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The
REG. U. O.
VOL. 133.
SATURDAY, AUGUST 22 1931.
financial Tixrcaticle
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The Financial Situation.
The text of the report of the committee of bankers,
headed by Albert H. Wiggin of the Chase National
Bank, which has been investigating the condition of
German credits, has been made public the present
week, and has everywhere been received with high
praise. It is a clear cut statement of German conditions and German needs, frank as well as comprehensive, more so, in fact, than any document of the
kind that has come to our notice for a long time.
An attempt has been made to twist the meaning of
one or two sentences in the report, and to invest
them with a significance which it is plain they were
not intended to have, but that is not because of any
defect in the report itself, which is expressed in
language not open to misconstruction.
In diagnosing Germany's present ills the Wiggin
committee reaches exactly the same conclusions as
those proclaimed by the Seven Power Conference at
the termination of its labors on July 23. Germany
is suffering from excessive short-term foreign credits
and its problem is how short-term credits can be reduced and in part at least converted into long-term
credits. Temporary provision can be made for taking care of part, at least, of the excessive short-term
credits, and, in fact, arrangements to that end are
provided in the report itself. These consist of extending the short-term credits provisionally through
the renewal for a period of six months of the $100,000,000 credit obtained in June from the Bank for
International Settlements, in association with the
Bank of England, the Bank of France, and the Federal Reserve banks of this country, with similar
renewals by other foreign creditors of the Reich.
With regard to these arrangements the report says:
"We have placed ourselves in touch with the banking
groups which have been negotiating with Germany
lirtintrie
NO. 3452
as to the terms on which the existing short-term
credits should be maintained. At our invitation,
representatives of these groups and of the German
banks met in Basle on Friday, Aug. 14, and after
five days' study and consideration have agreed upon
and will recommend a plan of prolongation of such
credits to the numerous creditor banks and bankers
for their acceptance."
"This agreement," it is stated,"provides for a continuation of credits to German debtors up to the
total then outstanding for a period of six months
from the date of the signing of the agreement, subject to an arrangement being made with regard to
existing central bank credits. An individual agreement," it is added, "in an approved standard form
will be made in every instance directly between the
German debtor and the foreign creditor. The form
of this agreement," we are told, "has been drawn up
so as not to interfere in any way with the normal
relations previously existing between the parties;
while it involves certain specific assurances it is
essentially based upon a broad foundation of mutual
confidence." The report then adds:
"Realizing that it is to their interest to assist in
every way possible to insure the stability of the
reichsmark, the foreign creditors have come to an
arrangement with Germany that the immediate
release of their reichsmark balances shall be only
partial and the remainder will be gradually released
during the term of the agreement.
"The plan further provides two forms of additional
security to creditors participating in the plan. One
is to associate direct responsibility on part of the
final credit taken with that of the debtor bank
itself. The other is an undertaking by the German
Gold Discount Bank to take over or guarantee within
certain limits the indebtedness to foreign creditors,
thus lending the important support of the Gold Discount Bank resources and prestige to the obligation.
"Provision has been made to secure by Government
decree or otherwise that foreign creditors of German
banks shall receive equal protection to that of creditors residing in Germany."
With reference to long-term credits, however, the
situation is different. The Seven Power Conference
could devise no means to that end, and the Wiggin
committee is equally helpless. It can only state the
indispensible preliminaries that must be met before
Germany can hope to obtain foreign aid along that
line. It is in the remarks on that point that the
differences of interpretation have arisen. The concluding words in the report read as follows: "We
therefore conclude by urging most earnestly upon all
the governments concerned that they lace no time
in taking the necessary measures for bringing about
such conditions as will allow financial operations
1164
FINANCIAL CHRONICLE
to bring to Germany—and thereby to the world—
sorely needed assistance."
What are the indispensible prerequisites? The
committee has named them in a previous paragraph
where it says: "We think it essential that before
the period of prolongation of credits recommended
by the London conference (the Seven Power Conference) comes to an end, they should give to the
world assurance that international political relations are established on the basis of mutual confidence which is the sine qua non of economic recovery, and that the international payments to b6
made by Germany will not be such as to imperil the
maintenance of her financial stability." It is this
reference to international payments to be made by
Germany that is construed as meaning that there
must be a complete revision of international debt
payments which would mean payments which the
Allies are obliged to make to the United States. If
such revision should be undertaken it would be flying in the face of public sentiment in this country, which is unalterably opposed to anything of the
kind. Besides, in a time of business depression like
the present it would be virtually impossible for the
United States to forego the Allied payments. Surrendering the payment for a single year, such as was
involved in President Hoover's moratorium proposal,
is one thing, and permanent yielding up of such payments is quite another thing. Moreover, no one in
this country would ever be persuaded that France,
which is overflowing with gold, is not able to make,
with absolute ease, the payments required under the
agreement with the United States.
However, the Wiggin committee goes further than
this and mentions other obstacles that must be overcome. It says: "Second, we would point out that
the case of Germany provides a most forcible illustration of the fact that in recent years the world
has been endeavoring to pursue two contradictory
policies in permitting the development of an international financial system which involves the annual
payment of large sums by debtor to creditor countries, while at the same time putting obstacles in
the way of the free movement of goods."
This last plainly has reference to the tariff barriers which with increasing force one country after
another has been placing against all other countries,
and which constitute a more serious drawback than
is involved in the German reparations payments.
On that point the report speaks without equivocation
or reserve, and also in very convincing fashion,
adding: "So long as these obstacles remain such
movements of capital must necessarily throw the
world's financial balance out of equilibrium. Financial remedies alone will be powerless to restore the
world's economic prosperity until there is a radical
change in this policy of obstruction, and international commerce—on which depends the progress
of civilization—is allowed to assume its natural
development."
This last, it will be observed, is apart from the
caution enjoined that the reparations payments to
be made by Germany shall not be in excess of Germany's ability to pay. Both, however, are political
questions lying wholly outside the province of the
Wiggin Committee, and reference to them is made
simply because, as the report itself says, "We have
felt it to be our duty to point out the reasons why it
is impossible for the present to suggest defiaite plans
for securing to Germany long-term credits." This
[Von. 133.
last is the crux of the whole matter, and the Wiggin
Committee, like the Seven Power Conference, finds
itself obliged to give up the whole job as hopeless.
In that respect the report is disappointing, but at
least it possesses the merit of being a clear presentation of the facts of the case.
An outcropping of bank failures in Ohio has been
one of the unpleasant developments of the week.
There is no reason to think, however, that these failures have anything more than a strictly local significance or that the ill consequences will extend
beyond the local field within which they occurred.
They seem to have had their origin in the closing
on June 17 of the Security-Home Trust Co. of Toledo,
a $36,000,000 institution. The 60-day limit then imposed by many of the Toledo banks on the withdrawal of deposits expired on Monday and Tuesday
of the present week. Preliminary notices filed with
the banks, of intention to draw out deposits, made
it apparent that the withdrawals would be very
heavy. At the same time plans for merging three
of the institutions which this week have gone down,
so as to create a consolidated institution sufficiently
strong to cope with the situation, came to grief at
the last moment. The three institutions referred to
were the Ohio Savings Bank & Trust Co., with deposits on June 30 of $45,526,716 and resources of
$58,117,115; the Commerce-Guardian Trust & Savings Bank, with deposits of $21,328,006 and resources of $27,016,882, and the Commercial Savings
Bank & Trust Co., with deposits of $13,069,244 and
resources of $15,160,216. When it appeared at
special meetings on Saturday night of last week that
the merger of the three institutions could not be
carried through, no alternative remained (in view
of the certain large demand upon the institutions on
Monday) but to vote to close down. A fourth institution, namely the American Bank, with deposits
of $1,044,000 and resources of $1,524,000, was forced
to close at the same time because its reserves were
tied up in the Ohio Savings Bank & Trust Co. and
the Commercial Savings Bank & Trust Co.
The three institutions first mentioned had aggre
gate resources, it will be seen, in excess of $100,000,000, and the Security-Home Trust, which went
to the wall in June, had resources, as said, of $36,000,000, the whole thus constituting a formidable
breakdown for a city of the size of Toledo. Even
though the disturbances were local and confined
mainly to the Northwestern part of the State of
Ohio (some minor banks in that territory having
likewise failed) it is obviously not well to make light
of a banking collapse of such magnitude. As it happened, too, the building and loan associations found
it necessary to invoke the 60-day limit on payments.
In this we refer not merely to the associations in
Toledo, but to those at Akron, Ohio, and Cuyahoga,
some small banks in those sections having also gone
to the wall. The local situation, as a consequence,
at one time was in a highly critical state, all business being transacted on a cash basis at retail establishments. Only one large department store in
Toledo, according to newspaper accounts, advertised on Monday continuance of its charge accounts.
After a brief period, however, the three large banks
in Toledo which remained open, namely, the Toledo
Trust Co., the First National Bank of Toledo, and
the Spitzer-Rorick Bank, were able, with the assistance of the Federal Reserve Bank of Cleveland, to
AUG. 22 1931.]
FINANCIAL CHRONICLE
cope effectively with the situation. Nevertheless,
large sums are tied up in the suspended institutions,
and some time must necessarily elapse before
Northwestern Ohio can be expected to return to
normal.
The price of cotton has taken a further tumble the
present week. Middling upland spot cotton here in
New York sold down to 6.50c. on Wednesday, and
yesterday was 6.65c. The proposal of the Federal
Farm Board that the cotton planters should plow
under every third row of growing cotton in the fields
has fallen flat, and is now largely the subject of
ridicule. Other suggestions of the same kind, like
that of Governor Huey P. Long of Louisiana, who
sent telegrams to all Governors, United States Senators, Congressmen, and Lieutenant-Governors of
the cotton-growing States, asking them to unite in
laying plans for enacting State legislation prohibiting "the raising of a single bale of cotton in all cotton-growing States during the year 1932" appear to
be no less devoid of merit. News came on Thursday
that the Federal Farm Board would make advances
to cotton farmers on their 1931 crops on the basis of
1c. a pound less than the market price of the staple,
on the condition that the planters wishing to take advantage of the offer deposit their cotton with some
one of the recognized co-operative associations—
which is not entirely to the liking of many of the
planters. It has been pointed out that last season
the Board loaned farmers up to 90% of the value
of the cotton, and in 1929 took over cotton at 16V a
2c.
pound, which contrasts strangely with the prevailing price of less than 7c. a pound at the leading
Southern markets, and at some points at even less
than 6c. Exceedingly gloomy views regarding the
future value of the staple have been occasioned by
the Farm Board's proposal of last week that planters
destroy one-third of their growing cotton.
For ourselves we are unable to subscribe to the
dismal views which for the moment appear to be
finding such wide acceptance. Even supposing that
the 1931 crop should be as large as estimated last
week by the Agricultural Bureau, namely, 15,584,000
bales, which remains to be proved, not enough allowance is made in our estimation for the decided probability of a greatly increased consumption of the
staple as the result of the inordinately low figure
to which the price of cotton has fallen. Low prices
are always a stimulus to consumption, and never
more 60 than in the case of cotton. This has been
demonstrated over and over again. The consul)* ption of cotton is not likely to continue at the low
levels of the last two seasons. But even if it does,
American cotton at existing prices is certain to displace the inferior cotton of other countries, India
cotton, for instance. That has happened over and
over again. At proper price levels no other cotton
in the world can compete with American cotton.
Japan, which ordinarily takes a large quantity of
India cotton, will take more American cotton and
less India cotton, or at all events will stock up with
American cotton to a greater extent than before.
China also, which raises an inferior grade of cotton,
some of which finds its way to market in Japan, will
likewise find American cotton given a preference
at present prices, not only by Japan, but by its own
home consumers of cotton. Moreover, if newspaper accounts are to be believed, China will bave a
greatly reduced production the present year as a
1165
result of the gigantic floods and overflows in the
Yangtse River districts which are doing such immense damage.
We had an illustration back in 1926-27 of what can
happen in the way of increased takings of cotton by
foreign consumers when the price of the American
staple gets down to a tempting basis. The United
States had raised in 1926 a perfectly enormous crop,
in fact, the largest crop on record—a crop which fell
only a little short of reaching 18,000,000 bales (exclusive of linters), and when prices, as a result,
slumped badly. The whole cotton trade was in utter
despair at the time, and it seemed as if the country
would not be able to get rid of its burdensome supply
for years to come. But the foreign consumer came
to the rescue and took cotton on a scale never before
witnessed. From 8,251,459 bales in the season of
1924-25, and 8,234,705 bales in 1925-26, the exports
of cotton from the United States ran up to 11,223,439
bales in 1926-27. This was an increase, it will be
seen, of, roughly, 3,000,000 bales in a single year.
Every leading country increased its takings of
cotton in a most notable fashion, the shipments to
Germany running up from 1,736,812 bales in 19251926 to 2,952,846 bales in 1926-27; the exports to
Great Britain from 2,290,989 bales to 2,582,439
bales; to Japan from 1,083,912 bales to 1,560,840
bales; to France from 917,268 bales to 1,024,762
bales; to Russia from 245,588 bales to 506,958 bales,
and so on all through the list. Even India, such a
large exporter of its own cotton, but cotton far inferior, as already stated, to that from the United
States, took 299,170 bales in 1926-27 against next to
nothing in preceding years, the shipments to India
in 1924-25 having been only 2,291 bales and in 19251926 to 17,463 bales. The Orient alone—Japan,
China and India—took considerably in excess of
2,000,000 bales of American cotton in that year; in
fact, took 2,134,577 bales. As a result of this huge
increase in the exports and a smaller acreage in
1927, the price of spot cotton in New York, which
had sold down to 12.15c. a pound in December 1926,
advanced to 18.90c. the following July.
But now the price of cotton is very much lower.
As already stated,it touched 6.50c. here in New York
on Wednesday. The inducement to the taking of
American cotton will be correspondingly greater.
As a matter of fact, exports of cotton from the United
States to Japan and China are already running very
much higher than in the corresponding period of last
year. Japan, indeed, has been taking increased
amounts of cotton in this country in each and every
month of the current calendar year; and for the
seven months from Jan. 1 to July 31, 750,612 bales
of American cotton have gone to Japan in 1931
against 410,848 bales in the corresponding seven
months of 1930. China ordinarily is not a large
consumer of American cotton, using not much above
200,000 to 250,000 bales a year, but is now also taking our cotton very freely. For instance, in May the
present year the shipments to China were 36,330
bales as against 8,270 bales in May last year; in June
the exports to China were 37,605 bales the present
year against 5,722 bales in June last year; in July
they were 65,359 bales as against 7,875 bales, and
in the first three weeks of August they amounted to
27,025 bales against 4,949 bales. In the following
table we furnish comparative figures for two years
of the movement of cotton to both Japan and China
for each month, beginning with May:
1166
FINANCIAL CHRONICLE
COTTON EXPORTS FROM THE UNITED STATES.
(Running Bales.)
—To China
—To Japan—
1930.
1931.
1930.
1931.
Bales.
Bales.
Bales.
Bales.
8,270
36,230
May
65,943 26,038
5,722
37,605
60,148 36,901
June
7,875
65,359
78,460 15,725
July
4,949
27,025
27,022 17,050
August (3 weeks)
231,573 95,714 166,219 26,816
Total
It will be observed that in this period of less than
four months Japan has taken 231,573 bales of cotton
from the United States the present year against
95,714 bales in the same period of 1930, and China
has taken 166,219 bales against only 26,816 bales.
Japan and China together have taken 397,792 bales
in 1931 against only 122,530 bales in 1930. This has
happened at the tail end of the crop year in the two
seasons when supplies from the new crop were not
yet available. It will be interesting to watch the
export movement in succeeding weeks and months
when the new crop comes to market in increasing
amounts as the season progresses. Irrespective of
what amounts of American cotton the Orient may
take, it seems assuming no great risk to assert that
when the new crop gets under way the cotton export
movement as a whole from the United States will
reach proportions that will leave the movement of
the last two seasons very considerably in the rear.
The Federal Reserve statements this week disclose
a number of interesting features. In the first place
another large addition appears to the volume of Federal Reserve credit outstanding as measured by the
holdings of bills and securities. Last week these
holdings of bills and securities increased from $941,582,000 to $1,064,781,000; the present week there has
been a further increase to $1,118,229,000. For the
two weeks combined, therefore, there has been an
expansion in the volume of Reserve credit outstanding in the large sum of $176,637,000. The holdings
of acceptances, which last week jumped from $66,074,000 to $135,738,000, have the present week further increased to $154,628,000. This time, however,
it would appear unsafe to conclude that the new
increase represents purchases of foreign bills in connection with the $125,000,000 credit extended to the
Bank of England for the purpose of sustaining the
sterling exchange market. The reason is that no
increase in these bill holdings appears at the Federal
Reserve Bank of New York.
We do not know what plan is pursued in allotting
these foreign bill purchases among the different Federal Reserve banks, but at least the major portion of
any increase on that account should go to the Federal
Reserve Bank of New York. That bank, however,
shows its total bill holdings (domestic and foreign)
reduced from $69,960,000 Aug. 12 to $63,166,000
Aug. 19. On the other hand, the bill holdings at the
Federal Reserve Bank of Cleveland have run up
during the week from $9,142,000 to $14,395,000, and
this leads to the conclusion that heavily increased
offerings of bills were made to the Reserve bank
as a result of the Ohio banking troubles which have
been such a conspicuous feature the present week.
On the other hand, however, on the liability side of
the account we find that the foreign bank deposits,
which recently have been mounting up so rapidly
until on Aug. 12 they reached $180,483,000 against
only $5,676,000 on June 17, have this week fallen to
$168,408,000, and it may be that if these foreign bank
deposits consist, as generally sepposed, of deposits
[VOL. 133.
by the Bank of France, that some of these deposits
were used in the purchase of sterling bills in this
market.
The discount holdings of the 12 Reserve institutions have also sharply increased the past week, rising from $194,980,000 Aug. 12 to $230,609,000
Aug. 19. And here again the Ohio banking troubles
would appear to have been responsible for the
change, since the discount holdings of the Federal
Reserve Bank of New York during the week actually
decreased from $49,886,000 to $38,775,000. Oontrariwise, these discounts by the Reserve Bank of
Cleveland increased from $16,892,000 to $30,517,000.
Combining the increase in the discounts at Cleveland with the increase in the bill holdings, the Cleveland Reserve Bank appears to have been drawn upon
for help in connection with these Ohio banking
troubles in amount of $18,878,000. Sporadic banking troubles in other parts of the country would
appear also to account for increases in the discount
holdings and the bill holdings at some of the other
Federal Reserve banks. San Francisco, where some
bank failures have also occurred, is a conspicuous
Instance of the kind. The San Francisco Reserve
Bank shows the discounts up during the week from
$10,689,000 to $33,501,000, and the bill holdings up
from 9,351,000 to $12,339,000, an increase in the two
items combined of $25,800,000.
The holdings of United States Government securities at the 12 Reserve banks changed very little during the week as far as the total is concerned, this
being reported at $727,890,000 the present week
(Aug. 19) as against $727,961,000 last week (Aug.
12), though there have been some sharp changes in
the different items going to make up the total. The
amount of Federal Reserve notes in circulation further increased during the week for the 12 Reserve
institutions from $1,829,301,000 to *1,901,844,000,
and gold reserves also increased, but in a smaller
amount,rising from $3,449,182,000 Aug.12 to $3,472,861,000 Aug. 19.
Very little interest attaches just now to the figures of brokers' loans as reported by the member
banks in New York City, inasmuch as these loans
are now down to relatively low figures. This week
these brokers' loans show a small increase, the
amount rising from $1,329,000,000 to $1,343,000,000,
after a long series of weekly decreases. In the different categories of loaning, loans for own account
by the reporting member banks in New York increased during the week from $936,000,000 to $950,000,000, while loans for account of out-of-town
banks decreased from $230,000,000 to $228,000,000,
and loans "for account of others" increased from
$163,000,000 to $165,000,000.
There is little change in the foreign trade statement of the United States for the month of July,
issued this week. Merchandise exports were again
slightly reduced from the recent very low level, and
imports continued less than in four of the preceding
six months this year. The value of exports for the
past month was reduced to $183,000,000 and imports
to $175,000,000. It was about this time in 1930 that
the foreign trade of the United States first began
to fall away quite sharply, so that the losses for last
month, compared with a year ago, are relatively
smaller than has previously been the case. Merchandise exports for July, at $183,000,000, compare with
$266,761,000 in July of last year, the reduction this
AUG. 22 1931.]
FINANCIAL CHRONICLE
year being $83,761,000, or 31.4%, while imports, at
$175,000,000 for the month just closed, were $45,558,000 less than the $220,558,000 reported for
July 1930, the reduction being equivalent to 20.7%.
For the seven months of this year to date merchandise exports are valued at $1,499,225,000 against
$2,342,478,000 in the same period of 1930, the reduction this year being $843,253,000, or 36.0%, while
imports, at $1,282,359,000, compared with $1,956,543,000 for the same period a year ago, a decline this
year of $674,184,000, or 34.5%. This change in conditions will undoubtedly become more marked as
the year advances. The balance of trade in July continued on the export side, but was for a very much
reduced amount, exports exceeding imports by only
$8,000,000; a year ago the excess of exports was
$46,203,000. For the seven months of the current
year the excess of exports has been $216,866,000
against an export trade balance for the same period
of last year of $385,935,000.
Both exports and imports of merchandise for the
past three or four months show a smaller volume of
trade each month measured by the value. The reduction, however, for each month was not large. With
commodity prices showing a more or less constant
decline during this same period, the probability is
that the actual movement measured by the quantity
has not materially changed. For example, cotton
exports in July, the closing month of the cotton year,
were, as is customary, the smallest of the year, being
270,132 bales, and exceeding by a considerable
amount cotton exports of a year ago. The increase
this year was 93,700 bales, or 53.1%. On the other
hand, the value of cotton exports for July of this
year was less than that of last year, the amount
being $13,530,000, a decline of $1,047,000 from July
1930, a decrease of 7.2%. The constant reduction
in the price of cotton is the occasion for this situation. It has characterized the export trade return
now for many months. For the seven months of 1931
the change is relatively even much greater than
appears for the month of July.
Gold exports in July were larger than in any
preceding month this year, while imports declined.
Exports amounted to $1,009,000 and imports to
$20,497,000. In June gold exports were only $40,000
and imports $63,887,000, while for the seven months
of this year exports of gold have been only
$1,798,000; imports were $260,438,000. The excess
of gold imports for the year to date amounts to R258.640,000. In the corresponding period of 1930 gold
exports were $51,191,000 and imports $254,087,000,
the latter exceeding exports for that period by $202,896,000. Silver exports last month were $2,304,000
and imports $1,640,000. For the year to date silver
exports have been $17,080,000 against $33,710,000 a
year ago, and imports $15,674,000 compared with
$27,226,000 for the corresponding period of 1930.
The stock market this week has zigzagged a good
deal, but as the week progressed developed a distinctly weak tone. About the only special feature
was a severe break in the market on Monday, due
to news regarding the banking troubles in Ohio, more
particularly in Toledo, where four banking institutions with aggregate resources in excess of $100,000,000 and aggregate deposits in excess of $80,000,000 concluded over the week-end to close down
after some strenuous efforts to keep agoing in conferences during Saturday and Sunday. A shortage
•
1167
.
of cash for retail trade resulted from the closing
down, but while this was relieved with the aid of
the other banks and the Federal Reserve Bank of
Cleveland, on the other hand the building and loan
associations deemed it incumbent to impose limits
upon withdrawals. This happened not only at
Toledo, but the loan associations at other points
in Northwestern Ohio took similar action. On the
whole, the situation assumed a serious aspect, at
least locally, and our stock market reflected apprehension by turning sharply downward after last
week's improving tendency in prices.
On Tuesday, however, the market enjoyed a sharp
recovery as it appeared that the Ohio troubles had
been effectually dealt with and were not likely to
extend beyond the local territory directly involved.
The rest of the week the market moved in an aimless
fashion, with prices now slightly up and then down.
On Friday the market again turned definitely downward. There were no distinctly new features of
great consequence to affect the course of prices. The
oil stocks displayed special strength in the belief that
the drastic measures taken by the Governors of Oklahoma and of Texas would prove effective in reducing
the output of oil and lead to the establishment of
higher levels of prices both for crude oil and its prod
ucts. An unfortunate feature continues to be the
steady decline in all classes of bonds except those
which are deemed positively gilt-edged. On Wednesday no less than 50 separate issues of bonds touched
new low levels for the year. This week's decline in
bonds may have reflected necessitous selling in connection with the Ohio banking trouble, but the course
of bond prices has been downward for a long time
past. Call loans on the Stock Exchange again continued unchanged at 11 2%,and the Stock Exchange
/
rate may be considered as pegged at that figure. A
total of 59 stocks recorded new low figures for the
year during the week, while 20 stocks established
new high figures.
Trading has been moderately larger. At the halfday session on Saturday of last week the sales on the
New York Stock Exchange were approximately
900,000 shares; on Monday, 1,300,000 shares; on
Tuesday, 1,700,000 shares; on Wednesday, 1,100,000
shares; on Thursday, 1,100,000 shares, and on Friday, 1,300,000 shares. On the New York Curb Exchange the sales on Saturday were 155,500 shares;
on Monday, 209,855 shares; on Tuesday, 241,175
shares; on Wednesday,203,170 shares; on Thursday,
246,730 shares, and on Friday, 234,345 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly lower. General
Electric closed yesterday at 4038 against 413 on
/
4
Friday of last week; Warner Bros. Pictures at 81
/s
against 812; Elec. Power & Light at 3938 against
/
/
4018; United Corp. at 22 against 23%; North Amer/
ican at 671 2 against 681 2; Pacific Gas & Elec. at
/.
/
46% bid against 46%; Standard Gas & Elec. at 624
3
against 633 Consolidated Gas of N. Y. at 921 2
4;
/
against 94%; Columbia Gas & Elec. at 29% against
30%; International Harvester at 3778 against 39½;
/
J. I. Case Threshing Machine at 611 against 63;
4
Sears, Roebuck & Co. at 563 against 58; Mont4
gomery Ward & Co. at 2118 against 221 ; Woolworth
/
4
at 701 against 70%;Safeway Stores at 651 2 against
4
/
6634; Western Union Telegraph at 112 against 116;
American Tel. & Tel. at 170% against 1741 2; Int.
/
Tel. & Tel. at 28% against 2978; American Can at
/
92 against 0712; United States Industrial Alcohol
/
1168
FINANCIAL CHRONICLE
8
at 317 against 30; Commercial Solvents at 17
4;
against 18%; Shattuck & Co. at 20 against 203
Corn Products at 65% against 67, and Columbia
Graphophone at 8 against 9.
Allied Chemical & Dye closed yesterday at 112
against 117% on Friday of last week; E. I. du Pont
de Nemours at 84% against 89%; National Cash
Register at 25% against 27%; International Nickel
at 13% against 13%; Timken Roller Bearing at 32
against 32%; Mack Trucks at 29 against 32; Yellow
/
Truck & Coach at 7% against 814; Johns-Manville
/
Safety Razor at 1934
at 50% against 5278; Gillette
/
Dairy Products at 34%
against 21%; National
against 35%; Associated Dry Goods at 19% against
/
20%; Texas Gulf Sulphur at 3418 against 35; American & Foreign Power at 28% against 30; General
American Tank Car at 56% against 58; Air Reduction at 76 against 82%; United Gas Improvement
at 28% against 30; Columbian Carbon at 70 against
74; American Tobacco at 112 against 118%; Liggett & Myers at 68% against 72; Reynolds Tobacco
/
/
class B at 4878 against 50%; Lorillard at 1778
/,
against 1938 and Tobacco Products class A at 10%
.
/
bid against 1058
The steel shares have moved distinctly lower.
U. S. Steel closed yesterday at 87% against 91% on
Friday of last week; Bethlehem Steel at 39 against
41%; Vanadium at 27 against 29%; Republic Iron &
Steel at 13% against 14, and Crucible Steel at 39 bid
against 40%. In the auto group Auburn Auto closed
yesterday at 134 against 143% on Friday of last
week; General Motors at 36 against 39%; Chrysler
/8
at 22% against 24%; Nash Motors at 251 against
/
/8;
277 Packard Motors at 6% against 678; Hudson
Motor Car at 12% against 13, and Hupp Motors at
/
678 against 7%. In the rubber group Goodyear Tire
8
& Rubber closed yesterday at 397 against 42%
on Friday of last week; United States Rubber
at 13% against 14%, and the preferred at 24
against 25%.
The railroad stocks have continued a weak feature.
Pennsylvania RR. closed yesterday at 39% against
/
41% on Friday of last week; Erie RR. at 181s
/
against 1978; New York Central at 70 against 73;
Baltimore & Ohio at 46 against 47%; New Haven
/
at 5538 against 58; Union Pacific at 140 against 146;
Southern Pacific at 73% against 74%; Missouri
Pacific at 18% against 20; Missouri-Kansas-Texas
at 11% bid against 11%; Southern Railway at 26%
against 26%; Chesapeake & Ohio at 35% against
/
3534; Northern Pacific at 33% against 34%, and
Great Northern at 35% against 35%.
The oil stocks have developed strength at times
on the probability of higher prices for crude petroleum as the result of the restriction in output.
Standard Oil of N. J. closed yesterday at 40 against
40 on Friday of last week; Standard Oil of N. Y. at
19% against 19%; Standard Oil of Calif. at 40%
against 39%; Atlantic Refining at 16% against
/
16%; Texas 'Corp. at 26% against 2458; Richfield
Oil at 1% against 178; Phillips Petroleum at 9
/
against 87s, and Pure Oil at 8 against 8%.
/
The copper stocks have moved with the general
/
list. Anaconda Copper closed yesterday at 241 8
against 25% on Friday of last week; Kennecott Copper at 17% against 18; Calumet & Arizona at 37%
bid against 38; Calumet & Hecla at 6% against 6%
bid, and American Smelting & Refining at 30%
against 32.
[VOL. 133.
IS
Stock exchanges in the important European financial centers showed no deviations this week from
earlier trends, all dealings still being overshadowed
by the financial crisis in Central Europe and its
world wide repercussions. The Berlin Bocrse remained closed under the edict of the German Government issued before business began on July 13.
There were no official indications of an early reopening, but it is now believed the German exchanges will
resume gradually with no margin trading allowed at
first and full reopening likely about Sept. 1. The
Berlin "Boersen Courier" estimates that unofficial
prices of German stocks are about 15% below the
last official quotations of July 11.
The London and Paris exchanges remained in the
doldrums all week, with the slow trading resulting in
few changes of any moment in quotations. An interesting decision to open the London Stock Exchange
for trading on Saturdays was reached by a committee
Thursday and posted on the Exchange. "In view
of the situation of the country and the desirability
of affording facilities for dealings, the committee for
general purchases has resolved to open the Stock Exchange on Saturdays on and after Sept. 19" the
statement said. A London report to the New York
"Times" stated that the drift of business in international issues on Saturdays to American stock brokers
was one of the chief reasons for the decision. The
London Stock Exchange has remained closed on Saturdays since 1917 so that the decision will interrupt
a practice of 14 years standing. A further incident
that occasioned much interest in London was an announcement last Saturday that Montagu Norman,
Governor of the Bank of England, was sailing that
day for Canada. The Bank issued a statement saying that Mr. Norman was seeking complete quiet and
entire freedom from work on medical advice. European trade reports, meanwhile, show that the situation remains much depressed, with definite signs of
improvement lacking. The official British total of
unemployed went to a new high figure of 2,714,359
in Tuesday's return, an increase of 39,270 in a week.
The German total of unemployed holds at about
4,000,000.
The London Stock Exchange was soft and dull
at the opening, Monday, notwithstanding the announced determination of the Government to balance the budget. The possibility of a tax on fixedinterest issues as one measure for increased Government income produced nervousness among holders of gilt-edged issues, and considerable liquidation
developed. British Government securities were
hard hit by the selling, sharp recessions appearing.
The industrial market was inactive, with prices inclined to drop both in the British and international
sections. A slow and not very pronounced rally in
British funds developed Tuesday, the tendency being
to await further developments on the budget. Oils
were better under the influence of closed American
wells. British industrial stocks were off as a result
of unexpected dividend reductions by leading companies in the textile industry, while international
issues were uncertain. A harder tone in the London
market finally appeared Wednesday, partly as a
result of further rumors that a general 10% import
duty might be levied. Business remained small, but
quotations improved in almost all departments. An
irregular tendency prevailed Thursday, with British
funds easier on renewed fears of special taxation of
bond interest. British industrial stocks showed no
AUG. 22 1931.]
FINANCIAL CHRONICLE
1169
movements of consequence, while the international was said to be dependent on a similar extension to
descriptions made slight gains. Quiet trading a period of six months of the $100,000,000 credit exyesterday resulted in small recessions in British tended the Reichsbank June 25 by the Federal Refunds. The industrial list showed few changes.
serve banks, the Bank of England, the Bank of
The Paris Bourse was extremely inactive as the France, and the B. I. S.
week began, but the price tendency was fairly firm.
A material divergence of views was reported on
A feeling of hesitation and uncertainty was general, the question of the mark balances in German banks
reports said, but prices were stable. Although the for account of foreign institutions, and the agreefortnightly settlement was completed Monday, no ment was modified on this point. Such deposits,
increase in trading developed. Money was available estimated at 700,000,000 marks, are to be released
8
for the settlement at i/ %, against 147 a fortnight gradually during the term of the agreement. The
/ 0
earlier. Tuesday's session at Paris was again dull, total foreign short-term credits outstanding in Gerwith the price trend mildly irregular. Gains and many on July 31 are given as 7,400,000,000 marks,
losses were confined to a few points. Further uncer- and this figure apparently includes the 700,000,000
tainty Wednesday brought no changes of any im- of mark balances, leaving at 6,700,000,000 marks the
portance. The attitude of traders and investors re- credits actually extended for the full six months'
mained one of aloofness, and the variations of a period. Not all the press reports agree on this figpoint or two either way attracted no interest. The ure, some placing the short-term credits involved in
Bourse session, Thursday, displayed the same char- the extension at 5,000,000,000 marks. Standard
acteristics. The dullness was quite as pronounced forms are to be provided for individual agreements
as in the earlier sessions, while the trend of quota- which are to be made in every case between the Gertions was perhaps a trifle harder. Improvement man debtor and the foreign creditor.
appeared chiefly in French stocks, with foreign
The report which aroused so much interest because
issues subject to a little liquidation. In a further of its political implications is understood to have
dull session yesterday prices hardened slightly.
