracite traffic,
and $1,102,867 from other freight traffic. The revenue tons
carried increased 14.73 per cent but due to a decrease of
8.48 per cent in the average haul, the ton miles increased
but 5.00 per cent, or in approximately equal proportion to
the revenues. The average loading per car of revenue freight
decreased from 27.67 tons in 1928 to 27.51 in 1929. Traffic
originating and terminating on your railroad constituted
23.42 per cent of the tonnage carried; traffic originating on
your railroad and destined to points on other roads, 35.72
RAILROAD DEPARTMENT.
per cent; traffic received from other carriers and destined to
points on your railroad, 14.19 per cent; and traffic in conNET RAILWAY OPERATING INCOME.
Tite final result of all railway operations directly by your nection with which your railroad performed an intermediate
company, exclusive of subsidiaries, during the calendar service, 26.67 per cent.
APRIL 5 1930.1
2423
FINANCIAL CHRONICLE
PASSENGER REVENUES.
Passenger revenues amounted to $3,287,411, a decrease of
$215,072, or 6.14 per cent, under 1928. The passengers
carried in 1929 decreased 10.36 per cent. This decrease was
offset by an increase in the average haul of 4.21 per cent,
with the result that the passenger miles decreased but 6.58
per cent.
OTHER REVENUES.
Other revenues amounted to $2,921,865, a decrease of
$196,964, or 6.32 per cent, under 1928. The revenue from
mail transportation increased $134,810, or 52.65 per cent,
of which $112,363 represented back mail pay on account of
•the rate increase granted by the government being made
retroactive. The revenue from coal storage plants decreased
$269,813, or 73.63 per cent, due to the discontinuance oj
eommercial coal storage operations of your company,
effective January 1, 1929. Demurrage revenue decreased
$51,137, or 17.24 per cent, mainly the result of a reduction
in the number of cars of anthracite held on the Pennsylvania
Division awaiting orders.
OPERATING EXPENSES.
Operating expenses amounted to $32,235,572, which is
-$549,841, or 1.74 per cent, more than 1928.
Maintenance of way expenses increased $386,341, or
8.15 per cent, over 1928, due principally to the installation
.of more cross ties.
Maintenance of equipment expenses increased $153,276,
or 1.63 per cent, due mainly to increased charges for equipment retirements.
Transportation expenses increased but $62,339, or less
than one-half of one per cent, notwithstanding the revenue
ton miles increased 5.00 per cent. This was accomplished
by increasing the gross ton miles per train hour 4.59 per
cent and effecting other miscellaneous reductions in transportation costs.
Traffic expenses increased $28,802, or 4.42 per cent, due
principally to the establishment of off-line solicitation offices
at Detroit and Cleveland.
Expenses of miscellaneous operations decreased $82,927,
or 34.20 per cent, due to the discontinuance of commercial
coal storage operations of your company,effective January 1,
1929. General expenses were approximately the same as
in the previous year.
HIRE OF FREIGHT CARS.
During 1929, your company paid $2,010,644 to foreign
roads and $268,203 to private car lines and individuals for
the use of freight cars, and received $2,449,193 for the use of
its own cars by other railroads, the favorable balance being
$170,346. This compares with a similar balance of $177,160
in 1928.
The undercrossing near Delmar, which was started in
1928, was completed during the year.
In accordance with orders of the New York Public Service
Commission, considerable progress was made toward the
elimination of grade crossings. Construction of connecting
highways to eliminate crossings at Ushers, Merriam, Wolf
Creek, Saratoga Springs, and Otego, started in 1928, and at
Ushers, started in 1929, was completed during the year.
At Lanesboro, Pa., a new through lattice steel bridge was
constructed to replace an old iron bridge which had become
inadequate, and several others at various locations were
improved by the construction of concrete jackets and new
abutments.
New machinery was purchased to facilitate repair work in
the shops at Colonie, Oneonta, and Carbondale, including
that necessary to equip a new ohi and waste reclamation
plant at Oneonta, which was constructed and placed in
operation during the year.
One passenger and four freight locomotives were built
in your shops during the year and one locomotive was
converted from consolidation to switcher type. Twelve
obsolete units, consisting of one passenger, seven freight,
three switching, and one work locomotive, were dismantled
during the year.
With a view to modernizing freight equipment, your company during the year built in its Oneonta shops one hundred
and fifty three-hopper type coal ears to replace a similar
number of twin-hopper cars. Three hundred and seventeen
freight cars, including one four-hopper car and one hundred
and fifty twin-hopper cars, were dismantled during the
year and three were transferred to work service.
Six coaches, one combination passenger and bagge car,
five baggage cars, and three milk cars were reconditioned
during the year. Three combination mail and baggage
cars were converted to full baggage cars, being released from
mail service as the result of the purchase, in 1928, of three
all steel combination mail and baggage cars. Three passenger coaches and two baggage cars were transferred to
work service.
A modern scale test car of eighty thousand pounds
capacity was built in your company's shops during the
year and forty-seven obsolete units of work equipment
were retired.
INDUSTRIAL DEPARTMENT.
Sixty-eight new industrial plants were located along the
tracks of your railroad in 1929. In addition, there were
seven extensions to plants already established. Fifteen
new side tracks were constructed and four were extended.
The estimated cost was $61,891, of which $24,454 was borne
by your company and $37,437 by the industries served.
TAXES.
During the year, taxation absorbed $1,135,500 of your
revenues compared with $1,122,128 during the previous
year, an increase of $13,372, or 1.19 per cent. At the average
rate per ton of revenue freight received during 1929, the
company had to move 871,584 tons to pay the taxes of the
year.
The ever increasing tax bill of the railroads is of vital
interest to every owner of railroad securities. For the
year 1929, taxes were the highest in the history of the
railroads, amounting to $402,000,000 for Class I carriers
alone, or an average of $1,101,000 per day.
ROAD AND EQUIPMENT.
•
During 1929, your company expended for additions and
improvements $2,070,192. Property carried on the books
at $793,589.33 was abandoned. The result was a net increase
in the road and equipment account of $1,276,602.67.
Land was acquired at Greenwich Junction and Saratoga
Springs for future development; at East Worcester, Green
Ridge, and Plattsburg to eliminate encroachment; at Binghamton, Round Lake, and Windsor for grade crossing elimination; at Bainbridge to eliminate cattle pass; at Lake George
for station driveway; at Scranton for passenger shelter; and
at Albany for expansion of Kenwood Yard.
The work of reclaiming land under Lake Champlain at
Port Henry, to provide additional yard area and to reduce
curvature in main track, was completed during the year and
the main track moved to the new location, involving the
construction of 3,754 feet of track. Main track mileage was
. decreased by 47 feet by reducing curvature.
TRAFFIC DEPARTMENT.
During the year, the Traffic Department was successful
in broadening the rate structure. Competitive rates were
made effective via your company's railroad between the
heavy traffic-producing territory on the Pennsylvania Railroad and the Reading Railway in eastern Pennsylvania,
New Jersey, Delaware, Maryland, and Virginia, and in
northern New England on the Boston and Maine Railroad,
Maine Central Railroad, St. Johnsbury & Lake Champlain
Railroad, and Montpelier & Wells River Railroad; between
the Delaware, Lackawanna & Western Railroad and the
Canadian Pacific Railway; and between the Pennsylvania
Railroad and the Canadian Pacific Railway west of Montreal.
Many new individual rates also were published via your
railroad—rates on bituminous coal from the Pennsylvania
fields to Ottawa, Ontario; rates on anthracite from the
Central Railroad Company of New Jersey mines to Canada;
and from Pennsylvania Railroad mines to Montreal and to
destinations on the Boston and Maine Raliroad.
These new rates have already resulted in a substantial
movement, via your company's line, of traffic heretofore
not available to your company.
PENSIONS.
On December 31, 1929, two hundred and ninety-two
retired employes were receiving pensions, an increase of
four over 1928. The amounts paid to pensioners during
the year aggregated $176,854.99. At the end of the year
there were also eleven employes carried on the Incapacitated
Roll, to whom $10,795.50 was paid.
2424
GROUP INSURANCE.
THE LAKE GEORGE STEAMBOAT COMPANY.
Your company's group insurance plan, whereby comprehensive protection is afforded to its employes and their
families against losses by death, illness, accident, and
unemployment, has been continued. During the year
1929, the eighth in which the plan has been in operation,
premium payments amounting to $161,379.60 were contributed by your company. The payments to employes
and the beneficiaries they selected amounted to $434,478.64,
as follows:
163
1.202
131
16
7
60
Death claims
Health claims
Accident claims
Accidental death and dismemberment claims
Total and permanent disability claims
Unemployment claims
1,579
[VOL. 130.
FINANCIAL CHRONICLE
$274,514.27
115,308.00
10,268.81
22,600.00
7.022.56
4.765.00
$434.478.64
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 your treasury.
Your company's pension and incapacitated payroll payments and contributions to the group insurance plan, including unemployment allowances, amounted to $353,795.09.
The employes' contributions to the group insurance plan
were $325,050.39.
The operating revenues of The Lake George Steamboat
,955; operating expenses decreased
Company decreased
$8.738; and the net operating deficit was $9,749 as compared
with a deficit of $9.649 in 1928.
ALLIED COAL COMPANIES.
PRODUCTION.
The anthracite produced by your affiliated corporations.
during the year 1929 aggregated 6,739,218 long tons, an
increase of 806,027 long tons, or 13.58 per cent, above 1928.
This production was slightly less than the volume of sales, as
mentioned below, the balance of the latter having been taken
from storage. The output of your affiliated corporations was
10.79 per cent of the year's total production of all anthracite
companies,estimated at 62,421,840 long tons.
MARKET CONDITIONS.
During the year 1929, market demand showed some
improvement over 1928. The anthracite sold by your
affiliated corporations in 1929 was 6,808,704 long tons, an
increase over 1928 of 200,026 long tons, or 3.03 per cent.
The trend of sales is indicated by an increase of 394,597 long
tons in 1928 over 1927, and 200,026 long tons in 1929 over
1928, making an increase • in sales in 1929 over 1927 of
594.623 long tons. Vigorous efforts have been made to
recover markets lost by the strikes of 1922 and 1925-1926,
and it will be noticed from the preceding figures that progress
ALLIED STEAM RAILWAYS.
is resulting therefrom. Such efforts will be continued. With
GREENWICH 5: JOHNSONVILLE RAILWAY COMPANY.
approaching normal weather temperatures, it is
The operating revenues of the Greenwich & Johnsonville anything
$20,473 under 1928, as a result expected that anthracite sales will continue to increase.
Railway Company decreased
COAL PROPERTIES.
of decreased freight traffic; and operating expenses increased
$29,834, principally on account of increased bridge and
These are being maintained and kept in modern condition.
culvert maintenance. Net operating revenues amounted The sand flotation process of separation has been installed
to $15,617, which was $50,307, or 76.31 per cent, under at another colliery, Gravity Slope, resulting in efficient and
1928. The freight movement, in ton-miles, decreased 16.02 satisfactory preparation, as well as in substantial economies
per cent. Passenger-miles increased 18.39 per cent.
in operation. With the other collieries of your affiliated
Additions and betterments during the year resulted in corporations which are equipped with the sand flotation
a net charge of $30,676 to road and equipment account, process of separation. the proportion of output now prepared
due mainly to improvements to bridges and culverts amount- in such manner is approximately forty-four per cent. It is
ing to $36,635, partly offset by the retirement of a unit planned during the year 1930 to install this process of separof equipment.
ation at one and perhaps at two additional collieries.
THE QUEBEC, MONTREAL ,5c SOUTHERN RAILWAY COMPANY.
GENERAL.
On July 15, 1929, your company sold to the Canadian
VALUATION.
National Railways the entire physical property of The
The cost of your company's valuation work, to the end of
Quebec, Montreal and Southern Railway Company.
1929, aggregated $833,497.76, of which $696,923.47 was
charged to corporate operating expenses and $136.574.29
NAPIERVILLE JUNCTION RAILWAY COMPANY.
The operating revenues of the Napierville Junction Rail- to the operating expenses of the United States Railroad
way company decreased $22,539 under 1928, principally Administration.
The primary valuation of the Schoharie Valley Railway
on account of decreased passenger and express traffic;
Company, ordered March 26, 1928, was completed by
operating expenses increased $165,939, as a result of inthe Interstate Commerce Comcreased track maintenance. Net income was $71,458, a the Bureau of Valuation of
mission during the year and preliminary reports submitted
decrease of $106,126 below the preceding year. The
informal objections and criticisms,
freight movement decreased 457,912 ton-miles, or 2.38 per to your company for
which have been filed.
cent; freight revenue decreased $2,590, or 1.05 per cent.
During the year, your company was ordered by the Bureau
Additions and betterments during the year resulted in a
of Valuation of the Interstate Commerce Commission to
net charge of $263,379 to road and equipment account, due
Nos. 4 and 5 of Valuation
mainly to the improvement of track conditions by the file returns, under Supplements
Order No. 3 and under Valuation Order No. 25, bringing its
-pound rail and imapplication over the entire line of 127
valuation down from June 30 1916, the date of the primary
-pound rail.
proved fastenings in replacement of 80
valuation, to December 31, 1927. These returns are now
SCHOHARIE VALLEY RAILWAY COMPANY.
being prepared and will be filed during the year 1930. Similar
The operating revenues of the Schoharie Valley Railway returns were ordered and filed during the year for the GreenCompany decreased $9,424 under 1928, as a result of de- wich & Johnsonville Railway Company, The Champlain
creased freight and milk traffic; and operating expenses Transportation Company, The Cooperstown and Charlotte
decreased $3,758, principally on account of decreased Valley Railroad Company, and Wilkes-Barre Connecting
maintenance of way expenditures. Net operating revenues Railroad Company.
amounted to $10,297, a decrease of $5,666, or 35.50 per
RAILWAY MAIL PAY.
cent, under 1928. The freight movement, in ton-miles,
The investigation of railway mail pay, reopened in 1925,
decreased 50.48 per cent and passenger-miles decreased resulted in a decision by the Interstate Commerce Com29.70 per cent.
mission, dated July 10, 1928, in favor of the carriers, allowing
ALLIED BOAT LINES.
increases in compensation retroactive from July 31, 1928
to July 24, 1925, and establishing increased rates for service
THE CHAMPLAIN TRANSPORTATION COMPANY.
The operating revenues of The Champlain Transportation on and after August 1, 1923. The appropriation to make
Company decreased $8,722; operating expenses increased payment to the carriers was authorized by Congress and
$359; and the net operating deficit was $71,093 as compared approved by the President on June 6, 1929, in the sum of
with a deficit of $61,906 in 1928. During the year, a one $39,000,000. Your company participated in the payment
thousand ton railway dry dock was constructed at Shelburne of the retroactive increases to the extent of $112,363.45, all
of which was taken into the current year's income account.
Harbor, Vermont, at a cost of $64,609.
APRIL 5 1930.]
FINANCIAL CHRONICLE
2425
poration all of the common carrier property, owned and
leased, operated by your company within the United States,
an order of public convenience and necessity approving the
application was entered by the Interstate Commerce Commission on January 16, 1930. For such properties, The
Delaware and Hudson Company will receive 515,740 shares
of stock, without par value, all of one class, to be issued by
The Delaware and Hudson Railroad Corporation. It is
ORGANIZATION OF THE DELAWARE AND HUDSON RAILROAD
expected that this transfer will be accomplished early in
CORPORATION.
Your company having made application, on January 15, 1930.
By order of the Board of Managers,
1929, to the Interstate Commerce Commission for authority
to transfer to The Delaware and Hudson Railroad CorL. F. LOREE, President.
RAILWAY EXPRESS AGENCY, INC.
Effective March 1, 1929, the properties and operations of
the American Railway Express Company were taken over
by the Railway Express Agency, Inc., which was formed by
the railroads for this purpose. All of the stock of the Railway
Express Agency, Inc., is owned by the carriers and your
company is a participating shareholder.
GENERAL BALANCE SHEET—DECEMBER 31. 1929-1928—TABLE NO. 1.
ASSETS.
Items—
Investments:
Investment in road and equipment
Improvements on leased railway property
Miscellaneous physical property
Investments in affiliated companies
Other investments
1929.
1928.
$77.703,706.66
14.085,279.99
6.473.28
27.168.795.17
10.394,947.01
$77,040,170.92
13,472,213.06
6,472.28
30.880.521.55
4.762.804.43
5.632,142.58
$129,359,202.11
$126,162,182.24
$3,197,019.87
$2,093,784.81
16,450.000.00
15.000.000.00
407,948.09
20.050,000.00
1,407,074.62
171,142.52
3.742,675.52
3,719,625.91
137.782.44
6,989.58
4,429.53
$2,250,012.18
8.041.745.45
45,000.000.00
361.768.51
870,000.00
1,034,793.31
156.967.74
3.743,996.47
4,180,384.17
115,173.09
6,989.58
$63,191,453.02
$65,761,830.50
$12,332.50
1,247.471.15
2,542.44
$11,665.00
1.227.817.92
6,209.47
$667.50
19,653.23
31.262.346.09
31.245.692.39
316.653 70
$71,754.54
228,263.30
400.00
$96,423.97
491,909.25
400.00
$300,417.84
Total assets----------------------------------------------------3194,113.419.06
$193,758,438.35
Current Assets:
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Deferred Assets:
Working fund advances
Insurance and other funds
Other deferred assets
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
Securities issued or assumed—Unpledged
Increase.
Decrease.
$663,535.74
613.066.93
1.00
$3.711.726.38
$156,227.37
$8,408,254.55
30.000,000.00
46,179.58
19,180.000.00
372.281.31
14,174.78
1,320.95
460,758.26
22,609.35
4.429.53
$2.570,377.48
$3,667.03
$24.669.43
263.645.95
$588,733.22
$288,315.38
$354,980.71
LIABILITIES.
Items—
1929.
Stock:
Capital stock---------------------------------------------------------- $51,573,900.00
Premium on capital stock----------------------------------------------4.535,450.00
$51,573.900.00
4.535,450.00
$56.109,350.00
356.109,350.00
Long-term Debt:
Funded debt unmatured -----------------------------------------------359.937,050.00
$60,202,450.00
$265,400.00
$319,975.80
3.236,622.68
212,054.01
51,528.25
119.592.00
7,100.00
456,606.31
115.832.01
580,639.91
$528,275.28
5.647,842.87
225,126.85
47,500.50
111,505.50
7,100.00
463.873.64
115.832.01
583.059.96
$208,299.48
2,411.220.19
13.072.84
$5,099,950.97
$7,730,116.61
$2,630,165.64
$1.658,140.38
$1.683,317.73
$25,177.35
$289,628.24
1,180,085.97
11,903,179.26
1.496,960.41
$493,147.24
1.141,887.67
11,214.679.91
1.500.575.18
$38,198.30
688,499.35
$14,869.853.88
314,350,290.00
3519.563.88
Corporate Surplus:
Additions to property through income and surplus
$7,017.687.28
Profit and loss—Balance------------------------------------------------ 49,421,386.55
$7,006,776.55
46,676,137.46
$10,910.73
2.745,249.09
$56.439,073.83
853,682,914.01
$2,756,159.82
$194,113,419.06
$193.758,438.35
3354,980.71
Current Liabilities:
Traffic and car-service balances payable
Audited accounts and wages Payable
Miscellaneous accounts payable
Interest matured unpaid -----------------------------------------------Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
1Jmnatured rents accrued
Other current liabilities
Deferred Liabilities:
Other deferred liabilities
Unadjusted Credits:
Tax liability
Insurance and casualty reserves
Accrued depreciation—Equipment
Other unadjusted credits
Total llabillt:es
1928.
Increase.
Decrease.
$4.027.75
8.086.50
7,267.33
2,420.05
$203,519.00
3,614.77
FINANCIAL CHRONICLE
2426
[vol.. 130.
HAMILTON GAS COMPANY.
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1929.
PRESIDENT'S REPORT.
New York, 211arch 20 1930.
To the Stockholders.
We append hereto our balance sheet as of December 31
1929, and operating statement for the year 1929. certified
by Messrs. Main and Company.
• The events of outstanding importance in the year 1929
were—
First—the changes effected in our capital structure which
practically eliminated our preferred stock and added considerably to the Company's resources. These changes and
increments advantaged all classes of our securities, particularly our common stock.
Second—the increase in our property which nearly doubled
that of the previous year.
Third—the marked activity in the natural gas industry
in general, resulting in sales to many new customers in
communities already served, and the introduction of natural
gas into large cities not previously reached by pipe lines.
Despite the recent business depression, this activity has
extended into the year 1930, and promises to continue
unabated. In fact, it may be said that the natural gas
business presents a more favorable picture at the present,
and for the future, than other large industries. This is, of
course, due to the fact that while the merits of natural gas
as a fuel have long been recognized as superior to any other,
the communities previously served have been limited because
of the lack of adequate pipe line facilities for delivery.
Thousands of miles have been recently constructed and
many more are either now building or projected for the
immediate future. In addition the rapid growth in deliveries
of natural gas compressed in cylinders or by tank cars to
users who cannot be reached, or are not now reached, by
pipe lines, indicate that the ultimate market for our product
will be Nation wide, though the bulk of deliveries will, of
-course, continue to be made by pipe lines. The recovery of
valuable by-products and discovery of uses hitherto unknown,
is also making rapid strides and will be of increasing importance, especially as many of these extractive processes
do not substantially reduce the fuel value of the residues.
The Apalachian fields, in which our properties are
located, are nearest to the great new markets of the Eastern
Seaboard now becoming available, and at least the greatest
portion of the gas delivered to these centers must be taken
from this region.
We announced in the 1928 Annual Report that your
Directors had decided on a definite policy directed toward
the end of retiring all funded debt in advance of maturity;
of the retirement of all our 7% preferred stock: and the
building up of a very strong cash position, available for the
acquisition of additional properties and greater development
of those now owned. The final end being a capital structure
consisting of but one security common stock, with no
indebtedness and liquid assets which would permit us to
establish and maintain adequate dividends after appropriate
additions to surplus. Necessarily, such a program takes
time for final accomplishment, but last year set us far along
the path.
The offer of subscription and conversion rights effective
in the last half of the year, met with immediate and favorable
response. Conversion warrants are now attached to $2,025,000 of our First Mortgage Bonds and Debenture Notes,
out of $3,346,500 of both issues outstanding, as of December 31 1929, and we feel warranted in the belief that the
prices for our securities will make the exercise of the conversion privilege very inviting to the holders of these warrants.
$1,280,800 par value of our preferred stock was exchanged
for common stock thus practically eliminating that issue,
improving correspondingly the asset position of the junior
stock and freeing $89,656 per annum previously required
for dividends to the use of the common stock.
These operations involved, with stock sold directly for
cash, an increase in the last half of the year of 403,103
shares of common, and added over 1,000 names to the list
of stockholders. A very distinct benefit to all holders and
the Company itself, by giving a wider distribution and better
market.
It gives the Management pleasure to announce that the
holdings of the principal stockholders, prior to the new
distribution, have increased rather than diminished, which
is the best evidence of their faith in our future and the
wisdom of our policies.
We have also continued our policy of accumulating large
blocks of our own Bonds and Debentures, in excess of
Sinking Fund requirements. The depression in the BondMarket has enabled us to make these purchases at substantial discounts. The income thus realized on idle funds
is at a very attractive rate, and we know of no sounder
policy than that of acquiring the means of prepaying our
own indebtedness at a marked saving.
The volume of gas sales anticipated in the early part of
1929, was considerably lessened in the last four months of
the year, to the extent of perhaps between half a billion and
one billion cubic feet, by causes which could neither be
anticipated nor controlled, but which were not due to
lessened productive capacity of our wells after allowing
for the nominal decline or poor results from new wells drilled
within the year, which were favorable.
The conditions referred to, principally arose from three
causes. Reduced industrial demand in the markets served
by the pipe lines to which we sell our product, manifesting
itself as early as last September, increasing as the year
progressed. This is still in evidence, though present prospect
is for a marked improvement within the next two months.
Reduced domestic demand, the result of the relatively mild
Winter, which substantially lessened the volume of gas
used for heating purposes.
The effect of the prolonged drought in the Summer and
early Fall also retarded the completion of many wells
until the late Winter.
These conditions reduced gross income, but net income
was, of course, affected more considerably. It should be
understood that such reductions do not reflect losses, only
retarded profits. The gas unsold remains in our reserves,
and as most of our contracts provide for yearly increases in
price, will ultimately be marketed at a greater profit than
if it had been sold currently. Your attention is invited in
this respect to the statements made in this report, as to the
developments both in our own fields and in the industry,
definitely indicating increased demand and higher prices in
the immediate future.
During 1929, we drilled 21 gas wells, all of which were
productive, but one in Clay County, West Virginia, was
regarded as too light to be profitable and was abandoned.
We also deepened four old wells to lower producing horizons
with successful results. (Since January 11930, six additional
wells,commenced in 1929, have been successfully completed.)
We have, as of this date, 253 producing wells owned by us,
and in addition have contracts covering the life of 38 wells,
from which we purchased the gas, which is resold, at substantial profits, to our customers. The total number of
wells, thus owned or controlled, is 291 as compared with 179
at the close of 1928. The increase is made up of new wells
drilled, 48 purchased outright, and 38 controlled by gas
purchase contracts.
At the end of 1928, we had 77,722.86 acres under lease.
We acquired in 1929, 60,276.62 acres to which we took
title and surrendered 3,802.86 acres. In addition we purchased 21,809.05 acres subject to title, making the net
acreage 156,005.67, assuming satisfactory title is disclosed
by our investigation on the acreage acquired subject to this
condition.
Beside the acreage thus acquired, our reserves have further
been largely inceased by contracts made within the year,
giving us purchase rights, for the life of the fields, on approximately 10,199 acres of territory adjacent to our holdings.
Thus, our Company has, in respect to its owned or controlled territory, substantially trebled since it commenced
operations December 15 1927,and doubled since December 31
1928. Of the acreage acquired in 1929, 2,924, improved by
42 producing wells, was secured by the purchase of the
properties of Perdue Brothers, Gas Producing Company,
Grant Gas Company, H. C. Zogg Oil & Gas Company,
Huntington Oklahoma Oil Company and Midway City Gas
Company, all in West Virginia, in the vicinity of Huntington.
APRIL 5 1930.]
FINA_NC:AL CHRONICLE
In 1929 we delivered from the reserves on our own properties, 4,744,392,000 cubic feet of gas as compared with
3,111,491,000 cubic feet of gas in 1928. Sales in 1928 were,
however, credited with the equivalent of 760,000,000 cubic
feet paid for, but not delivered to the Inland Gas Company
(see comment in 1928 Annual Report). We added in 1929,
through the acquisitions set forth above, additional reserves
which much more than offset depletion and depreciation
on the properties owned at the beginning of the year, to
which must be added the reserves on properties controlled
by gas purchase contracts, made within the year, which were
estimated by engineers employed by their owners, as in
excess of 30,000,000,000 cubic feet. Likewise known reserves
on properties previously owned, and those acquired within
the year, were greatly increased by the result of our own
drilling and that of other operators drilling wells adjacent
to our properties. Not only has our own drilling been
remarkably successful, in that we drilled no dry holes out of
27, including completions in 1930, and found but one well
too small to be profitable, but the far greater number of
wells drilled by others adjacent to our leases, has been
nearly as successful, thus adding largely to our values and
known reserves. We call your attention to the map attached
to this report showing the known gas areas and the position
of our properties in relation to them.
We have, nevertheless, charged for the year 1929,
$91,095.21 to reserves for depreciation and depletion, making
the total, as of December 311929, $172,573.95. We have
also charged our operating income with $74,871.48 for
rentals on reserve territory, making the total, so deducted
from operating income from December 15 1927 to the end
of 1929, $140,991.71, though we believe that the total thus
charged for reserves and against net income of $313,565.66,
is much more than offset by gains in assets and gas reserves,
which are not capitalized in our accounting. In addition to
our reserves, $103,500 of our Funded Debt was retired by
the Sinking Fund, a total of $153,500 to the end of 1929.
Were we to abandon our policy of expansion and had no
such accretion of values occurred, our book reserves might
be inadequate, in that we would be merely liquidating our
assets as capitalized on our books, but under the conditions
which now prevail, we regard our practice as perhaps
unnecessarily conservative.
An illustration of the effect of taking no benefits from
accretions of value from development and properties acquired
since the organization of the Company is furnished by the
following comparisons:
On December 15 1927 the properties acquired by the
Company were valued by Ralph E. Davis at $5,469,248,
consisting of 114 wells and 62,507 acres of leaseholds,
together with various pipe lines and fixtures.
During the period December 15 1927 to December 31 1929,
we expended $1,216,036.95 for the acquisition of properties,
drilling additional wells, extensions of our pipe lines and
connecting lines, additional equipment, etc. These expenditures were capitalized at cost. The new properties
and leaseholds thus acquired totaled 71,690 acres (excluding
the 21,809.05 acres to which title had not been perfected
at the end of 1929) and the additional wells drilled or acquired totaled 139. Thus, since the Company was formed,
excluding additions in 1930, we have added more than the
original acreage and more than the original number of wells
for a sum capitalized on our books at little more than onefifth the appraised value of the properties first acquired.
This comparison disregards the important additions by
new and profitable contracts fir the sale and purchase of
gas, which would be given considerable value in any reappraisal of our assets and reserves.
As of December 15 1927 our available productive capacity
was 12,592,000 cubic feet per day. As of this date, including
purchased gas, it is approximately 23,000,000 cubic feet
per day, which could be further increased by certain changes
in operating methods. The importance of these additions
to our properties and productive capacity is manifest.
We believe that the situation of the gas producing company
owning, as does the Hamilton, large acreages of proven but
undeveloped properties in the heart of the Appalachian
Gas belt, indicates an even greater measure of future prosperity and advantage than pertains to the industry as a
whole.
Within the radius of the pipe lines now constructed, are
many of the largest industries and populations of the East.
Projects already announced as under way, or immediately
projected, will, if completed, add, within the next twelve
2427
months, such very important new markets as Baltimore,
Philadelphia, Richmond, Washington, and very probably
New York and Detroit. These involve expenditures by the
largest interests in the business, of many millions in money
and the building of over one thousand miles of pipe lines.
Which means additional values and profits to the producer
within our territory.
We are confident that our policy of expansion, debt
reduction, and the reinvestment of current profits, withholding undeveloped areas from immediate development,
against a rising market and an increased demand will not
fail to be beneficial.
Very truly yours,
W. ANGAMAR LARNER,
President.
HAMILTON GAS COMPANY & SUBSIDIARIES.
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31 1929.
ASSETS.
Current—
Cash
9120.952.54
Accounts and Interest Receivable94,822.23
Inventories
54.615.68
Investments
420.575.00
Total Current Assets
Sg90,965.45
Treasury Stock at cost—(12.808shares pref.)1,408.880.00
Sinking Fund Trustee
681.03
Fixed—
Leaseholds, Wells, Gathering
Lines,etc
5,980,082.18
Leaseholds. Wells. Gathering
Lines. etc.(Lamer Gas Co.)_ _ _ 643.684.59
Equipment
88.050.16
Total Fixed Assets
6.711,816.93
Deferred Charges
420,358.97
59.232.702 38
LIABILITIES.
Current—
Accounts Payable
Notes Payable
Accruals, Interest, Taxes,etc_ _ _ _
Dividends Payable
Total Current Liabilities
Deferred—
Obligations due Sept. 14 1930_ __ Interest on Obligations due Sept.
14 1930
Interest due June 1 1930 on Bonds
and Debentures
Total Deferred Liabilities
Reserves—
Depletion
Depletion—Lamer Gas Co
Depreciation
$88,268.03
169.084.79
26.290.85
15,344.00
5298.987.67
180,000.00
3.093.32
18.126.88
201,520.20
5133.737.21
11.345.93
27,490.81
Total Reserves
Fixed—
let mtge. 63. % S. F. Gold Bonds
dated Dec. 1 1927, due Dec. 1
1937
2.438.500.00
5
-year 6 % S. F.Debenture Gold
Notes dated Dec. 1 1927, due
Dec. 1 1932
908,000.00
1st mtge.7% Notes of Lamer Gas
Co. dated Sept. 14 1928. due
Sept. 14 1930
300,000.00
172,573.95
Total Fixed Liabilities
3,646.500.00
Capital Stock—
Preferred Capital Stock_ _ _ ______ 1.500,000.00
Common Capital Stock 718.119
shares—No Par Value
3413.120.5654913
.,120.58
99.232.702.38
CONSOLIDATED STATEMENT OF INCOME
JANUARY 1 1929 TO DECEMBER 311929.
Gross Operating Income
Operaling Charges—
Operating and General Expense
Taxes
$787.908.99
9233,746.08
32.363.14
266.109.22
Net Operating Income
Non-Operating Income
•
Income Before Deductions
Deductions—
Interest on Funded Debt
Rentals on Unoperated Leaseholds
Abandonments
Other interest
Net Profit Before Depletion and Depreciation
3521.799.77
19,677.97
9541,477.74
9216.419.89
74,871.48
9,763.74
26,373.38
5327.428.49
$214,049.25
WE HEREBY CERTIFY that we have examined the
books, records and accounts of HAMILTON GAS COMPANY and its Subsidiary Companies as at December 31
1929. Based on the records examined and the information
submitted to us, it is our opinion that the foregoing consolidated balance sheet shows the financial condition of the
combined companies at the date stated and that the accompanying consolidated income account shows the result of
operations for the year ended December 31 1929.
New York City,
MAIN & COMPANY,
March 13 1930.
Accountants and Auditors.
2428
[vol.. 130.
FINANCIAL CHRONICLE
THE WHITE MOTOR COMPANY.
AND SUBSIDIARIES, CLEVELAND, OHIO.
-1929.
ANNUAL REPORT TO STOCKHOLDERS
•
THE WHITE MOTOR COMPANY, Cleveland
To the Stockholders:
and Subsidiary Companies
submitted
On behalf of the Board of Directors, there is
sheet as of December 31 PROFIT AND LOSS AND SURPLUS FOR THE YEAR
herewith the combined balance
1929, and the Statement of Operations of the company,
ENDED DECEMBER 311929.
together with balance sheets and operating statements of
PROFIT AND LOSS ACCOUNT.
The White Motor Securities Corporation and The White Operating Profit (After deducting Manufacturing. Selling
• and Administrative Expense)
$2.468.332.04
Motor Realty Company for the same periods.
Discount on Purchases, Interest Received, Income from
The consolidated operations of the company, giving effect
Income (After deducting Sundry
Investments and Other
429,313.88
Charges)
to the undistributed earnings of The White Motor Securi$2.897.645.92
ties Corporation and The White Motor Realty Company, Profit Before Providing for Federal Income Tax
350,000.00
Provision for Estimated Federal Income Tax
resulted in a net profit of $2,875,364.98, compared with a
$2,547,645.92
total of $2,320,813.35 for 1928. This represents an increase Net Profit
Net Profit for year after giving effect to increase in book
of 23.89 per cent. Gross sales in 1929 were $48,652,557.09,
value of investment in Stock of White Motor Securities
Corporation and The White Motor Realty Company,
compared with sales of $47,540,594.04 in 1928.
$2.875.364.98
represented by undistributed Earnings
The financial position of the company is reflected by a
ratio of current assets to current liabilities of 10 to 1. The
SURPLUS ACCOUNT.
$6,802,165.41
liquid form of assets is reflected by cash and Government Balance—January 1 1929
Addition:
securities amounting to $10,656,440.84.
Net Profit for year as set forth in Profit
$2,547,645.92
and Loss Account
During the year, the dividend rate was increased from
Adjustment of book value of investment
Corporation
one dollar a share per annum to two dollars per annum.
in White Motor Securities
and The White Motor Realty Company
The Property Account was increased during the year by
to reflect undistributed Earnings of
those Companies for the year:
the expenditure of $364,899.05 for factory equipment and
White Motor Securities
$951,891.41 for property and necessary equipment for Sales
$165.038.14
Corporation
The White Motor Realty
Stations in various cities. It was decreased by
and Service
162,680.92
Company
$750.867.16 additional Reserve for Depreciation, and by
327.719.06
$213,678.11 representing the dismantling of certain machin$2,875.364.98
ery at the factory and the sale of certain properties no
1,000,000.00
Less: Dividends Paid
1.875,364.98
longer requ:red in the operation of the business. The Prop*$8,677,530.39
erty Account was thus $9,634,263.12 as of December 31 Surplus December 31 1929
* Included in the above Surplus is adjustment to book value of Invest1929, as compared with $9,282,017.93 on December 311928,
ment in White Motor Securities Corporation and The White Motor Realty
an increase of $352,245.19.
Company represented by undistributed earnings of those companies.
We have during the year increased the line by four addiWHITE MOTOR SECURITIES CORPORATION
tional six-cylinder models. Sales of these models have
demonstrated their wide acceptance.
BALANCE SHEET AS OF THE CLOSE OF BUSINESS
All the costs involved in designing, proving and producing
DECEMBER 311929.
these new models have been absorbed in current operating
ASSETS.
expenses. Today the Company has to offer the most com- Cash:
In Banks
$425,378.79
plete line of high quality trucks and busses in the industry. U. S. Government Securities:
At Cost and Accrued Interest
2,553,934.73
growing appreciaIt is within the fact to emphasize the
Notes Receivable:
$9.915,287.48
S.cured
tion for better equipment on the part of the more experienced
36,979.76
Accrued Interest
operators, and this is best illustrated in our Annual Roll
9,952.267.24
Call soon to be published, listing not only more White Accounts Receivable:
The White Motor Company and The White Company_
247,225.60
owners but greater fleets of White Trucks and Busses.
Deferred Charges:
Prepaid Interest
desirable to enable those
76,864.57
During the year it was thought
managerial positions to become more interfilling certain
$13,255,670.93
ested financially in the company, and the Board inaugurated
LIABILITIES.
a stock purchase plan providing for the sale of stock, to be Notes Payable:
time. The ComFor Money Borrowed from Banks
paid for in installments over a period of
$8,350.000.00
Accrued:
pany has purchased up to December 31 1929, $877,027.50
Federal and County Taxes and Interest
52.304.04
Deferred Income:
worth of stock under this plan.
Notes Receivable Financing Charges- --- $297,361.39
At a meeting of the Board of Directors on February 7
Unearned Interest on Notes Receivable__
302,186.97
509,548.36
1930, Mr. C. L. Bradley, of Cleveland, was elected a DirecCapital Stock:
Preferred-7% Cumulative (Authorized
tor to fill the vacancy caused by the death on September 29
$5,000.000.00):
1929, of Walter C. White, President and Chairman of our
Issued and Outstanding 25,000 shares_ - $2,500,000.00
Common (No Par Value):
of Directors. An executive of outstanding capacity,
Board
Authorized and Issued 25,000 shares-Mr. White's contributions to the Company's upbuilding have
Declared Common Capital
500,000.00
definite stamp of his
3,000,000.00
been immeasurable. He has left the
Profit and Loss—Surplus:
personality and accomplishment upon the entire industry.
Balance January 1 1929
$1.088,780.39
$390.038.14
Net Profit year 1929
The balance sheet and profit and loss statements of the
Less: Dividends Paid:
Motor Securities Company and the White Motor
On Pref. Stock-$175,000.00
White
On Corn. Stock 50,000.00
Realty Company are included in this report.
225,000.00
substantial progress.
165,038.14
We look forward to a year of solid and
1,253,818.53
Respectfully submitted.
R. W. WOODRUFF, President.
$13.255,670.93
March 15 1930.
APRIL 5 1930.1
FINANCIAL CHRONICLE
PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED DECEMBER 31 1929.
INCOME.
Interest and Discount Earned
Less: Interest on Money Borrowed
81.002,772.68
471.050.94
$531.721.74
EXPENSE.
Administrative and General
Taxes
$81,271.54
12.412.06
93.583.80
Profit Before Providing for Federal Income Tax
Provision for Federal Income Tax
2429
LIABILITIES.
Accrued Federal and County Taxes. Interest and Other
Expenses
Six Per Cent Secured Serial Gold Debentures
(Maturing in equal annual installments—
Dec. 1 1926 to Dec. 1 1940. Inclusive)__ $3,000,000.00
Less: Installments Paid
800.000.00
2,7.03.000.00
Capital Stock (No Par Value):
Authorized-15,000 shares
Issued
5.000 shares
Represented by:
Capital
Profit and Loss—Surplus:
Balance January 1 1929-- $352,462.03
Net Profit Year 1929
162,680.92
$408.897.47
$438,038.14
48.000.00
Net Profit
$31.320.40
toni
iszt
515.142.05
924,040.42
$390.038.14
83.155.360.82
PROFIT AND LOSS ACCOUNT FOR THE YEAR
WE HEREBY CERTIFY that we have examined the
count and record of the WHITE MOTOR SECURITIES books of ac
ENDED DECEMBER 31 1929.
TION as of the close of business Dec.31 1929. Cash in banks CORPORAand United
INCOME.
States Government Securities were satisfactorily accounted for. The unpaid installments on Notes Receivable Accounts
8442.790.17
and rela- Rental Income
tive deferred payment contracts or notes werewere tabulated otherwise
inspected
EXPENSE.
verified. Provision has been made for all known liabilities of or Corporathe
tion as of the date named. In our opinion, based upon the records exam- Interest on Debentures
$143,000.00
ined and information obtained by us, the accompanying Balance
Lem: Interest on Government
reflects the financial position of the Corporation at December 31 Sheet
Securities and Bank Balances
1,308.91
1929,
and the relative Profit and Loss Account is correct.
8141.691.09
Depreciation
96,258.29
ERNST & ERNST. Certified Public Accountants. Financing Expense (Amortization)
11.842.47
February 27 1930.
General Expense
8.284.04
Paid for Normal Federal Income Tax on
Bond Interest
2,033.33
THE WHITE MOTOR REALTY COMPANY, Cleveland
260,109.25
Profit Before Providing for Federal Income Tax
$182.680.92
BALANCE SHEET AS OF THE CLOSE OF BUSINESS Provision for Federal Income Tax
20,000.00
DECEMBER 311929.
Net Profit
$162,680.92
ASSETS.
WE HEREBY CERTIFY that we have examined the books of acCash in Bank
$18.012.23 count and record of THE WHITE MOTOR REALTY COMPANY,
Due from The White Company
37,063.33 Cleveland. as of the close of business December 31 1929, and that, in our
Land and Buildings (Cost less Depreciation)
3,052,097.14 opinion, based upon the records examined and information obtained by
us, the accompanying Balance Sheet reflects the financial position ofjthe
Unamortized Financing Expense
48.188.12 Company at the date named and the relative Profit and Loss Account
Is correct.
$3.155.360.82
ERNST & ERNST. Certified Public Accountants.
February 27 1930.
THE WHITE MOTOR COMPANY, Cleveland
(and Subsidiary Companies)
THE WHITE COMPANY, THE WHITE COMPANY, LIMITED, AND
SETON FINANCE CORPORATION.
BALANCE SHEET AS OF THE CLOSE OF BUSINESS DECEMBER 31, 1929
ASSETS.
Current:
Cash in Banks and on Hand
U. S. Government Securities (At Cost and Accrued interest)
Notes Receivable—Customers
Accounts Receivable—Customers
Accounts Receivable—Miscellaneous
Inventories (Based on the lower of Cost or Market)
$1,432,786.17
9.223,654.87
1,325,029.59
4,515,116.68
134.013.85
15.566.153.07
$32.196.754.03
Investments:
White Motor Securities Corporat on:
Total Issued Common Stock (Book Value)
The White Motor Realty Company:
Total Issued Capital Stock (Book Value)
Other Investments
$1.753,718.53
922,790.42
1,740,533.75
Treasury Stock Held Under Employees' Stock Purchase
Plan (at cost)
Property Account:
Land, Buildings, Machinery and Equipment
Less: Allowance for Depreciation
Cost of Good Will, Patents, Models, Trade Marks,
Trade Names, Patterns and Drawings
Deferred.
Discount on Customers' Notes Sold
Prepaid Rentals, Taxes and Other Expenses, Unexpired
Insurance Premiums, etc
4.417.042.7a
877,027.50
815.750,058.07
6.115.794.95
9.634.263.12
5,388.909.66
$297,361.39
191,648.50
489,009.89
$53.003.006.90
Current:
Accounts Payable for Purchases, Pay Rolls, Expenses,
etc
Accrued Federal, State and County Taxes
White Motor Securities Corporation
The White Motor Realty Company
Purchase Money Obligation
Reserve—For Contingencies
Capital Stock of The White Motor Company:
(Authorized $50,000,000.00, par value of shares $50.00 each)Issued and Outstanding 800,000 shares
Surplus:
As set forth in annexed statement
LIABILITIES.
$2,161.254.97
730,269.14
347,225.60
37,063.33
$3,175,813.04
42,330.00
1,107,333.47
40.000.000.00
8,677,530.39
$53,003.006.90
Note.—The White Motor company has guaranteed the principal amount
of
ration and the payment of regular dividends thereon. There was a contingent$2,500,000.00 of 7% Preferred Shares of White Motor Securities Corpoliability as of December 31 1929, in
connection with $9,915,287.48 of
Customers' Notes Receivable sold to white Motor Securities Corporation under
agreement to repurchase in case of
makers' default. All these notes
are secured by direct lien on trucks and busses.
WE HEREBY CERTIFY, that we have examined the books of
account and record of THE WHITE MOTOR
White Company, The White Company, Limited, and Seton Finance Corporation,
COMPANY, Cleveland, also Tit*
Subsidiary Companies, as of the close of
and that, in our opinion, based upon the records examined and information
business December 31 1929;
obtained by us, the annexed Balance Sheet
reflects the financial position 0:
the combined Companies at the date named and the accompanying statement
of Profit and Loss and Surplus Accounts for
the year then ended is correct.
ERNST & ERNST, Certified Public Accountants.
February 27 1930.
[vol.. 330.
FINANCIAL CHRONICLE
2430
INTERNATIONAL HARVESTER COMPANY.
ANNUAL REPORT FOR YEAR ENDING DECEMBER 31, 1929.
To the Stockholders:
The Board of Directors submits the following report of the business and financial condition of the International Harvester
Company and affiliated companies for the fiscal year ending December 31, 1929:
SURPLUS DECEMBER 31, 1929.
INCOME ACCOUNT FOR 1929.
Gross Earnings before deducting Interest on Loans, Depre*59,614,569.44
ciation, etc
Deduct—
1535,742.80
Interest on Loans
328,138.40
Ore and Coal Depletion
8,938,953.25
Plant Depreciation
3.632,262.25
Special Maintenance
2,000.000.00
Development and Extension
4,899.495.07
Provision for Losses on Receivables
750,000.00
Reserve for Collection Expenses
1,750.000.00
Reserve for Contingencies
22,834,591.77
$36,779,997.67
Net Profit
Balance at December 31, 1928
Add—
Net Profit for 1929
$29.759,714.59
36.779,997.67
$66,539,712.26
Deduct—
Cash Dividends:
Preferred Stock
Common Stock
$5,442,615.50
11,023,013.63
16.465.629.13
Surplus
$50,074.083.13
COMBINED BALANCE SHEET DECEMBER 31, 1929.
LIABILITIES.
Current Liabilities:
Accounts Payable:
Current Invoices, Payrolls, Taxes, etc.. $38,425,348.51
Pension Fund Provision for Canadian
1,013.479.98
Employes
Preferred Stock Dividend, payable
March 1, 1930
1,391.402.25
Common Stock Dividend, payable
2.755.758.32
January 15, 1930
ASSETS.
Current Assets:
$23.478,016.82
cash
2.406,286.69
Marketable Securities
Receivables:
Dealers' and Farmers'
$110,865,449.53
Notes
39,782,464.35
Accounts Receivable
$150,647,913.88
Deduct—
Reserves for Losses__ - 13.322,616.85
$43,585,989.06
137,325,297.03
Inventories:
Raw Materials, Work in Process, Fin102,295,187.73
ished Products. etc
3268,504,788.27
668,772.23
Deferred Charges
2,561,398.28
Investments in Other Companies
Property:
Farm Implement Works and Twine Mills.
Motor Truck and Tractor Plants,
Branch Houses and Service Stations,
$174,544,378.73
Mines, Furnaces, Steel Mills. etc
Deduct—
59,201,015.52
Reserves for Plant Depreciation
Reserves:
Special Maintenance
Development and Extension
Collection Expenses
Fire Insurance
Contingent
$13,623,580.65
4,000,000.00
3.500,000.00
9.227,469.15
5.000,000.00
35,351,049.80
Preferred Stock:
Authorized, 1,000,000 shares, $100 par value; Issued,
786,998 shares
78,699,800.00
Common Stock:
Authorized. 6,000,000 shares, no par value; issued,
4.409.185 shares
176,367,400.00
Surplus
50,074,083.13
115,343,363.21
$384,078,321.99
$884,078,321.99
PROPERTY.
RESERVES.
S155,708,504.11
Balance at December 31, 1928
Add—
Capital Adtitions during 1929:
Farm Implement Works and Twine Mills--$5,234,767.17
10.795,778.66
Motor Truck and Tractor Plants
2,836,753.28
Branch Houses and Service Stations
4,709,590.60
Mines, Furnaces, Steel Mills, etc
23,576,889.71
PLANT DEPRECIATION.
$179.285,394.12
Deduct—
property sold,dismantled or charged off_$4.412,876.99
Plant
328,138.40
Depletion of iron ore and coal
4.741,015.39
Balance at December 31, 1929
Deduct—
Reserves for Plant Depreciation
Net Balance at December 31, 1929
The annual deductions from earnings for plant depreciation provide for the impairment and consumption of the
capital assets utilized in production and distribution. Such
depreciation is based on rates established by recognized
authorities and confirmed by experience isi this industry.
Balance at December 31, 1928
Add—
Provision for 1929:
Regular
Special, for old plant property
$51.764.057.55
*6.463.953.25
2,475.000.00
8.938,953.25
*174.544.378.73
59,201.015.52
$60,703,010.80
Deduct—
Accumulated depreciation on properties sok,and dismantled
1,501,995.28
$115,343,363.21
Balance at December 31, 1929
WORKING CAPITAL.
$59,201,015.52
SPECIAL MAINTENANCE.
Current Assets:
$23,478.016.82
Cash
2,406.286.69
Marketable securities
137,325,297.03
Receivables, less reserves for losses
whichever is lower,
Inventories, valued at cost or market,
posless substantial reserves for depreciated stocks and
102,295,187.73
sible decline in market values. etc
These reserves provide for relining of blast furnaces,
maintenance of docks and harbors, conversion of power
systems, and other renewals and replacements.
Balance at December 31, 1928
Add—Provision for 1929
$10.346,085.27
3,632,262.25
Deduct—Relining, renewal and other charges during mg
$13,978,347.52
354,766.87
$265,504.788.27
Deduct—
*Current Liabilities
Working Capital at December 31, 1929
43,585.989.06
$221,918,799.21
purchase money
*There is a contingent liability of $1,588,125.00 on
was reobligations Issued in the acquisition of a tract of timber lands which
purchaser, are
nold in the fall of 1926. These obligations, assumed by the
property
guaranteed by the Company, which retains ownership of the
until the liability is discharged.
Balance at December 31. 1929
$13.623,580.65
DEVELOPMENT AND EXTENSION.
Large expenditures are required in engineering research
and in the development and improvement of all lines of
APRIL 5 1930.3
2431
FINANCIAL CHRONICLE
Further expansion in the Company's motor truck trade
power farming equipment to increase the efficiency of farm
nroughout the world required the erection of new sales
operations and reduce the cost of crop production.
Balance at December 31, 1928
$2,000,000 and service stations. Additional warehouse facilities were
2,000,000 also provided for increased storage and distribution of
Add—Provision for 1929
Balance at December 31. 1929
$4,000,000 tractors and other farm machinery.
INVENTORIES.
RESERVES.
LOSSES ON RECEIVABLES
The annual deductions from earnings to provide for losses
which may ultimately be sustained in the realization of
notes and accounts receivable taken on each season's sales,
are based on long experience and are adequate to cover bad
debts incurred in the ordinary course of business.
Balance at December 31. 1928
Add—Provision for 1929
$10,011,101.15
4,899,495.07
Deduct—Bad Debts charged off during 1929
$14,910,596.22
1,587,979.37
It has been a fixed policy over a long period of years to
accumulate an inventory reserve, the wisdom of which has
been demonstrated during periods of deflation. Inventories
have been priced at cost or market, whichever was lower,
the reserve being deducted from the value so determined.
