The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
The
ammtrrial
PCS. U. O.
VOL. 131.
ljruntrie
SATURDAY,AUGUST 2 1930.
financial Chronicle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
M03.
12 MOS.
Within Continental United States except Alaska
$6.0a
$10.00
In Dominion of Canada
6.75
11.50
Other foreign countries, U. S. Possessions and territories__ 13.50
7.75
The following publications are also issued. For the Bank and Quotation Record the subscription price 313 $6.00 per year; for all the others Is
$5.00 per year each. Add 50 cents to each for postage outside the United
States and Canada.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
BANK AND QUOTATION RECORD
PUBLIC UTILITY—(seml-annually)
RAILWAY & INDUSTRIAL01W a year) MONTHLY EARNINGS RECORD
MUNICIPAL—(semi-ann.)
STATM AND
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE—Edwards 5c Smith, 1 Drapers' Gardens, London. E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all, Office of Co.
Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
Into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City.
P. 0. Box 968, City Hall Station.
The Financial Situation.
"It never rains but it pours." One is reminded
of this saying as unfavorable developments of one
kind or another keep pouring in day after day and
week after week, putting a damper on tendencies to
take a brighter view of things on the part of the
general public after six months or more of growing
trade depression. The present week there has been
a long budget of unfavorable news—along the same
lines, to be sure, as before—but, nevertheless, not
in the least suggestive of any change for the •better,
and calculated to have a very disheartening effect.
About the only glimmer of brightness has been the
announcement that came from the Finance Committee of the United States Steel Corp. after the close
of business on Tuesday when giving out the income
statement of the company for the June quarter and
for the first six months of the year.
The statement referred to of the Steel Corp., registered as expected a heavy falling off in earnings and
profits in 1930 as compared with the extraordinarily
favorable results in the corresponding period of
1929, but was, nevertheless, highly gratifying and
assuring in showing that even in a period of de-
NO. 3397.
cidedly adverse conditions, such as existed the present year, the company had earned $6.46 per share
on the amount of common stock outstanding, this
comparing with $11.72 per share in the first half of
1929, when, as stated, the steel trade, and general
business as well, was enjoying phenomenal activity
and prosperity. The profits available for the stock
were $55,294,686 in the first six months of 1930 and
$83,401,452in the first six months of1929—obviously
a big falling off. What attracted attention, however,
beyond everything else, was the terse and very unusual announcement, printed beforehand, given out
at the same time and dealing with the outlook for
the immediate future. The announcement said that
the Finance Committee had "authorized the following statement in regard to the business of the United
States Steel Corp." The statement read as follows:
"At this date, the manufacturing plants are operating at about 63% of capacity. Indications in the
industry point to an increase in this rate of operadons during the balance of this quarter, with an
improvement in volume during the last quarter of
the year."
Very naturally, the announcement attracted a
great deal of notice and was deemed to possess high
significance as reflecting confidence of early improvement, at least in the steel industry, though
more particularly in the case of the United States
Steel Corp., which, it must not be forgotten, holds a
commanding position in. the trade and can be de
pended upon to give a good account of itself even
when other steel corporations may be doing poorly.
However, no quickening influence to general trade
resulted, not even the Stork Exchange responding
with a rise in the shares, though the obvious explana-,
tion is that the relatively favorable character of ;the
income return had been discounted by a considerable.
antecedent upward movement in the stock. The
stimulating effect upon general business that might:
otherwise have resulted was neutralized by the unfavorable news with ,regard to primary conditions
all over the country, which kept piling up. A wholly .
new development of an unpromising kind appeared '
in the crushing defeat sustained at the Canadianelections by the Liberal party and the return to
power of the Conservative party, which was construed to mean further tariff legislation adverse to •
the United States by the Dominion Parliament.
It is still the farming situation that furnishes the
gravest occasion for concern and anxiety. Both
wheat and cotton tumbled to new low prices the
present week, which is saying a great deal, considering how low prices had previously sunk. Spot
cotton here in New York touched 12.45c. on Wednesday, though getting back to 12.80c. yesterday
(Aug. 1). Even at the opening of June the price
still ruled above 16c. a pound. In the case of wheat
674
FINANCIAL CHRONICLE
new declines occurred all around, the July option
at Chicago dropping to 83%c. on July 30, with the
close July 31 at 84%c. This compares with 92c. as
recently as July 2. Concurrently, corn has shown a
rising tendency, due to the fact that in the corn
growing sections of the Middle West one of the
severest droughts on record has prevailed for many
months, and, accordingly, the growing corn crop is
supposed to have been heavily reduced. Some of
the future options for corn are now ruling higher
than those for wheat, a very anomalous situation,
and one which has very few parallels in the past.
That corn should rise, in response to crop damage
news, while wheat continues to move lower, testifies to the supremacy of natural (or economic) law
over man-made law. The Farm Board has been conducting no operations in corn. On the other hand,
in the case of wheat (as also in the case of cotton)
the Farm Board has been active and is understood
to have accumulated 69,000,000 bushels, which
sooner or later must come on the market, though the
Board has agreed to hold it from market for the
time being.
It is these accumulated supplies of wheat, along
with a heavy visible supply, and likewise a heavy
carryover of wheat, both in the United States and
in the Dominion, that are having such a blighting
effect upon the market value of wheat. The present
week, however, the price of wheat should have risen
and doubtless would have risen except for the load
of wheat that the Farm Board is carrying, inasmuch
as accounts regarding the spring wheat crop of the
United States and likewise the spring wheat crop
of Canada have been quite unfavorable, just as they
have regarding corn, and for the same reason,
namely, the prevalence of drought. This has unquestionably acted to reduce the size of the growing
spring wheat crop in the United States and in Canada, though the Canadian crop will, nevertheless,
be larger than that of last year, when it was almost
a complete failure.
The general trade situation may take a turn for
the better at an early date, and, indeed, that seems
almost inevitable, since now trade is at almost a complete standstill in many lines, but even though somewhat greater activity should occur no enduring revival can be expected untilthe declinein agricultural
prices is arrested. The market value of wheat is
now lower than at any time since 1914, and cotton
prices are down to the lowest level since 1916. That
of course means an impairment of the purchasing
power and consuming capacity of two large sections
of the country. That the agricultural communities
of the country are contending with extreme depression is now generally recognized, and its bearing and
significance appreciated. Yet there are few persons,
we imagine, who have a true understanding of the
extent of the decline which has occurred in farm
prices within the brief period of 12 months, or since
the summer of last year. For the enlightenment of
the reader in that respect we insert here the following comparing prices this year and last:
Price
Price
Aug. 1 Aug. 1
1930. 1929. Decline.
6.40
cotton in New York
12.80 19.20
Spot
61%
85% 147%
Wheatin Chicago—Sept.option
60
55% 115%
Rye in Chicago—Sept.option
19%
87% 106%
Corn in Chicago—Sept. option
52%
153
Oats in Chicago—Sept. option...._.. 373
[Vol.. 131.
It will be observed from the foregoing that the
price of cotton in New York is now 6.40c. lower per
pound than it was a year ago, which means a loss
of $32.00 per bale of 500 pounds; wheat is 6078c. a
/
bushel lower, rye 6178c. a bushel lower, corn (even
/
after the rise in July), 19y a bushel lower, and
8c.
oats 151 4c. a bushel lower.
/
If values are to rule more or less permanently at
the lower levels to which they have MAT fallen, the
farmer of the West and the planter of the South
will, of course, have to adjust themselves to this
new situation. What is still more important, the
whole community outside the farming world will
also have to adjust itself to the new state of things.
In other words, if what the farmer has to sell is to
command lower prices, then the things which the
farmer is obliged to buy must likewise be procurable
at lower levels. In this sense the general downward
tendency of commodity values (independent of farm
prices) must be viewed as a favorable rather than
an unfavorable development. It is nothing more
nor less than a corrective process by which the
proper equilibrium all around will be restored.
The process of adjustment necessarily will entail
more or less hardship upon the entire country, but
there is no help for it, and it will have to be endured.
In the processes of production and manufacture,
every needless expense will have to be cut out and
every effort made, and every device used, to reduce
costs to a minimum. This will not be easy to do.
It means a complete change in the spirit with which
things have been viewed and done. It is this change
of spirit that is still largely lacking, but which is
essential if trade activity is to be restored to a
normal basis. Previously ideas of inflation permeated the entire community. It is not alone that
prices on the Stock Exchanges were counted upon
to keep on rising indefinitely, but that endless
profits were looked for in every line of industry.
Indeed, it was the expectation of these ever fattening profits that formed the basis of the unbridled
speculation which prevailed upon the Stock Exchance for so long.
But now a new order has to be faced, and the
sooner this is recognized the better. The disposition
is still too general to stick to the old methods which
would have been eradicated years ago, except that
we were living in an era of inflation where inflation
itself was looked upon as the cure-all and absorbent
of all discordant things. The spirit will now have
to be changed if we would get back to a normal basis
where activity will flourish in accordance with normal, natural scales.
Our municipalities, especially the Greater New
York, are still furnishing examples of extravagance
and profligacy which always find root in an era of
inflation. Hardly a week passes but wage increases
to one set of employees or another are not voted
by New York City officials. At the beginning of
the year the Mayor himself had his salary raised
from $25,000 to $40,000, and numerous other officials
also received large increases. The process is still
going on. And the practice is evidently to continue
until the taxpayers rise in their might and put an
end to it. Thus, on June 30 Mayor Walker signed
a city salary bill giving $519,000 yearly in increases
to Supreme Court Justices, Surrogates, many
County Court Judges, and more than 100 other city
officials. More recently, increases in the salaries
of some 700 Board of Education office workers
AUG. 2 1930.]
FINANCIAL CHRONICLE
have been requested in a resolution sent to the members of the Board of Education by the Association
of Administrative Employees of the Board of Education. The resolution provides for increases running from $200 to $1,000 per annum. These increases will no doubt be granted the same as all
other demands for increased compensation.
No one apparently is conscious of the fact that
this is no time for wage increases, that the country
is passing through an era of trade depression of the
severest type, and that such a period is peculiarly
ill-fitted for adding to the burdens of the taxpayers.
Larger expenditures in the administration of a
municipality obviously mean heavier taxes, and
heavy taxes mean high rents, and high rents become
intolerable when there is unemployment or only partial employment such as is so common at the present
time. It is this spirit of indifference which will
have to be changed before the country can expect
a new and lasting period of activity.
The idea that costs must be lowered in the effort
to regain prosperity was well expressed in the address which Thomas S. Holden, Vice-President of
the F. W. Dodge Corp., of this city, delivered before
the 38th annual convention of the United States
Building & Loan League at Grand Rapids, Mich.,
on Tuesday of the present week. Mr. Holden expressed the opinion that the recession in building
activity throughout the country is gradually ebbing,
but added that if the public is to build more homes,
steps must be taken to improve the character and
lower the costs of American domiciles. Mr. Holden
said it is the boast of the engineering age that the
methods of mass production improve the product and
lower the cost, but asserted that so far practically
nothing has been accomplished towards producing
any sort of new individual houses with a reasonable
amount of conveniences. Mr. Holden thinks the
country can count on a normal increase in housing
demand from increasing population, from shifts of
population to urban centers, surburban areas and
rehabilitated urban sections. These influences would
demand a normal volume of residential building considerably above the depressed volume of 1930, and
there is a strong body of expert opinion, he asserts,
which holds that the problem before the building industry is to widen the market for new residential
building by producing better housing at lower costs.
The Federal Reserve statements this week show
no changes of any great consequence. Brokers'
loans, as far as the grand total is concerned, remain
at substantially the same figure as a week ago, being
reported at $3,228,000,000 the present week (July
30) in comparison with $3,226,000,000 a week ago
(July 23). This is an increase, it will be observed,
of $2,000,000. Last week, it will be recalled, there
was a decrease of $17,000,000 in the aggregate of
these loans on securities to brokers and dealers by
the reporting member banks in New York City, after
an increase the week before of $40,000,000, which,
however, followed a contraction of no less than
$898,000,000 in the five weeks preceding. But while
there is only a slight change from a week ago in the
total of these loans, the changes in the different
categories going to make up the total are quite substantial. The loans made by the reporting member
banks for their own account actually increased $50,000,000 during the week, rising from $1,619,000,000
July 23 to $1,669,000,000 July 30. On the other
675
hand, the loans for account of out-of-town banks
have fallen from $776,000,000 to $745,000,000, and
the loans "for account of others" from $832,000,000
to $814,000,000.
In their own returns, also, the Federal Reserve
banks show comparatively unimportant changes for
the week. Member bank borrowing at the 12 Reserve
institutions is a little larger this week at $197,101,000 against $190,570,000 last week. But holdings of acceptances purchased in the open market
have diminished during the week from $150,533,000
to $130,762,000. Holdings of United States Government securities remain substantially unaltered in
their aggregate amount, being reported at $576,368,000 this week against $576,139,000 last week,
but every one of the three main items that go to make
up the total records a very substantial change. Thus
the holdings of certificates of indebtedness and
Treasury bills are lower at $249,757,000 against
$272,554,000, while the holdings of Treasury notes
have increased from $260,835,000 to $276,897,000,
and the holdings of United States bonds from $42,750,000 to $49,714,000. Total bill and security holdings, which constitute the measure of Reserve credit
outstanding, are a little lower this week, as the
result of the changes noted, and stand at $911,554,000 against $924,555,000. Federal Reserve notes
in circulation decreased during the week from
$1,356,180,000 to $1,335,141,000. Gold reserves have
fallen from $3,024,227,000 to $3,004,982,000. The
falling off in the gold reserves presumably reflects
the large takings of gold in recent weeks for account
of France and Canada.
The stock market this week, after early strength,
has again been depressed, with heavy losses in
special stocks and well defined weakness in one or
two large groups of stocks, yet with many other
groups displaying considerable firmness and yielding little in the general downward pressure. At the
half-day session on Saturday last there were a number of brisk advances. On Monday the market
developed considerable irregularity, with Warner
Bros. Pictures a weak feature, the stock breaking to
new low figures for the year on reports questioning
the continuation of the dividend rate. However,
the motor stocks, led by General Motors, as also the
public utilities and a number of specialties, displayed great strength. On Tuesday the market became very much unsettled as a result of big breaksin a
number of railroad stocks, more particularly Southern Railway, Union Pacific, Southern Pacific, and
St. Louis-San Francisco on heavily reduced earnings
for June and the half year. The collapse in these
stocks carried the whole market down. Another
depressing feature was the outcome of the Canadian
Parliamentary elections the day before, these resulting in the overwhelming defeat of the Liberal party
and the return to power of the Conservative party,
which was construed to mean further tariff legislation adverse to the United States. The drift of
prices on this day was quite generally downward,
the decline being accentuated by a new break in
wheat.
On Wednesday prices sharply declined all around.
U. S. Steel, instead of showing strength as a result
of the relatively favorable statement for the June
quarter, made public after the close of business the
day before, and the announcement by the Finance
Committee of the company that the indications
676
FINANCIAL CHRONICLE
pointed to a larger volume of business for the remainder of the year, manifested weakness, evidently
on sales to realize profits after the previous rise, the
good news having been discounted. Violent further
breaks in wheat and cotton produced a feeling of
great uneasiness, under the influence of which the
market yielded all around with extensive declines
in such stocks as Warner Bros. Pictures, Safeway
Stores, United States Industrial Alcohol, Vanadium,
as also Westinghouse Elec. and American Can, J. I.
Case, Allied Chemical & Dye, American Tel. & Tel.,
Columbia Carbon, and a whole host of others. On
Thursday morning prices dipped still lower, but
later in the day the market steadied itself and many
of the early declines were in whole or in part recovered, the great majority of stocks showing
net gains for the day. On Friday the improvement of the day before was well maintained,
though the market was extremely dull. Call money
on the Stock Exchange again remained unchanged
all through the week at 2%. In the following we
show the stocks which the present week recorded
new high's or new lows for the year
STOCKS MAKING NEW HIGHS FOR THE YEAR. kinlj
Railroads—
Industrial and Miscellaneous—Ad
Morris A: Essex
Autostrop Safety Razor A
National Rys of Mexico 2d pref
Hackensack Water
STOCKS MAKING NEW LOWS FOR Tilt, YEAR.
Railroads— gigagg
Indus. and Miscell. (Concl.)—
Louisville & Nashville
Hawaiian Pineapple
Nashville Chattanooga & St Louis Intercontinental Rubber
Southern Railway
Karstadt (Rudolph)
Industrial and Miscellaneous—
Long Bell Lumber A
American Hide & Leather
National Department Stores
Autosales Corp
Revere Copper & Brass
Barker Bros
Safeway Stores
Cuban-American Sugar
Superior 011
Electric Boat
United Cigar Stores
Fairbanks Co
Universal Leaf Tobacco
Fisk Rubber
S Hoffman Machinery
Gimbel Bros
VacLsco Sales
Great Western Sugar
Warner Bros Pictures
Trading has again been of only moderate volume.
At the half-day session last Saturday the dealings
on the New York Stock Exchange were 994,230
shares; on Monday they were 2,425,240 shares; on
Tuesday, 1,849,580 shares; on Wednesday, 2,507,280
shares; on Thursday, 2,162,770 shares, and on Friday, 1,090,210 shares. On the New York Curb Exchange the sales last Saturday were 292,200 shares;
on Monday, 504,600 shares; on Tuesday, 452,100
shares; on Wednesday, 540,500 shares; on Thursday,
440,800 shares, and on Friday, 318,600 shares.
As compared with Friday of last week, prices are
lower all around, with many of the declines very
heavy. Fox Film A closed yesterday at 45% against
47% on Friday of last week; General Electric at
6934 against 7114; Warner Bros. Pictures at 3678
/
/
/
against 42%; Elec. Power & Light at 69 against 72;
United Corp. at 3218 against 333/4; Brooklyn Union
/
Gas at 124 against 129% bid; American Water
Works at 90Y against 93; North American at 981
2
%
against 100; Pacific Gas & Elec. at 55% against
5738; Standard Gas & Elec. at 94% against 94%;
/
Consolidated Gas of N. Y. at 104% against 11134;
/
Columbia Gas & Elec. at 62% against 6378; Inter/
national Harvester at 82 against 831 2; Sears, Roe/
buck & Co. at 67 against 6714; Montgomery Ward &
/
Co. at 35% against 361 2; Woolworth at 5978 against
/
/
58%; Safeway Stores at 621 8 against 74; Western
/
Union Telegraph at 169% against 168; American
Tel. & Tel. at 209% against 216%; Int. Tel. & Tel.
%
at 45% against 461 ;American Can at 128% against
13114; United States Industrial Alcohol at 67%
/
%;
against 691 Commercial Solvents at 25% against
%
281 ; Corn Products at 95% against 96%; Shat-
[Vou 131.
tuck & Co. at 38 against 39%,and Columbia Graphophone at 17% against 18%.
Allied Chemical closed yesterday at 264 against
272 on Friday of last week; Davison Chemical at 26
against 28%; E. I. du Pont de Nemours at 114%
against 1121 2; National Cash Register at 46 against
/
46%; International Nickel at 23% against 25; A. M.
Byers at 71 against 76%; Simmons & Co. at 25
against 2634; Timken Roller Bearing at 651 against
/
%
63; Mack Trucks at 56% against 551 8; Yellow Truck
/
& Coach at 25 against 2714; Johns-Manville at 8434
/
/
against 861 ; Gillette Safety Razor at 8214 ex-div.
%
/
against 8238; National Dairy Products at 53 against
/
533 National Bellas Hess at 9% bid against 10%;
/
4;
/
Associated Dry Goods at 341s against 34%; Texas
Gulf Sulphur at 58% against 5878 and Bolster
/,
Radio at 3 against 338
/
.
The steel shares have yielded less readily than
the rest of the list, in part, no doubt, because of the
relatively good showing made by the U. S. Steel
Corp. in its income statement for the June quarter.
United States Steel closed yesterday at 1651 4 against
/
1675s on Friday of last week; Bethlehem Steel at
/
,
%,
81 against 831 and Republic Iron & Steel at 4534
against 46%. The motor stocks have also held up
well. General Motors closed yesterday at 45%
against 453 on Friday of last week; Nash Motors
/
4
at 35% against 36; Chrysler at 29% against 30%;
Auburn Auto at 118 against 126; Packard Motors
at 14% against 1478; Hudson Motor Car at 33
/
against 35, and Hupp Motors at 13% against 15.
The rubber stocks have moved with the general market. Goodyear Rubber & Tire closed yesterday at
62% against 65%; B. F. Goodrich at 25% against
27%; United States Rubber at 21 against 23%, and
the preferred at 411% against 44.
The railroad stocks have been the object of special
pressure most of the time. Pennsylvania RR. closed
yesterday at 7478 ex-div. against 76 on Friday of
/
last week; New York Central at 162 against 165;
Erie RR. at 4118 against 42; Baltimore & Ohio at
/
1041
% against 106%; New Haven at 104%
against 1053 ; Union Pacific at 216% bid against
%
2213
/ Southern Pacific at 118 against 119%;
4;
Missouri-Kansas-Texas at 39% against 411 ;
%
Southern Railway at 871 4 against 95 bid; Rock
,
Island at 102 against 106 bid; Great Northern at 82
bid against 82, and Northern Pacific at 73 against
75%.
The oil shares have given a very good account of
themselves, influenced by the improved conditions
in the oil trade. Standard Oil of N. J. closed yesterday at 72 against 7334 on Friday of last week;
/
Standard Oil of Cal. at 62% against 62; Simms Petroleum at 21% against 22; Skelly Oil at 305
/s
against 30%; Atlantic Refining at 37% against
381 8; Texas Corp. at 52% against 53; Pan American
/
B at 58% against 59; Richfield Oil at 17% ex-div.
against 18; Phillips Petroleum at 33 against 3318;
/
Standard Oil of N. Y. at 32 against 32%, and Pure
Oil at 213 against 213%.
%
The copper stocks have shown considerable firmness. Anaconda Copper closed yesterday at 50%
against 51 on Friday of last week; Kennecott Copper at 39 against 40; Calumet & Hecla at 15%
against 151 Calumet & Arizona at 5512 bid against
%;
/
55; Granby Consolidated Copper at 24 against 23;
American Smelting & Refining at 6678 against 66%,
/
and U. S. Smelting & Refining at 20 against 19%.
Aua. 21930.]
FINANCIAL CHRONICLE
Share prices were irregular on all the important
European stock exchanges this week, while the volume of trading in every case was confined within
extremely small limits. The general trend in recent
weeks has been toward lower levels and public in.
terest has been slight. With month-end settlements
in prospect and the business situation showing no
appreciable change, exchanges at London, Paris and
Berlin were again listless and almost featureless.
Commodity price declines remain of paramount concern in all markets, and there is little expectation
of general improvement until the downward swing
is halted. "Financial experts in this market find it
as yet impossible to express any confident view of
the outlook for Europe's autumn trade," a London
report to the New York "Times" stated. "All of
them admit that revival depends very largely on the
course of commodity values, in which direction no
one is able to discover any sign of real recovery.
Large surpluses of the leading commodities have
still to be absorbed before values can be positively
stabilized." Paris and Berlin opinion, on the other
hand, is represented as more hopeful of an early
cessation of the fall in prices.
The London market shows continued perturbation
over the steady drain of gold to Paris and the rising
tide of unemployment. Official figures on unemployment in Great Britain now place the total at 1,972,700, an increase of 32,834 in a week and of 850,057
in a year. The Paris market regards its gold accretions from London and New York as a natural development, based on the repatriation of French balances. French trade and industry is depressed only
to a relatively small extent, but strikes appeared this
week in the Northern departments among iron and
steel and textile workers. The strikers demanded increases in wages equivalent to the amount they pay
out under the new insurance law. The Berlin Boerse
dropped drastically last week, with the collapse attributed to the "taxation crisis" in the Government.
Equilibrium was re-established this week and the
German exchange followed much the same quiet
course of other markets. Trade conditions in the
Reich show no improvement, while unemployment is
again slightly on the increase,
Stocks were firm in quiet dealings on the London
Stock Exchange Monday. British rails were again
unsettled, owing to the series of poor traffic returns
and dividend reductions announced late the previous
week. Gilt-edged securities were steady, partly because some of the French gold demands were diverted
to the New York market. International issues were
irregular, but Mexican bonds gained on the announced settlement of the Government and railway
debts.
Rhodesian copper issues were a bright spot in
Tuesday's market, while international issues were
mostly weak. British funds were weak at the start,
but a slight recovery followed. British rails and industrials were inclined to droop, but dealings were
very thin. The gilt-edged list showed best results
at London Wednesday,other departments evidencing
little change .with the exception of international
stocks which were weak. Slight improvement was
noted in British motor issues, while Rhodesian copper shares lost a little ground. With business again
on a small scale Thursday,little of interest occurred
on the London market. South African mines attracted a few buyers, but prices otherwise were almost unaltered. Gilt-edged issues and home rails
677
were firm at London yesterday, but the market otherwise was irregular.
Turnover on the Paris Bourse in the opening session of the week was hardly worth recording, reports
said, and conditions that have dominated the market
for some months now were repeated. Almost all business was transacted in the first half-hour, and the
Bourse was stagnant thereafter. Prices changed but
little, as buying and selling orders were about equally
represented in the few transactions which took place.
With the volume of business still exceedingly small,
some irregularity developed on the Bourse Tuesday,
chiefly on account of the approaching settlements.
Utility issues and bank stocks were in supply, but
Suez improved and steel shares also showed slight
gains. The market turned weak as a whole Wednesday, but the losses were not severe. Transactions remained within narrow limits. Heaviness was again
apparent Thursday, with some of the selling attributed to unfavorable reports from New York.
Money was 13 2% at the month-end settlements, corn/
pared with 1% a fortnight ago and 3
4% a month ago.
Buying appeared on a slightly heavier scale at Paris
yesterday, and prices improved.
Price movements were uncertain on the Berlin
Boerse in the initial session of the week, but the general trend was still downward. Some covering purchases by local speculators and a few buying orders
from foreign sources gave the market a better appearance for a time, but the gains were lost as selling
again developed. Siemens & Halske, which fell below
200 for the first time last week; was quoted under
190. A litlte necessitous selling was in evidence Tuesday morning, dispatches said, but when this was
cleared up, prices began to mount and most issues
registered small gains for the day. The close was at
the best prices of the day. Business dwindled
Wednesday at Berlin, but the tone was more confident and prices continued to advance, particularly
as the month-end difficulties were regarded as overcome. Shipping stocks, electrical issues, and the
mining group showed best results. Seling again appeared in small volume Thursday, but the offerings
were sufficent to cause a renewed decline. Offerings
of electrical stocks and bank shares unsettled the
market and the average level slipped off about a
point.
A confused and not very edifying series of developments relating to Soviet-American trade has followed
close upon the heels of the "investigation" of subversive Communistic propaganda started in this city
last week by a Congressional Committee. The Committee indulged in a rather savage attack on the
Amtorg Trading Corp., the commercial agency of the
Soviets in this country. The entire question of trade
relations between the two countries has thus been
stirred up and it has been discussed, unfortunately,
from almost every point of view save that of sound
economic reasoning. Of primary importance in the
matter are the trade figures of the Amtorg organization, which have not been disputed. These show that
Russian goods to the value of $30,749,000 were sold
in this country last year, while in the same period
Russian purchases of American goods amounted to
$107,651,000. That other countries stand ready to
sell manufactured goods to Russia and buy her raw
products was indicated by a Berlin dispatch of
Wednesday to the United Press, which stated:"The
controversy between the United States and the Soviet
678
FINANCIAL CIDIONICLE
firm. M.
Government over the importation of Russian pulp- dent, J. Carson Adkerson, it was charged that the
wood and other products into the former country was Soviet is paralyzing the American manganese ore
welcomed today by German business leaders as of- industry through dumping of huge quantities of ore
fering a new trade field for them."
of Russian origin on this market. Mr. Adkerson
The Congressional Committee was formed to in- stated that his organization was planning an appeal
vestigate charges of former Police Commissioner to Washington for an embargo on Russian manWhalen of this city that the Amtorg organization is ganese, and he urged the advisability of joint action
a channel of subversive propaganda. Documents were of the manganese producers with match, anthracite
supplied by Mr. Whalen in support of these charges, and lumber producers in an effort to force an embut their authenticity remains to be established. bargo on all "objectionable" Soviet exports.
After hearing evidence for a day on the documents,
Senator Reed of Pennsylvania announced in Washthe Committee transferred its activities to Detroit. ington last Sunday that he had written a letter to
Owing to the serious effect of the charges on the Secretary of the Treasury Mellon requesting the excredit standing of the Amtorg organization, officials clusion of Russian products produced by forced
of the concern made the implied threat in one of the labor. Mr. Reed indicated that in his opinion the
hearings of a discontinuance of trade relations. Much language of the tariff act is sufficiently broad to
the same thought was expresed by Maxim Litvinoff, place the burden of proof upon the importer, by reForeign Commissar of the Moscow Government, in quiring him to show as a condition of entry that the
a statement to foreign press representatives late last commodities sent to this country are not produced
week. The Soviet Government, M. Litvinoff was by convict labor. Senator Oddie of Nevada followed
quoted as saying, might sharply reduce or even stop Wednesday with a formal letter to Assistant Secrealtogether its purchases in countries imposing ob- tary Lowman demanding an embargo on imports of
stacles to the admission of Soviet products.
Russian manganese. Apparently encouraged by the
Foremost among the official steps taken was an widespread publicity given his charges, Mr. Woll of
announcement by Assistant Secretary of the Treas- the Wage Earners' Protective group enlarged upon
ury Seymour Lowman, on July 25, that paper pulp- his charges early this week, generously including
wood from Russia will be denied entry into the products of Fascist Italy in his indictment on this
United States on the ground that convict labor is occasion. Repetition of its charges also was made
employed in its production. This ruling affected large by the manganese producers' group.
contracts made between the International Paper
A calm word on this entire movement was finally
Company and Russian interests. It was based on uttered by an "authoritative source" at the White
the new tariff act, which, like its predecessors, pro- House, according to Washington dispatches of that
hibits the entry of convict
-made goods. "A general date. It was made clear that no discriminatory
order has been wired to all collectors of customs," Mr. action against Russian merchandise has been or will
Lowman said, "to prevent entry of pulpwood from be undertaken by the Government. The fields of comRussia. Evidence in the hands of the Treasury seems merce and politics will remain separate, it was said,
to establish the fact that the pulpwood is being manu- and Washington's attitude toward Russian business
factured there by convict labor, and therefore not will not be influenced by its official attitude toward
subject to entry." Mr. Lowman announced further, the character of the Soviet Government. Only in so
last Saturday,that he purposed to begin an investiga- far as Russian goods violate American laws relating
tion of Russian manganese ore, coal and timber ship- to convict-made goods is any action contemplated,
ments to this country with a view to determining and such action will be taken impartially in relation
whether the products were handled by convict labor. to goods from all countries in which this condition,
The Assistant Secretary was quoted in Washington or dumping of products, or any other legal inhibition,
dispatches of Monday as charging the existence of applies. Attention was officially called, dispatches
an enormous Russian plot for wrecking American said, to the trade of the United States with Soviet
industry by flooding this market with convict-made Russia,which has been running to about$100,000,000
annually, with a large trade balance in favor of the
goods.
In accordance with Mr. Lowman's edict, several United States. A protest on the part of Amtorg offivessels carrying Russian pulpwood were denied entry cials was also published in New York,Tuesday. Peter
by customs officials of the Port of New York, Mon- A. Bogdanov,Chairman of the trade organization, isday. These ships were the Grelisle, of British regis- sued a statement saying in part: "Our imports into
try, and the Christian Bors, of Norwegian registry. this country are meeting a number of obstacles. It
The vesels were said to be part of a rather large fleet is obvious that in order for the Soviet Union to make
of freighters chartered for this trade. To this official purchases abroad, it must have markets for its exaction were added some widely circulated protests ports. In the United States sales of Soviet products
by labor leaders and industrial groups against im- do not exceed one-third of the purchases for the
portation of Russian products. Several United States Soviet Union. A curtailment of imports of Soviet
Senators also issued statements of the same general products into this country will necessarily be retenor. Matthew Woll, head of the Wage Earners' flected in the purchases."
Statements throwing considerable light on the
Protective Conference, which is said to consist of
national and international labor unions with a mem- manganese and pulpwood situations also were made
bership of 500,000, began a campaign last Sunday by Amtorg officials this week. In regard to mandesigned to stop all importations of Russian goods. ganese, it was stated that Soviet manganese is pur"We are gathering all the necessary material to prove chased largely by the United States Steel Corp. and
to the Government that the entire economic system the Bethlehem Steel Corp. on long term contracts at
of the Soviets is based wholly or in part upon con- world market prices, and this process can hardly be
vict,forced, or indentured labor," Mr. Woll said. In called dumping. Moreover,these steel producers have
a statement issued at the same time by the American been using the Russian product since 1886, owing to
Manganese Producers' Association through its Presi- its superiority over American manganese. A state-
AUG. 2 1930.]
FINANCIAL CHRONICLE
ment on pulpwood was submitted in Washington,
at a hearing held by Mr. Lowman. This statement included a cable from Moscow officials, giving
details of the production of the pulpwood, chief
among them an item intended to show that the operations from beginning to end are carried on by voluntary workers who are paid for their labor. The
Amtorg officials held that although evidence has
been submitted to show that convicts load the vessels
in Archangel, that would not constitute violation
of the American law. At the hearing in Washington,
moreover, protests against the sudden action of the
Treasury Department were made by various official
representatives of the steamship companies involved,
while an appeal for the admittance of the product
was issued Wednesday by the International Paper
Co. The company declared that the interests of
American industry and American workmen would
be served more by continuing importation of pulpwood from Russia than by barring it. In the course
of these developments, Assistant Secretary of the
Treasury Lowman indicated that his previous ukase
against Soviet pulpwood had been made tentative,
that additional hearings would be held, and that a
final decision will be given later. "The Treasury
Department," a report to the New York "Evening
Post" said, "is receiving so many protests against
its pulpwood embargo that there is an apparent intention to get that issue settled before ordering any
new embargoes except in cases where there is incontrovertible evidence that the embargo is mandatory under the law."
Much needed budgetary reforms were promulgated in Germany last Saturday by President von
Hindenburg and Chancellor Bruening under the
emergency powers conferred by Article 48 of the
Weimar. Constitution. The attempt of the Bruening Government to force such reforms through the
Reichstag caused the defeat of the Cabinet on July 18
and the dissolution of the Reichstag. The program
now promulgated differs only slightly from that
rejected by the Berlin Parliament. It provides for
revision of unemployment insurance laws, relief for
East Prussian agriculture, and additional tax measures designed to raise a total of $115,000,000. Contributions to the unemployment reserve by both employers and workers are to be raised, while the
amounts paid may be reduced. The more important
tax increases are a 2%7 "emergency sacrifice" levy
0
on salaries of Government officials, a 57 increase
0
in the income tax on salaries of more than 8,000
marks,and a 10% surtax on the incomes of bachelors
and spinsters. The budget for 1930, also enacted
by decree, is reduced by about $45,000,000. The
measures are to become operative Sept. 1, but
whether they will endure depends on the general
elections scheduled for Sept. 14. Such emergency
decrees may be revoked upon demand of the Reichstag. The new Parliament, which will meet for the
first time in October, is expected to show a pronounced trend toward the radical Left and the conservative Right, reducing the representation of the
Center parties upon which the Bruening Cabinet is
based. It is a question, therefore, whether the new
legislature will permit the present decrees to stand.
In an attempt to effect a combination of the numerous Center parties in the Reich, announcement was
made Monday of the formation of the "State Party."
The campaign for the new elections is thus in full
679
swing, with matters of considerable moment dependent on the outcome.
Speedy and energetic action was taken by the
Fascist Government this week for the relief and reconstruction of the areas of southern Italy devastated by the earthshocks of July 23. Additional
miseries were visited upon the thousands made homeless by the catastrophe through cold and rainy
weather over the last week-end, and by further
rumblings of the earth. Fascist brigades quickly
penetrated through the stricken region, however,
erecting temporary shelters and providing for the
population. The casualty lists indicate that more
than 2,100 deaths were occasioned by the earthquake,
while more than 4,500 were injured. More than
3,000 houses were completely destroyed, and an equal
number was partially destroyed. King Victor
Emanuel began a tour through the region late last
week, administering aid wherever possible and cheering the stricken people. Some 14,000 persons were
evacuated from the area pending rebuilding of their
homes. Tax collections in the district were suspended and the Cabinet decided to appropriate
$5,200,000 for a first contribution toward the expenses of rebuilding the homes. All roads were reopened to traffic this week, as the work of clearing
the wreckage progressed rapidly. A majority of the
aqueducts also was repaired, so that an ample supply
of water was insured. In addition, most of the peasants returned to work in their fields, as their crops
are now ready for harvesting. Most of the further
work remains to be done in the cities and larger
towns, which were hard hit by the shocks. The new
houses to be built, it is indicated, will be earthquakeproof as far as possible. A message of sympathy to
the Italian King and people was dispatched in behalf
of the nation by President Hoover last week.
Arrangements for the resumption of service on
the foreign debt of the Mexican Government and the
bonded debt of the National Railways Co. of Mexico
were announced tentatively in this city late last
week, at the end of a month of discussions between
officials of the Mexican Government and members
of the International Committee of Bankers of Mexico. The new agreement an'd some details of the
provisional settlement were announced last Saturday in a joint statement issued by Luis Montes de
Oca, Mexican Minister of Finance, and Thomas W.
Lamont, Chairman of the Bankers' Committee. Additional light was thrown on the settlement in a
supplemental statement issued Monday. The two
announcements, which are published in full in subsequent pages of this issue, indicate that the present
arrangements will effect drastic reductions in the
principal and interest due the bondholders. In
order to become effective, the agreement must first
be ratified by the Mexican Congress, and it will then
be subject to the approval of the bondholders. The
settlement now announced is the third of a series,
two settlements arranged in 1922 and 1925 each proving ineffective after .a short time owing to the inability of the Mexican Government to meet the
terms. Recurring revolutionary outbreaks in Mexico are considered largely responsible for the previous lapses.
Discussions on the settlement now reached were
inaugurated June 25 in the quarters of the New
York Chamber of Commerce, and they were carried
680
FINANCIAL CHRONICLE
[VoL. 131.
on chiefly in the offices of J. P. Morgan & Co., and capital requirements of the company. The sum of
Kuhn, Loeb & Co. Senor Months de Oca was aided $11,750,000 to cover arrears of interest is
to be
by a number of banking, railway and diplomatic accumulated by the same method applied to the Govofficials of his country. The bankers' committee ernment debt. Bondholders in this case, however,
included several Americans and representatives of are to be asked to renounce a part of the interest
British, French, Belgian, German, and Swiss bond- payable on the bonds in the future in order to make
holders. The settlement resembles its two predeces- available the sum of $25,000,000 for important adsors in being based on the original direct debt, which ditions and betterments. The new Railways obligaaggregates approximately $513,000,000. Of this sum tions are also to be payable in 45 years, with regular
$274,000,000 represents- the debt of the Mexican amortization to begin in 1936. They will bear inGovernment and $239,000,000 tha.t of the National terest on a scale beginning at 21 2% and rising gradu/
Railways. Under the new settlement the direct debt ally to 5%.
of the Government is fixed at $267,000,000, a remisIn the first joint statement issued by Senor
sion of $7,000,000, while the National Railways debt Montes de Oca and Mr. Lamont, it was indicated
is fixed at $225,000,000, a remission of $14,000,000. that the Minister of Finance made full exposition in
Interest in arrears is computed at $201,286,000 on the course of the negotiations of the present ecothe direct Government debt, and $147,510,000 on the nomic condition of Mexico and of the outlook for
Railways debt, or a total of $348,796,000. Sums the future. "In the light of this information, as
aggregating $11,750,000 in each case, or a total of gained by the delegates, and of the different data
$23,500,000, are to be accumulated for the payment made available," the statement said, "the members
,of the interest in arrears, so that remission of in- of the international committee have taken adequate
terest will amount to $325,296,000. Remission of account of Mexico's present and future economy, of
principal and interest together will thus amount to its capacity of payment, and of the other obligaabout $346,000,000.
tions which make up the national public debt; that
Two new bond series, representing, respectively, is to say, of internal obligations, to the fulfillment
debt of the Mexican Government and that of the of which the Government attaches as much imNational Railways, are to be issued in exchange for portance as to that of foreign obligations." Both
the present obligations. In the case of the Govern- Senor Months de Oca and Mr. Lamont were described
ment debt 15 issues will thus be unified in a single in press accounts as emphasizing the fairness of
issue divided into two series of senior (A) bonds, the agreement to both sides. "They characterized
which will be exchanged for the present secured the agreement," an account in the New York
direct debt, and junior (B) bonds, which will be "Times" said, "as one which, all circumstances conexchanged for the present unsecured debt. The new sidered, is creditable to the Mexican Government
bonds will be 45-year obligations, on which interest and fair to the bondholders." The present arrangepayments are to begin in 1931 at the rate of 3%, ment succeeds the Pani-Lamont agreement of Oct. 23
increasing thereafter until 5% is reached on the A 1925, which came into effect Jan. 1 1926. Payments
bonds in 1935 and on the B bonds in 1936. Both were made for two years under that agreement, but
series, in the order indicated, are to have the benefit on Jan. 1 1928 they were suspended. The first
of a charge on the entire customs revenue of the agreement between the Government and the bankers
. Government, and provisions for a sinking fund, to was arranged by Mr. Lamont and Adolfo de la
become operative in 1931, are also included. The Huerta June 16 1922, and it came into effect Dec. 8
agreement provides further for the payment of an- 1923. Service on the foreign debt under this plan
nuities of $12,500,000 in 1931, increasing to $15,- was suspended June 30 1924. Since the 1922
000,000 in 1936 and thereafter. Out of the early agreement, Mexico has paid about $40,000,000 on
annuities a reserve fund is to be established for the the direct debt and the railway debt. Reports from
payment of $11,750,000 overdue interest. Included Mexico City indicate that the plan now announced
in the announcements is the significant statement has the full support of the present Mexican Governthat "a method is provided by which, should the ment, which will submit it to the Congress "at an
Mexican Government desire to make new bond issues opportune moment."
in the future,it may do so under specified conditions
National elections in Canada, Monday, resulted
after the service on the new debt is being paid at
in a sweeping victory for the Conservative party and
the normal rate of 5%."
A more complicated settlement is indicated in a severe cutting down of the Liberal party reprethe case of the National Railways debt. "The status sentation in the House of Commons at Ottawa, inof the National Railways Co. may at present be con- suring the resignation of the Liberal Prime Minister,
sidered one of insolvency," the joint announcement W. L. Mackenzie King, and the formation of a new
states, "and although the natural order would be to Cabinet by the Conservative leader, R. B. Bennett.
initiate bankruptcy proceedings, in order to permit The overturn was unusually pronounced, even the
the creditors to take over its management or adopt Province of Quebec returning many Conservative
measures expedient for their interests, it was finally members, although it has heretofore been a Liberal
deemed advisable to accept as a better solution the stronghold. Prime Minister-elect Bennett will have
plan proposed by the Mexican Government of reor- an absolute majority in the new House, as the Conganizing the present company through the forma- servative membership will number 138, against 90
tion of a new one in accordance with Mexican law." Liberals, and a total membership of five smaller
It is indicated that a plan is under preparation for parties of 20. At dissolution of Parliament on May
the reorganization of the Railway Co. and the con- 30 the Liberals held 123 seats, the Conservative party
solidation of its outstanding debt by means of a 90, and other parties together 32. Most observers
new general mortgage, part of which would be guar- accounted for the overturn by citing the bad times
anteed by the Government. Provision is to be made, prevalent in Canada, as everywhere else, and the
however, for a prior lien mortgage to finance the tendency of electorates in democratic countries in
AUG. 2 1930.]
FINANCIAL CHRONICLE
such circumstances to turn out the existing Government. The change in government is of great importance for the United States, since Canada takes
more United States products than any other single
market. The Liberal Government of Prime Minister
Mackenzie King had already enacted countervailing
tariff rates in answer to the increases in the HawleySmoot tariff bill. The Conservative party, however,
is committed to a much more drastic procedure in
this direction. One of the chief planks in its platform is preferential tariff treatment for Great
Britain and other Dominions of the British Empire,
but also the safeguarding of all Canadian industries
from foreign competition, particularly the competition of the United States. The clean-cut victory of
the Conservatives was accordingly viewed with some
perturbation in commercial circles on this side of
the border.
Much concern was caused this week by extremely
grave developments in parts of China. The political situation in that country remains substantially
unaltered, with the deadlock between the opposing
forces in the civil war unbroken. The Nanking Nationalist Government of President Chiang Kai-shek
is reported periodically on the verge of taking the
offensive in the struggle with the Northern Alliance
rebels in Shantung and Hunan Provinces, but the
promised "fight-to-a-finish" remains unrealized.
The Northerners also appear to be having their customary difficulties. They were reported as forming a new Government at Peiping, but differences
among their own factions appear to have prevented
this. Of much importance, in view of the military
impasse, are the operations of so-called Communists,
who are roaming the countryside, burning and looting at will. Emboldened by their successes and
by the lack of any military opposition, these groups
pushed on to Changsha, capital of Hunan Province,
and sacked it this week. Foreigners in the city of
500,000 people were quickly evacuated by American,
British and Japanese gunboats, but a few missionaries elected to remain and their fate is uncertain
as the city is entirely in the hands of the Communists. The American gunboat Palos, which dropped
down the Yangtze River a short distance because
of low water, was fired upon and five sailors were
wounded. The vessel returned the fire and about
50 Chinese were killed. The Communists in the city
of Changsha ran riot, burning, looting and destroying the Government houses and foreign business and
mission properties.
Other Yanktze River cities are now considered in
danger, since there is apparently no native military
force than can stop the depredations of the marauders. Instructions were issued by the American
Legation in Peiping to Consulates in the interior,
to warn Americans at exposed points and ask them
to withdraw to places of safety. Heavy losses of
property were suffered by Americans in Changsha,
it is said, and plans for damage claims are under
way. An explanation of the present situation in the
unprotected interior centers was given in Washington, Wednesday, by Willys R. Peck, of the Far Eastern Division of the Department of State. Mr. Peck
remarked, according to an account in the "United
States Daily," that there is no published evidence
of a liaison between the Russian Communists and
those claiming to be Communists in central China.
The Communists in Hunan Province, he added, are
681
variously estimated up to 60,000 men, operating in
bands of 10,000 men each. Their tactics are those
of burning, looting and destroying public property,
especially confiscating the property of wealthy men.
After remaining in one locality a short time they
go elsewhere, never inviting a fight with stronger
forces.
The Belgian National Bank on Thursday reduced
its rate of discount from 3%, the figure in effect
since April 30, to 21 2%. Otherwise there have been
/
no changes this week in the discount rates of any
of the European central banks. Rates remain at6%
in Spain; at 51 2% in Austria, Hungary, and Italy;
/
at 41 2 in Norway; at 4% in Germany, Denmark,
/%
and Ireland; at 31 2% in Sweden; at 3% in England
/
and Holland, and at 2/ in France and Switzer1 2%
land. In the London open market discounts for
short bills yesterday were 2/7 against 238@
14 0
/
2 7/16% on Friday of last week, and at 2/
14@
2 5/16% for long bills against 21 2% the previous
/
Friday. Money on call in London yesterday was
11 2%. At Paris the open market rate continues at
/
21 2%, but in Switzerland has declined from 2%
/
to 178%.
/
The Bank of England statement for the week
ended July 30 shows a loss of £1,783,504 in gold holdings and as this was attended by an expansion of
£4,239,000 in circulation, reserves fell off 0,023,000.
The Bank's gold holdings now aggregate L153,250,395, compared with £142,610,244 a year ago. Public
deposits decreased £1,817,000 and other deposits
£5,096,670. Other deposits consist of bankers' accounts and other accounts. The former fell off
£6,294,618 and the latter increased £1,197,948. An
increase of £310,000 was shown in loans on Government securities and a decrease of £167,969 in those
on other securities. Other securities include "discounts and advances" and "securities." The former
fell off £357,623 and the latter rose £189,654. The
reserve ratio is at 41.75% now, in comparison with
44.89% a week ago and against 28.23% a year ago.
The discount rate remains 3%. Below we give a
comparison of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1927.
1926.
1928.
July 30.
July 31.
Aug. 4.
Aug. 1.
Aug. 3.
Circulation a
368,376,000 371,817,000 137,216,000 138,342,010
Public deposits
8,087,000 11,078,000 12,171,000 9,521,683
Other deposits
98,375,872 97,964,585 103,540,000 102,840,165
Bankers' accounts 60,970,985 60,277,499
Other accounts._ _ 37,404,887 37,687,086
Gov't securities
51,665,547 62,256,855 29,202,000 52,076,999
Other securities
29,032,768 34,102,467 48,423,000 44,740,905
Disc. & advances. 6,740,720 9.951,195
Securities
22,292,048 24,151,272
Res've notes & coin_ 44,873,000 30,792,000 56,193,000 33,676,770
Coin and bullion_153,250,395 142,610,244 173,659,029 152,268,780
Proportion of reserve
to liabilities
41.75%
28.23%
48.56%
29.97%
Bank rate
3%
554%
44%435%
142,503,470
8,366,960
108,491,601
36,340.328
68,543.557
30,090,674
152,844,144
25.75%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
July 26 again established a new high record for
gold holdings, namely 45,282,858,000 francs, the increase for the week being no less than 370,775,180
francs. A year ago the Bank's bullion totaled only
37,299,601,159 francs. An increase of 367,000,000
francs appears in credit, balances abroad and a decrease of 12,000,000 francs in bills bought abroad.
Circulation fell off 183,000,000 francs reducing the
total of the item to 72,109,673,365 francs. This
682
[VoL. 131.
FINANCIAL CHRONICLE
compares with 64,136,181,345 last year. French cured by acceptances, the rates varying widely.
commercial bills discounted increased 1,097,000,000 Open market rates for acceptances also remain unfrancs and creditor current accounts 2,000,000,000 changed, as follows:
SPOT DELIVERY.
francs. Advances against securities fell off 44,000,—180 Days-- —150 Days-- —120 Days—
000 francs. Below we furnish a comparison of the
Bid. Asked,
Bid. Asked.
Bid. Asked.
Prime eligible Mlle
254
234
234
254
234
234
various items for three years:
BANK OF FRANCE'S
Changes
for Week
Francs.
Gold holdings_ ___Inc. 370,775,180
Credit ball. abr'd_Inc. 367,000,000
French commercial
bills discounted _Inc.1097,000,000
Bills bought abr'd_Dec. 12,000,000
Adv. agt. secursDec 44,000,000
Note oirculation_Dec. 183,000,000
Cred. curr. accts__Inc.2000,000,000
COMPARATIVE STATEMENT.
Status as of
July 26 1930. July 27 1929. July 28 1928.
Francs.
Francs.
Francs.
45,282,858.000 37,299,601.159 29,918,300,373
7,104,360,763 7,325,378,319 16,810,612,316
6,065,961,390 8,404,278,297
18,952,035,102 18,502,146,341
2,682,053,807 2,354,464,900
72,109,673,365 64,136,181,345
17,595,413,744 18.317,690,903
3,150,512,523
12,624,056,223
1,903,910,604
60,435,701,760
15,561,644,050
Prime eligible bills
—90Days—
Bid. Asked.
2
154
—60Days—
Bid. Asked.
2
134
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
—30Days—
Bid. Asked.
154
254 bid
254 bid
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks.
The following is the schedule of rates now in effect
A heavy outward flow of gold was again the feature for the various classes of paper at the different Reof the money market this week, but the drain exer- serve Banks:
cised no effect on rates owing to the easy money policy DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
of the Reserve Bank. The gold shipments amounted
Rate in
to $4,000,000 Monday, all of which went to Canada,
Federal Reserve Bank
Effect on
Previous
Date
Rate.
Aug. 1.
Established.
while a further $1,000,000 was shipped to Montreal
Boston
334
3
July 3 1930
Tuesday. Movements of $5,000,000 to France and New York
3
234
June 20 1930
Philadelphia
4
334
July 3 1930
$1,000,000 to Canada followed Wednesday, and an Cleveland
4
354
June 7 1930
4
334
July 18 1930
additional consignment of $1,000,000 went to Canada Richmond
Atlanta
4
ilyi
July 12 1930
Chicago
4
334
June 21 1930
Thursday. Shipments to France yesterday totalled St. Louis
434
4
Apr. 12 1930
Minneapolis
434
4
Apr. 15 1930
$13,000,000. These exports were counterbalanced by Kansas City434
4
Feb. 15 1930
Dallas
434
4
Apr. 8 1930
434
imports of $4,515,000, all of which came from Latin San Francisco
4
Mar.21 1930
America. The outward movement, which began
Sterling exchange has been steady and in demand
July 16, now aggregates $55,500,000, of which
$43,000,000 has gone to France and $12,500,000 to and several times during the week touched points
Canada. Call loans on the Stock Exchange were higher than at any time since last March, when it
quoted all week at the undeviating figure of 2%, showed temporary strength. The range this week
while in the unofficial outside market loans were re- has been from 4.863/b to 4.871 for bankers' sight
A
ported at concessions of 3/2%. The larger demand for bills, compared with 4.863 to 4.86 9-16 last week.
4
funds incident to the month-end thus produced no The range for cable transfers has been from 4.863
effect on rates. There were, however, withdrawals to 4.87 9-32, compared with 4.863/ to 4.86% the
by the banks of about $15,000,000 Monday and a week before. One of the features of the foreign exfurther $10,000,000 yesterday. Broker's loans against change for the last month and a half has been the
stock and bond collateral increased $2,000,000 in the steady appreciation in the value of sterling. Until
tabulation of the Federal Reserve Bank of New York the Federal Reserve Bank rate was reduced to
23/2% on June 30 sterling was consistently weak and,
for the week ended Wednesday night.
several times threatened to decline to the gold
Dealing in detail with the call loan rate on the export point. Sterling still continues weak against
Stock Exchange from day to day, the rate has again franca, but is now steadily gaining ground as comremained unchanged all week at 2%,this including re- pared with dollars. In Monday's trading cable
newals. Time money has continued inactive with transfers were arranged at 4.87 and in Thursday's
very lttle change in rates. Quotations all week have trading at 4.87 3-16 and in Friday's trading at
been 2@21 1% for 30 days; 234,@23/2% for 60 days; 4.87 9-32 which compares with 4.85 25-32 just
/
2M@,23 % for 90 days; 2U©3% for four months prior to the cut in the New York Federal Reserire
4
and for five months, and 3@331% for six months. Bank rate. At the time of the New York reduction
Prime commercial paper in the open market has again the Bank of England was having difficulty in mainbeen very active :this week,most of the demand coming tainng an effective bank rate And there was talk
from the Central and Middle West, though there has then of a 23/2% and even possibly a 2% Bank—tA
also been a goodly number. of inquiries from New England rate. To meet the situation the Bank of
England. Extra choice names of four- to six-month England entered the open market and sold Governmaturity continue to be offered at 3%, while names ment securities in large volume. When the New
York bank rate was cut to 23/2% the result was the
less well known are quoted at 33'i@3M7o.
placing of the local money market far below London.
Prime bank acceptances have continued in brisk Immediately sterling reflected the result of the endemand throughout the week, with the supply of suing transfer of funds. .
bills down to the minimum. The 12 Reserve Banks
The presentfirmness is largely the result .of such
further reduced their holdings of acceptances during transfers, but is due also to special transfers to meet
the week from $150,523,000 to $130,762,000. Their Aug. 1 requirements and to the large volume of tourist
holdings of acceptances for foreign correspondents demand at this season. Bankers expect a recession
also fell off from $481,315,000 to $478,027,000. The from the present high levels with the completion of
posted rates of the American Acceptance Council month-end requirements but nevertheless expect
continue at 2% bid and 178 asked for bills running sterling to continue firm for some weeks. The rate
%
30 days, and also for 60 and 90 days; 21 % bid and of 4.87 9-32 for cable transfers lends weight to the
A
2% asked for 120 days, and 23
,4% bid and 231% idea that there may be a movement of gold to London
asked for 150 days and 180 days. The Acceptance in the comparatively near.future. The export point
Council no longer gives the rates for call loans se- is estimated at from 4.8173/ to 4.879. While these
AUG. 2 1930.]
FINANCIAL CHRONICLE
points seem low as compared with past experience,
some bankers claim that with the faster steamers
available and the low level of money here, the above
rates should make gold transactions possible. However, many bankers think it extremely unlikely
that sterling will advance to the gold export point.
London bankers would welcome a movement of
gold from New York, as London has been under a
heavy strain brought about by steady withdrawals
of metal by France. With its present supplies of
gold, the Bank of England is operating on a narrow
margin and is hardly in a position to meet the commercial pressure which normally comes in the
autumn.
This week the Bank of England shows a decrease
in gold holdings of £1,783,504, the total standing
at £153,250,395, which compares with £142,610,244
a year ago and with the minimum recommended by
the Cunliffe Committee of £150,000,000. On Monday the Bank of England bought £8 in foreign gold
coin, received £450,000 in sovereigns from abroad,
sold £221,977 in gold bars, and exported £2,000
in sovereigns and set aside £400,000 in sovereigns.
On Tuesday the Bank sold £265,593 in gold bars
and set aside £800,000 in sovereigns. On Tuesday
there was about £630,000 gold available in the open
market, of which all except about £20,000 was taken
for shipment to Paris at a price of 85s. %d. Next
week £909,000 will be available and the following
week £947,000. On Wednesday the Bank of England sold £223,780 in gold bars and exported £2,000
in sovereigns. On Thursday the Bank of England
bought £31 in foreign gold coin, received £422,202
in sovereigns from abroad, and sold £139,860 in
gold bars. On Friday the Bank exported £2,000 in
sovereigns. It is understood that all the bar gold
sold by the Bank was for shipment to Paris.
At the Port of New York the gold movement for
the week July 24-July 30 inclusive, as reported by
, the Federal Reserve Bank of New York, consisted
of imports of $4,515,000, of which $3,100,000
came from Venezuela, $250,000 from Brazil, $1,000,000 from Uruguay, and $165,000 chiefly from
other Latin American countries. Exports totaled
$15,500,000, of which $8,000,000 was shipped to
France and $7,500,000 to Canada. 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 July 30, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JULY 24-JULY 30,INCLUSIVE
Imports.
33,100,000 from Venezuela
250,000 from Brazil
1,000,000 from Uruguay
185,000 chiefly from other Latin
American countries
Exports.
$8,000,000 to France
7,500,000 to Canada
$4,515,000 total
$15,500,000 total
Net Change in Gold Earmarked for Foreign Account.
None.
On Thursday $1,000,000 additional gold was
taken for Canada, while $250,000 additional was
received from Brazil, and on Friday $13,000,000
more gold was taken for France.
Canadian exchange continues firm at a premium
from 5-32 to 9-64 of 1%. The present gold shipment
to Canada brings the total for the past two weeks
to $11,500,000.
Referring to day-to-day rates sterling exchange on
Saturday last was firm. Bankers' sight was 4.86
@,4.86%; cable transfers 4.86%@4.86%. On Monday sterling was in demand. The range was 4.86%
683
@4.86 13-16 for bankers' sight and 4.86%@4.87 for
cable transfers. On Tuesday exchange on London
continued in demand. The range was 4.86%@
4.86% for bankers' sight and 4.86 15-16@4.87 1-32
for cable transfers. On Wednesday sterling receded
from the high points but continued firm. The range
was 4.86%@4.86 13-16 for bankers' sight and
4.86 15-16@4.86 31-32 for cable transfers. On Thursday sterling was strong. The range was 4.86%@
4.87 for bankers' sight and 4.86 15-16@4.87 3-16 for
cable transfers. On Friday sterling moved still
higher, the range was 4.86%@4.87A for bankers'
sight and 4.87%@4.87 9-32 for cable transfers.
Closing quotations on Friday was 4.87 1-16 for
demand and 4.873 for cable transfers. Commercial
sight bills finished at 4.87 1-16, sixty-day bills at
4.84%, ninety-day bills at 4.833 , documents for
%
payment (60 days) at 4.84%, and seven-day grain
bills at 4.869. Cotton and payment closed at
4.87 1-16.
Exchange on the Continental countries is firm.
French francs continue steady, although the rate
might have been expected to go lower in view of
the large volume of gold shipped from the United
States in the past few weeks. As noted above, the
Federal Reserve Bank accounts for a shipment of
$8,000,000 to Paris this week with $13,000,000 more
yesterday. This follows on a shipment of $18,001,000 last week. Besides taking gold from the United
States, French bankers continue to draw down
heavily from London, although at present there is
an improvement in the sterling-franc rate more in
favor of London. It is understood that the present
shipments from London to Paris had already been
contracted for and that there are no fresh engagements being made on account of the advance in
sterling against the franc. However, gold will still
be taken for French account from the London open
market until sterling advances considerably above
its present levels with respect to French francs. A
recent Paris dispatch stated that there is little doubt
that through the co-operation of American, British
and French central banks sterling has been supported
against the dollar. Consequently French purchases
of gold are being diverted to New York through
conversion of francs into sterling and then into
dollars. This is possible, the'arench dispatches
state, because the dollar rate against francs is governed by arbitrage through London, but how long
sterling can be supported against the dollar without
manipulation of the bank rate remains to be seen.
Small withdrawals of standard gold from the Bank of
England for French account continue despite the
advance in the sterling-franc rate to around 23.80.
These withdrawals are attributed to unexpired contracts with the London refiners. There is no indication of the settlement of the dispute between the
Bank of England and the Bank of France over the
fineness of gold bars, but the question is being
studied by the Financial Committee of the League
of Nations, where it is likely to remain for several
weeks.
Some bankers are inclined to believe that the present gold movement from this side to France may
reach $100,000,000 before it has run its course. The
movement of the exchanges in favor of francs is ascribed by Paris bankers to repatriation of French
balances deposited abroad. It is pointed out that
684
FINANCIAL CHRONICLE
FoL. 181.
in addition to foreign credits created as a result of against 3.9332, and commerc
ial sight bills at 3.934k
1
the flight of capital from France before 1926, the against 3.93%. Antwerp
belgas finished at 13.99
balance of foreign payments after stabilization of the for checks and at 14.00 for
cable transfers, against
franc in 1928 was strongly in favor of France. In 13.973/2 and 13.983/2.
Final quotations for Berlin
addition to the large invisible exports, such as tourist marks were 2
3.903/2 for bankers' sight bills and
expenditures, the actual commercial balance showed 23.913/i for cable transfers,
in comparison with
a heavy surplus of exports. This was largely due 23.873/ and 23.883/ a
week earlier. Italian lire
to the fact that the level of French prices was then closed at 5.23% for bankers'
sight and at 5.23%
lower than the war level, but it resulted in sub- for cable transfers, against
%
5.233 and 5.23% on
stantial increase of French foreign credits on which Friday of last week.
Austrian schillings closed at
the French market is presumably now drawing. On 14.133/2, against 14.13;
exchange on Czechoslovakia
the Paris money market discounts remain at 2@21 s
/ at 2.96, against 2.963/2; on Bucharest at
%
0.59/,
but French banks are not purchasing bills and day- against 0.593/2; on Poland
at 11.22, against 11.22,
to-day money is offered at 2%. It is thought and on Finland at 2.513 ,
% against 2.513 . Greek
%
probable that the money market would be lower still exchange closed at 1.29
9-16 for bankers' sight bills
in response to the large gold imports but for the big and at 1.29 13-16 for cable transfers
, against 1.293/2
issue of treasury bonds at two years maturity by and 1.29%.
the Caisse d'Amortissement. This week the Bank
of France shows an increase of gold holdings of
Exchanges on the countries neutral during the war
370,775,000 francs, the total standing at 45,282,are firm, with exchange on Denmark and the Scandi000,000 francs, which compares with 37,299,000,000
francs a year ago and with 28,935,000,000 francs navian countries showing especial strength. The
reported in the first statement of the Bank following firmness is largely due to sympathetic relation with
sterling and also to seasonal factors, not the least of
stabilization of the franc in June 1928.
Belgian francs are firm in sympathy with the gen- which is that of tourist requirements. Exchange on
eral trend of the Continental exchanges. This week Copenhagen sold as high as 26.83 for cable transfers,
the rate on Antwerp touched 14.00 for cable trans- having been firm since Saturday, when the rate
fers, which compared with dollar parity of 13.90. opened at 26.81, which compares with dollar parity
The National Bank of Belgium reduced its discount of 26.80. Spanish pesetas continue to fluctuate widely
rate on Thursday to 2% from 3%. This makes and show renewed weakness.. The weakness in the
four centres now on a 23/2% level, New York, Paris, peseta corresponds with the evident hesitation of
Switzerland and Belgium. The Belgian action was authorities with respect to the stabilization program.
probably brought about by the marked strength Madrid dispatches state that two large banks are
shown by belgas, which are very near the gold export reported to be working energetically against the propoint from New York. The question of gold ship- gram and that the uncertain political outlook makes
ments to Belgium was discussed only recently, but any definite action before autumn unlikely. Beit is thought that the National Bank of Belgium does ginning August 1 all duties must be paid in gold.
not desire additional metal and will probably take Previously payment in gold has been required as to
measures to prevent an inflow. On July 10 the only 25% of the duties.
Bankers' sight on Amsterdam finished on Friday
National Bank of Belgium reported gold holdings of
6,009,458,618 Belgian francs (5 Belgian francs equal at 40.273, against 40.23 on Friday of last week;
one belga) compared with 6,008,697,971 francs on cable transfers at 40.283, against 40.243/, and com2
July 3 and with 5,044,086,937 on July 11 1929. mercial sight bills at 40.24, against 40.19. Swiss
The note cover on July 10 stood at 63.84%, compared francs closed at 19.42 for bankers' sight bills and
%
with 63.18% the previous week and with 55.11% a at 19.433 for cable transfers, in comparison with
19.43 and 19.443. Copenhagen checks finished
year earlier.
German marks are firm and give no indication of at 26.813/i and cable transfers at 26.83, against
uncertainty as a result of the dissolution of the Reichs- 26.783/ and 26.80. Checks on Sweden closed at
tag nor of the panicky conditions on the Berlin boerse 26.90 and cable transfers at 26.913/, against 26.8734
2
following the political disturbance. The firmness in and 26.89; while checks on Norway finished at
2
the mark is apart from tourist demands attributed 26.80Y and cable transfers at 26.82, against 26.78
and 26.793/. Spanish pesetas closed at 11.25 for
2
largely to the transfer of credits from New York to
Berlin. Berlin dispatches state that owing to the bankers' sight bills and at 11.26 for cable t,ransfers,
heavy flow of provincial money toward Berlin and the which compares with 11.45 and 11.46 a week earlier.
renewed influx of foreign funds interest rates there
have declined sharply, returning to the lowest level
Exchange on the South American countries is dull.
of June. In view of the fact that July always brings Argentine paper pesos are
steady at the present low
an enhanced demand for cash in connection with tax levels. Exchange on
Brazil is especially dull with
payments and holiday needs, the fall of July rates to the milrei showing addition
al weakness. Part of the
the June level means that the market's fundamental weakness at
present is owing to reports emanatease has increased. Despite the easier money condi- ing from
Brazil
tions in Berlin it is thought highly improbable that fee crop, now in forecasting damage to the cofthe picking stage. Reports state
there will be any change in the Reichsbank rate of that it is
estimated that the berries of as many as
rediscount, as the Reichsbank desires to prevent 6,000,000
trees have been destroyed by frosts and
gold exports to France.
hail storms. Argentine exchange continues weak owThe London check rate on Paris closed at 123.81 ing to the low
prices for world commodities and the
on Friday of this week, against 123.67 on Friday of poor domestic crop yield.
Since April 1 a slight imlast week. In New York sight bills on the French provement in general
conditions has been noted and
,
centre finished at 3.93 7-16, against 3.933 on Buenos Aires opinion
seems to be that if the coming
Friday of last week; cable transfers at 3.93 9-16, spring brings good crops a business
revival may be
AUG. 2 1930.]
FINANCIAL CHRONICLE
looked for. It is now the winter season in that
country. Argentine paper pesos closed at 36 3-16
for checks, as compared with 35 3-16 on Friday of
last week; and at 363 for cable transfers, against
3631. Brazilian milreis finished at 10.47 for bankers'
sight bills and at 10.50 for cable transfers, against
10.92 and 10.95. Chilean exchange closed at 12 1-16
for checks and at 12N for cable transfers, against
12 1-16 and 121 ; Peru at 37, against 37.
A
685
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:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
July 26.
Monday.
July 28.
Tuesday. Wednestrg. Thursday. Friday.
July 30.
Aug. 1.
July 29.
July 31.
Aggregate
for Week.
Exchange on the Far Eastern countries is little 119.000,000 88,000.000 125,000,000 113,000,000 117,06.000 144,000.000 Cr. 711,000.000
Nole.-The foregoing heavy credits reflect the huge mass of checks which come
to
York Reserve Bank from all parts of the country in he operation of
changed from the past several months. Japanese yen thethe New Reserve
Federal
System's par collection scheme. These large credit balances,
of the Reserve Bank's operations with
are ruling slightly easier than a few weeks ago but however, reflect only a partthe items payable in New York City arethe Clearing
House institutions, as only
represented
The large volume of checks on institutions
are nevertheless steady, considering that Japan's In the daily balances. accounted for in arriving at these balances. located outside
of New York are not
as such checks
do not pass through the Clearing House but are deposited with
exports to China, her chief customer, are greatly Bank for collection for the account of the local Clearing House the Federal Reserve
banks.
reduced. The silver market during the past few weeks
has been comparatively stable and the steadiness has
The following table indicates the amount of bulbeen reflected in the Chinese silver currency. Bullion lion in the principal European banks:
brokers are not prepared to predict the next swing in
July 31 1930.
Aug. 1 1929.
silver prices, but there is a general feeling that the Banks of I
7'ml.!.
Total.
Silver.
Gold,
Silver.
I
Gold'
market has touched bottom for the time being, since
£
£
£
£
£
IE
silver mines are feeling the effect of the low prices England.... 153,250,395
153,250,395142.610.244
142,610.244
France a__ 362,262,871
d
362,262,871 298,396.809
d
*298.396.809
and producton is being steadily curtailed through- Germany b 123,447,000 c994,600 124,441,600 103,272,300 994.600101.266,900
Spain ____ 98,879.0001 28,779,000127.658,000 102,513,000 28,781 (5.0 131,274.000
56,323,000156,323,000 55,792.000
55,792,000
out the world. The Chinese political situation is Italy
Nethlands 34,640,0001 2,172,000 36,712,000 37,451,000 1,751,w° 39,202,000
34,346,000 28.581.000 1,2 0,000 29,831,000
element of uncertainty, however, and the Nat.Belg._ 34,346,0001
,
again an
23,780,000 19.877.000 1,391.000 21,274.000
Switeland. 23,780.0001
13,483,000 12.979,000
12,979,000
declaration of martial law in Shanghai is an un- Sweden__ 13,483.0001
Denmark _ 9,567.9001
9,567,000 9.588.000
419th,, 10,007,000
8,142,000 8.154,001
8.154.000
favorable development. Closing quotations for yen Norway __ 8.142.000j
Total week918,020,266 31,945,600949,965,866 816.194,353 34,592,61i 850,788953
checks on Friday were 49.35@49.50, against 49.22@, Prey. week 916,197,568 31,876.600948,074.1688I8.499.015 38.662,600:53.001.615
49.35. Hongkong closed at 314@31 13-16, against a Thew 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
31%; Shanghai at 37 13-16@377 , against 377 @38; abroad, the amount of which the present year Is £7,489.000. c As of Oct. 7 1924.
A
A
d Silver is now reported at only a trifling sum.
Manila at 49 8, against 49%; Singapore at 563.@
56%, against 56 3-16@56%; Bombay at 363.,
The Political Overturn in Canada.
against 363 A; and Calcutta at 363(, against 361 .
%
The sweeping victory of the Conservatives in the
Canadian election on Monday came as a good deal
Pursuant to the requirements of Section 522 of the of a surprise to most persons who had been watchTariff Act of 1922, the Federal Reserve Bank is now ing the course of the campaign. There appears to
certifying daily to the Secretary of the Treasury the have been a general expectation that the Liberal
buying rate for cable transfers in the different coun- Government of W. L. Mackenzie King would be detries of the world. We give below a record for the feated, but that the Conservatives would actually
week just passed:
win a majority of seats in the House of Commons
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
was not looked for. The most that was expected, •
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
apparently, was that the Conservative gains would
JULY 26 1930 TO AUG. 1 1930. INCLUSIVE.
be sufficient to give the party a substantial plurality
Noon Buying Role for Cable Transfers in New York,
Value in United States Money.
Country and Moneta
in the House, and that another coalition GovernUnit.
July 26. July 28. July 29. July 30. July 31. Aug. 1.
ment, similar to that of Mr. King but with the ConEUROPEs
S
s
$
3
$
servatives instead of the Liberals dominating the
Austria,schilling
.141064 .141259 .141195 .141115 .141123
Belgium, belga
.139859 .139903 .139951 .139955 .139965 .141092
.139965
Bulgaria, lev
coalition, would be formed under the leadership of
.007221 .007211 .007213 .007212
Czechoslovakia. kron .029655 .029652 .029649 .029649 .007203 .007203
.029649
Denmark, krone
267994 .268054 .268179 .268127 .268144 .029647
R.B. Bennett, the Conservative standard bearer. In
.268218
England, pound
sterling
4.867589 4.869232 4.870071 4.869187 4.870651
place of a plurality, however, the Conservatives came
Finland, markka
.025155 .025163 .025175 .025166 .025183 4.872017
France. franc
039350 .039348 .039350 .039347 .039347 .025184
out of the contest with a clear majority in the
.039347
Germany, reicharnark .238849 .238897 .238970 .238948
.238967
Greece, drachma
012957 .012958 .012966 .012963 .012964 .239047
House of about thirty, and with impressive gains in
.012969
Holland, guilder
.402506 .402635 .402766 .402680 .402700
Hungary. Pengo
.175191 .175158 .175256 .174282 .175261 .402780
what had long been regarded as safe Liberal terri.052389 .052392 .052390 .052386 .052384 .175235
Italy. lira
Norway. krone
.267958 .267997 .268104 .268057 .268074 .052378
tory. The maritime provinces of Prince Edward
.268145
Poland. zloty
112033 .112205 .112010 .111995 .112013
Portugal. escudo
.045080 .045125 .045141 .045095 .045095 .112185
Island, Nova Scotia and New Brunswick all returned
Rumania.leu
.005956 .005955 .005949 .004953 .005953 .045100
.005960
.114155 .112557 ".111680 .111997
Spain. peseta
.113715 .112673
more Conservatives than Liberals. In Quebec an
Sweden,krona
.268932 .268996 .259047 .269019
Switzerland, franc-- .194376 .194313 .194379 .194351 .269043 .269095
.194354 .194344
overwhelming Liberal representation in the former
Yugoslavia, dinar
.017722 .017720 .017722 .017724
.017718 .017712
ASIAParliament was transformed into a divided repreChina-Cbefoo tael- .393333 .395416 .390833 .388750
.389375
Hankow tael
.392812 .393437 .389062 .387167 .387656 .387708
sentation of 37 Liberals, 25 Conservatives, and one
Shanghai tael
.380535 .380178 .377321 .375267 .376160 .387968
Tientsin tael
.397916 .399166 .395000 .392916 .393750 .374696
.391875
Hong Kong dollar
.317321 .318571 .317500 .315535
Independent; Ontario returned 60 Conservatives and
Mexican dollar_ -- - .274687 .275625 .273125 .271250 .315625 .315000
.271875 .270937
Tientsin or Peiyang
21 Liberals; Manitoba showed a Conservative ma.277063 .278333 .275000 .272083 .272916
dollar
.273750 .275000 .271666 .268750 .269583 .272500
Yuan dollar
jority, and Conservative gains were made in Sas.269166
India, rupee
.360367 .360482 .360410 .360439 .360325 .360325
Japan, yen
492512 .492443 .492746 .492740 .493181
katchewan, Alberta and British Columbia.
Singapore (S.S.) dollar .5.59375 .559475 .559541 .559541 .559375 .493340
.559375
NORTH AMER.
The reasons for the overturn are not far to seek.
1.001443 1.001475 1.001453 1.001396 1.001420 1.001441
Canada. dollar
999050 .998987 .998987 .998987 .999237 .999453
Cuba, peso
The King Government, which took office in Septem471600 .473466 .474850 .474833 .475033 .474962
Mexico, polo
Newfoundland, doll
998800 .998812 .998800 .999050 .998925 .998956
ber 1926, was, like the Government of Ramsay MacSOUTH AMER.
Argentina, peso (gold) .821908 .823659 .821775 .819944 .819968 .819201
Donald, one in which the dominant party controlled
107722 .105500 .103700 .102936 .102991 .102477
Brazil, milrets
.120848 .120881 .120896 .120897 .120918 .120721
Chile, peso
only a plurality of votes in the House of Commons.
Uruguay, pew)
849666 .844500 .837907 .328833 .825250 .825664
entnrnhla nam
965300 965300 965300
965300
osqznn
it. mann
The election of 1926 returned 118 Liberals, 91 Conservatives, 11 Liberal Progressives, 11 United Farm-
686
FINANCIAL CHRONICLE
(VOL. 181.
era of Alberta, nine Progressives, three Labor and receipts and a general lessening of purchasing power
two Independent members. The necessity of obtain- which have been felt in the towns, cities and indusing supporting votes from one or more of these minor trial centres in slackening trade, shut-downs or
parties made the policy of the Government inevitably short-time operation of mills, and an ominous inone of compromise. As it turned out, the rock on crease in unemployment. For the unemployment
which Liberalism was to split was the tariff. In situation Mr. King had no remedy whatever, and
Canada, more than in any other of the Dominions, while he has met the not uncommon fate of Ministries
the question of protection has long been crossed by which go down under the pressure of economic crisis
that of tariff preference for the exports of the United and hard times, his wavering course and the wavering
Kingdom or other parts of the Empire. Imperial course of his party made his defeat practically cerpreference, in other words, has had to be considered tain once the issues were put before the country.
along with the question of protection for Canadian
Mr. Bennett, who will head the new Ministry, is
industries. Historically, the Liberals have been free an able lawyer and an aggressive political leader
traders in theory, with a rather lukewarm interest with considerable experience in public life. His comin imperial preference, while the Conservatives have mand of a good working majority over the combined
been out-and-out protectionists whose interest in Opposition will relieve him from the necessity of
imperial preference was a by-product of their stal- choosing a Cabinet which will placate the various
wart British sympathies.
party groups, and a straight-out Conservative adThe changes which have come about during the ministration is to be expected. His greatest danger
past few years, while they have altered the historical is that, having come into power as the result of an
positions of the two parties, have worked to the dis- economic crisis, he may go out of power if the dif,advantage of the Liberals. Mr. King, who has been ficulties of the situation are not resolved. He has
widely regarded as too friendly to the United States, promised to call an early meeting of Parliament in
or at least too mindful of the economic influence September, and has committed himself to dealing
which the United States exerts, has been forced to with the unemployment problem, while if he carries
lean toward protection because of the marked growth into effect the high protection policy which he has
of protectionist sentiment in the western provinces. championed, the Dunning tariff will doubtless be
The Conservatives, on the other hand, have come withdrawn and a higher tariff, with much less of
to the conclusion that imperial preference, whatever imperial preference incorporated in it, will be subadvantages it might have in maintaining loyalty to stituted. The experience of Great Britain, Germany
the Empire, was actually working to the dis- and the United States in alleviating unemployment
advantage of Canada to the extent that favored im- .by governmental measures does not hold out much
portations from the United Kingdom or the Domin- hope that Mr. Bennett will have any more immediions were competing strongly with Canadian prod- ate success at this point than has been attained elseucts in the Canadian market. The receipt of where, although the fact that so large a proportion
5,000,000 pounds of New Zealand butter at Halifax of the population of Canada is agricultural will
on July 25, three days before the election, was a doubtless make his difficulties somewhat less.
forcible reminder to Canadian farmers of the comThe tariff issue, too, has more than one side. No
petition to which Canadian agriculture was sub- doubt the high duties of the Smoot-Hawley tariff
jected.
have bred a widespread desire for some kind of reThe climax came when the King Government, taliation on the part of Canada,and it will be strange
roused by the menace of the Smoot-Hawley tariff, if a strong effort is not made to reduce considerably
suddenly put into effect a new tariff with consid- the importation of American products and extend
erably increased rates of duty, and at the same time corresponding aid to Canadian farmers, manufacgranted a sweeping increase in tariff preference to turers and mine owners. Mr. Bennett is hardly
Great Britain. The Dunning tariff, as it was called, likely, however, to do anything which would connot only affected imports from the United States to stitute direct discrimination against the United
an amount variously estimated at from $200,000,000 States, nor can he lessen the volume of Canadian
to $300,000,000 a year, but extended further prefer- exports to the United States without finding an
ence to British steel, tableware, tiles, typewriters, outlet elsewhere. For the first five months of 1930
and a long list of tools and machines. The immedi- American exports to Canada aggregated about $311,ate retort of Mr. Bennett, the Conservative leader, 000,000, as against $422,000,000 for the correspondwas that imports from the British possessions were ing period in 1929, while for the month of May the
capable of working just as much injury to Canadian figure was $69,000,000 against $97,000,000 in 1929.
industry and agriculture as imports from foreign Canadian exports to the United States for the first
countries, and he accordingly came out for a tariff five months of the present year amounted to $182,policy similar to that of the United States, namely, 000,000, compared with $203,000,000 for the same
a scale of duties designed to meet Canadian condi- period last year. A considerable curtailment of
tions and applicable to all countries alike.
trade between the two countries, accordingly, had
It was chiefly on this issue that the electoral already taken place in advance of the imposition of
campaign which ended on Monday was fought. A the Smoot-Hawley rates. Moreover, the United States
second issue, less general in its appeal to the normally supplies about two-thirds of Canada's imDominion as a whole but nevertheless of grave im- ports and takes about one-third of her exports. Even
portance, was unemployment. Canada, like other a Conservative Government, it may safely be precountries, has felt severely the world depression. In dicted, will not deliberately precipitate a trade rupthe agricultural provinces the carry-over of some ture with its nearest neighbor and best customer.
200,000,000 bushels of wheat from last year's crop,
The bearing of the election upon the relations bethe restricted market and low prices for this year's tween Canada and other parts of the British Empire
crop, and the competition of imported food products may turn out to be of serious importance. The Imhave resulted in a decline in railway and shipping perial Conference, which is to meet at London on
AUG. 2 19301
FINANCIAL CHRONICLE
Sept. 30, is to be followed by an Imperial Economic
Conference in which the trade situation within the
Empire is to be comprehensively discussed. Already
the advocates of Empire protection in England are
lamenting that the overthrow of the King Government foreshadows the withdrawal of the favorable
British preference accorded by the Dunning tariff,
and that Canada will be represented at the two
conferences by a Premier committed to the policy of
"Canada first" and the Empire afterwards. For the
outcome we must, of course, wait upon events. What
seems clear is that Canada, by placing in power a
Government pledged to materially higher protection
than heretofore, and at the same time to a considerable modification of the tariff preference which
the United Kingdom has enjoyed, has done much to
check the European movement for a lowering of
tariff barriers which M. Briand placed in the forefront of his projected United States of Europe. Instead of less international rivalry in trade, the world
seems destined to see more. With every allowance
made for the arguments of those who insist that each
nation should first of all safeguard its own interests,
we cannot think that the advancing wave of high
protection which is to be seen moving in various
parts of the world promises relief from general economic depression or improvement in the economic
relations between States. The people of the United
States may well watch with special concern the way
In which Mr. Bennett, who assuredly has the general as well as the particular situation in mind, uses
the power which Monday's election has given him.
Rational vs. Rapid Progress.
Addressing a company of owners and editors of
newspapers, magazines and trade journals at a
luncheon at the Union League Club, some months
ago, Ogden L. Mills, Undersecretary of the Treasury, reviewed the progress of the last 10 years, and
on that based a confident optimistic view of the
coming decade. In his summary he said: "Our
recent prosperity is to be accounted for largely, if
we are going to generalize, by a resourceful and
industrious population, vigorous and able leadership, rich natural resources, sound administration
of governmental affairs, and friendly and constructive international relations. In view of the strength
of these basic factors in this country and of the
steady improvement in political and economic conditions throughout the world, a long-term view of
the future is distinctly encouraging."
In the course of his extended address, Mr. Mills
illustrated the power and place of the United States
in the economics of the world in the following words
and way: "Examination of the consumption of the
most important ordinary commodities throws rather
a striking light on what the purchasing power of
the American people means in world economy. The
population of the United States constitutes about
7% of the total world population. Yet that 7% consumes 48% of the world's total production of coffee,
53% of all of the tin, 56% of the crude rubber, 21%
of the sugar, 72% of the raw silk, 36% of the coal,
42% of the pig iron, 47% of the copper, 69% of the
crude petroleum, and out of nearly 32,000,000 automobiles in use in the world on the first of January
1929, 24,000,000 were to be found in these United
States." . . . "The fact that this 7% of the
world's population consumes this enormous proportion of the world's principal commodities gives you
687
some idea what the prosperity and purchasing power
of the American people mean to world commerce,
industry and the employment of labor."
In order to arrive at a closer definition of the
reality of our prosperity, let us consider for a moment some of the lateral issues suggested by this
portion of the excellent address. It is manifest that
if our consuming power were to suddenly collapse
it would seriously affect the prosperity of other
peoples and countries. Keeping closely to the category of products named, we find that in coal, pig
iron, copper, petroleum, we produce a large proportion of the raw materials we consume. Coffee is
more of a luxury than a necessity; sugar, perhaps,
more of a necessity than luxury. Tin, crude rubber,
raw silk, as commodities, belong outside, in the main,
our productivity. Mr. Mills, in passing, noted the
fact that farming, coal mining, and textiles, even
in the midst of the past 10-year period of advancing
general prosperity, have suffered and are now suffering a depression. Here, at least, is a lack of uniformity. Now, if we may suppose manufacturing
in bulk value to be four to five times greater than
agricultural bulk value (for whatever cause may be)
we find another great disparity, since these two must
exchange in some manner for the raw products we
consume. True prosperity, then, considering our
home population, to be real must distribute itself
evenly over the whole. Statistics, percentages, figures are all deceiving. Our 7% of the world's population has an erratic consuming power.
But it is in the uses to which we put this consuming power prosperity (which is but a phase of the
subject) that determines its value to the people.
We find an answer in the linked-up fact of 24,000,000
owned automobiles. If we had the wealth of the
Indies and spent it all on golf balls over and above
food, clothing and shelter, we would not be richer,
but poorer. Not so much the momentum of industry
and trade but the residue, the remainder, the substance that conduces to continuous and better life,
is the true measure. Trading jack-knives does not
add much to the gayety of nations. Seven per cent.
of the population consuming large percentages of
the world's total products indicates a condition of
higher living (and, in part, higher wages), but must
be analyzed and applied before it marks domestic
prosperity of the right sort—for prosperity is the
all-aroOnd happiness, comfort and even-paid employment of the whole population. If we turn the proposition to production of pig iron, copper, petroleum,
the percentages have a different meaning. Putting
these raw materials into enduring forms is an index
of our prosperity, or into helpful uses, regardless
of their relation to the world's production. Again,
if we are thus able to buy in such tremendous proportions, what do we buy with and from whom? It
were better to make these comparisons with civilized
peoples—vast millions consume little, produce little.
If 7% of the population consume in products percentages as high as 56 (rubber), 72 (raw silk) and
69 (crude petroleum), we are rapidly exhausting
the world's supply and getting more than our share
—unless, and this is the important point, we are
sending a large portion back to them in finished
forms which they cannot make for themselves. And
this is just what we are doing—but we know not
in what percentages. We are intermediate distributers. Perhaps we are using more petroleum than
any other people, doing more to exhaust the world's
688
FINANCIAL CHRONICLE
supply. But there is another factor—an unknown
quantity—we know not what the rest of the world
will produce in the future, not what we ourselves
will continue to produce or to consume. Considered
as a purely economic problem can—or, perhaps
should is the better word—we grow rich at the expense or the deprivation of the remainder of the
world? Is this a merely hypothetical, even chimerical question? It may be replied that in some
of the devious ways of interchange in the commerce
of the world we are giving a quid pro quo, and thus
really aiding them to a prosperity like ours.
In a sense we are; in another, we are not. Buying
raw materials in the free markets of the world and
putting tariff taxes on the manufactured articles
we are offered in exchange is hardly an even trade,
especially since with our marvellous machinery and
mass-production we are able practically to supply
the world and are eager to do it as fast as we can.
But, it may be said, much of this exchange is of
home products on home soil. True. And then, is it
pertinent to ask, in the face of these enormous percentages of consumption (manifestly increased by
comparison with our proportionate home-production), is it sensible "prosperity" to consume, use, or
exchange, in a 10-year period these excess quantities
of raw material even if by so doing we accelerate
manufacturing into surpluses to a. point of redundance for the next 10-year period? Or, on the other
hand, do we expect to consume these percentages
indefinitely, increasing them, if we can, and to find
nature our kindly friend forever, no matter what
we do? And is either of these propositions consonant with an even advance for 7% or 70% of the
population of one country or the world?
We offer the suggestion of these queries not in a
commercial sense, but in an economic. We are
scanning the horizon for a sail. We are trying to
pierce the future decade. How long can we keep
up the momentum a the last decade? Can we
increase it indefinitely? And if going at full speed
ahead we encounter difficulties may not our shipwreck (depression) be more disastrous than ever?
True—the world is our field of enterprise! But we
cannot expect to drain it of its substance (see the
percentages) forever without meeting opposition,
even trouble. True again—civilization is rising in
every peopled territory of earth. There is a growing
commerce, exchange, a rising consumption everywhere. But can we count on Europe, for example,
being the same proportionate good customer in the
next decade as in the last? Why not discount some
of these possibilities, reef sails for the tempest, study
safety first? Of the extraneous influence in our
behalf of a world war we need not speak. We probably were economic losers with the rest, not in degree
or kind, and we are devoutly praying for peace.
And if, which heaven forfend, in the coming decade another war should occur, we will not likely live
in its aftermath but in its full tide of horror and
destruction, if we manage to live at all. But that
is an aside. The economic principle, as we view it,
does not encourage our own or any people to follow
too close and too fast on a commercial prosperity.
If we do, we are most certain to meet a "smash,"
like unto that in stocks, and suffer collapse from the
first grave interference, the first storm that blows,
be it fore or aft. Consumption, use, as an incentive
to production, must not only be rational and proportionate to well-timed manufactures and re-
[Vol,. 131.
sources, but it must in itself be useful judged by a
people's normal needs. It may be argued that it is
as bad for a generation to get rich quick as for a
man or a corporation. In a race no man knows
what may happen, but driving along the road in
ease and comfort is not likely to cause a wreck.
Feeding Wheat to the Hogs.
In the dear, dim days before the World War was
even dreamed of, before unlimited and unending
"prosperity" became a political doktrinie, before
wheat had ever attained the fabulous price of $2.20
guaranteed, there came a year or two when corn
was so abundant and so low in price that farmers in
the renowned State of Kansas burned it for fuel.
This, at least, is the now classic legend. Just how
much was actually burned we never learned, and
we will never know. .Steers were low in price as
well as corn (then bringing 35c. a bushel), and the
farmers could see no profit in feeding. Not that
they then knew, through scientific agricultural
schools, the weight per bushel corn would put into
the fed stock, but experience had taught them rough
estimates upon which they relied.
Nor does the legend record that they wholly neglected fat cattle as an adjunct of well-conducted
farming, but they did burn some of the surplus corn,
where timber is scarce and where soft coal had not
become a nation-wide commodity. It was a spectacular thing to do. It engraved itself indelibly on
the history of prairie farming. But legends grow
in size with the passing of years, and no one was
so bold at that time as to suggest that every farmer
grow less corn as an alternative to burning it. It
seemed then a sacrilege to turn good food into fuel,
and so it does now. But the ingenuities of the minds
now at work for the farmer are deterred by no such
incongruities.
We read that several professors in our agricultural colleges have advised farmers to feed wheat
to stock instead of selling it at the low current
prices. They have experimented on State farms,
and with impeccable mathematics they are able to
demonstrate the wisdom of this course. Not being
either a practical or scientific farmer, we are unable
to embrace this method. It would seem to us, and
we assume that a hog, which will eat anything,
would clean the trough of wheat, fed with milk or
boiled into broth, but unless one could know the
price fat hogs will bring in the late fall, and who
can know, the mathematical proof would be in
doubt. In fact, this ultimate price mark must
always be a matter of doubt. And if, therefore, a
world scarcity should send the price of the next
crop of wheat to, say, $2.20 per bushel, the farmer
who reduced his acreage, by 25% in response to the
advice of his Government's agency, the Federal Farm
Board, would not thank his Government for butting
in. Yet to-day Chairman Legge and Secretary Hyde
are "campaigning in the West"for this new crusade.
Wheat would be difficult to burn for fuel, and no
one suggests this. In fact, the Federal Farm Board
makes the confession by avoidance. With all its
co-operatives and its Stabilizing Corp., it does not
know what to do with the "surplus," and so it advises
that there be none.
With all our respect and sympathy for the
"farmer," we grow tired of this controversy. It
may be all right to feed surplus wheat to the hogs,
if they like it and will eat it, but it might be better,
Atm. 2 1930.]
FINANCIAL CHRONICLE
more "humane," to try to feed it to the starving
Chinese. And when we come to figure the losses to
the people from the unfortunate operations of the
Farm Board with the half a billion stabilizing fund,
we would probably be as well off. Though farmers
may have burned a minimum of corn for fuel, they
have never, as far as we have heard, ever made a
grand united experiment of feeding wheat to the
hogs. Maybe they will, some day. But before that
golden day of organized co-operation and scientific
management there may come the proverbial seven
lean years, and it will not be necessary.
By individualism man, overcoming environment,
has become a mighty producer. Millions have had
to work as best they could, each grasping opportunities as they appear, each impinging himself on
resources in and on the earth, and out of the efforts
of all in the wide fields of succeeding continents,
he has come to have a surplus in agriculture and in
manufacture. He has caught the forces of nature
and implanted them in the machine. One man, now,
by this device does the work of 10, 20, 100. On the
collective farms of Soviet Russia the tractor is
working a revolution. On the moving belt of an
automobile factory a continuous stream of factors
are united, turning out thousands in a month.
Light, heat and power, products of friction in the
dynamo, turned by the falling of waters, are the
commonplaces of a mechanistic civilization. Yet
all these powers and forces, despite the union of
financial means, through mergers, holding companies and combines, cannot be welded into a single
whole and controlled by the estimated needs of mankind. Surpluses come in the nature of things and
will disappear in the same way. But in agriculture
there is the soil, that though fertilized and mechanized, can never be unlimitedly enlarged.
What we ought now to see more clearly is that
we cannot draw all the strings of progress together
and pull them at will. We are tampering, by these
legislative acts, with the eternal verities. How did
man attain to his present state of progress? By his
liberty to be and to do. He sought out the continents, then developed them. Not by collectivism,
but by individualism. Herein lies the counteraction
to monopoly. Man sought the line of least resistance. Millions act and react. It is the natural
levelling process. It is the expansion of method
and the native law of ultimate control. If any
business pays too large profits, competition springs
up. If one line of production does not pay, another
will. If a surplus must go to waste, it will no
longer be produced.
There is a divine guide to all progress and prosperity in the nature of things. The attempts to
limit acreage and to embargo manufactures are both
opposed to the grea:test good to the greatest number.
They are an egotistic denial that millions work together for the common good, when they work each
one under the natural law of individualism. These
efforts can never succeed. Action and reaction
under the genius of initiative and enterprise cannot
be thwarted. A little law may work for a little
time, but men seeking the best and most in the
easiest way make up the eternal rule.
You may ask, what guide have we, unless sometime we can control these forces of production and
consumption? How can we ever control them unless
we control population? And are they not indeterminable forces and forever uncontrollable? We
689
know chemists promise us synthetic foods. We know
that mind is to some extent master of matter. We
hope that wars may cease; and States unite; and
men live by the Golden Rule. But by no possibility
can genius create a continent. If we can limit acreage, we cannot multiply it. Intensive cultivation
holds many possibilities. Yet there is birth and life
and death in an unending succession, and one small
planet is all we know. Why does no one propose
husbanding our resources, impounding our surpluses, not as a theory or as a governmental act, but
as a form of business? And this is just what caused
our elevators, mills, and graneries (which the Board
had to resort to); and storage of grains will preserve them against the days of failure and famine.
Why try to organize to sell a surplus—before its
time?
No, we are not without a sufficient guide. It is
the individual working in his own demesne with his
own aims and objects. All these efforts converge
and coalesce, naturally. Our chief trouble is that
ambition overleaps the boundaries of local living
and tries to embrace and control the whole world
of production. The impossibility of this ought to.
be apparent—until we have the dreamed-of Soviet
world—that will never be more than a dream. Let
trade find its own way over lands and seas, utilizing
home benefits and each man's work, exchanging like
for unlike, the only path to "equalization"! There
is a fillip of a saying, "Play ball with the earth."
But we seriously undertake to wall in part of a
continent and control production without ownership, and employ government as a ruler, governor,
controller—and all in a free State. If Congress'adjourned for 10 years, business would go on; food,
clothing and shelter in all their ramifications would
enlist the efforts of men. Why not give the natural
law a chance?
The Urge to Crop Reduction.
(Communicated by William D. Solder, Santa Monica, Cal.]
Chairman Legge, of the Federal Farm Board, on
a recent trip around the wheat growing sections
urging the reduction of acreage devoted to wheat,
is reported to have said at Hastings, Neb.: "Reduce the acreage of wheat without regard to what.is
done with the land thus released for other purposes.
You can put this land into grass for the-benefit of
your children and the coming generation. Do anything with it, but don't raise wheat, . . . the
amount of this prairie land you have been breaking
up so freely is limited."
Reduced production of wheat by speculative farmers might follow quickly if Mr. Legge would translate his far-fetched wisdom into similar words of
exhortation directed to the corporation with which
he was formerly so prominently identified—the International Harvester Co., also to other farm implement producers, something after this manner: "You
are producing entirely too many high-powered farm
implements. You are over-extended in factories devoted to that purpose and should manufacture other
things. Make anything, but don't make farm implements, especially tractors, trucks and combine harvesters. You are now so deeply involved in unsound
credit situations with a great mass of farmers as
to be largely responsible for much crop overproduction and distress. Reduce your output and sell for
cash only."
690
FINANCIAL CHRONICLE
If the implement manufacturers would adopt a
more rigid or conservative selling policy, Mr. Legge
might see a reduction in wheat acreage that would
relegate his proffered advice to limbo land.
The implement manufacturers might then also
consistently reduce the selling prices of their products, for thereby they would not find it necessary
to carry as large sums for "contingency reserves for
losses yet to be determined on account of time sales
to farmers." Further, they might consistently reduce selling prices as a matter of conscience, thereby
reduce or eliminate the probability of further stock
dividends and other extras, which would remove the
implement stocks from the speculative classification they attained because of the seeming exorbitant
and unlimited profits relied upon from the farmers.
Implement stock quotations might then drop back
to where they belong, in the conservative investment
class, along with other less grasping industrial
activities.
Business should come half way before it insists
upon dictating what farmers should do with their
lands.
An examination of the records of a county in a
wheat growing district in the Middle West shows
the following record items, viz.:
Dec. 15 1929—From John Doe to the "A" Harvester Co.
Chattel mortgage on two-thirds of 50 acres of wheat
to secure the payment of $236.50.
Jan. 23 1930—From the same John Doe to the "B"
Farm Implement Co. Chattel mortgage on three.
fourths of 40 acres of wheat and one tractor to secure
the payment of $1,116.02.
The foregoing shows that John Doe is a tenant
farmer because he is bound to give the land owner,
in one case, as rent, one-third of the crop to be
raised, and in the other case, one-fourth, as rent.
The implement houses hold mortgages on the balance
of the two crops that may be harvested by Mr. Doe,
who cannot feed his chickens from the crops there
raised without risk of being prosecuted for embezzlement. Moreover,it will be observed that these mortgages were executed last winter, a time when the
wheat mortgaged had practically just passed the
germination period and started to grow. It is also
quite apparent that one or both of these mortgages
were given to secure a carried-over unpaid balance
that Mr.Doe contracted to pay last year. Seemingly
he was compelled to mortgage future and uncertain
prospects to secure a previously contracted debt that
last year's crop failed to liquidate.
It might well he asked at this point, with present
prices for wheat 60c. per bushel or less at his shipping station, what prospect has John Doe as compensation for his labor and risks? If he exists long
enough he may be able to pay these debts and own
the remaining junk of his high-priced implements,
though they will be invested with little value for
further use, sale or security, therefore doubtful economic value in the first instance. John Doe will
only have worked for the implement houses, and certainly would have been better off had he never made
the purchases, stuck to his horses and antique implements.
A pertinent question is, How could John Doe and
his family live and liquidate these debts if he "put
the land involved into grass for his children and
future generations?" He owns no land. He is a
tenant like thousands of others in the same position.
[vol.. 131.
Here is a mess needing "farm relief" that will only
he met by better credit methods.
These John Doe transactions are not unique.
There are comparable transactions by the hundred
in the county selected. Likewise, similar transactions are nation-wide, as reflected by the financial
statements of the implement corporations.
Manifestly, there is more than one way to reduce
acreage and crop production debts, so as to save the
farmers and their creditors from bankruptcy. In
addition to that tend to eliminate persons from
farm activities whose real business is something else,
with farming a side issue, without a Federal Farm
Board assuming to advise the old-time farmers how
to handle their land.
The country has, of late, heard and read much
spreading of a theory proclaiming that power machinery would transform the old-time individual
method of farm production into one of big-business
and super-executive technique. Evidently we are
having a slight foretaste of the promised time to
come, with an indication that the flavor is not going
to be very palatable if much more super-executive
stuff is ingrafted into farming.
If farming were purged of the speculative factors
and activities that invaded the business following
the war, the effects of which are still with us, contributing to the demoralization of farming, there
would be no over-production at this time.
The world needs all the wheat ordinarily produced
by the regular dirt farmers in the old-time manner,
therefore, hordes of farmers feel that if the Canadian
wheat pools had never been formed and the Federal
Farm Board had ttot been created, wheat might have
sold at a price in the markets of the world that would
have moved last year's surplus out of the way of the
present crop. It is at least difficult to see how
conditions could have been worse without the artificial interference that certainly has not accomplished the slightest relief, but, on the contrary, has
created uncertainty and additional distress. What
the farmers seem to need most right now is that
business revise its prices of what they need, downward, and that politicians devote their energies to
something besides the farm relief problem, which
has obviously not been solved by the formula with
which the Federal Farm Board was authorized to
experiment.
We have proceeded far enough now to demonstrate that the Act is an impractical measure, provoking more discontent, dissatisfaction, and uncertainty among all the people involved than ever prevailed before.
WILLIAM D. SELDER.
Federal Reserve Board Philosophy.
[Editorial in New York "Journal of Oommeree," July 25.]
In analyzing the present money and credit situation, the
Federal Reserve Board has presented the usual apologia,
embodying its views in the monthly issue of its bulletin.
The survey thus afforded is of decided interest, not only
because of the critical conditions that are developing among
the banks of the country, but also because of the light that
is thrown by these expressions upon the way in which our
banking authorities view actual conditions and the inferences fairly furnished thereby as to future prospects.
The Board as represented in the statements which it has
wade public through the newspapers, calls attention first
of all to the "easier credit conditions" that have come to
exist during the past few weeks, and it states that the
major reason for them was "a continued policy of ease on
AUG. 21930.]
FINANCIAL CHRONICLE
the part of the Federal Reserve Banks." This policy of
ease included three elements: (1) The liberal buying of
Government securities, thereby letting out a corresponding
amount of purchasing power into the market; (2) the cutting of rates for bankers' acceptances, thereby encouraging
persons who would otherwise not have done so to make
this kind of paper and put it into the market, knowing that
the cost of funds so obtained would be very low, and (3) the
reduction of discount rates, especially at the local bank in
this city. The Board thus definitely accepts the responsibility for what has been done, indicates frankly the use of
Its entire range of media for making a policy effective, and
apparently rejoices in the results accomplished.
What are these results? According to the Board, they
appear to be: (1) A reduction in the cost of short-term
credit, which, of course, is a natural result of the fact that
granters of such credit must adapt themselves to the pace
set by the largest granter of credit, the Reserve System;
(2) provision of practically unlimited funds for the use
of the financial market, as illustrated by the putting into
circulation of the proceeds of Government security purchases as above, and the stimulation of bankers' acceptance
Issues; (3) the enlargement of the volume of member bank
credit "which has been increasing since February . . .
to a level higher than at any other time," except for a brief
period just after the panic, and (4) the great increase of
the investment holdings of the banks, "which has been
almost continuous since the middle of March."
The Board does not say, but in order to give a complete
picture of existing conditions, it ought to add, that this
policy on its part has been accompanied by the following
well known and existing conditions: (1) A maintained and
very high cost of borrowing for the ordinary business man
or farmer. This cost is now almost as high as it has ever
been in recent years; (2) a great increase in the number
of bank failures, chiefly due to inability to liquidate, narrowness of policy at Reserve Banks, and investment of the fluid
691
assets of communities in bankers' acceptances and stock •
loans at a great distance; (3) a progressively more "frozen"
condition with practical suspension of accommodation to
the publ:c at any price in some sections; (4) a withdrawal
by foreign banks and individuals of considerable sums which
they had been investing in this market, and which had in
part tended to mask the real conditions here up to the
close of 1929.
Now nobody would go so far as to say that this latter
set or group of factors, of which the Board makes no particular mention, are the necessary outgrowth of the first
group in which it takes so much pride. He would, however,
fairly assert that the whole set of conditions is the outgrowth of one general or controlling policy. That policy is
inflation. During the past five or six years enormous
amounts of bank assets have been frozen in unnecessary
and overcostly buildings, extensions of plants that are not
just now wanted, unwarranted farm developments in certain directions, and, as the symbol of all this, enormous
overextensions of loans on securities and of bank "investments." The fact that the Board at this late day has the
courage to come forward and give itself credit for continuing
this inflation policy in the face of the convincing demonstration of danger which we have had during the past few
months is a far higher tribute to the courage, than it is to
the common sense of those who have prepared and issued
this statement on its behalf.
If member bank credit is increasing, reserve funds declining on account of export, bank assets becoming more
and more frozen in a time of depressed business and lessened
demand for funds, how and when is the Board ever going
to begin the task of liquidating this credit, putting the banks
into better condition, reducing the inflation and checking
bank failures? These are fair questions. They would
deserve an answer in any case. They deserve it doubly, in
view of the exceedingly frank exposition of inflation philosophy to which the Board lends its official authority.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, August 1 1930.
It is a singular fact that over much of the first half of 1930
the weather for one reason or other has been detrimental to
trade. Intense cold during the Winter, a backward Spring,
then extraordinary heat during the Summer have told
plainly against normal activity in the generality of industries
and trade at large. During the past week intense heat has
tended to keep down trade in everything except light summer goods. These have been the feature of the retail trade.
In July industry as near as can be gathered from available
figures made a poorer showing than it did in Jun,e. Commodity prices still drifted downward. The dullness of trade
has not been confined to the United States. It has been
conterminous with the world itself. Buying power has been
reduced by world-wide unemployment and curtailment of
working hours for labor even in leading industries. The sales
of automobiles at retail are smaller than those of a year ago.
It is not surprising to see that jewelry is in lessened demand
than then also furniture, rubber, radio goods, leather,
building materials, shoes, tools, and machines, and electrical
goods, to go no further, except to add that iron and steel are
less active than they were a year ago. Consumers' stocks
may be smaller than then. That is not an unreasonable
inference. Sooner or later they must be replenished. But
for the time being trade in a hundred ramifications is in a
rut and there seems no prospect of much improvement until
Autumn, possibly later. Wheat is at the lowest price since
1914 and cotton at the lowest since 1916. Of course the
decline in agricultural prices has curtailed the buying power
of the farming community of this country. But the United
States has had dull times before and has recovered. Undoubtedly it will recover again.
Wheat has declined about 6 cents, for supplies are large,
hedge selling persistent. Russia is again offering wheat to
Western Europe and no one seems very hopeful of better
prices for American wheat in the near future. Yet within
48 hours a good export business has been reported in both
hard winter and Manitoba wheat. The Western Canadian
crop, however, is put at about 370,000,000 bushels against
276,000,000 last year. Corn has advanced 3 cents or more
on hot dry weather and a scaling down of private crop estimates to an average total 400,000,000 bushels smaller than
a month ago. The average is 2,475,000,000 bushels contrasted with 2,614,000,000. Corn went to 5 cents above
wheat. This is the first time corn has been higher than
wheat in nearly thirty years. Oats have changed little
with a crop estimate of only 30,000,000 less than a
month ago and much larger than the yield of last
year. Rye declined 2 cents in response to the drop in
wheat with nothing further said about an export demand.
Flour met with a fair demand for export. Provisions have
advanced and lard ended 3'2c. net higher. Sugar after new
lows on what looked like big Cuban selling, rallied and tonight stands where it did a week ago. Coffee has declined
to 3/sc. on futures, mainly owing to falling Brazilian prices
for coffee or dropping rates of exchange. Cocoa fell 3,4c.
Rubber is again down some X to Y20. under the weight of
bountiful supplies and anything but a vigorous demand.
New low prices in this commodity as in sugar, to go no
further, were one of the features of the week. Hides were
active at declining prices first in Chicago and then in New
York. Silk declined slightly. Cotton after seeking lower
prices much of the week under the spell of dullness of trade
at home and abroad and more or less liquidation as well as
short selling by Wall Street and other interests suddenly
showed resistance to pressure yesterday and wheeled around
to-day and advanced 25 to 30 points when it occurred to the
shorts that the drought of 6 to 8 weeks duration in the
Mississippi Valley and the Western belt had not been broken.
Dallas, Texas reports of deterioration in Texas punctuated
this fact. Supplies fell off. Contracts became scarce, large
operators covered. The forecast was for generally fair
weather with nothing more than showers here and there.
Moreover there was a fear that the weekly forecast to-morrow
night be bad and precipitate further covering at rising prices.
Still others covered in fear of a bullish Government report
on the 8th inst. Also it is intimated that the trade at home
and abroad is buying more than is being noised abroad. At
the same time the belt as a rule was cooler to-day, night
692
FINANCIAL CHRONICLE
[VOL. 131.
temperatures dropped to the 60s and there was general if outlook slowly appearing. Danville, Va., reports state that
inadequate rain, the precursor possibly of the copious rains the Board of Directors of the Riverside and Dan River
that are so badly needed. Yet cotton at 1234c. is a different Cotton Mills passed a resolution authorizing the management
ooking affair from cotton at 15 to 16 cents let alone 193o. to materially curtail the production of all the mills of
a year ago.
the company during the next 30 to 60 days stating
Steel as a rule has been quiet, though the tone is not un- that "economic conditions are such that we deem it inadhopeful and it is said that bars have sold more freely in visable to accumulate further stocks, but on the contrary
.
isolated cases to makers of tractors, which Russia is said to pending the development of the new crop of cotton the
be buying. And there was in one instance a good sized present stock on hand should be reduced asfast as practicable.
sale of rails. Pig iron has declined 50 cents in the quest for In accordance with this resolution Mills Nos. 3 and 4 of the
business in dull times. Copper is said to have been bought Dan River division are being stopped temporarily, and is
it
on a better scale at 11c. Lead advanced to-day to 5.35c. understood that later on some or all of the other mills
will be
Car loadings were larger than in the preceding week, 50% stopped, depending upon developments from day to
day.
of the gain being in grain. But the total for the week of
Greenville, S. C., reported that the improvement expected
July 19 was nevertheless the smallest for the third week of in the textile situation had not arrived and the end of
July
July in eight years. The state of things in the textile trades finds no plans to return to full time operations of Greenville
does not make cheerful reading. Gray goods were dull and plants. The majority of mills are still operating every other
the very noticeable decline in raw cotton early in the week week, fine goods mills being an exception. Spartanburg,
certainly did not help matters. There were some indica- S. C., reported that the plant of the Clinchfield Manufacturtions for a moment of a rather better demand later, but it ing Co. of Marion, N. C., which has been running on part
was nothing really of moment. Sheetings, drills and other time for the past three months, will resume full time operacoarse yarn fabrics were neglected. It was not so bad with tions day and night next Monday. But later the company
fine and fancy cotton cloths, especially rayon and cotton was reported to have announced that it has abandoned its
mixtures. They met with a better demand but still it was plan to resume full time operations day and night on Monday.
nothing very great. Some mills to keep pace with a recent Boston advices reported opening prices on light weight
decline in rayon yarn prices reduced quotations on all rayon staples and tropicals by the American Woolen Co. as rather
flat crepes, rayon twills and some other items. Finished lower than generally expected, being 5 to 10% under the
cottons were quiet and in some cases bleached goods were previous season on comparable numbers.
marked down in an effort to stimulate trade. But the
Lille,France, cabled that 28,000 workers in the textile iron
Amoskeag Co. announced that it would maintain prices on and steel industries went on strike on the 28th inst. in protest
fancy flannels and napped fabrics for the rest of the season. against the retention of 5% of their salary toward the old
Woolens and worsteds were quiet except for some women's age pension. Bombay reports say that while diplomatic)
wear fabrics, which met with a good sale. Wool has been efforts continued among Nationalist leaders to end the camin fair demand, that is to say, somewhat better than it has paign of civil disobedience, one of the severest campaigns of
been, chiefly for worsted wools at steady prices. Australia, picketing yet undertaken was in progress before all shops
however,is disappointed at the prices obtained at the London dealing in foreign cloths. Karachi,India,cabled that 15,000
sales recently. Broad silks have been in better demand. persons from outlying districts are pouring into that city
to
Lumber sold a little better but shutdowns are still almost escape the flood waters of the Upper Sind which
have reuniversal. Things are still evidently in not satisfactory sulted from abnormal rains.
shape in the lumber business. It is noticed that in the big
Department store sales for June were 10% under those of
Alaskan salmon industry the pack threatens to be 1,000,000 of the same month a year ago, according to reports to
the
cases short, so that despite the big carryover, the outlook is Federal Reserve System. Reports were from 643 stores in
to point to higher prices. Pennsylvania oil output has 266 cities. Total sales from June 1 to June 30 were 5%
said
been reduced over the entire State.
smaller this year than in the same period of 1929. Decreases
The stock market, which latterly has shown a sagging by Federal Reserve districts for June as compared to June
tendency, was down again to-day in transactions which had 1929 were: Boston 9%; New York 5%; Philadelphia 12%;
the doubtful distinction of being the smallest of the year, Cleveland 13%; Richmond 6%; Atlanta 10%; Chicago 13%;
1. e., some 1,100,000 shares, against a total of 3,000,000 St. Louis 13%; Minneapolis 11%; Kansas City 4%; Dallas
larger a year ago. Bond sales, too, were small, though rail- 9%; San Francisco 6%.
road bonds were in brisk demand to-day at new high levels
On the 26th and 27th it was very hot and oppressive here.
In more than a few issues. In stocks the utilities were sold On the 27th it was 89 degrees with the humidity fortunately
with a certain freedom considering the narrowness of the down to 46 degrees at 8 p.m. when the temperature had
market and declines stood out sharply in Consolidated Gas, fallen to 84. But at 8 a.m. with the temperature 78
the
which fell 3 points, and Brooklyn Union Gas, which was humidity was up to 68. Again 1,000,000 persons sought
relief
down 6. This was the signal for selling utility issues gen- on the sands and waters of Coney Island and 550,000
at the
erally. A sharp decline followed in Public Service of New Rockaways and 350,000 at Long Beach. From
the lower
Jersey, American Water Works, North American, and other New Jersey Coast up beyond the Connecticut line
the beaches
issues of that group. American Telephone, too, fell 2% were crowded. Kentucky had temperatures
of 104 to 110
net. No great significance attaches to these changes in a degrees with prolonged drought.
Boston had 64 to 80 degrees,
dull market or what is still described as the dog day sort: Chicago 72 to 96, Cincinnati
90 to 98, Cleveland 76 to 84,
Sterling exchange is up to the gold exporting point, but the Detroit 72 to 88, Indianapolis
74 to 98, Kansas City 84 to
fact does not seem to be worrying anybody.
104, Milwaukee 70 to 92,St.Paul68 to 98, Montreal
66 to 78,
The adjusted index of automobile production for last week Omaha 82 to 108,
Philadelphia 80 to 94, Phoenix 78 to 98,
according to the "Times" shows a still further decline to Portland, Me.,60 to 62,
Portland, Ore., 54 to 80, San Fran37.9, as compared with 42.9 for the week ended July 19. cisco 52 to 58, Seattle 54 to
74, St. Louis 84 to 106, Winnipeg
This drop, it says, is due to a decline of about 2,400 ears, 62 to 84.
last week's production being reported as 35,142 units. ComChicago reported that on the 28th inst. Salem, Ill., hada
paring the present position with that of last year, it says tempeature of 114 and other
parts of Illinois had 111 and
that it is to be noted that in the week July 27 corresponding 112. Kentucky reported
113 at Bowling Green, with temto last week's production was more than 124,000 units.
peratures of 107 at Ashville and Louisville.
St. Louis had
At Manchester, N. H., the Amoskeag Manufacturing Co. 108. The temperature fall in
the West began on the 28th
reported to have announced that it will maintain prices on inst. In Omaha which
is
only the day before had 108 degrees
fancy flannels and narrow napped fabrics for the balance of the temperature fell to 81.
Boston registered 107. Misthe season. Production in these lines in Eastern and sissippi has had 115 degrees,
Arkansas 114 and Texas and
Southern Mills is said to have been confined very closely to Oklahoma 110 to 112.
On the 28th there were reports of
orders and curtailment of production has been extensive one to four degrees of
frost in the Peace River district of
since the early part of June. The Berkshire Fine Spinning Northern Alberta, Canada.
On the 28th the heat wave
Associates say although the week's fine goods volume con- ended here with a
maximum temperature of 81 and a minitinues only moderate, each week in the month has shown an mum of 67. Boston however
had 90 degrees, Chicago 94,
increase over that preceding and they close July with a Cincinnati 102, Detroit and
Kansas City 100, Cleveland 94,
quite satisfactorily reduced inventory, due to continued cur- St. Louis 108, Milwaukee 90, Minneapolis
80, Montreal 86
tailment, a situation which is undoubtedly general in the and Winnipeg 56 to 72. On July
31 it was 69 to 81 degrees
fine goods mills. They believe the general market atmosphere here and clear. Boston had 62 to 84 degrees, Chicago 62
shows a brighter aspect with more confidence in the future to 78, Cincinnati 66 to 86, Cleveland 64 to 78, Detroit 64 to
AUG. 2 1930.]
FINANCIAL CHRONICLE
84, Galveston 80 to 94, Kansas City 68 to 90, Los Angeles
78 to 96, Milwaukee 64 to 82, St. Paul 58 to 88, Montreal
60 to 74, Omaha 66 to 90, Philadelphia 68 to 88, Phoenix 84
to 108, Portland, Me. 58 to 76, Portland, Ore. 60 to 70, San
Francisco 56 to 76, Seattle 56 to 74, St. Louis 72 to 90,
Winnipeg 54 to 86. To-day it was 80 degrees in the afternoon. The forecast was for fair to-night and to-morrow and
probably Sunday and slightly warmer.
Guaranty Trust Company Expects Seasonal Dulness
to Dominate Coming Month-Says Recovery from
Present Recession Must Be Gradual
-Lower Commodity Prices an Incident to Upward Course of
Business.
Business recession has proceeded further during the last
few weeks, states the Guaranty Trust Co. of New York in
the current issue of the "Guaranty Survey," published
July 28. "To a large extent, the continued decline of activity
may be attributed to the influences that usually cause curtailment in midsummer," the "Survey" continues. "When
demand is slow, there is a natural tendency on the part of
manufacturers to allow their operations to sink to very
low levels at times of seasonal dullness. With the mid-year
Inventory period just past and the vacation season at its
height, it was not to be expected that June and July would
witness other than downward tendencies. Such influences
will, in all probability, continue to dominate the situation
during the coming month." The "Survey" adds:
Recent Developments Not Wholly Favorable.
With regard to the outlook for the more distant future, there is gain a
general disposition on the part of Observers to expect some progress in the
autumn. This expectation, of course, does not imply that good business
will return at a bound. In most cases, trade recovery is a gradual and
Irregular process, with some industries reporting swift progress, while
others remain in a depressed condition for a much longer period. Moreover,
business in the future will not be stimulated by the urgent need for post-war
rehabilitation that has been such a powerful influence in the last decade.
This is a factor of significance that must be taken into account in any
appraisal of the prospects for industry and trade in the years to come.
Although there has been improvement in some directions, the tenor of
recent reports is by no means unanimously favorable. The vigorous recovery
of stock prices from the low levels reached last month has undoubtedly
stimulated confidence to a certain extent, although some observers believe
that the advance was due to factors inherent in the market itself, rather
than to any improvement in the immediate business outlook. The same
Is true of the large volume of construction contracts reported for June; but
developments of a single month are far from conclusive, particularly in
the case of building contracts, which are proverbially subject to violent
fluctuations of a temporary nature. The gain, moreover, was not maintained in the early part of this month.
Price Recession Continues.
Little encouragement is to be derived from the course of commodity
prices. The index of the Guaranty Trust Co. indicates that the trend in
recent weeks has been almost as sharply doWnward as it was in June. As
long as the decline continues, both business men and consumers will restrict
their purchases to a minimum; but, when it appears that the bottom has
been reached, this deferred demand may be expected to assert itself.
Extreme ease remains the characteristic feature of money markets in
the principal financial centers. Funds for the longer maturities, however,
are in less abundant supply, probably indicating an expectation of withdrawals to the interior, with firmer rates, when the demand for credit
for crop-moving purposes increases. Aside from temporary developments
of this nature, nothing has occurred to alter the outlook for a continuance
of very low rates for the next several months at least. There has been no
material increase in bank loans and investments, and very little Federal
Reserve credit is outstanding. Rediscounting is at practically the lowest
level of the year. Gold has not moved in sufficient volume to exert any
appreciable effect on credit conditions, although a few substantial shipments from this country have been made in the last fortnight. However,
lenders of funds cannot be expected to continue indefinitely to be satisfied
with the low returns now available; and the present abnormal situation
will, in course of time, bring about its own corrective influences.
Further Decline in Business Activity.
With the outstanding exception of construction contracts, practically all
the principal indicators of industrial operations and trade volumes show
further declines. The index of business activity of the Guaranty Trust Co.
declined from 86.4 in May to 82.6 in June, practically duplicating the
low level reached last December. The recession was the result of declines
of more than seasonal magnitude in steel ingot production, pig iron production, automobile output, cotton consumption, refined copper production,
and foreign trade; of a less than seasonal increase in railway freight
loadings; and of declines contrary to the usual seasonal movement in
bituminous coal production and bank debits outside of New York City.
Of the 10 components of the index, only two advanced; and in one of
these two cases the increase was less than is usual at this season.
A similar conclusion regarding the trend of activity last month is suggested by the employment situation. One of the important factors in
that situation is the marked curtailment of operations by automobile manufacturers. The current depression in this industry has been aggravated
by the closing of some of the large plants for changes incidental to the
Introduction of new models.
lVhen Recovery May Be Expected.
Recovery from the current depression may be expected to ensue upon
the gradual readjustment of inventories through "hand-to-mouth" buying
output on the part of producers.
on the part of distributors and reduced
The progress of this readjustment will be reflected in rising commodity
prices. As the evidence of impending improvement becomes clearer, stock
693
prices also will respond to the more optimistic expectations of business men.
The revival of activity will be facilitated by low money rates and by any
improvement that may by that time have been achieved in the general
banking situation through the liquidation of security loans. Expansion of
industrial output and trade volumes will proceed gradually, with setbacks
from time to time as it appears that demand in various lines has been
overestimated. In general, however, the rising trend of business will result
in more employment and larger payrolls, with a greater aggregate amount
of purchasing power available for the buying of consumers' goods. The
resulting increase in consumption will, in turn, further stimulate trade and
industry.
All this, of course, represents a slow and irregular process covering a
period of many months. The most reliable indication of improvement in
the underlying situation-namely, a definite upturn in commodity prices
has not yet appeared; but recent declines in inventories of manufactured
that such an upturn may
goods and advances in stock prices suggest
reasonably be expected in the not distant future.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States-Decline
in Business Measured by Volume of Checks.
According to the weekly statement of the Department of
Commerce, business for the week ended July 26, as indicated
by the volume of checks presented for payment, declined
from the preceding period and was below the level of the
week ended July 27 1929.
Wholesale prices, as measured by Fisher's index, showed
but slight change from the week before, but were 16% lower
than the corresponding period last year. Iron and steel
prices likewise showed no change from the previous week,
but, like wholesale prices in general, were lower than a
year ago.
Bank loans and discounts of member banks of the Federal
Reserve system for the week ended July 26 recorded but
slight change when compared with the preceding period
and the corresponding week in 1929. Average prices for
representative stocks showed no change from the preceding
week, but were much lower than a year ago. Bond prices,
on the other hand, recorded increases over both prior periods.
Interest rates for call money fell off, while those for time
money were higher than last week. Both rates were materially lower than a year ago.
Building and engineering projects, and the activity of
steel mills for the period ended July 19, showed marked
gains over the week ended July 12. As compared with a
similar period in 1929, both indicators registered declines.
Bank loans and discounts and the prices of leading stocks
for the week ended July 26 1930 recorded increases over the
week ended July 28 1928 two years ago.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=100.)
1930.
1929.
1928.
July July July July
.
26. 19. 12. 5
July July
27. 20.
July Ju/y
28. 2.
76.3 75.0 63.2 126.3 125.0 91.0 93.0
Steel operations
81.2 .80.7 67.2 97.3 .95.7 92.0 88.7
Bituminous coal production
120.0 121.5 124.0 139.1 138.9 114.5 115.8
Petroleum produc'n (daily avge.)
95.5 82.6 114.8 112.5 107.8 107.8
Freight car loadings
103.0
74.1 70.1 52.7
a Lumber production
States
Building contracts, 37
90.7 62.2 37.3 156.0 158.1 198.0 116.2
(daily average)
63 68
296.7 230.. 73..6 374.9 229.1 290.5 235.8
Wheat receipts
.23.1 18.5 10.0 9.6
7.5 7.7
Cotton receipts
84.8 71.2 49.7 83.2 75.0 73.7 113.0
Cattle receipts
74.4 76.9 655603...061 75.7 76.4 59.5 69.2
Flog receipts
100.0 100.7 91.5 97.7
61.2 62.8
Price No.2 wheat
68.8 70.6 77.6 77.9
47.1 49.3
Price cotton middling
80.1 80.5 80.5 88.6 88.7 84.5 84.5
80.0
Price Iron & steel composite
78.3 81.2 81.9 129.0 129.0 105.1 105.1
Copper, electrolytic price.......
83.3 83.4 84.5 85.6 99 2 98.8 99S 99.9
Fisher's index (1926=100)
Bank debits outside N. Y. City- 110.7 122.1 105.2 105.3 138.0 143.6 112.1 128.4
135. 135.2 125.6 126.0
1348 135.3
Bank loans and discounts
5
35. 35 7
48.5 54.5 162 0 157.6 206. 230.3 133.3 136.4
Interest rates, call money
125.3 111.1 105..6 106.9 98.. 92.4 108.3 107.4
196 2
Business failures
197.3 289. 289.9 194.3 191.4
207.1 2074.
Stock Prices
06 2
106.9 106.7 106 168..6 104. 104.2 108.3 107.4
Bond prices
182.9 180.0 137.1 137.1
80.0 79.1
Interest rates, time money
90.2 89.7
107.4 105.8 105.4 104.1 Os 0
Federal reserve ratio
a Relative to weekly average 1927-1929 for week shown • Revised.
National City Bank of New York on Business Conditions.
In its August 1 Bulletin the National City Bank of
New York comments in part as follows on general business conditions:
Current Production and Trade.
Current figures on production and trade in the United States conCombined
tinue to show business on a reduced basis of activity.
effects of the usual mid-summer dullness, extreme heat, and general
been instrumental in bringing business to an abdepression have
normally low point. This, of course, is natural at this stage of the
depression and the sort of thing that lays the foundation for a revival
later on.
Perhaps the best measure of the fluctuations of general industrial
activity is to be found in the composite indexes put out by various
official and private statistical agencies, and of these the index of
industrial and mining production computed by the Federal Reserve
Board may be taken as a sample. In the accompanying diagram [this
we omit-Ed.I we show the course of this index by months from
January 1923 to June 1930 inclusive, seasonal variation allowed for.
It will be seen that production this year has shown a marked shrinkage from the abnormally high levels of 1929, and, except for the dip
694
FINANCIAL CHRONICLE
towards the end of 1927, has averaged lower than in any previous year
since 1925. The diagram traces the temporary recovery this Winter,
since followed by a renewed decline to near the December low
point,
with the probability that July figures will show a further decrease, which,
however, may mark the turning point. In view of all the pessimism
afloat at times during recent months, it is interesting to note that the
current levels, though materially under the boom period, have not
been
much under the average of recent years and have been substantially
above the low points touched in the depression of 1924. While it is
true that the growth of businesss and increasing capacity of the
industries must also be taken into consideration, nevertheless the showing, in view of what business is going through all over the world, seems
decidedly encouraging.
Federal Reserve Board's Survey of Retail Trade in the
United States During June-Sales 10% Below
Same Month Last Year
-Falling Off in Six Months'
Period.
•
Department store sales for June were 10% smaller than
in the corresponding month a year ago, according to reports
to the Federal Reserve System from 643 stores in 266 cities.
Total sales from Jan. 1 to June 30 were 5% smaller this
year than last year. The Board's statistics follow:
FIATT-4 BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase(+) Over or Decrease(-)from a Year Ago.
June.
Jan. 1 No.
of
to
Jun.30 Stores
District or City.
June.
Jan. 1 No.
of
to
Jun.30 Stores
F. R. DistrictBoston
-9
--1
New York
--5
Philadelphia
-12
-6
Cleveland
--13
--7
Richmond
-6
-1
Atlanta
--10
--8
-18* -11
Chicago
St. Louis
--13
--7
Minneapolis
--11
--6
Kansas City
-4
-4
Dallas
-9
-8
San.Francisco_ -- -6
-3
ommmmmit.mamoo
coomw.Mmomom4.
Selected CityAkron
-25
Atlanta
-9
Baltimore
-5
Birmingham
--19
Boston
-7
Bridgeport
-15
Buffalo
--11
Chicago
175
Cincinnati
--11
Cleveland
--16
Columbus
-6
Dallas
-5
Dayton
-15
Denver
--6
Detroit
-24*
Duluth-Superlor._
-6
Fnrt worth
-19
• Corrected.
m
.
Mauoiaom0=040,mcAtiumgt.00001
I
District or City.
-17
-5
+3
--13
+1
-7
--7
-10
--4
--8
-2
-4
-8
--5
-18
-4
-14
Selected City
(Concluded)
Houston
Indianapolis
Kansas City
Los Angeles
LouLsv ille
Memphis
Milwaukee
Minneapolis
Nashville
Newark
New Haven
New Orleans
New York
Oakland
Omaha
Philadelphia
Pittsburgh
Providence
Rochester
San Francisco_ - - Salt Lake CitySeattle
Spokane
St. Louis
St Paul
Syracuse
Toledo
Washington
Total 1266 cities)
-13
--14
-9
--7
-6
--13
-16*
-14
-2
-6
-7
--7
-4
+8
-2
-12
-10
-15
-10
--7
-7
--4
-8
--9
---4
-8
-4
_
-4
--10
+3
+15
+2
-5
-5
-5
5
5
4
8
5
4
5
4
4
6
4
4
12
4
3
12
7
10
-4
-17
-13
-8
--9
--17
-5
-3
-9
-2
--11
-6
-1
--7
--14
-1
6
5
5
4
4
5
4
4
7
-10
-5
643
-e
--7
DEPARTMENT STORE SALES. BY DEPARTMENTS.
DEPARTMENT STORES
-SALES AND STOCKS, BY FEDERAL RESERVE
DISTRICTS.
hides Numbers. Monthly Average 1923-1925=100.
Federal Reserve
Districts,
a .so. ... ............ -
Total
(a)
Booton.
Dal- San
Las. Fran.
Piece Goods
Bilks & velvets-- -12 -14
-7 -21
+4 -15 -18
-5 -13
Woolen dress goods -23 -34 -33 -31 -16 -34 -30 +14 -8
Cotton wash goods -14 -14
-9 -22 -13 -18 -24 -22
+8
Linens
-14 -17 -13 -13 -1 -16 -22 -20 -10
Domestics, muslins
&c
-10
-4
--- -17
+1 -21 -29 -30 -5
Ready-to-wear Ac cessort es
Neckwear.scarfs
+2 -5 +21
-2 +26 -10 -9
+3 -13
Millinery
-7 -1
+8 -13
+8 -18 -15 -17 -8
Gloves(women'a &
children's)
+48 +38 +63 +59 +61 +36 +28 +97
+8
Corsets, bressteres -3 -3
-1
-3 -3 -5 -10 -7
+3
Hosiery (women's
& children's)._ -13 -12 -9 -13 -10 -13 -20 -17 -14
Knit underwear _ __ -15 -21 -19 -12 -5 -16 -17 -1 -12
SUL muslin underwear
-9 -6
6 -13 -10 -10 -10 -16 -2
Infants' wear
-14 -16 -5 -16 -11 -18 -20 -18 -15
Small leather gds _ -8 -11
-6 -22 -13 -3 -2
+4 -11
Women's shoes__ - -9 -19
+7 -14 -10 -7 -13 -18
-5
Children's shoes- -12
___
-7 -14 -7 -18 -19 -27 -11
Women's WearW'm'n's co'ts.sults -30 -29 -26 -37 -18 -41 -29 -16 -14
Women's dresses -13 -7 -21 -12 -1 -14 -19 -21 -16
Misses' coats, sults -16 -19
+6 -23 -1 -35 -24 -23 -12
Mines'dresses
-12 -10 -10 -12 -7 -18 -23 -12 -21
Juniors',gtrls' wear -12 -13 -6 -14 -8 -22 -18
+9 -11
M en's Boys' We or
.
Men's efothing
- 12 -10
+2 -13 -14 -19 -19 -14 -14
Men's furnishings.
hats, caps
-8 -4 -4 -11
+1 -16 -15 -14
-4
Boys' wear
-15 -14
-9 -17 -10 -19 -20 -25 -17
Men's, boys' shoes -9 -13
+5 -11
-3 -16 -12 -14
-1
Rouse Furnish'esFurniture
-9 -8
___ -10
+6 -28 -30 - 7 -1
Oriental rugs
-21
-8 -23
___ -33
+9 - -23
Dom.floor cover'gs-18 -28 -9 -22 -7 -26 -15 -16 -2
Draperies, uphol-14
-3 -21
___
stery
-3 -26 -24 -9
+1
China, glassware_ -10 -19 -1
-9 -12 -22 -18 -7 -6
a Data are for about 200 stores with total annual sales In isted departments of
5850.000,000 and In all departments of 51.250,000,000. More than 50% of thole
sales are for about 40 stores located In six cities: Boston. New York, Pittsburgh,
Detroit. Cleveland, and Los Angeles. In Individual Federal Reserve districts
more than half of the reported sales are made by stores In following cities: Boston,
New York,Pittsburgh and Cleveland, Washington, Detroit and Milwaukee.St. Louis.
Dallas and Houston, Los Angeles, and San Francisco. The total number of reporting
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. 1, 8-30; No. 2. 8-12; No. 4, 18-64; No.5.7-11: No.?. 8-30: No.8.
6-10; No. 11. 6-14; No. 12. 8-20.
Adjus ed for Seasonal
Variations.
Without Seasonal
Adjustment.
(a)
June
1930.
May
1930.
June
1929.
June
1930.
May
1930
June
1929.
36
59
57
55
28
41
94
19
18
27
22
34
97
115
87
92
104
92
102
92
83
104
117
89
99
111
95
108
95
86
107
121
99
107
111
102
122
105
85
97
109
98
109
106
116
89
109
84
89
100
83
98
84
8()
82
89
97
108
119
91
104
112
101
r112
96
90
94
106
114
108
116
95
103
107
93
117
96
82
87
97
103
490
Total
100
104
112
95
108
106
92
93
97
88
108
109
105
104
82
80
87
78
88
88
93
88
94
94
97
90
93
91
99
89
110
110
112
103
90
89
91
86
67
67
72
65
---------104
76
77
76
72
102
104
102
99
94
109
80
92
95
91
111
91
69
110
79
105
93
101
83
92
94
94
105
88
70
112
72
99
Stocks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
3t. Louts
MInneapolLs
Kansas City
Dallas
4an Francisco
34
42
45
49
28
29
76
19
14
21
21
30
Total
408
96
96
98
03
AR
AR
•Stores for which f gures are available since base period 1923-25. b Monthly
average 1925=100. r Revised.
Monthly Indexes of Federal Reserve Board-Continued
Decline in Industrial Production.
The monthly indexes of production, factory employment,
payrolls, &c., were made public as follows on July 23 by the
Federal Reserve Board:
INDEX NUMBERS OF PRODUCTION, FACTORY
EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT
CAR LOADINGS.
(1923-1925=100)
Adjusted for
Seasonal Variations.
1930.
1Vithout
Seasonal Adjustment.
1929.
1930.
1929.
June
May
June
June
May
Juno
102p
1029
1019
104
105
103
127
129
113
94
Industrial production, total
Manufactures
Minerals
Building, valu,of contracts awarded..
Factory employment
Factory payrolls
Freight car loadings
98
108
101p
1019
1049
146
88.2
90.3
95
105
106
102
111
00.4
94 .1
97
125
126
116
133
101.2
109.2
109
-
INDUSTRIAL PRODUCTION: INDEXES BY GROUPS.
(Adjusted for seasonal variations)
Manufactures.
Industry.
_
New Cleve- Rich- ChiSt.
York. land, mond. cago, i.4143
No. of
Stores.
Sales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
Percentage Increase(+) or Decrease (-)
June 1930 Compared with June 1929.
racpw....v.
[VOL. 131.
1930.
June
Iron and steel
II()
Textiles
869
Food products
93p
Paper and printing___ ___
Automobiles
98
Leather and shoes__
910)
Cement
119
Nonferrous metals__
989
Petroleum refining_ ___
Rubber tires
Tobacco manufac'res_ 141
Mining.
1929.
Industry.
1930.
Ill
91
100
1 lap
104
94
119
101
173
121
134
155
121
96
128
162
113
116
126
170
162
139
June
89
92
78
81
1259 127
108 104
85
90
99
94r
105
819 80
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Copper
Zinc
Lead
Silver
1929.
June May
May June
12
76
135
126
124
120
112
94
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS.
(Without seasonal adjustment)
Employment.
Industry.
1930.
1929.
Payrolls.
1930.
1929.
June.
Iron and steel
Machinery
Textiles. group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals. group
Petroleum
Rubber products
Tobacco
p Preliminary.
May
June
June
May
June
90.0
100.1
83.6
83.7
83.3
95.6
101.5
71.7
80.2
88.8
84.5
80.4
80.2
101.8
114.0
88.0
89.2
92.7
103.6
86.8
85.6
89.8
94.5
102.4
73.4
84.0
95.3
86.8
81.7
81.2
104.6
114.1
88.3
89.4
100.8
120.8
96.3
97.6
92.8
99.2
103.2
90.0
97.6
120 6
89.4
93.8
102.9
107.9
116.4
115.0
91.4
90.8
102.7
77.8
77.4
78.5
102.3
111.9
70.9
83.8
89.2
73.8
78.1
85.0
105.3
121.7
88.3
84.4
95.5
108.3
82.7
80.7
86.7
100.7
113.3
73.2
91.1
101.7
75.6
76.9
84.4
106.6
120.5
05.4
82.1
109.9
131.6
97.8
99.5
94.4
105.6
113.6
92.2
107.9
130.9
89.8
92.5
117.0
111.2
120.0
120.6
88.5
r Revised.
Wholesale Trade in June as Reported
to Federal Reserve Board-All Lines Decline
as Compared with
Year Ago.
The Federal Reserve Board, under date
of July 28, states
that reports to the Federal Reserve System by wholesale
firms selling groceries, dry goods, hardware, and drugs
indicate that in all these lines sales in the month of June were
smaller than a year ago. For the period Jan. 1 to June 30
FINANCIAL CHRONICLE
sales in all four lines were smaller than a year ago. Details are supplied, as follows, by the Board:
695
TABLE 2
-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED
DATES. BY GROUPS OF ITEMS.
Per Cent of Increase from December 1914 to June 1930
in the Cost of
PERCENTAGE INCREASE (+) OR DECREASE (-) BY
FEDERAL RESERVE DISTRICTS.
City.
Food. Clothing Rent.
District Number.
Sales-June 1930 Compared with June 1929.
Line.
Tot.
Groceries
Dry goods
Hardware_ _
Drugs
1
3
2
4
5
6
7
8
9
10
11
12
0
9
+I
6 -10 -1 -2 -8 -4-15 -10 -8
-42 -18 -25 -30 -24-28 -24
-20 -32-24
-29
-27-16 -24 -11 -21 -27-28-17-20 -15 -18
-21
-7-13 -4
-1 +2 -6 -3-18 -9-14
-6
-Jan.1-June 30 1930 Compared with Jan. 1-June 30 1929.
Sales
Groceries
Dry goods
Hardware__ _ _ -13 _
Drugs
-21
11
51 -41 +2
-22 -18 ____ -13 -24 -19
-16 -8 -14 -11 -13 -15 -16 -9 -7 -15 -14
-9 -11
__ -4-16 -1
1-11-41-11
-- - -
4 Cleve and. 5 Richmond.
1 Boston. 2 New York. 3 Philadelphia.
Atlanta. 7 Chicago. 8 St. Louis. 9 Minneapolis. 10 Kansas City. 11 Dallas. 12 San Francisco.
Living Costs Decreased 2.8% in Six Months to June
-For Tenth-Year Period Decline Is 23%.
1930
Cost of living in the United States decreased an average
of 2.8% in the six-month period from December 1929 to
June 1930, according to data collected by the Bureau of
Labor Statistics of the United States Department of Labor
in its semi-annual survey in 32 cities. This decrease varied
from 0.6 to 4.9% in the different cities, says the Bureau in
its survey made available July 26, which likewise says:
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland. Ore
San Francisco
Savannah
Seattle
Washington
47.2
43.7
47.2
56.9
42.0
47.6
43.0
31.9
30.9
39.6
43.7
43.3
42.6
45.9
34.2
40.4
25.2
38.1
49.1
65.9
78.3
70.0
47.7
61.6
59.6
82.8
80.4
68.1
46.8
85.5
68.7
69.7
65.4
44.8
77.9
66.0
64.6
60.5
62.4
47.1
65.0
75.1
56.4
73.2
25.7
3.2
39.8
38.9
65.1
36.0
54.0
19.9
5.4
28.1
27.0
50.1
29.7
Fuel House
and Fume g MiscelAlt
Light. Goods. Igneous. Items.
80.9
88.7
122.9
51.5
160.2
67.2
25.3
70.6
45.6
81.2
85.7
87.3
86.5
96.9
49.7
28.7
54.2
65.5
36.2
95.6
113.6
105.0
92.1
87.7
76.7
127.2
110.5
103.6
85.6
90.5
80.4
83.2
111.9
78.6
100.6
113.7
132.4
100.4
127.0
92.5
120.4
104.7
125.3
131.1
92.5
102.4
110.4
108.1
123.3
118.6
121.4
97.1
86.6
80.9
84.7
98.6
73.8
71.8
631
78.0
69.1
73.3
72.3
62.3
61.0
63.8
60.3
71.7
67.9
69.0
61.5
49.1
55.9
53.1
85.4
55.5
Per Cent of There asefrom Decemb es 1917 to June 1930.
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
67.9
68.9
61.2
611.9
62.7
68.6
610.6
61.0
69.8
65.6
68.0
66.7
60.8
62.8
65.9
67.I
7.0
1.2
1.5
60.6
63.5
12.0
1.5
3.3
•
13.5
32.8
35.9
54.5
49.4
25.9
19.4
39.6
23.6
49.2
64.9
26.5
66.0
60.5
11.6
33.2
63.6
22.6
24.8
241)
58.9
46.2
12.4
85.1
38.5
21.8
60.2
11.2
9.3
11.6
15.3
9.0
2.1
13.3
10.6
14.8
13.5
30.0
16.9
26.0
......
WCONO of, 0 0=W000,1
tf• ,
Auo. 21930.]
31.8
26.4
51.5
38.0
51.8
36.9
39.6
36.3
46.5
47.9
40.4
44.6
57.3
From June 1929 to June 1930 the average cost of living decreased 2,1%,
Per Cent of There asefrom 1913 to June 1930.
while from the peak of prices in June 1920 to June 1930 the average de47.9
58.9
49.6
Average U. S
72.8
95.7 108.5
66.6
crease was 23%.
The June 1930 cost of living index for the United States was 166.6. based
d Signifies decrease. • No change.
on 1913 as 100.
Food prices show the greatest decrease of the six groups of items in the
six-month period from December 1929 to June 1930, declining 8,4%. Decline of 21% in Wholesale Trade in New York Federal
Fuel and light takes second place in point of declining prices for this period,
Reserve District During June as Compared with
decreasing 3.3%. Rents decreased 1.5%. Clothing and house furnishing
Year Ago.
goods each decreased 1%. and miscellaneous items increased 0.3%.
From December 1929 to June 1930 food and clothing prices decreased in
Sales of the reporting wholesale dealers in the New York
all of the 32 cities. The decreases in food ranged from 3.4 to 8.6% in the
Federal Reserve district averaged 21% smaller in June than
several cities. The decreases in clothing prices ranged from 0.1 to 2.2%.
Rents declined in 31 cities, the decreases ranging from 0.2% to 8.8%. a year previous. In several lines the June decreases were
A slight increase (0.1%) was reported in only one city.
so far this year, and in the cases of
Fuel and light prices decreased In 28 cities, the decreases ranging from the largest reported
0.2 to 15.2%. Increases were reported in four cities and ranged from 0.1 men's clothing and shoes the sales showed the largest deto 2.3%. Atlanta and San Francisco changed from manufactured to creases from a year previous in several years. This
statenatural gas within the six-month period from December 1929 to June 1930.
ment is made by the Federal Reserve Bank of New York in
The gas rate in Minneapolis was increased during this period.
House furnishing goods decreased in 27 clties, the decreases ranging from its Aug. 1 "Monthly Review," and in further indicating the
0.1 to 2.5%. Four cities reported increases ranging from 0.1 to 1.6%•
course of wholesale trade its says:
No change was reported in one city.
dales of cotton goods and hardware were smaller than a year ago for
Miscellaneous items increased In 15 cities, these increases ranging from
0.1 to 5%. Decreases In miscellaneous Items in 13 cities ranged from 0,1 the eighth consecutive month, and the June decreases were the largest
to 1.8%. No change occurred in this group of items in four cities. Since which have been reported in that period; wholesale stationery and paper
December 1929 increases were reported in street car fare in Baltimore. dealers also reported substantial decreases in sales. Following increases
Cleveland and Portland. Ore. The price of one daily newspaper decreased during April and May, the Silk Association of America reported a decrease
in Atlanta, while in Richmond the price of one daily newspaper was in- in yardage sales of silk goods of nearly 29% in June. Orders for machine
creased. The telephone rate for a 2-party line increased in San Francisco. tools reported by the Machine Tool Builders' Association continued in le
while in Los Angeles a reduction was reported in the telephone rate of a than half the volume of a year ago.
-party line.
2
Contrary to the general tendency, the sales of grocery and drug dealers
The changes in cost of living as between June 1930 and showed only small declines from a year ago. In the jewelry and diamond
trade sales continued well below a year ago, but the decreases were the
other preceding dates are shown in the following tables smallest that have been reported since last October.
supplied by the Bureau:
Total sales of reporting wholesale dealers for the first six months of
TABLE 1-CHANGES IN COST OF LIVING AS BETWEEN SPECIFIED 1930 averaged 13% smaller than the corresponding period of 1929. The
DATES. ALL ITEMS COMBINED.
decreases in the various lines are shown in the following table:
City.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland. Me
Portland. Ore
San Francisco
Savannah
Seattle
washington
Per Cent of Decrease from
Per Cent of
Increase from
Dec. 1914 to June 1920 to, June 1929 to Dec. 1929 to
June 1930.
June 1930.
June 1930.
June 1930.
71.6
63.1
76.0
69.1
73.3
72.3
62.3
61.0
63.8
60.3
71.7
67.9
69.0
61.5
49.1
55.9
53.1
65.4
55.5
19.9
22.6
20.5
21.2
21.3
27.0
23.5
25.6
18.8
22.6
21.7
24.4
20.8
22.2
25.6
20.5
26.9
21.4
22.8
1.3
1.4
1.6
1.9
1.4
3.3
2.3
3.5
3.0
2.3
2.2
2.6
2.4
2.0
1.1
2.6
2.6
1.4
2.8
2.0
3.1
2.2
2.6
.6
3.1
3.4
2.9
2.9
2.7
3.0
3.2
3.4
2.6
1.6
3.0
2.6
2.0
2.3
Per Cent of
Increase from
Dec. 1917 to
June 1930.
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
MinneaPolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
7.9
8.2
20.1
13.0
16.1
9.0
14.7
14.1
14.8
19.9
12.3
18.3
23.5
26.4
23.7
18.4
24.8
22.7
27.8
21.7
20.4
19.1
19.6
21.9
20.6
18.5
5.0
3.7
1.4
2.2
1.4
1.8
1.8
1.1
2.5
2.7
1.7
1.8
2.2
4.9
3.2
2.4
2.7
2.3
2.4
1.5
1.8
34
2.7
2.3
2.8
3.0
Per Cent of
Increase from
1913 to
June 1930.
A vs.P11.1211
U. 8
68.
23.0
2.1
Commodity.
2.8
Percentage
Change
June 1930
Compared with
June 1929.
Net
gem.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools z
Stationery
Paper
Diamonds
Jewelry
-0.8
-31.0
-25.7
-28.7*
-33.0
-1.4
-26.6
-56.9
-15.2
-14.5
-35.4
-17.2
Per Cent of Charge
Accounts OutstandMay 31
Collected in
June.
Stock
End of
Month.
Percentage
Change
in
Net
Sales.
June
1929.
1930.
'30 lst6 Ma,
from
1930
at/ '30.fr. 1929.
-0.9
70.0
71.3
46.1
35.7
51.6
42.2
41.0
51.9
40.6
-6.5
+0.6.
+20.8
+11.3
-20.4
72.8
68.4
-39.8) 24.2
-17.5
39.0
46.9
41.5
26.3
47.3
76.3
61.3
22.1
-33.1
-4.4
-39.3.
+13.0
-8.9
-15.3
-6.9
+10.4
-13.3
J +21.4
1 +43.8
52.6
49.6
-9.7
Weighted average
-20.7
• Quantity not value. Reported by the Si k Association of America.
I Reported by the National Machine Tool Builders Association.
-1.2
-15.6
-15.5
-3.1*
-18.7
-3.2
-16.1
-49.0
-8.2
-7.1
-50.9
-30.4
-12.8
June Sales of Department Stores in New York Federal
Reserve Bank 5% Below Same Month Last Year.
The Aug. 1 "Monthly Review" of the Federal Reserve
Bank of New York has the following to say regarding department store trade:
The total June sales of the reporting department stores in this district
were 5% smaller than a year ago, the largest decline in any month this
year except March, when sales were affected by the late Easter. How-
ever, a part of the June decline may have been due to the fact that there
were four Saturdays in June this year compared with five Saturdays hi
June 1929, and sales are usually larger on Saturdays than on other days
of the week. All. localities reported decreases in sales; New York City
stores showed a decline in sales of almost 4%, and substantial decreases
696
FINANCIAL CHRONICLE
were reported in most of the other sections of the district. The leading
apparel stores continued to report a considerable decrease in sales as
compared with a year previous.
Total sales of reporting department stores for the first six months of
1930 were 1% larger than the corresponding period in 1929, which,
although smaller than the usual year-to-year increase, compares favorably
with other lines of business activity, most of which have shown substantial
declines in the first half of 1930.
Stocks of merchandise on hand at the end of June remained slightly
smaller than a year ago. The rate of colleotions on charge accounts during
June was slightly below 1929, following a small increase in May.
Percentage
Change
June 1930
Compared with
June 1929.
Stock
Net on Hand
Sales. End of
Month.
Locality.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N.Y.State_ _ _
Central N. Y. State__
Southern N.Y.State_ _ _
Hudson River Val. Dist_
Capital District
Westchester District__
.
All department stores
A mftrpl storm
Percentage
Per Cent of Charge
Change
Accts. Outstanding
Afay 31
lot 6 Mos. 1930
Compared with
Colleded in
1929.
June.
Net
Sales.
Average
Stock
on
Hand.
1929.
1930.
+2.6
-6.7
-0.4
-6.5
+0.2
-6.8
-1.3
-8.8
-1.0
-7.5
+0.1
-9.4
-4.5
-4.9
45.1
52.1
42.2
33.7
48.4
39.5
37.0
45.0
49.8
39.0
30.8
43.6
40.7
36.6
-3.8
-10.9
-7.5
-9.1
-5.5
-15.2
-8.8
-14.9
-22.6
-9.5
-2.3
-5.9
-3.1
-5.2
-13.8
+0.4
+6.4
-5.7
-13.0
-4.8
-13.2
-4.7
[VOL. 131.
more than the first half of 1929. But although residence
construction shows improvement since last March, it is
still down about 47%, although dwellings erected singly on
individual plans dropped only 17% during the past 12
months.
Apartment projects cut during the past 12 months from
more than $1,000,000,000 to $530,000,000, a 56% drop,
development projects of one and two-family houses, show the
greatest decreases in the various classifications under residence construction, according to Mr. Holden.
Mr. Holden declared that much of the building cessation
of this year was due to over-production that started long
before the stock market break of last fall. He said this was
particularly true in residence building, but declared that
most surplus residence space has been liquidated, and that
increasing populations are demanding homes with the
higher type improvements that they can obtain in apartment dwellings. Continuing he said:
The fact that interest rates on 4 to 6 months commercial
paper turned
down in November and that the curve on new bond issues took
a definite
upward trend in December, the customary first indications
of easing
money conditions, should result in increased residential
building about
-4.4
this time, and lending institutions in most sections report ample
funds for
+2.0
this purpose.
+1.3
The individual house to-day is being sold in competition with
+0.7
automobiles,
-1.0
-1.9
+1.0
radios, attractive clothes, commercialized entertainment, good
44.6
43.6
schools
-5.2
-7.7
-3.0
47.2
43.7
and summer camps for the children. Many of these commodities
are
Sales and stocks in major groups of departments are compared with those available to-day in better quality and at lower prices than ever before.
It is the boast of the engineering age that the methods of mass production
of June 1929 in the following table:
Improve the product and lower the cost, but so far practically nothing has
been accomplished towards producing any sort of new individual houses
Net Sales
Stock on Hand
with a reasonable amount of conveniences. The only form of housing that
Percentage Change Percentage Change
has yet been developed which effects any reasonable economies by wholeJune 1030
June 30 1930
sale production is the well planned modern apartment building, and even
Compared with
Compared with
June 1929.
June 20 1929.
in this type of structure, which shows the greatest slump, there is room
for improvement.
Musical instruments and radio
+24.6
-20.5
Although we have no exact measure of the housing needs of the people
Silverware and jewelry
+7.2
+21.8
Toilet articles and drugs
of this country, we do know that the present recovery from depression
+8.8
+5.4
Shoes
+4.8
+13.2
differs markedly from the conditions in 1921. We have no shortage now
Toys and sporting goods
+2.9
+2.5
and we can count on a normal increase in housing demand from increasing
Furniture
-0.3
+9.3
population, from shifts of population to urban centers, suburban areas
Women's ready-to-wear accessories
-1.0
+5.9
Cotton goods
and rehabilitated urban sections. These influences would demand a normal
-2.6
+14.9
Men's and boys' wear
-3.0
-2.5
volume of residential building considerably above the depressed volume of
Men's furnishings
-4.2
+3.0
1930, and there is a strong body of expert opinion which holds that the
Flom furnishings
-4.6
-1.0
Luggage and other leather goods
problem before the building industry is to widen the market for new resi-5.2
-4.5
Books and stationery
-5.9
dential building by producing better housing at lower costs.
+17.4
Silks and velvets
.8
-15.1
Hosiery
-9.3
Mr. Holden said that much study and experiment is going
-13.5
Linens and handkerchiefs
-11.9
+18.4
on along these lines, both here and in Europe, and cited the
Women's and misses' ready-to-wear
-18.2
-5.5
Woolen goods
-33.0
-30.1
accomplishment of a company now building in France,
Miscellaneous
+4.0
-2.7
Chain Store Sales During June in New York Federal
Reserve District Under Those of Last Year.
The Federal Reserve Bank of New York, in its Aug. 1
"Monthly Review," reports that "total sales in June of the
reporting chain store systems averaged about 5% smaller
than a year previous, following increases in each previous
month this year except March." The bank adds:
Grocery organizations were the only type of chains that reported
Increase in sales, and their increase was slightly smaller than in the three
preceding months. Sales of 10. and drug chains showed the largest
decreases in several years, and the decline in the sales of reporting shoe
firms was the largest since March. Following increases in sales in May,
the variety and candy chain store systems reported moderate declines from
last year in June.
For the first six months of 1930 the total sales of the reporting chain
stores averaged 3% higher than the corresponding period a year ago. Last
year the total sales of these chains in the first six months were 10% larger
than a year previous. Sales per store showed a decrease of 4% from a
year ago for the first six months of this year as compared with an increase
of 5% for the first half of last year.
Percentage Change June 1930
Compared with
June 1929.
\
Type of Store.
Percentage Change
First 6 Months 1930
Compared with 1929.
Number of
Stores.
Total
Sales.
Sales Per
Store.
Total
Sales.
Sales per
Store.
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
+5.9
+7.6
-0.9
+7.8
+19.6
-1.9
+10.7
-9.1
-10.9
-18.3
-5.4
-3.4
+4.5
-15.5
-10.1
-24.2
-20.9
-1.5
+12.7
-1.3
-1.5
-9.5
+5.8
+2.2
+8.5
-8.7
7.3
-17.0
-12.8
+6.3
Total
+7.7
-4.6
-11.4
+3.3
-3.9
Recession in Building Industry Ebbing According to
T. S. Holden of F. W. Dodge Corp.
"Recession in building activity throughout the country is
gradually ebbing, but if the public is to build more homes,
steps must be taken to improve the character and lower the
costs of American domiciles," said Thomas S. Holden,
Vice -President of the P. W. Dodge Corp., New York
City, speaking before the 38th annual convention of the
United States Building and Loan League at Grand Rapids,
Mich., on July 29. He noted that contracts on public
works and utilities for the first 6 months of this year are the
largest on record for the first half of any year, and 40%
England and Germany standard design houses fabricated
on large-size, factory made, steel wall and floor units.
These houses can be built on Long Island, New York, for
20 cents a cubic foot, which is much lower than wood or
brick houses of the same design can be produced in that
locality. He likewise said:
Public works and utilities contracts in 37 States amounted to $848,738.700 during the past 6 months, being the largest volume of this class of
work on record for the first half of any year. and 40% more than in the first
half of 1929. There is every reason to believe that a record volume of public
works and utilities projects will be maintained through the year. While
this record volume of engineering work has not been of direct benefit to
those lines of business exclusively engaged in building enterprises, it has
employed large numbers of people, put large amounts of money into circulation and had an appreciable effect in mitigating the severity of
the
depression we have gone through, and a 40% advance is something
to be
profoundly thankful for in any field of business this year.
Residential building contracts during the past 6 months amounted
to
$579,412,600, being 47% behind the first 6 months of last year, but
residential work was already on the decline last year and the past few
months
of severe depression of this fall do not represent the entire period of
readjustment. They represent the climax of readjustment that has been
going on
on in some respects ever since 1925, when small house building
reached its
peak. It has declined steadily ever since and the drastic
reduction in
volume during the past 6 months shows that the country was
far more
overbuilt residentially than we realized at that time. A wholesale
liquidation of surplus residence space was necessary, but most of this
liquidation
has passed and we are beginning to build again.
At the end of June, total contracts for building and engineering
work let
this year in the 37 States east of the Rocky Mountains had
amounted to
$2.838,103.300, which was 12%% less than the contract volume
for the
first half of 1029. A very conservative estimate would indicate a
reduction
of this deficit from last year's volume to about 9% by the end of
the year.
Construction Contracts in June 10% Greater.
Total construction contracts awarded during June 1930
in the 37 Eastern States amounted to $600,573,400, according to statistics compiled by the F. W. Dodge Corp. In
June 1929 these construction contracts aggregated $545,891,000. The increase is due entirely to the larger amounts
involved in the construction of public works, these having
footed up $251,915,800 in June 1930 against only $120,841,100 in June 1929. For the six months of 1930 the aggregate of contracts awarded is $2,638,013,300, as compared
with $3,031,800,000 in the corresponding period of 1929.
We give below tables showing the details of projects contemplated in June and for the six months of this year, as
compared with the corresponding periods a year ago. The
table also shows the details of the contracts awarded for
the same periods. These figures, it is stated, cover 91%
of the construction in the United States.
W
81'2EIRFR
2 i 6
1W4R3S
)
ar.10.20 me
Classification.
g 0.3 gX n=vg=as0.3 ag
0 et..=so g e
0 00 ...0 Ew 00 Egg ,n'?. r.-•0
.
1
; n; 2.Y • O'ng....3 .., n; el - 0,n,$....ge
.
8 li a OE 1iii8 g. '8 R4gee-r-?:
...g
8 rg . . t-g -g-8 ER Eg tgg-E
ff Fpi gR
i Ngga 4 gE
gigEly
'
a.
a
O
0
0 d
Erar;
:
,
697
FINANCIAL CHRONICLE
AUG. 2 1930.]
6: :
g: :
,,,
.
.
...
418,146,200
345,069,900
763,216,100
.
... N.
,P. CO
loolum- .
co c*
r •
1-10•01-00,
.
bb
00 t40,
4.00 ....p....4
a
i
g
1.- .1.R- ,.
g
08 . a88
0008 0
-401
. 000
f0
.
.
.
NO.
A
N
..-..w. 1,10 IWO, rwk3.5.001W
...... - .. .. ......."A
.00 -.., 0000..4-40
CO
CO0
74'
Mk
I
1
259,397,1001
195,793.100
CO .,..=0,
.....0. ...1.
.
...... CO ..
.-4
.- ce.
- 4.•0v0.,- 0 00
00.00.0 .4
......0
.A.".P.WMio 42
,
F
w
.1 0 i
..
CO
V
CG4Ew.O.
CO T,
140W0WW.
COIN....
......9.:q
Osiolo;-.10
8888880 8 88
88888EE
. ww ..
.
CO
.. www..n
CO
1.,00WWW Co WW OW t4..,-.04.1.
gg Z5 ftggr.gn CO
=gag:SC-at
..... .0 0. ....0.0
.ww
.......
.
1.1. 14-.1.- 1.101. 0. .0 ...0w..
- 0
..,-....
.0. .w 1.-.1.14,.
.00..wp.
w......
1
1
tg t t t
ttt§tttt
ttttt
251,842,1001
96,815,500
348,657,600
251,915.800
600,573,400
-CO ..00
0..w..
!
.
wt0- ;000s.
0
.00J...
EEEEEEE
. w.,.
..00.
CO'
won. . .. ..
W
..
... .
CO .0 m. kam..meAl.
0
I... 04 mm
0
CO 12 . • •' Zal -7i'a,"Alt'F'.
Z.2 413 tl2F,Z1
.1'
c
....., .. ." ....
CO
...,,.
00.-4=-4.
1
4
,....
g
0
_
7
...I
Fl
•
E.
1
;
'
1Number New Floor
Space. in I Valuation.
of
Projects. Square Fed.
409,618,300
575.877,400
323,403.600
748,335,600
196,563,400
284,797.900
95,224,200
177.240,200
62,322,300
145,888,900
56,224.900
88,589,500
66.505,300
131,692.400
1
11
27,094 2,152,421,9001 27,476!1,941,037.900 21,0301158,931,300 1,209,862,000 21,470 197,637,3001 1,320,497,400
.1,868",863
119 391 300 579.412,600 h62,1131227,808,200'1 103 070 000
532 700
b44,8181 923,561,500 g69
I
d39,8101
"
97,339'
3,809,570,600 60.840278,322,600 1.789,274,600 83,5831425.445,5001 2,423,567,400
8,8131 4,370.600 607.979.400
12,962 1,088,889,200 10,1041 4.892.200 848,738,700
1
70,944 283,214,800,2,638,013,300 92,3961429.816,100 3.031,546.800
71.912'
3.075,983.400
14,830 2,254,120.800
86.7421 5,330.104,200 110,301 4,898,459.800I
gtir.82°,?Ig t 56'2 -`22 5, .
- r..;i=n
;:=4
w w w.. .
A..
.0 w00..
July 29 1930. July 22 1930. July 30 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
A11,.....,,,...m.t...
1094
124.9
115.4
153.3
109.3
142.7
127.9
99.1
110.3
127.5
115.4
154.6
109.2
142.7
128.1
99.8
148.5
156.0
145.4
182.0
128.3
153.7
134.6
127.4
120 0
122.0
149.6
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
4
1
aa
0
.-. ,-.
,-. a
-CO.- awas ,... to.- .4.
k4
10,.7-m0 14 00 1r4- abD....00.14
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
.
0
CO
S
g
a
July 1930.
June 1930.
July 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
112.2
128.2
116.3
153.6
109.9
142.7
128.2
101.8
120.8
132.9
121.1
154.9
112.5
144.3
129.4
106.8
147.1
154.2
146.8
162.8
128.3
153.4
134.6
129.9
All CIIMMOditilN
123.0
128.5
149.1
New York Life InsuranceTCo. Reports That More
People Sought Life Insurance in United States
and Canada During First Six Months This Year
Than in Same Period Year Ago.
During the first six months of 1930 more people applied
for insurance in the United States and Canada than in the
corresponding period of 1929, the New York Life Insurance
Co. reported on July 26, The New York Life issued 187,758
policies for $538,079,800 during the half-year as compared
with 164,366 policies for $511,074,600 during the same period
in 1929. In addition, the company had to decline 11,908
cases for more than $49,000,000 insurance on the lives of
applicants who were not insurable. In making this known
the company says:
1
;
4
These figures establish a new record for business obtained by the company and bring the total insurance in force to more than $7,571.000,000.
During the same period the company invested $79,309,073. Of this
invested in railroad, municipal, public utility,
1 amount $46,155,363 was bonds, and in preferred and guaranteed stocks,
c industrial and Canadian
Se a
•. while $33,153,710 was invested in mortgage loans. The loans were dise
,...C4140140
:4 . ,-,.. 14... - ...1. .
00
.
- .
tributed throughout 33 States and the Dominion of Canada and were sub..
..... Elia
...
,..
.. .. .'.'CO .. r r$!ePPP
divided as follows: 283 apartment house loans for $12,958,125: 116 business
:-,
4
9,
.
.
45
property loans for $12,378,815,and 1,209 residential loans for $7,816,769.
nrg88:4 e E8 8E HEEEEE
al P
Payments made to living policyholders and beneficiaries in this period
amounted to more than $98,000,000. The company paid to living policy..".......00
.-4
-400101000.0.
..-.... 0
,
a
holders over $65,000.000, and to the beneficiaries of over 7.700 deceased
policyholders more than 533,000.000, including over $1,300,000 as double
84tg'zig4
t
indemnity on account of accidental deaths.
1414- -1141.."0
5
.
Also included within the total of $98,000,000 are dividend payments
88E8888
8
•
Ilgt§1 .§ §E
amounting to more than $35,000,000.
The following statistics show the number of years in force of the policies
on which death benefits have been paid, and the age at death and occupawill be noted that a total of 1.782, or almost oneSmallest Decline in Three Weeks in Commodity Prices tion of the insured. It the six months, occurred to policyholders whose
quarter of all deaths in
Reported by National Fertilizer Association.
insurance had been in force not more than five years. A total of 3,423.
were paid on policies which had been
death
A decline of three-tenths of one per cent is shown by the or about 44% of theless. benefits,
in force ten years or
wholesale price index of the National Fertilizer Association
Lives.
Insigance.
Years in Force
375
51.453,290.15
for the week ended July 26. The Association's advices Died in 1st year of insurance
341
1,784,733.49
insurance
Died in 2d year of
1,066
6,180.193.47
July 28 further state:
Died between 3 and 5 years
1.641
9,079,417.57
Died between 6 and 10 years
Six groups declined and two advanced. Of the 476 items, 32 declined and Died between 11 and 20 Years
2,020
8.108.182.03
2.303
6.663.234.42
21 advanced. The larger declines occurred in fertilizer materials, textiles. Died after 20 years
petroleum, foods other than fats, livestock and metals. A material advance
7,746
$33.269,051.13
occurred in the group of miscellaneous commodities, attributable to an
Age at Death
increase in the price of coffee.
604
51.734.588.28
30 years of age and under
963
3.482,145.22
Based on 1926-1928 as 100 and on 476 quotations, the index stood at Between 30 and 40 Years
1.544
7,897.263.66
Between 40 and 50 years
85.4 for the week ended July 26;85.7 for July 19; and 86.2 for July 12.
1.98410,446,138.97
Between 50 and•60 Years
2,651
9.708.915.00
Over 60 Years
1
1
235.241,500
189,808,500
7,746
533,269,051.13
Occupation
Annalist Weekly Index of Wholesale Commodity Prices.
52.395,130.75
806
Farmers and their employees
1,451
5,410,305.33
Manufacturers and their employees
Commodity prices have continued their decline this week, Merchants and their employees
3,087
17,536,278.17
721
3,506,353.61
Official and
and at 120.9, the Annalist Weekly Index of Wholesale Com- Capitalists professional men
28
992,011.19
1.653
3.428,972.08
modity Prices is now 1.1 point lower than last week and nearly All other occupations
20% lower than the corresponding week last year. The
7.746
533.269,051.13
Included above are 939 women insured for $1,952,064.
"Annalist" continues:
The declines are distributed over a wide field. Wheat took a sharp dip
and carried with it barley, oats and rye. Cotton made the steepest decline Building Construction Outlook as Viewed by Union
in four weeks; steers resumed their downward trend and now are 26%
Trust Company of Cleveland-First Sign Seen of
lower than on May 20. Lambs and potatoes are lower. Cotton goods
and cotton yarns have touched new lows. Crude petroleum, with a stable
Upward Trend.
and unchanged price for the past ten weeks, have made a sudden dip. Pig
Increased building activities, chiefly in public works and
iron prices continue to reach for new lows, and rubber and lubricating oil
have again made declines. The price of silver bullion also declined during public utilities, are giving the first important sign of an
the week and adds to the general price debacle.
business, according to the Union Trust Co.,
There have been some advances but in no way sufficient to balance the upward turn in
declines. The advance in corn continues for the fourth consecutive week, Cleveland. The efforts of President Hoover immediately
prices having advanced from 91 cents on July 1 to 51.06% this week. This
stock market crash of last autumn to stimulate
rise is wholly the consequence of an anticipated supply and demand condi- after the
bearing fruit, the bank says.
tion, the dry weather having materially reduced the crop. It is estimated construction apparently are
that in spite of the smaller crop,farmers will receive in totality $270.000,000 The volume of public works and public utility construction
more than the larger crop would have yielded. For the first time in weeks
the highest monthly aggregate in a five-year
pork prices have begun to show a sympathetic response to corn prices, and is mounting to
have advanced. The rise in the price of butter is seasonal. Silk prices period, according to the bank. The total for the first six
have made another advance, though the position of future contracts in months of the year showed a gain over the same period
Yokohama and New York now shows that the advance of spot prices has
of 1929 of about 20%. "A number of factors may be exprobably been checked. Lead and zinc are again firmer.
698
FINANCIAL CHRONICLE
pected to exert a favorable influence on building," says the
bank in its magazine, "Trade Winds." "Among them are,
currently cheap and abundant credit, lower costs of building
material, and continued high standards of living." The
article also states, in part:
"The reduction in building costs is a stimulating factor, and the present
is considered an advantageous time to build. In 1920 building unit costs
were 134% over the 1913 rate, but in 1929 only 75%. Materials have
come down more than this, but wage rates have stayed at their peak.
However, building labor is reported as more efficient.
"Money rates are now at the lowest level in some years. Real estate
mortgage money rates, while not following closely the decline in other
credit rates, is more freely available for house building. Loans for building
of the speculative type are not yet easy to obtain.
"Falling real estate values have in many cases caused land owners to
be increasingly cautious. Even more important than cheap money and
reduced costs of construction in the long-term outlook for the building
industry are rising standards of living and changing trends in modern life
and industry.
"Among these may be mentioned: (1) The radical improvements tending
to make old homes, offices and factories obsolete; (2) decentralization
trends in industry; (3) air transportation, and (4) wider distribution
of wealth.
"Modern facilities of transportation have already brought a great upbuilding of residential sections outside of cities. This movement may be
expected to continue, with the possibility that in the future the airplane
will be an additional influence in this direction.
"While building may increase only moderately in 1930, there are signs
that the major characteristics of another era of neat building activity are
in the making and the long-term outlook is favorable."
Loading of Railroad Revenue Freight Far Below 1929
and 1928.
Loading of revenue freight for the week ended on July 19
totaled 928,256 cars, the Car Service Division of the American
Railway Association announced on July 29. This Was an
increase of 12,271 cars over the preceding week, but a
reduction of 151,712 cars below the same week in 1929. It
also was a decrease of 105,587 cars below the same week in
1928. Particularizing the report says:
Miscellaneous freight loading for the week of July 19 totaled 359.168
cars, 66,443 cars under the same week in 1929 and 51,092 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 233,131
cars, a decrease of 24.439 cars below the corresponding week last year and
22,571 cars below the same week two years ago.
Goal loading amounted to 136,771 cars, a decrease of 14,448 cars below
the same week in 1929 and 14,683 cars below the same week in 1928.
Forest products loading amounted to 42.158 cars, 24,585 cars under the
corresponding week in 1929. and 22.544 under the same week two years ago.
Ore loading amounted to 62,009 cars, a reduction of 17.339 cars below
the same week in 1929 and 2.489 cars below the same week In 1928.
Coke loading amounted to 8,512 cars, a decrease of 3,371 cars below the
corresponding week last year and 243 cars under the same week in 1928.
Grain and grain products loading for the week totaled 64,156 cars, a
decrease of 577 cars below the corresponding week in 1929 but 8,923 cars
above the same week in 1928. In the Western districts alone, grain and
grain products loading amounted to 45,072 cars, a decrease of 4,963 cars
below the same week in 1929.
Live stock loading totaled 22,351 cars, 510 cars under the same week in
1929 and 888 cars under the corresponding week in 1928. In the Western
districts alone, live stock loading amounted to 16,672 cars, a decrease of
740 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
not only compared with the same week in 1929, but also the same week
In 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1928.
1930.
1929.
3,448.895
Four weeks in January
3,349.424 3,571,455
3,590.742
Four weeks in February
3,766.136
3.505.962
Five weeks in March
4,414,625 4,815.937 4.752.559
3,989.142
3.740.307
Four weeks In April
3,619.293
4,939,828
Five weeks in May
5.182.402
4,598,555
Four weeks in June
3,989.442
4,291,881
3.719.447
Week of July 5
850,947
792,141
911.143
Week of July 12
1,066,414
1,024.925
915.985
Week of July 19
1,033.843
1,079,968
928,256
Total
[VOL. 131.
As compared to a year ago the July index of prices of cotton and cottonseed was down 46 points; poultry and poultry-products, 42 points; meat
animals, 40 points; grains, 30 points; and dairy products. 20 points. Prices
of fruits and vegetables, as a group, however, were up 37 points from a year
ago, owing to the increase in potato prices.
Hoss.-The farm price of hogs declined approximately 8% from June
15 to July 15, due principally to a decline in the demand for pork and pork
products. The decline was also accompanied by a slight increase in supplies of hog products. Stocks of pork were about 0.5% larger on July 1
than a month earlier, and lard stocks were approximately 5% larger. On
July 15 the farm price of hogs was about 19% lower than a year ago. The
corn-hog ratio for the United States declined from 11.05 on June 15 to
10.5 on July 15.
Sheep and Lambs.
-Large supplies of sheep and lambs and a weaker
demand for all meat animals were largely responsible for the sharp decline
in the farm prices of sheep and lambs from June 15 to July 15. On the latter
date, farm prices of sheep were about 16% lower than on June 15 and
36%
less than a year ago. Farm prices of lambs dropped 10% from June 15
to July 15 and were approximately 32% below a year earlier at the end of
the period. Receipts of sheep at seven primary markets during the 4
-week
period ended July 12 were about 7% larger than
in the corresponding
period in 1929.
Corn.
-The farm price of corn declined less from June 15 to July 15
than the price of any other cereal. The 2% drop, however, was sufficient
to bring the July 15 figure about 15% below a year ago. Since July 15
corn prices in the markets have made considerable advance because of the
continued deterioration of the crop. The decline from June 15 to July 15
was accompanied by indications of a 3.6% increase
in acreage over last
year. Small commercial stocks and reports of drought damage in the
eastern Corn Belt probably are the primary factors which have prevented a
decline in the farm price of corn comparable to that of other grains.
Wheat.
-Improvement in Winter-wheat prospects in June, evidence that
visible supplies and farm stocks in this country were larger than a year ago.
a lower general price level, and continued poor demand brought about a
20% decline in the farm price of wheat from June 15 to July 15. As a
result the United States, average farm price of wheat, on July 15 at 71 cents
per bushel, was approximately 31% below a year ago.
Potatoes.
-Increased shipments of new-crop potatoes and prospects for
a total crop about 10% larger than last year's harvested production were
the principal Influences favoring the 13% decline in the farm price of
potatoes from June 15 to July 15. The price decline was general throughout
the country, although most marked In the Southern States, the principal
source of commercial supplies of potatoes.
Cotton.
-A 15% decline in the farm price of cotton was registered from
June 15 to July 15. At 11.9 cents per pound on the latter date prices paid
producers were approximately 31% below a year ago.
Lamport & Holt To Withdraw Passenger Line to
South America Because of Unfavorable Business
Conditions.
Withdrawal of the Lamport & Holt Lino from the South
American passenger service beacause of unfavorable business
conditions was announced on July 29 in a statement issued
by Sanderson & Sons, 26 Broadway, agents of the company.
This is noted in the New York "Times," which further said:
The line will remove its two passenger vessels, the Voltaire and the Vandyck, from the service, but will continue to operate its seven freighters.
The line is owned by the Royal Mail Steam Packet Co.. Ltd., of Great
Britain, which withdrew temporarily from the Berniuda service last week
by selling the Araguaya to an undisclosed group abroad. The Royal Mail
Is now left with the ships of the White Star Line as Its only operating
passenger fleet. The Arcadian, the second of its Bermuda ships,is operating
In a summer Canadian service and plans of the company affecting her await
the close of the summer season.
The Lamport & Holt ships have faced keen competition In the last
few years in the South American service. The Munson Line, which had
operated a fleet of Government
-owned ships for the United States Shipping
Board in the South American service, bought the ships and has continued
to operate them. The Prince Line, another competitor. has built four
large,
modern passenger ships, the Northern Prince. the Southern Prince,
the
Eastern Prince and the Western Prince, in the past year, and
the Garcia &
Diaz Company has also added to its fleet.
The announcement by Sanderson & Sons was
prompted by orders from
abroad and specifies that the action is temporary, final
action to be determined by trade conditions in the future.
"The continued depression," it says, "In the trade between
New York
Argentina, Brazil and Uruguay is such that the operation of vessels possessed
of large passenger-carrying
capacity Is not warranted and the board of
directors of Lamport & Holt, Ltd.. after
due consideration, has decided
to withdraw these two fine vessels
until such time as the passenger trade
revives. The freight service of the line
will be maintained as heretofore
and supplemented by such additional
vessels as the trade demands"
25.843,688 28,674,478 27.371,488
Farm Prices Show Decline in Period From June 15
to July 15.
Ford Plants to Reopen--Work in Detroit Area to Start
August 4, According to Notices to Men.
From the "Wall Street Journal" of July 30 we take the
A marked decline in prices paid producers for practically following Detroit advices:
all agricultural commodities reduced the index of the general
All plants of the Ford Motor
Co. In the Detroit area, including the
level of farm prices to 111% of the pre-war level in the plant of Lincoln Motor Co., are scheduled to reopen Aug. 4. Workers
were notified to this effect through
advertisements last week In the local
middle of July, a drop of 12 points from June 15 to July 15, press. Reports of a
locally.
according to the U. S. Department of Agriculture. This It is pointed out that possible change in this plan are discredited closing,
the company announced on July 14, date of
was 29 points below a year ago, 28 points under July 15 that assembly lines would continue to operate two days to supply local
dealers with cars, indicating stock
of cars at that time was sufficient for
1928, and at the same level as in July 1921, says the De- the shut-down period.
partment under July 29; it adds:
A previous item in the matter appeared in our issue of
Declines in farm prices from June 15 to July 16 ranged from 1% for
butter to 28% for rye. Eggs were the only farm product to advance, but July 26, page 548.
the advance was only 1%. Wool and butterfat prices remained the same.
As compared to a year ago, farm price declines ranged from 6% for hay
Ford Branch at St. Paul Shuts Down for Two-Week
to 49% for rye. Prices of potatoes were 48% higher than a year ago on
Vacation-Andersen Frame Co. Closes for Month.
July 15. this commodity being the only one to show a farm price advance
over July 1929.
The New York "Evening Post" in St. Paul advices July
Indexes of farm prices by groups of commodities, on July 15, were lower
than a month earlier by the following amounts: Fruits and vegetables, 20 26, said:
points; cotton and cottonseed, 16 points; grains and meat animals. 14
The St. Paul plant of the Ford Motor Co., serving the entire North
points; dairy products,3 points; and poultry and poultry products.2 points. Central area, has closed for two weeks. It will reopen August 7.
AUG. 2 1930.]
FINANCIAL CHRONICLE
Local executives explained this WU the customary mid-summer lay-off
for repairs and other adjustments and that operations would resume at
the end of two weeks with normal payroll. They said business this summer
had been normal.
The Andersen Frame Co., which specializes in window frames, also
closed this week for a month. It has sales offices throughout the East
and South and is the largest industry of the kind in this territory. Officials
said enough stock was on hand to carry until September.
Elgin Watch Co. at Elgin, Ill. on Four-Day Week.
The "Wall Street Journal" in its issue of July 28 had the
following to say in a Chicago dispatch:
Elgin Watch Co.factory at Elgin will go on a four-day week basis Aug. 1,
"until conditions warrant a resumption of full activities."
Siemens & Halske of Germany to Dismiss 10% Office
Help Unless Wage Cuts Are Agreed to.
From its Berlin bureau the "Wall Street Journal" of
July 26 reported the following:
Siemens St Halske, largest German electro-technical and operating
concern, announces intention to dismiss 10% of non-factory employees as
alternative to general wage reductions for factory workers, which have
thus far been refused by the trade unions. About 7,000 persons will become
unemployed, unless the plant workers agree to wage cuts. The action,
forced by business depression, is considered of serious proportions.
Census Finds 86,403 Idle in Manhattan—Bronx Total
Reveals 46,115 Are Unemployed in That Borough.
The unemployed in the borough of Manhattan totaled
86,403, and those in the Bronx 46,115, according to figures
made public on July 7 by Bruno B. Saloschin, supervisor of
the Twenty-second Census District. An item in the New
York "Times" of July 18 to this effect also said:
The figures are based on the answers received during the recent census.
Mr. Saloschin expects to close the offices of the twenty-second district,
at 1841 Broadway, within the next few days and to make his final report
and recommendations to the Director of the Census at Washington some
time next week.
Census Lists 81,265 as Idle in Brooklyn—Washington
Bureau Reports That Number Unable To Find
Work Last Spring.
The Borough of Brooklyn, with a population of 2,596,154,
had 81,265 persons "who usually work at gainful occupations" but were unable to find employment late in the spring
when the Federal census was taken, it was announoed on
July 24 by the Brooklyn census supervisors. The foregoing
Is from the New York "Times," which further said:
699
Reviews Brooklyn's Figures.
Mr. Doherty reported 81,265 idle in Brooklyn. Miss Perkins insisted that
even if this figure were accurate it would have to be compared with approximately 1,000,000 wage earners in Brooklyn and not with the total 2,596,154
population there.
Last week census supervisors reported 86,403 idle in Manhattan and
46,115 in the Bronx when the census was taken last spring.
Miss Perkins repeated last night her challenge that the Bureau of Census
have the American Statistical Association compute the basis and to interpret
the unemployment figures in the census. She said she had made her first
request before the census was taken and she felt it was not too late to take
the figures and re-examine them "in the light of a wiser basis."
"There has been much uneasiness among statisticians as to the validity
of the census figures," Miss Perkins declared. "Census enumerators all
over the country did not use a true basis for their figures. They were
Instructed not to include among the unemployed those who had been laid
off with a promise of work in the future.
Calls Exclusion Absurd.
"Now, it is absurd to exclude such people from an unemployment count.
They are actually out of employment and there is no way of getting around
that fact. Then, if a man had been out of work for six months, but happened to have a day's work mending a furnace or raking up leaves, he also
was considered to have employment. Nor did the census enumerators include
people unable to work owing to illness or accident"
While she was unable to give unemployment figures for the five boroughs
that would controvert those of the Federal census, Miss Perkins said that a
study of applications at employment bureaus and at charitable institutions
when the census was being taken gave an impression of greater unemployment than the census figures revealed.
She said the State Department of Labor had no figures other than its
monthly report on factory employment within the State. These figures
already published show a decline of 14% in factory employment in the
State since last October.
W. M. Steuart, Director of Census, Defends Employment Check—Replying to Miss Perkins of New
York State Labor Bureau, Says Federal Count
Was on ,"Only Positive" Basis—Actual Workers
Unknown.
Replying to charges made by Miss Frances Perkins, State
Industrial Commissioner of New York, that "a more accurate count" would reveal a greater percentage of unemployment than the Federal figures indicate, William M. Steuart,
Director of the Bureau of Census, stated on July 26 that in
determining the extent of idleness the Bureau had used
the only "positive" method available for the purpose. Making this known, a Washington dispatch, July 26, to the New
York "Times" continued:
Miss Perkins, in taking issue with the figures and percentages made by
Leo V. Doherty, Chief Census Supervisor for Brooklyn, declared that a
true survey of conditions in Brooklyn would reveal 8% of the working
population to be unemployed instead of only 3%, as indicated by census
supervisors. She contended that because the percentage was based on the
total population, rather than on the actual number of workers, it was
The figure was compiled in Washington and forwarded to the local
authorities here for announcement, according to Leo V. Doherty, Chief
Supervisor for the borough. Mr. Doherty announced the figures for three inaccurate.
Commenting on the criticism against comparing unemployment with the
of the five New York census districts into which the borough was divided.
They are:
total population rather than with those actually working, Mr. Steuart said:
"It would be impossible to determine exactly the number of persons actually
Unemployed.
28th Census District------------------------------------------------ 13,831 working in Brooklyn; no one knows the amount, it can only be estimated roughtly,
31st Census District------------------------------------------------ 16,759 and what we want are the exact figures, and we get them. The number of actual
32d Census District-- _
- --- -------------------------------- 17,675 workers is an unknown factor, and the only known factor is the total population."
33,000
29th and 30th Census Districts (combined)
Repeating her challenge that the Bureau of Census have the American
Association compute the basis and interpret the unemployment
Total
81,265 Statistical
census, Miss Perkins said that census enumerators all over
The statement from the Federal Census Bureau was described as a figures in the
"were instructed not to include among the unemployed those
preliminary announcement of unemployment returns, subject to correction, the country
laid off with the promise of work in the future."
and to be supplemented later by data as to other classes of persona not at who had been
"It is absurd to exclude such persons from the unemployment count,"
work at the time of the census, such as those who had a job but were
"They are actually out of employment and there is no getsick or temporarily laid off. These other figures probably will not be she continued.
ting around that fact."
released until September, it was said.
Mr. Steuart declared, however, that "it would be absurd to rely on
Mr. Doherty and Mortimer II. Michaels, Supervisor for the Twenty-ninth
employment in a positive survey."
Census District, asserted that the figures for Brooklyn revealed the unem- statements of promised
"Promises are not positive and we have used the only positive method,"
ployment situation to be less serious there than it had been pictured.
to take issue with the Bureau's basis of comparison
"I think this is a very small percentage for a large city like Brooklyn," he said, adding that
criticism."
Mr. Doherty said. "It does not seem high when we compare it with that was "small
of Manhattan and other large cities."
"There is certainly nothing alarming about this figure," asserted Mr. Unemployed in Chicago 145,852—Situation Said to
Michaels. "I had expected the unemployment returns for the borough
Have Improved Since Census Was Taken.
would reveal a much larger number of idle here. Considering the constant
cries about unemployment and hard times and business depression, I was
A dispatch from Chicago, July 18, to the New York
favorably surprised."
"Times" said:
Government census figures, released to-day by the Chicago Association
Federal Unemployment Figures Called Inaccurate— of Commerce, in co-operation with Chicago census supervisors, show that
Frances Perkins, New York State Industrial Com- 145,852 persons in the city are unemployed.
This represents 4.3% of Chicago's population of 3,375,235.
missioner, Thinks "Truer Survey" Would Show
Those classed by Federal census enumerators as "unemployed" include
able
8%, Not 3%, Unemployed in Brooklyn.
all persons over 16, usually working at gainful occupations, who are
Challenging the basis and interpretation of the Federal to work and are looking for employment. situation has been evidenced
"An improvement in the unemployment
Government's census of unemployment in Greater New York,
census
since the census enumeration was finished," said Joseph E. Vesely,
Including that for Brooklyn, made public on July 25, Miss supervisor. "The actual figure on unemployment probably is several
weeks ago, and the trend appears
compiled six
Frances Perkins, New York State Industrial Commissioner, thousand less than the total
improvement."
to be toward continued
declared that "a more accurate count" would reveal a
greater percentage of idleness than the Federal figures indiIdle in New York Counties—Census
cated. We quote from the New York "Times" of July 26, 25,000 Found
Bureau Reports One in Every 35 Our of Work in
which also had the following to say:
New Jersey Cities.
Taking specific issue with the unemployment percentages offered by
About 25,000 persons in 15 New York counties, or one In
Leo V. Doherty, Chief Census Supervisor for Brooklyn, based upon the
entire Brooklyn population of 2,596,154 rather than upon the actual number 40 of a total population slightly in excess of 1,000,000, were
of workers, Miss Perkins asserted that a "truer survey would reveal over 8%
out of work when the 1930 census was taken, according to
of Brooklyn's working population to be unemployed, instead of only about
preliminary figures on unemployment made public on July 25
indicated by the census supervisors."
3%, as
700
FINANCIAL CHRONICLE
[VOL. 131.
by the Census Bureau. These advices were contained
in a ties, according to the Union Trust Co., Cleveland. In
many
Washington dispatch to the New York "Times," which fur- lines, the bank
says, feeling is spreading that the low level
ther reported as follows:
of recession has passed and that an upturn is near
at hand.
Similar returns for the 1930 census for 10 cities and towns
in three "The basis for this conviction apparently lies in
the realizanorthern New Jersey counties revealed an unemployment ratio
of one in 35, tion that on the
whole in recent months consumption has
ranging from 201 in Tenafly to 13,313 in Jersey City, the
number of
unemployed being 18,204 out of a total population of 637,020.
exceeded production," says the bank in its magazine "Trade
In New York, more than 5,000 persons were looking for work in Richmond Winds." "The
feeling is growing that surplus stocks have
County, as many in Oneida, nearly 4,000 in Niagara, and over 1,000 each
in Broome, Genesee and Herkimer Counties on the day preceding the call now been thoroughly worked off, that merchandise purchased by the public last fall must be to a large
of the enumerator.
extent in
The preliminary returns of the New York counties follow:
need of replacement and that before long a general
demand
Population
No. of
population
No. of for merchandise will make itself felt to
a larger extent."
1930
Persons
1930
Persons
(Prelim- Without
(Prelim- Without The article goes on to say:
County-
CountyMary). a Job.
inary). a Job.
Broome
146.965
1,826 Madison
29.783
596
Clinton
46,664
449 Niagara
151.321
3,881
Columbia
41,680
560 Oneida
198,602
5,431
Essex
33,931
418 Orleans
28,768
1.196
Franklin
45,674
801 Richmond
157,253
5,074
Genessee
44,463
1,704 Schuyler
12,903
163
Hamilton
3,927
66 Wyoming
28,734
860
Herkimer
63,909
1,709
The preliminary New Jersey report shows:
Population
No. of
Population
No. of
1930
Persons
1930
Persons
(Prelim- Without
(Prelim- Without
City and Countymaw. a Job. City and Countymaim.
a Job.
Bergenfield, Bergen__
8,805
206 Kearny, Hudson
40,720 13,313
E. Rutherford, Bergen_ 6,176
225 Lodi, Bergen
11,551
540
Fort Lee, Bergen
8,639
257 Morristown, Morris__ _ 15,193
369
Harrison, Hudson
15,603
1,020 Tenafly, Bergen
5,634
201
Jersey City, Hudson___315,642 13,313 Wallington, Bergen
9,057
396
"That the American public will have the
capacity to buy as the season
progresses is indicated by the fact that savings
deposits in banks throughout
the United States have on the whole shown a definite
increase. Although
there is still a great deal of unemployment
among industrial work, this is
being offset to a larger extent by construction
work, road building projects
and other seasonal activities which are adding to
payroll totals.
"In spite of the industrial depression and decline
in industrial earnings
stockholders in leading industrial companies
during the first half of the
year received a greater total of dividend disbursemen
ts than they did
during the first half of 1929. The credit situation is
also encouraging.
"It would be a mistaken assumption, however,
to
recovery, if indeed such recovery is now under way, think that business
will be accomplished
quickly or easily. Of necessity the process must
be a gradual one and in
the present case the period of readjustment may drag out
for some months,
owing to difficulties with respect to the price situation.
"If prices are to remain at current low levels for some
time It seems
probable that some wage reductions may come. Some,
in fact, already
have taken place, particularly in copper mining, reflecting
the drop in
the price of copper and in farm wages and also in automobile
manufactures.
It is probable, however, that wages, if they do decline, will not
drop proportionately as far as commodity prices so that even should
wage reductions
prove necessary the purchasing power of the wage
earners dollar will be
as great or greater than ever before. To this extent
reductions mean
wage
no decline in the employee's standard of
living."
6,298,000 Jobless Listed in 26 Nations
-Geneva Figures
Do Not Include United States, Japan, China and
India-Decrease in Four Countries
-Russia Shows
Greatest Gain-Earned Wage Drops in United
States.
From its Genera correspondent, Clarence.K. Streit, the
New York "Times" reported the following on July 24:
Union Guardian Trust Company of Detroit Looks for
The number of unemployed in the world is much greater than
Improved Business in August-Conditions in
the entire
population of New York City, it is estimated here on a basis of the most
Michigan.
recent figures published to-day in the July number of the Labor Office's
Some improvement in the general business situation
International Labor Review. The figures, covering 26 countries, excluding
may
the United States, for which the statistics are not given but where unem- be expected during
the month of August, according to Ralph
ployment is known to be high, show for only this part of the world a total
E. Badger, Vice-President, and Carl F. Behrens,
of 5,067,000 "permanently" unemployed and a total of 1,231,000 more
Economist,
temporarily jobless, a grand total of 6,298,000. This total is 1,541,000 of the Union Guardian Trust Co., Detroit.
Previous recesgreater than that for the same area in May 1929.
sions, they note, have usually lasted from 12 to
15 months,
Figures Cited Are Incomplete.
and the current decline commenced just about a
year ago.
Since many of the 26 States concerned give only the number of trade
Precedent also, they state, favors an upturn in business
unionists or number of registered jobless, and since only five of them
include the figures for the temporarily jobless-Germany, Great Britain, when interest rates reach levels such as those now being
Belgium, Italy and Poland, which alone total 1,231,000 in this category
- maintained. Further, among the basic industries, autoand since such countries as the United States, China, Japan and India are
mobile production, Steel output, building and construct
not included at all, it is considered that the real total of the world's
ion
activity, and railway traffic are expected to make material
unemployed is much greater than 6,000,000.
The only indication given for the United States is that there were 10% gains in August
and September. They likewise state that
less employed in Slay than in Slay 1929-a sharper drop than either Britain
"It should be noted that business men will, from now
or Germany registered.
on,
Of the 26 countries all but four showed an increase in the jobless over be comparing their monthly records of accomplishment, not
May 1929. Unemployment in Soviet Russia declined more than 400,000, with the
abnormally high monthly totals of early 1929,
dropping steadily from 1,593,000 in May 1929 to 1,168,000 in February,
the latest Russian figures given. The other three countries where the but with the early recession totals of the last half of last
number of jobless decreased are Denmark, 2,000; New Zealand, 1,000, and year. Future comparison," they add, "should be
much more
Palestine, 600. Estonia and Latvia remained practically stationary.
productive of business optimism. Messrs. Badger and
German Increase Greatest.
Behrens, in their survey of conditions in Michigan, state:
The greatest increases were: Germany, from 900,000 to a total of
The leading bankers of Michigan, in their replies to the Union
3,993,000; Britain, from 700,000 to 1,855,000; Poland, from 120,000 to
Guardian
Trust Co.'s recent questionnaire, report a variety of business
360,000, and Italy, 54,000 to 390,000.
conditions,
depending largely upon the section of the State in which they
are located.
Britain, however, is the only one of these countries in which the number
of jobless did not decrease in the spring, British unemployment having In industrial southeastern Michigan manufacturing activity is less than
that of last year in 18 of 21 cities; in one of the 21, no
mounted steadily each month since June 1929. France continues to have
change is
the fewest jobless, the May total being only 913, an increase of 363 over reported, and slight improvement is indicated in two. In only seven of
the 21 is any improvement expected in the next month.
May 1929.
Employment In
Other statistics published in the same review show a sharp decrease in this section of the State is running considerably below that of a year ago,
and in most cases some further decline is expected. Money in
wages carried in the United States in the past year both for skilled and
most of
unskilled men and women. Comparing the first quarter of 1929 with the these cities is not over-plentiful, but several reports indicate an excessive
first quarter of 1930, the average weekly earnings of skilled factory workers supply of loanable funds. Compared with 1929, there is some decrease
dropped from $33.15 to $30.70, the index number declining from 234 to in the demand for money, a condition which may persist for some time.
The volume of retail trade in southeastern Michigan is below
217; for unskilled, $26.03 to $24.14, the index dropping from 243 to 225;
that for
for skilled women, $17.76 to $16.84, with the index from 227 to 215, and the same period of 1929 and no change is expected in the near future.
the general average from above $28.88 to $27.59, and the index from 230 Collections are slow. The building industry in this territory is still
to 220. The general average hourly earnings, however, rose from 58 to 59c. below 1929 totals, and although some improvement is expected in
in the same period. Figures available for comparison are limited to Jackson and Bay City, little change is looked for in the other cities.
Poland, where the index of wages for men and women rose in the same Crops in this section of Michigan are quite universally reported as good,
and in several areas, excellent Prices of farm products are
period from 117.5 to 121.
low, but
good crops at low prices may be more satisfactory to the
farmer than
smaller crops and high prices.
What has been said of economic conditions in industrial
Du Pont Reduces Price on Cellophane.
southeastern
Michigan is quite generally true of industrial southwestern
Michigan.
The following is from the New York "Times" of Aug. 1: Employment is below last year in all centers except
Battle Creek and
A price reduction of 10 cents a pound on both its special and regular Kalamazoo. In Kalamazoo some decrease is expected. Crops
are, in most
Cellophane was announced yesterday by the du Pont Cellophane Corn. cases, reported good or excellent except in the South
Haven area, where
pany. This is the ninth downward revision in regular cellophane since the cherry crop is only about 50% of normal and only a
fair peach crop is
the du Pont organization started its domestic manufacture and repre- expected.
sents a decrease of 74% from the original quotations. The reduction
In the Ionia district, the farm outlook is reported to
be the best In
of its finer grade is made possible by the unusual acceptance of the years, with an increase in acreage under cultivation of
about 20%. Farmmaterial by the cigar industry during the past six months and by its ing and other outdoor work has absorbed a large
proportion of the unemindicated adoption as a wrap for frozen foods, nuts and other products, ployed in Ionia.
the company stated.
In northern Michigan, there is a sufficient supply of
money. Employment is slightly below last year, but some increase is
expected as tourist
demands reach the peak. Retail trade likewise is less
than it was a
Union Trust Co. of Cleveland Finds Business Sentiment year ago, but
should increase materially in the immediate future because
of the tourist trade stimulus. What manufacturing is
Changing for Better.
carried on in this
Business sentiment is changing for the better, and as the section is curtailed, as in the lower part of the State, and no immediate
improvement is expected. Crops, while not so uniformly
good as in the
year advances prospects are for increasing industrial activi- southern counties, are about normaL
•
AUG. 2 1930.]
FINANCIAL CHRONICLE
In the Upper Peninsula, the supply of money is considerably in excess
of needs. Employment is lower than it was a year ago, and little or no
change is anticipated. Retail trade is curtailed but the seasonal improvement resulting from tourist demands is about due. Prospects are good
for the forage crops and potatoes, the principal crops in the Upper Peninsula. Forage crops, which are utilized in dairy and beef cattle feeding,
are especially good this year in the western counties. The farm outlook
I. clouded, however, by the low prices of cattle and dairy products.
Lumber and sawmill operations are much less than they were a year ago,
but iron mining is only slightly restricted.
The total value of building permits issued in 21 important cities of
Michigan was about 15% under the May 1930 totals, and less than half as
large as the total for June 1929. The principal decreases in June occurred
in Grand Rapids, Flint, and Dearborn. Lansing, Kalamazoo, and Ann
Arbor reported substantial gains.
Electric power consumption for the State, as reported by two important
producers of electric power, amounted to 79,058,092 kilowatts in June of
this year as compared with 84,019,700 in May and 93,257,893 in June 1929.
Shipping on the Great Lakes in June, as indicated by traffic through the
Sault Ste. Marie canals, decreased 12% from June 1929. Bituminous coal
and wheat shipments were larger than a year ago, but iron ore shipments
declined by 14%.
There is at least a reasonable possibility that July will mark the low
point of the recession in Michigan business as well as that of the United
States. Seasonal quietness in the final months of the year may be
expected, of course, but comparisons with last year's business should, we
believe, become increasingly favorable.
Canadian Trade Affected by Mid-Summer Inactivity
-Tourist Trade Nearing Peak-Visits Shorter,
Less Money Spent.
In its "Business Summary," dated July 23, the Bank of
Montreal states that in Canada "customary midsummer
quiet marks trade, accentuated somewhat by the unfavorable factors operating during recent months." In part, the
bank also says:
The grain movement remains slow, shipments from the port of Montreal
having fallen since May 1 upwards of 20,000,000 bushels below last season.
Car loadings have not yet definitely turned upward, bank clearings do
not expand, and unemployment does not appear to diminish. Crops, upon
the extent of which general trade greatly depends, are coming on favorably
in many sections. In some parts of the Prairie Provinces conditions of
growth are quite favorable, but in others adequate moisture has not
been
obtained, and adverse weather has wrought injury. Prospects,
however,
are promising for a larger crop than last year in the western provinces.
In the central and Maritime provinces there is likely to be a good average
harvest. The recession in prices of all their products has reduced the
purchasing power of farmers and contributed materially to the quiet state
of general business; this year the initial payments to Pool members on
wheat and coarse grains will, no doubt, be substantially less than last
season, reducing their ready cash to that extent.
The tourist trade is now moving to the peak period; thus far it is not
up to expectation in volume, nor do those who come remain as long or
spend as much-a consequence of the quieter condition of business in the
United States. The new United States tariff with its upward revision of
duties on many farm products such as Canada has shipped to that country,
notably livestock, cream, milk and potatoes, deprives Canadian farmers in a
considerable measure of a market, and necessitates adjustment to the
changed condition. It may be added, however, that the unfavorable
factors in the general situation are brought into prominence largely by
comparison with the recent period of exceptionally brisk and expanding
business; if the comparison is carried back to conditions three or four
years ago the present volume of trade activities will be found to be
extensive.
The decline of external trade has not yet been arrested, total foreign
commerce of Canada in June having fallen to $172,304,000 from $226,441,000 in the corresponding month last year, a decrease of 24%. Lower
prices account for some of the decline, but lessened quantity, both
inward
and outward, has contributed to the loss. In the first
quarter of the
current fiscal year the aggregate foreign commerce of
Canada has
diminished $148,941,000, imports falling $70,367,000, and
exports $78,.
674,000, and it is notable that in exports a decline has occurred
in every
class of commodity. Particularly so is this the case with
wheat and
flour, shipments of which have decreased $32,057,000 in the
last three
months compared with a year ago, while the value of exports
of automobiles and parts has declined in the same period from
$11,062,000 to
$4,909,000. A year ago the balance of trade turned against
Canada when
In the three months to June 30 imports exceeded exports by
$44,000,000.
This year the adverse balance in the same quarter wail
$52,000,000.
Newsprint mills production has been affected slightly by
lessened demand
Incidental to midsummer months. Price is maintained and
by means of
amalgamation some large producers aim at economies. In
June the output
was 213,634 tons, being 24,000 tons less than in May, the operating
ratio
being 73% of capacity, compared with 75.2% in May and 86.7%
last year.
Car loadings have not increased. At July 12 the total
number loaded
since Jan. 1 was 198,657 less than last year, and 148,532 cars
less than
in 1928. Making comparison with two years ago, three items
show an
Increased movement to date this year, pre, coke, and pulp and
paper, the
largest increase being in coke.
Mineral production is holding up well despite price recession.
Copper is
unofficially quoted at 11c., the lowest figure in many
years, and stocks
of refined copper in hands of North and South American producers on
July 1 were larger than at any time since September 1921. The output of
gold in Ontario is somewhat larger than last year, and more silver is
being recovered. Production figures of the Consolidated Mining and Smelting Co. for the last half-year show an increase of lead, zinc, copper and
gold over 1929. Oil production in the Turner Valley in the six months to
June 30 was 174,863 barrels in excess of last year.
Building construction has slowed down from the great activity
of last
year, except in engineering works and particularly hydro-electric projects,
of which many are under way.
Bank note circulation rose nearly $10,000,000 in May to the highest
point of the year, standing at $164,710,000 at the close of the month,
about 2% less than a year ago. Notice deposits fell to a new low in many
months, decreasing $8,715,000 from the April figure, and showing a drop
of $54,000,000 on the year, while demand deposits declined $69,400,000
in May. Although current loans were reduced $14,570,000 in that month,
701
these were still $18,896,000 larger than a year before. Bank clearings
continue to run below the corresponding period last year in practically
all reporting cities, and notably so in the large centers.
Business Activity in New England During June About
on Level with Previous Month According to Boston
Federal Reserve Bank.
"The level of general business activity in New England
during June was practically the same as in May," says the
Federal Reserve Bank of Boston "thereby continuing at a
rate which compares unfavorably with June a year ago,
or with that month in any year since 1924." The Bank,
in its Monthly Review August 1 continues:
Although industrial activity in this !strict was unusually curtailed during
the first half of the current year, nevertheless, it was not as low as in 1924.
The building industry in New England remained in a depressed condition
during the first half of 1930. Although money rates were generally low,real
estate activity has remained curtailed, and it is doubtful whether building
money has been easy to obtain in this district. The volume (square feet) of
residential building contracts awarded in New England has been only between 50 and 60% of the 1923-24-25 average during the first six months this
year.
Consumption of raw cotton by New England mills fell off in June to the
smallest amount on record, but wool consumption increased substantially
over May. Silk machinery activity, although less in June than in that
month a year ago, was fairly high. Boot and shoe production in this district
declined by less than the usual seasonal amount between May and June.
but was considerably less in each of the first six months of this year than in
the corresponding months a year ago. Carloadings (merchandise and miscellaneous) in New England likewise have been substantially lower in each
month this year, but whereas there is usually a decline between May and
June, this year an increase took place. Sales of new automobiles in New
England were about 15.6% less during the first quarter of this year than in
that period in 1929, and were nearly 20% behind at the end of the first
half of this year. The total, however,for the period January through June.
1930, exceeded that of any corresponding period except in 1929. Commercial failures, as reported by R. G. Dun & Co., in June increased by
more than 14% in number both in the entire country and in this district.
In New England total liabilities of commercial failures in June increased
37.8% above those a year ago. Sales of New England reporting department
stores in June were about 8% lower than in June. 1929, and at the end of
the first six months were about 1% less than in the corresponding period a
year ago. Boston department store sales were considerably smaller during
the first three weeks of July than in that period of 1929. Radio sales in
June and early July continued substantially higher than a year ago. The
percentage of regular accounts outstanding at the first of June collected
during the month in New England department stores was 44.9%,compared
with 48.5% in 1929 and 50.8% in 1928. Money rates in the Boston market
eased during July, continuing the downward movement of the first half
of this year.
Building and Real Estate Conditions in Philadelphia
Federal Reserve District Increased Activity in
Construction-Decline in Rents for Houses and
Apartments.
In indicating the course of building and real estate in its
District, the Federal Reserve Bank of Philadelphia, in its
Aug. 1 Business Review, says:
Activity in the construction industry in June was at a higher rate than
in the previous month. This is shown by the indexes of employment and
wage payments as well as by the number of hours worked in building trades
of Pennsylvania. The gain in the month was especially pronounced in
the Philadelphia area.
The value of contracts awarded for new operations increase' very sharply
contrary to the usual seasonal tendency. This rise was due mainly to new
awards for industrial buildings, and public works and utilities, which
were considerably in excess of the June figure 1 the previous two years.
Residential buildings also showed a slight increase in the month b t were
the smallest for June since 1921, and In the first half of this year residential
contracts were only about one-third of those in the same period in the past
three years. Comparisons of all awards in the first six months of this
year with the same period of other recent years follow:
BUILDING CONTRACTS AWARDED.
First Six
Months, 1930.
Per Cent Change from
1929.
1925-28
Average.
$88.877,000
1,710.000
2,952.000
2,372.000
2,508,000
3,692,000
-3.6
-71.9
+113.1
78.9
-70.7
41.1
-18.7
-41.6
+10.6
-46.1
-40.5
+27.7
Total for Philadelphia Federal Reserve
$221,115,000
District. including all cities
Source: F. W.Dodge Corporation.
-6.8
-5.0
Philadelphia
Reading
Scranton
Camden
Trenton
Wilmington
Latest information on contract awards shows that in the first 18 days
of July the amount of these awards declined materially from the daily average in June and was somewhat smaller than the average for July 1929.
The proposed expenditure under permits issued in 17 leading cities was
about 54% larger in June than in May but nearly 28% smaller than in
June 1929.
The real estate market generally continues quiet. The demand for houses
costing less than $6,000 has been somewhat more active since the middle
of last month, but the sale of houses over that amount has declined. Renting of houses and apartments shows little change, the present demand
being most active for houses leasing at from $20 to $50 a month. Rents for
houses and apartment space have declined recently and are lower than
they were at the same time in the past few years.
The number of deeds and the value of mortgages recorded in Philadelphia
declined between May and June and was substantially below the level of
June 1929. The number of writs issued for sheriff's sale of properties
in July reached the highest point in many years. . . . Since 1924 the
trend in foreclosures has moved upward from year to year with striking
persistency. In interpreting these court orders for sheriff's sale, it is neces-
702
FINANCIAL CHRONICLE
sary to remember, first the fact that one writ may cover more than one
property and second, the fact that, after listing, some properties are withheld from such sales, although the number of these is usually small in
comparison with properties sold by the sheriff.
Philadelphia Federal Reserve Bank Reports that MidSummer Quiet in Business is .More Pronounced
Than Usual.
According to the Aug. 1 "Business Review" of the Federal Reserve Bank of Philadelphia, the midsummer quiet
In trade and industry in its district has been somewhat
more pronounced this year than in other recent years. The
bank also has the following to say regarding conditions in
its district:
Rates on commercial loans have declined and the demand for funds by
business has been in smaller volume than a year ago. Prices of commodities
generally have continued downward, and the decline in the wholesale level
during June was sharper than in many previous months. Stocks of finished
merchandise at retail and manufacturing establishments have been reduced,
except for seasonal increases in some lines.
Manufacturing.
The market for manufactured goods has slackened materially, sales of
the majority of produots having declined recently to a relatively low level,
a feature which is partly characteristic of this season. Continued price
recessions have been more widespread than for many months.
Factory activity has been reduced further, save in those industries which
ordinarily enjoy seasonal expansion at this time. Both employment and
wage payments in this section showed more than the expected declines
between May and June, owing mainly to a rather sharp curtailment in
some of the leading industries. In comparison with June 1929 the
number of wage earners in Pennsylvania factories was about 6% smaller
and the amount of wages paid was nearly 15% less. The shatosst drop
In both occurred in metal, textile, and stone, clay and glass products.
Production of fabricated metal products showed a further decline of
more than the usual seasonal amount. Reduction in the daily output of
pig iron, moreover, was nearly twice as large as is usual for June. The
total pig iron production was about 19% smaller in the first half of this
year than last, but over 6% larger than in the same period of 1928,
whereas in the country it was about 1% less than two years ago. All
lines included in the transportation equipment group likewise reported a
let-down with the exception of the ship and boat building industry, which
continued its high rate of activity. Prices of metal products generally have
declined during the month.
Rather exceptional slackness prevails in the majority of textile branches.
Nevertheless, the output of woolens and worsteds, knit goods, including
hosiery, and hats was larger in June than May. Mill takings of wool
fibers, computed on a daily basis, also increased nearly 3% in the month;
takings of carpet wool, too, showed a rise of almost 5%. While the
number ol active cotton spindle hours in this section showed a noticeable
gain, the output of cotton piece goods declined, after a slight upturn in
the earlier months. Operations of carpet and rug plants continued sharply
downward, a trend which began at the end of last year, and the present
level is substantially lower than in any month of the past seven years.
Prices of textile products generally have continued to show weakness,
although lately some strength has been shown in quotations for wool fibers.
Productive activity of the food group generally has declined in some
lines to the lowest level this year. The output of creamery products, which
customarily reaches a high peak in midsummer, seems to have dropped in
June, as indicated by the takings of milk and cream for manufacturing
purposes. In the first three weeks of July, there was a decline in the
output of ice cream and condensed milk. Activity of local sugar refineries
followed the usual declining trend in June; the national per capita consumption of sugar is estimated to have been nearly 5% smaller in the first
half of this year than last.
Production of cigars and other tobacco products was in excess of the
May volume by a slightly smaller amount than was to be expected, and
the present rate of operation is at a higher rate than in the past few years.
In response to a well sustained demand, the market for kid leather is
active and prices are fairly steady. The hide market, on the other hand,
is quiet and prices show weakness. Business in goatskins appears to be
fair for this season. Local tanners continue to operate at a level which
was increased slightly between May and June. But the daily output of
boots and shoes was smaller in June than in May by a noticeably larger
amount than is usual at that time, and the rate of midsummer production
reached the lowest point since 1926.
Further decline is reported in the activity of paper and wood pulp mills
in contrast to former trends at this season, and the present rate is estimated
to be the lowest since July 1924. Curtailment of activity in printing and
publishing likewise has continued without interruption since March.
Some improvement in operation has taken place in the lumber industry
and planing mills, but the extent of the gain in June was not quite up to
expectations and the level of activity remains considerably lower than in
any month of the last seven years. The daily output of cement turned
downward instead of continuing upward in accordance with past experience, .which shows that June is usually the highest month in point of
production. The volume of output thus was the lowest for that month
since 1923. Shipments also declined, but stocks showed a slight accumulation at the end of the month. The demand for brick and slate is only fair,
though it compares well with the previous mouth. Brick yards report
some let-down, while slate plants show practically no change in operations.
Stocks of both are somewhat heavy and larger than on the same date
last year.
[VOL. 131.
generated by hydro-electric and steam plants, says the bank,
which adds:
Sales of electricity in June declined fractionally, owing chiefly to
smaller purchases for lighting purposes as well as a drop in all other sales.
The quantity bought for power purposes showed a gain of nearly 2% over
May, a fact which is accounted for by a larger consumption of electrical
energy by industries.
In comparison with June 1929 consumption of electricity generally was
almost 3% larger. The sharpest percentage increase occurred in purchases
by municipalities for power purposes. Purchases by street cars and railroads as well as residential and commercial consumption also showed
appreciable gains over last year.
(Daily Average)
Electric Power-Phfladelphia Federal
District, 12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street ears and railroads
Industries
All other sales
• Working days average.
May
Change
(Totalfor Month). from
21fay
1930.
1.840,000 kw.
16,863.000 kwh.
3,970,000 kwh.
9,488,000 kwh.
3.405,000 kwh.
18,066,000 kwh.
2,955,000 kwh.
307,000 kwh.
2,648,000 kwh.
13,451,000 kwh.
289,000 kwh.
1,871,000 kwh.
.11,291,000 kwh.
1,660,000 kwh.
-4.0%
-8.9%
-1.6%
-4.5%
-0.4%
-2.7%
-1.8%
-2.8%
+1.8%
-1.3%
+1.0%
•+2.1%
-12.4%
Change
from
June
1929.
+7.3%
+3.7%
+6.6%
+4.7%
-2.2%
+2.7%
+10.6%
+5.1%
+11.3%
+3.3%
+55.7%
+7.3%
•+I.8%
-12.3%
Increased Hosiery Production in Philadelphia Federal
Reserve District During June.
The daily output of hosiery in the Philadelphia Federal
Reserve district was nearly 4% larger in June than in May,
according to reports from 130 hosiery mills to the Bureau
of the Census. This increase was due solely to larger production of men's seamless and boys', misses', and children's
hosiery. The larger declines occurred in women's fullfashioned and seamless, says the Philadelphia Federal Reserve Bank, which also states:
Shipments in June were 7.4% smaller than in May, the largest decline
occurrring in men's full-fashioned and infants'. Deliveries of women's
seamless hosiery showed a noticeable gain.
Stocks of hosiery, finished and in the gray, were 2.3% larger at the
end of June than on the corresponding date of the previous month. This
accumulation was due principally to larger inventories of boys', misses',
and children's hosiery; the supply cf women's full-fashioned and seamless
showed declines.
Unfilled orders at the end of the month were 1.4% less than a month
before, owing to smaller orders for women's seamless, infants', and boys',
misses', and children's. Advance business for men's and women's fullfashioned and for men's seamless, on the other hand, increased.
The details are furnished by the bank as follows:
PERCENTAGE CHANGES FROM MAY TO JUNE 1930.
Women's
Boys'
Men's
Misses'
InFull- Seam- Full- Seamand
Total. fashion, less. fashion Ws. Chil'ns. fonts.
Hosiery knit during
month
• +3.8 -1.4 +8.4
Net shipments during
month
s
24.1 -3.2
74
Stock on hand at end of
month, finished and is
the gray
+2.3 +28.4 +0.0
Orders booked during
month
20.8 +7.6
5.7
Ratio of cancellations
in June to unfilled
orders on hand Mead
of May
4.0
1.2
0.6
Unfilled orders at end of
month
-1.4 +8.6 +11.8
-8.5 -24.0 +40.7 -5.7
its
-5.4 +19.6 -10.2 -31.4
-1.6 -10.4 +20.2
-0.4 -39.6
7.9
1.3
+4.9
-3.1 -39.2
1.6
0.3
+6.3 -29.9 -29.5
-6.0
*Calculated on working day basis.
Merchandising Conditions in Chicago Federal Reserve
District-Various Lines Affected by Lack of Industrial Activity and Unemployment.
Tho Federal Reserve Bank of Chicago, in its July 31
Monthly Business Conditions report states that the various
lines of merchandising covered by its survey, "continued to
be affected in June by the general lack of industrial activity
and unemployment." The Bank adds that "in wholesale
trade, groceries which usually show an increase at this season,
recorded sales 4% less than in the preceding month; a decline
of 9% partly seasonal, was registered in the hardware
Decline in Output of Electric Power in Philadelphia trade; dry goods sales were
153/% smaller, drugs 6% and
Federal Reserve District in June.
shoes 11% less. The Bank further says:
The two latter lines usually show recessions in the June-May comparison.
The daily output of electric power by 12 central stations
Electrical supply wholesalers report a decline of only I%
of the Philadelphia Federal Reserve district showed a de- month. In all groups except tho latter, declines from from the preceding
the corresponding
cline of 4% between May and June, but an increase of month of 1929 wore greater than were shown for May in the same comparison. In the first half of 1930, recessions from the same period a year ago
nearly 4% in comparison with June 1929, according to fig- averaged as
follows; Groceries, 2%; hardware, 15%; dry goods, 22%;
ures issued by the Department of Statistics and Research drugs.9%;shoes,34%,and electrical supplies,17%%. Except in electrical
of the Philadelphia Federal Reserve Bank. The gain In supplies. the ratios of accounts outstanding to net sales were much higher
for June than in the preceding month and in all but groceries considerably
production over a year ago was due to a larger quantity above the ratios for last June.
WHOLESALE TRADE IN JUNE 1930.
for labor when the market for his produce is unpromising as has characterized industry since the business recession began.
Per Cent Change
From Same Month Last Year.
Commodity.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales.
Stocks,
--10.4
--26.8
--27.6
--8.6
--37.9
--24.2
--6.9
--9.9
--8.5
+0.6
--5.0
--16.4
Ratio of
Accts. Outstanding to
ColAccts. Outstanding. lections. Net Sales.
--10.1
--13.1
--13.0
+7.1
--I0.9
--19.9
-8.3
--14.5
--22.6
--3.2
--38.8
--20.2
92.9
253.6
369.1
158.9
403.2
149.1
June department store sales in the Seventh District fell 13% below May,
whereas a year ago the decline in this comparison was less than 5%. Sales
showed a decrease of 18% from last June, and in the first half of the year
6
were 103 % under the same period of 1929. Chicago stores reported a
,
falling-off in June business from May of almost 9%,while firms in Detroit
sold 17% less, Indianapolis. 14%, Milwaukee. 173.% and stores in smaller
cities, 14% less. As may be noted in the accompanying table, Chicago
and Detroit continue to show the greatest recessions in department store
business from a year ago. Stocks have declined further and remain below
last year's level. The June rate of turnover for the district of .28 times was
-year of 1.73
slightly smaller than for last June, and the rate for the half
compares with 1.93 for the first six months of 1929.
A slight decline from May was shown in the retail shoe trade during June.
total sales of dealers and department stores falling off 4%. As compared,
with the corresponding month of 1929 sales recorded a decrease of 13%
and the volume sold in the first six months of this year totaled 6 M % less
than for the corresponding period last year. With the exception of three
department stores, all firms showed a decline for this June from a year
ago, and department stores alone reported gains in the six months' comparison.
Retail furniture dealers and the furniture and furnishings sections of
department stores sold 28% less merchandise in June than a month previous
and a 26% smaller volume than last June. Installment sales by dealers
declined 28 and 30% in the respective comparisons.
Sales of reporting chains in June fell off 10% from the preceding month,
although the number of stores in operation increased about one-half per cent.
Average sales per store, as a consequence, declined a little more than 10%.
The aggregate volume sold was 5% less than in June a year ago, while the
number of units operated totaled 11% larger, so that average sales per
store showed a decrease of 14% in the comparison. All reporting groups
except men's clothing had smaller total sales than a month previous: aggregate sales of drug, cigar, and women's clothing chains were heavier than
-and-10-cent, shoe, musical instruments,
last June, and those by grocery. 5
furniture, and men's clothing chains totaled smaller.
DEPARTMENT STORE TRADE IN JUNE 1930.
Per Cent Change
June 1930
from
June 1929.
Locality.
P.C.Change
6 Months
1930from
6 Months
1929.
Ratio of June
Collections
to Accounts
Outstanding
Mai/ 31.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
703
FINANCIAL CHRONICLE
AUG. 2 1930.1
Stocks End
of Month.
Net
Sales.
1930,
1929.
-17.1
-23.9
13.6
16.3
-13.0
-0.7
-9.0
-0.4
+5.9
-6.9
-9.9
--17.5
-6.7
-3.5
-7.1
33.7
38.7
39.6
33.3
44.0
40.7
3:37i
36.7
-17.8
-2.6
-10.5
36.9
39.6
Manufacturing Conditions in Chicago Federal Reserve
-Midwest Distribution of Automobiles.
District
Further declines in the Midwest distribution of automobiles is reported by the Federal Reserve Bank of Chicago,
which, in its July 31 "Monthly Business Conditions Report,"
also indicates a falling off in the activities of furniture
manufacturers in the district. We give herewith the Bank's
account of manufacturing conditions:
Furniture.
Orders booked and shipments by furniture manufacturers in the Seventh
[Chicago] Federal Reserve district again declined during the month dt
June and more sharply even than in recent months, prolonged adverse conditions surrounding the industry being supplemented by seasonal recession.
Orders booked by reporting firms fell off 29% from last month, and shipments 18% as compared with the 1927-1928-1929 average declines over the
same period of 24 and 6%, respectively; corresponding declines in 1929
were even smaller, being 19 and 4%. Ooncellationa, in conjunction with
the low volume of orders, served to augment the decline in unfilled orders,
which amounted to 19%; unfilled orders on June 30 a year ago fell off 2%
from the end of May. As compared with last year, orders booked totaled
65% under June 1929, shipments 49%, cancellations 50, and unfilled orders
68% less. For the six months just ended, orders booked have approximated 65% of the volume of the same period in 1929, and shipments 70%.
The rate of operations sustained this June was 49% of capacity, 7 points
lower than last month and 27 points off from a year ago.
Automobile Production and Distribution.
The reduction in automobile output during June, though largely seasonal in character, was greater than in previous years. Manufacturers in
the United States report 289,245 passenger cars produced during the
month, a decline of 20% from May and 36% under June last year. In
the first half of 1920, 1,894,551 cars were manufactured, or 31% fewer
than for the same period a year ago and slightly under the volume of
the first six months of 1928. Truck output totaled 45,771 in June, a
decline of 16% from the preceding month and of 51% from last June;
production for the half year aggregated 320,019, or 29% smaller than in
the corresponding period of 1929, but about 80,000 heavier than in the same
six months of 1928.
Distribution of automobiles in the Middle West continued to diminish
in June, and larger declines from a year ago were shown than in the
preceding month. Stocks were reduced during the month and, as in
previous months since January, those of new cars remained below the
level of 1929. Data covering the first half of this year indicate that
about half as many cars were distributed at wholesale as in the same months
last year and about one-third less at retail; used cars sold numbered 111%
fewer. Stocks of new ears averaged smaller in the comparison, while
those of used cars increased in number but declined in value. The volume
of deferred payment sales increased in June; sales made on this plan
%
constituted 551
/ of all retail sales made by 28 dealers, which compares
2
with 47% a month previous and 55% a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
June 1930 Per Cent
Change from
First Half
1930 P. C. Companies Included.
Change
From First May June lstIrlf
Has/ 1929. 1930. 1929. 1929.
June
May
Industrial Conditions in Chicago Federal Reserve Dis1929.
1930.
trict-Declines in Employment and Wages During
New Cars
June Larger than in Any Previous Month this Year. Wholesale-No. sold-- -41.7
28
27
-51.0
28
-68.4
27
28
--48.5
28
-62.6
--41.5
Value
The declines in industrial employment and payrolls during Retail-No.sold
47'
50
-31.5
52
-50.9
-29.7
50
47
52
-34.6
-50.9
-35.2
Value
Chicago Federal Reserve District "were larger
June in the
51
48
-5.0*
53
-14.1
On hand end of mo.-No_ -18.8
48
53
51
than in previous months of 1930, and represented a downward
-11.7*
-21.3
-15.1
Value
Used
trend in numbers employed in nine manufacturing and three NumberCars
48
53
51
-13.3
-26.4
-13.8
sold
48
53
51
+12.0*
+4.9
non-manufacturing groups." In stating this, the Federal Salable on hand-No-- -11.9
48
53
51
-5.3*
-9.2
-12.1
Value
Reserve Bank of Chicago, in its Monthly Bysiiaess Conditions
*Average end of month
Report issued July 31 also had the following to say regarding
industrisl employment conditions:
More Than Customary Slowing Down of Business in
Payroll amounts followed the same trend in each of these groups exKansas City Federal Reserve District.
cept in leather products and public utilities, which increased payrolls
about 3 and 1% respectively. in contrast to slight declines in number
by
The general level of business activity In the Kansas City
of men. The two groups influencing the total most
strongly were metal Federal Reserve district during June, as in the preceding
products and vehicles, although the rubber products group representing a
small number of workers showed a greater decrease. While retardation months of 1930, was somewhat under that for the same
in these two groups is not unusual at this season, the sharpness of the month and first six months of 1929, says the "Monthly Redeclines is significant. The effects of seasonal variations are not easily
distinguishable in a low level of industrial activity such as the present. but view," Aug. 1, of the Federal Reserve Bank of Kansas City,
three of the declining groups, lumber, textiles and merchandising, are from which we quote further as follows:
Usually characterized by summer dullness. Paper and printing, leather
products, and stone, clay and glass products are generally on an expanding
basis in June. In contrast to recent months, non-manufacturing employment as well as the total of ten manufacturing groups shows a decline, the
change being partially a counted for by a much smaller increase in construction employment during June than in the two preceding months.
In the unemployment ratios below, the inet ease in the labor surplus in
the cities having free employment offices corresponds to a similar increase
in June over May in 1929, although the ratios for 1930 are much higher in
all States than for corresponding months of last year
REGISTRATIONS PER 100 POSITIONS AVAILABLE.
Month.
Illinois. Indiana.
Iowa, Wisconsin.
224
-June
170
1930
295
155
196
106
May
285
135
139
113
1929
-Juno
232
120
124
100
May
244
106
The report of the Department of Agriculture on farm labor and wages for
July 1 shows a decline in demand and an increase in supply of farm labor for
the United States since the previous report of April 1, when the excess of
supply over demand was recorded as the largest since the data were first
Collected in 1923. In the north central section, including twelve States,
farm labor supply, expressed as percentage of demand, rose from 118 on
April 1 to 130 on July 1. This condition of oversupply of farm labor, while
partially due to a flow of unemployed from cities to rural sections, also
indicates the same reluctance on the part of the farmer toward expenditures
Preliminary reports covering the first three weeks of July-a period of
exceptionally high temperatures, hot winds and scant rainfall-reflected
more than the customary slowing down to trade and industry for the midsummer month.
Statistics for June show payments by check at banks in 29 cities, and
check collections through the Federal Reserve Dank of Kansas City and
branches, to have been larger than in the preceding month but smaller
than a year ago. Loans and investments of reporting member banks were
slightly higher at the middle of July than at the middle of June, but lower
than a year ago, while demand deposits Increased in recent weeks and
time deposits rose to the highest peak of record. Savings deposits in a
selected list of banks, showed an increase over the preceding month but a
small decrease as compared with a year ago.
Retail trade, as evidenced by June reports of department stores, apparel,
shoe, and furniture stores, showed marked declines from April and May,
sales for the month averaging 4% below the same month last year. Distribution of merchandise by reporting wholesale firms was 2.6% smaller
in June than in May and 12.8% smaller than a year ago.
The official forecasts of farm crops, hued on July I condition, while
promising neither bumper yields nor failures, indicated good volume and
I well balanced production in this district. Estimates were for larger yields
of winter wheat, corn, oats, rye, potatoes, sugar beets, broom corn, and
tobacco, and for smaller yields of spring wheat, barley and hay than in
1929. However, reports late in July indicated hot and dry weather daring
the month was causing severe damage to corn and other growing crops.
704
FINANCIAL., CHRONICLE
liarketings of grain were heavy for the month and heavier than in
June of last year for all classes with the exception of a small decrease
in corn receipts. Livestock marketings declined during June, but save for
a decrease in hogs, meat animals marketed were in larger numbers than in
June a year ago. Prices of grain and livestock at Tenth District markets
during June were at the lowest levels of recent years.
Productive operations in leading industries continued during June at a
slightly lower average rate than in the preceding month, and with the
exception of cement, the output was smaller than a year ago. The
petroleum industry, through concerted efforts on the part of leading
producers, was holding production of crude oil below that of a year ago,
and there was some curtailment in refinery operations.
A sharp gain in lettings of contracts for building and engineering
projects featured the June reports, with the aggregate of awards for the
first half of the year showing a gain of 45% over the like period in the
preceding year. The increase in non-residential construction was due in
part to pipe line contracts.
There was a very marked decline in awards for residential construction.
Conditions in the wholesale and retail trade in the Kansas
City Reserve district are indicated as follows:
Retail Trade.
Final reports of retail stores in cities throughout this district for the
month of June reflected a seasonal slowing down of business, with the dollar
volume of sales for the month and first half of the year somewhat below
that for June and the first half of the preceding year.
June sales of 37 department stores in cities were 16.1% smaller than in
May and 4% smaller than in June last year. Total sales during the current
year from Jan. 1 to June 30, inclusive, were 3.6% smaller than in the like
period of 1929. Leading apparel and shoe stores and retail furniture houses
also reported decreases in the volume of their sales for the month and half
year as compared with last year.
Stocks of merchandise on hand at department stores at the close of June
were somewhat lower than either a month earlier or a year go.
Collections of department stores during June were 38.9% of amounts
outstanding on the last day of the previous month, compared with 40.8%
for May, and 40.1% for June 1929.
Wholesale Trade.
The June sales of wholesale firms in five leading lines reported to this
bank showed a decrease of 2.6% compared with May and a decrease of
12.8% compared with a year ago, while total sales for the first half of
the current year for all stores reporting were 7.6% below the total reported
for the like period in the preceding year. The reports by separate lines
showed June sales of drygoods, hardware, furniture, and drugs were smaller
than reported for either the preceding month or in June a year ago, while
salts of groceries were larger than in June last year. Stocks of merchandise
on June 30 averaged smaller than on May 31, or on June 30 last year.
Trade Conditions in California As Seen by Wells
Fargo Bank & Union Trust Company of San
Francisco—Declines in Wholesale and Retail Lines.
In its bulletin on "The Business Outlook," issued July 18,
the Wells Fargo Bank & Union Trust Co. of San Francisco has the following to say regarding trade and the fruit
crops:
Trade.
Department store sales in California in June declined 5.9% below those
of June 1929, and in the first six months dropped 3.2% below the corresponding period last year; current totals are about 2% under 1928 corresponding figures and slightly above those of 1927. Wholesale business for
the year to date shows considerable declines in nearly all lines, compared
with 1929. Collections generally are somewhat slower than they were a
year ago. Sales of new passenger automobiles in California, judged by
105,536 registrations in the first half of the year, decreased 22% from
last year's corresponding total; commercial car registrations in the same
period, 6,671, decreased 20%. Life insurance sales in May were 1% larger
than in May 1929, and show a 10% gain for the first five months of the
year. New building continues at much lower levels than a year ago; June
permits, totaling $15,361,952, were 22.4% under June 1929. Newspapers
in 11 principal California cities in the first six months of 1930 carried
116,428,206 lines of advertising, 9% less than a year ago, according to
"Western Advertising." Bank debits in 14 California cities in the first
half of the year totaled $17,543,705,000, a decline of 9% from the same
period last year.
Fruit Crops.
Uniformly favorable growing weather during June and July has increased
the prospect for heavy production of California deciduous fruit this year;
1930 harvests, except for apricots and walnuts, will likely exceed by wide
margins the frost-reduced yields of 1929 and about equal those of 1928.
The fruit is almost entirely free of insect pests. Pear blight, which was
widespread a month ago, has generally subsided. This year's orange crop
will be of average proportions, contrasted with last year's record production. Prices of all fruits except citrus promise to be considerably less
than those of last year; citrus prices last year were depressed by the
exceptional volume of orange production and the small size of the fruit.
More Than Seasonal Decline in Business in San
Francisco Federal Reserve District.
Indicating that business in the San Francisco Federal
Reserve district "declined somewhat more than seasonally
during June," Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent, of the San Francisco Reserve Bank,
under date of July 22, said:
Comparisons of trade and industrial activity during the first half year
periods of 1930 and 1929 are influenced by the declining price levels which
have been in evidence since the middle of 1929 and the fact that business
activity generally reached unusually high levels during 1929. A ccmposite
evaluation of current business records indicates, however, that Twelfth [San
Francisco] district business declined somewhat more than seasonally during
June, and was less active than at any time this year. The most drastic
[VOL. 131.
commodity price declines since 1921 were recorded during the month and
resulted inless satisfactory markets for many of the district's products.
Tht low prices were accompanied by curtailment of industrial production,
and the absence of any appreciable recovery in trade. Most important among
the favorable factors in the situation were the generally satisfactory outlook
for the district's crops and the reduction of inventories of some basic
commodities.
Agricultural developments during June furnished evidence that the total
volume of farm production in 1930 will at least equal that of last year.
Estimates for most crops are higher than last year's production figures,
but smaller yields of two major crops—wheat and oranges—will prevent
any substantial increase in aggregate production as compared with 1929.
Livestock are in good condition, but the relative inactivity of demand has
necessitated marketing at reduced prices.
Industrial production was at the lowest level of the year during June.
The output of copper, lumber, and cement declined and building and construction lost the gains noted in May. A smaller output of crude oil offset
an increase in petroleum refining and served to reduce stocks of crude
and fuel oil.
Trade activity declined somewhat during June and, as in earlier months
of the year, was below the levels of 1929. Department store sales in the
district were 6% smaller than in June 1929, a greater year-to-year decline
than in any month in recent years. The June figures of wholesale sales,
automobile sales, carloadings, and intercoastal shipments, revealed little
or no recovery in these fields from the relatively low levels of May.
June was a month of unusually severe deflation in wholesale commodity
prices, and quotations for many of the products important in this district
were substantially reduced. Wheat and cattle prices declined considerably,
and, chiefly because of larger crops, canners' quotations for deciduous
canning fruits were well below last year's prices.
Perhaps the most significant change in the condition of reporting member
banks during the past month was a moderate reduction in loans on
securities. The lack of change in borrowings of country banks—that is,
banks outside leading cities—from the Reserve Bank was important, however, inasmuch as those banks ordinarily increase their borrowings during
June and early July to the highest levels of the year. Instead of borrowing
at this bank, as is usual at this season, country banks have built up record
balances with their correspondent banks in Reserve cities, chiefly San
Francisco. The total volume of credit extended by the Federal Reserve
Bank of San Francisco has remained unusually small. Interest rates
changed little during the past month.
Effective Curtailment of Lumber Production Indicated.
Further curtailment of lumber production during the week
ended July 26 is indicated in reports from 893 leading
hardwood and softwood mills to the National Lumber
Manufacturers Association. Total production of these mills
was given as 275,825,000 feet. New business for the week
at these mills was 89% of production. A week earlier 897
mills reported production of 308,344,000 feet, with demand
93% thereof. The relation of demand to production for
both weeks is some improvement over ratios established in
recent months in which production has been steadily declining to meet the market. Some indication of the extent
of this decline is shown in reports from 491 identical softwood mills showing the cut for the week ended July 26 as
258,649,000 feet, as against 351,188,000 feet for the equivalent week last year. For hardwoods, 215 identical mills
report a cut approximately 20% under the week's production
a year ago.
Lumber orders reported for the week ended July 26 1930,
by 624 softwood mills totaled 249,545,000 feet, or 10%
below the production of the same mills. Shipments as reported for the same week were 250,915,000 feet, or 10%
below production. Production was 277,699,000 feet.
Reports from 292 hardwood mills give new business as
26,280,000 feet, or 22% below production. Shipments as
reported for the same week were 28,142,000 feet, or 16%
below production. Production was 33,547,000 feet. The
Association's statement also adds:
Unfilled Orders.
Reports from 504 softwood mills give unfilled orders of 759,171,000
feet, on July 26 1930, or the equivalent of 15 days' production. This is
based upon production of latest calendar year-300
-day year—and may
be compared with unfilled orders of 513 softwood mills on July 19 1930, of
778.187,000 feet, the equivalent of 15 days' production.
The 383 identical softwood mills report unfilled orders as 701,949,000
feet, on July 26 1930, as compared with 1,078.331,000 feet for the same
week a year ago. Last week's production of 491 identical softwood mills
was 258,649,000 feet, and a year ago It was 351.188,000; shipments were
respectively 232,051,000 feet and 329,656.000; and orders received 232,758.000 feet and 297,677,000. In the case of hardwoods, 215 identical mills
reported production last week and a year ago 28,412.000 feet and 35.001,000; shipments 24,411,000 feet and 36,034,000; and orders 24.393,000 feet
and 33,934,000.
1Vest Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 224 mills reporting for the week ended July 26, totaled
130,213,000 feet, of which 51.360,000 feet was for domestic cargo delivery,
and 25,581,000 feet export. New business by rail amounted to 42,817.000
feet. Shipments totaled 132,414.000 feet, of which 40.839.000 feet moved
coastwise and intercoastal, and 32,251.000 feet export. Rail shipments
totaled 48,869,000 feet, and local deliveries 10,455.000 feet. Unshipped
orders totaled 396,713,000 feet, of which domestic cargo orders totaled
158.773.000 feet, foreign 130,589,000 feet. and rail trade 107.351.000 feet.
Weekly capacity of these mills is 251,788.000 feet. For the 29 weeks ended
July 19. 139 identical mills reported orders 6.9% below production, and
shipments were 1.9% below production. The same mills showed an increase In inventories of 5.6% on July 19, as compared with Jan. 1.
FINANCIAL CHRONICLE
AUG. 21930.]
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 149
mills reporting, shipments were 3% below production, and orders 3%
below production and about the same as shipments. New business taken
during the week amounted to 50,715,000 feet, (previous week 45.255,000
at 140 mills); shipments 50.736.000 feet, (previous week 45.108.000): and
production 52.528.000 feet, (previous week 50.871,000). The three-year
average production of these 149 mills is 72,974,000 feet. Orders on hand
at the end of the week at 132 mills were 134.400,000 feet. The 136 identical
mills reported a decrease in production of 23% and in new business a decrease of 18%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 84 mills as 47.151,000 feet, shipments 35,173,000
and new business 34.809,000 feet. Sixty-six identical mills reported a 16%
decrease in production, and a 28% decrease in new business, in comparison with 1929.
The California White & Sugar Pine Manufacturers Association, of
San Francisco, reported production from 19 mills as 23.164,000 feet, shipments 15,125,000 and orders 18,922,000 feet. The same number of mills
reported production 15% less .and orders 12% more, than that reported
for the corresponding week of last year.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from seven mills as 8,457,000 feet, shipments 2,982,000
and new business 3.560.000. The same number of mills reported a decrease
of 2% in production, and a decrease of 29% in new business, when compared with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 23 mills as 3.049.000 feet, shipments 1,952.000 and orders 1.286,000. The same number of mills reported
production 3% less, and orders 41% less, than that reported for the corresponding period of 1929.
The North Carolina Pine Association, of Norfolk, Va., reported production from 102 mills as 6,415,000 feet, shipments 7.151.000 and new
business 5,287.000. Forty-five identical mills reported a decrease of 40%
in production, and a decrease of 48% in new business, in comparison with
last year.
The California Redwood Association, of San Francisco, reported production from 12 mills as 6,280,000 feet, shipments 4.964,000 and orders
4.343.000. The same number of mills reported production 15% loss, and
orders 47% less, than that reported a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 269 mills as 29.855.000 feet, shipments 25.355.000 and
new business 24.321,000. Reports from 192 identical mills showed production 18% less, and new business 25% less, than that reported for the
same week of last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 23 mills as 3.692.000 feet. shipments 2.787.000 and orders 1,959.000. The same number of mills reported
a decrease of 24% in production, and a decrease of 50% in orders, when
compared with 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 26 1930 AND FOR 30
WEEKS TO DATE.
Association,
Produclion
M Fl.
Shipmalts
M Ft.
P. C.
of
Prod.
°ram
M Ft.
I
50.715
1.581,018
97
91
03
00 t,
.-.
130.623
4,399,119
100
95
34.809
1,053.194
74
85
0-.
,
...
18.922
617.372
82
115
MO
3.560
118.885
42
87
WO
1.286
63,261
42
64
,,
-O
5,287
218,223
82
79
11, 1
0
4.343
103.809
69
92
1
00
Southern Pine:
52,528
Week-149 mill reports
50.736
30 Weeks-4,248 mill reports__ - - 1.735.679 1,605,135
West Coast Lumbermen's:
130.655
132,832
Week-228 mill reports
4.610.071 4,475,462
30 weeks-6,479 mill reports
Western Pine Mfrs.:
47.151
35,173
Week-84 mill reports
1,242.604 1,086,419
30 weeks
-2,740 mill reports
California White dr Sugar Pine:
23,164
15,125
Week-19 mill reports
535,699
606,742
-754 mill reports
30 weeks
Northern Pine Manufacturers:
8.457
2,982
Week-7 mill reports
136,342
125,047
-2:15 mill reports
30 weeks
No.Hemlock&Hardwood(softwoods):
3.049
1.952
Week-23 mill reports
99,608
30 weeks-949 mill reports
68,501
North Carolina Pine:
6,415
Week-102 ndll reports
7,151
30 weeks —3,325 mill reports
276,981
265,883
California Redwood:
6,280
Week-12 mill reports
4.964
210,167
30 weeks
-439 mill reports
193,033
Softwood total:
Week- -624 mill reports
30 weeks-- 13.178 111111 reports
Hardwood Manufacturers Inst.:
Week-269 mill reports
30 weeks-7.707 mill reports
Northern Hemlock & Hardwood:
Week— 23 mill reports
-949 mill reports
30 weeks
P. C.
o
f
Prod.
—
277.699
250.915
8,847.151 8,426,222
90
95
249.545
8,244.881
90
93
29,855
1.045,851
25.355
931.466
85
89
24.321
898.944
81
86
3.692
238,748
2.787
142,636
75
60
1.959
118,502
53
50
33.547
28,142
1.284.599 1,074.102
84
84
26,280
1.017.446
78
79
Grand total:
Week-893 mill reports
311,246
279,057
-26,885 mill reports_ _ _ 10.131.750 9.500.324
.
30 weeks
90
94
275,825
9.262.327
705
Pulp—
Mechanical
Sulphite. bleached
Unbleached
Sulphate
Screenings
All other
June 1930
Tons.
$
12,867
267.839
19.726
1,490.402
16,958
857.934
6,617
384,490
2,136
41,219
920
66.980
3,208.864
72.487
Paper—
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
3,732.877
194,322 11,209,856
1,103
115,729
3,667
36.189
924
7,275
285,810
219.895
1.199
4,070
51
13,055.556
128.567
44.157
1,249
326,450
69,224
June 1929
Tons.
$
19,096
563,056
23.818
1,773.602
13.916
683.293
10,933
650,730
3,822
62,196
11,654,859
13,555,979
For the first six months of the current year, the exports of pulp and
paper were valued at $91,508,567 as compared with a total of $97,199,980
in the first half of 1929, a decrease for this year of $5,691,413.
Wood-pulp exports for the six months were valued at $21,323,710 and
exports of paper at $70,184,857, as compared with $21,470,505 and $75,729,475, respectively, in the first half of 1929.
Details for the various grades are as follows:
Pulp—
Mechanical
Sulphite, bleached
Unbleached
Sulphate
All other
—Six Months 1930— —Sir Months 1929—
Tons.
Tons.
$
$
91,484
2.681,195
93.253
2.531,483
135,996 10,094,863
131.313 10,008.525
105,612
5.267.905
91,472
4,546,128
50,732
2,936.302
68,674
4,088,745
14,261
343,445
16,711
295.624
398,085 21,323,710
Paper—
Newsprint
Wrapping
Book (cwt.)
Writing (cwt.)
All other
1,167,604 67,307,963
787.325
7.499
21,064
198.761
1,992
17.080
1,873,728
70.184,857
401,423 21.470.505
1,210,301
7,715
37.673
3,094
72,619,227
835.123
321,319
27,685
1,926,121
75.729.476
Pulpwood exports in the first half of 1930 amounted to 633,443 cords,
valued at $6,166,167, as compared with 612,946 cords, valued at $5,942,623
exported in the first six months of 1929.
Tire Prices—President Goodyear Rubber Co. Believes Lowest Point Reached.
The following Is from the "Wall Street Journal" of
Aug. 1:
P. W. Litchfield, president of Goodyear Tire & Rubber Co., returning aboard the Bremen, stated that be believed tire prices had reached
Economic conditions are unfavorable in England, Gerrock bottom.
many and Scandinavian countries but the Goodyear plants in those
No estimate as to
countries are doing remarkably well he said.
Goodyear earnings in the first six months can be made since a large
made, due to the decline of crude rubber
inventory write-off must be
Mr. Litchfield expects the company's new South
prices, he declared.
American plant to be in operation about the first of next year.
Operations in Parts-Accessory Industry Lower in June.
Manufacturing operations in the automotive parts-
accessory industry were lower in June than in the preceding
month, in line with the general slowing down in the entire
industry, and figures for the first half are, of course, below
the same period last year, according to the Motor and
Equipment Association, which under date of July 28 adds:
Business of member wholesalers in the Association in June was about
ten points below May. For the six months period their sales volume has
run about 15% below the first half of last year. Generally speaking, the
parts industry is going into the second half with conservative schedules
and will for some time maintain operations closely in line with demand.
The grand index of shipments for all groups of manufacturer members
reporting their figures to the Association in June stood at 116% of the
January 1925 base index of 100, as compared with 144 in May. 163 in April
and 208 in June a year ago.
Reports by divisions of member manufacturers business in June follows:
Parts-accessory makers selling their products to the car and truck makers
for original equipment made shipments aggregating 119% of the January
1925 base index as compared with 153 in May, 175 in April and 231 in
June 1929.
Shipments to the trade by makers of service parts were 131% of the
January 1925 base index as compared with 137 In May, 150 In April and
150 In June 1929.
Accessory shipments to the trade in June were 71% of the 1925 base
figure as compared with 78 in May,74 In April and 90 In June last year.
Service equipment shipments, that is. repair shop machinery and tools,
In June were 128% of the 1925 base as compared with 165 in May, 180 in
April and 186 In June a year ago.
89
91
Hardwood total:
Week-292 mill reports
-8,656 mill reports
30 weeks
Rubber Group Asks Regulatory Laws—British Growers
Say Dutch Join in Urging Legal Curb on Export
and Production—Crisis Feared Otherwise.
Canadian Exports of Pulp and Paper in June Valued
Government legislation for the regulation of production
at $14,863,723—Decline of $1,861,358 from Preceding or exportation of rubber in all producing countries was sugMonth and $2,425,133 Below June Last Year.
gested on July 31 in a communique issued at London by the
Canada's exports of pulp and paper in June, according to British Rubber Growers' Association in co-operation with
Associated Press advices from
a report Issued by the Canadian Pulp & Paper Association, Dutch rubber growers.
York "Times", in indicating
were valued at $14,863,723 which was a decline of $1,861,358 London, published in the New
the previous month, and $2,425,133 below June of last this, continued:
from
The communique says that only by Government intervention can wideyear. We quote from the Montreal "Gazette," July 24, spread distress in the Industry be averted, and that without a general plan
also contained the following further data:
which
to regulate production the accumulation of stock will threaten "the whole
Wood-pulp exports for the month were valued at $3,208,864 and exports
of paper at $11,654,859, as compared with $3,288,475 and $13,436,606,
respectively, in the previous month.
Shipments of the various grades of wood-pulp and paper for June 1930
and 1929 were as follows:
foundation of the industry."
It reads as follows:
"After the fullest survey of the position, the British-Dutch LiaiSon
Committee agree that.
"First. It Is impossible to devise any scheme on a voluntary basis which
can effectively meet the present critical situation.
706
FINANCIAL CHRONICLE
"Second, without some comprehensive scheme of regulating output,
rubber stocks will continue to accumulate to such an extent as to threaten
the whole foundation of the industry and jeopardize seriously the livelihood
of hundreds of thousands of native producers and estate laborers, as well
as the European staff. engaged In rubber growing.
"Thirdly, widespread distress is only avertible by the intervention of
the Government of rubber producing countries, and it is desirable to ascertain as speedily as possible whether they are prepared to introduce legislation for the regulation of the production of exportation of rubber.
"Fourthly, it is essential that such regulation must embrace native as
well as estate production, and should pivot on the lowest price, which will
keep the industry solvent, which it is suggested be 9 pence per pound in
Europe (about 18 cents). The release and contraction of supplies must
be flexible so as to prevent shortage of supplies for consumers.
"Fifthly, details of the regulations must be agreed on in consultation
with representatives of the Industry, and the liaison committee will gladly
give assistance in this connection.
"Sixthly, the Governments concerned should, as far as possible, discourage extensions to the area planted with rubber until the situation is
clarified.
"The conclusions set out above have been adopted by a practically
unanimous vote of the council of the Rubber Growers' Association in London and by a large majority vote of rubber producers operating in the
Dutch East Indies."
Changes in Weekly Statistics of New York Cotton
Exchange Effective Aug.1.
With the opening of the new cotton season on Aug. 1 the
New York Cotton Exchange instituted important and extensive changes in its weekly statistics on movement into sight,
visible supply, exports and spinners' takings of American
cotton. In making known the changes proposed, the Exchange, in an announcement issued through its Secretary,
Fred F. Kuhlmann, July 29, said:
It is believed that these changes will greatly improve the weekly statistics
of the Exchange, by making them simpler and clearer, by putting them on
a basks which is more in line with the present scope and organization of the
world cotton trade, and by making it possible to correlate these statistics
with other fundamental statistics of the industry. Comparable figures on
the new basis will be given for three past years to permit of comparisons.
On the new basis, weekly statistics will be published exclusive of linters,
with the exception of detailed statistics on visible supply and exports,
which will Include linters as before. The Inclusion of linters heretofore
has made it difficult to correlate the figures of the Exchange on movement
into sight, visible supply, exports, and takings, with Government statistics
on ginnings, monthly domestic consumption and domestic stocks, and
with the Exchange Service monthly and annual returns on world consumption and world stocks,since the latter figures are published on the exclusive-linter basis. With all of these series put on the basis of covering only,
of
lint cotton, one will be able to follow the statistical position of the trade
and to form sound conclusions as to the trend of the industry, much more
readily than heretofore.
An important change In the figures on visible supply of American cotton
will be the inclusion of stocks of cotton afloat to Japan and China, and in
warehouses at ports of Japan. Heretofore, the visible supply figures have
included cotton afloat to and at ports of Europe, but not cotton afloat to
and at ports of the Orient. It has been pointed out that such a system was
Illogical, and liable to confusion and misunderstanding. With the Orient
now one of the major divisions of the world spinning industry, it is felt
that American cotton moving to and in warehouses in that part of the world
should be treated in the same way, in visible supply statistics, as cotton
moving to and in warehouses of Great Britain and the Continent.
The figures on takings by spinners in various parts of the world will be
compiled on a more uniform and more logical basis. Takings by both
northern and southern mills will be computed in the same way and so that
they will represent receipts at the mills, whereas heretofore the figures on
takings by southern mills have represented mill receipts but those by
northern mills have indicated movement northward from southern ports
Takings by Canadian mills
and through interior railroad points.
will no longer be included with those by northern mills of the United
States, but will be grouped with takings by foreign mills. Takings by mills
of Japan and China will no longer represent shipments from American ports
to those countries and hence synonymous with exports, but will indicate
movement from Japanese and Chinese ports to mills of Japan and China.
The use of the term "Spinners' Takings" will be discontinued, and in its
place, the Exchange will substitute the term "Forwardings to Mills." It
is believed that the new expression is preferable to the older one, by being
much clearer and more definite in indicating the meaning of the figures.
The term "Spinners' Takings" has been subject to the possible misunderstanding that it represented purchases on consumption of cotton by spinners.
The term "Forwardings to Mills" cannot suggest anything but its correct
meaning of movement of cotton to or into mills.
It is expected that these changes will give added significance and value
to the statistical system of the Exchange and that they will materially
enhance the practical usefulness of the New York Cotton Exchange Service.
Dutch Chamber Votes Sugar Duty.
Associated Press advices from The Hague, Netherlands,
state that the First Chamber on July 31 passed by 24 to 17
votes a bill for an import duty of 2.40 florins (about 81)
per kilogram (about 220 pounds) of refined sugar. The duty
it is stated was imposed as a compensation to Dutch sugar
manufacturers for expenses due to the sugar excise laws.
Fur Auction in New York Brings $2,300,000.
Sales totaling 82,300,000 were reported for the four-day
summer fur auction concluded on July 31 by the New York
Auction Co., Inc. We quote from the New York "Times"
which also said:
[VoL. 131.
With the opening of the sales on July 28 the "Times"
said:
Cautious buying yesterday marked the opening of the summer fur
auction of the New York Auction Co.. Inc. Attendance of buyers was
reported as excellent, but bidding was restrained. Black and northern
muskrat, wolf and wildcat collections brought full market prices in the sale.
Other collections, notably badger and lynx, which sold for 10% below
prevailing prices, were purchased under the market. Total sales for the
9 varieties offered were $500.000.
Black muskrat brought a high price of $1.95 and northern muskrat atop
of $1.35. Wildcat sold well at $12.50 and wolf at $26.50. Other collections
and the high prices paid were: Badger $40, lynx $77, wolverine $17.75.
leopard $30 and fitch $3. Both the leopard and collections were neglected.
Present Condition of Canadian Crops.