.been drafted chiefly by Sir Walter Layton, of Great
Britain. It is a 5,000-word document, of which the
Something of a political sensation was provided essence is said to lie in its final paragraph, which
Wednesday by the Basle committee of bankers from states: "We therefore conclude by urging most
10 leading nations, called together by the B. I. S. at earnestly upon all governments concerned that they
1
the behest of the London conference of governments lose no time in taking necessary measures for bringto inquire into the immediate further credit needs ing about such conditions as will allow financial
of Germany and to study the possibilities of con- operations to bring to Germany—and therefore to
verting a portion of the short-term credits extended the world—sorely needed assistance." The Young
that country into long-term credits. After 10 days plan of reparations payments is not mentioned by
of deliberation this committee announced not only name in the report, and the bankers' committee only
an agreement for a six months' extension of more goes so far as to say: "We think it essential that
than $1,000,000,000 of the short-term credits still before the period of prolongation of credits recomoutstanding in Germany, but also made public a mended by the London conference comes to an end
summary of a separate "report" which recommends that the governments concerned should give to the
in diplomatic language a number of far-reaching world the assurance that international political relasteps for the economic recovery of Germany in par- tions are established on a basis of mutual confidence,
ticular and of the world in general. The need for which is the sine qua non of economic recovery, and
extension of the Reich credits was obvious and the that international payments to be made by Germany
action of the bankers in that regard was expected. will not be such as to imperil the maintenance of her
All attention was concentrated, accordingly, on the financial stability."
report, which Baste press correspondents stated
An official summary of the report, issued in Basle
"authoritatively" contains an unequivocal recom- and transmitted by the Associated Press, indicated
mendation for revision of German reparations pay- that it was divided into two parts, in accordance
ments, but examination of the report hardly bears with the terms of reference of the London conference
out that interpretation, as noted elsewhere.
of seven governments. The first part deals with
Agreement among the bankers for the prolonga- the immediate further credit needs of Germany,
tion of the short-term credits granted German bor- while the second part covers the possibility of conrowers is a highly important step in the long process verting a portion of the short-term credits into longof surmounting the financial crisis that has been term credits. The position which has arisen in Geraffecting Germany and other European countries many, the summary states, is due largely to the
with varying degrees of acuteness for the last two world-wide depression, but also partly to the parmonths. It is not, of course, a final one, since the ticularly vulnerable position in which the country
question of repayment will clearly be a difficult one found itself. Foreign indebtedness of Germany
six months hence and further banking agreements grew much faster than her assets in other lands durare thus foreshadowed. The committee met Aug. 8 ing the period between 1924 and 1930, it is pointed
under the chairmanship of Albert H. Wiggin, Chair- out. Total foreign indebtedness of the Reich is estiman of the Board of the Chase National Bank of mated at more than 25,500,000,000 marks, which is
New York. It included also eminent bankers from in part offset by German foreign assets of 9,700,Britain, Germany, France, Italy, Belgium, Switzer- 000,000 marks, leaving a net debt to foreigners of
land,'Sweden, Holland and Japan. As the discus- about 15,800,000,000 marks. Reparations payments
sions proceeded, some difficulties apparently arose by Germany were made possible largely by such exregarding the scope of the credit extension, but a tensive borrowing abroad, it is held,"and it follows
substantial accord among the bankers was reported that in the main payments made abroad by Germany
in Basle dispatches early in the current week. The during these years were not effected out of Geragreement for prolongation of the private credits many's resources and will not be so effected until
1170
FINANCIAL CHRONICLE
an appropriate part of these commercial debts are
repaid in the form either of gold, goods or services."
Even in the most favorable German foreign trade
year of 1930, borrowing abroad was necessary to provide one-third of the sum needed for foreign payments.
The report points out that the weakness in the
German financial situation at the end of 1930 arose
out of the fact that whereas Germany's foreign shortterm indebtedness was no less than 10,300,000,000
marks, having increased to that figure from 4,100,000,000 marks at the end of 1926, Germany's shortterm investments abroad,including foreign exchange
holdings of the Reichsbank, amounted only to 5,300,000,000 marks. "The increase in short-term debt was
quite out of proportion to the growth of foreign
trade," it is said, "and there is little doubt that it
was used to a large extent to replace working capital when long-term money proved not available.
While it would have been better if these short-term
credits could have been converted into a long-term
debt, it was probably not possible, and,in any event,
was not done. When, therefore, an outflow of capital occurred, it found Germany in a very vulnerable
position, which, in spite of an export surplus exist.
ing during the first six months of 1931, produced a
serious crisis. It is estimated that the withdrawal
from abroad of short-term funds in the first six
months of 1931 amounted to 2,900,000,000 marks, in
addition to which there was a certain amount of selling by foreigners of long-term investments in Germany and purchases by Germans of long and shortterm investments abroad. In all, the outflow appears to have been about 3,500,000,000 marks.
"The committee expresses no view regarding the
capacity of Germany to provide her capital needs
out of internal savings, but emphasizes that the piling up of her obligations is no ultimate solution of
her problem. The immediate credit needs involve
the cessation of withdrawals, for which purpose the
committee has been in touch with the bankers regarding the so-called 'standstill' agreements with foreign
countries whereby existing credits will be maintained. The committee concludes that unless part
of the capital withdrawn can be replaced the economy
of Germany will continue in a condition of severe
strain." Mobilization of German assets abroad is
not considered a remedy for the situation by the committee, while the alternative of heavily reduced imports and greatly increased exports by Germans
also is viewed unfavorably, owing not merely to the
dislocation this would occasion in German economic
life but also the serious effects on other markets.
It was held advisable from all viewpoints, accordingly, that the existing volume of Germany's foreign
credits be maintained and that part of the capital
recently withdrawn be replaced from foreign
sources, rather in the form of long-term credits than
of short-term loans.
Proceeding in the second part of the report to a
consideration of conversion possibilities, the committee states that the German economic position
does not appear unfavorable for a transformation
of a portion of the short-term debt into long-term
obligations. It is remarked, significantly, that there
has been a rapid recovery of Germany's export trade
in recent years. The authorities of the Reich, moreover, are said to have given proof of their determination to put the public finances on a sound basis. At
present, however, conversion possibilities are ruled
[VoL. 133.
out on the sufficient basis of the low prices now
prevalent for German securities on foreign securities markets.
"Two fundamental difficulties remain to be overcome," the report adds. "Until the relations between
Germany and other European powers are established
on a basis of mutual confidence there can be no assurance of continued economic progress. The second
condition relates to the external obligations of Germany. So long as these obligations, both private and
public, are such as to involve either a continuous
increase in snowball fashion of the foreign debt of
Germany, or, alternatively, a disproportion between
her exports and imports on such a scale as to
threaten economic prosperity of other countries,
prospective investors are unlikely to regard the situation as stable." The committee recommended, accordingly, as quoted above, that the powers represented at the London conference take measures for
the restoration of world confidence in political relations and provide assurances that payments by Germany will not imperil her financial stability.
The summary provided by the committee concludes
with a reference which is plainly a suggestion for
lower tariffs, as already noted further above. The
full text of the report was made available Thursday,
and it is reprinted in full in subsequent pages of this
issue. Added to the report itself are nine annexes
and statistical tables, dealing with such subjects
as the German balance of payments, foreign exchange movements, capital positions, budgetary estimates and economic activity. These addenda were
not made available.
The recommendations of the committee provoked
much comment in all capitals, with conjecture centering especially on the possibility of acfion at or
during the League of Nations Council and Assembly
meetings next month. Representatives of all the
nations concerned, with the exception of the United
States, will attend the League sessions, it was
pointed out, and Basle reports suggested that the
first steps toward adjustment of the political difficulties might be taken in Geneva. The bold prediction was reported in a Basle dispatch to the New
York "Times" that within the next six months or
so there will be "the biggest conference the world
has seen in years, and its job will be to make real
peace." A move was said to be afoot to have all the
important European Premiers, as well as the Foreign Ministers, attend the Geneva gatherings, so
that decisions on the largest questions could be made
without delay. This movement was said to have
British sponsorship.
There was no official comment of any kind in
Washington on the report of the committee. It was
pointed out by William R. Castle, Jr., Acting Secretary of State, that the meeting in Basle was one of
bankers who had no relationship whatever with the
United States Government. "So far as the. Government is concerned, it is not merely a financial question, but one that must await some crystallization
of public opinion," a Washington report to the New
York "Times" said. Bankers in New York considered the report a good one, although there was not
much enthusiasm regarding the prospects of early
action on the recommendations. Paul M. Warburg,
Chairman of the Manhattan Company, who permitted himself to be quoted, remarked that the report is "entirely sound," and added he was glad the
committee had the courage to go to fundamentals.
Atro. 22 1931.]
FINANCIAL CHRONICLE
In London the report was viewed as a further warning that the whole problem of reparations must be
reconsidered quickly if chaos is to be avoided. The
implications of the report were considered a reflection of the views long held by the city. Comment in
Paris was reserved, but all information from Basle
was read with the keenest interest. Mixed feelings
were aroused in Berlin by the results of the Basle
meeting. The six months' extension of short-term
credits was regarded as too short a period, and some
apprehension was manifest concerning further possible developments at the expiration of the agreement. Much satisfaction was expressed, on the
other hand, over the recommendations of the committee, which were viewed as a public recognition
by leading financial authorities, though only by
implication, that the burden of German reparations
is too heavy.
Various proposals for balancing the British budget have been under consideration this week by
the special Cabinet Committee headed by Prime
Minister MacDonald, but measures that will prove
satisfactory to all three parties in Britain have not
yet been formulated. The Cabinet Committee based
its studies on the report of the governmental
economy committee, which warned of a prospective
deficit of £120,000,000 unless stringent measures of
economy are adopted. Mr. MacDonald sought to
allay the apprehensions aroused by the disclosure.
"There is nothing wrong with Britain," he said in
London late last week. "Our difficulties are the
results of the bad state of world trade and are not
caused by the fact that Britain is in a bad way.
With reduced national income there must be reduced
national expenditures, if the country is to pull
through. This means there must be emergency measures to husband the country's resources."
The Cabinet Committee formulated early this
week a series of emergency proposals designed to
meet the situation, and discussions regarding their
acceptability were promptly started with the Conservative and Liberal party leaders. The proposals
under consideration were not officially divulged, but
the more important ones were apparently revealed
by the London "Daily Herald," which is considered
the mouthpiece of the Labor Government. A general
10% tariff on imports of manufactured goods for
revenue purposes was the foremost of the items,
according to the account in the "Daily Herald."
Other proposals included temporary suspension of
the sinking fund on the national debt, a special tax
on fixed income securities, increased contributions
to the unemployment insurance fund by workers and
employers, and voluntary conversion of war loans
to lower interest rates. Difficulties rapidly appeared in the discussions of means, even the Labor
followers of the Government raising objections to
the schemes presented by the Cabinet for their consideration. The Trades Union Council expressed
dissatisfaction, it was said, because the Government
proposed too much economy to suit it. The Cabinet
Committee discussed the proposals Thursday with
Neville Chamberlain and Sir Samuel Hoare, representing the Conservatives, and Sir Herbert Samuel
and Sir Donald MacLean, who acted for the Liberals. The Conservative Opposition declined to support the plans, it was indicated, because the economies were not considered sufficient to effect the
purpose. Liberal conferees stated they "didn't
1171
reach the point at which one could say we were
satisfied or not."
At least one major reorientation in the European
political scheme has resulted from the Central European financial crisis, reports from Hungary making
this amply clear during the current week. The financial difficulties were felt severely in Hungary and
drastic banking restrictions were applied late in
July under emergency decrees of the Budapest Government. Foreign credits extended Hungarian
nationals on a short-term basis were withdrawn to
a considerable extent, and the need of the country
for fresh credits became acute. Aid was proffered
by an international banking group headed by French
interests, and including bankers of Switzerland,
Holland and Italy. Reports from Budapest stated
that this consortium was ready to advance $25,000,000 to Hungary, with the French bankers agreeing to a participation of 50%. Although it is stated
that no political stipulations were attached, it is
plausible that the transaction will influence Hungary to develop closer relations with France, even
if it does not cause absolute relinquishment of the
close friendship with Germany and Austria. After
much hesitation this loan was concluded at Paris
Aug.14 for a period of one year, with interest at 6%.
The funds thus placed at the disposal of the Budapest Government made possible a resumption of
normal banking activities in Hungary this week.
Banks reopened Monday, and no further troubles
were reported, owing largely to a Government guarantee of the gold value of all deposits until Aug. 30.
A further consequence of the transaction, however,
was the resignation, Wednesday, of the Cabinet
headed by Count Bethlen, who for 10 years has
guided the destinies of the Balkan State. It is reported in a special cable to the New York "Times"
that Count Bethlen first tendered his resignation
to the Regent, Admiral Horthy, the day after the
credit was accepted by the Hungarian Government.
He was urged to remain in office, the dispatch adds,
because the resignation would give the impression
that the Premier "was refusing to associate himself
with the pro-French orientation." Count Bethlen
persisted in his intentions, and an announcement of
the resignation was issued Wednesday. "The real
reason for his retirement," a Budapest report to the
New York "Herald Tribune" said,"may be found in
the insistence of France on a new orientation of
Hungary's foreign policy as the price of financial
help." Count Julius Karolyi, Foreign Minister in
the Bethlen Cabinet, was invited to form a new
Cabinet. Negotiations are said to be in progress for
disposition to France of a large part of the Hungarian grain surplus.
Although further efforts were made by rebel bands
this week to overthrow the Government of Cuba
headed by General Gerardo Machado, little success
attended their endeavors, and the Machado regime
remains in apparent control. Messages received at
the State Department in Washington yesterday from
Ambassador Guggenheim predicted the speedy end
of the revolt. The revolution which has been brewing in the island for more than a year reached the
stage of active military movements against President Machado two weeks ago. Former President
Mario G. Menochal and Colonel Carlos Mendieta,
leaders of the revolutionary junta, counted upon
1172
FINANCIAL CHRONICLE
the support of the Cuban populace, and they made
their greatest efforts in Pinar del Rio Province,
where discontent has been widespread. The first
severe clash of the rebellion occurred in Pinar
del Rio late last week, and it resulted in the capture
by the loyal forces of General Menocal and Colonel
Mendieta, together with a number of their followers.
Few details of the encounter have been made available, but the blow to the rebels was a severe one, and
the Cuban Government had no hesitation in announcing that the backbone of the revolt had been broken.
Additional fighting developed this week, however,
with the most important engagement taking place
at Jibara, in Oriente Province, where a force of 350
rebels landed from the United States last Monday.
After bitter fighting, in which scores were reported
killed or wounded, this rebel force was defeated
Wednesday. Government troops, airplanes and a
gunboat joined forces to defeat the rebel band, which
was captured almost in its entirety. After this
incident the Government lifted the drastic censorship which had been imposed. Havana reports late
this week indicate that further rebel forces are
operating in Santa Clara Province, and some encounters also were reported in the suburbs of the capital,
but it was remarked that the success of the Government against the Jibara force leaves little doubt of
an early termination of all active military movements against President Machado. The situation is
still said to be tense, however, some accounts stating
that fully 95% of the Cuban population is opposed to
General Machado and anxious for a change. Washington reports stated emphatically that the United
States is unlikely to intervene unless a virtual state
of anarchy develops in Cuba. Some international
complications may develop, however, as it was reported Thursday that the Danish vessel Frederiksborg had been subjected to bombing and machine
gun fire while in Cuban waters.
Famine conditions in the thickly populated valley
of the Yangtze, which has overflowed its banks in
Central China, prompted the Nanking Nationalist
Government of China to start negotiations with the
Federal Farm Board in Washington this week for
the purchase on long-term credit terms of part of
the wheat stocks held by this agency of the United
States Government. An inquiry as to terms of such
a transaction was received by the Farm Board Monday, the Chinese Government transmitting the suggestion through Paul W. Meyer, American Consul
at Nanking. Nothing was revealed officially regarding the amount of wheat that might be sold if
the negotiations resulted favorably, but informal
reports from Washington indicated that it would
not exceed 15,000,000 bushels. Chairman Stone, of
the Farm Board, stated Thursday that the proposal
had received favorable consideration and that negotiations for the sale of the surplus grain would be
entertained. It was intimated that obligations of
the Nanking Government had been offered as security for payment, and that the sales price probably
would be the market figure on the day of shipment.
Shanghai dispatches stated that the Chinese Government planned to distribute the grain free at first,
in order to alleviate suffering. After the flood
waters of the Yangtze recede supplies would be made
available only in payment for repair work on the
dikes and railway embankments and land rehabilitation. The need of flood and famine relief in China
[vol.. 133.
is indeed desperate, as the floods are the worst
known in a half century. Great areas have been
inundated and some estimates of drownings run as
high as 15,000, while literally millions have been
made destitute. The American Red Cross announced
Wednesday that $100,000 had been made available
for victims of the floods.
Much uncertainty regarding the success of the
second Round Table Conference on India has been
occasioned by a decision of Mahatma Gandhi, leader
of the powerful Nationalist group, not to attend the
gathering. Mr. Gandhi's absence from the first conference in London,last year, proved very disconcerting and the failure of the gathering to make any substantial progress toward settlement of the mutual
problems of the British and the Indians was widely
attributed to this fact. The truce between the Government at Simla and the Nationalist followers of
Gandhi last March was followed by arrangements
for the second conference, scheduled to open in London Sept. 5. Only two days before the Indian delegates were scheduled to sail for London, a decision
was reached by the All-India National Congress
Working Committee not to send a representative to
London, and Mr. Gandhi promptly announced his
intention to abide by the decision. The action was
taken, he said, because of the refusal of the Viceroy,
Lord Willingdon, to appoint an impartial committee
to investigate alleged violations by the Government
of the Delhi truce. In subsequent statements the
Indian leader indicated that the purported violations
were in the form of coercive collections of taxes from
peasants. A group of 27 delegates representing
other parties in India sailed from Bombay last Saturday, but Mr. Gandhi held to his decision, and little
hope is now entertained regarding the prospects of
an early settlement of the Indian problem. The
Nationalist leaders stated this week that they have
no immediate intention of resuming the civil disobedience campaign. The London Government announced Thursday that it was summoning a round
table conference to discuss a separate Constitution
for Burma and the future relations of Burma and
India. This gathering will assemble in London next
November, before the Indian round table conference
adjourns.
The Bank of Germany this week marked its Lombard rate down from 15% to 12%. Discount rates
in Hungary;
are 10% in Germany and Austria;
2
1
/
2
1
/
7% in Portugal; 6 % in Spain; 5 % in Ireland
2
1
/
and Italy;4% in Norway and Sweden;3 % in Den2
1
/
/
mark; 412% in England; 2 % in Belgium, and 2%
in France, Holland and Switzerland. In the London
open market discounts for short bills yesterday were
/
4
/
4 1/16@418% against 41 8@41 % on Friday of last
week, and for three months' bills 4 3/16@4 5/16%
/
against 414@4%% the previous Friday. Money on
call in London on Friday was 3%. At Paris the open
/
market rate is 178%,and in Switzerland 2%.
The Bank of England statement for the week
ended Aug. 19 shows a gain of £1,565,847 in gold
holdings and as this was attended by a contraction
of £5,922,000 in circulation, reserves rose £7,488,000.
The Bank now holds £134,870,075 of gold compared
with £155,365,515 a year ago. Public deposits increased £292,000 and other deptits £8,812,258.
The latter consists of bankers' accounts and other
FINANCIAL CHRONICLE
AUG. 22 1931.]
1173
accounts, which expanded £3,592,379 and £5,219,879 A comparison of the various items for three years is
respectively. The proportion of reserve to liability given below:
REICHSBANK'S COMPARATIVE STATEMENT.
is up to 45.84% this week from 42.90% a week ago.
Changes
.15 1929.
Aug. 15 1931. Aug. 151930. Aug
for Week.
A year ago the ratio was 46.06%. Loans on GovernReichsmark*. Reicharnarks. Relehamarks.
Reid:marks.
Assets—
ment securities fell off £4,345,000 and those on other Gold bul Ion
760,000 1,365.784,000 2,619.020,000 2,150,264,000
100.
65.548.000 149,788.000 149.788,000
securities rose £6,000,760. The latter consists of Of which depos.abed_ Unchanged
Ree've In hien curr—Ino. 9.813.000 317,024,000 311.113,000 302.661,000
£188,047 BUM of exch checks.Dec. 475.196,000 3,104,000,000 1,418.138,000 2.197.422.000
discounts and advances which decreased
Silver and other coin_ Anti. 28,099,000 145,662.000 167.172,000 136,347,000
and securities which increased £6,188,807. The Notes on oth.Ger.blts.lno. 3.388.000 28,836.000 19.142.000 19,417.000
85.770,000
77,370.000
99,857,000
Advances
Dec. 67,673.000
rate of discount remains at 432%. Below we show Investments
92,744,000
Inc.
243,000 102,971,000 100,867,000
Other assets
Inc. 93,224.000 911,993,000 679,419.000 .545,683,000
the various items with comparisons for back years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1930.
1929.
1927.
1928.
Aug.19.Aug.20.Aug.21,Aug.n.Aug.24.
Circulation
8354,129,000
19,726,000
Public deposits
101,854,291
Other deposits
Bankers' accounts 61,755,078
Other accounts_ 40,099,213
Government secur
48,880,906
35,149,509
Other securities
Meet. & advances 6,863,320
Securities
28,286.189
Reserve notes & coin 55,741,000
Coln and bullion_134,870,075
Proportion of reserve
to liabilities
45.84%
Bank rate
41i%
361,791,084
21,045,499
95,259,720
61,665,369
33,594,351
49,371.247
31,548,696
6,114,545
25,434,151
53,574,431
155,365,515
365,443,405
26,286,065
91,888,000
55,850,949
36,037.051
71,046.855
26,018,431
3,752.639
22,265,792
33,588,793
137,633,677
46.06%
3%
29.29%
555%
134,920,590 136.429,755
16,611.974 17,424,169
97,893,958 102,737,468
27,968,950 55,421,999
45,093.163 48,140,304
59,652,619 34,812,468
174.823.209 151.492.223
52%
414%
28.97%
434%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
Aug. 15, records a gain in gold holdings of 1,519,480
francs, raising the total of the item up to 58,558,270,543 francs. Gold at the corresponding week
last year amounted to 46,952,230,408 francs and the
year before to 38,476,161,987 francs. Increases are
shown in credit balances abroad of 1,887,000,000
francs, in bills bought abroad of 104,000,000 francs
and in creditor current accounts of 2,263,000,000
francs. Notes in circulation show a reduction of
614,000,000 francs, reducing the total of notes outstanding to 78,393,227,085 francs. Circulation last
year aggregated 72,678,936,930 francs and the year
before 64,691,898,125 francs. French commercial
bills discounted and advances against securities reveal
decreases of 295,000,000 francs and 23,000,000 francs
respectively. Below we furnish a comparison of the
various items for three years:
BANK OF FRANCE'S
Changes
for Week.
Francs.
1,519,480
Gold holdings_ _ _ _Inc.
Credit bals. abrid.Inc.1887,000,000
French commercial
bills discounted.Deo. 295,000,000
Bills bought abrid_Inc. 104.000,000
Adv.agst.secure_ _ Dec. 23,000,000
Note circulation_ _Dec.614,000,000
Cred. curr. accts—Inc.2263.000,000
COMPARATIVE STATEMENT.
Status as o
Aug. 15 1931. Aug. 16 1930. Aug. 17 1929
Francs,
Francs.
Prams.
58,558,270,543 4
6,952,230,408 38,476,161.987
14,096,625,758 7 055,150,195 7,263.597,530
,
4,797,092,526
14,564,767,406
2,803,338,906
78,393,227,085
27,253,653,054
5,213,105,772
18.883.774,840
2,751,901,384
72,678,936,930
17,327.395,588
7,376,754.588
18,523,096,507
2.439.657.402
64,691,898.125
19,477,458,002
The Reichsbank's statement for the second quarter
of August records a gain in gold and bullion of 760,000
marks. The total of gold now stands at 1,365,784,000 marks, in comparison with 2,619,020,000 marks
last year and 2,150,264,000 marks two years ago.
The items of reserve in foreign currency, silver and
other coin, notes on other German banks, investments and other assets reveal increases of 9,813,000
marks, 28,099,000 marks, 3,388,000 marks, 243,000
marks and 93,224,000 marks respectively. Deposits
abroad remain unchanged at 65,548,000 marks.
Notes in circulation contracted 138,288,000 marks,
reducing the total of the item to 4,247,313,000 marks.
Circulation a year ago stood at 4,229,137,000 marks
and the year previous at 4,291,743,000 marks. Decreases appear in bills of exchange and checks of
475,196,000 marks, in advances of 67,673,000 marks,
in other daily maturing obligations of 254,994,000
marks and in other liabilities of 14,060,000 marks.
LiatAlUtes—
Notes In circulation_ Dec. 138.288.000 4,247.313,000 4,229,137,000 4,291,143,000
0th.dally matur.obllg.Dec. 254,994.000 525,587.000 446,946,000 452.731.000
Other liabilities
Dec. 14,060,000 751.694,000 222,221,000 343,438,000
Money rates in the New York market were again
unchanged this week, the figures still reflecting the
immense volume of funds seeking employment. Call
/%
loans on the Stock Exchange were 11 2 throughout,
both renewals and new loans being arranged at this
quotation. The demand for accommodation persists at very low levels, notwithstanding the heavy
offerings. Treasury bill allotments, Thursday, consisted of $60,000,000 in 91-day bills, at the equivalent of an average rate of 0.59%, computed on an
annual bank discount basis. An equal issue last
week was at an average rate of 0.63%, while the
results two weeks ago averaged 0.56%. Brokers'
loans against stock and bond collateral increased
$14,000,000 in the Federal Reserve Bank of New
York tabulation covering the week to Wednesday
night. Gold movements reported at New York for
the same weekly period consisted of imports of
$6,515,000 and exports of $10,000. A net increase
of $2,000,000 in the stock of gold held earmarked
for foreign account also was reported.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no deviation at any time from the figure of 11 27 this having
/ 0,
been the quotation both for new loans and for renewals on every day of the week. The demand for
time loans showed moderate improvement this week,
though the volume of business still remained small.
Quotations are 11 4@11 270 for 30 and 60 days; the
/
/
rate for 90 days and four months is 11 2@l347, and
/
/ 0
for five and six months 134@27. The market for
/
0
prime commercial paper continued brisk, but sales
were restricted because of the inadequate supply
available. Rates for choice names of four to six
0
months' maturity continue at 1%@27. Names less
/
/ 0
well known and shorter choice names are 21 4@)21 27.
The market for prime bank acceptances has greatly
improved this week, but the supply of bills is still
far short of the requirements. Rates remain unchanged. The quotations of the American Acceptance Council for bills up to 90 days continue at 1%
bid 7 0 asked; for four months' bills, 11 8% bid 1%
87
/
/,7
asked; for five and six months, 1%70 bid and 11 0
asked. The Federal Reserve banks showed a further
increase in their holdings of acceptances during the
week,from $135,738,000 to $154,628,000. Their holdings of acceptances for foreign correspondents increased from $220,174,000 to $226,781,000. Open
market rates for acceptances also remain unchanged,
as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Daps— —150 Days— —120 Days—
Bid. Asked.
Bed.
Asked.
Bid.
Asked,
11i
11(
134
114
1*
1
—90 Days—
—80 Days—
—30 Day.—
Bid. Asked,
Bid. Asked.
Bid. Asked
1
1
34
3
1
•
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
14 bid
134 bid
There have been no changes this week in the Tediscount rates Of any of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
[Vol,. 133.
FINANCIAL CHRONICLE
1174
Bate in Vied
on Aup.21.
Date
Established.
Previous
Rate.
2
14
3
234
3
8
24
24
34
8
8
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
24
2
334
3
34
34
3
24.4
a
4
34
334
3
Sterling exchange is quiet, continuing the improved
tone which began a few weeks ago with the granting
of a credit to the Bank of England of $250,000,000
by the Bank of France and the Federal Reserve Bank
of New York. The range this week has been from
4.85 7-16 to 4.85% for bankers' sight bills, compared
with 4.85 1-32 to 4.85% last week. The range for
cable transfers has been from 4.85% to 4.86, compared with 4.853jto 4.85 13-16 a week ago. Although
sterling continues below the gold export point as
compared with several of the Continental exchanges,
with the exception of Paris, the Bank of England
lost very little gold to Europe this week, and what
it did ship went principally to Holland. On balance
the Bank's gold holdings have improved. For
nearly two weeks the London check rate on Paris
has shown evidence of being pegged around 123.93123.95 and this fact is interpreted as proof that
sterling is being supported in the Paris market by
the Bank of France. It is also apparent that the
banks on this side have been taking precautions to
prevent undue pressure on sterling. At all events
foreign exchange movements are clearly not normal,
and but for central bank support the pound would be
ruling lower, although seasonal pressure against
London is still a few weeks off. Some uneasiness is
displayed regarding the difficulty facing the British
Government in balancing its budget. The plans
proposed thus far to overcome or to eliminate the
budget deficit are of a nature which might easily
induce a flight of capital from London which would,
of course, depress sterling. The plans of the Labor
Government for overcoming the deficit in the budget
are given in greater detail in another column.
Sterling and all the major currencies are still
dominated by the German situation. Bankers say
that while there is great improvement in the German
situation and prospects, foreign exchange markets
will be abnormally affected by the events of the
crisis for perhaps a year or more until the German
financial difficulties have been completely resolved.
This week the Bank of England shows an increase
in gold holdings of £1,565,847, the total standing at
£134,870,075, which compares with £155,365,515 a
year ago. On Saturday the Bank of England received £1,b00,000 in sovereigns from abroad and exported £2,000 in sovereigns. On Monday the Bank
bought £222 in gold coin, received £200,000 in
sovereigns from abroad, and exported £2,000 in
sovereigns. On Tuesday the Bank released £350,000
in sovereigns and exported £14,000 in sovereigns.
On Wednesday the Bank exported £2,000 in sover-
eigns. On Thursday the Bank bought £7,600 in
gold bars and exported £10,000 in sovereigns. On
Friday the Bank exported £9,000 in sovereigns.
At the Port of New York the gold movement for
the week ended Aug. 19, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $6,515,000, of which $4,000,000 came from Argentina; $1,365,000 from Mexico; $1,000,000 from
Uruguay, and $150,000 from other Latin American
countries. Exports were $5,000 to Belgium and
$5,000 to Italy. There was an increase of $2,000,000
in gold earmarked for foreign account. In tabular
form the gold movement for the week ended Aug.
19, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK, AUG. 14—AUG. 19, INCL.
Imports.
Exports.
$3,000 to Belgium
$4,000,000 from Argentina
1,385,000 from Mexico
6,000 to Italy
1,000.000 from Uruguay
160,000 chiefly from other Latin
American countries
310,000 total
88,515,000 total
Net Change in Gold Earmarked for Foreign Account.
Increase: $2,000,000
During the week $183,000 of gold was received at
San Francisco from Mexico, $5,000,000 from Japan,
and $143,000 from China.
Canadian exchange continues at a discount. On
Saturday Montrealfunds were at 5-16 of 1%;on Monday at 5-64; on Tuesday at 5-16; on Wednesday at
5-16; on Thursday at %, and on Friday at 5-16 of
1% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was easy in a quiet market. Bankers'
sight was 4.85 7-16@4.85 9-16; cable transfers 4.85%
@4.85 25-32. On Monday sterling was firmer. The
range was 4.85 7-16(4)4.85 21-32 for bankers' sight
and 4.85 13-16@4.85 29-32 for cable transfers. On
Tuesday the market was quiet with a firm undertone.
Bankers' sight was 4.853/@4.85 11-16; cable trans2
fers 4.85%@4.86. On Wednesday the market was
quiet and inclined to ease. The range was 4.85 9-16
(04.85% for bankers' sight and 4.85 27-32@4.85%
for cable transfers. On Thursday sterling was steady.
The range was 4.85 15-32@4.85% for bankers' sight
and 4.85 27-32@4.86 for cable transfers. On Friday
steadiness was still the feature; the range was 4.85%
@)4.85% for bankers' sight and 4.85 31-32@4.86 for
cable transfers. Closing quotations on Friday were
4.85 23-32 for demand and 4.85 31-32 for cable
;
/
transfers. Commercial sight bills finished at 4.8538
-day bills at 4.80; documents
-day bills at 4.81%;90
60
for payment (60-days) at 4.81% and seven day grain
bills at 4.85. Cotton and grain for payment closed
at 4.85%.
Exchange on the Continental countries continues
to be dominated by the German financial situation.
Much interest is displayed in New York in the results
of the deliberations of the Wiggin committee in
Basle. The investigations of the committee reveal
that the German short-term foreign indebtedness
amounts to roughly Rm. 7,300,000,000, compared
with earlier estimates of Rm. 5,500,000,000. Comprised in the committee's total are Rm.5,000,000,000
foreign credits to banks, Rm. 1,500,000,000 to industry and Rm.800,000,000 to public bodies. The consortium of Germany's foreign creditors, also at Basle,
working in close conjunction with the Wiggin committee, signed an agreement on Wednesday to prolong Germany's short-term credits for six months.
AUG. 22 1931.]
FINANCIAL CHRONICLE
1175
The Berlin financiers endeavored to induce the con- reported in the first statement following stabilizasortium of foreign creditors to accept and the Wiggin tion in June 1928.
Italian exchange is steady. Italian foreign trade
committee to endorse a plan for the repayment of the
continues to gain slightly, each month showing a
short-term credits in three years. Much disappointment was expressed in German financial circles that slow but steady increase in exports despite the
the Wiggin committee could not endorse so long an constant decrease of prices in gold, which parextension of the credits. The committee's report, ticularly affects the principal export commodities
it is believed, in the New York market, points defi- of Italy, such as agricultural products, silk, and
nitely to a reduction in the reparations payments. similar products. The improvement in the trade
The suggestion in this direction is couched in veiled balance is attributed to low wages and to numerous
language, and the word "reparations" is avoided. commercial treaties which the Government has
French opinion is that the reopening of the question concluded in Europe.
The London check rate on Paris closed at 123.96
has been definitely blocked, but a different attitude is
taken in New York, London and elsewhere, and the on Friday, against 123.94 on Friday of last week.
statement that "the German problem is part of a In New York sight bills on the French center finished
broader problem which affects more than one coun- at 3.91 31-32, against 3.91% on Friday of last week;
try" is interpreted by many as paving the way for cable transfers at 3.92 3-32, against 3.91%, and
at least a possible reduction in reparations. Details commercial sight bills at 3.91k, against 3.91 11-16.
of the report of the Wiggin committee are given on Antwerp belgas finished at 13.933/2 for bankers' sight
bills and at 13.94 for cable transfers, against 13.92
another page.