The inventory reserve accumulated from earnings in prior
years is now, in the judgment of the Board, sufficient for
the protection of the business.
ENGINEERING RESEARCH.
Balance at December 31. 1929
$13,322,616.85
COLLECTION EXPENSES.
The general trend of agriculture toward power farming
makes the Company's engineering research of prime and
increasing importance. In order to carry on this work, a
further appropriation of $2,000,000 was made from 1929
earnings to the Development and Extension Reserve.
Constant progress is being made by the Company's
engineering staff in the development of cotton pickers and
strippers, and recent field tests indicate that these machines
should soon become of practical benefit to planters.
In most lines of business the time which elapses between
the date of a sale and the collection of the proceeds in cash
is comparatively short, and the need of a reserve to meet
the future cost of collecting receivables outstanding would
arise only in the event of liquidation. In the farm impleAGRICULTURAL EXTENSION.
ment industry, where long credits in some lines are extended
to the farming community, conservative management has
Gratifying progress was made during the year by the
adopted the principle of maintaining a reserve to meet Agricultural Extension Department in carrying out the
future collection expenses.
Company's purpose of rendering practical service to farmers
Balance at December 31, 1928
32.750,000 in the solution of their various.problems on the farm and
750,000
Add—Provision for 1929
in farm homes.
Balance at December 31. 1929
$3,500.000
INDUSTRIAL RELATIONS.
The relations of the Company and its employes continue
be mutually satisfactory. Through the various plans
The Company carries a reasonable portion of its own fire to
which make up the Company's industrial relations program,
insurance. Modern methods of fire protection and preveneffective co-operation is maintained between
tion are rigidly enforced at all the Company's properties, cordial and
management.
and experience demonstrates that the Fire Insurance Re- the employes and
serve provides ample protection for the limited risks which
PENSIONS.
the Company assumes.
Since the creation of the Pension Trust for United States
38,971.784.68
Balance at December 31, 1928
to
338.035.64 employes on March 25, 1929, further sums amounting
Add—Credit for 1929 from regular charges to operations
$2,866,000 have been paid into the Trust to meet the addi$9,309,820.32 tional accrued pension liability to December 31, 1929.
82,351.17
Deduct—Losses by fire. etc., during 1929
The Pension Trustees now hold $21,600,000, invested in
$9,227,469.15 sound and well diversified securities, under an irrevocable
Balance at December 31, 1929
trust for the benefit of United States employes.
REMARKS.
Plans are under way to provide Canadian employes similar
The Company's world-wide trade increased substantially assurance of the payment of future pensions. The accrued
during 1929, resulting in the largest volume of business in pension liability of the Canada Company at December 31,
1929, was $1,013,000, which appears under the heading of
its history.
In the domestic field, the gain in volume was principally current liabilities in the combined balance sheet.
derived from the large sale of tractors, power farming equipGENERAL.
ment and motor trucks. The highest percentage of gain
Price reductions applying to 1930 business in numerous
was made in the foreign trade, due to the steadily increasing
foreign demand for the Company's products, including lines, including two types of tractors, are expected to result
motor trucks. Trade in Canada declined owing to crop in a total saving to farmers in excess of $4,000,000 on purchases during the current year. These reductions were
failures in the grain-growing provinces.
made possible by economies in production costs resulting
FINANCIAL.
from large expenditures for new manufacturing equipment
The net profit for the year was $36,779,000, or 11.9% and for modernization of factories, together with a sustained
on the total capital invested in the business. The ratio of volume of trade.
current assets to current liabilities at December 31, 1929,
On July 1, 1929, Mr.Alexander Legge resigned as President
was more than six to one. Seasonal borrowings were liqui- and director of the Company to accept appointment by the
dated in the fall of the year.
President of the United States as Chairman of the Federal
Farm Board, charged with the administration of the AgriCREDITS.
cultural Marketing Act. The selection of Mr. Legge for
Collections on the whole were satisfactory. The increased this post was widely endorsed by farmers' co-operatives and
sale of larger units such as tractors, harvester-threshers and other agricultural organizations.
motor trucks is chiefly responsible for the increase in dealers'
During the last six months over 3,000 new names have
and farmers' notes outstanding at the close of the year. A been added to the Company's list of stockholders. There are
conservative and safe policy is maintained in the extension now 38;500 stockholders, of whom 16,100 are Harvester
of credits, and probable losses are fully covered by reserves. employes.
The books and accounts for the fiscal year have been
CAPITAL EXPENDITURES.
Certified Public Accountants,
Capital expenditures for 1929 exceeded those of any pre- audited by Haskins & Sells,
report].
year. Extensive additions were made to the works whose certificate is presented herewith [pamphlet
vious
With full appreciation of the important part the employes
at Rock Island, Illinois, where the Farman tractor is manuperform in maintaining Harvester standards and advancing
factured, the motor truck works at Fort Wayne, Indiana,
Chicago. The growing demand Harvester interests, the officers and directors acknowledge
and the steel mills in South
the splendid contribution made to the Company's progress
foritractor-drawn implements has necessitated substantial
the world.
of the other works of the Company during the year by its employes throughout
capital outlay at many
By order of the Board of Directors,
to provide the new types of power farming equipment which
HERBERT F. PERKINS, President.
are proving anlimporta.nt factor in lowering the farmers'
Chicago, March 27, 1930.
cost of production.
FIRE INSURANCE.
2432
FINANCIAL CHRONICLE
[VOL. 130.
PARAMOUNT FAMOUS LASKY CORPORATION
CONSOLIDATED BALANCE SHEET AT DECEMBER 28, 1929
ASSETS
Cash (Including $500,000 Call Loans)-
$7,971,133.05
Accounts Receivable:
Advances to subsidiary companies (not consolidated)
Advances to outside producers (secured by film)
Film customers and sundries (including $575.000 advances to officers, since repaid)
$1.405,228.37
1,238,448.40
4.884.325.28
7.528,002.05
Inventory:
Released productions, cost less depletion
Completed productions, not yet released for exhibition
Productions in process of completion
Scenarios and other costs appllcable to future productions
Rights to plays, etc. (at cost)
$10,347,479.52
4,600.023.35
2,254,531.28
2,443.104.79
918,952.02
20,564,090.96
990,169.42
Securities
Total current and workings assets
Deposits to secure contracts
Investments in subsidiary and affiliated companies (not consolidated)
Fixed Assets:
Land, buildings, leases and equipment (after depreciation)
Premiums paid for Capital Stocks of consolidated subsidiaries
Advance payments on purchase of real property
$37,053,395.48
2,962,099.93
*16.473,110.82
$164,333,183.97
10.355,039.06
149,953.10
174,838,176.13
5.383,625.06
Deferred charges
TOTAL ASSETS
$236,710.407.42
LIABILITIES AND CAPITAL
Accounts Payable
Owing to subsidiary companies (not consolidated)
Excise taxes, payrolls and sundries
Owing to outside producers and owners of royalty rights
Purchase money obligations maturing serially within twelve months
Serial payments on investments due within twelve months
1929 Federal taxes (estimated)
$4,278,261.88
367,376.73
2,946,918.22
1.086,651.21
2,588,236.27
1.313:239.16
2,380,000.00
Total current liabilities
$14.960,683.47
Purchase money obligations of subsidiary companies maturing serially after one year
Serial payments on investments due after one year
Mortgages and Funded Debt:
Mortgagee and bonds of subsidiary companies (including $2.761,644.29 payable within one year)
Twenty-year 6% Sinking Fund Gold Bonds
1.482,256.54
5,776.913.07
$57,547.959.84
14,323,000.00 71,870,959.84
Advance payments of film rentals, etc. (self-liquidating)
Appropriated Surplus and other reserves
836,983.17
9,310,995.81
TOTAL LIABILITIES
$104,238,791.90
Interest of minority stockholders in capital and surplus of subsidiary companies (including $4,740,900 preferred stock)
Capital (represented by):
Common Stock, 2,685,313 shares without par value_
Surplus
Contingent mortgage liability of subsidiary companies
Contingent liability on investment notes discounted
6,728.415.59
**$98,979,174.91
28.764,025.02
$1,393,907.05
1.268.500.00
125.743,199.93
$2,662.407.05
TOTAL LIABILITIES AND CAPITAL
$236,710.407.42
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR TWELVE MONTHS ENDED DECEMBER
28. 1929
Profit for twelve months
Less: Provision for Federal taxes
$17,537.447.31
1,992,902.98
Balance carried to surplus
$15.544,54.4.33
CONSOLIDATED SURPLUS ACCOUNT AT DECEMBER 28. 1929
Surplus at December 29. 1928
Add: Profit for twelve months to December 28. 1929. after providing for Federal taxes
Less Dividends:
On common stock (paid In 1929)
$18.549,703.19
15,544,544.33
$34,094,247.52
7,330,222.50
Surplus at December 28, 1929
$26.764,025.02
*Including $199,725.45 undistributed earnings applicable to 65% owned companies, not consolidated.
** 214.494 shares, under certain conditions, purchaseable by the Corporation any time prior to respective expiration dates of
options, and saleable
to the Corporation at various dates between August 6, 1930, and March 1, 1932, at prices averaging $80 per share.
We have examined the accounts of the Paramount Famous Lasky Corporation and Its subsidiaries for the twelve months ending
December 28, 1929,
and certify that. in OW opinion, the foregoing consolidated balance sheet and profit and loss and surplus accounts correctly set forth
the financial
position of the Paramount Famous Lasky Corporation and its subsidiary companies at December 28, 1929, and the results of operations
for the twelve
months ending on that date.
PRICE, WATERHOUSE & CO.
ff March 31, 1930.
2433
FINANCIAL CHRONICLE
APRIL 5 1930.]
INTERNATIONAL BUSINESS MACHINES CORPORATION.
THIRTY-FIRST 1929.
EIGHTEENTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER
To the Stockholders:
Your Directors submit herewith Income and Surplus
Account for the year 1929, together with Consolidated
Balance Sheet as of December 31st, 1929, with the Auditors'
certificate attached.
The Net Income for the year, including Foreign Subsidiaries, before Federal Taxes, but after providing for full
Depreciation ($1,557,308.11), Development and Patent
Expenses ( 02,026.57), and Interest ($222,991.75), was
$7,445,966.56, compared with $5,938,765.66 for the year
1928, being an increase of $1,507,200.90.
After deducting Federal Taxes, the Net Income was
$11.03 per share on 607,576 shares outstanding December
31st, 1929, compared with $8.83 per share for the year 1928,
based on the same number of shares, being an increase of
$2.20 per share.
Net Current Assets at the end of the year totalled $7,879,-
918.50, compared with $9,570,928.65 at the close of 1928.
The decrease was mainly brought about by the deposit during
1929 of $1,079,769.39 with the Sinking Fund Trustees for
the redemption of bonds and the premium thereon.
During the year the company retired and cancelled bonds
of a total par value of $1,958,500.00. Your Directors have
authorized a further retirement of bonds in 1930, and in
January, 1930, there was deposited with the Sinking Fund
Trustees $250,000.00 for this purpose.
In November, 1929, a stock dividend of 5% was authorized, and the cash dividend rate of $1.25 quarterly was
increased to $1.50 quarterly. The additional stock called
for by the stock dividend was issued January 10th, 1930, at
which date also the increased cash dividend was paid on
the shares actually outstanding December 31st, 1929.
By order of the Board of Directors,
THOMAS J. WATSON, President.
COMPANIES
INTERNATIONAL BUSINESS MACHINES CORPORATION AND DOMESTIC SUBSIDIARY
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1929.
ASSETS.
Current:
$2,405,209.93
Cash
Call and Time Loans se1,100,000.00
cured by collateral
Notes Receivable
4.024,983.88
Accounts Receivable
Less—Reserve for Doubtful
365,643.55
Accounts
'Inventories(At cost or lower)
LIABILITIES.
Current:
Accounts Payable, Accrued Items, etc__ - _ $1,088,160.69
911,115.00
Dividend Payable January 10, 1930
92,355.00
Accrued Interest on Bonds
740,000.00
Federal Taxes (Estimated)
$3,505,209.93
7,016.00
3.659.340.33
3,539.982.93
$10.711,549.19
Sinking Fund:
Cash in hands of Trustees for Redemption of bonds called
for payment
Deferred:
Commissions advanced salesmen on unfilled
$152,064.09
orders. etc., less reserve
275,866.95
Prepaid Insurance, Taxes,etc
230.78
Patents and Good-will
Less—Reserve for Amortization
3.078,500.00
878.681.44
Reserve for Contingencies
Capital Stock and Surplus of Subsidiary Companies, not
owned
5.856,094.11
Plant Equipment and Rental
818.312.868.90
Machines
Less—Reserve for Deprec'n. 10.221,510.18
Bonded Indebtedness:
Computing-Tabulating-Recording Co. Collateral Trust, Sinking Fund Bonds.
$7,000,000.00
due 1941
--Redeemed and CanLess
$3,76500.00
7
celled
145..000.00
Held in Treasury
3,921,500.00
421 31.04
Investments:
Stock of International Business Machines
$1.111,566.53
Corporation (6,005 Shares)
Securities of and advances to
other companies,including
Foreign Subsidiaries (at
$3,919,695.97
cost)
Add—Proportion undistributed surplus and profit of
824.831.61
Foreign Subsidiaries
4.744,527.58
Plants and Equipment:
$2.075.752.38
Land and Buildings
584,252.08
Less—Reserve for Deprec'n-
$2,831,630.69
97.789.51
Declared Capital ($19,574,171.00) and Surplus represented
33,717,489.34
by 607.576 shares of capital stock without par value
$1,491,500.30
8,091,358.72
$15,007,897.81
1,182,490.97
9.582.859.02
13,825,406.84
$40,404.070.98
540.404.070.98
INTERNATIONAL hUSINESS MA CHINES CORPORATION AND SUBSIDIARY COMPANY
DECEMBER 31. 1929.
SUMMARY OF CONSOLIDATED INCOME,SURPLUS AND CAPITAL FOR THE YEAR ENDED
Net Profit of Subsidiary Companies, including Foreign. after writing down inventories of raw materials to coat or market, whichever was
lower, deducting maintenance and repairs to plants and equipment, provision for doubtful accounts, the proportion of net profit
$10,028.292.99
applicable to unacquIred shares, and expenses of International Business Machines Corporation
Less:
$1.557.308.11
Depreciation of plants, equipment and rental machines
802,026.57
Development and patent expenses
222,991.75
Interest on bonded indebtedness
2,582.326.43
$7,445.966.56
Net Income before Federal Taxes
740.000.00
Deduct: Federal Taxes (Estimated)
$6.705.966.56
Net Income after Federal Taxes
Deduct: Dividends as follows:
Paid April 10, 1929
No. 56-51.25
No. 57-51.25
Paid July 10, 1929
Paid Oct. 10, 1929
NO. 58-51.25
No. 59-51.50
Paid Jan. 10. 1930
$759,150.00
759.222.50
759,245.00
911,115.00
3.188.732.50
83.517,234.06
Deduct:
Amortization of Patents
Surplus for Year 1929
Capital and Surplus January 1, 1929
71.236.54
$3.445.997.52
30.271.491.82
43
Declared Capital (819.574.171.00) and Surplus December 31, 1929, represented by 607,576 shares of capital stock without par value__$33,717,489.
2434
FINANCIAL CHRONICLE
(Void. 130.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL--ETC.
COMMERCIAL EPITOME
6-7s at 10c.; 7-8s at 93ic.; Rio 7s at 9.05c.; 7-8s at 8.65c.;
Victoria 7-8s at 83/sc. to 8.55c.
Spot coffee late in the week was in steady demand for
small lots. Nominal quotations which are said to be shaded
are 145 to 143 e. for Santos 4s; 10 to 103c. for Rio 7s and
%
Friday Night, April 4 1930.
COFFEE on the spot was quiet. Rio 7s, 10 to 103c.; 9% to 95c. for Victoria 7-8s. The demand for mild coffees
Santos 45, 1434 to 143e.; Victoria 7-8s, 93j to 93s43.; fair generally is limited it is reported. Leading roaster and
%
/
to good Cucuta, 15 to 153/sc.; prime to choice, 154 to 1634c.; blender interests have been large buyers this week. On
washed, 173/s to 185e. Colombian, Ocana, 153i to 153c.; March 31 Santos was5 to 12 points higher and Rio unchanged
%
Bucaramanga, natural, 15 to 16c.; washed, 18 to 1834c.; to 2 points lower; of Santos the sales were 16,000 bags and
Honda, Tolima and Giradot, 18 to 183/sc.; Medellin, 19 to of Rio 24,000; no mild sales. Deliveries were 3,000 bags of
193e.; Manizales, 18 to 18%e.; Mexican washed, 18 to Rio, 13,000 Santos and 500 mild. Of Santos contracts the
1934c.; Surinam, 13 to 14c.; East India, Ankola, 24 to 320.; offerings were small. Brazilian cables were not up to
Mandelling, 29 to 35c.; genuine Java, 28 to 29c.; Robusta, expectations. But the outstanding factor here was an
washed, 123( to 1254c.; natural, 10 to 11c.; Mocha, 24 to absence of any real pressure to sell though there was some
243/sc.; Harrar, 213 to 223c.; Abyssinian, 173/s to 18c.; selling for foreign account accompanying poor cables.
%
Guatemala prime, 173 to 1834c.; good, 17 to 1734c.; Bour- Futures on the 1st inst. were irregular, Santos closing 3
%
bon, 1554 to 16c. G. Durring & Zoon of Rotterdam cabled points lower to 2 higher and Rio 3 to 7 points up. Rio
on the 2d inst. their monthly statistics as follows: Arrivals cables were firmer. But trading was small. On the 2nd
of all kinds in Europe during March, 1,525,000 bags of inst. futures advanced 5 to 21 points with trade active on
which 626,000 were Brazilian; deliveries of all kinds in European and Brazilian buying. The sales were 48,000 bags
Europe during March, 1,085,000 bags, of which 516,000 of Rio and 37,000 of Santos. Mild was dull. Brazilian
were Brazilian. Stocks in Europe on April 1, 1,671,000 bags; cables were higher.
Futures on the 3rd inst. advanced in an oversold market.
world's visible supply on April 1, 5,267,000 bags, showing a
decrease of 59,000 bags; last year, 4,980,000 bags. London Santos ended 4 to 20 points higher and Rio 10 to 14 up.
cabled that arrangements are being made to renew for one The Santos business was 41,500 bags and the Rio 29,000;
year the £5,000,000 credit to the Bank do Brazil, granted a mild, 500 bags. Distant months were the strongest on
year ago by a group of British financial institutions. The Santos. Brazilian cables were higher. Shorts were plainly
credit expires April 15 and since there are no immediate nervous. Brazil and Europe bought as well as the trade
prospects for a new loan issue it was found desirable to renew here and local operators. To-day futures declined on unthe old loan. Futures on March 29 closed unchanged to satisfactory cables and lessened covering and support gener6 points off on Santos and 2 off to 1 up on Rio with both ally. The ending was 5 to 8 points lower on Rio and 10 to
very quiet. The New York Coffee & Sugar Exchange will 24 points off on Santos with saleh of 16,000 Rio and 67,000
be closed on Good Friday and the next day, April 18 and 19. Santos. Final prices show an advance for the week on Rio
On March 31st cost and freight offers were lower in many of 19 to 23 points and 14 to 35 points on Santos except on
cases. It was said that some were being circulated privately May which is two points lower. The world's visible supply
that were exceptionally cheap. Offers included Santos was put by the New York Coffee & Sugar Exchange on
Bourbon 2-3s for prompt shipment at 15.8004 3-4s at 14.45 April 1 at 5,264,173 bags against 5,321,877 a month ago
to 14.600.; 3-5s at 13.35 to 14.05c.; 4-5s at 12.70 to 13.40e.; and 4,982,667 a year ago. The decline in old coffee futures
5s at 12.90 to 133c.; 5-6s at 11.60 to 12.90c.; 6s at 10.60 to to-day was partly because of selling of some 10,000 bags of
11.400.; 6-7s at 10.10 to 113.e.; 7s at 10 to 103c.; 7-8s at May D and the buying of a like quantity of July D by trade
to 104c.; part Bourbon 3-5s at 13.55c.; 4-5s at 12.80c.; interests believed to be acting for the Brazilian Defense
6s at 11.40e.; Peaberry 4
-Ss at 123.c.; 5s at 123jc.; 5-6s at Committee.
Rio
11.900.; Rio Peaberry 3s at 11.45e.; 7s at 103.c. and 5s at Spot coffee prices closed as follows:
July
8.36@nom I Dec
7.94@nom
10.90c.; Santos rain damaged 3s at 133/se.; 5s at 11.55c.; May unofficial_ _ _10 II Sept
8.70 ©nom
8.15@
I March
7.82@nom
5-6s at 11.65c.; 6s at 10.20c.; 6-7s at 9.10c.; 7-8s at 9.40c.;
Santos coffee prices closed as follows:
Rio 3-5s at 10.150.; 7s at 8.90c.; 7-8s at 8.65 to 8.70c.; May
12.7611012.80 I Sept
March _ _-_11.53® nom
12.17@
12.48 ®12.48 I Dec
11.800 nom I
Victoria 3s at 9.95c.; 4s at 9.60e.; 5s at 9.20c.; 6s at 8.80e.; July
78 at 8.45c.; 7-8s at 8.30 to 83/sc. On the 1st inst. cost and
COCOA to-day closed four points lower to 14 points
freight offers were irregular, a few being slightly lower and higher with sales of 133 lots; May, 8.84.; July, 9.10o.;
several a little higher. They included for prompt shipment, Sept., 9.40e. Final prices are 12 to 15 points higher than
Santos Bourbon 2-3s at 15.800.; 3-4s at 14.45c.; 3-5s at last Friday.
13.55 to 13.05e.; 4-5s at 123/s to 13.65c.; 5s at 123 to 133c.;
SUGAR was quiet most of
5-6s at 11.20 to 11.80c.; 6s at 10.65 to 11.40e.; 6-7s at 10.06 Single Seller advises that sales the time at 13/8e.c.&f. The
for the week of March 23rd
to 113c.; 7s at 10c.; 7-8s at 8.40 to 11c.; part Bourbon 3-4s to 29th inclusive, total
122,580 tons at an average price of
at 133jc.; Peaberry 3s at 13.35c.;4s at 13c.; 5s at 12 to 123e.; 1.52337c. f.o.b. Deliveries
of
5-6s at 113j to 11.950.; Santos rain-damaged 5-6s at 11.60e.; April, 48,612; May, 32,573; these sales are as follows:
6-7s at 10.15c.; 7-8s at 8.30c.; Rio 7s at 8.900.; 7-8s at 8.70c.; November, 4,167; December, June, 21,332; July, 7,573;
4,107; January, 1931, 4,166.
Victoria 7s at 8.45e. and 7-8s at 8.35e.
Total sales made by the
Seller since its inception,
On the 2nd inst. cost and freight prices were unchanged amount to 1,036,390 tons Single average
at
to a little lower. The reported tenders for prompt shipment f.o.b. divided as follows: Old an 395,405 price of 1.70068c.
crop
tons at an average
consisted of Bourbon 2s at 163c.; 2-3s at 15.80c.; 3s at 15c.; price of 1.89092c. f.o.b.
and 640,985 tons
3-4s at 13.60e. to 15c.; 3
-Es at 13.35e. to 144c.; 4-58 at average price of 1.58333e. f.o.b. The Sugar new crop at an
Club placed the
11.650. to 14c.; 5s at 125e. to 135'c.; 5-6s at 111 e production of
%
to 12.800.; 6s at 103/sc. to 12.10c.; 6-7s at 93c. to 11.20c.; 3,193,000 tonsthe Cuban crop to March 31st inclusive at
7s at 9.40e. to 11c.; 7-8s at 8.40c. to 103.c.; part Bourbon half of March, which shows production during the second
according
2-3s at 153,/sc. to 15%c.;3-5s at 125/se. to 13c.;5-6s at 12.90c.; against 664,530 tons for to their figures of 743,000 tons
the same period last year. In this
Peaberry 4s at 12.80c.; 4-5s at 123c.;5s at 123c.; Rio Pea- connection it must
%
berry 3s at 10.35c.; 4s at 10.150.; 5s at 10.900.; Santos rain- holidays intervenedbe remembered that last year the Easter
damaged 3-4s at 11.90c.; 6s at 10.15c.; 6-7s at 10c.: 7s at area for the coming . F. 0. Licht issued an estimate of the
European beet
9.45c.; 7-8s at 8.700. Rio 7s were here at 9c. to 9.05c.; 7- for all Europe without Russia, crop of 1,970,000 hectares
against 1,871,000 last year,
8s at 8.65c. to 8.80c.; Victoria 3s at 10.05c.; 4s at 9.70c.; 5s and for Russia 1,000,000
hectares against 784,000 last year.
at 9.300.; 6s at 8.90c.; 7s at 8.55e. On the 3rd inst. cost Receipts at Cuban
ports for the week were 176,866 tons
and freight offers reported were unchanged to slightly high- against
er. It was reported that within the last day or two a big against 228,653 in the same week last year; exports 45,482
157,957 last year; stocks
chain store organization has purchased a large block of 1,399,271 tons, against 1,296,744 (consumption deducted)
last year; centrals grinding
Santos coffee for shipment through a prominent local com- 152, against 146 last year.
Of the exports Atlantic ports
mission house which is understood to be acting for the De- received 22,073 tons;
New Orleans 1,485 tons; Interior
fense Committee. Other business is going on from day United States 723; Europe 14,246;
Russia 6,965. Old crop
to day but it is generally small in lots on accepted bids. (1928-29) stock 12,712 tons.
For prompt shipment, Santos Bourbon 3s were quoted
On March 29 futures closed 1
at 13.15e. to 16.40c.; 3-5s at 13.10e. to 13.65c.; 4-5s with the transactions estimatedpoint lower to 1 point higher
at only
at 12%e. to 13.20c.; 5s at 103 e. to 133e.; 5-6s at 11.80e. the idea that the Cuban Selling Agency 10,800 tons. Still
%
had taken on a new
to 123.c.; 6s at 11c. to 11.65c.; 6-7s at 103/sc. to 10.900.; lease of life had a steadying effect. On
7-8s at 8.40e.; part Bourbon 3-4s at 149c.; 3-5s at 13.35c. closed unchanged to 1 point higher with March 31 futures
to 13.900.; 6s at 11.40 .; 7s at 9.10e.; 7-8s at 8.80e. to 9.00c.; lots. Everybody was awaiting action trading in only 71
Peaberry 3s at 14%c.; 5-6s at 113c.; Rio Peaberry 3-5s at Cuban Single Selling Agency. Refmed on April 1 on the
was 5c. with trade
10.15c.; 5s at 10.90c.; Santos rain-damaged 3s at 13.10c.; not active. Resales were at 4.80c.
%
4-5s at 118 c. to 120.; 5-6s at 11.15e. to 11.45e.; 6s at 10.95c anticipate some difficulty in getting Refiners, it was said,
the 4.70c. contracts
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.
FINANCIAL CHRONICLE
APRIL 5 1930.]
eleared within the allotted time, which ends April 7. Of
Porto Ricos, 7,600 tons due April 23 sold at 3.64c.; also it
was rumored 17,600 tons sold by the Cuban Single Selling
Agency to Europe on the basis of 7s. 63 d., equal to 1.50e.
%
f.o.b. Cuba, half for arrival April 25 and half for second
half April and first half May. Havana cabled that the sale
to Russia approximating 150,000 tons might be consummated
on April 1. London and Liverpool are awaiting news from
Cuba. One sale of 2,000 tons for May shipment was made
on the basis of 7s. 73%d. to an outport refmer. Parcels of
April sold at 7s. 63%d. Refined unchanged. Liverpool
was steady with sellers of April at 7s. 73/2d. Futures on the
1st inst. were excited by contradictory reports about the
Selling Agency. They declined 3 to 4 points net with the
range of fluctuations 11 to 13 points. A report that the
Cuban Selling Agency had been dissolved caused a break of
7 to 10 points. Then came a rally on a report that it had
not been dissolved but it seemed that the question remained
unsettled. Prices therefore ended lower even if not so much
so as they were early in the day.
On the 2nd inst. futures declined 3 to 5 points on the idea
that the end of the selling agency was near. Of No. 1 contracts the sales were 10,400 tons. None in No. 2. About
25,000 tons of Porto Ricos, Philippines and Cubas from
store were on offer at the basis of 3.640. with bids solicited
at 3.61c. Most of this was Porto Rican. Some business
was said to have been done at 3.61c. London terme was
weaker. Sellers of parcels of April were asking 7s. 63%d.,
May 75. 73/2d. with business dull and bids few above 7s. 6d.
Liverpool was weaker. Futures on the 3rd inst. declined
2 to 5 points on heavy selling of distant months by big Cuban
interests and scattered commission houses. Tired longs
sold out. It turned out that late on the previous day sales
included 4,000 tons of Philippines due April 28 at 3.61e.
delivered; 40,000 bags Porto Ricos clearing April 21 at 3.61e.;
4,100 tons of Porto Ricos for April 21 clearing at 3.640.;
4,200 tons of Porto Ricos clearing April 16 and 17 at 3.64c.:
4,500 tons of Porto Ricos loading May 1 and 2 to Spreckels
at 3.64c.; 1,500 tons of Cubas ex store at 3.61e. delivered
and 1,000 tons of Philippines for April
-May shipment to an
operator at 3.64c. On the 3rd inst. sales included 5,300
tons of Philippines due the second week in April at 3.64e.;
4,500 tons Philippines for second week and second half of
April arrival at 3.61c.; 4,200 tons of Porto Ricos to New
Orleans for prompt loading at 3.6104 20,000 bags of Porto
Ricos, due May 5 at 3.6104 also a quantity of store sugars
at 3.61e. and 3.64e. Refined 4.70e. but on the 5th inst. it
will be 4.90e. In Chicago, Milwaukee, Green Bay and other
points in guaranteed territory, where they made 4.85c. as
their price in a prior announcement yesterday they will
accept 30-day contracts and apply the same freight arbitraries at these points as they applied on contracts entered
on March 7.
The Single Seller announced on the 3d inst. that it would
accept business from the United States for April shipment
at 1%e. and is understood to have sold 5,000 tons for April
shipment to New Orleans at that price. The reason why
refiners generally are giving preference to duty-free sugars
at only 3 points under the latest Cuban price is believed to
be that they expect by so doing to get the benefit of the
increased duty on Cubas, which according to Washington
wires is likely to go into effect early in May. To-day prices
declined early on what looked like renewed selling by Cuba.
The ending was unchanged to 2 points lower with sales of
25,900 tons. Final prices for the week show a decline of
10 to 12 points. Private cables from Havana to-day were
to the effect that the agitation against the Single Seller has
subsided and there seems to be a disposition on the part
of the opposition to allow the matter to rest for the present.
Havana cables deprecate any further attacks on the sugar
selling agency. To-day no business was reported by the
agency. Yesterday it is said to have covered 13,000 tons,
of which 2,000 to New Orleans, all for April shipment, at
1%c. C. & f. London opened barely steady for new contracts at % to 13,.d. decline. Old contracts opened quiet
8
at 13%d. decline to Md. advance. The Liverpool market
opened unchanged to %d. lower. London cables to-day
reported a quiet market with a sale of a parcel of centrifugals
for May shipment at 7s. 6d., equal to 1.49c. f.o.b., with
further sellers of parcel lots at this price. The trade is waiting for the budget, which will be presented on April 14.
Sugar prices closed as follows:
Spot
May
July
1.670
1.7014
ISept
_ Dec
1.77©
1.840
IJan
March
1.8514
1.89
?LARD on the spot was rising in company with futures;
prime Western 11 to 11.10e. On March 31 futures declined
2 to 7 points in a dull market with hogs off 10 to 150., lard
ignoring a rise in corn. In Liverpool lard was unchanged to
6d.lower. Exports from New York last week were 9,484,000
lbs., against 7,929,000 the week before. Futures on April 1
were 7 to 10 points higher, though hogs were 10e. lower on
rather large receipts. But higher grain markets carried
the day rather than hog receipts at the West of 95,800.
Liverpool lard was 3d. lower. Total clearances of lard from
New York on March 31 were 2,824,000 lbs. to Europe.
Kansas State report said that so critical had become the
situation arising from lack of precipitation that in several
counties stock raisers have resorted to holding water for
their live stock. Stooks of contract lard at Chicago on April 1
showed a decrease of 764,911 lbs. compared with March 1
2435
1930. On the 2d inst. futures advanced 20 to 23 points
with grain up and hogs rising 10 to 15 points. Receipts
were smaller than expected, i.e., 71,900, against 114,000 a
year ago. Liverpool advanced 3d. to 6d. Cash lard markets
were higher. Prime Western was 10.95 to 11.050.; refined
Continent, 11%c.; South America, 113/sc.; Brazil, 12%c.
Futures on the 3d inst. advanced 2 to 5 points on the firmness of hogs and grain. Liverpool advanced. Western
hog receipts were 79,000, against 103,000 a year ago. Lard
prices would have risen more than they did but for selling
by packers. To-day prices ended 2 to 5 points higher,
regardless of the setback in grain. Hog receipts have
latterly been running well behind those of last year. Final
prices show an advance for the week of 30 points.
DAILY CLOSING PRICES
Sat.
10.15
March
10.25
May
10.50
July
10.67
September
OF LARD FUTURES
Mon. Tues.
Wed.
10.15
10.20
10.30
10.52
10.55
10.75
10.45
10.65 10.72
10.95
IN CHICAGO.
Thurs. Fri.
10.55
10.80
10.97
10.60
10.82
11.02
PORK dull; mess, $30.50; family, $34.50; fat back, $22
to $28. Ribs, 13.50e. Beef steady; mess, $25; packet, $25
to $26; family, $28 to $29; extra India mess, $42 to $44;
No. 1 canned corned beef, $3.10; No. 2, $5.50c six pounds,
South America, $16.75; pickled tongues, $70 to $75. Cut
meats steady; pickled hams 10 to 20 lbs., 173% to 20%c.•
pickled bellies 6 to 12 lbs., 184 to 19c.• bellies, clear, dry
/
to
salted boxed, 18 to 20 lbs., 1530.; 14 ' 16 lbs., 163(e.
Butter, lower grades to high scoring 30 to 39c. Cheese,
flats 18 to 26c.; daisies 20 to 25e. Eggs, medium to extra,
243% to 273%c.;fancy whites 1 to 23% premium.
-Linseed recently declined 2c. in sympathy with
OILS.
sharply lower prices in the domestic flaxseed markets.
Argentine flaxseed was firmer, however. Generally higher
prices are anticipated, however, what with Argentine
markets higher and consumption Aeadily increasing. Raw
basis,
oil in carlots, cooperage basis was 14e. while in tanks
tanks, 6% to 6343.;
13.2e was asked. Cocoanut,
spot N. Y. tanks 63% to 7e. Chinawood, N. Y. drums,
carlots, spot, 11qc.; Pacific Coast futures, 103% to 103e.
Soya bean, tanks, Coast, 9 to 93/se.; Western mills, 83/20.
Edible, olive, 2 to 2.25o. Lard, prime, 1334c.; extra
strained winter, N. Y., 12c. Cod, Newfoundland, 60e.
Turpentine, 56 to 62e. Rosin, $7 to $9.35. Cottonseed
oil sales to-day, including switches, 8,400 barrels. P. Crude
4
S. E., 73% to 73 e. Prices closed as follows:
Spot
April
May
I June
8.80§
8.80 9.10 July
9.10 9.12 Aug
9.18 9.251Sept
Oct
9.35
9.45@9.48 Nov
9.5319.52
9.50 9.52
9.40
-Gasoline was raised %c. late in the
PETROLEUM.
week, meeting the new price schedule recently put into effect
by the Richfield Oil Co. and Shell Eastern Petroleum Products Inc. The Carson Petroleum Co., another independent oil company, marked up its price for California gaso'
line to 9c. More companies are expected to advance prices
in the near future. Some companies continue to quote
83/se. for U. S. Motor, while others are asking 83 e. tank
4
cars refineries. There was a better jobbing demand. A
good business was being done, it was said, at 834c. Resale
gasoline was firmer with offerings less free. The export
situation has not changed much. Cased gasoline demand
improved a little. Kerosene was in fair demand. Most of
the buying was to fill old contracts. Water white 41-43
gravity was 73j to 73jc. in tank cars at local refineries.
The Guff market was quiet. Domestic heating oils were
steady. Bunker oil grade C was steady at $1.05 spot refinery. Diesel oil $2.
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 29th inst. ended 10 points higher here.
The Anglo-Dutch committee made no announcement.
But shorts covered. At the Hague the Dutch Government
issued the following statement: "In connection with the
decision for cessation of tapping during May it is becoming
increasingly evident as far as the Dutch are concerned that
they by no means consider this as a single and simple stroke
which.will in itself solve the whole rubber problem as they
see it, but rather as a move which comes nearest to bringing
about unity among growers and consequently a step up the
ladder which they hope will lead to an eventual remedy. It is
apparent that the Dutch feel some arrangement or understanding could be arrived at among American manufacturers,
whereby a committee or representative could be appointed
who would really have authority to speak and negotiate for
American manufacturers as a whole, and it has been suggested that sooner or later it might be advisable to have all
get together and discuss the situation. The 30,000 tons estimated diminution is not a very important factor in total
production and it is still much under what is estimated here
as surplus production." New York closed on March 29
with April, 15.50 to 15.60e.; May,15 to 15.90c.; July, 16.30e;
Sept., 16.80c. Outside prices: Ribbed smoked sheets,
spot and March, 153% to 153 c.; April, 153% to 153 04
4
/
May-June, 16 to 163%c.; July-Sept., 163% to 1630.• Oct./
Dec., 167 to 17%c.• spot first latex thin, 15% to 16O.; thin
4
pale latex, 16 to 163o.;clean thin brown No.2, 14 to 143e.;
specky crepe,133% to 137 e.;rolled brown crepe, 10 to 103/sc.;
4
No. 2 amber, 143/s to 143/se.; No. 3 amber, 14 to 143/sc.;
No. 4 amber, 133% to 133 e. In London spot an April,
4
4
78,d.: Singapore up % to 3-16d.; April, 7 9-16d. Malayan
shipments during March totaled 47,320 tons.
2436
FINANCIAL CHRONICLE
On March 31 New York closed unchanged to 20 points
lower. Early prices were 20 to 30 points off. A rally
followed the announcement by the Rubber Growers Association that more than 80% of its membership as well as that
of the Dutch industry had assented to the May tapping suspension plan. New York closed on March 31 with .April,
15.30c.; May, 15.70 to 15.90e.; July, 16.20 to 16.30c.;
Sept., 16.60 to 16.700.; Oct., 16.800.; Dec., 17.20c. Outside prices: Ribbed smoked, spot, 153/2 to 15%c.; April,
15% to 153c.; May-June, 153 to 163,c.; July-Sept., 163/2
%
%
to 16%c.; Oct.
-Dee., 16% to 17%c.• spot, first latex, thin,
16 to 16%c.; thin pale latex, 163'to 1658c.; clean thin
/
brown No. 2, 143 to 143/2c.• specky crepe, 13% to 143/ge.;
rolled brown crepe, 10 to 103.c.; No. 2 amber, 143/2 to
14%c.; No. 3, 143 to 143/2c.; No. 4, 133 to 14c. London
%
on March 31 closed with spot and April, 7 9-16d.• May,
7 11-16d.; June, 7%d.; July-Sept., 7 15-16d.; Oct.
'
-Dee.,
8 3-16d. Singapore was off 1-16 to %d.; April, 7 7-16d.;
April-June, 7%d.; July-Sept., 8 1-16d. New York on
the 1st inst. declined 10 to 22 points with sales of 340 tons,
of which 140 tons were old and 200 new contracts. New
York closed on old contracts with May, 15.50e. to 15.60c.;
July, 16.10c.; Sept., 16.30c.; Dec., 17.10e. No. 1 standard
contract closed with May, 15.72 to 15.80c.; July, 16.20 to
16.30c.; Sept., 16.68e.; Dec., 17.19 to 17.20c. Outside
prices: Ribbed smoked, spot, 15% to 1558c.; April, 155/2
/
to 155gc.; May-June, 155 to 16c.• July-Sept., 16% to
/
4
16 80.; Oct.
-Dee., 16% to 17c.; spot first latex thin, 15%
'
to 16c.; thin pale latex, 163/2 to 16%c.• clean thin brown
No. 2, 14 to 14%c.; specky crepe, 13% to 14c.; rolled
'
brown crepe, 9% to 100.; No 2. amber, 143 to 145/2c.;
No. 3, 14 to 143c.; No. 4, 133/2 to 135 c. London spot,
%
75g(1.; April, 7 9-16d. Singapore, April, 7%d.
/
On the 1st inst. trading in the new No. 1 standard contract
began. Prices fell. The new contract calls for delivery of
10 tons of No. 1 standard quality ribbed smoked sheets
Hevea Plantation Rubber conforming to the official type
adopted by the Exchange as compared with a trading unit
of 23/2 tons of the old 'A" contract, which is an optional
contract against which 5 different grades of rubber may be
delivered with adjustments for variations in quality in the
lower grades as established by the quality committee of the
Exchange. Rubber on the new contract is certificated to
conform to the official type adopted by the Exchange.
Trading fluctuations in the new contract are in hundredths
of a cent and in the old in tenths of a cent. On the 2nd inst.
sales were increased and new No. 1 contract closed 6 points
lower to 16 points up with sales of 500 tons. Old contracts
were unchanged to 20 points lower. London ended unchanged to 1-16d.lower; spot and April, 7 9-16d. Singapore
off 1-16 to 3-16d.; April, 7 3-16d. New York old contracts
May closed at 15.50c.; July, 16 to 16.10c.; Dec., 16.90e.
No. 1 July, 16.24 to 16.26c.; Sept., 16.66c.; Dec., 17.13 to
17.18c. Outside smoked spot and April, 153 to 153/2c.
On the 3rd inst. prices declined 4 to 11 points on the new
contract and ended unchanged to 10 points lower on the old.
The sales of new were 130 tons and of old 250. Uptown
interests bought. May was firm. Prices ended with
April, 15.30c.; May, 15.40 to 15.50c.; July, 16 to 16.10c.;
Sept., 16.40e.; Oct., 16.60c.; Jan. 17.10c. No. 1 standard
Jan.,
May ended at 15.65 to 15.74c.;
16.20c.; Sept., 16.56
to 16.60e. Outside prices: Ribbed smoked sheets, spot
and April, 153( to 153/2c.; May-June, 153/2 to 155c.; JulySept., 163 to 163/2c.; Oct.
-Dec., 163/2 to 163/sc. spot first
latex thin, 153 to 15%e.; thin pale latex, 153 to 157 0.;
4
%
clean thin brown No. 2, 14 to 143c.; specky crepe, 13%
3
to 14c.; rolled brown crepe, 9% to 9%.3.; No. 2 amber,
143. to 143/2e.; No. 3, 14 to 143jc.; No. 4, 133/2 to 13%c.;
Paras, up-river fine spot nominal, 163'2c.; coarse, 73 d.;
%
Acre fine spot, 170.• Caucho Ball-Upper, 8e. In London
%
spot and April, 7%.4i.; May, 73 d. Singapore April, 73 d.
%
up 1-16 to 3-16d. Rubber planters in Malaya favor a reduction of export duties on the commodity as a measure of
assisting the industry. Singapore cabled the Rubber Exchange: "The government recently sent letters to chambers
of commerce and planting associations of Malaya inquiring
whether the appointment of a committee to consider ways
and means assisting the rubber industry could produce useful
results. Among the suggestions which were received were
the following: Waiving or reducing the export duties and
suspending rents on rubber land during the present slump
or until such time as the price is improved to an economic
figure. Another proposal put forward was that of a further
levy of an export tax in kind on a sliding scale to be based
on the price, and which is to be placed at the government's
disposal or new uses and other purposes."
To-day prices wound up 20 to 30 points lower with sales
of 480 tons. New contract No. 1 standard ended 26 to 30
points off with sales of 31 lots. July ended at 15.90e.;
Sept. at 16.30 to 16.320.; Dec., 16.77 to 16.800. Final
prices are 50 to 60 points lower for the week. Hedge selling
and liquidation on prospects of a noteworthy increasing in
foreign stocks weakened prices. London closed % to 3-16d.
lower with spot-April, 7%d.; May,7 9-16d.; June,7 11-16d.;
8
-Dec., 83/2d. Both Dutch and
July-Sept. 73/d. and Oct.
native planters in the Far East voted for complete stoppage
of rubber tree tapping at a meeting and the Dutch growing
industry has appointed a dictator for its industry in Batavia,
according to cables received to-day by the Rubber Exchange
of New York. A cable from Borneo stated: "Dutch and
[VoL. 130.
native rubber planters at a combined meeting held here
to-day decided to effect a general stoppage of tapping during
May. A committee was formed to take charge of the
scheme, and speakers were appointed to tour inland plantations and urge the population to support it." Another from
Batavia, Java, said: 'M. Marinus, official delegate of the
rubber estate owners in Holland, after an audience with the
Governor-General of the Dutch East Indies and a conference with prominent planters is convinced that the
forthcoming restriction scheme will have a fair chance of
receiving everyone's support. The owners have given
Marinus such freedom of action that he is virtually dictator
of the local industry." London cabled: "The rubber market
will close Thursday, April 17th, 1930 and reopen April 22nd."
HIDES on the 29th inst. declined 4 to 20 points but recovered most of the loss later. The sales were 320,000 lbs.
April closed at 14.15c. May 14.350., June 14.60c., July
'Sept. 15.35 to 15.40e. Oct. 15.50c.,
14.85e. August 15.10e.,
Nov. 15.70c., Dec. 15.85 to 15.90c., Jan.'
15.95c., Feb.
16.10 to 16.18c. On March 31 prices ended 12 to 13 points
Sept. closed at 15.47 to
off with sales of 440,000 lbs.
15.50o., Dec. at 15.98 to 15.99e. City packers were quiet
and steady. River Plate firmer with exchange rates up.
Country hides in rather better demand and steady. Sole
leather prices have been 47 to 500. against 48e. a year ago.
Common dry Cueutas 153/2c.i Orinocos, 143/2c.; Maracaibo,
La Guayra, Ecuador, Savamlas and Puerto Cabello, 123/2
to 13c.; Central America, 13c.; Santa Marta, 133/2 to 14e.;
packer spready native steers, 16%e.• native steers, 14c.;
New York City calfbutt brands, 14c.; Colorados, 13%c.'
skins, 5-78, 1.65 to 1.70c.; 9-12s, 2.45 to 2.50e.; 7-9s, 1.95
to 2c.
On the 1st inst. New York fell 3 to 40 points with sales
of only 360,000 lbs. Sept. closed at 15.45c.• Dec. at 15.95c.;
'
April nominal at 14.25c. On the 2nd just. prices closed 5
points higher to 5 points lower with sales 440,000 lbs. Sept.
ended at 15.40 to 15.45e.; Dec. at 15.95 to 15.96c. On the
3rd inst. prices advanced 10 to 20 points with a jump in
the business to 2,360,000 lbs. The rise was quick after an
early decline of 4 to 35 points as demand suddenly increased.
The leather trade is better. Hides seemed oversold. Everybody has been bearish. The technical position accordingly
improved. A car of Central West extremes, 25-45 lbs., sold
at 123c. As to futures May closed at 14.65c.; Sept. at
15.60c.; Dec. at 16.10o.; Feb., 16.35 to 16.55c. To-day
futures ended 10 to 20 points off with sales of 19 lots; April,
14.25c.• May, 14.50 to 14.60c.; July, 14.95c.; Sept., 15.45
to 15.55e.; Dec., 15.96 to 16c. Final prices are 10 to 15
'
points higher than a week ago.
-Moderate trading. Larger grain
OCEAN FREIGHTS.
business later. Low rates for sugar were accepted.
CHARTERS included sugar, Cuba Apr. 5-15 to Marseilles, 13s.; option
United Kingdom-Contin. at 126.3d.; Cuba April to U.K.-Contin., 12s. ed.
Grain-40.000 qrs. Montreal May to Mediterranean, 11c.; grain berth to
Rotterdam, 8 loads, 8c.; to Antwerp, 5 loads, 9c.; Marseilles, 12c.; Hamburg-Bremen, 7c.; Manchester, Is. 6d.: Bristol, Is. 1030.; Avonmouth,
7 loads, 28.; San Lorenzo, United Kingdom-Continent, 128., May 1-28:
Mediterranean, 14s.; Black Sea first half April Continent, 10s. 7304
Black Sea prompt to Continent, 10s. 9d.; United Kingdom, us. 3d.;Azov
6d. extra; San Lorenzo first half April United Kingdom-Continent, lls.:
South Australia April 10-30 Mediterranean U. K.
-Continent, 22s. 6d.;
Adriatic, Is. 3d. more; 22,000 qrs. St. John April Mediterranean, 20c.:
(heavy) West Australia, April, United Kingdom-Continent
-Mediterranean,
22s. 6d. Nitrate-7.200 tons ballast from Buenos Aires to Chile, Murmansk, March-April, about 228. 6d. Sugar, April, Cuba to United Kingdom-Continent, 12s. 6d.• Cuba April
-May to U. K.
-Continent, 12s. 6d.
Tankers, gas oil, April. Gulf
' -Baltimore, 40c.; Baltimore and Newburgh,
45c.; Black Sea April, clean, United Kingdom-Continent, 26s.: Tampion,
dirty, April, United Kingdom-Continent, 258. 6d.; April, Black Sea to
U. K.
-Continent, 26s.: May-June, clean, Gulf to U. K. Continent, 358.;
North Atlantic, May-June, lubricating, to U. K.
-Continent, 25s. Time.
West Indies round,65c. Coal, prompt, Cardiff, Port Said, 7s. 6d.: Cardiff,
1,500 tons, prompt, Oran, 7s.; Cardiff, April 8, 2,200 tons. St. Vincent,
75. 3d.: Cardiff, 7,000 tons, prompt, west Italy, 6s. 734d.; Cardiff, 2.200
tons, prompt, 7s. west Italy; Cardiff, Las Palmas. 300 tons, 79.
COAL.
-The recent cool weather has more or less favored
trade. Export demand from the Mediterranean increased.
Western output was small. Prices were weak for the best
Southern smokeless in a dull market. Nothing seems to
stimulate it. At Hampton Roads prices were largely nominal at the recent level, but the tendency is supposed to be
downward.
TOBACCO has been quiet in common with many other
branches of trade. Most of the Pennsylvania and Wisconsin crops have been sold. Connecticut shade grown has
been slow of sale. There was no Sumatra sale at Amsterdam
last week but Americans who are there were looking into the
prospective offerings at the next sale. Havana adviees to
the IL S. Tobacco Journal said: "The principal activity in
registration of tobaccos sold took place in Vuelta Abajo of
which 2,527 bales were disposed of. In Remedios 701 bales
sold and of Partido 86 bales, making a total of 3,314 bales
.
certainly not an active week. There is still a fair amount of
Vuelta Abajo not only of the last crop but of the previous
one and it is not thought that very much will be traded in
during the next couple of months, as buyers want to know
something more definite about the new yield. While they
admit that the erg') is of fair to good size as to quantity, the
quality is always in doubt until after the tobaccos are down
from the poles and put in sweating piles." Oxford, N. C.
reported weather conditions quite favorable for the farmers'
outdoor work, who are making good progress in preparing
the land for the coming crop. Plants are coming up, and
while there appears to be a very good many tobacco beds,
it does not appear that there will be an increase of acreage.
The 1929 crop in North Carolina netted $90,000,000 to
APRIL 5 1930.]
FLNANCIAL CHRONICLE
growers. Florida's tobacco business decreases as tourists
return home. The cigarette price fight in Baltimore continues. Single packs are sold by most retailers at 12c.
Some sell two packs at 25c.; majority sell three packs for
350.; cartons $1.15 to $1.19. Washington, D. C. reported
that the action of congress in voting to add a hundred
million dollars for the work of the Federal Farm Board will
undoubtedly have a strongly beneficial effect on tobacco
production in the United States, according to Government
officials and Congressional members from tobacco-producing
States.