With the co-operation of agriculturists of the Dominion
Department of Agriculture and of the statisticians of the
Provincial Departments of Agriculture, the Dominion Bureau
of Statistics issued on July 30 the seventh of a series of 12
weekly telegraphic reports on the Canadian crop situation
as follows:
GENERAL CONDITIONS.
Western weather since our report of July 24 has been hot, with scattered
showers and some good rains. Precipitation was heaviest in Southern
Manitoba, in Central Saskatchewan, and In Central and Northern Alberta
—over much the same territory which received beneficial rains during
the previous week. The first low temperatures of the harvest season were
recorded from Northern and Southern stations of Alberta and from Vidora,
Saskatchewan.
Crop conditions show a further betterment during the week, particularly
in central areas of Saskatchewan and Alberta. Frosts, sufficient to blacken
potatoes, are reported by the Beaverlodge Sub-station in the Grande
Prairie District. Since from one to seven degrees of frost were recorded,
some damage to grain will result, although the extent cannot be determined.
With favorable weather conditions, stem rust infection shows a serious increase on the leafy, late bread wheats of Manitoba, with only slight increases on the lighter stands of Saskatchewan wheat. The full text of the
wire from the Dominion Rust Research Laboratroy at Winnipeg is as
follows:
"Weather conditions were favorable for stem rust development in past
week. Decided increase in severity of infection on common wheat throughout Manitoba. Some heavy stands in Central and Southern Manitoba
have infections ranging In severity from 30 to 75%. Injury already
apparent in certain fields of this area. Light stands much less affected.
Some fields of early variety ready to cut in about a week. Only traces of
rust on Durum wheat. Stem rust increasing on barley, severity now ranges
25 to 75%. No decided change reported in rust situation of Northweastern
Saskatchewan on July 25. In Southeastern Saskatchewan rust has increased
with severity of Infection ranging from 1 to 6% on wheat and barley and
pustules appearing on necks of plants. Leaf rust found on wheat in
Alberta, but no stem rust yet reported."
MANITOBA.
Department of Agriculture, Winnipeg.—Cutting of barley and early
wheat will begin this week. Crop ripened fast due to recent heat. Generous straw yield. Late wheat of susceptible varieties bears considerable
rust infection. Crops generally look fine. Potatoes good. Corn growing
fast.
Experimental Farm. Brandon.—Weather more settled and cooler. Wheat
on first sown fields in earliest districts is rapidly approaching maturity.
Some barley cut. Rust has developed rapidly in Brandon district and will
undoubtedly decrease yield and lower quality of later maturing crops.
Experimental Station, Morden.—Cereal harvest has begun, early wheat
being cut, also barley and some oats. Fall rye is cut. All cereals promise
good yields unless rust continues to develop on late varieties. Corn is
very thrifty and in tassel. Potatoes and roots very good. Second hay
crop thriving.
SASKATCHEWAN.
Department of Agriculture Regina.—Cargos in northern district continue
promising but in central and south central districts they vary from fair
to very poor,some being regardod as failure. Some rust is reported at points
in eastern Saskatchewan, with development problematical.
Experimental Station, Rosthern.—Over half
-Inch rain on 28th again assures
moisture for another two weeks and most crops are promising over 30
bushels. Average will be about 25. Barley and oats also good. No
damage from any cause. Hay crop good.
Experimental Station, Scott.—During the past week several heavy showers,
totalling point six nine inches, were received which will be most helpful
for filling of grain. Majority of wheat in milk stage. No rust found.
Harvesting should be general in about three weeks. Pastures are holding
much better than usual.
ALBERTA.
Experimental Station. Lacombe.—WIth rain on 19 days total of 3.7 inches,
July precipitation now above average and sufficient for two weeks. Light
wheat crop on high land now coloring with short straw and heads on late
fields. Late stooling, induced by rains, may delay ripening and lower
grades. Present prospects are for moderate yields of high quality grain.
Experimental Sub-station. Beaverlodge.—ValhaIla, }Tyne and Ponce Coupe
report one to four degrees of frost on 26th, Dunvegen seven, none on station
and beans scarcely touched anywhere in this neighborhood. Potatoes
blackened at McLennan, Hythe and other points. Crops are 10 days late
and doubtless some injury to grain in frosty situations, but extent problematical.
BRITISH COLUMBIA.
Supervisor of Illustration Stations Reporting from Vanderhoof.—Cold
Spring followed by hot dry weather in central British Columbia. Crops
below average generally. No timothy seed in Bulkley Valley and hay crop
poor, being about one half to three-quarter crop. Average grain crops In
Buikley and Nechako Valleys. Pastures light. Conditions much better
in Prince George District where good crops will be harvested.
Syria Puts Duty on Wheat.
About 50% of the sales represented goods which actually changed hands.
The New York "Times" reported the following from
Raccoon, skunk and ermine were outstanding In the buying yesterday.
at the market, bringing a high of $13. Skunk and ermine sold Jerusalem, July 25 (Jewish Telegraphic Agency):
Raccoon sold
Following the lead of Palestine. the Syrian Government to-day adopted
well, with highs of $3.60 and $2.45 respectively. Ringtail cat sold at the
market, bringing a top price of $2. Monkey sold up to $1.20. Civet cat import duties on wheat and olive oil. The action is significant in view of
the fact that Palestine and Syria have a tariffreciprocity agreement. Earlier
was neglected at 72 cents and house cat sold fairly well at 52 cents.
AUG. 2 1930.]
FINANCIAL CHRONICLE
In the week Palestine increased the tariff on wheat, barley and seminola ane
banned the inportation of unrefined olive oil until further active.
707
Lamb Prices Slump.
Kansas City advices to the "Wall Street Journal" of July
30 said:
Danube States Fail to Form Grain Pool—Delegates of
Further slump of 25 to 50 cents in range lamb prices Tuesday makes
Rumania, Hungary and Jugoslavia Part Without the decline of the last three weeks $3 per hundred. This is one
severest slumps in
Achieving Object—Jugoslays and Rumanians to of thefor lambs Tuesday the history of the western sheep industry. Best
was $8.25, compared with $13.50 a year ago.
price
Discuss Forming an Economic Bloc With Czechs as Grass cattle prices aro now about 50% Mato than a year ago.
Possible Members.
Under the above head the Now York "Times" had the Lower Cattle Prices—Cattlemen Reconciled to Lower
Prices Due to Liberal Supply and Lessened Defollowing to say in a cablegram from Bucharest July 25:
mand.
A conference in session since Monday here between representatives of
Jugoslavia, Rumania and Hungary broke up to-day without being able to
Reports from the annual meeting of the Nebraska Stock
its original object, the formation of a Danube grain cartel. According
attain
to an official statement to-day Virgil Madgearu,Rumanian Finance Minister. Growers Association show that cattlemen are reconciled to
there is at present no possibility of forming such a group, since it would re- lower prices for grassfeds this year owing to the liberal
quire the centralization of export and thus would lead to an export monopoly
supply and the lessened demand, says Lincoln (Neb.) adIn the three countries.
It was decided, however, that the three countries could co-operate in the vices to the "Wall Street Journal" of July 25 from which
erection of grain elevators and the financing of harvests and that, when we quote further as follows:
have arrived to
the possibility of
consider
this was done, the time would
a cartel.
Another positive result of the conference was the drafting of a joint
answer to an inquiry by the League of Nations as to in what way and by
what means economic co-operation could be achieved between the industrial
and agricultural States of Europe.
Would Level Trade Barriers.
answer, the abolition of the most-favored-nation clause In the case
of agricultural imports was urged, since this would neither prevent the
protection of domestic agricultural production in industrial States nor
injure the interests of non-European countries. It is further suggested
that grain trade ho freed from all restrictions, including administrative
measures designed to protect local agriculture, and that import duties be
consolidated on a low level.
The conference just closed will be followed in a few days by another
In Slanaia, where representatives of only Jugoslavia and Rumania will
discuss the founding of a regional economic bloc, provisionally only on
the inside framework of the Little Entente. If Jugoslavia and Rumania
reach an understanding. Czechoslovakia will be invited to join in the discussion, as these three countries, it is argued, form an ideal self-contained
bloc.
The failure to reach a similar understanding with Hungary is believed
to be due rather to national jealousies than to economic difficulties. Some
form of economic co-operation between the Danubian States to replace the
freedom of trade which existed in the old Austro-Hungarian Empire is
dictated by the iron logic of circumstances. No sooner, however, bad
representatives of the grain trade of Hungary, Rumania and Jugoslavia
projected the idea of an agreement between these three countries with
common agricultural interests than political jealousies were aroused.
Difficulties Beset Plan.
Prague, which scented therein danger for the Little Entente. did its
best to shipwreck the conference. Hungarian die-hards, urging that until
Hungary regained Its lost territories there should be no trade with its
enemies, also lifted up their voices. The result has been the partial failure
of the proposal and the substitution therefor of a new bloc in which Czechoslovakia, which is only a partly agricultural State, could be Included.
The Prague press comment to-night was none too favorable to the latter
idea. It was also hinted officially that a larger scheme for an agrarian
entente between nine European States, which Poland has broached, would
not receive encouragement from Czechoslovakia or its Little Entente
partners and would therefore have to be dropped.
The net conclusion drawn by impartial observers of the proceedings
of the last few days is that the proposal for an agrarian bloc, however
excellent in itself, will not be allowed to succeed if Czechoslovakia can help
it. Czechoslovakia's Foreign Minister, Eduard Benes. founded the Little
Entente and is not really anxious to see it lose its identity in any other or
larger organization.
In
French Cabinet Advises Farmers to Sell Wheat at
Present High Prices—Increase in Percentage of
Foreign Wheat in Flour.
Associated Press Accounts from Paris July 26 said:
The Cabinet to-day approved a plan of the Minister of Agriculture to
advise French farmers to sell wheat at present high prices and also took
measures to reduce the cost of living.
The percentage of foreign wheat that may be used in flour was increased
from 3 to 10 and a general investigation of middlemen's profits was ordered.
Wheat sold yesterday in the Paris market at 160 francs a quintet of
220 pounds, which is the equivalent of $1.71 a bushel. Wheat sold at twothirds of that price two months ago, according to Deputy Leon Meyer,
Mayor of Havre. who had been protesting publicly against the rising
cost of living. M. Meyer informed Premier Tarclien that he intended to
take the matter into Parliament when that body reassembled.
Minister of Commerce Etienne Flandin, it was announced to-day, has
ordered a study of the prices of flour and other necessities throughout
Franca and will seek measures to reduce middlemen's expenses.
Lamb Crop Increases—About 8% Larger Than in 1929
and 1928, Agriculture Department States.
From its Washington Bureau advices to the "Wall Street
Journal" of July 26 said:
The 1930 lamb crop of the United States is about 8% larger than the lamb
crop of 1929 and 1928. Department of Agriculture states. Indicated lamb
crop for 1930 is 28,458,000 head compared with 26,363,000 for 1928 and
26,441,000 for 1929.
The number of lambs saved per 100 ewes one year old or over on Jan. 1
was 89.1 in 1928. 83.9 in 1929 and 87.3 in 1930. Compared to 1929 the
larger lamb crop this year was due both to an increased number of breeding
owes and a larger number of lambs saved per 100 ewes. Both the native
and western lamb crops are larger this year than last.
Australian Wheat Harvest.
Associated Press advices from Sydney July 26 said:
The wheat harvest for Australia. including Tasmania, was officially
announced to-day as 120.477,000 bushels for 1929-1930.
At that, present figures, due to the efforts made to reduce production
costs, will yield a profit. For the last two years the stockmen have been
gradually working out from under their financial loads satisfactorily to the
bankers.
Condition of stock in pastures is good and a big calf crop is reported in
most sections.
While there are more cattle in central and western Nebraska than a year
ago, the stockmen need not sacrifice their stuff. If bids next fall are not
satisfactory, many are prepared to hold their stock. To date there have been
comparatively few inquiries from the corn belt feeders and few sales made.
Size of the corn crop and the fall price are factors that, being yet undetermined, are chiefly responsible for the failure of offers and bids.
Drastic Reductions in Retail Price of Beef in Philadelphia and Chicago Noted by C. B. Denman of
Federal Farm Board—Consumers in New York
Not Accorded Reductions Entitled to.
Consumers of beef in Philadelphia and Chicago, particularly, have been favored by rather drastic reductions in the
retail price of beef as compared with the prices which obtained a year ago, according to figures compiled by the
Bureau of Agricultural Economics of the United States
Department of Agriculture. C. B. Denman, member of
the Federal Farm Board, commenting on these reductions
on July 22, said that at Philadelphia the decline on cheaper
grades of beef on July 15 averaged 12 cents a pound, while
at Chicago on the same grade retail prices were nearly
11 cents a pound cheaper than July 15 1929—that these
reductions showed plainly that retail meat dealers were cooperating to help make possible wider distribution of beef.
The price cuts in these two cities were even greater than the
wholesale price reduction.
The prices of beef in New York City, according to the
figures compiled by the Bureau, were not so favorable to the
consumer—that while some reduction had been made since
attention was called to the lower prices of cattle and the
wholesale price of beef by Mr. Denman on June 26, that to
date the average price on the cheaper grades of beef had been
reduced in New York City between 3 cents and 6 cents a
pound, and that consumers were entitled to a further reduction based on present wholesale beef and live cattle prices.
Mr. Denman stated further, that while no figures had
been compiled for other cities by the Bureau of Agricultural
Economics, that letters to the Feddral Farm Board from
Kansas City, St. Louis, Fort Worth, St. Paul and numerous
smaller centers indicated rather large reductions had been
made by retail meat dealers, one chain group reporting
9 cents a pound reduction on all grades of beef. He added
that reports from all sources indicated consumers were taking
advantage of the lower prices and that greater volume of
beef was going into consumption. All figures available it
was added indicated that on the better grades of beef, price
reductions had not been as great as those of the cheaper
grades and that some retail stores had made no reduction
at all. To acquaint consumers with the present position of
beef and live cattle prices and to assist in reestablishing a
stable market for beef cattle said the Board's announcement
of July 22, was Mr. Denman's purpose in issuing this and
the former statements.
Bank of America N. A. on Obstacles in Way of Gauging Effect of Changes in Sugar Tariff.
With the increasingly wide spread between world produotion of sugar and consumptive requirements, the controlling
influence in the market, little opportunity has been afforded
to gauge the effect of the changes in the sugar tariff, the
Bank of America N. A. points out in a discussion of this
tariff. The bank says:
While the outstanding feature of the new sugar schedule is an increase
of .2352 cents per pound in the import duty on Cuban sugar and .294
708
FINANCIAL CHRONICLE
[VOL. 131.
cents on all other foreign sugar, the greater latitude in the application
of
the drawback allowed on exports from the United States of refined sugar
manufactured from foreign raws, and the reduction of the spread between
duties on raws and refined, are points of the new law which are
bound to
have an almost equally important bearing upon conditions
in the trade.
As the sugar schedule now stands, refiners of this country
are obliged to
pay more for foreign raw sugar, but are afforded less protection
against
Imports of refined sugar than under the former law.
action, taken in the hope of preventing further declines in
prices, is effective at once and will rule until Aug. 31. In
the event that further reduction is necessary, the curtailment board of the Pennsylvania Crude Oil Producers' Association is empowered to draft a schedule for September and
for subsequent months. The meeting held at Marietta,
The bank notes that in the readjustment of the schedule, Ohio, was attended by
over two hundred operators. There
Cuban refined has an advantage of two-hundredths of a cent were no crude oil price
changes posted this week:
a pound over sugar refiner here from Cuban raws, the
Prices of Typical Crudes per Barrel at Wells.
differential of 12 cents per 100 pounds between the duty on
gravities where A. P. I. degrees are not shown.)
raw and refined sugar coming in from Cuba being regarded Bradford. Pa
$2.10 Smackover, Ark., 24 and over
890
Corning, Ohio
by refiners as insufficient. The review continues:
1.50 Smackover, Ark.. below 2
.75
Cabot!, W. Vs
1.35 Eldorado,
An advantage which the new law gives to refiners is that
in order to obtain
the drawback they are not obliged, as formerly, to re-export in refined
form
the actual sugar upon which they paid a duty in its raw state.
If, for
instance, 10.000 tons of sugar is imported from Santo Domingo
and the
full duty of 2.50 cents per pound, on the basis of 96
degrees test. Is paid,
the refiner can export 10.000 tons of refined, and collect
the drawback up
to 99% from the tax paid, whether the sugar actually
exported was melted
from Santo Domingo raws or not.
Illinois
Western Kentucky
Midcontinent, Okla., 37
Corsicana. Texas, heavy
Hutchinson, Texas, 35
Luling, Texas
831ndletop, Texas, grade A
FLAndietop, Texas, below 25
Winkler. Texas
1.45
1.53
1.23
.80
.87
1.00
1.20
1.05
.65
Ark., 34
Urania, La
Salt Creek, Wyo., 37
Sunburst, Mont
Artesia, N. Mex
Santa Fe Springs, Calif., 33
Midway-Sunset, Calif., 22
Huntington, Calif., 26
Ventura, Calif., 30
Petrolia. Canada
1.14
.90
1.23
1.05
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS- BULLISH NEWS STRENGTHENS GASO-
LINE MARKET- GASOLINE STOCKS AGAIN OFF SHARPLY
Petroleum and Its Products
-Domestic Gasoline Con- TANKCAR MARKET SEEMS BETTER - DOMESTIC OIL
sumption Increases-Crude Oil Production Drops
PRICE SHADING REPORTED - KEROSENE DEMAND IS
DULL.
to Lowest Total in Several Years
-No Price Cut in
With the resumption of curtailment policies now being
Kentucky Crude Oil-Texas Operators Expect
Railroad Commission to Announce Substantial under way in every oil field of any size in the United States,
Cut in Production-Ohio Operators Plan Curtail- the resulting tightening up of the market has improved the
demand in the Eastern market. Heavy consumption is
ment.
A closer relationship of production to demand,long sought another factor that is encouraging dealers to hope that the
by the petroleum industry, is being realized to some extent, gasoline market is on its way to better times. Despite the
if developments during the past week can be taken as a skeptics that said that a nation-wide curtailment policy
criterion. The effect of increasing automobile traffic was was impossible, results so far seem to be just what the oil
reflected in the consumption of gasoline in June, which industry needed to bring it out of its slump.
A large reduction of gasoline storage for the week ended
showed a gain of 20,000 barrels per day over the preceding
month and 79,000 barrels over the same month last year. July 26, a drop of 1,186,000 barrels being reported, was also
Weekly production figures continue to radiate optimism, bullish news. Total stocks for the week ending July 26 were
output last week being at the lowest level since early in 44,751,000 barrels, the lowest amount in storage since
January of this year. With the decline in gasoline stocks,
January.
The gain in domestic consumption of gasoline over the there was an increase in refining operations. Crude oil run
corresponding month last year was greater in June than in to stills last week averaged 2,518,600 barrels, an increase of
May, according to figures of the U. S. Bureau of Mines. 72,600 barrels daily. The operating rate also showed a gain,
The gain over June last year was 7% as compared with a averaging 71.4% against 69.3% in the previous week.
Although there is a rumor being circulated among the
gain of 6% in May. Runs to stills of crude petroleum durtrade that Standard Oil of New Jersey is planning a price
ing June amounted to 80,747,000 barrels, or a daily average
increase in the tank wagon field, no official announcement
of 2,692,000 barrels. This was a decline of 6,000 barrels
to this effect has been made as yet. The trade expects to
per day from the preceding month. Gasoline production
hear of the raise shortly, however. It is reported that one
,in June aggregated 1,251,000 barrels daily against 1,267,000
large refiner is delivering gasoline in tank wagons at 83
barrels daily in the preceding month.
cents a gallon. With gasoline at this price in tank wagons,
During the first six months of the current year 7,093,000 dealers
are not over willing to commit themselves to any
barrels of gasoline was added to storage as against 8,925,000 large orders.
barrels in the initial six months of last year. Domestic deThe tankcar market is in a stronger position at the presmand for motor fuel, according to the Bureau, was 9.1% ent than it
has been for some time with a raise of Y a
lc.
above that in the first half-year of 1929.
gallon on U. S. Motor Gasoline being reported by Carson
Crude oil production for the week ended July 26, averaged Petroleum.
The majority of the refiners are still holding
2,488,700 barrels a day. a decrease of 11,400 barrels from the the
price for U. S. Motor gasoline around 8%c. to
10c. a
previous week and 407,950 barrels from the daily average gallon,
in tankcar lots, at the refinery. It is believed
that
in the corresponding period last year. This is the lowest this price
would be shaded a bit with a firm bid reported.
average production reported for several years with only an Bulk gasoline
demand in the East is still dull with
average production of 2,490,850 barrels for the week of dealers
the
continuing their policy of hand -to mouth
buying.
Nov. 17 1928 approaching that level.
Domestic heating oils have been a little easier
with StandKentucky operators were heartened by receipt of word
ard Oil of New Jersey announcing that,
effective on July
from 0. D. Donnell, President of the Ohio Oil Co., that 24, it
had advanced the price of grade C
bunker fuel oil
there would be no rationing or cut in the price in western
Sc. a barrel and is now quoting $1.05 a
barrel at Baton
Kentucky crude, provided further development was halted
Rouge. This change has brought the
Standard into line
and no more oil produced than is turned from the field. with the other
companies prices at that point.
The Ohio Oil company can take care of the present output, few
Quito a
instances where dealers have been
forced to shade
but with consumption dropping and production climbing, prices
a little to make a sale have been
too much surplus was accumulating in their storage tanks. actual
reported. No
price reductions in this field have
been reported yet,
Although no announcement has come from the Texas
however. Kerosene is offered rather
freely at 63 c. a gallon
Railroad Commission yet, operators who were at the hearing
4
for 41-43 gravity, in tank cars, at the
refinery, with little
in Austin on July 30, expect that a production cut to 737,000 buying interest
being shown. The market for future
barrels a day instead of the 830,000 barrels being produced
deliveries in
daily at the present time will be announced shortly. This domestic kerosene is reported to be picking up with both
and foreign buyers showing interest.
figure was declared to be the nearest to the actual daily
Gasoline, U. S. Motor, Tank Car
needs of the oil purchasers by a joint survey conducted by N.Y.(Bayou)$
Lots. F.O.B. Refinery.
09@.10
N.Y. Sinclair Ref_ .09
California
Stand 011, N. J._ .09
technologists working under the sponsorship of the leading
.083j
Beacon Oil
.09
Los Angeles, export_ .0744
Stand 011, N. Y_ .098
Carson Pet
producers' associations.
.08!.4 Gulf Coast, ex port
Tide Water 011Co. .09
.08
Crew Levick
.09
North Louisiana_
Richfield 011 Co__ .10
.07)(
West Texas
Evidence showing that operators are sincere in the curtail.06K North Texas
.01344
Warner-QuinFnCo
.09% Oklahoma
Pan-Am. Pet Co_ .0934 Chicago
08
ment policy in the Pennsylvania oil field is afforded in the
New Orleans
.07% Pennsylvania
Sheil Eastern Pet- .10
.0934
Arkansas
.06%
report that completion of crude oil wells for the month of
Gasoline, Service Station, Tax Included.
July totaled 286 with initial production of 1,545, as compared New York
5.183 Cincinnati
$.19
Minneapolis
Atlanta
8.182
.21
Denver
with 403 wells in June with daily initial of 2,155 barrels a day. Baltimore
.16
New Orleans
.195
.22
Detroit
.188 Philadelpl.la
.21
30% curtailment of production was decided upon at a Boston
20
A
Houston
.18
San Francisco
.251
Buffalo
.15
Jacksonville
.24
Spokane
meeting of Southeastern Ohio crude oil operators. This Chicago
.195
.15
Kansas City
.179 St. Louis
16
Kerosene. 41-43 Water White, Tank
brings the production curtailment policy into line with the
Car Lots, F.O.B. Refinery.
N.Y.(Rayonn
Pennsylvania and West Virginia fields. This North Texas e)$.07®.0734 Chicago
5.05% New Orleans
New York,
$.07(
0534 Los Angeles. export_
.0534 Tulsa
.004
AUG. 2 1930.]
709
FINANCIAL CHRONICLE
Fuel 011, 18-22 Degrees. F.O.B. Refinery or Terminal.
8.85 Gulf Coast
New York(Bayonne)$1.15 Los Angeles
.951Chicago
2.00 New Orleans
Diesel
Gas Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
8.031Tuisa
N.Y.(Bayonne)--8.0534(Chicago
5.75
.55
D FUEL OIL STOCKS
-GASOLINE AND 0,A S
CRUDE RUNS TO STILLS
WEEK ENDED JULY 26 1930.
(Figures In Barrels of 42 allo
5.03
District.
Further Decline in Crude Oil Production in United
States.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended July 26 1930 was 2,488,700 barrels, as
compared with 2,500,000 barrels for the preceding week, a
decrease of 11,400 barrels. Compared with the output for
the week ended July 27 1929, of 2,896,650 barrels per day,
the current figure represents a decrease of 407,950 barrels
daily. The daily average production east of California for
the week ended July 26 1930 was 1,877,800 barrels, as compared with 1,885,200 barrels for the preceding week, a
decrease of 7,400 barrels. The following are estimates of
daily average gross production, by districts:
Per Cent
Potential
Capacity
Reportling.
100.0
East Coast
91.8
Appalachian
Incl., Illinois, Kentucky 99.6
Okla., Kans., Missouri_ 89.9
90.4
Texas
96.8
Louisiana-Arkansas_
93.6
Rocky Mountain
99.3
California
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
July 26 '30. July 19 '30. July 12 '30. July 27 '29
Week Ended566.850
726,500
586,300
Oklahoma
616,000
126,700
117,050
128,050
116,300
Kansas
93,000
96,400
101,750
102,650
Panhandle Texas
74,550
74,450
75,600
North Texas
58,800
55,400
55,700
West Central Texas
395,250
298,650
293,950
297,750
West Texas
17.700
40,900
39,350
39,450
East Central Texas
77,700
Southwest Texas
77,350
72,400
72,250
36.100
42,150
North Loulidana
39,400
39,550
68,200
Arkansas
55,450
55,500
55,600
126,000
Coastal Texas
185,900
183,500
181,100
19,400
Coastal Louisiana
26,450
28,700
25,800
*Eastern(not including Michigan)
102,800
126,500
128,000
129.000
21,000
Michigan
9,850
10,100
9,850
54,500
Wyoming
48,100
45,700
40,950
11,400
Montana
9,350
9,450
9,400
6,850
Colorado
4,700
4,350
4,600
2.550
New Mexico
42,200
42,200
32,350
865,600
California
610,900
614,900
613,100
Total
2,896,650
2,488,700
2,500,100
2,530,800
* Proration activities in the Bradford-Allegany producing area have been based
upon the daily average production of the field for the month of April 1930, when
Bradford produced 33,500 barrels and Allegany 9,850 barrels daily. The following
daily average figures are now available:
Bradford.
Alleitany.r '
Bradford.
Alleyani.
31,150
9,900 Week of July 19._ _ _10,200
Month of May
7.000
27,250
8,550 Week of July 26_ __ A9,000
Month of June
6,650
Total week July 26Daily average
Total week July 19Daily average
xTotal July 27 1929_
Daily average
Texas Gulf Coast y
Louisiana Golf Constv_
95.7
95.7
91.4
100.0 .
100.0
Crude
Runs
to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
3,421,000 ' 80.3
545,000
66.2
77.7
2,071,000
67.7
1,971.000
4,078,000
81.7
1,154,000
62.9
384,000
39.4
4,006,000
64.2
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks,
7,354,000
1,467,000
7,363,000
3,837,000
6,476,000
1,977,000
2,481,000
13,796,000
9,757,000
1,042,000
4,403,000
4,671.000
10,182,000
1,927,000
1,204 000
106,083.000
17,630,000
2,518,600
17,122,000
2,446,000
18.286,000
2,612,200
71.4
44,751,000
139,269,000
69.3
45,937,000
139,113,000
3,009.000
743.000
81.7
71.9
85.6 z36,392,000 z137,487,000
5,253,000
1.539.000
7,155,000
1.068.000
x The United States total figures for last year shown on above are not comparable
with this year's totals because of the difference n the percentage capacity reporting.
y Included above in the totals of their respective districts for week ended July 28
1930.
z Final revised 1929.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel Oil Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Oil Pool in Ector County, Texas, Curbed.
Press advices from Fort Worth, Texas, July 29 said:
The Ector County proration committee has agreed to cut oil production
from the Penn pool to 10,275 barrels a day, beginning August 1, it was
announced to-day. The output adopted represents the amount four pipe
line companies serving the pool elect to purchase from August 1 to August 15.
Efforts to boost the outlet to 12,000 barrels will be continued and new
proration schedules will be compiled at 15-day intervals. Potential was
figured at about 21,000 barrels daily.
Low Prices Continue To Spur Non-Ferrous Metal
Buying-Copper Demand Is Still Heavy-Lead
Sales a Record.
The demand for copper, lead, and zinc continues heavy,
though the volume of copper sales during the past week was
only about half that of the week before, "Metal and Mineral
Markets" reports. Lead business showed a considerable
increase, more lead boing sold last week than in any other
since that publication began keeping records. The report
also says:
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 July 26 was 1,424,750 barrels, as compared with 1,435,100
barrels for the precedinif week, a decrease of 10,350 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
Neither copper nor lead showed any change in price, but the advance in
1,387,200 barrels, as compared with 1,397,500 barrels, a decrease of 10,300
zinc quotations has continued with a net gain of about three-eighths of a
barrels.
The production figures of certain pools, in the various districts for the cent for the week. Silver and tin have been quiet and unchanged. Most
occasioned by low prices rather than
current week, compared with the previous week, in barrels of 42 gallons. of the buying from producers has been
to cover orders actually placed.
follow:
The total business in copper for the week was over 30,000 tons in the
Ended-Week
-Week EndedEast Central Texas
- July26. July19. domestic market. In the month of July. with some business as yet unJuly 28. July19.
Oklahoma17,400 20,150 Van Zandt County
26,000 24,000 reported, domestic sales were almost 165,000 tons. Foreign business was
Bowlegs
Southwest Texas15,450 15,250
Bristow-Slick
tons to July 30. Domestic and foreign business for the month
16.000 16,000 Darst Creek
Burbank
31,500 26,500 about 69,000
7 550 Luling
5,050
9,900 9,800 will probably approximate 240,000 tons. The price continues at 11 cents
Carr City
26,300 28,400 Salt Flat
Earlsboro
20,300 20,900 for eastern deliveries, with 113fi cents realized in Pittsburgh, Detroit and
North Louisiana15,200 19,850
East Earlsboro
Chicago.
9,600 13,000 Sarepta-Carterville
2,900
2,950
South Earlsboro
Almost 11,000 tons of lead was sold during the week, of which 5,000 tons
23,350 23,850 Zwolle
2,850
5,000
Konawa
Arkansas
30,100 30,350
were in one sale to a factor in the public utility industry. The market is
Little River
10,050 13,750 Smackover, light
5,150 even firmer than a week ago at 53i cents in New York and 5.15 cents in
5.150
East Little River
4,700 Smackover, heavy
4,200
Maud
37,550 37,600 St. Louis.
Coastal Texas
0,200 8,650
Mission
Zinc has settled at 4.75 cents. The total volume of business for the week
77,450 74,150 Barbers Hill
Oklahoma City
20,500 18,850
26,450 28,700 Racoon Bend
St. Louis
12,000 11,850 ending yesterday (July 30) was the best, with one exception, of any week
Refugio County
9.350 9,650
Searight
34,300 36,250 this year. As with copper, however, the demand has been largely specula18,800 19,050 Sugarland
Seminole
12,100 12,000
tive. High-grade zinc is in fair demand at a one-cent premium for eastern
Coastal Louisiana
2,800
2,500
East Seminole
East Hackberry
Kansas2,200 deliveries, above the St. Louis price of Prime Western.
1,750
SedgwIck County
17,950 18,200 Old HackberrY
1,100
1,100
Tin remains unchanged with a quiet market.
Wyoming
10,700
Voshell
Panhandle Texas
65,000
Gray County
Hutchinson County_ - - - 21,500
North Texas
16,250
Archer County
22.250
Wilbarger County
1Vest Central Texas
18,850
Young County
West Texas
Crane St Upton Counties. 39,400
18,050
Ector County
29,300
'Toward County
21,450
Reagan County
73,200
Winkler County
102,500
Yates
3,850
Bal. Pecos County
8,250
Salt Creek
Montana
70.350
21,200 Kevin-Sunburst
New Mexico
16,200 Hobbs High
22,350 Bal. Lea and Eddy Cos
California-.
18,900 Elwood-Goleta
Huntington Beach
40,500 Inglewood
19,800 Kettleman Hills
29,300 Long Beach
19,000 Midway-Sunset
69,200 Santa Fe Springs
102,100 Seal Beach
4,000 Ventura Avenue
30,000 27,100
5,950
5,950
32,900 33.950
6,500
5,500
28,000
17,200
13,500
101,000
63,000
110,500
21,000
48,000
46,500
28,000
17,400
13,700
100,000
63,500
112,000
21,300
50,500
S. A. Lewisohn of Miami Copper Co. Says II-Cent
Copper is Below Cost of Production.
Sam A. Lewisohn, Vice-President of the Miami Copper Co.,
Ill the Metals, the monthly supplement of "The Daily Metal
Reporter," comments on the price of Copper and says:
"It must be perfectly obvious to those familiar with the copper industry
and its past history that an 11-cent price is very near rock bottom. It is
the lowest price since 1902, and further, it is 3.50 cents below the tenyear average of 1920-1929 and close to 8 cents below the previous tenyear average. The 11-cent price is below the cost of production of many
of the marginal mines. The table compiled by the United States Tariff
Commission shows that approximately 46% of the domestic output in
1929 cost 11 cents and over.
"With the price of silver at the lowest point in more than a century
those marginal copper mines in which silver figured as a by-product and
which served to bring down the cost of production, will find it all the
more difficult to maintain operations."
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,528,400 barrels, or 95.7% of the 3,686,400 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
The New York "Herald-Tribune" in indicating what Mr.
July 26 1930, report that the crude runs to stills for the week Lewisohn had to say further in the matter stated:
show that these companies operated to 71.4% of their total
The decline in copper prices, Mr. Lewisohn assumed, would bring about
to develop new copper deposits and will force a numcapacity. Figures published last week show that companies a lessened tendency high-cost producers to close down. The scrap situation,
ber of the smaller,
3,528,400 barrels, or 95.7% of the 3,686,400 he considered, was sound as the high prices of last year served to bring out
aggregating
barrel estimated daily potential refining capacity of all all available tonnage in this category.
Mr. Lewisohn discounted the talk of widespread use of substitute metals for
plants operating in the United States during that week, but
expressed the conviction that consumption of the metal will
which operated to only 69.3% of their total capacity, con- copper and show a steady gain. A hopeful situation existed in the modcontinue to
tributed to that report. The report for the week ended ernization of European industry and the development of utilities of all kinds
in foreign countries.
July 26 1930 follows:
710
FINANCIAL CHRONICLE
In conclusion he stressed that a "buyers' market" exists at present in
copper; that a change in prices to higher levels may come when least
expected, and that consumers should look ahead.
Tin Curtailment for 1930 to be 17,100 Tons
-Statement
of Tin Producers Association.
The Tin Producers Association in London in an official
announcement computes aggregate curtailment of In production during the remainder of this year at 17,100 tons of
fine metal. This figure it is stated is reached In the following way:
The 94 British companies which have accepted the Council's recommendation for a two months' production holiday have an annual production of 43,000 tons based on actual output during the last half of 1929.
Since some of their plants were not then in full operation, curtailment of
output affected by two months shutdown and subsequent 20% curtailment is estimated for the current half year at over 9,200 tons of metallic
tin. Some of the companies are actually dosing down for three months
or longer, a fact disregarded in the calculation.
Sixteen other companies with combined output during 1929 of 7,700
tons of metallic tin are now producing approximately 20% less than in
1929, making their curtailment for the remainder of 1930 approximately
900 tons.
Principal Bolivian and Dutch producers have agreed to a 25% curtailment as from June 1. Based on 1929 shipments of 43,033 metallic tons
from Bolivia and 12,982 tons from Billiton, curtailment for the remainder
of this year should be not less than 7,000 tons from these two fields.
If negotiations now under way with Chinese producers and other nonmembers are successful, the aggregate curtailment of 17,100 tons may
be
substantially enlarged.
[VoL. 131.
Prices have undergone further scattered reduction
s. Continuous mill
sheets are down $1 a ton to 1.75c., Pittsburgh,
for No. 10 gage and 1.90c.
for No. 13.
Utah and Indian pig iron for delivery on
the Pacific Coast have been
marked down $2 to $3 a ton, while
Alabama iron for shipment to the
St. Louis district is off 50c. to $12, base Birmingh
am. A reduction of 50c.
to $17.50, furnace, on Chicago iron brought
out one of the most active
spurts of buying so far this year.
The stalemate in the scrap market persists
and the very fact that prices
show little movement is regarded as a
good augury. The sharply reduced
industrial output of old material has tended
to counterbalance lower consumption.
The sharp recession in business in recent
months has caused iron and steel
producers to strive for further economie
s. The first half earnings of the
United States Steel Corp. were 10% above
those of the first 6 months of
1928, though output was roughly 4% smaller
and prices, measured by the
"Iron Age" composite for finished steel,
were fully 3% lower.
The "Iron Age" composite price for
pig iron has declined from $17.09
to $16.96 a gross ton, dropping below
$17 for the first time since 1915.
Finished steel is unchanged at 2.171c.
a lb., its lowest since 1922, as the
following table shows:
Finished Steel.
Pig Iron.
July 29 1930. 2.171o. a Lb.
July 29 1930, $16.96 a Gross Ton.
One week ago
2.171e. One week ago
317.09
One month ago
2.185o. One month ago
17.42
One year ago
2.412o.
18.38
Based on steel bars, beams,tank plates. One year ago
Based
wire, rails, black pipe and black sheets, furnace on average of basic iron at Valley
and foundry irons at Chicago,
These products make 87% of the United Philadelph
ia, Buffalo, Valley and BirStates output of finished steel.
mingham.
High.
Low.
Low.
1930_2.362o. Jan. 7 2.171o. July 15 1930_$18High.
.21 Jan. 7 316.96 July 29
1929_2.412o. Apr. 2 2.362e. Oct.
1929...
1928._21.391o. Dec. 11 2.314e. Jan. 29 1928- 18.71 May 14 18.21 Dec. 17
3
18.59 Nov.27 17.04 July 24
1927_2.453c. Jan, 4 2.2930. Oct. 25 1927,,.. 19.71
1926_2.453o. Jan. 5 2.4030. May 18 1926_ 21.54 Jan. 4 17.54 Nov. 1
1925._2.6600. Jan. 6 2.3960. Aug. 18 1925- 22.50 Jan. 5 19.46 July 13
Jan. 13 18.96 July 7
Occasional unrelated high lights of demand
vary the
monotony of the slow market in steel and lend
moderate
encouragement to the expectation that with the end
Lead Price Advanced by American Smelting
of July
is passing the worst of the present lull, says "Steel,"formerl
& Refining Co.
y
"Iron Trade Review," in its issue of July 31. "Steel"
It was announced yesterday (Aug. 1) that the American further reports
as follows:
Smelting Sz Refining Co. has advanced the price of lead 10
Ship steel needs again loom importantly in the East.
Plate mills at
points to 5.35 cents a pound.
Chicago, already shipping heavily to pipe mills, have booked
fair business
In tanks for the Southwest. Structural steel awards
are good for the
season.
With the more important automobile manufacturers
resuming next
Monday, steel specifications to support a production rate
Steel Output Unchanged-Pig Iron Price Lower.
late June are probable. Railroad car orders, while light, comparable to
exceed those of
Rail business stands out as the only new element in the iron June.
These developments, none of large tonnage promise, support
and steel market situation, says the "Iron Age" of July 31.
the belief
of steelmake
The Van Sweringen lines have contracted for 58,600 tons of that Augustrs that slow improvement Is in process, and reinforce the hope
will be a better month than July and that
September will
rails, and there are indications that other railroads will place continue the trend.
Steel prices continue irregular, with the possibility of concessio
their annual requirements earlier than usual. The New York
ns where
warrantable tonnage to appear.
Central is expected to inquire for 200,000 tons, the Penn- declines of $2 to $3 per ton beingWarehouses are in a period of adjustment,
noted on bars, plates, shapes and strip.
sylvania for 180,000 tons and the Reading for 35,000 tons.
Before eastern mills is potential ship business totaling 98,000
tons, inductThe only immediate effect of hastening rail buying would be ing the two United States Line steamers each requiring 15,000 tons of plates
and 7,000 tons ofshapes and bars,an airplane carrier for the
navy involving
to improve business sentiment, since the railroads are behind 6,500 tons of plates, and two or three ferryboat for
s
New York each taking
in their specifications against present contracts. However, 1,300 tons of plates. Six Grace Line steamers wlll require 7.500 tons of
slight improvement in rail releases is reported from the South steel each. plate
Western
mills, operating at 80% or 25
and from Chicago. The Ensley mill has resumed operations average, have closed 5,000 tons for southwestern points above the district
refineries, leaving 10,000
tons of tank work on inquiry. The Milwaukee welder of
at a 50% rate on specifications from four Southern lines,
pipe will require
45,000 tons of plates this month.
adds the "Age," continuing:
Structural steel awards this week are topped by 13,500 tons
for a telephone
Outside of prospective support from the carriers there is nothing in the building in New York and aggregate
39,100 tons, compared with 39,322
current state of iron and steel demand that offers any definite clew as
to tons last week and 37,805 tons a year ago. The outlook for fall building, at
the future. The trade still voices its belief that improvement is near, but, this time, is substantially as bright as
a year ago. Structural awards for
with concrete evidence of increasing activity lacking, makes no prophecy 1930 to date, at 1,086,892 tons, are
17% behind last year.
as to the extent of recovery. The extension of "vacations" among consumWire, strip, sheets, alloy steel and other lines so largely
dependent upon
ing plants and the announcement of fresh suspensions by companies
that their automotive outlets continue quiet but with promise. Expected heavy
have operated through this month indicate that the stimulus from industrial Increases in demand for roofing sheets for
Southwest have been retarded by
resumptions may not be felt until the middle or end of August.
adverse weather. Milwaukee has enlivened the cast
iron pipe market with
Tendencies in steel plant operations are irregular, with losses offsetting a purchase of 6,572 tons.
gains. Ingot output for the country at large remains unchange
Car orders include 250 additional tank cars by the Gulf
d at 56%
Refining Co.,400
for the fourth week.
refrigerator cars by the Canadian National and 7
coaches by the Erie.
Activity is at its lowest ebb among manufacturers of goods for
the It now appears that the Illinois Central may act in August on its inactive
ultimate consumer. Following the decision of the Ford Motor Co.
to post- inquiry for 2,300 cars. July freight car orders are expected to better
the
pone resumption of operations from July 28 to Aug. 4 telegrams
were sent 998 placed in June. Chesapeake & Ohio has distributed 58,600
tons of
to the steel trade rescinding releases of shipping orders.
It is possible that rails.
the Ford shutdown may be extended into fourth
In widely scattered districts pig iron shows betterment.
a
week, because of large
In the past two
stocks of cars in dealers' hands. Other motor car builders have
suspended weeks more iron has been covered at Youngstown than in a like period
this
operations and it now seems unlikely that August output
Year, and protection for the remainder of the year is sought
will show much of
by some melters.
a gain over July production, estimated
Interest Is also higher at New York and Buffalo. The
at 220,000 cars for this country.
market at Chicago
The low prices of agricultural products
and the extreme hot weather have Is declining 50 cents, to $17.50. Chicago furnace. Scrap dealers increasin
gly
further reduced farmer buying of sheets
and wire products and have are lbath to sell "short."
rendered the production plans
Especially in the Middle West has heat been an
of implement and tractor manufacturers
operating handicap the
more uncertain. An offsetting
factor is a large foreign order for tractors Past week, and there are some fears that crop damage will curtail
agribooked by a Milwaukee plant. The
protracted heatspell is also undoubtedly cultural buying power this fall. Steel-making rates are little
changed.
affecting canning crops, although the
extent of damage suffered is not yet Pittsburgh and Buffalo hold at 60%. Cleveland is down from 60%
known. Tin plate output is still
to 50,
at a higher rate than production of most Chicago is down from 60% to 57, while Youngstown is
unchanged at
finished products, averaging 65%.
55 to 60.
Pipe lines, structural steel work
Weakness in pig iron at Chicago and Philadelp
and shipbuilding remain outstanding
hia has lowered the
sustaining factors in an extraordi
narily quiet period. Close to 10,000 miles composite of "Steel" 5 cents this week, to $33.09. This gives market
July an
of line pipe have been placed since
average of 833.21. compared with $33.53 for June
Jan. 1, and manufacturers of diameters
and 336.71 for last July.
larger than 10 inch. are committe
d until late In the year. Prospective
There was no change in steel mill operati
gasoline lines promise to absorb much
of the capacity in smaller sizes before
ons during the
many weeks have passed.
past week, the average being maintained
The Barnsdall Corp. and the
around 57
Continental Oil Co. have awarded 1,400 as in the preceding week,
stated the "Wall Street Journal
miles of 4 to 8% inch. seamless pipe,
requiring 75,000 tons, for a gasoline
"
line from Barnsdall, Okla., to Des
of July 29. Two weeks ago the industry was
Moines, Chicago and other Middle
at 57%. The
Western cities. Interests identified
with the Sun Oil Co. are expected to "Journal" also added:
take early action on a 220
-mile natural gas line from West Virginia and
The United States Steel Corp. is
Kentucky to northern Ohio points.
running at nearly 64%, the same
as In
the previous week, and compared with 63% two
The total of structural steel projects
weeks ago, Independents
added to the pending list, at 51,000 for the past 3 weeks have been
tons, is the largest since the last week
at 52% of capacity.
in June. Lettings, at 31,000 tons,
At this time last year. the Steel corporati
compare with 37,000 last week and
on was at better than
58,000 tons a fortnight ago. Weekly of theoretical capacity,
100%
with independents at
awards and inquiries since the first of
the year average 33,000 tons each.
at 96%. Toward the end of July 1928,.the 92%, and the average was
Shipbuilders will soon submit bids
Steel corporation was
on 6 large mall contract steamers for between 76 and
running
77%, with independents at 70%,
W.R. Grace & Co., which will require a
and the average was
total of 30,000 tons of steel.
around 73%
FINANCIAL CHRONICLE
AuG. 2 1930.]
Bituminous Coal Production Again Below That of
Last Year-Anthracite Output Higher.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal continued
below that of a year ago, while anthracite continued to increase. During the week ended July 19 1930 there was
produced a total of 7,918,000 net tons of bituminous coal,
1,307,000 tons of Pennsylvania anthracite, and 50,400 tons
of beehive coke, as compared with 0,324,000 tons of bituminous coal, 1,064,000 tons of Pennsylvania anthracite, and
135,500 tons of beehive coke produced during the week ended
July 20 1929.
For the calendar year to July 19 1930, the output of
bituminous coal amounted to 251,373,000 net tons as against
281,080,000 net tons in the calendar year to July 20 1929.
The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended July 19 1950,
Including lignite and coal coked at the mines, is estimated at 7,918,000 net
tons. Compared with the output in the preceding week, this shows an
Increase of 57,000 tons, or 0.7%. Production during the week in 1929
corresponding with that of July 19 amounted to 9,324,000 tons.
Estimated United States Production. of Bituminous Coal (Net Tons).
1930
192
Ca/. Year
Cal. Year
Week.
to Date.
Week.
Week Endedto Date.a
6 545,000
235,594,000
7,513,000
JulY 5
262,198,000
1,309,000
1,496,000
Daily average
1,503,000
1,666,000
7,861,000
243,455,000
9,558,000
July 12 b
271,756,000
Daily average
1,310,000
1,489,000
1,593,000
1,663,000
7,918,000
251,373,000
July 19 c
9,324,000
281,080,000
1,320,000
1,483,000
Daily average
1,554,000
1.659,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
July 19 (approximately 170 working days) amounts to 251,873,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1927
281,080,000 net tons
1928
293,718,000 net tons
258,829,000 net tons
1926
192S.
.293,804,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended July 12 is
estimated at 7,861,000 net tons. This is an increase of 1,316,000 tons,
or 20.1% over the output in the preceding week, when working time was
curtailed by the Fourth of July holiday. The following table apportions
the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by Slates (Net Tons).
.
Week Ended
July 1923
July 12 '30. July 5 '30. July 13 '29. July 14 '28. Average.a
State237,000
286,000
230,000
Alabama_____.....
319,000
389,000
14,000
34,000
20,000
Arkansas
32,000
25,000
71,000
88,000
104,000
Colorado
139,000
165,000
678,000
857.000
712,000
737,000
Illinois
1,268,000
218,000
293,0013
229,000
239,000
Indiana
451,000
44,000
43,000
55,000
54,000
Iowa
87,000
30,000
43,000
32,000
24,000
Kansas
76,000
592,000
898,000
747,000
890,000
Kentucky: Eastern..
735,000
140,000
184,000
135,000
242,000
Western
202,000
46,000
28,000
37,000
48,000
Maryland
42,090
9,000
12,000
12,000
11,000
Michigan
17,000
53,000
59.000
58,000
59,000
Missouri
58,000
34,000
39,000
38,000
47,000
Montana
41,000
29,000
48,000
23,000
45,000
New Mexico
11,000
12,000
10,000
30 :
1 000
8.1irs
5 o
t
North Dakota
445,000
347,000
454,000
Ohio
48,000
27,000
33,000
Oklahoma
1,878,000 2,776,000
2,391;01 1
1 3,680;(11 0
:
Pennsylvania (bit.). 2,324,000
0
107,000
81,000
91,000
112,000
Tennessee
113,000
9,000
18,000
10,000
23,000
Texas
23,000
32,000
55,000
39,000
Utah
156,000
235,000
179,000
Virginia
2g;°:0°08
28,000
36,000
31,000
Washington
1,321,000
2,030,000
W.Va.:Southern 1Y. 1,691,000
1,8i,00
, 2 1,51
00)
84iF
3
7
753,000
415,000
522,000
Northern c
62,000
98,000
77,000
Wyoming
89,000
115,000
1,000
2,000
Other States
1,000
6,000
4,000
2g76:2°,
Total bitum.coal_
Penna. anthracite__
7,861,000
1,242,000
Total_ all coal...-. 9,103,000
6,545,000
985,000
9,558,000
1,068,000
7,530,00(1 10,626,000
8,750.000 11,208,000
1,092,000
1,950,000
9,842,000
13,158,000
a Average weekly rate for the entire month. b Includes operations on the
N.& iv., 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
'711
the week ended July 19 is estimated at 1,307,000 net tons. Compared with
the output in the preceding week, this shows an increase of 65,000 tons,
or 5.2%. Production during the week in 1929 corresponding with that
of July 19 amounted to 1,064,000 tons.
Estimated Production. of Pennsylvania Anthracite (Net Tons).
1920
1930
Daily.40y.
DeityAvg.
Week.
Week Ended
801,000
160,200
197,000
July 5
985,000
178,000
1,068,000
207,000
July 12
1,242,000
177.300
1,064,000
217,800
July 19.a
1,307,000
a Subject to revision.
BEEHIVE' COKE.
The total production of beehive coke during the week ended July 19 1930
is estimated at 50,400 net tons, in comparison with 51,700 net tons in the
preceding week. Production in the week of 1929 corresponding with that
of July 19 1930 amounted to 135,500 net tons.
Estimated Production of Beehive Coke (Net Tons).
1930.
1929.
Week Ended
to Date.a
July 19 '30.b Ju/y12'30.c July 20'29. to Date.
122,400 1,644,800 3,158,500
45,400
Penna., Ohio and W. Va___ 43,800
194,400
155,300
4,600
7,800
Georgia, Tenn. & Virginia__ 4,600
152,400
65,500
1,700
5,300
Colorado, Utah & Wash..... 2,000
159
135,500 1,865,600 3,505,300
United States total
51,700
50,400
29,499
10,910
Daily average
22,583
8,400
8,617
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised.
Output of Bituminous Coal and Anthracite in First
Six Months of 1930 Below That of Corresponding
Period Last Year.
The total produetion of bituminous coal for the country
as a whole during the 25 working days of June is estimated
at 33,714,000 net tons, as against 35,954,000 tons for the 26.4
days in May, according to the United States Bureau of
Mines. The average daily rate of output in June was
1,349,000 tons. Compared with the average daily rate of
1,362,000 tons for May, this shows a decrease of 1%.
The production of Pennsylvania anthracite in June is
estimated at 5,183,000 net tons. The average daily rate of
output In June was 207,000 tons, a decrease of 22,000 tons
or 9.6%, from the daily rate for May. The Bureau's statement also shows:
ESTIMATED PRODUCTION OF COAL IN JUNE AND ACCUMULATIVE
PRODUCTION FOR THE FIRST SIX MONTHS OF 1930, 1929, /928
AND 1923. IN NET TONS (000 OMITTED).a
Calendar Year to July
-Month of1923.
1929.
1928.
Jult4 '30 May'30 1930State
10,533
7,923
8,975
1,237
8,967
1,095
Alabama...........
52
623
737
651
605
65
Arkansas
4,464
5,037
3,88/
4,650
490
392
Colorado
28,949
26.856
41,805
3,440 26,248
3,123
Illinois
13,531
8,824
8,261
7,867
1,103
980
Indiana
1,823
2,884
1,956
1,769
206.
212
Iowa
126
Lon 1,464 1,409 2,170
115
Kansas
15,759
21,716
22,199
20,560
3,410
3,137
Kentucky-Eastern5,279
8,228
6,916
643
5,200
620
Western
1,297
1,281
1,181
1,331
150
170
Maryland
585
365
376
314
33
42
Michigan
1,693
1,729
1,886
1,711
225
225
Missouri
1.509
1,458
1,458
1,250
165
162
Montana
1.504
1,420
945
1,299
146
140
New Mexico
707
855
630
799
58
59
North Dakota
5.562 20,391
10,540
10,867
1,850
1,770
Ohio
1,428
1,371
1,575
1,193
110
125
Oklahoma
87,528
62,391
70,025 63,212
10,344
Pennsylvania (bituminous) 9,744
3,133
2,823
2,751
2,722
433
405
Tennessee
555
557
528
320
39
39
Texas
2,521
2,064
2,156
1,870
214
170
Utah
6,455
5,540
5,954
5,890
835
880
Virginia
1.192
1,497
1,304
1,021
145
145
Washington
44,872
31,868
7,392 44,137 48,180
-Southern b 7,112
West Virginia
17,641
18,513
16,181
19,899
2,686
2,508
Northern_c
3,051
2,983
3,456
2,648
362
325
Wyoming
148
69
157
4
30
4
Others
35,954 230,634 256,576 238,089 282,865
Total bituminous coal__ 33,714
36,869
36,432
50,041
5,947 33,792
Pennsylvania anthracite__ 5,183
38,897 41,901 264,426 293,445 274,521 332,906
Total coal
operations on the N.& W..
a Figures for 1923 and 1928 only are final. b Includes
C. & O., Virginian, and K. & M. c Rest of State, including Panhandle.
production of bituminous coal. by
-Above are given the first estimates of
Note.
distribution of the tonnage is based in part
States, for the month of June. The
(except for certain States which themselve.s furnish authentic data), on figures of
loadings by railroad divisions, furnished by the American Railway Association and
by officials of certain companies, and in part on reports made to the U. S. Engineer
Offices.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank
credit outstanding during the week ended July 30, as reported by the 12 Federal Reserve banks, was $934,000,000,
a decrease of $43,000,000 compared with the preceding week
and of 8388,000,000 compared with the corresponding
week of 1929.
•
On July 30 total Reserve bank credit outstanding amounted to $927.000,000, a decrease of $19,000,000 for the week. This decrease corresponds with declines of $17,000,000 in member bank reserve balances,
$10,000,000 in money in circulation and $7,000,000 in unexpended capital
funds, &c., offset in part by decreases of $7,000,000 and $8,000,000 in
monetary gold stock and Treasury currency, respectively.
Holdings of discounted bills increased $6,000,000 during the week, the
principal changes being an increase of $6,000,000 reported by the Federal
Reserve Bank of New York and a decrease of $4.000,000 at the Federal
Reserve Bank of St. Louis. The System's holdings of bills bought in
open market declined $20,000,000 and of Treasury certificates and bills
$23,000,000, while holdings of U. S. bonds increased $7,000,000 and of
Treasury notes $16,000,000.
Beginning with the statement of May 28 1930 the text
accompanying the weekly condition statement of the
Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of the changes, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle" on page 3797.
The statement in full for the week ended July 30, in comparison with the preceding week and with, the corresponding
date last year will be found on subsequent pages-namely,
pages 745 and 746.
712
FINANCIAL CHRONICLE
[VOL. 131.
Changes in the amount of Reserve bank credit outstand- Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
ing and in related items during the week and the year ended
July 30 1930 were as follows:
As explained above, the statements for the New York and
Increase (+1 or Increase (—)
Chicago member banks are now given out on Thursday,
Since
simultaneously with the figures for the Reserve banks themJuly 30 1930. July 23 1930. July 31 1929.
$
selves, and covering the same week, instead of being held
197,000,000 +6,000,000 —879,000,000
Bills discounted
+56,000,000 until the following Monday, before which time the statistics
131,000,000 —20,000,000
Bills bought
+429,000,000 covering the entire body of reporting member banks, in 101
576,000,000
United States securities
—26,000,000 cities, cannot be got ready.
23,000,000 —6,000,000
Other reserve bank credit
In the following will be found the comments of the Federal
TOTAL RES. BANK CREDIT...... 927,000,000 —19,000,000 —420,000,000
4,518,000,000 —7,000,000 +175,000,000 Reserve Board respecting the returns of the entire body
Monetary gold stock
of
—3,000,000
adjusted
1,785,000,000 —8,000,000
Treasury currency
reporting member banks of the Federal Reserve System for
—10.000,000 —320,000,000 the week ended with the close of business on July 23:
4,397,000,000'
Money in circulation
+60.000.000
balances
2,415,000,000 —17.000,000
Member bank reserve
Unexpended capital funds, non-mem416,000,000
ber deposits, .1,0
—7,000,000
+13,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in 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 the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks 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
$2,000,000, the total of these loans on July 30 1930 standing at $3,228,000,000 as compared with $5,960,000,000 on
July 31 1929. The present week's increase of $2,000,000
follows a decrease of $17,000,000 last week and a gain of
$40,000,000 two weeks ago, but a contraction of no less than
98,000,000 in the preceding five weeks. The loans "for
own account" increased during the week from $1,619,000,000
to $1,669,000,000, but the loans "for account of out-of-town
banks" fell from $776,000,000 to $745,000,000, and loans
"for account of others" from 32,000,000 to $814,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 30 1930. July 23 1930. July 311929.
Loans and investments—total
8,202,000,000 8,070,000,000 7,575,000,000
Loans—total.
6,050,000,000 5,952,000,000 5,850,000,000
3,586,000,000 3,537,000,000 3,082,000,000
2,464,000,000 2,415,000,000 2,768,000,000
On securities
All other
2,152,000,000 2,119,000,000 1,726,000,000
Investments—total
1,122,000,000 1,110,000,000
1,029,000,000 1.008,000,000
U. S. Government securities
Other securities
825,000,000
45,000,000
743,000,000
52,000,000
826,000,000
47,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
973,000,000
753,000,000
5,708,000,000 5,610,000,000 5,357,000,000
'1,437,000,000 1,444,000,000 1,150,000,000
22,000,000
40,000,000
36,000,000
97.000,000
90,000,000
93,000,000
1,072,000,000 1,132,000,000 1,023,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
282,000,000
Loans on secur. to brokers & dealers:
1,669,000,000 1.619,000,000 1,205,000,000
For own account
745,000,000 778,000,000 1,696,000,000
For account of out-of-town banks
814,000,000 832,000,000 3.058,000,000
For account of others
3,228,000,000 3,226,000,000 5,960,000,000
Total
2,618,000,000 2,824,000,000 5,605,000,000
610,000.000 603.000,000 355,000,000
On demand
On time
Loans and investments—total
Chicago.
2,045,000,000 2,044,000,000 1,927,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
1,605,000,000 1,609,000,000 1,537.000,000
958,000,000
647,000,000
984,000,000
645,000,000
857,000,000
680,000,000
440,000,000
435,000.000
390,000,000
195,000,000
245,000,000
194,000,000
241,000,000
162,000,000
228,000,000
Reserve with Federal Reserve Bank_ 185,000,000 177,000,000 178,000,000
13,000,000
15,000,000
13.000,000
Cash in vault
1,303,000,000 1,276,000,000 1,270,000,000
Net demand deposits
651,000,000 685,000,000 538,000,000
Time deposits
5,000,000
6,000,000
5,000,000
Government deposits
152,000,000 198,000,000 127,000,000
from banks
Due
338,000,000 362,000,000 298,000,000
Due to banks
Borrowings from Federal Reserve Bank_
* Revised.
2,000,000
2,000,000
36,000,000
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on July 23 shows decreases for the week of
$10,000,000 in loans and investments, $92,000,000 in net demand deposits,
$14,000,000 in Government deposits and $13,000,000 in borrowings from
Federal Reserve Banks.
Loans on securities, which at all reporting banks were $26,000,000 below
the previous week's total, declined $16,000,000 in the Cleveland district,
$12,000,000 in the Boston district and $8,000,000 in the Kansas City
district, and increased $17,000,000 in the Chicago district and $9,000,000
In the New York district. "All other" loans declined $13,000,000 in the
New York district. $10,000,000 in the Philadelphia district, $8,000,000
in the Chicago district and $28,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $16,000,000 in the
New York district, $10,000.000 in the Cleveland district and $15,000,000 at
all reporting banks, and declined $8,000,000 in the San Francisco district.
Holdings of other securities increased $34,000,000 in the New York district
and $28,000,000 at all reporting banks, and declined $12,000,000 in the
Chicago district.
The principal change in borrowings from Federal Reserve banks for the
week was a decline of $6,000,000 at the Federal Reserve Bank of Cleveland.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
July 23 1930, follows:
Increase (+) or Decrease (—)
Since
July 23 1930. July 16 1930, July 24 1929.
Loans and investments—total_ --.23,096,000,000
—10,000,000
+637,000,000
Loans—total
16,852,000,000
—54,000,000
—118,000,000
8,398,000,000
8,454,000,000
—28,000,000
—28,000,000
+715,000,000
—833,000.000
On securities
All other
6,243,000,000
+43,000,0013
+753,000,000
2,930,000,000
3,313,000,000
+15,000,000
+28,000,000
+207,000,000
+547,000,000
Reserve with Federal Res've banks 1,824,000,000
Cash in vault
211,000,000
—16,000,000
—1,000.000
+114,000,000
—32,000,000
Net demand deposits
Time deposits
Government deposits
13,692,000,000
7,400,000,000
120,000,000
—92,000,000
+1.000,000
—14,000,000
+546,000,000
+726,000,000
+32,000,000
1,653,000,000
3,467,000,000
+49,000,000
+73,000,000
+557,000,000
+798,000,000
32,000,000
—13,000,000
—739,000,000
Investments—total
U. S. Government securities
Other securities
Due from banks
Due to banks
Borrowings from Fed. Res. banks..
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 Aug. 2 the following summary of market conditions abroad, based on advices by cable and radio:
AUSTRALIA.
The Commonwealth 40,000,000 loan which closes July 28 will probably
be over-subscribed. Beginning Aug. 1 the basic wage will be reduced
6s. 6d. at Brisbane, Is. at Sydney, is. 6d. at Adelaide, and 6d. at Perth
and Hobart.
CANADA.
The latest Government crop report, for July 24, indicates a general
Improvement in Western crop conditions over the previous week, owing
to widespread rains and more moderate temperatures. The Manitoba
wheat yield promises to be heavy, although reports of rust and lodging are
damaging. Saskatchewan prospects are fairly good in the Western, Northern and East Central districts, but are fair to poor elsewhere. Alberta
reports heavy crops in the north, uneven conditions in the Central Eastern
section and reduced yields elsewhere. The Winnipeg cash price for No. 1
Northern wheat on July 25 was 96 cents, representing a slight decline
in quotations over the week. Trade in general continues in moderate
volume with hand-to-mouth buying prevalent. The fair demand reported
earlier for seasonal wearing apparel and hardware continues, but total
turnover in all sections shows little improvement. Wholesale collections
are somewhat better in Montreal.
Maritime Provinces and Quebec.—Unfavorable economic factors
continue
to accentuate the usual mid-summer quiet in most lines with the result
that the movement of goods is far below last year's volume. Many manufacturing plants are operating well below capacity. Sales of
passenger
cars and trucks, with the exception of 00010w-priced make,are considerably
less than last year. Shipments of nearly £6,000,000 pounds of New Zealand
butter are reported to be en route to Halifax.
Ontario.—The wholesale foostuffs market varies from poor to good
with
prices generally lower. Retail demand for textiles lags,
but wholesale
trade is impro.ing slightly as the result of lower quotations.
Prairie Provinces.—The general retail and wholesale trade shows no
improvement, but automotive accessory sales have improved in the present
month and good sales are reported in wholesale cutlery, jewelry, and silverware.
British Columbia.—Although the general business outlook is somewhat
brighter, there has been no significant change in the character of trade
demand, which continues quiet. Chemical prices are easier but quotations
on metal-working machinery have been increased by about 10%. Agricultural Implement sales are estimated to be about 25% under last year's
business, and a slight falling off is reported in the demand for United
States rubber goods. The details of June exports reveal a decrease of 12%
AUG. 2 1930.]
FINANCIAL CHRONICLE
in the quantity of newsprint shipments (194,300 tons) as compared with
June 1929.
Production of pig iron in Canadian furnaces in June amounted to 66,000
tons, 27% less than last year's production for the same month and 18%
less than production in May. However, the output of ferro-alloys, 11,000
long tons, was the highest monthly output on record to date, being 60%
greater than a year ago. Production of steel ingots and direct steel castings
of 95,000 tons is 20% less than in June last year, but 4% more than in
May. The quantity of Russian anthracite discharged at Montreal in
June was 37,212 tons. Total shipments for this year to date are 53,000
tons in excess of the corresponding receipts for last year, when the amount
landed in the season of navigation was 117,000 tons. Plans are reported
to be under way for the development of air lines in affiance with the transcontinental railway systems.
BOLIVIA.
Economic conditions in Bolivia have undergone little change since
June and practically all lines continue depressed, with little hope for
Imps'c,vement. Unemployment is increasing heavily, a report of the
National Labor Office stating that there are now 14,673 laborers out of
work, largely as a result of the cessation of construction work on railways
and highways and conditions in the mining indsutry. The unfavorable
mining situation remains unchanged. Tin prices 1 ave held fairly steady
between £130 and 436 per ton since July. Reports of the probable two
months'suspension of activities in the Straits has been offset by the report
that visible tin stocks at the end of June had reached 42,000 tons, an
Increase of 3,000 tons over May. Bolivia tin exports for the second quarter
of 1930 totaled 9,314 metric tons tin content, a decrease of 1,000 tons as
compared with the first quarter of the year. Tin exports for the first
half of 1930 were 19,643 metric tons tin content, a decrease of almost 4,000
tons as compared with the same period of 1929. Government revenues
from the export tax on minerals were only $687,000 for the first six months
of the present year, or considerably below the $1,305.000 received in the
corresponding period of 1930.
BRAZIL.
Business conditions continue unsatisfactory with many classes of trade
reporting less activity, bringing almost all lines far below normal. January
to May trade figures show that export values have declined 13% and
import values 30%, resulting in,the largest favorable trade balance in
many years. Exports have been light and the import volume has fallen
below recent low levels. Industrial activity I Es declined further and
exchange has fluctuated considerably. The credit situation remains unchanged. Construction has held up fairly well in Rio de Janeiro, but in
Sao Paulo it has declined. The concensus of opinion is that the Sao Paulo
market generally is most seriously affected by the prevailing economic
conditions, while Rio and Pernambuco are least affected, although they
also are experiencing marked subnormal trade. Quotations for 90
-day
dollars averaged 9.10 milreais with the high and low for the month being
8.85 an 9.30 milreis, respectively. These fluctuations have been seriously
affecting important business. The Bank of Brazil, which for a time had
withdrawn from the market and later re-entered, is now selling foreign
exchange only for payment of drafts drawn on Brazil, and this only to a
limited extent at the rate of 8.98 milreis to the dollar. The bulk of the
exchange business is being handled by foreign banks ond a comparative
shortage of drafts drawn on foreign markets continues, this situation being
the result of small coffee exports, which are the primary cause of exchange
weakness,even considering the greatly reduced volume of imports. Money
is the easiest in several years, price paper being discounted at 8 and 9%
in Rio de Janeiro and at somewhat higher rate in Sao Paulo. During the
month there were 29 bankruptcies and two creditors' aggrementsin Rio,
including one for which liabilities amounted to half a million dollars.
CHINA.
The situation in North China shows no signs of an immediate or decisive
system of tax levies has been applied to products of
conclusion. A new
tobacco and cigarette companies,and it is apparent that a tobacco monopoly
patterned on the Japanese system is contemplated by northern officials.
Indications are that much to the inconvenience of Tientsin consignees
considerable transshipment cargo for Tientsin is being held at Shanghai
for payment of full import duties prior to its forwarding to Tientsin.
713
July 15 amounted to 3,152,870 bunches, of which 1,944,000 bunchesr,went
to the United States. Shipments of cacao during the same period totaled
3,147 metric tons, of which 1,723 tons went to the United States. Exchange
remains pegged at the rate of four colones to the dollar, where it has been
since 1924.
CUBA.
The slowing up of business in Cuban trade centers that comes every year
during the summer months between crops, has brought the volume of business turnover this year down to a level considerably below that of any
period in the last 6 years. Because of general business 1- activity, currency
has been flowing into the banks. which, finding the volume in excess of
current needs, have transferred large sums to the United States. Local
conditions in certain parts of the island show an improvement over last
month,particularly in those sections where local industry in dairy products,
coffee, cattle and tobacco are providing the basis for a comparatively fair
local business. The general situation has not impr ved over Juhe, with
business dull, collections slow and unemployment apparently increasing.
Many of the larger groups of mills have realized that there is a considerable
margin for further development of efficiency and economy in tIe agricultural
phases of the sugar industry. Three large mills have contracted for irrigation equipment and electrical power aggregating 30,000 horsepower, expecting that by intensifie irrigation and cultivation to so greatly increase the
Yield of cane per acre they will be able to produce their total requirements
on their own properties and give up their leased lands entirely. A very
great economy in this connection will be the saving in haulage costs of the
cane to the mills. This calculated saving is reported as being so great as
to promise profits notwithstanding the low prices obtained for the sugar.
DOMINICAN REPUBLIC.
Owing to the heavy movements of cacao and tobacco during July business
conditions in general showed a material improvement from the extreme
depression that has been a consistent feature of trade circles since the first
of the year. This improvement is more marked in the northern provinces
of the Republic the southern area not responding as well to the stimulating
effect of crop movements. There is no improvement in the credit situation
and continued caution in the matter of commitments is still advisable.
There is no improvement in construction activities in the northern provinces
although building activity in and around Santo Domingo is moderately
active. Manufacturing is slightly more active in the north, but unemployment continues to be very prevalent and the economic position of labor is
reported very poor. The cacao crop is about normal as to volume. ut the
quality is not up to standard and the prices continue to be Nery low. The
tobacco crop gives promise of exceeding the earlier estimates of production.
The quality of the tea acco is good and prices are better than they have
been for some ears past. Continued lack of rain is causing heavy losses
to the agricultural interests. The total sugar production to July 24 amounts
to 402.739 tons.
ECUADOR.
Business conditions in Ecuador during July continued to improve. In
Guayaquil and the vicinity the reduction of excessive stocks and imports
since the first of the year has resulted in a better commercial outlook. Buy
ing is not being limited to really necessary replacements of stocks and is in
small quantities. In the interior of the country business conditions are not
quite as favorable as on the coast. The textile mills meeting with reduced
sales and accumulating stocks are now cutting down production and a
marked depression is reported in Quite.
FRANCE.
It is unofficially reported that between 70,000and 80.000 workers throughout France are now on strike in protest against the deduction of social
insurance assessments from their pay. The principal strikes involve 15,000
metallurgical workers and 7,000 textile workers in Lille, several thousand
textile workers in Roubaix and Tourcoing, and 10,000 textile workers in
Armentieres. In addition, there are 7,000 strikers in Rouen, of whom
approximately 2,000 are dockers, and 2,000 at Havre. Agitations, manifestations and the strike movement are steadily growing. Some enterprises
are paying the workers' assessments, but most industries are refusing
to pay a double contribution; their action is not because of opposition to the
spirit of the insurance law but because the additional expense would increase
CHILE.
the difficulties that are being met in effecting sales. This is particularly
competition, particularly from ,
With an unfavorable trade balance of 20,000.000 pesoss5forootoheoorptessoi: true of export sales which are meeting keen
4
Germany.
months of 1929 as•compared with a favorable balance of
in the same period of 1929, the Chilean Government is taking drastic steps
to reduce expenditures under the ordinary budget. 'The greater part of
The usual summer recession in business activity has now reached its low
the drop is due to the falling off of close to 50% in the exports of copper and point, and although coffee prices are still highly unsatisfactory, trade in
nitrate, but all of Chile's major export products have shown a decrease of general will show an upward trend as soon as crop activities get fully under
continued to be abnormally dull in all lines.
from 6 to 66% as compared with the corresponding period of 1929,
while way. During July business
exte,sion of credits. The coffee crop
Chilean imports have declined less than 2% according to estimates
based Caution is still recommended in the
than usual, especially in the southern part
on figures for the first four months of the year. Salaries of
Government has matured considerably earlier
in all departments have been reduced 15% and surplus
now beginning. The coming crop is exemployees
personnel of the country, where harvesting is
last year, owing to the unfavorable
is being discharged. These reductions in salaries have affected
practically pected to be slightly smaller than that of
prevailed in the northern coffee district. The
all lines of retail business and generally speaking the turnover in all
branches weather conditions that have
of merchandising during July was somewhat off from that of June. Com- total foreign trade for the six months ended June 30 1930 was less than the
modity prices continue weak and both wholesalers and retailers are buying corresponding period of any recent year, and reflects to a fairly accurate
on a hand-to-mouth basis. Central Bank and commercial bank rates re- degree the economic difficulties which Haiti has undergone during the last
main unchanged, but collections were slightly more difficult than in June eight months. Although it is almost too early to estimate the yield of the
and a noticeable request for extensions is being made by smaller firms. coming sugar crop,indications are that the yield will be in the neighborhood
estimated sugar output of approxLarge houses are meeting their foreign bills promptly but firms of
limited of 264,000 tons of cane, which means an
capital are slow. Central Bank note circulation amounted to
tons in 1931.
322,674,645 imately 26,000
poses but the value of discounts and rediscounts was less than in June.
HONDURAS.
The movement of bonds in July was considerably greater than during any
General business conditions are reported fair on the North Coast with colrecent month. Nitrate production by the 38 plants in operation
during lections slightly improved. In outhern Honduras businessis still depressed
June amounted to 205,900 metric tons, or about 10,000 tons less than in with the number of overdue bills increasing. Imports are stated to be low
May. Exports during June totaled only 63.500 metric tons, the lowest and Government revenues remain below the budget estimates. Coffee
since May 1927. World stocks at the close of June amounted to 2,324,300 exports are reported small and prices are lower. Exports of bananas during
metric tons or slightly above those existing at the end of May. Copper
June amounted to 2.793,944 bunches, a decrease of over 125,000 bunches as
production and shipments continue at about the same level as in
recent compared with June 1929, due largely to blow downs. Of the banana
months. The nitrate bill forming the "Cosana" (Compania Salitre de shipments in June, 1930, 2,293,096 went to the United States, 111,214
Chile) became a law on July 21, and producers and the Government are bunches to England, and 110,634 bunches to Germany.
now effecting the organization of the company.
INDIA.
COSTA RICA.
In considering the Indian situation it should be borne in mind that the
Although reports indicate that the general situation improved somewhat vast bulk of the population is agricultural and self-supporting and it is
during July the reaction was very slight. It is the general feeling that favor- questionable therefore, whether this group which makes up approximately
able legislative action concerning the banana industry, which is now before 80% of the total is being affected to any serious extent by unsettled condiCongress, will relieve the uncertainty regarding the immediate future. Col- tions in industrial and commercial centers. Furthermore, prospects of
lections continue difficult, but financial conditions may improve since local bountiful food crops this year should insure against privation or want
banks have indicated that they will be less restrictive in money matters. among the agricultural element. In cotton and jute areas, however, a
Out of a total of 357,128 sacks (150 pounds each) of coffee exported from the considerable proportion of the population is made up of industrialists and
beginning of the season to July 24, 263,970 sacks went to the United King- traders who are to a certain extent dependent upon the foreign demand for
dom, 48,662 sacks to Germany and 36,885 sacks to San Francisco. The raw and manufactured jute, cotton, tea, and wheat; and importers who
average price for 112 pounds of Costa Rican coffee sold in the London mar- rely upon a steady demand for imported commodities. These communities
ket during July was about 99 shillings, as compared with 131 shillings in are suffering acutely from poor trade, the abnormal drop in commodity
the corresponding month of 1928. Exports of bananas from Jan. 1 to prices, from paralyzing boycotts and other conditions contributing to
1714
FINANCIAL CHRONICLE
business unoertainties. These factors explain why certain sections of
India are approaching an economic crisis, particularly the Bombay Presidency. The outlook in commercial and industrial areas is anything but
hopeful, and a number of business failures and voluntary liquidations are
almost certain in the near future. Authorities are confident that statutory
financial obligations can be met without serious embarrassment, but
reduced revenues from customs receipts, land and income tax, and possibly
railway earnings seem likely to prevent current budget estimates from being
realized. Reduced expenditures on public works seem probable and such
action will of course effect engineering trades adversely. Railway earnings
during May and June were off somewhat compared with the same period
for 1929 due largely to decreased loadings of coal, cotton, and miscellaneous .freight. Heavy contraction in currency and a substantial decline in
•trade demands, together with a reduction in the Imperial Bank and call
money rates reflect the continued business depression and the end of the
busy trade season. Sales of Treasury bills have continued to support money
rates and steady exchange. Prices for ready gold have declined slightly due
to heavy arrivals and increased stocks. Silver is generally quiet but at
slightly firmer prices. In the share market all issues have declined steadily,
particularly cottons, jutes, and teas. The Bombay exchange has discontinued forward trading for an indefinite period. Cotton prices have declined
throughout the entire period and closed barely steady with the domestic
and export demand unsatisfactory.. Brokers and mills lost heavily as a
result of the unsuccessful attempt to fix minimum prices for futures and the
next settlement date is awaited with apprehension. Wholesale and retail
business for foreign pircegoods is completely at a stand still throughout the
country and oven Indian cotton goods are being moved with greatdifficultY•
As a result stocks are accumulating at Bombay and several mills have
given notice that they may close on August first- Jute acreage is forecast
locally at 2,507,900 acres, or 2.7% above last year. Crop conditions are
reported to be exceptionally good. This should mean cheap jute which in
the long run might prove beneficial but in the meantime mills are holding
heavy stocks purchased at higher prices and inventory losses are expected
to be considerable. Consequently the current jute market is very dull and
prices are tending easier. Despite the recent curtailment in working hours
and in agreement to shut down one week each month, the July, August and
September market for manufactured jute has shown a continuous fall in
prices due to poor foreign demand coupled with heavy stocks and inactivity
on the _part of local speculators. Prices are at the lowest point of the year
and it is possible that associated mills may decide to further curtail
operations.
[VOL. 131.
NETHERLANDS EAST INDIES.
There has been slight improvement m the bazaar trade as a resu't of a
good rice crop, improvement in the native abaca industry and favorable
effects of the coming sugar crops. General trade conditions in other
respects, however, continue depressed as prices of export crops remain
low.
Dealers are demanding credit extensions causing importers to be very cautious. The largest houses are on a sound financial basis but many smaller
organizations are reported in a precarious position. Textile importing
business is confined to confirmed indents. Automotive stocks are lower,
owing to decreased imports, but stocks of second-hand cars
are heavy.
The outlook for export markets continues pessimistic. Buyers are adopting a waiting attitude and there is little speculative tendency. Estate
rubber production in June is officially reported as
2,287 metric tons.
Native output remains stationary.
NICARAGUA.
The commercial situation in Nicaragua continues unfavorable
with no
improvement expected before the beginning of the coffee harvest
in November. Circulation of the cordoba has decreased from
3,000,000 in
June to 2,850.000 in July. Imports through Corinto from June 26 to
July 24 amounted to 11,100 tons, which includes 8,500 tons of fuel oil for
the railroad. Exports during the same period totaled 900 tons.
Customs
duties payable at Corinto during July amounted to $100,900,
as ooinPored
with $135,000 in June and $148,000 in May.
PERU.
Although retail sales in Peru increased slightly around the National
holidays, 00 fundamental change in business conditions has occurred. Business
in general is estimated to be at least 50% below normal. Collections continue
slow and difficult, but no important commercial failures have been
reported.
Local industries are curtailing production. The average monthly
imports
through the port of Callao, which represent 70% of the total. were 35,000
metric tons or approximately 20% below the average oflast year, which
was
45,000 metric tons. Average monthly exports of about 10,000 metric tons
show a 28% decline from those of last year. The value of imports has declined nearly 40%. As one-third of the general Peruvian imports are
destined for large foreign owned corporations which are only moderately
affected by the depression, local business conditions are actually muci.
slower than import statistics reveal. '
URUGUAY.
Thtsiness in July was nearly as dull as in June. As a result of a reduction
In prices, retail sales increased, and although interior merchants showed
The prevailing business depression, which is the worst in several years, increased disposition
to buy. Montevideo wholesalers insisted that many
is duo largely to rice quotations and to a general rise in prices of commodiof their clients must liquidate their old commitments before assuming
ties. Import trade has been adversely affected by recent alterations in new obligations.
As a result of a further slight decline in peso exchange
local tariff schedules. Except for slight stimulation toward the -close a and the uncertainty
as to its future trend, orders for foreign merchandise
the month, due to small demand from Shanghai, the rice market declined were insignificant.
However, reports from the interior as to the condition
steadily during June. Exports of rice from Saigon for the first six months
of the cattle and crops are encouraging, and this has served to create a
of the current year totaled 700,123 metric tons, of which 208,652 tons were
feeling that with the advent of Spring the present situation will subshinned to Hong Kong, 180,183 to China, 121,875 to France and colonies, stantially improve. As compared :with the
corresponding period of the
77,560 to Java and 111,853 tons to all other countries.
previous year,imports during the first half of 1930 declined from 47,000,000
to 44,000,000 pesos, but owing largely to a heavy wool movement,exports
JAMAICA.
ril
In general were at a high level. As a result of business recession, the amount
During July there was no appreciable change in the general economic of
money in circulation declined to 70,000,000 pesos, while bank deposits
conditions that have prevailed for the last throe months. Business remains Increased
by about 2,000,000 pesos. Money rates remained low, but banks
somewhat depressed with sales slightly below normal. Crops are normal exercised
more than usual caution in granting credit. Foreign collections
and agricultural products are plentiful, but in the face of low prevailing were
reported to be only slightly below normal, but trade collections were
prices no improvement is expected in the immediate future. There was a slow and
irregular, and an increased number of bankruptcies Is anticipated
slight increase in building construction during the month. Collections
remain slow. The number of tourist -visitors to Jamaica from July 1 to
SPAIN.
July 21 decreased nearly 17% as compared with the same period last year.
The customary unfavorable balance in Spanish foreign trade was maThe exports from Jamaica to all countries from Jan. 1 to July 12 show terially reduced during 1929. Imports at 2,737,048,000 Pesetas were
Increased quantities of bananas, copra, sugar and beans. Declared ex- much less than during the previous year (3,004,891,000 pesetas) and
ports from Jamaica to the United States July 1 to July 23 amounted to exports at 2,112,949,000 pesetas remained close to the record established
$357,000, a decrease of $89,000 as compared with the same period last In 1928 of 2,183,478,000 pesetas. The unfavorable trade balance for 1929
year. The value of cacao, beans and ginger shipped to the United States amounted to 624,099,000 pesetas as compared with 821,513,000 pesetas
during July increased in value as compared with similar shipments during for 1928.
the same time last year, while bananas, notwithstanding the larger quantity
SWITZERLAND.
shipped, declined 25% in value. During July the domestic production
This is proving to be the worst hotel season in years, due partly to
of sugar amounted to about 10,000 tons, receipts, chiefly from Canada, bad weather and partly to the general world economic
situation. With the
40 tons: deliveries for export, chiefly to Canada, 11,500 tons: domestic natural slack season, this condition is accentuating the
Swiss business
consumption, 900 tons: stocks on hand as of July 24, approximately 3,600 depression. Severe floods in many places have
caused.serious damage to
tons.
crops and roads, while the continued rain is making reconstruction
work
difficult. All industries; concerned with foreign trade have been
JAPAN.
affected
The silk market has slightly improved owing to the further curtailment by the bad business conditions and June exports were lower than in any
In silk reeling. At present 49 filatures with 2,051 reeling basins and em- month since January 1927. The unfavorable balance of trade for the first
ploying 2,391 operatives have suspended operations. The Government six months of the year amounts to 346,000,000 francs. Easy money connow .recommends a merger or working agreement between shipbuilding ditions on the international markets brought the official Swiss discount
companies. It is also suggested that automotive manufacturing companies rate down to 2.5% on July 10, for the lowest level in nine years: the
merge. Semi-official operation of Government and private steel mills is private rate around 2%. Wholesale prices continue to decline, and, taking
being considered. The Government may provide funds in the next budget 1927 as 100, the index now stands at 88. During the first half of this year,
to assist steel and automobile manufacturers. June cotton textile pro- 326 firms went into bankruptcy as against 303 in the corresponding period
duction declined 10%. Shipping is dull and additional tie-ups of ships of 1929.
TRINIDAD.
expected. The Government has floated a bond issue of 80,000,000 yen
at 065, with a coupon of 5%. Tokyo City has issued at par bonds to
Business in general is undergoing a temporary dullness
owing to the
amount of 17,000,000 yen, carrying a 6% coupon. Instead of issuing continued low prices for crop commodities. Up until
the
the present time
debentures, a number of companies are calling unpaid capital. The stock Trinidad has largely withstood the progressive decline
of business activity
market is quiet, but there is a slight improvement in the market tone.
noticeable in other of the West Indian islands since the first
of the year.
Business has remained fairly normal, aided to some extent
by several adLATVIA.
vantageous factors such as the over expanding petroleum
and asphalt inLatvian foreign trade for the first four months of 1930 showed a decidedly dustries with a record of high production, and favorable weather
conditions
favorable trend. As compared with the corresponding period of 1929. Im- conducive to large crop yields. The daily output of cacao
during July,
ports decreased by 9% to 91,771,000 lets, while exports increased by 34% amounted to about 93,186 pounds, showed an unusual increase
over June
to 72,397,000 lats. The Imports surplus was thus reduced to less than half and was considerably in excess of the production as estimated
for July last
of last year's figure. (Lat equals $0.193.) Lower grain purchases as a month. Contrary to former expectations, daily production of
cacao during
result of good harvests account for the decline in imports:on the export side, August may approximate the July figure, inasmuch as
weather conditions
large increases occurred in shipments of butter, bacon, flax, lumber and are excellent for harvesting. Exports of petroleum
products and asphalt
plywood. The increase in the exports of lumber and plywood is largely are steadily increasing.
accounted for by the fact that shipments during 1929 were interrupted by
severe ice conditions. Recent reports indicate that the woodgoods branches
are suffering from lack of orders for future delivery. '
PHILIPPINE ISLANDS.
MEXICO.
General purchasing power continues impaired
and a return to normal conBusiness generally remains dull and collections are reported difficult ditions in the
immediate future is not anticipated. Most stocks have been
throughout the country. In contrast to the general trend, the machinery, adjusted to the
changed conditions and ordering is light and careful. Official
electrical equipment and supplies and chemical lines are doing well. The reports show a serious
decline in Government revenue for the first five
advent of the rainy season has slowed down business in the interior due to months of the year.
Completion of construction work in Manila begun
the interruption of communications. On the other hand, crop prospects earlier in the year has
resulted in some unemployment. Leading importers
are now considered very good as a result of the rainfall during the past few are pessimistic regarding the
textile outlook. Business in Japanese textiles
weeks. A committee of the Confederation of Chambers of Commerce continues but American
lines are proving difficult to move. Rainy season
recently i.terviewed President Ortiz Rubio concerning the present eco- dullness affects the
automobile market. Rains have been favorable to
nomic situation in Mexico and it is stated that the President has agreed to Luzon sugar producers, partially
offsetting previous damage from drought.
receive the committee thrice monthly to discuss questions affecting business. Prices for abaca and copra continue
low and copra stocks are accumulating.
TNDO-CHINA.
The Department's summary also includes the
with regard to the Island Possessions of the United following
States:
GOLD.
SILVER.
Countries.
Exports.
Dollars.
3,891
180
8,673 2,423,569
4,100
38,847
14,554
13,652
1,699,029
100,541
4,032
250,641
112,314
35,196
1,571
292,614
159,085
2.989
2,488,229
975
73,878
45,600
15,211
1,437
25,584 13,937,891
2,106
399
391,451
58,861
3,235
366,630 1,607,900
220
98
18,218
1,102,035
124,408
178,301
68,959
249,255
171,207
200,000
7,015,225
456,622
1,740
89,256
133,095
2,480
5,447
217
2,240
2,950
3,215
13,000
Total (Incl. Coin).
Imports. Exports. Imports.
Ounces. Dollars. Dollars.
1,282
17,589
113,879
106
3,838
414,006
293
1,559,630
5,403,532
885,572
540,669
185 1,867,340
68,308
299,557
216
45,936
6,140
596
9
27,645
8,319,477 3,011,727 3,334,723 2,707,371
ik
:1P°:',
1
.5,-.Z.Ca
0
0.40,1,10
.0,
.
i '' t
';
" l'
om.....atoto
....1
9° 0
0 - b 1.. ir,OCA4.
co
Co.
'.
E4
."
g8Sngg
.
a.
b
.
a.
ci.
oo-4.400
000000
38 0 88
8
1
D 0 8 00 00
CA
o
'co
co
00
43
0
ila
CO
W
la la Co
Ts' CZ
4 "••
..a.%.%$.'
4
ogz4,ft.,
s 4.
.
-4
. ..
.
,0550
0411
.020
..WO2
000.0.00
D00.4.-200
4, - 4 44 t 7:4 In
4.
.4..40
WN
to
4.8 88.-8
oomoom
Capczoo
o 4. :4 b 12
.
-.01000 a
5,00.00
, - 1291.2 14
50
700054004.
OC...400200
400..40101
.00000
...
02'0 744 'co
mmmo
cowoo
N.WW
.00.
00 CC
K20-40
040.060..
040.0-40
..0-20.0
2WWW0.
4
4.
al:Co - 414 2040.020
500400-4
5
...C.n1402 a
A.I.OW0 4
.
D.WiOb6W
at.20.00
...
0050.0
0oo..40.
4 R.
a.4
g51.
S AA
.
op.9...m
14. ig.Zi'"
"
'4
C
00 o P
'
..
.
...•
W
13
C4
Ca
u.
Cn
ft
W .
. 0 wb.24000
is
0 000..4.40
.bo 1 -.. la 'i.r men
.4
8 88g885
0
.
-4
to
o - 0.0
0 -.1
a a tafD
Co
WWW0.0.
laia'...00'iuio
b
-4 00-10040.M
,10 ...4-440.00.0
10 .14 10 10 14 14 10 b
00-2..0002t
. 0 100..402.0
0
0 .
.4
CPwW
W
i4b.e4Oe.46
W
. -4...400-40.
'01
.
at4.0000
+ ..40.004..
C701
.
o
0 ..
12 1
.4
to
co
04 .
..
a. 100 la
0040.00.,
-4.0.
....bb la
00024>
00020W
.. -. 141.
.
.42-20
.000
8 am
44
44
tco
coma..
co
o084
. 04000.
W-440.0
02000-4C4
WW55..4
- - I.,'9
0, 9
',al., - 4 '0, *-4 O.
aib000...
bbwm
.000
00 4-4.1400
.
a
Co
b 0 1ANWI4
CW
to 0 000.02
W000
. 042002...1.. 000440-4
'to "--4 is) "o, '4414. 14 14 10 122 10 14 a
00 -400000000 .."2
-4 00000.0 M00.0
44, 4
0,14 - - 4 e, iz 0 -...
-4-4,4-.44,44. wo44.o
24 .10WWW4.0 0.04.
P.RRRS'S
127
24
CL00.00.14.P.
4 '00 b :A 1 9
.4
-.1400200
400000
0. In 12 'CO CO 0
4..402000V
000a05.
A 10 1. In 1.4 12
000.0.0
40000.1>00
. ..
0
- ..co-4.
c..
601.4
4000.00
-".4.0040W
zil-ca....-
W
Held by
Federal
Reserve
Banks
and
Agenla.f
785
19,924
180
Exports.
Ounces.
n0..4000
44...1.1.WW
rt fi 5 a'
F' W • i r, II ,
gg'' Z O r:c 7
ii
'
''4
P
: a- 0
Co
" " il'. :
: :
"
0.
.0 222.... S. r 2
,
........
ft
A.
00
o
t
e
14 0 - 4c.a.c4;:t. t co - t:
0 CO 54 0 0 0 - 0 • 0- as ....
In 1.214. 00.
0. 0.10g
m Ul c =
CO .000020-40
-0-0
-400.1.0,IA
0 'Qz b la - °.,
ai
.
-4 0.00.0-40 .N o
W.
WWWWWW ,
, ..-.
,0.-. =
,
Ca
A
ID
10.
to .
0 0
. C .0000
0 Ca
b Inel
.
0 0 1 'CO 14
4 .
0 ta
Ca .003.4-442
to
-4
0 0140-4..40
14 -. 14 12 In
-4
b
10 In
W
0 00..400.
0
02 000000
Ca
Co
.
.
a - o.
co
.
-4
W
W
CO 0
CO
1,741,086,979
Total
Imports,
Dollars,
A0000002
CZ
tOb
'ICI'
.,,,
MONEY OUTSIDE OF THE TREASURY.
Refined Bullion.
..- . -,. , ,. -. . , ,..
p..".-
g :,a• -vom:4-5
Total.
Total.
-5400
0 1 14 :A 1n 'Ca
.4
400CC00
x m t r, g) ;:i. 72 0,0 0
2 0 2,
'
0
-fa•
• • • ?''.g 4. ~ g ,..; Pc..
gg/W0"ct;=0n2g0
MONEY HELD IN THE TREASURY.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
1000000
4...00
01A..4-4.0
F.
•
Total.
Gold and Silver Imported into and Exported from the
United States, by Countries, in June.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of June 1930. The gold exports were only $25,564. The
imports were $13,937,891, of which $7,015,225 came from
Japan, $2,423,569 from Canada and $1,699,029 came from
Mexico. Of the exports of the metal, $13,000 went to
Hong Kong. Below is the report:
C) .3
-....a c)....2
,
, °
..o9 r z ,, 5
,
"gr .P.4 .il
,F
*
000pCo.
-.0.. .....?; a
1
PORTO RICO.
During July the continued lack of rain has affected the major crops, indicating a reduced production if the drought continues. The prolonged
dry spell has further accentuated the usual summer dullness in business,
and is interfering with the fertilizing of the sugar cane and the preparation
of land for other crops. Notwithstanding the seasonal dullness and the
weather difficulties business on the Island remains fairly satisfactory.
Both the wholesale and the retail trade are buying cautiously, imports
being largely confined to immediate needs. Banks and merchant report
a healthy and steady improvement in collections. Tho dry weather has
seriously affected the coffee crop and estimates indicate that the loss may be
as high as 50%. leaving the prospects of the crop at about 7,000,000 to
8,000,000 pounds. Arrivals of foreign coffee have been unusually heavy
inasmuch as importers are anxious to stock up several months supply
before the application ofthe new import tax of 10 cents per pound,on August
5. There is some apprehension on the part of the grapefruit producers as to
the ultimate effect of the drought, it being feared that the trees in some
localities will not recover. The consensus of opinion among the cane growers
is that the present drought will reduce the next sugar crop about 10%
below this year's production, which is now finally determined at 866,109
short tons. Sugar shipments for the week ended July 19, amounted to
58,502,225 pounds valued at $1,645,783.
Belgium
France
Germany
Norway
Portugal
United Kingdom
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Mexico
Jamaica
Trinidad & Tobago
Cuba
Dominican Repub.
Dutch W. Indies_
Haiti, Republic of,
Argentina
Bolivia
Chile
Colombia
Ecuador
Peru
Venezuela
British India
China
Java and Madura_
Hong Kong
Japan
Persia
Australia
British Oceania..
New Zealand
Belgian Congo__
715
FINANCIAL CHRONICLE
AUG. 2 1930)
MWM
02 0
.
N
X
2
.
0
0,
a
li4 K
* Revised figures.
a Includes United States paper currency In circulation in foreign countries and the
amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
S Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account is excluded, and gold held abroad
for Federal Reserve banks is Included.
c These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes $20,758,412 of notes in process of redemption. $36,675,623
of gold deposited for redemption of Federal Reserve notes. 828,226,376 deposited
for redemption of National bank notes, $1,900 deposited for retirement of additional circulation (Act of May 30, 1908), and 87.691.499 deposited as a reserve
against postal savings deposits.
f Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption: United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including the gold redemption fund which must be deposited with the United States
Treasurer, against Federal Reserve notes in actual circulation. Lawful money has
been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are secured by United
States bonds except where lawful money has been deposited with the Treasurer
of the United States for their retirement. A 5% fund is also maintained in lawful
money with the Treasurer of the United States for the redemption of National
bank notes secured by Government bonds.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that
beginning with the statement of Dec. 311927, several very
important changes have been made. They are as follows:
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded.
and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
On this basis the figures this time, which are for June 30
1930, show that the money in circulation at that'sate (inUrges Australia To Arm-Retiring Military Head Sees
cluding, of course, what is held in bank vaults of member
Nation Weakened by London Naval Conference.
banks of the Federal Reserve System) was $4,521,987,972,
Under date of July 24 the New York "Times" reported
as against $4,551,467,934 May 31 1930 and $4,746,296,562 the following from Canberra:
Australia's need for better defences has been increasedby the London
June 30 1929, and comparing with $5,698,214,612 on Oct.
naval arms conference, in the opinion of General Sir Henry Chauvel, whose
31 1920. Just before the outbreak of the World War, that final report as Inspector General of Military Forces was issued to-day.
"All these disarmament agreements and gestures tend to reduce British
is, on June 30 1914, the total was only $3,458,059,755. The
sea power to below the minimum required for safeguarding imperial infollowing is the statement:
terests and thus diminish the security of isolated parts of the empire," he
716
FINANCIAL CHRONICLE
declared. "Australia is the most isolated and sparsely populated portion
of the Empire and therefore occupies the position of greatest danger. Her
present armament is not consistent with this unenviable position."
Sir Henry urges the revision of the Australian defense policy as well as
the imperial defense policy to which Australia voluntarily contributes
Pierre Quesnay of Bank for International Settlements
Visits Vienna—Incident to Trusteeship of Bank
for Austrian Loan.
Vienna ad-vices July 31 to the New York "Times" stated:
[Vor... 131.
$11,750,000 is to be used in retiring overdue obligations with respect
to the direct debt in cash at the following rates:
Receipts for interest in arrears,series B
10%
Receipts for interest in arrears,series A
2%
Current interest scrip, cash warrants, coupons; and rights to interest
maturing prior to Jan. 1 1931 (except interest represented by
interest in arrears receipts)
10%
Deposit of Bonds.
As promptly as possible after ratification of the agreement by the Mexican
Government, the Committee will call for the deposit of bonds of the direct
Pierre Quesnay, director of the Bank for International Settlements, debt with which the bondholders will be invited to deposit the unpaid
arrived to-day in Vienna to organize the bank's activities as trustee in coupons, cash warrants and current interest scrip receipts applicable
connection with Austria's new foreign loan. The bank will control the thereto dealt with under the 1922 agreement; also the receipts for interest
revenues derived from Austria's tobacco monopoly and customs, which in arrears issued under the 1922 agreement. By arrangement with the
Mexican Government, provision has been made 'whereby, holders of such
serve as guarantees for payment of the loan.
receipts assenting to the plan may have the option of receiving cash at the
time of deposit as set forth above.
Agreement Reached on Adjustment of Mexican Debt
Said to Effect Reduction of About $350,000,000.
Since our report a week ago (page 567) of the agreement
reached in New York on July 25 on the question of the adjustment of the Mexican Government debt and that of the
Mexican National Railways, further statements with regard
thereto have been made available. Under date of July 31
Mexico City advices (Associated Press) said:
Railways Reorganization.
With respect to the railways debt, the Committee has also concluded
an agreement, in principle, with the Government whereby the Government
is prepared to grant to a new company, when organized, a franchise on
proper terms for the operation of the property now operated by the National
Rys. of Mexico. The Committee hopes to present to the railways bondholders in the near future a plan for the reorganization of the railways
and the consolidation of its outstanding debt, by means of a new general
mortgage, part of which would be guaranteed by the Government, for the
purpose of refunding the existing bonds bearing a similar guaranty. ProThe Ministry of Finance, supplementing the recent announcement made vision is to be made for a prior lien mortgage to finance future capital
In New York on the agreement reached with American bankers regarding requirements of the company under proper provisions safeguarding such
the Mexican debt, announced to-day that the total reduction in the direct bonds.
The new railways obligations are to bear interest on a scale beginning
and railroad debts will amount to 763,000,000 pesos (about
$350,000,000).
The total of the two debts is now 985,000.000 pesos.
with 2.i%. gradually rising to 5% per annum and, as in the case of the
settlement of the direct debt, provision is to be made for the creation of a
The guarantee on the petroleum receipts will be abolished and the
agreement will make it possible to contract new loans at lower rates of
fund for the retirement of overdue interest on the same terms as those
interest
In order to redeem the bonds.
set forth above.
In the railway settlement the Government will have the right
to own
Commenting on the information given out in New York
75% of the stock of a new company which will be formed under the
Mexican on July
25, following the signing of the agreement at the
laws. After a transitory period, the debt service will be in the charge
of
the Bank of Mexico.
offices of J. P. Morgan & Co. on July 25 by the Mexican
On the same date (July 31) a cablegram from Mexico Minister of Finance and Mr.Lamont,the New York "Times"
City to the New York "Times" said:
of July 26 said:
To-day for the first time since Luis Montes de Gee opened conferences
with the International Committee of Bankers on Mexico which have
now
resulted in another agreement for the resumption of service on the country's direct and railway indebtedness, an official statement was issued
by
the Ministry of Finance. It is largely a reiteration ofstatements by
Thomas
Lamont and Senor Monies de Oca in New York, but it arouses generally
favorable comment because of the enormous concessions revealed as to
interest and capital payments.
The immediate reaction was a general rise in Mexican public
debt securities on the local exchange after having been almost entirely dormant.
Although the latest agreement covers only the direct debt and the railway indebtedness, satisfaction is felt following President Ortiz Rubio's
recent statement that other Mexican obligations would be made the subjects of recommendations to Congress for liquidation on a fundamentally
sound basis.
Larger budget appropriations have been made on several occasions in
years past for the payments on the foreign indebtedness than those ineluded in the new agreement and in many quarters it is believed the difference will be applied to claims commissions indebtedness, agrarian commitments and other debts.
Supplementing the statement issued by the Mexican
Finance Minister, Montes de Oca, and Chairman T. W.
Lamont of the International Committee of Bankers on
Mexico, on July 25, covering the chief points in the new debt
settlements, the Committee on July 28 made available the
following summary of the plans for the direct debt and the
National Railways debt:
The agreement reached by Luis Montes de Oca, Minister of Finance of
the Government of Mexico, and the International Committee of Bankers
on Mexico, with T. W.Lamont, Chairman, embraces a plan to consolidate
the Mexican Government direct debt hitherto represented by the committee, by a new issue of bonds, thus unifying into one issue the several
Issues now outstanding.
Scale of Annuities.
In general, the agreement provides for the payment of annuities beginning with $12,500,000(U. S.) for the year 1931, increasing to $15,000,000
In 1936 and thereafter. Out of the early annuities, the Committee is to
reserve amounts sufficient to establish a fund for the retirement of overdue
Interest, as indicated below, and the balance is to be used in paying interest
and amortization on the bonds of two series to be issued to retire the
principal of the outstanding direct debt. Both series of bonds will bear
Interest at the rate of 3% and gradually rising to 5%, the series A bonds
reaching this rate in 1935 and the series B bonds in 1936.
Refunding Bond Issue.
The prior series (A) of the new bonds are to be issued in exchange for
the present secured direct debt and the junoir series (D) are to be issued
in exchange for the unsecured debt; both issues, in the order indicated,
to have the benefit of a charge on the entire customs revenues of the
Government With provision for the possible increase in future years of the
amount of bonds entitled to the same security as the series B bonds. The
new bonds will be exchanged for the outstanding bonds of the direct debt
on a scale to be set forth in the deposit agreement and based on the relative
priorities and provisions of the different outstanding issues. Such bonds
are to provide for payment in United States dollars or, at the option of
the holder, at fixed rates of exchange in pounds sterling or French francs,
with provision for payment in other countries in the currencies of those
countries at the rate of the day.
The new bonds are to contain provisions for a sinking fund to become
operative in 1931, calculated to be sufficient to retire the entire issue by
maturity, 45 years, either by purchase in the market or by redemption
at 100, whichever is to the advantage of the Government.
Retirement of Arrears.
The fund mentioned above, to be created for the purpose of retiring
overdue obligations, is to be accumulated during the first three to five
years and when constituted in the necessary amount of approximately
Reduction on Direct Debt.
The principal amount of the direct debt of the Mexican Government has
been fixed at $267,000,000 under the new agreement, representing a reduction of $7,000.000. The principal of the railways debt has been fixed
at $225,000,000, compared with $239.000,000 previously.
Exactly bow large a reduction is to be made in the amounts due on arrears of interest has not yet been announced, but it is understood the
reduction has been substantial. There was due on the direct debt, prior to
1922, when the first Mexican debt agreement was reached, $112,000,000
in arrears, and current interest due amounts to $89,000,000, making a total
of $201,000,000.
The first agreement between the Mexican Government and the International Committee of Bankers on Mexico was arranged on June 16 1922
and went into effect on Dec. 8 1923. It was negotiated by Adolfo de is
Huerta and is consequently frequently referred to as the Lamont do la
Huerta agreement, although its official title was The Agreement of June
16 1922.
Because of political disturbances in Mexico, service on the foreign debt
under this plan was suspended by an official decree on June 30 1924. This
suspension continued until the International Committee, after a conference in 1925 with Alberto J. Pani, then Finance Minister, arranged substantial modifications in the agreement, chief of which was the separation
of the agreements relating to the direct Government debt and the National
Railways debt.
The modified agreement, known as the Pani-Lamont agreement, was
signed Oct. 23 1925 and became effective on Jan. 1 1926. Under this
plan payments were made by the railways during 1926 and then discontinued.
Complications Caused by Revolt.
Remittances on the direct debt, under the Pani-Lamont plan,
were
made for approximately two years, but when full payments
under the
original loan agreements were to be resumed on Jan. 1 1928 the
service on
the direct debt was again suspended, the Government declaring
itself
unable to resume such full service. The situation was made
temporarily
more difficult by the revolt in the early month of 1929.
The discussions leading to the present plan were initiated on
June 25.
The first plenary session was held in the rooms of the New York
Chamber
of Commerce. Subsequent meetings were held, chiefly in the offices
of
J. P. Morgan & Co. and of Kuhn, Loeb & Co.
Since the bonds are not registered, but are made out to "bearer." it is
impossible to tell exactly where each bond now is. Most of the
securities
are held in seven countries, however—the United States, Great
Britain,
France, Germany, Belgium, Switzerland and Holland.
The agreement must be submitted to the Mexican Congress
for ratification and will thereafter be subject to the approval of the
bondholders.
The Pani-Lamont agreement was approved by approximately
98% of the
bondholders and the international committee is considered to
represent
approximately that proportion of holders of the bonds throughout
the
world.
President Rubio of Mexico Says Debt Agreement Aided
Country's Credit—Foresees Settlement of Damage
Claims Growing Out of Revolutions.
The following from Mexico City July 28 (Associated
Press)is from the New York "Times":
In a statement to the press tonight, President
Ortiz Rubio said that
the advantages obtained by Mexico through the debt
funding agreement
signed by Finance Secretary Montes de Oca in New York
would serve as
a basis for the establishment of the national credit.
The President believes that, once Mexico's good faith has been demonstrated, it will be easy also to settle the question of her internal debt, and
everything referring to claims by nationals and foreigners growing out
of
revolutions.
"By instructions of the executive, Finance Secretary Montes de Gee
prepared the plan which met with so much success in New York, and before
he left for that city the plan was approved by a Cabinet Council. which
AUG. 21930.]
FINANCIAL CHRONICLE
717
New York are Mortimer L. Schiff, George W. Davison,
means it had the full support of all the collaborators of the executive," defendants from
Deaitt Millhauser, Charles E. Mitchell, Walter T. Rosen and C. I.
said the President's statement.
countries whose financial interests are represented on
"The advantages obtained will serve as a basis for the establishment of Stralem. Other
committee are Great Britain, France, Belgium, Holland,
the national credit. I firmly believe that once our good faith is demon- the defendant
strated it will be easy also to reach an agreement on the internal debt, to Germany and Switzerland.
which the full attention of Treasury Department experts is now being paid.
"I am confident also that in a short time we shall be able to reach an
President Hoover May Visit Mexico.
agreement on everything referring to the claims of nationals and foreigners
President Hoover is understood to be hopeful of finding it
for damages caused by the various armed agitations our country has
experienced.
to pay a visit to Mexico City before the return of
"For the completion of this work I confidently expect the patriotic
Ambassador
'Ambassador Morrow to take up his duties in the Senate, said
collaboration of all Mexicans.
"The agreements will be published soon. All the agreements made a dispatch July 26 from Washington to the New York
with the various creditors, and also the agreement above referred to will "Times," which also had the following to say:
be submitted to Congress at an opportune moment."
The President is reported to have promised Ambassador Morrow that
he would try to arrange a visit before the Ambassador departs late in Sepearly in
Suit Filed for Accounting of $43,000,000 Fund of Mexi- tember orMexican October. it was stated that the Mexican Government
Embassy
At the
can Government to Protect Bondholders—New Jer- had not been informed that any definite visit was under contemplation.
Senor Ortiz Rubio, upon his visit to the United States as President-elect,
sey Court Enjoins Expenditure of Funds.
extended an invitation to President Hoover to visit the Mexican capital.
An order restraining the International Committee of and Ambassador Tellez is understood to have discussed the matter with
Bankers of Mexico, handling a $43,000,000 fund set aside by the President subsequently.
the Mexican Government for the protection of its bondholders, from dispensing any of the money, was filed in United
States District Court on July 29 at Trenton, N. J., according to an Associated Press dispatch to the New York "Herald
Tribune", which went on to say:
Associated Press accountsfrom Washington July 29 stated:
President Hoover accepted an invitation from President Ortiz Rubio to
visit Mexico when Senor Ortiz Rubio visited Washington as Presidentelect sole months ago.
Ambassador Morrow, who is to resign his post at Mexico City in the
autumn, has pressed upon Mr. Hoover an invitation to visit the southern
This order was followed by another requiring the Committee to show republic before that time.
President Hoover has been represented as desiring to make the proposed
cause Aug. 18 why it should not give an accounting of the fund managetrip in the autumn. He plans to be in the West on his vacation until some
ment. Both were signed by Judge William Runyon.
time in September and must be in the capital before Congress convenes in
The orders were issued on the petition of Leonard R. Mehlman, attorney
for Frederick Gallapin, a citizen of Switzerland and resident of New York. December.
This would leave him the latter part of September, October and November
Mehlman complained the fund was mishandled. A petition asking for a
from which to choose a date for the Mexican trip, if he goes this year.
temporary receiver was denied by the Court.
be visited on the same trip under the presBefore leaving for Europe last week, Alexander Simpson, Democratic Porto Rico and Cuba also would
nominee for United States Senator, announced he had filed suit in Federal ent plans.
Court demanding an accounting of the fund. He said only $6,000,000 had
been disbursed and that his action was filed in behalf of Gallapin, holder of Austrian Loan Cheers Bourse in Vienna—Success
some of the bonds.
Stimulates Shares of Concerns Likely To Get
Simpson said his action was directed at the interallied committee of
bankers, of which, he added, Thomas W. Lamont of J. P. Morgan & Co.
Public Works Contracts—Ratio of Gold to Paper
was one of the leading members. He denied his suit had any connection
in American National Bank.
with his coming Senatorial race, in which Dwight W. Morrow, Republican
and former member of the house of Morgan, will be his opponent.
The following wireless message from Vienna July 25 ap-
Earlier Trenton advices (July 25) to the "Herald Tribune" peared in the New York "Times":.
While the stagnation at the Budapest and
stated:
Denying any political intent, Alexander Simpson, Democratic candidate
for the United States Senate, filed in Federal Court here to-day a suit for
an accounting of a $43,000,000 fund set up by the Mexican Government
at the direction of a group of international bankers, including J. P. Morgan
& Co., of which Ambassador Dwight W. Morrow, Republican Senatorial
nominee, was formerly a member.
Mr. Simpson sailed from New York last night on the French liner France
to interview some of the foreign bondholders, lie brought the suit on
behalf of Gustavo Gallopin of New York, a Swiss citizen, who seeks to
establish his holdings as a secured claim against the Mexican Government.
The defendant, specifically, is the International Committee of Bankers on
Mexico, composed of representatives of financial interests in the United
States and six foreign countries.
Mr. Simpson cited, as proof that his appearance in the case has no
political significance, that while he is abroad his work in the matter will be
carried on by a Republican lawyer in Washington, whose name he did
not disclose.
In a statement Issued before sailing Mr. Simpson sad' that Mr. Morrow,
as Ambassador to Mexico and as a former member of J. P. Morgan & Co.,
"has had knowledge of the terrible financial foreign debt of the Mexican
Government, and instead of helping to rehabilitate the Mexican financial
standing has indifferently and unwittingly become a party to the agreements made by these defendants, financial wizards of the world, by allowing them to continue as the International Committee of Bankers of Mexico."
The fund for which the accounting is sought was intended to take care
of defaulted interest on a $500,000,000 Mexican Government bond iS81103.
Mr. Gallopin is the holder of 200 bonds.
It is charged that these bonds, comprising part of a foreign indebtedness by Mexico of $128,000.000, were previously secured by an agreement
with the Mexican government pledging 62% of the country's tax receipts
from import and export duty to payment of interest and amortization
for the issues involved.
Suit Charges Coercion.
The broad charges made in the bill of complaint are that the international Committee secured ratification of agreements by the Mexican
Congress under which the secured bonds were placed on the same status
as unsecured claims. It is alleged that collusion, coercion, intimidation,
fraud and duress were resorted to by the Committee for selfish purposes
rather than in the interest of the bondholders.
Under the agreements with Mexico the bill states $43,000,000 was paid
under the plan of settlement proposed by the Committee. Of this amount,
it is charged $15,000,000 went to the National Railways Co. and $5,000,000 was deducted for expenses and charges of the Committee. There
now remains, the bill states, about $5,000,000 which should be applied
to unpaid interest charges on the bonds.
The bill specifically asks for temporary and permanent injunctions restraining the International Committee or its agents from applying funds
in their custody or that of J. P. Morgan & Co. for expenses of the Committee, the appointment of a receiver to take over all assets controlled by
the defendants, an accounting for moneys already expended, a decree
that the principal sum of the secured bonds be declared due and payable
immediately and that the defendants be restrained from proceeding further
with negotiations with Montes de Oca, Finance Minister of Mexico, looking toward a new agreement with the Mexican government.
The bill propounds about fifty interrogatories. Some of the questions
the defendants are asked to answer are: When and where negotiations
were first begun with respect to an agreement for financing the Mexican
debt? Who were the organizers of the International Bankers' Committee?
Names of bondholders whom the Committee represents? Banks or trust
:ompanies which became depositories of bonds represent by the Committee?
Thomas W. Lamont, of Englewood, a member of the Morgan firm, is
he only defereant resident of New Jersey. A subpoena to compel his
i?ced in the hands of a process server to-night. Other
ttendance itt ,
Prague bourses continues,
the Vienna market is somewhat brighter due to the realization of the
share was three times overAustrian loan and the fact that the Austrian
subscribed. As the public works planned consist chiefly of railways, roads
and post office equipment, the affairs and shares of iron, car, cable
industries and road building companies have improved. Yet for the present
the situation of Austrian industry is still precarious, which appears from
the fact that in the first half of July the number of unemployed rose by
2,400 to 152,000.
June figures for Austrian foreign trade show considerable deterioration.
Compared with May, imports rose 16,000,000 schillings (the schilling is
Comquoted at around 14.10 cents), and exports remained unchanged.
imports
pared with June 1929 the total turnover decreased considerably,
exports 45,000,000, or 28%
being 22,000,000 schillings, or 8% lower, and
balance
smaller. Under these circumstances the reduction in the adverse
for the first six months by 48,000,000 sehillings to 461,000,000, compared with the same period in 1929 is not a favorable symptom but a sign
of general weakness.
risen
The ratio of gold to paper in the Austrian National Bank, has
of the
since to more than 81%, the highest figure since the foundation
amounted
bank. On July 15 the holdings of gold and foreign exchange bills
while
to 870,000,000 schillings, which figure never was reached before,
the note circulation was 927,000,000. Yet the bank abstained from reare
ducing the interest rate as increases in the rates of other countries
expected.
Germany to Guaranty New Large Trade Credits.
A cablegram July 31 from Berlin to the "Journal of
Commerce" says:
Reich
A special emergency decree authorizes the Finance Minister of the
to grant guaranties aggregating a maximum of 350,000,000 marks for the
Purpose of furthering German foreign trade. Previously, 175,000,000
marks in such guaranties had been authorized.
Including the 300,000,000 marks Russian credits, the total foreign
trade guaranties provided by the German Government now approaches a
billion marks, of which approximately one-third has been utilized to date.
Guaranties in connection with Russian trade have not been made to exceed 100,000,000 marks, it is provided.
2,770,000 Unemployed in Germany—Figure on July 15
Was Twice That of Last Year.
The New York "Times"reported the following from Berlin
July 23:
According to official statistics 2,770,000 men and women were registered
as unemployed on July 15, which was twice the corresponding number last
year.
For the first time the maximum winter figures not only failed to show a
recession suring the summer season but have been rising since the end of
June.
The largest increase is reported from the Rhenish and Westphalian
industrial districts in connection with the continuing or rationalization
measures and the reduction of working hours.
President Luther of Reichsbank Seeks Cut in Long
Term Loan Rates.
Luther, President of the Reichsbank, has held a
Dr.
conference with representatives of the banks, savings in-
718
FINANCIAL CHRONICLE
[VOL. 131.
stitutions and credit unions with a view to bring about a
reduction in rates charged on time loans, said Berlin advices
July 28 to the New York "Journal of Commerce" which
likewise stated:
proceedings against the Chase National Bank.
The French institution
is seeking to hold the Chase National responsible
for the value of the gold
bars, since the latter allowed the bars to be withdraw
n and shipped to
Germany after the Bank of France had filed its
replevin suit.
The gold was returned to Europe on a German
liner in April 1928.
The aim of this move is to.cut down the burden
of interest charges, and There were dramatic moments when it appeared that France intended to
thus to relieve the economic situation generally.
It was pointed out that seize the liner in the English Channel and remove the gold. Some uncerbusiness revival from the current depressed level will be difficult without tainty appears to exist as to where
the gold is now, but this does not intera cut in the cost oflong term money,rates on which have been slow to
follow est the Bank of France.
the downward course of short term funds.
Among the intricate legal questions involved
in the French claim that
the Soviet is not a government—which could
not be proceeded against in
• the courts—but merely a
"regime," though it appears that it must also
Offering of $10,000,000 Notes of Saxon Public Works prove that the Soviet
is enough of an "entity" to have confiscated the
gold from the former Imperial Bank.
Inc. of Germany.
It is expected the hearings here will be
secret. The evidence will be
The National City Co. amd Lee, Higginson & Co. offered taken to New York and used in the
trial there later.
July 30 at 973/b and interest, yielding 6.35% $10,000,000
In its comments the "Times" said:
Saxon Public Works, Inc., 5% guaranteed gold notes, due
Courts Recognize Soviet.
July 15 1932. Proceeds from the sale of the notes will permit
The outstanding feature of the Bank of
France's efforts to obtain posthe further expansion of the company's business along lines session of $5,000.000 in Russian gold through an action in the Federal
courts here against the Chase National Bank
and the Equitable Trust Co.,
required by the rapid increase in demands for electric energy which subsequen
tly merged with the Chase
throughout its territory. Saxon Public Works, Inc., ac- handed down by Federal Judge Goddard on National, was the opinion
March 24 1929, granting a
cording to the bankers' circular owns and operates one of the large measure of judicial recognition to the Soviet Government. In
denying all motions of the Bank of France, with
one minor modification,
most extensive and modern electric light and power systems to strike out the
defenses of the Chase National
the Equitable Trust,
in Germany, serving an area of about 6,950 square miles and Judge Goddard paved the way for argument by and American
the
banks that
a total population of more than 5,000,000. The territory the Soviet gold arrived here in conformity with American and international laws.
embraces the entire State of Saxony and certain adjacen
Judge Goddard went to considerable lengths in
t
territory. The company's electric generating stations now in that the existence of the Soviet Government may his opinion to explain
be recognized by the
courts of this country, where the interests of American
operation have an aggregate capacity of 535,000 horsepower,
nationals are affected, despite lack of political recognition by the Federal
Government.
an increase of about 175% in the last four years, while the
The $5,201,000 at issue was sent back to Germany soon
the
volume of current sold increased from 471,607,574 kilowatt of France began its action, the bank having failed to post aftermoreBank
the
than
$5,000,000 bond which would have required to hold it
hours in 1925 to 916,904,763 kilowatt hours last year.
in the country.
About the time the Bank of France began planning its action, the
Treasury
The Free State of Saxony, which unconditionally guar- Department refused to assay the gold and it remained in
the vaults
antees the notes of this issue, ranks first among the German the Chase National and Equitable Trust, losing $1,000 a day interest. of
States in density of population and second in importance of
its industries. Exports to the United States of merchandise Russian Soviet
Coins Hoarded—Measures to Check
produced in Saxony amounted to $52,042,000 last year, or
Speculation—Shoes Provided Upon Presentation
more than 22% of the total German exports to this country.
of Cards.
Gross earnings of the company last year, including non-operThe following Associated Press account from Moscow
ating income, were $14,662,808 and net earnings before
July 28 appeared in the New York "Times":
reserves for depletion and depreciation amounted to
$6,The government today
a system designed to check specula814,074, compared with $2,732,033 which represented in- tion and end the famine institutedselling in the
of shoes
private market at proterest requirements on the total funded debt of the company hibitive prices.
Children will be provided with shoes upon presentati
on of their bread
as of Feb. 28, last, including this issue. Further data in cards. Adults
may purchase shoes at normal prices
connection with.the offering will be found in our "Investment upon presentation of special coupons issued by the in government shops
house committee of
the trade unions' factory organization.
News Department" on a subsequent page.
Many arrests are being made on
England Sees Finish of French Gold Drain—Believes
Exchange Level Prevents Further WithdrawIs.
Under date of July 29 a London cablegram to the New York
"Journal of Commerce" said:
About £640,000 gold was offered in the market, of which all except
about £20,000 went to France. However, the franc exchange has now
reached a level, which it is believed, makes it impossible for France
to
withdraw gold from the Bank of England.
British Government loans with other gilt-edged securities maintained firmness as stock exchange business here still mainly favors the safety first
principle. The strength of British sterling probably helped British securities,
as otherwise the markets showed little relieffrom the prevailing depressio
n.
Ulster Loan of £1,500,000 Oversubsdribed.
From a London cablegram July 29 to the New York
"Journal of Commerce" we take the following:
The result of the Ulster loan of 11,500,000 5%, issued at 99, indicated
that the allotments had been oversubscribed eight times over. This
may
encourage other Government loans, although the new issue season is considered practically closed for the Summer. The Austrian loan reached
a 3j premium to-day.
Soviet Gold Action in Berlin—Hearings on Ownership
of $5,000,000 Claimed by France—New York Bank
Defendant—Testimony in Germany Because Russian Witnesses Cannot Appear in U. S.
A Berlin cablegram July 26 to the New York "Times"said:
Another step toward determining the ownership of $5,000,000 worth
of
gold bars which the Russian State Bank shipped to the Chase National
Bank and the Equitable Trust Co. in New York in March 1928,
and
which was promptly claimed by a replevin action by the Bank
of France
as being the same gold bars which the Soviet "stole" from
the former
Russian Imperial Bank, where it was
on deposit to the credit of the Bank
of France, will be taken here next week before Rogers Lamont, New York
lawyer, who has been appointed commisaio
ner for the Federal Court of
the Southern District of New York.
Fourteen Russians, mostly employes
of the Gosbank (the State Bank of
Soviet Russia) at Moscow, will arrive
here Monday prepared to give
evidence that none of those gold bare
which were shipped to New York
were the ones which the Bank of France placed on deposit
at St. Petersburg in 1915 and 1916. They are being called
by the Chase National
Bank, which will be represented by George Hamlin
of the New York law
firm of Rushmore, Bisbie & Stern and probably
by ex-Governor Nathan
L. Miller of New York.
The evidence is to be taken here because the witnesses cannot go
to
the United States. Maurice Leon of Ebert& Choate, Sherman & Leon,
New York, who are the American representatives of the Bank of France,
will represent the plaintiff.
It is understood the Bank of France must establish that at least some
of those gold bars are the originals in order to substantiate the replevin
charges of speculating in silver coins.
Hoarding of silver, which began among the peasantry and spread
to cities,
has produced a decided scarcity. So few silver coins are in
circulation
that government shops and other institutions have issued postage
stamps,
coupons and trolley car tickets for small change.
Silver currency today had twice the purchasing power of
paper money
among Peasant street vendors.
Beginning this Fall compulsory education of all children
between the
ages of 8 and 15 will be enforced throughout the Soviet
Union. This
will be the first time in the history of Russia that obligatory
education
has been introduced.
Through this means the government hopes by 1935 to eliminate
illiteracy
completely among the Soviet Union's 150,000.000 people.
About
additional teachers will be required to which end the governme 60,000
nt has
announced that new pedagogical training schools will be
established. A
large number of new educational institutions will be
built and churches,
monasteries and houses confiscated from the kulaks
(rich peasants) will
be converted into schools.
As part of this new "cultural revolution," as the Soviet
press describes
the movement, a large number of the new teachers
will be Communists.
Instruction to the young will be based largely
upon the teachings of Marx,
Engels and Lenin. The papers also say that in
time all of Russia's children will be Communists. The Communist
Youths' League will supply
20,000 candidates yearly for the teachers' courses.
In the future the teaching of practical
trades and handicrafts will form
a regular part of the children's education,so
that when they graduate they
will be prepared to accept positions in
various Soviet industries and factories.
"No country in the world," says Izvestia
today, in commenting upon
the new compulsory education decree,
"approaches Soviet Russia in the
speed with which it is reducing
illiteracy. Before the war there were
only 7,000,000 children in the primary
schools, whereas today there are
12,000,000. Before the war two-third
s of Russia was illiterate. During
the last two years we have taught
13,000,000 illiterate adults to read
and write."
Jugoslavia Plans $250,000,000 Loans—
Government
Reported Making Preliminary Overtures Here
and
in London—to Stabilize Exchan
ge.
With the German and Austrian bond
issues successfully
marketed, other European Governments
are pressing bankers
here and in London for major loans
said the New York
"Times" of July 27, adding:
One of the latest of these is the
post-war kingdom of the Serbs, Croats
and Slovenes, popularly known as
Jugoslavia. If the current reports in
Wall Street are approximately
correct the Jugoslav Government desires
to obtain loans totaling $250.000,
000, part this year and the remainder over
a period of years.
A substantial part of this amount
is needed definitely to stabilize the
country's exchange, which, for a
number of years, although not stabilized
officially, has been held near 1.76
cents a dinar. In addition, the Government has mapped out an improvement
program for the national railways
involving about $26,000,000,000 dinars, or
more than $460,000,000.
Other improvement projects include
$26,500,000 for harbors and ports,
$15,000,000 for the Ministry of Agricultu
re and $8,500,000 for the Ministry
of Mines. Bankers here regard this program
an ambitious one, even for a
AUG. 2 1930.]
FINANCIAL CHRONICLE
nation which comprises former Serbia, Montenegro. Croatia, Bosnia and
Herzegovina, Dalmatia and Slovenia.
Financing Here in 1922 and 1927.
The only post-war financing done here by the Jugoslav Government consisted of an issue of $25,000,000 series A 8s offered in June 1922, and an
Issue of $30,000,000 series D 7s offered in April 1927. These issues were a
part of an authorized amount of $100,000,000, the remainder of which.
$43,000,000, was never marketed. These loans were a first charge on all
Government monopolies, including matches, tobacco, kerosene, salt and
stamp duties, and also on customs duties, subject to pre-war debt service
on the debt of Serbia and Montenegro.
Overtures for a new loan are said to be preliminary in character, as it is
believed that definite consideration will not be given such a loan until
Autumn at the earliest. It is pointed out, however, that notwithstanding
the marked improvement in the prices of high-grade foreign issues this
week, second-grade loans have not responded to any extent. In view of
this, the relative firmness of the market for the Jugoslav 8s and 7s and the
State-guaranteed Mortgage Banks 7s has stood out in some contrast.
Economic Progress Shown..
The firmness ofthese issues has not been ascribed to the pending financing
but rather to the economic progress of the country reported in the last year
and a half. New loans for constructive purposes,of course, would strengthen
the security behind the present issues outstanding.
It is believed that a new loan, if marketed this year, would be handled
by an international banking group, with the major portion of the issue
underwritten in New York and London. The size of the loan would necessarily depend largely upon the condition of the bond market at the time of
Issuance. For purposes of comparison, the American portion of the recent
German international loan amounted to $98,250,000 and of the Austrian
International loan marketed this month to $25,000,000.
719
works and for redemption of maturing securities. It is redeemable on
Nov. 15 1938. The Treasurer reserved the right to close the loan at any
time before July 28, and to refuse subscriptions tendered, and also to
accept any subscriptions in excess of the amount of £10,000,000. Sinking
Fund contributions will be paid into the National Debt Sinking Fund.
The loan was referred to in these columns June 21, page
4334.
Tenders Asked for Amortization of Argentine Government Bonds.
J. P. Morgan & Co., announce that they are prepared to
receive tenders for the amortization on or before Sept. 30
1930, of $688,100 Argentine gold pesos, £137,620, of Argentine Government 5% Internal Gold Loan of 1909.
Tenders for the sale of bonds with coupons due March 1
1931 and subsequently, must be submitted at a flat price
below par, expressed in dollars per bond, and lodged not
later than 3 p.m. Aug. 15 1930, at the office of J. P. Morgan
& Co., 23 Wall Street, New York. Tenders also will be
received in London by Baring Brothers & Co., Limited, and
in Buenos Aires by the Credito Publico Nacional.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, have notified holders of the Government of the Argentine Nation external sinking fund 6%
gold bonds, issue of Feb. 1 1927, sanitary works loan, due
Exchange Disturbs Brazil—Milreis Drops Again as Bank Feb. 1 1961, to the effect that $161,493 in cash is available
Fails to Support It.
for the purchase for the sinking fund of so many of the bonds
From Sao Paulo (Brazil), July 29 a cablegram to the as shall be tendered and accepted for purchase at prices
below par. Tenders of such bonds with coupons due on and
New York "Times" said:
The break in exchange in the last two days has caused considerable after Feb. 1 1931, should be made at a flat price below par
anxiety in commercial circles here and in Rio de Janeiro, with the either at the office of J. P. Morgan & Co., 23 Wall
St., or
milreis slipping from 9 to 8.70 to the dollar, the lowest mark in the
at the head office of The National City Bank of New York,
last six years, when the valorization scheme was put into force.
The Diario de Sao Paulo carried the following report today from 55 Wall St., before 3 p. m. Sept. 2 1930. If tenders so
Rio de Janeiro:
accepted are not sufficient to exhaust available moneys,
"The exchange situation reached a most critical stage today.
The Banco do Brazil, which is the axis of exchange operations, is additional purchases upon tenders, below par, may be made
maintaining a strange attitude by giving the same rate foreign banks
are up to Oct. 30 1930.
offering, causing an uneasy
favorable results will occur."
feeling among operators, who fear un-
Portion of Chile External Loan Drawn for Redemption.
Spanish Exchange Weaker—Early Action by Government
The National City Bank of New York, as fiscal agent, has
to Stabilize Peseta Expected.
issued a notice to holders of Republic of Chile external loan
Under date of July 29 a cablegram from Madrid to the sinking fund 6% gold bonds, announcing that $87,000
aggregate principal amount of bonds due Sept. 1 1961 and
New York "Times" said:
Continuing to drop, the peseta for the second time recently
closed $53,000 aggregate principal amount of bonds due March 1
today at 9 to the dollar, nearly as low as the record made several
weeks 1962, have been selected for redemption at par Sept. 11930.
ago. It opened at 8.85 this morning. The continued fall is rather
sur- Drawn bonds should be surrendered with all unmatured
prising since the government is taking means to prepare for
stabilization of the currency. The view taken here is that the
attached, at the head office of the bank,
government interest coupons
will be forced to move rapidly to put the peseta on a gold basis,
and 55 Wall Street, on Sept. 1, next, from and after which date
this conceivably may take place before the end of the year.
interest on such bonds will cease.
It is known that American and English banking houses are
disposed
to aid in stabilization of the peseta if proper methods are followed,
and the unusual protective restrictions for lenders are accepted.
It is
regarded in some quarters as essential that methods of
reorganizing
the economic system be discussed by representatives of the
leading
world banks first in order to assure that the gold supply will
not be
drained excessively after stabilization has been put into effect.
It is
felt that any appreciable drop in the currency would be
badly received
by the public.
Some government bonds dropped.
Bonds of Chilean Consolidated Municipal Loan Called
for Redemption.
Grace National Bank of New York, Brown Brothers &
Co., and E. H. Rollins & Sons, financial agents for the
31-year 7% external sinking fund gold bonds, series A 1929
of the Chilean Consolidated Municipal Loan due Sept. 1
1960, announce that there have been called for redemption
Japan Reduces Number of Banks by Policy of
Reform. on Sept. 1 1930, out of moneys deposited with the financial
Under date of July 27 Washington advices to the
loan, $77,500 principal amount of the bonds.
New agents of this
York "Journal of Commerce" said:
The bonds will be payable at the office of any of the financial
Further reduotions in the number of banks in Japan were
1930. Interest will cease to accrue on the
made during agents on Sept. 1
the first part of 1930 as a result of a stiffening in Government
inspection bonds on that date.
and a policy of financial
reform which dates from the early
part of 1927,
according to reports received yesterday by the finance
and investment
division of the Department of Commerce.
During 1929, the number of banks decreased 156 and at
the end of last
year there were 1,070 establishments. During the first five
months of
1930 there was a further decline of 33, resulting from 36
mergers and
the establishment of three new institutions.
Failure of the Government properly to supervise banking
was charged to
have been one pf the contributory causes to the 1927 panic,
and since that
time, when some 89 banks were closed, the Government has
closely followed
the affairs of the commercial banks.
Bonds of Province of Buenos Aires Called for Redemption.
Co. and Kissel, Kinnicutt & Co., fiscal
Hallgarten &
agents for the 6% refunding external sinking fund gold bonds
of the Province of Buenos Aires (Argentine Republic) due
March 1 1961, announce that there have been called for
redemption on Sept 1 1930, out of moneys deposited with the
fiscal agents of this loan, $235,000 principal amount of the
Australian Internal Loan of £10,000,000 Oversubscribed bonds. The bonds will be payable at the office of either of
The Commissioner-General for Australia, Herbert Brookes the fiscal agents, or in London, Amsterdam or Zurich at the
of 26 Broadway, New York, received on July 29 the follow- offices of the designated agents on Sept. 1 1930. Interest
ing cablegram from the Prime Minister for Australia, will cease to accrue on the bonds on that date.
Canberra:
Portion of Bonds of State of Minas Geraes Drawn
The £10,000,000 ($49,000,000) loan closed yesterday, the
total subscription being approximately E12,250.000 ($60,000.000). The
for Redemption.
number of
subscribers totalled 32,000. Excess subscriptions are being retained
and
City Bank of New York, as fiscal agent,
The National
, applied in reduction arrears borrowing Loan Council.
holders of State of Minas Geraes 614%
The announcement from the Commissioner-General's office has issued a notice to
secured external sinking fund gold bonds of 1928, due March
also says:
1 1958 to the effect that $54,000 principal amount of these
The prospectus of this new 6% loan of E10,000,000 issued on June 13th,
bonds have been selected for redemption on Sept. 1737)
stated that the loan was issued by the Government of the Commonwealth
of Australia on behalf of itself and the States, with the approval of the at par. Drawn bonds, with all unmatured interest coupons
Australian Loan Council, and that the proceeds would be used for public attached, should be surrendered at the head office of the
720
FINANCIAL CHRONICLE
bank, 55 Wall St. on Sept. 1, next, from and after which
date interest on such bonds will cease.
The National City Co. is also announcing to holders of its
interim certificates for State of Minas Geraes secured external gold loan of 1929 series A,6M% bonds that $46,000
aggregate principal amount of these bonds have been selected
by lot for redemption on Sept. 1 1930, at par. Certificates
of the company, representing bonds selected for redemption,
will be redeemed at the head office of The National City
Bank on Sept. 1 at which time the six month's interest due
on that date will be paid.
Venezuela's Debt Smallest Per Capita of Any Latin
American Country According to Central Hanover
Bank & Trust Company of New York.
The policy followed by Venezuela in the treatment of
foreign capital is the chief factor in the record of remarkable
economic progress, and this in turn is responsible for the
fact that recently the Venezuelan Government decreed
that the foreign debt should be cancelled in full, according
to a statement issued by D. A. del Rio, Assistant VicePresident of the Central Hanover Bank & Trust Co. "Venezuela has the smallest per capita public debt of any Latin
American country, and gold in the treasury is sufficient to
pay in full all national internal and external obligations.
No country in the world enjoys this unique position,"
according to the statement which continues:
The Venezuelan record prior to 1910 was one of chronic budgetary
deficits, increasing floating debt, depreciated currency and unstable
government. To-day the currency is on a gold basis, and the monetary
unit, the bolivar, has been subject to less fluctuation than other Latin
American currency since the end of the World War. Present quotations are
based on gold point values.
The budget is not only balanced, but for several years has been showing
substantial yearly surpluses which have made possible the cancellation of
all floating debt and reduction of the funded debt by 75%, or from 200,000,000 bolivars 20 years ago to 50,000,000 at present. Sufficient gold has
also been accumulated to enable the government to announce recently that
the entire foreign debt,amounting to slightly more than 24,000,000 bolivars,
would be paid in full. An agricultural and labor bank has been established
with capital of 36,000.000 bolivars and some 2,700 miles of modern highway
have been constructed.
During the past 20 years the potential resources of the country have been
actively developed, and in the oil industry alone Venezuela occupies the
position of second producing country. Ten years ago production was
negligible. but 138,000,000 barrels were extracted in 1929. It is estimated
that American investments in the industry are $200,000,000.
In 1928 Venezuela purchased goods in this country to the value of $38,000,000, and 1929 purchases were in excess of $45,000,000. Last year we
sold Venezuela 7,4;27 automobiles and trucks. In face of the sharp decline
in our exports during the first quarter of 1930. Venezuela took American
goods valued at $10.000,000.
The Venezuelan economic advance is fundamentally the result of political
stability and the use of a modern and efficient budgetary system. This is
primarily due to the policies of General Juan Vicente Gomez, who resigned
the presidency in 1929 after controlling national affairs for 20 years.
[Vol,. 131.
At the Farm Board the action was interpreted to mean that within eight
months the American wheat farmers, through co-operative effort, had
acquired sufficient bargaining power to command the choice position in
trade channels never before open to them as individuals.
Purchase of the Quinn-Sheperdson Co., Mr. Huff said, completed organization in the spring wheat region and gave the Grain Corp. its five divisional
agencies—one each in the Pacific Coast area, the spring wheat belt, the
Northeast, Southeast, and Southwest.
'
Each division, he said, had branch agencies in all sections of every
wheat State it served, and in the year since its authorization the corporation was taking or ready to take wheat from all parts of the United States.
The Quinn-Sheperdson acquisition opened terminal facilities to the corporation at Duluth, Minneapolis and Great Falls, Mont., with division headquarters at St. Paul, Minn., Mr. Huff stated. While not as large as the
Hall-Baker Co., purchased for $3,000,000 and used as an outlet for Southwestern wheat, the company occupied a similarly strategic position in its
urea. It is one of the largest concerns in the' Northwest and has as
important line of country connections.
Farmers' National Grain Corporation in Big World
Trade-1,000,000
-Bushel Shipments of Wheat in
One Week—President Huff, on Anniversary of
Corporation Predicts it Will Handle Half of 1931
Crop.
Assertion that the Farmers' National Grain Corp., on
the first anniversary of its establishment, had become the
greatest single factor in the world wheat trade and would
next year handle probably half the wheat grown in the
United States, was made on July 26 by C. E. Huff, President of the Corporation. The New York "Times" reports
this in a Washington dispatch, July 26, its further advices
stating:
Mr. Huff arrived in Washington for a conference with Alexander Legge,
Chairman of the Farm Board, which organized the grain corporation as a
co-operative clearing house, where farmers might find a ready cash market
for their wheat at spot prices.
Mr. Huff reported the institution by the grain corporation since June 11
of a large and active trade in wheat to Europe. The corporation had
rounded out its domestic organization, he said, by the recent purchase of a
big commission house with offices in Duluth, Minneapolis, and Great
Falls, Mont., taking over its assets and personnel intact.
Of the prospects for 1931, he said:
"I would estimate conservatively that we shall handle 200,000,000
bushels of wheat next year. If the weather man hits the areas In which
we are not so well organized, it may be 300,000,000 or more bushels."
Handling Much From Southwest.
One-third of the present wheat crop in the Southwest is being handled
by the corporation, Mr. Huff estimated, saying that 32% of the wheat
going into Kansas City was co-operative grain.
The Grain Corp. is one leg of the Farm Board hook-up. Working with
it and aided by Federal funds, the privately-managed co-operatives lend to
growers 9.5% of the value of their crops. There also is the Stabilization
Corp., now inactive, which purchased 69,000,000 bushels of last year's
crop and withdrew it from the market in an effort to relieve the condition
caused by the excessive surplus.
In contrast with less optimistic opinions expressed by other observers of
the surplus problem, Mr. Huff said:
"There seems to be every sound reason to predict that the price of
wheat will be more favorable. I am not now advising farmers to hold
their wheat for better prices, but I do say that everything in the picture
Report that Proposal of Pacific Coast Joint Stock Land
favorable for an
in the
Bank to Take Over Assets of Milwaukee Joint Stock is He gave as one increasebasis fornear future."
reason
this prediction his observation of the
Bank are Disapproved.
Land
effect of the drought on the corn acreage.
"My information is that wheat is going into livestock feeding at the
The following is from the Milwaukee "Sentinel" of July 26: greatest
rate in the last 20 years," he said. "Reports from /Kansas and
Efforts of the Pacific Coast Joint Stock Land Bank to obtain the assets Texas indicate that thousands of farmers are keeping a
lot of their cheaper
of the Bankers' Joint Stock Land Bank of Milwaukee were disclosed Fri- wheat, grinding
and mixing and using it for food. As 2,500,000,000
day, when announcement was made that offers made by A. 0. Stewart,
bushels,of corn are raised annually in this country, it can be seen that
President of the Pacific Coast Bank, San Francisco, have been rejected.
any large substitution of wheat for corn will mean a large reduction in
The offers included one calling for cash settlement, it was announced.
the wheat surplus."
They were made as a result of a desire on the part of the coast bank, identiActivity in Foreign Trade.
fied with the Transamerica Corporation and Bank of Italy interests, to
Regarding the activity of the corporation abroad, Mr. Huff said:
take a step toward restoring agricultural credit to a better basis, it was
"Our export department made its first sales to Europe on June 11 and
explained.
The offer was so low that the bondholders' protective committee of the has become a most important factor in the foreign field. On one day
local bank felt there would be no justification in even recommending its recently we made eight sales in foreign ports. The first five days of this
acceptance to the Federal Farm Board or the bondholders, according to week our export wheat sales were 1,000,000 bushels.
Hugh W. Grove, Chairman of the Committee, which has been considering
"We delivered one lot of wheat directly from farmers in the Southwest
the offer for the last six weeks. The offer expired Friday noon.
to the door of a co-operative consumers' society mill in Scotland, a direct
The coast interests have offered to take over and liquidate the bankrupt sale from producer to consumer without any other agency
intervening.
Kansas City Joint Stock Land Bank. The Milwaukee institution, which Thus, three or four profit-taking agencies were eliminated."
failed in 1927, with more than $15,000,000 of bonds in the hands of holders,
There is a healthy demand for wheat abroad, in contrast with conditions
now has about $13.175,000 bonds outstanding.
a year ago, Mr. Huff asserted, adding that the chartering of boats by the
One of the original cash offers, it is understood, was for payment of corporation and means adopted to move wheat rapidly
had eased the conapproximately 25% on the remaining bonds, in addition to a small amount gestion that had existed at terminals.
on liquidation returns for about a year. This would net bondholders about
In Associated Press dispatches from Washington, July 26,
40%, including a 15% dividend paid them before the local bank's troubles
were taken to court.
Mr. Huff was quoted as saying:
"There is not a single market closed to the Farmers' National, which has
The proposal anent the taking over of the Kansas City
the United States, for the
Joint Stock Land Bank by the Pacific Coast Joint Stock given actual wheat. Heretofore first time in history, an intelligent way to
move
wheat has played into foreign trade as if
Land Bank was referred to in our issue of July 5, page 43.
it were on a chessboard. To-day American wheat is accessible to buyers
anywhere in the world.
'To-operatives are experiencing the healthiest foreign demand for wheat
Farmers' National Grain Corporation Purchases Quinn- they have had and it is going direct from the producer to the consumer
Sheperdson Company of Minneapolis—Corporation without changing hands. The result has been the elimination of a possible
three to 10 profit-takings and establishment of the Farmers' National as
as Result Has Five Divisional Agencies.
the most important factor in the foreign market."
President Huff, of the Farmers' National Grain Corp.,
announced at Washington, on July 26, the purchase by the Chairman Legge of
Federal Farm Board Declares
corporation of the Quinn-Sheperdson Co., of Minneapolis,
Impracticable Suggestion to Sell Wheat to China.
complete its domestic set-up. Associated Press dispatches
to
The proposal of Senator Capper and other Senators, that
from Washington, reporting this, likewise said:
the surplus wheat of the United States be sold to China is
AUG. 21930.]
FINANCIAL CHRONICLE
held to be impracticable by Chairman Legge of the Federal
Farm Board. Mr. Legge's attitude toward the proposal,
which was referred to in these columns last week, page 574,
is indicated in the following from Washington, July 25,
published in the New York "Times:"
Constantly recurring rumors here and in New York that some mysterious
cure for the ills of the wheat situation caused by over-production had been
found through the avenues of Chinese trade to-day brought an explicit
dental from Alexander Legge, Chairman of the Federal Farm Board, who
said that financial and other conditions are present made this appear impossible.
China had been considered as a possible outlet for the hundreds of
thousands of bushels of wheat which are bulging warehouses and holding
the price down to a point, in some cases, below the cost of production,
Mr. Legge said, but nothing tangible had been developed.
The rumors, however, have multiplied almost as fast as impractical
schemes for disposing of the excess grain, it was stated.
"No Authority"for Gifts of Wheat.
One report had it that China planned to buy 200,000,000 bushels and
another that the United States Government was going to donate this amount
to the Chinese famine areas. A third reported plan was that the Farm
Board would sell or donate large quantities of wheat to the Red Cross
for use in the Far East.
All of these reports were denied by Mr. Legge, who, as bead of the
Board which holds 69,000 000 bushels of wheat purchased last year to
stabilize the market, would be a central figure in any such movement.
These plans and many others, he said to-day, have been considered,
but the sales schemes were found impracticable and the Farm Board,
he added, had "no authority to give away produce bought with the taxpayers' money."
Solution Still Being Sought.
721
Says "Request" Will Not Curtail Crop.
"Chairman Legge, speaking for the Board in a letter to Senator Thomas
of Oklahoma" Representative Ayers continued, "said that the wheat farmers would in the future be governed not by the farm relief law, but either
the law of the jungle, which means survival of the fittest, or by the law
of supply and demand.
"Under this announcement, the farmers have the choice of competing
with the pauper labor of the world in producing wheat, or they can voluntarily organize and co-operate and reduce their acreage some 25% and thus
curtail wheat production some 200,000,000 bushels, when Chairman Legge
says the tariff of 42 cents per bushel will begin to operate.
"The new remedy of the Farm Board is for the American wheat growers
to limit their production to the domestic demand. Tinder this policy no
possible aid can come to the wheat sections either this year or in the near
future because with only a request that wheat production be curtailed
it is not thought humanly possible that much curtailment will be brought
about.
"In fairness it should be conceded that the distress of agriculture is a
world problem:that the vast majority of the people of the world are engaged
In the production of food and, with an overproduction of food and the consequent financial distress among the great masses of the people, it is easy
to assign this reason as the cause for the present industrial world-wide
distress."
Chairman Legge of Federal Farm Board on Wheat
Traffic—Sees Good Effect in Slower Movement.
From its Washington correspondent the "Wall Street
Journal" of July 30 reported the following:
Anticipation of low freight rates on wheat that become effective Oct. 1
will have a tendency to slow up the movement of wheat until then, Chairman Legge, of the Federal Farm Board, stated. The Chairman believes
that the effect of this will be beneficial.
In some sections of the country the saving in the freight rate will amount
"We have studied each of these plans and many others, not only in
connection with wheat but with all trade in general, particularly farm to 5 or 6 cents a bushel, Chairman Legge said.
have discussed them with President HooThe Board continues to receive discouraging reports from the drought
products," Mr. Legge added. "I
ver, and various financial departments of the Government have studied regions. The drought, Chairman Legge said, is wiping out the surplus.
It has hit the corn crop more seriously than in 30 years, and corn is the
problem of opening up trade in the Far East.
the
"However, no solution has been found. First, there is the financial most important crop raised in the United States, Mr. Legge said.
The drought has not increased the shipment of cattle to market, C. B.
difficulty, and then there must be considered the instability of various
powers, the transportation difficulties, banditry and many other factors Denman, of the Board, said. The oversupply of beef was the result of
the unemployment situation and the high retail prices which prevented
which would interfere with a trade program."
However, he emphasized that the Government had not dropped con- the proper consumption of meat, Mr. Denman said. With lower prices
sideration of possible solutions, noting a new manifestation of interest this surplus will be reduced, he predicted.
from individuals, which he discussed as follows:
"Within the last two or three weeks a new interest by private individuals
who are experts in these matters has been manifested in letters I have re- Canada Faced by Wheat Crisis—Elevators Full Nearly
ceived. These people are studying the problem and making suggestions.
to Capacity With New Crop Bigger Than Last.
We hope that there will be some way found to get around the financial
The New York "Evening Post" carried the following Assoproblem and the others, and if there is a practicable one suggested we shall
gladly receive it."
ciated Press account from Winnipeg, Manitoba, July 31:
It was explained that the Farm Board was waging its principal campaign
Rock-bottom grain prices brought hope to-day of salvation from an
the wheat surplus through work affecting future production rather
against
impending grain-storage crisis in Canada.
than by attempting to dispose of the surplus now existing.
As the 1929-30 crop year comes to an end to-day, stores are piled higher
It has declared definitely against the policy of buying more grain and
in grain bins than they were a year ago, and a far greater crop is in the
withdrawing it from the market.
offing, but grain men believe wheat prices, the lowest in 17 years, may
The Washington correspondent of the New York "Journal prod overseas buyers into action.
Unless greater export demand comes soon and is sustained, a repetition
of Commerce" on July 28,said:
of last year's grain tie-up in the West is threatened. Lakehead elevators
President Hoover today was again called upon to approve a plan of are filled almost to the same level as a year ago, within 25,000,000 bushels
five wheat belt Senators proposing that the Government purchase 100,- of capacity. Grain stores in the Western inspection division total some
000,000 bushels of this year's wheat crop for export to China and India 16,000,000 bushels more than a year ago.
to meet the starving conditions in those countries and at the same time
Face Embargo.
aid the American farmer.
Last fall both the Canadian National and the Canadian Pacific Railways
Senator Arthur Capper (Rep.) of Kansas, one of the five Senators sponsoring the plan, laid the proposal before the President today, but it was put into effect an embargo against grain movement to packed lake-head bins.
To-day the best cash wheat is selling for less than 90 cents a bushel.
indicated by Senator Capper, following the conference, that the President
will adhere to a "hands off" policy in matters concerning the Federal Grain men believe the new low marks may start the buyers.
Not only the wheat yield, forecast as some 100,000,000 bushels larger
Farm Board. The proposal that the Government export the wheat to
China and India has previously been suggested to the President by Senator than last year, is causing the storage worry. Barley and oats crops are
Kansas.
expected to be much larger than in 1929 since considerable extra land was
Allen, also a Republican, of
At a conference earlier today with Alexander Legge, Chairman of the seeded to coarse grains because of cheap wheat prices. Rye and barley
Farm Board, Senator Capper requested the board to finance the construc- stocks at the head of the lakes are more than three times as large as 12
tion of additional storage elevators in Kansas. Although Legge informed months ago.
the Senator that this request could not be met with this year, he declared
that additional storage space was needed in Kansas even with a reduction
Swanson, of University of Saskatchewan (Canada)
in the acreage. Storage facilities in Kansas are badly distributed, the Prof.
Attributes Low Prices of Wheat to Federal Farm Board.
Chairman said, and are particularly lacking in eastern Kansas.
An Associated Press dispatch from Saskatchewan
said:
of Kansas Criticizes Federal (Sask.) Aug. 1
Representative Ayers
A Canadian economist has joined the critics of President Hoover's
Farm Board's Wheat Curtailment Policy.
Federal Farm Board.
Swanson of the University of Saskatchewan, Chairman
Efforts to reduce wheatacreage and curtail overproduction, of Prof. W. W. Commission on Immigration and Settlement, attributes
the Provincial
be made through legislation rather present low wheat prices to "the operations of the United States Farm
to be effective, should
than through appeals to farmers to take this voluntary Board," and considers that "demoralizing market effects will confarm board continues its artificial market maniputinue as
action, Representative Ayres (Dem.) of Kansas said on lation." long as the
July 28; a Washington dispatch that date to the New York
"Throughout the world," said Prof. Swanson, "the wheat crop does
not reach the proportions of a year ago, and even the United States
"Times" reporting this added:
Contending that Alexander Legge, Chairman of the Federal Farm Board,
has discounted the value of a suggestion by Senator Thomas of Oklahoma
that an international conference be called to stem the worldwide overproduction, Representative Ayres said:
"If there is no help for the wheat farmer through a worldwide effort to
reduce wheat production, and the wheat farmer must remove himself froth
the export field, then it would appear to be the solemn duty of the Farm
Board to prepare and recommend to the coming Congress legislation which
will place in force this newest plan of the Farm Board."
After ten years' study and consideration by the Congress. Mr. Ayres
continued, and after one year's operation under the farm relief Act and
with the expenditure of a large part of the $500,000,000 appropriated, we
now have for the consideration of the American Wheat farmer proposals to
reduce the acreage of wheat some 25%,"which means in many sections a
sentence to wheat farmers to go out of business," and the Farm Board's
plan "to welcome the assistance of droughts, floods, chinch bugs, grasshoppers, boll weevils and army worms."
Contending that the Farm Board had been successful in relieving almost
every agricultural industry except wheat, Mr. Ayres said that "last year,
when wheat was selling for $1.25 a bushel, the Board advised the farmera
to hold for a better price and that prices have fallen to 60 cents a bushel."
will have no considerable surplus above the normal. The real factor
depressing the market at present is the surplus created by past policies
of the Farm Board. Figures issued by the Department of Agriculture
at Washington, which are exceedingly bearish, have evidently been
published with a purpose."
The purpose, he declared, was to support Alexander Legge, chairman
of the board, and his associates in their effort to curtail wheat acreage.
The chief bearish factor in the market, he averred, is the attempt to
dispose of the American surplus and not any concerted action by
British millers to penalize the Canadian wheat pool.
Wheat at Present Prices Suggested as Livestock Feed
in Place of Corn.
substituted for corn to advantage in feeding
Wheat can be
livestock when prices are as low as they are at present in
some sections of the country, says the United States Department of Agriculture, in a statement issued July 26. "The
average farm price of corn for the United States last month,"
•
722
FINANCIAL CHRONICLE
the statement runs,"was about 79 cents per bushel. At this
price for corn, wheat is worth about 85 cents for feeding to
poultry and sheep, and about 89 cents for feeding to hogs
and beef cattle. The average farm price of wheat July 15
was about 80 cents per bushel. The Department adds:
Based on digestible nutrients, wheat and corn are of practically equal
value pound for pound. Hence, a bushel of wheat Is worth more than a
bushel of corn In feeding value as a bushel of wheat weighs 4 pounds, or
7% more than a bushel of shelled corn. But corn and corn products alone
make a better ration for cattle than wheat and wheat products alone. It
Is not necessary to grind corn as a hog feed, but wheat should be coarsely
ground or crushed. Wheat, according to experiments made in Nebraska,
has proved 5% more efficient than corn for fattening steers when fed with
alfalfa hay, a little prairie hay, and straw, bran, and linseed meal.
Wheat does not give the best results when fed alone, but should be
mixed with corn. Wheat may take the place of corn in rations for dairy
cows. Wheat for horses should be ground or preferably rolled, and must
be mixed with other feeds because of its stickiness when chewed, and also
because, if fed alone, it may cause-digestive troubles.
On the practicability of using wheat as a hog feed, the
Department says about 5% less grain is required in the case
of wheat, and that with corn at 70 cents a bushel and wheat
at 79 cents gains can be made with wheat and tankage at
about 15 cents less per hundred pounds than with corn and
tankage.
The value of wheat as a livestock feed compared with
corn at various prices ranging from 50 cents to one dollar per
bushel is shown in the following table supplied by the
Department:
RELATIVE VALUES OF CORN AND WHEAT BASED ON THEIR
RELATIVE FEEDING VALUES.
Price of
Corn.
Cents.
SO
55
60
65
70
75
Value ef Wheat(not including
Grinding) as Feed for—
Poultry
and Sheep.
Hogs and
Beef Cattle.
Cents.
54
59
64
70
75
SO
Cents.
.56
62
67
73
79
84
Price of
Corn.
Cents.
80
86
90
95
100
Value of Wheat (not including
Grinding) as Feed for—
Poultry
and Sheep.
Hogs and
Beef Cattle.
Cents.
Cents.
90
96
101
107
112
ss
91
96
102
107
High Corn Prices Spur Offers Here from Foreign Powers
A Chicago dispatch, July 26, to the New York "Times"
stated:
Owing to the unusually high price of corn in the United States, foreign
grain is said to be offered at the seaboard from Argentina and other countries.
A price of 93 cents a bushel, duty paid, was reported asked for Argentine
corn at Boston. This was within 5% cents of No. 2 yellow in the local
sample market.
Recommendations to Federal Farm Board of Livestock
Advisory-Com- itieem Marketing
Program Urged—Modification of Packers Consent
Decree to Permit Packers to Retail Meat Also
Suggested.
An announcement, as follows, was Issued July 24 by
the Federal Farm Board:
The Livestock Advisory Committee has been considering the various
phases of the livestock industry at a meeting in Washington the past two
days, and to-day submitted the following recommendations to the Federal
Farm Board:
1. The present condition of the market for beef cattle indicates the
need of an orderly marketing program. The Agricultural Marketing Act
provides amply for the control of marketing through producer-owned and
producer-controlled associations and the financing of such a program. We
would urge the producers of livestock so to organize their marketing as to
effectively match supply and demand. Further, we would urge all producers of cattle, •where feed is available, to withhold ihiprnents of cattle
not finished until they are ready for market, and thus stabilize both
receipts and prices.
2. ThaZ if adequate data are available in the Board, in the Department
of Agriculture, or elsewhere, the Board issue or request to be issued information 99 90 the probable market supplies of cattle in the second half of the
current calendar year and in the first half of the next calendar year. We
believe this would be conducive to orderly marketing.
8. That the Livestock Advisory Committee regards the Board's policy
of keeping consumers informed of cattle and beef prices as distinctly
helpful, and urges its continuance.
4. It is the opinion of this Committee that in the interest of both the
producers of livestock and the consumers of our product that the to-called
Packers' Consent Decree should be so modified to permit the packers to
retail meat and thus determine for those who produce and buy livestock
products whether the retail price can be materially lowered. A majority
of beef cattle killed under Federal inspection are now sold to the four
large packers affected by the Consent Decree. We would respectfully ask
the Farm Board to use its efforts toward having the Consent Decree
modified.
5. That through the sources of information available to the Board, it
ascertain the weights and types of meat animals most suitable for the
market requirements and bring to the notice of producers the importance
of conforming to these types.
6. That in view of the survey reports furnished by the Bureau of
Agricultural Economics which indicate a large surplus of lambs to be
marketed from the Western lamb States, lambs fit for slaughter should be
topped out of these flocks and sent direct to market, thus reducing the
lambs coming to market later when supplies are heavy. And further,
that breeding blocks be reduced.
7. That as a policy the American Government, in purchasing meat for
•
[Vol,. 131.
its own account, should buy the products of American ranchers
and farmers,
whether the amount purchased be small or large.
The members of the Livestock Advisory Committee
are as follows:
C. A. Ewing, Decatur. ru., Chairman; President National
Livestock Marketing Association; director Chicago Producers'
Commission Association.
R. N. Gunn, Buckingham, Iowa; Chairman Committee
on National Swine
Production Policy.
T. C. Halley, Stotts Bluff, Nebr.; Lamb Feeder;
director ColoradoNebraska Lamb Feeders' Association.
H. L. Kokernot, San Antonio, Tex.; President Texas
Livestock Marketing
Association; Vice-President National Livestock
Marketing Association.
IV. W. Woods, Chicago, Ill.; President Institute
of American Meat
Packers.
C. F. Forbes, San Francisco, Cal.; President Western
Cattle Maiketing
Association.
Harry G. Beale, Columbus, Ohio, stockman.
The livestock co-operatives certified the names
of Mr. Woods and Mr.
Forbes to the Farm Board as "experienced handlers
or processors."
Chairman Legge of Federal Farm Board and Secretary
—
Hyde of Department of Agriculture Discuss WT—
ieat
Situation in Central States.
—The world wheat situation and the need for acreage ad_ .
justment by farmers in Indiania,
—
-- —
Missouri and Kentucky, was the subject of a conference2i
1,
Chairman Legge of the Federal Farm Board and Secretij_.7
Hyde of the U. S. Department of Agriculture with agigiatural extension leaders at Indianapolis, Ind., Aug. 1777
tension directori,—
dliaors of experin=stations, economists, agronomists and editors, were inviteTV;the meeting
liy
—Director of Extension C7W—War
—
. —burton. A notice
regarding the meeting issued July 25 by the Department of
Agriculture said:
The wheat situation in the soft winter wheat belt and the changes that
are desirable in the plans for fall seeding by farmers will be discussed
by
speakers from the Department of Agriculture and the States.
This conference will be preliminary to meetings of farmers to be held
by extension
agencies at which the wheat outlook will be discussed in
relation to the
local problems of each county.
The long-time outlook for wheat and the present foreign and
domestic
market situation as summarized by the Department of Agriculture
indicate
that growers should carefully consider the increasing
competition in the
world wheat markets and the probability of lower prices during
the next
few years. Low wheat prices, such as those recently prevailing,
will cause
a contraction of acreage in some parts of the world, according
to the Department economists, but the trends of wheat acreage and
production in
the past few years indicate that expansion is likely to continue
in many
countries, even at prices lower than the average of the past seven
years.
Attention should be given everywhere to the possibilities of
reducing
production costs as one of the means of meeting competition.
Nebraska Tests Fees of Omaha Grain Exchange—State
Attorney General Asks for Injunction on Ground
that Present ChargesViolate Re-enacted State Law.
A suit for an injunction against the Omaha Grain Exchange
to restrain it from collecting charges for unloading, weighing,
transferring, reloading and inspection of grain was filed in
the State District Court at Omaha July 28 by the Attorney
General, C.A. Sorenson, it was announced at his office. says
Lincoln (Neb.) advices July 29 to the "United States Daily"
which went on to say:
The petition prays the court to dissolve and oust the exchange from
its
franchises and privileges if it continues to enforce its rules for such
charges,
In so far as they conflict with the State law.
The suit was filed, Mr. Sorensen stated, to test a statute
reenacted by
a special session of the legislature with a slight amendment to
the title.
The grain exchange some years ago, he explained, enjoined
the State
officials from enforcing the statute, but the suit was decided
in favor of
the State on technical grounds. For the purpose of trying the case
anew
upon the merits of the statute, the attorney general said, he has
instituted
this suit.
It is alleged In the petition that from .50,000,000 to 75,000:000
bushels
of grain are annually handled through the Omaha Grain Exchange.
sold on "Omaha terms," that is. diverted or reshipped after being Grain
sold on
the exchange, in order to be weighed as required by the exchange
rules, is
unloaded from cars, is transferred through terminal elevators
and loaded
Into other cars at a charge of 1 cent per bushel for non-members
resident members ofthe exchange,and A cent a buslaelfor resident and nonmembers.
"Thereby needlessly and unlawfully subjecting the producers
In Nebraska to a loss," says the petition "on an average car of
grain, of from
112 to 115. in addition to the said unnecessary inspection
and weighing
charges. The charges for unloading and transferring grain
from car to
car are retained by the elevator owner."
Federal Farm Board Reports That Results of
Campaign
for Co-Operative Marketing Plan Among
California
Growers Assure Carrying Through of
Grape
Plan.
The Federal Farm Board announced on July 29
that a
sufficient number of growers have signed contracts
to make
the proposed California Grape industry co-operative
marketing plan effective. The Board's announcement added:
In connection with the proposed plan a campaign was
launched by cooperatives on April 28 for the purpose of putting under
co-operative control
at least 85% of the tonnage of grapes grown in California.
Growers were
asked to sign a 10
-year marketing contract agreeing to
turn over, through
co-operatives, all of their grapes to the Control
Board, Inc. of California
and to Pay $1.50 a ton on all grapes delivered. The fund
created by the
$1.50 per ton payments was to be used in handling the grape
surplus which
amounts to an average of 300,000 tons annually.
AUG. 2 1930.]
FINANCIAL CHRONICLE
723
A committee of3 men was selected to make the final audit of the contracts pages who are now registered for such employment must be discontinued before
and to determine whether the required 85% of the tonnage is represented by that date.
grower contracts.
Tubemen and reporters are still available for employment after Stock
The committee's report to C. C. Teague, member of the Farm Board, Exchange hours, subject to the approval of the Committee of Arrangewho is now in California, shows that growers have signed contracts repre- ments.
senting more than 85% of the average tonnage of commercial grapes grown
The Committee calls attention to the provisions of the Constitution
In California during the past 5 years.
(page 115) prohibiting the giving by a member of any compensation or
approval of the
Exchange without the
From the New York "Journal of Commerce" we take the gratuity to an employee of thehaving been obtained, priorinsists that the
and
Committee of Arrangements
following Washington advices July 29:
foregoing be strictly adhered to.
ASHBEL GREEN,
Apparently abandoning the proposal to embrace 85% of the acreage, the
Secretary.
Federal Farm Board announced to-day that a sufficient number of growers
signed contracts representing the required 85% of the tonnage to make
has
the proposed California grape industry co-operative marketing plan
Stock Clearing Corporation Effects Settlements of
effective.
The Board's announcement was based on advices received from Charles
Deliveries Between Non-Members.
member of the board for fruits and vegetables, who left WashC. Teague,
Announcement that the Stock Clearing Corp. would
ington for San Francisco last week to determine whether the required 85%
is represented by grower contracts. Mr. Teague's trip West to make a begin on July 30 settlements of deliveries of securities
personal checkup of the situation followed discussions in Washington concerning the California grape problems between representatives of the directly between non-member banking institutions was
growers, headed by Carlyle Thorpe, President of Sun-Maid, and members made by Samuel F. Streit, President of the Stock Clearing
of the Farm Board.
Corp. The announcement said:
Over 85% of Tonnage Signed.
Mr. Teague found that the growers have signed contracts representing
more than 85% of the average tonnage of commercial grapes grown in
California during the past 5 years, according to the board's formal announcement. A committee of 3 men, including Dr. Alonzo E. Taylor, Stanford
University; II. R. Tolley, University of California, and E. E. Kaufman,
California State Statistician, made the final audit of the contracts.
Acreage Requirement Dropped.
At the time of the Washington conference concerning the California
grape problems, the setup for the co-operative included a requirement that
85% of the acreage be signed up as well as that percentage of tonnage.
Preliminary reports then showed that efforts to sign up the 85% acreage
had fallen short of the goal and in the absence of any mention of the acreage
proposal in the Farm Board's announcement to-day it was generally
interpreted that the acreage phase of the co-operative plan has been
abandoned.
Moreover, the omission in the announcement of any mention to the
raisin industry aroused speculation as to whether a proposal, as recently
reported, is under consideration by the board to finance the Sun-Maid
separately. Under the original proposal for the grape co-operative raisins
were included in the setup.
Officials did not amplify the formal statement issued by the board.
Farmers Co-operative Egg Market Opened at Flemington, N. J.
According to the New York "Times" of yesterday (July 25)
the New Jersey Department of Agriculture announced on
July 24 the opening of a farmers' co-operative market for
eggs at Flemington, N. J., to be used by poultrymen of
Hunterdon County and vicinity. This move was made, it
was explained, because of the success of a similar market
established at Toms River.
Offering to Raisin Growers by Rosenberg Bros. & Co.
for 1930 Crop—Price Higher Than for 1929 Crop.
First offerings to growers for 1930 crop raisins were made
at Fresno, Calif. on July 28 by Rosenberg Bros. & Co. says
advices from that city to the New York "Journal of Commerce" from which we also take the following:
The company offers to buy the new crop at 3 cents a pound,
sweat box
at the ranch. This price is from ;•6 cent to 1 cent higher than
present prices
to growers for the 1929 crop and applies to Thompson Seedless.
Muscat
prices are fractionally lower.
At the same time, it was announced by Wylie M. Giffen,
President of
the California Raisin Pool, that steps are being taken by the
pool to delay
the announcement of pool opening prices to packers for the
first
period until Sept. 1. Giffen, following a meeting of the pool allotment
directorate
here, stated that the California grape control board
directors, at a meeting
In San Francisco on Monday, had instructed Frederick J.
Koster, control
board chairman, to take the matter up with packers.
control agreement, prices were originally to have been Under the packer
named on July 15.
Owing to the fact that the control board campaign had
not then ended,
the date was extended until Aug. 1.
The announcement of the 3 cents price by Rosenberg
will serve to fix a
level for the 15% of the raisin crop remaining outside of
the control board.
Packers are permitted to compete for this tonnage,
estimated at 40,000
tons, when the crop is 250,000. It will also serve to
maintain values of the
tonnage of 1929 crop raisins held by packer's and by
Sun-Maid. The
extent of present holdings is not known. Packers,
however, have an option
for the purchase of 25,000 tons of the 1929 crop raisins held
by Sun-Maid.
In almost every instance packers' present holdings of 1929
raisins represent
a cost considerably higher than the 3 cents price now fixed.
New York Stock Exchange Forbids Pages from
Accepting Employment After Hours.
Effective July 28, the New York Stock
Exchange announced on July 18 that no page would be
permitted to
accept employment after hours. The notice
issued in the
matter follows:
Eleven banks have already signed agreements with the Stock Clearing
Corp. for the inauguration of this new service, whereby they will make
deliveries and receipts of securities directly, through the use of the facilities
of the Clearing Corp. The 11 banking institutions signing the agreement are
Bank of America, N. A.
Federal Reserve Bank of N. Y.
Bankers Trust Co.
Guaranty Trust Co.
Central Hanover Bk.& Tr. Co.
International Manhattan Co., Inc.
Chase National Bank
National City Bank
Chatham Phenix Nat. Bk.& Tr. Co. Now York Trust Co.
Chemical Bank & Trust Co.
Beginning to-day the above banks will make all securities deliveries
between themselves and to Stock Exchange members of the Stock Clearing
Corp. at the quarters provided by the Stock Clearing Corp. where they
heretofore received and delivered securities between themselves and members of the New York Stock Exchange.
Money settlements for each day's transactions will be effected by a
single check to or from the Stock Clearing Corp.
Mr. Streit stated that the new arrangement would be
of great benefit and help in that it would reduce considerably the drawing of checks and the number of runners
required to make outside deliveries of securities.
We likewise give the following announcement by Mr.
Streit:
While this newly instituted plan will not directly affect Clearing Members
it will be of considerable convenience to all non-members, and in many
cases, through effecting settlement between non-members more promptly
than heretofore, may result in a quickening of settlement between Stock
Clearing Corp. and Clearing Members.
Instructions to Non-Members.
(A) Deliveries shall be made from 9:30 a.m. until 2:30 p.m. on each
business day other than Saturday, by the delivering non-member to the
cage of the receiving non-member in the day branch of Stock Clearing Corp.
(B) The delivering non-member shall attach to each delivery two tickets.
one of which shall be receipted by the receiving non-member and the other
of which will remain with the securities. Non-members need not use any
special ticket but may simply continue to use the same kind of ticket as is
now used on any outside direct delivery.
(C) Delivering non-member's messenger shall hand to his representative
in his cage at Stock Clearing Corp. the recelpted copy of the ticket which
accompanied the delivery, which copy shall be used at the close of business
each day for proving purposes.
(D) To effect settlement at the close of business each day, each nonmember shall prepare in duplicate a settlement sheet and prove with those
non-members with whom he has done business during the day, as to the
gross debit, the gross credit, and the net amount due to or due from each
of them individually. Next, each non-member shall total the net debits
and credits, balance the settlement sheet, and show the net amount due to
or due from Stock Clearing Corp. in settlement, in space provided at the
bottom of the form. The original or No. 1 copy of the settlement sheet shall
be signed by the representative of the non-member at Stock Clearing Corp.
and handed to the Central Delivery Department of this corporation for the
daily cash settlement. There will be only one cash settlement as heretofore,
because the above balance will be included by Stock Clearing Corp. in
your total business for the day.
(E) Reclamations (returned deliveries) between non-members shall be
made direct to the non-members cage at Stock Clearing Corp. up to 2:45
p.m. After 2:45 p.m. reclamation must be made direct to the office of the
bank.
(F) Stock Clearing Corp. reserves the right to demand payment in
money or by check forthwith upon delivery against securities for account
of any non-member in accordance with paragraph 4 of the Non-Members
Agreement, an instrument previously negotiated between each non-member
and Stock Clearing Corp.
Change in Rules of New York Produce Exchange Covering Commissions on Securities Market.
The New York Produce Exchange announces that Rule 18
of the Rules for Dealing in Securities has been extensively
amended, effective Aug. 1 1930. This is the rule covering
commissions on the New York Produce Exchange Securities
Market. The Exchange in making this known says:
The rates for members when the transaction is cleared by a qualified
member, for members when the transaction is not so cleared, and for nonmembers not registered are given in detail for industrial and miscellaneous
stocks, bank and trust company stocks, Canadian mining and oil stocks,
July 18, 1930.
bonds and notes, and subscription rights. Amended specialists' rates on
To the Members of the Exchange:
stocks, bonds, notes and rights are also sot forth.
Effective Monday, July 28 1030. the floor messenger
service will be
Section 8 of the amended rule is devoted to registration of New York
reorganized. Pages with green armbands, and Tubernen,
will be located Stock Exchange and New York Curb Exchange firms, and the rates of comat the tube stations, and will not be permitted to leave
their stations. mission applicable on business for said firms.
Squad pages will be assigned to the booths for the delivery
of orders and
Other sections in the amended rule cover book securities; governments,
reports from the booths, and will continue to be assigned
to the posts for short-term securities, &c.; temporary absence of member; official closing;
the delivery of orders and reports from the posts. After July 28
1930, no reciprocal agreements; responsiblity for collecting; rates on privileges;
page will be permitted to accept employment after hours, and the
services of Interest
-special rates; interest on short sales; and outside transactions.
NEW YORK STOCK EXCHANGE
Committee of Arrangements
724
FINANCIAL CHRONICLE
Los Angeles Stock Exchange to Specialize in Listing
of Motion Picture, Amusement and Mining Stocks
—Investment in Motion Picture Industry on Pacific
Coast Two Billion Dollars.
Officials of the Los Angeles Stock Exchange announced
on July 28 that the Exchange has embarked upon a special
ization plan in its listings and will hereafter direct most of
Its attention to motion picture, amusement 'and -mining
stocks. The announcement said:
A survey just completed shows that these stocks are so broadly distributed on the Pacific coast and that there is such an active demand for
local trading facilities that 75% of the membership of the Exchange does
a substantial business in these stocks, a number of which already are
listed on the Los Angeles Exchange.
Several large picture corporations have indicated their intention to apply
for Pacific coast trading because a western market will provide investors
with a 48-hour transfer service pn stock certificates as compared with
approximately three to six weeks required at present. In addition, such a
specialization will afford three to four hours' additional trading time, due
tc the fact that the Los Angeles Exchange is operating after Eastern
exchanges have closed.
Joseph B. Schenck, motion picture producer, recently estimated that the
total investment of that industry in California is now approximately
$2,000,000,000.
New York Real Estate Exchange Issues Statistical
Manual on Realty Bonds and Mortgages.
The New York Real Estate Securities Exchange has published for distribution a 124-page manual giving statistics
on real estate issues that have been admitted to trading
privileges on the Exchange. This booklet, according to
Charles G. Edwards, President, is the first attempt to collate and publish statistics regarding real estate bonds and
mortgages and earnings on the properties against which
such securities have been issued and "should be of inestimable value to the investor in analyzing his securities."
Mr. Edwards adds:
'The investing public who have contributed the capital to these vast
enterprises are entitled to know these facts. The purpose of the Exchange
in issuing this booklet is to place before the investing public facts which
may enable them to know more intimately the set-up of the securities in
which they may be interested. It has no other object to serve. It advocates no one's securities. It judges none.
"The ability of a given building to earn sufficient income to meet the
interest and carrying charges and set up a reserve fund, or amortize the
outstanding indebtedness to offset the depreciation of the building, is
reflective of the caliber of the security. These facts we have sought to
procure in each case. In some instances both the property owner and the
undrwriting house refused the data.
Supreme Court Temporarily Enjoins J. 0. Joseph &
Co., Inc. from Sales of Stock of United Wholesale
Grocery Co.—Stock Fraud Charged.
On July 25 Supreme Court Justice Strong in Brooklyn, on
motion of Attorney General Hamilton Ward, temporarily
enjoined J. 0. Joseph & Co., Inc., and the concern's President, Joseph 0. Joseph, from further stock sales, according
to the New York "Times" of July 26. They were charged
with having sold $300,000 worth of stock fraudulently. A
hearing was set for Aug.4, when application will be made for
a permanent injunction and the appointment of a receiver.
The "Times" continuing said:
[VOL. 131.
partners and their customers, in order to satisfy a claim of
$2,000,000 held against him by Frank Bailey, banker,
reached a substantial agreement with Mr. Bailey on Monday
of this week, July 28 (which Mr. Bailey was to complete
later), for the return of cash and equities totaling about
$1,350,000. In addition, Mr. Bailey is to abandon his
claim against Mr. Ryder and to release the bankrupt firm
and its partners from any further obligation to him. We
quote further as follows from the New York "Times" of
July 29, from which the preceding matter is taken:
The negotiations started five weeks ago with Mr. Bailey's declaration,
lust after the collapse of Woody & Co., that he would not keep anything
that had been stolen. Mr. Bailey insisted, however, that due consideration be given to the fact that some of the assets had been stolen from him
as one of Mr. Ryder's customers.
With Mr. Ryder's help and the assistance of accountants of the Irving
Trust Co., as temporary receiver, Samuel H. Kaufman and Milton P.
Kupfer finally fixed terms yesterday (July 28) to which Alfred Davison,
counsel for Mr. Bailey, agreed.
The agreement provides for the return of $575,000 or $600,000 in cash,
as well as return of the Ryder co-operative apartment at 720 Park Avenue,
representing an investment of $500,000, and the cancellation of a credit
of about $250,000 due Mr. Bailey on the books of Woody & Co.
It is not believed, however, that the $500,000 which Mr. Ryder put
into the apartment can be fully recovered. Its real value is estimated at
about $300,000.
Allowing for this shrinkage, Mr. Bailey's real contribution to the reduction of the $2,000,000 liabilities of Woody & Co. will be about $1,150,000.
Other Woody & Co. assets include the $450,000 Stock Exchange seat
contributed last November to the firm by Charles L. Woody Jr., titular
head of the concern; stock and cash on hand on June 19, when it collapsed,
amounting to about $250,000, and an indeterminate claim against Frank
Stoltz for operations in making a market for the stock of Stein Cosmetics,
of which he is President.
In anticipation of a settlement of the affairs of Woody & Co. within a
month, a creditors' committee was chosen yesterday (July 28) to represent
the 125 customers and others to whom the concern owes $2,000,000.
The members of the committee are Albert A. Tag, Jerome Horton,
H. Arzo Patterson and Sidney A. Witherbee. Their counsel include
Eugene L. Garey, who was counsel for the three original petitioners in
bankruptcy and whose prompt action at the outset secured them the cooperation of Mr. Ryder, together with Peter J. McCoy, counsel for ten of
the customers.
The settlement made with Mr.Bailey yesterday (July 28) will remove him
from a situation which he has admittedly found embarrassing. He was
one of the first witnesses called at the inquiry into the affairs of Woody &
Co. which was opened five weeks ago before Henry H. Davis, Federal
bankruptcy receiver'. He has spent days on the witness stand, explaining
his transactions with Mr. Ryder, and his testimony was unfinished when
the negotiations for a return of assets were opened.
According to Mr. Bailey's testimony, he met Mr. Ryder in July, 1928.
Mr. Ryder was then favorably known as a young money-maker in the stock
market and a spender on Broadway. Mr. Bailey, a veteran banker and
director of 21 important corporations, said he was so impressed by him
that he let Mr. Ryder handle his stock operations. Mr. Ryder in a sworn
statement on the other hand said he and Mr. Bailey had a joint trading
account in which they were to share profits and losses equally, and that
eventually he lost $2,000,000 for Mr. Bailey, together with as much of his
own money.
According to Mr. Bailey's testimony, Mr. Ryder disposed of stock
without authorization or failed to turn over stock purchased or the proceeds
of sales of stock belonging to Mr. Bailey, starting in September, 1929.
Nevertheless, Mr. Bailey continued to do business through him until the
firm of Woody & Co. failed last June.
Mr. Bailey also testified that in January, 1930. he reached an understanding whereby Mr. Ryder signed an acknowledgment of $2,000,000 indebtedness. Mr. Ryder swears he did not believe he owed this amount,
but agreed to repay it in fear of arrest.
When Mr. Bailey was on the witness stand he was asked by counsel
for the receiver why he did not consider it his duty in January, knowing
Ryder's insolvency and how It involved the newly formed concern of Woody
& Co., to warn the Stock Exchange or take some action to protect the general public. "I considered their principal indebtedness was to me," Mr.
Bailey replied. "That is, I considered it a special case of insolvency."
. Mr. Bailey further testified that Mr. Ryder offered to repay him at the
rate of $50,000 a week, but that he told him nobody could earn that much
a week but that he would take $25.000 a week, and "give him a chance."
He was asked if he believed that a young man who had so little left
after the crash could earn enough to repay $25,000 a week.
"He earned much more than that before," Mr. Bailey retorted. As security he took an assignment of the Park Avenue apartment at 720 Park
Avenue as well as an assignment of the concern's,Stock Exchange seat,
which has since been denounced as a forgery.
Joseph, who had an elaborate suite of offices at 247 Park Ave., sold
25,000 shares of stock of the United Wholesale Grocery Co. of Philadelphia
at prices ranging from $9 to $12.50 a share, according to Henry B. Staples
of the State Bureau of Securities, who represented the Attorney General
In Court.
The defendants used the "sale and switch" method of stock sales, Mr.
Staples said, also charging that in many instances where customers were
Induced to buy stock costing $3 and $4 for $12.50, statements were made
that the United Wholesale Grocery Co. had issued certain "rights" to
According to the July 30 issue of the "Times," the salvage
stockholders to take more stock at $9 a share.
"The United Wholesale Grocery Co. never issued any 'rights' nor had of the bankrupt brokerage house reached a stage the preceding day, July 29, that seemed to counsel engaged in the work
any intention of doing so," Mr. Staples said.
He also charged that Joseph had wrongfully represented that the stock to warrant discussion
of a prospective settlement of the conwas to be listed on the New York Curb Exchange, and that expected
Increased earnings of the United Wholesale Grocery Co. would result in an cern's obligations and a resumption of business. The paper
Increased dividend rate.
mentioned said in part:
Mr. Staples said in his affidavit that he had been informed that Joseph
The auction sale of furniture and fixtures in the Woody offices at
40
was indicted and fined in Pittsburgh in 1922 and in Chicago In 1925 for Wall Street, which was
scheduled for yesterday (July 29) by the Irving
mail fraud. The action taken yesterday (July 25) was the result of many Trust Co., as
temporary receiver, was indefinitely postponed.
complaints and several months of investigation.
* * *
Eugene L. Carey,counsel for the three customers who signed the original
petition in bankruptcy, and counsel, with Peter
,Further Developments in Woody & Co. Failure—Frank tors' committee organized on Monday (July 28),J. McCoy, for the credinotified the creditors of
$1,350,000 to Woody & Co. in a carefully worded letter that "it is believed some of
Bailey to Surrender Approximately
the members of the firm will be able to offer a plan of adjustment to the
Repay Failed Firm's Creditors—Partners of Harold interest of
creditors."
Russell Ryder Hope to Save Firm—Ryder's Trial for
Mr. Carey said he was not yet at liberty to make public any details of
the plan beyond saying there was under consideration "a composition
Grand Larceny Set for Aug. 18.
settlement" which
be discharged from its temFurther referring to the affairs of the bankrupt Stock porary receivership.would permit the firm toenable it to resume operations
Such a discharge would
Exchange house of Woody & Co. (the failure of which was as soon as the Stock Exchange permitted.
In its issue of July 31 the paper mentioned stated that
noted in our issue of June 21, page 4338), counsel negotiating
for the return of assets admittedly taken by Harold Russell the date of Aug. 18 was set the previous day in the Court of
Ryder, one of the partners in the failed firm, from his fellow General Sessions for the trial of Harold Russell Ryder on
AUG. 2 1930.]
FINANCIAL CHRONICLE
725
a grand larceny indictment which charges him with accepting 897,000 from John Vanneck, President of the Equitable
Holding Corp., for the purchase of stock which he did not
deliver. Assistant District Attorney Richard C. Gibbs was
designated to try the case. The "Times" continued:
The charge also is made that this alleged "agreement of conspiracy"
was carried out, "whereby said brokers and said depositor were enabled
to and did resell the same at a large profit."
The action asks for an accounting and appointment of a substituted
trustee or a receiver. The papers declare it is "prosecuted by this plaintiff
oil behalf and for the benefit of all stockholders of American Trustee Share
Corporation."
This indictment was returned in June, immediately after the collapse
Representative Joseph A. Gavagan is counsel for McCann. He said
of the brokerage house of Woody & Co., in which Mr. Ryder was the yesterday (July 30) that he believed "the investment trust field warrants a
moving spirit. While Mr. Vanneck was obtaining the State indictment, Congressional investigation." He declined to say whether he would offer
Mr. Ryder was questioned by Eugene L. Garey, attorney for three peti- such a resolution at the next session of Congress.
tioners in Federal bankruptcy, and also by Samuel H. Kaufman and Milton
The suspension for one year by the New York Stock
P.Kupfer,attorneys for the Irving Trust Co.,temporary Federal receiver.
Mr. Ryder testified under oath during this examination; and although Exchange of Alexander B. Johnson, floor member of the
Federal Bankruptcy Referee Davis later ruled that he did not thereby
Throckmorton & Co., was noted in the "Chronicle"
waive his constitutional right to refuse to answer in formal proceedings, firm of
lest he incriminate or degrade himself, Mr. Davis also ruled that the steno- of June 14 last, page 4165, and an item relative to the
graphic record of this preliminary examination could be introduced as matter appeared in our issue of June 21, page 4338.
secondary evidence.
It was during this examination that Mr. Ryder explained how he had
taken money belonging to his partners and their customers in Woody Members of Boston Wool Exchange Disapprove Wool
& Co. to provide his personal spending at the rate of $500,000 a year and
Trading by New York Cotton Exchange.
to pay off a $2,000,000 claim which Frank Bailey, banker, held against him.
The receivers for Woody & Co. and Mr. Bailey proceeded yesterday to
A Boston dispatch Aug. 1 to the New York "Evening
put the finishing touches on a statement to be issued in connection with Post" says:
Mr. Bailey's return of $600,000 in cash, the $500,000 Park Avenue apartEstablishment by the New York Cotton Exchange of a market for
ment occupied by the Ryders and a claim on Woody & Co. represented by
a credit balance on the books of $250,000. Mr. Bailey has already agreed trading in wool top futures has been voted down by members of
to return this cash and equities on the principle that he would not accept the Wool Exchange here, it was announced today by F. Nathaniel
Perkins, secretary.
payment of his claim by Mr. Ryder with stolen values.
He said member houses had voted preponderantly against the new
Yesterday (July 30) the two saddle horses which Mr. Ryder bought for
horse show entry were sold at auction for about one-fifth their cost, so that exchange after a special committee of the Cotton Exchange had conferred with trade leaders here and proposed the new post.
they would not "eat their heads off."
The development of plans for wool trading by the New
The auction was conducted in the Federal District Court by Judge John
M. Woolsey. He obtained $3,300 on a bid from Edward Feigenspan of York Cotton Exchange was referred to in our issue of
the pedigreed grey mare, Prudence, for which Mr. Ryder paid July 19, page 358.
Newark for
$17,000. Castle Dew Lass, a chestnut mare, suffered a proportionate
reduction, going to Grace W. Nattress of New Rochelle for $600. The
horses were not in Court.
Report of Special Master in Chancery Finds No "Rigging"
Kempner Bros., Chicago Brokerage Firm, Suspended
from Associate Membership in New York Curb Exchange.
Suspension of the brokerage firm of Kempner Bros.,
Chicago, as an associate member of the New York Curb
Exchange, because of failure to meet its engagements, was
announced by that Exchange yesterday, Aug. 1, according to
last night's New York "Evening Post." The company has
no New York offices. The paper mentioned further said:
Jean Kempner of the suspended firm is the associate member of the Curb,
having been admitted on Sept. 25 1929. Members having contracts with
Kempner Bros. subject to the rules of the Exchange have been ordered by
the Curb to proceed to close these contracts in accordance with Chapter IV.
Section 1, of the rules of the constitution.
The action of the Curb followed suspension of the firm by the Chicago
Stock Exchange.
in Kolster Radio Stock—Absolves Rudolph Spreckels
and Others of Legal Blame in $12,000,000 Stock Profit.
Rudolph Spreckels, Chairman of the Board of Directors
of the Kolster Radio Corporation, and other officers and
directors of the company were absolved of legal blame in
the sale of Kolster stock at net profits totaling about $12,00,000 by the report of John A. Bernhard, Special Master of Chancery, made public in Newark on July 29. We
quote from the New York "Times" of July 30, from
which the following is also taken:
Mr. Bernard was named Special Master by Vice Chancellor Church
to investigate charges that some one had "rigged the market" in the
sale of Roister stock. The charge was made by Albert Schwartz,
Paterson lawyer and a stockholder, at a court hearing following a
receivership application by Jack Meyer, a stockholder. Ellery W. Stone,
president of the Roister Company; Harry G. Hendricks and Harry
Meyers were named receivers on Jan. 21 last.
The report presents the findings on a series of hearings held by Mr.
Throckmorton & Co.'s Partners and American Trustee Bernhard, at which the principal witnesses were Spreckels, Mr. Stone
Share Corp. Named in Action over Share Sales— and Frederick Dietrich and Maurice A. Rypinski, directors of Roister.
Mr. Bernhard said that in selling their stock at considerable profit
Investor Says Stock Rights Were Sold Secretly.
they had violated no legal obligation to the stockholders. He comamended complaints filed Wednesday. of this week, mented:
In
Makes No Recommendations
July 30, in the Supreme Court of Manhattan by Gene
"The question is, were Mr. Spreckels and his associates under a
McCann, head of a brokerage house at 52 William St.,
moral or legal duty to disclose to the sotckholders the disposition of
this city, seven co-partners'of the brokerage house of Throck- their shares? I leave the situation as I find it because I have conmorton & Co., 165 Broadway, this city, the Chatham cluded that the officers were under no legal obligation to inform stockPhenix National Bank & Trust Co. and the American holders of their private transactions."
the sale of large blocks
also found
The
Trustee Share Corp. are charged with having "conspired" officers master company didthat cause its insolvency. Thisof stock by
not
was caused
of the
to take profits at a loss to holders of trust securities in which by a general depression in the radio industry and by inability to
Mr. McCann had invested to the extent of 81,000,000. raise funds, he said.
The charge that the market was "rigged" was not substantiated, the
The report of the matter printed in the New York "Times"
found, but added:
of Thursday, July 31 (from which the above information is report
"Spreckels Rypinski and Dietrich were participants in a syndicate
obtained) went on to say:
George F. Breen. They supplied the stock; Breen doled
operated by'
On June 12 the New York Stock Exchange suspended Alexander B. it out to the public."
Johnson, only floor member of Throckmorton & Co., for one year for
The reference is to George F. Breen. Mr. Bernhard emphasized
"conduct or proceeding inconsistent with just and equitable principles of his efforts to examine Breen's activities, saying that as a resident
trade." It was charged that the concern had realized profits through the of New York Breen had refused to submit to questioning in New
secret connivance of two of its members, Victor Kapka and Herbert G. Jersey.
Recalls Heavy Losses.
Golding, Jr., reported to have retired May 29. Announcements were
made that an employee of the Chatham Phenix National Bank was disWithout drawing conclusions on the subject, the report declares that
charged as a result of the affair and that no one except Throckmorton St Co.. Mr. Stone must have known early in 1929 that the company was suswould suffer any loss.
taining serious losses, and that hundreds of thousands of shares in
The suit names the following defendants:
Roister had been sold by Messrs. Spreckels, Rypinski, Dietrich and
W. Irving Throckmorton, Victor Kapka, Ernest G. Peterson, Walter
himself.
T. Griffith, John Francis Fowler Jr., Herbert G. Golding Jr. and Alexander
Filing of the report yesterday coincided with the submission to
B. Johnson, formerly composing the Throckmorton concern, the Chatham
Church of a plan by S. P. Woodard & Co., Inc., of
Phenix National Bank & Trust Co. and the American Trustee Share Corp. Vice Chancellor
New York to reorganize the Roister Company. The court directed
According to the complaints, the seven men owned and controlled the
parties to show cause on Sept. 16 why the offer should not
capital stock of American Trustee Share Corp., which purchased and turned interested
over to the bank, as trustee, certain stock. The trustee then issued trustee be accepted.
The plan contemplates putting $4,050,000 into the reorganized comshares to American Trustee Share Corp. as depositor. The trustee shares
were offered to the public, partially through the Throckmorton group as pany and is made contingent on reaching by Sept. 23 a satisfactory
brokers. There were three series of shares, and there are therefore three method of discharging Roister obligations totaling $1,359,536.14 by
complaints in the Supreme Court action. McCann purchased 66,155 Messrs. Spreckels and Dietrich, and $1,198,541.53 by the National
City Bank, guaranteed by Messrs. Spreckels and Dietrich. It is
Diversified Trustee Shares.
It is alleged that there was an agreement under which the trustee should proposed to do this by means of stock transactions.
"sell at the best obtainable price in the open market" any stock dividend,
security or property rights accruing from the trust fund. The charge is
then made as follows:
W. Bernard Vause Former Kings County Judge Convicted
"On information and belief that, pursuant to its said duty, said trustee
on Indictments Incident to Failure of Columbia Fihas sold certain of said stock dividends and rights, but has not sold them
nance Corporation—Six Year Prison Term Imposed—
in the open market, nor at the best price obtainable thereon, but said
trustee, together with the other defendants above named, entered into an
Other Officers Sentenced.
of conspiracy whereby said stock dividends and rights should be
agreement
W. Bernard Vause, of Brooklyn, former Judge in the
sold privately and secretly to said brokers and to said depositor at less than
."
Kings County (N. Y.) Court, was found guilty on July
the best price obtainable in the open market .
726
FINANCIAL CHRONICLE
[VoL. 131.
25 in the Federal Court of mail fraud and conspiracy to
Judge Vause has denied through his attorney, Nathan Perlman,
use the mails to defraud, in connection with the failure in any connection with the corporation except as a stockholder, and insists he lost money just as other stockholders did when
October, 1929, of the Columbia Finance Corporation. He
the concern
failed. During the investigation
was convicted (we quote from the "Herald-Tribune" on Jury, he was called as a witness before the afternoon April Grand
with others named in the indictment
all twelve of the counts in the Federal indictment against
The New York "Evening Post" in its issue of July 28
him charging separate and specific mail frauds and also said :
on the thirteenth count, that of conspiracy. The former
The trial of former Kings County judge W. Bernard Vause
on a
Judge was sentenced on July 30, the "Times" reporting grand larceny charge was postponed in General Sessions Court today
to September 10. Vause last week was found guilty in
this is fallows:
Federal Court
of using
to defraud
W. Bernard Vause, former Kings County judge, who faced a maxi- Columbia the mailsCorporation in connection with the failure of ths
Finance
.
mum penalty of sixty-two years in prison after his conviction on Friday
The State Court indictment also is based on the Columbia
failure.
for mail fraud on thirteen counts in connection with the failure of the Nathan D.
Perlman, defense counsel, obtained the postponement on the
Columbia Finance Corporation, was sentenced yesterday by Federal plea that
he had to have a vacation after the strenuous Federal
Court
Judge Alfred C. Coxe to serve six years in Atlanta Penitentiary.
trial, which lasted six weeks.
The former jurist, who once advocated a whipping post for criminals,
took his sentence calmly, in contrast to the marked emotional disturbance he had shown during his weeks of trial in Federal Court. BeNew York State Bank Tax Due Sept. 1—No Change
yond closing his eyes and swaying his head when he heard sentence
pronounced, he betrayed no emotion.
in Law.
Judge Coxe sentenced him to five years on each of the twelve counts
Under date of July 14 Mark M. Holmes, President of
charging mail fraud, all to run concurrently. and to one year
in ad- the New York State Bankers' Associati
on addressed the
dition on the thirteenth count charging conspiracy.
The sentence was the most severe imposed on the six men who are following letter to the banking institutions in the State:
guilty, three admittedly and three on conviction, for fraudulent
There has been no chatige in the situation with reference to bank
acts
taxes in
which led to the crash of the Columbia Finance Corporation
with a New York State since last year. At the recent convention held June 9-11
1930. your Association unanimously approved the following
loss of thousands of dollars to small investors, many of
resolution:
whom were
Whereas, there is now before the Committee on Banking and
residents of the tenement districts.
Currency
in Congress a bill introduced by Mr. Goodwin of Minnesota and known
as
H. R. 12490, and
Schuchman Gets Five Years
Whereas, there is included in the bill a new or fifth alternative
Samuel Schuohman, principal defendant convicted with Vause,
method
who of taxation of National Banks,and known as the specific tax.
was described by Federal Attorney Tuttle during the trial as the
Therefore
"brains endorse the Be It Resolved, that the New York State Bankers Association
said bill and urge the Committee to report favorably upon it.
of the conspiracy," was sentenced to five years in Atlanta
on each of
The bill referred to was not acted upon during the regular session
six fraud counts on which he was convicted and to two years
of
on the Congress lust closed, but
probably will be considered early in the session
conspiracy count, all terms to run concurrently.
which convenes next December.
On recommendation of Mr. Tuttle, Harry Cruso, a minor employe
of
In the meantime, believing that the member banks wish to pay
the corporation, convicted on only one count, that of
a fair
conspiracy, was and equitable tax, and
bear their share of the public burden, we feel that
placed on probation for two years.
every bank should prepare and file its returns in accordance
Judge Coxe was also comparatively lenient in sentencing Solomon
with the existing statute, and pay the taxes due. You may ply under protest,
Cruso, President of the concern; Joseph P. Bannack,
or pay
Secretary, and and immediately file a claim
for refund, thereby preserving your rights, is
Abraham Rayman, Treasurer, who had pleaded guilty and testified
as case refunds are ever ordered.
government witnesses against Vause, their associate. Cruso was
senWith the hope that we may count on your
co-operation in this matter,
tenced to two years on each of the thirteen counts of the indictment,
the and with best wishes, I am
terms to run concurrently, and Rayman and Barmack were each senVery truly yours,
tenced to a year and a day on the thirteen counts, the terms
in their
MARK M. HOLMES,President.
case to run the same way.
Vause, who had previously announced that he would appeal
his conviction, and Schuchman will remain free in bail of $10,000 each,
while Annual Survey of Insuran
ce Company Investments
the other men who received prison sentences will remain
free in bail
by J. G. White & Co.—Continued Decline in
of $2,500 each until Aug. 7 to allow time for disposition of
the appeal.
PerAfter this date, however, the bonds, Judge Coxe ruled, will
centage of Bond Holdings.
be void.
This stay of execution on the sentences of Solomon Cruso,
Barmack
Features of the investment policies and performances of
and Rayman was granted at the suggestion
of Mr. Tuttle, who explained that it would be embarrassing to
the government if prison terms insurance companies of all classes during 1929, according to
were given to these men who aided the prosecution, and if
they were the new edition of J. G. White & Co.'s annual survey of
insent to jail immediately while the other offenders were free on bail.
Beyond asking the court to be lenient to Harry Cruso and suggesting surance company investments, were the continuing decline
that a term of probation for him would "satisfy the ends of justice," in the percentage of bond holdings among all groups of comMr. Tuttle made no suggestion to the court when he asked
that sen- panies, the further gain in stock holdings and the fact that
tence he imposed—no suggestions at least as to the length of prison
companies investing primarily in bonds showed a better interms he thought fair. Not once did he mention Vause by name.
Attorneys for the convicted men and those who pleaded guilty made vestment performance than those with larger stock holdings.
long addresses to the court, each asking Judge Coxe to "temper justice The J. G. White survey analyzes
the combined investment
with mercy" in imposing sentence.
accounts of 146 leading insuranc
e companies with invested
assets in excess of 17 billion dollars for 1929 as compared
with each of the five preceding years.
The study shows that no group of companies, no matter
what their investment policy, was able to avoid depreciation
in market value of securities during 1929 because of the coincidental decline in both stock and bond markets last year.
The rate of investment performance for groups of comparable
companies, as measured by income and changes in market
value of securities, varied in a general way in inverse ratio
The "World" of May 10 in referring to the pleas of the
to the percentage of stocks held. In commenting on the
defendants when arraigned on the indictments May 9 said: figures, however, J. G.
White & Co. call attention to the
Joseph P. Barmack, Secretary of the Columbia Finance Corporation
, fact that companies investing primarily in
stocks, despite
pleaded guilty of mail fraud and conspiracy in the Federal Court
yesterday when arraigned on an indictment
handed up Monday by the Grand their relatively poorer showing, reported what must be
Jury naming him, Kings
County Judge W. Bernard Vause and eight regarded as a remarkably small percentage of depreciation.
other defendants. All except Barmack
have pleaded not guilty.
The group of 20 fire insurance companies whose investments
• • a
comprised 73% in stocks showed depreciation of only 2.64%
Bail for these was fixed at $2,500
by Judge Goddard and May 19 during 1929, while another group
of 43 firo insurance comfixed as the date for motions
or changes of pleas. Barmack was held
in $1,500 bail, hut the Judge
deferred sentence pending the trial of his panies, whose investments included 41% in stocks, showed
co-defendants. On May 19, Judge
Vause, his brother and Schuchman depreciation of only 1.10% for the year.
will appear for the hearing of motions,
The diversification of the investment accounts of the 146
United States Attorney Tuttle regarded Barmack's plea as
significant
of a break in the ranks of the ten defendants and of advantage
companies included in the study indicates a continuation
to the
Government because it makes it possible to call Barmack as a witness during 1929 of the trend toward relatively
smaller bond
for the prosecution. The authorities
expect to meet stiff opposition from holdings and larger stock holdings among all
groups of comthe other defendants, especially
Judge Vause, who has characterized
panies, a tendency that has been almost uninterrupted since
the charges as ridiculous.
The Columbia Finance Corporation, which
had its main office at No. 1924. In the opinion of J. G. White & Co., however, the
16 Court Street, Brooklyn, with branch
offices in Manhattan and the increase in stock holdings was not as large as
might have been
Bronx, posed before the public, according
to Assistant United States
Attorney George J. Mintzer, as a banking and investment house. It expected in view of the low prices at which stocks were obtainwent bankrupt in October, 1929.
able late last year. As to the further information brought
Its failure came after two years' operation, during which the auout in the survey it is stated:
thorities
Perlman Pleads for Vans,
'Nathan D. Perlman, attorney for Vause, pointed out that the government did not charge that the former judge had "really devised the
enterprises that brought about the failure of the Columbia Finance
Corporation.
"My client's real estate transactions," he said, "showed that he
lost
rather than made money. The purpose of punishment is that
it shall
serve as a deterrent to crime."
Vause, he insisted, had been punished enough by the humiliation of
his trial and the disgrace of having been
forced to resign from the
bench and face disbarment.
assert it mulcted uneducated and foreign-born clients out of
more than $400,000. It solicited business mainly among illiterates,
offering an investment and banking service,
on which it promised 6%
on money taken in. To support its offer,
the indictment charges, it
made fraudulent assertions th4 it was managed
by experienced bankers
and was under the supervision of
the State Banking Department.
In the case of the :33 life insurance companies studied, the ratio
of bonds
to total investments stood at 45.6% at the close of 1929,as compared
46.9% in 1928 and 51.6% in 1924. Stock holdings of this same group with
rose
from 1.9% to 2.6% of total investments in the past year, but
comprised
largely preferred and guaranteed issues. Life companies showed
a curreni
return of 4.70% and depreciation of 1.21% during 1929.
FINANCIAL CHRONICLE •
AUG. 2 1930.1
The 43 fire insurance companies, originally classified in 1924 as those
having less than 40% in stocks, finished 1929 with 41% invested in stocks,
as compared with 35% in 1928 and 19% in 1924. Bond holdings for this
group declined during 1929 from 131% to 56% of total investments, this
figure comparing with 76% in 1924. Companies in this group showed
current income of 4.25%, and depreciation of 1.10%, the indicated investment performance being 3.15% •
The 20 fire insurance companies classified as those investing more than
40% in stocks, had 74% In stocks at the close of 1929, as compared with 66%
In 1928 and 55% in 1924. The ratio of bonds to total investments meanwhile dropped from 41% in 1924 to 32% in 1928 and 25% in 1929. This
group of companies, investing primarily in stocks, showed the poorest
investment performance of any group in 1929, after showing the best performance of any group in 1928. Current income of 4.27% In 1929 was offset
by depreciation of 2.64% in market value of investments.
The combined investment accounts of 25 casualty and misaillaneous companies reveal 61% in bonds and 35% in stocks at the close of 1929, which
compares with 68% for bonds and 28% for stocks in the preceding year.
The 25 casualty and miscellaneous companies in this group showed current
Income of 4.43% and depreciation of 1.53% in value of investments during
1929.
Diversification of the bond accounts alone for all groups of companies
shows slight gains in percentage holdings of public utility and industrial
bonds during 1929, and a sharp decline in the percentage of United States
Government bonds held. Rail holdings showed a slight increase for all
groups except life companies.
727
educating their customers to the importance of leaving their savirms in
the banks. By undertaking to educate the public to the value of bank
savings, bankers will be rendering a service not only to their depositors,
but also to the banks themselves and to the country.
London Expected to Become Buyer of New York Gold
—Report Bank of England Would Favor Metal
Imports—Believe British Banks Would Carry Gold
As Reserve During Shipment to Save Interest Cost.
Shipments of gold to London are likely before the end of
the summer to follow the export movement to France and
to Canada, according to opinions in banking quarters, said
the New York "Journal of Commorce" of July 29, from
which we also take the following further comment:
Such a movement, however, would not be likely to be carried over a
long period, since sterling exchange usually is depressed in the autumn,
due to large remittances made by England on seasonal cotton imports.
Quotations on cable transfers of sterling advanced sharply yesterday and
closed at $4.87. While this is still far below gold point, it was thought
likely that the exchange would continue to advance to levels at which
shipments would be made. In part, this would be due to the continuation
of those conditions which led to the export of gold to France and to Canada,
namely, the low returns on loans and bank balances held in New York.
In addition, it was believed that British banking authorities are ready to
support the exchange in order to draw gold to London.
It was calculated that without allowance for interest while the gold
would be in transit gold could be shipped with sterling at $4.88%. At
this rate, it was declared, costs of shipment and insurance would just be
covered.
It was considered likely that large British banks would be able to
purchase gold in New York, immediately counting the gold as part of
reserve. In this way e he London bank drawing gold from New York could
immediately invest or loan from its reserve funds an amount equal to the
gold being shipped, in this way covering interest costs.
It was thought likely that the Bank of England would be ready to credit
banks drawing gold from date of shipment. During the past few days dir
patches from London have indicated that banking authorities in London
have expressed some concern as to the steady lose of gold to Paris, leading
to discussions of the possibility of an an advance of the British discount
rate. Because of the present depression of trade such a step, with the
purpose of protecting her bullion holdings, would be considered unfortunate.
It was considered probable that the Bank of England would seek to
encourage the purchase of gold in New York.
The view was widAy held that the shipment of gold to London, should a
continued upward movement of British exchange make it possible, would
not have an important adverse effect upon the local money market. It was
pointed out that the banks are finding it difficult to place their funds
through loans and are being gradually forced to Invest in less liquid
bond issues.
Dun's Report of Second Quarter's Banking Suspensions
There is a contrast between the reduced number of banking
suspensions in the United States during the second quarter of
this year and the heavier liabilities, as compared with the
figures for the corresponding period of 1929. Data compiled
by R. G. Dun & Co. show 134 such suspensions in the three
months recently ended, or 14 less than the total for the earlier
year, whereas the indebtedness rose to $81,712,496, from
$54,457,541. In both respects, increases are shown over the
returns for the second quarter of 1928.
Geographical analysis of the banking suspensions in the
three months last past shows no banking suspensions reported for either New England or the Middle Atlantic States.
while slight decreases occurred in the South Central and the
Pacific Coast sections and a particularly large decline appeared in the Central West. Those changes more than offset
increases in the South Atlantic, Central Eastern and Western divisions. In point of liabilities, on the other hand, a
heavy expansion was recorded in the South Atlantic States,
the Central East and in the Western States. The Central
Western section, however, made a favorable comparison, and
this also was true of the Pacific Coast States.
A comparison of banking suspensions is made by sections Federal Reserve Board's Ruling on Rediscounting of
for the second quarter of the past three years:
Notes of Farmers for Purchase of Implements.
Number
Liabilities.
A ruling bearing on the relation between provisions of the
1930.
1929.
Section—
1928.
1930.
New England
statutes as to the eligibility of agricultural paper for redis2
Middle Atlantic
count, and the provisions limiting the amount of paper of one
37
21
South Atlantic
13
$43.688.400
borrower which may be rediscounted appears in the July
7
8
South Central
9
1,370.818
40
10
Central East
19.984,006 bulletin of the Federal Reserve Board. Under the ruling it
46
102
Central West
60
14.374,272 is held that there is no limit on the amount of notes of farmers
2
3
Western
4
2,255.000
for the purchase of farm implements which a member bank
1
3
Pacific
1
40.000
may rediscount with a Federal Reserve Bank. We give the
United States
134
148
92
$81.712.496 ruling herewith:
1929
148
1928
92
54,457.541
28.952,552
W.C. Wood, California Superintendent of Banks Finds
Savings Which in Last Few Years Went Into Stocks
Now Returning to Banks.
In the July "Bulletin" of the California State Banking
Department, Will C. Wood, State Superintendent of Banks,
has the following to say editorially with regard to the trend
of savings from stocks and other types of investment to the
savings banks:
Many people who have been putting their savings into stocks and
other
types of investments during the last three or four years are coming back
In the banks with renewed appreciation of the value of these conservative
institutions. During the quarter beginning Jan. 1 1930, savings deposits
In California State banks alone increased over $12,000,000 and thousands
of new savings accounts were opened. These people have found that the
savings way is, after all, the safest way to build up funds. They no longer
believe they are living in a new era when the old economic laws have been
abolished. They now realize that for the average man or woman the
savings bank offers safety of principal coupled with a reasonable return
in the way of interest.
Between 1919 and 1929, there had been a reversal of attitude toward
savings banks. Whereas in 1919, 75% of the people's free savings went
into savings banks, life insurance and realty loans and only 25% into other
types of investment, the percentages for 1929 were only 25% for savings
banks, life insurance and realty loans and 75% for other forms of investment. This specialization of investment for savings was in large part
responsible for the break last fall. We cannot continue to put so large a
proportion of our savings into stocks and other specialized forms of investment without crippling the country economically. The bank, with its
wider latitude in making safe investments, is the very hub of the economic
wheel, and the enlargetnent of the savings bank hub forecasts the return
of better distribution of savings to deserving enterprises.
The bankers of California should go after the savings business in dead
earnest. They can do this beet by watching savings withdrawals and
The Federal Reserve Board has recently been asked to consider a question
as to the maximum maturity for rediscount purpo es of notes of farmers
given to dealers for the purchase of farm implements and also as to the
limitations on the amount of such notes of any one borrower which may
be rediscounted for a member bank by a Federal Reserve Bank.
The Federal Reserve Board has heretofore ruled that notes given by a
farmer in payment for agricultural implements to be used on the farm are
eligible for rediscount as agricultural paper. Agricultural paper may under
the law have a maximum maturity at the time of rediscount of nine months,
and accordingly such notes are eligible for rediscount at a Federal Reserve
Bank w,th maturities up to nine months. Under the rulings of the Comptroller of the Currency paper of this kind, when actually owned by the
person negotiating the same, is regarded as commercial or business paper
which is specifically excepted from the limitations of section 5200 of the
Revised Statutes upon loans which may be made to one person by a national
bank.
In view of the recent amendment to section 13 ofthe Federal Reserve Ac
bringing the lim.tations on the amount of paper, upon which any one
person is liable and which may be rediscounted by a Federal Reserve Bank
for a member bank, into conformity with the limitations of f•ection 5200
of the Revised Statutes, the ruling of the Comptroller of the Currency
on this point may be regarded as a proper construction to be given also
to the like limitations of Section 13. Accordingly, there is no limit on
the amount of such notes, upon which any one person is liable, which may
be rediscounted by a Federal Reserve Bank for a member bank, provided.
of course, that the paper is actually owned by the person, co-partnership,
association, or corporation negotiating the same.
There is believed to be no inconsistency in classifying such notes as agricultural paper within the meaning of the rediscount provisions of Section 13
of the Federal Reserve Act and as commmercial or business paper actually
owned within the meaning of Section 6200 of the Revised Statutes and of
the fourth paragraph of Section 13 of the Federal Reserve Act.
These statutes use different language and have been enacted for different
purposes, and the fact, therefore, that certain paper may be classified as
agricultural under one statute is no reason why it should not be classified
as commercial or business paper under the other statute. Section 5200 of
the Revised Statutes does not attempt to classify paper as agricultural or
commercial and in fact does not mention "agricultural paper." Further
more, the word "commercial" as used in its broader sense in the rediscount
provisions of Section 13 includes all notes, drafts, and bills of
exchange
issued ordrawn for agricultural, industrial or commercial purposes.
728
.FINANCIAL CHRONICLE
S
[VOL. 131.
Growth in Foreign Acceptance Holdings Seen Mexico Acts in Silver Crisis—Authorizes Mining Firms
Causing Uneasiness—Arrangement to Put Limit
to Reduce Pay and Lay Off Men.
on Such Purchases Expected to be Made by Bank
The following Associated Press dispatch from Mexico City
for International Settlements—Fear Federal Re- July 26 appeared in the New York "Times":
serve Banks May Lose Grip on Situation.
The Government to-day took a drastic step to relieve the business crisis
brought on by the drop in the price
Uneasiness over the continued rapid growth of acceptance panies to reduce salaries, lay off of silver, authorizing the mining comemployees or cut the number of working
holdings by foreign central banks, including the Bank for days.
Heretofore no such measures could be taken without first getting the
International Settlements, is expressed in international
consent of the Board of Arbitration. This meant much delay, and the
banking circles here, said the New York "Journal of Com- request was seldom granted.
Luis Leon, Secretary of Industry, Commerce and Labor, said the action
merce" of July 26, which continued:
was necessary, as otherwise the country was threatened with the shut-down
be put forward to prevent of many mines. Now the companies can reduce
It is thought likely that informal efforts may
production until the crisis
any further large increase in such holdings, for fear that such a development would interfere with the future effective control of the Federal
Reserve System over the money market
Foreign holdings of bankers' acceptances in this market at the beginning
of the year were estimated by the Department of Coinmerce as amounting
to more than half the total outstanding. Since then, the proportion held
by foreign banking institutions is believed to have been substantially
,increased. The uncertain element in this situation is that these foreign
holders may decide to resell their acceptance holdings and withdraw from
the market at a time when the Reserve authorities would have to take over
the load, and thus pump reserve credit into the market regardless of other
considerations.
B. I. S. Special Problem.
The Bank for International Settlements, it is pointed out by informed
observers, presents a special problem in this connection. This institution
by Its very nature will be called upon to shift balances from one financial
center to another. If it invests its funds here in bankers' acceptances and
then resells these bills "en bloc" at a time when it wishes to shift funds
elsewhere, the Reserve Banks, in view of their special relation to the
acceptance market, might be forced to purchase these bills at the very
time when considerations of domestic policy may dictate a reduction in
open market holdings. As a result, the Reserve Banks might lose their grip
on the situation.
No formal announcement has been made of acceptance purchases here by
the Bank for International Settlements, but it is generally said in wellinformed banking circles that such purchases have been substantial enough
to attract serious attention, and that potentially the international bank will
have to be regarded as an important factor in the whole acceptance
market.
Bills Held Rise.
The Reserve Banks have reported in recent weeks a steady increase in
their holdings of bankers' bills for the account of foreign correspondents.
These amounted to $481,315,000 on July 23, having shown an increase in
the face of a seasonal contraction in the total volume of outstanding bills.
While the Reserve Banks do not make public for whose account these bills
are held, a substantial proportion of the recent weekly increase is said to
represent bills for the account of the Bank for International Settlements,
upon which the Reserve Banks assume contingent liability. Large amounts
of bills are also held for foreign banks outside the Reserve Banks.
Informed bankers talk of the likelihood of an arrangement to limit the
holdings of acceptances here for the account of the International Bank.
Meanwhile, the Reserve Banks retain control of the situation under existing
conditions through their holdings of Government securities, amounting to
$576,139,000 on July 23, it is said. If it is necessary to buy large
amounts of bills because of offerings by foreign correspondents, the Reserve
Banks will be able to sell these United States securities holdings as an
offset. The willingness of the Reserve Banks to allow bill holdings to run
down in recent weeks is also ascribed in large part to a desire to be ready
for sales by foreign central banks and the Bank for International Settlements.
is past.
The companies are restricted, however, in that they must give men laid
off 15 days' extra pay and 30 days' notice.
The following additional information from Mexico is taken
from the "Wall Street Journal" of July 28:
Mining companies in Mexico may reduce their personnel up to 50% without obligatory recourse to Federal courts to seek permission, according to
a new regulation announced by Luis L. Leon, Secretary of Industry, Commerce and Labor. The decree, it is explained, is made in an effort to avert
complete shutdowns of mines during the present period of low metal prices.
Companies in order to effect readjustments in personnel must give 30 days
notice, must pay laborers 15 days wages after dismissal, and must respect
seniority rights. A labor inspector must make investigations before readjustments are made in each case. Among companies affected is American Smelting & Refining Co., which had asked complete shutdown at Santa
Eulalia, State of Chihuahua, but it now agrees to a personnel readjustment
that will enable operation at a monthly loss of 5,000 pesos.
Connecticut Supreme Court Holds State Cannot
Impose Tax on Estate Outside Its Borders.
Bridgeport (Conn.) Associated Press dispatches July 25
said:
The Supreme Court of Connecticut held to-day that the State cannot
Impose a succession tax on an estate outside its borders. The section of a law
of 1923, which has this provision, was declared void.
The estate was that of Allen L. McMurtry of Greenwich, who died in
1924, but his estate was within New York and was administered there.
The suit was against several State officers, one being the Tax Commissioner, who collected from the estate on the ground that the decedent had
lived in the State. The payment was made a matter of court action and
the Supreme Court passed upon the issue raised.
Embargo by United States on Shipments of Pulp Wood
from Soviet Russia—President Hoover's Attitude—
Russian Shipments Held—International Paper
Company's Statement.
It was announced in press accounts from Washington on
July 25 that the Treasury Department had on that date
prohibited the importation from Russia of pulp wood purchased by the International Paper Co., on the ground that
convict labor had entered into its production. The Associated Press advices July 25 said:
Seymour Lowman, Assistant Secretary of the Treasury, said evidence in
the hands of the Treasury was that convict labor had been used in loading
the pulp wOod on ships at Archangel. The reports, he said, described the
condition of the convicts and the shooting of three of them because they
Senator King Urges President Hoover to Call Interna- stole bread from one of the pulp wood ships.
The action was taken under a tariff bill provision which prohibits the
tional Conference on Silver.
entry of goods produced wholly or in part by convict labor. The Customs
an international conference to develop Service recently denied entry to two shiploads of Russian lumber, but
The calling of
means of stabilizing the use and value of silver was urged Mr. Lowman admitted them after the Government failed to show it had
labor.
upon President Hoover on July 31 by Senator William H. been producedby convict lumber are on the seasirIf evidence that conFour more ships bearing
according to the Washington vict labor entered into its handling is secured they also will be denied the
Bing (Democrat, Utah),
correspondent of the New York "Journal of Commerce," privilege of landing their cargoes.
Lowman said the International Paper Co. had purchased large amoun
who says further:
of Russian pulp wood through the Amtorg Corp., official Russian trading
Charging that Great Britain "blundered" in demonetizing silver in India, organization.
The Treasury made public a section of one of the reports which figured
King expressed the hope that some remedy might be applied whereby to
in the decision fb bar the pulp wood. It said the vessels were loaded by
improve the situation.
The White House visitor pointed out that the price of silver had dropped convicts and political prisoners, who were marched down from their barfrom about 67c.to about 37c. per ounce. He said that a restoration of silver racks to the steamer each day.
"The prisoners were poorly clothed, mainly in rags, evidently the clothto its former place in India would have a tendency to bring about an improved condition as to exports from the United States. He declared that ing they had at the time of their arrest," the report said. "They used
either the United States or Great Britain should take the initiative in canvas on their hands and feet. The meals served to the prisoners consisted
bringing about a meeting of representatives of the various countries in- of black bread and warm water. Women were not employed in loading
terested with a view to improving the condition ofsilver. The Utah Senator ships, but they were employed in unloading cargoes of pulp wood in the
stated later that he thought that the President was quite interested in yard.
"Three prisoners who were caught stealing bread from another steamer
his statement, but had given no indication of how he had otherwise received
were immediately shot for their act, without trial. The cargoes of pulp
these views.
Congressional action wood being loaded were destined for the United States."
Senator King previously had unsuccessfully sought
upon a resolution requesting the President to confer with other GovernMr. Lowman said general orders had been wired to customs collectors
ments for the purpose of ascertaining whether economic and other conditions along the Atlantic seaboard to prevent the entry of pulp wood from Russia.
are propitious for the convening of an international conference to consider
Stating that Mr. Lowman was acting under Section 307
the use of silver for monetary and other purposes and to bring about the
of the new Tariff Act, the New York "Journal of Comstabilization of the price of silver.
merce" in its dispatch from Washington July 25 said in part:
Utah Holds 'Silver Day'—Move to Halt Decline in
Silver Price.
As a move to halt the rapid decline in the price of the
metal, Utah on August 1 observed "Silver Day." According
to an Associated Press dispatch from Salt Lake City to the
New York "Evening Post", which went on:
In compliance with a proclamation by Governor fern, silver coins were
used In all business transactions and programs called attention to the benefits from use of the metal, one of the leading products of the State.
The provisions of Section 307 were called to the attention of Treasury
officials by the National,„Lumber Manufacturers' Association and the
American Wage Earners SProtective Association. These organizations
protested vigorously against the importation of shipments of this lumber
consigned to the United States, most of which were to be delivered to the
International Paper Co. by the Amtorg Trading Co., the Russian trade
expansion firm.
From Washington on July 29 the New York "World"
reported the following:
Although he does not sympathize with the policies of the Soviet Government, President Hoover has no intention of permitting an embargo on
Aua. 2 1930.]
FINANCIAL CHRONICLE
Russian goods In this country for the sole reason that the goods come
from a Soviet state, it was made known at the White House to-day.
As a result, it was announced that Assistant Secretary of the Treasury
Seymour Lowman would reconsider his decision denying the entry of
two shiploads of Russian pulp wood, imported by the Amtorg Trading
Corp. and destined for the International Paper & Power Co.
Any action barring Soviet goods, the President holds, must be based
solely on the law applicable to all nations and designed to exclude convictmade goods and prevent "dumping" practices on the part of countries
competing in American trade.
The investigation of the Treasury Department, instituted as the result
of complaints against the heavy movements of Russian lumber, coal,
manganese ore, pulp wood and other raw materials into the United States
will be confined to section 307 of the Tariff Act now excluding convict.
made goods and after Jan. 1 1932, all products of "forced or indentured
labor."
Tariff Board Must Act.
If dumping and unfair competition is charged against Russia and the
operations of its agency, the Amtorg Trading Corp., the investigation
will be made by the Tariff Commission under section 337 of the HawleySmoot Act and an embargo, if recommended on the facts disclosed, issued
by the President.
The policy of the Administration, it is disclosed, will be governed strictly
by Federal statute and not by any theory or view held in the Treasury
Department or elsewhere, that the Russian five-year industrial program
means that every able-bodied Russian is conscripted and forced into the
Russian economic army to conquer the world for Bolshevism.
The showdown on the situation involving American trade with Russia
and precipitated by the decision of Mr. Lowman, denying entry to the
two shiploads of Russian pulp wood, more came to-day when Treasury
officials in charge of customs heard the testimony of Amtorg representatives, counsel for foreign shipping interests and New York stevedoring
contractors, interested in the pulp wood shipments and subsequent consignment now on the seas.
Mr. Lowman, who had been impressed with previous testimony that
the pulp wood in question had been loaded or handled in part by political
prisoners from the Russian prison camps near Archangel, apparently was
equally impressed with the statements given to-day. At any rate, he
announced at the conclusion of the hearing that he would consider the
new information and make known another decision in a few days.
Whether to-day's contention that.the pulp wood was not produced by
convict labor will result in staying the present Treasury order was not
disclosed by Secretary Lowman. He made it plain, however, that the
department will hew to the exact terms of the Tariff Act in formulating
its regulation governing Russian imports. No attempt will be made to
give a political interpretation of the problem, as it had been reported
that the Treasury might do.
"We will make every effort to determine whether convict
-made goods
are seeking admission into the United States in violation of a law that has
.been on the statute books since 1890," said Mr. Lowman, intimating also
that he might favor a recommendation to Congress that the provision in
the Tariff Act against products of "forced and indentured" labor be made
applicable Jan. 1 1931, instead of Jan. 1 1932, as now provided.
Told Suits Were Sure.
The opposition to the ban on the pulp wood shipments was presented to
Mr. Lowman, F. X. Eberle and Frank Dow, Commissioner and Assistant
Commissioner of Customs. The Treasury officials were informed that
shipping interests were facing a serious situation as the result of the Treasury's sudden ruling and the Government was certain to court suits for
damages if the cargoes were kept out.
Colonel Kenneth Gardner, representative of the Spanish-American
Steamship Co., said that his concern had chartered thirty-two ships for the
transportation of Russian pulp wood and Charles T. Cowenhaven of New
York, representing several British lines, explained that his clients were
not pioneering in this trade and had proceeded with the understanding that
the cargoes were proper. He reminded the Treasury Department that
similar shipments had been admitted to the United States last year and
-made goods was equally operative at that time.
the law against convict
A representative of Burlingham, Veeder, Fearey Clarke & Hopper,
New York Admiralty law firm, representing twenty-five British vessels,
warned that persistence in the exclusion order meant heavy damage suits
against the Government.
Roads Refuse Cargo.
It was estimated that there were seventy-nine ships in this trade,
fortytwo of which were now at Archangel awaiting cargoes and ten at sea. One
vessel, the Fishpool, at a Canadian port, has not discharged her
cargo
because the Canadian railroads have declined to accept it in
view of the
Lowman ruling.
Additional protest was made by F. H. Weeks, representing
New York
stevedoring contractors, who have arranged to unload the
vessels.
M. 8. Mahodoruzch, Vice-President of the Amtorg,in charge
of lumber,
and Lewis Connick of Simpson, Thatcher & Barlett,
appeared for the
Amtorg. The former submitted affidavits signed by
Victor Knuth, a
representative of the Associated Press in Russia, and A.
C. Dutton of
Poughkeepsie, N. Y., who recently received lumber
shipments from Russia,
setting forth that no convict labor was used in the production
of lumber,but
they could not say whether it had been loaded by political
prisoners.
A telegram from the Soviet official in charge of
exports, presented by the
Amtorg representatives, said that the hiring of all the
workers in the
production of lumber was by agreement between the
employers and the
workers on the basis of the Russian workers code, under
which they are
free to quit at any time. Many, it was explained, are
seasonable workers
and are obtained through the Soviet employment agency.
On July 30 additional time was granted to the Amtorg
Trading Corp. in which to file evidence in support of its
contention that Russian pulp wood is not manufactured by
convict labor, during a telephone conversation between its
counsel in New York and the office of Mr. Lowman. We
quote from a Washington dispatch July 30 to the New York
"Times," which also stated in part:
729
shipowners and shippers. During that hearing he promised to consider
additional evidence that might be presented but emphasized that the burden
of proof rests with the Russians.
While the reconsideration of the pulp wood decision was hanging fire,
with strong indications that the embargo order would not be rescinded,
the manganese situation, as regards Russia, came to the front again to-day
with a demand for an embargo on importations of manganese ore by Russia
by Senator Tasker L. Oddie of Nevada. Chairman of the Senate committee
on mines and mining.
Flooding of Market Charged.
Basing his request, in a formal letter to Mr. Lowman, on reports that
Soviet producers are 'dumping' manganese ore into the American market
at a loss in order to undersell American producers, Mr. Oddie said:
"A crisis exists in the American manganese industry which requires
emergency relief by declaring immediately an embargo on the importation of Russian manganese ore.
"Furthermore, the question arises as to whether the manganese ore in
Russia is produced by convict, indented, conscript or forced labor."
It was stated in July 31 advices to the "Times" from
Washington that further hearing on the embargo on pulp
wood from Russia would be held Aug. 1 by Mr. Lowman,the
account to the "Times" adding:
At that time further evidence is expected from those seeking to obtain
a reversal of the Treasury order handed down last week.
This will be the-second opportunity that Mr. Lowman has given to the
Amtorg Trading Corp., representing Russian interests and shippers with
large sums at stake, to refute evidence on which the Treasury held that
Russian pulp wood is produced by convict labor and, therefore, inatimissable under the Tariff Act.
Following a hearing on Tuesday, Mr. Lowman stated that the Russian
representatives would be permitted to file further evidence and promised
to change the ruling, if the facts warranted. He was called on the telephone
from the New York offices of Amtorg yesterday and told that such evidence
would be presented.
To-day two members of the group protesting the embargo called on
Mr. Lowman to ask for another hearing. They were M. S. 1VIakodzub.
Vice-President of Amtorg, and Kenneth Gardner, counsel for the SpanishAmerican Line, which has chartered twenty-five vessels to use in shipping
Russian pulp wood from Archangel to Ameican ports.
Meanwhile, action remained in abeyance on other protests against the
importation of Russian products, including coal and manganese ore, on
which embargoes have been asked, both on the convict labor charge and
on allegations that Russia is "dumping" these products into this country
In an effort to "ruin" American mining.
The question of manganese importations from Russia was discussed
with President Hoover by Senator King of Utah during a visit to the White
House to-day, Senator King said after he had talked with the Chief Executive.
-My Position," he stated, "is that there is a tariff on manganese and,
of course, it should be enforced. However, we cannot exclude manganese any more than we can other products unless it is established that
convict labor is being used to mine the ore."
The following is from the July 31 dispatch from Washington to the New York "Herald Tribune":
Complications with at least three foreign Governments besides Russia are
threatened, it was learned to-day unless the Treasury Department's embargo on Soviet wood pulp is raised. Great Britain, Norway and Denmark
are preparing protests.
The representatives of these nations have obtained permission of the
State Department to negotiate directly with the Treasury on the ground
that ships bearing their flags, with cargoes of Russian wood pulp,are being
held up at great cost to their owners.
Protests would have been presented before this, it was said, if recent
hearings granted by the Treasury had not been held,requiring the offended
Governments to refrain, out of diplomatic politeness, to object until Treasury officials had been given opportunity to make public their decision.
Of the three ships which have been held up thus far, two are British and
one Norwegian. In addition, both of these countries and Denmark have
more ships nearing the United States or en route from Archangel with Russian pulp wood.
All three, it was said, plan to urge the Treasury at least to permit ships
which left Archangel before the embargo became effective to land their
cargoes. Regardless of the dispute between Treasury officials and Russian
trade representatives, the shipping companies, it was said, had no way of
knowing their cargoes might be objectionable to this country.
Paper Companies Join Protest.
The International Paper Company and the Racquette River Paper and
Pulp Mills have joined in the protest against the embargo and will be represented at to-morrow's hearings. A Russian agent, who has just arrived
in this country from Archangel, will present definite testimony about
loading conditions at the Russian port, it is said.
The following is likewise from the "Herald Tribune" of
July 31:
The International Paper Co., purchaser of the pulp wood cargoes in
the freighters Christian Dors and Grelisle which were refused port entry
here on Monday, issued a statement yesterday from its officers, 220 East
Forty-second Street, declaring that the interests of American industry
and American workmen would be served more by continuing importation
of pulp wood from Russia than by barring it.
At the same time the National Civic Federation, through Ralph M.
Easley, Chairman of its Executive Council. called on the public to pay no
attention to interests trading with the Soviet and pointed out that our
annual sales to Russia are "only a drop in the bucket" as compared to our
total foreign trade.
"Outside Pale of Civilization."
If our trade with Russia were wiped out to-morrow, said the Federation,
it "would be forgotten by all except a few corporations which have become
This was taken as an indication that the Soviet representatives, now entangled with the Bolsheviks but are rich enough to pay the piper for
forbidden to traffic in one of Russia's great export conunodities, mean their coddling of the looters of Moscow." No affidavits by Soviet agents
to make a strong fight against the order that has halted the unloading are to be trusted, said Mr. Easley, declaring that "Soviet officials are
of five shiploads of pulp-wood at docks in this country and caused con- outside the pale of civilization."
fusion among shippers over the disposition of five cargoes on the high seas,
The statement of the International Paper Co. said:
while upsetting charter contracts involving about 50 other vessels booked
"Almost all paper mills in northeastern United States are obliged to
to handle this commodity.
import each year a substantial part of the pulp wood required for operation.
Mr. Lowman has repeatedly indicated his willingness to reconsider Heretofore this wood has come from Canada, but recently Russian pulp
the treasury's decision barring pulp wood under the tariff Act provision wood appeared in the market, and in 1930 the International Paper Co.
forbidding importation of convict-made goods, and he presided at a hearing entered into a contract for the purchase of a part of its requirements for
yesterday attended by representatives of Amtorg, of pulp wood users, mills in this district.
730
FINANCIAL CHRONICLE
Doubts Wood Is Cut by Convicts.
"This pulp wood, substantially the only supply available for import
other than Canadian pulp wood, gives additional assurance of life to the
company's mills in the United States and of employment to its men. The
utilization of Russian pulp wood Is in the interest of American workmen
rather than competitive with them.
"The International Paper Co. had no intimation that convict labor was
employed In the manufacture of pulp wood from Russia. On the contrary,
the company had definite assurance that it was not, and, in the absence of
any information on which the Treasury Department has acted, the company remains in the belief that the pulp wood is entitled to admission into
this country."
Bethlehem Steel Corp—Youngstown Sheet & Tube Co.
Merger—More Light on 1929 Bonuses—Chairman
Charles M. Schwab Received Salary of $150,000
but no Bonus.
Charles M. Schwab, Chairman of the Board of the
Bethlehem Steel Corp. receives an annual salary of $150,000
and does not participate in the bonus system it was revealed
July 31 in the suit to enjoin the merger of the Bethlehem
Steel Corp. and the Youngstown Sheet & Tube Co. The
information was furnished by defense Attorneys and introduced by attorneys for the Cyrus S. Eaton ihterests, who are
attempting to block the merger on the ground that it 'is
unfair to Youngstown stockholders. The amount of Mr.
Schwab's salary was a surprise, according to press reports,
as it was generally supposed he received in excess of $1,000,000 annually.
The Bethelehem attorneys also furnished a complete
schedule of salaries and bonuses paid to all officials who
participated in the division of a $3,425,306 total in 1929,
which represented 6.54% of the earnings, less fixed charges
and an amount equal to the annual preferred dividend, but
before depreciation. Mr. Schwab, it was brought out,
determines the share of each individual. The complete list
of bonuses and salaries follows:
[VOL. 131.
The investigation will be conducted in ten or more cities of the United
States by the personnel of the Department of Justice, which is especially
familiar with the Baukruptcy Law,in co-operation with the Department of
Commerce.
President Hoover Names Committee to Suggest Methods
for Revision of Statistics on Unemployment.
Announcement was made by President Hoover on July 29
that he was appointing a committee "to advise the Government departments on methods for revision of the statistical
services for the determination of unemployment." Representatives of labor, business and economic bodies will be
named to the committee; Ethelbert Stewart, of the Department of Labor, William M.Stewart, Director of the Census,
and a representative of the Department of Agriculture, will
be ex-officio members of the committee. The following is
President Hoovers' announcement:
I am to-day appointing a committee to advise the Government departments on methods for revision of the statistical services for the determination of unemployment and to establish the methods of co-operation between Government departments and business. Congress at the last session
added sbmewhat to the requirements of this service, the purpose of such
information being not only a barometer of business but the necessary
information as to measures which need to be taken by local agencies as well
as the Government in any constructive relief of unemployment.
The need for more systematic information has been generally endorsed
by business and labor organizations for some years.
The committee will be made representative of the American Federation of
Labor, the United States Chamber of Commerce, the Manufacturers Association, Industrial Conference Board, the railway employes and other local
organizations, the National Bureau of Economic Research. the Committee
on Economic Changes,and other economic bodies.
Mr. Stewart. of the Department of Labor, and Mr. Steuart, Director of
the Census, and a representative of the Department of Agriculture, will be
ex-officio members.
The question is not as simple as it appears on the surface. The inclusion
of a determination of the amount of unemployment in the census taken
April 1 gives us for the first time an accurate base on which to formulate
plans and a knowledge of the whole problem which we have never hitherto
possessed. But if we were to attempt such an absolutely accurate determiplans and a knowledge of the whole problem which we have never hitherto
BorsUS.
Salary. nation of employment once every three months it would require a houseName—
$1,623.753
$12.000
E. C. Grace. President
375.784
10,000 to-house canvass of the entire nation and would be practically the equivalent
H.E.Lewis, Vice-President
378,664
0. A. Buck, Vice-President
10,000 of the census and might cost us $10,000,000 or $15.000,000 per annum.
378.664
Quincy Bent, Vice-President
10.000 On the other hand it has been long recognized that the present Department
216.729
F. A. nick, Controller
6,000 of Labor statistics are inadequate, the cost of which Is about $150.000
134.538
It. E. McMate, Vice-President and Secretary
6.000
110,077
J. M. Cross, Vice-President
6.000 annum. In order to secure the information we need at reasonable cost
54.305
3,000 we must find a new basis for recruiting it. Such a basis can only be formu.1. H. Ward, Vice-President
48,923
10,000 lated by the co-operation of industry, labor and other agencies.
C. R. Holton, Director of Purchases
J. M. Larkin, Assistant to President
10.000
36,692
To some who are anxious over the appointment of temporary committees
24.462
A. Johnston, Secretary
10,000
18.345
W.J. Brown, Assistant Treasurer and Secretary....
7,500 and commissions for advisory fact finding, co-ordinating or negotiating
18.345
T. P. Bender. Treasurer
7,500 purposes I may suggest that they are not a new necessity in Government.
6,025
W.M.Tobias, former Director of Purchases
6,000 President Roosevelt created 107 of them, President Taft. 63, President
$114,000 Wilson, 160; President Harding. 44 and President Coolidge, 118. As we
$3,425,306
Total
need the best brains of the country to assist in Government and in the coThe salary and bonus of Eugene G. Grace, President of ordination of public efforts. I shall appoint others. The willingness of our
vice-presidents were people of specialized knowledge to give such voluntary service as this rethe company and the bonus paid to 6
quires is one of the most gratifying qualities in citizenship.
given in our issue of July 26, p. 578.
At the recent session of Congress the Wagner bill providing
for monthly unemployment statistics was enacted into law.
President Hoover Authorizes Attorney General to It was referred to in our issue of July 12, page 212 and July
Conduct Inquiry into Bankruptcy Law—Investi- 19, page 352.
gation an Outgrowth of Disclosures in New York.
On July 29 President Hoover announced that he had United States Department of Labor Begins Unemployauthorized the Attorney General to undertake an investigament Survey.
tion into the question of bankruptcy law and practice,
The following Philadelphia advices July 20 appeared in the
with a view to recommending to Congress reforms with New York "Journal of Commerce":
regard thereto. The President's announcement follows:
The Department of Labor will begin an unemployment survey ofthe entire
I have authorized the Attorney General to undertake an exhaustive in- country to-morrow as a supplement to the census tally of this problem,
vestigation into the whole question of bankruptcy law and proctice. It will Secretary J. J. Davis announced yesterday at an outing here.
At present a controversy is raging between the Census Bureau's estimate
be a most extensive and vigorous investigation. The work will be under
the direction of the Solicitor General and he will be assisted by the Depart- of 11% unemployed in this city and the 3.73% figure reported by the Chamber of Commerce. Secretary Davis said he would take up this question
ment of Commerce.
The losses through bankruptcy in the past five years exceed $3,000,000.- first in the national survey which, he held, was needed "on account of the
000 and are now averaging $750,000,000 per annum. The purpose of the existing confusion in various parts of the country." He added that uneminvestigation is, of course, to propose to Congress some essential reforms ployment "had apparently touched bottom for some time and we are now
on the upswing."
In the bankruptcy law and practice.
From the Department of Justice on July 29 the following
Request to President Hoover by Prof. Dewey of People's
statement was issued:
Lobby for Special Session of Congress to Provide
This investigation has been prompted by the conditions attendant upon
the administration of the law disclosed in the investigation conducted
Appropriation for State Unemployment Insurance
by the United States District Court for the Southern District of New York.
Systems—Fund of Billion Dollars Suggested.
These conditions are fully disclosed in the report of this investigation
prepared by William J. Donovan, counsel to the Association of the Bar
Prof. John Dewey of New York, President of the People's
of the City of New York, the New York County Lawyers' Association and Lobby,in a
letter to President Hoover made public at Washthe Bronx County Bar Association.
The purpose of the investigation about to be undertaken will be to as- ington July 20 asked him to call Congress into special session
certain whether any ofthe evils disclosed in the investigation in the Southern to take steps toward a system of
unemployment insurance.
District of New York or other evils attend the administration of the statute
This is learned from a Washington account to the New York
In other.cities throughout the United States, and to develop facts upon
which conclusions may be wisely predicated regarding the necessity, if "Times"from which the following is also taken:
any, for amending the Federal Bankruptcy Act.
The President has not indicated his response to the suggestion,
but, 0Z
The economic importance of our Bankruptcy Law is shown by the records cording to Professor Dewey,
receipt of his letter has been acknowledged
of the department, which disclose that during the past five years the total by Lawrence Richey, one of the
White House secretaries.
losses incurred by creditors of bankrupt estates throughout the United
Professor Dewey in his letter said:
States have aggregated $3,814,383,440 and have averaged during this
"On behalf of the People's Lobby and voicing, lam confident, the wishes
period $765,876,688 per annum, while the average rate of dividends paid to of progressively minded Americans generally,
I respectfully ask that you
creditors during the same period has been 8.19%.
will call Congress in special session at once to appropriate an adequate
The facts disclosed by the investigation in New York are ofsuch a charac- sum for Federal subvention of
State unemployment Insurance Systems.
ter as to demand a thorough investigation in other cities not only of the
"The major part of those unemployed for a long time are in about half
efficiency of administration but of the effect of the provisions of the statute a dozen States. The Governors of
these States at least, can call their
relating to the discharge of bankrupts from their debts and to the prosecu- State Legislatures into session at once to
devise methods of unemployment
tion of criminal offenses, with a view to ascertaining whether or not the insurance appropriate to their States, so that this provision for the public
statute is effective in determining the recurrence of dishonest and reckless welfare, essential and inevitable in a nation
which has achieved the highly
failures involving enormous credit losses to the commercial community.
mechanized mass production we have, may be effective next fall. Only
AUG. 2 1930.]
,FINANCIAL
CHRONICLE
731
such unemployment insurance will prevent appalling want and suffering
next winter, and in future years.
"Such act is peculiarly imperative because the Smoot
-Hawley tariff bill
will tend to limit exports of American merchandise. Responsible Governofficials have warned wheat growers to limit their production to
ment
the domestic demand, which seldom exceeds 500,000,000 bushels for use
off the farms, though the present acreage planted to wheat could produce at least 800,000,000 bushels for sale.
"It is obvious that with a national income (in 1928) estimated by the
National Bureau of Economic Research at $89,419.000,000, we can consume in this country at least twice the value of merchandise exported in
recent years in addition to present consumption. The total value of such
merchandise exported, exclusive of wheat,is only about 5% of the national
income.
"At present between 2,400,000 and 3,500,000 persons, many of them
heads of families, are out of the consuming class entirely, or except for
the barest necessities for existence—because so long unemployed.
"A nation-wide system of contributory unemployment insurance with
the Federal Government paying $1,000,000,000, and States, employers
and employes jointly, the same amount—in the aggregate about 2.2%
of the national income—would largely relieve the most serious unemployment; needless to emphasize, it would also improve business conditions to a
very marked extent. The proposed Federal Government's contribution
to conquer this real menace at home is only a small amount more than it
Spends to prepare to fight a non-existent enemy abroad.
"For these reasons we ask you to call the Congress in special session to
deal with this problem, which it ignored in the session just closed."
An increase of about $209,000,000 in expenditures this year over last is
now provided for, attributed largely by Mr. Hoover to increases for speeding
up buildings, inland waterways and public work to assist unemployment
together with increased relief for 'veterans. The Chief Executive believes
this increase can be trimmed sharply below the amounts appropriated.
Secretary Mellon has informed him present indications are the Government will close the fiscal year of 1931 with a deficit of more than $100,000.000. If the reduced income tax rate applicable this year Is again applied
to 1930 incomes, Mr. Mellon estimated a deficit of approximately $180,000,000.
Canadian Investments in United States—More Than
Half of Their Foreign Total Comes to This Country.
More than half of the Canadian investments abroad have
been made in the United States, while only 5.8% of the total
is invested in Great Britain, it was revealed in a report to
the Department of Commerce, made public at Washington
on July 22, according to a dispatch to the New York "Times,"
which added:
Thomas F. Woodlock Tenders Resignation as Member
of Inter-State Commerce Commission—President
Hoover Names Charles Mahaffie as Successor.
From Associated Press accounts from Washington yesterday (Aug. 1) it is learned that President Hoover has announced the resignation of Thomas F. Woodlock from the
Inter-State Commerce Commission and the appointment of
Charles Mahaffie, for many years Finance Director of the
Commission, as his successor. The Associated Press account,as given in the New York"Evening Post"further says:
The foreign investments by Canadians were estimated to total about
11,757,661,000.
This total was described as showing considerable enterprise by Canadians,
as foreign funds totaling $6,146,709,000 were estimated to be in Canadian
business on Jan. 1 1980.
Although the bulk of Canadian money abroad is now in the United
States, the report said money from the Dominion was going into other
countries at a more rapid rate than into this country. Great Britain
was noted as an exception, with Canadian investments there diminishing.
Banking in Latin American countries and public utilities in many
foreign quarters were said to be two of the chief attractions for Canadian
capital. It is observed that the interst in utilities is credited to Fred S.
Pearson, American engineer, who lost his life when the Lusitania was
torpedoed.
President Hoover's previous conference with Cabinet
members was noted in our issue of July 26, page 577.
President Hoover to Call Conference On Home Building.
According to Associated Press dispatches from Washington
yesterday (August 1) President Hoover has made known his
intention to call a conference on home building and home
ownership to consider all problems connected with the question. Secretary Lamont was designated Chairman of a
planning committee to arrange for the conference, funds
for which have been provided from private sources.
Mr.Woodlock is ending his first term as a Commissioner. He is a former
New York broker and at one time was editor of the "Wall Street Journal."
He was confirmed by the Senate after a prolonged fight in which he was
charged with representing too strongly the moneyed interests.
President Hoover said in announcing the resignation that Mr. Woodlock
had expressed a desire to return to private life.
Mr. Mahaffie has long been one of the strongest figures connected with
the Commission. He is from Oklahoma. As Finance Director of the Commission he has been in charge of railroad consolidations and constructions
and is considered an authority of railroad matters.
The "Post," in its comments, says:
The resignation of Mr. Woodlock had been expected for some time. He
will be sixty-four on Sept. 1 and had expressed a desire to return to financial
journalism.
His appointment in 1926 was at that time ascribed to the editorials and
other articles which he had contributed to the "Wall Street Journal" and
other financial publications, and it was understood to-day that he would
return to the "Wall Street Journal" to specialize in discussion of railway
Gardner C. Means of Harvard University on Diffusion
of Ownership of Corporation Stock in U.S. During
and After War—Prof.Spengler's Comments on New
England's Population.
matters.
In the August number of the "Quarterly Journal of EcoBorn in Ireland, he engaged in newspaper work in London before coming
the Commission by President
nomics," published by Harvard University, Gardner C. to the United States in 1892. Appointed to confirmation. Given a recess
Coolidge in 1925 he twice failed of Senatorial
statistical article upon the diffusion of appointment, in March the following year, he was confirmed on march 26
Means presents a
the ownership of corporation stocks in the United States 1926, 52 to 25.
during and after the war. An announcement in the matter
Changes in Freight Rates on Grain in Western Terrisays:
It is supposed in many quarters that a revolutionary change in diffusion
tory Ordered By Inter-State Commerce Commission
has taken place and that the ownership of the country's properties is
—Decision Involves Reduction of $15,000,000 in
passing from the hands of the rich into the hands of those of moderate
Revenues of Roads.
means and of the employes themselves. Mr. Means concludes that, while
there was a distinct increase immediately after the war in the number of
Changes in grain rates on western roads, directed in a
the stockholders and in the proportion of stock owned by persons of moderate
Inter-State Commerce Commission made
means, the movement in that direction came to a standstill within a few decision of the
years. There are no indications that it is progressing further. The spurt public July 25, involving both increased and decreased
during the war and immediately after was largely the result of the heavy rates, represent on the whole, substantial reductions on
wax income taxes, which induced many of the rich to sell stocks and invest
coarse grains. The Commission, in its report
in tax-exempt bonds. Plans for selling stocks to customers and employees wheat and
had some part in the Orange, but not a quantitatively important one. notes that its inquiry was made "into rates and practices
There ii no indication that the diffusion of stocks has been radically affecting the transportation of grain and grain products
altered or will be radically altered.
throughout the Western district" and states that the pro-.
In the same number Professor J. J. Spengler, of Ohio State University,
has a thorough study of another much debated question, namely, whether ceeding was instituted under the provisions of the Interthe native population of New England is holding its own. Similar studies State Commerce Act, as directed by the Hoch-Smith resolumade a few years ago indicated that at the then rate of movement the
tion of 1925. The new rates will become effective Oct. 1.
native born population of New England was in the process of dying out.
Substantially the same conclusion is reached in Spengler. The native born The Commission's announcement of its findings said:
A resume of the principal changes in the grain-rate structure of the
Western district is contained in the headnotes to the report, which are reproduced, for ready reference, on the attached sheet.
The general effect of the revision is to make one rate applicable on both
President Hoover Again Urges Cabinet Members to wheat and coarse grains and their direct products such as flour and meal,
for both domestic and export shipment, made exclusively on the rateEffect Economies in Government Expenditures.
break basis through primary markets from which there are proportional
Dissatisfied with the progress made in cutting down rates, with the consequent elimination from such markets, on shipments
Governmental expenditures for the year, President Hoover stopped there, of transit balances less than the proportional rates.
The prescribed rates represent on the whole substantial reductions on
on July 30 called upon Cabinet members and heads of in- both wheat and coarse grains. Some of the wheat rates from North Dakota
dependent establishments to speed up their plans for econo- are increased. Coarse-grain rates from North Dakota and Minnesota are
Associated Press dispatches from Washington, increased, from Iowa and Missouri both increased and reduced, and from
mies.
South Dakota, Nebraska and Kansas substantially reduced. Substantial
authority for the foregoing, add:
reductions are made in the flat rates to the primary markets, to the Gulf
The Chief Executive was said at the White House to believe sufficient ports (on both domestic and export shipments), and in the Southwest,
progress had not been made since he discussed on July 18 with the Cabinet the Intermountain region, and the Pacific Northwest. Substantial changes,
methods for decreasing expenses to meet a possible reduction in revenues mainly reductions, are also made in the proportional rates from the Missouri
arising from slack times.He requested that special emphasis be given these River markets to Minneapolis, Duluth, Chicago, and St. Louis, from Minefforts, and to-day conferred with Secretaries Lamont and Davis and Post- neapolis, Duluth, Chicago, and St. Louts,from Minneapolis to Duluth and
master General Brown upon the matter.
Chicago, and from Missouri and Mississippi River markets to the Southwest
The economies are to be planned without interfering with the program and the Mississippi Valley, including Memphis and New Orleans; also in
to relieve unemployment, but it is proposed that they shall reach every the export rates from the Missouri River, Chicago, and St. Louis to eastern
department.
and Gulf ports.
population of New England is at the best hardly holding its own, and the
evidence indicates that probably it is not even doing that.
732
FINANCIAL CHRONICLE
The Commission thus summarizes its findings:
•
1. Rates and practices affecting the transportation of grain and grain
products throughout the Western District, from that district to all ports
of export, and from Lake Erie ports to Atlantic ports (as part of a lakeand-rail transportation) reviewed under the Inter-State Commerce Act
and the Hoch-Smith resolution, and a general readjustment required.
2. Dual system of proportional rates and transit balances outbound
from primary markets results in undue preference of shippers under the
transit balances and undue prejudice to shippers under the higher proportional rates. Rates through primary markets required to be made exclusively on the rate-break basis offlat rates into the markets and proportional
rates beyond, and overhead through rates less than the market combination
required to be canceled.
3. Reasonable through rates prescribed and, when made through the
primary markets from which there are proportional rates, broken back
Into combinations of flat rates into the primary markets and proportional
rates beyond.
4. Relation of proportional rates from Omaha, Kansas City, and St.
Louis to Memphis and New Orleans and from Kansas City, Omaha and
Sioux City to Minneapolis and Duluth substantially revised.
5. Requests of Wichita, Kans., and Grand Forks, N. Dak., for the prescription of outbound proportional rates denied.
6. Rates on coarse grains are now the same as on wheat west of the Rocky
Mountains and in Illinois, and 90% of the rates on wheat in the remainder
of the Western District. One rate prescribed for application on both wheat
and coarse grains throughout the entire Western District and in Illinois.
7. Rates on grain products, including flour, are higher than on grain
from which the products are made in some of the territory west of the Rocky
Mountains, and on some transcontinental shipments to the Pacific coast
and are the same as on the grain from which the products are made throughout the remainder of the Western District. One rate prescribed for application on grain and grain products throughout the entire district.
8. Bran, shorts and middlings move out of transit points on the transit
balances of through rates on wheat in some instances and on the transit
balances of through rates on coarse grains in others. The one basis herein
prescribed for both wheat and coarse grains will correct existing inequalities
in this respect.
9. Mixed feeds containing articles other than the direct
products of grain are not entitled to move out of primary markets at proportional rates, or out of transit points at the transit balances of through
rates, applicable on grain and grain products.
10. Rates on flaxseed prescribed on basis of 112% of the contemporaneous
rates on wheat.