2
.
While more confidence is shown in Germany than and 13.923/ Berlin marks are nominally quoted
at any time since the end of May, Berlin bankers are 23.75, against 23.75. Italian lire closed at 5.23 for
keenly disappointed over the heavy withdrawals bankers' sight bills and at 5.231 for cable transfers,
4
from the savings banks, which indicate that the against 5.23 and 5.233/s. Austrian schillings closed
populace is still lacking in confidence. The opening at 14.053/2, against 14.053/2; exchange on Czechoof the Berlin Boerse has been again postponed, ap- slovakia at 2.96%, against 2.9631; on Bucharest at
2
2
parently at the urgent insistence of the exchanges in 0.593/, against 0.593/2; on Poland at 11.213/, against
2
11.213, and on Finland at 2.513/, against 2.513/2.
the other German cities, which fear a heavy decline
in bond prices. It is now believed that the boerse Greek exchange closed at 1.29% for bankers' sight
2
will not open until some time in September. When bills and at 1.293/2 for cable transfers, against 1. 93/i
the Reichsbank reduced its rediscount rate on Tues- and 1.29M.
day of last week from 15% to 10%, the statement of
Exchange on the countries neutral during the war
the council of the bank clearly intimated that a
further reduction in the rate could be expected in the presents no new features. The Scandinavian curnear future. However, owing to the heavy with- rencies are relatively steady, fluctuating within nardrawals of savings bank deposits the prospects of a row limits and moving almost in strict sympathy with
further reduction in the Reichsbank rate is now re- sterling exchange. Holland guilders are exceptionally
mote, although money is lending in the outside dis- firm owing largely to the withdrawal of Dutch funds
count market at rates materially below the official from the London market and to the practically
figure. Mark exchange should receive considerable negligible demand in Amsterdam for marks or any
assistance from the trade balance in the next six other Continental currencies. The Amsterdam banks
months. The first half of the year shows an export are now the principal threat to England's gold resurplus of approximately Rm. 1,000,000,000, and it serves, as they have been for several weeks past,
is calculated that the second half will show an excess although little metal has actually moved during the
of exports over imports of possibly even more. Due current week. The firmness in guilders is in part
to the reparations holiday, this sum will not be re- due to the movement of capital from other countries
quired for external payments. Now that it is assured into Holland for purposes of greater security. Swiss
that further withdrawals of foreign credit will not francs have receded from the exceptionally high
take place, foreign exchange authorities believe there quotations of a few weeks ago, but are nevertheless
is every reason for the Reichsbank to be enabled to extremely firm. The firmness in Swiss is due partly
strengthen its gold and foreign exchange position.
to operations in connection with the Bank for InterFrench francs are firm in all markets. The weekly national Settlements but perhaps as much to the
statement of condition of the Bank of France as of flight of capital, especially from Spain, to SwitzerAug. 15 shows that the shifting of the institution's land for security. Spanish pesetas have fluctuated
foreign balances continues, with bill holdings being rather widely during the week and are on average
converted into cash. Sight balances abroad in- firmer than at any time in several weeks. The
creased fr. 1,887,000,000 to fr. 14,096,625,768, while firmness in the peseta is attributed to a report that
negotiable bills bought abroad dropped fr. 1,671,- the Spanish Government is contemplating stabiliza000,000 to fr. 12,729,000,000. This trend has been tion of exchange at about 52 to the pound sterling,
continuous since the end of May. On that date or approximately 9.36 cents. New York foreign exsight balances totaled fr. 5,430,000,000 and nego- change traders view the report with some scepticism,
tiable bills bought abroad fr. 20,704,000,000. Thus, pointing to the numerous rumors of this type which
during that period foreign cash balances have in- have been circulated in the past and which have
creased by fr. 8,665,000,000 and bill holdings have proved to be without foundation. Exchange circles
dropped by fr. 7,975,000,000. The gold holdings report that only a small amount of peseta buying has
of the Bank increased last week only 1,519,480 been for commercial purposes and that most of the
francs, but this was sufficient to cause a new high transactions have been of a speculative nature. It
record, with the total standing at 58,558,270,543 is also reported that the Bank of Spain has been
francs, which compares with 46,952,230,408 francs supporting the market, although definite confirmaon Aug. 16 1930 and with 28,935,000,000 francs tion of this assertion cannot be obtained.
1176
[VoL. 133.
FINANCIAL CHRONICLE
Bankers' sight on Amsterdam finished on Friday
at 40.333, against 40.30M on Friday of last week;
cable transfers at 40.343', against 40.32, and commercial sight bills at 40.28, against 40.28. Swiss
francs closed at 19.45 for checks an at 19.453/b for
cable transfers, against 19.493/ and 19.50. Copenhagen checks finished at 26.73 and cable transfers
at 26.74, against 26.73 and 26.74. Checks on
Sweden closed at 26.75 and cable transfers at 26.76,
against 26.74 and 26.75, while checks on Norway
2
finished at 26.73 and cable transfers at 26.743/,
against 26.73 and 26.74. Spanish pesetas closed
at 8.83 for bankers' sight bills and at 8.84 for cable
transfers, against 8.58 and 8.59.
Exchange on the South American countries continues unsatisfactory owing to the political uncertainties in most of these republics. Argentine paper
pesos have fluctuated rather widely during the week,
ranging from 29.14 on Saturday of last week down to
27.83 on Thursday, and closing on Friday at 28%.
This compares with par of 42.45. As noted above,
the Federal Reserve Bank of New York reported the
receipt of $4,000,000 from Argentina during the week.
It is thought probable that Argentina will meet the
$50,000,000 maturity on Oct. 1 by the shipment of a
corresponding amount of gold. This shipment of
gold is expected to bring about a stringency in money
for circulation in the Argentine. Gold in the Caja
de Conversion on Saturday last totaled 313,905,469
gold pesos. Gold deposited in Argentine legations
abroad totaled 11,259,148 gold pesos, making total
gold reserves 325,164,617 gold pesos, which is 61.2%
gold backing for the paper currency in circulation.
This reserve will be reduced to a fraction below 51%
by the shipment of $50,000,000 in gold to New York
during September to repay the loan falling due on
Oct. 1, for the renewal of which American bankers
have not offered terms acceptable to President
Uriburu. New York bankers say that the difficulty
in renewing such a loan at this time lies in the fact
that in view of the depressed condition of South
American bonds at present, a public offering of a
refunding issue would be next to impossible. All
the Argentine long-term loans currently active are
selling at less than 75 cents on the dollar. A dispatch
from Santiago, Chile, on Wednesday stated that the
Government has ordered a complete moratorium on
foreign debts for the remainder of this year. A
partial moratorium was declared last month and since
then funds to cover the interest have been deposited
in Santiago as a guaranty of future payment. Wednesday's decision, however, declared that all external
debt payments are to be suspended since funds are
no longer available for the interest deposits.
Argentine paper pesos closed at 28% for bankers'
sight bills, against 293 on Friday of last week and
at 283/b for cable transfers, against 29%. Brazilian
milreis are nominally quoted 6.35 for bankers' sight
bills and 6.40 for cable transfers, against 7.45 and
7.50. Chilean exchange is nominally quoted 12.10
for bankers' sight bills and 12.15 for cable transfers,
against 12.10 and 12.15. Peru, not quoted.
dollars were not affected by the slump in Shanghai
and continued to rule around 23.88. Until the past
week or so there has been a good demand from China
for silver in this market, but a sharp decline is now
apparent. The American Bureau of Metal Statistics
reports that the silver shipment to China in July
from New York amounted to 3,084,000 ounces, compared with 2,145,000 ounces in June, and 1,645,000
ounces in May. Shipments from San Francisco to
China in those three months amounted to 1,401,000,
1,299,000, and1j1,804,000 ounces respectively. The
decline in demand from China of late is attributed
to the heavy floods and prospects of famine in many
parts. ChirTal, Which will necessitate increased pur.of
chases of foodstuffs from abroad. Unusual buying of
provisions is already reported. If China is compelled
to pay cash, it is feared that silver and the Chinese
exchanges will suffer. If long-term credits are
granted, the strain will be spread over a greater
period and unfavorable affects will be avoided.
Japanese yen are steady. Japanese export surplus
is gaining steadily. As noted above, the Federal
Reserve Bank of New York reported the receipt this
week of $5,000,000 of gold from Japan. This follows the receipt last week of approximately $15,000,000 gold from Japan, which arrived at San
Francisco. Closing quotations for yen checks yesterday were 49.34@49, against 49.33@4932 Hong
.
Kong closed at 23U@24 1-16, against 235 8@
/
23 15-16; Shanghai at 29%@30, against 29%;
Manila at 49%, against 49%; Singapore at 569',
against 56%; Bombay at 363, against 363j, and
Calcutta at 363I, against 363.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 15 1931 TO AUG. 21 1931, INCLUSIVE.
ar
unu
Country and mondy
Noon Bulling little for Cable Transfers in New York,
Value in United Mates Money.
Aug. 15. Aug. 17. Aug. 18. Aug.19. Aug.20. Aug.21.
EUROPE$
Austria. schilllng
.140398
Belgium, belga
.139292
Bulgaria, lev
007146
Czechoslovakia, krone .029627
Denmark, krone
.267290
England. pound
sterling
4.857470
Finland, markka
.025147
France. franc
.039193
Germany. relchernark .236785
Greece. drachma
.012942
Holland, guilder
.403185
Hungary, Dengo
.174538
052316
Italy. lira
Norway, krone
267336
111981
Poland. zloty
Portugal. escudo
.044220
Rumania,len
.005934
Spain, peseta
.086300
Sweden, krona
.267457
Switzerland. trans
.194969
Yugoslavia, dinar
.017709
ASIAChinaChefoo tael
.302291
Fiankow tael
.296718
Shanghai tael
.292321
Tientsin tael
306875
'
Hong Kong dollar
.234583
Mexican dollar_ _ _ _ .210312
Tientsin or Peiyang
dollar
213333
Yuan dollar
.210000
India. rupee
.359437
Japan, yen
493396
Singapore (8.8.) dollar .559791
NORTH AMER.Canada, dollar
996821
Cuba. peso
.999112
Mexico, De010 (allver)_ .303000
Newfoundland. dollar .994375
SOUTH AMER.Argentina. peso (gold) .658983
Brazil, milreAs
.063683
Chile, peso
.120755
I .400625
Uruguay. Peso
Colombia, peso
I .965700
$
.140413
.139335
.007128
.029622
.267327
$
.140410
.139310
.007128
.029622
.267357
g
.140406
.139313
.007134
.029630
.267341
li
.140403
.139307
.007128
.029628
.267330
4.858562 4.859261 4.858394 4.858536
.025144 .025141 .025142 .025146
.039194 .039204 .039198 .039198
.236957 .236861 .237013 .236920
.012932 .012931 .012932 .012941
.403221 .403267 .403248 .403277
.174505 .174490 .174450 .174525
.052321 .052314 .052317 .052310
.287373 .267392 .267393 .267378
.111985 .111980 .111995 .111972
.044220 .044225 .044156 .044185
.005938 .005936 .005936 .005934
.086095 .086835 .088019 .088721
.267491 .267517 .267518 .267527
.194878 .194590 .194417 .194556
.017722 .017711 .017703 .017689
$
.140406
.139373
.007115
.029826
.267335
.
4.859702
.025150
.039202
.236811
.012935
.403351
.174515
.052308
.267365
.111972
.044185
.005929
.088200
.267548
.194541
.017688
.301666
.296406
.291964
.305833
.233214
.210000
.303125
.297968
.294107
.307291
.234642
.210937
.302918
.297968
.294017
.307500
.235178
.211250
.302500
.297187
.293126
.406666
.234821
.210937
.304375
.298333
.295312
.307500
.235937
.212916
.212083
.208750
.359354
.493487
.559791
.213333
.210000
.359508
.493421
.560208
.214166
.210833
.359491
.493603
.560208
.213750
.210416
.359475
.493615
.580208
.218125
.213125
.359470
.493571
.559687
.998835
.999250
.303000
.994375
.996835 .996754 .996741 .996695
.999145 1 000078 1.000387 1.000437
.307700 .307700 .307700 .315000
.994375 .994292 .994392 .994353
Exchange on the Far Eastern countries has been
.659048 .849510 .641753 .631738 .633335
.063900 .062562 .062500 .062942 .062812
irregular. In Tuesday's market Shanghai taels broke
120763 .120773 .120782
.120764 .120770
.483125 .471375 .459333 .440125 .433166
13 cents to 27.75 from 29.50, at which the rate had
A
.965700 .965700 .965700 .965700 .965700
been fairly steady for some time. The drop was in
The following table indicates the amount of bulthe face of an advance of IA of a cent in silver to
273i cents per ounce in New York. Hong Kong lion in the principal European banks:
AUG. 22 1931.]
FINANCIAL CHRONICLE
Aug. 20 1931.
Aug 21 1930.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
England_ _ 134,570,075
134.570,075155.365.515
155,365,515
France a__ 468,466,164
468.466.164375.617,843
d
(d)
375,617,843
Germany b 65,011,800 c994,600 66,006,400123.461,100
994.600124,455,700
Spain_
91,015,000 26.898.000117.913,000 98,926 000 28,698.000127,624,000
Italy
58,063.000
58,063.000 53.645,000
53.645.000
Nether!'ds 52,810.000 2.942,000 55,752,000 32.553.000 2,100,000 34,653.000
Nat. Behr. 44,708.000
44.708.000 34.521.000
34,521,000
Switzer!' 31,919,000
31.919,000 25,060,000
25.060,000
Sweden__ 13.208,000
13,208.000 13,476.000
13,476,000
Denmark _ 9.544,000
9,544,000 9,567.000
9,587.000
Norway__ 8,130.00
8,130,000 8.142.000
8,142.000
Total week 977,445.039 30,834.600 1 008279639930,334,458 31,792,600,962,127,058
Prey. w
970,599,036 30,845,601 1001444636928.589.953 32,036,600960,626,553
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £3,277,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
German Credit and a British Tariff.
The report of the Wiggin committee is a dignified
and forcible document, dealing adequately with the
particular matters intrusted to the committee, and
at the same time embodying recommendations which
the strict limitations imposed upon the committee
by the London Conference did not clearly envisage.
The committee was appointed "to inquire into the
immediate and further credit needs of Germany and
study the possibilities of converting a portion of her
short-term credits into long-term credits." This task
the committee, aided by representatives of the banking groups which have been negotiating with Germany regarding the maintenance of existing shortterm credits, and by representatives of the German
banks, has performed as thoroughly as the financial
data available permitted. It had no difficulty in
finding that while it would have been better if
"short-dated debts could have been converted into
long-dated debts, certainly to the extent of establishing a fair equilibrium between what Germany owed
at short term and what Germany could pay within
the same period," such conversion "was not made
and probably could not have been made." In consequence, "it is evident that short-term money was
being used to do the work of long-term money, with
corresponding risks to both borrowers and lenders,"
and if the piling up of obligations, with annual additions to the debt,is to go on "there must be a steadily
increasing charge under the heading of interest, including amortization on the commercial debt," while
"if any considerable proportion of the growing debt
is borrowed on short-term it will leave" Germany
"increasingly vulnerable to a crisis of the kind she is
now experiencing."
The committee has accordingly induced the bankers' representatives to agree to a prolongation for six
months from the date of signing the agreement of
the total German credits then outstanding. The
operation of the agreement, however, is dependent
upon "an arrangement being made with regard to
existing central bank credits," and the agreement itself is to take the form of"an individual agreement in
an approved standard form" to be "made in every
instance directly between the German debtor and
the foreign creditor." The arrangement obviously
leaves many loopholes and necessitates widespread
individual action to make it fully effective, but it is
probably all that the committee felt itself empowered
to do. The foreign balances in Germany in reichsmarks, regarding which a long controversy is reported to have developed, are to be in part released
immediately, while "the remainder will be gradually
released during the term of the agreement." The
agreement does not cover the short-term debts of the
Federal states and municipalities, the renewal of
1177
such debts being left "subject to negotiation between
creditor and debtor in each case."
Beyond this, the committee recommends that any
additional credits extended to Germany should take
the form of a long-term loan, and that "such parts
of the existing short-term debt as may be suitable to
be treated in this way should be converted into longterm obligations." The committee finds grounds
of hopefulness in the underlying economic soundness
of the country as indicated by "the rapid recovery of
Germany's export trade in recent years," and in the
purpose of the present Government "in difficult circumstances to put Germany's public finances on a
sound basis." The committee points out, however,
that it "is evident from the prices at which
Germany's securities are quoted on the stock exchanges of the world that without restoration of the
confidence in the financial future of Germany to
which the London Conference referred, it is impossible to raise any long-term loan on the credit of
Germany alone." There are "two fundamental difficulties," the committee declares, "which must be
frankly stated. The first is the political risk involved. Until relations between Germany and the
other European powers are firmly established on the
basis of sympathetic co-operation and mutual confidence ... there can be no assurance of continued
and peaceful economic progress. ... The second
relates to the external obligations of Germany. So
long as these obligations, both private and public, are
such as to involve either a continuous increase in
snowball fashion of the foreign debt of Germany, or
alternatively a disproportion between her imports
and exports on such a scale as to threaten the economic prosperity of other countries, the investor is
unlikely to regard the situation as stable or permanent."
The committee concludes its plain speaking by
pointing out that "the German problem is part of a
larger issue which deeply affects many other
countries of the world. In this connection we wish
to make two observations. The first is that in order
to revive demand and thus put an end to the continued downward movement of prices .. .it is essential that the normal progress of investment of
fresh capital should be resumed with a well-defined
economic purpose in view, namely, an increase in the
purchasing power of the world. Second, we would
point out that the case of Germany provides a most
forcible illustration of the fact that in recent years
the world has been endeavoring to pursue two contradictory policies in permitting the development of
an international financial system which involves the
annual payment of large sums by debtor to creditor
countries, while at the same time putting obstacles
in the way of the free movement of goods. ...
Financial remedies alone will be powerless to restore
the world's economic prosperity until there is a
radical change in this policy of obstruction, and international commerce ... is allowed to resume its
natural development."
Some of the conclusions that have been hastily
drawn from the Wiggin report find no clear support
in the text of the report itself. Before the full text
became available here on Thursday, correspondents
at Washington and at various European capitals
were announcing that the Young Plan would have
to be revised, and that Washington was looked to
to take the lead in scaling down the war debts. The
report says nothing of the kind. What it does is to
121.1178
FINANCIAL CHRONICLE
For,. 133.
point out that Germany cannot go on piling up debts, Commission include drastic reductions in the
whether domestic or foreign, beyond its ability to amounts now paid out for unemployment insurance
pay without courting disaster, and that foreign in- and benefits, heavy cuts in the salaries of teachers
vestors will not support long-term loans until the and other government employees, and various other
ill-feeling and persistent irritation which have long economies, all more or less sharply opposed to the
characterized European international politics have socializing program of the Labor Government. The
given way to harmony and peace. Only by implica- MacDonald Government, on the other hand, is retion, and that quite remote, does the report indict ported to have agreed upon a program which, while
either the Young Plan or the war debt settlements, avoiding to a considerable extent the cuts in salaries
and the only statement that can be regarded as pos- and unemployment allowances recommended by the
sibly containing a reference to the United States in Commission, carries at least one feature whose
the matter is the concluding paragraph, in which the adoption would mark a fundamental change in Britcommittee urges "most earnestly upon all the gov- ish fiscal policy.
According to London dispatches, the Government
ernments concerned that they lose no time in taking
the necessary measures for bringing about such con- is preparing to recommend the imposition of a 10%
• ditions as will allow financial operations to bring to tariff on imports, the estimated annual revenue from
Germany—and thereby to the world—sorely-needed which, if foodstuffs are excluded, would be about
assistance." It is certainly significant that one of $125,000,000. A similar tariff on food, which is also
the most direct arraignments of governmental policy reported to be under consideration, would produce
which the report contains—that which criticizes the an additional $75,000,000. A temporary suspension
"two conflicting policies" of "permitting the devel- of payments into the sinking fund would save about
opment of an international financial system which $250,000,000 a year, and a special tax on securities
involves the annual payment of large sums by debtor bearing a fixed interest is also said to be contemto creditor countries, while at the same time putting plated. The remainder of the deficit, estimated at
obstacles in the way of the free movement of goods" about $100,000,000, is to be met by the conversion of
—should have been practically ignored in the high the outstanding war loans into a new 4% issue.
protectionist circles to which it directly applies. Had The latter operation, however, appears to depend
the Wiggin committee done nothing more, it would upon the adoption of the other parts of the program,
be entitled to thanks for its renewed exposure of high since so large a debt conversion could hardly be
carried through successfully if the budget continued
tariff as fateful disturbers of world prosperity.
On the other hand, there seems little doubt that to show a heavy deficit.
It is not yet clear that the Government will be
the report, notwithstanding the limitations of its
scope and the inconclusiveness of some of its findings allowed to surrender to protection, even though
and recommendations, will serve to emphasize the Prime Minister MacDonald and some of his advisers
urgent need of clearing the financial and business are apparently ready to do so. Philip Snowden,
situation, not merely of Germany but of Europe and Chancellor of the Exchequer, is reported to have
the world as well, of the political entanglements that threatened to resign if the Labor Party abandons
surround it. However great the influence of ignor- free trade, and the Conservatives, while in general
ance,selfishness, speculative delusion or bad manage- committed to protection, have criticized the Government in bringing about the present conditions in ment proposals severely on the ground that much
Germany, international politics has contributed more thoroughgoing economies should be made bepowerfully to make a bad matter worse. Where gov- fore additional taxation is resorted to. A similar
ernments, if they acted at all, should have exerted criticism has been made by spokesmen for he trade
themselves to clear the international field of ob- unions, notwithstanding that a good many union
stacles to the free play of economic forces, they have members are thought to favor new taxes rather than
been prone to inject suspicion, charges of bad faith see unemployment benefits curtailed. For the moor improper purpose, threats and coercion. One re- ment, accordingly, the Government project has been
sult of fastening upon Germany a reparations load blocked.
Meantime there are unpleasant reminders that
beyond its ability to bear, and of relying upon reparations as the sole source from which the war debts neither the business nor the financial situation is
due to the United States are expected to be paid, improving. On Wednesday the reported number
has been to look to Washington, in spite of its own of unemployed in Great Britain reached the unimpoverished treasury, to pay still more of the cost precedented figure of 2,714,359. Exchequer reof the World War by scaling down the debts or for- turns issued on Tuesday showed total ordinary regiving them altogether. The Wiggin report shows no ceipts for the preceding week of about $46,400,000
confusion of thought on this point; it arraigns, not against about $63,000,000 for the corresponding
the United States or any particular country, but week in 1930; ordinary expenditures increased by
the whole policy of intruding politics into interna- about $1,500,000 over the corresponding period of
tional business. There will be no permanent clear- 1930. The increase in the floating debt since March
ing of the German situation until this rebuke is 31 was upwards of $500,000,000.
An interesting parallel might be drawn between
taken to heart.
It seems a far cry from the financial agitations of Chancellor Bruening and Mr. Snowden in their attiGermany to the traditional impregnability of British tude toward financial economies. Chancellor Bruenfinance, but Great Britain also finds itself in straits, ing, clothed with dictatorial powers and backed
and is facing the need of drastic economies and by the firm support of President von Hindenburg,
fundamental fiscal changes if it is to keep its course. appears determined to enforce upon Germany rigid
The pressing problem of the moment is how to meet economies in order to balance his budget, irrethe menace of a deficit in next year's budget which spective of whatever gains may come from the
the May Commission estimates at the equivalent of adoption of the plans of the Wiggin committee.
about $00,000,000. The recommendations of the Mr. Snowden, as Chancellor of the Exchequer, has
AUG. 22 1931.]
FINANCIAL CHRONICLE
more than once shown an invincible determination to
have his way,which has rendered opposition from the
other members of the Government rather futile. It
is, on the whole, a healthy object lesson that the two
governments are giving, as far as financial economy
is concerned, and one that will have to be followed,
with only the necessary changes of circumstance, by
the Administration at Washington. The beginning
of business recovery, as far as governments are
directly concerned with it, is in the rigorous pruning
away of all unnecessary expenditure and the provision of adequate revenue through properly adjusted taxation. This step Germany and Great
Britain seem determined to take, however different
the paths they may be obliged to follow.
An Interference, Not a Help.
On Wednesday, Aug. 12, the executive committee
of the American Federation of Labor issued an edict
on "unemployment" and general labor conditions,
in which it lamented the impotence of industry to
solve the problem and in which it offered a "concrete plan." It said: "In order to create opportunities, we propose that the five-day work week be
immediately introduced and accepted in private and
government employment. We recommend, further,
that the hours worked per day be reduced to six
hours, if necessary, in order to supply work for all,
and that, so far as possible, work security shall be
accorded to working men and women." .
"We propose that the standard rate of pay be maintained so that the purchasing power of the masses
of the people may fairly balance with the productive
capacity." . . . "We urge the Federal, State
and municipal governments inaugurate and introduce a government building and construction program minus red tape which in operation will enlarge
and increase the opportunities for the unemployed
to secure work." . . .
"For the purpose of dealing with the unemployed
situation and its serious consequences in a constructive and practical way, the executive council expresses the opinion that the President of the United
States should assemble a national conference of
representatives of industry aRd labor. Such a conference could deal with the subject in a direct way."
. . . "The owners and managers of industry are
the employers of labor. They possess the right to
employ workers or to reduce their working force.
If the constant menace of an army of unemployed,
numbering many millions, is to be removed, then the
employers of labor must adjust working time so that
all able and willing to work may share in an equitable distribution of all work available." . .
"It is the opinion of the executive council that industry and the Government must face this issue by
providing work for the unemployed or have imposed
upon them, through legislation, plans for unemployment relief and human sustenance." . . . "The
council sums up the situation as a choice between
employment, work for all willing workers, or the
development of an irresistible demand for unemployment relief legislation. Industry cannot prevent unemployment relief legislation if it refuses
to supply work." . . ."The executive council
believes that it is its duty to remind industry that its
right to exist and its right to function rests upon
social sanction. It cannot be unmindful of these
social sanctions. Under our social order, labor is
dependent upon opportunities for employment.
1179
Without work opportunities, labor is powerless today, and the great consuming market of the nation
is destroyed."
We refer to this pronouncement as an "edict."
The term is not inapt because of previous utterances
of "labor"—to the effect that it would resist reduction in wages with the utmost of its power. And it
is an edict because American industry is fast coming
under the domination of government and union
labor. Only to-day the Government, through its
creature, the Federal Farm Board, has advised cotton growers to plow up every third row of the maturing crop—to create scarcity and improve price. The
South is not to be allowed to do as it pleases with its
own principal crop—because the Farm Board is
"loaded up" with cotton and will buy no more. Onethird of the product is to be thrown away; and now
comes the executive council of the A. F. of L. and
advises employers to throw away one-sixth of their
time and pay the same wages for five days' work
as for six. Hundreds of potential millions of dollars lost to the cotton belt and billions of dollars
lost to the manufacturers of the Eastern Seaboard.
This is the principle. In practice we may admit
that, owing to onerous exigencies, the products of
the factory and the field, by a lessened supply, may
sell for more. But are we to have five-day weeks
when we return to "prosperity"? Are we to plow up
every third row of cotton when the indicated crop is
scant or defective? And what has "labor," on the
one hand, and "government," on the other, to do with
the matter—as long as government is "taken out of
business," and workingmen are dependent on owners and managers for "employment"?
We are in danger, in our emergency "depression,"
of fastening upon ourselves laws, rules, and regulations, "suggestions" that will hamper us and plague
us in after years. It is most difficult temperately
to discuss this problem of "unemployment." Hunger
and want arouse kindly emotions. No one wants
such suffering to continue. Undoubtedly some of
the statistical presentments distort the picture. Undoubtedly there are deprivations that never come to
the surface. Undoubtedly, again, some of the pleas
are sophistical, some of the numbers inflated. But
reason demands justice, alike to employer as to employee. As we have said before, there is no direct
"obligation" on capital to employ labor. The A. F.
of L. admits this, in essence, when it says that workingmen are dependent upon the right to employ
workers or to reduce their working force." Thus
they can, as they wish or will, employ them six days
or five. There is no "obligation" to employ them
five. No more is there "obligation" to cotton farmers to plow up every "third row," we suppose without reducing wages but most certainly reducing
work, one-third of the picking. Yet the greatest reason for discounting these proposals is that, regardless of price, the amount of production determines,
largely, the income of employers and managers, with
which, primarily, neither government nor labor has
anything to do.
We need not longer couple these ideas together,
save that they happen to come in the news of.a couple
of days, and show us, as a people, the forces (the
interferences) that are at work. Nor is it true that
industry collectively can do what the single industry
may do. Five-day weeks and six-hour days will not
fit every industry. They are impossible to some.
Does federated labor expect the farmer to comply
1180
FINANCIAL CHRONICLE
[Vol,. 133.
of the Federal Farm Board. There is about this case
no shadow or taint of wrongdoing. The Board was
created by Congress specifically to help the hardpressed farmer. Well-armed with an appropriation
of half a billion dollars it sprang into the grain area
with high hopes and militant courage. Ostensibly
organized to make, loans to farmers' co-operative
associations, it found the process,slow and tedious,
as far as advancing prices was concerned. Thereupon,it organized of itself a Stabilizing Corporation
to buy and sell wheat directly in the markets, and,
in the face of continued falling prices, claims that
it upheld price and thus saved millions of dollars
to the wheat farmers of the country. In doing this,
it accumulated, let us say, 200,000,000 bushels of
wheat alone. This it did not sell; has not yet sold.
The appropriation nearing exhaustion, and the new
crop coming on, it announced it would buy no more.
Prices continued to fall, and to-day the new wheat
of another bumper crop is reported as selling in the
fields, in some instances, as low as 25c. a bushel.
The Government of the United States must be held
responsible for the deeds of its creature-commissions.
Month by month a huge storage charge accumulates
—the price of wheat is away below the cost of acquirement. The wheat of the country is without a
manufactured buyer. The Board is impotent to sell.
Millions of the money of taxpayers is lost forever.
The entire grain trade is demoralized. Supply and
demand cannot be subverted by the law of any one
country.
But this is not the end of the story. This Federal
Farm Board, through its subsidiary, bought cotton
as well as wheat. Much the same history ensued.
To-day it buys no more cotton. Its hundreds of thousands of bales of the old crop are in storage and unsalable. A few days ago the Department of Agriculture published its forecast of this year's crop, putting it at between 15 and 16 million bales. At once
the price of cotton fell enormously, to the lowest
point in recent history—and millions upon millions
in paper prices have been lost to the growers of the
cotton States. Yet the fertility of the Federal Farm
Board in ideas is not extinguished. Cotton production in the world may have vastly increased, but the
Board, while able no longer to buy to uphold price,
has yet other means at its disposal to advance price.
And it now "suggests" to the growers that if they
will plow up every third row before maturity (in
attempt to create scarcity and thus enhance price)
it will, condescendingly and gratuitously, promise
to withhold its mass of stored cotton from the markets until 1932. In plain language, at the present
writing, the South "hoots" at the idea, and will have
none of it. This brilliant suggestion is the last gasp
of the Federal Farm Board, the greatest failure in
legislative price-fixing in American history. And,
at last, there is a strong sentiment for the abolition
of the Board. Government by experiment is a joke!
What is this thing called government in the Republic of the United States? Is it a toy for politicians to play with? Is it a machine for grinding
out great ideas? Is it the tool of Congress or the
potter's wheel of the President? Was it instituted
to pass laws for the benefit of classes? Is it an economic or financial savior of the people? What is it
that Congress or Administration should use it to
save the citizens from their own follies? Has it
Government by Experiment.
us a form of govern- anything to do with supply and demand throughout
In essence we have before
in its own right—
aby
ment—"government experiment"—in the example the world? It owns no property
with this suggested benefaction to the "unemployed"? Can factories employ men who are incompetent, who have no skill in crafts? Is this scattering of employment, that all "willing to work" may
have a chance, a practical solution? Even if the
market had no power over the employer as to the
kind and volume of his output, can it be done? Is
it not a fact that government and collective labor
are incompetent to take hold and run manufacturing
industries? Has this not been proven in Communistic Russia? How, then, can these outside influences direct the action of employers and managers?
And "social sanctions"? Is "business," of any and
all kinds, the result of social permits or the result
a the necessity of sustaining human life?
The fact is nothing can supplant the energizing
and modifying powers of all engaged in the common
cause of "making a living." More—there is such a
thing as "muddling through," but we are not obliged
to "muss everything up" in doing so. There is no
'that employers, where
suggesting
objection to 4'
practicable, where consonant with their own confilet of their own industries, scatter out and divide
labor (in time of overproduction and depression)
that more men be employed and have a chance, but
this requires no five-day week and six-hour day.
This is a mould which restricts employer and worker.
It is contrary to the nature of things. The Farm
Board, by buying and selling grain, disrupted, if it
did not destroy, the grain and elevator business,
which had shaped itself according to natural requirements. Now the A. F. of L. would disrupt, if not
destroy, factory requirements that have grown to
meet necessities of the people, would make matters
of "unemployment" worse, if anything, by forcing
employers to fit their factories to five-day weeks
and six-hour days—for, of course, a five-day week
of six-hour days will be pushed into a law. And it
would force an increase in labor-saving machinery, a
potent cause of unemployment. It may be a Socialistic adage, but "from every man according to his
ability, to every man according to his need" is
flouted by this proposal.
We are invited by this pronouncement of labor
unions to look at "industry" as a whole. Let us do
so. This thing we call "business," big and little, is
a long-time growth of an energetic and industrious
people. Every man, employer and employee, had•a
part in it. Its prime motive force was health and
comfort and joy of self and family. It was in accord
with the private ownership of property and the right
of initiative and enterprise on the part of the individual, guaranteed by the country's Constitution.
For a hundred and fifty years it formed and transformed the people, sustaining them, making them
ambitious, giving to them a common product called
"civilization." Perhaps the people became too much
enamored of wealth for its own sake. If so, it is a
misfortune, not a crime. In the struggle, while for
the most part tending to equalities of opportunity,
inequalities of results crept in. It made its own
pathway, established its own rules, builded its own
forms and customs. If let alone it will smooth out
its pathway. But it does not curb the individual, be
he employer or employee, by either theory or law.
It must remain free.
AUG. 22 1931.]
FINANCIAL CHRONICLE
1181
tion of the one hundredth anniversary of the founding of the first organization of the kind in Frankford, Pa., which is now a part of the City of Philadelphia. The purpose of the Associations is twofold: to encourage thrift and to make it possible for
persons with a small but regular income, largely
from wages, to purchase homes and pay for them
over a period of years.