COPPER was rather more active for both doinestic and
foreign account. Latterly indeed exports have made a very
good showing. On the 3rd inst. they were 1,800 tons. The
gossip is that copper producers are planning a pool to finance
the holding of the large surplus stocks of refined copper.
Domestic sales within a week are estimated at 11,500 tons.
That is the largest business for some time past; in fact the
best thus far this year. Electrolytic, 173 to 18c. On the
4
3rd inst. standard spot in London was 3s. 9d. higher at
£70 2s. 6d.; futures off 5s. to £68 5s.; sales, 50 tons spot and
250 futures. Electrolytic, £83 10s. bid and £84 asked.
Sales of futures, 150 tons at the second session. To-day
April closed at 17.40 to 17.50e.; May, 17.40c.; July, 17.30c.,
and Sept. and Oct., 16.50c.
TIN has latterly sold more freely at a decline of Uc.
Sales of Straits on the 3rd inst. were 115 tons. Spot sold
at 363 3.; May at 3634c.; June at 363je; and Dec. it appears
4
3
at 37%c. Distant futures are steadier than the near.
At the Exchange May closed on the 3rd inst. at 36.35 to
36.40e.• July, 36.50e. London on the 3rd inst. declined
12s. (Id. on the spot to £164 108.; futures fell 10s. to £166
'
7s. 6d.; sales, 500 tons futures. Spot Straits dropped 12s.
6d. to £166 15s.; Eastern e. i. f. London £170 5s. with sales
of 200 tons. At the second London session standard dropped
5s. with sales of 170 tons of futures. To-day futures closed
with April, 35.95c.; July, 36.20 to 36.30o. and Sept. 36.45 to
36.50o.; sales, 95 tons.
LEAD has met with a routine demand of late with prices
5.60c. East St. Louis and 5.750. New York. March sales
are estimated at 70,000 tons. Only twice in 1929 was such
a total exceeded. Buying in the immediate future is expected to be limited to May shipment. In London on the
3rd inst. spot was £18 15s.; futures off is. 3d. to £18 16s.3d.;
1
sales, 150 tons spot and 100 futures. Nothing was done
later in the day nor was there any change in prices.
ZINC has remained quiet but prime Western slab is up to
4.90 to 4.95c. East Louis. The trade expects a better business before long. New York quoted 5.25 to 5.30e. Prices
are now $2 above the recent low. In London on the 3rd inst.
spot fell 2s. 6d. to £18 5s. with futures off is. 3d. to £18
17s. 6d.; sales 125 tons spot and 700 futures.
STEEL.
-The outlook seems to be brightening. Not for
weeks have the inquiries been so numerous for structural
steel and reinforcing bars amounting in all to some 85,000
tons. Line pipe is in better demand from oil and gas companies. Recently trade has not been brisk and finished
steel prices are the lowest in eight years. No big revival of
business is expected at once. That with the automobile
companies is still regrettably small. The composite price has
recently fallen from 2.312 cents to 2.2640. It is off nearly
$3 a ton from the top level of 1929. Steel operations have
increased within a week 3%. The average is now 78 against
76 last week, 75 two weeks ago and 82 in the middle of
Feb. against about 90 a year ago. The U. S. Steel Corp. is
something over 83, against 95 a year ago. The National
Tube Co.,.subsidiary of the United States Steel Corp. has
reduced prices $4 per ton on black, galvanized and oil pipe
to bring prices in line with recent quiet reductions. It is
intimated that nominal prices for other steel products may
be scaled down to the actual working level.
PIG IRON was quiet. The Buffalo price was reported
steadier. Eastern Pennsylvania finds Buffalo and Southern
iron competing sharply with Pennsylvania iron in the New
Jersey and New York territory. Southern makers are said
to have sold 5,000 tons to New Jersey, New York and New
England. Pennsylvania is quoted at nominally $19 to $20,
Buffalo, $16.50 to $17, Chicago, $19.50 to $20. The output
of pig iron in March increased 3% and the total of 3,237,950
tons shows a daily average the largest since last November.
The Northeastern iron producers have appealed to the
Inter-State Commerce Commission for a cancellation of the
rate of $5.75 per ton from Alabama •on the ground that it
has hurt the business of the Northern products. The composite price is still $17.75 or 70 cents lower than a year ago
WOOL.
-On April 3 Boston wired a government report
which said: "Sentiment among members of the wool trade
is showing an improvement as inquiries for wool are somewhat more frequent. So sales are being closed when buyers
have an urgent enough need for wool to bid up to asking
prices. Dealers quite generally are turning down low bids."
Another report said that some in Boston are inclined to
believe that prices are becoming stabilized. In Boston,
Ohio and Pennsylvania fine delaine and M blood, 31 to 32c.;
Territory, clean basis, fine staple, 75 to 770.; fine medium,
French combing, 70 to 73c.• Texas,clean basis,fine 12 month
73 to 750.; fine 8 months, 67 to 68c.; Pulled, scoured basis,
'
A super, 75 to Me.; B super, 63 to 68c.; Domestic mohair,
2437
original Texas, 43 to 45c. Foreign clothing wools: Australian clean in bond, 64-70s, combing super, 51 to 53c.;
New Zealand, clean bond, 58-60s, 46e.; 56-58s, 45 to 460.;
Montevideo, grease bond, 58-60s, 25c.; I (56s), 25 to 260.;
Buenos Aires, grease bond, III (46-48s), 22 to 23c.; Cape
clean bond, average longs, 47 to 48c. In Boston later prices
seemed weaker with not much demand.
In London on March 28 offerings, 6,518 bales; assortment
good, especially of merinos. They sold well to home and
Continent. Finest greasy and scoured merinos were par
to 5% above January sales. Other merinos sold steadily
at 5% below.Crossbreds, 7% below last sales. New
Zealand greasy crossbred super 58s realized 14d.; 56-58s,
1236d.; 56s, 113,d.; 50s, 10Md.; 48s, 93d. Details:
,
Sydney, 653 bales; greasy merinos, 9 to 2334d. Queensland. 592 bales:
greasy merinos. 8 to lid. Victoria, 402 bales, scoured merinos. 27 to
30344.; greasy, 11 to 13344. South Australia, 1,254 bales; scoured merinos,
1934 to 2134d.; greasy, 834 to 174. West Australia. 557 bales; scoured
merinos, 19 to 1934c1.: greasy, 7 to 13301. Tasmania, 462 bales; greasy
merinos, 9 to 2234d. New Zealand, 1,988 bales; scoured crossbreds, 15
to 1934d.; greasy, 8% to 14d. Falklands. 610 bales; greasycrossbreds,
7 to 1131d. New Zealand slipe ranged from 8 to 13344., latter halfbred
lambs.
In London on March 31 offerings 8,300 bales. The present series of auctions will close on April 9, not April 10.
Demand good from home and Continental, with occasional
purchases by America. Prices unchanged. Details:
Sydney, 419 bales; greasy merinos, 934 to 1334d. Queensland 2,824
bales; scoured merinos, 1334 to 27d.: greasy, 7 to 14344. Victoria, 657
bales: greasy merinos, 9 to 1534d. South Australia, 1,998 bales; scoured
merinos, 1334 to 21d.; greasy merinos, 83.4 to 1434d. Now Zealand, 2.195
bales; greasy merinos. 123.4 to 13304 greasy crossbreds, 9 to 1134d.
New Zealand slipe ranged 8 to 1434cl., latter halfbred lambs. The Cape
offering of 115 bales was withdrawn.
In London on April 1 offerings 9,652 bales. Good buying
by home and Continent at full recent prices. The Continent was a particularly good buyer of Puntas wools, both
greasy merinos and crossbreds. Details:
Sydney, 2,138 bales; greasy merinos,834 to 194. Queensland, 644 bales;
scoured merinos, 19 to 25d.: greasy, 7% to 1034d. Victoria, 1,213 bales;
scoured merinos. 1734 to 1934d.: greasy. 734 to 17d.: scoured crossbreds,
lox to 124.; greasy, 13 to 164. South Australia, 285 bales; scoured
merinos, 1834 to 2034d.• greasy, 634 to 9344. West Australia, 196 bales:
greasy merinos, 1034 to 13344. Now Zealand, 903 bales; scoured cross'
breds, 1334 to
greasy, 734 to 1031d. Puntas, 4,273 bales; greasy
merinos,634 to /Md.; greasy crossbreds. 634 to 11344. Queensland greasy
17d.•.
lambs ranged from 934 to 2034d.
At London on April 2 offerings 7,450 bales met with
brisk sale to home and Continent. Greasy crossbreds were
frequently 5% above the opening basis due to American
support and firmer advices from New Zealand. Details:
Sydney. 1,535 bales; greasy merinos, 934 to 1534d. Queensland. 100
bales; scoured merinos. 25 to 26d.: greasy merinos, 835 to 10d. victoria.
862 bales: scoured merinos, 1634 to 204.: greasy, 83.4 to 154.; greasy cl06.
. breds, 931 to 1334d. South Australia. 280 bales; greasy merinos, 1034
to 1434d. West Australia. 266 bales; greasy merinos, 8 to 1030. New
Zealand, 3,477 bales:scoured merinos, 19 to 22d.; greasy,7 to 12d.;scoured
crossbreds, 1234 to 2034d.; greasy, 834 to 12344. Cape, 157 bales; greasy
merinos, 83.4 to 9344. Kenya Colony, 711 bales; greasy merinos, 53.4 to
10d.; greasy crossbreds, 6 to 8344. New Zealand slip° ranged 9 to 13d..
latter halfbred lambs.
In London on April 3 offerings 10,290 bales. Demand
good. Fair purchases were made by America. New
Zealand greasy crossbreds are now barely 5% below January,
lower grades occasionally selling at the last sales rate.
Sydney greasy merino combing wool marked "Fassifern
New England" realized 243'd., top price for the series for
those qualities. New Zealand best 58s realized 14d.;
56-58s, 13d.; 56s, 12Xd.• 50-56s, 11d.; 46-48s, 1031d.
Shabby 46s ranged 8M to 93td. Details:
'
/
Sydney. 302 bales: greasy merinos, 14 to 2434d. Queensland, 394
bales: scoured merinos. 1934 to 21d.: greasy, 834 to 113jd. Victoria,
1,554 bales: scoured merinos, 19 to 224.; greasy, 934 to 1334d.; scoured
1134 to 164. New Zealand, 3,502 bales; scoured crossbreds. 1334 to
204.. greasy, 83.4 to 144. Puntas, 4,524 bales; greasy crossbreds, 634 to
1234d. Victoria scoured merino lambs ranged 1634 to 24d. New Zealand
sliped ranged 834 to 154., latter halfbred lambs.
At Wanganui on March 31 offerings, 7,960 bales; sales,
6,100. Selection of crossbreds was fair. Competition between Yorkshire and Continental buyers sharp. Compared
with Auckland sales on March 28, prices as a rule firm.
Medium coarse grades were the favorites and closed fairly
firm, 48-50s realizing 734 to 834(1.; 44-36s, 7 to 734d.; 36-40s,
634 to 7d. Exports from Melbourne from July 1 1929 to
Feb. 28 1930 comprised 1,527,000 bales of Australian and
370,000 bales of New Zealand, as compared to 1,800,000
and 421,000 in the corresponding period the year before.
At Perth on April 1, 20,000 offerings bales and 93% sold
Compared with the last sale on March 4 good spinners' wools
were practically unchanged, topmaking types were decidedly
firm. Combing and carbonizing lambs were partially to
5% lower. Yorkshire bought freely and the Continent on
a larger scale.
At Melbourne on April 1 offerings 7,250 bales and 7,100
sold. Very good selection of merinos and cross-breds and
competition sharp and embracing a wider range than at any
time during the season. Prices were generally fully 5% above
the sale on March 19. At Sydney on April 2 sales continued
with good demand and tone firmer than last week. Prices
paid were: Tangoa Gleninnes, 163.d.• Clearvale Bathurst,
144d.; Wombranurra Tamworth, 144d. At Sydney on
April 3 the eighth series or wool sales ended. Selection fair.
Demand sharp chiefly from Yorkshire, the Continent and
Japan. Tone better. Compared with opening prices fine
descriptions were unchanged; average qualities firmer. The
ninth series opens April 28 and closes May 2‘& The quantity
offered will total 171,000 bales. At Auckland offerings
15,700 bales, and sales 12,000. Attendance large. Fair,
medium and coarse grades of cross-broth were wanted by
Yorkshire and Continental mills. Competition sharp; prices
equal to Napier sales on March 25, with el kin
e rm.
Prices paid for 50-56s, 7M to 9d.; 46-48s, 634 to 83.td.;
36-40s,04 to 64d.
SILK ended 1 point lower to 2 points higher to-day with
May 4.17 to 4.22c.; July,4.12 to 4.14c.; Sept.,4.09 to 4.10c.;
sales 680 bales. Final prices are 6 points lower for the week.
COTTON
---Friday Night, April 4, 1930.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
49,351 bales, against 46,906 bales last week, and 46,415
bales the previous week, making the total receipts since
Aug. 1 1929, 7,583,282 bales, against 8,537,674 bales for the
same period of 1928-29, showing a decrease since Aug. 1
1929 of 954,392 bales.
Receipts at-
[VoL. 130.
FINANCIAL CHRONICLE
2438
Sat.
Tues.
Mon.
Thurs.
Wed.
Fri.
Total.
From
Exported to
I
GetGreat
Apr. 4 1930.
Exportsfrom- Britain. France. many.
Galveston.._ _
Houston
Taxis City
Corpus Christi
Beaumont_ _ Lake Charles..
New Orleans..
Mobile
Jacksonville_ _
Pensacola_
Savannah _
Brunswick.. _ _
Charleston..
Wilmington _ _
Norfolk
New York _ _ _
Boston
Baltimore_ _ _ _
Philadelphia _
Los Angeles_ _
San Diego_ _ _
San Fre ncisco.
Seattle
Portland, Ore.
Total
182,030254,330
180,622323.226
26,550 15,338
102,113 69,535
3,294 3,762
318
383
236,590 74,301
86,646 7,857
141
___
5,407
141,463 1,058
7,094
115
52,903
12,987
---46.647--3,380 7:106
_
353
iiri
72
37,747
5,250
6,226
___
.
4 075
400
----
apan&
Italy. Russia. China. Other.
Total.
322,679 164,56' 8,123271.627245,824 1,449,173
420,292 159,272 12,521 95,48. 180.8941,586,312
____ 3,151 11,394 94,518
35,552 2,533
356,042
48,368 36,517 41.521 27,731 30,25
15,138
--------3,291
3,777 1,014
8,840
-_
I
4,055 3,654--194,092158.758 15:875 175:379 84,95. 937,950
_ -__ 18,187 6,011 297,081
169,391 8,990
141
____
32,439
5,
--1,000
200
25,777
---- 11,000 5,193 366,245
202,220 5,311
7,094
_ -_ - 40,405 11,52
163,403
420
58,034
--------2,000 65,233
9,836 40,410
75,591
349
--------600
27,99.
---- 2,497 8.197 48,140
22,236 472
3,217
--------50 2.782
32
45,238
Lai i
3,1 o 1
16
_ _ _ .. 113,K15
2,900
____ 46,586
____ 24,245
4,237
229
2:iii 204,199
____
8,150
247
56.759
_ _
24,245
____
4,237
1,156.878762,393 1.592,953585.873 78,040 038620595,713 5,810,470
121 13,786
Galveston
2,271 2,379 4,607 2,517
212 Total 1928-29.1,673,0971729,868 1,721.725550,183 143,382 281999 668,1576.768.411
Texas City212 8,938 Tnta 1 1027-2R_ 1.125 8115765 815 1 775 244502.008167.107809.483886.7R35.11:12 ft4.1
662 2,433
639 1,561 1,965 1,678
Houston
129
9
------------1
110
---Corpus Christi- In addition to above exports, our telegrams to-night also
334
Beaumont
768 18,214
298 3,523 3,217
New Orleans_ _ _ - 2,631 7,877
cotton on shipboard, not
454 2.866 give us the following amounts of
663 1,108
18
544
79
Mobile
311 2,082 cleared, at the ports named:
22
414
160
440
735
Savannah
796
7
113
661
---6
9
Charleston
974
99
405
117
200
6
147
Wilmington
On Shipboard Not Cleared for
641
223
69
34
139
142
34
Norfolk
50
-__
New York
Leaving
Get- Other CoastGreat
329
--------153
No
Baltimore
April 4 at- Britain. France. many. Foreign wise. Total. stock.
R448 la.441:1 7.563 9.607 7.487 4.800 49,351
Totala Gila wk
Galveston ____ 5,500 5,200 4,500 19,000 2,000 36,200 253.928
210 22,077 408,344
624 4,288 11.449
New Orleans__ 5,506
44,109
200 1,200
The following table shows the week's total receipts, the Savannah
---1,000
15
17,113
15
-,,,
------____
total since Aug. 1 1929 and the stocks to-night, compared Charleston_
2,919
9,182
-- _ _
-_-- 1.655
164
1,100
Mobile
____
53,021
with last year:
Norfolk____
500 40,000 910.833
Other ports*.. 2,000 2.000 3,500 32,000
Stock.
1928-29.
1929-30.
2.925
Total 1930.... 14,106 7,988 13,288 64,104 8,294 102,411 1,696,530
Receipts to
64,117
Total 1929.. 14,761 10,667 14.560 48,839 3.570 112,399 1,519.477
TMs Since Aug This Since Aug
April 4.
94.733 1.576.321
14.010
Total 1928_ - 21,575 6,739
1929.
1930.
Week. 1 1929. Week. 1 1928.
$ Estimated.
13,786 1,692,596 11,641 2,686,718 290,128 360,528
Galveston
20,919
7,285
541 174,632
212 135,124
Texas City
Speculation in cotton for future delivery advanced $1.50
8,9382,554,766 11,862 2,768,235 800,247 612,213
Houston
14,496
to $3 a bale under the spur of a steady demand for the old
---- 256,831
129 382,605
Corpus Christi
14,390
15,138
334
Beaumont
crop held in a strong grip by the Farm Board. Fluctuations,
18,214 1.496,654 23.129 1,443.747 430,421 301.364
New Orleans
however, were at times irregular, and new crop lagged behind
498
Gulfport
20,704 the old. On Mar. 29 contracts were scarce and prices ad12,101
2,866 370,654 2,730 249,050
Moblle
11.573
32,039
Pensacola
674 vanced 15 to 20 points, closing very steady after a reaction
867
186
---384
Jacksonville
30,880 of two to five points from the top on the old crop and
45,309
2,082 440,441 4,135 338.594
Savannah
7.094
Brunswick
25,856 eight to 10 on the new. Spot markets were unchanged to 10
17,128
796 182,636 1.274 159,493
Charleston
5,505
---8,780
---Lake Charleshigher. A report that long and short accounts were
32,862 points
24,925
724 121,493
89,355
974
Wilmington
not everywhere
72.487 being transferred to New Orleans was
53,021
641 139,687 1,569 217,273
Norfolk
92
credited. It did not seem to be verified by the action of
N'port News, &c_
43,109
93,619 144,103
935
3,005
50
New York
rather better. They
3,550 the market. Textile reports were
2.747
2,986
528
1,665
Boston
1,094 seemed to suggest a rather favorable report on the cloth
1,270
43.502
816
29,980
329
Baltimore
4,642
5,138
6
---679
Philadelphia
Institute on the 9th inst.
1,891
Totals
49,351 7.583,282 59,884 8,537.674 1,798.941 1,631.876
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
19,450
20,158
30,227
23.546
11,641
13.786
16,220
16,377
39,126
14,396
11.862
8.938
18,324
27.487
29,319
16,109
23,129
18.214
1,573
2,566
3.169
4,066
2,730
2,866
7,949
10.196
16,652
11,466
4.135
2,082
Galveston---Houston*____
New Orleans_
Mobile
Savannah
Brunswick _
Charleston......
Wilmington_ _
Norfolk
796
974
641
1,274
724
1,589
2.073
3,312
1,616
9.393
2.910
6,033
7,358
2,141
3,242
5,847
2,519
2,302
g N .&c
Alni ierS---.:
1,054
2.820
3,648
4,099
1,713
370
Total this wk_
49,351
59,884
80.232
140,928
91,081
74,709
Since Aug.1 7,583,282 8.537,6747.414.742 11640239 8,538,198 8,569,831
*Beginning with the season of 1926. Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 102,077 bales, of which 18,511 were to Great Britain,
10,326 to France, 42,453 to Germany, 5,735 to Italy, nil to
Russia, 9,182 to Japan and China, and 15,870 to other destinations. In the corresponding week last year total exports
were 171,151 bales. For the season to date aggregate exports have been 5,810,470 bales, against 6,768,411 bales in
the same period of the previous season. Below are the
exports for the week:
Exported to
Week Ended
GerGreat
April 4 1930.
- Britain. France. many.
Exports from
Galveston
Houston
Texas City
Corpus Christi_ _
Beaumont
New Orleans_ - _
Mobile
Savannah
Charleston
Norfolk
New York
Los Angeles- - San Francisco_-
3,476
5,883
1,080
1,397
182
2,294
3,034 11,038
3,784 21,116
--
Italy.
Japan&
Russia. China. Other.
5.135
152
3,256
3,400
:iii
4
3,066
600
661
1,700
300
5:igo
100
489
100
300
100
18,511 10,326 42,453
9,117
9,033
9,182 15,870 102,077
5,735
46.400 20,283 35,338
Total 1928-29_ _
Total 1927-28.- 53,767 18,272 43.614
Total
Total.
6.829 29,512
5,462 39,847
1,080
1,397
334
2,842 13,164
428 4,092
3,400
561
161
161
150 2,150
5,380
999
8,966
30,544 29,489 171,151
2.227 28,888 164 767
trade of the Textile
On Mar. 31 prices, under the stimulus of an insistent
demand and a scarcity of contracts, advanced 25 to 37 points,
May and July leading the rise. Spurred by a demand to
cover, trade and speculative short accounts prices ran up
to new high levels on this movement: Contracts were scarce
in Liverpool also. Spot markets advanced 25 to 38 points
on a small trade. Manchester reports were encouraging.
London concurred in the advices that Lancashire was doing
better, though there was no marked increase in its business.
Worth Street was firm, with a fair inquiry. The Hunter
Co. reported its sales for March 15% above the actual production, 23% larger than in February, and 32% larger than
In January. The Textile Merchants' report of April 9, it
is believed by many, will make no bad showing. The market
revealed no essentially new features. Old forces were at
work; that is, the strong technical position and the menace
of a tight situation for shorts at home and abroad still
told with convincing power.
On the 1st inst. prices advanced 25 to 37 points on further
covering trade, and speculative, and a scarcity of contracts.
That made a rise since Mar. 10 of 250 points, but there was
no reaction of consequence. Liverpool was higher than due.
Old October was in better demand. It led the rise by a few
points. July went to a premium over May or 12 points in
contrast with a recent discount under May. The weather
at the South was, in the main, better, but no rain fell in
Western Texas, where it is needed. Manchester reported a
better trade in cloths with the Continent and South America,
while with India there was a fair business. The rise in
cotton here was in some degree aided by an advance in stocks
and grain. Spot markets advanced 20 to 35 points. The
New York Cotton Exchange Service said the domestic mill
situation improved in March as to stocks and orders. The
sales seemed to have been larger than the curtailed production. In that case March will be the first month since
last September, with the passing spurt in December, when
the sales have exceeded production. That would mean that
stocks decreased and unfilled orders increased in March.
The Cotton Finishers' Association stated the stock of finished goods on Feb. 28 at 32,967 cases against 35,328 in
January and 37,150 in February last year, with the mills
in this department operating at 62% in February against 57
in January, and 68 a year ago. Unfortuntely, margins
of profit show no Improvement; in fact, on some goods they
were worse. The factory textile situation was, on the whole,
APRIL 5
1930.]
unsatisfactory. The technical position here is weaker after
enormous covering in the past month.
On the 2nd inst. prices fell 14 to 28 points in a natural
reaction after a rise in three week of 250 points. The Liverpool cables were lower than due, and the spot basis was
weaker. On the other hand, Worth Street was stronger
and Manchester advices said the home demand was better.
Old crop here was firmer than the new. Yet the weekly
weather report said that very little cotton was put in during
the week because of the low temperatures. Preparation of
the seed has been retarded, but in most sections this work
is rather well advanced. Early planted cotton made little
or no progress. In Texas. where the bulk of the seeding
so far has been done, the progress of the crop was poor,
and there was some frost damage, while much seed has
been lost in the central and northern part of the eastern
half of the State !because of unfavorable germinating
weather. Planting continued in California, and crop is up
In the Yuma district of Arizona.
On the 3rd inst. prices declined at first under the weight
of further selling, home and foreign, but later the price
suddenly turned upward some 35 to 40 points from the early
low as selling ceased. It had not come from big interests;
only from small and scattered traders here and there. They
had thought a sharp reaction was coming after the recent
big rise. But there is always the Farm Board, the formidable champion of higher prices. Contracts grew scarce.
Buying by spot interests pursued prices upward. The net
advance for the day was 17 to 24 points, generally 20 points
and upward. Spot markets, though quiet, advanced 20 to 30
points. Worth Street was firm, though less active. Manchester had a moderate trade for the day, but the tone there
was better. All foreign markets were lower, but New York
Is the center of influence. All other markst revolve
around it.
To-day early prices were 5 to 23 points higher, the old
crop leading on a steady demand for it, especially for July
from spot firms. But later prices suddenly broke 40 to 47
points on May and July from the early high, and 30 to 40 on
the next crop. The sharp setback was accompanied by
reports that Farm Board agents here were selling July here
and buying it freely in New Orleans. Liquidation in the
next crop was a feature from the start. Spot markets were
lower, with sales still much smaller than a year ago.
Worth Street was steady but quiet. Manchester was also
steady but not active, business increasing only slowly.
American exports thus far this season, according to one
statement, are more than 1,000,000 bales behind those for a
like period last season. Final prices are 31 to 62 points
higher for the week. Spot cotton was off 20 points to-day
to 16.60c. for middling, showing a net advance for the week,
however, of 60 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
PrMarch 29 to April 4-
Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
16.10 16.45 16.65 16.55 16.80 16.60
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Mar. 29.
Monday,
Mar. 30.
Tuesday, Wednesday, Thursday,
Apr. 1.
Apr. 2.
Apr. 3.
Friday,
Am.4.
Mar.•
Range.._
Closing..
Apr.
Range..
Closing.. 15.7816.3716.2216.1316.4616.28Slay
Range.- 15.76-15.90 15.90-16.25 16.25-16.53 16.27-16.47 16.17-16.58 16.38-16.79
16.47-16.49 16.32-16.33 18.58-16.58 16.38-16.39
Closing.. 15.88-15.90 16.23June
Range-Closing- 15.8916.2416.5116.3716.5916.40JulyRange- 15.84-15.96 15.95-16.27 16.28-16.62 16.39-16.58 16.24-16.87 16.42-16.89
Closing- 15.91-15.94 15.26-16.27 16.58-16.58 16.42-16.46 16.63-16.65 16 42-16.41
Aug.Range- Closing- 15.7816.4516.1516.2516.5018.25Sept.Range- ---- ---- 15.95
16.05-16.20
16.40Closing- 15.6516.2016.0316.3016.05Oct.Range-- 15.50-15.62 15.59-15.77 15.83-16.12 15.82-16.09 15.73-16.09 15.75-16.11
Closing- 15.53-15.56 15.75-15.77 16.10-18.12 15.86-15.87 16.07-16.08 15.75-15.8C
Oct. (new)
Range-- 15.25-15.36 15.36-15.54 15.57-15.85 15.57-15.79 15.46-15.83 15.60-15.81
Closing- 15.32-15.35 15.50-15.53 15.81-15.85 15.82-15.63 15.8015.50-15.52
Nov.
-
Range--
Closing_ 15.59- 15.81
16.13 -- 15.9216.11 --- 15.80 -Nov. (new)
Range-Closing_ 15.3715.5515.8715.6615.8515.60Dec.Range- 15.63-15.73 15.73-15.88 15.92-16.29 15.95-16.18 15.81-16.16 15.85-16.21
16.18
Closing- 15.65-15.66 15.88- 15.95-15.98 16.16-15.85-15 9(
Dee.(new)
Range-- 15.38-15.49 15.47-15.64 15.66-15.94 15.67-15.92 15.58-15.92 15 69-15.99
15.92-16.94 15.7315.81Closing- 15.4215.9015.70Jan.Range.- 15.64-15.78 15.80-15.95 15.98-16.25 16.04-16.25 15.91-16.25 15.95-18.2E
Closing_ 15.7515.95-16.25-16.04-18.24-16.25 15.95 Jan. (new)
Range.... 15.45-15.54 15.55-15.70 15.74-16.00 15.79-15.97 16.84-16.00 15.75-16.0
Closing. 15.51 16.69-15.70 15.99-16.00 15.79 -16.0015.75Feb.Range-
Closing_
Mar.
-
2439
FINANCIAL CHRONICLE
16.1015.8616.05 --- 15.81
Range for IVeek.
Option for
Mar. 1930_
Apr. 1930
May 1930_ 15.76
June 1930
July 1930__ 15.84
Aug. 1930
Sept. 1930_ _ 15.95
Oct. 1930.. 15.25
Nov. 1930
Dec. 1930__ 15.38
Jan. 1931__ 15.45
Feb. 1931
Mar. 1931_ _ 15.80
Range Since Beginning of Option.
Mar. 29 16.79 Apr.
Mar.29 16.89 Apr.
Mar. 31 16.20 Apr.
Mar. 29 16.15 Apr.
Mar.29
16.25 Apr.
Mar. 29 16.28 Apr.
Apr. 316.20 Apr.
13.89
18.71
4 14.03
15.28
4 14.22
15.63
2 15.95
4 14.20
14.82
4 14.38
4 14.45
16.09
1 15.80
Apr. 1 1929
July 8 1929
Sept. 3 1929
Oct. 24 1029
Sept. 3 1929
Nov. 22 1929
Apr. 2 1930
Nov.20 1929.
Dec. 16 1929
Jan. 13 1930
Feb. 1 1930
Feb. 15 1930
Apr. 1 1930
Mar. 10 1930 20.25
July 9 1929 18.82
Mar. 10 1930 20.18
Feb. 8 1930 18.87
Mar. 8 1930 20.00
Feb. 8 1930 18.34
Mar. 31 1930 16.20
Mar. 10 1930 18.56
Mar. 13 1930 17.78
Mar. 10 1930 18.08
Mar. 10 1930 17.18
Feb. 20 19.30 16.65
Apr. 3 1930 16.20
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 4Stock at Liverpool
Stock at London
Stock at Manchester
1930.
1929.
bales- 853,000 1,012,000
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
106,000
97,000
1928.
1927.
765,000 1,323.000
85,000
169.000
959,000 1,109,000
850,000 1,492,000
460,000
305.000
8,000
93,000
63.000
529,000
247,000
20,000
79,000
40,000
482,000
292,000
16,000
119.000
62,000
929,000
915,000
971,000 1,148,000
670,000
287.000
19,000
130,000
42,000
Total European stocks
1,888,000 2,024,000 1,821,000 2,640,000
Indian cotton afloat for Europe
203,000 148,000 122,000
68.000
American cotton afloat for Europe 254,000 333,000 435,000 730.000
Egypt,Brazil,&c.alloat for Europe 75,000
74,000
85,000 107.000
Stock in Alexandria. Egypt
527,000 405,000 375.000 431.000
Stock in Bombay, India
1,295,000 1,288,000 905,000 600,000
al.798.941a1,631,876a1,671,054a2,283.558
Stock in U. S. ports
Stock in U. S. interior towns....a1,113,592 0711.349 a835,361 a922,735
1,319
U. S. exports to-day
775
Total visible supply
7,154,533 6,616,000 6,249,415 7.783,612
sr-Of the above, totals of American and other descriptions are as follows:
American-
bales_ 380,000 710,000 541,000 997,000
Liverpoolstock
Manchester stock
74,000
59,000 148,000
73,000
Continental stock
854,000 851.000 922,000 1,090,000
American afloat for Europe
254,000 333,000 435,000 370.000'
a1,798,941a1.631,876a1,671,054a2,283,558
U. S. ports stocks
U. S. interior stocks
a1,113,592 a711,349 a835.361 a922.735
1,319
U. S. exports to-day
775
Total American
4.473,533 4,312,000 4,463,415 6.172,612
East Indian, Brazil, &c.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
302,000
224,000
326,000
33,000
23,000
64,000
75,000
203,000 148,000
75,000
74,000
527,000 405,000
1,295,000 1,288.000
26,000
49,000
122.000
85,000
375,000
905,000
21,000
58.000
68,000
107,000
431.000
600,000
473.000
2,681.000 2.304.000 1.786,000 1,611,000
4,473,533 4,312,000 4,463,415 6,172,612
Total visible supply
7 154.533 6,616,000 6,249,415 7.783,612
7.76d.
Middling uplands, Liverpo.. - __
8.85d. 10.73d.
10.91d.
Middling uplands, New Yo•
14.450.
_- 16.60c. 20.65c.
19.85c.
Egypt. good Salmi, Liverp)
__ 15.05d. 20.25d. 22.15d. 15.306.
Peruvian, rough good, Liv, .....
1
14.50d. 13.288. 10.50d.
Broach, fine, Liverpool
6.95d.
6.60d.
9.10d.
9.65d.
Tinnevelly, good, Liverpa . ---- 7.95d. 10.25-1. 10.35d.
7.40d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
- -ntinental imports for past week have been 107,000 bales.
67
i
The above figures for 1930 show a decrease from last
week of 184,673 bales, a gain of 538,533 from 1929, an
increaSe of 905.118 bales over 1928, and a loss of 629,079 bales from 1927.
NEW YORK QUOTATIONS FOR 32 YEARS.
'The quotations for middling upland at New York on
April 3 for each of the past 32 years have been as follows:
Ng
16.600. 1922
1929
20.550. 1921
1928
19.80c. 1920
1927
14.30c. 1919
1926
19.350. 1918
1925
24.550. 1917
192430.600. 1916
29.300. 1915
.---
1 3
E
18.150.
11.650.
41.750.
28.70c.
36.000.
20.150.
11.950.
9.900.
1914
1913
1912
1911
1910
1909
1908
1907
13.50c. 1906
12.60c. 1905
11.00c. 1904
14.500. 1903
14.80e. 1902
10.000. 1901
10.50c. 1900
11.00c. 1899
11.65c.
8.150.
15.450.
10.250.
9.190.
8.440.
9.690.
6.19c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
.
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday___ Steady, 10 pts.adv _ Very steady _
Monday
Tuesday ...._
Wednesday_
Thursday __
Friday
Total_
Since Aug. 1
Steady,35 pts.adv _ Firm
Steady,20 pts. adv _ Barely steady
Quiet,10 pts. decl _ _ Barely steady
Steady,25 pts. adv. Vary steady
Quiet, 20 pts. dec.I._ Weak
SALES.
Spot. Canted Total.
250
1,000
250
1.000
250 1.000 1.250
152.403 300.600 453.003
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Range of future prices at New York for week ending corresponding periods of the previous year, is set out in
detail below:
April 4 1930 and since trading began on each option:
Range..
Closing..
16.85-16.20 16.92-16.16 15.80-16.14 15.88-16.21
16.2015.9218.12- SIR-1F at
In
2440
FINANCIAL CHRONICLE
Movement go Aprii 4 1830.
Towns.
I
imams.
I Ship- Stouts
merits APT.
I Week, Season. I Week.
4.
Ala., Sirm'ham
719
98
396
34
12o
23
153
87
132
489
14
380
49
.......
225
1,328
3,175
641
20
7
147
727
121
495
260
127
14
11
4,690
308
108,192
19,526
59,972,
72,015
127,569;
30.382
61,0271
54,618,
39,494,
126,256,
51,2011
185,758
55.7971
6,482
41,377,
158,984
295,1051
34,560,
74,959,
23,206,
143,800
190,404
28,093,
230,3311
52,250
24,8311
32,604
41,7651
280,5981
18.804,
1,113
86
884
108
3,182
434
4
____
96
1,951
184
1,793
201
___
600
5,543
4,202
100
354
250
551
3,097
357
1,422
272
191
310
93
41
4.5061
4321
Movement to April 5 1929.
Receipts.
Week. Season.
50,446
488
Eufaula
1
210
13,549
Montgomery.'
47
54.834
Selma
1
405
56,450
Ark.,Blytheville
87.167
491
Forest City
362
27,957
Helena
312
56,611
Hope
93
56,845
Jonesboro__ _
80 33,155
Little Rock
1,045 115,111
Newport- 194
47,618
Pine Bluff
284 139,322
Walnut Ridge
298
38,828
Ga.. Albany--____
3,570
Athens
16
28,588
Atlanta
1,611 121,874
Augusta
3,420 229,991
Columbus.__
437 48,169
Macon
271
49,421
Rome
____
35,871
La., Shreveport
230 144,543
Miss.,Ci'ksdale
457 145,575
Columbus
45 30,867
Greenwood
222 188,605
Meridian_ __ _
302 48,553
Natchez
31,777
44
Vicksburg24,858
37
Yazoo City
39,278
6
Mo., St. Louts9,271 415,296
N.C.,Greensb'o
21,772
842
Oklahoma
is towns*
891 748,128, 7,1901 47,775 1,471 768,579
B.G., Greenvi1le 2,308 159,422 5,477j 65,980 5,102 181,658
Tenn.,Memphis 19,1371,806,612 38,7041341.294 32,0415,645.067
Texas, Abilene_
125
28,469.
53,235
144
294
551
Austin
32
11,186,
1041
56 48,357
769
Brenham__ _ _
33 10.804'
1321 2,979
34,647
313
Dallas
656 110,106:
0071 11,846 1,255 138,130
207
'Paris
74,1481
3811 2,781
240 89,791
Robstown_
__-32,700,
8 2,013
14,908
___San Antonio_
__
23,3811
____
____
723
42,418
Texarkana
59,885
371
26 64,594
4151 4,600
Waco
319 7,900
142 104,664
133 143.562
14,447
5,625
27,224
23,789
31,974
9,232
14,264
1,623
3,350
22,522
2,633
27,477
4,959
2,494
20,063
91,197
82,113
2,204
17,903
17,186
50,948
29,454
6,340
64,586
6,231
9,144
6,722
7,817
11,026
10,091
Ship- Stocks
meals APT:
Week.
5.
436
288
767
330
1,398
567
1,030
808
178
2,530
804
1,226
1,050
157
375
5,204
4,831
1,012
1,908
600
1,792
3,120
383
2,502
862
371
285
259
9,579
394
4,737
4,325
14,759
14,859
12,453
4,376
8.112
2,394
1,750
12,380
2,560
14,504
3,904
1,494
6,425
38,370
74,806
10,835
4,989
29.230
39.814
15,992
5,588
25,338
4,070
17,985
2,098
4,015
19,587
10,921
3,723 21,278
5,152 43,980
49,444204,663
317 1,357
253 1,202
424 2,310
2,344 9,474
317 2,221
330
_-__
____ 1,560
436, 3.791
416' 6,535
Total, 56 towns 39.1455.809.471 86.9991113592 62.29915.611.447 107.872 711.349
Saturday,
Mar. 29.
Monday,
Mar. 30.
Tuesday, Wednesday, Thursday,
Apr. 1.
Apr. 2.
Apr. 3.
Friday,
Apr. 4,
May
15.52-15.53 15.90-15.91 16.23-10.24 10.02-16.03 16.2816.1446.15
June
July
15.5715.94-15.95 16.3516.13-18.15 16.37-16.38 16.19-16.22
August _
September
October _ - 5.31-15.32 15.49-15.50 15.8 -15.88 15.6115.79-15.81 15.55November
December 15.4515.61- 5.94-15.96 5.71-15.75 15.90 Bid 15.68-15.69
Jan (1931) 15.4015.6516.01 Bid 15.76 Bid 15.95 BM 15.74-15.70
February _
March
April
Tone
steady
Quiet
Quiet
Steady
Spot
Steady
Steady
DptIons
Steady
Steady
Steady
Steady
Steady
Barely sEY
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that very little cotton
seed has been planted during the week because of cold
weather. Preparation of land has also been retarded but
this work is well advanced in most sections.
Texas.
-There has been some frost damage to early planted
cotton and much seed will have to be replanted in the central
and northern parts of the State because of unfavorable germinating weather.
Mobile, Ala.
-Good progress has been made preparing
land. Planting has been limited, due to damp, cool earth.
Rain. Rainfall.
1 day 0.02 in.
dry
dry
1 day 0.02 in.
1 day 0.01 in.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
dry
Houston
Palestine
San Antonio
New Orleans
Shreveport
Mobile, Ala
Savannah, Ga
Charleston,S. C
2 days 0.12 in.
dry
2 days 0.03 in.
2 days 0.47 in.
1 day 0.09 in.
3 days 0.53 in.
8 days 3.50 lb.
7 days 1.96 in.
3 days 0.21 In.
2 days 0.97 in.
Charlotte, N. C
Memphis, Tenn
•Includes the combined totals of 15 towns in Oklahoma.
[VoL. 130.
Thermometer
high 80 low 43 mean 62
high 84 low 30 mean 57
high 84 low 38 mean 61
high 82 low 40 mean 61
high 82 low 38 mean 60
high 88 low 38 mean 63
high 80 low 40 mean 60
high 84 low 38 mean 61
high 82 low 40 mean 61
high __ low _ _ mean 60
high 84 low 38 mean 61
high 83 low 41 mean 58
high 78 low 42 mean 60
high 71 low 42 mean 57
high 69 low 37 mean 53
high 71 low 38 mean 54
The following statement we have also received by teleThe above total shows that the interior stocks have
decreased during the week 49,578 bales and are to-night graph, showing the height of rivers at the points named at
402,243 bales more than at the same time last year. The 8 a. m. of the dates given:
April 4 1930. Apia 5 1929.
receipts at all the towns have been 23,154 bales less than the
Feet.
Feet.
New Orleans
Above zero of gauge..
12.3
16.7
same week last year.
Memphis
Above zero of gauge20.6
39.8
Nashville
Above zero of gauge_
16.0
35.7
OVERLAND MOVEMENT FOR THE WEEK AND Shreveport
Above zero of gauge_
12.6
17.1
SINCE AUG. 1.
Vicksburg
Above zero of gauge_
37.1
50.4
----1929-30-------1928-29---RECEIPTS FROM THE PLANTATIONS.
-The folSince
Since
April 4lowing table indicates the actual movement each week from
Week. Aug. 1.
Week. Aug. 1.
Shipped4,506 258,701
9,579 395,366 the plantations. The figures do not include overland reVia St. Louis
1,431
59,294
2,175
75,365
Via Mounds. &c
5,181 ceipts nor Southern consumption; they are simply a state3,551
Via Rock Island
-621 37,668 ment of the weekly movement from the plantations of that
615
28,659
Via Louisville
4,329 146,891
5.838 171,296
Via Virginia points
14,229 482,080
16.437 508.134 part of the crop which finally reaches the market through
Via other routes, &a
the outports.
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, etc.,from South
25,110
2,279
516
15.044
88,463
15,631
529,173
391,795
17,839
633,267
9,737
Leaving total net overland*
34,650 1,193,010
35,016
13,567
343,212
15,373
Total to be deducted
979.176
379
390
14,604
587,381
16,811
559.743
*Including movement by rail to Canada.
Receipts at Ports.
1929.
1928.
1927.
Stocks at Interior Timms.
1929.
1928.
1927.
Receiptsfrom Plantations
1929.
1928.
-----1929-30----- -----1928-29----Since
Since
In Sight and Spinners'
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
59,884 8,537,674
49,351 7,583.282
Rensipts at ports to Apr. 4
559,743
16,811
587,381
9,737
Net overland to Apr.4
Southern consumption to Apr.4-105,000 3.685,000 124,000 3,937.000
164,088 11,855,663 200,695 13,034,417
393.880
903,682 *41,610
*49.578
Excess of Southern mill takings
1927.
Dec.
20._ 260,772 265,780 180,499 1,476,609 1,232,436 1.303.770 115,614 265,553 158,087
2?.. 137.766 246,641 159.069 1.493.015 1,255,901 1.328,743:04,101 279,131 179.042
Jan.
The foregoing shows the week's net overland movement
this year has been 9,737 bales, against 16,811 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 27,638 bales.
Total marketed
Interior stocks in excess
Week
Ended
1930. 1929. 1928.
1923. 1930. 1929.
1929.
1930.
154,364 183,293 110,324 1,476,971 1,240,631 1,295,532 138,320 173,028
10._ 137,609 172,340 117,831 1,417,3451.203,459 1,261,688 138,973 135,168
17-- 104,523 151,177 122,215 1,456,833 1.161,140 1.212,543 34,011 103,853
24__ 98,11118 171,761 120,4081,432,387 1,118.699 1,180,096 73,942 129,320
a'.. $7.394 155,731 129,567 1.403.107 1.072,673 1.134,037 68.314 109,710
Feb.
3.1,277 135,078 111,825 1.356.621 1.007.913 1.037,654 34,791 70.313
14-- 53.506 $1,570 107.419 1,326,073 966,4121,049,180 23,972 40.069
21__ 65.386 80.160
1,306.632 935,027 1,025,120 46,440 50,431
91,496 91,433 62.281 906.387 90E1.387 987,284 61,798 61.798
Mar.
7.- 50,312 80,941 70,755 1,256.075 849,195 941,043 13,248 29,749
14.. 44,919 106,351 73,234 1,228,606 814,522 916,246 17,510 71,677
21__ 46,415 97,085 76,637 781.6671,202.943 887,170 20,692 64,230
28__ 46,906 78.041 88,473 1.163.170 752,959 863,788 7,133 49,333
Apr.
49.351 59,884 80,232 1.113.592 711,349 835.361
Nil
1928.
77,113
83.487
78.070
82.958
93,553
65,392
68,945
49,203
26,545
24,435
48.435
47.567
65,091
18,274 51,805
709,288
722,025
over consumption to Mar. 1
159,085
Came into sight during week-__114.510
14,137,585
13.481.370
Total in sight Apr.4
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,462,736 bales;
in 1928 were 8,903,215 bales, and in 1927 were 7,870,462
971,857
44,486 1,055,673 bales. (2) That, although the receipts at the outports the
North. spinn's's takings to Apr. 4 26,081
past week were 49,351 bales, the actual movement from
*Decrease.
plantations was nil bales, stocks at interior towns having
Movement into sight in previous years:
increased 49,578 bales during the week. Last year receipts
Bales.
Bales.
Since Aug. 1Weekplantations for the week were 18,274 bales and
12.502.709 from the
178.181 1928
-Apr. 7
1928
19.226.723 for 1928 they were 51,805 bales.
200,159 1927
-Apr.8
1927
14.761,392
156,834 1926
-Apr.9
1926
WORLD'S SUPPLY AND TAKINGS OF COTTON.
QUOTATIONS FOR MIDDLING COTTON AT
are the closing quotations
-Below
Cotton Takings,
OTHER MARKETS.
1929-30.
1928-29,
Week and Season.
for middling cotton at Southern and other principal cotton
Week.
Season.
Week.
Season.
week:
markets for each day of the
Closing Quotations for Middling Cotton on
Week Ended
April. 4.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock---Dallas
Fort Worth_
Saturday. Monday. Tuesday. Wed'day. Thurscry. Friday.
15.90
15.53
15.30
15.63
15.88
16.00
15.75
15.15
15.75
15.00
15.25
16.20
15.91
15.60
15.73
16.25
16.10
15.13
15.50
16.00
15.32
15.50
15.60
16.40
16.24
15.90
15.74
16.39
16.40
16.25
15.70
16.25
15.60
15.85
15.85
16.25
16.03
15.75
15.57
16.13
16.45
16.06
15.55
16.10
15.42
15.65
15.65
16.45
16.28
15.95
16.08
16.38
16.35
16.06
15.55
16.35
15.68
15.95
15.95
16.25
16.15
15.75
15.63
16.13
16.60
15.88
15.40
16.15
15.48
15.75
15.75
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Visible supply Mar. 28
Visible supply Aug.1
American in sight to Apr.
Bombay receipts to Apr. 3
Other India ship'ts to Apr.3
Alexandria receipts to Apr. 3
Other supply to Apr. 3_*_b
Total supply
7,339,206
3,735.957
114,510 13.481,370
86,000 2,695,000
18,000
550,000
38,000 1,465,200
7,000
601.000
6.749,152
iAWAgo
159,085 14,137.585
163,000 2,360,000
2,000
466,000
30,000 1.449.200
3,000
513,000
7,602,716 22,528,527 7,106,237 23,101,265
7,154,533 7,154,533 6,616,000 6,616,000
Total takings to Apr. 4_a
448,183 15,373,994 490,237 16.485,265
Of which American
253,183 10,771,794 316,237 11,967.065
Of which other
195,000 4.602,200 174,000 4,518.00
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 3,685000 bales in 1929-30 and 3,937.000 bales in
takings not being available-and the aggregate amounts taken by1928-29-Northern
and foreign spinners, 11,688.974 bales in 1929-30 and 12,548,265 bales
in 1928-29. of which 7,086,794 bales and 8,030,065 bales American.
b Estimated.
Deduct
-
Visible supply Apr.4
APRIL 5 1930.]
INDIA COTTON MOVEMENT FROM ALL PORTS.
1928-29.
1927-28.
Since
Week.lAug. 1.
Since
Week. lAug. 1.
1929-30.
Apr. 3.
Receipts at
-
Week.
Bombay
Since
Aug. 1.
86,000 2,695,000 163,000 2,360,000 143,000 2.343,000
Since August 1.
For the Week.
kzports
from-
Great Conti Japan&
Great
Britain runt. China. Total. Britain.
Bombay
1929
-30__ 3,000 9,000 11,000 23,000 61,000
1928-29__ 7.000 14,000 29,000 50,000 42,000
1927-28__ 1,s,, 6,000 55,000 62,000 52,0
Other Indl
1929-30__
18,000 109,0
18,0
1928-2
2,000 82,1 SI
9-------2,000
1927-28__
____ 13
13,000 72,500
Total all
1929-30_
1928-29_
1927-28_
2441
FINANCIAL CHRONICLE
Conti- Japan &
Total.
China.
nent.
578,0001.096.00011,735,000
549,0001,153.0001,744,000
406,00 768.00011,
226,
000
550,000
466,000
436,500
441,00
384,
364,0
3,000 27,000 11,000 41,000, 170,0001,019,0001,096,0002,285,000
7,0
16,000 29,000 52,0(0 124,000 933,0001,153,0002,210,000
768,0001,662,500
1,000 19,000 55,000 75,000 124.500 770,0
Bohm.
-Mar. 28-Cripple Creek, 1.924_
HOUSTON-To Liverpool
3.895
Mar. 31-Medina. 1.971
To Manchester-Mar. 28-Cripple Creek, 999___Mar. 31
1,988
Medina, 989
1,252
-Liberator, 1,252
To Japan-April 3
2,458
To Dunkirk-Mar. 29-Vasaholm, 2.458
2,350
To China-April 3
-Liberator, 2,350
-West Moreland, 1.326
1.326
To Havre
-Mar. 29
-West Moreland. 581
581
To Ghent
-Mar.29
To Rotterdam-Mar. 29_West Moreland, 1,872___Mar. 27
2,701
Nile, 829
400
To Warberg-Mar. 29-Vasaholm, 400
200
To Malmo
-Mar. 29-Vasaholm, 200
100
To Nykoping-Mar. 29-Vasaholm, 100
50
To Gothenburg-Mar. 29-Vasaholm, 50
50
To Oslo
-Mar. 29-Vasaholm, 50
To Bremen-Mar. 27
-Nile, 5,115_ Mar. 28-Liebenfels.
6.104___April 1-Tennessee. 2,235__ _April 2
-Tripp.6,232 19.686
601
To Hamburg-Mar. 27
-Nile, 601
2,009
To Barcelona-Mar. 31-0gontz, 2,009
200
To Copenhagen-April 1-Tennessee,200
3,520
-Mar.31-Darian,2,350
SAVANNAH-To Liverpool
1.050
To Manchester-Mar. 31-Darlan, 1.050
499
SAN FRANCISCO-To Great Britain-Mar.31(?)