11. Bases of rates on farm seeds revised.
12. Transit stops without separate charge limited to two for milling
or other treatment plus one for inspection, additional stops for other than
Inspection to be paid for at the rate of 2 cents per hundred pounds for each
stop'.
13. Transit is included in the line-haul rate in all parts of the Western
District except in some parts of the Northwest. The rates prescribed herein
will include transit in the line-haul rate in all parts of the Western District.
14. Transit tariffs should be thoroughly overhauled and present grants
of transit, out of line, and back hauls beyond the point of reasonable competitive necessity eliminated.
15. Transit regulations should be published in transit circulars separate
from the tariffs of rates in connection with which the regulations are to be
applied.
16. Storage in transit of grain products not still in the process of manufacture should be discontinued.
17. So-called unit rule for mixed-carload shipments found to be unlawful.
18. Request of Minneapolis for transit under the rate to Duluth from
North Dakota and Montana, from which the rates to Minneapolis and
Duluth are the same, based on the location of Minneapolis directly intermediate to Duluth on the route of the Chicago, Milwaukee, St. Paul &
Pacific, denied, and the combination of flat rates to Minneapolis and the
proportional rate beyond found to be the proper basis of charge under the
rate-break system of making rates through primary markets herein prescribed.
19. Previous finding that the rates to Portland, Ore., should be 10%
ower than to Puget Sound ports from points south of the Snake River in
Washington and Oregon affirmed.
20. Readjustments required in numerous specific situations presented
upon this record and by formal complaints and investigation.and suspension
proceedings consolidated therewith.
21. One basis for both export and domestic shipments prescribed for
application to Texas Gulf ports and north Pacific coast ports.
22. Exports differentials to Galveston under New Orleans from designated
areas in Texas, Oklahoma and Kansas prescribed.
23. Relation of export rates from St. Louis, Chicago, and Missouri
River markets to New Orleans and Baltimore revised.
[VoL. 131.
pressions of individuals concerning agricultural conditions as a whole
within their personal observation. This information is summarized and
commented on in detail in appendix C. It is sufficient to say here that while
conditions affecting the grain farmer had been improving within the few
years immediately preceding the hearing herein, there is still depression
in the grain industry.
The "United States Daily" in its reference to information
brought out in the report said:
Farmers' Heavy Burden of Interest and Taxes.
Various indices of the condition of agriculture have been reviewed.
Some ofthese have related to the industry as a whole and others more specifically to grain agriculture. While all indicate that there has been substantial
though not complete, recovery from the effects of the industry's war and
post-war experiences, those bearing more directly on the condition of the
grain producer give evidence of inability to hold all the gains made during
the period of four or five years following the low year 1921-22.
Agriculture as a whole is carrying a heavier burden of interest and taxes
than it did before the war and shares with other classes of American society
the desire to maintain a standard of living which has risen in considerable
measure in the last decade or so. Its indebtedness was incurred during the
period of high prices for purposes previously indicated or was accumulated
as the result of the conditions which followed the collapse of agricultural
prices. Some of this indebtedness has been wiped out by the process of
foreclosure and bankruptcy, while many farmers never became involved
in it. At the present time this burden is therefore unevenly distributed.
Where the losses had not been fully taken earlier, foreclosures and bank
failures were still running at an unusual rate at the time of the hearings.
The depressant factor in grain agriculture, operating particularly
with respect to wheat and oats, is redundancy of supplies. Wheat
In the crop year 1927-28 had 90% of its prewar purchasing power, in July,
1928, 85%, and in September, 69%. There is no immediate prospect of
reduction of supplies or of significant expansion of demand. The competition of newer domestic and foreign sources of supply, some of which use
modern power equipment in an effort to achieve low costs and operate
under more favorable conditions, is particularly felt by the older regions
of wheat production. Falling demand has contributed largely to weakness
In the position of the oats producer. Corn has been more successful in
maintaining its recovery, owing to improvement in the livestock industry.
Not all of the difficulties of grain agriculture are attributable to heavy interest and tax charges and redundant supplies. Adverse climatic conditions
have played a large part in some years,and in some regions declining fertility
is a factor of considerable importance.
From the "Journal of Commerce"we quote as follows:
While the reductions far exceed the increases and the corresponding revenue effect will be substantial, the Commission stated that "the full effect
upon revenues cannot be adequately foretold in view of the limitations
upon transit, the elimination of transit balances outbound from primary
markets, and the greater safeguarding ofrevenues from wasteful competition
that should follow the reduced level of rates."
Will Not Threaten Transportation.
"We are satisfied," the Commission stated, however,"that the readjustment will not threaten the maintenance of an adequate system of transportation. We say this especially in the light of increased revenues already
granted in certain other cases and in the realization that a failure of the
present revision to afford adequate revenues will prompt further proceedings."
The Commission pointed out that it would be impossible to take any
comprehensive action without adversely affecting certain of the conflicting
Interests. "Nothing but experience can demonstrate what the effect will
be regarding certain of these issues," it declared. It was suggested that the
carriers use the greatest possible expedition in establishing the rates prescribed in order that the new rate structure may receive a speedy test.
All parties should co-operate the commission said, to make careful note of
the effect upon their interests, with the view to bringing to its attention
from time to time, after a reasonable trial, those situations which may require further consideration.
Associated Press accounts from Washington July 26
stating that the Commission's decision "was worded with
particular care to avoid a clash with recent Supreme Court
rulings on agricultural rate reductions," went on to say:
While the Commission began its grain inquiry in compliance with a resolution of Congress, which ordered special consideration given to agricultural
producers in rate orders, the findings announced yesterday specifically noted
that the order to cut the grain schedules was based, not on the resolution,
but upon the Commission's more general powers of enforcing just and reasonable charges for transportation.
The Hoch-Smith Congressional resolution, which was before the Supreme
Court this year, ordered the Commission to go over the structure of national
freight rates, with a view to determining and applying the lowest rates
possible "to products of agriculture affected by depression."
California shippers of deciduous fruits were first to get the benefits of
the findings, and received a reduction from the Commission which the
Court held to be invalid.
The grain rate decision resulted from another phase of the inquiry,
and in the course of it the Commission also held that Western wheat was
particularly an agricultural product affected by depression. However,
in specifying reductions, the decision expressly mentioned the Courts
finding's on the interpretation of the Hoch-Smith resolution and declared
orders to reduce schedules were based on the general Inter-State Commerce
law.
Commissioner Woodloek who concurred in part with the
majority, stated that "my main difficulty with the report,
is the level of the rates prescribed. They are, in my judgment, far too low. They will involve a reduction of at least
$15,000,000 in the revenues of the carriers in the western
district—perhaps more—and the loss will fall most heavily
upon carriers in the Southwest and Pacific Northwest which
will derive no benefit whatever from our revision of western
trunk line class rates."
It is noted in the "United States Daily" that practically
every member of the Commission wrote separate opinions in
addition to the main report, Commissioner Clyde B.Aitchison
being the only dissenter, although others concurred only in
part. The report, referring to the depression in agriculture Marine Midland Corporation Stock Listed On New York
Stock Exchange.
said:
•
Favorable action was taken Wednesday, July 30th by
Voluminous testimony concerning conditions in agriculture, especially
as affecting the wheat farmer, was offered by witnesses called on behalf of the Board of Governors of the New York Stock Exchange
both shippers and carriers. These witnesses included farmers and repre- on the application by Marine
Midland Corporation to
sentatives of farm organizations in Kansas, Oklahoma, Nevada, North
Dakota, South Dakota, Minnesota, Idaho, Montana, Oregon, Washington list 5,616,001 shares of capital stock, and active trading
and other States, and men engaged In Governmental, banking, scholastic, started Thursday, July 31 on that exchange. The corand other contacts with agriculture, some of whom we invited to give their
poration owns over 98% of the capital stock of its conimparitial views. The range of the evidence of these witnesses covered,
.as
of the period from immediately preceding the World War down to the then stituent banks and trust companies, land is therefore
present dates, (1) the general trend of production costs and prices, and the strictly a bank holding company, not an
investment trust.
purchasing power of the dollar, as tested by so-called indexes used in
Governmental and other reports; (2) bank failures, decline in land values The official statement in the matter goes on to say:
and wheat prices, crop failures, abandonment of farms, and increases in
farm and chattel mortgages in agricultural districts and (3) general im-
Organized in September, 1929 by affiliates of the Marine Trust
Co. of Buffalo and prominent New York financial interests, the Ma-
AUG. 2 1930.]
FINANCIAL CHRONICLE
rine Midland Corporation now has 16 constituent banking institutions,
all located in New York State, with over 375,000 depositors. With its
acquisition in March of this year of the Marine Midland Trust Co.
of New York, formerly the Fidelity Trust Co. of New York, it
became the first holding company interested exclusively in group
banking with a bank located in New York City.
According to data submitted to the Stock Exchange the combined
deposits of the constituent banks and trust companies, exclusive of
holding company deposits, increased from $430,674,999, at the end of
1929, to $474,159,637 on June 30, 1930, an increase of over 10%.
Total resources of the constituent banks and trust companies were
$628,059,991 on June 30, 1930. In addition to its stock interest in
these banks and trust companies, Marine Midland Corporation had
$33,386,694 in cash on this date.
Consolidated earnings for the six months' period ending June 30,
1930, including net earnings of Marine Midland Corporation from
resources other than its interest in these banks and trust companies,
were $4,774,193, equivalent to 85 cents per share for the first half
of the year on the capital stock outstanding, including the 69,969 shares
reserved to acquire minority interests in the constituent companies. On
June 30th there were over 21,000 stockholders. Dividends on the
capital stock, the only obligation of the corporation, were inaugurated at the rate of $1.20 annually with the initial quarterly payment of 30 cents per share on Dec. 31, 1929.
Officers and directors of the Corporation include: George F. Rand,
President; Ernest Stauffen, Jr., Chairman, Board of Directors; George
G. Allen, President, Duke Power Company; Frederick Beers, President, National Biscuit Company; Arthur V. Davis, Chairman of the
Board, Aluminum Company of America; Bayard F. Pope, President,
Stone & Webster and Blodget, Inc.; Fads R. Russell, White, Weld &
Co.; Paul A. Schoellkopf, President, Niagara Hudson Power Corporation; and others with long industrial and banking experience.
The 16 constituent banking institutions, with their 69 banking offices, include: The Marine Trust Co. of Buffalo, The Marine Midland
Trust Co. New York, Union Trust Co. of Rochester, The Manufacturers
National Bank of Troy, Power City Trust Co., Niagara Falls, First
Trust Co. of Tonawanda, State Trust Co. of North Tonawanda,
Niagara County National Bank & Trust Co., Lockport, Peoples Trust
Co. of Binghamton, Workers Trust Co. of Johnson City, Union Trust
Co. of Jamestown, Lackawanna National Bank, The Bank of East
Aurora, Cortland Trust Co., The Orleans County Trust Co., Albion,
and Bank of Snyder.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of James
C. Cunningham was reported sold this week to W. R. Craig
for another for $20,000. The last preceding sale was for
$18,000.
William C. Potter, President of the Guaranty Trust
Co.,
and Charles H. Sabin, Chairman of the Board of Directors
of the Guaranty Co., are sailing for Europe on board the
White Star liner Olympic.
According to a cable announcement from Paris July
25,
Theodore Rousseau, Assistant Manager of the Paris
Office
of the Guaranty Trust Co. of New York, has
been
decorated by the Legion of Honor. Mr. Rousseau is also
President of the American Club in Paris. He was
formerly
secretary to the late Mayor of New York City, John
Purroy
MitcheL
Edward G. Sperry and Russell Cruikshank have
become
members of the Irving Trust Company's Brooklyn
Advisory
Board, according to an announcement issued July 29 by
the
Irving Trust Co. Edward G. Sperry is the
elder son
of the late Elmer A. Sperry, inventor of the
gyro compass,
the gyro automatic pilot and the gyro stabilizer.
Mr. Sperry
is Vice-President and Directors of the Sperry
Development
Co., Inc.; Secretary, Treasurer and director of
the Sperry
Rail Service Corp.; and is Vice-Perisdent and
director of
the Sperry Research Corp. He also holds
several directorships.
Russell Cruikshank is Vice-President and
director of the
Cruikshank Company; director of the Almy
Realty Corporation. The Advisory Board counsels with the
management
of the Irving's eight Brooklyn banking offices,
thus enabling Irving customers to benefit from the
experience and
mature judgment of men actively engaged in the
business
life of the Borough itself. Other members of this
Advisory
Board are: Warren Cruikshank, President,
Cruikshank
Company; William H. English, Chairman, Finance
Committee, Paramount Publix Corporation; H. Frederick Hill,
VicePresident, John Reis Company; William T. Hunter,
President and General Manager, A. Schrader's Son, Inc.; John E.
Larney, Coal Merchant; Henry D. Lott, Attorney; H. A.
Mathews, Vice-President, Irving Trust Company; D.
Irving
Mead, President, South Brooklyn Savings Institution; Lewis
E. Pierson, Chairman, Irving Trust Company; A. W.
Schmidt, Treasurer, Ridgewood Park Realty Company; Matthew S. Sloan, President, The New York Edison Company
and Stanley T. Wratten, Vice-President, Irving Trust Company.
733
At a meeting of the stockholders of The Manhattan
Company of New York, held July 21, the proposal to increase the capital of stock from $40,000,000 to $45,000,000
was ratified. The new or additional shares are to be used
to acquire the remaining minority interest in the New
York Title & Mortgage Company, upon such terms as the
directors may determine from time to time. The plans
to increase the capital of the Manhattan Company were
referred to in our issue of June 28, page 4549.
'
Affiliation of the Chase Bank of New York and Harris,
Forbes interests, whereby Chase Securities Corporation
will acquire the capital stock of the Harris, Forbes Companies, creating the largest organization for the distribution of securities in the United States, was announced on
July 31. An official statement issued by Albert H. Wiggin, Chairman of the Governing Board of The Chase
National Bank, Lloyd W. Smith, President of Harris,
Forbes & Company, New York, and John R. Macomber,
President of Harri, Forbes & Company, Inc., Boston,
stated that, subject to legal formalities and approvals, an
agreement had been reached whereby Chase Bank interests and the Harris, Forbes interests will become affiliated through the acquisition by Chase Securities Corporation of the capital stock of the Harris, Forbes Companies, which owns the various Harris, Forbes operating
companies. As the result of the transaction, the Harris,
Forbes interests will become large stockholders of The
Chase National Bank and Chase Securities Corporation.
The announcement, according to officials of both organizations, marked the consummation of plans which had
been under consideration for several years. The union
of interests, it is said, was regarded as most desirable
from every standpoint.
The Harris, Forbes Corporations will retain their
separate identities and will continue business as heretofore under the same executive management. They will
continue the long standing relationship in the distribution of investment securities with the Harris Trust &
Savings Bank of Chicago. The announcement also says:
A number of members of the Chase organizations, including Albert
H. Wiggin, John McHugh, Charles S. McCain, Robert L. Clarkson,
Winthrop W. Aldrich. Halstead G. Freeman, Murray W. Dodge, and
William L. McKee, will become members of the board of directors of
the Harris, Forbes Companies.
Lloyd W. Smith, John R. Macomber, E. Carleton Granbery, and
Harry M. Addinsell of Harris. Forbes & Company, will become members of the hoard of directors of The Chase National Bank; and W.
Eugene MacGGregor, Frederick S. Burroughs, and John K. Starkweather
willbecome members of the board of Chase Securities Corporation.
The Harris organization, starting as N. W. Harris & Co. in Chicago
in 1882, added the Boston house in 1886 and the New York house in
1890. In 1907, the Chicago house was reorganized into the Harris
Trust & Savings Bank, the ownership of which was retained and still
is held in Chicago, primarily with the Harris family. The Eastern
houses were incorporated and gradually came into the ownership of the
Eastern partners, headed by Allen B. Forbes. The organization has
sales offices in fifty cities in the United States and Canada. A pioneer
in the municipal and public utility bond business in this country, it
has taken an active and important part in foreign financing since the
war, and now has offices in London and Paris as well as permanent
representatives in Berlin and Buenos Aires.
Following a meeting of the directors of the County Trust
Company of New York on July 29, announcement was
made by former Governor Alfred E. Smith, Chairman of
the Board of Directors, that One R. Kelly has been
elected President of the institution. Mr. Kelly, who for
the last four years was Vice-President of the American
Trust Company succeeds the late James J. Riordan
whose death was noted in our issue of Nov. 16, 1929, page
3114. On Aug. 18, the date that Mr. Kelly assumes his
new duties, the bank will move from its present quarters
at Eighth Avenue and 15th Street to its own twentystory building at Eighth Avenue and 14th Street. According to the announcement of July 29, Mr. Smith will
remain as Chairman of the Board; Vincent B. Miner was
promoted from the post of Trust Officer to the office of
Vice-President in charge of trust activities.
A. B. Fletcher has been appointed Assistant Vice-President of The Commercial National Bank & Trust Company of New York. He was formerly Manager of the
Foreign Department and Assistant Cashier. Frank V.
Forrestal, who was Assistant Manager of the department, has been appointed Manager. Cornelius J. Carey
and Clarence Lister have been made Assistant Managers
of the department.
734
FINANCIAL CHRONICLE
The Irving Trust Company of New York has leased
large banking space on the second floor of the Empire
State Building, now under construction on the site of the
former Waldorf-Astoria Hotel, to which it will remove
the business of its Fifth Avenue Office now located at
the northwest corner of Fifth Avenue and 34th Street.
The lease was executed on behalf of the Empire State
Building by former Governor Alfred E. Smith, President
of Empire State, Inc. The leased space will extend along
the Fifth Avenue frontage, south from the entrance of the
Empire State Building to the 33rd Street corner and west
along the 33rd Street side for a distance of approximately
117 feet. A private elevator and a broad ornamental staircase will give ready access to the new quarters where
all the banks' facilities will be located on one floor. A
daylight safe deposit department with a thoroughly modern vault equipped with the latest protective safety devices will be established on the same floor. For more
than twenty-five years the Irving Trust Company, and its
predecessors have occupied the quarters at the corner of
Fifth Avenue and 34th Street. These are now outgrown
and removal to the new location will take place as soon
as the Empire State Building is ready for occupancy,
about May 1, 1931.
Incident to the indictment in Brooklyn on June 21 by
the Federal Grand Jury of 17 persons for alleged frauds in
the handling of funds of three Long Island banks—namely,
15 former officials and directors of the Long Island National
Bank of Astoria, the Elmhurst National Bank, Elmhurst,
and the Bellport National Bank of Bellport (of the last two
banks named only the former Presidents were indicted),
a former note broker and a former employee of a brokerage
house—all 17 defendants appeared on Monday of this week,
July 28, before Federal Judge Sheppard in Brooklyn to have
their bail fixed or to have their former bail continued. The
total bail fixed by the Court for the security of the 17
amounted to $109,250. The New York "Times" of July
29, from which the above information is taken, said in part:
[Vol,. 131.
payment of the dividend authorized today will require a total of
$297,388 and will be made Aug. 23.
On July 16, Hovey was authorized to pay a dividend of 60% on
claims against the savings department which will be paid July 26.
The Hampshire County Trust Co. was closed on March
28 of the present year. Our last reference to its affairs
appeared in the "Chronicle" of July 19, page 395.
The July 18 issue of "The Jersey Journal", Jersey City,
N. J., published the following Consolidated Press Association
dispatch describing the coin rooms of the New York financial
district:
"Of the many interesting places in the financial district, the coin
rooms of some of the leading institutions are always worth noting, not
so much for their actual transactions as for what such dealings mean to
every day life.
"Throughout the length and breadth of this country nickel telephones
are familiar, but the automat, a luncheon place where the prospective diner
drops a number of nickels into a slot machine according to the meal desired, has not yet become nation-wide. Now New York City believes in
making its nickels work—using the same set of nickels several times or
many times in a day just to keep the United States Mint from being
so busy making nickels that it would not have time to make a few other
coins.
"The coin room of the Central Hanover Bank & Trust Co., for instance,
handles as many as 16,908,489 coins a month for the New York Telephone
Co. The weight of such coins approximates 90 tons and the value exceeds
a sixth of the yearly production of silver in Utah, one of the great silver
states.
''These coins are collected from the telephone booths dailyi sorted and
counted at the coin room, and most of them then are transported to the
Horn & Hardart automate in time for duty the following morning. The
outgoing shipments to the automats amount to 12,388,000 coins a month.
The coin room ships more than 4,200,000 coins a month to Central Hanover
branch offices.
"In addition to the telephone and automat accounts, the Central Hanover
coin room handles many church collections. The day after Easter Monday
this coin room handled eight bushel baskets filled with bills of all denominations as well as a fortune in silver. The equipment for such a room
includes automatic sorting, counting, rolling and wrapping machines."
The following changes we-re made recently in the personnel of the Bryn Mawr Trust Co., Bryn Mawr,Pa., according to the Philadelphia "Ledger" of July 30: J. H. Hall was
appointed Secretary and Treasurer to succeed John S. Garrigues, resigned; W. L. H. Bergen was made Trust Officer
and Assistant Secretray ; Joseph J. Esrey was chosen AsWhen counsel for William Douglas Miller, note broker of Tenafly, N. J., sistant Treasurer, and D. J. Kennedy was appointed Title
requested that the $25,000 ball in which Miller had originally been held
under other indictments be reduced, Assistant United States Attorney Officer.
James E. Wilkinson, who headed the investigation of the banks. told
Under date of Aug. 1 d- ividend checks, representing
Judge Sheppard that as a result of schemes in which Miller aided, "the
Bellport Securities Corp. lost $225,000, and the BeUpon National Bank is 11 2
,4 % of their salaries, were received by the employees
still out $500, while the funds of the Elmhurst bank were used to Pay interof the Bankers Trust Co. of Philadelphia. The checks
est on forged notes."
Mr. Wilkinson's statement contradicts announcements made by Alder- were accompanied by the following letter, signed by
man Francis D. McGarey, counsel for the Bellport bank, which were sent Samuel H. Barker, President of the institution:
to the newspapers after the publication of articles telling of the indictments,
Mr. McGarey wrote that the Heliport bank "did not lose one cent, directly
or indirectly," and that "the Bellport Securities Corp. is not connected with
the Bellport National Bank." United States Attorney Howard W. AmeII,
in a statement issued at the time the indictments were handed up, also said
that the Bellport bank lost nothing.
Federal investigators have said that not only did the bank and the securities corporation have the same officers and boards of directors and the
same counsel, but the records of the securities corporation were kept at
the bank. Mr. McGarey reiterated yesterday his statement that the bank
had not lost a cent.
Albert F. Graff, former director of the Long Island National Bank, and
Albert 11. Allen and Dr. Edward F. Wagner, former Vice-Presidents, were
continued in $5,000 bail. They pleaded to the indictments several days
ago. Albert H. Hansen,former President of the Elmhurst National Bank
who pleaded guilty some time ago to two counts of a long indictment
against him, was continued in $7,500 bail, and Miller was continued in
$25,000 bail under all the indictments against him.
The bail fixed for the others was: William H. Siebrecht Jr., former President of the Long Island National Bank, $13,000; Frank X. Ongaro, former
Cashier, $9,250; Harold Casner, former Assistant Cashier, $20,000; Frank
Pallante, former director, $1,500: Arthur R. Ming,former director, $1,500:
William H. Nast, former director, $1,500: Louis J. Klovrza, former director, $1,500; Herman F.Plump,former director, $1,500; Julius Link,former
director, $2,500: Angelo di Falco, former general bookkeeper, $2,500:
George II. Muehling, a brokerage customer's man, formerly with Harvey
Fisk & Co., 120 Broadway, $2.000: William Douglas Mott, former President of the Bellport National Bank, $5,000.
The indictment of these men was noted in last week's
issue of the "Chronicle," page 579.
Associated Press advices July 23 from Northampton,
Mass., printed in the Boston "Transcript" of July 23, stated
that Roy H. Hovey, State Bank Commissioner for Massachusetts, in possession of the closed Hampshire Country
Trust Co., Northampton, on that date was authorized by
the Supreme Judicial Court of Massachusetts to pay a
dividend of 50% on claims against the commercial department of the bank which had been proved and allowed
up to and including July 15. The dispatch continuing said
in part:
A list of 1601 claims totaling $594,777 was filed by Hovey on July
16. He told the Court there was $578,133 on hand in cash in the
commercial department.
He reserved $245,286 on account of unproved claims in that department and by reason of statutory claims of
the savings department creditors against the commercial assets. The
Some of you, new in this business organization, have never before
received the kind of check which I am happy to hand you today.
I would like you all to find in it the very much more than merely
the dollars and cents it carries to you. It is a message of good will;
an expression of regard; a recognition; an appreciation; a token of the
kindly feeling, the helpful spirit which more than ever inspires us.
This company, for which 322 of us are now working, does some
things differently from usual practice, and I believe better. You know
that on all sides many are being laid off, more are working part time,
and a great number see their pay reduced. Your salaries are going
along with your work. There will be more, never less work in Bankers
Trust Co. while we continue to develop its business and expand its
activities.
Let us all comprehend that while in three and a half years this
institution has been made into one of the important banks in Philadelphia, and is now fairly under way, it will enlarge and grow stronger,
gain in usefulness, and become more prosperous in proportion as we
put thought and endeavor into its life. Here then are assurance and
opportunity. This dividend check, 1;4% on your salary, goes to you
to emphasize both.
On July 28 the proposed co- nsolidation of three Baltimore
banks—the Drovers' & Merchants' National Bank, the
Continental Trust Co. and the Maryland Trust Co.—under
the title of the last named institution, was consummated.
The new organization has total resources in excess of $40,000,000. The main office of the enlarged bank is in the
former building of the Maryland Trust Co. at the corner of
Calvert and Redwood Sts., while branch offices are maintained at the former locations of the Drovers'--& Mechanics'
Bank at Eutaw and Fayette Sts., Gay Street and the Fallsway, and Pratt St. and Market Place. The business of the
Continental Trust Co. will be transferred to the main office
of the new institution. Heyward E. Boyce (former head of
the Drovers' & Mechanics' National Bank) is President of
the enlarged bank. According to the Baltimore "Sun" of
July 25, the following officers, in addition to Mr. Boyce,
were announced on July 24: L. S. Zimmerman (former
President of the Maryland Trust Co.) and William J. Casey
(former President of the Continental Trust Co.), Senior
Vice-Presidents; Carroll Van Ness, G. Pitts Raleigh, Robertson Griswold, D. Luke Hopkins, Lester Wallace, John T.
Flynn, R. K. Goodenow, Jr., James McHenry and Jervis
Auo. 2 1930.]
FINANCIAL CHRONICLE
Spencer Jr., (and Treasurer), Vice-Presidents; James B.
Bird, Secretary and Assistant Treasurer; J. A. Wharrett,
Corporate Trust Officer; Harry C. Schnepfe and George W.
Collars, Assistant Secretaries and Assistant Treasurers;
Albert C. Brumm, G. Howard Bathon, Thomas E. McConnell, Joseph R. Schneider and James S. Miller, Assistant
Treasurers, and William M. Dunn, Assistant Secretary.
The Howard National Bank of Kokomo, Ind., an institution capitalized at $200,000, was placed in voluntary liquidation on July 15. The Citizens National Bank of the same
place has absorbed the institution. Reference to the proposed merger of these banks was made in our June 7 issue,
page 3996.
On Feb. 1 1930 the Second National Bank of Freeport,
III., with capital of $150,000, was placed in voluntary liquidation. It was absorbed by the First National Bank of Freeport.
.1.11••••••••
Connellsville, Pa., advices on July 31 to the New York
"Times" reported that the Citizens' National Bank of that
place had failed to open that morning, the third Connellsville
bank to close within 30 days. A notice posted on the doors
stated that the institution had been closed by its directors
and placed in the hands of the Comptroller of the Currency,
who designated D. I. Bleakley, a national bank examiner,
to take charge of its affairs. The closed bank several years
ago absorbed the First National Bank of Connellsville.
According to its statement of June 30, the institution was
capitalized at $100,000 with surplus of $200,000 and had
total deposits of $2,764,005 and resources of $3,377,507.
F.E. Markel]is President. The dispatch furthermore stated
that officials of the Second National Bank, the only bank
remaining open in Connellsville, gave assurance
that they
could pay dollar for dollar on all demands. Associated
Press
advices on July 31 from Connellsville, printed in
the Philadelphia "Ledger" of Aug. 1, stated that withdrawals
of
deposits was reported as the cause of the bank's
embarrassment. The failure the early part of July of the Title &
Trust
Co. of Western Pennsylvania and the Union National
Bank,
Connellsville, was reported in the "Chronicle" of July
19,
page 396.
With reference to the affairs of the defunct Cosmopolita
n
Bank & Trust Co. of Cincinnati, which was closed on
June
10 last as a result of the operations of Amor W.
Shafer,
former District Manager of the Cincinnati office of
Henry L.
Doherty & Co., one of the bank's largest depositors,
Cincinnati advices by the Associated Press of July 30,
printed in
the Cleveland "Plain Dealer" of the next day, reported
that
the Fift-Third Union Trust Co. of Cincinnati, a
$100,000,000 institution, on July 30 purchased the
property
and assets of the insolvent bank and its seven
branches for
$10,294,856.99. The dispatch continuing said in
part:
The Cosmopolitan's 37,000 depositors were told by
E.
President of the Fifth-Third, that 80% of their deposits W. Edwards.
available to them immediately. Edwards said that in would be made
final liquidation
Cosmopolitan depositors probably would receive at least
83 cents on the
dollar.
Common Pleas Judge Stanley Struble approved the
transaction and
Vifth-Third officials said the Cosmopolitan and its
branches would open
on Aug. 11 as branches of the purchasing bank.
The Fifth-Third then
will have 20 branches.
. .
Edwards and Goy. Myers Y. Cooper "greatly
facilitated and made possible" the agreement to purchase the Cosmopolitan
Bank by asking him to
leave his New Hampshire summer
home and go to Columbus to
discuss
the situation. A private conference was held there
by the Governor, Gray. Edwards and State Commerce yesterday (July 29)
Director Edward D.
Schorr which resulted in to-day's announcement of
the banking acquisition.
735
aminers had met with the directors the previous night, July
29, it was said, to discuss means of preventing the failure of
the institution. The Cleveland paper furthermore said in
part:
The examiners began an audit of the bank's records a week ago and
have not yet completed their work. . . .
Casey, Taylor said, had been carrying three separate accounts with the
bank, one in his own name and two in the name of the bank. lie had
access to all three and could manipulate them as he chose. Taylor added.
Since last Aug. 12, Taylor said, Casey had taken more than 8200,000
In bank funds. On Dec. 30, when his call report to the Federal Reserve
Board was due, Taylor said, Casey, to cover the deficit he had created,
issued 15 time certificates of deposit and did not register them.
On the issuance of these certificates is based the falsification charge.
Taylor said Casey told him he had misapplied the $200,000 to cover losses
in the stock market crash of last October.
The Binga State Bank of Chicago, the leading Negro bank
of that city, closed its doors on July 31 and requested the
State Auditor to make an examination and readjustment,
according to Chicago advIces on that day to the New York
"Times," which went on to say in part:
Frozen assets and insufficient cash were blamed by officials of the institution, whose directorate is composed entirely of Negroes. There
was no run on the bank, but merely a gradual withdrawal of deposits.
The bank Is capitalized for $200,000, has a surplus of $45,000 and deposits
of $1,200,000.
Jesse Bingo,, the President, was for years the largest real estate operator
among his race in the city. He built up a private banking business, which
in 1921 he turned over to the State Bank when it was granted its charter.
C. N. Langton is Vice-President of the bank and R. H. Mickey is the
Cashier.
Under orders from Oscar Nelson, State Auditor for
Illinois, the Central Oak Park State Bank, Oak Park, Cook
County, Ill., on July 28 for the second time within a year
did not open its doors, according to the Chicago "Journal
of Commerce" of July 29. Mr. Nelson was reported as
saying that depositors of the institution will not lose their
funds. Affairs of the defunct bank are to be taken over by
other Oak Park banks. The Chicago paper continuing said:
The bank was closed for the first time on Nov. 15,last, after an examination of its affairs had been made by the State auditor at the behest of the
bank's officials. The institution at that time was said to have deposits or
$400,000 and a capitalization of $100,000. Statements at that time that
the depositors would be reasonably safe proved to be wellfounded and,
after a complete reorganization, the institution was reopened on March 10.
but with deposits of only $250,000. These have dwindled to $100,000,
indicating that the community was not supporting the institution. the
State Auditor asserted.
During the process of reorganization, officers of the new group launched
a drive to sell stock to depositors at $120 a share, the price to come from
tile funds to the depositor's credit in the bank vaults. A statement is to
be made shortly as to the status of these shares, it was announced.
H. G. Goelltz is Chairman of the board of directors. W. C. Wilcox is
President and R. M.Chittenden is Cashier.
Reference to the closing of the Central Oak Park State
Bank on Nov. 15 last was made in our issue of Nov. 23,
page 3277.
From the Milwaukee "Sentinel" of July 24 it is learned
that the Bank of Baraboo, at Baraboo, Sauk County, Wis.,
has joined the Wisconsin Bankshares Corp., Milwaukee.
The acquired bank is capitalized at $100,000 with surplus
and undivided profits of $106,800, and has deposits of
approximately $2,600,000. L. S. Van Orden is President;
T. F. Risely, Vice-President; H. J. Steeps, Cashier, and
A. W. Melzl, Assistant Cashier.
Effective July 22 1930, the first National Bank of Mobridge, S. D., capitalized at $50,000, was placed in voluntary
liquidation. The institution was succ?ecle4
.
the First
National Bank in Mobridge.
Two Clintonville, Wis. ban- ks—the First National Bank,
capitalized at $60,000, and the Clintonville Starr, BP.ak,
with capital of $70,000—were consolidated on July 26. The
According to a Cincinnati dispatch on July 23
to the "Wall new organization is known as the First National Bank of
Street Journal" four former officials of the
Cosmopolitan Clintonville and is capitalized at $100,000.
Bank & Trust Co. have been indicted on charges
of embezThe First National Bank o- f Albia, Iowa, went into volzlement and misapplication of the bank's funds.
In part,the
untary liquidation June 18 1930. The institution, which was
advices said:
Four indictments have been signed against Frank
capiltalized at $50,000, has been succeeded by the First
J.
Clarence A. Dorger, both Vice-Presidents at the time Dorger, and his son,
the bank was closed. Iowa State Bank of Albla.
Herbert J. Dorger, Assistant Cashier, and Russell
Holmes, Cashier, have
two Indictments against them.
The arrest on the night of July 29 of J. E.
Casey, former
President of the Citizens' National Bank of
Galion, Ohio,
for alleged misapplication of the bank's funds
and falsification of records, was reported in the Cleveland "Plain Dealer'
of July 30. Mr. Casey had resigned from the institution on
July 25. The bank failed to open for business on July
29
after national examiners under William Taylor, Chief
Examiner for the Ohio Federal Reserve District, had reported
a deficit ,of over $200,000. The bank was capitalized at
$100,000 and had deposits of $1,300,000. The bank ex-
As of July 1 1930, the Natio- nal Union Bank of Rock Hill,
S. C.,. capitalized at $300,000 went into voluntary liquidation. The institution has been succeeded by the Central
Union Bank of South Carolina with offices at Columbia,
S. C., and Rock Hill.
A charter was issued on July 25 by the Comptroller of
the Currency for the Citizens National Bank of Greenville,
Tenn., with capital of $75,000. The new institution represents a conversion of the Citizens Savings Bank, Greenville.
J. H. Rader is President and E. L. Chase, Cashier.
736
[VOL.
FINANCIAL CHRONICLE
Failure of the Farmers' & Merchants Bank of Montgomery City, a small Missouri institution, was reported in the
following press dispatch from that place on July 15 appearing
in the St. Louis "Globe-Democrat" of July 16:
The doors of the Farmers' & Merchants' Bank of this city were closed
to-day (July 15) by Finance Commissioner Cantley, due to a slow "run."
According to its last published statement of April 16, the bank's capital
stock was $25,000, surplus and undivided profits $4,390.66, total deposits
$110,899.91. The bank was organized in 1919.
Irwin collapsed yesterday and the warrant was served on him in bed.
Bail was fixed at $50,000. Pending the 72
-year-old banker's recovery a
deputy sheriff was stationed at his home. He is alleged to have illegally
,
livertek$200,000 of the bank's funds.
A. L. Mills, Jr., who has been with the First National
Bank of Portland, Ore., since 1920, has been promoted from
an Assistant Cashier to a Vice-President of the institution,
according to the Portland "Oregonian" of July 17. Announcement of Mr. Mills's advancement was made by C. F.
Adams, President of the First National Bank. The new
Vice-President is a son of the late A. L. Mills, who served
as President of the First National Bank for 25 years. He
was born in Portland and is a graduate of Harvard University.
Advices from Richmond, Va., on July 24 to the "Wall
Street Journal" reported that the interests of N. C. Harris,
Fred D. Hamrick, David Lindsay and J. S. Dockery in the
First Industrial Bank of Rutherfordton, N. C., representing
control of the institution, have been acquired by W. W.
Hicks, Mrs. Hicks and C. F. Geer. Mr. Hicks has assumed active charge of the bank as President, while Mr.
A comparison of the semi-annual statement of the Midland
Geer has been appointed a Vice-President. Mrs. Hicks
and Mr. Geer have been added to the board of directors. Bank, Limited, of London, as of June 30 1930, with the
The dispatch furthermore stated that B. H. Long will con- returns at the end of the corresponding half-years of 1928
tinue with the institution as Cashier and K. T. Carpenter and 1929, shows:
June 30
June 30
June ao
as Assistant Cashier.
1930.
1929.
1928.
That the proposed consolid- ation of the Macon National
Bank, Macon, Ga., and the Continental Trust Co. of that
city (both owned by the First National Bank of Atlanta,
Ga.), indicated in our issue of June 28, page 3551, will be
consummated about Sept. 1, was reported in Macon advices by the Associated Press on July 26, printed in the
Atlanta "Constitution" of the following day, which stated
that formal announcement had been made by C. E. Allen,
acting President of the Macon National Bank, that the
Macon National Bank Building, now undergoing repairs and
alterations in preparation for the merger, will be the home
of the consolidated bank after Sept. 1. The enlarged bank
will be known as the First National Bank & Trust Co. in
Macon and will have resources of approximately $9,000,000.
The dispatch went on to say:
Ratification of the preliminary merger agreement will be made by stockholders. Approval must be given by the Comptroller of the Currency,
which Mr. Allen believes can be completed by Sept. 1, the date originally
set for the consolidation of the two institutions under one roof.
As soon as the Comptroller gives approval of the merger directors will
meet and elect officers. Mr. Allen, who is now acting as President, is to
become President. Jesse B. Hart, who was President of the Macon
National Bank, agreed to continue with the institution in an executive
capacity for a year when the merger was announced several weeks ago.
Thomas K. Glenn, Chairman of the board of the First National Bank
of Atlanta, who was in Macon Friday, said that the formation of the new
bank was "gratifying to us for the same reason that it must be pleasing
to the people in Macon and the surrounding section; that is, because in it
there is provided so much bigger and better an instrumentality for usefulness and service."
Ernest Amos, State Compt- roller for Florida has notified
the committee representing the depositors and stockholders
of the closed Bank of Clearwater, Clearwater, Fla., that
stockholders will be obliged to pay an assessment of 100%
on their bank stock, or whatever assessment may be necessary, to produce $150,000 in cash before the bank may
reopen, according to advices from that place on July 21 to
the "Wall Street Journal."
Liabilities—
Capital paid up
14,091,201 13,432,968 13,286,310
Reserve fund
14,091,201 13,432,968 13,286,310
Current, deposit and other accounts (including
balance of profit and loss account)
379,169,669 383,632,454 382,752,859
Balances due to affiliated companies
2,827,922
Acceptances and confirmed credits on account
of customers
17.236,143 21,863,048 20,714,714
Engagements on account of customers
9,476,597 42,486,722 25,697,254
436,892,733 474,848,160 455,737,447
. Assets—
Coin, bank notes and balances with the Bank
of England
37,078,737
Balances with and cheques in course of collection on other banks in Great Britain and
Ireland
18,267,101
Money at call and short notice
22,589,395
Investments
33,920,316
Bills discounted
64,408,573
214,616,545
Advances to customers and other accounts
Midland Bank Executor & Trustee Co., Ltd.—
Loans on behalf of clients
130,233
Belfast Banking Co., Ltd.—Govt.of Northern
Ireland guaranteed loans account
1,800,000
Liabilities of customers for acceptances, con26,712,740
firmed credits and engagements
8,971,097
Bank premises
Other properties and work In progress for ex1,276,331
tension of the business
Capital, reserve and undivided profits of—
Belfast Banking Co., Ltd
7,121,665
The Clydesdale Bank, Ltd
North of Scotland Bank, Ltd
Midland Bk. Executor & Trustee Co., Ltd.
39,264,534 43,177,637
20,102,257
26,819,808
34.935,210
49,362,684
224,333,054
21,207,178
25,159,450
29,545,163
58.149,091
216,690,139
64,349,770 46,411,968
8,719,515 8,730,332
• 6,961.328
6,666,489
436,892,733 474,848,160 455,737,447
The directors of the Westminster Bank, Ltd. (head office
London), have declared an interim dividend of 10% for the
half year ended June 30, on the £4 shares, and the maximum
dividend of 61 % on the £1 shares for the same period.
4
The dividends, 2s. per share, and is. 3d. per share, respectively (both less income tax), will be payable on Aug. 1.
The bank's statement of condition as of June 30 1930
shows total assets of £334,108,740, of which the principal
Items are: Advances to customers and other accounts,
£144,240,974; cash on hand and other cash items, money at
call and short notice, £68,148,730; bills discounted, £55,859,324, and investments, £37,861,439. On the liabilities side
of the statement, current, deposit and other accounts are
given at £295,655,087. The paid-up capital of the Westminster Bank is £9,320,157, and its reserve fund of like
amount.
That a shortage of approxi- mately $92,000 had been discovered in the accounts of the Commercial National Bank
of Brady, Texas, was announced by officers of the institution
on July 23, according to Associated Press advices from
Brady on that day printed in the St. Louis "Globe-Demo- THE WEEK ON THE NEW YORK STOCK EXCHANGE.
crat" of July 24. The dispatch continuing, said:
The New York Stock Market has been unsettled the present
Warrants of arrest were sworn out against four men.
"Our bank is in sound condition and our depositors and customers need week, and while substantial gains for the current recovery
not worry," said W.B. Crothers, Vice-President of the bank.
were registered .on Monday, most of the active issues failed
July 24 to hold their advances and gradually worked lower. Public
From the San Francisco "Commercial News" of
it is learned that the California Savings & Commercial utilities have shown occasional flashes of strength and a
Bank, San Diego, Cal., was closed on July 23. Will C. number of industrial units have registered moderate imWood, State Superintendent of Banks for California, issued provement, but the general tendency has been toward lower
levels. The weekly statement of he Federal Reserve Bank,
the following statement:
The California Savings & Commercial Bank, San Diego, was not per- made public after the close of business on Thursday, showed
mitted by the Superintendent of Banks to open for business Wednesday an increase of $2,000,000 in broker's loans. Call money
because of internal conditions.
renewed at 2% on Monday, and remained unchanged at that
An examination in progress at the time of closing is being continued by
the State Bank Examiner to determine the present condition of the bank rate throughout the week.
and the possibility of reopening.
The market moved briskly forward during the abbreviated
The bank's deposits are approximately $1,200,000, and from present
session on Saturday, many of the market leaders pushing
Indications loss to depositors, if any should be small.
The closed institution, of which I. I. Irwin was President, through last week's tops. United States Steel again crossed
was organized about three years ago, it was said; with a 169 followed by numerous speculative favorites in various
capital of $500,000 and surplus of $50,000. John McFall, sections of the list. Week-end profit taking was in evidence
Chief of the Southern Division of the State Banking Depart- from time to time, but failed to check the advance and the
ment, took charge of the bank's affairs pending the com- session closed with substantial gains all along the line. Some
pletion of the examination. Subsequent advices from San of the important changes on the upside were Air Reduction
Diego (July 28) to the "Wall Street Journal," reported that 3 points to 120%, Vanadium Corp. 4% points to 105%,
%
on that day Mr. Irwin was arrested charged with the theft United Aircraft 25 points to 61%, Houston Oil 3 points
to 88, and Liquid Carbon 2% points to 723.' Public
4
5
of $50,000. The advices went on to say:
AUG. 2 1930.]
FINANCIAL CHRONICLE
737
utilities were in good demand and closed somewhat higher, shooting up about 10 points, while the new "B" when
issued
particularly such stocks as American & Foreign Power, stock climbed about 4 points. Diamond Match
gained 11
American Power & Light, Amer. Tel. & Tel., Consolidated points and Tide Water Oil gained about 4 points.
Gas, Standard Gas & Electric and numerous other issues.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Railroad shares moved within a narrow range and some of the
DAILY, WEEKLY AND YEARLY.
specialties like Philadelphia Co., Johns-Manville, J. I. Case
Stocks,
Railroad.
State,
United
Total
Threshing Machine and du Pont displayed substantial gains.
Week Ended
Number of
rec.,
ifunfripal &
States
Bond
Shares.
Aug. 1.
Bonds.
For's; Bonds.
Bonds.
Sales.
Auburn Auto advanced 33 points and Mack Truck 25
4
%
Saturday
994,230 32,377,000
5945,900
points to 573 . Ingersoll-Rand rose 7 points to 205.
539,000 33,361,900
4
Monday
2,425,240
4,710,100
1,738,000
208,000 6,656,100
Considerable liquidation was apparent during the early Tuesday
1,849,580
6,068,000
1,956,000
794,000 8,818,000
Wednesday
2,507,280
4,903,000
3,253,000
233,000 8,389,000
trading on Monday, but this failed to affect, to any great Thursday
2,162,770
4,597,500
2,663,000
172,000 7,432,500
1,090,210
4,670,000
1,475,000
390,000 6,535,000
extent, the brisk upward swing of prices. New leaders Friday
Total
11,029,310 327,325,600 312,030.900 31,836,000 341,192,500
moved to the front and in many instances reached their best
prices since the June decline. Public utilities were stronger
Sales at
Week Ended Aug. 1.
Jan. 110 Aug. 1.
New York Stock
and moved briskly forward under the guidance of American
Exchange.
1930.
1929.
1930.
1929.
& Foreign Power which gained 25 points to 1073/8, American
%
Water Works gained 2 points to 96%,Columbia Gas & Elec. 5tocks-No. of shares. 11,029,310 17,579,380 541,525,010 638,601.600
Bonds.
370,331,600
376,930,500
231 points to 6631, Brooklyn Union Gas 234 points to 13234 Government bonds__ 31,836,000 32,135,700 403,330,900 370,260,650
State dr foreign bonds. 12,030.900
14,876,000
and Standard Gas & Elec. 4 points to 100. American Can, Railroad & mtge. bonds 27,325,600 45,051,000 1,185,992,700 1,182,593,000
Westinghouse, United Aircraft and General Motors reached
Total bonds
341,192,500 562,062,700 31,659,655,200 81.629,784.150
new tops on the recovery and there was a sharp demand for
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
such stocks as Allied Chemical & Dye, De Voe & Reynolds
BALTIMORE EXCHANGES.
and United States Industrial Alcohol. Railroad stocks were
Boston.
Philadelphia.
Baltimore.
represented on the upside by Atchison which shot ahead over
Week Ended
Aug. 1 1930.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
2 points to 200%, Delaware & Hudson which closed at 162
.
with a gain of 2 points and Rock Island with a gain of 134 Saturday
15,773
33,680
31,000
824
Monday
*24,683
33,000 a66,776
2,000
513
38,000
points to 1073/3.
Tuesday
*29,317
13,000 068,275
26,600
1,589
11,000
Wednesday
*32,649
4.150 a70,480
9,000
1,780
11,000
The stock market was lower at the close on Tuesday, Thursday
*30,646
7,200 a70,100
3,600
1,120
10,500
Friday
7,210
15,000
17,735
though during the early part of the session prices fluctuated
10,000
1,467
6,000
somewhat uncertainly backward and forward without definite
Total
140,278
342.350 327.046
352,200
7,293
$46,500
trend. Public utilities gave a fairly good account of them- Prey, week revised 138,707 388.000 275,927 359,200 6,811 365,600
selves and some good buying was apparent in such stocks as * In addition, on es of rich a were: Saturday, 7,887; Monday, 18,446; Tuesdays
American Power & Light, Standard Gas & Electric and 16,094; Wednesday, 22,831: Thursday, 38,472.
a In addition, sa es of rights were: Saturday, 6,300;
Int. Tel. & Tel. at substantial advances. Industrial shares 11,200; Wednesday, 17,600; Thursday. 2,100. Sales ofMonday, 15,500; Tuesday,
warrants were: Monday.
400; Tuesday, SOO; Wednesday, 300; Thursday, 200.
were irregular in the morning, but lost ground in the late
trading. The weak spot in the list was the railroad issues
and stocks like Southern Ry., Union Pacific and Santa Fe
THE CURB EXCHANGE.
were off from 2 to 5 or more points. Other weak stocks
Trading on the Curb Exchange this week was sluggish and
were Westinghouse, Gillette Safety Razor, J. I. Case Thresh- while strength was exhibited in the early part of the week,
ing Machine and Amer. Tel & Tel. Tobacco stocks were prices later turned weak. The close shows losses general
somewhat stronger, but oils, coppers and the motor group throughout the list though changes as a rule were not large.
did little one way or the other.
Utilities were the most active issues. Elec. Bond & Share
On Wednesday stooks were subjected to unusually heavy after an advance from 82% to 873/s dropped to 81, the close
pressure and over 2,500,000 shares were handled at prices to-day being at 81%. Eastern States Power, class B lost
ranging from 2to 10 or more points below the preceding close. 434 points to 273/s. Amer. & Foreign Power warrants imPublic utilities were fairly strong in the early trading, but proved from 49 to 537's, then broke to 4934, the close to-day
soon turned downward and closed at the lowest levels of the being at 5034. Amer. Gas & Elec. corn, sold up from 13034
day. The amusement stocks were the weakest single group, to 14034 and at 139 finally. Northern States Power corn.
much of the selling being directed against Warner Bros. and advanced from 155 to 168,fell to 15034 with final transactions
3
Paramount Publix, both of which were off at the close. to-day at 151. Tampa Elec.from 75%reached 78 but weakAmong the popular speculative favorites that lost ground ened finally to 7331. United Light & Power, corn. A moved
during the day were Worthington Pump, General Motors, up from 4031 to 4431, down to 40%, the close to-day being
United States Industrial Alcohol, Allied Chemical & Dye, at 40%. Oils show only slight changes. Humble Oil & Ry.
J. I. Case Threshing Machine, Eastman Kodak, United declined from 91 to 88%. Cosden Oil corn. gained some five
States Steel, Columbian Carbon, Johns-Manville, General points to 45,the close to-day being at 4434. Industrials and
Electric, American Machine & Foundry, Vanadium Steel, miscellaneous securities show changes of little moment.
and Standard Gas & Electric. In the railroad group Union Deere & Co. dropped from 8434 to 75 and closed to-day at
Pacific displayed considerable strength and closed
with a 7734. Driver-Harris Co. corn. was off from 80 to 72. Ingain of 2% points, but the other members of the group
were sull Utility Investments lost 434 points to 60 and ends the
off from 1 to 3 or more points.
week at 61. A.0.Smith Corp., corn. sold down from 2053
In the face of numerous selling drives many prominent to 193.
stocks gradually worked upward on Thursday,
A complete record of Curb Exchange transactions for the
though the
gains were not especially noteworthy at any
time during the week will be found on page 765.
session. There were also a goodly number of losses.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Some
of the market leaders that were prominent on the side of the
Bonds (Par Value).
advance were Gillette Safety Razor, Westinghou
Stocks
se Electric,
(Number of
Week Ended
American Can, Allied Chemical & Dye, United
Foreign
Rights.
States
Shares).
Domestic. Gorernment,
Aug. 1.
Total.
Eastman Kodak, du Pont and General Electric. Steel,
As the Saturday
292,225
3,900
3783,000
$160,000
$943,000
session ended a substantial portion of the general
405,600
3,100 2,135,000
Monday
127,000 2,262,000
list was Tuesday
10,300 2,039,000
452,100
179,000 2,218,000
moving strongly forward.
540,500
29,000 2,141,000
Wednesday
217,000 2,358,000
444,800
1,600 1,579,000
stock market was rather dull during the early
The
Thursday
151,000 1,730,000
318,600
3,400 1,615.000
trading Friday
200,000 1,815,000.
on Friday, though some improvement was apparent as
the
2,453,825
51,300 810.292,000 $1,034,000 311,326,000
Total
day advanced. Public utilities were under pressure during
the early transactions and Consolidated Gas sold off to
10434,
where it was down more than 3 points. Brooklyn
THE ENGLISH GOLD AND SILVER MARKETS.
Union Gas
receded more than 6 points and declines ranging
We reprint the following from the weekly circular of
from 2 to
3 points were recorded by Standard Gas & Electric, American Samuel Montagu & Co. of London, written under date
of
Power & Light and Public Service of New Jersey.
The break July 16 1930:
GOLD.
in utilities spread to other parts of the list and such market
The Bank or England gold reserve against notes
amounted to £155,707,770
leaders as United States Steel, common, and Westinghou
se on the 9th inst.(as compared with £156,320.894 on the previous Wednesday)
slipped downward from 2 to 5 or more points. On the
and represents an increase of £9,747,686 since Jan. 1 last.
other
Bar gold from South Africa to the value of £754.000 was offered
hand, some of the less active stocks showed considerable
In the
open market yesterday and the demand for France being very keen,
the
strength, United States Industrial Alcohol, for instance, was price realized was 85s. 135d. per fine ounce, the highest
since the resumption
run up about 6 points and J. I. Case gained about 7 points. of the gold standard. The amount taken for France was £6513,000. India
Tobacco stocks were strong, American Tobacco "B" stook securing £60,000,Lthelhomeltrade £21.000. and the Continents -trade
£15,000.
738
FINANCIAL CHRONICLE
[VOL. 131.
Movements of gold at the Bank of England during the week show a net
PRICES ON BERLIN STOCK EXCHANGE.
efflux of £231,380. Withdrawals for France have continued and of the
total withdrawn, £1,081,380. about £1,030,000 was in bar gold for that
Closing quotations of representative stocks on the Berlin
country. Receipts consisted of £600,000 in sovereigns "released" and Stock Exchange as received by cable each day of the past
£250,000 in sovereigns from South Africa.
The following were the United Kingdom imports and exports of gold week have been as follows:
July July July July July Au/.
registered from mid-day on the 7th inst. to mid-day on the 14th inst.;
26.
28.
29.
30.
31.
1.
Imports.
Exports.
France
Arabia
Brazil
British West Africa
British South Africa
Other countries
Per Cent of Par
£1,227,904 &lig. Deutsche Credit (Ades) (8)
£7,175 France
108
109
108
109
108
30,044 Berlin. Handels Gee.(12)
60,141 Germany
145
146
148
147
147
22,095 Commerz-und-Privat-Bank (11)
47.350 Other countries
132
132
132
132
132
Darmstaedter U. Nationalbank (12)
36,105
184
185
186
185
186
Deutsche Bank u. Disconto Gee. 0.0)
1,092,211
128
126
126
127 127
Dreedner Bank (10)
35
126
127 127
127
126
Reichsbank (12)
247 248
245
247 244
£1,280,043 Algemeene KunstzSde Unle (Aku) (0)
89
93
£1,243,017
89
90
94
Alig. Elektr. Gee. (A.E.G.)
141
139
137
139
140
United Kingdom imports and exports of gold for the month of June Ford Motor Co., Berlin (10)(9)
185
1993j 197
19834 190
last are detailed below;
Gelsenkirchen Bergwerk (8)
108
109
108
108
109
Gestuerel (10)
Exports.
135
136
Imports.
137
137
137
Holi- 87
Germany
89
£1,592,273 Hamburg-American Line (Hapag) (7)
91
91
90
Hamburg Electric Co. 10)
day 128
129
131
France
131
130
£25,905 2,373,949 Heyden Chemical (
(
5
)51 53
68,400 Ilarpener Bergbau (6)
Switzerland
.... _
50
ii5Z) 100
100
100
17,000 Hotelbetrieb (12)
Egypt
98
123
125
123
126
127
West Africa
78,644
LG.
150
152
162
( )
150
150
35.900 Kali Farben Indus.(Dye Trust) 14
Austria
...)bernie (7)
127
126
127
126
126
Various countries in South America
56,665
Karstadt (12)
90
91
93
91
92
Union of South Africa (including South West
Mannesmann Tubes(7)
83 82 106 84 86
18 North German Lloyd (8)
2,495,599
Africa Territory)
87
39
91
91
90
Rhodesia
87,764
Phoenix Bergbau (612)
76
78
78
78
78
141.067 Polyphonwerke (20)
British India
185
189
190
191
187
Australia
70,000
Rhein. Westf. Elektr.
169
170
170
170
170
10,128
16,534 Sachsenwerk Licht U. (R.W.E.)(10)
Other countries
Kraft (712)
90
89
89
89
89
189
193
194
190
191
£2,824,705 £4,245,141 Siemens & Halske (14)
83
84
85
82
83
On the 10th inst. the Imperial Bank of India lowered its official rate of Stoehr & Co. Kammgarn Spinnerie (5)
Leonhard Tietz (10)
130
131
133 131 131
discount from 6 to 5%.
Ver. Stahlwerke (United Steel Works) (6).._
78
77
79
71
78
The Transvaal gold output for the month of June last amounted to
* Ex-dividend.
887,867 fine ounces, as compared with 916,213 fine ounces for May 1930
and 856,029 fine ounces for June 1929.
SILVER.
ENGLISH FINANCIAL.MARKET
-PER CABLE.
There was a recovery in prices at the beginning of the week and on the
10th inst. bear covering by China carried quotations to 16 1-16d. for cash
The daily closing quotations for securities,(lc., at London,
and 16d.for two months'respectively; cash advanced to 16 d. the following as reported by cable, have been as follows the past week:
day with the forward price unchanged. Buyers showed some reluctance
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
at this level, and with China and America more disposed to sell, prices
July 26.
July 28.
July 29.
July 30.
July 31. Aug. 1.
have since shown a tendency to ease. The Indian Bazaars have been Silver, p. oz_d_ 16 7-16
16 1-16
18
16
18
1634
less active but have made a few purchases in cover of bear commitments.
Gold.p.five
The following were the United Kingdom imports and exports of silver Consols, ox. 858.1d. 858.3d. 858.3d. 858.54d. 841.%d. 85s.11%4
553'
5534
55%
55%
23.4%.
65%
registered from mid-day on the 7th inst. to mid-day on the 14th inst.;
British, 5%....
103%
10312
103%
103%
103%
Exports.
Imports.
4X %_
99
99%
9934
99%
99%
U. S. A
£31,500 British,Rentes
£18,056 Arabia
Mexico
60.490 French
92,639 British India
British West Africa
13,567 (in Paris)_fr_
4,431 Other countries
89.15
89.5
89.15
88.75
89.5
Canada
27,572
French War L'n
Other countries
2,141
(in Paris)..fr.
102
102
102.5
102
100.75
£105,557
£144,839
The price of silver in New York on the same days has been:
INDIAN CURRENCY RETURNS.
Silver in N.Y., per oz.(eta.):
Foreign _____
(In Lacs of Rupees)July 7. June 30. June 22.
34%
343-5
343-5
3432
343-5
16647
Notes in circulation
16373
16471
11239
11118
Silver coin and bullion in India
11333
Silver coin and bullion out of India
5Hit
.
a5 g
Gold coin and bullion in India
3228
Gold coin and bullion out of India
COURSE OF BANK CLEARINGS.
2228
185
Securities (Indian Government)
1837
73
73 Bank clearings this week will show a decrease as compared
73
Securities (British Government)
The stocks in Shanghai on the 12th inst. consisted of about 101.800.000 with a year ago. Preliminary figures compiled by us, based
ounces in sycee, 149,000,000 dollars, 8,900,000 Saigon dollars. and 3,220
silver bars, as compared with about 101.800,000 ounces in sycee, 149,000,000 upon telegraphic advices from the chief cities of the country,
indicated that for the week ended to-day (Saturday, Aug. 1)
dollars, 10,100,000 Saigon dollars and 3,740 silver bars on the 5th inst.
Quotations during the week;
bank exchanges for all the cities of the United States from
Bar Gold
Oz.Std.-Bar Silver per
per Oz. Fine which it is possible to obtain weekly returns will be 29.2%
Cash.
2 Mos.
85s. Md.
16d.
16 1-16d.
July 10
below those for the corresponding week last year. Our pre85s. %el.
1634d.
16d.
July 11
15 13-16d. 858. Rid.
15 15-16d.
July 12
liminary total stands at $10,001,565,710, against $14,124,0
85s. .3/ 1.
16d.
15%d.
July 14
15 13-16.d 85s. 134cl. 658,656 for the same week in 1929. At this centre there is
15 15-16d.
July 15
15 11-16d. 858. 1%d. a loss for the five days ended Friday of 34.9%. Our
15 13-16d.
July 16
comI5.865d.
85s. 0.96d.
15.979d.
Average
The silver quotations to-day for cash and two months' delivery are parative summary for the week follows:
respectively the same as and I-16d. below those fixed a week ago.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
July 26 July 28 July 29 July 30 July 31 Aug. 1
French Rentes 3% Perpetual__
French Rentes 4% 1917
French Rentes 5% 1915-16
Banks
Banque de France
Banque de Paris et des Pays Bas_
Credit Lyonnais
Union des Mines
Canal
-
1930.
1930.
1930.
1930.
1930.
1930.
Francs. Francs. Francs. Francs. Francs. Francs
88.60 89.00
89.15
89.00
89.15
101.95 101.95 101.95 101.95 101.90
102.10 102.15 102.15 102.00 102.00
Canal Maritime de Sues
RailroadChemin defer du Nord
Mines
Mines dee Courrieres
Mince dee Lens
HellSoo. Miniere et Metallurgique de day
Penarroya
Public Utilities
Cie. General d'Electricite
Soo. Lyonnlase des Eaux
(lie. Francalse des Precedes
Thomson-Houston
Union d'Electricite
IndustrialsYretilerles & Laminoirs du Havre
Societe Andre Citroen
Ste. Francaise Ford
Coty, S.
Pechiney A
I'Air Liquide
EtablIssements 1Cuhimann
Gaieties Lafayette
01J
Royal Dutch
Ex-coupon.
22.650
2,805
3,115
1,452
22,405 22.500 22,600
2,707
4,765
2.800
3,095
3,065
3.080
1,446
1,450
1,450
17,690 17.655
2,390 2,390
1,474 1,450
1,200 1,190
962
938
3.325 3.320
3.165
3,180
893
904
1,275 1,265
2,240 2,235
17,525 17,560 17,720
22,700
2,820
3,110
1.455
750
300
945
737
298
940
Clearings-Relurns by Telegraph.
Week Ending Aug. 2 1930.
1,435
1,187
2,375
1,426
1,173
2,365
1,445
1,180
944
920
926
3,275
3,245
3,250
1,747
944
166
1,752
948
168
4,020
4,030
3,115 8,075 8,105
881
555
575
1.260 1,250 1,250
2,140 2,155
2,215
711
710
725
281
276
290
934
945
938
2,960 2,900 2,930
2,975 2,975
1,778
1,781
1,785
955
948
972
168
168
169
4.0402 4,035 4,040
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
85,253,000,000 $8,076.000,000
532,077,814
648,455,100
369,000,000
457.000,000
389,000,000
433,000,000
100,152,058
148,288,023
90,100,000
110,400,000
147,834.000
155,673,000
No longer repo rts clearings
151,161,449
185,000,000
125,250,270
177,598,251
99,399,031
132,765,508
72,459,179
98,191,825
32,550,994
43,402,109
-18.3
-18.6
-25.2
-26.2
-24.9
Twelve cities,5 days
Other cities, .5 days
87,361,984,795 210,669,673.816
805,986,630
1,066,041,075
-31.9
-24.5
Total all cities, 5 days
All cities. 1 day
$8,167,971,425 811,735,714,891
1,833,594,285
2,388,943,765
-30.4
-23.3
Tota lall cities fo rweek
2,365
1930.
$10.001,565,710
814.124.658.858
-34.9
-29.0
-19.3
-10.2
-32.5
-18.4
-5.0
-202
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
results for the week previous-the week ended July 26. For
that week there is a decrease of 26.4%, the aggregate of
clearings for the whole country being $9,493,099,944,
against $12,909,462,621 in the same week of 1929. Outside
of this city there is a decrease of 20.4%, while the bank
clearings at this centre record a loss of 29.4%. We group
FINANCIAL CHRONICLE
AUG. 2 1930.]
the cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
Now York Reserve district, including this city, the total
shows a shrinkage of 29.5%, in the Boston Reserve district
of 12.1% and in the Philadelphia Reserve district of 24.9%.
The Cleveland Reserve district has suffered a decrease of
20.6%, the Richmond Reserve district of 10.8% and the
Atlanta Reserve district of 21.9%. The Chicago Reserve
district shows a loss of 20.8%, the St. Louis Reserve district
of 12.5% and the Minneapolis Reserve district of 27.5%.
In the Kansas City Reserve district the falling off is 26.8%,
in the Dallas Reserve district 37.8% and in the San Francisco Reserve district 26.7%.
In the following we furnish a summary of Federal Reserve
districts:
SIIMICARY OF BANK CLEARINGS.
1930.
Week End. July 28 1930
1929.
1928.
1927.
$
Federal Reserve Dicta.
$•
498,563,503
566,971,377 -12.1
lot B496ton_..- -12 cities
458,468,055
led New yerk_11 ••
6,278,108,70
8,901,256,497 -29.5 5,663,457,677
452,123,784
601,963.866 -24.9
1r41 Ptillatlel la_10 "
491,253,121
384,360,050
484,182,136 -20.6
ith Cleveland-- 8 "
397,848,433
147,684,770
166,455,076 -10.8
Ilth Richmond _ 6 "
140,315,512
123.304.815
155,895.011 -21.9
1t15 Atlanta_-__12 "
148,394,717
810,167,670 1,024,158,069 -20.8
759 Chicago ---20 "
939,860,128
165.637,443
189,385,207 -12.5
8t15 St. Louis__ _ 8 ••
193,491,919
99,469,896
137,132,973 -27.5
9th MinneaPolta 7 ..
115,573,071
190,848.022
257.522,902 -28.8
10t11 KansaaCity 10 "
223,104,695
45.319,041
5 "
72,824,731 -37.8
11th Dallas
59,109,289
257,510,14
352,714,777 -26.7
12th San Fran_ _16 "
327,566,075
125 ottles
Total
Outside N. Y. City
..-.
9,493,099,944 13,909,463,621 -26.4
3,313,458,577 4,158,422,024 -20.4
Cl 'dila.
TV% 111 ROO
A.°am tun
.-1R /
9,188,442,692
3,612,718,037
an/ ex,. e.
,
Week Ended July 26.
Clearings 0
or
Dec.
1/24.
1929.
First Federal Reserve Dist rict-Hoston
644,443
Maine-Bangor__
583,493
3,638,983
Portland
4,331,425
-Boston _
455,000,000 506,000,000
Mass.
1,018,663
1,091,857
Fall River_
464,064
1,096,265
Lowell
776,440
New Bedford
984,245
3,776,557
5,048,024
Springfield2,855,288
3,410,303
Worcester
11,740,718
-Hartford.
19,682,607
Conn.
7,895,446
8,941,403
New Haven_ _ _
10,151,500
R.I.-Providence
15,197.200
603,501
644,555
N.11.-Manches't
Total(12 cities)
498,563,603
+14.3
-16.0
-10.1
6.9
57.7
-19.5
-25.2
16.3
40.3
-15.8
-33.5
-6.4
1928.
487,233
3,832,641
421,000.000
906,475
1,034.718
1,052,368
4,883,593
3,178,348
11,488,941
7,735,044
12,243,800
624,994
1927.
678,940
3,363,598
494,000,000
1,961,209
1,043,822
942,751
4,659,773
3,248,196
15,471,606
9,356,314
11,488,000
594,998
568,971.377 12.1
4
88,468,055 548,809,207
York
2.5
5,186,447
5,640,190
11.8
1,149,915
1,325.338
38.9
46,882,288
46,473,434
-29.1
811,166
20.2
1;233 699
: 29
1,296,726
29.4 5,555,724,855 5,743,216,924
-40.3
10,583.506
10,203,778
-40.2
4,786,731
5,272,936
-30.8
3,950,431
3,683,083
33.8
528.983
660,897
-44.8
32,371,593
35,234,671
Total(11 cities) 6,278,108,701 8,901,256,497 29.5 5,663,457,677 5,853,819,143
Second Feder al Reserve D istrict-New
5.795.278
5.391,337
-Albany.
N. Y.
1,141,658
1,428,287
Binghamton.
69,040,313
42,168,057
Buffalo
1,184,316
840,529
Elmira
934,927
1,171,450
Jamestown._
New York_ _ _ _ 8,179,838,367 8,751,040,597
8.751,042
14,652,550
Rochester
3,981,289
6,657,382
Syracuse
4,497.952
3,570,964
-Stamford
Conn.
509,802
771,562
N.J.-Montclair
46,427,751
30.776,792
Northern N. J_
Third Federal Reserve Di,t rlct-Fhliad elphia
1,332,452
1,573,092 Pa.-Altoona_---15.3
3,881,434
Bethelhem_ _
5,334,517 -27.2
1,252,241 Chester
942,696
-24.8
Lancaster
1,806.849 +1.7
1,837,720
430,000,000 572,000,000 -34.9
2,762,102
3,681,971 --23.6
Reading
Scranton_
4,038,640
5,902,782 -31.8
Wilke.,
-Barre..
2,336,347
3,497,412 --18.5
York
1,775,393
2,087,452 -15.0
N.J.
-Trenton
2,719,000
4,847,550 --43.9
1930.
1929.
Inc. or
Dec.
Seventh Feder al Reserve D istrict.-Chi cago.Mich.-Adrlan
142,135
243,595 -41.6
564.574
766,960 -26.4
Ann Arbor_ __ _
172,161,316 240.858,158 -28.5
Detroit
4,949,303
6,667,744 -36.8
Grand Rapids_
3,571,243 -19.2
2,926,589
Lansing
2,442,946
Ind.
4,022,609 -39.2
-Ft. Wayne
24,321,000 -23.4
Indianapolis__ _
18,629,000
2.518,310 -17.7
2,101,678
South Bend..4,247,734
5,052,213 -15.9
Terre Haute_ _
25,398,025
33,315,543 -33.8
Wis.-Milwaukee
2,576,077
Iowa-Ced. Rap.
2,976,360 -13.4
6,805,859
8,887,285 -23.4
Dee Moines._ 4,898,283
6,280,117 -22.0
Sioux City_ _ _
987,437
1,423,623 -30.8
Waterloo
1,895,288
111- Bloomington
1,510,125 +25.5
549,219,283 669,516,835 -18.0
Chicago
1,107,405
1,162,733 -14.8
Decatur
5,187,791 -39.6
Peoria
3,659,165
3,534,924 -29.7
Rockford
2,495,056
2,340.901 -25.6
2.960,559
Springfield_
1,532,371
4,123,402
1,253,139
*1 600A00
481,000,000
5,119,059
5,252,437
3,710,346
1,662,266
6,000,101
1,661,697
4,813,816
1,286,823
1,697.368
489,000,000
3,896,174
4,856,957
3,560,297
1,732,896
8,090,705
801,963,860 -24.9
491,253,121
518,596.733
Fourth Feder al Reserve D istrIct-Clev eland
Ohio-Akron____
4,355,000
8,389,000 -48.1
3,728,194
Canton
7,329,874 -49.1
62,782,000
Cincinnati....
76,765,209 18.2
Cleveland
121,677,588 191,971,637 -24.9
Columbus
15,731,200
18,912,400 -17.8
1,973.806
Mansfield
2,140,830 7.8
Youngstown
4,118,334
6,217,148 33.8
-Pittsburgh. 169,993,928 202,456,038 Pa.
16.1
8,096,000
4.201,222
67,470,226
130,534,903
13,920,300
1.984,708
5,418,260
186.244,814
7,190,000
3.848,911
69,106,839
129,312,597
10,580,400
1,735.945
6,013,704
184,586,214
484,182,136 -20.6
397,848,433
398,174,610
Fifth Federal Reserve Dist act-Mehra ondW.Va.-Hunt
980,626
•g'n
972,491 +0.8
Va.-Norfolk....
4,206,000
4,166.977 +1.0
Richmond
38,680,864
37,735,000 +2.5
S.C.-Charleston
1,580,401
1,715,000 17.9
Md.-Baltimore_
81,034,256
95,07i,909 14.8
D.C.-Washing'n
21,202,823
25,793,699 -17.8
1,166,810
4,134,853
38,131,000
1,437,588
72.517,382
22,928.079
1,080,284
4,852,519
43,076,000
2,167,870
105,256,169
22,170,717
165,455,076 -10.8
140,315,512
178,603,559
Sixth Federal Reserve Dist Act-Atlant a-Knoxville
2,174.321
Tenn.
2,330,473 -6.7
Nashville
19,098,972
19,634,932 --3.9
34,834,185
Ga.-Atlanta.48,641,730 -28.2
1,214,840
, Augusta
1,687,519 -38.1
1,249,499
r Macon
1,409,459 -21.4
Fla.-Jack'nville.
9,854,723
13,308,026 -25.9
Miami
1.126,000
1,656,000 -32.8
Ala.-131rmIng'm.
15.089.263
20,060.593 --24.8
Mobile
1.297.757
1,844,886 --29.7
1,422,000
-Jackson
Miss.
1,682.000 -15.5
138,911
Vicksburg
194,260 -38.5
36,004,344
La.-NeW Orleans
43,445,133 -17.1
2,235,000
17,756,173
41,859.241
1,598,308
1,713,798
13,203,951
1,640,000
21.384,708
1,493,729
1,590,000
285.287
43.634,526
2,750,000
21,691,695
39.790,498
1.495,088
1,722,430
15,164.991
2,737,000
21.719.758
1,247.463
1,471,032
288.368
47,138.372
148,394,717
Total(8 Mks).
Total(6 cities).
Total(12 cities)
452,123,784
384.360,050
147.684.770
123,304,815
155,895,011 21.9
1927.
190,515
635,439
163,297,742
7,742,117
2,501,689
2,426,012
20.959,000
2,231,600
4.436,208
36,418,235
2,471,932
8,354,852
5,448,617
911,274
1,378,933
617,928,351
1,241,528
4,224,312
2,748,938
2,376,840
810,167,670 1,024,153,069 -20.8
939,860,128
887,922,134
Eighth Federa Reserve Ms trict.-Sr. L ouls.Ind -Evansville.
4,802,431 -26.1
3,551,952
Mo.-St.Louis.. 101,600.000 121,400.000 -17.3
Ky.-Louisville _
33,364,242
33,233,201
+0.4
Owensboro._ _ _
309,246
362,826 -14.8
Tenn.- Memphis
14,493,418
15,702,707 -7.7
-Little Rock
Ark.
10,997,370
12,250,531 -20.4
III.- Jacksonville
241,538
356,674 -32.3
1,079,677
1,276,837 -15.4
Quincy
4,922,649
132,100,000
28,716,906
344,220
14,293,053
11,529,263
297,268
1,288,560
5,402,056
131,600,000
31,103.116
319,787
14,884,768
10,787,274
349,587
1,257,259
193,491.919
195,703,845
5,864,475
75,965,497
26.821,038
1,730.047
1,313,607
504,409
3,374,000
5,880,793
63,715,411
29,867,520
1,747.744
1,128.555
485,217
3,454,000
99,469,896
137,132,973 -27.5
115,573,071
108,277,240
Tenth Federal Reserve Dis trier-Kens as City
293,446
277,100 +5.9
Neb.-Fremont
450,485
484,181 -7.0
Hastings
2,891,649
3,338.315 -13.4
Lincoln
39,539,383
47,633,755 -17.0
Omaha
3,687,953
Kan.
4,664,899 -21.0
-Topeka..
11,471,625 -33.8
7,602,310
Wichita
Mo.-Kan. City. 128,753,084 178,959,347 -28.1
7,809,651 -31.3
5,364,003
St. Joseph.._ _
974,463
1,324,193 -26.5
Colo.
-Col. SPgs.
a
a
a
Denver
1,559,836 -17.5
1,286,246
Pueblo
388,119
462,211
3,470,363
41,039,487
3,418,858
12,066,315
153,198,156
6,559,984
1,239,759
a
1,263,443
345,062
756,485
4,613,475
39,080.462
2,892,474
8A25,793
140,007,016
6,140.975
1,258,423
a
1,294.750
Total(7 eltics)_
257,522,902 -26.8
223,104,695
205,014,815
Eleventh Fede rat Reserve District-Da Has
1,443,854 -13.6
1,249,248
-Austin...
Texas
46,424,207 -36.8
29,358.736
Dallas
16,432,849 -44.1
9,184,032
Fort Worth._
4,366,000 -54.3
1,995,000
Galveston
4,157,821 -48.1
3,532,025
La.-Shreveport..1
844,773
38,626.739
13,664,969
3,628,000
4,344,808
1,025.763
38,904,879
9,640,446
6,221,000
4,366,077
72,824,731 -37.8
59,109,289
60.158,185
Total(10 cities)
Total(5 cities).
190,848,022
45,319,041
Twelfth Feder al Reserve D istriet-San Franc! sop-49,244,195 -27.9
42,805,357
Wash -Seattle._1 35,515,782
11,664,000 -14.5
11,499,000
9,979,000
Spokane
1,001,852
1,150,459 -40.3
686,554
Yakima
33,707,534
37,606,103 -19.0
30,505,403
-Portland..
Ore.
17,924,018 -18.3
14,643.919
14,626,075
Utah-S.L. City.
3.367,063
3,333,163 -50.2
1,660,480
-FresnoCalif.
8,465,256 -21.9
6,614,397
8,056,477
Long Beach...
No longer r eporlac learings.
Los Angeles
16,081,722 -21.8
12,950,219
16,497.460
Oakland
5,343,771 -2.3
5,272,521
5,099.640
Pasadena
6,382,136 +11.3
6,407.968
5,884,836
Sacramento_ _ _
4,824,546 -9.2
4,808,067
San Diego....4,380,165
San Francisco_ 160,826,840 191,001,365 -15.8 171,551,000
2,426,732
2,985,279 -18.7
2,769,026
San Jose
1,738,498
1,406,044
1,885,625 +3.0
Santa Barbara_
2,121,339 -8.3
1,944,071
2,184,342
Santa Monica.
2,961,800 -33.8
1,959,600
2,302,300
Stockton
157,214,695
Total(10 cities)
1928.
188,840
607,339
207,963,049
7,740,314
3,315,606
2,849,522
19,332,000
2,746,800
4,252,823
37,891,016
2.512,927
8,010,578
6,280,094
1,159,496
1,347,294
622,853,226
1,097,406
4.522,434
3,055,072
2,356,292
546,809,2
07
5,853,819.143
518,596,733
398,174,610
178,603,559
157,214,695
887.922,134
195,703,845
Total(8 cities). 165,637,443 189,385,207 -12.5
106,277,240
255,014,815
Ninth Federal Reserve DU trice -Minn eapolis
60,158,165
-Duluth..
4,470,590
12.759,728 -64.9
306,987,841 Minn.
67,531,401
91,822,466 -26.4
Minneapolis_
21,135,911
25,127.814 -15.9
Bt. Paul
9,415,282,087
N. D.
1,788,330
1,898,432 -5.9
-Fargo.
3, 0653
872,
63 S.D.-Aberdeen_
1,089,002 -10.8
972,668
..... ........ ....e.
486,395
Mont -Billings 579,302 -16.1
3,856,229 -20.0
3,086,601
Helena
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1930.
Week Ended July 26.
Clearings at
Total(20 cities)
bse.or
Dec.
739
38,396,710
10,816,000
889,326
31,271,090
13,693,710
2,773,040
6,354,262
15,410,921
5,213,015
5,552,849
4,365,638
163,811,000
2,433,297
1,303,681
2.057.902
2,643,400
Total(16 cities) 297.510,149 352,714,777 -26.7 327,566,075 306,987,841
Grand total (125
9 493,097,944 12909,462,621 -26.4 9,168,442,692 9,415,282,087
Cities)
Otuside N. E.- 3,313,459,577 4,158,422,024 -20.4 3,612,718,037 3,672,065,163
Week Ended July 24.
rifle's al
1930.
S
Canada108,336,535
Montreal
97,898,777
Toronto
48,736,240
Winnipeg
19,704,580
Vancouver
6,857,912
Ottawa
6,509.584
Quebec
2,961,334
Halifax
5,332.848
Hamilton
,
6,429,371
Calgary
2,350.516
St. John
2,622,021
Victoria
2,998,827
Loudon
5,412,703
Edmonton
3,730,445
Regina
527.211
Brandon
522,521
Lethbridge
2,688,672
Saskatoon
1,055,039
Moose Jaw
973,273
Brantford
1,170,242
Fort William.809.590
New Westminster
319,120
Medicine Hat
1,249,736
Peterborough....
824.084
Sherbrooke
1,020,086
Kitchener
3,703,995
Windsor
413,277
Prince Albert....
1,098,050
Moncton
892,484
Kingston
472,671
Chatham
709,955
Sarnia
Total(31 cities)
336.331.699
1929.
S
153,523,553
121,127,823
72,692,719
21,934,020
7,720,730
6.685,716
3,337,102
6,320,541
10,286,037
3,102,236
2,808,230
3,207,175
6,009,289
5,873,050
761.087
673,548
2,528,463
1,326,217
1,448,93
1,225,54
990,266
417,18
1.012,39
1,043,379
1,224,487
5,068,093
591,772
1,064,260
850,287
605,414
904,288
Ine.or
Dec.
1928.
1927.
%
-30.7
-19.2
-33.0
-10.2
-22.3
-2.6
-11.3
-15.8
-37.8
-24.2
-6.8
-6.5
-8.9
-36.5
-30.7
-22.4
+6.3
-20.5
-43.8
-4.4
-18.2
-23.5
+23.4
-21.0
-16.7
-26.9
-30.2
+3.2
+5.0
-21.9
-21.5
$
131,149,315
124,540,688
77,857,085
21,219,662
6,521,803
5,894,380
3,774,210
5,890,541
10,031.571
2,673,001
2,708,655
2,957,440
6,627,087
5,355,055
863.867
618,569
2,290,184
1,143.640
1,240,752
1,238,614
718,397
390,237
906,981
919,531
1,098.385
4,955,128
409,392
1,132,232
771,756
596,298
805,999
$
99,600.366
94,607,144
43,839,741
16,493,623
5,502,472
5,030,425
2,740,086
4,906.712
7.850.022
2,357,761
1,980,944
2.657,885
4,640,503
3,822,501
608.244
454,337
1.909,965
1.224,278
1,025,157
1,051,287
787,268
225,705
743,527
819,736
1,018,073
4,474,176
381,313
847,130
828,611
818,406
603,148
446,381,840 -35.7
420,868,515
313,650,555
•Estimated. a No longer reports weekly clearings.
740
FINANCIAL CHRONICLE
-Completed Returns
Public Debt of the United States
Showing Net Debt as of May 31 1930.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued May 31 1930,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1929:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 31 1930. May 31 1929.
Balance end of month by daily statement. $zo
-Excess or deficiency of receipts over
Add or Deduct
or under disbursements on belated items
104,609,501
138,227,607
Total
Balance, deficit(-) or surplus(+)
+4,637,391
101,873,901
Deduct outstanding obligations:.
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
-2,735,600
142,864,998
28,737,082
72,742,874
5,213,535
1,482,521
29,476,589
84,347,590
5,746,985
1,365,342
108,176,012
120,933,506
-6,302,111
+21,931,492
[VoL. 131.
By Adrian H. Muller & Son, New York:
Per Cent,
Shares. Stocks.
BondsS per Sit.
50 Santa CecelLa Sugar Corp. 7%
with overdue coupons attached;
pref.; 25 Everett Heaney & Co.,
$2,000 Park Lane Properties, 1st
Inc
650, Sept. 1 1933, with overdue
$11 lot
100 Western Oil& Gas Co.,no par_ $15lot
coupons attached; $1,000 N. Y.
4,650 Transportation Indemnity
Life Bldg. 1st 6545. Sept. 15 1934,
Co. of N.Y
with overdue coup. attached.$5,000 lot
17
6,164 Transportation Insurance Co.
$1,000 N. Y. Life Bldg. 1st 6555,
of N. Y
17
Sept. 15 1932, with overdue
250 L. D. Robins & Co., Inc., pref. 40
coupons attached; $2,000 N. Y.
50 L.D.Robins & Co., Inc., pref._ 14c
Life Bldg.1st 655s, Sept. 15 1934,
10 Pacific, Mail B.S. Co., corn., par
with overdue coupons attached;
$5
$50 lot ELM N. Y. Life Bldg. 1st 6518,
BondsPer Cent. due Sept. 15 1936, with overdue
$4,000 Montague Court Bldg. 1st
coupons attached; $1,000 Mon6.55s, due July 151935, with overtague Court Bldg. 1st 6315. July
due coupons attached;$2,000 Mel15 1935, with overdue coupons
rose Bldg. 1st 655s, July 151936,
attached
$2,000 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per $h.
10 First National Bank, par 520-101
32 Cheney Bigelow Wire Works,
34 Federal Nat. Bank, par $20---- 98
preferred, par $50
41
10 Mass. Bond.& Ins. Co., par $25A05
58 Federal Nat. Bank, par $20.... 98
36 units First Peoples Trust
1 Federal Nat. Bank, par $20
98
2431
Merchants Nat. Bank
5 Bangor Hydro-Electric Co., 7%
515
7
preferred
15 Federal Nat. Bank, par $20_
98
11834
94 6 Milton Bradley & Co.,8% pf..10455&div
50 U. S. Trust Co., par $25
100 United Elastic Corp
5 Medford (Mass.) Trust Co., par
2335-30
23 Dennison Mfg. Co., deb__123 ex-div
$20
65
29 Mass. Bond.& Ins. Co., par $25A05
20 Medford (Mass.) Trust Co., par
1 Boston Insurance Co
520
65
665
8034 83. R. Whippe Corp., pref
12 Bates Mfg. Co
7
20 Naumkeag Steam Cotton Co_ -85-88 53. R. Whipple Corp., corn
500
50 Boston Woven Hose & Rubber
10 New Bedford Cordage Co.,corn.,
Co., common
par $10
19
75
1255
21 Pepperell Mfg. Co
8231-8351 30 Thompsons Spa, Inc., corn
Bonds.
Per Cent.
30 West Boylston Mfg. Co., pref.- 30
$8,000 Jacksonville Trac. Co. 55,
200 Union Lockstitch Co.; 70
Sept. 1935, ref
Southern Talc Mines;75 Connect$135 lot
$1,000 Maverick Mills, 1st mtge. 7s,
icut Mills, corn. A, par $10;
April 15 1943
87 & int
6 Package Confectionerty Co.,
common
s731 lot $2,500 G B Theatres Corp. 655s,
March 1956, ser. A with warr_94 az int
50 Massachusetts Bonding & Ins.
Co., par 825
$1.000 Shawmut Bank Investment
104
5 Central Maine Power Co., 7%
Trust 431s, March 1942. _8174 & int
preferred
10655 flat 5 demand notes for $5,000, respect,
ively, dated Oct. 26 1926, drawn
54 units Thorapsons Spa, Inc..--8055-98
5,000 units United Royalty Co_ __ _ 15
by the Ravine House Co., Inc.$100 lot
-BEARING _DEBT OUTSTANDING.
INTEREST
Interest May 311930. May 31 1929.
payable.
$
$
ntle of LoanQ.
-J. 599,724,050
599,724,050
28 Consols of 1930
Q.
-F.
48,954,180
48.954,180
25 of 1916-1936
25,947.400
25,947,400
2,of 1918-1938
Q -F.
Q.
-M.
49.800,000
49,800,000
38 of 1961
Q.
-J.
28,894,500
28,894,500
35 conversion bonds of 1946-1947
.1.-..t. 1,884,689,000 1,796,028,700
Certificates of indebtedness
3-J 1,392,256,250 1,397,685,200
334s First Liberty Loan, 1932,1947
48 First Liberty Loan converted, 1932
-1947
J.
-D.
5,005,450
5,155,450
4545 First Liberty Loan. converted. 1932-1947 J.
-D. 532,798,500
532,816,600
3,492,150
4540 First Liberty Loan, 26 cony., 1932
-1947„J.
-D.
3,492,150
431s Fourth Liberty Loan of 1933-1938
A -O. 6,268,251,550 6,283,889,450
758,984,300
758,984,300
4548 Treasury bonds of 1947-1952
1,036,834,500 1,036,834,500
45 Treasury bonds of 1944-1954
489,087,100
3348 Treasury bonds of 1946-1956
489,087,100
493,037,750
493,037,750
335s Treasury bonds of 1943-1947
359,042.950
335s Treasury bonds of 1940-1943
359,042,950
By Wise, Hobbs & Arnold, Boston:
19,048,570
45 War Savings and Thrift Stamps
$ per Sit.
$ per Sh. Shares. Stocks.
16,887,180 Shares. Stocks.
19,224,720
255s Postal Savings bonds
Associated Textile Cos. as follows:
3755 Kidder Participations, Inc.,
534e to 531s Treasury bonds
• 2,490,672,500 2,940,392,500
10 at 35; 10 at 35; 10 at 35; 10 at
20
No. 2, common
Treasury bills, series maturing Aug.IS 1930
c104,600,000
35; 10 at 35; Sat 3655.
30 Kidder, Peabody Acceptance
Treasury bills, series maturing July 14 1930
c51,316.000
95
63 Federal Nat Bank, par $20
Corp., Pref., class B
98
20 Fall River Gas Works, par
Aggregate of interest-bearing debt
16,142,612,850 16,885,702,530 17 Berkshire Fine Spinning Associates, common
12
53 ox-div
$25
239,529,949
Bearing no interest
230,944,870
21 Bangor Hydro-Electric Co.,
41,889,715 7 Berkshire Fine Spinning AssoMatured, interest ceased
25,842,165
ciates, preferred
59
common, par $25
61 ex-div
88
48 Massachusetts Utilities Assoca16,599,399,885 17,167,122,194 4 Naumkeag Steam Cotton Co
Total debt
50c
elates, pref., par $50
36
Deduct Treasury surplus or add Treasury deficit.... -6,302,111 +21,931,492 30 Lyman Mills
57 Everett Mills
85c 142 Kinney Mfg. Co., pref
18
154 15 American Glue Co., common... 8231
Net debt
516,405,701,996 17,145,190,702 117 Boston Mfg. Co., pref
12 Boston Woven Hose 6: Rubber
Bonds.
Per Cent.
Co., common
7534 $2,000 Shawmut Bank Investment
a The total gross debt May 31 1930 on the basis of daily Treasury statements
Trust 55, March 1952___8034 & int.
was $16,399,460,495.51 and the net amount of public debt redemption and receipts 25 Great Northern Paper Co., par
$25
4634 $7,000 Northern Texas Traction
In transit, dm., was $60,610.75
50 Kidder Participations, Inc., No.
90 & int.
1st 5s, Jan. 1933
2, preferred
S No reduction is made on account of obligations of foreign governments or other
80
investments.
By Barnes & Lofland, Philadelphia:
c Maturity value.
$ per Sh.
Shares. Stocks.
$ per Sit. Shares. Stocks.
100 North Broad Nat.Bk.,par $10. 11
10 Phila. Life Ins. Co., Par $10- _ 16
$1 lot
30 Phila. Nat. Bank, par $20
125
8 Union Bank
8 Mitten Men & Management Bank
161
20 Girard Trust Co
Per Cent.
Bonds.
& Trust Co., par 350
3054
100 Adelphia Bk.& Tr. Co.,Par $10 8
32,000 United Electric Coal Cos.,
10 Adelphia Bk.& Tr. Co., par $10. 855
Inc., 1st M.75, Dec.1 1946(guar.
100 Aldine Trust Co., par $10
by Old Dominion Corp.; fully
11
National Banks.
-The following information regarding 10 Integrity Trust Co., par $10_ 10531 registered)
10
$15,000 Dept. of Santander, Colomnational banks is from the office of the Comptroller of the 10 Real Estate Land Title & Trust
bia, ext. sec. s. 1. 75, series A,
41
Co., Dar $10
Currency, Treasury Department:
25 Germantown Trust Co., par $10.. 56
Oct. 1 1948
7134
104 Girard Life Ins. Co., par $10
1754
CHARTERS ISSUED.
Capital.
By A. J. Wright & Co., Buffalo:
$75,000 Shares. Stocks.
-The Citizens National Bank of Greeneville, Tenn
July 25
$ per Sh. Shares. Stocks.
Spec M.
President, J. H. Rader; Cashier, E. L. Chase.
100 Thermiodyne Radio Corp.,
500 Creighton Fairbanks Mines,
Conversion of the Citizens Savings Bank, Greenville,
temporary certificates, no par_50c. lot
Ltd., par 51
$1 lot
Tenn.
1,000 Castle Trethewey Mines, par
1,000 Peterson Cobalt Mines, par
VOLUNTARY LIQUIDATIONS.
18e. eh. $1
$1
10c. sh.
200,000
July 22
-The Howard National Bank of Kokomo,Ind
Effective July 15 1930. Liquidating agent, Geo. L.
Davis, Kokomo, Ind.
DIVIDENDS.
Absorbed by no Citizens National Bank of Kokomo,
Dividends are grouped in two separate tables. In the
Ind., No 1121.
50,000
July 22
of Albia, Iowa
-The First National Bank
first we bring together all the dividends announced the
Effective June 18 1930. Liquidating agent, J. J.
current week. Then we follow with a second table, in
Cairns Albia, Iowa.
Iowa.
Succeeded by First Iowa State Bank of Albia,
we show the dividends previously announced, but
300,000 which
July 23
-The National Union Bank of Rock Hill, S. C
which have not yet been paid.
Effective July 1 1930. Liquidating agent, Central
Union Bank of South Carolina, Rock Hill, S. C.
The dividends announced this week are:
Succeeded by the Centrzl Union Bank of South Carolina,
with offices at Columbia, S. C., and Rock Hill, S. C.
150,000
Per
When
July 24
-The Second National Bank of Freeport, Ill
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Effective Feb. 1 1930. Liquidating agent, 0. S.
Hitchner, Freeport, Ill.
Railroads (Steam).
Absorbed by the First National Bank of Freeport.
Ill., No. 2875.
Buffalo Rochester & Pittsburgh, corn. No acr Ion take
50,000
Preferred
-The First National Bank of Mobridge, S. Dak
Aug. 15 Holders of rec. Aug. 11
July 25
3
Cleve. de Pittsburgh,guaranteed (quar.)_ 8735c Sept. 2 Holders of rec. Aug. 9a
Effective July 22 1930. Liquidating agent, F. W.
Special guaranteed (quar.)
Schirber, Mobridge, S. Dak.
50c Sept. 2 Holders of rec. Aug. 9a
3
Connecticut & Passumpslo Rivers
Aug. 1 Holders or rec. July 1
Succeeded by First National Bank in Mobridge, S.
Illinois Central common (quar.)
*134 Sept. 2 *Holders of rec. Aug. 8
Dak., No. 13467.
r3
200,000
Preferred
-The Exchange National Bank of Shreveport. La
July 25
Sept. 2 *Holders of rec. Aug. 8
Maine Central common (quar.)
154 Oct. 1 Holders of rec. Sept. 15
Effective July 12 1930. Liquidating committee; E. R.
Preferred (quar.)
154 Sept. 2 Holders of rec. Aug. 15
Bernstein, S. L. Herold, Minor Meriwether, F. H.
Odell and J. Y. Snyder, care of the liquidating bank.
Massawippi Valley
3
Aug. 1 Holders of rec. July 1
N.Y.Chic.4;St. Louis, corn.& pfd.(qu)
Absorbed by: First National Bank of :ftreveport, La..
Oct. 1 *Holders of rec. Aug. 15
No. 3595; the Commercial National Bank of Shreveport, La., No. 3600; the American National Bank of
Public Utilities.
Amer.Electrio Power $7 pref.(quar.)
Shreveport, La., No. 8440; City Savings Bank &
'$1.75 Sept.15 Holders of rec. Aug. 29
$6 preferred (guar-)
Trust Co. of Shreveport and the Continental Bank
$1.50 Sept. 1 Holders of rec. Aug. 20
& Trust Co. of Shreveport, La.
Amer. Gas az Power, 1st pref. (quar.)_ - 411.50 Aug. 15 *Holders of rec. Aug. 1
Birmingham CM CO., 1st pref.(quarJ
$1.50 Aug. 1 Holders of rec. July 15
CONSOLIDATIONS.
Canada Northern Power common (qu.). 150. Oct. 25 Holders of reo. Sept. 30
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
-The First National Bank of Clintonville. Win
60,000
July 26
The Clintonville State Bank; Clintonville, Win
70,000 Canadian Hydro Elec., pref.(quar.)_ 151 Sept. 1 Holders of rec. Aug. 1
and
•1% Aug. 1 *Holders of reo. July 15
Central Power dz Light pref.(quar.)
Consolidated under Act of Nov. 7 1918 as amended
Chester Water Service $535 Pref.(qu.) $1.375 Aug. 15 Holders of rec. Aug.
Feb. 25 1927, under the charter and corporate title
5
Clear Springs Wat.Serv.$6 pref.(qu.)
$1.50 Aug. 15 Holders of rec. Aug. 5
of "The First National Bank of Clintonville," No.
Community Water Serv. 1st pref.(qu.). $1.76 Sept. 2 Holders of reo. Aug. 20
6273, with capital stock of $100,000.
Consolidated Gas of N. Y., corn.(quar.) *41
Sept.15 •Holders of rec. Aug. 15
Consol. Gas Utilities class A (guar.)
550. Sept. 2 Holders of reo. Aug. 15
Cumberland
& Lt.
155 Aug. 1
of
July 19
Auction Sales.
-Among other securities, the following, Derby Gas &Co.Pow.pref. pref.(a10-•81.75 Aug. 1 Holders of rec. July 25
Elec. $7
Holders
rec.
(guar.)
$6.59 preferred
$1.625 Aug. 1 Holders of rec. July 25
not actually dealt in at the Stock Exchange, were sold at auction East Kootenay (guar.)
Power pref.(guar.)
135 Sept.15 Holders
MO. Aug.
in New York, Boston, Philadelphia and Buffalo on Wednes- Intercontinents Power, corn. A (quar.)-- 500. Sept. 1 Holders of reo. Aug. 30
of
1
Interstate Railways, com.-Dividend Pa seed
of this week:
goltorcercialand P,
day
cellantonsBturs
AUG. 2 1930.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Cloaca
Days Inclusive.
Public Utilities (Concluded).
Lexington Water Co, pref.(guar.)
1$' Sept. 2 Holders of rec. Aug. 20
National Water works, corn. A (guar.).250. Aug. 15 Holders of reo. Aug. 5
Preferred,series A (guar.)
87)4c Aug. 15 Holders of rec. Aug. 5
Preferred, series D (guar.)
87%c Aug. 15 Holders of rec. Aug. 5
New Rochelle Water Co., pref.(quar.)
1% Sept. 2 Holders of rec. Aug. 20
Northern Ontario Power, corn.(guar.)
50c. Oct. 25 Holders of reo. Sept.30
Preferred (guar.)
1)4 Oct. 25 Holders of reo. Sept.30
Ohio Water Service, pref. (guar.)
1% Aug. 15 Holders of rec. Aug. 5
Peninsular Telep., 7% pref. (guar.)
4
.1% Aug. 15 *Holders of rec. Aug. 5
Pennsylvania Gas & El. Corp., A (qu.).. *37)4c Sept. 1 *Holders of reo. Aug. 20
$7 preferred ((mar.)
"31.75 Oct. 1 *Holders of rec. Sept. 20
7% preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept. 20
Pennsylvania Water Service, pref.(qu.)- $1.50 Aug. 15 Holders of rec.
Pittsb. Suburban Water Serv., pf.(go.)- 51.375 Aug. 15 Holders of rec. Aug. 5
Aug.
Power Corp. of Canada, 1st pref.(quar.) 1)4 Oct.• 15 Holders of rec. Sept. 5
30
Second preferred (guar.)
75c. Oct. 15 Holders of rec. Sept.30
Scranton-Spring Brook Water Service
$5 preferred (guar.)
$1.25 Aug. 15 Holders of rec. Aug. 50
$6 preferred (guar.)
$1.50 Aug. 15 Holders of reo. Aug
0
Southern Calif. Edison, pref. A (quar.)
43%c Sept.15 Holders of rec. Aug. 5
Preferred B (guar.)
37%c Sept.15 Holders of rec. Aug. 20
20
Southern Canada Power, pref. (guar./- 1% Oct. 15 Holders of rec. Sept. 20
Standard Pow.& Lt., cl. A & B (guar.). .500. Sept. 2 *Holders of reo. Aug. 12
Western Pr., Lt. & Telep., cl. A (extra)- *250. Aug. 1 "Holders of rec. Aug. 1
York Railways, pref. (quar.)
62 Mc July 3 Holders of reo. July 210
Name of Company.
741
Per
When
Cent. Payable.
BOOke Closed
Days Inclusive.
Miscellaneous (Concluded).
Mock, Judson & Voehringer (quar.)_
25c. Aug. 15 Holders of rec. Aug. 1
Montreal Loan & Mortgage (guar.)_- 75c. Sept.15 Holden of rec. Aug. 31
Morison Electrical Supply, corn. (guar.) "25c. Aug. 31 *Holders of rec. Aug. 15
Common (payable in common stock).
Aug. 31 *Holders of rec. Aug. 15
National Baking, pref. (guar.)
*14 Sept. 1 *Holders of rec. Aug. 9
National Lead, corn. (guar.)
'1% Sept.30 *Holders of rec. Sept.12
Preferred A (guar.)
1 1% Sept.15 *Holders of reo. Aug. 29
.
Preferred B (guar.)
*1% Nov. 1 *Holders of rut. Oct. 17
New England Equity (mar.)
6214c. Aug. 1 Holders of rec. July 15
011royalty Investment, pref.(monthly)- *10o. Aug. 15 *Holders of rec. July 31
Otis Company. corn. (guar.)
$1
Aug. 15 Holders of rec. Aug. 1
Parker Rust Proof Co., corn. (guar.)
-•6234c Aug. 20 *Holders of rec. Aug. 11
Common (payable in corn. stock)
*
110 Aug. 20 'Holders of rec. Aug. 11
Ponder (D.) Grocery Co., class A (quar.) 8714c. Sept. 1 Holders of rec. Aug. 20
Petroleum Royalties, pref. (monthlY)-*lc. Aug. I *Holders of rec. July 25
Preferred (extra)
"Mc. Aug. 1 'Holders of rec. July 25
Pillsbury Flour Mills (guar.)
500. Sept. 1 Holders of roe. Aug. 15
Purity Bakeries, corn. (guar.)
Sept. 1 *Holders of rec. Aug. 15
91
Reynolds Metals (guar.)
50c. Sept. 1 Holders of rec. Aug. lba
Rich's, Inc. (guar.)
*30c. Aug. 1 *Holders of rec. Aug. 1
Rich Ice Cream Co., corn. (guar.)
*60c. Aug. 1 *Holders of rec. July 15
Common (guar.)
.
1600. Nov. 1 *Holders of rec. Oct. 15
Savage Arms, corn. (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Second preferred (guar.)
*134 Nov.15 *Holders of rec. Nov. 1
Schlesinger (B. F.) dr Sons, pref. (guar.) *134 Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
*1% Jan 1'31 *Holders of rec. Dec. 15
Fire Insurance.
Schumacher Wall Paper panic.Pt. MIL/- *50c. Aug. 15 *Holders of rec. Aug. 5
Bronx Fire (guar)
"21.25 Aug. 1 *Holders of no. July 31
Sherwin-Williams Co.common (guar.)-- 51
Aug. 15 Holders of rec. July 31
Employers Reinsurance (guar.)
37)4c. Aug. 1 Holders of rec. Jory 31
Common (extra)
1214c Aug. 15 Holders of rec. July 31
Globe & Rutgers (guar.)
•27 Aug. 1 *Holders of ma July 22
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Merchants Fire Assurance (guar.)
*50c. Aug. 1 *Holders of reo. July 28
Smith (A. 0.) Corp. common (quar.)
50c. Aug. 15 Holders of rec. Aug. 1
4,1% Aug. 1 *Holders
Preferred (guar.)
of rec. July 28
Preferred (guar.)
1% Aug. 15 Holders of rec. Aug. 1
Stuyvesant (guar.)(No. 1)
*50c Aug. 1 'Holders of rec. July 31
Southern Surety-Dividend deferred.
Southington Hardware (guar.)
*3734c Aug. 1 *Holders of rec. July 22
Miscellaneous.
Extra
.
11234c Aug. 1 *Holders of rec. July 22
Acme Farmers Hy., pref
*53.50 Aug. 10 'Holders of rec. July 31
Standard Oil (Calif.) (guar.)
6214c Sept.15 Holders of rec. Aug. 15
Agnew Surpass Shoe Sta., pref.(qu.)
1% Oct. 1 Holders of rco. Sept.15
Standard 011(N. J.)(guar.)
*25c. Sept.15 *Holders of rec. Aug. 16
Alaska Packers Assn.,corn.(qu.)
2 Aug. 9 Holders of rec. July 31
Extra
*25c. Sept.15 Holders of rec. Aug. 16
American Book (guar.)
*1% July 19 *Holders of rec. July 15
Standard 011 of N. Y.(guar.)
* 40c. Sept.15 *Holders of reo. Aug. 15
Amer.& General Securities, $3 pref.(qu) 750. Sept. 2 Holders of rec. Aug. 15
Standard Paving & Marcrials pref.(qu.) *1% Aug. 1 'Holders of rec. July 31
Amer. Hard Rubber, corn.(guar.)
*1 Aug. 15 *Holders of rec.
Stand. Royalties Wetumka, pref.(mthly)
lo. Aug. 1 Holders of roe. July 31
'37)4c Sept. 2 *Holders of rec. July 31
American Metals, corn. (guar.)
Aug. 21
Stand. Royalties Wewoka, pref.(mthly.)
lc. Aug. I Holders of rec. July 31
'1)4 Sept. 2 *Holders of rec. Aug. 21
Preferred (guar.)
Stand. Royalties Wichita. pref.(mthly.)
lo. Aug. 1 Holders of rec. July 31
Amer. Multigraph (guar.)
*62)4o Sept. 1 *Holders of rec. Aug.
Steel & Tubes, inc., class B (guar.)----* 31.125 Aug.
Holders of rec. July 26
-monthly)__
American News, Inc., (hi
•500. Sept.15 *Holders of reo. Sept.16
5
Storkline Furniture pref. (guar.)
*50c. Aug.
*Holders of rec. July 19
Amer. Radiator dZ Standard Sanitary
Stover Mfg.& Engine pref.-Dividend I) awed.
37)40 Sept.30 Holders of reo. Sept.11
Corp., common (guar.)
Studebaker Corp., corn. (guar.)
*750. Sept. *Holders of reo. Aug. 9
Preferred (guar.)
I% Sept. 1 Holders of reo. Aug. 15
•1% Sept. *Holders of reo. Aug. 9
Preferred (quar.)
Amer. Tobacco, corn.& corn. B (quar)_ $2 Sept. 2 Holders of rec. Aug. 9
Tanganyika Concessions
Common& common B (extra)
14 Sept. 2 Holders of rec. Aug. 9
Amer. dep, rots. ord.reg.(Maul)
*fa% Aug. 8 *Holders of rec. July 25
Andrews(F.L.)Invest.Tr.corn.-Divid end o miffed.
Taylor & Fenn Co.(guar.)
Aug. 1 *Holders of rec. July 17
$2
*750. Aug. 1 "Holders of rec. July
Preferred (guar.)
Thompson-Starrett Co. pref.(quar.)
87%c Oct. 1 Holders of rec. Sept. 11
Atlantic, Gulf de W.I. SS. Lines, corn_ _ s$1 Aug. 30 *Holders of rec. Aug. 26
11
Unl in Mills common (guar.)
•500. Sept. 3 *Holders of rec. Aug. 15
.750. Aug. 15 *Holders of rec. Aug.
Belden Manufacturing (quar.)
10
Ut ited Amer. Utilities class A lot series.
Bendix Aviation (guar.)
*500. Oct. 1 *Holders of rec. Sept.
10
3234e. cash or 1-50th sh. class A stock_
Sept. 1 Holders of rec. Aug. 9
Bethlehem Steel, corn.(guar.)
"21.50 Nov.15 *Holders of reo. Oct.
17
United Bond dz Mtge. of R.I. prof.(q11.)
•13„( Oct. 1
Aug. I Holders of rec. July 21
Preferred (guar.)
*Holders of rec. Sept. 5
United Insurance Agencies. corn
Aug. 1 *Holders of rec. July 25
Bond & Mortgage Guarantee(quar.)
$1.25 Aug. 15 Holders of
rec. Aug. 5
Aug. 1 *Holders of rec. July 25
Preferred
Corp., pref. (guar.)
Brill
*I% Sept. 1 *Holders of rec. Aug. 18
United States Steel Corp.corn.(guar.)
Sept.29 Holders of rec. Aug. 300
Brooklyn-Lafayette Corp., cl. A(qu.)_ 37)4c Aug. 1 Holders of
rec. July 180
Preferred (guar.)
Aug. 30 Holders of rec. Aug. 40
Bucyrus-Erie Co.,corn.(quar.)
25c. Oct. 1 Holders of rec. Aug.
Veeder-Root, Inc. (guar.)
Aug. 15 *Holders of rec. July 31
Convertible pref. (quar.)
8234c Oct. 1 Holders of era. Aug. 28
28
Warren (S. D.) Co. common (quar.)Aug. 15 Holders of rec. July 31
Bulova Watch,corn.(guar.)
750. Sept. 2 Holders of rec.
Aug. 20
Wayne Pump, pref. (guar.)
Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
8734c Sept. 2 Holders of rec. Aug. 20
Wesson 011 dz Snowdrift, pref.(guar.)
Sept. I Holders of reo. Aug. 15
Bunker Hill dz Sullivan Mining &
Western Grocer common
Aug. 1 *Holders of rec. July 19
Concentrating (monthly)
*25e. Aug. 5 *Holders of reo. Juyl 24
Western Royalty, class A (monthly)._
Aug. 5 *Holders of rec. July 15
Extra
*25c. Aug. 5 *Holders of rec. July 24
Westvaco Chlorine codUCt8 corn.(qu.).
Sept. 1 'Holders of rec. Aug. 15
Burroughs Adding Mach.(guar.)
250. Sept. 5 Holders of reo. Aug.
Wheeling Steel common (guar.)
Sept. 1 *Holders of rec. Aug. 12
Canadian Car & Fdy., pref.(guar.).
43340 Oct. 10 Holders of rec. Sept.
25
Sept.
White (J. GO & Co. pref.(gliar.)
Holders of rec. Aug. 15
Canadian Oil Cos.(guar.)
•250. Aug. 15 *Holders of reo.
Aug. 1
Sept.
White (J. G.) Eng. Corp. pref. (guar.)
Holders of rec. Aug. 15
Preferred (guar.)
•22 Oat. 1 *Holders of reo. Sept.20
Wilcox-Rich Corp. class A (guar.)
Sept.30 *Holders of rec. Sept. 20
Caterpillar Tractor(guar.)
*750. Aug. 3 *Holders of reo.
Aug. 15
Dec. 3 *Holders of rec. Dec. 20
Class A (guar.)
Extra
Aug. 3 *Holders of rec.
Wolverine Portland Cement (quar.)-Aug. 1 Holders of rec. Aug. 5
Childs Company,corn.(quar.)
*600. Sept.10 *Holders of rec. Aug. 15
Aug. 22
Aug.
White (S. S.) Dental Mfg. tom.(guar.).
*Holders of rec. July 23
•1% Sept.10 *Holders of
Preferred (guar.)
rec. Aug. 22
"$1.75 Aug. 1 *Holders of rec.
City Baking, pref.(guar.)
July 28
Below we give the dividends announced in previous weeks
•900. Aug. 3 *Holders of
City Ice & Fuel, cam. (quar.)
*1% Sept. 1 *Holders of rec. Aug. 15
63% preferred (guar.)
and not yet paid. This list does not include dividends anCoca Cola Co.,corn.(guar.)
*$1.50 Oct. 1 *Holders of rec. Aug. 15
nounced this week, these being given in the preceding table.
(Pittsburgh) pref.)____ *750. July 21 *Holders of reo. Sept. 12
Consolidated Ice
re0. July 10
-Dividend o milted
Consumers Co., pref.(5. a.)
*1% Oct. 1 *Holders of
Prior preferred (guar.)
When
Books Closed
Per
re0. Sept.15
Continental Securities, pref. (guar.)
-- 1% Sept. 2 Holders of reo. Aug. 15
Days Inclusive.
Cent. Payable
Name of Company.
*11847 Sept.15 *Holders of reo.
Crown Cork & Seal, pref.(quar.)
Aug.30
"81 Sept. 1 *Holders of
Cushman's Sons,Inc.,corn.(guar.)
Railroads (Steam).
•$1.75 Sept. 1 *Holders of reo. Aug. 15
$7 preferred (guar.)
Aug. 15 Holders of re*. July 11
$2
rec.
Alabama Great Southern. pref
*22 Sept. 1 *Holders of rec. Aug. 15
$8 preferred (guar.)
$1.50 Aug. 15 Holders of rec. July 11
Preferred (extra)
Aug. 15
30o Oct. 1 Holders of rec.
Deere& Co.,new corn.(guar.)
Atch.Topeka & Santa Fe common (qu.). 234 Sept. 2 Holden of rec. July 25a
Sept.15
New corn.(payable In corn.stock)- -- 1134 Oct. 15 Holders of rec.
134 Sept. 2 Holders of reo. July 190
Baltimore A Ohio, common (guar.)
Sept. 15
Old $100 par common (guar.)
1% Oct. 1 Holders of
1
Sept. 2 Holders of reo. July 193
Preferred (quar.)
1% Sept. 1 Holders of rec. Sept. 15
Preferred (guar.)
Aug. 15 Holders of reo. Aug. ba
rec. Aug. 15
Central RR.of N. J.(guar.)
Distillers Corp.Seagrams Ltd.(guar.)-250 Aug. 15 Holders of
Feb2'31 Hold, of reo. Jan.16'31a
Cuba BE., preferred
Dominguez 011 Fields(monthly)
•150 Aug. 1 Holders of reo. July 31
Sept.20 Holders of reo. Au*. 28a
rec. July 24
Delaware & Hudson Co.(guar.)
Dow Chemical, corn.(guar.)
50c Aug. 1 Holders of
Dec. 31 Holders of reo. Dec. 183
reo. Aug. 1
Erie RR., 15t and 2nd Preferred
Preferred (quar.)
1% Aug. 1 Holders
Aug. 15 Holders of rec. Aug. la
of
Hudson & Manhattan, pref
Edison Bros. Stores, Inc., pref.(guar.).
-134 Sept.15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. July 31a
Internat.Rys. of Cent. Amer. pt.(qu.)
rec. Aug. 31
Esmond Mills, corn.(quar.)
1 Aug.
Holders of rec. July 25
Aug. 11 Holders of reo. July 15a
Louisville & Nashville
Preferred (guar.)
1% Aug.
Holders
Mo.-Kansas-Texas, common (quar.)_- _
Sept.30 Holders of rec. Sept. ba
Federal Screw Works (guar.)
75e. Oct. 1 Holders of rec. July 25
of rec. Sept. 15'
sept.30 Holders of ree. Sept. 5
Preferred A (guar.)
Fiberlold Corporation-dividend omitted
Dec. 31 Holders of rec. Dec. 5
Preferred A (guar.)
Fifty-five East 10th St. Corp., prof__ .3
Aug. 15 *Holders of rec.
Sept. 2 Holders of rec. Aug. 154
New Orleans, Texas & Mexico ((Mar.).Aug. 1
Firestone Tire & Rubber, pref. A (guar.) 134 Sept.15
Holders of rec. Aug. 15
Oct. 1 Holders of rec. Sept. 50
N. Y. N. H.& Hartford, coin.(quar.)-First Security Corp. (Ogden) (quar.)___ "82
Oct. 1
Oct. 1 Holders of rec. Sept. 53
Preferred (guar.)
Flynn Electric Corp
5
Aug. 15 Holders of rec.
Sept.19 Holders of rec. Aug. 30a
Norfolk dz Western common (quar.)
Franklin Company
8
Aug. 1 Holders of rec. Aug. 10
Adjustment preferred (guar.)
Aug. 19 Holders of rec. July 31a
July 29
FrIgorifico National S. A. Ltd., corn____ 5
Aug. 1 Holders of coup. No.
Sept.15 Holders of reo. Aug. 8a
Pennroad Corp. (No. 1)
1
General Asphalt, corn. (guar.)
$1
Sept.15 Holders of rec.
Aug. 30 Holders of rec. Aug. la
Sept. 2a Pennsylvania RR.(guar.)
General Refractories, corn. ((mar.)
131
Aug. 25 *Holders of
Aug. 14 Holders of reo. July 17a
rec. Aug. 11
Reading Company common ((mar.)
Common (c‘tra)
4,25c Aug. 25 *Holders
Sept. 11 Holders of rec. Aug. 216
of rec. Aug. 11
First preferred (guar.)
German Credit & Invest., lot pt. (guar.) 8714c Aug. 1
Holders of rec. July 21
Oct. 9 Holders of rec. Sept. 18a
Second preferred (guar.)
Godman (II. C.) Co.. common-dividen d omit ted.
Nov. 1 Holders of rec. Oct. la
Bt. Louis-San Francisco. Prof. (QUar.)
Goldwyn Loan & Investment Corp
*750 Aug. 15 *Holders of
Oat. 1 *Holders of reo. Sept. 20
.United N. J. RR.& Canal Co..(gu.)
Gorham Manufacturing. corn. (quar.)__
50c Sept. 1 Holders of reo. July 31
Jan I'31 *Holders of roe. Deo.20'80
Quarterly....
rec. Aug. 15
Grand Rapids Varnish (guar.)
*25c Oct. 1 *Holders
of reo. Sept. 20
Aug. 2 Holders of rec. July 256
Wabash By., pref. A (guar.)
Hancock 011 of Calif.. Cl. A dr B (guar.) "25c Sept. 1
Harrls-Scybolt-Potter Co., pref. (guar.)_ '1% Aug. 1 *Holden of rec. Aug. 15
*Holders of rec. July 19
Public Utilities.
Hathaway Bakeries, pref. (guar.)
31.75 Sept. 2 Holders of
250. Aug. 15 Holders of reo. July 25a
Amer. Water Works & Elec.. corn.(c111.)
_
Class A (guar.)
75c. Sept. 2 Holders of rec. Aug. 15
Corn. (in stock 1-40th share com.)___ (j) Aug. 15 Holders of reo. July 25a
rec. Aug.
Hope Webbing (guar.)
*31
Aug. 1 *Holders of rec. July 16
$1.50 Oct. 1 Holders of rec. Sept.Ila
Preferred (guar.)
25
• Independent Packing. pref. (quar.)____
Aug. 1 *Holders of rec. July
Associated Gas& Elec..26 pref.(atlas'.) - $1.50 Sept. 2 Holders of rec. July 81
21
Inland Steel (guar.)
*El
Sept. 1 *Holders of
$1.625 Sept. 2 Holders of re0. July 31
$8,50 preferred (guar.)
_
Iron Fireman Mfg.,corn.(guar.)
*25c Sept. 1 *Holders of no. Aug. 15
$1.25 Sept.15 Holders of reo. Aug. 15
rec. Aug. 1
$5 preferred (guar.)
0
International Silver, corn. (guar.)
$1.50 Sept. 1
Nov. 1 *Holders of rec. Oct. 17
Associated Telco.& Teleg. cl. A (extra)- •81
International Securities, class B (quar.)_ 123Ic Sept.12 Holders of rec. Aug. 15
Holders of rec. Aug. 15
"500. Aug. 1 *Holders of reo. July 10
Bangor Hydro-Elec., corn. (guar.)
International Tea Co's Stores, Ltd.
500, Sept. 2 Holders of reo. July
Brazilian Trao., Light Az Pow.,ord.(gu.)
81
Am.dep. rots. ord. reg. shs. (final)__ *tt18 Aug. 18 *Holders
2 Sept. 2 Holders of rec. Aug. 15a
of
Brooklyn Edison Co. (guar.)
Johns-Manville Corp., corn. (quar.)____
75c. Oct. 15 Holders of rec. July 22
.
rec. Sept. 24
Brooklyn-Manhattan Transit,Pf. A (gu.) $1.50 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
1% Oct. 1 Holders
21.50 Jy 15'31 Holders of roe. Dec. 31a
Preferred, series A (Var.)
Knudsen Creamery, class A (guar.)._ •3734c Aug. 30 *Holders of rec. Sept.10
$1.50 Ap15'31 Hold,of roe. Apr.1 1931a
of rec. July 31
Preferred, series A (guar.)
Kemp Film. pref. (monthly)
1
Aug. 1 Holders of reo. July 20
Cent. AS. W. Utilities. $7 pr. lien (irlu.) $1.75 Aug. 15 Holders of rec. July 31
Leaders of Industry
*270. Aug. 1
$1.50 Aug. 15 Holders of rec. July 31
$6 prior lien pref.(guar.)
Lincoln Printing, corn. (guar.)
50c. Aug. 1 Holders of
$1.75 Aug. 15 Holders of rec. July 31
$7 preferred (guar.)
July
7% preference (guar.)
8734c. Aug. 1 Holders of rec. July 22
22
Chicago Rap. Tran., pr. p1. A(m'thly).. *650, Sept. 1 *Holden of reo. Aug. 19
Loew's Boston Theatres (guar.)
150. Aug. 1 Holders of rec.
•600. Aug. 1 *Holders of rec. July 15
Prior preferred B (monthly)
rec. July 10
McCrory Stores, Corn. & Corn. B (qu„)
*500. Sept. 2 *Holders of rec. Aug. 20
*80o. Sept. 1 *Holders of reo. Aug. 19
Prior preferred B (monthly)
Mallory Hat,common-Dividend passed
Cities Serv. Pow.& L.$6 prof.(mnthlY)- *50c. Aug. 1 *Holders of reo. Aug. 1
Marshall Field & Co.. corn.(guar.)
*82340 Sept. 1 *Holders of recs. Aug. 15
• 58 1-3c Aug. 1 *Holders of rec. Aug. 1
$7 preferred (monthly)
Mercantile Stores, corn. (guar.)
*21.25 Aug. 15 'Holders of rec. July 31
Cleveland Elec. Mum.. prof.(guar.).- 1% Sept. 1 Holden of roe. Aug. 15
Preferred (guar.)
*134 Aug. 15 *Holders of rec. July 31
500, Aug. 15 Holders of roe.
Columbia Gas & Electric, cam (guar.).July 190
Merrimack Manufacturing,com.-No at tion ta ken-1% Aug. 15 Holders of rec. July 19a
6% pref. series A (guar.)
Preferred
3
Aug. 30 Holders of rec. July 28
134 Aug. 15 Holders of reo. July 194
6% preferred (guar.)
742
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 131.
Per
Books Closed.
Whets
Name of Company.
Cent. Payable
Days Inclustsi.
Public Utilities (Concluded).
Miscellaneous (Continued)
Commonwealth dc South.Corp.corn.
(qu)
Holders of rec. Aug. 9a American Manufacturing. corn. (gust.). 1
15c. Sept.
Oct. 1 Sept. 18 to Sept.38
$6 preferred ((luer.)
Holders of rec. Sept. 83
$1.50 Oct.
Common (quit.)
1
Dec. 31 Des. 16 to Dec. 341
Connecticut Ry.8e Ltg., corn.& pf.(au.) 134 Aug. 1
Holders of rec. July 31a
Preferred (guar.)
I% Oct. I gip.. 18 to Sept.30
Conseil. Gas. El. L.& P..Balt.,com.(qu.) "90e. Oct.
*Holders of rec. Sept. 15
Preferred (quar 1
14 Dec. 31 Dee. 16 to Dee. 30
American National Co.(No. I) (qua?.). •20c. Oct. 1
'Holders of rec. Sept. 15
Oct.
5% Preferred series A (guar.)
•I
6% preferred series D (quar.)
*Holders of rec. Sept. 16
Amer.& Scottish Invest., corn. event__ '30c. Sept. 1 'Holders of rec. Aug. 15
•13( Oct.
Amer. Smelting dr Refining. pref.(qu.)- 14 Sept. 2 Holders of rec. Aug. tla
"Holders of tee. Sept. 15
54% preferred series E (quar.)
'134 Oct.
Consumers Power, $5 pref.(quar.)
Second preferred ((luer.)(No. 1)
'Holders of ree. Sept. 16
•21-25 Oct.
'$1.50 Sept. 2 "Holders of rec. Aug. 15
6% preferred (quar.)
Amer. Solvents dr Chem. pref. (guar.)._
'Holders of rec. Sept. 15
•1 34 Oct.
750. Aug. 15 Holders of roe. Aug. Ii
American Sugar Refining, corn. (guar.). 1
6.6% preferred (quer.)
*Holders of rec. Sept. 15
.1.65 Oct.
Oct. 2 Holden, of rec. Sept. S.
7% preferred ((lear.)
Preferred (quar.)
*Holders of rec. Sept. 15
•1 34 Oct.
1% Oct. 2 Holders of rec. Sept. 55
*Holders of rec. Aug. 15
6% preferred (monthly)
*50c. Sept.
Ikwroskeag Mfg., common (guar.)
'25e. Oct. 2 'Holders of ree. Sept. 13
Anaconda Copper Co. ((luar.)
*Holders of rec. Sept. 15
*60e Oct.
5% Preferred (monthly)
87I4c Aug. 18 Holders of rec. July 124
Anaconda Wire &Cable
*Holders of res. Aug. 15
•55o Sept.
6.6% Preferred (monthly)
3744c Aug. 11 Holders of rec. July 12.
Andes Copper Mining ((luer.)
6.6% preferred (monthly)
*Holders of rec. Sept. 15
•550. Oct.
3744c Aug. 11 fielder, of rec. July 125
Eastern Mass. Street KY.
Angle Steel Stool (quar.)
20c. Oct. 15 Holders of rec. Oct.
First pref. and sink, fund stocks (qu.)_
134 Aug. 15 Holders of rec. Aug. 1
Anglo-Persian 011, Ltd
Eastern Utilities Associates, coin.(au).
50c Aug. 15 Holders of rec. July 25
Amer. dep. rets. ord, reg.she
"w15 Aug, 6 'Holders of rec. June 25
Empire Public Service corn. A ((luar.)
"o45c Aug. 16 'Holders of rec. July 15
Amer. dep, refs, let pref. roe
"w4 Aug.
*Holders of rec. June 25
European Elec. Corp., Ltd., of Canada
Amer. dep. Ma 2d pref. roe
"es 434 Aug. 8'Holders of rec. June 25
Common A and B (quar.)(No. 1)
150. Aug. 15 Holders of rec. July 31
Armour & Co. of Delaware. pref. (quar.) 1% Oct. 1 Holders of rec. Sept. 10.1
Fairmount Park & Iladd. Pass. RI...
- $1.50 Aug. 8 July 26 to Aug. 6
Armour & Co.(Illinois). pref. (quar.)
134 Oct. 1 'folders of rec. Sept. 10e
Federal Water Service, corn. A (qu.)..... I60c. Sept. 1 Holders of rec. Aug. is Arrloom Corp., Prof. (guar.)
134 Sept. I Holders of rec. Aug. 13
10c. Sept. 1 Holders of rec. Aug. 31
Common B (quar.)
Associated Apparel Industries
50c. Sept. 1 Holders of rec. Aug. 15
Gas & Elec. Securities. corn.(monthly)_ _
Common (qua?.)
$1
Oct. 1 Holders of rec. Sept. 195
Common (payable in corn. stock). _
egeoelated Dry Goods, first pref.(qu.)_ _
134 Sept. 1 Holders of rec. Aug. 15
14 Sept. 1 Holders of rec. Aug. 95
Preferred (monthly)
58 1-3c Sept. 1 Holders of rec. Aug. 15
Second preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 9e
Havana Electric Ky., pref. (quar.)_ _ _
134 Sept. 2 Holders of rec. Aug. 12a Atlantic) Gulf & W.1.8.5. LInes, pf.(qu.) 1% Sept. 30 Molders of vs..
Sept. 10.
Havana Elec. & Utilities let pref. (qu.). $1.50 Aug. 16 Holders of rec. July 19
Preferred (ousel
114 Dec. 31 holder, of res. Dee. 11
$1.25 Aug. 15 Holders of rec. July 19
Cumulative preference (quar.)
Automatic Music. Instrument (ex tra)..5c. Aug. 15 "Holders ef rte. Aug. 1
lilurninating & Pow.Secur., corn
$1.75 Aug. 8 Holders of rec. July 31
Balaban & Katz, corn. ((lust.)
"75c. Sept. 27 'Holders of rec. Sept 15
Preferred (quar.)
14 Aug. 15 Holders of rec. July 31
Preferred (quar.)
•1
Sept 27 *Heelers of rec. Sept. 15
Interstate Public Sere.. pref. (quar.)_ _ _
Bamberger(L)& Co., pref.((luar.)
134 Aug. 15 Holders of rec. July 31
114 Sept. 2 Holders of res. Aug. 154
Kentucky Utilities. Junior pref. ((luer.). 8734c Aug. 20'Holders of rec. Aug. 1
Barnedall Corp. class A & B (quar.)..
60e. Aug. 6 Holders of rec. July 74
Keystone Telep. of Phila., 34 Pt.((lu.)- 0$1. Sept. 1 "Holders of rec. Aug. 241
Baumann (Ludwig) & Co., pref. (oust.) I% Aug. 15 Holders of rec. Aug. 1
Lone Star Gas.sem.(In oem.stk.)
Belding-Corticelli, Ltd.. pref. (guar.).
Hold.of roe. Feb.2 1931
(9)
- 144 Sept. 15 Heiden If no. Aug. 30
Middle Weaken Telep.. Gem. 8013
•
Bethlehem Steel. common (gUM.)
-'4,3)(e Sept. 15 *Holders of roe. Sept. S
$1.50 Aug. 15 Holders of ree. July 15.
Common A (gate.)
.4351(c Dee. 15 'Holders of res. Dee. a
Bigelow-Sanford Carp.& Rug. pf. (Clu.). •14 Nov. 1 'Holders
roe. Oct. 17
Middle West Utilities common ((oar.).. 12
Aug. 15 Holders of rec. July 150 Matinees, Inc., corn. (quar.)
50c. Aug. 15 Holdens of rec. Aug. la
-80th share corn.).. $1.50 Aug. 15 Holders of rec. July 15
$6 prof. (cash or 3
Preferred ((luar.)
•750. Aug. 15'Holders of rec. Aug. 1
Monongahela West Penn Public Service
Blaw-Knox Co.(quar.)
"374c Sept. 1 "Holders of rec. Aug. 6
7% preferred (quar.)
434e.
tenth Bros common (guar.)
Holders of rec. Sept. 16
'3734c Aug. 15 'Yielders of reg. Aug.
Municipal Teleph. Util., cl. A (extra)
•25e. Nov. 15 'Holders of rec. Oct. 15
Common (guar.)
.3734e Nov. 15 *Herders of reg. Nov. le
National Power & Light, corn. (quar.)
250. Sept. 2 Holders of rec. Aug. Oa
Preferred (luftr.)
*1
Sept. 30 "Holders of rec. Sept.25
Newark Telephone (quar.)
*$1 Sept. 10 *Holden of roe. Aug. 29
Preferred (guar.)
•I% Dec. 31 'Holders of roe. Dec. 24
Quarterly
Blue Ridge Corp., pref.(quar.)
41 Dec. 10'Holders of roe. Nov.$0
(If) Sept. 1 Holders of rec. Aug. 6
North American Co.. corn. (quar.)
524 Oct. 1 Holders of rec. Sept. 56 Bon Aml Co., class A (guar.)
31
Oct. 30 Holders of rec. Oct. 15
Preferred (quer.)
Class B ((lust.)
75c. Oct. 1 Holders of rec. Sept. 5.3
50c. Oct. 1 Holders of rec. Sept.24
North American Edison Co., pref. (qu.) $1.50 Sept. 2 Holders of rec. Aug. I6a Borden Co.(quar.)_
750 Sept. 2 Holders of rec. Aug. 154
No. American Light dr Pow.,corn.(qu.)
Aug. 15 Holders of rec. July 19
Bose Mfg., con. (quar.)
12
24 Aug. 15 Holders of rec. July 31
$6 preferred (quer)
Preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 20
14 Aug. 15 Holders of rec. July 31
North Amer. Utility Securities Corp.
Bower Roller Bearing
*25c. Sept. 1 *Holders of rec. Aug. 15
First preferred (oust.)
Buckeye Pipe Line (quar.)
$1.50 Sept. 15 Holders of rec. Sept. 2
$1 Sept. 15 Holders of rec. Aug. 22
Northwest Utilities Co., pref. (auar.)_ _ _
14 Aug. 15 Holders of rec. July 31
Burger Bros.. Prof.(guar.)
03
Oct. 1 "Fielders of rec. Sept. 15
Ohio Telephone Service. pref.(uuar.).... •134 Sept.30 "Holders of rec. 8NC:3
Burns Bros., corn. A (guar.)
Aug. 15 Holders of rec. Aug. la
$2
Preferred (guar.)
Byers(A. M.) Co.. pref.(guar.)
•11( Dee. 31 'Holdall of reg. Dee. 24
•1
Nov. I *Heiden of roe. Oct. 15
Pacific Gas & Elec., 6% 1st pf.
"3734c Aug. 15 "Holders of rec. July 31
Byron Jackson Pump,stock dividend
•e2
Sept. 1 "Hellen of rec. Aug. 15
California Packing (guar.)
534% first preferred (Oust.)
'3434c Aug. 15 "Holders of rec. July 31
$1
Sept. 15 Holders of rec. Aug. 30.
Pacific Lighting, corn. (quar.)
75e. Aug. 15 Holders of rec. July Ea Campbell. Wyant & Cannon Fdy.(quar.) 50c. Sept. 1 Holders of rec. Aug. 15a
•1g Aug. 15 *Holders of rec. July 31
5% preferred (quar.)
Canadian Car & Foundry.ordinary (cm.)
430. Aug. 30 Holders of rec. Aug. 15
Peninsular Telephone,corn.(Quit.)
•85o Oct. t *Holders of ree. Sept. 150 Canadian Converters (guar.)
$1.25 Aug. 15 Holders of roe. July 31
Common Rivar
•35e. Jan 1'31 "Hold. of ree. Dee. 1530 Canadian Power & Paper, Pref.(guar.). 11( Aug. 15 Holders of rso. July 15
Pennsylvania Ilium. Corp. of Scranton
Carman & Co., class A (guar.)
.50C. Aug. 29 "Holders of rec. Aug. 15
Class A (No. 1)
124c Sept. 2 Holders of rec. Aug. 20
Carnation Co.(extra in stock)
'el
Jan 231 fielders of rec. Dee. 20
Pennsylvania Power, $5 pref. (quar.)
$1.50 Sept. 2 Holders of rec. Aug. 20
Carrier Engineering Corp., class A
•250. Aug. 1 'Holders of rec. July 21
$6.80 preferred (monthly)
65c. Sept. 2 Holders of ree .Aug. 20
Centrifugal Pipe Corp.(quit.)
16e. Aug. 15 Holden of rec. Aug. 5
Philadelphia Elec. Power, pref.(quar.)
50o. Oct. 1 Holders of roe. Sept. 10a
Quarterly
15e. Nov. 15 Holders of res. Nov. 5
Phila. Suburban. Water Co.. prof.
14 Sept. 1 Holders of rec. Aug. 12a Century Ribbon Mills. Inc..Prof.(guar.) 144 Sept.
Holders of rec. Aug. 20.
Public Serv. Corp. of N..1., corn.(QU.). 85c. Sept.30 Holders of rec. Sept. 26 Chain Belt Co. common (qua?,)
'62340 Aug. 15'Holders of rec. Aug. 1
2
Sept.30 Holders of roe. Sept. 20 Chicago (The) Corp. $3 pref. ((loan.)...
8% Preferred (quar.)
75c. Sept. 1 fielders of rec. Aug. 15
7% preferred (quar.)
14 Sept. 30 Holders of rec. Sept. 2a Chicago Flexible Shaft,(torn. (gust.)... •110o. Oct. 1 *Holders of roe. Sept. 20
$1.25 Sept. 30 Holders of rec. Sept. 26 Chicago Investors Corp. $3 pref.(qu.)$5 Preferred (quar.)
75e. Sept. 1 Holders of rec. Aug. 20
8% preferred (monthly)
50e. Aug. 30 Holders of rec. Aug. la chimer Yellow Cab (monthly)
25o. Sept. 2 Holders of rec. Aug. 20e
500. Sept.30 Holders of rec. Sept. 20 Chile Copper Co.(quar.)
6% preferred (monthly)
4124c Sept. 30 *Holders of rec. Sept.10
Pub. Sere. Elea. & Gas 7% Pref. ((lust.) 14 Sept. 30 Holders of rec. Sept. 2a Churngold Corp. (guar.)
.750. Aug. 15 'Holders of rec. Aug. I
115 Sept. 30 Holders of rec. Sept. 2a Cincinnati Ball Crank, partio. Pfd.(qI.) *56c. Sept. 30'Holders of rec. Sept.15
6% preferred (ellar.)
14 Sept. 2 Holders of rec. July 31
Rochester Gas & Elect., 7% pref B (qu.)_
Cities Service common (monthly)
2340 Sept. 1 Holders of rec. Aug. 15
14 Sept. 2 Holders of rec. July 31
6% preferred series C (quar.)
Common (payable in corn, stook).14 Sept. 1 Holders of rec. Aug. 15
1% Sept. 2 Holders of rec. July 31
6% preferred seders D ((oar.)
Preference and pref. BB (monthly).
500. Sept. 1 Holders of rec. Aug. 15
500. Aug. 15 fielders of roe. July 200
Southern Calif. Edison Co.. corn. ((lu.)
Preference B (monthly)
Sc. Sept. 1 Holder, of rec. Aug. 15
Southern Calif. Gas. $54 pref. (qu.)__• 51.625 Aug. 30 *Holders of rec. July 31
City ice & Fuel.com(Payable in com.stk.) fl f4 Aug. 31 Holders of roe. Aug. 151
Southern Canada Power, corn.(au.)- - - - 25e. Aug. 15 Holders of rec. July 31
Cola Cola Bottling Bee.(guar.)
.25o. Oct. 15
50c. Aug. 25 Holders of rec. July 31
Southern Colorado Power, corn. A (qu.)
Colorado Fuel & Iron, COm.((luar.).- 5$0c. Aug. 25 *Heelers of rec. Aug. 11
Aug. 19 Holders of rec. Aug. 9
South Pittsburgh Water, 5% pref. ((1u.)
Preferred (quar.)
•2 Aug. 25 *Holders of rec. Aug. 11
Stand. Pub. Sere., cl. A (qu.) (in A stk.) e2
Sept. 1 Holders of rec. Aug. 15
Columbia Pictures
500. Aug. 15 Holders of rec. July 250
Common (payable In common stook). 1214 Oct. 2 Holders of rec. Sept. 35
Tampa Electric Co.. COM.(quar.)
Common (I-50th share corn. stock) _ _
CO Aug. 15 Holders of rec. July Ha Columbus Auto Parts, Pref. (guar.)
60o. Sept. 1 Holders of rec. Aug. 16
Tennessee Elec. Power 5% let pf.(qu.). 111 Oct. 1 Holders of rec. Sept. 15
Community State Corp.. dies A (guar.) •1240 Sept.30'Holders of rec. Sept 26
14 Oct. 1 Holders of rec. Sept. 15
6% first preferred (guar-)
Clam A (guar.)
•1234c Dec. 31 *Holders of roe. Dee 26
14 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
Class B ((luar.)
•1244e 3131131 'Hold. of roe. Mar.28'31
1.80 Oct. 1 Holders of rec. Sept. 15
Class B ((luar.)
7.2% first preferred (quar.)
1234o Sept.30 *Holders of rec. Sept.26
50c. Sept. 1 Holders of rec. Aug. 15
6% first preferred (monthly)
Close B (quit.)
'12340 Dec. 31 *Holders of rec. Dec. 26
50c. Oct. 1 Holders of rec. Sept. 15
Congoleum-Nairn, Inc., pref. (quar.)
6% first preferred (monthly)
*14 Sept. 1 *Holders of rec. Aug. 15
60c. Sept. 1 Holders of rec. Aug. 15
Censor Diamond Mines of B. W. Africa
7.2% first preferred (monthly)
60c. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
Bearer shares
44a. Aug. 15 Holders of coup. No. 2
*15o. Dec. 1 Holders of rec. Nov. 16
Tri-State Tel. & Tel. 6% pref. (quar.)
Registered shares
4341. Aug. 15 July 1 to July 7
Underground Elec. Rye, of London
Continental Can, Inc.. corn.(guar.).- 6240 Aug. 15 Holders of rec. Aug. la
.3
Aug. 12 *Holders of rec. July 11
Amer. dep. rats. for ord. reg. shs-- *la
Courtaulds, Ltd (Interim)
Aug. 21 *Holders of reo. dJuly 21
Union Natural Gas of Canada (quar.).. •1350. Sept. 10 "Holders of rec. July 15
Crane Co., corn. and pref.(guar.)
4341c. Sept. 15 Holders of rec. Aug. 30
*k5e. Sept. 10 "Holders of rec. July 16
Extra
Preferred ((loan.)
14e Sept, 15 Holders of rec. Aug. 30
50e. Oct. 1 Holders of rec. Aug. 260 Crown Zellerbach Corp.
United Corporation, corn.(No. 1)
750. Oct. 1 Holders of rec. Sept. 5a
Preference (quar.)
Preferred A &B and pref.((luar.)
•111.50 Sept. 1 *Holden of reo. Aug. 13
30c. Sept. 30 'folders of rec. Aug. 30a Crum cle Fender. pref.(Quit.)
United Gas Improvement corn.(quar.)
2
Sept.30 Holders of rec. Sept.20
Preferred (quar.)
21.25 Sept. 30 Holders of rec. Aug. 306 Crum & Forster Ins. & Shares Corti.
14 Oct. 15 Holder, of rec. Sept.30
Western Power Cont., prof.(quar.)
Preferred ((luar.)
lei Aug. 30 Holders of rec. Aug. 20
Preferred (ouar.)
14 Nov. 29 Holders of rec. Nov. 19
Wad Penn Elec. Co., Clan A (gual%)--- 21.75 Sept.30 Holders of rec. Sept. 17a
7% preferred (quar.)
14 Aug 15 Holders of rec. July Ifla CUI3e0 Press, preferred (quar.)
Sept. 15 'Holders of rec. Sept. I
6% preferred (Oust.)
1% Aug. 15 Holders of rec. July 19a Curtis Publishing, corn. (monthly)
50c Aug. 2 Holders of rec. July 19.
Wilmington Gas Co., preferred
Common (monthly)
3
Sept. 1 Holders of rec. Aug. 12a
*50c Sept. 2 "Holders of rec. Aug, 20
Common (monthly)
*50cOct.
*Hokiers of roe. Sept. 20
Fire legueance.
Preferred ((luar.)
1% Oct. 1 Holders of rec. Sept. 20.
Bankers & Shippers (quar.)
Decker (Alfred) dr Cohn, Pref.(guar.).. •ie.1 Sept. 2 *Holders of rec. Aug. 20
Holders of rec. Aug. 4
$1.50 Aug.
River Insurance (quer.)
North
Denver Union Stook Yards, corn.(flu.).. "$1 Oct. 1 •lioldoni Of re0. Sept. 26
60e. Sept.15 Holders of rec. Sept. 6
Pacific Fire (quar.)
Common (guar.)
21.50 Aug. 4 Ifolders of rec. Aug. 2
"51 Jan 1'31 *Hold. of tee. Dee. 20'80.
Common (guar.)
United States Fire Ins. ((liar.)
60c. Nov. 1 Holders of net. Oct. 22
031 Ap.1 31 *Hold. of rec. Mar. 20'31
Diamond Match ((luar.)
$2
SCA.15 Holders of rec. Aug. 304
Miscellaneous.
Dictaphone Corp..corn.(guar.)
*75e. Sept. 2 "Hoidens of rec. Aug. 15
sll
Allegheny Steel, corn.(monthly)
Preferred (quar.)
15c. Aug. 18 Holders of rec. July 310
Sept. 2 *Holders of rec. Aug. iS
Common (monthly)
150. Sept.18 Holders of rec. Aug. 30a Distillers Co. Ltd.Arn. dep, rots, for ord reg. she
rceierred ((lust.)
•11( Sept. I *Holders of rec. Aug. 15
(r) Aug. 7 Holders of rec. July
Dominion Bridge. corn. (quar.)
Preferred (quar.)
•14 Dec. 1 'Holders of rec. Nov. 15
4)(1e. Aug. 15 *Holders of rec. July 31
DOmInlon Textile, common ((luar.). _ _ _ '31.2500:, 1 *Holders of
Alliance Realty. pref. ((lust.)
134 Sept. I Holders of rec. Aug. 20
rec. Sept. 15
Preferred ((luar.)
Preferred (guar.)
134 Deo. 1 Holders of roe. Nov. 20
*14 Oct. 15 *Holden of rem Sept.30
Allis-Chalmers Mfg.. common ((luar.)750. Aug. 15 Holders of rec. July 24a Duplan Silk Corp., corn. (guar.)
50c Aug. 15 Holders of rec. Aug. la
AlumInum Mfrs.. Inc.. core. (Oust.)... .50e. Sept.30 "Holders of rec. Sept. 16
Eastern Utilities Investing Corp.
26 preferred (quar.)
Common (quar.)
*50e. Dec. 31 "Holden of roe. Dee. 15
$1.50 Sept. 2 Holders of rec. July 31
•1m Sept.30 *Holders of rec. Sept. 15
$7 preferred (quar.)
Preferred (quiz.)
$1.75 Sept. 2 Holders of rec. July 31
$5 prior preferred (qua?.)
el% Dec. 31 *Holders of re*. Dec. 15
Preferred (guar.)
$1.25 Oct. 1 Holden, of rec. Aug. 30
American Bank Note,corn.(quar.)
Elec. Shareholdings, corn. ((lust.)
*50c. Oct. 1 *Holders of rec. Sept. 10
25c. Sept. I Holders of rec. Aug. 5
Preferred ((luar.)
Common (payable In corn. stock)....
*75c. Oct. 1 *Holders of rec. Sept. 10
11 Sept. 1 Holders of rec. Aug. 5
American Can, common (quar.)
Pref.(guar.)
Aug. 15 Holders of rec. July 31a
$1
(S) Sept. 1 Holders of rec. Aug. 5
Electric Storage Batt. corn. & pf,(qu.)._ $1.25 Oct. 1 Holders
Amer. ColortyPe Co.. corn. (gust.)....
Sept.30 'Holders of rec. Sept. 12
of rec. Sept. ea
Emporium Capwell Corp., corn. (guar.)
Preferred (Clear.)
Holders of rec. Aug. 14
134 Sept. 1
He. Sept.24 Holders of rec. dAug.30
5
Amer. Elec. &cur., panic. pf.(extra)
•500. Aug. 15 "Holders of rec. July 15a Ewa Plantation ((luar.)
160e. Aug. 15 Holders of rec. Aug. 5
Fairbanks, Morse & Co.common (quit.)
American European Securities, pf.(qu.)_ $1.50 Aug. 15 Holders of rec. July 31
750. Sept.30 Holders of rec. Sept.124
American Home Products (monthly)._ _
Preferred (guar.)
Holders of rec. Aug. 146
35c. Sept. 2
14 Sept. 1 Holders of rec. Aug. 124
Faultless Rubber. corn. (guar.)
American International Corp.
624c Oct. 1
Sept. 16
Federated Capital Corp., corn.((lust.)..
Common (payable in common stock).... 12
Oct. I
20e. Aug 31 Holders of rec. Aug. 15
Investment Trust pref. (qua?.)... 134 Sept. 1 Holders of rec. Aug. 15
Common (Payable In common stock)_ _ fl
Amer.
Aug. 31 Holders of reo. Aug. 15
Preferred (oust.)
8% Preferred (qua?.)
144 Dec. 1 Holders of rec. Nov. 15
3744e. Aug. 31 Holders of rec. Aug. 15
Amer. Laundry Machinery. coca.((luar.) *51 Sept. 1 "Holders of reo. Aug. 20
First Security Corp.((luar.)
*$2 Oct. 1 Holders of rec. Sept. 20
Name of Company.
AUG. 2 1930.]
Name of Company.
•
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Florshelm Shoe Co., class A (quar.)--- 75e. Sept. 2 Holders of rec. Aug. 18a
53714c Sept. 2 *Fielders of rec. Aug. 18
Class B (guar.)
114 Oct. 1 Holders of ree. Sept.150
Preferred (quar.)
50c. Sept. 15 Holders of rec. Aug. 30a
Follansbee Bros., corn. (guar.)
*13.( Sept. 15 *Holders of rec. Aug. 30
Preferred (guar.)
Foreign Pow.Securities Corp., prof.(au) 133 Aug. 15 Holders of roe. July 31
•
500. Oct. 1 *Holders of ree. Sept. 16
Formica Insulation (guar.)
"600. fan l'81 'Holders of ree. Dee. 16
Quarterly
•
25c. Aug. 15 "Holders of rec. Aug. 1
Foster & Kleiser Co., corn.(guar.)
25e. Aug. 15 Holders of rec. July 31
Foundation Co. of Canada.corn.(qu.)_
"1.)$ Oct. 1 *Holders of Fee. Sept. 15
Frank (A. B.) Co., Pref. (Qnser.)
Furness, Withy dr Co., Ltd.
05 Aug. 22 *Holders of rec. July 22
Amer. dep. rcpt, for ord. reg. shs- '
40c. Aug. 15 Holders of rec. Aug. la
General Alliance (guar.)
Oct. 1 Holders of rec. Sept. 130
General Amer. Tank Car,stook dividend a
el
Jan 131 Holders of roe. Dec. 130
Stock dividend (guar.)
26e. Sept. 1 Holders of rec. Aug. 15
General Empire Corp.(No. 1)
General Outdoor Advertising. el. Al qu.) el. Aug. 16 Holders of rec. Aug. 60
•
133 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
*650. Sept. 1 'Holders of tee. Aug. 20
Gibson Art, common (guar.)
•650. Dec. 1 *Holders of reo. Nov. 2.15
Common (quer.)
.650. Aprl'31 "Hold. of rec. Mar. 20 '81
Common (qua:.)
51.25 Sept. 2 Holders of tee. Aug. 1
Gillette Safety Razor (guar.)
Globe-Democrat Publishing, pref. (qu.) 114 Sept. 1 Holders of roe. Aug. 20
114 Sept. 10 Holders of rec. Sept. 1
Godman (H. C.) Co.. pref. (guar.)
75e. Aug. 15 Holders of rec. Aug. 1
Gorham. Inc., $3 pref. (guar.)
'1734c Nov. 1 *Holders of rec. Oet. 21
Grand Rapids Stores Equip. pf.(qu.)
75c. Sept. 1 Holders of rec. Aug. 18e
Grand Union Co., cony. pref. (guar.)
Great Atlantic dr Pacific Tea
411.25 Sept. 1 *Holders of rec. Aug. 11
Non-voting common (guar.)
*I% Sept. 1 *Holders of rec. Aug. 11
First preferred (quar.)
Great Lakes Dredge & Dock
25e. Aug. 15 Aug. 6 to
Aug. 15
New (guar.) (No. 1)
750, Aug. 11 Holders of roe. July 120
Greene Cananea Copper Co.(quar.) Greenfield Tap & Die Corp.6% pf.(qu.) 133 Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 15
8% preferred (guar.)
•50e. Sept. 1 'Holders of rec. Aug. 20
Gruen Watch, common (guar.)
*50e. Dec. 1 'Holders of ree. Nov. 20
Common (qua:.)
•50e. Msrl 31 *Hold.of roe. Feb.2081
Common (quar.)
•f is Nov. 1 *Holders of roe. Oct. 20
Preferred (quar.)
"114 Feb 131 *Hold, of rec. Jan. 20 81
Preferred (guar.)
*37 Me Oat. 1 *Holders of roe. Sept. 20
Gulf Oil Corp.(guar.)
*37 Me Janl $1 *Hold. of rec. Dee. 20 lei
Quarterly
134 Oct. 1 Holders of reo. Sept. 150
Gulf States Steel, IN Pref.(guar.)
1.34 Jan2'31 Holders of roe. Dee. 164
(qua:.)
First preferred
*250. Sept. 1 *Holders of rec. Aug. 15
Hale Bros. Stores, Inc., corn. (quar.)
Hamilton Bank Note Engraving dr
734e. Aug. 15 Holders of rec. Aug. 1
Printing (guar.)
15c. Sept. I Holders of rec. Aug. lie
Hamilton Watch, new corn. (monthly)_
30c. Sept. 1 Holders of rec. Aug. lba
Old $25 par stock (monthly)
1% Sept. 1 Holders of rec. Aug. ha
Preferred (guar.)
- $1.75 Sept.20 Holders of rec. Sept. 50
Hanna(M.A.) Co., new $7 Pref.
134 Sept. 20 Holders of rec. Sept. 5
Old 7% preferred (guar.)
*Mc. Sept. I *Holders of rec. Aug. 15
Hart-Carter Co., pref. (guar.)
75e. Aug. 15 *Holders of rec. Aug. 1
Hartford Times, Inc.. partic. pf. (quar.) •
*2
Aug. 30 *Holders of rec. Aug. 15
Hart, Schaffner & Marx (guar.)
50e. Aug. 30 Holders of rec. Aug. 15
Hawaiian Pineapple (guar.)
0
134 Aug. 15 Holders of ree. Aug. to
Hercules Powder, pref.(guar.)
$1.25 Aug. 15 Holders of rec. July 25a
Hershey Chocolate Corp.. corn. (qu.)
$1.50 Aug. 15 Holders of rec. July 25a
Prior preferred (quar.)
$1
Aug. 15 Holders of rec. July 25a
Convertible preferred (guar.)
350. Aug. 29 Holders of rec. Aug. 22
Hibbard,Spencer. Barlett & Co.(mthly.)
35e. Sept. 26 Holders of ree. Sept. 19
Monthly
Higbee & Co..first preferred (quar.).. •I.M Nov. 1 *Holders of ree. Oct. 19
*
2
Sept. 1 *Holden of rec. Aug. 20
Second preferred (qua:.)
Dec. 1 *Holders of rec. Nov.21
'2
Second preferred (qua:.)
Sc. Aug. 12 Holders of rec. July 29
Hollinger Consol. Gold Mines (mthly.)
•50c. Aug. 15 *Holders of rec. Aug. 1
Hormel(GA.) & Co., corn. (quar.)
*$1.50 Aug. 15 *Holders of rec. Aug. 1
Preferred A (guar.)
- 134 Sept. 1 Holders of rec. Aug. 12a
Horn & Hardart(N.Y.). Pref.(guar.)
•600 Oet. 15 *Holders of ree Oct.
Illinois Brick (qua:.)
50e. Aug. 15 Holders of rec. July 25
Indiana Pipe Line (guar.)
25e. Aug. 15 Holders of rec. July 25
Extra
Industrial Finsaice Core.
Common (payable In common stook) f234 Nov. 1 Holders of rec. Apr. 18
30
Common (Payable In common etoOk) f234 Febral Hold, of roe. Apr. 18.
Sept. 2 Holders of rec. Aug. da
$1
Ingersoll-Rand Co., coin. (guar.)
*1134 Oct. 15 *Holders of reo. Oct. 1
Insult Utility Invest.. oom. (in stook)
Internat. Agricultural Corp.. prof. (aI.) 134 Sept. 2 Holders of reo. Aug. 15a
114 Oct. 10 Holders of rec. Sept.220
Internat. Business Machines (quar.)
134 Sept. 2 Holders of rm. Aug. 50
International Harvester Co., pref.(qu.)_
$1 Aug. 15 Holden of roe. July 28a
International Mercantile Marine
60e Aug. 15 Holders of ree. Aug. 1
International Paper, corn. (guar.)
600 Aug. 15 Holders of rec. Aug. la
Internal. Paper dr Power, corn. A (Qu.)
60c Sept. 2 Holders of rec. Aug. 15e
Safety Razor, el. A (quar.)
Internat.
50c Sept. 2 Holders of rec. Aug. 15a
Class B (quar.)
*50c. Sept. I *Holders of rec. Aug. 15
International Shoe. pref. (monthle)*50c Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*500 Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50c Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
60e Aug. 15 Holders of rec. Aug. la
Intenype Corp.. cote. (guar.)
2
Oct. 1 Holders of rec. Sept.25
First preferred (guar.)
*13.4 Sept. 1 *Holders of rec. Aug. 13
Jones dr Laughlin Steel, corn.(quar.) _
1% Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
•
150 Sept.30 'Holders of rec. Sept.20
Kalamazoo Veg. Parchment (quar.)
•15e Dec. 31 *Holders of rec. Dee. 22
Quarterly
31.50 Sept. 1 Holders of rec. Aug. 10a
Kendall Co., partic. pref. A (quar.)
'bey, Aug. 1 "Holden
Kidder Participations. Inc.. common
of tee. July 17
260 Oct. 1
Kidder Participations No. 2, pref.(extra) •
25e Oct. 1 Holders of rec. Sept. 15a
Kinney (G. R.) Co., corn.(qua:.)
2
Sept. 2 Holders of rec. Aug. 150
Preferred (guar.)
"131 Sere. 10 *Holders of ree. Aug. 30
Kirby Lumber (guar.)
•
134 Dec. 10 *Holders of recs. Nov. 29
Quarterly
•25e Oct. 1 *Holders of rec. Sept. 20
Klein (D. Emil) Co.. corn.(guar.)
25e Sept. 1 Holders of rec. Aug. Ila
Kroger Grocery & Baking, corn.(quar.)_
Sept. 1 Holders of tee. Aug. ha
el
Stook dividend
•
53 Sept. 2 'Holders of ree. Aug. 15
Lackawanna Securities Co
80c Sept. I Holders of rec. Aug. 16
Lake of the Woods Milling, coin.(qu.)
I% Sept. 1 'folders of rec. Aug. 16
Preferred (guar.)
*750 Aug. 16 *Holders of rec. Aug. 6
Landis Machine, common (guar.)
•
7513 Nov. 15 "Holders of ree. Nov. 5
Common (qua:.)
Lauston MonotyPe (guar.)
134 Aug. 30 Holders of rec. Aug. 20a
25e Aug. 30 Holders of rec. Aug. 20a
Extra
•
251/ Sept.80 'Holders of ree. Sept. 20
Leath & Co., common (guar.)
40c Aug. 15 Holders of reo. Aug. 5
Lefeourt Realty Corp.,common (quar.)_
35c Aug. 30 Holders of reo. July 31a
Lehigh Coal & Navigation (guar.)
The. Sept. 1 Holders of MO. Aug. lea
Lehn & Fink Products Co.(quar.)
35c Sept.30 Holders of rec. Sept.11
Lessing's. Inc. (guar.)
Dee. 31
Liberty Share Corp., stock dividend
eel
*25c Sept. 1 *Holders of rec. Aug. 16
-Ford Glass (guar.)
Libby-Owens
Liggett dr Myers Tob.,com.& com.13(qu) Si Sept. I Holders of rec. Aug. 15
25e Sept. 1 Holders of rec. Aug. 15
Lindsay (C. W.)& Co., Ltd.,com.
1% Sept. 1 Holders of rec. Aug.
Preferred (guar.)
•15c Aug. 23 *Holders of rec. Aug. 15
Lindsay Light, corn. (guar.)
9
*.5c Aug. 23 *Holders of rec. Aug. 9
Common (extra)
86c Sept. 1 Holders of rec.
Link-Belt Co.. corn.(quar.)
Aug. 15
31.625 Aug. 15 Holders of rec. July 31a
Loew's, Inc. 3633 Pref.(guar.)
14 Sept. I Holders of rec. Aug. 15
London Canadian Investments pf.(qu.)_
1% Oct. 1 Holders of reo. Sept. 18a
Loose-Wiles Biscuit, 1st pref. (guar.)
1% Sept. 2 Holders of ree. Aug. 18a
Lord & Taylor, 1st pref. (dual'.)
13$ Aug. lb Holders of rec. Aug. la
Louisiana 011 Rage. Pref.(guar.)
Oct. 1 'Holders of recs. Sept.20
Lunkenhelmer Co., pref.(guar.)
Preferred (guar.)
'11.4 Jan 1'31
60e. Aug. 15 'Holders of rec. Aug. 5
Lynch Corp., common
Aug. 15 *Holders of ree. Aug. 5
Common (payable in common stock) efi
50o Aug. 16 Holders
Macy (R. H.) & Co., quarterly
•1yi Aug. 16 *Holders of rec. July 250
Magnin (I.) & Co., pref. (guar.)
of reo. Aug. 6
Nov. 15 'Holders of rec. Nov. 6
Preferred (lum.)
Aug. 15
Matson Navigation (guar.)
•114 Nov. 15
Quarterly
McIntyre Porcupine Mines, Ltd. (qu.)- - 25e. Sept. 2 Holders of rec. Aug. la
743
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
50e. Sept. 2 Holders of ree. Aug. 150
May Department Stores, coin.(qua:.)
Common (payable in common stock) 11M Sept. 2 Holders of roe. Aug. 150
Holders of rte. Nov. 154
Doe.
common stook)
Common (payable in
.50e. Sept. 1 Holders of rec. Aug. 18
Medart(Fred) Mfg.(guar.)
50c. Oct. 1 Holders of rec. Aug. 30
Mengel Co., common (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Merritt, Chapman & Scott, corn.(quar.) *40c. Sept. 1 *Holders of rec. Aug. 15
*1% Sept. 1 *Holders of rec. Aug. 15
Preferred A (guar.)
37350. Aug. 15 Holders of rec. Aug. Is
Miami Copper Co.(guar.)
Oct. 20 Holders of ree. Sept. 306
sl
Michigan Steel, stook dividend
50e. Aug. 15 Holden of rec. July 16a
Mid-Continent Petroleum (qua:.)
11.50 Aug. 15 Holders of rec. Aug. 4s
Minneepolle-Houeywell Regulator
50c. Aug. 15 Holders of rec. Aug. 44
Extra
Minneapolls-Mollne Power
• 51.625 Aug. 15 *Holders of rec. Aug. 2
Implement Co., pref. (guar.)
e23.4 Aug. 2C Holders of rec. Aug. 2
Mo.-Kansas Pipe Line (in stock)
6233e Aug 15 Holders of rec. June 30a
Mitten Bank Securities. core
87340 Aug. 15 Holders of rec. June 30a
Preferred
75e Aug. 30 Holders of rec. July 31
Mohawk Mining
The. Aug. 15 Holders of rec. Aug. 44
Montgomery Ward & Co.. corn. (qu.)..
Moody's Investors' Service
750 Aug 15 Holders of roe. Aug. 1
Participating preference (qua:.)
750 Nov. 15 Holders of rec. Nov. 1
Participating preference (qua:.)
Municipal Tel.& Utilities, corn. A (etu.) •25e Nov.15 'Holders of roe. Oct. 15
75c Sept. 1 Holders of rec. Aug. 131
Munsingwear, Inc., corn. (guar.)
Muskogee Co., pref. (quar.) (No. 1).... •1% Sept. 2 *Holders of reg. Aug. 22
Natrona! Belles Hess, Inc.. pref.(qu.).. 134 Sept. 2 Holders of rec. Aug. 21
70e. Oct. 15 Holders of ree Sept.19s
National Biscuit,'gammon (guar.)
134 Aug. 30 Holders of roe. Aug. lbe
Preferred (guar.)
National Dairy Products
-Oet. 1 Holders of rec. Sept. 20
Gem.(Payable in earn. stook)(guar.). 11
373ic Aug. 15 Holders of rec. Aug. 1
National Refining. corn. (guar.)
Nat.Short Term Securities.
Dec. 15 Holders of rec. Nov.30
/3
Common A (payable In stock)
11.25 Aug. 15 Holders of fee. Aug. Se
National Supply Co., corn,(qua:.)
40e. Oct. 1 Holders of res. Sept. 154
Selena Bros., Inc.. common (qua:.)
40o. Jan 1'81 Holders of res. Dee. 15e
Common (guar.)
Sept. 1 "Holders of rec. Aug. 16
Newberry (J. J.) Co., pref.(guar.)
•50e. Aug. 9 "Holders of rec. Jtuy 11
New Jersey Zinc (quar.)
01500. Sept.80 'Holders of me. Sept.20
(quar.
).
Nilee-Bement-Pond. common
"50o. Dee. 31 'Holden of ree. Dee. 20
Common (guar.)
*Holders of no. Sell. 20
'81 34 Oat.
Woblitt-Sparks Industries On steal
Holders of rec. Aug. 11
15c. Sept.
North Central Texas Oil (guar.)
*Holden of NO. Aut. 15
Northern Disc.. pref. A (nion3111Y
)
* 662-50 Sept.
• 662-3 Oat.
"Holders of roe. Sept. 15
Preferred A (monthly)
•662-30 Nov.
*Holders of rec. Oct. 15
Preferred A (monthly)
416 2-3e Dee.
*Holders of reo. Nov. 15
Preferred A (monthly)
*Holders of ree. Oct. 20
"S1.60 Nov.
(guar.)
Ogglesby Paper. preferred
500. Aug. 1
Aug. 1 to Aug. 14
Ohio Seamless Tube, corn.(guar.)
011etocks, Ltd.. class A& B (quar.)..-. *12Me Aug. 1 "Holders of Tee. July 31
40e. Aug. 15 Holders of rec. July 31
Ontario Steel Products, com.(qu.)
13.4 Aug. 1,, Holders of rec. July 31
Preferred (guar.)
Holders of rec. July 25s
750. Aug. 1
Oppenhelm, Collins & Co.,(guar.)
13* Oct. 1 Holders of roe. Sept. 30s
Otis Elevator, pref. (guar.)
140 an16'3 Hold, of roe. Dee.81'304
Preferred ((Vv.)
Holders of rec. July 304
.....
75e. Aug. 1
Owens-Illinois Glass. eon). (guar.)
Holders of rec. Sept.15
134 Oct.
Preferred (guar.)
25e. Sept.12 Holders of roe. Aug. 15a
Packard Motor Car, corn.(quar.)
. 50 Aug. 1 *Holders of rec. Aug. 8
$1
Paepoke Corp., corn. (guar.)
*62330 Aug. 1 *Holders of rec. Aug. 1
Parker Pen, common (guar.)
Transportation corn.(mthly.) 1234e Aug. 11 Holders of rec. July 314
Parmelee
Aug. 15 Holders of rec. Aug. 5
$1
Penman.% Ltd., common (qua:.)
Pennsylvania Investing, class A (quar.)- 62lic Sept. I Holders of rec. July 31e
134 Sept. I Holders of rec. Aug. ge
Motor Car, pref. (quar.)
Pierce-Arrow
(I) Aug. 1 "Holders of rec. July 15
Pilot Radio & Tube
134 Sept. 1 Holders of roe. Aug. gg
Pittsburgh Steel pref.(guar.)
50e Sept. 1 Holders of rec. Aug. 15s
It (quar.)
Poor & Co., class A and
87 Me Aug. 15 Holders of rec. Aug. 1
Powdrell & Alexander, com. (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
0
60e. Aug. 15 Holders of rec. July 25
Procter & Gamble CO., COM.(quar.)..
Aug. 15 Holders of rue. July 245
Si
Pullman. Inc.(guar.)
37%e Sept. 1 Holders of rec. Aug. 8
(guar.)
Pure Oil, common
•134 Aug. 30 'Holders of rec. Aug. 1
Quaker Oats Co., prof. (guar.)
Radio Corp. of Amer. pf. A (qua:.).._. 87%c. Oct. 1 Holders of rec. Sept. 21
$1.25 Oct. 1 Holders of rec. Sept. 2s
Preferred B (guar.)
750. Sept. 1 Holders of rec. Aug. 20
Reliance lntematl. Corp. pref.(qu.)_ _ _
•750. Oct. 15 "Holders of rec. Oet. 1
(guar.)
Republic Supply
ci0c. Aug. 15 *Holders of rec. July 31
Richardson Co., corn. (guar.)
50c. Sept I Holders of ree. Aug. ls
(guar.)
Richfield 01101 Calif.,coin.
$1.875 Aug. 13 Holders of rec. July 30s
Royal Dutch Co.. N.Y. Shares
50e. Sept. 24) Sept. 10 to Seel.21
St. Joseph Lead Co.((NUJ
250. Sept.20 Sept. 10 to Sept. 21
Extra
500. Dec. 20 Dee. 10 to Dee. 21
Quarterly
250. Dec. 20 Dee. 10 to Dee. 21
Extra
•13,4 Aug. 16 "Holders of rec. Aug. I
Savage Arms,second Pref.(guar.)
Schletter & Zander, Inc., pref. (guar.) *87%0 Aug. 15 'Holders of rec. July 31
•30o. Aug. 15 *Holders of roe. Aug. *7
Seotten-DllIon Co.(guar.)
*10o. Aug. 15 *Holders of rec. Aug. 7
Extra
134 Aug. 15 Holders of rec. July 31
Seaboard Surety (guar.)
154
Nov. 1 Holden of roe.
el
-neck dtv.(guar.)
Sears-Roebuck
$1.25 Oct. 1 Holders of rot. Sept. lOs
pref.(quar.)
Second National Invest.,
"50c. Sept.15 "Holders of rec. Aug. 25
Common (extra)
Sept. 15 *Holders of rec. Aug. 25
Sheaffer(W.(3.) Pens, common (guar.).
Aug. 15 Holders of rec. Aug. Re
Sinclair Consol. 011 Corp., pref.(guar.). 2
50e. Sept.15 Holders of rec. Aug. 15a
Skelly Oil, common (guar.)
134 Sept. 2 Holders of rec. Aug. 21
Mills, pref. (qu.)
Smith (Howard) Paper
Solvay Amer. Invest. pref. (quar.)--.3 1.37M Aug. 16 Holders of rec. July 154
$1.50 Oct. 1 Holders of rec. Sept. 15
SPang, Chalfant & Co., prof. (guar.)Standard Investing Corp. pref. (guar.)._ 51.375 Aug. 15 Holders of rec. July 28
1% Sept. 2 Holders of rec. Aug. 8
Standard 011 (Ohlo), pref. (guar.)
500. Aug. 15 Holders of rec. July 31
Standard Paving & Materials (quar.)_
30 *Holders of rec. Aug. 20
Stearns(Fred'k) Co..com.(monthlY) • 16 2-3e Aug.
*400. Aug. 15 'Holders of rec. July 30
Stein (A.)& Co.,common (guar.)
75c. Sept. 1 Holders of rec. Aug. 15s
cony. 1st pref.(qu)
Sterling Securities, $3
30c. Sept. 1 Holders of rec. Aug. 156
6% preferred (guar.)
50c. Aug. 15 Holders of rec. Aug. 54
Stewart-Warner corp. (guar.)
Stir, Baer & Fuller, common (guar.)._ *37140 Sept. 1 *Holders of rec. Aug. 16
.37%', Dee. 1 *Holders of rec. Nov. 111
Common (guar.)
25c. Sept. 15 Holders of rec. Aug. 250
Sun Oil Co., common (quer.)
134 Sept. I Holders of rec. Aug. lla
Preferred (guar.)
$1.75 Oct. 1 Holders of ree. Sept. 18
Biscuit, lot pref.(guar.)
Sunshine
81 25 Aug. 15 Holders of ree. July 15
Swift Internacional
200. Sept. 1 'Holders of ree. Aug. 26
.
Telephone Corporation (monthly)
"20o. Oct. 1 'Holders of roe. Sept. 20
Monthly
.200. Nov. 1 *Holders of roe. Oct. 20
Monthly
'200. Dee. I *Holders of rec. Nov. 20
Monthly
Tennessee Products Corti.. corn.(guar.) •25e. Oct. 10 'Holders of ree. Sept. 30
25e. Ja 10'31 'Holders of roe. Dec. 31
•
Common (guar.)
"25e. 4-10-31 'Holden of ree. Mar.31
Common (guar.)
Aug. 15 Aug. 1 to Aug. 15
3
1010 Fifth Ave., Inc., pref
$1 Sept.15 Holders of rec. Aug. 30e
Texas Gulf Sulphur (guar.)
90e. Aug. 15 Holders of res. Aug. ba
pref.(quar.)
Thatcher Mfg.,corn. &
30e. Aug. 15 Holders of roc. July 315
Tide Water Associated 011, semi-annual_
134 Aug. 15 Holders of ree. July 254
Tide Water 011, pref.(Qua:.)
20e. Aug. 15 Holders of rec. July 25a
(guar.)
Tobacco Products elms A
Traung Label & Lithograph. Cl. A feu.). '37540 Sept. 15 'Holders of roe. Sept. 1
'3734e Deo. 15 *Holders of ree. Dee. I
Clan A (quar.)
"40e. Aug. 11 'Holders of reo. July 31
Trunz Pork Stores
50e Aug. 9 Holders of rec. July 174
Union 011 (guar.)
Aug. 9 Holders to reo. July 17a
el
Stock dividend
"62 Me Aug. 15 'Holders of rec. Aug. 1
Union Storage Co. (guar-)
*62 M Nov. lb *Holders of rec. Nov. 1
Quarterly
400. Sept. 1 Holders of rec. Aug. 15a
United Biscuit, corn.(quar.)
United Chemicals, Inc., $3 pref. (guar.) *75e. Sept. I *Holders of rec. Aug. 15
134 Oct. 1 Holders of rec. Sept. 124
Corp.. Prof.(quar.)
United Dyewood
"400. Aug. 8 *Holders of rec. July 29
United Engineering & Fdy•(guar.)
•
35e. Aug. 8 "Holders of Tee. July 29
Extra
600. Nov. 1 Holders of rec. Oct. 150
United Piece Dye Works. com•(quar.).
134 Oct. 1 Holders of ree. Sept. 204
Preferred (guar.)
144 Jan2'31 Holders of rec. Dee. 20a
Preferred (guar.)
United Seoul. Trust Aesoclates (qu.).__ *3043. Aug. 15 'Holders of ree. Aug. 1
744
FINANCIAL CHRONICLE
Name of Company.
Per
IF/ten
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
U.S.Envelope,common
*4 Sept. 2 *Holders of rec. Aug. 15
Preferred
*335 Sept. 2 *Holders of rec. Aug. 15
U.S.Hoffman Machinery (Oust.)
50e. Sept. 2 Holders of rec. Aug. 21a
U. S. Pipe dr Foundry. Cora. (quar.).
23 Oct. 20 Holders of fee. Sept. 200
Common (guar.)
234 la 20'31 Holders of roe. Dee. 31n
First preferred (quar.)
30e. Oct. 20 Holders of roe. Sept. 300
First preferred (guar.)
300. Ja 20'31 Holders of roe. Dee. 31a
U. S. Playing Card (quar.)
Oct. 1 *Holders of rec. Sept. 20
*51
U.S. Print. & Lithographing, corn. (qu.) * 50e. Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
*75c. Oct. 1 *Holders of rec. Sept. 20
U. S. Realty & Improvement
51.25 Sept. 15 Holders of rec. Aug. 15a
Utility & Industrial Corp. pref.(guar.)_ _ 3734e. Aug. 20 Holders of rec. July 31
Vanadium Corp.of Amer.(guar.)
75c. Aug. 15 Holders of rec. Aug. la
Vapor Car Heating, com.(quar.)
*82.50 Aug. 9 *Holders of rec. Aug. 1
•1% Sept. 10 *Holders of roe. Sept. 1
Prete!red (quar.)
Preferred (quar.)
•15i Deo. 10 *Holders of rec. Deo. 1
Vick Financial Corp. (guar.) (No. I) _ *100. Aug. 15 *Holders of rec. Aug. 5
Virginia Carolina Chem., pr. pref. (qu.) 14f, Sept. 1 Holders of rec. Aug. 15a
4
Vulcan Detinning. Common (Oust.).... 1
Oct. 20 Holders of rec. Oct. 4a
Preferred (quar.)
541 Oct. 20 Holders of rec. Oct. 4a
Waltham Watch pref. (guar.)
Oct. 1 *Holders of rec. Sept. 20
West Maryland Dairy Products
Prior preferred (Winn)
•8730 Sept. 1 *Holders of reo. Aug. 20
Western Dairy Products, class A (quar.) $1
Sept. 1 Holders of rec. Aug. Ila
Preferred A (quar.)
•$1.50 Sept. 2 *Holders of rec. Aug. 12
Westfield Manufacturing (guar.)
50c. Aug. 15 Holders of roe. July 31
Westmoreland. Inc. (quar.)
30c Oct. 1 'folders of rec. Sept. 150
Weston Electrical Instrument. com.(qu)
25c. Oct. 1 Holders of rec. Sept. 19a
Class A (guar.)
50c. Oct. 1 Holders of rec. Sept. 19a
West Va. Pulp & Paper. pref.(quar.)
•134 Aug. 15 *Holders of roe. Aug. 5
Preferred (quar.)
•13s Nov. 15 *Holders of rec. Nov. 5
Will & Baumer Candle corn.(qu.)
10c. Aug. 15 Holders of rec. Aug. 8
Wilson Line. Inc., pref
$3.50 Aug. 15 Holders of rec. July 15
Winsted Hosiery (quar.)
'234 Nov. 1 *Holders of rec. Oct. 15
Extra
*50c. Nov. 1 *Holders of rec. Oct. 15
Woolworth (F. W.) Co., corn. (quar.)_
600. Sept. 1 Holders of rec. Aug. 90
50c. Sept. 1 Holders of rec. Aug. 20
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
25e. Oct. 1 Holders of roe. Sept. 20
Monthly
25c. Nov. 1 Holders of rec. Oct. 20
Monthly
50c. Dec. 1 Holders of roe. Nov. 20
Wurlitzer (Rudolph) corn. (monthly)__
.506. Aug. 15 *Holders o free. Aug. 24
Common(monthly)
•50c. Sept. 25 *Holders of rec. Sept. 24
Common (monthly)
•50c Oct. 25 *Holders of rec. Oct. 24
Common (monthly)
550c. Nov. 25 *Holders of rec. Nov. 24
Common (monthly)
550e. Dec. 25 *Holders of rec. Dee. 24
Preferred (quar.)
•1 4 Oct. 1 *Holders of rec. Sept. 20
4
•15.i Jan 1'31 *Holders of rec. Dee. 20
Preferred (quar.)
Preferred (quer.)
Aprl'31 *Hold. of rec. Mar 2031
Preferred (Quer.)
•1 3( Jul 131 *Hold.of rec. June 2031
1
* From unofficial sources. •The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
t The Now York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
a Correction. e Payable In stock.
f Payable in common stock. y Payable in scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
it Union Natural Gas dividend payable in cash, or, at option of holder. 1-50th
share of stock.
1 Of the Federal Water Service dividend. 50e. will be paid In Class A stock at
rate of $27 per share unless stockholder notifies company on or before Aug. 11 of
his desire to take the entire dividend in cash.
o Emplre Public Service Co. dividend payable either 45e. cash or. at option of
bolder. 1-40th share class A common stock.
r Distillers. Ltd.. dividend Is 2 shillings (3 pence less deduction for expenses of
depositary.
s North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
I One share Allen Mfg. & Electrical Corp. for each share Pilot Radio dr Tube.
to Lees deduction for expenses of depositary.
y Lone Star Gas dividend is one share for each seven held.
t Electric Shareholdings Corp. $6 pref. dividend Is 1-20th share common stock
Unless company is notified by Aug. 15 of the stockholder's desire to take cash, 31.50.
ff Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-32d share
Common stock unless holders notify corporation on or before July 15 of their desire
So take cash-75c. per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, 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 TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 26 1030.
Clearing House
Members.
*Capital.
Bank of N Y & Trust Co
Bank of Manhattan Tr Co
Bank of Amer Nat Assn
National City Bank__
Chem Bank & Trust Co_
Guaranty Trust Co
Chat Phen N B & Tr Co
Cent Hanover Ilk&Tr Co
Corn Etch Bank Tr Co_
First National Bank -Irving Trust Co
Continental Bk & Tr Co
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co_
Marine NlidiandTrust Co
Lawyers Trust Co
New York Trust Co
Comml Nat Bk & Tr Co
Harriman N Ilk & Tr Co
6,000,000
22.250,000
36,775,300
110,000,000
15,000,000
90,000,000
16,200,000
21,000,000
015,000,000
10,000,000
50,000,000
6,000,000
148,000,000
500,000
25,000,000
10.000,000
10,000.000
3,000,000
12,500.000
7,000,000
2,000,000
Clearing Non-Members
City Ilk Farmers Tr Co_
Meehan Tr Co. Bayonne
10,000,000
500,000
Totals
*Surplus and
Undivided
Profits.
Net Demand
DeposUs
Average.
Time
Deposits
Average.
$
63,370,000
14,698,800
211,475,000
43,499,200
178,835,000
40,453,800
132,973,100 a1,030,668,000
216,661,000
22,632,300
206,385,500 8912,691,000
164,921,000
19,703,300
358,813,000
84.136,100
168,977,000
e34,314,400
243,982,000
108,599,600
383,221,000
84,814,300
9.285.000
11,354,200
211,318,000 c1,245.399,000
24.841,000
3,706,800
86,321,400 d430,325,000
37,979,000
24,599.200
54,032,000
11,400,600
20,536,000
4,766,900
180,660,000
35,688,400
49,734,000
9,452,800
30,523,000
2,725,000
14,702,000
44,663,000
62,663,000
217.888,000
49,353.000
120,434,000
41,209,000
59,694,000
34,242,000
12,130,000
58,748,000
437,000
208,040,000
1,287,000
70,709,000
1,807,000
5,764,000
2,347,000
33,968,000
7,691,000
7,324,000
4,078,000
3,119,000
5,422,000
13,777,900
899,400
626,725,300 1,208,221,000 6,024,143,000 1,069,582,000
'As per official reports: National, June 30 1930; State, June 30 1030; trust
companies. June 30 1930. e As of July 10 1930.
Includes deposits in foreign branches: a $317,724,000; b $165,967,000: c $128'
379,000: d 862,297,000.
{VOL. 131.
The Now 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 folowing are the figures for the week ending July 24:
INSTITUTIONS NOT IN CLEARING HOUSE WITH
CLOSING OF BUSIN ESS
FOR TIIE WEEK ENDED TIIURSDAY, JULY 24
1930.
NATIONAL AND STATE BANKS
-Average
Loans
Disc. and
Invest.
Figures.
OtherCash Res. Dep., Dep. Other
Including N, P. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits,
3
$
$
$
S
17,000 3,568,000 27,139,000 2,505,000 202,544,000
58,900 102,100
351,400
2,313,200
2,000
46,201 1,895,354 1,562,300 19,137,654
13,800
64,200
272,300
2,803,100
32,000 1.632,000 8,880,000 26,961,000 161,696,000
Manhattan$
Bank of U.8.__ 211.040.000
Bryant Park Bk. 2,796.700
Grace National__ 21,064,217
Port Morris
3,138,900
Public National_ 152.897,000
Brooklyn
Brooklyn Nat'l
10,013,400 16,700
Peoples National 7,200,000 5,000
111,200
100,000
616,300
522,000
481,000
178,000
7,085,300
7,200,000
TRUST COMPANIES-Average Figures,
Loans.
Disc. and
Invest.
ManhattanAmerican
Bk. of Europe & Tr_
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Meal-inning
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos,
$
$
$
51,134,300 8,7:33,600
739.500
15.559,900
776.800
125,800
24,379,674
611,094 1,487,599
20,167,000 1.035,000 2,709,000
72,428,100 *4,085,300 8,563,200
17,154,128
113.420 1,284,871
19,238,600 *2,339,300
794,800
363,348,000 2,623,000 42,437,000
77,825,944 3,800,000 7,096,116
135,393,600
28,720,697
$
S
20,400 49,245,100
14,442,600
23,977,634
19,352,000
2,798,200 72,256,300
171,532 16,922,773
17,037,200
3,013,000 334,1:34,000
59,970,349
2,128,200 23,916,400
1,429,952 2,363,077
9.010.917
275.533
736.964
Gross
Deposits,
136,952,900
26,305,581
351.433
8 048 en
•Includes amount with Federal Reserve Bank as follows: Empire,
$2,581,6004
Fulton, $2,216,600.
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.
;ray 30
1930.
Capital
95,825,000
Surplus and profits
103,059,000
Loans, disc'ts dr invest'ts_ 1,091,099,000
Individual deposits
617,140,000
Due to banks
152,923.000
Time deposits
282,796.000
United States deposits_
9,688,000
Exchanges for Cig. House
19,445,000
Due from other banks...
95,853,000
Ites've in legal deposiries
83,621,000
Cash in bank
6,7.33,000
Ites've in excess in F.R.13k
1,986,000
Changes from
revious 1Veek.
July 23
1930.
July 16
1930,
$
Unchanged
95,825,000
95,825,000
Unchanged
103,059,000 102,992,000
+5,121,000 1,085,978,000 1.091,442,000
-8.681,000 655,821,000 662,149,000
-8.899,000 161,822,000 161.960.000
+1,852,000 280,944,000 281,377,000
-889,000
10,577,000
11,408.000
-275,000
19,720,000
25,070,000
-9,794,000 105,647,000 103,523,000
-1,273,000
84,894,000
84,675,000
-69,000
6,802,000
6,991,000
-676,000
2,659,000
2,401,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for tho week ending July 26, 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.
Two Ciphers (00)
omitted.
Week Ended July 26 1930.
Members of
Trust
P.R.System. Companies.
Capital
60,071.0
Surplus and profits
215,919,0
Loans. disets. dr invest. 1,127,404,0
Exch. for Clear. House
28,104,0
Due from banks
131,388.0
Bank deposits
193,087.0
Individual deposits_ 635,160.0
Time deposits
268,650,0
Total deposits
1,096,897,0
Res. with legal dopes_ _
76,908,0
Res. with F. It. Bank.
Cash in vault*
9,256,0
Total res. & cash held. 86,204,0
Reserve required
Excess reserve and cash
In vault
July 19
1930,
Total.
July 12
1930.
8,800,0
68,871,0
68,871,0
88,871,0
21,085,0 237,004,0 237,004,0 237,857,0
93,070,0 1,220,474,0 1,227,659,0 1,221,366,0
220.0
28,324,0
37,378,0
39,705,0
23,0 131,411,0 125,060,0 112.053,0
5,488,0 198,575,0 198,010,0 190.957,0
36,169,0 671,329,0 683,731,0 672,520,0
30,074,0 298,724,0 294,140,0 291,620,0
71,731,0 1,168,628,0 1,176,481,0 1.155,097,0
7(3.908,0
76,884,0
74.629,0
6,534,0
6,534,0
7,139,0
7,299.0
2,240,0
11,496,0
11,500,0
11,814,0
8,774,0
94,938,0
95,523,0
93,742,0
• Cash in vault Mt Counted as reserve for Federal Reserve members.
•
745
FINANCIAL CHRONICLE
AUG. 2 1930.]
Weekly Return of the Federal Reserve Board.
showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, July31, and results for the System
banks at the close of business on Wednesday. In the first table we present the
of the twelve Reserve
corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the The Federal Reserve Agents'
the resources and liabilities separately for each of the twelve banks.
The second table shows
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
between the latter and Federal Reserve banks. The Reserve Board's Comment upon
Reserve Agents and
latest week appears on page 711, being the first item in our department of "Current Events and Discussions."
BUSINESS JULY 30 1930.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
1930.3u1y 31 1929.
July 301930. July 23 1930. July 181930. July 9 1930. July 2 1980 June 25 1930 June 181930. June 11
$
$
$
$
$
$
$
$
$
RESOURCES.
1,479,499,000
1 553,214,000 1,558,214,000 1,572,914,000 1,597.614,000 1.568,000.014 1.600.214.000 1,599,114,000 1.626,214,000
Gold with Federal Reserve agents
73,580,000
37,001.000 37.336,000
36,812.000
86,675,000
36,714,000
36.675,000
36,814,000
36,814,000
Gold redemption fund with U. B. Treas.
1,553,079,000
agst.F. R.notes 1,690,028,000 1,595.028,000 1,609,628.000 1,634.189,000 1,604.689,000 1.637.026.000 1,636,115,000 1.663,550.000 666,970,000
Gold held exclusively
610,593.000 601,691,000 609,250,000 598,097.000
583,052,000
Gold settlement fund with F.R.Board-- 589.700,000 601,767.000 838,065,000 569,123,000 778.127.000 820,457.000 821,837,000 817.849.000 704,014,000
814,819,000
Gold and gold certificates held by banks- 825,254,000 827,432,000
3.004,982,000 3,024,227,000 3.030,745.000 3.018.131.000 2.993,409.000 3,059,174.000 3.067.202.000 3.079.496.000 2,924,063.000
Total gold reserves
185,356,000
173,206,000 169,834,000 166,490.000 159,635,000 157.835.000 172,637.000 166,709.000 164,708.000
Reserves other than gold
3,244.204,000 3,109,419,000
3 178,188,000 3,194,061,000 3.197,235.000 3.177,766.000 8.151.244,000 3,231.811,000 3,233,911.000
Total reserves
66,661,000
66,344,000
64,338.000
67,339,00.,
55,002,000
67,962,000
68,210,000
67,835,000
68,547,000
Non-reserve cash
Bills discounted:
69,862.000 592,783,000
66,925,000
84,887.000
90,952,000 105,234.000
59,829,000 *70,357,000
66,676,000
Secured by U. B. Govt. obligations—
130,425,000 130.941,000 136,673,000 145,363,000 155.179,000 146,818.000 139,889.000 140.622.000 482,931,000
Other bills discounted
197,101,000 190,570,000 207,030,000 236.315.000 260,413,000 231.505,000 206,794,000 210,484,000 1,075,714,000
discounted
Total bills
74,567,000
130,762,000 150,523,000 168,667,000 148.945.000 157,485,000 102,313.000 132.776.000 148,172,000
Bills bought in open market
U. B. Government securities):
42,626,000
62,001,000
55,911,000
57,141,000
47.531.000
42,750.000
49,714,000
42,900,000
46,708.000
Bonds
80,779,000
276,897,000 260,835,000 243,696,000 233.534,000 236,519,000 219.436,000 251,416,000 259,106,000
'Treasury notes
23.878,000
249,757,000 272,554,000 290,522,000 310,338,000 811.903,000 301.623,000 289,091,000 207,600.000
Certificates and bills
676,368,000
7,323,000
Total resources
LIABILITIES
,
F.R.notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks(see note)
Other deposits
576,139,000 577,118,000
7,323.000
7,301,000
590.580.000 695.953,000
7.301,000
7.301.000
576,970,000 597.648.000
5,250.000
5.350,000
578,707.000 147.283,000
5,850.000 10,45(4000
911,554,000
924,555,000
960,116,000
983,141.000 1,021.162.000
916,038,000
942,568.000
943 213,000 1,308,014,000
706,000
510,430,000
18,912,000
59,584,000
14,037,000
Total U.EL Government securities
Other securities (see note)
Foreign loans on gold
Total bills and securities (see note).—
Gold held abroad
Due from foreign banks(see note)
Uncollected items
banks__
Federal Reserve notes of other
Bank premises
All other resources
705,000
705,000
553,600,000 670.370.000
22.175,000
22,169,000
69.572.000
59,561,000
13,146,000
12,596,000
706,000
883.567,000
19,950,000
59,561,000
12.083.000
709,000
570,390,000
22,773,000
59.552,000
11.331,000
710,000
718,184,000
19,666,000
59,552.000
10,999.000
726,000
710.000
603,883,000 649.209,000
29,563.000
19,694.000
58.795,000
59,499.000
13.655,000 10.285,000
704,000
596,535,000
20,017,000
59,561,000
12.257.000
4,761,621.000 4,835,849,000 4.991,299,000 4,917,943,000 4.983.265,000 4,879,943,000 5,049,928,000 4,951,202.000 5.232,672.000
1,335,141,000 1.356.180,000 1,382,349,000 1.406.600,000 1,432,252,000 1,402.869,000 1.419.266,000 1,446.999.000 1,779,388,000
2,415,285,000 2,432,086,000 2.460,457,000 2,417,300.000 2,406,376,000 2,386,435,000 2,408,364,000 2,408,796,000 2,355,284,000
14,468,000
45.669,000
28,412.000
30.090.000
24,899,000
30,105,000
26,146,000
18,882.000
16.629,000
5,796,000
5,858,000
7.172,000
5,788,000
6,457,000
5.666,000
6,434,000
5.760,000
6.247.000
22,015,000
18,523,000
21,422.000
20,682,000
86,083,000
21.006,000
28.036.000
27,884.000
32,924,000
2,468,871,0002,484,612,000 2,516,257.000 2.481.113.000 2.473.805,000 2,459.384,000 2,464.630,000 2.483,197,000 2,397.563.000
495.807,000 532,922,()00 631,545.000 588.542.000 615.924,000 551,024,000700.030.000 573,912,000 611,362,000
189,716,000 169.882,000 169,484,000 169,554,000 169.626,000 169,736,000 169,692,000 170,55.5,000 161,565,000
276,936,000 276,936,000 276.936.000 276,936,000 276.936,000 276.936,000 276,938,000 276,936.000 254.398,000
19,374,000
28,396,000
19,994,000
19,603.000
14,722,000
15,150,000
15.198.000
15.117,000
14,728,000
Total deposit/1
Deferred availability itetns
Capital paid in
Surplus
All other liabilities
4,701,621,000 4,835,649.000 4,991,299,000 4.917.943,000 4,983,265.000 4,879,943,000 5,049,928,000 4.951,202,000 5,232,672,000
Total liabilities
Ratio of gold reserves to (lenosits and
78.7%
70.0%
78.9%
79.2%
conald n .0
78.9%
78.7%
77.6%
76.7%
77.2%
F.R. note liabilities
Ratio of total reserves to .isinsits and
83.3%
43.0%
74.4%
83.7%
81.7%
80.7%
83.2%
8" 5%
82.0%
note liabilities emol..ned
F. R.
Contingent liabl.lty o,. bill, • urchased
478.021.000 481,315.000 478.082,000 477,930,000 481,269,000 483,642.000 467,643,000 459.520.000 458,477,000
,
for foreign corrx.00ndent
—
$
$
8
$
8
$
8
$
$
Distribution fill Maturities—
47,368,000
79,187.000
49,607,000
73,105.000
60,838,000
92,947,000
73,466.000
90,897.000
88,909,000
1-15 day bills bought in open market
105,806,000
99,648,000 111,996.000 137.809,000 159,844,000 135,408.000 118,012,000 116,491.000 844,787,000
1-15 days bliis discou. ted
12,965,000
32.139,000
2,500.000
31,188,000
29.757.000
1-15 days U.8 certif. of Indebtedness
51,000
days municipal warrants
1-15
37,021,000 10.457,000
31,024,000
24,092,000
19,938,000
open market__
31,189.000
31,137.000
30,306,000
40.109,000
16-30 days bills bought in
23,723,000
47,421,000
19,001,000
19,476,000
19,839,000
18,141,000
17,947,000
20,196,000
20,642,000
18-30 days bills discounted
40,000
44,488,000
42,488,000
48,027,000
31,527,000
16-30 days U. S. certif. of Indebtedness.
51,000
51,000
16-30 days municipal warrants
23,434.000
9,432,000
22.147.000
23.077.000
32,486,000
28,692,000
28,720,000
21,029.000
23,831,000
31-60 days bills bought in open market.
29.228,000
87,375,000
27,680.000
30,110,000
32,429,000
28,111,000
29.033,000
32.150.000
29,521,000
81-60 dsvs bills discounted
9.242,000
44.600.000
65,221,000
82,365,000
43,145,000
94,576,000
43,080.000
48,027,000
31-60 days U. S. certif. of Indebtedness_
51,000
51,000
31-60 days municipal warrants
6,672.000
7.283.000
4,399,000
5.151.000
3.912,000
16,368,000
15,592,000
3,715,000
15,590,000
61-90 days bills bought in open market__
18.122,000
75,010,000
22,050,000
18,780.000
26.328.000
24,102.000
30,414,000
28,739,000
28,343,000
61-90 days bills discounted
60.689.000
117,402,000 119.657,000 119,692,000 109.697.000 153.863.000
81-90 days U. EL certif. of Indebtedness
300,000
61-90 days municipal warrants
1,247.000
638,000
1,138.000
1.349,000
745,000
1,140,000
2,449,000
2.167.000
2,228,000
Over 90 days bills bought in open market
22,920,000
24,461,000
23,321,000
21.121,000
24.199,000
14,629,000
15,203,000
19.832.000
18,828,000
Over 90 days bills discounted
88.240.000 138.232.000
1,671,000
94,217.000
Over to days certif. of Indebtedness— - 135,965,000 129,951,000 125,093,000 117,844.000 117,878,000
22,000
22,000
Over 90 days municipal warrants
3.763,896,000
1,423,985,000
F.R.notes received from Comptroller.-F.B.notes hold by F.R.Agent
Issued to Federal Reserve Banks
1,704,744,000 1,719,617,000 1,742,958,000 1.750.561.000 1,744,679,000 1.749.568,000 1.766.103.000 1,788,611,000 2,339,911,000
How Secured—
402,908,000 402,908,000 402,908,000 402.908.000 402,908,000 403.108.000 403,108,000 402.508.000 371,153,000
By gold and gold certificates
100,136,000
Gold redemption fund
Gold fund—Federal Reserve Board____ 1,150,306,000 1,155,306,000 1,170.006,000 1,194,278,000 1,165,106,000 1,197,106.000 1.196,006,000 1,223,706,000 1,008,210,000
310,785,000 317,947,000 341,543.000 346.764,000 375,000,000 325,759.000 332,682.000 352,662.000 1,102,295,000
By eligible paper
1.883.099.000 1,876.161,000 1,914,457.000 1.944,278,0001.943.914.0001.925.973.000 1931,796.000 1,97A 0711.06n 2.551,794.000
Total
NOTE.—Beginning with the statement of Oct. 7 1925, two new tems were added in order to show separately the amoun of balances held abroad and amounts due
Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption, "All other earn ng assets," previously made up of Foreign Intermediate
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted 118 a more accurate description of the total of
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
the disoounts,
• Revised figures.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 30 1930.
TWO Ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. lifinneay Kan.Clty. Dallas. San Fran.
Federal Reserve Bank of—
$
$
RESOURCES.
Gold with Federal Reserve Agents 1,553,214,0 184,917,0
36,814,0
983,0
Gold redo fund with U.B.Treas.
Gold held exel agst.F.R. notes 1,590,028,0 185,900,0
Gold settle't fund with F.R.Board 589,700,0 23.175,0
Gold and gold ctts.held by banks_ 825,254,0 32,308,0
Total gold reserves
Reserve other than gold
$
s
$
$
3
$
s
$
$
$
$
258,594,0 140,000.0 195,550,0 65,000,0 104,700,0 199,000,0 85,045,0 46,345,0 75,000,0 24.300.0214,763.0
891,0 1,564,0
14,803,0 2,448,0 2,030,0 1,339,0 2,269,0 1,478,0 1,771,0
985,0 6,263,0
273.397,0 142,448,0 197,580,0 66.339,0 106.989,0 200,478,0 66,818,0 47,236,0 76,564,0 25,285,0 221,016,0
229,419.0 40,238,0 70,484,0 9,005,0 6,516.0 108.754,0 21,836,0 9,935,0 29.437,0 11,007,0 29.896,0
499,936,0 33,985,0 57,001,0 10,158,0 5,151,0 122,850,0 12,145,0 5,567,0 9,535,0 9,685,0 26,936,0
3,004,982,0221,381,0 1,002,752,0 216,669,0 325,065,0 85,502,0 118,636,0 432,082.0 100,797,0 62,738,0 115,536,0 45,976,0 277,848,0
173,206.0 12,789,0
49,659,0 9,154,0 8.889.0 8,792,0 16,476.0 23,415,0 13,501,0 4.944.0 6,036,0 7,635,0 11,916,0
3,178,188,0 234,170.0 1,052,411,0 225.823.0333.954,0 94,294.0 135,112,0 455,497,0 114,298,0 67.682,0 121,572,0 53,611,0 289,764,0
Total reserves
68,210,0 6,114,0
14,413,0 3,525,0 4,667,0 4,770,0 5,188,0 10,568,0 4,798,0 2,416,0 2,132,0 4,066,0 6,553,0
Non-reserve rash
discounted:
Bills
66,676,0 4,387.0
510,0 2,236,0 1,851,0 3,868,0
16,630,0 11,077,0 10,976,0 3.343,0
880,0 8,014,0 2,924,0
Bee. by U. B. Govt. obligations
130,425,0 6,633.0
18,800,0 9,513,0 8,060,0 16.076,0 27,463,0 8,726,0 10,211.0 3,825,0 7,205,0 10,984,0 6,949,0
Other bills discounted
197,101,0 10,000.0
130,762,0 17,865,0
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
49,714,0 1,296,0
276,897,0 17,246,0
249,757,0 25,718,0
Total U.S. a0v't securities
576,368.0 44.260.0
33,430,0 20,590,0 19,038,0 19,419,0 28,343,0 16,740,0 13,135,0
28,615,0
715,0 13,251,0 6,340,0 7.864,0 20,033,0 5,805,0
4.335,0
6,265,0
9,441,0 12,816,0 9,817.0
5,573,0 4,507,0 13,929.0
654,0 4,858.0
165,0 20,681,0
462,0
357,0 8,313,0
6,769,0 23,731,0 14,614,0 10,034,0 12,266,0 9,584,0 19,227,0
4,499,0 33.190,0 7,375,0 10,323,0 16,123,0 10,273,0 17,006.0
lan A7s
----0 50 202 n 55.342 n 15 505 n II &VIA 77 Fin9 n 99 115.1 A 05015 n no Ann n nn vAn n nn nno A
9,798,0 1,052,0
765,0
106,805,0 21,731,0 28,443,0
63,873,0 27,419,0 26,134,0
1,313,0
6,457,0
7,824,0
746
FINANCIAL CHRONICLE
RESOURCES (ConeIrded)7'wo ciphers (00) omitted.
Total.
$
7,323,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
All other resources
Boston.
8
1,000,0
New York.
$
5,250.0
[Vox.. 131.
Phila. Cleveland. Richmond Atlanta. Chicago
$
$
$
$
$
1,000,0
M.Louis. Mitineap. Rats.City. Dallas. San Fran.
3
$
$
$
$
73,I
911,554.0 73,125,0
706,0
52.0
510,430.0 55,859,0
18.912,0
224.0
59,584.0 3,580.0
14,037,0
78,0
247,771,0 72,507.0 87,629,0 41.3.53.0 47,640.0 114,375,0
41,583,0 35,888,0 43,750,0 45,492,0 60,441,0
232,0
69,0
71,0
30,0
25,0
95,0
25,0
16,0
21,0
21,0
49,0
135,378,0 44,295,0 55,057.0 30,887,0 12,972,0 64,755,0
20,545,0 9,320,0 31,031,0 19,440,0 24,841,0
4,918.0
332.0 1,409,0
1.738.0 1,031,0 2,014,0
865,0 1,171.0
1,515,0
476,0 3,219,0
15.664.0 2,614,0 7,059,0 3,214,0 2.658.0 8,295,0
3,811,0 2,018.0 3,972,0 1,876.0 4,823,0
8,378,0
212,0 1,071,0
550,0 3,148.0
620,0
475,0
501,0
222,0
454,0
328,0
Total resources
4,761,621,0 373,202,0 1,477,165,0 349,377,0 490,917,0 182.836.0 207.774,0
656,219,0 186,400,0 119,012,0 204,265,0 125,436,0 389,018,0
LIABILITIES.
F. It. notes In actual circulation_ 1,335,141,0 138,601,0 158,218,0 125,886,0
185,549,0 61,880,0 114,715,0 180,507,0 69,109,0
Deposits:
50,447,0 68,432,0 30,455,0 153,342,0
Member bank-reserve liC01-. 2,415.285.0 142.677,0 1,028,989.0 137,442,0
200,839,0 62,971.0 58,619,0 346,684,0 75,345,0
Government
47,095,0 90,969,0 57,345,0 166,230,0
26,146,0 2,197,0
3,255,0 1,903,0 1.596,0 3,022,0 2,361.0 2,892,0
Forego bank
1,744,0 1,087.0 1,201,0 1,805,0 2,903,0
6,434,0
451,0
2,342,0
591.0
610,0
256,0
220,0
817,0
Other deposit,
220,0
140,0
183,0
21,008,0
421,0
183,0
42,0
8,717,0
43,0 1,791,0
76,0
789,0
576,0
317.0
159,0
84,0
19,0 8,393,0
Total deposits
2,468,871,0 145,367,0 1,043,303,0 139.979.0204,836,0 66,505,0 62.069,0320.
969.0 77,626,0 48,481,0 92.437,0 59,362,0 177,947,0
Deferred availability Items
495,807,0 55,515,0 126,982,0 39.400,0 54,297,0 35,351,0
12,643,0
Capital paid in
169,716,0 11,862,0
65,576,0 16,663,0 15.877,0 5,828,0 5,365,0 62,359,0 22,137,0 9,025,0 29,725,0 21,635,0 26.738,0
Surplus
20,198,0
276,936,0 21,751,0
80.00113 26,965,0 29,141,0 12,496,0 10,857.0 40,094,0 5,278,0 3.064,0 4,316,0 4,348,0 11,343,0
All other liabilities
10,877,0
15,150,0
106,0
5,085,0
484,0 1,217,0
776,0 2,125,0 2,092,0 1,375,0 7.143,0 9,162,0 8,935,0 19.514,0
852,0
193,0
711,0
134,0
Total liabilitl,s
4,761,621,0 373,202,0 1.477,165,0 349,377,0 49%917,0 182,836,0
207,774,0 656,219,0 186,400,0 119.012,0204.265,0 125,436,0 389,018,0
Memoranda.
.
Reserve ratio (per cent)
83.5
82.5
87.7
84.9
85.5
73.4
76.4
85.7
Contingent liability on bills
77.9
68.4
75.6
87.5
59.7
chased for foreign correspondla 478,027.0 35.547,0 155,699,0 46.596.0
48,037,0 20,176,0 17,293,0 64,369,0 17.293,0 11,049,0
14,411,0 14,411,0 33,146,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Tice Ciphers (00) mottled-$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt_ 1,704,744,0 173,725,0
Reid by Federal Reserve bank_ 369,603,0 35,124,0
In actual circulation
1,335,141,0 138,601,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
402,908.0 35,300,0
Gold fund-F.It. Board
1,150,306,0 129,617,0
Eligible paper
310,785,0 27,787,0
Total collateral
1.863.999.0 192.704,0
$
Phila. Cleveland. Richmond Atlanta. Chicago.
$
$
$
$
$
se. Louts. Mfritway. Kan.Clfy.
8
s
s
Dallas. Sserrse.
s
s
246,021.0 147,085,0 218,719,0 82,184,0 140,741,0 208,831,0
89,803.0 21,199,0 33,170,0 20,304,0 26,026,0 28,324,0 82,344,0 55,263,0 79,270,0 38,931,0 231,630,0
13,285,0 4,816,0 10,838,0 8,476,0 78,288,0
158,218,0 125,886.0 185,549,0 61,880,0 114,715,0 180,507,0 69,109,0
50,447,0 68,432,0 20,455,0 153,342,0
229,968,0 39,900,0 15,550,0 5,000,0 7,100,0
28,626,0 100,100,0 180,000,0 60,000.0 97,600,0 199.000,0 8,945,0 11,845,0
56,100,0
48,770,0 18,976.0 31.957,0 25,329,0 36,130,0 38,604,0 18,864,0 34,600,0 75,000,0
10,556,0 14,950,0
307,364.0 158.976.0 227.517.0 90.329.0 140.830.0 235.604.0 83.908.0
56.901.0 89.950.0
14.300,0 35,000.0
10,000,0 179,760,0
17,250,0 23,802,0
41.550.0 238.365.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
and liabilities of the reporting member banks from which weekly returns are giving the principal items of the resources
obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. in the statement were given in the stateThe comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events
ceding which we also give the figures of New -York and Chicago reportingand Discussions," on page 712, immediately premember banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures
exclude "Acceptances of other banks and bills of exchange or
dorsement, and include all real estate mortgages
drafts sold
with en
and mortgage
endorsement were Included with loans, and some of the banks loans held by the bank. Previously acceptances of other banks and bills sold with
included mortgages In investments. Loans secured by U.S. Government
no longer shown separately, only the total of loans on securities
obligations are
being given. Furthermore, borrowing at the Federal Reserve Is
divided to show the amount secured by U. S. bbligatIons
not any more subing banks is now omitted: In its place the number of cities and those secured by commercial paper, only a lump total being given. The number of reporioincluded
The figures have also been revised to exclude a bank In the San (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
Francisco district with loans and investments of $135.000,000 on Jan.
merged with a non-member bank. The figures are now given
2 which recently
in round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTIN
G MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS JULY 23 1930 (In millions of dollars).
Federal Reserve Distrid-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas.
San Fran,
Loans and investments-total----
3
23,096
3
1,522
8
9,342
Loans-total
16,852
1,139
6,860
931
1,510
464
455
2,664
512
738
772
185
278
146
308
1,333
1,331
On securities
All other
s
1,256
$
2,284
s
642
$
590
$
3,402
$
667
s
350
$
s
s
654
438
225
433
328
1,332
241
270
78
147
132
301
100
229
440
892
1,943
8,398
8,454
774
179
135
738
155
125
222
110
616
1,229
1,253
79
246
374
400
81
97
62
72
344
393
32
123
72
54
92
129
64
47
333
282
08
15
888
57
81
12
142
28
40
11
39
9
266
33
45
5
26
5
60
11
34
7
105
17
900
513
10
6.224
1,999
43
747
322
11
1,147
993
11
347
248
9
811
242
9
1,924
1,354
6
371
244
2
217
129
488
193
2
274
152
7
741
1,007
10
84
135
159
1,219
110
212
155
359
88
112
78
99
313
512
70
125
79
78
188
239
91
90
32
RnrrnwInag Cr,.,. A 12 nen,
325
168
216
1,653
3,487
Due from banks
Due to banks
2,482
13,692
7,400
120
Net demand deposits
Time deposit,
Government deposit,
384
1.824
211
Reserve with F. it. Bank
Cash In vault
508
422
2,930
3,313
U. S. Government securities ---,
Other securities
3,986
2,874
8,243
Investments-total
512
628
236
285
1
5
1
3
4
7
3
4
1
x
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 July 30 1930,
July 30 1930. July 23 1930. July 31 1929.
July 30 1930. July 23 1930. July 31 1939•
Resources (Concluded)$
$
258,594,000 258,594.000 223,264,000 Gold held abroad
14,803,000
14,803,000
19,260,000 Due from foreign banks (See Note)
232,000
231,000
218,000
Uncollected items
Gold held exclusively ages. F.R.notes 273,397,000 273,397,000 243,534.000 Federal
135,378,000 151,115,000 193,915,098
Reserve
4,918,000
Gold settlement fund with F. R. Board- 229,419,000 241,418,000 156,832,000 Bank premises notes of other banks__ _
6,811,000
15,880,000
15,664,000
Gold and gold certificates held by bank- 499,936,000 494,728.000 433,372,000 Al.
15,664,000
16,087,000
other resources
6,378,000
5,421,000
580,000
Total gold reserves
1,002,752,000 1,009,543,000 831,728,000
Total resources
Reserves other than gold
1,477,185,000 1,504,534,000 1,588,648,000
49,659,000
49,948,000
76,204,000
LtactittfesTotal reserves
1,052,411,000 1,059,491,000 907,932,000 Fed'I Reserve notes In actual circulation_
Non-reserve cash
156,218,000 158,714,000 308,008,000
14,413,000
18,224,000
18,855,000 Deposits
-Member bank, reserve acct.- 1,028,989,00
Bills discounted
0 1,033,682,000 958,870,010
Government
Secured by U. B. Govt. obligations3,255,000
18,630,000
11,255,000 382,650,000
1.848,000
1,330,006
Foreign bank (Sae Note)
Other bills discounted
2,342,000
16,800,000
1,668.000
15,680.000 103,299,000
Other deposits
1,887,000
8,717,000
16,041.000
8,809,000
Total bill, discounted
33,430,000
26,935.000 385,949,000
Total deposit,
Bills bought in open market
1,043,303,000 1,053,239,000 970,896,000
28,615,000
37,175,000
31,105,000 Deferred availability items
U. S. Government securities
126.982,000 142,020,000 171,058,000
Capital paid In
Bond,
0,798,000
65.576,000
2,798,000
65,584,000
155,000 Surplus
60,132,000
Treasury notes
106,805,000
80,001,000
93,222,000
80,001,000
11,927,000 All other liabilities
71,282,000
Certificates and bills
63,873,000
5,085,000
84,197,000
13,445,000
4,970,000
7,273,000
Total liabilities
Total U.S. Government securities-. 180,476,000 180,217,000
1,477,165,000 1,504,534,000 1,588,648,000
25,537,000
Other securities (see note)
5,250,000
5.250.000
2,600,000 Ratio of total reserves to
Foreign loans on gold
deposit and
Fedi Ree've note IlabWtles
combined87.7%
87.4%
71.0%
Total bills and securities (See Note).- 247,771,000 249,577,000 435,181.000 Contingent liability on bills purchased
for foreign oorreapondsas.
-155,699,000 158,988,000 136,792,000
Nara-Beginning with the statement of Oct. 7 1925.
two new items were added
foreign correspondents. In addition, the caption "Alt other earning assets," previouslyin order to show separately the amount ot balances held abroad and amounts due to
made Up
"Other securities," and the caption "Total earning assets" to -Total bins and securities." The of Federal Intermediate Credit Bank debentures, was changed to
latter term
discount acceptances and securities acquired Linder the Provisions
as
of Section 13 and 14 of the Federal Reservewas adopted It a more accurate description of the total of the
,
Aet, which. was stated, are the only items included therein.
$6.10/008SGold with Federal Roane Agent
Gold redwnp.fund with U.S. Treasury
antlers'
.
V
New York City Banks and Trust Companies.
azette.
(AB onus dollars ow sea...)
Wall Street Friday Wight, Aug. 11930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 736.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS
Week Ended Aug. 1.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
per share.$ per share
Par. Shares. S per share. 3 per share.
RailroadsMay
Jan 90
10 8934 July 26, 89% July 26 75
Buffallo & Susq pf _ _100
Canadian Pac new._ _25 1,900 4631 July 31,1 47 July 29 45% Jun 5234 May
Mar
100 92 July 311 92 July 31 86% Apr 92
Caro CI &0 corn_ __100
July
102
Ctfs stamped__ _100
23010034 July 28102 July 31 9
200241 July 29241 July 29 23034 June 315
Feb
Central RR of N J_ _100
Jan
July 3
100 1 July 31 1 July 31 1
Duluth 88& Atl_ _100
30 81 July 31 81 July 31 7134 Jan 81
July
III Cent leased line_ _100
300120 July 30120 July 30 113
Jun 13631 Apr
100
Preferred
100 8131 July 29 8131 July 29 75
Feb 83 Juno
Hudson d, Mauls pf _100
100 19 July 29 20 July 29 19
May
July 29
Just Rys of Cen Am aft*
80 4634 July 28 50 July 26 4634 July 68% Apr
Manhat Elev Guar 100,
400 231 July 29 234 July 28 131 Apr 334 Feb
Nat Rysof Mex 1st p1100
100 8731 July 26 8734 July 26 8534 Jan 87% Apr
Northern Central_ _.50
201 14 July 26 15 July 26 14
July 2934 Mar
Pacific Coast 1st p1_100
51150 July 26 160 July 26 150
July
July 157
Pitts Ft W & Chic prat_
Indus. & MIscell.Addressog Intl Corp_ _*
Allegheny Steel
Amer Chain
Am & For Pow p1(6) •
American Ice pref _ _100
Am Mach & Fdy new.*
Amer Mach & Metals.•
Amer News Co
Amer Tobacco B new 50
25
Common w I
Arch Daniels Mid p1100
Am Dry Gds lst p1100
•
Atlas Stores
Austin Nichols prior A •
Beech-Nut Packing_ _20
Blaw-Knox
Celanese Corp of Am _.•
Celotex Co pref _ ___100
Certain-Teed Products
lst preferred_ _ _ 100
Colgate-Palm-Peet ___•
Colonial Beacon OIL _ _•
Comm Cred pref (7)_25
Comm Inv Tr pf (634)•
Commonw & South pf_•
Collard Cigar pref(7)100
Cuban Dominion Sug_•
Cushman's pref 7% _100
Duplan Silk pref....100
1,600, 31 July 30 3234 July 29 29%
100, 58 July 29 58 July 29 55
4,401 5634 July 31 6034 July 28 39
,
110 9834 July 30 99 July 29 95
100 8051 July 30 8034 July 30 78
11,600 3634 July 31 4134 July 26 36%
800 9 July 30 10 July 28 9
20, 60 July 28 60 July 28 48%
9.100118 July 31 124 Aug 1 118
300,120 Aug 112134 Aug 1 120
80106 34 July 26 10934 Aug 1 10334
2001 9034 July 28 9034 July 28 85
3,200 2834 July 30 3
031 Aug 1 2534
100 2234 July 30 2231 July 30 19
500 533.4 Aug 1 553.4 July 28 4931
200 35 July313534 July 31 31
700 14 Aug 1 15 July 26 14
200 35 Aug 1 4534 Aug 1 35
300 3234 July 30 35 July 28
3,200 58 July 28 59 July 30
700 14 34 July 29 1431 July 29
30 2334 July 29 24 July 29
200 9931 July 31 9934 July 31
2,80010034 July 28 10131 July 31
8 84 July 28 85 July 29
100
% July 28
% July 28
10 110 July 31 110 July 31
200 105 Aug 1 105 Aug 1
Jun 34%
July 72
June 69%
Jan 101
July 8734
July 42%
July 14%
July 80%
July 124
Aug 121%
Mar 110
Feb 95%
June 37
July 30
Jun 70%
Jun 5134
Aug 20
Aug 84%
June
Apr
Apr
May
Jan
July
July
Mar
Aug
Aug
Apr
Apr
May
May
Jan
Apr
July
Apr
Jun 45%
Jun 64%
Jun 2034
Jan 25%
Jan100
Feb 104%
Jan 93%
June 234
June 120
Feb 105
Mar
May
Apr
Apr
Mar
June
May
Jan
Mar
July
Mar
Apr
Apr
July
Feb
Aug
Apr
Mar
July
May
Apr
July
July
June
July
Mar
July
Apr
May
May
July
Jan
June
Apr
Mar
May
60 9534 July 29 95% July 29 93
2,100 3131 July 31 3234 July 31 31%
6,500 37 July 31 39% July 26 3534
24% July 29 2531 July 28 23%
1,700 8914 July 28 93% July 30 84
20 105 July 31 105 July 31 103
300,146 July 31 14734 July 29 142%
1.70o1 .59% Aug 1 62 July 28 53
100 112 July 31 113 July 31 112
1,400 1934 July 28 1934 July 26 1731
18,300 9 July 31 1034 July 28 734
800 17 July 31 1931 July 26 17
6,200 20% July 30 21% July 26 1831
60 85 July 29 88 July 31 80
100 73 July 31 73 July 31 6
831
20 95 July 29 96 July 29 93%
10
7 July 31 7 July 31 7
100 9
031 July 28 9034 July 28 90
1,800 9434 July 28 95 July 29 9131
100
% July 31
% July 31
%
20 5
831 July 30 5834 July 30 5834
10 95 July 29 95 July 29 95
2.000 24 July 30 25% July 26 23
Feb 100
July 32%
July 4834
Jan 26%
June
Jan 110
Jan 149%
June 6234
July 116
June 32
Jun 1434
July 3534
Jun 2734
Apr 88
Jun 82
June 103
Jun0 15%
July 103
June 9734
July 134
July 72
July,1Q4
June' 3434
mar
July
Apr
May
Feb
Jan
July
July
July
Apr
Apr
Apr
Juno
July
Apr
Jan
Jan
Jan
June
June
Jan
Mar
Apr
60 457.4 July 30 46 July 28 4234
Shell Transp & Trad..£2
100
600 8834 Aug 1 9131 July 28 88
Skelly Oil prof
130 51 Aug ii 5234 July 29 45
Sloss-Shelf St & 1r p1100
700 9931 July 2610034 July 31 9
(6) •
Stand Gas & El pf
63,4
100 3234 July 31 3234 July 31 29
Stand 011of Kansas_ _25
Superheater Co(The • 2,700 4234 July 31 4534 July 29 38
• 1,800 1131 Aug 1 1231 July 28 11
Thermoid Co
• 1,600 2934 July 31 3134 July 26 25
Third Nat Invts
800 2434 July 29 25 July 26 20
Thompson Produots_.•
300 1034 July 31 11 July 28 9
Thompson-Starrett...'
•
200 42 July 28 42 July 28 40
Preferred
Transamerica Corp_ _25 138,600 2134 July 29 2434 July 26, 21 34
10 21
United Business Pub_ _*
July 30 21 July 30 21
90 434 July 28 454 July 28 434
United Dyewood_ ..l00
10 126 July 26 126 July 26 12254
U S Tobacco pref _ _100
50 99 July 3010094 July 31 99
Univ Leaf Tob pref_100
50 18 July 28 18 July 28 12
Ta Iron Coal Jo Coke100
500 97 July 31 99 July 29 97
Walgreen Co pref_ __100
* 13,500 7534 July 31 80 July 26 6734
Wrigley Co
• No par value.
Feb 4834
June 993.4
Juno 82
July 100%
Jun 49
June 4534
July 2634
Jun 32
Jun 3
931
Jun 1834
Jan 4934
July 2534
July 30
July 11
Ma 126
July 115
Jan 1931
Jan 103
Apr 81
Apr
June
Mar
June
Apr
July
Slay
July
Apr
Mar
Mar
July
Jan
Feb
June
Mar
July
Mar
July
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 737.
A complete record of Curb Exchange transactions for the
week will be found on page 765.
Basks.
Par SW Ask
Now York96
38 94
America
100 93 103
American Unions
97
Broadway Nat Bk &'Tr_100 87
45
20 38
Bryant Park*
20 138 139
Chase
Chat Phenix Nat Bk &'Tr 20 105 108
Commercial Nat Bk & Ti 100 370 385
111th Avenue*
100 2725 3025
100 4875 4950
First
100 600
Graee
Harriman Nat Bk & Tr_100 1510 1610
100 150 170
Industrial
Leteourt Nat Bk & Tr_ .100 90 105
100 92 107
Liberty Nat Bk & Tr
20 129 130
National CIO
Penn Exchange•
100 93 103
38
10 28
Port Morris*
35 103 105
Public Nat Bk do Tr
80
Seward Nat Bank & Tr_100 81
45
Sterling Nat Bk & 'Tr__ _.25 40
...100 235 250
Straus Nat Bk ,k Ti.
25 4012 4112
United Stales'
Yorkville
100 135 150
150
Yorktown*
100
Brooklyn
50 698 758
Brooklyn
100 400 500
Peoples
Trust Companies.
New York (Goad.)- Par BS/ Ask
Bank of N Y & Trust___100 640 660
10 13814 139%
Bankers
70
20 60
Bronx Co Trust
Cent Hanover Bk & Ti. 20 842 347
37
Chelsea Bank & Trust_ _25 34
66
Chemical Bank & Truat_ _10 65
2712 2812
Continental Bk & Tr_
20 160 162
Corn Exalt Bk & Trust
100 225 235
County
84
20 81
Empire
100 550 800
Fulton
100 609 612
Guaranty
100 170 180
Hibernia
38
20 36
International
38
25 30
Internet Mad Bk k Tr
10 4914 49es
Irving
100
Lawyers
6
20 1- 912 (fine
Manhattan
25 94 98
Manufacturers
Mutual (Westchester)..100 400 425
20 241 244
N Y Trust
100 100 110
Plan
as
100 50
TIme3Square
20 148 .50
Title Guar & Trust
100 3925 4000
United States
100 1000
Westchester
Truth Companies.
Par
Note YorkAmerican
100
220
Amer Express
Banes Consmerslale Ital_100 315
Brooklyn
Brooklyn
Globe Bank & Trust
Kings Co
Midwood
320
100 898 708
100 165 180
100 2750 2900
100 175 190
•thaw banks. t Now stock. a Ex-dividand. o Ex-stock dlr. p KIwtgitn.
New York City Realty and Surety Companies.
(All ISM dollars per sk.re.;
Pl
Bond & Mtge Guar
20
Home Tills Insurance _ _25
20
1Awiecs Mortgage
Par
aid lAsk
97 101 ILawyers Title & Guar__ A001
Lawyers Westettert M&TIO0
59
59
Westchester This & Ti...
49
47
Ind 1 4.5
267 277
225 230
140 150
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Ins.
ifMarty.
20
50
1234
2234
89
99
76
%
110
97
Fashion Pk Asso pf_100
100 4834 July 31 50 July 30 4854 July 80
Fourth Nat Investors.. 4,000 3331 Aug 1 36 July 28 28% June 50
320 89 Aug 1 8934 July 28 88% July 109%
Gen Cable pref
100
110 118 Aug 1 120 July 31 11234 Jan 120
General Cigar pref_100
500 3534 July 26 3
Gen Italian Edison_ __ _
631 July 26 34 34 June 4434
Gen Motors pref(5)l 12.900 0534 July 26 0634 Aug 1, 9234 June 9634
Gen Realty & Utilities *J 2,600 1234 July 31 1234 July 28, 11% June 1934
500 99 July 30 9934 July 30 98 June 101
Gen Steel Castings p1j
20 115% July 30 1534 July 30'101 . Apr 115%
Gold & Stock Teleg..l00I
10 7034 July 31 70% July 31 65
Jan 79
Gotham Silk II pf x-war
10 65% July 29 6534 July 29 65
Greene Cananea Cop 100
July 89
Cl100 4734 July 29 4734 July 291 47% July 47%
Hamilton Watch
138 July 29 123% Jan 138
138
Helme(OW) pref. _1
120 July 201203.1 July 28117
Hercules Powder pf 1
Jan 123%
600 13 July 30 1334 July 311 934 Jun 1334
In.suranshares ars_
•
Internat Carriers Ltd.* 1,500 1234 July 31 13 July 28 11
June 19%
Int Comb Eng pref ctfs 1,200 65 July 31 69% July 29, 5034 July 69%
100 121 July 31 121 July 313.116
Internal Nickel pref 100
Feb 127
July26 35 July 261 34
300 35
Int Printing Ink Ws_ _July 47
30 89% July 28 90 July 281 130n July 943,4
Preferred ctfs
200 9% July 26 9% July 28 7% Apr 954
Kresge Dept Stores--.•
10 48 July 31 48 July 31 , 45
May 62
100
Preferred
111 July 28 III July 28 108% June 115
Kresge (S S) Co p1_10
• 4.8001 74 Aug 1 78% July 28 66% June 97%
Lehman Corp
50 121
July 31 121 July 31 118% dee 126
Loose-WilesBislstpf100
200 92 July 30 94 July 2811 92
Lorillard Co pref....100
July 99
MacA & Forbes Pf.100
Marine Midland Corp10
M Field & Co
•
Metr-Goldwyn Pie pf 2
Mid St Prod 1st pf.100
MB El Ry & Lt pf.1
Nat Biscuit pref._ _ _100
Nat Steel
•
Nat Supply pref._ __100
N Y Investors
No Amer Aviation_ _•
•
Park & Tilford
Petrol Corp of Amer_ ..•
Phoenix Hosiery pfd 1
-Arrow Co p1..1
Pierce
Pittsburg Steel pref _1
Pitts Terminal Coal_l
Postal Tel&Cable p1100
Pub Serv of NJ
Punta Alegre Sugar Mfg
Revere Cop & Brass A •
Preferred
100
Reynolds Metal
•
747
FINANCIAL CHRONICLE
AUG. 2 1930.]
Maseru,.
DM.
/04.
Rein.
,
Sept.18 1930... 3%% 100622 100 st Sept 15 1930-32 • % 100"12 100un
% 100"22 1001611
Hee. 13 MO- 4% 1001322 1001.37 Mar, 15 1930-32
M* 15 1931... 2If% 10017.2 100110 Dee. li 1920-32 • % 100"42 100ust
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. July 26 July 28 July 29 July 30 July 31 Aug.1
High
First Liberty Loan
3%% bonds of 1933-47- LowChwil
(First 334)
Total sales In $1.000 until_ .Converted 4, bonds of High
1932-47 (First 490
___ 100".2 1003.22 100...2 1003.32 101
--_ 10066n 100"n 1006621 100"st 100"ts
---- 100"st 100"st 100un 100"st 100"ts
12
64
1
270
25
____
-----------------
---Total toles in $1.000 oohs...
Converted 474% bonds{ High 1026:1
of 1932-47 (First 11%.) Low- 1026,1
.2
Close 1023
5
Total mks in 11.000 snits...
---Second converted 44%(High
bonds of 1932-47 (FirstiLowSecond 474,)
-Total sales in 11,000 101(10.-High 1031st
Fourth Liberty Loan
4130% bonds of 1933-38.- Low- 103
(Close1031.2
(Fourth 4345)
30
Total soles I.$1,000 snits_ ..
M
(Mils 1121 ,,
Treasury
0,,
(Low. 112.
4),.. 1947-52
-,---_ ----- -102;,, 1022,, 102":, 102'n 102%
.2 1023:2 102.2t 101"s2
1012s,, 1023
102..2 102.22 102..2 102.12 101"st
4
26
7
2
3
----------------
-___
- __
-6s: 103
103
102":
103
102611
103
203
43
112n,, 112n,
112n,, 112312
,
(close 1123 s2 112.1.2 112",
103
1
1
TOlai Eat! if $1.000 filiif--High 10818,1 10811,, 108n,
Low_ 108". 1081..2 108.82
2
40. 1944-1954
.2 108..2
(Close 108...2 10813
100
127
1
Taal sales in $1,000 units__
,
Higi 106',, 106 22 1061.2
.,
Low_ 106..2 1064.2 1053,
334s, 1946-1956
(Close 106.at 106.42 105",
2
50
I
31.000 settsTotal sake ln
High 10111.2 101193, 102
101,
101
101
Low_ 101101",,..
331.. 1943-1947
Close 101You 101...2 1013.2
7
3
3
Total saki in $1,000 watts,
,, 10110
,,
High 1012, 10110
Low_ 101",, 101"3, 1011731
190, 1940-1943
Close 101"st 10116st 1016's
58
•
/MO, ow fm In 21 am raft1
1
.. ._
103
102"st
103
44
11212,,
3
112. .2
112no
25
10801,2
108.22
108.22
10
1053.32
105".2
1.2
105.
110
1011.,,
1012,
,,
101...2
15
____
. -
---__ _ _
_ _
-6103 n
102zin
103
321
1121.1,
112nts
112244,
5
108'ts
108'n
108'22
25
108
106
106
11
1011se
101",,101n
101"11
7
101"al
.. 101"al
---- 101"s1
.
_____
1034:
102"st
103
48
1129
,1
112".2
112,9,1
3
10868,
108*.2
108.22
2
106.22
106.22
1063
.2
10
101n,
101n,
1013
.2
1
____
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
4 1st 4348.
1 4th 4348
Foreign Exchange.
101ust to 102 n
,
102...2 to 1022.82
To-day's (Friday's) actual rates for sterling exchange were 4.86 3662)
cables. Commercial on
4.8794 for chocks and 4.37% ©4.87 9-32 for
banks, sight, 4.8634(6)4.87 1-16; sixty days, 4.84%04.84%; ninety days,
4.84%. Cotton for payment,
4.83% ©4.83%, and documents for payment,
4.86%, and grain for payment. 4.86%.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9331
03.93 7-16 for short. Amsterdam bankers' guilders were 40.263.4Q
20.2734 for short.
Exchange for Paris on London, 123.81; week's range, 123.81 francs high,
and 123.74 francs low.
The week's range for exchange rates follows;
Checks.
Cables.
Sterling, Actual4.87%
4.87 9-32
High for the week
4.8634
4.8634
Low for the week
Paris Bankers' Francs
3.9334
3.9394
High for the week
3.93 7-16
3.93 5-16
Low for the week
Germany Bankers' Marks
23.9194
23.903,4
High for the week
23.87
23.88%
Low for the week
Amsterdam Bankers' Gutlders40.27%
40.2834
High for the week
40.2234
40.24%
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 Neck of stocks not recorded
here. see preceding page.
HIGHAND LOW SALE PRICES-PER SHARE, NOT PER
CENT
Sales
for
Monday i Tuesday
Wednesday Thursday
Friday
July 28. I July 29.
July 30.
July 31.
Aug. 1.
Week.
$ per share 3 per share
per share 3 per share
Per share
per share
21612 219
22034 22212 214 220 21514 2164 21514 21312 21718
/
1
4
/
1
21718
*1044 105 *1043* 105
10458 1045 104 10434 .1047 105 *1041 105
8
/
1
4
8
/
4
*151 15212 *151 152
150 151
146 146
146 146 *145 154
10612 1063 owe 107% 1054 106
4
/ 1054 108
1
4
10212 10512 1023 10414
4
*8312 85
8313 8312 8312 834 8412 8412 *81
83
*81
83
74
74
75
75
*74
75
74
74
73
73
72
72
*110 113 *110 113 *110 113 *110 113 *110
113 .110 113
*80
85
*80
85
*80
85
80 80
*794 85
*80
85
*13
14
*13
14
11.314 14
*1318 1314 *1318 14
.1314 14
8112 6112 *5912 6112 5913 60
*5912 8112 *5912 614 *60
6112
6614 6618 8614 6718 67
6714 65
6612 6318 641 641 6512
/
4
/
4
91
91
914 9112 9112 9112 9112 9112 91
91
.91
92
914 9 4
612 10
3
8 4 912
/
1
4
*878 10
*914 lti
9
/ 91
1
4
8
18714 18714 18612 18612 18812 187
186 1863 18514 186
4
186 186
189 4 190
3
190 191
188 191
186 18812 134 186 •184 188
/
1
4
54 6
3
512 512
*
5
57
8
518 51
512 6
/
4
512 714
6
6
514 534
5
5
*454 5
13
4 64
514 614
19
*10
18
*10
18
*10
18
*10, 18
*10
18
*36
37
37
37
*3512 37
35
35
.31
35
*31
35
11
1112 111 1112 105 114 10 8 10
/
4
8
/
1
5
/ 104 103
1
4
/
1
/ 11
1
4
4 10
40
/ 40
1
4
/ 4038 41
1
4
385 40
8
3712 38
/ 37
1
4
383
4 39
39
1518 154 15
/
1
153
2 143 15
4
/ 1418 1412 133 144 .
1
4
4
/ 1414 1412
1
25
2514 2458 25
2358 244 2318 2318 211 23
/
4
2214 227
8
75
75
/ 7512 77
1
4
7612 761 74
/
4
76
7312 7312 .7344 75
*120 1314 *120 1314 1317 132 *132 140
/
1
8
*132 140 *132 140
106 106
10712 10712 102 105
102 10212 .10012 103
102 102
*10612 108 *107 108 *107 108
107
*107 10712 10112 1011 10114 1011 100 107 .106 107 .106 107
/
4.
/ 1001 *10018 10112 10012 10012
1
4
/
4
*6712 75
*67
82 1 *67
82
*67
82
.67
82 .67
87
*77
7712 77 77
77
77
*76
77
76
75
*76
77
*65
70
*68
70
*68
69
*68
69
*63
69
*68
69
*54
541
5412 5412 *54
55
*54
5412 51
54
54
54
160 160
162 162 1'1584 165 *158 162
15814 159 .1584 162
*113 115
115 115
114 114
114 1144 11314 1133 114 114
4
61
61
*
61
6212 601 608 605 60
8
8
/ 59
1
4
/ 60
1
4
*55
61
421
*42
4214 4318 414 421g 413 42
4
4114 411 114 115g
/
4
8
*587 611 .58
61
*58
5912 58 5818 *56
603 *56
4
6031
*55
561 *55
56
*55
56
55 55
5412 541 .54
/
4
57
82
82
82
824 82
83
817 82
8
8212 8212 *82
83
Saturday
July 26.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On bests of 100
-share loss
Lowest.
Highest.
PER IIHARa
Range for Previous
Year 1929.
Lowest.
Higkest.
95 June 25 1254 Feb 14 101 Nov 14313 Sept
105 June 16 1103 Mar 20 100 Nov 109 001
3
r98 June 6 108 Feb 7
947 Nov 10314 Noy
65 June 18 95 Feb 13
8614 Dec 136 July
683* Jan 8 80 June 19
6513 Oct 80 Jan
60 July 11 75 Apr 23
84 Apr 7214 Mar
49 Jan 2 82 Apr 10
45 Nov 7054 Jan
146 June 25 181 Feb 8 14114 Oct 326 July
11014June 18 153 Feb 8 12014 June 1891 Sept
4
45 June 27 80 Mar 28
49
Oct 773* Feb
3518June 18 833 Feb 14
4
4110 Nov 9312 Sept
5312June 25 6714 Feb 19
5512 Nov 6814 July
50 June 25 6214 Feb 19
7
52 Nov 63 July
4June 25 102 Mar 29
713
85 Nov 12814 July
/
1
4
*32
33
*3114 38
87 June 25 9914 Feb 21
*314 33
8514 Nov 12214 July
3118 3114 311 311 31
/
4
/
4
31
*
93
96
284June 25 4614 Feb 17
*93
96
*
93
96
18 Nov 59 Feb
*93
96 .93
96
.93
96
*118 4
*118 4
90 June 21 984 Mar 10
*118 4
70 Nov 103 Jan
*14 4
.14 4
.114 4
*48
55
378May 10
We Jan 17
614 Dec 1114 Apr
*4812
*335 ____ +558- :::: •ii358 May 9 72 Jan 2
55 Feb 73 4 Dee
5
4618 4628 4658 464 4658 467
460 Jan 25 625 Mar 29 370 Nov 600
8 4612 4612 *4618 17
Oct
1183 1183 119 11912 119 120
4
4
41 June 25 53 4 Mar 25
3
3413May 58% Jan
11814 11814 11713 118
11714
*71
73
*72
11314June 25 136% Apr 22 116 Nov 15313 July
73
72
72
.71
72 .71
72
72
72
70 Jan 2 77 May 13
70 Nov 8014 Fe"
254 2538 2538 26
2518 26
26
2618 *254 26
25
255
8 2,200 Interboro Rapid Tran•10_100
*154 20
/
1
•1512 20
20 Jan 3 3912 Mar
14
20
15 Oct 681 F eb
20 •
1514 20
4
*151 20
*151 20
/
4
150 Jut Rye of Cent Amerlea__100 107 July 14 8213 Jan 18
*6612 693 *6612 6712 6612 6612 6612 6612 .
4
16
25 Nov 59 J0
8514 693 .
4 654 6914
70 Preferred
100 8114 Jan
1
6318 6312 *63
6114 Dec 8014 Jan
70 .6212 67
*6212 67
600 Kansas City 8outhern__100 58114June 2 73 4May 7
*65
69% *65
25 853 Mar 29
69
/ 6614 6614 .
1
4
60 Oct 1087 Jul '
4
65
4
,
674 .65
6712 *65
6712
.
100 Preferred
*61
100 65 June 25 70 Apr 16
68
*
61
63 Nov 704 Jan
66
*
61
65
*
61
6412 *61
61
/ *61
1
4
63
Lehigh Valley
*125 127
5(1 5714June 25 847 Mar 31
1263 127
4
4
12112 12612 122 122
65 Nov 10214 Feb
120 122
120 12012 - 3,66 Louisville & Nashville
2811 2812 *284 2912 28
100
Oct 1543* Sept
29
284 2812 28
/
1
2812 '204 3012 3,400 Manhat Elev modified guar 100 120 July 31 18812 Apr 4 110
*18
24 June 28 4012 Mar 18
2012 *18
24
2012 *18
Oct 5714 Jan
204 *18
18
19
18
*18
19
300 Market St Re prior pref 100 17
*1
138
1412 Nov 394 Jan
Jan 16 2614 Feb 13
14 114 *1
114 *1
1% •1
114 *1
100 Minneapolis & St. Louis..
114
.100
115
1 June 27
*15
19
214
31 Jan
114 Nov
19
*15
19
*15
19 .15
19 .15
19
Mimi St Paul & 13 El Marle_109 19 July 18 31, Apr 5
*5212 55
*5212 55
Feb 7
85 May 6114 Sept
*5212 55
*5213 55
50
5212 *5212 55
170 Leased lines
413 415
8
8 4118 4218 4033 41
51 Dec 68
394 4112 39
/
1
Jan
394 394 301 6,900 Mo-Kan-Texas RE____No 100 50 July 31 594 Feb 21
/
4
par 32 4.1une 25 66% Apr 14
*10012 101
7
2714 Nov 653* July
100 10012 100 100
100 100
100 10014 100 100
800 Preferred
100 9814June 23 1083 Mar 27
6918 7012 71
*
4
71
93 4 Nov 10714 Apr
7
*88
70 4 *68
3
70 4 65
68
*644 66
3
1,100 Missouri Pacific
101) 57 June 25 9813Mar 6
123 12312 123 1233 12314 12312 12218 123
46 Nov 1013* July
4
122 123
123 124
3,500 Preferred
100 1153
3June 28 14514 Mar 6 105 Nov 149
8614 8612 *8314 8812 *8314 8612 *
8314 8614 *84
Oct
86'2 .84
8612
40 Morrie & Essex
50 8114 Jan 29 8612July 26
*100 105
10012 10012 98 100
75
3
*
95
95
/ 99
1
4
9612 *9512 100
290 Nash Chats & Si Louts--100 95 July 31 132 Mar 26 173 4 Oct 881 Jan
114 114
114 14
Nov 240 Aug
14 112
14 138
11
/ 118 .11
4
/ Ili 2,800 Nat Rye of Mexico 2d pref_100
4
11 2July 29
166 1663 1654 1674 16312 16512 16214 165
14 Feb 26
4
1
/
1
Oct
161 1631 16112 16214 9,100 New York Central
,
33* Jan
100 160 4.1une 25 1923* Feb 14
3
*108 111 *108 111 *108 111
10718 10812 106 107 *106 109
SOO NY Chic & St Louis CO_ -100 94 June 25 144 Feb 10 160 Nov 25614 Aug
*10814 110 *10812 110 *108 110
10818 10814 *10612 108
1071s 10718
300 Preferred
100 105 July 3 110 4May 14 110 Nov 1925, Aug
*195 200
3
100 May 110
195 195
190 190 *188 199' 183 190 .
183 199
50 NY & Harlem
50 1783
4June 18 824 Feb 8 155 Oct379 13450
Jan
1063 1083 10612 10818 10112 10712 1054 10712 10412 106
4
4
10112 105
8,800 N Y N H 44 Hartford
100 9714June 24 1384 Mar 29
*1194 120
1194 120 *11812 12012 117 118
7
0
11634 1163 1171 4 11714 1,600 Preferred
:
118 June 18 13613 Mar 21 i1413 Jan 13214 CPI
.
918 111
*9
1112 10
Jan 134% Aug
*10
10
1112 .10
11 2 10
10
,
400 N Y Ontario & Wastern---100
812June 18 174 Mar 31
*112 21
*112 212 *112 212 *112 212*112 212 •112 212
8 Nov
32 Feb
N Y Railways pref...-No Par
1121000 24
17 *---2
414 Jan 16
_
114 Dec
172
i7 '____
97 Feb
14 •____
/
1
14
/
1
11•
/
4
N Y State Rys
100
1 June 4
*1312 15
24 Feb 8
*12
15
*1212 134 13
1
Oct 1414 Mar
,
13 .12
1418
141 ;12
100 Norfolk Southern
r
100 10 June 27 3314 Feb 14
*22714 230 *22712 2313
1414 Dec 4814 Feb
4+22514 2343 2254 22514 *22514 230
227
600 Norfolk & WeNern
*8514 8614 854 854 85 2293
100 21314June 26 266 Feb 18 191
Jan 290 Sept
86
/ 86 .8514 86 .85
1
4
*85
86
30 Preferred
100 83 Feb 3 8814May 29
75
/ 76
1
4
76
82 Nov 874 May
76
7518 7514 74
73
75
73
73
73
1.000 Northern Pacific
100 663
4June 25 97 Feb 21
__-7514 Nov 1187g July
Certificatee
100 6312June 25 961* Feb 21
8
75 Nov 1145, July
-;
7T4
- 74
;
7
100 Pacific Coast
.
74 8
100
61
/
4July 22 197 Apr 9
4
764 764 764 763
47 Dec 43 Feb
4
4 75
/ 763
1
4
4 753* 76
Pennsylvania
7518 754 x7412 75
11,500
/
1
60 694June 25 86% Mar al
*10
15
*8
7214 Mar 110 Aug
15
.8
15
*814 15
*8
*8
15
15
Peoria & Eastern
100 10 July 18 2414 Mar 31
*133 137 *131 134
17 Dec 36 July
130 131 *128 135 *130 135 .
131 137
1,800 Pere Marquette
100 130 June 16 18412 Apr 10 140 Nov
98
98
*9712 98
98
93
*9612 99 .9612 99
97
280 Aug
/ 98
1
4
210 Prior preferred
100 943* Jan 31 101 May 17
*97
98
*97
94 Nov 101 Mar
98
*97
98
97
97 .97
93 .97
93
100 Preferred
100 95 Jan 7 99 Apr 15
*8014 95
*8014 95
*8134 95
90 Nov 97
•8012 95
*8012 95
Jan
*80'2 95
PItteburgh & West Va
100 90 June 18 1213* Feb 11
*108 110
107 107 *105 110
90 Nov 14814 Jan
107 107 *107 103 *105 1054
300 Reading
/
1
50 100 June 25 16114 Feb 6 10113 klay
*
48 4812 48
48 .48
1475 Sept
484 *48
/
/ *48
1
1
4
48
400 First preferred
4812
4312 *46
50 6414 Mar 11 63 Feb 21
*
48
484 *28
4113 Apr 60 Sept
4
84 *48
49
*48
49 .18
49
54734 4312
Second preferred
50 474 Jan 4 47 Feb 6
4
*3814 52 .384 52
435 May 60 4 Sept
*3814 52
*3814 52
*3814 52
Rutland RR prof
3
*3814 52
100 42 June 19 673
94
.92
4Mar 5
91
92
497 Oct 7414 Sept
8812 93
4
83
8914 89
39
89
38
2,600 St Louie-Sen Francisco.
-100 8512July 7 11828 Mar 27 101 Nov
*9212 95
*9212 95
94
/ 943
1
4
1335 Aug
4 93
9334 94
/ 94 8 94
94
1
4
700 158 prof paid
100 92 Jim 2 101 Apr 2
87 Nov 9612 Feb
70
/ 70
1
4
/ *
1 6812 70
4
6814 6818 *66
70
*66
*66
69
69
200 St. Louis Southwestern--100 624June
*6012 95 4 93 93
25 761
4May 18
3
50 Nov
*91
93
15 4 Feb
*91
1
93
93
93
100 Preferred
*01
*91
100 85 May 7 9434July 24
6% 6% * ,
84 Oct94 AM
6 4 6% .612 6 4 *
3
64 63
4
800 Seaboard Air Line
612 64
614 6%
100
6 June 17 124 Feb 15
*10 1 15
*10
,
15
*10
94 Dec214 Mat
15
*5
.5
Preferred
*10
/
1
15
15
14
100 16 June 21 28 Feb 7
*11914 120
120 120
1614 June 413* Oet
118 119
/ 11714 11814 117 1181 118 118
1
4
4,200 Southern PaC1110 Co
/
4
100 108 June 25 127 Feb 10 105 Nov
*96 4 9612 95
95
/ 88
1
4
94
36,900.8outhern Railway
8518 884 8618 834 865 89
8
100 8518July 30 1363 Jan 13 109 Nov 15713 Sept
*9514 95 4 *9514 95
3
4
/ 93
1
4
/ 95
1
4
16214 Sept
4
/ 923 93
1
4
923 924 034 9312 1,700 Preferred
4
100 9074July 7 101 Mar 20
*111 123 *111 123 *111 123 *111 123 •111 120 *111 123
93 June 100
Texas & Pantile
*712 8
100 110 June 26 145 Apr 24 115 Nov 181 Dec
7
738
812 9
9
93
May
812 2,200 Third Avenue
4 •8
812 .8
100
612June 18 1512 Mar 20
*12 thf,14
*11
14
*11
14
614 Nov 39 Fee
*12
14 .
14
12
13
13
100 Twin City Rapid Tranalt.-100 10
July 10 814 Jan 39
*634 6312 *6314 6312 *
634 6312 *6314 6312 *6314 834 *6314 631
2014 De, 584 Jan
Preferred
100 8314Juno 20 79 Feb 3
219 22012 21714 222
9
213 2207 2151s 217
75 Dec
8
3,400 Union Pacific
2154 21512 *2164 221
Jan
/
1
100 200 June 25 2428 Mar 29 200 Nov 100
*88
862 *86
4
863
4
4 865 86 8 86
8
5
297% Aug
*35
861
500 Preferred
8614 8512 86
100 8214 Jan 17 803
36
3612 3512 37
4July 22
3512 364 32
80 Nov
3614 Sept
2,709 Wabash
35
3312 331? .324 34
100 30 June 27 67% Apr 1
751 *73
75
*73
*72
74
40 Nov 8134 Jan
*
72
74
72 .
75
100 Preferred A
72
70
100 70 July 3 894 Apr 8
25•F 2514 25
26 8 244 25
5
82 Nov 1047 Jan
/ 23
1
4
/
1
2314 234 15,300 Western Maryland
4
234 234 24
/
1
100 185
8June 18 36 Mar 29
'234 274 *25
27
*24
27
10 OctWoo
*23
*23
27
27
26
26
100 Second preferred
100 19 June 25 38 Mar 28
*20141212 2014 201 *1914 22
4 1644 21
,
145,, Nov534 Feb
•1914 22
•194 21
300 Western Pacitio
100 17 June 19 3014 Mar 29
*3812 41,1 *3812 41
*3812 41
15 Oct 417 Mar
*39
4
40
300 Preferred
39
3914 *3812 40
-100 38%June 25 8314 Mar 19
3713 Nov 873 Jul,
4
Industrial & Miscellaneous
8
*26 '28
263 264 264 264 26
26 .
283
26
700 Abitibi Pow & Pap
.26
26
4 26
No par 22 Jan 18 421s Apr 9
*7412 77
344 Dec 574 Aug
7512 7512 *7412 77
*75 6 77
•743* 77
*7114 76
100 Preferred
100 647 Jan 17 8614 Apr 8
4
89 Nov 881 Jan
3
• Did and asked prices; 00 sales on this day. C 60% stock dividend paid. z Ex-dividend. y Ex
-rights. a Ex-dividend and ex-rights.
-4-n-,;
749
New York Stock Record-Continued-Page 2
Foe sales during the week of stocks not recorded here, see second page preceding
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 26.
Monday
July 28.
Tuesday
July 29.
Wednesday
July 30.
Thursday
July 31. I
Friday
Aug. 1.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest.
Highest.
$ per share
$ per share $ per share $ per share $ per share $ per share S per share Shares Industrial &Misc:(Con.) Par $per
Jun r2
5 66 Apr 21
100 Abraham & Strause---No Par 4 2 se2
47
/ 4758 *468 49
1
4
/ 50
1
4
*4772 50 *47
*4758 50 *4758 50
/
1
4
100 104 Jan 11 110 Feb 11
20 Preferred
*108 10812 *108 10812 *108 10812 *108 10812 108 108 *108 10812
No 100 2178June 18 3788 Mar 31
par
27
2712 274 2758 273 277g 263 2712 264 2634 27
273 20,200 Adams Express
s
854 Feb 4 92 Mar 27
50 Preferred
91
91
92
93 *91
*91
92
*91
91
91
*91
92
No par 23 Jan 23 32 Mar 31
800 Adams Millis
26
26
27
26
26
26
26
2512 2512 26
*2512 26
8 June 17 234 Jan 24
100
3,500 Advance Rumely
1278 11
12
1212 1212 1312 12
1212 1012 1118 *10% 11
100 1572June 24 4114 Jan 29
2212 2312 6,800 Preferred
333
4 30 3314 2014 27 4 22 22
28
3012 30
,
al
2J n 4
1 10314jay 10
14Mar 28
/
1
5
8
52
5
2
5
8 1,600 Ahumada Lead
5
1
5
5
*
53
2
4
15638June 2
No par
58
4
4
1185* 1217s 119 12112 116% 1193 11314 1185 112% 115% 11412 11612 34,200 Air Reduction,Inc
17
900 Air-Way Eke ApplianeeNo par 16 June 23 86 Mar 24
1818 1714 18
1812 18
1812 19 *18
*184 19
1714
1 June 18
24 Jan 9
135 112 *114 112 1,700 Ajax Rubber,Inc
114 114
114
114
114 114
*114 135
412June 18
N .ar
)
.