An interest in such Associations is acquired by the
purchase of shares, to be paid for in monthly installments. The shares are issued in series and mature
in about 11 years, interest, which in this case is
another term for profits, often amounting to 8%.
Upon maturity the holders of shares are to be paid
a definite sum, the interest helping to shorten the
date of maturity. Sales of shares upon this basis
are intended to finance an Association, giving it
working capital.
The advantage of this particular type is that payments of a fixed sum are required to be made at
regular intervals, on the theory that being so obligated the shareholder will save systematically and
not default upon payments. The plan, because of
its compulsory feature, is supposed to be superior
to opening an account in a savings bank, where additional deposits are entirely optional and therefore
may be irregular, depending upon requirements
which may have to be met by the depositor for other
purposes.
By means of the Building and Loan Associations
many young persons have been enabled to accumulate small amounts of capital and to gain the thrift
habit.
The second class of shareholders are those who
enter the Association for the purpose of purchasing
homes. Having placed a first mortgage the balance
of the money needed to finance the undertaking
above a small cash payment is supplied by the Association, which accepts a second mortgage as security.
The monthly payments of the borrowing shareholder
are applied in liquidation of his second mortgage,
and the regular payments plus any earnings upon
the shares of the mortgagor are sufficient to enable
the second mortgage to be canceled in due time. If
surplus funds accumulate investments are also made
by the Associations in first mortgages.
For a great many years the Associations were
ably and economically conducted. Scrupulous care
and a minimum of expense gained the entire confidence of the community for generations.
The period of inflated values of real estate during
and following the World War created conditions
which a few of the Associations could not weather,
and they have had to go into liquidation. Instead
of a modest home being bought for from $3,500 to
$5,500, as before the war, more than double these
sums were required in recent years to finance a
purchase and equities were supposed to be enhanced
in proportion. Then came the period of deflation,
during which equities shrunk.
Some Association members, realizing that they
really had no interest in the real estate which they
had bought on installments, abandoned their properties, the burden of the losses falling upon the Associations being modified by the amount of accumulated payments already made by the defaulting
Better Building and Loan Outlook.
shareholders, who simply charged their losses to
Much good is likely to come out of the national rent, as most of them had occupied the premises
convention of the Building and Loan Associations from the time of making their purchases. ForeWhich was held in Philadelphia last week,in celebra- closures followed, a fact which largely accounts
for
holds only in trust the public buildings and their
sites, administers the public lands that belong to
the people. Why should it undertake to limit acreage, fix price, advise the growers to plow up their
crops?
It has become an organism for domestic commercial and financial research, an experiment station
for the demonstration of theories of social welfare.
It is, almost, all things to all men. In a few months
Congress will meet again. Almost at once, it is safe
to say, there will be precipitated upon it a thousand
bills for the alleviation of distress, for the ending of
the depression. Yet it, government, in its proper
person, did not cause the depression. Its laws some
of them did, and do, increase our troubles. But it
cannot cure that which it did not cause. It is rightly
no more than a protector of the people in the freedom
of their efforts.
Does the individual, the partnership, the corporation, experimenting with the processes of production,
distribution, and use, always succeed? By no means,
though each is able to shift for itself, to try and to
plan. Can the thing we call government, existing
by consent, to protect the liberty of individuals and
the operation of their industries, generate ideas for
financial endeavors and personal conduct in the
universal business of "making a living"? Where is
the Constitutional authority or even permission to
create a Commission to deal in wheat and cotton?
Yet we are so lost to the original purpose of government as to tolerate this Federal Farm Board and
other bureaucratic commissions like it. There is
call now, at the end of this fiasco in "helping the
farmer" for-outright repeal. Will Congress have the
courage to do it? We may well doubt. We are so
far into a Socialistic bureaucracy that we have lost
all sense of proportion and even of propriety. Congress takes the people's money and pours the taxes
into experimental rat-holes, like this Farm Board,
and we supinely sit and wait and wonder what the
next attempt will be. Oh, yes—we are in the deeps
of "depression." We are praying for rain. And
Congress, nothing loth, will undertake to bring rain!
Who, what, will save us from our own folly? Any
port is welcome in a storm. With examples of experimentation before us, and with selfishness for success in our own hearts, will we still ask the Congress
to make other trial efforts in our behalf? Probably
we will. But the day is almost at hand when we
must return "government" to its original and ordained purpose or see it vanish from our sight transformed into a form of Socialism that never yet has
succeeded in bringing order, liberty, and happiness.
The last fearful experiment will be this subtle transformation. If for eight months under even defective
laws we can live and do business, could we not do so
during the coming winter without a Congress in session? Are we not actually waiting, hoping the while,
that Congress will lift us out of the slough of depression and despondency? Shall we try a lot of new
experiments? Would it be a marvel if Congress were
to pass our appropriation bills and go home? True,
there are enough laws that ought to be repealed,
enough Boards that ought to be abolished, to occupy
one session. But who expects such a thing?
1182
FINANCIAL CHRONICLE
the sale in Philadelphia of properties by the sheriff
at the rate of from 1,200 to 1,400 per month for a
year and a half. It should be noted that there are
over 400,000 dwellings in Philadelphia.
A number of persons who deliberately wronged
Association members have been prosecuted, convicted and sent to prison, but such instances are
entirely exceptional, as the troubles which arose
were very largely due to the deflation of real estate
values, the errors of officers and directors being
due to misjudgment in accepting inflated values
as a basis of security.
It developed at the convention that the practice
of Associations making loans on second mortgages
is confined largely to Pennsylvania, and particularly
to Philadelphia, the "City of Homes." The easy
method of financing through the medium of second
mortgages has been the chief rock upon which the
Associations were founded. So deep-rooted is the
faith in second mortgages that all attempts at the
session of the Pennsylvania Legislature this year to
enact a law prohibiting Building and Loan Associations from making loans upon such security utterly
failed.
The process of merging Associations was resorted
to as a method of avoiding liquidation, but this has
not always proved successful. All of the Associations in Pennsylvania are under the supervision of
the State Banking Department.
Thirty or more years ago the Associations were
handled by men who conscientiously regarded their
trust. There was not the wild scramble for wealth
that has overwhelmed the country in recent years,
undermining ethics. Expenses of the Association
were held at a minimum. Often board meetings were
held at the homes of the secretaries, a nominal
charge being made for rent. Salaries were very
moderate. The period of "gilded offices" had not
approached and the exactions of high living were
unknown. Frugality then bred sound judgment
and caution. Men are influenced by environment,
and if any of the present officers and directors of
Building and Loan Associations fall short of the
high ideals maintained by their predecessors they
are themselves victims of modern extravagance
which incites a greed for dollars at any cost.
. At the recent convention there was reassurance
from State Banking Commissioner Gordon of Pennsylvania and from others that affairs in that State
are on the mend and that the prospects for the
Associations in Philadelphia are much brighter than
they were earlier in the year.
In January of this year the Supreme Court of
Pennsylvania rendered two important decisions
which are proving effective in keeping Associations
of that State solvent. One decision related to the
right of a member of such an Association to make
withdrawals of money already paid to the Association, the Court holding that an Association of the
kind is similar to a partnership, and it would be
unjust to pay the amount of one member's claim
when by so doing the payment in full of claims of
other members would be jeopardized. General creditors would have preference over members. The
effect of the decisions is to permit the establishment
of a voluntary moratorium, thereby postponing payment not only of withdrawals but of claims which
mature if by making payment the solvency of the
Association concerned would be placed in jeopardy.
A number of Associations have taken advantage
[VoL. 133.
of the decisions, expecting that as business continues
to improve maturing obligations may be readily discharged.
Discussing the importance of the situation, the
Court cited the fact that installment dues in a single
year in Pennsylvania amount to $958,490,459; mortgage loans and shares total $1,166,299,428; there are
3,899 Associations, and 1,626,015 shareholders.
Inter-State Commerce Commission and Grain
Rate Case—Rails Lose from $15,000,000 to
$20,000,000 at Critical Time by Western
Rate Cut—No Relief to Farmer.
[Thomas F. Woodlock, in "Wall Street Journal" for Aug. 18.1
On Aug. 1 the rates prescribed by the Inter-State Commerce Commission in the famous "grain case" went into
effect. It will be remembered that this case was one of
the "Hoch-Smith" investigations undertaken by the Commission as a result of the joint resolution passed by Congress
In March 1925, For scope, length and complexity it was
easily the most important of the series, establishing a record
of voluminous testimony that is likely to stand, so far as
the Commission's files are concerned, for a long time.
The facts with respect to the case are interesting as an
episode in railroad regulation under the Transportation Act
seeing that the effect of the decision is to reduce the revenues
of the Western district in an amount estimated variously
at from '115,000,000 to $20,000,000" at the very time when
the railroads of the country are before the Commission seeking a general advance in freight rates to supply an urgent
deficiency in their revenues.
The Hoch-Smith resolution required the Commission,
among other things, to accord to agricultural products suffering from the prevailing depression the "lowest possible
lawful rates" consistent with the maintenance of an adequate system of transportation. Throughout the hearings
in the case and at the argument, it was contended by almost
everyone on the anti-railroad side that the reaolution meant
In substance "minimum" rates—not maximum rates—and
that Congress intended to give to agricultural products a
preferred status as compared with other commodities.
While this was not conceded by all, the case was tried in
that atmosphere.
Effective As "Maximum Reasonable Rates."
After many months of hearings the case was argued in the
summer of 1929 and decided in the summer of 1930. Just
prior to its decision the Supreme Court (in the "Deciduous
Fruit" case) ruled that the resolution had not changed the
law, and intimated that if it had it would have been unconstitutional, and that railroads were entitled to charge
"maximum reasonable" rates. Accordingly the Commission's decision prescribed the new schedules as "maximum
reasonable rates," and as such they have now gone into
effect.
All decisions by the Commission in matters of this sort
must have a "record" of testimony as a basis. The "record"
in this case consisted of facts and figures which related to a
period anterior to 1929. It was upon these facts and figures
that the Commission based its decision of 1930, and it was
in the light of these that the new rates were prescribed as
"maximum reasonable rates."
Since the record of testimony was closed a great change
has taken place In both facts and figures. We have had the
crisis in wheat prices with the advent of the Farm Board
and a situation concerning farming in general with which
we are all familiar. We also have had a crisis in railroad
revenues resulting in an unprecedented decline in net earnings which, this year, will be no more than half the normal
figure, that is the figure which would normally enable the
railroads to maintain their credit and their physical condition. The railroads in the Western district, moreover, are
among the principal sufferers.
The layman would naturally wonder how rates which
were maximum reasonable rates in, say 1928, are still maximum reasonable rates in 1931 in view of the tremendous
change in railroad earning capacity meanwhile. To this the
Commission would—very properly—answer that there had
also been a great change for the worse in the condition of
the grain farmer and that under the terms of the Hoch-Smith
Atria. 221931.]
FINANCIAL CHRONICLE
1183
resolution it was obliged to give consideration in making by 24 leading chain store organizations show, with
only two
rates to "the general and comparative levels in market value exceptions, relatively favorable profits, with many instances
of the various classes and kinds of commodities, as indicated of substantial gains. The survey further reports.:
Net aggregate prorits of the 24 companies under review amounted to
over a reasonable period of years, . . ."and that the decline
In railroad revenues was offset as a factor in determining $20,672,701 for the first six months of 1931. This represents an increase
of more than 14% over the net earnings of the same companies for the
the grain rates by the great decline in grain prices. Theo- corresponding period of 1930, which totaled $17,990,133. The companies
retically, and legally, the answer would be sufficient, always covered in this survey represent every major field excepting the variety
or 5 & 10c., none of the chains in the latter group having published semiassuming that the rates prescribed on the record were in annual earnings.
Individual improvement in operating results were reported by 13 chains.
fact "maximum reasonable rates" on that record, and on
Eleven of these increased their net profits over the corresponding period of
this point the Commission's judgment is, in effect, final.
1930. One converted a loss last year into a profit this year while another
company greatly reduced its operating deficit. A significant fact gleaned
Who Gets the Benefit?
from this survey is that only two of the 24 reporting organizations suffered
But what are the consequences of this decision and to operating losses in the first half of this year-a most remarkable record in
whose benefit are the rate reductions likely to accrue? It the light of generally unfavorable reports from other major industries.
Especially noteworthy was the showing made by the grocery chains.
is obvious that Congress had it in mind to benefit the pro- which reported a collective increase in profits of 24%. It will be recalled
ducer of agricultural commodities. An "agricultural depres- that the grocery companies were the first of the chain stores to feel the
effects of decllning commodity prices: they are among the
sion," however, means a state of markets for agricultural the benefits of operating improvements. Total profits offirst to reflect
eight grocery
products Wherein prices are low and sellers are seeking systems for the first six months amounted to $11,414,164 compared with a
buyers-in other words, a "buyer's market." Now when total of $9,167,511 earned in the same period last year. The average
profit on sales for the entire grocery group was 2.69% this year against
buyers are in control of a market, anything that tends to 2.06% a year ago. Six of these eight chains shared in the recovery.
lessen the cost of production or of transportation or of SUMMARY OF CHAIN STORE PROFITS FOR SIX MONTHS PERIODS
ENDED JUNE 30.
merchandising tends to cheapen the price paid by the buyer,
not to improve the price received by the producer.
Earned per Share.
Net Profit (After Taxes).
of Common.
If this be true-and it is certainly true in general
-it
1931.
1931.
1930.
1930.
would seem that the $15,000,000 to $20,000,000 which will be
diverted from the treasuries of the railroads by the new Grocery
American Storm
$2,729,894
32,687,189
$1.75
$1.87
First National Stores a
2.386,880
rates will go elsewhere than to the farmer. Our own millers
2,332,419
2.61
2.70
Kroger Grocery
2,316,242
264,601
.12
1.25
or the foreign buyers, or both, will assuredly get it, or the
SafeWaY Storm
2,000,961
1,711,012
2.61
2.15
Jewel Tea_ b
786,219
887,623
2.81
3.17
greater part of it. Congress can hardly be supposed to have
Grand Union
524.967
509,469
1.00
.97
National Tea
389,291
550,742
.51
.75
tears to shed for either of these beneficiaries. However,
Dominion Stores
269,710
244,456
.97
.88
so long as it is "railroad money" that is going to them there Apparel
J. C. Penney Co
4,210,909
3,407,400
1.46
1.14
458,564
Interstate Dept. Storm
482,232
is perhaps no occasion for excitement on Capitol Hill!
1.55
1.85
Lerner Storm
323,156
546,846
1.14
2.24
We have made long strides toward government ownership
Lane Bryant_c
181,467
295.761
1.00
1.84
Shoe
and operation of railroads since the Act of 1920 (restoring
593.562
Melville Shoe
955,705
1.37
2.33
222,944
Schiff Co
150,757
1.89
1.17
private ownership and operation) became effective, and the
0.R.Kinney Co
loss 221,018
loss 206.519
present emergency is quickening the pace. But it is by Restaurant
F. 0. Shattuck
1,089,004
1,381,943
1.05
.84
Childs
612,653
668,329
1.20
1.37
default all around and not by deliberate choice that we are
592,101
Waldorf System
604,270
1.28
1.23
going there.
J. R.Thompson
403,49
583.037
1.34
1.94
Chain Store Profits Increase 14% for Half Year.
The chain store business has again demonstrated its
ability to prosper in the face of generally adverse conditions
according to a survey just made public by E. A. Pierce &
Co. of this city. Results for the first half of 1931 as published
372,52
Sicksford's
Loft
210,00
Miscellaneous
Peoples Drug
247,04
Western Auto Supply(K. C.)195,88
United Cigar
loss 244,93
328,596
loss 260,971
1.10
.21
1.05
231,478
210,649
loss 524,722
1.37
1.00
1.17
1.07
-
$20,672,701
Total
$17,990,133
a Fiscal year ends March 31 but figures computed for six months for comparative
purposes. b 28 weeks ended July 11. c Six months ended May 31.
Gross and Net Earnings of United States Railroads for the
Six Months Ended June 30
It is a dismal record that the earnings of United
States railroads for the first six months of the
calendar year 1931 present.
All through the half year the exhibits have been
poor, showing large losses in gross and net earnings
alike, the significance of which was increased by the
fact that these losses came on top of heavy losses in
the corresponding period of the previous year.
Obviously, however, there is nothing surprising in all
this, and in summarizing the results, and the causes
for them, we can only repeat what we said in commenting on the showing for the first half of 1930,
namely,that the record of earnings of the railroads in
this respect is like that of all other business records
for the half year, in being distinctly and emphatically
unfavorable and almost wholly devoid of encouraging features of any kind.. From beginning to end
the results have been poor and unsatisfactory and in
sharp contrast with the exhibits of prior years, when
the country was blessed with a, rising tide of trade
activity and prosperity, even though this fortuitous
state of things in these earlier years did not yield
such an accession to traffic and gross revenues as
might have been supposed would be the case.
Business depression of the severest kind reduced
traffic and revenues in 1930 and reduced them still
more in 1931 as the depression became intensified
and assumed a greatly aggravated form. Of course,
in all this the railroads simply have reflected prevail-
ing industrial conditions and this is what was to be
expected, seeing that they are the great transportation arteries of the country. Speaking generally
1929, the last year in the period of trade activity, was
a time of great and growing industrial activity, even
though not all lines of trade nor all sections of the
country then shared in the activity to its fullest
extent. On the other hand, 1930 and 1931 have
constituted a period of very pronounced depression,
with trade on the decline and traffic and revenues
steadily shrinking.
The depression has been greatly intensified by the
unfortunate condition of the farming classes. Prices
of agricultural products already exceedingly low
when the stock market crash of the autumn of 1929
started trade on its downward course, have kept
steadily descending to lower and still lower levels.
This is particularly true regarding those two great
money crops, namely wheat in the West, and cotton
in the South. Whatever the other causes, and trade
depression itself played some part in the steady
shrinkage in the course of agricultural prices, the e
operations of the Federal Farm Board unquestionably made matters worse. The Board accumulated
vast supplies of both wheat and cotton, in sight of
the whole world-over 200,000,000 bushels of wheat
and 1,300,000 bales of cotton, the latter exclusive of
2,000,000 to 3,000,000 bales more carried by the
cotton co-operatives, which the Farm Board financed
1184
—and these accumulations in the end hung like a
pall over the market, not only preventing recovery
in prices but acting to cause renewed depression. At
all events, the price of wheat in Chicago for the July
option sold down to 553 3 cents on June 19 the
/
present year (parenthetically it may be said that in
the current month the price broke below 50 cents a
bushel). On the other hand, in September 1929,
wheat at. Chicago for the September option was still
selling at 1.36 cents a bushel, this having been just
before the Farm Board injected itself into the
situation. In like manner, middling upland spot
cotton in New York sold down to 8.25 cents in June
1931 and in the present month of August, it may be
added, dropped still lower to 6.50 cents, as against
over 19 cents in September 1929.
While trade prostration, aggravated and intensified
in the way indicated, was unquestionably the primary
cause of the collapse in railroad traffic and railroad
revenues, (for "collapse" it may undoubtedly be
denominated) certain contributory causes should not
be altogether overlooked. The railroads in all recent
years have been constant sufferers from the competition of other means of transport, such as the motor
truck and the motor bus, and other similar forms of
conveyances, this competition extending not alone
to the passenger traffic where it has been simply
working havoc with the steam roads, but also to an
increasing degree to short-haul freight. Just how
much further this served to diminish earnings during
1930 and 1931 there is of course no means of knowing.
With these preliminary remarks the reader will be
prepared for our statement that the compilations
which we present further below show a falling off in
gross earnings for the six months of 1931 as compared
with the six months of 1930 in excess of half a
billion dollars—in exact figures a loss of $503,786,279, or 18.77%. But this is telling only half the
story. This loss in 1931 follows a loss in 1930, as
compared with the first six months of 1929, of
$324,823,450, or 10.61%. The rail carriers have at
least one achievement to their credit for 1931, which
they did not have in 1930. They managed to get
far better control of their expense accounts, even
though reduction in wages was not permitted.
Perhaps, however, the reduction in expenses followed
in no small degree from a cutting down of the maintenance outlays to the lowest limit consistent with
safety of operations. At all events, the maintenance
outlays were heavily reduced, though, for that
matter, transportation expenses were also heavily
reduced, which last of course would follow inevitably
from the smaller volume of traffic moved.
With gross earnings for the six months of 1931, as
compared with the first six months of 1930, reduced
in .amount of $503,786,279, operating expenses (not
including taxes) were curtailed in amount of $356,378,346, or 17.22%. This, however still left a
decrease of $147,407,933 in net earnings (before the
deduction of the taxes) or 23.84%. In the first six
months of 1930, when gross earnings showed a
diminution of $324,823,450, or 10.61%, operating
. expenses were reduced in amount of only $125,236,286, or 5.63%, leaving $199,587,164 loss in net,
or 24.40%. What a frightful havoc has been worked
when the losses of the two years are combined, will
appear when we say that the gross earnings for the
half year of 1931 stand at only $2,184,221,360, as
against $3,013,328,056 in the first half of 1929, and
the net earnings are down to only $471,189,438 in
[VoL. 133.
FINANCIAL CHRONICLE
1931, against $818,154,445 in the first half of 1929.
The shrinkage in this latter case, it will be observed,
is not far from 50%.
Jan. 1 to June 30—
Miles of road
1931.
Inc.(+)or Dec.(—).
1930.
242,793
242,576
$
$
%
$
Gross earnings
2,184.221,360 2,688,007,639 —503,786,279 18.77
Operating expenses.,.
2,069,410,268 —356,378.346 17.22
Ratio of earnings to expenses_
+1.47%
—7700%
—78.47%
Net earnings
471,189,438
618.597,371 —147,407,933 23.84
As has already been indicated, the shrinkage in
earnings continued through all the different months
of the year in both gross and net, as also was the case
in the preceding year, and it seems unnecessary to
enlarge upon that fact. We accordingly present the
following table showing the results for each of the
different months of the half year without further
comment:
Gross Earnings.
Month.
Jan__ _
Feb _ _ _
March_
April_ _
May _ _
June _
1931.
1930.
Increase
or Decrease.
Net Earnings.
1931.
1930.
Increase
or Decrease.
$
$
$
365,418,905 450,731,213 —85,314.308 71,952,904 94.838,075 —22,883,171
336,137,679 427.465,369 —91,327,690 64.618.641 97,522,762 —32,904,121
375,588.834 452,261,686 —76,672,852 84,648.242 101,541,509 —16,893,267
369,106,310 450,567,319 —81,461.009 79.144.653 103,030.623 —23,885,970
388.485.871 462.577.503 —94.091,632 81.038.584 111,359.322 —30,320.738
369,212,042 444,274,591 —75,062,879 89.067,807 110,264.613 —20,587.220
Note.—Percentage of Increase or decrease In net for above months has been—
Jan., 24.13% dec.; Feb., 33.76% dec.; March, 16.66% dec.; April, 23.21% des.
May. 27.23% dec.; June, 18.70% dec.
Percentage of increase or decrease in gross for above months has been: Jan.,
18.93% dec.: Feb., 21.37% dec.; March, 16.98% dec.; April, 18.08% dec.; May.
20.35% dec.; June. 16.89% dec.
In January the length of road covered was 242,657 miles in 1931 against 242,332
miles in 1930: In Feb.242,660 miles in 1931, against 242,726 miles In 1930; in March
242.566 miles In 1931, against 241,421 In 1930:in April 242,632 miles in 1931, against
242,574 in 1930: in May 242,716 miles In 1931, against 242,494 in 1930, in June
242,968 miles in 1931, against 242,494 in 1930.
Evidence of the shrinkage in traffic is to be found
on every side just as has been the case in all of the
separate months. Apparently, no industry suffered
more severely than the automobile trade. As a
matter of fact the number of motor vehicles turned
out in the first six months of 1931 was barely half
that of the first six months of 1929. When the
shrinkage for the two years is combined, it becomes
really impressive because of its extent. For the
first six months of 1931, the production of motor
vehicles in the United States reached only 1,568,478
against 2,198,580 in the corresponding six months of
1930 and 3,225,443 in the same six months of 1929.
As compared with two years ago, it will be seen, the
falling off in the number of cars reached roughly
1,657,000. This alone would have been sufficient to
account for a considerable part of the depression in
trade, even if it had not been concurrent with
nation-wide and indeed world-wide trade depression.
The iron and steel statistics furnish conclusive evidence of the tremendous all around contraction in
business. The American Iron and Steel Institute
reports the make of pig iron in the first six months
of 1931 at only 11,165,389 tons, as against 18,055,348 tons in the first half of 1930 and 21,404,654
tons in the first half of 1929. In other words 10,000,000 tons less of pig iron were made in the first
half of 1931 than in the first half of 1929. Steel
production also heavily declined. For the first six
months of 1931, the steel ingot production is estimated at only 15,258,519 tons, against 23,578,619
tons in the first six months of 1930, and 29,036,274
tons in the first six Months of 1929. The falling off
in this case, it will be observed, compared with two
years ago is over 13,750,000 tons. The statistics
of coal production may also be referred to as an index
of the general shrinkage in traffic. The total production of soft coal in the United States for the six
months of 1931 reached no more than 189,797,000
tons, as against 230,634,000 tons in the corresponding
period of 1930, and 257,847,000 tons in the same
period of 1929, the falling off in this case for the
Am.22 1931.]
FINANCIAL CHRONICLE
1185
two years being over 68,000,000 tons. The Penn- with railroad operations. The remark applies
sylvania Anthracite output was 31,542,000 tons in particularly to Wisconsin, Iowa, Colorado, Utah,
the first six months of 1931, against 33,193,000 tons Wyoming, Montana, Idaho, and in much the same
in the first six months of 1930, and 35,517,000 tons way the territory all the way west to the State of
in the corresponding six months of 1929.
Washington. Colorado seems to have suffered most
That there was concurrently a greatly lessened from accumulated snow at that time. Thus Assoactivity in the building industry follows as a matter ciated Press dispatches from Denver, Feb. 7 1929,
of course. The F. W. Dodge Corporation reports said that railroad transportation in the mountainous
that the construction contracts awarded in the 37 regions of southwestern Colorado was at a standstill
States East of the Rocky Mountains represented a while section crews began a two weeks' task of clearmoney value in the half year of 1931 of only $1,808,- ing tracks of the heaviest snow slides in many years.
226,800, against $2,638,013,300 in 1930 and $3,- The towns of Silverton, a mining community, and
667,983,000 in 1929. Of course, this meant greatly Craig on the Denver & Rio Grande Western RR.
lessened shipments of lumber as well as of iron and were completely isolated, it was stated. Nine snow
steel, the contraction of which latter has already slides had crashed down on the tracks since Feb. 2,
been indicated above. As it happens, the Western and one of these was said to be from 40 to 75 feet
grain traffic and the Southern cotton traffic were deep and 800 feet wide. The Rio Grande Southern,
both a little larger than in the same period of the operating on the Lizard's Head Pass, it was also
previous year, but this was after heavy reductions in stated, was blocked by snow-drifts, though there
this previous year. We give the details of the were no snowslides. It was also reported that
Western grain movement and of the Southern highways in Wyoming, Utah and Idaho were blocked
cotton movement further along in this article.
by snowdrifts and that zero temperatures were
A composite picture of the railroad traffic move- general. Montana appears to have suffered in a
ment as a whole is found in the statistics showing the similar way. On Feb.9 1929 Associated Press advices
loading of railroad revenue freight measured by the from Kansas City stated that railroad transportation
number of cars moved. The figures in this case in southwestern Colorado had been further hindered
relate to the railroads of the entire country and by additional snow and that zero temperatures
include all the different items of freight. For the prevailed in that region and in Kansas, Oklahoma
26 weeks of 1931 the aggregate number of cars loaded and the Texas Panhandle. Two more snowslides
was only 18,979,984, against 23,200,576 cars in the had crashed on the tracks of the Denver & Rio
corresponding weeks of 1930 and 25,616,953 cars in Grande Western between Durango and Silverton,
the same weeks of 1929. This shows, it will be seen, Col., making a total of 11 in 13 miles. On Feb. 17
that 6,636,969 less cars were moved over the rail- 1929 press dispatches from Durango stated that
roads in 1931 than in the same period of 1929, relief from a food shortage, which had become
furnishing perhaps the most telling evidence of all serious, was in sight for the isolated town of Silverof the shrinkage in traffic in the two years. Perhaps ton, Col., as large forces of workers continued to cut
it should be added, however, as an indication of the through mountains of snow, which had
blockaded
reduced number of traffic units handled that accord- the once famous mining camp since Feb. 3. Avaing to reports just compiled by the Bureau of Railway lanches of snow, which had buried
the Denver & Rio
Economics, the volume of freight traffic moved Grande Western tracks into the town to a depth
by the Class I railroads of the country in the first ranging from six to 80 feet were then expected
to be
six months of 1931 amounted to 174,328,623,000 cleared away within three days to enable a train to
ton-miles, and that this was a reduction of 37,916,- pull into the town with food and commodities. All
444,000 ton-miles or 17.9% under the corresponding this, as stated, was in February 1929.
period of 1930 and a reduction of 64,180,403,000
The grain traffic over Western roads (taking them
ton-miles, or 26.9%, under the same period in 1929. as a whole), as we have already indicated, was only
Railroads of the Eastern district for the first half of slightly larger than in 1930, when it was on a greatly
1931 reported a reduction of 18.1% in the volume of diminished scale as compared with 1929. The infreight handled, compared with 1930, while the crease was entirely due to the larger volume of wheat
Southern district reported a decrease of 18%. The moved to the Western primary markets—the receipts
Western district showed a decrease of 17.5%. It for the first 26 weeks of 1930 aggregating no less than
will be seen that the percentages of falling off in the 171,518,000 bushels, as against only 106,408,000
three different districts did not vary greatly.
bushels in the same 26 weeks of 1930—the movement
As to weather conditions, which often are an of all the other cereals, particularly in the case of
important factor affecting traffic and revenue in the corn and oats, having been on a greatly reduced
early months of the year, the Winter of 1931 was scale. The receipts of corn at the Western primary
exceptionally mild virtually everywhere, and inter- markets for the 26 weeks ending June 27 1931, were
fered in no essential particulars with the running of only 101,711,000 bushels, as against 148,018,000
trains or the movement of traffic. The Winter of bushels in the corresponding period of 1930; the
1930, likewise, presented nothing out of the ordinary. receipts of oats only 38,068,000 bushels, as against
While there were numerous periods of extreme cold, 52,426,000; of barley 13,840,000 bushels, as comthere were also some unusual spells of warm weather, pared with 16,622,000, and of rye, 4,710,000 bushels,
resulting in the melting of snow and ice, which against 5,040,000 bushels. For the five staples—
latter led to the overflow of some of the streams in wheat, corn, oats, barley and rye—combined, the
different parts of the country. In 1929 weather con- receipts aggregated 329,847,000 bushels in 1931 as
ditions were not much of a drawback in the northern against 328,514,000 bushels in 1930, but comparing
part of the eastern half of the country. In the with 361,385,000 bushels in 1929, and no
less than
western half, however, the winter was quite severe, 414,524,000 bushels in 1928. In the following
table
extreme cold accompanied in many instances by we give the details of the Western grain
movement
repeated heavy snowfalls, having seriously interfered in our usual form:
FINANCIAL CHRONICLE
1186
Ever,. 133.
Rye
(Bush.)
year. The New York Central (including the Pittsburgh & Lake Erie and the Indiana Harbor Belt)
suffered a contraction of $54,783,906 in gross and of
5,307,000 1,366,000
6,139,000 2,124,000 $15,229,745 in net as compared with 1930. This is
288,000 additional to $45,548,859 loss in gross and $20,507,000
886,000 1,436,000
869,550 loss in net in 1930 as compared with 1929.
73,000
3.571,000
295,000 The story is the same for the other large systems
4,771,000
3,000 everywhere throughout the country, the
17,000
only
12,000
10,000
difference being that in the case of these other
39,000
217,000
109,000 systems the shrinkage does not reach such extreme
21,000
changes
4,000 figures. In the following we bring together
6,000
will
51,000 for $500,000 or over in either 'gross or net. It
880,000
17,000
406,000
in the list of increases in the gross
be observed that
1,677,000 2,363,000
13,000 the International Great Northern with a gain of
2,009.000
$2,345,890 stands alone in recording a gain in excess
of the amount mentioned, while that road and the
2,000
5,000
Atlantic Coast Line and the New York Ontario &
Western are the only ones having to their credit
75,000
gains in net in excess of the figure named. The
2,000
33,000
2,000 International & Great Northern has profited by the
71,000
oil developments in Eastern Texas, while the Atlantic
Total all
1931
9,858,000 171518,000 101711,000 38,068,000 13,840,000 4,710,000 Coast Line has managed heavily to reduce expenses
10,835,000 106408,000 148018,000 52,426,000 16,622,000 5,040,000
1930
in face of reduced gross earnings, and the Ontario
The Western livestock movement was much & Western greatly increased its coal traffic and at
smaller than in all other recent years. For the first the same time has cut down its expenditures.
six months of 1931 the livestock receipts at Chicago PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE SIX
MONTHS ENDED JUNE 30 1931.
comprised only 96,298 carloads, as against 99,502
Increase.
Decrease.
Internet Great Northern $2,345,890 Chic St P Minn & Omaha $2,689,816
carloads in 1930, and 106,072 carloads in 1929; at
Denver & R G Western. 2,587,67a
Total (1 road)
$2,345.890 St Louis Southwestern.._ 2,553,820
Decrease. Colorado & Southern (2) 2,528,809
Omaha they were only 36,446 carloads, as against
Pennsylvania
$60,562,399 Bessemer & Lake Erie__ 2.514,809
049,127,376 Chicago & Eastern BE- 2,483,742
42,743 carloads in 1930 and 39,153 carloads in 1929,
2,482,899
Baltimore & Ohio
24,091,392 Seaboard Air Line
Pacific
24,061.326 Chicago
and at Kansas City but 45,054 carloads, as compared Southern (3) (2).._-.. 21,172,512 N 0 Tex& Alton (3).... 2.476,019
& Mexico
Atchison
2,142,364
2,077,001
Central
13,724.194
with 51,006 carloads in 1930 and 50,206 carloads in IllinoisM St Paul& Pac__ 13.049,049 Central of Georgia
Kansas City Southern- 2,042,396
Chich
Louisville & Nashville_ _ 12,314,508 Nashv Chatt & St Louis- 2,007,374
1929.