.499
100
To France
-Mar. 31(1
, 100
100
To Germany-Mar. 31- (1
. 100
300
To Japan-Mar. 31(1
300
MOBILE-To Bremen-Mar. 28
-West Zeds, 978___Mar. 313.066
Parkhaven, 2.088
To Rotterdam-Mar. 31-Parkhaven. 426
426
600
To Genoa-April 2-Nicolo Odero, 600
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
77,000 bales. Exports from all India ports record a decrease
Total
102.077
of 11,000 bales during the week, and since Aug. 1 show an
LIVERPOOL.
-By cable from Liverpool we have the folIncrease of 75,000 bales.
lowing statement of the week's sales, stocks, &c.,at that port:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Apr. 4.
1927-28.
190.000
7.212.324
Receipts (cantars)This week
Since Aux. 1
1928-29.
150.000
7.232.183
85,000
5,381.651
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
117,850
To Manchester. &c
114,570
To Continent and India_ 9,000 354,456
To America
78,350
---_ 136,942 3.000113,650
__-- 130,660 8,750 126,898
5,000 365,931 6,250 298,413
____ 140.183 2,750 98,090
Total nvoncta
o nnn aoc 09A A Ann 77n 7111 n 7cn R27 nni
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending April 2 were
190,000 cantars and the foreign shipments 9,000 bales.
MANCHESTER MARKET.
-Our report, received by
cable to-night from Manchester, states that the market in
yarns and in cloths is steady. Orders are coming in more
freely from Levant. We give prices to-day below and leave
those of previous weeks of this and last year for comparison:
1929.
32s Cop
Twist.
DOC-
1928.
83( Lbs. slan- Cotton
8)( Lbs. Shirt- Cotton
t:an, Common Middle 32s CI; ins, Common Middi 0
to Finest.
to Finest.
usivs.
Gads. Twist.
Feb.-
Apr.
-
e. d.
U.
d. s. d.
U.
9.47 1531016M 133 @135
9.36 153401626 133 013 5
9.51 153401634 133 @135
,
19 30.
1314014% 12 2
135(01434 12 2
13/(01434 12 2
13)(01434 12 2
13 0143( 12 2
012 4
012 4
4212 4
012 4
012 4
9.53
9.58
9.49
9.40
8.85
19 29.
1534416k 13 3
153(016M 13 3
153401634 13 3
1534016M 13 3
1534016k 13 3
013 1
013 5
4213 5
013 8
013 6
10.60
10.68
10.63
10.48
10.35
122(013 11 4
12)40133( 11 0
12)(013)4 10 6
12 0133( 10 4
=====a
Jan.-
d.
d. s. d.
s. d.
13%01426 123 @125
1354014M 123 @125
134143( 123 @125
4212 0
011 4
011 2
011 0
8.60
8.69
8.47
8.49
15 016 13 3
1534016M 13 3
153401634 13 3
153401634 13 4
013 5
013 6
013 6
013 7
10.34
10.43
10.49
10.76
1134013
113441234
1154013
12 013
010 6
010 6
011 0
011 0
8.18
8.05
8.54
8.44
155401646 1 34
15 01634 13 5
153441634 13 4
153401634 13 4
013 7
013 7
013 7
4213 7
11.12
10.77
11.10
10.96
8.85 13144151.5 133 4136
10.73
10 2
10 2
10 4
10 4
12 M 01334 104 4110
d.
10.69
10.58
10.63
---Shipments in detail:
SHIPPING NEWS.
Bales.
-Median. 1.921; Cripple
-Mar. 26
GALVESTON-To Liverpool
Creek,564
2,485
To Manchester-Mar. 26
-Median, 761; Cripple Creek. 330
991
To lIavro-Mar. 27
-Editor, 1,892
1.892
To Barcelona-Mar. 28
-Mar Blanco, 3.344___Mar. 290 ontz 1.891
5.235
To alaga-Mar. 28
244
-Mar Blanco, 244
To Genoa-Mar,29-Ida Zo. 2.436
2,436
To Bremen-Mar. 29-TriPP, 2,004___Mar. 31-Tennessee,
10.857
2,002; Nile. 1,955; Llebenfels, 4,856
To Dunkirk-Mar. 31-Vasaholm, 1,142
1,142
To Gothenburg-Mar. 31-Vasaholm, 500
500
To Copenhagen-Mar. 31-Vasaholm, 250; Tennessee, 500
750
To Oslo-Mar. 31-Vasahohn, 100
100
To Venice
1,899
-Lucia 0., 1.899
-Mar.29
To Trieste
800
-Lucia C., 800
-Mar. 29
To Rotterdam-Mar. 31-Nile, 221
221
NEW ORLEANS
1.247
-West Totant, 1.247
-Mar.26
-To Liverpool
To Dunkirk-April 2-Gand, 500
500
To Manchester-Mar. 26 W
1,047
-eat Totant, 1,047
2.333
To Havre-April 2-Gand.100_ _ _April 1-City Joliet, 2,233
5
To Gothenburg-Mar. 25-Vasaholm, 5 (additional)
1.050
To Ghent-Aprll 1-City of Joliet, 1,050
To Bremen-Mar. 28
-Roland, 2,956___April 1-City of
4,592
Joliet, 1,636
100
To Antwerp-April 1-City of JoUet, 100
180
To Hamburg-Mar. 28
-Roland, 180
423
To Bordeaux
-Mar. 31-Michigan. 423
100
To Oporto-April 1-Sapinero, 100
To Rotterdam-April 1-Maasdam, 997; City of Joliet, 590_ 1,587
1.500
NEW YORK
-Berlin. 1,500
-To Bremen-Mar. 26
300
To Liverpool
-Mar,28-Andania. 300
To Hamburg-Mar.28-Cleveland, 200
200
To Barcelona-Mar. 31-Vestvard, 150
150
Ramburg-Kellerwald, 561
561
ARLESTON-To
LOS ANGELES
100
-To Bremen-Mar. 26-Trave, 100
To Japan-Mar,26-Asama Meru, 1,100; Rhine Meru, 1.280-- 2,380
To China-Mar. 26
2,900
-Rhine Meru, 2,900
TEXAS CITY
-Median. 933
-Mar. 28
933
-To Liverpool
To Manchester-Mar,28
-Median, 147
147
-Colorado Springs,
CORPUS CIIRISTI-To Liverpool-Mar. 25
1.397
1,397
-Barbadian, 182
182
-Mar. 29
BEAUMONT-To Liverpool
To Havre
152
-Mar. 27-Michigan, 152
NORFOLK
-Ala. 161
161
-To Antwerp-Mar.31
Mar. 14. Mar. 21. Mar. 28.
32,000
29.000
38,000
15,000
15.000
22,000
1.000
1,000
1,000
61,000
50,000
51.000
911,000 900,000 866,000
410.000 410,000 391,000
44,000
24,000
44,000
11,000
30.000
13.000
168,000 158.000 156,000
67.000
55.000
46.000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
34.000
16.000
1,000
52,000
853,000
380.000
41.000
21,000
152.000
43.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, I
12:15
P.M. 1
Mid.Uprds
Sales
Saturday.
Monday.
Quiet.
A
hardening
tendency.
8.57d.
8.53d.
6,000
3.000
Tuesday. Wednesday. Thursday.
Quiet.
8.73d.
5,000
More
demand,
8.80d
8,000
A fair
business
doing.
Friday.
A fair
business
doing.
8.886.
8.74d.
6,000
6,000
Steady
Quiet
Quiet
Steady Q't but st'y
Futures.
1 Steady
Market
2 to 5 pts. 2 to 3 pts. 6 to 8 pts. 6 to 7 PS8 5 to 8 pta. 10 to 14 pte
opened
advanoe. advanoe, advance, advance, advance. advance.
Steady
Quiet
Steady Barely sty
Market, I Very st'dy Steady
6 to 8 pls. 6 to 9 pts. 6 to 11 pts. unch. to 34 to 8 Pts 1300 19 OS
4
advance.
P.M.
advance, advance, advance, pts. adv. decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Mar. 29
to
April 4.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.3012.15 4.0012.15 4.00 12.15' 4.0012.15 4.0012.1
d.
d.
d. cr.
4. d.
March
8.19
April
8.19
8.29 8.36 8.38 8.40
May
8.22
8.30 8.37 8.39 8.42
June
8.22
8.32 8.39 8.41 8.43
July
8.32 8.38 8.40 8.45
8.23
August
8.24
8.31 8.37 8.39 8.44
September_
__ __ 8.24
8.32 8.37 8.39 8.43
October
8,33 8.38 8.40 8.43
8.25
November__- __ __ 8.27
8.35 8.39 8.41 8.44
December --------8.28
8.37 8.42 8.44 8.46
January (1931) __ __ 8.30
8.39 8.44 8.46 8.49
February
8.43 8.48 8.51 8.52
8.32
March
8.36
8.45 8.50 7.53 8.56
April
------------------8.57
oo co co oo co co 90po po oo co 90
no •
ip.E. iu
naoca.o..otococo-icoo..-•
1929-30.
Alexandria, Egypt,
Apr. 2.
U.
8.36
8.38
8.39
8.42
8.41
8.40
8.40
8.41
8.43
8.46
8.49
8.53
8.54
d.
d.
8.34 8.32
8.36 8.34
8.378.35
8.39 8.38
8.38 8.36
8.37 8.35
8.37 8.34
8.38 8.35
8.39 8.36
8.42 8.39
8.45 8.42
8.48 8.45
8.50 8.47
d.
4.00
U.
8.48.51
8.48 8.53
8.47 8.53
8.52 8.56
8.50 8.54
8.48 8.51
8.4. 8.49
8.47 8.50
8.48 8.51
8.50 8.53
8.6 8.51
8.56 8.58
8.58 8.60
BREADSTUFFS
Friday Night, April 4 1930.
Flour was firm, with feed markets strong and wheat at
one time higher. The exports were on a fair scale. Later
feed prices advanced sharply, but flour itself was for a time
irregular. The exports from New York last week were 834
sacks and 852 barrels, against 114,202 sacks and 689 barrels
the week before. From New York last Saturday they were
9,000 barrels, and from Baltimore 2,000. Heavy sorts of
feed were especially strong. Exports of flour on the 2nd
inst. were 18,000 barrels. Later feed advanced $2 and flour
prices also rose.
Wheat advanced very sharply on dry weather in the
Southwest, rising foreign markets, a better export demand,
and active covering. On Mar. 29 prices ended % to 1%c.
higher on dry weather in the belt. Offerings were small.
The cables were much higher than due. The forecast was
for frost or freezing weather. Liverpool cables were 1%
to 218d. higher, or about % to 7
/
/ above the levels due.
8d.
Buenos Aires closed 1%c. higher, with the exchange rate at
38%c. Liverpool's firmness was due to covering and the
firmer Canadian offers. There was indeed a better feeling
in the English grain trade genrally. The Canadian pool
temporarily withdrew offers, it was reported, though willing,
it appeared, to accept bids around Saturday's level. Export
business was small. That the reported sales of Russian
wheat to the Continent and the United Kingdom were
ignored by Liverpool impressed many as significant. The
farm reserves on Mar. 1 were 129,153,000 bushels, and the
visible supply at that time was 160,349,000 bushels, which
added to the country mill and elevator stocks of 95,950,000
bushels, made the total quantity available 385,452,000
bushels against 357,247,000 bushels at the same time in 1929.
2442
FINANCIAL CHRONICLE
On Mar. 31 prices ended 1 to 2c. lower on a promise of
better weather. Rains or snows were predicted for the
whole belt. Russia, moreover, again sold wheat to the
United Kingdom, this time on the basis of $1.11% per
bushel. Export business was very slow. Not more than
300,000 to 400,000 bushels were sold to Europe, largely
Manitoba. Some sold wheat and bought corn. The acreage
abandonment thus far, according to the Department of Agriculture, is small. Liverpool closed 1% to 2d. lower under
the influence of Russian offerings. The visible supply of
the United States decreased last week 2,005,000 bushels,
against 643,000 last year. But the total is still 149,307,000
bushels against 122,572,000 a year ago. The Farm Board
seemed willing to support prices. On the 1st inst. prices
/
2
ended 11 to 3c. higher on reports of damage to the winter
wheat crop by drought in Kansas, Nebraska, and Oklahoma,
and the Hessian fly. Liverpool rallied sharply, though
lower early on offerings of Russian wheat. Export business
was only 300,000 bushels, so far as reported. But larger
sales, it was believed, were made, and particulars concealed
probably at the wish of the buyers. Winnipeg closed 2/ to
14
2%c. higher. Buenos Aires was 2% to 2%c. up at the last.
Russia is not expected to clear more than 15,000,000 bushels.
Foreign crop news was generally favorable, with a smaller
yield looked for in Southern France due to recent floods.
On the 2nd inst. prices advanced on an oversold market
and bullish crop news from the Southwest, where there was
no rain, but part of the rise was lost later on realizing.
European requirements were estimated at 16,000,000 bushels
greater than heretofore estimated. The total is now given
as 636,000,000 bushels, of which 408,000,000 have already
been shipped. The increase may be supplied by France,
Russia, and the Balkans. Private crop reports put the
average condition of winter wheat on April 1 at 81.4%, and
the crop at 574,000,000 bushels, against 578,000,000 bushels
by the Government last year. An April 1 the indicated yield
was 591,000,000 bushels. One report estimated a loss of 5.1%
In the acreage to spring wheat in Canada. Export demand
was better.
/ to 52 higher on
1
2
On the 3rd inst. prices ended 2
/
1c.
drought in the Southwest and export sales estimated at
2,000,000 to 3,000,000 bushels. The forecast was dry for
the whole country. Even Winnipeg bestirred itself and ad/
1c.
vanced 5 to 52 Most of the export business was in Manitoba, including considerable sold by the Canadian pool underselling others. Some durum and hard winter was included. There was nothing new beyond the sudden revival
of export business. But that was enough. Shorts ran to
cover. To-day prices closed %c. lower to 1 4c. higher with
,
Minneapolis down 1 to 1%c. and Winnipeg 1 to 1%c. Profit
taking explains this. Trading was active at irregular prices.
Early in the day prices were up. Export business was
1,000,000 bushels, mostly Manitoba. Crop complaints con/
1
2
tinued. Liverpool closed 2% to 3 d. higher. Buenos Aires
at Chicago's close was %c. higher. World shipments this
week seem to be 11,300,000 bushels. Final prices show a rise
for the week of 4 to 7%c.
[voL. 130.
fluctuations. Early prices were up 1 to 1%c. Country offerings were smaller. But the market acted long, and later
liquidation and better weather for the movement as well
as the reaction in wheat plainly told against prices. Cash
demand was better early in the day, and the cash basis was
firm. Final prices show a rise of 2% to 3 c. for the week.
/
1
2
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. F.ri
No.2 yellow
101
10174 iosg um% 105
104
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March
May
84
8511 85R 8734 8634
83
July
85
86
87
87
8934 8834
September
85
86
87
87
90
8934
Oats felt the upward pull of other grain prices. On
Mar. 29 prices ended Mc. lower to %c. higher, the latter
on March, in which there was covering. The cash situation
was considered firm. On Mar. 31 prices ended Mc. lower
to Mc. higher, acting very well, though speculation was not
active. Still cash interests bought enough to have some
effect. The United States visible supply last week decreased
437,000 bushels against 510,000 last year. The total is
18,340,000 bushels against 12,609,000 a year ago. Seeding
is rapidly progressing in Iowa. On the 1st inst. prices advanced % to %c. In answer to the rise in other grain and
general buying by cash and commission houses.
On the 2nd inst. prices ended 1,4 to %c. higher, with a
fair shipping demand, but with some increase in country
offerings. At one time prices were % to %c. up. On the
4c. up, under the impulse
3rd inst. prices ended 1 to 21
imparted by a swift rise in wheat. To-day prices ended 1
4
to %c. lower in sympathy with the drop in other grain.
There was an advance of % to %c. early in the day. Cash
oats were steady and / higher, with only a moderate
1c.
2
movement. Country offerings were small. Final prices
show a rise for the week of 1 to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
56
56
5634 5634 ST
57
DAILY CLOSING PRICES OF OATS FUTURES IN' CHCIAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
March
43
43
May
4311 43
44% 44
45
45
July
43
43
45
45%
4434 44
September
42
4234 43
4334 4434 44
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
May
53$ 51% 52
53
54% 53%
July
52
5134 527
5334 55
5334
October
49
48% 4934 4974 5134 5034
Rye advanced sharply with the help of rising prices or
wheat. Also rye is considered cheap. On Mar. 29 prices
ended 1 to 11 2c. higher, following wheat. Covering was
/
something of a feature. On Mar. 31 prices declined lc., with
wheat 1 to 2c. lower. Liquidation followed. About the only
buyers were the shorts. The United States visible tmpply
is 14,069,000 bushels against 6,905,000 a year ago. On the
1st inst. prices advanced 2 to 2 c., with a larger outside
/
1
2
interest, with prices about 30c. lower than last year. Besides, rye is considered cheap compared with other grain.
Some seem to feel that this discounts anything bearish in
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
/
1
2c.
Sat. Mon. Tues. Wed. Thurs. Fri. the situation. On the 2nd inst. prices ended 2 to 2
112% 111% 113% 11334 116% 116% higher, in sympathy with wheat. New buying by commission
No. 2 hard
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. houses appeared owing to dry weather and the cheapness
Sat. Mon. Tues. Wed. Thurs, Frt. of the price.
The crop is estimated in private reports at
March
108
1101 104i 11134 111% 11334 11334 46,700,000 bushels against 43,300,000 a year ago. Export
May
109
wag nosi 11034 noi 114% business seems to be out of the question. No one
July
talks of
September
11134 10934 11234 11234 11734 117%
it any more. To-day prices advanced early in the day 11
/
2
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri. to 2c., but reacted later with other grain, ending % to 3.5fio.
110
108
114
1103 1104 115
May
net lower. A few loads of rye were sold for export to
112
110
1125 112
11734 11634
July
114
113
120
11134 114
11834 Copenhagen. Final prices show a rise for the week of 5
October
/
1c.
Indian corn advanced in company with wheat, favored to 52
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
by small receipts and stocks. On Mar. 29 prices ended % to
Sat. Mon. Tues. Wed. Thurs. Fri.
%c. lower. There was selling of corn against buying of March
60%
64
63
65% 67
wheat. The weather was more favorable. The receipts, May
68
July
6934 68
71
73
however, were moderate, and at one time prices were up September
7334 7234 7434 77
7934 77%
% to %c. On Mar. 31 prices ended % to 2c. higher, mostly.
Closing quotations were as follows:
on bad weather. A better cash demand in some parts of the
FLO17122
West was also bracing. The country offerings were' still Spring pat.high proteln.$6.50 $6.75 Rye flour. patents
small. Eastern demand was good. Statistics were strong. Spring patents
6.10 6.35 Seminole. No. 2. pound85.40F5.65
3
Clears,first spring
5.85 6.00 Oats goods
2.75
2.80
The United States visible supply last week decreased 964,000 Soft winter straights
5.65 Corn flour
5.45
2.55
2 60
bushels against 389,000 last year. The total is 23,533,000 Hard winter straights 5.65 5.90 Barley goods
Hard winter patents.-- 5.90 6.30
Coarse
bushels against 34,150,000 a year ago. On the 1st inst. Hard winter clears
2.25
Fancy pearl, Nos. 1,
5.40
5.25
/
2
prices advanced 11c. under the influence partly of the rise Fancy Minn. patents- - 7.65 8.35
2, 3 and 4
6.00@ 6.50
7.90 8.60
in wheat. But cash demand was good and statistics City mills
GRAIN.
bullish. The advance was checked by realizing and by
Wheat, New York
Oats, New York
holders of offers. With the opening of lake navigation,
o.2red.f.o.b
No. 2 white
132%
No.2 hard winter, f.o.b
No.3 white
116%
probably about April 20 to 25, a heavy outward movement
Rye, New York
of cash corn is expected from Chicago. Local industries Corn, New York
No.2f.o.b
78%
No.2 yellow, all rail
Barley. New York
104
sold 55,000 bushels to go to Chicago from other terminals.
No 8 yellow, all rail
Malting
101
- 62%
Purchases from the country were 30,000 bushels. The spot
For other tables usually given here, see page 2342.
hc. higher.
basis was steady to 1
WEATHER BULLETIN FOR THE WEEK ENDED
1c.
2
On the 2nd inst. prices ended / lower to %c. higher.
-The general summary of the weather bulletin
Early in the day they were up % to %c. on May and July, APRIL 1.
following a rise in wheat. Some said the market was issued by the Department of Agriculture, indicating the inheavily oversold. Country offerings were moderate. The fluence of the weather for the week ended April I follows:
At
fact that the terminal stocks are very moderate was tario,the beginning of the week an extensive "low" was central over Onattended by strong winds and rain or snow over
emphasized. On the 3rd inst. prices closed 1% to 2c. higher, tions east of the Mississippi River, except the extreme practically all secSoutheast and the
pulled upward by wheat. Country offerings increased as lower Mississippi Valley. At the same time there had been a reaction
to colder over the eastern part of the country, especially in the middle
prices rose. But elevators bought freely. Industries bought Appalachian region. Temperatures were moderately low over much
of
45,000 bushels, Shippers sold over 100,000 bushels on a the West, with precipitation reported over the central Rockies and parts
of the Northwest. The Northeast "low" moved slowly
quicker demand. Oklahoma and Kansas state reports were rence Valley, attended by snow over the Ohio Valley and out the St. Lawthe Lake region,
bullish. To-day prices ended % to lc. lower, after irregular while temperatures were moderately subnormal over much of the country.
92q
APRIL 5 1930.]
FINANCIAL CHRONICLE
There were general rains in the Gulf region, attending the passage of a
storm eastward on the 28-29th, with especially heavy local falls on the
29th, when Tampa. Fla., reported 5.62 inches of rain for the 24-hour
period ending at 8 a. m. Precipitation was rather local in character the
latter part of the week, except toward the close when rain or snow was
reported from many parts of the Northwest and Great Basin. Temperatures remained subnormal in most sections, except for some warming up over the Southwest and West due to a "low" over Arizona.
Chart I shows that the week was abnormally cold in nearly all sections
east of the Rocky Mountains, though the weekly mean temperatures were
somewhat above normal in the extreme Northeast. From the central
valleys and central Great Plains southward the deficiences in temperature ranged generally from 6 deg. to as much as 15 deg. In the far West the
week was much wanner than normal, especially in Pacific sections where
the mean temperature was from 6deg.to 11 deg.above the seasonal average.
Freezing weather extended as far south as northern South Carolina, central Arkansas and west
-central Texas, while frosts were reported from the
northern portions of the Gulf States.
Chart II shows that rainfall was excessive in much of the Florida Peninsula and was moderately heavy in some west Gulf sections and along the
south Atlantic coast. There was also heavy precipitation in many places
of the Lake region and Northeast and generous showers occurred in parts
of the far Southwest. Elsewhere precipitation was mostly negligible.
In most of the principal agricultural areas cold weather has persisted
during the past two weeks, retarding the growth of vegetation and generally
slowing up farm work. The coolnee.s during the week just closed was
widespread and marked, especially in the central valley States and in
the South, with frost extending well southward to the northern Gulf area.
Considerable harm is indicated to tender vegetation and some additional
damage to early fruit bloom as far north as parts of the Ohio Valley. In
general, however, aside from the Nvinterkilling of peach buds in much
of the interior, there has been no serious, widespread damage to the fruit
2443
THE DRY GOODS TRADE
New York, Friday Night, Apri/ 4 1930.
While retail textile turnover for 1930, to date, is considerably below that of the same period of the previous year,
it should be remembered that 1929 business was in very
high volume, and that the depressed conditions evident
throughout dry goods markets early in the new year were no
worse than those current in other lines of business. It is
true that most of the great department stores which act as
barometers for the trade have failed to maintain sales at
even approaching the figures given for last year, some of
them reporting declines in textile sales of as much as 15%.
However, during the past two weeks a gradual but measurable improvement has been noted in retail channels.
While It is expected that some time must elapse before
volume regains normal, and that there is little likelihood
of the year's sales approximating those of last year, the
immediate future is generally regarded as harboring imcrc
gecipitation was beneficial locally in the Southwest. but a large and provement rather than further depression for textiles. A
important agricultural area in that part of the country is badly in need
of moisture; in some sections the drought is becoming serious, especially promise of better conditions is seen in both cotton and woolen
in Oklahoma and in parts of the adjoining States. The low temperatures
and dry soil were decidedly unfavorable for winter wheat in this area, but goods divisions, as a result of firming values in the raw
snows were helpful in much of the Ohio Valley. In the South germination markets. Concrete advances have resulted in cotton goods
and growth of early-planted crops have been slow, with much complaint.of
Irregular stands because of unfavorable germinating weather. Excessive markets. A better demand for woolen goods reflects the
rains in parts of Florida did much damage to truck crops.
confidence of buyers that the low point in values has been
In the Corn Belt preparations for planting were inactive because of
wetness, coolness, and considerable frozen soil in the northern parts. reached.
Farther south but little additional planting was done, and some early
DOMESTIC COTTON GOODS.—Upward revisions on
corn that was up has been frosted. Very little cotton was put in during
the week because of the low temperatures; preparation of seed beds has print cloths and denims constitute the outstanding developbeen retarded, but in most sections this work is rather well advanced.
Early-planted cotton made little or no progress. In Texas, where the bulk ments in cotton goods markets during the week. A gradual
of seeding, so far, has been done, the progress of the crop was poor and improvement in demand, coupled with a decidedly firmer
there was some frost damage, while much seed has been lost in the central
and northern parts of the eastern half of the State because of unfavorable raw market, gave the producers concerned the necessary
germinating weather. Planting continued in California, and cotton is confidence that internal conditions in the trade would uphold
up in the Yuma district of Arizona.
SMALL GRAINS—Winter wheat was benefited by snow in the western the advances in point, and it is understood that every effort
Ohio Valley, but in other parts there were further reports of heaving, al- will be made to maintain the new quotations, even if buyers
though the crop appears to be holding up well. Rains would be of benefit confine their operations still more drastically than hitherto,
In the central portions of the belt: growth was retarded by the cold weather.
In the Southwest. especially in Kansas and Oklahoma, wheat needs mois- in an effort to force concessions. Current ordering of print
ture rather badly, with marked signs of deterioration appearing in the
south-central and western portions of Kansas. Progress of winter wheat cloths is in good volume, with stocks in retail channels none
was poor in the more southwestern States, but condition remains fair to too plentiful, and fairly extensive curtailment of denims of
good. In the East winter cereal crops are doing well, but in the Northwest late has placed these goods in a considerably better position
there is again a need of moisture in some parts, while in others heaving
was noted. Some oats were put in north to South Dakota and Minnesota, for profitable business. Firmer quotations were also in
while spring wheat seeding was retarded by frozen ground in places. Oats evidence for narrow sheetings during the week, and a someare making only slow growth in the Southwest, while condition is poor
to only fair as the soil is too dry and cold for germination ofseed. Conditions what better tone existed throughout the coarse yarns diviwere more favorable in the South and East.
sion. It is reported that it was recently the intention of
The Weather Bureau furnishes the following resume of some manufacturers to quote certain staple suitings at lower
the conditions in the different States:
prices, but with raw cotton up rather sharply and encouragVirginia—Richmond: Cold and dry, with ample sunshine, favorable
for outdoor work and farm operations well in hand. Low temperatures ing evidence of firming values in various cotton goods marunfavorable for tobacco plants in beds. Winter grains and pastures fair kets, it is considered unlikely that any such changes will be
to good, but rain needed. Some damage to early peach and plum bloom made, unless the present indications of a general uptrend
by cold, but apple buds retarded.
North Carolina.—Raleigh: Cool; sunshine above normal; rainfall light. in values are demonstrated to be transitory. A digest of
Not much frost damage, except to some tender truck. Farm work well reports from the various manufacturing centers is comahead. Reports on small grain not so favorable. Precipitation light
paratively favorable on the whole. A gradual expansion of
for two months and rain needed.
South Carolina.—Columbia: Abnormally cool, especially at night. Spring sales volume is in process, according to these reports, and
plowing well advanced and scattered rains beneficial for further work.
Fine asparagus and good cabbage being shipped. Some early cotton and further improvement is expected in most quarters if it becorn planting in scattered sections. Winter cereals fair to good growing comes clear that the current tendency in the raw staple is a
condition. Tobacco beds fair. Cool weather holding back tree fruits.
real indicator of value. On the other hand, considerable
Potato planting continues.
Georgta.—Atlanta: Week cold, cloudy, and windy, with frost on several dissatisfaction continues to be manifested on the score of
mornings and heavy rains over southern half. Planting, germination,
and growth delayed. Planting corn proceeding slowly, but very little overproduction. Current demand does not amount to anycotton planted. Wheat oats and rye doing fairly well and spring oats thing like such a figure as would necessitate capacity output,
coming up. Truck considerably damaged by frost, but injury to peaches
and since intensified production is still being carried on in
small. Dry warm weather needed.
Florida.—Jacksonville: Rains Friday in central and west
-central caused many quarters as a means to reduce overhead, stocks in
great damage to beans, peppers, potatoes, cucumbers. tomatoes and
strawberries and to a less extent to melons and early corn. Potato digging mills remain at an uncomfortably high figure. Print cloths
suspended in St. Johns district, with resultant danger of rotting. Rain 27-inch 64x60's construction are quoted at 4%c., and 28-inch
beneficial locally in portions of Miami district. Some tobacco set in Suwanee 64x60's construction
at 4%c. Gray goods 39
-inch 68x72's
Valley, but lowlands too wet. Citrus in splendid condition. Sunshine
and warmer weather needed:
construction are quoted at 7%c., and 39-inch 80x80's at 9c.
Alabama.—Montgomery: Temperatures averaged considerably below
normal; unfavorable for growth of vegetation; frost locally, but damWOOLEN GOODS.—Production on a limited *scale, which
age slight. Moderate local showers on three days retarded farm work, has been generally
observed in woolens and worsteds marbut fairly good progress made in preparing cotton and corn land; some
cotton planted in more southern counties, while corn planting progressed kets in the past several weeks, is apparently standing proslowly. Oats mostly fair progress and condition. Planting potatoes good ducers in good stead.
Demand is reported to be improving,
progress; some coining up.
Mississippi.—VIcksburg: Unseasonably cold, with ice in north and and the expanded volume of orders being received by some
central Thursday and Friday; resultant damage to truck considerable. mills is warranting
increased operations. With the Easter
Moderate precipitation general in central and south, but little elsewhere.
movement into consumption apparently getting under way,
Progress of routine farm work mostly poor in central: fair elsewhere.
Louisiana.—New Orleans: Mostly moderate rains; unseasonably cool manufacturers have secured in many instances substantial
and occasional frosts unfavorable and very little work done. Pastures
growing very slowly. Frosts Saturday killed part of exposed strawberry bookings for deferred delivery, and are able to face the
bloom; damage in interior to young beans, peppers, and corn necessitates prospects of a good fall season unencumbered
by heavy
considerable replanting. Sugar cane somewhat backward.
2'exas.—liouston: Cold, with frost to lower C08.84 on 30th. Precipitation stocks such as exist in some places in cotton goods markets.
light to moderate, with some snow in central and northwest. Progress After months of weakness in the overseas raw markets,
of pastures, winter wheat, spring oats, and truck poor account cold; condition fair to good. Corn practically made no growth. although but little values now appear to be stabilizing, with buying brisker
killed by frost. Damage to tender truck, especially tomatoes, more severe and more competitive. While the local markets continue
and some further damage to fruit buds. Progress of cotton poor in south, slow at the
present time, it is expected that they will soon
with slight frost damage; condition fair; much seed lost in central and
begin to reflect the better foreign condiions, which are
northern portions of eastern half account unfavorable germination.
Oklahonta.—Oklahoma City: Unfavorable week. Unseasonably cold, taken to indicate the expected permanent
upturn following
with frost or freezing at night; no rain and drought serious. All vegetation making slow growth; soil too dry and cold for germination of seed. the corresponding improvement in general trade.
Progress of winter wheat very good; too cold and dry and condition spotted,
FOREIGN DRY GOODS.—Reports from various selling
ranging from Poor to very good. Corn planting retarded as too cold and
dry for germination; coming up to mostly poor stands. Condition and offices indicate
a generally more active market for linen
progress of oats. gardens, and pastures generally poor.
Arkansas.—Little Rock: No precipitation very favorable for preparation goods. An improved demand is particularly noticeable for
of soil, but weather too cold for growth of corn and cotton that were planted. suitings and household linens, price
revisions on the latter
Corn that was up first of week was killed in north and some killed in central
and south. Very little cotton planted, but much ground ready for planting having been made to between 5 and 10% lower on some
to corn and cotton. Favorable for wheat oats, meadows,pastures, potatoes, constructions, to accord with lower values
for flax. Tabletruck and fruit. Some strawberries killed in north portion.
cloths and luncheon sets in bright colors and striking designs
Tennessce.—NashvIlle: Rain, sleet, and snow preceded unusually low
temperatures, with light to heavy frosts. Much damage believed done to are moving into distribution steadily. Reports from retail
fruit trees and slight injury to bed tobacco plants. Wheat advanced con- channels
are indicative of low stocks there, and a considersiderably; spring oats good stands.
Kentudcy.--Louisville: Cold, with light precipitation. Growth checked able volume of replenishment business is expected to transby repeated freezes and cold winds unfavorable for outdoor work. Some pire before
Easter. Sentiment with regard to the immediate
plowing,Potato planting,and oat sowing but mostly await warmer weather. future
.
is therefore hopeful. Burlaps are quiet. Light
Tobacco plants coming up slowly. Fruit in bloom somewhat damaged by
freezes.
weights are quoted at 5.00c., and heavies at 6.50c.
2444
FINANCIAL CHRONICLE
tate anti Titg ilvartutent
MUNICIPAL BOND SALES IN MARCH AND FOR THE
FIRST QUARTER.
State and municipal long-term bond emissions during the
month of March totaled $124„544,417 a decided increase
over the disposals for the previous month when the figure
was 1,532,516, and an increase also compared with the
awards during January which amounted to $109,578,814.
In March 1929 total sales were $105,775,676. In our total
for March 1930 we do not include the sale of $14,000,000
Detroit, Mich., 3.64% tax anticipation notes, due Aug. 11
1930, to the Chase Securities Corp., and Barr Bros. & Co.,
Inc., both of New York, jointly at par plus a $19 premium,
nor do we include sale of the $5,000,000 Boston, Mass.,
3.33% tax anticipation notes, due Oct. 7 1930, to Salomon
Bros. & Hutzler, of New York, at par plus a $51 premium.
These issues mature in less than one year and are accounted
for in our total of temporary borrowings.
The awards of long-term State and municipal bonds for
the first three months of this year aggregate $315,655,747.
This figure, however, is subject to correction by later returns.
The total for the first quarter of 1929 was $251,388,122. In
1928 the aggregate was $364,000,414; in 1927, $372,613,765;
in 1926, $359,623,729; in 1925, $326,927,507, and in 1924
the amount was $295,559,537.
During March of this year the principal long-term bond
award was made by the East Bay Utility District, Calif., and
comprised two issues of 5% bonds aggregating $17,520,000.
The bonds were awarded to a syndicate managed by the
Bank of Italy of San Francisco, at 102.14, a basis of about
4.85%. The State of South Carolina contributed $10,000,000 to the total for the month, having sold an issue of coupon
or registered highway bonds for that amount as 4s to a
syndicate headed by the First National Bank of New York
at 102.359, a basis of about 4.31%.
In the following we give an account of each long-term
municipal bond sale of $1,000,000 or over that occurred
during March:
117.520.000 East Bay Utility District. Calif., bonds awarded as fa to a
syndicate managed by the Bank of Italy of San Francisco, at
a price of 102.14, a basis of about 4.85%. The award consisted of: $16.000,000 water bonds, due $400,000 on Jan. 1
from 1938 to 1977, inclusive, and $1.520,000 water bonds. due
$38,000 on Jan. 1 from 1935 to 1974, inclusive. The successful bidders reoffered the bonds for public investment at prices
to yield about 4.60% for all maturities.
10.000.000 South Carolina (State of) coupon or registered highway bonds
sold as 41413 to a syndicate headed by the First National Bank
of New York, at a price of 102.359, a basis of about 4.31%.
The bonds mature annually on Dec. 1 from 1939 to 1953,incl..
and the successful bidders reoffered them for public subscription at PriCCEI to yield 4.20% for all maturities.
8.920.000 North Carolina (State of) 431% various improvement bond/3,
due from 1930 to 1972 inclusive, awarded to a group managed
by the First National Bank of New York. at 100.03, a basis
of about 4.24%.
6.000.000 Louisiana (State of) 5% highway bonds, due annually on
March 15 from 1931 to 1960, inclusive, awarded on March 1
to a syndicate managed by the Bankers Company of New
York. at a price of 102.64. a basis of about 4.73%.
4.000.000 South Carolina (State of) 3.84% tax anticipation notes purchased by a group headed by the Bankers Company of New
York. at par plus a premium of $17. The notes are dated
March 31 1930 and mature on March 31 1931.
3.306,000 San Francisco (City and County of), Calif., bonds, comprising
two issues, awarded as 434s to a syndicate headed by Lehman
Bros., of Now York, at 101.01, a basis of about 4.40%. The
bonds mature annually from 1935 to 1955, inclusive.
Dallas Co. R. D. No. 1, Tex., road bonds awarded as 49is to
3.000.000
George L. Simpson & Co., of Dallas, at 100.669, a basis of
about 4.68%. The bonds mature $100.000 on April 10 from
1931 to 1960. inclusive.
2.650.000 Chicago South Park District, Ill., bonds awarded to a group
headed by the Foreman-State Corp., of Chicago, as follows.
$1.300,000 bonds, consisting of an $1.000,000 Lake Front
improvement issue and a $300,000 park issue, both sold at
95.22. a basis of about 4.60%. Issues mature annuallysfrom
1931 to 1950, inclusive. An issue of $1,350,000 Columbain
Fine Arts Bldg. bonds, due from 1931 to 1948. inclusive, was
awarded at 95.44, a basis of about 4.63% •
2.500.000 Birmingham. Ala.. bonds awarded as 430 to a group headed
by the First National Bank of New York, at 100.047, a basis
of about 4.49%. The award consisted of: 11.000,000 park
bonds, due from 1933 to 1950, inclusive, $1,000,000 drainage
bonds, due from 1933 to 1960, inclusive, and $500.000 fire department refunding bonds, due from 1933 to 1945, inclusive.
2,490.000 Minneapolis, Minn., 434 and 5% various issues of improvement bonds awarded to M. M. Freeman & Co., Inc.. of
Philadelphia, at 101.39, a basis of about 4.17%. The bonds
mature annually from 1931 to 1955, inclusive.
2.258.000 Houston, Tex., various improvement bonds, comprising nine
issues maturing annually from 1933 to 1955, inclusive, sold on
March 15 to a group headed by Lehman Bros., of New York.
at 100.91. a basis of about 4.42%. The successful (bidders
took $2,202,000 bonds as 43.4s and $56,000 bonds as 4,4s.
2.040,000 Nassau County. N. Y., 43. % coupon or registered bonds. consisting of $1,500.000 county roads due from 1931 to 1942.
inclusive: $440,000 county road and highways due on March 1
1943. and 1100,000 bridge bonds due $50.000 on March 1 in
1944 and 1945. awarded on March 5 to a syndicate beaded by
George B. Gibbons & Co., of New York. at 102.24, a oasis of
about 4.18%.
2.000.000 Cleveland City School District, Ohio. school building bonds
awarded as 4345 to a group headed by the Continental Illinois
Co.. of Chicago, at a price of 101.30, a basis of about 4.37%.
The bonds mature $80,000 on Oct. 1 from 1931 to 195.5. Incl.
2.000.000 San Antonio Ind. S. D., Tex.. 434% coupon school bonds purchased on March 25 by a syndicate headed by the National
City Co., of New York, at 102.913, a basis of about 4.51%•
The bonds mature $50,000 annually from 1931 to 1970, incl.
2.000.000 Tennessee (State of) refunding highway bonds awarded on
March 27 to Eldredge & Co.. and the International Manhattan
Co., both of New York. at 100.01. an interest cost boats of
about 4.37%. The successful bidders took $1.500.000 bonds
as 434e, and the remaining $500,000 as O. The total Issue
matures on April 11 1935.
[VOL. 130.
1,800.000 Tarrant County, Tex., road bonds, part of a total issue of
12,700.000 bonds offered on March 10, were awarded to bear
434% interest to a group headed by Halsey, Stuart & Co., of
New York, at 98.75, a basis of about 4.62%. The oonds
mature $60,000 on Oct. 10 from 1930 to 1959, inclusive.
1,750,000 Toledo City School District, Ohio, school bonds awarded as
4315, at 100.35, a basis of about 4.215% to a group managed
by the Continental Illinois Co.of Chicago. The bonds mature
$70,000 annually on April 1 from 1932 to 1956. incl.
1,395,000 Akron, Ohio, bonds awarded to a group managed by Otis &
Co.,.of Cleveland. at 100.13, an interest cost basis of about
4.53%. as follows: $500.000 water works extension bonds, due
from 1931 to 1955 inclusive, as 434s: $385,000 land purchase
bonds, due from 1931 to 1943, inclusive, as 4345; $260,000
trunk sewer construction bonds, due from 1931 to 1955, inclusive, sold as 434s, and $250.000 street opening and widening
bonds, due from 1931 to 1955, inclusive, also were sold as 4345.
1,000,000 Cranston, R. I., coupon or registered bonds awarded as 43is
to a group headed by the Guaranty Company of New York. at
101.951, a basis of about 4.31%.. The award consisted of:
$325,000 school bonds, due on March 15 from 1931 to 1970.
Inclusive; $275,000 school bonds, due on March 15 from 1931
to 1970, inclusive; $250.000 highway and bridge bonds, due
on March 15 from 1931 to 1940. inclusive, and $150,000 school
bonds, due on March 15 from 1931 to 1970. inclusive.
1,000,000 Genesee County, Mich., coupon road bonds awarded to a
syndicate headed by the Continental Illinois Co.. of Chicago,
at 100.026 for $800,000 bonds. due 1200,000 March 15 from
1937 to 1940 inclusive, as 4345, and $200,000 bonds, due
March 15 1941. as 4345. Net interest cost 4.488%.
1,000,000 Jefferson County, Tex.,5% court house bonds awarded to the
Republic National Co., of Dallas, at 100.45, a basis of about
4.94%. The bonds mature in 40 years; optional 10 years from
date of issue.
1,000.000 Portland, Ore.,4% water bonds awarded to a group consisting
of Emanuel & Co., and H. M. Byllesby & Co., both of New
York. and the Continental Illinois Co., of Chicago, at a price
of 97.91, a basis of about 4.95%. The bonds mature $50,000
on April 1 from 1941 to 1960, inclusive.
1,000.000 St. Paul, Minn., coupon or registered general improvement
bonds awarded as 434s to the Continental Illinois Co., and
the Foreman State Corp., both of Chicago, at 100.1955, a
basis of about 4.23%. The bonds mature annually on March
1 from 1931 to 1950. inclusive.
1.000,000 Scranton Poor District, Pa.. 434% bonds awarded on March
21 to E. H. Rollins & Sons, of Philadelphia, at 100.012, a
basis of about 4.49%. The bonds mature $50,000 annually
on March 21 from 1931 to 1950 inclusive. The accepted
tender was the only one received.
As was the case in preceding months, a considerable
number of municipalities were unsuccessful in disposing of
their offerings in March. In the following table we give a
list of the municipalities which failed to market their offer.
ings during the month, showing the amount of the offering,
the interest rate specified and the reason, if any, assigned
for the failure to award the obligations:
Page
2071
2072
2271
1881
1881
2272
2272
2074
2273
2274
2274
1701
2077
2275
2275
1885
1885
1148
2276
1886
1886
Int. Rate
Name
Amount
Report
Brackettville, Tex
6%
$68,000 Bids rejected
Davidson Co., No. Caro_ a _ _
118,000 Postponed
Hellertown Sell. Dist., Pa.-b- 4 ;.,/%
100.000 Not sold
Hutchinson Co., Tex
5%
30,000 Not sold
Jones Co., Miss c
70,000 Postponed
Leesburg, Fla
6
100.000 No bids
La Porte Co.. Ind
6
3,869 No bids
Liberty Co., Tex
5
500,000 Not sold
Mahnomen Co. S. D.No.2,Minn. 6
30.000 No bids
Pampa School Dist., Tex...d___
5
200.000 Postponed
Perry, Fla
6
50,000 No bids
Polk Co. Sch. Dist.. Fla.(4 iss.)
54
,
100.000 No bids
Port Isabell-San Benito Navig.
Dist., Tex. e
534%
500,000 Postponed
Roxboro. N. C.(1 yr. notes)_ _ -not exc.6%
62,000 Bids rejected
San Patriot° Co. R.D.No.5,Tex. 534%
225.000 Bids rejected
Starr Co. Water Control and
Impt. Dist, No. 1, Tex-1
6%
1,200.000 Postponed
Sutherland, Iowa
6,000 Bids rejected
5%
Tacoma, Wash.-g
not exc.
1,500,000 Postponed
5M
Troup, Tex.(3 issues)-60,000 Postponed
Wabash Co., Ind.(2 issues)
434 0
31,500 Not sold
Wellington Ind. S. D., Tex
%
55,000 Bids rejected
vo
x Bidders were asked to name rate of Interest in proposal.
a Sale of the bonds was indefinitely postponed. b Bids received were
returned unopened as the Borough Solicitor is said to have failed to receive approval of the issue prior to the date of the scheduled sale. c Sale
of the issue has been postponed until about May 1. d District Business
Manager Joe M. Smith reported that the sale of the bonds was
and that he would receive private bids for the issue. e Sale of postponed
was indefinitely postponed. f Bids for the issue were originally the lmnds
scheduled
to have been opened on March 15. Lino Perez, President of the
later announced that the date of the opening of bids had been District,
extended
to April 11—V. 130, p. 2078. District officials then stated that another
change in the date of sale had been made and issued a call for sealed bids
for the bonds to no opened at 10 a. m.on April 4—V.130, p. 2276. g
Sale
of the bonds was indefinitely postponed. h Validity of the bonds Is being
attacked, according to report.
•
Loans of short duration negotiated during the month
amounted to $100,112,000,r,the City of New York having
contributed $40,970,000 to the total. Sales of long-term
Canadian municipal bonds totaled $16,185,471. About
$4,000,000 of these bonds are reported to have been placed
in the United States. The City of Vancouver, B. C., was
the principal Canadian borrower during March having sold
seventeen issues of 5% general, city's portion and property
owners' shares of improvement bonds aggregating $4,061,485.50 to a group headed by the Bank of Montreal, of Montreal, at 99.737, Vancouver payment and delivery, an interest cost basis of about 5.02%. The bonds mature in from
10 to 40 years.—V. 130, p. 2278.
The Province of Saskatchewan on March 18 privately
sold
an issue of $3,200,0004% public improvement bonds, due
on March 15 1960, to a syndicate managed by the
Dominion
Securities Corp., of Toronto, at 91.77, a basis of about
5.03%—V. 130, p. 2080. The Province of British Columbia
on March 31 awarded an issue of $3,000,000 4 1 0
7 bonds,
due in 1955, to a Canadian syndicate headed by Fry,
Mills,
Spence & Co., of Toronto, at 93.67, a basis of about
4.94%.
Approval of various debenture by-laws aggregating $10,600,000 of the City of Toronto, Ont., was given at a recent
meeting of the city council—V. 130, p. 2278. No financing
during March was undertaken by any of the United States
Possessions.
APRIL 5 1930.]
FINANCIAL CHRONICLE
2445
A comparison is given in the table below of all the various which provides that the above named city may by vote
of the city council, with the approval of the Mayor, in the
securities placed in March in the last five years:
manner specified in Section 3 of Chapter 486 of the Acts of
1909, make appropriations for municipal purposes to be
1928.
1927.
1926.
1929.
1930.
raised by taxation for the financial year ending Dec. 31
SI
$
IS
$
Permanent loans(U.S.) 124,544,417 105,775,676 129,832,864 88,605,561116,898,902 1930, not exceeding the sum of $16 on each $1,000 of the
•Temp'ry loans (U.S.) 110,112,000 48,994,000 74,132,292 65,388,700 71,248,000 valuation upon which the appropriations by the city council
Bonds U.S. possessions none
110,000,
none
are based. The act took effect immediately upon passage.
Canadian loans (permanent)—
1
Placed in Canada_ 12,185,471 3,560,820 3,829,090
3,046,251
Placed in U. S
Brooklyn, N. Y.—New Borough President Elected.—On
5,000.000
4,000,000 250,000
Gen.Id. bds.(N.Y.C.) none
none
480,000 8,750,000 April 2, the Brooklyn Aldermen unanimously elected Henry
Total
240,841.888 158,580.496207.904.248 154,474,261204,943,153 Hesterberg, Commissioner of Public Works of that borough
•Includes temporary securities by New York City In March: $40,970,000 In since September 1926, to succeed to the office of Borough
1930. $34.204,000 in 1929, 546,456,000 In 1928. $50,000,000 In 1927. and 153.- President, recently left vacant by the death of James J.
000.000 in 1926.
The number of places in the United States selling perma- Byrne.
Kentucky.—Gross Sales Tax Measure Signed by Governor.
nent bonds and the number of separate issues made during
originatMarch 1930 were 305 and 435, respectively. This contrasts —On March 18 Gov. Flom D. Sampson signed a bill sales tax
ing in the House which imposes a graduated gross
with 284 and 412 for February 1930, and with 317 and 411 on retail merchants, reports a Frankfort dispatch of March 19
for March 1929.
appearing in the "United States Daily" of March 20. The
For comparative purposes we add the following table following, giving the details of the plan, is from the above
showing the aggregates for March and the three months for newspaper:
One-twentieth of 1%
gross sales of $400,000 or lees; 2-20ths on the
a series of years.
In these figures temporary loans, New excess of the gross salesof the$400,000 and not exceeding $500,000; 5-2081's
over
excess over $500,000
York City's "general fund" bonds and also issues by Cana- on theover $600,000 and notand not exceeding $600,000; 8-20ths on the
excess
exceeding $700,000: 11-20ths on the excess
over $700,000 and not exceeding $800,000: 14-20ths on the excess over
dian municipalities are excluded:
Month of
March.
For the
Three Mos.
Month of
March.
For the
Three Mos.
1930
z$69,093,390 8104,017,321
8124,544.417 5315,655,747 1910
32,680 227 79 940 446
1929
105,775,676 251,388.122 1909
18.912,083 90,769.225
1928
•129,832,864 364,000,414 1908
10,620,197 58,320,063
1927
88,605,561 372 613,765 1907
20,332,012 57,030,249
1926
116,898,902 359.623,729 1906
17.980,922 35,727,806
1925
111,067,656 326.927,507 1905
14,723,524 46,518.646
1924
101,135,402 295,559,537 1904
9,084,046 40,176,768
1923
69.575.262 246,574,494 1903
7,989,232 31,519,536
1922
116,816.422 292,061.290 1902
10.432,241 23,894,354
1921
51,570,797 204,456,916 1901
8,980.735 34,492,466
1920
58,838,866 174.073,118 1900
5,507,311 18,621,586
1919
50,221.395 106,239.269 1899
6,309.351 23,765,733
1918
28,376,235 75,130,589 1898
12,488.809 35,571.062
1917
35,017,852 101,047,293 1897
4,219,027 15,150,268
1916
32.779,315 120,003.238 1896
4,915,355 21,026,942
1915
a67,939,805 144,859.202 1895
5,080,424 24,118,813
1914
43,346,491 165,762,752 1894
6,994,246 17,504,423
1913____ ._
14,541,020 72.613,546 1893
8,150.500 22,264,431
1912
21,138,269 75,634,179 1892
1911
22,800,196 123,463,619
a Includes $27,000,000 bonds of New York State.
z Includes 850,000,000 bonds of New York State.
.
Includes $22,500,000 bonds of New York State.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing tho
month's bond sales in detail. It will be given later.