512
512 *5% 512 2,100 Alaaka Juneau Gold Min!..1 l0
108 Jan 7
/
1
4
553 5
512 512
553 553
relti 553
8 June 25 1512 Feb 17
818 818
818 818*81s 838
300 Albany Pert Wrap Pap_No par
814 814 *814 84 *84 87
No par 18 June 18 8514 Mar 31
213 2112 2114 2112 32,200 Allegheny Corp
2238 2234 2214 2278 2178 2253 211 22
*9358 9534 *9338 953 *93% 953
100 Prof A with $30 warr____100 .87 June 23 10712 Feb 11
95 95
96
*95
*95
96
4
4
3g
9012 9012 *90
91
91
400 Ref A with $40 warr__-100 89 June 30 994 April
9012 914 *91
/
1
9212
93
s
*8478 86
*8478 8512 *847 8512
*8418 86
100 Pref A without warr____100 847 July 9 964 Feb 24
85 85 *8478 86
8
270 274 271 275 274 274 25934 273 25934 266
264 264
9,5001Anied Chemical & Dye_No par 232 June 25 343 Apr 17
100 121 Jan 2 12812 Apr 1
125 125 *124 1253 *12434 12514 12514 1254
4
*123 125 *12312 125
2001 Preferred
8 5614 568 15,600 Allis-Chalmers Mfg ----No Par 4818June 25 68 Mar 11
5714 588
8 5512 5712 551 563
5734 593
574 58
2412 2412 25
*24
25 *2412 25 *2412 25
400 Alpha Portland CementNo par 24 June 26 424 Mar 27
25 25
25
No par 18 'Jan 16 3112June 3
2312 23
/ 2334 2412 2434 2614 18,700 Amerada Corn
1
4
233 2412 23 2514 2378 24
4
55
488June 18 1088 Mar 81
.512 6
*512 6
2,100 Amer Agricultural Chem__100
5' 6
,
614 6 4
55s
**3
63
4
100 23 June 26 39 Apr 1
*28
31
2812 2812 *29
7
3314 3312 334 33 s *301 31
3012 1,000 Preferred
9788 Mar 27
10
83
80 80 *82
80 80
300 Amer Bank Note
8112 8112
*80 85 *80 82
*52 6318 *62 6318 *62 6378 *62 6318 6534 6234 6312 6312
66 2 Jan 31
8
ao 8
2
5
2
30 Preferred
5 .1Fueny 7
1
3
*5
512
100 American Beet Sugar-No par 68121tilbe 18 12 Jan 16
*5
7
*5
7
*5
7
27 j ly 15
a
2
3312 3312 3212 3438 *3312 35
33 36
3234 *3212 33
7,900 Amer Bosch Magneto-No Par 4138J une 20 547 Feb 14
32
5488 Mar 20
44 *42h 4312 44 44
34212 43 *42h 4312 44
*4234 44
200 Am Brake Shoe & F----No Par
100 118 July 17 128 Feb 13
/
1
*__ 12012 -__ 12012 1205* 12012. 118 1204 *118 12012 12012 12012
90 Preferred
/
1
888 Jan 16 214 Apr 25
175 1853 165 173
8
164 1738 12,000 Amer Brown Boyer! El_No par
4 157 167
1858 1914 1814 19
748 7451 7214 7214 71
100 604 Jan 3 8034May 26
74
•7412 7714 70's 741
7112 711
210 Preferred
25 10814June 25 15612 Apr 18
1314 133 13212 13515 1315* 134141 12853 13414 312634 1307 12812 1304 22,000 American Can
/
1
4
/
1
s
100 1404 Jan 27 147 June 2
8
Preferred
*144 146 *14414 146 *14414 146 *14438 146 *1443 146 *14418 146
/
1
4918 4938 4918 494 4912 49 2 4934 504 1,700 American Car & Pdy-No Dar 42 June 23 821s Feb 6
4878 48% 49 49
,
100 95 June 18 116 Jan 4
9914 9914 *99 10112 *9914 10112
100 Preferred
10112 *99 100 *95 100
*95
100 754 Jan 3 101 Mar 28
96
97
97
96
9738 *96
100 American Chain pref
96
*9212 9578
9738 *96
*96
Jan
44
4512 457
514 Apr 3
No par
/ 45
1
4
44
4412 44
3,900 American Chicle
46 46 46 46
44
33 Jan 16
4
1312 1312 123 1318 1112 12 4
m
1234 14
8
2
22
10
3,000 Am Coml Aleohol No par
*123 13
4
,18 4Jua 2
358 8 tla 180
9
3
:
4
*18 20 *19
8
201
20 203
600 Amer Encaustic Tiling-No Par 35: J:nne 392 307 Mar 31
4
*1638 20
3918 *38
4
594 Mar 31
3814 3818 384 1,800 Amer European Setes-No par
397 *383 39 I 39
39
3818 3918
101% Apr 16
4
7112 7414 72
No Par
723s 738 73% 7614 7434 77141 723 778
7438 300,800 Amer dt For'n Power
10734 108 *1071 108
11118 Apr 29
Yo par
10734 10734
700 Preferred
4
1073 1074 107% 10778 *1074 108
j
4June 11
92 4 une 19
2
No par 1961Jtme 23 1003
*947 96
95 95
95
95
*9412 98
500 2d preferred
95 95 *9414 96
1412 141 *14h 15
10 14 July 21 33 Mar 19
1453 157
8 145* 143
/
1
4
16
16
1,500 Am Hawaiian S B Co
16
16
34July 30
318 34 *4
*3
453
4
412 14
4
7 Apr 10
4
/
1
4
9
*4
300 American Hide & Leather_100
2
,
4
+.2114 23 215* 2112 *19 22 *19 22
8
100 1718June 26 347 Apr 11
Preferred
2278 2278 •20 22
60 61
5812 60 4 59
613
60
61
3
6014 604 3,500 Amer Home Products__No par 55 June 2(1 698a Mar 20
*60 61
*3418 3434 *3414 343 *341 35,Americ.an Ice
35
No par 31 June 18 4172 Mar 27
3434 35
34
35 35
4
357 3612 35
3312 347
36
/
1
3614 34
Na Par 28341une 21 554 Apr 2
3512 357
34
344 19,5004mer Internal Corp
15gJune 3(
4 Apr 2
134 13
4 178
134 13
4 *13
4 *15* 134 *11 184
*134 2
200 Amer La France as Foamite_10
/
4
2234 *____ 2234 *-- - - 223 *100 20 July 25 35 Feb 14
*20 223
4 20 20 *___
20 Preferred
2234
4
44
4312 4312 *4334 4414 *44h 4414 4;4T4 45
44
*43 46
1,300 American Locomollve_Ne par 43's July 16 105 Jan 6
*9314 94 I 94
100 90 July 1 11812 Mar 1
94
*9314 94
94
94
*93 95
*9312 94
300 Preferred
18314 193
190 195
8
*205 21912 *205 20912 *198 200
190 191
1,300 Amer Machine & Fdy-No Par 180 June 23 284 4 Apr 30
32
3218 315* 3212 *313 3212
335* 3312 33 34
4
7300 Amer Metal Co Lid ___No Par 3018June 16 5112 Feb 7
100 108 July 25 116 Feb 18
*105 108 *10714 10814 *105 108 *105 108 *106 108 *177'2 170378
Preferred (6%)
01
3
6
75
77
76
7712 77 77
75
4 75
70 4 703
8
r
110 Amer Nat Gas prel----No par 65 Jan 23 95 Mar 27
24 Mar 31
No par
12 Feb 7
Piano
9253 87 - 3. -idc2 8853 _i5i, ..i.6._ 20,100 Am Power & Light- No Par 7284June 2 1191 Apr 1
925* 941 -66; /
4
91
92
1;24
No par 99 June 2 107 Mar 24
,
102 102 10212 10234 10212 10212 102 2 102% 1011a 10214 1,700 Preferred
*10112 102
8118 8118 *8034 8118 *8034 814
4
No par 75 Jan 8 85 Mu 20
8178 817 *803 82
8
*8014 82
300 Preferred A
No par 80 Jan 6 884 Mar 21
8 8412 8412 844 84% *8414 84% 8412 8412
400 Pref A stamped
•844 85 8 *8414 853
8
392 Apr 7
4
s 274 2712 2614 2712 2618 27
26
2612 263
2678 26,700 Am Red & Stand San'r1 No Par 2388June 2
4 2638 277
1812 1812 18h 1812 *18
37 Mar 25
4
20 2018 183 20% *19 20
1,000 American Republice No pa
20
48 July
10053 Feb 17
25 1514june 1
5612 5812 571 5812 561s 5618 5314 56'4 5234 5314 54
6,700 Amer Rolling Mill
56
5212June 1
6788 Apr 26
6134 6134 6034 6253 62
6112 6112 6158 6234 62 62
2,000 Arnerleall Safety Esser _No pa
62
714July 1
No pa
107 *10
8
264 Feb 18
107 *10
1078 *10
*9
1078 *10
Amer Seating v o
107 *10
2
1074
,138 134 *112 13
*138 12
4 *13g
338May 8
14 Feb 2
-No par
13
4
135 134 *112 144 4
Amer Ship & Comm„
464May 2' 5412June 5
*4812 50 *483 50
*4814 50
4
*4812 541 *4812 50
Amer Shipbuilding new _No pa
*4834 50
7912 Apr 2
8
6812 6918 67 6858 66
6612 667 22,200 ion Smelting & Refining-100 53 June 2
67
701
663 6738 68
4
141 Apr 8
13318 Feb
*135 13514 *135 13514 *13518 13514 13518 1351g *1351 13514 13518 1354
700 Preferred
4112 41
4378 Jan 27
25 38 June 1
4112 *41
41
411 *41
41
41 41
*40
4114
700 American Snuff
100 1004 Jan
1074 Apr 22
*101 108 *101 108 *101 108 *101 108 *101 108 *101 108
Preferred
68 July
91
2212 Mar 7
83
8 812
914 914 *812 914
9
/
1
4
87
916 914
2 8 8 1,100 Amer Solvents & ChemNo pa
7
2312 *22
241 *22
2412 *21
334 Mar 5
18 July 1
No pa
2412 *21
*22
24 *22
Preferred
2312
524 Mar 20
3518June 2
4 3914 3614 397 40
*3914 401 *3914 4014 395* 4014 391 393
Amer Steel Foundriee-No Pa
8
1,100
116 Feb 25
100 1104 Jan
*11112 112 *11112 11214 11112 11112 *11114 11214 11214 11214 *11112 11212
110
437 44
4212June
*4214 44 *4212 44
*4212 44
5511 Apr 16
No pc
*4378 44
4212 4212
300 American Stores
694 Mar 28
100 47 June 2
4 534 538 5314 5312 1,200 Amer Sugar Refining
5334 5378 54 *5314 533
*53 54 *53
100 10314June 2 110 Apr 24
*10314 108 *107 108 *107 108 *107 1077s 107 107 •10314 107
100 Preferred
2684 Feb 10
9 4June 1
3
No pa
103 1034 11
4
1078 107
*1014 11
•10
11
s 1012 11
124 2,800 Am Sumatra Tob
/
1
100 2001aJune 2 27414 Apr 17
4
217 21953 2173 22012 21512 21812 211 2163 2093 21353 20912 21212 259,200 Amer Telep & Teleg
s
4
5
16 June 1
22 Apr 17
/
1
4
1834 1914 1918 191
's
172 1814
185* 194 171 187
339,600 Rights (expire Aug 1)
23834 2397g 2397 24012 24034 2417g 238 238 238 238
28414May 23
238 2464 4,100 American Tobacco com_---50 197 Jan
8
24212 2447 245 247 ; 245 24812 2415 24534 24112 2453 2444 254 4 16,300 Common class B
ao 197 Jan 26912May 23
4
,
12412May 22
•12212 1233 *12212 1234 •1224 12318 12212 12212 12212 12212 122h 12212
100 120 Feb
400 Preferred
125 12512 *122 12512
*122 125 125 127 *125 130 *125 130
/
1
4
900 American Type Foundere-100 113 June 1 141 Apr 1
*112 11434 *112 114341•112 11484 112 112 *11012 1144 11012 11012
/
1
100 106 Feb 5 1144July 24
20 Preferred
9312 9453 951 97341 95
7818June 23 1247 Apr 23
4 9014 93
8
9755 9112 953
89
9212 23,600 Am Wit Wks & El____No par
*104 1047g *104 .10478 •10412 1047 10412 10412'
1104 1047g *104 10478
s
991a Jan 4 1064 Apr 15
100 15t preferred
*912 107
91
1018 1014 104
2014 Feb 17
100
95* *912 11
s 10
91
9h 1,500 American Woolen
*2634 28
*2634 28
*28 293
4 28 28
100
198 j n 2 444 Feb 18
2 Ja 2
1 a
*265* 29
28
2934
500 Preferred
7
*6
*6
67
8 *6
6
6
7
9 May 29
*6
7
5 Jan 20
*6
7
100 Am Writing Paper etfe_No par
*39
3912 3912 3912 391 3912 39
39
39
4
2912 Jan 17 448 Feb 27
397 *39
8
700 Preferred certificate- 100
40
1012 1038 1038 1134 1034 1118 10
612June 19 1778 Feb 3
1012
934 93
Zino, Lead & Smell-25
4
9
/ 9
1
4
/ 5,200 Amer
1
4
6418 6418 62 62
64 65
70
6318 *62
•64
*62
7978 Jan 20
25
700 Preferred
67
503 5114 5038 5214 501 5112 4912 50 4 4938 5012 50
4
3 ju
4
9
50 4912.1une 18 8112 Apr 2
3
504 51,700 Anaconda Copper Min
31
31 *30 3012 *30
*30 31
2612June 18 534 Feb 6
3112 *30
3112 *30
200 Anaconda Wire & Cable No Par
3112
4234 41
4314 4314 4258 4234 42
41
3478June 18 518 Apr 21
2
No par
4012 4012 *41
900 Anchor CAP
42
*107 110 *107 110 *107 110 *107 110 *107 110 *107 110
No par 102 July 14 11518 Apr 14
Preferred
2412 *2214 243 *2212 2478 •224 2478
4
*2214 2334 233 2434 *23
18 June 18 374 Apr 2
4
700 Andes Copper Mining-No Par
2112 2112 2112 2234 214 2178 213 2138 2112 213
1918June 23 294 Apr 5
s
3,900 Archer, Dan'la, Midld_No par
4 2112 22
76
78
763 *76
4
7714 *76
*76
7634 *76
74 j ae 14 8278June 5
44 M r
38 un
7634 *76
200 Armour & Co(Del) pref___100
78
53
53
5
514
54 53
5
19
518
818 Mar 26
5
5
54 516 5,800 Armour of Illinois elms A....25
24 3
278 3
3
3
318 314
3
38
3
4 Mar 26
/
1
4
25
2 Jan 20
/
1
4
4,800 Class B
3
60 60
*5978 6034 60 60
5912 597 *58
100 55 May 5 65 June 4
8
60
*58
500 Preferred
60
4 73
4 *714 734
*678 734 *63
6
67
2 712 *6h 8
300 Arnold Constable CorP-NO Par 10 June 26 134 Apr 21
8
*61
*10
11
11
11 *1012 11
*10
June 25 204 Apr 28
12
No par
*10
12 •11
100 Artloom Corp
12
3534 353 *34
4
3612 3612 353 36
4
351 *34
3112June 18 464 Mar 10
35
800 Associated Apparel Ind No par
*34
35
3512 3434 3514 3438 3478 335 3453 335 335
35
8
No par
28 Jan 4 5012 Apr 15
344 3418 1,900 Assoc Dry Goods
*313 42
*411 48
*40 48 *40
25 3212 Feb 27 51 June 2
48
*40
48 •40
48Associated 011
59 *56
59 *56
*56
59 *56
/
1
4June 28 8038 Jan 30
59
*56
0
59
*56
All CI & W I Eill Line___No 17r 49
59
57
57 *55
*55 57 *55
*55 67 *55
50 June 27 6616 Feb 26
57
*55
57
381 387
364 38
3953 3734 39
s 38
25 3018June 18 51 Apr 7
/
1
4
3612 3814 37% 3827,10
0
75 *73 75 *72
*6912 75 *73 75 *74
No par 62 June 17 10482 Mar 21
'nit
73
Atlas
*74
75
*10212 10312 *10212 10312 102 102h *97h 102
100 101 Jan 20 106 Mar 22
*971 102
*9712 10250 Preferred
*5
*5
6
*5
6
6
5 June 27
*5
812 Mar 5
6
No Par
*5
6
*5
6
126 1293 127 1311 124 128
121 127 1204 124
358.1 un 10
l
117 123
A uburnA
23,600 Atlaa Tackutomobile-No par 91 j a ;23 2634 Apr 1
*4
*4
5
•4
5
6
No par
*4
6
7 May 14
*4
Nichols
6
Austin.
*4
5
*20 ___- 120 _ _ _ - *20 ---- *21
30 Preferred non-voting _-__100 24 Jan 2 3513 Apr 23
12
- 8
2
' iig -iiig 1 -5- 5238 5238 *5212 5312 53
'
Os
,
53
400 Austrian Credit AnetallNa par 52%June 14 80 Jan 13
5
43
*434 5
2s July 31 104 Mar 3
43
5 412
44
3
34 4
27
/
1
358
10
15
15 *10
10 *10
*10
1934
50 10 July 29 25 Mar 4
100
l98
784 7712 79
793 80;
4
58 76
77 80
-No Par 37 Jan 2 814July 31
764 813
4 7758 8114 17,200 Autostr Set Raw A.
1
6
44 Jan 20
653
No par
6
6
978 Apr 15
*5
5 16 8 i618
57
8 6
% 9112
10, 011 ev
2 62 A ut ineCo7P
7 0 :lo
P
2478 2538 25
25 2534 2434 25
2458 25
8June 17 38 Feb 18
No Par 193
283
30
20
271 30
32, 00 Baldwin Loco Wks
*106 10612 *106 10612 106 106 *106 10612 10612 10612 106 10712
100 10412June 25 116 Jan 21
Preferred
*10712 10912 *10712 109h *10712 10912 *10812 10912 *10812 10912 *10812 10612
Bamberger(L)& Co pref-100 107 Jan 3 11012 Feb 4
1312 1334 *1212 15
1418 1418. *133 15
No par 1312July 29 20 4 Mar 5
*12h 15
*1212 15
3
400 Barker Brothers
*69
75
*6912 75
*69
75 1 *6912 75
72 June 25 91 Mar 31
*6912 75
*60t2 75
Preferred
pa?
*23
4 434 *258 434 •258 434 *258 43
•258 43
8 43
4 *25
2 8 Feb 18
5
Barnett Leather
71s Apr 11
a
5
41 234 24 1 2338 2378 23 233
8 22% 2312 2318 235* 14,000 Bernadall Corp class A No 2? 2012 Feb 15 34 Mar 28
23' 233
1
L
,
* Bid and asked prices; no sales on this day. x Ex-dividend. y Ex-rights.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest,
per share $ per share
43 Dec 1594 Jan
10012 Nov 1124 Oct
20 Nov 34 Nov
84 Nov 96 Jan
7
19 Nov 35 a Jan
7 Oct 1044 May
15 Oct 119 May
47 Feb
a
be Dec
77 Nov 22388 Oct
'e
1818 Dec 481 May
1 Dec 1.11, Jan
44, Nov 104 Jan
6 Oct 25 Jan
17 Nov 5611 Sept
90 Nov 1184 July
197 Nov
1184 Nov
3515 Nov
23 Nov
1712 Oct
4 Oct
18 Nov
65 Nov
57 July
54 Dec
27 Nov
4012 Nov
113 Nov
Oct
4984 Jan
86 Nov
13312 Nov
75 Nov
11012 Oct
704 May
27 Nov
20 Oct
184 No
23 No
50 Oct
1014 Nov
8814 Oct
1712 Dec
34 Dec
234 Nov
40 Nov
29 Oct
2912 Nov
24 Oct
2712 Nov
90 Nov
11112 Nov
142 Nov
3112 Nov
106 Nov
58 Nov
82 Dec
644 Nov
924 Oct
70 May
72% Nov
28 Oct
leis Nov
60 Nov
44 Nov
17 Dec
Oct
3543g Aug
125 Apt
7512 Zept
23 Noy
4288 Jan
2358 Jan
7384 Jan
157 Oct
65 2 June
8
204 Jan
764 Sept
62 Feb
12612 Mar
34 June
/
1
4
104 June
18412 Aug
145 Dee
10612 Jan
120 Jan
954 Oct
811 Sept
/
4
55 May
474 Feb
984 Sept
1994 Sent
1084 Feb
103 Feb
42 Apr
10 Jan
524 Aug
8552 Jan
5312 Aug
96 Sept
/
1
4
878 Jan
75 Feb
130 July
120 Dee
2794 Oat
8118 Feb
135 Feb
984 Jan
17 2 Jan
7
17514 Seed
105 Feb
80 Feb
8412 Feb
5582 Sept
64 4 Jon
8
144 Sept
/
1
4
7484 Jan
414ifar
7 Feb
Nov62
ficWi Sept
12318 Nov 138 Jan
38 Oct 49 July
98 Nov 112 Jan
Ws; Oct 1V7i Feb
110 June 114 Mar
40 Oct 85 Apr
56 Nov 9484 Jan
99 Nov 111 Feb
18 Nov 60 Jan
1934 Jan 3104 Sept
WC 176;
160 Oct
11458 Nov
115 Nov
103 Nov
50 Nov
97 Jan
5 2 Oct
7
1512 Nov
4 Nov
28 Nov
7 Nov
494 Nov
674 Dec
46 Dec
25 Oct
96 Nov
30 Oct
1811 Nov
75 Oct
51s Oct
2 Nov
/
1
4
57 Nov
614 Dec
16 8 Nov
8
34 Nov
25 Nov
3412 Dee
3218 Feb
4534 Feb
30 Oct
67 Nov
90 Nov
5 Nov
120 Oct
-_
18 Nov
4912 Nov
4 Dec
13 Dec
34 Nov
412 Dec
15 Oct
10912 Nov
931 Nov
16 Dec
70 Nov
2 Dec
13
20 Oct
2324 Oct
235 Oct
12112 Jan
181 Sept
112 Apr
199 Sept
104 Jan
277s Jan
5882 Jan
1618 July
46 Mar
494 Mar
11114 Mar
140 Mar
894 Sept
80 Oct
1544 Oct
6888 Mar
4912 Mar
95 Jan
1812 Jan
104 Jan
86 Jan
407 Jan
8
80 Feb
581 June
4
704 Jail
47 Apr
14
864 Oct
/
1
62 seat
/
1
4
7778 Joy
140 Sept
10612 Jan
17 3 July
7
514 Sept
421; Jan
65
Jan
3512 Aug
45 8 Aug
7
50 Jan
20 Aug
6658 Aug
125 Apr
1104 Feb
33 Jan
/
1
4
97 Jan
291a Jan
A912 May
750
New York Stock Record-Continued-Page 3
For salsa doting the week of stocks not recorded here. soe
third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 26.
Monday
July 28.
Tuesday
July 29.
Wednesday
July 30.
Thursday
July 31.
Friday
Aug. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANOE.
PER SNARE
Range Since Jan. 1.
On basis of 100-s8arel cts.
Lowest.
Highest.
PER STI A RE
Range for Prroloss
Year 1929.
Highest
Lowest.
Shares Indus. & Mlecel. (Con.) Par 3 Per share
$ per share
per share 1 per snore
140 Bayuk Cigars, Inc
No par 4834 July 23 88 Feb 4
55 Nov 1133 Jan
4
180 Flrst preferred
100 97 Mar 3 101 July 24
95 Oct 10634 Jan
No par
;85- 1E- "ii" 'ifs; 84 84 82 82 827* - 7- -823* -327- ------ Beacon Oil
13 Feb 18 20 Apr 9
53
1213 Dec 3272 July
828
8
700 Beatrice Creamery
50 6712 Jan 18 92 Apr 14
*10512 1057 10514 10514 *105 10514 10514 10514 105
8
89 Dec 131
Oul
10514 *105 106
300 Preferred
100 10114 Mar 20 107 June 10 100 Dec 10612 Aug
*413 412
413 418 *4
414
41
*4
4
4
4
4
300 Belding Hern'way Co__No par
*8012 82
310une 18
412 Dec
61 Jan 17
*803 817
/
4
173 Apr
4
4
8
8 805 803 *8013 8178 81
8
.8112 81,
81
200 Belgian Nat Rys part prof___
32
793
4June 26 8512 Mar 19
33
3214 3338 323 333
75 Nov 847 Jan
8
8 32
8
3314 3113 32
313 325 20,600 Bendix Aviation
4
7
No par 2758June 25 573 Apr 7
47
4712 47
21 Nov 1043 July
8
3
485
8 4612 4713 4518 47
443 453* 4512 4512 5,800 Llest&Co
3
8314 84
833 8478 8112 843
4
25 Nov 12312 Sept
8 8014 8312 8014 8178 803 813 46,000 Bethlehem Steel Corp No par 8118 Jan 8 5614 Apr 25
3
4
*127 12814 127 12714 127 127
100 763
4June 25 11014 Apr 1
7814 Nov 1403 Aug
4
127 127
1263 127
1263 1263
4
4
4
800 Beth Steel Corti p1(7%)*12
12214 Jan 13 134 Mar 22 11633May 128 Sept
25
*12
25
•12
2212 *12
2212 *12
*12
25
15
Bloomingdale Bros_ __No pa
*97
1712June 23 297 Apr 24
99
*97
99
a
2214 Dec 617 Apr
2
99 99
*9914 100 .99 100
*99 100
40 Preferred
100 99 May 12 103 Mar 8 100 Oct III
•77
83
*77
83
Jan
*77
83
*77
83
*77
83
*77
83
Blumenthal & Co Pref
35
100 74 Feb 71 90 Apr 7
35
3512 353
4 35
Jan
7012 Dec 118
3512 35
3512 *34
3412 3412 3413 1,500 Bohn Aluminum & Br_No pa
2814June 25 69 Apr 7
*7014 72
*7014 72
37 Nov 1383 Man
4
*7014 72
*7014 72
*7014 72
*7014 72
Bon Am! clam A
No pa
70 Mar 71 78 Apr 5
*23
4 312 *3
313 *3
70 Oct 804 Jan
312 *3
312 *3
312 *3
312
Booth Fisheries
No pa
2 June 21
2034 20 4 *19
3
5 Mar 26
3 Dee 113 Jan
22
4
*19
22
19
19
*15
22 *15
22
200 1st preferred
100 18 June 23 3314 Jan 3
7914 80
795 81
18 Dec 11334 Jay
8
79
8014 78
797
8 777 79
777 783 19,300 Borden Co
3
8
4
2
8018 Jall 8 9038May 29
53 Oct 10012 July
3013 3138 3012 3118 30
3014 2918 30
2858 293
8 3.100 Borg-Warner Corp
4 2978 297
10 2358June 27 5012 Mar 27
*2
2 8 *2
7
36 Nov 1433
1May
27
8 *2
27g *2
278 *2
27
8 *2
3
Botany Cone Mille clasa A50
278 July 14
2334 25
6 Mar 27
212 Dec
2413 2514 2313 2478 2218 2414 2112 2314 2218 2313 132,000 Briggs
1512 Feb
ManufacturIng_No par
134 Mar 6 253 July 23
*23
8
27
812 Nov 6318 Jan
*23
*23
27
27
23
23 *2112 27
*22
27
100 Briggs & Stretum
• 21 June 19 3512 Apr
1712 Dec 4313 Jul/
British Empire Steel
100
138.June 28
4 Apr 8
112 Dee
67 Jan
8
26 preferred
100
3 July 8
814 Apr 10
;HT* -17 16 I678 "idTs 17 1 16 -16" 165s 16 16 4,600 Brockway Mot Tr
1313 Jan
37 Nov
8
-78
No par
1212June 26 2214II.lay 19
*70
72
14 Nov 737 Jan
8
*70
72
*70
72
*70
*70
72
72
*70
72
Preferred 7%
100 68 Jan 11 85 Apr 24
7114 Dec 145
*130 133
12934 1293 131 132
Jan
4
12914 131
12614 128 2 122 128
,
7,300 Bklyn Union Oas
No Par 115 June 25 17814 Mar 3
*3912 4012 *3912 40
09 Nov 24812 Aug
40
4012 *39
*3913 4012 *39
40
4012
100 Brown Shoe Co
No par 3712J une 30 42 Feb 18
5513 1512 1538 153
36 Ott 5113 Sept
8 151.1 153
4 15.4 16
1612 163
1613 1678 3,800 Bruns-Balke-Collender.No pa
4
1318 Jan 15 305 Mar 31
8
*2312 24
1614 Nov
5514 Jan
*2312 2412 .2314 24
23
2318 22s 23
227 2314 1,200 Bucyrus
8
-Erie Co
10 1918June 18 317 Mar 24
8
14
363 373
4
Oct 423 Jan
8 3712 3712 373 373
4
8
8 37
37
*3612 373* 37
37
1,2001 Preferred
10 331a Jan 7 43 Mar 25
2612 Oct 50 Feb
*1133 115 *11334 115 1 115 115 *11312 115 *115 117 •115 117
4
30, Preferred (7)
100 1071 Jan 3 116 July 23 1073 Der 117
4
4
3918 914! *914 914
Apr
9
912 10
gig
gig
9
858 913 1,900 Mudd (E 0) Mtit
4June 18 163 Apr 14
73
No Pa
8
12
818 Dec 224 Oct
1238 12
1214 1114 1178 1114 1114 *1114 12
*11
1112 1,80013tidd Wheel
No pa
818 Jan 2 145 Feb 6
8
7 Dec 1212 Dec
14
*28
29
*29
2938 *2818 2812 2813 2818 2712 2712 27
2712 2,600,Sulova Watch
No par
2618 Jan 17 43 Mar 31
2114 Nov
36
34 Dee
3718 36
38
3518 3613 3312 3614 323 3413 33
3
335 26,700'Bullard Co
8
2712June 18 74 Apr 2
No Pa
23 Nov
*90
54% July
97
*92
97
*90
97 1 *92
*9013 97
97
*92
97
Burn,Bros newel AcomNo pa
90 June 18 11018 Apr 2
88 Nov 127
•18
Jan
19
*16
19
16
16 1 16
*16
16
173 .16
20
4
300 New class B corn__ __No pa
1514.1une 18 35 Apr 2
225 June 39
8
9213 9212 .9212 957 *9213 957 *9213 957 *9212
Jain
8
8
8
8
957s *9212 957
30 Preferred
100 8914June 17 100 Feb 19
88 Nov 10514 Jan
*3312 34
34
3414 3318 34 ' 313 3318. 3218 33
8
32
3218 3,600'Burroughe Add Mach__No pa
2914.1une 25 517 Mar I
2
29
Oct 8293
41Am:
35 35
3708 383
4 33
38
38
38 1 37
37 .355s 37
1,000Mush Terminal
No pa
29111.1une 18 002 Mar
3114 Nov 8918 Fen
*10213 103
10212 10212 10212 10213' 102 10212 *102 103
102 102
801 Debenture
100 99 June 30 110 Mar If
9118 Nov 11013 May
*116 1177 *116 11614 *116 11614 *116 11614 *116 11614 11614 11612
8
40,13ush Term IlIdge pre(
100 10918 Feb 10 118 Apr 7 1053 Nov 11812 Feb
*218 238 *218 23
4
8 *218 238 *21s 2318 *218 21
*218
212
1Butte & Superior IMining___10
2 July 10
432 Dee 123 Jan
*212 23
514 Jan
8
4
212 212 *25
8 23
4 *23
25
4 *212 . 25
8 23
8
8 25
8
200 Butte Copper & Zne
218Jun e 30
5
94 Jan
414 Feb 21m
2 Oct
*1518 17 1 16
17 1 1713 1812 1712 1713 173 18
17
4
1712 1,800IButterick Co
100 1314June 18 2938 Feb 'Al
1713 Dec 41
7712 783
Jan
4 7718 7812 75
7714 683 75 4 675 72
2
3
8
70
717 33.700'Byern & Co (A AI)
8
No par 6618June 25 1121 Apr 26
/
4
*10812 109 *10812 109 1.10812 109 ,*10813 109 1*10812 109
10 Nov 1924 Jan
109 109
10 Preferred
100 109 Jan 27 114 Jan 23 105 Apr 12114 Jan
62 8 63 I *83
5
64 I 6418 6412' 63 63
*6212 64
625 625
8
500 California Packing____No par 6014July 17 7712 Mar 5
8
*28
35
6313 Oct 844 Aug
*23
33 *28
35 1 *28
35
*28
*28
35
35
California Petroleum
25 28 Jan 22 35 July 10
1
118,
25 June 3413 Aug
1
118 *1
1181 *I
118 *1
113
1
1
2,100 Callahan Zino-Lead
10
1 Jan 2
543 5658' 5614 58181 *5612 5713 55
4
213 Feb I
1
Oct
4 Jan
65 1 5412 541 *5513 58
3,800'Calumet Is A rt1101111 Mining _20 4858June 18
*1514 153
8972 Jan 9
7313 Nov 1863 Aug
4' 15 8 16121 1514 16I 1512 1513 1514 151
4
5
15
1512 2,400,Calumet & Bede
25 13 June 19 33 2 Jan 7
20
20 1 20
3
25 Oct 614 Mar
2012, 20
20
20
20 1 *1812 20
1912 19 2 1,2001Carnpbell W
,
C Fdry ..Nn par
17 June 18
673 673
8
19 Dec 4913 Aug
18 6712 6712, 683 665
8
8 65
6612, 63
634 64
6434 2,500 Canada Dry Ginger Ale No par 58 June 18 30 Mar 25
*225 23 I *223 2312, 2212 2234 *223 23 1 223 22
8
7538 Mar 10
45 Ott 083 July
4
4
8
8
23
23
500 Cannon Mille
No par
20 June 18 3414 Mar 13
16's 163
1614 17
4
16
27 Dee 483 Wan
17
163*
1611 1612 16518 165
1,100,C4pital Admitils cl A_No par
4
13 June 19 283 Apr 4
*3312 3712 *3312 3713 *3312 3712 *3313 3712 *3312 3712 .1614 20
4
17 Nov 654 Oct
*3313 3713
Preferred A
50 31 Jan 2 42 Mar 19
193 1985 19414 2013 19014 1953 183 1937 182 1883 188
8
29 Nov 397 Oct
8
4
4
8
4
*1263 129 *1263 129 ,.1263 129 *1263 129 ,•1263 129 *1263 19512 120,800 Case Thresh Machine ctfs_100 15612June 25 36234 Apr 22 130 Nov 467 Sept
4
4
4
4
4
4 129
Preferred oertItIc.atte____100 115 Jan 10 132 Mar 23 113
637 84
g
Nov 12312 Dec
6314 1335,3 6212 6312' 62
6312 62
63
62
62
3,800,Caterpillar Tractor....„No par 54 Jan 2 793 Apr 28
*7
4
9
*7
9014 Dec 61 Dee
9 1 *7
9 I
7
7 I *7
9
*7
9
200,Cavannagh-Dobbe Ino_ No Par
5 June 16
614 Dec 4218 Feb
1378 Jan 11
*50
62
*50
60
*50
60
*50
60
*50
60
*50
60
Preferred
100 59 June 18 75 Jan IS
58 Dec 10512 M.'
* 4 167
153
8 15
16
13
143
4 13
1412 127 14
8
117 1414 8,100 Celotex Corp
8
No par
9 July 3 80 Mar 10
31
Oct 70 2 Feb
3
24
24
. /1 24
3237
*237 24
8
*233 24 1 237 237 *2312 237
4
8
8
200 Central Aguirre Asso_Nn par 2313 Feb 19 3012 Me'21
8
Oct 484 Jan
21
/
1
--- --- ---- ---- ---- ---- --------- Central Alloy fiteel
No par 30 4 Jan 2 35 Apr 19
2614 Nov 543 Oct
3
4
--_
____ ----1
____
Preferred
100 10514 Feb 7 1105 Apr 10 10534 Apr 11212 Jan
-iii,, -V -I-3:11- - - *412 518
8
.412
4
2 514
*412 5
------ Century Ribbon Milla.No par
*412
814 Mar 27
34 Feb
3 Oct 2018 Jan
*62
6912 *6212 697 *8212 6912 *6212 697 *3213 6912 *6212 693*
8
8
Preferred
61 Feb
6014 Oec 82 Jan
*
5118 5118 517 523
8 5113 5214 5114 523
8
8 5014 5118 *4912 5112 2,200 Oerro de Pasco Copper_No 100 4318June 27 697 July16
par
18 65 Jan $
5214 Not' 120 Mar
/
1
4
*812 10
*81
*812 9
9
*812 10
812 812 *8
10
200 Certain-Teed Products_No par
518June 24 154 Feb 6
107 Dec 32 July
2
*4114 42
42
4212 42
423 .42
4
43
42
42
•42
4212 1,500 City Ice & Iruel
No par 38 July 3 46 Feb 4
3912 Dec 623 Jan
4
85 85
85 85
*843 85
4
85
85
843 843
4
4 843 843
500 Preferred
4
4
risk Feb 11
100 83 July 11
96 Sept 10514 Jan
263 28
4
2714 273
2712 243 275
4. 27
8 2418 26
4
2512 2812 8.100 Checker Cab
No par 2012June 23 ars Mar 27
18 Oct 803 Sept
4
64
65
64
85
63 4 64
63 6314 63
3
6312 63 63
2.600 Chesapeake Corp
No par
4214 Nov 112 JulY
17
17
*17
1714 165 17
1738 1553 167 *1612 1678 1,500 Chicago Pneumat Tool_No par 5112June 28 8213 Mar 29
16
8
8
1114June 19 37 Mar $1
217 Oct 471* Sept
8
*433 4612 *4334 45
4
4
*4334 4612 *433 .45
4
433 433 *44
4
4612
3 0 Preferred
50
0
par 4312 July 25 557 Mar 14
47 Nov 61 Sept
2
*2513 2612 *2512 2812 *2512 2612 *2512 28 I 2512 2512 *2512 26
Chicago
Cab_ NNOo
217 Oct 36
163 Feb 1 32 Mal 20
,
4
Jan
1320
2012 20
20 I 20
20
20
20
*20
*20
21
21
500 Chickaeha Cotton 011
10 20 June 4 3212 Apr 10
25 Dec 50 Jan
533 533
4 5378 5412 55
4
563
4 533 573
4
3 5318 55
*5313 54
6,800 Childs Co
No Par 4912July 8 675,1inw 6
4413 Nov 75 3 Sept
7
*49
74
*49
74
*49
*49
74
74 1 *49
*49
74
74
Chile Copper
25 51 Apr 30 65 Feb 6
53 Nov 12712 Mar
305 315
8
8 30 8 3153 30
5
8
313 1 287 3012 283 293
8
4
4 29
29, 83,200 Chrysler Corp
2
No par 24 June 23 43 Apr 11
26 Nov 135
Jan
7
7
7
7141
67
8 7
63
4 7
63
4 67
8
63
4 67
8 3.300 City Stores New
No par
1314 Apr 23
8July 11
57
714 Ort 27 Fell
*30
36
3012
*30
36 1 *30
36
*30
30
30
36
3012
300 Clark Equipment
No par 30 July 24 4412 Apr 21
25 Nov 817 Out
2
363* .34
.34
3612 3614 38
*36
38
37
38
*36
38
1,100 Cluett Peabody At Co No Par 30 Feb 1 80 Apr
3412 Dec 724 Jan
/
1
98
98
*9313 100 1 9812 9812 100 100
*99 100
.99 100
40 Preferred
100 9114 Jan 2 105 Apr 8
9012 Dec 110
17913 1793 178 1797 179 1813* 17712 1813 176 17814 1757 1757
Jan
4
8
8
8
8 8,800 Coca Cola Co
No par 13314 Jan 8 1913
8June 4 101 Nov 15413 Aug
.503 51
1
8
.5053 503
4 503 503
8
8
4
4 5053 505 *505 5114 *503 51
4
200 Class A
No par 4812 Jan 8 63 Mar 21
4434 Oct SO Feb
23
2312 233 26 I 245 25 8 233 247
4
3
8
8 233 2512 2412 25
4
4
11,600
& Allman
No par
144 Jan 2 3514 Feb 13
/
1
10 Nov 7214 Mar
87
87
*8212 87
*8212 85
*8212 85
*8212 87 1 *8212 87
100 Preferred non-voting___..100 73 Jon 3 92 May 24
65 Dec 10312 1 1
523 5314 5318 547, 5.23, 533
/
1
4
8
4 5014 5314 50
5250 2 523 20,400 Colorado Fuel & Iron
3
8
100 3612 Jan 2 77 Apr 3
273 Nov 7812 mat
4
14113 14312 143 14314. 140 140 I 133 142 1 13214 135
13212 134
7.100 Columbian Carbon v t eNo par 108 June 23 199 Mar 11 105 Nov
344
6312 643
Oct
3 6412 67 1 6458 663
8 613 623 64,400 C,olum Gan & Elec
8 623 6512 615s 633
4
4
4
No par 5818June 23 87 Apr
107 107 *10612 1087 *10812 1067 *1085 1067 *10614 1067 1067 107
8
400 Preferred
8
9
8
8
8
100 10414 Jan 31 119 April
991 Nov 109 July
187 1938 1813 19 i 1818 185
8
177
8 173 177e 30,900 Columbia Clrapholthone
8 1718 185s, 17
8
153
8July 8 373 Apr 28
3
161, Nov 8834 Jan
257 2618 2618 2614 2614 273
8
4 263 2812, 2614 2614 2612 263
4
4 5,400 Commercial Credit____No par
2338 Jan 2 40 4 Apr 1
3
18 Nov 625, Jan
36
3512 3512
3534 353
500 Class A
377
4 355 3538 *31
4
8 3614 36141 36
50 317 Jan 2 441 Apr 1
8
/
4
28 Nov 514 Sept
*2314 25 I *2312 2413 *2314 25 j *2312 25
/
1
Preferred B
*2312 247 *2310 247
8
8
25 22 Jan 6 28 Apr 29
204 Nov
/
1
28 June
*8612 87 '86'z 87 1 88
80 1st Preferred (845 %)____ 100 7614 Jan 18 95 Mar 29
8613 *8512 87
8512 8.512 *8512 87
70 Oct 105
/ Jac
1
4
337 3412. 3434 3712 3638 3738 353 363 I 347 355 *3412 36
3
Corn Inveet Trust
11,000
4'
8
4
8
No par 2812June 25 56 Mar 6
2818 Nov 70
Oct
*
8214 83 1 *8214 83I 83 83 1 *8214 8312: 8214 8214 *8112 8312
400 Cone pref
No par 80 June 18 87 Mar 28
100 Warrants
*5
6 1
6
*812 712 *6
6
7141 .614 714 *614
100
4 June 18 2314 Mar 5
714
9 Dec Wi5;Sept
28
283
2 2718 283
8 263 273
8
3 253 263 105,700 Comm Solvents
8
81 253 263
No par 20141une 16 38 Apr 11
4
4 253 273
4
4
2018 Oct 6:3
14
Ott
143
8' 1418 1412, 1414 147
8 1418 147
8 137 1438 1378 1414 95,200 Commonwealth&Sou'ra/Vo par
8
8June 18 2014 Am' 7
125
10 lot 2434 Oct
*3812 3912 3918 3914I 40
400 Conde Nut PublIce _ _ No par 23812June 20 67 Mar 27
40 1 40
*39
40
40
40 1 *39
35 Nov 93 Jan
13
13 1 13
133
8, 123 13141 1212 123
4
4 1214 1212 1212 1314 6,300 Congoleum-Nairn Ino No par
1018June 18 lett Mar 24
11
Oct 35 4 Jan
3
*29
3012 *2912 30 1 30
100 Congreee Cigar
par 30 July 24 5673 Mar 11
30 1 *29
30
30 1 *29
*29
30
43 Nov 925s Feb
*14
3
2.
*1
3
3
•14
3
3
3
3
38
3
*14
3*
100 Conley Tin Foil 'Lod_ _No par
*1
V°
14July 25
1 Mar 24
14 Nov
*39
40 1 39
112 Fet
4134 T4012 4134 *19
1,600 Consolidated Clear__ _No par 38 June 271 593 Mar 17
*3912 40
413 *3913 40
4'
8
40 Oct 9614 Jan
69
70 I 70
7013
70 i *70
150 Prior preferred
7012 70
70 1 *70
100 67 Jan 221 80 Mar 25
70 4 *70
,
63 Nov 96 .1414
*1914 197
8' 1912 195 ' 1914 19141 19
8
700 consol Mu Indus____No par
8
19141 *1812 19 4 185 185s
153
,Juno 18 27 Mar 11
,
/
1
4
10 , Oct 25 Sept
12
207 21
205 21 1 2012 205
8
8
8 1.900 Coneel Film Ted pref No par
203 203
8, 2012 20121 2012 21
18 Jan 8 2814 Jan 10
1518 Oct 3014 Apr
11112 1133 11234 11438' 11112 114 1 1083 11234' 1053 108
8
4
8
, 10412 10738 183,300 'onsolidated OWN YIN° Par
4
Mg Jan 2 1364 Apr 28
8018 Nov 12214 Sept
10212 10212 10214 10214 *10214 10212 10212 10212 .10214 10212 10238 10212
700 Preferred
No par 9912 Jan 28 1034May ra
9212 Nov 10,31. Dee
1 1
1
78
1
*7
2.600 Comealidat4x1 Textfle
No par
1
1
7 ,1U 1 9 22 ren 34
58 1 n 18
411
8
A
713
I
212 Jab 27
38 Dee
14
14 1 *1334 143
63 Jan
8
4 1412 14131 14
14
900 Container Corp A vert....No par 11
1414 1418 14
14
12 May 2313 Jan
41
4 '13
4 *43
4 5 1 543
4 5 1
1.000 Clans B voting
47
8 478
No par
43
4 6
3 4.1ime 18
3
*47
8 5
312 Feb 20
318 Nov
114 Jan
2414 2414 2479 2558 2472 2478,1 233 2414. 2338 24
4,500 Continental Baking el ANo par
*2313 24
8
1
1812June 18 6212 Feb 17
2514 Oct
37
8 37
AU July
,3'
37
8 37
8
4 2,600 Class li
33
71
4 38
No par
3 4 37
33
3
8
4 334
332June 19
353 33
7 Fob 17
4 001
/
1
4
*70
73 1 *70
1114 .filly
757
8 74
74 I 7312 74
1,000 Preferred
73
73
*72 2 74
,
100 8614June 25 94 1 Fob 17
,
60
6114! 61
7912 Nov 100 June
623
8 6114 6212 6018 62
8
z597 6012 20,500 Continental Can Inc._ No par 501s Jan 2 7152 Mar 1
5918 61
4012 Oct 92 S..04
20
207
8 20
2078' 195 2058, 19
8
187 1914 6,330 Cont'l Manion(' Fibre.No par
8
20
1918 20
1618.fune 23 37$2 Apr 21
2034 Nov 3313 Des
60
60 1 59
60 I 59
593
4' 57
3.100 'Jontinental In,
58
5812 5812 5714 •57
10 50 June 25 773 liar 31
3
.418 4141
4618 Nov 11014 '(opt
4
4,
4
4 1
418 4,400 Conlinental Motors _No par
4
4
4
4 12
414
Patine 17
114 Feb 10
2112 22181 2153 2214 215 22181 21
Dec 21434 Jan
8
19,900 Continental 011
s
2178 205s 2112 205 21
1838Juue 18 3013 Apr 24
No Par
18 Nov 373 Aug
252 2534 25
26 I 25
4
25 4' 247 2512 2418 25
3
15,100 Continental Sbaree___ _No oar 20 June 27 404 Apr 1
24
25
8
2612 Dec 45 a Dee
973 983
4
2 97
7
9812 9618 9734 9218 9712 9312 95
9512 14,100 Corn Products Refining
95
25 874 Jan 3 1111 Apr 23
/
4
70 NOV 121138 tet
*14412 145 ,*14412 145 1 3,14413 145 ,*14412 145 I 14413
110 Preferred
14412 *14412 145
100 140 Fob 10 11712May 20 137 Nov 14434
205s 203
8 20 8 21
5
21
22381 2118 2114' 211g 22
2114 2112 10,500 Cot, 1130
No par
1512.1tine 18 33 Feb 3
18 Dec S214 Jan
4
*3012 323 *3012 323 *303 323 *31
4
4
8
Cream of Wheat
323 *31
4
325 •.3012 325*
8
Vn par 2512 Jan 8 3588 WIT 20
24 Nov
*18
31 Nov
1912 *16
1912 •16
1912 *16
1912
Cm Carpet
1912 *16
19 2 *16
,
100
9 Jon 22 2918 Mar 5
15 11*c 57% A n,
*12 4 14 I 1314 1313 *123 1314' 13
3
4
13 1 13
1212 1314 1,9001Croaley Radio Corp...No par 104 Jan 17i 714 Jan
13
15 Deci 125 Fel
2
Pe share $ per share $ per share $ OCT share
,
3 Per share 3 per share
*49 4 51
3
60
50
493 493 *493 50
4
4934 493
4
4
50
4 50
*97 100
98 Ho
97
97
*97 100
•97 100 .97 100
1
1
1
•Bid and asked prices; no ealet on this day. z Ex-dividend. y Ex-dividend and ex-rights.
751
New York Stock Record-Continued--Page 4
For *aim
during
the week of stocks not recorded here. tee fourth page preceding
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 26.
Monday
July 28.
Tuesday 'Wednesday
July 29.
July 30.
Thursday
Jufp 31.
Friday
Aug.1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest.
Highest.
PEa PH A RI.
Range for Pinions
Year 1929.
Lowest.
Highest.
$ per share
per share Shares Indus. & Malice'.(Con.) Par
pa share $ per eked
per share $ per share
79 Aug
37% Nov
4912 50
8
4812 4912 6,100 Crown Cork & Seal__No pat 38 June 18 595 Apr 7
3
17 Oct 25 4 Jan
*14
13 June 17 1812 Feb 19
100 Crown Zellerbach
No par
141 14
/
4
14
/
1
71 Nov 1214 Aua
52
77
7712 •76
7714 1,000 Crucible Steel of America_100 7012June 18 93 Mar 25
/
1
110 111 *11012 111
170 Preferred
100 104 June 26 117 Mar 13 103 Nov 1164 Feb
5 Nov 2413 Jan
900 Cuba Co
No par
*1213 1312 13
9 Jan 2 1912May 29
13
2 June 21
7 Mar 3
Cuba Cane Producte.__No par
*212 23
4 *212 23
4
58 Aug "i4 Jan
Cuba Cane Sugar
118 Feb 2
No Par
8 Jan 2
4
158 Dec
187 Jan
2
4 Mar 3
2 Jan 7
100
Preferred
6% Dec 17 Jan
412July 31
*44 47
/
1
8 -4
/ 47
1
4
-;if2 --1 --412 -1
9 Feb 4
500 Cuban-American Sugar__10
44
1
;
458 -12
156 Dec 95 Jan
/
1
4214 4214 4214 424 *4214 464 *4214 47 1*____ 47 •_-__ 47
40 Preferred
8
100 42' July26 655 Feb 11
8
3912 3912 3912 3912 3912 3913 3912 391
*39
40
*3914 40
36 Nov 677 Jan
500 Cudahy Packing
50 3818J une 25 118 Jan 2
/
4
Oel
*115 118
1134 118 *11113 115 I*1113 115 *1113 115
4
1143 116
4
600 Curtis Publishing CoNo par 10514June 23 12618May 29 100 Nov 132
4
/
1
'
/
1
/
1
4
*117 11812 *118 11812 11813 11812 11812 1184 117 11812 11812 11812 1,000 Preferred
/
1
4
2
No par 1147 Jan 29 1214 Mar 19 11218 Nov 1214 May
712 77
2
75
78
ass Dee 3018 Aug
/
1
612 Jan 31 144 Apr 7
No par
712 7
/
1
4
7
/ 7
1
4
/
1
4
758
758
718 7
/ 20,600 Curtiss-Wright
1
4
10
10
1014 1013
858June 26 19 Apr 2
9
/ 104
1
4
/
1
1314 Dec 3772 Ana
/
1
4
9
/ 9
1
4
/
1
4
91 93
/
4
4
912 94 3,800 Class A
/
1
*6014 6212 *61
6212 6014 61
*60 4 64
3
*604 61
61
61
/
1
4
300 Cutler-Hammer Mfg_No par 55 June 25 90 Mar 31
28
28 I 2712 28
*2812 2914 283 29
8
18
211g Oct -16
8
No par 24 8June 18 1135 Mar 31
261 2714 26
/
4
5
2618 2,900 Davison Chemical
2013 2212 *2012 2112 *2013 2213 *2012 2213 *2013 2213 *2012 2212
2
5
52 20 8July 7 80 Apr 14
20 Dec 467 Jan
Debenham Securities
24
2418 2418 *2378 2412 *237 2414 2414 2414
*235 24
8
24
8
500 Deere & Co pref new
20 20 June 18 2412May 24 1215 219 0215 219 0215 219 *214 219 *214 219 *214 219
Aug
100 1953 Jan 3 2553 Apr 23 151 Nov 385
2
4
Detroit Edison
8
25
26
25
25
*23
29
253 274 *25
4
27
34 Nov 647 Feb
/
4
4
*24
1,500 Devoe & Reynolds A-No par 211July 9 423 Mar 4
27
• _ 110 *____ 109 *___ _ 100
*81 100
*90 100
Dec 1154 Jan
1s1 preferred
1
100 106 4 Jan 14 11412May 18 VW
*90 100
*218 222 *218 222 *215 220
215 219 *215 220
2183 226
2,200,Dlamond Match
100 139 Jan 13 237 Apr 24 117 Nov 16412 Jan
4
*73
4 77
8
77
77
77
*73
1114 Aug
6 Nov
6 Jan 3
/
1
4
800,Dome Mines Ltd
74 7
/
1
95 Jan 18
2
:
Vo par
/
1
4
*754 7%
73
4 73
4
*20
22
204 204 2012 2013 20
/
1
/
1
*
2014 22
12
No par 18 June 23 30 Apr 5
20
*19
/
1
4
/
1
4
/ 22
1
4
Oct 54 July
5001 Dominlon Stores
77
774 7618 7814 7512 77
/
1
76
/ 77
1
4
/ 75
1
4
7618 753 7612 14,400 Drag Inc
69 Nov 12618 Feb
8
No par 67 June 25 873 Mar 10
4
•1734 19
19
019
1912 19
1914 1914 1914 017
*17
Jan
25 Oct 92
191
/
4
:
3001 Dunhill International-No Par 1512.1une 18 431 Apr 7
1478 *1312 144 *14
/
1
*1212 14% *14
1478 *1412 141 •1412 1478
287 J&I)
2
10 Nov
Davao Silk
No Par 1412Juoe 17 1812 Apr 4
/
4
*10214 10314 *10214 10314 *10214 10314 10214 10214 *10214 103, O10214 10314
/
1
4912 Jan 1004 Mar
2May 26
100:Duqueene Light 1st pref.._ _100 100 Jan 7 103,
4
*15
*15
16 I *15
16
15
15
*1413 16
16
14 June 25 251 Jan 31
/
4
*1412 16
3913 &PI
19
200,Eastern Robing Mill...No Par
Oct
4
212 214% 210 2153 210 21414 20518 21312 20518 2113 207 2093 20,7001Eastman Kodak Co
No par 175 4 Jan 9 25514 Alm 25 150 Nov 264 4 Oct
3
6
4
4
25
2514 2514 2512 25
No par 1918..fnue 25 3714 Feb 20
254 2313 2412 23
237
8 24
7634 Feb
18 Nov
4,600'Eaton Axle & Spring
24
4
/
1
/
1
4
1123 11473 113 1163 114 1184 11114 11758 11114 115
4
20 953
80 Oct 231 Sept
4July 8 1454 Apr 10
113 11512 56,500E I du Pont de Neal
/
1
4
8
*117 117 41117 11712 1173 118 I 118 118 *118 11812 11814 11814
/
1
4
/
1
4
500 6% non-vot deb
100 11412 Feb 4 121 May 15 10712 Nov 119 Aug
512 *4
*4
51*, *4
51
51
*4
5 June 23 1074 Feb 6
No par
*4
51
4 Dee 3932 Jan
Eitingon Schild
*4
512
50 "10
50
*40
*40
100 38 June 25 62 Feb 5
50
*40
50
5913 *40
39 Dec 113 Jan
*40
Preferred 61
50
/
4%
77
76
/ 7812 74
1
4
7414 78
No par 5518June 28 1147 Mar 29
78
80
79
8
7612 7812 14,500 Electric Autollte
80
50 Oct 174 July
10812 10812 *108 110 *108 110 0108 110
100 1064 Jan 6 110 Jan 7 1123 Nov 115 Apr
*108 110 *108 110
4
20/ Preferred
/
1
4
415
4
4
33
4
3 Aug 1
/
1
4
No par
*4
412
3
314 Oct 183 Mar
9 Mar 31
/
1
4
35
8 33
3
/ 3
1
4
4 4.200 Electric Boat
/
1
4
No par 494 Jan 2 103 Apr 23
/ 757
1
4
8 7012 7514 694 717
/
1
/ 73
1
4
72 8 7314 723 76
29 Nov 564 Sept
/
1
4
8
3
8 6812 71 215,8001Electric Power & LS
4
4
•
98 Nov 1094 Feb
100' Preferred
No par 105 June 18 112 Apr 25
8
4
1083 1093 *1083 1094 *109 1093 10914 10914 01083 10914 *1087 10912
4
4
1094 10012 *10012 101
/
1
No par 10012July 24 100% Aug 1
1007 1001
*1003 10312 *10012 10312 *10012 101
8
200, Preferred (6)
8
/
4
/ 64
1
4
/ *6412 6512 651 657
1
4
,
64 Nov 1041 00_
/
4
8 647 653
6512 64
8
*6412 65
65
4 1,000 Elea Storage Battery No par 6112June 23 7914 Feb 10
*218 4
214July 1
*21 4
/
4
*218 4 j *218 4
:Elk Horn Coal Corp .No par
12
312 June 10 00`
512 Mar 24
*218 4
*21 4
/
4
23
8June 16
*212 4
314 Oct 2212 Feb
7 Jan 24
/
1
4
*212 4
*212 4 I *212 4
lEmerson-Brant class A..No par
02
/ 4
1
4
*3
4
/
1
4
4914 Nov 83 Jan
*45
4812 *4612 4812 *4612 4812 *4612 4813 *4712 4812 48
100 Endicott
-Johnson Corp____50 44 June 18 5952 Jan 22
48
1 Preferred
100 10712 Jan 7 118 Apr 23 1081 Sept 12414 Feb
*111 11214 *111 11214 *111 11214 *111 1 1214 *111 11214 0111 11214
4
*53
55
53
53
53
3
31
Oct 79 2 Aug
*5114 53
53
53
53
53
600 Engineers Public Serv_No Par 3914 Jan 2 6712 Apr 7
53
*983 100
4
80 Nov 12314 Aug
3
*9812 100
*9812 100 1 *9812 100
No par 94 8 Jan 8 10718May 26
1001 Preferred $5
/ *981 100
1
4
/
4
984 98
/
1
/
1
/
4
* 8 1013 *983 1014 *100 10012 *100 1003 100 100 *100 10012
985
4
8
Oct
No par 941 Jan 2 1044 Apr 21
100 Preferred (5(3)
843 Oct 109
4
4
464 4614 4612 4612 *463 47
/
1
4
14June 4
*464 4 8 *453 454 4514 4514 1,200 Equitable Office Bldg-.No Par 39 Jan 8 50
314 Jan 41 May
/
1
4
4
/
1
65
8
*1112 1214 12
1212 1218 1213 1218 1212 12
8July 3 433 Mar 5
364 Dec 54 Feb
1214 *124 123
8 1,900 Eureka Vacuum Clean_No par 105
*87
8 97
8 *87
8 97
8 *834 10
10
812.1une 19 30 Feb 18
1018 1018 10
/
1
4
16 Nov 73 Max
/
1
4
5
*9
200 Evans Auto Loading
10
24
*23
2412 023
:
*23
22 Jan 271 July
/
1
4
/
1
4
*23
'Exchange Buffet Corp_No par 22 Jan 2 36 Mar 3
24
24
*23
24
*11 4
/
4
*113 4
18 July 31
*118 4
94 Jan 0
/
1
11 13
25
*118 4
1311 Dee
4
3 Nov
/
1
4
/
4
4
200:Fairbanks Co
2
/ 23
1
4
4
15
153
4 14
/ 14
1
4
7 June 18 89 Jan 20
/ 15
1
4
14
1312 1312 13
/
1
4
Jan
11 Apr 35
131 124 127
/
4
100
/
1
8
150: Preterred
3714 3914 38
39
40
39
/ 4012 39
1
4
39
2934 Oct 54 11 Sept
,
38
No par 344June 25 501/May 17
38
/ 383
1
4
4 2,7001Fairbanks Morse
*109
- *109 ___- 109 109 *109
100 102 Jan 7 ulisMay 16 10112 Dec 11078 Jan
*10912
•10912
20 Preferred
*1012 14
1412 1412 11
14 .111 12
14
/
4
2
22 Dee 721 Mar
•1114 12
500 Fashion Park Assoc....No par 10 June 25 27 Feb 27
*1114 12
9014 Mar 18
*6318 70 '83'o 65
6412 6614 *64
5
*6313 70
15 59 8 Feb
70
6012 Nov 109 Juno
*64
300 Federal Light & Traci
67
*
9213 95
9212 9212 95
/
1
4
*9212 95
90 Nov 104 Feb
*9212 95
No par 91 Jan 13 98 Apr 22
95
*9213 95
20 Preferred
712June 19 124 Feb 26
812 812
*8
8
/ *8
1
4
8
5
Oct 223 Feb
8% *812 87
a *812 8%
812 812 1,000 Federal Motor Truok No par
4 3514 3514 3514 3512 3414 35
28 Nov 6614 SEA
853 353
8
8 3518 353
x3413 3412 1,900 Fed') Water Service A_No par 30 June 18 43 Mar 19
30
028
30
*28
*28
3118 *28
314 "28
25 Dec 33 Dee
12
30
028
Federated Dept Stores_No par 2512June 16 38 Apr 16
30
69
69
/
1
4
685 68
8
*685 6914 69
8
/ 6912 69 69
1
4
47 Nov 122 Sept
/
1
4
/ 6812 6812
1
4
500 Fidel Phen Fire Ins N Y___10 66 June 18 89 Mar 31
/
1
4
6
9
Oct 13 Mar
9
9
7 Feb 11 104 Apr 4
No par
73
4 73
9
4! *7 2 9
,
70 Fifth Ave Bus
*73
4 9
*73
4 9
30 Dec 9812 Feb
No par 31 June 10 404 Jan 22
3212 *____ 3212 *_ _ _ 3212 e__ 3213 0_ _ _ _ 3241*____ 3212
/
1
Filene's Sons
Jan
84 Dec 1117
*9612 97
*9513 97
*9512 97
*96
97
*96
97 I *9612 97
Preferred
100 92 Mar 15 98 May 3
2413 Dec 37 Dee
20
/ 20
1
4
8
2012 2012 207 207
/ 205 2058! 2012 2013 *2012 21
1
4
8
600 Firestone Tire & Rubber _ -10 1934July 7 33% Jan 7
8
*715 73
8
7118 7112 7112 7118
/
1
4
Ws Dee 89 Dee
8
*
7112 714 7112 7112' *7112 73
/
1
100 6978June 18 877 Mar 24
1,000 Preferred
505 5212 5118 511 5114 511 13,200 First National Storea_No par 46 June 23 613 Jan 20
8
4413 Nov 90 Sept
*545 56
8
2
5511 56
/
4
/
4
515 55
8
24 Dec 2012 Jan
21
6 Apr 2
/
1
4
11 Aug 1
/
4
/
4
214 214
112 213 12,200 Fisk Rubber
No par
218 214
2
23 1
8
218 214
218
/
1
4
8 Dec 72 Jan
612.1une 19 21 Apr 2
612 7
63
4 7
64 61
/
1
100
7
/ 78
1
4
718 712
712 718
780 let Preferred
/
4
8
914 *812 9
/
1
4
8 Dec 82 Jan
/
1
612June 18 214 Apr 11
*813 9
7
/ 75
1
4
100
8
912 912
350 lit pref convertible
913 918
2
4
44
443 04212 45
38 Nov 84 Jan
43
*4214 45
43
*4214 45
700 Florsheim Shoe claw A_No par 40 June 25 527 Mar 21
*4214 44
/ Jan
1
4
9012 Oct 102
/
1
4
100 95 Apr 12 100 Feb 3
*96 10014 *96 10014 *96 10014 *96 10014 *96 10014 *96 10014
Preferred 6%
/
1
4
324 Nov 82 Aug
/
1
25
2813 25
2
No par 25 June 23 507 Mar 28
25
*2512 29
25
026
29
500 Follansbee Bros
*2513 2812 *26
33 Nov 95 Sept
/ 83
1
4
8418 16,900 Foster-Wheeler
/
1
4
No par 60 Jan 3 10412June 4
8612 87
854 877
/
1
3 8412 8614 8112 8512 8112 83
/
1
4
12 Nov 69 Apr
/
1
4
13
4
13
11 June 19 283 Apr 14
*12
13
*1212 13
*13
No par
13
144 *13
/
1
1414• 13
200 Foundation Co
191 Dec 105 2 Sept
2
6
/
1
4
No par 164 Jan 8 57 Apr 25
8 4518 473
4 4412 4612 451 45
483
4 4714 49381 4718 477
/
1
48
/ 74,900 Fox Film class A
1
4
647 Jan
2
23 Nov
/
1
4
/ 45
1
4
4513 464 46
No par 87 June 17 5512 Apr 11
/ 43
1
4
/ 4314 43% 44
1
4
/
1
44
467
81 454 45
15,600 Freeport Texas Co
08812 90
*8813 90
8213 Nov 1071* May
*8812 90
*8812 90
*8812 90 I *8812 90
Fuller Co prior pret____No par 85 Feb 14 9512 Mar 6
818 818
2
5 Oct 337 Feb
8
8
*
8
/
1
518June 23 114 Apr 9
83
4 *81 812
/
4
400 Gabriel Snubber A____No par
814 814 *812 812
*67
/ 69
1
4
*67
*67
/ 69
1
4
Ws Nov 834 July
6712 6712
/ 69
1
4
*6712 69 1 *877 69
Vo par 67 June 30 80 Mar 28
8
200 Gatneweli Co
4 02
*3
3 Dec 26 Jan
3
4 3
34
212June 16
5
/ 3
1
4
23
4 23
28 3 1 *23
7 Feb 18
/
1
4
1,000 Gardner Motor
4 938 *23
*812 9
*812 9
8 8 94,
914
/ *812 9
1
4
8 4 84 1,500 Gen Amer Investors_ __No par
/
1
/
1
7 July 8 164 Feb 18
*
93
99
4 933 9334
98
*93
98 I 934 933
/
1
*93
99
4
*93
400 Preferred
100 8812June 25 105 Apr 25
8618 88
8712 89% 86
8
8812 8514 8614 855 87
if Nov 1112 Oil
8
/ 8912 86
1
4
12,200 Gen Amer Tank Car_No par 7814July 8 1117 Apr 4 / 451 *45
1
4
46
/
4
46% 468 47
47
45
45% 44
424 Nov 9434 Avg
46
/
4
100 3868June 25 711 Apr 7
46
3,800 General Asphalt
•
113 *____ 113 0
114
113 *____ 113
114
Gen Baking ['ref
No par 105 Mar 4 125 Jan 15 121 Nov 140 Fels
19
19
19
193
1812 1912 18
/ 18
1
4
/ 1812 1812 1813 19
1
4
24 Nov 1934 June
1518June 24 11813 Feb 15
2,700 General Bronze
No par
1412 151s 14
*15
17
*15
17
15
1412 14
15
61 Feb
23 Nov
14
No par 1312July 7 3412 Mar 7
1,600 General Cable
41
42
*42
43
42
42
39
40
038
42
/
1
634 Dec 1204 Feb
*38
/
1
4
42
600 Class A
No par 32 June 27 74 Feb 6
*
45
47
0157 4612 *454 4611 44
8
45
0443 46
8
/
1
42
*45
Oct 74 Feb
46
No par 40 4June 25 61 Mar 7
1,600 General Cigar Inc
3
/ 744 714 7314 694 723
1
4
/
1
/
1
70% 7212 72
4 6858 704 694 703 307,400 General Electric
/
1
/
1
'go par 6018 Jan 2 954 Apr 10 1684 Nov 403 Au
4
8 1112 1112 1112 115
1112 1112 1112 115
8 111 111 113 111 8,600 Special
/
4
/
4
114 Feb
/
1
11
Jan
8
8
10 114 Jan 2 117 Apr 6
/
4
/
1
558
55
5518 5512 5512 56
544 5512 524 543
4 5314 541 29,000 Oen Foods_
/
1
35
Oct 77 8 July
/
4
7
No par 4512 Jan 17 0114MaY 1
1012
10
9
/ 104
1
4
10
10
/
1
93 1018
4
4 8,100 Gen'l Gee ct Elea A
9
/ 9
1
4
94 93
/
1
/
1
4
No par
8 June 17 183 Apr 10
8
86
86
90
.86
86
85
85
*88
88
/ 86
1
4
841 8412
/
4
No par 78 June 25 10812 Apr 16
500 Cony prof sec A
*115 120 *115 120 *115 120
*115 120
120 120 *115 320
No par 115 Mar 19 122 Apr 2 11t12 July fib" Feb
10 Preferred A (8)
10314 10314 *1034 105 0103 105 *103 105 *103 105 *103 105
99
10 Preferred A (7%)
No par 100 July 8 111 Apr 9
Oct 116 2 Jai
,
4612 45
453
4 45
/ 45
1
4
/ 45
1
4
/ *45
1
4
4514 45
4534 455 451 1,300 General MWs
8
/
4
50
Oct 8912 Jan
/
1
4
No par 4018June 25 59 Apr 12
*89
91
*90
91
91
*90
91
*90
91
*89
*90
67 Dec )00 -Jan
/
1
4
Preferred
100 89 June 30 95 Mar 22
91
8
8 45
4612 47
/ 465 477
1
4
4712 444 46
457 47
451 4614 548,40C General Motors Corp
/
4
10 87 Jan 16 5414 Apr 10
4
83
/ Oct 9111, Mar
1
4
12
8
8
8
*1247 12512 *1247 12512 *1247 126 *1247 12512 *1247 12512 *1241 12512
8
8
/
4
100 1174 Jan 24 13112May 8 112 Nov 12612 Jan
/
1
7% Preferred
30
*2912 3112 *30
30
34
2
30
*29
30
2912 30
Jan
400 Gan Outdoor Adv A___No par 347k July8 414 Apr 14
30 Oct 52
8 114 117 *117 12
/
1
8
117 117
8
8
12
*111 12
/
4
12
*111 12
/
4
818July 10 211 Apr 3
No par
/
4
400 Cortunon
38
384 37
/
1
36
37
3512 353
3612 3612 37
,
No par 3018June 18 527g Apr 7 16 Nov 98 Aug
4 355 36
8
4,500 Gen Public Bervice
8214 7912 814 77
78
/ 79
1
4
77
/ 79
1
4
79
78
No par 7518June 25 106 Mar 28
7812 791 8,200 Gen RY Signal
70
/
1
4
Oct 12612 Aug
/
4
771 76
/
4
783
4 74
785
8 7714 7812 77
77
76
No par 6514June 18 90 Mar 28
7613 7612 7,500 General Refractorles
/
1
4
64
Oct 88 Aug
3412 33
3414 3512 34
34
/ 324 3314 3212 333
1
4
/
1
3414 35
._No par 30 June 18 511 Apr 10
/
4
8 8,900 Geu Theatres Equip.
84
8014 8518 8418 881 82
/
1
8 8312 854 79
/
4
8112 847
8714 186,900 3111ette Safety Razor_No par 68 July 8 10618 Jan 16 80 Nov 163 0,t
8
/ 1178 12181 .11
1
4
117
1214 1214 1212 1212 123 12
8 11
11 Aug 1 2078 Apr 14
No par
/
4
1012 Nov 4161 Jot.
1118
900 imbel Bros
*704 71
/
1
0707 71
8
*707 71
8
71
71
7058 707s 70
100 661 Jan 30 8212 Apr 25
/ 707
1
4
,
88 Dec 14 0 1
/
4
8
600 Preferred
18
1712 1758 174 17
/ 17
1
4
17
184 1814 18
No par 1518June 8 38 Mar 20
26
4,800 Glidden Co
Oct 644 July
151/4 17
95
95
95
95
95
*94
95
95
95
95
*94
100 91 July 15 1054 mar 27
95 Nov 1044 • r
/
1
95
60 Prior preferred
912 934
912 93
4
95 10
8
10
10
94 9'2
/
1
No per
814June 26 19 Feb 7
9 Nov 66 Web
/
1
4
94 914 3,100 Gobel(Adolf)
/ 414 3953 4
1
4
/
1
/
4
4012 411 4118 4218 4118 4218 39
4013 22,600 Gold Dual Corp v 80.. No par 8412June 18 477 Apr 28
012 40
811 Oct 82
2
/
4
Jan
2712 2778 2614 27
28
277 284 28
O2712 28
No per 2212June 18 581 Mar 211
384 Dec 105 Jan
:
2512 263
/
1
4
4 5,000 Goodrich Co (B If)
*8212 91
*823 91
4
*8212 90
8234 823 084
4
100 78 June 30 10412 Mar 28
*8212 90
9512 Doc 11518 Feb
1001 Preferred
91
6612 65
66
6114 65
/ 62
1
4
63
6058 66
8J1,0e 27 9672 Mar 11.
62
/ 624 7,500 Goodyear T & Rub____No par 517
1
4
65
60 Oct 18412 Mar
/
1
8
*943 96
4
947 96 I*95
8
*947 96
97
*947 96
8
.95
97
No Per 90 Jan 3 10214 Apr 39
87 Nov 1047 Feb
2001 1st preferred
2
1014 1014 *1014 1112 011
1012 11
12
No par
*104 12
*11
812June 18 384 Mar
14 Nov 60 Apr
/
1
12
3001Gothan3 811 Hoe
*7014 75
0704 75 1 7014 7014 70
*6814 75
*6814 75
100 70 Jan 10 8213 Apr 4
2101 Preferred
68 Dec 10114 Jan
70
*73
4 87
*712 9
73
4 88 *7
/ 841
1
4
7
/ 73
1
4
4 *71 814
6 June 19 loss Apr 23
No par
4 Oct 14 May
700 Gould Coupler A
/
4
8
61s 63
8
6
64
63
8 65
6
/
1
4
53
8June 19 133 Apr 1
5
/ 614
1
4
64 2,200 Graham-Paige Motora-No per
/
1
6
/ 6
1
4
:
4
7 Oct 54 Jan
/
1
4
614 *6
6
/ *6
1
4
64
64
614
618 614
No par
123uas
J ne
6
101 Apr 1
/
4
7 Nov 4913 Jan
5001 Certificates
614 614
26
24
254 25
217
8 2312 2313 24
/ 24
1
4
5
2312 23
697 Apr 2
8
244 3,100,Granby Cons It Bm & Pr_100 18
2
464 Nov 1027 Mar
39
3812 39
38
38 I *3713 377
8 3812 3812 1,000!Grand Silver Stores__ No par 30 June 23 62 Apr 2
39 I 39
39
8212 Dec 447 Dee
2
100 834 Feb 6 4512 Mar
Grand Stone
/
4
33 Dec 1161 Mar
15 4
114
4
1
Pro par 10 Juno 17 2052 Feb 18
-1.V8 - "7" -1.:i4 Ili" -1.812 - 1 -11 - 1- -143 15 2 "15
16
2
9 Nov 327 Jan
/
1
4
1534 4,400 Grand Union Co
8
8 415 4214 423 4134 1,200 Preferred
8
4
4
/ *4158 4212 423 4238 *4158 423
1
4
No par 3434Jun• 18 4813 Apr 10
4112 42
8
51
30 Oct (/ Jae
03412 35
/
4
No par 33 July 9 50 8 Apr 3
/
1
4
100 Granite City Steel
3
22 Nov 83 Sept
*3412 35 I *3412 35 I 3412 3412 *3412 35 I 0341 35
,
$ per share $ per share $ per share: $ per sharel
5312 51
5012 503
8 50
538
5214 52
1512 *14
*1412 148 *14
1512 *1412 1512
7818 *7712 7812
O7818 80
7818 78
/ 78
1
4
111 I
10912 10912 111
*110 111
110 110
334
1318 *1212 1312
*1212 13
13
1312 13
*212 2
/ *212 2
1
4
/
1
4
*212 24 *21/4
* Bid and asked prices; no sales 03 this day. z Ex -dividend. 13 Et-dividend ex-rights. 3 3 additional shares for each share held.
752
New York Stock Record-Continued-Page 5
For sales daring the week of wicks not recorded here, see fifth page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
July 26.
Monday
July 28.
Tuesday
July 29.
Wednesday
July 30.
Thursday
July 31.
Friday
Aug. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ Per share S per share S per share $ Per share S per share Shares
Indus. & MIscel. (Con.) Par
Per share $ per share $ per share 5 per share
3212 3213 323 33
8
3314 335
8 3314 3314 33
33
3214 3212 2,800 Grant (SO T)
No par
3212 Dec 1445 Feb
*21
2113 2112 2112 *21
8
2112 1,100 (It Nor Iron Ore Prop_ _No par 29 June 18 43 Jan 9
2113 21
21
21
2114 21
18 June 23 26 3 Mar 25
3
Oct 3914 Feb
10
193 1913 19
3
1918 19
1918 *187 19
185 187
8
3
8 183 183
.4
4 3,200 Great Western Sugsr_No par
1858July 31 3412 Jan 16
28 Nov 44
*115 116
Jan
115 11514 1147 116
8
116 116
116 116
11512 110
270 Preferred_
100 11053May 27 120 Mar 14 105 Nov 11912 Feb
147 151c 143 1512 1412 143
8
4
4 14
145
8 133 1412 137 1414 48,300 Grigsby-Grunow
8
8
No par 1214July 8 28 June 2
1414 Nov 70 Sept
"4 1
3
3
4
4
7
7
*5
8
3
8
500 Guantanamo Sugar_ No par
"8
7
8
7
8
"8
7
8
12 Mar 7
4 Feb 4
*42
1 Nov
45
*42
512 Jan
45
*43
45
*43
45
*39
40
*38
40
Gulf Statee Steel
100 3718July 8 80 Feb 19
*95 100
42 Nov 79 Mar
*95 100
*96 100
*96 100
*96 100
*96 100
Preferred
100 9813 Jan 17 109 Apr 30
325 323
8
998 Dec 109 Feb
4
4 3258 3314 333 38
8
3613 377
8 35
367
8 397 367
3
8 5,150 Hackensack Water
25 26 Jan 4 38 July 29
28
2312 Nov
28
*28
35 Aug
2818 273 23
4
*28
2818 *28
2813 *28
50 Preferred A
28 8
,
25 26 Jan 6 29 Apr 17
177 18 8 1714 1814 1653 17.8 1614 173
8
26
Jan 30 Aug
,
8 157 163
8
4 1613 167 14,400 Hahn Dept Store,
8
No par 1253 Jan 2 2314 Apr 17
*813 82 4 813 823 *8113 8212 8113 8212 8114 8114 *8118 8212
12
4
Oct 5654 Jan
,
4
8
200 Preferred
100 7113 Jan 3 8612 Apr 17
23
23 23
718 Dec 115
23
4
Jan
*213 23 1 *2134 2312 213 213
4
8
8 2114 2114
500 Hall Printing
10 21 June 17 313 Mar 25
*105
4
*105
27 Dec 397 Dec
*105
2
*105
_ _ *105
____ •105
- Hamilton Watch pref
100 99 Jan 7 105 July 8
91
91
91
91
8
99 Nov 1055 Jan
*91 92
*91 92
91
91
.91
92
50 Hanna pref new
No par 85 Jan 16
61
52
*52
55
*52
54
*53
54
52
52
51
5212
500 Harbison-Walk Refrac_No par 50 June 27 98 Apr 14
14
1414 1312 1418 1312 1414 13
8
54 Jan 877 Oct
1414 1312 14
1212 13
7,100 Hartman Corp class B_No par 10I2Juno 23 7214 Apr 21
*213 22
4
*2134 22
20 Feb 5
13 Oct 4112 Aug
*213 22
4
2134 213 *21
4
22
*21
22
300 Clans A
No par 2012 Jan 1
52
52
2314Nlay 24
*50
52 ------ 5112 *50
167 Oct 31 Sept
s
52 .50
52
*50
52
100 Hawaiian Pineapple
20 52 July 29 81 Feb 13
56 Dec 7218 Aug
*8
812
8
83
8
8
83
3
73
4 8
73
8 75
8
8 73
73
8 2,300 Hayes Body Core
No par
553June 18 173 Apr 4
85 .80
*80
4
539 Nov 683
8May
85
*80
85
*80
85
847 847 *80
8
8
85
100 Helme (E1 W)
25 7712June 19 ova Feb 19
8
*225 21
*2253 223 *22
84 Nov 1184 Jan
2412 *2253 2412 *225 24
4
8
.22
25
Hercules Motors
No par 2012June 23 31 Apr 11
4
*953 971
97
2112 Dec 3312 Oct
97
96
96
9413 95
94
95
*94
96
2,100 Hershey Chocolate
No par 70 Jan 2 109 May 28
*10014 102
102 102
45 Nov 14372 Oct
10014 10014 10012 10012 10012 10012 .10012 10112
500 Preferred
No par 8313 Jan 2 1083
*10712 *10712____ 10753 1075a*10712 1077 *10712 103 *10714 1073
4June 3
60 Nov 14314 Oct
53
3
200 Prior preferred
4
100 10414 Feb 21 10812July 21 104
*15
17
15
15
Jan 1063 Oct
147 147
3
9
14
14
*14
.15
17
17
1,200 Hoe (R) & Co
No par
12 June 21 2514 Feb 27
*33
3353 33
1234 Dee 33 Aug
33
3212 323
8 3214 3214 *32
33 .32
400 Holland Furnace
3312
No par 2614 Jan 14 4114 Mar 28
7
7
*614 712 *614 712 *614 7
*7
712
21 Nov
61 Mar
*614 7
100 Hollander & Sons(A) No Par
5 June 18 1253 Jan 29
*74
78
*747 .78
8
78
8
13', May 245 Aug
78
*74
80
*74
78
*74
78
100 Horneetake Mining
100 72 July 12 80 Feb 1
117 12
8
117 1218 1112 117
8
65 Nov 93 Aug
8 1114 115
3 1118 113
4 11 12 115
3 2,600 Houclaille-Hershey cl B'No par
97
*623 65
4
625 623 *62
8
13 Nov
523 May
4
4
63
*62
6312 *62
6312 *62
200 Household Finance part pf_50 49 8June 28 29 Feb 5
6312
45 Aug 5214 SePS
Household Prod Ine___No par 5212 Mar 5 6412July 21
861, 89'a -8812 - 3- 855* 89
Jan 25 6112 Mar 10
664
8212 8S
40 Oct 7912 Jan
-4
813 858 834 151- 67,000 Houston 011of Tex
4
tens ctfs 100 5214 Jan 17 1167 Apr 25
2814 2814 29
Apr
29
8
26
Oct 109
*28
293
4 28
28 .2712 30
*2712 2914
300 Howe Sound
No par
8
347 353
8 3412 347
3484 Nov
8212 Mar
8 33
3414 3238 3318 323 33
2
3
337 3313 8,300 Hudson Motor Car___ _No par 2518June 18 417 Feb 7
8
253
1412 15
8June 25 627 Jan 6
147 15
8
38 Nov 9312 Mar
4
143 15
3
14
1412 137 14
8
131z 14
8,000 Hupp Motor Car Corp
10 13 June 28 265 April
2214 2214 *22
2214 2214 2214 22 22
3
18 Nov 82 Jan
217 22
8
2112 21 2 1,000 Independent Oil& Gaa_No par
,
3
193
58 6
7
8June 25 32 Apr 7
57
8 6
178 Oct 393 May
4
57
8 6
*53
4 6
53
8 512
512 513 1,600 Indian NIotocycle
No par
*22
412June 18 17 Mar 4
40
*22
40
313 Oct 3212 Jan
•22
3912 *22
39 *- __ 23
22
22
10 Preferred
100 22 June 18 8712 Mar 3
133 137
9534 Feb
4
25 Nov
8 1313 1413 1318 133
4 123 1314 12
8
123
4 1218 127 22,200 Indian Refining
8
10
83
4June 18 283 Mar 22
1318 Oct 53 Aug
3
Certificates
933 *89 100
3
10
102 Oct 5114 Aug
'81
813.1iine 18 273 Mar 22
•88- 95
4
*83
917 .88
8
95
9258 91
200 Industrial Rayon
No par 73 June 30 124 Jan 10
Jan
6812 Nov 135
,
205 205 203 2013 200 204
198 198
4
200 202
19412 2003
2,500 Ingersoll Rand
No pa 16414 Jan 8 239 Apr 24 120
*7312 75
Jan 22312 Oa
75
75
77
77
*7713 80
77
77
*7518 80
300 Inland Steel
Vo pa
68 June 25 98 Mar 11
15 8 1614 16
5
71 Dec 113 Aug
163
4 163 167
8
16
16
8
1512 157
161_ 2,600 In•ntration Cons Copper__
8 16
20 1213June 1
*1112 1212 *12 ' 1212 1213 1212 12
22 Oct 6612 Mar
307 Feb 7
2
1214 *115 1214 *115 1214 1,300 Inauratuthares
8
8
312 313 *333 4
Corp*312 4
10 July 11 173 Mar 10
No Pa
12 Dec Hi Nov
313 313 *314 4
3
*312 4
1,200 Iniercont'i Rubber
No pa
312July 2
187 187 *18
1414 Jan
8
8
19
2 Nov
713 Apr 1
18
18
173 18
4
173 173 •173 19
4
4
4
1,300 Interlake Iron
No pa
1533.1une 2
55
287 Apr 2
8 55
3
8 *53
5 4 53
4 6
3
4
55
8 53
•512 6
4 *512 6
400 Internal AgrIcul
No pa
412 Jan
*57
59
*57
Oct 17% Jan
59
*55
812 Apr 7
59
*55
60 •55
593 •55
593
8
Prior preferred
100 5214June 2
182 183
18212 18212 *18113 1821 1 17514 18212 173 177
90 Nov 8812 Jan
67 Apr 9
14
175 175
3,900 Int BusIneee Machlnes_No pa
*67
Jan
69,
4 693 693
4
4 69
693 *66
3
6914 *68
683
4 683 69
4
1,600 International Cement_No Pa 15212 Mar 1 19712May 28 109 Nov 255 Oct
553
4
7
714
7
8
48 Nov 10284 Feb
753 Apr 2
7 14
63
4 713
65
6
3 7
7
613 63 13,500 Inter Comb Eng Corp_ _No pa
4
5 Jan
66
67
6814 70
414 Dec 10312 Feb
1412 Mar 26
68
7014 633 671
60
4
657
8 66
6614 8,900 Preferred
100 30 Jan 2 78 Apr 1
8 847 873
8312 817
8
3 845 857
1812 Dee 121 Feb
8
8 8114 85
8113 83
81
833
4
76 June 21 1154 Apr 16
*143 14314 143 143 *143 14312 *143 1431 •143 14313 14312 14313 38,400 Internet Harvester____No pa
65 Nov 142 Aug
400 Preferred
100 14012 Feb 10 14412 Mar 14 137 Aug 145
39
393
8 39 2 40 3 383 3958 37
,
4
Jan
,
39
3618 3712 3718 3738 11,000 Ira Hydro-El flys
Cl A.No pa
3118June 18 54 Apr 11
*783 80
4
*79
80
23 Nov 5912 Sept
78
79
*78
791 *78
7913 7714, 78
800 International Match prof... _3
•22
2213 *21
215
8 203 20 4 *20 4 2112 20
47 No
10212 Jan
4
3
3
205s 203 2084 1,500 Int Mercantile Marine ctflf _100 6512 Jan 3 92 Apr 24
4
19 June 18 33 Apr 17
247 2533 2458 2513 2412 25
8
1818 Nov 3918 Oct
2314 243
8 223 233
4
4 23
2312 136,600 Int Nickel of Canada.-No pa
21 June 18 443 Apr 4
_
8
25 Nov 723 Jan
4
International Paper_ __No pa
53 Jan 6 65 Mar 21
*73 777 8 ;73- - - -7- 77% 777
- -757 Dec 112
Oct
77 8
788 788 •ig- 78*
70 Preferred (7%)
109 70 July 16 88 Apr 29
227 233
8
8 22 223
77 Nov 9412 Jan
4 217 2173 2014 21
8
*21
213 x2053 203
4
1,800 Inter Pap & Pow cl A_ _No pa
3
17 June 23 3113 Mar 22
15
15
14
14
20 Nov 4414 Oct
14
15
*143 163
4
3
4 147 1473 "14
16
1,500 Class 11
No par
113
4Juno 18 22 4 Apr 14
*1114 1113 10
12 Nov
3
3372 Oct
1114 105 103 *10 4 1113 *103 103 •10, 11
8
4
3
3
4
4
1,200 Clue C
No par
9 June 21
9 Nov 2613 Oct
18 Apr 14
773 777 *76
3
8
78
*753 77
4
*75
77
*7434 7612 *75
77
1,600 Preferred
100 70 July 7 86 Mar 26
77 Nov 95 Oca
39
39
3313 3812 3814 3414 38
38
*37
38
"37
3734
400 Int Printing Ink Corp_ _No par 359 July 2
*8713 94
40 Nov 633 Oct
4
583 Apr 5
*92
8
94
*92
94
*92
91
*92
94
*92
94
Preferred
100 88 July 3 101 Apr 12
s
917 Nov 106 mar
383 3914 3914 4012 3938 40
4
38
393
4 38
39
3812 3914 41,200 International Salt new
I00 36 July 8 453
4June 20
8
55
56
55
5514 *55
56
56
*55
56
*55
56
300 International Shoe_ __No par 5312Juno 25 62 Jan 16
54 Oct "fffi i3 3
*71
78
•70
78
*7014 75
6
*7012 75
*7013 75
*7013 75
International Silver
100 69 July 8 119 Feb 1
05 Nov 15912 Aug
105 105
106 106
106 10618 *106 107 .106 107 *106 107
180 Preferred
100
467 4713 4653 48
3
Jan.
463 483
8
4 451, 473g 4513 463
4 4513 4633 66.000 Internal Telep & Teleg _No par 105 Feb 26 11214 Fob 17 l0314 Oct 119
4018June 23 773 Apr 24
53 Nov 1494 Sept
3
245
8 24
24
25
2418 25
2313 247
8 2312 2353 24
2413 3,900 Interstate Dept Stores_No par
18 June 17 40 Feb 4
2518 Oct 9312 Jan
*665 7418 *663 7418 •6653 7418 *665 741,3 7418 7418 *7413 75
8
8
8
10 Preferred ex-warrants _100 6758June 28 7514 Feb 6
74 Dec 97 May
*25
30
*25
30
*25
30
25
26
*23
30
*2212 30
200 Intertype corn
No par 23 Jan '2 32 Apr 9
17 Nov 387 July
8
*1514 163
3 1614 1614 1133 1612 1614 1614 16
3
1614 *1512 16
1,200 Investors Equity
No pa
14 June 19 29 Feb 19
1212 Nov 7212 Aug
34
34
*34
35
*31
35
•34
35
34
34
*34
35
200 Island Creek Coal
1 3112July 8 43 Mar 19
39 Oct 611 Mar
51
51
*50
52
*49
51
48
49
*4812 49
*48
49
400 Jewel Tea Inc
No par 43 Jan 20 6013 Apr 30
39 Nov 16214 Feb
8718 883
4 8713 887
8 8513 873
4 8253 87
8112 85
8312 861 33,300 Johns-ManvIlle
No par 70 July 10 148 3 Feb 5
8
00 Nov 2423 Feb
*121 12112 *121 12112 *121 12112 *121 12112 12112 12112 122 122
4
100 Preferred
100 11814 Feb 24 123 Mar 21 118 Nov
*121 12112 12112 12113 12112 12112 *12112 1213 121 12112 121 121
4
240 Jones & Laugh Steel pref 100 11813 Jan 6 12312 Apr 11 117 June 123 May
126
2
2
218 218
2
2
Oct
134 2
*13
4 21s *134 2 8 1,600 Jordan Motor Car
,
No par
15
8June 28
512 Apr 9
112 Oct 1612 Jan
*838 9
*814 83
4 *812 9
*83
4 9
*83
4 9
200 Karstadt (Rudolph)
83
4 83
83 Aug' 1 1312 Jan 16
4
107 Nov 137 NO,
1
*17
18
*17
2
18
*17
•17
18
18
*17
18
*17
18
Kaufmann Dept Storee_212 50 1612June 25 2012 Mar 7
1714 Dec 3713 Feb
253 25
31 2512 2512 *25
8
251 1 25
25
*24
25
24
24
500 Kayeer (J) Co v to_ __No Par 24 June 21 6113 Jan 2
30 Nov 5812 July
*30
3
49 4 ____ 4934 ---- 4934 3493 ".___ 493 3_ _ _ _ 493
4
4
Keith-Albee-Orpheum .No lior 21 Jan 8 45 Apr 23
1512 Nov 46
•11212 115
11213 11212 11218 11212 112 112 *109 11212 1123 1123
Jan
4
1,000 Preferred 7%
100 85 Jan 7 150 Apr 24
70 Nov 138
Jan
*312 37
312 312
8 *312 3 8
313 313
7
338 3131
33
8
338 1,500 Kelly-SprIngfleld T're-NO Dar
3 June 18
618 Apr 10
3 Dec 2372 Jan
*24
29 .25
*2234 23 •2278 2812 *227 2813
29
*2214 29
8
8% preferred
100 2018 Jan 3 42 Jan 24
16 Dec 947 Jan
*3(43 35
*303 35 .304 35
3
8
8
*3014 35 .3014 35
*3014 35
8% preferred
100 29 Jan 2 55 Jan 25
26 Dee 100 Feb
3234 33
32
333
8 3012 3278 3018 31
3013 31
301 307
8
8 9,800 Kelsey FlayesWheel___ No par 2218 Jan 3 3913 Apr 11
185 Nov 59 4 may
8
1814 187
3
8 1812 1914 1814 183
4 1712 1812 17
18
1713 18
53,500 Kelvinator Corp
No par
7 Jan 2 '265 Apr 25
12
8
5 Oct 1914 Feb
802 *____ 8112 *75
763 763
4
4 77
8112 .75
8112 *75
8112
100 Kendall Co pro!
No par 72 June 27 89 Mar 21
75 Nov 96 Feb
397 41
3
8 383 4012 3813 3913 3334 393 59,600 Kennecott Copper
3953 41
4
393 407
3
8
No par 3712June 25 623 Feb 7
4
4933 Nov 1047 Mar
5312 517 517
8
*5214 5212 5214 5214 *52
8
8 51, 5212 5118 5118
4
700 Kimberley-Clark
No par 4814June 21 69 Mar 31
4514 May 573 Oct
*23
26
*23
8
*23
26
26
*23
26
*23
26
*23
26
Kinney Co
No par 20 Jan 29 4012June 4
2112 Nov
*80
803
8 80 80,
1112 July
SO
80
8 80
80 .80
803
3 803 803
90 Preferred
8
8
100 80 July 24 97 Apr 17
SO
313 312
Oct 10934 Mar
312
314 3 8
3
3 8 312
3
3
314 33
4,300 Kolster Radio Corp_ _NoPar
8
3
318
184 Jan 18
813 Apr 14
312 Dec 785 Jan
8
Kraft Cheese
No par 3813 Jan
5512June 2
27 Nov 71114 Oct
Preferred
100 98 Feb 6 111 June 5
96 Apr 10578 Oct
29 - -3
29;
29
288;
Kresge (86) Co
293* 2813
7,600
- - 126 1
10 2614June 17 368 Jan 2
4
23 Nov 5712 Mar
*52
3
52
59
59
*52
59
*52
59
Kress Co
*52
59
*52
59
No par 50 June 24 70 Jan 24
5314 Nov 114
Jan
283 2812 28
3
283
3 28
2814 277 2818 273 28
2
14,600 Kreuger & Toll
4
2713 23
233 Jan 2 353 Apr 10
a
3
2218 Nov 463 Mar
3
25 4 2614 26
267
3
8 25
253
25321 25
4 25
257
8 2518 2514 14,900 Kroger Grocery & Bkg_No par 21 June 18 4818 Jan 23
3814 Nov 12212 Jan
8
29 4 2912 293 2912 2914 2914 *2813 29
,
2,000 Lago OH dr Transport _No par 2114 Jan 11 2912July
29
29
29
29
17
1612 Nov
383 June
3
913 923
4
4 92
9214 903 9112 90
8
91
8914 903
4 9h1 917
2
8 4,500 Lambert Co
No par 7612June 18 113 Apr 1
*5
8018 Nov 15714 May
53
4 *5
513 •5
53
4 *5
513
5
54
3
518 55
600 Lee Rubber & Tire
No par
45
8June 17 11 Mar
5 Oct 26
34
34
*323 35
Jan
*323 35
4
4
4
*323 31
*323 35
4
100 Lehigh Portland Cement_50 30 July 7 42 Apr 25
*3234 35
1
30 Nov
105 105 *105 10714 *105 10714 *105 10714 *105 107,
106 106
110 Preferred 7%
4
100 105 Jan 2 10812May 24 100 Nov 65 Feb
*914 10
*9t2 10
110 4 May
3
*914 10
913 913 *914 912
200 Lehigh Valley Coal. ___No par
912 912
714June 18 1713 Mar 17
10 Orl 32
Oet
*25
29
*25
29
*25
29
251s 2518 *25
100 Preferred
*25
30
30
50 2218June 36 3713 Mar 19
31 De, 4484 July
297
8 293 295
4
*28
2912 30
4 203 30
2912 2912 *29
4
2912 1,100 Lebo & Fink
No par 2214June 25 30 Apr 14
28 Nov 6812 Feb
8 193 197
4
1912 197
8 1913 1912 1912 1912 *183 1913 193 193
8
3
800 Libby-Owens Glass
4
No Par 1912June 25
9514 9514 *94
95
17
9212 9212 *92
Oct 43 Aug
*93
95
9558 *93
9538
200 Liggett & Myers Tobacco-- _25 85 June 18 3113 Mar 29
1133 Apr 1
4
8014 Nov 106
9413 947
3 9434 9534 91
9512 9312 945
oat
8 9213 94
8
3
925 953 14,900 Series It
25 85 Juno 25
3
80 Nov 104314 Oct
*233 2434 *2412 243 *2312 21
4
24
25
4
2412 25
26
267
8 1,200 Lima Locornot Works__No par 20 June 18 1143 Apr 1
4914 Feb 15
30 Nov
391
40
4
*38
571 Juty
3912 3912 *38
*38
40
*38
200 Link Belt Co
38
397
8 38
No par 37 June 25 45 3 Feb 21
3
3753 Nov 61
70
723
Feb
7012 6812 7018 6618 69
4 7012 723
4, 71)
681 t 681 t 7,300 Liquid Carbonic
No par
2
8
40
Oct 1137 Jan
7453 757
77121 7318 76
8 75
8
7013 7412 685 723
8
3 7014 713 51,100 Loviv's Incorporated__ _No par 5 4 Jan 3 817 Mar 28
4
4'213 Jan 2 95 4May 14
3
32
Oct 8412 Feb
10514 10514 *105 108 C.105 108 *105 108 .105 108 *105 108
100 Preferred,
No par 8553 Jan 17 1123
3June 3
*9612 963 *9613 963
Oct 110 Jan
80
84
41 9612 963 *963 083 X9712 9712 *9712 98 2
4
4
4
4
600 Preferred ex-warrantallo par 785
,
8May 5 9712July 31
3
4
4
4
4
80 4 Nov 96 Mar
4
414
34 4
3
313 353
353 33
3 8,100 Loft Inearporated
No par
3 June 18
71. 713
3
63 Feb 19
31s Dec
1112 Apr
7 8 73
3
*73
8 8
8 *73
8 8
74
7.
13 57% 8
8
600 to , ,. 13e11 Lumber A_ No par
73 July 2S
1534 Mar 22
12 Dec 3212 Jan
4
8 6134 6213 5912 6214 5953 611, 60
617 623
8
4 623 623
613
8 5,20 Looee-Wilos Biscuit
'
,
6 5012 Jan 4 7014 Apr 2
3918 Nov 877 Sept
8
4
2314 221s 233
2214 2258 213 2213 2112 2314 22
4 227 2418 114,10 Lorillard
8
25 1013 Jan 2 2818 mar 3
1414 Oct 3112 May
93
8
83
*9
98
4 9
7
93
4 93
4
9
812 83
4 *87
8 953 2.40 Louisiana OH
No par
8 Feb 28 12 Apr 23
Oct 18
*823 88
Jon
7
8
*823 88
8
*S23 8
3
*823 88
8
*823 88
3
*823 SS
3
Preferred
100 8018June 18 8912 Feb 43
80 Nov 10014 Feb
40
40$3 38
*37
373
4 373 39 4 3
4
3613 377
3
38
8 37
9
15,700 Louisville 0 & El A._No par 33
June 23 5114 Apr 25
23
Oct 7253 Sept
8 2612 2734 2618 2012 253 2618 2614 263
2712 283
4 2714 277
3
8 4.900 Ludlum Steel
No par 22 June 25 9472 Mar 12
22 Nov 10873 July
85
*70
85
*70
85 .70
*70
*65
.
85
Preferred
No par 787
8July 8
76 Nov
18 June
*2912 3113 *2912 3112 *3912 3112 *293 30
*2812 33
4
.293 30
4
MacAndrews & Forbes_No par 2414June 19 9934 Mar 18
3014 Oct 40
Jan
394 Apr 3
8
4
4
573 573 *5612 5712 565 5712 5613 5612 553 563
4
4 5135 5653 1,000 Mack Trucks Inc
8
No par 4614June 18 8812 Mar 27
5518 Nov 11434 Feb
125 12614 121 12112 11914 123
123 12411
118 120 "118 124
3.800 Mn v
No oar 109 June 25 15914 Feb 3 110 Nov 9554 Fleet
* Bid and asked prices; no sale* on this day. y Ex dIv.-ex-right3.
New York Stock Record-Continued-Page 6
753
For sales during the week of stocks not recorded here, see nisch page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
k Saturday
July 26.
F
Monday
July 28.
Tuesday
July 29.
Wednesday
July 30.
Thursday1
July 31.
Friday
Aug. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest.
Ilighn.
.
PER SHARE
Range )or Preotows
Year 1929
Lowest.
Highest.
$ per share $ per share shares Indus. & Mace!.(Con.) Par $ per share I per share $ per share $ per sherd
1112 Nov
133 133
8
1312 14
4 1,100 Madison So Garden___No par 1034May 8 1518June 6
24 Feb
'3212 33
4June 19 5234 Jan 7
33
33
283
600 Magma Copper
No par
35 Nov 824 Mar
612May 5 13 July 3
814 814 2,500 Mallison (H R) & Co No par
814 814
6 Nov
31132 Jan
4
*212
*2 4
21
100
I12July 8
Manati Sugar
8 Jan 29
Dec3
26
Jan
.12
1618 *12
4July 14 50 Jan 28
Preferred_..
100 113
197 Dec 5012 Jan
8
164
*12
14
Mandel Bros
*12
No par
14
12 July 9 15 Jun 11
14
Oct 383 Mar
8
Manh Elea Supply
No par 8 June 25 554May 1
374 Jan
194 Nov
;
:60 Manhattan Shirt
25 1118June 25 2438 Jan 10
1914 Dec 3538 Jan
1:4
;11 - 12 ;ii" 1412 -ii" -Ili; -ii" Ii- , i3T2 Iii; ;1338
*33
35 '3412 367 *3412 361.,
34
8
34
34
*33
100 Marlin-Rockwell
34
No par 3014June 26 55 Feb 28
30 Oct 8972 May
1 +32
1214 1214 1334 1412 135 1338 13
134 117s 1214 123 1238 2,500 Marmon Motor Car
8
No par
8
84June 28 307 Apr 9
19 Nov 104 May
8
Martin-Parry Corp__No par
3 Jan 6
*318 312 *313 312 *34 312 *313 312 *31
6 May 19
18
313 *34
Jan
212 Nov
312
373 38
8
394 3914 3914 3712 39
38
38
2,700 Mathleson Alkali WorksNo par 323
8June 25 513 Mar 28
394 39
8
29
39
Oct 218 Feb
123 123 *120 123 *120 123 *120 123
123 123
60 Preferred
100 115 Jan 24 127 Apr 24 120
Jan
*120 123
Jan 125
44
44
1,200 May Dept Stores
25 4018July 3 618 Jan 31
*4414 4412 4412 4412 4412 4412 4234 4414 4212 44
4512 Dec 10812 Jan
1314 July 25 23 Mar 26
4
4 1314 1312 '1314 1312
500 Maytag CO
No par
*1314 134 *1314 133 *1314 134 "134 133
154 Oct 2912 Aug
26
253 253 *25
4
4
253
4 25
2618 *25
No par 2112June 28 401z Apr 7
25
200 Preferred
261g *25
*25
2814 Dec 4914 July
*7512 8314 *7512 7718 *7512 79
*754 79
*7512 8314 *7512 5314
Prior preferred
No par 76 Jan 7 8412 Mar 26
7512 Nov 9018 Jan
40 "33
40
*38
40
40
40
*38
•40
41
200 McCall Corn
No par 37 July 171 50 Apr 1
40
*38
Oct
3914 Dec 108
*5412 55
*5412 55
*5412 55
McCrory Stores class A No par 60 May 191 74 Jan 21
*5412 55
*5412 55 .5421 55
74 Dec 1134 Feb
67 1 .57
67 1 *57
67
67 '57
*57
67
+57
,
3
e 7
No ni
67
; 21=y 12 70 Jan 16
t
70 Dec 11512 Fi b
*57
91
*90
94 '90
*90
91
94
1 PCrlearerrned
*90
94
*90
27 Mar 24
91
8612 Nov 120 Fell
*90
3314 3334 333 33N
4
3412 35
3012June 23 44 Apr 7
1,000 McGraw-Hill Publics's No par
30
3312 3312 338 334 *3314 31
Oct 43 Feb
1814 18
184 *18
18
1314 *18
*1714 18
100 McIntyre Porcupine Mines-5 143 Jan 2 1912 Apr 23
4
1212 Nov
*173 1814 *18
4
2312 Jan
41 8114 88 1 81
8312 843
8238 823 83
85
12,000 McKeesport Tin Plate_No par 61 Jan 2 8912June 4
84
4
54 Nov
8312 84
82 Jan
8 215 2112 2118 2112' 2138 213
8 21
221
2114 3,600'McKessoa & Robbhas_No par
184June 25 37N Apr 12
2118 Oct 59 Mar
2134 224 22
4
4
*393 40 1 *393 40 1 394 40
Preferred
393 40
June 24 4914 Apr 8
4
40
700j
50 35
40
40
3918 3918
Oct 63 July
1412 1412' 1412 1411, 1434 143 *14
4
12 June 30 2014 Jan 7
4
1412 1,900 McLellan Stores
4 143 15
No par
*1412 143
1812 Dec 6912 Aug
3712 *35
4
3612 3712 *35
4 37
No par 264 Feb 8 42 Apr 16
3712
37 1•
400 Melville Shoe
•
2618 Dec 72
3614 3614 363 363
Jan
14
1412' 1318 134 *1312 14
1418 15
4
153
No par
10 Juno 18 233 Mar 10
10,200 Mengel Co (The)
4
8 15
9 Oct 347s Jan
1514 157
224 235
4 2318 24
81 2112 227
233 243
4
8 22
1618 Jan 18 37 Apr 7
43,400 Mexican Seaboard 011 No par
23
2312 24
69 Jan
3a
1612 164 21618 1618 3,200 Miami Copper
8 1612 17
164 164 1638 1718 164 173
No . 53 J
7, 5 15
,.
5412 Mar
Oct)c
68 68
67
603 *6514 69
8
69
700 Michigan Steel
Jan 6
70
44 Dec 1224 July
70
24
231 2418 2314 233
4
2g14 Nov
234 2418 2.800 Mid-Coat Petrol
No par 2218June 18 33 Apr 7
2118 244 21
24
24
8
2218
397 Jan
7323771821‘k,Fitalybr :367
1
1
118
1
1
118 *1
*1
Middle Statea 011 Corp ars1 18 1,500
7 Mar 4
1
8
11g
*1
4 Nov
34 July
3114 2918 31 14 2912 3112 2914 304 31
No par 214June 25 53 Feb 28
3112 6,700 Midland Steel Prod
3012 30N 30
Miller Rubber
No par
37s Jan 23
58 Apr 2 --51- Dec -His Ws;
8
4
2
100 Sabin-Honeywell Regu_No par 60 July 1 763 Mar 19
ii
.
6614
6
59 Nov 12314 Sept
;i•F2 - -tit; ;Eiji -- 2 ;:ii" iiii.1- "Ei" -15 ;iii's 1412 .551s 65
8
*143 1514 145
4
1412
144 154 2,500 Minn-Moline Pow laud No par
16
124 Jan 10 287 Apr 17
16
8
16
10
16
Oct 433 July
8
•7514 80
"7514 80 "7514 80
Preferred
*754 80
*734 80
No par 72 Jan 7 9214May 28
65 Nov 102 Jll17
*7512 80
4
8 174 177
1814 '1712 18 '173 177
18
18
17 June 24 40 Jan 27
900 Mohawk Carpet Mills_No pa
1812 18
35 Nov
+18
8014 Mar
44
443
4 43
46
43
46
4118 4414 1,900 Moneanto Chem WksNo pa
35 June 25 633 Apr 21
46
4
47 Nov
4512 4614 46
8011 Oct
8
3514 364 3518 354 3314 357 35,700 Mont Ward &CoIllCorpNopa
31 June 25 497 Jan 2
37
8
8 36
4
423 Dec 1564 Jan
2
3658 3714 393 373
78
*74 8
8
*718 8
74 +718
*71g
8
4
33 Jan 22 1612 Apr 2
200 Moon Motor Car new _No par
112 Oct
5
*718 8
Oct
5418 .5338 55
537 537 "524 55
8
8
No par 614June 23 72 Feb 5
500 Morrell (J) & Co
5312 544 54
42 Oct 814 Oct
55
*53
118 14 "118
us
118
118
14
118June 17
114
114 3,100 Mother Lode CoalitIon_No par
2 Jan 2
14
14 Oct
14
114
612 Mar
(3
384 37
*33
8 41
334 4
34 4
312July 12 114 Apr 10
,
312 3 4
1.700 Moto Meter Gauge kEtiNo par
*334 418
34 Oct 3134 Aug
5112 5012 504 473 49
4
48
49
2,700 Motor Products Corp_ _No par 3412June 21 81 Apr 7
1 51
5012 5014 513
36 Nov 206 Mar
60
244 244 2418 244 2418 2414 2418 2418 '2312 2412
No par 21 June 17 34 Mar 19
800 Motor Wheel
25
21 Nov 5518 Aug
.24
14
*13
14
13
1412 '13
13
13
8 June 18 20 4 Feb 14
13
A o par
3
500 Mullins Mfg Co
1512 14
10
*15
Oct 817s Jan
5514 *55
554 55
55 "50
54 • 0
*55
4
No par 40 July 2 644 Jan 31
4,2
54
7
10 Preferred
5514 *55
*
50
55 Dec 10214 Jan
4712 *45
*45
*45
45
4712
4712
100 Munsingwear Inc
No par 4018June 23 5312 Feb 10
444 45
*44
38 Nov
BIN May
17
174 163 174 1612 1612 10,500 Murray Body
4
1712 1814 174 18
No par 1212Juno 17 2514 Apr 11
171s 177
144 Nov 10072 June
+40
41
"39
41
*40
41
*40
4018 413 .4112 42
41
4
700 Myers F & E Brea_
No par 354 Jan 2 4912Mar 25
30
Oct 67 Oct
12
3614 363
8 353* 36
35
353
364 37
3512 36
4,900 Nash Motors Co
364 37
No par 3018.1une 24 5812 Jan 6
40 Oct 1187 Jan
8
8
*1412 144 1334 144 133 134 134 134 1314 131
8June 24 264 Feb 14
1318 1338 1,500 NatIonal Acme atarnped____10 103
144 Nov
4178 July
*17) 23
2
*1712 23
20
20
1912 191 *1812 23
Nat Air Transport
par 11 Jan 13 394 Apr 14
2012
1,100
20
No
10 Dec 4814 May
1012
03 10
1012 "10
4
93
4 03 .
94 1014
*93 1012 .10
4
400 Nat Belles Hee,
No pa
814July 10 20 Apr 7
912 Dec 71 Star
National Biscuit
25 177 Jan 2 2253 Mar 21 140 Nov 23634 Oct
4
136-3- 34i 86
-4
-84- .841-2 11,800 New
10 71 Jan 2 93 May 29
85' 85s
0514 Dec 73 Dee
4814 4434 4718 44
46
44
483
46
8 47
45,
8 45
47
20.300 Nat Cash Register A w !No par 424July 10 8312 Feb 3
59 Nov 1483 Mar
4
5112 5312 5114 527
4 5318 51
4
No par 4514 Jan 20 62 June 2
8 524 537 35,400:Nat Dairy Prod
8
534 514 533 543
36
Oct8612 Aug
14
*14
1412 *14
1414 1414 14
1412 15
1412
1412 •14
800 Nat Department Stores No par 14 July 29 2412 Feb 27
20 Dec 374 Mar
85
*84
85
*84
*
84
85 '84
86 '84
86
1 1st preferred
85
*84
100 86 July 10 90 Jan 27
89 Dec 96 June
*2712 29
2812 2812 28
29
2814 2712 2712
600 Nat Distill Prod etfs__No par 2412June 25 3912 Feb 6
*263 28 '27
15 Oct58 June
4
24
*20
24 '22
24 .20
24 '20
'Nat Enam & Stamping---100 1714June 14 3312 Mar 1
2312 '22
24
1.'22
2512 Dec 6214 Jan
130 131 *125 130 *126 132 *126 131 *12714 134
600 National Lead
100 125 June 23 18912 Feb 7 1294 Nov 210 Oct
*130 137
14014 14014 14014 14014 14012 11012 14012 141 *14012 141
*14014 141
100 13818 Jan 3 143 May 13 138 Nov 14112 Feb
100 Preferred A
119 119 *118 119 '118 119
100 116 Jan 17 11912July 1 115 Oct 12334 Apr
10 Preferred B
*118 119 •118 119 *118 119
8 444 4712 454 454 147,000 National Pr & Li
,
4 4818 50N, 474 50 8 4412 497
473 483
8
No par 32 Jan 2 583 Apr 21
4
23 Nov
713 Aug
4
4 23
*I5
8 .13
8 '134
24 "13
4 23
8 •134 23
2
2
238
134 Jan 7
No par
100 National Radiator
112 Dec 17
412 Jan 15
Jan
*312 5
"312 5
*34 5
"312 5
•3
'2 5
3 June 2' 11 Jan 15
.312 5
Preferred
No par
112 Dec 41
Jan
106 1064 106 10
106 106
614 1064 10614
8Juns 27 12414 Apr 7
50 1007
800 National Supply
9812 Nov 144
*106 11012 "106 110
Jan
7114 '70
73 '70
*7114 7312 71
71
7014 7014
50 3012 Jan 7 9838 Mar 22
,
600 National Surety
7014 Dec 155 Feb
*714 72 2
8
294 293 *2814 29 '2814 2914 2714 2714 .26
2914
263 '27
4
No par 24 June 19 417 Feb 4
200 National Tea Co
314 Nov 913 Mar
8
8
4
8 1612 17
4
1612 163
1714 163 1712 163 173
15'2Junel8 323 Jan 7
1 1612 164 15,100 Nevada Congo' Copper_No pa
17
2314 Nov 62% Mar
8
"51
55
*5012 55
503 503 *5012 55
4
4
"51
55
100 Newport Co clean A
'5012 55
50 5012July 21 85 Mar 25
43 Mar 103 Sept
*35
*3514 36
36
+351* 36
35
35
36
34
35
28 June 17 58 Apr 14
1,400 Newton Steel
*35
No pa
35 Dec 113 July
40
8
*39
3912 3812 39
373
8July 8 47 Feb 19
No pa
2,300 NY Air Brake
39, 3918 3912 3912 394 397 "39
8
3512 Oct 4934 Slur
33 '31
33
33
*31
33
.31
33 "30
*31
33
New York Dock
100 28 June 26 48 Apr 25
.30
33 Nov 533 Feb
8
"8212 85
*8212 85 .8212 85
"824 85
•8212 85
80 Feb 8 3811 Apr 24
*8212 85
Preferred
10
823 July 90 Apr
4
10114 10114 "10114 102
102 102
102 102
40 N Y Steam pref (6)_-__No pa 100 Jan 2 104 May 13
*101 102 *101 102
9312 Nov 103
Jan
100 let preferred (7)
112 112 •11214 ____ +1124 ____ *11214 ____ "1124 ---- •11214 ____
No Pa 110 Feb 5 11612Mar 13 107 Nov 115 Aug
4 994 10314 97 101
1013 1033
8
8
93
No pa
993 66,800 North American Co
8
8712July 8 1327 Apr 11
100 1023 10212 105
8
6613 Nov 1863 Sept
4
5512 *55
551
55
55
*55
554 '55
554 *544
5518
65
51 Jan 13 57 June 4
300 Preferred
5
48 Nov 544 Jan
1037 1034 *10312 1034 1033 104
8
4
*104 10414 104 104 1*10312 104
500 No Amer &Brion pref__No pa 1003 Jan 23 105 May 22
4
98 Nov 1034 Jan
4218 43
41 42
434 .4318 433 *4212 4314
8 4118 413
8
4
423 423
417
8July 25 553
1,000 North German Lloyd
4June 11
414 Dec 6414 Jan
45
'45
46 1 45
46
"15
45
*45
46
'45
45
46
40 Northwestern Telegraph___50 42 Jan 2 50': Mar 14
4012 Dec 60 Mar
4,418 13
4
113
118 1181 *1
1
1
*1
112
1
1
2,800 Norwalk Tire & Rubber____10
7 Jan 9
2
a Mar 26
38 Oct
64 Feb
*212 3
*24 3
•212 3
*212 3 1 *212 3
3
*21
___.1 Nunnally Co (The)____No par
2 Feb 3
3 14June 16
2 Dec
8 Feb
224 2312 2212 2314 224 2212 22
22
22
22
2212 23
25
918 Jan 3 2438July 22
5,uuu Oil Well Supply
77g Dec 32
Jas
101 105 1 1014 102 *10112 102
8
100 86 Mar 10 1073
1,870 Preferred
104 1067 +100 105 '90 105
4July 23
883 Dec 10612 Jan
4
193 1934 183 1912 1814 1812 1812 1812 3.100 Oilver Farm Equip
4
4
4
193 203
4
No par
137 Jan 2 347 Apr 17
2
8 20
8
8
Oct 6412 Apr
311 *291 31
30
4
317 .
8 30
8
3018 3018
314 313 *303 32
800 Cony participating_No par 27 June 18 Vila Apr 17
17
Oct 69
4 Ape
76
78 .
78 .76
764 7614 *76
78
76
76
*7614 78
743 Jan 2 903
No par
400 Preferred A
4May 13
6412 Dec
n1112 May
412 412 *4
514 *412 514 *47
.412 441
8 54
*412 5
'Jo par
234 Jan 3
818 Mar 31
100 Omnibus Corp
,
212 Oct
104 Feb
95
*83
95 .33
88 1 "83
*83
95
*83
88
Orpheum Circuit, Inc pref_100 63 Jan 6 994 Apr 24
95
*84
504 Oct 953 Jan
4
653
4 6518 654 64
65
634 65
6434 6512 4,200 Otis Elevator new
4 65
No par 55 June 18 80 8 Mar 13
644 643
3
4
4
100 1184 Jan 23 128 Juno 12 1187 Oct 125
GO Preferred
12418 12418 *12418 1273 '12418 1273 "1244 12734 1244 12418 '12418 12712
Jan
29
"26
29
+26
4
*2614 29
.2614 28
29 '213 29
Otis Steel
No par 25 June 25 387 Mar 31
8
'27
2214 Nov
55 Oct
•____ 92 •___. 94 *____ 94 •---- 94
*____ 92
Prior preferred
100 89 July 2 99 Apr 29
893 Nov 108 Feb
4
4
50
493 493 +48
4
50
*48
50
.48
411
Owens-Illinois Glass Co___25 4514June 23 607 Feb 7
50
8
'48
43 Nov
8912 Sent
69
5714 5812 554 5714 5512 56,18 11,200 Pacific Gas & Elec
5914 59
6838 58
25 524 Jan 2 744 kfar 31
58
42 Nov
983 Sept
4
83
x77
78
764 777
No par 72 Jan 2 1077 Mar 28
8212 8214 8112 8312 8414 80
8 9,200 Pacific Mg Corp
8
82
58, Nov 14612 sem
8
8 2018 23 .204 23
*2112 227 *
*2112 22
230 Pacific Mills
2014 21
100 2014July 8 30 Feb 8
*2112 23
1712 Nov
37
Apr
1 Jan 2
Parini)011
No par
114 Jan 22
112 Jan
Oct
ficr 139 1407 155- 139 138 116"
135rs
-8
100 130 June 18 178 Feb 19 131 Nov
280 Pacific Telep & Teleg
130 '126's 130 *12618 130 *1264 130 *12618 130 •12618 131)
100 11612 Jan 6 145 Feb 21 1163 Jan 220 July
Preferred
*12618
4
135
Oct
4 143 1512 1412 15
8
8
143 144 55,100 Packard Motor Car__ _No par
8
8 1438 15'8 147 153
1212J1,ne 17 233 Mar 18
8
10 143 147
, 8
13 Nov
3212 Sept
5918 583 583
2
8 534 584 583 604
0554 6034 *5918 6018 "59
,
'8
200 Pan-Amer Pah' & Trans___50 514 Feb 21 641tMay 14
404 Feb 69 Aug
5918 "583 5914 583 58% 583 583
4
5918 59
8
59
59
4
5914
50 5012 Jan 25 6712May 14
4 1,600 Class B
4012 Feb 6914 Aug
918 10
8
94 104 +33 10
x918
938
934 10
9 June 18 261s Mar 10
,
8 7,200 Parmelee Transporta'n_No par
9 4 95
1512 Dec 21 Dec
*712 812
712 712 *7
712 712
712 "6
7
44 Feb 14 12347May 14
400 Panhandle Prod & ref-No par
712 712
3 Nov
1514 Jan
80
72
*72
72
*70
76
76
*70
*72
100 474 Jan 14 80 May 14
76
89
100 Preferred
*72
4712 Feb
76 jan
2
6118 583 6012 574 5918 59
60
No par 4838 Jan 2 7714 Mar 31
5978 39,700 Paramount Publlx
4 6118 62
4
603 613
36
Oct 7512 Oct
*2
214 *2
2
214
218
2
2
24 2'
1
138June 17
Utah C NI
*2
43 Apr 7
214
1,500 Park
8
3 Dec 137 Feb
8
414
412
412 412
434 43
4
412 412
418 43
234 Jan 3
No par
4 2,700 Pathe Exchange
9 Am.25
434 434
212 1)er
147 Jan
8
07
97
9s 97
912 914
4
No par
5 Jan 2 193 Apr 25
8
4 1,2001 Class A
93
4 93
4 ON *93 10
93
412 Dec 30
Jan
8 1712 1712 1712 173
4
4 175 173
1712 173 177
8
1712
173 18
8
8 2,600,Patino Mines & Eaterpr____20 17 June 18 327 Feb 5
8
247 Oct 473 Mar
8
4
'5
(3
*5
54
518 54
54 512 *54 6
50
43
4June 30 14 Feb 3
400 Peerless Motor Car
518 514
54 Oct 2212 Jan
45
4518 44
4212 44
434 434 3,600'Penick & Ford
454 464 45
No Par 2618 Jan 7 553 Apr 10
4612
46
8
22 Nov 604 Sept
527 55
8
544 56
*5312 55
53:13 5334 4.400 Penney (J C)
No par 48 June 18 80 Jan 3
47
574 5614 577
613 Nov 10514 Oct
100 100
100 100
100 100
100 100
8
100 93 Jan 7 1004 Apr 26
*097 100
600 Preferred
100 X100
33 Oct 97 Dee
7 8 7,
,
8 *718 712
7'2 7
712 71
--No par
618 Jan 4 12 Mar 8
*714 8
712 712
•
700 Penn-DI:1e Cement
3 Nov
12
27
Jan
48
*40
4212 840
*40
41
48
.40
*40
10
41
304 Jan 2 5512 Mar 13
1 Preferred
*40 P48
2
018
260 269
27134 278
100 230 Jan 17 325 May 27 208 Nov 94 Jan
275 275 *273 27612 267 267
2,200 People's 132,& C (Chic)
27411,278
Jan 404 Aut
41814 1838 *1814 Ws .1314 1812 1812 151
1812 1918
17's July 17 213 Apr 30
No Pa
300 Pet Milk
4
*18 40'
8 2 353 3538 35
1814 Dec 454 Jab
34
35
344 *33
8
3312 35
34
25 2912June 18 444 Apr 7
1,400;Phelpa-Dodge Corp
*35 s 3512
31
7972 May
200 225
200 Philadelphia Co (Pittsb)-50 200 June 18 248 Apr 15 1571 Nov
2151421514 224 224 *220 225 +215 225 '215 225
2 Apr 285
*5314 541 *54
Oct
5114 5312 51
5114 +51
60 5038 Jan 15 55 Mar 31
5414
2001 6% ore[erred
*54 4. 514 *54
4712 Nov
54 Mar
4
8
1534 164 12,200,1'1111s Se Read C de 1-_No par
113 Jan 17 254May 23
8
164 1714 1614 1612 153 1612 153 1614
8
4
163 167
918 Nov
34
Jan
1018 101
10
1014 10
10
1018 1,900 Phillip Morris & Co., Ltd .__10
814 Jan 8 1512 Mar 11
,
*1014 , 10 2 1014 1014 104 21
21114
514 Oct
21 .
"20
21
*20
20
*20
I Phillips Jones Corla----No Par
19 June 21 277 Feb 18
21
21
*20
8
"20 1 21
1912 Nov 73 May
*354 70
*6612 70 •
65t2 70
100 70 Feb 4 75 Feb 11
1PhilltPi Jones pref
"6612 70 .3612 70
*6612 ,,70
05 Nov
96 Mar
$ per share
[ *133 14
8
, *3114 3212
+914 912
r *214 4
4
1*103 164
14
r.2.
$ Per share
.1312 133
4
3212 3314
94 93
8
*214 4
8
*103 163
4
14
*12
$ per share
1312 1318
3212
*32
*94 912
*214 4
*103 164
4
14
•12
$ per share
*1312 14
*31
3314
818 93
8
*212 4
8
*107 163
8
*12
14
-fil; ---
-ia 86t 8538
.
8
• Bid and asked pr itt' lithe Ja tills day. 0 EX-,21vidta S aad ex-rights, s 42-1iviciends
Ex
-tight*
754
New York Stock Record-Continued-Page 7
For Wee dorino fife wool of crock, not recorded hare. see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday 1
July 26.
Monday
July 28.
Tuesday 'Wednesday
Thursday
July 29.
July 30. 1 July 31.
Friday
Aug. 1.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE,
PER SHARE
Slang. Since Jan. I.
Os basis of 100-ehare lots.
Lowest.
Highest.
PER SHARI
Besse for Previous
Year 1929.
Lowest.
Illokeit.
$ per share Shares Indus.& Miscall.(Con.) Par I Per share
Per share $ per share
Per slaro
3212 334 137,000 Phillips Petroleurn____No par
2918 Fob 17 £41 Apr 30
4
2414 Nov
Jan
47
*14
15
Phoenix Hoslery
4
5 104 Mar 4 2013 Apr 30
10% Oct 37% Jan
*20
23
100 Pierce-Arrow Class A. No par
19 June 25 33 Apr 3
18 Nov
377 Jae
,
1
14 2,500 Pierce Oil Corporation
23
1 Jan 4
3% Mae
24 Mar 17
1
Oct
*29
Preferred
34
02
100 2013 Jan 10 52 May
20
Oct 511, Mar
514 514 5,800 Pterce Petrol'm
No par
214 Jan 3
711 Apr 24
54 Jan
13 Oct
323 323
4
4 3,100 Pillsbury Flour Miile
27 June 25 373 Apr 11
Ne Far
4
30 Oct 8373 Jan
*4114 417
8
100 Pirelli Co of Italy
393
41une 25 504 Feb 27
4314 Oct 68 Aua
*364 50
Pittsburgh Coal of Pa____100 45 July 17 7813 Jan 7
64 Nov
83 Jan
114
*84
87
Preferred
10(1 85 June 16 110 Jan 7
8313 June 110 Oct
*1814 193
3
800 P1Itela Screw * Bolt_..No par 17% Jan 22 224 Feb 18
17 Dec 2P. Aug
521
22
300 PUteton Co
N. par 2018 Feb 28 2274 Apr 8
800 Poor .t Co clam B
223 223
4
4
No par 20 4July 9 34% Mar 18 16- Nov
3
437 1A1;
27
27
300 Portonlcan-AinTob Cl ANo par 25 July 18 303 uly 3
81
114 1173 4,300 Class B
Ns par
9 July 16 2714 Mar 10
50% Jan
37
37
900 Prairie On& Gas
25 3553July 11 64 Apr 1
4012 Oct 65% Jan
45
4518 3,500 Prairie Pipe & Line
25 4413June 11 6012 Feb 7
45 Oct 65 Aug
7
7
800 Preseed Steel Car
No par
612.June 18 164 Feb 18
64 Nov 25% Mar
*5413 58
200 Preferred
100 50 June 24 764 Feb 14
50 Dec 81 Mar
734 735
8 6,300I Procter a Gamble
N. par 523 Jan 3 7878June 2
8
43 Nov
98 An.
8
8
2,100.Producers & Renner, Corp_50
117
17
4 Oct 264 Jan
:I----89rI---5-5_5Pro-phy-lac-t1c Brush__No par 612 Feb 17 55 8 Mar 27 35 Oct 824 Jan
48 Jan 2
Feb
-5F, li---- i -o
ii,
57
iii6 iz iii -i6 4 63
2 214
o rob set Corp of N J_N• per 8112 Jan 2 1233 Apr 11
4
64 Nov 13734 Sept
3,111 11112 *111 11113 111 111 *111 11112 .111 18 11112 .1103 1113
4
4
100 6% preferred
100 10613 Jan 3 1121 2June 2
98 Nov 10811 Feb
4
4
4
4
*1263 1283 *1263 1283 *1263 1383 .12634 1283 .1263 1283 .1263 1283
4
4
4
4
4
4
4
7% preferred
100 121 Jan 10 131 June 3 105 Nov 1244 Jan
152 152 .151 15278 .151 15238 *151 15253'151 15218 5151 1523
3
100 8% preferred
100 143 Jan 2 158 June 7 13912 Nov 151 Sept
4
8
*1093 1103 1094 10938 *10912 11014 .10913 11014 .10912 11014 *1094 1104
100 Pub Sera Elec & Gas pref _100 107 Feb 5 112 May 21 10413 Nov 100% Jan
14
70
68
703
6918 69
69
4 69
68
6812 71
69 14 6914 11,700'Puilman. Inc
No par 62 June 25 893 Jan 3
1
73 Nov 9914 Sept.
4
*112 13
112 134 .113 138;
13
153
112 •138
1st
134 1.500 Punta Alegre Sugar
50
114Jime 26
813 Jan 17
• Dec 2112 July
4
4 213 2212 2153 21531 2153 2158' 215 217
213 213
4
8
3 2134 213
4 6.000 Pure 011 (The)
1912June 25 2714 Apr 7
25
20 No. 240 MAY
4
1123 11212 112 112 1 112 1127 11113 112
3
•11213 113 *11212 113
8
140 8% Preferred
100 11012May 6 1144 Apr 8 108 Nov 116 Feb.
8
65 I 617 64
61
6518 663
61
61
62
4 64
633 85
4
4,400 Purity Bakeries
52 June 21 887 Feb 15
3
55 Oct 14.4% Aug
8! 415 45 4 403 4212 4114 4314 591,200 Radio Corp of Amer___,Vo par 324June 23 69% Apr 24
43 8 453
7
4614 4518 463
3
45
8
36
Oct 11434 Sept
5513 5518 55518 55 4' 55 5513 55
55
*543 55
4
3
•554 56
700 Preferred
60 53 Feb 4 57 Apr 21
50 Nov 57
Jam
74
7412 74
74
74
*731 3 7412 7412 7412 7414 7412 74
900 Preferred B
No par 68 Jan 24 85 Apr 2
82 Nov 834 Apr
327 34%1 3212 3353 3118 331
3
343
4
24
4 31 13 32 234,800,Fterilo Keith-OrD Cl A_Ns Par 19 Jan 2 50 Apr 24
3013 313
12
Oct 484 Jan
3418 35 I 34
3112 33
34 I 3213 3314 33
3312 3,500:11aybeatos Manhattan_No par 28 June 18 587 Apr 17
344 35
28 Nov 584 Bela
s
42
4418 4633 4514 4651 43
44
457
8' 4275 433
3 43
43
8.300 Real Silk Hosiery
3June 19 647 Mar 26
10 343
3(34 Nov 840, Mar
3
__ 89 4 893 90 , *89
4
90
3
*89
.89
90 I .89
90
90
e erre
40
100 48 Jan 13 100 Mar 29
8614 Doc 1024 Feb
213 52
212 *2
212 *2
212
*2
213 24 •214 213
20011121a (Robil) & Co
,
No pa
2 July 9
1614 Feb
3113 Dec
54 Feb 3
*13
3112 *13 ____ *1318 1312 *13
30
•13
3113 *15
30
First preferred
100 2712Alay 28 37 Jan 28
40 Dec 1081, Feb
28
'29 I 2714 28
284 294 293s 294 2814 29
277 28
8
10,200 Remington-Rand
N.par 23 June 25 46 7 Apr 14
,
20 1 Nov 573 Oat
3
4
1 •9;,18 9 1 4
3,9813 954 *9412 9513 *95
013 ,954 951.
9512 *954 9512
First preferred
100
81 Nov 984 Oe
92 Jan 3 4007, Mar 28
Second preferred
•100 101 0100 101 *100 101 .100 101 ,.100 101 I•100 101
100 95 Jan 4 104 July 15
03 Mar 101
Apr
93
9i, 913 1,800 Reo Motor Car
92
4
393
9131
934 934
93
8 9131
953 912
10
84Jurie 17 1473 Mar 24
104 Oct 314 Jan
464' 44
45341 4514 4534 9,800 Republic Steel Corp... No pa
4714 4818 46
45
47
464 48
3714June 23 7212 Apr 18
8811 89 I 88
88
4
89
88
88
88
.8614 864 863 88
2,900 Preferred cone 6%
100 86 July 25 96125,114y 5
18
*1713 1813 *1712 18111 1712 1712 16
17
*1713 1812 18
500 Revere Copper & Braes N. pa
16 Aug 1 30 Jan 3
2C 111- if
25 -1.771 -17;`
38 312 *3321 312' *33* 312 1,200 Reynolds Sprlag
3
313 312
34 312
3
12 312
No pa
3 June 18
1214 Jan
3% Nov
74 Jan 29
ra314 5012 5012 50 4 503 513
494 5012 493 51
3
s
8 504 503
4
31,500 Reynolds (It J) Top class B _10 4514Junt 18 583 Mar 11
4
8
30 Nov 66 Jan
4
4
4
4
4
4
*7012 743 *704 743 *7053 743 *703 743 *7013 743 *7012 744
Clam A
10 70 June 3 80 Jan
70 Apr 8912 OM
*394 4114 *3953 4212
40
*3912 4012 *3912 404 *3912 4112 40
12 Rhine Westphalia Elea Pow__
39 June 26 45% Jan 21
427 Dec 64, Jan
,
1753 18
1713 18
Z1712 1713 16,700 Richfield 011 of California_25 1434June 17 2814 Mar 14
4
8 173 1814 1734 18
173 183
4
2238 Dec 49
3s Jan
1718 1714 173* 2,900 Rio Grande 011
4 17
173 1713 1712 1734 1713 1753 1718 173
3
155
No Pa
8June 25 25 Apr 7
14
IS
Oct 424 Mar
44 I 42
44
*41
42
41
4014 4014 *42
43
Ritter Dental Mfg
200
No par 3812June 23 593 Feb 5
4
40 Nov 70 Juna
8 3014 317
8, 2912 313* 293 3012 5,400 Rosen Insurance Co
3112 3113 3113 3313 314 323
4
10 2714June 18 483 Mar 3
4
28 Nov 90 May
5414 537 54
x5158 524 517 517
8
8
544 5413 54
5,600 Royal Dutch Co (N Y shares) 494June 18 561 Apr 7
513 52
4
,
4318 Oct' 64 Sept
41 I 40
*40
4 39
3813 383
4118 39
39
39
2,200 St. Joeletb Lead
4012 40
10 3314June 18 5714 Feb 8
3812 Nov
94 Jan
594 6214 604 6314 22,700 Saprefarreto
743
3 6412 733* 6018 6512 5812 62
few a y Sd
73
No pa
5812July 30 1223, Jan 23
6013 Nov 19514 Jan
3 90
9112 9438 91
927
9013 90
8
90
,
944 947 *9414 95
100 90 July 24 994 Feb 7
85 Oct 101 Sens
103 103
105 105 I 105 10514 103 104
700 Preferred (7)
*105 10612 105 105
100 103 July 31 1097 Mar25 100
8
Oct 1004 Des
1912 1913 20
2014
20
2,200 Savage Arms Corp____No pa
2214 20
1913 1914 2012 2234 520
16 June 18 314 Apr 2
2012 Nov 617 Jan
2
8
63
8 613 5614 613
63* 63
*63
8 613
400 Schulte Retell Stores-No Pa
*612 7 I .614 7
44 Jan 2 1312 Jan 23
312 Dec 4113 Jan
55 I 65
4
5618 5618 6618 *5214 593 *5214 593 *5214 593
4
50 Preferred
65
100 35 Jan 2 75 Jan 21
20 Dec 11813 Jan
4 9
9 I *53
4912 1012
,
9
94 918 *9
300 Seagrave Corp
10 r
912 *9
No pa
9 June 24 144 Mar 1.1
10 Dec 2214 Apr
67
10,600 Sears. Roebuck & Co_Ne par 593
6814 6414 6713 6413 6614 67
67
3 684 69
8714 683
3June 27 100% Jan 31
80 Nov 181
Jan
10
*10
10 I 10
1014 10
1053 1,2001Second Nat Investors_No par
1018 1018 1014 1014 *10
9 Dec 1513 NOT
66
76
.66
66
200 Preferred
67
68
.65
*66
66
565
76
*155
No par 584 Jan 3 8253 Mar 18
45 Nov 534 Nor
2
8
2
178
2
2
17
14
900 Seneca Copper
17
8
.14 2
2
2
No par
138June 26
2 Nov
312 Jan 29
Mai
3
74 73
7
7 14 8,000 Serve! Inc Gdoop
3'
73
3 77
4 8
73
74 8
73
4 8
NNo par
Ng pp aa rr
612June 24 131, Apr 25
7 Nov 21% Aug
14
8
8 373 38
14,400
8
4012 3918 4013 375 39 I 3718 385
3914 3958 39
251 Oct 194 Aug
,
31 1:June 23 53 Apr 21
SSIthaatrotunckSt(eL
•
1712 1814 *1712 1814 *1712 1814 31712 1814 *1712 1813 *1713 184
1638July 7 323 Feb 13
20 Nov
4
53% J107
*
.1713 19
*1714 19 I •1714 19 .
Sharp& Dohme
*174 19
1713 134
•1712 19
No par
187 Nov 22 Nov
,
1612June 24 273 Mar 10
4
100 Preferred
*5712 6012 .5613 60 .5613 60
*5712 60
58
58
68
.56
No par 64 Jan 2 633 Mar 10
4
60 Nov 657 Ana
1
1918 183 1914 1914 1914 7.5001Shell Union Oil
8
8 1918 1938 19
No par
1914 1914 1914 193
19
18 June 18 254 Apr 7
Oct 31% APT
9873 99 100
98
1.200 Preferred
8 9813 100
3
8
8
3
95 June 19 10614 Apr 21
*
100 1003 1003 1003 100 8 1003
6,2001Shubert Theatre Corp_Ne lM
173 19
1714 1714. 18
3
19
18
8 18
1738 183
par
4 1712 187
-13;-e" Y4:185 Jan 2 35 Apr 25
.
3
8 2453 257
s 25
.
257
3 251 267
8 8.900'Simmons Co
No par 21 July 8 947 Jan 2
2634 2712 2612 2738 2612 267
594 Nov 188 Seri
2
22 1 204 21 I 2112 2112 3.500 Simms Petroleum
2218 2218 21
15 Nov 4018 Aug
10 18 June 18 37 Mar 24
2212 2212 2212 23
54 2414 2314 2373 2353 2414 51.000ISIncielr Coto 011 Corp_No par 20 June 23 32 Apt 7
3
243 25
2412 254 2414 24 4 23
3
21 Nov 46 Jan
11134 1113 .110 111
4
200 Preferred
100 108 June 10 1131 Apr24 103
3
*11012 ____ .110 4 112 *11014 112 *11034 112
,
jar,
Oct 111
2918 30 4 30
31
30 . 3018 3013 2,400 Skelly Oil Co
3
25 2812 Feb 18 42 Apr 9
3
30 4 30 4 307 307
28
3
3 31
3
Oct 461k May
100 Snider Packing
512 *5
512
553
412 413 *414
512 *5
No par
*434 513 *5
4 June 18
8 J1113 9
34 Nov
164 Feb
200 Preferred
22 , *20
22
22
22
520
24
No par 15 June 25 3634 Feb 24
•2334 2434 235 2353 *22
14 Nov 644 July
8
4 1,700 Solvay Am Inv Trust pref _100 954 Jan 6 121 1 Apr 3
4
,
112 113 .110 1133 11112 11112, 110 110 I 109% 110 *104 1093
85 Nov 111 Sept
154,fline 25 30 4 Jan 16
81 1613 1613 1613 16 12 1612 1612 7.5001So Porto Elm Bug_ __ _No par
3
173
8 173 173
17
•1613 17
3
'32% Dee 45 May
Southern Calif Edison
4
4
25, 523
3June 25 72 Apr 14
673 58
5814 59% 5818 58121 565 58 , 5618 5734 563 563
4
454 Nov 9314 Nen
Southern Dairies cl B_ _No pan
712 56
713 *8
713
712 *6
31, Jan
9 Mar 3
712 *6
712 *6
*6
24 Nov
15 Jae
/
1
4
100.8paiding Bros
*3818 40 I 3813 3813
No par
33 Jan 8 42 Mar 17
*3812 40
53812 39731 nfol 40 , *3818 40
30 Nov 0712 Mar
112 112 I
70 Spalding Bros let prof__ 100 108 Jan 13 113 Mar 15 107 Nov 117
*109 112 *109 112 *109 112 I 112 112 .109 112
Feb
4
8 313 3212 9.100,Spang chalfant &Co Inallo par
4June 14
197 Jan 2 373
,
325,3 33 1 3214 3234 3214 327
15 Oct 5214 Jan
3313 334 3213 33
I Preferred
100 92 Jan 20 96 Jan 2
94
94
94 I *93
9514 *93
9514 *93
0511
*
*93
93
*93
89 Mar 98
Oct
24 , 17,500 Sparks Wltbington___No par
8
4 215 2313 23
134 Jan 18 301 Apr 10
2314 25
2412 2534 2313 2418 2213 233
,
1313 Nov 73 Aug
300 Spencer Kellogg & Son* No par
4
8
1712July 10 25 Apr 15
18 I •177 18 1 *173 18 I
*18
20 .183 19
1812 18
*18
20 Nov 45 Aug
8
No par
173
3 1,000 Spicer Mfg Co
20
1714 1713 1713 .16
1434.1u1,e 25 3612 Feb 4
*18
16
173 1713 *1712 20
2018 Dec 668 Mar
3
4
100 Preferred A
3914
3914 .38
No par 3714 July 8 4518 Mar 31
3914 38
3914 *38
•38
38
3914 •38
*38
38 Nov 55 3 Mar
7
400,Splegel-May-Stern Co_No par
17 1
1013July 8 62 Feb 3
17 1 1614 164; •16
171t 171s 181z 1812 *17
1812 17
34 Dec 1177 Feb
s
8
203
No par
3 2018 201 29,300 Standard Brenda
204 2114 21
213
17 June 18 2914 Feb 8
8 20
203 2114 2014 207
3
20
Oct 44% Sept
Preferred
par 117 July 7 121 June 2 11414 Nov 1183 Sept
*114 120 *115 120 *115 120 *115 120 .115 120 i•1 15 120
4
413
100 Stand Comm Tobacco_No Par
312.1une 17
No
*414 5
.414 5
412 412 *414 412 *414 413 541.1
312 Dec 43 8 IAD
74 Fob 11
3
65.600 Standard Gas & El Co_No par 8418.Itme 25 1204 AM 15
9434 9618 97 101
99 1023
3 9614 10212 9518 9812 9413 98
7312 Nov 2434 Sept
65 ' 1,300 Preferred
*6413 65
3Ju0e 19 87 May 26
6414 65 I 65 65 I 6534 65181 65
50 613
8
633 61
6813 Nov 87 Feb
8 1,700 Stand Investing Corp_No par
*612 67
5 June 23 1512 Mar 27
8
653 7
612 7 I
612 64
4 Dec 48 Sept
63
4 64
84 67
300 Standard 011 Export prof_ _100 98 Feb 8 10414June 7
1110218 10253 •
1024 1023 10218 10213 10214 10214 .102 10218 .102 10214
3
8 62 627
4 7.100 Standard 01101 Cal_ _-NO Par 5512 Feb 20 75 Apr 25
4 621* 633
4
623
8 6218 624 62
623 627
623
4 62
-/F1- Oct 814 May
2
Jersey _35 58 Feb '20 844 Apr 30
3 74
7353 743
753
3 73
4 7112 74
48 Feb 83 Sept
7013 7213 7113 721z 279.000 Standard 01101 New 743
8 323 323
322 323
313 3218 27.500 Standard Oil of New York. 25 30 June 23 40 3 Am 28
3
4
4 323 323
3
8
5
4 313 324 315 32
4
314 Nov 481 Sept
,
Stand Plate Glass Co_No par
%June 23
3 Feb 19
134 Nov
Os Jan
Preferred
212June 12 104 Mar 10
100
- ---- ---- ---- ---- ---- ---312 Dec 31
Jan
Stanley Cool America_No par 25 Jan 9 7312 Apr 23
5
ii- .
55
;
15- -1- *25 -_- 15
.- riri" -5-5-- ;2i- -- - -' - - - - -I
55
20 Nov 45 May
3212 3538 *33
37 , 2.600 Starrett Co (The L13)__No par 2712June 23 4774 Apr 23
53213 36
38
3434 *3218 35
343 36
4
301e Oct 474
t
93,July 8 2012 Mar 31
1134 1134 1218 1212 1314 123
3 1118 1133' 4,100 Sterling Securities el A_No par
814 Nov aa Bar
4
4 113 1214 1114 113
131 •13
800 Preferred
131
. 13
1312
*13
4
20 11 June 30 143 NJ ar 31
13
1253 1253 12'i 1214 •12
81 Nov 154 Jul,
,
3938 393
8 393 3912 393 4012 397 40
8
50 36 June 23 48 Mart
3
4012 4073 3912 40 1 2.700 Convertible preferred
8
Oct 5512 Sep,
31
2718 278 2714 277
s 8.500 Stewart-Warn Sp Corp
27
10 1914June 2.5 47 Apr
2773 26
27 I 26
2653 264 261
30 Oct 77 May
8713 844 8513 823 87
No par 7012June 18 113% Apr
4
8413 8412 85
8114 8318 81% 833 18.400 Stone & Webster
8
64 Nov 2014 Ault
31
3314 3234 337
315 26,400 Studeb'r Corp (The)...No par 2514June 18 4714 Feb
8
3 3112 33
32
317
3
305 3112 31
8
3814 Nov 98
Jan
3
Preferred
4
100 116 Jan 31 125 Mar 1
•12014 1217 *12018 1213 51203 1213 512033 1213 12173 1217
8
4
8 122
4
8
115 Nov 126 June
1
1
3
8
12
*3
8
12
13
12
*3
3
12'
1% Mar 3
*3
8
No par
,
2 3.100'Submarine Boat
It Jan 4
• Oct
412 Mar
*5612 59
Sun 011
5918 5918 *57
400,
583 5833.
3
5933 5814 5814 .56
59
No par 50 Juno 18 70 Am
55 Dec 8
0% Oct
230 Preferred
•104 10412 104 10412 10413 10412 105 105 *10453 10918 105 105 I
,
100 1021 Jan 13 1053 Feb
4
100 Jan 10513 Jan
4
414 412
2
3
43
412 412
8 47
2 July 30
4
93
253 24 42,000 Superior 011
No Par
8May l'
2% 23
54 Nov 24 Aug
4
1612 163 163 .16
16
300 Superior Steel
4
*18
18
100 121:June 18 293, Mar 2
16
.16
17
*16
17
15 Nov 734 Apr
1238 *12
1,100 Sweets Co of Amerles
4
1238 .11
12
113 114 12
*II
s
50
12
12
84 Jan 24 157 Mar 2
*11
54 Nov
2314 Apr
600 Symington
53 *312 4
353 3
313 312
314 314
r.35
8 4
23 Jan 3
No par
4
34 314
7 Apr 2
24 Dec
0 May
,
I
4 1012 1012
9
914
3
*912 10
714June 25 173 Apr 2,
10 4 1034 1014 103
No par
914 10
8
614 Nov
19% N1117
.1812 19
1912 1853 19
600 Telautograph Corp
No par
•19
1812 1813 1814 1814 *1818 19
163 Jan 25 264 Apr
3
144 Dec 2512 Mar
Ills 117
8 114 1218 *1112 12 I 12
900 Tenn CoPP & Chern_No par
12
8June 25 17 Apr 1
*115 12
8
12
107
12
913 Nov 201 Ain
1
8 5234 5314 5214 527
5318 5278 533
8
53
8' 5218 5212 5214 527 10.300 Texas Corporation
25 5013J118e 18 6012May 1
6013 Nov 317 Sept
,
4
8
4
533 5914 5014 6012 5918 5978 5714 593
4 5713 5812 583 583 23,200 TAIRA Gulf Sulphur_ _No par 484June 25 673 Mar 24
3
421/ Nov 8514 AM
912 912
912 953
94 914
814June 18 1412 Mar 18
918 918
10
913 918
913 914 1.500 Texas Paciflo Coal &011
234 Mat
912 Nov
3 2253 233
8 2112 233
2113 2214 42,200 Texas Pao Land Trust
2313 23% 234 237
1333 Jan 2 $2% Mar 22
8 2112 22
1
84 Oct 244 Jam
1
$ Per share : $ per share
334 3212 34
33
'14
16 , .14
16
2014 2014 *2014 23
•118
114
118
14
*29 5 334 *2914 3334
53
512 513
8 513
3218 32181 3213 3314
*407 4134' *415 4134
3
8
•____ 50 I *40
50
90 .84
*84
90
5
.184 193
3
*1813 19
22
*21
*21
22
23
2214 2214 23
*2613 2712
28
.25
1114 1138 1134 1112
*375 3812 *3712 3812
4613 4613 4613 4614
714 713
8
77
3 77
454
56
*523 54
3
7334 74
74
7334
11t753 814 .
753 814
$ per share; $ per share I $ per share
33
3312 3212 334 33
33
*14
16 1 *14
15
15 1 *14
*20
*20
23
23
23
*20
118
113
118
114
114 114
8
.
02914 333 *29
33 I *29
325
4
513 513
514 538
5
5 14
8
3213 *324 3213
323 3253 32
*4113 4178 42
42 I *4153 417
50 *--_- 4978 *3614 46
540
*84
90 I *84
90 I *86
87
1814 1814! •1818 1933. '1814 1918
*21
22 1 21
21 I *21
22
23
23
2318 23181 22
22
*26
2712 *26
2712
2712 *25
117 1212 1113 1112I 1114 1113
3
37
3712 367 3673 *3612 3712
8
46
4612 *453 46
4513 46
4
77, 77
713 712
71g
713
*54
56 I *54
56
56
56
74
7318 74
727
73
8
747
3
8
8
8
8
8
8
•Bld and asked vices. no sales on thl4 day. p Ex-dIvidend. p Ex rights
New York Stock Record-Concluded-Page 8
755
*es vale* during the week of stocks not recorded hare, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
July 26.
Monday
July 28.
Tuesday
July 29.
Wednesday
July 30.
Thursday
July 31.
Friday
Aug. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mau Jan. 1
Os oasts of 100-al3ars “ts
Lowest.
Higher!
$ per share 3 per share $ per share $ per share $ per share $ per share shares Indus. a Miscall. (Con.) Par g per share $
per share
2058 205
8 21
21
20 5 213 207 207
7
8
/
4
8 203 23
4
233 24
3
/ 6,500 Thatcher Mfg
3
4
No par
175sJune 28 38 0 Apr 4
3
*4212 44 I *4212 44
*4212 44 1 *4212 431: *4212 4312 *4212 1312
Preferred
No par 40 June 18 48 Mar 31
*2412 27 I *2411 27 .2112 27 1 .2412 27
*2412 27
10612
2411
200 The Fair
No par 2412July 25 32 Jan 18
*106 10612 *106 10612 *106 10612 *106 10612 *106 10612 1063
244
/
2
20 Preferred 7%
100 102 Jai 21 110 Feb 13
3814 39
373 37
4
/ 38
1
4
39 1 *37
3914 39
39
*37
500 Thompson (J R) Co
39
25 36 June 18 4712 Mar 12
1414 1412 143 1510 1410 147
/
4
14
1414 x1312 14
135 133 20,800 Tidewater Assoc 011---No par 10 Feb 16 17 Apr 7
8
4
/
1
4
/
1
4
83 4 833 *84
,
4
85
*8412 85 1 8112 817 .84
8
85
*84
85
500 Preferred
100 78 Fib 13 89 4 Mar 35
,
*25
27
*25
27
*21
*25
27
27
*25
27
*25
Tide Water 011
27
100 1913 Jan 31 31 Apr 23
*8512 90
*88
91
*88
91
91
*88
.88
91
90
100, Preferred
90
100 83 inky 15 94% AD/ 16
1414 141 1414 143 1414 1414 *14
/
4
/
4
1418 14
14
*131 14
800 Timken Detroit Axle
10 1214June 25 2114 Apr 11
65
65
65
66 1 6514 66 1 64 4 6812 6312 6412 65
,
653
8 8,100 Timken Roller Bearing.Ne par 65's July 8 891 Apr 11
/
4
4
3 4 38
7
4
1
33* 35
4 412 *334 41
4 *33
*4
2
4001 Tobacco Produets Corp
20
6 Jan 23
214 Jan 3
/
1
4
127 128 *1214 127
*! 1214 1212 1212 1212 1212 127
1212 1212 2.7001 Class A
20
7 Jan 2 1314July 9
/
3
4
183 18
/
4
/ 185 18
1
4
/ 185 183 1814 1812 1818 1814 1818 18% 18.400 TranaconVI
1
4
0
8
/
4
Oil Co__ __ No par 1614 Mar 10 24 Apr 24
*13
/ 1418 135 135
1
4
8 1413 157
8
143 15% 15
8
15
*1412 143
4 3,400 Tramme & WllIkung St'l No par
117
8June 19 2858 Jars 31
1312 1312 1318 13
/ 1312 1312 123 133
1
4
4
8 125 123
8
4 1214 123
4 6,500:T11-Continental Corp ..No par
9
5sJune 18 2014 Apr LO
*921 9212 9214 92
/
4
/ *9212 92
1
4
/ 923 92 4' •9213 93
1
4
/
4
,
9212 93
7001 6% preferred
100 8914 Apr 10 94 June 11
343 34
/
4
5
/ 34 8 343 *34
3
4
/
4
343
4 34
34 1 *333 337 *33
/
4
8
/ 3414 3,600 Trico Products Corp___No par 3012June 20 413 Mar 1
3
4
4
*12
/ 1314 .127 12% *123 143 *12
1
4
8
4
4
/ 145 *123 143 *125 1441
1
4
4
/
4
4
8
100.Truax Truer Coal
/
1
No par 12 July 11 22 Mar 18
/
3
4
*29
30
29
*2812 30
29 I 2813 29 1 •2911 29
*29
30
400 Truscon Steel
101 25 June 25 37 Mar 25
/
3
4
*95
/ 99
1
4
98
97
*9513 971z 94
95
4 94
9258 933
94
2,100l Under EWott Fa ler Co No par 83 June 18 138 Mar 21
*125
__ *125
__ *125
____ *125
'125- .125 ----------I Preferred
100 121 Feb 6 1281a Apr 29
*1514 155
8 15 8 16
5
163 •14 lisi .14 -16
8
16 •15
6
1,300 Union Bag & Paper Corp.-100
Panne 24 1718May 8
73
7612 72
/ 7113 74
3
4
/ 75
1
4
/ 714 747
3
4
/
1
71
7312 7112 7418 18,2001Union Carbide & Carb_No par 6018June 23 1061
8 Mar 31
41
41 I 41
411 41
/
4
41 1 40
/ 41 1 41
1
4
11
41
41
2,500 Union 011 California
25 37 June 18 60 Apr 7
*277 2914' 28 8 288 281 283
8
7
/
4
4 27
/ 28 1 *28
1
4
29
*28
29
1,100 Union Tank Car
No per 2514June 18 33 Apr 10
/
1
4
59
/ 62181 61
3
4
631 6014 623
4 577 6214 57
6114 59
/ 607 222,500'United Aircraft & Trart_No par
1
4
8
4312 Jan 31 99 Apr 8
68
6814 68
*67
*66
68 1 6514 657 *65
69
65
65
600 Preferred
80 36 Jan 31 77 4 Apr 7
,
48
18
/ 49
1
4
/ *47
1
4
48 1 48
473 177
4
4712 4712 4711 4712 1.400 United Blecult
NO 100 36 Jan 7 883
10or
4May 28
*1213 131 *1214 131 *1233 131 *1213 131 *125 131 *12112 131
4
4
/
1
4
Preferred
117 July 12 142 May 28
54
543* 54
553 63
/
4
6414 5012 5114 4812 513 49
/
4
51
14,300 linked Carbon
No par 4018June 18 84 Apr 24
/
3
4
618 6
614 6%
6
/ 6
3
4
/
3
4
61 63
/
4
8
61 6
/
4
/
1
4
5,500United Cigar Storea-No par
618 6
/
1
4
812Jun• 5
6's July26
*58
6618 *58
581 581 58 58 1 58
65
/
4
/
4
58
.5612 65
100 26 Jan 9 68 June
4001 Preferred
8
/
4
33 4 3413 341 3512 31 8 35581 327 354 324 3312 32
,
/
1
/
1
333406,8001UnIted Corp
/
4
No par 28 8June 18 62 Apr 28
,
497 5018I 50
8
51
5014 50
49 4 50 8 5018 5014 5014 5014 9,200 Preferred
,
,
No par Ws Jan 6 531 Apr 23
:
oifis 9
1
97. 94
71
/
1
812 8 4
8
8 12
8
73 814 3,600 United Electric Coal_._No par
/
4
7 July 8 197 Feb 19
4
/
1
911 89 4 917
,
/
4
917 011
8 91 4 914 91
8
3
88
8811 87
87
/ 5,100 United
1
4
No par 83 June 16 108 Jan 13
wiz 385
3
3 3678 38
3612 3734 35 4 371 3412 353
4 343 3518 82,500 United Fruit
/
4
/
4
Gas & Improve_No par 3114June 18 49
/
3
4May 1
/
4
*102 10214 *102 10214 102 102 1 1013 1013 102 102 *102 10212
4
4001 Preferred
No 10ar 97 Jan 1 10212July 23
1 00
*5 8 6 I •512 7
5
54 54
,
3
5
/ 51 *512 5
1
4
/
4
, *512 7
200 United Paperboard
June 11 14 Mar 14
26 • 421
*24
*2312 263
4 26
28
26 1 *2514 26
2512 2512
300!United Pieoe Dye Wks_No par 22 Juno 18 82 0 Apr 7
7
/
4
8
8 113 117 *1114 12 I 1112 111 *1112 12
113 117
12
4
12
1,0001United Stores CIA
41 Jan 2 147
/
4
No Par
8June
4778 48
*1734 4834 4718 1778 1718 48
48
48
48
48
2,300 Preferred elan A____No par 1512 Jan 2 50
/
1
4July 18
24 , *20
2111 21
*24
24
*24
25
*1918 23
•22
244
/
1
100 Universal Leaf Tobacco No Pa
24 July 29 39 Mar 15
3
45 4 48 1 45
48
*45
57
*40
4712 4514 454 *451 47
/
1
/
4
340 Universal Pictures let pfd_100 30 Jan 3 70 May 9
*47k 6
4
/ 412 013
3
4
113 412
8 5
41 1
/
4
/
1
4
44 44 1.000 Universal
/
1
/
1
218 Jan 9 9 Apr 10
341 34% 3418 347s 331 3418 33
/
4
3418 324 3314 3112 334 14.300 Us Cast Pipe & Rad__No pa
/
1
/
1
Iron Pipe & Fdy__20 1812 Jan 2 3814 Apr 10
8
8
,
19
/ 19 4 187 19 i *187 19 4 9287 19
1 ,
4
8
/ •18
1
4
/ 19 •187 19
3
4
/
1
4
8
/
1
4
f
400
No pa
15 Jan 7 21 May 27
/
3
4
2d preferred
No pa
181 Jan 8 2114June 6
.
;IF "fe;s; ;la" 167i ;iii" "114' "i6- I6" "i5- 16" ;115" 10i58" iliii 13 5 Midrib Corp
9
/
1
4May 28 203 Jan 17
No pa
/
4
•14 2 1 *134 2
/
1
4 2
*114 2
.13
•11 48 .47 * 2
/
4
•1
,
U 8 Express
2 July 8
50
0
50 1 5
100
/ 50
1
4
45 Apr 14
/ 50
1
4
1
5012 5012 50
49
4913
800 0 8 Freight
4018June 16 103 Apr 7
No Pa
*18
183
4 1818 1354 177 1812 17
12 18
173* 9 / *g
1 1
1
4
2
1,500 0 El & Foreign Seeur No par 16 June 23 33 Mar 30
/
3
4
3
*DO% 93 •90 4 93 i 92
92 i *92
93
•92
300 *Preferred
No par 8512 Jan 8 101 Mar 21
*173 18 ' •173 18 1 17
4
4
/ 17
1
4
/ 17
1
4
/ 17
1
4
/ 171 17
1
4
: / *17
1
4
/ 1814
1
4
500 Us Hoff Mach Corp
No par
1712July 31 305 Mar 12
8
72's 71
70
/ 70% 70
3
4
723
4 623 70
4
825 65
3
6758 70
5.900 0 8 Industrial Alcohol___100 62 June 25 1393 Jan 2
*
912 10
/
4
98 9
5
/
3
4
98 9
5
/ .
3 591z 104 •912 9
4
/
1
/ *912 93
3
4
200 U 8 Leather
Tie par
718 Jan 2 1512 Apr 21
*185 1912 *19
1911 *187 19 , 183 19
4
8
4
*1814 183 *18
4
18
/
1
4
300 Class A
No par 15 Feb 26 26 Apr 21
*90
93
*90
93
9018 9010 *9012 93 *9014 921
: 90
90
200 Prior preferred
100 7711 Mar 17 94 Juni 23
5453 545
8 5518 553* 5212 543 *54
4
543 5112 53
/
4
525 53
0
3,100 US Realty & Impt--No Par 4814June 27 75'z Mar 25
7
23
/ 23
1
4
2318 2418 22
/ 23
1
4
/ 215 223
3
4
8
4 21
211
8 2012 211 17,000 United States Rubber
/
4
10 20 June 18 35 Apr 10
*44
47
:
4218 441 •44
4112 4114 42 I 4014 411
411 4114 2,100 let preferred
/
4
100 4014 July 31 63 Apr 4
/
3
4
*193 20 1 20
207
/
4
4
8 203 21 1 20
2114 1912 2014 20
20
3,800 US Smelting Ref & Min---50 171:July 10 3611 Jan 6
3 4512 *451 47
M212 45
46% 4558 1512 451
*44
:
•4512 4912
200 Preferred
50 42 July 17 5312 Jan 7
166 1683 164 169
16714 1697 168 170
/
1
4
4
8
163 165
/ 163 165 4 221,900 United Staten Steel Corp-100 1515
3
4
/
3
4
,
8June 25 1988 Are 7
4
146 14614 *146 14611 146 11618 14614 1463 14618 14614 1461 1463
8
/
4
/ 2,400 Preferred
4
100 141 Jan 4 1463
8July 30
*63
*618 63
4
63 • 63
671z *6314 6712 6318 6318 *63
6712
300 US Tobacco
No par 5912June 18 63 Feb 10
345 341
8
s
8 347 3514 34
351
0 3312 343
4 3312 337
8 3318 333. 9,100 Militia Pow & Lt A
5
No par 30 June 23 65 4 Apr 10
•21
0 3
*25
8 324 2
•2
/ 3
3
4
3
41
/
1
4
2
/ 21
1
4
/
4
21 2
/
4
/
3
4
800 Vadeco Sales
No par
212 Aug 1
714 Mar 12
1017 1063 1031 1061 10210 1051
8
/
4
9614 1053
3 944 9934 x963 9914 542,600 Vanadium
: :
/
4
7
No par 49 2 Jan 2 143 Apr 26
Corp
/
1
4
Vick Chemical
No par 37 Jan 18 477
sMay 1
/
1
4
-;:lis -1- -.
-13
74 2 43
,
3
I.458
414 4 2 *43 -- -7 -;
,
3 48
4- -- 14: 3 1,200 Virginia-Caro Chem
87 Apr 1
No par
4 June 25
*2314 25
24 1 *23
25 I *23
2314 231z 24
25
.23
2412
100 22 July 17 3614 Apr 1
400 8% Preferred
*77
80
•761 80
/
4
*77
80 I *713
/ 77
1
4
7812 7611 •
7512 80100 75 June 19 82% Apr 9
100 7% Preferred
*1013 102
/
4
102 102
102 102 1*102 10218 10210 10218 10212 10212
180 Virginia El & Pow p1(6) No par 101 July 14 103 July 12
1035
45
45 45 I *35
45
42
45 1 *35
45
*35
45
80 Virg Iron Coal & Coke Pt. 100 33 May 1 45 July 28
84
853 821 85
/
4
:
8218 8412 78
/ 8214 75' 82's 80
3
4
83
1,110 Vulcan Detinning
100 60 June 18 154 May 24
*97
9812 *97
9812 *97
9812 *97
9812 *97
9812 .97
9812
Preferred
100 83 Jan 24 100 Mar 24
8
100 68 Jan 22 1497 Mar 24
26'I
- :566 Waldorf gystem
5
2414 Jan 6 311 Apr 11
/
4
*2414 25 1 2118 25 4 23
24
/ 2414 24
1
4
,
237 245
8
8 2312 2312
2t',June24 42 Apr 2
No
No pa
/
1
4
*2512 26
: 251 255
:
2512 251
8 25 8 25
/ 2514 2512 2514 2514 3,500 Walworth CO elan A_No pa
3
4
5
880 Ward Bakeries
214 Jan 7 54 Mar 24
/
1
*73k 8
714 712
71
7
71
7
7
7
*7
71
: 1,400 Clans B
No pa
418 Jan 2 15 Apr 1
/
3
4
*581 5912 *583 59
/
4
585 585
59
8
*585 5914 *885 5914
8 59
8
8
300 Preferred
100 58 Jan 2 77 Apr 3
/
1
4
/ 38
3
4
4212 43
42 1 3818 3912 36
381
8 3512 37
/ 3614 371 488,500 Warner Bros Pictures_No par 3512July 3
1
4
0
8014 Mar 28
0481: 50
*481 49
:
.4812 497
4812 4812 485 48 •
0
/ 4812 48
3
4
/
3
4
300 Preferred
3612 Jan 3 70 Mar 23
No pa
/
1
4
13 4 13
3
/ 1312 13
1
4
/ 1312 131 13
1
4
/ 1314 133 •131 133 4,000 Warner Quinlan
1
4
/ 13
3
4
/
4
/
4
/
4
12 4June 23 27 Apr 12
,
No Pa
48
48 I 473 4818 4718 47
/ 4612 47
3
4
45
/ 4618 4618 46'I 2,900IWarren Bros new
3
4
4018June 25 6312 April
No pa
4150
57
*50
57
•50
57 I 5413 5112 *50
54 .50 54Nopa
101 Cony prat
50 July 10 5412July 30
33
33
*33
3314 •32
33
31
31
*31
33
*31
33
2001Warren Fdy & Pipts
No Pa
2314 Jan 2 431
:May ID
*5
6
.5
6
1
*5
51
5
5
*48
5
*45
4 54
47 July 7
5
/
1
200'Webster Eldenlour
26
912 Mar 31
*
: 24
2418 211
2118 2318 2312 23
/ 2411 231 231 *2314 24
3
4
/
/ 55
56
55
5513 55,, 551, 55
56
22,2 Jan 23 20s Mar 27
,, *
,
554 554 .
2
56 .
5524
6 0 Weesoerr6 1& Snowdrift No Pa
9 00
0
0
1
No pa
Preferred
5011 Jan 18 591 Apr 7
/
4
168 168
16934 17217258 17212 168 170
1691 16912 16912 169
:
/ 2,000 Western Union Telegraph_10( 1593
1
4
4June 25 2105 Feb 19
8
38% 387
8 39
39 I 383 39
/
4
38
3814 37
/ 3912 3812 38,
3
4
2
isP,Oune 25 52 Feb 27
149 152 1473 15012 14212 15018 11058 14618
145 149
/
1
4
/
4
14312 1464 145,
12114June 23 20112 Apr 15
'
142 4 143
,
143 14712 11214 145 1 140 142 *110 146'
14 *140 1464,
/
1
0
erred
t
126 June 18 1.97 Apr 15
/
1
4
*37
*37
38
/ 38
1
4
37
35
/ 3612 *36 2 36). •35
3
4
/ 35%,
1
4
33
*33 2 36 . , 35 -I .3332 36 1
36
,
*33
,, 37
,36
*33
*3358 36
29 Jan 13 4147 Mar 'Al
/
1
4
30.1 Weston E
.
0 ews Alec Instniml_No Pa
3
No pa
*105 106
105 105 *105 106
*10312 105
1043 1043 10312 10312 ---50 West Penn Elea class A_No par 33 June 23 36 Jan 28
4
4
98 Jan 3 110 Aff 16
.110 11012 110 11012 11014
0110 11012 110 110 4
11014 11012 11112
100 10512June 25 11112 Aug 1
2901 Preferred
8
*10114 1017 10114 10118 102 103 *103- 10112 104
10134 1011
/
4
100 9714 Jan 2 104 July 31
310 Preferred (6)
4
4
4
/
1
4
115 4 1153 1153 1153 *115 117 10
,
116 11- •11584 11711 1151 11512
6
/
4
91 1Wes Penn reder pref
100 113 Jan 3 1181:June 17
100
1
4
0 6, prtferow
/
1
4
1
3 108s8 1081 108 109
/
1
4
109 10913
1043 Jan 29 110 Apr 2
.
40
40
40
*41
40
47
41
41
41
41
*Hi
47
/
4Jone 25 50 Mar 10
3, 00Weius lry Prod al A _.No par 383
1 0 est DaB
1214 123
4 1214 1214 1214 121 11
/
4
1214 11
1118 1118 113/4
No par 11 July 30 2418 Apr 11
40 4 40 4 411 4312 4314 45 1 4412 45
, ,
40
/
4
40
447 4514 1.800 W
Chlgifrtotw N o par 30 June 24 591 Feb 17
Ei s Prorf/sTo
/
4
1218 1212 12
1211 113 12
4
11
117
1058 107
8 10
11
7 July 9 21 Jan 7
2900 Weszitarvslr
_
White Eagle Oil& Ref; No par 26 Jan 17 2912 mar 17
32
/ 33
1
4
/ *3214 33 8 3112 3214 311
1
4
33
!;5ir4 ,
/ 3258 •3
4
1112
2718June 25 43 Apr 4
Whit* Motor
47
47 i 47
18
0
46
47 I '
546
48
*46
471 046
:
471 _1:NO White Rock Min 8181116No a* 8618 Jan 21 64 8 Mar 20
otff5
0
/
4
7
*5
/ 614I 6
1
4
6
/ *7
3
4
5
6
*51 6
/
4
*53 6
/
4
*513 6
300,W141t• Sewing Macidne_ N: fraa , 5 June 18 13 8 Mar 6
p r
7
21
*15
20
*15
*12
21
*15
21
*15
21
*16
21
14 July 11 39% Apr 3
I Preferred
,
v16 4 1812 16 2 1011 16
,
1612 *16
17
*16
1612 •16
Ng par 114 P.026 21 Apr 35
/
1
1612
500 Wilcox 011 & Gas
30
28 , •25
*25
*25
30
*25
27
27
30
30'28
300
Noe
!Wiloox-Rich olass A-N Par 27 Jan 3 3414 Jan 29
*18
•1412 22 I *1412 24
24
*1112 24 .1412 26
•141 22
:
per
1918May 8 273* Mar 31
gis 634
613 613
612 65
8
63
8 612
614 63
/
4
61 618 9,100 WIllys-Overland (The)
/
4
a Panne 26 1178 Feb 6
/
1
75 I 721z 724 7213 73
*70
*67
73
70
70
*70
100 62 June 18 85 Are 8
727
500 Preferred
7
*414 434' *4
7
41/4
3
4
*31/4 3
*33 37
/
4
410 418
318June 25
500 Wilson & Co Inc
No per
7 Mar 27
/
1
4
9
9 I *8
912 *9
1012 •9
978 *9
•9
10
97
No par
718 Jan 13 13 Mar 27
Ia
a48
50
50 1 *48
47
48
47
47
88
/ 39 '8854 8913
1
4
100 42 Jan 13 5413 Mar 31
Preferred
6111 594 60 4 583 60
5818 5911 60
/
1
3
8
*5918 605
' 59
8
60
30,j 1 Woolworth (F W) CO
81:
0
C
8June 23 73% Jam 2
A
10 515
/ 134 13612 12112 13512 1211 1273
1
4
13712 13812 13812 138
/
4
1235 12512 25,100 Worthington P & M
100 6714 Jan 17 169 Apr 29
*9411 100
*9411 MO
*9412 100
*911 3 100
*941 100
:
.9412
100 88 Jan 17 107 Apr 25
Preferred A
5
893* 89 4 *
884 89
4 *883 897'4 891 .88, 89, • 4 100
4
8 883
8
4
883 893
00 78 Jan 3 93 Mu 29
4
100 Preferred B
*20
5'212 *20
524 *20
/
1
5212 *20
5212 *20
521 *20
5212
/
1
4
.
Wrightht A eronautIcal---N• par 35 Jan 23 6912 Mar
a T0wri
/ *4118 121
1
4
41 1 4111 41
41
415 413 411! 411
8
/
4
407 40%
25 40% Aug 1 77 Mar 1
900 Yale
27
1z 2615 273* 26's 26t 2114 263
27
4 2118 2518 247 2558 117,500 Yellow Truck Coach el 8.10
&
12 Jan 16 32% Apr 23
/
1
4
•9018 95 1 •904 95
/
1
•9010 5t'z 9018 901 •
/ 8812 901 •881
4
10 Preferred
: 9018
100 72 Jan 27 105 Apr 2
•35
3618 35
35
*3114 36
*35
361 .35
/
4
38
*35
3618
300 Young Spring & Wire-N• per 3214June 19 47 Mar 7
*112 114 *113 115 *112 115 *112 115
112 112 *112 120
108 Jan 11 163 Apr 7
912 91:
91*
9
914 914
8% 9
*8 4 9
,
8
/ 8
3
4
/ 1. 13?) Illth radlo Ct 1
4
5 Jan 17 16
/
3
4
31
9
/
1
4June 2
al -10
talli ip T ° par
i
-ir, -iiii - ii, 27' -iai, iiii -i i. icc.i -:iii, -i(i- -ii., ii7; _
-
5
4
28,11,1.prel,
76 :.°811:,/ ,'0'...,Ai:Na:1'_V:i_p_60
•Bin and aaked price% no saes on tab day.
y Mc
-rights;
PER SHARD
!MO for Prffloaki
Yew 1929.
Lowest.
Highest
3 per share I Pof char,
164 Mar 36 rapt
/
1
35 Mar 4V1 Sept
8
2511 Dee 317 Jan
8
102 Nov 11014 Oct
30 Oct 82 Jan
10 Nov 23 June
/
1
4
7418 Nov 90% Aug
14 Nov 40 June
8518 Nov 97% Jan
114 Oct 34s Sept
/
1
58% Nov 150 Jan
1
Oct 2218 Mar
514 Nov 23 0 Mar
5
1558
Dec
-133 -si.i/;
/
3
4
16- - p;
15-
63 Jail
131z Dec 317 Jan
8
304 Nor 613 Jae
/
1
/
4
82 Nov 18158 Oct
1.20 Dec 123 Jan
7 Nov 45
Jan
69 Nov 140 Sept
421s Nov 67 Sept
31 Nov 162 May
44 s Nov 1091s Ma,
7
331j Dec 00 Oct
1141
:June 136 Oct
4018 Nov 1113 Sept
/
4
197 Dec
k
19 Nov
42 Nov
/
1
4
6 Dec
99 Oct
23 Oil
9014 Oat
7 Nov
1514 Nov
3 Doe
/
1
4
1414Dee
2518 Nov
28 Dee
2 Dec
/
1
4
12 Oct
15 Oct
184 Nov
/
1
9 Oct
2 Jan
8614 Nov
17 Nov
/
1
4
82 Nov
1712 Dee
95 Nov
5 Nor
141 Dec
/
4
8114 Des.
501? Nov
15 Or
4018 Nov
297 Oct
8
48 Nov
150 Nov
137 No
5512 No
2418 Nov
3 Nov
371: Nov
33 Oct
31s Oct
15 Oct
69 Nov
Jan
104
751s May
497 July
8
8118 Feb
15812 Jan
69% lull
9314 Dee
26 s Jan
,
487 Anil
2
14 064
407 Ott
1
86re May
93 Jan
14
23 Jan
538 Mar
7
19
Jan
20 June
23 Sept
10 Apr
134 Sept
/
1
4
73 Aug
92 s Aug
7
497 Jan
8
243 s Oet
5
3512 Jan
617 Jan
1
197 Web
11912 Feb
66 Mar
9212 Jan
73 s Mar
7
58
Jan
261 4 Bent
,
1444 Mar
/
1
714 Nov
/
1
581 Aug
,
131: Jan
116 Feb
/
1
4
109 Mar
21 4 Jan
,
65 Jan
12
9712 Feb
39 Dec 431
Jan
38 Nov 149 Aug
/
3
4
81 Nov 110 Apr
40 Jan 142 Sept
20 Nov
3612 Oct
22 Nov 49 Oct
/
3
4
20 Dec 84, Jan
4
11 Oct 214 Jan
/
4
/
1
60 Nov 8711 Jan
30 Nov 64 Aug
11
251 Oct W4 Jan
4
15 Oct 42
/ Jan
3
4
161* Mar
4 Oct
20 Oct
49% Nov
180 Nov
3612 Oct
100 Oct
103 Nov
1918 Nov
32% Aug
90 Nov
97 Nov
8812 Nov
110 Nov
102 Sep
/
1
364 Nov
7 Nov
30 Oct
19
Oct
25 Oct
2714 Nov
27 a Nov
7
1
Oct
27 Dee
12 8 Nov
7
19 Oct
12% Oct
614 Oct
68 Dec
3 Dec
6 8 Nov
,
ISA Nov
5214 Nov
43 Mar
73 No
66 Apr
30 No
614 Feb
/
1
7 Nov
/
1
4
80 Mar
3315 Oct
ill Nov
61a Deo
843 Jan
/
4
113 * Feb
3
18 Mar
T212 Mar
2724 Oct
/
1
67 Aug
/
1
4
292 8 Aug
,
284 Aug
61 Bert
/
1
4
364 Apr
/
1
110 Feb
11114 Jar.
102
Jan
117 Mar
116
/ Jan
1
4
60 Sep:
40 Sept
944 May
/
1
76 Sent
33 Feb
53 Mar
/
1
4
55 4 Sept
,
43 Jan
57 1 Jan
7
29 Feb
/
1
4
611 May
/
4
82 May
35 Jan
103
Jan
13
/ Jan
1
4
27
Jar
79 Jar
112 Sent
137% Sept
10012 Sept
9012 Sept
299 Feb
88 Aug
6114 Apr
96 May
/
1
4
59 4 Ana
,
175 Sep.
S3% July
756
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1009 the Exchange method of g• Ned bond.s was changed and prices are now "and interest".—except for income and defaulted bonds
BONDS
L. Y. STOCK EXCHANGE. t
Week Ended Aug. 1.
.4 a.
Price
Friday
Aug.!.
Week's
Rang or
Last Sale.
7
4.5
U. S. Governm4nt.
Bid
High No.
Ask Low
VIM Liberty Loan
34% of 1932-1947
/
1
372
J D 1003344 Sale 1001744 101
Cony 4% of 1932-47
_
101 july'30 ---J D
Cony 442% of 1932-47
.1 D 10121; Sale 1012344 102144 47
lid cony 41 011032-47
/
4%
.1 D
991124Feb'30
Sourtb Liberty Loan
41% of 1933-1938
/
4
A 0 103. Sale 102314 103344 689
/
4
Treneury 494,
1947-1952 A 0 112uu Sale 11231n 112344 138
Treseury 4,
1944-1954 J 0 108743 Sale 108642 1081342 265
'treasury 353e
1946-1956 M S 106
Sale 105314 106124 163
/
4
'Treasury 3
1943-1947 J D 101142 Sale 1012344 102
/
1
421
36
Treasury 31 June 15 1940-1943 J D 1013044 Sale 101172410131
/
46
/ 64
44
State and City Securities.
NYC 354% Corp st Nov 1954 M N
31 Corporate st_May 1954 MN
/
4%
8
853 Oct'29
is registered
1956 MN
8814 Aug'29
4% corporate stock
1957 MN
94 Feb'30
41 corporate stock
/
4%
1957 MN
973 June'30
8
1144% corporate atock
1957 MN
104 Mar'30
4% corporate stock
1958 MN
105 Mar'30
4% corporate stock
1959 MN
9414 Nov'29
434% corporate stock
1931 A 0
98 June'30
1.14% corporate stock
1960 M S
100 July'30
41 corporate stock
/
4%
1964 M El
993 June'30
4
644% corporate stock
1966 A 0
99 Mar'29
41 corporate otock
/
4%
101 Mar'29
1972 A 0
41 corporate stock
/
4%
1971 J D
9912 Oct'29
634% corporate stock
1963 M 8
1003 Sept'29
4
654% corporate etock
107 July'30
1965 J D
4/ corpora te s lock July 1967 J J
1
4%
106 June'30
New York State Canal 4s,_1960
1014 Nov'29
/
1
tsCanal
10114 Mar'29
Mar 1958 iii-a
Canal Imp! Se
1961 J J
10114 July'29
41
/
4s
101 June'30
1964 J J
109 Jan'30
Foreign Govt.& Municipal:.
Agrie Mtge flank,168
73
72
10
1947 FA 71
72
Slaking fund 66 A __Apr 15 1948 A0 7012 Sale 7012
'2
7012
•kerelaus (Dept) esti 58... I1)63
N 9414 Sale 9312
94
/ 47
1
4
•ntlooula (Dept) 001 7, A _1945 J J 78
78
2
78
80
External af 7s Ber B
1
78
78
1945 J J 764 79
External 8 17,ser
4
78
7812 7712
1945 J J 77
External s f 7s ecr D
7812 773
9
4
78
1945 J J 76
External 61 7s let ser....1957 AO 6912 75
6
7412
72
External see eI 7, 20 ser_ 1957 AO 73 Sale 73
5
73
External see ,f 7s 3d ler_1957 AO 73 Sale 7312
7412
7
Antwerp (City) external 56_1958 JO 984 Sale 9814
99
/
1
84
Argentine Govt Pub Wks68_1960 AO 99 Sale 9812
9914 14
Argentine Nation (Govt of)—
9914 29
Sink fund 6,01 June 1925-1959 J D 99 Sale 9812
Eat!e f On of Oct 1925
9914 31
4
1959 AO 9914 Sale 983
Sink fund Os series .4.
9912 90
1957 M S 9912 Sale 9812
External 68 Bergen I1__Dec 1958 J
9812 Sale 9812
993
8 28
Exti a f as of May 1926_1960
N 983 Sale 983
4
993
3 22
4
External it f fle (State Ry)_1960 Ott $ 983 Sale 983
9914 37
4
4
ExtItle Sanitary W0r8e
99
1961 FA 99 Sale 9812
50
9914
Extleepub wka(May'27).1961 MN 9812 0914 9812
11
Public Works eat! 5448_1962 FA 937 Sale 9318
94
8
48
9012 21
Argentine Treasury be E
MS 9012 Sale 8914
1945
Auetralla 30-yr Se--July 15 1955 J J 88 Sale 88
887e 66
External 55 01 1927__Sept 1957 MS 873 8S14 8712
8812 78
4
External g 494, of 1928..1956 MN 79 Sale 7714
79
217
Austrian (Govt) I 75
4
4 71
1943 ID 1033 Sale 10312 1043
Internationat s f 7s
9518 1698
1937 J J 9314 Sale 9218
Bavaria (Free State) 61
96
/
4
41
6_1945 FA 96 Sale 9453
Belgium 20-yr s f Ss
1941 FA 10912 Sale 10912 1093
4 14
8 11012 116
25
-year external 6345___.1549 MS 110 Sale 1097
10414 38
External s f 68
1955 J J 10314 Sale 10314
External 30
-year I 76_1955• D 11412 Sale 11414 1143
4 59
/
4
Stabilisation loan 75
1956 MN 1091 Sale 10914 1097 121
8
Bergen (Norway), 1 8s
1105
8
1945• N 11012 Sale 11014
0
/
1
4
I5
-year sinklug fund 60_1949 AO 101 102 101 July'30
_
9618 10
Berlin (Germany) s f 61
/
46_1950 A0 9512 Sale 9512
92
External sink fund 6s
52
1958 ID 91 Sale 91
96
9612 95
2
Bogota (City) extl 81 8,
1941 AO 94
89
Bolivia(Republic of) call 86_1947 MN 88 Sale 8712
36
713 Sale 71
4
72
1958 J
Externalsecurities7,
45
72
•B 7118 Sale 7118
42
Externals I 7s
1969
4
4 106
38
Bordeaux (City of) 15-yr 68_1934 MN 1053 Sale 1053
55
Braall(US of) external 85 1941 ID 10012 Sale 10012 101
76
External 61 6 Mf3 of 1930._1957 AO 7512 Sale 7414
92
76
Eat!,f 654s 01 1927
51
1957 AO 7412 Sale 7412
9012 23
1952 ID 9012 Sale 8814
7s(Central RallwaY)
4
2
7345 (coffee sccur) £(flat) 1952 AO 10218 10212 10218 1023
/ 10312 23
1
4
Bremen (State of) call 76_1935 St S 10278 Sale 102
8212 80
82
Brisbane (City) s 1 be
5
1957 M
8114
8114 10
Sinking fund gold bs
1958 FA 8012 8114 80
Budapest(City) can o I 6s....1062 ID 7712 Sale 7612
7812 28
9912 11
4
Buenos Aires (City)6345211 1955
I 9912 Sale 983
97
4
96
External,18,ser C-2 ____1960 A 0 9512 96
96
External5168 ser C-3____1960 A 0 96 Sale 96
83
Buenos Aires (Prov) extl 64-1961 M S 83 Sale 8212
8
81
82 80
Bulgaria (Kingdom) f 78_1967 J J
6
815
81 Sale 81
8 19
Stabll'n Ins 1 71 Nov 15'68
/
4
s
8412 Sale 84
86
Caidas Dept of
7
(Colombia)71
/
4
6'46
10118 10
Canada (Dominlon of) 5s___1931 A 0 10118 Sale 101
4 10514 39
55
1952 M N 105 Sale 1043
450
108
1936 F A 10112 Sale 10112 102
8
Carlsbad (('ity) s 1 85
1954 J J 106 1083 10712 July'30
4
8812
89
Cauca Val(Dept) Colom 7345 '46IA 0 89
90
Central Agrie Bank (Germany)—
9412 30
Farm Loan s f 7s Sept 15 1950 M S 93
9312
/ 05
1
4
Farm Loan s f 6e July 145 1960 J J 8414 Sale 8312
84
/ 37
1
4
8412 37
Farm Loan e f 6, Oct 15 1960 A 0 83
8414 8312
Farm Loan (Isser A Apr 151038 A 0 9012 Sale 9014
903
4 89
Chile (Ile9.)—ext1 e 17s_
8 10218 17
1942 MN 10212 Sale 1015
91
External sinking fund 6a_1960 A 0 9014 Sale 893
4
31
Externals I fla
9114 19
1961 F A 9014 Sale 901.
9114
Ry ref(WI s I Os
5
1981 II 91 Sale 901.
Ext1 sinking fund 6e
903
9114 8914
1961 M S 91
4 35
Eat] slaking fund 65
91
9012 Sale 89
17
1962 M
sinking fund 68
Eat]
9014 140
1463 MN 90 Salo 8912
9612 10
4
Chile Mtge 13k 61 June 30 1957 ID 9612 Salo 933
/
4
8
9712 12
4
El I 654s of 1928__June 30 1961 .111 9714 Sale 963
89
Guar 6 f as
/
1
19
Apr 30 1961 AU 884 Sale 8758
Guar 1 138
1962 MN 89 Sale 8812
8914 55
95
Chilean Cons Muni() 721
4
21
1960 Ott S 95 Sale 933
22
21
21
Chinese (Hukuang Ry) 5e 1951 ▪ D 21
1
Christiania (Oslo) 30-37 6 1 6s '54 Si S 10012 1023 101 July'30
4
92
02
3
Cologne(City)Germany63481950 MS 9013 92
/
4
79
Colombia (Republic) 65
17
1061 • J 79 Sale 741
79
External a 1 58 of 1928_1961 A0 79 Sale 7514
81
7613
7612 76
Colombia Mtg Bank 6;48 01 1947 AO 72
9
7912 17
Sinking fund 7s of 1926_1946 MN 7912 Sale 7814
83
783
4
80
5
Sinking fund 78 of 1927_1947 FA 79
8
9914 33
1952 ID 9914 Sale 987
Copenhagen (City) 56
9214 Sale 9214
1953 M
9212 13
-year 11 45411
23
8712 8812 July'30
84
Cordoba (City) extle f 78_1957 FA
94
94
93
Externals I 78___Nov 15 1937 MN 92
2
9612
2
Cordoba(Prov) Argentina 781942 ii 9612 Sale 95
86
5
Costa Slice (Repub) can 78.1951 MN 8312 Sale 8314
10014
Cuba (Republic) 545 of 1904_1944 MS 10014 Sale 100
4 10012
6
External 5s of 1914 ser A_1949 FA 10014 Sale 993
8
935
8
/
1
4
External loan 434s ser C 1949 J A 934 95 935
10112 105 1003 July'30
4
Ellnkirg fund 544s_Jan 15 1953 11
/
4s
94
/
1
4
4
Public wks 51 June 30 1945 J 13 93 Sale 933
109
Oundinamarea (Dept) Colombia1939 MN cs12, Sale 68's
71
External s f 6!s
11
c Cast) sale e On the basis of 35 to tile sterliug.
Amiss
Since
Jan. 0.
Low
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. I.
it
Price
Friday
Aug. 1.
Week's
Range or
Last Sale.
11`.
3
gays.
Sinse
Jan, 1,
High
High
844
.458 Low
High No Low
Czechoslovakia (Rep of) 80.1951 AO 11012 Sale 11014
7 log% 111
11012
Sinking fund 86 ser B
9835n Ill344
6 116% 11118
1952 A0 11038
_ 11014
11014
Daniell Cons Municip Se A.1946 F
981324101
110 1 1 - 110 July'30
--1
108% 111
/
4
2
88 Series B
1946 FA 10914 Sale 109
10912 10 1084412
10014410211
' 106 Sale 10514
I
44 103% 1065,
981322993124 Denmark 20-year esti( _ .1942
/
1
4_
106
,
External g 5546
101 Sale 101
0102 101%
101
/ 62
1
4
1955 1
External g 434s_ Apr 15 1962 A
100111,1,103 s3
904 933
,
93 Sale 934
/
1
4
/
1
9312 36
4
1093.•21161,132 Deutsche Bk Am part elf 64_11132 M
25
10034 101 1003
97 101
4 101
9312 101
105112410944 Dominican Rep Cust Ad 51 '42 MS 9714 973 9714
2
/
4e
4
9714
let tier 51 of 1926
193 1061724
/
4
A0 9212 9414 93
8
2
8934 9612
03
1940
20 series sinking fund 534,11140 A0 93
99144 102
9018 96
95 4 93 July'30
3
Dresden (City) external 78.1945 NI N 993 10014 99
981342102
4
4
96 102
100
Dutch East Indies eat' 641_1947 J J 10212 Sale 0218 1021 40 1014 103
8
/
4
40
-year external 6s
34 10112 1034
/
1
4
/
4
1962 MS 102 Sale 021 103
30-year external 5349
2 1013 10
102
1953 MS 102 10234 02
8 4
30-year external 534,... 1953 MN 1023 104
94 94
3 1011 103
4
023
/
4
8 1023
8
0758 0758 El Salvador (Republic) 8s_ _1948 II 10914 1091 0914 10912 4 10344 10912
/
4
Estonia (Republic of) 75. _1967 II 78 Sale 78
10214 104
6
88
78
76
Finland (Republic) extl 6s 1945 Oct S 921, Sale 9212
103 105
4
911 975
/
4
94
4
External sinking fund 76_1950 MS 10018 Sale 993
954 10114
4 1004 26
-08 W- External sinking fund 6/ 1956 MS 9712 9814 9712 98 18 914 984
1
421
External sinking fund 554s 1958 FA 8618 87
100 100
1344 92
8512
863
4 12
05
993 Finnish Mun Loan 61 A1954 A0 964 9712 963 July'30
4
/
4e
924 99
/
1
/
1
4
External 6548 series 13.. 1954 A0 964 98 98 July'30
/
1
923 984
4
Frankfort(City of)8 16448_1953
N 92 9212 9212
1
9112 95
9212
French Republic eat' 71
ID 12478 Sale 2414 125
/
4
(2_1941
/
1
4
/ 397 117 136
1
4
External 78 of 1924
366 1121 120
/
4
4
1949 J O 1193 Sale 1914 120
German Government International-35 yr 51 011930_1965 ID 8718 Sale 8718
/
48
/
4
8718 911
883 713
4
German Republic eat! 75_1949 AO 10618 Sale 05
/ 10614 134 10512 109%
1
4
Gras (Municipality) 8,
1
94e 1004
/
1
4
8
100
1954 MN 99 1013 00
Gt Brit & Irel(UK of) 54
4
3
1053 154 10212 1053
4
/
1
6_1937 FA 105 8 Sale 05
"55 101
Registered
104 104
FA
04 Apr'30
e4% fund loan £ opt 1960_1990 MN
109 109
e82
/ 90
1
4
17 4 374 July'30
-3e5% War Loan opt 1929_1947 J D 09
/ _
1
4
49714 904
9914 July'30
Greater Prague (City) 744s_1962 MN 10312 1043 0434 104
5 10212 10712
- -/
1
4
4
Greek Government,I see 711 1964 MN 10012 101
10
634 86
97 1034
0012 101
Sinking fund sec rls
6312 80,2
81
883
4
8612 29
1968 FA 8612 Sale 8512
2
87
924 10014
9612 Haiti (Republic) a I Os
96
1952 A0 96 Sale 96
5
91 c9812
71
873 Hamburg (State) 64
4
953 953
4
8
953
4
1946 A0 95
1 10012 10412
7012 8712 Heidelberg(Germany)est!? 34s'SO• J 10112 102
102
02
23
70
9014 c984
94
93
8712 Hungarian Mimic Loan 71 1945 II 9312 94
/
4s
94
External6 f 76
86
883 8714 July'30
70 88
4
Sept 1 1946• J 88
91 190
2
6912 8712 Hungarian Land M that 734s '61 MN 95 Sale 95
95
9312 13
9012 584
Sinking fund 71 ser B_1961 MN 92
9414 92
67
89
/
4s
Hungary (Kingd of) s 1 754s 1944 A 10218 Sale 013
14
993 1043
4
8
67
4 10214
88
4
8
Irish Free State eine s I 56_1960 MN 100 Sale 0018 1003
96 1003
8
/
1
4
9214 99
9518 100
Italy (Kingdom of) till 75_ _1951 J
944 101
084 214
9812 Sale 98
/
1
9512
Italian Creel Consortium 7s A1937 MS 943 Sale 943
0
93
9812
4
4
21
95
9414 941 9412
External sees I 76 eer B_ _1947 M
/
4
95 100
924 984
31
92 987
96
8
953 954
4
95
/ 99
1
4
/ Italian Public Utility call 78 1952 II 95
1
4
8
8
9438 c100 Japanese Govt £ loan 48_1931 II 973 Sale 973
/
4
9712
941 9832
8
30
-years 16 34
/
1
95 100
/
4
/
1
4
1954 A 1054 Sale 0518 10514 107 1011 105
,
Extl sinking fund 534s
95 10018
/
1
4
8912 92
8
/
1
4
92
/ 165
1
4
1965 31 N 9218 Sale 917
Jugoalavia (State Nitge Bank)
95 c100
/
1
7714 86
8518 30
95
99
/ 8 Secured 8 I g 7s
1
4
1957 AO 844 Sale 8458
941 1003 Leipzig (Germany) 5 1 7,_ _1047 FA 98 Sale 96
/
4
944 10114
/
1
9818 16
8
934 100
97
2
Lower Austria (Pros) 718_1950 JO 95
97
97
89 c97
/
4
4
4 10618 58 10211 if618
85
9012 Lyons(City of) 15
-year 68 1934 MN 1053 Sale 053
33 10212 106
4
4 106
8412 9414 Marseilles (City of) 15-yr 68 1934 • N 1053 Sale 053
12
69 Sale 69
84
85
80
71
9414 Medellin (Colombia) 618..1964 J
/
4
1038 1512
10 July'30
/
1
4
771 8562 Mexlean Irrigat Aastng 4548 1943
/
4
26
26 Apr'30
Mexico(US extl be of 1899 E'45 QJ
26
10914 108
1714 .
22
15
204
193
4
1-874 18
Assenting be 01 18139
9218 954
1‘t5
1612 173
173 Apr'30
8
4
Assenting Os large
91
9812
23
1014 15
1312
15
14
15
Assenting is of 1904
1073 11112
4
164 57
14
103 1614
4
Assenting 48 of 1910 large
1053
4611012
123 j32 1212 15 27 1012 15
Assenting 48 of 1910 small- -10118 10412
'211 14
/
4
18
20
lte
Treat'8s 01'13 assent(large)'33
4
1094 1143
123 254
2112 41
8
Small
1912 Sale 1912
107 11014
85
95
90
90 Sale 8912
/ 86
1
4
/
1
4
110 11212 Milan (City, Italy) sill 61 '52
/
4s
99 102
/ Minas Geraes (State) Israel—
1
4
33
65
83
70
Externals f 644s
9212 c9912
1958 MS 70 Sale 6838
16
158
101
74
8212
Eat! sec 644s series A
9434
85
1959 MS 69 Sale 68
IS
083 103
4
4
9212 9912 Montevideo (City of) 7e.. 1952 ID 1003 102 10012
2
91
92 4
0
92
N 9012 93 1
967
External SI fle series A _ 19.59
8112 100
,
1 103 10713
0512 I07
s 10
•S 18313 . 10714 10714
65
853 Netherlands Os (flat price:)_1972
4
19
80 90
83
8317
8 82
New So Wales(State) Intl 55 1957 A 8314 Sale 83
6218 84
13
80
90
External s 5,
10214 106
Apr 1958 AO
/
1
43
94 10213 Norway 20
-year extl 58____1943 FA 1044 Sale 10438 10 4 19 101 13512
48 10214 106
106
20
-year external 65
72
/ 881s
1
4
1944 FA 106 Sale 105
44 1014 104
31
/
1
8
1
30
-year external 66
7214 c8812
1952 A0 027 Sale 10'21/4
931,
40
-year if 54413
80
1965 ID 10112 Sale 10112 10212 70 10018 103
123
964 100
4
95 1051
Mar 15 1963 MS 993 Sale 9818 100
, Externals! 51
9404 9313
9812 13
Municipal Bank eat',f be 1967 J o 9818 Sale 9818
98 104
/
1
4
974 9854
Municipal Bank extl 5 f 58 1970 ID 9814 Sale 98
9812 31
80 00
12
/
4
88
82
9'212
801s 883 Nuremburg (City) call 68_1952 P A 88 Sale 851
4
/
4
8 100 102
4 1021
1021 Sale 1013
/
4
-year Of Os _ __1955 M
/
1
4
73
8512 Oslo (City) 30
8 1004 11
/
1
Sinking fund 514s
981 16212
/
4
1946 A 100 10012 1007
964 1004
3 10018 10312
10218 10314 1024 1023
4
91
9812 Panama (Rep) inn 544s..._ _1953 J
9312 11
Ertl s I 58 ser A_May 15 1903 M N 9314 9312 93
39
/ 954
1
4
90
98
/
1
4
8312 22
78 Sale 78
Pernambuco (State of) esti 78'47 M
711 90
/
4
8018 91
924 Sale 92
/
1
93
16
91 41014
763 854 Peru (Rep of) external 75_1959 M
4
/
1
Nat Loan art'e 18s lit eer 1960 J D 7212 Sale 71
81
89
7314 50
9014
84
s
7234 42
Nat Loan eati s f Cs 2d ser 1961 A 0 72 Sale 713
69
81
9312
8414
4
1
7412
7412
99 10114 Poland (Rep of) gold 6s__ --1940 A0 743 75
74
/
1
4
81
85
Stabilization loan a I 78-1947 A0 85 Salo 8414
61
79
10214 108
884
/
1
' 9414 Sale 0414
I
95
29
External oink fund g 86.-1950
92
8
973 1023
4
98
95 93
934
3
91 100
103 1094 Porto Alegre (City of) Ss_..190l J O 93
/
1
/
1
' 834 86 85 July'30
I
Extl guar sink fund 7 445_1066
8312 944
834 95
4 104
Queensland (State)ext11117e 1941 A0 104 Sale 1023
28 10234 110
4
99
25-year external /
10
1947 FA 9812 9912 983
954 1044
1
4
1
9212 0
12
/
4
9534 11
90 103
7714 901 Rio Grande do Sul extlof 85 1946 A0 9514 sale 951
/
4
6614 65
35
67
External stinking fund 68_1968 ID 65
6434 80
/
1
4
773 90
4
External, I 78 of 1928...1966 MN 7812 Sale 773
4
844 94
74
9314
7812 13
7412 744
7414
9912 10314
External a f 76 munic loan 1967 .1 I) 73
1
73
89
/
1
4
98
18
924 1054
/
1
98
94
/ Rio de Janeiro 25-year 188.1946 A0 9612 Sale 9612
1
4
713 sale 7152
4
1963 FA
734 45 7014 65
External 1 834s
88 c941,
AO 9112 Sale 9013
Rome (City) esti 634.
1952
9112 68
88
87
94
0481
4
Rotterdam (City) esti 6s
/ 10434 22 103 10512
1
4
1964 MN 1043 Sale 103
94
88
8412 82
84
8-1959 P A 83
17
82
85
88
944 Roumania (Monopollee) 7
8912 864
—1953 JJ 86
/
1
867
8
3
8814 911 Saarbrueeken (City)
8058 901
/
4
/
4
4
Sao Paulo (City) s 1 88.31ar 1952 MN 993 100
136_99
99
/
1
4
92
99
/ 12
1
4
96 107
7212 7212
External ,f 6 45 of 1927_1957 MN 69
94 1003
4
3
7212
70
84
99 Sale 99
San Paulo (State) extl 6 f 88_1936 J
8812 94
9914 12
96 1024
External sec s 1 8s
1950 J J 9312 Sale 9313
4
8712 91
94
90 101
External 817, Water L'n_1956 MS 9014 Sale 85
9212 c98
90
13
79
/ 93
1
4
/
1
4
External 5 f 612
30
1908 J J 664 Sale 66
21
24
81
67
81
Secured a 1 74
1940 AO 90 Sale 90
100 1024
8914 964
9012 198
4
9018 c983 Santa Fe (Prov Arg Rep) 712 1942 SI S 923 Sale 92
4
93
10
87
951
/
4
Saxon State Mtge Inst 78_1945 JO 9834 Sale 9312
2
667 683
18
99
93 100
Sinking fund g 634._ _Dec 1946 ID 9012 03 90
/
1
68
814
86
97
9012 10
6514 8214 Seine, Dept of (France) esti 78'42 ▪ j 108 Sale 108
10314 31 10614610912
Serbs, Create & Slovenes 8s '62 MN 9612 Sale 96
86
71
87
9612 37
93
External sec 7s ser B___ .1962 MN 851 Sale 8512
70
88
8612 77
/
4
753 83
4
953 9914 Silesia (Prov of) extl 75
4
1958 ID 734 Sale 734
66
/
1
7312
0
82
Silesian Landowners Assn8812 9312
84
8121947 FA 82
4
82
72
84,
82
Solasons (City Of) esti 66_1936 SI N 10614 Sale 106
764 93
/
4
/
1
4
1064 12 1011 196
/
1
82
98
/ Styria (Pray) external 7s
1
4
1946 FA 92 Sale 92
9212 2(1
86
934
92 100
Sweden external loan 51
/
45_1964 MN 106 Sale 106
10714 43 10314 10714
Swim Confed'n 20-yr of 8,..11340 J J' 10714 1073 10714 1073
834 91
4
4 10 1074c1094
98 101
Switzerland Govt ext1 51
/
45_1946 A0 1053 Sale 105
49 10212 115
106
4
/
1
4
90 1(12
/
1
4
Tokyo City be loan 011912.1952 SI S 77
75l 77
744 82
/
1
6
78
77
9012 953
4
External 8 1 5545 guar. 1801 A0 911 Sale 91
8714 9312
911 31
/
4
/
4
90 1014 TollITIA (Dept of) extl 7s
6712 87
74
13
1947 MN 74 Sale 7312
93
/ 9112 Trondhlem (City) let 5/
1
4
9312 9812
98
3
1
4
5-1937 MN 98 Sale 98
Upper Austria (Prov) 7e
923 97
4
/
1
4
/
1
4
97
/ 14
1
4
1945 ID 9712 Sale 97
65 84
Externals f 6/e_June 15 1957
1
4
25 I 5114
90
89
904 89
New York Bond Record-Continued-Page 2
BONDS
Ff. T. STOCK EXCHANGE
Week Ended Aug. 1.
Price
Friday
Aug. I.
B1A
Foreign Govt. &Municipals.
Uruguay(Republic) exit 83_1946 FA
1960 MN
External s f 65
May 1 1964 MN
Ex1l8(68
Venetian Prov Mtge Bank 74'52 AO
N
Vienna (City of) exit of (Ss__ 1952
Warsaw (City) external 75_ _1958 A
Yokohama (City) esti 6e___1981 3D
Roliroa•
Ala 01 Sou let cons A be____1943• D
1943 3D
let cons 4s ser 13
1946 * 0
Alb & Sued let guar 334s
1998 AO
Allot ic West let g gu 45
1042 M
Allot Val gen guar g 4e
J
Ann Arbor lot g 48.- __July 1995
Ate]Top & S Fe-Gong 45_1995 AO
AO
Registered
Adjustment gold 45 .July 1995 Nov
N
July 1995
Stamped
MN
Registered
1955• D
Cony gold 48 01 1909
1955 3D
Cony 46 of 1905
Cony g 48 Issue of 1910_1960 3D
1948 3D
Cony deb 4345
Rocky Mtn 141y let 413_ _1965 33
-Con Short L let 46_1958 J J
Trans
Cal-Arts let & ref 4345 A_1962 MS
1946 J o
All Knoxv & Nor let g 56
Ail& Chart AL let 4 As A 1944• J
1944 33
-year be series 13
let 30
1951 J J
Atlantic City let cone 4s
All Coast Line lot cons 48 July'52 3Dlet S
Registered
1964
General unified 4%9
L & N coil gold 98.._ Oct 1962 MN
1948 33
Ail & Dan 1st e 45
1948 33
2d 4e
1949 * 0
All & Yd let guar 45
Austin & NW let gag Se...,.1941 33
Belt & Ohio let g 4s____July 1948 A 0
July 1948 Q
Registered
1933 M S
-year cony 4348
20
M S
Registered
Refund & gen 58 series A.1995 J
J 1)
Registered
July 194S A 0
let gold 58
1995 J D
Ref & gen 6s series C
PLE&W Vit Sys ref 96..1941 MN
191(1 J J
Southw Div let 56
Tol &CM Div laird 46 A..1959 J J
2000 M 8
Ref & gen Si series D
1960 F A
Cony 434e
Clangor & Arooatook let bs 1943 J
1951 J J
Con ref 4s
Battle Crk & Stur let go 38_1989 3 D
Beech Creek let gu g 4e
1936 J .1
Registered
J J
2c1 guar g 56
19363 J
1951 A 0
Beech Crk Ext lst g 3348
Belvidere Del cons gu 3318_1943 J
1944 J D
Big Sandy let 46 guar
Bolivia Ry let le
1927 J J
Boston & Maine let be A C 1987 M S
1955 M N
1st m 5s ser 2
Boeton & N Y Air Line 1st 48 1055 F A
Bruns & West lot gu g 48_1938 J
Buff loch & Pitts gong 55-193 M S
7
1957 MN
Conso1434e
Burl C It & Nor let & coil 58_1934 A 0
1962 A o
Canada Sou cons gu Sc A
Canadian Nat 434s_Sept 15 1954 M S
SO-year gold 434e
1057 3 J
Gold 434a
1968 J D
Guaranteed g 5.8____July 1969 J J
Guaranteed g 58---Oet 1969 A o
Guaranteed g 5
1970 F A
Canadian North deb f 7e--1040 3 D
25
-year f deb 6%5
19463 J
Registered
10-yr gold 434e__ _ _Feb 151935 F A
Canadian Pee Ity 4% deb stock. _ J J
Colic 434e
1946 13.1 S
6e equip tr temp ctfs
1949 J J
Coll erg 53
Dee 1 10543 D
Carbondale & Shaw let g 48_1932 M S
Caro Cent let cons g 45
19411 J
Caro Clinch &0 let 30-yr 58.19383 D
let & con g (Is nor ADec 15 '923 D
Cart & Ad let gu g 48
10813 D
Cant Branch U P let g 48_1048 J D
Central of Oa let g 6e__Nov 1945 F A
Consol gold Le
1945 MN
Registered
MN
Ref & gen 534s series B___1959 A 0
Ref & gen 5s aerlee C
1959 A 0
Chatt Div par money g 48_1951 J D
Mack Nor Div 1st g bs_ _1946 .1 J
Mid Ga & Atl Div pur m 50'47 J J
Mobile Div let g 58
1946 3 J
Cent Now Eng let go 46
1961 J J
Central Ohio reorg lst 4346 1930 M S
Cent RR & Ilkg of Ga coil Ea 1937 M N
Central of NJ gen gold 56_ 1987 J
Registered
1987 Q J
General 4s
1987 J J
Cent Pat 1st ref gu g 48_
1949 F A
Regletered
F A
Through Short L 1st go 4s_1954 A 0
Guaranteed g Sc
1960 F A
Charleston & Flay'h let 713_1936 J J
(Meek Ohio let con g 5a
1939 M N
Regnitered
1939 M N
General gold 434e
,
1992 M S
Registered
M S
Ref & Impt 4 tie
1993 A 0
Ref & ImPt 434e eer B
1995 J
Craig Valley let 68_.May 10403 J
Potts Creek Branch Ist 4s_ 1946 J J
R &A Div Ist con g 431
1989 J
26 consol gold 48
1989 J J
Warm Spring V 1st g Se..1991 M S
Chesap Corp cony be_ May 15'47 MN
Chic & Alton RR ref g 3s...1949 A 0
CU dep etpd Apr 1930 Int__
Soilway first lieu 3346
1950
Certificates of deposit..........
Chic Burl & Q-Ill Div 348_1949
Registered
J J
Illinois Division its
1949 .1 J
General 48
1958 M S
let & ref 4 %II ser 11
1977 I A
let & ref 56 series A
1971 F A
Chicago & East 111 let 6s_ _ 1934 A 0
& E Ill Ry (new co) con 58_1951 M N
Chic & Erie let gold be
1982 M N
ThIcago Great West let 45..1959 M S
,
c Cash sale.
107
9618
9414
95
8612
753
4
97
Week's
Hanle or
Last Sale.
Ask Lois
Sale 107
Sale 9512
Sale 94
Sale 95
Sale 8512
77
755
8
Sale 97
es •
▪
a?A•'
High No. Lou
107
9614
9414
9614
87
767
8
97
37
47
15
30
5
20
10412 _- 10312May'30 _
943 Sale 94%
8
4
943
8
885
8
8734 July'30
873 -- 87 July'30
4
9612 _ _ 953 July'30
4
8314 gale 8314
5
83,
4
96 Sale 96
97
77
9018 _
9414 July'30
92 Sale 02
4
92
9214 933 93,
4
93 4 37
,
2
0018 9012 89
4
89
9314 92
92
92
1
9218 933 92
4
4
9218
9214
92 June'30
129 Sale 128
132
211
92
03
9212 July'30
943
4 16
9414 9458 9414
100% 10112 1005 July'30
8
10438
1015 Apr'30
8
97 100
9612 July'30
10413 Sale 10312
10412 25
9312
87
Jan'30
973
8 64
9514 gale 9478
9212 May'30
165" 111114 10114 July'30
013 Sale 913
4
4
2
913
4
60
6112 GO July'30
53
55
5212 July'30
----873 84 June'30
4
101 10214 101 July'30
MI
9512 Sale 9514
06
40
_ 9514 9514
10112 gale 10012 101 112
09 Mar'30
104 Sale 10312 104
77
102 May'30
10514 106 - 10514 10512 7
1093 Salo 1093
4
4 11014 39
9518 Sale 0518
06% 26
1043 Sale 10418 10412 31
8
87 Salo 865
8
13
87
10312 Sale 1035
8 1037
8 28
10112 Sale 1007
8 102
562
10212 10358 10312 10312
1
90 Sale 90
9012 17
6214
62 Apr'30
967
8
2
9714
9714
95 Aug'29
9912
100 Jan'30
84
84
3
863
4
933 9512 9312 July'30
4
_
10014 Sale _6512 _ -1154534 40
9912 Sale 9918
995 145
8
85
8512
8512
8512
1
_ _ 96
06
2
10134 103 1013
96- 4 1013
2
4
923 Sale 9212
4
03% 32
10112 102 10112 10112
5
106
9812
977
8
98
104
10334
10334
11112
1163
4
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
106
10612
9
9714
9812 31
97
977 112
8
963
4
98
79
1035
8 104
22
10312 104
50
10312 104
18
111
11112 31
11658 117
12
11314 Jan'30
100 Sale 100
100
893 Sale 88
8
c9018 46
0912 Sale 99
0932 12
,
103 8 Sale 10212 10312 14
103 Sale 10212 10312 69
977 ____ 9818 May'29
8
84
85
8012 .1195e30
10114 102 102 July'30
_ 1083 108
8
10812 12
89% _ _ 853 June'30
4
86 - - 8 8612
865
8612
5
l048.... 105 June'30
10138 10412 10212 July'30
100 Feb'30
COE- los 105
1
100 4 Sale 1005
3
8 100 4 32
3
8818
8818
8818
3
103
1015 June'30
8
312
10138
1024 July'30
10212 May'30
85 -1354 85
86
13
100
_
0934 June'30
98 10112 9812 July'30
11112 11212 1113
8 11212
4
1093 11112 111
8
111
2
943
__ 9514
9514
5
9512 96
4-9512
955
8 32
90 Mar'30
9212 - ; 02 May'30
64:
1
10412 Sale 1033
4 1043
4 41
111%
103 16137
- 1
103
101 fc4
-14
Range
Since
Jas. 1.
108 Dee'29
10412 10512
104
104
2
1005
8 10114 10
99 June'30
99% Sale 9838
993
8 10
9912 Sale 90
9912 111
10014 - - 102 July'30
90 - - 9113 May'30
92
9112
9112
918
8
2
92
88 June'30
100%
1007 July'30
8
10038 Sale 10014 10012 101
6934 Sale 67
72
130
6914 72 6612 July'30
75% Sale 693
4
77
35
73
71
79 2 69
,
12
8814 Sale 8814
8812
8418 Feb'30
9513 - - 1 96
9614
96 2
4
96 Sale 954
96
26
10012 Sale 10012 1007
8 11
108% Sale 108
10812
9
1033
4
10312 July'30
7214 Sale 7012
7214 31
10412 Sale 10412 10418
7114 Sale 7112
713
4 78
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 1.
1
4
,
a
757
Price
Friday
Aug. 1.
Week's
Range or
Last Sale.
‘, •
44
Bid
Ask Low
High
Fligh No.
1134 115 114 July'30
Chic Ind & Louise-Ref 613._1947 J
Refunding gold 56
104 July'30
1947 3, 10312
1044 1(1914
93% 9912
92 June'30
Refunding 4s aeries C
1947 J 3 92% _
94
8 18
let & gen .58 eeries A
1966 MN 10214 103 10112 1027
9814
.1 107% 109 10712 10712
1
1st & gen 6s set B__May 1966
88 c98
claw Ind & Sou 10
92 July'30
-year 4e 1956• J 9318
82 6)5
4
7014 833 Chic L B & East let 434(3-1989 3D 101 id 10014 July'30
38
85
95
9814 Ch MA St Peso 4e A _May 1989 33 85 Sale 85
O 3
85 Mar'30
Registered
8
Gong 3348 ger 11____May 1989 33 735 747 73%
8
3
10
100 4 10312
73%
9412
Gen 434s series C._.May 1989 J J 9418 95
92
9514
95% 10
Gen 434e series E____May 1984 33 9414 Sale 9414
83 8 8812
3
95% 14
Gen 43is series F____May 1989 ii 9914 Sale 9812
85
87
99% 93
847 Sale 84
8
9212 954 Chia Milw St P & Pac 58____1975 F
8612 246
5412 496
8918
Cony ad) 58
76
Jan 1 2000 A0 5014 Sale 5014
915 9714 Chic & N'west gen g 3345___1987 MN 795 82
8014
8
8
1
S014
Q F
944
90
-_
Registered
77 June'30
General 4s
4
87 93
91
1s
1987 MN 9118 92
9112
911 July'30
Stud 42 non-p Fed In tax '87 MN 9114
87 9314
78
Gen 43is send Fed Inc tax 1987 M N 10412 1047- 105
853 89
8
105
1
8
Gen be etpd Fed Inc tax 1987 MN 10912 11012 10912 10912
4
87
9212
N
94
10812 July'30
88
Registered
Sinking fund deb 55
8914 92
10114 July'30
1933 MN 102
MN 99
12012 14112
99 Feb'30
Registered
109 10912 10912 10912
15
88
9212
-year secured g 6 Hs_ _1936 M
9012 94 4
let ref g 513
3
,
May 2037 3D 106% 1073 1064 107
4
8
let & ref 4346
33
97 10114
99
May 2037 J D 985 Sale 9812
Cony 46e series A
10214 104
1949 MN 101 Sale 10012 10114 190
95 9712
10012 10412 Chic RI& P Railway gen 48.1988 .1 .1 9214 Sale 92
9213 20
33 8812 91
Registered
87
90 July'30
87
Refunding gold 4s
90
1934 AO 98% Sale 9758
974
987
8 95
A0
Registered
9212 9212
95 Jan'30
Secured 434s aeries A
1952 MS 96% Sale 95%
9618 10114
06% 135
Cony g 434s
993 Sale 99% 10018 546
4
1960 M
8812 9318
58
104 July'30
7312 Ch St L & N 0 ba__June 15 1951 3D 104
3D
_
102 Mar'30
5238 6212
Registered
Gold 3348
81 July'29
8218 85
June 15 1051 3D 8612
Memphis 1)1y let g 45. ___1951 3D 9012 - -14 9012 Mar'30
92
99 101
Cb St LA P 1st cons g be__ A932 A0 1003 Sale 10038
8
1003
8
1
A0
_ 10138 June'29
9112 964
Registered
9614 98 July'30
90
9514 Chic T Il & So East let 55_1960 J O 90
Inc go 58
86
984 101
8813 June'30
Dec 1 1981 MS 83
Chic Un Stan let gu 4340 A_1963• J 101 Sale 10058
9818 99
101
20
let 55 series 13
101 c10512
10538 July'30
1983• J 10512
102 102
1944 J o 10412 105 104
Guaranteed g 55
1044 10
1st guar 6348 series C10633J 11512 1153 11512 1153
4
1011s 106
4 45
_ 1025 July'30
Chic & West Ind gen 6a_Doe 1932 QM 1013
4
8
10812c111
93
905
8
9618
91
Consol 50
1952 J J 91
91
-year 4s
11
4
lst ref 534s series A
4 10518 37
10012 1045
. 1962 MS 1043 Sale 1043
8
_ 102 June'30
84
8712 Choc Okla & Gulf cons 55_1952 MN 10118
8
101% 10412 Cln H & D 2c1 gold 434a
_1937 33 963 987s 9612 June'30
977 9612 July'30
8
9812 1043 C I St L & C let g 4a_Aug 2 1936 Q F 97
4
95 Feb'30
Registered
1015 105
8
Aug 2 1938 Q F
84
9012 Cin Lob & Nor let con gu 46_1942 MN 9418 ____ 9418 July'30
62
62
100 July'28
9512 9714 Clearfield M Mah let gu Ss. 1943 33
Cleve Clu Ch & St L gen 4e_1093 3D -6iis We' 9184
917
8
4
20
-year deb 4348
1931'3 loos Sale 10014 1005
8 11
55- 1
-66'108 Apr'30
General be series II
1993 3D 10818
78 84
Ref & Inapt 6e eer C
1941 33 10518 10514 10518 July'30
Ref & Impt ba ser D
1963 J J 10418 Sale 10418 10414
8912 9312
11
9912 202
Ref & 'flint 434s ser E
1977 J J 99% Sale 99
4
Cairo Div let gold 4s
-96- 10l .- -78
1939 33 963 -- 97 July'30
33 9012
89
89
Cin W & Al Div 1st g 46_1991
987 993
8
10
8
81
87
St I. Div let coil Cr g 4s...1090 let N 8918 90 8834 July'30
93 Apr'30
927 96
Spr & Col Div Ist g 45___ _1940 M S
8
93 Jan'30
8
WW Val Div let g 4s
993 103
4
1940 33 925
G' C C& I gen cons g 6s_
4
1934 3J 1033 --- 104 June'30
90
95
101 July'30
,
9912 101, Cies Lor & W con let g 58_1933 S O 101
2
Cleve & Mahon Vale 5s
1938 3J 1001s -- 9913 Apr'30
10212 10612 Cl & Mar let go g 4344
4
1935 MN 973 -- 100 Mar'30
3
931s 9812 Cleve & P gen gil 4346 sec 13_1942 AO 99% _- 100 4 Mar'28
9214 97%
87 Mar'29
Series 11 3426
1942 AO 8712
9512 Nov'29
9214 08
Bedell A 434e
1942 33 9912
8614 June'30
9914 104
Series C 3345
1948 511 N 6612
1014 104
Series D 334s
1950 FA 8612 --__ 8618 May'30
8 101
10312 101
Cleve Shor Line lot gu 4%6_1961 A0 10012 101% 1007
12
Cleve Union Term let 63.4s_ _1972 *0 108% 109% 10014 10914 11
10934 112
8
113 118
let 5 f be series B
1973 AO 105 1063 10112 July'30
8 76
lets I guar 434e set C
11314 11314
1977 AO 10014 Sale 10014 1003
9818 100 8
3
8312 c9Ols Coal River Ry let gy 4s____1045 3D 91% 9212 9158 July'30
10012 22
984 10012 Colo & South ref ts eat 4346_1935 MN 10012 Sale 100
98
Gen' in 434s ser A
335
1980 M N 9712 Sale 0612
100 4 1034
3
10112 10313 Col & H V 1st ext g 4s
91 July'30
1948 AO 9212
8
88 June'30
Col & Tol let ext 45
1955 FA 873
8612 Feb'30 -_-_-_-_
74 W 2 Conn & Passum Riv 1st 45_1943 A0
171% 73 June'30
1954 3, 71
9912 10212 Consol Ry non-conv 40
7112 July'30 -_-_-_-_
73
106 1 1012
Non-cony deb 4s
1955 J&J 71
7318 June'30
Non-cony deb 45
1955 A 0
853 8534
4
68
82 8612
Non-cony debenture 4s
1956 J J 7012 72 68
54
41
101% 105
Cuba Nor Ry let 5341
1942 J D 52 Sale 52
3
7312 14
100% 104
Cuba RR let 50
19523 J 7212 Sale 7212
-year 5e g
87
lot ref 734s series A
100 100
1936 J D 85 Sale 85
7
75
75
104 1053
let lien & ref Os set 11
1
1936 J D 7312 75
4
983 102%
8
10018 July'30
Day & kfich 1st cons 4%8_1931 J J 10014
8412 89
94% -130
MN 94% Sale 9418
1943
100 1015 Del & Hudson 1st & ref 4s
8
4 1013
4
4
98 1(1214
30-year cony be
1935 A 0 1013 Sale 1013
2
4 1047
8
4
1937 MN 1043 Sale 1043
100 103
15-year 51.15
2
9614 Aug'28
D RR & Bridge 1st gu g 45_1936 F A 96%
8118 i6
9512 10
1936 3 .1 9512 Sale 05
9912 190 Den & 10 let cons g 4s
4
984
1936 1 J 97% 98% 083
9512 102
Comm! gold 434s
3
9418 23
Dank RU West gen bs_Aug 1955 MN 93 Sale 93
107% 113
4
913
4 44
107 111
Ref & Bent be sec 11_Apr 1978 MN 9112 Sale 903
25 July'30
25
27
1935 J 3
8414 9514 Des M & Ft I) 1st fru 48
25 June'30
30
91, 95%
Certificates of deposit
4
97 May'30
Des Plaines Val Ist gen 4;0_1947 M 13 97%
90 90
6314 June'30
1955 .1 D
90112 c933 Det & Mac 1st lien g 48
4
59% GO May'30
1096 J D 50
Gold 45
1008 1044
4
100%
10018
Detroit River Tunnel 4544..1961 MN 100
104 May'30
Dul Missabe & Nor gen 58_1941 J I 103
10012 Apr'30
1937 A 0 102%
102 l054 Dul & Iron Range 1st be
_
793
4
10112 104
Dul Sou Shore & AU g be _ 1937 .1 J 79% Sale 794
.
3
7e1)
East Ry Minn Nor Div let 45'4S A 0 9412 Sale 9213 1 .30
9714 102
1956 MN 105% 11012 106
106
96
99
East T Va & Ga Div lot 5s
94
10314
09% Elgin Joliet& East let g 58_1941 MN 10314 10514 10314
8
4
93% 1.1912 El Paso & S W let La
1965 A 0 10214 1033 1013 June'30
9658 102
3
10012
8612 9512 Erie let consol gold 75 ext 1930 M S 10014 100 4 10014
5
8712 July'30 _
1996 J 3
8614 915
let cons g is prior
8
8014 May'30 _
1996 .1 J
8312 8914
Registered
1996 J J 82 Sale 813
97 10118
2
82 _19
let conaol gen lien g 4s
70 May'30
1998 J J
98 19112
Registered
1951 F A 101 104 101 July'30
6514. 72
Penn coil trust gold 45_
1953 A 0 8512 Sale 864
637 6918
4
8612
50
-year cony 4s seriee A
6
1953 A 0 8614 87
59
77
8614
Berke B
864
8418 13
1953 A 0 8312 8512 8012
6112 71
Gen cony 4s series 14
937,, Si
M N 9312 Sale 9314
1967
8518 8812
Ref & Boot 55
4
1975 A 0 c933 Sale 9212 c933 159
8418 84,
8
4
Ref & bunt 53 of 1930
1955 J .1 11312 Sale 11318 11312 31
92% 98
Erie &Jersey lets f 6s
89 03612
Geneasee River let e f 66..1957 J .1 11212 11412 11213 113
14
96 1007 Erie & Pitts gu g 314e ver B _ 1940 3 .1 88% 93 865 Apr'30
8
s
8
19403 .1 887 _ _
104% 109
Serlee C 334e
857 Oet'29
8
1954 SIN 1055 106 1054 1054 15
8
Est RR extl s(is
10658c105
Fla cent & Pen let cone a 58 1943 .1 J 98%
_ _ 99 2
59
84
,
9912
5
Florida East Coast 1st 4148_1959 .1 D 87
90
102 105
8714
8714
1
47,2
let & ref be serlem A _
64
454
73
46
_ _1974 133 S 45
19
Rasps
Jan. 1.
Low
111.8
112 114
1018 10412
4
92 92
99 10412
c10412 10918
92
89
935 10014
4
8418 87%
81% 85
72% 79
92 8 97
3
923 9812
3
9713 100
84
904
4913 78,2
7712 81
77
75
ere 024
8818 93
100 1053
4
107 112
105 10812
10038 102
99
99
4
1073 110
1043 107
4
99
95
9712 1054
9278
88
8512 90
9512 99
95
95
923 08
8
4
9513 1013
1034 1041s
102 102
8814 619973 10012
-9510 101
88
9414
97 101
103 1053
4
1014 10918
114 1167
2
2
1003 10252
8512 92
103 10538
8
997 102
9512 9613
9514 97
94 9418
8812 841
4
"8812 -7 11
61- 7
9914 100 8
5
105 108
103 106%
100 10514
9312 100
92
97
8412 89
8418 8914
93 96
90
98
103 104112
2
993 101
98
9912
100 100
8618
86's
9718
10618
10212
96
88's
861$
10338
110%
1053
4
10058
88
93
97 10314
9514 98
884 94
88
88
864 MI
76
70
70
76
73Ig 7318
68
76
50
75
7212 84
80
9914
7212 92
9912 1001g
4
9114 943
107
100 mg,
1a
-6iEs
953
8
884
8712
2314
25
fle
83
07
99
994
95
30
31
97
744
eo 61
953 10018
4
101 10418
IDoi. 103
72
841
4
9215 9211
100 106
1112 1033
2
10114 1034
100 4 1012
,
4
84 c89
831a 84
79
84
7618 79
101 101
82 8 864
7
824 867
s
8012 84
90
14 98
90
951
4
110 4 1144
3
100 114
btlis 865
8
10414010638
97
Ms
7912 90
40
61
758
BONDS
Ns Y STOCK EXCHANGE
Week Ended Aug. 1.
New York Bond Record—Continued—Page 3
Price
Friday
Aug. 1,
Week's
Range Of
Lad Sale.
04.2
Bid
Ask Low
HOD Vs.
8
27
2
4
9878 94,2
26
Ponds Johns & Gloy let 45391952 MN 96
June'30
sort St U D Co let g 454e_ _1941 J 2
it W & Den C let g 5 Me_ _1961 J D 107
107 June'30
2
Pram Elk & Mo Val let 6s__1933 AO 10434
10412 1043
2
OH&BA M &P let 591931 MN 100 4 ---- 1003
4 1003
3
4
-- 10012 July'30
25 extens Se guar
1931 J
6
Garr Roue & Rend let Is
993 9912 99
8
99 1
1933 AO 10034-Oa & Ala By 1st cons Is Oct 1945 J J
80
84 June'30
1
Gs Caro & Nor let gu g 5e 1929 J J 9812 997 9914
8
9914
Extended at6% to July 1_1934 33 7012 7414 73 Mar'30
Georgia Midland let 3e
983 Feb'34
4
1946 AO 101
Elour & Oswego 1st 55
498 July'30
12
1942 3D 993
Or R & I eat let gu g 4536 _ _1941 3, 111 111 1105
8 26
8 1113
4
1
Grand Trunk of Can deb 78_1940 AO 1057 106 1057
8 10618 11
8
MS 9614 99
-year 51 Se
15
1936
9612 June'30
Grays Point Term let 6s_ _1947 J o 111 Sale 111
1113 128
8
rarest Nor gen Is series A_ 1936 J J
4
1103 July'30
J o -57 - 2 9812 July'30
Registered
712 9811st & ref 434e aeries A ___1961 3, 11114 Sale 11014 11112 31
J 10712 Sale 10614 10712 14
General 5535 series B____1052
General 5e series C
1973 ▪ J 983 Sale 985
4
8
997
3 23
J 98311 983 9814 July'30
General 453e aeries D
1976
4
General 434s series P
1077 J J 0812 Sale 977
983 196
8
8
General 41p series Etemp 1977 J J 80
85
80 June'30
Green Bay & West deb etfe A.... Feb 2414 273 2414 July'30
4
Feb 945
Debentures°Bs B
945
8
_ _ 945
8
Greenbrier By let gu 46_ _ _1940 MN 103 4- - 1013 July'30
10512
4
Gulf Mob & Nor let 594s ,, 1950 AO 995 993 9934
997
8
8 28
4
.
let M 5e series C
1950 AO 104 1065 105 May'30
8
Gulf & S list ref & ter 56_6_1952 33 995
2
8
19012 10r0
07
10 3,
Hooking Val let cone if 410-1999 J J
Registered
1999 J 3 99 flio" 9912 June'30
Housatonic By cons g 5s1937 Mil 10018 10514 1013 July'30
8
El & T C 1st g 59 int guar_ 1937 J , 10018 Sale 100
10018
3
Houston Belt & Term lit 56_1937 3,
_
9912 June'30
Royston E & W Tex let g 58_1933 MN 10012 10112 10012 1003
7
9934- -8
let guar 56 redeemable__ _1933 MN 10014 Sale 100
10013 11
Had & Manhat let Se see A_1057 FA 81 Sale 80
08112 112
AO 975
AdjustmentIncome64 Feb 1957
97 July'30
8
Illinois Central let gold 4e
1951
85 ____ 845 June'30
8
let gold 8538
1951
8234 June'30
JJ 85 __-- 85 July'30
Registered
Extended let gold 834s_ __1951 AO
- 73 Mar'30
let gold 3e. sterling
1951 MS 92
1
7 9312 93
93
Collateral trust gold 4s_ _ _1952 AO
Li N 933 Sale_ 8712 Mar'30 23
Registered
4
933
4
941s
MN
let refunding 45
1955
8712
' 863 87 907 July'30
3 91 4 93
Purchased lines 814s
1952
3
8
91
Collateral trust gold 4a
1953 MN
88 July'30
MN
Registered
6
107 16712 10618 10614
Refunding 5a
1955 MN 110 Sale 110
2
110
15
-year secured 6 Ms g _.._1936
10112 72
A 10112 Sale 10114
40
-year 4046
Aug 1 1966
907 ____ 9114 July'30
8
Cairo Bridge gold 46
1950
775 ____ 77 June'30
8
Litchfield Div let gold 3'1_1951
1
863 ___ 88
4
88
Louis,Div & Term g 3535 1953
775 ____ 7858 June'30
8
Omaha Div let gold 3s
A
1951
7712 June'30
St Louis Div & Term g 3s_1951
.1 863 ____
4
873 July'30
4
Gold 354e
1951
8412 ____ 72 Sept'29
Springfield Div 1st g 353e 1951
8
8
907 ____ 903 July'30
A
Western Linea let g 48._1951
9212 Apr'30
A
Registered
Cent and Chic St L& N 0—
1053 Sale 1053
8
8 1053
4 18
Joint let ref 55 series A __ _1963
98 July'30
let & ref 4345 series C_ _ _1963 0 9834 99
___ 8914 June'30
A
Ind Bloom dr West let en 48 1940
90933 95
4
935 June'30
8
Ind III & Iowa 1st g de
1950
88
861
-- 88
Ind & Louisville let gu 48_ _1958
10218 104 103
210
103
Ind Union Ry gen Se ear A 1965
1021
- - 10014 Feb'30
Gen & ref 56 series B
1965
103 s10314 10214 10314 55
Int& On Nor 1st 66 ear A
1952
87
871s 82
8712 86
Adjustment Be ear A July 1952
9312
9312 Sale 9312
let 5eserieeB
1956
6
9312
' 9312 Sale 9312
3
1956
let g 56 Berke C
723 Sale 7214
8
7
73
lot Rye Cent Amer let 63_1972 MN 80
2
87
87
87
let coil tr 6% notes_ ----19 MN 927 Sale 9278
41
8
9314 16
lit lien & ref 6533_
1947 FA
2514 25 July'30
Iowa Central let gold 56._ 1938 3D
__ 22
23 July'30
Certificates of deposit-—8
812 7 July'30
1951 MS 933 Sale
Refunding gold 46
2
8
93313
933
8
James Frank & Clear let 4s_1959 3D 102
_- 10114 Apr'28
KanA &OR bytgug53
1938 J
8
87 6013 87
9013
Kan & M let irti g 4s
1990 AO 9612 97
9612
97
13
KC Ft BA M Ry ref g 4a_1936 AO 7712 Sale
9
7713
7713
Kan City Sou let gold 3a.--1950 AO
102
26
.• 1 101 Sale 101
Ref & impt 55
Apr 1950
47
93 Sale 9258
03
J
Kansas City Term 1st 46_1960
2
895
8
893
4
' 80' 94
3
Kentucky Central gold 4e__1987
88
8512 Mar'30
' 85
3
Kentucky & Ind Term 450_1961
9214 9212 92
2
92
Stamped
1961 • J 91
- -- 89 Apr'30
1961 J J
Plain
1
102 10314 10138 10138
Lake Erie & West let g 56_1937
J 10113 10312 103
103
3
J_
3 old 5e
1941 d
1
83
83 Sale 83
Lake Sh & Mich So g 353s-1997
D
1
783
4
783
4
Registered
1997. D
1
Sale- 10038 10012 28
35
-year gold 46
1931 M N 10012
10014 June' 30
_
RegisteredM N
Leh Val Harbor Term a11 50-1954 F A 103 16614 105 June'30
4
791 July'30
Leh Val N Y let gu g 4345._1940J
41
9014
91
Lehigh Val(Pa) cone g 46_ _2003 MN -543T4 91
Lehigh
8712 Apr'30
N
Registered
18
101
100 1664 loo
- 7General cons 44e
2003 NI _N
4
Lebl Valley RR gen &series 2003 MN 109 10912 1083 July'30
8
Leh V Term Ry Ist gu g 56._1941 A 0 10253 10112 1025 July'30
1
90 4
,
9014 Sale 9014
Let.& N v let guar gold 46_1945 M
4
Lex & Emit let 50-yr 5e gu1965 A 0 10812 1133 109 July'30
__ 90 July'30
Little Miami gen 45 series A.1962 MN
July'30
Long Dock come g 65
31
935 Q3 10512 1065 10312
9 A 0 89-- 8
3
10013
10053 ____ 10018
Long held Int eon gold 58 July11
8
___ 985 Mar'30
letconsol gold 46.
J 993
--July 1931 Q
93 June'30
88
General gold 4s
1933 3 p 945 9513
8
9658 1)00'29
Gold 4e
19323 D 973 99
Unified gold Is
1949 M S 9018_ -- 91 July'30
10011 loots 2
Debenture gold Is
1934 J D loots galit
Ions 10
90_ysar m deb 5a
1937 M N 100l4 10112 Dm
9114 Sale 9014 9114 18
Guar ref gold 4e
0
Nor E112 B lat con gu 56 Oct C9
1
1 2.• 13 100 ___- 1005s July'3
8412 68
4
Louisiana & Ark 1st &seer A 1969 J J 84 Sale 833
1
-_ 9312
9312
Louie &Jeff Bdge Co gd g Is..1945 M
5
1027
8
8
93384
Louisville & Nashville 56_ _1937 PA N 1023 10312 1027
95
97 Sale 9612
97
Unified gold 4a
1940 J J
Registered
J J
l y6 9
:
9 '2 Nul0 0
4
4
Collateral trust gold 56_ 1931 MN i561 ---_-_ 101 Jlar 3
15
let refund 5545 eerie. A...2003 A 0 10513 166 105543
let & ref Le series B
2003 A 0 10512 10614 10512 10614 11
10012 31
1st & ref 4 Me series C_2003 A 0 10014 Sale 100
When Issued
96 Mar'30
A0
1
Paducah & Mem Div 46_1946 F A 93
935
8
9513 93523
0
64 i
2 6714 .lul 03
St Louie DIY 2d gold 36___1980 M
97
, 681_ 9 3 .ul y:3
6
Mob & Montg 1st g 4 Me_ _1945 M S
9414
9
2
6i 9214
South By joint Monon 0_1952 J J 92 1
94
A tl Knox,& Cln Div 4a _ _1955 P.S N
9414 95
& Lex Div g Ms'31 MN
Louley
_ _ 100 July'30 -___
Mahon Coal RR 1st 56
101 10212
1934 J J 10014- - 10018 Apr'30
Manila RR(South Lines)46_1939 MN 7518 80
7533 July'30
let ext 48
66 July'30
1959 M N 66
72
Manitoba SW Coloniza'n 58 1934 .1 D
100 July'30
_
9938- -- 67 May'30
8978
87
?den 0 B & N W 1st 3 Me__ _1941 3
6 July'30
Max Internet let 4s asstd 1977 M $
c Cash sale. b Due February.
Range
Sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 1.
aI
Pries
Friday
Aug. 1.
Week's
Ramos or
Las Sale.
F00
2
Low
High
Bid
Ask Low High
Mich Cent Det& Bay City 56.'81 MS 100% ---- 10018 July'30
24
85
9418 9712
Registered
QM ____ _
100
Jan'30
Mich Air Line 48
105% 107
- 95 Feb'30
1940 J J 96
Jack Lana & FMK 8538
10218 105
_--- 79 May'26
1951 M is 81
let gold 334s
99 101
1952 MN 8514 - - 86
86
Ref & impt 4ifieer C
9938 100%
80
8
1979 J J 1007 10133 10014 101
94 4 9912 Mid of N J let ext 56
1
1940 AO 93
943 94 July'30
8
Mil & Nor let ext 434e(1880)1934 3D 985 9912 9712 Mar'30
81% 85
8
Cone ext 453s (1884)_1934 3D 98
8
9912 997 June'30
99 10214 Mil Spar & NW let gu 4s1947 MS 9212 0312 9212
3
921z
Mllw & State Line let 3Me _ _1941
65% 73
' 85
3
90 Apr'28
Minn & St Louis let cons 56_1934 MN
31
30 July'30
Temp etfs of deposit......1934 MN 2514 33
116
;
1
3018 July'30
let & refunding gold 4s _1949 MS
10912 11214
918 1012 912 July'30
Ref & ext 50-yr 5a ser A 1962 Q F
104 10437
8
8% 15 1112 June'30
9558 973
Certificates of deposit
14
15
13 June'30
M St P & SS M con g 46 lot gu'38 ii 88
1093 113
4
8813 89
89
let cons 56
11012 110 4
3
9314
5
1938 3' 921z 933 9314
8
9818 9812
let cone 66 gu as to int
5
98
1938 3' 96 Sale 06
10
-year coll trust 6)4s-1931 M S 10012 Sale 10012 1007
Mal 112
8 V
let dc ref fle eerie, A
10314 10712
955 957
8
1946 3,
8
957
8
25
-year 5536
95
2
99%
8414 8414
85
1949 MS
let Chicago Term 5 f 48_1941 MN 938
95
9813
91 July'30 ---97
985 Mieelselppl Central 1st 5e...._1949 3' 95 - 2 95
8
2
66195
Mo-Ill RR let he ser_A
80
80
79
785e July'30
1959 33 77
23 321 Mo Kan & Tex let gold 4e 1990 3D 8814 Sale 877
4
8
8812 24
91% 945 Mo-K-T RR pr Hen be ear A _1962 J J 1037 1043 104
8
9
8
104
8
40
-year 48 series B
98 10513
' 9014
29
3
91
8
1962
897
Prior lien 434s ear D
9912 gide' 9814
96 101
7
9912
1978
Cum adjust 56 ear A Jan 11)67 AO
103 10518
8
102
102
Mo Pac 1st & ref 56 see A
12
9614 100
1965 FA 102 Sale 10012 102
General 4e
93% 9713
8
787 Sale 787
4
7912 106
1975 M
let & ref 56 series F
9714 06l2
1977 M
4 10112 171
lolls Sale 1003
64
993 102
4
Ist&refgbssera
4 101
4
1978 M N 1003 Sale 1003
Cony gold 533e
95% 100
14
4
1949 MN 10512 Sale 10812 1093 120
9913 10112 MoPae 3d 76 ext at4% July 1938 MN 9354 Sale 9358
1
935-8
Mob & Blr prior lien g 58_1945 ▪ .1
99% 101
100 Mar'30
Small
.1
93 10012
-96‘
9612 June'30
let M gold 41
5
7614 84 3
90 July'30
1945 33 90
' 86 Sale 86
3
Small
1
97
91
86
1945
1
81
9514
86% Mobile & Ohio gen gold 4E1_1938 MS 9518 96
9514
Montgomery Div let g 55_1947 FA 1013
823 8214
4
1003 July'30 ---4
s
2
en
Ref & Mint 453e
85
/
83
1977 MS 96 -6 14 on
Mob & Mal let ECU gold 46_1991 M
73
68
887
s
8712 June'30
' 10714
3
89% 9413 Mont c let 9 1 68
10678 July'30
1937
,
let guar gold 58
8719 87.3
95 June'30
1937• J 10212
Morrie & Essex 1st gu 3Ms 2000 J O 815 Sale 815
90
8
8158
95
8
Conine M res aer A w I__ 1955 MN 107 1071 10718 10713 11
82
8712
Constr M 4538 ear B w 1_1955 MN 10012 Sale 100
87% 92
10014 77
9712 8812
94
104% 10715 Nash Chatt & St L 48 ear A I978 FA 93
8
927
8
927
10713 11014 N Fla & 1st gU g 5e
1937 FA 101%
102 July'30
97 c102 Nat By of Max pr lien 4538_1957 33
18 July'28
July 1914 coupon on
J J
7234 July'28
88% 9114
Assent cash war ret No 3 OA
8 -1
747 77
8
14 73
54
4
9
Guar 70
82% 88
-year s f Is
8718 Ang'29
1977 AO
Assent cash war rot No 3 on
8%
7413 781
8
812 July'30
Nat RR Max pr lien 434s Oct'26
7514 7712
3513 July'28
Assent cash war rct No 3 OD
Sale" 1412
1
82 6 88
153
4 27
let cense! Is
22 Apr'28
1951 AO
Assent cash war rot No 8 on
8
92
89
75
8
818 16
9211 921g Naugatuck RR let g &L.._ _1954 MN 83
85
86 Mar'30
New England RR Cons 5e....1945 3, 9912 101
9958 June'30
Consul guar is
' 9112
3
92 July'30
10214 107
1945
J June RR guar Ist 4s_..1986 FA 90 Sale 90
99
95
1
90
8914 8914 N O&NE let ref & imp 450 A '52
' 97 Sale 97
3
97
3
90
' 903 93 905
3
93% New Orleans Term let 48.....1953
1
8
s
905s
N 0Texas & Max n-c Inc 551935 *0 9912 997 09 July'30
84
88
8
let be series 13
100 103
97
05
963
8 10
1954 AO 96
1st 58 series C
100 101
5
,
9812
1956 FA 981s 99 4 081z
1st 434e series D
997 106
8
4
4
s
893
4 27
1956 FA 893 923 893
let 554e series A
7213 9213
102
8
53
1964 AO 1017 102 10118
N & C Edge gen guar 4 Me 19453, 977
91
97
9714 June'30
8
90 100
NY134kMBlet can g 58_1935 AO 100
100 May'30
72
8118 N Y Cent RR cony deb 66._1935
N
1
107
107
Consol 4s series A
87
9412
932 53
1998 FA 9318 Sale 9212
Ref & imp 434e series A 2013 A0 10112 Sale 1005
90
9812
8 10112 23
Ref &impt 5a series C......2013 A0 108 Sale 1073
24
35
4 108 - 32
,
3413
23
NY Cent &Hud RI,M 834s 1907 34 8214 Sale 8214
6% 10
83
39
8758 931
Registered
7914
8
7914
3
1997 J J
4
Debenture gold Is
993
4 29
N 993 gli143- 9918
1934
30
-year debenture de
83
14 9012
' 96!it 97 965 July'30
3
8
1942
9812 97%
Lake Shore coil gold 3Me 1998 FA 801g 81 . 8014
801
3
74% 80
80
Registered
8014 16
1998 FA
7054 80
Mich Cent coll gold 35311-.1995 FA 80
99 10212
8014
8014 80
5
8813 93
Registered
- 7812 Apr'30
1998 FA 79
87
11 90 4 N Y Chic & St L let g 4a
1
981
1937 AO 9712 Bale 9712
5
8514 85%
9314 Mar'30
Registered
1937 AO
25
9213
-year debenture le
88
1931 M N 10014 Sale 10014
10014 4
2d 66 seriee A B C
89
89
8
8 102
1931 M N 1015 Sale 1015
14
6% gold notes
100 102
4
8 1027
1932 A 0 1023 Sale 1025
8 41,
99 103
Refunding 5536 &algae A....1974 A 0 10712 Sale 1073g
10712 36'
Refunding 5336 aeries B _ _1973 J J 10712 Sale 10712 10712
7914 83
6
Ref 4 Ma series C
77% 7814
4
1978M S 973 Sale 973
8
977 224
8
9873c1015 N Y Connect let gu 4 Me A 1953 F A 10014 10114 9958 July'30
8
lst guar 58 series B
9913 10014
8
1935F A 1045 _- 1033 July'30
4
103 106
14 N Y & Erie 1st ext gold 4a_ 1947 MN 9112
9418 June'30
8d eat gold 434s
96% 100
1933 SI N
100 June'30
4th eat gold 5e
1930 A 0 1001a ---- 100 July'30
86% 91%
86
8713
96% 101
N Y dr Oreenw L gu g 54_ _1946 MN 9318 -- 9612 June'30
N Y & Harlem gold 353e____2000 MN 8218
106 110
82 June'30
10113 103% NY Lack & W 1st & ref gu 56'73 MN
- 9718 Oet'29
1st & ref gu 434s set B ._1973 MN 10012 10212 9912, Apr'30
86% 91
NYLE&W let 76 ext---1930 MS loo
10414 109
1005 Dee'29
8
8713 907 N Y dr Jersey let 56
2
1932 FA ion Sale 1003
8
1007
a 20
N Y dc Long Branch 4e_ _ _ _1041 M
103% 107
885g ---- 88 July'30
NY&NE Bost Term Ss__ _ 1939 * 0 ---9914 101
7512 July'28
98
1s 98% NYNII AR ti-e deb 45_ _1947 MS
_ 89
89
3
Non-cony debenture 8538_1947 MS 89- - 82 July'30
8812 e9511
825 8312
8
Non-cony debenture 33.4s.1954 *0 7914 797 7918 July'30
8
"iire W- Non-cony debenture 46.....1955 J
8512
86
994 10012 Non-cony debenture 45 1956 N 8514 87 4 8534 87 4 7
881
853
1
Cony debenture 3536
9713 10118
1956 33 78% Sale 783
8
783
8
3
87
Cony debenture Os
91%
12212 Sale 12112 12212 38
1948 J
Registered
99% 113033
'
3
120 June'30
81% 87
Collateral trust Se
i
1940 *0 lO53 106 1053
4 1057
8 10
8912 931z
Debenture 4s
1957 MN 8012 Sale 8013
803
4 24
let & ref 453e set of 1927_1967 J D 9414 Bale 94
101 10314
0412 05
Harlem R & Pt Chet' let 40 1964 MN 891
9414 97
_ _ 8912
6912
5
921 9412 N 1 0& W ref let get_June 1992 MS 47 2-4
49
50
5238 14
General Is
99% 101
1955• D 47 Sale 47
47
1
N Y Providence & Boston 4.1942 AO 905
10313 108
8
_ _ 9013 June'30
99% 1061a NY & Putnam let con gu 46 1933 A0 9212 Sale 9212
9213
2
95 10012 N Y Suet] & West let ref 56-1937 ▪ .1 805 Sale 805
8
8
805
1
8
26 gold 4536
941 96
4
1937 FA 72
83
75 Mar'30
911g 93 8
General gold As
5
1940 P A
73 Sale 73
73
3
Terminal let gold 56
66
6812
1943 MN 9914 100
9914
9914
3
97% 9714
Y W'ches & B let ear I 434s 46 J J 88
8812 8714
8814 40
89
9312 Nord Ry ext'l sink fund 6536 1950 * 0 106 Sale 10512 106
11
9114 9513 Norfolk South let & ref A Es_1961 FA 5012 Sale 5014
577
8 21
98% 10014 Norfolk & South let gold 56_1941 ▪ N 97
9814 9814
9814
3
90 8 10014 Norfolk 5: West gen gold 63_1931 MN 10153 Sale 1013
5
8
101h
3
73% 76%
Improvement & eat 63_1934 FA 1043 --- 1013 June'30
s
8
New River let gold 66
60 (
19
1932 A0 10218 -- 1021 1 June'30
9813 100
NA W Ry let eons g 41_1996 A0 9534 Sale 9531
9613 34
87
89
Registered
1996 A0 9014 95
9258 Juif30
4
13I 6
Ranee
Binge
Jan. I.
---—
High
Low
100 101
100 100
96 95
18
831* 88
99h 101
94
Ma
9614 9712
96% 99%
90
9212
-36- IN
411
4
30
9
16
1111 151s
121a 15
87% 9113
92 8 98
7
951z 9913
99 10113
92 100
91
81
91 92
95 99
79
75
8512 89
9918 104%
8513 91
931, 9912
100 10812
9914 10214
741 81
4
%
97 102
96% 102
113 8
1
10614
94
91
100 100
95
9613
87% 91
80
87
92
53 96
9618 100 4
1
9414 98
8614 88%
105 1067
s
05 100 4
1
82
77
103 10712
14
90% 10014
90
100
71
4
"IF
7
92 8
10213
912
1553
—18
5
86
86
11614 99 8
5
86% 92
9(1
85
92 s 97
7
8714 9118
9558 997
8
92% 99
96 1001
4
891 94
4
101 10512
95
97%
98% 100
105 10754
88
18 9312
97 10112
105 10812
781 83
4
75
81
97 9104
93 961
4
7514 8114
7518 8014
7612 814
78
8013
94
9811
9314 9314
97 10
012
100 103
14
101% 103%
10513 1071
4
10518 107%
93% 98%
9618 10014
100 10312
94%
100 100
100 1001e
95 9618
8018 82
-1513i4 1001,
-
"iiirt
8618 88
-Ws W78
83 8
1
73% 80
81% 87
79
8614
7412 80
12014 135
120 131
104 4 166%
1
77
81%
90
96%
87% 91
45% 654
42
54
90% 9012
8512 92.3
8613
80
75
75
7112 79
9418 99%
9213
86
10213 10614
5014 79
99
89
100% 102%
10314 104%
10214 10255
94) 9612
12
00
9258
New York Bond Record-Continued-Page 4
N
BONDS
Y. STOCK EXCHANGE
Week Ended Aug. 1.
127
i
e.
Price
Friday
Aug. 1.
EMI
Norfolk & West (Concluded)
Girl let lien & gen g 48_1944 J J
Pocah C & C joint 4s____1941 J
North Cent gen & ret be A._1974 M 8
Oen dr ref 4-e sor A etpd_1974 M
A 0
North Ohio let guar g Se.. __j
North Pacific prior lion de_ _1007 Q J
Registered
Q 1
Gen lien ry & Id g 3a_Jan 2047 Q
Registered
Jan 2047 Q
Ref & Mutt 43.4. series A__2047 J
Ref dr impt 6e series B____2047 J J
Ref &'mut be series C____2017 J J
Ref & Rapt 58 series D_ _ _2047 J J
Nor Pao Term Co lat g 813_1933 J J
Nor By of Calif guar g 58_ _1938 A 0
Week's
lianue or
Last Sale
Ask Lott
Utah No. Low
96
____ 9618
9618 20
9478 Sale 94%
94%
2
105%
100 July'30 - - -90
100 July'30 -96
9414 - 12 954
9512
3
0312 Sale 9112
94
28
9118 92
9118
1
9118
673 67% 67
4
67% 63
s-- - 65 July'30
643
99
993 99
8
9938 19
1133 Sale 11313 114
4
72
10514 10512 10513 106
4
10514 106 10514
10514
3
1033 -- -- 10513 Jan'30
4
10212 ---- 101 Mar'30 _ _
5
Og & L Chem ist gu g 4a___1948 J J
Ohio Connecting By lst 4s.._1943 M S
Ohio River RR let g 1.
1936 J D
General gold Os
1937 A 0
Oregon RR & Nay con g 46_1946 J D
Ore Short Line 101 cons g 00_1946 J J
Guar stud cons 54
,
1946 J J
Oregon-Wash let & ref 4a
1961 J J
Pacific Coast Co let g
_ _1946 J D
Pee RR of Mo let ext a 411_1938 F A
2d extended gold Ces
1938 J J
l'aducah & Ills let a I 414/3 1955 J
Paris-Lyons-Med RR esti So 1958 F A
Sinking fund external 7s...10S8M S
Paris-Orleans RR ext 54s 1968 M
Paulista By let & ref a f 7s 11142 M 8
Pennsylvania RR cone g 46_1943 M N
Consoi gold de
1943 M N
46sterlstpd dollar _May I 1948 MN
Registered
Consol sink fund 4114s____1960 F-A
General 43.is series A..__ _1965 3 D
General be series B
1968 J
.
1936 F A
15-year secured 634s
F A
Registered
110-year secured gold 68___1984 M N
Deb g 44e
1970
Pa Co gu 314s coil tr A reg-1937
Guar 3148 col' trust aer B_1941 F A
Guar 348 trust ctfs C._ A942 3
Guar 345 trust otts D__ _1944 3 D
Guar 15 -year gold 4a_ _1931 A 0
-25
Guar 44 ser E trust 008_11)52 M N
Secured gold 43ie
1963 MN
Pa Oblo & Dot 1st & ref 484 A'77 A 0
Peoria dr Eastern let cons 4s_1940 A 0
Income la
April 1090 Apr.
Peoria dr Pekin Un let 648_1974 F A
Pere Marquette Ist ser A 58_1956 .1
let to series 13
1956 J J
let g 43,4. series C
1980 M S
Phila 13alt & Wash let g 40_11343 M N
General be eerie. 13
1574 F A
78
78 18 12
924 Mar'30
102 July'30
loll.