1,985,622
fsorfolk & Western
11,889,471 Mobile & Ohio
Chicago
11,796,206 Maine Central
Coming now to the Southern cotton movement, Chicago & North Western 11,287,473 Cln N 0 & Tex Pacific 1,966,189
1,893,301
RI & Pacific (2)
Missouri Pacific
Louisville 1,844,560
this was larger than last year both in the case of Chicago Burl & Quincy 11,285,784 Chicago Ind &Pa)
1.783,379
10,617.375 Union RR (of
10,366,666 Los Angeles & Salt Lake.. 1,681,350
gross shipments overland and the receipts at the Southern Ry
9,323,483 Atlantic Coast Line
1,514,286
Great Northern
Chesapeake
9,087.366 Buff Hoch & Pittsburgh- 1,432,666
Southern outports, but below 1929. In the 26 weeks NYNH&& Ohio
1,393,333
Hartford...... 9,054.619 Western Maryland
1,391,580
of the present year gross shipments of cotton over- Erie (3) Fran (3)__- 8,452.624 Florida East Coast
7,790,603 Chicago Great Western
1,291,034
St Louis-San
7,380,371 Virginian
1,284.501
Reading
land aggregated '428,553 bales, as against 314,365 Northern Pacific
7,028,548 Term RR Assn of St L._ 1.176,472
6,586,207 Alabama Great Southern 1,057.467
bales in 1930, 475,570 bales in 1929, 379,522 bales Wabash
6,321.623 Long Island
1,017.432
Union Pacific (4)
5.704,825 Gulf Mobile & Northern- 1,002,801
Central RR of N J
in 1928, and 625,348 bales in 1927. The receipts at Pere Marquette
5,162.411 Louisiana & Arkansas......
900.759
844,476
N Y Chicago & St Louis- 5,037.303 Western Pacific
Belt _ -the Southern outports in the six months of 1931 Missouri-Kansas-Texas-- 4,980.095 Indiana HarborSt Louis.. 835,226
830,895
4,872.714 Minneapolis &
Boston & Maine
Belt Ry of Chicago
reached 1,613,175 bales, as against 1,485,129 bales Pittsburgh & Lake Erie- 4,821,304 Bangor & Aroostook_ _ _ _ 821.166
790,840
Duluth Missabe & Nor__ 4,424,423
Del Lack & Western__
in 1930, but comparing with 1,929,832 bales in 1929, Elgin Joliet & Eastern__ 4,248,601 Spokane Portl & Seattle- 781,235
4,184.471 Monongahela
732,232
Minn St P & S
1,811,414 bales in 1928, and no less than 3,815,138 Lehigh Valley S Marie.... 4,144,993 New Orl & North East. _ 657.862
653,752
3,943,247 Northwestern Pacific_
3.809.680 Richm Fred & Potomac..
625,326
Yazoo
bales in 1927. Full details of the port movement of Grand & Miss Valley_
3,682,852 Dul South Sh & Atlantic
602.166
Trunk Western
3,638,327 Gulf & Ship Island
589,614
Texas & Pacific
the staple are given in the subjoined table.
531,032
Wheeling & Lake Erie...._3,006,522 Det Toledo & Shore Line
Flour
Jan. 1 to
Wheat
Corn
Ow
June 27.
(Ms.)
(Bush.)
(Bush.)
(Bush.)
Chicago
1931
4,747,000 19,583,000 26,479,000 5,442,000
1930
5,677,000 3,888,000 42,235,000 12,469,000
Minneapolis
1931
36,916,000 4,740,000 5,035,000
1930
27,164,000 6,570,000 5,487,000
Dtduth1931
26,327,000 1,133,000 1,025,000
1930
17,328,000
686,000 1,344,000
Milwaukee
1931
332,000 5,383,000 4,35,000 1,154,000
538,000
508,000 6,851,000 1,728,000
1930
Toledo-3,345,000
1931
464,000 3,631,000
4,610,000
719,000 2,165,000
1930
Detroit
1931
573,000
144,000
374,000
739,000
322,000
261,000
1930
Indianapolis and Omaha
18,059,000 21,492,000 5,424,000
1931
7,251,000 29,787,000 9,831,000
1930
St, Louis
3,271,000 14,425,000 12,065,000 9,924,000
1931
1930
3.444,000 13,777,000 15,431,000 10,276,000
Peoria
1,508,000 1,458,000 5,223,000 1,698,000
1931
1930
1,176,000'
735,000 12,980,000 2,770,000
Kansas CUy1931
37,068,000 16,369,000 1,861,000
1930
23,102,000 18,421,000 3,621,000
St. Joseph
1931
2,021,000 6,700,000 1,371,000
1930
2,090,000 7,057,000
916,000
Wichita
1931
6,079,000 1,369,000
129,000
1930
4,784,000 3,181,000
159,000
Mom efts
1931
283,000 1,198,000 1,000,000
434,000 3,939,000 1,338,000
1930
Barley
(Bush.)
523,000
1,551,000
2,305,000 1,028,000
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JULY 31
1931, 1930, 1929, 1928, 1927 AND 1926.
1931.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk.
Corpus Christi
Lake Charles
Beaumont
Jacksonville
Total
1930.
1929.
1928.
1927.
259,439 278,T99 574,222 387.746 921,851
379.048 371,991 555,019 435,908 1,002,201
461,272 458,453 531,687 542,108 935,427
90,404 80,363 110,697
204,350
95,859
1.658
2.878
1,048
4,717
18,554
76,818 176,035 405,479
156,721 116,435
77,963 212,726
33,275
46,720
78,608
53,734
84,803
22,391
15,195
18,352
54,875 139,076
44,968
32,947 45,618
13,696
16,275
1,024
4,969
14,616
789
4,813
68
1926.
740,597
638,872
728,087
62,146
4,224
303,948
129,488
35,195
115,382
1,613,175 1,485,129 1,929,832 1,811,414 3,815,138 2.757.939
With the losses in earnings very heavy for the
roads as a whole, as noted above, it follows inevitably, as was the case last year, that the separate
roads and systems have sustained correspondingly
large losses. The list of these losses is exceedingly
10ng and the amount of the losses in the case of the
separate roads and systems of corresponding magnitude. The Pennsylvania RR., as is nearly always
the case, leads the list for amount of loss and the
New York Central follows next in order. The Pennsylvania has fallen behind no less than $60,562,399
in gross and $25,830,000 in net and this follows
0,018,540 decrease in gross and $20,755,604
decrease in net in the first six months of the previous
2,990,879
Detroit Toledo &Ironto
Total (96 roads)
$490,435,360
Delaware & Hudson........2,912.265
a These figures cover te operations of the New York Central and leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terr Haute. In..
eluding Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of $54,783,906.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
ENDED JUNE 30 1931.
Internet Great Northern.. $1,808,237 Wheeling & Lake Erie_ $1,461,737
939,215 Pittsburgh & Lake Erie- 1.413.317
Atlantic Coast Line
N Y Ontario & Western... 768,926 Central RR & New Jersey 1,398,381
Seaboard Air Line
1,257.646
Total (3 roads)
$3.516,378 Del Lack & Western........ 1.199.142
Delaware & Hudson_- 1,194,112
1,112.817
Missouri Pacific
Pennsylvania
$25,830,000 NY Chicago & St Louis- 1,101,860
1,036.730
New York Central
013,387,601 Great Northern
Southern Pacific (2)
1,025.720
6,881,175 Union RR (of Pa)
1.019,564
Baltimore & Ohio
6,861.228 Erie (3)
Norfolk & Western
927.635
6.331.974 Chicago StPM & Omaha
Illinois Central
4,789,028 Cin New Orl & Tex Pac883.970
Southern Ry
858,782
4,267,349 Denver & R G Western..
Atchison (3)
844,581
3,945,663 N 0 Tex & Mexico (3)Duluth Missabe & Nor.... 3,578,561 Lehigh Valley
838,899
Reading
800,419
3,197,334 Louisville & NashvilleChicago & North Western 3,095,105 Virginian
783,320
N Y NT H & Hartford
763,255
2,891,072 Minn St Paul & S S Marie
Chicago Burl & Quincy.... 2,692,673 Chicago & Eastern Ill....
683.926
Chic Milw St Paul & Pac 2.638,066 Colorado & Southern (2)676,489
Missouri-Kansas
-Texas.... 2,047,548 Maine Central
651,620
Wabash
641,185
2,035,288 Los Angeles & Salt Lake
Detroit Toledo & Ironton 1,947,902 Texas & Pacific
631,026
Chesapeake & Ohio
1,942,829 Bangor & Aroostook
619,261
608,616
Northern Pacific
1,905,116 Mobile & Ohio
Yazoo & Miss Valley . 1,896,123 Chicago Ind & Louisville
597,585
Union Pacific (4)
559,084
1,894,265 Boston & Maine
St Louis-San Fran (3)
550,227
1,846,699 Nashv Chatt & St Louis..
Elgin Joliet & Eastern
1.811.396 Central of Georgia
536,501
Pere Marquette
516,912
1,799,063 Kansas City Southern..
Chicago R I & Pacific (2) 1.717,927 Western Maryland
503,186
Grand Trunk Western
1,610.890
$143.849.311
Bessemer & Lake Erie_ 1,510,525Total(74 roads)
a These figures cover the operations of the New York Central and leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Ineluding the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the
result is a decrease of $15,229,745.
AUG. 22 1931.]
FINANCIAL CHRONICLE
It was a foregone conclusion that when the roads
are arranged in groups or geographical divisions,
according to their location, losses should appear in
gross and net alike in the case of each one of the
three great districts into which the roads are divided,
namely the Eastern District, the Southern District,
and the Western District, as also in all the separate
regions under each of the districts. That was the
record last year and it is again the record the present
year. Our summary by groups or geographical
divisions is as below: We group the roads to conform
with the classification of the Inter-State Commerce
Commission. The boundaries of the different groups
and regions are indicated in the footnote to the
table.
District and Region.
Gross Earnings
Six Months Ended June 301931.
1930.
Inc.
or Dec.
(-)
Eastern District
S
5
%
New England region (10 roads)-.103,610,807 122,021,355
-18,410,548 15.09
Great Lakes region (31 roads)
434,760,812 534,349,613
Central Eastern region (26 roads)_.453,105,722 575,980,412 -99,588,801 18.65
-122,874,690 21.32
Total(67 roads)
991,477,341 1232,351,380 -240,874,039 19.58
Southern District
Southern region (30 roads)
282.648,812 342,993,041
60.344,229 17.60
Pocahontas region (4 roads)
111,189,138 134,075,802
22,888,664 28.09
Total(34 roads)
393,837,950 477,068,843 -83,230,893 17.45
Western District
Northwestern region (17 roads).
238.245,521 297,392,216
Central Western region (24 roads).364,698,646 436,143,946 -59.146,695 19.89
Southwestern region (30 roads)__ _195,961,902 245,051,254 -71.445,300 16.40
-49,089,352 20.05
Total (71 roads)
798,906,069 978.587,416 -179,681,347 18.40
(+)
Total all districts (172 roads)-2.184,221,360 2688,007,639
-503,786,279 18.75
District and Region.
Net Earnings
6 Mos
.End.June 30.-Mileage--1931.
1930. Inc.(+)or Dec,(-)
Eastern District1931.
1930.
$
$
$
New England
7,323 7,348 29.041.080 34,563.450 -5,522,370 %
Great Lakes
27,941 27,934 88,862,985 115,967,632 -27,104,647 15.98
Central Eastern
25,031 25,039 88,920,048 136,292,999 -47,372,951 23.40
34.77
Total
60,295 60,321 206,824,113 286,824,081 -79,999,968
27.87
Southern District
Southern
40,042 40,106 54,1583333 71,701,969 -17,543,336
Pocahontas
6,038
6.016 39,680,381 48,488,260 -8,807,879 24.48
18.14
Total
46,080 46,122 93.839,014 120,190,229
-26,351,215 21.90
Western District
Northwestern
48,947 48,990 36,471,597 51,900.594 -15.428,997
29.74
Central Western
52,121 52,043 86,186,412 102,858,333
Southwestern
35,350 35,100 47,868,302 56,824.134 -16.671.921 16.29
-8,955,832 15.77
Total
136,418 136,133 170,526,311 211,583,061
-41,056,750 19.39
Total all d1stricts_ _ _242,793 242,576 471,189,438 618,597,371
-147407,933 23.8
NOTE.
-We have changed our grouping of the roads to conform
to the classification of the Inter-State Commerce Commission. and the
following Indicated the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Regton.-This region comprises the New England
States,
Great Lakes Regton.-This region comprises the section on the
Canadian boundary
between New England and the westerly shore of Lake Michigan
to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of
the Great
Lakes Region, east of a line from Chicago through Peoria to
St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of
the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern
corner of Maryland
and by the Potomac River tot is mouth.
SOUTHERN DISTRICT.
Southern Regton.-Thle region comprises the section east of the
and south of the Ohio River to a point near Kenova, W. Va.. Mississippi River
and a line thence
following the eastern boundary of Kentucky and the southern
boundary of Virginia
to the Atlantic.
Pocahontas Region.-Thle region comprised the section north of
boundary of Virginia, east of Kentucky and the Ohio River north to the southern
Parkersburg.
W.Va..and south of altos from Parkersburg to the southwestern
corner of Maryland
and thence by the Potomac River to Its mouth.
WESTERN DISTRICT.
Northwestern Regton.-This region comprises the section adjoining
Canada lying
West of the Great Lakes Region, north of a line from Chicago to Omaha
and thence
to Portland and by the Columbia River to the Pacific.
Central Western Reglon.-Thle region comprises the section south
Western Region, west of a line from Chicago to Peoria and thence to of the NorthSt. Louis, and
north of a line from St. Louis to Kansas City and thence to El
Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-Thls region comprises the section lying
between the Mississippi River south of St. Louis anti a line from St. Louis to
to El Paso and by the Rio Grande to the Gulf of Mexico. Kansas City and thence
We now add our detailed statement for the half
year. It shows the results for each road separately,
classified in districts and regions, the same as in the
foregoing summary.
EARNINGS OF UNITED STATES RAILROADS FROM
Eastern District.
--Gross
New England
1931.
1930.
1931.
Region5
$
Bangor & Aroostook 4,193,081
4,983,921
1,537,169
Boston dr Maine__ 30,157,305 35,030.019
8,120,119
Canadian Nat System
Can Nat Lines In
N E
752.398
1,048,972 -235,594
Central Vermont_ 3,477,903
3.874,326
311.843
Grand Trunk West-See Great Lakes region
Duluth Winn & Pac-See Northwestern region
Canadian Pacific Lines
C P Lines in Me_ 1,270,567 . 1,504,179
116,830
C P Lines in Vt.
700,200
931,600
-85,836
Dul So Sh & Atlantic-See Northwestern region
Minn St P & S S M-See Northwestern region
Spokane Internat-See Northwestern region
JAN. 1 TO JUNE 30.
Net
1930.
Inc. or Dec.
2,158,430
8,679,203
-619,261
-559,084
--97,841
586.231
--137,753
-274,388
141,147
-26,490
-24,317
-59.346
1187
--Gross
Net
New England
1931.
1931.
1930.
1930.
Inc. or Dec.
Region (Concl.)$
S
Maine Central
7,885,982 9,852,171
2.467,131 --651,620
1,815.511
New Haven System
N Y Out & West
-See Great Lakes region
NY N H & Hartf 51,793,856 60,848,475 16,519,023 19,410,095 -2.891.072
N Y Connecting _ _ _ _ 1,126,054
1,303,129
762,460
902,404 -139,944
Rutland
2,644,563
2,253,461
179,555
345,140 -165,585
Total(10 roads)--103,610,807 122,021,355 29,041,080 34,563,450-5,522.370
--Gross
Net
Great Lakes
1931.
1931.
1930.
1930.
Inc. or Dec.
Region$
$
5
$
$
Baltimore & Ohio System
Baltimore Sz Ohio-See Central Eastern region
Baltimore & Ohio Chicago Terminal-See Central Eastern region
Buff Roch & Pittsb_6,343,2135
1,134,183 -322,391
7,775,931
811,792
Buffalo & Susquehanna-See Central Eastern region
Staten Island Rapid Transit
-See Central Eastern region
Canadian National System
C N Lines in N E
-See New England region
Central Vermont
-See New England region
Duluth Winn & Pat
-See Northwestern region
Grand Trk West_ 11,160,296 14.843,148
1,323,088 2,933,978 -4,610,890
Del & Hudson
15,733,658 18,645,923
1.921,917
3,116,029 -4,194,112
Del Lack & West..._ 30,667,202 34,915,803 6,760,264
7,959,406 -1,199,142
Detroit & Mackinac
516,128
124,963
535,123
31,439
+93,524
Detroit Terminal...
806,777
544,836
122,381
191,829
-69,448
Det & Tot Sh Line_ 1,633,665 2,164,697
741,524
1,068,596 -327.072
Erie System
Chicago & Erie
5,635,966 6,975,773 2,177,793 2,830,130 -652,337
Erie
40,998,139 48,064,308 8,450,849 8,852,053 -401,204
NJ&NY
670,645
717,293
113,426
79,449
+33,977
NYS& West
2,338.440 2,320,991
766,840
• 615,755 +151,085
Lake Terminal
323,923
451.609
16.467
46,374
-29,907
Lehigh & Hud River 1,009,685
1,137,031
289,541
285,356
+4,185
Lehigh & New Eng. 2.135,278
2,416,020
441,530
555,703 -114,173
Lehigh Valley
26,790,488 30,733,735
5,247.918 6,086,817 -838,899
Monongahela
2,467.912 3,200,144
1,169,664
1,377,826 -208,162
Montour
993.948
1,230,962
304,762
401,977
-97,215
New Haven System
NY N H & Hartford- ee New England region
NY Out & West_ 5,379,744
4,981,518
1,368,510
699,584 +768.928
N Y Central Lines
Ind Harbor Belt
5,577,562
4,742,336
1,275,556
1,704,383 -428.827
NY Central
199,569,922 248,697,298 41,072,282 54,459,883-13,387,601
Pitts & Lake Erie 9,546,788 14,368,092
1,382.623
2,795,940 -1,413.317
N Y Chi & St Louis 19.259,913 24,297,216
4,706,539 5,808,399 -1.101.860
Newburgh & So Sh_
574,978
722,292
-3,608
272,377 -275,985
Pere Marquette
14,237,617 19,400,028 2,275,028
4,074,091 -1,799,063
Pitts & Shawmut
470,200
637,343
104.725
166,164
-61,439
Pittsburgh & W Va. 1,491,959
1,961,918
303,651
705.761 -402.110
Pitts Shaw & Nor
650,229
144,766
820,050
;160,203
-15.43
7
Toledo Terminal _ _ _
614,297
550,352
115,871
100.004
+15,867
Ulster & Delaware
428,375
442,834
19,887
18,810
-1,077
Wabash System
Ann Arbor__ _ _ _ 2,122,876
2,535,641
354,641
539,896 -185.255
Wabash
25,772,049 32,358,256
4.958.872 6,994,160 -2,035.288
Total(31 roads)_434,760,812 534,349,613 88,862,985 115,987,632 -27,104,647
--Gros
Net
Central Eastern
1931.
1931.
1930.
1930.
Inc.or Dec.
Region.
$
$
$
$
Akr Cant & Ygstwn 1,024,164
1,513,740
516,508 -192,946
323,562
Alton & Southern __
536,491
550,832
187,389
163,877
+23,612
Baltimore & Ohio System
Baltimore & Ohio 82,352.893 106,444,285 17,667,783 24.529.011 ---6,861,228
B & 0 Chic Term_ 1,564,741
1,956,228
220,171 ---28.464
191,707
Buffalo Rochester & Pittsburgh-See Great Lakes region
Buff & Susquehan
139,814
114.437
i-25,377
Staten 1st Rap Tr 1,074,991
1,201,932
280.947
258,806
--22,141
Belt Ry of Chicago_ 2,700,252
3,521,418
925,295
--54,458
979,753
BESSeMer & L Erie__ 3,922,019 6,436,828
1,767,875---1,510,525
257,350
Bklyn E.D.Term..
629,594
681,713
266,214
--12,332
278.546
Chic Sr East Illinois_ 7,783,612 10.267,354
577,047
1,260,973 --683,926
Chic & Ill Midland
1,354,670
1,484,943
195,995
262,994
--66.999
Chic Ind & Louisv__ 5,872,197
7,716,757
1,839,919 --597,585
1,242,334
Conemaugh &B Lick
390,032
-72,765
830,689
105,781 --179.546
Det Tol & Ironton__ 3.571.386 6,562,265
1,224,051
3,171,953 ---1.947,902
Elgin Joliet & East_ 8,080.002 12,264,473
1,692,825
3,504.221 --1,811,396
Illinois Terminal..
3,287,399
3.761,652
1,105,525
1,120,234
--14.709,
Missouri Pacific System-See Southwestern region
Missouri Illinois__
653,679
924,036
138.905
237,186
--98,281
Monongahela Conn_
608,188
1,082.879
39,865
253,739 --213,874
Pennsylvania System
Long Island
17,770,026 18,787.458
5,540,010
5.258,690
+281,320
Pennsylvania__ _234,150,061 294,712.460 44,753,269 70,583.269 -25,830,000
Reading System
Atlantic City_ _
1,160,273
1,318,248 -243,800 -253,360
+9.560
Central of N J
20,432,880 26.137,705 4,655.267
6,053,648 -1.398.381
Reading Co
37,102,362 44,482,733 4,277,334
7,474,668 -3.197,334
Union RR of Pa.... 2,664,876
4,448,255 -176,731
848,989 -1,025,720
Western Maryland. 7,622,585 9,015,918
2,553,930
3,057,116 -503,186
Wheeling & L Erie
1,199.067 2,660.854 -1,461.787
5,990,820 8,997.342
Total(26 roads) 453.105,722 575,980,412 88,920,048 136.292,999 -47,372,951
Total Eastern District(67 roads)-991.477,341 1232351,380 206,824,113 286,824,081 -79,999,988
Southern District.
Gross
Net
SOUGarn
1931.
1931.
1930.
1930.
Inc. or Dec.
Region$
AtICOMt Line SystemAtl & West Point_
974,177
1.250,452
101,009
208.934 -107.925
Atl Birm & Coast_ 1,758,089
2,006,121 -315,413 -224.818
-90,595
Atl Coast Line_ 34,372,358 35,886.644 10,658.924
9,719,709 +939.215
Charles & W Caro 1.375,784
1,472,618
254.969 +153,809
408.778
Clinchtield
2,849,058
3,165,212
969,035 1,070,360 -101,325
Georgia
2,130,907
2,377,062
290,227
299,812
-9,585
Loulsv. 46,303.494 58,618,002 7,877,238 8,677.657 -800,419
& Nashv
Nash Chatt & St L 8,180,747 10.188,121
944,459
1,494.686 -550,227
West Ry of Ala
1,028,500
1,373.269
93,325
264,260 -170.935
Columbus & Greenv
542.107
833,922
66,866
122,186
-55,320
Florida East Coast_ 6,327.109
7.718.689 2,346,337
2,800,383 -454,046
Georgia & Florida
728.004
740,946
10,659
16,421
-5.762
Gulf Mobile & Nor_ 2,151,773 3,154,574
322,166
685,308 -363.142
New On & Gt Nor 1.149,734
1.477,933
383,662
420,405
-36.743
Illinois Central System
Central of Georgia 9,116,864 11,193.865
1,816,210 2,352.711 -536,501
Gulf& Ship Island
897.504
1,487,118
-57,1348
279.500 -337,148
Illinois Central _ 52.306.511 66,030,705 8,839,058 13,628.086 -4,789,028
Yazoo & Miss Vail 8,526,474 12,336.154
947,133 2,843,256 -1,896,123
491,761
Mississippi Central..
691,085
82,470
129,709
-47,239
Norfolk Southern._ 3,240,541
3,597,332
660,368
777,816 -117,448
Seaboard Air Line 24,620,072 27,102,971
4,973,646
6,231,292 -1,257,648
Southern Ry System
Ala Great South
3,229.396
4,286,863
346,778
837,987 -491,209
Cm N 0 & Tex P 7,750,731
9,644,032
1,371,933
2,255.903 -883,970
Ga South & Fla
1.640,149
1.980,738
271,879
341,354
-69:475
Mobile & Ohio... 5,513,938
7,499.560
817.640
1,426.256 -608,616
NO & Northeast_ 1,629,044 2,286,906
136,835
589,240 -452,405
New Orleans Term
791.693
852,436
327,069
306,241
+20.828
Nor Mabama_
359,705
550.263
77.036
190,060 51,297.303 61.663,969 9,163,141 13,430,490 - 113,024
Southern Ry
4,267,349
1,367,285
Tennessee Central
1,525,479
227,813
271,796
-43,983
Total(30 roads)..282,648,812 342,993,041 54,168,633
71,701,969-17,543,336
1188
FINANCIAL CHRONICLE
Net
Inc. or Dec.
1930.
1931.
1930.
1931.
Pocahontas
$
$
$
Region
Chesapeake & Ohio_ 59,009,701 63.097.067 21,065.945 23.008.774 -1,942.829
-6.331.974
Norfolk & Western_ 39.274,393 51,163,864 13,556.022 19.887.996 +250.244
1,515.150
5,964.877 1.765.394
Richm Fred & Poto_ 5.339.551
7.565.493 8,849,994 3,293,020 4,076,340 -783.320
Virginian
-8.807,879
Total(4 roads)-111,189.138 134.075,802 39,880,381 48.488.260
Toted Southern Dis-26351,215
trict(34 roads)---393,837.950 477.088.843 93,839,014 120.190,229
Western District.
Net
---Grozz
Inc. or Dec.
1930.
1931.
1930.
1931.
Northwestern
8
8
RegionNational System
Canadian
Can Nat Lines in N E-See New England region
Central Vermont-See New Englan i region
72,522 -226,331
983.667 -153,809
634,532
Dul Winn & Pat.
-See Great Lakes region
Grand Trunk West
Canadian Pacific System
-See New England region
Can Pao Lines in Me
Can Pao Urn sin VV-See New England region
307.590 --201.166
106,424
So Sh & Atl_ 1,461,320 2,093.486
Dul
Minn St P & SSM 14,639,140 18.784.133 1,939.003 2,702,258 --783.255
--8,730
70.418
61.688
450,015
389,614
Spokane Internal
Chl Ac North West- 52,404.828 64,201,034 8,793.166 11.888.271 --3.095.105
987.585 1,915.220 -927.635
Chi St P M & 0_ 9,407.550 12,097,365
4-344.610
Chi Great Western- 9,792,207 11,083,241 2.874.007 2,529.397 --2.638,066
Chi Mil St P& Pao_ 56,812,124 69,881,173 9,300.934 11,939,000
--82.467
Chi River & Indiana 2.776,298 3,140.603 1.214.036 1,296.503 --3.578.561
Dui Missabe & Nor_ 3,421,463 7,845.886 -1.294,769 2.283,792 --1.036,730
6.939.641 7,976,371
36,413,418 45,736,901
Great Northern__
240,041 --155.074
84,967
898,139
714.900
Green Bay & West_
295,229 -320.479
-25,250
937.007
492,657
Lake Sup & Ishpem
--90.256
539,018
448.762
Minn & St Louis— 5,176,038 6,006,933
Northern Pacific_ 30,848.028 37,876,576 3.241.838 5,146,954 --1,905,118
--94,222
1,128,048
1,033,826
3,850,554
Sok Port & Seattle 3,069,319
Union Pacific System
& Salt Lake-See Central Western region
Los Ang
Oregon Short Line-See Central Western region
919,548 1.569.962 -650,414
Ore-Wash RadeN 9,792.085 11,575.503
St Joseph & Grand Isi-See Central Western region
-See Central Western region
Union Pacific
Total(17 roads).-238,245.521 297,392,216 36,471,597 51.900,594 -15,428,997
1931.
1930.
1931.
Region
Atchison SystemAtch Top A, S F.. 72,451,628 88,163.204 14,829,933
Gulf Colo Az Santa Fe-See Southwestern region
Panhandle & Santa Fe-See Southwestern region
Burlington Route
Chi Burl& Quincy 57,029,615 67,646.990 16,931,495
589,519
Colorado South-- 3,788.923 4.984,037
841.915
Ft Worth & D C. 3.350,454 4,684,149
-44,150
310,424
217,182
Quincy Om & K C
Wichita Valley-See Southwestern region
Chicago & Alton_-- 9,839,111 12,315,130 1,864.263
Den & 11 G West._ 11.068.397 13,656.570 2,694.165
254,357
1,379.555
912,671
Denver & Salt Lake
64.413
416,498
267,616
Nevada Northern__
64.265
841.739
584.255
Pekin Mi.
Peoria &
Rock Island System
858,727
3,278,975
Chi R I & Gulf__ 2,694,931
Chi R I & Pacific) 48,141.684 58,845,113 11,370.412
88.978
626.602
469,008
San Diego & Ariz__
Southern Pacific System
Northwestern Pan 1,916,225 2,569,977 -197,518
Southern Pacific_ 76,414,760 93,469,184 18,908,343
Texas & New On -See Southwestern region
149,066
963,596
791.388
Toledo Peoria & W.
Union Pacific System
Los Ang & Salt L 9,851.875 11,533,225 1.979,404
Oregon Short Line 13,606,463 15,327.558 3,326,113
Ore-Wash RR & Nay-See Northwestern region
382,599
St Jos & Grand Idl 1.593.083 1,625.126
Union Pacific__ 43,158,587 45,943,656 11,171.144
148.790
756,865
588.991
Utah
-89,793
Western Pacific__ 5,961,299 6,805,773
Central Western
Net
1930.
Inc. or Dec.
$
18,033,557 3,203.624
19.624.188 --2.892.673
-421.092
1.010.611 -255.397
1,097,312 -9,601
-34.549
-21,632
1,885,395
858.782
3,552.947 369,646 -115.289
114,518
178.929 78.976
143,241
977.088 --118,361
12,969.978 -1,599,566
--94,293
183,271
-18.271 -179,275
23,882,723 -4,974,380
148,377
+889
2,820,589 -641,185
3,881,741 555,628
466.372
11,775.594
190,283
-81,169
--R3.773
--804.450
-41.493
--8.624
Total(24 roads)--384,698,646 436,143,946 86,186,412 102,858,333 -16,571,921
Gross
1931.
1930.
1931.
Southwestern
Region.
Atchison SystemAtch Top & Santa Fe-See Central Western Region.
549.221
Gulf Colo & S Fe_ 8.392,444 11.482.222
648.432
Panhandle & S Fe 5,128,195 7,499,353
-55,103
881,408
618,626
Burlington et R
Burlington Route-Chic Burl & Quincy-See Central Western Region.
Colorado & Southern-See Central Western Region.
Region.
Ft Worth & Denver City-See Central Western
-See Central Western Region.
QUillCY Omaha & K C.
27,384
436,939
278,255
Wichita Valley__
7.187
657,787
400.669
Ft Smith & Western
San Francisco Lines
-99,088
434,336
351.566
dr Rio Grand
Ft W
7,870.472
• L & San Fran.. 28.533.045 38,031.359
1.508
851.611
642,092
St L& San F & T.,
215.943
719,575
773,524
Galveston Wharf__
2,058.697
Kan City South__ _ _ 6.502.217 9.544,613
410.984
977.853 1,275.460
Texarkana A, Ft S
536,716
1.546.693
Kansas Okla & Gulf 1,290,441
898.155
Louisiana A, Ark___ 2,747.577 3,648,336
9,997
489.400
370.805
La Ark & Texas...,..
323,053
Midland Valley....1,011,339 1,460,651
47,345
860,681
636.963
North Ark_
Mo &
16,580 901 21,560,996 3,514.458
Mo-Kansas-Tetas
Mo Pacific System
478,538
Beaumont SL&W 1,529.848 1,764.121 2,687,209
Intern Gt North_ 9,919,469 7.573.579
Illinols-See Central Eastern radon
Missouri
13,285,188
Missouri Pacific__ 48,947.719 60,233.503
279.712
New0Tex & Mex 1,195,655 1.694,476 1,534.431
3,974.565 5.383.835
St L Brownsv & M
215.708
969.078
808.020
S Ant Uvalde &0
Texas & Pacific__ 15,902.012 19.540.339 5,117,643
115.091
476,541
354,501
Okla City-Ada-Atok
St L Southwestern__ 9.369,587 11.923.407 2,368,733
Southern Pacific System
Northwestern Pacific-See Central Western region
Southern Pacific-See Central Western Region.
3.779,281
Texas & New OIL. 23,727,629 30.734,531
980.287
5,358.183
Term RSt Assn of StL 4.181.711
15.894
573.317
508.366
_
Texas & Mexican__
47.196
484.924
306.508
Wichita Falls & Sou
Net
1930.
Int. or Dec.
1,014,999
924,693
-566,381
-485.778
-276,261
+611,278
68,611
80.145
-39,257
-72,978
-66,353
-32,735
9,631.268 -1,760,798
54,676
-53,168
+45,354
170,589
2,573.609 -516,912
-82.957
493.941
693,319 -156.603
1,031.095 -182.940
+58.364
-48,367
571.602 -248,549
147.875 -100.530
5,562.006 -2,047,548
462,951
+15.587
878,972 +1,808.237
14,398.005 -1,112.817
508.319 -228.607
2,168,042 --631,561
295.851
--80,143
5,718,669 -631.026
+39.696
75,395
2,715.853 -347,120
5,686.076 -1.906.790
1,302.084 -321.797
-53.753
69,647
-83.717
130.913
t
56,824,134 -8,955,832
Total (30 roads).195.961,902 245,051.254 47,868.302
Total Western Dis211,533,061 -41,056,750
trict(71 roads).--798,906.069 978,587,416 170,526.311
Grand total (172
2,184,221,3602888,007039 471,189,438 618,597,371 -147.407433
roads)
[VOL. 133.
RESULTS FOR EARLIER YEARS.
In dealing with the results for earlier years it is to be noted
in the first place that the decrease of $503,786,279 in gross
and of $147,407,933 in net in the first half of 1931 and the
decrease of $324,823,450 in gross and of $199,587,164 in
net, in the first half of 1930, follows $151,648,890 gain in
gross and $114,947,201 gain in net in the first half of 1929,
but comes after $116,628,506 loss in gross and $13,059,449
loss in net in the first half of 1928. In 1927 also conditions
were not altogether favorable, so that our tables then likewise showed some shrinkage in both gross and net earnings.