NEWS ITEMS
Auburndale, Fla.—Bondholders' Protective Committee
Formed on Bond Default.—We are in receipt of a copy of the
letter and deposit agreement sent out to the holders of the
defaulted bonds on March 15 of the above named city, the
latest Florida municipality of sufficient importance to
warrant the formation of a protective committee, calling
for the deposit of bonds with the Equitable Trust Co. of
New York up to May 1. The city, which is located in Polk
County and has a bonded debt which aggregates about
$1,314,100, is in default on bond interest. The following is
the letter referred to:
To the Holders of
City of Auburndale, Fla., Bonds:
Gentlemen:
The City of Auburndale in Polk County, Fla., having outstanding bonds
In approximately the amount of $1,314,100. has defaulted in the payment
of interest due on bonds and has iisued certificates of indebtedness in
payment of a portion of sucn interest, and has defaulted in the payment of
principal of certain of said bonds.
A large part of the outstanding bonds, all of which are believed to be
payable from an unlimited tax levy upon all of the property of the city,
was intended to be paid from collections of special assessments. Heavy
defaults of property owners in the payment of the special assessments have
thrown a burden upon the city which the city officers have not been willing
to recognize by sufficient tax levies. It appears from a recent report of the
city's Financial Advisor that the city proposes to take care of principal and
interest wnich are past due and which become due in the year 1931) upon its
bonds by exchanging at par new refunding bonds for past due and maturing
principal and paying one-third of the interest in cash and issuing certificates
of indebtedness for the remaining two-thirds.
In our opinion, all the holders of bonds of the city of Auburndale should
unite for concerted action. A more thorough investigation of the affairs of
toe city should precede any positive course to be taken whether it be litigation of one class or another or a settlement without litigation.
At the suggestion of holders of a large amount of the outstanding bonds,
the undersigned have agreed to act as a Bondholders' Protective Committee and the committee has been organized. We urge the immediate
deposit of all bonds with unpaid coupons regardless of their maturity with
the Equitable Trust Co. of New York, 11 Broad St., New York City, under
the terms of the deposit agreement dated March 15 1930. a copy of which is
enclosed herewith. The depositors should transmit their bonds by registered
mail to said depositary, accompanied by a letter of transmittal, a form for
which is enclosed.
The committee will not receive bonds for deposit after May 1 1930, unless
at that time, in the judgment of the committee, it shall seem advisable to
extend the period of deposit.
Respectfully submitted,
WILLIAM PARSON
C. ASHMEAD FULLER
W. RAND JONES
W.PITKIN
Committee.
$800,000 and not exceeding $900.000; 17-20ths on the excess over $900,000
and not exceeding $1,000,000; 1 1 , on the excess over $1,000,000.
7
Report must be filed with the State tax commission on or before Feb 1
each year showing the total gross sales during the preceding calendar year
and payment must be made to the auditor of public accounts within 30
days after notice.
In making the report for 1930 only those sales made between the effective
date of the act and Dec 31 1930, are to be included.
A penalty of 20% and interest at the rate of 6% per annum may be
added for failure to file a report or pay the tax.
The State tax commission and its representatives are given authority to
examine the books and papers of retail merchants and to examine witnesses
under oath, but are not allowed to reveal any information so gained.
Refusal to file a report or to permit examination of the books is a misdemeanor punishable by a fine not exceeding $1,000 and in case the offender
is an individual he may be also imprisioned not exceeding six months.
No suit may be maintained to restrain or delay the collection of the tax.
according to the law, but suit to recover taxes paid under protest may be
started at any time within two years after payment.
New Jersey.—$100,000,000 State Bond Issue Passed in
Assembly.—On April 1 the Assembly passed the bills providing for the issuance of $100,000,000 in State bonds to
finance public improvements, a Trenton dispatch to the
Newark "News" of April 2 said, from which we quote in
part as follows:
Passage in the House of the four bills to accomplish the refinancing
program for State improvrnents without support of the Republican joint
conference committee was one of the most surprising moves of the legislative
session.
Senator Pierson, sponsor of the $100,000,000 bond issue plan, did not
bring the issue up before the conference committee for indorsement, but
won enough votes in the House on his own to assure passage. He is believed to have aligned sufficient support in the Senate also, although
there is certain to be strong opposition, particularly from Senator Richards
of Atlantic.
Although sponsors of important bills have directed most of their energy
toward getting conference support Pierson diagnosed the situation differently. Warned by the fight on the billboard bill that the House delegation would not vote for a bill indorsed by the conference committee
unless reasons for its passage were understood thoroughly, Pierson undertook to personally educate the House members.
Pierson realized the opposition to the measure after a House caucus
Monday night and determined to overcome it without aid of the conference committee. He went into a House caucus yesterday and patiently
went over every feature of the bills, which include an increase of one
cent a gallon in the gasoline tax, and in the end he won. The bills were
passed with votes to spare despite efforts of Senator Richards to have
them killed by open debate.
The Senate President pushed the program on his own, it is understood
because of the attitude of the conference committee to postpone action
on controversial issues. Several important - measures. such as the regional agency bill, have been laid over a year by the conference committee.
Pierson feared the refinancing program would go the same way and aligned
the support necessary for his pet project with the aid of Majority Leader
Wise and Minority Leader May M. Carty.
It was the margin of the Hudson votes that made the difference between
an easy victory and a close battle. The greatest opposition recorded against
any of the four bills was nine votes, but if the Democratic delegation had
been opposed en bloc, there might have been a different story. Many
Assemblymen had been persuaded by Pierson's careful discussion of the
bills, and any indication of determined opposition undoubtedly would
have resulted in a landslide against the program.
Throughout the debate, the House members said they were against the
bills originally, but had been convinced by Senator Pierson's talk. Some
of them were only half
-convinced, but they voted for the bills while waiting
to see if there was any movement against the program. Atlantic and
Mercer counties stood firm not to vote for the bills because they had not
beea studied sufficiently. Sussex. Morris,and Warren were opposed also.
Assemblyman Powers of Mercer, spokesman for his colleagues, Vollmer
and Spair, said the project was too important to be passed until the public
had more chance to study it. He was not opposed to the principle of the
program, he declared, but the Mercer delegation wanted to make certain
the four bills would accomplish what they purported to. In voting against
House 215. providing for the increase from two to three cents a gallon in
the gasoline tax, Siracusa opposed his own bill.
House 215 passed, 40 to 9, while House 359, providing a $7,000,000
bond issue for acquisition of land for water supply development, went
through, 42 to 9. Tire bill to authorize $10,000,000 in bonds to carry
out the institutional building program, House 360. passed, 44 to 7: and
and House 361, providing for $83,000,000 in bonds for the State highway
and grade crossing elimination program, was carried, 45 to 7. The three
bond bills authorize referendums.
New Orleans, La.—State Board Approves $2,200,000
Lake Front Bond Issue.—We quote in part as follows from a
lengthy Baton Rouge dispatch to the New Orleans "Times
Picayune" of March 29 relative to the proposed issuance of
$2,200,000 seawall bonds by the Orleans Levee District:
The State Board of Liquidation to-day by unanimous vote approved an
Bernardston, Mass.—Establishment of Fire and Water
District Approved.—On March 7 a legislative act was authorization for the Orleans Levee Board to issue $2,200,000 bonds for
building a seawall in its Lake Pontchartrain improvement program, but
approved which creates a fire and water district in the above refused to authorize an additional $3,800,000 bonds Until such time as the
named town, defines the boundary lines of said district and money was actually needed.
Until such time, however, as the State Supreme
also defines those certain powers and limitations of the that the Levee Board can increase its present leveeCourt specifically rules
tax in the city of New
Orleans from
district so created. The act as approved permits the district necessary, forthree mills to the constitutional limitation of five mills, it
the purpose of
interest and
to issue bonds in the sum of not exceeding $100,000 to pay lake shore bonds, the banks willguaranteeing the securities.principal of the
not purchase
In order to make a test of this point, five of the bonds will be sold imthe necessary expenses and liabilities incurred.
mediately at private sale by the levee board to New Orleans banks. who
Boston, Mass.—Legislative Act Passed Relative to Muni- upon receipt of an opinion from their attorneys that the bonds are not
backed
of the city will
tipal Appropriations.—On March 12 an act was approved then beby the taxing powerpoint at issue. refuse to accept there. Suit will
brought to test the
2446
FINANCIAL CHRON CLE
If the State Supreme Court rules that the taxing power of the Levee
Board is behind the lake front bonds,the $2,200,000 issue authorized by the
Board of Liquidation, less the $5,000 sold privately for test purposes, will
then be advertised and sold on competitive public bids.
New York City.—Bills Providing $25,000,000 Park Bonds
Presented in Legislature.—On April 2, pursuant to the
adoption of the resolution on April 1 by the Board of Estimate, following the recommendation of Mayor Walker,
the Democratic leaders presented in the State Legislature
bills which authorize the city to issue $25,000,000 in longterm bonds to be used for the purchase of park and playground lands in the five boroughs on a proposed four-year
program, the funds to be divided as follows: $6,000,000
each to Manhattan and Queens, and approximately $4,000,000 each to the other three boroughs. Newspaper dispatches from Albany report that Comptroller Berry, actiag
as spokesman for the Board of Estimate, presented a statement to the legislative leaders giving figures which are
designed to show New York City's large credit margin
available for any authorized purpose.
New York State.—Senate Unanimously Passes Mastick
Pension Bill.—On March 24 the State Senate unanimously
passed the measure introduced by Senator Mastick which
would establish a system of State and County relief for
the aged poor substantially as it was presented by the
Mastick commission. Three proposed amendments to the
measure were rejected. The bill imposes upon all the
counties in the State the duty of contributing to the support
of persons who have reached the age of 70 and have no means
of support other than a State asylum. American citizens
who have been residents of New York State for ten years
are eligible under the bill to apply for support. The Albany
correspondent of the New York "Herald Tribune" discussed
the passage of the measure as follows, writing under date
of March 24:
Without a dissenting vote the Senate to-night passed the Mastick bill
setting up a system of State and County relief for the aged poor. Opposiit would impose upon the poorer
tion to the measure on the ground that was
voiced by Senator Bert Lord,
counties a burden they could not afford
of Chenango County, and Senator Perley A. Pitcher. of Jefferson County.
were recorded as
but when the vote was taken theyleader, recognized approving the bill.
the complaint of the
Senator John Knight, majority
rural counties as a legitimate one in a statement explaining that the Mastick
commission was considering a plan for equalizing the distribution of the
financial burden which the bill proposed the State and the Counties should
bear equally. Senator Knight said that undoubtedly many of the smaller
counties with a low assessed valuation would be called upon to expend
more in proportion to their wealth for the relief of the aged poor than the
wealthier counties. The Mastick commission, he said, recognized the injustice but was unable in the time allowed for its investigation to devise a
remedy•
Age Minimum is Seventy.
:ton alicHOWs thenTitira c717771=g to the supTli7f0=poses tir—
port of persons who have reached the age of 70 and have no means of
support in a place other than a State institution. Citizens of the United
States who have resided in the State for 10 years are eligible under the
bill to apply for support.
Administration of the poor relief system is vested jointly in the Public
Welfare Departments of the counties and in the State Department of Social
Welfare. When the local authorities approve an application for relief the
required. The State
approval of the State authorities is authorities to provide authorities also
local
relief when
have the power of directing thewithout casue by the local authorities. they
The
relief has been refused
believe
county to
State undertakes to reimburse eachof the bill. the extent of one-half the
amount expended, under the terms
Senator Seabury C. Mastick,of Westchester,in moving the passage of his
bill, said that the only criticism had been that the measure did not go far
enough. He added that some persons including Governor Roosevelt, believed that it should provide for a contributory pension system in which all
persons might provide against want in old age.
[VOL. 130.
requiring municipalities to furnish annual statement of indebtedness is taken from the Providence "Journal" of
March 13:
"Every city and town in the State,
of
fiscal year, will be required to furnishwithin 30 days after the closewithits
the Commissioner of Labor
a
statement giving complete information concerning the municipal finances,
under the terms of an act introduced in the House yesterday by Representative Alexander Marshall (Rep.) of Cumberland, and sent to committee.
"The statement must show a summary of revenues and expenses for the
last fiscal year, a detailed statement of receipts and disbuesements, income
and expense of each public industry,expenditures for construction, maintenance and operation stated separately; a
of the public debt, showing the purpose for which each item of statementcreated, together with the
debt was
provisions made for the payment of the debt; and all current liabilities
and assets.
"The treasurer of each city and town would be required to make the
return to the Labor Commissioner, who is to provide uniform blanks for the
purpose. If any treasurer fails to comply with the act, the Labor Commissioner and his assistants are given the right of access to all records
necessary for him to make up the statements, and the treasurer is made
liable for the costs of such compilation."
Texas.—Legislature Adjourns.
--On March 21 the fifth
called session of the Legislature, which had been in session
since Feb. 19—V. 130, p. 1508—adjourned after the conference committee had reached agreements on measures
over which the Legislature had been deadlocked; which
were three of the most important bills of the session,
according to the Dallas"News" of March 21. The measures
in question, on which agreement was finally reached, were
described in the above-mentioned dispatch as follows:
The sulphur tax conferees agreed on a 55c levy and the House, 100
none, adopted the report and voted to put the tax into immediate effect.to
The conferees on the franchise tax bill earlier reported a bill which, it
Is said, will produce more than $250,000 in excess of the present State
Income from that source, which has been jeopardized by court decisions.
The House conferees on the appropriations measure, after waiting to
see what action was taken on the sulphur and franchise bills, signed the
report of the committee on that bill, which carries a total of $1,334,174.
The committee reduced it by $830,000 by cutting out numerous items and
reducing by half the amounts the bill had carried for summer schools
and contingent salary funds for State-supported educational institutions.
The latter reduces by 50% the amounts agreed on with the college heads.
Gov. Dan Moody,it is believed, will eliminate still further items.
The bill carries $150,000 for the Alamo land purchase, but it took out
$150,000 for a library building at the San Marcos Teachers' College and
$150,000 for an administration building at the School of Mines, El Paso.
In the franchise tax bill the levy imposed on utilities was the controversial point. The conference bill levies 650. per $1,000 for the first
$1,000.0100, then 45c. from $1,000,000 to $10,000,000, and 35c. above
$10,000,000,the basis being the issued and outstanding capitalstock,surplus
and undivided profits. The courts have condemned the tax based on auhorized capital stock. The schedule adopted was apparently satisfactory
11 around. At present the rate is 50c. per $1,000 of authorized capital
tock up to $1,000,000 and 25c. per $1,000 thereafter.
Tulsa, Okla.—Validity of School Bonds Attacked.—The
validity of school bonds of the cities of Claremore, Sapulpa
and Drumright was attacked in four suits filed on March 26
in the United States District Court at Tulsa, reports the
"Daily Oklahoman" of March 27. The suits allege that
"the Board of Education failed to pay interest on bonds
issued to pay off indebtedness and have failed to provide
for ultimate payment of the bonds."
BOND PROPOSALS AND NEGOTIATIONS.
ADAIR COUNTY (P. 0. Greenfield), Iowa.—BOND OFFERING.—
Bids will be received by Arthur Lank, County Treasurer, up to 2 P.M. on
April 11,for the purchase of a $300.000 Issue of annual primary road bonds.
Denom. $1,000. Dated May 1 1930. Due $30,000 from May 1 1935 to
1944 incl. Optional after fiveyears. Sealed bids will be opened only after
all the open bids have been received. The County will furnish the legal
approval of Chapman & Cutler, of Chicago. Purchaser to furnish blank
bonds. A certified check for 3% of the bonds offered, payable to the above
Treasurer, is required.
Rejected Contributory Systems.
(This report amplifies that given in V.130, p.2070-)
Senator Mastick said that the Commission had considered contributory
AKRON, Summit County, Ohio.—FLOTATION
had
pension systems, both voluntary and compulsory, andyears concluded that HALTED.—The following dealing with the action ofOF BOND ISSUES
the city council in
whom
of 70
such a system would afford no relief to personspointed out,or more old to calling a halt to the issuance of further bond issues in view of the fact that
persons, he
are
It was intended to benefit. These might develop, he added thattoo
the city has almost reached its
a pension tremendous annual debt servicelegal bonding capacity and because of the
system. It
contribute to a pension
charge appeared in the Cleveland "Plain
system should be developed later to complement the system set up in the Dealer" of March 29:
bill.
Council has called a halt bond issues as Akron, with
substantially as drawn by the Mastick indebtedness of $40,255,136 on reaching its legal limitation a total bonded
The measure as passed to-night was
is
of outstanding
by organized labor and
commission. Three amendments proposedwhich Rabbi Stephen S.the New bonds.
Wise, of
York Conference on Old Age Pensions, of The amendments proposed that
This year alone, the interest on tne debt will amount to more than
New York, is a member, were rejected. counties be compelled
$2,000,000, or only about $75,000 less than the total called for in the 1930
law
to 65,
the age limit be loweredgrantedthat the cash or check and that bylimit to municipal operating budget.
of
a
relief in
pay compensation those
The interest charge, plus $5,787,545 which must be paid out to
$600 be established.
bonds, makes a total debt service charge for the year of $7,941,653. retire
Bonds are to be issued this
ones
Bond Issue Bill Presented keeping the total outstandingyear only in proportion to theis retired,
-350,000,030
New York State.
debt about the same as it now, it is
in Legislature.—A measure was introduced in the Legislature explained.
AKRON SCHOOL DISTRICT, Summit County, Ohio.—BOND
on March 17 by Senator Downing, minority leader, which
school bonds offered on March 31--V. 130. p.1878—
embodies the proposal sponsored by Governor Roosevelt of SALE.—The $420,000to the Guaralan Trust Co. of Cleveland, at par
were awarded as Ois
plus
bond issue to a public a premium of $4,840, equal to 101.15, a basis of about
submitting a $50,000,000 hospital
The bonds
4.36%.
referendum. We quote as follows from a special Albany are dated April 1,1930 and mature $21,000 on Oct. 1 from 1931 to 1950incl.
ALABAMA CITY, Etowah County, Ala.—BOND SALE.—The
dispatch to the New York "Times" of March 18:
of $50,000,- April 1—V. 130, p. coupon street improvement bonds offered for
'
.. MiTtirrittor Roosevelt's proposal for an additional bond issue institutions, $10,000 issue of 6%2267—was purchased by Ward. Sterne & Co. sale on
of Bir000for new construction at State hospitals and other charitable
mingham, at a price of 98.40. a
to-night
Including reformatories, appeared in the LegislatureDowning. through a Due $1,000 from May] 1931 tobasis of about 6.35%. Dated May 11930.
1940 inclusive.
measure introduced by the minority leader, Senator Democrat indicated
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING._
"The fact that the proposal was introduced by a
that there has been no agreement between the Governor and the Republican John H. Johnson, County Auditor, will receive sealed bids until 10 a. m.
leaders regarding methods of financing additional improvements at the on April 21,for the purchase of $76,000 5% Allen County Children's Home
bonds. Dated April 15 1930. Denom. $760. Due $3,800
State institutions covered by the Downing bill. as an indication that if ImprovementDec.
on June and
1 from 1931 to 1940 incl. Prin, and semi-annual int.
"The manner of introduction was accepted also
Dec. 1)
the proposal should be rejected by the Republicans the Governor will (June and 3% of payable at the office ofthe County Treasurer. A certified
the amount of bonds bid for, payable to the order of the
make it an issue In his campaign for re-election. unfriendliness to the check for
Board of County Commissioners. must accompany each proposal.
"The attitude of the Republicans is not one of
proposal to spend this large amount, in addition to some $60,000,000 conditional bids only will be received. Transcript of the proceedingsUninState hospitals and the
already available for the establishment of new They feel, however, that cident to the issuance of the bonds will be on file in the County Auditor's
extension of facilities at those already existing. work should be made on office.
is possible the additional provision for such of the State will allow it.
if it
ALLEN COUNTY (P. 0. Lima), Ohio.—BONDSAarLpElus.—aTlipreemit3u4meat p
the "pay-as-you-go" plan if the financial condition
1
awarded
"Should this new bond issue be sanctioned by: the Legislature and approved 848.85 refunding bonds offered on Aprilof—V.130,P.2070—were award
Columbus,
as
$50,000,000 appropriation made for of 4Ms to the Banc-Ohio Securities Co., Co4.65%. The bonds
by the voters it would be the second
$129.13,
to 100.37, a basis of about
are dated
at hpitals
new constructionhospitals since 1923. In addition, some $10,000,000 Dec. 1 1929equalmature as follows: $2,348.85, March 1 and $2,000, Sept. 1
and
out of the $100.000,000 bond issue for permanent improvements will be 1931, $2,500, March 1 and $2,000. Sept. I 1932 to 1937 incl., $2,000,
available for extending hospital facilities. Of this latter amount, approxi- March 1 and $1,500. Sept. 11938. Spitzer, Rorick & Co., of Toledo,
mately one-half has already become available in the four years the $100,- only other bidders, offered par plus a $111 premium for the bonds the
as 58.
000,000 bond proposal has been effective.
the new
XtrIANCE, Box Butte County., Neb.—ADDITIONAL DETAILS.—
"The Downing bill provides that no part of the proceeds fromaccepted proposal, if
nds
bond issue shall be used for prison construction. Thefor ratification at the The $116,000 issue of sewer bonds that was purchased by F. M Knight,
of Alliance, at par—V. 130. P. 2268—bears interest at 43i%, payable
by the Legislature, would be submitted to the voters
semi-annually. Dated April 1 1230. Due in 20 years and optional after
Fall election." _
to Fur- 5 years.
'Rhode Island.—House Bill Requires Municipalities
AMITY SPECIAL SCHOOL DISTRICT NO. 41 (P.
Amity),
nish Statement on Finances.—The following relative to a bill Clark County, Ark.—BOND OFFERINO.—Sealed bids will0. received
be
introduced in the House of Representatives on March 12, until April 22, by 0. T Hays, District Secretary, for the purchase of a
APRIL 5 19301
FINANCIAL CHRONICLE
2447
BOONE COUNTY (P. 0. Boone), lowa.-BOND OFFERING.-Both
$30,000 issue of school bonds. Interest rate is not to exceed 6%, payable
sealed and open bids will be received until 2 p.m. on April 14, by M.Aorasemi-annually.
hamson, County Treasurer, for the purchase of a $200,000 issue of annual
-WARRANTS SOLD.-The primary road bonds. The maturities and conditions governing this sale are
ANDERSON, Madison County, Ind.
Peoples State Bank, of Indianapolis, on March 28 purchased an issue of the same as those given under Hamilton County.
$100,000 6% warrants, due in one year, at par plus a premium of $1.
-BOND OFFERING.
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND Merle Harvey, County Auditor, will receive sealed bids until 10 a. m.
APOLLO SCHOOL DISTRICT, Armstrong County, Pa.
OFFERING.
-R. H. Austin, Secretary of the Board of Directors, will on April 15 for the purchase of $48.000 4%% heating plant refunding bonds.
receive sealed bids until 2 p.m. on April 21, for the purchase of'4185,000 Dated Feb. 12 1930. Denom. $400. Interest payable in May and Novem43. % coupon school bonds. Dated May 1 1930. Denom. $1.000. Due on ber. Bonds mature over a period of years. A certified check for 3% of
Nov. 1 as follows: 87,000. 1930 to 1955 incl., and $3,000 in 1956. The sale
amount of bonds bid for must accompany each proposal.
of the bonds is subject to the approval of the Department of Internal the
BOSTON AND BERLIN TOWNSHIPS FRACTIONAL SCHOOL
Affairs. The approving opinion of Moorhead & Knox of Pittsburgh, will
-BOND
DISTRICT NO. S (P. 0. Saranac), Ionia County, Mich.
be furnished to the purchaser.
-Keith N. Talcott, Secretary of the Board of Education, will
OFFERING.
- receive sealed bids until 7:30 p.m. on April 5, for the purchase of $85,000
ARKANSAS CITY, Cowley County, Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on May 12, by Grant M. Acton,
0,
bonds, to bear interest at a rate not exceeding 5% payable semiCity Clerk,for the purchase of a $49,000 issue of4%% semi-annual refund- school
Due on March 18, as follows: $2,000. 1933. $4,000. 1934 and
ing bonds. Denom. $1.000. Dated May 15 1930. Due as follows: $4,000 annually. $5,000 from 1936 to 1950 incl. A certified check for 51.000 must
1935. and
in 1931 and $5,000, 1932 to 1940, incl. These bonds will be sold subject
each proposal. Printed bonds and legal opinion as to their
to immediate delivery after May 15. A certified check for 2% of the bid accompanybe furnished by the purchaser at his own expense.
validity to
is required.
-MATURITY.
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
ARANSAS PASS,San Patricio County,Tex.
-BONDS REGISTERED.
$100,000 issue of 5% semi-annual county bonds that was purchased at
-The 360.000 issue of 6% sea wall bonds that was purchased on Feb. 22- The by J C. Bradford & Co. of Nashville
-V. 130, p. 496
-is due from
par
v. 130, p. 2268
-was registered by the State Comptroller on March 24. March 1 1931 to 1949, incl.
Dated Oct. 1 1929. Due serially.
-BOND OFFERING.
BRIDGEPORT, Fairfield County, Conn.
ARLINGTON, Kingsbury County, S. Dak.-BOND OFFERING.
- William
Comptroller, will receive sealed bids until 11 a. m.
Sealed bids will be received until 7.30 p. m. on April 7 by S. C. Ness, City on April Chew, Citypurchase of the following issues of 4%% coupon or
7, for the
Auditor, for the purchase of a $44.000 issue of 5% semi-annual water
aggregating $335,000:
extension bonds. Dated April 1 1930. A certified check for 5% must ac- registered bonds,
$160,000 series G pavement bonds. Due $16.000, April 15 from 1931 to
-company the bid.
1940, inclusive.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
- 100.000 City Hall site bonds. Due on April 15 as follows: $3,000, 1931
-BOND SALE.
The $68.780 road improvement bonds offered on March 31-V. 130. 1:$•
to 1950, incl., and $4,000 from 1951 to 1960, inei.
1878
-were awarded as 4%s to the Provident Savings Bank & Trust Co..
75,000 series B park bonds. Due on April 15 as follows: $1.000. 1931
of Cincinnati, at par plus a premium of $226.97, equal to 100.32, a basis
to 1935. incl., and $2,000 from 1936 to 1970. incl.
of about 4.44%. Trie boncs are dated April 1 1930 and mature as follows:
All of the above bonds are dated April 15 1930. Denom. $1,000. Prin.
$2,780. April 1 and 33.000, Oct. 1 1931, .3.000, April and Oct. 1 from and semi-annual interest (April and October) payable in gold at the office
1932 to 1935 incl., $3,000. April 1 and $4,000, Oct. 1. 1936, $4,000, April of the City Treasurer. The bonds will be prepared under the supervision
and Oct. 1 from 1937 to 1940 incl. A complete list of the bids for the bonds of the First National Bank of Boston. Boston. A certified check for 2%
follows:
of the amount of bonds bid for, payable to the order of the City Treasurer,
BidderInt. Rate.
Premium. must accompany each proposal. The approving opinion of Ropes, Gray,
Provident Savings Bank & Trust (purchaser)
4J. %
$226.97 Boyden & Perkins, of Boston, will be furnished to the purchaser.
ATHENS, Limestone County, Ala.
-BOND SALE.
-On March 26.
-BOND OFFERING.
-Fred
BRIDGMAN, Berrien County, Mich.
a $30.000 issue of high school building bonds was purchased at par by the Macholz, Village Clerk, will receive sealed bids until 7:30 p.m. on Aprll 15.
Farmers and Merchants Bank of Athens. Denom. $5,000. Due $5,000 for the purchase of $6.000 general obligation water works oonds, to oear
from 1931 to 1936,incl.
interest at a rate not exceeding 6%. Dated April 1 1930. Denom. $500
AVALON, Allegheny County, Pa.
-BONDS OFFERED.
-W.H Oak- Due $500 on Oct 1 from 1932 to 1943 incl. A certified check for $500 must
ley, Borough Secretary, received sealed bids until 8 p. m. on April 4, for accompany each proposal. Legality is to be approved by Miller. Canfield.
the purchase of $40,0004%% borough bonds. Dated Feb. 1 1930. Denom. Paddock & Stone of Detroit.
$1,000. Due $5,000 on August I from 1943 to 1950, incl. Cost of printing
-NOTE SALE.
-The
0. Taunton), Mass.
BRISTOL
the bonds to be paid for by purchaser. Legal opinion of Burgwin, Scully following noteCOUNTY (P.
issues, aggregating $110.000 offered on April 1-V. 130. p.
& Burgwin, of Pittsburgh.
2268
-were awarded at a 3.41% discount to the First National Old Colony
AVALON, Cape May County, N. J.
-BOND OFFERING.
-Wilson Corp. of Boston:
McCandless, Director of Revenue and Finance, will receive sealed bids until $100,000 Tuberculosis Hospital maintenance notes. Denoms. $25,000.
2 p. m. on April 9. for the purchase of $80,000 6% tax title bonds. Due
$10,000 and $5,000.
$10,000 annually from three years to ten years from date of issue. A certi10.000 Industrial Farm Loan notes. Denom. 55.000.
fied check for 2% of the amount of bonds bid for must accompany each proBoth issues are dated April 2 1930 and are payable on April 2 1931 at
posal. The Borough Commissioners reserve the right to reject any or all the First National Bank of Boston. Bids for the notes were as follows:
bids.
Discount.
Bidder3.41%
BARTLESVILLE, Washington County, Okla.
-BOND SALE.
-We First National Old Colony Corp. (awarded both issues)
3 4407
are informec that two issues of6% semi-annual bonds aggregating $160,000 Shawmut National Bank (plus $1.50)
3.47
have been purchased by the National Securities Co., of Little Rock. The Merchants National Bank of New Bedford
3.49
Issues are divided as follows: 570,000 bridge impt. district,. No. 1 bonds Faxon, Gade & Co
3 50
were awarded at 102.70, and $90,000 paving district No.4 bonds at 101.00. First National Bank of Attleboro
3.78
BATESVILLE, Independence County, Ark.
-BOND SALE.
3.50 o
-The Vaunton Savings Bank (bid on industrial note issue only)
$70,000 issue of 6% semi-annual bridge improvement bonds offered for
REJECT PROPOSED
-VOTERS
BRISTOL, Bristol County, R. I.
sale on March 26-V. 130, P. 1879
-was purchased by the National Securi-At a meeting held recently more than 600 taxpayers
ties Co., of Little Rock, at a price of 102.70. We are informed that the BOND ISSUES.
same company also purchased a $90,000 issue of 6% Bridge District No. unanimously rejected a proposition recommended by a special Investigating
committee to issue $400,000 in bonds to finance the installation of a sewage
4 Bonds at a price of 101.
disposal plant, and also disapproved of two proposed bond issues, one of
BEAUMONT, Jefferson County, Tex.
-BOND OFFERING.
-Sealed $225,000 for a Memorial Town Hall and the other for $200,000 to finance
bids will be received until 9 a. m. on April 8, by the City Clerk, for the the construction of a new school building.
-5
purchase of 11 issues of 4%% bonds, aggregating $1,589,000, divided as
-Albert
-BOND OFFERING.
BROOKLINE, Norfolk County, Mass.
follows:
bids until 12 m. on April 7.
sealed
Treasurer, will
$139.000 street paving, series A bonds. Due as follows: $5,000. 1950: P. Briggs, Town of the followingreceiveof 4% bonds aggregating $590,000:
issues
for the purchase
$6,000, 1951 to 1959, and $8,000, 1960 to 1969. all incl.
on Jan. 1 from
135,000 sewerage bonds. Due as follows: $1,000. 1937; $2.000, 1938 to $370,000 school building construction bonds. Due $37,000
1931 to 1940 incl.
1949:$5.000, 1950 to 1959, and $6.000, 1960 to 1969. all incl.
220,000 street construction bonds. Due $22,000 on Jan. 1 from 1931 to
25.000 parks bonds. Due $500, 1930 to 1959, and $1,000, 1960 to 1969.
1940 inclusive.
all inclusive.
1 1920. Bonds will be issued in either coupon
100,000 airport bonds. Due as follows: $1,000, 1930 to 1939; $2.000, or Both issues are dated Jan.payable January and July 1. Legality is to be
registered form. Interest
1940 to 1949; $3,000. 1950 to 1959, and 34,000, 1960 to 1969, approved by Ropes, Gray, Boyden & Perkins. of Boston.
all inclusive.
100,000 fire department bonds. Maturities same as airport bonds.
BROWARD COUNTY PORT DISTRICT (P.O. Fort Lauder:dale),
75,000 water works bonds. Due as follows: $1,000. 1930 to 1949; Fla.
-BOND OFFERING.
-Sealed bids will be received until 2.30 p. m.
on April 23, by C. C. Freeman, Chairman of the Port Authority, for the
$2,500 1950 to 1959, and $3,000, 1960 to 1969, all incl.
175.000 wharf improvement and repair bonds. Due as follows: $3,000, purchase of a $275,000 issue of 6% coupon semi-annual Port Authority
1941; 34,000, 1942 to 1949; $5,000, 1950 to 1959, and $8,000. bonds. Denom. $1,000. Dated Oct. 15 1929. Due $11,000 from Oct.
0
1960 to 1969, all incl.
15 1934 to 1958 inclusive. No bid of less than 90% of par and acrued int.
150,000 refunding bonds. Due as follows: $4.000. 1930 to 1934: $6,000. to date of delivery will be considered. A certified check for 5% of the bonds
1935 to 1939; 38,000, 1940 to 1944, and $12,000, 1945 to 1949, bid for, is required.
all inclusive.
-BOND ELECTION.
BROWNSVILLE, Cameron County, Tex.
The above bonds are dated July 11929. and are printed, executed, regisApril 22 to pass on a bond Issue of $1,500.tered by the State Comptroller, approved by Clay. Dillon & Vandewater, A special election will be held onthe city's port project.
of New York City, and are ready for immediate delivery. The other issues 000 to complete the financing of
are as follows:
-TEMPORARY LOAN.
BRUNSWICK, Cumberland County, Me.
$300.000 street paving, series B bonds. Due as follows: $3.000. 1931 to The First National Old Colony Corp. of Boston, on April 1 purchased a
loan is dated April 1
1940; 36,000, 1941 to 1950; $9,000, 1951 to 1960, and $12,000. $30.000 temporary loan at a 3.68% discount. Thewere as follows:
1930 and is due on Nov. 3 1930. Bids for the loan
1961 to 1970, all incl.
Discount.
widening bonds. Due as follows: $4.000.
350.000 street opening and
Bidder3.68
1931 to 1940; 57.000. 1941 to 1950; $10,000. 1951 to 1960, and First National Old Colony Corp. (purchaser)
3 89
1970, all incl.
Merchants National Bank of Boston
314.000, 1961 to
3.90
40,000 public buildings bonds. Due $1,000 from 1931 to 1970, incl.
S. N. Bond & Co
4.40%
These bonds are not yet issued but will be dated not later than July 1 Gulford Trust Co., Guilford (Maine)
1930, and will be printed, and will be approved by Clay, Dillon & Vande-BOND SALE.
CALIFORNIA, STATE OF (P. 0. Sacramento).
water of New York, at the expense of the City.
The $100.000 issue of 4% %
California Tenth Olympiad bonds offered for
Bids will be received on all or any part of the offering without restriction sale on April 3-V. 130, p. 2269
-was purchased by the California National
as to price, terms of delivery, &c. Prin. and semi-annual int. payable at Co., of Los Angeles, for a premium of $1.155. equal to 101.15, a basis of
the office of the Director of Finance or at the National City Bank in New about 4.14%. Dated Jan. 2 1929. Due $25,000 from Jan. 2 1932 to 1935.
York. Bonds are not registered as to principal or interest. These bonds inclusive.
were voted on May 4 1929. A certified check for 2% of the issue, payable
-ERRONEOUS
CAMERON COUNTY (P. 0. Brownsville), Tex.
to the Mayor, must accompany the bid.
REPORT-We are now informed by Oscar C. Dancy, County Judge, that
-BOND SALE.
-The the report of a sale of $1,000,000 road bonds on March 27, tentative',
BELLEVILLE, Richland County, Ohio.
513,212.26 6% street improvement bonds offered on March 22-V. 130. stated in V. 130, p. 1879, was erroneous as the County does not contemplate
P• 1879
-were awarded to the Banc Ohio Securities Co., of Columbus. at any new financing until next fall.
plus a premium of $475.20, equal to 103.59,a basis of about 5.26%.
-The 5575,000
CATSKILL, Greene County, N. Y.
-BOND SALE.
The bonds are dated April 1 1930„ Denom. $700. except Bond No. 1.
-were
coupon or registered water bonds offered on April 2-V. 130.P. 2269
One bond is due on each April and Oct. 1 from 1931 to April 1 1940, incl.
awarded as 4.40s to the Manufacturers & Traders Trust Co., of Buffalo,
-BOND SALE.
at par plus a premium of $939.55, equal to 100.16, a basis of about 4.39%.
BERRIEN COUNTY (P. O. St. Joseph), Mich.
The $305.140 special assessment township road construction bonds offered The bonds are dated Jan. 1 1930 and mature on Jan. 1, as follows: $16,000.
on March 28-V. 130, p. I879
-were awarded as 444s to the First Detroit 1935 to 1964 incl., and $19,000 from 1965 to 1969 incl. The successful
Co. of Detroit, at par plus a premium of $442, equal to 100.14. The bonds bidders are reoffering the bonds for public investment at prices to yield
are dated May 1 1930.
4.25%. A detailed statement of the financial condition of the Village ap-John C. peared in -V. 130. P. 2269. Below we furnish a complete list of the bids
-LOAN OFFERING.
BEVERLY, Essex County, Mass.
submitted for the issue:
Lovett, City Treasurer, will receive sealed bids until 5 p. m. on April 10.
BidderPremium
Int. Rate.
for the purchase at discount of a $200,000 temporary loan. Dated April 10
$939.55
4.40%
1930. 4 Denoms. $25,000, $10,000 and $5,000. Due on Nov. 21 1930. Mfrs. & Traders Trust Co.(purchaser)
,
4,088.25
4.5007
The•notes will be engraved under the supervision of the Old Colony Trust Batchelder & Co
5,058.28
4.509
approved by Ropes, Gray, Boyden & George B. Gibbons & Co
Co.:4Boston. The legality has been
4,599.00
B. J. Van Ingen & Co
4.80%
Perkins, of Boston.
3,179.75
Rutter & Co
4.60%
-BOND SALE.
-The $100.000 Phelps, Fenn & Co
3,220.00
BOGALUSA, Washington Parish, La.
4.60%
Issue of 5% semi-annual school bonds offered without success on Feb. 7- M. M. Freeman & Co
8,855.00
4.75%
V. 130, p. 1143
-has since been purchased by the Inter-State Trust &
CEDAR RAPIDS, Linn County, lowa.-BONDS VOTED AND DEBanking to., of New Orleans. Dated Aug. 11029. Due from Feb. 1 1931
-At the special election "held on March 31-V. 130, P. 1509
to 1940, incl. Prin. and int. (F. & A.) payable at the office of the Commis- FEATED.
sioner of Finance, the First State Bank & Trust Co. of Bogalusa. or the the voters defeated the proposal to issue $175,000 in airport bonds by a
Chase National Bank, New York. Legal opinion by Thomson, Wood & vote of 7,666 "against" to 5,807 "for" and they approved the issuance of
98,000 in sewage disposal bonds by a count of 8,209'Tor" to 4.068"against."
Hoffman. of New York City.
2448
FINANCIAL CHRONICLE
CHATTANOOGA, Hamilton County, Tenn.
-BOND SALE.
-The
two issues of bonds aggregating 5553,000, offered for sale on March 29V. 130. pi.. 1879
-were purchased by a syndicate composed of the Chemical
National Co., H. M. Byllesby & Co.. and E. J. Coulon & Co.. all of New
York,fora premium of $11,975.80, equal to 102.16,a basis of about 4.53%.
The issues are divided as follows:
$198,000 434% Twelfth and Thirteenth Ward sewer bonds. Dated March
1 1930. Due in 30 years.
355,000 432% paving bonds. Dated April 1 1920. Due in 30 years.
Financial Statement (as Officially Reported).
Actual valuation (estimated)
$207,500,000
Assessed valuation 929)
136
,,
Total bonded debt &
eluding this issue)
13,228.000
Sinking funds
5336,558
Net bonded debt
12,891,442
Population (1920 census)
57,895
Population (present estimated)
95,000
BONDS OFFERED FOR SUBSCRIPTION.
-The above bonds are now
being offered for public investment by the successful bidders prices as
follows:434% bonds will yield 4.40% and the 432% bonds will yield 4.45%.
They are offered subject to the approval of legality by Caldwell & Raymond
of New York City.
[VoL. 130.
DANVERS, Essex County, Mass.
-BOND SALE.-Estabrook & Co.
of Boston, on March 31 purchased an Issue of $300,000 47 coupon school
bonds, at a price of 101.544, a basis of about 3.81%. The 0
bonds are dated
APrll 1 1930 and mature annually from 1931 to 1950, incl. Bids for the
Issue were as follows:
BidderRate Bid.
Estabrook & CO. (Purchasers)
101.544
F. S. Moseley & Co.,and E. H. Rollindlaz Sons,jointly
101.219
Warren National Bank
101.205
R. L. Day & Co
101.199
Curtis & Sanger
101.05
Stone & Webster and Biodget, Inc
101.01
Harris,Forbes & Co
100.77
Chase Securities Corp
100.53
DELAWARE COUNTY (P. 0. Manchester), lowa.-BOND SALE
POSTPONED.
-We are now informed that the sale of the $200,000 issue
of annual primary road bonds that was previously scheduled for April 8
-V.130. p. 2072
-has been postponed until April 14.
DELAWARE WATER GAP, Monroe County, Pa.
-BOND SALT.=
The $20,000 5% coupon street improvement bonds offered on March 28
V. 130, p. 2270
-were actually awarded on April 1 to M. M. Freeman &
CHELSEA, Washtenaw County, Mich.
-BOND OFFERING.
-The Co., of Philadelphia. at a price of 101.70. a basis of about 4.81%.
Village Clerk will receive sealed bids until 8 p. m. April 8, for the purchase bonds are dated April 1 1930 and mature $5,000 in 1935, 1940. 1945 The
and
of $35,000 sanitary sewer bonds, to bear interest at a rate to be suggested 1950. All of the other bids submitted for the issue were for the par value
In proposal. Dated April 1 1930. Denom. 51.000. Due on April 1, of the bonds.
as follows: $5,000, 1932 and 1933. $6,000. 1934 to 1936 incl., and $7,000
in 1937. A certified check for $2,000 must accompany each proposal. The
DEL RIO INDEPENDENT SCHOOL DISTRICT (P. 0. Del Rio)
purchaser will be furnished with the approving opinion of Miller, Canfield, Val Verde County, Tex.
-ADDITIONAL DETAILS.
-The $185,000
Issue of school bonds that was purchased at par by the State Department
Paddock & Stone, of Detroit, but will have to furnish printed bonds.
of Education
-boars interest at 5%. Dated Feb. 15 1930.
-V.130, p. 2072
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-FINANCIAL Due serially.
STATEMENT.
-In connection with the scheduled sale on April 7 of $10,000
5% Police Department motor equipment bonds, notice and description of
DES MOINES, Polk County, Iowa.
-BONDS VOTED.
-At the regular
which appeared in -V. 130. p. 2072
city election held on March 31-V. 130, p. 1880
-the voters gave their
-we are in receipt of the following:
approval to the proposed issuance of 5200.000 in bonds for a municipal
Financial Exhibit.
airport by a count of 10,385 "for" to 9,068 "against." At the same election
Assessed value for taxation:
-1918
$44.629,000.00 a new city council is reported to have been appointed to office.
1920
85,446.500.00
1922
85.473.020.00
DETROIT, Wayne County, Mich.
-APPROVE 57.000.000 RAILWAY
1926
145,451,610.00 BOND ISSUE.
-At a meeting held on April 1 the city council approved a
1928
167,944,340.00 57.000,000 bond issue requested by the street railway commission for im1929
169,621,780.00 provements and extensions of the Detroit Street Railway. Approval of
Estimated actual value
210,030,425.00 the issue was given by Mayor Bowles some time ago.
-V. 130, p. 1144.
Total bonded debt, incl. this issue
6,019,544.25
Cash value of sinking funds held for debt redemption
1,378,726.17
DIXON TOWNSHIP RURAL SCHOOL DISTRICT, Van Wert
Special assessment bonds included in total debt
3,903.885.31 County, Ohio.
-BOND SALE.
-The State Teachers' Retirement System,
General bonds included in total debt
of Columbus, recently purchased an issue
•
Tax rate for 1929. $2.29 per $100; population: 1920, 15,396: 1924. Jan. 1 building construction bonds at a price of par.of $29.000 addition to school
Legality of the issue has been
taken by City, 30,485: 1928. 44,377.
Note:-SpecIal assessment bonds are general obligations but special approved by Attorney General Gilbert Bettman.
assessments have been levied for the payment thereof.
DOBBS FERRY, Westchester County, N. Y.
-BOND SALE.
The $19,500 434% coupon or registered village bonds offered on March
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), Cook 28-V. 130, p. 188.0
-wore awarded to the Marine Trust Co. of Buffalo.
County, 111.
-BOND SALE.
-A syndicate composed of the Foreman- at 100.357, a basis of about 4.48%. The bonds are dated Feb. 15 1930 and
State Corp. of Chicago. Guaranty Co. of New York. New York, and Ames.
Emerich az Co. of Chicago, on March 28 submitted the accepted tenders mature on Feb. 15 as follows: $2,000. 1962 to 1968, incl.; $2,500, 1969 and
for the purchase of the following issues of4% bonds,aggregating $2,650,000: $3,000 in 1970.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
The bonds herewith were awarded at 95.22. a basis of about 4.60%:
-BOND SALE.
-The $350,000 issue of school
$1.000,000 Lake Front extension bonds, second issue. Dated April 1 St. Louis County, Minn.
bonds
-was jointly purchased
1930. Due $50,000 on April 1 from 1931 to 1950, incl. Int. by M.offered for sale on April 1-V. 130. p. 2270
M. Freeman & Co.. Inc., and Batchelder & Co., both of New York,
payable on April and Oct. 1.
300,000 park improvement bonds, second issue. Dated April 1 1930. as 432s, for a premium of $490, equal to 100.14. a basis of about 4.22%.
Dated Aug. 1 1929. Due 535,000 from Aug. 1 1930 to 1939, incl.
Due $15,000 on April 1 from 1931 to 1950, incl. Int, payable
PURCHASERS RE
-OFFER BONDS.
on April and Oct. 1.
-The above bonds were re-offered
for public subscription by the successful bidders at prices to yield from
The bonds herewith were awarded at 95.44, a basis of about 4.63%:
$1,350,000 Columbian Fine Arts building bonds, first issue. Dated June 3.75% on the 1931 maturity to 4.10% on the bonds maturing in 1939.
1 1928. Due $75,000 on June 1 from 1931 to 1948, incl. Int. They are reported legal in New York State. The following is an official
tabulation of the bids received:
payable on June and Dec. 1.
The successful bidders are reoffering the total $2,650,000 bonds for
BidderAmount.
Rate.
Prem.
public investment at prices to yield 4.20 to 4.40%, according to maturity. Phelps, Fenn & Co.and Milwaukee Co_ 350.000.00 4)6% $3.355.00
Guaranty Co. of N.Y.and Northern Natil, 350,073.50
CHICOPEE, Hampden County, Mass.
-BOND SALE.
-The $150,000
Corp
175,000.00 434
4% coupon sewer bonds offered on April 1-V. 130, p. 2269
-were awarded
175,000.00 412
to R. L. Day & Co., of Boston, at 100.679, a basis of about 3.86%. The
350,000.00
2,294.25
bonds are dated April 1 1930 and mature $15,000 on April 1 from 1931 First Detroit Co.and First Nat. Duluth Co_ 175,000.00 434
4%
to 1940 incl. The following is a complete list of the bids submitted for the
175,000.00 434%
479.50
issue:
Barr Bros. and Lane, Piper & Jaffra
350,000.00 434%
2,271.50
BidderRate Bid. Wallace, Sanderson & Co. and BancNorthR. L. Day & Co. (purchasers)
west Co
350,000.00 434%
100.679
2,485.00
Brown Bros & Co
M. M.
Freeman Co.and Bacthelder & Co.° 350,000.00 4
100.46
490.00
Harris, Forbes az Co
City National Bank
100.34
351.446.55 4
Atlantic Corporation
352,551.50 4
100.176 Chase Securities Corp
Stone & Webster and Blodgett,Inc
Edlredge & Co. and Wells
-Dickey Co
100.62
350,000.00 432
61.00
F. S. Moseley & Co
•Successful bidders.
100.616
Third National Bank
100.583
DURHAM, Durham County, N. C.
-BOND OFFERING.
Estabrook & Co
-sealed
100.581 bids will be received until 7.30
Chase Securities Corp
100.547 Clerk, for the purchase of an p. m. on April 14. by C. B. Alston, City
Wise, Hobbs & Arnold
100.512 bonds. The int, rate is not toIssue of $100,000 coupon or registered water
in a multiple of 12 of 1%.
E.H.Rollins & Sons
100.488 Denom. $1,000. Dated April exceed 6%,statedJan. 1, as
1 1930. Due on
follows: 52.000,
CLAYTON COUNTY (P. 0. Elkader), lowa.-BOND SALE.
-The 1933 to 1949: 53.000, 1950 to 1962: $44,000, 1963 to 1965 and 55,000,1966
5365.000 issue of annual coupon or registered primary road bonds offered to 1968. all incl. Prin. and int. (J. & J.) payable in gold in New York.
Certification of bonds by the International Trust Co. in New York. Masfor sale on March 31-V. 130, p. 2269
-was purchased by Halsey, Stuart
& Co. of Chicago, as 434s, for a premium of $470, equal to 100.128. a Mich az Mitchell. of New York City, will furnish the approving opinion.
basis of about 4.4%. Due from 1935 to 1944, incl, and optional after The City Clerk or the said trust company will furnish the required bidding
form. .A $2,000 certified check must accompany the bid.
5 years.
(This report supplements that given in V. 130, P. 2270.)
CLINTON, Clinton County, Iowa.
-BOND SALE -It is reported
Official Financial Statement.
that a $45,000 issue of 4)6% semi-annual city bonds has recently been
Assessed valuation of all property, 1929
purchased at par by the White-Phillips Co., of Davenport.
581.787.980.00
Assessed valuation of real property, 1929
56,753,961.00
COCHRAN COUNTY (P. 0. Morton), Tex.
-BONDS REGISTERED. Actual valuation of all property, estimated
135,000,000.00
-A $98,000 Issue of 534% road,series A. bonds was registered on March 28 Outstanding debt
-Water 'bonds
53,919.666.66
by the State Comptroller. Due serially.
Street improvement bonds
2.923,391.32
Other bonds
COLUMBIA COUNTY (P. O. Bloomsburg), Pa.
2,914,246.36
-BOND OFFERING.
Bond anticipation notes other than notes to
-p. O. Glodfelter, Commissioners' Clerk, will receive sealed bids until
be retired from proceeds of bonds now
10 a. m. on April 29, of the purchase of $100,000 434% coupon county
offered
600,000.00
bonds. Dated April 1 1930. Denom. $1.000. Due on April 1. as follows:
$15.000, 1933 and 1934, from 1943 to 1945 incl., and $5.000 from 1946
10,357,304.34
to 1950 incl. A certified check for 2% of the amount of bonds bid for, Bonds now offered
100,000.00
payable to the order of the County Commissioner, must accompany each
Total debt. including bonds offered
proposal. The bonds are issued subject to the approving opinion of Town$10,457.304.34
Less water debt
54.219,666.66
send, Elliott & Munson, of Philadelphia.
Market house bonds
6,000.00
COLUMBUS, Franklin County, Ohio.
-BOND SALE.
Sinking funds, exclusive of funds for water
-The $800,000
sewerage and sewage disposal fund No. 2 bonds offered on April 3-V. 130,
and market house debt
764,734.96
2269
awarded as 4128 to Eldredge & Co., of New York, at 100.69,
-were
p.