_ 10138 July'30
9334 9414 9318 July'30 _ _ _ _
933 4
105
105
105
3
10513
10512 July'30
923 Sale 9258
4
93
30
5512 60
55 June'30
953 __ 9534
4
953
4
3
_ 100
100
1
100-- - 99 July'30
9913 1004
_
4
1033 Sale 1033
4 10418 25
10514 105% 105
1053
4 21
10318 Sale 10318 10312 19
100% 101 10034
1003
4
5
963
5
9712 July'30 ____
967
8
_ 97
97
3
9612 Sale 96
9612 11
934 May'30
10212 102: 10238
- 34
10213 22
101 Sale 101
1013
8 24
10914 Sale 10914
111
8
10912 Sale 10012 1093
4 35
1083 May'30
8
105 Sale 10414
105
42
9712 Sale 967
8
9712 266
91 May'30
8912
8914 July'30 __-_
8518 _ _
835 Sept'28
8
8514
_ _ 843 July'30
10014 _
10014
10014
7
913 _ _ _ 913 July'30 __ -4
4
10118 Sale 101
10112 40
9914 993 98% 100
4
33
8714 88
874 July'30 --_25
317 26 June'30 -8
10314 10312 10314 June'30
1043 10514 1043
4
4 100
6
923 Sale 9212
8
92% 20
90 8 997 994
3
8
100
54
957 9618 95 June'30
3
10914 ____ 1083 July'30 -4
Pb1111Didne Ry let 30-yr a 1 la '37 J J
Pine Creek reg let Gs
1032 3 0
Pitts & W Va 1st 448 aer A_1958 3 0
M 4.143 etwles 11
1969 A 0
1st M 44s Beata C
1960 AG
P C & St L gu 414s A
1940 A 0
Series IL 44s guar
1942 A 0
Series C 44a guar
1942 M N
Series D 48 guar
1945 MN
Series E 33.4, guar gold
1949 F A
Series F 4.0 guar gold
1953 1 D
Series (3 le guar
1057 NI N
Series II cons guar 48
1960 F A
Series I cons guar 4
F A
Series J cone guar 6148..._1964 lid N
General M Os series A
1970 3 D
Registered
J 13
Gen mho guar 58 ser 13_ _1975 A 0
Pitts Mete & Y let gu 68_1932 J J
20 guar as
10343 J
Pitts Sh & L E let g 65.__ _ _1940 A 0
let cons .1 gold es
1943 J J
Pitts Va tt Char 1st 4s
1943 MN
Pitts Y dr Ash lat 45 eel' A 1940 J D
lit gen le eerlea B
1962 F A
let gon 53 series C
1974 1 D
Providence Secur deb lel_ -1957 M N
Providence Term let 4e.._ _ _1958 M
Reading Co Jersey Cen ooll 4.8 '51 A 0
Gen & ref 443 series A
1907 I J
Gen & ref 448 ser II
1997 J
Rsneselaer & Saratoga 63_1941 V.1 N
Rich & Meck let g 4t3
1948 M N
Richra Term Ry let gu 63_1952 .1 3
Rio Grande June let FrIl ON- _1939 3 D
Rio Grande Sou let gold 45_1940 J J
Guar Os (Jan 1922 coupon) '40 J J
Rio Grande West let gold 18_1939 3 .1
let con & cell trust 43 A 1949 A 0
B I Ark & Louis let 448_1934 M S
Rut-Canada let gu g 4a
1949 3 J
Rutland 1st oon g 41e,
1941 3 J
27
102%
94
93%
9414
9912
993
4
St los & Grand lel 1s1 45
l947 5
911ear & AdIr let g 6e
1998 .1 .1
20 gold 813
1996 A 0
St L & Cairo guar g 43
11)313 J
SI L Ir MS& 1:3 gen con g 65_1931 A 0
Stamped guar .5e
1931 A 0
13.1v & 0 Div let g 45-1933 M N
8* 1.. M Bridge Tor gu g 63_1930 A 0
st L-San Fran pr lieu 40 A 19.50 M
Con al 443 aeries A
1978 M 8
Prior lien Os aeries B
1950 3 3
St Louis & San Fr Ey gen 63_1931 .1 .11
General gold ds
1931 j 1
81 L Poor & NW 111 gu 5.1948 5
St Louie Sou Ist gu g le
19318.1 S
St L S W 1st g 45 bond ctfa_1989 Al N
211 g 4a Inc bond ate Nov 19893
Congoi gold is
1932 J D
let terminal & unifying 55_1952 3 .1
St Paul & K C Sh L lat 44.2_1941 F A
St Paul & Duluth let 5a
1931 F A
let consol gold 4.5
1968 .1 131
St Paul E Or Trk 181 448_1947 J J
Paul Minn & Man con 413_1933
Si
J
let corneal g ao
_1933
Os reduced to gold 4348_1933 J
Regletered
J J
Mont eat 1st gold As
1937 J D
Pacific ext guar la (sterling)'40 J J
St Paul Un Dep let & ref 56_1972 J J
SA it Ar Pass 1st gu g 48-1943 1 3
Santa Fe Pres & Phen let 65_1942 10 S
Bay Fla & West 1st g (ki
1934 A 0
let gold 5.
1934 A 0
Scioto V & N E list
Sr 43 1989 M N
7314 79
9313
29
2813 July'30
10214 June'30
_
Sale 94
94
2
94
9112
1
9412
Sale 94
9412 98
_ 9912 July'30
fof 9912 July'30 _
0934 - - - - 9712 Dec'29
97
975 July'30 _
9612 _ _
95 June'30
9718
963 Nlay'29 _
4
97 Sale 97
97
1
97__ 945 Feb'30
8
101 102 101
101
5
101 102 10014 July'30 _1093 ____ 10913 111
4
17
1073 Mar'30
1093 ____ 10918
4
10912
3
10113 ____ 10212 July'30 ____
10412 May'30
_1013 ____ 10114 May'30
4
101'z
1003 Aug'29
4
927
3
923 Mar'30 _
4
9418 9513 95 July'30 _
10438 ____ 105 June'30 _ _
10414
785 ____ 79 June'30
8
_ 863 June'30
4
__
8634-- - 9318
9314 94
94
13
101 Sale 100
1013
11
1003 Sale 100
4
101
101
10612
_ 10018 Mar'21
_
7818 May'28
_ _ 101 Apr'30
1
97 100
- - 9712
9712
5
7 May'28....
714
712 Apr'29
-923 - -1- 9312
4 04 2
9334 -- 15
512 87
81
86
86
993 100
4
993
4 100
12
7514 78
7514 June'30
_
90
89 June'30
87% ____ 873 July'30
4
96% Nov'29
_
10113 Feb'30
165 _ 100 July'30
10118 Sale 101
10114 43
1013 Dec'29
4
_
99
99,4 44
99
9918 993 July'30
9118 Sale 9012
9114 50
93% Sale 92%
9312 370
10234 Sale 10212 103
15
10138 102 10134 July'30
101 10114 10118
1011 1
13
1043 _ 10358 July'30
8
9612 99 July'30
9918 -.
88
18 89
873
4
89
5
--__ 797 8014 June'30
8
993 9934 99%
8
9912 22
10034 Sale 10014 101
19
93 Sale 9712
9814 33
1003 ---- 10018 Feb'30
4
94 July'30
94% ____ 8718 Jan'29
9812
9,
83
9813
1
104 Sale 1033
4 104
2
100 102 100
100
10
98 Feb'30
908
9612
9612
4
9114 ____ 97 July'30
_
106% 1063
4 10
9412
945
8
9414 95
1076
10212 103 101 July'30
10418
1038 July'30
10114
993 Jan'30
4
9212 Sale 9212
9212
c Cash sale. 0 Duo May, 4 Due August.
Due June.
Range
Since
Jas. 1.
1105
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 1,
759
Price
Friday
Aug. 1.
Week',
Range or
Lou; Sale.
R01101
Btace
Jas. 1.
--No, Low
Risk
80 8 7018
3
71
85
490 80%
4
36
40
CO11
139
45
79
8412 89
62
72
40
20
42
72
1
9812
94
2 IGO% 102
105% 10814
5
8918 9414
217
3
94 3 101
3 100 10212
57
93 4 99
3
97
9618 101
94
89
87
87
100 103
98
96
50
91
9514
4
94
91
9212 100
Bid
Ask Low
HO)
Seaboard Air Line let g 45_-1950 A0
66 June'30
Gold 4s stamped
6412 65 June'30
1950 A0
Adjustment 5s
493 4934 July'30
Oct 1940 FA 41
4
44%
Refunding Is
49
1959 A0 444 46
lst & cons &series A
60
1945 5.1 5 51 Sale 51
Atl &Bleu 30-Yr 1114 2 43-a1933 M
86 May'30
I A 4312 Sale 4312
Seaboard All Fla let gu 68 A _1935
463
4
Series B
45
46
1935 FA
Seaboard & Roan 1st es extd 1931 31
98
93
S&N Alaconsgug 5s
102
1938 FA 102 10312 102
Gen COMIguar 50-yr 58.-1963 AU
10814 June'30
So Pac roll 4s(Cent Par coil) 1949 J O 934 Sale 92%
94
let 448(Oregon Linea) A..1977 MS 9912 Sale 98%
994
20
-year cony be
1934 3D 102 103 10118
102
987 Sale 9814
8
Gold 41413
1968 M
987
8
Gold 44s with warr
1969 MN 100 Sale
9914 10014
San Fran Term let 4a
1950 A0 9314 93% 9212 July'30
77
AG
83
Registered
_ 90
87 Feb'30
024 9212 So Pee of Cal let con gu g 58_1937 MN 101%
103 July'30
100 102
So Pac Coast let gu g 444-___1937 3 3
_
96
Jan'30
99 102
So Pac RR lot ref 1.9
1955 J J 94% Sale 9413
9514
91
9312
J 94 Sale 94
Registered
94
10418 1034
9212 May'30
Stamped (Federal tax)_1955 J J
1037 106
3
8812 9314 Southern Ry let cons g 80_1994 J .1 111 Sale 111
111 2 17
,
55
J J 108 110 10513 June'30
6212
Registered
9214 983
4
Dove!& gen 4s eerie. A__1956 A0 904 Sale 90
904 163
AO 117 Sale 117
974 10012
Dove! & gen es
1956
6
11712
98
9914
Develop & gen 64s
1956 AO 12312 Sale 12314
1233
4 76
102 10412
Mem Div let g 5s
1998 J J 1074 10913 1075 July'30
10314 107
J J 9238 ____ 92 July'30
At Louis Div lot 1 4a
1951
99% 1034
Fleet Tenn reorg lien g 5s 1938 At S 10038 ____ 10012 July'30
95 103
Mob & Ohio coil 0 49___ _1938 M
943 9514 943 July'30
4
4
923 9712 Spokane Internal let g _ 1955 J J 613 66
4
8
61 July'30
925 97
8
Staten Island By lot 44s
1943• D 853
85 Feb'30
924 9612 Sunbury & Lewiston 1st 413 1936 J , 921
495 Apr'28
9212 9313 Tenn Cent 1st 65 A or II__ A947 A 0 9512 t
953
4
4
953
4
98% 102% Term Aeon of St List g 448.1939 A0 9912 10014 9918 9914
8
10112
1944 F A 104
974
let eons gold 58
_
104 July'30
106 111
Gen refund 8 f g 4s.
9118 - -3- 91
1953 J
91 4
10
913
108 110
Texarkana & Ft S 1st 54a A 1950 F A 108 Sale 1053
4
10614 23
10814 1083 Tex & N 0com gold S.
8
993 ____ 101 July'30
1943J
10214 105
D 11012 111 11012 11012
Texas & Pao lst gold 68-.2000
2
9414 9712
26 inc5a(Mar'28cDon)Dee2900 Mar
95 Mar'29
90
91
(len & ref 58 aeries B
1977 A 0 10218 10212 10218
10213 35
87
8912
Gen & ref 5(3 series C
1979 A 0 10218 10212 10214
10
1023
La Div 11 L lat g Es
1931 J J 101 10134 10012 July'30
S4°4 88
Tex Pac-Mo Pee Ter 548_ _1964 M S 10614 107 107 July'30
98% 1003 Tol & Ohio Cent let gu 5a.._193.5
3
10053 ____ 10012 July'30
8914 917
3
Western Div 1st gSa
1935 A 0 1001
_ 10018 July'30
97 10172
Gen gold as
1935 .1 .1 98 8-- - 9714 June'30
993
4
9412 100
Toledo Peoria & West let 4a_19I7
91 Sept'28
I
84
88% Tol St L & W 50-yr g 48
9312 July'30
1980 A 0
26
j .1 100 bale 100
J J
37% To
ler Varr4
gti d % er1.1
gRu 2145
100
_9
101 10412
99142 1%Jar"30
21 7 i 30
102 4 106
3
let guar 4s series C
93
94,1+.1 S
(
48 1942 3 D
90
925 Toronto Ham & Buff 1st g
8
9012 05
9014 July'30
957 100
3
paiz 95
Ulster it Del let cons g 58__1920 J D 75
90 July'30 - 96
106% 100,
Stpd as to Dec '28 & Foe '291nt
79
2
70 June'30
__
75
let cony Os elf, of deP
704 June'30
24
32
1st refunding g 4.9
4014 June'30
45
102 1023 Union Pac let RR &Id gr 40_1947 J 0 9614 Sale 9614
8
974 89
1 52 A .
1
92
.1 J 9514
97
Registered
9512 July'30 _ -92
96
ref 4.3__ __June 2004 51 5 9318 Sale 93
14
9314
02
9412
Go lie41-5
1stld 11 Ace
1967 J J 10014 Sale 100
10014 83
974 100
let lien & ref ha
8
June 2008 M 5 1093 111 1093 July'30
8
994 100
40
-year gold 45
9114 Sale 903
4
9112 94
9514 July'30
0 NJ RR & Can gen as1 48 1 D 9514 -1964 M S
9
941
9814
9738 Utah & Nor 1st ext 4s
_ 96 Noy'29
__
53% 96
5
Vandalla cons g 4,series A__1953 1 A 95
944 June'30
193 F 1
_
Cone a 1 48 scrimBM N 94
8212 May'28
963 97
4
Vera Cruz & P assent 44s-1934
814 914 93
8
10
19
9
:
5
3
15
945 9433 Virginia Mid 5s aeries F
8
ill; 10018
100 Apr'30 - 97 101
General Os
1003
10012 10012
_
2
9912 100 4 Va & Southw'n lot an bs
,
2 6 JJ 9812 100
1003 M N
93
.1- - 99 July'30 - 10614 111
1958 A 0 85
1st cons 50
85 July'30
-year 50
83
_
1073 107% Virginian Ryl
4
let idu A_1962 M N 1064 Sale 106
10634 26
1064 10912
lit
10312 103% 10312 104
10
10112 10212 Wa basold be
9
193 51 N 1013 10238 102
939 F A
2a gh rtit
4
102
5
111412 1044
Ref &gen a f 534s scr A
_1975 M S 10412 Sale 104
1043
4
7
100% 10114
Debenture B 6s registered _1939 J 1
984 May'29
let lien 60-yr g term 4._
1954 J J
85 May'30
924 Ws;
1941 3 1 ica58
Det & ChM eat 1st 68
102 July'30
9112 95
Des Moine., Div lot g 4._l939-1 1 9114 93
927
s
5
927
o
10214 105
1941 A 0 85%
Omaha Div lst g 34s
853 July'30 -.1
Tol &Chic Div g is
91%
9013 July'30 --75
79
Wabash By ref it gen S. B 1978 A 0 100% Sale 10014
101
28
86
863
Ref & gen 44s series C__19 F A 9313 Sale 93
4
_ 104178 1.*l S
9312 79
90
04
Warren lot ref gu g 34
8014 7712 Mar'30 -- -1
3000 F A 74
9714 1013 Wash Cent 1st gold 45
8
1948 Q 81 8512
87 Mar'30
995 101
8
Wash Term let gu 314s
1946 F A 8818
863 July'30
lot
l 40-year guar 4a
92 8
,
8412 June'30
930
W Min W & N W 1st gu ba 1945 F A 993
4
993 Apr'30
4
101 101
W Maryland lot g 4s
854 Sale 843
4
86
90
94
9712
let it ref 51-45 aeries A
72 A .1
1 957 J 0 9934 Sale 9914
993
4 37
Weet N Y & Pa let g 60
1937 -1 .1 102 Sale 102
102
1
p4 O
A s
(len gold
9238 July'30
-ill" WI: Western Peelet ser A bs_ _1104463
619
. .
Deg
9814 Sale 98
9812 25
8112 88 8
5
M S
97 Feb'30
95 4 100
3
West Shore let 62 guar
2361 1 3 90
92%
92
9258
1
76
78
2301 J J 89 Sale 89
Registered
91
36
86
9112 Wheel & L E ref 443 ser A1986 M FL 9312 95
943 July'30
4
Refunding be series 11-1960 M 5
1003 June'30
4
115
89
1949 M S "g6i4 16" 83 8 July'30
RR lot consol 4s
5
Wilk & East let gug 58
19423 D 61
667 64 July'30
8
ioi
Will ar s 1 Ist gold be
10381 13 10212 __
,
102 May'30
98% 10014 Winston-Salem S Bge ,m . _1989 j 1 85%
l 4s1 1940 J 3
wi.entp_ yr
_ _ 8614 Apr'30
100 102
lot
74
767 75%
8
75%
1
Sup it Dui div it term let le '36 M N 8614
963k 9914 Woe it COM:I East let 114s 1943 I J 8514 86% 86 July'30
93% 904 June'30
9972 10018
8713 927
INDUSTRIALS
3
8812 95% Abitibi Pow & Pap lot be_ _ _1953 ID 8512 Sale 8514
86
79
100 310414 Abraham it Straus deb 549_1943
10018 102
A0 9934 100 100
With warrant.
100
4
100 10112 Adriatic Elec Co xt175
1952 AG 98
9912 98
9912 10
10214 104
Adams Express coll tr g de-1948 MS 88
88
90
88
2
944 99
Ajax Rubber 1,115-yr.I 88_1936 3D 42
60
60
60
5
85
894 Altair& Gold 51 deb Os A
_1925 M
54 7
,
514 Jtine'30
76% 82
1926 MS
Cony deb 60 series 11
514
514 May'30
9714 110
944 9310
Albany Pefor Wrap Pap 8s_ _1048 AO 931. 2 20
96 101
1944 FA 100 1003 1004
Allegheny Corp col tr bs
4
10113 37
9418 984
D 994 Sale 994
1941,
Coll & cony 56
10014 85
10018 10018
1950 AO 9512 Sale 9514
Coil it cony be
9614 129
9112 94
Allis-Chalmers Mfg deb 58_1937 M N 1013 Sale 101% 102
4
10
b 06
Alpine-Montan Steel lat 7a 1958
963 96
4
96
3
96
99
Ass Agile Chem 1st retell 48'41 FA 1033 Sale 1033
4
4 104
16
103 105% Amer Beet Sag COM deb 139 _ _ 1935 FA 65 Sale 65
,
66
9
97% 10014 American Chain deb t 68 _ _1933 AG 10114 10112 1011
4
10112
98
98
Am Cot Oil debenture Is, _ _ _1931 MN 1003 10012 1003 July'30 13
3
3
9814 Am Cynamid deb 58
92
1042 A0 98 Sale 96
15
08
893 97
4
S 8814 Sale 8712
53_2030
Am it Foreign Pow deb
8814 116
10473 10714 Amer !cent deb ts
1953 3D
803 884
00 8 91% Amer I G Chem cony 5341.._1949 Al N 1004 Sale1 10513 July'30
3
1063
4 75
994 10114 Amer Internet Corp cone 5349'49 ..1
97% Sale 97 2
,
97% 132
103 103% Am Mach & Fdy f 85
1939 AO 104 -105 July'30
99 4 VA Amer Metal 54s
3
AG 9713 Salo 9712
1934
97% 49
8814 94 Am Nat Gas 6%e (with war)1042 AO 78 Sale
77 2
,
7914 37
91% 9618
9214 116%
100 10412
98 100
98
93
8812 94
865 9118
8
63% 70 4
,
65
62
9512 9912
11112 11512
10312 10614
10312 105%
10512 10513
101 101
10614 112
10512 10814
8812 93
1144 120
120 12611
10612 108
7
874 92 3
95 10013
904 9513
72
61
8213 884
Ø51 9914
97 100
094 104
8714 913
4
1037 10012
8
.8
983 101
10612 111
9838 104
- -13
987 1044
8
993 101%
6
104 1073
3
98 103
8
98 1053
9713 1041
90% 9312
9812 100
984 994
9212 9212
88
9613
79
904
70
8714
7014 7014
40
55
93% 977
8
9114 96
88% 9353
95 10014
10812 110
8714 9113
934 96
14184
i 10
981. 101
loo 10113
03
95 10112
8314 02%
1024 107
101 104
994 102%
101% 10512
84 i8 2
-110(1 103
92
93
8114 86%
8814 90 4
3
97% 102'4
88% 9513
724 7712
8333 90
8414 86%
834 90
093 993
4
4
80
86
94% 101
98 102%
8818 923
8
9513 99
97
97
853 92%
4
85 8 91
3
87% 943
4
983 101
4
8712 893
4
0214 71
102 102
864 8814
75 8 8314
5
853 913
4
8
905 90 4
4
3
8214 88%
97 10313
96 10012
82
SA/
454 80
54 9
61
4 58
,
85
9614
97 10414
97 10413
92
9918
993 10213
4
91 100
10212 10512
65
8753
97 10213
99 101
9112 10011
8612 89
863 90
4
100 10015
03 10114
1031 106
4
9612 99 4
3
3
923
70
New York Bond Record-Continued -Page 5
760
BONDS
N. Y. STOCK EXCFIANGE
Week Ended Aug. 1.
t3
u
Am Sm & R 1st 30-yr as ger A '47 A0
J
Amer Sager Ref 15-yr 68_ __ _1937
Am Telep & Teleg cony 48..„1936 MS
1933 MS
-year cony 44e
30
SO-year coil tr 5s
1946 JO
JO
Registered
1960 J J
55-yr s f deb bs
1943 MN
-year e f 5As
20
Cony deb 43.e
1939 J J
115-yr deb 61
1965 IA
1940 AO
Am Type Found deb Se
Am Wat Wks & El col tr 5e..1934 AO
1975 MN
Deb g 6s series A
1947 J2
ttra Writ Pap lstg6e
Anglo-Chilean s I deb 7s _ _1945 MN
Antilla(Comp Acid 714s _ 1939 J J
Ark & Melts Bridge & Ter 58_1964 M
1939 JO
Armour & Co 1st 44e
Armour & Coo! Del 5 As _ 1943 J J
Associated 0116% gold notes 1935 MS
1947 ID
Atlanta Gas L let Os
Atlantic Fruit 7s ate dep_1934 JO
JO
Stamped ctfs of deposit
Atl Gulf & WI SS L col tr Os 1959 J J
1937 J J
Atlantic Refg deb bs
Haidw Loco Works let 5e_ _1040 MN
J
&vague(Comp Az) 714s _ _1937
J
Batavian Pete gen deb 414s_ _1942
1936 J J
Belding-Hemingway(is
Bell Teiep of Pa be series B _ _ 1948 J J
let & ref 5a series C
1960 AO
Berlin City Elec Co deb 6481951 JO
Deb eink Iund 634s
1959 PA
Berlin Elec El & Linde649_1956 AO
Beth Steel let & ref Is guar A '42 MN
30-yr p m & imp s f Es_ _ _1036 2 .1
Shag & Bing deb 8 hs
1950 MS
1934 *0
Botany Cone MI119610
1934 M
Bowman-Hilt Hotels 78
13'way & 7th Av 1st COT1135.1._1943 JO
1941 J J
Brooklyn City RR let be
1949"3
Bklyn Edison Inc gen bs A
Bklyn-Man P.T sec6s
1068 J
Bklyn Qu Co & Sub con gtd Es 41 MN
1st be stamped
1941 J J
Brooklyn It Tr 1st cony g 4s_ 2002 J J
3-yr 7%s ecured notes _ .192l I
Bklyn Un El let 94-Es
1950 PA
Stamped guar 4-58
1950 FA
Bklyn Un Gas let cons g 56._1945 MN
let lien & ref Os series A__ _1947 MN
Cony deb g 549
1936 J
Cony deb 18
1950 J
Buff& Susq Iron let e f be_ _ _1932 JO
1952 AO
Bueh Terminal let 4e
'3
Consol 53
1955
Bush Term Melo Os go tax-ex '60 *0
By-Prod Coke let 534s A _1946 MN
Price
Friday
Aug. 1.
Week's
Range or
Last Sale,
Low
Illok
10212
102
10312 10414
9912 100
102 July'30
105% 10614
10312 May'30
s
8
1057 Sale 104% 1057
10814
10814 Sale 108
168
8
1623 Sale 162
10514 Sale 10534 107
10412 105 10412 July'30
10114
101 Sale 101
4 10812
107 109 1073
79
7712 Sale 7718
97
97 Sale 9634
21 July'30
28
24
10312 10312
102
92 4
9214 Sale 9114
,
83
8
82 Sale 817
4 10312
103%_ 1023
- 12
105 16i 10318 June'30
12% May'28
118
_ 12% May'29
4
733
73%
8
735 74
10218 Sale 102 10214
fill
Ask
10212 Sale
10312 Sale
100 Sale
102 104
10614 Sale
5303
No. Low
High
47
41918 1023
4
31 1017 1054
2
5
944 10012
991e 105
54 103 106 4
,
103 10312
148 10918 106
67 1043s 10812
151 13714 1934
631 10018 107
103 107
22
9912 103
7 104 10812
45
84
60
15
8312 9812
55
21
1
9814 19312
46
87% 9214
62
8012 80N
12 102 10314
1013 1031s
4
11
7
107 1074 107 July'30
74 July'30
75
74
27
95
4
95 Sale 943
2
80
7714
78
4 23
1073
107 Sale 107
10
109
4
1083 110 109
59
92
8
913 Sale 91%
15
92
91 Sale 90%
902 16
90 Sale 90
10312 10412 20
10312 105
10212 31
10212 Sale 102
90 86 July'30
86
7
36
344 Sale 344
1
102
102 Sale 102
1
10
10
10
8
2
81
8012 8112 81
2
4
_ 10538 1053
10512
99 Sale 983
,
99 4 131
4
76 July'30
69
68
8312 Dee'29
74
79
924 June'29
10614 Nov'29
105
8812 20
88 Sale 88
3
83 4 Mar'30
166TR ir6i- 106 107 13
11512 June'30
8
1165
306 May'30
200
10314 Sale 10318 10312 49
Jan'30
96
114 8
-92; - .3. 9014 July'30
12
10014
99% 100 100
4
8
10112 102 1014 1011
1
10112 10214 10112 10112
10258 10
Calla & E Corp unit& ref 5e_ 1937 MN 102% Sale 10214
100% 42
Cal Petroleum cony deb sf581030 PA 10018 Sale 100
102% 18
Conv deb s f g 514e
1938 let N 102 10212 102
38 July'30
38
Camaguey Sue tete!g 79_ _ _1942 AO 37
Canada SS L let & gen tle_ _ _1941 AO ____ 90 9514 July'30-_
7
105
Cent Dist Tel 1st 30-yr be_ _1943 JO 105 Sale 105
1
,
80 4
Cant Foundry isle!Os May 1931 IA 8014 Sale 8014
M
10418 June'30
Cent Hud & E 5s
Jan 1957
104%126 12.5 May'30
Central Steel lat g 5 I 8s._ _ 1941 MN _
S Li Sale 50
2
63, 123
Certain-teed Prod 534e A
1948
Ceepedes Sugar Co let a!714e '39 M S ____ 60 60 June'30
5312 Mar'30
63
Chic City & Conn Rys 58Jan 1927 AO 60
4
10318
Ch L &Coke 1st gu g 5s_ _1937 J J 103 ____ 103
Chicago Rye let Os stamped
41
85
Aug 1 1929int 10% pald _ _1927 FA 82 Sale 82
s 60
967
96% Sale 96
1947 J
CbIleCopper Co deb be
9114 67
1063 *0 9114 Sale 90%
ClnO&Elstm4sA
'3 70% 72 74 May'30
46_ __ _1940
Clearfleld Bit Coal lat
50
66
65 6014
1938 PA 63
Colon 011 cony deb 6ti
15
99
934 Sale 9814
1943 J
CoioF&lCogensf&s
FA 963 97
9714
9612
8
1934
Col Indus let & coil Is gu
10212 39
Columbia U & E deb fts May 1952 MN 10212 Sale 102
16 1952 AO 102% Sale 10218 10298 19
Debentures be_ _ _Apr
5
98%
8
Columbus Gas 1st gold 5s....1932 3, 983 Sale 98%
27
95
8
Columbus Sty P & L let 414s 1957"3 95 Sale 043
_ _ 100 July'30
_1934 MN 10018
Commercial Creditsf6s
9714 52
1935 J J 9714 Sale 94%
Col tr s 1 514e notes
38
Conare'l Invest Tr deb 6a__1948 MS 100 Sale 9938 100
118
95
PA 949 Sale 9414
8
1949
Cony deb 54e
4
Computing-Tab-nee a 1 6s_ _1941 3, 1053 10618 1064 July'30
J 9812
- 9812 July'30
Conn Ry & L 1st & ref g 4)481951
1051 ii 9812 10T0T 9812 July'30
Stamped guar 414e
8412 18
Consol Agricul Loan 64s_ _ _1985 JO 84 Sale 83
Consolidated Hydro-Mee Works
3
9412
93% 943 94
4
J
of Upper Wuertemberg 7s _1956
_
Cons Coal of Md blare! be_ 1950 JO 4014 50 50 July'30
51
107
PA 10612 Sale 106
(NY)deb 5145_ _1945
Coned Gas
_
Consumers Gas of Chic go 561936 JO 10214 103 102 July'30
1
Consumers Power let be__ _ _ 1952 MN 10514 Sale 10514 10514
2
93
JD 9212 93 9212
1046
Container Corp 1st 6s
3
70
D 751s 76 75
....._1943
15-yr deb 5s with
1
9514
9514
Copenhagen Telco 55 Feb 15 1954 FA 9514 97
10213 July'30
Corn Prod Refg let 25-yr s 59 34 MN l035 -. 9914 10012 23
Crown Cork &Seals!ge_ _ _1947 J 0 100 11)5
Crown-Williamette Pap 6s 1951 J J 10212 Sale 10238 102% 29
41 Mar'30
Cuba Cane Sugar cony 7,o._ _1930 J J
24% 41 Mar'30
Cony deben stamped 8%l930 J J
4 11
933
-93 Sale 93
Cuban Am Sugar 1st coil 88.1931 M
1712 15
'3 1714 Sale 17
Cuban Cane Prod deb 6e _ _1950
Sug 1st 7 hs_1944 MN ____ 22% 268 July'30
Cuban Dom
3
22
20
39
20
Steel with porch war attached_
2
103%
Cumb T & T let & gen 5s _ _ _1937 it 103 104 103
10418 21
AO 104 Sale 104
Cuyame1Irruit lets f 8s A __ _1940
76 Dec'29
DenverConsTramw 1st bs _ _1933 AO
Den Gas & EL tel & refs fg5s'61 MN 100's 100'z 10012 101
1951 MN 10012 10114 10012 10012
Stamped as to Pa tax
_ 3612 61
Oct'29
Dery Corp(D 0)let a I 75-.1942 MS _
10
io 17 10
Second stamped__
101% 10218 10112 10214
Detroit Edison let coil tr 56.1933 J
8
1043
let & ref be series A _July 1940 M S 10414 Sale 10414
4
1949 AO 10512 Sale 10512 1053
Gen & ref fai series A
&merles B_July 1940 MS 10814 Sale 10718 10814
let & ref
_- 105% 105%
D 1061
1955
Gen & ref 58 series B
10731982 FA 107 8- 4 10714 July'30
SeriesC
9918
9914 99
Bet United let cone g 4 48_ _1932 J J 99
93
4
1940 MN 923 Sale 914
Dodge Brest deb 6s
6212 62 July'30
(Jacob)Pack 1st6e _ __ _1942 MN 61
Dold
Apr'30
101
Dominion Iron & Steel Os.. _ _1939 M S 90
10312
- 4
1943 3' 10318 1033 10312
Donner Steel 1st ref 79
8 105%
4
Duke-Price Pow let es ear A _1966 MN 1053 Sale 1047
8 102
4
1013 Sale 1013
Duquesne Light 1st 434. A _ _1967 A
55
55
57
-Ire 15'7145 37 M S 53
East Cuba Sug 15
9712
97% 9814 9712
EdEIlllBkifl 1st con g 4s. 1939 J
.1 110 -_-- 110 July'30
Elec(NY)let cons g bs_ 1995
Ed
McCormick
Edith Rockefeller
8
1023
8
Trust coil tr 6% notes__ _1943 J J 1023 Sale 102 July'30
93
9314 94
Elec Pow Corp(Germany)6 40'50 MS 85
93
93
93
1953 A0
Isle t645
Cash sale.
Range
Sines
Jan, 1.
4
1
1
18
19
7
18
5
13
32
2
30
42
15
1
_
15
2
7214 80
100 103
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 1.
Elk Horn Coal let & ref 614e 1931 J O
(Deb 7% notes(with warr)1931 J O
Equit Gas Light 1st con be_ _1932 M
Ernesto Breda Co let m 75_ _1954
PA
With elk purch warrants
Federal Light & Tr lot be_ __1942 MS
1st lien e f be stamped_ _ _1942 MS
letlien6sstamped
1942 MS
-year deb Os series 13 _ _ _ _1954 JO
30
Federated Metals e I 79
1939 J D
Flat deb 713 (with ward
1946 3"
Without stock purch warrants_
Fisk Rubber lets I 8s
1941
Framerlean Ind Dev 20-yr 749'42 .1
Francisco Sugar Islet 74s_ _1042 MN
French Nat Mail SS Lines 781949 J O
Gannett Co deb 68.....
_1943 F A
Gas& El of Berg Co eons g bs 1949 J O
Gelsenkirchen Mining 88_ _ _ _1934 Mc
Gen,'Atner Investors deb 5e _1952 P A
AO
Gen Baking dabs f
Gen Cable let s f 54s A_ _ 1947
Gen Electric deb g 314s
1942 E A
Gen Elec(Germany)7s Jan 15'46 J J
S f deb 6345 with wart_ _ _1940 3D
Without warr'ts attach'd_ 1940 3D
N
20
-year a f deb 6a
1948
Gen Mot Accept deb Os
1937 P A
Gaol Petrol 1st s f be
1940 FA
Gen Pub Serv deb 534s
1939• J
Genq Steel Cast 64s with war '49 J
Gen Theatres Equip deb 68_1940 AG
Good Hope Steel & I see 7s_ _1945 AO
Goodrich(B F)Co 1st6 4s_ _1947 3"
N
Goodyear Tire & Rub 151 58_1957
Gotham Silk 'Foolery deb 65_1936 J O
Gould Coupler 1st e tle
1946 P A
(It Cons El Power (Japan) 701944 FA
ist & gen s f 014s
1950 3,
Gulf States Steel deb 54s_ _ _ 1942 JD
Price
Friday
Aug. 1.
NW. No. Low
Ask Lots
BM
_
81
8114 8112 8012 July'30
60 July'30
60
55
65
99%
100% 10112 lows 100%
77 Sale 76
07
96
97
96
97
96
102 10312 102
944 Sale 9412
98
97
99
4
94 Sale 9414
9114
92
90
8
647 Sale 62%
4
10814 Sale 1073
85 Sale 83
8
1037 104 1033
4
77%
57
96
102
95
98
95
9214
6518
10814
85
103%
Iligl
98
75
3
100 4
13
84
76
2
9714
94
1
92
9814
11 10038 105
7
924 1004
9
97 102
36
943 107
4
37
87% 94 4
7
6
5918 89
13 1034 109
4
82 07
7 1023 1043
4
8
2
85
85 84
84
10212 June'30
10278
96% Sale 96
06% 27
3
864 Sale 8614
8614
96% Sale 964
96% 27
27
99 Sale 9812 100
95 Sale 95
95 12
10312 104 10312 10412 19
107 107 July'30
2
96
9814
57
96 Sale 953
96
4
127
103 Sale 102
103
5
10214 10212 102
102
4
993 10014 100
10014 45
4
1013 Sale 10118 10214 75
9514 Sale 9514
612 106
9
1
9712 963
96
4
963
4
46
107 Sale 063
4 107
9312 194
934 Sale 93
8912 934 9018 July'30
7312 7712 July'30
69
100 Sale 997
8 10014 23
21
94
93% 9314
93
9
9812
98 Sale 9612
105 10712
91
74
92
9512
81
67
102 107%
103% 1093
8
88 e073
s
84% 96
96
86
10112c105
99% 104
91
86
341s 47
0 144,2
10
05
9
81
87
8
91%
s
1034 105% Hackensack Water let 45_ _..l952 3.1 9012 917 917
Herein Mining 13s with sit Dutch
944 101
91
91 Sale 0012
war for corn stock or Am she'49 J
77
69
8412
Hansa SS Lines 6s with warr_1939 AD 844 Sale 8314
Hartford St Ry let 48
1930 38 $ 9612 _ _ 9612 Aug'29
68
Havana Elec consol g 5e_
1952 P A 66 Sale 66
49
Deb 614e series of 1926_ _ 1951 38 S --- 5012 49
82
88s
8014 July'30
Hoe(R)& Co 1st 614s ser A _ 1934 AO 78% 84
83% 8912
_ 80% 81 July'30
Holland-Amer LIne 68(11a0_11,147 MN
a
1027 107
4
653
4
6612
Hudson Coal lot sf55 ser A.1962 3D 653 66
114 117
Hudson Co Gas let 558
306 306
1940 MN 103% 10412 10338 10312
4
102% 10312 Humble Oil & Refining 5145_1932 J J 10212 Sale 10158 1023
8
Deb gold tte
96 96
1937 AO 102 Sale 10112 1023
8 106
874 9014 Illinois Bell Telephone 5s.1958 J D 10514 106 1057
10012
94 10014 Illinois Steel deb 4148
1940 * 0 10014 Sale 100
8
883
09 102% Reeder Steel Corp mtge 6s
1948 P A 884 Sale 8714
77
79
7812
100% 10418 Indiana Limeetono lets f 69_1941 MN 77
10012 June'30
Ind Nat Gas & 0115e
1036 MN 100 _
9512
100% 102% Inland Steel let 4348
1978 AU 9512 Sale 94%
1011s Sale 10118 10118
04 10012 Inspiration Con Copper 634s 1931 M
.
912 20
912 Feb 30
9812 10212 Interboro Metrop 414s
1956 AO
65
3 65 Sale 64
'
Interboro Rap Tran 151 58_1966
38
60
65
4
643 Sale 6414
947 97
Stamped
2
4
673 Jan'30
Registered__
10218 105
48
4
10-year fle
4
/
791 8112
1932 AO 453 Sale 45
8712
10
-year cony 7% notes_ _1932 MS 8712 Sale 87
10214 10418
hot Agri° Corp 1st 20-yr 56_1932 MN 96
9712 9618 July'30
121 125
77 June'30
3714 81
Stamped extended to 1042_ _ MN 7912 80
4
60
7814 Int Cement cony deb bs_ _,1948 MN 1003 Sale 1004 10114
4 10112
5312 5312 Internal Hydro El deb (18._ _1944 AO 101 Sale 1003
Internal Match 5 f deb 53_1947 MN 100 Sale 9914 100
100 104
4 10031
4
Inter Mercan Marine of (93_ _1941 AO 1003 101 1003
09
85 Internet Paper bs sec A & B.1947 J J 8414 8412 8412 July'30
8714
94
Ref 5 I (is series A
9814
1955 MS 87 Sale 87
4
903
8
8618 91% Int Telop & Teleg deb g 4149 1952 J J 9012 Sale 903
Cony deb 43.4s
74
63
1939 .1 2 10912 Sale 10912 11112
8
975
8
973 Sale 97
Deb be
5914 8914
1955 F
95 1004
8
Kansas City Pow & Lt 58_1952 MS 1057 ---- 10514 10514
9214 98
100
983 1023
lot geld 4 Msseries B
8
1957.13 100 --- 100
4
1061s
98% 10358 Kansas Gas & Electric 6s._ _ 1952 MS 106 Sale 106
77
1943 MN 76 Sale 7512
95 98% Karstadt(Rudolph) Os
83
Keith (11F) Corp 1st Os
1946 MS 8012 Sale 8012
96
90
7512
7512 75
74
933 10012 Kendall Co 514s with warr_ _1948 M
4
8618
8618
85 100
Keystone Telep Co 1st Is, 1935 J J 8612 89
8
86 10014 Kings County El & P g 5e_1937 AO 1025 ____ 10212 July'30
Purchase money 68
1997 AO 126 130 128 July'30
83 9712
80
8
10314 10814 Kings County Elev lst g 4s 1942 A 793 ____ 793
8014 May'30
Stamped guar 46
9512 100
1949 F A
934 99
Kings County Lighting 5s
1954.13 104% ____ 10438 July'30
117
First & ref 614e
1954 3, 117 Sale 117
7512 90
8 1003
Kinney(011)& Co 74% notes'313 J O 1003 Sale 1003
104
1936 J D 104 10412 104
89 c96% Kresge Found'n coil tr Os
9612
0612 Sale 9618
Kreuger & Toll bs with war _1959,111
42 63
8 10338
Lackawanna Steel let 5.1 A _ _19 bolitl S 1033 Sale 1033
105 108
4
8 1013
8
9812 10214 Lad Gas of St I.ref&ext 55 _1934 A 0 1013 Sale 1003
4 10314
Col dr ref 5148 series C____1953 F A 1024 Sale 1023
1024 1054
103
1960 F A 1027 103 103
Coll & ref 54s ser D
891s 95%
Lautaro Nitrate Co cony 69_1954
87
74
8312
J J 83 Sale 82%
Without warrants
91% 9754
9812
9713 10212 Lehigh C & Nay s 4 413 A__1954 .1 .1 9814 Sale 98
94 101% Lehigh Valley Coal 1st g Le _1933 .1 J 10012 101 10014 10014
1st 40-yr gu lot red to 4%A033 i J 9812 __-- 97'l May'30
9912 103
9812 June'30
1st & ref s f be
4
3512 411s
9812 101
1119344 FP AA
1999:54 F A
8112 90 8112 July'30
1st & ref e f
361.8 4312
7212 May'30
70
66
let & ref s f 5s
93 10014
70 May'30
16
1st & ref s f ha
38%
70 June'30
____ 88
1st & ref s
2678 47
122
AA
20
1964
40 e Liggett& Myers Tobacco 75_1944 A 0 122 Sale 122
,
4
/
1061 _- - 10612 100%
55
1004c105
117-- 117 July'30
10214 10412 Loew% Inc deb 13s with warr_a:1
Without etocks purch warrants A 0 100 Sale 9934 10014
9512
96
Lombard Eiee let 75 with war'52 3 I)
D 9412 95 9512
8
957
Without warrants
9811 103',
110 Sale 10912 110
LorIlliard (P) Co 79
9814 104
8712 8812 8812 July'30
Os
9512
N
10
4
Deb 54s
45 t C
194 i i 9512 Sale 94%
47
104 10414 10312 10414
,
1004 103 4 Lottleyille Gas El(KY) Ea 9 M
101 1044 Lower Austria Hydro El Pow8514 8712 8514
8612
later 614e
1014 105%
984 Sale 9812
9812
105 10812 McCrory Storm Corp deb 5
9212
s OMN 92 Sale 9112
102 10612 McKes.son & Robbins deb
45
41
41
) 11
2
1023 10714 Menet!Sugar 1st I 74s _5 9 (
4" 1 0 40
s
B
0 6g _
4814 50
4712
4912
96
de 99 A
99% Manhat Ry(N Y) c
40
47
45 June'30
4
91
62 95
S
7878 ManI4sElec Ry & Lt e Es_ _3 D 9114 973 90 July'30
2d la
1 13
24
10012 101
Mfrs Tr Co ctfe of panic In
9912
9912
10112c10412
A I Namm & Son let as_ _1943 J D 99 100
8
647 65
1034 10612 Marion steam Shovel e I 6s.1547 A 0 60
67
9614 102
9318
alarket St Ry 75 tier A .April 1940 0 J 924 Sale 9212
55
Merldionale Elec let 7s _ _ _1957 A 0 9512 99 943
4
87
95
10412 Sale 10412 105
94% 97
.
ta E l s erref
12 Mel g Liet at D be ser C_ _1953 .1
99% Sale 995
109 111
8
8
905
68 leti B
Metr West Side El(Chic) 4e. 1938• A 83 Sale 83
83
100% 102% Ming Mill Mach 7s with war.11156 J D
85
85
8912 921,
.1 D 7612 80 80
Without warrants
80
218 1141,
4
_1035 M S 1013 Sale 10112 101%
MItivale Pt & 0 e.nn• P I
A
Y
Bangs
Since
Jon. 1,
Week's
Range or
Last Sale
82
92%
99% 10214
96
96 4
3
8012 92
96
96%
96% 103%
98
94
9914 105
107 124
96 101
9218 9714
10012 104%
99% 1024
934 103
10012 1061
4
9314 19014
9212c103
105 107%
96
90
87
9712
s
667 84%
9714 10112
9014 98
9612 100%
85
91%
15
2
94
86
8314 92
7
1
841k
66
49
664
90
76
9212
77
5312 73
4
10118 1061
101 102%
3
99 4 102%
103 106
07 102
82
92
8514
68
100 101
0512
91
1004 1014
94 94
744
61
7412
61
4
603 67%
8
447 6614
84
4
945
934 974
7214 79
91 103%
08 104
97 1004
96% 101%
81
V214
85
94
89% 94
105 129%
964 99's
37
2
51
24
18
17
13
7
116
7
72
168
65
11
26
67
109
3
33
33
335
157
1
1
17
9
19
17
5
19
3
1
2
125
1
11
8
23
103 106%
9512 100
104 10612
6912 83 2
7
91
74
4
743 923
4
75
90
10014 1044
125 12512
7812 82
754 84
1004 105
11414 117
100% 107%
1021 106
4
92 100%
100 103%
99 102%
1003
4c10514
102 10312
119
4
74
8712
9415 9842
4
973 101
0512 100%
8112 100
8012 83
7214 74
7614
70
75
70
11 1174 1224
15
994 1064
1014 130
39
91% 101
22
93
994
3
93 99
3 1044 1104
4
787 904
108
84
9512
7 100 10414
6
2
32
1
52
80
91
9612 10012
91
93
37
86
44
60
45
54
90
994
5
2
11
11
3
15
5
2
1
9
954 100
65
88 4
2
8912 97112
4
943 102
101 105
4
97% 993
664 83
97
81
80
90
4
9113 102
761
New York Bond Record--Concluded -Page 6
Price
Friday
Aug. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 1.
Week's
Range or
Last Sale.
E
Range
Since
/an. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 1.
Price
Friday
Aug. 1.
Week's
Bowe or
Last Sale.
1
Range
Since
Jan, 1.
Hied
Bid
Ask Low
HOD Nt Low
8212 11
8018 89
8112
8112 82
1953 J J
Rhine-Ruhr Wet Ser 643
80 98%
8
8 15
887 89
893
8812
1944 MN
Richfield Oil of Calif 6e
ems 97
8
07
96 Sale 96
14
1965 P A
Rime Steel let e f 7s
6 10514 1083s
10718 10712 0714 107%
Rochester Gas& El 78 ser B..1946 M
10412 108
3
05 4 10612
_1948 MS 10612 108
Gen mtge 644e !write C__
99%
97
973 June'30
4
Gen mtge 444e aeries D. _1977 MS 9818 100
85
85
85 May'30
92
85
Roth & Pats C dr I p m 5s. _19411 MN
8712 9012
4
9012 200
1946 AO 9012 Sale 893
7 101 10812 Royal Dutch de with warr
10112 Sale 10118 102
8
99
4
95 102
9812 9912 073
MN 56
94
98%
_
8
97
9712 July'30
1
,
0914
95 100 8 St Joe Ry Lt H1 Pr let 55_1937• .2 9712 5
9914 993 9014
4
5612 64
1
57
57
St L Rock Mt & P be etmod_19bb
0 9418 9514 94 July'30
4
911 96
4
8412
8412
80 c92
0 9418 9614 9178 Jan'30
elre 917 St Paul City Cable cons 58_ _1937 J J 8412 85
4
2 102 108
107
0 86
841s 9914 San Antonio Pub Serv let 68.1952 3.3 107 Sale 107
8712 9914 July'30
43
9282 100%
4
967
0 941g 9512 9414 July'30
9312 9414 Saxon Pub Wit,(Germany) 7e'45 P A 9612 Sale 953
30
86 c99
91
1951 MN 91 Sale 8914
.1 8312 Sale 8312
Gen ref guar 6 Hs
8312 16
8514
80
7512
7514 13
45
75
7514 77
1046
0 7318 80
73 June'30
73
7314 Schuler) Co guar 6 He
82%
3
46
SO
Guar,1 630 series IL _1946 AO 80 Sale 80
pisr 9812
99 08 July'30
98
95 100
9714 10
19
Sharon Steel Hoop e I 53496_1948 MN 97 Sale 97
100
9814 Sale 9814
89 100
MN
9212 6.74
4
967s 61
N 10458
2
8
1043
997e 104% Shell Pipe Line,f deb Es_ _ _1952 MN 967 Sale 96
- 10458
9312 9914
4
4 77
973
9838 Jan'30
8
1007
98% 98% Shell Union Oil,f deb be _1947 10 9712 Sale 963
9614 10212
4 49
993
9912 Sale 9914
1949
Deb 5a with warn
8518 94
5214 50
8932 8714 July'30
9
4
87
Shinyetsu El Pow lot 6448_ _1952 J
50% 10
49% 57
5014 5012 5014
4
41
51
6912
0 10214 10212 10214 10214
1 10012 102% Shubert Theatre 13e_June 15 1942• D
2 100 10414
3J 103 Sale 103
103
95 c10112 Siemens & Retake,I 78 _.1931
4
3
983 Sale 9734
66 4 457
4 49 10112 108
i
1051 MS 100 1017 10333 1043
Deb s f 6 He
35
23
2214 Sale 2112
2112 40
12
96% 10314
Sierra dr San Fran Power be_ 1949 FA 102 Sale 10012 102
3
8012 90%
8314
8
SlIesla Elec Corp e t 6 He __ _1046 P A 8814 Sale 8814
9812
08A
9814 99
1940 J 0 9814 Sale 9814
Newberry (J J) Co 5s14
2
86 c97
89
Silesian-Am Exp coil In 7e_ _1941 FA 89 Sale 8812
8
1035 104 108 July'30
102 104
Newark Comm! Gee cone
10412 Sale I04l4 10412 .50 100% 104%
8 1035,008
1937 M
Sinclair Cons 011 15
-year 7e _
108
10714 108 10714
New Engl Tel & Tel be A _1952
99% 100%
let lien coil Ci series It_ _1930 M S 10018 10059 10018 10014 25
98% 102
1961
let g 494o !aeries 13
8
1013 102 10138 102
41
8
993 104 2
,
1938• D 10312 104 10312 104
let lien 644s series D
90
9012 12
91
82 93
New ON Pub dery let Lie A._ 1952 A 0 89
J
9418 10232
8
30
89
89 Sale 88
First & ref be series B__ _ _1955
93% Sinclair Crude 0115940 Fier A _1938 AO 10214 Sale 10218 1023 150
83
9412 102
10112 Sale 10118
10112 40
1942
4
3
-year let g 4e_1951 F A 823 8512 8234 July'30
8014 85 4 Sinclair Pipe Line f Es
Y Dock 50
99%
91
9612 41
9614 Sale 9559
3
11339 M
Skelly Oil deb 64113
8
735
1938 A 0 7314 Sale 7314
Serial 5% notes
86
70
4
4 11 10112 104
ITT Edison let* ref 6 He A _1941 A 0 11414 11412 11414 11414 10 11112 11412 Smith(A 0)Corp lst 644s_ _1933 MN 1023 Sale 1025, 1023
9814
10
93% 98%
20 1023 106
Solvay Am Invest 6s____ _1042 MS 9814 Sale 98
1044 A 0 10512 1053 10514 106
4
let lien & ref 51 series B.
4
10312 104 105 June'30
103 107
South Porto Rico Sugar 78_ _1041 J
107 10712 107 July'30
Y One El Lt & Pr g 56_1948
104% 109
8 87 101% 105%
10434 10514 10438 1055
A 9538 Sale 9538
4
South Bell Tel dr Tel 1st s t 5s 41 .1
8
953
9284 97
Purchase moo y gold 46_ _1949
101 Mar'30
S'west Bell Tel let & ref 5e_ _1984 FA 10558 Sale 10558 10614 14 102 c101114
Coal & RR 610'42
90 101
10018
NYLE&W
4 10112 105'4
1054
99 July'30
Southern Colo Power 6e A _1947 J J 105 Sale 105
8 987 102
9818 99
NY LE& W Dock & Imp bs '43
09% 100 4
MN
1
3
4
993
4
4
993
NY 10 El I.1 P let g be_ _1930 F A 100 10012 99 July'30
99 10014 Spring Val Water lot g 56_._1943 MN 993 Sale
4
8
9934 __ 1003
8 1003
8
997 10012
4318 Mar'30
1930
let bs
1942
4318 54
43% 43% Standard Milling
N Y Rye Ist R Etc ref 13
3 100 10412
8
10014
5614 Mar'29
1945 MS 10014 1003 10014
let ref 6348
4318
Certificates of depoelt
3
10
112 64 100 4 10412
Stand 01101 NJ deb be Dec 1646 F A 10412 Sale 104
538 1 Aug'29
30-year ad)Inc 5s_ _ _ _Jan 1942 AO ____
8 80
093
9912
95
1 July'29
Stand Oil of N Y deb 4 He_11451 Jo 99 Sale 99
Certificates of depoelt
90
7
74
8012
4
418 412 4
Stevens Hotel 1st els eer A _ .1945 J i 8014 Sale 80
N Y Rye Corp Inc 139_ _Jan 1965 Apr
34
64
48
2
7214 Sugar Estates (Oriente) 7s_ _1042 MS 34 Sale 34
1965'.3 59
60 61 July'30
61
Prior lien 68 series A
3D 10612 ____ 1065
1 10312 1068
8 1065
8
8
4
104 1053 Syracuse Lighting let ft 58-.1951
Y & Richm One let 68 A...1951 MN 10512 10912 10512 July'30
1012
10
1012 10
6 c25
NY State Rye lst cons 444s_ 1962 MN
_ 10414 July'30
10218 10414
MN
17
Jan'30
Tenn Coal Iron & RR gen 55_1951 J , 10418
17
Regletered
17
4
10112
9712 10112
Tenn Cop lk Chem deb 6,13.1044 MS 101 Sale 101
1378 14 June'30
Certificates of deposit
20
14
21 104% 108
4 107
1
1047 J 1) 107 Sale 1063
10
1012
50-yrlet cone 6 SO Belies 111962 MN
c2414 Tenn Elec Power 1,1 6,
249 1003,106
MN 10714 Sale 10714
__ _1944 AO 104% Sale 10418 105
4
1073
5 10518 10812 Texas Corp cony deb 5s
NY Steam 1st 25-Yr 68 eer A 1947
144
40
45
64%
1960 J J 48 Sale 4712
N Y Telco 1st & gen s f 4448_1939 MN 10114 Sale 1005, 10112 25
8
983 10112 Third Ave let ref 13
8
225 35
235
30
11112 23 11018 112
Ad)Inc Si tax-ex N r Jan 1960 AO 29 Sale 26
-year deben f 6s_ _Feb 1949 FA 11112 Sale 11078
30
97
9612 July'30
92 100
1937 J J 95
1941 AO 10612 Sale 10612 10714 25 106% 10812 Third Ave fly let g be
-year ref gold 6e_
80
10012 19
s
9814 1007
1955 MS 10014 Sale 9978
4 11
1946 3D 9934 Sale 9912 1003
N Y Trap Rock let 6s
94 19138 Toll° Elec Power lit 78
8
4
8
8 21
995
12
4
963 100
_1932 3' 993 997 095
8 10014 103
Niagara Falls Power 1st 58_ _1932 33 103 Sale 10234 103
6% gold notes
_ 10012 103% Tokyo Elec Light Co. Ltd
Jan 1932 AO 1033 Sale 10338 10338
Ref & gen 68
8
88 Sale 87/8
85% 9212
62
88
8 10458 11 101% 105
1953 J
1st 6s dollar series
Nlag Lock & 0Pr let 5a A...1955 A0 1045 105 1045
8
J 10912 Sale 10914
4
96 1093
4
1093 129
93
31
Nerddeutsche Lloyd 20-yr s 16, 47 MN 92% Sale 92
4
863 931^ Transeont0116 As with War..1038 J
10112 13
10112 Sale 10012
8712 10112
60
92
Nor Amer Cem deb 634e A__ 1940 MS 60 Sale 5 ,
Without warrants
6012 70
8
102 103%
10258 4
0
.
Trenton 0 & El 1st g 56- -- -1949 MS 1033 _ _ _ 1035, July'30
10238 Sale 10214
No Am Edison deb be ser A _1957 M
9918 1037
8
85
7
7912 9412
4 58
Deb 534e ter 13____Ang 15 1963 P A 10312 Sale 10338 1033
9978 1033 Truax-Traer CORI CORY 634e. 1943 SIN 8412 Sale 8412
4
MN 10214 1027 10214 102%
4
7 102 10432
99
62
4
Deb Si series C__ _Nov 16 1969 MN 983 Sale 9838
8
953 0912 Trumbull Steel 1st e 1 6s.__ 1940
30 June'30
25
23
23
s
497
4 10618 29
M
ref 58_ _1962 .4
10434 106 1043
Nor Ohio 'Frac et Light 68..1947
98 10618 Twenty-third St fly
MN 9812 9912 99
8 12
993
99%
94
10379 17
Nor States Pow 25-yr 66 A _ _1941 AO 10312 Sale 103
4
993 104, Tyrol Hydro-Elec Pow 75411-1915
4
95
85
,
106
2 1025 11012
1952 FA 9114 92 4 9114 July'30
Guar sec e f 7e
let 1 ref 5-yr 6s ser B _ _1941 AO 10512 10612 106
8
10012 11
97% 10112
Ujigawa Elec Pow it 7s_ _ _ _1915 MS 10014 Sale 10014
North W T lot fdg4i8sgtd..l934 3.3 9
98 100
814 - - - 100 June'30
8 10112
100 10112
43
94
Norwe.g Hydro-El Nit 540_1967 Id N 94 Sale 93
8
883 9438 Union Elec Lt& Pr(Mo)68- 1032 51 S 10112 1015 10112 July'30
1013
4
8 100 102
5 110 112 2
1933 MN 10112 Sale
A..19411 AO 11112 Sale 11112 11112
Ref ext be
01110 Public Service 7 Hs
,
105
104 10412 104
11214 13 110 113
101 105
Un EL dr P(1101st g 534e A _1954 J
1947 P A 11214 Sale 11214
let 1 ref 7e series 13
8312
10
83
70
3.1 105 c109
108 Sale 10638 108
Union Elm' Sty (Chic) be_ ..1945 A0 83 Sale 83
Ohio River Edison let 6s_ _ _1948 J
100% 100%
1
0912 1013
4
65
FA 65 Sale 65
..1931 J J
1944
Old Ben Coal let 13e
4
597 80% Union 0111,1 lien s I Es_
4 109
5 106 109
10318
3
30-yr 6e eerie, A_ _ _May 1942 P A 109 gale 1083
Ontario Power N F let Es_ _ _1943 FA 10318 Sale 10318
9914 10414
10
8 101
98 10118
1
let lien e f 58 ner C__ _Feb 13.835 AO 100% Sale 1008
4
Ontario Tranemleziton 1s1 5e_1945 MN 1023 10312 10238 1023
98 103
10014 48
9914 10014
9712 31
Deb 5s with warr_ __Apr 1945 J D 100 Sale 100
1953 MS 9712 Sale 96
Oriental Devel guar es
95 100
4 10312 13
MN 1023 Sale 1023
99 10312
4
9059 22
1958 Si N 0018 Sale 9018
Esti deb 54Is
6
8 % 9314 United Biscuit of Am deb 66_1942 MS 98 Sale 98
9812 54
9212 99
05
38
MS 95 Sale 9234
1953
United Drug 25-yr 56
Oelo One 1 El Who e3t1 511_ _1963
00 97
6712
1
6712
74
67
10234 32 10014 104
4
United Rye St L ist g 48_ _ _1934 ii 6712 68
Otie Steel let M 613 eon A _ _ .1941 MS 1023 Sale 10218
1
9612 101
49 1005 104
3
' 103 Sale 10212 103
1937 MN 100 10012 10018 10018
United SS Co I5-yr 6s
Pacific Gas & El gen /ref M.1942
8
903
2 41
8514 92
• A 097 101 100 July'30 _ __
A.1951 3D 89 Sale 89
8
Pao Pow & Lt let& ref 20-yr 53'30
1493 1023 Un Steel Works Corp 6 He
4
4
13
90
4
812 92
1951 • D 8912 Sale 8912
5 100 1033
Boo,!614,series C
Pacific Tel & Tel lst be
1937'.3 10338 104 10312 10312
4
9112 46
8912 9111
8 19 101% 1067s
1947 ii 90 Sale 90
f deb 133is ser A
s
1952 MN 1057 10614 10534 1067
Ref mtge 53 eerlee A
10334 10414 10 10114 10784 United Steel Wke of Burbach
4
Pan-Amer P & T cony,168.1034 MN 1033 104
1 102 10718
106
106
9912 June'30
let lien cony 10-yr 7s_ _ _. 1930 F A
Esch-Dudelange a I 78... _1961 AO 106
9912 104%
8
.1 823 Sale 8134
80
8259 35
90
91
8814
13
93
Pet Co(of Cal)con•69'40 J o 91
88
9812 U S Rubber let& ref 5e ser A 1947 .1 A
10112 July'30
997 10112
8
10214 20
10-yr 744% seeured notes.1930 F
Paramount-13'way let 5 Hs. _1061 J J 10218 Sale 102
99 10318
61
61
1
61
66
83
60
10134 19
Universal Pipe & find deb 6s 1936 J
Paramount.Fam's-Lasky 68_1947 J o 10134 Sale 10114
98 10314
86
8
81
80
91
SO
3
1053 AO 86 Sale 8512
84
Park-Lx lot leaeehold 640.1953.3' 80
66
86111 Unterelbe Pow dc Lt 613
9614 33
A0 9614 Sale 9512
9218 97
6778 70 July'30 _ _ _
Parmelee Trans deb 6e
1944 AO 67
70
4
910 Utah Lt 1 Tree let & ref f.4.1944 P A 101 Sale 100% 10114 31
11712 1017
2
'944
Put & Paseale 01 El cons be 1949 M
10318 ____ 10134 June'30
Utah Power & Lt let 68
1013
4
_
7312 32 101
4
4
99 10318
PatheExch deb 7e with warr 1937 MN 6134 Sale 613
Utica Flee I. & P let if g 60_1950 J J 1023 -- 10318 June'30
80
36
10612 107
6 10214 107
J 10718
81
19
Penn-Dixie Cement 69 A._ .1041 M S 8012 Sale 7818
Utica Gas& ElIC ref & ext 5e 1057
5512 85
13
91
9012
9
88
95
_ 11358 July'30
Poop Gas & C let cone 68-1043 A0 11212
11114 113% Util Power & Light .5148_ _ .1047 3D 9018 86
41
4 104
80% 92
30 101 c10512
Refunding gold Se
3
1947 MS 103 4 105 1033
Deb 56 with or without war1959 P A 85 Sale 84%
10078 Mar'30
Id S
_ 1007 1007
Registered
6
8
3712
7
37
PhIla(0 eee be ser A
10078 Sale 1003, 10078 92
6112
1967 J
Yertientes Sugar let ref 7s_ _1942 JO 3712 Sale 37
96 101
23 June'30 _ _ _ _
45
21
21
30
Phila Flee Co let 434e
1953
_1967 MN 102 Sale 10112 10212 10
97 10212 Victor Fuel let e f Es
7218 June'30
_
7218 90
8012
81
12
Phlia1 Reading C& I ref 50.1973 J J 80, 81
73
70
26
Va Iron Coal& Coke let g be 1949 M
80
88
83
10114 Sale 10114 101%
9
4
983 Sale 97
4
093 10212
Cony deb Cle
4
993 138
1949 M
Va Sty & Pow 1st dr ref 5s_ _1934 J
91 110
9912 10012
3
9318 10911
4
Phillipe Petrol deb 534e- _ _ _1939 3D 0618 Sale 953
9614 177
Walworth deb 634s with war 1935 AO 9814 108
97
80
_96 9512 July'30 __
9614
87
Pierce Oildeb f 89_ _Dec 151031 J o 106 107 10612 July'30 __ 104 107
Wlthout warrants
gii4 so
104
83
1 10212 10514
Pillsbury Fl Mille 20-yr 6s_ _1943 AO 102 104 104
934
1st sink fund (31) series A _ _1945
4
9414 113
Pirelli Co (Italy) cony 78_ _ _1952 MN 100 10412 105 July'30
_ 100 1133 Warner Broe Pict deb 68_11439 Id S 943 Sale
4
99
9412
'9412 95
9412 28
95 10018
ePocah Con Collieries let,f 5?'57 J
Warner Co let Cs with wart 1944 AO 97
9412 95
9
4514
1
4 989
973 96 July 9997384 _4 _ 698
98 3
9'0 _91 _
A 0 96
98
89
Port Arthur Can & Dk the A _1953 FA 10412 Sale 10412 10412
Without warrants
102% 10512
10418
7 10212 107
1953 P A 1023 ---- 105 June'30
let M 6s series 13
4
78_ _1941 JO 104 Sale 104
102 1043 Warner Sugar Refin 181
4
47 June'30
4214 48
__
100
Portland Elec Pow 19t 6e 13_1047 MN 9914 100 09
4512 5612
21
9612 100% Warner Sugar Corp let 7e_ _1939 ▪ J 4214 Sale 4214
43
4214 5112
13
102
Portland Gen Elee lot 6.1._ _1935 J J 10112 102 102
34
Stamped
9314 103
_ _1930 M N 10118 Sale 10118
Portland Sty let1 ref
10118
8114 95
1939 MS 8114 Sale
2
97 10118 Warner-Quinlan deb lie
18514 July 11
01
105
83
' 9 10C12 106
'0
_
Portland Ry 1..14P 1st ref 56_1942 P A 10118 1043 10012 July'30
4
96 10134 Wash Water Power, bs_._1939
105 July'30 __ _ _ 103 4 1071
09
4
let lien & ref 6s series B._1947 MN 99 Sale 07
1
etpd gtd_ 1950 JO 105
,
Westchest Leg g
96% 101
10514
9 10134 10514
let lien & ref 7948 ser A _ .1946 MN 10512 106 10512 July'30
West Penn Power eer A Es_ _1946 MS 105 gale 105
10418 107
58
908,87
8
1055 106 1017 Ju 000
y'38
,
86
102 10578
1963 M
27
PortoRIcan Am Tob cony 6,1942• J 8512 Sale 8512
let &queries E
8512 98
8
5 104 1057s
1953 A0 1057
Postal Teleg & Cable coil 58.1053 J J 9312 Sale 9212
9312 64
- 105% 105%
1s1 5448 series F
91
9612
10514
1051
28 l017 10512
87
8714 87
Pressed Steel Car cony g 513_1033 .1 .1 83
8
2
let sec Es series 0.......11356 ▪ D 10514 gale
77% 94
1041
190
26 10112 10412
Pub Sere Corp NJ deb 430.1948 P A
Jan'30 _ -- 181 194
Electric deb 5s _ _ _1944 AO 10412 Sale 1033
Western
1053, 10538 11
103
3
D i(5A
' 10214 103
22 10011 103%
Pub Serv El & Gas 1st& ret 60'65
8
10218 1053 Western Union coll trust 5e _ _ 1938 MN 99% Sale
21
4
101
1067 J O 1003 Sale 100
19
let& ref 494e
95 10014
Fund& real eet g 4 Hs___.1960
9512 101
8
8 17 108 110
1936 FA 1095 Sale 10912 1098
1971. P A 10014 Sale 10014 10012 67
Sat & ref 43.-(e
-year 6 Hs
15
9812 100,2
% 1 051
103
10412 28 10018 10412
J 25 Sale 25
25
1051 J O 10412 Sale 1033
1
Punta A lave Sugar deb 7s_ _ 1937
-year gold 55
25
25
55
2312 July'30
24
1960 MS 104% Sale 10334
41
Certificate, of depoelt ______
130 10238 105
-year 56
30
2312 55
8212 Sale
4 100
4
24
19
Pure Oil s 544% notes_ _ ...1937 FA 993 Sale 993
76
91
971 2 10012 Westphalia On El Pow Os__ _1953 .1 .1 102% Sale 10
.1
82% 103
212
;
82
1940M S 983 Sale 9812
4
S f 534% notes
44 1003 10318
4
083 155
Wheeling Steel Corp let 5941 1948
4
9714 100
92
.1948
Purity Bakeriee f deb 58..
0412 14
4
9412 Sale 933
58
93
let & re( 444s eerie, 13_ _ _1963 AO 92 Sale 9138
87
92
9712
96
1937 MN 96 Sale 96
Bemington Arm@ Ile
4
93% 9712 White Eagle 0111 Re(deb 5%8'37
8
Rein Rand deb 634e with war '47 M N 983 Sale 983
1041
4
99
57
12 10214 108'4
With stock punch warrante_ _ _ MS 10412 Sale 104%
02% 101
81 May'3
.1
es s I. _1040 A 0 10212 Sale 10212 10212
5 10114 10314 White Sew Mach 60 with warn '36
Repub I & S 10-30-yr
90
81
59% 60
60
62
Ref1 gen 514,series A__ _1953 J J 10312 104 10412 July'30
3
60
Without warrants
86
8
1001e 1047
59
60
8 1045
104 104% 1043
60
8
62
Revere Cop & Br 66._ _July 1918 M
3 1Cr2 10514
5
GO
Panic e I deb 6s _____ ___1940 MN
8018
• J 20
25
20 July'3
4
Relnelbe Union Ie with war_ 1946 J J 9614 1013 9714
993
6
4
20
40
09 10712 Wickwire Spen St'l let 713_1935
84
21
2412 21
963
512
Without etk porch warn..1046 J J 95 Sale 9
4 38
21
1
Ctt dep Chase Nat Bank
2012 Me
9234 99
25
25 July'30
78 A _1960 M S 10112 102 10112 10112
78.Jan 1935 MN 20
Rhine-Main-Danube
2 10
1812 41
0 103 8 Wickwire Sp Sri Co
,
20 Sale 20
10112
4
Rhine-Westphalla El I'ow 78 1050 81 N 101 Sale 101
20
4
3
13% 39 4
Ctt dep Chase Nat Bank
9714 104
7
100
00
1952 MN 89% Sale 89%
8
Direct intge 6e
11
9512 Willys-Overland 816 Hs_ _ _ _1933 MS 99 10014 9914
98 101%
86
003
4 15
Cone M 6801'28 with war_1953 F A 9012 Sale 90
10012 31
9918c1027s
83
9412 Wilson & Co let 25-yr 01 68_1941 Al) 10012 Sale 100
9012
F A 9012 Sale 90
Without warrants
5
103
7 100 104
Winchester Repeat Arm,1931e '41 A0 103 10318 103
94
85
8
.• 1 1027 Sale 1 10278
4
91
room Not 1930 with warr1955 A 0 9014 Sale 893
eel, 633 Youngstown Sheet dr Tube 5s '78
77
8
10314 66 1001- 10314
•CUD gale
Milw El Sty & Lt ref & ext 4448'31
General A ref bs'cries A __tile]
1961
let I ref Ls series B
1961
lel & ref be ser Beemp
Montana Power let 6s A_._1943
1962
Deb Sentries A
Montecatin1 Min & Agrio_1837
Deb 71 with warrants_
without warrant
Montreal Tram let* ref 58.1941
Gen & ref s f 52 merles A _ _1955
1955
Gen & ref f 5. Ger B
Gen 414 ref a 634s ger C_ _1955
1955
GengerefstbsserD
_1939
Morrie* Co let, t 4
Mortgage-Bond Co 41, ter 1.1966
-35
10 -year Miseries' 3_ _ _1932
1934
Murray Body 1,1 634
,
Mutual Fuel Clas let gut 56_1947
5401 Un Tel gtd 434 int at 5%, 1941
Namrn(A I) & Son_ _See.Mfrs Tr
Naseau Elec guar gold 44- --1951
1942
Nat Acme let s f 6e
Net Dairy Prod deb 5H a_ _1948
1947
Nat Radiator deb 634e
SW
10012
8
1027
4
1013
10114
8
1037
4
1023
1
HU/ No Low
Ask Low
11
9713
Sale 100% 101
9974
10114 July'30
4 14
1013
9684
Sale 101
3171
8
1013 9912 Jan'30
8 24 100
,
Sale 103 4 1037
4 30
9814
Sale 10212 1023
High
101
103
10114
9918
10411
10312
762
FINANCIAL CHRONICLE
[Vol,. 131.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, July 26 to Aug. 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares,
Railroad
Boston & Albany
100
Boston Elevated
100 79
First preferred
100 106
Second preferred__ _100
Bost & Maine pr pf stpd100 108
Ser A lot pref stpd
Series D lot pref Mod_ _ _
Class A lot pref
100
Boston & Providence 100
Chic Jet Ry USY pref _100
East Mass St Ry Co
Preferred B
100 16
Maine Central
80
NYNH& Hartford_ 100
Northern RR of N H
Norwich & Worcester p1100
Old Colony
100 14136
Pennsylvania RR
50 75
184% 185
76% 7935
106 106%
90% 94
107% 108
76
76
150 150
70
70
179 179
110 110
16
80
104%
110
130
141%
74%
1735
80
107
110
130
14135
76%
78
829
37
80
179
25
20
5
10
12
Range Since Jan. 1.
High.
Low.
175
67
103
8835
104
71
144
66
170
101
Feb
Jan
July
July
Jan
July
July
July
Jan
Jan
187
July
8435 Mar
110
Feb
9934 Mar
11135 Apr
Mar
84
Apr
165
78 June
179
July
111% May
125 18
Aug 47
Apr
July 86
10 78
Jan
Ill 9735 June 127% Apr
14 10836 Feb 110 June
July 135
357 129
Apr
31 125
Jan 14134 July
1,094 69% June 8734 Apr
Miscellaneous
-American Founders Corp..
1135 1031 12
5,402
9% July 32% Jan
Amer& Conti Corp
1735 17% 18%
90 1636 June 3115 Apr
Amer Pneumatic Service25
4
4 June
4%
75
Jan
9
Preferred
16
220 16
16
July 24% Jan
Amer Tel & Tel
100 210
209% 22035 7,009 19934 June 27435 Apr
Rights
17% 19% 103,730 16
June 22% Apr
Aviation Sec of N E
Apr
6%
6
Feb 12
315
5
Bigelow Sanford Carpet-• 56
5535 56
Jan
50 55 June 80
Boston Personal Prop Trust
23% 2335
June 28
25 21
Apr
Columbia Graphophone
------ 1734 19%
200 1531 July 3735 Apr
Cont Security Corp
46
46
110 46
50
Mar
Aug 63
Credit Alliance Corp el A.._
Apr
934
1,542
835 9
7 June 20
Crown Cork Internal Corp 11
11
12
526
9 June 12% Mar
East Boston Land
235 2%
East Gas & Fuel Assn com_ 30% 3034 31
434% preferred
100 8135 81
8236
6% preferred
100 9515 94% 9536
Eastern SS Lines Ino_ _25
26% 26%
Edison Elec IlIum
100 259
256 270
Empl Group Assoc T C.._
25
25
25
Galveston Houston pref.__
7
7
7
General Alloys
1136 10
12
General Capital Corp
42
42
45%
Georgian Inc
435 5
Preferred class A
10
10
German Credit lst pref_ _
18
19
Gilchrist Co
9
9%
Gillette Safety Razor
7935 88%
Hathaway Bakery pref_.
101 103
Class A
40% 4036
Class B
18% 1934
Hygrade Lamp Co
29% 29%
Preferred
89% 8931
International common____
5% 7%
Int'l Hydro-Elec class A__ _
36% 40
Jenkins Television
431 434
Kidder Peab accept A pf100
89
89
Loew's Theatres
25
9
834 9
Mass Utilities Assoc v t c__
7%
734 736
Mergenthaler Linotype_ _- 97
94% 97
National Leather
10
134 1%
Nat Service Co corn v t
3% 4
New Eng Equity Corp---- --2734 2634 2734
N E Public Service new -2635 28
New Engi Tel & Tel_ _100 -iiii; 143 145
North Amer Aviation Inc9
10%
North &South Amer
15% 1631
Pacific Mills
100 21% 2134 23
Plant (T G) pref
100
6
5
6
Public Util Holding com_. 19
18
20
RailwayLt & Serv Co corn 69
69
70
Reece But'hole Mach Co 10
15
15%
Reece Folding Mach C0_10
134 1%
Shawmut An T C
Stone & Webet Inc cap stkSwift & Co, new
Torrington Co new
Tr -Continental Corp
Union Twist Drill
5
United Founders Corp com
United Shoe Mach Corp_25
Preferred
25
US Elec Power Corp
Utility Equities Corp pfd- Venezuelan Mex Oil Corp10
Warren Bros New Stock_
Westfield Mfg Co corn_
Whittelsey Mfg Co A
Mining
Arcadian Cons Min Co_ _25
Arizona Commercial
5
Calumet & Heels
25
Copper Range Co
25
East Butte Copper Mine_ _
Island Creek Coal
1
Preferred
Isle Royal Copper
25
Keweenah Copper
25
Mohawk
25
New River Co pref.._ _100
15
North Butte
25
Old Dominion Co
•
P C Pocohontas Co
25
Quincy
St Mary's Mineral Land_25
Utah Metal & Tunnel__ _1
1634
30
17%
66
31
13
81
16
81%
2935
55
12%
24%
1734
65
31
1234
81
4
46
24
62c
17
86%
30
5534
1335
25
18%
66%
31
14%
82
5
4735
2434
750
350 35e
1% 1%
1536 1634
935 10
115
1% 136
35
35
105 105
7
7%
2
2
2634 28
49
49
1%
I% 2
5
5
5
14
15
1635 1735
13
14
360 40c
1515
BondsAmoskeag Mfg Co 68_1948 8035
Boston & Maine 4158_1944
Brown Co 5358
1946
East Mass St RR ser A 4%8 3516
9934
Int Ilydro Elec 65
Kan City M &B Inc 5s
1955
Mass Gas 5s
New Engl Tel & Tel 58.'32
P C Pocahantas deb 7s '35
102
Swift & Co 58
Western Tel & Tel 58_1932 100%
2
50
290 26
347 76
873 92
100 25
1,121 237
877 21%
30
5
260
8
220 40
1
65
9
75
155 11
38
9
2,001 5814
70 98
25 29%
55 1815
20 27
20 88
4%
July
Jan 41
Jan 83
Jan 99
June 36
Jan 276
Feb 27%
July 24
July 14%
June 60
Mar
6
June 11
Jan 19%
19
July
July 105%
Apr 108%
Mar 41
July 4015
Mar 34
Mar 93
Apr
Apr
Jan
May
Apr
Mar
Apr
Jan
May
Apr
July
Mar
May
Jan
Jan
Jan
June
Jan
Apr
Jan
1,190
75
73
669
25
65
1,275
133
842
284
750
355
14yi Mar
535 July
Apr
33 June 53
2% Jan
934 Apr
Jan 91
Apr
88
1215 Apr
735 Jan
6% Jan 12
Mar
94% July 10835 Feb
2% May
115 Jan
314 June
8 June
25 June 3734 Jan
June
25% July 31
141
July 16035 Apr
535 Jan 1535 Apr
10% July 16% July
Feb
20 June 30
Feb
Apr
5
7
15
July 27% Apr
64 June 9034 Apr
15
Jan 1634 Apr
PI, AD
134 Jan
845
914
555
20
123
375
2,869
1,651
719
520
410
420
156
21
200
15
70
28
53
11%
24%
1535
58%
30
11
71
3
42%
22
62c
June 21% Mar
June 11334 Apr
June 34;5 Jan
Jun. 67
Jan
Jun
20% Apr
June 51
Jan
July 44% Mar
June 68% May
Jan 32
Mar
Jan
July 23
Jan 91% Apr
July 78% Jan
Jun
Mar
65
Feb 2735 Jan
July
235 Feb
100 25c
1%
650
220 13%
162
9%
120
1
25 31
55 105
590
8
300
1%
55 24
70 49
1,067
1%
4
160
285 10
625 11
670 12
400 350
May 60c
Jan
Jan
131 Jan
Jun
32% Jan
Jun
16% Jan
Apr
Jan
Jul
43
Jan
Jan 10514 Apr
Jun
1235 Jan
Jun
235 Feb
Jun
52
Feb
Jul
64
Jan
Jun
535 Jan
Jun
10
Jan
Jan 17
Mar
Jun
4434 Apr
Jan
July 28
Jun
900 Apr
35
274
100
23
200
935
60
79
82 $11,200 78
93% 9334 6,000 93%
9234 9234
1,000 9235
35% 37
4,000 3534
99% 99%
1,000 97
99% 9934 2,000 97
98% 9814 2,000 98
101% 10134
1,000 9934
10835 10835 3,000 100
102 102
1.000 100%
100% 100% 10,000 99%
July
July
July
Aug
July
Feb
May
Jan
Jan
Jan
Feb
84
100
97%
48
108
100
100
101%
110
10234
101%
Feb
Feb
Jan
Mar
Apr
Apr
June
May
Feb
May
July
•No par value. z Ex-dividend
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, July 26 to Aug. 1, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abbott Laboratories com' 42;5
Acme Steel Co
25 55
Add'sograph lot Corp corn'
Ainsworth Mfg Corp com10
All
-Amer Mohawk Corp AS
Allied Motor Ind Inc com' 10
Amer Corn Power A corn.*
1st preferred 3634 A.. •
1st preferred $7 A
• 95
Am Equities Co com. •
Amer Pub Serv Co pf..100 97%
Amer Pub UM pr pref_ _100 107
partic preferred
100 103
Amer Radio & Tel St Corp*
Amer Service Co corn_
•
Am Util & Gen Corp B vtes
9
Art Metal Wks Inc com_ •
Assoc Tel & Tel el A
• 67
Assoc Tel Util Co eom• 22%
Atlas Stores Corp com
* 2916
Auburn Auto Co com_ _• 118
Automatic Washer cony pi*
Balaban & Katz
Voting trust Ws
25
Preferred
100
Bancoky Co (The) com_10
Bastian-Blessing corn _ _• 42
Beatrice Creamery com_50
Bendiz Aviation com____• 31%
Ilinks Mfg Co.A cony pref.
Borg-Warner Corp coin _111 2934
7% preferred
100
Soria Vivitone Corp pref.'
Brach & Bons (EJ) com.• 15%
Bright Star Flee A
•
Brown Fence & Wire cl A _•
Class B
•
Bruce Co (E L) corn
Burnham Trad Corp corn *
Convertible preferred_ _* 21%
Butler Brothers
20
9
Castle & Co (A M)
10
CeCo Mfg Co Inc corn_ •
Cent Illinois Sec Co ens__ -----Central Ill P it pref
• 95
Cent Ind Pow Co pfd__100 9114
Cent Pub Serv class A • 28%
Common
Cent S W COI corn new • 23
• 96%
Preferred
Prior lien preferred__
102%
Cent States DUI $7 pref *
Cent West P S B pref_100 75
Chain Belt Co corn
•
Cherry Burrell Corp com _• 3315
Chia City & Cons RyPart share common '
Part preferred
•
Chicago Corp corn
• 11
Convertible preferred ' 38
Chit Investors Corp com.'
Preferred
• 36%
Cities Service Co corn...* 28%
Club Alum Uten Co
•
CommonwealthEdlson.100 297
Comly Tel Co cum part_.
ConstruMaterial Corp corn. 1636
Preferred
•
Consumers Co Common.._5
Cont Chicago Corp
Common
• 1434
Preferred
• 43
Cord Corp
8
Corp Sec of Chic allot ctf_. 65%
Common
• 25
Crane Co corn
.26 42
Preferred
100 114
Curtis Lighting Inc com__• 15
Curtis Mfg Co com
5 2316,'
Decker, Cohn & Co
A common
100
Dexter Co (The) corn_ __ _5
Diversified Invest Inn CIA' 54
Duquesne Gas Corp corn
El Household Util Corp_10
Flee Research Lab Inc....'
Empire Gas & Fuel Co
6% preferred
100
634% preferred
100
Fed Compress & W corn.'
FitzSimons & Connell
D & D common
20
Foote Bros & M Co _5
Gardner-Denver Co corn •
Gen Theatre Equip v t e.•
Den Water Wks Corp ol A•
Gleaner Com Har corns...
Goldblatt Bros Inc corn •
Great Lakes Aircraft A__•
Great Lakes D & D
•
Greyhound Corp corn_
•
Grigsby-Grunow Co corn..'
Hall Printing Co corn__ _10
Hart-Carter Co cony pfd.'
Hormel'& Co(GA)com.*
Houdaille-Hershey Corp A•
Class B
•
Illinois Brick Co
25
Ind Ter Blum Oil n-v
Inland UM Ino class A-_-•
Instill Util Invest Ine___-•
Rd preferred
•
Invest Co of Amer corn....'
Iron Fireman Mfg Coy c•
Jefferson Else Co com.
....•
Kalamazoo Stove cora_ •
Kati Drug Co com
1
Kellogg Switchb'd com__10
Ken Radio Tube & Li
Common A
•
Ky Util pr cum pref._ __50
Keystone Steel& Wke corn•
Lane Drug com y a. •
Libby McNeill & Libby-10
Lincoln Printing
7% preferred
50
Lindsay Light corn
10
Lindsay Nunn Pub Co
$2 convertible pref____*
Lion 011 Ref CO corn____•
Loudon Pack Co com_
Lynch Corp corn
•
41
4215
55
5534
32
32
23
24
1% 1%
10
10%
2334 2336
89
90
95
95
15% 19
97
97%
99 10734
97 10336
1% 135
9
9%
9
9
11
11%
6535 67
22% 23%
28% 2936
117 131
11% 11%
75
95
20
3734
84
31%
22
2836
98
6%
15
1
2015
15
29%
5
20
835
600
400
350
450
850
2,150
50
100
79
800
32
677
651
850
550
150
350
529
2,950
150
5,100
20
75
50
95
10
20
150
43% 5,150
84
150
3314 10,950
22
100
31% 21,900
98
50
8
250
16
750
1%
150
2236
250
1534
400
3334
700
634 1,550
23
650
9
2,150
42% 4334
8% 8%
24% 25
93
95
90
92
28% 30
31
31
23
24%
96)4 9714
101% 103
8235 8215
75
75
42
42
3336 3315
150
150
350
267
95
1,150
15
2,400
200
450
15
50
100
10
45
1
43
1
4534
114
82%
82% 83
87% 88
22
22%
14
2134
12
2235
6114
94
32
3034
7%
52
15
23%
44
23
18
Mar
99
Jan
May
38
33% Apr
4% Apr
19% Feb
Apr
32
90 [May
Jan
95
Mar
22
Apr
100
10734 Aug
10335 July
316 June
May
12
1535 Apr
2734 Feb
Ally
67
29% Feb
3634 May
284% AM
15
Jan
68%
90
19
30
70
28
22
24
9535
4%
1435
%
17%
936
29%
5
20
834
Jan 84
Jan 100
Jan 25
June 46%
Jan 9136
June 5714
July 30%
June 503(
June 101
June 17%
July 18
Feb
4
Jan 28%
Jan 31
July 5934
July
1734
July 3615
June 17%
35
8
23
9135
86%
28;5
22
20
9331
98
82
75
4135
27
June 71
Apr
June 2015 Jan
June 33
Feb
July 97
Mar
Apr 95
Jan
July 42% Apr
Feb 4034 lay
June 81
Mar
Mar
May 100
Jan 105
Apr
July 96
; Jan
Feb 90
Jan
June 4834 Apr
June 40
Jan
14% 1534 3,900 1434
42% 43% 1,300 42%
14,250
9
8
6
3,900 54
6536 68
17,850 1935
2435 27
42
42
951 42
114 114
185 113
15
15
40 15
23% 24%
185 1934
60
175
193
100
28%
so%
Mar
Jan
Mar
Ayr
Apr
Apr
Mar
Mar
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Jan
1% 2,260
1
Jan
2% June
14
350
9% Feb 20
Mar
12
13,700 10
June 17% Apr
38% 2,750 3634 July 65
Mar
835 2,750
516 July 10% Apr
Apr
37% 1,050 32% Jan 41
2935 29,750 24% June 4414 Apr
4
3% Jan
7
100
Apr
293 312
4,250 235% Jan 338
APT
13
July 30
18
100 18
Apr
1634 17
Jan 24
100 14
Apr
4035 41%
250 36% Jan 49
Apr
3% July
314 434 1,050
8
Feb
12
14%
54
1115
3334
28%
High.
Low.
35
Jan
54
July
2235 Jan
19 June
1
Jan
10 June
2135 June
81
Jan
July
90
535 Jan
95% June
88
Jan
Apr
90
134 Jan
Jan
5
June
8
10
June
58
Jan
19% June
1735 Jan
June
92
1135 June
1
14
10%
38
6%
3631
27%
1114;
13%
53
1134
10%
Range Since Jan. 1.
9%
13%
4835
10
July 25
Apr
Aug 49
July
June 17% Mar
Jan 72% tor
June 28% Apr
Apr 44% Mar
June 11734 May
June 22
Feb
June 28
Mar
June
July
Jan
June
16
Mar
16
Jan
54
July
16% May
6,200
650
40 June
St Jan
673-1 Apr
254 Apr
150
100
200
76
Mar
80% Apr
22
July
86% May
8935 May
2315 June
39
10%
55
32%
28
2735
19
5%
2814
736
13%
40%
200
12
1,400
5534
210
3536 2,000
2831
350
29% 1,700
20
20
6
6,200
30
1,350
8
300
15% 23,570
27
10
55
30
20
1935
1834
4
28
7%
1215
Mar
June
July
June
Jan
Jan
July
Feb
July
July
July
6435 Mar
22
Are
645.1 Feb
51% Apr
33% June
86% Apr
26% Jan
834 Feb
3134 July
Feli,
13
2714 June
21%
17%
30
1935
1135
1914
32%
22
60
93
36%
25
32
2314
650
17%
100
30%
400
21%
350
12%
400
20
300
32%
200
24
4,750
63% 107,500
99
2,600
3835
200
2535
150
3234 1,600
2135
15%
2531
1835
10
19
27
21
51%
81
3636
22
28%
Aug
June
May
July
June
July
July
July
June
Jan
July
Jan
June
3135
27%
3614
81
2834
27
47%
34%
7034
9914
58%
29
58%
53
56
30
31
4,4 5
8%
51
52
15% 1534
Mar
Feb
Jan
Feb
Apr
Jan
APT
Apr
Feb
Mar
June
June
Apr
1,250
600
550
July
50
27% July
4% Jan
84% Apr
4254 Feb
8% Apr
500
127
150
5% Mar
Jan
50
Jun
10
1535 Apr
52
July
22
Jan
134
14%
23
44
10%
134
16
24
44
1035
100
1,850
450
160
200
115 July
1134 Jun
19
Jan
4135 May
5% Jan
Jan
6
2735 Ayr
29% Apr
4434 Apr
1434 Apr
23
18
47%
2134
23
22
4735
2131
100
4,150
200
200
22
18
40
14
June
July
Feb
Jar
May
28
2935 Apr
Apr
62
3131 Apr
AUG. 2 1930.]
FINANCIAL CHRONICLE
Tenn Prod Corp corn
•
Thomson Co (J R) oom_26
Time-O-Eltat Controls A _.•
Transform Corp of Am corn'
Twelfth St Storm pref A..'
Twin States Nat Gas pt A.•
Rights
United Am Utll Inc corn..."
•
Class A
Unit Corp of Amer pret •
Un Ptrs & l'ubs Inc cv pf *
20
U Gypsum
U 8 Radio & Telev oom_.•
Utah Radio Prod corn....
CBI & Ind Corp corn....'
Convertible preferred..'
UM Pow & Lt Corp A___•
Common non-voting...'
Viking Pump Co pref__ •
•
Vortex Cut) Co
•
Class A
Warchel Corp cony pref .
Ward (Mont)& Co cl A *
Wayne Pump Co
Convertible preferred..'
Western Grocer common.25
Western Pr Lt & Tel A...'
7% preferred
Wextark Radio Stores com•
Williams 011-0I-Mat corn *
Wisconsin Bank She corn 10
Woodruff & Edwards me
Participating A
•
Yellow Cab Co Inc(Chle).•
Zenith Radio Corp corn..'
Feb
Mar
Feb
Mar
Mar
Apr
Jan
Alm
Mar
Apr
Apr
Apr
Apr
Feb
60
10
100
100
100
100
300
300
200
1,032
309
26
35
300
91
954
2155
32
12%
28
22
851
10
213
215%
115
120
14
200
6
8
16
25
22%
1734
735
1234
34
2935
25
23
1234
34
42
20%
6%
13%
23
3334
24
28
19
118
13534
140
22
116 116
200 210
6
6%
19
20%
8
855
951
9
3
654 3631
28% 29
32
32
1554 16
634 654
31
31
2254 2254
2454 2535
97
98
90
93
2135 23
17
18
15
15
135 155
74 8
104 1234
554 6
1235 1354
1034 1034
3335 3434
2954 30
1 110
Feb 122
420 200 June 293
1,50
554 June
935
50
19
July 26
70
7
July
163-4
25
74 June 19%
50 34 June 45%
10
26
July 37%
10
30
Jan 40
1,75
14
June 16%
2,10
5
June 10
50 31
July
35
50 2254 June 2634
2,450 2454 July 2535
83 93
Jan 100
25 82
Jan 93
650 1935 Jun
3335
350 1655 Jun
3255
10 11
Jan
18
300
134 Feb
,
331
350
651 July 38%
135 10
July
18
100
555 July
18
350 12
Jun
64
400
735 Jun
14
1,650 29
Jun
38%
3,300 28
Jun
33%
May
Feb
Jan
Mar
Apr
Apr
Mar
Feb
Feb
June
Apr
Feb
Apr
July
June
Apr
Mar
Mar
June
Apr
Mar
Jan
Jan
Mar
Feb
May
Feb
124
3955
25
2435
12
1334
54
134 15
1'
19% 20
14
1534
20
21
405-4 4314
20
2154
6% 7%
133.4 147-4
227-4 24
3355 3554
17
19
284 28%
24
2435
28
2855
19
19
118 118
50 12
500 35%
650 214
2,850 21
30 10%
2,251 11
3.950
lie
1,350 1335
350 17
400 1054
200 20
1,700 37%
2,700
8
800
434
7,450 12
1,400 21
850 30
400 14
22 25
1,350 2034
400 254
20 19
150 112
June
Mar
AM
June
May
May
May
Apr
Apr
AM
May
Ayr
May
May
Feb
Feb
APT
Mar
Apr
Apr
Apr
Apr
Jan
1255
3754
2354
2234
12
1235
July
17
July 4754
Jun
8254
Jun
2635
July
17
Jun
1835
Jun
74
Jul
20
July 22%
Jan
2355
July 24
Jun
68
Jan 29%
Jan
10%
Jun
23%
Jun
29
Jun
4
554
Jun
28
Jan
2955
Jan 2934
July 34
Au
2554
Mar 130
834
3154
16
29
80
1055
7
8
313.4
1655
3034
80
13
7
8%
15
630
1,430
30
550
100
5,250
28
Jan
1155 Jan
24% Jan
80
Jun
9
July
6
Jun
July
35
17
30%
80
24
8%
11%
834
13
1335
2E35 26
83.4 955
50
1,250
1,000
12
Jai
2554 Jun
5
Jan
16
Mar
81
mar
1654 June
1035
Bonds
1927
Chic City Ry be
85
85
$7,000 70
Certificates of deposit._ _
8335 84% 12,000 6954
Chicago Rye1927
&
84
84
3,000 7135
Com'w'h Edison 455s C '56
98% 98% 1,000 9554
1943
111
let mtge es
111
1,000 109
1940 10255 102 105 181,000 98
Insult Utll Inv 68
Northwest Elev 5s _ _ _1911 89% 8914 8955 1.000 77
Sou Nat Gas Corp 68_1944
9654 9655 2,000 9
64
Ex-el vidend p Er-delta
• No par value
May
June
July
June
Jan
Apr
Jan
High.
434
57
49
11734
1655
70
1434
4154
2834
7
27
7834
14
1934
4354
4654
105
854
1534
4934
20
20
1655
8.5%
194
95
3355
5354
62
44
954
18
954
59
107
1534
934
5334
35
2%
3154
3035
4934
10234
2634
394
61
434
Feb
Apr
Apr
May
Apr
Feb
Feb
May
Apr
Apr
Feb
Feb
Feb
Feb
Mar
Feb
Apr
Mar
Feb
Mar
Jan
Jan
Feb
Mar
July
June
May
Mar
May
Jan
Apr
Jan
Apr
Apr
May
Mar
Mar
Mar
Feb
Jan
Apr
Apr
Apr
July
Apr
July
Jan
May
82
34
37
75
129
10034
10354
tot
9055
44
4354
8654
12914
10034
10754
Int
June
Mar
Apr
July
July
July
July
Twy
Jan
Jan
July
Feb
July
July
Jan
1,4u
* No par value.
Baltimore Stock Exchange.
-Record of transactions al
Baltimore Stock Exchange, July 26 to Aug. 1, both inclusive, compiled from official sales lists:
Stocks-
',MOW
OOMS
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Appalachian Corp
* 4254
Arundel Corp
Atl Coast Line (Conn)__50
10 37
Baltimore Trust Co
Baltimore Tube pref.._100
• 27
Black;& Decker corn
25 26
Preferred
Ches & P Tel of Balt pf _100 118
Commercial Credit pref _25
Consol Gas E L & Power_• 115
554% pref w I ser E-100
100
5% preferred
• 15
Eastern Rolling Mill
Emerson Bromo Seltz Awl
25
Equitable Trust Co
Fidelity & Guar Fire_ _ _ _10 38
50 170
Fidelity & Deposit
48
First Nat Bank w i
Houston Oil pref v t Mrs 100
Mfrs Finance 2d pref_ _ _25
Maryland Casualty new w 1
Maryland Trust Co new w I
hierch & Miners Transp- _•
NIonon W Penn PS pref.25
10
Morris Plan Bank
Mort Bond & Title w I____
Mt V-Woodb Mills v t_100
100
Preferred
New Amsterdam Cas Ins__
Northern Central
10
Park Bank
Penns Water & Power_ •
Un Porto Rican Bug corn.'
•
Preferred
50
Union Trust Co
United Rys& Electric _ _ _50
US Fidelity & Guar new 10
West Md Dairy Inc pref. •
50
Prior preferred
39
34
3845
3834
29
20
30
393-{
5435
Bonds
Baltimore City Bonds
1954
48 Annex Impt
Alabama Co gen 6s...1933 100
Fair & Clarke Trac 55_193S
Finance Co of Am 6481934
Md Electric Ry 1st 55_1931
Norfolk & Portsmouth 5%.
Sou Bankers Sec ex-warrs_United Ry & El 1st 45_1949
1949
Income 45
i me
'-• "-
334
4254
145
3635
49
25
25
11734
2354
114
109
103
15
31
140
37
170
4731
80
354
44
145
37
49
2934
2655
118
2355
117
109
103
15
3134
140
38
17155
48
SO
13
39
34
383.4
2
554
113.4
14
7
73
38
88
29
77
15
28
63
9
39
91
54
13
40
34
39
2554
1135
14
7
73
3834
88
29
77
20
30
63
9
3955
92
5454
100
100
88
100
9735
995-5
8934
5355
40
f15;4
100
100
88
100
9755
9954
894
5335
4055
115 S4
Range Since Jan. 1.
Low.
High.
254
40
145
35
49
25
25
11334
2255
93
10554
9954
1454
30
140
36
165
4635
77
June
June
July
June
July
July
Jul}
Jan
Jan
Jan
Jan
Feb
June
Jan
July
June
July
June
Mar
13
3555
34
37
2354
1134
1235
7
73
36
8535
29
72
15
28
61
855
373.4
90
48
Jan
June
July
June
Jan
Apr
June
July
Feb
June
Feb
Jan
Jan
July
July
Feb
Jan
June
Mar
Jan
17
48
34
47
26
16
20
17
86
43
88
30
953-5
40
43
744
1335
49
94
5455
Apr
May
July
Jan
Feb
June
Jan
Mar
Mar
Apr
June
Jar
Alm
Feb
Jar
Fell
Yet
API
API
May
97
98
87
97
94
9831
8255
53
34
RA t4
Jan 100
Mar 100
Feb 8954
Feb 100
Jan 98
Apr 9955
Jan 8935
July 65
Jan 4955
Inlv
Rd
July
Aug
Apt
July
June
June
July
Apt
Yet
Tar
5
Jan
4734 Mar
175
Afar
4435 Apr
55 A Apr
56 - Mar
2745 Jan
1183.4 June
253.4 Apr
126
May
10954 May
10335 June
2554 Jan
3355 Jan
161
Mar
49 - Feb
190 - AP
51551May
92
Apr
•No par value.
Feb
Feb
85
July
8435 July
Feb 84
Ma
0555
Feb 113
June 11235
Jan 8915
July 100
July
July
June
Mar
Aug
May
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 26 to Aug. 1, both
Inclusive, compiled from official sales lists:
Bonds9034 9034
Consol Trac N J 151 55 1932
39
4054
Elec & Peoples tr ctfs 45'45
3954 3954
Ctfs of deposit
1935 8634 8634 8655
Keystone Tel 5s
Lehigh Valley Annuity Gs__ ______ 129 12954
16034 10054
43.54
Pulls Flee (Pa) 1st 58_1966 10734 107 10735
virii....inertnn rina ca
Int
101
Low.
234 June
4234 June
36
Jan
11354 Jan
734 June
July
58
834 Jan
3834 Jan
2034 June
33-4 Feb
1955 July
6134 June
754 July
14% June
3354 June
3534 July
9754 Feb
6334 June
854 June
3034 June
1434 July
1555 June
1034 June
6954 June
1% Jan
8655 Jan
3134 Jan
49
Jan
July
50
2955 July
534 June
1434 June
531 June
42 June
10235 Apr
554 June
July
3
34
Jan
1-16 July
1-16 July
2554 Jan
27 June
3134 Jan
9634 Jan
14
Jan
3954 July
5531 May
235 July
..to
V - obc000
c
984
101
35
4535
1954
4445
45
1852
20%
336
33254
94
9435
9754 9736
2134 2154
32
33
1234 123.4
33
34
34
24
24
25
855 835
12
12
13
28034 279 298
280
280 298
12334 12354
127 128
14
14
1434
9754
ao
14 17.4
93
9331
3235 3234
5254 53
50
52
2934 3055
6
634
1534 153-4
6li 655
50
51
104 10455
555 834
3
331
4635 48
1-16 1-16
1.16
34
26
2
654
274 2735
3455 38
102 102
19
17
3954 3954
6035 6036
35-4 355
wvm
Mar
Feb
July
June
July
June
July
July
June
Jan
Jan
Jan
Jan
June
10
250
106
165
700
450
3,250
50
50
1,000
250
350
4,200
350
1,000
10.1
to ..w
w
Mar
Apr
Apr
Mar
May
Jan
June
May
Apr
May
July
Jan
Apr
Apr
Apr
Jan
Feb
Apr
Mar
Mar
Mar
Apr
Jan
Apr
Mar
Apr
AM
Apr
Apr
Jan
Range Since Jan. 1.
8888888888N85n88888885:18888888888888888t8g8g8n
113
105
102
100
98%
96
3654
13
,
4
7234
16
24
15
22
8%
2455
31
88%
251
50
2614
101%
44
16
10
69
5554
2835
84%
25%
5545
94%
91
81
8431
9535
91
1854
,
tt
47
8
10
855
7
2
14
20
18
1%
43
124
75
27
11
335
41
35
18
64
13%
4135
399
21
32
71
250
50
9,072
500
1.150
400
75
105
3,900
450
254
274
4355 44
4035 44
11534116
834 934
6334 65
11
1234
4054 4055
22
23
455 434
2334 2334
6434 65
755 735
1635 1754
3734 3815
3534 37
102 102
70
7251
1054 1134
3534 39
1434 1454
1634
114 12
7554 7651
co
.
.vv.calo.vbco 014
Jar
Jan
Jan
Jan
Apr
Feb
July
June
June
May
Jan
May
June
Jan
June
June
Jan
Mar
July
June
Jan
June
Apr
Jan
June
Jan
June
June
June
June
107% 10745 110
9855 100
9755 9731
9435 97
9651 97
97
933( 93%
22
2034 233.4
3.4
3.4
48
47
50
10
10
22% 22%
2234
954 9%
11
9
1155
3
3
3
17
17
26
26
2755 28
135
155
4734 453-4 474
15
1535
90
90
90
34
3755
12
12
4% 435
444 48
43
45
19
1954
7055
6654 66
164 1735
4255 4251 4255
Almar Stores
•
23.4
American Stores
•
Bankers Securities pref_ _50
Bell Tel Co of Pa pref__100 11555
Budd (E. G) Mfg Co
"
834
Preferred
Budd Wheel Co
Cambria Iron
50 4055
Camden Fire Insurance_ _ _ ______
Central Airport
44
Commonwealth Cas Co_10
Electric Storage Batty_100
Empire Corporation
Exide Secur
17
5
10 37%
Fire Association
Horn & Hardart(NY)corn' 37
100
Preferred
Insurance Cool N A....10 7034
Lake Superior Corp_ _100
Lehigh Coal & Nay new w I 3634
Mitten Bank Sec Corp__ __
1455
Preferred
1655
Penroad Corp
1131
Pennsylvania RR
50
Penn Traffic
235
Phila Dairy Prod pref___25 93
PhilaiElec Pow pref
25 3255
Philadelphia Inquirer pf w 1 53
Phil Insulated Wire
50
Phila. Rapirran 7% pref _50 2944
Railroad Shares Corp
Reliance Insurance
10
.
Seaboard Utilities Corp_ _
Scott Paper
7% A
Shreve El Dorado Pipe L 25
834
Sentry Safety Control
Taeony-Palmyra Bridge..' 4634
Tone Belmont Devel____1
1
Tonopah Mining
50
Union Traction
Certificates of deposit _ _ _
United Gas Impt coin new • 3494
•
Preferred new
US Dairy Prod corn ci B.* 17
Warner Co
W Jersey & Seashore RR 50
Ins Co. North America_
-.0MM.00tOtO
June 74
Apr
June 5334 Feb
June 4014 Mar
June
431 Feb
Jan 36
May
July 84
July
June 3851 Apr
Jan 1084 Mar
Jan
551 Apr
Jan
8
Feb
June 1855 May
Jan
2934 Feb
June 49% Aug
July
5
May
vWbwbobt'co
294
3535
29
155
1735
84
25%
98
13.4
3
13
2154
42
235
Stocks-
38888888
33
22,550
3934 5,700
550
30
154
250
3434 10,100
84
50
3034 63,753
101
150
235 2,100
435
350
1635 2,150
27
2,850
4934 1,500
3
750
High.
P
35
3731
2935
154
32% 3155
84
2954
30
10031
2
17-4
455
1534
26
454 45
234
23
36%
37%
30
Low.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
..O
m
..4c4C tO
,
lOcOPQMOINtO WtOMMWO. b24 .4W.9 PM -4
,.
,
Q.V
.0WOICocnoloW.WOMN C.UTU-.Mor0-440.W.W0Wco
Majestic Househ UM corn •
Marshall Field & Co corn.'
Manhattan-Dearborn oom•
•
Meadow Mfg Co corn_
Mar& Mfrs See Co A corn •
7% prior preferred_ _100
Middle West Utilities new•
•
16 (rum Preferred
Warrants A
Warrants B
Midland Nat Gas part A..•
Midland United Co corn- •
•
Preferred
•
Warrants
Midland URI100
7% prior lien
100
Preferred 7% A
100
6% prior lien
100
6% preferred A
Miss Val URI Inv 7% Pf A •
6% Prior lien pref
Mo-Ran Pipe Line corn_ _6
Rights
•
Modine Mfg corn
Mohawk Rubber Co corn •
Monighan Mfg Corp cl A *
Monroe Chemical Co corn •
Morgan Lithograph oom_.
r
Muncie Gear Co A
Muskeg Mot Spec irony A'
National Battery Co pref.'
Nat Elec Power A Part--_•
Nat Leather Co com_ _10
NatPub Serv $355 cony PT
Nat Scour Riven Co cam •
•
Certificates
•
Nat'l Standard corn
Nat Term Corn part pfd.•
Nat Un Radlo Corp com_•
NobbUtt-Sparks Ind corn.'
North American Car oom_•
North Amer 0& El Cl A_ •
No Am Lt & Pr Co corn--•
N &it Am Corp A corn..'
Northwest Bancorp corn -50
Northw't 0til100
7% preferred
Prior lien preferred__100
Ontario Mfg Co corn
Parker Pen(The) Co corn 10
Penn Gas & El A corn..'
Perfect Circle (The) Co-.*
Pines Winterfront oom---b
Polymet Mfg Corp eorn--•
Potter Co (The) corn_ ___•
oom--•
Pub Sere of Nor
Common
100
100
6% preferred
100
7% preferred
•
Q-R-11 De Vry corn
Quaker Oats Co
100
Preferred
Common
•
Railroad Shares Corp corn •
Rath Packing Co corn _ _10
Reliance Internal Corp A.*
Reliance Alfg Co corn_ _10
Rollins Hoc Mills cony pf_•
Ross Gear & Tool corn...'
Saugamo Electric Co cotn.•
•
Saga Co corn
Seaboard DUI Shares Corr•
Sivyer Steel Casting COM.*
SO COIO Pow Elec A com_25
Southern Union Gas corn..
Southw Gas & El 7% Pf 100
Sowedt Lt & Pow pref.-•
Standard Dredge cony P1•
Common
•
Standard Pub fiery A__ •
StelnIte Radio Co
Stone & Co(H 0)oom - --•
Storkline Furn cv
_25
Studebaker Mail Order A.*
pf_Super Meld Corp corn
•
Sutherland Paper Co cornI0
16
Swift International
25
Swift & Co otfa
Range Since Jan. 1.
763
ggnnIn
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, July 26 to Aug. 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
•
Allegheny Steel
Aluminum Goods Mfg...*
•
American Austin Car_
Arkansas Nat Gas Corp-.
Blaw-Knox Co
•
Clark (D L) Candy
1935
1055
14
5655
194
635
10
3554
14
57
1934
755
1056
36
1435
110
50
1,285
335
145
145
Range Since Jan. 1.111
Low.
5654 July
June
18
June
5
Jan
9
2155 Jan
13
Jan
High.
72
Apr
24
Jan
755 Jan
164 Mar
41% Apr
1934 Apr
764
FINANCIAL CHRONICLE
Unlisted—
45
43
45
Copper Welding Steel
Internat Rustless Iron_ - - _ ......
1% 2
135 131
Leonard 011 Development_
134
106 106
Lone Star Gas pref
5
5
Mayflower Drug Stores
Western Pub Serv v t c
2134 2134 2234
Rights—
Western Publle Service_
135
134
Mar
Jan
Apr
Mar
July
Jan
Jan
June
July
Jan
July
July
June
Jan
Jan
Jan
Mar
Jan
Jan
Aug
June
Jan
May
July
July
June
High.
330
14%
28
105
90
123
102%
32%
9634
5634
4935
634
3334
4535
45
175
80e
5
25
3
5975
23
2715
4c
2735
4934
July
Apr
Apr
Aug
Jan
Apr
June
Apr
July
Apr
July
Jan
Apr
Apr
Feb
Mar
Apr
Apr
Mar
Jan
Jan
Jan
Feb
Feb
Apr
Apr
197 40 June 50
1,625
3
134 June
100
4%
I June
200 10434 Jan 110
5
10
334 May
1,110 2031 July 33
Apr
Feb
Apr
Apr
Apr
Apr
100
35
10
100
10
200
45
1,817
15
3,231
500
50
1,170
58
40
10
1,500
40
770
25
625
180
3,460
1,000
1,555
140
3,970
305
83.4
1831
100
85
11835
, 9935
20
9534
34
4034
335
k24
33
35
155
330c
235
12
235
45
18
21%
20
333
3635
1
July
131 July
• No par value. k Includes also record for period when in Unlisted Dept.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, July 26 to Aug. 1, both inclusive, compiled from official sales lists:
rttuuy
Stocks—
OE.G4
Last IVeek's Range for
Sale
of Prices.
Week.
Par. Prices. Low. High. Shares.
Aluminum Industries, Inc•
Am Laund Mach com___20
Amer Products pref
•
Amer Rolltig Mill com__25
Amrad Corp
•
100
Baldwin new pref
100
Central Trust
Champ Coat Pan spl 01 100
Churngold Corn
•
One Adv
Products*
CNO&TP
100
100
Cin Gas & El pref
50
Clue Street Ry
50
Clue & Sub Tel
City Ice Sr Fuel
•
100
Col Ry Pr lot pref
Crosby Radio A
•
Crown Overall pref..
100
•
Dow Drug common
Preferred
100
Eagle-Picher Lead com _ _20
Early & Daniel common_ _•
Fifth-Third-Union Tr...100
•
Formica Insulation
Gerrard S A
•
•
Gibson Art common
Gruen Watch common- •
ilk,
Preferred
1835 1934
60
63
18
19
5335 5835
18
19
60
60
265 265
105 105
18
18
50
49
323 323
100
9934 100
43
4331
43
9934
9931 99
43
43
107
107 107
1231 1335
13
10335 105
13
12
104 104
8
735 834
23
2234 2435
300 300
3435 35
1531
12
12
37
3634 37
36
35
36
110 110
1934
6034
1834
5535
18
4131
• 42
Hobart Mfg
100
93
lot Print Ink pref
100
90
Kahn let pref
40
Participating
2934
534
Kodel Elec & Mfg A
•
• 2531 2534
Kroger common
99
100
Lazarus pref
35
•
Lunkenheimer
•
20
McLaren Cons A
•
234
Moores Coney B
23
Nat'l Recording Pump- —• 25
113
Ohio Bell Telep pref._ A00 113
• 1434
14%
Paragon Refining B
73
Proc dr Gamble com new _ _• 73
100 9435 943.4
Pure Oil 6% Prof
• 46
41%
Rapid Electrotype
19
• 19
Richardson corn
14
"
United Milk Crate A
70
10 72
US Playing Card
25
US Print & Litho corn _100
9%
•
Western Paper A
90
100
Wurlitzer 7% pref
43
93
95
2934
535
2634
99
35
20
231
25
114
1434
7434
97
46
1934
14
72
26
935
90
120
1,472
11
124
36
50
4
37
10
65
3
340
345
210
4
25
157
5
120
10
957
411
65
6
75
225
213
70
Range Since Jan. 1.
Low.
17
4735
18
4835
12
60
265
103%
15
49
320
95
4034
91
38
102
1134
10334
12
104
735
22
300
2934
12
35
35
110
July
June
Jan
July
Jan
Mar
June
Jan
Mar
July
July
Jan
July
July
July
Jan
Jan
July
July
July
July
July
Jan
Jan
July
July
July
July
High.
3034
75
21
10035
32
60
280
105
23
6235
350
10135
4535
119
49
10734
27,
106
18
107
15
43
320
53
24
50
4234
113%
Feb
Jan
Jan
Feb
Apr
Mar
Mar
Mar
Apr
Feb
Mar
Jan
Apr
Jan
Feb
May
Apr
Jan
Jan
Feb
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Mar
200 41% July 50
Apr
July 101
72 88
43 80
July
July 95
Feb
55 2134 July 30
835 Mar
100
5 June
Jan
173 2234 June 47
Feb 101
May
10 94
July 4434 Jan
1 32
Jan
Jan 21
228 19
Apr
5
2% July
15
Jan
25 20 June 36
Apr
187 100% Feb 115
735 Feb 1534 May
100
7834 June
1,628 5234 Jan
407 9435 July 10034 Feb
Apr
347 3934 Jan 60
Mar 26
Feb
250 16
July 1934 Jan
205 14
Jan
July 91
205 70
Jan
July 33
132 25
9 June 13
Jan
40
Jan
May 100
5 90
Gt Lakes Towing com.._100 98
98
93
Greif Bros Cooperage CIA * 38
38
38
Guardian Trust Co...._ _100 365
365 365
Harbauer,corn
•
18
19
India Tire & Rubber corn.*
1534 16
Interlake Steamship, corn •
70
7034
Jaeger Machine, com
*
22
22
Jordan Motor, pref. __100
8
8
Lamson Sessions
• 2335 22% 2335
Leland Electric
•
35
35
McKee AG & Cool B....* 6634 65
65
Midland Bank indorsed 100
344 345
Miller Wholes Drug cora •
3031 3134
Mohawk Rubber corn
•
10
10
National Acmecom
10
1435 1434
National Carbon pref_ _100
129
National City Bank___100 34135 34135 34135
National Tile corn
• 13
13
1335
Nestle-LeMur corn
•
1% 235
No American Sec cl A___•
535
535 5%
Nor Ohlo P & L 6% pref100
98% 9831
Ohio Bell Telephone of _100
112% 114
Ohio Brass B
* 6635 66% 68
Preferred
100 105
105 10645
Parkard Electric com_
•
1731 1734
Paragon Refining cl 13 com•
1431
14
Patterson Sargent
•
27
2734
Reliance Manfg. corn_
•
3836
Richman Brothers com__• 76
76
7635
Robbin.s&Myers v t c ser 2*
3
3
3
Prejerred
25
934
9
934
Selberling Rubber cora
*
Selby Shoe prof
100
Sherwin-Williams com__25
A preferred
100
Smallwood Stone com—•
Stand Testae Prod A pref •
Thompson Products Inc..*
Union Metal Manfg corn.*
Union Trust
25
Van Dom Iron Works come
White Motor Secur pref100
Youngstown S & T pref 100
Range Since Jan. 1.
Low.
High.
..
.
,
11n5.C.J.00 05 CI
004.01.00010CA
317 317
9% 9%
22
22
105 105
85
85
121 121
101 10134
2135
20
9634 9634
4035
38
4934 4935
4
4
2834 30
3635 37
3834 3835
157 157
60c 65c
435 434
18
1934
234
23.4
4634 48
1831 19
2634 2734
20
2e
17
1834
40
4334
Low.
94
36
350
18
834
70
21
8
20
27
Jan 100
June 43
June 43234
Jan 25
Jan 25
Jan 87
July 2935
July 14
June , 2034
Jan I 38
Ally
Feb
Feb
Mar
Apr
Mar
Feb
June
Feb
May
.
. .I .
05. .
.
J
ts,
NI...
..,
-.
Ca V. e0.00 ACUCOOCODO 4.4.4..t.,.0.gQ.C.J.
0.W0000-4COMCmt.O.WOO.00000
Colonial Trust Co
100
•
Devonian 011
10
•
Electric Products
Home (Joseph) pref _ _ _100 105
Exchange National Bank50
Jones & Lau'gn St pref _100 121
Koppers Gas& Coke p1100
Liberty Dairy Prod
• 20
let preferred
100
Lone Star Gas
* 39
McCrady Rodgers pref.
•
4
McKinney Mfg
5 2834
Mesta Machine
50 37
Nat Fireproofing
50
Preferred
Peoples Say & Trust_ _20
25c 600
Phoenix 011
Pittsburgh Brewing
50
Pittsburgh Forging
•
235
Pittsburgh 011 & Gas
5
Pittsburgh Plate Glass__25 4635
Pinta. Screw & Bolt Corp_' 1834
5 27
Plymouth 011 Co
1
San Toy Mining
Shamrock Oil Jr Gas
• 1831
United Engine & Fdy-- •
Range Since Jan. 1.
[Vol,. 131.
rnaay
scaes
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
44
340
22
8
11
129
340
12
1%
3
90
110
65
101
16
735
23
3635
75
3
874
Mar
June
Mar
May
June
July
July
July
July
May
Jan
Feb
June
Jan
July
Feb
Jan
June
June
Aug
July
69
403
3235
16%
26%
135
350
29
10
735
100
116
76%
107
25
lb%
29
50
99
731
1435
Mar
Jan
Apr
June
Feb
Apr
Feb
Feb
Feb
July
June
AP r
Apr
May
Apr
May
534
90
73
105
8
30
2134
3231
75
6
101
9716
June 1835
July 95
July 85
Jan 109
Apr 11%
July 58
June 37%
Mar 4534
June 95
July 11
Jan 10631
July 10335
Feb
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Jan
Apr
June
Feb
. .
t.,
COW0 0.41-01q3Cnta.CAC.,
,
M000<000.000C,
Friday
sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
631 7
90
90
7735 79
10636 10635
9
9
03
38
2435 25
40
40
8236 8235 83
634
106 106
99
9934
79
mar
Apr
Feb
Feb
Feb
•No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, July 26 to Aug. 1, both inclusive,
compiled from official sales lists:
•
Stocks—
Last 1Veek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Batik Stocks—
First National Bank__- _20 80
Merc-Commerce
100 250
7931 81
249 251
Trust Company Stocks
Franklin-American Tr_100
Mississippi Valley Tr__100
240
260
240
260
Miscellaneous Stocks—
Bentley Chain Sts com_ •
7
7
Brown Shoe common_100 40
3974 40
Burkart Mfg pref
• 12
12
12
Century Electric Co_100 105
105 105
Chicago Ry Equip com_ _25
15
15
Coca-Cola Bottling Sec..1 5935 5934 6074
Consol Lead & Zinc A•_
4
4
"
Dr Pepper common
42
•
42
Elder Mfg A
100 73% 73
7334
Ely & Walker D G com _ _25 2634 2635 2636
HydraullePresBdck pfd 100
31
31
International Shoe com-• 55% 5531 51335
Preferred
160
10634 107
Johnson-S & S Shoe
4635 4634
*
McQuay-Norris
4331
43
*
Moloney Electric A
55
• 55
55
Mo Portland Cement_ __25
2931 30
Nat Candy common
2434 2434
•
12
Pedigo-Weber Shoe
•
12
Rice-Stix Dry Goods corn.*
1335
13
Scullin Steel pref
18
18
*
S'western Bell To pref__100 122
12135 122
BM( Baer Jr Fuller corn •
21
21
Wagner Electric com_-15 2334 2335 24%
Street Railway Bonds
City & Suburban P S 5s'34
E St Louis & Sub Co 5s'32
Dm
United Rys48
Range Since Jan. 1.
Low.
High.
122 7831 June 90
198 245 June 301
13 239
5 259
7
25
40 3734
135 1035
6 100
100 14
1,753 3834
2%
20
27 2735
125 66
125 26
25 31
288 5334
16 10435
140 40
220 38
20 52
81 29
25 2054
45 10
110 13
45 18
39 11634
110 19
274 20
Apr
Jan
July 297% Feb
Jan
July 300
July 13
July 42
July 16
July 115
Jan 2735
Jan 6034
635
July
Apr 50
June 75
June 2935
July 38%
June 63
Jan 10734
June 55
July 51
Jan 66
July 35%
June 27%
July 18
July
16
July 3135
Jan 123
June 2634
June 3834
Feb
May
May
Mar
Feb
July
Jan
June
Jan
Apr
Feb
Jan
June
Jan
Apr
Mar
Mar
Mar
Feb
Feb
Jan
June
Apr
Apr
5735
Miscellaneous Bonds—
St Louis Car 6s
1935
Serial
Scruggs-V-B 7s
79
80
86,000
9574 9574 4.000
8734 8774 30,000
79
July
9534 Feb
6731 June
8734 Jan
9575 July
74
Jan
97
9735
9734 9735
80
95 June
9531 Jan
9735 July
99 May
5,000
1,000
• No par value.
•No par value.
Los Angeles Stock Exchange.—Reeord of transactions
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, July 26 to Aug. 1, both in- at the Los Angeles Stock Exchange, July 26 to Aug. 1,
both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
•
Aetna Rubber,com
5
6
•
Allen Industries, corn_
9
1034
American Fork dr Hoe..100
152 155
let preferred
100
116
American Multigraph corn'
3535 36
•
Apex Electrical Mfg
16
16%
Preferred
100
81
81
Bessemer L & Cmt cl A_ •
29
29
Canfield Oil, corn
100
91
91
Central United Nat
20
71
70
Chase B & C pf ser A_ _100
103 103
City Ice & Fuel4235 4234
Cleve-Cliffs Iron, pref.._ :
95
95
Cleve Elec 1116% pref__100 113
112% 113
Cleve Ry ctfs dep
100 83
83
83
•
Cleve Secur P L pref
2
2
Cleveland Trust
100
418 418
Cleve Union Stkyds corn.' 1635
1635 1634
Commercial Bookbinding.*
15
15
130
150
43
5
178
150
6
10
5
100
45
60
85
24
215
9
13
10
15
•
Dow Chemical, corn
Elec Contr & Mfg cora_ •
•
Enamel Prod
Faultless Rubber, com_ •
Ferry CM/ & Set Screw__ _•
Firestone T & R 6% pfd100
General Tire dr Rub, com25
Geometric Stamping
•
rtnorirtsh. oref
100
140 6935
70 6734
3
7
500 3331
lop 10
25 7135
10 135
20 10
10 81
10
10
70
68
8
35
10
7134
130
10
Si
72
70
8
35
10
7135
13034
10
81
High.
5
5
125
110
34
12
June
834
Feb 1435
Feb 160
Jan 110
Jan 41
Feb
1634
Feb
May
July
Jan
Mar
July
29
8834
70
101
3834
0135
110
83
234
410
15
12
June
June
July
Mar
July
Mar
Jan
July
July
July
Mar
Mar
3234
110
86
104
47
9531
11335
9335
335
401
18
20
Feb
Mar
Jan
Apr
Apr
May
July
Feb
Feb
Jan
Jan
May
Feb 100
June 83
June 11
June 37
Aug 1935
July 8634
May 163
July 25
July 01.35
Apr
Feb
Jan
Feb
Feb
Mar
Mat
Jan
J1113
,
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks—Par. Price. Low. High. Shares
Barnsdall 011 A
25
Bois& Chin).Oil A
1
Bway Dept St pf ex-w__100
Byron Jackson
•
California Bank
25
Central Investment Co..100
Claude Electric Prod_ _•
Douglass Aircraft Inc____•
Emsco Derrick Jr Equip_
Gilmore 011 Co
Goodyear T Jr R pref__100
23
23
10% 1435
6831 68% 68%
13
13
104% 105%
95
95
95
35
33% 3535
20
20
20
1634 16% 1634
1635 16%
95
96
Home Service 8% pret _ 25
Internat Re-Ins Corp__ _10
LA Gas & Elect pref._ _100
L A Investment Co
10
Monolith Portl Cem cora.•
Pacific Finance pref A__10
Series D
10
Pacific Gas & Elec com_25
First preferred
25
Pacific Lighting corn
•
Pacific Mutual Life Ins_ _10
Pacific Pub Sem A corn_ _*
Pacific Western 011 Co.. •
Pickwick Corp corn
10
Republic Petroleum Co.10
Republic Supply Co
•
Richfield 011 common_ 25
Preferred
25
22
22
3734 38
105% 107%
16
16
4
4
1035 1035
9
9
56%
56
27% 27%
84% 8431
80% 83
2734 27%
1535 16
434 4.8
2.55 2.8
2915 2935
17% 18
19
19
56
80%
4%
2.55
17%
Range Since Jan. 1.
Low.
High.
Jan 3335
100 22
8,800
6 June 1435
20 6631 July 80
100 1035 June 23%
200 104% July 120
Jan 99
20 90
4.900 28% June 45
800 12% Jan 22%
100 16% June 23
1734
Jan
1,400 13
Jan 98
100 93
Mar
Mar
Jan
Feb
Jan
May
Feb
Apr
Jan
July
Mar
110 2034 Apr 24% May
June 49% Mar
500 37
Feb 10835 Apr
236 101
June 2035 Jan
200 16
Jan
4
July
300
10
May 11% Apr
200 10
9% Feb
so
8;5 Mar
200 52% Jan 73% Mar
24 26% Jan 28% June
100 74 June 105% Mar
Apr
74;5 June 94
35
100 23 June 3935 Feb
Jan 1935 Apr
900 13
835 Jan
434 July
500
4
2.10 Jan
Feb
1.300
Feb
105 29;5 July 32
2,100 1434 June 2535 Apr
300 17% June 22% Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
700 100
17% 1734
_25
Rio Grande Oil com
86 1114
117 118
SJL&P 7% pr pref-100
Seaboard Dairy Credit
20 80
80
80
100 80
Corp A pref
40 43
43
43
25
Seaboard Nat Bank
40 45
45
47%
Seaboard Nat Sec Corp25
102 102% 1,450 100
Sec First Nat Bk of L A_25 102
400 2734
284 29
25
Signal Oil & Gas A
4,000 53
56
59
25 56
So Call Edison com
300 27%
2931 2931
25
7% preferred
25 2631 2635 26% 2,200 24%
6% preferred
25 24% 2431 '2431 1,400 22%
54% preferred
45 244
2531 2531
25
A preferred
27 964
9834 984
Sou Counties Gas6% pf..25
61% 62% 2,100 56
• 62
Standard Oil of Calif
2454 48,000 204
25 21% 21
Transamerica Corp
3935 404 2,100 3534
_25
Union Oil Associates
•No par value.
High.
June 2534 Apr
Mar 118% Mar
Aug 9634 June
July 5434 Jan
Feb
July 53
June 11831
Feb 38% Apr
June 7131 Apr
Jan 3034 Mar
Jan 2731 Mar
Mar
Jan 25
Jan 27 June
Apr
Feb 101
Jan 7431 Apr
July 47% Feb
June 4834 API*
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, July 26 to Aug. 1,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week
Sale
of Prices.
Par. Price. Low. High. Shares.
5
Aero Klemm
•
Alm Tool A
Amalgamated Laundry. •
*
Amer Austin Car
•
Amer Corn
Warrants
•
American Eagle
Amer Tel & Tel rights
Appalachian Gas warrants_
Assoc Gas & El 1930 rights_
5% preferred
Optional stk nur rights_
•
Atlas nil $3 pref
•
Auto Stand
1
•
10
Bagdad
Bancscrlp Inv pref
Boisa China A
British Can w i
Ches&ONwi
Claremont Inv
Claude Neon
Col Bak lot pref
2d preferred
154
17%
6%
9331
35
1.15
12%
25
•
1
•
•
765
FINANCIAL CHRONICLE
AUG. 2 1930.]
16%
2%
Range Since Jan. 1.
Low.
High.
94
15
2
7
631
14
34
1731
3
634
92
131
35
54
31
1535
2
791
7
134
31
18%
3
71-4
9331
234
3634
31
200
1,700
300
1,200
200
100
4,500
4,200
1,000
1,500
300
1,800
500
100
34
12%
2
534
6
131
35
17%
2%
534
82
131
33
34
July
July
July
June
July
July
July
July
July
Jan
Apr
July
June
June
2
154
5
734
9%
234
1%
184
734
20
95
634
40
4%
1.00
18
12%
12
4734
6
8
1.25
1834
12%
144
4735
6.200
300
200
7.600
200
500
700
200
200
1.00
17%
7%
12
464
534
8
16%
231
July
July
July
July
July
July
July
July
July
3.00 Jan
18% July
12% July
144 July
48
July
84 Apr
19% Feb
31
May
7 May
16g
2%
7%
1631
231
Feb
July
Apr
July
July
May
Jan
July
Apr
Mar
Jan
Apr
May
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Pries. Low. High. Shares.
Color Pictures
Cons Chro
A
Corp Trust Shares
Credit Alliance
Det & Can Tunnel
Diversified Tr Shs C
Dixton
Exide Sec
First Am Bancorp pref_
Fuel 011
Hamilton Gas
H Rubenstein 'ref
•
25
•
•
10%
309(
•
7%
7%
7%
17%
•
10
•
631
Insull TRU coin rights w L _
Pref rights w I
•
Intl Bankstocks A
Int Rustless Iron
1
Irving Trust
10
Jenkins
5
Judea Life
Khmer Air
1
Lautaro Nitrate
•
•
Lincoln 42d
•
Macfadden
•
Preferred
Majestic House
•
Maxweld
•
Mexican 011 & Coal
5
Natl Harris Wire A
•
Natl Water Works units....
N Y Rio warrants
Nor Amer Trust Shs
Petroleum Conversion_ _5
Phantom 011 w 1
•
Phoenix 011
25c
Photo Color new WI
•
*
Railways
Saranac River Power
•
Shamrock 011
•
•
Shep Stores
•
Splitdorf Bethlehem
Super Corp A
B
Sylvestre 1)111
*
•
Trent Process
£1
Trinidad El
Trustee Std 011 Shares A...
10
Union Cigar
•
UM Hydro w w
•
Williams Alloy
1
Zenda Gold
134
1%
10
531
334
2135
3735
1031
74
20%
7
2934
19%
935
9
134
10
1234
.30
Range Sines Jan. 1.
Low.
July
July
July
July
500
1,000
800
200
100
7,800
100
4,400
900
1,200
100
700
100
1% 2%
34 15-16
16
16
1% I%
49
50%
434
4
754 10
9-16
%
5% 6%
334 334
2134
20
4434 4435
35
3735
934 1135
234 2%
13% 14
37
37
31
34
734 7%
7,800
1,900
100
4,400
800
600
200
2,500
3,300
100
200
100
1,300
1,200
100
200
100
900
100
7
20%
.50
5%
16
26
174
31
334
934
834
1%
1
234
931
34
8%
10
.30
2,800
Apr
1,000 20
.50 July
1,000
5% July
2,800
May
100
0
Apr
1,400 212
400 12% July
31 July
100
24 July
200
8% .7uly
834 Juiy
900
600
400
6 : july
1 Jm
t ye
i
900 12:346 jan
100
200
June
200
100
10 j
July
400 " elly
.26 July
6,000
835
20%
.50
8%
16
30%
1931
51
3%
934
9
134
134
24
10
34
834
1234
.42
High.
14% Feb
12% June
3234 May
9% June
Apr
20
8% Apr
Jan
4
7
une
7% July
735 July
13% AMU
July
1434 j y 18
5 Jul
uly
July
8 June 13
July 15 May
6
7% June
Feb
4
m
134 June 2435rei
ifivx
2% July
1% July
34 July 15-16 July
July 17 June
15
Feb
3
134 June
43% June 72% Mar
935 Apr
Jay
744 .7uln
2
1634 May
1% Mar
34 June
431 June 1031 Apr
334 July
34 July
Feb
174 July 27
4034 July 45% Feb
314 July 72% May
834 June 11% Jul)"
5 JUDO
July
2
15
Jul.,
3
1
June72
July
July 37
331 J11120
ul
ui
7 j ly 1034 Apr
731 Jti
5
1035
30%
731
6
5
10% 10%
303/ 30.34
731 734
8% 8%
634 7%
7% 7%
731
17%
17
13
10
9% 9%
6% 634
1634 1634
1331
2234
.65
8%
16%
32
28
3
5%
1014
9%
334
331
234
10
54
114
1434
1.75
Jan
May
June
July
July
June
Apr
June
Mar
May
May
Apr
Feb
JUL"
July
Jan
May
July
Feb
•No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (July 26) and ending the present Friday (Aug. 1). It is compiled entirely from the daily
reports of the Curb Exchange itself,and is intended to include very security, whether stock or bonds, in which any dealings
occurred during the week covered.
735 June 13
3-6
July 1334
60
Aug 9034
2034 Jan 3335
30
July 38
1731 June 37
a
Jan
6
1234 June 22
731 June 1634
50 June 75
29% July 4034
45
Jan 603$
2734 July 33
50
Aug 6231
103 June 1044
Apr
Apr
Mar
Apr
may
Mar
Feb
mar
Apr
Mar
Apr
Mar
July
Mar
July
11135 June 12134 July
14
July 20
Apr
734 June 1554 Apt
13' June
74 Jan
6 June 1454 Feb
1534 Jan 4331 May
3
July
835 Feb
July 4.
Mar
39
8 June 2331 Mar
535
234
38%
51
1334
15
854
331
June
June
June
Feb
July
June
July
Aug
.9 July
. ,
' 1911
334 June
934 Mar
2454 3au
1234 Jan
6
July
.
.6
Jan
122
Jan
254 Feb
134 Feb
4554 June
1451 Jan
s18 June
8
634
60
Ilig
26
26
1454
5
635
1534
834
1734
m
18
935
4954
141
734
734
50%
21
3034
Apr
Mar
Apr
Apr
Apr
May
May
May
July
Feb
Feb
Feb
Apr
Apr
May
Mar
Mar
July
July
Feb
Mar
Feb
Dayton Airplane Eng com*
•
Deere & Co own
•
De Forest Radio nom
Be Hayiland Aircraft
Am den tete ord reg-t1
.•
Delsel-Wemmer Gilbert Detroit Aircraft Corp-. .•
Doehler Dle-Casting coal.*
•
Douglas Aircraft Inc
Dow Chemical Co com___*
3%
7735
354
534
1234
235
32
234
334
5
18
304
30
83
734
431
1234
1834
2354
31
2735
9031
234
344
24
334
5
20
3034
30
83
731
534
1254
1934
2534
%
2934
9134
454
1434
4
94
he
25
4034
3831
1735
.
.
04.'
4534
15
4
10
%
25
4234
4034
1836
34
234
1
134
23.4
1331
734
7934
4134
.
0 N
.0
M
ON
-ice.r.Wiob3.r...4_.W.
Jan
3
Apr
July 154 Feb
June ass
Apr
Feb 10934 June
Jan 232
Apr
July 9935 July
July 44
Jan
Aug 104 Apr
2531 2534
44
234
1
1334
23-4
1334
731
7934
45
c±).4c1,cpt-24
Apr
Mar
Feb
July
Apr
Apr
Apr
July
734 734
734 834
2434 2734
10
1634
3834
34
3934
131
10
2034
3334
14
414
2
334 354
8434
75
339 331
7%
17
454
1134
20
570
731
1754
534
1231
2034
s70
8°©"
°
0.
-88 888 M888888 888888888 888 888888 888'88 '
888888 8 0 88"
11834 12131
Amer Tub new corn B......25
14
154
Amer Transformer corn. •
•
Asa Util de Gen B t IL-' 874
834 1071
234
Amer Yvette Co corn-- -..•
23-4 234
94 931
Anchor Bost Fence own_ •
Anglo-Chile Nitrate Corn-.
3234 35
Angus Co com v t c
"
3
3
36
•
$4 cony pref A
37
Arcturus Radio Tube_ •
934 935
Assoc ElseIndustrie.-535
534
534
Amer dep rcts ord she.£1
3% 3%
Associated Rayon corn..*
100
4534 48
Preferred
Atlantic Fruit & Sugar- •
31
%
14
14
Atlantic Becur Corp corn •
•
18
20
Atlas Plywood Corp
834 9
Atlas UtUitles Corp cum...
835
Warrants
331
33.1 334
6
Aust Mot Car Am dep rcts
634
Automat Musk Instru A•
334
334 4
434 474
Automatic Vot Mach corn*
114 12
Cony prior partic stk. •
47
4874
Aviation Corp of the Amer*
1434 15
Aviation Credit Corp....* 15
Aviation Securities of N Es
631 634
4234 43
Axton-Fisher Tob coin A 10
12434 12434
Babcock & Wilcox Co_ 100
534
•
474 7
Bahia Corp nem
5
25
Preferred
4
634
•
4534 46
Banoomit Corti
• 1974 197-4 1974
Bickford's Inc corn
•
Ben(E W)Co corn
1834 19
13
34
7
20
3334
934
454
574
8% 94
3934 41%
1
1
431 5(
234 234
na
9
735
60
2834
30
234
4
1834
934
6234
35
4634
29
52
103
%
835
210
1054
108
97
26
4
June
Jan
July
July
June
Jan
July
July
934
Slue Ridge Corp com-___•
091 6% cony Pref..-50 4034
Blyn Shoes, Inc, com_ _10
5%
Bridgeport Mach oom----•
*
Brill Corp class B
Brit Amer Tobacco
Amer dep rts ord bear £1
British Celanese Ltd
Am dep ram ord reg......
Buloya Watch $335 pref.* _32
234
Burma Corp Am dep rts..-Cable Radio Tubs v t o_...•
Can Indust Alcohol cl A.'
Carman & Co cony A__ ...•
Carnation Co common---' 3034
•
Carrier Eng corn A
Celanese Co prior pref_100
Centrifugal Pipe Cern- •
5
Chain Stores Devel corn...*
Chain Stores Stocks Inc...'
Chatham .2/ Phenix Allied. 19
Chemical Nat Aseoclates.• 2434
Chic Kipple Mfg class A _50
Cities Service common...* 2834
• 90 3.4
Preferred
City Say Bk (Budapest)
American Shares
Cleveland Tractor com___•
Club Alum Utensil corn_ •
•
Cohn & Rosenberger corn..
Colombia Syndicate
Colt's Pat Fire Arm Mfg 25
Columbia Pictures cote...*
Corn vot trust els
•
Consolidated Aircraft.- •
Consul Automatic
Merchandising corn v 10*
$3.50 cum cony pref._ •
1
Consol Clear warrants....
Consol Dairy Prod tom_ •
Consol Instrument corn..'
Comet Laundries com--• 1334
Cons RetailSt's Inc corn...,"
Contin't Sits cony pf_100 7934
Coop-Bessemer Corp com•
Copeland Products el A-•
Without warrants
734
5
Cord Corp
Corporation Sec of Chlo * 25
Coutaulds Ltd
Am dep ruts ord reg__11 10
. 19
Crocker Wheeler corn.....
Crown Cork Jr Seal pref..*
Cuban Cane Products war?
•
Ounce Press corn
2
Curtiss-Wright Corp ware_
M.
Cl
.
1
2
... 1.001
0
834
736
60
2834
30
2134
4
1534
831
60
2934
46
2834
50
103
534
154
5
1631
16
334
14
33.4
High.
.P
N.0.
1 31 135
934 94
250 2544
10834 109
159 159
98
97
26
28
4
4
8888888g8,18r!888 8.2g888888 N. .MWg0MC.N
88880.8§ §8888888 MV.M.N.NN.N. NM. N
88p8888888§8838q8888
531 6
135 174
5
5
1834 20
2254 24
354 434
134 134
434 5
MN.0
Indus. & Miscellaneous.
554
Acetol Prod cony cl A_ __ _•
Aeronautical Indust warr_ ______
«
Aetna Rubber corn
Affiliated Products
• 20
Ainsworth Mfg coin_ _10
Air Investors com v tc- •
Alexander Industries
•
Allegheny Corp warrants_
Allied Aviation IndustriesWith stock purch warr_ ___ _ _
9
Allied Mills Inc
•
Aluminum Co corn
• 25434
6% preferred
100 109
Aluminum Ltd corn
*
6% cum pref
100 9734
Amer Bakeries class A •
Amer Beverage Corp._ _ _*
4
Amer Brown Boyer' Cleo
Founders shares
•
Am Capital Corp corn B.*
Amer Cigar corn
100 60
Amer Colortype com
•
Amer Cyanamid corn A_ •
* 22
Common B
Amer Dept. Stores CorP. •
American Equities com _ _• 1734
Amer Investors ol B corn •
Amer Laund Mach corn....t
Amer maize Prod corn_ • 3435
150
Amer Mfg coin
_•
Amer Potash &
Chem_Amer Salamandra Corp.25 50
Amer Smelt & Ref 2d pf 100
Low.
Bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) par. price. Low. High. Shares.
OW.
OT
.
0140. '0 0
1
"
Stocks-
Range Since Jan. 1.
.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended Aug. 1.
Range Since Jan. 1.
Low.
64
33%
1
234
23-4
June
June
June
Jan
July
High.
1534
404
134
654
534
Mar
Ape
Jan
July
Mar
254 June
2834 Jan
234 July
July
32
254 June
254 June
5
July
18
July
2631 Jan
30
July
7934 May
4Si Jan
24 Mar
934 June
1754 June
1754 June
%a June
244 June
88
Jan
53£
46
34
954
10
23
33
44
90
834
84
17
2534
2534
134
4431
9334
Apr
Mar
Jan
Mar
Feb
Jan
May
Jan
API
Mar
Mar
Mai
July
July
June
Ara
Apr
4454
1354
3
9
he
224
24
334
15
July
July
June
July
Feb
July
Jan
Apr
Jan
46
3514
631
14%
31
32
5514
5431
2754
Apr
Apt
Apr
Apr
Jai
Mar
Apt
Apr
Apr
34
134
1
134
24
10
Jan
Jan
Jan
June
July
Jan
1
5
2
19
634
16
Mat
Mar
Jan
Jam
Apt
Mu
21
78
7
jrjJan
ununee
57
13
5
0
May
jIleuly
t
5
Jan
6 June
1934 June
1254 May
1734 Ap
2731 May
10
15
30
811
84
134
1354
84
353-4
1
514
434
Aug
June
Feb
Mar
Mar
July
Feb
Ars
Ap
Api
Jun(
AP
235 June
834 Fel
75
Aug 16234 AD
234 Jan
854 AP
654
16
44
831
1234
570
Feb
834
June 2231
June
9
July 23
Jan 2334
July 100
Ma3
Mal
Jun
AP
Ala
All
766
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
[VOL. 131.
Friday
Sales
Range Since Jan. 1.
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Low.
Stocks (Continued) Par. Price. Low. High. Week.
High.
Shares.
Low.
High.
Dreamer(S R)Mfg Cool A• 45
43% 45%
700 81
Jan 58% Apr Nat Rubber Mach'y corn.'
13
13
200 13
Class B
July 2734 Apr
• 36% 3435 36%
600 31% June 4454 May Nat Screen Service
* 3094 3
094 31%
700 15% Jan 32% June
Driver-Harris Co Min_ -10 72
500 41
72
80
Jan 108% Ayr Nat Short Term Sec A._-•
Dubiller Condenser Corp.%
July
June 1834 Jan National Sugar Refining' 1436 14% 14% 1,800 12 May 15
4
4% 434 1,000
30
31
•
200 29
Durant Motors Inc
Jan 35
May
351
3
2% July
354 2,400
7
Jan National Tile Co
13% 13%
100 13% July 24% Mar
Duval Teens Sulphur-- •
5% June 21
100
7.34 751
Apr Nat Union Radio com .
4% 4%
Educational Pictures
400
3
May 104 Apr
Nebel (Oscar) Inc corn_ •
7% 7%
100
75,1 July 144 Apr
8% pref with warr___100
July 30
20
20
100 12
Mar Neat Inc class A
18
18%
200 13 June 26% Apr
Eisler Electric corn
9
934 9% 2,000
•
My 23
Mar Nehi Corp, corn
934
•
19% 21
000 16% Jan 26
Eke Power Associates cams 23m 23% 26
Apr
5,600 19
June 39% Apr Neptune Meter class A. *
21% 21%
100 17
Feb 2255 Apr
Class A
• 2334 23% 24% 9,200 16% June 37
Apr Nestle-Le Mur Co el A...*
2
2
500
Eleo Shareholdings com • 20% 20% 2051
2
July
8% Jan
900 1534 Jan 32% Mar Newport Co corn
• 2274 22% 23
400 20
Cony pre( with warrants.
July 42
Mar
Jan 108
400 82
96
9855
Apr New Mex & Arizona Land 1
3% 3%
Empire Corporation com_*
100
354 June
7% Feb
755 July
400
7% 735
834 July N Y Hamburg Corp__ _50
27
27
200 1536 Jan 37
Empire Fire Insurance...10
May
12% 12%
July 15% Feb
600 12
N Y Rio Buenos Aires AL.
9
9.51
10
Europ El Corp Ltd cl A_10
1.200
7
June 18
May
15
15
400 1255 June 23
Mar
Niagara Share of Md... 10
13
14)4
4*4
Warrants
400 12
Jan 2134 Apr
1.500
4n 5
3% June
Mar Nilee-Beml-Pond corn...' 29
9
29
29%
Fabrics Finishing cona---.•
400 2534 June 45% Mar
3
2% 3% 3,200
2
Jan
9% May No Amer Aviation warrA..
3
355 1,900
Fageol Motors corn
2
Mar
Aor
10
5
1% June
2
100
2
5% Feb No Amer Cement Corp_ _*
4% 4% 1,000
Fairchild Aviation com •
3
655 Mar
Jan
4
Jan
400
4
3
Apr No & So Amer Corp A__ •
11
16
16%
Fajardo Sugar
200 14 June 24
100
May
1
45
4534 4555
July 68% Mar Novadel Agana Corp corn •
30% 30% 1,700 22% Jan 34% Apr
Fandango Corp corn
•
% Mar
400
2% Apr
34
%
%
7% corn pref
100
102 102
Fansteel Products, Inc...'
100 97
Jan 103 Juno
9
7
100
9
Jan
Feb Ohio Brass class B
13
" 66
66
68
Fedders Mfg Inc el A____•
75 65% June 78
Feb
10% 10%
100
8% June 11% July Orange-Crush Co
31
31%
Federal Screw Works____• 2055 20% 21
200 29
Jan 3855 Apr
500 16% June 42% Apr Outboard MotCorp own B•
4
4
4
300
Flat. Amer dep receipts
3% July 13
Mar
1655 1651
200 16% July 2255 Apr
Cony pref class A
734 834 1,200
Finance Co (Bait) corn A% 12
7
July 18% Mar
1155 12
500 11% July 12
Aug Overseas Securities Co..
11
11
Financial Investing Corp.'
100 10% June 19% Apr
2
2
1% July
100
Jan Paramount Cab Mfg corn-•
6
435 45% 1,000
414
Flintkote Co corn A
4
June 13% Jan
•
1554 1554
June
100 15
2755 Jan Pennroad Corp oom v S 0_• 1154 1155 12% 11,000
Fokker Aim Corp of Am..'
1054 June 16% Feb
1751 18% 1,200 134 Jan 84% Mar Pepperell Mfg
100 8534 8455 855i
40 80% July 105
Ford Motor Co Ltd
Feb
Philippe (Louis) coin A..'
19
1914
700 11% Jan 22
Amer dep rats ord reg.£1 18% 17% 18% 32,500 10% Jan 197% Mar
May
Common B
18
18
100 13% Jan 2151 May
lord Motor of Can Cl
32
32
3355 4,100 28
Feb 3834 Apr Philip Morris Cons
54
51
800
Ford of France Am dep rots
Jan
API*
%
2
1054 1131
900
834 Jan 124 May Pie Bakeries (Amer) A...
31% 31%
100 20% Jan 35% Jan
Foremost Dairy Prod pref*
8
8
10
8
7% July 18
Jan Pierce Governor Co
Pierce
•
7% 74
200
Foremost Fabrics com___•
7% June 1234 Mar
6
4% June 24% Jan Pilot Radio & Tube al A..'
6
851 1,200
834 934 3.700
83-1
Foundation Co
434 June 15% Apr
Pitney Bowes Postage
Foreign shares class A •
3% 455
255 Jan
500
7% Jan
Meter Co
• 11
10% 1134
900 10
Pox Theatres class A corn%
Jan 20% Apr
951 10% 3,000
935
255 Jan 17% Apr Pittsb Forging, Co
18
1836
,
200 13
Franklin (H H) Mfg pf _100
Jan 25
May
50
2
50
50
July 80
Feb Pittsb & L Erie RR corn 50
116 116
600 106
French Line
June 130
Apr
Pittsburgh Plate Glass..
.25 473-4 4754 47%
200 4534 June 59% Apr
Amer she for corn B stk_
2834 2731
600 26% July 45
Feb Polymet Mfg corn
834 8%
100
Garlock Packing corn
835 July 18% Apr
•
2155 2135
100 20
Jan 8334 Ayr Potrero Sugar
834 894
100
General Alloys Co
655 Jan 10
Feb
•
6% Mar 1455 May Prince &Whitely Trail come
951 11%
600
10
1055 4.500
8% Jan 154 ADr
Gen Baking Coro oom___•
2%
2% 2% 8,700
2% Mar
44 Jan
•
33 cony prat A
37% 3855
300 35
Jun
Preferred
Apr
44
3055 32
•
2,000 27
June 54% Jan Prudence Co 7% pref__100
95
95
25 93
Jan
Gen Flee Co of Git Britain
Prudential Investors com% 15% 15% 1651 5,000 12% June 102 June
American doom% rats_ gl
23
11% 1151 12
Mar
2,600 10% May 14
Apr Public Utility Holding Corp
Gen'l Empire Corp
• 19
19
Aug 29% Mar
20
1,200 19
°ore with warrants
• 1934 17% 2051 23,100 15 Jun
Gen Laund Mach corn.
..t
27% AD?
4
4
700
5
July 10% Jan
Warrants
4%
4% 5
500
General Silk 1st pref. _100
4 Jun
9% Apr
6
6
70
6
July
July Radio Products Corp__ *
.
ty,
400
Gilbert(A C) Co corn.....' 1234 1235 1255
7% Jun
Mar
27
100 12% Aug 21
Jan Railroad Shares Corp- •
634 655
Preferred
100 2555 Jun
9% Apr
•
38
100 33
38
July 43% Feb RainbowLuminousProdA
• 10
Gleanver Comb Harvester*
931 1055 8,100
Jun
6
28
LI% Feb
600 21
30%
Jan 36
Apr
Common class B
•
455 5% 6,800
Glen Alden Coal
2% July
74 Feb
•
81% 82
300 75
June 12134 Jan Raymond Concr Pile pref.
_•
50
50
Globe Underwrit Exch •
100 50
Jan 53 June
10% 11% 1,000
9
July
Feb
25
Goldman-Sachs Trading..' 174 17% 2055 43,500 17% Aug 1834 Apr Reeves (Daniel) Inc corn.'
25%
400 24
July 30
Feb
46%
Reliance Internal corn A...
854 851
Gold Seal Electrical Co...'
100
7% Jun
255
255 23e 2,700
18
Apr
1% June
6
Apr Reliance Management...* 11
11
Gotham Hnitbac Mach_ •
1255 1,200
9% Jun
1
1
26% Apr
100
% June
355 Feb
Common class 13
•
Grand Rapids Varnish. _°
2
2
100
3% May
2
7
Jul
7
100
7
7
Jan
934 Mar Reynolds Investing com--•
Graymoor Corp
4%
4% 4%
100
4
Jun
33
33
8% May
100 29 Jun
44
Mar Richmond Radiator com_•
134
GS A$1& Pao Tea
100
13<4
1% Jun
Jan
Rolls Royce orAmer p1.100
7% 8%
75e
Non vol corn'Sock
200
7% Au
• 206
18
205 22435
Feb
70 118
June 260
Mar Roosevelt Field Inc
•
3% 3%
7% first preferred- --100 11755 11734 11954
200
2
Jan
5% Mar
20 115% Jan 122
Jan Rooks International
•
Or Lakes Dredge & Dock.•
6% 7% 1,400
57-4 June 11% Apr
29% 3074
700 26
July 3155 July Russeks Fifth Ave
10
Greif (L) & Bros corn_
10
*
100 10
Jul
1054 10%
100 10
177-4 Mar
Jan
1034 July Safety Car Heat & Ltg_100
120 120
Preferred class
50 109% Jul 147
_100 98% 9534 98%
Apr
250 90
Feb 985,
St Regis Paper Co oom--10 2235 22
Aug
Grocery Stores Prod vft
24% 16,600 18% Jun
X__10% 11
34
Apr
400 10 Jun
14,,, Feb Savannah Sugar corn
82% 82%
Guardian Fire Assur____10 30
100 82% Jul
28
Mar
87
30
700 28
July 49
Apr Saxet Co corn
•
Guenther(Rod) Russ Law5 25
4,300 14% Jun
24
16
25
July
400 24
July 2935 Apr Schletter & Zander pref_' 15% 15% 16
15% 1534
Hall (C M) Lamp Co....'
100 15% Jul
25
1054 1034
Jan
400
8% June
16
Jan Schulte Real Estate
Happiness Candy Sts come
63.4 634
200
5% June 14% Mar
200
54 Jan el% Jan Schulte-Unitod Sc to 81
3-1
%
8$•
2% 3
200
Hazeltine Corp
255 July
28
4% Apr
2855
500 18% Jan 35
May Scoville Mfg Co
25
50
Helena Rubenstein Inc. •
50
100 50
July 65
355 3%
Apr
700
3% July
755 Mar Seaboard iJtil Shares....'
6
6
900
6%
Hires (Charles E) class A_* 2934 28
5% June 10% Apr
29%
700 2455 Fob 32% May Seeman Bros corn
43% 4155 43%
400 36
Holt (Henry) & Co cl A_20 15
June 43%
15
15
100 15
May 21
Feb Segal Lock & Hardware..'
Aug
555 6
554
4,700
5 June
Hydro-Elea Sec corn
• 37
37
3935
9
500 3.534 Jun
May
55
Apr Selberling Rubber com_ •
655 655
100
Hygrade Food Prod com._• 1236 1135 13
554 June 17% Feb
8,800
1% Jun
15
May Selected Industries corn_ •
635 651 1,900
5% June 12% Apr
Indus Flnanoe oom v I o_10 19
1751 19
1,600 17
Jan 29% Apr
8535 prior stock
•
58
58
100 35% June 714 Apr
7% cum pref
100 64
63% 64
75 60
Feb
733,i Apr
Allot etts let & 2nd paid
66% 6631 66.51
100 64 June 8434 Mar
Insull Utility Investm _-_• 61
60
6435 8,400 53% Jun
71
Feb Selfridge Provincial Stores
*
$6 pref 2nd series
95
98
300 82% Jan 984 Mar
Amer deli rats ord
254 214
300
2% July
Inoue Co of North Amer_10 7035 70% 7155
25g Jan
400 63 June 85% Mal Sentry Safety Control__
•
2% 335 2,300
2)4 July
Insurance Securitlee____10 16
16
17
3,200 15% June 23
951 Mar
Mar Shenandoah Corp cons-% 1136 11% 12)5 2,900
Intercoast Trading corn8% Jan 20
12% 12%
100 11% July 2335 Apr
Apr
6% cony prof
50 42
4155 42% 3,000 33
Internat Cigar Mach'y__*
Jan 48% Apr
110 110
400 100
Jo z120
Apr Simmons
-Board Pub Pf--* 36
36
36
100 36
Internat Products corn _ _*43.4
July 3635 July
4)4 455
400
2% Jun
7%. Mar Singer 51fg
__100 450
450 455
60 450
Inter Safety Razor el B.. •
July 560
1154 12
300 10
May 13% Jan Singer Mfg Amer Sep rats__ -----Apr
4% 4%
100
Interstate Equities oorn- •
3% June
8% 8% 1,900
7% July
63.4 Apr
14,4 Mar SSW Financial Corp
18,51 1855
200 16% Jan 25% Mar
Convertible preferred-• 374 36
600 36
3934
Aug 46
Apr Smith (A 0) Carp eom.. •
193 20555
260 1374 Jan 250
Irving Air Chute corn
14% 1455
200 1234 Jan 25% Apr Southern Corp corn
Apr
•
6
6
6% 1,400
Warrants
454 June
434 4% 1,400
355 July
9% Apr Southwest Dairy Prod...'
834 Feb
5
655
900
Isotta Frachini Co
334 June 13
Mar
Spanish & Gen Corp Ltd
Amer dep receipt
1,000
855 9
836 July 10
Apr
Amer dep rcts ord reg 61
1% 135
100
Jonas & Naumburg corn *
74 June
% July
300
254 Apr
254 Jan Spiegel-May-Stern prat 100
% 1
45% 4851
Klein (H
400 45
& Co pref...20
12
400
July 8235 Feb
10
9 June 2036 Mar Standard Investing pref ..•
27655 27855
Knott Corp corn
100 7031 Jan 8251 Apr
300 1936 Aug 3034 Mar Stand Motor Constr-__100
1955 1955 20%
135
155 1% 1,600
Kolster-Brandes Ltd
44 Jan
3,4 Apr
Starrett Corp corn
• 18% 18% 20
American shares
800 14 June 3734 Mar
£1
55 Jan
400
2
Apr
%
34
55
6% cum preferred.. .50
3451 3435
Lakey Fdry & Mach coni_*
300 30
4% 4%
100
June 4836 Mar
336 June 12
Feb Stein Cosmetics corn
•
755 755 2,300
Land Co of Florida
1% 1%
455 June 2314 Apt
155 July
200
434 Apr Stein (A) & Co com
15
15%
Landay Bros class A
300 15
100
July 21
*
Mar
6
June
255 3
23.4 Jan
655% cum preferred-100
85
85
Lane Bryant Inc com_ ___• 2234 22% 22%
100 81
200 2154 Mar 3654 Apr Sterehi Bros Stores corn •
Feb 87
June
10
Lercourt Realty Corp corns 1434 14% 15%
10
100 10
500 1334 June 2536 Mar Straus (Nathan) Inc corn.*
May
1834 Jan
8
8
r)
Preferred
200
16)5 Mar
8
200 2734 June 3754 Jan Strauss-Roth Stores corn.' 1755
Aug
27% 28
15% 1755 8,000
Lehigh Coal & Nay
•
9% Feb
38
300 3034 June 50% Mar Stilts Motor Car
37
2214 May
•
Lerner Stores Corp cam...*
1% 2
700
3455 4454
Apr Swift & Co
800 3436 July 56
655 Jan
154 June
25 29% 29% 3034 1,200
Ley (Fred T) & Co Inc_ *
28 June 34% Jan
200 3734 July 4534 Mar Swift International
37% 37%
15 34% 3354 3454
Llly Tulip Cup corn
•
600 52855 July 3834 May
900 1734 Feb 3055 May Taggart Corp common.._*
25% 26%
20
Loew% Inc stock purchwarr
20
200 1851 July 2954 Apr
9% 1055
300
3% Jan 2054 May Technicolor Inc corn
• 29
2831 31
Louisiana Land & Explor.•
5,800 2554 June 86% Mar
254
2% 254 1,400
2
June
Jan Tennessee Products corn."
5
12% 12%
MacMarr Stores com____• 14
200 12% July
13
2,000 13
July 2434 Jan Thatcher Securities
1635 June
15
1
3%
Mangel Stores Corp
351
351
100
• 12
2% June
12
June 15
12
Feb Thermold Co pref
SOO 12
54 Apr
100
Mapes Congo] Mfg
67
68
50 65
•
June 87
Feb 4934 June Tobacco & Allied Stocks__* 67
Apr
200 37
4234 45
Marine Midland Corp---10
3255 32%
300 24
Jan 43 Slay
31% 32% 3,900 2934 June 4735 APT Todd Shipyards CorP----*
Marion Steam Shovel com*
49
50
200 4454 Jan 63 June
300
551
5% July 173-6 Apr Transoont Air Transp-- •
55e
Mavis Bottling Co of Am _•
8% 814 1,30
1
134
1% 16,200
1
455 June 1034 APT
Jan
Trans-Lux Pict Screen
334 May
Mayflower Associates Inc_•
300 48
Jan 7134 May
60
6154
Class A common
•
May Hosiery Mills pref. *
951 2,600
434 Jan 13% Apr
Mar 27
June Tit-Continental Corp wart
300 20
24% 24%
McCord End & Mfg el B *
5%
900
4
Jan
June 2076 Feb In -Utilities Corp corn
300
8% 10%
5
9
Apr
• 4555 45% 4755 1,20
Mead Johnson & Co corn •
June 58% Apr
36
72% 7455 2,100 5536 Feb 7454 July
$3 preferred
Mercantile Stores Co corn *
100 45
Max 58% Mar
May 5934 Feb Tubize-Chatillon Corp • 47% 47% 47%
200 40
50% 50%
Merritt-Chapmeas & Scots
Common Bvta
•
814% prat series A_ _100
7% 8
50
6% June 22% Apr
8835 May Ulen & Co corn
July
100 80
84% 84%
Mesabi Iron Co
• 22%
1,70
17% Jan
1% Jan
255 Jan
155
27
800
May
134
Ungerlelder Finan Corp..* 24% 21% 24
Mesta Machine corn
2434 25% 2,10
5
June 333-4 Apr
21% June 86% Feb
28
30
Union Toba000 corn
1,800 255-4
Metal& Min Shares corn.' 13
•
34
1,80
55
55
54 Jun
8% Jan
Jan
12% 13% 2,100
1
1634 May United Amer Utilities
•
Metropol Chain Stores- •
1455 1435
10
13
June 2034 Apr
500
6
5
July 30
Jan
655
United Chemicals pref. •
Midland Royalty $2 pref_*
32
3355
40
30
Jun
Feb
1955 22%
44
800 133-4 Jan 2434 May
United Corp warrants
Midland Steel Prod 2nd pf*
18
1851 2,60
1254 Jun
13% 19% 1,60
1534 June 22
Mar United Dry Docks corn_-_•
30% Apr
Midland United Co corn.*
5%
4% 555
50
4
July
26
22
Jan 293<4 Feb United Founders corn...
26
8% Jan
10
Miller (I) 6: Sons com
*
1754 18% 51,800 1554 July 44
27
Mat
•
100 253.4 July 3355 Mar United Milk Products come 18
27
Miss River Fuel Coro warr
235
255
251
400
255 July
47-4 Jan
13% 1535
300 1255 July 27% Mar United Retail Chemists pf•
Mock Jud & Voehringer_.• 216
7% 794
100
734 Jan
216 216
Aug
955 May
26
Mar United Shoe Mach corn_.25
100 216
Moody's Invest partic pf.•
66
66
100 60
Jan 68% may
37
May
41
4435 June United Stores Corp corn. •
42%
30
Na; American Co Ins__
455
4)4
100
3% Jan
635
655 July
631 Jan
1254 Jan
6% 655 1,10
U S Dairy Prod class A..% 65%
Nat Aviation Corp
•
9
6555 6555
100 52
Jan 7214 Apr
835 11
1,900
Class B
834 Jan 214 Apr
• 18
Nat Bond & Share Corp- •
18
1815
400 1355 Jan 26% Apr
36
36
100 3336 June 5134 Apr
U S Finishing corn
Nat Dairy Prod pref A_100 10555 105%
•
11
11%
600 10M Jun
30
Apr
May 108
200 104
105%
May
El Foil class B
•
Nat Family Stores com___• 1151 11% 13% 1,800 114 Aug 20
17
1855 1,300 17
Au
2654 May
IT B Gypsum common. _ _20 17
Mar
42
Nat Investors corn
4055 42
1,100 36% Jun
• 134 13% 15% 5,600 11
58
Apr
June 80
Feb US dr Internat Sec corn...'
National Leather corn_ _10
335 334
100
8
255 Jan
Apr
1% 1%
134 July
100
234 Apr
First pref with wart..%*
62
62%
400 52
June 75
Mar
FINANCIAL CHRONICLE
AUG. 2 1930.1
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
•
U S Linea pref
U S & Overseas *Mb warr•
S Shares Financial Corp
•
With warrants
•
S Stores common
Universal Insurance____25
Utility Equities Corp.....'
Utility &Ind Corp coin,
•
Preferred
Van Camp Packing com_ *
25
7% preferred
Wok Financial Corp
10
•
Vogt Mfg Corp
Want de Bond class A_ •
Walgreen Co common....'
Walker(Hiram)Gooderham
•
dt Wortscommon
Watson (John W)Co_ •
-10
Western Air Express
West Tablet & Stat v t c_'
West Mich Steel Fdry corn*
West Va Coal & Coke corn*
•
Wll-low Cafeterias
Worth Inc cony class A_ •
Bonita Products Corp com•
1245
17%
7
45
12%
1355
744
8
3115
9%
11
Rights
5%
Associated U & El deb
Flat
334
Insur Co of No America....
Internet Nickel of Canada_
Mo Kansas Pipe Line
Segal Lock & Hardware
3.4
......
Twin States Nat. Gas
White Eagle Oil & Ref___ _
Public Utilities
Alabama Power $7 Pre--•
444
Allegheny Cias Corp oore_•
Amer Cities Pow & L cl A " 40
16%
Class B
Am Com*with P corn A--• 22%
•
Common B
Amer Dist Tel NJ pref..100
Amer & Foreign Pow wary.. 50%
LinerGas ac Elea corn. • 139
• 106%
Preferred
Amer L& Tr corn new w 125 61
Amer Nat Gas corn vi a- •
.Amer States Pub Serv el A*
Amer Superpower 0orP23
Corn, new
• 100%
First preferred
• 9311
$8 cum preferred
•
945
Appalachian Gas com
•
Assoc Gas & El oom
31%
Class A
10331
$8 a bear allot Ws
Bell Telco of Canada___100 150
Br •slinen Tr LI& Pow ord' 37%
Buff Nlag & East Pr PI-26
Cables .6 Wireless
-Am dep rcts A ord shsfl
Am den rots B ord 6118_21
-----Am dep rets pref
3
Cent Atl States Seri v t O.
,
Cent Dud G & E vtc new *
• 28%
Cent Pub Serv cl A
Cent States Elea cum_ • 23%
ioo 125
Cony pref
Cleveland Mee ilium co m_•
Com'w'Ith Edition Co 100 203
Comm'wealth & Sou Corp
3%
Warrants
Community Water Serv..' 1334
Cons'l GI El & P Balt coin.*
Consol Gas Util ol A
•
Class Byte
Dixie Gas & Util
* 15
Duke Power Co
100 165
Duquense Gas Corp com..• 10
East Gas de F Associated.. 31
East States Pow B corn- •
East GUI Acme cony stk_* 1355
Edison Elec (Boston)._100 260
Else Bond & eh Co oom--• 81%
• 106%
Preferred
$5 own pref w 1
94%
Elm Pow & Lt 2nd pf A_•
Warrants
47
Empire Pow Corp part stk*
Empire Pub fiery cone CIA' 17%
Florida Pow & Lt $7 pi_-•
Gen Gas & Elec 56 pf B....• 8434
Gen Water Wks & El
Georgia Power St pref._ •
Intercontinents l'ow cl A *
• 35
Intermit Superpower
Internat Utilities el A_ _* 40
Class B
• 12%
. Warr for class B stock__
5%
Interstate Pow $7 pref *
Italian Super Power ol A. •
Warrants
Jere Cent P & L 7% Pf 100
Long Island Ltg com-- •
100
7% preferred
Marconi Internet Marine
Commun Amor dep rts. -----4%
Marconi Wirel T of Can__ i
Mass Util Assoc v t
• 1355
Memphis Nat Gas
2955
Middle West
2
A warrants
Midland Nat Gas cla A_ •
Mid-West States Util el A • 2555
Mohawk & Hud Pr 1st pf_•
2d preferred
Mountain States Power *
•
9%
Municipal Service
Nat Pow & Lt $6 Pf
• 101%
•
Nat Pub Serv corn cl A
Nevada-Calif Elec con) 100 118
New Engl Pow Assn coin • 92
100
6% preferred
N Y Pow .6 Lt $6 pref__ •
NY Take 844% pref-100
Nlag & Hud Pr (new corn;
Common
10 16%
4%
Class A opt warrants____
Clem B opt warrants__ -----Class C warrants
No Amer It & Pow cotn_ •
Nor States P Corp oom-100 151
100
7% pref
100
6% cum preferred
Pacific Gas & El let pref _25 2734
Pacific Pub Sera el Acorn.'
Pa Pow & Lt $6 pref. •
•
Penn Water &Power
Peoples Lt & Pow corn A.*
Power Securities 2nd pf_..•
Range Since Jan. I.
Low.
High.
11
12%
16% 18%
7,300
8,300
11
June
1355 July
20% Mar
23
May
6%
641
45
12%
13%
23
555
755
7%
16
19
3155
63.4
7
4554
1235
1551
2455
755
8
8
16
19
34
200
200
150
400
7,800
1,300
300
200
2,800
100
200
1,500
6
6%
45
1055
1254
2045
555
745
16
15
30
June
July
July
Jan
June
June
July
May
June
Jan
Jan
June
13%
7
70
22
23%
29%
16
16
0%
2254
21
61
Apr
Aug
Apr
Apr
Feb
Feb
May
May
Jan
Apr
Mar
Jan
9
254
3355
30%
21
154
751
14
10)4
955
35
30%
21
141
8%
41
1144
2,500
500
300
100
100
200
800
100
3,300
8%
1%
1855
30
21
154
614
44
log
Mar
Jan
Jan
June
July
July
Mar
July
July
1344
6
4614
3755
21
2%
1544
3;4
21
Apr
Mar
Apr
Apr
July
June
May
Apr
Apr
2,700
200
6,400
50,000
900
1,000
1,100
300
2%
5%
14
244
'Is
1-32
54
he
2%
June
July
July
July
June
July
June
June
11%
344
4%
7-16
2%
44
54
6
Mar
Feb
May
June
May
Aug
May
May
114 114
100 111
455 5% 1,500
4
39
40
400 3551
1655 1754 3,200 12%
22% 23% 6,200 21%
4635 49
2,100 34%
no% 111%
75 110
49
5354 16,200 38%
13054 14055 51,100 104
106% 106%
300 104
61
65
1,600 52%
1351 14%
900
7%
1755 18
300 1755
Jan
Jan
June
June
June
Jan
July
June
June
July
June
Jan
July
11554
944
49
28%
28;4
50%
11254
7644
157
109%
8934
1944
26
June
Mar
Mar
Apr
Mar
Juno
Apr
Feb
Apr
Mar
Apr
Apr
Feb
23
25% 92,500 20%
9955 10055 1,000 9644
300 87%
9334 93%
9% 9% 5,900
84
35
500 32%
36%
3151 3355 9,700 30%
10354 104%
250 97
150 150
75 146
3751 3951 6,300 8631
2555 26
500 24%
June 39% Apr
Jan 10114 May
Jan 97% Juno
June 14% May
July 6134 Mar
June 48% Jan
June 14755 Apr
June 157% Feb
Feb 5514 Apr
Jan 28% May
554
3%
he
55
III
655
3.4
3%
A
A
44
55
345 3%
344
3
2455 25
28% 2055
2355 25%
125 125
5755 5755
293 310
1,000
56
1,600
)4
400
3%
500
3
200 20
5,600 28
9,000 19
100 9444
100 5034
80 234
33.4 4% 24,000
1355 1355 1,100
115 117
700
22% 23%
700
200
945 955
13% 15%
700
165 17455
425
9% 11% 10,300
31
31
100
2754 3255 6,400
13% 13%
500
260 260
10
81
87% 329,400
1,800
106 10644
9455 9554 3,400
100
10355 10354
400
46
50
41
43
500
1755 17%
400
100
100 100
82
900
8734
2755 28%
700
100% 100%
100
23
23
200
3255 37
1,300
40
41
700
12
13% 5.500
551 655 1,200
90
90
10
8% 9
500
455 455
400
106% 10651
100
39% 39%
100
110% 112%
30
314
11%
90%
21%
744
10
140
855
25%
1844
12
260
7014
10344
9231
9934
28%
39
17
100
74
20
98%
20%
3
051
34%
655
555
88
854
414
10045
375(
107%
9A 9%
100
8
4% 4% 11,200
3%
7% 754
300
6%
13
14
1,200 10%
2945 3055 5,700 2444
2
2
200
154
16
16%
200 1334
2555 25%
800 24
106 10654
57 104
,
105% 106%
200 102
18
18
100 14
300
954 934
654
10155 101%
850 10055
23
2334
500 21%
11655 118
250 60
92
95
40 91
91
91
100 8
8%
101% 10154
25 96%
115 115%
125 11345
July
3%
July
2
July
455
ally
6
June 3
634
July 4351
Jan 39%
Jan 190
June 93
Jan 336%
June
June
Jan
Jan
June
July
June
July
Jan
Jae
June
Aug
June
June
June
Jan
Jan
June
June
Jan
July
Feb
Feb
June
July
Jan
Jan
Aug
June
June
June
Jan
July
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Apr
Apr
6%
1914
13844
44%
14%
23%
209
17
42
a
1751
275
717%
109%
95%
107
7854
60
26
105
9
7%
3014
10334
25%
46%
50%
19%
10
91
18
951
109
56
11245
Apr
Am
May
Apr
Mar
Mar
Apr
May
Apr
Apr
Mar
June
Apr
May
July
Mar
Apr
Feb
Feb
Apr
Apr
June
May
Apr
Mar
Apr
Apr
May
kfar
Apr
Feb
June
Apr
may
June 13
Jan
9%
July
10%
Jan 22%
June 38
Jan
5%
June 16%
June 2934
Jan 108%
June 0110
Apr 18
Jan
1655
Jan 103%
June 2654
Jan 14955
June 100
Jan 95%
Jan 102
June 11714
Feb
Apr
Apr
Apr
Apr
Apr
July
July
Feb
Feb
July
Apr
Juno
Mar
June
May
Apr
Apr
June
1654 17% 27,300 1514 June
4% 5
3.600
4 June
10
1055
800
9
June
7
7
1,700
7
July
67
67%
200 63 June
15055 168
1.400 130
June
106% 106%
50 9544 'Jan
98
98
20 9555 Mar
2755 2751
500 26
June
2755 28
500 23% June
106 106
25 101
Jan
77
500 72% July
77
32
32%
200 25% June
85
90
1.200 38
Jan
2414
63.4
15%
751
86
183%
111
102
28
9%
3
106
95%
46
90
Apr
May
Apr
July
Apr
Feb
May
July
June
Apr
May
Mar
Mar
July
767
Friday
Friday
Last Wed's Range
of Prices.
Public Utilities(Cond.) Sale
Par Price. Low. High.
24
Rockland Light & Power 10 24
9134
Sierra Pac 1:1 6% pref_ ..100
27
So Calif Edison 6% pf B_26
514% pref class C____25 24% 24%
23%
25
Sou Colo Pow cl A
1255
Southwest Gas Util corn...*
60
Standard Pr & Lt com_ •
60
Common class B
7355
•
Tampa Electric Co
1234
Twin States Nat Gas cl A•
28%
Union Nat Gas of Can....' 31
Un Elec Serv Am shs-__ ------ 1651
Purchase warrant
44
14% 1455
United Gas new corn
• 95% 95%
Prof non-voting
6%
6%
Warrants
United Lt.6 Pow corn A...• 4051 4055
87%
Common class B
109
6% eom 1st pref
• 109
17
United Pub Serv corn
.
US Elec Pow with warr • 1344 1251
455
Warrants
110
Utah Pow & Lt $7 pref...'
1644
• 17
GUIPow & Lttom
West Maas Cos
63
•
Former Standard Oil
Subsidiaries
Buckeye Pipe Line
.50
25
Chesbrough mfg
Galena Oil Corp
•
Humble 011 & It4InfIng--36
Inane/1MM (Canada)
•
Indiana Pipe Line
10
National Tranalt--13.60
10
New York Transit
26
Ohio Oil
Corn new w I
100
6% cum pref
25
Penn Mex Fuel
South Penn 011
25
Southern Pipe Line
10
Standard 011(Indiana).-25
Standard 011(KY)
10
Standard 011(0)cum- _45
100
Preferred
26
vacuum 00
Other Oil Stocks
Amer Contr 011 Field5----1
5
Weer Maracaibo Co
10
Argo Oil Corp
Arkano Nat Gas Corn win•
•
Clam A
•
Atlantic Lobos corn
Carib Syndicate corn
Colon Oil Carp, COM
•
Colum 011 & Gasol v t o •
•
Cooden Oil common
•
Creole Syndicate
Crown Central Petrol_ _•
Darby Petroleum new corn.
•
Derby 011& Refcorn
General Petroleum
Gulf Oil Corp of Penns_ _25
Roust 011(Tex) new corn 25
Indian Ter DI 011 el A
•
Claes B
Intercontinental Petrol__10
Internet Petroleum
Kirby Petroleum
Leonard 011 Develop---25
Lion Oil Refining
•
Lone Star Gas Corp
Magdalena Syndicate_ _
•
Mexico Ohio Oil Co
Middle States Pell A v t o•
•
Claes Byte
6
Igo Kansas Pipe Line
CI li, vol trust ctls___.1
1
Mountain & Gulf Oil
Mountain Prod Coro---10
•
Nat Fuel Gas
New Bradford Oil Co-- _6
New England Fuel OIL *
N Y Petroleum Royalty.*
North European 011
•
Pacific Western Oil
•
Panden 011 Corn
Pantepeo OH of Venezuela•
Petrol Corp of Amer ware..
Plymouth 011 Co
5
Pure 011 Co 6% pref_100
Red Bank Oil
•
Reiter Foster Oil Corp---•
Illehfleld Oil of Calif pref 25
Root Refining, corn
•
Cum preferred
•
Royalty Corp pref
10
•
Ryan Consol Petrol
Salt Creek Consol Oil. __10
salt Creek Producers_-10
Shrev Eldorado Pipe L__25
Southland Royalty Co...'
Sunray 011 corn
5
Yexon 011 & Land
•
venesuela Petroleum-5
1
Woodley Petroleum
•
Y 011 & Gas Co
5544
88%
20%
65%
3254
304
50%
32
8535
10
054
34
831
44%
6%
44
125%
1944
32
X
19%
144
1%
19
34
21%
1%
934
309.4
10%
244
1614
%
2
3%
3%
19
155
11
754
5%
Mining Stocks
.1
Arizona Globe Copper..
34
Bunker Hill & Sullivan__10
IPwana,M'KubwaCop Mln
American shares
Comstock Tun & Drain be
4%
cowl Cornier Minee____5
Cusi Mexicans Mining_ _ _1
Engineers Gold Mines....
2
Evans Wallower Lead come
1
Falcon Lead Mines
Gold Coln Mines, new_
6
Golden Centre MInes
1 5-16
Goldfield Cons NIines
9
25
Recta Mining Co
545
Hollinger Consol G M.._ _ _5
851
Bud BM MM &
,
5
Mining Corp of Can
Newmont Mining Corp_10
25 66
New Jersey Zino
New Quincy Mining___10c
155
5
NipissIng Mines
•
Noranda Minos Ltd
1
3-4
Oblo Copper
Premier Gold MinIng- 1
Roan Antelope Copper Ltd
St Anthony Gold 31ines_1
554
nhattuck Donn Mining...'
1
So Amer Gold & Plat
1
Peck Hughes
1
Tonopah Mining
Sales
Sates
for
Week.
Shares.
Range Since Jan. 1.
Low.
High.
900 1994 Jan 2944 Apr
24%
Mar
Apr 97
10 90
0155
400 24% Jan 2714 Mar
2755
2455
200 22% Jan 28% Mar
2355
100 22% July 2614 Mar
7% Jan 2044 Apr
700
13
6145
300 55% June 8044 Apr
Apr
June 80
100 54
60
Mar
2,200 54% Jan 98
78
100 11% June 15% May
1254
May
Jan 35
31
1.200 25
100 15% Jan 17% Feb
1651
Feb
1
5-16 June
900
45
16
33,700 12 June 28% Mar
June
96% 1,500 914 June 99
June 114( Mar
645 3,200
5
May
44% 69.900 3744 Jan 56
Mar 99% Mar
88
5,200 80
11054 1,600 9744 Jan 119% Apr
Jan
17
100 12% June 19
14% 16,500 10% July 22% Feb
644 June
344 July
455
100
July
110
100 10655 Jan 110
Mar
1844 4,700 14% Jan 28
Apr
63
100 58% July 68
100 55%
99;4 5544
15444 15444
100 140%
200
4% 455
23.4
1,300 78
88% 91
19% 20%
900 18%
32% 3254
100 18%
600 15%
1655 17
500 1044
17% 18
66% 1,500 623.4
65
3255 3354 10,400 32%
105 105
100 103
23
600 17
22
200 35
36;5 37
200 13
18
1851
5051 51% 18,600 4744
31% 32% 7,000 30%
200 77
78% 79
118 118%
70 11544
8755 8,900 76%
85
June
June
Jan
Jan
June
June
June
June
June
July
Feb
June
June
Jan
June
June
June
June
June
69
184%
7
119
30
41
22%
21%
76%
34%
108
32
463-4
20%
59%
4044
10814
122
97%
Jan
Apr
May
Apr
Apr
Jan
Jan
May
June
July
May
Apr
Mar
May
Apr
Air
Mar
Mar
Ape
•
44 May
300
3-16 3-16
14 Jan
4% May
144 Jan
255 255 2,500
Mar
1% Feb
1
100
155
11% Jan
945 10% 1,100
941 A r
844 June 16
Atir
9% 10% 9,500
Mar
1
200
34
34
A July
155 1% 1,700
31 Jan
700
354 June
355 355
Ae
pbr
854 854 7,400
2
9
834 July 2154 FA pr
13,400 32 June 744( Jan
4055 45
u
4A
514 June 21 11145 J1anyrye
6% 645 9,200
7 x 1,
600
34 Jan
44
44
100 12
13
June
13
454 Mar
Apr
714 7% 1,400
3251
June 37% Apr
200 30
32
12434 12844 1,800 11755 June 166% Avr
June 2754 Apr
1844 2014 8,100 13
300 26% July 47% Apr
32
3244
200 26% July
3214 3214
1,900
1% Mar
41 Mar
34
18% 19% 7,500 1744 June
155 July
400
144 1%
4
, pr
Aprrr
A ar
1e
A
1
Feb 52438 44: MAapy
3,700
1%
Apr
2,400 1855 Jan 29
184.1 2155
3834 40% 3,300 8455 June 56% Ate
1,400
51 June
31
34
754 Apr
Feb
2
700
23.4
255
pr
155 Apr
454 June 16
500
6%
6
2% June
800
2% 251
6
June 3 % Jute
20% 23% 9,400 15
June
1,400
1
13.4
44 Nlar
% May
34
34 2,200
Jan 12% Apr
8
9% 1,500
32% 3,400 25% Jan 4114 May
2% May
354 Mar
100
2%
3208 45 1245
125
01
2% June
: 1v
300
,
3 5 Ja
;
10% Mar 16 H j n
40
4% May
255 2% 2,500
2% June
800 1255 Jan 19% Ape
1545 1555
2% Mar
55 July
51 15,40
55
4% Mar
2% 1,80
2
134 Jan
544 Apr
2% July
354 354 1,10
26% 27% 2,400 20% May 2744 Feb
June
94% July
30
9455 95
10
9%
100
854 July 9
855 854
5% Apr
2% Mar
1,10
900 1755 June 23% Jan
13% 1951
9
3
June
10
Feb 24
20
1954 19%
july
25
May 11% M ay
200 14
1955 20
July
8
100
11% 11%
3% JIM
100
8% May
4% 4%
2
200
I% June 154( Mar
134
11.1
894 June
Apr
10% 1155 1,60
100
744 Aug
7% 755
734 Aug
300
Mar 17
955 9%
9
Ara
5
Apr
June 70
1,60
5% 6
100
8% Feb 1514 June
13% 13%
4% Mar
June
2% 2% 1,800
2
Mar
200
5 June
2
43( 4%
500
155
51
2% Apr
55 Jan
1-16
68
55
68
354 334
54
34
43.4 4%
44 15-16
3.1
%
2
2
34
1-16
454
4
3%
3
5-16 5-16
5% 555
8
8%
145 155
88%
87
66
6851
1-16
54
1% 1%
2355 24%
Si
3.4
1
19% 2114
3.4
34
5
5%
1
1
6,4 634
A
g
2,000
300
3.4
9555
Jan
Jan
June
55-4
Jan
June
854
June
Feb
234
June
6
June 3-16
July
545
July
7
Jan
44
July 14
Jan
7
June 1444
July
June 141%
June 91%
July
1
May
1%
June (514
June
134
Mar
July 33
May
34
June
July
2%
Jan
744
July
2
an
Feb
Feb
Feb
Feb
Mar
Jan
June
Feb
July
Feb
Apr
Feb
Feb
Apr
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Feb
June
Jan
1-16 Jan
Mar
65
3
1,500
51
200
346
1,000
51
2,300
45
500
155
1,800
7,200 1-16
2%
600
214
500
200 3-16
700
8%
1,800
5
1,500
7
1
100
2,000 79
1,400 651(
6,500
hi
44
700
2,200 2014
10,200
14
2,100
44
1,100 19%
300
1-16
800
6
100
1
1,300
4%
100
A
768
Mining Stocks
(Concluded)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
United Verde Extension 50c
9% 93-4
954
1,200
816 June 1651 Mar
Utah Apex Mining
5
13-4
1%
500
116 June
334 Mar
Walker Mining
214
1,700
154 June
254
4% Jan
Warden Copper Mining_ _1
34 May
563-4 2,000
34 Jan
Bonds
Abbots Dairies 6s_ _1942
99
99
May 100
1,000 97
Jan
Alabama Power 454e_ -1967 9874 98
Feb 98% July
9851 112,000 93
5.
1968 103% 103 103% 14,000 99
Jan 103% July
5e
1956
103 103%
Jan 10356 Apr
5,000 100
Aluminum Co 1 lab 55 '52
103% 103% 15,000 10114 Feb 103% July
Aluminum Ltd 58
1948
9956 100
36,000 9751 Feb 100
Mar
Amer Com'lth Pr 65__ _1940 92% 92
July 0956 Mar
9351 42,000 92
Amer 0 A El deb he.._2028 99
88,000 9754 Jan e99
98% 99
July
Amer GM & Power 85_1939 91% 9156 92
11,000 91
July 98% Jan
American Power & Llgh58e, without warr_ _ _2018 107% 10756 107% 56,000 105
Jan 109
,
Mar
Amer Radiator deb 4565 '47
9954 99% 9,000 98% May 9934 July
Amer Roll Mil deb 58_1948 9874 9851 98% 32,000 98% Jan 101
Mar
Amer Seating Corp 68_1936
July 81
65
1,000 64
65
Feb
Appalachian El Pr 58-19511 100% 100% 10056 46,000 9556 Jan 101
Mar
Appalachian Gas 65..1945 10556 105% 10655 20,000 99% Mar 145
May
Cony deb 6s B
1945 9655 06
June 101
96% 37,000 98
May
Arkansas Pr & Lt 55_195(5 98% 98
June
98% 87,000 93;4 Jan 99
Armstrong Cork 58_ _ _1940
July 08% July
9856 9834 20,000 98
Associated Elea 4168_1953 86% 86% 8754 51,000 82% June 90
May
Associated Gas & Electric
4341 series C
1949 77% 7734 7855 42,000 71% June 87
Mar
5.
1968 8351 8356 84% 98,000 7834 Mar 88
Jan
5%5
1938 8054 80
15,000 793,6 July 87
82
Mar
5 Her
1977 9754 97% 98% 24,000 90
June 105
Mar
Aasoey'd Sim Hard 5145 1933 86
11,000 86
Mar 86% Feb
86
86
ASSOC T & T del, 5%s A '35
94% 94% 3,000 0416 July 94% July
Mew Telen 17111 5346_1944 9636 9016 98
June 108
48,000 92
Fee
Atlantic Fruit & Sug 8s '49
Apr
2
Apr
256 20,000
6
2
Atlas Plywood 554s _ _ _1943
70
Mar
June 86
70
4,060 65
Bates Valve Bag Corp
6s with warrants_ _1942
Jan 110
108 108
Apr
1,000 102
Beacon Oil Os with warr '36
10356 10336 13,000 103
Apr
Feb 108
Bell Tel of Canada 58_1957 1033( 103 103% 8,000 100
Feb 103% July
58 Bedew C May 1 1960 103
June 103% July
10256 10356 64.000 102
Berlin City Elea 6e_ _1955 84% 84
47,000 84 June 91
85
Apr
Birmingham Gas 58_ _1959 97
July
07
9751 32.000 97
9856 July
Boston & Alb RR 4518 '78 96% 9656 96% 5,000 95% July 96% Aug
Boston & Maine RR 65 '33 10274 102% 102% 1,000 100% Jan 103
Mar
Brooklyn I3oro Gas 5s_1967 103% 1035, 103% 20,000 103
Jun( 103% July
6
Calif Pack deb 55
1940 100% 100% 10034 115,000 100
July 10056 July
Canadian Nat Sty 451s '55 100% 100 100% 98,000 99
June 100% July
7s
Apr 109
1935 109
108% 109
2,000 107
July
Can Nat SS Se
1956
2,000 99% Mar 103
103 103
July
Canadian Pacific 4145 1960 98
July 9834 July
98
9834 158,000 98
Capital Admin deb 5s A '53
Without warrants
Jan 82% Apr
79
7951 15,000 74
Carolina Pr & Lt 58_1955 10256 102% 102% 25,000 98% Jan 103
May
Caterpillar Tractor 5s.1935 102% 102 102% 42,000 995.4 AM 105% May
Cent States Elea 55.....1948 76
Jar
17,000 71
7556 76
Mar
84
Deb 5345_Sept, 15 1954 77% 7734 7951 56,000 7254 Jan 89% Mar
Cent States P A Lt 634s'53 87% 87
July
91
Feb
8734 12,000 86
Chic Pneum Tool 5568 1942
Jan 102
Feb
100 101% 60,000 97
Chic Rya 5e MN deD__1927
Fel 84% July
84% 84% 5,000 68
Childs Co deb 58
8251 Jan 91% Mar
1943 87% 87% 87% 40,000
Cigar Stores Realty
514s series; A
MV
1949 8674 86% 8651 2,000 62% Jan 89
Cincinnati St Sty (is 8_1955
97
97% 3,000 9654 June. 9914 Anr
Cities Service 551
1966 82% 8234 82% 44,000 8234 July 8834 Mar
Cony deb 58
1950 10014 100 10155 912,000 899%f-fun, 128
may
Cltlee Service Gas 555s 1942 83
82 56 July
31,000
82% 83
8874 Mar
Cltleo Serie Gas Pipe L 6843
Jai
95
9151 9256 8,000 90
AM
Cities Serv P & L 53451952 88% 88% 8951 59,000 81
Jar. 9451 Ma
,
Cleve Elee III deb 78..1941
Jan 108
Jan
2,000 106
107 107
Cowmen und Private
Bank 53411
91
1937 89% 8914 89% 60,000 81;4 Jaz ,9 4 Ma,. A,,
Com'wealth Edison 4344'57 98% 97% 9814 21,000 9374 Fat
4%s series E when ins '60 98% 98
98% 27,000 97% July 98;4 Aug
Consol GELAP (Bait)
474s series II
99% 100% 57,000 9934 July 10031 July
1970
Consol Publishers 6548 '36 99
3,000 9654 Pei' 101
May
99
99
Consumers Power 410-'58 100% 99% 100% 123,000 9151 Feb 1004% Mara7
July
9
Cont'IG & El 58
88% 9051 173,000 8411 Feb
1958 90
Fel
, 98
Continental 011 5348_1937 97
Mar
18,000 94
97
97
Crane Co 10-yr 55_ _ _1940 100% 10056 100% 27,000 100% July 100% July
Crown Zellerbach 68_1940
With warrants
June
24,000 96
9634 97
Crucible Steel 58
9
M
1940 99% 9934 99% 40,000 98% May 9 %MaY:
Cudahy Pack deb 5548 1937 97% 97
Mat
97% 9,000 9534 Jae. 99
J er
JulyAu
02
-1946 10114 101% 101% 2,000 0834 .1st
Delaware Elea Pow 53-4459 94
Feb
1,000 z93
94
04
Det City Gas 65 ser A_1947
1,000 104% Feb 110973.4
10756 107%
let 58 ger B
June
1950 10114 101% 101% 3,000 9756 Feb 102
Detroit lot Bdge 614E1_1952 52% 5056 56
89
July
mar
16,000 50
25-yr e f deb 75
July
75
2756 35,000 20
1952 26% 20
Dixie Gulf Gas 6545
1937
With warrante
Jan
Jun
4,000 68
95% 06
Duquesne Gas tis
99
1945 85% 85
8634 36,000 85% July 1091 I5M
lare
East Utilities Inv 58
With warrants
Mai
June 87
1954 80% 79% 80% 77,000 69
Edison El (Boston) 55_1933 101% 101% 102
July
7,000 00% Jan 102
Elea Power & Light 55.2030 01% 9156 91% 80,000 89
June 9454 Mar
El Paso Natural Gas
6345 Series A
Jan 116
May
6,000 98
101% 102
1943 102
Empire Oil& Reig 5548'42 8356 83
Jan 120
May
8356 22,000 08
Ercole Morelli El Mfg
634s with warrants_1953
Apr
3,000 78
80
Feb 87
80
European Rice 656s 1965
With warrants
June 10134 Mar
17,000 84
9334 94
Without warrants
July
July 80
4,000 79
7936 80
For Mtge & Inv 78 C.1967 79% 89
Apr
Jan 91
8956 0,000 83
Fairbanks Morse Co 581942
Jun.
934Ja
49,000 93
Jan 98
97% 98
Federal Sugar Ref Os_ _1933 75
July
75% 2,000 75
75
Federal Water Serv 556s'54
AD?
0451 91% 5,000 0051 Jan 97
Finland Residential Mtge
Bank Os
Mar
1961
8134 82% 10,000 75% Jan 88
Firestone Cot Mille 58_1948 88% 88% 89
Just
88
21,00
Firestone T & It Cal 68 1942 91
% A
96
90% 91% 14,000 9056 July 9 6 M
First Bohemian Glass Wks
7s without warr_
an
72
80
1957
82
1.00
Feb 844 Jan
82
Flak Rubber 534
23,000 30% Aug 7254
303( 34
1931 30%
Florida Power A Lt 55_11254 88
Mar
82% Jan
87% 88% 69,00
Garlock Pack deb 68_ _1939
10AT'
94% Jan 1974 M
100 101
3.00
Gatineau Power 5s_ __195e 95
Feb
91
94% 9556 72,00
Deb gold 6s
Mar
9456 Jar 101
1941 9874 9854 9851 3,00
6s series 13
July
July 99
994 1.4ay
1941
97
97% 98% 5,00
Gen Brons Corp COM/ 811'40 95
94
22,00
JulY
95
94
Gen Rayon Os
37
Mar
Jan 80
1948 67% 6714 6734 9,00
General Vending Corp
68 with wart Aug 15 1937
Feb
34
May
6,000 20
20
20
Gen Water Wks Gas & El
68 series B
Jun 096
1944 88
May
88
9,00
88
88
Georgia Power ref 5.8..1967 10056 10051
95% Jai 101% June
100% 50,00
Gesfuerel deb Os
1953
With warrants
Jun
9454 May
90
9056 91% 6,00
Without warrants
9251 June
9156 92
8,000 903.4 Jul
Glidden Co 5565
99% Jun 100% July
1935 09% 9911 99% 10,00
Gobel (Adolf) Inc 656s '35
With warrants
July
9954 May
94
5,00
94
94
Goodyear T & R 53.48_1931 100% 100% 100%
Mar
3,000 9954 Jan 101
Grand (F&W) Properties
Cony deb tleDec 15_1948
92
Jun
May
87
88% 14,000 85
Grand Trunk Ry 6565_1936 108
July
Apr
10756 108
9,000 105
Ground Gripper Shoe Os'44
July
50
4,000 50
50
Guantanamo & West Is'58
Jul
30
9,000 30
31
Gulf 011of Pa 56
1937 10211 101% 10251 31,000 99% Jar
Sinking fund deb 58_1947 10256 10234 103% 12,000 100
May
Inn 1:000573382
AA'tpip)rrr
T
Bonds (Continued)
-
[VOL. 131.
Friday
Last IFeck's Range Sales
Sale
of Prices.
for
Price Low. High. Week.
Range Since Anal.
High.
Low.
Gulf Staten 17111 lin___19511 98
98
July
9851 49,000 92% Jan 100
Hamburg El & Und 5358'38 8856 87% 88% 16,000 8456 Jan 90
Mar
Hanna (15I A) Co 6s 1934
100 100
1,000 07
Jan 100% Juno
Houston Gulf Gas 5345 '43
9554 9651 29,000 64
June
Jan 100
Os
1943 9556 95% 9651 30,000 6754 Jan n9831 June
Houston Oil 556s
1940
97
May 9711 Juno
1,000 97
97
Hud Bay Min & Sm 60.1935 104
104 106
June
24,000 100% July 108
Hungarian Rai Bk 754s '83 88
88
88
Mar
2,000 70
Jan 92
Hygrade Food fis A_ _1949 6254 60
62% 15,000 583-4 Jan 7114 Am
III Pow dr Lt 5345 ear B '54 10234 101% 1025i 10,000 97% Feb 102% July
Indep Oil& Gas deb 0.1939 10334 10336 1045.6 13,000 100
Feb 110% AN
Indiana S'west Gas UM
Cony 65
June 1 1940
9856 9874 8,000 9814 July
,1 July
Ind'polis P & L 55 ser A '57
9934 99% No Immo 90)4 Jail 1003.4 J19
1
Inland Utilities 8e_ _ __1934 9834 98
9956 117,000 98
Apr
July 120
Insult Utility Investment
615 ser 13 without warn '40 102% 101% 105 242,000
9834 June 1135.4 Mar
Intercontinents Power Co
New
97
97
June 07% Jnue
97
4,000 97
Int Pow Sec 7s son E_1957 99
98
14,000 9356 Jan 10114 June
99
Internal Securities 68.1947 80% 8056 82
39,000 7856 July
88% Jan
Interstate Nat Gas (is 193G
Without Warrant
10211 102% 10,000 10054 Apr 10234 July
Interstate Power 5e__ _1957 90
8956 90% 73,000 83
Feb 9351 Mar
Deb 6e
1952 87
87
8756 23,000 8034 Jar
, 9251 Mar
Inter-State P S 4%s_ A958
Jan 92
90% 91,
Apr
8,000 88
invest Cool Am 55 A_1947
With warrants
90% 90% 2,000 86% Jan 10314 Apr
Without warrants
79
79
Mar
79
3,000 7814 Jan 82
Iowa-Neb L P
_1957 9674 95% 9756 101,000 91% Mar 973i July
Issue, Frashchlni 7s 19.12
With warrants
88% 91
57,000 80
Jan 92% May
Without warrants
87
Apr
8856 11.000 7534 Feb 89
Isarco Hydro Elec 7s. _1952
Jan 9414 Mar
91% 91% 1,000 83
Italian Superpower of Del
Dabs 68 without warn '63 6836 67% 6956 24,000 66% July 80
Mar
Jersey Cent P & L 55 B 1947
June
09% 9956 1,000 98
May 100
5565 series A
1945
103% 103% 8,000 102% July 103% July
Kansas Gas & E1 410_1980 9335 93
May
July 94
93% 90,000 93
Itelyinator Co 65
1936
Without warrants
Apr
91
90
9051 12,000 694 Jan
Koppers GAO deb 58_1947 10034 100% 10056 32,000 9551 Jan 10034 July
5%5
1950
102% 103% 64,000 99% Jan 103% June
(to
2022
106 106
10.000 100% Jan 10734 June
Kresge(S.S.) Co 5s w I 1945
9856 9856 3,000 9855 July 9856 July
Laclede Gas 5568
1935
1,000 97% Jan 103% Mar
101 101
Lehigh Pow Saone 8s__2025
105 10556 23,000 10251 Jan 10751 Mar
Leonard Tietz 7565- - -1916 1053.4
With warrants
July
July zI07
107 107
1,000 107
Without warrants
Mar
Feb 100
9956 99% 4.000 03
Libby, McN & Libby 551'42 9434 9331 9434 32,000 9054 June 95
APr
Lone Star Gas deb 55_1942 9836 97%
9855 8,000 9656 Mar 9954 Mar
Long Island Ltg 8s_ _ _1945
10454 104% 2,000 103% Jan 106
Feb
Louisiana Pow &LI 581957 97
Jan 98% June
9814 97
19,000 92
58
Dec 1 1957
97
35,000 97
July 07% July
97
Manitoba Power 5%5-1951
9954 99% 12,000 0674 Feb 100% May
Mass Gaa Cos 5748_1946 103% 103% 104
Apr
5,000 101% Jan 105
58
1955 98% 898
98% 47,000 97
June 9854 May
McCord Rad Mfg 63..1943
74% 7.000 59% June 87% Mar
73
Mead Corp 60 with wan.'45
97
33,000 97
97
May 97% may
Mid States Petrol 6501945
66% 66% 2,000 5851 July 76% May
Middle West CBI 58_1932
100 10034 12,000 08% July 100% Juno
Cony 5% no tes_ _ _1933 9974 98% 995( 17,000 9836 July 99% Juno
Cony 5% notes____1934 98% 9834 99
12,000 98% June 10056 July
Cony 5% notes_ _ _ _1935 98
Juno
9751 98 106,000 96% July 98
436s
1931
June
1,000 100 June 101
100 100
Midland Nat Gas 68._1935 0856 9856 08% 185,000 9856 July 0851 July
Milw Gas Light 456s...1967
Jan n9951 Juno
100 10034 26,000 95
Minn Pow A Lt 4534_1978
Mar
38,000 89% Jan 94
03% 94
Miss Elver Fuel 6sAug15'44
With warrants
Jan 122
11014 112% 13,000 102
Mar
Without warrants
12,000 92% Feb 1100
97
June
9634 97
15160 River Pow deb 501951
1.000 100% July 111314 June
102% 10256
Mo Pao RR 58 ear II_ _1980 100% 100% 100% 83.000 99 June 102
Mar
Montreal LH & P col 5551
9,000 08% Jan 101% July
10156 102
Morrie & Co. 73-4s....,.1910,100
100 100% 3,000 0951 Jan z101
Feb
Munson SS Lines 6568 1937
With warrants
3,000 85% June 103 . Jan
89
89
Narragansett Elea 55 A '57 101% 101% 10151 31,000 97
Jun 10151 June
Nat Pow & Lt as A___2026 10556 10556 100
38,000 104
Jan 108% Mar
Ss series B
2030 91% 91;4 94 291.000 mu July 04
July
Nat Publlo Service 058.1978 76
Jan 8054 Mar
77% 48,000 74
76
National Tea Co 5 3
,
July 09% June
9835 0854 5,000 98
Nebraska Power 6s A.2022
Jan 10954 Aug
10956 10954 3.000 104
N E Gas & El Aran 5e..1947 90% 90% 91
23,000 85
Jan 98
May
58
1,000 85
92
92
1948
Feb 94% May
NY & Foreign Invest
5518 A with warr_ _ _1948 85
1,000 79
85
85
Jan 00
Apr
NYP & LCorp 1st 4148'67 9551 95% 9
Feb 98
551 143,000 91
May
Niagara Falls Pow 6&1950
5,000 105
106 106
Jan 107 June
Niagara Shares Corp (Md)
20 yr deb 5565 May 1 '50
s103 104 130,000 99% Apr 105% May
Nippon Eleo Pow 6568 1053
9156 91% 4,000 8854 Feb 94
,
Mar
North Ind Pub Seery 5811986
17,000 9711 Jan 103
102% 103
July
64 series D
1969 102% 102% 10256 29,000 97% Jan 1023-4 Mar
No Ste Pow 634% notes 33
104 104% 2,000 100% Feb 104% July
'
Northern Texas ULU 78 '35
27,000 97
111 112
Feb 112% July
Northwest Power Its A 10400
98% 99% 13,000 98
June 100
Mar
Ohio Edison Is
1960
9851 08% 17.000 98% July 9851 July
01110 Power S34a aer
46,000 91
9551 9554 96
Jan 96
July
58 series 13
1952
102 102
3,000 9854 Jan 10214 AIR
Ohio River Edison 58_1951
1,000 98% Feb 10556 July
10534 105%
Okla Gas & Eke 5s_ _ _1950 99% 9954 100
21,001
0956 July 100
July
New when issued
1.018
09% 99% 99%
09% Aug 9956 Aug
Oswego Ely Pow 85_ ..11131 101% 101% 101% 20,000 99
Jan 101% July
f'aoGaa&Ei let 4541.1041
96% 96% 30,000 9354 Feb 97
Mar
Pac Gas & Flee 1st 43.49;60
9654 0(83-6 5.000 96% July 9656 July
Pacific invest deb 58_1948 80% 80
80% 3,000 79
Feb 8551 AIR
Pac Pow & Light 58..1955 96% 0656 96% 29,000 9654 July 06% July
Pacific Western 011650'43 93% 93% 94
14,000 81
Ian 05% AM
1936
Park & Tilton!.6s
90
90
1,00
85
May 91
Jan
Penn Cent L & P 4545_1977
93
9334 8,000 92
July 9356 July
Penn-Oblo Edison 85_ _1956
Without warrants
103 104
103
10.000 09
Jan 105% Apr
1959 102
5544
102 103% 129,000 DO
Jar: 104% July
Penn Dock & W 65 w w '49
89456 95
3,000 93% Jan 9854 Mar
Penn P & L 1st & ref D '53
102% 103
13,000 9951 Feb 103
1952
1st ref Inner 11
103% 103% 6,000 99% Feb 103% May
July
Peoples Lt & Pow 53_ 1979
79% 80
16,000 374% Feb 9356 Mar
Philadelphia Elec 5568 '47 108
107% 108
7,000 10034 Jan 108 Juno
Is
1960
105 105
1,000 10214 Feb 105
July
Phlla Elea Pow 5%8..1972 106
105% 106
18,000 10434 Feb 106% Mai
Piedmont Hydro-Electric
1960
Class A
634s
0134 9154 3,000 9134 May 92
May
Pittsburgh Coal 6s_ _ _1949
99% 99%
1,000 9956 Jan
,
Pitts Steel 6e
1948 102% 102% 102% 4,00 101% Jan 10256 Mar
104
May
Poor & Co Os
1939
103 10356 5.000 102
June
Potomac Edison 5a---1955 100% 99% 10056 21,000 9434 Jan 110% Feb
100% May
Pow Corp (N Y) 5568 1947 97
9556 97
5,00
9553 July 99 May
Procter dz Gamble 4145 '47 99% 98% 99% 10,00
9556 Feb 100% July
Pub Ser of N III 4568_1980 94% 94% 94% 12,00
94
July
9416 July
PugetSound PAL Vie'49 102% 102 102% 20,00
9934 Jar, 103
Apr
155 A ref 50 C._ __Mil
9751 96% 97% 37,00
95% May 97% July
Queens Borough G & E
5568 series A
1952
10236 102% 2.000 100% Jan 103% Apr
Reliance Management
Is with warrants.._1954 76% 79% 76% 10,000 70 Junt. 95
Mar
Rocheeler Cent Pow 5a. '63 74% 7456 75
26,000 74
Mar
July 84
Ruhr Gas 13548
1953 87
86% 87% 40,000 80
Jot
8934 mar
Ruhr Housing Corp 5%4'58
86% 87% 6,003 86
89% Am
AP
Ryerson (Jos T)& Sons Inc
1043 04% 94% 94% 5,000 02
15
-year del, 5.8
Jan 9451 Aug
Alla. 2 1930.]
Bonds (Concluded)
St L Gas & Coke 601_1947
Elan Antonio Pub Servre'58
Sande Falls let be__ _1955
Saxon Pub Works 58..1932
Sextet Co 1st cony ge A '45
Scripps(E
510-1943
Segal Lock & Hard 6 Ma'40
1948
Serve!. Ins. 53
Shawinigan W & P 4%s'67
1968
ggs series B
let 58 ser C when Waned.
Shawsheen Mills 7e_ _1931
Sheffield Steel 5346-.1948
Sheridan Wyo Coal 68_1947
1944
Simmons Co Is
_1932
Snider Packing
So Carolina Power 58_1957
Southeast P & L
Without warrants
Sou Oelit Edison 5e__-1951
Refunding 5e
1952
Gen & ref Is
• 1944
1937
Sou Cal Gas 58
1957
58
Bentz.rn Natural Gas 65'44
With privilege
Without privilege
Sou New Engl Tel 55_ _1970
So'weet Dairy Prod 611838
So'west Lt & Pow be A 1957
So'weet Nat Gas 6s___1945
Sciwest Pow & Lt 68_2022
Staley Mfg Co let 63- _1942
Stand Gas & Elee 6e...1935
1951
Debenture 68
Stand Invest 534s
1939
Is without warr___ _1937
Stand Pow & Lt68.-1957
Stinnes(Hugo)CorP
78 1946 without warrants
78 Oct 1'36 without warr
Strauss (Nathan) 65_ _1938
Strawbridge & Cloth 58 '48
1939
Sun 011 534s
Swift & Co 155 Oct 15 1932
1944
lstMsfSe
Terni Hydro-Elee 611e '53
Texas Elec Service 58_1060
Texas Cities Gas 5s___1948
Texas Gee Utll 68-1945
Texas Power & Lt 5s--1956
Thermold Co Saw w__1934
TrI Utilities Corp deb 5879
1946
Olen Co Os
Union Gulf Corp 58 Jul 1'50
United Elec Service 78 with1956
out warrants
United Elec Lt& P Is B'67
1967
New
United Indus Corp 6118'41
United Lt & Rye 5345_1952
1952
Ils series A
United Rye (Hay) 7115 '36
U S Rubber
Serial 8 A% notes 1931
Serial 611% notes_ _1932
Serial 634% notea__1933
Serial 611% notes__1934
Serial 6 A% notes 1937
Serial
% notes_ _ le38
Serial 611% notee__1939
Berlal6swl
1933
Valspar Corp cony 68-1940
Valvoline Oil 78
1937
Van Camp Packing 68_1948
Van Sweringen Corp 65.35
Virginia Elec Pow 58_1955
Virginian jty 4 ge B__1962
Wabash Ry 58 Ber D__1980
Waldorf-Astoria Corp
1$ 7e with warr_1954
%tab Wat Pow 58 w1-1960
Webster Mills 634s.....1938
West Texas Util be A_1957
Western Newspaper Union
Cony deb 6s
1944
Westvaoo Chlorine 5118'37
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
7034 7111
97% 98
102 1024
9734 98
99
99
92
91
91
88% 91
6911 6934 70
96
9534 9611
95
95%
10211 10234 10211
8100% 101
10134 101% 10111
73
73
73
95
95
6511 65%
9431 944
7134
10734
10311
10314
10234
9334
10034
$104 107%
103 103%
103 10334
10234 10334
93% 93%
100% 10034
9334 9211 9311
76
76
10514 105% 10511
7531 751•4 76
9511 943.4 9511
9534 9534 9611
10714 10711 107%
9815 9811
10211 102%
10111 10111 10134
91
8831 9134
89
88
90
10034 9934 10034
25,000
58,000
6,000
7,000
6,000
8,000
10,000
27,000
47,000
27,000
1,000
31,000
22,000
2,000
4,000
2,000
1,000
Range Since Jan. 1.
Low.
High.
59
91
99%
97%
99
85
88%
64
90%
90
98
96%
97%
73
95
59
9234
June
Jan
Mar
July
June
Jan
July
Feb
Feb
Feb
Feb
Jan
Feb
June
July
Jan
July
83
98%
102%
98
100
9314
103%
72
9634
95%
10234
10114
102
79
101%
75
9431
Mar
June
May
July
July
June
May
May
Aug
July
June
July
July
Feb
Feb
Apr
July
73,000 103
66,000 99%
13,000 99%
7,000 10011
10,000 191
5,000 98%
Feb
Jan
Feb
Jan
Jan
Apr
10831
10354
n10311
10311
9434
10014
Mtn
July
Apr
June
Apr
June
87
75
10311
65%
90%
95
103
9711
10211
1014
8111
83
9734
Jan
May
June
June
Feb
June
Jan
Jan
July
Aug.
Jan
July
Jan
105
78%
10511
91
97%
99
108%
99%
102%
1014
93%
90
100%
Apr
June
Aug
Jan
Apr
June
July
Ain
July
Aug.
Apr
July
Mar
38,000
2,000
5,000
11,000
17,000
22,000
6,000
2,000
2,000
6,000
16,000
10,000
82,000
769
Bum° Co.. Jan. 26, 50 warrants at 434.
Central States Elec., Feb. 6, 3,300 shares 6% Met. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works di Elec. 68, 1944, Jan. 29. 51,000 at 9611
Gerrard (S. A.) Co., Jan. 2, 105 shares coin. at 24.
Gorham Mfg corny. to. April 23, 1 at 4334.
Happiness Candy Stores corn., Feb. 3, 100 at 134.
Houston Gulf Gas. Mar. 3. 2 shares at 19.
Hopper Gas & Coke pref.. May 6, 25 at 10231.
Mohawk & Hudson Power. Feb. 6. 75 shares 2d pref. at 112.
Neve Drug Stores, May 16. 20 shares at 2
Russian Govt. 5318. 1921 °Us.. Feb. 7. 56,000 at 7.
Singer Mtg., Ltd., Feb. 18. 100 shares at 8.
"Optional" sale as follows:
Del. Elec. Pow. age. 1959. Feb. 19. $1,000 at 9234.
Leonard Tietz 748 1946 with warrants, May 12, 53,000 at 115.
Montreal Lt., Ht.& Pow. Cons.. Feb. 10. 100 shares at 138
Morrie & Co. 7118, 1930. June 30, 52,000 at 10111
Patterson-Sargent Corn'., com., Jan. 16, 100 at 2211.
Railroad Shares Corp., common, June 26, 800 at 31.
Soo. Calif. Gas Si, 1937. Feb 16. 81.000 at 0014.
San Francisco Stock Exchange.
-Telegram not received.
CURRENT
NOTICES.
-Goodwin-Beach & Co. of Hartford, Conn. announce the opening of a
New York office at 63 Wall St. under the management of Edgar K. Sheppard, to specialize in bank and insurance stocks. The bank stocks trading
department will be in charge of William R. Holligan and Joseph V. Bond,
while Edgar K. Sheppard and Nelson A Strothman will be in charge ef
the insurance stocks trading department.
-M. J. Meehan & Co., members of the Now York Stock Exchange,
83
83
8611 13,000 75
Feb 8854 July
5,000 80% July 90% June announce the opening of a seasonal branch office in the Grand Union Hotel
8434 87
at Saratoga Springs, N. Y. The office is under the joint management of
60
2,000 58
60
July 81
Mar
97
97
1.000 96 June 97
Apr Paul V. Cassidy and John A. Healy and is connected with the main office
102 102
3,000 100
Jab 102% Mar
10034 1004 39,000 7911 Jan 10134 Maw by direct private wire.
10031
102 10211 4,000 10011 July 10254 July
- Coincident with the dissolution of the partnership of Berman.Thomas
82
8434 32,000 82
82
July 87
May & Co., A. C. Berman announced to-day the formation of Berman & Co.
971.1 97% 0.734 15,000 97% July 9711 July to
continue the business. The new firm, which holds membership in the
79% 7911 6,000 7934 July 864 Apr
96
9515 95
57,000 94
June 107% Apr Association of Bank Stock Dealers, will maintain offices at 67 Wall St.,
9934 105,000
9934 99
100% July New York.
91
91
9234 8,000 8211 Jan 9834 Mar
-Furlaud & Co., Inc.. 52 Wall St., New York, announce that effective
8511 8411 8534 38,000 78
Jan 100
Mar
34,000 83
9134 93
Jan 943.4 Mar Aug. 1, the firm name has been changed to Furlaud, Reuter & Co., Inc.
10134 101 10111 164,000 99 June 10154 Aug This change does not affect the ownership in any way, as Carlos Reuter
has been a principal since the corporation was established several years ago.
93
93
21,000 894 Jan 97% Apr
10311 1034
-H.P. Henriques Jr., member of the New York Curb Exchange, and
1,000 9934 Jan 1034 J1113
,
103% 1034
1.000 102
Apr 10315 June Joseph A. Perry announce the formation of Henriques & Perry, members
9034 9011 9011 10.000 84
Jan 92% Apr
93
9034 9311 115,000 8311 Jan 94% Mar Of the New York Curb Exchange, 71 Broadway, New York, for the trans10034 10034 101
7,000 99
July 104
Mar action of a general brokerage business.
102 10211 12,000 10011 Jan 107 June
Following the dissolution of the co-partnership of Ewing & Co. as of
July 31 1930. Edward G. Ewing and Walter B. Scribner announce the
100 100
2,000 9834 Jan 101
Mar
formation of a new co-partnership under the same name, with offices at
97
2,000 95% Jan 100
97
Apr
6,000 94
9511 96
Feb 100
Apr 50 Broadway, New York.
94
94
94
4,000 92
July 100
Apr
The Fifth-Third-Union Co., Cincinnati, announces the purchase of the
9234 9234 2,000 91% July 9834 May
9211 93%
2,000 90% June 96% Apr investment business of The L. R. Ballinger Co. L. R. Ballinger becomes
9211 10,000 92
9211 92
July 96% Apr 1st Vice-President and General Manzger in charge of operations of The
66,000 96% July 100 May
98% 96% 97
Fifth-Third-Union Co.
9111 9111 2,000 9111 July 100
Ape
102 102
6,000 101
June 103% Mar
Hardy & Co., New York, announce that Hugh Kilmer has become
70
2,000 65% July 81
68
Feb associated with them in charge of their bond department and that W. F.
9734 98
July 100% Apr
9734 43,000
Webster, P. C. Langdon and E. H. Holland are now with them in the same
101% 101% 1,000 97%
102
July
9934 9934 9934 5,000 96% Apr 100
Mar department.
10034 10011 10011 70,000 99 June 10254 Mar
Frank S. Patrick and Charles H. Worthington, both members of the
New York Produce Exchange, announce the formation of a new firm
32,000 86
0034 9011 91
Jan 103% Jan
under the name of Patrick & Worthington with offices at.
16 Beaver St.,
10334 10334 10311 22,000 98% Jan 103% July
97% 9711 60,000 8534 Jan 97% Apr New York.
9234 9214 93
15,000 8934 Fe
93% Mar
-Alden S. Blodget,formerly Vice-President of the Guaranty Co. of New
has become a general partner in the New York Stock Exchange firm
83% 83% 85
8,000 s83
July 92% Mar York,
of Babcock, Rushton & Co., and will be senior resident partner in New
101% 10144 1,000 101
Feb 103% June
York.
Foreign Government
-Chatham Phenix National Bank & Trust Co. has been appointed fiscal
and Municipalities-agent for $1,000,000 one year 7% treasury gold notes dated July 1 1930.
AgrieuI Mtge Ilk Rep of Col
78J&J
1947
83
83
1,000 72% Jan 89% Mar maturing July 1 1931, of the Province of Tucuman, Argentine Republic.
Baden (Germany) 78....1951 92% 9231
9254 5,000
Jan 9814 June
-Folds, Buck & Co., Chicago and New York,Investment Bankers, have
Brisbane (City) 6s____1950 955.1 953.4 0011 20,000 91
Buenos Aires(Prov) 7118'47 10011 100 100% 33,000 9534 July 97 June announced the election of the following new officers: W. R. Stuart and
9711 Jan 102
Are
7s
1952 9611 9511 9614 6,000 9431 Jan MO% Arc C. W. Given, Vice-Presidents; J. E. Moran, Assistant Secretary.
6115 when Issued_ _1961
85
8611 32,000 85
July 96
May
Harry R. Kneezel, formerly with Broomhall, Killough & Co., Inc., is
Cauca Valley (Dept) Repot
Columbia extl e f 78_1948
Engel & Co., members of the New York Stock Ex75
75
2,000 68
Feb 89
Apr now associated with
Cent Bk of German State &
cha nge, in their bank stock department.
Prey Banks as B.. -1951
82% 82% 4,000 76% Jan 86% Mar
1st gs series A
Love, Bryan & Co., members of the New York Stock Exchange, have
1952 83
83
83
11,000 7711 Jan 88% Mar
Danish Cons Munk.545'55 100
Reduction Co., Inc. and Liggett & Myers To99% 100
4,000 9734 Jan 101
May prepared analyses of Air
Danzig Port & Waterway
bacco Co.
Evil sink fund 610.1952
80
80
3,000 7834 Jan 85% Mar
-George R. Waldmann, formerly with W. A. Harriman dr Co., haa
German Cone Munk. 78 '47
96
9615 100,00
91
Jan 98% Mar
Gs
1947 87
associated with the buying department of August Belmont & Co.
86
87
84,00
79% Jan 91
Mar become
Hanover (City) 7s w 1 1939
96% 9734 16,00
95% Jan 98% Mar
-Bainbridge & Ryan, members of the New York Stock Exchange, New
Hanover (Pray) 6118_1949 92
91
92
9,00
88% Jan 95
Apr York, have prepared an analysis of Autostrop Safety Razor Co.,
Heleingfors (City) tlge '60 9334 91% 94
Inc.
50,00
90
Apr 96
Mar
Indus Mtge of Finland
-Stern, Kempner & Co., members of the New York Stock Exchange,
18t mtge coIls f 7s__1944 10011 10011 10011 6,000 97
Jan 100% Mar 50 Broadway, N. Y., have prepared a review of General Mills, Inc.
Maranhao State 78_..1958 71
71
7134 6,00
68
Jan 85
Apr
Medellin (Columbia) 78 '51
78% 80
7,000 74% July 9214 May
-Dan F. Belden, formerly vice-president and director of Federal System
Mendoza (Prey) Argentine
of Bakeries, Inc., is now associated with Ralph B. Leonard & Co.
External 7ge f g_ _1951
89
9,000 85
89
Jan 94% Mar
Mortgage Bank (Bogota)
- F. Childs & Co., Inc., New York, have prepared an investment list
C.
1947
78 issue of 1927
81
82
2,000 71
Jan 83
May of State and municipal bonds, yielding from 3.95% to 4.40%.
7s issue of '27 new__1947
8311 834 1,000 85% Jan 84
July
-The Chicago office of Sutro Bros. & Co., members New York Stock
100 100% 38,000 98% Jan 100% June
Mtge Bank of Chile 61_1931 100
Mtge Bk of Denmark bs'72 9711 9734 98
19,000 9584 Jan 9814 Jan Exchange, has been moved to 200 South La Salle Street.
Netherlands (Kingd)6s '72 104% 104% 104% 1.000 103% Mar 106
Jan
David B. Lemon, Jr., formerly a partner of Ewing & Co. has become
Parana(State)Breen 731958
88
71
14,000 65
Jan 823.4
Prussia (Fee State) 66-1952 8615 8811 8931 38,000 8134 Jan 9211 Mar associated with E.F. Gillespie & Co., Inc., New York.
Mar
Ent6ge(or26)SeD 15'51 93% 93% 95
50,000 8611 Jan 97% Mar
-Huntington Lanman has joined the trading department of Cassatt
Rio de Janerio 6118..._1059 67
67
71
11,000 67
Jan 85
Apr
members of the New York Stock Exchange.
Saar Basin (Counties) 78'35 97
97
98
3,000 93
Jan 101
Apr & Co.,
Santiago (Chile) 75_1961 9311 9214 9314 7,000 913.4 July 97
June
-In their August "American Letter," John Munroe & Co., 100 BroadSydney (City of) New
way, N. Y.,feature The Timken Roller Bearing Co.
South Wales 534e _1958 8834 8714 8851 30,000 85% July 9031
Mar
-Potter & Co., 5 Nassau St., N. Y., have issued a special circular
•No par value. I Correction. sr Listed oaths Stook Exchange this week, where analyzing A. G. Spalding & Bros., common stock.
_Goodbody & Co., New York, have prepared a booklet describing
Additional transactions will be found. a Sold under the rule. o Bola for cash.
*Option sales. I Ex-rights and bonus. w When issued. s Ex-div. w Ex-rights. "Twenty-five Attractive Common Stocks."
-James Talcott, Inc. has been appointed factor for the Ellis & Sale Corp.,
e "Under the rule" sales as follows:
High Point, N. C., distributors of hosiery.
Amer. Commonwealth 68, 1949, Jan. 22. 53.000 Si 106§107.
- A, Sisto & Co. have prepared an analysis of The Home
Insurance
Amer. Gas & Electric 5s 2028 May 12. 51,000 at 9934.
Co. outlining its record and growth.
Associated Laundries, Feb. 17, 100 at H.
Prince & Whitely are distributing an analysis of Liggett & Myers
flaw-Knox Co., Jan. 2, 58 shares at 31.
Tobacco Co.
770
[VOL. 131.
FINANCIAL CHRONICLE
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f".
Railroad Equip.
(Concid.)
Public Utilities
Par Bid. Ask.
Illinois Central 434s & i5..
Amer Public Utll corn-100 85
Equipmentfla
7% prior preferred---100 94 _
-Equipment 76 dg 00
100 95
4-artio preferred
Kanawha & Michigan Os
Appalachian El Pr pref-100 108 109
Kansas City Southern btis.
Arizona Power 7% prei_100 85 90
Louisville & Nashville es
Associated Gas & Klee
*92 95
Equipment 654.
55 Preferred
•fichtgan Central 54
Cleve Stec Ill corn
(t)•
'taw lament as
100 112
13% preferred
Minn Si P & EIS M 4345 & lis
Col El & Pow 7% pi -100 116 117
Equipment Otis & 78.......
Mater° UM Assoc com---t •40 41
1312 MissouriPacific OMB
*123
4
Convertible stock
Equipment es
Gen PubIle Ute $7 Pref-t *8412 8712
Mobile & Ohio Is
Mississippi Ely Pow 10_100 108 109
New York Central 4345 & 5s
First mtge 5a 1951___J&J 102 103
Equipment 65
4
MAN 973
Deb 5e 1947
Equipment 75
National Pow & Lt $7 pref-t *10912 111
.10114 102
Norfolk & Western 448-$6 Preferred
Northern Pacific 7,3
Northern States Power..100 150 159
Pacific Fruit Express
100 106 109
7% preferred
Ohio Pub Sem 7% pref-100 10712 10912 Pennsylvania RR equip 5s....
,
95 98
Pithsb & Lake Erie 634.......
5% Preferred
•27
ReadingCo 4345 de 56
28
Pacific Gaa & El 1st pref-25
_ St Louis & San Francisco is
Paget Sound Pr & Lt $6 of..t *98
*87 90 Seaboard Air Idne 534. dr Os
$5 Preferred
4
let & ref 555819 9-J40D 10214 1023 Southern Pacific Co 4355-..
4
Equipment 75
Nay El & Pow 8% Pf---100 9012 9212
Sierra Pao El Co 8% p1_100 92 94 Southern Ry 4545 & 55
Equipment es
Stand Gas & El 37 pr DI -(t) •111 112
$6 prior pre
(t) *100 10014 Toledo & Ohio Central 13s_
Union Pacific 75
Tenn Elm Pow lei pref 7%- 108 110
100 99 102
6% Preferred
Toledo Edison 5% Pre - 9212 9412
10412 1051 Aeronautical Securities
:
8% Preferred
100 109 111
7% Preferred
AeronauticalInd without war
Warrants
Air Investors common
t
Alexander Indus oom
Short Term Securities
8% participating pref____
American Airports Corn-Allis Chat Mfg is May 1937 10118 102
Aviation Corp of Calif
Alum Co of Amer be May'52 10314 104
Am Metal 6348'34--__A&O 9714 9712 Bellanca Aircraft Corp
Amer Rail deb stits May '67 99 9918 Central Airport
s
Am Roll Mill deb 5*-3an '48 9814 983 Cessna Aircraft new corn
Amer Wat Wke be'34_A&O 101 10112 Consolidated Aircraft
Bell Tel of Can be A_Mar'55 10218 10314 Consolidated Instrumant-t
Baldwin Loco 5345 '33 M&S 10112 10134 Curtiss Flying Service
Cud Pkg deb 550_00 1937 97 9712 Curtiss Reid cons
-Robertson com
Curtiss
Edison El Ill Boston
t
Dayton Airpl Engine
434% notes..__.Nov 1930 100
PM Rubber 1534e- _Jan 1931 32 li" Detroit Aircraft
Fairchild Aviation class A
General Motors Access
Federal Aviation
0% see notes-Mar 1931 10012
Fokker Aircraft let pi
8
5% ear notes-Mar 1932 1003
6% set notes-Mar 1932 100 Iowa Khmer AUDI & Motor
5% ear notes-Mar 1934 9912 19014 Lockheed Aircraft
Maddux Air Lines men
5% ear notes....Mar1935 9914 100
3
8% set notes-Mar 1936 99 99 4 National Aviation
New Standard Aircraft__
elf 011 Corp of Pa
Debenture be-Deo 1937 10112 102 Sky Specialties
Debenture 5s---Feb 1947 10214 103 Southern Air Transport-.
Swallow Airplane
Koppers Gas & Coke
Debenture ISs_June 1947 1004 10012 Warner Aircraft Engine
WhittolseY Mfg
Meg Pet 434s_Feb 15'30-'35 9712 100
Marland 011
4
31 10012 1053
Serial5% notes J'ne 15,
Water Bonds.
4
Serial5% notes J'ne 15'32 10014 1003
3
Miss Gas Coe 5345 Jan 1946 10314 103 4
Ark Wei 1.8 5. A '513.-A&O
Peopled Ga. L & CokeBlrm WW lat 5;0.4'54 Adz0
Dec 1930 100
etts
s
3
lit MS.1954 ear B__J&D
Proo & Gamb 434s July '47 99 4 997
City W(Chat)604.A64JAI)
Sloss-Shef S & I 434_1931 9912 100
J&D
1st M 5s 1954
Swift & Co
1
City of New Castle Water
5% note6--Oct 15 1932 100 8 101
J&D
8
is Dec 2 1941
Union 011 be 1935-_F&A 1003 101
.
Clinton WW Oat 5.3 39_F&A
United Drug bs 1932__A&O 10014 101
Com'w'th Wet 1st 534sA'47
Debenture Ed 1933-A&O 10014 101
W bs Oct2'39 A&O
E St L dg Int Wat 55'42 J&J
J&J
1st M es 1942
Huntington 1st 6s '54_M&S
Par
Tobacco Stocks
56
1954
85
Monm Con W 1585558 J&D
American Cigar pref.- 100
12 2712 Monm Val W 634.'50.J&J
British-Amer Tobac ord-£1
£1 *2512 2712 Muncie WW 5sOct2'39 Adz°
Bearer
Imperial Tob of GB & Irel'd 2212 2412 St Joe Wat 5s 1941-A&O
Int Cigar Machinery_....100 105 115 Shenango Val W 56'58_A&O
Johnson Tin Foil & Met-100 55 65 So Pitts Wat 1M 641 1960 J&J
14
FAA
1955
1st M
Union Cigar
Terre H WW ea '49 A_JdzD
Union Tobacco Co Class A - *1
1st M Ed 1958 sec B_F&D
Young (J S) Co oom-_100 97 102
- Wichita Wat 1.1 68'49_M&S
100 101
Preferred
1958 ear B_F&A
1st M
;16
Indus. & Miscellaneous
100 35 40
Aeolian Co pre!
13
8
Aeolian Weber P & P......100
American Hardware
25 *5812 5812
Babcock & Wilcox
100 124 128
20
Bliss (E W) Co
t .19
50
Preferred
50 .
100 *108 113
Childs Corp pref
Dixon (Jos) Crucible_ _100 160 166
Safety Car Ht & Ltg
100 115 130
Singer Manufacturing....
.100 440 450
4
£1 .414 43
Singer Mfg Ltd
Railroad Equipments
Atlantic Coast Line 68-100
,
Equipment(Dis
Baltimore & Ohio 68
Equipment 454s & Ed-Buff Roch & Pitts equip es_
Canadian Pacific 445s & esCentral RR of N J 68
Chesapeake & Ohio 84
Equipment 63411
Equipment bs
Chicago & North Wort 6$....
Equipment 634s
Chic RI& Pao att.& 5s.....
Equipment as
Colorado dz Southern es
Delaware & Hudson Os
Me 4345 & Is
Equipment es
Great Northern es
Equipment 58
NOM= Valley Sa
EQU1PMent Gs
•Par share.
4.85
4.60
4.90
4.50
4.70
4.65
4.90
5.00
4.70
4.60
4.90
4.65
4.70
5.00
5.00
4.90
4.90
5.10
4.90
6.55
4.80
4.90
t No par value
4.50
4.35
4.60
4.30
4.40
4.25
4.60
4.60
4.40
4.30
4.60
4.40
6.40
4.70
4.75
4.60
4.80
75
'
4.60,
4.40
4.40
4.60,
1
Bid
4.50
4.90
4.60
4.90
5.00
4.90
4.60
4.25
5.50
5.23
8.25
4.85
5.00
6.75
4.50
4.90
4.60
4.45
4.55
4.60
4.45
4.75
4.50
4.85
5.50
4 50
4.60
4.60
4.90
4.90
4.55
3
112
3
7e
118
Ask
4.35
4.60
4.40
4.60
4.50
4.60
4.40
3.75
4.10
4.75
5.00
4.60
4.65
4.50
4.35
460
4.40
4.25
4.35
4.40
6.25
4.40
4.30
4.45
4.90
4.40
4.40
4.40
4.85
4.70
4.40
Chain Store Stocks Par
N Y Merchandise cora_---t
First preferred 7%
8.-100
PleglY-Wiggly Corp
Reeved (Daniebroeferred100
Rogers Peet Co com__100
Schiff Co corn
Cum cony Prof 7%.....l00
Silver (Isaac) & Bros com-t
7% own cony prof_ -100
Southern Stores6 units
U S Stores
First preferred 7%...._100
Young
(Ed win H)Drug units
Standard Oil Stocks
Atlantic Ref corn
25 *374
Borne Scrymser Co
25 *14
Buckeye Pipe Line Co_ _50 *5512
Chesebrough Mfg Cons_25 *145
Continental 011(Me)v so 10 *10
*207
8
Continental Oil (Del)
•014
Creole Petroleum
Cumberland Pipe Line_100 30
Eureka Pipe Line Co - 100 39
Galena Oil corn
(t) •4
*31
General Petroleum wi
Humble Oil& Refining_ _25 *8814
Illinois Pipe Line
100 310
*204
Imperial 011
Indiana Pipe Line Co____10 *3214
InternationalPetroleum
t *19
4
National Transit Co--12.50 *163
New York Transit Co-100 16
Northern Plpe Line Co- 100 37
65
Ohio 011
25 *
New common _______
- 3232
100 105
Preferred
Penn Mex Fuel Co
25 *22
Prairie 011 & Gas
25 *3812
Prairie Pipe Line
25 *4478
Solar Refining
25 *12
Southern Pipe Line Co- -50 •16
South Penn 011
25 *3612
Southwest Pa Pipe Line-50 *45
Standard 011 (California)--t *6214
Standard Oil(Indiana) 25 *5012
Standard 011 (Kansas). _25 *3118
Standard Oil(Kentucky)_10 *32
Standard 011 (Nebraska)-25 *4812
8
Standard 01101 N. J
25 •717
Standard 011 of N Y
25 *32
Standard Oil (Ohio)
25 •78
Preferred
100 11612
Standard 011 Export pref...... 102
Swan &Finch
25 *614
28
Union Tank Car Co
Vacuum Oil
25 85
2
412
178
75
12 112
55
10
812 15
e4
6
1
4
1718 1812
238 234
314 6
1
2
30 40
3
34
3
5
518
312 4
n2
5
23
20
12 114
5212 blz
12
914 04
3
3
10
7 11
Investment Trust Stocks
as
10
and Bonds
2
5
a3
5
Admstr & Research A
1
3
Amer & Continental
Amer & For Sh Corp unite....
Common
1938
534% cony debit
Amer Founders Corp corn....
94
Conypreferred
10012 10112
8% preferred
95
7% preferred
101 103"
1-40tius
93 96
1-70the
Warrants
93
Amor & General Sec 8% pre!
92
Class A
99
Class B
92
Amer Insurance Stock Corp..
93 9412 Amer Invest Trust Shares....
10012 10112 Amer & Overseas pref
102
Amer fly Tr Shares
93
Astor Financial
9012 92
Atlantic Securities corn
96 98
Warrants
93
Preferred
9212
Bankers Financial Trust......
88 90
BankersInyestmt Am
93 95
Bankers See Tr of Am corn_
9712 99
Bankinstocks Holding Corp..
10012
BanksharesCorp of U Sc!A
92
Bankstocks Corp of Md Cl A
10012
Class B
93
Preferred
Basis Industry Shares-09
British Type Investors
Cent Nat Corp A
Class B
Chain Store Stocks.
Chelsea Exchange class A
Class B
Berland Stores unite new.- n80 90
Colonial Investor Shares.....
Bohack(H C)Inc.
100 100 105 CommonwealthShare Corp_
7% 1st preferred
tzl
3 Continent'l Metropol Corp..
Butler (James) common_
Continental Shares com
100 n10 30
Preferred
36 38
Continental Securities Corp_
Shoe common_
Diamond
95 99
Preferred
Preferred with warr
Corporate Cap Corp unite....
Edison Bros Stores corn...... 12 18
Deferredstock
n90 95
(t)
Preferred
Fan Farmer Candy Sh Df-f *29 33 Credit Alliance A
20
Corporate Trust Shared
Fishman (H M) Stores corn lb
95 103 Crum de Forster InsurPreferred
ance shares corn
Gi Atl & Pao Tea pref--100 117 120
13
7% preferred
Howorth-Snyder Co A
60
8% preferred... _ _ _
Knox Hat
Dews B'kshares ser
Y
Kobacker Stores corn
t 25 35
Series B-1
100 n85 90
Cum pref 7%
10
103 Diverellied Trustee Shs A..
4
Kress (ft H)(I% prof
SharesB
96
LernerStores634%pfWW. 91
100 a275 350
Series
Lord & Taylor
Eastern Bankers Corp cum_
First preferred 8%......100 $911
Units
Second preferred 8%..100 n100
MacMarr Stored 7% pf w w 90 "9"6" &Bet Investing Corp units_
Equity Invest Corp corn......
Melville Shoe Corn
Units
1st pref 6% with warr-100 84 90
Federated Capital Corp......
Metropolitan Chain Stores
55
100
Newunits
New preferred
Miller (I) & Sons com____t 2612 2812 First Amer Corp
100 82 88
First Holding & Trail
Preferred 634%
Mock Judson & Voeringer pf 88 92 Fixed Trust 011 shares
55
Fixed Trust Shares ol A-(t)
Murphy (0 C) Co com-t *50
100 100 108
Class))
8% cum pref
(t)
4
Foundation Sec corn
Nat Family Stores Inc ware al
t 131112 1412
Preferred
Nat Shirt Shops coin
90
100 n80
Founders See Tr pref
Preferred 8%
Founders Shares
Nedlck's Inc corn
t *714 9
General Equities A
Nettner Bros Inc Fret 7%100 115
Gen Pub Bert 6% pref
Newborn? (J) Co 7% pf 100 90 95
0 Basle, Parch. also pays acrr. My.
Bid. As* I
19
•14
90 94
15
n6
99
95
115 130
221z
n21
92
n88
35 50
80 87
40
9
7
70 75
100 05
k Lags gale.
n Nome',
s Ex-div
37 4
1
20
57
55
20
21
63
8
40
41
478
33%
893
4
15
2012
33
1918
17
1712
4014
66
3238
0512
25
3712
45
1412
1812
3712
52
6212
302
5
34
3214
4712
72
3238
80
19
0214
10
29
857a
17 19
1112 1212
84
42
4712 5112
22c 26c
15c 19c
1
41
15
3
13 "ii1"2
71,
7
100 104
50e
43 46
2
50c
12
818 87
s
1018 1138
32 37
12
17
3
0
3
6
2412 2512
65 70
1714 1914
-- s
73
818
67 60
100 103
105
11 If5"4
912 1958
2212 2314
1914 20
4 814
73
22
60
10
93
s
818
1912
1718
63
4
93
Investment Trust Stocks
and Bonds (Cocci.) Par
General Trustee common.....
Newunits
8% bonds
Greenway Corp corn
Preferred withwarr
Warrants
Guardian Investment
Cony preferred
Preferred
Guardian Investors
$6 units
$3 unite
$7 preferred
Incorporated Equities
Incorporated Investors
Industrial Collateral Assn....
Industrial & Pow Sec Co
Insuranshares Ctfs Inc
Inter Germanic Trust
Int Sec Corp of Am corn A
Common B
Allotment certificates7% Preferred
% preferred
8% Preferred
Interstate Share Corp
Invest Co of Amer corn........
7% Preferred
Invest Fund of N J
Investment Trust of N Y
Invest Trust Associates-Joint Investors CIA28 A
Convertible preferred _..-Keystone Inv Corp class A_
Class B
Leaders of Industry
Massachusetts Investors
MohawkInvest Corp
Mutual Invest
Nationwide Sec Co tr ctt
Nat Re-Inv Corp
North Amer Utll Sec
Preferred
North Amer Tr Shares
North & South Am B corn_
011 Shares units
Old Colony Invest Tr coin....
434% bonds
Old Colony Tr Associates-Overseas is
1948
Pacific Invest Corp cons-First preferred
100
Second preferred
Power & Light Secs Trust-Publlo Utility Holding
Common with warrants....
Warrants
Research Inv Corp corn-Units
Royalties Management......
SeaboardCont Corp unite....
Common
Second Financial Invest
Second Internet Sec Corp....
CommonB
8% preferred
Second Nat Investors
Select Trust Shares
Shawmut Assn com
Shavrmut Bank Inv Trust
1942
1952
58
1952
8s
Southern Bond & Share
Common A
Common B
Preferred
Standard Collateral Trust_
Standard Corporation
Standard Investing Corp
554% met with wart......
Standard 011 Trust Shs.......
Standard Utilities
Straus (T. W.) jInv. 1:1511.2
Super Corp of Amer A
Class IS
Trustee Stand 011 She A...
Class B
Trustee Transportation__ ..
United F1xed Shs ear Y
United Founders Corp corn
1-70th.
United Trust Shares A 2._
U S Elm Pow Corp
U S Shares clam A
Class A 1
Class A 2
Class C 1
Class C 2
Class C 3
Class D
Clads F
Class H
US & Brit Internal class B.
Class A
Preferred
U S Elm Lt & Pow tr cli A
Trust ctfs ser B
U S Overseas Corp corn
Att.
18
45
"id"
22
22
23
28
28
60
30
90
21012
6012
70
40
_
2211
53
-- - 2612 661138 1214
38
39
40
12
9112
as
____
37
39
90 94
7
8
6918 1038
1814
30
100 106
15
15
-1612 1114
4218 443
4
5814 6114
854 10
858 9 ,1
3
10 4 113
5
4
-7* -4 /174
3
494
12
88
43
4814
10
85
40
64 "Er
1858
1818 183
4
4
53 518
23
60
712 1612
5
4112
"fi" 161;
20
82
85
161
2112
87
90
114 1318
03 1012
4
74
93
8
91s
812
16"
928
9
93 1012
4
778 814
812 9
24
12
1114 1212
210
it
22%
237
2
163 1812
4
16%
153
2
103 117
8
1412
41
363 383
4
4
10313 1078
1718 18
Sugar Stocks
Fajardo Sugar
10( 4518
Godchaux Sugars Ine
I
70
Preferred
10(
6.4
Haytlan Corp Amer
Holly Sugar Corp com--1 *20
Preferred
10( 57
National Sugar Ref--- _10( 30
New Niquero Sugar....._101 12
*77
Savannah Sugar corn
Preferred
1130 85
9
Sugar Estates Oriente 01.100
Vertlentes Sugar pref.-100 20
493
4
25
90
9
28
70
32
la
83
95
14
26
Rubber Stocks (Cleveland)
Aetna Rubber corn
•
4
Falls Rubber corn
10
Preferred
21
35 37
Faultless Rubber
135
Genii Tire 6t Rub oom-25
Preferred
100 88 90
Goody'r T & Ho!Can 191.100 r105
*15 "1"6
India Tire & Rubber
9
10
100
Mohawk Rubber
100
Preferred
71 Selberling Tire & Rubber--t .014 vs
4
100
..... I 40
Preferred
p Ex-rights
r Canadian quotations,
Sale price.
Putesturent and Alai:trout
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
gutenigentec
771
-Grossfrom Railway- -Na from Railway- -Na after Taxes
1030.
1929.
1930.
1929.
1930.
1929.
3
Canadian Pac Lines In Me
Current
June
Previous
134,614
151,411 -80,379 -35,527 -94.879 -50,027
(+) or
Period
Year
From Jan 1_ 1,504,179 1,750,128
Year
Dec. (--).
141,147
203,937
Name
54,147
118,937
Corered.
Canadian Pac Lines in VtCanadian National
4th wk of July
4,240,947
June
5,455,463 --1,214,516
143,947
200,257
4,765
31,202
745
Canadian Pacific
27,182
2d wk of July
3,255,000
From Jan 1_ 931,600 1,046,558 -26,490
4,158,000 -903,000
23,647 -50,610
Georgia & Florida
-473
3d wk of July
26,250
27,800
--1,550 Central of Georgia
Minneapolis & St Louis
3d wk of July
286.470
317,590
--31,120
June
1,621,252 1,978,938
Mobile & Ohio
218,502
357,760
3d wk of July
100,779
230,768
234,638
329,388
-94,750
From Jan 1_11,193,865 12,543,978 2,352,711 2.873,622 1,618,008
Southern
3d wk of July
2,104,837
2,782,946
3,342,902 --559,956
St Louis Southwestern
Central RR of N J
3d wk of July
376,500
527,300 -150,800
Western Maryland
June
3d wk of July
4,207,433 4,726,170 1,044,236 1,278,363
337.265
525,850
781,159
354.866
--17,800
From Jan L26,137,705 28,074.749 6,050,648 7,019,181 3,804,862 4,771,651
We also give the following comparisons of the monthly Charleston & West Carolina
totals of railroad earnings, both gross and net (the net
June
232,030
257,046
82,094
52,418
35,622
25,918
before
From Jan 1_ 1,472,618 1,700,481
254,969
426,414
the de uction of taxes), both being very comprehensive.
136,950
282,389
Chicago & Alton
They include all the Class 1 roads in the country.
June
2,017,746 2,353,601
237,323
555,139
123,478
440,203
From Jan 1_12,315,130 13,951,760 1,885,895 3.097.042 1,203,186 2.434,672
Chic Burl & Quincy
Gross Earnings.
Length of Road.
Month.
June
10,897,419 12,475,796 2,830,274 2,919,794 1.957,813 1,830,544
From Jan 1_67,646,990 76,227,002 19,624,168 23,805,897 14,072,532 17,305,895
Inc.(+) or
1929.
1928.
Chicago & East Illinois
Dec.(-).
1929.
1928.
June
1,560,169 2,013,837
81,451
368,427 -49,084
237,429
From Jan 1_10,267,354 12.151,821 1,260,973 2,736,492
Miles.
506,812 1,580,573
Miles.
February
474,780,516 456,387,931
+18,292,585
Chicago Great Western
March
508,134.027 505,249,550 +10,884,477 242,884 242,668
June
1,862,166 2.097,591
417.639
432,221
April
344,980
354,293
513,076,026 474.784,902 +38,291,124 241,185 240,427
From Jan 1_11,083.241 12,059,213 2,529.397 2,166,806 2,027,266 1,682,076
May
536,723,030 510,543,213 +26,120,817 240,956 240,816
Chicago & Illinois Midland
June
531,033,198 502,455,883 +28.577,315 241,280 240,798
241.608 241,243
June ___
July
556,706,135 512,821,937 +43,884,198
212.552
214,988
34,156
22,135
25,821
14,200
August
From Jan 1_ 1,484,943 1,441,204
585,638,740 557,803,468 +27.835.272 241,450 241,183
262,994
283,638
212,982
238,028
241,026 241,253
September
565,816,654 556.003,688
Chicago Ind & Louisville
+9.812,986 241,704 241,447
October
807.584.997 617,475,011
June
1,260.344 1,598,323
-9,890,014
369,961
507,544
287,112
406,622
November
498,316,925 531,122,999 -32,806,074 241,622 241,451
From Jan 1_ 7,716,757 9,033,150 1,839,919 2,475,725 1,360,718 1,956,448
December
468,182.822 495,950.821 -27,767.999 241,859 241,326
Chic Mllw St Paul & Pacific
241,884 240,773
1930.
1929.
June
11,791,698 14,583,155 1,803,101 3,151,659
1930.
1929.
974,482 2,561,735
450,526.039 486,628,286 -36,102,247
January
From Jan 1_69,861,173 80,882,124 11,939,000 18,104,369 7,116,065 13,507,847
242,350 242,175
February
427,231.361 475,265,483 -48,034,122
Chicago & North Western
452,024,463 516,620,359 -64,595,798 242,348 242,113
March
11,633,149 13,601,450 2,619,890 4,008,820 1,944.374 3,233,287
June
April
450,537.217 513,733,181 -63,195,964 242.325 241,964
From Jan 1_64,201,034 72,091,523 11,888,271 15,721,529 7,326,143 11,063,167
May
462,444,002 537.575,914 -75.131,912 242,375 242,181
242,156 241,758
Chicago River & Indiana
June
571,547
486,374
209,461
251.116
191,289
Na Earnings.
212,818
Inc (+)or Dec.(-).
From Jan 1_ 3,140,603 3,469,631 1,296,503 1,500,829 1,071,818 1,259,108
Month.
Chic Ti I & Pacific
1929.
1928,
Amount,
Per Cent.
June
9,955,350 11,010,940 2,439,270 2,478,970 1,929,584 1,804,084
From Jan 1_58,485,113 65,893,597 12,969,978 14,416,984 9,685,277 10,201,061
$
$
$
February
128.368,848
108,987,455
Chic R I & Gulf
+17.381.398
+15.95
March
139,639,086
132,122,688
June
216,284
634,860
585,038
+7,518,400
248,995
197.459
220,132
+5.88
April
136.821,660
110,884,575
From Jan 1_ 3.278,975 3,620,395
977,088 1.415,283
+25.937.085
858,385 1,262,204
+23.39
May
146,798,792
129,017,791
+17.754,091
+12.09 Chic St P Minn &0
June
150,174,332
127,514,775
+22.659,557
317,613
June
2,021,239 2,187,085
439,067
+17.77
212,782
334,778
July
168.428,748
137.625,367
+30.793,381
From Jan 1_12,097,365 12,404,093 1,915,220 1,985,143 1,277,313 1,344,009
+22.37
August
190,957.504
174,198,544
+18.758.860
+9.82 ClinchfieldSeptember
181,413,185
178,800,939
+2,612,246
+146
October
143,082
June
515.419
464,46,)
184.851
204,335,941
89,844
73,060
216.519,313
12,183,372
-5.63
November
From Jan 1_ 3.165,212 3,497,773 1,070.360 1,293,307
127.163,307
650,278
843,191
157,192,289
-30.028,982
-19.11 Colorado & Southern
December
106,315,167
138,501,238
-32,188,071
-23.12
1930.
June
43,904
850,093
685,511
1929.
5.350 -25,392 -62,636
January
94,759,394
From Jan 1_ 4,984,037 5,600,388 1,010,611 1,047,426
117,764,570
590,270
-23,005,176
624,555
-19.55
February
97,448,899
Ft Worth & Denver City
125,577,886
-28,128,967
-22.40
March
101,494,027
251,386
849,832
139,756,091
June
837,009
148,501
206.937
107,087
38,202,064
-27.46
April
107,123,770
From Jan 1_ 4,684,149 5,347,810 1,097,312 1,485,959
141,939,648
-34,815,878
860,070 1,194,149
-24.54
May
111,387,758
Wichita Valley
147,099,034
-35,711,276
-24.22
-2.872
87,604
62,884
19,837
June
-9,944
12,993
From Jan 1_
66,841
669,881
436,939
250,597
Net Earnings Monthly to Latest Dates.
24,001
205,962
-The
following shows the gross, net earnings and net after table Columbus & Greens
133,199
121,579
20,665
June
3,677
2,675
18,831.
for STEAM railroads reported this week to the Inter taxes
From Jan
96,746
121,399
-State Delaware & 1_ 833,922 870,301 122,186 141,734
Commerce Commission:
Hudson
3,017,118 3,476,283
521,203
June
819,250
397,781
729.776
-Grossfrom Railway- -Net from Railway
--Na after Taxes
From Jan 1_18,645,923 20,012,804 3,116,029 3,922,822 2,377,171 3.387,891
1930.
1929.
1930.
1929.
1930.
1929.
Del Lack & Western
5
8
8
5
Ann Arbor
5,768,909 8,622,192 1.480,187 1,873,169
June
965,109 1,322,905
June
From Jan 1.24,915,803 40,478,214 7,959,406 11,251,039 5,036,738 7.870,287
417,680
506,843
95,629
124,864
69,223
98,842 Denver & Rio Grande
From Jan 1_ 2,535,641 3,117,764
539,896
850,405
383,912
685,894
Atch Topeka & Santa Fe
616,877
2,204,740 2,743,452
650,156
June
451,821
485,125
June
From Jan 1_13,656,570 15,474.064 3,552,947 4,046,037 2,506,824 3.013,505
14,813,755 19,534,114 4,275,798 7,549,827
From Jan 1_88,163,204 103133,980 18,033,557 31,797,560 2,905,291 5,847,715 Denver & Salt Lake
11,205,812 23,091,646
212,13.4
9,450 -17,353
Gulf Col. & Santa Fe
June
183,316
-7,550 -27.353
June
369,646
529,728 , 279,554
From Jan 1_ 1,379,555 1,677,560
469,709
1,945,274 2.110,202
590,260
361,229
495,335
268,823 Detroit & Mackinac
From Jan 1_11,482,222 12.720,883 1,014,999 2,060,810
436,664 1.515.370
199,801
Panhandle & Santa Fe
91,639
2,339
99,462
-6,230
June
82,132
June
31,439
797,278
535,123
189,060
From Jan 1_
8,797
142,699
1,492,137 1,514,247
582,199
493,891
530,003
448.885
From Jan 1_ 7,499,353 8,102 337
924,693 2,107,717
610,380 1,877,627 Detroit Terminal
Atlanta Birmingham & Coast
212,084
June
7,840
110,786
74,970
-5,761
53,621
June
191,829
546,356
From Jan 1_
806,777 1,459,856
96,982
298,563
417,519
402,930 --51,228
24,457 --68,201
7,657 Detroit Toledo & Ironton
From Jan 1_ 2,006,121 2,304,687 --224,818
424 --315.252 100,747
Atlanta dr West Point
381,897
913,150 1,245,944
511,582
June
315.746
459,883
June
From Jan L 6,562,265 7,617,699 3,171,953 3,706,266 2,779,925 3,275,058
194,164
236,180
29,545
35,730
19,516
22.608 Dul Missabe & Northern
From Jan 1_ 1.250.452 1.447,186
208.934
259,155
127,135
174,509
Atlantic City
3,562,308 4,186,482 2,331,171 2,932,851 2,056,722 2.524,083
June
June
290,367
From Jan 1_ 7,845,886 10,284,425 2,283,792 4,698,467 1,292,417 3,4.54,543
417,451
25,783
176.914
137.114 Dul So Shore & Atlantic
From Jan 1_ 1,318,248 1,510,605 -253,360 -65,876 --21,729
-500.876 307.000
Atlantic Coast Line
25,127
436,963
77,987 -15,699
343,013
June
46,987
June
4,382,870 5,703,012
463,744
307,590
From Jan 1_ 2,063,486 2,491,955
107,418
454,330 1,286,712
273,742
103,053
813,402
From Jan 1_3.5,886,644 42,841,515 9,719,709 14,845.302
8.578,845 11,131,775 Dul Winn & Pacific
Baltimore & Ohio
-8,803
39,158 -13.163
June
235,864
140.417
27,157
June
17,902,603 21,282,674 4,706,573 8,103,104
72,522
228,203
From Jan 1_
983,667 1,273,586
22,239
11,3,302
From Jan 1_106444285 119294,952 24,529,011 30,122.892 3,805,562 5,069,512 Elgin Joliet & Eastern
18.937,012 23,941,148
B & 0 Chic Terminal
429,163
835,385
June
1,911,666 2,253,649
308,351
693,758
June
324,983
398,161
From Jan 1_12,264,473 13,448.989 3,504,221 4,926,958 2,789,631 4,15.5,408
48,506
113,051
1,694
45,553 Erie RR
From Jan 1_ 1,956,228 2,192,730
220.171
406,861 -125,946
37,430
Bangor & Aroostook
June
8,138.046 9,336,366 1,790,602 1,851,285 1,392,503 1.425,263
June
433,816
558,668
From Jan 1_48,064,308 55,638,278 8,852,053 12,038,528 8,459,017 9,398,410
74,772
137,476
34,085
92,680
From Jan 1_ 4,083,921 4,241,422 2,155,430 1,642,183
Chicago & Erie
1.739,993 1.299,022
381,811
489,351
June
1,081,961 1,239,003
Belt It. of Chicago
323,659
433,153
From Jan 1_ 6.975.773 7,739,492 2,830,130 3,457,621 2,481,037 3,119,870
June
541,622
690.433
147,195
222,183
92,650
NJ&NYRR159,591
From Jan 1_ 3,521,418 4,030,085
683.474
814,114
663,474
21,317
135,141
31,714
124,135
June
814,114
14,878
Bessemer & Lake Erie
27.605
711,449
769,184
88,789
From Jan 1_
717,293
51,291
64,124
Juno
1,874,818 2,169,114
993,816
893.697 1,210,951 Florida East Coast
From Jan L. 6,436,828 7,596.463 1,767,875 1,266,083
2,952.486 1.455,188 2,606,107
781.151 -125,099
142,173 -249,160
June
559,564
Bingham & Garfield
-6,468
From Jan 1_ 7,718,889 8,576,989 2,800,383 3,714,723 2,032,740 2,848,235
June
26,916
49,252
-46
13,515
--5,142
5,884 Fort Smith & Western
From Jan 1_
195,135
287,385
23,827
113,738 --12,643
107,394
9,199
June
99,393
14,946
24,958
4,485
Boston & Maine
10,228
80,145
700,389
657,787
From Jan 1_
94,633
52,918
June
5,678,200 6,389,703 1,505,996 1.888,220
66,263
Front Jan L35,030,019 37,669.995 8,879,203 9.477,819 1,208,792 1,366,459 Galveston Wharf
7,038,284 7,807,376
137,057
19,854
105,904
June
31,714
-5.146
Brooklyn E D Terminal
14,714
996,052
170,589
From Jan 1_
3.59,382
719,575
20,589
June
107,097
257,382
119,482
43,451
44,055
38,890
38,001 Georgia & Florida
Jan 1- 681,713
From
728,245
278,546
295,148
236,310
144,288
-5,006
June
119,366
249,032
10,136 -13,706
Buff Rochester & Pittsburgh
432
16,421
791,284
From Jan 1_
740,946
56,119 -38,908
1,249,982 1,587,678
June
2.157
134,811
274,175
104,783
223,800 Georgia RR
From Jan 1_ 7.775,971 8,736,537 1,134,183 1.623,453
904,042 1,362,668
418,143
45,798
June
375.928
62,425
37.157
Buffalo & Susquehanna
52,739
299,812
From Jan 1_ 2,377.062 2,631,322
448,857
246,579
June
144,915
131,889
381,120
32,334
2,852
30,259
752 Great Northern System
From Jan 1_
892,810
900.596
114,437
100,202
113.847
June
9,134,188 11,025,583 2,534,251 3,584,968 1,763.933
106.695
Burlington-Rock Island RR
From Jan 1_45,736,901 58,185,558 7,976,371 15,088,390 3,729,614 2,829,944
142,424
June
128,561 -92.993 -52,286 --100,810
10,841,442
-80,100 Green Bay & Western
From Jan 1_
861,408
930,267 -566,381 -79,562 -614,685 June
126,430
172,424
36,291
147,668
52,417
Canadian National Rys26,291
43.417
From Jan 1_ 898,139
957.080
213,647
2 0.041
4
18.5,981
104
.599
All & Lawrence
Gulf Mobile & Northern
June
124,098
199,370 ---14,681 --45,811 --58.994
619,953
June
114,009
500,416
196,915
From Jan 1_ 1.040,905 1,131,922 -41,115 -157,978 -127,460 --60,471
85.462
152,214
-251.981
From Jan 1_ 3,154.574 3,651,054
685,308 1,041,225
500,952
791.113
FINANCIAL CHRONICLE
772
-Grossfrom Railway- -Na from Railway- -Net after Taxes
1929.