The Mississippi River floods, the coal miners' strike, the
slump in the automobile trade, the depression in the South,
the impaired status of the agricultural classes, especially in
the Northwest, by reason of successive poor crops of spring
wheat, all imposed a state of quietude on general trade in
that year and left their mark on railroad revenues. However, the decrease was very slight—only $9,132,430 in the
gross, or less than one-third of 1%, and $16,035,003 in the
net, or 2.20%. In the two years preceding, on the other
hand-1926 and 1925—the situation was different. Then
the returns were distinguished for quite considerable improvement. Especially was this the case in 1926, when our compilations recorded $131,448,135 increase in gross and $71,056,875 increase in net. There were increases also in 1925
over 1924, but they were much more moderate, at least in
the gross, having been only $23,096,456 in that item, but
$58,807,728 in the net. However, these increases came
after a big falling off in both gross and net in 1924. This
latter year was the year of a Presidential election, when,
pending the outcome, a tremendous slump in business
occurred, which involved a corresponding contraction in the
traffic and the revenues of the railroads. The falling off in
the gross in 1924 amounted to no less than $225,987,341; in
the net it was $54,000,364.
But in noting the 1924 shrinkage in gross and net it is
important not to overlook the fact that this followed prodigious gains in gross and net alike in the year preceding,
that is 1923, the addition to the gross that year having been
$480,926,565 and to the net $117,564,651. Moreover, this
improvement, at least in the net, came after large increases
in 1922 and the year before, too, the improvement however,
in those two years following entirely as a result of savings in
expenses, gross earnings in both 1922 and 1921 having
recorded losses. In 1922, as against $63,399,701 decrease
in gross, the saving in expenses was $281,731,725, affording,
therefore, a gain in net earnings of $218,332,024. In 1921,
in like manner, though there VMS $67,476,090 loss in gross,
this was turned into a gain of $141,808,030 in net by a
reduction of $209,284,120 in expenses. The 1921 reduction
in expenses would have been very much greater than actually
recorded except that the railroads were operating under
much higher wage scales, the United States Labor Board
having in July 1920 awarded an increase of 20%. On the
other hand, the decrease of 12% made by the Labor Board,
effective July 1 1921, was a factor in lowering expenses in
the first half of 1922.
It must be particularly remembered, however, that previous to 1921 expenses had been mounting up in a frightful way, until in 1920 a point was reached where even the
strongest and best managed properties were barely able
to meet ordinary running expenses, not to mention taxes
and fixed charges. And it is these prodigiously inflated expense accounts that furnished the basis for the savings and
economies that were effected in 1921 and 1922 and in the
immediately succeeding years. As compared with 1920, the
roads in both 1921 and 1922 also had the advantage of much
more favorable weather conditions. In 1921 the winter was
exceptionally mild, and much the same was true of the
winter of 1922, though this last is declared to have been a
hard one in certain special sections—in Wyoming and
Montana, for instance, and contiguous territory. In 1920,
on the other hand, not only was the winter unusually severe,
but many other adverse influences and conditions existed
at the time, all combining to cut down the net, and in our
review of the earnings for this half year period we were
prompted to say that it was not likely that we would ever
be called upon to record a poorer- statement of net earnings
of United States railroads for any period of six months than
that for the first half of 1920. Rising costs of operation—
induced by wage increases, advancing prices for material,
fuel, supplies and everything else entering into the operating
accounts of the railroads, and by heavy extra expenses
arising out of special unfavorable circumstances of one kind
AUG. 22 1931.]
FINANCIAL CHRONICLE
or another—had been a feature of railroad affairs for many
years, we then pointed out, but in 1920 the movement,
unquestionably, might be said to have reached its climax
and its apex, many of the roads failing to earn bare operating
expenses. Altogether, the result of this array of unfavorable
influences on earnings in the first half of 1920 was that as
against a gain in gross earnings of $358,015,357, our compilations showed an addition to expenses of no less than
$425,461,941, leaving the net diminished in amount of
$67,446,584.
It should be noted, furthermore, that the falling off in
net in 1920 was merely one of a long series of losses in net.
In the first six months of 1919 the higher rates then in force
(as compared with 1918) for the transportation of passengers and freight barely sufficed to meet the great rise in expenses; our compilations then showed $265,635,870 addition
to gross earnings with a coincident increase in expenses of
$265,952,855, leaving net slightly smaller, namely by $316,985. In the preceding two years the results were equally
bad, huge increases in expenses acting to cause heavy losses
in the net. For instance, in 1918 the addition to expenses
(over 1917) reached the prodigious sum of $457,054,265, or
about 34%, with the result that a gain of $181,848,682 in
gross was turned into a loss of no less than $275,205,583 in
the net, or over 50%. Not only that, but in 1917 a gain of
$205,066,407 in gross was concurrent with an addition of
$212,222,155 to expenses, leaving a loss of $7,155,748 in net.
In the following we furnish the half yearly comparisons
back to 1906:
Gross Earnings.
Year.
Year
Given.
Jan. 1 to June 301906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Year
Preceding.
3923.554,268
999.082.691
863,880.965
1,172,185,403
1,351,570,837
1,310,580,785
1,365,355,859
1,502,472,942
1,401,010.280
1,407.465,982
1,731.460,912
1,946,395,684
2,071,337,977
2,339,750,126
2,684.672,507
2,871,369,048
2,602.347,511
3.086,129,793
2,865,947,474
2,887.808.623
3,022,413,801
3,011.796.048
2.901.379,728
3.057,560,980
2,737,397,195
2,184.221,380
5815,486,025
884,426,163
1.036,729,560
1,051,853,195
1.172,481,315
1,339,539,563
1,309.006,353
1,366,304.199
1,486,043.706
1,447,464,542
1,403,448,334
1,741.329,277
1,889,489,295
2,074,114,256
2,326,657,150
2,738,845,138
2.665,747,212
2,605,203,228
3,091,934,815
2,884,512,187
2,890,965,666
3,020,928,478
3,018,008,234
2,905,912,090
3,062,220,645
2,888.007.639
Increase or
Decrease.
+3108.068,243
+114,656,528
—172,868.595
+120,332,208
+179.089,522
—28,958,798
+58,349,506
+138,188,743
—85,033,426
—39.998,560
+328,012.578
+205,066,407
+181.848,882
+265.635,870
+358.015,357
—67.476,090
—63,399,701
+480,928.565
—225,987,341
+23,098,458
+131,448,135
—9,132,430
—116,628,508
+151.648,890
—324,823,450
—503.786,279
Net Earnings.
Year.
Year
Given.
Jan. 1 to June 301906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Year
Preceding.
3272,101,047
280,697,496
231.254,071
371,591,341
408,380,483
378,852,053
373.370,171
400.242.544
343,835.677
394,083,458
559.476,894
555.683,025
285.705,922
285.007,159
195,582.649
310,890,385
530,4 0.651
649,131.565
597,828,199
656.663.581
727,905.072
711.888,565
700,846.779
817,500.221
618,567,281
471,189,438
3226,345,855
261,423.946
294,738,973
294,951,102
371,582,868
404,589,430
375,407.648
373,442,875
394,495,885
347,068,207
393,225,507
562.838,773
540,911.505
285.325,144
283,029,233
169,082,335
312,088.627
631,566,924
651,828,563
597,855,833
656,848,197
727,923,588
713,906,228
702,553,020
818,154,445
818,597,371
Increase or
Decrease.
+345,755,192
+19,273,559
—83,484,902
+76.640,239
+36,817,815
—25,717,377
—2,037,477
+26,788,669
—50,660,208
+47,815,343
+186,151,381
—7,155,747
—275,205,583
—316,985
—67.446,584
+141.808.030
+218,832,024
+117,564,641
—54.000,364
+58,807,728
+71,056,875
—16,035,003
—13,059,449
+114,947,201
—199,587,164
—147,407.933
As far as the winter weather has played a part in affecting
the traffic and earnings of the roads in the different years,
it has already been indicated that in 1931 and in 1930 there
were no unusual conditions, but that in 1929, while in the
northern part of the eastern half of the country weather
conditions were not much of a drawback, on the other hand
in the western half the winter was quite severe, extreme
cold accompanied in many instances by repeated heavy
snowfalls having seriously interfered with railroad operations. Particularly does this remark apply to Wisconsin
and Iowa, Colorado, Utah, Wyoming, Montana, Idaho, and
as a matter of fact along much the same parallels of latitude all the way west to the State of Washington. In
contradistinction to this, the winter of 1928 ranked as one
of the mildest on record, complaints of obstruction to railroad operations from snow or ice or extreme cold having
1189
been entirely absent in all parts of the country in that
year. In 1927, too, the winter was not severe in any part
of the country, if we except a limited area in the Rocky
Mountain regions, where unusually heavy falls of snow were
encountered during January, February and March. In fact,
it may be said that in some of the Rocky Mountain States,
particularly Colorado and Wyoming, repeated heavy snowstorms occurred all through the winter of 1927, making
railroad operations difficult; even towards the middle of
April an unusually severe spring blizzard was reported,
seriously interrupting traffic, the latter extending also into
South Dakota. Barring this, however, the winter of 1927
did not impose drawbacks of any great consequence anywhere. In 1926, likewise, the winter on the whole was not
much of a disturbing influence. The situation in that
respect was not so extremely good as it had been in 1925
and yet was on the whole quite favorable. In January
weather conditions in 1926 did not interfere with railroad
operations to any great extent over any large sections of
the country. On the other hand, in February the New England roads suffered, presumably by reason of heavy falls of
snow. The winter of 1926, taking the country as a whole,
was, as stated, quite mild, but in February there were some
big snowstorms in the East,with, however,nothing approaching a blizzard. In other words, there were no big drifts to tie
up traffic and interfere seriously with the running of trains.
In this city there was in 1926 no snowfall of any consequence
during the winter until February, but in this last mentioned
month there were two very heavy snowstorms, namely, one
on Feb. 34, when 10.3 inches of snow fell, and another on
Feb. 9-10, when the snowfall was 11,6 inches. For the
whole month of February the snowfall in this city in 1926
aggregated 25.7 inches, being the heaviest on record for
any February since 1899, when the fall was 27.5 inches,
and comparing with only 0.8 inch in February 1925 (when,
however, the fall was extremely heavy in January), and
with 11.5 inches in February 1924 and 17.9 inches in February 1923. The February snowstorms of 1926 seem to have
extended all over New England and through New York
State. New England roads virtually all reported for that
month large losses in gross as well as in net, and no doubt
the circumstance mentioned was in part responsible for
this, in addition to which, however, these roads must have
had their coal traffic reduced by the anthracite miners'
strike.
In both 1925 and 1924 the railroads enjoyed quite remarkable exemption from bad weather and from the often extreme rigors of the winter. In January 1925 bad weather
was somewhat of a drawback on certain lines here in the
East, though not to any great extent for the country as a
whole. There were repeated snowstorms in these parts in
the month in 1925, and in New York City the fall of snow
was the heaviest of any January in the history of the local
weather bureau, reaching 26.2 inches. This compared with
only 2.6 inches in January 1924, but with 21.9 inches in
January 1923, this latter having also been a month of very
heavy snowfalls. A storm which came toward the end of
the month in 1925—that is, Thursday, Jan. 29, and extended into Friday, Jan. 30—proved particularly mischievous in New York State. The New York Central RR. reported it as the worst in its history, especially between
Albany and Rochester, causing considerable delay in the
running of trains. The Twentieth Century train from Chicago
was 16 hours late in reaching the Grand Central Terminal in
New York City. It was due at 9:40 a.m., but did not
arrive until 1:18 and 1:33 the following morning (Saturday),
coming in in two sections. The area of disturbance,however,
in this way was very much circumscribed, being confined
largely to New York and New England, while elsewhere in
the northern part of the country the winter was comparatively mild, and little complaint was heard of obstruction because of snow and ice or because of extreme cold.
After this heavy snowstorm in New York State the latter
part of January (1925), from which, as noted, other parts
of the country were exempt, mild weather developed in
February, and this may be said to have been a condition
common to the whole United States and even Canada, the
winter nearly everywhere having been an open one and
spring having come unusually early virtually everywhere.
Nor, as already stated, was there much severe winter
weather in 1924, but in 1923, on the other hand, the winter
was of unusual severity in many parts of the northern half
of the United States, especially in New England and in
northern New York, where the roads suffered from repeated
snowstorms, and from the depth of the accumulated snowfalls, with resulting large increases in operating expenses.
.
Weather conditions in prior years have already been detailed
above.
1190
FINANCIAL CHRONICLE
[VOL. 133.
Text of Report of International Committee Headed by A. H. Wiggin on
Germany's Financial Status and Its Credit Needs.
On Aug. 18, as we indicate in another item in this issue
ofLourTpaper, a report was rendered by the committee delegated by the Bank for International Settlements to inquire
into Germany's financial position, and to determine that
country's need for new credits. In addition to our reference
elsewhere to the report, and a summary of the same, the
full textrof the report adopted by the committee (headed
by Albert H. Wiggin of New York) as contained in a cablegram to the New York "Times" from Basle, Switzerland,
is given herewith:
Foreign borrowings: 2,700,000,000 and 700.000,000.
Net influx of gold and foreign exchange of the Reichsbank: 100,000,000
and 100.000,000.
Total available to meet foreign payments: 3,300.000,000 and 2,500,000.000.
Interest on commercial debts: 800,000,000 and 800,000,000.
Reparations: 2,500,000,000 and 1,700,000,000.
Totals of interest and reparations: 3,300,000,000 and 2,500,000,000.
Thus, In 1930—an exceptional year, in which the prices of raw material
fell rapidly—a favorable commodity balance was achieved, in spite of
lower exports, by a considerable reduction in imports, due largely to a
fall in prices.
This, together with the proceeds from invisible exports, provided twothirds of the amount required to meet Germany's foreign obligations
(which had been reduced in consequence of the lower reparation annuity
REPORT OF THE FINANCIAL COMMITTEE APPOINTED ON payable under the Young Plan), leaving nearly one-third to be covered
by borrowing.
RECOMMENDATION OF THE LONDON CONFERENCE OF 1931.
The capital position of Germany as to foreigners at the end of 1930
A communique issued at the close of the international conference com- appears to have been as follows:
of
posed of representatives of the Governments of the United States
Total foreign investments in Germany
Rm.25,500,000,000
America, Belgium, France,Germany,Italy, Japan and the United Kingdom Total German investments abroad
9,700,900,000
of Great Britain and Northern Ireland, which met in London from Monday. Net debt to foreigners
15,800,000,000
July 20, to Thursday. July 23, contained the following paragraph:
The weakness of the German financial situation arises from the fact
The conference recommended that the Bank for International Settlements should be invited to set up without delay a committee of representa- that about Rm. 5.300,000,000 of Germany's investments abroad at the
tives nominated by the Governors of the Central banks interested to end of 1930, including foreign exchange of the Reichsbank amounting to
Inquire into the immediate and further credit needs of Germany and study Rm.800,000.000, were on short-term.
the possibilities of converting a portion of her short-term credits into
long-term credits.
Foreign Indebtedness in 1926.
Germany's short-term foreign indebtedness amounted to no less than
In accordance with this recommendation, the Bank for International
Settlements invited us to meet at Basle on Aug. 8. Having carefully con- Rm. 10,300,000,000 at the end of 1926. Of these Rm. 10,300,000,000.
sidered the official documents laid before us, setting out the German Rm. 1,100,000,000 consisted of short-torm debts of the Reich Federal
situation, we beg to submit the following conclusions regarding the two States and municipalities, Rm. 7,200.000,000 of obligations of banks
and the balance of other short-term liabilities.
problems remitted us:
No detailed analysis is available as to the source and nature of these
1. THE IMMEDIATE AND FURTHER CREDIT NEEDS OF debts as at Dec. 31 1930, but as far as the debts of the
leading German
GERMANY.
banks are concerned an inquiry in respect to the situation on March 31
The crisis which has occurred in Germany during the last two months has 1931 shows that out of a total of 5.636,000.000 reichsmarks 37.1% was due
supervened on a condition of exceptional world depression marked by a to the United States, 20.4% to England, 13.9 to Switzerland, 9.7 to HolBaiter° fall of wholesale prices on the international markets of the world, by land, 6.5 to France, 2.2 to Sweden and the remaining 10.2 to other couna drastic reduction of international trade, by very widespread unemploy- tries. About 47% of these debts consisted of foreign trade acceptance liament in Industrial countries, and by acute financial difficulties for agricul- bilities, 40% of deposits, and so forth, payable in foreign currency and the
tural communities dependent upon export trade. As one of the great trad- remainder on reichsmark balances of foreign creditors.
Comparison of the foreign assets and liabilities of German banks shows
ing nations of the world, it was inevitable that Germany should feel the
that against these liabilities at the end of the year 1930, amounting to
effects of the depression in an exceptional degree.
the outset to recognize that the situation we have been 7,200,000.000 reichsmarks, German banks had short-term assets abroad
It is important at
asked to consider is in part a phase—albeit a very acute one—of the problem amounting to 2,500,000,000 reichsmarks. Part of the increase of the shortwhich has affected in varying degrees all countries of the world, and no per- term debt between 1925 and 1929 was the normal accompaniment of the
manent improvement in the German situation can be looked for until the Increase which had taken place in turnover in Germany's foreign trade,
which rose from 21,500,000,000 reichsmarks in 1925 to over 27,000,000,000
causes of the general depression have been removed.
On the other hand, Germany plays so important a role in the economic in 1929.
Out of Proportion to Trade.
life of the world, and in particular that of Europe, that until the situation in
The increase, however, was quite out of proportion to growth of foreign
Germany improves there can be no general recovery from the existing state
trade, and there can be no doubt that the short-term credits of the German
of depression.
Her Debt High
banks have to a very large extent been used in the internal economy of
is, however, a special feature in Germany's situation which has Germany as working capital and therefore cannot be readily withdrawn
There
made her exceptionally vulnerable. We refer to the great increase in Ger- without grave damage to the financial structure. The greatest increase
many's indebtedness to foreign countries. Figures showing how this situa- occurred in the three years 1927, 1928 and 1929 when short-term foreign
tion has arisen and the indebtedness of Germany when the crisis came have borrowings exceeded short-term lending abroad by 4,300,000.000 reichsmarks.
been supplied to us.
It would have been better, of course, if these short
-dated debts could
The statistics on foreign indebtedness and of some items in the international payments of the country are necessarily based,in part, upon estimates have been converted into long-dated debts, certainly to the extent of estabwhere it is possible to compare the lishing a fair equilibrium between what Germany owed at short term and
and sample inquiries. In those cases
figures put forward with figures compiled in other countries, there is sub- what Germany could pay within the same period. But such a conversion
stantial agreement. But it is, of course, not possible to make any such check was not made and probably could not have been made. In consequence
over the whole field. We believe, however, that the statistics supplied to us It is evident that short-term money was being used to do the work of longon the authority of the German Government present a picture which is a term money, with corresponding risks to both borrowers and lenders.
fair representation of the facts.
THE SITUATION IN 1931. •
GERMANY'S INCREASING INDEBTEDNESS.
During the first six months of this year, although Germany's exports
During the seven years from 1924 to 1930 inclusive Germany's foreign fell off, her imports fell to a still greater extent and her commodity trade
kind, amounted to 1.000,000,000 reichsmarks
indebtedness grew faster than her foreign assets by 18,200,000,000 reichs- surplus, including deliveries in
reichsmarks for invisible exports.
marks (a reichsmark is worth about 24 cents). Her total indebtedness in- to which should be added 100,000,000
This failed to cover her external obligations, interest on the commercial
creased to 25,500,000,000 reichsmarks, but this is partly offset by Gerdebt of 400,000.000 reichsmarks and reparations of 900,000,000 reichsmany's own investments abroad.
reichsmarks. There was also a very considerable
This net influx of capital to the extent of 18,200,000,000 reichsmarks, marks by 200,000,000
funds which Germany had to meet.
together with the 3,000,000,000 which she received for service& due in outflow of capital
Figures of the capital as at the end of June are not available, but an
shipping and other services rendered for signers, has enabled her:
investigation has been made into the situation in July. The statistics
(A) To pay interest on her commercial debt amounting, during the seven contained in Annex IV show that at the end of July the short-term debt
years, to 2,500,000.000 reichsmarks.
Germany, excluding credits recently obtained by the Reichsbank,
(B) To add to her holding of gold and foreign devisen to the extent of of
compared as follows with the debt at the end of December 1930 (figures in
of 2,100,000,000 reichsmarks.
amounting to 10,300,000,000 reichsmarks, and billions ofreichsmarks):
(C) To pay reparations
Dec. 31 1930. Jule 31 1931.
(D) To pay for surplus imports over exports (Including deliveries in
800,000,000
Of public authorities
1,100,000,000
kind over exports) to the extent of 6,300,000,000 reichsmarks.
Of banks:
aaCurrent account and acceptance liaThe situation regarding Germany's balance of international payments
bilities
7,000,000,000 *5,100,000,000
has not, of course, been the same for each of the seven years, but Table I,
bbOther liabilities
200,000,000
annexed to this report, shows that in four of the years in question Ger- Other short-term liabilities
1,500,000,000
2,000,000,000
not only exceeded the interest, Lizc., on
many's net borrowings abroad
her commercial debt as well as her reparation payments but also enabled
7.400,000,000
Total short-term indebtedness
10,300,000,000
her to pay for a surplus of imports.
*(aa and bb lumped together.)
This means that during these years, although Gorman private borThue the withdrawal of short-term funds amounted in seven months
interest on their foreign debts, and
rowers provided funds for paying
to 2,900,000,000 reichsmarks. In addition, there was a certain amount
although the Government raised in taxation and otherwise funds with
of selling by foreigners of long-term investments in Germany, mortgage
which it met the external obligations of the State, whether political or
bonds and so forth, and of purchasing by Germans of long-term or shortcommercial, German economy drew capital into the country by means
investments abroad. The sum of these movements appears to have
of high rates of interest to an amount greater than that paid out in these term
amounted, in round figures. to about 3,500,000,000 reichsmarks.
ways.
This outflow has been met approximately as to Rm. 1,000.000,000 from
Not from Own Resources.
assets of banks, as to Rm. 2,000,000,000 from assets of the Reichsbank (inPayments made to foreigners in these years, therefore, have not been cluding about Rm. 630,000,000 placed at the disposal of the Roichsbank by
effectively made out of Germany's own resources and will not be so made the Bank for International Settlements and the central banks and by a
until such time as a corresponding part of these commercial debts is repaid New York syndicate through the Gold Discount Bank) and as to the balby export of gold or services.
ance from other German assets abroad.
In 1926 and 1930, on the other hand, German borrowings were small
and her exports showed an excess over imports, while in 1929 her imports
GERMANY'S FUTURE BALANCE OF PAYMENTS.
and exports balanced. The following figures show the position in 1930
Whether under more normal condition., it will be possible for Germany to
comparison with 1929. in reichsmarks:
in
provide, out of her own savings, the whole of the capital she needs for her
Imports: 1929. 13,600,000,000; 1930, 10.600,000,000 and 12,100,000,000. Internal development and in addition meet in whole or in part her comProceeds of export surplus: 1929, none; 1930, 1,500,009,000.
alternatively whether
Proceeds of invisible exports (services, shipping, &c.): 1929, 500,000,000; mercial and State obligations to foreign countries, or
she needs a contribution from abroad—as in the last seven years—toward
1930, 200.000,000.
AUG. 22 1931.1
FINANCIAL CHRONICLE
1191
her internal capital requirements and to borrow sums needed to meet the In public as well as in some forms of private expenditure
will be needed
whole of her foreign obligations is not a question we have been asked to in the future to enable Germany
to meet annual commitments abroad and
decide.
repay the accumulation of debts she has contracted in recent years.
We would only emphasize that if the piling of Paton on Ossa continues
and obligations each year are added to the debt, there must be a steadily
Economic Dislocation Feared.
increasing charge under the heading of interest, including amortization on
But to export nearly twice as much as she imports would—even if it
the commercial debt and,further, that if any considerable proportion of the were
practicable—involve serious dislocation of her economic life.
growing debt is borrowed on short-term it will leave her increasingly vulTo maintain exports (part, at all events, of which could at once be made
nerable to a crisis of the kind which she is now experiencing. It is not. from
existing stocks), in the highly competitive conditions obtaining at the
however, necessary to attempt an answer to this question in estimating present
time, involves the sale of goods at very low prices, while the reducGermany's immediate credit need, seeing that her balance of payments has tion
of imports on the scale proposed involves a low level of consumption
been almost entirely relieved from the payment of reparations for a period of
In Germany. It, therefore, is a policy of continued impoverishment and
twelve months.
high unemployment which is brought about by restricted credits. Clearly,
IMMEDIATE NEEDS.
also, it will accentuate the world depression by reducing the sales of other
Points to which we specially directed our attention are: First, whether it countries to Germany and creating intense competition from her exports
is possible tp prevent further withdrawal of capital from Germany and to in other markets.
replace the short-term credits that have become due, and, second, whether
If, as is to be feared, this results in the taking by other countries of
it is necessary to replace from foreign sources all or part of the capital which counter measures to protect their markets, the level of trade will be still
already has been withdrawn.
further depressed. We consider it highly undesirable in the general interest
that Germany should be compelled to adopt so drastic a resolution.
STANDSTILL ARRANGEMENTS.
Long Term Credits Needed.
With regard to the first of these points we have placed ourselves in
touch with the banking groups which have been negotiating with Germany
We arrive, therefore at the definite conclusion that it is necesasel in the
as to the terms on which the existing shortt-term credits should be Main- general interest as well as in that of Germany:
tained.
1. That the existing volume of Germany's foreign credits should be
At our invitation, representatives of these groups and of the German maintained and
banks met in Basle on Friday, Aug. 14, and after five days'study and con2. That part, at all events, of the capital which has been withdrawn
sideration have agreed upon and will recommend a plan of prolongation
of should be replaced from foreign sources.
such credits to the numerous creditor banks and bankers for their acceptance.
It, however,Is obvious that if the additional capital required by Germany
This agreement provides for a continuation of credits to German debtors were supplied in the form of short-term credits, she would be faced with a
up to the total then outstanding for a period of six months from the date of still greater difficulty than at present in meeting the obligations that will
the signing of the agreement, subject to an arrangement being made
with become due In six months time, when the period of prolongation of existing
regard to existing central bank credits.
credits comes to an end. In these circumstances such additional credits are
An individual agreement in an approved standard form will be made
in unlikely to be forthcoming from private sources. Indeed, tha German
every instance directly between the German debtor and the foreign
creditor. member of our committee did not ask that any such additional credits
The form of this agreement has been drawn up so as not to interfere
in any should be granted, for fear of adding to the embarrassments of Germany.
way with the normal relations previously existing between the
We, therefore, are of the opinion that in order to insure the financial
parties:
while it involves certain specific assurances it is essentially
based upon a stability of Germany any additional credits provided should be in the form
broad foundation of mutual confidence.
of a long-term loan, and such parts of the existing short-term debt as may
Realizing that it Is to their interest to assist in every way
possible to be suitable to be treated in this way should be converted into long-term
insure the stability of the reichsmark. the foreign creditors have
come to an obligations.
arrangement with Germany that the immediate release of their
reichsmark
SECOND PART OF REPORT.
balances shall be only partial and the remainder will be gradually
released
during the term of the agreement.
II. THE POSSIBILITIES OF CONVERTING A PORTION OF
The plan further provides two forms of additional security to
creditors THE SHORT-TERM CREDITS INTO LONG-TERM CREDITS.
participating in the plan. One is to associate direct responsibility on
part
The second part of our reference requires us to consider the possibility
of the final credit taken with that of the debor bank itself. The other
is an
undertaking by the German Gold Discount Bank to take over or guarantee of Germany raising a long-term loan.
When investors are asked to subscribe to a loan of this kind they look,
within certain limits the indebtedness to foreign creditors, thus lending
the among other
factors, to the general economic situation of the country in
important support of the Gold Discount Bank resources and prestige to
the question, to the
balance of its trade, with a view to seeing whether it can
obligation.
meet the services of the loan from its own resources, either immediately or
Provision has been made to secure by Government decree or
otherwise
that foreign creditors of German banks shall receive equal protection within a reasonable period of time, and to the budget situation in order to
satisfy themselves the country is on a stable monetary basis.
to that of creditors residing in Germany.
In the case of Germany these three factors are by no means unfavorable.
For the adjustment of any differences which may arise as
to inter- The London
pretation and execution of this agreement the Bank for International
conference recorded its opinion that the lack of confidence in
Settle- Germany
which caused the withdrawals that have precipitated the present
ments has, at the request of all parties to the agreement and in view
of its crisis "is
net justified by the economic situation of that country." The
international functions, agreed to set up a committee with full
power to best single
deal with such cases.
index which supports this view, which we share, is the rapid
recovery of Germany's export trade in recent years. In regard to the
The figures given in Annex V will give some idea of the sums involved.
balance of trade, the statistics we have already given show Germany was
This agreement, however, does not directly cover certain other
classes able to
of Germany's short-term debt, Including those of the German
convert her import surplus into an even balance in 1929 and create
Federal an
export surplus in 1930 and the first half of 1931—although in the later
States and municipalities, which amount to 355,000,000
relchsmarks. stages
this has involved a lowering of the standard of consumption
Arrangements in regard to the renewal of such debts should be
subject to
negotiation between creditor and debtor in each case.
Public Finances Criticized.
OF CAPITAL WITHDRAWN.
As to the situation of her public finances, these have from time to time
As regards the replacement of capital that has been withdrawn in
been subject to criticism which found expression in the report of the Dawes
evidebt internal economy. Germany will continue under a condition of
ex- committee and later in the reports and other communications of the Agent
treme strain until the situation of the Reichsbank has been relieved
and General for Reparation Payments. The only comment we have to make
Part, at least, of the circulating capital that has been suddenly withdrawn on this subject is that the present government has given proof of its deterfrom German economy has been replaced.
mination in difficult circumstances to put Germany's public finances on a
sound basis and that if this policy is rigorously pursued it will greatly
ACTION BY GERMANY.
contribute to the improvement of Germany's credit.
There are two ways in which this might possibly be achieved by GerIt, however, is evident from the price at which Germany's securities
many without foreign assistance. The first is by the further sale of
some are quoted on the stock exchanges of the world that without restoration
of Germany's foreign assets. According to the figures in Annex IV.
these of the confidence in the financial future of Germany to which the London
still amounted at the end of July to 8,500,000.000 reichsmarks. But conference
referred, it is impossible to raise any long-term loan on the credit
the short-term foreign assets, of banks have been reduced since the end of
Germany alone. The funding of the excessive short-term indebtedness
of 1930 by 40%, and it is to be remembered that considerable banking would
in itself help to improve her position.
balances abroad are needed for the normal conduct of international trading
operations. Of other short-term assets some are needed for current
Two Basic Difficulties.
trade
and others are not easily realizable. There remain about 5
But two fundamental difficulties remain which must be frankly stated.
.000030.000
reichsmarks of long-term assets. Many of these assets also are
not in The first is the political risk involved. Until relations between Germany
rapidly realizable form, and they include enterprises such as branches of and the other European Powers are firmly established on the basis of
German industries established in foreign countries on account of
tariffs sympathetic co-operation and mutual confidence and an important source
or as a means of carrying on German trade.
of internal political difficulty for Germany is thereby removed, there can
The committee is not of the opinion that a plan based upon mobilization be no assurance of continued and peaceful economic progress. This is
Of Germany's assets abroad Is practicable or would assist the economic the first and most fundamental condition of credit worthiness.
recovery of Germany.
The second relates to the external obligations of Germany. So long
The other possibility is for Germany to carry out a policy of acquiring as these obligations, both private and public, are such as to involve either
foreign exchange by endeavoring drastically to reduce her Imports
while a continuous increase in snowball fashion of the foreign debt of Germany
making every effort to maintain or even increase exports. The German or alternatively a disproportion between her imports and exports on such
stati:stical office estimates it might be possible for Germany to reduce her a scale as to threaten the economic prosperity of other countries the inimports in the last six months of the year to 2,500,000,000 reichsmarks. vestor is unlikely to regard the situation as stable or permanent. Until
These figures would then compare with recent years as follows:
existing or potential creditors of Germany are in a position to foresee what
Reiclismarlcs.
Imports—
her future situation is likely to be in these respects a most serious obstacle
Exports—
Reichsmarks.
1929
13,600,000,000 1929
13,600,000,000 exists either to the extension or even to the renewal of short-term credits
10,600,000.000 1930
1930
12,100,000,000 and to the raising of a long-term loan.
First half 1931
3,800,000,000 First half 1931
Second half 1931 (est.) 2,500,000,000 Second half 1931 (est.) 4,800,000,000
London Action as Stopgap.
1931, estimated total.. 6,300,000,000 1931, estimated total.. 4,500,000,000
9,390,000,000
We feel certain that the government representatives at the London
Disparity in Imports Crucial.
the responsibility for recommending to the bankers
conference, in taking
Imports to be paid for during the second half of 1931 would be
further of the world that they should take concerted measures to maintain the
reduced if the suggestion were carried out that Germany should purchase volume
of the credits they had already extended to Germany,fully realized
considerable quantities of commodities on three years' credit.
This that their proposal was not a solution of the problem but a means of gaining
would further ease Germany's foreign exchange situation.
time during which steps for re-establishing the credit of Germany might
But even if this possibility be disregarded, It should be observed
that be taken.
an export surplus of 2,000,000,000 reichsmarks out of a total
export of
But the time is short. The body of the world's commerce—whose
4,
500.000,000 relchsmarks involves a much greater disproportion between vitality was already low—has suffered a severe shock in one of its
chief
Imports and exports than would be the case if both imports and exports members. This has resulted in partial paralysis which can be cured only
were at a much higher level. It clearly is much more difficult to
secure by restoring the free circulation of money and goods. We believe this can
sn export surplus of a given amount when prices are low and the
volume be accomplished, but only if the governments of the world will realize the
of trade small than when prices are high and the volume large.
Some responsibility that rests upon them and will take prompt measures to rerestriction of imports In relation to exports and a regime of stricter economy establish confidence. Their action alone can restore It.
1192
[VOL. 133.
FINANCIAL CHRONICLE
Germany long-term credits. We wish, however, to add that, if a situation
Assurance by Governments.
were brought about in which the confidence of the investing public in the
We think it essential that before the period of prolongation of credits
future economic and political stability of Germany could be restored, we
recommended by the London conference comes to an end they should
are satisfied that the consolidation of part of her short-term debt and the
give to the world assurance that international political relations are estabof the additional working capital needed by her trade and Induslished on the basis of mutual confidence which is the sine qua non of eco- provision
would present no serious difficulties.
nomic recovery and that the international payments to be made by Germany try
There are many ways in which this object could be achieved. If we
will not be such as to imperil the maintenance of her financial stability.