Uncollected special assessments actually
a basis of about 4.18%. The bonds are dated April 15 1930 and mature
levied applicable to street bonds
1,344,317.64
as follows' $17,000. Aug. 1 1931; $17,000, Feb. and Aug. 1 from 1932 to
Special assessments about to be levied, ap1938, inc.: $17,000. Feb. 1 and $16,000. Aug. 1 1939, and $16,000 on
plicable to street bonds outstanding_ _ _ 73,000.00
Feb. and Aug. 1 from 1940 to 1955, incl. The successful bidders are
6,407,719.26
reoffering the bonds for public investment priced to yield from 4.00 to
4.10%. The securities are stated to be legal investment for saving banks
Not indebtedness, including bonds now offered
$4,049,585.08
and trust funds in New York, Massachusetts and Connecticut. The
School bonds of the city of Durham aggregating $601,695.66 are
omitted
city is said to report an assessed valuation for 1930 of 5610.000,000, and from the above statement, since their payment has been
assumed by the
a net debt of $27,977,598. Estimated population, 290.000.
Durham Public School District by vote of the people of the
district under
COMANCHE COUNTY (P. 0. Lawton), Okla.
-BOND SALE.
- authority of law.
The township has no indebtedness; the Durham Public
The 5100,000 issue of 5% coupon road bonds offered for sale on March 24
School District
-was purchased by the American First Trust Co.. of coterminous with the city, has a debt of 51,953,695.66, including school
-V. 130. p. 2072
Oklahoma City, for a premium of $237. equal to 100,237, a basis of about bonds of the city of Durham assumed by the district; all school bonds
mature in annual series, except $50,000 due in 1935.
4.92%. Dated April [1925. Due 520,000 from April 1 1931 to 1935 incl.
Tax rate, 1929-1930. $1.43. Population, Census 1920,
The other bidders and their bids were as follows:
21,719; special
BidderPremium. U. S. Census, 1925, 42.258; present estimated. 46.700.
Taylor-White Co
$211.00
EDEN SCHOOL TOWNSHIP (P. 0. Topeka), La
Grange County,
Brown-Crummer Inv.(Jo
152.00 Ind.
-BONDS NOT SOLD.
-The 560,000 5% school bonds
R. J. Edwards, Inc
86.00 March 8-V. 130, p. 1317
-were not sold, according to report. offered on
The bonds
Piersol Bond Co
80.00 The bonds are dated Feb. 15 1930 and mature as follows:
52.500, July 15
1931, 52.500. January and July 15 from 1932 to 1942 inclusive
CORSICANA, Navarro County, Tex.
-BOND SALE.
-The five issues on Jan.
and $2,500
151943.
of 5% coupon semi-annual bonds aggregating $400,000, offered for sale on
-were jointly purchased by C. W. McNear
March 18-V. 130, p. 1879
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
& Co., of Chicago and Otis & Co., of Cleveland, at a price of 100.20, a Elizabeth Miltenberger. County Treasurer, will receive
sealed bids until
basis of about 4.99%. The issues are described as follows: $275.000 school; 10 a. m. on April 10, for the purchase of 58.200 434%
Burlette Frick at al
$50,000 street improvement: $30,000 crematory: $25,000 municipal market road construction bonds. Dated April 9 1930. Denom.
$410. Due $410
house and $20,000 sewer extension bonds. Due from Feb. 1 1932 to 1970 on January and July 15. from 1931 to 1940 incl.
Interest payable on
Inclusive. (This report corrects that appearing in V. 130, p. 2269.)
January and July 15.
APRIL 5 1930.]
FINANCIAL CHRONICLE
ELLISBURG AND LORRAINE CENTRAL SCHOOL DISTRICT
-BOND
NO. 1 (P. 0. Pierrepont Manor) Jefferson County., N. Y.
OFFERING.
-Fay E. Blade, Secretary of the Board of Education, will
receive sealed bids until 2 p. m. on April 16, for the purchase of $110,000
school bonds, to bear interest at a rate not exceeding 44%. Dated May 1
1930. Denom. $1,000. Due on May 1 as follows: $1,000, 1931 and 1932,
$2,000, 1933 to 1935, incl., $3,000, 1936 to 1944, incl. $4,000. 1945 to
1958
1952, incl., $5,000, 1953 to 1957, incl., and $6,000 from ' to 1960, incl.
Principal and semi-annual interest (May and Nov. 1) payable at the
First National Bank, Laconia.
-The $12,000 434%
ELWOOD,Madison County,Ind.
-BOND SALE.
Street Cleaning Dept. equipment bonds offered on March 20-V. 130. P.
2270
-were awarded to the Fletcher Savings & Trust Co. of Indianapolis
at par plus a premium of $186. equal to 101.55, a basis of about 4.32%•
The bonds are dated April 1 1930 and mature $10,000 on April 1 in 1940 and
$2,000 on April 1 in 1941. Bids for the issue were as follows:
Premium.
BidderFletcher Savings & Trust Co. (purchaser)
Meyer-Riser Bank, Indianapolis
$18
116
6
Union Trust Co., Indianapolis
151
Thomas D. Shemin & Co., Indianapolis
165
City Securities Corp., Indianapolis
127
EL PASO, Woodford County, Ill.
-H. C. Speer &
-BOND SALE.
Sons Co., of Chicago, on March 12 purchased an issue of $50,000 53 %
coupon road bonds at a price of par. Denomination $1,000. Due on Oct. 1
as follows: $3,000, 1933, $4,000, 1934 and 1935. $5,000, 1936 to 1939 incl.,
$6,000, 1940 and 1941 and $7,000 in 1942. Interest payable on April and
Oct. 1.
-The two
-BOND SALE.
ENGLEWOOD, Bergen County, N. J.
issues of coupon or registered bonds offered on April 1-V. 130. p. 2072
were awarded as 4Sis to a syndicate composed of the Bancamerica-Blair
Corp., Estabrook & Co., and B. J. Van Ingen & Co., all of New York,
as follows:
$527.000 school bonds ($536,000 offered) sold at a price of 101.87, a basis
of about 4.32%. Due on April 1 as follows: $20.000, 1932 to
1948, incl., $25,000. 1949 to 1955, incl., and $12,000 in 1956.
Successful bidders paid $536,862.88 for the issue.
489,000 improvement bonds ($500.000 offered) sold at a price of 102.29,
a basis of about 4.30%. Due on April 1 as follows: $15.000, 1932
to 1955. incl., $20,000, 1956 to 1961, incl. and $10,000 in 1962.
Successful bidders paid $500,193.58 for the issue.
Both issues are dated April 1 1930. The purchasers are offering the 1932
to 1935 maturities to yield 4.15%, and the 1936 to 1962 maturities are
priced to yield 4.207 . The bonds are said to be legal investment for save
ings banks and trust funds in New York and New Jersey.
-APPROVE 5410.000 BOND
ESCANABA, Delta County, Mich.
ISSUE.
-The school voters of the city at an election held recently by a
favorable vote of 1,427 to 485 authorized the expenditure of $410,000 for
the purpose of constructing a new junior high school building, the money
to be obtained through the flotation of a long-term bond issue.
ESSEX COUNTY (P. 0. Salem), Mass.
-The Glou-NOTE SALE.
cester Safe Deposit & Trust Co. of Gloucester, purchased an issue of
$50.000 Tuberculosis Hospital maintenance renewal notes and a new issue
of $50.000 Tuberculosis Hospital maintenance notes, both issues totaling
$100,000. at a 3.32% discount, plus a premium of $2. The notes are dated
April 1 1930 and mature on April 1 1931.
FAIRFIELD, Greene County, Ohio.
-T. J.
-BOND OFFERING.
Smith, Village Clerk, will receive sealed bids until 12 m. on April 12, for
the purchase of $7,000 5)i% coupon fire apparatus purchase bonds. Dated
March 11930. Denom. $350. Due $350 On March and Sept. 1 from 1931
to 1940, incl. Principal end semi-annual interest (March and September)
payable in Fairfield. A certified check for 57 of the amount of bonds
lytd for, payable to the order of the Village, must
accompany each proposal.
The approving opinion of Peck, Shaffer & Williams, of Cincinnati, will be
furnished to the successful bidder.
FAIRVIEW, Cuyahoga County, Ohio.
-BOND OFFERING.
-J. W
Smith, Village Clerk, will receive sealed bds until 12 in. (eastern standard
time) on April 21, for the purchase of $11,800 6% special assessment sewer
bonds. Dated Feb. 1 1930. Denom. $1,000, one bond for $800. Due on
Oct. 1 as frollows: $1.000, 1931 to 1938, incl., $2,000, 1939, and $1,800
in 1940. Principal and semi-annual interest (April and Oct. 1) payable at
the First National Bank, Rocky River. Bids for the bonds to bear interest
at a rate other than 6% will also be considered, provided, however, that
where a fractional rate is bid such fraction shall be i of 19' or a multiple
thereof. A certified check for 5% of the amount of bonds bid for, payable
to the ordrr of the Village Treasurer, must accompany each proposal.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
Barr Bros. & Co., Inc. of New York, on March 28 purchased a $600,000
tempoary loan at a 3.68% discount, plus a premium of $19. The loan is
dated March 31 1930. Denoms. $500, $25,000, $10,000 and $5,000.
Payable on Nov. 5 1930 at the First National Bank of Boston. Legality
to be approved by Ropes, Gray, Boyden & Perkins, of Boston. Bids for
the loan were as follows:
BidderDiscfunt
36 %
8 .
Barr Bros. St Co.,Inc.(plus $19 purchasers)
Brown Brothers & Co.(plus $30)
3.909
-BOND ELECTION.
FARMINGTON, Oakland County, Mich.
At a special election called for April 28 a proposal to issue $55,000 in bonds
to finance the installation of a sewerage system will be submitted for the
approval of the voters. The bonds would mature serially over a period of
20 years.
FLINT, Genesee County, Mich.
-BOND OFFERING.
-Ned J.
Vermilya, City Clerk, will receive sealed bids until 2 p. m. on April 10, for
the purchase of the following bonds issues, aggregating $560,000:
$460,000 general obligation sewer bonds. Due on April 1 as follows:
$20,000, 1931 to 1950, incl., $10,000, 1951 to 1954, incl., and
$20,000 in 1955. Bonds maturing in from 1931 to 1950, incl.
bear
% interest; those bonds due from 1951 to 1955. incl.
bear 4j% interest. Principal and semi-annual interest payable
at the Chase National Bank, New York. These bonds are said
to be payable from an unlimited ad valorem tax against all
taxable property in the City. A certified check for $5.000,
payable to the order of the City Treasurer, must accompany each
proposal. The approving opinion of Chapman & Cutler of
Chicago, will be furnished to the purchaser.
100,000 59' sidewalk improvement bonds. Due $50,000 on April 1 in
1932 and 1933. Principal and semi-annual interest payable at
the office of the City Treasurer. These bonds are stated to be
issued in anticipation of collection of installments of sidewalk
assessments falling due in 1931 and 1932. and are offered subject
to the approving opinion of John Spaulding, of Miller, Canfield,
Paddock & Stone, of Detroit. A certified check for $1,000 must
accompany each proposal.
Both issues are dated April 1 1930. There will be no auction bids and
no alternative or substitute proposals considered.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
-The $100,000 temporary loan offered on April 1-V. 130, p. 2270
-was
awarded to Salomon Bros. & Hutzler of Boston, at a 3.32% discount,
plus a premium of $3. The loan is due on Nov. 21 1930. Bids received
were as follows.
Bidder
Discount.
Salomon Bros. & Hutzler (plus $3 purchaser)
3.32
F. S. Moseley & Co
3.45
Shawmut Corp
3A9 e
First National Old Colony Corp
3.51%
-LOAN OFFERING.
FRAMINGHAM, Middlesex County, Mass.
receive sealed bids until 10 a. m. on
John P. Dunn. Town Treasurer, will
April 8, for the purchase at discount of a 5100,000 temporary loan. Denom.
$50,000. Due on Nov. 28 1930.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Hampton), Iowa.
-Both sealed.and open bids will be received by W. A. Luke, County
Treasurer, until 2 p. m. on April 10, for the purchase of a $300,000 issue
of annual primary road bonds. Denom. $1,000. Dated May 1 1930.
Due $30,000 from May 1 1935 to 1944 incl. Optional after 5 years. County
will furnish the legal approval of Chapman & Cutler,of Chicago. Purchaser
Is to furnish the blank bonds. A certified check for 3%, payable to the
above named Treasurer, is required.
2449
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The $12,277 coupon road improvement bonds offered on April 2-V. 130.
awarded as 4),s to the Banc Ohio Securities Co.of Columbus,
-were
p. 1880
at par plus a premium of $20.91, equal to 100.17, a basis of about 4.475%.
The bonds are dated May 1 1930 and mature on Sept. 1 as follows: $1,27.
1931; $1,000, 1932; and $2,000 from 1933 to 1937 incl. Bids for the issue
were as follows:
Prem.
Int. Rate.
Bidder4)4%$20.91
Banc Ohio Securities Co.(purchaser)
3.60
43j
W. L. Slayton & Co., Toledo
69.00
Seasongood & Mayer, Cincinnati
0. Galesburg), Knox
GALESBURG SANITARY DISTRICT (P.
-Harris Trust & Savings Bank, of Chicago,
-BOND SALE.
County, III.
recently purchased an issue of $650,000 5% coupon, registerable as to
principal sanitary sewer bonds. Dated March 1 1930. Denom. $1,000.
Due on Sept. 1 as follows: $32,000. 1931 to 1940, incl.. $34.000. 1941 to
1945, incl.. and $40,000 from 1946 to 1949, incl. Priscipal and semiannual interest (March and Sept. 1) payable at the Harris Trust & Savings
Bank, Chicago, or at the First Galesburg National Bank & Trust Co..
Galesburg. The purchasers are reoffering the bonds for public investment
at prices ranging from 101.36 for the 1931 maturity, yielding 4% to 107.78
for the 1949 maturity, yielding 4.40%.
Financial Statement (As Officially Reported).
$26,099,196
Assessed valuation for taxation (1929)
650.000
Total debt (this issue)
Population (est.), 30,000; (City) 1920 Census, 23,834.
-BONDS TO
GEORGETOWN COUNTY (P. 0. Gerogetown), S. C.
.
-We are informed by W. A. Campbell, Clerk of the
BE PURCHASED.
Board of County Commissioners, that he will receive proposals for the purchase and retirement of various highway,funding and school district bonds,
not to exceed the sum of $40,000. The above Board reserves the right
to reject any or all proposals. Further information may be obtained by
communicating with the above named Clerk.
-The
-CERTIFICATE SALE.
GLENCOE, McLeod County, Minn.
$62.500 issue of semi-annual certificates of indebtedness offered for sale on
-was awarded to the First National Bank of
March 25-V. 130, p. 2270
Glencoe. as 6s, at par. Dated April 11930. Due in from 1 to 20 years and
optional before maturity. No other bids were received.
• GLENVILLE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
-BOND SALE.
-The $240,000
Scotia), Schenectady County, N. Y.
coupon or registered school bonds offered on April 2-V. 130. p. 2270
were awarded to Batchelder & Co. of New York, at par plus a premium
of $1,392, equal to 100.58, a basis of about 4.44%. The bonds are dated
Jan. 1 1930 and mature on Jan. 1 as follows* $5,000, 1932 to 1935 lool•••
$10,000, 1937 to 1947 incl., and $15,000 from 1948 to 1954 incl. The
successful bidders are reoffering the bonds for public investment at Prices
at prices to yield from 4.25 to 4.30%. according to maturity. According
to the offering notice the bonds are legal investment for savings banks and
trust funds in New York State and are direct and general obligations of
the District, which reports an assessed valuation of $13,180.170 and total
bonded debt, including present issne, of $727,400.
-A $15.000 issue
GORDON, Sheridan County, Neb.-BOND SALE.
of water works system bonds is reported to have recently been purchased
by an undisclosed investor.
GOSHEN TOWNSHIP CENTRALIZED RURAL SCHOOL DIS-BOND SALE.
-After having been approved as to legality
TRICT, Ohio.
by Attorney General Gilnert Bettman, the State Teachers' Retirement
System, of Columbus, purchased an issue of $12,000 school building construction bonds at a price of par.
-The
-BOND SALE.
GOWANDA, Cattaraugus County, N. Y.
Marine Trust Co., of Buffalo, recently purchased an issue of $90,000 5%
water mains bonds at a price of 101.269, a basis of about 4.89%. The bonds
are dated Nov. 1 1929. Denom. $1,000. Due $3,000 on Nov. 1 from
1934 to 1963 incl. Interest payable semi-annually.
GREECE COMMON SCHOOL DISTRICT NO. 5 P. 0. Charlotte
-BIDS REJECTED.Station, Rochester), Monroe County. N. Y.
Edward McShea, Sole Trestee, reports that all of the bids received on
April 1 for the purchase of the $59,000 not to exceed 69' interest coupon
-were rejected.
-V. 130. P. 2073
or registered school bonds offered for sale
The bonds are dated March 1 1930 and mature on Nov. 1 as follows:
1933, incl., $2,000, 1934 to 1938, incl.. $3,000, 1939 to
$1.000. 1930 to
1943, incl., and $6,000 from 1944 to 1948, incl.
-The $11,400 5%
-BOND SALE.
GRIFFITH, Lake County, Ind.
-were
drain construction bonds offered on March 7-V. 130, p. 1317 bonds
awarded at a price of par to Rent, Grace & Co., of Chicago. The
are dated March 10 1930 and mature as follows: $400. July 10 1930 $500
January and July 10 from 1931 to 1941 inclusive.
-BOND OFFERGRUNDY COUNTY (P. 0. Grundy Center), Iowa.
-Both sealed and open bids will be received by W. H. Frerichs,
ING.
County Treasurer, up to 2 p. m. on April 9, for the purchase of a $200,000
issue of annual primary road bonds. The maturities in proportion and
conditions of sale are the same as those given under Franklin County.
-A $10,000 lone
-BOND SALE.
HALLS,Lauderdale County, Tenn.
for refunding bonds is reported to have been purchased by J. C. Bradford
& Co., of Nashville.
(A similar issue of bonds was sold to tne above firm in March 1929V. 128. p. 1603.)
HAMBLEN COUNTY (P. 0. Mort:stown), Tenn.- WARRANT
SALE.
-A $50,000 issue of 6% improvement warrants has been purchased
at par by the Morristown Trust Co., of Morristown. Due from 1932 to
1936.
-BOND OFFERING.
HARRIS COUNTY (P. 0. Houston) Tex.
Sealed bids will be received by H. L. Washburn, County Auditor. until
11:30 a.m. on April 14, for the purchase of an issue of $1,500,000 coupon
special road bonds. Int. rate is to be named by the bidder, payable semiannually. Bids for less than par and accrued interest will not be considered.
Denom. $1,000. Dated April 10 1930. Due $50,000 from April 10 1931 to
1960, hick. Prin..and int. payable at the office or tha County Treasurer or
at the Chase National Bank in New York City. The County will furnish
the approving opinions of the State's Attorney-General and Thomson,
Wood & Hoffman, of New York. Authority: Article 3, Section 52, Constitution of Texas, Title 22. Chapter 3, It. S. 1925, as amended by the
39th Legislature. 1st session, page 23. Bonds voted on March 221930V. 130, p. 2271. A $15,000 certified check, payable to the County Auditor.
must accompany the bid.
(Official advertisement on last page of this section.)
Official Financial Statement.
The following list of bonds constitutes all the outstanding issues of bonds,
exclusive of this issue, affecting Harris County, as of date March 29 1930:
Amt. of Rate of Matur- OutstandSecurities.
Date of IssueIssue.
Int. flies.
Cash.
big.
April 131901, 12,413__ 600,000 3%
500,000 4%
Oct. 101907. R&D
500.000 4;4%
April 101909. R511_..
1,100,000 5%
July 201917, R&D
June 101927, R&S, Ref. 701,000 434%
750,000 5%
Apr1110 1924, MB_ _ _ _
500,000 4%
Apr1I 10 1908,041
600,000 454,
7
April 101926. Jail
April 101913, MR.__ _ 1,000,001) 4)(%
50,000 5%
April 101926, TUB_
April 101926, MB_ _ 1,450,000 414%
11.000 534%
April 101926, Rdr13_ 2,000,000 454%
Oct. 101927, R&D
2,489,000 434%
Dee. 10 1928, 11&13__
40-10
500,000 4,693.83
40-10
323,000 20,527.71
40-10
417,000 30,039.13
40-10
115,000 14,493.29
Serial
640,000 57,950.93
Serial
593,000 55,845.93
40-10
233,000 20,892.52
Serial
540,000 44,690.58
40-30
956,000 34,193.85
Serial
Serial 1,339,000 95,713.65
Serial
10,000
300.10
Serial 1,867,000 147,978.84
Serlal 2,394.000 191,550.71
374,500
105,000
161,000
360,500
10,000
12,251,000
9,927,000 718,951.07 1,011,000
Debts: All debts of the County affecting its general issuing capacity
are set out above. There are no floating or water debts.
Assessed valuation: 1926. $316,128,904.00. (Estimated real value,
$650,000.000.00). (Estimated assessed valuation 1930, 8340,000,000.00)
Population: 1920. 186.673; (1930 estimated, 375,000)•
Tax levy: Appropriate levy of taxes will be made by order when bonds
are sold.
Tag rate: Present County rate, .777; navigation district, .213; total,
.99 on the $100.00 valuation.
Debt limit: 25% of real property valuation.
2450
FINANCIAL CHRONICLE
HAMILTON COUNTY (P. 0. Webster City), Iowa.
-BOND OFFER-Both sealed and open bids will be received up to 2 p. m.on April 11,
ING.
by J. K. Fear, County Treasurer, for the purchase of a $200,000 issue of
annual primary road bonds. For the maturities and conditions governing
the sale of these bonds refer to Franklin County.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND OFFERING.
-E. J. Dreihs, Clerk of the Board of County Commissioners, will
receive sealed bids untll 12 m. on April 18,for the purchase of 3152,161.80
434% road improvement bonds. Dated April 15 1930. Denom. 31,000.
one bond for $161.80. Due on Oct. 1 as follows* $15,161.80, 1931:$16.000.
1932 and 1933, and 815,000 from 1934 to 1940, incl. Principal and semiannual interest (April and October) payable at the office of the County
Treasurer. Bids for the bonds to boar interest at a rate other than 43.i%
will also be considered, provided, however, that where a fractional rate is
bid such fraction shall be X of 17 or a multiple thereof. A certified check
for $1.522, payable to the order of the County Treasurer, must accompany
each proposal. A complete transcript of the proceedings with reference to
the issuance of the bonds will be furnished to the successful bidder.
HANCOCK COUNTY(P.O. Greenfield),Ind.
-BOND OFFERING.Margaret A. Lantz, County Treasurer, will receive sealed bids until 10
a. m.on April 9,for the purchase of$8,3204 % Homer L.TInney et al road
construction bonds. Dated April 1 1930. Denom. $416. Due $416, July
15 1931 $416, January and July 15 from 1932 to 1940 incl., and $416 on
Jan. 15 1941. Interest payable on January and July 15.
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houston)
Tex.
-BOND OFFERING.
-Sealed bids will be received by R. S.
Chairman of the Board of Navigation Commissioners, until 2 Sterling,
p.m. on
April 14, for the purchase of a $2,000,000 issue of coupon district bonds.
Int. rate is to be stated by the bidder, payable semi-annually. No bids
below par and accrued interest will be considered. Denom. $1,000. Dated
April 10 1930. Due serially over 30 years. Prin. and int, payable at the
County Treasurer's office or at the Chase National Bank in New York.
The approving opinions of the State's Attorney-General and of Thomson.
Wood & Hoffman, of New York City, will be furnished to purchaser. A
$20.000 certified check, payable to the above-named Chairman, must
accompany the bid. Authority: Issued pursuant to Article 3, Section 52,
Constitution, and Title 128, R.S. 1925, Chapter 9. Election: Voted
March 22 1930. For, 11,978; against, 2,295; majority for, 9,683.
(Official advertisement on last page of this section.)
Official Financial Statement.
The following list of bonds constitutes all the outstanding issues of bonds,
exclusive of this Issue, affecting Harris County Houston Ship Channel
Navigation District, as of date March 29 1930:
'
Amt. of Rate of Matur- OutstandIssue.
Int, flies.
inv.
Cash.
Securities.
Date of Issue$
July 1 1911
1,250,000 43i% Serial
751.500 162,003.16
83,000
March 1 1914
250,000 5%
40
250,000 10,833.32
93,000
Aug.! 1919
1,500,000 5%
Serial
996,000 72,870.80
April 15 1923
4,000,000 5%
Serial 3,216,000 295,792.57
Sept. 15 1924
500,000 434% Serial
414,000 25,127.42
Feb. 1 1927
250,000 5%
Serial
235,000} 29.082.36
Feb. 1 1927
1,250,000 434% Serial 1,112,000
[VOL. 130.
BidderRate Bid. I BidderRate Bid.
First National Old Colony
Harris, Fornes & Co
100.350
Corp. (purchaser)____ __--100.635 Brown Bros & Co
100.320
Curtis & Sanger
F. S. Moseley & Co
100.446
100.319
Chase Securities Corp
100.410 Wise,}loons & Arnold
100.311
Stone Webster and Blodget,
Estabrook & Co
100.284
Inc
100.402 R. L. Day & Co
100.059
HOPEDALE, Harrison County, Ohio.
-BOND SALE.
-The $4,500
6% municipal building construction bonds offered on Feb. 15-V. 130, p.
663
-were awarded at a price of par to the First National Bank of Hopedale.
The bonds are dated March 1 1930 and mature $250 on March and Sept. 1
from 1931 to 1939 inclusive.
HOUSTON COUNTY (P. 0. Crockett), Tex.
-BONDS VOTED.
At the special election held on March 22-V. 130, p. 1318- the voters
authorized the issuance of 31.450,000 in bonds to build a system of lateral
roads and supply the county's portion of road funds for State highways.
HUNTINGTON (P.O. Huntington.Station),,Suffolk County, N.Y.
-BONDS OFFERED.
-Richard W Hawkins, Town Supervisor, received
sealed bids until 2 p. m. on April 4, for the purchase of $1.65,000 coupon or
registered Greenlawn Enlargement No. 1 water bonds. Dated Jan. 1 1930.
Denom. 31,000. Due on Jan. 1, as follows: $10,000, 1935 to 1945 incl..
and 311,000 from 1946 to 1950 incl. Bonds are to bear interest at a rate
not exceeding 6%. Principal and semi-annual interest (Jan. and July 1)
payable in gold at the Bank of Huntington & Trust Co., Huntington.
Legality to be approved by Clay, Dillon & Vandewater, of New York.
HUNTINGTON BEACH, Orange County Calif.
-BOND SALE.The two issues of 5% bonds. aggregating $122.0(10 offered for sale on March
24-V. 130, p. 2074-purchased by Dean Witter & Co. of Los Angeles,
for a premium of $2,989, equal to 102.45, a basis of about 4.63%. The
Issues are divided as follows:
$62,000 municipal pier extension bonds. Due from March 1 1931 to 1945.
60,000 municipal pier repair bonds. Due $4,000 from March 1 1931
to 1945.
According to newspaper reports from the Coast, Weeden & Co.submitted
the second highest bid of $1,888, followed by Securities Division National
Bankitaly Co. with an offer of $1,856, and R. H. Moulton & Co., with a
bid of $431.
HUTCHINSON COUNTY(P.O. Stinnett), Tex.
-BOND OFFERING.
--Sealed bids will be received until 10 a. m. on April 27, by (3. P. Cain,
County Auditor, for the purchase of an issue of $150,000 5% semi-annual
county road bonds. Denom. $1,000. Dated Nov. 101929. Due $15,000
from May 10 1930 to 1939 bid. A certified check for 5% must accompany
the bid.
IDAHO, State of (P. 0. Boise).
-The two Issues of
-NOTE SALE.
notes aggregating $1,500,000 offered for sale on April 3-V. 130, P. 2271
were purchased as follows:
$1.000,000 general fund notes, jointly awarded to the Bankers Co. of New
York and the International Co. of Denver at 4.04%. Dated
April 16 1,930. Due on April 16 1931.
500,000 treasury notes, awarded to Halsey. Stuart & Co. of Chicago
as 431s for a premium of $540, equal to 100.108. a basis of
about 5.207. Due $100,000, July 1 and Dec. 31 from 1931
to July 1133.
JACKSON, Jackson County, Mich.
-COMMISSION TO PASS ON
PROPOSED BOND ISSUES.
-The City Commission shortly is expected
to pass upon the advisability of submitting to a vote of the electors the
question of issuing $1,319,780 bonds, comprising an $8800,000 sewer Issue
and a $519,780 water issue. Issuance of the bonds was recommended
by the City Commission's special advisory committee at a meeting held
on March 31.
INTERLAKEN (P. 0. Allenhurst) Monmouth County, N. J.
BOND OFFERING.
-R. II. Adams, Borough Clerk, will receive sealed
bids until 8 p. m. on April 14. for the purchase of $45,000 57 coupon or
registered general improvement bonds. Dated April 1 1930. Denom.
$1,000. Due on April 1 as follows: $2,000, 1932 to 1953. Incl., and $1,000
in 1954. Principal and semi-annual interest (April and Oct. 1) payable
in gold at the Asbury Park National Bank & Trust Co., Asbury Park.
The bonds will be prepared under the supervision of the afore-mentioned
bank. No more bonds are to be awarded than will produce a premium of
31.000 over $45.000. A certified check for 2% of the amount of bonds bid
for, payable to the order of the Borough, must accompany each proposal.
The approving opinion of Hawkins, Delafleld & Longfellow, of New York.
will be furnished to the successful bidder.
IRONDEQUOIT (P. 0. Beachwood Station, Rochester), Monroe
County, N. y.
-The following issues of coupon or regis-BOND SALE.
tered bonds, aggregating $114,736.67. offered on March 1-V. 130,_13. 1511
-are reported to have been awarded as 6s to a group composed of Edmund
Seymour & Co., Rapp & Lockwood, and A. C. Allyn & Co., all of New
York. at 100.269, a basis of about 5.97%:
$98,000.00 sewer bonds. Due on June 1, as follows: $2,000, 1931 and $4,000
from 1932 to 1955 inclusive.
16,736.67 street improvement bonds. Due on June 1, as follows: $736.67
in 1931. $1.000. 1932 to 1941 incl., and $2.000 from 1942 to
1944 inclusive.
Both issues are dated March 10 1930. The successful bidders are reoffering the bonds for public investment at prices to yield 5.00%.
Financial Statement (as officially reported)•
Actual valuation taxable property
$55,000,000
Assessed valuation. 1929
27,105,361
*Total bonded debt (including this issue)
7,959,653
Population-estimated, 1930, 15.500.
* All of these bonds are self-supporting, being payable primarily from
assessments on property benefited or water revenues, and are deductible
by law in determining ratio of bonded debt to assessed valuation.
IRON RIVER,Iron County, Mich.
-BOND ELECTION.-At
tion to be held on April 7 the voters will pass on a proposal to Issue an elecIn bonds to finance various municipal improvemont projects. $45.000
About
$15,000 of the proceeds of the issue would be used to construct a standard
half
-mile race track at the fair grounds.
ISLIP COMMON SCHOOL DISTRICT NO. 9, Suffolk County,
N. Y.
-OFFER $192,000 434% BONDS.
-Lehman Bros. of New York,
offering an issue of 3162.000 434% coupon or registered school bonds are
for
public investment at prices to yield 4.30%. The bonds are stated
to be
legal investment for savings banks and trust funds in New
York State.
Award was made on March 18 at 100.12, a basis of about
4.48%.-V. 130,
p. 2074.
9,000,000
6,974,500 595,709.13 176,000
Assessed valuation: 1929, 3312,886,000. True valuation: (Estimated),
$650,000,000.00.
Legal debt limit: 10% real property valuation.
Population: 1920, 186.673; 1930 (estimated), 375,000.
Tax Levy: Appropriate taxes will be levied by order when bonds are
Issued and sold.
Tax rate: Total for district .213 per $100.00 valuation.
Debts: All debts are given above. There are no floating or water debts.
HASKELL COUNTY (P. 0. Haskell), Tex.
-BONDS REGISTERED.
-Two issues of 5% road bonds, aggregating $885,000, were registered by
the State Comptroller on March 29. They are divided as follows: $760.000
series C and 3125,000 series B bonds. Due serially.
ik (These bonds were voted on Jan.5-V. 130, p. 323.)
HASTINGS, Barry County, Mich.
-BONDS APPROVED.
-A proposition to issue $170.000 in bonds to finance the erection of a new grade and
junior high school building was approved by a vote of 819 to 179 at an
election held on March 21. The bonds are expected to be offered for sale
shortly.
HEMPHILL COUNTY (P. 0. Canadian), Tex.
-BONDS VOTED.
At a special election held on March 25 the voters authorized the issuance
of $700,000 in note exceeding 5% 30 year serial road bonds by a count of
969 "for" to 371 "against." The Dallas "News" of March 27 commented
on the election as fellows:
Out of the bond money $500,000 will be spent for paving State Highway
No. 33 from the northeast corner of the county southwest to Miami and
State Highway No. 4 from Perryton across Hemphill County to the county
line of Wheeler County. The remaining $200,000 will be used for obtaining
-foot right of way.
a 100
The town of Canadian recorded the greatest number of votes ever cast
there In any election, 754 for the bonds and 83 against.
HEMPSTEAD SANITARY DISTRICT NO. 1 (P. 0. Hempstead),
Nassau County, N. Y.
-BOND OFFERING.
-Robert G. Anderson,
Presiding Supervisor, will receive sealed bids until 11 a. m. on April 15,
for the purchase of $350.000 garbage incinerator bonds, to bear interest at a
rate not exceeding 6%, stated in a multiple of X of 1%. Dated April 1
1930. Denom. $1,000. Due on April 1, as follows: 310,000, 1932 to 1945
incl., and 315,000 from 1946 to 1959 incl. l'rin. and semi-annual interest
(April and Oct. 1) payable in gold at the Peninsula National Bank, Cedarburst. A certified check for 2% of the amount of bonds bid for, payable
to the order of the Town of Hempstead, must accompany each proposal.
The approving opinion of Hawkins, Delafield & Longfellow. of New York,
will be furnished to the purchaser.
HEMPSTEAD (TOWN OF) UNION FREE SCHOOL DISTRICT
NO.21 (P.0. Rockville Centre), Nassau County, N. Y.
-BOND SALE.
-The 337.000 coupon or registered school bonds offered on March 26V.130, p. 1881-were awarded as 4.50s to Rapp & Lockwood,of New York,
at par plus a premium of $88.43, equal to 100.23, a basis of about 4.47%.
The bonds are dated April 1 1930 and mature on April 1 as follows: $2.000,
1932 to 1949 inclusive, and $1,000 in 1950. An official list of the bids submitted for the issue follows:
Bidder
Int. Rate.
Premium.
rs)
Rapp L Lockwood (purchase
4.50
JACKSON SCHOOL DISTRICT NO.2(P.O.Clinton)East Feliciano,
Roosevelt & Son
4.75
3 2.43
98 43
8.
-BONDS NOT SOLD.
-The $40,000 Issue of not exceeding
George B. Gibbons & Co
4.70%
36.04 Parish, La.
school bonds offered on March 28-V. 130, p. 1881-was not sold as all6%
Batchelder & Co
4.60%
118.40
the
bids were rejected. Dated April 1 1930. Due from April 1 1931 to 1945 Incl,
HIDALGO COUNTY (P. 0. San Juan), Tex.
-BONDS REGISJOLIET PARK DISTRICT, Will County, III.
-On March 27 the State Comptroller registered a $90,000 issue
TERED.
-BOND SALE.
The $200,000
of6% water improvement bonds. Due serially.
% coupon district bonds offered on March 27-V. 130.
p. 2272
-were awarded to the Continental Illinois
-BOND OFFERING.
HIGH POINT, Guilford County, N. C.
-Sealed plus a premium of $2,181, equal to 101.09. a basisCo., of Chicago, at par
bids will be received until 2 p. m.on April 15 by E.M.Knox, City Manager, bonds are dated May 1 1930 and mature on May of about 4.37%. The
1, as follows: $10.000,
for the purchase of two issues of coupon or registered bonds aggregating 1931 to 1948, incl., and $20,000 in 1949.
$1,500,000:
ti e a
z.plete list of the bids submitted for the issue follows:
n
,
$1.000,000 sewer bonds. Due on Dec. 1, as follows: 316,000, 1932 to 1949:
$32,000, 1950 to 1960 and $40,000. 1961 to 1969, all inclusive. Continental
Premium,
Illinois Co., Chicago (purchaser)
500.000 water bonds. Due on Dec. 1, as follows: $8,000, 1932 to 1949: A. B.
$2,181
$16,000. 1950 to 1960 and 320,000. 1961 to 1969. all inclusive. First Leach & Co _ __
2.180
_Int. rate Is not to exceed 6%. payable semi-annually. The rate must be First Union Trust drSavings Bank
2,005
Detroit Co-- _ - _
In a multiple of X of 1% and must be the same for all of the bonds. Denom. Harris Trust
1.780
& SaVingii Bank
$1,000. Dated Dec. 1 1929. Prin. and Int. (J. & D.) payable in gold or Chatham
1,030
Phenix
its equivalent in lawful money in New York. Reed Hoyt & Washburn. Central Illinois Corp
530
Co
of New York, will furnish the legal approval. No bid for less than all of
525
JOPLIN SCHOOL DISTRICT (P. 0. Joplin), Jasper County, Mo.the $1,500,000 bonds will be received or considered. A certified check for
PUBLIC OFFERING OF BONDS.
2% of the bonds bid for, payable to the City, is required.
-The $650,000 issue of 434%
(These bonds were unsuccessfully offered on Dec. 31-V. 130, p. 169.) bonds that was purchased by a syndicate headed by the Guaranty school
Co. of
New York
(
-at 101.93,5 basis of about 4.28%,is dow being
HILLSBORO, Washington County, Ore.
-BOND SALE.
-A $9,000 re-offered -V.130. p.2272
for investment by the
Issue of street paving and sidewalk bonds is reported to have recently been (accrued interest to be added). successful bidders at prices to yield 4.15%
Due from April 1 1931 to 1950 incl. Prin.
purchased at local banks.
and int. (A. & 0. 1) payable at tho Guaranty Trust Co.
'of New York.
-BOND SALE.
-The $250,000 Legality to be approved by Benj. H. Charles of St. Louis.
HOLYOKE, Hampden County, Mass.
(As Officially Reported).
4% coupon or registered highway and sidewalk bonds offered on April 2estimated
V. 130. p. 2271-were awarded to the First National Old Colony corp. Actual valuation, nancial Siatement
853,000,000
of Boston at 100.635. a basis of about 3.78%. Thebondsaredated April 1 Assessed valuation, 1928
26.387,273
1930 and mature $50,000 on April 1 from 1931 to 1935 inclusive. The Total bonded debt. including this issue
1.298.000
Population (1920 census) ,29,902; present estimate. 34.000.
official list of the bids submitted for the Issue:
following is an
APRIL 5 1930.]
FINANCIAL CHRONICLE
KALAMAZOO, Kalamazoo County, Mich.
-BOND OFFERING.
0. R. Howard, City Clerk, will receive sealed bids until 8 p m.on April 7,
for the purchase of $125,000 43 % special assessment street impt. bonds.
,
6
Dateo April 15 1930. Denom. $1,000 and $500. Due $12.500 on April 15
from 1931 to 1940 incl. The successful bidder will oe required to print
the bonds and to pay all expenses in establishing their validity. The
bonds shall be issued subject only to the egal opinion of Miller, Canfield,
Paddock & Stone of Detroit.
KEOKUK COUNTY (P. 0. Sigourney), lowa.-BOND OFFERING.
-John B. Slate, County Treasurer, will receive both sealed and open bids
up to 2 p. m. on April 16, for the purchase of a $300,000 issue of annual
primary road bonds. Under Franklin County we gave in detail the maturities and the conditions governing the sale of these bonds.
KEWAUNEE COUNTY (P. 0. Kewaunee), Wis.-BANKERS RE
OFFER BONDS.
-The $550,000 issue of 5% highway bonds that was Purchased by the Central Illinois Co. of Chicago at 101.03 a basis of about
4.85%-V. 130, p. 1881-is now being offered for public subscription by
the successful bidders at prices to yield 4.25% on all maturities. Dated
May 1 1930. Due on May 1 as follows. $50,000, 1935: $75,000, 1936;
$100,000, 1937 to 1940 and $25,000 in 1941. Prin. and int. (M. & N. 1)
Payable at the office of the County Treasurer in Kewaunee. Legal opinion
of Chapman & Cutter of Chicago. These bonds are reported to be legal
investments in Wisconsin.
KING COUNTY SCHOOL DISTRICT NO. 74 (P. 0 Seattle),
Wash.
-BOND OFFERING.
-Sealed bids will be received by W. W.
Shields, County Treasurer, until 11:30 a. m. on April 5 for the purchase
of a $15,000 issue of school bonds. Interest rate is not to exceed 6%.
payable semi-annually.
KINSLEY SCHOOL DISTRICT (P. 0. Kinsley) Edwards County,
Kan.
-BOND SALE.
-A $42,000 issue of school building bonds is reported
to have been purchased by the State School Fund Commission.
KNOXVILLE, Knox County, Tenn.
-NOTE OFFERING.
-Sealed
bids will be received until noon on April 8 by John C. Borden, Director
of Finance, for the purchase of a $200.000 issue of permanent improvement
gold notes. Dated Jan. 1 1930. Due on June 1 1933. In submitting
bids, designate the place of payment and denominations desired, bidding
on interest rate and adjusting any fractional difference by premium.
The legal approval of Masslich & Mitchell of New York will be furnished.
LA HABRA, Orange County, Calif.
-BONDS VOTED.
-At the
special election held on March 11-V. 130, p. 1318
-the voters gave their
approval of the issuance of $60,000 in bonds for school additions by a
count of 153 "for" to 62 "against." We are informed that they will be
offered for sale by the Orange County Board of Supervisors at Santa Ana.
They will bear 5% interest and mature $6.000 per year.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND OFFERING.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. m. on April 14,for the purchase of $8,000 6% road
construction bonds. Dated April 1 1930. Denoms. $1,000 and $750.
Due 111,000, Oct. 1 1930; $750, April 1 and $1,000 on Oct. 1 from 1931
to 1934 Encl. Principal and semi-annual interest (April and Oct. 1) payable at the office of the County Treasurer. Bids for the bonds to Dear
interest at a rate other than 6% will also be considered; provided, however, that where a fractional rate is bid such fraction shall be M of 1%
or a multiple thereof. A certified check for $500, payable to the order of
the County Treasurer, must accompany each proposal.
LARAMIE COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
Wyo.-BOND OFFERING -Sealed bids will be received until Hillsdale),
2 p. m. on
April 18 by C. W.Easley, District Clerk, for the purchase of a $25,000 issue
of school bonds. Int, rate is not to exceed 6%, payable semi-annually.
Denom. $1,000. Dated Jan. 1 1930. Due in 25 years and optional in 15
years. Prin. and int. payable at the Stock Growers National Bank In
Cheyenne, or at Kountze Bros., New York City. A certified check for
5% must accompany the bid.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Helena), Mont.
-BOND SALE.
-The $225,000 issue of coupon (J. & J)
school building bonds offered for sale on March 29-V. 130, p. 1699
-was
purchased by the State Board of Land Commissioners, as 4,4s, for a premium of $250, equal to 100.11. Dated July 11930.
LITCHFIELD, Litchfield County, Conn.
-BOND OFFERING.
Albert W.Clock, Town Treasurer, will receive sealed bids until 11:30a. m.
on April 7, for the purchase of $62,000 41.5% coupon State aid highway
bonds. Dated April 1 1930. Denom. $1,000. Due on April 1 as follows:
$6,000, 1931, and $8,000 from 1932 to 1938, incl. Principal and semiannual Interest (April and Oct. 1) payable at the First National Bank of
Boston. The bonds are engraved under the supervision of and certified
as to genuineness by the afore-mentioned bank; their legality will be
approved by Ropes, Gray. Boyden & Perkins, of Boston, whose opinion
will be furnished the purchaser.
Financial Statement April 1 1930.
Valuation (1928)
$6,442,807
Tax exempt property
316,154
Grand list
$6,738,961
Total bonded debt of the town
225.000
Floating debt (anticipation of taxes)
46,000
LONG BEACH, Los Angeles County, Calif.
-BOND SALE.
-The
$500,000 issue of public parks and playground bonds offered for sale on
March 25-V. 130, p. 1882
-was purchased by the American Securities
Co. of San Francisco, for a premium of $48, equal to 100.009, a basis of
about 4.39%, on the
divided as follows: $390,000 sold as 414s, and
$110.000 sold as 4s. Dated June 1 1928. Due from June 1 1944 to 1951.
The following is a list of the bidders and their bids:
A syndicate consisting of Dean Witter & Co., Heller, Bruce & Co., Wells
Fargo Bank & Union Trust Co.: William Cavalier & Co. and William R.
Stoats Co. bid a premium of $128 for $210,000 bonds as Is and the balance
balance of $290,000 as 4s.
American Securities Co. and First Detroit Co. offered $48 for $390.000
as 4145 and $110,000 as 48.
A premium of $427 for $225,000 Is and $275,000 44 was offered by R. H.
Moulton & Co., Security First Co. and Harris Trust and Savings Bank.
Anglo London Paris National Bank, First National Bank of New York,
Securities Division National Bankitaly Co. and Eldredge & Co. bid $13
for $215,000 as Oil; and 1285.000 as 435s.
Weeden & Co. and National City Co. bid $155 for $230.000 as 430 and
$270,000 as 434s. while the Continental Illinois Co. and Foreman-State
Corp., offered a $250 premium for $3370,000
% bonds and $130,000
% bonds.
LORAIN, Lorain County, Ohio.
-BOND OFFERING.
-A. M.
Pollock, City Auditor, in addition to receiving sealed bids until 12 m.
(Lorain city time) on April 10, for the purchase of $15,000 57, city's,
portion bonds, description of which was given in-V. 130. p. 2272
-will
receive tenders at the same time for the purchase of an issue of $35,000 5%
city's portion sanitary and storm water sewers installation bonds. Dated
April 15 1930. Denom. $500. Due $3,500 on Sept. 15 from 1931 to 1940,
incl. Principal and semi-annual interest (March and Sept. 15) payable at
the office of the Sinking Fund Trustees of the City. Bids for the bonds to
bear interest at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be h of
1% or a multiple thereof. A certified check for 2% of the amount of bonds
bid for must accompany each proposal. A complete transcript of the
proceedings and relative to the above bonds will be furnished the successful
bidder upon the day of sale.
Financial Statement.
Real valuation (estimated)
$135,000,000.00
Assessed valuation (1929)
85,605,510.00
Total bonded debt (including this issue)
3,006,040.61
Floating debt
774,742.00
Total debt
Leas: Special assessment:ilebi
Water debt
Sinking fund
Legal deductions
311".61
ii,iii,
570,000.00
411,320.71
206,000.00
$3,780,782.61
2,931,652.32
Net debt
Population 1920, 37,000; present, 44,000.
$849,130.29
2451
LOS ANGELES COUNTY WATER WORKS DISTRICT NO. 10
(P. 0. Los Angeles), Calif.
-BOND SALE.
-The $12,000 issue of 6%
water bonds offered for sale on March 24-V. 130, p. 1882
-was purchased
by Wheelock & Co., of Los Angeles, for a premium of $85, equal to 100.70,
a basis of about 5.90%. Dated March 1 1930. Due from March 1 1932 to
1950.
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
-The $2,000,000issue ofcoupon sewer bonds offere..for sale on April 2-V.130, p .2074
was purchased by the National City Co. of New York for a premium of
$110, equal to 100.0055, a basis of about 4.06%, on the bonds divided as
follows: $1,525,000 as 4s, and the remaining $475,000 as 43I% bonds.
Dated Feb. 1 1929. Due on Feb. 1 1969 without option of prior payment.
-OFFERED.
BONDS RE
-The above bonds were promptly re-offered for
public investment by the successful bidder priced at 104 and int., Co yield
about 4.05%. They are reported to be free from all Federal income taxes
and tax-free in Kentucky; also said to be legal investment for savings banks
and trust funds in many States.
-BOND SALE.
McLENNAN COUNTY (P. 0. Waco), Tex.
-The
$850,000 issue of 4M % semi-ann. county road bonds offered for sale on
-was purchased 1.21.utly by the First Nat. Bank
April 1-V. 130, p. 2074
and the Citizens National Bank, both of Waco, at par. Dated April 10
1929. Due on April 10 as follows: $9,000 in 1940 and $29.000, 1941
to 1969 inclusive.
-LIST OF
MADISON SCHOOL DISTRICT, Morris County, N. J.
BIDS.
-The following is a complete list of the bids received for the $97,000
bonds ($97,500 offered) awarded on March 26 as 4;513 to J. S. Rippel & Co.,
of Newark, at 100.94, a basis of about 4.42%.-V. 130, p. 2273:
No. Bonds
Int.
Price
Bidder
Bid For.
Bid.
Rate.
J. S. Rippe'& Co (Purchasers)
$97.913.00
97
Rufus Waples & Co
97.572.30
97
H. L. Allen & Co
97,551.93
4M
97
H. B. Hand & Co
Total issue
97,703.71
4% o
Adams and Mueller
Total issue
97,637.00
434 7
First National Bank, Madison
Total issue
97,601.00
434
M. M.Freeman & Co., Inc
97,655.55
43.1*
96
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
-was
$600,000 temporary loan offered on March 28-V. 130, p. 2273
awarded to Salomon Bros. & Hutzler of Boston, at a 3.29% cUscount.
plus a premium of $7. The loan is dated April 1 1930 and is payable on
Sept. 26 1930 at the First National Bank of Boston. The following is a
complete list of the bids submitted for the loan:
Disrnunl.
Bidder
Salomon Bros. & Hutzler (plus $7 purchasers)
First National Old Colony Corp. (plus $1.75)
3.48
/First National Bank of Malden (submitted two bids)
13.38
13.44%
-P. L.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
Kelley, City Auditor, will receive sealed bids until 1 p.m. on April 14, for
the purchase of an issue of $100.450 6% impt. bonds. Dated April 1 1930.
Due as follows: $12.150 April 1 and $12.000 Oct. 1 1931, $12,750 April 1
and $11,000 Oct. 1 1932. $12,400 April 1 and $11,000 Oct. 1 1933. $6,900.
April 1 and $8,000 Oct. 1 1934. $7,250 April 1 and $7,000 Oct. 1 1935. Int.
payable on April 1 and Oct. 1. A certified check for $2,000 must accompany each proposal.
MANITOWOC COUNTY (P. 0. Manitowoc), Wis.-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on May 6, by Viola
Ridenour, County Clerk, for the purchase of a $250,000 issue of
%
highway bonds. Denom. $1,000. Dated May 1 1930. Due on May 1
as follows: $96,000, 1939 and 1940. and $58,000 in 1941. Prin. and int.
(M. & N.) payable at the office of the County Treasurer. A certified
check for 2%, payable to the County Clerk, must accompany the bid.
MANVEL, Grand Forks County, N. Dak.-BOND OFFERING.
Sealed bids will be received at the office of the County Auditor in Grand
Forks, by 0. M. Sproule, Village Clerk, until 10 a. m. on April 7, for the
purchase of a $3,000 issue of light system bonds. Int, rate is not to exceed
6%. Payable semi-annually. Denom. $100. Dated April 1 1930. Due
from April 1 1931 to 1950. A certified check for 2% of the bid is required.
MAPLETON SCHOOL DISTRICT (P. 0. Mapleton), Monona
County, lowa.-BOND SALE.
-An 382,000,1:nue of 4)4% refunding bonds
Is reported to have been purchased ny Geo. M.Bechtel & Co. of Davenport.
Due in 20 years.
MARBLEHEAD, Essex County, Mass.
-BOND SALE.
-R. B. Hamson, Town Treasurer, on April 2 awarded $90,000 4% coupon bonds to
Faxon, Gade & Co. of Boston, as follows.
*50.000 street bond;sold at 100.20, a basis of about 3.79%. Due in 1930
and 1931.
40,000 water mains bonds sold at 100.43, a basis of about 3.90%. Due
from 1930 to 1939, incl.
Both issues are dated Oct. 1 1929.
MAROA, Macon County, 111.
-BONDS VOTED.
-At a special election
held on March 22 the voters authorized the issuance of $70,000 in bond the
proceeds to be used to finance the construction of a new high school building.