1930.
1929.
1930.
1929.
1930.
Gulf & Ship Island
21,550 -27,867
3,793
53,644
241,546
218,918
June
52,825
86,638
243,796
279,500
From Jan 1_ 1,487,118 1,631,609
Illinois Central System
1,879,608 1,521,088
12,137,497 14,282,226 2,799,252 2,505,586
June
13,591,077
From Jan L78,433,203 89,032,016 16,480,129 19,835,364 10,914,444
Illinois Central Co
12,384,273 2,367,434 2,394,885 1,616,742 1,581,746
10,278,875
June
9,074,300 12,610.358
From Jan 1.66,030,705 76,485,657 13,628,086 17,826,387
Yazoo & Mississippi Valley
264,136 -60,570
109,873
432,255
1,858,622 1,880,960
June
978,451
1,836,700
From Jan L12,336,154 12,448,993 2,843,256 2,001,213
Illinois Terminal Co
177,770
121,910
199,532
154,594
622,436
566,548
June
956,688 1,095,113
From Jan 1_ 3,628,998 3,913,248 1,112,292 1,225,848
Internat Great North
220.810
88,186
262,564
131,999
1,181.025 1,400,438
June
618,103 1,454,485
878,972 1,709,045
From Jan 1_ 7,573,579 9,009,417
Kansas City Southern
357,054
324,802
474,610
409,580
1,430,473 1,511,892
June
1.919.529 2,119,228
From Jan 1_ 8,544,613 9,104,310 2,573,609 2.825.313
Texarkana & Ft Smith
83,390
94,699
100,228
110,429
254,289
238,159
June
658,588
399,771
768,187
493,941
From Jan 1_ 1,275,460 1,557,407
Kansas Okla & Gdlf150,603
01.634
125,174
109,892
286,644
256,945
June
712,695
570,911
832.401
693,319
From Jan 1_ 1,546,693 1,767,727
Lake Superior & Ishpeming
237,436
172,684
281,621
209,107
445,101
352,530
June
485,071
123,666
623,061
295,229
From Jan L 937,007 1,352,603
Lake Terminal
27,854
28,536
36,108
33,910
120,168
107,349
June
39,178
8,875
71,852
46,374
543,562
451,609
From Jan 1_
River
Lehigh & Hudson
36,257
36,659
48,566
52,680
192.187
184,971
June
271,677
206,225
352,619
285,356
From Jan 1_ 1,137.031 1,252,506
Lehigh & New England
72,898
88,524
85,103
101,252
392,951
419,566
June
422,838
479.302
497,446
555,703
From Jan 1_ 2,416,020 2,331,307
Los Angeles & Salt Lake
619,361
350,558
801,499
512,314
1,912,250 2,357,543
June
1,637,895 2,855,175
From Jan E11,533,225 13,500,571 2,620.589 3,710,985
Louisiana & Arkansas
118,651
104,985
168,220
151,086
598,080
554,488
June
808,508
802,433
From Jan 1_ 3.648,336 3,719,102 1,081,095 1,110,627
Louisiana Arkansas & Texas
2,527 -16,714 -20,088
77,286 -12,714
71,104
June
-72,448 -64,073
492,383 -48,367 -17,278
From Jan 1_ 469,400
Louisville dr Nashville
743,123 1,336,528
9,061,876 10,721,196 1,254,884 1,933,509 5,611,227 8,719,347
June
12,252,465
From Jan 1_58,618,002 66,131,962 8,677.657
Maine Central
585,121
232,480
671.706
330,128
1,501,644 2,137,561
June
2,388.140 1,886,544 1,879.176
From Jan 1_ 9,852,171 9,833,259 2,467,131
Midland Valley
78,699
87,036
93.202
102,787
264,893
250,236
June
567,344
484,137
662,203
571.602
From Jan 1_ 1,460,651 1,676,588
Minneapolis dr St Louis
202,964
114,248
265,180
176,771
1,048,210 1,221,970
June
513,550
169,801
888,708
539,018
From Jan 1_ 6,006,933 6,804,389
Minn St P & S S 36
610,641 1,025,610
837,098 1,277,751
3,521,879 4,277,011
Juno
5,129,476 1,346,607 3,696,968
From Jan L18,784,133 22,406,936 2,702,258
Mississippi Central
13,888
276
21,045
3,031
111,198
87,779
June
161,923
90,187
219,060
129,709
797,445
From Jan 1_ 691,085
Missouri Illinois
84,690
29,783
99,435
38,530
217,466
149,010
June
305,883
197,033
378,405
237,186
924,036 1,098,015
From Jan 1_
Missouri & North Arkansas
-9,516
10,036
-6,939
12,476
140,950
125,153
June
53,512
133,234
70,313
147,875
895,039
860,681
From Jan 1_
Missouri Pacific
1,960,877
2,434,754 1,751,746
9,627,158 10,623.056 2,171.386 15,289,068 11,762,719 12,421,237
June
14,398,005
From Jan 1_60.233,503 65,129,166
Mo-Kansas-Texas839,511 1,237,155
1,533,674
3,624,045 4,725,977 1,076.709 7,764,310 4,235,592 6,152,684
June
From Jan 1_21,560,996 26,709,308 5,562,006
318,901
Mobile & Ohio
103,767
405,831
193,303
1,192,958 1,504,470
June
906,714 1,483,940
1,426,256 1,998,254
From Jan 1_ 7,499,560 8,680.679
59,619
Monongahela Connecting
30,575
71,918
37,777
234,558
169,961
320,987
June
201,837
390,134
253,739
From Jan 1_ 1,082,879 1.328,500
340.541
Nash Chatt dr St Louis
129,737
435,622
185,744
1,572.396 1,868,750
June
2,939,816 1,113,581 2,405,257
From Jan 1_10,188,121 11,708,726 1,494,686
62,566
Nevada Northern
17,258
79,443
25,587
123,313
63,774
369,555
June
124,059
459,586
178,929
720,446
416,498
From Jan 1_
60,387
New Orleans Great Northern
78,194 -20,708
-5,592
278.738
167,677
363,451
June
327,701
469,698
420,405
From Jan 1_ 1,477,933 1.589,860
2,348
New Orl Tex dr Mexico
38,356
22,816
59,340
212,750
256,620
June
103,465
382,516
227,629
508,319
From Jan 1_ 1,694,476 1,374,251
66,348
Beaumont So Lake &
30,604
70,301
34,840
298,448
242,302
June
450,674
437,252
474.986
462,951
From Jan 1_ 1,764,121 1,821,210
St L Browns & Mex143,141
195,117
164,578
216,960
549,212
June
625.636
1,621,354 2,033,725 1,451,771
From Jan 1_ 5,383,835 4,767,593 2,160,042
New York Central
13,846,617 7,145,523 10,336,681
June
41,626,145 50,007,658 10,284,628 74,870,886 36,562,239 54,445,634
From Jan 1_248697298 290974,118 54,459,883
Indian Harbor Belt
344,493
241,090
413,238
288,676
June
852,450 1.072,571
2,180,845 1,394,384 1,792,532
From Jan 1_ 5,577.562 6,329,021 1,704,383
Pittsburgh & Lake Erie
321,746
372.955
522,646
532,868
June
2,473,517 2,878,278
2,778,025 1,840,8175 1,737,762
From Jan L14,368,092 16,888,072 2,795,940
N Y Chic & St L
686,623 1,148,857
906,171 1,436,113
3,817,710 4,776,767
June
4,595,274 6,711,165
From Jan L24,297,216 27,852,254 5,808,399 8,343,331
N Y Connecting
128,925
87.550
164,925
124,550
237.120
199,060
June
669,807
676,404
893,807
902,404
From Jan L 1,303,129 1,474,574
NYNH & Hartford
3,983,674 2,638,913 3,341,800
10,220,080 11,861.331 3,302.499 21.454,314 15,310,415 17,288,900
June
From Jan 1.60,848,475 67.386,025 19.410,095
N Y Ontario & Western
178,227
111,915
223,227
154.480
869.746 1,046,249
June
389,349
344,136
659,421
599,584
From Jan 1_ 4.981,518 5,421,273
N V SIISQ & Western
57,461
79,046
88,515
110,602
409,322
390,318
June
458,800
426,418
645,663
615,755
From Jan 1_ 2.320,991 2,526,514
Norfolk & Western
2,598,540 3,523.177
8,317,560 9,495,976 3,398,599 4,324,355 14,685,665 17,638,272
June
22,444,982
From Jan L51,163,864 55,313,461 19,887,996
Northern Pacittc763,138
810.894
6,876,441 8,146,858 1,501,616 1,487,368 1
June
8,815,719,070,685 4,811,478
From Jan 1_37,876,576 44,665,953 5,146,954
[you 131.
--Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1930.
1929.
1930.
1929.
1930.
5
$
Northwestern Pacific
60,592
55,607
98,957
91,348
526,755
June
504,138
90,883 -235,097 -138,793
From Jan 1_ 2,569.977 2,715,492 -18,271
Oklahoma City-Ada-Atoka
7,695 -37,275
11,961 -33,986
114,337
June
78,636
61,121
49,803
83,955
From Jan 1_ 476,541
748.815 • 75,395
Pennsylvania SystemMonongahela
290,420
204,520
316,995
222,641
June
623,893
510,623
From Jan 1_ 3,200,144 3,730,194 1,377,826 1,791,633 1,273,873 1,643,280
Peoria & Pekin Union
20,422
644
34,172
15,777
135,877
June
125,657
135,086
43,529
233,913
From Jan 1_
143,241
885,549
841,739
Pere Marquette-.
571,398 1,015,627
763,154 1,283,703
June
3,088,003 4,172,152
From Jan 1_19,400,028 23,071,691 4,074,091 7,094,081 3,163,991 5.582,158
Pittsburgh & Shawmut-22,748
29,715
24,148
31,034
123,062
June
98,471
200,102
158,265
208,166
166,164
829,470
From Jan 1_ 637,343
Pitts Shawmut & Northern
17,672
9,497
20,653
-6,694
135,877
June
112.872
207,141
143,012
225,117
160,203
905,904
From Jan 1_ 820,050
Pittsburgh & West Va128,630
106,669
172,562
140.666
422,487
June
328,828
883,386
529,197
705,761 1,192,941
From Jan L 1,961,918 2,581,059
Quincy Omaha & K C
57,759 -22,997 -31,863 -27,689 -36,720
48,700
June
333,724 -34,549 -61,692 -62,720 -90.832
From Jan 1_ 310,424
Reading Co
722,321
881,700
June
7,084,904 7,492,174 1,172.914 1,010,194
Frorn Jan 1_44,482,733 47,812,331 7,474,668 9,817,531 5,762,796 7,744,742
Rich Fred & Potomac
216,120
81,748
268,730
118,946
861,379 1,039,401
June
From Jan 1_ 5,964,877 6,663,551 1,515,150 2,236,104 1,220,559 1,850,991
Rutland
49,207
31,933
75,343
51,511
514,388
438,965
June
344,650
218,052
500,170
345,140
From Jan L 2,644,563 3,003,497
St Louts-San Francisco
5.844,701 7,103.638 1,562,510 1,975,281 1.202,160 1,530,356
June
From Jan 1_36,031,359 40,104,527 9,631,268 10,991,243 7,601,583 8,536,817
St L-S Fran of T
28,068
23,156
31,148
26,528
151,817
132,523
June
161,247
105,872
179,834
124,731
914,080
773,297
From Jan 1_
Ft Worth & Rio Grande
28,464
-1,170
32,725
3,288
134,450
80,174
June
7,067
33.314 -93.379
620,508 -66,353
From Jan 1_ 434.336
St Louis Southwestern
434,178
416,365
538,093
506,778
2,146,925 2,348,215
June
From Jan 1_11.923,407 12,928,593 2,715,853 2,624,970 2,172,746 2,049,648
San Ant Uvalde & Gulf
23,088
34,039
27,279
38,569
158,283
156,491
June
267,372
299,938
325,271
295,851
From Jan 1_
969,078 1,095,891
San Diego & Arizona
67,073
28,678
72,981
34,057
148,753
103,732
June
208,728
150,923
244,077
183,271
723,264
From Jan L 626,602
Seaboard Air Line
895,702
328,632
655,432 1,224,980
3,683,835 4,613,376
June
From Jan 1_27,102,971 31,800,215 6,231,292 9,055,828 4,195,709 7,021,209
Southern Pacific System
Southern Pacific Co
June
15,921,895 20,208,153 4,863,289 7,202,185 3,491,581 5,471,242
From Jan L93,469,184 109127,679 23,882.723 33,079,587 16,274,348 24,088,005
Southern Pacific S S Lines
64.742
65,850 -35,375
930,556 -34,053
June
676,862
163,054
178,082 -364,121
From Jan 1_ 4,062,603 5,598,026 -355,854
Texas & New Orleans
684,208
953.305
974,120 1,262,435
June
4,899,640 5,943,954
From Jan 1_30,734,531 36,237,246 5,686,076 8,440,594 3,869.042 6,401,364
Southern Ry System
Southern Ry Co
804,487 3,197,089
June
9,025,704 12,714,439 1,526,344 4,067,273
From Jan 1_61,663,969 71.885,460 13,430,490 20,347,351 8,875,867 15,612.868
Ala Great Southern
195,443
51,425
275,835
97,917
923,012
June
661,992
528,985 1,103,102
837,987 1,509,939
From Jan L 4,286,863 5,188.762
Cm N 0 & T P
181,898
574,030
688,590
253,145
1,439,828 2,123.621
June
From Jan 1_ 9,644,032 11,545,823 2,255.903 2,218,084 1,735,274 1,711,307
Georgia Sou & Florida
89,043
112,400 -18,384
4,610
413,860
251,210
June
417,919
193,064
276,918
341,354
From Jan 1_ 1,980,738 2,312,783
N Orlean & Northeast
34,217
147,797
75,389
99,320
464,210
352,464
June
330,120
954,002
667,074
589,240
From Jan 1.. 2,286.906 2,804,295
New Orleans Terminal
112,751
57,840
101,744
69.097
14,658
16,610
June
478,716
238,696
306,241
416,761
100,347
118,172
From Jan 1_
North Alabama
39.261
10,806
16,340
31,776
98,168
74,435
June
268,340
155,874
190,060
222,804
626,933
550,263
From Jan 1_
Staten Island R T
95,309
62,990
45,990
78,300
277,571
224.989
June
409,167
280,947
303,153
175.875
From Jan 1_ 1,201,032 1,455,686
Spokane International
36,682
13,852
8.802
31,243
106,303
74,460
June
70,418
155,359
39,876
122,599
593,679
From Jan 1_ • 450.015
Spokane Port & Seattle
321.239
209,944
123,330
863,646
235,903
687,273
June
605,588 1,010,752
From Jan 1_ 3,850,554 4,387,103 1,128,048 1,528.728
Tennessee Central
84,585
86,654
92,181
78,874
284,088
260,890
June
239,132
271,795
315,099
278,928
From Jan 1- 1,525,479 1.584,907
Term Ry Assn of St Louis349,670
277,105
90,528
249,551
848,797 1.055,223
June
683,775 1,328,969
From Jan 1_ 5,358,183 6,326,591 1,302,084 1,948,905
& PacifleTexas
857,122
839,277
3,272,693 3,593,058 1,032,462 1,027.811
June
From Jan 1-19,540,339 22,715,113 5,748,669 6,700,522 4,644,629 5,490,447
Texas Mexican
18,750
4,691
9,691
105.474
13,735
91,802
June
136,215
695,144
69,647
105,944
39,609
573,317
From Jan 1_
Peoria & West
Toledo
13,130
18,830
57,087
65,983
191,613
136,427
June
298,153
342,617
118,589
143,377
From Jan 1_ 963,596 1,087,125
Toledo Terminal
674
27,233
44,163 -14,215
130,532
85,968
June
174,492
8,736
100,004
272,709
807,515
FromJanL 614,297
Delaware
Ulster &
9,844
15,844
555
6,655
89,042
103,260
June
-8,466
-8,613
19,434
478,822
19,887
From Jan L 442,834
Union Pacific Co
7,794,939 9,308,165 1,874,618 2,671,370 1,223,019 1.925,589
June
From Jan 1_45,943.656 53,673,703 11,775,594 16,014,299 7,691,005 11,643,995
Oregon Short Line
386,949
191,065
684,307
502,025
2,416,700 2,888,940
June
From Jan 1_15,327,558 17,895,344 3,881,741 5,265,638 2,052,592 3,550,203
Ore-Waah Ry & Nay Co
431,507
316,061
June
2,000,616 2,369,083
From Jan 1_11,575,503 13,397,012 1,560,962 1,870,270
St Jos & Gr Island
57,880
38,120
277,812
June
226,692
529,463
466,372
From Jan 1_ 1,625,126 1,799,043
124,793
420,443
230,326
675,145
23,327
359,831
41,403
413,849
AUG. 2 1930.]
FINANCIAL CHRONICLE
-Grossfrom Railway-- -Net from Railway-- -Net after Tares
1929.
1930.
1930.
1929.
1930.
1929.
Union RR (Fa)
June
917.225 1,125.486
From Jan 1_ 4,448,255 5,209,945
Utah
June
64,938
99.314
From Jan 1_ 756,865 1,020,247
Virginian
June
1,293.397 1,526,577
From Jan 1_ 8,849.994 9,643,633
Wabash
5.045.774 6,220,567
June
From Jan 1_32.358.256 37,050,482
Western Maryland
1,435,610 1,542,481
June
From Jan E 9.015,918 9,033.493
Western Pacific
1,202,036 1,353,326
June
From Jan 1_ 6,805,773 7.830.594
Western Ry of Alabama
196,274
June
233,748
From Jan 1_ 1.373,269 1,495,518
Wheeling & Lake Erie
June
1,657.565 1,989.787
From Jan 1_ 8,997,342 10,861.090
Wichita Falls & Southern
June
78,592
94,130
From Jan 1.. 484.924
498,311
285,455
463.581
848,989 1,420,023
263,455
474.478
657,189 1,271,196
-4,777
190,283
-8.515
147,582
13,158
322,328
559,293
733,139
404,282
4,076,340 4,755,748 3,119,320
578.137
3,735,740
21.204
397,578
1,011,555 1,414.782
789,214 1,143,298
6,994,160 9.426,919 5,553,829 7,738,814
472,407
471,914
382,407
391,814
3,057,116 2.750,049 2,527.116 2,269,449
168,208
-81,169
93.742
932,610
73,688
675.926
-7,236
322,177
29,801
264,260
31,915
232,230
18,455
174,943
16,622
143,587
580,831
670,625
430,102
523,488
2,660,854 3,577,239 1,855,841 2,726.704
22,825
131.913
35,514
158.103
17,617
99,461
30,033
124.744
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &O., or where they differ in
some other respect from the reports to the Commission.
Atchison Topeka & Santa Fe Ry.
Railway oper. revenues
Railway oper. expenses
Railway tax accruals
Other debits
-Month of June- 6 Mos. Ended June
30.
1930.
1929.
1930.
1929.
If
S
S
$
18.251.165 22.597.087 107144.778 121106,551
12,802.907 14.344.161 87.171.529 85.604.624
1,516.762 1,826.388 7.704.985 9,396.495
308.971
230,612 1.992.192
783.652
Net railway oper.income_ - 3,622,523 6.195.926 10,276.071
25.321.779
Average miles operated
13,133
12,432
13.133
12,378
Bangor and Aroostook RR.
-Month of June- 6 Mos. End. June 30
1930.
1929.
1930.
1929.
5
$
$
$
433,816
558,668 4.983,921 4,241,422
359.094
421,192 2.827.491 2,599.239
Gross operating revenues
Operating expenses (includ'g
maintenance & deprec'n
Net revenue from oper
Tax accruals
74.722
40.603
Operating income
Other income
34.119
31.658
Gross income
Deduc. from funded debt
Other deductions
65.777
72,307
348
Total deductions
Net income
137.476 2,156.430
44.791
416.365
92.685
42.888
1,642,183
342,990
1.740.065
8.001
1,299,193
91.380
135.573 1,748.066
77,514
444,027
416
3.983
1,390.573
467.696
6.328
72,653
77,930
448.010
474.024
-6.876
57,643
1.300.056
916.549
773
Fonda Johnstown and Gloversville Railroad Company.
-Month of June- 6 Mos. End. thine 30
1930.
1929.
1930.
1929.
Operating revenues
Operating expenses
72.865
60.524
85.895
80.169
484.717
377.702
516.531
388.780
Net revenue from oper- _ _ _
Tax accruals
12,341
4,800
5.726
7.840
107,014
28.800
127.750
47.040
Operating income
Other income
7.541
12,849
Dr..2,113
54.920
78.214
38.332
80,710
67.627
Gross income
Deductionsfrom gross Luc_ _ -
20,390
33,331
52.807
35,032
116.547
188,930
148.338
194.826
Netincome
Dr.12,940
17.774 Dr.72,383 Dr.46.4138
Abnormal comparative differences due to litigation adjustments in June
1929.
Georgia & Florida RR.
-Month of June- 6 Mos. End. June 30.
1930.
1929.
1930.
1929.
Net rev,from ry. operations_
Railway tax accruals
Uncollecible ry. revenue_
-5.005
8,700
10.136
9,700
3
16.421
55.310
15
56,118
58,200
76
Railway open income_ _ _ _ -13,705
Equip.rents, net balance_ _ _ _
Cr1,020
Joint facility rents, net bal__ Dr2,434
Net railway oper. income __ -15.119
Non-operating income
1,816
Gross income__„. __ .._.
-13,302
Deductions from income...
1.239
Surplus applicable to int.. -14,542
432
Cr3.696
Dr2,420
-38.905
Cr13,858
Dr15,475
-2.156
Cr31.860
Dr6.900
1,707
1.708
-40.521
9,811
22.802
9,620
3,416 - 30.710
1.117
6.910
32,423
7.041
2.299
25,381
-37,621
International Great Northern
Operating revenues
Net railway oper. income
-Month of June-- 6 Mos. End, June 30
1930.
1929.
1930.
1929.
$
3
3
$
1,181,025 1.400,438 7,573,579 9,009.417
26,710
145.969
59,310
790,691
Maine Central RR.
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
$
$
$
$
Freight revenue
1.062.352 1,166,330
Passenger revenue
272,517
288.926
Railway oper. revenues
1,501,644 *2.137,561 9.852,172 9.833.260
Surplus after charges
64.747
401.504
588,588
718,971
•Includes $519,000 back mail pay.
Missouri-Kansas
-Texas Lines.
-Month of June- 12 Mos. End. June 30
1929.
1930.
1930.
1929.
3,188
3.188
3.188
3.188
$
$
$
S
Operating revenues
3,624.045 4.725.977 21.560.996 26.709.307
Operating expenses
2,547.335 3.192,302 15.998.990 18.944.997
Available for interest
676.141 1,125.153 3.423.582 5.418.637
Int. charges, incl. adj. bds
406,299
423.708 2,454.853 2.572.074
Net income
269.842
701.444
968,728 2,846,582
Mileage operated (avge.)
Missouri Pacific RR.
-Month of June- 6 Mos. End. June 30
1930.
1929.
1930.
1929.
S
$
$
$
°mating revenues
9.627.158 10.623.056 60,233.502 65.129.166
Net railway oper. income,,.... 1.401.112 1.454.354 9.321,699 9.463.511
Boston & Maine RR.
Norfolk & Western Railway Company.
-Month of June- 6 Mos. End, June
30
1930.
1929.
1930.
1929.
$
$
$
$
Operating revenues
5.678.200 6.389,703 35 030.01q 37.669.995
Operating expenses
4.172.204 4.701.483 26.350.817 28.192.176
Net operating revenue____ 1.505.996 1.688.220 8.679.202
Taxes
321.634 1.636.713 9.477.819
296.763
1.866.406
Uncollectihle ry. revenues,,....
440
126
4.206
4.038
Equipment rents
-Dr
209.262 1.165.169 1.145.806
176.368
Joint facility rents
-Dr
32.472
14.126
108.680
163.546
Net ry. oper. income
1.018.300 1.124.725 5,764.434 6.298,024
Net misc. over. Income
Dr.108
Dr.499
14.077
12.608
Other income
108.009
105.181
603.257
637.517
Gross income
1.126.201 1.229.407 6.381.768 6.948,149
Deduc. (rental. int., &c.)_-. 672.692
687.016 3,944.077 4.095.236
Net income
453.509
542.391 2,437,691 2.852.913
-Month of June- 6 Mos. End. June 30
1930.
1930.
1929.
1929.
Average mileage operated .
2.240
2.240
2.240
2.240
Operating Revenues$
$
$
$
Freight
7.655.256 8,759.310 47.240.190 51.035.571
Passenger, mail & express.-- 523.017
63:3.151 3.149.863 3.664.243
Other transportation
35,061
35.285
229.180
217.143
Incidental and joint facility_
104.224
68,228
544.629
396.503
Railway oper. revenues.Operating Expenses-Maint. of way & structures.-Maintenance of equipmentTraffic
Transportation-rail line_
Miscellaneous operations.....General
Transp. for investment-Cr_
Railway oper. expenses
8.317.559 9,495.976 51.163.864 55.313.461
1.082.311 1.024.701 6.630.833 7.071.237
1,448.987 1.642.953 9,805,829 10,434.623
136,248
119.255
776.105
713.083
1.978.530 2.137.929 12.443.913 13.148.844
21.450
24.051
175.535
125.242
261.389
213,138 1.524.346 1,443.949
12.558
17.807
80.695
68.501
4.918.960 5.171.620 31.275.867 32.868.479
3.398.599 4,324.355 19.887.996 22.444,982
Net ry. oper. revenues
Canadian Pacific Ry.
800.000
Railway tax accruals
800.000 5.200,000 4.800.000
-Month of June-. 6 Mos. End,
Uncollectible ry. revenues_-..
1.177
58
2,331
6.709
June 30.
19:30.
1929.
1930.
1929.
Railway oper. income........ 2.598.540 3.523.177 14.685.665 17.638.272
$
$
S
$
Gross earnings
Equipment rents (net)
18.530.841 18,322.396 83.134.974
204.655
206.210 1.195.716 1,435.094
335
Working expenses
12.710.759 15.329,671 73.729,920 101646.751 Joint facility rents (net)
6,957
15.689
39.305
85.289.920
Net profits
2.803.532 3.722.430 15.897.070 19.034.061
Net ry, oper. income
2,820,082 2,992,925 9,406.054
16,356,830 Other income items (balance) 355.484
170.392 1.338.705 1,037.672
The Denver & Rio Grande Western RR.
3.159.016 3.892.822 17.235.776 20.071.734
Gross income
Interest on funded debt
411.451
399,168 2.488.298 2.415.305
-Month of June
-Jan. 1 to June 301930.
1929.
1930.
1929.
Net income
2,747.565 3,493,655 14.747.478 17,656,429
Average mileage operated..__
2.561
2.563
2.561
2.553 Prop'n of operating expenses
Operating Revenues
59.14%
to operating revenues
54.46%
Total revenues
2.204.740 2.743.452 13.656.570
61.13%
59.42%
Total expenses
1.587.863 2.093.296 10.103.623 15.474.063 Prop'n of transport. expenses
11,428.032
to operating revenues
23.79%
22.51%
24.32%
23.77%
Net revenue
616.877
650.155 3.552,947 4,046.030
Railway tax accruals
165.000
Rock Island Lines.
165.000 1.045.000 1,0:30.000
Uncollectible railway revs
56
30
1,123
-Month of June
hire of equipment
-Net..
12.330 Cr52.218
6,466
1930.
1929.
-Net_
Joint facility rents
Cr25.641 Cr28.219 Cr155.737 Cr303:ggi Freight revenue
$8,189,923 $8,848.378
Cr153.275 Passenger revenue
1,362.3:30
1,630.508
Net ry operating income
465.132
565.563 2.656.095 3,469.441 Mail revenue
243.233
Other income (net)
265.008
22.348
26.287
57,119
242.183
159,725 Express revenue
269,674
Other revenue
502.718
Available for interest
632.230
487.480
591.850 2.713.214 3.629.167
Interest and sinking fund _
541.879
538.425 3.253.852
Total railway operating revenue
$10.540.387 511.645,798
3.036,795 Railway operating expenses
7.884.833
Net income
8.919.834
-54.398
53.425 -540,638
592,371
Net revenue from railway operations
$2.655,554 52.725,964
Railway tax accruals
525.000
Gulf Coast Lines
700.000
Uncollectible railway revenue
3.510
1.768
-Month of June- 6 Mos. End.
June 30
income
Total railway operating
1930.
1929.
$2,127.044 52.024.196
1930.
1929.
Equipment rents-debit balance
406.784
4 13.217
Joint facility rents-debit balance
Operating revenue
1,140.136 1,087.908 8,954.676
66.452
100.833
8.123,012
Net railway oper. income
204,734
177,670 2.138,128 1,485.265
Net railway operating income
$1.653,808 11.510.146
774
(VOL. 131.
FINANCIAL CHRONICLE
St. Louis Southwestern Lines.
American States Public Service Co.
-Month of June- 6 Mos. End. June 30.
1930.
1929.
1930.
1.746
1,816
Miles operated
1.746
1,16
3
Railway operating revenues. 2,146,925 2,323,481 11,923,406 12,790,554
Railway operating expenses.. 1,640,147 1.791,900 9.207,554 10,179.648
Ratio of op. exp. to op. revs.. (76.40%) (77.12%) (77.22%) (79.59%)
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30.
1929.
1930.
1930.
1929.
$
$
$
$
Gross revenues
159.318
158.573 1,738.158 1,664.086
Operating expenses
826,487
857,196
67.120
74,409
2,715,852 2,610.005
Net rev,from ry. oper_ _ _
Ry. tax accruaLs and uncollectible ry. rev
506.778
531,581
90,412
102.524
Railway oper. income
Other ry. oper.Income
416,365
40,116
429.056 2,172.746 2.043.612
215,959
213.528
40,977
Total ry. oper. Income
Deduce. fr. ry. oper. inc
456.482
207,658
470,034
121,504
Net ry. oper. Income
Non-operating income
248,823
10,517
348,530 1,323,149 1,469.909
132,830
81.568
10,901
Gross income
Deducs.from gross income....
259,341
234.507
359,431
219,817
24,833
139.614
Net income
543,106
567.293
2,386.274 2,259,572
789,662
1.063.124
34,732
289.626
-Month of Jurie-- 6 Mos. End. June 30
1930.
1929.
1929.
1930.
$
$
$
$
158,284
969,077 1,095,891
156,490
126,792
-8.580
105.336
7,056
Seaboard Air Line Ry. Co. •
-Month of June- 12 Mos. End. June 30
1930.
1929.
1929.
1930.
$
$
$
$
Total operating revenues__ 3,683,834 4,613,376 27,102.970 31,800,215
Total operating expenses---_ 3.028.402 3.388,396 20.871,678 22,744,387
16 Net revenue
Taxes & uncoil. ry. revs
655,431
326,799
1,224,980 6,231.291 9,055.828
329,277 2,035,582 2.034,618
Operating income
Equipment and Joint facility
rents
-Net credit
328.632
Net railway oper. Income..
344,923
527,967
42.408
Gross income
Net income
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:
-Month of June- -12 Months Ending June 30
Net Oper. Surplus
Nei Oper.
Gross.
Revenue. After Chgs.
Revenue.
Gross.
Baton Rouge Electric Co
86,190
1930
92,736
1929
East Texas El Co(Del)& constit cos
964,189
1930
895,223
1929
El Paso El Co (Del)& constit cos
304,377
1930
279,690
1929
Puget Sd Pr & Lt Co & sub cos
1.347.3.9
1930
1,282,268
1929
Savannah El & Pr Co
174,825
1930
174,186
1929
Vs El & Pr Co & sub cos
1,406,028
1930
1,391,136
1929
Cape Breton El Co. Ltd
42.621
1930
49,829
1929
Eastern Utilities Associate8721,047
1930
710,928
1929
Fall River Gas Works Co
85,788
1930
88,176
1929
Gal-Hens El Co & sub cos
386,692
1930
444,579
1929
Haverhill Gas Light Co
54,672
1930
1929
57.034
Jacksonville Traction Co
79.088
1930
1929
90,652
Sierra Pacific El Co & sub cos
1930
122.263
1929
112,628
Tampa El Co & sub cos
355,801
1930
351,414
1929
40,843 1,333.508
28,082 1,183,238
484,407
455,280
360.247
373,454
443,257 10.104,259 4,210,225 2,230,449
410,397 8,954.072 3,762,154 2,022,464
77,034 2,214.784 1,031,075
998,269
76,791 2,210,368
504.902
551,570
606,407 17,187.585 7,771.065 6,034,562
620,628 16.708.322 7,431.434 5,542.826
7,436
8,442
677,316
681,490
146.372
162,732
77,749
93,705
272.599 9.383,840 3.804,217 2.911,321
241,300 8,948,132 3,498.991 2,820,266
318,483
234,585
743,189
31,384
670,668 9,283,236 8,529,755
529,962
909,421
69,166
Total income
Interest on bonds
Other interest & deductions..
774.573
362.779
15.670
739,834 10,192.657 9,059.717
356,675 4,358,256 3,982,338
439,738
183,307
15,886
Balance
Dividends on preferred stock
396.124
367.273 5.651,094 4,637,641
1.965,280 1,753,548
113.189 5,028.577 1,566,261
146,644 5,246,861 1.711.274
2.985,814 2,184.093
Balance
Atlantic City Electric Co.
(American Gas & Electric Co. Subsidiary)
12
- Mos. End. may 31
Month of Mott
1929.
1930.
1929.
1930.
Gross earnings from operation
Operating expenses & taxes--
569,258
337,391
517,262 7,410,999 6,396,346
355,109 4,734,229 4,117,492
Net earnings from oper___
Other income
231,867
16.539
162,153 2,676,770 2,278,854
74,147
12.123
53,037
Total income
Interest on bonds
Other interest & deductions_
248,406
47,792
66.259
174.276 2,750.917 2,331,891
48,233
574.841
578.799
30,394
484,899
334,910
Balance
Dividends on preferred stock
134,355
747,223
706,430
178,910
151,133
173,232
144,297
881 1,095,017
6.393 1,170,896
83.022
110,025
*71,399
*50,450
59,598 1.429.336
55,517 1,423,282
803.069
640,242
548,135
577,545
111.728 4.580,852 1.521.669 1.474,383
92,437 4,595,139 1,463,795 1.410,541
* Deficit.
Alabama Power Company.
(And Subsidiary Companies)
-12 Mos. End. June 30
-Month of June
1930.
1929.
1930.
1929.
Net income
Dividends on preferred stock
Provision for retirement reserve
772,735
855,424 10,571.293 11.313,443
4,019.840 4.318.450
6.551.452 7,000,993
1.916.894 1.875,605
924,325
995.000
3.710,232 4,130.387
Balance
-The above figures for 1929 include operations of gas properties
Note.
sold May 1 1929.
1,418,182
157,698
1,533.479 1,260.484
Atlantic Gulf and West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of Mau- 5 Mos. End. May 31
1930.
1929.
1929.
1930.
$
3
$
$
Operating revenues
2.339,715 2,594,954 13,318,571 15.114,814
Net revenue from operation
200,239 1,868,998 2,362,619
140,221
(incl. depreciation)
301,515 2.268.644 2,822,258
212,246
Gross income
201.316 1,006,601 1,056,869
192.038
Interest, rents & taxes
20,207
Netincome
100,198 1,262,043 1,765.389
Baton Rouge Electric
1930.
Co.
-month of June- 12 Mos. End. June 30,
1929.
1929.
$
$
6 92,736 1,333,508 1,183.238
191530
8 ,189
earnings
Operation
Maintenance
Taxes
30,099
4,317
10,929
49,025
5,740
9,878
657,524
73.188
118,389
549,938
65,211
112.808
Net operating revenue_ _ _ _
xIncome from other sources
40,843
28,082
484,400
10.817
455,279
11.592
495,224
125,977
466,872
93,418
369.246
373 454
Balance
Interest and amortization
Balance
x Interest on funds for construction purposes.
Blackstone Valley Gas & Electric Co.
(And Subsidiary Companies).
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
Gross earnings
495,978
Operation
Maintenance
Taxes
243.994
20,820
37,511
Net operating revenue_ ___
xIncome from other sources
510.174 6,542,344 6,375.478
253,492 3,149.778 3,053.771
31.341
259,544
270,884
35.842
437,620
395,497
193.650
189,497 2.695,391 2,655.523
1,726
Net income
aDeductions
2,695.391 2,657,250
105,500
105.500
Balance
Interest and amortization
2,589,891
553.211
2.551.750
571.669
Balance
2,036,580 1,980,080
x Interest on funds advanced to Montanp Electric Co. a Interest
charges on bonds and dividends on outstanding pref. stock of the Pawtucket Gas Co. of New Jersey.
Cape Breton Electric Co., Limited.
1,469.743 1,462,999 18,047,043 17,855,460
Gross earnings
Operating expenses,including
697.008
607.575 7,475.750 6,542,016
taxes and maintenance
Gross income
Fixed charges
95,649 1.691.177
157,698
Balance
743,025
838,332
12,397
14,672
3,685.814 2,884.093
700,000
700.000
Balance
Dividends on second preferred stock
292,085
211,982
28,742 1,032,978
26,399 1,012,649
2,113,259 27.391,987 25,817,496
7.690,612 6.985,394
Net earnings from oper___
Other income
133,779 3,627,402 1,573,415 1,276,552
116,145 3.340,656 1,384,091 1,162,895
618,679 16,926,533 7,186,895 4,469,702
576.711 15,717,242 6,5,55,601 4,125,327
2,188,841
Appalachian Electric Power Co.
938,111 3,667,741 6,122,862
-Month of June- 6 Mos. Ended June 30.
1930.
1929.
1929.
1930.
$
$
$
$
Operating revenues
1,293.396 1.526.576 8.849.993 9.643.632
Operating expenses
734.103
788.437 4,773.653 4,887.884
Railway operating income._ 404,282
578.135 3.119,320 3.735.739
703,827 4.010.019 4,531,350
Gross Income
557.008
377,496 2.076,564 2,560 089
Net Income
275,489
806.890
(Including the Kentucky & West Virginia Power Co., Inc.)
-Month of May- 12 Mos. End. May 31
1929.
1930.
1930.
1929.
$
$
$
3
Gross earningsfrom operation 1,716,330 1,550,083 20,005.793 18.783,585
Operating expenses & taxes.._ 973.141
879,415 10,722,557 10,253,830
898.346
Virginian Ry.
911.671
84.164
-Month of June- 12 Mos. End. June 30
1929.
1930.
1930.
1929.
S
$
$
$
Gross earnings
4.427.530 4.325.962 55,060,661 52.208,685
Oper. exps. maint, and taxes.. 2.238,689 2.212.703 27.668,674 26,391,189
895,702 4.195.708 7.021,209
16,291
92.197
American Water Works & Electric Co.
1,404.718 1,602,739
1,369,985 1,313,113
San Antonio & Gulf RR.
Operatbag revenues
Net railway oper. income
Earns, avail, for int. chgs..
reserves and surplus
Gross earnings
(Including Leased Property.)
-Month of June-- 12 Mos. End. June 30
1929.
1930.
1929.
1930.
$
3
3
681,490
42.620
.1%,829
677,316
Operation
Maintenance
Taxes
Net operating revenue
Interest charges
Balance
27,576
5,556
2.053
31,460
7.784
2.142
405.009
95.466
30,469
400,077
85.993
32,687
7.435
8.441
146.371
68.623
180
77.748
93.704
FINANCIAL CHRONICLE
Atm. 2 1930.]
Eastern Utilities Associates
Carolina Power & Light Co.
(National Power & Light Co. Subsidiary.)
-Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
$
$
$
$
750,157 8,906,731 9,259.876
Gross earn, from operation__ 652,915
297.317
341,454 4,049,150 4,212,455
Oper.expenses & taxes
Net earn,from operation
Other income
355,598
90.258
408,703 4,857.581
96,378 1.158.161
Total income
Interest on bonds
Other interest & deductions
445.856
194.102
23.034
505.081 6,015,742 5,681,909
194,142 2,329.264 1,966.252
24.574
260,835
253.704
Balance
Dividends on preferred stock
228,720
286,365 3,425,643 3,461,953
1,258.800 1,201,051
5,047.421
634,488
2,166,843 2,260.902
Balance
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
$
$
$
$
257,689
214,443 3,193,123 2,583,561
Gross earns, from operation_
144.497
taxes____
127.401 1,909,939 1.53'3.393
Oper. expenses and
Net earns, from oper
Other income
113,192
26,543
Total income
Interest on bonds
Other int. and deductions.--
139.735
12,787
16,943
91,508 1,382,369 1,095.020
12,840
153,638
155,220
599
76,331
13,273
Balance
Dividends on preferred stock
110,005
78,069 1.18gr
iR
VIA7
5
1,045,557
863.942
(And Constituent Companies.)
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
Gross earnings
721,046
710,928 9,383.840 8,948,132
Operation
Maintenance
Taxes
347.640
29.805
71,002
359.814 4,390,384 4,284,996
384,761
410,70'3
42.918
753,440
66,895
804.477
Net operating revenue..- - Income from other sources...
272,598
4,215
241,299 3,804,216 3,498,991
11,204
5,054
1.282
Balance
Interest and amortization
276,814
69.580
212.581 3,815.421 3,504,046
683,780
904,099
50,314
Balance
192,267 2,911,321 2,820.265
207,234
127.152
Divs. on pref,stock of constituent companies
127.152
Balance
Amount applic. to com, stock of constituent cos. in
hands of public
2,784,169 2,693.113
Bal.applic,to res. and Eastern Utility Associates-
2,687,562 2,563,536
Central Illinois Light Co.
(Commonwealth & Southern Corp. System)
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
$
$
$
S
406.852
391,831 .5,267,652 4,934.497
Gross earnings
229,369 3.007,475 2,889.208
Opel.exp..incl. taxes & maint 238,713
168,139
Gross income
Fixed charges
162,461
2,260,177 2,045.288
357,083
361,210
1,903.093 1,684,077
404,907
406,372
331,200
313,800
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
1.166,986
Gross earnings
(And Constituent Companies.)
-Month of June- 12 Mos. End. June 31
1929.
1930.
1929.
1930.
$
$
$
$
279.689 3,627.402 3,340.656
304.377
Operation
Maintenance
Taxes
129,054
13,309
28,234
122,811 1,557,457 1,481.590
196,601
191,853
15.612
278,374
304.676
25,121
Net oper. revenue
wIncome from other sources
133,778
116,144
1,721,330 1,388,861
217.532
440,376
Balance
Interest and amortization
1,280,954 1,171.328
8,433
4.402
1.276,551 1,162,894
Balance
x Interest on funds for construction purposes. a Interest, amortization
charges and dividends on securities of constituent companies held by the
public.
Fall River Gas Works Co.
-Month of June- 12 Mos. End. June 30
1930.
1929.
1929.
1930.
Consumers Power Co.
2,704,059 2.738.575 33.259,182 32,441,464
Gross earnings
Operating expenses, including taxes & maintenance.- 1.261,478 1.385,744 15.889.708 16.003,952
1,442,580 1,352.831 17,369.474 16,437,512
Gross income
2.994,753 2,863,921
Fixed charges
14.374,721 13.573,591
3.805,880 3.662,539
2.532,500 2.150.000
Net income
Dividends on preferred stock
Provision for retirement reserve
Gross earnings
Operation
Maintenance
Taxes
85,788
38,263
5,551
13,230
88.175 1,032,977 1,012,649
539,565
42,693
510,862
64,142
4,927
63,661
14,154
139,970
174,356
Net operating revenue_ _ _ _
Income from other sources*
28,741
26,399
318,483
798
234,585
319.281
27.196
234.585
22,602
292,085
Balance
*Interest on funds used for construction purposes.
211,982
Net income
Interest charges
8,036,340 7,761,051
Balance
Florida Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month oi June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
Detroit Street Railways.
-Month of June- 12 Mos. End. June 30.
19 .
1930.
1930.
1929.
S
$
$
Operating RevenuesRailway operating revenue.- 1,444.964 1.802.991 19.933,984 22.347,033
390,673 4.404.826 3.982.038
Coach operating revenues..__ 342,989
Total operating revenues... 1,787,953 2,193.665 24,338,810 26,329,072
Operating Expenses
Railway operating expenses_ 1,152.294 1.309.894 15.189,828 16.971.163
394.450 4.284,028 3,917,503
Coach operating expenses..__ 294,188
Total operating expenses- 1,446,482 1,704.344 19,473,857 20. 88,667
8
Net operating revenue
Taxes assignable to oper
341.471
65,090
Operating income
Non-operating Income
276.380
9.454
Gross income
Deductions
Interest on funded debt:
Construction bonds
Purchase bonds
Add'ns & betterm'ta bonds
(
Purch. contract D.11.R.)_
Equip. and eaten. bonds_ _
Loan (City of Detroit).
285,834
Total interest
Other deductions
64,592
10,255
15.756
15,708
10,547
116.860
9,946
489.320 4,864.953 5,440.405
62,422
766,462
754,745
426,897 4,098,491 4.685.660
10,214
128,845
187,029
437,112 4,227,336 4,872,689
Gross earns. from operation..
Oper. exps., incl. taxes
800,831
456,676
814,617 11.470.306 11,213.738
459,522 5,960,140 5.986.058
Net earns,from operation..
Other income
314,155
92,890
355.095 5,510.166 5.227.680
104.909 1,164.798 1.241,935
Total income
Int. on mortgage bonds
int. on debentures (all owned
by Am. Pr. & Lt. Co.)
Other int. and deductions
437.045
216,667
460,004 6,674.964 6.469,615
216,667 2,600.000 2,600.000
110.000
10.243
110,000 1,320,000
102,199
6,930
1,320.000
108,727
Balance
Dividends on preferred stock..
100,135
126,407 2.652,765
1.131,000
2.440,888
1.130.974
1.521,765 1,309.914
Balance
Galveston Electric Co.
64,592
10,720
16.347
20,658
785,875
129,967
196,043
244.710
10,547
20,625
785,875
135,620
203,243
481,645
Gross earnings
Operation
Maintenance
Taxes
-Month of June- 12 Mos. End. June 30
1929.
1930.
1930.
1929.
$
$
$
$
116.570 1,321.532 1.347.963
101.769
52.585
54,893
650,274
646,773
13.734
15.272
154,390
146.561
6,213
6.311
74.453
69,795
126,807
Total deductions
Net income
Disposition of Net Income
Sinking funds:
Construction bonds
Purchase bonds .
bonds
Add'ns & betterm ts.
Perch. contract (D
Equip. & exten. bends
Loan (City of Detrolt)
1,573,414 1,384.090
4,770
147.913
Balance
a Deductions
963,905
(The Commonwealth & Southern Corp. System)
-Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
129,576
96,606
El Paso Electric Co. (Delaware).
87.042 1,283,184 1,050,168
4,466
99,185
44.852
Balance
775
112.319 1,387.768 1.606.383
27,991
335,969
136,019
140,314 1,723,737 1.742,403
Net operating revenue.....Income from other sources *
159,027
296.797 2,503.598 3.130,286
Balance
Interest and amortization (public)
27,697
41.630
442,412
526
484,832
442,939
107,813
484,832
110,720
335,126
374,112
Balance
42,715
503,095
503,122 Interest and amortization (G.
-H. E. Co.)
163.664
166,497
10.931
133,000
133,000
13.150
160,000
160,000
171,462
Balance
207,614
146.919 1,787.518 1,787.518
*Interest on funds advanced Galveston-Houston Electric Co.
23,950
458.333
Galveston_-Houston JEulnee_ctric12
f
Total sinking funds
237.668
213,717 3,065.897 2,583.640
Residue
De178,640
81,080 Def562,298
Mos, End. June 30
s.
546.646
1929.
1930.
1929.
Total
159,027
296,797 2,503,598 3,130,286
$
$
$
5
19410,659
57.316
Gross earnings
540.652
609.311
Galveston-Houston Electric Co.
19,888
22,508
Operation
232.424
257.969
(And Subsidiary Companies)
Maintenance
5 82
2 560
. 5
-Month oi June- 12 Mos. End. June
Taxes
30.
1930.
1929.
1930.
1929.
25,573
Net operating revenue__ , 17,383
$
195,620
236.291
*
Gross earnings
386.692
193
444.578 5.028.576 5,246.860 Income from -other sources42,715
10.931
13,150
146.919
23,950
2:222
Operation
Maintenance
Taxes
6
Net operating revenue.-Interest and amortization
Balance
183,633
59.161
30.707
113,189
199,173 2,352.975 2,421,733
64.406
738.516
722.695
34,054
370.823
391.157
146.644 1,566,261 1,711.274
823.236
872.942
743,024
838,331
22:22
21:N1
---------------
195,813
123,143
236.291
125.406
Balance------------------------------------H• F• Co.)
Interest and amortization (G.
72.670
146.724
110.885
145.442
BalanceInterest and
Deficit
74.054
*Interest on funds advanced Galveston-Houston Electric Co.
34,556
776
[vol.. 131.
FINANCIAL CHRONICLE
Georgia Power Co.
(and Subsidiary Companies.)
-Month of June.- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
Gross earnings
2.086,527 1.849,838 23.062.759 24,062.068
Oper.exp-inci. taxes & maint 1,096,362
957.987 11.012.206 11.439.341
891,851 12.050.552
3.751.418
8,299.133
4,993.367
1,053.176
Gross income
990,165
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
12,622,727
4,323,318
8.299.408
4,632,395
1,128,642
2,252,589 2.538,370
Balance
Illinois Power Co.
--Month of June-- 12 Mos, End. June 30
Gross earnings
Oper.exp.,Incl. taxes & maint
Gross income
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
342.177
167.747
393,882
199,471
174,430
126,522
28,547
26.845
40,104
Gross income
Fixed charges
194,410
125,000
33,909
35,501
19,359
Balance
Note.
-The above figures for 1929 include operations of gas properties
sold May 1 1929.
GullStates Utilities Co.
-Month of June- 12 Mos. End. June 30
1930.
1929.
Gross earnings
716.628
659,061
1930.
Operation
Maintenance
Taxes
278,865
20.033
48.189
257.986 3.046.650 2,206.250
323,004
239.536
27.031
476.934
423.052
39.418
Net operating revenue__....
aIncome from other sources
369,539
334,624 3,166,316 2,542,886
74,599
26.392
Balance
Interest (intercompany)
2,212.950 2,078.890
86.882
166,354
2426.067 1,912,536
Haverhill Gas Light Co.
-Month of June- 12 Mos, End, June 30
1930.
$
54.672
1929.
$
57.034
1930.
$
747.223
Operation
Maintenance
Taxes
33.704
1.522
7.048
34.734
1.404
6,222
467.628
22.720
77,964
456.751
27,441
71.103
Net operating revenue__ __
alncome from other sources
12,396
14,672
178.910
151.132
3.550
178.910
5.678
173,231
Balance
a Interest on funds used for construction purposes.
642,409
231,089
150,000
261,319
1930.
1929.
1930.
1929.
$
$
$
$
Gross rev, from all sources__ 5,632.071 5.725.994 72.747,907 69,735,730
Exp.for op. & maint. prop__ 3,815,406 3.452.601 45.401,437 42,344,462
Taxes,city, State and 13. S__
2,016,665 2,273,392 27,346.469 27,391,268
212.325
189,726 2,522,435 2.393.735
Available for charges _--- 1,804,339 2,083,666 24.824,034 24,997,532
Rentals payable to city for
original subways__ -----Rentals payable as interest on
Manhattan Ry. bonds____
Div. rental at 7% on Manh.
Ry. stock not assenting to
"plan of readjustment"___
Rental, contract No.3
Miscellaneous rentals
221,492
222.428 2,654,714 2,657.592
150,686
150,686
1,808.240
1,808,240
25,380
237.830
21.628
25,380
304,570
335,090 5,477,626
20,380
255,313
304,570
404,775
287,028
753,967 10,500.464
5,463.611
657,019
1,147,320
Balance before deducting 5%
Manhattan dividend rental
The amount required for full
div. rental at 5% on Manh.
Ry.Co, modified guarantee
stock, payable U earned
1.329,698 14,323,569 15,533,921
704.458
189,118
48,471
699.407 8.438.847 8.376,210
191,590 2,285.754 2,312,934
578,640
48,552
580.888
2,850
11,400
60,225
174.623
17.505
910.944 2,169.685 2,317,423
13.244
209.621
98,138
1.134.176
Interest on.;
I.R.T. let mtge 5% bonds_
I.R.T. 7% secured notes....
I.R.T. 6% 10-year notes
Equipment trust ctfs
Sinking fund on I.R.T. let
mortgage bonds
Other items
1,146.589 13.696.197 13,743,571
13,143
231,870
183,109
627,372 5,790,350
231.870 2,782.450
2,782.450
Amt. by which the full 5%
Manhattan div. rental
was not earned
-218.727 -48.761 -2.155.077 3.008,900
Notes.
-1. The operating expenses include a reserve for depreciation at
the rate of $50.000 per annum for the Manhattan Division and $1,000,000
per annum for the Subway Division.
2. The balances above shown are limited as to the Subway to the amounts
the company Is entitled to retain for the periods. On the basis of the
present accounting there are no past due Subway preferentials which the
company may collect from future Subway earnings.
144,297
Balance
Interest charges
16
706.429
680.377
233,663
150,000
296.714
154.683
10.366
Gross earnings
1929.
1.062.786 1,024,807
382.408
382,398
Interbc)rougli Rapid Transit Co.
-Month of June- 12 Mos. End. June 30
1929.
3,192.709 2,617,486
538,595
979,758
67,390
Balance
7,012,905 5,411.726
Balance
Interest and amortization (public)
Balance
a Interest on funds for construction purposes.
78,487
1929.
1930.
1929.
$
199.767 2.936.760 2.827,101
132,376 1,873,974 1,802.293
Net income
Dividends on preferred stock
Provision for retirement reserve
Gulf Power Co.
(Commonwealth & Southern Corp. System)
12
- Mos. End. June 30
-Month of June
1930.
1929.
1930.1929.
$
959,407 1,092.711
84.329
Gross earnings
87.880
617,230
698,829
57,483
47,775
Oper.exp.,incl. taxes & maint
1930.
3
206,198
127,711
Jacksonville Traction Co.
- 12 Mos. End. June 30
-Month of June
1930.
1029.
1930.
Gross earnings
Honolulu Rapid Transit Co., Ltd.
-Month vi June- 6 Mos. End. June 30.
79.087
90.651
1,095.016
1929.
$
1.170.896
Operation
Maintenance
Retirement accruals*
Taxes
42.698
11,292
15.142
8.716
46.998
13.192
14.608
8.969
567.810
157.708
172,654
106.665
592.965
165.209
189.889
106.554
1,237
6,882
90.177
116,276
355
489
6.255
6.252
Gross revenue from tran.sp_ _
Operating expenses
1930.
$
83.919
49,362
1929.
$
84.625
47.694
1930.
$
516.747
306.524
1929.
$
527.607
303,303
Net rev,from transport'n_
Rev, other than transport'n_
34.557
1.021
36.931
1,000
210.223
7.546
224.304
6.600
63.921
110,024
155.320
160.474
--71,399 --50.450
Balance
* Pursuant to order of Florida Railroad Commission, retirement accruals
on the entire property must be included in monthly operating expenses.
Key West Electric Co.
-Month of June- 12 Mos, End. June 30
N et revenue from opor _ _ _ _
Taxes assignable to ry. operI uterest
Depreciation
Profit and loss
Replacements
35.578
9,149
550
10.561
212
37,931
7.932
550
10,480
192
217,769
53,246
3.300
64.936
2,762
26
230.904
58.328
3.300
62,880
1,157
Total &dues. from rev_
Net revenue
20.473
15.104
19.155
18,776
124.271
93,497
Operating revenue
City of South Jacksonville
portion of oper. revenue
Net operating revenue
Interest and amortization
125.666
105,238
Houston Electric Co.
- 12 Mos. End. June 30
-Month of June
1930.
280.162 3.259.700 3.373.511
120,221
37.371
21.492
Net operating revenue_
aIncome from other sources
1929.
247.461
Operation
Maintenance
Taxes
131.624
42.798
25.121
1.554.532
492,024
258.932
1,606.435
480.742
286,417
68,376
80.617
954.211
19.386
999.915
Balance
Interest and amortization (public)
973.597
336.018
1930.
$
17.998
1929.
$
16.632
1930.
$
228.583
1929.
$
238,349
Operation
Maintenance
Taxes
8.228
1.598
1.483
8,108
1.975
1.596
99.023
22.061
18,831
106.758
Net operating revenue
Interest and amortization
6.687
4.952
88.666
28,362
92.711
28.793
60,304
63,917
Gross earnings
Balance
Interest and amortization (0-11. E. Co.)
637.579
48.339
654.828
61.806
589,240
593,022
Balance
Illinois Power & Light Corp.
(And Subsidiaries)
June
-Month of June- 12 Mos. End. 1929.30
1930.
1929.
1930.
$
$
$
$
Gross earns from operation__ 2.931,674 2.986.301 37,553.773 36.552.930
Oper. expe. and maintenance 1,419.845 1,460.263 18.111.021 18.643.325
Taxes
177.462 2.217.523 1.785.372
186.513
Total expenses and taxes__ 1.606.359 1.637.726 20.328.544 20.428.697
Earnings from operation____ 1.325.315 1,348.575 17.225.229 16.124.232
845.811
880,903
Less rentals
72.246
79.471
502.354
615.860
Add other income
61.592
51.090
Total net earnings
1,307,437 1,327,418 16.960,185 15,780.775
Less prior charges of:
Iowa Pow.& Lt. Co.and the Kan.Pow.& Lt. Co... 1.506.480 1.401.082
Total earnings available for bond interest
15,453.705 14,379.692
Twelve months'interest on Illinois Power & Light
Corp. mtge. debt
5.844,105 5,625.404
21.035
17.843
Orange and Rockland Electric Co.
-Month of June- 12 Mos. End. June 30
999.915
345.087
Balance
a Interest on funds advanced G
-H. E. Co.
6,392
1929.
1930.
Gross earnings
881
Operating revenues
Oper. expenses. Incl. taxes
but excluding depreciation_
1930.
$
59.441
1929.
$
53,186
1930.
$
743.177
1929.
$
698.424
34,431
34.503
414,135
403.839
Balance
Depreciation
25,010
6,862
18.683
6.161
329,042
78,142
294,585
69.878
Operating income
Other income
18,148
1,375
12,522
722
250.900
16.032
224,707
12,913
Gross income
Interest on funded debt
19.523
5.208
13.244
5,208
266,932
62.500
237,620
62,500
Balance
Other interest
14,315
484
8.036
380
204.432
4.094
175,120
1.443
Balance
Amortization deductions_ _ _ _
13.831
1,052
7.656
1472
200.338
12.701
173.677
15,074
Balance
Other deductions
12,779
457
6.584
419
187.637
4.315
158,603
6,785
Balance
Divs. accrued on pref. stock_
12,322
5.688
6.165
5.833
183.322
60.134
151.818
70.000
Balance
Fed. taxes incl. in oper.exps_
7.634
1,600
332
909
114,188
23,729
81,818
22,821
AUG. 2 1930.]
FINANCIAL CHRONICLE
777
Mississippi Power Co.
Southern Indiana Gas & Electric Co.
(And Sub‘idiary Companies)
Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
$
$
$
$
Gross earnings
287.498
269.078 3,642,322 3,414,362
Operating expenses,Inc!. taxes
and maintenance
185,567
161,563 2,369.466 2,000.913
(The Commonwealth & Southern Corp. System)
-Montt' of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
$
S
$
$
254.571
267,369 3,367.856 3.307.943
Gross earnings
Operating expenses,incl.taxes
158.893 1.869.680 1.922.583
147,522
and maintenance
Gross income
Fixed charges
Gross income
Fixed charges
101,931
107,514
Net income
1.272.855 1,413.449
611.086
816.911
061,769
596,537
290.171
104.781
Dividends on preferred stock
Provision for retirement reserve
277,331
79.562
Balance
2d6,816
239.644
Note.
-The above figures for 1929 include operations of gas properties
sold May 1 1929.
Pere Marquette Ry.
Month of June- 6 Mos. End. June 30.
1930.
1929.
1930.
1929.
Railway oper. revenue
3,088,903 4.172.152 19.400.028 23,071,691
Railway operating expenses_ 2.325,748 2.888,449 15.325.936 15.977.610
Not rev,from ry. oper---- 763.154 1,283.703 4,074.091 7,094,081
366.721
Net railway oper. revenue___
822.291 2,114,510 4.728.417
Other income. net
67.368
103.591
271.583
484.966
Balance before ded. of int_
434.090
925.882 2,386,093 5,213.384
232.713
Total interest accruals
212.349 1,310,671 1,291.715
Balance
201,376
713.532
1,075,421
3,921,669
107,049
108,475 1,498.175 1,385.359
350,515
295,294
1.147.659 1.090.064
Net income
428,122
260.000
Balance
397.847
250,000
459.537
Dividends on preferred stock
Provision for retirement reserve
442,217
Third Avenue Railway System.
Operating Revenue
Transportation
Advertising
Rents
Sale of power
-Month of June- 12 Mos. End. June 30.
1929.
1929.
1930.
1930.
$
$
$
$
1,206.055 1,300.075 14,635.456 15.185.802
150,000
149,842
12.500
12,475
268.604
298.627
21,722
25,917
8.619
6,335
554
513
Total oper. revenue
1,244.961 1,334,854 15,090,261 15,611,026
Operating Expenses
201,652 2,393.760 2,437,683
Maintenance of way
183.638
122.468
130.970 1,513.262 1,433.135
Maintenance of equipment
-7,555 -33,934 -72.748
Depreciation
-12,747
987.391 1.005.859
78.374
Power supply
76.006
447.405 5.117.748 5,300,701
Operation of cars
398,732
104,012
961.826 1,251.552
Injuries to persons & property 104,880
612.371
48,594
618,989
52.591
General & miscell. expenses
Ponce Electric Co.
Total oper. expenses
924,772 1,005.456 11.552,425 11,975,173
--Month of June- 12 Mos, End. June 30. Net operating revenue
329,397 3,537,835 3,635.852
320,188
1930.
1929.
1930.
97.552 1,074,891 1,085.351
93,847
1929.
Taxes
$
$
*
$
31.574
27,662
Gross earnings
346,757
226,340
329,849
231.844 2,462.944 2.550,500
Operating income
18.085
231.238
25,950
228,077
Interest revenue
13.761
12,965
Operation
152.390
146,642
1.364
1,581
Maintenance
20.868
244,425
22,379
255,794 2,691,022 2,781,739
Gross income
2,971
2.409
Taxes
30,646
25,200
Deductions
42,756
42,756
513.080
513.080
Interest of 1st mtge. bonds
13,478
10,707
Net operating revenue_ ___
142.851
135.626 Int. on 1st ref. mtge. bonds
879.620
73,301
879,620
73,301
Interest charges
5,194
4.898 Int. on adj. mtge. bonds
93,900 1,126,800 1,126,800
93.900
Int. on other bonds
Balance
137.657
130,728 Track and terminal privileges
17,622
16,661
1.378
2,358
8,660
617
545
5.455
Miscall, rent deductions
1.474
19,769
1,647
Savannah Electric & Power Co.
17,692
Amort. of debt disc. & exps
33.480
2,790
33,480
2,790
Sinking fund accruals
-Month of June- 12 Mos. End. June 30. Miscellaneous
269,648
-19,135
445.149
40,946
1930.
1929.
1930.
2,164
2,164
25.968
25.968
1929.
Int. on series 0 bonds
$
$
$
$
Gross earnings
174.185 2,214,784 2,210,367
174.825
260,509 2,890.482 3,068,072
199,348
Total deductions
def4,714 def199.460 def286.333
45.077
Net income
Operation
67.854
69.488
841,715
877,673
Maintenance
10,512
11.948
139.280
143.659
-The InterLarge Telephone Companies.
Earnings of
17.393
Taxes
17,988
202,712
190.765
State Commerce Commission at Washington has issued a
Net operating revenue-___
77,034
76,790 1.031,075
998,269 monthly statement of the earnings of large telephone comInterest and amortization
436,173
446,699
panies having an annual operating revenue in excess of
Balance
594.901
551,569
Below is a summary of the return:
250,000.
Tennessee Electric Power Co.
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
$
3
$
$
Gross earnings
1,228.768 1.183.730 15,325,612 13.929,808
Operating expenses,including
648,578
607.003 7,786,953 7.097.317
taxes and maintenance
580.189
576,726 7.538,658 6.832,490
Gross income
Fixed charges (see note)
2,225,153 2,140,002
Net income
5,313,505 4.692,488
Dividends on preferred stock
1,345,264 1,335,846
Provision for retirement reserve
1,216.999 1,054.898
Balance
2,751.241 2.301,744
Note.-Includee dividends on Nashville Railway & Light Co. preferred
stock not owned by the Tennessee Electric Power Co.
Virginia Electric & Power Co.
Gross earnings
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
$
$
$
$
1.406.027 1,391,135 17,187.585 16,708,321
Operation
Maintenance
Taxes
569.231
113,480
116,908
524,094 6.589.750
125,490 1.508,323 6.343,212
1.531,714
120.922 1,318,446 1,401.961
620.627 7,771.064 7,431 433
:
16626
_ 43,525
May 1930
May 1929
5 mos. end. May 1930
5 mos. end. May 1929
i.
s
of Cs.Ce
Stations
Service
17.111.679
16.420,989
17.111.679
16,420.989
100.848,825
96,007.747
492,536,605
468,604,794
Operating
Expenses,
69,372,326
64.550.851
335,101,026
311,835,028
Operating
Income.
22,43.514
23.337.609
114.135,209
116,093,936
FINANCIAL REPORTS
-The following is an index to an
Annual, &c., Reports.
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including July 5 1930.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Railroads
Allegheny Corp
Chesapeake Corp
Indiana Harbor Belt RR
Mexican Ry.Co., Ltd
Pennroad Corti
St. Louis Southwestern Sty
Ulster dr Delaware RR
472
472
472
110
625
621
471
Public Utilities
267
Alabama Water Service Co
American States Public Service Co 473
Net operating revnue
606,407
473
American Telep. & Teleg. Co
Income from other sources*
626
American Utilities Co
111
Associated Telep. & Teleg. Co
Balance
7,814,590 7,448,060 Barcelona Tree., Lt.& Pr. Co., Ltd. 108
Interest and amortization
473
1.780,027 1,905.235 California-Oregon Power Co
268
California Water Service Co
Balance
473
6,034,562 5,642,825 Central Public Service Corp
268
▪ Interest on funds for construction purposes.
Chester Water Service Co
268
Citizens Water Service Co
474
Columbus Sty., Pr. & Lt. Co
Western Public Service Co.
474
Commonwealth Edison Co
113
Commonwealth Utilities Corp
(And Subsidiary Companies)
Consolidated Gas, Electric Light &
12 Mos. End.
269, 474
Power Co. of Baltimore
-Month of June-- June 30.
474
Detroit Edison Co
1930.
1929.
269
1930.
Engineers Public Service Co
$
$
269
$
Corp
Federal Water Service
Gross earnings
191,686
169.102 2,300.485 Havana Electric Sty. Co
474
270
Illinois Water service Co
Operation
103,006
93,279 1,236.852 Indiana southwestern Gas & UtiliMaintenance
9.716
10.601
474
89.561
ties Corp
Taxes
14,979
9,053
151,892 International Hydro-Elec. System.- 270
475
Italian Gas Co. of Turin. Italy
Net operating revenue
63,983
56,167
627
822.179 Stab -Argentine Electric Co
Income from other sources*
628
14,687 Kentucky Securities Corp
475
Louisville Gas & Electric Co
Balance
836.867 Marconi Wireless Telegraph Co.,
Interest and amortization (public)
475
134,951
Ltd., London
475
Market Street Sty. Co
Balance
701.916 Massachusetts Utilities Associates- 628
Interest (E. T. E. Co. Del.)
108
255.691 Mexican Light & Power Co., Ltd
109
Mexico Tramways Co
Balance
113
446.224 Michigan Gas & Electric Co
Note.
-The present company is a consolidation of the Sorthern Division Mountain States Power Co
476
of the former Western Public Service Co. and the Nebraska Electric Power New England Tel. dr Tel. Co
628
Co. Previous year's operations are not comparable and, therefore, will N.Y. State Electric & Gas Corp.-- 114
not be shown until May 1931.
271
New York Water Service corp
• Interest on funds for construction purposes.
629
North American Co
Gross
Earnings,
Public Utilities (C.mciuded)- Page.
Northern States Power Co
476
Ohio Water Service Co
271
Oklahoma Gas & Electric Co
476
Oregon-Wash. Water Service Co
271
Peoples Gas Light dr Coke Co
476
Philadelphia Co
476
Philadelphia Rapid Transit Co
629
Pittsb. Suburban Water Service Co_ 271
Public Service Corp. Of N.L...115, 271
Public Utility Holding Corp. of
America
471, 621, 647
Bach.& Lake Ont. Wat.Serv. Corp_ 271
San Diego Consol. Gas & Elec. Co__ 476
Scranton-Spring Brook Wat,Sec. Co. 272
Southern Canada Power Co., Ltd__ 476
Southern Cities Utilities Co
476
Southern Colorado Power Co
476
Standard Gas & Electric Co
476
Standard Public Service Co
630
Union Water Service Co
272
United Gas Improvement Co
116
United Light & Power Co
272
Virginia Electric & Power Co
116
West Virginia Water Service Co_ _
272
Western Union Telegraph Co
477
Wisconsin Public Service Corp
477
Wisconsin Valley Electric Co
477
IndustrialsAffilleted Products, Inc
477
Air Reduction Co., Inc
631
Alaska Juneau Gold Mining Co
273
Allegheny Steel Co
631
Allen Industries, Inc
477
Allis-Chalmers Mfg. Co
631
Alpha Portland Cement Co
477
Amalgamated Silk Corp
631
American Bosch Magneto Corp
631
American Capital Corp
273
American Chain Co., Inc
631
American Chicle Co
478
American Eagle Fire Insurance Co_ _ 631
American European Securities Co__ - 273
American Founders Corp
622
American Ice Co
631
American International Corp
273
Amer -La France & Foamite Corp.. 478
Amer. Machine & Metals, Ine_273, 631
American Multigraph Co
631
778
Industrials (Grottnued)Industrials (Continued)Pose.
Pace.
American Re-Insurance Co
639
631 Libbey-Owens-Ford Glass Co
American Republics Corp
639
631 Lily Tulin Cup Corp
American Rolling MiII Co
639
273 Lincoln Printing Co
American Surety Co. of N.Y
282
478 Lindsay Light Co
124
American Utilities & General Corp..- 632 Loblaw Groceterlas Co., Ltd
123
Armstrong Cork Co
-Magnus. Inc
274 Lyons
282
Artioom Corp
632 McAleer Mfg. Co
639
Associated Investment Co
274, 632 McCord Radiator & Mfg.Co
486
Atlantic Refining Co
632 McIntyre Porcupine Mines, Ltd
639
Atlantic Securities Corp
274 McKeesport Tin Plate Co
Atlas Powder Co
486
632 McKesson & Robbins, Inc
485
Auburn Automobile Co
274, 478 Macfadden Publications. Inc
Austrian Credit-Anstalt
124
274 Madison Square Garden Corp
Bankers Securities Corp
639
479 Magma Copper Co
Bayuk Cigars, Inc
639
632 Manufacturers Finance Co
(W.1).) Beath & Son. Ltd
639
275 Mapes Consolidated Mfg. Co
Beatrice Creamery Co
486
479 Marine Midland Corp
Beech Nut Packing Co
282
632 Martin-Parry Corp
640
Bickford's, Inc
632 Maryland Insurance Co
Bing & Bing, Inc
486
479 Mathieson Alkali Works,Inc
486
Blaw-Knox Co
633 May Oil Burner Corp
Bohn Aluminum & Brass Corp
124
479 Michigan Steel Corp
Boston Herald-Traveler Corp
640
479 (I.) Miller & Sons, Inc
Boston Personal Property Trust.- 118 Minneapolis-Moline Power Imple640
ment Co
Bowman-Biltmore Hotels Corp
633
640
Bridgeport Machine Co____118, 275, 479 Mohawk Investment Corp
283. 640
Briggs & Stratton Corp
633 Monighan Mfg. Corp
640
Broad Street Investing Co., Inc
275 Monsanto Chemical Works
640
Bucyrus-Erle Co
633 Motor Products Corp
640
Budd Wheel Co
633 Motor Wheel Corp
124
Bulova Watch Co., Inc
118 Muncie Gear Co
California Packing Corp
283
480 Murray Corp.of America
Canada Dry Ginger Ale, Inc
633 Muskegon Motor Specialties Co__ 293
283
Canada Packers Ltd_
480 National American Co.,Inc
Canadian Genii Invest. Trust. Ltd
487
119 National Biscuit Co
Canadian Wineries, Ltd., Toronto 480 National Distillers Products Corp.... 640
125
Capital Administration Co., Ltd
276 National Pumps Corp
(A. M.) Castle dr Co
487
633 National Service Companies
283
Cavanagh-Dobbs,Inc
633 National Standard Co
Century Shares Trust
640
480 National Tile Co
Chapman Ice Cream Co
119 New England Creamery Prod. Co..- 640
Cincinnati Advertising Products Co_ 634 New England Equity Corp
283
City Investing Co
640
119 Niagara Fire Insurance Co
Clark Equipment Co
125
634 Niagara Wire Weaving Co., Ltd
Cluett, Peabody dr Co., Inc
487
634 Noblitt-Sparks Industries. Inc
487
Colgate-Palmolive-Peet Co
481 North American Aviation,Inc
Colorado Fuel dr Iron Co
487
481 North American Cement Corp
623
Commercial Solvents Corp
634 North & South American Corp
487
Congoleum-Nairn, Inc
634 (Charles F.) Noyes Co.. Inc
Congress Cigar Co.. Inc
641
481 Ohio Leather Co
641
Consolidated Laundries Corp
481 011 Shares. Inc
284
Consolidated Lead dr Zinc Co
634 011stocks, Ltd
125
Consolidated Mining & Smelting Co.
Old Colony Trust Associates
of Canada. Ltd
284
119 Orange Crush, Ltd
487
Contalrer Corp. of America
634 Otis Elevator Co
641
Continental Baking Corp
481 Pacific Western Oil Corp
125
Continental Insurance Co
634 Packard Electric Co
488
Continental Motors Corp
120 Paramount Publix Corti
Crane Co., Chicago
284
481 Park dr Tilford. Inc
Cream of Wheat corp
641
482 Parker Rust Proof Co
Crown-Willamette Paper Co
125
262 Peabody Coal Co
641
Crown-Zellerbach Corgi
481 Penick & Ford, Ltd
Crow's Nest Pass Coal Co
120 Pennsylvania Co. for Insurance on
488
Curtis Mfg. Co., St. Louis
Lives & Granting Annuities
277
641
Cushman's Sons, Inc
635 Peoples Drug Stores, Inc
126
Cutler-Hammer, Inc
635 Perfect Circle Co
Dayton Airplane Engine Co
126
482 Perfection Glass Co
Detroit Electric Co
488
120 Pettibone-Mulliken Co
Detroit Steel Froducts Co
641
635 Pierce-Arrow Motor Car Co
126
Devonshire Inveating Corp
482 Pittsburgh Forgings Co
Dome Mines, Ltd
488
635 Pittston Co
641
Dominion Scottish Inver=Is, Ltd- 278 Pond Creek Pocahontas Co
(E. I.) du Pont de Nem.& Co--120, 623 Potter Co
126
El Dorado 011 Works
642
278 Prairie Pipe Line Co
642
Empire 'I ftle & Guarantee Co
278 Procter & Gamble Co
488
Equitable Office Building Corp
278 Prudential Investors. Inc
642
Exide Secaritiee Corp
635 Purity Bakeries Corp
642
Farr Alpana Co
121, 278 Railroad Shares Corp
285
odder!! Mfg. Co., Inc
636 Rainier Pulp & Pacer Co
642
Federated Metals Corp
636 Reliance International Corp
642
Fidelity & Casualty Co. of N. Y
636 Reliance Management Corp
285
Reliance Mfg. Co.(Ohio)
Fidellty-Phenix Fire Insurance Co.
642
of New York
636 Ross Gear & Tool Co
126
Finance Co. of America at Balt
121 Savage Arms Corp
642
First American Fire Insurance Co..-.. 636 Seaboard Utilities Shares Corp
642
First Security Corp. of Ogden(Utah) 636 Seagrove Corp
127
(I.) Fischman & Sons
121 Second National Investors Corp
642
Foote-Burt Co
482 Sharon Steel Hoop Co
488
Foster Wheeler Corp
636 Shawmut Association
489
Fourth National Investors Corp
121 Shenandoah Corp
Gelsenkirchen Mining Corp
279 (Howard) Smith Paper mills, Ltd-- 127
127
General Baking Corp
122, 279,636 Solvay American Investment Corp
643
General Electric Co
483 Spear & Co
128
General Foods Corp
638 Stahl-Meyer, Inc
286
General Motors Acceptance Corp...... 621 Standard Dredging Co
490
Gen'l Outdoor Advertising Co., Inc- 637 State Street Investment Corp
General Public Service Corp-280.488 State Title dr Mortgage Co
286. 490
286
General Realty & Utilities Corp.-- 122 Sterling Coal Co., Ltd
Gillette Safety Razor Co
280 (S. W.) Straus Investing Corp-491. 643
643
Golden State Milk Products Co
122 Stromberg Electric Co
128
Gould Coupler Co
637 Studebaker Mail Order Co
643
Granby Consolidated Mining, SmeltSun Investing Co., Inc
ing dr Power Co., Ltd
490
637 Sun Oil Co
F. & W. Grand-Silver Stores, Inc
286
637 Super Maid Corp
Great Northern Iron Ore Properties. 262 Superheater Co
128
Gulf States Steel Co
491
637 Sutherland Paper Co
(M.A.) Hanna Co
643
637 (The) Symington Co
Harbison-Walker Refractories Co
287
484 Taylor Milling Corp
Hatfield-Campbell Creek Coal Co-- 122 Telautograph Corp
643
Hearst Consol. Publications, Inc
643
280 Texas Gulf Sulphur Co
Hercules Powder Co
128
637 Third National Investors Corp
(A.)Hollander & Sons, Inc
643
484 Thompson Products. Inc
Hollinger Como'. Gold Mines, Ltd
287
484 Thompson-Starrett Co., Inc
Houston 011 Co. of Texas
287
638 Thompson's Spa,Inc
Howe Sound Co
491
638 Timken Roller Bearing Co
Hudson Motor Car Co
287
638 Todd Shipyards Corp
Hupp Motor Car Corp
644
638 Transcontinental Oil Co
Interlake Iron Corp
638 Transue & Williams Steel Forg. Co.. 491
International Cement Corp
287, 491
484 Tri-Continental Corp
International Salt Co
644
638 Trice Products Corp
International Silver Co
644
638 Trunz Pork Stores
International Superpower Corp
491
281 Truseon Steel Co
Intertype Corp
638 Tuckett Tobacco Co., Ltd., HamInvestors Equity Co., Inc
129
ilton. On
108
Investors Syndicate
484 Underwood-Elliott-Fisher Co
Jackson & Curtis Investment AssoBag & Paper Corp287
Union
ciates
644
485 Union Carbide & Carbon Corp
Johns-Manville Corp
491
638 United Biscuit Co.of America
Jones dr Laughlin Steel Corp
263
638 United Founders Corn
Jordan Motor Car Co., Inc
645
281 United Piece Dye Works
(Spencer) Kellogg & Sons, Inc
129
638 United Securities Trust Associates
Kendall Co
645
638 U. S. Distributing Corp
Kentucky Rock Asphalt Co., Inc__ 123 U. S. Hoffman Machinery Corp_492, 645
Kimberly-Clark Corp
645
638 U. S. Industrial Alcohol Co
(G. R.) Kinney Co.,Inc
485 U. S. & Foreign Securities Corp--.492
(G. Emil) Klein Co., Inc
485 U. S. & Internat. Securities Corp - 492
(8.8.) Kresge Co
645
485 U.S. Leather Co
Lambert Co
645
639 U.S.Pipe & Foundry Co
Lawyers Mortgage Co
281 U. S. Realty & Improvement Co_- 645
Lawyers Title & Guaranty Co
492
281 U.S Shoe Co
Lekourt Realty Corp
288
123 Univtirsal Pipe & Radiator Co
Lehigh Valley Coal Corp
639 Utilities Hydro & Rail Share Corp... 288
Corp
Lehman
645
123 Virginia Iron. Coal & Coke Co
Lehn & Fink Products Co
281 Vortex Cup Co
045
Lessings,Inc
639 Ward Baking Corp
645
[vou 131.
FINANCIAL CHRONICLE
industrials (Corichidrid)Page.
Page. Industrial!(Continued)Warner Companies
646
645 WU-Low Cafeterias, Inc.-_
Warner Bros. Pictures, Inc
494
493 Wilson Lines, Inc.
Waldorf System Inc
493 Woolf Bros., Inc., Kansas City. Mo. 494
Wesson Oil & Snowdrift Co.,Inc
493 Worthington Pump & Mach'y Corp. 646
494
West Kentucky Coal Co
288 (William) Wrigley Jr. Co
West Virginia Coal& Coke Corp
288 Yellow Truck & Coach Mfg. Co..- 646
Westinghouse Electric & Mfg Co.._ 646 (L. A.) Young Spring & Wire Co...... 494
494
White Rock Mineral Springs Co
288 Zenith Radio Corp
• Willys-Overland Co., Toledo, Ohio, & Sub. Cos.
(Semi-Annual Report-Six Months Ended June 30 1930.)
CONSOL. INCOME ACCOUNT
-SIX MONTHS ENDED JUNE 30
1927.
1928.
1930.
1929.
Netsales
$38,772.545$112,289,133$116.387,316
Cost ofsales
y34,568,938 y98,987.364 100.822,212
Gross profit after deduct.materials used,
labor exp.deprec.&c $4,203.608 $13,301,769 $15,565,104
Other income
1,661,358
349,243
1,845,118
Not
Total income
$5,864,966 $13,651,012 $17.410,223 Availble.
Selling, advert. admin.
& general exp.,&c_ _ - _ 5,401,560
8,806.193)
7,793,768
Gross profit
Interest
Prov.for Federal taxes
Shrinkage in book value
of com, shares in controlled companies_ _ _
Adjusts. & other items
Price refunds., &c
$463,406 $5.857,244 $8,604,030 $6,782,474
265,564
138,905
252.389
367,409
817.499
769.298
566.656
172,796
513,582
254,118
481.857
1,940,825
Net profit for 6 mos.
ended June 30
$151.704 $4,155,478 $5,641,517 $5,238,053
Previous surplus
30,179.785 39,589,827 30,243.998 25,005,320
Disc, on pref. stk. pur
128,190
Total
Divs. on pref. stock
Common dividends
$30,459.679 $43,745,305 $35,885.516 $30,243,373
607,099
578,224
500,735
551.135
899,965 z2.522,577
757.921
Balance June 30
$29,058,980 $40,671,593 $34,549,371 $29,636,274
2,526.362
2.526.402
Shs.com.outstg.(par $5) 2,999,882
2,996,754
$1.83
Earns, per sh. on com-Nil.
$2.01
$1.20
accruing renewals
y Cost of sales including provision for depreciation and
during the period of operations amounting to $1.017,706 in 1930 and $1,589.329 in 1929. z Includes stock dividends of5% amounting to $714.285.
CONSOLIDATED BALANCE SHEET JUNE 30.
1929.
1930.1929.
1930.
Liabilities$
Asada-$
$
Preferred stock ___14,061,700 15,746,700
Land, bidgs., machinery, &tr._ _x38,771.827 41,382,554 Common stock...14,999,410 14,983,770
16,176
536
1
1 Common scrip-Good-will, pats.,&o
Cash
7.706,983 8,127,044 1st mtge.6;is_ ___ 3,000,000 4,000,000
Time etfs. of dep._ 1,067,286
154,493 Acc'ts payable.... 2,025,831 6,674,472
Notes & accts. rec. 3,569.642 4,350.027 Accrid Int., &c__ 1,251,909 1,331,252
150,640
Mdse.Inventories_11,520,768 26,696.264 Stock purch contr.
Sinking fund pref.
Res've for Federal
586,656
stock
245,354
income tax
Due from MM.cos.
32,450
113,704 Unpaid payrolls &
418,900 1,469,255
Invest. In still &
wages
other companies 2,553,124 2,692,333 Dealers' initial de114,151
165.585
Misc. notes & acposit. &e
2,483
1.218
counts receiv
300,562 2,208,714 Res. for price red..
Deferred accts.-- 405,993 1,247,994 1st m. 6445 (cure.) 996,000 1,000,000
440.000
Res. for tenting29,059,980 40,671,593
Surplus
65,928,636 87,218.483
Total
65,928,636 87,218,483
Total
x After depreciation of $21,572.545.-V. 131. p. 646.
The Baltimore & Ohio Railroad Company.
(Annual Report-Year Ended Dec. 31 1929.)
The annual report for the calendar year 1929 was released
for publication July 28. A condensed comparative income
account for the last four calendar years, together with statistical tables, and a condensed balance sheet as of Dec. 31
1929, were published under "Financial Reports" in our issue
of March 1 1930, page 1446.
President Daniel Willard, June 181930,wrote in substance:
-As of June 20 1929, the company offered to Its stockholders,
Rights.
-S. C. Commission, the right to subscribe to
with the approval of the I.
411,077 shares, or 941.107,700 par value of additional common stock at
the par value thereof, or $100 per share. Of the amount thus offered.
$40,761,680 was taken by the stockholders at par, and of the remaining
$346,020, unsubscribed for, $345,900 was sold at a premium, making the
total additional common stock outstanding at the end of the year
$41,107,580.
Additions and Betterments to Road.
-Expenditures during 1929 for additions, betterments and extensions chargeable to investment in road aggregated $17,896,389, and there was credited to the same account for retireraents offixed property,$2,602,529,leaving a net increase in capital invested
In road of $15,293,860.
Additions and Betterments to Equipment.
-The total expenditures for
additions and betterments to equipment In 1929 amounted to $14,560,819,
and equipment having a book value of $7.408,929 was retired from service.
leaving a net increase in capital investment in equipment of $7,151,890.
Commercial Development Department.-This departmentfunctions through
its industrial, industrial survey, geological, agricultural, engineering and
traffic research bureaus, and in 1929 was instrumental in the location on
the company's lines of 351 new industries and the expansion of 69 existing
industries, involving additional plant investment of approximately
.
$51000,000.
Federal Valuation.
-Final valuations have been received from the I.
-S. C.
Commission for the Cincinnati Indianapolis & Western RR. and the
Hamilton Belt By., subsidiaries of the B. & 0. RR. A hearing has been
held to consider the protest of the latter company with respect to the
tentative valuation of its property and that of its remaining subsidiaries,
and this matter is now in the hands of the Commission for final determination.
To Dec. 311929. there has been expended $5.545,477 in the valuation
of the company's properties, which is exclusive of the amount expendecilby
the Commission for that purpose.
Buffalo Rochester & Pittsburgh Ry.-On March 1 1929, the B. & 0. RR.
entered into an agreement to purchase a substantial majority of the outstanding capital stock of the Buffalo Rochester & Pittsburgh By.,subject,
however, to the approval of the I.
-S. C. Commission, and on June 7 1929,
an application for authority to consummate the purchase of stock control
was filed with the Commission and received its complete approval on Feb.
28 1930, since which time over 92% of the stock has been acquired, which
will be augmented as additional purchases are made.
The Buffalo Rochester & Pittsburgh Ky. has, for a number of years past.
enjoyed close operating and traffic relations with the B. & 0. RR,through
the exercise of trackage rights over the B. & 0., lines between Butler and
New Castle and Butler and Pittsburgh, Pa., and the use of the.B. StrO.
station facilities at the latter place. That company's owned and leased
lines extend from Butler, Pa., to the important traffic-producing centers of
Buffalo and Rochester. N. Y., and with branches comprises 520.6541:n9es
of road. For the time being the property will be separately operated_bi
direction of the I.
-S. C. Commission.
Buffalo & Susquehanna RR. Corp.
-On Aug. 2 1929, the B. & 0. RR.
entered into an agreement to purchase at $90 per share for pref. and cons.
shares alike, all, but not less than two-thirds, of the outstanding capital
stock of the Buffalo & Susquehanna RR., owning and operating a line of
railroad from Sagamore, Pa., to Addison, N. Y., with_branchekto Keating.
AM.2 1930.]
FINANCIAL CHRONICLE
Summit and Ansonia. Pa., and Wellsville, N. Y., a distance, excluding
trackage over the Buffalo Rochester & Pittsburgh Ry., of 238.10 miles.
More than two-thirds of the total stock having been deposited under the
agreement, on Dec. 21 1929, the B. & 0. RR.filed with the I.-8. C. Commission its application for authority to acquire said shares, and after hearing, the Commission on May 16 1930. issued its order effective 30 days
from the date thereof, approving the acquisition by the B. & 0. RR. of
shares of the Buffalo & Susquehanna RR. Corp. More than 94% of the
stock has since been acquired.
Western Maryland fly -Believing that in any consolidation of railways
in the Eastern District into a limited number of systems the Western Maryland By. should be allocated to the B.& 0. RR.company,and a favorable
opportunity presenting itself, a substantial, but less than a majority, stock
Interest was acquired in the Western Maryland Ry., in anticipation of
formal application to the 1.-8. C. Commission for authority to acquire
control of that company. The Western Maryland was included among
those companies for which authority of the Commission to acquire control
was sought in the application of the B.& 0. RR.filed Feb. 1 1929. However, the Commission on its own motion on May 25 1928.issued a complaint
against the latter company, charging a violation of the Clayton Antitrust Act in the acquisition of stock of the Western Maryland By. and
after hearing and argument on the matter, the Commission, on Jan. 13
1930, ordered the B. & 0. RR. to divest itself within 6 months of the date
thereof of all its interest in the capital stock of the Western Maryland By.
Application for an extension of time in which to dispose of the shares is now
pending before the Commission.
Wheeling & Lake Erie fly -As of March 1 1929, the company sold its
entire holdings ofstock ofthe Wheeling & Lake Erie By.,consisting of 38,397
shares of prior lien stock, 4,934 shares of pref. stock, and 56,000 shares of
common stock at a price equal to the cost to the B.& 0.RR. when purchased
I n 1927, plus interest thereon at 6% per annum,less dividends received on
such holdings.
INCOME ACCOUNT YEARS ENDED DEC. 31.
1929.
1928,
z1927.
x1296.
*Aver. miles operated__
5,577
5,548
5,552
5,552
Railway Oper. Revenues
205,489,402 197,215.444 203,571,445 212,491,018
Freight
22,138,626 23,712,131 26,286,707 28,137,228
Passenger
4,678,364 3,059,411 2,759,406 2,744,745
Mall
5,056,399 4,829.869 5,050,741 5,287,530
Express
Other transport. revenue 3.200,510 3,275,950 3,341,431 3,654,894
Miscellaneous revenues_ 4,855,474 4,725,876 5,072,337 5.257,969
Total ry. oper. revs_ _245,418,776 236.818,680 246,082,067 257.573.386
Railway Oper. ExpensesMaint. of way & struc- 29,418,140 26.895,746 30.895,332 32,639,547
Maint. of equipment-- 51.765.468 47,404,095 51,318.762 55.039.906
5,948.432 5,748,601 5,599,483 5,241,032
Traffic
82,958,813 82,429,731 87,290,534 89,545,840
Transportation
2,291,918 2.104,397 2,314,233 2,327,038
Miscall. operations
8.250,057 7,958.369 8,851,615 6.793,828
General
62,794
80,071
Transp. for invest. (Cr.)
98.880
114,891
Total ry. oper. exps_180,570,035 172,550,867 186.171,061 191.472,300
ry. oper__ 64,848,742 64,267.813 59,911,006 66,101,085
Net rev,from
Ratio of oper. exps. to
73.58%
72.86%
operating revenues-75.65%
74.34%
Other Oper. Charges
Railway tax accruals.- 11,965,798 11,638,718 12,286.863 12,076,677
Uncollectible ry. revs_ _ - Cr.33,099
318,605
47,986
234,212
Equip.rents (net debit)_ 2.326.997 1.856,350 1.738,556 2,388,891
Jt,facil. rents (net debit) 1,404,936 1,066,423 1.019,602 1,257,455
Tot.oth. oper.charges 15,664,632 14,880.097 15.092,808 15,937,235
Net ry. oper. income... 49,184,110 49,387,716 44,817.227 50,163,850
Other Income
132,842
Inc. from lease of road
114,156
167,709
16,672
Miscell. rent income_ _
664,476
643,941
685.182 1,033,099
Misc. non-op. phys. prop
234,182205,402
200,910
163,208
Sep.oper. prop.(profit).
773,113
769,949
973.793
522,207
Dividends income
2,566.820 2,842,570 2,813.768 2.475,144
Inc. from fund. secure.... 1,685,769 1,687,883
1,645,675 1.505.262
Inc.from unfund.securs.
2,127,368
813,979 1,705,405 1,008,828
and accounts
Inc.from sinking & other
262,287
190,195
reserve funds
347,588
360.536
53,069
38,156
Miscall. income
30.656
31,379
Total other income... 8,427.835 7,378.324 8,570,687 7,116,338
Gross income
57,611,945 56,766,041 53.388,924 57,280,187
Dedurs.fr. Gross Inc.
Rent for leased roads
594,610
595,763
595,832
595.104
Miscellaneous rents308,114
281,373
258,480
272,093
Miscell. tax accruals_ _
294,900
285.946
278.192
259,937
Sept. oper. prop. (loss).
407,356
268.802
233,811
349,747
Int. on funded debt.... 25,547,216 25,704,402 27,963.957 27,660,194
Int. on unfunded debt_ - 1,574,616
416,228 1,272.816
402,805
Miscall,income charges112,595
117,223
154,489
130,635
Total deductions from
gross income
28.844,037 27,665,111 30,755,579 29,670,429
Net income
28,767,908 29,100,931 22,632,345 27,609,759
Preferred dive. (4%)
2,354,528 2,354,528 2.354,528 2,354.528
Common dividends
15,367,783 y12,911,275 10.964,491 9,116.725
Rate
(635%)
(6%)
(6%)
(6%)
Balance, surplus
11,045,596 13.835,128 9,313,325 16,138,505
Shares of common stock
outstanding (par $100) 2.562,954 2.151.879 2,151.879
1.519.453
Earns, per sh. on corn
$10.31
$12.41
$9.42
$16.62
* Excludes passenger trackage rights between Phila. and New
x For comparative purposes figures for 1926 have been recast toYork.
include
the operations of the Cincinnati Indianapolis & Western RR., Indian Creek
Valley By.and Hamilton Belt By.for the entire year, and the Cheat Haven
& Bruceton RR.from Feb. 1 1926, all of which are now operated as a
of the Baltimore & Ohio RR. y Includes dividends on additional part,
stock
Issued and outstanding for a portion of the year only. z For comparative
purposes figures for year 1927 have been recast to include the
operations
of the Cheat Haven & Bruceton RR,for the entire year.
GENERAL BALANCE SHEET DECEMBER 31.
Assets1929.
1928.
Investments in:
Road
285,41/257 276,506.214
Equipment
259,571.750
Sub. cos. oper. as constituent parts of the cos_ 332,276.613 252,419,859
Misc.phys.props.held for transport.purposes 10.574,800 325.614.046
8,486,815
Perpetual leaseholds--capitalized (per contra)
6,441,200
6,441.200
Investment in sub. & affil. cos. sep'ly operated:
Pledged. Unpledged.
Stocks
$5,355,523 $8,092,375 13,447,899
Bonds
36,888,000
168.441 37,056,441 13.111,253
Miscellaneous
38,986,213 38.986,212 37.056.441
4,171.746
Investment in other misc, physical property_4,662.814
4,623,381
Investnlent in sinking funds
3,722
4,227
Deposits in lieu of mortgaged property sold._ _
732.390
664,316
Investments in other companies:
Fledged. Unpledged.
Stocks
114.629 $47,598,664 47,613,292 56,928,003
Bonds
13,352
631,427
644,779
643,742
Miscellaneous
1
1,295,234
1,295,234
1.207,207
Cash
19,389,021 19,196,369
Special deposits
18,447,144
1,497.978
Loans and bills receivable
146,969
245,162
Traffic and car service balance receivable
4,180,126
4,630,415
Net balances receiv. from agents & conductors..
3,345,031
3,730.706
Miscellaneous accounts receivable
9.778,555
9,673,475
Materials and surppiles
18,095,072 18.154.386
Interest and dividends receivable
31.383
30,423
Rents receivable
20,720
25,794
Deferred assets
3,439.893
3.206,106
Unadjusted debits
1.770.318
1.605,731
Total
1,117,368,640 1049.875,003
Total
Issued.
$
256,302,100
60,000.000
779
929
Held by or
for Co. Outstanding.
1928.
$
$
$
6,666 256,295,433 215.187,853
1,136.819 58,863.181 58,863,180
LiabilitiesCommon stock
Preferred stock
Separate stock, Washington Branch (see
contra)
1,650,000 1.650,000
Prem. on capital stock 3,355.721
3,355,721
3,320,231
Equipment obligat'ns 71,623,200
71.623,200 63.799,900
Mortgage bonds
394,918,400 44,951,300 349.967,100 350.052,100
Collateral trust bonds 65,709,500 9,724.300 55.985.200 55,985,200
Miscell. obligations
72.793,171 72,789,539
72,793,171
Dayton & Mich. RR.
Co.:
Conmon stock
2,396,950
2,396.950
2,401,950
5,000
Preferred stock
1,211,250
1,211,250
1,211.250
1st mtge. bonds.- 2,728,000
2.728.000
2,728,000
Home Ave. By. Co.
99.750
capital stock
250
100,000
99,750
Traffic and car service balances payable
3,877.183
4,388,998
Audited accounts and wages Payable
12,892.525 10.410,215
Miscellaneous accounts payable
1,163,954
1,078.254
Interest matured unpaid
2,250.863
2.288,380
Dividends matured unpaid
123.419
157,428
Funded debt matured unpaid
211.380
59.376
Unmatured dividends declared
3.816,451
5,073,804
Unmatured interest accrued
4,786,224
4,774.429
Unmatured rents accrued
68.888
25,766
Other current liabilities
1,332,733
1,342.658
Liability for provident funds
1,392,993
1,445,215
Other deferred liabilities
7.932,218
8,327,623
Tax liability
5,276.846
5.317,831
Insurance reserve
3.156.766
3,401,481
Operating reserves
4,617.439
Accrued depreciation-equipment
70,160,425 66,443.845
Other unadjusted credits
2,200.963
7.320,258
Sinking fund reserves
263,227
279,721
Add'ns to property through income and surplus 27,117.117 27,024,231
Profit and loss, balance
87,071,947 76,617,647
Total
1,117,368,640 1049.875.003
• The following securities bear the endorsement of the B. & 0. RR. Co.
jointly with other companies viz.' Kentucky & Indiana Terminal RR. Co.
1st mtge. sterling bonds, $7,641,777: Richmond-Washington Co. 1st mtge.
bonds, $10,000,000 and Washington Terminal Co. 1st mtge. bonds, $12.000,000. The company, through its subsidiary, the Toledo & Cincinnati
RR. Co., guarantees $2,728,000 consol. 1st mtge. bonds of the Dayton
& Michigan RR. Co.
-V. 131, p. 624. 110.
(The) Goldman Sachs Trading Corp.
(Report as of June 30 1930.)
President Walter E. Sachs July 29 wrote in substance:
The total cash income of the corporation for the six months' period,
derived from cash dividends, interest and profit on syndicate operations,
and after deducting interest paid, franchise and other taxes, and all operating expenses, amounted to $2,742,447. Stock dividends received are
not included in this figure as income, but were used to reduce the cost per
share of the respective securities. Excess of sales price of securities sold
over values as of Dec. 31 1929 amounted to $751.180, which net figure was
credited to surplus.
Attention is called to the interim reserve of $46.522,024 set up on the
balance sheet to adjust the aggregate value of the corporation's investments and its interest in syndicate and joint accounts at June 30 1930, to
the basis of market quotations or estimated fair value in the absence thereof.
The investment in the Pacific American Co. (formerly Pacific American
Associates,Inc.) is stated in the attached list of investments at 155.907.267.
The Pacific AmericansCo. owns,in addition to various securities, the entire
capital stock of Tucker Hunter Dulin & Co. and over 99% of the capital
stock of the American Company, which in turn owns all but a few shares
of American Trust Co. of San Fransisco (one of the leading banks on the
Pacific Coast with total resources as of June 30 1930 of $307,931,835)
and securities of other important financial and industrial companies on
the Pacific Coast. In the value at which Pacific American Co. has been
taken,the stock of the American,Trust Co. which was previously valued at
4
twice its book value, has been taken at 7,413,392, 1Deing 13 times the
book value of the bank stock. The miscellaneous securities of Pacific
American Co. and American Co. have been taken at their market value.
or estimated fair value inithe;sbsence of market quotations, and the stocks
of the remaining subsidiary...companies have been valued on the basis of
their underlying assets, taken at market or estimated fair value, less their
liabilities and outstanding preferred stock.
It should be furthermore noted that as the corporation has commitments (the major part of which commitments were incurred early in the
year 1929) to purchase from July 1 1930 to May 1 1932, Manufacturers'
it was deemed prudent to reduce this entire commitment
Trust Co.
stock'
to June 30 1930 market value by increasing the reserve for commitments
and contingencies.
After setting up the interim reserve and the reserve for commitments
and contingencies, the net asset value per share of the corporation's stock
amounted to $30.16 on June 30 1930.
In a letter to stockholders under date of June 3 1930, the board called
attention to the fact that the then asset value per share was higher than
the figure of $40.94 per share shown by the balance sheet of Dec. 31 1929,
using the same basis of computation. The decrease in the net asset value
to $30.16 now referred to is partly due to the decline of market quotations
between June 3 and June 30 1930, but more particularly to the setting up
of the additional reserves consequent to the revaluation of the Pacific
American Co. and its holdings of the American Trust Co. shares hereinbefore referred to, and the increase in the reserve for commitments and
contingencies.
Special commitment regarding a number of corporation's major investments follows:
Through its ownership of over 40% of the common stock of Shenandoah
Corp., corporation continues its financial interest not only in that corporation but in Blue Rido Corp. as well. Corporation's investment in the
preference and common shares of Shenandoah Corp. has been taken in
the accompanying list of investments at the quoted market price of these
securities on June 30 1930, whereas their value based on the market value
of its underlying assets was In excess of the figure shown by $4.985.486.
Through its investment in Shenandoah Corp., as well as its investment
in Central States Electric Corp.. corporation will enjoy the benefits of
substantial investments in many of the country's leading public utility
and industrial corporations.
Corporation owns 49% of the stock of Frosted Foods Co.. Inc., and notes
of that company, valued on the balance sheet at $13,338.000, General
Foods Corp. owning the remaining 51%. General Foods Corp. is aggressively proceeding with the development of this entierprise, which involves new methods of quick freezing and marketing perishable foods.
Corporation now owns or has commitments to purchase an aggregate of
approximately 32% of the stock of Manufacturers' Trust Co. in New York
City, which institution, in point of amount of total resources, was on June
30 1930 the 13th largest bank in the United States and the 8th largest bank
in New York City. The Pacific Trust Co., in which corporation owns
a substantial interest, has been merged into the Manufacturers' Trust Co.
In the six months' period under review corporation arranged with the
Home Insurance Co. for the sale of its holdings in the National Liberty
Insurance Co. of America, Baltimore American Insurance Co. of New York
and Peoples' National Fire Insurance Co.. payment having been taken
partly in cash and partly in securities, including 150,000 shares of Home
Fire Security Corp. stock. The Home Insurance Co. already had a man
agement contract for these companies, and by acquiring this stock interest
the operating management and the financial control were placed in the same
hands.
The Goldman Sachs Trading Corp. now has in excess of 41,700 stockholders, as compared with approximately 39,500 stockholders on Dec. 31
1929. The number ofshares outstanding on June 30 was 5,765,353.
780
FINANCIAL CHRONICLE
INCOME ACCOUNT SIX MONTHS ENDED JUNE 30 1930.
Cash dividends received
$2,900,564
Interest received
534.755
Profit on syndicate operations
367.608
Total
Less
-Interest paid
Taxes paid, including N. Y. State license tax
Other operating expenses
53.802,928
$573.072
195.688
291,721
Net income
Stock div. at $27.50 per share, paid April 1 1930
Cash payments in lieu of fractional certificates
$2.742,447
2,010,773
514.893
Balance of income
Operating surplus Dec. 31 1929
Capital surplus Dec. 31 1929
$216,782
3,642,848
72.849,154
Total
$76.708.784
Add-Amount allocated to surplus in respect of shares of stock
Issued for securities
71,610
Excess of sales price of securities sold over values as of Dec.
31 1929
751,180
Total
$77,531,574
Deduct
-Interim reserve to adjust investments to basis of market quotations or estimated fair value in the absence thereof,
as at June 301930
46,522,024
Reduction of purchase commitments to market value and
provision for other contingencies
15,658,674
Surplus as shown on the balance sheet, June 30 1930
$15,350,875
BALANCE SHEET JUNE 301930.
Assets
Investments at values placed thereon at Dec.311929, with subsequent additions at cost, less reserve (per attached list of
investments)
$192,895,650
Dividends receivable and sundry assets
885,121
Cash
3,127,427
Total
$196,908.197
Liabilities
Notes payable
$7.500,000
Accounts payable to subsidiary companies
508.219
Accounts payable and accrued expenses
294,895
Reserve for commitments and contingencies
14,707,000
Capital stock (authorized. 10,000,000 shares, no par; issued
5,765,353 shares)
158,547,208
Surplus
15,350,875
Total
$196,908,197
Note.
-Corporation has commitments to purchase from July 1 1930 to
May 1 1932 Manufacturers' Trust Co. stock amounting to $19,728,750
against which a reserve has been made to reduce the entire commitment to
market.
The corporation has additional commitments for the purchase of securities and syndicate commitments in the ordinary course of business not
exceeding $4,000,000 at June 30 1930 prices.
LIST OF INVESTMENTS JUNE 30 1930.
Mkt. Value
(except as
Book
otherwise
Securities OwnedValue,
stated).
Pacific American Co.(wholly owned), book value482,991,180 s55,907,267
Shenandoah Corp.
-Preference
8.8.38.000
6,466,340
Common
24.784,284 24,915,417
Central States Electric Corp. common
10.379,900 12,784,856
Frosted Foods Co., Inc.
-Notes, at cost
588,000
588.000
Stock, at cost
12,750.000 12,750,000
Manufacturers' Trust Co
38,989,490 25,144,505
Other Banks and Trust Companies
American Pacific Corp. (since liquidated at book
value)
250,000
250,000
Deutsche Bank und Disconto Gesellschaft
256,576
269,305
Foreman-State National Bank,Chicago
3,522,400
4.480,000
Pennsylvania Co.for Insurances on Lives & Granting Annuities, Philadelphia
3,447,898
4,122,037
Other Holding and Financial Companies
Guardian Detroit Union Group, Inc
450,000
550,000
C. F. Childs & Co.. Inc.(wholly owned),at cost
3,187.576
3,187,576
New York Investors, Inc., common
181,250
252,500
General Alliance Corp
58,000
68,300
Miscellaneous
355,761
330,766
Insurance Companies
435,000
415,000
The Home Insurance Co
3,600,019
3,037,520
Home Fire Security Corp
Real Estate Companies
A. M. Bing & Son Realty Corp., capital stock and
6,005,000 6,005,000
61 serial notes. at cost
Railroad and Transportation Companies
1,439,200
1,393,150
Greyhound Corp., participating preferred
370,050
441,000
Greyhound Corp. common
1,160,700
890,600
Lehigh Valley RR.common
Mississippi Valley Barge Line Co. common, part
1,500.000
1,500.000
paid, at cost
431.325
426.718
St. Louis Southwestern Ry. common
79,419
69,594
Archer-Daniels-Midland Co.,common
213,501
151.951
Associated Newspapers, Ltd., deferred shares__280.025
261,763
Aviation Corp
660,000
630.000
Blair-Knox Co
928,013
1,237,350
Chrysler Corp. common
194,700
215,350
Cluett, Peabody & Co., Inc., common
261,800
306,000
Conde Nast Publications, Inc., common
346,425
351.297
Deere & Co., common
424,600
475.200
Endicott Johnson Corp. common
962.684
1,064,662
General American Tank Car Corp
368,000
General Cigar Co., Inc., common
412,000
174.375
Gillette Safety Razor Co
257,500
188.825
Gimbel Bros., Inc., preferred
182.000
297,908
Common
340.003
540,000
840,000
B. F. Goodrich Co.common
626,400
International Shoe Co. common
701.800
54,600
51,800
Kelly-Springfield Tire Co.8% preferred
202,500
Common
195.000
418,500
Kelsey-Hayes Wheel Corp.common
348.750
173.097
Lehn & Fink Products Co
222.425
340.000
McGraw-Hill Publishing Co., Inc
325,000
72,000
Manhattan Shirt Co. common
120,000
467,016
May Department Stores Co
519,754
140.000
Minneapolis-Moline Power Implement Co. com
121.250
225,540
210.504
National Bellas-Hess Co., Inc., preferred
288.750
Common
302,291
115.200
114,000
National Dairy Products Corp. debentures
1.676.625
1,668.400
Common
1,080,583
1,743,034
Pacific American Fisheries, Inc
306.000
Pet Milk Co. common
308,125
Pick Barth Holding Corp. notes, debentures and
3,803.117
3,803,117
stocks, at cost
485,760
560,343
Pillsbury Flour Mills, Inc
4,005.711
4.005,711
Stern Brothers, debentures and stocks, at cost
300,000
375,000
Truax-Traer Coal Co., common
1,131,250
943,750
United Biscuit Co. of America, common
476,890
526,950
Van Raalte Co., Inc., preferred
1.127,900
1.304.242
Miscellaneous
Total securities owned
Securities carried for joint account
Syndicate participations
Grand total
$233.163,7038187.707.398
2,499,002
1.853,067
3,335,184
3,754,969
5239,417,6745192,895,650
x Value on basis stated in President's report.
-The difference between the above book value of $239317,674
Note.
and the above market value of $192,895,649 amounts to $46,522,024. and
[VoL. 131.
constitutes the interim reserve shown on the balance sheet.
-V. 130. p.
40 0, 3887.
United States Steel Corporation.
(Quarterly Report
-Three Months Ended June 30 1930.)
RESULTS FOR QUARTERS ENDED JUNE 30.
1930.
1929.
1927.
1928.
Unfilled orders (V. 130.
P • 197) June 30
-tons. 3.968,064
4,256.910 3,637,009 3,053.246
Net earnings (see note)_ -$47.061,304 $73,861,426 $48,874,818 548,055,636
Deduct
Charles & allowances for
deplet. & deprec. and
obsolescence
15,921,493 15.919.386 13.614.451 12,491,898
Net income
$31.139,811 $57.942,040 $35,260,367 $35,563.737
Sinking fund on U. S.
Steel Corp. bonds_
2,866.650
2,889.634
Int. on U.8. Steel bonds
12,541
2,250.232 4,045,422 4.185,994
Int. on bonds of subs_
2,015.175
1,397,189
1.941.832
1,865,965
Prem,on bonds redeem.
358,082
514,721
• Balance
$29,730,081 $53.825,843 $25,868,758 $26,137,836
Spec. inc. receipts (quer.
apport. of net Int. on
Ired'i tax refunds)
2,396,636
Total
$32.126,717 $53.825,843 $25.868.758 $26,137,836
Div.on pf. stk.
(1(%)-- 6.304,919 6,304,919 6,304,919 6.304,919
Div. on common stock.... 14,981.533 14,053.032 12,453,411 12,453,411
Rate (%)
(1%)
(1k)
(14)
(1%)
Surplus for quarter___$10,840,265 $33367,892 $7310.428 $7,379,506
Simi. com.out.(par $100) 8,560,876 7,116,235 7,116,235 7.116,235
Earnings per share
$3.02
52.78
$2.75
$6.68
Note.
-The total earnings, as shown above, are stated after deducting
all expenses incident to operations, including those for ordinary repairs
and maintenance of plants and taxes (incl. reserve for Federal income taxes).
NET EARNS. FROM OPERATIONS FOR HALF
-YEAR END. JUNE 30.
1930.
1927.
1929.
1928.
January
$15,404,359 $19,384,243 612,550,979 $14,188.189
February
16,107,410 19,704,866 14.230,930 15,618,597
March
18303.628 22,889,876 16,102.147 17,803,559
Total (1st quarter).-449.615.397
April
16,113.583
May
16,570,790
June
14,376,931
$61,978,985
22,983,772
26,226,655
24,650.999
$42,884,056 $47,610,345
14,575.872 16.124,761
17,294,232 16.238,178
17.004,714 15,692,696
Total (2d quarter)....-$47.061.304 $73,861.426 $48,874,818 $48,055,635
Total half
-year
596,676,701$135,840,411 591,758,874 585,665,980
INCOME ACCOUNT FOR 6 MONTHS ENDED JUNE 30.
1930.
1927.
1928.
1929.
Total earnings half year_$96,676.701 5135840,411 $91,758,874 $95,665,980
Deduct
Charges & allowances for
deplet. & deprec. and
obsolescence
30.735,022 30,636,214 25,817,417 24,350,442
Not income
$65,941,679 5105204,197 565,941,457 571,315,538
Sinking fund U. S. Steel
Corp. bonds
5.668,493
5,713,561
Int. on U. S. Steel bonds
8.143,270 8,424.888
26,810
5,453,338
Int. on bonds of subs-.... 2,803,617
3,739,569 3,891.856 4,040,795
Prem. on bonds red
716,164
992,141
Balance
563.111.252 $96,011,290 $447,200,629 552365.198
Spec. inc. receiv. (rep.
apport. of net hit. on
Feci'l tax refunds)._ - 4,793,272
Total
567,904,524 596.011,290 $447,200,629 552.465,198
Dividend on Stocks
Preferred (36i %)
12,609,838 12,609,838 12,609,838 12,609,838
Common (3J.%)
29,963,066 26,506.443 24,906,822 24,906,822
Balance, surplus
525,331.620 556,895,009 $9,683,969 $14,948.538
Shares of common outstanding (par $100)
8,560,876 7,116.235 7,116,235 7.116.235
Earns, per sh. on coin_ _
$11.72
$4.86
$5.69
$6.46
-V. 131, p. 645, 288.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-A decision ordering sweeping and general
Crain Freight Rates Reduced.
reductions in railroad rates on Western grain and grain products was
issued July 25 by the L-S. C. Commission and was worded with particular
care to avoid a clash with recent Supreme Court rulings as to agricultural
rate reductions -N. Y. "Sun," July 26, p. 4.
-Class I railroads on July 14 had 471,951 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This was
an increase of 6.679 cars compared with July 8. at which time there were
465,272 cars. Surplus coal cars on July 14 totaled 172,440 an increase
of 3.433 within approximately a week while surplus box cars totaled 243,982
cars, an increase of 3,381 cars for the same period. Reports also showed
26.488 surplus stock cars, a decrease of 1,183 cars below the number reported on July 8, while surplus refrigerator cars totaled 14,940 an increase
of 503 cars for the same period.
49.208 New Freight Cars and 411 New Locomotives Placed in Service in First
-The railroads of the United States in the first 6 months of
Half of 1930.
1930 placed 49,208 new freight czrs in service, the car service division of the
American Railway Association announced. In the same period last year,
32.794 new freight cars were placed in service. Of the new freight cars
Installed, 26,016 were box cars, an increase of 10,820 compared with such
Installations in the first half of 1929. There were also 18,343 new coal cars
placed in service in the first half of this year compared with 11,482 installed
during the same period last year. In addition, the railroads in the first 6
months this year installed 2,963 flat cars: 1,099 refrigerator cars; 487 stock
cars, and 300 other miscellaneous cars. The railroads on July 1 this year
had 24,649 new freight cars on order compared with 39,638 cars on the same
day last year and 14,659 on the same day 2 years ago.
The railroads also placed in service in the first 6 months this year 411
now locomotives compared with 319 in the same period in 1929. New locomotives on order on July 1 this year totaled 364 compared with 386 on the
same day last year and 106.2 years ago.
Freight cars or locomotives leased or otherwise acquired are not included
In the above figures.
Matters Covered in the "Chronicle" of July 26.-(a) I.-S. C. Commission
denies petitions to alter rail plan-Announces that consolidation allocation
project will not be reopened, p. 540. (b) Northern Pacific RR. to operate
car repair shops 6 days a week instead of 5, p. 578. (c) B. & 0. shop in
Maryland reopens, p. 578.
Atlantic Coast Line RR.
-Purchase of Charleston &
South Carolina RR. Recommended.
-
The acquisition by the company of the 247-mile Charleston & Western
Carolina By. by pourchase of its capital stock and by lease was recommended to the L-S. C. Commission July 28 by Examiner W. T. Wilkinson
In a proposed report approving the Coast Line's plans.
The favorable recommendation, however, was made contingent upon the
express condition that the Charleston road be "maintained as an open
route equality available to all carriers connecting therewith."
-V. 130.
p. 3345.
AUG. 2 1930.)
FINANCIAL CHRONICLE
Baltimore Chesapeake 8c Atlantic Ry.-Final Value.
A final valuation of $3,167.309 has been placed by the I.
-S. C. Commission on the wholly owned and used properties of the company, as of
June 30 1915. The cost of reproduction new of the roads wholly owned
and used rail properties was placed by the Commission at $1,994,812, and,
less depreciation, at 51.518,574; while the cost of reproduction new of the
company's steamship lines amountod to 31,694,838, and, less depreciation,
$1.109,057, making total reproduction costs of all properties as of valuation
date $3,689.650. and, less depreciation, 32,627,631.-V. 127, p. 3238.
Baltimore & Ohio RR.
-New York Central Sells 26% of
Stock in Reading to B. & 0., Giving Latter 66%.-The New
York "Times" Aug. 1 had the following:
The New York Central RR, has put the merger plan of the Baltimore &
Ohio within a short distance of actual completion by agreeing to transfer
its holdings in the Reading Co. to the B. & 0., it was learned yesterday.
This means that the B. & 0. will acquire an entrance to New 'York over
Its own rails and in this respect become on an equality with the Van Sweringen system.
So far as could be learned, no specific time for the transfer has been set,
but the New York Central has agreed in principle to the deal, provided
that in return the B.& 0. gives it certain trackage rights. It is understood
however,that these would include trackage rights over the Buffalo Rochester
& Pittsburgh Ry., which the B.& 0.recently acquired,and also a continuation of certain trackage rights over the Reading and its controlled Central
RR. of New Jersey.
The New York Central owns 513,145,000 of Reading Co. stock. This
stock sold as high as $147 in 1929 and now is quoted around $110. At the
latter price the value of the New York Central holdings is $14.459,000.
In addition, the New York Central owns 36,840.000 of first preferred and
$15,015,000 of second pref. stock in the Reading.
The B. & 0.for several years shared control equally with the New York
Central in the Reading. The New York Central's holdings comprise
about 26% of the Reading stock outstanding. Last year, however, the
B.& 0.increased its holdings to 35%,and since then has brought the total
to about 40%. With the New York Central's holdings, therefore, it would
have 66% control in the Reading.
At different times in the past the New York Central discussed proposals
to sell its Reading stock to the B.& 0. After the I. C. Commission in its
-S.
consolidation plan announced in December allocated the Reading-jersey
Central to the 13. & O.,these discussions were resumed. At one time the disposal of the Reading holdings to the B. & 0. were conditioned on a fourtrunk merger in the East. Apparently the New York Central and B.& 0,
have found the five-trunk plan of the Commission no impediment to the
transfer.
It was emphasized that the agreement between the New York Central
and B. St 0. was one of principle. Determination of exact terms awaits
further discussion. However, in its merger plan, the B. & 0. is acting
on the assumption that it will acquire the New York Central's holdings in
the Reading whenever the time is appropriate.
The Reading deal will be subject to the approval of the Commission,
but, as the Commission has allocated the Reading-Jersey Central to the
B.& 0.,few difficulties are expected in Washington.
To Acquire Chicago & Alton.
George M.Shriver, Senior Vice-President. is quoted as follows; "Negotiations for acquisition of the Chicago & Alton Rlt, by the B. & O. are being
carried on but no definite conclusions have been reached as yet."
The Baltimore & Ohio has indicated previously its desire to acquire the
Alton, allocated to it under the I.
-S. C. Commission plan of railroad consolidation.The acquisition of the Alton would give the B. & 0. a bridge
line between the two traffic centres of Chicago and St. Louis, would tie
in the Western termini of the B. & 0, lines and would give the B. & 0. a
line to Kansas City.
Interests closely identified with the Chicago & Alton 3S4% bonds also
stated that negotiations have not as yet been concluded.
-V. 131. p. 624.
110.
Boston Terminal Co.
-Bonds.
The I.
-S. C. Commission July 24 authorized the company to issue not
exceeding 31,163,000 1st mtge. 4% gold bonds, to be sold at not less than
99.09 and int, and the proceeds used for additions and betterments and
to reimburse the company for expenditures heretofore made for such purposes.
-V. 130, p. 4412.
781
Consolidated General Balance Sheet (Condensed).
Excluding stocks and bonds owned by Chesapeake & Ohio Ry. Co. of
Indiana and Chesapeake & Ohio Equipment Corp.]
Apr. 30 '30. Dec. 31'29.
Ayr. 30 '30. Dec. 3129.
Assets$
Capital stock___148,631,192 148,631.392
Cost of road &
equipment_ _414,343,674 397,522,376 Funded debt_ _ _211,088,400 207.390.400
Equip. tr. obits. 34,940,000 36,222,000
Securities MM.
Audited vouchers
cos., pledged:
Stock
and payrolls__ 6,761,588 10,209,199
19,159,256 33,966,256
Bonds
8,037,502 8,037,502 Matured int. &
992,072 4,272,109
dies. unpaid_
Miscell.invests.:
Physical prop. 1,088,943 1,077,378 Sundry other ac1,493,399 1,091,545
counts
Special funds &
TJnmatured int.
funded debt
issued & res. 7,406,770 6,793.178 and rents_ _ _ _ 1,906,739 2,460,633
7,527,673 5,956,661
Cash In tress_ 5,980,002 7,472,354 Taxes accrued
Accrued deprec.,
Cash deposits
equipment_ _ _ 40,560,461 39,560,579
to pay int.
and dIvs___ 1,255,803 4,272,109 Accrued depree.,
493,023
525,377
road
Loans and bills
527,039 Sundry accounts 3,818,526 4.616.240
37,792
receivable__
Various other
Appropr.surplus 27,136,289 27,121,776
accts. reedy__ 6,284,787 8.227,866 Profit and loss,
120,383,910 115,110,742
Materials & supp 5,186,454 3,740,337
balance
Secur. in treas.Unpledged:
63.272,625 63,041,848
Stocks
Bonds ar notes 56,992,949 56,006,049
Deferred assets_ 16,719,670 12,452,009
Tota (ea M(10605,766,228 603,136,301
-V. 131, p. 472.
-May Go on Dividend
Detroit Toledo & Ironton RR.
-The PhilaBasis-Pays Back Interest on Adjustment Bonds.
delphia "Financial Journal" of July 24 says in part:
The item of "bond interest for prior years, less Federal income tax"
amounting to 33,566,184, which was included in the profit and loss account
of Pennroad Corp. (see V. 131, p. 625) for the period from incorporation
(April 24 1929) to June 30 1930. represents payment of back interest on
the adjustment bonds of the Detroit Toledo & Ironton RR. which were
among the securities of the Detroit roads acquirekby the Pennroad Corp.
from the Ford interests. Because this income is non-recurring it was
credited direct to profit and loss acount instead of being included in the
income account. Interest on these bonds has now been paid to date and
the way cleared for inauguration of dividends on stocks of D. T. & I. also
held by Pennroad which are expected to take the place, in part, of the back
interest which was received in the past 12 months.
There are $7,577,881 of the adjustment bonds outstanding of 'which the
Pennroad Corp. is credited with holding $7,571,000 or nearly the entire
issue. The bonds were called for payment on April 1 1925, in connection
with a consolidation plan understood to have been under consideration,
but they have never been paid off. No interest on the bonds had been
paid for several years prior to the time when they were called for redemption
and no interest was paid after the date of call for redemption until the
latter part of 1929 when the company paid the current interest due on the
bonds and part of the back interest, and in the first half of this year when
the company also paid current interest and the balance of the back interest
so that the bonds are now paid to date. Interest on the adjustment bonds
is cumulative so that no dividends could be paid on the stock until interest
had been paid on the bonds, so that the cleaning up of all back interest
and payment of current interest opens the way for dividends on the company's capital stock of which 59,899 shares of pref. and 65,000 shares of
common stock are outstanding. The Pennroad Corp. is reported to hold
59,491 shares of pref. and 64,588 shares of common. Interest on the
adjustment bonds which was due and paid in the 12 months ended June
30 1930, was included by the Pennroad Corp. in its income account.
It is understood that no time has been set for inauguration of dividends
which may be governed by the trend of railroad business, although earnings
of the D. T. & I. have been holding up well this year following a good
year in 1929. There is also a better outlook for the automobile business in
the second half of the year. The preferred stock has preference as to 4%
non-cumulative dividends and after an additional 4% has been paid in
any one year on the common stock, participates therewith in any further
dividend distributions up to 6%.-V. 130, p. 3346.
Buffalo Rochester & Pittsburgh Ry.-Omits Common
-Listing.
Michigan Central RR.
Dividend.
-The directors on July 31 voted to omit the semiThe New York Stock Exchange has authorized the listing of $7,634,000
annual dividend of $2 per share on the common stock due ref. and improv. mtge. 4)4% gold bonds, series C. dated Jan. 11929. due
at this time. The road had paid common dividends at this Jan. 1 1979.-V. 131, P. 110.
rate from 1919 to and incl. Feb. 15 1930. The regular
Minneapolis St. Paul & Sault Ste. Marie Ry.-Bonds
semi-annual dividend of $3 per share on the pref. stock Offered.
-Dillon, Read & Co.; the National City Co.; Lane,
was declared payable Aug. 15 to holders of record Aug. 11,
Jaffrey, Inc.; First Securities Corp. and Bane'.
The Baltimore & Ohio RR. obtained 84.82% of the outstanding stock Piper &
offering at 99 and int. $i,106,000 1st
in the road from the Alleghany Corp. Following a ruling by the I.
-S. 0, Northwest Co. are
Commission the B. & 0. on April 5 made an offer for all minority
mtge. 53'% bonds, series B (non-callable prior to
and preferred stock at 3100 per share. There are 105 000 shares ofcommon ref.
I'. common stock outstanding and 60 000 shares of preferred stock. B. R. & July 1 1958). Interest guaranteed by endorsement by
-V.131.
P. 472.
Canadian Pacific Ry.
Dated July 1 1929: due July 1 1978. Series B bonds outstanding, incl.
Canadian National Railway.
-Listing.those presently to be issued, $12,106,000. Prin. and int, payable in U. S.
The New York Stock Exchange has authorized the listing of $1
8.000.000
40
-year 5% guaranteed gold bonds, due Feb. 1 1970. Guaranteed by
the
Government of the Dominion of Canada.
-V. 131. p. 624.110.
Centralia Terminal RR.
-Proposed Construction
Denied.
The I.
-S. C. Commission July 14 denied the company's
application for
authority to construct a line of railroad approximately 2.2 miles in
length,
the acquisition of a line approximately 1 mile in length
owned
dustry, and the operation of both, all in Lewis County, Wash. by an inOperation
under trackage rights was contemplated over 5.8 miles of line of the
Chicago,
Milwaukee, St. Paul & Palate RR., as well as over
approximately 1 mile
of new line now being constructed by that company.
Chicago & Eastern Illinois Ry.-New Trustee.
-
The Guaranty Trust Co. of New York has been appointed trustee
of an
Issue of prior lien mtge. bonds dated May 1 1921,succeeding the
Equitable
-V. 130, p. 2764.
Trust Co. of New York.
Chesapeake & Ohio Ry.-Listing.--
The New York Stock Exchange has authorized the listing
shares of common stock (325 par), on official notice of issuanceof 7,654,568
in
for present outstanding shares of its common stock ($100 par). exchange
thority to add 6,566 shares of common stock on official notice ofwith auissuance
upon conversion of 13yi % cum. cony. pref. stock, series "A,
making the
total amount applied for 7,654,568 shares.
Income Account 4 Months Ended April 30 1930.
Operating revenues
$39,007,688
Operating expenses
26.568,709
Taxes
2,800,000
Uncollectible railway revenues
1,574
Railway operating income
$9,637,406
Rent from use of joint tracks, yards and terminal facilities
20,489
Hire of equipment
-Credit balance
963,321
Rent for use of joint tracks, yards and terminal facilities
Dr.431.103
Net income from transportation operations
Income from investments and sources other than transportation310,190,112
operations
1.896,263
Total income
$12.086.375
Interest on funded debt
2,991,198
Miscellaneous rents
34,596
Miscellaneous charges
55.185
Net income from all sources
$9,005,396
Appropriation of income
14.820
Surplus carried to profit and loss
38,990.576
Percentage earned on common stock
$6.06
gold coin at the office or agency of the company in N. Y. City. Interest
payable J. & J. Denom. 31.000 and $500. registerable as to principal;
fully-registered bonds in denom. of $50,000. $10.000, $5,000 and $1,000.
Coupon bonds in principal amount of 31,000 and fully-registered bonds
interchangeable. Red., all or part by lot, on July 1 1958 or any int. date
thereafter at following prices plus int.: To and incl. Jan. 1 1962 at 105%;
thereafter to and incl. Jan. 1 1966 at 104%; thereafter to and incl. Jan. 1
1970 at 103%; thereafter to and incl. Jan. 1 1974 at 102%,and thereafter
prior to maturity at 101%. Guaranty Trust Co. of NewYork, trustee.
-Company has agreed to make application to list these bonds
Listing.
on the New York Stock Exchange.
Data from Letter of C. T. Jaffrey, President of Company.
-Is controlled by Canadian Pacific By. through
Company ("Soo Line").
ownership a a majority of the capital stock, and gives the latter company
its chief entrance into the United States. The "Boo Line" connects the
Canadian Pacific system with the cities of Minneapolis and St. Paul,
and over the lines of Wisconsin Central Ry.affords entrance for that system
into Chicago. Lines owned and operated by "Soo"aggregate approximately
3,260 miles, exclusive of the lines of Wisconisn Central By,. which company
it controls and the properties of which it operates under lease extending
99 years from 1909. Including the lines of the latter company, the "Soo"
system comprises a total of approximately 4,430 miles of owned and (or)
operated lines.
-Secured by a direct mortgage lien on all of the company's
Security.
railways and appurtenant property and on all property hereafter acquired
with proceeds of bonds issued under the first refunding mortgage, subject
as to all of such property to the lien of $74,647,000 of prior bonded Indebtedness and as to property hereafter acquired also to liens, if any.
existing at the time of acquisition. In addition to the $12,106,000 series 13
bonds to be outstanding under the first refunding mortgage. upon coat
pied= of this financing, there are outstanding under such mortgage
314,775,000 6% series A bonds, of which $12,500,000 are pledged as
-year 6Si% coll, trust gold bonds of the company.
security for $10,000,000 10
due Sept. 1 1931.
Prior bonded inclebtedness on property now subject to the first refunding
mortgage is limited to the present amount of $74,647,000 by the provisions
of the mortgage. Bonds are reserved under the mortgage for the retirement of such indebtedness, of which $71,147,000 will mature in 1938.
After the payment of such indebtedness due in 1938, the only bonded indebtedness having a prior lien on property now subject to the first refunding
zn l9e
ies th
4
5m000.rt004
4
9
fssue of bonds in series, with
:d 3
mortgagrst rll b $ mortgage authorizes
The fie wiefu M
interest and maturity fixed for each series at the time of issue. The
total authorized amount is limited so that the amount at any one time
outstanding, together with all outstanding prior mortgage obligatiorus of
the company, as defined in the mortgage, shall never exceed three times
the outstanding capital stock of the company.
-Those bonds are issued to reimburse the treasury of the comPurpose.
pany for expenditures for additions and betterments already made to its
properties.
782
FINANCIAL CHRONICLE
[VoL. 131.
Earnings for Calendar Years.
(2) Stock of the Lehigh Valley and Wabash, purchased
for invest[Minneapolis St. Paul & Sault Ste. Marie By. and Wisconsin Central Ry.] ment." has not been used by voting or otherwise to bring"solelyor attempt
about
1926.
1928.
1927.
1929.
to bring about a substantial lessening of competition.
Railway oper. revenues_$46,856,739 $49.157,009 $50,291,654 $48,653,651
(3) The I.
-S. C. Commission's consolidation plan has no bearing upon
Railway oper. expenses.. 35.696,798 35,735,614 36.407,029 35,321,218 the controversy over
the acquisition of these stocirs.
Net available for interest
The brief points out that the Bureau of Inquiry seeks to construe the law
on funded debt
8,521,288
6.871.811
9,083,052 8,903,511 as though it prohibited a mere
possibility of the lessening of competition
Int, paid on funded debt
instead of the probability thereof, and in so doing "disregards the decisions
and leased line certifs. 6,855,952
6,979,385 6,985,366 6,978.261 of the U.S. Supreme Court."
"Laying aside, for the moment," the brief continues, "the question of
Balance to surplus_ _ _
$15,859 $1,541,903 $2,096.686 $1,925,250 just how much competition exists
at the present time between the PennsylFor the six months ended June 30 1930 railway operating revenues vania RR. and the Lehigh Valley RR. and between the Pennsylvania RR.
amounted to $18,784,133 and net earnings available for interest on funded and the Wabash By., it is submitted that the Bureau has misconstrued
debt amounted to $435,207. For the corresponding period in 1929, the Clayton Act. It has sought to read that Act as though the word
railway operating revenues and net earnings available for interest on funded 'may' read 'might.' Fortunately, the Supreme Court has construed the
debt amounted to $22,406,936 and $2,942,025, respectively.—V. 130. word 'may'as used in the statute, and has pointed out that it does not mean
a mere possibility.'
P. 3528. 2202.
Supporting the argument that there is no evidence that competition
Missouri Pacific RR.—New Officer.—
will probably be lessened as a remit of the acquisition of the stock, the brief
Herbert Fitzpatrick Vice-President and General Counsel of the Chesa- continues:
peake & Ohio RR. has asked the I.
-S. C. Commission for permission to
'The Bureau's interpretation of the Act, which would
the test
act as Vice-President in charge of law and corporate relations of the Mis- of illegality the mere possibility of lessening competition make accord
not in
souri Pacific RR.and affiliated or controlled carriers.—V. 131 p. 264. no. with the decisions of the Supreme Court: There must be is probability of
a
a substantial lessening of competition. But nowhere in this record will be
New York Central RR.—Sells Holding in Reading Co. found any evidence that any such probability exists. When Mr. Loree,
President of the Delaware & Hudson Co., was testifying on behalf of the
to B. & 0.—
Bureau of Inquiry and was explaining the conditions which, in his judgSee Baltimore & Ohio RR. above.—V. 130, p. 4409, 4231.
ment indicated the desirability of action on his part as a defensive measure
Northern Pacific Ry.—Government Files Suit at Spokane to the plans of three of the railroad companies in Eastern TerritorY, the
presiding Commissioner pressed him to refer to some 'overt act' which jusInvolving
in Land.—
tified his impression of the situation. So here the respondents may well ask
The Federal Government has filed a suit against the Northern Pacific that the Bureau point to some
which is expected to involve $50,000,000, according to press dispatches bility that competition will be specific evidence tending to show the probasubstantially
from that city. The action seeks removal of certain indemnity lands from vania RR. and the Lehigh Valley RR,and lessened between the Pennsyloperation of the Federal Land Grant Act of 1864, as modified in 1870. f
! and the Wabash By. as a result of the stockbetween the Pennsylvania RR.
p
purchases of the Pennsylvania
quit title of these lands, to secure an accounting and "for other purposes,"
Co. No such evidence will be found in the record.'
The suit was authorized by Congress on June 25 1929. The amount inThe brief also calls attention to the
a single intervener
volved is stated as in "excess of $100,000," but the value of lands con- has appeared in support of the positionfact that "notBureau in this protaken by the
cerned and taxes thereon, attorneys believe may amount to 850.000,000.— ceeding."
V. 131 .p. 625. 472.
Referring to the possibility that the Bureau may urge the suggestion
his concurring opinion
Inter-State
Northern Pacific Terminal Co.(Ore.).—Bonds Called.— of Commissioner Eastman in against the Baltimore Scin ttesin which he
Commerce Commission's case
Ohio
The City Bank Farmers Trust Co., as trustee, is announcing to holders mentioned "overt acts of suppression or restraint" during the Commission's
of 1st mtge. 6% gold bonds. duo Jan. 11933, that $95,000 of these bonds investigation, the counsel for the companies declare there is no valid reason
have been drawn for the sinking fund and will be redeemed at 110 and to justify the anticipation of a different situation in the future from that
int. on August 11 1930. Drawn bonds should be presented at the office disclosed in the past.
of the trustee, 52 Wall St., on August 11, next, after which date interest
"In the first place," the brief states, "these respondents believe that the
on such bonds will cease.—V. 131. p. 473.
ta, authority of the Commission, under Section 7 of the Clayton Act, is a
.
„
continuing authority and that a finding in the present proceeding that there
Oregon-Washington RR. ik Navigation Co.—Abandon- is no evidence of any probability that competition will be substantially
lessened as a result of the stock purchases under investigation would not
ment.—
preclude the Commission from making another investigation hereafter
The L-S. C. Commission July 12 issued a certificate authorizing the if the Commission should have ground
company to abandon a branch line of narrow gauge railroad extending from ferent from that disclosed on this recordfor believing that a situation difwas likely to develop.
the station of Megler in section 24, township 9 north, range 10 west.
"In other words, if
Commissioner's suggestion is believed to conWillamette meridian, along the north shore of the Columbia River to Ilwaco stitute a potent motivethe the part of the owner of the stock for refraining
on
Junction in section 28. township 10 north, range 11 west, Willamette from any effort to lessen or limit
competition, it would constitute a conmeridian, thence northerly along the shore of the Pacific Ocean to a point
in section 28. township 12 north. range 11 west. Willamette meridian, tinuing motive. Therefore the very conclusion reached by the Commissioner is a safeguard against any lessoning of competition.
thence easterly to Nahcotta on Shoal Water Bay in section 27. township
A construction of the Clayton Act
12 north, range 11 west, Willamette meridian, approximately 27 miles; as prohibiting a mere possibility of a which would interpret its provisions
would render
also a connecting branch line of narrow gauge railroad extending from the Act unconstitutional, the brief lessening of competitionthat such an
points out, and adds
Ilwaco Junction. on the line described above, in a southerly direction to
be avoided.
a point in or near the town of Ilwaco in section 33, township 10 north, nterpretation Is toSupreme Court laid down the so-called rule of reason,
"Ever since the
range 11 west, Willamette meridian, approximately 1.1 miles. These lines. n the Standard Oil Case," the brief
states, "it has been the consistent
known together as the Ilwaco branch, comprise 28.1 miles of main track, doctrine of that Court that the
question of infractions of the anti-trust
all in Pacific County, Wash.—V. 130. p. 4602.
laws must be dealt with in realistic rather than theoretical fashion. The
which were discontentions
to the
Pennsylvania RR.—/.
-S. C. Commission Files Suit To carded even of the Bureau revert backClayton doctrinesAct which cannot
prior to the passage of the
Act, an
properly be construed as intended to establish generally a more restrictive
Dissolve Lehigh and Wabash Deals.—
The Pennsylvania RR. and the Pennsylvania Co. were charged with policy than that provided in the Sherman Law. The country had learned
violation of the Clayton Act in a brief filed before the I.
-S. C. Commission some things between 1890 and 1914.
"Moreover, if any such construction were placed upon the law as that
July 30 by the Commission's counsel. The charge centres on the acquisi.
tion in 1927 of stock of the Lehigh Valley and Wabash railroads by the advocated by the Bureau, grave doubts of its constitutional validity would
once arise."
Pennsylvania Co. the effect of which, the brief contends, would be to atIn
support of its argument that the Lehigh Valley and Wabash stock
substantially lessen competition between each of the former companies
'
was Purchased "solely for investment" the brief cites the exceptions set
and the Pennsylvania RR.
The Commission contends that the Pennsylvania Co., which took title forth in the pertinent sections of the Clayton Act with the result that
corporations engaged in commerce, including railroads, are authorized to
to 30% of the Lehigh Valley stock and 49,1i% of the stock of the Wabash, invest
in each other's stock.
was the "agent of, and the instrumentality used by the Pennsylvania RR.,
"Furthermore," it states, "since the exception is an exception to the
for whose benefit such acquisition was made."
entire section, it authorized such purchases even where the effect of such
On May 6 1929 the Commission objected to the stock acquisition.
The Pennsylvania Co. replied at that time with a motion to dismiss acquisition may be to substantially lessen competition, &c., provided the
en the ground that the Pennsylvania Co. was not engaged in commerce stock is not used by voting or otherwise to bring about, or in attempting
to bring about such substantial lessening of competition. This interpre-S. C. Commission.
and was not subject to the jurisdiction of the I.
The Commission replies that whether or not the Pennsylvania Co. was tation does not destroy the effect of the statute, but is only a natural
engaged in commerce, it must, for the purposes of the present case, come development of the law relating to combinations in restraint or trade.
Counsel also emphasized that during the hearings an effort was made
under the Commission's jurisdiction since the Pennsylvania Co. could not
to restrict the significance of the word "investment" to only one of its
be separated from the Pennsylvania RR.
"The fiction of distinct corporate entity," the Commission's brief said, meanings,viz.. purchase ofsecurities for the sake of a current income return.
"is disregarded when necessary to do so in order to circumvent fraud and Such interpretation, they argue, is "untenable," adding:
"It was doubtless well understood at the time of the passage of the
also when a corporation is so organized and controlled and Its affairs so
conducted as merely to make it an instrumentality or adjunct for another Clayton Act that railroad companies were accustomed to invest their surplus earnings in stock of other railroad companies, and that very frequently
corporation."
The Pennsylvania Co., the Commission said, was organized to take over such investments took the form of purchases of stock of companies affiliated
and manage the interests of the Pennsylvania RR. west of Pittsburgh and from in interest with the purchasing company and constituting, either
an operating standpoint or otherwise, a member of the family of
all its obligations were guaranteed by the Pennsylvania RR.
"That the Pennsylvanio Co. is in practical effect and operation merely corporations making up the system of the purchasing company. The
Commission's own forma of annual reports recognize these classes of investa department or agency of the Pennsylvania RR, is so clear from the evi- ment13
and have done so for years; and that such purchases are investments
dence that it seems hardly necesaaryto make an extended argument on
this proposition," the brief continued. "Its entire capital stock is owned is also recognized by the Commission's classification of accounts."
Court decisions, dictionary definitions and experts' testimony are cited
by the railroad company, it is managed by those who are directors of the
railroad company, all but one of its directors are directors of the railroad in behalf of the companies legal interpretation of "investment." The
the Clayton Act
company it was formed, maintained and continued to serve the interests brief also points out thatthe Commission'sis a penal statute and the interpretation given to it by
Bureau "offends the rules govof the railroad company; . . . as stated by one who is an official of erning
the construction of such statutes." The brief then continues:
both companies, one is the parent, the other the child."
From every angle, dictionaries, court decisions, usage in the CommisWhen the Pennsylvania Co. desired to sell securities to pay for the first
purchase of the Wabash and Lehigh Valley stock, the brief said, it applied sion itself, debates in Congress, current understanding of the word among
persons who are accustomed to use it with precision and accuracy, the
to the Pennsylvania RR. to buy such securities.
Contending that there existed between the Pennsylvania and the Wabash word 'investment' is not limited to the purchase of securities for a current
and between the Pennsylvania and the Lehigh Valley "active, keen and income return, but includes also the purchase of securities for a poesible
profit."
substantial competition, the Commission said;
Opposing further the limited definition urged by the Bureau, the brief
"That there is substantial competition is clear. The statistics compiled by the officials of the Lehigh Valley from an examination of the way- states: through the Clayton Act
the purpose stands out clearly to deal with
bills covering 73,005 car loads of freight handled by it during the month of
April, 1929, a representative month, show that 31,283 cars, or 59% of the the subject realistically and not theoretically—to prevent only such combinations as will probably lessen competition substantially. Accordingly,
traffic other than coal and coke, and 4.346 cars, or 22% of coal and coke an
traffic, were competitive with the Pennsylvania RR., a total competitive inginterpretation which does not foreshadow a probable substantial lessenof competition is in no way In conflict with the purpose or spirit of the
of 35,629 cars, or 49%.
"The statistics for the Wabash system for the months of Oct. 1928 and Clayton Act, and cannot be said to destroy the effect of the section as a
April 1929 showed that of 174,472 cars handled, including coal, 114,326 wholt lor to the
")
Pr
passage of the Clayton Act, it had come to be the doctrine
cars,or 65.53%. were competitive with the Pennsylvania system."
of the Supreme Court of the United States that combinations of corpora.tions engaged in inter-State commerce were not unlawful unless they were
Pennsylvania RR. Files Briefs with Commission.—
Pennsylvania RR, and the Pennsylvania Co. Aug. 1 filed their brief formed either with the intent or with the effect of substantially restraining
with the I.
-S. C. Commission in proceedings instituted by the Commission inter-State commerce. In other words, one of two things was necessary
to determine the legality of the purchase of Lehigh Valley and Wabash to create the illegality, intent or effect, and it was customary in the trial
of cases arising under the Anti
stock by the Pennsylvania Co. in 1928.
-Trust Law to investigate fully the history
The brief filed in behalf of the two companies reviews extensively testi- of the combination for the purpose of ascertaining with what intent it had
mony given by General W. W. Atterbuty, President of the Pennsylvania been created, and with what effect it had operated."
In arguing that the Commission's consolidation plan has no bearing upon
RR.,and other witnesses at hearings conducted before Commissioner Meyer
the present controversy, it is stated:
in Washington May 21, 22 and 23 of this year.
The case hinges on the purchase of 312,900 shares of pref. A stock and
"The Clayton Act was passed in 1914, whereas it was not until 1920 that
362,900 shares of common stock of Wabash Ry. and acquisition of 365.039 the Commission was given authority to formulate a plan for the consolidashares of common stock of the Lehigh Valley RR. It is alleged that the tion of the railroads of the country into a limited number of systems;
effect of these purchases "may be to substantially lessen competition" be- and the Clayton Act specifically defines the standards which are to govern
the Inter-State Commerce Commission in its enforcement of the provisions
tween the Pennsylvania RR, and the Wabash and the Lehigh Valley.
The brief re-emphasises the testimony of General Atterbury and other of that Act. These standards do not include—as indeed they could not—
witnesses that the stock purchases were made "solely for investment," anything having relation to the Commission's plan for the consolidation of
a purpose specifically authorized under the Clayton Act. In support of the railroads.
this explanation the following points among others are developed:
"Congress has not undertaken to put Compulsion back of the plan
(1) The evidence fails to support the contention of the Commission's which it directed the Commission to formulate. It is respectfully subBureau of Inquiry that the purchase of Lehigh Valley and Wabash stock mitted that the Commission is not Justified, on its part, in endeavoring
by the Pennsylvania Co. may substantially lessen competition between by indirection to apply compulsion where Congress has declined to authorize such action.'
the Pennsylvania RR. and these competing lines.
$50,000,000
FINANCIAL CHRONICLE
AUG. 2 1930.]
Listing.
The New York Stock Exchange has authorized the listing of $60,000,000
4r.,ecr 414% gold debenture bonds, due April 1 1970.
The Exchange has also authorized the listing of 360.000 additional
shares (par $50) capital stock, on official notice of issuance and payment
in full pursuant to plan and offer to officers and employees, making the
-V. 131, P. 110, 625.
total amount applied for 13,380,200 shares.
-B. & 0. To Acquire Control.
Reading Co.
See Baltimore & Ohio RR. above.
Bonds.
The 1.-S. C. Commission July 26 authorized the company to issue $15.000,000 gen. & ref. mtge. 4 ki % gold bonds, series B. to be sold at not less
than 97% and int., and the proceeds used to reimburse the treasury in
-V. 131. p. 625. 267.
part for capital expenditures made therefrom.
St. Louis Southwestern Ry.-Southern Pacific Acquis.-V. 131. p. 621. 626.
See Southern I'acific Co. below.
Seaboard Air Line Ry.-Readjustment.Upon further consideration,on supplemental application,the 1.-S. C.Commission has granted authority to use not exceeding $3,247,000 of the proceeds from the sale of common stock for retirement and cancellation of
equipment trust obligations and (or) the reimbursement of the company's
treasury for expenditures made in the retirement and cancellation of such
obllgations.-V. 131. p. 111.
-Asks Authority To Acquire
Southern Pacific Co.
-Says Proposals Conforms to Attitude of Congress.
"Cotton Belt"
The company on July 25 filed formal application with the 1.-S. C. Commission for authority to acquire control of the St. Louis Southwestern Ry.
by purchase of capital stock, and simultaneously with its application moved
to amend the Commission's plan of railroad consolidation so as to allocate
the "Cotton Belt" to System No, 16. Southern Pacific, in lieu of System
No. 10, Illinois Central, to which it is now assigned.
It is proposed to purchase 59.380 shares of pref. stock and 24.700 shares
ofcommon stock of the Cotton Belt from the present owners for $7,887,489,
payable on delivery of the stock certificates, with interest at the rate of
4%% per annum from July 15 1930 to the date of payment.
The Southern Pacific, said the application, now owns 87,200 shares of
preferred and 42,600 shares of Cotton Belt common stock. Both classes
of stock have full and equal voting rights.
The applicant railroad termed its proposal "a step toward a natural and
logical unification of railroad lines of the United States in the public interest
and in accord with the principles enunciated by Congress. We believe,"
says the application, "this application presents a proposal that is about as
closely In harmony with and as free from violation of recognized sound
principles as may be found."
It was pointed out that through routes, composed of the two systems,
have been long and continuously maintained through the points of connection in competition with other carriers serving extensive territories reached
by the southern and southwestern lines of the S. P. and the Cotton Belt
systems. "It has been the practice of the St. Louis company," said the
application,"to actively and preferentially solicit, via these through routes,
freight traffic to or from points reached by the Southern Pacific Lines."
The S. P.,it was said, has reciprocated.
"It is in the public interest that these routes and channels of trade and
commerce not only be kept open and preserved, but that they be made as
fully available and useful to the public as possible."
It was further contended that "in the territory affected the competition
afforded by other carriers having through lines is such that there can be
no allocation of the St. Louis Southwestern to any system other than the
Southern Pacific that will not appreciably retard or destroy competition."
-V. 131. p. 626, 111.
-Earnings.
Toledo Peoria & Western RR.
Calendar YearsOperating revenues
Operating expenses
Taxes and rents
Net railway operating income
Other income
Gross income
Interest on funded debt
Other interest
Other deductions
Net income
-V. 131, P. 626.
1929.
1928.
$2,273.630 $2,179,189 $1.4g6,619
7
1.691,104
1,643.700
1.530,263
222.832
226,741
145,023
$359,695
$308.748
$90,734
15,561
9,965
10.649
$375.256
$318.713
$101,383
60,000
60,000
60,000
32,234
13,082
4,829
1,730
3,048
4,057
$281,293
$242,582
$32,498
United Rys. of the Havana & Regla Warehouses......
Security Holders To Vote on Plan of Reorganization.
By an order dated June 30, the Court has directed separate meetings of
the holders of the 5% irredeemable debenture stock (1906). including
holders of scrip exchangeable into such stock,4% debentures and debenture
stock, 43% redeemable debentures, 43'4% Cuban Central debentures,
5)' Vo, Cuban Central debenture stock and 414% Western debenture stock
for the purpose of considering a scheme of arrangement proposed to be
made between the company and the holders of the above-named securities.
Under the scheme: (1) the net profits (other than the dividends on the
shares of American & Foreign Power Co. comprised in the security for the
4% Uniteds) available In cash in respect of the years ending June 30 1930
to 1932. inclusive, after payment of all administration expenses and making
such provision as may be necessary for depreciation. &c., shall be divided
from time to time as follows: (I) as to 70% in or towards the payment in
cash of the amount for the time being remaining unpaid in respect of:
(a) The installments of interest payable on July 1 1930, and thereafter
for each half-yearly period up to and including that ending on July 11932,
on the 5% Uniteds together with interest at 5% per annum on each such
Installment or so much thereof as for the time being may not have been
paid calculated from the original date of maturity of such installment until
payment and subject thereto in respect of (b) the installments of
payable upon the 434% Uniteds on July 1 1930, and thereafter In interest
respect
of each half-yearly period up to and including that ending July 1 1932,
together with interest at 5% per annum on each such installment or so
much thereof as for the time 1:telng may not have been paid calculated from
the original date of maturity of such installment until payment.
Any surplus from time to time under (I) after payment of all outstanding
interest on the 5% Uniteds and the 414% Uniteds and all interest payable
thereon under (I) shall be added as to two-thirds thereof to the amount
applicable under (II) and as to one-third thereof to the amount applicable
under (III).
(II) As to 20% in or towards the payment In cash of the amount for
the time being remaining unpaid in respect of(a) the installments
of interest
payable on August 11930, and thereafter for each half-yearly period
up to
and including that ending on August 1 1932, on the 434% Cubans together
with interest at 5% per annum on each such installment or so much thereof
as for the time being may not have been paid calculated from the original
date of maturity of such installment until payment and subject thereto in
respect of (b) the installments of interest payable upon the 534% Cubans
on July 1 1930, and thereafter in respect of each half-yearly period up to and
including that ending July 11932, together with interest at 5% per annum
on each such installment or so much thereof as for the time being
may
not have been paid calculated from the original date of maturity of such
Installment until payment.
Any surplus from time to time under (II) after payment of all outstanding
Interest on the 434% Cubans and the 51.4% Cubans and all interest payable
thereon under (II) shall be added to the amount applicable under (1); and
(III) As to 10% in or towards the payment in cash of the amount
for
the,time being remaining unpaid In respect of the installments
of interest
parable on Oct. 11930,and thereafter for each half-yearly period up to and
ending on Oct. 11932. on the 45,i% Westerns together with
including that
interest at 5% per annum on each such installment or so much thereof
as for the time being may not have been paid calculated from the original
date of maturity of such installment until payment. Any surplus from time
to time under (III) after payment of all outstanding interest on the 4;4
Westerns and all Interest payable thereon under (III) shall be added %
to
the amount applicable under (1); and
(2) The dividends (including the dividend received by the company in
April 1930) payable upon the shares of American & Foreign Power Co.
held by the trustees for the 4% Uniteds on or before July 1 1932, less
expenses, shall be applied on Jan. 1 and July 1 in each year (commencing
783
on July 1 1930) in or towards the payment in cash of the amount for the
time being remaining unpaid in respect of the installments of Interest
-yearly period up to and
payable on July 1 1930, and thereafter for each half
including that ending on July 1 1932, on the 4% Uniteds together with
interest at 5% per annum on each such Installment or so much thereof
as for the time being may not have been paid calculated from the original
date of maturity of such installment until payment. Any surplus from
time to time under (b) after payment of all outstanding interest on the
4% Uniteds and all interest payable thereon under (b) shall be added to
the amount applicable under (I).
The company shall as soon as possible after the accounts for the year
ended June 30 1932, shall have been audited and on a date to be fixed by
the directors issue to the holders on that date of the respective securities
affected by the scheme registered unsecured interest certificates of LI or
multiples of tl of an aggregate nominal amount equivalent to the total
amount (ignoring fractions of £1) of: (A) so much of the installments of
interest on such respective securities mentioned in 1 above as shall for the
time being remain unpaid; (B) the interest payable (so far as not in fact
paid) on such installments under 1 above up to such respective dates; and
(C) interest at 5% per annum on so much of such installments as for the
time being may not have been paid from such last-mentioned respective
dates up to the date of issue a such interest certificates. The interest
certificates shall all rank part passu and shall carry interest at 5% Per
annum (payable on June 30 and Dec. 31) and calculated from the date
of issue. The not profits available In cash in respect of every financial
year ending June 30 after June 30 1932. whilst any of the interest certificates
are outstanding which, but for this scheme, would have been available for
distribution by way of dividend on shares of the company after setting aside
such reserves and carrying forward such sums as the directors may think
fit shall be applied in or towards redemption of the interest certificates by
purchase in the market at any price below par (exclusive of accrued interest
thereon) or by payment at par with accrued interest thereon on or before
June 30 succeeding the end of such financial year of such part of the interest
certificates as may be determined by drawings to be held by the directors.
which drawings shall be effected upon such equitable basis as the directors
shall think fit. The company shall be at liberty to redeem at par with
accrued interest all or any part of the interest certificates for the time
being outstanding at any time upon giving not less than one calendar
month's notice provided that in case it is intended to redeem a part only
of the outstanding certificates such certificates shall be selected by drawings
as aforesaid.
A cumulative sinking fund shall be established for the redemption of the
5% Uniteds to the credit of which payment shall be made of a sum during
the year ending June 30 1933. and during each subsequent year ending
June 30 calculated at 34% on the total nominal amount of the 5% Uniteds
which have or shall at any time have been issued notwithstanding that
the whole amount thereof shall not at the date of such respective payments
be still outstanding together with an amount equivalent to one year's interest calculated without deduction of tax at 5% per annum upon the
nominal amount of so much of the 5% Uniteds as shall have been redeemed
payments.
or purchased in the market at the date of such respectivesuch sinking fund
The amount from time to time carried to the credit of
applied in or towards redemption of the 5% Uniteds by purchase
shall be
in the market at any price below par (exclusive of accrued interest) or by
payment at par with accrued interest of such part of the 5% Uniteds as
may be determined by drawings, which drawings shall be effected upon
All stock so
such equitable basis as the trustees shall approve.no stock shall redeemed
be issued
or purchased in the market shall be cancelicd and
or any part thereof. No further amount in
in substitution for the same
respect of the service and redemption fund shall be payable in accordance
with Condition 5 endorsed upon the 434% Uniteds until Dec. 1 1932(except
as provided by the scheme in respect of interest).
The sinking fund provisions contained in the trust deed dated July 1
Clause 1
1899, constituting and securing the 434% Cubans as extended byoperative
not be
of the supplemental trust deed dated Feb. 3 1921, shall of the three years
the year ending August 1 1933. During each
until during
to
ending August 1 1937, 1938 and 1939, the amount of the sinking fund to be
be
provided by the company for the redemption of the 434% Cubans is
sum (if any) as may be requisite to enable one-third of
Increased by such a
August 1 1936,
the nominal amount of the 434% Cubans outstanding onyears 1937. 1938
to be redeemed on or before August 1 in each of the three
suppleof
and 1939. The sinking fund provisions contained in Clause 2thethe
trust deed
to
mental trust deed dated Feb. 3 1921, being supplemental Cubans shall not
constituting and securing the 534%
dated June 20 1911,
sinking fund
be operative until during the year ending July 1 1933. The
provisions contained in Clause 2 of the supplemental trust deed dated
supplemental to the trust deed dated March 30 1901,
Feb. 3 1921. being
operative until
constituting and securing the 436% Westerns shall not be
anything to the
during the year ending Oct. 1 1933. NotwithstandingUniteds, and the
the 5%
contrary contained in the trust deed securing
company shall
conditions endorsed upon the 434% Uniteds respectively the
property (other
be authorized and empowered to mortgage or charge its
priority to the 5%
than the specifically mortgaged property) and assets in
or charge
Uniteds and 434% Uniteds provided that any such mortgage made by
advances to be
shall be created for securing the repayment of business and provided also
bankers and (or) others in the ordinary course ofshall not at any one time
that the amount of such advances so secured existence exceed £250.000
whilst the stockholders' committee shall be in
resolution
without the previous consent of such committee evidenced by a
-V. 130, p. 4414.
thereof.
PUBLIC UTILITIES.
-American Telephone & Telegraph Co. announces
Will Cut Phone Calls.
North and South
reduction of $6 will be made on telephone calls between
Aug. 1.-N. N . "Times," July 29, p. 31.
America
-A
Night and Week-End Letter Cable Rates.
Western Union Reduces
cable rates to
reduction of % cent a word in night and week-end letter
effective Aug. 1 has been made by Western Union Telegraph
Switzerland
York to
Co. This reduces cost of sending a cable night letter from New 20 word
$1.70 for
rate will
$1.110 for 20 words and week-end letter additional be
worod.-"Wall Street
for each
minimitm and 834 cents a word
Journal." July 28. p. 16.
-Gas Utility sales drop
Matters Covered in the "Chronicle" of July 26.
in A.ay, p. 545.
-Consolidation.Allentown-Bethlehem Gas Co.
:the directOrs of Hai
An
- agreement of merger and consolidation betweenGas Co. was ratified
company, the East Penn Gas Co. and the Highland
the former company at a special meeting held recently.
by the stockholders of
The action was taken to simplify the work of the corporate body, the two
subsidiary companies thus becoming a direct part of the parent company.
The consolidation will not affect the personnel of the combined companies.
_
V.
- 118,p. 1522.
(& affil. Cos.)
American Commonwealths Power Corp.
1930.
1929.
30Earns. for 12 Months End. June
$20.449,320 127.326,576
Gross earnings--all sources
Operating expenses, incl. maintenance & gen. taxes 11,954,189 14.717.712
4.551.400
3.559.407
debt, sub. companies
Interest charges, funded
1.735.421
1,522.529
Dividends, preferred stocks,sub. companies
Balance avail.. American Commonwealths Power
$3,413.193 $6,322.043
Corp. & for reserves
Interest charges, funded debt, American Com755,000
990.548
monwealths Power Corp
$2.658,193 15,331,494
Balance available for dividends & reserves
Annual dividend charges, 1st pref.stock, American
534,996
667,111
Power Corp
Commonwealths
Annual dividend charges.2nd pref.stock, American
95,977
95,977
Commonwealths Power Corp
Balance available for reserves, Federal taxes & 12.027.220
14.568,407
surplus
-The above statements reflect the earnings for 12 months periods
Note.
-V. 130. p. 4603. 4047.
of properties owned at the respective dates.
-Subs. Expands.
American & Foreign Power Co. Inc.
The capitalization of the Empresas Electricas Mexicanas, Inc., a subsidiary, has been increased from a nominal amount of 10,000 shares to
3,000,000 shares of no par value. The company was incorporated in
Delaware last June to acquire the parent company's interests in the Com-V.131. p. 267.
pante Nacional de Electricidad, S. A., of Mexico.
784
FINANCIAL CHRONICLE
rver.L. 131.
American Public Utilities Co.
-Offer to Stockholders.
Purpose of Issue.
-Proceeds will be used to reimburse the company in
part for the cost of additions and improvements, and for other corporate
purposes.
American Telephone & Telegraph Co.
-Acquires Site
CapitalizationOutstanding.
Authorized.
1st mtge. gold bonds,5% series due 1959 (incl,
for New Laboratory.
this issue)
36.000.000
x
The company has just purchased a tract of nearly 200 acres near Eliza- let pref.
stock-$6 cum.(no par)
30,000 shs.
150.000 shs.
beth, N. J., where it will construct a laboratory to relieve the pressure for Preference
stock-$6 cum.(no par)
None
50.000 abs.
space now felt by its Bell Telephone Laboratories, Inc., 463 West St., Common
stock (no par)
200.000 shs.
500,000 shs.
N. Y. City. Purchase of the laboratory site was disclosed by the former
x Limited by the restrictions of the mortgage. Stockholders have conowners, who said they were told that eventually thousands of research and
sented to the issue of $25,000,000.
other workers would be employed in the laboratory.
Security.
-Secured by a direct 1st mtge. on all the fixed property of
President Walter S. Gifford, in answer to a question as to whether the
it the company, which includes gas generating machinery, 5 holders with
plant, said:
No,
purchase of the site in Elizabeth was for a television
Is not as important as that. For some time we have been negotiating for a an aggregate capacity of 9,349,000 cubic feet, and 539 miles of mains.
site for a laboratory to relieve our laboratories on West St. which are
Earnings for the 12 Months Ended June 30.
crowded. There are certain experiments which can be conducted just as
1930.
1929.
well in New Jersey as in New York, but we will continue to conduct our Gross
operating revenues
31.833.481 $1,906,311
more Important researches on West St."
Operating expenses, maintenance St taxes
1,124,079
1,068,837
Phone Rates to South America Cut.
Net revenues from operations
Telephone rates to South America on and after Aug. 1 will be reduced $6
$782,232
$764,645
on every call, the company announces. The new rate between New York Non-operating revenues
19.170
30,863
and Buenos Aires will be $30 for the first three minutes and $10 for each
Total net income
additional minute. Under this reduction a call between this city and Buenos
$801,402
Annual int. charges on $6,000,000 1st mtge, gold 3795,509
Aires will cost the same as a call to London.
bonds (including this issue)
The use of the telephone service to South America since it was inaugu30b.000
rated on April 3 1930 has reflected the diversified trade between the two
Total net income, as above, for the 12
ended June 30 1930
Americas. Not only have exporting and importing companies employed was 2.67 times annual interest requirements months let mtge. gold bonds
on the
it, but financial institutions, law firms and moving picture organizations now outstanding, including those presently to be issued.
have also used it.
-V. 131, p. 626.
Management.
-Company is controlled by American Gas & Power Co..
and its operations are supervised by American Commonwealths Power
American Water Works & Electric Co., Inc.
-V. 129, p. 3634.
-Listing. Corp.
The New York Stock Exchange has authorized the listing of 42.462 shares
Cables & Wireless, Ltd.
-Makes Offer for Marconi Stock.
common stock (no par), on official notice of issuance as a stock dividend,
Arrangements have been made by this company with two of the largest
making the total amount applied for 1,757,949 shares.
groups of
shareholders of Marconi's Wireless Telegraph Co. Ltd. for
Consolidated Income Account Year Ended May 31.
the purchase from them of at least £65 000 of such tl shares ex-the dividend just notified at the price of £.3 per share payable in cash. The
1929.
1930.
Gross earnings
$54,958,419 $52,007,417 company on behalf of its subsidiaries Is willing to purchase all or any fo
Oper.exps., maint. and taxes (incl. Federal taxes)_ 27,642,015 26,270.526 the remaining £1 ordinary shares and also all or any of the outstanding
Int. and amortization of discount of subsidiaries..
8,426,084
8,014.106 preference shares ex-the dividend just notified at the same price viz.
Preferred dividends ofsubsidiaries
5,151.603 £3 per share payable in cash. Shareholders desiring to take advantage
5,475,108
Minority interests
18,641
30,030 of this offer should notify this company forthwith and at the same time
Interest & amortization of discount of American
forward to it their share certificates or share warrants to bearer.
-V. 131.
Water Works & Electric Co.,Inc
1,310.722 p. 473.
1,383,698
Reserved for renewals,retirements & depletion_
4,283,363
4,285,226
See Midland United Co. below.
-V. 130, p. 2203.
Netincome
$7.727.648 $6,947,068
Net income for the year ended May 311930,as above,is equivalent, after
deducting accrued 1st pref. diva., to $3.84 a share on the 1,698,511 shares
of common stock outstanding at such date, and for the year ended May 31
1929. is equivalent after similar charges to $3.92 per share on the 1,467,950
shares of common stock then outstanding.
-V.131, p.626.
Associated Gas & Electric Co.
-Earnings.
-
Canadian Hydro-Electric Corp., Ltd.
-June Output.
-
The corporation produced 205.803,000 k.w.h. of electric energy in June,
a new high record for that month,34% over June last year. and over double
that of June 1928. The output of the corporation for each of the first 6
months of this year showed progressively higher percentages of increase
over the corresponding months of last year.
In the first 6 months of this year the output of the corporation was
1,214,112,000 kwh.,23% over the output in the first 6 months of 1929, and
over double its output in the first 6 months of 1928.
The output in the 12 months ended June 30 was 2,327,326,000 kwh.
an increase of33% over the 12 months ended June 30 1929.-V. 130, p.4604'
Consolidated Statement of Earnings and Expenses of Properties Since Dates
of Acquisition.)
-Increase----Passes Interest.
Cape Breton Electric Co.
12 Mos. Ended June 301929.
Amount. %
1930.
The company has passed the bond interest. due July 1 1930 on its
Gross earns, and other income $106,546.383 $61,560,693 $44,985,690
73 first mortgage 6 bonds, and on the first mortgage 5% bonds of
'
Operating expenses, mainten& Glace Bay Ry, guaranteed by the company.
ance, all taxes, &c
53,307,232 33,364,137 19,943,095
60
The directors at a meeting held June 30 1930. decided that financial
Provision for retirement of
not warrant payment of July interest
conditions and
fixed capital, &c
5.431.508
3,291,797
2,139.711
60 on either issue. cash resources did
The
read in part; "A
Net earnings
$47.807,643 324.904,759 $22,902,884
92 portion statement issued to bondholders a tramway and considerable
properties provide
ferry service,
Underlying diva. & interest- 10,923,826
5,955,850
4,967,976
83 earnings of mortgage have been declining for some years past and have
from which
contribute only slightly to support
now reached
Balance
$36.883,817 $18,948,909 $17,934,908
95 of that part a very low level,so that they
of security issued against this branch of business."
-V. 130.
Interest
17,818,867
9,910,491
7,908,376
80
P• 3157.
Balance
$19,064,950 $9,038,418 $10,026,532 111
Central Public Service Corp.
-Two Railway Subsidiaries
-V. 131, p. 111.
to•Suspend Service.
-
Atlantic Public Utilities Co.
-Receivership.
Receivership bills were filed in Chancery Court July 30 by the Eastern
States Public Service Corp. against the Atlantic Public Utilities, Inc., the
Atlantic Public Service Associates, Inc., and the North American Water
Works & Electric Corp.
The complainant alleged that the three defendant corporations are insolvent and unable to meet their debts as they fall due and that receivers
were necessary for preserving the corporation's assets for the benefit of
creditors and stockholders.
The defendant corporations filed answers admitting the allegations and
consenting ts the appointment of receivers. Chancellor J. 0. Wolcott
appointed Clarence A. Southerland. former Attorney-General of Delaware,
and italph J. Ritchie of Asbury Park. N. J., a Vice-President of the complainant corporation, as receivers for the corporations and their subsidiaries.
The Atlantic Public Utilities, Inc., controls more than 90 public utilities
in 12 States: the Atlantic Public Service Associates. Inc., operates 23 subsidiaries in eight States, and the North American Water Works & Electric
Corp. operates three utilities in nine States.
The three corporations control in all more than 120 subsidiaries with a
value of 360.00,0000. They supply water, gas and electricity to several
hundred communities.
The complainant corporation owns 152,000 shares of class B stock in the
Atlantic Public Utilities. Inc., and is a creditor of the other two defendant
corporations.
The bill of complaint stated that the credit of the corporations had been
Impaired and that legal action was threatened by creditors and that if such
action were taken there would result a great waste of assets and an unequal
and inequitable application of the assets to the corporation's debts.
V. 130, p. 1653. 795.
-Bond Called.
(The) Avalon Telephone Co., Ltd.
All of the outstanding $380,500 1st mtge. 6% bonds, series A, due Dec.
1 1946. have been called for payment Aug. 1 next at 105 and int. at the
Montreal Trust Co.,trustee, Montreal, Canada.
-V. 131, p. 112.
The Rockford St Freeport Ry. and the Rockford Beloit & Janesville fly,,
both subsidiaries, expect shortly to make application to the Illinois Utilities
Commission for permission to suspend service on those electric interurban
lines, according to an announcement made on July 31 by officials of the
Central Public Service Corp.
The management, it was stated, has decided, because of constantly
decreasing revenues, that it would be unwise to continue the operation of
these two traction companies. Both lines have not proved profitable for
more than a year, a condition generally ascribed to increased use of automobiles.
The Rockford-Freeport line is about 25 miles long and the RockfordBeloit line approximately 18 miles. The systems are on an operating
schedule at the present time of two trains each way daily. Ultimate
abandonment of the properties is the aim of the companies should the Commission grant the request for suspended service.
Electric Sales Increase.
-
The corporation showed a substantial increase in electricity sales in June,
it was announced. The sales of electricity for the month totaled 43,716,939
k.w.h, compared with 41,601,383 k.w.h, a year ago, an increase of 5.09%.
The sale of both electricity and gas so far in 1930 has shown a good increase
over the corresponding period of 1929, it was stated by President Albert E.
Peirce, in releasing the figures.
The June record showed material Improvement over preceding months.
For the first six months of 1930 the corporation sold a total of 282.208,757
k.w.h. electricity, an increase of 2.65% over the 274.932,131 k.w.h. In the
corresponding period last year.
The Pacific Northwest Public Service Corp., which is the largest subsidiary in the Central Public Service system, showed the best increase in
the month of June. The k.w.h. sales of the Pacific Northwest group in
this period were 8.13% over last year.
-V. 131, p. 626. 473.
Chicago Rys.-Payment of Principal & Interest.
-
By order of the district court of the United States for the Northern
District of Illinois, Eastern Division, receivers have been directed to pay
to the Harris Trust & Savings Bank, trustee on or before August 1 1930.
funds for the payment of interest accruing at 5% per annum upon the outBell Telephone Co. of Pa.
-Acquisition.
The acquisition by the company of the properties of the Paupack Tele- standing first mortgage bonds of the company to August 1 1930, and also
funds for the payment of an additional 5% on the principal of the bonds.
phone Co. has been approved by the I.
-S. C. Commission.
Harris Trust & Savings Bank, as trustee, is directed to pay such interest
On Feb. 21 1930 the Bell company contracted to purchase all the Pau- and
pack company's physical and tangible properties, free from all liens and the principal due to each bondholder upon presentation to the trustee of
first mortgage bonds for the endorsement of notation of such payments
encumbrances, for $40,000, payable in cash.
-V. 131, p. 112.
thereon.
It will
order to
of interest and
Berlin Elec. Elevated & Underground Rye.
-Buys Bds. principal. be necessary, In mortgage obtain this paymenteither to Harris
that such first
bonds be presented
Speyer & Co., as fiscal agents, have purchased for cancellation through Trust & Savings Bank, Chicago,
or to Guaranty Trust Co. of Now York.
the sinking fund. 3121.000 30-year 1st mtge. Oi% loan bonds. This for endorsement of notation
-V. 130, p. 2762.
thereon of such payments.
represents the seventh sinking fund instalment.
-V. 129, P• 3799.
Berwick Water Co.
-Bonds Called.
-
All of the outstanding gen. mtge. 5% bonds, dated Sept. 1 1894. have
been called for payment Sept. 1 next at 105 and Mt. at the City Bank
Farmers Trust Co.. 52 Wall St., New York City.
Chicago Rapid Transit.-Insull Names Committees To
Encourage Deposit of Chicago Traction Securities.
-
Samuel Insult has appointed three committees to encourage deposit of
outstanding securities of Chicago Rapid Transit Co. in order to expedite
consolidation into Chicago Local Transportation Co. as follows:
Adjustment Debenture Committee-fl.Floyd Clinch,
'
Birmingham Gas Co.
-Bonds Offered.-Bonbright & Co., A. Russell, Philip R. Clarke, Harold E. Foreman and Chairman; Stanley
George Woodruff.
Inc., and W.C. Langley & Co. are offering an additional issue Adjustment debentures outstanding Dec:31 1929 amounted to $18,563.000,
which interest, cumulative
of $1,000,000 1st mtge. gold bonds, 5% series due 1959, onPrior Preferred and Preferred at 4%, was $4,083,860. 11. Scheel, Edward
Stock Committee.-Fred
P. Russell, M. J. O'Brien, George T. Leach and James L. Martin. Vier
at 97 and int., to yield 5.20%.
Issuance.
-Subject to authorization by the Alabama Public Service preferred 7.8% on Dec. 31 1929 amounted to $5,000,000; preferred 7.2% to
$1.500,000.
Commission.
Common Stock Committee.-Ti. J. Gulick, E.J. Doyle and Laver3nce Stern.
Data from Letter of Fred W. Seymour, President of the Company.
Company.
-Supplies the gas service in Birmingham, Bessemer, Fair- Common stock outstanding Dec.311929,320.329.500.
field and nine adjacent communities in Alabama. These towns are pracApproximately 65% of securities of all traction companies tp be consolitically contiguous and make up the "Birmingham District," one of the dated is reported to be in control of protective committees.
,
-V.131. p. 268.
mostimportant centers for the manufacture of iron and steel in this country.
In addition to iron and steel and allied products, the district produces a
Chicago Surface Lines.
-Cash Position.
great variety of other commodities including cement, cotton goods, flour,
Wm. Hugh Clarke of Chicago has issued a bulletin respecting the cash
meat, brick, pottery, pipe, machinery, boilers and chemicals. The total assets pledged to secure the Surface companies' bonds, quoted in Part.
population of the district served is estimated to exceed 313,000.
as follows:
AUG. 2 1930.]
FINANCIAL CHRONICLE
785
Chicago Railways, City Railway and Calumet & South Chicago Railway
Eastern New Jersey Power Co.
-Bonds Offered.
-W.C.
now possess surplus and reserves in cash over $28,359,268, which cash is
pledged under the 1st mtges. for payment of $89.547,500 bonds, and Langley & Co. and Hoagland, Allum & Co., Inc., are offeramounts to more than $350 cash for each $1,000 bond.
ing at 100 and interest, $3,140,000 1st mtge. gold bonds,
Committees connected with the proposed merger, are planning to offer
Surface 1st mtge. bond-holders a total of only 15% in cash which, after 5% series of 1959.
Dated Jan. 1 1929; due Jan. 1 1959. Red. as a whole or in part after
the cash payments made in August 1929, will require only $8,701,450.
The committees are planning to divert away from Surface 1st mtge. 60 days notice on any int. date at 105 up to and incl. Jan. 1 1945, and
bond-holders the remaining cash, now held in local banks by receivers in at 1% loss during each 3
-year period thereafter up to and incl. Jan. 1
trust for Surface investors, amounting to more than $19.657.818, and to 1957, and'at 100 thereafter, plus int. in each. Denom. c• $1,000, $500
use this cash to redeem $6.500,000 prior 7.8% and 7.2% preferred stocks and $100, and r* $1,000. $5,000 and $10,000. Company agrees to pay
of Chicago Rapid Transit Co. at callable premiums of 15% and 10% above the normal Federal income tax to the extent of 2%. and to refund, upon
par, and for other outside purposes not yet disclosed.
proper application, the Penn. and Conn. personal property taxes, not
The bulletin further states: (1) All Surface bond-holders should insist, exceeding 4 mills per annum. the Maryland security tax, not exceeding
that the entire available cash pledged under Surface mortgages, shall be 0-6 mills per annum, and the Mass, income tax, not exceeding 6% per
applied exclusively toward payment of Surface bonds. (2) All bond- annum on interest paid on the bonds. Free of personal property taxes in
holders should withdraw all bonds from committees and retain complete the State of New Jersey. Trustee, lrving Trust Co. New York.
control of their free bonds for their own individual protection, until just
Issuance.
-Authorized by the New Jersey Board of Public Utility
'
and reasonable settlements are publicly guaranteed. (3) First mortgage Commissioners.
bond-holders should obtain a total of not less than 357 in cash and all Data from Letter of H.T. Pritchard, Vice-President of the Company.
°
the 65% balance entirely in acceptable new bonds, together fully equal in
Business.
-Company Owns and operates electric light and power propmarket value to 81,000 cash per bond.
-V. 131, p. 112.
erties serving a rapidly growing residential area along the Atlantic Coast,
in Eastern New Jersey, in which are located Asbury Park, Ocean Grove,
Cincinnati Georgetown RR.
-Officers. &c.
At an organization meeting held on July 23, S. S. Bruce of Pittsburgh Bradley Beach, Belmar, Avon, Deal, Anenhurst and adjoining communiwas elected President; L. E. Wester, Cincinnati, Vice-Pres. & Gen. Mgr., ties. The territory served is essentially a continuous community within
of New York
E. A. Berry, Treasurer, and E. 8. Ruffin Jr., Secretary. The same offi- commuting distanceresidential andand Philadelphia. Company also operates in a combined
industrial area located in the center of
cers were elected for the Felicity tz Bethel RR. Co., a subsidiary,
the state, serving Hightstown, Jamesburg, Old Bridge. Sayreville and
The directors of the Cincinnati-Georgetown RR. are 8. S. Bruce L. E. adjoining communities.
Company supplies power to, and operates through
Wester and E. S. Ruffin Jr. For the Felicity & Bethel RR., the directors
an electric railway line of about eight miles, and also water
elected were S. S. Bruce, H. B. Fitzpatrick and A. EL Young, all of Pitts- subsidiaries,systems
distributing
in Ocean Grove and New Egypt.
burgh.
-V. 131, P. 627.
-Proceeds will be used to reimburse the company, in part, for
Purpose.
additions, extensions and improvements to its properties, including a new
Cities Service Co.
-Acquisition.
electric generating station at Sayreville, N. J., and for other corporate
The company has acquired the holdings of the West Kentucky Oil purposes.
Co.. operating in 15 counties in western Kentucky and Tennessee. The
Security.
-Secured by a direct 1st mtge. on the entire property now
properties include 8 distributing plants and 18 gasoline service stations. owned and by a direct mortgage on property hereafter acquired, except
-V. 131. P. 473, 268.
securities not specifically pledged. All the outstanding bonds and capital
stock (except directors' qualifying shares) of the electric railway company
Columbia Ry. Gas & Electric Co.
-Railway Service and the water com,pany at Ocean Grove are pledged under the indenture.
Ordered Continued.
Consolidated Earnings 12 Months Ended May 31.
In a decision handed down on May 19 1930. the U. S. Supreme Court
1929.
1930.
denied the right of the Broad River Power Co. to suspend railway operation Gross earnings
*2,364.644 $2,656,680
in Columbia, S. C. This ruling sustains an order of the South Carolina Operating expenses, maintenance and taxes
1,269.503
1,346,814
Supreme Court directing the Broad River Power Co. and its subsidiary.
Net earnings
the Columbia Ry. Gas & Electric Co. to resume operation of the abandoned
$1,095.141 $1309.866
Annual int. requirements on 1st mtge. bonds (incl. this issue)__
service.
494.250
Net earnings, as shown above, for the 12 months ended May 31 1930.
It was ruled by the Supreme Court that the contention advanced by the
company in regard to compelling a public service corporation to continue were over 2.6 times the annual interest requirements on the 1st mtge.
service at confiscatory rates, does not apply. The order compelling the gold bonds outstanding, including this issue.
company to serve does not involve a determination of whether or not the
Capitalization Outstanding with Public.
rate is confiscatory, it is pointed out. The written opinion of the Supreme
-5% series of 1959 (this issue)
$3.140,000
Court states further that the order directing continuance of service does not 1st mtge. gold bonds
5% series of 1949
1.000.000
foreclose appropriate proceedings for the determination of a proper return.
53i% series of 1949
1.350.000
Ever since March 1927. when the company stopped service, the question
6% series of 1949
3,550.000
of transportation has been an outstanding one. At that time the State
*4.133.000
Railroad Commission ordered that service be resumed and required the Cumulative preferred stock
44,500 shs.
company to show cause why service had been stopped without notice. Common stock (no par)
The company filed a petition for authority to discontinue service and for a
* 8% series, $1,350,000; 7% series. $400.000; 63'5% series. $50,000;
hearing on the matter and the Railroad Commission, by a vote of
67 series, $2,333,000.
three, allowed the company to discontinue service-or rather to four to
Afanagemeni.-Company is under the supervision of the Utilities Power
let the
service stay stopped.
& Light Corp.
-V. 130, p. 4236, 3157.
Meanwhile the State Attorney General asked for a rehearing, One
-Listing.
Electric Power & Light Corp.
member of the Commission had died and another had been appointed in
his place, and when it came to a vote on the motion to reverse its former
The New York Stock Exchange has authorized the listing of 100,000
ruling, the Commission decided four to three so to do and the company was shares 86 preferred stock (cumulative dividend), without par value.
ordered to resume service. The Attorney General petitioned to the State V. 130. p. 4605, 4417.
Supreme Court for a mandamus to compel the company to restore service.
-Notes Offered. A group
General Gas & Electric Co.
Various other steps were taken and finally the matter went to the IL S
Supreme Court. ("Electric Ry. Journal.")
-V.121, p. 2401.
headed by Harris, Forbes & Co., and including Halsey,
Stuart & Co., Inc.; Chase Securities Corp., and Chatham
Commonwealth & Southern Corp.
-Exchange Offer.
- Phenix Corp., offered July 31 $50,000,000 4 ,
6% and 5%
serial gold notes due 1931 to 1935. The rate, price and
Consolidated Gas, El. Lt. & Pr. Co., Balt. Earnings. maturities follow:
-
See Ohio River Edison Co. below.
-V. 131, p. 474, 269.
Period End. June 30- 1930-3 Mos.-1929.
1930-6
Maturity.
Price.
Rate.
Yield.
Amount.
Gross revenue
*7.054,082 *6.895,195 314.753,643 Mos.--1929.
Aug. 15 1931
99.50
5.02%
444%
Exp.,taxes & deprec
4,791.380 4,524,327 9.866.767 $14,304,494 $15.000,000
10,000,000Aug.15 1932
9.358371
99.15
5.457
°
Aug. 15 1933
98.00
5.73%
5,000,000
i
g7
Operating income.-- $2,262,702 32,370.868 *4.886.876 $4.946.023
Aug. 15 1934
97.35
5,000,000
5.75
54,
Other income
132.042
141,953
222.873
232,017
Aug. 15 1935
95.75
15,000,000
6.00 °
5%
Gross income
Dated Aug. 15 1930; due Aug. 15 1931-35. as shown above. Int. payable
*2,394.744 *2.512,821 35.109.749 35.178,040
Fixed charges
F. & A. Red., all or part, at any time upon 30 days' notice at following
661,407
685,223
1.321,415
1,441,548 prices and int.: For Aug. 15 1931 maturity to and incl. Feb. 15 1931, at
Net income
'
81,733,337 31.827.598 *3,788,334 33,736,492 10034 ; thereafter prior to maturity, at 100; for Aug. 15 1932 maturity to
Pref.& corn. dividends
Aug. 15 1931, at 100;4; thereafter prior to maturity. at 100; for
1,318.039
1,039.070 2,541.524
2.009,214 and incl.1933 maturity to and incl. Aug. 15 1931. at 100 Sii ; thereafter to
Aug. 15
Surplus
3415.298
8788,528 $1,246,810 81.727.278 and incl. Aug. 15 1932. at 10034; thereafter prior to maturity, at 100; for
Average shares of corn.
Aug. 15 1934 maturity to and incl. Aug. 15 1931, at 100;4; thereafter
stock outst.(no par)_ _ 1.157.892
incl. Aug. 15 1932, at 100 Si ; thereafter to and incl. Aug. 15 1933.
to
1,046.565
1,105.204
1,046,565 at and '; thereafter prior to maturity, at 100; for Aug. 15 1935 maturity
Earns, per sh. on corn..
81.26
81.50
10044
$2.93
33.08 to and incl. Aug. 15 1931, at 101; thereafter less S'.4 of 1% for each year
-V.131, p. 627.
or fraction thereof elapsed to and incl. Aug. 15 1934; thereafter prior to
Consolidated Gas Utilities Co.
-New Directors.
maturity, at 100. Denom. $1.000 O. Chase National Bank, New York,
Ralph B. Feagin, President of the United Gas Corp. and ViceCorporation will agree to pay Interest without deduction for any
President trustee. income tax not exceeding 2% per annum which it may be required
of the Electric Bond & Share Co.. and N. C. McGowen and 0.
H. Simonds, Federal
Vice-Presidents of the United Gas Corp., have been elected
or permitted to pay thereon or retain therefrom,
directors of the
Consolidated Gas Utilities Co., to succeed G. M. Hubbard,
Company.
-A Delaware corporation. Owns or controls public utility
and S. M. Williams Jr. Mr. McGowen has been a director of J. P. Hale companies rendering electric, gas and other utility services to more than
the Palmer
Corp. of Louisiana and of the Louisiana Gas & Fuel Co., and
47,000 consumers in important communities in South Carolina and Florida.
Mr.
of the latter company and of others affiliated with Simonds
director
a subsidiary, is developing
the Electric Lexington Water fower Co., Columbia, S. C., to have ana hydro-electric
Bond & Share Co.
initial installed
site on the Saluda River near
The Consolidated Gas Utilities Co. is controlled by a
voting trust, but capacity of 130,000 kw. and an ultimate capacity of 200.000 kw. The
most of the certificates are owned by the United Gas Corp.
plant is expected to be in operation about Oct. 1 1930, and long-term conAmerican Utilities & General Corp. The United Gas Corp. and 42% by tracts for the sale of a minimum of 300.000,000 kwh. of electrical energy
of the company's nine directors and American Utilities 114 now has three annually have already been made.
General Corp.
-V. 130. p. 3349.
two.
rite corporation has also made large investments in the securities of
various public utility enterprises, including the Associated Gas & Electric
Denver Tramway Corporation.
-Earnings.
Co. and certain of its subsidiary and affiliated companies. The manage6 Mos. End. June 30- 1930.
1929.
ment regards many of these investments as temporary and plans to dispose
1928.
1927.
Total operating revenue_ 32,038,224 82,119,250 $2,142,946
of them as opportunities permit, with a view to investing the proceeds in
$2,189,368 securities representing interests in or control of additional operating
Operating expenses
1.402.195
1,441382
1.417.089
utility
1,217,759 enterprises.
Taxes
245,166
247.441
253.480
255,730
Capitalization Outstanding as of June 30 1930, Reflecting Issuance of Notes.
Net operating income_
$390.863
*430.327
$472.376
$715,878 4)4% and 57 serial gold notes, due 1931-35
550,000,000
Total miscellaneous Inc_
23,054
24,774
18,939
24,855 Preferred stock:$6. $7 and $8 (liquidation value)
65,858.800
Common stock, class A and class B (no par)
7,215.670 sha.
Gross income
$413.917
$455,102
$491.316
*740,734
Int. on underlying bonds
There were also outstanding in the hands of the public at June 30 1930
86.050
90,550
95,050
110,770 subsidiaries' funded debt and pref. stocks having a principal amount or
Int. on gen.& ref. bonds.
156,140
158,632
161.050
161,050 par value aggregating $33,062,900 and 33,324 shares of minority comBalance
3171,727
mon stocks.
$205,920
$235,216
8468,914
Amortiz. of discount on
-The following statement reflects the annual cash dividend
Earnings.
funded debt
8,521
and interest income on the securities owned by the corporation at June 30
9.341
Cr.6.994
Cr.25,842 1930, based on present cash dividend and interest rates, and expenses and
Bal. avail, for deprec.
taxes(excluding Federal income taxes)for the 12 months ended June 30 1930:
& for div. requireDividend and interest income
$8,186,142
ments on the pref.
Expenses and taxes (excluding Federal income taxes)
104,845
stock
$163.206
$196,578
$242,210
$494,756
-V. 130, p. 4236, 4018.
----Net earnings-----------------------$8.081.297
annual----- ctiarg on these serial goldnc;tiee____ 2.425.000
chargesMximu
Dominion Gas 8c Electric Co.
-Transfer Agent, &c.
This statement does not reflect the Income to be derived from the investThe Bankers Trust Co. has been appointed co
cam,and 1st pref. stock, and sole transfer agent for -transfer agent for the ment of the proceeds of this issue of serial gold notes or the additional divithe 2d pref.
Chase National Bank has been appointed registrar in New stock. The dend income expected after the Saluda hydro-electric development is
York for all put into operation.
three issues.
In the above income statement all dividend income is taken at
cash dividend rates. If such dividends on securities owned as present
Dominion Power & Transmission Co., Ltd.
are
present paid in the form of stock are included and the stock so received at
All of the outstanding $1,484,000 1st and ref. mtge.5% gold -Call.
is
bonds, due valued on the basis of the current market value thereof, the foregoing net
And} 1 1943, have been called for payment Oct. 1 next at 110 and
increased by over *1.500,000 and would be
the Canadian Bank of Commerce, Hamilton, Ont., Canada, or int, at income would betimes the maximum annual
equivalent to
at the approximately 4
interest requirements on these
agency of the bank in Now York City.
-V. 130, P. 4416.
serial gold notes.
786
FINANCIAL CHRONICLE
Purposc.-Proceeds will be used in connection with the normal extensions
and additions to the properties of subsidiaries of the corporation and of
affiliated companies, for the acquisition of additional investments and for
general corporate purposes.
investments.
-Included in the corporation's investments, exclusive of
those representing control of operating public utilities, are securities of
representative public utility and allied enterprises. Of the total investments, taken at book values, approximately 28% consists of bonds and
debentures, 22% of pref. stocks and 50% of common or class.A common
stocks which participate in the growth of the situations represented. Some
of the more important companies from which the dividend and interest
income of the corporation Is derived are as follows:
Associated Gas & Electric Co.
Lexington Water Power Co.
Massachusetts Lighting Co's.
Broad River Power Co.
New England Power Association
Cdntral Mass. Light & Power Co.
Eastern Utilities Investing Corp.
So. Berkshire Pr. & Elec. Co.
S. E. Mass. Ir. & Electric Co.
Edison Elec. Ilium. Co. of Boston
Empire Power Corp
Utilities Power & Light Corp.
Western Massachusetts Co s.
Florida Power & Light Co.
Florida Public Service Co.
Worcester Suburban Electric Co.
-V. 130, p. 3709. 3703.
[VoL. 131.
acquired by the International corporation about a month ago.
-Y. 131.
p. 270, 113.
Interstate Rys.-Omits Common Dividend.
-
The directors have voted to omit the semi-annual common dividend of
35 cents a share regularly due at this time. This rate had been established
in August 1929. Previous to that time the stock had been on a quarterly
basis of 1734 cents a share, which payment had been passed in April 1929.
-V. 129, p. 2857.
Iroquois Gas Corp.
-Acquisitions Approved.
-
The New York P. S. Commission has authorized the Wanakah Gas Corp.
to issue 3,000 additional shares of $50 par value and to sell these shares and
112 outstanding shares of $50 par value to the Iroquois Gas Corp.
The Commission also has authorized the Harvest Gas & Oil Co. of Orchard
Park, N. Y., to transfer its franchises, works and systems to the Iroquois
Gas Corp. for $22,500 free of all outstanding indebtedness.
-V.131. p.627.
Knoxville Power & Light Co.
-Sale.
-
See Tennessee Public Service Co. below.
-V.130. la• 2762.
Marconi's Wireless Telegraph Co., Ltd., London.
-Acquires Harshbarger Oil & Gas Co.
- Offer Made for Stock.
Hamilton Gas Co.
See Cables & Wireless Ltd. above.
-V.131 p.475.
Meridionale Electric Co. (Societa Meridionale di
Elettricita), Italy.
-Bonds Called.
There have been called for redemption as of Oct. 1 next $82,000 of 36
5
7
The company has acquired, through purchase of its entire capital stock,
the Harshbarger Oil & Gas Co. This company had no funded debt or
preference securities outstanding. Its properties consist of 4,763 acres
improved by 50 producing wells, situated in Cabe11 County, W. Va. It
also ONVDS franchise and gas distributing system in the town of Milton,
W. Va. The following were elected directors to succeed the representatives of the former stockholders: W. Angamar Lerner (President), Charles
Chandler (Secretary and Treasurer), Arthur Peck, Chester W. Lamer
-V.131. p. 627, 270.
and William G. Buck.
Interborough Rapid Transit Co.
-City Funds Now on
Paying Basis for the First Time-S163,000,000 Investment
-Supporting,Easing Municipal Burden.
Since 1913 Becomes Self
The following is from the New York "Times" of July 28:
The city's entire bonded investment in the Interborough Rapid Transit
system, totaling more than $163,000,000 is on a self-supporting basisfor the
first time since the signing of the dual subway constracts in 1913, it was
learned July 27. The immediate result will be to reduce by at least $5,500.000 the debt-service item in the city's oudget for the coming year.
A check will be received by Controller Berry this week from the Interborough, completing the payments for the fiscal year ended June 30. The
payments were arranged for under the settlement of the so-called "suspense
account" of the Interboro ugh, reached last year after months of negotiation
by Samuel Untermyer, special counsel to the Transit Commission, and
William G.Fullen, Chairman of the Commission.
It was estimated July 27 by accountants for the Commission that the
Interborough's latest check will be in the neighborhood of $1,320,000
for the quarter ended June 30. The check is due July 30. This will bring
the Interborough's payments for the year up to $5,467.000.
Under the 1913 contract with the Interborough, by which the city contracted to build the lower west side line, the upper east side line and the
Brooklyn extensions, the city issued bonds totaling $104,000,000 for its
share of construction work. The city was to receive a return of 8.76%
on its investment, after the Interborough had deducted enough to cover
its rental of $2.600,000 a year for the old subways, its interest on bonds
operating expenses and a preferential of $6,335,000 a year.
For years after the entire system was in operation deficits in the Interborough's preferential, which comes ahead of the city's return, prevented
the receipt by the city of any sum at all on its investment. As a result
the city had a frozen credit of $104,000.000 in the system, with $5,250,000
going into the budget each year to pay the carrying charges on the bonds,
plus an even larger amount to carry the $166,000,000 the city invested
in the B. M. T. system, where the same financial situation prevailed.
William P. Coleman and Isidor Spinrad, heads of the accounting and
audit bureaus of the Transit Commission, estimated July 27 that the
city pays 4 ki%, on the average, for the bond issue, plus another 1% for
sinking fund. The Interborough's contributions, expected to continue at
the rate of about $5,500.000 a year, will continue to be sufficient to pay the
interest and sinking fund charges on the $104,000,000 issue, they said.
Tile city issued originally $52,598,000 of bonds to pay for the construction
of the old subway, from City Hall up Fourth Ave. to Grand Central,
through what is now the shuttle, to Times Square, and thence up the west
side line. This was under Contract 1. Under Contract 2, $6,617.000
more of bonds were issued to pay for the carrying of the subway to South
Ferry and to Atlantic Ave.. Brooklyn.
Both of these contracts specified that the city was to receive as one of
the first charges on operating revenue a sum sufficient to pay the carrying
charges on these bonds. This sum. about $2,600,000 a year, has always
been paid, and as a result the total bond issue of about $59,300,000 was
declared self-supporting oy the Appellate Division and was exempted from
the city's constitutional debt limit.
At various times after the war the city disputed with the Interborough
certain Charges which the Interborough had booked as operating expenses
and which the city contended should have been deducted from the company's own preferential. This sum in dispute grew to about $14,000,000.
tinder the settlement last year, the Interborough acknowledged that it had
received all its back preferentials, and gave the city a lump payment of
more than $6,000,000 and paid $3.000,000 more into a depreciation fund.
Quarterly payments have been made since, and the last one for this
fiscal year. the first year that the city is receiving anything but the old
1913, 113
rental from the Interborough under the profit-sharing scheme ofaccumudue this week. At the time of the settlement last year the city's
lated preferentials had reached the high mark of $115.000.000, money
It had figured on under the 1913 contract but never received.the budget
Of this sum $58.000,000 was money it actually paid out in prospective
the
each year to carry the bond issue $35,000,000 constituted charges and the
-that is, the difference between the 5.25% carrying
profits
promised 8.76% return-and $22,000.000 represents the interest on the
two sums. This total of $115,000.000 has been reduced by the payments
In the past year to slightly more than $103.000,000. the budget to carry
The return reduced the amount the city has to put in
subway bonds for the Interborough and B. M. T. systems from about
513.000,000 annually to about $7,500.000. A total of $166,000,000 was
issued for the construction of lines turned over to the B. M. T. under
Contract 4, and not a cent in return has yet been received by the city.
The suspense account between the city and the B. M. T. is in the neighborhood of $4,000.000, the company holding that it has $13.000,000 in back
preferentials due it, and the city contending that the sum is in the neighborhood of only $9.000,000. However, with the B. M. T. line earning
$3,000,000 a year over the company's current preferential of 53.500,000, it
will take only three or four years more before the city will be receiving
53,000.000 a year from that company also, it was pointed out. However,
unification, with a concurrent settlement of the company's preferentiais,
Is expected before than.
The city has the right under existing laws to apply to the Appellate
Division for exemption from the debt limit of bonds that have been proved
to be self-supporting. Exemption of the subway bonds would permit issuance of additional bonds without coming nearer the debt limit of 10%
of the assessed valuation of the city's real estate, but the bonds so issued
can be used only for the same purpose as the bonds exempted.
An additional $104,000,000 for rapid transit purposes, outside of the debt
limit, would be welcome to those facing the problem of supplying the
-V.131. p. 627. 270.
city with additional rapid transit facilities,it was said.
-June Output.
International Hydro-Electric System.
This System produced 330,519,000 k.w.h. of electric energy In June. a
new high record for that month, and an increase of 13% over the output
of the present plants of the System in June 1929.
The output in the first six months of this year was 2,034,956,000 k.w.h.,
10% greater than in the first six months of last year, and 51% greater
than the output of the present plants of the System in the first six months of
1928. In the 12 months ended June 30 the output was 4.040,386,000
k.w.h.. 18% greater than the output of the same plants In the 12 months
ended June 30 1929.-V. 131, p. 270, 113.
-New
International Telephone & Telegraph Corp.
Units.
-
The Shanghai Telephone Co. of Brooklyn, N. Y., a subsidiary, has been
Incorporated in Dover, Del., with a capitalization of $7,600,000. It will
operate the properties of the Shanghai Mutual Telephone Co., which was
year 1st mtge. sinking fund 7 gold bonds, series A, due April 1 1957.
at par and bat. Payment will be made at the Chase National Bank,
trustee, N. Y. City, or at the option of the owners at the principal office
of Holbert, Wagg & Co., Ltd., London, England in pounds sterling at
the fixed rate of exchange of $4.86 2-3 for El sterling; or at the principal
office of Union Financier° de Geneve. in Geneva, Switzerland,In Swiss
gold francs at the fixed rate of exchange of 5.18 Swiss gold francs for $1.
-V. 126. p. 2475.
•
Midland United Co.
-Acquisition
-To Increase Stock.
-
This company on July 28 offered the stockholders of the American
Public Utilities Co. an exchange of Midland United stock for stock of the
American company.
The exchange plan will simplify and strengthen the financial structure
of the Midland United Co. as well as result in substantial savings. The
plan was approved by the Midland directors on July 21. The eventual
elimination of the American Public Utilities Co., which is a holding company subsidiary of Midland United, is seen as a future possibility.
Bolders of the partic. pref. and prior pref. stocks of the American company will be offered alternative exchange proposals. They will be offered
either Midland cony. pref. stock, series A and common stock, or common
stock exclusively. Holders of American common stock will be offered
Midland common stock in exchange. The offer of exchange will expire
August 30 1930. The stockholders of the Midland company will vote on
August 11 on approving a proposal to increase the authorized common
stock from 5,000,000 to 7,000,000 shares.
The basis of the exchange is fixed so that stockholders who avail themselves of the opportunity to exchange their securities will receive stock
which at current market prices on the Chicago Stock Exchange will have
a value a few points above the call price for the issues they surrender.
Those who elect to take only common stock will receive a slightly more
advantageous proposition from the standpoints of current market prices.
Following are the stocks for which the Midland company offers to exchange its securities, together with the basis of exchange:
Each share of the partic. pref. stock of the American company may be
exchanged for 1.5 shares of cony. pref. stock, series A,and 1.4 shares of the
common stock of the Midland company, or the alternative of 4 shares of
the common of the Midland company.
Each share of the prior pref. stock of the American company may be
exchanged for 1.5 shares of the cony. pref. stock, series A, and 1.6 shares
of the common, or the alternative of 4.2 shares of the common of the Midland company.
Each share of the common stock of the American company may be exchanged for 4.5 shares of the common stock of the Midland company.
Dividends on the common stock of the Midland company are payable
quarterly in common stock at the rate of 6%, or at the rate of six shares
per annum for each 100 shares held. Dividends are payable quarterly
on the convertible pref. stock,series A.at the rate of $3 per share annually,
or upon election by the holders, at the rate of 1-10th of a share of common
stock annually on each share held.
No fractional shares of the Midland stock will be issued in any of the
exchanges. Where a person is entitled to receive a fraction of a share,
a scrip certificate will be issued representing that fraction. These certificates
may be combined with other Midland scrip certificates to obtain an aggregate value equal to at least one share of the Midland stock, officials
of the company announced. The scrip certificates to be issued for fractional
shares will expire and become void six years after the date of issuance.
In order to take advantage of this exchange certificates of stock of
the American Public Utilities Co., should be delivered on or before Aug.
30 1930, either to the Midland United Co., or to Utility Securities Co.,
or to Insull, Son & Co., Ltd.,43 Thread230 So. La Salle St., Chicago,
-V. 131. p. 628.
needle St., London, E. C. 2, England.
-Merger.
New York State Electric & Gas Corp.
The merger of the Eastern New York Electric & Gas Co., Inc., into the
above corporation has been effected through the acquisition of all of the
outstanding shares of the former company, the step being authorized by
the New York P. S. Commission. This act completes the consolidation
and extinction of the Eastern New York unit, which now has no further
corporate powers.
Both companies are operating units of the Associated Gas & Electric
System, and, acording to a previous announcement, another subsidiary.
the Schuyler Electric Light & Power Co., will also be merged into the New
York State Electric & Gas Corp.
Concerning the acquisition of the Eastern New York company, it was
explained that the transfer of its stock was a formality to preserve for the
company any right or property that may still be held by the acquired unit.
("Gas Age-Record.")
-V. 131. p. 114.
New York State Rys.-Subs. to Discontinue.
p. 3539.
-New Construction.
New York Telephone Co.
.
The directors authorized the expenditure of 51,101.790 for new construothroughout the State at the regular monthly meeting held July 23, according to an announcement made by President J. S. McCulloh. This brings
-V.130
See Rochester & Eastern Ry. below.
the total appropriations since the beginning of the year to $62.959,885, of
which 352.561,785 has been provided for the extension of facilities in the
-V. 131. p. 628, 114.
metropolitan area.
-Creates New Issue.
Niagara Hudson Power Corp.
-
The stockholders on July 28 authorized the creation of 5,000,000 shares
of no par value preferred stock, to be issued in series at the discretion of the
directors, who also will designate the provisions of each series. This action
is In connection with previously stated plans to facilitate simplification of
the financial structure by eliminating subsidiary holding companies.
A proposal to increase the capital stock by the issuance of 150.000
shares of no par value employees' preferred stock, to be junior to all other
preferred stock and entitled to cumulative dividends at the rate of $6 a
share annually, was also approved. Each share would be convertible into
four shares of common stock until Jan. 11941.-V. 131, p. 271, 114.
North American Water Works & Electric Corp.Receiver.
See Atlantic Public Utilities Co. above.
-V. 129, p. 1122.
Northern Ohio Traction & Light Co.
-Deb. Called.
-
All of the outstanding 15
-year 635% gold debentures due Jan. 1 1941
have been called for payment Sept. 1 next at 10234 and int. at the City Bank
Farmers Trust Co.. 52 Wall St., N. Y. City.
Temporary Franchise Agreement in Akron, Ohio, Extended.
An agreement has been reached between the Northern Ohio Power &
Light Co. and the City of Akron. 0., to extend the city franchise for a
period of 19 months from Sept. 1 1930. The present schedule provides
for an 8
-cent fare where exact change is provided, otherwise 10 cents;
AUG. 2 1930.]
FINANCIAL CHRONICLE
seven tokens are sold for 50 cents, and a book of 16 tickets for $1. Express
bus service at a fare of 10 cents is provided.
After months of negotiations an agreement was recently reached in the
Canton, Ohio, transportation situation. Two companies, one the Canton
Traction Co. and the other the Canton Motor Coach Co., are to supply
the city with transportation. The Canton Traction Co. takes over part
of the lines formerly operated by the Northern Ohio Power & Light Co.
The agreement provides for an exchange of free transfer between the two
companies. The fare is to be 7 cents cash. 8 tickets for 50 cents, with a
5
-cent school ticket. The Oxford Avenue, the Mahoning Road, and the
Bryan Avenue lines operated by Northern Ohio company are abandoned
under the arrangement. Two tracks are to be taken off the Public Square
and the loop known as the Cleveland Avenue-Fifth Street-Tuscarawas loop
used by Stark Electric Co.'s interurban cars Is abandoned. The Stark
Electric carr. will turn from Cleveland into Tuscarawas and then back to
the Square. In lieu of the Northern Ohio company being required to
remove its abandoned tracks, the city is to receive a lump stun of $100,000.
Bus service by the Canton Motor Coach Co.is to supplant the abandoned
lines and the Coach company is to cease operating louses parallel to the
East Tuscarawas line, which is to be operated by the Canton Traction
Co. Other lines to be operated by the Traction company are the Navarre
Garfield Avenue, Lake line. and the West Tuscarawas line.
service from the Puolic Square of Canton to the Public Square of Suburban
Massillon
is to continue. Whether this suburban line will be taken over by the
Canton Traction Co. is a matter yet to be determined. The Canton
Traction Co. is not a subsidiary of the Northern Ohio Power & Light
Co.
-"Electric Ry. Journal."
-V. 122. p. 1763.
Ohio Edison Co.
-Bonds Offered.
-An issue of $18,834,-
500 1st & consol. mtge. gold bonds, 5% series due 1960, is
being offered at 98 and int., to yield over 5.13%, by Bonbright & Co., Inc.
Dated Aug. 1 1930; due Aug. 1 1960. Interest payable F. & A.
office or agency of the company in N. Y. City. Red. at any time,at the
at
option of the company, in whole or in part, on at least 30 days' noticethe
at
105 prior to Aug. 1 1937 and at g of 1% less for each full 12 months'
elapsed after July 31 1936 up to and incl. July 31 1955; thereafter at period
100It
to and incl. July 31 1958, and thereafter until maturity at 100: plus
up
int. in each case. Denom. $1,000 and $500 and r* $1,000 and $5.000 and
authorized multiples thereof. Company will agree to refund upon timely
application the Penn.4 mills tax to holders resident in that State. Bankers
1.1st Co., New York, trustee.
-Authorized by The Public Utilities Commission of Ohio.
Issuance.
Data from Letter of B. C. Cobb, Pres. of the Company.
Business.
-Company is a consolidation of The Pennsylvania-Ohio Power
& Light Co., Northern Ohio Power & Light Co.. The Ohio Edison Co.
(Springfield), The Akron Steam Heating Co. and The London Light &
Power Co. and will presently acquire the physical assets of Ohio
Edison Co. and The Ohio River Transmission CO. These companiesRiver
have
conducted for a number of years and electric light and power business in
Akron. Youngstown and Springfield and now furnish electric service
additional communities in Ohio. The former transportation businessto 132
of the
company has been transferred to subsidiary companies. The uniting of the
electric light and power business into one operating company will result
in
increased efficiency and economy of operation and create an electric light
and power company having greater diversity of consumer use than
was
formerly possessed by any one of the individual companies.
-Proceeds from the sale of these $18,834,500 bonds,
Purpose of Issue.
together with the proceeds from the sale to Commonwealth &
Southern
Corp. of preferred stock and common stock for $19,600,000, will
provide
funds for the retirement of $23,434,500 principal amount of bonds, debentures and preferred stocks of the predecessor companies,for the acquisition
of
properties and for other corporate purposes,
[Of the properties owned and to be owned by Ohio Edison Co.]
1929.
1930.
Gross earnings (including other income)
$18.848,312 $19,398.558
Oyer.exp., maint.& taxes (excl. of Fed.taxes)-7,976.988
8.135.140
Net earnings
$10.871,324 $11,263.418
Annual interest charges on $68,074,000 bonded
debt(including this issue)
3,607,198
Net earnings as shown above for the 12 months ended June
were over 3 times the annual interest charges on all bonds to be 30 1930
outstanding including this issue,and after estimated provision for presently
retirement
reserve (depreciation) of $1.200,000 were over 23i times such charges.
Of the above gross earnings for the 12 months ended June 30 193096.7%
were derived from the sale of electric current, 2.2% from steam
heating
and 1.1% from miscellaneous sources.
Capitalization Outstanding with Public June 30 1930.
Utter Gbh% Effect to Consolidation and upon Completion of
Present
Financing.)
Preferred stock, no par value:
$5.00 series
1,909 sits.
WOO series
197,256 abs.
.60 series
24.64.2 sits.
.00 series
70.016 abs.
.20 series
mmon stock (no par)
1.434:920 shs:
*1st & consol. mtge. gold bonds 5% series,due 1960(this issue)
Underlying and divisional mtge, bonds due variously to 1957 $18.834.500
(closed mtges)
y49.239.500
*Exclusive of $18,834,500 of securities, adequate provision for
the
redemption or payment of which has been provided for in
the present financing. y The $49.239,500 underlying and connection with
divisional mortgage bonds comprise: $19,000.000 1st & ref. 54% bonds of
PennsylvaniaOhio Power & Light Co. due July 11954: $7.474,500 gen. & ref. 6%
bonds
of Northern Ohio Traction & Light Co. due March 11947;$11,186,500
gen.
& ref. 51i% bonds of Northern Ohio Power & Light Co. due March
11951'
$4.302.500 1st lien & ref. 5% bonds of Northern Ohio Traction & Light
Co:
due dug. 11956;$2.218,000 let consol.4% bonds of Northern Ohio
Traction
&Light Co.due Jan. 11933;$995.000 1st consol.5% bonds of
Northern Ohio
Traction & Light Co. due Jan. 11933; $2,000,000 1st & ref. 5%
Ohio Edison Co. due April 1 1957: $1.307,000 gen. & ref. 5% bonds of
bonds of
Springfield Light Heat & Power Co. due April 11933; $756.000
gen, consol.
bonds of Canton-Akron Consolidated lty due Jan. 1 1933.
rity.-On the retirement of all outstanding Ohio River
Edison Co.
let mtge. gold bonds, which will be called for redemption and funds
redemption of which will forthwith be deposited with the trustee for the
of the
mortgage securing said bonds, the 1st and consolidated
bonds will be secured in the opinion of counsel by direct firstmortgage gold
mortgage on a
modern steam electric generating station on the Ohio River near
Toronto,
with a present installed generating capacity of 186.700
h.p. and on
miles of four-circuit high tension steel tower transmission lines, which 39
have
an aggregate value in excess of the principal amount of this issue.
The 1st
and consolidated mortgage gold bonds will be further secured
by direct
first mortgage on other important fixed property and by direct
mortgage on
the entire balance of the fixed properties of the company, subject
lien of certain underlying divisional bonds outstanding with the to the
public
to the amount of $49,239,500 (exclusive of $1,018,000 principal
the payment of which will be provided for in connection with this amount,
and issued under indentures to be closed by provisions of the financing)
mortgage
as to issuance of additional bonds to the public.
Proyaertg.-The electric properties have an aggregate
capacity of 435,500 h.p. and will be interconnected to installed generating
form an important
part of the extensive interconnected superpower system which
links together practically all of the industrial centers of eastern and
northern Ohio
as well as the western parts of Pennsylvania and West Virginia.
is carried over more than 950 circuit miles of transmission lines Electricity
and 11.000
miles of distribution lines to 176.700 customers. The territory
served with electricity includes Akron, Youngstown, Springfield drirectly
and 132
additional communities in Ohio having a population in excess
of
Steam heating service is also supplied in Akron, Youngstown and660.000,
Springfield.
Transportation service to be rendered by subsidiary
companies
electric railway and bus service in Akron. electric railway service inincludes
and Sharon. Interurban railway service connecting Cleveland and Canton
Akron
with branches to Wadsworth. Ravenna, Alliance and Warren
Canton to Massillon and interurban motor bus lines throughout and from
the terriitipervision.-Company is controlled through ownership of
Wr
all of its
common stock by Commonwealth & Southern Corp. Its
operations
supervised by competent utility operators who,in conjunction with the are
local
787
executive management, have been responsbile for the development of the
properties to their present state of high operating efficiency.
Consolidation Approved.
The agreement of consolidation of the Pennsylvania-Ohio Power & Light
Co.. Northern Ohio Power & Light Co., the Ohio Edison Co., the Akron
steam Heating Co., and the London Light & Power Co. into a new company known as Ohio Edison Co. was approved by the stockholders of each
of the companies at meetings duly called and held. The Ohio P. U. Commission on July 2 1930 issued its order consenting to and authorizing the
consolidation and the agreement was filed with the Secretary of State of
Ohio, July 5 1930.
Under the agreement of consolidation the holders of the preferred stock
of the above companies are entitled to receive preferred stock of Ohio
Edison Co., share for share, in place of their old stock of like dividend rate.
All dividends on preferred stocks of the above companies have been or are
being paid up to July 1 1930, and as dividends on the preferred stock of
Ohio Edison Co. are cumulative from that date, payable quarterly, no
further adjustment of dividends is required.
Pursuant to the provisions of the General Corporation Act of Ohio, notice
is required to be and is hereby given that the holders of the outstanding
shares of the above named corporations are required to surrender and
exchange the certificates for shares held by them respectively for new
certificates of Ohio Edison Co. for the shares to which they are respectively
entitled, and the right of the holders of certificates so required to be surrendered to vote or receive dividends is suspended until compliance with
such requirement.
Stockholders are requested to forward their certificates, together with
transmittal blank properly filled out in the manner described therein, to
Charles H. Lahr, Secretary, 47 No. Main St., Akron. Ohio, whereupon
there will be forwarded to them certificates for preferred stock of Ohio
Edison Co. to which they may be entitled.
Calls Subsidiaries' Debentures.
In connection with its consolidation plans, the Ohio Edison Co. has called
for redemption $2,700.000 of ....ennsyIvania-Ohio Power & Light Co. 67,9
debentures due July 1 1939 and $2,2d4,000 of Northern Ohio Traction &
Light Co. 6J.% debentures due Jan. 1 1911.-V. 131, p. 271.
Ohio River Edison Co.
-To Retire Preferred Stock
Exchange Offer Made.
The company contemplates giving notice to the holders of all of its outstanding 7% pref. stock of the redemption of the 7% pref. stock in whole
on Oct. 11930, at 110 and diva.
The Commonwealth & Southern- offers to the holders of Ohio River
Edison Co. 7% pref. stock the privilege of exchanging each share of said
stock owned by them for one share of pref. stock, $6 series of the Commonwealth & Southern Corp. plus $10 in cash. If stockholders desire to take
advantage of this offer, they should forward their certificates for Ohio
'
River 7% pref. stock to transfer agent, the Commonwealth & Southern
Corp.. 120 Wall St., N. Y. City. Dividends accrue from July 1 1930 with
respect to both the 7% pref.stock of Ohio River Edison Co.and pref. stock.
$6 series of the Commonwealth & Southern Corp., so that no adjustment
of dividends is necessary. This offer will expire at the close of business.
Sept. 30 1930.
The preferred stock of the Commonwealth & Southern Corp. is listed on
the New York Stock Exchange, and application is being made to list
145,076 additional shares. 46.000 shares of which are reserved for exchange
offer mentioned above and 99.076 shares to be sold when, as and if the
directors determine.
The Commonwealth & Southern Corp., controls a group of operating
companies furnishing a diversified public utility service to more than
1.950 cities and towns, with a population estimated to be in excess of
7,800,000, located in 11 important industrial and agricultural States
Michigan,Ohio,Indiana,Illinois, Tennessee.Pennsylvania,South Carolina.
Georgia, Alabama. Mississippi and Florida. Some of the larger cities are
Grand Rapids and Flint, Michigan: Akron, Springfield and Youngstown,
Ohio; Evansville, Indiana;Peoria and Springfield, Illinois; Chattanooga and
Nashville. Tennessee: Charleston, South Carolina; Atlanta, Georgia; and
Birmingham (wholesale). Alabama. The industries in this territory are
many and varied and include the manufacture of farming implements,
furniture, food products, automobiles and their accessories, motor trucks.
foundry and machine shop products, radios, paper, steel and iron, tires
and other rubber goods, chemicals, cement, coal and coke, textiles and
numerous other products.
The following statements of capitalization as of June 30 1930. of the
Commonwealth & Southern Corp. and earnings give effect to complete
exchange.
Outstanding.
Southeastern Power & Light Co..6% debentures, due Sept.
$45119981:050000
1 2025
Penn-Ohio Edison Co.,6% debentures, due Nov. 1 1950._
8.000,000
do
515% debentures, due Feb. 1 1959
do
Preferred stock, $6 series, cumulative (without par value)._ 1,400,931 she.
34.011.010 shs.
Common stock (without par value)
Option warrants, entitling the holders to subscribe to shares
limlt
o( common stock at $30 per share at any time without
17,601.375
Note.
-The foregoing does not include $409.230,800 of subsidiaries'
funded debt and $200.236,373 (including $3,233.280 subscribed but unissued) of subsidiaries' pref. stock and minority holdings of $933,860 of
subsidiaries' common stocks outstanding with public as at May 31 1930.
The guaranty of $10,665.000 of such funded debt has been assumed by the
Commonwealth & Southern Corp.
Consolidated Earnings of the Commonwealth & Southern Corp.and Subsidiaries
for the 12 Months Ended June 30 1930.
$17461:S95056:424538
Gross earnings
Operating expenses, maintenance and taxes
$75,050.793
Gross income
Fixed charges, including interest, amortiz. and earnings on
stocks of subsidiary companies not owned by the Commonwealth & Southern Corp
34.903.865
Provision for retirement reserve (depreciation)
9,095.149
Balance available for dividends. &c
$31,051,782
Annual dividend requirement on 1.400.931 shares of preferred
8.405,586
stock. $6 series
Balance of earnings, as shown above for the 12 months ended June 30
equal to more than 31i times the annual dividend requirement
1930 was
-V. 130. p. 4239.
on 1,400.931 shares of preferred stock. $6 series.
-Bonds.
Pacific Northwest Public Service Corp.
Temporary 6% debentures, due March 1 1950. can now be exchanged
at the office of Harris, Forbes & Co.for definitive coupon bonds.
-V.130.
p.3711,3540.
-Bonds Sold.
-The National
Pacific Gas & Electric Co.
City Co.; Blyth & Co., Inc.; American Securities Co.; H. M.
Byllesby & Co., Inc.; E. H. Rollins & Sons and Peirce, Fair
& Co. offered July 28, at 963's and int., to yield 4.72% a
new issue of $25,000,000 1st & ref. mtge. 43'% gold bonds,
series F. The issue was oversubscribed the day of offering.
Dated June 11930; due June 1 1960. Interest payable J. & D. 111 New
York. Chicago or San Francisco without deduction of the normal Federal
income tax up to 2%. Denoms. e5 $500 and $1,000 and r* $1.000, $5.000
and $10.000 each. Red, all or part. on any int, date upon 60 days' notice
at 105 and int, if red. on or before June 11955. and thereafter at 100 and
int. City Bank Farmers Trust Co., New York, and American Trust Co..
San Francisco. (successor) trustees. Exempt from all personal property
taxes in California. All first and refunding mortgage gold bonds heretofore
issued are legal investments for savings banks in California, and application
has been made to have these additional bonds so certified. All such bonds
heretofore issued have also been legal investments for savings banks in
Mass., Maine, New Hampshire, Rhode Island and Vermont, and applIcation will be made to have these additional bonds listed as legal invest
moots in such states and in the states of Conn. and Mich.
Issuance.-Autherized by the California Railroad Commission.
788
FINANCIAL CHRONICLE
Data from Letter of A. F. Hockenbeamer, Pres, of the Company.
Company.—Organized in California in 1905. Is one of the foremost
public service corporations in the United States. Its properties, for years.
have been operated as a well co-ordinated system extending into 38 counties
of central and northern California, with an area of 61,000 square miles,
and a population of approximately 2.500,000. This territory includes the
cities of San Francisco. Oakland, Sacramento. San Jose, Stockton, Berkeley.
Fresno and approximately 350 other cities and towns, together with an
extensive and well populated rural area. The business is largely based
upon the development of the valuable hydro-electric power resources of
the State of California, the first water-power installation of the system
having been made 33 years ago. Company is now engaged in the introduction of natural gas, of which an ample and well assured supply is available,
to substantially all of the cities and towns on its system formerly served
with artll'Icial gas. Climatic conditions in this territory are unusually
favorable to the use of gas for heating purposes, and the Immediate and
potential market for this fuel for industrial, commercial and domestic uses
is very large. It is confidently anticipated that sales of natural gas will,
within a relatively short period, far exceed the sales of manufactured gas
in the past. The electric business of the company or of its predecessors has
been in continuous and successful operation for 51 years, and the gas
buisness for 76 years.
Recent Acquisitions.—On June 12 1930, the company made important
additions to its system through the purchase from the North American Co.
of its controlling interest in the Great Western Power Co. of Calif. San
Joaquin Light At Power Corp., Midland Counties Public Service dorp..
and their subsidiary companies. This purchase was effected entirely through
the issuance of common stock. The acquired companies own and operate
interconnected electric generating systems with an aggregate installed
capacity of 553.891 h.p. and 13,584 miles of transmission and distribution
lines serving a connected load of 1,373.400 h.p., together with a natural
gas distributing system in the lower San Joaquin Valley. They have an
aggregate gross revenue exceeding $23.000,000 annually and furnish service
to more than 178,000 customers. The acquisition of these California
public utilities, all of which operate in territory within or adjacent to that
already served by the Pacific Gas & Electric Co.. places the latter in control
of one of the largest interconnected electric and gas systems under single
management in the United States, having assets of approximately $650,000.000. and present gross revenues exceeding $87.000,000 annually. derived from service to upwards of 1,200,000 customers.
Properties.
Electric Department.—The properties of the present combined system
hydro-electric generating plants with an aggregate installed
embrace 47
capacity of 1,070,072 h. ri.,and 16 steam electric generating plants with an
installed capacity of 402,835 h.p., or a total generating capacity of 1472,857
h.p. Delivery of this power is accomplished through interconnection with
415 substations and 31.322 miles of transmission and distribution lines,
serving 717,661 customers with a connected load of 3,704,090 h.p.
The Pit River project, upon which these bonds are a first mortgage,
constitutes one of the company's major hydro-electric developments,capable
of enlargement in successive stages as required to more than 646,000 h.p.
of continuous electric energy. Four plants having a total installed capacity
of 225.925 h.p. are already in operation. These plants are interconnected
with the other properties of the system by means of 210 miles of 220,000
volt transmission lines. The uniform conditions of stream flow on the Pit
River are exceptionally favorable to dependable and economical water
power development.
Within recent years the company has also added substantially to the
capacity of its steam electric generating plants through the installation of
large additional steam turbine equipment of the most modern and efficient
type. The use of natural gas as a boiler fuel permits the production of
electricity in the company's steam stations at low unit cost, and these
plants constitute an important auxiliary to its hydro-electric installations.
Gas Department.—During 1929, the company completed its first natural
gas transmission line from the Kettleman Hills and Buttonvrillow gas fields
to the San Francisco Bay region. A second trunk line to Richmond, Calif..
owned equally with the Standard Oil Co. of Calif. was recently placed in
'
operation. These two lines, which are respectively 22 inches and 26 inches
in diameter, will enable the company to transmit for its own account 135.000.000 cubic feet of natural gas daily. The construction, with a relatively
small additional investment, of intermediate compressor stations will increase this daily capacity to 250.000,000 cubic feet. The future expansion
of this business should therefore be accomplished without a corresponding
increase in fixed charges. Before the close of 1930, the company will have
erconnected natural gas transmission and distribution system exan int
ceeding 6,500 mlles and reaching more than 97% of its 491.000 gas customers.
Other Deparimenis.—Company also operates the street railway system
serving the City of Sacramento, domestic water supply systems serving 29
communities, and steam heating systems in the San Francisco Bay area.
These minor departments, however, represent only 2% of the company's
gross business.
Purpose.—Proceeds of this issue will be utilized in financing the company's large construction program and to retire certain bond issues bearing
resultant saving in annual
a higher interest rate than these bonds, with a past four years aggregating
the
fixed charges. Construction expenditures of entirely from the sale of stock
have been financed
upwards of $84.700.000
and from working capital. no bonds having been sold, except for refunding
purposes, since April 1926.
Security—Direct first mortgage on the Pit River Power plants and high
the
Power
tension transmission lines and all other properties ofGas Mt. Shasta Co. in
& Electric
Corp. a subsidiary, which joined with the Pacific
execution of the mortgage. The 1st & ref. mtge. is also a direct mortgage
On the properties of the Pacific Gas & Electric Co. now owned or hereafter
mortgages.
acquired, subject to the prior liens of underlyinghas been closed as to the
The company's general & refunding mortgage open to the extent that
additional bonds to the public but Icept
issuance of
bonds shall be issued under it and pledged with the trustees of the first 6z
refunding
refunding mortgage. Under this provision:$59,598,000 general &mortgage,
mortgage bonds are now pledged under the first & refunding
representing more than 62% of all general & refunding mortgage bonds
issued and outstanding.
Capitalization as of May 31 1930 (Adjusted to Gire Effect to This Financing
and to Issuancefo Common Stock on June 12 1930). $96,146.032
Common stock—Issued and subscribed May 31 1930
45,625,000
Common stock—Issued to North American Co
88,184,257
Preferred stock—Issued and subscribed
First & refunding mortgage gold bonds:
20,000.000
Series B,6% due 1041
45,000,000
Series C. 5Si% due 1952
20.000,000
Series D,5% due 1958
35.000.000
Series E,434% due 1957
25,000,000
Series F.4%7 due 1960 (this issue)
a35,785,000
General & refunc1ng mortgage bonds
630,397,200
Underlying & divisional bonds
Bonds of affiliated companies (not assumed by Pacific Gas & 19.956,000
Electric Co.) whose earnings are included in statement below
a Does not include $59,598.000 of these bonds deposited with the trustees
of the 1st & ref. mtge. b In addition $15,050,100 underlying and divisional
bonds are held alive in sinking funds and $856,000 are in the company's
treasury.
Value of Properts.—The appraised value of the tangible properties of the
Pacific Gas & Electric Co.and its affiliated co's.(but not including properties recently acquired from The North American Co.) taken on the basis
This
of present day values exceeded $456,000,000 as of April 30 1930. water
appraisal includes nothing for recognized elements of value such asbut of
intangible character
rights, going value. patents, &c., items of an
large aggregate value with respect to these properties.
From the beginning fo 1925 to April 30 1930, the investment position of
the company's bonds was fortified through the addition of approximately
$141.110.000 to the physical assets subject to the lien of this mortgage.
During the same period the amount of outstanding bonds of the company
including all underlying liens but before giving effect to the sale of this
issue, increased only $33,531,000. This substantial increase in the physical
equity back of the company's secured obligations was brought about largely
by the issuance during the above period of more than $33,361.000 par value
of first preferred stock and $53340,000 par value of common stock. Company's policy of offering periodical subscription privileges to common
stockholders results in a continuing increase in the earnings and equities
supporting its senior securities. On the basis of present market quotations,
the equity above the funded debt of the company, represented by•the outstanding common and preferred stocks, is approximately $420,000.000.
Ownership of these stocks is distributed among 65,000 investors, of whom
more than 80% reside in the territory served.
[VOL. 131.
Earnings for Calendar Years.
Oper. Exp.,
Interest Charged
Gross
Net
Maint, Taxes
Earnings.
ee Rentals.
Earnings. to Operation. Balance.
1920....--$34,985,791 $23,457,640 $11,528,151 $4,511.251 $7.016,900
1922_ _
39.204,605 23.416.875
15.787.730 5,148,614 10.639.116
1924..--- 44,934,683
16,731.587 6,261,528 10,470,059
28,203.096
1926_ - _ 51,125,990 29,654,475
21.471,515 7,926,006 13,545,509
1928_ 61,788,079 31.759,205 30.028,874 10.130,901 19,897,973
1929- --- 64,820.894 31.247,790 33,573.104 9,848.565 23,724,539
-- 63.806,514
33,726.293 9,521.394 24,204,899
30,080.221
•12
1930•- months to May 31.
Note.—These earnings are exclusive of those of recently acquired companies, the income which, on the basis of 1929 results and before making
allowance for economies to be effected through consolidation, will
add approximately $4.400,000 to the net earnings available for the paYment of interest on the company's bonds.
The net earnings for the 12 months ending May 31 1930. as shown by
the foregoing statement were $33,726,293. Annual interest charges on
$231,138,200 bonds of the Pacific Gas & Electric Co. and affiliated companies (other than recently acquired companies) to be outstanding, including the present issue, amount to $11.690,458.
Gross earnings of the company are particularly diversified and well
balanced in their source, about 67% resulting from the sale of electric
light and power, for a variety of purposes, 31% from the sale of natural
and artifical gas, and 2% from minor activities.—V. 131, P. 629, 476.
Peoples Gas Light & Coke Co.—New Rates.—
The Illinois Commerce Commission has authorized this company,serving
Chicago and surrounding territory, to bill customers on a oasis of heat
units instead of number of cubic feet of gas consumed. The new rate
schedules have been entered in view of plans for early completion of a
$100,000,000 pipe line to transport natural gas from the Texas Panhandle
to Chicago.
The natural gas will have a greater heating power than the manufactured
gas now supplied by the company and the customer will use a smaller
volume of gas to obtain the same results, it was argued by the company
in its application.—V. 131. P. 476.
Public Utility Holding Corp. of America.—Stock
Offered.—Harris, Forbes & Co. and Albert E. Peirce & Co.
July 30 announced the offering of 500,000 shares of common
stock with warrants at the market. The distribution of this
security was discontinued in June pending, according to
Albert E. Peirce & Co., "the return of a normal general
security market in which the intrinsic worth of specific
securities will be more clearly reflected."
The corporation recently announced the acquisition of additional com.
stock in Central Public Service Co. and the sale of its interest in Federal
Light & Traction Co. to Cities Service Co. It has also announced its
entrance into the European utility field through the acquisition of substantial interests in L'Union Electricque Rurale of France, Westphalia
United Electric Power Corp. and Campagnie Grand D'Electricite du
Luxembourg.
The corporation's report for the first 8M months of its corporate existence, ended May 31 1930, showed a cash income after all charges, including Federal income tax, of $2,939,955. In addition to this amount, the
corporation received stock dividends in the amount of $594,710. This is
at the annual rate of approximately $1.48 per share on the average shares
outstanding for the period.
In addition to income producing securities the corporation had on
May 31, according to F. S. Burroughs, President, holdings of a book
value of $19,000.000 in securities not now paying dividends, but which
represented earnings potentialities of magnitude. The market value of
these securities, Mr. Burroughs further said, was in excess of book value.
which represented cost to Public Utility Holding.
The corporation's common stock is currently selling between 19 and 20.
It is listed on the New York Curb.—V. 131, p. 621. 471.
Radio Corp. of America.—Television Patents.—
The corporation has offered to its licensees for radio receiving apparatus
important enlargements of their licenses, according to an announcement
made by 0. S. Schairer, Vice-President in charge of patents. The new
licenses will permit these manufacturers to utilize the super-heterodyne
principle in radio telephone broadcast receivers, and also other types of
receiver circuits with respect to which the Radio corporation has patent
rights. In addition, the enlarged licenses will include rights for radio
broadcast television receivers, and apparatus for reproducing pictures and
talking pictures for use in homes.
"Although of the opinion that television apparatus has not yet been
developed to the stage where it is practical for general use in homes,"
Mr. Schairer stated, "we have decided to extend our licenses at this time
to include such apparatus because of its relation to radio telephone broadcast receivers and in order to stimulate the further development of this art.
We are also ready to share with our licensees our patent rights pertaining
to talking pictures for the home, as well as the super-heterodyne, superregenerative and other types of radio telephone broadcast receivers.
'By extending to radio manufacturers the results of extensive research
and development work, we believe that a healthy sirnulus will be given te
the further development of the radio art."—V. 131. P. 115.
Rochester & Eastern Ry.—Discontinues Trolley Line.—
Trolley service on the railway operating between Rochester and Geneva
N. Y. has been discontinued on an order of the Federal Court of Western
New York. Application for discontinuance because of daily losses in
:!
,e
1 1 chticontrwita trr n rurt gte reeive atfor the New
13ira ons
ll e irs te
so i edia la su i
r e
edic 1903
was
Operates 44.84 miles of track. The order does not permit dismantling of
the property until adjudication of the receivership.
In
Rockford (Ill.) Beloit & Janesville RR.—May Suspend.
See Central Public Service Corp. above.—V. 125, p. 2811.
Rockford & Freeport (Ill.) Electric Ry.—May Suspend.
See Central Public Service Corp. above.—V. 79, IL 1462.
Saxon Public Works, Inc. (Aktiengesellschaft Sachsische Werke), Germany.—Notes Offered.—An issue of
$10,000,000 5% guaranteed gold notes is being offered at
975' and int., yielding 6.35%, by the National City Co. and
Lee, Eigginson• & Co. Unconditionally guaranteed by the
Free State of Saxony as to principal and interest by endorsement on each note.
Dated July 15 1930: due July 15 1932. Interest payable J.& J. Denom
$1.000. Principal and int. payable in N. Y. City, in U. S. gold coin of
the standard of weight and fineness existing July 15 1930, at the head
office of The National City Bank of New York, trustee, without deduction for all present or future German taxes, stamps, or other duties, or
public charges of any kind whatsoever. Principal and interest will also
be collectible, at the option of the holder, at the city office of The National
City Bank of Now York, in London, Eng.. In pounds sterling, in each
case at the then current buying rate of the said bank for sight exchange on
N. Y. City. Redeemable as a whole or in part, at the option of the company, at any time, upon 30 days' notice. at 100 and interest.
Data from Letter of Messrs. Hille & Dr. Foerster, Managing Directors.
Business and Properties.—Company owns and operates one of the most
extensive and modern electric light and power systems in Germany. Its
field of operation, which embraces practically the entire State of Saxony
as well as certain adjacent territory, has an area of about 6,950 square
miles and a total population of over 5.000,000. Company obtains over
00% of its net operating revenue from its electric light and power business.
and the balance is derived from the sale of coal and coal briquettes. This
latter business, uhich is conducted on a profitable basis, has been developed primarily for the purpose of increasing the company's coal production by means of which the unit cost of fuel for its power plants has been
substantially reduced.
The greater part of the electric output of Saxon Public Works, Inc., is
sold to distributing companies and municipalities under long-term wholesale contracts. On this basis, the company supplies approximately two-
Aua. 21930.]
FINANCIAL CHRONICLE
789
thirds of the electric light and power requirements of Dresden. the capital
Note.
-In addition the company had as of Feb. 28 1930
of Saxony, with a population of 630,000. and of Leipzig, with a popula- liabilities representing guarantees endorsements &c. in thecontingent
aggregate
tion of 690,000. The largest of the distributing companies to which amounting to $1 762 239.
Saxon Public Works,Inc.,sells power is Sachsische Elektrlzltats-UeferungsEarnings for Calendar Years1927.
1928.
1929.
Gesellschaft(S.E.L. G.)in which General Electric Co.,Germany (A.E. .) Gross
earnings incl. non-oper. income_$10,974.254 $13.013.769 $14,662,808
and Elektra. Inc., each control a 50% stock interest. Elektra, Inc., is
7,286,181
7,848.734
controlled by Saxon Public Works, Inc., through ownership of 81% of Oper.exps.,current maint. & taxes_ _ 6,357.416
is outstanding stock, and in turn Elektra, Inc., controls numerous other
Net earnings before reserves for
smaller distributing companies. Thus Saxon Public Works, Inc., is
depletion and depreciation
$4,616.837 $5,727,588 $6,814.075
enabled to exert a strong influence and in many instances managerial conThe above earnings reflect no benefit from important property of Saxon
trol, over the more important retail distributing companies operating within
Public Works, Inc., only recently placed in operation: in addition the
Its territory.
A bill of law has been introduced by the Saxon State Government pro- company has a substantial investment in property now under construction.
viding for an increase in the capital stock of Saxon Public Works, Inc. The net earnings of $6,814,075 for the calendar year 1929, as shown above,
and authorizing the company to issue such additional stock to the various compare with interest requirements of $2,709.221 on the total funded
Political sub-divisions of the State in exchange for electric distribution Indebtedness as of June 30 1930, including this issue.
systems, power plants, rights. &c. Complete realization of the program
Value of Properties.
-As of Feb. 28 1930 the book value of the operating
will Involve an increase of approximately 100% in the outstanding amount properties of the company (exclusive of coal reserves referred to above)
of capital stock of the company, and will give to the company control of was in excess of $70,000.000.
practically all the remaining municipality owned electric distributing
[Conversion into United States currency has been made at the rate of
properties within its territory. As a result of such consolidations, the 4.2 Reichsmarks to the Dollar.)
--V. 130, p. 974.
company will not only acquire additional outlets for its power, but will
Southwestern Bell Telephone Co.
also substantially increase its retail distribution of electric energy.
-Earnings.
The electric generating stations of Saxon Public Works. Inc., now in
6 Mos. End. June 30-1930.
1929.
1928.
operation, have an aggregate capacity of 535,000 h.p., an increase of about Gross revenue
$43,519,899 $41,930,725 $37.826.532
175% during the past four years. The stations include two at Hirschfelde, Operating income
10.819,462 11.148,867 10,100,833
in Eastern Saxony, with an aggregate capacity of 195.000 h.p. and a -V. 130. p. 3161, 2392.
plant at Bohlen. in western Saxony, recently constructed, in which units
Southwestern Natural Gas Co.
have been installed to date with a total capacity of 281,000 h.p. The
-New Officer,
Bohlen plant is one of the most modern and efficient thermal electric staL. C. Farley, Manager, has been elected Assistant Secretary.
C.
tions in existence. The boiler plants at this station are designed for the
Construction of the new 112
-mile high pressure pipeline was commenced
utilization of pulverized coal. The stations at both Bohlen and Hirsch- June 1, with four crews working, one each at the Tulsa and Muskogee
felde are located immediately adjoining the company's coal fields, referred ends and two at river crossings. The Muskogee branch is scheduled for
to below, and at Bohlen one of the largest mine dredging bridges in the completion Sept. 1 and the entire line a month later.
-V. 131. p. 272. 116.
world has been constructed.
Standard Gas & Electric Co.
During 1929, a subsidiary company, owned jointly with the City of
-Opinion Filed.
Dresden, completed construction of a hydro accumulation plant located
An opinion has been filed in Chancery Court at Wilmington. Del., denyIn the vicinity of Dresden. During off peak periods of power demand, ing the application of the minority stockholders of this company for a prewater is pumped into storage reservoirs above this power plant. The liminary injunction enjoining the consummation of the purchase
of the
water thus stored is used during periods of peak demand to generate elec- assets of Standard Power & Light Corp. by the Standard Gas & Electric
tric power. The maximum storage capacity of the reservoirs is 70.600,000 Co. Date for the hearing of the application for a permanent injunction is
cubic feet, sufficient under the given conditions to generate approximately to be set later. An opinion also was filed refusing the application of the
560,000 kwh. of electric energy. The plant is now in operation with an minority stockholders for leave to amend their bill of complaint to include
nstalled capacity of 93,000 h.p. which will eventually be increased to the U. S. Electric Power Corp. as a defendant.
187,000 h.p. The hydro accumulation plant is located in the very center
The complainants allege that the Standard Gas company purchased the
of the company's system, whereas the thermal electric stations are located assets of the Standard Power corporation at an excessive price and that as
at the mines at the eastern and western extremities. This plant, there- a result the value of the common stock of Standard Gas has been impaired.
fore. in addition to insuring continuity of service to the City of Dresden.
John J. O'Brien, President of Standard Gas & Electric
the principal load center of the system, permits a more uniform utilization
of the transmission and thermo electric generating facilities throughout Co., July 29 made the following announcement:
the twenty-four hours of the day.
By a decision filed yesterday, Chancellor Wolcott of the State of Delaware.
The company's transmission and distribution system has a length of refused to allow a preliminary injunction to four minority
stockholders
3,573 miles including 359 miles of 100.000 volt lines, practically all double of Standard Gas & Electric Co. who brought suit to set aside its
circuit, extending the full length of the State of Saxony. In the central of 94% of the outstanding common stock of Philadelphia acquisition
part of the State not far from Dreeden, and also in the northwestern sec- acquisition was consummated as a result of the authorizationCo. This
of stocktion, the company's system is connected with that of Elektrowerke, owned holders in January of this year when it was voted by the vote
of 1,132,681
by the German Reich, while in the southwestern part of the State the shares of common stock owned by over 6,000
stockholders, against the
high tension lines will connect with those of the Bavarian hydro-electric opposition of 11,293 shares owned or controlled by the four
minority
plants.
stockholders, who then went into the Delaware Chancery Court to enjoin
The following table shows the steady increase in the volume of electric Standard Gas & Electric Co.from molder any disposition of the
Philadelphia
current sold during the past eleven years by the company or the predecessor Co. common stock acquired by it.
department of the Saxon State:
United States Electric Power Corp. Not Party to Suit.
Calendar
Current Sold Calendar
-With
Current Sold
Year.
(It'. W. H.) Year.
(K. W. H.) reference to the statement made public July 29 by Standard
1919
60,696,567
1925
471.007,574 Gas & Electric Co., the following announcement was
made
1920
76,173,885
1926
503,214,873
1921
142,972,492
1927
659,711,394 by Victor Emanuel, President of United States Electric
1922
236,289,930
1928
785,872,955 Power Corp.:
1923
281,173.685
1929
916.904,763
At the same time that the Chancellor denied the motion by the minority
1924
347,855.315
Electric Co.
Electric current sold by the company during 1929 showed an increase stockholders of Standard Gas & -Standard for an injunction with reference
Power & Light reorganization
to the Standard Gas & Electric
of about 16.7% over the calendar year 1928. Although general
economic effected in January 1930, he also denied the motion by the minority stockconditions in Germany have not been as favorable during 1930 as in
holders to add United States Electric Power Corp. as a party defendant
sales of power for the first six months of the current year show a 1929 to
the suit, upon the ground the minority stockholders had
slight
Increase over those of the corresponding period of last year.
not presented any facts to justify any charges of conspiracy made by
In spite of substantial increases during the past several years in
capacity of the company's electric generating plants, the demand the them that United States Electric Power Corp. had conspired with H. M.
&
for Byllesby k Co. and Ladenburg,
electric current within its territory has far exceeded the company's pro- transactions between Standard Gas Thalmann andCo. to bring about the
k Electric
Standard Power & Light
duction, with the result that it has been necessary to purchase large quan- for their
-V. 131. p. 476.
own particular benefit.
tities of power from outside sources. In 1926 the company
produced
67.2% of its total electric power output: in 1927. 70.4%; in 1928, 78.7%,
Standard Power & Light Corp.
-Dividend No. 2.and in 1929. 81.7 h. At the present time approximately 50% of the indusA dividend of 50 cents per share on the common stock and common stock,
trial electric power used in the company's territory is supplied by isolated
generating stations operated directly by industrial companies. A large series B, was declared on July 30 for the quarter ended June 30. payable
part of this load, together with the increasing requirements, should even- Sept. 2 te holders of record Aug. 12. An initial distribution of like amount
tually be absorbed by Saxon Public Works, Inc., due to Its ability to pro- was paid on these issues on June 1 last -V. 130, p. 3151,3162.
duce large quantities of electric power at extremely low cost and to
-Acquisition.
Public Service Co.
such power under more favorable load factor conditions than can be deliver
Tann
obtained
by the individual industrial companies. In view of this situation,
The Tennessee RR.& P. U. Commission on July 26 approved the acquifact that the company Is still purchasing substantial quantities ofand the sition by the Tennessee Public Service Co. of the assets of the Knoxvilb
electric Power ii Light Co. The latter company owns transmission
power from outside sources, It. prospects for profitable expansion
lines and
are Poser plants supplying electricity and power service in Knoxville
most favorable.
and in
and other Knox County communities.
Coal Properties.
-One of the most Important assets of Saxon Public Works, Asbury, Bearden, Fountain Cityrailway,
motor bus and trackless trolley
It also operates an electric street
Inc., from an operating standpoint, is its ownership of extensive
"brown coach system supplying transportation in Knoxville and adjacent comcoal" fields which, became of their proximity to the steam
generating munities.
stations, low cost of mining and practically Inexhaustible supply,
offer
The Cemmission's order also approved acquisition of the Jefferson
virtually a natural source of power, in certain respects
analogous to a City-Newpert transmission line and the Arlington-Edgewood transmission
hydro-electric development. 'the coal fields cover an area of
approxi- line within the corporate limits of Knoxville.
mately 83,000 acres and the deposits, have been estimated by
independent
Approval was given the proposed issuance of 27,000,000 of 1st & ref.
experts to aggregate 3.700,000,000 tons (of 2,000 pounds each).
While it mtge. gold bonds, the proceeds to be used in the acquisition of the prophas been estimated that most other German "brown coal" reserves
will be erties and in the improvement of the service.-(Eashville "Banner.").
exhausted within 50 to 60 years, the company's mines are almost
tible and at the present rate of production should supply the Inexhauscompany
with cheap fuel for many centuries. Practically all of the
-To Transport Gas to Mexico.
Texas Gas Utilities Co.
reserves can be mined at very low cost by a sustem of company's coal
The work of laying the new Chittim Field-Eagle Pass natural gas pipeline
surface workings
which permits the use of continuous bucket dredging and
of this essmpany, a subsidiary of 1,:,e Appalachian Gas Corp., was comother labor- menced,
saving machinery. At the Bohlen plant there has been recently
c,
,
this week, according to las Holmes, chief engineer. Inception of
Installed operations inaugurates the second project in the company's main
a mine dredging bridge capable of handling over
pipeline
dredged material a year, calculated on the basis 350.000.000 cubic feet of construction program, the first being the Chittim Field-Devil's River line,
of 20 hours' operation a
day and only 225 working days In the year. The estimated saving
through which deliveries of natural gas were commenced last month to the
through new electric generating plant of Central Power & Light Co.
the operation of this bridge over the methods previously employed
amounta
y to more than $300,000 a year. As a result of the character
The line now being built will run through the new $6,000,000 maverick
and
of the deposits and the utilisation of labor-saving devices, coal is location County irrigation project en route to Eagle Pass, continuing on to the
delivered middle ef the International Bridge, where present plans call for the
to the company's adjacent plants at an extremely low cost
delivery
per unit of of natural gas in the city of Piedras Negras through a Mexican
heating value.
distributing
Output from the mines owned by the company has
continuation of the line by the company into Mexican
increased from comPaay, or else Negras is one of the more important
676,000 tons (of 2,000 pounds each) In 1917 to 4,208,000 tons
Mexican border
in 1929. territory. Piedras
About 60% of the output is used in the company's power
population of about 20,000 and a number of industries. At
Diann and cities, having a sources of heat are kerosene and wood, no gas being avail_
balance is either sold to industrial customers in Its raw
present the sole
;rased into briquettes In the company's modern plantsstate or Is cons- able.
and retailed in
the surrounding territory.
Present plans call for the completion of the new line by Sept. 1.-V. 131,
The "brown coal" deposits controlled by the company are
p. 272.
exceptionally
rich in volatile materials for this type of combustible, and the
coal lends
United American Utilities, Inc.
-Acquisitions.-itself readily to gas production and distillation proceeses. The
company
has undertaken a thorough Investigation of potentialities
Following a program of consistent expansion, thiscaocripf:c
is
inherent in these chased Important new additions to its Statewide system
deposits, which it is expected will lead to their more complete
of motor freight
and conse- lines already in operation. Through its subsidiary,
quently more profitable utilization. Saxon Public Works,
Freight Pught
has
,
Its tremendous coal reserves on It. books at a very low figure Inc.• carries Inc., all the equipment and transportation facilities of the followingLines
(about
c. have been acquired, thus materially augmenting the corporation's units
per ton). In addition, at the time of the establishment
freight
of the gold mark
balance sheet on April 1 1924. the company set up a
"store-door" delivery, city and inter-city hauling and shipping business:
On the basis of a very conservatively established price large coal reserve.
1. San Bernardino Transportation Co., serving Los Angeles, San Berper ton,
of the company's coal reserves alone considerably exceeds its total the value nardino and intermediate pointa.
indebtedness, including the present issue.
2. Boulevard Express, Inc., and subsidiaries,
Angeles
Purpose of Issue.-Procceds from the sale of the present
Oceanside and San Diego.
issue of notes points between
will permit the further expansion of the company's
3. Ojai Ventura & Los Angeles Express, serving Los Aliel
servingAngeles, Ventura,
i"
business
and
required by the rapid increase In demands for electric energy along lines
intermediate points.
and
throughout °Sat
its territory.
Angeles-Oxnard Daily Express, serving Los Angeles and points
:
.
norAhaef Santa le knng ewarxn till greaterve
ddttieu. /toiicatto Od , rd, inclusi fu
Capitalization (As of June 30 1930, and Including
Present Issue).
future growth, the
Common stock
corporation
$23,809 524 has made a very substantial initial payment on the Purchase
,
5% guar. gold notes, due July 15 1931: (this issue)
price or
Drayage Service Corp., which serves Oakland, San Francisco and surUnsecured internal loans
2 961 769
-year sinking fund 7% guar. gold bonds, due 1945 1°41° °°° rounding territories.
1st Mtge.20
Upon completion of these acquisitions. Pacific Freight Lines, Inc.
15.000.000
Gee.& ref. mtge. guar. gold bonds.6 % series due 1951
14,799,000 owned by United American Utilities, Inc.), will have gross annual (100%
InseellaweOus divisional mortgagee
earnings
225,882 of 68,056.488.-V. 130. D. 3880.
[VOL. 131.
FINANCIAL CHRONICLE
790
-Earnings.
United Light & Power Co.(& Subs.).
1929.
1930.
12 Months Ended June 30Gross earnings of subsidiary and controlled co's
$96,672,009 $91,752,986
(after eliminating inter-company transfers)
40,101,269 38,823,966
Operating expenses
6,136.587 6.206,351
Maintenance, chargeable to operation
8,160.632
7,975.321
Taxes, general and income
7,128.556
7,970,268
Depreciation
Net earnings of subsidiary & controlled co's-434,488.563
1,446.121
Non-operating earnings
$35,934,684
Total earnings
183,094
Holding company expenses
Interest on bonds, notes, &c., of subsidiary and
11,033,760
controlled companies due public
Amortization of bond and stock discounts of sub934.668
sidiary and controlled companies
Divs. on pref. stocks of sub. & controlled co's due
public and proportion of net earnings attributable to common stock not owned by company_ 9,372,522
Addressograph International Corp.-Earnings.-
-3 Mos. Ended- 6 Mos. End,
June 30'30. Mar.31 '30. June 30'30.