We wish, however, to recall that, as we said at the outset, the Ger- refrain from putting forward details ofschemes to this end It is only because
of our conviction that action which lies outside our province must first
man problem is part of a larger issue which deeply affects many other
taken before any long-term German bonds, however well secured, can
countries of the world. In this connection we wish to make two observa- be
tions. The first is that in order to revive demand and thus put an end to be sold.
We therefore conclude by urging most earnestly upon all the Governments
is enclosing both the
the continued downward movement of prices—which
concerned that they lose no time in taking the necessary measures for bringing
debtor and creditor countries in a vicious circle of depression—it is essential
about such conditions as will allow financial operations to bring to Germany
that the normal progress of investment of fresh capital should be resumed
with a well-defined economic purpose in view, namely, an increase in the —and thereby to the world—sorely needed assistance.
purchasing power of the world.
NINE ANNEXES AND STATISTICS.
Second, we would point out that the case of Germany provides a most
forcible illustration of the fact that in recent years the world has been
There are nine annexes and statistics to the report, showing:
endeavoring to pursue two contradictory policies in permitting the devel"One, an estimate of Germany's balance of payments.
opment of an international financial system which involves the annual
"Two, the origin and employment of the net foreign exchange received
payment of large sums by debtor to creditor countries, while at the same by Germany
from 1924 to 1930.
time putting obstacles in the way of the free movement of goods.
"Three, the estimated movement in Germany's international capital
Change in Policy.
For Radical
position.
"Four, an estimate of the foreign investments of Germany and German
So long as these obstacles remain, such movements of capital must
the world's financial balance out of equilibrium. Finan- investments abroad.
necessarily throw
"Five, the total of short-term foreign commitments and short-term
cial remedies alone will be powerless to restore the world's economic prosperity until there Is a radical change in this policy of obstruction and inter- foreign claims of German banks.
"Six, the geographical distribution of German long-term foreign loans.
national commerce—on which depends the progress of civilization—is
"Seven, the position of the Reichsbank.
allowed to resume Its natural development.
"Eight, the ordinary budget estimates of the Reich for 1930 and 1931.
The clearly-defined and technical Investigation to which we have con"Nine, general indices of German economic activity."
fined our attention does not permit us to offer suggestions of a political
Technical experts place high value on the new data in these tables,
character. But we have felt it to be our duty to point out the reasons why
for the present to suggest definite plass for securing to especially Annexes I and III.
It is impossible
4
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. Under the circumstances, it will be seen that even if the
big crop estimate by the Government on frug. 8 is not
Friday Night, Aug. 21 1931.
Business has remained in pretty much the same condition realized the probabilities point to a burdensome supply
as for some time past. The retail business is stimulated unless the low prices as usual greatly stimulate the conby clearance sales as it has been for many weeks. It has sumption. That has been the customary experience in
had the salutary effect of reducing stocks of summer goods. the cotton business. Thus far, August has been,if anything,
Reports about the wholesale and jobbing trade are variable. the kind known as a "wet August," certainly something
Some are a little more encouraging; others are not. Re- that is not welcome in the cotton belt. But as already
filling orders are not so plentiful. But there is rather more intimated, it seems clear enough to most people that the
business for the fall tade. It may as well be understood, cotton supply will be abundant. Nobody is worrying
however, that retail buyers are not taking chances. They about the crop. Rubber declined nearly %c., with trade
,
/
are purchasing on a very cautious scale until they can see slow and supplies big. Hides declined 1.3 to 130., with
their way more clearly. This affects the whole country. heavy liquidation and no great demand for spot hides,
At the same time clothing factories are increasing their either in Chicago or in Argentina. Cocoa declined 9 to 11
production. The shoe industry is brisk. The wool market points. Silk futures were unchanged to 2 points lower.
at times has been rather active, mostly for medium grades. Wool tops have been dull and tending downward.
Most basic lines of industry are quiet, but the feeling
The steel industry really shows no positive change. If
anything there is a very slight tendency towards improve- is that in all likslihood there will be a betterment of conment, but it is certainly nothing striking. The weather ditions this fall; whether it will be very pronounced or not
at the South has been unseasonably cool and temperatures remains to be seen. Certainly there is an idea that the
after being high for much of the week have latterly fallen worst is over and that the future will bring greater or less
in the West. The weather in New York was oppressive amelioration of the hard conditions which have prevailed
until to-day when there was a fall of some 15 degrees in the for so long. Yet collections are slower than ever. This
maximum temperature. Wheat prices have shown little is not surprising in the mid-summer season, especially at
change, the trend being slightly downward. But the ex- this time when the feeling is so cautious that the turnover
port demand has increased somewhat and it may increase is unavoidably blow. The leather trade is quieter. Not
further, though Russia is selling wheat to England and much business is being done in lumber. Building is nePersia to Germany. But there is a wet harvest in rather glected. But while collections throughout the country are,
large areas of Europe including the Scandinavian countries. if anything, slower than ever, on the other hand the weekly
The condition of the Canadian crop is put as low as 51%. failures show a decrease for the fifth week in succession
September corn dropped 5 cents under the impact of further and they are also smaller than those of a week ago. As
liquidation accompanying beneficial rains, and later deliveries regards collections they are quicker in the East than in
have declined though less markedly. Other grain has de- any other section of the country. Latterly cooler weather
°lined under the lead of corn or wheat. It may be added has helpcd trade in some goods, including clothing for
that the Farm Board has just exchanged 25,000,000 bushels children as the time approaches for the reopening of the
of its holdings of some 200.000,000 bushels of wheat for schools. The clothing business at Chicago is fully equal
1,050,000 bags of Brazilian coffee. Provisions have been to that of a year ago. At the South summer dullness is
firmer and lard ends 5 to 25 points higher than a week ago. unchanged. It is pointed out, too, that retail business
Coffee has been irregular, Rio declining and Santos rising is being stimulated at times by deep cuts in prices. As a
slightly, the daily fluctuations depending largely on the rule, men's and women's apparel sells less readily than it
variations in Brazilian exchange. Sugar has declined 3 did recently. But New York City is an exception. Clothing
to 5 points on futures, with not much demand for spot raws. here; in some cases, is meeting with quite as good a demand
Europe has bought futures to some extent and Cuba is as it was a year ago. The sales of shoes, moreover, are on
understood to have sold. Cotton declined 30 to 35 points quite a liberal scale here, and there is a fair business throughunder the influence of further liquidation and trading for out the country. Drygoods as a rule are quiet. Automothe decline. Business has been dull in cotton goods and biles are quiet, but from hero and there comes reports of
also in the raw cotton and until the market shows a decided a slight increase in sales. There is a fair demand for accessories and tires. Worsted mills have quite a good many
tendency to rise this state of things may continuo.
The feeling in the cotton business is generally bearish, orders on hand and some are running night and day. In
largely because of the carryover from last season of some Philadelphia, cotton, silk and woolen goods at wholesale
9,000,000 bales. The lagt, crop estimate was 15,584,000 are slow. The wholesale grocery business throughout the
bales, pointing to a season's supply of some 24,500,000 country is about equal to that of last year. The petroleum
bales, whereas the world's consumption of American cotton industry is sharply watching the shutdowns under martial
last season seemed to be only about 11,100,000 bales. law in Oklahoma and Texas oil fields. The outlook is for
AUG. 22 1931.]
FINANCIAL CHRONICLE
better petroleum prices before long with production sharply
reduced and even almost at a standstill. Forest fires are
still causing grave concern in the Northwest. Unfinished
cotton goods have been quiet at some decline in prices.
Finished cottons have also been unsettled, with sharp
competition in the washed goods business. Fall lines of
broad silks have sold more readily. Raw silk was firmer,
but quiet.
The stock market on the 19th inst. was dull and irregular.
Railroad bond issues were naturally depressed from the onbaring of the, drawbacks in the railroad situation ,before the
1.-S. C. Commission. But some stocks acted very well,
and as for bonds the German issues gave no bad account
of themselves. Bonds in general,however,were weaker than
stocks. In stocks the net gains were as a rule small and some
issues including United States Steel, Eastman Kodak,
Union Pacific and American Telephone closed lower. On
the other hand there were noticeable advances in Santa Fe,
Western Union, Safeway Stores, U. S. Industrial Alcohol,
Standard Oil of California and a few others. On the 20th
inst. came a moderate rise in a small market, the sales being
some 1,070,000 shares. Declines in bonds made further
progress noticeably in railroads, and especially in South
America and Australian issues. German bonds declined
only slightly. Early prices for stocks were firm and promised
to advance rather aggressively, but later came realizing in
a more sober mood. Not a few stocks closed higher, but
only -slightly so. Leaders on the rising side were United
States Steel, Santa Fe, J. I. Case, Consolidated Gas, Union
Pacific, and Westinghouse Electric.
Td-day prices declined very generally as many people
discouraged by days of apathetic markets let go. The
transactions rose from a little over 1,000,000 shares early
in the week to 1,300,000 shares at declines in some leading
issues of 1 to 3 points. Bonds continued to decline. Speculation for the moment seems to be caught on something like a
dead center and prices make little progress, either upward or
downward, awaiting some more decisive cue as to which
way to go. Many believe the worst is over and that it is
simply a professional market pending some development of
an undeniably constructive character, something that many
believe is more likely to arise than anything of an opposite
sort. It is believed that bad news has shot its bolt and that
what some may choose to term the accidents will favor the
believers in an eventual and worthwhile advance.
At Fall River, Mass., business has been quiet or only
moderate at best with cotton prices falling steadily. Leominster, Mass., wired that the Wachusetts Shirt Co. and the
Cluett & Peabody Co., two of the largest shirt manufacturers
in New England, started operations this week on a full-time
basis for the first time in 18 months. Providence, R. I.,
wired that substantial increases in the working forces in most
branches of the textile industry in Rhode Island in July,
with a resultant gain of 6.6% in employment over the sam
month in 1930, were reported by the State Commissioner of
Labor. The report adds that only the cotton manufacturing
plants have failed to share in the improvemnt. Charlotte
advioes state that 112 Southern cotton mills with a purchasing power of 2,500,000 bales have agreed to allow farmers
seven pounds additional weight on all bales wrapped in 100%
cotton bagging, according to the American Cotton Manufacturers' Association.
Charlotte, N. C., reported that while some progress was
noted toward a re-adjustment of cotton goods markets to the
raw material, the continued decline in raw cotton has served
to check trading. Neither buyers or sellers show any great
confidence in the market. Johnson City, Tenn., wired that
the Borden Mills, large New England textile operators at
Kingsport, Tenn. resumed operations on the night shift this
week, after having been running only on the day shift for
several months.
Paris cabled: "Evidence continues of declining business
In France though official unemployment totals are stationary
and the national revenues are up to estimates. The latest
Industrial production index is below the averages of the past
three years and the July imports and exports are both at
the lowest levels ever recorded since stabilization." French
cotton mills, according to the Exchange service, are slightly
less active, yarn stocks are increasing and unless the situation
improves further curtailment will be unavoidable. The
English mill situation is unchanged. Cloth inquiry is
'better, but the bids are too low for business. In Germany
mill operations are tending downward. In Italy mill
activity is slowly increasing. In Belgium and Czechoslovakia
there Is some improvement.
1193
Sears, Roebuck & Co.'s sales during the eighth period
of its 13-period year, were reported to have decreased 6.2%
from last year, while for the first eight periods sales were
reported to have decreased 6.8%. The recent downward
movement of wholesale prices was halted in July, as shown
by the index number as computed by the Bureau of Labor
Statistics of the U. S. Department of Labor. This index
number, which includes 550 commodities or price series
weighted according to the importance of each article and
based on the average price of 1926 as 100, was 70 for July,
showing no change from the June figure. Compared with
July 1930 having an index of 84, a decrease of 16 2-3% is
recorded. Farm products as a group averaged
of 1%
below June prices. The index of farm products was 64.9
for July, compared with 65.4 for June and 83.1 for July 1930.
New building operations for Manhattan in July fell off
66% compared with those of July 1930, it is stated.
It was again mostly a warm week in the most extraordinary summer for many years. Since Memorial Day,
May 30, with very brief interruptions, it has been warmer
than usual, with frequent and persistent hot waves. Here
on the 17th inst. it was 69 to 87 degrees; at Boston, it was
64 to 86; Philadelphia, 74 to 90; Portland, Me., 62 to 84;
Chicago, 74 to 92; Cincinnati, 74 to 90; Cleveland, 72 to
86; Detroit, 70 to 90; Milwaukee, 72 to 84; Kansas City,
70 to 84; St. Paul, 68 to 88;S. Louis, 70 to 86; Denver,
56 to 80; Helena, 62 to 88; Los Angeles, 66 to 82; Portland,
Ore., 60 to 88; San Francisco, 52 to 62; Seattle, 56 to 76;
Montreal, 64 to 84; Winnipeg, 56 to 90, and Bermuda,
76 to 92.
To-day it was Much cooler here with the temperatures
68 to 72. The forecast is for showers to-night and tomorrow with moderate temperatures. Overnight Boston
had 60 to 76; New York 68 to 80; Philadelphia 70 to 78;
Portland, Me., 56 to 76; Chicago 64 to 76; Cincinnati 62 to
72; Cleveland 64 to 78; Detroit 58 to 78; Milwaukee 64 to 78;
Kansas City 64 to 80; St. Paul 60 to 82; Salt Lake City
74 to 96; Los Angeles 66 to 84; Portland, Ore., 60 to 84; San
Francisco 52 to 64; Seattle 56 to 78; Bermuda 76 to 90;
Montreal 56 to 76; Winnipeg 66 to 88. London cabled that
rain squalls and gales swept over the British Isles and a
month of almost unprecedented stormy weather showed
little sign of abatement. Bathing has been prohibited at
some shore resorts because of the dangerous surf; the rains
have damaged crops in many parts of England and the
Thames, swollen by twice the normal August rainfall, is
just below flood level. In Sweden, Norway and Denmark
the weather has been stormy, rains interfering with the
harvest.
olonel Ayres of Cleveland Trust Co. Looks to Postponement of Improved Business Pending More
Extensive Readjustments of Wages and Prices.
The fact that sustained ,improvement in business is de-pendent on further readjustments between wages, prices,
production costs, &c., is pointed out by Col. Leonard P.
Ayres, Vice-President of the Cleveland Trust Co., in the
company's "Business Bulletin" issued Aug. 15. Col. Ayres
thus sets out his views:
Industrial production increased steadily and rapidly during the winter
and spring months of this year. The industrial activity index of this bank,
which is based on that of the Federal Reserve Board, showed industrial
output as being 28.8% below the computed normal level at its lowest point
yet reached, which was in January. The index then advanced until it was
only 21.8% below normal in April. Since then it has turned down, and
has cancelled most of the spring advance. It fell to —22.9 in May, and
to —25.6 in June. The July figures will probably be little changed from
June, and it now appears probable that those for August will be nearly
as low as those at the beginning of the year.
This cancelling during the summer months of the increases in Industrial
activity attained during the spring months is probably the most significant
domestic development of the year so far. It appears to indicate that
sustained improvement in general business activity in this country is to be
postponed while still further and more extensive readjustments are being
effected between wages, prices, rents, production costs, distribution costs,
and overhead charges. Many corporation managements have already been
able to deal with these problems with such energy and adaptability that
they are operating at a profit under the new and difficult present conditions. In proportion as their numbers increase, general business recovery
will be progressively attained.
A second significant development of the summer months is the mass of
evidence piling up here and abroad showing that politics and economics
are inextricably combined and intertwined in the business difficulties
afflicting the world. Tariffs and intergovernmental debts, moratoria and
reparations payments, loans to central banks and extensions of acceptance
credits, governmental economics and taxation increases, are all involved,
and all present grave political difficulties, as well as puzzling economic
problems. Now, more than at any time since the war, it is incumbent on
all to remember steadfastly that national welfare transcends party advantage; and that governments must co-operate if prosperity is to be restored.
[VOL. 133.
FINANCIAL CHRONICLE
1194
Three Booms.
During the prosperity years between the depression of 1921 and this
depression three among the many factors contributing to business activity
were of outstanding importance. They were building construction, automobile manufacturing, and the persistent advance of stock prices. Those
years were boom years for all three. Moreover, the fact that building
construction, automobile manufacturing, and stock market speculation were
overstimulated in that period makes recovery from this depression slower
and more difficult than it would otherwise be.
In the diagram [We omit all diagrams.—Ed.] the solid line represents
the value of building construction annually over the 17-year period from
1915 through 1931. The average for the seven-year period from the early
part of the war through the depression of 1921 is taken as being equal to
100, and the figures for the several years are expressed as relative to that
base. In a similar fashion the dashed line represents the changes in the
numbers of automobiles manufactured, and the dotted line shows the
changes in the market values of the common stocks of industrial corporations. In each case the data for 1931 are based on the records of the
first six months.
In each of the three cases the average for the seven-year period from
1915 through 1921 is taken as being equal to 100, and in each case the
lines rise well above the 300 level before the end of the boom period. It
Is significant, moreover, that the boom period for building and automobiles was even greater than that for stock prices, while the amount of
advance in the case of building was as great as that for stocks, and that
of automobiles was considerably larger.
It does not seem probable that a new building boom can get under way
soon enough to help in lifting general business activity out of this depression. Automobile manufacturing offers more hope, for automobiles have
useful lives only a fraction as long as those of buildings. They are now
wearing out more rapidly than they are being made, and their replacement on a large scale may be counted upon in the not far distant future.
That is a hopeful prospect for 1932.
Iron and Steel.
Wear and rust and obsolescence are probably consuming iron and steel
in this country at a more rapid rate than the furnaces and mills are making
geed by new production. In past depressions the rate of output at the
lowest point has usually been about half of the highest rate attained in
the previous prosperity. In the panic days of 1893 it dropped to 40% of
the previous high. In the next four major depressions the lowest rate
was in the neighborhood of 50% of the highest previous rate.
So far as the records indicate the lowest relative rate ever reached was
In the depression of 1921, when output during one month was only 25%
as great as that of the high point touched in the previous prosperity
period. Probably it is true that this country requires an output of iron
and steel equivalent to 50% of true capacity output in order to meet its
minimum maintenance needs. However that may be, it is clear that present
rates of output are exceptionally low, even for a severe depression period.
Production is now running at about 40% of the volume reached at the
highest peak in 1929.
There was a slight increase in activity from mid-July to early August,
but another decline has carried the activity percentages down to new low
levels. Normally the August rates of output are about 5% greater than
those of July. The industry is not very optimistic about the near-term
outlook. No large orders are to be expected from the railroads or the
construction industry. Automobile outputs are being reduced in August,
and oil industry orders are only holding steady. The price situation seems
to be improving somewhat, with less pressure for reductions.
At the beginning of August there were in this country 303 blast furnaces
available for production. Of these only 82, or 27%, were active. This
marks a new low for this depression period. Apparently only twice before
in our industrial history has the activity percentage of blast furnaces fallen
lower than this. For one month after the panic of 1893, and for nearly
eight months in 1921, the basic iron and steel industry was more seriously
curtailed in its degree of activity than it is now, but the records show
no other such cases.
computed normal level, of eight kinds of producers' goods. The fluctuations
are notably wide, ranging from nearly 25% above normal to almost 50%
below, and the changes in direction are abrupt. The dashed line represents in a similar way the changes in the output of eight kinds of goods,
mostly but not entirely, used directly by consumers. In this case the
fluctuations are not nearly so wide, and the changes in direction are less
abruptly sharp.
It is to be noted that the dashed line representing the output of goods
used directly by consumers has some useful qualities as a means of forecasting the action of the other line. It turned up first in 1919, and turned
down first in 1920. In the serious depression of 1921 it indicated that
recovery was getting under way long before the upturn come in the output
of the raw materials used by producers. In addition to making its major
moves early, the dashed line has the further good quality of being smoother
than the solid one, so that its changes of direction are more likely to be
signifleant.
In this present depression the dashed line has so far moved to be a better
guide than the solid one. It turned down somewhat more promptly in
1929, and it accurately refrained from participating in the deceptive
recovery in the first half of 1930. It does not yet yield any reliably hopeful
indications about the real bottom of this depression. Both lines turned
up together in February, and both have now turned down again. In reality
there have been some encouraging recent increases in the production of such
goods used by consumers as textiles, shoes and tires, but they have not
been sufficient to carry the index line on upwards.
Employment in United States During July Declined
Further As Compared with June.
The Bureau of Labor Statistics of thelU.S. Department of
Labor reports changes in employment and payroll totals in
July 1931, as compared with June 1931, based on returns
from 46,058 establishments in 15 major industrial groups,
having in July 4,491,521 employees whose combined earnings in one week were $104,280,547.
The combined totals of the 15 industrial groups show a
decrease of 2.0% in employment and a decrease of 4.8%
in payroll totals over the month interval. Inventory-taking
and repairs in many manufacturing plants over an extended
Fourth of July holiday closing, together with a curtailment
in retail trade and coal mining operations at this season of
the year regularly cause a seasonal decrease in employment
in July and an even more pronounced decrease in payroll
totals. Increased employment in July was shown in 5 of
the 15 industrial groups: Crude petroleum production, 0.5%;
electric railroad operation, 0.4%; hotels, 1.9%; canning and
preserving, 44.7%; and laundries, 0.9%. Decreased employment was shown in the remaining 10 groups: manufacturing,
2.5%; anthracite mining, 14.5%; bituminous coal mining,
2.6%; metalliferous mining, 6.4%; quarrying and nonmetallic mining, 1.8%; telephone and telegraph, 0.4%;
power, light and water, 0.5%; wholesale trade, 0.3%;
retail trade, 5.8%; and dyeing and cleaning, 0.4%. The
Bureau further reports as follows under date of August 17:
Manufacturing Industries.
Employment in manufacturing industries in July 1931, decreased 2.5%
as compared with June, and pay-roll totals decreased 5.4%.
These changes are based upon returns from 13,460 identical establishCity Real Estate.
ments in 54 of the principal manufacturing industries in the United States,
The volume of real estate transactions in our large cities fluctuates in having in July 2,684,421 employees whose combined earnings in one week
close accord with changes in the total value of building construction in the were $59.354,085.
Decreases in employment and earnings have been reported regularly in
country as a whole, and this is true when only the numbers of sales of
manufacturing industries in July of each of the nine years for which the
city real estate are taken into account without regard for the values
bureau's records are available. These seasonal decreases are due largely
Involved. This is illustrated in the diagram, in which the heavy line
to the usual July closing for inventory-taking and repairs, together with the
shows the fluctuations in city real estate transactions over the past 16 years. July 4 hollday period and the beginning of the regular vacation season.
The average of the monthly sales in 1926 is taken as being equal to 100,
Increased employment and earnings were reported in only one of the 12
and the other data are shown as relatives on that basis. The data are for groups of manufacturing industries on which the bureau's indexes of em41 cities through 1924, and for 64 cities since then, but an adjustment has ployment and payroll are based; the leather group reported an increase
been made to take care of this increase. The line has been somewhat of 6.1% in employment and an increase of 8.8% in payroll totals. The
smoothed. Its validity as a reflector of the general volume of building remaining 11 groups reported decreased employment ranging from 0.5%
operations may be noted by comparing it with the building line in the In the tobacco products group to 5.7% in the stone-clay-glass group.
diagram on the opposite page.
Employment increased in July in 18 of the 64 manufacturing industries
The war ended in 1918. During it city building had been below normal, now included in the bureau's monthly employment survey, and payroll
and the number of real estate transactions was low. Immediately after totals increased in 14 industries. The greatest increases in employment
the advent of peace the sales and purchases of city real estate mounted over the month interval were largely seasonal and were reported in the
rapidly. There was a considerable decline in the depression of 1921, but following industries: Beet sugar, 15.1%; radio, 10.3%; boots and shoes,
Immediately afterwards the great boom in city real estate got under way. 6.9%; flour, 6.1%; woolen and worsted goods, 4.8%; beverages, 4 7%;
.
By 1926 the volume of sales was more than two and a half times as great Ice cream, 4.6%; cane sugar refining, 4.3%; and men's clothing, 4.1%•
The greatest decrease in employment in July was shown in the agrias it bad been during the war period. From that high point the decline
cultural implement industry, which reported a falling off of 19.8%. The
began, and it has continued almost without halt up to the present time.
aircraft industry reported a drop of 13.7% in number of employees, and
Manufacturing Production.
the women's clothing and the stove industries reported decreases of over
In the late stages of a prolonged depression increases in the output of 12%. Confectionery showed a seasonal loss in employment of 10.5%; the
manufactured goods usually take place first in lines producing things used glass industry decreased 9.2%; and the pottery industry declined 8.0%
directly by consumers, rather than in those making articles or material in number of employees in July as compared with June.
Employment in the automobile industry decreased 7.4%, the iron and
which are in turn used in further stages of the manufacturing process.
cotton goods inThus when business is at low ebb, but beginning to recover, it is to be steel industry reported 1.4% fewer employees and the
dustry decreased 1.1% over the month interval.
expected that sales of tires will increase long before there will be any
The Mountain division was the only geographic division in which dedemand for additions to tire factories, and that automobile sales will move
creased employment was not reported in July, employment in this district
up before those of machine tools.
showing an increase of less than one-tenth of 1% coupled with a slight
Economists have given much study to such distinctions, and have pointed Increase
in earnings. The remaining eight geographic divisions reported
out that in examining figures of manufacturing production it is often both decreased employment and payroll totals, the South Atlantic division
classification of those raw materials which may reporting
helpful to make one
the smallest decrease in number of employees (0.9%) and the
properly be considered as goods used by producers, and another of the East North Central division, due largely to the falling off in employment
finished products that move directly into the hands of consumers. In the In the automobile manufacturing industry, reporting the greatest loss
diagram at the foot of this page the two lines represent such a double (4.3%).
classification of most of the component series entering into the index of
Per capita earnings in manufacturing industries in July 1931, were 3.1%
manufacturing production of the Federal Reserve Board.
less than in June 1931.
past 13 years, since the close of
In July 1931, 11,337 operating establishments in 64 manufacturing
The diagram covers the period of the
the war. The solid line shows the fluctuations, above and below the Industries reported an average of 89% of full-time operation.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926=100.)
Employment.
Manufacturing Industries.
General index
Food and kindred products
Slaughtering and meat packing.
Confectionery
Ice cream
Flour
Baking
Sugar refining. cane
Textiles and their producta
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods
Carpets and rugs
Dyeing and finishing textiles...
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products.
Iron and steel
Cast-iron pipe
Structural Ironwork
Foundry rk machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its products
Lumber,sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
paper and pulp
Paper boxes
Printing, book and job
Printing. newspapers
Chemicals and allied productsChemicals
Fertilizers
Petroleum refining
Stone. clay, and glass productsCement
Brick, tile, and terra cone.Pottery
Glass
Metal products. other than iron
and steel
•
Stamped and enameled ware-.
Brass, bronze, and copper prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
•
Velzicles for land transportation-.
Automobiles
and wagons
Carriages
Car building and repairing
electric railroad
Car building and repairing
steam railroad
miscellaneous Industries
Agricultural implements
Electrical machinery• ardiararus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires az inner tuber_
Shipbuilding
1195
FINANCIAL CHRONICLE
AUG. 22 1931.]
group of house-furnishing goods continued to move downward in the month.
A marked decrease took place in the prices of cattle feed, while paper and
pulp,rubber, and other miscellaneous articles declined slightly. No change
was reported for automobile tires.
now materials as a whole averaged lower than in June, while semi
manufactured articles averaged higher, with no change being recorded for
finished products.
In the large group of non-agricultural commodities, including all articles
other than farm products, and among all commodities other than farm
products and foods, the July prices showed practically no change from those
for the month before.
Between June and July hcreases took place in 133 instances, decreases
in 155 Instances, while in 262 instances no change occurred'
Payroll Totals,
J ly
1930.
June
1931.
July
1931.
81.6
72.2
70.4
75.9
62.5
59.1
94.7
96.8
78.6
102.8
97.7
98.1
99.8
77.6
75.9
80.9
78.6
77.4
68.7
84.2
79.7
76.1
77.9
70.1
84.0
83.9
70.3
95.6
87.2
76.1
95.6
60.4
69.7
68.1
68.1
63.6
70.7
85.7
84.4
86.0
97.6
89.9
87.4
100.3
107.8
89.3
91.6
65.6
94.1
72.8
80.3
67.4
76.3
74.8
88.1
90.2
77.3
90.3
85.3
91.9
80.7
77.5
77.0
81.9
67.4
80.9
77.1
86.0
73.3
72.7
84.9
72.4
67.4
70.7
59.2
71.2
66.6
66.7
65.3
54.6
62.6
54.1
51.6
54.3
60.4
78.8
77.3
79.2
90.2
81.0
80.9
88.7
106.2
75.3
83.8
44.5
75.4
64.9
64.2
52.9
77.9
76.1
87.6
97.6
89.1 100.7
69.2
73.7
94.5 102.4
90.5
99.5
92.5
99.8
84.2 103.6
76.1
67.3
76.2
64.8
79.9
70.8
63.6
67.7
84.8
72.7
75.2
50.6
82.7
72.8
76.3
70.2
71.4
65.2
74.1
65.6
67.9
55.3
65.1
74.5
69.7
74.4
58.0
67.6
71.9
88.5
63.3
77.5
64.4
61.3
61.1
84.0
53.2
53.0
54.8
55.9
52.0
62.1
49.3
64.7
53.1
59.5
58.5
58.7
83.6
76.0
79.2
82.2
84.7
74.2
89.5
99.4
81.1
84.0
80.1
90.4
88.1 102.6
104.5 109.8
74.5
91.8
84.5
89.6
41.3
71.0
73.7
97.4
61.2
64.5
64.5
77.2
50.9
57.5
71.7
62.1
69.1
68.3
87.2
91.0
72.5
87.3
81.5
89.7
81.6
65.5
68.1
72.4
58.1
74.5
63.0
76.2
55.6
57.8
62.4
56.6
52.0
54.1
48.6
58.7
51.6
48.8
50.6
40.0
46.0
43.9
41.9
47.3
45.8
64.5
73.1
132.1
89.6
71.2
79.8
87.5
107.9
75.2
81.0
44.2
75.1
53.6
60.4
37.9
58.5
69.5
85.9
89.5
59.8
90.7
86.7
88.8
86.8
64.2
65.8
64.4
55.6
78.6
60.4
73.7
62.1
59.4
57.2
51.4
47.3
48.3
48.6
61.0
46.5
44.3
49.1
38.5
39.4
41.1
38.7
44.6
43.6
70.2
74.2
69.0
86.8
68.1
76.9
85.2
104.8
74.1
80.5
40.7
73.8
47.8
56.3
34.6
48.9
61.3
78.4
77.3
78.9
90.2
69.3
72.6
67.7
81.7
67.8
70.8
66.3
81.3
68.9
64.9
70.5
86.7
57.9
62.0
56.3
72.6
53.2
55.6
52.2
71.4
86.6
90.7
77.0
82.9
56.8
81.8
81.7
65.3
74.3
37.1
80.7
81.4
61.8
68.8
38.1
84.8
86.9
70.3
70.4
63.7
77.1
72.0
58.0
60.4
40.0
76.8
70.8
51.6
51.8
38.8
86.5
76.5
74.2
86.3
74.4
70.8
71.1
90.9
79A
56.7
76.5
43.9
54.7
73.6
35.2
69.1
87.9
63.8
54.4
68.3
32.0
50.1
63.1
27.6
97.9
42.7
72.4
80.1
112.7
82.4
31.8
66.2
73.3
98.0
79.7
29.1
67.0
71.1
04.5
96.5
35.2
65.3
75.8
113.3
73.0
22.9
48.1
70.5
go R
68.9
19.3
51.1
60.2
RA n
July I June I July
1930. 1931. 1931.
J
The Bureau's Index numbers follows:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.)
in July This Year Decrease 16 2-3%
From Year Ago.
The recent downward movement of wholesale prices halted
in July, as shown by the index number as computed by the
Bureau of Labor Statistics of the U.S. Department of Labor.
This index number, which includes 550 commodities or
price series weighted according to the importance of each
article and based on the average prices for 1926 as 100.0,
was 70.0 for July, being no change from the June figure.
When compared with July 1930, having an index of 84.0, a
decrease of 16 2-3% has been recorded. Farm products as
a group averaged 4 of 1% below June prices. Increases for
8
corn, rye, light hogs, sheep and lambs, live poultry, cotton,
eggs, oranges, and onions, being more than offset by decreases for barley, oats, wheat, beef, cattle, lemons, clover
and timothy hay, hops, and white potatoes. Continuing
the Bureau says:
Prtee Increases among foods were reported for butter, cheese, dressed
Wholesale Prices
lamb, mutton veal, dressed poultry, corn meal, raw and granulated sugar,
and vegetable oils, resulting in a net increase of practically 1% for the group
as a whole. Food articles averaging lower than in June were cured beef,
bacon,coffee,smoked and canned salmon,rye and wheat flour, oleomargarine, and rice.
Hides and skins and leather moved upward during the month, while boots
and shoes eased off slightly. No change was reported for other leather
products. The group as a whole advanced 1 %.
In the group of textile products cotton goods, woolen and worsted goods,
and other textiles showed further minor decreases, while silk and rayon
moved upward,causing no change in the group within the month.
Only slight price fluctuations took place in the fuel and lighting group,
resulting in a small fractional increase from June to July.
Among metals there were negligible increases in iron and steel, nonferrous metals and automobiles, while small decreases were shown for agricultural implements and other metal products. The group as a whole
showed a slight advance.
Lumber, b-ick, cement, paint materials, and other building materials
continued to move downward in July. No change was reported for structUral steel. A decrease of more than 2% is shown for the group as a whole.
Further price recessions during July for chemicals, drugs and pharmaceuticals. "nixed fertilizers, and fertilizer materials caused the chemicals and
Both furniture and furnishings in the
drugs group to decline nearly
1%.
Iviy
1930.
Groupe and Sub-Oran:4.
cii commodities
warm products
oralris
I. s estock and poultry
Other (arm products
.-
F00/1
vilifier, cheese, and milk. _...
Meats
Other foods.
Bides and leather products
tildes and skins
leather
Boots and shoes
Other leather products
resole products
Gotten goods
Slit and rayon
v. mien and worsted goodsother textile products
Fuel and lighting materials..
Anthracite coal
Bituminous coal
Coke_,
Cars
Petroleum products
si Kahl and metal produczs
iron and steel
Non-ferrous Metals
Agricultural Implement.,
Automobiles
,
Other metal products
..
Building materials
Dauber
Brick
•
Cement
•
Structural steel
Paint materials
Other build:rig materials
_
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals__
Fertilizer materials.....
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle teed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles....
Flnished products
.
Non-agricultural commodities_ .
All commodities less farm randnetsand foods
June
1931.
July
1931.