The measure was approved by a vote of 458 to 303.
MASSILLON, Stark County, Ohio.
-Lester S.
-BOND OFFERING.
Lash, City Auditor, will receive sealed bids until 12 M.(Eastern Standard
time) on April 21, for the purchase of $21,000 5% property owners' portion
street improvement bonds. Dated April 1 1930. Denom. $1.000. Due
$3.000 on Oct. 1 from 1931 to 1937 incl. Prin, and semi-annual interest
(April and Oct. 1)Payable at the State Bank in Massillon. A certified check
for 3% of the amount of bonds bid for, payable to the order of the City
Treasurer, must accompany each proposal. The certified copy of the transscript showing the legality of the issue will be furnished to the successfttl
bidder, who will be required to print and furnish bonds with necessary
coupons attached at his own expense.
MAYFIELD HEIGHTS (P.0. Cleveland), Cuyahoga County, Ohio.
-BOND OFFERING.
-Ina L. Granger, Village Clerk, will receive sealed
bids until 12 m. (Eastern Standard time) on April 14, for the purchase of
$263,587.65 6% street improvement bonds, series 1930-C. Dated March 1
1930. Denom. $1,000, one bond for $587.65. Due on Oct. 1, as follows:
$26,587.65, 1931; $26,000. 1932 to 1935 incl.; $27,000, 1936; $26,000, 1937;
$27.000, 1938; $26,000, 1939, and $27,000 in 1940. The bonds are issued
in anticipation of the collection of special assessments levied upon property
on which improvements are contemplated or have been completed. Prin.
and semi-ann.int.(A.&0.1.) payable at the Guardian Trust Co.. Cleveland.
A certified check for 5% of the amount of bonds bid for, payable to the
order of the Village Trmsurer, must accompany each proposal. The
Village Council reserves the right reject any and all bids and no condition
shall be attached to any bid that the transcript of said proceedings or the
legality thereof be first subject to the approval of attorneys for the bidder,
unless such attorneys be Squire, Sanders & Dempsey, Cleveland, Ohio, or
the Attorney-General of Ohio.
MENA, Polk County, Ark.
-BOND OFFERING.
will be
received by W. N. Martin, City Clerk, until noon-Sealed bids for the
on April 10
purchase of a $40,000 issue of6% water works system improvement bonds.
Dated April 10 1930. Due as follows: $2,000, 1933 and 1934: $2.500, 1935
to 1938; $3,000. 1939 and 1940; $3,500. 1941 and 1042; $4,000. 1943;
$4,200. 1944, and $4,800 in 1945. The bonds bear interest at 6%, payable semi-annually, but are convertible at the option of the purchaser
Into bonds bearing a lower rate of interest. The approving opinion of
Rose, Hemingway, Cantrell & Loughborough of Little Rock will be furnished by the city. Printed bonds will also be furnished.
$1,000 certified check, payable to the city, must accompany the bid. A
MERIDIAN, Ada County, Ida.
-BOND SALE.
-The two issues of
7
540 coupon bonds aggregating $40,000 offered for sale on March 24V. 130. p. 1700
-were purchased by the Central Trust Co. of Salt Lake
City, at a price of 100.25, a basis of about 5.72%. The Issues are divided,
as follows: $25,000 water works bonds, maturing from 1931 to 1949 and
$15,000 sewage system bonds, maturing from 1932 to 1950, incl. Prin.
and int.(M.& S.) payable at the office of Kidder, Peabody & Co. In New
York, or at the office of the Village Treasurer.
2452
FINANCIAL CHRONICLE
-LIST OF BIDDERS.
-The folMEMPHIS, Shelby County, Tenn.
lowing is a complete, official tabulation of the bidders and their bids for
the purchase of the $1,000,000 issue of revenue notes that was awarded on
March 25, the sale reported in V. 130, p 2273:
Rate. Principal. Premium.
Name and Address of BidderCommerce Securities Co., Memphis; First Nat'l
Old Colony Corp., New York; and F. S.
Moseley & Co., New York
None
331% $1,000,000
*Commerce Securities Co., Memphis; First
National-Old Colony Corp., New York;
F.S. Mosely & Co., New York_a
1,000.000
$170
331%
First Secur. Corp.. Memphis; First Nat'l Bank
of New York and Salomon Bros. & Hutzler,
Philadelphia
1,000,000
50
331%
First Secur. Corp., Memphis; First Nat'l Bank
of New York,Salomon Bros.& Hutzler,Phila
1,000,000 3,160
Irving Trust Co., New York
4Si
1,000,000
2,470
Bank of Commerce & Trust Co., Memphls..43 %
1,000,000
2,451
Union Planters Co., Memphis
1,000,000
140
4%
'Commerce Union Co., New York; BancamericaBlair Corp., New York
4%
1,000,000
120
Manhattan Securities Co., Memphis
434%
1,000,000
2,245
Irving Trust Co.. New York
4%
1,000,000
39
Manhattan Savings Bank & Trust Co., Memphis; Guaranty Co. of New York
4%
1,000,000
60
Saunders& Thomas,Memphis; M.M.Freeman
& Co., New York
4Si%
400
1,000,000
Saunders & Thomas, Memphis; M.M.Freeman
& Co., New York" 1.000.000
900
National City Co., Chicago
399
1,000,000
431
4
Halsey,Stuart & Co., Chicago
41i%
1,000,000 *2.000
Caldwell & Co., Nashville; Stone & Webster &
Blodget, New York; Lehman Bros., New York43i%
1,000,000
534
Caldwell & Co., Nashville; Stone & Webster &
Blodget, New York, Lehman Brothers, New
York
310
4.457 1,000,000
& Co., Nashville; Stone & Webster &
Blodget, New York,Lehman Bros., New York4.40% 1,000,000
100
Caldwell & Co., Nashville; Stone & Webster &
Blodget, New York; Lehman Bros., New York4%
1,000,000 *1,660
126
First Detroit Co., Detroitb
1,000.000
431%
- * Discount. a Successful bid. b This bid to aUo include expense or
.delivery in Detroit and'expense of printing notes.
f VOL. 130
issuance of an additional $160,000 in county primary road bonds by
what was reported to have been a majority of more than 2 to 1. The Des
Moines "Register" of March 28 reported that this authorization brought
the total amount of such bonds voted in Iowa to approximately $102,000,000.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-F. A. Kilmer, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. (Eastern Standard time) on April 23, for
the purchase of $66,000 5% street improvement bonds. Dated May 15
1930. Denom. $1,000. Due on May 15, as follows: $7,000, 1931, $6,000.
1932. 87,000, 1933 and 1934. 86,000. 1935 and 1936, 57,000, 1937, 56,000,
1938 and $7,000 in 1939 and 1940. Principal and semi-annual interest(May
and Nov. 15) payable at the office of the County Treasurer. A certified
check for $3,500, payable to the order of the County Treasurer, must
accompany each proposal. Bids for the bonds to bear interest at a rate
other than 5% will also be considered, provided, however, that where a
fractional rate is bid such fraction shall be X of 1% or a multiple thereof.
Messrs. D. W. and A. S. Iddings, attorneys, Dayton, Ohio. and Peck,
Shaffer and Williams, attorneys, Cincinnati. Ohio. have been employed
to assist in the preparation of legislation and the issue and sale of these
bonds and will certify as to the legality thereof.
MONTGOMERY COUNTY (P. 0. Red Oak), Iowa.
-BOND OFFERING.
-Harry P. Mayhew, County Treasurer, will receive both sealed and
open bids up to 2 p. m. on April 7, for the purchase of an issue of $150,000
annual primary road bonds. Due $15,000 from May 1 1935 to 1944, incl.
Other details of this offering are identical with those given under heading
of Adair County.
-BIDS.
-The followMORGAN COUNTY (1'. 0. Martinsville), Ind.
ing is an official list of the bids received on March 24 for the $6,300 5%
highway improvement bonds awarded to the Fletcher Savings & Trust Co.
at 102.80, a basis of about 4.46%-V. 130, p.2273:
Prem.
Bidder$177
Fletcher Savings & Trust Co. (purchaser)
54
Inland Investment Co
65
Meyer-Kiser Bank
173
Fletcher American Co
-BOND SALE.
-The 16,944 6%
MORRAL, Marion County, Ohio.
fire apparatus purchase bonds offered on March 27-V 130. p. 1883
were awarded to R. L. Durfee & Co. of Cincinnati at par plus a premium
of 038, equal to a price of 100./6, a basis of about 5.85%. The ..onds
are dated March 15 1930 and mature on Sept. 1 as follow: 5444, 1931.
MERRILL, Plymouth County, lowa.-OFFERING DETAILS.
following bids were received for
In connection with the offering scheduled for April 7 of the $2,700 issue of and $500 from 1932 to 1940 incl. The
now informed that the the issue:
fire equipment bonds
-we are
-V. 130, p. 2273
Prem.
Bidderbonds bear interest at 57. payable on May and Nov. 1. Denom. $500 and
$35
local investor)
$200. Due as follows: $200. May 1 1932; $500, May 1 1934; $500, Nov. 1 C. N. Philips (a
Par
Morral Banking Co
1935 and 1937;$500. May 1 1939. and $500 on Nov. 1 1940.
-BOND OFFERING.
VERNON, Knox County, Ohio.
MOUNT
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFER- George W. McNabb. City Auditor, will receive sealed blds until 1 P. m.
ING.
-Sealed bids will be received until 11 a. m. (C. S. T.) May 1. by (Eastern standard time) on April 17, for the purchase of $85,735.65 5%
Patrick McManus, County Treasurer, for the purchase of an issue of
Dated April 1 1930. Denom. $1.000, one Jond for
$1,100,000 431% Metropolitan sewerage bonds. Denom. 51.000. Dated street impt. bonds.
follows: 65,735.65 on April 1 and $5,000. Oct. 1 1931;
$735.65. Due
May 1 1930. Due from May 1 1941 to 1950, incl. Principal and interest $5.000, April 1as
and Oct. 1 in 1932, 1933 and 1934; $5,000, April 1 and
(M. & N. 1) payable at the office of the County Treasurer. Accrued $4.000, Oct. 1. 1935: 54,000. April 1 and Oct. 1 from 1936 to 1939 incl.,
Interest from May 1 to date of delivery must be paid by purchaser.
and $4,000, April 1 1940. Int. payable on April land Oct. 1. A certified
-The check for 10% of the amount of bonds bid for, payable to the order of
-BOND SALE.
MINNEAPOLIS, Hennepin County Minn.
- the City Treasurer, must accompany each proposal.
three issues of coupon bonds aggregating 32:490,000,offered for sale on Mar
-were purchased by M. M.Freeman & Co., Inc., of
.31
-V. 130, p. 20'75
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. PortNew York. for a premium of $34,760. equal to 101.396. a basis of about land), Ore.
-The $500,000 issue of school, series D bonds
-BOND SALE.
The issues are divided as follows:
4.17%.
-was purchased by a syndioffered for sale on March 31-V. 130, p. 1700
$2,175.000 permanent improvement construction bonds, as 4118 and 5s, cate composed of the Anglo-London-Paris Co. and the American Securities
as per offering notice. Due $87.000 from April 1 1931 to 1955.
Co.
bonds, as 431s and 5s (see above). Due $11,000 Co., both of San Francisco, and the A. D. Wakemanas of Portland, at
275,000 water works
follows: $252,000
par, a basis of about 4.34% on the bonds divided
from April 1 1931 to 1955 inclusive.
April 15 1933 to 1941, as 4s, and
remaining
40,000 municipal airport bonds, also as 41.1s and 5s. Due $2,000 from maturing $28,000 from April 15 as follows: 328.000. 1942 the 1949, and
to
$248,000 maturing on
April 1 1931 to 1950 inclusive.
bonds.
---The above bonds are now being offered for 1624,000 in 1950, as 431%
-OFFERED.
BONDS RE
subscription to the public by the successful bidder at prices to yield from
-TEMPORARY LOAN.
NASHUA, Hillsborough County. N. H.
.3.75% to 4.10%, according to maturity. A total of $700.000 are 5s, ma- A $150.000 temporary loan, dated April 1 1930 and payable on Dec.91930,
turing from 1931 to 1937, and the remaining $1,790,000 are 4s, due from was awarded on'March 28 to the First National Old Colony Corp.of Boston,
1938 to 1955.
at a 3.48% discount, plus a premium of $2.50. The only other bidder,
S. N. Bond & Co. of Boston also offered to discount the loan at 3.48%.
The following is an official tabulation of the bidders and their bids•
Par and Pre. atm. taking it at its face value.
$34,760.00
Awarded to M.M.Freeman & Co., Inc., N.Y
-BOND OFFERING.
-The
NEW BEDFORD, Bristol County, Mass.
(Rate of yield, 4.162429-%.)
City Treasurer will receive sealed bids until 11 a. m. on April 8. for the
The following bids were also received:
Par and Premium. purchase of $400,000 4% improvement bonds. Dated April 1 1930. Due
annually from 1931 to 1940. incl.
Chase Securities Corp., Stone & Webster and Blodget, Inc.,
33,868.70
Wallace & Co. and Bancnorthwest Co
-BOND OFFERING.
NEW BRITAIN, Hartford County, Conn.
(Rate of yield, 4.1639564+% )
of Finance and Taxation, will
Wells-Dickey Co., Minneapolis. and Eldredge & Co., New York.. 33,100.00 Edward F. Hall, President of the Boardfor the purchase of the following
receive sealed bids until 12 m. on April 7,
(Rate of yield, 4.165274-%.)
First Nat.Bank,New York(by First Nat. Bank,St.Paul, Minn.) 32.296.00 issues of 4 M % coupon bonds, aggregating $725,000:
$300.000 sewer fund, 14th series, second issue bonds. Due $10,000 on
(Rate of yield, 4.1666515+%,.)
Aug. 1 from 1930 to 1959, incl.
Lehman Bros., Ames, Emerich & o., Inc., Kean,Taylor & Co.,
200,000 school bonds, 25th series. Due $5,000 on Aug. 1 from 1930 to
C. F. Childs & Co., Stern Bros. & Co. and Lane, Piper &
30,129.00
1969, inclusive.
Jaffrey, Inc
150,000 water fund, 13th series, first issue bonds. Due $5,000 on Aug. 1
Continental Illinois Co.. Harris Trust & Savings Bank, First
29,655.00
from 1930 to 1959, incl.
Detroit Co., Foreman State Corp
75,000 subway fund, 3rd series, fourth issue bonds. Due on Aug. 1 as
Halsey, Stuart & Co., Bancamerica-Blair Corp., First National
26,892.00
follows: $3,000, 1930 to 1944, incl., and $2.000 from 1945 to
Old Colony Corp. and Emanuel & Co '
1959. inclusive.
International Manhattan Co., Salomon Bros. & Hutzler and
26,294.40
All of the above bonds are dated April 1 1930. Denom, 51.000. Prin.
Barr Bros. & Co
and semi-annual interest (Feb. and Aug. 1) Parable at the New Britain
'Chatham Phenix Corp First Union Trust & Savings Bank,
National Bank, in New Britain. The bonds will be engraved under the
A. B. Leach & Co. The Northern Trust Co., The Boatmen's
23,303.00 supervision of and certified as to genuineness by the afore-mentioned
'
National Co. and Lawrence Stern & Co
21,065.40 bank: their legality will be approved by Storey, Thorndilce, Palmer &
Roosevelt & Son (by First National Bank in Minneapolis)
Dodge of Boston, whose opinion will be furnished the purchaser.
Z. H. Rollins & Sons, Estabrook & Co., Kountze Bros., R. L.
19,422.00
Day & Co. and Kalman & Co
Debt Statement, City of New Britain, Connecticut, Feb. 27 1930.
Bankers Co.of New York, Guaranty Co.of New York, National
15,164.10 Total bonded debt, including these Issues
18.057,000.00
City Co. and First Securities Corp
Floating debt
35,000.00
-The
-BOND SALE.
MISSOURI, State of (P. 0. Jefferson City).
Total debt
510.000,000 issue of 431% coupon or registered road, series L bonds offered
58,092,000.00
$1.390,000.00
-was purchased by a syndicate corn- Less: Water debt, bonds
for sale on April 2-V. 130, p. 2075
Subway bonds
nosedof the Harris Trust & Savings Bank, the Continental Illinois Co..
468,000.00
Sinking fund, not including water or subway
. and the First Chicago Corp.• all of Chicago, the .First Nationalsinking funds
428,346.58
Old bolony Corp., Emanuel & Co., both of New York, the Northern Trust
Co. of Chicago, L. F. Rothschild & Co. of New York, Lawrence Stern &
-Co. of Chicago, Rutter & Co. and Graham, Parsons & Co., both of New
2,286,348.58
York at a price of 100.5737, a basis of aeout 4.18%. Dated April 1 1930.
Net debt
Due $2,000.000 from April 1 1938 to 1942 incl.
$5,805,650.42
Water sinking fund
$223.321.52
-The above-named pur
BANKING SYNDICATE OFFERS BONDS.
4,532.81
chasers immediately placed the bonds in the market for general investment Subway sinking fund
Assessed valuation (grand list).1134,447.585.00
at prices to yield 4.05 on all maturities. According to the offering circular Debt limit, 5% of grand list__
6,722,379.25
general obligations of the State and are legal in vestment for
they are
Population, Census 1920, 59.316: estimated, 1930, 80,000,
savings banksinmany totes. Newspaper reports gave other bids as follows:I
The second highest bid was 100.49,submitted by a group composed of the
NEW HANOVER COUNTY (P.O. Wilmington), N.C.
-FINANCIAL'
Co., Eldredge & Co.. It. L. Day & Co.,
First National Bank, Estabrook &
connection with the offering scheduled for April 15,
Kean, Taylor & Co., Kountze Brothers, George B. Giboons & Co., Inc., STATEMENT -In
bonds aggregating $625,000-V. 130, p.
Stone & Webster and Blodget, Inc., Roosevelt & Son, Dewey, Bacon & of the three issues of coupon the following:
-we are now in receipt of
Co., R. W. Pressprich & Co., the Boatmen's National Co., Salomon Bros. 2274
Official Financial Statement.
& Nutzler, Curtis & Sanger, Bennetts, Baffin & Lee, R. H. Moulton & Co..
Wright. Snider Co.
the Banc-Northwest Corp. and Prescott,
Real valuation, estimated
$75,000,000.00
This was followed by a tender of 100.4899, submitted by the Bankers Assessed valuation 1929
60,513,492.00
Co. the National City Co., Brown Bros. & Co., E. H. Rollins & Sons, Total bondeci dent, including oonds now offered
1,804,000.00
Co., Wallace, School notes, State lolnis,for buildings
Cha:tham-Phenis Corp., Guardian Detroit Co., C.F. Childs &
164,300.00
Sanderson & Co., First National Co. of St. Louis, the Commerce Trust Hospital notes
2,000.00
Osborne and Smith, Moore & Co. Total debt, all purposes
Co.of St. Louis. Schaumburg, Rebhann &
1,970,300.00
An offer of 100.431 was made by Halsey, Stuart & Co., the Bancamerica- Sinking funds
339,813.70
the Chase Securities Corp., A. B. Leach & Co., B. J. Van Net debt
Blair Corp.,
1.630,486.30
Ingen & Co., the Central Illinois Co., Wells-Dickey Co.. Ba.chelder & Co.. Property assessment is divided as follows:
H.L. Allen & Co., Stifel, Nicolaus & Co., G. H. Walker & Co., and Darby
Real estate
47,071,745.00
Lehman
by the Guaranty
& Co. The final tender was 100.36. made
Personal property
9.040,799.00
Co.,
Brothers, Equitable Corp., First Detroit Co., Ames, Emerich St Co., the Corporate excess
. .
Foreman Slate Corp., Otis & Co. F. S. Moseley & Co., Phelps. Penn &
Total tax revenue, $805.677.40. Population. estimated, 52,000. The
Commerce Co..
'
Co. Caldwell & Co., Mississippi Valley Co., Mercantile
rate of $1.30 on the
value applies to the entire county and there
Sterii Bros. & Co., First Securities Corp. of St. Paul, Manufacturers & tax special district or$100
township tax in any par:, of the county. The
is no
Traders Trust Co. and the Fidelity National Co. of Kansas City.
county debt is divined as follows: Schools, $1,349.300; roads, $250,000:
-At the ferry. $84,000: workhouse ana county home,$80,000; courthouse, $205,000;
-BONDS VOTED.
MONROE COUNTY (P. 0. Albia) Iowa.
-the voters ratified the hospital, 52,000
'special election on March 27-V. 130, P. 2075
1
9
APRIL
5 1930.]
FINANCIAL CHRONICLE
2453
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-The
Guaranty Trust Co. of New York, on March 28 purchased a $100000
temporary loan at a 3.47% discount, plus a premium of $2. The loan is
payable on Sept. 5 1930. Bids for the issue were as follows:
BidderDiscount.
Guaranty Trust Co. (plus $2 purchaser)
3.47%
Aquidneck National Bank
3.54%
S. N. Bond & Co.(plus $4)
Faxon, Gade & Co
-BONDS REGISNUECES COUNTY (P. 0. Corpus Christi), Tex.
TERED.
-On March 24 the State Comptroller registered a $38.000 issue
of 6% serial fresh water supply bonds.
NEWPORT,Orleans County, Vt.-BOND SALE.
-The $60.000 4;4%
bridge and highway bonds offered on March 31-V. 130, p. 2075
-were
awarded to Stone & Webster and Blodget, Inc., of Boston, at 100.50. a
basis of about 4.45%. The bonds are dated April 1 1930 and mature
$4.000 on April 1 from 1931 to 1945. incl. The following is a complete list
of the bids submitted for the bonds:
BidderRate Bid.
Stone Sr Webster and Blodget, Inc
100.50
Halsey, Stuart & Co
100.49
National Life Insurance Co. of Montpelier
100.00
Hornblower and Weeks, Portland
100.00
R. H. Rollins & Sons
t
99.052
Harris, Forbes & Co
98.89
OAKLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Oakland)
Pottawattamie County, Iowa.
-BOND OFFERING.
-Sealed bids will
be received until 2 p. m. on April 8, by F. J. Yeager, Secretary of the Board
of Directors, for the purchase of a $27,000 issue of school bonds. The
bonds and the attorney's opinion will be furnished to the purchaser by the
District.
(These bonds are a part of those unsuccessfully offered on March 15V. 130, p. 2076).
-BOND SALE.
OLD FORT, McDowell County, N. C.
-The $10,000
Issue of water bonds offered for sale on March 8-V. 130, P. 1513
-was
purchased by the Hanchett Bond Co., of Chicago, as 6s, at par. Dated
Oct. 1 1929: due $500 from April 1 1932 to 1951 incl.
NEW YORK, N. Y.
-SHORT TERM LOANS DDRING MARCH
TOTAL 340,970.000.
-The City of New York during March borrowed
S40,970.000, having sold short term securities for that amount as follows:
Rapid Transit Construction Notes.
Int.
Date
Int.
Amount. Maturity.
Date
Rate. Issued.
Amount. Maturity.
Rate. Issued.
School Construction Notes.
13,000,000 Sept. 15 1930 3.50% Mar. 28 $3,500,000 Sept. 26 1930 3.50% Mar. 28
2,500,000 Oct. 24 1930 3.50% Mar. 28 1,000,000 Mar. 4 1931 4.00% Mar. 4
2,150,000 Mar. 7 1931 4.25% Mar. 7
Dock Improvement Notes.
2,000,000 Mar. 21 1931 3.75% Mar. 21
500,000 Sept. 26 1930 3.50% Mar. 28
1,850,000 Mar. 4 1931 4.00% Mar. 4
250,000 Ma'. 7 1931 4.25% N. ar. 7
500,000 Oct. 24 1930 3.50% Mar. 28
Revenue Bills of 1930.
220,000 Mar. 7 1931 4.25% Mar. 7 10,000,000 June 16 1930 4.00% Mar. 13
Various Municipal Purpose Notes.
5,000,000 June 16 1930 4.00% Met. 11
500,000 Mar. 4 1931 4.00% Mar. 4 5,000,000 July 16 1930 4.00% Mar. 13
500,000 Sept. 26 1930 3.50% Mar. 28
Special Revenue Bonds of 1930.
Water Supply Notes.
500,000 Mar. 7 1931 4.25% Mar. 7
1.000,000 Sept. 26 1930 3.50% Mar. 28
Tr -Borough Bridge Notes.
500,000 Mar. 4 1931 4.00% Mar. 4
500,000 Sept. 26 1930 3.50% Mar. 28
NIAGARA FALLS, Niagara County, N. Y.
-BOND OFFERING.
W. D. Robbins, City Manager, will receive sealed bids until 10 a. m. on
April 14, for the purchase of $312,000 coupon, series C, sewer bonds,
to bear interest at a rate not exceeding 4;4%,stated in a multiple of 1-20th
of 1%. Dated May 1 1930. Denom. $1,000. Due on May 1 as follows:
$50.000, 1965 to 1969 inclosive, and 362.000 in 1970. Principal and
semi-annual interest (May and Nov. 1) payable in gold at the Central
Hanover Bank & Trust Co., New York City. A certified check for $6,000,
Payable to the order of the City Manager, must accompany each proposal.
A favorable opinion in respect to the legality of the bonds will be furnished
to the successful bidder by Clay, Dillon & Vandewater, of New York City.
without charge.
Financial Statement as of March 17 1930.
Assessed valuation-City of Niagara Falls, N. Y
Real estate
$139,471,705
Special franchise
5.144,004
PAGE COUNTY (P. 0. Clarinda), Iowa.
-BOND OFFERING.
Both sealed and open bids will be received up to 2 p. m. on April 8, by
J D. Knowles, County Treasurer, for the purchase of a 3200.000 Issue of
annual primary road bonds. The conditions and details of this issue are
similar to these given under Adair County. (These bonds were mentioned
In V. 130, p. 2076.)
PAMPA SCHOOL DISTRICT (P. 0. Pampa) Gray County, Tex.
-The $200.000 issue of 5% semi-annual school bonds offered
BOND SALE.
-and indefinitely postponed-V.
for sale on March 18-V. 130. p. 2076
-has since been purchased at par by the Brown-Crummer Co.
130. p. 2274
of Wichita. Dated March 15 1930. Due serially in 30 years.
1:3S 0
Less assessed valuation of school district outside limits of City$144,615,709
of Niagara Falls
324,998
Net assessed valuation
$144,290,711
Bonded Indebtedness.
School bonds
$5,872,129
Water bonds
1,913,930
Sewer bonds
2,493,045
Miscellaneous
3,129,705
Less water debt
$13,408,809
1.913,930
Net debt
$11,494,879
Population, state census, 1925, 57.055; estimated population, 1930, 70.000
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk) Madison County,
Neb.-BOND SALE.
-A $225.000 issue of refunding bonds was purchased
on March 31 by the Omaha National CO. of Omaha,as 4 htt. for a premium
of $1,709.50, equal to 100.75. a basis of about 4.10%. Due in 15 years
and optional after 5 years.
NORMAN SCHOOL DISTRICT (P. 0. Norman) Cleveland County,
Okla.
-BOND SALE.
-The $95.000 issue of coupon school bonds offered
for sale on March 24-V. 130, p. 1883
-was purchased by C.Edgar Honnold
of Oklahoma City, at par and accrued interest, as follows: $75.000 as 5s and
$20,000 as 434s. Denom. $1,000. Dated April 1 1930. Due $5,000 from
April 1 1933 to 1951 incl. Int, payable on April & Oct. 1.
NORTH CAROLINA, State of (P. 0. Raleigh).
-BOND SALE.
The six issues of 4%% coupon or registered bonds aggregating
$8,920.000.
offered for sale on March 31-V. 130. p. 2076
-were awarded to a syndicate
composed of the First National Bank, the National City Co., the Bankers
Co., and the Continental Illinois Co., all of New York, the
Wachovia
Bank & Trust Co.,of Winston-Salem,the First Detroit Co., Kissel,
Kinnicutt & Co.,E.H.Rollins tz Sons,Stone & Webster Sr Blodget,Inc.,Eldredge
& Co., B..1. Van Ingen & Co., the Chatham-Phenix Corp., Phelps,
Fenn
& Co.. George B. Gibbons & Co., Inc., Curtis & Sanger and Salomon Bros.
& Hutzler. all of New York. the Mercantile Commerce Co., of St. Louis.
the First Securities Corp. of Minneapolis and the American Trust
Charlotte. at a price of 100,032, for all of the bonds, with the Co., of
that the State repurchase the block of $1,400,000 bonds desired proviso
State sinking fund at a price to be mutually agreed upon, giving a for the
basis of
about 4.24%. The issues are described as follows:
$550,000 highway serial bonds (for Chowan River Bridge) dated
Jan. 1
1930, maturing Jan. 1, as follows: $50,000 in
1938, 1939, 1941. 1942. 1943 and 1944, and 1932, 1933. 1936,
$25,000 in 1934'
1935 1937 and 1940 (int. J. & J. 1). issued under Chapter 74.
,
Public Laws 1925, as amended by Chapters 176 and 183,
Public
Laws 1927 and Chapter 128, Public Laws 1929.
1.000,000 permanent improvement bonds (for public buildings)
April 11930. maturing April 1 1968 (in A. & 0. 1), issued dated
under
Chapter 147, Public Laws 1927.
1,400,000 public schools building bonds dated Jan. 1 1928,
325,000 Jan. 1 1941 and $125,000 annually Jan. 1 1942maturing
both incl. (int. J. & J. 1 from Jan. 1 1930), issued under to 1952,
Chapter
199. Public Laws 1027.
2,000,000 park bonds (for Great Smoky Mountain National Park) dated
April 1 1930, maturing $50,000 annually April 1 1933 to
both incl. (int. A. & 0. 1), issued under Chapter 48, Public 1972,
Laws
1927.
1,970,000 permanent improvement bonds (for public buildings) dated
April 1 1930, maturing $370,000 April 1 1936 and $400.000
annually April 1 1937 to 1940. both incl. (int. A. & 0. 1), Issued
under Chapter 295, Public Laws 1929.
2,000.000 world war veterans loan bonds (for mortgage loans to veterans
dated April 1 1920. maturing April 1 1950 (int. A. & 0. 1).
Issued under Chapter 155, Public Laws 1925, as supplemented
by Chapter 97, Public Laws 1927.
BONDS REOFFERED.
-The successful bidders are now
bonds for public subscription at prices to yield 4.15% onreoffering these
all maturities.
They are reported to be legal investment for savings banks and trust
funds
In New York, Massachusetts and other States.
NORTH PELHAM, Westchester County, N. Y.
-BOND SALE.
The 378,000 coupon or registered street widening bonds offered on April
1-V. 130,
2076-were awarded as 434s to Batchelder Sr Co. of New
p.
York, at 100.43, a basis of about 4.45%. The bonds are dated April 1
1930 and mature $3,900 on April 1 from 1931 to 1950. inel.
PATRICK COUNTY (P. 0. Stuart), Va.-BOND OFFERING.
Sealed bids will be received until April 8. by the Clerk of the County School
Board,for the purchase of a $15,000 issue of 6% semi-annual school bonds.
PAWTUCKET, Providence County, R. I.
-BOND SALE.
-The
following issues of 4;4% coupon or registered bonds. aggregating 3350.000
-were awarded to Phelps, Fenn &
offered on March 28-V. 130, P. 2076
Co. of New York, and the Industrial Trust Co. of Providence, jointly, at
100.95, a basis of about 4.39%•
$200,000 water funding bonds. Due on March 1 as follows: $75,000. 1935:
315.000 from 1936 to 1940, incl., and 310.000 from 1941 to 1945.
inclusive.
150,000 sewer funding bonds. Payable 330.000 on March 1 in each of
the following years: 1935, 1940, 1945. 1950 and 1955.
Both issues are dated March 1 1930. The bonds are stated to be legal
investment for savings banks and trust funds in New York, Massachusetts
and Connecticut, and are being reoffered by the successful bidders for public
investment priced to yield 4.25%. The following is a list of the bids submitted for the issues,
Rate Bid.
BidderPhelps,Fenn & Co.,and Industrial Trust Co.,jointly (purchasers)-100.95
First National Old Colony Corp., and Stone & Webster and Blociget.
100.70
Inc., jointly
100.333
Harris, Forbes & Co
Estabrook & Co
100.08
-TEMPORARY LOAN.
PEABODY, Essex County, Mass.
-Elmer J.
Foley, City Treasurer, on April 2 awarded a $100.000 temporary,loan to
the Warren National Bank at 3.38% discount. The loan is dated April 2
1930. Denom. 325,000, 310,000 and $5,000. Payable on Nov. 20 1930
at the First National Bank of Boston. Legality approved by Storey.
Thorndike, Palmer & Dodge of Boston. Bids for the loan were as follows:
Discount.
BidderWarren National Bank (purchaser)
3.38
Bank of Commerce & Trust Co
3.47
S. N. Bond & Co
3.58%
PHILIPPINE ISLANDS, Government of.
-BOND ,SALE.
-The two
Issues of 4;4% loan of 1929 coupon bonds offered for sale on April 2-V.130.
P• 1884-were purchased by C. F. Childs & Co.. of New York, at a price of
103.77, a basis of about 4.27%. The bonds aggregate 31.250,000. as follows:
$750,000 Cebu Port Works, Second Series bonds. Dated Sept. 15 1929.
Due on Sept. 15 1959.
500,000 Iloilo Port Works. Second Series bonds. Dated Oct. 15 1929.
Due on Oct. 15 1959.
-OFFERED.
BONDS RE
-The above bonds are now being offered for
investment by the successful bidder at prices yielding 4.20% on both
issues. The following is a complete list of the bidders and their bids:
Cebu Port Works Bonds.
Price
Bidder
Wanted.
Bid.
C.F. Childs & Co., New York City
103.779
All
Philippine National Bank, New York City
103.26
The First National Old Colony Corp., Washington,D.0. b
102.90
Chase Securities Cork, Bancamerica-Blair Corp., HallCorp.,
garten & Co.,and
102.82
& Weeks, N.Y.City
b
Barr Brothers & Co., New York City
101.927
United States National Bank, Galveston, Tex
101.89
a
Market Street National Bank, Philadelphia, Pa
101.5
Riggs National Bank, Washington, D.0
tr
t
101.449
M. M.
101.3088
Freeman & Co., Inc., New York City
Mellon National Bank, Pittsburgh, Pa
100.5563
First National Bank of Omaha,Neb.,by Kountze Bros _3100.000 102.07
New York State National Bank, Albany, N. Y
250,000 102.05
The Fulton National Bank, Atlanta, Ga
50,000 101.7
Milo Port Works Bonds.
Price
Amount
BidderBid.
Wanted.
C.F. Childs & Co., New York City
All
103.779
Philippine National Bank, New York/money103.26
The First National Old Colony Corp., Washington,D.0
102.90
Chase Securities Corp.. Bancamerica-Blair Corp., Hallgarten & Co.,and liornblower & Weeks, N.Y.City102.82
b
Barr Brothers & Co., New York City
b
101.927
Market Street National Bank, Philadelphia,Pa101.5
Riggs National Bank, Washington, D.0
b
101.449
M. M. Freeman & Co., Inc., New York City
101.3088
b
Mellon National Bank, Pittsburgh, Pa
b
100.5563
First National Bank of Omaha,Neb.,by Kotmtze Bros _3100,000 102.08
The Fulton National Bank, Atlanta, Ga
50,000 101.7
a All or any part. b All or none.
I,'
PICKENS COUNTY (P. 0. Pickens), S. C.
-BOND SALE.
-The
$94,000 issue of reimbursement bonds offered for sale on March 28-V.130.
p. 1884-was purchased by the South Carolina National Bank,of Columbia.
Dated Feb. 1 1930; due from Jan. 31 1935 to 1943 incl.
PITT COUNTY (P. 0. Greenville), N. C.
-FINANCIAL STATEMENT.
-In connection with the offering scheduled for April 8 of the
$450,000 issue of not exceeding 6% road refunding bonds, notice of which
appeared in V. 130, P. 2274
-we are in receipt of the following:
Official Financial Statement.
Real valuation, estimated
375.000.000
Assessed valuation, 1929
45,030.568
Total county bonded debt including bonds now offered
2,345,000
Sinking fund held for county bonds
201,983
Total township road bonds
296,000
Sinking fund held for township road bonds
91,856
Total debt all school districts, including state loans
460.275
NORTH ELBA (P. 0. Lake Placid), Essex County, N. Y.
39.840
-BIDS.
-- Sinking fund held for school district debt
The following is a list of the bids received on March 26 for the
55.000
$200.000 Population, estimated, 1930
coupon or registered public park bonds awarded as4Hs to B.I. Van Ingen
PORTLAND, Ionia County, Mich.
-BOND ELECTION.
-At an
& Co., of New York. for a premium of $3,780, equal to 101.89, a basis of
April 21 the voters will pass on a proposition calling
election to be held on
about 4.57%-V. 130, p. 2274.
for the issuance of $50,000 in bonds to finance improvements in the electric
BidderInt. Rate.
Premium. light plant. The bonds would mature $3,000 annually from 1931 to 1947
B. J. Van Ingen & Co. (Purchasers)
4.75 o
$3,780.00 Inclusive, and $2,000 in 1948.
Batchelder & Co
4.75
2,786.00
George B. Gibbons Sr Co
4
.g
-BOND SALE.
754.80 , PORTLAND, Multnomah County, Ore.
-A $243,Manufacturers & Traders Trust Co.. Buffalo
328.60 275.05 issue of 6% municipal improvement bonds was awarded to the
2454
FINANCIAL CHRONICLE
A. D. Wakeman Co. of Portland, for the Anglo-London Paris Co. of
San Francisco at a price of 105.277. a basis of about 5.31%. Due in 10
years and subject to redemption before maturity.
-BOND OFFERING.
pilPORTLAND, Multnomah County, Ore.
Sealed bids will be received until 11 a. m. on April 22 by Geo. R. Funk,
City Auditor,for the purchase of an $850,000 issue of 434% street widening
bonds. Denom. $1,000. Dated May 1 1930. Due on May 1 as follows:
$16,000, 1933 to 1938;$25,000, 1939 to 1947:$34,000. 1948 to 1953;$43,000,
1954 to 1957. and $51,000, 1958 to 1960. 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. If delivery is demanded outside of
Portland, it shall be at the expense of the purchaser. The legality of the
bonds has been approved by Storey, Thorndike, Palmer & Dodge of
Boston. and all bidders will bid subject to said approving opinion, and
bidders will be required to submit unconditional bids. A certified check
for 5% of the bonds bid for, payable to the city, is required.
-The
-LIST OF BIDDERS.
PORTLAND, Multnomah County, Ore.
following is a detailed offical tabulation of the bids received for the purchase of the $1,000,000 issue of4% water bonds awarded-V.130. p.2077
to a syndicate headed by Emanuel & Co., of New York, at 97.91, as basis
of about 4.45%:
Price Bid.
BidderLehman Brothers; Kountze Brothers; Kean Taylor
Accrd. int. & $97.0290
Co.:Tucker, Hunter, Dulin & Co
Emanuel & Co.*: H. M. Byllesby & Co.; CentralAccrd. int. & 97.91
Illinois Co
A. B. Leach & Co., Inc , E. H. Rollins & Sons;
Accrd int. & 96.2288.
Phelps, Fenn & Co.; Peirce, Fair & Co
United Oregon Corporation; Chase Securities CorAccrd. int. & 97.679
poration; Barr Brothers & Co., Inc
R. W. Pressprich & Co.;
Halsey, Stuart &
Accrd. int. & 97.1890
Bancamerica-Blair Corn
Estabrook & Co., M. M.Freeman & Co.; C. F.
Accrd. int. & 97.209
Childs & Co
Freeman, Smith & Camp Co.; First Union Trust &
Savings Bank: Chatham-Phenix Corporation; The
Acad. int. & 95.977
Northern Trust Co
First National Bank of N.Y.; First Detroit Co., Inc.;
Eldredge & Co.; Anglo-London Paris Co.; WellsAccrd int. & 96.369
Dickey Co.; A. D. Wakeman Co
Geo. H. Burr, Conrad & Broom; Hannahs Bailin &
Lee; Bankers Co. of New York: Ames, Emerich &
Co.; Guaranty Co. of N.Y.;John E.Price & Co--Accrd. int. & 96.789
Accrd. int & 96.8499
The National City Co
Accrd. int. & 97.5555
H. H. Moulton & Co.', American Securities Co
Continental Illinois Co.: Harris Trust & Savings
Bank; Foreman State Corporation; First National
Accrd. int. & 96.3255
Bank of Portland
• Successful bid.
PORTSMOUTH, Scioto County, Ohlo.-BOND OFFERING.William N. Gableman, City Auditor and Treasurer, will receive sealed bids
until 12 m. (Eastern Standard time) on April 16, for the purchase of $64,
500 5% refunding bonds, comprising the following issues'
sewer construction refunding bonds. Denom. $1,000. Due as
$57,
follows: $3,000. March and Sept. I from 1931 to 1937 incl.. $3,000.
March 1 and $4,000, Sept. 1 1938. $4,000, March and Sept. 1 1939.
6.000 Fire Department equipment refunding bonds. Denom. $500.
Due $500 on March and Sept. 1 from 1931 to 1936 incl.
1,500 Police Station refunding bonds. Denom. $100. Due as follows.
$201:4 March and Sept. 1 from 1931 to 1933 incl.. $200. March 1
and $100. Sept. 1 1934.
All of the above bonds are dated March 1 1930. Prin. and semi-annual
Interest (March and Sept. 1) payable at the office of the Department of
Finance, or at the First National Bank, Portsmouth. Bids for the bonds
to bear interest at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be 31 of 1%
of a multiple thereof. A certified check for 2% of the amount of bonds bid
for, payable to the order of the City Auditor and Treasurer, must accompany
each proposal. Bids may be made upon all or any number of bonds of each
-city purchasers must be paid
Issue. Cost of exchange or delivery to out-of
for by said purchasers. Opinions of bonding attorneys (other than opinion
of the City Solicitor) shall be paid for by purchaser.
Financial Statement.
'17ral assessed valuation of city. Dec. 31 1929: Real.
$76,561,670.00
personal. $21,561,560
$55,000,110;
5.735.854.20
Total bonded debt, including these issue
1,777,658.63
Assessment bonds included in total
1,817,865.00
total
Voted bonds included in
1,121,000.00
Water works extension bonds in total
196,688.05
Balance in sinking fund
Tax rate, $2.33. Incorporated in 1815. Population, 1920, 33,011;
estimated,65,000.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
BOND SALE.-Tlie $200,000 issue of annual primary road bonds offered
-was purchased by the Foreman
on March 31-V. 130, p. 2275
for sale
State Corp. of Chicago. as 434s, for a premium of $357, equal to 100.1785,
a basis of about 4.46%. Due $20,000 from May 1 1935 to 1944, incl.
Optional after 5 years.
The following is a list showing some of the other bidders:
Prem.
BidderPrem.
Bidder$60
$356 Carleton D. Beh Co
A. B. Leach & Co
55
346 TOY National Bank
Co
G. M. Bechtel &
170
Iowa-Des Moines Co
-A $30,000 issue
-BOND SALE.
PRITCHETT, Baca County, Colo.
of 5% water bonds has recently been purchased by Heath, Schiessman
11930. Due
& Co. of Denver. Denom. $1,000 and $500. Dated April int.
(A. & 0.)
on April 1 1945 and optional after April 1 1940. Prin. and
Payable at the National City Bank in New York. Legal approval of
Pershing, Nye, Tallmadge & Bosworth of Denver. (The above supercedes
the report of sale given in V. 130, P. 501.)
-A $75,000 Issue of
-NOTE SALE.
PROVO, Utah County, Utah.
tax-anticipation notes is reported to have been purchased by the Knight
Trust & Savings Bank of Provo.
-Harold P.
-BOND OFFERING.
QUINCY, Norfolk County, Mass.
Newell, City Treasurer, will receive sealed bids until 10 a. m. on April 8,
for the purchase of the following issues of coupon or registered bonds,
egating $537,000:
$200.000 4% school bonds, Act of 1929. Due on April 1 as follows' $14,000.
1931 to 1935. incl., and $13,000 from 1936 to 1945, incl.
147.000 407 school bonds. Due on April 1 as follows' $27,000, 1931 to
1933, incl., $18,000, 1934 and 1935, and $10,000 from 1936 to
1938, inclusive.
70,000 4% water bonds. Due $14,000, April 1 from 1931 to 1935, incl.
4% sewer bonds. Due $7,000. April 1 from 1931 to 1940, incl.
70,000
1936,
30,0004% hospital bonds. Due $5,000, April 1 from 1931 to from incl.
1931
20,0004% hospital bonds. Act of 1929. Due $4.000, April 1
incl.
to 1935,
Prin.
All of the above bonds are dated April 1 1930. Denom. $1,000.Colony
and semi-annual interest (April and Oct. 1) payable at the Old
Trust Co., Boston. The bonds will be engraved under the supervision of
company,
and certified as to genuineness by the afore-mentioned Trust Dodge of
and the favorable opinion of Storey', Thorndike, Palmer & the purBoston, as to their validity will be furnished without charge to
chaser. No bid for less than par and accrued interest will be considered.
Financial Statement (March 25 1930).
$144,431,438
Net assessed valuation 1929
5,897,000
Total debt (including these issues)
764,000
Water debt (included in total debt)
None
funds
Sinking
Population 70,000.
-BOND
RANKIN SCHOOL DISTRICT, Allegheny County, Pa.
SAL,E.-The $210,000 434% coupon school bonds offered on March 10-were awarded to M. M.Freeman & Co., Inc., of PhilaV. 130, p. 1514
are dated
delphia, at a price of 102.52, a basis of about 4.31%. The bondsand 1936.
March 1 1930 and mature on March 1, as follows: $1,000, 1935
1937 and 1938; $4,000. 1939 and 1940; $5,000, 1941 to 1943. incl.:
$3.000,
[Vol,. 130.
$7,000, 1944 to 1947. incl.; $8,000, 1948 to 1951, incl., and $13,000 from
1952 to 1960, incl.
-BONDS REGISTERED.
REFUGIO COUNTY (P.O. Refugio), Tex.
A $209,725 issue of 534% road, series F bonds was registered on March
26 by the State Comptroller. Due serially.
-TEMPORARY LOAN -James
REVERE, Suffolk County, Mass.
M. O'Brien, City Treasurer, on March 28 awarded a $300,000 temporary
loan to the Bank of Commerce & Trust Co., at a 3.45% discount. The loao
is dated April 1 1930. Denoms. $50,000. $25,000, $10,000 and $5,000.
Payable on Dec. 15 1930 at the First National Bank of Boston. Legality
to be approved by Ropes, Gray, Boyden & Perkins, of Boston. Bids
received were as follows'
Discount.
Bidder3.45%
Bank of Commerce & Trust Co.(purchaser)
3.48%
First National Old Colony Corp
3.55%
A..Holmes (local investor)
-On April 29
RICH HILL, Bates County, Mo.-BOND ELECTION.
of passing upon the issuance of
a special election will be held for the purpose
$35,000 in street paving bonds.
RIVERSIDE SCHOOL DISTRICT (P. 0. Riverside), Cook County,
N. J.
-BOND SALE.
-The State Teachers' Pension and Annuity Fund of
Trenton, on March 21 purchased an issue of $125.000 5% registered new
high school building construction bonds at a price of par. Dated Jan. 15
1930. Denom. $1,000. Due $5,000 on Jan. 15 from 1932 to 1956, incl.
Int. payable in January and July.
-BOND OFFERING.
ROCKY RIVER, Cuyahoga County, Ohio.
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. on April
21,for the purchase of the following issues of 6% special assessment bonds
aggregating $191,000:
$176,500 Sewer District No. 6 bonds. Due on Oct. 1 as follows: $17,500.
1931; $17,000, 1932; $18,000, 1933 and 1934; $17,000, 1935;
$18,000, 1936 and 1937; $17,000, 1938, and $18.000 in 1939 and
1940.
14,500 Sewer District No. 8 bonds. Due on Oct. 1 as follows: $500,
1931; $2,000, 1932; $1,000, 1933; $2,000. 1934; $1,000, 1935:
$2,000, 1936; $1,000, 1937; $2,000, 1938; $1,000, 1939, and
$2,000 in 1940
Both issues are dated May 11930. Prin. and semi-ann. int. (A. & 0. 1)
payable at the First National Bank of Rocky River. Bids for the bonds to
bear int. at a rate other than 6% will also be considered, provided, however,
that where a fractional rate is bid, such fraction shall be 31 of 1% or a
multiple thereof. A certified check for 5% of the amount of bonds bid for..
payable to the order of the Village Treasurer, must accompany each proposal.
ROGUE RIVER IRRIGATION DISTRICT (P. 0. Rogue River),
-A $210,000 issue of6% irrigation
-BOND SALE.
Jackson County, Ore.
bonds is reported to have recently been sold to an undisclosed purchaser.
Dated July 1 1930; due in 1951 and optional after 1935.
ROCKFORD SANITARY DISTRICT (P. 0. Rockford), Winnebago
-OFFICIAL TABULATION OF BIDS.-Tne following is a
County, Ill.
6
,
complete list of the bids received on March 27 for the $500,000 43 % sewer
bonds awarded to the Harris Trust & Savings Bank, and the First Union
Trust & Savings Bank, both of Chicago, jointly at par plus a premium of
$2,877, equal to 100.57, a basis of about 4.43%.-V. 130, p. 2275.
Price Bid.
BidderHarris Trust & Savings Bank, and First Union Trust & Savings
$502,877
Bank,jointly (purchasers)
.091
Continental Illinois Co.,Chicago502
A. B. Leach & Co., Inc., Chicago
501,550
501,435
Guaranty Company of New York. New York
500,678
Ames, Emerich & Co., Chicago
497,650'
Peoples Bank & Trust Co., Rockford
-The $117,520 coupon
SALE.
-BOND
ROME, Oneida County, N. Y.
or registered assessment bonds offered on March 28-V. 130. p. 2077
were awarded as 4 kis to Harris, Forbes & Co., of New York, at par plus.
a premium of $43.83, equal to 100.03. a basis of about 4.24%. The bonds
are dated April 1 1930 and mature $29,380 on April 1 from 1931 to 1934,
incl. An official list ofthe bids submitted for the issue follows:
Int. Rate AMount Bid.
Bidder431 1
7 $117,565.83
Harris, Forbes Co., N. Y. City (purchasers)
.40
117,650.00
Marine Trust Co.Buffalo
Buffalo
4.40
117,625.42
Geo. B. Gibbons & Co., N. Y. City
117,595.00
Farmers Nat. Bank & Trust Co., Rome
4.40%
434
117,743.29
Batchelder & Co., N.Y. City
434
117,691.93
M.& T. Trust Co., Buffalo
434%
117,630.53
Roosevelt & Son, N. Y. City
-BIDS REJECTED.
-The
ROYAL OAK, Oakland County, Mich.
rejected both of the bids
City Commission at a meeting held on March 31
received on March 24 for the purchase of the $200,000 improvement bonds
offered for sale
-V. 130. p. 2077. Bids submitted were as follows: Stranaban, Harris & Oatis, Inc., of Toledo bid a premium of $50 for the bonds as
6s, and requested an option on an issue of $240.000 6% delinquent tax
notes with the provision that the Detroit banking house be made trustee.
The offer of the other bidder, Watling, Lerchen & Hayes of Detroit, was
par plus a premium of $1 for the bonds as 534s. The issue is expected
to be re-offered shortly.
AUDITORS TO INVESTIGATE CITY'S SINKING FUND HOLDINGS.
-The following is taken from the March 22 issue of the Michigan "Investor":
"All Royal Oak sinking funds on deposit in local banks and safety deposit
vaults have been sequestered on orders of Mayor H. Lloyd Clawson, who
announced when the action was taken that James D. Newsum, Finance
Director, is said to have several thousand dollars of the city's funds and
bonds under nis own name. Following this announcement. the City Commission ordered an audit of all the city's sinking fund deposits and withdrawals during the past five years to determine if the city has received all
interest accruing therefrom. The city's sinking funds total over $500,000.
according to the Mayor."
ST. BERNARD SCHOOL DISTRICT, Hamilton County, Ohio.
-The $28,000 coupon school bonds offered on March 29BOND SALE.