Net profit after deprec. taxes, subs.
preferred dividends, &c
$781.471
$455,477
8325.994
$31,433,481 Earnings per share on 520,000 shares
$1.50
common stock (no par)
$0.62
$0.87
195.920
-V. 130, p. 4241.
$31,629,402
Air Reduction Co., Inc.
--Listing.
127,386
The New York Stock Exchange has authorized the listing of 25.000 shares
of
11,767,137 in common stock (no par value), on official notice of issuance and payment
full, making the total amount applied for 871,292 shares.
The company proposes to issue up to 25,000 shares of capital stock, on
893,055
account of the purchase of assets of other companies for which it is now
negotiating and which may be acquired prior to Dec. 31 1930.-V. 131,
8,625,621 p. 631.
$14,410,639 $10,216,203
Gross income avail. to Un. Lt. & Pr. Co
2,953,347
2,910,705
Interest on funded debt
4,818
1.158
Other interest
117,009
126,863
Amortization of holding co. bond disc. & expense_
Net income
Class "A" preferred dividends
Class "B" preferred dividends
86 cumulative convertible 1st pref. dividends_
increase and in addition, we are receiving substantial orders from new
sources. From present indications the prospects for the second half are
very good -V. 131. p. 117.
811,381,768 $7,131,176
1,020,064
56,316
300,703
14,097
165,504
_ 3,356,913
Balance available for common stock dividends_ $7,954,442 85,644,905
$1.78
$2.40
Earnings per average sh. outstanding during period
-V. 131, p. 272.
-Fare Increase Sought.
Westchester Electric RR.
Period-
Ainsworth Manufacturing Corp.
-Earnings.
Period Ended June 30 1930Gross profits
Interest
Provision for Federal income tax
3 Mos.
$207,566
Cr7,847
25,642
6 Mos.
$365,020
Cr16,626
45,459
$336,187
Net earnings
$189,771
$2.06
Earned per share on 163,331 shares common stock_
$1.16
The balance sheet as of June 30, this year, shows total current assets of
$2,443,471 of which $989,199 was in cash. Total current liabilities amounted
$307,440, giving the company a current position of more than 7 to 1. Both
the cash and the current position of the company show an increase as
compared with the same pedod a year ago -V. 130, p. 3354, 3013.
Albany Perforated
-Changes
Wrapping Paper Co.
- Name.
The above company, the Yonkers RR. Co. and the New York West
cheater & Connecticut Traction Co. operating subsidiaries of the Third
See A. P. W. Paper Co., Inc. below.
-V. 130. p. 3880.
New York P.S. Commission for an
Avenue Ry., have applied to the '
Allied Kid Co.
Increase in fare to 8 cents from 5 cents.
-Earnings.
Application was made under Section 49 of the Public Service law on the
The company reports for 6 months ended June 30 1930 net earnings of
grounds that the present fare is inadequate and confiscatory of the com- $308.905 before Federal taxes, but after an inventory write-off of $109,000.
panies properties. The management states that the three companies have After estimated Federal taxes, these earnings were over 33.1 times dividend
shown deficits annually for many years. The companies operate lines in requirements for the period on tne $6.50 convertible pref. stock.
the southend of Westchester County in Yonkers, Mt. Vernon, the PelThe volume of goods sold in the first six months of this year showed an
hams and New Itochelle.-V. 107, p. 1921.
increase, but due to lower prices the dollar value of sales showed a decrease
of about 1%.-V. 129, P. 2684, 1593.
-Div.Inc
Power Light & Telephone Co.
Western
Aluminum Industries, Inc.
-Earnings.
The directors have also voted to increase the dividend on the class "A"
stock from $2 to $2.25 per share annually, payable quarterly. The directors
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
feel justified in voting this increase in dividends because of the rapid growth Not profit after charges
$125.113
of the company and the corresponding increase in its earnings, it is an8134.917
and depreciation
$71.010
1128.671
nounced. It will be the policy of the directors to vote further increased Earns. per sh.00 100.000
action.
$1.75
°dividends applicable to this stock if and when earnings justify suchdefinite
$1.35
abs. cap. stk. (no par)
$1.29
$0.71
The net earnings for the first six months of 1930 have shown a
Current assets as of June 30 1930 amounted to $1,277,879 against curIncrease over any other like period in the company's history. These earnings, rent liabilities of $591,962. This compares with $1,382,856 and $652,582,
from a
.coming from public utilities in the natural conduct of business, are
respectively, on Dec. 31 1929.-V. 130, p. 3355, 2774.
very dependable source and the directors feel much gratified at this showing
in this period when conditions in some sections of the country have been
American Bank Note Co.
-Earnings.
-V. 131, p. 116.
slightly below normal.
1930.
1927.
1928.
1929.
6 Mos. End. June 30
81.819,215 $1,862,122 $1,462,082 $1,241,167
- Net profits
Ry.-Bond Extension.
Worcester Consolidated Street
83,431
102,251
91,299
122,209
Miscellaneous income
The Mass. Department of Public Utilities has approved the agreement
between the company and holders of its bonds aggregating $4,805.000,
11,921,466 $1.984,331 $1,553,381 $1,324,597
Total income
.whereby maturity date will oe extended 10 years from Aug. 1 1930 to Other deductions
188,506
276,042
345,583
223,650
Aug. 1 1940, and all issues will pay 634% interest. Three series are in183,777
178,659
142,560
135,165
1
cluded: $1,489,000 1st & ref. 4,s, $1,200,000 debenture 5s due Nov.& Depreciation
1927. and later extended to Aug. 1 1930 at 6%, and $2,116,000 1st
81,461,648 11.460,089 $1,187,171 $1.000,923
Net profits
ref. 6.55s.
134,869
150.620
149.443
134,870
Preferred dividends(3%)
Approval was also given by the Department to an agreement between the Common dividends(10%) 652,531
593,401
593.430
494,525
company and bondholders of Worcester & Southbridge Street By.,*hereby
bonds will be extended 10 years
maturity date of the $500,000 gold coupon
$458,900
$717,215
$658,498
3371.529
Balance, surplus
ito Aug. 1 1940 and the interest rate increased from 6 to 63%.-V. 131, Profit and loss, surplus.. 8,412,922
7,734,507
6,758,819 6,970,397
,p. 477.
593,430
593,401
652,668
494.525
Shs. corn. outst.(par $10)
$2.21
$1.77
82.01
$1.75
Earns, per share on corn.
Consolidated Balance Sheet June 30.
INDUSTRIAL AND MISCELLANEOUS.
1930.
1929.
1929.
1930.
-All plants of the Ford Motor Co. in the Detroit
Ford Plants to Reopen.
5
8
Assets
.area, including plant of Lincoln Motor Co., are scheduled to reopen Aug.4. Land, bldgs., maPreferred stock... 4,495,650 4,495,650
to this affect through advertisements in last week's
Workers are notified
chinery, dee.___11,819,915 11,653.784 Common stock__ 6,526,680 5,934,300
local newspapers.
1,050
3,008,006 3,111,370 Com,stock scrip__
Inventories
Matters Covered in the "Chronicle" of July 26.-(s) Automobile financing Accts. receivable__ 1,001,426 1,573,820 6% Pref. stock of
auto.in May and the 5 months since Jan. 1, p. 539. (b) Big shrinkage in Bros. Def. Instal. on stk.,
foreign subsid__ 390,509
389,366
Butler
mobile production in June and the half year, p. 540. (c) cuts wages
10,352 Accounts payable,
sold to employ's 343,833
reduce merchandise prices, p. 547. (d) National Cash Registerof company Marketable Invest. 2,167,966 1,7132,016
tax reserve. admen-Head
10%, p. 547. (e) RCA-Victor Co. takes on 7,000
1,260,849 1,548.818
vances. &a
n Chicle Co. Com.stk. acquired
393,731
..says depression is false index of buying power--America
Pref. dive. pay
364,150
for resale to emvacation period at
.eruploying night force, p. 548. (f) Ford Motor Co. Co. cuts prices on
Special reserve,,.__ 783,252
704,210
118,260
ployees
Dearborn extended, p. 548. (g) American Woolen
8,412,922 7,734,507
107,332 Surplus
108,385
three Fall Contractors deposit
staples, p. 552. (h) Resumption of operations by and night Call loans
-Spring 1931
800,000
-Day
3.000 workers
River cotton mills results in return of
650,000
Co., p. Certif. of deposit
_shifts in two combines. p. 553. (I) Rayon prices cut by Viscose agree- Cash
2,531,551 1,673,630
as
553. (j) Strike in Butte ends-1,500 employes go back to work
304,970
-Export copper cut. Special reserves... 386,729
general
ment is reached, p. 556. (k) 11-cent copper
Total(each side)22,264,644 21,171,002
173,727
128,573
week in Birmingham, Deferred charges
P. 556. (I) 1,200 men called back to work ill pastWoody & Co. failure
- -V. 130, P. 3163, 2210.
developments in
Ala. district, p. 557. (m) Further
Ryder as part
L. A. Hold testifies he gave $300,000 to Harold Russell Chilean nitrate
American Brown Boveri Electric Corp. (& Subs.).
payment for membership in bankrupt firm, p. 577. (n) Sheet & Tube
-Youngstown
1927.
1929.
1928.
Earn.6 Mos.End. June30- 1930.
bill signed, p. 578. (o) Bethlehem Steel Corp.
G. Grace of
$140.948 def$29,425
$533,097 11,192,424
merger-Testimony in court proceedings show that Eugene p. 578. (P) Operating profit
124,175
162,328
239,000
Other income
72,618
Bethlehem has received 85,431,684 as bonuses Since 1925.
p. 579.
Transamerica Corp. shares listed on New York Stock Exchange,
Gross income
$209,575
$605,715 81,316,599
$303,276
Corp. asks listing on New York Stock Exchange,
(q) Marine Midland
541,882
568,872
Interest, deprec., &c__ 453,659
624,395
D• 579.
-Earnings.
Abbott Laboratories.
6 Months Ended June 30
Net profit after charges & Federal taxes
Earns, per share on 120.000 abs. corn.stk.(no par)_
-V. 130, p. 4609, 4241.
-Earnings.
Acme Steel Co.
Period End. June 30-Net profit after charges
deprec. & Fed. taxes_
Ohs. corn. stk. outstand.
(par $25)
Earnings per share...
-V.130, p.4419. 975.
1930•-3 Mos.-1929.
$385,807
$943,637
343,046
$1.12
274,437
$3.44
-Earnings.
Adams-Millis Corp.
1930.
$254,800
$2.12
1929.
$236,000
$1.96
1930-6 Mos.-1929.
8689,336 81.731.671
343,046
$2.01
274.437
$6.31
Net profit
Earns,per sh.00 387,256
shs.partic.stk.
(no par)
Earns. per sh.00 280.000
shares founders stock
(no par)
-V. 130, p. 3163, 1830.
$152,056
8692,204 def$238,606 def$359,297
$0.07
$0.98
Nil
Nil
$0.05
$0.73
Nil
Nil
-Owns Substantial Interest in British
American Can Co.
Can Shares, Inc.
-V. 131, p. 631.
See latter company below.
American Commercial Alcohol Corp.
--Earnings.
Period End. June 30- 1930-3 Mos.-1929.
Net profit after depre$268,343
ciation & Fed'I taxes_
$581
-v. 130, p. 4242, 3543.
1930-6 Mos.-1929
8175,931
$555.657
1929.
1930.
6 Months Ended June 30$442.060
$413,069
-Net profit after deprec. Federal taxes, &c
$2.32
$2.15
American Department Stores Corp.
-Sates Decrease.
sh.on 156,000 shs. corn.stk.(no par)Earnings Per
Decreased 1930-6 Mos.-1929.
-June-1929.
1930
.H. Adams,Pres, in a statement accompanying the report, says:
Decrease.
$927,561
867,160111,843,173 $4,923,642
'In the face of an almost continuous decline in commodity prices which $860,401
880,469
consider the showing -V. 131. P• 478.
had the effect of unsettling retail trade in general, we
we have made very gratifying,
American Fork & Hoe Co. Acquisitions-Reclassifica"An especially favorable factor in our business has been the large increase
in shipments reported during recent months. May shipments of $727.229 tion of Capitalization.
established a new high monthly record, and were 31.6% greater than
The shareholders on July 29 ratified an agreement providing for the
May, 1929, figures. June shipments showed an increase of 32.6% over
company of the property, assets and businesses of
June last year, while shipments for the first half of July were running 50% purchase by this and the Skelton Shovel Co., Inc., including the the Kelly
Axe ,Se Tool Co.
property,
ahead of the corresponding period of 1929
revealed by the consoli- assets and business which the Skelton Shovel Co., Inc., has acquired or
"The financial condition of the corporation as
to acquire from its affiliated company. the Canadian Shovel &
dated balance sheet at June 30 1930, certified by Messrs. Ernst & Ernst, contractedLtd.
continued strong. Working capital amounted to $20.74,558 which was Tool Co.,
The stockholders also voted to amend the articles of incorporation of the
slightly larger than at Dec.311929. Cash and marketable securities totaled
Fork & Hoe Co. so as to enlarge the purpose or purposes for
$1,087,623, which alone was over three times total current liabilities of American formed,and so;as to change the
authorized capital stock to 910,000
the $840,962 of notes which it is
$317,373. During the first six months of this year
shares, of which 850,000 shares shall be common stock, without par value
payable outstanding at the end of last December were entirely liquidated.
and 60,000 shares shall be preferred stock par $100 each,so and as to change
current ratio at June 30 1930. stood at 7.8 to 1.
The
"We commenced the second half of this year with a substantial gain in the terms and provisions of the pref. shares, and so as to change each share
..shipments. Business from our regular customers is showing satisfactory of common stock, par $100 now issued and outstanding, to 0 common
AvG..2 1930.1
FINANCIAL CHRONICLE'
'shares without par value, and so as to change each share of 7% cum. pref.
at**, now issued and outstanding, to 1 1-5 shares of 6% preferred stock.
-V. 131. P. 6 .
31
American Machine & Foundry Co.
-Listing.
-The New York Stock Exchange has authorized the listing of 1.000,000
shares common stock (no par value) on official notice of issue on and after
Aug. 1 1930, pursuant to a stock sprt•up to be issued in exchange for the
200,000 shares of common stock now outstanding on the basis of 5 new shares
for one old share.
-V. 131,p. 117.
American Maize-Products Co.
-Earnings.
-
791
American Zinc Lead & Smelting Co.
-Earnings.
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net earns, before deprec.,
depict. & Fed'i taxes_
$202,233
$301,456
8428,565
$616,364
' The company estimates the profit for the quarter ended June 30 1930
at 8124,540 after depreciation and depletion, but before Federal taxes,
comparing with $128.639 in the preceding quarter, making total profit of
$253,179 for first half of 1930. Comparisons for corresponding periods
of the preceding year are not available.
-V. 131, P. 632.
American Writing Paper Co.,Inc.
-Semi
-Ann. Report.
-
The net earnings for the first half of 1930 of $248,512 compares with
$235,180 for the same period of 1929, and is equivalent after dividend requirements on pref. stock to 37 cents per share on the outstanding shares
of common stock.
"In most businesses," states Sidney L. Willson, President,in commenting
$814,263
$900,553
on the statement, "it will be found that from 60 to 75% of the profits
of 1929 were earned in the first six months. For the calendar year 1928
the net earnings of the company were 8278,000, representing an average
American Metal Co., Ltd.
-Smaller Dividend.
The directors have declared a quarterly dividend of 3734 cents per share of $23,000 monthly; in 1929 the net earnings were 8364,432, and an average
on the common stock no par value payable Sept. 2 to holders of record of approximately 830,000 per month over the year. The company's net
Aug. 21. From March 1 1927 to and including June 2 1930 the company earnings for the first 6 months of 1930 of 8248,512 represent an average
'paid quarterly dividends of 75 cents per share on this issue.
-V.130 p.3163. of about 841.000.
"This increase in monthly earnings in 1930 has been accomplished on
sales 10% less in volume compared with the same period of 1929, and under
. American Piano Co.
-Payment to Creditors.
less favorable business conditions, but has resulted from concentration of
Alfred C. Coxe in the Federal Court at New York has authorized product Into fewer mills, higher efficiency in operations and administration
Judge
the receivers to disburse a 50% dividend on claims of all general creditors and the increased sales of less competitive grades of paper."
-V. 130, p. 3715, 4053.
of the company.
Mr. Willson states that during the first six months of 1930 there has
been a
business
15% below the
American Pneumatic Service Co.(& Subs.).
-Earnings. averagerecognized depression in 1929 andof approximately10% below the
for the calendar year
approximately
6 Mos. Ended June 301930.
1929.
1928.
average for the last six months of 1929. Therefore, says Mr. Willson, in
Net income after all charges and taxes
$3,270
8271,250
$34,316 a comparison of the first six months of 1930 with the corresponding period
A statement issued in connection with the semi-annual earnings figures of 1929, due allowance should be made for the difference in business consays in part: "The general business depression with its attendant reduced ditions existing during the two periods.
"In my opinion," says Mr. Willson, "the bottom of our business depresprofit margin, which was so distinctly felt in the first quarter of 1930,
sion has been reached. and I believe a gradual improvement will materialize
showed no reduction in severity during the second quarter.
and continue into 1931, when the average volume of business will be reached
"The development program of the Lamson Co. is making satisfactory
progress. The efficiency and earnings of the Postal Tube companies have and maintained for a considerable period."
Earnings for Six Months Ended June 30.1930,
been maintained, while activity continuesin the promotion of mall tube
1929.
Net sales
$5,747,993 $6,442,742
systems between airports and post offices."
-V, 130, P. 3355, 2859.
Manufacturing cost of sales
4.801,430
5,436,029
Administrative and selling expense
504,178
577,153
American Reserve Insurance Co.
-Consolidation.
-Operating profit
The stockholders on July 29 approved a merger of this company with
$442,384
$429,559
the Re-Insurance Corp. of America. The merger will become effective Other income
57,628
62.381
when approved by the New York State Superintendent of Insurance.
Total income
$500.012
$491,940
See also V. 131, p. 117.
Income charges
58,607
60,709
Bond interest
162.177
163.980
American Rolling Mill Co.
-Obituary:
Reserve for Federal taxes
30,715
32,070
M. E. Danford, Vice-President in charge of the Chestershire, England,
Net profit
3248,513
3235,181
plant, died in London on July 27.-V. 131. p. 631, 273.
Balance Sheet June 30.
1929,
1930.
1930.
1929.
American Smelting & Refining Co.
-Listing.
Liabilities$
Assets$
8
$
The New York Stock Exchange has authorized the listing of 200,000 Cash
764,595 1,198,077 Accounts Payable_
303,982
387,069
shares 6% cumul.2nd pref. stock ($100 Par)
.-V. 131, p.631.
101,229 Accrued accounts. 135,595
Notes & accept'ces 130.979
133,702
1,064,664 1,221,060 Reserve for FedAccts. receivable
American Thread Co.
-Earnings.
eral taxes
2,090,482 2,002,017
Inventories
50.325
58,381
Years End. Mar, 31- 1929-30.
1928-29.
1927-28.
1926-27.
Plant & equipment11,655.840.11.418,702 Funded debt
5,848,100 6, 6,000
07
:Net profits
417,600 Capital stock
417,600
x9,278,572 9,278,5'72
$172,491 Investments
$1,309,053 $1,710,941 82.253,091
Employees' pension fund
83,638 Surplus
74,427
200,000
345,929
300.000
292,826
200.000
90,000 Prepaid expenses
Preferred divs. (5%)....244,994
2,537 Profit, current...._
2,488
246.042
248,512
244,990
235,181
244.901 Deferred taxes.Common div. (10%) -.
16,868
9,939
0
810, 00
Other def. assets
810,000
1.080.000(735)
Reserve for contingency
1
1
200,000
Trade marks,dm
Period End. June 30- 1930-3 Mos.-1929.
Net profit after chgs. &
depr. but before Fed.
taxes
$411.859
$348.534
-V. 130, P. 3355
.
1930-6 Mos.-1929.
Balance, surplus
$798,049 def$162.410
$85.951
$54.059
x After providing for bond interest, depreciation and taxes and reducing
the inventories at March 31 to cost or market value, whichever is lower.
Comparative Balance Sheet March 31.
1930.
1930.
1929.
1929.
Liabilities
Assets8
Property acct....3 10,241,865 10,256,981 Preferred stock... 4,890,475 4,890,475
,
Investments
3,119,416 3,165,720 Common stock_x10.800,000 10,800,000
Cash with trustees
22,387 1st m.gold bonds_ 4,000,000 4,000,000
6,402
Inventories....
6,006,812 8,566,140 Accts. pay.& accr.
Accts.& notes rec.. 2,115,623 2,392,452
charges
389,036
986,442
Prov. for Federal
State de municipal
notes and bonds 2,304,052
income taxes._
143,538
233,434
Cash
949,168 1,053,276 Accrued interest._
91,667
91,667
Deterred charges._
252,811 Unpaid diva. and
186,167
bond coupons__
6,402
14,367
Reserves
1,609,897 1,378,932
Total (ea. slde)_24,929,503 25,709,748 Surplus
2,998,489 3,314,430
x Represented by 1.200,000 shares of 810 par value stock of which $9 per
share is paid up. y After depreciation of 36,617,797.-V. 129. p. 799.
-100th Consecutive ComAmerican Tobacco Co., Inc.
mon Dividend-Also Declared an Extra Dividend.
-The
regular quarterly dividend of 4% ($2 a share) and an extra
dividend of 8% ($4 a share) have been declared on the
common stock and common stock "B" of the par value of
$50 a share, payable in cash on Sept. 2 1930, to holders of
record Aug.9 1930. An extra disbursement of 4% was made
on these stocks on Dec. 2 1929.
Split-up Approved-Stock to Employees.
-The stockholders
July 28 approved a proposal to split up the shares of
common stock and common stock B on a basis of two new
shares for each share held, to reduce the par value of these
shares from $50 to $25, and authorized the issuance of
common stock B to employees and officers. (See also V.
130, p. 4610.)
President George W. Hill says:
The earnings for 1930 will undoubtedly far exceed for the first time,
the
earnings before the dissolution.
ook be
I should like to emphasize the wisdom of our suggestion that our st
on a two-for-one basis, rather than perhaps on the basis of a greater
split
number of shares. The board has decided upon this recommendation after
much deliberation. We are advised that one of the mistakes made by many
large corporations in recent years has been the issuance of shares of stock at
such a low value as to stimulate speculation on the part of the general public.
Of course, if the company continues to prosper there is an opportunity for
consideration of a further split-up. V. 131, p. 632.
American Type Founders Co.
-Debentures Called.
-
-year 6% s. f. gold debentures,due
Two hundred fifty ($250,000) 15
Oct 1
1940, have been called for payment Oct. 1 next at 105 and int. at the Guar.
-V. 130, P. 2775,
anty Trust Co., 140 Broadway, N. Y. City.
American Utilities & General Corp.
-Balance SheetJune 3030. Dec. 3129.
June 30'30. Dec..31'29.
Liabilities
Assets
67,361 Accounts payable_
21,060
in banks__ 1,803,386
Cash
cost.12,768,154 6,436,065 Collateral loans
Investm'ts at
139,532
secured
Organization exps. 139,532
400,000
Accrued interest_
342
Accounts receivable
2,548
Reserve for Fed.&
State taxes
231,845
169,253
Capital stock____x13,024,278 5,193,700
Surplus earned_ 1,245,260
877,457
188,971
Total (each side)14,711,415 6,642,957 Capital surplul
s As follows: 163,608 preferred 83 cumulative (no Par), $6,544,320.
47,339 class A 133(70 cumulative ($20 par), $946,780; 1,528,777 class
(no Par), $5.533 178
. .
The income account for the 12 months ended June 30 1930 was published
in V.1131. p. 632.
16,211,016 16,461,730
Total
Total
16,211,016 16.461,730
x Represented by 89,266 shares (v t. c.) pref. stock and 188,077 shares
-V. 130. P. 3355, 2584.
v. t. c.) common stock, both of no par value.
Anchor Cap Corp.
-Earnings.
Six Months Ended June 30Gross manufacturing profit
Expenses
1930.
1929.
31,171,110 $1,114,893
529,388
524,251
Operating profit
Other income
$641,722
5.516
$590,642
Dr27,672
Total income
Federal tax
$647.238
72,103
$562,970
67,334
$575,135
Net profit
$495,636
230,758
Shares common stock outstanding
210.584
Earnings per share
$2.04
$1.71
Current assets as of June 30 1920 were $2,568,493, amounting to $4.42
times current liabilities -V. 130. p. 3355, 2966.
Anglo American Corp. of South Africa, Ltd.
-Over.Brakpan
Springs
West
Quar. Ended June 30 1930Working revenue
Working costa
Working profit
-17. 131. IS• 478. 118.
Mines, Ltd. Mines, Ltd. Spegs,Lid.
£411,953
£429,896
£231,603
279,834
236,797
180,526
£132,119
£193,099
£51,077
A. P. W. Paper Co. Inc.-Rights.'
Notice has been received by the New York Stock Exchange that the
stockholders of this company (formerly Albany Perforated Wrapping Paper
Co.) of record Aug. 4 will be offered the right to subscribe on or before
-year 6% convertible
Sept. 4 at par and interest from July 1 1930 for 25
notes to the extent of $6.25 principal amount for each share held.
Listing-New Name.
The New York Stock Exchange has authorized the listing on and after
July 24 of 156,000 shares of common stock (no par value) bearing the
name "A. P. W.Paper Co., Inc." on official notice of issuance in exchange
for a like number of present outstanding certificates for such stock bearing
the name "Albany Perfortated Wrapping Paper Co.
The name is being changed for the reason that at the time of the original
incorporation, July 19 1877, the business of the company was manufacturing
and selling perforated wrapping paper for general use in stores to wrap
Packages of various descriptions, and the name of the company was indicative of its products. In the course of its existence the company has discontinued the manufacture and sale of perforated wrapping paper and now
devotes its activities chiefly to the manufacture and sale of roll tissue, flat
tissue, and folded tissue for toilet and sanitary Purp_oses, and roll and
folded heavier papers for towel and sanitary purposes. During the development of its present business it has consistently carried on its advertising
and sales promotion using the letters "A. P. W.' and its Rod will among
its distributors and customers has been built as "A. P. W. to the extent
that at this time and for sometime past the company has been known
P. W. Paper Co." The stockholders on June 6 last approved as
the
-V. 131, p. 632.
change in name.
Atlantic Gulf & West Indies S.S. Lines.
-$1 Common
Dividend.
The directors have declared a dividend of $1 per share on the
stock, payable Aug. 30 to holders of record Aug. 11. A similar common
was paid 3 months ago, the first since Feb. 1 1921.-V. 130, p. dividend
3545.
-Earnings.
Autosales Corp.
Six Months Ended June 30
Gross earnings
Costs and expenses
Operating loss
Other income
Total loss
Other deductions
1930.
$706,977
x745,037
1929.
$609,136
581,209
$ 8,660 prof$27,927
3
324
$38.660 prof.$28,251
2.859
2,501
Net loss
$41.519
y$25,750
z Includes $35,310 which will be non-recurring
after 1930. y Profit
before Federal taxes.
--V. 130. D. 3545, 291.
792
FINANCIAL CHRONICLE
pros. 131.
1 of Bethlehem workers were about two-thirds of those under normal con1928.
! ditto:as. These earnings, he said, averaged about
f each man last
year. The rates
$1,942o
3801.983 I compared with of pay in the second quarter were 68.8 cents per hour, as
68.5 in the same period of last year.
Mr. Grace predicted, a rather general, but possibly slight improve$1.91
$1.22 I ment in business during the Autumn. He looked for an increase in railroad
buying and in steel for construction purposes. The steel requirements in
.
(&
Auto Strop Safety Razor Co.,Inc. Subs.) -Earns._ the sutomotive industry, he said, should also pick up in the Autumn.
The pipe and shipbuilding demand Is already at peak.
1928.
1927.
1929.
6 Mos. End, June 30- 1930.
Earnings for 3 and 6 Months Ended June 30.
Net income from opera.
Period End. June 30- 1930-3 Mos.-1929,
$420,529
3578.843
$538,148
1930-6 Mos.--1929.
before depreciation.... $1,002,479
55,297
49,625 Total income
56,322
69,791
$13,025,558 $18,069,082 $28,872.064 $33,314,553
Other income
Less interest charges__ 1,746.111
2,773,642 3,908,160 5.554,217
$634,141
$4470,154 Prov. for depen. ob$594.471
$1.072,270
Total income
solescence & deplet'n- 3,587.952 3,528.967
31,237
44,206
38,804
7,194,923 6.948.273
55,964
Miscellaneous deductions
1.338
15,648
3,824
1,947
Interest paid
Netincome
42,224
88.702
73,986
87,691,495 311,766,473 317,768.981 $20,812,063
Provision for deprec104.596
Less dim, on pref. stock
64,916
80,177
Income tax
131,561
66,920
of Beth.Steel Corp.,_ 1.750.000
1,750,000 3,500,000 3,500,000
Portion of earns. applic.
Common dividends__ _ - 4,800,000 3,600,000 9,600.009
5,400,000
to min. hold. of Autostrop Safety Razor,
g nsp perh.o ee riod
.
54,045 Rarur lusfor thnoin _ .: $1,141.495 $6,416.473 $44,668.981 311,912.063
pe
45,613
40,280
55,395
Ltd.,London
$9.38
/4.46
3276.392
$359,792
Unfilled orders on June 30 193.8
$722,808 .$370,656
Net profit
0
$1 to6taled $59.906.772, against $73.333,010
on March 31 1930 and $56.829.800 on Juno 8013
Earns, per share on class
5
3 .3928.
$3.15
$4.19
$4.24
$8.26
Operations averaged 69.3% of capacity during the June quarter as
A stock
compared with operations of 80.8% of capacity for the first 3 months of
-V. 130. p. 3165, 2585.
the year, and operations of 100.6% of capacity during the second three
- months of 1929.-V. 130,p.3546, 2967.
-Earnings and Sales.
Axton Fisher Tobacco Co., Inc.
The company reports for the first six months sales more than 25% in
B-G Sandwich Shops, Inc.
excess of the corresponding period of 1929. Net earnings have shown an
-Sales.
even greater increase and were more than 60% ahead of the first six months
4 Wks. End. Year to Date
of last year. Increased production has materially lowered manufacturing 193Y0earJuly li 1930.July 18 1930.
-V.130.p.4054.
costs and accounts for the increasing ratio of profits to sales.
$233.461 $1.960,618
1929
1.810,835
231,395
-Tenders.
Baldwin Locomotive Works.
Increase
The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
3149,783
$2,065
bids for the sale to it
July 4 came on Friday this year. resulting in many businesses, and some
trustee, Philadelphia, Pa., will until Sept. 9 receive
-year gold bonds to an amount sufficient to B shops being closed 3 days,from Thursday to Monday.
-G
-V.130. p.4612.
of 1st mtge.5% sinking fund 30
exhaust 3939,692.
(The) Bon Ami Co.
-Regular Dividend.
Consolidated Statementfor6 Months Ended June 30 1930 (including operations
The directors have declared the regular quarterly dividends of $1 per
of Baldwin Locomotive, its wholly owned subsidiaries, Standard
share on the class A stock, payable Oct. 30 to holders of record Oct. 15
Steel Works Co. and Southwark Foundry & Machine Co. and
and 50c. per share on the class B stock, payable Oct. 1 to holders of record
Midvale Co.,in which Baldwin owns 53.1% of capital stock.)
326,241,383 Sept. 24. In addition to the regular dividend on the "A" stock an extra
Sales
23,018,314 disbursement of 81 per share was made on July 30 and Nov. 13 1929 and
Cost of sales
on July 31 1930, and an extra of 50c. per share was made on the "B" stock
$3,223,068 in January of each year from 1927 to 1930, on July 1 and Nov. 13 1929 and
Operating profit
34,226 on July 1 1930.-V. 130, p. 4054.
Dividends received
505.475
Interest and miscellaneous income
-Sale of Plant.
Borden's Farm Products Co., Inc.
The Myers Plate Glass Co. has purchased from the above company the
$3,762,771
profit
Total
building it has occupied for many years at 311-319 East 117th
624,543 three-story
Interest
107,111 St., on a plot 125 by 100.11 feet, between First and Second Ave.. N. T.
Miscellaneous expenses
-V. 129, p. 28.5.
845,000 City.
Provision for depreciation
128,100
Provision for Federal income tax
250,118
Borg-Warner Corp.-Earnings.of minority stockholders of Midvale Co
Equity
1930-6 Mos.-1929.
Perioa End. June 3()- 1930-3 Mos.-1929.
$1,807,897 Net profit after charges.. $1,278,560 $2,702,434 -32,375.371 $4,554,427
Net profit available for dividends
700,000 Shares common stock outDividend on preferred paid July 1 1930
744,257
737,630
744,257 1,230.753
standing (par $10)___ 1,230,753
Dividend on common paid July 1 1930
$5.95
$1.82
$0.98
$.S4
Earnings per share
$370.267
The balance sheet on Juno 30 1930 showed current assets of $19,286,404
Balance to surplus
$1.31 and current liabilities, including reserve for Federal taxes and accrued
Earnings per share on 843,000 shares common stock
dividends, of $4,654,142. a ratio of 4.1 to 1, which compares with a 3.6 to
-V. 131, p. 275.
1 current ratio on March 31.
-Probable Acquisition.
Beatrice Creamery Co.
The item of cash, call loans and marketable securities on June 30 totaled
The Liberty Dairy Product. Corp., Pittsburgh, Pa., may be taken over $8,196.423, equal to $1.76 for each dollar of current liabilities and repreare examinby the Beatrice Creamery Co.of Chicago. Auditors ofthe latter be consum- senting a gain of $552,982 since March 31 and a gain of 8846,021 since
Jan. 1.-V. 131, p. 118.
ing the books of the Liberty company and the entire deal may
mated within two weeks.
-Organised--American Can
British Can Shares Inc.
The basis of exchange is reported to be 3 shares of Liberty common for
retain its
one Beatrice share. It is expected the Liberty concern would"Financial Co., Entering Foreign Field, Holds Substantial Interest in New
corporate identity should a merger be concluded. (Philadelphia
Corporation.
-V. 131. p. 479.
Journal").
Organization of the British Can Shares, Inc. (Incorporated in Del.
-Reduces Dividend.
July 17 1930), announced July 26, reveals that for the first time in its hisBelden Mfg. Co.
on the tory the American Can Co. is to act in an advisory capacity and have a
A quarterly dividend of 75 cents per share has been declared
in a European company manufacturing cans,
stock payable Aug. 15 to holders of record Aug. 10. Previously the com- substantial stock interest Co., Ltd.
-V.116 p. 1055.
known as the British Can
paid quarterly dividends of $1.50 per share.
pany
British Can Shares, Inc., has elected the following officers: Pres., Henry
-Annual Report.
Willis Phelps, Pres. and elk. of the American Can Co.; Vice-Pros., It. M.
Benjamin Electric Mfg. Co.
1928.
1929.
McMullen, Chairman of the Board of Thermokept do.; Sec. & Treas.
1930.
Period Ended March 31$44,711 Charles E. Green, Compt. & dlr, of the Amer. Can Co. These men also
$562,611
3635.305
Profits for period
will be directors of the company, together with George K. Morrow. Chair38,805
Accrued Federal income tax
156,622 man of Gold Dust Corp., and Harry Craver, Vice-Pres. & dlr, of the Amer178,463
137,762
Depreciation
143,750 ican Can Co.
148.908
111,271
Interest including bond interest
British Can Shares. Inc. will own a substantial interest in the British
'
Co.,an
$235,241 loss$255.662
Ltd. The latter is the operating company which was formed
$347,466
Net income
765,562 lag year to acquire the plant of Ernest Taylor & Co. at Liverpool and two
493,617
692,559
Previous surplus
48,379 other plants, it is now building a large factory in London,the first modern
adjustmentMiscellaneous surplus
can factory in England.
$558,279
The British Can Shares, Inc., in which the American Can Co. will have
$728,858
$1,040,026
Total surplus
22.689 a substantial interest, has an authorized capitalization of 500.000 shares,
2.418
Federal taxes (prior years)
no par value, ef which 350,000 outstanding represented by 10 year voting
Common and discount 1st pref. stock
5,259 trust certificates. Shares of the British company are deposited in New
3,881
3.881
(property)
York and the voting trust certificates of British Can Shares, Inc.,are issued
707
Tax on bonds(2%)
36,714 share-for-share against deposit of British shares. The voting trustees are:
42,125
let preferred diva. paid and accrued_
Henry Willis Phelps, R. M. McMullen, Charles E. Green, George K
30,000
47,676
Transferred to canting. reserves
Morrow and Harry Craver.
$493,617
The British Can Co., Ltd., has exclusive license in the British Isles in
$692.559
$945,637
Profit and loss. surplus
connection with can 'asking and can closing machinery owned or controlled
-V.128, p. 4325.
by the American Can Co., and vacuum patents and processes owned or
-Testimony in Youngstown Sheet controlled by Tkermekept Corp. Co.into foreign
Bethlehem Steel Corp.
fields follows its phenomeEntrance of the American Can
& Tube Merger Shows That Eugene G. Grace Has Received nal growth in the United States from the time of its organization in 1901.
-Salary of Charles M. Earnings a the American Can Co. available for dividends, which amounted
Since 1925
$5,431,684 in Bonuses
to 32.061,685 la 11104, had grown te $22,724,892 in the year 1929.
Schwab $150,000 Annually, but Does Not Participate in
British Can Shares, Inc., is traded ever the counter at current Prices of
"Curernt Events and Discussions" in 13 to 14 and is expected to be listed later on the New York Curb Exchange.
-See under
Bonuses.
Arundel Corp.
-Earnings.-
e Mos. Ended June 301930.
Net income after deprec. & taxes_ .. _ _ $1,197,513
Earnings per share on 492,556 shares
common stock (no par)
$2.43
-V.130, p. 4611, 3882.
iirirdili_ NKOMO
1929.
$940,126
last week's "Chronicle," p. 578, and this week's issue on a
preceding page.
Reportfor Second Quarter of 1930.E. CI. Grace, President says: quarter of 1930, were equal to $1.86 per
Bruck Silk Mills, Ltd.
-Omits Dividend.
The dividead, which should normally have been paid Aug. 15, has been
omitted by actiea of the directors, it was announced on July 30 by President 1,. I. Bruck. While the common stock has never been placed upon
a definite annual basis, the company has been paying at the rate of 25c.
"Earnings during the second
and
1929.
with $2.60 per share quarterly since In including Feb. 15 the situation, say.: "We have not
Mr. Bruck.
share on 3,200.000 shares of corn. stock as compared1,880.000 shares, the
commenting upon
the current fiscal
In the 1st quarter of 1930 and $5.33 per share on
during the 2d declared the interim dividend for the third quarter oftrade generally in
year because of prevailing conditions in business and
average number of shares of common stock outstanding
of the comquarter of 1929.
359.906.772 as compared this country. Is the past two months both sales and profitsview of this
"The value of orders on hand June 30 1930, was
356,829.800 on pany have fallen below the same months of last year. Inand maintain
and In order to fully conserve the company's cash resources
with $73,333,010 at the end of the previous quarter, and
June 30 1929.
quarter as com- working capital, the directors considered it prudent to omit dividend
"Operations averaged 69.3% of capacity during the 2d
the 2d payments for the time being.
pared with 80.8% during the previous quarter and 100.6% during 55%
"We feel that a definite turn In business conditions is imminent and
the rate of approximately
quarter of 1929. Current operations are at
dividends will, we hope, be resumed in the net far distant future.
of capacity."
"At the present time our working capital position is satisfactory, inventhe first
Amplifying his statement that business had touched bottom In added tories are of nominal volume and plants are in perfect physical condition
but
and are being thoroughly maintained."
-V. 129, p. 3969.
part of July, Mr. Grace said that "things look a little better,"
very little."
that he would have to say,"in all frankness,
demand
Bunker Hill at Sullivan Mining & Concentrating Co.
"I do believe, however, that we have seen the worst, both in
normally get a
and in prices for steel products," he continued. 'We will
hope it will -Usual Extra Dividend.
seasonal pick-up in business in August and September, and we
The directors have declared the usual extra dividend of 25c. a share,
be more or less permanent.
dividend of 250. a share, both payable Aug. 5
several furnaces. We are making and the regular monthly 24. Like amounts were paid on Jull 5 last.
"During last week Bethlehem blew in
-V.
demand." to holders of record July
no steel for stock purposes. Our operations represent actual going quarter 131, p. 275.
He explained that the average billing price for steel in the second
was $1.49 a ton less than in the first quarter.
-New Subs. Co. Stores.
Butler Brothers, Chicago.
Bethlehem
Mr. Grace said no reduction in wages had been made in the
Three new leases were signed in the last several days by Scott Stores,
economy to
organization, nor was any contemplated. He said it was falseworkmen,he Inc., wholly owned subsidiary of Butler Brothers, national wholesalers.
The
meet the present situation by reducing the pay of workers.
These are located in Nevada, Mo.; Sterling, Mo.; and Baton Rouge, La.
actually
said, are suffering enough on account of less work.
we are dis- This brings the total number of leases to 97. Of these stores 69 are
"However, in an attempt to keep our workmen together,the earnings In operation.
-V. 131. P. 633. 119.
tributing the work ratably," Mr. Grace continued, adding that
F'
-Earnings.
Chain & General Equities, Inc.
-Earnings.
Butte Copper & Zinc Co.
Period End. June 30Tons of ore settled for....
Ore receipts
Other income
793
FINANCIAL CHRONICLE
AUG. 2 1930.]
1930-3 Mos.-1929.
39 908
35 802
$63,669
$48,985
5,166
3,579
Total income
Expenses dr taxes
$52,564
15.368
$68.835
15,470
Net profit
Earns. per sh.on 600.000
shs. corn. stk.(par $5)
-V.130. p. 3166. 978.
$37.196
$53,365
$0.06
$0.09
Earnings for 3 Months Ended June 30 1930.
1930-6 Mos.-1929.
81 754 Interest on collateral callloans
63 111
$1.19,684 Miscellaneous interest
$52,200
10,123 Cash dividends
7,345
Stock dividends
$129,807
$59,545
Total income
41,303
31,703
Advisory and operating expenses
$98,104 Fiscal agency expense
$18,242
State taxes
$0.16
$0.03
Net income
Earned surplus. April 1 1930
-Earnings.
Butterick Co.
6 Months Ended June 30Sales
Costs and expenses
1930.
1929.
1928.
$6,407,441 $5,644,895 $6,272,193
5,009,262 5,656,610
5,834.922
Operating profit
Other income
$572,519
66,980
$635,633
$615,583
Total income
Interest, depreciation, &c
$639,499
266.839
$635,633
196.386
$615,583
183,356
Net profit
Shs.cap.stk. outstanding (no par)- _ _
Earnings per share
-Ir. 130, p. 4421, 2969.
$3372,660
182,239
$2.04
$439,247
210,791
$2.08
$432,227
210,785
$2.05
-Earnings.
(A. M.) Byers Co.
Period End. June 30-- 1930-3 Mos.-1929.
Net profit after deprec.
$530,199
$263,612
& Federal taxes
Earns. per eh. on 266,635
$1.59
$0.58
abs. corn. stk.(no par)
-V. 130, p. 4421, 3166.
1930-9 Mos.-1929.
$913,817 $1,361,547
$2.22
$33.90
--Earnings.
Calumet & Hecla Consol. Copper Co.
Period End. June 30- 1930-3 Mos.-1929.
$2,217.705 $5,335,132
Copper sales
58,342
64.535
Interest
456
1,615
Miscellaneous
$2.282.696 $5,395,089
Total receipts
Disbursements
Copper on hand at begin$4.345.063 $1,782,839
ning of period
2,511.472
Production
Producing, selling, ad409,206 3,284,737
State taxes_
min., and
572.390
885,298
Deprec. and depletion....
110.628
81.280
Miscellaneous
1930-6 Mos.-1929.
$5,104,990 $11,003,038
96,407
94,977
7,981
7,275
$5,209,378 $11,105,291
$7,327,228 $2.115,276
2,511,063
3,423.370
1,084,795
114.592
6,425,743
1,951,115
110,628
37,919,412 36.063,504 $14,461,457 30.602,762
1
Total expenditures_
1,974,659 9,826,029
1,974.659
Less cop.on hand June,lo 5,480,966
$2,438,446 $4,088,843 $4,635,431 $8,628,103
Net expenditures....
loss155.750
1.306.244
573.947
2,477,185
Profit for period
-V. 130, P. 3717
.
Canada Dry Ginger Ale, Inc.(& Subs.).
-Earnings.
1930-9 MOs.
-1929.
Period End. June 30- 1930-3 Mos.-1929,
$3,990,043 $4,040,204 $9,154,769 x$9,704,049
Net sales
2,565,682
2,636.986
6,166,233
6,710014
Cost of sales & exps
Profit from operations $1,424,361 $1,403,218
70,061
73,258 $2 485;26 $2
'1
,
1121
Other income
$1,494,422 $1,476,475 $3,173,562 $3.175,845
income
Gross
152,583
105,506
315,349
288,183
Other deductions
73,225
66,389
213,987
Depreciation
186,427
Interest
909
U. S. & Dominion of
149,676
145,327
275.125
Canada income taxes..
301.632
$1.037
2.635
48.125
3.971
$55,768
5,689
1,875
1,151
*547.053
89.137
$136,189
65,000
Gross profit and loss surplus
Dividends on preferred stock
$71,189
Profit and loss surplus,June 30 1930
1
'Exclusive of net loss (of $725,667) on securities sold charged to surplus
on balace sheet.
Balance Sheet, June 30 1930.
Liabilities
Assets
$140
$47,277 Due for securities bought
Cash
6,990
150,000 Accounts payable
Collateral call loans
43,333
Accr. div.on pref.stock
Secur. owned (mkt. value,
13,396
6,788,694 Reserve for Fed. inc. taxes_ _
$3,974,305)
4,000,000
10,409 Preferred stock
Due for securities sold
x160.000
15,502 Common stock
Divs.rec. on stks.sell., ex-dIv.
y3,185,523
1,833 Surplus
Accrued interest receivable__ _
Treasury stock (at cost):
183
Preferred (1,573 shares)__ _ 153,489
57,568
Common (3,200 shares)_ _ _ _
Pfd. purch.for.ret.(2.449 abs.) 181,935
2,674
Deferred charges
$7,409,382
$7,409,382 Total
Total
x Represented by 160,000 no par shares. y Paid in surplus, $800,000:
special surplus (created from transfer from com. stock in accordance with
stockholder's authorization Feb. 25 1930) $3.040.000 (less charged for
net loss on securities sold ($725,867). $2.314,333; profit & loss surplus,
$71.190; total, $3,185,523.-V. 130. p.3547, 3359.
-Earnings.
Childs Co.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
$7,157.068 $7.264,772 $14,458.144 $14,432,014
Sales & rentals
6,637,936 6,694,401 13,227,042 a13.427.133
Costs & expenses
$570,371 $1,231.102 $1,054.831
$519,132
Operating profit
a146,402
230,565
77,160
163,698
Other income
a otal income
Interest
Federal taxes
Depreciation
Other deductions
$682,830
150,176
31.475
203.678
6.405
$647,531 $1,461,667 $1,201,233
a294,916
298.716
147,510
55,451
80,961
28,222
a406.142
406.287
203,071
24,381
7.374
8.402
$420,343
$668,329
$260.326
- _ - 3291,096
Net income_ _
362.191
362,357
362,191
362,357
- _- Shs.corn.stock(nopar)_
$0.62
$1.36
$0.47
$0.36
Earns, per share
a Includes proportion of the year-end adjustments applicable to first half.
Canadian Properties.
The company owns $3,224,649 worth of real estate in Canada, according
to a statement by S. Willard Smith, Executive Vice-President. This investment covers nine parcels, four in Montreal valued at $554,000. four
in Toronto valued at $1,907,084 and one in Winnipeg valued at $763,560.
Mr. Smith also stated that the company owns the largest building in
-story structure known as the McArthur Building
Winnipeg. This is the 13
at 205 Portage Ave. The ground floor is occupied by a Childs restaurant
balance of the building is rented for office space. The company
and the
-V.131,
also owns the 11-story Kent Building in Toronto at 158 Yonge St.
P. 276.
-Earnings.
City Ice & Fuel Co.
1929.
1930.
6 Months Ended June 30-$12,676,566 $11,981,267
Sales
Net profit for period_ $1,170,365 $1,107.827 $2,369.099 $2,398,693 Net profit after int, but before deprec.& Fed.taxes 3,201.705 2.981.818
Shares common stock
-V. 130, p. 4612, 4421.
508.689
510,684
510,684
outstanding (no par)_
508,689
$2.18
$2.29
$4.64
-To Liquidate
Earnings per share
$4.71
City Manufacturing Co. of New Bedford.
stockx In 1929 sales of Campfire Marshmallows and Sumoro Orange were
The directors have voted to submit the matter of liquidation to
discontinued and likewise deposits from customers of subsidiary companies holders, who,it is believed, will vote to liquidate. It is estimated that there
and boxes were not considered sales. All of these can be realized in liquidation an amount well above the current price for
for returnable bottles
-V. 128, p. 4326.
items were, however, included in sales during the last 3 months of the the stock of 23%. ("Boston News Bureau").
calendar year 1928 and appear in the 9 month period ended June 30 1929.
Hence, in comparing net sales for the 9 month period ended June 30 1930
-Dismissal of Bob Suit Upheld
Claude Neon Lights, Inc.
to the net sales for the same period in the prior year, a true comparison
requires the deduction of $395.454 from the sales shown above for the on Appeal.
period ended June 30 1929.-V. 131. P. 276.
The Appellate Division of the Second Division of the Supreme Court,
on April 29 in
of Justice
in Brooklyn. upheld July 25 the actionbrought by McCrateV. Bob against
Charles
dismissing the $1,000,000 damage suit
-Extra Dividend, &c.Caterpillar Tractor Co.
the Claude Neon Lights Corp., W. T. P. Hollingsworth and R. L. Kester,
-The directors have declared an extra dividend of 25c. per share in addiseveral suits that Mr. Bob started. The decision was
tion to the regular quarterly dividend of 75c. per share, both payable on Jr. It was one ofBob alleged injury to his financing plans for the Federal
Mr.
or before Aug. 31 to holders of record Aug. 15. Like amounts were repaid unamimous. when Claude Neon advertisements disclaimed any connection
Neon System
on March 15 and May 31 last. During 1929 four quarterly dividends of
-V. 130, p. 4248,4056.
with Federal.
75c. per share were paid.
An order amounting to approximately $5,000,000 has been accepted
-Earnings.
Coca-Cola Co.
from Amtorg Trading Corp., New York City, for shipment to Russia
1930-6 Mos.-1929.
Period End.June 30-- 1930-3 Mos.-1929.
during the months of November, December and January.
Net prof. after exps. &
Earns.for 6 Months Ended June 30
1930.
1929.
all other deduct. exNet sales
$30,065,532 $27,180,015
cept Federal taxes_ _ -- $4,332,656 $3,937.334 $7.181,812 $6,491,961
Cost ofsales, operating expenses.&c
22,582,280 20.358204 -V. 130. p. 3718, 3360.
Depreciation
866,008
638,414
-Merger Off.
Interest paid
299,306
Colgate-Palmolive-Peet Co.
164,025
Provision for Federal income tax
694.973
719,939
Negotiations between this company and Eldorado Oil Works of Berkeley.
Calif., for the acquisition of the latter have been broken off as a result of
Net profit
$5,622.965 35,279.432 failure to reach terms.
-V.131, p. 481.
Earns, per sh. on 1.882,240 shs. of cap. stk. (no
par)
52.99
-Earnings.
$2.80
Colorado Fuel 8c Iron Co.(& Subs.).
Comparative Balance Sheet June 30.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
1930.
1929.
1930.
after expense and
1929.
Profit
$
Liabilities5
8
Assets$935.152 $1,366,988 53,137,883 S3,365,462
ordinary tax
128,096
Plant,equip.. &c.x21,051,814 15,707,738 Capital stock
125.035
270,032
237,164
y9,411,200 9,411,200 Other income
Notes payable..
Cash in banks and
Accounts payable_ 1,718,378 5.500,000
bank time Ws.
$1,060,187 $1,495,084 $3,407,915 53,602.626
1,783.161
Total income
2,120,645 1.267,010 5-yr.5% conv.gold
432,947
317.683
of deposit
790,160
947-974
Interests
15,052,960 14,577,418
notes
Inventories
10,000,1)00
Deprec. & exhaust. of
582,666
Notes & accts. ree.19.078,048 16,419,287 Prov. for Federal
998,702
417,609
1,235,199
minerals
1
278,308 Income tax
Patents
1,466,901
627.699
16,298
16.298 Capital surplus... _15.318,296
$479,471 $1,619,053 $1.419.453
Investments
Profit before Fed. tax_ $324,895
120,541 Earned surplus_ - _20.104,137 15,596.603
699,148
Deferred charges
15,467,937
The company states net profits for the June quarter of 1930 after allowance for Federal taxes and dividend requirements on preferred stock are
58.018.912 48,386.602
Total
Total
58,018,912 48,386,602 equal to 73 cents a share on 340,505 shares of common stock comparing
x After deducting reserve for depreciation amounting to $5.867,736. with $1.13 a share in second quarter of 1929, while for the 6 months ended
y Represented by 1,882.240 shares of no par value.
-V. 130, p. 4612, 4421. June 30 1930 net profits are equal to $3.99, against $3.48 in first half of
-V. 131, p. 481.
previous year.
--Earnings.
Charis Corp.
6 Months Ended June 30
Gross profit on sales
Selling and administration expenses
Net profit on sales
Other trading income
Income on investments
Net profit before taxes
Federal income taxes
Net profit after taxes
Earnings per share on capital stock
-V. 131. p. 480.
1930.
781.776
$
418,553
1929.
5670.362
374,108
$363,223
$296,254
22,462
39,709
10,508
8.706
--- -396 193
$ .
$344,669
47.543
41,360
$348.650
$3.48
$303.308
$3.03
-Contract.
Commercial Solvents Corp.
This corporation, it was announced on July 28, is now delivernig to the
Dry-Ice Corp. of America at Peoria. Ill., approximmely 25 tons daily of
pure carbon dioxide gas for the manufacture of dry ice. Under the terms
of the contract between the two companies, which runs for a number of
years. the volume is to be gradually increased to 150 tons a day. It is
expected that the Dry-Ice Corp. will be in a position to take the full output
ahead of scheduled time. This carbon dioxide gas, which is delivered by
pipe line, was formerly waste from some of the other products of Commercial Solvents and brought the company no return. The contract with
the Dry-Ice Corp., however, is expected to bring the Commercial Solvents
Corp.. additional revenue at the rate of about $500,000 a year when the
full output of 150 tons daily, which is now available, is taken.
-V. 131.
p. 634.
794
FINANCIAL CHRONICLE
Consumers Co., Chicago.
-Defers Preferred Dividend.
-
The directors have voted to defer the semi-annual dividend of $3.50 per
share due on the preferred stock at this time. The regular quarterly dividend of $1.50 per share on the prior pref. stock was declared payable Oct. 1
to holders of record Sept. 15.-V. 130, P. 1466.
Container Corp. of America.
-Outlook Favorable.
-
Current volume of business of this corporation is at a rate substantially
ahead of the second quarter, President, Walter P. Paepcke announced on
July 29.
"Bookings for the first half of July," Mr. Paepcke said,"were well ahead
of June and are indicative of continued increase. They are, of course.
below last year. It should be borne in mind that the substantial increase
in the corporation's earnings this year, as compared with 1929, was
accomplished In face of a lower volume and reduced prices for our product.
"On the whole, due to the fact that in the main we furnish containers to
food and other essential industries which have not suffered large declines
in volume, decreases In our business have been materially less than in other
industries, and to offset decreased prices, there have been corresponding
reductions in our raw material costs.
"We have made material advances in improvement of our operating
efficiency since the first of the year, and due to the strategic location of our
plants, continguous to the territories requiring the greatest quantities of
containers, possess a competitive advantage which has shown itself in new
business added in the last few months.
In view of certain developments under way within the corporation we
anticipate a further substantial addition of new contracts in the near future.
This combined with the fact that the second half of the year normally is
better than the first half leads us to anticipate a favorable showing for all
of 1930."-V. 131. p. 634.
[VoL. 131.
new top which should prove an important source of additional revenue for
the company.
The Darco top, which has been approved by health authorities, obviates
entirely, it is claimed, the possibility of contamination during the process
of pasteurization, helps to lower the bacterial content to a miniumm and
to retain the vitamin C in the milk.
-V. 130, p. 3361.
Corn Products Refining Co.
-Earnings.
-
Period End,June 30-- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net earns. after Federal
taxes,&c
$3,516,694 $3,137,849 $6,851,194 $6,917,757
Other income
750.715
975,931
1,347,465
1,480.903
Total income
$4,267,409 $4,113,780 $8,198.659 $8,398,660'
Depreciation & interest778.491
682.929
1.532.405
1.557.397
Net income
$3,488,918 $3,430,851 $6,641,262 $6,866,255Preferred dividends_ _ _
437,600
437,500
875,000
875,000
Common dividends
1.897,500
3,162,500
1,897,500 3,795,000
Extra com.dividends-- 1,265,000
1,265.000
1,265,000 1.265,000
Balance
def$111,082 def$169,149 sur$706,262 sur$1563755
Shares of common outstanding (par $25)_ _ _ 2 530 000
. ,
2,530.000
2,530,000 2,530,000
Earns. per sh.on corn__ _
$1.21
$1.19
$2.37
$2.28
-V. 130, p. 3168, 4613.
Crown Zellerbach Corp.
-Listing.
The New York Stock Exchange has
the listing of $10,000,000,
10
-year 6% gold debentures, series of authorized March 1 1940. The Ex1930, due
change has also authorized the listing of voting
ing 200,000 additional shares (no par) commontrust certificates representContinental Bond & Investment Co.
stock on official notice of
-Defers Div.
The directors have voted to defer the quarterly dividend of 1, % (17%c. issue from time to time of shares of common stock upon the exercise of out3
4
non-deta
per share) due July 1 on the 7% pref. stock. The quarterly dividend of standing-year 6% chable stock purchase warrants issued with and attached
to the 10
gold debentures, series of 1930. making the total amount
nic. per share due April 1 last was recently passed.
-V. 127, p. 687.
applied for voting trust certificates for 2,980,000 shares of common stock.
-V.131, p. 481.
Continental Oil Co. of Del.
-Earnings.
-
(Consolidated income account of Continental Oil Co. of Del., which is
a consolidation of Continental Oil Co. of Maine and subsidiaries and
Marland Oil Co. of Delaware and subsidiaries.)
Period End. June 30-- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Gross earnings
$26,057,295 $32,782,485 $46,024,513 $53,985,679
Expenses
19,309,152 22,684,786 33,448,280 39,485,132
--Operating profit
$6,748,143 $10,097,699 $12,576,233 $14,500,547
Other income
552,020
578,763
1,018.207
1,071,545
Total income
$7,300,163 $10,676,462 $13.594,440 $15,572,092
Interest and discount
507,947
585,078
1.038.997
1,149,624
Franchise, taxes
393,258
792.709
Deprec. & depletion _ _
3,118,693
3,218,368 6,522,620 6,153,964
Intang. drill cost res
1,146,835
2.437,087
2.576.902
4,317,603
Surrendered leases
731,348
1,422,874
Pros'. for oper. losses
foreign subs
Cr137,500
327,500
Applic. to min. interests
12,912
19,392
Profit bef. Fed. taxes- $2,120,518 $3,842,081 $2,643,820 $2,200,526
Shs.cap.stk.out.(no par) 4,743,103
4,741.553 4.703.103
4,741,553
Earns, per share
$0.44
$0.81
$0.56
$0.46
Consolidated Balance Sheet June 30.
1930.
1929.
1930.
1929.
AssetsLiabilities$
$
Fixed assets..-108,368,821 117,140,233 Capital stock _ ....153,506,586x148,653,885
Cash
9,001,860 10,424.610 Short term debts
411,263
116,573
Call loans
1,000,000 Funded debt... 28,665,877 36,130,980
Mr kt'le seem'.__ 4,808,625 1,291,425 Bills & Recta.pay 4,916,805 6,182,704
Bllls&accts.psy 9,502,402 11,139,189 Misc.acer. Items
757,822 1,343,440
Crude oll
18,779,266 14,850,634 Min. interest__
525,185
780.421
Ref. products_ 11,446,495 12,942,080 Conting. reeve_ 1,617,346 1,737,757
Invest. of mat.&
Other reserves_ _
495,878
1,269,222 3,135.170 Unred. int.coup.
supplies
3,079
Mtscell. Items_
180,267
109,713 Def. credits384,645
Invest. & adv._ 24,218,190 18.993,750
Fels. dep. for redept. of serial
5% gold notes
&c
168.079
Deferred charges 1,841,900 4,138,601
Unadj. def. &
sundry assets_ 1,481,714
Tot.(ea. side)190,896,762 195,333,484
x Represented by 4,741,553 no par shares.
-V. 131, P. 635. 120.
Crucible Steel Co. of America.
-Earnings.
-
H. S. Wilkinson, chairman of board, in a letter to stockholders says
in part:
The net earnings for the first 6 months of 1930 were $2,317,773. The net
profits have been sufficient to pay dividends on both
common stock and we believe company has had its full the preferred and
proportion of the
country's business in its line. The results, however, are disappointing.
especially so because with the new special business on hand at the
of the year and received during this period, had it been possiblebeginning
for
enjoy a normal inflow of business in our regular lines, we would us to
have
materially increased our volume and, consequently, our profits.
Company has made every effort to provide maximum employment to
everyone possible under existing conditions, which have been so generally
experienced by all industry, and by consumers of our products in particular.
The steel industry has always had periods of depression, during which
readjustments have had to be made with commensurate reduction In
inventories. Following such periods, without exception, the industry has
moved forward with greater volume of business and better conditions.
We wish to emphasize the unusual reduction in inventories, for it has
been our experience that, with the first Indication of a return to normal
consuming capacity, the immediate necessity for our products exceeds the
actual demand for consumption.
A careful review of conditions with our principal customers confirms the
statements in regard to their inventories, and reports from our representatives in every State in the Union, indicate that improved conditions are
anticipated, with a larger volume of business for the last half of the current
year
.-V. 130, p. 3361, 2588.
Curtis Publishing Co.
-Earnings.
--
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net profit after deprec.
and Federal taxes---- $5,758,485 $6,095,344 $12,291,628 $11,847,835
Earnings per share on
1,800,000 shs. common
stock (no par)_____
32.32
$2.51
$5.07
$4.83
-V. 130. p. 2971, 2779.
Cutler-Hammer, Inc.
-Balance Sheet June 30.-
Assets1929,
LlabUUies1930
Accts.& notes reo.$1,404,669 81,387,919 Accounts payable- 8330,836 8277.093
Marketable scour 1,372
244,
State taxes & misc. 225,655
edita83
335,155
Cash
I 1,309,473 Fno.xes(est.)
150,000
Sundry accts. rec.
62,721
73,568 Reserves
56,990
148,267
Inventory
2,564,294 2,327,185 Unliq .cap. Nab.for
Deferred charges to
purchase of sub_ 272,800
opezations
126,873
289,485 Common stock.2,750,000
Investments
5.110 Capital & earned.. s,348,950 4,381,773
(The) Copeland (Shoreham Hotel Bldg. Corp.), Invest,in subsid
207,089 surplus
Chicago.
-Bonds Offered.
-S. W. Straus & Co., Inc., are Property
13,273,282 1,878,817
430,914
316,759
offering $675,000 1st mtge. 63% sinking fund gold bonds Plant &patents
at par and interest.
Total depreciat10n.
$9,235,231 $8,040,288
S9 23 ,231 $8,040,288
. 5
Total
Dated June 15 1930; due June 15 1940. Int. (J. & D.) and principal
x After
payable at offices of S. W. Straus & Co., Chicago, and S. W.Straus & Co., 1930 wus p l bushparin v. inco p
0ur asuau com ed ative 13l,ms 63 .unt for the six months ended June
acgo
30
Inc. New York. Denom. $1,000, $500 and $100 c*. Red. except for
sinking fund purposes at 102 and int. Callable for sinking fund retirement
at 101 and int.; Interest payable without deduction for United States of
Debenhams Securities, Ltd.
-Final Div. of 3 O.-.
/
8
America Federal income tax up to 2% of interest per annum as to bondThe Irving Trust Co.,
holders resident in the United States and up to 5% of interest per annum deposited ordinary sharesas depositary of "American" shares representing
of
as to bondholders not resident in the United States. Minn. 3 mills tax. cable from the latter to the Debenharns Securities, Ltd., has received a
effect that the annual meeting of the company
Montana 3% mills tax, Penn., Conn.,Calif. and Okla.4 mills tax, Maryland will take place on Aug.
6. The directors will recommend a final dividend
mills tax, District of Columbia. Mich., Colo, Kansas, Kentucky, of 3, d. per
3
4
Wyoming, Nebraska, Tenn. and Virginia 5 mills tax. Iowa 6 mills tax, share. The ordinary share which is equal to about 70 cents per "American'
company
respectively, on each dollar of principal; New Hampshire State income tax cents per "American" paid an interim dividend in November 1929, of 73
share and the final dividend thus will make the total
up to 3% of interest per annum, Oregon State income tax up to 5% of dividend for 15 months
ended Juno 30, last, amount to about $1.43 Per
interest per annum and Mass. State income tax up to 6% of interest per "American" share.
The date for the payment of the final dividend on the
annum may be refunded. Straus National Bank & Trust Co. of Chicago, "American" shares
will be announced later.
-V. 130, p. 980.
trustee.
Security.
-Secured by a direct closed first mortgage on land, building,
Deere & Co. of Moline, Ill.
-Stock Dividend.furniture, furnishings and equipment described as follows:
no4, e dvdirvececuettoocrsror e atecocit
Th r
h
ae
hal:ndeclar
avo
la qi rterIy t i t_ ded of 30c. a share on the
yaa l
%
cts. d c i
tv
Building.
-The Copeland is an attractive 8
-story fireproof apartment
record
building of reinforced concrete construction completed in 1920. The buildt.
P
2
fon t e common
ing contains 441 rooms divided into 205 apartments arranged in one, two, stock, payable to
ats dividendpktholders.a5ras.o pa y S e ep
rc
Oct.
three and four rooms suites.
terly dividend of 1%7 15 to holders of recordd regular quaron the new preferred stock, p
The first floor contains a spacious lobby, ladies' parlor, reception room, 1 to holders
0 payable
record °
Aug. 15.
dining room, modern coffee shop, hotel offices and terraces. On the mez- -1, e3a, p.of 48
,Lllcl 0mou3r were declared
n
on the respective issues three months ago
zanine balcony are located writing, reading and physician's rooms. On
the Sheridan Road frontage there are six attractive shops.
The building has two fast elevators for passengers and one elevator for
Deisel-Wemmer-Gilbert Corp.
-Earnings.freight and employee service.
Neteriro itna er ne0 &
P p odfE ditJu ch3 .
0- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Above the first floor lobby there is an 80
-foot court facing Sheridan Road
Abillold A
and on the roof there is a solarium and out-of-door promenade.
Federal taxes
$200,906
$366,347
$352,209
$219,295
Land.
-The land owned in fee fronts 201 feet on Sheridan Road and has a Earns. per sh.on
depth of 143 feet on Argyle Street. The building practically covers the
sirs. com.stk. 238,095
(no par)_
1930_316.2:
$0.70
$1.26
entire lot.
$
-V. 130, p. 4613, 4422.
Appraisals.
-The mortgaged property has been appraised by the American Appraisal Co. as follows: Land,$456,000; building,$587,000;furniture
Dexter Co.
-Earnings.
-furnishings and equipment, $130,000; total, $1,173,000. This appraisal
Period End. June
os.-1929
shows a margin of security of $498.000 above the amount of this first mort- Net profit after all30- 1930-3 Mos.-1929 8
0.7
.
chgs.
gage bond issue.
and taxes
$67,905
$147,872
$146,988
Earnings.
-The mortgaged property has been leased for a period of 15 Earns. per sh.on
381,971
years beginning May 1 1930. to the Copeland Hotel Co. for the net rental
shs. cap. stk. 100,000
(par 35)_
$1.48
$0.82
of: $75,000 per year for the first two years: $85,000 per year for the next
Balance sheet as of June
30$ . 0 shows
38
3,
6
ent
three years; $90,000 per year for the next five years: $95,000 per year for current liabilities
2 assetlio 7
. $784,279 and
1
$112,658, as compared with $666,552 and $84,074.
the next five years. This is an average rental of $88,666, which is more respectively, on
Dec. 31 1929.--V. 129, P. 3806. 3017.
than twice the greatest annual interest charges on this issue.
Purpose.
-Proceeds will be used for the retirement of maturing encumDistributors Guild, Inc.
-"Trust Shares of America,"
brance on the mortgaged property, and for other corporate purposes.
estment Trust Gr au p. l Accumulation Type, Formed by
Fixed
Borrowing Corporation.
-The bonds are the direct obligations of ShoreCapital
pit
ham Hotel Building Corp. of which Henry Paschen is President and princi- Investment Banking
pal stockholder.
Embodying some "new
ica, a fixed investment and distinctive features," Trust Shares of Amertrust of the capital accumulation type, has been
Crown Cork & Seal Co., Inc.
-New Patent.
formed by a group of ten investment
banking houses, it is announced.
The company, it was announced on July 25, placed on the market a The sponsors are Beverley
patented milk bottle top known as the Darco, which hermetically seals the myle ac Co., Du Bosque, Bogert & Co., olston, Heald & Trail, Craig.
George & Co., donder, Kelley & Co., R. W. 1141enables the milk to be pasteurized with the bottle. Orders soy & Co.. Inc., Ingraham
bottle and
received by the company,after exhaustive tests, indicate a wide field for the Robbins & Co. and Vought& Ashmore. Inc., Reinhart & Bennett, C. D.
& Co., Inc.
AUG. 2 1930.]
795
FINANCIAL CHRONICLE
The Central Hanover Bank & Trust Co., New York, is trustee and
Distributors Guild, Inc., depositor for the new trust.
-year life, terminatTrust Shares of America has among its features a 10
ing Dec. 31 1940, and a compact portfolio, including common stocks of
19 leading American corporations. The stocks deposited and the number
of shares of each follows: Atchison Topeka & Santa Fe Ry., 2; New York
Central, 1: Pennsylvania, 3; American Telephone & Telegraph, 4: Consolidated Gas, 4; Electric Bond & Share, 5; North American Co.. 4; United
Gas Improvement, 10; American Can, 2; Borden, 4; E. I. du Pont de
Nemours, 5; Eastman Kodak, 2; General Electric. 7; International Harvester. 2; National Biscuit, 5; Standard Oil (N. J.), 9; Union Carbide &
Carbon, 5; United States Steel. 3; and Westinghouse Electric. 2.
The trust is of the accumulation type, retaining all split-ups and stock
dividends to the extent that the same comprise full shares in respect of
each Trust unit. Rights and fractional shares received are sold and the
proceeds, together with cash dividends, distributed semi-annually to Trust
shareholders. Another feature is the elimination clause, providing for the
sale of any constituent within 30 days if its Moody's rating be reduced below
that at the initiation of the Trust. A stock whose dividend is passed for
one year must also be eliminated. No substitutions, however, may be
made in the portfolio except as provided in case of mergers, &c. There is
no reserve fund.
The depositor corporation, Distributors Guild, Inc., was formed in 1928
as a co-operative distributing organization, and since that time has been
active in the distribution of representative investment securities through
ts members.
-New Vice-Pres.Dominion Steel & Coal Corp., Ltd.
H. J. Kelly, General Manager, has also been elected a director and Vice-V. 131 p. 278.
President of the company.
-Earnings.
Dominion Stores, Ltd.
1930.
1929.
6 Months Ended June 30504
512
Number of stores
$12,296,797 $12,145,146
Bales
244,456
268.724
Net profit after depreciation, Federal taxes, &c
272,250
277,715
Shares of common stock outstanding (no
$0.98
$0.88
Earnings per share
-V. 131, p. 482.
-Defers Pref. Dividend.
Durham (N. C.) Hosiery Mills.
President D. P. Carey, July 18, said in part:
-Earnings.
Eastern Rolling Mill Co.
1930-6 Mos.-1929.
1930-3 Mos.-1929.
3 Mos. End, June 30Net profit after deprec.,
int., but before Fed.
$29.914 4519.913$18,413 x$252,373
taxes
x After provision for Federal taxes -V. 130, P. 3168, 2780.
-Merger Off.
El Dorado Oil Works.
-V.131, p. 278.
See Colgate-Palmolive-Peet Co. above.
-Earnings.
Elk Horn Coal Corp., Inc.
1930.
6 Mos. End. June 30.
$2,360,139 $2,350,860 $2,153,919 22,902,211
Earnings_
2,600,832
1,932,811
2,026,775
Expenses, taxes, &c_ _ _ _ 2,003,653
--3301.379
$221,108
$324.085
$356.486
Operating profit
134,828
43,197
43.930
37.202
Other income
$436,207
$264,305
3368,015
-$393,688
Total income
226,74/
226.185
220,828
203,132
Interest amortization _ _.
191,324
190,967
197,533
200,067
Depreciation & depletion
$152.847 prof.$18,142
s50o46
$9,511
Net loss
- 130, p. 2780.
V.
-Deposits under Merger.
Ely & Walker Dry Goods Co.
-V.131, p.635.
See United Dry Goods Corp. below.
-Earnings.
Fairbanks, Morse & Co.(& Subs.).
1929.
6 Mos, Ended June 30Net shipments
Manufacturing, selling and adm. expenses
1930.
$13,585.558 $14,899,927
12,037,991 13.274,909
Operating profit
Other income
31,547,567 $1,625,018
360,000
Total income
Depreciation
Pension fund
Interest
Federal taxes
$1,547,567 $1,985,018
439,254
372,790
78,961
77,753
192.000
184,000
152,976
109.563
$803.461 $1,121,827
Net profit
243,910
239.096
dividends
In common with practically all other manufacturers of hosiery and pro- Preferred dividends
553,307
553,307
ducers of silk, woolen and cotton textiles this corporation has suffered Common
from the reductions in the prices of raw and finished products and from
$324.610
$11.058
Surplus
the
the unsettled business conditions prevalent duringof past eight months. Earnings per share on 368.977 shares corn. stock
$2.38
$1.52
the keen competition
As a consequence of these recessions in prices and
- enr Sforse, Chagman, says:
at present, net profits for the six months ended June 30 1930, are existing
development program planned at the beginning
the payment of a dividend on the 6% cum.
"The extensive product
not large enough to justify
pre. stock on Aug. 1. As a consequence, the directors on July 18 decided of the year has been vigorously followed, despite prevailing conditions.
and
that the quarterly dividend due (if earned and declared payable) on the The original plan has been more than half completed during the period, adpref. stock on Aug. 1 would not be paid. An initial quarterly dividend the benefits already secured from this work are evidence that greater
vantage will oe gained during the balance of the year.
of $1.50 per share was paid on this issue on May 1 last.
Reorganization of the capital stock structure was effected just before
"Total of unfilled orders on the books at June 30 was 28% above the
-V. 130, p. 2780.
the end of the year 1929. Holders of old 7% pref. stock and old class B amount at the beginning of the year."
common stock who have not exchanged these stocks for the new are re-Consolidation.
Ferro Enamel Corp.
quested to send old certificates to the Bankers Trust Co., 16 Wall Street,
N. Y. City, for exchange.
See Ferro Enameling Co. below.
Earnings for Six Months Ended June 30 1930.
-Consolidation.
Ferro Enameling Co.
$1,932,858
Sales,less discounts,allowances and freight
This company and the Ferro Enamel Supply CO. Cleveland have merged
1,660,944 as the Ferro Enamel Corp. The former company has been engaged in
Cost of goods sold, including depreciation, &c
194,452 the manufacture of porcelain enamel felt and liquid porcelain enamels and
Selling, general and administrative expenses
Interest paid (net)
26,532 the latter in marketing these enamels and in designing and equipping plants
for porcelain enameling. The executives and heads of departments of the
$50.931 two companies will function in substantially the same capacities in the new
Net profit after all deductions
-Capital surplus
Bal. Dec.31 1929
262.197 corporation.
-V. 130 p. 4424.
14,501 ...Earned surplus
Total surlus
Preferred dividend paid
$327.629
49.106
Balance,June 30 1930
x Of which $262 197 capital surp us.
Balance Sheet June 30.
Liabilities1930.
1929.
1930.
Assat-$250,327 $226,981 Notes payable...._ $4450,000 $ 929
69
1 9 ,820
Cash
10,457 Accept'eas Paige10,747
97,339
77.379
Notes receivable_
44 2 9
205,156 Accts. payable_ _ _
:0
8
280 3
25 00
63:7545
Accts.receivable- 160,273
988,016 1,343,892 Accrued accts_
Inventories
Mortgage bonds- 12,500
0th. notes & sects
12,500
56,044 Street assessments
5.370
98,065
receivable
6,829
Accts. payable
RI. est., bldg.,
machinery
Mach. & equip_ 3,020,448 2,960.574
11,891
27,577 8% let mtge. bds_ 350,000
18,939
Deferred charges375,000
4,471,442 Rea. for owning17,000
Deficit
Surplus reserves_
100,000
Fret,7% cum.stk.
2,910,000
Corn,class A stock
1,250.000
Com.class B stook
3.750,000
6% cum. pref. stk. 3,273,750
Capital surplus_ _ _ a262,197
Tot.(each side).$4,536,816 $9,302,123 Earned Surplus....a16,326
a Represented by 12,500 shares corn."A"stock, no 3ar value, and 37,500
shares class"B"stock no par value.
-V.130, p.2973, 779.
--Earnings.
Eagle-Picher Lead Co.
Six Months Ended June 30-1930.
1929.
Net loss after depreciation, depletion,&c
$836.413prof$994,993
Earns, per sh. on 1,000,000 she, corn. stk. (par $20)
Nil
$0.97
The above figures do not include earnings of Eagle-Picher Mining &
Smelting Co., which was organized as a subsidiary in May 1930. The loss
accounted for by the mark-down in inventories of $1,050,000. Operwas
ating profit before inventory write-offs was $213,210. Depreciation and
depletion charge was $360.210.
Current assets on June 30 last, totaled $10,126.279 and current liabilities
$2,363,272.-V. 130, p. 4614. 3720.
Endicott-Johnson Corp.
-Semi
-Annual Report.
-
6 Mos.End.June 30- 1930.
1929.
1928.
1927.
Net sales
$26,563,677 $32,562,227 $32,594,678 $31,699,776
aMfg.costs& other exp
25.194,574 32.060,461 30,542,480 29,603,716
Net operating income- $1,369,103
$501,766 $2,052,198 $2,096,060
Federal taxes, &c
145.867
63,101
374,914
387,838
Net income
$1,223,236
$438,665 $1,677,284 $1,708,221
Preferred dividends361,875
374,474
393,620
411,112
Common dividends
1,013.400
1,013,400
1.013,400
1,013,400
Balance deficit
$152,039
$949,209 sur$270,264 sur$283,709
She.corn. outst.
(par $50)
405,360
405,360 .
405,360
405,360
Karns. per share on corn.
$2.12
$0.16
$3.16
$3.20
a Includee interest charges, lees miscellaneous income.
Consolidated Balance Sheet June 30.
1930.
1929.
1930.
1929,
Assets8
$
Liabilities$
$
Dd., bldgs., mach.
Preferred stock_ _10,274,300 10,543,100
&o.(less dep'n)_10,552.957 10,987.013 Common stock_ _20,268,000 20,268,000
Good-will
7,000,000 7,000,000 Notes payable_ - __ 1,505,069 1,921,171
16,352,288 16,340,770 Accts. payable__ 533,059
Inventories
604,529
Mete. & notes rec.10,525,945 10,798,956 Sundry cred., Incl,
498,654
489,047
Sundry debtors
accrued wages_
. 536,577
691,588
2,448,750 1,941,867 Fed, taxes not due 168.910
Cash
253,065
Federal taxes and
Investment In and
230,265
other reserves__ 779,527
advs. to sub. co. 186,626
571,762
Appropriated surBal. received on
2,057,425 1.975,736
plus under wail
.
contract
4
4
of corporation__ 4,500,000 4,050,000
HeIerred charges
Surplus
11,057,207 10,860,443
49,622,849 49,763,658
Total
Total
49,622,649 49,763,658
1122.
-V. 130, p.
Finance
-Earnings.
Co. of America.
6 Months Ended J e 30Net profit after interest, Federal taxes. &c
Shares common,class A & B stock outstanding_ _ _
$278,523 Earnings per share
V.
- 131, p. 121.
1930
$98,263
125,000
$0.73
A
$79,346
100.000
$0.72
.-Finance Service Co., Baltimore.-Bal. Sheet June 30
1929.
1930.
1929.
1930.
Liabilities
Assets32,409 Call. tr. notes pay.y1,706,500y 2,877,000'
32,335
Furniture & fist's_
22,808
10,447
466,975 Fed'I tax, reserve.
291,909
Cash
dive. on
x Notes receivable 3,004,178 3,087.108 Reserve for stock__
1.449'
1,437
preferred
Net adv. to cue18,522
16.326
Depreen reserve.._
tomers on acc'ts
164.915
res. 149.975
rec. discounted_ z258,390 1,283,682 Coating, &c..stk. 245,550
,
248,480
Pref.7% cum.
Accrued interest on
624.920
4.986 Class A coin. stock 622.920
657
accts. receivable
200.000
29,101 Class B oom.stock 200,000
24,563
adv
Int. paid in
385,405'
Paid in surplus.__ 384,165
362.958
272.521
Total(each side) 3,612,032 4,904,263 Earned surplus
contracts amounting to at
x Secured by assignment of condit onal sales
of notesleast double the amount of these notes. y Secured by $2,756,891
After dereceivable and $303,239 face, value of accounts receivable. z
ducting $87,258 reserve withheld, &c.
-The reserve for contingencies, &c., is in excess of unearned comNote.
missions at June 3() 1929.-V. 130, p. 3169. 806.
Flynn Electric Corp.:=77mi-anrir/riv=id
on.
The directors have declared a second semi-annual dividend of 5% of
holders
the outstanding stock as of May 31 1930. payable Aug. 15 to made on,
of like amount was
record Aug. 10 1930. An initial distribution
-V. 130. p. 806.
April 1 last.
-Earnings.
Follansbee Bros. Co.
Period Ended June 30- 1930-3 Mos.-I929. 1930-6 Mos.-1929.
Net profit after deprec.
$999,660'
$4.353
$597.088
int. and Fed. taxes...... 3103.426
Earnings per share on
180,000 shs. coin.stock
$5.05.
Nil
$3.07
$0.32
(no par)
Balance sheet as of June 30 1930, shows current assets of $5.304,453, as
1. Cash
against current liabilities or $531,555, or a ratio of almost 10 to p. 636.
-V. 131,
alone is $808,628, or more than total current liabilities.
sow-
-Withdraws Bid for Combustion.
Foster Wheeler Corp.
The corporation has withdrawn its offer to acquire the International
Combustion Engineering Corp. The proposal provided for the exchange
of Combustion.
of its preferred and common stocks for the respective issues have called its
As a condition to the proposal, Foster-Wheeler would
approximately 19,300 shares of present $7 preferred. This issue is convertible into common on the basis of 2M shares of common for each share
the call price
about 200,
of preferred, and is currently quotedevent of its 'Mille called, hence,is 115.
would
being
The logical course for holders in the
into common. Assuming full conversion, Fosterhave been to convert
Wheeler's only stock outstanding then would total 285.000 shares of no par
e,onmum.
by FosterAnew class of $6 preferred stock would have been crested would
offer
Wheeler in connection with its offer to Combustion. This I.', share of have
new
share of present Combustion preferred
given to each
common. In
Poster-Wheeler preferred and 3 share of Foster-Wheeler holders would
preferred
addition, full share of common to Combustion2-3 of a
share of common.
have been given the right to subscribe to another have received one share
would
The common stockholders of Combustionshares of Combustion. These
-Wheeler common for each ten
of Foster
stockholders under
would have been no assessment on common r would have beenthe plan.
applicable
The offering of rights by Foster-Wheele
shares of common to be outstanding after preferred stock
to its 285,000
conversion, as well as to the 49,500 shares of common to be issued to Combustion preferred. Such offering, therefore, would have involved 223.000
additional shares at, say, $40 a share. This would have brought in $8,920,000 cash to be used in connection with the plan and to furnish additional working capital.
The consummation of the plan would have resulted in a capital set-up
for Foster-Wheeler of 49,500 shares of $6 preferred and slightly more
than 750.000 shares of common.
796
FINANCIAL CHRONICLE
[you 131.
As compared with the purported plan of the reorganization committee
General Aviation Corp.
-New President, &c.
of International Combustion, the proposal of Foster-Wheeler differed in
James A. Talbot, Chairman of the board, announces the following
several respects. The reorganization plan probably will provide for the
changes in the company's organization.
issuance of 34 share of new preferred stock for each present share outDue to the increased responsibilities which Harris M. Hanshue hag
standing, the new preferred to be given subscription warrants to purchase
134 shares of new cqmmon at $20 a share over a period of years. The assumed in connection with the Western Air Express and other air lines, he
common of Combustion would be asked to pay $10 a share and receive has resigned as President of the General Aviation and the Fokker company
34 share of new common. It is understood that the provision with respect in order to devote his time to the transport end of the aviation business.
to comrclon may be revised to give dissenting holders a fraction of a share He remains a director of General Aviation Corp.
William T. Whalen, Vice-President and General Manager of Fokker, has
common, or subscription warrants, in lieu of the requirement to pay cash.
The reorganization plan would continue International Combustion as resigned and returns to the General Motors organization.
James M. Schoonmaker Jr., has been elected President of the General
an entity, whereas the Foster-Wheeler proposal would have taken over
and operated the properties, and Combustion would lose its identity. Aviation Corp. and President and General Manager of Fokker.
-V. 130.
Foster-Wheeler would have supplied to Combustion a management that p.4425.
has been eminently successful in the field.
General Electric Co.
-Earnings.
An important feature of the Foster-Wheeler plan is that it provided
6 Mos. End. June 301930.
1927.
1929.
1928.
for immediate dividends on preferred and common stocks to be issued,
$
$
$
$
whereas the reorganization plan probably would not make preferred pay- Net sales billed
197.22,347 194.353.308 158,015,221 149,795,027
ments for several years. The prospects for Combustion common on Less
-Cost ofsales billed,
dividends would be even more remote.
-V. 131, p. 636.
incl. oper. maint. &
deprec. charges, res. &
'
Francisco Sugar Co.
-Earnings.
prov. for all taxes_ _ _ _174,174,426 170.104,501 138,889,039 130,930.258
(Ind. Companist Azucarera Elia.)
Years End. June 301929.1927.
1930.
Neeincome from sales
Operating income
$4,653,924 $5,457,163 $6,092.490 $8,088,212 Other inc., less int. paid 23,054,921 24,248,806 19,126,182 18,864,769
Operating expenses
3,833.267 4,437,162. 5,024.665 6.565,331 • & sundry charges_ _ _ 7.505,824
7.779,348 6,549.125 4,965,394
--Operating profit__ ._ - $820,657 $1.020.000 $1,068,025 $1,522,880
Profit avail, for dive_ 30,560,745 32,028.154 25,675.307 23,830,163
Interest received
162,733
150.489
151,442
160,027 Cash diva,on spec.stock 1,287,469
1,287.190
1,287,386
1,287,305
Prof. on sec.sold
S
66.600
Profit avail, for diva.
Totalincome
$983,390 $1,170,490 $1,286.067 $1,682.907
shares oncom m __ 29.273,276 30.740.768 24,388.002 22.542,973
mmof stockon
Deprec. of plant & eq't_
288,000
295,000
291,000
o
548.000 No.of co
Depreciation of working
Earned persharding_ _ _ _ 7,211,481
stock outstane
7,211.481
7,211,481
7,211,481
capital assets
30.137
20,597
21,157
27,829
$3.13
$4.06
$4.26
$3.38
Interest charges
507.289
452,924
505.364
533,408
Note.
-.As a result of the transfer of radio set and tube business, orders
Res. for U. S. & Cuban
received, sales billed and net income from sales in 1930 will not include
taxes
ra6u 8
3
25.000
50.000 6 d1 4sets or tubes but will be included in "other income"
3
-V. 131, IL
Loss on securities
6.253
Prem. on bds. purch. &
del. to sink.fund
General Foundry & Machine Co.
16,994
20.771
26,247
-Earnings:
Prop. of inc. & exp. on
The company reports for the six months ended June 30 1930, net profit
bonds
18,984
27.519
31.635 of $76,143, after charges and taxes, equivalent after allowing for 6 months
29.577
Prop, of disc. & exp. on
dividend requirements on the $2.25 class A convertible preference stock to
3
-rear notes
29,627
29,627
14,813
50 cents a share on 85.000 shares of no-par class B stock.
Unrollectible accounts_ _
308
7,917
7.719
J. M. Barringer, President, says: "The first five months of the current
year showed a fair volume of business but during June it began to slacken.
Balance
$109,043
$213.544 July has been our worst month for the year as volume has dwindled to about
$288,657
$397.906
Shares of cap. stk. outono-fourth of our capacity. We feel that we are witnessing the low point
standing (par $100)
50,000
50.000 efonth
50,000
50.000
m operylons and there will be a gradual change for the better in the coming
Earns, per sh.en cap stk.
$2.18
$9.27
$5.77
$7.95
-V. 129. p. 3018, 2865.
liaCurties, a33 n June 3 p. 9 05, 145
btii rentslssetr on___I l29, 1231 amorted to $230,718 and current
,
0 5
Gabriel Snubber Mfg. Co.
-Earnings.
-
Period End. June 30
- 1930
-3 Mos.-1929.
Net loss after deprec. &
other charges
$47,164
$30,508
-V. 130, p. 3171, 2218.
1930-6 Mos.-1929.
General Mills, Inc. (& Subs.).
-Earnings.
-
1929-30.
Years End. May 31Net sales
163,071,662
Cost ofsales,incl. manufacturing, soiling, adGannett Co., Inc.
-Earnings.
mi.and other exp_ _ _154,813,740
For the 6 months ended June 30 1930 company (owning or controlling
through stock ownership 17 newspapers in New York State. New Jersey
'
Net operating profit__ $8.257.922
and Connecticut) and wholly owned subsidiaries report combined net
profit after depreciation but before interest, amortization and income taxes Miscellaneousincome_ _ _
111.981
(including equity of Gannett Co.. Inc. in undistributed net profit of conGross income
tolled companies) of $988,341. compared with $1,290,416 for the 6 months
38,369,903
ended June 30 1929. Such combined net profit for the 6 months ended Interest charges
2,176,078
June 30 1930, is equivalent to 3.17 times the total interest paid by Gannett Depreciation
919,765
Co.,Inc.and wholly owned subsidiaries,and after deducting allsuch interest Res.for Fed,income tax
649,365
Minority int. in subs_ _ except that paid on Gannett Co., Inc. 15
15.595
-year 6% debentures, the balance
is equivalent to over 5.66 times the interest paid on said debentures.
Net income
$4,609,101
V.IN,p.3886.
Preferred dividends_ _ _ 1,357.459
Gelsenkirchen Mining Corp. (Gelsenkirchener Berg- Common dividends
2,349.672
$87.297
573.842
werksaktien Gesellschaft), Germany.
-Div. Approved.
-
A dividend for the fiscal year ended March 31 1930, of ff% upon the
outstanding shares of capital stock was approved by the stockholders at a
meeting held July 22 1930.
Said dividend of 8 reichemarks, less 10% German tax, or 7.20 reichsmarks net, for each share of 100 reichsmarks par value, is payable from and
after July 23 upon surrender of the dividend coupon No. 58, representing
such dividend, at the office of the company.
For the convenience of the American stockholders, said dividend, less
the above tax, may be collected upon surrender of coupons representing the
same at the Irving Trust Co., 60 Broadway, N. Y. City, and Dillon,
Read & Co., 28 Nassau St., N. Y. City.
A dividend of like amount for the fiscal year ended March 311929. was
Paid on July 6 1929.-V. 131. p. 279.
Gemmer Manufacturing Co.
-Earnings.
-
1926-27.
y1927-28.
1928-29.
$
123,521.014 115,662,598 111,614,154
117,160.098 110,915,617 106,785,547
$6,360,916 $4,746.981 $4,828,606
65.962
120,294
125,401
$6,481,210 34.872,382 $4,894,568
737.350
1,153,965
729,426
487,843
510,426
594,375
476,223
497,698
578.084
$4,154,786 33,178.889 $3.149,094
1,065,926
1,058,060
Balance
$901,970 $2,030,800 $3,178,889 $3.149,094
Y 11 months for Washburn. Crosby Co. and the Red Star Milling Co.:
10 months for Royal Milling Co., the Rocky Mountain Elevator Co. and
Kalispell Flour Mill Co.
Consolidated Balance Sheet May 31.
1930.
1929.
Assets$
Land, building &
Preferred stock_ _ _23,014,400 22,025,200
equip., &c_
y24,202,378 22,290,454 Common stock _ _ _x16,902,539 16,944,005
Cash
2,289,561 3,990,443 Notes payable_ _ _ -.3,000,000 4,000,000
Drafts
1,546,909 1,617,401 Savings accts. of
Notes and accounts
officers & empl. 1,235,672 1,081,727
receivable
7,036,048 5,776,187 Accounts payable_ 2,755,510 2,518,728
Advances on grain 1,198,587
428,382 Accr. exp., local
Inventories
21,235,154 23,246,241
taxes. &a
1,180,329 1,177,405
Prepaid expenses_ 940,928
714,014 Ref.diva.accrued_ 230,144
220,252
Mbmell. assets__ 782,450
592,531 Min.Int. In cap. &
Inv. In stock of Gen.
surplus of subs
242,846
Mills Sec. Corp_ 308,686
Spec.& conting. res 2,656,255 2,647,729
Water power rights,
Sur. approp. for
goodwill,&c__.
1
1
repurhc.of corn,.
58,184
Capital surplus_ 5,453,560 6,016,953
Earned surplus_ __ 2,813,260 2,023,654
Total
59,540,701 58,655,655
Total
59,540,701 58,655,855
* Since paid off. x Represented by 673,444 abs. of no par value. y After
depreciation of $12.935,637.-V. 131, p. 636, 122.
6 Months Ended June 301929.
1928.
1930.
Net earnings
$335,398
$296,686
$270,834
Balance Sheet June 30.
4314131929.
1930.
1930.
1929.
Land, plant & eqp.$2,085,560 $2,220,522 Capital stock___ _x$2,949.943 12.814,704
Cash
250.186
305,546
190,012 Acc'tspayable___- 142.137
Canadian invest
34,546
16,732
Accrued
67.626
Aorta receivable__ 360,058
150,000
520,968 Notes payable_
Notes receivable__
503,000
5,465
1,994 Debenture bonds_ 428,000
Inventories
40,000
80.000
562,639
840,804 Land contract_ -__
Other curr. assets_
24,426
21,331 Reserve for Gov't
G'd-will, pats., &c.
y162,517 y145,406
taxes
1
1
General Motors Corp.
-Buick Sales.
Investments
241,351
308.345
C. W.Churchill, Gen.Sales Manager of the Buick Motors Co.,a division
Unamortiz. dlsct.
7,437
16.408
Deferred charges
Total (each side)S3,739,329 $3,977,843 of the General Motors Corp.. says: "Our production schedule for August
79.218
59,657
x Represented by 40.000 shares of no par participating preference stock will be stepped up to over 20.000 cars. We are currently operating 554
days a week turning out around 900 cars a day including export.
and 100,000 shares of no par common stock. y Includes $33,419 Govern- shipments
July
will be around 15,600 cars."
ment taxes due in 1930.-V. 130, p. 4425.
The Buick company produced and shipped 26,279 cars
21,136 in June 1929. Production in August, last year in July 1929. and
was 28,971 cars.
General American Tank Car Corp.-Ctfs. Called.
-V. 131, p. 636.
Three hundred twenty-six ($326,000) equip. trust Ws., series 19. dated
Aug. 11927. were recently called for payment Aug. 1 1930 at 10134 and int.
General Outdoor Advertising Co.
-Earnings.
at the Fidelity-Philadelphla Trust Co., trustee, 135 South Broad St.,
Period End, June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Philadelphia, Pa.
-V. 131, p. 483, 279.
Operating revenues
$ 6 275 468 17,713,497 $11,296,997 $14,052,169
. .
Oper, exp., incl. deprec_ 5,241,693
6,256,868 10,210,467 12,052,263
General Bronze Corp.
-New Contract, &c.
Earns, from opers
51,033.775 $1,456.629 $1,086.530 31,999,906
Miscellaneous income__ _
60,636
134,011
72,308
91,870
Gross earnings
$1.094,411 51,528.937 $1,178,400 $2,133,917
Amortization
580,114
1,247,434
1,156,083
608,855
Interest
12,243
19.267
19,990
9,128
General Cigar Co., I nc.-Earnings.
Provision for Fed.taxes_
366
103,979
103,979
366
6 Mos. Ended June 301929.
1928.
1930.
Gross earnings
$5,616,328 $6.324,996 $4,452.994
Net profit
$2,684
$762,514
$806,975
Expenses
2,890,386 Shs. corn, outst.(no par) $501,688
3,509,456 3,611.454
642,383
642,383 ' 642,383
642,383
Earns, per sh. on com
Nil
$0.51
$0.66
Operating profit
$0.90
$2,106,872 $2,713,842 $1,562,608 -V. 131. p. 637.
Other income
53,700
26.476
57.153
General Raliway Signal Co.
-Earnings.
Total income
$2,164,025 $2,767,242 $1,589,084
Period End. June 30-1930-6 Mos.-1929.
Interest
-1929.
281.362
196.858 Net inc. after expenses, 1930-3 MOs.
131,898
Depreciation, &c
421.224
280.884
395.300
Federal taxes, &c__.._
$734.794 $1,170,242 $1,049,125
Federal taxes
243.895
126,190 Earns, per sh. on 357,500 $658,923
190,856
she, corn. stk. (no par)
$1.72
$2.69
$1.93
$3.03
Net income
$976,152
$1,445,971 $1.820,761
V. 130, P. 3722. 2974.
Preferred dividends
175,000
175,000
175..00
Common dividends
815,140
General Refractories Co.
815,140
978,168
-Extra Distribution-Earnings.
The directors have declared the regular quarterly dividend
Surplus
$830,621 def.$13,988 and an extra dividend of 25c. a share, both payable Aug. 25 of $1 a share
1292.803
to holders of
Shares common stock outstanding_ _ _
407.570
489.084
407,570 record Aug. 11. Lilce amounts were paid on Nov. 25 1929 and on Feb. 25
Earnings per share
$4.03
$2.59
$1.96 and May 26 last. The company on Aug. 26 1929 paid a quarterly dividend
-V. 130. p. 3363, 981.
of 75c. a share and an extra of 50c. a share.
The corporation has been awarded the contract for bronze work on the
new Brooklyn Technical High School It is learned from authoritative
sources that this brings work booked last week up to about $475,000, and
makes a total for July of slightly over $10.00,000. V. 130 p. 4615.
-
AUG. 2 1930.]
FINANCIAL CHRONICLE
Period End.June 30
1930-6 Mos.-1929.
- 1930--3 Alose--1926.
Total income
3799,469 $1.754,561 51.537,834
$0815,405
Income tax, &c
78,224
71,153
168.386
96,265
Interest on bonds---- 37,888
92,008
Interest on floating debt.
29,448
2,808
40,511
12,937
Depreciation & depletion
65,983
93,329
164,148
130,314
Net income
Dividends
$621,475
375.000
$614,566 $1,381,516 $1,206,310
450,000
750,000
450.000
Consolidated Balance Sheet June 30.
1929.
1930.
1930.
AssetsLiabilities$
$
6% prior pref.stk_ 6,913,200
Land,b1dgs.,mach.
&c
16,256,762 15,603,228 $4 pref. stock____ x293,480
917,633 Common stock..__ y706,520
Cash
1,019,372
Investments
1,200,000 Accounts payable_ 1,037,088
Accts.receivable_ _ 1,339,113 1,373,397 Accrued Fed. taxes 982,544
Accrued dividends. 198,589
Call loans
2,100,000
Inventories
11,056,022 10,972,306 Accrued expenses.. 814,321
Pref. stk. in treas.
5,001.438 Deprec. reserve_ __ 7,389,681
376,868 Burp. at organiz__ 2,389,826
Deterred charges__ 196,819
Earned surplus_ _ _11,242,839
797
1929.
$
14,100,000.
350,000
650,000
914.032
899,270
244,789
810,431
7,135.224
2.389,826
7,951,298
Balance
$246,475
3164.566
3631.516
$756,310
Earns.per sh.00 300,000
abs. corn. stk.(no par)
$2.07
$2.05
$4.60
$4.02
Condensed Balance Sheet June 30.
31,968,088 35,444,870'
31,968,088 35,444,870
Total
Total
1930.
1929.
1930.
1929.
Assets
-$
Liabilities8
$
x Represented by 293,480 no par shares. y Represented by 706,520
$
Property, equip' Capital& surplus y22,343,153 21,182,962 no par shares.
-V. 131, p. 484.
ment.landsAc x18,481,413 15393,859 Bills & accts. pay_ 2,903,655
148,285
Cash
433,740
988.626 Accrued accounts_ 210,288
183,209
Hoskins Mfg. Co.
-Earnings.
Bills & accts. rec_ _ 1,708,748 1,625,449 Fed.tax reserves__ 213,959
110,392
Period End.June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Inventories
3,385.539 2,346,767 Unclaimed diva_ ...
298
523 Net profit after charges
Marketable securs 170,213
& Federal taxes
$161.517
$138,858
$275,779
$330.621
Accrued interest
39.300
46,238
Earns.per sh.on 120,030
Employees mtges_
2,076
2,315
$1.16
shs.cap.stk.(no par)_
$1.34
-$2.30
$2.75
,
Investments
824,560
978,098
Current assets as of June 30 1930 amounted to $1,390,218, and current
Deferred charges
610,477
407,846
Patents
34,173
35,286
Tot.(each qide)_25.671,353 21,623,371 liabilities 5208,152.-V. 130. p. 3552, 1471.
x Less depreciation. y Represented by 300,000 no-par shares -V.131,
Houdaille-Hershey Corp.(& Subs.).
-Earnings.p. 122.
-3Mos.Ended- -6 Mos. End. June 30June 3030. Mar. 31'30.
Period1930.
1929.
(H. C.) Godman Co., Columbus,Ohio.
-Omits Dividend. Net profit after charges $279,648
and Federal taxes_ _ _ _
$80,365
$360,013 42.177,857
The directors have voted to omit the quarterly dividend ordinarily paid
about Aug. 10 on the common stock. Three months ago, a quarterly
x Excluding earnings of one subsidiary which if added would increase
distribution of 75 cents per share was made.
earnings by about $100,000.
-V. 129, P. 3642.
The net earnings of 3279.647 for the 2d quarter are equivalent, after
dividend requirements for the quarter
Graham-Paige Motors Corp. (8c Subs.).
174.480 shares of class A
-Earnings.
-- to 31 cents per share on 556,571 shareson class B stock outstanding stock,
of
at the
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
close of the second quarter.
Net loss after charge___ $391,480 prof$818.070 $880,960011,341,711
The balance sheet as of June 30 1930 shows the corporation to have a
Earnings per share on
strong working capital position with current assets amounting to $4.1,442,783 abs.common
Nil
stock (no par)
$0.51
Nil
$0.80 125,106 of which $1,113,571 was represented by cash and current liabllities
The balance sheet as of June 30 last, shows current assets, including of $820,203. Current assets were in excess of 5 times current liabilities.
$4,025.257 cash of $14,355,599 and current liabilities $3.652,143.-r. The company has no bank loans.
While dividend requirements were not covered by earnings during the
131. p. 122.
first quarter, it is interesting to note that present dividends on both chnw
of stock were earned during the second quarter.
Great Lakes Terminal Warehouse Co. of Toledo.
- No proper comparison is available for the similar period of 1929 because
Time Extended.
of the fact that several Houdaille-Hershey Corp. subsidiaries had not been
-V. 130, p. 4261, 4061.
protective committee announces that the time for acquired at that time.
The bondholders
depositing the first mortgage bonds has been extended to Aug. 31. The
-Listing.
Houston Oil Co. of Texas.
committee's letter further says in part;
"On April 30 1930, Charles F. Mell (Vice-Pres. & Gen. Mgr.) signed and
The New York Stock Exchange has authorized the listing of $12,000,000
verified a report to the Tax Commission of Ohio which showed a deficit 10
-year secured 53-5% sinking fund gold bonds, series A, due May 1 1940.
in the capital account of $570,877. This increase of $245,820 in the deficit -V. 131, P.638
.
in capital account from Dec. 31 1929 to April 30 1930, is a sufficient com-Sales Higher.
Humberstone (Ont.) Shoe Co., Ltd.
mentary upon the value of the present management to the bondholders.
Concert of action is necessary if the bondholders hope to escape a serious
Sales for the 11 months ended in June and also for the month of June
loss."
were moderately in excess of the corresponding period of 1929. Sales for
-V. 130, p. 3364, 2592.
the first 11 months exceeded those for the full 1929 fiscal year, and the
annual dividend of $2 per share was earned in the first nine months, it is
Grigsby-Grunow Co.
-Forms Distributor in Britain.
- stated.
-V. 129, p. 3643.
II. J. Grigsby, chairman of the boards of Grigsby-Grunow Co. and Majestic Household Utilities Corp., in a cable from London on July 25 anHunt's, Ltd. Toronto, Ont.-Sales Increase.nounced the organization of the Majestic Electric Co., Ltd., of London, to
$95,813 increased $3,204, or 3.46% over June 1929.
Sales for June last
act as distributing agent for products of the two companies in Great Britain and
sales for the first six months of the year were $572,009. an increase of
and continental countries.
-V. 131, p. 484.
3.98% over the first half of 1929.-V. 130, p.4427.
Hankey Baking Co., McKees Rocks, Pa.
-To Increase
Indebtedness-Stock Split-Up, &c.
-Earnings.
Industrial Rayon Corp.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
The stockholders will vote Sept. 16 on approving an increase of the in- Net profit after deprec.,
$900,050
$693.598
$313,770
int.
debtedness of the company from nothing to $500,000; on changing and con- Shares& Federal taxes__ $540,600
common stock out
verting the 900 shares of common stock, par 8100 a share now
190.431
200.000
190.431
200,000
(no par)......_
and outstanding, into 18,000 shares of common stock without authorized
par value,
$3.64
$4.50
$1.65
$2.70
having a stated capital of $90,000; on increasing the authorized capital Earnings per share_ _ _ _ -V. 130, p. 3174, 632.
stock from $600,000, consisting of 5,100 shares of pref. stock, par $100 a
share and 900 shares of common stock, par $100 a share, to $760,000,
-Earnings.
Inland Steel Co.
consisting of 5,100 shares of pref. stock, par $100 a share, and 50.000
1930-6 Mos.-1929.
Period End. June 30-- 1930-3 Mos.-1929.
of common stock without par value, the stated capital applicable to shares
which Net oper. earnings
$4,025,665 $4,563,551 38,124.089 $8,982.015
common stock shall be $250,000 and on authorizing the issuance of sub1,375,614
1.494,721
698,892
770,365
Deprec. & depletion___ scription rights or warrants evidencing the rights of the holders to subscribe
668,250
654,750
330,750
324,000
for common stock at $20 per share, such rights or warrants to be issued on Interest
804,000
633,000
407,000
311,000
Federal taxes
such terms and conditions, at such times and for such considerations as the
board of directors may fix and determine.
$2,610,300 $3,126,909 $5,341,618 36,134,151
Net income
Henry W. Schmidt is Secretary.
1.200.000
1,200.000
1,200.000
Shs.com.stk.out.
(no par) 1,200.000
$5.11
$4.45
$2.60
$2.18
Earnings per share_
Harbison-Walker Refractories Co.
-V. 130, p. 3174. 2038.
-Acquisition.
The company has acquired the Barrett works and clay paroperties in
-Rights.
Clearfield County, Pa., of the United States Refractories Corp. of Mt.
Insull Utility Investments, Inc.
Union, Pa. This property will give Harbison-Walker
The holders of common stock of record Aug. 30 will receive rights to
city of about 12,000,000 first quality fire brick. The an increase in capa- Purchase additional common stock at $50 a share in the ratio of one addipurchase price was
paid in cash.
tional share for each five held. Holders of 1st and 2d pref. stock of same
The purchase is in addition to improvement work which
record date will receive the right to buy one additional share of common
within a short time in accordance with plans now being made. will begin stock at $50 for each 11 shares held. The offering will involve 600,000
Improvements are to be made in all the five districts in which the company
and will be sold
operates. shares of common stock. The issue will be underwritten,
These are Penna., Ohio, Missouri, Illinois and Alabama.
-V. 130,
-V. 131, P. 484, to stockholders either for cash or upon the partial payment plan.
P. 4428.
Hazel-Atlas Glass Co.
-Earnings.
--
-Earnings.
International Business Machines Corp.
PeriodFirst 3 Mos.
1929. First6 Mos.
1930-6 Mos.-1929.
Period End. June 30-- 1930-3 Mos.-1929.
1929.
Operating profit
$1,209,297 $1,635,791 $2,144,725 $2,884,708 Net earns, after interest,
Maintenance & repairs
268,121
$2,089,857 $1,828,433 $4,109,300 $3,595,821
295,350
depreciation &
529,940
619,819
Deprec.,taxes, reserves..
532,371
454,990
587,779
205,558
233,378
382,220
975,271
1,029,422 Federal taxes
Interest
5,986
15,864
15,934
34,541
$1,856,479 $1,622,875 $3,654,310 $3,213,601
Net profit
Net income
$402,820
607.570
637.954
637,954
$736,797
(no par)
607.570
$623,580 $1,200,924 Shs.com.stk.out.
Dividends paid
299,909
$5.73
298,671
$2.67
$2.91
$5.29
599,818
596,892 Earnings Per share
-F. 131, P. 281.
Surplus
$102,911
$438,126
$23.762
$694,032
Note.
-The company has declared a stock dividend of 10% Payable
International Combustion Engineering Corp.
-FosterAug.15
next amounting to 31,002,695, which deducted from surplus,
leaves a net Wheeler Corp. Withdraws Plan to Acquire Assets.
surplus as of June 28 1930 of $4.719,434.-V. 130, p. 4061.
-V. 130, p. 4062.
Bee Foster Wheeler Corp. below.
(H. J.) Heinz Co.
-New Plant.
-
Construction work is nearing completion on
Medina, N. Y. for the above company. It a new preserving plant at
a
early in the Fall and replaces the structure in will be ready for operation
which the company had been
operating since 1889.-V. 123. p. 3191.
Hershey Chocolate Corp.(& Subs.).
International Nickel Co. of Canada, Ltd.
-Rights.
-
Holders of common stock of record Aug. 7 have been given the right to
subscribe on or before Aug.30 for common stock at the rate of six new shares
at $20 a share for every 100 shares owned. If the subscription is paid
in New York it is $20 a share in United States currency, if paid in Toronto
or Montreal it is $20 a share in Canadian currency, and if in London it is
DI 2s. 2hd.
Warrants will be issued as soon as_practical after Aug. 7. transferable
and divisible in New York, London, Toronto and Montreal, and exercisable in any of these cities. The warrant agents will be Bankers Trust Co.
New York; Morgan Grenfell & Co. London; the Toronto General Trusts
Corp. Toronto and the Royal Trust Co. Montreal. No subscriptions for
fractional shares will be accepted.
Warrants will give holders the alternative of paying in full for the subscribed stock or of paying in two instalments. In the latter case 50%
of the total subscription price will be payable at date of subscription and
the remaining half must be paid after Sept. 30 and on or bfore the close
of business Nov. 29 1930.
Stock certificates, if subscription is paid in full, dated as of a date which
vrill entitle holder to receive the regular September quarterly dividend will
be issued so soon as practicable after payment of subscription (but not
prior to Aug. 28. If payment is made in instalments, stock certificate
will be issued only when the stock is fully paid for, but not prior to Sept
30 1930) Purchase certificates, not bearing interest or dividends, will be
issued in respect of partial payn ents.
The entire offering of stock has been underwritten through Hayden,
Stone & Co.
Period End. June 30- 1930.-3 Mos.-1929. -Earnings.
1930-3 Mos.-1929.
Sales
$9,202,427 $9,360,975 320,652,486 320,541,198
xeost of goods
6,295,641
6,353,440 14,346.725 14,218,265
ExPenses
637,970
693,725
1,275,646
1,370,598
Operating profit
$2,268,816 $2,313,810 $5,030,115 $4,952,335
Other income
139,242
133.884
252.356
288,964
Gross income
32.408,058 32.447,694 $5,282,471 $5,241,299
Cash discount
235,590
220,729
503,016
440,311
Federal taxes
238,972
267.236
525.741
576,119
Net income
$1.933,496 31,959.729 $4.253,714
34.224,869
prior pref. dive
113,2151
492,291f
234.4171
998,722
cony. pref. diva
290,5671
1 y934,1401
Common dividends
869,100
1,716,866
Surplus
$660,614 $1,467,438 $1,368,291 $3,226,147
Shares com, stock outstanding (no par)---706,520
650,000
706,520
650,000
Earnings per share
$2.16
$2.12
$4.36
$4.69 ;
Stock Increased-Proposed New Financing.
1 Includes reserve of adjustment of inventory fluctuation. y Includes
The stockholders on July 25 voted to increase the authorized common
extra dividend of $1.
stock to 15,000,000 shares from 13,928,594 shares, no par value.
798
FINANCIAL CHRONICLE
[Vol.. 131.
At the meeting, President Robert C. Stanley. in explaining why the
company found it advisable to offer new stock to the stockholders at
$20 per share, said in part;
"When the annual meeting was held in March It was generally believed
that business would show an improvement during the second quarter.
The reverse happened owing to severe recession in industry the world over.
"In common with other lines of industry the volume of the company's
sales has been less than was anticipated. In the case of nickel this is
due primarily to the drastic curtailment in the steel and automotive industries in which some plants have actually suspended operations.
"The copper industry, in which this company is now interest, has been
going through a period of distress due to overproduction coupled with
current under-consumption which has resulted in a drop in the price of
the metal from 18 cents a pound to 11 cents. This, naturally, is reflected
in current earnings. Since the first of this year. development of the
Frood mine and construction of the new plants have continued as scheduled
with the result that the Freed mine is now producing ore and the new
smelter is operating. The same may be said of the electrolytic copper
refinery of the Ontario Refining Co., which is now running and will produce
electrolytic copper during August.
"The plant of Canadian Industries, Ltd., at Copper Cliff, is now making acid from gases from the new smelter and furnishing nitre cake for
the Fort Colborne refinery. This general development and construction
program has entailed the expenditure of $11,987,000 during the six months
ended June 30 1930.
"It is obvious that during a severe business reversal such a large sum
cannot be expended without depleting working capital. Similar industrial
depressions have occurred in the past and have always been followed by
periods of good business. It is problematical how long present conditions
will continue, but it is the consensus of opinion among the industries with
which we are in contact that the bottom has been reached and that there
will be a slow but steady improvement for the balance of this year, with a
probable return to normal trade in 1931.
'The company's business in nickel is world-wide and diversified and in
consequence should be one of the first to profit from improved conditions,
whether here or abroad. In order to meet the responsibility for supplying
90% of the world's nickel requirements your management has proceeded
on the assumption that the company's mines and plants should be put
in the best possible condition during a period of slackness to meet a revival
of business which cannot be long delayed.
"The company's administration has further followed the policy of producing sufficient metal to meet current consumption, to build up metals
in process and to provide adequate warehouse stocks, as the latter were
seriously depleted last year.
"By suspending dividends and curtailing operations the proposal submitted for the stockholders consideration might have been avoided, but
from the standpoint of the company's future and in fairness to present
shareholders I believe such a course eventually would prove to be illadvised.
"The directors are of the belief that capital expenditures for construction of plants which will be in operation for years to come, should be, at
least in part, a charge on future earnings, and that present-day stockholders should not have to forego present dividends. The company being
the source of the major part of the world's nickel supply and with invisible
stocks in consumers hands at an exceptionally low point curtailment of
operations has been inadvisable.
'After careful consideration the board of directors propose to reimburse
the company's working capital by an offer of common stock.
"This method of financing was considered to be the most advantageous
to investors in the company's securities. By the plan proposed the company may continue for some time, even under present business conditions,
its traditional strong cash position and complete its construction program
without withholding earnings. The best evidence that the directors proposal has the shareholders approval lies in the fact that all proxies received
have been in favor of the plan under consideration."
In closing, Mr. Stanley said that the stockholders now come to roughly
70,000, who are widely distributed throughout Canada, the United States
and Great Britain. See also V. 130, p. 4428.
payable F. & A. without deduction for any Federal income tax not in
excess of 2% per annum. Red. at any time as a whole on 30 days' notice
at 1003j and int. up to and incl. Feb. 1 1931, and thereafter until maturity
at 100% and int.
Data from Letter of Geo. W. Kennedy, President of the Company.
History and Business.
-Corporation is the largest manufacturer of wheels
for automobiles. Approximately 75% of the business of the company
comprises the manufacture and sale of wire, wooden and metal automobile
wheels, the other 25% consisting of the manufacture and sale of other
automobile accessories, such as brakes, hubs, flanges, nuts and bolts.
The present company (New York) is the outgrowth of a business originally
founded in 1900 with a capital of $50,000. The business of the company,
which expanded with the rapid growth of
automobile
further augmented through the acquisition thethe business industry, was
of
and plants of
Hayes Wheel Corp. and Wire Wheel Corp. in 1927 and 1929. respectively,
Company recently purchased the plants and certain other assets of the
Jaxon Steel Products Division of General Motors Corp., which manufactured a part of the wheels used by the latter company. In order to handle
the increasing volume of business the company had planned to enlarge its
plant capacity in the vicinity of Detroit;
Jaxon plants, which are located in Jackson, however, the acquisition of the
Mich., eliminates this necessity.
Company owns important patents covering wire wheels and certain
types of wheels demountable at the hub. Other manufacturers ofother
wire
wheels operate under licenses granted under the patents owned by
KelseyHayes Wheel Corp.
During the past 3% years in excess of $8,000,000 has been spent in the
modernization of the company's plants and machinery.
of
these improvements and the additional facilities acquired As the result of
purchases and consolidations, the company now has plantas the result
capacity which
will permit the economical production of in excessa of 50,000 wheels per
day. Company owns eight plants, five of which are located in Detroit
and vicinity, and one each in Windsor, Canada, Buffalo and Memhpis.
Purpose.
-Proceeds will be used for payment of all bank indebtedness,
including that incurred Incident to the part payment for the Jaxon assets,
and for additional working capital.
Profits.
-The net profits of the company, including the profits of ita
predecessor companies prior to the dates of their acquisition, exclusive of
the Jaxon operations, after all charges, including ample provision for depredation but before interest and Federal and Canadian ineome taxes,
for the three years and six months ended June 30 1930, have been as follows:
x1930.
1929.
1928.
1927.
Net profits after all chgs.,
incl. deprec., but before int. & Fed.& Can.
income taxes
82.104,876 $3,825,914 $2,358,044 $1,266,437
No.oftimes int. on 434%
notes & on outstand'g
obliga's men, above
6.9
6.3
3.8
2.0
x Six months ended June 30.
The profits stated above of $2,104,876 for the six months ended June 30
1930 compare with $2.360,711 on a similar basis for the corresponding
six months of 1929. Charges for depreciation in 1929 were approximately
31,300.000. The figures given above do not include any earnings from the
Jaxon operations which have shown a profit in each of the above years.
Consolidated Balance Sheet June 30 1930.
Assets
Liabilities
Cash
51,521,323 Accounts payable, trade_ ___ $1,461.129
Notes & accounts receivable_ 3,176,818 Sundry creditors
319,890
Inventories
4,739,118 Accr. payrolls, taxes, int.. &c.
2114,847
Due from officers & emprees_ 1,229,997 Div. payable on pref. stock__
61,010
Prepaid expenses
726,125 Prov. for Fed, income tax....404,854
Investments
447,272 Contracts Payable, maturing
Property account
within year
19,418,502
80,000
Trade name, good-will, &c.... 9,543,238 4)4% notes
7,500,000
2,250,000
Pur. mon.6% mtge. notes
290.317
Contracts payable(6%)
Reserves
711,771
704, pref. stock
3,486,300
Trustee Foundation of United States, Inc.
Investors
Common stock (749,454 shs.) 13,306,923
-Semi-Annual Dividend.
1,935,293
Paid-in surplus
Total (each side)
1340,802,393 Earned surplus
8,700,058
The seventh semi-annual dividend, payable Aug. 15 1930 on Investors
Trustee shares, series A. has been declared in the amount of $496.60 per -V. 130, p. 4618, 3726.
1,000 shares. This semi-annual 'dividend, together with the sixth semiKelvinator Corp.
-Earnings.
annual dividend paid Feb. 15 1930 is equal to about 6%% for the full year.
Excluding Refrigeration Discount Corp. and Kelvinator of Can.. Ltd.
-V. 130. p. 1662.
based on the current offering price.
Period End, June 30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.,
-Earnings.
Island Creek Coal Co.
interest, taxes, &c__ - _ $1,414.467 $1.441,803 $2,112.965 $1,301,657
1929.
1930.
1928.
1927.
8 Mos. End. June 30-She. COM,
1,186,106
1.178.043
1.178,043
2,555,625 3,021.151
Production (tons)
3,752,616 Earnings stk. outstand'g 1.186,106
2,397,528
per share_
$1.78
$1.22
$1.10
$1.19
Earns,from coal & other
$1,858,062 $2,439,743 $1,975,470 $2,712,135 -V. 130. P. 3553, Hig.
income
133,467
135,978
134,990
118,640
Admin. & general expsKent Garage Investing Corp.
-Opens New Garage.
816,112
604,793
Depletion, depr. & taxes
617,576
876,822
The Kent "Columbus Circle" garage, the company's new 25
-story motor
hotel, is now open, it is announced.
-V. 130, p. 4618.
$1,119,802 $1,487,652 $1.222,904 $1,716,671
Net income
105,181
91,298
124,398
-Recapitalization Approved.
Preferred dividends
Keystone Watch Case Corp.
136,045
1,187.729
1,187,729
The stockholders on July 29 adopted the plan of reduction of capital
1,187,729
Common dividends
1.188,011
of this corporation, creating 60,000 shares of common stock, par $25 per
def$159,225 sur$194,741 deft89.223 surS392,615 share, in lieu of the hitherto capital of 60,000 shares of common stock of
Balance
no par value.
She, com,stock outstdg.
594.005
At the same time this corporation has transferred $1,500.000 in cash
593,865
594,005
594,005
(Par $1)
$2.33
Earns, per share
$1.73
$2.66 and securities to the Keystone Corp., newly organized under the laws of
$1.85
Delaware, in exchange for 60,000 shares of common stock of said corpora130, p. 4428.
tion of the par value of $25 per share, which stock will be apportioned
-Earnings.
(Byron) Jackson Co.
ratably to the stockholders of the Keystone Watch Case Corp.
1930-6 Mos.-1929.
Period End. June 30-- 1930-3 Mos.-1929.
Accordingly, upon surrender of certificate or certificates for the
ar
value stock of the Keystone Watch Case Corp., at the office of Drexel &
Net profit after depreno'
$407,145
$293,570
ciation and Fed. taxes $206,745
$593,696 Co., 15th and Walnut Rs., Philadelphia, Pa., there will he issued to the
Earns. per sh.on 349,487
stockholders a share of $25 par value stock in each of the corporations
$0.84
$0.59
she, cap. stk. (no par)
$1.70 named for each share of no par common stock of the Keystone Watch
$1.16
Current assets as of June 30 1930 amounted to 33,147.132, including Case Corp., represented by the stock certificates held by them-V. 131.
3396.324 cash against current liabilities of 3453,300.-V. 130, p. 3365,1472. P. 123.
-Sales Decrease.
Jewel Tea Co., Inc.
-1929. 1930-28 Wks.
Period End. July 12-1929.
1930-4 Wks.
Sales
$1,207,130 $1,395,288 $8549110 $9,013,418
Avge. no. ofsales routes_
1,186
1,167
1,231
1,245
-V. 131, p. 485. 123.
Joint Investors, Inc.
-Affiliation.
Negotiations are practically completed for the affiliation of Joint Investors, Inc., a general management investment company, with Yosemite
Holding Corp.. Luther D. Thomas, President of Yosemite, said July 30.
Completion of this step in its expansion program will increase the assets
of Yosemite Holding Corp. and its affiliated companies by approximately
$1.750,000, according to Ralph W. Simonds of Baker, Simonds & Co..
who has been carrying on negotiations.
"Such an increase in controlled assets would enable the management of
Yosemite to more broadly diversify its investments thereby bringing commensurate benefits to stockholders," Mr. Thomas said.
In commenting on the proposed acquisition. Grover O'Neill, President
of Joint Investors, Inc., said: "The affiliation of our corporation with
Yosemite Holding Corp. should materially benefit stockholders of both
crrganizations. Our assets will add substantially to the total already controlled by the parent corporation."
-V. 130, p. 4618.
Katz Drug Co.
-June Sales Increase.
The company reports that sales for June 1930, amounted to 3586.488,
as compared with 3437,867 for June 1929, an increase of $148,621 or
nearly 34%. Included in the June 1929 sales are the figures for the first
month's operation of the Kansas City, Kan. store.
July sales got under way with a record-breaking week, in large measure
due to the July 4 holiday, it is stated.-'. 130, p. 4429.
Kelsey-Hayes Wheel Corp.
-An issue
-Notes Sold.
of $7,500,000 1-year 43-% notes has been sold at 993
4
and int. by a syndicate headed by Goldman, Sachs & Co.
and including Lehman Bros.; First Detroit Co., Inc.; White,
Weld & Co., and McClure, Jones & Co.
Dated Aug. 1 1930; due Aug. 1 1931. Coupon notes in denom. of
$1,000. $5.000 and $10,000, registerable as to principal only. Principal
and int. payable at Chase National Bank, New York. registrar. Interest
Kolster Radio Corp.
-Reorganization Proposed.
-
The New Jersey Chancery Court has been asked to approve a plan of
reorganization for the company and to order acceptance of an offer made
to the three receivers by S. P. Woodard Sr Co., Inc., who will underwrite
the plan. The petition was filed with Vice-Chancellor Alonzo Church
by counsel for S. I'. Woodard & Co., Inc.
The petition states that the receivers, Harry G. IIendricks, Harry
Meyers and Ellery W. Stone, were given three days
to accept
the reorganization proposal and bid. The three-dayon July 21 has been
limit now
waived and the undertaking placed before the court. The offer Is contingent on the willingnms of Rudolph
Frederick Diedrich and
the National City Bank of Now York,Spreckels, creditors, to agree to a
the throe
settlement of their claims. The claims are $602,998, $755,537 and $1,198,541, respectively.
Under the proposed reorganization, holders of
825.829 outstanding
shares of Kolster common stock will receive onethe
share of the new stock
for each three shares of old. plus the right to buy one now share at $10.50
for each share issued in exchange,the new corporation to credit the Woodard
Co. against purchase commitments with $1.50 a share
share
so purchased. The petition also proposes that for thefor each new
combined debt to
Spreckels and Diedrich and the 80,000 shares of preferred stock held in
their names, 200,000 shares of
to them
and split between them at theirnew common stock will be issued 20,000
option. Holders of the remaining
shares of preferred will receive two shares of new common for each old
preferred share.
The corporation will be capitalized at 5,000,000 shares of no-par value
common stock and an authorized $4,500,000 6% 10
-year cony. deb. notes.
Woodard & Co. agree to take the latter at 90, or a total of 34,050,000,
and reserve the right to substitute for all or any part of the notes, an
equivalent amount of the new common stock on the basis of $9 a share.
payment to be $500.000 on delivery of assets, $1,000,000
months
later and the balance of $2,550,000 within six months after three
the organization of the new company.
The plan also provides for the conveyance to the new company of all
properties of Kolster, including $218,000 cash in the receivers' hands on
July 21 and between 800 and 900 patents, as well as the assets of the
Brandes Products Corp., Brandes Corp. and other subsidiaries of Roister
and their corporate franchises. Under the terms of the bid, Woodard &
Co. agree to purchase either cony. deb. notes or common stock of the
proposed corporation in such amount as to furnish it with $4,050,000.
Vice-Chancellor Church has set Sept. 16 for hearing the petition.
AUG. 2 1930.]
FINANCIAL CHRONICLE
Master Absolves Spreckels and Others of Legal Blame in
$12,000,000 Stock Profit.
799 •
Earnings for 6 Months Ended June 30.
1929.
1930.
$3,666,992 $3,580,970
2,687,963 2,160,443
120,575
241,047
Sales
Cost of sales
General, admin., selling & transportation exps
Rudolph Spreckels, Chairman of the board of directors of the Holster
Radio Corp., and other officers and directors of the company were absolved
of legal blame in the sale of Holster stock at net profits totaling about
$737,982 $1.290,952
Net profit from operation
$12,000,000 by the report of John A. Bernhard, Special Master of Chan21,626
19,762
Miscellaneous income
.cery, made public in Newark July 29.
Mr. Bernard was named Special Master by Vice-Chancellor Church to
$757,744 $1,321,577
Total income
Investigate charges that some one had "rigged the market" in the sale of
61,621
93,686
Holster stock. The charge was made by Albert Schwartz, Paterson Interest charges
21,583
23,089
lawyer and a stockholder, at a court hearing following a receivership appli- Wells written off
153,404
178.952
Depreciation-refinery & equipment
by Jacob Meyer, a stockholder.
cation
582,682
442,963
The report presents the findings on a series of hearings held by Mr. Depreciation & depletion-producing properties
Bernhard, at which the principal witnesses were Spreckels, Mr. Stone and
$502,287
$19,054
Surplus net income before Federal taxes
Frederick Dietrich and Maurice A. Rypinski, directors of Kolister. Mr.
Bernhard said that in selling their stock at considerable profit they had
Comparative Balance Sheet.
violated no legal obligation to the stockholders. He commented;
June 3030. Dec. 31'29.
June 30'30. Dec. 31'29.
"The question is, were Mr. Spreckels and his associates under a moral
Assetsor legal duty to disclose to the stockholders the disposition of their shares?
811,695
Notes & accts. pay 1,393,813
leave the situation as I find it because I have concluded that the officers Prop., plant, tank
I
135,000
cars, &c
6,924,701 7,042,125 Dividends payable
were under no legal obligation to inform stockholders of their private
158,867
548,771 Res.& accruals__ 184,170
Invest. In oth. cos
857,515
transactions."
115,000
383,278 Prov.for Fed. tax_
164,935
found that the sale of large blocks of stock by officers Cash
The master also
643,933 Notes pay. due in
704,125
of the company did not cause its insolvency. This was caused by a gen- Accts.receivable
1,432,323
monthly install_
1,787,990 1,665,385
eral depression in the radio industry and by inability to raise funds, he said. Inventories
59,342 Purchase money
20,324
The charge that the market was "rigged" was not substantiated, the Prepaid expenses__
1.307,606
obligations
report found., but added;
Total (each side).10,459,591 10,342,834 Cap. stk. & surp_ _x7,574,001 7,689,947
"Spreckels, Rypinski and Dietrich were participants in a syndicate
-V.130, p.4819,4253.
x Represented by 270,000 shares of no par value.
operated by George F. Breen. They supplied the stock: Breen doled it
-V. 130. P. 4429.
out to the public."
-Natural Gas Revenue.
Louisiana Oil Refining Co.
Leaders of Industry Shares.
-Semi
-Ann. Div. of 27c.
- Natural gas revenue of this company will show a substantial increase
comThis fixed investment trust has declared a semi-annual dividend of beginning next month, President, M. J. Grogan, announced. This Gas
Arkansas Natural
27 cents per share, payable to holders of record Aug. 1. This dividend, pany is now selling 15,000,000 cubic feet daily to the terms of the contract,
the 35 cents dividend paid on Feb. 1 this year, makes a total of 62 Co. on a graduated price scale contract. Under the
with
Grogan
cents a share paid to shareholders this year. The General Shares Corp. the rate per 1,000 cubic feet will be increased 25% on Aug. 1 Mr.
-V.131, p.639.
said.
Is depositor.
Madison Properties, N. Y. City. Bonds Called.
-Ford Glass Co. Earnings.
-Owens
Libby
Notice has been given to the holders ofoutstanding 1st mtge.6% gold bonds
3 Months. 9 Months. numbered
Period Ended June 30 1930501 to 989, both inclusive, executed by 516 Madison Avenue.
Manufacturing profit after expenses
$1,238,197 $4,047,567 Inc., a New York corporation, dated Aug. 7 1923, and secured by a mtge.
Other income
30.289
151.013 of even date therewith to Walter S. Klee, as trustee, that said bonds have
for redemption on Aug. 25 1930, at 102 and interest.
Totalincome
$1,268,486 $4,198,580 been duly calledhave been notified to present these bonds for payment.
Bondholders
Depreciation
368,333
1,044,521 together with coupons maturing on Feb. 1 1931, and subsequent thereto,
Other deductions
467,777
1,244,164 at the office of S. W. Straus dc Co., Inc., 565 Fifth Ave., N. Y. City, or
Federal taxes
52,000
230,000 at 310 South Michigan Ave., Chicago, Ill. on Aug. 25 1930, on which
bear interest.
-V.117. P. 1823.
Net profit
$380,376 $1,679,895 date said bonds cease to
-V. 131. P. 639.
-Exchange Offer Expires on Sept. 30.
Magnavox Co., Ltd.
Liberty Dairy Products'Corp. Probable
-V. 129,P. 2397.
See Beatrice Creamery Co. above.
Sale.
-
-President R. A. O'Connor, July 25, in a letter to the
stockholders of the Magnavox company says:
. Under date of March 10 1930, you were offered one share of the capital
of Magnavox Co., Ltd., a Delaware corporation, in exchange for each share
of stock held by you in the magnavox Co.,an Arizona corporation.
To date,.540,422 shares of the capital stock of the Arizona company
have been exchanged for a like number of shares of the capital stock of
Magnavox Co., Ltd. Thus 74% of the stock of the Arizona company has
been exchanged.
The right to exchange the stock which you now hold in the Arizona
company for that of the Delaware company expires at noon. Sept. 30 1930.
Under date of June 3 1930, you were also informed of an exchange of the
capital stock of the Delaware company for that of the Amrad Corp. To
date over 63% of the Amrad stock has been exchanged with the result that
the Amrad Corp. and the Magnavox Co., an Arizona corporation, are now
operating as subsidiaries of Magnavox Co., Ltd.,the Delaware corporation.
It has been pointed outthatallfuture expansion and benefits derived therefrom will come through the activities of Magnavox Co., Ltd., in effecting
other desirable affiliations and thereby building a strong radio accessory
Link Belt Co.(& Subs.).
-Earnings.
organization, with diversified products and facilities to produce on such
Period End, June 30- 1930
-Month-1929.
1930-6 Mos.-1929.
scale as will meet the requirements of leaders in the industry. situation of
Sales to customers
$2,009,417 $2,486,712 $11.638,343 $13,681,525
The directors and management have carefully studied the
Cost ofsales
1,802,816
2,182,579 10.291,618 11.889,148 manufacturers in the radio accessory field and believe that the Plan which
has been put into effect offers the greatest possibilities for future progress
Net profit on sales.-- - $206,601
$3304,133 $1,346,725 $1,692,378 and stability.
-V.131. P. 639.
Other income
' 20,438
19,642
135,357
121,601
-Omits Common Dividend.
Mallory Hat Co.
ordinarily paid
Total income
$227.039
$323,775 $1.482,083 $1.813,979
The directors have voted to omit the quarterly dividendcompany made
Previously, the
497
41,758
Sundry charges to income
10,308
101,933 about July 1 on the common stock. -V.122, p. 620.
28.046
34,597
Federal tax estimate-.
165.575
quarterly disbursements of $1 per share.
196,114
-Listing.
Marine Midland Corp.
Net credit to surplus
to date
$247,419 $1.306.190 $1,515,932
$198,497
The New York Stock Exchange has authorized the listing of 5,545,996
shares of capital stock, now issued and outstanding, with authority to add
Balance Sheet June 30.
to the list 70,005 shares upon official notice of issue in exchange for addi1930.
1929.
1930.
1929.
tional shares of the stock of certain banks and trust companies and for scrip
Liabilities
Assets$
3
3
outstanding; making the total amount applied for, 5.616,001 shares (par
Cash
3,201,116 2,090,270 Acc'ts payabl
717,109 1,018,202 $10).-V. 131. p. 486.
Acc'ts & notes rec. 3,625.630 4.373,5E9 Dividends pa yable
65,000
364
Inventory
-Earnings.
4,127,711 4,185,555 Notes payable_
Melville Shoe Corp.
300,000
Securities
1928.
4,526,198 4,425,052 Accident reseryes_ 130,976
1929.
1930.
108,752
6 Months Ended June 30Accrued interest
$748,345
64,289
63,953 Local taxes, es
$727,069
170.327
$955.705
154,441 Net profit after charges & taxes
Federal taxes, est_ 387,567
Real est., bidgs.,
3511375
,. 6
8
354,376
371,461
418,416 Shs. corn. stock outstand. (no Par)- mach.,equip.,&o 7,381,397 7,213,839 Preferred stock___ 4,000,000 4,000,000 Earnings per share
$2.34
Deferred charges
102,494 Common ateck _ _10.584,739 10,584,739 -V. 131, p. 282.
100,966
Surplus
6,971,589 5,869,841
-Dividends, cfcc.Mengel Co.
Total
23,027,307 22,454,754
Total
l. 0
nds
23,027,307 22,454,754
The directors have declared the regular quarterly divide8 of 50 cents
-V.130, P. 3176, 1291.
common stock, payable Oct. 1 to holders of record Aug.30
per share as the
and $1.75 per share on the pref. stock, payable Sept. 1 to holders of record
Loft Incorporated. Earnings.
Aug. 15.
The company has called for retirement $200,000 of7% bonds maturing
8 Mos. End. June 30- 1930.
1929.
1928.
1927.
Net sales
$3,853,827 $3,074,985 $3,608,202 $3,796,769 March 1932 and $200,000 maturing, March 1933. At present $3,400,000
-V. 130, p. 3555.
of the bonds are outstanding.
Costs and expenses
4,154,004 3,043,307
3,580.319
3.728,307
-Extra Dividend.
Merchants Fire Assurance Co.
profit
Operating
$300,177
$31,678
$27,883
$68,462
The directors have declared a quarterly dividend of 50 cents per share on
Other income
a113,282
371,725
221,912
156,152 the increased common stock, payable Aug. 1 to holders of record July 28.
This is at the same rate as the old basis prior to the increase in common
Total profits before destock to $3,000,000 through the payment of a 32% stock dividend and the
prec'n & Fed.taxes_
$186,895
$403,403
$249,795
$224,614 sale of additional stock. See also V. 130, P. 3555.
Interest, &c
10,787
Inventory write-down
63,971
-Omits Common Dividend.
Merrimac Mfg. Co.
$260,971 prof$403,403 prof$249.795
The directors have taken no action on the common dividend due to be
Net loss
Pf$224,614 declared at this time. A quarterly distribution of $1.50 per share was
a Includes $18,374 profit from building operations.
-V. 130, p. made on May 13 last, as compared with $3 per share previously.
-V. 130,
4429, 3890.
P. 3890.
-Wiles Biscuit Co. Earnings.
Loose
-Mesta Machine Co. Earnings.
12 Months Ended June 301930.
1929.
1930.
6 Months Ended June 301929.
Net profit after int., deprec. & Fed'i taxes
$1,271,000
$934,120
$2.553,115 $2,333,682 Net profit.fter charges and Federal taxes
-V. 130, p. 4253, 1840.
$2.03
share on 600,000 shs. corn. (par $5)_
Earnings per
.4
"The showing for the first half of the year is highly gratifying under
Lion Oil Refining Co. Semi
-Annual Report.
Present conditions, particularly as 1929 was the best year in the comPresident, says in substance:
F. H. Barton,
pany's history," H. F. Wahr, President, states. "Earnings of $2.03 per
The small net profit of $19,054 for the first half of 1930 was due to low share for the 6 months not only are well in excess of the first half of 1929
selling prices resulting from an overproduction of both refined
but cover the full year's dividends at the present rate of $1.60 per share
and crude oil and to a depression in business conditions generally.products annually with quarterly extras of 10 cents per share."
The high spots of the company's operations during the first six months
Mr. Wahr added that present bookings and contracts in prospect, assure
were: (1) Manufacture and sale of 57,700,000 gallons of refined products highly satisfactory operations over the balance of the year.
-V. 130,
as compared with 43,500,000 gallons during the first half of 1929 an in- ri• 2596, 3727.
crease of 32% while the prices received for these products averaged
19%
-Acquires Patent Rights.
less; (2) Acquisition of 56 controlled outlets for its refined products, making
Midland Steel Products Co.
a total of 166 bulk and filling stations owned or controlled in Arkansas,
The company has acquired all the rights under the American and foreign
idississippi, Louisiana and Tennessee: (3) Erection of an asphalt plant at patents covering airbrakes for automobiles and airbrakes and starters for
its El Dorado refinery; (4) The completion of McFadden No. 1 well In airplanes and boosters for all styles of brakes, from N. A. Christensen,
Victoria County, Texas, as a gas well with an initial production (actual noted inventor, it is announced by President E. J. Kulas.
lunge) of 39,894,000 cubic feet of gas per day, with a rock pressure of
The company plans to start development and production of airbrakes
1.610 pounds. This well is located in the center of a tract of over 6,000 for airplanes, trucks, trailers and buses and also to proceed with the develsixes, on which we own the entire lease, and is advantageously located opment of four-wheel airbrakes for all classes of passenger automobiles.
for the selling of gas. It is virgin territory, being 20 miles from the nearest The new development is being undertaken in connection with the comoil field.
Pany's further development of the Midland Steeldraulic brake.
Lincoln Mortgage & Title Guaranty Co. Receiver.
Vice-Chancellor Fallon named John Milton, former Hudson County
Prosecutor, as custodial receiver for the company as a result of the filing
.of a petition by Harry Baechlin of Newark, a stockholder, alleging that the
.company was insolvent. Charles Lynch of Newark was designated master
to Investigate the condition of the company and the company was ordered
to show cause Aug. 5 why it should not be declared insolvent.
It was set forth in the Baechlin petition that the concern was incorporated
in March 1926 to deal in first, mortgages and issue bonds, and that it had
received $1,800,000 from the sale of stock. Because of conditions in the
real estate market, properties on which mortgages were negotiated had
depreciated in value, the petition said, and the company had been forced
to make numerous purchases of properties at foreclosure sales to protect
itself. Ordinary business was said to have been suspended last September.
-V. 130, p. 3726.
800
FINANCIAL CHRONICLE
[VOL. 131.
Production will be at the Cleveland plant of the company and will at the Union Trust
entail the employment of additional working forces, Mr. Hulas said. outstanding preferredCo., Cleveland, Ohio. This is one-fourth ofthe total;
stock.
-V. 130, p. 4065.
Mr. Christensen will be associated with the Midland company in an important engineering capacity.
(Conde) Nast Publications, Inc.
-Earnings.
The acquisition of the patents means a large scale expansion of the
Period End. June 30- 1930-3 Mos.-1929.
company's activities in the automobile field and its entry for the first time Net
1930-6 Mos.-1929.
income after charges
Into the aviation field. The company is already one of the leading proand Federal taxes_ __ _ $332,978
$315,661
$857,428
ducers of automobile frames and mechanical four-wheel brakes.
$759355.
Earnings per share on
Mos. End.
6 Mos. End.
320,000 shs. corn. stk.
PeriodJune 30,'30. Mar.31,'30. June 30,'30.
(no par)
$1.04
$2.68
92.38.
$0.99
Manufacturing profit
$893,405 $1,012,886 $1,906,291 -V.130, p. 3555.
Expenses
175,203
145,213
320,416
Other deductions
National Acme Co.
Cr.596
16,738
16,142
-Earnings.
Depreciation
150,775
301,737
150,962
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net profit after int. &
Profits before Federal taxes & profit
deprec. but before
sharing expenses
$568.023
$699,973 81,267,996
Federal taxes
8303,151 $1,520,419.
888.039
8811,588
-V.130,P. 3177, 2981.
-V. 130, p. 3178.
Mid-West States Utilities Co.
-Dividend.
-
The directors have declared a quarterly cash dividend of 43g cents per
share on the class A stock or at the rate of 10% in stock, payable Aug. 1 to
holders of record July 21.-V. 130, p. 4050.
National Cash Register Co.
-Earnings.
-
Period Ended June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net profit after deprec.,
Federal taxes, &c_ _ _
$773,465 $2,586,860 $1,685,705 $4,406,670
sh. on
Minneapolie-Honeywell Regulator Co.
-June Sales, &c. Earns. perclass A 1,190,000 shs.
stock_
$3.70
Reporting the largest June sales of record, the company announces the
$0.65
$1.41
$2.17
opening of a branch at Syracuse, N. Y., Aug. 1 to handle business in -V.130. p.4065,3178.
northern New York and western Philadelphia. In June. the company
National Dairy Products Corp.
-Listing.
opened a branch at San Francisco, and in July an office in Indianapolis.
The New York Stock Exchange has authorized the listing of 16,160‘
In April the Minneapolis-Honeywell Co., Ltd., of Toronto. created a
medium for the carrying on of sales operations in Canada. The company additional shares of common stock (no par value) upon official notice of
Issuance in connection with the acquisition by the company of the entire
now has offices in 16 cities.
Sales of Minneapolis-Honeywell products fell off 11% during the first property and assets of Chapman Dairy Co., with authority to add 162
six months of the calendar year as compared with 1929. Sales for the full additional shares, on and after Oct. 1 1930, of its common stock upon
period last year amounted to $6,233,395, representing the manufacture official notice of issuance from time to time as a stock dividend, making
the total amount applied for 6,112,095 shares.
and shipment of 413,280 units of its various heat regulating products.
-V. 131, p. 283.
"June this year was the biggest of any June in our history, sales totaling
9577,000, compared with 9505,000 in June 1929," Vice-Pres. Charles R.
National Steel Car Corp., Ltd.
-Annual Report.
Sweatt said. "As the first half is a normally slack period in our business.
Years End. June 301927.
1930.
1928.
1929.
our showing this year is good and our June sales encouraging, in view of Profit for year
$288,766
$534,849
$602,230
the generally depressed business conditions over the country. We are Reserve for deprec'n of $.803,791
developing our European market and now have representatives at London.
bldgs., mach.& equip. x655,984
215,250
211,110
212,136
Paris, Amsterdam and Dresden."
Interest on bonds
76,521
-V. 131, p. 283.
54,970
28,558
Missouri
-Kansas Pipe Line Co.
-Expansion.
-
The company has acquired a half interest in 30,000 acres of natural gas
lands in what is known as the Hugoton field in southwestern Kansas. The
purchase includes two producing wells that are supplying gas to the Argus
Pipe Line Co. for resale at Dodge City. Kan. The new acreage is in parts
of Grant, Stevens and Morton counties, Kan.
-V. 131, p. 640.
Mock, Judson, Voehringer Co., Inc.
-Smaller Dividend.
Balance
Dividends
Balance
Previous capital & surp_
Sale of capital stock_ _ -Claims written off
$1,147,807
260,000
$361,536
130,000
$268,768
def.$3,005
$887,807
4,651,558
$231,536
2,170,023
Cr2,250.000
9268,768
2,164,731
.$3,005
def
2,167.737
Dr.263,478
The directors have declared a quarterly dividend of 25 cents per share,
on the common stock, no par value, payable Aug. 15 to holders of record
Aug. 1. From Feb. 15 1929, to and including May 15 1930, quarterly
dividends of 50 cents per share were paid.
6 Months Ended June 301929.
1930.
Net profit after charges and taxes
$281,132
$195,215
Earnings per share on 100,000 shs. corn. stock
92.46
$1.60
Nathaniel Judson, Chairman of the board, states that while sales for
the first half of 1930 exceeded last year's for the same period by more
than 20%, the lower net was caused principally by the unsettled condition in the
silk market.
-V.130, P. 4619.
Balance June 30
85.539.365 $4,651,558 82,170,022 $2,164,732
Shs• cap.stock outstanding (no par)
100.000
100.000
130,000
130,000
Earnings per share
Nit
92.69
$2.78
$8.83
x Includes 9250.000 special write-off, buildings and equipment.
Comparative Balance Sheet June 30.
Assets1929.
1930.
1930
Liabilities1929
Land,bldg,, plant
,
Capital and stirand esuipment_99,981,927 95,698,250
$$5,539,365 $4,651,558.
plus
Patents & goodwill
77,675 2,328.249
1
1 Bank loans (sec'd)
Cash
20,039
26,657 Accounts payable.. 1,188,588 1,969,278
Call loans(secured) 650,000
100,867
89,798
Accrued wages, &a
Moon Motor Car Co.
Acc'ts & bills rec._ 505,461 1,496,273 Res. for conting__
-Former Officials Restrained.
50,889,
25,047
The fight for control of this company ended on July 29, when Circuit Cash surren. value
Res. for deprec___ 2,010,819 1,624,753
Judge Pearcy at St. Louis, Mo., granted a permanent order restraining
life insurance__
82,000
72,500
Sundry investmla
former officers from interfering with operations of the firm.
3,292
4,126
The new officers, headed by W.J. Muller of Philadelphia, as President, Inventories
1,675,945 3,365,043
were elected April 12. They represent interests in the Moon company Deferred charges
12,626
62,744 I Total(each side)_38,931,292 310725,595
acquired by New Era Motors, Inc., in turning over to Moon rights and
z Represented by 130,000 shares of capital stock without nominal or
patents of the Ruxton front-wheel drive for exclusive manufacture.
Par value.
-V. 129, p. 1136.
At annual stockholders meeting held early in July. W. S. Moffatt was
elected Secretary and Treasurer. W.J. Muller, J. E. Roberts, and H. E.
National Supply Co. of Delaware.-Acguires Control of
Walker were re-elected President, 1st Vice-President and 2nd Vice-PresiSpang, Chalfant de Co. Inc.
-Offer Made to Minority Stockdent, respectively.
-V. 130. P. 2596.
-Defers Pref. Div.
Mortgage Guarantee Building Co.
The directors have decided to omit the semi-annual dividend of $1 Per
share on the common stock and to defer the semi-annual dividend of $3.50
per share due June 30 on the pref. stock.
-V.127. p. 3410.
Mullins Mfg. Corp.
-Earnings.
-
Period End. June 30- 1230-3 Mos.-1929.
1930-6 Mos.-1929.
Gross profit
$621,899
8227.448
8325,712
$150,666
Expenses
288,555
244,433
149,058
131,526
Operating profit
Other income
$19,140
4,564
8176,654
21,825
df.$16,985
11.173
$333,344
48,549
Total income
Federal taxes
$23,704
$198,479
21,035
df.$5,812
$381,893
40.193
Net profit_ -- - $23,704
Preferred dividends---52,500
Surplus
df.$28,796
Earnings per share on
100,000 shs. common
stock (no par)
Nil
-V. 130, p. 3892, 3368.
$177,444
52.500
df.$5,812
105,000
$341,700
105,000
$124,944 def.$110.812
$236,700
Nil
$2.37
$1.25
Murray Corp. of America.-Earning8.-
6 Mos. End. June 30-1927.
1928.
1929.
1930.
Gross profit
82.121,925 82,336,809 82,193,299 $1,285,085
Expenses
1364,495439,984
89,452
580,321
Reserves
1735,000
Depreciation
214,102
234,333
255,221
599,222
Interest, &c
59,958
145,980
136,815
117,614
Federal taxes
70,000
222,645
90,725
Net profit
8643.491 4571,041
8734,043 $1,632,676
Shares common stock outstanding (no par).. _
268.590
269,333
538.055
769,173
Earnings per share_:..:
42.09
$2.35
$3.02
$0.94
x Profit before Federal taxes. y Includes other income of $328,821.
Consolidated Balance Sheet June 30.
1929.
1930.
1930.
1929.
Assets$
$
Liabilities$
217,400
Lanajgags..mach
8% pref. stock__ 212,400
& equip
y20,378,152 17,698,236 Common stock_ _z22,828,725 15,806,483
Cash
3.240,729 1,286,170 Accts.& notes pay. 838,800 4,604,176
Customers accts._ 2,142,819 3,930,292 Accr. hit., tax, &c. 178,974
235,378
Inventories
409,354
3,394,190 5,573,594 Dividends payable
Inv.in Dietrich.Inc. 498,980
901,000
oblig 607.122
578,850 Pure!). money
Sink,fund deposits
3,005.000 3,312,100
49,324
179,182 Funded debt
Miscel.accts.&dIvs. 379,290
588,753 Res. for cont.. &c_ 607,546 1,344,066
Pats. & good-will. 301,329
222,645
90,725
302.329 Federal tax (1928)
Deferred charges__ 435,999
84,024
303,512
184,105 Approp. surplus
Unapprop. surplus 2,148,018 3,184,885
holders.
-President Join M. Wilson, in a letter dated July
25, to the holders of common stock of Spang, Chalfant &
Co., Inc. says:
The National Supply Co. of Delaware has acquired in excess of twothirds of the corn, stock of Spang, Chalfant & Co., Inc., and now offers to
the remaining holders of corn, stock of Spang, Chalfant & Co., Inc.. an
n
to exchange their shares for shares of the National Supply
opportunityCo., ofollowing basis, viz.: One-half share of pref. stock (par $100).
he llowing
and one-half Share of corn. stock (par $50) of the National Supply Co. for
each 3g shares of com,stock without par value of Spang, Chalfant & Co..
Inc.
Stockholders wishing to take advantage of this offer should forward their
certificates to Bankers Trust Co. as agent. 16 Wall St.. N. Y. City.
This offer will terminate on Sept. 23 1930, the corporation reserving the
right to terminate it prior thereto.
A quarterly dividend has been declared upon the com, stock of the
National Supply Co. of $1.25 per share, payable Aug. 15 to holders of
record Aug. 5 1930. This div. will, thus, be payable only to such holders of
Spang, Chalfant & Co., Inc., corn. stock as make the exchange and become
stockholders of record of National Supply Co. by the close of business OD
Aug. 5 1930.
In making the exchange, no fractional shares will be issued, but in lieu
thereof there will be issued scrip certificates which may be combined and
exchanged for full shares up to Nov. 30 1931, at which time stock represented by outstanding scrip will be sold and the proceeds thereof held
for the pro rata benefit of scrip holders. Until exchanged for full shares.
scrip will not bear diva. or have voting rights.
See also Spang, Chalfant & Co., Inc. below.
Listing, etc.
-
The New York Stock Exchange has authorized the listing of
additional shares of common stock (950 par) and 138.278 additional 92,493
shares
of 7% cum. pref. stock ($100 par), upon official notice of issuance in
exchange for common stock of Spang, Chalfant & Co., Inc., making the
total amount applied for 392,493 shares of common stock and 169,264
shares of preferred stock.
The directors June 25 authorized the issue of approximately 59,877 shares
of common stock and 105,662 shares of preferred stock in exchange for
538,000 shares of common stock of Spang, Chalfant & Co., Inc., and the
Issue of approximately 32,616 shares of common stock and 32,616 shares of
preferred stock in exchange for the remaining 212,000 outstanding shares of
common stock of Spang Chalfant, such exchange to be in the ratio of g
share of common stock and g share of preferred stock for 33i shares of
common of Spang Chalfant.
The stockholders on July 17 voted to amend the certificate of incorporation of the company so as to increase the total authorized number
of shares of common stock from 340,000,000 to 500,000 and the total
authorized number of shares of preferred stock from 80,000 to 200.000.
The certificate of incorporation of the company cuts off entirely any
Preemptive right on the part of the holders of preferred stock and provides
that no holder of common stock shall be entitled as such, as a matter of
right, to subscribe for or purchase any part of any new or additional issue
of preferred stock, whether now or hereafter authorized, or to subscribe for
or purchase any part of any new or additional issue of common stock.
whether now or hereafter authorized, if such common stock is issued for
Total
30,820.822 30.321,511 property. The right is reserved to sell not more than 50 000 shares of
30,820,822 30,321.511
Total
y After depreciation. z Represented by 769.17300 par shares.
-V.131. common stock to employees of the company or of its subsidiaries for such
price, not less than par, and on such terms as the board of directors may
p.283.
determine.
-V. 131, p. 487, 125.
Mutual Auto Stores Co.
-Receivership.
-
Equity receivers have been appointed by United States District Court
at Philadelphia to take charge of affairs of the company which operates
7 auto accessories stores in Philadelphia.
National Terminals Corp.
-Debentures Offered.
-An
issue of $625,000 632% convertible debentures was recently
offered by A. B. Leach & Co., Inc. (price on application).
(F. E.) Myers & Bro. Co.-Pref. Stock Retirement.
Dated Oct. 1 1929; due April 1 1940. Denom. $1,000 c*. Interest
The directors on July 28 authorized the retirement on Sept. 30 1930 of payable A. & 0. Callable ass whole or in part on any int. date at 103 and
5,000 shares of the 6% pref. stock, at 105 and divs. to Sept. 30 1930, Interest to and including April 1 1935 and thereafter at 101 and int. ConInclusive, on a pro-rata basis to each stockholder. Payment will be made tinental Illinois Bank & Trust Co., Chicago, trustee.
FINANCIAL CHRONICLE
Atm 21930.1
Convertible to maturity or to date of prior redemption into participating
Preference stock of the corporation as follows: 55 shares per $1,000 debentures for the first $350,000 of debentures presented for such conversion
and thereafter on the basis of 50 shares per $1,000 debenture. The participating preference stock is listed on Chicago Stock Exchange.
Capitalization.
$1,850,000
1st mtge.& coll. trust 614% (serial) gold bonds
a625.000
convertible debentures (this issue)
-63 %
18,650 slut.
7% cumulative convertible preferred stock ($25 par)
a52,350 shs.
Participation preference stock (no par)
60.000 shs.
Common stock (no par)
a 51,650 shares reserved for conversion of 634% debentures and 7%
preferred stock.
-Corporation operates directly the properties known as InterBusiness.
state Terminal Warehouses, Cleveland, Ohio, and through wholly owned
subsidiaries, operates the properties of North Pier Terminal Co., in Chicago; East Chicago Dock Terminal Co. in East Chicago, Ind. and Indiana
Refrigerating Co.. in Indianapolis, Ind.
-The fixed assets of the company and its subsidiaries are carried
Assets.
on the company's books at cost price less depreciation which at March 31
1930 amounted to $4,287,754. Deducting $1,850,000 face amount of the
1st mtge. bonds, the remaining equity is $2.437.754 or over $3,900 for
each $1,000 614% convertible debenture (this issue) outstanding.
Earnings.
-As certified, consolidated net income of the constituent properties for the fiscal years ended March 31 available for depreciation, interest
on funded debt, and income taxes after eliminating certain non-recurring
charges for the years 1928 and 1929 averaging $16,958 per annum were
as follows:
1929.
1928.
1930.
Years Ended March 31$429,860
$446,560
$419,114
Net income as described above
120,250
120,250
120,250
on 1st mtge. bonds now outstand.
Int.
Balance available for depreciation,
$326,310
$309,610
$298,864
int, on debs. and income taxes__
40,625
40,625
40,625
Int. on 634% debentures outstanding
income before interest on funded debt, depreciation and
The above net
Federal income tax averaged $431,845 for the three year period, or over
234 times the annual interest requirement of the total funded debt. After
deducting interest on the first mortgage bonds, the balance of net income
averaged $311,594, or over 734 times the annual interest requirements of
-V. 129, p. 978.
the 634% debentures.
-Earnings.
Neptune Meter Co.
Six Months Ended June 30
Net earnings after charges & taxes
Earns,per sh.on 229,104 shs.comb.class A & B stk
-V.130. p.4620,4065.
1930.
$543,318
$2.02
1929.
$442.187
$1.58
-Listing.
(J. J.) Newberry Co.
The New York Stock Exchange has authorized the listing of $5,000,000
10
-year cony.
% gold notes, due April 1 1940.-V. 131, p. 283.
-Earnings.
Newton Steel Co.
1930.
Three Months Ended June 30
Profit before depreciation
Depreciation
0203,201
10,164
Balance
Other income
Totalincome
'General expense
Interest
Federaltaxes
1929.
$1,013,505
62,500
$951,005
52,807
$213,365 $1,003,812
122,959
94,802
45,000
4,423
109,082
Net profit
Earns.per sh.on 264,000 shs. corn.stk.(no par)_ _ _
-V.130, p.4255,3557.
x After depreciation.
$40,983
$0.99
$799,928
$5.50
New York Dock Co.-Earnings.1930-6 Mos.-1929.
Quar. End. June 30- 1930-3 Mos.-1929.
.
$964,256 $2,191,705 $1,765,510
$1,056,566
Revenues
Expenses
526,747
514,586
1,142,653
940,736
337,442
244,179
Taxes, interest, &c
698,709
486,011
Net income
Earns, per sh. on 70,000
com.shs.(par $100)
--V. 130, P. 3557.
$192,376
$205,489
$350,344
$338,761
$0.96
$1.15
$1.43
$1.27
-Earnings.
Nunnally Company.
Net sales
Other income
Earnings for 12 Months Ended June 30 1930.
Total income
Cost ofsales
Selling, administrative and general expenses
Net profit after all charges
-V.130, p. 1475.
Ohio Oil Co.
-Opens Wyoming Field.
$1.813,317
25,704
$1,839,021
917,769
895.304
$25.948
801
equipment mtge. 6% serial gold notes at prices to yield
from 5M% to 6.i% according to. maturity.
Dated June 11930;due serially semi-annually June 1 1931 to June 1 1934.
Principal and interest payable J & D. at Anglo & London Paris National
Bank of San Francisco, trustee, or at Foreman State Trust & Savings Bank,
Chicago. Denom. $1,000 c.* Free from Federal income tax to the extent
of 2%. Callable in advance of their fixed maturity dates on any int. date
on 30 days' notice at par and int, plus a premium of 2% if called on or
before one year from their date,of 134% if called thereafter and on or before
two years from their date, of 1% if called thereafter and on or before three
years from their date or of 34% if called thereafter and before their fixed
maturity.
Issuance authorized by dalifornia State RR. Commission.
Company.
-Is a California corporation which operates an intra-State
motor coach transportation system in California, an intra-State motor
coach transportation system in Oregon and an inter-State motor coach
transportation system in California, Oregon, Nevada and Utah. Its
trunk systems extend from Portland, Ore., on the north to San Diego,
Calif., on the south and from San Francisco, Calif., on the west to Salt
Lake City, Utah on the east, and together with branches and feeder lines
serve intervening and adjacent territory, including the cities of Portland,
Tillamook, Salem, Eugene and Grants Pass, Ore.; Eureka, Red Bluff,
Santa Rosa, Sacramento, San Francisco. Oakland, Fresno, Paso Robles,
Bakersfield, Santa Barbara. Los Angeles, San Bernardino, San Diego and
El Centro, Calif.; Reno, Winnemucca and Elko, Nev., and Salt Lake
City, Utah.
The company estimates that the aggregate annual mileage of the motor
coaches under the equipment mortgage will be in excess of 17,000,000 miles
Company is a complete operating unit extending over 9,245 miles of
lines,operating 700 motor coaches with yearly mileage in excess of30,000,000
coach miles and carries more than 9,500,000 passengers annually.
Company is a consolidation or merger of 19 independent operating motor
bus lines, principal among which are: California Transit Co. (Yelloway),
Pickwick Stage System. Southern Pacific Motor Transport Co., Oregon
Stages, Peninsula Rapid Transit Co., Pacific Auto Stages, Golden Gate
Stages, Callstoga and Clear Lake Stages. Pacific Coast Motor Coach Co.,
Kern County Transportation Co., West Side Transit Co., Coast Auto
Lines, Inc., Sierra Nevada Stages, Pacific Stages, Inc., and Boyd Stage
Line.
Company owns all of the issued and outstanding stock of Transit Investment Co. which in turn owns real estate and terminals operated in connection with the transportation system.
'
Control.
-All of the issued and outstanding stock of company except
qualifying shares for directors is owned by Pacific Greyhound Corp.(Del.),
the common stock of which is owne'd 1-3 thereof by Southern Pacific Co..
1-3 thereof by Greyhound Corp. and 1-3 thereof by Pickwick Corp.
Guaranty.
-These notes will be unconditionally guaranteed both as to
principal and interest by Pacific Greyhound Corp.
Security.
-Secured by a mortgage, which in the opinion of counsel is a
first and prior lien, of 320 motor coaches of a present depreciated value of
of $2,100,000 as appraised and certified by the auditors of Southern Pacific
Co. Of the foregoing 320 motor coaches, 24 new coaches are as yet undelivered and are to be delivered under a contract for their purchase between
Pacific Greyhound Lines,Inc., and C. H. Will Motor Corp. Such contract
will be assigned to the corporate trustee, and out of the proceeds of these
notes the corporate trustee will retain the entire purchase price of such
motor coaches and apply the same in payment of the purchase price thereof.
The equipment mortgage will provide that at no time shall the face
amount of notes outstanding exceed 60% of the aggregate of the depreciated
value of the motor coaches plus moneys for purchase of motor coaches then
held by the corporate trustee.
Sinking Fund.
-The equipment mortgage securing these notes provides
that one year from the date of the notes there shall be certified to the corporate trustee by an auditor satisfactory to the corporate trustee, the
aggregate number of miles that all motor coaches under the equipment
mortgage shall have been operated subsequent to the date of the notes and
that if the number of miles so certified times 2 cents shall be an amount in
excess of $300,000, then there shall be deposited with the corporate trustee
for redemption of notes, an amount of money which will retire notes in the
amount of such excess; and that at the expiration of each 6 months period
thereafter there shall be similarly certified the aggregate number of miles
that such motor coaches shall have operated during such 6
-month period
and that if the number of miles so certified times 2 cents shall be an amount
in excess of $150,000, then there shall be deposited with the corporate
trustee for redemption of notes an amount of money which will retire notes
in the amount of such excess.
Purpose.
-Proceeds will be used (1) to pay for coaches contracted to be
purchased,(2) to reimburse the treasury for capital expenditures and (3)for
other corporate purposes.
Earnings.
-The auditing department of Southern Pacific Co. has certified
to the Underwriters that the following is a correct statement of the consolidated earnings of Motor Coach Cos. merged into Pacific Greyhound Lines.
Inc., for year ending Dec. 31 1929:
Gross transportation revenues
$9,459,948
Operating expense(not including depredation)
7.360,77
Depreciation
1,047,258
Net operating revenue
Other income
$1,051,908
535,696 ,
Gross income
Deductions from gross income
$1,587,604
356,683
Net income avail,for interest and principal on funded debt ......$1.230,921
Funded debt this issue
$1.200,000
Funded debt acquired companies
565,000
The company has opened up another black oil field in northern Wyoming
in its No. 1 Union Gas well in Section 22-56-97. on Byron dome in Big
Horn County, 15 miles south of the Montana boundary and 30 miles northeast of the Oregon Basin field. At the same time the company drilled in a
Total funded debt
big gas well in Madison lime on the Garland dome, an adjoining structure.
$1,765,000
The Byron dome well, which found the pay in the Embar-Tensleep horizon Maximum annual interest requirement total funded debt
111,550
at 5,286-5,414 ft., was opened for a few hours and flowed at the rate of Maximum annual principal requirement total funded debt
505,000
1.000 barrels a day. The oil tests 26 gravity and is a good grade of that type Maximum annual int. and princ. requirement total funded debt 616,550
of crude. The Byron dome has been producing gas from upper horizons for
Net earnings for 1929, after all charges, including Federal taxes, were
many years, but this was the first test to deeper formations. The structure more than 11 times maximum annual interest requirement on total funded
Is about 3 miles long and 1 to 2 miles wide.
debt and approximately two times maximum annual interest and principal
The company No. 1 Easton in Section 33-56-97, on Garland Dome retirement requirements.
found the big gas in Madison lime at 3.887 ft. Gas was also encountered
in the Embar-Tensleep series above the Madison. Garland is one of the
-Semi
Pacific Mills, Lawrence, Mass.
-Annual Report.
largest domes in Wyoming, being 10 miles long and 3 miles wide, with a
Alfred E. Colby, Treasurer, says in part:
closure of 2,600 ft. It has also produced gas from younger formations for
"The continued decline in value of wool, cotton and gray cloth, together
years, but this is the first big gas discovery in the deeper Madison lime,
which has been drilled only a few places in Wyoming. Presence of oil on with market prices obtainable for our finished products, have made the
Byron dome indicates that Garland will produce oil on the flanks or deeper Period unsatisfactory as to profits, and though further operating economies
Into the lime into which the drill went 200 ft., but still 500 ft. from the have been made, the result for the 6 months after all charges and reserves,
botton. The Kinney-Coastal Oil Co., the Producers & Refiners Cern., including the usual full 6 months' depreciation of $723,355 and inventory
and the Utah Southern Oil Co. have blocks on these structures. ("Wall adjustment of $1,000,000 shows a loss of $1,139.147.
"We have continued our policy of control of production to sales and the
-V. 131. P. 641, 284.
Street Journal.")
inventory after adjustment June 30 1930, is $1,496,125 less than on Dec.
-Defers Preferred Dividends.
31 1929.
Ohio Terminal Co.
"The surplus account decreased $1,035,102, while net quick assets deThe directors have voted to defer the quarterly dividend of 1I% due
creased $782,164 and now stand at $17,045,577, a ratio of 4.02 to 1.
-V.126. p.3312.
July 1 On the 7% cum.pref.stock.
"Sundry and fixed assets not needed for manufacturing purposes sold
-Balance Sheet June 30.during the 6 months amounted to $28,000. This sum was deducted as
Oil Shares Inc.
usual from sundry assets and plant and not included in profit and loss.
1929.
1930.
1930.
1929.
"During the 6 months the company purchased $2,749,500 of its term
Assets$
notes, making a total of $12.807,500 purchased to June 30 1930,and leaving
958,962 Accr. exp.
95,091
Cash
34,823
outstanding in the hands of the public $4,692,500. All of the remaining
400,000 Deferred Credits76,505
Call loans
outstanding notes of the company have been called for payment and can121,345 Accounts payable_
Accounts reedy_
18,572 cellation on Aug. 1 1930.
Invest. at cost_ -y7,253,985 11,154,659 Pref. div. pay---..
80,044
135,750
2,367 Res.for Fed. tax__
Furn. & fixturesln2e.
d
59,066
Earnings for Six Months E9d9 June 30.
90,026
Res. against cont.
20,556
Dividends recelv
1928.
service fees____
300,000
Notes receivable
76,376
1927.
7
320.0 9 .. $24,414,981 $20,872.057
1630781
6% pref. stock__ 5,336,300 9: 82,686 Net sales
i 850:000 Net oper. profit after de$21,471.840
010 000
Common stock-__x1,067,260
ducting cost of goods
Paid-In surplus___ 625,414 1,052,623
702,863 2,094,995
sold
937,798 2,028,148
Total (each side) 7,669,632 12,637,333 Earned surplus___ 313,843
397.676 Plant depreciation
723,356
715,750
709,477
698,697
Represented by 106.726 no par shares. y Market value $5,597.716.
x
Int., amort. of disct. on
The income account was published in V. 131, p. 641.
42.428
term notes
338.817
381,189
497,634
1.000.000
7 1
30 :8 0
0 3
7
100,000
-Notes Offered.-Ang10- Inventory reserve
Pacific Greyhound Lines, Inc.
81.749
76,227
Other charges
54,217
41,002
Co., California Securities Co., and AngloLondon Paris
Net profit before Fed.
ders
Los Angeles, are offering $1,200,000
California Trust Co.,
taxes
1,139,148
$862.565 def$307,085
$709.068
802
[VOL. 131.
FINANCIAL CHRONICLE
Comparative Balance Sheet June 30.
1930.
1929.
1930.
Assas$
Liabilities$
3' Plant
39,612,300
48,677.286 47,986,870 Capital stock
Cash
3,568,127 3,351,627 514% gold notes- 4,692,500
Accts. receivable 7,747,037 9,526,813 Accr. int, on notes 107,536
309,349
U.S.ctfs.of indebt. 2,000,000 2,500,000 Accrued taxes
Inventories
x9,380,700 12,684,363 Sundry accts. pay. 540,900
Unearned insurance
Res. for deprec 21,466,262
premium
300,000
308,051
373,354 Inventory
Sundry securities_
9,150
9,150 Deferred credits
89,136
Prepaid items_ _
131,704 Res.doubtful sects 250,000
4,500,629
Surplus .
1929.
$
39,612,300
9,900,000
226,875
272,640
810,035
20,117,227
16,141
250,000
5.358,654
Railroad Shares Corp.
-Report.
The corporation reports gain from interest, dividends and realized pronto
for period July 3 1929 to July 12 1930, after deducting for Federal taxes.
and expenses totals $442,089 including dividend paid June 16 1930 amounting to $106,261. Total dividends paid to date are 3225,011 leaving in
earned surplus $197,078.
The liquidating value per share as of July 12 1930 is $8.90.-V. 131,
1)• 642.
RCA-Victor Co., Inc.
-Takes on 7,000 Men-Head of'
Company Says Depression is False Index of Buying Power.
-See last week's "Chronicle," p. 548.-V. 130, p. 4622.
Reliance Manufacturing Co. (Ohio).
-Earnings.
Total
71,779,487 76,563,871
Total
71,779,487 76,563,871
x Inventories were taken at cost or market, whichever Is lower, except
6 Mos. Ended June 30such part as was against firm orders. y Plant taken at book value.
Net earnings after depreciation & Federal taxes__
V. 130, p. 4256.
Earns, per shr. on 80,000 shs. corn. stk.(no par)..
-V. 131, p. 285.
Packard Motor Car Co.
-Earnings.
1930.
$194,566
$2.43
1929.
$358,444
$4.48
Period End. June 301930-6 Mos.-1929.
1930-3 Mos.-1929.
Reynolds Metals Co.
-Common Dividend Decreased.
Net profit after charges
The
share.
50 cents
& taxes
526,422 $14,675,141 on the directors have declared a quarterly dividend ofto holders perrecord
$2.872,175 $7,560,530 $5.
common stock, no par value, payable Sept. 1
of
Earns, per shr. on 15,Aug. 15. Previously, the company paid quarterly dividends of 60 cents000.000 shs. cap. stk
-V. 130. p. 4067.
$0.97 per share.
$0.36
$0.19
$0.50
IP0 Dar)
-Y. 131, p. 641.
Sears, Roebuck &
The New York
authorized
Pan American Petroleum & Transport Co.-Bds.Called. shares capital stockStock Exchange has issuance as the listing of 93,352
a 1% stock dividend
on official notice of
The company recently called for redemptoin Aug. 1 1930, $489,000, respectively payable Aug. 1 1930 and Nov. 1 1930; and up to a maximum
10,year convertible 6% s. f. gold bonds, due Nov. 1 1934, at 102 and int. of 1,005 shares on official notice of issuance as a stock dividend upon 49,950
will be made at the Chase National Bank trustee, 20 Pine St., shares at the present time issued to treasurer of Sears, Roebuck & Co.,in
Payment
N. Y. City.
-V. 131. P. 641.
trust, under resolutions of directors and executive committee adopted May
1 and May 2 1929, respectively, should said 49,950 shares be subscribed for
- by employees of Sears. Roebuck & Co. prior to the record date in July.
-Earns. (Incl. Subs.)
Panhandle Prod. & Refin. Co.
1930-6 Mos.-1929.
1930; and up to a maximum of 250 additional shares as may be required in
Period End. June 30- 1930-3 Mos.-1929.
Gross operating income_ $1,144,582 $1,459,473 $2,419,195 $2,690,154 the cash adjustment of fractions of shares resulting from said stock diviExpenses and taxes
x1,054,803 x1,233,889 x2,232,153 x2,338.573 dends; also 24,250 shares on official notice of issuance to the stockholders
216,891 of L. Feibleman & Co., Inc., and Feibleman's, Inc., both Louisiana cor240,003
133,762
119,083
Deprec. and depletion
porations in exchange for all of the issued and outstanding capital stock of
$52,961prof$134,690 said companies, making the total amount applied for 4,801,199 shares.
$29,304 prof$91,822
Operating loss
Dr.7,947 -V. 131, p. 489.
49,222
Dr.28,768 Dr.16,212
Other income
Total loss
Interest
Loss
Minority interest
$58,072 prof$75,610
9.727
16,341
$3,739prof$126,743
28,757
32.803
$74,413 prof$65,883
654
Dr.645
$36,542 prof$97,986
Dr.1,471
$36,542 prof$99,457
$73,768 prof$66,537
Net loss
x Includes intangible development costs.
Comparative Balanee Sheet June 30.
1929.
Lioh WIles1930.
1929.
1930.
AssetsProperty account 04,997,227 $5,578,959 Preferred stock_ ..$1,885,900 $2,553,200
856,492
77,462 Common stock...y2,055,376
Other assessments. 109,598
772,064
65,126 Accts., dm., pay__ 676,567
58,93.5
Cash
426,369 Accrued pref. diva. 1,056,104 1,225,536
336,518
Oil
62,600
277,912 Purch.money oblig 301,100
371.479
Inventories
34,767
37,277
539.210 Accrued liabilities..
Notes & accts. rec.. 561,418
79,486
36,165
Reserves
Due from officers
5,101 Deferred credits_
and employees
def898,836
143,987 Earned surplus.
32,378
Deferred charges
2,151,749
Sure.from apprec_
,
Car. & surp. appl
17,695
to minority int_
255,320
419,061
Total (each side)$6,461,553 $7,114,123 Approp. surplus_
x After depreciation, depletion and amortization reserves. y Repre-V. 130, P. 3370.
sented by 198,070 shares of no par value.
-Earnings.
Paramount Publix Corp.
Corporation estimates its consolidated net profit for the 6 months ending
June 28 1930 after all charges and taxes at $8,434,000, equal to $2.98 per
share on 2.832,277 shares, the average number outstanding during the
period. The profit for the six months created a new high record for the
company for this period of the year. and is approximately 65% ahead of the
profit for the corresponding period of 1929, which was $5,130,000.
The estimated profit for the three months ending June 28 1930 is $3,600,000 and is equal to $1.21 per share on 2,972,742 shares, the average number
outstanding during the quarter. This profit compares with a profit of
$2,556,000 for the same period of 1929, equal to $1.14 per share on 2,242,862
shares then outstanding.
The estimated profit of $3,600,000 for the second quarter is also a new
high record for the second quarter of any year and is approximately 41%
ahead of the profit for the corresponding period of 1929.
The profit of $2.98 per share for the first six months on an average number
of 2,832,277 shares compares with a profit of $2.31 on 2,224,683 shares,
the average number of shares outstanding for the corresponding period in
1929, and is an increase in earnings per share of 29%. A comparative
table of earnings follows:
1929.
1930. (est.).
$8,434.000 $5,130,000
Six months ending June 28
2,556,000
3,600.000
Second quarter
$2.98
Earnings per share: Six months$2.31
1.14
1.21
Second quarter
-V.131, p.488. 125.
-Rights.
Segal Lock & Hardware Co., Inc.
At a meeting of the directors held on July 29 1930, it was determined to
offer to the common stockholders of record Aug. 1 1930, the right to
subscribe on or before Aug. 22. for additional common stock, at $5 per
share, at the rate of one-half share for each share owned. Inasmuch as
fractional shares will not be accepted, stockholders entitled to subscribe
for a fraction of a share may assign such fractional rights, or may receive
assignments from holders of other fractional rights to make up rights to
subscribe to full shares.
New Exchange Offer Made to Holders of 63 % Convertible
Debentures.
In order to carry into effect certain projects which it has in conteniplation, the company, has made arrangements with a group of bankers to
have underwritten an issue of its common stock which it will first offer for
subscription to its stockholders. This issue of stock will be offered to the
holders of the common stock of record Aug. 1 1930 (see above).
In order to enable the holders of the interim receipts for the 6 % cony.
debentures and subscribers to the debentures who have not yet paid for
same in full to participate in the new stock offer, the company has decided
to make the following offer:
The company will exchange its common stock for interim receipts for its
f. 5
cony, debentures on the basis of , for each share of common stock; that is,
for each $100 of interim receipts, it will issue 20 shares of common stock.
Upon the exchange, the company will make a cash adjustment of interest
and accrued dividends.
Subscribers to the debentures who have not yet paid in full may avail
made payment, or if
themselves of this offer to the extent that they have and avail
themselves
they prefer they may complete their subscription due,
of the offer for the full amount of the subscription.
will be deemed made as of Aug. 1 1930, and accordingly
The exchange
all holders of interim receipts and subscribers to the debentures who make
the exchange will be entitled to subscribe to the new issue of stock mentioned
above on the shares they receive on the exchange.
The offer will be open only until Aug. 7 1930 and must be accented by
delivering same to the company at its office, 12 Warren St., N. Y. City,
-V.130. p. 3560.
on or before that date.
Sherwin-Williams
leveland.-Extra Div. of 12c.
Co.,1% has been declared on the outstanding
of
An extra dividend of
the regular quarterly
$15,876,975 common stock, par $25, in addition to record
July 31. Like
payable Aug. 15 to holders of
dividend of 4%, both
amounts were paid on the common stock on Nov. 15 1929 and on Feb. 15
and May 15 last. On Nov. 15 1928 and on Feb. 15, May 15 and Aug. Is
1929, extras of 1% each and regular quarterly dividends of 3% each were
,
paid. An extra dividend of 36 of 1% and a regular of 3% were paid on
Nov. 15 1927, and on Feb. 15, May 15 and Aug. 15 1928. From Nov. 1925
to Aug. 1927, inclusive, the company paid an extra dividend of 1% and a
regular dividend of 2% each quarter.
The directors have also declared the regular quarterly dividend of 1 %
on the pref. stock. payable Sept. 1 to holders of record Aug. 15.-V. 130,
P. 2986.
-Certificates Called.Shippers Car Line Corp.
-10% Stock Dividend.
Parker Rust-Proof Co.
The Irving Trust Co., 60 Broadway, N. Y. City, will pay on Aug. 1 1930
The directors have declared a 10% stock dividend and the regular quar- $25,000 of
% equipment trust certificates dated Sept. 1 1924 of Ship-V. 131, p. 642.
of 62)i cents per share on the common stock, payable pers' Car Line, Inc., called for redemption.
terly cash dividend
Like amounts were paid on hlay 20
Aug. 20 to holders of record Aug. 11.
last.
-Bankruptcy Proceedings Dismissed.
Co.
Southern Sugar
An extra dividend of 12jic. a share and a regular quarterly dividend of
Bankruptcy proceedings against the company with headquarters at
50c. a share were paid on the common stock on Feb. 20 1930.-V. 131, Clewiston, Fla., were dismissed in Federal Court at Tampa, Fla., July 24.
P. 641.
by Judge Akerman. B. G. Dahlberg, President of company, and other
officers were in court with company's records, ready to attempt to disprove
-New Directors.
Parmelee Transportation Co.
Representatives of creditors holding $2,000,000
Hubert H. Harrigan have been elected charges of insolvency. company also were on hand to join with sugar
Emil Been, E. S. Higgins and
worth of claims against
directors to succeed Austin J. Bruff, Norris B. Henrotin and Harold Hodgson, company in fighting bankruptcy. Attorneys for certain minor creditors
resigned.
-V. 130, p. 3557.
sought to delay final adjudication and to have master appointed to take
testimony later. (Phlladelphia "Financial Journal.")
Perfect Circle Co.-Earnings.-
Mos. Ended June 30Netincome after charges, depreciation & taxes..Earns. per shr. on 162,500 shs.com.stk.(no par)
-V.131, p. 126.
1930.
$368,057
$2.26
1929.
$495,704
$3.05
-Earnings.
Pittsburgh Terminal Coal Corp.
Period End. June 30-- 1930-3 Mos.-1929.
Net loss after deprec.,
$224,717
$206,776
depletion, &c______
-V.130, P. 3895. 3730.
1930-6 Mos.-1929.
$423,429
$321,365
-Subs. Receives Orders.
Pressed Steel Car Co.
The Koppel Industrial Car & Equipment Co., a subsidiary, has received
orders for 350 all-steel ore cars from the Anglo-Chilean Consolidated
-ton capacity from the Interstate
Nitrate Co. and 32 air-dump cars of 50
Iron Co. The orders involve about $500,000 and will require about 1,500
tons of steel.
-V.130, p. 1665.
Procter & Gamble Co.-Acguires British Company.
Creditors Committee Formed.
The committee of creditors (below) has been formed for the purpose of
obtaining unity of action by the creditors in the protection of their interests.
The committee has prepared a creditors' deposit agreement, copies of which
may be obtained from the Secretary of the committee or from either of the
depositaries named below.
Creditors of the company may co-operate with the committee and become
parties to the agreement by depositing their claims in negotiable form with
either of the depositaries designated in the agreement at their specified
offices, viz.: Central Hanover Bank & Trust Co.,70 Broadway, N. Y.City;
Central Farmers' Trust Co., West Palm Beach, Fla.
In the opinion of the committee, a forced liquidation of the company at
this time either through bankruptcy or otherwise would be prejudicial to
the best interests of all creditors. The committee is advised that a group
of influential stockholders are engaged in the formation of a stockholders'
committee to provide sufficient working capital to carry the companY
through the approaching season and to formulate a plan for the reorganization or readjustment of the affairs of the company upon equitable terms both
to creditors and stockholders which will permit the company to continue
its operations.
The committee recommends that all creditors promptly deposit their
claims under the deposit agreement.
Committee.
-Frank L. Allen, Chairman, W. If. DaCamara, L. H. Link,
Judson L. Owen, J. H. Roberts and E. H. Thomas, with C. E. Sigler
Sec., 70 Broadway, N.Y. City.
-V. 131. p. 128.
The company has acquired a controlling interest in iThomas Hedlyce,
Ltd., of Newcastle-on-Tyne. the largest independent soap manufacturing
has authorized
company in Great Britain. The acquired companyBirmingham and and
one
issued a capital of £500,000 and has two factories at
at Wathondearne.
k is understood that the Procter & Gamble Co. plans to expand the
manufacturing and distributive business throughout northern England
Southern Surety Co. of New Yotk.-Omits Dividends. and Scotland. It is also reported that the Procter & Gamble Co. is negoThe directors have voted to omit the quarterly dividend which ordinarilY
tiating for the Cadum Soap Co. of Paris and other plants in France and
Europe.
131, would have been paid about July 22. Three months ago, a quarterlY
-V.
Germany for the manufacture of acids. oils and soaps in
-V. 130, p. 1843.
disbursement of 40 cents per share was made.
9.642.
AUG. 2 1930.]
FINANCIAL CHRONICLE
803
Southington (Conn.) Hardware Co.
Transcontinental Oil Co.
-Extra Dividend.
-Earnings.
The directors have declared an extra dividend of 125i cents per share
Period End,
1930-3 Mos.-1929.
1930-6 Mos.-1929.
and the regular quarterly dividend of 373i cents per share, both payable Gross income June 30- $4.461,749 $4,222,278 $8,870,311 $7,969,054
Aug. 1 to holders of record July 22.-V. 116. p.226
Operating cost, &c
2,846,431
2,411,503
5.007,210
5.254,647
Interest, &c
247,398
245.928
494,146
493,232
Spang, Chalfant & Co. Inc.
-Merger.
379,172
376,576
758.901
752,790
-President Deprec.& depletion..-
Gordon Fisher, July 25, in a fetter to the common stockholders, says in part:
It is with great pleasure that we are able to tell you of a new affiliation
that the officers and principal stockholders of this company have been able
to effect with the National Supply Co., which company, by private negotiation, has acquired more than 71% of the common stock of your company
(see above).
The National Supply Co. is the largest distributor and manufacturer of
oil well supplies and distributor of oil country tubular goods, such as this
company manufactures, in the United States, if not in the world. They
have an unbroken history of success extending for a period of over 30 Years,
and have constantly paid dividends on both the preferred and common
stock of their company during this period. The dividend at the present
time on the common stock is at the rate of $5 per annum, and during the
last 3 years they have paid,at the end of each year,an extra of$2 per share.
In these days of mechanical changes and constant improvement in
Processes requiring great expenditures of capital, your officers and directors
saw that such expenditures would make dividends on the common stock
appear very distant, whereas the two companies, by combining their surplus
earnings over and above the dividend requirements, should be able to construct or develop any new improvements that might be required.
There is every prospect that the combined earnings of the consolidated
companies will be greater than their earnings if operated separately, and
the future security of the consolidated companies is much stronger than if
operated separately.
-V. 131. p. 128.
Standard Oil Co.(New Jersey).
-Extra Dividend.
The directors have declared the usual extra dividend of 25 cents per
share and the regular quarterly dividend of 25 cents per share on the $25
par value capital stock, both payable Sept. 15 to holders of record Aug. 16.
Lace amounts were paid on June 15, Sept. 16 and Dec. 16 1929 and on
-V. 131, p. 490.
March 15 and June 16 last.
Stover Mfg. & Engine Co.
-Defers Dividend.
The directors have voted to defer the quarterly dividend of $1.75 per
share due Aug. 1 on the preferred stock.-NT. 130, p. 4260.
-Reduces Dividend Rate.
Studebaker Corp.
-Following
an announcement that earnings on the commn ostock for
the second quarter of this year amounted to only 410. per
share, the directors on July 31 reduced the regular quarterly
dividend on the common stock to 75c. per share, making
the annual rate $3. In the preceding quarter the company
paid $1 a share and prior to that $1.25 per share. The
current dividend is payable Sept.2 to holders of record Aug.9.
President A. R. Erskine says:
Net profit before Fed.
taxes
$1.188,748 $1,188,271
-V. 131, p. 644, 128.
$2,362,617 $1.715,822
United Dry Goods Corp.
-Acquisition Assured.
The common stockholders of the Ely Walker Dry Goods Co. have deposited 98% of their holdings for exchange into new United Dry Goods
Corp. common and preferred stock, assuring consummation of the merger.
which required deposits of only 90% of the common stock of Ely Walker
company.
-V. 131, p. 129.
United Hosiery Mills Corp.
-Plan of Recapitalization.
The stockholders on June 30 approved a plan of recapitalization outlined as follows:
The old capitalization of the corporation was as follows: $729,700 7%
cumul. pref.stock, par value $100,and 22,000 shares ofcommon stock,$100.
Accrued dividends on the pref. stock as of June 1 1930, amounted to
$28 per share ($204.316)•
Assuming the exchange of the entire pref.stock now outstanding for bonds
and pref.stock proposed to be issued pursuant to the plan, and the proposed
reduction in amount and change in character of the common stock, the
capitalization would be as follows:
-year closed 1st lien sinking fund 6% bonds, dated June 1
7,297 25
1930 par value $40
$291.880
7,297 shares participating pref.stock, par $88
642,136
12,000 shares common stock, no par value
528,000
It is proposed that the corporation shall obtain authority to issue, in
amounts last above indicated, bonds, partic. pref. stock and common stock
" with no par value, whereupon the holders of the present pref. stock of the
corporation shall receive one of the bonds and one share of the proposed
partic. pref. stock in lieu of and in exchange for each share of the pref.
stock now outstanding, and the holders of the common stock shall surrender
for cancellation 10,000 shares thereof and exchange the remainder (12,000
shares) for the proposed common stock without par value.
The proposed bonds, par $40 shall be callable at par. They shall be
secured by a closed first mortgage on all of the real property of the corporation in Chattanooga. Tenn., with appropriate provisions for the creation of
a sinking fund for the redemption of the bonds, by the deposit to said
sinking fund, of $15,000 per annum beginning Jan. 11935.
The proposed partic. pref. stock shall be non-cumul. as to dividends,
but shall be preferred, as to the common stock, to the extent of the par
value of the pref. stock, in event of the sale of the assets, liquidation or
insolvency of the corporation. Each share of the pref. stock shall have
voting power equal to one share of the common stock, and shall be entitled
to receive the same dividends as each share of common stock. Dividends
shall not be paid on the common stock in excess of $4 per share per annum
until all of the pref. stock shall have been retired or redeemed.
xBalante Sheet as of April 5 1930(After Recapitalization).
Liabilities
Assets
Land, bldgs.,&O.(less deprec.)$1,811,844 Notes payable
$515,000
209,943 Accounts payable
Cash and bank balances
107,014
Accrued taxes
Accounts receivable (Amory,
5,633
566,185 Accrued commissions
Browne & Co.)
3,207
517,475 Accrued advertising expense_
Inventories
1,130
28,886 Accrued employ,bonus exp_ _
Notes & accounts receivable3,984
2,620 Common shares(no par)
Stocks owned
528,000
9,879 partic. pref.stock (par $88)
Lite Maur.(cash sur. value)._ 642,136
135,872 6% bonds of 140 par
Trade name
291,880
14,282 Surplus
Prepaid insurance
1,009,316
Prepaid Interest
7,097
taxes,&o_ . . 3,216
Prepaid itte i118.,
.
As the corporation has a large surplus of earnings accumulated from the
previous 'liar, the directors have felt that a part of it might nppropriately
be used for diviiiends during 1930, 'Wen though curr nt profits are unsatisfactory. A grdingly, dividends amounting to $2.25 a share have
already been paid for the first two quarters of this year and the directors
have to-day determined to put the stock on a $3 annual basis. It is the
intention of the board to declare the same dividend at the next quarterly
meeting to be held in October."
Earningsfor 3 and 6 Months Ended June 30.
1930-3 Mos.-1929.
1930-6 Mos.-1929.
Number of vehicles sold..
18,855
35,423
38,320
67,430
Netsales in the U.S.and
abroad
$25,522,611 $50,538,775 $50,236.797 $93,251,494
Net earnings from sales,
13,107,301
Total
Total
$3.107,301
after deduct. cost of
xBased upon perpetual inventory of raw materials and merchandise,
9.687,354
mfg., sell. & gen. exp- 2,777,764
5,612,142 17,648,409
showing capital and surplus accounts as they would appear when recapiReserves for deprecia'n_
636,541
819,724
1,098,659
1,422,084 talization plan is in effect.
--V. 131. p. 492.
Charges to repairs and
replacements
1.036,565
2,006,638
1,772.136 4.028,735
United States Steel Corp.
-Predicts Upswing in Business
Balance of earninfo_ - $1,104,657 $6,860,992 $2.741,347 $12,197.590 for Balance of 1930.
-The finance committee authorized
Int. received, less pa d_ 90,663
33.265
33,850
156,612 the following statement, July 29, in connection with the
Total income
$1,137,922 $6,951,654 $2,775,197 $12,354,202 release for publication of the earnings statement for the
Debenture premium and
second quarter:
expenses,Pierce-Arrow
64,000
131.333
"At this date manufacturing plants are operating at about 63% of.
Reserves for income taxes
62,742
737.365
207,880
1,038.991 capacity. Indications in the industry point to an increase in this rate
of operations during the balance of this quarter with an improvement in
Net profits
$1,075,180 $6,150,290 $2,567,317 111,183,879 volume during the last quarter of the year,"
-V. 131, P. 645, 288.
Minor.stockholders' int.
in Pierce-Arrow cl. A..
133,738
47,405
83,615
-Earnings.
Vick Financial Corp.
180.287
Divs, paid on Studebaker
Earnings for 6 Months Ended June 30 1930.
Corp. pref.stock
127,750
118,125
236,250
255,500 Interest received and accrued
$108,267.
Divs, paid on Pierce-Ar.
Cash dividends
223,352
Motor Car Co. pt.stk.
120,000
112.500
225,000
120.000 Profit from sale of securities
42,669
Bal. net prof. applic.
Totalincome
$374,288
to Stifdebaker comExpenses
mon stock
53,013
$797,150 $5,768,802 $2,022,452 110,628,092 Federal and State taxes paid and accrued
16,313
Earns, per sh. common
.
stock outstanding_
$0.41
$3.02
$1.03
$5.56
Net profits
--V. 131. P. 286, 128.
$304,962
Surplus Jan. 1 1930
106,412
Surplus resulting from purchase of 100.000 shares Vick Financial
Sun Oil Co., Philadelphia.
-Debentures Called.
Corp. common capital stock held for retirement
154,903
The company will on Sept. 1 next redeem $133,500 of 15
-year 535%
gold debentures, due Sept. 1 1939, at 101;i and int. Payment will be s. f.
Surplus June 30 1930
made
$566,277
at the Chase National Bank,11 Broad St.. N.Y. City.
-V.131. D.490,286.
Balance Sheet June 30 1930.
LitabtittlesAssets
Sweets Co. of America, Inc.
-Earnings.$80,477 Loans payable, secured
Cash
$2,000,000
Period End. June 30- 1930
-Month-1929.
1930-6 Mos.-1929. Investments (book value). _ _y14,532,026 Interest payable
2,450
Net earnings after chgs.
15,948 Reserve for Federal tax
Invest, in co's common stock
4,000
but before taxes
$9,640
$7,169
$51,586
20,000 Common stook- (Par $10)-- 12,169,950
Syndicate advances
$51.294
130. p. 3898. 1845.
23,000 Surplus
Note receivable
566,277
71,227
Int. & dive. receivable
Taylor-Wharton Iron & Steel Co.
-Plant Addition.
-The company announces that work has been started on a
114.742,677 Total
Total
$300.000 addi$14,742,677
tion to its foundry at High Bridge, N. J. Plans call for the erection of
y Market value, $13,068,099.
new !steel plants with sand handling and conditioning equipment, and two
President II. S. Richardson says:
iron casting will be manufactured in one of the plants.
gray
Plants are also
The book value of company's stock as of June 30 1930, with investments
operated by the company in Philadelphia and Easton, Pa.
-V.128, P.3532. valued at closing prices on that date, and giving effect to the
purchase of
100,000 shares of its own stock for retirement, was $9.26 per share. At
(Seth) Thomas Clock Co., Thomaston, Conn.
-Stock. closing prices July 22 such book value was $9.65 per share. Considering
An offering of $200,000 additional common stock was made
.
ers last spring. The entire amount was sold on May 15.-V.to stockhold- the drastic decline in security prices that was taken place in recent months
129, P. 3815. accompanied by continuation of the business depression, this result is not
unsatisfactory; in fact, it compares favorably with results shown by recent
Thrift Stores, Ltd.
-Sales
-New Stores, ctc.published reports of similar companies.
Quarter Ended June 301930.
Investment holdings, a list of which is given in the report, comprise
1929.
gales
$681,460
$436.177 stocks of major companies in industries that are least susceptible to adverse
Within a short time it is planned to open 3 more stores in
business conditions. The diversification of these holdings as of June
Montreal while
30
& further 15 will be added in the course ofthe next 3 or 4 months.
Eventually was as follows:
the management plans to continue this expansion in Montreal until
19.01% Electrical equipment
about Railroad
100 stores are in operation. After that the company may enter
• %
the Ottawa Public utility
15.62% Household products
field in a broader scale, it is stated.
2.99%
11.60% Food products
Drugs
The income account for the 8 month period from Aug. 1 1929
2.62%
to
8.99% Amusement
Tobacco
1.58%
31 1930, shows net earnings of $54,488, and a net profit of $39,098. March Candy and soft drinks
5.87% Copper
After
deduction of 1st and 2nd pref. dividends there remained a sum
.76%
equal to Miscellaneous manufacturing__ 5.57% Coal and coke
$1.18 a share on the common stock, of which there are 20,000
.75%
shares out- 011
5.35% Building
etanding.-V. 129, P. 2554.
.74%
4.67% Automobile
Bank,insurance and finance
.28%
4.58% Office equipment
Chemical
Tide Water Oil Co.
-New Product.
.16%
3.88%
Steel
company on July 27 announced its decision to
The
lubricant of 100% Pennsylvania grade crude oil from itsmanufacture a new U.S. Govt.and municipal bonds_ 3.85%
100%
Bradford refinery.
On April 11 1930 the book value of company's stock, with
Noel Robinson, Vice-President in charge of foreign and domestic
investments
sales,
said the first shipment would be ready to leave for the West Coast in a valued at closing prices on that date, was 510.65 per share, an increase of
9% from $9.68 per share on Dec. 31 1929. With substantial
nionth.-V. 131, p. 644.
portfolio of COMMOD stocks since April, company is now in a additions to
much better
804
Walgreen Co.
-Earnings.
6 Months Ended June 30Net sales
Cost ofsales
Store expenses
General and administrative expenses
1929.
1930.
$25,939,186 $21,001,554
16.195,441 12,717.975
6,491,154
8,249,234
306,512
488,680
Net operating profit
Other income
$1,005,830 $1,485,913
223,799
128.401
Total income
Other charges
Minority interest
Provision Federal taxes
$1.134,231 $1,709,712
21,806
110.092
Cr2,795
184,750
111,547
Netincome
Preferred dividends
$912,592 $1,505,951
134.107
169,970
Balance surplus
$742,622 $1,371,844
Shares corn.stk. outstanding (no par)
833.640
858.409
Earnings per share
$1.64
$6.86
Balance Sheet June 30.
1929.
1930.
1930.
1929.
Assets$
$
Fixed assets
11,099,136 8,270,646 Preferred stock_ _ _ 4,500,000 4,500.000
Good-will
1
1 Common stock_ _ ..x6,391,146 5,718,640
Investments
458,876
325,702 Notes & mtge.pay. 172.000
Treasury stock
279.104
232,572
401,311 IvlinInt. in subs__ 769,455
Deferred charges
490,856
409,912 Paid in surplus__
. 425,543
Cash
1,401,328 1,561,442 Profit & loss sues- 5,515,790 4,521,325
Notes receiv., &c. 136,597
47,463 Accounts payable_ 1,397,719 1,161,619
Marketable sem._ 117,500
53,655
1.015,039
Notes payable_
Accts. receivable
76.308
309,217
48,053
202,591 Empl. investm'ts_
221.963
Inventories
331,782
6,346,078 5,597,820 Accruals
350,494
Cash surr.value ins
112,000
86,364
66,220 Tax reserve
Total
20,678,527 16,883,108
20.678,527 16,883.108
Total
x Represented by 858.409 no par shares.
-V.131, p. 288.
Warner Bros. Pictures, Inc.
-Listing, &c.
The New York Stock Exchange has authorized the listing of $4,583,000
additional optional 6% cony, debentures, series due 1939, making the
total applled for $44,127,000.
The Exchange has also authorized the listing of 140,278 additional
shares of common stock (no par), as follows: 36.632 shares on official notice
of issue, in exchange for certain properties; 61.107 shares on official notice
ofissue on conversion of the optional6% cony, debentures, series due 1939,
and (or) upon consolidation of fractional scrip so issued. and 43,539 shares
on official notice of issue in payment of interest on such debentures and (or)
upon consolidation of fractional scrip so issued, making the total amount
of common stock applied for 4,203,016 shares.
Authority for and Purpose of Issue.
The executive committee July 24 authorized the issuance of 26,243 additional shares of common stock as part consideration in connection with
the acquisition by it or through its subsidiaries of the following: (I) 3,262
shares of preferred stock of Federal Theatres Co.; (2) the properties known
as The Indiana Harbor Theatre Circuit; (3) the Jefferson 'Theatre and the
Lincoln Theatre, Goshen,Ind.;(4) the Parthenon Theatre and the Orpheum
Theatre, Canton, Ind.; (5) a theatre site, Akron, O.; (6) a theatre site,
White Plains, N. Y. Some of the properties are subject to various first
and second mortgages in the aggregate principal amount of S218,000.
The properties and equities over and above the mortgages are being acquired
by the corporation in exchange for 26,243 shares of its common stock.
and additional cash payments aggregating $49,000, exclusive of accrued
interest adjustments.
The executive committee also authorized the issuance of 8,789 additional shares of common stock in exchange for the 150,000 shares of corn.
stock of Federal Theatres Co., pursuant to a revision of the contract of
exchange.
The executive committee July 24 authorized the issuance of $4,583,000
additional optional 6% cony, debentures, series due 1939, as part consideration in connection with the acquisition by it or through its subsidiaries
of the following:
-year
(T) $1,000,000 15
% sinking fund debentures of the Stanley-Fabian Corp.; (2) $50,000 63.5% sinking fund gold notes due July 1 1949.
of Stanley-Mark-Strand Corp.; (3) $40,000 1st mtge. 6% sinking fund
gold bonds of Stanley-Crandall Co. of Washington; (4) an outstanding
bond and mortgage in the sum of $300,000 on the Ardmore Theatre, Ardmore, Pa.; (5) eight promissory notes of the corporation dated Oct. 31
1929, bearing interest at 6%,payable quarterly for an aggregate of $2,000.000; (6) a promissory note of the corporation for $125,000 bearing interest
at 5% from July 10 1930; (7) a 5% demand note of the corporation dated
June 3 1930. for 5400,000; (8) a 5% demand note of the corporation dated
May 23 1930, for 8500.000; (9) the Lerner Theatre, the Orpheum Theatre
and the Buckler Theatre, Elkhard, Ind.
The properties are being acquired by the corporation in exchange for
$4,583,000 optional 6% cony, debentures, series due 1939, and additional
cash payment aggregating $25,000, exclusive of accrued interest adjustments.
-V. 131, p. 493, 288.
-Earnings.
Warren Foundry & Pipe Corp.
6 Mos. Ended June 30Netincome after taxes & other charges
Shares common stock outstanding(no par)
Earnings per share
-V.130, P. 3565.
For,1BL
FINANCIAL CHRONICLE
position to benefit from an upward trend in security prices than it was
at the end of last year.
-V. 131, p. 645.
1930.
$128,276
200.000
$0.64
1929.
$123,391
231,900
$0.53
-Earnings.
Westinghouse Air Brake Co.(& Subs.).
1930-6 Mos.-1929.
Period End, June 30- 1930-3 Mos.-1929.
Net income after deprec.
& Federal taxes
$1,827,459 $2,123,539 $4,014,909 $4,048,432
Earns.per,on 3.172.shr.
• 111 abs. corn. stk. (no
$1.27
$1.26
par)
$0.67
-V. 130. P. 3185, 1847.
Wickwire Spencer Steel Co.
-Decision Favors Reorganization Plan-Holders of Class B Notes and Common
Stock Deposited.
Judge Hazel of the U. S. District Court at Buffalo has handed down an
opinion confirming the decision of Judge Moore, special master on hearings
of the foreclosure suit brought by trustees of mortgages of Wickwire
Spencer Steel Co.. in which committees representing common stockholders
and class B noteholders intervened for the purpose of opposing the proposed
plan of reorganization. Judge Hazel's opinion unequivocally supports the
findings of the master who decided all points in favor of the reorganization
as proposed. This decision clears the way after more than a year's litigation, for proceeding with the execution of the reorganization and recapitalization plan of the local concern, terms of which were outlined over a year
ago by the reorganization committee after a great deal of patient work in
harmonizing conflicting creditor interests.
The plan of reorganization as originally proposed called for reduction of
the funded debt from $22,869,460 to 16,000,000. Under subsequent arbitration the $3,839,340 class B 6% notes held by banks were allocated
37,367 new common shares to be Issued under the reorganization plan, or
10.8171 shares per $1,000 face value of notes. bringing the total number of
common shares to 368,397. The existing common stock would be wiped
out. Holders of class B notes and common stock sought to overturn the
original plan. Their failure will now permit the completion ofthe reorganization as projected. Stockholders and class B noteholders committees in
their legal contest, challenged the validity of the trust mortgages and
charged collusion, fraud and conspiracy on the part of officers and directors
of Wickwire, which,it was alleged, brought about a reorganization proposal,
the execution of which would wipe out the common stockholders and class
B noteholders.
In an exhaustive opinion, Judge Moore, special master, who studied
volumes of testimony offered, held that the mortgages were valid and that
no fraud or unlawful conspiracy existed. "It is doubtful," said Judge
Hazel In his opinion following the master's decision. "whether the common
stockholders are in a position to question the fairmness of the decree or
the proposed plan of reorganization in view of the freedom from taint of
the liens. The special master's report in all respects is confirmed." Judge
Moore pointed out in his decision that from the institution of receivership
late in 1927, operations of Wickwire had improved but in October 1929,
there was marked decrease in demand for steel wire and steel wire products.
He regarded the increased earnings under the receiver's operations of the
plants as no assurance that gains would continue. But, he said, with the
making of proper capital expenditures for the next 3 years and continuance
of good management, together with adequate working capital, a higher
average net income ought to be realized than the net income shown for
the proceeding 5 years.
-F. 130. lo• 3737.
(H. F.) Wilcox Oil & Gas Co.
-Earnings.- •
Six Months Ended June 30Operating income
Other income
1930.
1929.
$3,273,908 $1,600,667
46,394
2,516
Totalincome
Costs & expenses
Interest, property, abandoned, &c
Deprec.,depletion,taxes & contingencies
$3,320,302 $1,603,183
2,291,253
899,142
175,120
157,294
323,963
339,638
Net profit
Shares common stock oustanding
Earns, per share
-V. 130, p. 2232.
$514,291
428,967
$1.20
$222,784
425,967
$0.52
Willys-Overland Co.
-Bonds Called.
-
The National City Bank of New York, as trustee, has issued a notice to
holders of the 1st mtge.(i;i% sinking fund gold bonds, due Sept. 1 1933,
to the effect that $996,000 of these bonds, have been selected for redemption on Sept. 1 1930 at 101 and int. Bonds selected for redemption are
required to be surrendered together with all interest coupons maturing
subsequent to the redemption date, at the National City Bank, 55 Wall
St., N. Y. City, where they will be paid and redeemed out of sinking fund
moneys deposited for that purpose.
-V.131. P.646.
Yosemite Holding Corp.
-Affiliation.
See Joint Investors, Inc., above.
-V. 130, p. 3185.
CURRENT
NOTICES.
- new book,"New York's New Tax on Estates," published by Central
A
Hanover Bank Sz Trust Co., New York,furnishes a copy of the text of the
new tax law and gives in brief outline an explanation of its provisions. The
book is the work of the Trust Department and has been prepared in response
to an unprecedented volume of requests from recipients of the bank's
earlier handbook, "New York's New Estate Law." In addition to the
text and condensed explanation, the treatise furnishes illustrative examples
and calculations; also a comparison with the law in effect applicable to
estates of decedents who died prior to Sept. 1 1930, and with the Federal
estate tax, Revenue Act of 1926. as amended by the Revenue Act of 1928.
Features of the investment policies and performances of insurance companies of all classes during 1929, according to the new edition of J. G.
White & Co.'s annual survey of insurance company investments, were the
continuing decline in the percentage of bond holdings among all groups of
companies, the further gain in stock holdings and the fact that companies
Investing primarily in bonds showed a better investment performance than
those with larger stock holdings. The J. G. White survey analyzes the
combined investment accounts of 146 leading insurance companies with
invested assets in excess of 17 billion dollars for 1929 as compared with each
of the five preceding years.
-Morgan Davis & Co., members of the New York Stock Exchange,
have admitted as general partners, Richard P. Milliken and Thorold W.
Pell, formerly composing the firm of Milliken & Pell of Newark, N. J.,
There have been called for redemption on Aug. 29 next at 103
bank and insurance company stocks. Their offices at 9
$65.500 of 10
-year 5 % s.f. gold debentures,due March 1 1937. Payment dealers in local
Clinton St., Newark, have been taken over by Morgan Davis & Co.
will be made at the Guaranty Trust Co., 140 Broadway, N. Y. city.
1930-6 Mos.-1929. and will be conducted by them as a branch office, with the now membere
Period End. June 30- 1930-3 Mos.-1929.
Net profit after deprec ,
as resident partners, who will also continue to deal in local securities..
$450,754
$281,708
$583 649
.
Federal taxes, &c_
$210,992
200.000
225.155
Shs.cora.stock outstag
200.000
225,155
Smith, Burris Sc Co. of Omaha has been organized. with Cedric H.
$2.52
Earns.per
$1.21
current assets of Smith as President and Lloyd W. Phillips as Executive Vice-President, to
Company's financial condition3
share.7 une 28 1930 shows $
3 6
0
manage syndications of Corporate Trust Shares, Basic Industry Shares
$1,498,260 and current liabilities of 1197.950.-V. 130, P. 3566. 1300.
and Fixed Trust Oil Shares in Nebraska and western Iowa. These fixed
-Earnings.
Wheeling Steel Corp.
trusts are sponsored by the American Depositor Corp. and American Basic
1930-6 Mos.-1929.
Period End,June 30
1930-3 Mos.-1929.
Net Inc. after Fed. tax_ $2,719,032 $3,810,604 $5,430,273 $6,834,546 Business Shares Corp., both of which are subsidiaries of Administrative and
1,921,200 Research Corp. of New York.
2,286,690
Deprec. & minority exp_ 1,202,781
1.037,086
775,808
792,002
Interest
431.223
417,895
The N. Y. Real Estate Securities Exchange has just published for
Net profit
$1.098,356 $2,342,295 $2,351,581 $4,137.538 distribution a 124 page manual giving statistics on real estate issues that
198.800
198,800
Preferred A dividends
99,400
99,400
1,127,840 have been admitted to trading privileges on the Exchange. This booklet,
1,127,840
Preferred B dividends
563,920
563,920
according to Charles G. Edwards, President, is the first attempt to collate
793,658
Common dividends
396,829
and publish statistics regarding real estate bonds and mortgages and earn$231,283 $2.810,898 ings on the properties against which such securities
Surplus
$38,207 $1,678,971
have been issued.
Shs.corn,stock outstand394.837
396,829
ing (no par)
394,837
396,829
Following the resignation of A. Vere Shaw from the firm of Shaw.
$7.12
$2.58
Earnings per share
$4.25
$1.09
Loomis & Sayles, Investment Counsel, the remaining partners, Robert II.
-V. 130. p. 3566, 2045.
Loomis, Ralph T. Bayles, Maynard Hutchinson, Fletcher N. Robinson
S.) White Dental Mfg. Co.
-Omits Extra Div.
and Edward F. Breed, have formed a new partnership under the firm name
r" The directors have voted to omit the extra dividend of 33 ofI% and de- of Loomis, Sayles & Co. The new firm
will continue to occupy the same
clared the regular quarterly dividend of 135%, Payable Aug. 1 to
holders of record July 23. In each of the two previous quarters, a regular offices at 24 Federal St., Boston;48 Wall St., New York; 1500 Walnut St..
Philadelphia, and 1001 Russ Building, San Francisco.
130, P. 3737.
% and an extra of 3i of 1% were paid.
-V.
of 1 X
-Debentures Called.
Westvaco Chlorine Products Corp.
and int.
g. (s.
AuG. 2 1930.]
FINANCIAL CHRONICLE
805
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-ETC.
-WOOL
-DRY GOODS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
atter, in a department headed INDICATIONS OF
editorialmACTIVITY.
BUSINESS
Friday Night, August 1 1930.
COFFEE on the spot was quiet with prices unchanged at 13
to 13340.for Santos 4s and 73%c. for Rio 7s. Spot declined
%
later with trade dull; Santos 4s, 123 to 133c.; Rio 7s,
7340.; Victoria 7-8s, 6%c.; Maracaibo Cucuta fair to good,
%
13% to 143c.; prime to choice, 143 to 153c.; washed,
%
%
15 to 1534c.; Ocana, 133 to 143.c.; Bucaramanga natural,
133 to 1434c.; washed, 1634 to 17o.; Honda,Tolima, Giradot
%
and Manizales, 16 to 164e.; Medellin, 18 to 183jc.; Mexican
washed, 17 to 18c.; Surinam, 1134 to 12c.; Mandheling,
25 to 350.; genuine Java, 2434 to 250.; Robusta washed,
1234 to 13o.; natural, 9 to 9340.; Mocha, 1934 to 20c.;
Ha..rrar, 17 to 1734c.; Abyssinian, 1434 to 1534c.; Guatemala
%
prime, 1634 to 17c.; good, 153( to 153 c.; Bourbon, 1334 to
14e. On the 28th cost-and-freight offers from Brazil were
5 to 70 points lower. They included Santos Bourbon 2-3s
at 12.25 to 12.70c.• 3s at 11.40c.; 3-4s at 11.30 to 11.900.;
'
3
-Seat 10.65 to 11.65c.; 4-5s at 11.15c.;5s at 10.40 to 10.95c.;
5-6s at 9.75 to 9.850.; 6s at 9.35o.; 6-7s at 9c.- 7-8s at 7.35 to
7.60e. There were no prompt offerings '
from Rio but
-Dee. shipment for Rio 7s were offered at 6.80e. FuAug.
ture shipments for Bourbons included 4s for Aug. at 10.65e.
-Feb. shipment at 10.60c. For Aug.
and for Sept.
-Oct. shipment Santos Bourbon 6s were on offer at 9c. and 7-8s at
-and-freight offers were about un7.150. On the 29th cost
changed to slightly easier. They included Santos Bourbon
2-3s for prompt shipment at 12.50 to 12.750.,• 3s at 12.25
to 12.50c.; 3-4s at 11.50 to 12c.• 3-5s at 10.80 to 11.75e.;
4-5s at 10.75 to 11.10c.; 5s at 10.40c.; 5-6s at 9.75 to 9.85c.,
and 6-7s at 9c. For shipment on the S. S. Northern Prince,
peaberries 4-5s were offered at Ile. To-day there were
comparatively few cost-and-freight offers from Brazil here
and at lower prices. They included prompt shipment Bourbon Santos 2-3s at 11.9543.; 3-4s at 11.450.; 3-5s at 10.40
to 11.100.; 4-5s at 10.50 to 10.60e.; 5s at 10.450.; 5-6s at
9.45c.; 7-85 at 7.50e. Rio 7-8s for Sept. shipment were
offered at 6.20c. Later Rio 7s were quoted at 734c. and
Santos 4s 123 to 133(c., with demand. light.
%
On the 28th futures fell early 22 to 68 points on Santos
and 15 to 35 on Rio with Brazilian exchange lower. Rio exchange fell 30. to 5 3-16d. and Santos declined 5-32d. to
to 5 5-32d. In Santos coffee trading was the largest,
i. e., 53,500 bags as against 16,000 Rio. Rio receipts from
Aug. 1 to Aug. 15 will be limited to 7,496 bags daily. Later
there was a rally. It left the closing prices 9 to 33 points
lower on Santos and 6 to 18 off on Rio. Futures on the
29th declined 3 to 25 points with the cables far from stimulating and some foreign selling noticeable. In Rio exchange
was 5 5-32d. on London, a decline of 1-32d. In Santos it
was 530., another decline of 1-32d. Sept. Santos coffee
in Santos was 25 reis lower. Rio Sept. was 475 reis higher
and Dec. 250 higher. On July 30 futures advanced 8 to
27 points. That meant 20 to 27 on Rio and 8 to 14 on Santos
in what looked like a short market. Brazil exchange was
off 1-64d. on Santos and 1-32d. on Rio from the preceding
close at the opening of the market, but before the close
these
losses were regained. •Sao Paulo cabled the "Times" July 30:
"The break in exchange in the last two days has caused
considerable anxiety in commercial circles here and in
Rio
de Janeiro with the milreis slipping from 9 to 8.70 to the
dollar, the lowest mark in the last six years, when the valorization scheme was put into force. The "Diario de
Paulo' carried the following report to-day from Rio Sao
de
Janeiro; 'The exchange situation reached a most critical
stage to-day. The Banco do Brazil, which is the axis of
exchange operations, is maintaining a strange attitude
giving the same rate foreign banks are offering, causing by
uneasy feeling among operators, who fear unfavorable an
results will occur.'"
On July 30th the exchange rates in Brazil were again
easier with Santos 1-64d. lower at 5 7-64d. and Rio, 1-32d.
lower at 534d., with the dollar rate in Santos 50 higher
and
in Rio 40 higher. The Havre market was also lower. Futures
on July 31st were 2 to 25 points lower on Rio and 9 points
lower to 1 point higher on Santos. Rio exchange
declined
1-64d. July deliveries of coffee on futures contracts on
exchange totalled 42,250 bags, the largest amount the
since
Sept. 1929, deliveries which were 56,000 bags. All of this
coffee, totalling 7,052,500 lbs. was graded by the exchange.
The deliveries included 5,750 bags under the A contract and
48,500 bags under the D contract, the latter being the largest
amount delivered on this contract in any one month. To-day
futures ended 15 to 18 points lower on Rio with sales of
14,000 bags and 8 to 16 off on Santos with sales of 38,000
bags. Easier Brazilian cables and lower exchange caused
selling. Cost and freight prices were reported low. Final
prices show a decline for the week on Rio of 18 to 25 points
and on Santos of 43 to 59 points.
Rio coffee prices closed as follows:
Spot unofficial_ --7
September__ _6.40@ _
December
I March
_5.85Q
5.6810
I MaY
Puly
5.63Q nom
5.55(5
Santos coffee prices closed as follows:
Spot unofficial__ ____ !December _ - _9.82@ - 1May
Sep.ember_10.84 ©nom I March
9.22©nom July
9.0314
8.21.0 --
COCOA to-day closed 3 to 7 points lower with sales of
67 lots; Sept., 8c.; Dec., 8.040.; July, 8.12c.; March, 8.17c.
SUGAR.
-On the 28th new lows were made here, i. e.,
1.15e. for Sept. That was 3 points under the previous
low. It was a light day with sales of 23,200 tons. Cuban
interests were again selling. Of spot raws 2,500 tons Philippines due early in Aug. sold at 3.22e. In London small
sales for Sept. shipment were reported at 5s 11%d.; Aug.
shipments were held at 5s. 1034d. and Nov. at 6s./ with
3 Id.,
the market dull. Refined was 4.70c. with little new trading.
Resales were at 4.50 to 4.60e. Receipts at U. S. Atlantic
ports for the week were 57,583 tons, against 32,176 in the
previous week and 54,372 in the same week last year; meltings, 61,487 tons, against 74,498 in previous week and 71,866
last year; importers' stocks, 157,162, against 161,162 in
previous week and 394,042 last year; refiners' stock, 178,325,
against 178,220 in previous week and 251,044 last year; total
stocks, 335,487, against 339,391 in previous week and 645,086
last year. Receipts at Cuban ports for the week were 53,078
tons, against 37,996 in the same week last year; exports,
79,501 tons, against 107,662 in the same week last year;
stock (consumption deducted), 1,467,457, against 1,050,023
in the same week last year. Of the exports, 17,256 went
to Atlantic ports, 4,310 to New Orleans, 53 to interior of
United States, 3,407 to Galveston, 6,447 to Savannah,
47,683 to Europe and 345 to South America. Futures on
the 29th fell to a new low of 1.14c. for Sept. and spot and
declined to 3.190. duty free. All months got down to new
lots. Persistent liquidation of Sept. and selling by Cuba
was too much for a narrow market; 19,000 bags of Cuba for
Aug. 12 to 19 loading sold at 1.200.; also 3,500 tons of Philippines at 3.19c. London was dull; a cargo of Santo Domingos sold for Sept. shipment at 5s. 11%d. Other sellers
quoted Oct. and Nov. at 6s.
On the 29th ult. the sale of 30,000 bags of Cubas for last
half August shipment was reported, but not confirmed, at
3.22c. duty paid, and it was believed that other sugars might
have been purchased at this price. Some buying interest
was reported at 3.200., and 19,000 bags of Cuba for Aug. 12
to 19 loading was reported sold at 1.20e. e.&f., and 3,500
tons of Philippines in port was sold at 3.19c. Cost and freight
was quoted at 1 3-160. On July 30 a new low of 1.11e. was
made on September on further liquidation. Prices declined
3 to 4 points, closing after a rally at a net loss of 2 to 3 points
with sales of 58,000 tons. Cuban connections were heavy
buyers in the later trading of July and other months. On
the 30th ult. private cables received here reported the sale
of 100,000 tons of Java whites during the last 10 days at
9 florins, or unchanged, and equivalent to 174 f.o.b. Java
for white sugars. It was pointed out that Java has not
sold any sugar below this price since the new crop started
to move in May. Other cables reported sellers of afloat
sugars at 5s. 6d.; sales of August at 5s. 734d. and sellers of
September at 5s. 7%d. October at 5s. 1034d., and November at 5s. 113jd. On July 31 futures advanced 1 to 3
points on big Cuban buying. .
A sale of 2,000 tons of Philippines for August shipment to
3.26e. Nearby sugars were on
an operator was reported at.
offer at 3.250. with a possibility that slight concessions might
have been made. A sale of 3,500 tons of Philippines due
early in September was reported at 3.22c. Nothing was
offered at 3.25c. except 10,000 bags of Port Rican to New
York at 3.23 and 5,000 bags at 3.240. Of St. Croix sugar
2,700 tons sold at 3.200. Later generally asked 3.23 to 3.25e.
To-day Licht estimated the European beet sugar area as
unchanged from his June 30th estimate of 1,907,000 hectares
exclusive of Russia. The Russian area is estimated at
1,000,000 hectares (about 234 acres each). To-day futures
closed 3 to 5 points higher with sales of 52,350 tons. Final
prices show no change for the week.
Prices were as follows:
Spot unofficial_ - 1 7-32 January
September_ --1.17 --- I March
i.29(
1.370
I May
I July
1.43(5
1.52(5
_
LARD on the spot was weak at one time; prime Western,
/
10.20 to 10.30e.; refined Continent, 103 3c.; South America,
10%0.; Brazil in kegs, 11%0. Futures on the 26th ended
unchanged to 5 points lower. Corn was up but hogs were
.
irregular. Western hog reccipts were 27,700, against 33,200
a year ago. There were deliveries of 150,000 lbs. of lard on
July contracts. Liverpool lard was unchanged. Hog receipts at Chicago were estimated at 45,000 and for all week
at 129,000. Futures on the 28th inst. advanced 2 to15
806
FINANCIAL CHRONICLE
points net but this showed a reaction from the top of 3 to
8 points on the decline in corn and dulness of the hog market. Total Western receipts of hogs were 99,900, against
134,600 a year ago. Liverpool lard was unchanged to 6d.
lower. Exports from New York last week were 5,292,000
lbs. against 3,634,000 lbs. the week previously. Futures
on the 29th advanced 2 to 3 points with hogs 10 to 15 cents
up and corn also higher. Refined Continent, 109/sc.; South
America, 105sc.; Brazil, 115sc.; prime Western, 10.25 to
/
/
10.350. On July 30 futures advanced 5 to 15 points despite
hogs were 15e. higher. Packers
the decline in grain. For
and cash houses bought on a pretty good scale. Total
Western receipts of hogs were smaller than expected, amount
to 67,000, against 68,000 last year. Exports of lard
were 199,000 lbs., mostly to England. Prime Western,
10.40 to 10.500.; refined Continent, 107'c.; South America,
11%c.; Brazil, 12%c. On July 31 futures ended unchanged
to 5 points higher. To-day futures closed 25 to 35 points
net higher, partly in sympathy with the rise in corn. Final
prices show a rise for the week of 45 to 53 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Tues.
Sat.
Mon.
9.82
p.ss
9.72
9.65
9.70
September
October
December
8 :11
1
9.27
9.32
9.35
9.40
9.45
9.80
PORK steady; mess, $30.50; family, $33.50; fat back,
$21.50 to $25. Cash ribs, 13.25e. Beef steady but quiet;
mess, $22; packet, $19 to $22; family $23 to $25; extra
India mess, $40 to $42; No. 1 canned corned beef, $3.10;
No. 2, $5.50; six pounds, South America, $16.75; pickled
tongues, $70 to $75. Cut meats quiet; pickled hams, 10
to 20 lbs., 183/2 to 193e.; pickled bellies, 6 to 12 lbs., 183'
to 203'2e.; bellies clear, dry salted, box, 18 to 20 lbs., 15%e.;
14 to 16 lbs., 163.c. Butter, lower grades to high scoring,
31 to 39e. Cheese, flats, 173' to 260.; daisies, 173 to 25e.
Eggs, medium, 16 to 293/2e.; closely selected heavy, 293 to
30e.; premium marks, 29 to 31 Mc.; fancy white, 1 to 23/2e.
extra.
OILS.
-Linseed was quoted at 13.8e. for carlots, but it
was intimated that 13.6e. could be done in some directions.
The tone was fairly steady of late, despite a weaker flaxseed
market of late. One authority placed the flaxseed crop at
20,000 bushels. The extreme heat has caused many experts
to lower their estimates. Cocoanut, Manila, Coast tanks,
53'e.; spot, N. Y. tanks, 6% to 6Mc.; Chinawood, N. Y.
drums, carlots, spot, 9c.; tanks, 8% to 8Me.; Pacific Coast
-Dec., 7%c. Soya bean,
tanks, Aug.-Sept., 73e.; Oct.
tanks, Coast, 83'2 to 9c.; domestic tank cars, f.o.b. Middle
Western mills, 8 to 83e. Edible, olive, 1.65 to 2c. Lard,
prime, 133'c.; extra strained winter, N. Y., lb. Cod,
Newfoundland, 60e. Turpentine, 41% to 47%c. Rosin,
$5.55 to $8. Cottonseed oil sales to-day,including switches,
old, 1,500 barrels; new 33 contracts. Prices closed as follows:
OldSpot
August
September
October
December
7.80
7.90
8.07
8.10
8.02©8.09
New
November
December
January
February
March
April
7.30@7.60
7.50©7.50
7.55@7.70
7.6O(7.79
7.85 7.oi
-There was a better demand for bulk
PETROLEUM.
gasoline owing to the heavy consumption. Orders for
prompt delivery have increased. Many jobbers are still
reluctant to purchase far ahead, however, owing, it is said,
to reports of shading in local tank wagon prices. At least
one big refiner is said to be delivering gasoline in tank
wagons to points in Brooklyn at 83'c. Yet there is a very
optimistic feeling in the trade. There has been considerable
gasoline ordered out against standing contracts and a gradual
improvement is noted in the situation. Virtually all fields
throughout the country with the exception of Darst Creek
report drastic restriction of production. During July only
286 wells were completed producing Pennsylvania grade crude
oil as compared with 403 in June. Rumors of an advance
of New Jersey tank wagon prices, very soon still persist.
United States Motor gasoline in tank cars local refineries
was steady at 83/i to 10e. Domestic heating oils have met
with a fair demand but prices are not quite as firm as had
been expected. Grade C bunker oil Was rather easier at
$1.15 refinery. Diesel oil was steady at $2 refinery. Kerosene was freely offered at 6%c.for 41-43 gravity in tank cars
refineries.
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 26th trade was dull and prices unchanged. Singapore was 1-16 to Md. higher. London
was unchanged. The tire business is dull. Closing prices
here on the 26th: New contract, July, 10.67e.; August,
10.77e.; Sept., 10.87 to 10.93c.; Oct., lie.; Nov. 1.13c.;
'
Dec., 11.26c. Old contract, Aug., 10.60e.; Sept.,t. 10.70
to 10.90c.; Oct. 10.90c.; Nov., 11c.; Dec., 11.20 to 11.30e.
Outside prices: Plantation spot and July, 10% to 10Me.;
'
-Dee., 11 to
Aug., 105 to 10 Mc.; Sept., 10% to 11e.; Oct.
%
11 Me.; Jan.
-March, 113' to 11%c. On the 28th prices
fell 9 to 20 points. London was Md. off. In London the
stock increased 31 tons. It is now 80,845 tons. In Liverpool it increased 255 tons and is now 28,381 tons. New
contracts closed on that day with July, 10.640.- Sept.,
11.67c.;
10.84 to 10.87e.; Dec., 11.20c.• March, 11.65 to'
May, 12.04 to 12.08c.; sales 4901 tons. Old contract ended
with August 10.50 to 10.60e.; Sept., 10.60 to 10.70c.; Dec.,
llo.; March, 11.50 to 11.60c.; May, 11.90c.; sales 372 tons.
[VOL. 131.
In London spot and July were 53d. In Singapore Aug.
43/8d. Futures on July 29 declined 10 to 15 points with
sales of 560 tons of new contract and 480 old. New contract ended with Sept. 10.70 to 10.71c.;Dec.,11.02 to 11.10e.
March, 11.50 to 11.51c.; May, 11.90e. Old contract,
Sept., 10.50c.; Oct., 10.70e.; Dec., 10.90 to lb.; March,
11.30 to 11.40e.; May, 11.70 to 11.80e. Outside prices:
Plantation spot and July, 103' to 10%e.; Aug., 103 to
%
10%c.; Sept., 103' to 10%c.; Oct.
-Dee., 10% to 11%o.;
Jan.
-March, 11% to 113/20.; spot first latex thick, 109/8 to
10%c.; thin pale latex, 11 to 11%o.; clean thin brown
No. 2, 99/i to 9%c.; specky crepe, 9 to 9%c.; rolled brown
3
crepe, 83. to 89gc.; No. 2 amber,9% to 10e.; No. 4 amber,
9% to 93c. London spot, 5 3-16d.; Singapore, Aug.,
4 15-16d. American rubber manufacturing companies which
own rubber plantations in the Far East voted against restriction proposals at a meeting of producers in the Dutch
East Indies. Amsterdam cabled: "At a meeting of Dutch
rubber producers 112 companies representing a production
of 38,905 tons annually declared themselves in favor of a
proposal in regard to restriction, while 21 producers representing 25,992 tons belonging to American producers who
work the product in their own factories voted against the
proposals."
On July 30 prices advanced 10 to 20 points on covering
and a rather better demand for actual rubber, though their
purchases did not exceed fair sized quantities. New contract ended with Aug. 10.650.; Sept., 10.75 to 10.80e.;
March, 11.55 to 11.60c.; May, 11.90 to 11.98c.; sales, 80
tons. Old contract, Aug., 10.600.; Sept., 10.70e.; Dee.,
lie.; Jan., 11.20c.; March, 11.40c.; May, 11.70 to 11.80c.;
sales, 315 tons. Outside prices: Plantation spot and July
10M to 105c.; Aug., 103 to 10%e.; Sept., 10% to 10Me.;
%
%
spot first latex thick, 10% to 10%e.; thin pale latex, 11 to
11Mo.; clean thin brown No. 2, 9% to 93c.; specky crepe,
%
9 to 99/sc.; rolled brown crepe, 83 to 8%c.; No. 2 amber,
9% to 10e.; London spot, 5Md. Singapore, Aug., 43 d.
%
On July 31 a new low was reached of 10.40c. Prices in
general declined 12 to 17 points. Spot prices declined Mo.
in some cases. New contract, Sept., 10.58 to 10.50e.;
Dec., 10.95 to 10.990.; March, 11.38 to 11.40e.; May, 11.70
to 11.770.; sales, 420 tons. Old contract, Aug., 10.30c.;
Sept., 10.40e.; Dec., 10.800.; Jan., 110.; March, 11.30e.;
May, 11.50 to 11.60e.; sales, 1,232 tons. Outside prices:
Plantation spot and Aug., 103 to 103'e.; Sept., 10% to
%
103c.; spot first latex thick, 103/i to 103 c.; thin
%
%
pale latex, 10% to 113'e.; clean thin brown No. 2, 934 to
9%c.; specky crepe, 8% to 9Me.; rolled brown crepe, 8 to
8Mc.; No. 2 amber, 9% to 934c. London, spot-Aug.,
%
5 3-16d. Singapore, Aug., 43 d. To-day futures closed
unchanged to 10 pointt lower on old contract with sales of
76 lots and 3 points lower to 1 higher on new contract with
sales of 11 lots. Spot ended at 10.380.; Sept., 10.55e.;
March, 11.36c.; May, 11.30e. Final prices show a decline
for the week of 30 to 40 points.
HIDES.
-On the 26th prices declined as much as 35
points in some cases, but closed unchanged to 10 points
lower ending with Aug., 10.75c.; Sept., 10.95e.; Dec., 12
to 12.10c.; May, 13.25e. Imports at three leading ports
during the five weeks' period since the duty became effective
on June 17 have fallen off sharply as figures compiled by
the New York Hide Exchange showed. The total imports
during these five weeks, viz.: June 16 to July 19 was 220,855
hides compared with 418,503 during the five weeks' period
prior to June 16, and 283,166 last year during the five-week
period of June 17 to July 20. Total imports this year up to
July 19 were 1,987,338, against 1,261,432 for the corresponding period last year. On the 28th on active trading
prices advanced 10 to 15 points with sales of 1,920 lbs.
Aug. ended at 10.90c.; Sept. 11.10e.; Dec., 12.15c.; March,
12.85c.; May, 13.35 to 13.45e. Outside markets were as a
rule quiet; of River Plate frigorifico 18,000 Argentine steers
sold at 13 5-16 to 133e.; also 12,000 Uruguayan steers at the
%
same prices. Common dry hides were dull and weak.
Cucutas, 1434e.; Orinocos, 14c.,• Maracaibo, Ecuador, La
Guayra and Santa Marta, 13e.; Central America, Savanillas
and Puerto Cabello, 12c.; butt brands, 1334e.; Colorados
13e.; Chicago light native cows, June-July, lie. New
York City calfskins 5-7s, 1.50e.; 7-95, 1.95e.; 9-12s, 2.70e.
On July 29 prices fell 12 to 60 points and recovered some of
the loss with a better demand on the break. Sept. ended at
10.75c.; Dec., 11.92 to 11.90e.; May, 13.23c.
On July 30th prices ended 10 points lower to 2 points
higher Chicago was a little more active at steady prices.
:
Of Chicago packet hides 6,000 light native cows, July sold
at 110., last sale lle., June-July take-off; 4,000 heavy
native steers, July, 1334o.,steady; 1,600 butt branded steers,
July, 1334e., steady; 1,500 Colorado steers, July, 130.,
last sale June-July, 130. August closed at 10.50e.; Sept. at
10.75c.; Dec. at 11.92e.; May at 13.16e. On July 31st prices
declined 5 to 20 points on falling spot prices with such noteworthy sales as 3,520,000 lbs. September ended on that daY
at 10.70e.; Dec., 11.75e.; Feb., 12.30c.; May, 13c. Sales
of 20,000 July frigorifico steers were made at 13 3-16e. a
decline of 3-16c. To-day prices closed with July, 13.3504
August, 13.40c.; Sept., 10.65c.; Oct., lie. and Nov. 11.350.
OCEAN FREIGHTS.
-Sugar was more active.
CHARTERS included grain; 37,000 qrs. Montreal, Aug., to Havre,
Dunkirk, Bordeaux range, 10c.: Antwerp-Rotterdam, 9c.; 35.000 co•
Gulf. Aug. 8-15, Antwerp-Rotterdam, 12c., Bordeaux-Dunkirk range, 13e..
AUG. 21930.]
FINANCIAL CHRONICLE
-Sept. 10,
Picked United Kingdom ports, 2s. 9d.: 38.000 qrs. Gulf, Aug. 20
Antwerp-Rotterdam, 12c., Bordeaux-Dunkirk, 13c.: 35,000 qrs. two Gulf
-Sept. 10.fixed Sept. 23, Antwerp-Rotterdam, I 2c.,Bordeaux
ports Aug.20
Dunlark range, 12c. London, Hull, Leith, 2s. 9d.: berth grain included 30
oads, July-Aug. French Atlantic, 10c.: five to Hamburg, Aug., Sc.; five
-Sept., 9c. Sugar, Santo Domingo to United Kingdom.
to Hamburg, Aug.
Continent, 145. 6d., early Aug. Tankers; Clean, Black Sea, Aug.,
French Mediterranean, 128.; clean, end Aug.,same destination, Constanza,
12s.; Black Sea, 12s. 6d.: 1,830 tons, Batoum and Tuapse to Helsingfors,
18s., Aug. loading: 3,863 tons, Black Sea to United Kingdom-Continent,
Aug.;7,000 tons, ten consecutive trips, basis 12s.: North Atlantic
.
15s.; Gulf and 27s. California to United Kingdom-Continent to commence
loading at the end of the year.
807
-The result of the recent London auction sales
WOOL.
was very disappointing to growers in Australia. Boston
wired a Government report on July 29: "Moderate quantities of a few lines of the finer quality domestic wools are
being moved steadily at firm prices. Strictly combing 64s
and finer Ohio and similar wools bring 30c. and 31c. in the
grease; the bulk white fancy lots of extra long staple and
light shrinkage are reported to be realizing up to a cent
.
higher than this range. Texas wools of 12 months' growth
are selling at prices in the range of 73 to 75e. scoured basis."
Boston wired later: "Cables at hand from the second day of
the East India wool auctions in LiverPool state that the
sales there were proceeding without material change from
the market there yesterday, when values were generally
quoted down 10% from the close of the previous series, so
far as wools of interest to this market are concerned. French
yellows found a little readier competition, however, and were
quoted down about 5%." In Liverpool on July 29 prices
on carpet wools at the East India auction opened 10% below
the quotations at the last sale. The net decline over pre.
vious prices at the opening is about 5% because the market
was generally firm at the last sale, with increases of 5%
registered on most transactions.
SILK closed to-day 1 point lower to 2 points higher with
sales of 290 bales. September to March, both inclusive,
2.72 to 2.75c. Final prices show a decline for the week
of 4 points on September.
COAL has remained quiet but at the West bituminous has
been in better demand. It is about as brisk as could be
expected at this time of year. Prices will be advanced today. The Chicago district makes the best showing in run
of mine business. Not only Chicago but the Hampton
Roads market has been firmer.
TOBACCO remained quiet. Some bad crop reports have
been received from Kentucky. Temperatures of 110 degs.
have prevailed there. Cigar makers as usual at this time
of year are not buying at all freely. Withdrawals of cigars
in all five price classifications as well as all other types of
tobacco products with the exception of cigarettes decreased
in volume in June as compared with June 1929. The cigarette increase amounted to 910,851,824 or 8.4%. Domestic
cigar withdrawals in June of this year amounted to 519,599,166, a decrease of 37,147,209 or 6.67% from the total
during June 1929. The various price classifications showed
a decline in withdrawals last month, as compared with June
1929 as follows: Class A, 4,924,460 or 1.61%; class B,
11,543,918 or 23.17%; class 0,18,566,224 or 9.95%;class D,
COTTON
1,775,396 or 14.26%, and class E, 337,211 or 20.08%.
Friday Night, Aug. 1 1930.
Consumption of little cigars in June fell off to the extent of
THE MOVEMENT OF THE CROP,as indicated by our
5,219,507 or 13.11%. Withdrawals of large cigarettes de- telegrams from the South to-night, is given below. For the
clined by 315,496 or 34.10%. The prospects point to a
week ending this evening the total receipts have reached
poor crop of Sumatra.
34,308 bales, against 12,297 bales last week and 13,098
quiet during the week though a fair demand bales the previous week, making the total receipts since
COPPER was
was reported on the 30th. Total sales during July were Aug. 1 1930, 229 bales, against 2,688 bales for the same
estimated at 245,000 tons of which 72,000 tons were for period of 1929, showing a decrease since Aug. 1 1930 of 2,459
export. About 30,000 tons were sold from the middle of
last week to the middle of this week. Public utility comMon. Tues. Wed. Thurs. Fri. Total.
Sat.
Receipts atpanies were large buyers of copper. Prices remained at
11c. for domestic shipment and 11.30c. for export. In Galveston
7 1,452
---- 2,637
460
44
674
____
120
---120
London on July 31 spot standard dropped 3s. 9d. to £48 Texas City
113 2.153
138 1,015
413
347
127
Houston
35. 9d.; futures unchanged at £48 3s. 9d.; sales, 150 tons Corpus Christi
---- 18,662
1,909 2,052 4,802 1,887 8,012
172
futures. The bid price of electrolytic advanced 10s. to Beaumont--- 172 ---666
---- 3,251
610
362
483
1,130
£51 15s.• the asked price declined 5s. to £52. At the second New Orleans
262
---12
12
237
1
Mobile
----------------331
session Aandard rose is. 3d. on sales of 25 tons of futures. Pensacola
---331
9
130
260
19
102
To-day prices ended with all months of the old contract Savannah
---- 4,314
46 2,446 1,258
408
156
Charleston
new contract, Aug., 10.650.; Sept., 10.75c.; Oct. Lake Charles
11.25c.;
---140
140
-----------_ -----------1,184
97 1.281
---Norfolk..
Nov„ 10.80c.
---381
22
725
---322
---New York
TIN of late was more active with prices higher. On the
Q GOA
R A57
6.197 6.717 13.512
229 34.308
m.......,....m.s.u.
31st about 150 tons of Straits tin sold. The price early was
29.90c. and later 300. The strength of London had some
table shows the week's total receipts, the
The following
effect. At the first London session prices advanced 5s to total since Aug. 1 1930 and the stocks to-night, compared
10s. while at the second session standard advanced 12s. with last year:
6d. with salesfor the day of 360 tons. American tin deliveries
Stock.
1928-29.
1929-30.
in July were 6,130 tons of which 130 tons were from Pacific
Receipts to
ports. The amount of stock here is 4,848 tons in official
This SinceAug This SinceAug
Aug. 1.
1930.
1929.
warehouses of this country, while the amount lading is
Week. 1 1930. Week. 1 1929.
1,938 tons, making a total in sight here of 6,786 tons.
76,090
439 185.252
4.824
2,637
Galveston
Futures on the 31st closed 20 to 25 points higher with sales Texas City
3,170
1.265
116
120
803 514,071 143,990
5.406
2,153
of 50 tons, including a switch of 15 tons of August for some Houston
29.940
28,037
113 14,904
18,662
Clu•isti
Corpus
September at 15 points premium. Sales of August were Port Arthur,&c
172
172
42,462
218 325,668
2,359
3,251
made at 30.05c. To-day August closed at 30c.; Sept., New Orleans
Gulfport
30.130.; Oct., 30.300.; Dec., 30.65e.; sales 60 tons.
452
11.307
9,881
958
262
Mobile
231
400
400
331
Pensacola
LEAD was in brisk demand and steady at 5.15c. East St. Jacksonville867
674
19,275
140 103.834
357
19
260
Louis and 5.25c. New York. A public utility company Savannah
bought 5,000 tons for the manufacture of lead covered Brunswick
63,555
15,772
6,757
4,314
Charleston
60
140
60
cables. In London on July 31 spot was unchanged at £18 Lake Charles_
140
3,499
4,419
16
16
Wilmington
5s.; futures off 2s. 6d. to £18 is. 3d.; sales 50 tons spot.
463
26,555
48.278
97 1,700
1,281
Norfolk
ZINC was steady early in the week, but of late had become N'port News, &c..
239,215 137,929
140
725
weaker. On July 31 purchases could be made it is said at New York
1.269
5,917
399
Boston
157
629
334
500
Baltimore
$1 under those of the preceding day. The price was 4.70c. Philadelphia
4,410
5,176
East St. Louis. Trading was rather quiet. Rumors were
2.688 1.538.383 515.526
229 38.730
Tntlala
_ 34.308
afloat that the international zinc cartel is not finding complete agreement as easy as had been expected, and many
may be made with other years,
In order that comparison
are not disposed to question recent reports to the effect that we give below the totals at leading ports for six seasons:
the members of the cartel had ratified the agreements arrived
at by delegates to the meeting at Ostend. In London on Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
July 31 spot fell 2s. 6d. to £16; futures off 3s. 9d. to £16
4,273
4,824
7,704
14,451
7,404
2,637
Galveston-us. 3d.; sales 525 tons futures.
2,588
15,389
5,406
20.739
25,518
2,153
Houston*____
8.581
9,265
3,043
5,469
2.359
3,251
New Orleans_
STEEL has remained quiet. The outlook is said to be Mobile
92
20
379
1,878
958
262
2.295
606
3,022
2,546
357
promising, but as regards actual,business at the moment Savannah
260
Brunswick _
t is not at all brisk. Steel rail orders are reported to be
7,233
818
5.477
819
6.757
4.314
51
416
103
encouraging; the Chesapeake & Ohio, it is stated, has Charleston_
16
631
wilmington446
1.302
3,275
813
1.700
1,281
ordered 58,600 tons. Some look for larger specifications Norfolk &c.
N'port N.,
by auto companies, as some big concerns will resume work All others
6,634
2,106
2,204
16,353
592
20,150
next Monday.
28,393
45,276
53.306
38,730
41.207
34,308
Total this wk..
PIG IRON as a rule has been quiet, though eastern
31,978
31.102
5,302
2,688
41,207
22.
Pennsylvania in its immediate vicinity sells, it seems, at Abu,. Ana 1
*Beginning with the season of 1926, Houston figures include movement of
$18. There are intimations that 25 to 50 cents under this cotton previously reported by Houston as an interior town. The distinchas been accepted on outside business. Chicago prices fell tion between port and town has been abandoned.
50 cents or $2.30 thus far this year. Chicago is $17.50, it
The exports for the week ending this evening reach a total
is stated, on No. 1 foundry. Eastern Pennsylvania and of 34,767 bales, of which 4,803 were to Great Britain,
Buffalo have sold to a furnace concern on a larger scale, but 2,179 to France, 11,573 to Germany, 400 to Italy, 13,572
this appears to have been exceptional. Meanwhile prices to Japan and China and 2,240 to other destinations. In
are the lowest since 1915. The composite price is stated the corresponding week last year total exports were 48,106
as $16.96, a decline within a week of 13c.
bales. For the season to date aggregate exports have been
808
FINANCIAL CHRONICLE
[VOL. 131.
1,519 bales, against 15,210 bales in the same period of the In Oklahoma the
week was dry and hot, and cotton deprevious season. Below are the exports for the week.
teriorated or made very little growth; plants are still fruiting on lowlands, but have wilted during the day on dry
Exported to
uplands, with some shedding. The general condition of
Week Ended
Aug. 11930.
Great
Gerthe crop ranges from poor to fairly good, depending on soil
Japan&
Exports from
- Britain. France. many. Italy. Russia. China. Other. Total.
moisture. In Arkansas growth was good in most of the
Galveston
761 1,012 2,221
830 1,000 5,824 north and east because of beneficial showers and on
most
Houston
1,187 2,138
7,242
831 11,378 lowlands
elsewhere, but otherwise cotton deteriorated, while
Corpus Christi
1,816
1,816
New Orleans_
266
---- 2,764
4:Eek
"ioi 7,673 in Louisiana plants were making but little advance. East
Pensacola
100
100 of the Mississippi
• ____
River showers were beneficial in many
Savannah
2,224
"200
2,424
Charleston
574
200 1,354 places, though some sections still need rain. In most parts
Norfolk
1,094
1,094 of this area
progress of the crop during the week was fair
New York
50
1,475
200
1,725
I.os Angeles_ _
369
"ioo
569 to good, though in some of the drier sections it was poor
San Francisco_ _
100
110
600
810 or with some
actual deterioration. The first bale has been
Total
4,803 2,179 11,573
400
13,572 2,240 34,787 marketed from Georgia and in Texas north to Rusk County."
Total 1929
7,618 1,604 8,173 13,407 4,000 9,839 3,465 48,106 Temperatures were 110 to 115 in some cases, the latter in
Total 1928
11,640 2.077 12,907 3,787 24,213 34,150 10.926 99.800 Mississippi. But Arkansas had 114,
Oklahoma 112, Louisiana 110, and Texas 109.
From
•
Exported toOn July 31 prices were irregular, but after an early deAug. 1 19301
Aug. 1 1930. Great
GerJapan&
cline of 10 to 12 points the lost ground was about recovered
Exportsfrom
- Britain. France many. Italy. Russia. China. Other. Total.
and the closing was 3 points lower to 1 point higher. The
Houston
550 weather was still very hot, though not so
hot as on the
Norfolk
969
989 previous
day. Texas and Oklahoma had some rain, but not
Total
969
550
1,519 enough to break the drought. Private reports of •the
conTotal 1929___
3,7991
748
2,349 2,374
__ 4,797 1,145 15,210 dition ranged from 64.3 to 67.6%, and the estimates of the
Total 1928___
4,12
____
1,460
1
12,058 10,046 3,037 30,826 crop from 13,412,000 to 14,373,000 bales.
Many States had
NOTE.
-Exports to Canada.
-It nas never been our practice to include in the 100 to 110 degrees as against 100 to
115 the day before.
above table reports of cotton sh pments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is impossible to The technical position was better. The short account had
give returns concerning the same from week to week, while reports from the customs grown. To-day prices
advanced $1 a bale or more on the
districts on the Canadian border are always very slow in coming to hand. In view,
lack of rains sufficient to break the drought, there was
however, of the numerous inquiries we are receiving regarding the matter, we wil
say that for the month of June the exports to the Dominion the present season more than there had been this
week in Texas and Oklahoma,
have been 9,657 bales. In the corresponding month of the preceding season the
exports were 12,295 bales. For the eleven months ended June 30 1930 there were and night temperatures were in the 608. But drought was
188,754 bales exported, as against 252,683 bales for the eleven months of 1928-29. not broken. Big shorts
covered. The technical position was
In addition to above exports, our telegrams to-night also strong. The forecast was for generally fair weather in the
give us the following amounts of cotton on shipboard, not belt, with thunder showers in southeastern Texas and
cleared, at the ports named:
Georgia. Georgia, if anything, it is surmised, may be getting
too much rain. Secretary Hester, of the New Orleans ExOn Shipboard Not Cleared for
change, stated the carryover, including linters, at 6,344,000
bales against 4,679,000 last year, and the world's consumpAug. 1 at
- Great
GerOther CoastLeaving
Britain. France. many. Foreign wise. Total.
tion of American at 14,027,000 bales against 16,309,000 last
Stock.
Galveston
800
900 1,500 2,000
300 5,500 179,752 year, including linters. This had only a passing effect.
New Orleans
2,480 1,897 3,033 8,714
16,124 309,544 The Dallas, Tex., "News" weekly report was unfavorable.
Savannah
103,834 It
said that the Texas crop is entering August in perhaps
Charleston
25
25
63,530
Mobile
"&815
"66 ---- 1.200
8,681 the poorest condition in years, with deterioration becoming
Norfolk
48,278
Other ports *
500
500 2,500 8,000
500 12,000 789.915 sharper in the northern, northwestern and eastern sections
of the State, as evidenced by shedding. High temperatures
Total 1930
4,330 3,297 7,033 19,364
825 34,849 1,503,534
Total 1929..
4,196 2.210 7.785 16,429 2,192 32,812 482.714 in Oklahoma and general drought has caused decline in
Total 1928
8,648 4.183 4.717 20,566 2,025 40,139 500,750 cotton crop
condition. Contracts were scarce all day, and
•Estimated.
prices ended at noot far from the top. Final prices show
Speculation in cotton for future delivery has been only an advance for the week of one to nine points. Spot cotton
moderately active, but to-day showed more life and ad- ended at 12.80c. for middling, an advance for the week of
vanced sharply owing to drought, hot weather, and heavy five points.
covering, partly by large operators. On the 26th ult. prices Staple Premiums
advanced on hot, dry weather in Texas, Oklahoma, and 60% of average of
Differences between grades established
six markets quoting
Arkansas, firm cables from Liverpool, where the drought
for deliveries on
for delivery on contract Aug 7 1930.
Aug. 71930.
and heat caused uneasiness, and finally covering in both
Figured from the July 31 1930 average
15-16 1-loch &
markets. Both old and new contracts were not at all
quotations of the ten markets designated
Inch.
longer.
by the Secretary of Agriculture.
plentiful. The weekly forecast caused covering. It predicted nothing more than showers. Large tracts want
as
.69
Middling Fair
White
1.01 on Mid.
28
.69
Strict Good Middling.
do
.88
do
copious rains after many weeks of drought. On the 28th ult.
28
.69
Good Middling
do
.71
do
.28
prices advanced early on dry, hot weather, and a crop
.67
Strict Middling
do
50
do
.27
.66
Middling
do
Basis
estimate by Clement, Curtis & Co. of 14,005,000 bales against
24
.53
Strict Low Middling
do
71 off Mid.
23
14,435,000 their estimate of a month ago and 14,828,000 the
50
Low Middling
do
1.75
do
*Strict Good Ordinary.. do
2.93
do
Government total of last year. The condition was stated
*Good Ordinary
do
3.95
do
at 66.8% against their condition of a month ago of 74 and
Good Middling
Extra White
.71 on do
Strict Middling
do do
.50
do
the Government figures of 69.6 on Aug. 1 last year, 67.9 at
Middling
do do
Even
do
the same date in 1928, 69.5 in 1127, 09.8 in 1926, and 65.6 in
Strict Low Middling-- do do
.71 off do
Low Middling
do do
1.75
do
1925, and a 10
-year average of 67.4. The Chicago report
28
.67
Good Middling
Spotted
.23 en do
27
was nearly 3% below the Government total of a year ago,
.65
Strict Middling
do
.05 off do
24
.53
Middling
do
.71 off do
and 0.6 of 1% below the 10
-year average. Texas had
*Strict Low Middling.... do
1.70
dO
practically no rain, with temperatures as high as 108 de*Low Middling
do
2.83
do
24
.5o Strict Good Middling...Yellow Tinged
.08 off do
grees. It was 100 to 108 in other sections.
24
.50 Good Middling
do do
.55
do
24
On the 29th ult. prices advanced at one time on the con.5o Strict Middling
1.05
do do
do
*Middling
1.68
do do
do
tinuance of dry, hot weather in the Mississippi Valley and
*Strict Low Middling-_
2.40
do do
do
the West, better Liverpool cables than due, covering, and
*Low Middling
3.30
do do
do
23
.so Good Middling
Light Yellow Stalned.1.30 off do
trade duying. Later the rise of about a dozen points was
*Strict Middling
1.88
do do
do
do
lost on predictions of showers or unsettled weather, where
*Middling
do do
do
2.55
do
23
.50
Good Middling
Yellow Stained
1.65 off do
rains were wanted, and rumors of rains in parts of Texas.
*Strict Middling
2.40
do do
do
A trifling amount of hedge selling was said to have been
*Middling
do do
8.23
do
24
.53
Good Middling
Gray
.85 off do
done by Corpus Christi, Texas. But the net decline was
24
.40
Strict Middling
do
1.20
do
only 2 to 8 points, for some feared that the weekly report
*Middling
do
1.68
do
*Good Middling
Blue Stained
1.75 off do
on the following day would be bullish. On July 30 prices
*Strict middling
do do
2.50
do
declined owing to further liquidation, and, as it appeared,
do do
*Middling `
3.28
do
more or less short selling. Also trade demand remained
*Not deliverable OD future contracts
dull. The crop prospects are believed to be as good as
The official quotation for middling upland cotton in the
the average at this time.
New York market each day for the past week has been:
The weekly report was not so bad as had been expected.
July 1 to Aug. 1Sat. Mon. Tues. Wed. Thurs. Fri.
The summary said: "Temperatures were mostly high in Middling upland
12.95 12.75 12.65 12.45 12.55 12.80
the northern cotton belt, but moderate in the South. Light
NEW YORK QUOTATIONS FOR 32 YEARS.
to moderate showers were the rule east of the Mississippi
The quotations for middling upland at New York on
Valley, but in the western belt the week was practically
rainless. In Texas there was appreciable rain at only one- Aug. 1 for each of the past 32 years have been as follows:
1930
12.SOc. 1922
22.55c. 1914
1906
10.90c.
sixth of the reporting stations and cotton deteriorated or 1929
19.20c. 1921
12.900. 1913
12.10c. 1905
10.85c.
made only poor progress in the northern two-thirds of the 1928
40.00c. 1912
19.900. 1920
13.00c. 1904
10.70c.
1927
18.25c. 1919
35.70c. 1911
12.50c. 1003
12.750.
State, with complaints of small plants, boll shedding, and 1926
19.05c. 1918
29.70c. 1910
15.20c. 1902
8.04C.
premature opening. In the southern third progress was 1925
24.65c. 1917
25.65c. 1909
12.500. 1901
8.06c.
1924
30.95c. 1916
13.350. 1908
10.60c. 1900
10.00c.
mostly very good, but with some complaints of shedding. 1923
23.650. 1915
9.600. 1907
13.00c. 1899
6.120.
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.
SALES.
Spot Market.
Closed.
Saturday_ _ _
Monday _ _
_
Tuesday
Wednesday _
Thursday _ _
Friday
Futures
Market
Closed.
Steady, 20 pts. adv_
Steady,20 pts. decl _
Quiet, 10 pts. decl_ _
Quiet, 20 pts. decl_ _
Steady, 10 pts. adv_
Steady, 25 pts. adv_
Steady
Barely steady_ _
Steady
Barely steady_ _
Steady
Steady
Spot. Contect Total.
2:Aoo
1,700
700
2,000
2,§456
1,700
700
2,000
7,200
Total week
Since Aug. 1
7,200
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday.
July 26.
809
FINANCIAL CHRONICLE
AWL 2 1930.1
Monday,
July 28.
Tuesday, 1Vednesday, Thursday,
July 30.
July 31.
July 29.
Friday,
Aug. 1.
Of the above, totals of American and other descriptions are as follows:
1927.
1528.
1929.
1830.
American245,000 371,000 443.000 853,000
Liverpool stock
43.000 102,000
49.000
49,000
Manchester stock
407,000 411,000 616.000 790.000
Continental stock
116,000 149,000 220,000 252,000
American afloat for Europe
a1,538,383 a515,526 a540,889 0889,588
U. S. ports stocks
a560,254 0197.552 a302.330 0376.345
stocks
U. S. interior
969
U. S exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
2,916.606 1,693,078 2.165,219 3,261.933
461,000 391,000 249,000 322,000
66,000
124.000
142,000
86,000
476,000
958,000
28.000
28,000
60,000
79,000
123,000 105,000
129.000 101,000
215,000 205,000
993.000 1,143.000
22.000
51,000
75,000
136.000
304,000
568,000
2,313,000 1,958,000 1.891,000 1,478,000
2,916,606 1,693,078 2,165,219 3,261,933
5.229,606 3,651.078 4,056.219 4,739.933
Total visible supply
9.47d.
7.22d. 10.65d. 10.804.
Middling uplands, 'Liverpool_
17.10c.
19.85c.
18.85c.
12.80c,
Middling uplands, New York
9.47d.
Egypt, good Sakel, Liverpool__ _ _ 13.30d. 18.10-i. 19.904. 10.754.
14.504. 13.254.
Peruvian, rough good, Liverpool_
8.554.
9.154.
8.90-1.
4.80d.
Broach, fine, Liverpool
8.954.
6.20d. 10.054. 10.10d.
Tinnevelly, good, Liverpool
Total East India, St:c
Total American
Houston stocks are now included in the port stocks: in previous years
July
they formed part of the interior stocks.
Range _ _
* Estimated.
Closing August
Continental imports for past week have been 49,000 bales.
12.7612.80
-Range..
The above figures for 1930 show a decrease from last
12.29
12.50- - 12.3212.57Closing_ 12.85 -- 12.57Sept.week of 104,754 bales, a gain of 1,578,528 over 1929, an
Range-of
12.4312.6312.4612.71 - increase of 1,173,387 bales over 1928, and a gain
12.71 Closing_ 12.95487,673 bales over 1927.
Oct.(old)
12.90-13.09 12.83-13.19 12.74-12.93 12.54-12.7.3 12.47-12.60 12.60-12.85
Range_
12.77-12.78 12.5712.6012.85Closing_ 13.05-12.85AT THE INTERIOR TOWNS the movement-that is,
Oct.(new)
12.64-12.80 12.58-12.95 12.46-12.68 12.30-12.54 12.22-12.36 12.37-12.60 the receipts for the week and since Aug. 1, the shipments for
Range__
12.53-12.55 12.34-12.35 12.33-12.34 12.60Closing_ 12.75-12.77 12.58the week and the stocks to-night, and the same items for the
Nov.(old)
corresponding periods of the previous year, is set out in
Range..
12.6812.6812.8712.94- detail below:
12.92Closing. 13.11 Nov.(new)
Range..
Movement to Aug. 2 1929.
Movement to Aug. 1 1930.
(Amin_ 12.84 -12.66 ---- 12.61 ---- 12.43 ---- 12.42 ---- 12.68 Dec.(old)
Ship- Stocks
Receipts.
Ship- Stocks
Towns.
Receipts.
Range__ 13.04-13.21 12.99-13.37 12.93-13.1112.76-12.92 12.70-12.81 12.83-13.01
Aug.
Main
meats. Atp.
12.9712.8012.77-12.78 13.03-13.01
Closing_ 13.17-13.002.
Week. Season. Week.
I.
Week. Season. Week.
Dec.(new)
Range._ 12.79-12.95 12.72-13.13 12.61-12.86 12.50-12.70 12.41-12.5 12.60-12.71
701
174
53
104 6,786
42
12.70-12.7112.62-12.53 12.52-12.53 12.79-12.71 Ala.. 13Irm'ham
12.93-12.74Closing_
3 1,203
14
66 4,511
19
Eufaula
Jan.(old)
590 8,003
47
16,494
1,049
Montgomery.
Range__ 13.10-13.18 13.11-13.4012.98-13.17 12.8213.02 12.74-12.8 12.93-13.1,
1,858
300 13,555
5
12.85Selma
13.0312.8413.0513.13-13.1,
Closing. 13.24190 3,820
252 10,102
Ark.,Illytheville
Jan.(new)
1,319
9
141 5,132
Forest City
Range__ 12.89-13.03 12.82-13.19 12.71-12.95 12.61-12.79 12.52-12.6 12.67-12.8'
686 2,090
67
788
171 8,902
12.63
Helena
12.78- 12.59-12.6 12.86-12.8'
12.83Closing_ 13.02347
Hope
Feb.(new)
726
1
30 1,514
Jonesboro_
-Range-3,919
5
2
405 6,222
4
12.72 -- 12.71 -- 12.95 12.88Little Rock..
12.93 --Closing- 13.10206
6
1,016
26
NewportMar.(new)
101 3,459
285 14,190
53
Pine Bluff.
Range__ 13.09-13.2 13.03-13.38 12.92-13.14 12.80-12.98 12.72-12.83 12.88-13.0
128
206
1 2,389
12.82-12.84 12.83Walnut Ridge
13.03-13.0 12.9913.05 Closing_ 13.19693
938
95
2,494
Ga., Albany
Apr.(new)
300 2,079
10
1,000 11,159
28
Athens
-Range__
2,227 7,354
1,322 47,484 1,832
12.9012.91 -- 13.12 120
13.07Atlanta
13.10Closing_ 13.27111 3,079 30.739
291
493 47,214
50
322
Augusta
May (new)
100 7,659
50 1,147
13.06-13.29 12.97-13.12 12.86-13.01 13.06-13.22
100
Columbus,-.
Range_ 13.26-13.41 13.18-13.5
229 1,152
48
1,214 10,84
12.9912.99 --- 13.20-13.21
60
Macon
13.18-13.2 13.15Closing_ 13.35900 2,855
750 1,86
Rome
June (new)
447 6.900
50
1.330 35,12
176
La., Shreveport
Range__
221 4,187
32
496 15,01
41
13.25 - Miss.. Crksdale
Closing
.
85
229
71
354 2,43
3
Columbus_ _
July
2,957 6.455
141
500 40,36
100
Greenwood_ _
13.15 Range..
555
138
64 3,37
2
Meridian
13.30 Closing_
1,580
3,36
Natchin
288
77 4.72
Vicksburg_ _ _
Range of future prices at New York for week ending
351
683
8 4,41
4
Yazoo City
419 1,477 9,127
1,166
August 1 1930 and since trading began on each option:
796 7,46
84
538
Mo.. St. Louis_
816 8,196
61
8 7,68
50
N.C.,Greensb'o
Range Since Reg nning of Option.
Range for Week.
Oklahoma
Option for258 3,816
14
39
2.041 28,791
24
15 towns._ _ _
3.008 10,618 19.770
12.32 July 25 1930 20.00 Sept. 3 1929 S.C., Greenville
1,167 22,204 5,008
943
July 1930
1,629 16,342 43,903
469 11,293 148,957 7,356
12.80 July 28 12.75 June 18 1930 18.34 Nov. 22 1929 Tenn.,Memphis 6,488
Aug. 1930.. 12.76 July 28
487
1
313
87
12.75 June 18 1930 16.20 Apr. 2 1930 Texas. Abilene_
Sept. 1930
188
13
13
Oct. 1930_ 12.47 July 31 13.19 July 28 12.47 July 311030 18.58 Nov. 20 1929
Austin
80 2,144
20
38, 2,420
28 12.22 July 31 1930 15.87 Apr. 4 1930
12
Oct. (new). 12.22 July 31 12.95 July
Brenham
2,404
11
12.97 June 18 1930 17.78 Dec. 16 1929
444 10,512
244
Nov. 1930
Dallas
44
52
1
12.78 June 18 1930 14.90 Apr. 15 1930
1,654
Nov.(new).
Paris
2,465 4,336
20, 1,215 2.486
Dec. 1930_ 12.70 July 31 13.37 July 28 12.70 July 31 1930 18.06 Jan. 13 1930
572
Robsrown_ _ _
25 1,579
373
387
663
Dec. (new). 12.41 July 31 13.13 July 28 12.41 July 31 1930 16.28 Apr. 4 1930
Antonio_
San
27
871
25
46; 2,138
Jan. 1931_ _ 12.74 July 31 13.40 July 28 12.74 July 31 1930 17.18 Feb. 1 1930
144
Texarkana
186 1,786
110
54 5.811
Jan. (new). 12.52 July 31 13.19 July 28 12.52 July 311030 16.03 Apr. 4 1930
19
Waco
18.09 Feb. 20 1930 16.65 Feb. 15 1930
Feb. 1931_
5.567 46.934197.552
607 29,155560.254 20.050
Mar. 1931 12.72 July 31 13.38 July 28 12.72 July 31 1930 16.20 Apr, 1 1930 Total. 58 towns 10,215
13.26 June 23 1930 13.34 June 18 1930
Apr. 1931
Oklahoma.
• Includes the combined totals of 15 towns in
May 1931_ _ 12.88 July 31 13.53 July 28 12.88 June 31 1930 15.00 June 2 1930
June 1931
The above total shows that the interior stocks have
July 1931._ 13.15 Aug. 1 13.15 Aug. 1 13.15 Aug. 1 1930 13.15 Aug. 11030
I
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.
August 1Stock at Liverpool
Stock at London
Stock at Manchester
bales
Total Groat 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
1930.
706.000
1929.
762,000
1928.
1927.
692,000 1,174,000
115,000
77,000
821,000
839,000
763.000 1,298,000
260,000
161,000
9,000
80,000
21.000
249.000
139.000
6,000
52,000
44,000
357,000
185,000
7,000
93,000
34,000
531,000
490,000
71,000
676,000
124,000
508,000
199,000
11,000
102.000
21,000
841,000
1,352,000 1,320,000 1,439,000 2,139,000
Total European stocks
142,000 123,000 105.000
Indian cotton afloat for Europe
75,000
American cotton afloat for Europe 116,000 149,000 220,000 252,000
Egypt,Brazil,&c.,afloatforEurope 86.000 129,000 101,000 136,000
476,000 215,000 205,000 304,000
Stock in Alexandria, Egypt
958,000 993,000 1,143.000 568,000
Stock in Bombay. India
01.538,383 0515.526 0540,889 0889.588
Stock in U. S. ports
Stock in U. S. interior towns.... 0560,254 0197,552 .2302.330 0376,345
969
U. S. exports to-day
Total visible supply
5.229,606 3,651,078 4,056.219 4,739.933
decreased during the week 19,516 bales and are to-night
362,702 bales more than at the same time last year. The
receipts at all the towns have been 9,835 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
night. The results for
up from telegraphic reports Friday two
years are as follows:
the week and since Aug. 1 in the last
193o-----1929
Any. 1Shipped
Via St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &cBetween interior towns
Inland, &c.,from South
Total to be deducted
Since
Week. Aug. 1.
84
796
120
880
Since
Week. Aug. 1.
421
1,477
160
60
3,000
11,425
500
214
3.334
3,838
1,157
1,300
16,101
704
9,023
2,938
0
233
13, 89
69
518
3rti
1
1
1,8.1
14,047
587
4,874
2,158
117
4,149
780
725
2,054
Leaving total not overland•
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 2,054 bales, against 4,149 bales for
the week last year, and that for the season to date the
810
FINANCIAL CHRONICLE
[VOL. 131.
aggregate net overland exhibits a d--ecFease from a year ago to moderate showers east of the Mississippi Valley,
but elseof 663 bales.
where there has been very little, if any, rain. The dryer
1930
------- sections complai
1929
In Sight and Spinners'
n of small plants, shedding and premature
Since
Since
Takings.
Week. Aug. 1.
opening.
Week.
Aug. 1.
Receipts at ports to Aug. 1
34,308
229 38,730
Texas.
2.688
-There has been very little rain in this State during
Net overland to Aug 1
2,054
117
4.149
780 the week and
Southern consumption to Aug. L.- 85,000
cotton has deteriorated or has made only fair
15,000 116,000
40,000
progress.
Total marketed
121,362
15,346 158,879
43,468
Mobile, Ala.
Interior stocks in excess
-Cotton has made good progress. Weather
*19,516
*1,441 *27.238
*11,367
conditions have been more favorable with many light showers
Came into sight during week---101.846
131.641
in the interior. New bales have been reported at several
Total in sight Aug. 1
13,905
32.101
-•
points.
North. spinn's's takings to Aug. 1 20.802
17.079
4.007
Memphis, Tenn.
-Cotton in this vicinity continues to
*Decrease.
deteriorate owing to the protracted drouth. First
Movement into sight in previous years:
was received July 31 from 0. R. Nunnery, Smithda new bale
le, Miss.
WeekBales.I Since Aug.1Bales. This bale was six days
1928
-Aug.4
later than last year and six days
95.813 1 1928
45,088
1927-Aug.5
174.403 1927
138,256 earlier than the average.
1926-Aug.6
93,865 1926
66,401
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
12.60
12.40
12.35
12.15
12.15
12.40
New Orleans_
12.68
12.50
12.50
12.30
12.18
12.42
Mobile
12.30
12.20
12.20
12.00
12.00
12.00
Savannah
12.11
11.93
11.88
11.69
11.69
11.95
Norfolk
13.00
12.81
12.75
12.56
12.56
12.76
Baltimore
12.80
13.05
12.75
12.75
12.65
12.65
Augusta
12.50
12.31
12.31
12.13
12.13
12.38
Memphis
12.00
11.85
11.80
11.60
11.60
11.85
Houston
12.50
12.35
12.30
12.10
12.10
12.35
Little Rock_ _ _ _ 11.75
11.58
11.58
11.35
11.35
11.60
Dallas
12.10
11.95
11.85
11.60
11.60
11.85
Fort Worth_ __ _ ____
11.95
11.85
11.60
11.60
11.85
Week Ended
Aug. 1.
Galveston,Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville,Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Palestine, Tex
Paris, Tex
San Antonio,Tex
Taylor, Tex
Weatherford, Tex
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City. Okla
Brinkley, Ark
Eldorado, Ark_ _
Little Rock, Ark
Pine Bluff, Ark
Alexandria,
NEW ORLEANS CONTRACT MARKET.
-The closing Amite, La La
quotations for leading contracts in the New Orleans cotton New Orleans, La
Shreveport, La
market for the past week have been as follows:
Columbus, Miss
Greenwood, Miss
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
Vicksburg, Miss
July 26.
July 28.
Mobile, Ala
July 29.
July 30.
July 31.
Aug. 1.
Decatur, Ala
July
Montgomery, Ala
August_ _ _
Selma, Ala
September
Gainesville, Fla
October _ _ 12.78Madison, Fla
12.60-12.61 12.5712.39-12.40 12.36-12.38 12.61-12.6
November
Savannah, Ga
December_ 12.94-12.95 12.78-12.79 12.74-12.75 12.58
12.5612.80- Athens, Ga
January'31 12.99 Bld. 12.84 Bid. 12.80 Bid. 12.65Bid 12.6312.88 Bld, Augusta, Ga
February _
Columbus, Ga
March
13.20 Bid. 13.04 Bid. 13.02 Bld. 12.84 Bid 12.82 Bid. 13.07- Charleston, S. 0
April
Greenwood, S. C
May
13.36 Bld. 13.20 Bid. 13.16- 13.00
12.9613.21 - Columbia,S.0
June
Conway, S.0
July(1931)
Charlotte, N. C
Tone
Newbern, N.C
Soot
Quiet.
Quiet.
Weldon, N. C
Quiet.
Quiet.
Quiet.
Quiet.
()Minna
Steady.
Steady
Steady,
Memphis, Tenn
Steady.
Steady.
Steady.
Rain. Rain all.
Thermometer
1 day 0. 6 in. high 95 low 73 mean 84
1 day 0.12 in. high 102 low 68 mean 85
1 day 0.06 in. high 98 low 72 mean 85
1 day 0.06 in. high 94 low 74 mean 84
dry
high 92 low 76 mean 84
dry
high 102 low 76 mean 89
high 108 low 72 mean 90
dry
1 day 0.08 In. high 102 low 60 mean 81
2 days 0.16 in. high 104 low 66 mean 85
dry
high 104 low 70 mean 87
dry
high 104 low 68 mean 86
1 day 0.18 in. high 100 low 70 mean 85
1 day 0.02 in. high 100 low 74 mean 87
g
y
6 low 72 mean 89
dry
high 100 low 72 mean 86
dry
102 low 68 mean 85
dry
high 106 low 72 mean 89
dry
high 108 low 70 mean 89
higdry
low 68 mean 86
2 days 0.24 in. high 107 low 67 mean 87
2 days 0.54 in. high 104 low 85 mean 85
dry
high 111 low 64 mean 88
1 day
0.28 in. high 110 low 71 mean 91
dry
high 108 low 71 mean 90
dry
109 low 71 mean 90
dry
high 104 low 70 mean 87
igh
4 days 2 18 in . high 97 low 68
3
1:07 w
n 83
n8
3
mean
1 day 0.04 in. high 104 low 72 mean 88
dry
high 112 low 70 mean 91
ea
dry
high 111 low 72 mean 92
dry
high 101 low 73 mean 87
5 days 0.85 in. high 95 low 72 mean 84
dry
high 107 low 68 mean 88
4 days 2.08 in. high 98 low 72 mean 85
3 days 0.80 in. high 96 low 71 mean 84
1 day 0.55 in. high 97 low 70 mean 84
4 days 0.74 in. high 96 low 72 mean 84
3 daYs 1.17 in. high 97 low 73 mean 85
4 days 1.00 in. high 100 low 69 mean 85
5 days 2.59 in. high 98 low
85
5 days 0.89 in. high 100 low 72 mean 86
4 days 2.01 in. high 95 low 72 mean 84
73 mean
3 days 1.19 in. high 95 low 69 mean 82
4 days 0.97 in. high 98 low 70 mean
2 days 0.20 In. high 98 low 68 mean 84
83
2 days 0.10 in. high 100 low 66 mean 83
3 days 1.88 in. high 96 low 65 mean 81
1 day 0.14 in. high 99 low 59 mean 79
1 day 0.14 in. high 106 low 74 mean 88
The following statement we have also received by teleFIRST BALE FROM TRAVIS, TEXAS.
-The Dallas
News of July 24, reports the first bale from Travis County graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
as follows:
The first bale of cotton in Travis County
-also the
Texas
-was brought Wednesday, July 30, by Arthus Giese first in Central
It sold at 15 cents a pound and the bale brought $98.25 of near Kimbro.
in addition to a
cash prize of $125 for first place and other prizes.
MATAGORDA COUNTY'S FIRST BALE.
-The Houston Post of July 25, makes the following report:
Matagorda County's first bale of cotton was ginned in Bay City by
J. W. Rageley Gin Co. The bale weighed 543 pounds, was brought inthe
by
O. Phillips of Sargent. It has not been sold. The Chamber of Commerce
is securing a list of premiums for Mr. Phillips.
STAPLE LENGTH OF TEXAS COTTON COMPARED
IN FEDERAL SURVEY.
-The largest proportion of the
longer staple cottons grown in Texas were produced in
El Paso and Hudspeth Counties in southwest Texas and in
the Flatwoods, Black Belt and Coastal Plains areas in
southeast Texas, and the shortest staples were grown in
the northwestern and northeastern parts of the State, said
W.B. Lanham of the Bureau of Agricultural Economics of
the U. S. Department of Agriculture, speaking in the
Farmers' Short Course at the Texas A. & M. College on
Monday (July 28)
.
p On the average, the staple length of the 1929 Texas crop was slightly
shorter than that of 1928, said Mr. Lanham in his analysis of the Federal
staple estimates by regions of the State. In the northern and northwestern
parts of the State increases in the proportions of the shorter lengths were
apparent In 1929. Slight increases in the proportions of the longer staples
were noted in the southern and southwestern parts of the State.
Although Texas has led all the States in quantity of cotton produced,
she ranks only sixth among the principal cotton-growing States in length
of staple grown, having an average staple length of 14.49 sixteenths of an
inch in 1928, as compared with 14.68 sixteenths of an inch for the Cotton
Belt as a whole.
More than half the Texas crop in both 1928 and 1929 was seven-eighths
of an inch or shorter in staple. About one-sixth of the 1928 crop and onefourth of the 1929 crop was thirteen-sixteenths of an inch or shorter in
staple, or too short to be delivered in fulfillment of contracts made subject
to Section 5 of the United States Cotton Futures Act and the regulations
of the Secretary of Agriculture thereunder.
No official figures showng the quality of Texas cotton as compared with
that grown in other sections of the Cotton Belt were available for crop
years previous to 1928, when the Bureau of Agricultural Economics began
its grade and staple estimates. Although
crop years, they make possible a comparisothe estimates cover only two
lengths
of cotton grown in the various sections ofn of grades and staple of the
the States with those
Cotton Belt as a whole.
The Texas Agricultural Experime
co-operated with the Division
of Cotton Marketing of the Bureaunt Station
of Agricultural Economics in obtaining
the samples of Texas cotton used in this survey. The samples were furnished
by ginners in all sections of the State, and
Government
cotton dossers at field offices of the bureau atwere classed by and El
Dallas, Austin,
Paso.
A preliminary report, entitled "Staple Length
of 1928 and 1929," by W. B. Lanham, has been of Texas Cotton-Crops
issued by the Bureau of
Agricultural Economics at Washington.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that temperatures have
been high during the week and that there have been light
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Aug. 1 1930. Aug. 2 1929.
Feet.
Feet.
1.8
7.5
3.8
13.8
6.8
11.5
6.9
7.9
8.0
25.5
Above zero of gauge_
Above zero of gaugeAbove zero of gauge..
Above zero of gaugeAbove zero of gauge..
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also
in
Oklahoma and Arkansas. We reprint this week's report,
which is dated July 28, in full below:
TEXAS.
WEST TEXAS.
Abilene.
-No rain. Majority of cotton beginning
to deteriorate'
rapidly; some fields still holding. Need rain badly.
Brownwood.-Continued hot, dry weather has
caused serious deterioration. Must have rain in a few days.
Haskell.
-Cotton made no progress past two
weeks. No rain since
June 13. Cotton situation here critical if
it doesn't rain soon. Looks
like another week of high temperature.
Lubbock.
-Past week hot and dry; not much
progress. Tight lands
are deteriorating, growth is slow on
the sandy lands. The last rain to
amount to anything was June 14.
Paducah.-Drouth serious; looks impossibl
e for crop to equal last year
even with most favorable condition
s from now on.
Plainview.
-Entirely too dry; cotton
and feed stuff suffering. Can't
go much longer.
Snyder.
-Cotton deteriorated in Scurry County
last week about 4,000
bales and think the deterioration
over West Texas amounted to 100,000
bales last week.
Vernon.
-Cotton on tight land needing
rains badly. Sandy land
cotton looks good, but must have
rain on it in ten days. Cotton fruiting
well, but plant is smaller than
should be.
NORTH TEXAS.
Gainesville.
-Crop is suffering for moisture; injury looks
permanent
without rain soon. Condition
will be 65%,or about same as a year ago.
Greenville.
-Continued heavy deterioration is occurring in light
land, some deterioration in
black land. Need rain badly.
McKinney.
-Cotton has stopped growing account of extreme
high
temperature. Need good rain.
Some cotton beginning to open, expect
first bale this week.
Wills Point.
-50% of crop stood up well under another week
of hot
and dry weather; balance
suffering account of shedding, and plant not
making normal growth. Fleas
and boll worms doing some damage..
Early cotton will soon start
opening if dry weather continues.
CENTRAL TEXAS.
Cotton on the heavy land still
doing well in spite of dry weather.
However, cotton on light lands
needs rain badly and especially the
late plantings are suffering.
811
FINANCIAL CHRONICLE
AUG. 2 1930.]
-Apparently cotton is doing well. It is heavily fruited.
Bartlett.
Ground is dry and stalks are not large, but doubt if rain would be
helpful, as boll worms, weevil and leaf worms have made their appearance
In many fields.
Erenham.-Crop this section has deteriorated 33 1-3% past two
weeks. There will be some picking this week and fair movement by tenth.
-Severe drouth stopping further growth and causing more
Bryan.
shedding. More worms reported now but crop made first bale expected
to-day, and general picking starting within week.
-Heavy deterioration past week upland cotton. Lowland
Cameron.
replanted cotton holding up, but much complaint of fleas and boll
worms. Some poisoning the past week,rains might be very damaging.
-Past week too hot and dry. Young cotton stopped growing.
Gilmer.
Old cotton is like a small weed and is throwing off bolls. Crop looks
short.
-No change in crop. Clear and hot. Expect 100 bales
Gonzales.
r receipt this week.
-Dry and hot; early cotton stopped fruiting. Insects not
Lockhart.
doing much damage. First bale arrived Saturday. Think will be a
good movement first half August.
-Too hot, need good rain. Not much insect damage.
San Marcos.
Received first bale last Friday.
-Cotton in this section deteriorating rapidly. General rain
Taylor.
needed to save crop. Late cotton infested with leaf worm. Some
reports of boll worms also. Two new bales arrived to-day. Bolls are
small and opening prematurely. Size of crop will depend largely upon
moisture conditions in the next ten days.
-Heavy deterioration last ten days on account of hot, dry
Teague.
weather. Unless we get relief immediately, crop will be cut very short.
Leaf worms are at work in young cotton.
EAST TEXAS.
Palestin .-Weather hot and dry, general rain needed. Crop is normal,
deterioration is normal. Plant is blooming, squaring and fruiting freely.
There is so me premature opening of bolls but no insect damage.
-Cotton is beginning to deteriorate the last day or two,
Marshall.
shedding some small bolls. However, it is heavily fruited. Moderate
rain, enough to make moisture meet, would be beneficial. No insects,
and general conditions could be considerably worse.
SOUTH TEXAS.
Sinton.-Deterioration is great. Premature opening. Leaf worm
general. Some scattered showers past week but fleas will not permit
it to put on.
in 1929 were nil bales, and in 1928 were nil
bales. (2) That, although the receipts at the outports the
past week were 34,308 bales, the actual movement from
plantations was 14,792 bales, stocks at interior towns
having decreased 19,516 bales during the week. Last year
receipts from the plantations for the week were 11,492
bales and for 1928 they were 2,253 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two season from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
1929.
1930.
Cotton Takings.
Week and Season.
Week.
Visible supply July 25
Visible supply Aug.1
American in sight to Aug. 1
Bombay receipts to July 31..
Other India ship'ts to July 31. _
Alexandria receipts to July 30_
Other supply to July 30-*b
5,334,360
Total supply
Deduct
Visible supply Aug.1
101,846
12,000
8,000
Season.
Week.
Season.
3,742,622
5,302,014
13,905
131,641
20.000
1,000
200
15,000
3,735,957
32,101
4,000
12,000
5,468,206 5,315,919 3,910,463 3,772,058
5,229,606 5.229,606 3,651,078 3,651,078
120,980
86,313 259,385
238,600
Total takings to Aug. 1_a
102,980
86,313 179,185
166,600
Of which American
18.000
80.200
72.000
Of which other
0
. Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
by
a This total embraces since Aug. 1 the total estimated consumption
-takings
Southern mills, 15,000 bales in 1930 and 40,000 bales in 1929
being available-and the aggregate amounts taken by Northern and
not
foreign spinners, 71,313 bales in 1930 and 80,980 bales in 1929, of which
71,313 bales and 62,980 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
OKLAHOMA.
1929.
1930.
July 31.
Receipts at
Week.
Since
Aug. 1.
1928.
Since
Week. I Aug. 1.
Since
Week. Aug. 1.
4,000
-Very dry and hot. Heavy deterioration will start soon
Chickasha.
4.000 8,000
20,000
12 000
if do not have rain.
Aug. 1.
-Sixty-six days of drouth shows the bulk of the crop a plant
Since
Hugo.
For the Week.
about Sin, high with a bloom in top underneath the blistering sun,fanned
Exports
Conti- Japan 8:
Great
Great Conti- Japan&
fromby hot winds with no relief in sight. Much premature opening of bolls
China. Total.
Britain. neat. China. Total. Britain. neat.
forecasts a parched staple.
-Continued hot, dry weather causing heavy deterioration. Bombay
Idabel.
23.000 26,000 49,001
Will take 15 acres on the uplands to the bale. River bottoms three
1930
7,000
5,000
2,000
15,000 20,000 35,000
1929
acres per bale. Feed crop practically gone.
4,000 17,000 21,000
11,011 52,011 63,001
1928
standstill, fruiting some and wilting daily.
-Plant on
Mangum.
Other India6,iii
Can't withstand such drouth much longer and make cotton crop.
7,000 1,000
1930
1,000
-Extreme drouth very disastrous. Must have rain this
1,000
Marietta.
1929
1,000
1,000
3,00'
3,000
1928
week.
hot weather damaging cotton badly. Stalks
-Extreme
Muskogee.
Total all
very small, blooming in top. Unless have good rains within next few
7.000 24.000 26,000, 57,001
1930
7,000
5,000
2,000
16,000 20,000 36,001
days think crop be reduced 25 to 30%. No weevil reported.
1929
5,000 17.000 22,000
_ 14.000 52.000 66,000
1928
-Past week extremely hot. Cotton holding its own.
Wynnewood.
Rain is badly needed. Crop ten days late.
to the foregoing, Bombay appears to show a
According
of
decrease compared with last year in the week's receipts
ARKANSAS.
-Another week of hot, dry weather. Temperature running 8,000 bales. Exports from all India ports record an increase
Ashdown.
1 show a
well above the 100 mark each day. Hot winds yesterday. Crops
of 21,000 bales during the week, and since Aug.
failing. Black lands dying for lack of tap root.
of 7,000 bales.
-No rain yet. Temperature 1093. Hot winds. Cotton decrease
Conway.
looks bad. Blooming to the top. Wilts badly. Some of it recovers
ALEXANDRIA RECEIPTS AND SHIPMENTS.
from wilting over night and is beginning to shed.
IIelena.-Drouth continues. Plant turning yellow, blooming in top.
1928.
1929.
1930.
Alexandria. Egypt.
If we do not get rain next ten odys, crop will go to pieces. Crop is so
July 30.
spotted, hard to estimate. Corn and hay all burnt up.
-Excessive heat and drouth continues. Early cotton Receipts (contars)Magnolia.
1,000
1,000
This week
opening prematurely. Later cotton 6 to 12 inches high. Blooming at
Since Aug. 1
nother week without rain and crop will be a failure.
This Since
Pine Bluff.
-Excepting few local showers past week in this county,
This Since
This Since
Week. Aug. 1. Week. Aug. 1 Week. Aug. I.
no rain since May 18. Cotton beginning to wilt and turn yellow. Exports (bales)
Lower leaves brown and shedding. Temperature during day about 100,
2,000
To Liverpool
at night 75 degrees. Condition points to 50.
To Manchester, &c_ _ _ 4,666
7:666 2:666
-Past week hot and dry. Temperatures 100 to 105. No
Texarkana.
3,000
and India_ To Continent
7.250 1,250
2,000
rain since May 18. Oldest cotton is shedding. Excessive heat forcing
To America
maturity and premature opening with a poor stand and undersized
___- 14,250 3,250
--_- 7,000
4,000
Total exports
stalk indicates barely average yield.
750 lbs.
-A cantar is 99 lbs. Egyptian bales weight about
Note.
the week ending July 31 were
RECEIPTS FROM THE PLANTATIONS.
-The folThis statement shows that the receipts for
table indicates the actual movement each week from nil canters and the foreign shipments 4,000 bales.
lowing
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Veek
Endul
Receipts at Ports.
1930.
1929. 1928.
Stocks at Interior Towns.
1930.
Apr.
18._ 46,693 57,351 72,8821,024.125
25__ 50,239 56,917 92.378 980.279
May
50,024 51,241109,891 940,995
49,161 40,133110,912 893,425
16-- 74,760 27,000 84.323 843,575
23__ 64,642 31,129 59,759 809,849
30._ 36,228 30,429 64,183 778.788
June
6__ 42,838 24,368 37,809 740,002
13__ 31,419 17,318 38,902 714,860
20__ 38,511 18,466 28,447 687,981
27.._ 32,659 13,090 30,851 685,467
July
19,256 10,769 36,994 642,704
11._ 10,899 30,368, 27.419 619,981
18_ 13,098 13.203 19,932 599.179
25._ 12,297 15,609 18,771 579,770
Aug
1._ 34.308 38,730 28,393 560,254
1929.
1928.
ReceiptsfromPlantations.
1930. 1929. 1928.
646,881 773,381
895.322 737,028
4,274 25.027 43.080
8,393 25.358 59.008
10.740
765 64,089
1,591
68.977
24,910
55,354
30,716
27,199
5,367 2,319 25,309
4,388
2,083
8.27
9.535
9,632
10,14
5,572
564,846
512,890
481,152
446,703
418,598
891,224
649,289
620,320
587,760
558,886
381,208
352,656
324,575
303.805
523,080
493,693
463,240
437,961
276,723
252,555
234,392
224,790
407,726
386,332
356,443 NIl
328.470
&jab*
Nil
(Low
197,552 302,330 14,792 11,492
6,759
6.025
Nil
Apr.-
May-
June-
July
2,253
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are nil bales;
163,
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for China is improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
25.
Aug.
1929.
1930.
8% Lbs. Shirt- Colton
834 Lbs. Starl- Cotton
inas, Common Middrg
32s Cop
ings, Common
325 COD
Upi'd.
to Finest.
Uprds. Twist.
to Finial.
Twist.
d. s. d.
s. d. d.
d.
s. d. d.
. d.
d. d.
10.89
8.76 15%016% 13 2 013 4
12%013% 10 4 6311 0
10.69
8.61 15%016% 13 2 013 4
11%01233 10 1 010 5
10.23
8.74 15 016 13 0 013 2
010 5
12 013 10 1
10.02
8.85 148i@15'% 12 7 013
10 1 010 5
12 6313
10.08
8.83 14%015% 12 7 013
11%012% 10 0 010 4
8.54 14%015% 12 7 6113
10.28
1134012% 10 0 010 4
8.67 1434015% 12 7 013
10.11
010 3
11%012% 97
8.58 14%015% 12 7 013
10.20
113301233 97 010 3
010 3
010 2
010 1
010 1
8.34
7.98
7.81
7.74
14%015%
143401534
14%015%
14%015%
12 7
12 7
12 7
12 7
013
(5)13
013
013
10.2
10.33
10.23
10.35
1133012% 95 010 1
11 012 95 010 1
11 g12 95 010 1
losttg11% 95 010 1
7.63
7.73
7.88
7.47
1433015%
14%3315%
14%015%
1434015%
12 8
12 6
12 7
12 7
013 0
013 0
013 1
013 1
10.28
10.21
10.54
10.58
10%011% 9 5 010 1
7.22 14%615% 12 7 013 1
10.65
11.34012%
11%01233
11 012
11 012
97
98
95
95
812
FINANCIAL CHRONICLE
(VOL. UM
SHIPPING NEWS.
-As shown on a previous page, the Greece. Prices declined
later, with trade dull and wheat
exports of cotton from the United States the past week have
reached 34,767 bales. The shipments in detail, as made lower. Later, prices were weaker, with those for wheat
in a dull market. Fair exports took place.
up from mail and telegraphic reports, are as follows:
A better export
Bales. business was reported later.
NEW ORLEANS
-To Trieste--July 24
-Lucia C., 100
100
To Venice-July 24
-Lucia C.. 100
Wheat declined noticeably owing to hedge selling, reports
100
To Japan-July 25
-Buenos Aires Meru, 1,000
1.000 of better weather,
To Bombay-July 27
and much of the time a disappointing
-Steel Engineer, 100
100
To La Paz
-July 27
-Castilla, 100
100 demand for export. Russia has been
To China-July 29-Sangstad, 3,500
offering freely again
3,500
To Bremen-July 28
-Ingram, 2,764
2,764 of late. It is true that within 24 hours the export demand
To Laguayra-July 29
-Ester Torden, 9
9
LOS ANGELES
-To Bremen--July 19
-Oakland. 369
369 has increased, but supplies are large and the outlook for
To Japan-July 21-President Polk, 200
200 prices is
SAVANNAH-To China
regarded by many as dubious. Wheat has been
-July 26
-Silver Cypress,200
200
To Liverpool
-July 31-Notonlan, 1,255
1,255 overshadowed by corn.
To Manchester-July 31-Notonian, 969
On the 26th ult. prices ended un969
CHARLESTON
-To Liverpool-July 25-Notonlari, 170
170 changed to %c. higher. Winnipeg declined
To Manchester-July 25-Notonian,404
% to %c. net.
404
To Hamburg
-July 29-Bessa, 580
580 Black rust has developed In parts of North Dakota, but
To Rotterdam-July 29-Bessa, 200
200 only the
NORFOLK
-To Manchester-July 28-Hoxie, 125---Aug. 1late sown wheat will be hurt. Good weather preCoelleda, 869
994 vailed in the
To Liverpool
-Aug. 1-Coelleda, 100
Southwest for the completion of harvesting.
100
NEW YORK
-To Manchester-July 25-Hoxle, 50
50 Hedge selling told. Nat C. Murray estimate
To Trieste-July 24
-Ida, 100
d that 70,000,000
100
To Genoa-July 29-Exivia, 100
100 bushels would be fed to cattle this year, a large total as
To Bremen-July 31-Dresden, 1.475
1,475 compared
HOUSTON
-To Bremen-July 27
-Nord Schleswig, 624
with previous seasons. Liverpool closed %
July
1d.
29
-West Camak,1,514
2,138 higher, which
To Havre-July 28
-Youngstown, 1,149
was slightly better than due. India was re1,149
To Dunkirk-July 28
-Youngstown, 18
1/3 ported to have bought a
To Rotterdam-July 29-Edgemoor, 555
cargo of Australian wheat despite
555
To Antwerp-July 29-Edgemoor, 35
35 the fact that India is still a shipper. The French Ministry
To Ghent
-July 29-Edgemoor 241
241
To Japan-July 28
-Buenos Aires Maru, 6,692-July 31
decided to allow millers to import 10% of foreign wheat
Volunteer, 100
6,792 against
To China-July 31-Volunteer, 450
present importations of 3%.
450
GALVESTON-To Havre-July 23-Youngstown,885
885
On the 28th ult. prices ended 1% to 2c. lower,
To Dunkirk-July 23
-Youngstown. 127
as it was
127
To Bremen-July 28
-Nord Schleswig, 921-July 30
-West
decidedly cooler in the Northwest, and Liverpool was weak,
Camak, 1,300
2.221
To Japan-July 29
-Buenos Aires Meru, 630_July 30and corn broke. The winter wheat movement was rather
Volunteer, 200
830 large.
To Liverpool-July 29-Edgehill, 262
The cash demand was small. Hedge selling con262
To Manchester-July 29-Edgehill, 499
499 tinued in the
To Rotterdam-July 30-Edgemoor, 1,000
Southwest. Showers and cooler weather was
1,000
CORPUS CHRISTI
-To Bremen-July 28
-Nord
PENSACOLA-To Bremen--July 31-Yslehaven,Schleswig, 1,816 1,816 forecast for the whole belt. Export demand was disap109
100
SAN FRANCISCO
-To Great Britain-July 31-----(1)---- 100100 pointing.
The United States visible supply increased
To Germany-July
(7)-----110
100
To Japan-July 31(1)- , 600
600 14,500,000 bushels, or nearly three times the increase that
had been expected. Liverpool closed % to 13Ad. lower. A
34,767
COTTON FREIGHTS.
-Current rates for cotton from cargo of Russian wheat was reported to have been sold
New York, as furnished by Lambert & Burrowes, Inc., are to the United Kingdom. The Chicago "Tribune" had a
London dispatch which stated that the Soviet Union had
as follows, quotations being in cents per pound:
High
StandHigh
StandHioh
Rimed- sold 100,000 tons of wheat and had 500,000 tons to offer,
Desslis.
ard.
Density.
ard.
Density.
u'vt•
IJverponl
but did not care to disturb the world's market
45c. .60e.
ntnekholm .600. 760.
4bangbal
open open
at this time.
Manebeater .45e. Me.
Trkete
.50e. .65e.
Bombay
.42e. .57e.
An official German report
Antwerp
.45e. .60e.
Flume
.50e. .65e.
Bremen
put the crop at 144,000,000
.45e. .60e.
Havre
.31e. .46e.
Lisbon
.45e
flne.
Hamburg
.45c.
bushels, or about 20,000,000 bushels larger than last year.
Rotterdam .45e. .60e.
owl/.
Me
75e.
Piraeus
.75e.
Genoa
Me. .5 ....
,
Barcelona .30e. 4Se.
sialorueg
Hungary, it seems, has a crop of 69,736,000 bushels against
Oslo
50e :Me.
Japan
oven open
Venice
.76°. .11:
. :
1
1
72,000,000 last year. Good harvesting weather continued
LIVERPOOL.
-By cable from Liverpool we have the fol- In the Southwest. Winnipeg dropped
under the weight, it
lowing statement of the week's sales,stocks,&e.,at that port:
was believed, of hedge selling. A private estimate put the
July 11. July 18. July 25. Aug. 1.
Sales of the week
15,000
15,000
17,000
16,000 total winter wheat production at fully 600,000,000 bushels.
Of which American
6.000
5,000
6,000
7.000 After
Sales forexport.
the United States visible supply had increased last
1.000
.
Forwarded
31:000
29.000
24,000
32,000 week 14,503,000
Total stocks
bushels, the total was 139,694,000 bushels
709,000 897,000 884,000 706,000
Of which American
261,000 225,000 245,000 245,000 against 120,220,000 a year ago. Winnipeg wired
the "Wall
Total imports
26,000
20,000
14,000
29,000
Of which American
5,000
4.000
4,000
8,000 Street Journal": "Persistent reports that the Russian
Amount afloat
84,000
89,000
86,000
92.000 growing
Of which American
crop has been ruined by too much rain and that
14,000
19,000
14,000
15,000
The tone of the Liverpool market for spots and futures starvation faces the country are current In Grange Exeach day of the past week and the daily closing prices of change circles here. These reports, which were attributed
spot cotton have been as follows:
to the Dominion Ileterological Office at Ottawa, could not
be verified, as a strict censorship has been established on
Spot.
Saturday. Monday.
Tuesday. Wednesday. Thursday.
Friday.
Russian weather news by the Central Soviet authority.
Market.More
The ruinous rains are not, according to these reports, con12:15 I
Quiet.
Quiet.
Quiet.
Quiet.
demand.
Quiet.
fined to Russia, but affect other Baltic Sea countries which
P.M.
expected to be heavy shippers, and on top of this comes
Miel.TJprels
7.554.
7.63d.
7.48d.
7.454
7.27d.
7.22d. western
PI
Canada reports which indicate that welcome rains
Sales
2,000
have come too late to retrieve the burnt up crop -in the
2,000
2,000
3,000
4,000
3.000
central western plains of Saskatchewan and Alberta. No
Futures.1
Quiet,
Quiet,
Quiet,
Quiet, Barely st'y
Quiet.
Market
6 to 7 pts. 5 to 8 pts. 6 to 9 pts. 1 to 2 pts. 4 to 6 pts. 4 pts. deo. appraisement is possible as yet of the
damage, but the
opened
advance, advance,
advance,
decline,
decline. to 1 pt adv. yield
.
from the 23,800,000 acres of wheat will be largely
Market, I
Quiet,
Easy,
Steady, 13arely. Quiet.
st'y.
Quiet,
affected. These bull factors have not yet made their influ4
6 to 7 pts. 6 to 8 pts. 8 to 10 pre. 6 to 7 pts. 6 to 8 pts. 8 to 8 pta.
ence felt on the local market."
P.M.
advance. advance,
decline,
decline,
decline.
advance.
Or the 29th ult. prices ended 1% to 1%c. lower on NorthPrices of futures at Liverpool for each day are given below:
western hedge selling, a drop in Winnipeg of 2 to 2%c., and
Increasing receipts of spring wheat in the Northwest. They
Sat. I Mon. I Tues.
Thurs.
Wed.
Fri.
will mean increasing hedge selling. Minneapolis reported
July 25
to
12.15 12.3 12.15 4.00112 15 4.00 12.1 4. 12.15 4.1112.15 4.00 receipts of
.
75 to 100 cars of new wheat which graded No. $
Aug. I.
P. tn. p.m.p. ml),
mb.rn p.m. p.m. p.m p.m. p.m.p.m.p.m. dark and weighed
55 to 56 pounds to the bushel. The
New Contract- d.
rt.
d.
d.
d.
d.
d.
d.
d.
weather was cooler in the Northwest and In Canada. Good
July
7.24 7.23 7.22 7.13 7.13 7.15 7.07 6.80 6.78 6.77 6.85
August
6.9 7.06 7.01 6.94 6.93 6.94 6.86 6.70 6.69 6.68 6.75 harvesting weather was reported. A private concern estiSeptember_ _ _
6.86 6.98 6.92 6.83 6.82 6.84 6.76 6.68 6.67 6.66 6.74
mated the condition of wheat in Alberta, Canada, at 76%,
October
6.83 6.92 6.89 6.81 6.80 6.82 6.74 6.68 6.66 6.6 6.73
November_
6.82 6.91 6.89 6.80 6.80 6.82 8.74 6.71 6.71 6.7 6.78 Saskatchewan 77, and Manitoba 101. Some reports said
December _ _
6.84 6.93 6.92 6.83 6.83 6.8 6.77 6.74 6.74 6.73 6.81
that the wheat in Canada would go 10 days without rain.
January
6.87 6.96 6.95 6.86 6.86 6.88 6.80 6.76 6.76 6.7 6.84
February
6.90 6.98 6.97 6.88 6.88 6.91 6.82 6.82 6.82 6.81 6.90 Contract stocks at Chicago increased 1,004,000 bushels for
March
6.96 7.04 7.03 6.94 6.94 6.97 6.88 6.84 6.84 6.84 6.92 the week. Liverpool closed %d. lower. Official
April
estimates
6.98 7.06 7.06 6.97 6.97 6.99 6.90 6.89 6.89 6.89 6.96
May
7.02 7.10 7.10 7.01 7.01 7.03 6.95 6.91 6.91 6.91 8.98 of the German wheat and rye crops were larger. Wheat
June__
7.04 7.12 7.12 7.03 7.03 7.05 6.97 6.94 6.94 6.94 7.01
was given at 104,000,000 bushels compared with 123,000,0
July (1931).__ _
00
7.07 7.15 7.15 7.06 7.08 7.08 7.00 6.96 6.96 6.96 7.03
last year, and rye 331,500,000 bushels against 298,400,0
00
last year. On the other hand, the weather was said
to be
bad for harvesting in Europe. That includes the
Balkans
BREADSTUFFS
and France. Russian offerings were smaller even at
high
prices.
Friday Night, Aug. 1 1930.
On July 30 prices declined to a new low, ending 21
Flour was in moderate demand or less. What is certain
4 to
Is that the home trade was disappointing. The export 2%c. lower on fears that the new Government in Canada
may not care to follow the policy of the defeated Governdemand was better, it was said, with Italy, France- and ment in
granting loans to the banks and the pool. The
Atm. 2 1930.]
FINANCIAL CHRONICLE. •
United States weekly Government report was favorable
as to winter wheat. Ex-President Coolidge expressed himself as sceptical as to the power of any Government to
stabilize prices of commodities. Export sales were 800,000
bushels. There was considerable hedge selling. The
weather was called favorable. On the 31st ult. there were
reports that the leading Canadian wheat seller had sold
2,000,000 bushels of Manitoba overnight and had done
5,000,000 bushels since Wednesday morning. This interest
was also credited as saying foreigners were taking more
on the market upturn on the 31st ult. Export demand for
hard winters continued, so that foreign purchases the last
48 hours were quite heavy.
Nat C. Murray estimated the crop in western Canada at
369,000,000 bushels against 276,000,000 last year.
2
1c.
On July 31 prices advanced, closing unchanged to /
higher. Export sales at the Gulf were reported as 1,000,000
bushels. Some estimates were as high as 5,000,000 bushels,
Including 1,000,000 hard winter. Cash demand was good
generally. Premiums were firm. The main feature was a
2
1
/
better export inquiry. To-day prices ended 1 to 1 c. lower,
despite steady cables, reports of export sales of 1,000,000
bushels, including hard winter, and a little durum, with two
cargoes of Gulf wheat for Greece, and a rise in corn.
Hedge selling, however, was a depressing factor. So was
realizing. Final prices show a decline for the week of
5% to 6c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9134 9434 9334
9734 9534 94
No. 2 hard
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed.
9134 8934 8734 8534
September
9334 9034
9634 95
December
10134 9934 98
9534
March
CHICAGO.
Thurs. Fri.
8634 8534
9234 0134
9634 9534
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
9634 9334 9134 8734
July
98% 9634 94
8934 9234 9234
October
9934 9734 9534 9034 9334 e334
December
9934
May
813
t on active trading. Bad crop reports
were confirmed. The average of private estimates was
2,473,000,000 bushels, or 400,000,000 less than a month ago,
and comparing with a crop last year of 2,614,000,000. Final
2
1
/
prices show a rise for the week of 2% to 3 c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
10734 10534 10634 10234 10534 ---No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
86
8434 8634 8734
8634 85
September
83%
8234 7934 8034 7934 82
December
8634
8334 813( 85
8534 83
March
Oats have shown little change despite the wide fluctuations in other grain, the trading being for the most part
2
1
c.
uneventful. On the 26th ult. prices ended / lower, despite the rise in corn. 'Week-end liquidation had a certain
2
1
effect. On the 28th ult. prices ended / to lc. lower, with
the whole grain list down. Oats also felt hedge selling.
Cash houses bought September and sold December at 2%c.
difference. The United States visible supply decreased last
week 995,000 bushels against an increase of 428,000 a year
ago. The total is now 6,925,000 bushels against 7,403,000
2
1c.
last year. On the 29th ult. prices ended unchanged to /
lower on moderate trading. On July 30 prices were 1% to
2
1
/
2 c. lower, with wheat down and liquidation more or less
persistent.
1c.
/
On July 31 prices ended 1 to 12 higher, with other grain
up. To-day prices ended 1 to 1%c. higher on bad crop
news and the rise in corn. Besides, there was only a
moderate amount of hedge selling. Commission houses
easily handled theofferings. Final prices show little2
1c.
change for the week; that is, September ended / net
2
1c.
lower, December unchanged, and March / higher. Private crop estimates averaged 2,191,000,000 bushels, or 30,000,000 less than a month ago, and comparing with a crop
last year of 1,239,000,000 bushels.
Indian corn has advanced owing to hot, dry weather,
bad crop news, and a good demand, partly at a premium of
Sc. over wheat. On the 26th ult. prices had a swing of
1c.
/
3 to 32 on dry, hot weather. New high levels were
reached. The net rise was 1% to 2c. Showers occurred
in Iowa and Illinois, but showers were not enough. July
2
1
/
corn closed only 2 c. under July wheat. Cash corn was
to go to a premium over cash wheat later. The tendency
was to reduce estimates of the crop. On the 28th ult. a
DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.
singular thing happened to the shortage of supplies of old
46% 4634 45% 4634 47%
48
/
white sold up to 90c., or 12c. higher No. 2 white
cash corn that No. 1
CHICAGO.
than was paid for No. 1 red, or hard, winter wheat in the
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
sample market. In some instances, yellow corn was also
37
36
3734 3634 3634 35
4134 4034 4034 3834 3934 41
at a premium over wheat in the West. This is the first September
December
4014 4234 43
43
43
44
time since 1895 that corn has gone to a premium over wheat March
,
on
T 34. UTy.a.
.
In Chicago.
DAILY CLOSING PRICES OF OA.8 F
. Wed. Thurs. Fri.
States visible supply decreased last week Jul
45% 44.4 4234 41
The United
4534 4334 4234 4034 4134 42
against 1,688,000 last year. The total is October
278,000 bushels
4034 41
4434 4234 4134 39
3.365,000 bushels against 10,403,000 bushels a year ago. December
May
what the next private reports will
Some were wondering
Rye has declined a couple of cents, partly in sympathy
say. They will be issued early in August. Some operators
ended % to le.
substantial loss as compared with a drop in wheat. On the 26th ult. priced
believe that they will show a
in wheat.
expecting a crop of around higher on covering and regardless of the decline
with the July 1 indications,
Rye, in other words, showed independent strength. On the rn
2,500,000,000 bushels, or 122,000,000 under last year's har2
/ to 2e. net, with wheat down
vest. The weekly weather report said that in Ohio serious 28th ult. prices declined 11 Shorts covered. The United
and irreparable injury is reported from greater portion of and the Northwest selling.
increased last week 39,000 bushels
the State; that in Indiana showers improved the situation States visible supply
total is now 11,596,000
In extreme north, but there was decided deterioration else- against 99,000 a year ago. The
On the 29th prices
where. In Illinois there was further deterioration, being bushels against 0,567,000 a year ago.
wheat off and more or less
progressively worse from north to south. Large part of ended 1 to 1%c. lower, with
prices declined 2% to 3e. In
crop in Missouri has been ruined. In Iowa hot weather liquidation. On July 30th
wheat. On July 31 prices closed
during the week, with all previous heat records broken sympathy with a break in
corn up. To-day prices
over large area. In Nebraska much of corn is still fair, 2 to 3c. higher, with wheat and more than
that early in
.c.
2
1
has been heavy, and further suffering reported closed / higher. They were up
but damage
with wheat. The crop is estifrom South Dakota. In Oklahoma much upland corn burned the day, but reacted later
46,000,000 bushels. Final prices
beyond recovery, while in Kansas showers brought only mated at 45,000,090 to
temporary relief with moisture evaporated by high tempera- show a decline for the week of 2c.
. ve . Thurs.AGO r
.
C
F
a
li . IPU TuesS N d HIC
tures and again need rain.
DAILY CLOSING PRICES OF s lfEMonTURE
554
2
1
/
On the 29th ult, prices advanced 1 to 2 c., but lost some September
5834 5634 5534 5234 55
64% 62% 60% 58
60% 61%
of the rise later on reports of showers in Illinois. Hot December
66
63% 6534 66
67
69
weather prevailed. Rains were scanty. A crop export March
reported that in Iowa and Minnesota damage totaling 30%
Closing quotations were as follows:
GRAIN
was likely. Another crop authority, wiring from Mitchell,
Oats, New York
YorkS. Dak., said that corn was badly damaged. On July 30 Wheat. Newf.o.b.. new
No. 2 white
10034
4734
No.2 red,
No.3 white
/
444
prices declined 11 2c., with wheat off and rain in Kansas,
No.2 hard winter. f.o.b_--- 93% Rye. New York
York
Nebraska, and Colorado, and a drop of 30 degrees in tem- Corn, New
No.2fob
10134
65%
No.2 yellow, all rail
peratures over a wide area. The cash demand was good.
10134 Barley. New York
No.3 yellow all rail
Chicago. cash
45@eo
Corn broke on the 30th, but received much better support
FLOUR
than some of the other grains. There were showers in
Rye flour, patents _ _ .._ $4
sections of the belt, including Kansas, Nebraska, and Colo- Spring pat. high protein.$5.400$5.90 Serninola, No. 2 Pound .15a$4.60
5 00149 5.40
3 @ 334c
Spring patents
4754 5.00 Oats goods
2.I0t 2.35
rado, and the forecast called for more. However, the im- Clears first spring
__ 4.004 4.40 Corn flour
2.55@ 2.60
pression was that the private reports which were scheduled Soft winter straights_ 4.4514 4.80 Barley good,
Hard winter straights__
3.25
to be issued on Friday morninu would indicate a crop pro- Hard winter patents- -. 4.800 5 15 Coarse
4.104 445
pearl.
Hard
under 2,500.000.000 bushels as compared with the Fancywinter clears.._- 6.200 6.70 Fancy and 4 NOR. 1, 6.15© 6.50
duction of
2, 3
Minn. patents-6.65(4/ 7.35
recent estimates of 2,800,000,000 bushels.
City mills
814
FINANCIAL CHRONICLE
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at
-
[Vol,. 131.
Note.
-Bonded grain not included above:
Buffalo, 132,000; Duluth, 5,000; total, 154,000 Oats-New York, 17,000 bushels;
bushels,
1929. Barley-New York, 316,000 bushels; Buffalo, against 253,000 bushels in
total, 1,513,000 bushels, against 2,734,000 bushels In 1,122,000: Duluth. 75.000:
1929. Wheat
-New York,
941,000 bushels; BOBLOII, 1,040,000; Philadelphia, 2.270,000; Baltimore,
2,250,000;
Buffalo, 7,979,000; Buffalo afloat, 573,000; Duluth, 25,000; Canal,
2,780.000; total,
17,853,000 bushels, against 22,881,000 bushels in 1929.
Canadian
Montreal
6,660,000
944,000
577,000
733,000
Ft. William & Pt. Arthur_38,764,000
1,559,000 5,442,000 14,153,000
Other Canadian
12,610,000
1,928,000 1,090,000 1,083,000
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bb13.1961bs. bush.60 lbs. bush.56 lbs. bush. 3211,5. bus. 48 lbs. bus.56 lbs.
Total July 26 1930- __ _ 58,034.000
Chicago
4,431,000 7,109,000 15,969.000
239,000 5,454,000 1,524,000
392.000
38,000
13,000
Total July 19 1930.. _ 60,857,000
MInneapolls
4,564,000 7,201,001) 15,750,000
1.605,000
175.000
138.000 206,000
201,000
Total July 27 1929_ _ 64,876,000
Duluth
11,564,000 2,824,000 5,196,000
722,000
54,000
5,000
42,000
Summary
Milwaukee.__
18,000
594,
162,000
248,000 137,00
38,000 American Toledo
139,694,000 3,365,000 6,925.000 11,596,000 4,381,000
1,235,000
16,000
416,000
2.000 Canadian
Detroit
58,034,000
66,000
4,431,000 7,109,000 15,969,000
2,
8,000
" 3,0®
Indianapolis.
1,018,000
454,000
156,000
7,000
Total July 26 1930..___197,728,000 3,365,000
St.
346,000 4,518,000
346.0
11,356,000
319,000
30.000
4,000
Total July 19 1930_186.048,000 3,643,000 12.484,000 18,705,000 20,350,000
Peoria
41,
294,000
457,000
250,000
19,855,000
63,000
5,000
Total July 27 1929-A85,096,000 10,403,000 18,967,000 18.758,000 10,789,000
Kansas City..
8,370,000
248,000
60,000
9,391,000
Omaha
5,552,000
412,000
38,000
The world's shipments of wheat and corn, as furnished by
St. Joseph_
1,264,000
74,000
26,000
Broomhall to the New York Produce Exchange,for the week
Wichita
1.417,000
2,000
2,000
Sioux City._
249,000
44,000
28,000
ending Friday, July 25, and since July 1929
Tot. wk.'30
Same week '29
Same week '28
644,000 32,358,000
382,000 29,788,000
450,000 23,079,000
3,970,000
4,478,000
7,618
2,086,000
2,480,000
1,718 III
525,000
959,
472,
273,000
186.000
72,000
Since Aug.11929
22,109,000428,805,000 249,253,000 136,582,00064,680,000 23,559,000
1928
4,430,000 540.800.000 275,774,000,144,961,000 94,087,111 26,074,000
1927
4,217,000 497,822,000 314,600,0001152.491,000 71.089,01 I 35,741.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday July 26, follow:
Receipts at-
Flour.
Wheat.
Corn,
Oats.
Barley.
Rye.
bbls.19018s. bush.6018s. bush. 5618s. bush. 32 lbs.bus. 48 lbs.bus.56 lbs.
New York..__
215,000
757.0001
30,000
26,111
4,
Philadelphia__
39,000
296,0001
3,000
10,0 1 $
Baltlmore____
19,000 1,122,0
8,000
13,111
2,111
Newport New
2,000
97,000
Norfolk
4,000
32,000
New Orleans.
45,000
84,000
27,000
9,000
Galveston.._
2,186,000
Montreal_ _ _ _
48,000 3,152,0001
43,000
23,111
49,101
23,111
Boston
1,000
4,111
1,000
Tot. wk.'31
395,000 7,726,0001
112,000
111,000
29.000
1.000
Since Jan 1' I 13,987.000 75,749,000!__2,784,000 2,905,
407,000 399.000
Week 1929.. 332,000 3,318,000
69,000
90,101
3,000
808,000
Since Jan 1 '2915,032,000 107,880,
15,231,000 11,349,111 20.389,111 2,935.000
•Receipts do not include grain passing through New Orleans for foreign Ports
on through bills of lading.
1
are shown in the following:
Wheat.
Exports
-
Week
July 25
1930.
Since
July 1
1930.
and 1928,
Corn.
Since
July 1
1929.
Week
July 25
1930.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 9,494,000 31,734,00 32,382,
83,000
254,111
414,000
Black Sea___
496,000 1,336,000
248,
1,786,000 8.841.111
9,000
Argentina__. 425,000 4,164,111 14,864.
4,96,5,011 15,666,111 17,178,000
Australia ___ 1,304,000 4,880,001 5,152,
India
224,00
1,568,00
32,000
0th. countr'
544,000 3,720.
2.280,000 358.000 2,322,000 1,821,000
Total ____ 12,487,000j 47,402.001 54.938.000 7.190.111 26,027.1,1 19,422,000
WEATHER REPORT FOR THE WEEK ENDED
JULY 29.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended July 29, follows:
Extremely warm and mostly dry weather continued throughout the
week, though much lower temperatures had overspread most of the interior of the country at its close, bringing relief from the long hot period.
Temperatures of 1001 deg., or higher, were reported from some sections east
of the Rocky Mountains every day of the week, with the heat wave culminating in the interior valleys the last two days when maximum temperatures over large areas, as reported from first
-order stations, ranged
from 102 deg. to 108 deg.
Chart I shows that the week, as a whole, averaged markedly warmer
than normal from the Plains States eastward, with the most abnormal
The exports from the several seaboard ports for the week conditions appearing in the Middle Atlantic area and from the northern
portions of the central Gulf States
ending Saturday, July 26 1930, are shown in the annexed sippi Valleys. Over this large area northward over the Ohio and Missisthe weekly mean temperatures were
6 deg. to 8 deg. above normal, and in the middle Atlantic section they were
statement:
as much as 9 deg. above. In the extreme Northeast and in the more southern
parts of the country moderate summer warmth prevailed; in fact, in some
Exports fromWheat.
Corn.
Flour.
northeastern localities the temperature did not reach 80 deg, during the
Oats.
Rye.
Barley.
entire week while in Gulf coast districts the maxima ranged mostly from
Bushels.
Bushels. Barrels. Bushels. Bushels. Bushels. 88 deg. to about 90 deg.
New York
1,451,000
67,470
Chart II shows that rainfall was again of a decidedly local character.
17,000
Boston
113,000
8,000
Moderate to generous showers were rather well distributed in the Cotton
Philadelphia
32,000
Belt east of the Mississippi River. while helpful rains occurred in the
Baltimore
112,000
8,000
Mississippi Valley from extreme western Tennessee southward. Much of
Norfolk
32,000
4,000
the western Lake region, including most of Wisconsin, reported rather
Newport News
2,000
general and beneficial showers. In addition, some central Appalachian
New Orleans
45.000
24,000
1,000
Mountain districts, especially southwestern Virginia, had good rains,
Galveston_
1,915,000
41,000
while moderate, though rather locally-distributed amounts, were reported
Montreal
3,152,000
43,000
48,000
49,000
23,000 from Kansas and parts of Missouri. Otherwise, there were a few isolated
Houston
32,000
7,000
rains, but generally droughty conditions continue; the rahafall that occurred afforded only temporary relief in the droughty section.
Total week 1930__ 6,884,000
43.000 207,470
50,000
The weather of the week brought some temporary relief through local
17,000
23,000
Same week 1929____ 4,462.000
18,000 164,057 202,000
81,000
78.000 showers to a few sections of the country, but, in general, droughty conditions were not only unrelieved on anything like a permanent basis, but
The destination of these exports for the week and since were actually intensified over large areas by the abnormally high temperatures. Rainfall in most sections of the country has been extremely
July 1 1930 is as below:
scanty in July, with droughty conditions prevailing over large areas at
the beginning, and, in addition, three extremely hot waves have followed
one another in succession. These combinations have made extremely unFlour.
Wheat.
Corn.
favorable conditions for agriculture In many Places. During the month
Exports for Week
temperatures of 100 deg., or higher, have been reported from first-order
Week
and Since
Since
Week
Since
Week
Since
Weather Bureau stations on four to six days in the middle Atlantic area
Ally 1 to-July 26 July 1
July 26
July 1
July 28
July 1
and from six to as many as fifteen days in nearly all sections from the
1930.
1930.
1930.
1930.
1930.
1930.
northern portions of Alabama, Mississippi. Louisiana, and northeastern
Texas northward over the Ohio and Mississippi Valleys and Plains States
Barrels Barrels.
Bushels.
Bushels. Bushels.
Bushels.
United Kingdom.. 87,721
387,067 3,188,000 7,635,000
43,000
43,000 to eastern South Dakota. The excessive heat quickly evaporated the
small amount of rain received through local showers, and the situation
Continent
77,119
350,542 3,678,000 12,554,000
for udarntured crops is extremely bad in many sections, with much irreparable nmaage.
So.& Cent. Amer. 13,000
43,000
96,000
West Indies
17,000
40.000
3,000
3,000
5,000
The lower temperatures that were overspreading the country at the close
Brit. No.Am.Col.
2,000
---of the week will be beneficial in most places only through the checking of
Other countries__ 12,630
.
33,010
15,000
64,000
the rapid deterioration of unmatured crops, and making more tolerable
Total 1930
207,470
853,610 6,884,000 20,354,000
43,000
48.000 living conditions, but no actual benefit can be derived without general
Total 1929
164.057
649.092 4,462,000 18,739,000
73.000 and generous rains over widespread areas. Showers during the week
18,000
were helpful in the east Gulf and South Atlantic States, parts of the central
the
Mountain
were
The visible supply of grain, comprising the stocks in moreAppalachian portions ofsection, and LakeNortheast, and they Wisregion, especially in
generous in
the western
granary at principal points of accumulation at lake and consin, but otherwise they were mostly of a local character, without widespread benefit. The usual summer rains are occurring in the more southseaboard ports Saturday, July 26, were as follows:
western section of the country, but the Northwest continued generally dry,
SMALL GRAINS.
-Winter wheat harvest is nearing completion to the
GRAIN STOCKS.
northern limits of the belt and threshing is advancing under generally
Barley,
Oats,
Wheat,
Corn,
Rye,
faxorable weather conditions. While there was considerable deterioration
United Statesbush,
bush.
bush.
bush.
bush.
of late spring wheat due to the hot, dry weather, harvesting the early
New York
14,000 crop is well advanced and some has been threshed: small grains are re158.000
77,000
57,000
33,000
Boston
4,000
62,000
1,000
ported mostly beyond further damage in South Dakota, while spring
Philadelphia
2,000 wheat is ripening fast in Montana. Oats have been largely gathered
678,000
25,000
6,000
61,000
Baltimore
4,357,000
18,000
14,000
114,000 the northern limits of the belt, while threshing returns vary widely; to
18,000
preNewport News
328,000
mature ripening was noted in Montana, with some burning. Early flag
New Orleans
2,648,000
153.000 ripened rapidly, but the late crop needs rain badly. There was some
1,000
80.000
57,000
Galveston
11,000 further abandonment of rice in Arkansas due to dryness, but rains were
3,416,000
Fort Worth
65.000 of benefit in Louisiana. Plowing and disking for winter wheat mado
7,288,000
5.000
321.000
76.000
exBuffalo
774,000 cellent advance in Kansas.
8,630,000
792,000
736,000 1,047,000
afloat
62,000
698,000
CORN.
-Showers in the western Corn Belt, especially in Kansas, and
Toledo
2,855,000
3,000 beneficial rains in some north-central districts, notably in Wisconsin
23,000
194,000
and
Detroit
14,000
2,000 some near
158,000
6,000
32.000
-by localities, were helpful, but, in general, heat and
Chicago
127,000 continued, with further serious harm to the corn crop. The cooler drought
14,531,000
787,000 1,957,000 6,089,000
Milwaukee
79,000 which, at this writing, is moving over the belt from the West will weather
1,068,000
238,000
460,000
186,000
be beneDuluth
22,250,000
108,000
422,000 ficial only in checking deterioration, but no widespread
310,000 3,469,000
improvement
Minneapolis
22,K6,000
848,000 2,364,000 will come without general and generous rainfall soon.
85,000 1,710,000
Sioux City
7,000
381,000
28,000
100,000
In Ohio serious and irreparable injury is reported from the greater porSt. Louis
3,966,000
4,000 tion of the State, with stalks tasseling at about half their
30,000
47,000
106,000
Knnq.9 City
23,576,000
90,000 and polination very imperfect. In Indiana showers improved usual height
6,000
9.000
65,000
Wichita
the situation
2,105,000
In the extreme north, but there was decided deterioration
Hutchinson
4,617,000
6,000
of the extreme southwest is beyond recovery, but rains elsewhere; much
St. Joseph, Mo
4.269,000
6,000 save much of the Indiana crop. In Illinois there was also very soon would
47,000
287,000
Peoria
further deteriora41,000
156.000
tion, being progressively worse from north to south; there is much
Indianapolis
firing
1,744,000
302,000
72,000
and many reports of tassels burned white, especially on uplands,
Omaha
with loss
6,169,000
82,000 already very serious.
3,000
106,000
233,000
On Lakes
926,000
257,000
The larger part of the crop in Missouri has been ruined,
and much
Total July 28 1930---139,694,000 3.365,000 6,925,000 11,596.000 4,381,000 will not even make silage, though a small amount of late corn was helped
Total July 19 1930.-125,191,000 3,643,000 7.920,000 11,557.000 4,105,000 by showers during the week. In Oklahoma much upland corn has been
burned beyond recovery and bottom lands are beginning to
Total July 27 1929-120,220.000 10,403,000 7.403,000 6.567.000 5,593,000 In Kansas
burn, while
showers brought only temporary relief, with the moisture mostly
so
Aua. 2 1930.]
FINANCIAL CHRONICLE
mary cotton goods quarters, to the relief of wh'ell curtailment of output has been contributing in a negative fashion
in the past several weeks, now show prospects of becoming
intensified as a result of a rumored secession by some
leading manufacturers from the ranks of production regulators before long. At the same time, the lack of support
in the raw cotton markets is leading to pessimistic predictions regarding the future of prices of the staple. The
opinion is advanced in a number of quarters that downward
revisions in prices which have taken place in 'rayons, silks,
woolen goods, and cotton goods latterly have constituted
materials in
a closer adjustment to the levels of the raw
appear
point. Apart from cotton goods, where trends still
uncertain, there is considerable support for this contention,
with buyers manifesting more definite interest and in some
instances intimating less hesitance in contracting for deferred delivery. Promise of some acceleration In general
business in the immediate future is presaged in some places,
with the time approaching when buyers who have done little
more than sample fall needs must begin to place orders.
DOMESTIC COTTON GOODS.—An oversubstantial carof
The Weather Bureau furnishes the following resume
ryover of raw cotton, severe curtailment of foreign buying,
the conditions in the different States:
there is no visible prospect of measurable relief,
Virginia.—Richmond: High temperatures and dry weather highly un- for which
crop run
favorable for all crops. Drought relieved in most localities of extreme and the large figures which estimates of the new
however, in
west and tobacco, pastures, late corn, and truck reviving;
continue to exercise a decidedly depressing effect on
other sections drought relieved by showers in a few places, but in most into,
localities, corn, potatoes, oats, fruit, pastures and truck deteriorated cotton goods markets, with expectatiors of further declines
rapidly.
speculative markets being freely expressed even in
North Carolina.—Raleigh: Warm throughout week: some good rains In the
cotton
in east, but light, scattered, and insufficient in west. Progress of cotton some primary quarters. The possibility that raw
good to excellent in east and fair to good in west. Other crops good in east may descend as far as 10c. before a final stabilization procto good in central, but mostly poor in west account insufficient
and fair
moisture. Drought becoming severe in portions of mountain region, ess sets in is widely hinted at. In view of the fact that
and
especially in north; considerable damage to corn, tobacco, gardens, and
the new crop is still in a primary stage of development
pastures.
South Carolina.—Columbia: progress and condition of cotton good has still to negotiate a season in which unfavorable weather
with plants vigorous and squaring, blooming, and setting bolls satisfacconceivably cut into current estimates of the final
torily; dry weather favorable for checking weevil. Corn, tobacco, truck, may very
sentiforage, and lesser crops generally good, but more moisture needed. es- f'gures, there is ground for believing that the above
pecially on uplands. Tobacco curing and sweet potato transplanting ment is somewhat premature. Nevertheless, its influence
continue.
Georgia.—Atlanta: Frequent rains beneficial, though numerous local on current cotton goods business is an only too evident fact.
areas lack sufficient moisture. Progress of cotton very good and general Potential buyers of gray goods are holding back their orders
condition very good,except plants small in northern division: crop continues
t necesto bloom and form bolls freely, with bolls opening as far north as Macon as long as possible, and when they find replenishmen
and first bale marketed this week; very little shedding and heat unfavora marked tendency to scour the market
able for weevil activity. Lowland and late corn improved, with good sary they display
was
chance to mature crop, but much of damage by preceding dryness can not for the lowest quotations obtainable. Further shading
be overcome.
of directions, one of the more direct
Florida. — Jacksonville: Local showers on peninsula and rains last in evidence in a number
days of week in west and portions of extreme north relieved drought to influences reported being a reduction in wages in a promisome extent, but week, as a whole, hot and dry and unfavorable for seed
coincident with a resumption of capacity
beds, cane, peanuts, sweet Potatoes, strawberry plants, and citrus on up- nent Carolina mill
lands. Picking cotton locally; much deterioration in some districts.
operations. There are factors inherent in this action which
Alabama.—Montgomery: Averaged hot; good rains in many sections
commentary on the current cotton goods
beneficial, but moisture still needed locally. Early corn ruined or badly constitute a pointed
damaged by recent drought; late-planted much improved in most sec- situation and the methods which are regarded as effective
tions since rain. Sweet potatoes, truck, vegetables, pastures, and minor
internal conditions in the industry.
crops improved where moisture sufficient; otherwise progress and condi- in promoting rational
tion poor. Progress of cotton mostly fair to very good; condition mostly Curtailment has undoubtedly accomplished much in the
fair; plants small, but fields clean; few complaints of shedding and bloomto sell and the threats of deing at top; conditions favorable for weevil activity locally in south and cen- way of modifying pressure
tral; crop opening locally in southeast.
moralization proceeding from a condition in which a meager
Mississippi.—Vicksburg: Generally hot, with scattered showers and
against abundant supplies. However,
general rain badly needed in many localities for late corn and early- demand was set off
planted cotton. Late cotton badly deteriorated or made only poor ad- Its effects have been mainly negative so far. There has
early-planted rather poor to fair. Condition of early-planted
vance, and
Over a long period,
been no actual change for the better.
corn considered generally very poor.
Louisiana.—New Orleans: Good rains in southeast, but only scattered such regulation might be expected to produce positive rehot weather continued unbroken in north.
showers elsewhere and dry,
current rumors and reports, it is
Cotton making little growth; blooming profusely, with some shedding; sults, but, according to
opening in southwest where some picking begun, but only scattered open- unlikely to continue on the present scale for much longer.
ing in north; condition of plants poor to fair, but fruiting well and weather
of manufacturers
It is pointed out that there are a number
very unfavorable for insect activity. Corn seriously reduced by dryness
loss under current
Rains beneficial for cane and rice regions; early rice being harvested.
who can still operate without actual
Texas.—Houston: Mostly cool in Rio Grande Valley and moderate
curtailment policy break down in
elsewhere; appreciable rain at only one-sixth of reporting stations and • conditions. Should the
drought serious over much of State. Progress of pastures, late corn, feed observance, the extreme competition which is an ever-present
and minor crops poor, where no moisture, and condition poor to fair.
the principle of the survival
Progress and condition of citrus and rice generally good, although latter menace would again reassert
damaged by salt water in portions of Beaumont section. Progress and
fittest. In the long run, given no radical change of
condition of cotton fairly good in southern third, although some com- of the
the stronger constituplaints of shedding; deteriorating or only poor advance in northern two- fundamental condition in the trade,
thirds where complaints of small plants, shedding bolls, and premature
probably be re-established in a profitable poopening; general condition averaged fair; favorable for picking and gin_ ents would
favorably equipped and
ning, with first bales reported northward to Rusk County.
sition at the expense of those less
Oklahoma.—Oklahoma City: Clear skies and intensely hot; light showers
Print cloths 27-inch 64x60's construction are
in northwest, but no rain elsewhere. All crops badly damaged by heat organized.
-inch 64x60's at 4%c. Gray goods
and drought. Cotton deteriorated and made very little growth, though quoted at 4%c., and 28
-inch
and 39
still fruiting in localities; wilting during day on dry uplands; some shed-inch 68x72's construction are quoted at 6%c.,
poor to fairly good, according to soil moisture. Corn 39
ding; condition
deteriorated; crop burned on uplands and much beyond recovery; be- 80x80's at 7%c.
ginning to burn on bottoms; condition very poor to only fair, according
to soil moisture. Grain sorghums, broomcorn and minor crops badly
WOOLEN GOODS.—Significant increases, both in billdamaged in most sections and condition mostly poor.
were shown in the Wool Institute's
Arkansas.—Little Rock: Progress of cotton good in most northern and ings and productions,
eastern portions due to light to heavy rains; also on most lowlands else- monthly figures for June, issued Tuesday. The statistical
where, although dry, and crop blooming freely and bolls developing; cotton
position in the trade was shown to be still preserving its
deteriorated and blooming in top on most uplands elsewhere due to drought
Some corn matured, but much early ruined;late improved in north and
favorable ratios, with the fact that production was slightly
More rice abandoned due to dryness.
traceable to the fact that the reverse was
Tennessee.—Nashville: Hot and mostly dry, except temporary relief ahead of billings
by scattered showers. Condition of corn fair in moist areas, especially on true of the previous month's figures, an expanded influx
elsewhere condition very poor. Cotton well cultivated but
lowlands;
necessitating increased operations in order to
progress Poor; condition rather poor in central and east, but good in west of orders
where blooming freely. Tooacco good in some fields, but large areas adequately cope with the new business. However, remarks
wilting and dying.
report emphasized the necessity of watchKentucku.—Louisville: Good showers in mountain counties and ex- accompanying the
treme eastern bluegrass section afforded temporary relief. Drought dam- ing closely the "tendency shown this month for production
age extended to south-central where severe damage to upland corn* bottoms
stating that "the advantage of the
holding up; early corn mostly ruined in north and west; later laatings to exceed billings,"
i
ten rn
er
damaged, as tassels appear and burn up; excessively high
present surplus stock situation should be maintained posiof last three days accelerating injury. Forced cutting of tobacco under
in summer fabrics and staples continues
way in north; holding better in south; dark tobacco in fair condition, but tively." Interest
yellowing.
the chief sustainer of activity. Considerable yardage of
children's coatings is reported to be moving out of primary
channels. Buyers seeking rebates on undelivered orders on
THE DRY GOODS TRADE
the basis of the recent downward revisions of the American
New York, Friday Night, Aug. 1 1930.
Woolen Co. are meeting with considerable resistance.
The tenor of business in textile markets remained subFOREIGN DRY GOODS.—A better demand for housestantially the same in most divisions during the week, de- hold linens reflecting wholesalers' replenishments for the
pressed prices and superfluous stocks in most quarters con- fall season featured linen markets during the week. Detinuing to be topics of discussion. Sentiment generally is mand for suitings and knicker fabrics continues in evidence
fairly optimistic regarding the long future, with the possible despite the lateness of .the season, according to importers.
exception of cotton goods, where affairs in both the raw Burlaps were quiet. Prices were shaded somewhat followmarket and distributing quarters are calculated to dis- ing a firming tendency early in the week. Light weights
courage optimism. Unfavorable internal conditions in pri- are quoted at 4.55c., and heavies at 6.15c.
entire State again needing
evaporated by high temperatures, and theis still fair, but damage has
rain. In Nebraska much of the corn crop from South Dakota. Iowa
been heavy, and further suffering is reported
previous heat
was mostly hot and dry during the week, with all receiving rains records
of any
broken over a large area, and only small sections
crop
importance; corn deteriorated further in the south and west, with the
Bilking stages and many tassels and leaves
well into critical tasseling and
exburned white; the heaviest damage occurred in the southwest where
tremely hot, dry weather has prevailed.
high in the northern Cotton
COTTON.—Temperatures were mostly
rule
Belt but moderate in the south. Light to moderate showers were the
'
east of the Mississippi Valley, but in the western belt the week was practically rainless.
one-sixth of
reporting
In Texas there was appreciable rain at onlypoor progress,thethe northin
stations and cotton deteriorated, or made only of
small plants, bolls shedern two-thirds of the State, with complaints third progress was mostly
ding, and premature opening. In the southern
very good, but with some complaints of shedding. In Oklahoma the
very little
week was dry and hot and cotton deteriorated or madeduring the growth:
day on
plants are still fruiting on lowlands, but have wilted
dry uplands, with some shedding: the general condition of the crop ranges
from poor to fairly good, depending on soil moisture.
In Arkansas growth was good in most of the north and east because
of beneficial showers, and on most lowlands elsewhere, but otherwise cotton deteriorated, while in Louisiana plants were making but little advance.
East of the Mississippi River showers were beneficial in many places,
though some sections still need rain. In most parts of this area progress
of the crop during the week was fair to good, though in some of the drier
sections it was poor, or with some actual deterioration. The first bale
has been marketed from Georgia, and in Texas north to Rusk County.
6
815
816
FINANCIAL CHRONICLE
Jiatz and Tag ptparturent
[Vou 131.
1,000,000 Orleans Levee Dist., La., 5%
000 annually on Jan. 1 from improvement bonds, due $50.1935 to 1954,
chased by a group headed by the Well, Roth inclusive, purIrving
Cincinnati, at 100.20. a basis of about 4.987 &These Co.,
0.
bonds
were previously unsuccessfully offered
having been rejected.—V. 131, p. 311. on July 8, all bids
1,000,000 Ramsey Co., Minn.. 4.1.1% road and
bridge bonds, due from
1931 to 1950. Inclusive, awarded to the
ings Bank, Chicago, at 101.18, a basis ofHarris Trust & Savabout 4.12%.
MUNICIPAL BOND SALES IN JULY.
The awards of long-term State and municipal bonds made
during July barely exceeded $100,000,000, the exact total
During the month of July some 19 municipalities were
being $104,985,305. With the exception of February, the unsuccessful
in disposing of bonds for which bids were
emissions for the month under review are the smallest re- solicited.
Included in the present list are a few New Jersey
corded during any month of the present year. In July 1929 municipalities.
The inability of these political sub-divisions
the sales totaled
5,114,065. The figure for June 1930 to sell their obligations at
the time scheduled may have been
was $147,762,267.
the result of legislation passed at the regular session
of the
The State of Arkansas and the City of Philadelphia, Pa., State Legislat
ure, which limits the deductions that may be
were the heaviest borrowers during the month, the former made in
computing the 7% limit on indebtedness. The new
having sold bonds to the amount of $18,000,000, while the law (Chapte
r 181 of the laws of 1930) provides that for the
latter disposed of securities aggregating $15,000,000. The future in
putting out new bonds the deduction "for the total
result of the offering on July 16 of three issues of 4% bonds of uncollec
ted assessments for local improvements and estitotaling $5,750,000 by the Chicago South Park District, Ill., mated assessments
for all unassessed improvements" in any
was awaited with considerable interest as it was the first municipality shall
not exceed 15% of the average assessed
attempt by the District to sell its long-term obligations since value of taxable
real property for the three preceding years.
the award on Aug. 21 1929 of $9,500,000 4% bonds. The It was estimat
ed that on this basis some 30 municipalities
current financing was effected at an interest cost basis of in New Jersey
were now in excess of their borrowing capacity.
4
.
.37%. The sale in 1929 was made on a basis of 4.92%. The A special session
of the Legislature was convened for the purState of West Virginia advertised for sealed bids to be opened pose of providin
g less stringent restrictions, but the measure
on July 30 for the purchase of $1,900,000 not to exceed 6% introduced with
that end in view failed of approval
interest bridge bonds. (V. 131, p. 517.) The State Bridge and the Legislat
ure adjourned without changing the situation.
Commission informs us that although three bids were sub- (V. 131, p. 303.)
The municipalities which failed to market
mitted for the bonds, no definite decision will be made their bonds in
July follow:
as to the award until another meeting of the Commission, Page. Name.
Int, Rate, Amount. Report.
305
Spec.
which is scheduled for Aug.6. The best price was submitted 509 Bay Co. Park, TaxJSob. Dist., Fla
6%
865,000 Not sold
Cliffside
N
not exc.5X% 211,000 Bids rej.
East Detroit, Mich
by a syndicate headed by Walter, Woody & Heimerdinger 509 Fort Lee
not exc.0%
73,000 No bids
510
Soh, Dist., N.
not exc.4X% 125,000 No bids
of Cincinnati, which offered to take the bonds at an interest 307 Greene Co., No. CarobJ_a
75,000 Not sold
307 Geary, Okla
77,000 Not sold
cost of 5%%. The text of the Commission's communication 308 Basle Twp. Sob. Dist., Pa
5%
70,000 No bids
308 Inkster, Mich
will be found on page 825 of this section.
6%
802,491 No bids
511 Jackson Co., Wis_c
4 X%
•
40,000 Bids reL
511 Keansburg, N. J
In the following we enumerate all the long-term municipal 667 Kirtland Hills, Ohio
not exc.6%
6%
58:
5 00° No blds
i g
bond sales of 81,000,000 or over that occurred during July: 888 Lubbock, Tex
5%
60,000 Not
sold
309 McGehee Spec. Soh. Dist.
$18,000,000 Arkansas (State of) 4 % highway bonds, due annually from 311 Okolona Spec. Sob. Dist., Ark
534%
30,000 Not sold
Ark
'7
1935 to 1965, inclusive, awarded to a syndicate managed by 515 Richland Parish Sub-Road DLit,
35,000 No bids
No. 5,
Halsey, Stuart & Co., New York, at 99.78, a basis of about
Lad
not exe.8%
200,000 Bids re).
4.76%.
670 San Diego, Callf_e
5%
400,000 Bids rel.
515 Tamaqua, Pa
15.000,000 Philadelphia, Pa. bonds, comprising $7,700,000 43is
and 671 Thurston Co.
434% 150,000 Postpon'd
$7,300,000 4s, due In 1980, optional on and after 1950,awarded
Sob. Dist. No. 307. Wash
_
6%
45,000 No bids
at a price of par to a syndicate headed by Lehman Bros., 517 West Long Branch, N.J
4j%
61,000 No bids
New York.
a Bonds are being re-offered to be sold on Aug.
4.
exceed 5%. b Issue was not sold as other arrangemenRate of Interest Is not to
5,750.000 Chicago South Park Dist., HI., 4% bonds, due annually
from made by the
ts to procure funds were
1931 to 1950 inclusive, purchased by a group headed
Board of County Commissioners. c Bonds were
by
not sold as the
Halsey, Stuart & Co., Chicago, at a price of 97.548, a basis County Highway Committee was advised that funds would
not be required as
early as anticipated and all the bids were rejected. d
of about 4.37%.
Bonds are being re-offered
to be sold on Aug. 19. Notice of proposed sale appeared
5,490,000 Albany, N. Y., 4% bonds, comprising five issues,
in our issue of July 19.
due
serially from 1931 to 1970 inclusive, awarded to a group e Thirteen bids were submitted for the issue, the two highest being 108.17 and 108.13.
City officials decided to reject all of the
headed by the Bankers Company of New York, at
102.079. to bear interest at a rate less than 5%.offers and subsequently to re-offer the bonds
a basis of about 4.05%.
3,887,000 Essex Co., N. .1., 434% permanent improvement bonds
Short-term loans negotiated during the month amount
purchased by a group managed by the International Manhatta
ed to
n
Co., Inc., New York, at 101.35. a basis of about
4.12%. $181,733,031. This figure includes $130,000,000 borrowed
The bonds mature annually on July 15 from 1931 to 1957, incl.
by the City of New York. Canadian municipal
2,500,000 Seattle, Wash.,411% municipal light and power bonds
bond disawarded
to a group headed by the Bancamerica-Blair Corp., New York, posals during July totaled
$9,895,231. About $2,600,000 of
at a price of 95, a basis of about 5.12%. Due $125,000 anthese bonds are reported to have been placed to date
nually from 1941 to 1960, inclusive.
in the
2,000,000 Cleveland, Ohio. 4 % sewage disposal bonds, due
$80,000 United States. In the total for the month we do
annually on
1 from 1931 to 1965 inclusive, purchased by
not take
Otis & Co.•Aug*
into account an issue of $7,500,000 3%% Treasury
of Cleveland, and Wallace,
bills sold
New York, jointly, at 101.788, a basis of Sanderson & Co.,
'
about 4.08%.
the official tabulation of the proposals submitted for In by the City of Montreal, Que., at a price of par
the
to a group
bonds. Stern Bros. & Co., Kansas City, were listed as being headed
by the First National Bank, of New York. The
a participant in the award, although their name
appear in the public offering of the bonds for resaledid not bills mature within
by the
one year—V. 131, p. 672. The Province
syndicate.
2,000,000 Jackson Co., Mo., 4). % road and bridge bonds, due from of Alberta contributed 82,500,000 to the total for the
month,
1936 to 1950, inclusive, awarded to a group headed by the having sold
an issue of 43 %,30
-year bonds to that amount
First Union Trust & Savings Bank, Chicago, at 100.657, a
to a syndicate managed by Wood, Gundy
basis of about 4.20%.
& Co., of Toronto,
2,000,000 Scranton School Dist., Pa., 41i% bonds purchased by a at an
interest cost basis to the Province of 4.92%—V. 131,
syndicate managed by the National City Co. New York, at
100.527, a basis of about 4.21%. The bonds mature $80,000 p. 314. $2,500,
'
000 5% bonds sold by the Government of
on July 1 from 1936 to 1960, inclusive.
1,625,000 Cuyahoga Co., Ohio, 4 % road improvement bonds, due Newfoundland also appear in the total for July.
These
annually from 1930 to 1939 inclusive, purchased by a group bonds were
awarded toza syndicate headed by Dillon, Read
managed by the Guaranty Company of New York. at 100.70,
a basis of about 4.33%. The award comprised 11 issues.
& Co., of New York, at 99.318, a
basis of about 5.09%.
1,500,000 Niagara Falls S. D., N. Y.. bonds, due from 1932 to 1960 incl.,
awarded as 43s to a group headed by the First Detroit Co., The securities mature on June 30 1955.—V. 131, p. 672.
Inc., New York, at 100.139, a basis of about 4.115%.
No financing during the month was underta
ken by any of
1,250,000 California (State of)4 % educational buildings bonds awarded
to a syndicate headed by R. H. Moulton & Co., San Francisco, the United States Possessions.
at 101.18,a basis of about 4.02%. The bonds mature $250,000
Below we furnish a comparison of all the various forms
on Jan. 2 from 1961 to 1965, inclusive.
of
1,200,000 Schuylkill Co., Pa., 4i4% bonds, due from 1931 to 1955, securities sold
in July during the last five years:
3o
inclusive, sold to Harris, Forbes & Co., and the National
City Co., both of New York. jointly, at 101.229. a basis of
1929.
1928.
1927.
1920.
about 4.11%.
.Tnep loans(U.S.) 04,985.305
Perm't lonnn (ii.s31
e
85,114,065 80.799,070 80,028,558 89,270.476
1.098,418 Akron, Ohio, 4% improvement bonds, comprising three
:
issues, due from 1931 to 1940, inclusive, awarded to a group Can. loans (perin't) 181.733.031 58,598,000 59,733,000 11,059,000 50.810,706
managed by the Bankers Company of New York, at 100.54,
PlecedieCanada _ 7 2 :000
r aced tn u s.__ 2 00 231
l
:695
834,553
920,730 2,129,130 x7,874,0n0
a basis of about 4.38%.
n 0e
nnoonnee
1,000,000 Jefferson Co., Tex., 5% court house refunding bonds,
Bonds U.S.Poss'ns_
None
due
none
annually from 1931 to 1970 inclusive, purchased. by Eldredge Gen.fd.bds.(N.Y.C.)
None 3,500E 1, 00,1 7,500,000 4,500,000
400 o000
nn
4 n.00
Sz Co., New York, and the Republic National Co., Dallas,
Total
jointly. These bonds were substituted for an issue of the
296,613,567 148,044,618 143,252,800 108,709,697 152,255,182
same amount awarded on March 17 (V. 130. p. 2074) to the
•Including temporary securities
issued by New York City, $130,000,000 in
Renublic National Co. of Dallas, bidding in conjunction with July 1930, 57,110,000
Eldredge & Co. of New York. The price paid at this first 1928, and $24,250,000 in July 1929. $45,985,000 in July 1928, 542.100,000 in July
in
sale was 100.45. equivalent to an interest cost basis of about
x Including $2,500,000 July 1925.bills floated
Treasury
by the Province of Nova Scotia.
4.94% to maturity date. The bonds were to mature in 40 matured May 15
1927.
years, with the privilege of redemption 10 years from
Issue. This maturity did not meet with the approvaldate of
The number of municipalities emitting long-term bonds
of the
bankers, who subsequently completed negotiations with
county and the
officials whereby new bonds
number of separate issues during July 1930 were
from 1 to 40 years. The nowwore issued maturing serially in
In July V. 131, p. 308) andarrangement was consummated 304 and 413 respectively. This contrasts with 466 and
the sale made in March oas
650
cancelled.
for June 1930 and with 415 and 554 for July 1929.
1,000,000 Pecos Co., Tex., 5 ti % road bonds, du from
1931 to 1945.
,
For comparative purposes we add the following
inclusive, purchased by the Guaranty Trust Co.. of Austin,
table,
at 100.25, a basis of about
showing the aggregates for July and the seven months
5.46%•
for a
AUG. 2 1930.]
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
For the
Month of
Seven Mos.
July.
$104,985,305 $864,045,989 1911
85,114,065 755,497,820 1910
80,799,070 859,218,515 1909
86.028,558 968,849,278 1908
89,270,476 838,257,412 1907
144,630,193 896,468,767 1906
117,123,679 905,868,652 1905
67,776,833 652,577,756 1904
94,616,091 749,702,241 1903
104,584,124 570,999,611 1902
57,009,875 379,671.407 1901
83.990,424 389.641,263 1900
23,142,908 174,909,192 1899
92,828,499 314,407,599 1898
37,611,448 321,076,020 1897
33.899,870 356.818,480 1896
26,776,973 384,334,150 1895
23,477,284 242,356,554 1894
30.479,130 276,768,423 1893
817
FINANCIAL CHRONICLE
month of
For the
July.
Seven Mos.
$42,231,297 $265,493,667
35,832,789 198,678,899
20,120,647 227,245,964
21,108,678 190,191,257
16,352,457 131,700,346
25,442,095 127,780,340
10,878.302 122,601,356
33.233,254 171.102,409
16,670,240
95,246,674
12,861,550 100,489,945
8,262,495
69,485,555
8,104,043
86,047,708
18.613,958
81,959.334
7.868,563
51,947,110
17,389,859
90,665,236
5,313,495
48,490,459
15,375,660
72,366,273
8,253,237
74,680,229
1,691,600
34,354,175
"New dates selected are: Sept. 16 and 17. Oct. 9 and 16 and Oct. 17 for
revision day.
"It is estimated that to-day's session cost $9,000, which is considerably
ens than the cost of adding extra registration days in the many precincts of
Baltimore City."
-Final Revision Puts Population Figure
New York City.
-The Census Bureau has announced the City's
at 6,959,195.
1
population as 6,959,195, an increase of 1,339,147, or 23.89
over the corresponding figures for 1920. This figure, based
on a careful recheck of returns, is larger than the previous
total of 6,958,972 announced by the New York Supervisor
V. 131, p. 506. The final figures as given out by the Census
Bureau for the five boroughs compare with the 1920 computations as follows:
Borough
Manhattan
Brooklyn
Bronx
Queens
Richmond
* Decrease.
1920.
2,284,103
2,018,356
732,016
469,042
116,531
Increase. %
1930.
1,859,926 *427,949 *18.6
2,596.154 577,798 28.6
1,266,506 534,490 73.0
1.079,357 610.315 130.1
157,253 40.722 34.9
Owing to the crowded condition of our columns, we are
-Court Rules Bond Premium Is ConOakland, Calif.
obliged to omit this week the customary table showing the sidered Part of Issue.
-On July 24 the State District Court
month's bond sales in detail. It will be given later.
of Appeals handed down a decision which will have a considerable influence on future municipal bond sales throughNEWS ITEMS
out the State. The Court in a suit brought by the above
city, stated that the premiums paid at the time of the bond
Chicago, Ill.-Attorney General Holds Tax Warrants sale are to be considered as part of the bond issue and cannot
Valid.-Osear E. Carlstrom, Attorney General, has advised be used for unrelated purposes. The San Francisco "Chronthe State's attorney of Cook County that the tax anticipation icle" of July 25 reported on the decision as follows:
"Affecting millions of dollars belonging to California municipalities:
warrants issued by this city are not in default because of
Appeals ruled yesterday
District Court
the expiration of the time payment limit, inasmuch as the the State to be considered of part of the bond issue andthat premiums on
as
cannot be diverted
bonds are
warrants do not mature until the taxes out of which they to other purposes than that for which the bonds were sold.
was made in a suit brought by the port of Oakland against
"The decision
are to be paid have been collected, reports a Springfield the Oakland auditor, who sought to divert the premium on a bond issue
dispatch to the "U. S. Daily" of July 30. According to the to the city interest fund. The ruling reversed that of Superior Judge
Its
V. Tryon
newspaper report the matter arose when the attorney gen- Warren$183,326 forof Alameda County. the immediate effect will be to
construction work by
port of Oakland.
eral of New York State and other eastern States questioned release citim of Stockton and Long Beach joined in the appeal as "friends
"The
the validity of the warrants for the investment of trust of the court," and the decision also applies to proceeds of bonds in those
municipalities.
funds.
"In Long Beach $85,834 will be released."
General to Pass on State Highway
-Suit Instituted to Void
-Attorney
Orleans Levee District, La.
Indiana.
-A suit was instituted on July 22
Financing hon.-The opinion of James M.Ogden, Attorney $1,000,000 Bond Sale.
General, has been requested by Governor Leslie on a plan in the civil district court, to annul the sale of the $1,000,000
to use the funds derived from the State gasoline tax in the issue of 5% Pontchartrain Lake Front improvement bonds
immediate construction of State highways, reports the that was recently sold to a syndicate headed by the Well,
-V. 131, p. 669. The
"United States Daily" of July 29, which carried the following Roth & Irving Co. of Cincinnati
on the subject:
following appeared in the New Orleans "Times-Picayune"
"Attorney General James M.Ogden has been asked to rule on the legality of July 23:
plan for the State highway department to borrow gasoline tax
of a
funds of
"A suit to annul the sale of the $1,000,000 bond issue of the Orleans
the counties, cities and towns, collected by the State, for immediate use in
levee board for the construction of a seawall along Lake Pontchartrain.
State highway construction.
"Governor .Tarry G. Leslie requested the opinion as the result of a con- between West End and Seabrook, was instituted in the Civil District Court
for the
ference with the State finance committee and State highway commissioners Tuesday by Richard Dalche, administratorentranceheirs of the late Jean
of Bayou St. John.
Lavergne, owners of a strip of land near the
Wednesday. July 23.
"After rejecting bids of local banking institutions the levee board made
"Director John J. Brown,of the highway department declared that unless
other than current sources are available soon, the construction a private sale to the Well. Roth and Irving Co.. an eastern firm. The
funds from
n
Erogram will have to cease, as it is ow two months in advance of revenues. administrator contends the sale illegal because the constitutional amendment
the completion of
The plan is to borrow the counties', cities and towns funds and make re- that authorized the issuance of bonds forbecause it violates the lakeshore
provisions of
payment from the State's gasoline and automobile license tax revenues development project is unconstitutional
the Federal constitution.
during the Winter when construction has ceased."
property claimed by
"The levee board has taken possession of the litigated in the courts the
for
The following is taken from the Indianapolis "News" of heirs. The ownership of the propertyishas been authority to mortgage the
without
several years. Dalche says the board
July 29:
collateral security for the bond issue. In a recent suit the same
Acting on an opinion received from James M. Ogden, Attorney General, land as
attacked the constitutionality of the constitutional amendofficials of the Indiana Highway Commission were arranging Tuesday to defendantsthe Supreme Court dismissed the suit in intervention. The
obtain a loan from the counties', cities' and towns' gaosline tax reserve ment but Is for the cancellation of the sale of the bonds."
sufficient to continue payments on current road construction contracts Present suit
-A
being completed. Records in the office of the State Auditor show a balance
-City Charter to be Drafted.
Port Chester, N. Y.
ofapproximately $1,350,000111 thefund from which the transfer is to be made.
Port Chester, printed in the New York
-Analysis Issued on Bonded Debt of
Indianapolis, Ind.
-An elaborate statement has been
Local Units of Government.
prepared by the Civic Affairs Department of the Indianapolis Chamber of Commerce to show the bonded indebtedness of all units of government of which Indianapolis is
a part, which is considered fundamental to the preparation
of a long-time program of improvements. In the tables of
figures, included as a part of the analysis, there is shown
the bonding margin that now remains to each unit, and
the margin that would remain, if the projects now under
discussion are carried to completion.
-Changes in List of Legal Investments.
Massachusetts.
-We are in receipt of a bulletin, dated July 25, from Roy A.
Hovey, State Bank Commissioner, showing the following
changes in the list of legal investments as of July 1 1930V. 131, p. 301:
dispatch from
"Times" of July 24 reports that on July 23, Halsey J.
Munson, Village President, announced the appointment of a
committee of 18 residents to draft a city charter for this
municipality, one of the three largest villages in the State.
The proposed charter will provide for the governing of the
territory bounded by Rye, Harrison, Rye Lake and the
Byram River. It is said the committee will submit its draft
to the State Legislature next Winter, and if it is approved
there, the charter will be submitted to the voters at the
Spring election.
BOND PROPOSALS AND NEGOTIATIONS.
-BOND SALE.
-The two
ADAMS COUNTY (P. 0. Decatur), Ind.
aggregating $43,200, offered on July 25 (V.
issues of 434% coupon bonds follows:
awarded as
131. P. 507) were
improvement bonds sold
522,240 A. N. Sprunger et al. Wabash Twp. roadplus a premium
of $433,
to the Bank of Berne of Berne, at par
equal to 101.94, a basis of about 4.10%. Due $1,112 on July 15
Added to List of July 1 1930.
1931: $1,112 on Jan. and July 15 from 1932 to 1940, incl., and
Public Funds
$1,112 on Jan. 15 1941.
Brewer, Maine.
Twp. road improvement
20.960 Harry Graber, Washington of Decatur at par plus a bonds sold
• Cumberland, Rhode Island.
premium of
to the First National Bank
Railroad Bonds
101.95, a basis of about 4.10%. Due $1,048 on
6409, equal to
Old Colony RR. Co., 1st mortgage 4s 1950.
July 15 1931: $1,048 on Jan. and July 15 from 1932 to 1940, incl.,
Miscellaneous
and $1.048 on Jan. 151941.
Boston Terminal Co., 1st mortgage 4s 1950.
Each issue is dated July 15 1930. The following is a list of the bids
Street Railway Bonds (Correction)
received:
Boston Elevated 6s 1960 should read 55 1940.
Premium
Public Utility Bonds
$20,960
322,240
Eastern New Jersey Power Co.. 1st mortgage 58 1959.
Bidder
Removed From List.
6405.60
$425.0
Inland Investment Co., Indianapolis
Funds
Public
409.50
Thos. D. Sheerin Co., Indianapolis
Akron, Ohio.
370.00
J. P. Wild & Co., IndianapolisIndianapolis
-Special Legislative Session Adjourns After Fletcher Savings & Trust Co.,
Maryland.
Indianapolis
-A special session lasting less Campbell & Co.. Indianapolis
Changing Registration Dates.
351.00
City Securities Co.,
Trust
363.62
hour was held by the State Legislature on July 29 Crawfordsville Bank, Co., Crawfordsville
than an
Decatur
409.06
-First
to change the dates of the four registration days that Bank National Berne, Ind
__
in order
433.00
of Berne,
been set by the State as they conflicted with Jewish
had
ALBANY COUNTY (P. 0. Laramie), Wyo.-BOND ELECTION.a special election has been
religious holidays. An Annapolis dispatch of July 29 to the We are informed that proposed issuance of $225,000called for Aug. 19 in
in court house bonds.
order to pass upon the
States Daily" reads as follows:
"United
-BOND OFFER
ANDERSON COUNTY (P. 0. Lawrenceburg), KY.
"The Maryland State Legislature convened here in special session to-day
for the first time in 10 years to change the date of the registration in the ING.-Selaed bids will be received until 10 a. m. on Aug. 8, by the County
State.
Clerk, for the purchase of a $13,000 issue of 45i% road and bridge bonds.
"The meeting which lasted less than an hour received a message front
-BONDS REGISTERED.
ANGELINA COUNTY (P. 0. Lufkin), Tex.
Governor Ritchie in which majority and minority members alike concurred,
July 21 the State Comptroller registered an issue of $191.500 54%
in the quickest session of the Legislature on record, so that between 26,000 -On road and bridge funding bonds.
serial
30,000 Jewish voters of Baltimore would not lose their franchise.
and
-BOND OFFERING.
ANNISTON,Calhoun County, Ala.
-Sealed bids
"
'By a remarkable coincidence each of the four registration days set by
the State, Sept. 23 and 24 and Oct. 7 and 8, are days sacred to Jewish will be received by Sidney J. Reaves, Mayor, until Aug. 14 for the purchase
of 53i% impt. bonds.
told the Legislature.
.people," Governor Ritchie
of a $15,000 issue
311112
Eft
818
FINANCIAL CHRONICLE
[VOL. 131.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Little- Denver,
at a
ton), Colo.
-BONDS DEFEATED.
-At the special election held on optional afterprice of 92.00, a basis of about 5.64%. Due in 20 years and
10 years.
July 28-V. 131, P. 507
-the voters defeated the proposal calling for the
Issuance of $23,000 in 43 % school building bonds. (These are the bonds
BENNINGTON, Douglas County, Neb.-BOND SALE.
-A $10,000
that were purchased by Bosworth, Chanute, Loughridge & Co. of Denver issue of 5% semi-annual improvement bonds
has been purchased at par
prior to the election.
by the United States Trust Co. of Omaha.
-V. 130, p. 4640).
ARKANSAS, State of (P. 0. Little Rock).
BENTON COUNTY (P. 0. Vinton), Iowa.
-SYNDICATE BOOKS
-BOND SALE.
-A $220.CLOSED.
ph l s e of 4
0 u
-On July 31 the syndicate headed by Halsey, Stuart & Co., Inc., 0O0 i s: eo.of
ding bonds has been purchased by the Whiteof New York, that purchased the $18,000,000 issue of 444'% semi-ann.
javenport.
% refun
State highway bonds on July 9-V. 131, p. 304-formally closed the syndiBERRIEN COUNTY(P.O. St. Joseph), Mich.
cate books on the bonds as the entire issue has been sold. The issue was Sealed
-BOND OFFERING.
bids addressed to the Board of County
one of the largest municipal loans offered in some time.
Commissioners will be
received until 10 a. m.(Central standard time)Road
purchase
on Aug. 11
ATLANTA, Fulton County, Ga.-LIST OF BIDDERS.
of $21.300 Watervliet Township Special Assessment Road for the bonds.
-The followNo. 119
ing is an official list of the other 1:4ds received for the $200,000 434% coupon Rate of int. Is to be suggested in proposal.
semi-annual sewer bonds that were jointly purchased by J. H. Hilsman Az In May and Nov. Bonds will mature seriallyInt. is payable semi-annually
over a period of 10years. A
Co. and the Citizens & Southern Co., both of Atlanta, at a price of 107.44, certified check for $500, payable
County Treasurer,
a basis of about 3.89%;
must accompany each proposal. to the order of the
Name of
Premium.
BLOOMINGTON SCHOOL TOWNSHIP (P. 0. Bloomington),
Hibernia Securities Co. and Courts & Co., Atlanta
$13,120 Monroe
County,Ind.
-BOND SALE.
National City Co. of New York
-The816.5005% coupon schoolcon12,619
First National Co. of Atlanta
12,438 struction bonds offered on July 26-V. 131. p. 663- were awarded to the
Fletcher Savings
Robinson-Humphrey Co. and Bell. Spms & Co. of Atlanta
12,121 equal to 104.30, & Trust Co. ofIndianapolis,at par plus a premium of$711,
a basis of about 4.11%. The bonds are dated July 1 1930
Schaumburg, Rebhann & Osborne, New York City
9,576 and
Harris, Forbes & Co. of New York
9,458 weremature $1,500 on July 1 from 1931 to 1941 incl. Bids for the issue
as follows:
Roosevelt & Son of New York
8,876
Bidder
Premium.
First Detroit Co., New York
8,660 Fletcher
Savings & Trust Co.(Purchaser)
$711
Caldwell & Co. of Nashville
8,442 Campbell &
Co., Indianapolis
513
AUDUBON, Camden County, N. J.
-BOND OFFERING.
-Edwin 0. Thomas D.Sheerin & Co..
696
Hand, Borough Clerk, will receive sealed bids until 8:30 p. m. on Aug. 12 Fletcher American Co., Indianapolis
517
Indianapolis
for the purchase of $31,000 0.5. 4%, 5, 51i
5,t or 6% coupon or
.
registered general storm sewer bonds. Dated Sept. 1 1930. Denom.
BOISE INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), Ada
$1.000. Due $1,000 on Sept. 1 from 1932 to 1962, incl. Principal and County, Ida.
-BOND SALE.
$400,000 issue of
-We are informed
semi-annual interest (M. & S.) payable at the Audubon National Bank, 4.80% coupon refunding bonds has recently been that a
purchased by the State
Audubon. No more bonds are to be awarded than will produce a premium Department of Public Investments at par.
of $1,000 over $31,000. A certified check for 2% of the amount of bonds
BOSTON, Suffolk County, Mass.
-City
-TEMPORARY LOAN.
bid for, payable to the order of the Borough,must accompany each proposal.
Treasurer Dolan on July 30 awarded a $3,000.000 temporary loan to Salo
The approving opinion of Hawkins, Delafield & Longfellow, of New York, mon
Bros. & Hutzler of Boston, to bear 2.06% int., at par plus a premium
will be furnished.
of $11. The loan is dated Aug. 1 1930 and is payable on Oct. 2 1930. Int.
AUDUBON COUNTY (P.O. Audubon),Iowa.
-BOND OFFERING.
- is payable at maturity.
Bids will be received up to 10 a. m. on Aug. 26, by D. L. Freeman, County
A list of the bids submitted for the loan follows:
Treasurer, for the purchase of a $415,000 issue of primary road bonds.
Bidder
Int. Rate.
Int. rate is not to exceed 5.7 , payable annually. Dated Sept. 1 1930. Salomon Bros.•&
0
2.06
Hutzler, plus $11 (purchaser)
Due on May 1, as follows: $41,000, 1936 to 1944, and $46,000 in 1945. First National
2.10
Old
0 tional after May 1 1936. Sealed bids will be received up to the hour of Barr Bros. & Co Colony Corp., plus $30
2.20
for open bids. Purchaser to furnish the blank bonds. County will Guaranty Co. of Inc "s $19
2.20
New York
furnis the legal approval of Chapman & Cutler, of Chicago. A certified Day Trust Co ________________________________________ 2.24
check for 3%, payable to the County Treasurer, must accompany the bid. Shawmut Corp ________________
_______ - ____2.29 o
AUSTIN COUNTY (P. 0. Renville), Tex.
-BONDS REGISTERED.BRISTOL SCHOOL DISTRICT, Bucks County, Pa.
-BIDS REThe State Comptroller registered on July 25 a $75,000 issue of 5;i% JECTED
-BONDS RE
-OFFERED.
-Russell B. Carty, Secretary of Board
road, series B bonds. Due serially.
forSchoolv. j31.rs, states that all of the bids received on July 19 for the
of sale_ Dtre
Directors,
BAKER, Fallon County, Mont.
-BOND OFFERING.
-Sealed bids purchase of the $30,000
% coupon or registered school bonds offered
will be received until 8 p.m. on Aug. 25 by Karl R. Pleissner, City Clerk.
.
belted The bonds are being re-offered
Jecow.
for the purchase of a $15,000 issue of water bonds. Int. rate is not to ex- to be sold on Aug. 50s rewortede
P15 a8-p ere r
BOND OFFERING.
ceed 6%, payable semi-annually. Denom. $500. Dated Sept. 1 1930.
-Russell B. Carty, Secretary of Board of School
Either serial or amortization bonds will be issued with amortization bonds Directors, will receive sealed bids until 11 a. m. (standard time) on Aug.
being the first choice of the City Council, the second choice being serial 15, at the Farmers National Bank, Bristol. for the purchase of $30,000
,
5
bonds payable during the five-year period at the rate of $1,500 on Jan. 4) % coupon or registered school bonds. Dated July 1 1930. Denom.
and July 1 1931 to 1935. Prin. and'int. (J. & J.) payable at the office of $1,000. Due $1,000 on July 1 from 1931 to 1960, incl. A certified check
the City Treasurer. A certified check for 3% of the old,payable to the City for $1,000 payable to the District Treasurer, must acoompany each proposal. The bonds will be sold subject to the approval of the Department of
Treasurer, is required.
Internal Affairs
BALLSTON, CLIFTON PARK, CHARLTON AND GLENVILLE () Sa st0l.wing,of Pennsylvania, and subject to the approving legal opinion
o Bryi, E
f
James.
Remick & Saul, of Philadelphia, and Gilkeson
CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Burnt Hills), Saratoga
-BOND SALE.
County, N. Y.
-The $130,000 coupon or registered school
bonds offered on July 30-V. 131, p. 663
BROOKLYN, Cuyahoga County, Ohio..
-were awarded as 4.608 to Batch-BOND OFFERING.-'
elder & Co. of New York, at 100.408, a basis of about 4.57%. The bonds Charles L. Rogers, Village Clerk, will receive sealed bids until 1 P. m.
are dated July 1 1930 and mature on July 1 as follows: $3,000 from 1932 to (eastern standard time) on Aug. 9 for the purchase of $32,785.59 6%
1941 incl., and $5,000 from 1942 to 1962 incl. Bids for the issue were as special assessment sewer improvement bonds. Dated Aug. 1 1930. One
bond for $785.59, all others for 51.000. Due on Oct. 1 as follows: $3,785.59
follows.
Bidderha. Rate.
Rate Bid. In 1931; $3,000 from 1932 to 1934, incl.; $4,000 in 1935; $3,000 from 1936
Batchelder & Co.(Purchasers)
4.60
100.408 to 1938, incl.; $4,000 in 1939, and 83,000 in 1940. Principal and semi-ann.
ur
Manufacturers & Traders Trust Co., Buffalo
4.70
100.583 Interest (A. & 0.) payable at the Cleveland Trust Co., Cleveland. Bids
Barr Bros.& Co., Inc., New York
4.70
100.409 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
Dewey,Bacon & Co., New York
4.75
100.32
Parson, Son & Co., New York
Of 1
De a'70 or a multiple thereof. A certified check for 5% of the amount
100.26
4.75%
George B.Gibbons & Co.,Inc., New York
4.90%
100.479 of nds bid for, payable to the order of the Village Treasurer, must accompany each proposal. Attention Is called to the issue of $18.448.98
County, Ohio.
-BOND OFFERING.
BATAVIA, Clermont
-W. C. 6% bonds also scheduled to be sold on Aug. 9-V. 131, p. 663.
Griffith, Village Clerk, will receive sealed bids until 12 m.on Aug.9 for the
BRUSH, Morgan County, Colo.
-A $28,000 issue of
-BOND SALE.
purchase of$3,000 5)4% fire department equipment bonds. Denom.$300.
% sewer and paving dirtricts bonds has recently been purchased at a
Due $300 on Sept. 1 from 1931 to 1940 incl. Prin. and semi-ann. int.
(M.& S.) payable at the First National Bank, Batavia. Bids for the bonds price of 95.00 by Joseph D. Grigsby & Co. of Pueblo.
to bear interest at a rate other than 5)4% will also be considered, provided,
0. Caldwell), Canyon
CALDWELL
DISTRICT
however, that where a fractional rate is bid,such fraction shall be 1,( of 1% County, Ida. IRRIGATION DETAILS. (P. $17,800 issue of refund-The
-ADDITIONAL
or a multiple thereof. A certified check for 10% of the amount of bonds bid ing bonds that was purchased by local investors
-V. 131. p. 663
-bears
for, payable to the order of the Village Clerk, must accompany each pro- Interest at 6% and was awarded at par. Due in 20 years.
posal. The proceedings leading up to the issuance of these bonds, the form
OFFERS $3,579.000the issue to be approved by the firm of Peck,
CAMDEN, Camden County, N. 5.
-GROUP
of bond and the legality of
-A group composed of E. H. Rollins & 80/113, Kean, Taylor &
Sbaffe & Williams, Cincinnati, 0., whose certificate will be furnished the BONDS.
successful bidder and said bidder will pay for such examination of the pro- Co., and Amos. Emerich & Co., Inc., all of New York, is offering various
'451% coupon or registered water, public improvement, municipal building
ceedings upon delivery of the bonds.
and school purposes bonds to
amount of $3,579,000, for public invest-BOND SALE.
-The following ment at prices, all maturities,theyield 4.10%. The bonds mature serially
BATAVIA, Genesee County, N. Y.
to
issues of coupon or registered bonds aggregating $151,730.76 offered on from 1939 to 1969,inclusive, and are said to be legal investment for savings
to Phelps, Fenn & Co., of banks and trust funds
-were awarded as 4)4s
July 25-V. 131, P. 663
in New York. New Jersey and other States. The
New York, at a price of 100.15, a basis of about 4.22%:
securities offered are part of the four issues aggregating $6,871,000 awarded
$70,257.16 series A street improvement bonds. Due on June 1 as follows: on June 11 at various prices to a syndicate headed by the Bankers Co. of
$7,257.16 in 1931 and $7,000 from 1932 to 1940. incl.
New York -V. 130, p. 4277.
81.473.60 series B street improvement bonds. Due on June 1 as follows:
CAMDEN UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Cam$9.473.60 in 1931, and $8,000 from 1932 to 1940, incl.
-LIST OF BIDS.
-The following is a mist
Each issue is dated June 1 1930. The successful bidders are reoffering den), Oneida County, N. Y.
of the bids received on July 21 for the:purchase of the $178,000 registered
the bonds for public investment at prices to yield 3.25 to 4.10%.
school bonds awarded as 4;is to Barr Bros. & Co.. Inc., of New York,
The following Is a list of the bids submitted for the bonds:
atB OO.43_3, a basis of about 4.46%.-V. 131, P. 663.
l ddv
f
Int. Rate, Rate Bid.
BidderInt. Rate. Rate Bid.
4)4%100.15
Phelps, Fenn & Co. (purchasers)
Barr Bos & Co.,
r.
4.50
100.433
100.049 Dewey, Bacon & Inc.(Purchasers)
4
Harris, Forbes & Co
Co., New York
0.
0
4.90
100
100.17
4
Batchelder & Co
Marine Trust Co., Buffalo
4
1
.70
100.074 Manufacturers & Traders Trust Co.,
George B. Gibbons Az Co
Buffalo
100.149
100.089 Batchelder & Co., New York
4
Hayes & Collins (Buffalo)
100.29
100.227
4)4
Marine Trust Co
100.148
%
Roosevelt & Son
CAMERON COUNTY (P. 0. Brownsville), Tex.
-BONDS REGIS-A $485,000 issue of 5;6% serial improvement bonds was regis-A.Paul TERED.
OFFERING.
BEACH HAVEN,Ocean County, N. J.
-BOND
King, Borough Clerk, will receive sealed bids until 8 p. m.(daylight saving tered by the State Comptroller on July 16.
time) on Aug. 18 for the purchase of the following issues of 6% coupon or
CARMEL UNION FREE SCHOOL DISTRICT NO.10(P.O. Carmel),
registered bonds, aggregating $90,000:
Putnam County, N. Y.
-BOND SALE.
-The $60,000 coupon or regis$65,000 series No. 1 water bonds. Dated May 15 1930. Due on May 1 tered school bonds offered on July 30-V. 131, p. 663
-were awarded as
as follows: $2,000 from 1931 to 1962, inclusive, and $1,000 in 4.60s to Batchelder & Co., of New York, at par plus a premium of $108,
1963. Interest is payable in May and November.
equal to 100.18, a basis of about 4.57%. The bonds are dated Aug. 1 1930
25,000 series No. 2 Jetty bonds. Dated July 1 1929. Due on July 1 and mature $6,000 on August 1 from 1932 to 1941 incl. The following is a
as follows: $1,500 from 1930 to 1945, inclusive, and $1,000 in list of the bids reported to have been submitted for the issue:
1946. Interest Is payable in January and July.
Bid
Rate.
Principal and semi -annual interest are payable at the Beach Haven Batchelder & Co. (purchasers)
le Bo7
t 00l8
RaI00id
..
I4n.6LO
National Bank & Trust Co., Beach Haven. Isle more bonds are to be Dewey, Bacon & Co., New York
100.08
4.60
awarded than will produce a premium of $1,000 over the amount of each Bar Bros. & Co., Inc., New York
4.60
Issue. A certified check for 2% of the amount of bonds bid for, payable Phelps, Fenn & Co., New York
100.44
4.70
to the order of the Borough Treasurer, must accompany each proposal. Rutter & Co., New York
100.40
4.70
These bonds were originally scheduled to have been sold on April 28.- George B. Gibbons & Co., Inc.,
New York
100.09
4.70
V. 130. p. 2828.
Manufacturers & Traders Trust Co., Buffalo
ur
100.32
4.75 0
-For the
BEAUMONT,Jefferson County Tex.-BONDS NOT SOLD.
CARROLL COUNTY (P. 0. Carroll), Iowa.
-BOND OFFERING.third time the City Commission on July 22 rejected all the bids submitted Bids
on $1,111,000 43i% impt. bonds. The best bid of the two received for the Aug. will be received by T. J. Ryan, County Treasurer, up to 2 p. m. on
25 for the purchase of an issue a $185,000 primary road bonds. Int.
bonds was an offer of 94.00 tendered by a syndicate headed by H.0. Burt
rate is not to exceed 57, payable annually. Dated Sept. 1 1930. Due on
& Co. of Houston.
May l, as fo 9 s. $18°000, 1936 to 1944, and $23,000 in 1945. Optional
un follows:
u3
(On April 8, 11 issues of improvement bonds, aggregating $1,589.000, giafvteefnmadyelr A111o
,
bo heoonty
, cunditions ofsale on the above are thesame as those
Tc
of which the above are a portion, were offered without success.
-V. 130.
p. 2828.)
CASS
-Bids
-BOND OFFERING.
BEND, Deschutes County, Ore.
-BOND OFFERING.-Sesled bids will be COUNTY (P. 0. Atlantic), Iowa.
will be received until 8 p. m.on Aug.4 by C. G. Reiter, City Manager,for urer, received until 10 a. m.on Aug. 27 by Carl L. Vedane, County Treasfor the purchase of a $48.000 issue of not to exceed 5% annual primary
the purchase of a $15.000 issue of street impt. bonds.
road bonds. Dated Sent. 1 1930. Due $48,000 from May 1 1936 to 1945
BENNETT, Adams County, Colo.
-A $20,000 issue incl. Optional after May 1 1936. Under the Audubon County offering we
-BOND SALE.
of 43.1% water bonds has recently been purchased by the U. S. Bond Co. of have given conditions of sale which apply to the above offering.
FINANCIAL CHRONICLE
AUG. 2 1930.]
-The $150,000
-BOND SALE.
CEDAR RAPIDS, Linn County,Iowa.
-was
issue of coupon sewer bonds offered for sale on July 24-V.131, p.663
Purchased by the Continental Illinois Co.of Chicago,as 4 Is.for a premium
of $733, equal to 100.4886, a basis of about 4.19%. Dated Aug. 1 1930.
Due from May 1 1931 to 1945 incl. The following is an official list of the
bids received:
Premium.
Bidder$733
*Continental Illinois Co., Chicago
732
Cedar Rapids Banks, Cedar Rapids
705
The White-Phillips Co., Davenport
835
Kinsel-Kinnicut & Co., Chicago
515
National City Co., Chicago
300
Glaspell, Vieth & Duncan, Davenport
225
Mississippi Valley Trust Co.. Chicago
*Successful bid.
-BOND OFFERCENTER TOWNSHIP, Vanderbursh Couney, Ind.
-Oscar W. Harming, Trustee, will receive sealed bids until 7.30 Pm.
ING.
on Aug. 21 for the purchase of $23,000 4g% school equipment bonds.
Dated Aug. 1 1930. Denoms. $790 and $765. Due semi-annually on Jan.
and July 1 from 1931 to 1945 incl.
CHARDON TOWNSHIP (P.0.Chardon), Geauga County, Chic...-Robert S. Parks, Township Clerk, will receive sealed
BOND OFFERING.
bids until Aug. 16 for the purchase of $5,500 6% road impt. bonds. Dated
Denom. MOO. Due on Oct. 1 as follows: $500 from 1930
Sept. 1 1930.
to 1938 incl., and $1.000 in 1939. Int, is payable in April and Oct. 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 g of 1% or a multiple thereof. A certified check for 5% of the amount
of bonds bid for, payable to the order of the Township, must accompany
each proposal.
-BOND
CHESTER SCHOOL DISTRICT, Delaware County, Pa.
-Charles E.Sanderson,Secretary of Board of School Directors,
OFFERING.
will receive sealed bids until 8 p. m. (daylight saving time) on August 4
for the purchase of $250,000 4% coupon school bonds. Dated Aug. 1 1930.
Denom.$1,000. Due $50,000 on Aug. 1 in 1940. 1945, 1950. 1955 and 1960.
Interest is payable semi-annually. A certified check for 2% of the par
value of the bonds bid for, payable to the order of the.District Treasurer
must accompany each proposal. Sale of the bonds is subject to the favorable
opinion of Townsend,Elliott & Munson,of Philadelphia,as to their validity.
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), Cook
-In connection with the
-FINANCIAL STATEMENT.
County, 111.
sale on July 16, of three issues of 4% bonds, aggregating $5,750,009 at
to a syndicate headed by Halsey, Stuart
a basis of about 4.37
97.548,
report of
& Co.. Inc. of Chicago, a detailed in receiptwhich appeared in our issue of
of the following from M. E.
-we are
July 19-Y. 131, p. 508
of the South Park Commissioners.
Connelly, Secretary
Financial Statement.
Financial Statement April 30 1930.
Assets
Improvements, Equip., &c.:
Real Estate,
$13,915,131.45
Land, cost
69,947,086.42
Improvements and buildings
Central plant (power plants, conservatory,
1,404,699.40
barns, office buildings, &c.)
Miscellaneous equipment (vehicles, horses,
771,214.44
boats, tools, &c.)
Less reserve for depreciation
Cash, Invested Funds, &c.:
Cash,for funds
Material and supplies
Tax certificates, deeds, &c
Work in progress
Taxes receivable
Tax anticipation warrants receivable
$86,038,131.71
100,929.85
$85,937,201.86
$3,259,819.11
87.076.32
476,053.25
109,802.30
5,478,032.85
9,153,660.00
Bonds on hand not sold (including this issue)
18,563,443.53
5,950,000.00
$110,450,645.69
Total assets
Liabilities
Bonded indebtedness (including $5,950,000
$62,810,000.00
not sold)
577,063.37
Accounts payable
98,306.10
Estimates payable
8,331.32
Deposits on permits
547,161.72
Sundry deferred liabilities
9,153.660.00
Tax anticipation warrants payable
$73,194,522.51
Total liabilities
37,256.123.18
Excess of assets over liabilities
Total liabilities and surplus
Contingent Liabilities-Uncompleted contracts
$110,450.645.69
$2,760,232.90
-BOND AWARD POSTCHICOPEE, Hampden County, Mass.
-We have been informed that all of the bids received on July 31
PONED.
for the purchase of $345,000 4% coupon bonds, described below, were
taken under advisement and the award of the bonds is expected to be made
on Aug. 5. The bonds are described as follows:
$225,000 filtering plant and water main bonds. Due on July 1 as follows
$12,000 from 1931 to 1940 incl., and $10,500 from 1941 to 1950 incl..
120.000 permanent pavement bonds. Due $40,000 on July 1 from 1931.
to 1933 incl.
Each issue is dated July 1 1930. Denoms. $1,000 and $500. Prin. and
semi-ann. int. (J.& J.) payable at the Old Colony Trust Co., Boston,
which will supervise the preparation of the bonds. Legality is to be approved by Storey, Thorndike, Palmer & Dodge of Boston,
Financial Statement, July 211930.
Assessed net valuation for year 1929
$52,611,616
Total debt (above issue included)
1,807,400
Water debt, included in above
575500
Sinking funds
None
Population: 45,000.
CICERO-STICKNEY TOWNSHIP HIGH SCHOOL DISTRICT
(Comprising the City of Berwyn, Town of Cicero and a Portion of
CEPRI
Stickney Township),Cook County,111.-PURCHASERS-pedi.1)
.
-The $600,000 5% school bonds reported in our Issue of July 26 CV 131
Harris
P. 664) as being purchased by thepublic Trust & Savings Bank,
investMent, were actually awarded
which is now offering the bonds for
at a price of par to the II. C. Speer & Sons Co. of Chicago, according to
0. E. Rix, District Secretary. The bonds were apparently purchased
later by the aforementioned bank.
-BOND CALL.
CLYDE PARK, Park County, Mont.
-The entire
issue of6% bonds dated 1915 is called and is payable at the National Park
Bank in Livingston.
-BOND OFFERING.
COATESVILLE, Chester County, Pa.
-Sealed
bids addressed to I. B. Kirk, Supt. of Accounts & Finance, will be received
unti12.30 p.m.(Standard time) on Aug.13 for the purchase of$30,0004 X%
street impt. bonds. Dated Aug. 15 1930. Denom. $1.000. Due on
Aug. 15 1945. Int. is payable semi-annually. A certified check for $1,000
payable to the order of the City, must accompany each proposal. Legality
approved by Saul, Ewing, Remick & Saul of Philadelphia.
-OFFER $500,000 43•07
COLUMBUS, Franklin County, Ohio.
-Phelps, Fenn & Co. of New York are offering a block of $500,008
BONDS.
g % sewerage impt. bonds for public investment priced to yield
4.05%•
me bonds mature semi-annually on Feb. and Aug. 1 from 1943 to 1954,incl.
and are said to be legal investment for savings banks and trust funds in New
'1 he securities are part of the
York, Massacht(etts and Connecticut.
$800,000 issue awarded on May 15 to M. M.freeman & Co., Inc., Sew
York,and Grau & Co.,Cleveland,jointly, at 100.71. a basis of about 4.17%.
-V. 130.P.3570
.
819
-The
-TEMPORARY LOAN.
CONCORD, Middlesex County, Mass.
Concord National Bank recently purchased a $50,000 temporary loan at
2.39% discount. The loan matures on Nov. 20 1930. The following is a
list of the bids received:
Discount.
Bidder2.39
Concord National Bank (Purchaser)
2.42
Merchants National Bank of Boston
2.44
First National Old Colony Corp., Boston
-BOND OFFERING.CONTINENTAL, Putnam County, Ohio.
C.
Stambaugh, \Tillage Clerk, will receive sealed bids until 12 m. on
Aug. 25 for the purchase of $5,000 6% ref. bonds. Dated Sept. 1 1930.
Denom.$500. Due $500 on Nov. 1 from 1931 to 1940 incl. Int. is payable
semi-annually. 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 g of 1% or a multiple thereof. A certified check
for $100, payable to the order of the Village, must accompany each proposal.
COOK COUNTY SCHOOL DISTRICT NO. 99 (P. 0. Cicero), III.
BOND SALE-Halsey, Stuart & Co. of Chicago, are reported to have re$286,000 5% refunding bonds. Dated July 15
cently purchased an issue of
1930. Denom. $1,000. Due on June 15 as follows: $10,000 in 1939:
$15,000 in 1941 and 1942 $20,000 from 1943 to 1945 incl.; $25,000 in 1946
and 1947; $41,000 in 1948; $50,000 in 1950. Prin. and semi-ann. int. are
payable in Chicago.
-BOND SALE.
-The $300,000
COOS COUNTY (P.O. Coquille), Ore.
issue of 5% semi-ann. bridge laonds offered for sale on July 24-V. 131.
-was purchased by the Freeman, Smith & Camp Co. of Portland
p. 306
and associates. Dated Aug. 1 1930. Due $330,000 from Aug. 1 1936 to
1945 incl.
-A $3,000 issue
CORDOVA,Walker County, Ala.-BOND OFFERING.
of ref. bonds will be offerd for sale at public auction on Aug. 5 at 2 u.m.,
by J. W. Key, Mayor. Int. rate is not to exceed 6%. payable semiannually. Dated Sept. 1 1930. Due $200 from Sept. 1 1931 to 1945 incl.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
A $250 certified check, payable to the Town must accompany the bid.
-BOND SALE.
-The $60,000
CORINTH. Saratoga County, N.- Y.
-were
5% coupon or reg. paving bonds offered on July 29-V. 131, 13. 509
awarded to Barr Bros. & Co., Inc., of New York, at 103.187. a basisjof
about 4.60%. The bonds are dated July 1 1930 and mature $33,000 on
July 1 from 1931 to 1950 incl. The following is a complete list of the bids
submitted for the issue:
Rate But.
Bidder103.187
Barr Bros. & Co., Inc. (purchasers)
102.379
Manufacturers & Traders Trust Co., Buffalo
102.377
Marine Trust Co., Buffalo
102.86
Batchelder & Co., New York
102.14
A. C. Allyn & Co., New York
101.26
George B. Gibbons & Co., Inc.. New York
100.00
J. Judd Dayton, Corinth_
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT (P. 0.
Council Bluffs), Pottawattamie County., Iowa.-OFFERINO DE-The $185,000 issue of school refunding bonds scheduled to be.
TAILS.
-is more fully described as follows:
offered for sale on Aug.5-V.131, p. 509
Denom.. $1,000. Dated Oct. 1 1930. Due on Oct. 1,as follows: $10,000.
1936 to 1945; $15,000, 1946 417,000, 1947 and 1948. and $18,000 in 1949
and 1950. Prin. and int.(A. & 0.) payable at the City National Bank in
Council Bluffs. The blank bends and opinion of Chapman & Cutler of
New York, will be furnished.
-BOND SALE.
-An $8,000 issue of school
COVE, Union County, Ore.
gymnasium bonds was purchased at par on July 12 by the State of Oregon.
(These bonds had been sold to the State on JUDE, 28 but owing to an error
in the advertising they had to be re-offered.)
CUYAHOGA FALLS, Summit County, Ohlo.-BGND AWARD
POSTPONED.
-The award of $42,000 6% 'rapt. bonds for which sealed
-has been postponed until
bids were opened on July 29-V. 131, p. 509
Aug. 5. according to J. E. Preston, City Auditor. Nine bids were submitted for the bonds, seven of which follow:
Int. Rate. Premium.
Bidder4 X%
$111478491...000080
R. B. Herezel & Co., Chicago
Braun, Bosworth & Co., Toledo
4 %
Mitchell, Herrick & Co., Cleveland
431OT
118.00
Otis & Co., Cleveland
122.00
Ryan, Sutherland & Co., Toledo
44
78.00
W.L. Slayton & Co., Toledo_
431%
75.60
-Bertram Co., Cincinnati
Davies
-BOND SALE-The $50,000
DANIELSON,Windham County,Conn.
sidewalk bonds offered on July 29-V. 131,
414% coupon funding and
-were awarded to Eldredge & Co. of Boston at 100.71, a basis of
1:.• 664
about 4.39%. The bends mature on Oct. 1 as follows: $33,500 from 1931
to 1944 incl. and $1.000 in 1945. R. L. Day & Co., also of Boston, the
only other bidders, offered 100.659 for the issue.
-NOTE SALE.
DARLINGTON COUNTY(P.O. Darlington), S. C.
An issue of $100.000 5% notes is reported to have recently been purchased
by the Peoples State Bank of South Carolina of Darlington for a $528
premium, equal to 100.528.
-BOND SALE.
-The
DAWSON COUNTY (P. 0. Glendive), Mont.
$165,000 issue of county high school, series B (amortization) bonds offered
-was purchased by the State Board of
for sale on July 26-V. 130. p. 4642 premium
of $660. equal to 100.40, a
Land Commissioners, as 431s, for a
basis of about 4.7159'. Dated Jan 1 1930. Due on Jan. 1 1950. Int.
payable on Jan. and July 1.
-BONDS REGISTERED.
-The State
DE KALB, Bowie County, Tax.
Comptroller registered on July 16 a $17,000 issue of 5% Independent School
bonds. Due serially.
District, series 1930
-BOND SALE.
-The
DE KALB COUNTY (P. 0. Auburn), Ind.
$18,400 4319'_coupon Smithfield Twp. highway improvement bonds offered
-was awarded to the Fletcher Savings & Trust
on July 26-V. 131. p. 306
Co., of Indianapolis, at par plus a premium of $338.80, equal to 101.84, a
basis of about 4.13%. The bonds are dated July 15 1930 and mature semiannually as follows: MOO on July 15 1931; $900 on Jan. and July 15 from
1932 to 1940. Inc!. and $1.300 on Jan. 15 1941. Bids for the issue were as
follows:
Premium.
Bidder
$338.80
Fletcher Savings & Trust Co. (purchaser)
313.00
First & Tri-State National Bank & Trust Co., Fort Wayne
283.50
Thomas D. Sheerin & Co., Indianapolis
303.75
Inland Investment Co., Indianapolis
296.65
Fletcher American Co., Indianapolis
-BOND OFFERING.
-Sealed
DENVER (City and County), Colo.
received by C.C.Schrepferman,President of the Board of Water
bids will be
Commissioners, until 11 a. m.on Aug. 19, for the purchase of a $13,540,000
Issue of 4i% municipal water refunding series 1927 bonds. Denom.
31.000. Dated June 1 1927. Prin. and semi-annual int. payable at the
office of the Treasurer of the City and County, or at Kountze Bros. in
New York City. No bids will be considered at a price less than par and accrued interest. The legal approval of Clay, Dillon & Vandewater, of New
York City, will be furnished. A list of the maturities and other information
regarding these bonds will be furnished on application to the Board of
Water Commissioners. The Board reserves the right to reject any and all
bids and to withdraw said bonds from sale, or to re-advertise, or at its
discretion to dispose of any or all of said bonds irrespective of said bids
without re-advertising. A certified check for an amount less than $200,000
payable to the Board of Water Commissioners, must accompany the bid.
In connection with the above offering we are in receipt of the following:
The original issue of $13,970,000 municipal water bonds was voted
Aug.6 mg and on Aug. 31 1918 most of the bonds were sold to a syndicate
composed of Harris, Forbes & Co.,the National City Co., E. H. Rollins &
Sons, and the International Co., Denver. Dated Nov. 1 1918 the bonds
were scheduled to mature in 1948, with callable provisions applicable beginning Nov. 1 1928.
On May 17 1927 citizens of Denver voted a new loan to refund the
issue and on Aug. 14 1928 a refunding operation was attempted. The
city then offered an equal amount of 431% serial bonds, maturing in varying
amounts from 1929 to 1967. The bond market, however, was soft at that
time and the sale was never made.
The
The next callable date for the outstanding Issue Is Nov. 1930
new issue must be sold by Sept. 1, however,under a provision for refunding,
which provides that funds to recall the old bonds must be in hand before
the callable date.
820
FINANCIAL CHRONICLE
DETROIT, Wayne County, Mich.
-55,000,000 LOAN OBTAINED.
City Comptroller Howard C. Wade on July 25,completed a transaction with
Barr Bros. & Co., Inc., of New York, whereby the investment house will
loan $5,000,000 to the city, bearing 2.699 interest, the proceeds of which
will retire a loan due August 7, which carries a 4.30% coupon, and another
due on August 10, which bears 3.90% interest. The current loan at 2.69%
interest, due Dec. 30 1930, is the lowest rate the city has had to pay on
borrowed funds.
DEVILS LAKE, Ramsey County, N. Dak.-BONDS OFFERED.
Sealed bids were received until 7:30 p. in. on July 29, by Martin Olsen,
City Auditor, for the purchase of a $15,000 issue of not to exceed 5%
fire protection equipment bonds. Dated July 1 1930. Due on July 1 1940.
Principal and interest (J. & J.) payable at any suitable bank or trust company designated by the purchaser. Legal approval of Junell, Oakley,
Driscoll & Fletcher, of Minneapolis, will be furnished.
DULUTH, Saint Louis County, Minn.
-APPOINTMENT.
-The
Bankers Trust Co. of New York,has been appointed agent for the payment
of the City of Duluth School District bond coupons.
EAST BERLIN SCHOOL DISTRICT, Adams County, Pa.
-BOND
OFFERING.
-Sealed bids addressed to Eugene Elgin, Secretary of Board of
Directors, will be received until 12 in. on August 19, for the purchase of
$7,000 436% school bonds. Dated July 1 1930. Denom. $500. Interest
is payable semi-annually. A certified check for 5% of the amount bid
must accompany each proposal.
ELY, White Pine County, Nev.-BOND SALE.
-A $40,000 issue of
5.40% street improvement bonds has recently been purchased at par by the
First National Bank of Ely.
ERIE, Erie County, Pa.
-FINANCIAL STATEMENT.
-In connection with the offering on Aug. 1 of 31,505,000 43.4% coupon (registerable as
to principal) bonds, comprising four issues
-we are in
-V. 131,.p. 665
receipt of the following:
Financial Condition of the City of Erie, Pennsylvania.
*Bonded debt,including the $1.505.000 now offered for sale_ - _38,254.000.00
Less collectible liens to be filed under permits nos. 597, 618
and 650
155,000.00
a Floating debt
$8,099,000.00
54,623.98
Assets in sinking fund
$8,153,623.98
719,551.24
Net debt of the City of Erie, Pennsylvania
$7,434.072.74
$4,922,000 of the net debt have been authorized by the votes of the electors and $2,512,072.74 thereof is councilmanic debt.
* Water debt included in the bonded debt, $1.730,012.58.
a The floating debt consists of re-paving, property damages. Mortgages,
&c. It Is expected that the floating debt will be reduced about 25% in
the near future.
Real and personal property owned by the City of Erie Pennsylvania on Jan. 1 1930: land and buildings $11,127.988; equipment.
$1,527,875: total, $12.655,863.
The values represented by building permits granted by the City of Erie
during the year 1929 amount to $6,430,471, as against $4,763,718 for the
preceding year (1928).
The total debits to individual accounts of Erie Clearing House Banks
for the year 1929 were $4497,486,074.98.
Taxable valuation of the City of Erie, for the year 1930, $150,713,181.
Estimated actual valuation for 1930, $200,000,000.
City tax rate for 1930, 31.32 per $100 valuation.
The legally required financial statement will be filed in the office of the
Clerk of the Court of Quarter Sessions, of Erie County, Pennsylvania,
prior to the issuing of those bonds.
Erie was chartered as a City on April 14 1851. Population of the City
according to United States Official Census: In 1850, 5.858: in 1860. 9,419:
In 1870, 19.646; in 1880. 27.737: in 1890, 40,654: in 1900, 52,733: in 1910.
66,525: in 1920. 102,093: in 1930. according to preliminary figures of the
Census Bureau, and subject to revision 115,875.
-BOND OFFERING.
ESCAMB1A COUNTY (P. 0. Pensacola), Fla.
Bids will be received at once by Langley Bell, County Clerk, for the purchase of an issue of$180,000 6% coupon toll bridge bonds. Denom.$1,000.
Dated Jan. 15 1930. Due $9,000 from Jan. 15 1931 to 1950 incl. Prin.
and int. (J. & J. 15) payable at the office of the Guaranty Trust Co. in
New York.
IsIn connection with the above offering we are in receipt of the following
report from the County Clerk:
"The proceeds of these bonds are to be used for the construction of a toll
bridge across Perdido Bay between Escambia County, Fla. and Baldwin
'
County, Ala., to replace the present wooden structure. The tolls from the
new bridge while operated as a toll bridge it is estimated will be $38,300 per
year, thereby providing a fund for the retirement of the bonds and int, with
a substantial balance remaining for repairs, maintenance, &c.
In the event of failure of traffic to produce sufficient funds, the County
Is obligated to provide for same by taxation.
Your attention is invited to the good record of Escambia County, Fla.,
as to its bond obligations. Any requests for further information of any
kind will be cheerfully given upon request. You prompt reply is desired;
all offerings however, subject to previous sale.
-TEMPORARY LOAN.-Tbe
ESSEX COUNTY (P. 0. Salem), Mass.
Merchants National Bank, of Salem, recently purchased a $15,000 tuberculosis hospital loan at 2.46% discount., plus a premium of $3.25. The loan
Is dated July 22 1930 and is payable on April 15 1931. Bids submitted
were as follows:
Discount.
Bidder2.46
Merchants National Bank, plus $3.25 (purchaser)
2.50
Deposit & Trust Co
Gloucester Safe
2.50
Cape Ann National Bank, Gloucester
2.55
Central National Bank, Lynn
FARGO SCHOOL DISTRICT(P.O. Fargo), Cass County, N. Dak.BOND SALE.
-The $150,000 issue of semi-annual school bonds offered for
sale on July 28-V. 131, P. 665
-was purchased by the First Securities
Corp.. of St. Paul, as 43
-is, paying a premium of $2,400, equal to 101.60,
a basis of about 4.56%. Due from July 1 1932 to 1950, incl.
.-The $14,500
-MATURITY
FORT SMITH,Sebastian County, Ark.
Issue of 6% semi-ann. paving bonds that was purchased by the City Na-is due on
tional Bank of Fort Smith, at a price of 95.00--V. 131, p. 510
Jan. 1, as follows: $i.500,1933 and 1934: $2,000, 1935 to 1939, and $1,500
in 1940, giving a basis of about 7.02%.
-NOTE SALE.
FRANKLIN COUNTY (P. 0. Louisburg), N. C.
The $230,000 issue of tax anticipation notes offered for sale on July 26-V.
131. P. 510 was Purchased by E. J. Coulon & Co., of New York, as 4s,
Paying a premium of $92.00, equal to 100.04, a basis of about 4.18%•
Dated July 23 1930. Due on March 14 1931.
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. 0. McKnights.
-C.A. Cluck,Secretary
town), Adams County, Pa.
-BOND OFFERING.
of Board of School Directors, will receive sealed bids until 12 in. on August
19, for the purchase of $20,000 436% school bonds. Dated Jan. 1 1930.
Denom. $1,000. Interest is payable semi-annually. A certified check
for 5% of the amount bid must accompany each proposal.
-Phelps, Fenn
-BOND SALE.
FREEPORT, Nassau County, N. Y.
& Co. of New York,on July 30 were awarded an Issue of $80.000 coupon or
registered public improvement bonds as 4.40s, at 100.47. a basis of about
.4.34%. The bonds are dated Aug. 11930. Denom. $1,000. Due $4,000 on
Aug. 1 from 1931 to 1950 incl. Principal and semi-annual niterest (Feb.
and Aug.) payable at the Citizens National Bank, Freeport. Legality
approved by Clay, Dillon & Vandewater, of New York. The successful
bidders are reoffering the bonds for public investment priced to yield from
4.00 to 4.20%.
-The $120,000
GADSDEN, Etowah County, Ala.
-BOND SALE.
issue of coupon street and sidewalk impt. bonds offered for sale on July 28V. 131. p. 666
-was purchased by the Well, Roth St Irving Co. of Cincinnati, as 58, at a price of 97.77, a basis of about 5.48%. Dated Aug. 1
1930. Due $12,000 from Aug. 1 1931 to 1940 incl.
GARFIELD COUNTY CONSOLIDATED SCHOOL DISTRICT
-We are informed that the
NO. 2 (P. 0. Rifle) Colo.
-BOND SALE.
$95,000 issue of semi-annual refunding school bonds scheduled for sale on
[VOL. 131.
Sept. 2-V. 130, p. 3581-has been purchased jointly by Sidlo, Simons,
Day & Co., and Kramlich, Leed & Co., both of Denver, as 436s, at a
price of 100.60, a basis of about 4.41%. Dated Nov. 1 1930. Denom.
$1,000. Due as follows: $4,000, 1931 to 1935, and $5,000, 1936 to 1950,
all inclusive.
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND OFFERING.
-Joseph Farizel, Village Clerk, will receive sealed bids until 11 a. in.
on Aug. 16 for the purchase of $19,237.91 6% special assessment improvement bonds. Dated Sept. 1 1930. One bond for $237.91, all others for
$1,000. Due on Oct. 1 as follows; $1,237.91 in 1932: $2.000 from 1933
to 1941, incl. Interest is payable in April and Oct. 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 3( 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.
GERING, Scotts Bluff County, Neb.-BOND SALE.
-A $30.000
Issue of paving districts bonds is reported to have recently been purchased
by the Omaha National Co. of Omaha.
GIBSON COUNTY (P. 0. Trenton), Tenn.
-BOND SALE.
-The
$500,000 issue of coupon highway bonds offered for sale on July 24V. 131, p. 510
-was awarded at public auction to Caldwell & Co., of
Nashville, as 43.6s, at par. Due $20,000 from Jan. 1 1936 to 1960 incl.
(The County Is required to pay the attorney's fees and the cost of printing
the bonds.)
GIBSON COUNTY (P. 0. Princeton), Ind.
-The
-BOND SALE.
two issues of 436% coupon bonds aggregating $27,000 offered on July 26
were awarded to the Peoples American National Bank, of Princeton,as
follows:
$17,000 Lottie Yeager at al. Johnson Twp. road improvement bonds sold
at par plus a premium of $348.50. equal to 102.05. a basis of about
4.08%. Due $850 on July 15 1931: 3850 on Jan. and July 15
1932 to 1940, incl., and $850 on Jan. 15 1941.
10,000 Orus Westfall at al., Patoka Twp. road improvement bonds sold
at par plus a premium of $205.50, equal to 102.05, a basis of about
4.08%. Due $500 on July 15 1931: $500 on Jan. and July 15
from 1932 to 1940, incl. and $500 on Jan. 15 1941.
Each issue is dated July 15 '
1930. The following is a list of the bids
received;
-PremiumBidderA
Fletcher Savings & Trust Co., Indianapolis
$193.00 $327.00
Fletcher American Co., Indianapolis
167.70 277.70
Union Trust Co., Indianapolis
176.50
301.00
Thos. Sheerin & Co., Indianapolis
184.50
279.00
First & 'Fri State National Bank & Trust Co., Ft. Wayne_ 192.50
285.00
Peoples American National Bank, Princeton
205.50 348.50
Inland Invest, Co., Indianapolis
190.00 297.50
City Securities Corp., Indianapolis
181.00
281.00
J. F. Wild Invest. Co., Indianapolis
204.00
347.00
Campbell it Co., Indianapolis
153.00 307.70
A $10,000 issue; B $17,000 issue.
GLASSBORO, Gloucester County, N. J.
-BOND SALE.
-M. M.
Freeman & Co., of Philadelphia, on June 28 purchased an issue of $110,000
5% coupon improvement bonds at par plus a premium of $300, equal to
100.27, a basis of about 4.90%. The bonds are dated July 1 1930. Denom,
$1,000. Due annually from 1931 to 1938, incl. Interest is payable in
Jan. and July.
GLENVILLE WATER DISTRICT NO. 2 (P. 0. Glenville), Schanec.
tady County, N. Y.
-John II. Buhrmaster, Super-BOND OFFERING.
visor of the Town of Glenville, will receive sealed bids until 8 p. m.(Daylight saving time) on Aug. 5 for the purchase of 332,000 not to exceed 5%
int, coupon or registered water bonds. Dated Aug. 1 1939. Denonl.
$1,000. Due $2,000 on Aug. 1 from 1932 to 1947 incl. Prin. and semiann. int. (F. & A.) payable at the Glenville Bank, Scotia. Rate of int. to
be expressed in a multiple of 1-10 or 3; of 1%. A certified check for $1,500,
payable to the order of the Town Supervisor, must accompany each_proposal. The approving opinion of Clay, Dillon & Vandewater of New York,
will be furnished to the purchaser without charge.
Financial Statement.
I, John H. Buhrmaster, Supervisor of the Town of Glenville, New York,
hereby certify:
1. That the assessed valuation of the real estate in the Town of Glenville,
N.Y.,as appears on the last (1929) assessment roll is as follows:
Real estate assessed by local assessros
$20,052.942
Specialfranchises
1,073.500
Total
$21,126,442
2. That the total bonded debt of the Town,including this issue,is $48,000
3. That all of the above indebtedness was incurred to provide for the
supply of water in special water districts and is to be paid by taxation against
the property in said water districts.
4. That the sum of $1,360 has been borrowed on a temporary note which
will be retired by the proceeds of a bond sale,said money to be used to pave
a portion ofa street and which will be assessed against the property benefits
by the improvement.
5. That there are no unpaid judgments of record against the Town.
In witness whereof, I have hereto officially set my hand this 22nd day
of July 1930.
JOHN H. BUHRMASTER,
Supervisor.
Town of Glenville.
Population 1910
Tax Rate.
5,201
Population 1915
6,538 Tax rate 1926
55.93 Per $1,000
Population 1920
7.036 Tax rate 1927
6.26 per $1,000
Population 1925
9.375 Tax rate 1928
5.88 per $1,000
Population 1930
6.04 per $1,000
12,066 Tax rate 1929
GLENWOOD SPRINGS, Garlic d County, Colo.
-BOND SALE.
We are informed that the $72,000 issue of Paving District No. 1 bonds
offered for sale on April 18-V. 130, p. 2625
-was purchased by the First
ational Bank of Glenwood Springs. Dated May 11930. Due on or before
50.
n
GOODING HIGHWAY DISTRICT (P. 0. Gooding), Gooding
County, Idaho.
-The $100,000 issue of
-ADDITIONAL DETAILS.
536% highway refunding bonds that was taken over by the First Securities
Co. of Ogden
-V. 130. p. 4643
-was purchased at a price of 99.00. a basis
of about 5.63%. Dated July 1 1930. Due in from 2 to 20 years.
GOSHEN COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Huntley),
Wyo.-BOND SALE
.-The $20,000 issue of school building bonds offered
for sale on July 12-V. 130, P. 4462
-was awarded to Peck, Brown & Co.
of Denver. as 534s, at par. Dated July 1 1930. Due in 1950.
-BONDS REGISTERED.
GRAPELAND, Houston County, Tex.
The $45,000 issue of 6% serial water works bonds that was unsuccessfully
offered on May 28-V. 130, p. 4463
-was registered by the State Comptroller on July 25.
GREENBURGH (P. 0. Tarrytown), Westchvster County, N. Y.
BOND SALE.
-The two issues of coupon or registered bonds aggregating
-were awarded as follows;
$147,500 offered on July 24
$107,000 highway improvement bonds sold as 4345 to Rutter & Co., New
York, at 100.10, a basis of about 4.23%. The bonds are dated
Aug. 1 1930 and mature on Aug. 1 as follows; 35,000 from 1931
to 1943, incl., and 56,000 from 1944 to 1950, incl.
40,500 Jane Ave.-olland Place improvement bonds sold as 4368 to
H
Rutter & Co. of New York, at par plus a premium of 3467,
equal to 101.15, a basis of about 4.34%. The bonds are dated
'
July 1 1930 and mature on July 1 as follows; $500 in 1931; 31,000
in 1932, and 83.000 from 1933 to 1945. incl.
-BOND SALE.
-The
GREENE COUNTY (P. 0. Bloomfield), Ind.
following issues of 434% coupon bonds aggregating $13,800 offered on
July 29 (V. 131, p. 666) were awarded to the First ez Tri-State National
Bank & Trust Co. of Fort Wayne at par plus a premium of $228, equal to
101.65, a basis of about 4.16%.
57.000 gravel road construction bonds. Due $350 on May and Nov. 15
from 1931 to 1940,inclusive.
6.800 Alva Rowe at al. cemetery road construction bonds. Due 5340
on May and Nov. 15 from 1931 to 1940, inclusive.
Each issue is dated July 15 1930.
AUG. 2 1930.]
GROSSE POINTE TOWSNHIP AGRICULTURAL SCHOOL DIS-LIST OF
TRICT NO. 1 (P.O. Grosse Pointe), Wayne County, Mich.
-Thefollowing is a list of the bidders and the nature of their proposals
BIDS.
submitted on July 21 for the purchase of the $120,000 coupon school bonds,
awarded as 451s to Watling, Lerchen & Hayes of Detroit, at par plus a premium of $6,261. equal to 105.21, a basis of about 4.275%. The list given
together with the report of the award in our issue of July 26-V.131, p. 666
-is incomplete.
Premium.
Bidder and Terms of Proposal$5,627.00
$120,000 4110
First Detroit Co
27.00
120,000 41s
4,313.13
120,000 4)1s
Stranahan,Harris& Oatis
1,392.17
120,000 43..
6,261.00
120,000 4)4s
*Watling,Lerchen & Hayes
120,000 4(s
4,490.00
Guardian Union Group
120,000 434s
1,896.00
151.00
And 1930-51 4)is, 1952-594s
120,000 411s
4,652.00
H.M.Byllesby & Co
120,000 4s
2,576.00
3
120,000 4%s
4,009.80
Otis & Co
120,000 4 itE1
2,233.80
* Purchasers.
GUILFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Chambers-BOND SALE.
-The $36,000 4 %
ourg, R.R.), Franklin County, Pa.
-were awarded,to
'coupon school bonds offered on June 7-V. 130, p. 2923
J. O. Detwiler of Marion. The bonds are dated June 1 1930. Denom.
41,000. Due $2,000 on Dec. 1 from 1932 to 1949 incl. Int, is payable in
June and Dec.
HATTIESBURG,Forrest County,Miss.
-BOND OFFERING.
-Sealed
bids will be received by the City Clerk, until Aug. 5, for the purchase of a
-$300.000 issue of water bonds.
HELENA, Lewis and Clark County, Mont.
-BOND OFFERING.
-A $200,000 issue of water system bonds will be offered for sale at public
auction on Sept. 2, at 2 p.m., by V. N. Kessler, City Clerk. Interest
Tate is not to exceed 6%. payable April and Oct. 1. Dated Oct. 1 1930.
Amortization bonds Will be the first choice and serial bonds the second
choice of the City Council. Serial bonds will mature from April 1 1935
until all are paid in semi-annual payments. Redeemable on Oct. 1 1940.
Amortization bonds will mature over a period of 20 years. A $2,000
certified check, payable to the clerk, must accompany the bid.
HEMPSTEAD SCHOOL DISTRICT NO. 1 (P. 0. Hempstead),
-BOND OFFERING.
-J. T. Calkins, District
'Nassau County, N. Y.
Clerk, will receive sealed bids until 8 p. in. (daylight saving time) on
Sept. 17 for the purchase of $250,000 4)1% coupon or registered school
bonds. Dated Oct. 1 1930. Denom. $1,000. Due $10,000 on Oct. 1
from 1935 to 1959 inclusive. Principal and semi-annual interest (April
and October) payable at the Second National Bank, Hempstead. The
bonds will be prepared under the supervision of the International Trust
Co., New York, which will certify as to the genuineness of the signatures
of the officials and the seal impressed thereon. A certified check for 2%
of the amount of bonds bid for, payable to the order of the Board of Education, must accompany each proposal. Legality will be approved by
Hawkins. Heiariaid & Longfellow, of New York, whose opinion will be
furnished the successful bidder.
These are the bonds mentioned in our issue of July 5-V. 131, p. 149.
HIDALGO INDEPENDENT SCHOOL DISTRICT (P. 0. Hidalgo),
-BONDS REGISTERED.
-On July 18 the State
Hildalgo County, Tex.
Comptroller registered a $19,000 issue of 64 school, series 1930 bonds.
Due on July 1 1970.
HOLCOMB CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
-A $10,000 issue of
Holcomb), Dunklin County, Mo.-BOND SALE.
6% semi-ann. school bonds has been purchased by the Peoples Bank of
Holcomb.
-BONDS REGISTERED.
HOUSTON, Harris County, Tex.
-The
following three !settee of 4)1% serial bonds aggregating $1,375,000, were
registered by the State Comptroller on July 14; $200,000storm and drainage
sewer; $500,000 sanitary sewer and $675,000 waterworks bonds.
HOUSTON COUNTY CONSOLIDATED ROAD DISTRICT NO. 2
-BONDS REGISTERED.
-The $500,000 issue
(P. 0. Crockett), Tex.
of 5% semi-annual road bonds that was unsuccessfully offered on May 5-was registered by the State Comptroller on July 16. Due
V. 130, p. 3405
from 1933 to 1960, incl.
-BOND SALE.
-A $5,000 issue of
HUDSON, Weld County, Colo.
53'25, refunding water bonds has been purchased by Peck, Brown & Co.,
of Denver. Dated April 1 1930.
-OFFER $2,000,000
HUDSON COUNTY (P. 0. Jersey City), N. J.
Freeman & Co., Inc.,
BONDS.
-Eldredge & Co. of New York, and M. M.
also of New York,jointly, are offering a block of $2,000,000 4)i% bonds for
public investment at prices to yield 4.10%. The bonds mature serially on
May 15 from 1938 to 1978 incl. and are said to be legal investment for
savings banks and trust funds in New York and New Jersey. The securities are part of the seven issues aggregating $3,100,000 awarded on May 8
-V.130,P.3405.
to the investment houses mentioned above.
HUNT COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 77
-BONDS REGISTERED.
-A $1,000 issue of 5%
(P. 0. Greenville), Tex.
erial school bonds was registered by the State Comptroller on July 22.
HUNTINGTON SCHOOL DISTRICT NO. 3 (P. 0. Huntington),
-The $42,000 4)1% coupon
Suffolk County, N. Y.
-BOND SALE.
school bonds offered on July 25-V. 131. p. 511-were awarded to the First
National Bank & Trust Co., Huntington, at 101.32, a basis of about 4.32%.
The bonds are dated July 15 1930 and mature on July 15 as follows: $5,000
from 1935 to 1942 incl., and $2,000 in 1943. Bids submitted for the issue
were as follows:
Bidder
Rate Bid.
First National Bank & Trust Co.(Purchaser)
101.32
Batchelder & Co
100.17
George B. Gibbons & Co., Inc
100.447
Bacon & Co
Dewey,
100.31
Roosevelt & Son
101.06
Bank of Huntington
100.95
IDAHO, State of (P. 0. Boise).
-BONDED DEBT REDUCED.
According to the State Treasurer, the payments made on July 1 reduced
the bonded debt of the State to $4,895,000, the lowest figure in the past
ten years. Annual interest charges were reported to have been cut $2.600.
The annualinterest on the State's present indebtedness amounts to $230,937.
ITHACA, Tompkins County, N. Y.
-BOND SALE.
-The $100,000
4% series G coupon or registered impt. bonds offered on July 25--V. 131,
p. 667
-were awarded jointly to the Tompkins County Bank, and the
Ithaca Trust Co., both of Ithaca. The bonds are dated Jan. 1 1930 and
mature as follows: $4,000 from 1938 to 1940 incl.: $11,000 in 1941;$14.000
from 1942 to 1944 incl.; $15,000 in 1945, and $10,000 in 1946 and 1947.
JACKSON, Teton County, Wyo.-BOND SALE.
-The $20,000 issue
of 5% water bonds offered for sale on July 10-V. 131, p. 308
-was purchased at par by a local bank. Due in 30 years and optional after 15 years.
JACKSON COUNTY HIGH SCHOOL DISTRICT (P. 0. Walden),
Colo.
-BONDS VOTED -The $20,000 issue of 5% school building bonds
that was previously sold at par to Bosworth. Chanute, Loughridge & Co.,
of Denver-V. 130. p. 4464
-was approved by the voters on July 12.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.-The
following issues of 4)1% bonds aggregating $29,000 offered on July 28V. 131, p.308
-were awarded to J. F. Wild & Co. of Indianapolis, at Par
plus a premium of $556, equal to 101.91,a basis of about 4.12%:
411,100 Eugene Kirk et al., Barkley Twp. road construction bonds.
Denom.$555. Due $555 on July 15 1931; $555 on Jan. and July 15
from 1932 to 1940 incl., and $555 on Jan. 15 1941.
8,400 August Bernhardt et al., Carpenter Twp. road construction bonds.
Denom. $420. Due $420 on July 15 1931; $420 on Jan. and July 15
from 1932 to 1940 inclusive,and $420 on Jan. 15 1941.
5,600 Elam Fleming et al., Newton Twp. road construction bends.
Denom.$280. Due $280 on July 15 1931;$280 on Jan. and July 15
ann su on Jan.
3,900 Barkley Township road construction bonds Due one bond on
each Jan. and July 15 from July 15 1931 to Jan. 15 1941.
Bach issue is dated July 15 1930.
821
FINANCIAL CHRONICLE
-BOND SALE NOT
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
-We are informed that the sale of the $1,000,000 issue
CONSUMMATED.
of 5% semi-annual court house bonds on March 17 to Eldredge & Co., of
New York, and the Republic National Co. of Dallas, jointly.-. 130.
-was not consummated as the maturities of the bonds were not
p. 2074
satisfactory to the purchasers. The sale of the $1,000,000 issue of 5%
court house refunding bonds to the above purchasers, reported in these
-is now stated to have been a subcolumns as a new sale
-V. 131, p. 308
-year maturity
stitution of a serial bond issue in place of the original 40
bonds.
JEFFERSON COUNTY CONSOLIDATED SCHOOL DISTRICT
-A $55,000 issue
-ELECTION SALE.
-PRE
NO. 1 (P. O. Golden), Colo.
of4 W.% refunding school bonds has been purchased by Bosworth, Chanute,
Loughridge & Co. of Denver prior to an election to be held soon. Due in
1941 but optional $5,000from 1931 to 1941.
JEFFERSON COUNTY SCHOOL DISTRICT NO.54(P.O.Ringling,
-The $6,000 issue of school bonds
Route 1), Okla.
-BOND SALE.
-and reoffered on
originally offered for sale on July 14-V. 131, p. 308
July 22, was awarded on that date to Calvert & Canfield of Oklahoma City,
as follows: $3,000 as 5%s, and $3,000 as 534s. Due $2,000 from 1933 to
1935 incl.
-The
-BOND SALE.
JENNINGS COUNTY (P. 0. Vernon), Ind.
$15,800 434% coupon Vernon and Center Townships road construction
bonds offered on July 25 (V. 131, p. 667) were awarded to Campbell &
Co. of Indianapolis at par plus a premium of $302.65, equal to 101.91, a
basis of about 4.11%. The bonds are dated July 15 1930. Due $790 on
July 15 1931;$790 on Jan. and July 15from 1932 to 1940,incl., and $790 on
Jan. 15 1941. Bids for the issue were as follows:
Premium.
Bidder$302.65
Campbell & Co. (purchasers)
254.00
Fletcher American Co., Indianapolis
297.50
Inland Investment Co., Indianapolis
284.00
Fletcher Savings & Trust Co., Indianapolis
251.50
Thomas D.Sherein & Co.,Indianapolis
262.00
City Securities Corp.,Indianapolis
180.00
First National Bank, North Vernon
-The
-BOND SALE.
JOHNSON CITY, Washington County, Tenn.
two issues of bonds aggregating $138,915, offered for sale on July 24-V.
-were purchased by Little, Wooten & Co.,of Jackson, as 534s,
131, p. 667
for a premium of $1,870, equal to 101.346. a basis of about 5.35%• The
Issues are described as follows:
$105,000 water works bonds. Due from 1939 to 1949, incl.
33,915 street and general improvement bonds. Due from 1931 to 1950.
inclusive.
-NOTE SALE.
JOHNSTON COUNTY (P. 0. Smithfield), N. C.
The $380,000 issue of revenue anticipation notes offered for sale on July 23
-was purchased by Bray Bros. & Co. of Greensboro. as
-V. 131, p. 667
4s,for a premium of $30,equal to 100.007.
-OFFERING DATE IS
JOHNSON COUNTY (P. 0. Franklin), Ind.
CHANGED.
-William M. Burgett, County Treasurer, states that the
$9,100 434% George W. DeHart et al., Clark Township road construction
-were not
bonds scheduled to have been sold on July 29-V. 131. P. 667
disposed of on that date as it was decided to postpone the award until
Aug. 5. Sealed bids for the purchase of the issue should be addressed to
the above-mentioned Treasurer.
-Edward
-BOND OFFERING.
JOHNSTOWN,Fulton County, N. Y.
D. O'Neil, City Chamberlain, will receive sealed bids until I p. m.(Daysaving time) on Aug. 18 for the purchase of $80,000 not to exceed 5%
light
int. coupon or registered paving bonds. Dated June 1 1930. Denom.
$1,000. Due $4,000 on June 1 from 1931 to 1950 incl. Prin. and semi-ann.
i
mt. (June and Dec.) payable at the Central Hanover Bank & Trust Co..
New York. Rate of int. is to be expressed in multiples of 34 of 1%. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the above-mentioned Chamberlain, must accompany each proposal.
The legality of the bonds will be passed upon by Caldwell & Raymond,
New York, whose favorable opinion will be furnished the purchaser.
Financial Statement July 22 1930.
$175,000.00
Bonds: Water
135,000.00
City Hall construction
4,500.00
City Hall site
128,500.00
including this issue
Paving,
44,000.00
Brides
25,500.00
Lighting
12,000.00
Sewers
$524,500.00
Total bonded debt
$9,082.00
Temporary Loans:Equipment
52.946.72
Paving
6,200.54
Sewers
$68,229.26
Total temporary loans
$41,639.23
Sinking Fund, Water Dept.: Balance
Assessed Valuations: Real property,less public bldgs. &exempt$7,534,350.00
715,025.00
Franchises
Personal
Public buildings
Exempt property
18.249.375.00
70,200.00
772,200.00
29,100.00
$9,120,875.00
Bond limit
Bonded debt, including this issue
Water bonds exempt
Margin of debt incurring capacity
$824,937.50
$524,500.00
175,000.00
349,500.00
$475,437.50
-BOND SALE.
-The
KANSAS CITY, Wyandotte County, Kan.
$200.000 issue of 434% semi-annual water works improvement, series P
-was awarded to A. H.
bonds offered for sale on July 29-V. 131. p. 667
Gillis & Co., of Kansas City, for a premium of $760, equal to 100.38, a
basis of about 4.45%. Due $10,000 from July 1 1931 to 1950, inclusive.
KLICKITAT COUNTY SCHOOL DISTRICT NO.66 (P. 0. Golden
-MATURITY.
-The $6,000 issue ofsemi-ann.school bonds.
dale), Wash.
-V. 131that was purchased by the State of Washington, as 534s, at par
p.511-is due from Aug. 1 1932 to 1945 incl.
KOYLTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO.
-BOND SALE.
-The $50.
4 (P. 0. Kingston), Tuscola County, Mich.
-were awarded
000 issue of school bonds offered on July 7-V. 131,5. 149
as ois to Bumpus & Co.. of Detroit, at a price of par. The bonds are
dated July 7 1930 and mature on April 10 as follows: $1,000 from 1932 to
1845, incl.; $2,000 from 1946 to 1951, incl., and $3,000 from 1952 tO 1959.
inclusive.
-BOND SALE.
-H. K.
LAKE COUNTY_ (P. 0. Crown Point), Ind.
Groves, County Treasurer, informs us that an issue of $14,000 5% coupon
highway improvement bonds was awarded on July 21, to the Commercial
Bank, of Crown Point, at par plus a premium of $595, equal to 104.25.
a basis of about 4.12%. The bonds are dated July 15 1930. Denom.$700.
Due $700 on July 15 1931;$700 on Jan.and July 15from 1932 to 1940,incl.,
and $700 on Jan. 15 1941. Legality approved by Matson. Carter. Ross &
McCord, of Indianapolis. Bids were also submitted by the City Securities
Corp., and the Fletcher American Co., each of Indianapolis.
-BOND SALE.
-A $235 000 issue
LAMAR, Prowers County, Colo.
of 43.1% ref. bonds has recently been purchased by the U. S. National Co.
Inc. of Denver and associates at a price of 98.51) a basis of about 4.54%.
Dated Sept. 11930. Due on Sept. 1 as follows: $24 000 1931 to 1935 and
Prin. and int. (M.& S. 1) payable at the
523 000 1936 to 1940 all incl. at
Kountze Bros. in N. Y. City. Legality
office of the City Treasurer or
Pershing Nye Talimadge & Boswortn of Denver.
approved by
Financial Statement (As Officially Reported.)
Assessed valuation (1929)
$3,145,919
Total bonded debt
648,900
Less water and light bonds
648.900
Net debt
None
Population: 1930 Federal census 4,283.
822
FINANCIAL CHRONICLE
Ciror.. 131.
LAMAR COUNTY (P. O. Barnesville), Ga.-BONDS VOTED.
-At a as follows: $649.80 in 1931; $1,000 from 1932 to 1939, incl., and 12,000
in
special election held on July 23, the voters passed approval on the
1940.
Issuance of 165,000 in bonds for a new court house and jail byproposed InterestInterest is payable in April and Oct. Bids for the bonds to bear
a count
at a rate other than 6% will also be considered, provided, however.
reported to have been 570 "for" as compared with 144 "against." It is that where a
fractional rate is bid such fraction shall be
said that bids will be asked for as soon as the bonds can be validated.
multiple thereof. A certified check for 5% of the amount of j of 1% or a
bonds bid for,
LA VEGA SCHOOL DISTRICT (P. 0. Waco) McLennan County, payable to the order of the Village Treasurer, must accompany each
Tex.
-BOND SALE
-A $15,000isue of school building bonds is reported to proposal.
have recently been purchased by the State of Texas.
MILLE LACS COUNTY (P.O. Milaca), Minn.
-BOND OFF,ERING.LAVERNIA INDEPENDENT SCHOOL DISTRICT (P. 0. Lavernia), Sealed bids will be received until 2 p. m. on August 5. by Walter Peltier.
Wilson County, Tex.
-BONDS REGISTERED.
-A $30,000 Issue of 5% County Auditor,for the purchase of a 19.500 issue of ditch bonds. Interest
school, series of 1930 bonds was registered on July 19, by the State Comp- rate is not to exceed 5%, payable semi-annually. Dated May 1 1930.
Due in from 6 to 20 years. The approving opinion of H.
troller. Due serially.
St. Paul, will be furnished. Payable at such place as the W. Moody, of
County Board
LAWTON, Comanche County, Okla.
-BOND OFFERING.
-Sealed may determine.
bids will be received until 5 p. in. on Aug. 11, by Todd Sanders, City
MINOT SCHOOL DISTRICT (P. 0. Minot), Ward County, N. Dak.
Clerk, for the purchase of a $600,000 issue of water works bonds. The
Interest rate is to be stated by the bidder. Due 130,1,00 from 1935 to 1954, -BOND OFFERING.
-Sealed bids will be received by the Secretary or
inclusive. A certified check for 2% of the bid is required. (These are the Board of Education, until Aug. 18 for the purchase of a $96,000 issue of
the bonds that were unsuccessfully offered on April 29-V. 130, 13• 3583•) 5% semi-annual school bonds. Due serially in 20 years. (These bonds
were voted at an election held on July 22.)
LEE COUNTY (P. 0. Fort Madison), Iowa.
-BOND SALE.
-The
MISSOURI, State of (P. 0. 'Jefferson City).
1333.000 issue of coupon or registered primary road bonds offered for sale
-BOND OFFERING.
on July 24-V. 131, p. 511
-was purchased by Geo. M. Bechtel & Co.. Sealed bids will be received until Sept. 4, by Larry Brunk. State Treasurer,.
of Davenport, as 43.ft, for a premium of $525, equal to 100.15, a basis Of for the purchase of a $5,000,000 issue of 4% semi-annual road bonds.
(This report corrects that given in V. 131. p. 150.)
about 4.47%. Due from May 1 1936 to 1945. Optional after May 1 1936,
It is reported that they will mature $1,000,000 yearly from Sept. 1 1943.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription at prices to yield investor about 4.25% to 1947, incl. These bonds are a portion of a $75.000.000 issue authorized.
to optional date and 4.50%, thereafter. Prin. and int.(May 1) payable at in 1928 and will bring the total amount sold under the authorization to.
the office of the County Treasurer. They are reported to be tax exempt 122.500,000.
In Iowa and are considered to be eligible as security for postal savings
MITCHELL PAVING DISTRICT NO. 1 (P. 0. Mitchell), Scotts.
deposits.
Bluff County, Neb.-BOND SALE.-An issue of $100,000 paving bonds
Financial Statement (As Officially Reported).
Is reported to have recently been purchased by the Omaha National Co.
*Value of taxable property
152,510,364
MOBILE, Mobile County, Ala.
Total debt (this issue included)
-BOND SALE.
-The $150,000 Issue of
1,690.000 5% semi-annual
public school, series B bonds offered for sale on July 29Population: Estimated, 38.588.
* The constitutional debt limit is 5% of the value of taxable property. V• 131, P. 512
-was purchased by Assel, Goetz & Moerlein, Inc., of Cincinnati. for a premium of 11,179, equal to 100.786, a basis of about 4.93
The Supreme Court of Iowa defined this to be 5% of the actual value of
%•
Dated Oct. 1 1929. Due from Oct. 1 1932 to 1959, incl.
taxable property as returned by the assessor and as equalized.
is an °Meting-of the bids received:
LEEDS SCHOOL DISTRICT NO.6 (P. 0. Minnewaukan), Benson *Assel,
Goetz & Moerlein. Inc., Cincinnati, 0.-$151,929 and accrued
County, N. Hak.-BOND OFFERING.
-Bids will be received until 2 p.m.
interest,less 1750 reduction in the premium,as ordered by telegram prior
on Aug. 8, by Elsie 8. Butts, District Clerk, for the purchase of a $10.000
to
Issue of school bonds. Interest rate is not to exceed 6%, payable semi- Firstthe opening of bids.
Securities Co., Inc., for Walter, Woody & Heimerdinger and
annually. Denom. 11.000. Dated Aug. 1 1930. Due $1,000 from
Wilson az Co., Cincinnati, 0.-1150,000 and accrued interest. Taylor.
Aug. 1 1933 to 1942, incl. Bids may be submitted in writing and oral bids Ward, Sterne & Co. and
Steiner Brothers, Birmingham, Ala.
-97M % of
will be received at the same time. Payable at any suitable bank or trust
par and accrued
company designated by the purchaser. The approving opinion of June11, American Nationalinterest.
Bank & Trust Co. Mobile, Ala.
-99 and accrued int.
Oakley. Driscoll & Fletcher, of Minneapolis, will be furnished. A $250 The Mobile National
Bank, for Well. Roth & Irving, Cincinnati, 0.certified check, payable to the District, must aecompany the bid.
1148.760 and accrued interest.
LEHIGH COUNTY (P. 0. Allentown), Pa.
-3800,000 BOND ISSUE The Mobile National Bank, for C. W. McNear & Co., Chicago, Ill.
$147,375 and accrued interest.
APPROVED.
-James F. Woodward, Secretary of the State Department of
Internal Affairs, on July 26 is reported to have approved the $800,000 Breed, Elliott & Harrison, Cincinnati, 0.-$148,875 and accrued interest.
*Successful bid.
4 % county bonds which were awarded on July 14 to M. M. Freeman &
Co. of Phlladelphia.-V. 131, IL 668.
MONROE, Monroe County, Mich.
-BIDS REJECTED-BONDS
LEXINGTON, Middlesex County, Mass.
-John H. Eber, City Clerk, states that all of the bids reSALE.-Estabrook REOFFERED.
-BOND
& Co., of Boston, on July 30 purchased an issue of $120,000 4% coupon ceived on July 28,for the purchase of the $45,500 not to exceed 5% interest
school bonds at a price of 101.06, a basis of about 3.78%. The bonds are special assessment paving, sewer and water mains bonds offered for sale
-were rejected. The bonds are not being re-advertised to
dated Aug. 1 1930 and mature $12,000 annually from 1931 to 1940. Incl. V. 131, p. 669
be sold on Aug. 11. Sealed bids should be addressed to the above-mentioned
The following is a list of the bids submitted for the issue:
clerk. The obligations are dated March 1 1930 and mature on March 1 as
BidderRate Bid. follows: $7,600 in 1931; $7,700 in 1932: 17,800 in
1933; $6,150 in 1934;
Estabrook & Co. (purchasers)
101.06
$3,350 in 1935; 13,150 in 1936; $3,250 in 1937; $3,150 in 1938 and $3,350
Harris, Forbes & Co
100.96
in 1939.
First Nationl Old Colony Corp
100.94
R. L. Day & Co
MONTEREY UNION HIGH SCHOOL DISTRICT (P. 0. Monterey),
100.899
Corp
Atlantic C
Monterey County, Calif.
-BOND OFFERING.
100.87
-Sealed bids will be reLexington Trust Co
100.703 celved by the County Clerk, until 2 p. m. on Aug. 4, for the purchase of
a $225.000 issue of 5% school bonds. Dated Aug.4 1930. Due as follows:
LINN COUNTY (P. 0. Mound City), Kan.
-The
-BOND SALE.
$100,500 issue of4 M,% coupon semi-annual road improvement bonds offered 122,000, 1931 to 1935, and $23,000, 1936 to 1940, all incl.
for sale on July 26-V.131,p.512
-was purchased by the Prescott. Wright,
MONTGOMERY, Montgomery County, Ala.
-PRICE PAID.
-The
Snider Co., of Kansas City, at a price of 100.035, a basis of about 4.24%. $250,000 issue of 5M % publlc Improvement bonds that was purchased by.
Dated July 1 1930. Duefrom July 1 1931 to 1940.incl. The second highest Caldwell & Co., of Nashville
-was awarded at a price or
-V. 130. p. 2833
bidder was Stern Bros. & Co., of Kansas City, offering 100.031. The bids 100.50, a basis of about 5.40%. Due 525.000 from Jan. 1 1931 to 1940..
of the other seven bidders were all below par.
incl.
LULA, Coahoma County, Miss.
-BOND OFFERING.
-A $5,000 issue
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND OFFERof water works improvement bonds will be offered for sale at public auction ING.
-Berry E. Clark, Clerk of the Board of County Commissioners, will
on August 5, by T. C. Crawford, Town Clerk. The successful bidder will receive sealed bids until 12 in. (Eastern standard time) on August 12, for
be required to furnish a certified check for 5% of the bid.
the purchase of $36,000 5% Election District road bonds. Dated August
1 1930.
LULING, Caldwell County, Tex.-1VARR.4NT SA LE.
-A $60.000 PrincipalDenom. 31.000. Due $2,000 on August 1 from 1931 to 1948,incl.
Issue of sewer system purchase warrants has recently been awarded to the gomery and semi-annual interest (Feb. and Aug.) payable at the MontCounty National Bank, Rockville. A certified check for $500,
Southwest Investment Co. of Austin.
cach propothl order of the Board of County Commissioners must accompany
payablo to sae
.
MADISONVILLE, Hopkins County, Ky.-BONDS VOTED.
-At a
special election held recently the voters approved the issuance of $140,000
MT. HERMON-SUNNY HILL SCHOOL DISTRICT (P. 0. Frankin bonds to provide funds for construction of jail, almshouse and court
linton), Washington Parish, La.-BONI) OFFERING.
house improvements.
-Sealed bids
will be received until Aug. 5 by D. H. Stringfield, Secretary of the Parish
bonds
MAMARONECK, Westchester County, N. Y.
-BOND SALE.
-The School Board,for the purchase of a $15,000 Issue of 5% semi-annual school
following issues of coupon or registered bonds aggregating /340,000 offered
-were awarded as 4 Ms to Phelps, Fenn & Co.,
on July 30-V. 131. p. 668
MOUNT PLEASANT(P.O.North Tarrytown), Westchester County,.
of New York, at 100.451. a basis of about 4.19%:
N.Y.-BON OFFERING.-Edward F.Hennessey,Town Clerk, will receive
$200,000 park bonds. Due $10,000 on August 1 from 1931 to 1950, incl.
scaled bids until 3 p. m. (Daylight saving time) on August 12, for the
140,000 street improvement bonds. Due on August 1 as follows: $10,000 purchase of
$102,000 not to exceed 6% interest coupon or registered street
from 1932 to 1940, incl.. and 15.000 from 1941 to 1950, incl.
Each issue is dated August 1 1930. The successful bidders are reoffering improvement bonds. Dated August 1 1930. Denom. $1,000. Due on
August 1 as follows: 16.000 from 1931 to 1933, incl., and $7,000
the securities for public investment priced to yield from 3.25 to 4.15%•
to 1945, incl. Rate of interest is to Da expressed in multiples of from 1934
M of 1%.
-BOND' ISSUES TOTALING Principal and semi-annual interest (Feb. and August) payable in gold at
MARION, Williamson County, 111.
1420.000 VOTED.
-At an election held on July 22, voters of the city the First National Bank, North Tarrytown. A certified check for 2% or
school district and township high school district authorized the issuance the amount of bonds bid for, payable to the order of the Town, must acof 1420,000 in bonds. The city bond issue for 1180,000 was approved ny a company each proposal. rhe approving opinion of Reed, Hoyt & Washvote of 2,625 to 226. The city school district issue for 1120,000 was ap- burn, of New York, will be furnished to the successful bidder.
proved by a vote of 2,580 to 167. The township high school district for '
'MOUNT WOLF SCHOOL DISTRICT, York County, Pa.
$120,000 was approved by a vote of 2,784 to 255.
-BOND
SALE.
-The $17,700 4g% coupon school bonds offered on July 26-V.
-BOND SALE.
MARTIN COUNTY (P. 0. Shoals), Ind.
-The $5,740 131, p. 512
-were awarded to the Union National
4h% Perry Township road construction bonds offered on July 28-V. 131, at a price of 100.25, a basis of about 4.23%. TheBank, of Mount Wolf,
p.310
-were awarded to the Union Bank of Loogootee,at par plus a premium on May 1 from 1936 to 1954, incl. The accepted bonds mature serially
bid was the only one
of $114.80, equal to 102, a basis of about 4.10%. The bonds are dated received.
June 28 1930 and mature sem-annually as follows: $287 on July 15 1931;
MUSKEGON, Muskegon County, Mich.
$287 on Jan. and July 15from 1932 to 1940,incl., and $287 on Jan. 151941. CHASES
-SINKING FUND PURBONDS.- After all of the bids received on July 11 for the purThe following is a complete list of the bids submitted for the issue:
chase of the 115,000
BidderPremium. V. 131, P. 311- had43< % refunding water works bonds offered for sale
been
Union Bank, of Loogootee (Purchaser)
$114.80 sinking fund commission. rejected, the bonds were then sold to the city's
Dated Aug. 1 1930. Due $3,000 annually from
Inland Investment Corp., Indianapolis
97.75 1931 to 1935,incl.
Fletcher Savings & Trust Co., Indianapolis
87.70
City Securities Corp., Indianapolis
MUSKOGEE,Muskogee County,Okla.-BOND SALE.
11.00
-The $161.000
Odon Bank, Odon
10.00 Issue of coupon city hall bonds offered for sale on July 21-V. 131, p. 512
Fletcher American Co., Indianapolis
85.35 was purchased by three local banks, as 4 Ms. at par. Dated Mar. 10 1928.
Due from Mar. 10 1941 to 1949. The only other bid was
First & Tri-State National Bank & Trust Co., Fort Wayne
92.00
an offer of 101.50
J. F. Wild Investment Co., Indianapolis
105.00' on 58 tendered by C. Edgar Honnold, of Oklahoma City.
NESTEAD (P. 0. Akron), Erie County, N. Y.
MASSILLON, Stark County, Ohio.
following Fred
OFFERING.
-The
-BOND SALE.
C. Kaegebein, Town Supervisor, will receive -BOND until
Issues of coupon bonds aggregating $63,750 offered on July 24-V. 131.
sealed bids
8 1)• in.
p. 150
-were awarded as 4s to Braun. Bosworth & Co. of Toledo, at par (daylight saving time) on August 4 for the purchase of $64,000 not to
exceed 5% interest coupon or registered highway bonds. Dated May 1
plus a Premium of 1104, equal to 100.32, a basis of about 4.40%;
1930. Denom. 31.000. Due on May 1 as follows: 15,000 from 1931 to
$40,000 city's portion sanitary sewer construction bonds. Due 18,000 on
1942.lad., and $4,000 in 1943. Rate of interest must be stated in multiples
Oct. 1 from 1931 to 1935 incl.
23,750 city's portion paving bonds. Due on Oct. 1 as follows: $3,000 of M of 1%. Principal and semi-annual interest(M.& N.) payable in gold
at the Bank of Akron, in Akron. A certified check for 2% of the amount
from 1931 to 1937 incl., and $2,750 in 1938.
of bonds bid for, payable to the order of the Town, must accompany each
Each issue is dated April 11930.
proposal. The approving opinion
MELVINDALE, Wayne County, Mich.
-Syl- will be furnished the purchaser. of Reed,IIoyt & Washburn,of Now York,
-BOND OFFERING.
vester A. Mabie, Village Clerk, will receive sealed bids until 8 p.m. on Aug.
NEW ORLEANS, Orleans Parish, La.
6,for the purchase of /225,000 not to exceed 5M % general obligation storm
-CERTIFICATE SALE.
-The
sewer bonds. Dated Aug. 1 1930. Due 30 years after date of issue. Int. two issues of 4 % certificates aggregating $819,400,offered for sale on
Is payable semi-annually. A certified check for 12,500, payable to the July 26-V. 131, p. 669
-were purchased by a syndicate composed of
the Village Treasurer, must accompany each proposal. These Lehman Bros., and Stone & Webster and Blodget, Inc., both of New York,
order of
bonds were authorized by vote of the electors at an election held on July the Northern Trust Co.of Chicago, the Mississippi Valley Co., of St.
Louis, and the City Savings Bank & 'I rust Co., of
22 1929.
of 98.60, a basis of about 4.75%. The issues aroShreveport, at a price
described as
MENTOR-ON-THE-LAKE, Lake County, Ohio.
-BOND OFFERING. $745,000 permanent paving certificates. Due 174,500 from Jan.follows:
1 1932
-Paul Yost, Village Clerk, will receive sealed bids until 12 m. on August
to 1941, incl. Optional on or after 1932.
19, for the purchase of 111,649.80 6% street improvement bonds. Dated
74,400 temporary surfacing certificates. Due $24.800 from Jan. 1 1932 :
Oct. 1 1930. One bond for 1649.80, all others for 11,000. Due on Oct. 1
to 1934. Optional on or after 1932.
The following
FINANCIAL CHRONICLE
AUG. 2 1930.]
823
-BOND OFFERING.
PALO ALTO, Santa Clara County, Calif.
Denoms. $1,000, $500, and $100. Dated Jan. 1 1930. Prin. and int. Sealed bids will be received until 8 p. m. on Aug. 11, by the City Clerk,for
payable at office of the Commissioner of Finance. Legality approved by the purchase of an issue of 3135.000 impt. bonds. Dated May 1 1930.
Chapman & Cutler, of Chicago.
to 1960 incl.
-The successful syndicate is now Due $5,000 from 1934
-OFFER CERTIFICATES.
BUYERS RE
-BONDS NOT SOLD.
PANOLA COUNTY (P. 0. Carthage), Tex.
re-offering the above certificates for public subscription at prices to yield
circular reports The $333,000 issue of 5% coupon road bonds on which bids were being
from 4.00 to 4.50%, according to maturity. The offering
-has not been sold, reports J. G. Steads, County
-V. 131, p. 669
solicited
as follows:
The certificates, which are Issued to pay the cost of paving public streets, Judge. Dated July 1 1930. Due in from 1 to 40 years and optional after
constitute general obligations of the City. Special assessments in the like 20 years.
.sum levied upon property especially benefited are pledged to the payment
PARKE COUNTY (P. 0. Rockville), 1nd.-BON7) OFFERING
of these bonds in the first instance, and in addition general revenues of Lawrence Bramblett, County Auditor, will receive sealed bids until 10
the City are applicable to their payment.
the purchase of $45,000 478% county infirmary
a. m. on Aug. 15 for
The assessed valuation of liroperty in New Orleans as officially reported building bonds. Dated Aug.5 1930. Denoms.$1,000 and $500. Due semifor 1930 aggregates $626,209,977, and the total bonded debt of the City annually as follows:$2,500 on July 15 1931; $2,500 on Jan. and July 15 from
aggregates 550,383.000.
1932 to 1939, incl., and $2,500 on Jan. 15 1940. Principal and semi-ann.
-BOND OFFERING.
-Sealed bids Interest (J. & J. 15) payable at the office of the County Treasurer. A
NEWPORT,Jackson County, Ark.
of the Board of Commis- certified check for 3% of the amount of bonds bid for, payable to the order
will be received by O. L. Campbell, Secretary
accompany each proposal.
sioners, until 3 p. m. on August 4, for the purchase of a $60,000 issue of of the Board of County Commissioners, must
will be accepted, and the opinion as to the validity
No
5%-. semi-annual Street Improvement District No. 15 bonds. A $1,000 the conditional bid furnished by competent legal counsel in the City of
5,
of
bonds will be
certified check must accompany the bid.
Proposals to be on forms provided by County Auditor.
BT
-During the Indianapolis.
-TERM FINANCING.
-JULY
NEW YORK,N. Y.
-The $17,000
-BOND SALE.
PARMA, Cuyahoga County, Ohio.
month of July the city issued short-term notes aggregating 5130,000,000.
improvement bonds offered on July 21-V. 131,
In our issue of July 26 (V. 131. p. 669) we published an item giving the coupon special assessment 5s to McDonald-Callahan & Co., of Cleveland,
as
names of the purchasers of the notes. In the following we show the issues IL 311-were awardedof $46, equal to 100.27. a basis of about 4.95%. The
at par plus a premium
which make up the total for the month:
bonds are dated May 1 1930 and mature on Oct. 1 as follows: $1,000 from
Various Municipal Purpose Notes.
Int. Rate. Date Issued. 1931 to 1933, incl., and $2,000 from 1934 to 1940, incl. Bids for the issue
Maturity.
Amount.
U Y 23 were as follows:
Nov. 28 1930
33.000,000
Int. Rate. Premium.
Bidder
2%4,
July 24
Nov. 28 1930
3,000,000
546.00
5
Water Supply Notes.
McDonald-Callahan & Co.(Purchasers)
24.00
5
Cleveland
251%
July 24 Otis & Co.,
Nov. 281930
4,700,000
15.30
5 o
Banc Ohio Securities Corp., Columbus
Rapid Tranist Construction Notes.
51.00
5 %
231%
July 22 Seasongood & Mayer, Cincinnati
Nov. 28 1930
40,000,000
July 21
%
-The
Nov. 28 1930
10,000,000
PASSAIC COUNTY (P. 0. Paterson), N. J.-EZND SALE.
2%%
July 24 5990.000 coupon or registered road and bridge bonds offered on July 30
Nov. 28 1930
750,000
2fir %
July 24 (% 131. p. 514) were awarded as 4 Ns to Phelps, Fenn & Co. of New York
Nov. 28 1930
50,000
•
School Construction Notes.
a premium of 3405.90, equal to 100.04, a basis of about 4.24%.
231%
July 21 at par plusare dated Aug. 1 1930 and mature on Aug. 1 as follows: $45,000
Nov. 28 1930
5.000.000
The
July 22 frombonds to 1942, inclusive, and $50,000 from 1943 to 1951, inclusive.
Dec. 29 1930
5,000,000
1931
July 24 The securities are being reoffered by the successful bidders for public
Nov. 28 1930
2.600.000
Revenue Bills 01 1930.
investment priced to yield as follows: 1931 maturity.3.25%;1932 maturity,
27
July 24 3.75%; 1933 maturity, 4.00%; 1934 maturity, 4.05%; 1935 to 1937 maDec. 28 1930
15.000,000
July 22 turities. 4.10%; 1938 to 1942 maturities, 4.15% and the bonds due from
Dec. 11 1930
5,000,000
July 22
Dec. 18 1930
5.000,000
.
1943 to 1951, inclusive, are priced to yield 4.15%, The obligations are
2
July 22 stated to be legal investments for savings banks and trust funds in New
Dec. 26 1930
5.000,000
July 22 York and New Jersey.
Dec. 29 1930
5.000,000
July 23
Dec. 26 1930
2,500,000
July 23
PERRIS UNION HIGH SCHOOL DISTRICT (P. 0. Riverside),
24
Dec. 28 1930
2,500,000
-BOND OFFERING.-Sealed bids will be reTax Notes of 1930.
Riverside County, Calif.
2;6%
July 24 ceived until 10 a. m. on Aug. 4, by D. G. Clayton, Clerk of the Board of
Mar. 16 1931
7,000,000
Special Revenue Bonds of 1930.
Supervisors, for the purchase of a $50,000 issue of 5387o semi-annual
238%
July 24 school bonds. Denom. $1,000. Dated Aug. 1 1930. Due as follows:
Mar. 16 1931
5.000,000
Tri-Borough Bridge ConsIruction Notes.
$4.000. 1931 and 1932; $5,000, 1933 to 1938, and $6,000 in 1939 and 1940.
2ft%
July 24 A certified check for 5% par value of the bonds, payable to the Clerk of the
1930
Nov. 28
500,000
East River Tunnel Notes.
Board of Supervisors, must accompany the bid.
%
2 %
July 24
Nov. 28 1930
-The $19,000
250,000
PHILIP,Haakon County,S. Dak.-BONDS NOT SOLD.
Dock Improvement Notes.
semi-ann. water works supply bonds offered on July 24
% %
2
July 24 issue of 5% coupon
Nov. 28 1930
3,150.000
-was not sold.. Dated Aug. 1 1930. Due on Aug. 1 1950,
-V.131, p.514
NIAGARA FALLS SCHOOL DIS TRICT, Niagara County, N. y
optional after 1932.
-The $1,500,000 coupon or registered school bonds offered
BOND SALE.
-BOND SALE.
-The 58.400
PITTSBORO, Hendricks County., Ind.
on July 30-V. 131, p. 669 -were awarded as 4 Ns to a syndicate composed 5% coupon water works bonds offered on July 25-V. 131. p. 312
-were
of the First Detroit Co. Inc., the I.irst National Old Colony Corp., and awarded at par and accrued int. to the City Securities Corp. of Indianapolis.
all of New York, at 100.139, a basis of about
M.
M Freeman & Co., Inc.,M
bonds mature semi-annually as follows: $1,000 on Jan. and July 10
4.15%. The bonds are dated August 1 1930 and mature on August 1 as The 1951 to 1954 incl., and $400 on Jan. 15 1955. L. M. Schenck, Clerkfollows: $40,000 in 1932; $50,000 in 1933:530.000 in 1934: 540.000 in 1935; from
Treasurer, in his report of the result of the offering did not state whether
$50,000 in 1936; 310,000 in 1937;$55,000 in 1938:$115,000 in 1940;$25,000 the above-mentioned investment house paid a premium in addition to the
in 1953; $25,000 in 1954; $200,000 in 1955; 5150,000 in 1956; $200,000
&
of
par value ofthe bonds,but did indicate that Campbell Co. Indianapolis,
1959, and $50,000 in 1960.
in 1957 and 1958; $250,000 in
premium of $113 for the issue.
Members of the successful syndicate are reoffering the securities for bid par plus a
-BOND OFFERING.
PLYMOUTH COUNTY (P.O. LeMars), Iowa.
public investment priced to yield as follows: 1932 maturity, 3.50%; 1933
p.
Aug. 28, by A.
maturity, 3.75%; 1934 maturity, 3.85%; 1935 maturity, 3.95%; 1936 to Both sealed and open bids will be received until 2 an m. onof $130.000 priissue
1940 maturities. 4.00%. and the bonds maturing from 1953 to 1960. incl. Langhout, County Treasurer, for the purchase of
are priced to yield 4.05%. The obligations are stated to be legal investment mary road bonds. Int. rate is not to exceed 5%.payable annually. Dated
1941 and $45,000 in
for savings banks and trust funds in New York State.
Sept. 1 1930. Due on May 1, as follows: $85,000, offered subject to the
are
1942. Optional after May 1 1936. These bonds
NORTH CASTLE SEWER DISTRICT NO. 1 (P. 0. Armonk), same conditions as given under Audubon County.
-The $215,000 coupon or
-BOND SALE.
Westchester County, N. Y.
-PRICE PAID.-The $100.-were awarded
POLK COUNTY (P. 0. Benton), Tenn.
registered sewer bonds offered on July 24-V. 131. p. 513
as 4.30s to Rapp & Lockwood, of New York, at par plus a premium of 000 issue of 5% refunding bonds that was jointly purchased by Little,
basis of about 4.29%. The bonds are dated Wooten & Co. of Jackson, and Joseph, Hutton & Estes of Memphis$257.79, equal to 100.11, a
-was awarded to them at par. Due in 30 years and opJune 1 1930 and mature on June 1 as follows: $5,000 in 1935, and $6,000 V. 130, P. 4467
20 years.
from 1936 to 1970, incl. Bids for the issue were as follows:70
mt. Rate. Premium. tional after
-BIDS REJECTED.
-H. A.
BidderPONTIAC, Oakland County, Mich.
3257.79
Rapp & Lockwood (Purchasers)
Clerk, reports that all of the bids received on July 29 for the
4.40%
1,400.00 Maurer, City $210,000 not to exceed 6% interest city hall construction
Rutter & Co
purchase of the
4.40
966.21
George B. Gibbons & Co., Inc
sale (V. 131. p. 670) were rejected. The bonds are dated
4.40%
423.55 bonds offered formature $7,000 on Sept. 1 from 1930 to 1959.inclusive.
Lehman Bros
4.40%
943.85 Sept. 1 1929 and
Roosevelt & Son
4.50%
3,891.50
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. 0. Port
Batchelder & Co
-Sealed bids will
-BOND OFFERING.
County, Tex.
The successful bidders are re-offering the bonds for public investment Arthur), Jefferson m.
August 8, by L. B. Abbey. Secretary of the
at prices to yield 4.20%. The bonds are stated to be legal investment for be received until 2 p. the on
purchase of an issue of $125.000 4%,431 and 5%
in New York.
of Trustees for
Board
savings banks and trust funds
day of sale. Due as follows:
school house bonds. Date to be determined on
OKANOGAN COUNTY SCHOOL DISTRICT NO.103 (P. O. Okano- $3,000, 1931 to 1948; $4,000, 1949 to 1953. and $3,000, 1954 to 1970. all
-Sealed bids will be received until 10 incl. Principal and interest payable at the Hanover National Bank in New
OFFERING.
gan), Wash.
-BOND
a. m. on Aug. 18 by Dale S. Rice, County Treasurer, for the purchase of a York City. Legality approved by Chapman & Cutler, of Chicago. The
$5,000 issue of school bonds. Int, rate is not to exceed 6%, payable semi- District will handle the printing of the bonds. A certified check for 2%
annually. Due in from 2 to 5 years. Prin. and int. payable at the office of the bid is required.
of the County Treasurer. Purchaser to furnish blank bonds and legal
Ind.
-BOND SALE.
-The
PORTER COUNTY (P. 0. Valparaiso),on July
opinion. A certified check for 5%, Payable to the County Treasurer, is
offered
21-V.131,p.514
five issues of bonds aggregating $77,000
required.
follows:
awarded as
et al.. Pleasant Twp. road improvement
There were no other bids received for the bonds.
523,500478% C. H. WolbrandtSavings & Trust Co.. of Indianapolis, at
bonds sold to Fletcher
OICANOGAN COUNTY SCHOOL DISTRICT NO.108(P.O. Okanoto 101.93, a basis of about
Par Plus a premium of $454, equal
-The $7.000 issue of coupon heating plant
-BOND SALE.
gan), Wash.
4.11%. Due $1,175 on July 15 1931; $1,175 on Jan. and July 15
bonds offered for sale on July 28-V. 131, p. 311-was purchased by the
to 1940, incl., and $1,175 on Jan. 15 1941.
1932
State of Washington, as 578s, at par. Denoms. to be determined. Dated
Union Twp. road improvement bonds
21,5005% William Nelson et al., of Indianapolis,at par plus a premium
August 1 1930. Due in from 2 to 9 years and optional after two years.
sold to City Securities Corp.,
Interest payable on August 1.
equal to 104.23, a basis of about 4.127o. Due $1,050 on
of $911,
July 15 1931: $1,050 on Jan. and July 15 from 1932 to 1940, incl ,
OMAHA, Douglas County, Neb.-BOND OFFERING.-Sealed bids
and $1,050 on Jan. 15 1941. The accepted bid was the only one
will be received by John Hopkins, Superintendent of the Department of
received for this issue.
Accounts & Finance, until 3 p. m.on Aug. 11, for the purchase of $300,000
Morgan Twp. road improvement bonds
14,000478% John Trade et al..
Issues of4 N % coupon bonds divided as follows:
sold to the Valparaiso National Bank, of Valparaiso, at par plus
$100,000 aviation bonds. Due on Sept. 1 1940.
a premium of 5280, equal to 102, a basis of about 4.09%. Due
sewer bonds. Due on Sept. 1 1950.
200.000
$700 on July 15 1931: 3.700 on Jan. and July 15 from 1932 to 1940,
Denom. $1,000. Dated Sept. 11930. Prin. and semi-ann. int. payable
incl., and $700 on Jan. 15 1941.
at the office of the County Treasurer in Omaha. The legal approval of
et al., Liberty Twp.
13,500 478% Frank 0. Swanson Investment Co., of road improvement
Wood & Hoffman of N. Y. City, will be furnished. Bids must
Thomson,
Indianapolis, at par
bonds sold to the Inland
be submitted for all of the bonds and split bids are acceptable. A $6,000
plus a premium of $263.75, equal 10 101.95. a basis ofabout 4.10%.
certified check, payable to the City, must accompany the bid.
Due $675 on July 15 1931: $1375 on Jan. and July 15 from 1932 to
1940, incl., and $675 on Jan. 15 1941.
ONONDAGA, Camillus and Geddes Union Free School District
road improvement bonds
4,500 4f5% Robert Adams et al., Morgan Twp.
-BOND SALE.No. 5 (P. 0. Camillus), Onondaga County N. Y.
bonds offered on July 28-V.
sold to the Inland Investment Co.. of Indianapolis, at par plus a
'131, p.669
-were awarded
The $65,000 school
premium of $92, equal to 102.04, a basis of about 4.08%. Due
as 431s to the Marine Trust Co., of Buffalo, at a price of 100.489. a basis
$225 on July 15 1931; $225 on Jan. and July 15 from 1932 to 1940.
of about 4.71%. The bonds are dated August 1 1930 and mature on August
incl., and $225 on Jan. 15 1941.
1 as follows:$1,000 from 1935 to 1939. Incl.; $2,000 from 1940 to 1955,incl.;
All of the above bonds are dated July 16 1930. The following is an
$3.000 from 1956 to 1963, incl., and $4,000 in 1964.
official list of the bids submitted for the bonds. In the tabulation, the
ORANGE SCHOOL DISTRICT (P.O. Santa Ana), Orange County, Issues bid for are designated as follows: $23,500, A:$21,500. B;$14.000. C;
-Sealed bids will be received by J. M. Backs, $13,500, D:$14,500,E.
-BOND OFFERING.
Calif.
County Clerk, until 11 a. m. on Aug. 5,for the purchase of a $75,000 issue
o
Premiums Bid for Each Issue
A
B
of 5%, school bonds. Denom. $1,000. Dated Aug. 1 1930. Due $5,000
E
D
Bidderfrom Aug. 1 1931 to 1945 incl. Prin. and semi-ann. int. payable at the Fletcher Savings & Trust Co.,
*$454.00 5878.00 $269.00 $259.00 $76.70
office of the County Treasurer. The legal opinion of Gibson, Dunn &
Indianapolis
Crutcher of Los Angeles, will be furnished. A certified check for 3% par City Securities Corp ,Indianapolis
*911.00
of the bonds bid for, payable to the County Treasurer, is required. The Inland Invest. Co., Indianapolis- 447.75 707.75 275.90 *263.75 *92.00
following statement accompanies the bid: The total valuation of taxable Valparaiso Nat, Bk., Valparaiso_ 284.35
*280.00 163.35 27.45
non-operative property within Orange School District, in said County, was Flet
cher Amer. Co., Indianapolis 433.65 388.65 273.65 251.70 51.00
(58,097.520) Eight Million Ninety-seven thousand Five Hundred Twenty
*Accepted bids.
dollars, and that the total amount of the outstanding bonded indebtedness
PORT ISABEL-SAN BENITO NAVIGATION DISTRICT (P. o.;ln
of said School District is ($94,000.00) Ninety-four Thousand and 00.100
-BOND SALE.
-It is reported that:a
Benito), Cameron County, Tex.
Dollars.
•
&Fro
374
824
FINANCIAL CHRONICLE
[Vol.. 131.
$500,000 issue of 5;4% semi-annual navigation bonds, the sale of which
was scheduled for March 14 and then indefinitely postponed-V
No. Bonds
. 130.
Bidder2077
-has since been purchased at par by A. C. Allyn & Co. of Chicago.IL C. C.
Bid For,
Da. Rate. Amount Bid
Collings & Co., and H. L.
Allen & Co., Jointly (purchasers).
PORTLAND, Multnomah County, Ore.
148
$150,026.00
151
-BOND OFFERING.
-Sealed C. A. Preim & Co
bids will be received by Geo. R.Funk, City Auditor, until 11 a. m.on
150
150,037.65
12, for the purchase of a $99,800 issue of 4)4% dock, series G bonds. Aug. Salem National Bank
150
4
150,666.66
De- Rufus Wapies & Co
noms.$1,000 and $100. Dated July 1
149
0
150,087.70
4
and interest (J. & J.) payable in gold1930. Due on July 1 1950. Principal
SALISBURY, Rowan
at the City Treasurer's office or
-NOTE SALE.
-An issue of
the fiscal agency of the City in New York. A certified check for 5% at $150,000 tax anticipation County, N. C.
of
notes
the bid, payable to the Mayor, is required.
of Greensboro, at 4.00%,plus a was awarded on July 22 to McDaniel Lewis,
premium of$8. The other bidders and their
bids were as follows:
PORTSMOUTH, Scioto County, Ohio.
Eyer & Co., New York City, 4.75%; E. J. Coulon
-BOND SALE.
-The $44.& Co., New York
140.69 property owners' portion street and alley improvement bonds City, 4.75%. Plus $38 premium. Commercial
o
National Bank, High
offered on July 30-V. 131, p. 312
-were awarded as 430 to W.L. Slayton Point, N. C., 4.625%; R. S. Dickson & Co., Charlotte, N. C.
& Co., of Toledo, at par plus a premium of $212. equal to 100.48, a basis Bray Brothers & Co., Greensboro, N.
C., 4)1%. Plus $112.50 premium.
of about 4.41%. The bonds are dated Aug. 1 1930 and mature on
SANILAC COUNTY (P. 0. Sandusky), Mich.
as follows: $4,140.69 in 1932; $4,000 in 1933 and 1934; $5,000 inAug. 1
-NO BIDS.
-Bert R.
1935; Walker,
$4,000 in 1936; $5.000 in 1937; $4,000 in 1938; $5,000 in 1939; $4,000 in for the County Drain Commissioner,informs UB that no bids were received
purchase of the $12.000 not to exceed 6% interest drain construction
1940, and $5.000 in 1941.
bonds offered for sale on July 25-V.
131, p. 515. The bonds mature in
from 1 to 10 years.
QUAY COUNTY SCHOOL DISTRICT NO. 1 (P.
N. P4ex.-MATURITY.-The $90.500 issue of school 0. Tucumcari),
SANTA CLARA COUNTY SCHOOL DISTRICTS
bonds that was
purchased by the State of New Mexico as 5s. at par
(P. 0. San Jose),
-V. 130. p. 4467
-OFFERING DETAILS.
-is Calif.
connection with the offering scheduled
due on June 1, as follows: $5.000, 1933 to 1949, and $5.500 in 1950.
for 11 a. m. on August 4 of the-In issues
two
of 5% school bonds aggregating
$620,000-V. 131, P. 312
-we are now informed that the issues mature as
QUINCY, Norfolk County, Mass.
-BOND SALE.
-The following follows:
issues of 4% coupon or registered bonds aggregating $195,000 offered $480,000 San Jose High
School District bonds. Due $24,000 from 1931
on July 29-V.131, p.670
-were awarded to the Atlantic Corp.,of Boston,
to 1950.
at 101.06, a basis of about 3.74%;
140,000 San Jose School District bonds. Due
$7,000 from 1931 to 1950.
$75,000 street construction bonds. Due $15,000 on Aug. 1 from1931 to
inclusive.
Dated Feb.1 1930.
1935, incl.
70,000 hospital bonds. Due $7,000 on Aug. I from 1931 to 1940, incl.
SCHUYLKILL HAVEN SCHOOL DISTRICT, Schuylkill County,
50,000 sewer bonds. Due $5,000 on Aug. 1 from 1930 to 1940 incl.
Pa.
-BOND OFFERING.
-G.E. Gangloff, President of School Board, will
Each issue is dated Aug. 1 1930. Bids submitted were as follows:
receive sealed bids until 7 p. m.on Aug.4 for the
purchase of $40,500 434e
BidderRate Bid. coupon school bonds. Dated Aug. 1 1930. Denoms. $1,000 and $500.
Due on Aug. 1 as follows' $22,500 in 1935: $44,000 in
Atlantic Corp.(Purchaser)
1936; $9,000 in 1938;
101.06
$5,000 in 1940. A certified check for 5% of the amount of
Eldredge & Co
bonds bid for,
100.97
payable to the order of the
Estabrook & Co
100.947 These bonds are part of anSchool District, must accompany each proposal.
issue of $122,500 approved by the Department
Harris, Forbes & Co
100.81
of Internal Affairs of Pennsylvania.
First National Old Colony Corp
100.76
Curtis & Sanger
SCITUATE, Plymouth County, Mass.
100.52
-TEMPORARY LOAN,
-.-Lee,
R. L. Day & Co
100.519 Higginson & Co., of Boston, recently purchased a $50,000 temporary
Stone & Webster and Bloclget,Inc
100.446 at 2.35% discount. The loan is dated July 30 1930 and is payable on loan
Nov.
25 1930. Bids were as follows:
REVERE, Suffolk County, Mas,..-BOND SALE.-The $150,000
Bidder
4% coupon school bonds offered on July 30 (V. 131, p.(370) were a /yarded Lee, Higginson & Co.(purchaser)
Discount.
the Atlantic Merrill
to
-Oldham Corp. of Boston at 100.52, a basis of about Merchants National Bank, of Boston
2.35
3.42%. The bonds are dated July 1 1930 and mature $10,000 on July 1 Cohasset National Bank
2.42
from 1931 to 1945, incl.
2.42
Bank of Commerce & Trust Co
2.48
The following Is a list of the bids submitted for the bonds:
F. S. Moseley & Co
BidderSCOTCH PLAINS TOWNSHIP SCHOOL DISTRICT (P.
Rate Bid.
0. Scotch
Plains) Union County, N. J.
-BOND SALE.
Atlantic Merrill-Oldham Corp.(Purchaser)
-M. M. Freeman & Co.,
100.52
of Philadelphia, bidding for
Bank of Commerce & Trust Co
100.375 registered school issue offered $99,000 bonds of the $100,000 coupon or
Lane, Piper & Dadmum (Boston)
-were
100.125 the securities as 4s.paying on July 30-V. 131, p. 670
$100,535.35. equal to 101.55, a basis awarded
of about
RIVERDALE SCHOOL DISTRICT, Morris County, N. J.
-BOND 4.62%. The bonds are dated July 1 1930 and mature on July 1
SALE.
-Charles L. Dunning of Newark, on July 29. purchased an issue of $3,000 from 1932 to 1947 inclusive; $4,000 from 1948 to 1959 as follows;
Rate
.
incl., and
$100,000 5% school bonds at par plus a premium of $347, equal to 100.347, $3,000 in 1960. Bids for the bonds were Bondsfollows;
e
a basis of about 4.98%. The bonds are dated July 1 1930. Denom.$1,000.
No.
Rate
Due on July 1 as follows: $2.000 from 1932 to 1948, incl., and $3,000 from
BidderBid For.
1949 to 1970, incl. Principal and semi-annual interest payable at the First M.M.Freeman & Co.(purchasers)_ __
99
4)1 .0
$100 535.35
!
B d.
National Bank & Trust Co., Pompton Lakes, or at the Chase National B.J. Van Ingen & Co., New York- - 100
%
100.69
Bank, New York.
H.L. Allen & Co., New York
99
5
101.25
Rufus Waples & Co., Newark
99
4(%
RIVERHEAD FIRE DISTRICT (P.0. Riverhead), Suffolk County, C. A. Preim & Co., New York
101.29
99
4 %
101.33
N. V.-BOND SALE.
-The $50,000 coupon building construction bonds
SENECA COUNTY (P.O. Tiffin), Ohio.
-BOND
,ffered on July 1 (V. 130. p. 4463) were awarded as 5s to A. C. Allyn & Powell,
-A.B.
County Auditor, will receive sealed bids until OFFERING.
10 a. m. on Aug. 2
./ of New York at 100.36. a basis of about 4.95%. The bonds are dated
for the purchase of the following issues of 5% bonds aggregating
July 1 1930 and mature $2,500 on July 1 from 1931 to 1950,Inclusive.
"(1aY;
- 0)
$65,0 0
$20,000 road impt. bonds. Denom. $1,000. Due $4,000 on Oct. 1
ROBBINSDALE, Hennepin County, Minn.
from
-WARRANTY SALE.
1931 to 1935 incl.
. he $200,000 issue of semi-annual sewer warrants offered for sale on July
.1
20,000 series A special assessment road bonds. Denom. $1,000.
131, p. 515
-was purchased jointly by the First Securities Corp..
Due
$5,000 on Oct. 1 from 1931 to 1934 incl.
and the BancNorthwest Co., both of Minneapolis, as 6s, for a premium of
15.000 bridge bonds. Denom. $1,000. Due ELM on Oct. 1 from
NP.00. equal to 100.15. No other bids were received.
1931
to 1935 incl.
10,000 bridge bonds. Denom. $1,000. Due $2.000 on Oct. 1 from
ROCHESTER, Monroe County, N. 4 -NOTE OFFERING.
1.
1931
to 1935 incl.
Liggins, City Comptroller, will receive sealed bids until 2:30 P. -C. E.
All of the above issues are dated Aug. 16 1930. Int. is payable
m. (daylight saving time) on Aug. 6, for the purchase of $360,000 notes, divided
annually in April and Oct. Separate bids to be submitted for each semis follows:
issue.
A certified check for
for each issue, payable to the
$200,000 school construction notes. Dated Aug. 111930. Due March 11 mentioned Auditor, $200,accompany each proposal. order of the abovemust
1931.
SHAKER HEIGHTS, Ohio.
100.000 bridge design and construction notes. Dated Aug. 11 1930. Due
-BOND SALE.
-The First Detroit
of Detroit,on July 24 purchased an issue of $46,300 road improvement Co.,
March 11 1931.
bond
50,000 municipal land purchase notes. Dated Aug. 11 1930. Due as 4)4s at par plus a premium of $282. equal to a price of 100.60.
March 111931.
SHELBY COUNTY (P. 0. Harlan), Iowa.
-BOND OFFERING.10,000 municipal aviation field notes. Dated Aug. 11 1930. Due Both sealed and open
bids will be received up to 2 p. m. on
2 by
6
March 11 1931.
T. J. Newby, County Treasurer, for the purchase of an issue Augi.68,_0oo
All of the above notes will be drawn with interest, rate to be suggested not to exceed 5%,annual primary road bonds. Dated Sept. 1 of $
1930. Due
In proposal, and will be deliverable and payable at the Central Hanover on May 1, as follows: $16,000, 1936 to 1944, and $24,000 In 1945.
Optional
Bank & Trust Co., New York. Bidders must designate denoms. desired after May 1 1936. Conditions of sale in this case are as given under Auand to whom notesshall be made payable. Bearer notes issued upon request. dubon County.
SMITH CENTER,Smith County, Kan.
-BOND OFFERING.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. (eastern bids will be received by Virgil E. Berger, City Clerk, until 7.30 P. m.
on
standard time) on Aug. 18, for the purchase of $49,116.20 6% special Aug.6,for the purchase of a $70,000 issue of 4)4%,41% and 5% internal
assessment street improvement bonds. Dated Aug. 1 1930. One bond Improvement bonds, series No. 5. Denom. $1,000. Dated Sept. 1 1930.
for $116.20, all others for $1,000. Due on Oct. 1 as follows: $4,116.20 in Due $7,000 from 1931 to 1940, incl. Successful bidders to print bonds
and
1931, and $5,000 from 1932 to 1940. incl. Principal and semi-annual pay all expenses of printing, attorney's fees, &c. Bids will be received
interest (April and October) payable at the First National Bank, Rocky with and without transcript furnished by city.
River. Bids for the bonds to bear interest at a rate other than 61
SOMERVILLE, Middlesex County, Mass.
-BOND SALE.
also be considered, provided, however, that where a fractional rate is will L. Murphy,
-Joseph
bid
City Treasurer, on July 30 awarded an issue of $475.000
such fraction shall be y of 1% or a multiple thereof. A certified check coupon Southern Junior
4%
High School additions bonds to R. L. Day & Co.,
for 5% of the amount of bonds bid for, payable to the order of the Village of Boston, at
102.099, a basis of about 3.74 A. The bonds are dated
Treasurer, must accompany each proposal.
1930. Denom. $1,000. Due on July 1 as follows; $24,000 from July 1
1931 to
SAGUACHE COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Bon- 1945 inclusive, and $23,000 from 1946 to 1950 inclusive. Principal and
semi-annual interest payable at the Merchants National Bank,
anza), Colo.
-PRE
-ELECTION SALE.
Boston,
-A $10,000 issue of school build- under whose
supervision the bonds will be engraved.
ing bonds has been purchased by Joseph D. Grigsby & Co. of Pueblo,
approved by Ropes, Gray, Boyden & Perkins, of Boston. Legality is to be
subject to an election to be held in the near future.
Bids for the issue were as follows:
ST. JOSEPH COUNTY (P. 0. Centreville), Mich.
Bidder-BOND OFFERRate Bid.
ING.-Zella J. Bower, Clerk of the Board of County Road Commissioners, R. L. Day & Co.(Purchasers)
102.099
will receive sealed bids until 12 m. (Central standard time) on Aug. 7 Estabrook & Co
100.08
for the purchase of $31,000 not to exceed 53.i% interest bonds, divided as Itarris, Forbes & Co
100.08
follows:
Bunk of Commerce & Trust Co
101.99
218,000 Special Assessment District No. 49 bonds. Due $2,000 on May 1 2‘...erchants National Bank
101.97
Stone & Webster and Blodget. Inc
from 1932 to 1940, inclusive.
101.834
Curtis & Sanger
13,000 Special Assessment District No. 52 bonds. Due on May 1 as
101.76
follows: $1,000 from 1932 to 1936, inclusive, and $2,000 from 1937 F. S. Moseley & CO
101.636
Guaranty Trust Co
to 1940, inclusive.
101.532
Each issue is dated July 1 1930. Interest is payable in May and
SOUTH NORFOLK (P. 0. Norfolk), Norfolk County,
Purchaser is to pay for printing of the bonds; legal opinion of Miller, Nov. SALE.
-We are now informed that the 315,000 issue of 5% Va.-BOND
Cansemi-annual
field, Paddock & Stone of Detroit will be furnished by the county. A cer- school bonds offered for sale on Jan. 22-V. 130, p. 171-was
tified check for $1,000, payable to the order of the Board of County Road by Frederick E. Nolting & Co. of Richmond. Dated Feb. 1 purchased
1930. Due
Commissioners, must accompany each proposal.
on Feb. 11980.
SUFFOLK COUNTY (P.O. Riverhead) N. Y.
-BOND OFFERING.
ST. LOUIS, Mo.-CERTIFICATE SALE AUTHORIZED.
receipt of a letter from Chas. L. Cunningham, First Assistant -We are in Ellis T. Terry, County Treasurer, will receive sealed bids until 2 p.m. on
Comptroller,
enclosing a copy of the city ordinance authorizing the Mayor and Comp- Aug. 11 for the purchase of $967.000 not to exceed 4)4% interest coupon
troller to sell $22,000,000 worth of benefit judgments to Stifel, Nicolaus or registered highway bonds. Dated Aug. 1 1930. Donom. $1,000. Due on
Aug. I as follows; $37,000 in 1931; $40,000 in 1932 and 1933,
& Co. of Si. Louis.
from 1934 to 1950 inclusive. Rate of interest to be expressed and $50,000
in multiples
of ).1 of 1%. Principal and semi-annual interest (Feb. and
SALEM, Salem County, N. J.
Aug.) payable
-BOND SALE.
-C. C. Collings & Co. at the Suffolk County National Bank, Riverhead, or at
the office of the
of Philadelphia, and H. L. Allen & Co. New York. bidding for $148,000 County Treasurer. certified check
for $19,000. payable to the order
bonds of the $150,000 coupon or registered school issue offered on July 28. County Treasurer, A
must accompany each proposal. The approving of the
-v. 131, P. 515
-were awarded the securities as 43 s, paying $150,026, of Clay, Dillon & Vandewater,
opinion
4
of New York, will be furnished.
qual to 101.36, a basis of about 4.62%. The bonds are dated Aug. 1 1230
SURRY COUNTY (P.O. Dobson) N. C.
and mature on Aug. 1 as follows; $5,000 from 1931 to 1959 incl., and
-BOND SALE.
-The $72,000
issue of coupon school house bonds offered for sale on
$3.000 in 1960.
July 29-V. 131
W. B. Dunn, City Recorder, sends us the following list of the bids sub- 671-was Purchased by the First Detroit Co. of Detroit, as 4lifs, paingP.
a
preum ef $152, equal to 100.21. a basis of about
mi
mitted for the issue:
4.73%. Dated July 1
1930. Due from July 1 1933 to 1958 inclusive.
Aua. 2 1930.]
FINANCIAL CHRONICLE
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
-BOND OFFERING.
-We
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
are informed that sealed bids will be received untll 10 a. in. on Sept. 15 by
the Clerk of the Board of Commissioners, for the purchase of an issue of
$1,500.000 434. 434 or 5% water bonds. (These bonds are part of a total
Issue of $6.500,000.)
-BONDS REGISTERED.
-The folTEXAS, State of (P. 0. Austin).
lowing minor issues of bonds were registered by the State Comptroller
during the week ending July 19'
$5,000 5 Hooks Ind. Sch. Dist., series 1930 bonds. Due serially.
Collingsworth County Cons.Sch.Dist.No.27 bonds. Due serially.
800 5 Henderson County Cons.Sch.Dist.No. 18 bonds. Due serially.
4,000 5 Henderson County Cons.Sch.Dist.No. 2 bonds. Due serially.
4,800 5 Collingsworth County Cons.Sch.Dist.No. 11 bonds. Due serially
4,800 5 Collingsworth County Cons.Sch.Dist.No.23 bonds. Due serially.
4,000 5 Bogwell Ind.Sch.Dist., series 1930 bonds. Due serially.
1,000
Angelina County Cons.Sch.Dist.No. 44 bonds. Due serially.
1,250 5 Ellis County Cons.Sch.Dist.No.63 bonds. Due serially.
1,000 5 Jalco Ind. Sch. Dist. bonds. Due in 40 years.
5,000 5 Dawson County Cons.Sch.Dist.No. 11 bonds. Due serially.
1,000 5 0 Wilson County Cons.Sch.Dist.No. 37 bonds. Due serially.
THURSTON COUNTY (P. 0. Pander), Neb.-BOA D ELECTION.
On Aug. 12 a special election will be held in order to vote on the proposed
Issuance of $105,000 in 434% refunding bonds. reports Walter Sondquist,
County Clerk. Dated Sept. 1 1930.
-BOND SALE.
-The following issues
TOLEDO, Lucas County, Ohio.
of coupon or registered bonds aggregating $521,000 offered on July 28to Harris, Forbes & Co., and the
-were awarded as 4
V. 131, p. 328
National City Co., both of New York, also Hayden, Miller & Co. of Cleveland, jointly, at par plus a premium of $7,498, equal to 101.439, a basis of
about 4.06%;
$300,000 Toledo University bonds. Due $20,000 on Sept. 1 from 1931 to
1945 incl.
221,000 City's portion Monroe St. grade crossing elimination bonds. Due
on Sept. 1 as follows; $8,000 from 1931 to 1941 incl., and $7,000
from 1942 to 1960 incl.
Each issue is dated Aug. 1 1930.
rthe
The following is an official list of the bids submitted forof issues:
es
RateAmountPremium
of Bonds.
BidderInterest.
Offered.
*Harris,Forbes & Co., New York-- -$300,000
43.'%
$2,760.00
National City Co., New York; Hei221,000
den,Miller & Co., Cleveland
43.'%
4,738,00
300.000
4%
Northern Trust Co., Chicago
221,000
4 %
Wells, Dickey Co., MinneapolisX,
11.00
521,000
434%
Herbert C. Heller & Co., Inc., N.Y
5,727.00
300,000
4 %
Eldredge & Co., New York
1,521.00
221,000
4
1,120.00
300,000
4
First Detroit Co., Detroit
1,648.00
221,000
4
2,598.00
4
Guaranty Company of New York---- 300,000
2,433.00
43/
221,000
1,792.31
4
First Union Tr.& Savgs. Bk.,Chicago 300,000
1,335.00
221,000
4
2,526.00
Co., Chicago
300,000
4
Halsey, Stuart &
1,438.00
221,000
4 o
300,000
Braun, Bosworth,Toledo
4 47
1,050.00
221,000
4X g
2,463.00
Seasongood & Mayer,Cincinnati_ - - 300,000
431%
1,181.00
H. L. Allen & Co., New York;
Stephens & Co., New York
221,000
434%
2,314.00
300,000
434%
Foreman-State Corp., Chicago
1,862.00
221,000
First Wisconsin Co., Milwaukee
43101
1,372.00
Continental Illinois Co., Chicago;
521,000
BancOhio Sec. Co.,Columbus
4X%
3,025.00
Old Charter Financial Corp.. N.Y--- 300,000
431
1,665.00
221,000
44
4
1,226.55
500,000
Phelps,Fenn & Co
2,400.00
07
43
221.000
Curtis & Sanger
1,768.00
434
300,000
M.M.Freeman & Co.,Inc., N.Y.
1,044.00
221,000
434%
By David Robison & Co
769.08
431%
300,000
Lehman Bros., New York
837.00
Kountze Bros., New York; Title
Corp.,Cincinnati-- 221,000
4X
Guarantee Sec.
616.59
,
300000
434
Otis & Co., Cleveland
570.00
221,000
44
Wallace,Sanderson & Co., N.
420.00
4
A.B.Leach & Co.,Inc., Chicago- - - 300,000
58.48
4344
Milwaukee Co., Milwaukee Y221,000
780.57
C. F. Childs & Co., N. Y.; Rutter &
521,000
431%
Co., New York
500.00
300,000
4% .
M.M.Freeman & Co.,Inc., N.Y
1,284.00
221,000
434%
By David Robison & Co
945.88
* Successful group
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
David H. Thomas, Clerk of the Board of County Commissioners, will receive sealed bids until 2 P. in. on Aug. 14 for the purchase of the following
Issues of 431% bonds aggregating $35,500;
$18,500 road impt. bonds. Dated Aug. 1 1930. Due semi annually as
follows; $1,500 on April 1 and $1,000 Oct. 1 1931; $1,000 on April
and Oct. 1 from 1932 to 1939 incl.
17,000 road impt. bonds. Dated Sept. 1 1930. Due semi annually as
follows; $2.000 on April and Oct. 1 from 1932 to 1934 incl.; $2.000
on April 1 and ELMO. Oct. 1 1935:$1,000 on April and Oct. 1 1936.
The above bonds are in denoms. of $1,000 and $500 and are payable as to
both principal and semi-ann. int. (A. & 0.) at the office of the
County
Treasurer. County will pay for printing bonds; purchaser to pay for
opinion as to their validity. A certified check for $1,000, covering each
Issue, payable to T. D. Harkelrode, County Treasurer, must accompany
each proposal.
0
VAN BUREN COUNTY (P. 0. Keosauqua), lowa.-BOND SALE.
The $99,000 issue of registered annual primary road bonds offered for sale
-was purchased by the White-Phillips Co.,
on July 25-V. 131. P. 516
of Davenport, as 434s, paying a premium of $100. equal to 100.10, a basis
of about 4.48%. Due from 1936 to 1945 and optional after 1936. Other
bids were as follows:
Bidder
Rate Bid, Premium.
Iowa-Des Moines Co. of Des Moines
4%
$97.06
Geo. M. Bechtel & Co. of Davenport
431%1 188 00
Mississippi Valley Co. of St. Louts
4X
950.00
Glaspoll, Vieth & Duncan, of Davenport
43
.1%900.00
VISALIA UNION HIGH SCHOOL DISTRICT (P. 0.
Visalia),
-BOND OFFERING.
Tulare County, Calif.
-Sealed bids will be
until 10 a. m. on Aug. 19, by Gladys Stewart, County Clerk, for received
chase of a $210,000 issue of 5% school bonds. Denom. $1.000.the purDated
July 15 1930. Due on July 15. as follows: $5.000. 1931 and 1932, $10,000.
1933 to 1946, and $15,000, 1947 to 1950, all incl. Prin. and int. (J. & J.)
payable in gold at the office of the County Treasurer. A certified
check
or 5%, payable to the Chairman of the Board of County Supervisors, is
required.
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND SALE.
-The
$8.200 43 % coupon Marion Ireland et al., Pleasant Twp. road improvement bonds offered on July 24-V. 131, P. 516
-were awarded to the
Inland Investment Co., of Indianapolis, at par plus a premium of
$154.75,
equal to 101.88, a basis of about 4.11%. The bonds are dated Aug. 1
1930
and mature as follows: $410 on July 15 1931; $410 on Jan. and
July 15
from 1932 to 1940, incl., and $410 on Jan. 15 1941. Bids for the
issue
were as follows:
Bidder
Premium.
Inland Investment Co. (Purchaser)
$154.75
City Securities Corp., Indianapolis
151.00
Campbell & Co., Indianapolis
117.00
Wild Investment Co., Indianapolis
J. F.
145.00
Fletcher Savings & Trust Co., Indianapolis
138.00
Fletcher American Co., Indianapolis
133.00
First & Tri-State National Bank & Trust Co., Fort Wayne
154.00
WALLA WALLA COUNTY SCHOOL DISTRICT NO. Si (P. 0.
Walls Walla) Wash.
-BOND SALE.
-The $45.000 issue of coupon
school building bonds offered for sale on July 28-V. 131, p. 314
-was
purchased by the State of Washington, as 53.'s, at Dar. Denomination
not less than $100 nor more than $1,000. Due serially, optional on any
Interest paying date.
825
-The following
-BOND SALE.
WALTHAM;Middlesex County, Mass.
Issues of coupon bonds aggregating $140,000 offered on July 29-V. 131,
a.0ut 3 83% awarded to R. L. Day & Co. of Boston, at 100.339, a basis of
pb6 1- ere;
7 7
$90,000 331% water bonds. Due $6,000 on Aug. 1 from 1931 to 1945 incl.
50,000 4% sewer bonds. Due on Aug. 1 as follows; $2,000 from 1931 to
IMO incl., and $1,000 from 1951 to 1960 incl.
Each issue is dated Aug. 1 1930. Bids submitted were as follows;
Rate Bid.
Bidder100.339
R. L. Day & Co. (Purchaser)
100.31
Estabrook & Co
100.26
Union Market National Bank(Watertown)
-BOND OFFERWASHINGTON TOWNSHIP,Clinton County,Ind.
ING.
-Joseph P. Heavilon, Township Trustee, will receive sealed bids until
10 a. in. on.Aug. 14 for the purchase of $30,000 5% school building construction bonds. Dated May 1 1930. Denom. $500. Due $1,500 on July 1
1931; $1,500 on Jan. and July 1 from 1932 to 1940 incl., and $1,500 on
Jan. 1 1941. Prin. and semi-ann.int.(J.& J.) payable at the First National
Bank of Frankfort.
WATERVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
-Sealed
-BOND OFFERING.
Waterville), Allamakee County, Iowa.
bids will be received until 8:30 p. m. on Aug. 6 by J. A. Anderson, Secrefor the purchase of a $75,000 issue of 5%
tary of the Board of Education,
semi-annual school bonds. Denom. $1,000. Dated Nov. 1 1930. Due
on Nov. 1 as follows: $3,000, 1931 to 1939: $4,000, 1940 to 1947: $5.000.
1948 and 1949, and $6,000 in 1950.
-BOND SALE.'
WAUKEGAN PARK DISTRICT,Lake County, 111.
Ames, Emerich & Co. of Chicago, recently purchased an issue of $60,000
5% park bonds at par plus a premium of $38, equal to 100.06, a basis of
about 4.99%. The bonds are dated June 1 1930 and mature $3,000 on
June 1 from 1931 to 1950 incl.
-The two
WAUKESHA, Waukesha County, Wis.-BOND SALE.
issues of431% coupon bonds aggregating $57,500,offered for sale on July 25
-were jointly purchased by H. M. Byllesby & Co. and
-V. 131, p. 516
A. C. Allyn & Co., both of Chicago, for a premium of $1,400. equal to
102.43, a basis of about 4.22%. The issues are described as follows:
$50,000 school building and equipment bonds. Due from July 15 1930
to 1949.
7,500 school site purchase bonds. Due from July 15 1930 to 1937.
The other bidders and their bids were:
Premium.
Bidder
First Wisconsin Co. of Milwaukee
Waukesha National Bankof Wukesha
nk
$l:3312 50
:
WELD COUNTY SCHOOL DISTRICT NO.4(P.O. Windsor),Co .
-The entire issue ($175,000) of the 6% bond issue dated
-BOND CALL.
Aug. 15 1920, optional date Aug. 15 1930, due on Aug. 15 1940, is called
for payment at the United States National Bank in Denver. Interest
will cease on Aug. 15 1930.
All the outstanding bonds ($12,000) of the 5% bond issue dated June 1
1919 of the above district are called for payment at the United States
National Bank in Denver. Due on June 1 1939, optional after June 1 1929.
Interest will cease on Aug. 15 1930.
-The $275,000
-BOND SALE.
WESTPORT,Fairfield County, Conn.
4 X% school and road bonds, series of 1930, offered on July 29-V. 131, p.
-were awarded to Eldredge & Co., of Boston, at 101.22, a basis of
672
about 4.14%. The bonds are dated July 1 1930 and mature on July 1 as
follows: $9,000 from 1931 to 1955, incl., and $10,000 from 1956 to 1960,
incl. Bids for the bonds were as follows:
Rate Bid.
Bidder101.22
Eldredge & Co.(purchasers)
100.76
H L Allen & Co
100.88
H. M. Byllesby & Co., and M. F. Schlater & Co., jointly
100.421
Estabrook & Co., and Putnam & Co., jointly
R. L. Day & Co.; Conning & Co.,and F. R. Cooley & Co.,jointly_ _100.659
-BOND AWARD
WEST VIRGINIA, State of (P. 0. Charleston).
-In connection with the sale scheduled for July 30 of the
POSTPONED.
two issues of coupon or registered bridge revenue bonds, aggregating $1,-we are in receipt of the following from the State
900,000-V. 131, p. 517
Bridge Commission:
Three sealed bids were received and opened Wednesday by the State
Bridge Commission on their proposal to sell $1.900,000 of bridge revenue
bonds. Each bid was from a syndicate of two or more bond houses.
The best price was submitted by a syndicate composed of the firms of
Walter, Woody & Heimerdinger, Cincinnati, Ohio: Kent, Grace & Co.,
Chicago, Ill., Weil, Roth & Irving Co., Cincinnati, Ohio and John Nuveen
& Co. Cincinnati, Ohio, which offered to take the bonds at an interest
cost of531 %.
The next highest price offered was in a joint bid by Caldwell & Co.,
Nashville, Tenn., and A. C. Allyn & Co., Chicago, Ill., at an interest rate
of 531%. but their offer was only on one of the two issues. Chicago,
The other bid was submitted by C. W. McNear & Co.,
and Stranahan, Harris & Oatis, Inc., Toledo, Ohio, at an interest cost of
6 to 54-5%.
Certain conditions were specified in all bids, however, and definite
decision will not be made as to the award until at another meeting of the
Bridge Commission to be held next Wesdnesday. Aug. 6.
WHITEFISH BAY SCHOOL DISTRICT NO. 1 (P. 0. Milwaukee),
-Sealed bids will be reMilwaukee County, Wis.-BOND OFFERING.
ceived until 7.30 p. in. on Aug.8 by Wm. A. Klatte, District Clerk,for the
purchase of two issues of bonds aggregating $50,000, divided as follows:
$25,000 5% school house bonds. Dated May 1 1930. Due on May 1 1945.
25.000507 school house bonds. Dated Aug. 11930. Due on Aug.11945.
Denom. $1,000. Prin. and semi-ann. int. payable at the Bank of Shorewood. A separate bid may be made for each of the above two items or one
bid for all of the bonds may be made. The legal approval of Chapman &
Cutler of Chicago, will be furnished.
-BOND SALE.
-It is
WICHITA FALLS, Wichita County, Tex.
reported that two issues of bonds aggregating $640,000, were recently sold
to C. Edgar Honnold, of Oklahoma City. The issues are divided as follows;
$320,000 434% water refunding bonds. Due in 1960.
320,000 4 X% water refunding bonds. Due in 1960.
-BOND SALE.
-The $62,400
WYANDOTTE, Wayne County, Mich.
-were awarded
paving intersection bonds offered on July 22-V.131,p.517
Bosworth & Co. of Toledo. at par plus a premium of
as 431s to Braun,
$163.20. equal to 100.26. a basis of about 4.13%. The bonds mature on
Aug. 1 as follows: $12,000 from 1931 to 1933 incl.: $13,000 in 1934, and
$13,400 in 1935.
The following is a list of the bids submitted for the issue:
Int. Rate.
Rate Bia
Bidder434%
100.26
Braun. Bosworth & Co.(purchasers)
431%
Detroit
100.009
Detroit Co.,First
Guardian Detroit Co., Detroit (city to pay for legal
4X%
10013
00..05
opinion)
Industrial Co. of Grand Rapids
100.57
Guardian Detroit Co., Detroit
434%
100.21
Stranahan; Harris & Oatis, Inc., Toledo
-BOND OFFERING.
-A.
YORKVILLE, Jefferson County, Ohio.
Clerk, will receive sealed bids until 12 m. on Aug. 4
Tolbert, Jr., Village
for the purchase of $32,400 514% special assessement Inapt. bonds. Dated
Sept. 1 1930. Denoms.$2.100 and $1,500. Due semi-annually as follows:
$1,500 on April and Oct. 1 in 1931 and 1932; $2,100 on April 1 and $1,500
on Oct. 1 1933: $1.500 on April and Oct. 1 1934; $1,500 on April 1 and
$2,100 on Oct. 1 1935; $1,500 on April and Oct. 1 in 1936 and 1937; $2,100
on April 1 and $1,500 on Oct. 1 1938; $1,500 on April and Oct. 1 1939:
$1,500 on April land $2,100 on Oct. 1 1940. Int. is payable semi-annually
in April and Oct. Bids for the bonds to bear int, at a rate other than 534%
will also be considered, provided, however, that where a fractional rate is
bid, such fraction shall be 34 of 1% or a multiple thereof. A certified
check for $500 payable to the order of the Village, must accompany each
proposal.
-BOND SALE.
YAZOO CITY, Yazoo County, Miss.
-The two issues
of coupon or registered bonds aggregating $319,000, offered for sale on
-was awarded at public auction to the Whitney
July 2-V. 131, p. 517
Trust & Savings Bank, of New Orleans, as 68, for a premium of $2,400.,
equal to 100.75, a basis of about 5.83% The issues are described as follows:
$276,000 street intersection bonds. Dna from 1931 to 1940, incl.
43.000 special street improvement bonds. Due from 1931 to 1940, incl.
826
FINANCIAL CHRONICLE
[voL. 131.
at a price of 98.11, a basis of about 5.21%. The bonds are dated Dec. 20
1929 and becomes due as follows; $65.770 from 1930 to 1949, incl., and
$13.390 from 1930 to 1959, incl. Bids for the bonds were as follows;
BidderBELLEVILLE, Ont.-BOND SALE.
-R. A. Daly & Co., and Hanson
Rate Bid.
Bros., Inc., both of Toronto, jointly, recently purchased $391.689.07 5% A. E. Ames & Co. (purchaser)
92.1
public utility and local impt. bonds at a price of 99.63, a basis of about Wood, Gundy & Co
98.10
5.04%. The bonds mature as follows: $20,811.07 in 10 instalments: Gairdner & Co
97.592
C. H. Burgess & Co
6108,836 in 20 instalments,and $262,042 in 30 instalments. The successful
97.19
bidders are offering the bonds for public investment as follows: the 1 to 10 Bell, Gouinlock & Co
97.17
McLeod,
year maturities are priced to yield 5.00%; thr 11 to 20
-year maturities are Bickle, Young, Weir & Co
96.82
Clark & Co
priced to yield 4.90%. and the 21 to 30
-year maturities are priced to yield
96.12
4.85%. The following is a list of the bids reported to have been submitted J. L. Graham & Co
96.11
for the bonds:
STETTLER,
-LIST OF BIDS.
ldder-The following is a lint of bids
Rate Bid. received on July Alta.
15 for tbe purchase of the $20,000 6% improvement bonds
R. A. Daly & Co., Hanson Bros
99.63
awarded to H. J.
Gairdner & Co., C. H. Burgess & Co
99.372 about 6.12%-V.Birkett & Co. of Toronto at a price of 98.52, a basis of
131.
672:
Fry, Mills, Spence & Co
99.344
erCanadian Bank of Commerce, Stewart, Scully & Co
Rate Bid.
99.328 H.J. Birkett & Co.
McLeod,Young, Weir & Co., Bank of Montreal
(purchasers)
98.52
99.137 W.Ross Alger
Corp
Dominion Bank, Dyment, Anderson & Co
98.10
98.86
W.L. McKinnon & Co
Bell, Gouinlock & Co
97.75
98.60
Wood, Gundy & Co
98.52
TORONTO TOWNSHIP, Ont.-BOND SALE.
-An issue of $12,000
J.L.Graham & Co
98.50
5L% bonds is reported to have been recently sold to C. H. Burgess & Co.,
A.E. Ames & Co
98.27
of Toronto, at a price of 102.36, a basis of about
5.22%. The bonds mature
in 20 installments. Bids received were as follows;
DALHOUSIE, N. B.
-BOND SALE.
-The $25,000 5M% general impt.
Bidderbonds offered on July 23-V. 131, p.314
-were awarded to the Royal Bank
Rate Bid.
of Canada, of Toronto, at 103.11, a basis of about 5.25%. The bonds are C. H. Burgess & Co. (purchaser)
102.36
H. R. Bain & Co
dated Aug. 1 1930 and mature on Aug. 1 1950.
102.13
J. L. Graham & Co
Bids for the issue were as follows:
101.55
BidderTRAIL, B. C.
Rate Bid.
-BOND SALE.
-A. E. Ames & Co., of Vancouver, on
Royal Bank of Canada (purchaser)
103.11 May 6 purchased an issue of $52,559.21 5% coupon, registerable
Eastern Securities Corp., Ltd
100.50 principal, cement sidewalk bonds at a price of 95.73. a basis of about as to
5.25%•
0. H. Burgess & Co
99.00 The bonds are dated July 2 1930. Denoms. $1,000 and odd amounts.
J. M. Robinson & Co
98.56 Due on July 2 1950. Interest is payable on Jan. and July 2.
LETHBRIDGE, Alta.
-BOND SALE.
-The $37:526 534% bonds ofWALKERVILLE-EAST WINDSOR WATER COMMISSION (The),
fered on July 19-V. 131, p. 517
-were awarded to A. E. Ames & Co. of Ont.-ADDIT
INFORMATION.
-In connection with the sale
Toronto at a price of 102.11. The bonds mature in 20 and 30 years, and reported in our IONAL July
issue of
26
5
,
are payable at Lethbridge. Toronto, Montreal, New York and London, water bonds,registerable as to (V. 131, 672) of $750.000 5; %, coupon
principal,to Wood,Gundy & Co.,of Toronto.
England. Bids for the issue were as follows:
at 100.40, a basis of about 5.46%, we learn that the principal and semiBidderRate Bid. annual interest are payable at the Canadian Bank of Commerce, WalkerA.E. Ames & Co.(purchasers)
102.11 vine, Toronto and Montreal, and that the validity of the bonds
J. L. Graham & Co
101.07 established by Long tx Daly, of Toronto. Public offering of the has been
bonds is
C. H. Burgess & Co
99.02 being made at prices to yield 5.20%. The following is a list of the tenders
LEVIS, Que.-BOND SALE.
-The $9,000 535% coupon or registered reported to have been submitted for the issue;
Bidderbonds offered on July 22-V. 131. p. 517
Rate Bid.
-were awarded to J. E.Laflamme,
Ltd., of Quebec, at a price of 98.72, a basis of about 5.67%. The bonds are Wood, Gundy & Co.(awarded bonds)
100.40
dated May 1 1930. Denoms. $1,000 and $500. Due serially on May 1 Gairdner & Co., and C. H. Burgess & Co., jointly
100.00
from 1931 to 1950, incl. Interest is payable in May and Nov. Bids were Bell, Gouinlock & Co.,and McLeod,Young, Weir & Co.,jointly
97.60
also submitted by the Royal Securities Corp., L. G. Beaubien & Co., and
Financial Statement as of April 14 1930, Town of Walkerville. Ont.
Credit-Anglo Francais, Ltd., all of Quebec.
Assessed value for taxation
$18,671.893
• MIMIC°, Ont.-BOND SALE.
-C. H. Burgess & Co. of Toronto re- Gross debenture debt
3,714,389
cently purchased an issue of $65,000 5% bonds at a price of 96.50, a basis Less; Joint technical school debentures (Government's
of about 5.32%. The bonds mature in 30 installments.
portion)
$62,442
Electric light debentures
194,262
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.-BONDS
Local improvement deben. (ratepayers' share only) 793.560
OFFERED.-J. T. Stewart, Township Treasurer, rceeived sealed
Housing debentures
until 4 p. m.(daylight saving time) on July 31 for the purchase of thebids
243.774
1.294,038
following issues of 5% tends aggregating $651,199:
•
Net debenture debt
Annual
Revenue from public utilities (after deducting operating ex- $2,420,351
In.stallment
penses, depreciation,fixed charges, &c)
Amount.
Purpose of Issue.
41,400
Prin. Int.
Maturities.
Population, 11,219.
U56.346.78 Sewers
$10,170.58 30 years, 1930 to 1959Inc]
.
66,000.00 Water works
4,293.40 30 years,1930 to 1959 incl. Financial Statement as of May 27 1930, City of East Windsor, Ont. (Formerly
55,000.00 Collegiate Inst. exten_ 3.577.83 30 years. 1930
Town of Ford City).
to 19591ncl.
25,000.00 Bridges
2,006.07 20 years, 1930 to 1949Inc] Assessed value for taxation
.
$21,935,190
100,000.00 Hydro
8,024.26 20 years,1930 to 1949incl. Exemptions not included above
2,014,665
19,428.70 Water mains
1,559.01 20 years,1930 to 1949incl. Gross debenture debt
4,373,855
88 202.77 Pavements
8,497.65 15 years, 1930 to 1944 incl. Less; Electric light debentures
$123,487
141.220.81 Pavements
Local improvement deb.(ratepayers'share only)-1,856,929
15,056.0714 years,1930 to 1943 incl.
All of the above bonds are payable as to both principal and
Housing debentures
337,626. 2,318,042
annual interest
Dec. 15) at the Canadian Bank of Commerce. Toronto. Legality
approved by Long & Daly of Toronto.
Net debenture debt
Revenue from public utilities (after deducting operating ex- $2.055,813
STAMFORD TOWNSHIP, Ont.-BOND SALE.
-A. E. Ames & Co.,
penses, depreciation,fixed charges, &c)
of Toronto, are reported to have purchased an issue of $79.160
47,910
5% bonds
Population, 16,203.
CANADA, its Provinces and Municipalities.
p.
p.
FINANCIAL
FINANCIAL
CALIFORNIA
Members of Detroit Stock Exchange
Charles A. Parcells & Co.
INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT, MICH
FINANCIAL
SA LEM,fi C.
CHAPMAN IY WOLFE € CO. Wachovia Bank & Trust Company
• BROKES:3 •
MEMOERS
NEW YORK STOCK EXCHANGE
SAN FRANCISCO STOCK EXCHANGE
SAN FRANCISCO CURB EXCHANGE
NEW YORK CURB EXCHANGE( Associate)
341 Montgomery St., San Francisco
BOND DEPARTMENT
North Carolina State and Municipal
Notes and Bonds.
Southern Corporation Securities
Winston-Salem,N. C.
Tcleohonc DAvenport 4730
AUGUSTA
WHITTLESE
McLEAN &CO.
INVESTMENT BONDS
LISTED STOCKS
PENOBSCOT BUILDING.
DETROIT
Market for
Pacific Coast Securities
WM.R4STAAB.
CO.
Established 1887
LOS ANGELES
SAN FRANCISCO
PASADENA
SAN DIEGO
WM. E. BUSH & CO.
Augusta, Ga.
SOUTHERN SECURITIES
COTTON MILL Q,ToCV‘
ALABAMA
We Specialize in California
Municipal & Corporation
BONDS
HARRIS, SMALL & CO.
150 CONGRESS ST., W.
DETROIT
B.W. Strassburger
DRAKE, RILEY & THOMAS SOUTHERN INVESTMENT SECURITIES
Van Nuys Building
Montgomery, Ala.
Long Beach
LOS ANGELES
Pasadena
Santa Barbera
ALABAMA
Joel Stockard & Co., Inc.
Investment Securities
Main Office
Penobscot Bldg.
DETROIT
Branch Offices:
Kalamazoo
Jackson
Dearbort,
memo,. Detroit Stock Exchange
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
Cotton Facts
Carry your message to
these readers at a moderate
cost through our advertising
columns.
@FedFRASER