-were awarded as 4345 to Davies-Bertram Co., of CinV. 130, p. 1885
par plus a premium of $176, equal to a price of 100.62, a basis of
cinnati. at
about 4.44%. The bonds are dated March 1 1931) and mature $1,120
on Sept. 1 from 1931 to 1955, incl. An official list of the bid submitted
or the issue follows:
Int, Rate,
BidderPremium.
434%
Davies-Bertram Co.. Cincinnati (purchasers)
$176.01)
434%
W.L. Slayton & Co., Toledo
86.00
Cincinnati
Seasongood & Mayer,
18.85
43.i
Provident Sevin Bank & Trust Co., Cincinnati
14.30
Mitchell, Herric & Co., Cleveland
512.00
Banc Ohio Securities Corp., Columbus
431
509.60
' 451
Assel, Goetz & Moerlein, Inc.. Cincinnati
203.00
4
3
4.
Well, Roth & Irving Co., Cincinnati
166.00
Spitzer, Rorick & Co., Toledo
4,1
37.00
-BOND OFFERING.ST. CLAIR SHORES,Macomb County, Mich.
Charles F. Dederich, Village Clerk, will receive sealed bids until 8 p. in.
on April 15, for the purchase of $1,674,400 special assessment
trunk sewer bonds, to bear interest at a rate not exceeding 670• Due
$59,800 on April 1 from 1932 to 1959 incl. The right is reserved to reduce
the amount of bonds to be sold to not less than $1,500,000. Said reduction,
if made, to be off of the several maturities proportionately. Place of
payment of principal and interest to be proposed in bid and to be subject
to approval of the Village officials. A certified check for $25,000, payable
to the order of the Village Treasurer, must accompany each proposal.
Successful bidder to furnish printed bonds ready for execution. Approving
opinion of Miller, Canfield, Paddock & Stone. of Detroit, to be paid for
by purchaser. The Village on Feb.4 failed to receive a bid for the purchase
of $1,596,000 not to exceed 5% interest special assessment trunk sewer
bonds.
-V. 130, p. 1230.
ST. LOUIS PARK, Hennepin County, Minn.
-BOND SALE-The
$240,000 issue of water certificates offered for sale on April 2-V. 130.
-was jointly awarded to the Banc Northwest Co. and the First
p. 2077
Securities Corp.. both of Minneapolis, as 4348 for a premium of $900,equal
to 100.37, a basis of about 4.43%. Dated April 1 1930. Due $12,000
on Oct 1 1931 and on April and Oct. 1 from 1932 to April 11941.
APRIL 5 1930.]
FINANCIAL CHRONICLE
-A $70,000 issue of
-BOND SALE.
SALEM, Marion County, Ore.
06% sewer bonds has recently been purchased by the First National
Bank of Portland at a price of 97.26, a basis of about 4.79%. Due $5,000
from 1936 to 1949 inclusive.
(This report amplifies that given in V. 130, P. 1884.)
-BOND SALE DETAILS -The
SALINA, Saline County, Kan.
$34,287.75 issue of 4 y% coupon sewer improvement bonds that was pur2
-was awarded
chased by the Central Trust Co.,of Topeka
-V.130. p. 2275
at a price of 101.20. a basis of about 4.36%. Denoms. $500 and $1,000.
Due in from 1 to 20 years. Int. payable on Feb. and Aug. 1.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-The following is
-LIST OF BIDDERS.
Antonio), Bexar County, Tex.
an official list of the other bids submitted on March 25 for the $2,000,000
% coupon school bonds awarded to a syndicate headed by the National
City Co.,of New York,at 102.913. a basis ofabout 4.51%.-V.130,p.2275;
Premium.
BidderBanker's Co. of New York; Northern Trust Co. of Chicago;
Kean-Taylor & Co., New York; Hannahs, Ballin & Lee, New
York: First National Co., of St. Louis; Mercantile-Commerce
$32.780.00
Co., St. Louis
ilalsey, Stuart dr Co.; Bancamerica-Blair Corp. Geo. B. Gibbons & Co.; R. W. Pressprich & Co.; Stifel, Nicolaus & Co.;
The Fort Worth National Co., by J. Lowell Lafferty, Agent- 36,205.00
Frost National Bank, San Antonio
45,780.00
Alamo National Company,San Antonio Van H. Howard & Co.;
San Antonio; Guaranty Co.of New York; Detroit Co. of New
York; Ames, Emerich & Co., Chicago; Estabrook & Co., New
57.820.00
York; Eldredge & Co., New 'York
Lehman Brothers; E. H. Rollins & Sons; C.F. Childs & Co., Inc.;
Rogers Caldwell & Co., Inc.; SternBros. & Co.; Dallas Union
53.853.00
Trust Co.; B. F. Dittmar Co., San Antonio
57.960.00
Stranahan, Harris & Oatis, Inc., by Conn Brown
Delivery to be made to purchasers on or about Aprll 11930. Purclaaser to
pay accrued interest to date of delivery.
-The
-BOND SALE.
SAN FRANCISCO (City and County), Calif.
two issues of 4 M% bohds aggregating $3,306,000 offered for sale on March
21-V. 130 p. 20'77
-were purchased by a syndicate composed of Lehman
Bros. and Kountze Bros., both of New York; the Wells Fargo Bank and
Union Trust Co., of San ll'rancisco, Graham. Parsons & Co.. of New York,
Dean Witter & Co., of San Francisco, Emanuel & Co., of New York,
Heller, Bruce & Co., of San Francisco, the Mississippi Valley Co., of St.
Louis, the Wells-Dickey Co., of Minneapolis, Bosworth, Chanute, Loughridge & Co., of Denver, and Stern Bros. & Co., of Kansas City,for a premium of $33,391, equal to 101.01, a basis of about 4.40%. The issues are
divided as follows:
$2.286,000 boulevard bonds. Due as follows:$126,000 in 1925 and $135.000
1936 to 1951, inclusive.
1,020.000 sower bonds. Due $60.000 from 1939 to 1955 inclusive.
-These bonds are being offered
BANKING GROUP OFFERS BONDS.
for general subscription by the purchasers at prices to yield 4.30% on all
maturities. They are reported to be legal investment for savings banks and
trust funds in New York. Massachusetts and Connecticut.
-Both
-BOND OFFERING.
STORY COUNTY (P. 0. Nevada) Iowa.
sealed and open bids will be received by H. M. Vinsel, County Treasurer,
until 2 p.m.on April 15,for the purchase of a $200,000 issue annual primary
road bonds. Under the heading of Adair County we gave details of offering
that are similar to those governing this issue.
-0. F.
-BOND OFFERING.
SYRACUSE, Onondaga County, N. Y.
Soule. City Comptroller, will receive sealed bids until 1 p.m.(eastern standard time) on April 11, for the purchase of the following issues of coupon or
registered bonds aggregating $705,000,to bear interest at a rate not exceeding
5%,stated in a multiple of X of 1%.
$560,000 school bonds of 1930. Due $28,000 on May 1 from 1931 to 1950.
incl.
75,000 grade crossing bonds of 1930. Due on May I, as follows: $3,000.
1931 to 1935, incl., and $4,000 from 1936 to 1950, incl.
70,000 municipal improvement bonds of 1930. Due on May 1,as follows:
$3.000, 1931 to 1940, incl., and $4,000 from 1941 to 1950. incl.
All of the above bonds are dated May 1 1930. Prin. and semi-annual int.
payable in gold at the Equitable Trust Co., New York. All of the bonds
of each issue must bear the same interest rate. No bid at less than par
and accrued hit, will be considered. A certified check for 2% of the face
value of the bonds bid for, payable to the order of the City Comptroller.
must accompany each proposal The legality of the issues will be examined
by Caldwell & Raymond, of New York, whose favorable opinion will be
furnished to the purchaser.
Financial Statement.
$354,075,006.00
Assessed valuation taxable property
500,000.000.00
valuation taxable property (estimated)
Actual
342,879.817.00
Assessed valuation real property
11,091.024.00
Assessed valuation special franchise
33,323,058.24
Bonded debt, includ ng above issues
5.974.875.00
Water bonds, included in above (exempt debt)
Local improvement bonds,included in above (exempt debt) 4,681,500.00
3,320,089.26
Temporary debt
Population, census 1925, 187,062.
-Lewis A.
-LOAN OFFERING.
TAUNTON, Bristol County, Mass.
Hodges, City Treasurer, will receive sealed bids until 5 p. m. on April 8,
for the purchase at discount of a $200,000 temporary loan. Dated April
20 1930.
8 1930. Denom. $25,000. $10,000 and $5.000. Payable on Nov. National
The notes will be engraved under the supervision of the First
has been approved by Storey, Thorndike.
Bank of Boston. Legality
Palmer & Dodge, of Boston.
-BOND OFFERING.
SCHENECTADY,Schenectady County, N.Y.
Leon G. Dibble, City Comptroller, will receive sealed bids until 12 m. on
April 17,for the purchase of the following issues of coupon or registered
bonds aggregating $2,408,000, to bear int. at a rate not exceeding 5%,
stated in a multiple of 1-20th of 1%:
$1,050,000 local improvement bonds. Due $70,000 on April 1 from 1931
to 1945 incl.
750,000 City Hall bonds. Due $25,000 on April 1 from 1931 to 1960 incl.
590.000 high school bonds. Due on April 1 as follows: $29,000 from
1931 to 1940 incl., and $30,000 from 1941 to 1950 incl.
18,000 public improvement bonds. Due $1.000 on April 1 from 1931
to 1948 incl.
All of the above bonds are dated April 1 1930. Denom. $1,000. Prin.
and semi-ann. int. (A. & 0. 1) payable in gold in New York City and
Schenectady. Single rate of int, to apply to the entire offering. A certified check for $48,160. payable to the order of the City, must accompany
each proposal. The successful bidder will be furnished with the opinion
of Reed, Hoyt & Washburn of New York, that the bonds are valid and
binding obligations of the City of Schenectady.
-BOND OFFERING.-Sealed
SEBASTOPOL, Sonoma County, Calif.
bids will be received until 7 p. m. on April 7, by the City Clerk, for the
purchase of a $22,000 issue of 5% improvement bonds. Due $1,000 from
1931 to 1952 inclusive.
(A similar issue of bonds was offered on Feb. 3-V. 130, p. 838.)
SHALER TOWNSHIP (P. 0. Pittsburgh), Allegheny County, Pa.
-Below we furnish a complete list of the bids received
-LIST OF BIDS.
% improvement bontd awarded to M.M.
on March 26 for the $400,000
Freeman & Co., Inc., of Philadelphia, at a price of 102.65, a basis of about
4.27%.-V. 130, p. 2275.
Rate Bid.
Bidder102.65
M. M.Freeman & Co., Inc., Philadelphia (Purchasers)
Mellon National Bank, Pittsburgh
102.431
Prescott Lyon & Ce., Pittsburgh
102.1525
A. B. Leach & Co., Inc., Philadelphia
102.1307
J. H Holmes & Co. Pittsburgh
102.02
SIDNEY SCHOOL DISTRICT (P. 0. Sidney) Cheyenne County,
-Sealed bids will be received until April 22
Neb.-BOND OFFERING.
W. Ladegard, Secretary of the Board of Education,for the purchase
N.by
of an issue of $192.000 491% semi-annual school bonds. Further informs
lion may be had by writing to the above Secretary.
-BOND OFFERING.
SILVER CREEK,Chautauqua County, N. Y.
Charles T. Ludeman, Village Clerk, will receive sealed bids until 7.30
m.on April 15,for the purchase of $40,000 coupon or registered Village
-Hall bonds, to bear int. at a rate not exceeding 5%, stated in a multiple
of YL of 1%. Dated April 1 1930. Denom. $1,000. Due $2.000 on
April 1 from 1931 to 1950 incl. Prin. and semi-ann. int. (A. & 0. 1)
payable in gold at the First National Bank of Silver Creek. A certified
check for 91,000, payable to the order of the Village Clerk, must accompany
each proposal. The approving opinion of Clay. Dillon & Vandewater of
New York, will be furnished to the successful bidder.
SMITHFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Hunting-BOND SALE.
-The $35,000 44%
don), Huntingdon County, Pa.
-were awarded to A. B.
school bonds offered on March 28-V. 130, p. 1885
Leach Zs Co., Inc., of Philadelphia, at 100.30, a basis of about 4.48%.
The bonds mature in 30 years.
-BOND SALE.
PI( SOMERS POINT, Atlantic County, N. J.
-The
Bankers Tr.Co.,of Atlantic City, was awarded $168,000 bonds of the $182,000 coupon or registered school issue offered on March 28-V. 130, p. 1702.
The successful bidders took the bonds as 6s. paying $182,222.22, equal to
108.46, a basis of about 5.28%. The bonds are dated April 1 IMO and
mature on April 1, as follows: $4,000. 1931 to 1943 inclusive, $5,000 1944
to 1966 incl., and $1,000 in 1967. Bids for the issue were as follows.
Bonds Bid For, Amount Bid,
Bidder168
Bankers Trust Co., Atlantic City (purchaser)
$182,222.22
177
182,328.40
Rapp & Lockwood
174
182,055.00
Morris Mather & Co
170
182,697.20
H. B. Hand & Co.
173
182.537.00
Prudden & Co
177
182.340.00
A. V. O'Brien & Co
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT (P. 0.
-H.L. Allen & Co.,
-BOND SALE.
South Orange), Essex County, N.J.
of New York, were awarded $99,000 bonds of the $100,000 coupon or reg.
school issue offered on March 27-V. 130, p. 2078. The successful bidders
took the bonds as 4)0, paying $100 016.73, equal to 101.027, a basis of
about 4.37%. The bonds are dated Jan. 1 1930 and mature on Jan. 1, as
follows: $5.000. 1931 to 1949 incl. and $4.000 in 1950.
-BOND
SPRINGFIELD TOWNSHIP, Burlington County, N. J.
SALE.
-The $25.000 5% coupon reg. school bonds offered on March 24-V.130, p. 2078
-were awarded as 5s, at a price of par, as follows: $15,000
to Marcus Neccomb. and $10,000 to Samuel C. Chamberlin, both local
investors. The bonds are dated April 1 1930 and mature on April 1. as
follows: $4,000, 1931, and $3,000 from 1932 to 1938, incl.
2455
-BOND OFFERING.
TAYLOR COUNTY (P. 0. Bedford), Iowa.
Both sealed and open bids will be received by the County Treasurer, up
purchase of a $200.000 issue of annual primary
to 2 p. m.on April 9,for the
road bonds. Denom.$1,000. Dated May 11930. Due $20.000 from May
1 1935 to 1944, incl. Optional after 5 years. Sealed bids will be opened
only after all the open bids are in. The County will furnish the legal
approval of Chapman & Cutler of Chicago. The purchaser is to furnish
the blank bonds. A certified check for 3%,payable to the above Treasurer
is required.
(This report supplements that given in V. 130. p. 2276.)
-Two issues of
-BOND SALE.
TEMPLE, Cotton County, Okla.
bonds aggregating $40,000 are reported to have recently been purchased
Edwards of Oklahoma City. The issues are divided as follows:
by R. J.
$30,000 water works and $10,000 town hall bonds.
-BONDS OFFERED BY
TENNESSEE, State of (P. 0. Nashville).
-The $2,000,000 issue of4 and 4 % bonds that was purchased
BANKERS.
on March 27 by Eldredge & Co., and the International Manhattan Co.,
both of New York, at a price of 100.01, a basis of about 4.37%-V. 130.
-was re-offered for public subscription on March 31 by the successp. 2276
ful bidders priced to yield 4.20%. Due on April 11 1935. The offering
notice states that the bonds are legal in New York, Massachusetts and
Connecticut.
THAYER COUNTY SCHOOL DISTRICT NO. 99 (P. 0. Hebron,)
Neb.-BOND SAVE-The $2,500 issue of5% semi-annual school bonds
-was purchased by Mr. K. W.
offered for sale on March 8-V. 130. p. 1515
Wilson, of Chester. Due on Jan. 8 1935.
-The $500.000
TOLEDO, Lucas County, Ohlo.-BOND SALE.
street opening, widening and extension bonds offered on March 31-V.
-were awarded as 431s to Stranahan, Harris & Oat's, Inc.
130, p. 1885
of Toledo, at par, plus a premium of $310, equal to 100.06, a basis of about
4.24%. The bonds are dated March 1 1930 and mature $20,000 on Sept.
1 from 1931 to 1955. incl. The bonds are stated to be legal investment for
savings banks and trust funds in the States of New York. Massachusetts
and Connecticut, and are being reoffered by the successful bidders for public
investment at prices to yield 3.50 to 4.10%,according to maturity.
The following is an official list of the bidders and their bids:
Premium.
Name of BidderStern Bros., Kansas City, Mo., and Prescott, Wright, Snider
*$2,796.06
Co., Kansas City, Mo
2,381.41
State Savings Bank,Topeka. Kan
1,958.24
Columbian Securities Co. and Central Trust Co., Topeka, Kan
Guarantee Title Fr Trust Co.and Branch-Middlekauff Co.,Wichita 1.436.69
Commerce Trust Co., Kansas City, Mo., and Harris Trust Co..
798.16
Chicago
762.36
'
Boatmen's National Bank, St. Louls, Mo
City Bank and City Bank & Trust Co., Kansas City, Mo., and
550.00
Northern Trust Co., Chicago
475.00
National Bank of Topeka and Continental Illinois Co., Chicago
152.00
Halsey, Stuart & Co., Chicago
*Successful bid.
-The $249,425.94
-BOND SALE.
TOPE KA, Shawnee County, Kan.
Issue of 44% semi-annual paving bonds offered for sale on April 1-V.
-was jointly purchased by Stern Bros. & Co.. and the Prescott.
130, p. 2276
Wright, Snider Co. both of Kansas City, for a premium of $2.796.06.
equal to 101.12, a basis of about 4.27%. Dated March 15 1930. Due from
March 15 1931 to 1940, incl.
-BOND OFFERING.-Thornas J.
TROY, Rensselaer County, N. Y.
Halpin, City Comptroller, will receive sealed bids until 11 a.m. on April 7,
for the purchase of$355,00044% coupon or reg. bonds,described as follows:
$300,000 New Public School Building No. 12 bonds. Due $15,000 on
April 1 from 1931 to 1950, Mei.
30.000 public works garage and building bonds. Due $1.500 on April 1
from 1931 to 1950, incl.
25,000 garage incinerator plant bonds of 1930. Due $2,540 on April 1
from 1931 to 1940, incl.
All of the above bonds are dated April 1 1930.Denoms. $1,000 and $500.
Prin. and semi-annual int. (A. ltr 0. 1), payable at the office of the City
Treasurer. A certified check for $5,000. payable to the order of the City.
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater,of New York.will be furnished to the purchaser without charge.
Financial Statement (March 1 1930)
$4,669,610.00
General debt
1.399.225.33
Water debt
812.74
Sinking fund
harbor and dock and public
Certificate of indebtedness for
1,460,000.00
improvements (temporary loan)
68.896,954.00
Real estate assessed valuation for 1930
3,245,492.00
Franchise assessed valuation for 1930
30,000.00
Personal assessed valuation for 1930
72,245,032.00
Total assessed valuation for 1930
Population, 1920 census. 72,013.
-BOND SALE.
-The
- TRUMBULL COUNTY (P. 0. Warren) Ohio.
$18.000 road improvement bonds offered on March 31-V. 130. P. 1886
were awarded as 491s to the Provident Savings Bank & Trust Co. of Cincinnati, at par plus a premium of $41.40, equal to 100.23. a basis of about
and
4.45%. The bonds are dated April 1 1930 and mature $1,000 on April
Oct. 1 from 1931 to 1939 hid.
-BOND OFFERING.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-David H. Thomas. Clerk of the Board of County Commissioners, will
receive sealed bids until 2 p. m. on April 11. for the purchase of $46,000
% road construction bonds. Dated April 1 1930. Denom. $1,000.
Due as follows: $3,000. April and Oct. 1 from 1931 to 1933, incl., and
$2.000 on April and Oct. 1 from 1934 to 1940. incl. Principal and semi-
2456
FINANCIAL CHRONICLE
annual interest (April and Oct. 1) payable at the office of the County
Treasurer. Bids for the bonds to bear interest at the rate other than 41%
will also be considered, provided, however, that where a fractional rate is
bid such fraction shall be W of 1% or a multiple there of. A certified
I
check for $1,000, payable to T. D. Berketrod°, County Treasurer, must
accompany each proposal. County will furnish printed bonds: cost of
legal opinion as to their validity to be borne by the successful bidder.
The County Board may at its discretion reduce the amount of bonds to
be sold.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
David H. Thomas, Clerk of the Board of County Commisssioners, will
receive sealed bids until 2 p.m. on April 8,' for the purchase of $33,800
% road improvement bonds. Dated April 1 1931. Denoms $1,000.
one bond for $S00. Due as follows: $2,800, April 1 and $2,000, Oct. 1 1931;
$2,000, April and Oct. 1 from 1932 to 1936,incl.; 52,000. April land 51.000.
Oct. 11937, and $1,000 on April and Oct. 1 from 1938 to 1940, incl. Prin.
and semi-annual int. (A. & 0. 1), payable et the office of the County
Treasurer. Bids for the bonds to bear int, at a rate other than 4%%
will also be considered, provided, however, that where a fractional rate is
bid such fraction shall be ;.1 of 1% or a multiple thereof. A certified check
for $1,009, payable to Trace D Harkelrode, County Treasurer, must
accompany each propcsal. Legal opinion es to the legality of the bonds
is to be furnished by the successful bidder at his own expense.
TULSA COUNTY SCHOOL DISTRICT NO.13 (P. 0. Tulsa), Okla.
-BOND OFFERING.
-Sealed bids will he received until 8 p.m. on April 7,
by Fred Langenkamp, District Clerk, for the pucrhase of a $25,000 issue
of school bonds. Denom. $500. Due as follows: $1,500, 1934 to 1949,
and $1,000 in 1950. A certified check for 2% must accompany the bid.
TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
-BOND SALE.
The $200,000 issue of 5% semi-annual road bonds offered for sale on March
28-V. 130, p. 2079
-was jointly purchased by Caldwell & Co., and Ward,
Sterne It Co., both of Birmingham, for a premium of 56,000, equal to
103.00. a basis of about 4.81%. Dated April 1 1930: due on April 1 1860.
UNION COUNTY (P. 0. Creston), Iowa.
-BOND OFFERING.
Both sealed and open bids will be received until 2 p. m. on April 10, by
G. H. McCornack, County Treasurer, for the purchase of a $200,000 issue
of annual primary road bonds, conditions and maturities governing the
sale of these bonds are similar to those given under Taylor County.
UPPER SANDUSKY,Wyandot County, Ohio
-BOND OFFERING.
James R. Synder, Village Clerk, will receive sealed bids until 12 m. on
April 12. for the purchase of $17,510 5;i7 special assessment street
0
improvement bonds, and $5,071.22 6% special assessment street improvement bonds, both issues aggregating 822,581.22. Bids for the bonds to
bear interest at a rate other than those given will also be considered, provided, however, that where a fractional rate is bid such fraction shall he
;i of 1% or a multiple thereof. A certified check for 2% of the amount
of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
[vol.. 130.
Financial Statement Mar. 1 1930.
present bonded debt (exclusive of these issues)
Floating debt (to be retired with the proceeds of these issues)
Deduction for sinking fund
Water bonds
Total deductions
Net debt
Assessed valuation, 1930 real estate
Assessed valuation, 1930 special franchise
$34,000.00
358,500.00
$910,925.00
199,660.00
$1,110,585.00
392,500.00
$718,085.00
310,285.179.00
743,964.00
Total
511.029,143.00
Population, 1920 Census. 16,073:estimated population, 18,500.
WEBSTER, Monroe County, N. Y.
-BOND SALE.
-The following
issues of coup or reg. bonds aggregating $72,000 offered on March 28V. 130, p. 2079
-were awarded as 5s to A B. Leach & Co.,
, of New
York, at par plus a premium of 51,152, equal to 101.60, a basis of about
Inc.
4.82%:
$42,000 street improvement bonds. Due on Feb. 1, as follows: $2,000.
1931 to 1948, incl., and $33,000 in 1949 and 1950.
30,000 sewer bonds. Due $1,000 on Feb. 1 from 1932 to 1961, incl.
Both issues are dated Feb. 1 1930. Bids received were as follows:
BidderInt. Rate,
Rate Bid.
A. B. Leach & Co., Inc. (Purchasers)
5
101.60
Central Trust Co., Rochester
5
101.25
George B. Gibbons & Co., N. Y
100.7374
Toledo Securities Corp., Toledo
100.57
WEBSTER CITY, Hamilton County, Iowa.
-BOND SALE.
-The
$25,000 issue of 454% coupon swimming pool bonds offered for sale on
March 26-V. 130, p. 2079
-was purchased by the city sinking fund for
a premium of $400, equal to 101.60, a basis of about 4.56%. Denoms.
$1.000 and $500. Dated April 15 1930; due as follows: $1,000, 1932 to
1941, and $1,500, 1942 to 1951, all incl. Optional after 1940. Int. Payable on May and Nov. 1.
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
Sealed bids will be received by M. C. Henika, City Clerk, until 7.30 P.m.
on April 15, for the purchase of three issues of 434% bonds aggregating
$188,000, as follows:
$100,000 storm sewer bonds. Due $5.000 from 1935 to 1915, and $10.000.
1946 to 1950. all incl
56,000 street improvement bonds. Due $4,000 from 1937 to 1950, tad,
32,000 water bonds. Due $2,000 from 1945 to 1950 incl.
Prin. and semi-annual int. is payable at the West Allis, '
State Bank. Blank
bonds are to be furnished by the bidder. A certified check for 5% par of
the bonds bid for, is required.
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND SALE.
The 54.500,000 issue of coupon or registered semi-annual road bonds
VICTORIA COUNTY (P. 0. Victoria) Tex.
-BONDS REGISTERED. offered for sale in April 1-V. 130, p. 2277
-was purchased by a syndicate
-The $369,000 issue of 53i7 road,series E bonds that was sold on Feb. 25 composed of the Chase Securities Corp., the Equitable Corp. of New York,
-V. 130, p. 1515
-was retered by the State Comptroller on March 24. R. L. Day & Co.. Ames, Emerich & Co., Kean, Taylor & 0.o., Otis & Co.,
Emanuel & Co., B. J. Van Ingen & Co. and H. L. Allen & Co., all of New
Due from Feb. 1 1945 to 1968 incl.
York, the Mercantile Commerce Co. of St. Louis, Mitchell, Herrick &
VISTA UNION SCHOOL DISTRICT (P. 0. San Diego), San Diego Co. of Cleveland, and the Charleston National Bank of Charleston,for a
premium of $250, equal to 100.0055, a basis of about 4.24%. on the bonds
County, Calif.
-BOND SALE.
-The $50,000 issue of semi-annual
school bonds offered for sale on March 31-V. 130, p. 2277
-was purchased divided as follows: 54,425,000 were sold as 434s. and the remaining 575.000
by the Freeman, Smith & Camp Co. of San Francisco, for a premium of as 4s. The large block matures on Jan. 1 as frollows: $75,000, 1933;
$125.000, 1934 to 1937: 5150,000. 1938 to 1941; $175,000. 1942 and 1943;
5614.22, equal to 101.22. Due from 1931 to 1948, incl.
$200,000, 1944; 8225,000. 1945 to 1940: $250.000. 1950 and 1951; $275.000,
WALKER SCHOOL DISTRICT (P. 0. Springfield), Livingston 1952 and 1953; $300,000, 1954, and $225,000 in 1955, and the remaining
Parish, La.
-BOND OFFERING.
-It is reported that sealed bids will be 575,000 4% bonds mature in 1955.
received until April 23 by the Secretary of the Parish School Board, for the
-The purchasers are
SUCCESSFUL SYNDICATE OFFERS BONDS.
purchase of a $50,000 issue of school bonds. Int. rate is not to exceed 6%. now offering the above bonds for public investing priced to yield 4.15%,
plus accrued interest for all maturities. The offering notice reports that
WALTHAM, Middlesex County, Mass.
-BOND OFFERING.
-H. W. they are legal investments in New York, Massachusetts and Connecticut.
Cutter, City Treasurer, will receive sealed bids until 10:30 a. m. on April
for the purchase of 542,000 4% coupon sewerage bonds, Act of 1928.
WHARTON COUNTY (P. 0. Wharton), Tex.
-BOND OFFERING.
Dated April 1 1930. Denom. $1.0190. Due $2,000 on April 1 from Sealed bids will be received until 1.30 p.m. on April 14 by
1931 to 1951 incl. Prin. and serni'ann. int. (A. & 0.) payable in Boston. County Judge, for the purchase of two issues of 53:5% bondsJohn Norris,
aggregating
The bonds will be engraved under the supervision of and certiflea as to $270.000, as follows:
genuineness by the Old Colony Trust
Boston. The legality of the $220.000 road bonds. Dated April 10 1930. Due on April 10, as follows:
Co.,
.sue will be examined by Storey, Thorndike, Palmer & Doug° of Boston.
54,000, 1931 to 1935; $6,000, 1936 to 1940; $7,000, 1941 to 1945;
a copy of whose opinion will accompany the bonds when delivered.
$8,000, 1946 to 1950; $9,000, 1951 to 1955, and $10,000, 1956 to
Financial Statement April 1 1930.
1960, all incl.
50,000 road district No.5 bonds. Dated April 10 1929; due on April 10,
Assessed net valuation for year 1929
$60,194,020.00
as follows:56,000, 1955,and 811,000, 1956 to 1959,incl.
Total debt (including this issue)
2,584,000.00
Water debt,included in total debt
292.000.00 Prin. and int. (A. & 0.). payable in New York. A certified check for 2%
Sinking funds other than water
27,302.96 must accompany the bid.
•
Population, 40,000.
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS NOT Wichita Falls), Wichita County Tex.
WALTON COUNTY (P. 0. De Funiak Springs), Fla.
-PRICE PAID.
-The $100,000
-We are informed by M. T. Fountain, Clerk of the Circuit Court, issue of 434 semi-annualschool bonds
SOLD.
was purchased by Garrett & Co.,
that the two issues of 6% bonds aggregating $90,000 offered on April 2- of Dallas
-V.130, p. 2079
-was awarded at par. Due from Jan. 1 1931 to
-were not sold as no bids were received. The issues are 1960, incl. •
V. 130. p. 2079
as follows:
$50,000 hospital bonds. Due from Sept. 1 1933 to 1948.
WINNESHIEK COUNTY (P. 0. Decorah) Iowa.
-BOND SALE.
The 5300,000 issue of annual primary road bonds offered for sale on April 140,000 jail bonds. Due from Sept. 1 1933 to 1948.
V. 130,
-was purchased by Glaspell, Veith & Duncan, of
-Della B. port. as P. 2277 a premium of $392, equal to 100.1306, a basis DavenWARREN, Trumbull County, Ohlo.-BOND OFFERING.
4345, for
about
King, City Auditor, will receive sealed bids until 1 p.m. on April 11, for 4.47%. Due $30,000 from May 1 1935 to 1944 incl. Optional afterof years.
5
the purchase of $21,000 5% city share public improvement bonds. Dated
follows: $2,000, April 1 and 51,000
April 11930. Denom.$1,000. Due as
WOODBRIDGE TOWNSHIP(P.O. Woodbridge) Middlesex County,
Oct. 1 1931 and $1,000 on April and Oct. 1 from 1932 to 1-940, incl. Prin, N. J.
-BOND SALE.
M.Freeman & Co.,
-B.J. Van Ingen & Co., and
and semi-annual interest (A. & 0. 1), payable at the office of the Sinking both of New York, jointly are reported to have purchased an issue of
Fund Trustees of the City. A certified check for $500, payable to the order $625,000 534% general improvement bonds at a price of par. Dated
April 1
of the City Treasurer, must accompany each proposal. Bids for the bonds 1930. Denom. $1,000. Due on April 1 1933. Principal and semi-annual
to bear int. at a rate other than 5% will also be considered, provided, how- interest (April and Oct. 1) payable at the Woodbridge National Bank,
ever, that where a fractional rate is bid such fraction shall be in a multiple Woodbridge. Legality is to be approved by Caldwell & Raymond, of
of 34 of 1%.
New York,
Finandal Statement.
$55,998,360.00
Total assessed valuation for 1928 (estimated) real estate
YAVAPAI COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Prescott),
21,292,680.00 Ariz.
Personal property (estimated)
-BOND SALE.
-The 5200,000 issue of 5% semi-annual school
bonds offered for sale on March 31-V. 130, p. 2079
-was
$77.291,040.00 Valley Bank & Trust Co. of Phoenix, for a premium of purchased by the
valuation
Total
$1,120, equal to
Indebtedness:
100.56. a basis of about 4.91%. Dated April 11930. Due serially in from
52,021,040.00 1 to 15 years.
General bonded debt
798,820.00
Special assessment debt
-BOND SALE.
ZANESVILLE, Muskingum County, Ohio.
Water works bonds and extension including this issue (self1,165,200.00 $49,286.48 special assessment street improvement bonds offered on -The
sustaining)
March
-were awarded as 434s to the Banc Ohio Securities
Cash balance and investments in sinking fund,$281,837.88. Population. 31-V. 130, p. 2079
Co. of Columbus, at par plus a premium of $108.46, equal to 100.22. a
1924, census, 38,000.
basis of about 4.44%. The bonds are dated March 1 1930 and mature
WAUSHARA COUNTY (P. 0. Wautoma), Wis.-BOND OFFERING. March 1 as follows: 59.286.48, 1932 and $10,000 from 1933 to 1936. on
Incl.
-Sealed bids will be received until 2 p. m. on April 15 by J. J. Johnson.
,
6
Clerk, for the purchase of a $219,000 issue of 4; % highway bonds.
County
Denom. $1.000. Dated March 1 1930. Due on March 1 as follows:
550.000, 1937;$105,000, 1938 and $64,000 in 1939. Prin, and int.(M.& S.)
payable at the office of the County Treasurer. Chapman & Cutler, of
Chicago, will furnish the legal approval. A certified check for 1% of the
BARRIE, Ont.-BOND SALE.
-Stewart, Scully & Co., of Toronto,
bonds bid for, payable to the County Treasurer, is required.
recently purchased an issue of $55,000 5% improvement bonds, maturing
-BOND OFFERING.- in 20 equal installments, at a price of 98.641, an interest cost basis of about
WATERVLIET, Albany County, N. Y.
William B. Riley, Director of Finance, will receive sealed bids until 7 p. m. 5.16%. Bids for the issue were as follows:
BidderRate Bid.
on April 9. for the purchase of the following issues of coupon or registered Stewart. Scully & Co---------------------------------------*98.641
bonds, aggregating $238,000. to bear interest at a rate not exceeding 5%, H. R. Bain & Co-- _
1%:
----------------------------------------- 98.56
stated in a multiple of St of
Harris, McKeen & Co- ------------------------------------ 98.52
$82.000 series A local improvement bonds. Due on March 1 as follows: Dominion Securities
Corp------------------------------------ 98.47
54,000, 1931 to 1948, incl., and $5,000 in 1949 and 1950.
R. A. Daly & Co-81,000 general improvement bonds. Due on March 1 as follows: $4,000, Dyment, Anderson & Co ------------------------------------- 98.33
------------------------------------- 98.21
1931 to 1949, incl., and $5.000 in 1950.
Gairdner & Co
75,000 series B local improvement bonds. Due on Sept. 1 as follows: C. H. Burgess -------------------------------------------- 98.183
ez
--------------------------------------- 98.18
$7,000. 1930 to 1934, Ind., and $8,000 from 1935 to 1939, incl.
Matthews & Co----------------------------------------------- 98.077
The three issues are dated March 1 1930. Denom. 51,000. Principal Bell.
.
and semi-annual interest (March and Sept. 1) payable at the office of the J. L. Gouinlock 0z Co-------------------------------------9803
Graham
Director of Finance. The bonds will be prepared under the supervision Wood, Gundy & Co------------------------------------------- 97.82
& Co- _ _ ------------------------------------- 97.65
of the International Trust Co., New York. A certified check for 2% ct F
ry, Mills. Spence &
must accom97.57
the amount of bonds bid for, payable to the order of the City,
C-------------------------------------pany each proposal. The approving opinion of Caldwell & Raymond, of McLeod, Young. Weir & Co-------------------------------97.44
* Accepted tender.
New York, will be furnished to the purchaser.
CANNDA,its Provinces and Municipalities.
APRIL 5 1930.]
2457
FINANCIAL CHRONICLE
BRAMPTON,Ont.-BOND OFFERING.
-0.M.Corkett, Town Clerk, $250,000 Thirty-Year bonds, dated April 1 1930, due April 1 1960. bearing
will receive sealed bids until 5 p. m. on April 7, for the purchase of the
Interest at the rate of 4;5% per annum, payable half
-yearly
following issues of 5;5% bonds, aggregating $55.000:
on April 1 and Oct. 1. Principal and int, payable, at the option
of the holder, at Banque Canadienne Nationale, Quebec or
$30,000 water supply bonds. Due in 10 years.
Montreal. or at the main office of the Bank of Montreal in
25,000 water tanks bon a. Due in 20 years.
Toronto; or
250.000 Thirty-Year bonds, dated April 1 1930, due April 1 1960, bearing
BRITISH COLUMBIA, Province of (P. 0. Victoria).
-BOND
Interest at the rate of 5% per annum, payable half
-yearly on
SALE.
-The $3,000,000 4;5% direct obligation bonds offered on March
April 1 and Oct. 1. Principal and int. payable, at the option or
31-V. 130, P. 2277
-were awarded to a syndicate composed of Fry,
holder, at Banque Canadienne Nationale, Quebec or Montreal,
Mills, Spence & Co., Bell, Gouinlock & Co., and McLeod, Young, Weir
or at the main office of the Bank of Montreal in Toronto.
& Co., all of Toronto, at 93.67, a basis of about 4.49%. The bonds are
The bonds with interest coupons attached will be issued in denominadated April 2 1930 and mature in April 2 1955. Coupon bonds, denom.
tions
$1.000, fully registerable or registerable as to principal only. Principal the of $100, $500 and $1.000. A sinking fund will be provided to redeem
issue at maturity. Prin. and int. will be guaranteed unconditionally
and semi-annual interest (April and Oct. 2) payable at the holder's option
in Canadian gold coin at the Canadian Bank of Commerce in Toronto. by the City of Quebec. Delivery and payment of the bonds will be made
Montreal, Vancouver, or Victoria, or in United States gold coin of the at Banque Canadienne Nationale, Quebec City, on or about May 5th. 1930.
present standard of weight and fineness at the agency of the Canadian
REGINA SCHOOL DISTRICT, Sask.-BOND SALE.
-Fry, Mills,
Bank of Commerce in New York. Legal opinion of Long & Daly,of Spence & Co.. and Dyment, Anderson & Co., both of Toronto, recently
Toronto. The purchasers are reoffering the bonds for public investment purchased an issue of $473,000 5% school bonds at a price of 97.28, a basis
at a price of 95.25 and accrued interest, yielding about 4.83%.
of about 5.18%. The bonds mature on April 1 1960. Principal and semiannual interest payable in Toronto, Montreal, Winnipeg and Regina.
CALGARY SCHOOL DISTRICT, Atia.-BOND SALE.
-H. R. Bain The purchasers are reoffering the bonds for public investment at 99 and
& Co., of Toronto, and the Royal Financial Corp.. of Vancouver, jointly, accrued interest, yielding over 5.05%. Tenders for the bonds were as
recently purchased a total of $438,000 5% school construction bonds at follows:
a price of 98.062, a basis of about 5.20%. The bonds mature serially in
BidderRate Bid.
30 years. Bids for the bonds were as follows:
Fry, Mills, Spence & Co., and Dyment, Anderson & Co.. jointly
(purchasers)
BidderRate Bid.
97.28
H. R.. Bain & Co.and Royal Financial Corp
97.017
*98.062 Dominion Securities Corp., and Wood, Gundy & Co., jointly
A. E. Ames & Co
Wood. Gundy & Co
96.73
97.82
Canadian Bank of Commerce
97.18
SANDWICH, Ont.-BOND OFFERINO.-E. R. North, Town Clerk.
McLeod, Young, Weir & Co. and Jas, Richardson & Sons
96.78
will receive seared bids until 12 M. on April 7, for the purchase of the
Fry, Mills, Spence & Co. and Dyment, Anderson & Co
96.78
following issues of 535% bonds aggregating $437,593.29:
Dominion Securities Corp. and Imperial Bank
96.59
$39,000.00 park bonds. Dated Dec. 1 1929. Due in 30 years.
A. E. Ames & Co. and Royal Bank
96.50
Bell. Gouinlock & Co
96.17 , 36,055.33 local improvement bonds. Dated Dec. 1 1929. Due in 10 yrs.
22,000.00 local improvement bonds. Dated Dec. 1 1929. Due in 20 yrs.
*Accepted tender.
! 17,081.05 local improvement bonds. Dated Dec. 11929. Due in 15 Yrs.
' 11,635.02 local improvement bonds. Dated Dec. 1 1928. Due in 15 yrs.
OFFERING.
-D. V. Morrier, Town
CHICOUTIMI, Que.-BOND
6,093.42 local improvement bonds. Dated Dec. 1 1929. Due in 20 YrsClerk, will receive sealed bids until 4 p. m. on April 7, for the purchase
bonds. Dated Dec. 1 1929. Due in 10 years.
of an issue of $89,800 improvement bonds, payable at Chicoutimi. Montreal , 4,000.00 fire hydrant
1.728.47 local improvement bonds. Dated Dec. 1 1929. Due in 15 yrs.
and Quebec. Alternative tenders are requested for 10 and 29
-year serial
Interest on the local improvement bonds is to be payable semi-annually
bonds and for bonds to bear interest at 5 and 5, %•
4
and on the remaining bonds annually.
BOND OFFERING.
-J. E. Blackburn, Secretary of the School ComSASKATOON,Sask.-BOND SALE.
-The $1,514,600 5% improvement
p. m. on April 7,for the purchase
mission, will receive sealed bids until 130
-were awarded to the Canadian
of $70,000 5% school bonds. Due May 1 1939. Payable at Chicoutimi, bonds offered on March 29-V. 130, p. 1887
Bank of Commerce, and R. A. Daly & Co., both of Toronto, jointly, at
Montreal and Quebec.
98.16.a basis of about 5.15%. The bonds are dated May 1 1930 and mature
10.
30 years.
-W. H. in The 15, 20 and payable on May 1 as follows: $423,200 in
EAST YORK TOWNSHIP, Ont.-BOND OFFERING.
bonds are
1940, $495,400
Heaton, Township Comptroller, will receive sealed bids until 1 p.m. on
The
bidders
April 7, for the purchase of $153,028.71 improvement bonds, particulars in 1945, $163,100 in 1950. and $432,900 in 1960.priced successful 5.02 to
to yield
are reoffering the bonds for
of which may be obtained from the above-mentioned Comptroller, 443 5.06%. according to maturity.public investmentLong & Daly of Toronto.
Legal opinion of
Sammon Avenue. Toronto.
The "Financial Post" of April 3 gave the following as a complete list of the
GRAND MERE Que.-BOND OFFERING -S. E. Deziel, Secretary- bids submitted for the issue:
Rate Bid.
April 9, for the purchase , BidderTreasurer, will receive sealed bids until 4 p. m. on
*98.168
of $48,300 5;5% improvement bonds. Dated May 1 1930. Due serially Canadian Bank of Commerce and R. A. Daly & Co
97.789
in 20 years. Payable at Grand Mere, Montreal and Quebec. These are Wood, Gundy & Co., and Royal Bank of Canada
the bonds for which all bids received on Oct. 28 1929 were rejected. The McLeod, Young, Weir & Co., Fry, Mills, Spence & Co., and Bell,
97.58
Gouinlock & Co
Secretary-Treasurer later announced that an effort was to be made to sell
, A. B. Ames & Co., Dominion Securities Corp.,and Bank of Montreal97.257
the issue at a price of 96. The attempt, apparently, was unsuccessful.
! C. H. Burgess & Co., Gairdner & Co., J. L. Graham & Co.. and
97.219
-BOND SALE -The
Matthews & Co
MANITOBA Province of (P. 0. Winnipeg).
* Accepted tender.
$1,580,000 4;1 provincial bonds originally scheduled to have been sold
.
on March 31- . 130, p. 2278
-were awarded on April 1 to a syndicate
SHERWOOD, JONES AND BURGESS TOWNSHIPS, Ont.composed of Wood, Gundy & Co., A.• E. Ames & Co., Dominion Securities Corp., Royal Bank of Canada. and the Canadian Bank of Commerce. BOND SALE.-Harrls. MacKeen & Co. of Toronto, recently purchased an
all of Toronto, at 93;93, a basis of about 4.89%. The bonds are dated Issue of $25,000 6% Roman Catholic Separate School Section No. 6 bonds
at a price of 99.15, a basis of about 6.08%. The bonds mature in 25
April 1 1930 and mature on April 1 1960.
installments.
MIDDLESEX COUNTY,Ont.-PRICE PAID.
-The Dominion Securi-Wood, Gundy & Co. of Toronto,
SUDBURY, Ont.-PRICE PAID.
ties Corp. of Toronto,is reported to have paid 98.27, a basis of about 5.27%.
for the $333,000 5% coupon, registerable as to principal, provincial according to report paid 95 for the $90,000 5% coupon, registerable as to
and county highway improvement bonds sold on Feb. 26-V. 130, p. 2080. principal public school bonds sold on Jan. 29-V. 130, p. 2080. Net
Interest cost basis about 5.66%. The bonds are dated Dec. 11 1929 and
The bonds are dated March 1 1930 and mature in 15 Installments.
mature annually on Dec. 11 from 1930 to 1949, incl.
-Dominion Securities
NORTH VANCOUVER, B. C.
-BOND SALE.
Corp., and A. E. Ames & Co., both of Toronto. jointly, recently purchased
WALKERVILLE, Ont.-PRICE PAID.
-Wood, Gundy & Co, or
an issue of $123,903 5% improvement bonds at 98.146, a basis of about Toronto, paid 95.30, a basis of about 5.67%, for the $245,000 5% coupon.
5.16%. The bonds mature as follows: $31,890 on April 15 in 1945. and registerable as to principal public school bonds sold on Feb. 6-V. 130,
$92,013 on April 15 in 1950. Royal Financial Corp. of Vancouver, bid p. 2080. The bonds are dated Dec. 14 1929 and mature annually on Dec.
97.86 for the bonds.
14 from 1930 to 1959, incl.
-The $27,000 6% Willde Union
WILKIE, Sask.-BOND SALE.
QUEBEC (Roman Catholic Board of School Commissioners of),
-were
of Banque Canadienne Hospital District bonds offered on March 25-V. 130, P. 1703
-The Superintendent
Que.-BONDS OFFERED.
Nationale, St. Peter St. Quebec City, on behalf of the Roman Catholic awarded to the W. Ross Alger Corp. of Edmonton at a discount of $108.
Board of School Commissioners of the City of Quebec, received sealed bids equal to 99.60. The bonds are dated May 1 1930 and mature in 20 annual
until 3.30 p. m. on April 4, for the purchase of $250,000 bonds, alternative installments of both principal and interest. Interest payable annually
in April.
tenders for which were requested for either:
NEW LOANS
NEW LOANS
$1,500,000
$2,000,000
HARRIS COUNTY, TEXAS HARRIS COUNTY,TEXAS
ROAD BONDS
The undersigned win receive bids for the sale
of two million dollars 42,000,000.00) thirty (30)
year serial coupon Harris County Navigation
District Bonds, bidder to bid interest rate at
which he will take bonds at par and accrued
interest.
Circular on request.
Certified or Cashier's Check twenty thousand
dollars ($20,000.00).
Date of sale
APRIL 14, 1930,
2:00 P. M.
File sealed bids with undersigned.
R. S. STERLING, Chairman
Navigation Commission
Courthouse
Houston, Texas.
We Specialize in
City of Philadelphia
Navigation District Bonds
The undersigned will received bids for one million, five hundred thousand dollars ($1.500,000.)
ty (30) year serial coupon Harris County
Special Road Bonds, to be dated April 10, 1930,
bidder to bid interest rate at which he will take
bonds at par and accrued interest.
Circular on request.
Certified or Cashier's Check $15.000.00.
Date of sale
APRIL 14, 1930.
11:30 A. M.
File sealed bids with the undersigned.
FINANCIAL
H. L. WASHBURN,
County Auditor
Houston, Texas.
3s
31/
28
48
/8
41 4
4 s
/
1
2
58
51/ 8
4
51
/
2
s
Biddle, Costa & Co.
1522 Locust Street
Philadelphia
Members of
Philadelphia Stock Exchange
Private New York Wire-Canal 8437
Consistent Advertising
is an economy and cuts the cost of selling, making
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MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineer'. and Geologists
COAL AND MINERAL PROPERTIES
Examined. Menaged. Appraised
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PHIL/WEI-PIT
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FINANCIAL CHRONICLE
2458
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Paul C. Dodge & Co., Inc.
INVESTMENT SECURITIES
120 SOUTH LA SALLE STREET
CHICAGO
SAINT LOUIS
KANSAS CITY
MICHIGAN
INVESTMENT
SECURITIES
!ARIZ I S. SMALL & C C150 CONGRESS ST.,W.
A.B.Leach&Co.,Inc.
New York
Boston
Philadelphia
Pittsburgn
Buffalo
Providence
New Haven
Scranton
Chicago
Milwaukee
St. Louis
Detroit
Kansas City
San Francisco
Los Angeles
Seattle
DE'rnox
Joel Stockard & Co., Inc
Investment Securities
Mlin Office
Penobscot Bldg.
DETROIT
Branch OPices:
Jackson
Kalamazoo
Dearborn
Members Detroit Stoat Ezchanue
Members of Detroit Stock Exchange
Charles A. Parcells & Co
INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT, MICH
CALIFORNIA
Market for
Pacific Coast Securities
WALR4STAA.TS
CO
Established 1887
LOS ANGELES
SAN FRANCISCO
PASADENA
SAN DIEGO
WHITTLESEY.
McLEAN & CO.
INVESTMENT BONDS
LISTED STOCKS
PENOBSCOT BUILDING.
DETROIT
AUGUSTA
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 SOUTH LA SALLE STREET
CHICAGO, ILL.
ALABAMA
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
SPARTANBURG, S. C.
A. M. LAW & CO., Inc.
DEALERS IN
Stocks and Bonds
Southern Textiles a Specialty
SPARTANBURG, S. C.
WINSTON-SALEM, N. C.
WM. E. BUSH & CO.
Augusta, Ga.
We specialize in California
Municipal & Corporation
BONDS
230 So. I.ct Salle St., CHICAGO
New York St. Louis Milwaukee Louisville
Indianapolis Detroit Minneapolis
Richmond San Francisco
SOUTHERN SECURITIES
COTTON MILL STOCKS
Wachoyia Bank & Trust Company
BOND DEPARTMENT
North Carolina State and Municipal
Notes and Bonds.
Southern Corporation Securitie•
Winston-Salem, N. C
DRAKE, RILEY & THOMAS
Van Nuys Building
LOS ANGELES
Pasadena
Santa Barbara
Beach
Long
PHILADELPHIA
jfinancial
E.W.ClarkEiCo,
BANKERS
CHAPMAN 1YWOLFE E. Ca
• BROKERS
MEMBERS
NEW YORK STOCK EXCHANGE
SAN FRANCISCO STOCK EXCHANGE
SAN FRANCISCO CURB EXCHANGE
NEW YORK CURB MARKET (Associate)
351 Montgomery Street•San Franckco
Telephone DAver.poirt 4430
auttioneer0
Locust and Sixteenth Streets
Philadelphia
Established 1837
Members New York and Philadelphia
Stock Exchanges
PAUL & CO., Inc.
1420 Walnut St„
PHILADELPHIA
Adrian H. Muller & Son
120 Broadway
NEW YORK
Investment Securities
Established 11387
19 Liberty Street
NEW YORK
Stock & Bond Auctioneers
Sales Every Wednesday
WARREN A. TYSON & CO.
Investment Securities
1518 Walnut Street
PHILADELPHIA
Commerce, Industry
and Finance all find
the complete facilities of the Hibernia
Bank & Trust Company most helpful in
the conduct of their
Southern business.
@FedFRASER