84.0
83.1
74.1
81.8
86.9
86.3
92.0
91.8
80.7
100.7
94.0
100.1
102.9
105.2
80.0
87.4
60.4
88.0
65,5
75.4
86.5
88.8
34.0
09.4
61.0
94.3
90.7
73.5
94.9
105,5
98.4
88.9
33.3
82.9
91.7
34.3
87.1
99.4
87.8
92.5
67.3
44.3
93.1
96.2
98.5
95.8
71.7
94.8
33.8
23.6
.52.0
97.2
81.1
79.7
86.7
34.4
70.0
65.4
56.0
61.9
70.8
72.4
79.1
71.3
70.1
87.8
65.5
87.8
94.7
101.3
65.4
72.6
43.8
75.9
53.1
58.1
88.8
83.2
81.5
101.9
30.7
87.4
86.9
58.9
94.6
98.6
94.4
77.5
67.8
80.8
77.7
84.3
70.1
91.7
77.9
80.2
(32.1
79.8
82.4 •
88.6
92.8
85.0
61.8
61.1
80.3
13.3
45.7
84.0
64.7
68.5
74.0
71.4
70.0
64.9
49.0
63.0
71.3
73.1
80.9
73.4
69.7
89.2
12.7
89.8
93.5
101.3
65.4
72.4
45.0
75.3
52.1
58.2
90.8
83.5
81.5
84.3
71.9
30.3
87.5
87.1
59.4
94.5
98.9
92.5
75.8
66.3
80.5
75.8
84.3
69.5
88.7
77.3
80.1
61.6
78.7
80.2
88.0
92.4
84.3
61.0
55.8
80.1
13.2
45.7
82.6
64.3
69.5
74.0
71.5
71.8
Purchasing
Pmt.'s of
Me Doges
July 1931.
31.429
1.541
2.041
1.587
1.403
1.368 d
1.236
1.362
1.435
1.121
1.376
1.114
1.070
.987
1.529
1.381
2.222
1.328
1.919
1.718
1.103
1.198
1.227
3.565
1.143
1.148
1.684
1.058
1.011
1.081
1.319
1.509
1.242
1.319
1.186
1.439
1.127
1.294
1,248
1.623
1.271
1.247
1.136
1.082
1.186
1.639
1.792
1.243
7.576
2.188
1.211
1.555
1.439
1.351
1.399
1.393
•Data not yet available.
Slight Increase in Retail Prices of Food During July
As Compared with Previous Month-Decline of
173% in Year.
Retail food prices in 51 cities of the United States, as
reported to the Bureau of Labor Statistics of the United
States Department of Labor, showed an average increase
of about 34 of 1% on July 15 1931, when compared with
June 15 1931, and an average decrease of about 173/9%
since July 15 1930. The Bureau's weighted index numbers,
with average prices in 1913 as 100.0 were 144.0 for July 15
1930, 118.3 for June 15 1931, and 119.0 for July 15 1931.
The Bureau also had the following to say Aug. 20 as to the
course of retail prices:
During the month from June 15 1931 to July 15 1931,12 articles on which
monthly prices were secured increased as follows: Strictly fresh eggs, 11%;
pork chops, 8%; butter, 3%; round steak, onions and raisins, 2%; sirloin
steak, fresh milk and oranges, 1%, and sliced bacon, sliced ham and tea
less than 5-10ths of 1%. Twenty articles decreased: Cabbage, 8%; potatoes, 4%; oleomargarine and flour, 3%;leg of lamb, macaroni, coffee and
bananas, 2%; chuck roast, plate beef, hens, canned red salmon, cheese,
bread, cornflakes, rice, navy beans and canned corn, 1%, and vegetable
lard substitute and wheat cereal, less than 5-10ths of 1%. The following
10 articles showed no change: Rib roast, evaporated milk, lard, cornmeal.
rolled oats, pork and beans, canned peas, canned tomatoes, sugar and
prunes.
Changes in Retail Prices of Food by Cities.
During the month from June 15 1931 to July 15 1931,30 of the 51 cities
from which prices were received showed increases in the average cost of
food as follows: Portland (Me.). 3%; Chicago, Denver, Indianapolis,
Milwaukee, Minneapolis, New Orleans, Providence and St. Paul, 2%;
Baltimore, Birminghara, Boston. Cincinnati, Fall River, Louisville.
Manchester, Newark, New Haven, New York, Omaha, Peoria, St. Louis.
Springfield (Ill.) and Washington, 1%; and, Buffalo, Cleveland, Little
Rock, Los Angeles, Pittsburgh and Rochester less than 5-10ths of 1%.
Seventeen cities showed decreases: Savannah, 2%; Bridgeport, Columbus.
Detroit, Jacksonville. Kansas City, Memphis, Norfolk, Portland (Ore.),
Richmond, Salt Lake City and Seattle, 1%; and Atlanta, Butte. Dallas,
Mobile and Scranton, less than 5-10ths of 1%. In four cities, Charleston
1196
FINANCIAL CHRONICLE
[VOL. 133.
(E. 0.), Houston, Philadelphia and San Francisco, there was no change
Only one city in the country, Miami, Fla., reports collections as being
In the month.
good while two cities find good sales conditions. The two are Sioux Falls,
Forlthe year period July 15 1930 to July 15 1031, all of the 51 cities S. Dak., and Helena, Mont., both in the northwest sector of the country.
showed decreases: Birmingham and Dallas, 22%; Houston, Little Rock,
Supplementary reports from that portion of the Nation, however,
Memphis, Savannah and Springfield (III.), 21%; Cleveland, Detroit, are not as rosy, one stating that "collections in the northern half of Montana
Indianapolis and New Orleans, 2%; Columbus, Fall River, Jacksonville, are exceedingly slow and in one section the Red Cross has already started
Los/Angeles, Louisville, Mobile, Peoria, Richmond and Rochester. 19%; Its good work and it is expected that it will be further called upon. Loss
Atlanta. Boston, Norfolk. Providence and Scranton, 18%; Baltimore. of crops is the reason and many commodities sold on contract are being
Buffalo, Charleston (S. C.), Cincinnati, Manchester, Portland (Ore.) returned because of inability to meet payments."
andiSeattle, 17%; Butte. Pittsburgh, Salt Lake City and San Francisco,
Minnesota reports are optimistic to a great degree for although col16%; Bridgeport, Chicago, Denver, Milwaukee, New Haven, Omaha, lections and sales are reported as being fair, "in many cases collections
Portland (Me.), St. Louis and Washington. 15%; Minneapolis, New York are better than in 1930. Hot weather and good rains have greatly beneand St. Paul, 14%;Newark and Philadelphia, 13%,and Kansas City. 12%. fited the corn crop and Minnesota will have the greatest crop in history.
Small grain has been hurt to some extent by the heat and in all probability
Tho index numbers follow:
will not be as good as expected. Department store sales are a little better
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES than in most markets." From other portions of that region it is noted
OP FOOD IN THE UNITED STATES (191100
that rains in western Dakotas and Montana came too late to save the
grain crop but grazing has been helped.
ButYear and Stern ROU'a Rib CAI Plate Pork Basteak. steak. roast. roast. beef. chops C00. Ham. Hens Milk. ter.
1918
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1928
1927
1928
1929
1930
1930
100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 100.5 94.4 103.6
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 90.2 93.4 105.0
107.5 109.7 107.4 108.9 106 0 108.3 106.4 109.2 110.7 102.2 103.0 116.7
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127 2 150.4
153.2 165.5 155.1 186.3 170.2 185.7 195.9 178.1 177 0 158.2 160.7 162.4
164.2 174.4 164.1 168.8 166.9 201.4 205.2 98.5 193.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 08.3 209.9 187.6 183.0 188.2
152.8 154.3 147.0 132.5 118.2 166.2 158.2 81.4 186.4 164.0 135.0 153.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 81.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3 108.6 144.8 144.8 69.1 164.3 155.1 144.7 67.0
155.9 151.6 145.5 130.0 109.1 146.7 39.6 68.4 165.7 155.1 135.0 59.7
159.8 155.6 149.5 135.0 114.1 174.3 73.0 95.5 171.8 157.3 143.1 66.1
162.8 159.5 153.0 140.6 120.7 188.1 86.3 13.4 182.2 157.3 138.6 65.6
167.7 168.4 158.1 148.1 127.3 175.2 74.8 04.5 173.2 158.4 45.2 70.1
188.2 188.3 178.8 174.4 157.0 165.7 63.0 96.7 175.8 159.6 47.5 74.2
196.9 199.1 18.5.4 186.9 172.7 175.7 61.1 04.1 188.4 160.7 43.9 71.9
182.7 184.8 172.7 170.0 155.4 71.0 56.7 98.5 166.7 157.3 20.4 58.8
192.9 195.5 183.3 184.4 172.7 68.1 57.0 99.3 178.4 159.8
191.3 194.2 181.8 184.4 171.9 67.6 57.8 200.7 179.3 158.4
190.6 192.8 181.3 182.5 170.2 71.9 57.8 201.1 179.8 157.3
190.2 193.3 181.3 182.5 68.6 76.7 57.4 200.4 179.3 157.3
April_
May- _ _ 190.2 192.8 179.8 179.4 64.5 71.9 58.7 200.7 175.0 157.3
June- _ 188.6 191.5 177.3 175.6 60.3 74.3 58.7 200.7 167.6 157.3
182.3 184.3 171.7 166.3 49.6 73.8 58.7 200.0 161.5 157.3
175.6 178.7 163.1 155.6 38.8 74.8 55.6 198.1 158.7 157.3
177.2 178.0 166.7 80.0 42.1 88.2 58.1 198.9 159.6 157.3
Sept
175.2 176.2 184.1 58.7 42.1 80.5 57.8 197.4 158.7 157.3
170.5 170.9 160.6 154.4 39.7 56.2 55.9 193.7 153.1 157.3
Nov
188.9 169.1 159.6 53.8 39.7 49.5 153.0 191.4 150.2 51.7
1931
187.3 168.2 59.1 52.5 38.0 141.9 148.9 188.1 153.5 49.4
161.4 161.0 54.0 45.6 31.4 131.4 145.2 183.3 148.8 46.1
Feb
March 158.7 157.8 53.0 41.9 28.1 140.0 143.0 178.4 150.2 144.9
April
157.5 158.5 50.0 39.4 24.8 141.4 141.1 175.5 153.1 141.6
155.5 154.7 47.0 35.6 19.8 143.3 139.3 172.9 148.8 38.2
May
June... 152.4 151.1 42.9 30.6 12.4 140.0 136.7 170.3 146.0 134.8
July_ - 154.3 154.3 42.9 30.0 10.7 151.4 137.0 171.4 144.6 36.0
Feb_ _
21.9
22.7
21.9
25.6
20.9
13.1
14.1
23.8
27.2
24.8
18.5
11.0
69.2
87.0
64.7
62.9
62.0
57.9
55.2
53.4
54.8
54.8
52.9
50.2
98.4
94.8
97.7
91.9
81.5
80.2
83.0
45.2
41.2
37.1
32.6
24.0
19.9
18.6
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Year and Lard Eggs Briad Flour Corn Rice Pala- Sugar Tea Coltoes
fee
meal
Month.
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1918
98.8 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 09.7
1916
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
1915
111.0 108.8 130.4 134.8 112.6 104.6 158.8 148.4 100.4 100.3
1916
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
1917
210.8 164.9 175.0 203.0 228.7 148.3 188.2 176.4 119.1 102.4
1918
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
1919
188.7 197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
1920
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
1921
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
1922
112.0 134.8 155.4 142.4 136.7 109.2 170.8 183,6 127.8 126.5
1923
120.3 138.6 157.1 148.5 158.7 118.1 158.8 167.3 131.4 145.3
1924
147.5 151.0 167.9 184.8 180.0 127.8 211.8 130.9 138.8 172.8
1925
138.6 140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
1926
122.2 131.0 186.1 168.7 173.3 123.0 223.5 132.7 142.5 162.1
1927
117.7 134.5 162.5 163.6 176.7 114.9 158.9 129.1 142.3 185.1
1928
115.8 142.0 160.7 154.5 176.7 111.5 188.2 120.0 142.6 184.8
1029
107.6 118.8 155.4 142.4 176.7 109.2 211.8 112.7 142.5 136.2
1930
1930
108.9 160.6 158.9 154.5 180.0 110.3 229.4 120.0 143.4 147.0
Jan
Feb.__ 108.2 136.8 157.1 154.6 176.7 110.3 229.4 118.2 143.2 143.3
March_ 107.0 102.3 167.1 161.5 178.7 109.2 229.4 116.4 142.8 140.6
April_ _ 106.3 100.0 157.1 148.6 176.7 110.3 241.2 114.5 142.5 138.9
May... 105.7 97.7 167.1 145.5 176.7 109.2 252.9 114.5 142.5 137.2
105.1 97.4 157.1 145.5 178.7 109.2 247.1 110.9 143.0 138.2
June
103.2 101.7 167.1 139.4 176.7 109.2 194.1110.9 142.6 135.8
July
Aug.__ 104.4 112.5 155.4 536.4 178.7 109.2 182.4 110.9 142.3 134.6
110.8 124.9 155.4 133.3 176.7 110.3 188.2 107.3 142.1 132.6
Sept
105.5 141.9
Oct.-. 112.0 129.9 153.6 130.3 178.7 109.2 182.4 107.3 141.4 131.2
129.9
110.8 140.3 151.8 127.3 173.3 106.9 170.6
Nov
120.8 151.8 124.2 173.3 105.8 170.6 107.3 141.4 129.2
105.7
Dec
1931
99.4 104.6 146.4 121.2 170.0 102.3 170.8 107.3 141.0 128.8
Jan
107.3 140.8
Feb__ 91.8 78.8 142.9 121.2 168.7 102.3 158.8 105.5 139.7 125.2
121,8
March_ 89.9 82.6 141.1 118.2 166.7 98.9 158.8 103.6 138.2 118.1
89.8 79.4 137.5 115.2 183.3 98.8 164.7 101.8 136.9 112.4
April..
153.3 95.4 164.7
May___ 85.4 71.9 137.5 112.1
101.8 136.4 111.1
June___ 82.3 74.8 135.7 112.1 150.0 94.3 141.2 101.8137.1 109.1
July__ 82.3 82.9 133.9 109.1 150.0 93.1 135.3
Weighted
Food
Irides
100.0
102.4
101.3
113.7
146.4
168.3
185.9
203.4
153.3
141.6
148.2
145.9
157.4
160.6
155.4
154.3
156.7
147.1
155.4
153.0
150.1
151.2
150.1
147.9
144.0
143.7
145.6
144.4
141.4
137.2
declined and two showed no change. The groups of fats and oils and
foods advanced materially, in fact the weight of these groups assisted In
advancing the general index number. Other groups that advanced were
grains, feeds and livestock, metals, fuel, including petroleum and its
products and automobiles. The gains shown in the groups of metals
and automobiles were very slight. The declining groups were textiles,
house furnishings, agricultural implements, fertilizer materials, mixed
fertilizer and the group of miscellaneous commodities. Due to the sharp
drop in the prices for cotton and kindred articles, the group of textiles
showed a loss of more than two full points during the latest week. Excepting the losses shown in the groups of mixed fertilizer and fertilizer
materials, the remaining groups that declined showed only small lossea
Lower prices were noted for 30 commodities, while the prices for 24
commodities advanced during the latest week. Important commodities
that declined were cotton, cotton yarns, cotton sheeting, corn, pig iron, ,
zinc,s Jiver,fuel oil, rubber, hogs and raw sugar. Among the commodities
that advanced were cattle, lambs, eggs, cheese, milk, fancy flour, oats,
wheat, gasoline, coffee, butter, wool, silk and tin.
The index numbers and comparative weights for the groups are shown
below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Latest
PreWeek,
Aug. 15 ceding
1931,
Week.
P. C. Each
Group Bears
104/se
Total Index.
23.2
18.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Inn
132.8
127.0
126.4
124.0
121.0
118.3
119.0
Collections and Sales Volumes Throughout Country
Resist Drops for Third Month, According to
National Association of Credit Men.
That the ultimate bottom in the business cycle has been
reached,from the standpoint of sales and collections throughbusiness
out the country, is emphasized in the survey of July
published
95 of the country's leading trade centres as
in
Financial
Aug. 17 in the August number of "Credit &
Management," official magazine of the National Association
consecutive month, despite
of Credit Men. For the third
summer because
an expected greater than usual decline this
the
seasonal variations and poor business conditions,
of
to further drops in the volume of
survey reveals resistance
Of the 95 corresales and collections in the Nation.
to the magazine, approximately 60%
spondents reporting
that
record fair conditions in both classifications, figures
favorably with the other summer months. The
compare
Association also says:'
Wholesale Price Index of National Fertilizer Association
Shows Slight Advance.
For the first time in several weeks the wholesale price
index of the National Fertilizer Association advanced during
the latest week. The computation for the week ended
Aug. 15 showed that the general index number advanced
two fractional points. During the preceding week the
index number showed a loss of five fractional points and
three weeks ago the index number declined eight fractional
points. The latest index number is 67.7, a week ago it
was 67.5, while a month ago it was 67.9. Last year at
this time the index number stood at 86.3. (The index
number 100 represents the average for the three years
1926-1928.) The price movements are further indicated as
follows by the Association in its survey of Aug. 17:
Six of the 14 groups in the index advanced during the latest week, six
n
Other foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commoditiesAutomobiles
Building materials
Metals
House furnIshInips
Fats and ells
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural Implements
All arnuns
1141
Month
Ago.
Year
Ago.
69.8
56.3
59.5
54.9
69.5
88.8
76.8
77.0
89.3
59.8
80.8
75.8
81.2
95.2
68.5
55.5
59.2
57.2
69.8
88.4
76.8
78.9
89.9
57.6
86.8
76.4
82.7
95.3
70.1
52.3
59.8
80.7
70.6
88.4
78.0
77.6
89.9
57.7
87.3
78.1
82.3
95.3
90.1
84.2
86.5
73.3
79.5
04,5
89.6
84.6
97,13
6
950
85.
83 5
.
94'o
95:6
677
67 A
07 0
se.,
Chain Store Sales Declined During July.
According to a compilation issued by Merrill, Lynch &
Co. 50 chain store companies, including three mail order
concerns, show total sales for the first seven months of 1931
of $2,191,195,422 against sales of $2,282,054,499 in the
corresponding period of 1930, a decrease of 3.98%. Three
mail order companies alone show sales for the first seven
months of 1931 of $327,336,957, against $367,809,633 in the
first seven months of 1930, a decrease of 11%. Excluding
the mail order concerns, 47 companies show sales for seven
months of 1931 of $1,863,858,465, against sales of $1,914,244,866 in the same period of 1930, a decrease of 2.63%,
Results for July 1931 as reported by 50 chain store companies, including three mail order concerns, show total
sales of $311,883,047, against $320,966,564 in July 1930, a
decrease of 2.83%. The three mail order concerns alone
show sales for July of $42,960,220 against $47,068,072 in
July 1930, a decrease of 8.72%. Excluding the mail order
concerns, 47 chain store companies show sales for July 1931
of $268,922,827 against $273,898,492 in July 1930, a decrease
of 1.81%.
Aug. 22 1931.]
FINANCIAL CHRONICLE
A comparative table follows:
Month of July.
1931.
1930,
First Seven Months.
Dec.
1931.
1930.
Dec.
8
$
$
$
%
Great Atl. dz Pacific_ 95,527,987 96,723,670 1.2 627,147,219 644,823,671 %
2.7
125,738,837 a25,986,995 1.0 6184707207 6198263008 8.8
Sears, Roebuck
F. W. Woolworth
21,079,169 20,738,355 x1.6 151,355,359 152,051,842 0.4
Kroger Gres:.& Bak.- c18,744,430 c19,684,214 4.7 d138480917 d143626992 3.5
17.169,593 18,193,527 5.6 121,748,959 128,830,843 5.5
Safeway Stores
Montgomery Ward.. 15,320,478 18,668,623 17.9 123,111,841 148,853,726 17.3
12,779,472 13.802,801 0.0 90,130,377 100,060,031 9.9
J. C. Penney
American Stores
11,825,763 12,384,482 4.5 81,318,064 83,922,978 3.1
5,9. Kresge
10,721,890 10.882,426 1.4 77,980,492 78,340,038 0.4
First National Stores e8,230,195 e8,351,650 1.4 161,958,086 163,995,017 3.1
Macklarr Stores.6,059,421 7,123,424 2.3 46,200,629 50,527,761 8.5
National Tea
6,335,018 8,582.288 3.8 44,995,882 49,698,617 9.4
W.T.Grant
5,227,187 4,816,355 x8.5 38,314,991 34,823,773 110.0
S.E.Kress
5,103,939 5,060,990 10.8 35,947,287 35,375,674 11.8
Walgreen Co
4,861,897 4,328,890 112.3 32,083,558 30,268,075 16.0
Grand Union
93,470,407 93,542,543 2.0 20,157,880 20,936,810 3.7
.
3,395,379 3,030,949 112.0 17,529,387 15,612,880 z12.2
: C Bohack_ _ __ T __
. .
3,004,141 3,122,670 3.8 22,589,318 22,532,771 10.3
McCrory Stores
1'. & W.Grand-Silver 2,734,403 2,838,284 3.6 19,437.658 19,585,296 0.7
Daniel Reeves
92,549,824 g2,698,438 5.5 19,277,410 20,901,142 7.7
J.J. NewberrY
2,460,940 2,312.563 16.4 15,278,907 14,510,949 x5.3
Melville Shoe
2,003,335 2,297,233 12.8 15,944,637 16,796,583 5.0
Dominion Stores_ _ - _ e1,973,876 el,810,892 x9.0 h14771,441 h14 107,488 x4.7
attonal Hellas Hess 1,000,907 2,412,454 21.2 19,517,909 20,692,899 5.6
1,897,645 2,050,062 7.4 14,466,616 13,347,325 18.4
Lerner Stores
Childs
1,858,361 2,050,150 9.4 13,757,772 15,631,300 12.0
1,650,885 1,903,158 13.2 11,097,294 11,499,766 3.5
McLellan Stores_.._
nterstateDept.Stores 1,604,596 1,625,424 x5.2 12,211,696 11,496,424
x6.2
1,475,136 1,319,447 x11.8 9,936,928 8,420,461
G. C. Murphy
1,454,923 1,372,170 16.0 10,057,014 9,583,654 x18.0
Peoples Drug Stores_
x4.9
Western Auto Supply
(Kansas City) _-_ _
1,317,000 1,457,000 9.6 7,021,600 7,826,800 10.2
1,293,924 1,244,483 x3.9 8,650,687 8,176,735 x5.8
Mauer Bros
Waldrot System
1,242,088 1,250,239 0.6 9,040,133 9,259,511 2.3
ewel Tea
11,108.578 11,207,130 8.1 17,589,236 18.459,110 10.2
oonsol. Retail Stores 1,059.029 1,215,031 12.8 11,014.455 12,270,998 10.2
Schiff Co
937,605
883,127 x6.1 5,828,026 5,578,383 x4.4
G.K.Kinney
927,893 1,276,318 27.3 8,177,804 10,091,729 18.9
917,069 1,161,457 21.0 9,754,482 10,100,640 3.4
Lane Bryant
624.945
472,204 x32.3 4,588,096 3,371,096 x36 1
t ickfords
495,719
mer. Dept. Stores
559,130 11.3 4,721,010 4,988,565 5.3
• Moon Bros
445,169
271.862 x63.7 3,781,992 2,538,623 x48.9
xchange Buffet_ _ _
405,857
479,724 15.4 3,259,508 3.891,861 16.2
Kline BTOS
382,125
308,720 x23.8 2,783,871 2,336,275 x19.2
wian & Lovett
355,405
412,392 13.8 3,002,091 3,321,466 9.6
i ederal Bake Shop
299,236
315,753 5.2 2,388,709 2,573.251 7.2
i ational Shirt Shops
295,629
345,890 14.5 2,077,485 2,360,497 11.9
: iy Frocks
269.706
299,120 9.8 2,615,945 2,753,956 5.0
i . E. Fishman
227,965
197,274 x15.5 1,259,998 1,022,425 x23.2
133,537
. orrison El. Supply..
109,044 x22.4 1,085,202 1,087,758 0.2
yhee Stores
94,856
86,651 x10.7 1,057,477
929.028 113.8
.0 chain store & mail
order companies_ _ _ 311,883,047 320,968,564 2.83 2191195 422 2282054 499 3.98
hree mail order cos_ 42,960,220 47,068,072 8.72 327,336,957 367,809,633 11.0
47 chain Store cos_ 288,922,827 273,898,492 1.81 1863858465 1914244866 2.83
a Four weeks to July 16. b 28 weeks to July 16. c Pour weeks to Ju y
18.
28 weeks to July IS. e Pour weeks to July 25. f Dec. 27
Five weeks to Aug. 1. h 30 weeks to July 25. i Four weeks to July 25.
to Ju y 11.
weeks
1197
decline brings the summer minimum-or what will presumably be the minimum-almost down to the low point
of last winter, says the "Electrical World," which on Aug. 17
further reported:
The unfavorable aspect of the recession is somewhat minimized by examination of earlier records, which reveal the same situation in 1929 and
show an actual decrease in 1926 and a much greater one (fully 10%) in
1930. The fact is that while operations have long been below the preceding
year's level the index now is only 7% less than it was at the corresponding
time last year, whereas a few months ago the spread was 20%.
The decline is due mainly to the influence of a few important groups.
In the manufacture of automobiles, parts and accessories each month since
March has shown a falling off. The decline itself is not abnormal, but
the low starting-point brings the index to its lowest value since December
1926. During the year thus far it has usually been about 25% lower than
in 1930, the monthly fluctuations in the two years being roughly parallel.
In July the difference was 26%.
The manufacture of iron and steel, after an upward movement culminating
in March, has receded each month; its index is down 4% from June, 22%
from May, 24% from July 1930. Fairly similar have been the changes
in the metal working industries, which are down 27% from July 1930.
The combined index for those two, constituting the metal industries group,
is at its lowest since 1924.
In contrast, the industries having to do with the direct necessities of life
continue their advance. The manufacture of food and kindred products is
at the highest point ever attained, 1% above last year's maximum and 37%
above last winter's low point. An increase is to be expected when the
crops ripen, but the recent changes have been greater than usual.
In textiles a steady level, with only minor fluctuations, has been maintained for half a year; this was preceded by a rise; the July index is 35%
above the low point reached last August. Leather also continues well above
winter and early spring levels.
INDEX OF MANUFACTURING ACTIVITY.
Base: Average Month 1923-25.
Industrial Groups.
All industry
Automobiles
Chemicals
Food products
Iron and steel
Metal working
Leather
Lumber
Paper and pulp
Rubber
Shipbuilding
Stone, clay and glass
Jtdy
1931.
June
1931.
July
1930.
97.9
55.9
137.7
147.0
83.1
69.3
83.8
76.9
104.0
97.4
82.0
104.8
*101.7
71.3
132.7
136.2
*86.6
78.6
85.4
86.3
112.4
121.0
84.8
118.7
inn 5
105.1
75.3
140.6
139.2
109.7
95.1
97.3
100.0
119.9
103.8
118.8
110.8
707
OR 7
Avge.
Awe.
7 Mos. 7 Mos.
1930.
1931.
104.6
79.4
137.1
127.0
103.2
92.5
79.0
87.4
117.6
110.2
96.6
107.9
979
117.9
103.3
139.9
133.4
131.8
119.0
87.3
98.3
103.3
127.2
119.9
122.4
98.4
•Revision.
ended July 11.
28
z Increase.
The F. W. Dodge Corporation Contracts for June Show
nnalist Weekly Index of Wholesale Commodity Prices.
Slight Move Against Seasonal Trend.
The Annalist Weekly Index of Wholesale Commodity
Moving slightly against an established seasonal trend sevrices advanced again to 102.3 on Tuesday, Aug. 18, a gain eral sections of the country produced higher construction conf 0.5 from a revised 101.8 last week. The "Annalist" tract awards in July than in June. F. W.Dodge Corp. finds
urther says:
that the New Englend, Upstate New York, Middle Atlantic,
The trend was generally downward, and only sharp advances in beef Pittsburgh and Chicago territories are included in this
nd bituminous coal made possible a net gain. Of the various groups,
category.
ood products. fuels and building materials showed gains: tho others
either
echoed or were unchanged.
Despite a decline in the total valuation of such contracts in
The Commodities as a whole continue to show weakness, beef being the
the 37 states east of the Rockies, these large areas registered
nly exception of consequence, although the various fuels have been showa go-ahead over June in July when they would normally be
ng snore strength of late.
expected to drop behind June. The total for July was $285,IIE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
997,300 and was divided among the three major construction
(1913=100.)
classes as follows: $116,265,500 in public works and utilities;
Aug. 18 1931. Aug. 11 1931. Aug. 19 1930.
$105,839,500 in non-residential building, and $63,892,500 in
arm Products
87.9
*88.2
114.8
residential building.
ood Products
114.5
113.2
128.0
exalt) products
91.9
*91.9
112.6
In the advancing territories the lead was largest in the
ties
121.5
120.4
153.7
teals
Middle Atlantic territory (Eastern Pennsylvania, Southern
101.7
101.7
108.3
uilding materials
114.5
114.0
138.4
New Jersey, Maryland, Delaware, District of Columbia and
bemicals
96.6
96.9
106.9
iseellaneous
84.1
84.3
98.2
Virginia) where July's $40,464,600 compared favorably with
1 commodities
102.3
*101.8
122.9
June's $32,128,800. Only a slight advance was shown in
•Revised.
Upstate New York with $14,296,000 for July comparing
with $14,024,000 for June. New England showed a goDun's Commodity Price Index.
Monthly comparisons of Dun's index number of wholesale ahead of about three millions in its $28,865,300 July total.
The region around Chicago registered $34,906,500 in July and
ramodity prices, proportioned to consumption, follow:
$28,122,200 in June. Exactly $96,000 was the advance of
Aug. 1
July 1
Aug. 1
Aug. 1
Aug. 1
1931.
1931.
OVUM1930.
the Pittsburgh territory as included in its $32,096,700 for the
1929.
1928.
822.098
523.105 529.771
readstuffs
835.153 $37.190
14.571
14.836
17.999
eat
24.144
23.211 month just ended.
airy and garden
15.306
15.692
19.551
21.646
20.761
The New Orleans territory was alone among the thirteen
tiler food
16.653
16.610
17.890
18.885
19.612
lothing
28.868
25.034
29.795
34.533
36.051 Dodge districts to show a July gain in total construction over
18.816
18.955
etas
19.846
21.291
20.770
iseellaneous
31.286
31.459
34.600
36.554
36537 July of 1930. The increase shown in the month's $17,334,500
5145.598 $148.591 $169.352 8192.206 $194.132 was due to gains in civil engineering and non-residential buildTotal
ing.
Both the Chicago and New Orleans areas showed increases
Industrial Activity As Measured by Consumption of
Electricity Dropped 3.8% in July--Electric Energy in non-residential building over July 1930.
Civil engineering undertakings for the first seven months of
Use in 3-800 Factories Shows Motor and Steel
the year gained over the same period of 1930 in the New EngLosses-Food Industries at Peak.
land, Central Northwest, New Orleans and Texas territories.
industrial activity suffered from the usual midsummer
We give below tables showing the details of projects conrelapse in July, declining 3.8% from June and 7.2% from
contracts awarded in July and for the first
level prevailing in July 1930, according to "Electrical templated and of
the
seven months of this year as compared with the first seven
World's" monthly survey of electrical energy consumption
months a year ago. These figures, it is stated, cover 91% of
III 3,800 manufacturing plants throughout tile country. The the United
States construction.
FINANCIAL CHRONICLE
1198
CONSTRUCTION CONTRACTS_AWARDED-37
EASTERN STATES
First 7 Months First 7 Months
of 1930.
of 1931.
July 1931.
$663,745,100
$ 63.892,500 $554,639,100 1,193,687,000
Residential
699,290,400
105,839,500
Non-residential
838,294.600 1,147,459,600
116,265,300
Public Works & Utilities__ $285,997,300 $2,092,244,100 $3,004,891,700
Total
-37 EASTERN STATES.
CONTEMPLATED PROJECTS
$767,167,100
Residential
$ 82,840,400 1,075.381,000 $1,031,184,100
2.033,809,600
4-92,769.300
Non-residential
136.274.700 1.323,625.200 2,824,588,200
Works & Utilities
Public
(Wu 133.
quarters in Cedar Rapids, and Wichita, Kansas. Mr.
Ellis, who conducts conferences in which new sales approaches
and material is given to local realty men, states that "the
greatest evidence of improvement are generally in towns
that have had no boom whatever, and are not industrial
centers."
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on Aug. 8
$311,884,400 $3.166,173,300 $5.889,581,900
Total
totalled 734,780 cars, the Car Service Division of the American Railway Association announced on Aug. 18. This was
Dun's Report of Failures in July.
a decrease of 22,513 cars below the preceding week and a
The record of insolvencies for the month of July, as decrease of 169,377 cars below the corresponding week last
reported to R. G. Dun & Co., shows a slight reduction in year. It also was 357,373 cars under the same week two
the number of business defaults this year as compared with years ago. The details are outlined as follows:
a year ago, as it did in June, there having been an increase
Miscellaneous freight loading for the week of Aug. 8 totalled 280,267
cars, a decrease of 7.045 cars below the preceding week this year.69,587 cars
in each month prior to June back to November 1929.
under the same
the
Separated according to branches of business, the manu- underin corresponding week in 1930, and 148,455 cars
week
1929.
increase in number in eight of
facturing division shows an
Grain and grain products loading for the week totalled 46,340 cars, a
the 15 divisions, the exceptions being lumber, &c., printing decrease of 4,346 cars below the preceding week this year and 14,946 cars
17.871 cars below the correunder the same week last
and engraving, milling and bakers, and the miscellaneous sponding week two yearsyear. It also was
ago. In the Western Districts alone, grain
and paints and oils, and grain products loading for the week ended on Aug. 8 totalled 30,141
group. In cottons, lace and hosiery,
cars, a decrease of 14,958 cars below the same week last year.
no failures occurred.
Forest products loading totalled 27,580 cars, an increase of 249 cars above
Defaults among traders have declined in 10 of the 15 the preceding week this year but 13,112 cars under the same week in 1930.
rubbers It also was 40,982 cars below the corresponding week two years ago.
groups, those having a larger number being shoes,
Ore loading amounted to 34,046 cars, a decrease of 1,150 cars below
and trunks, chemicals and drugs, paints and oils, and
the week before and 24,161 cars below the corresponding weak last year.
group embracing hotels and It also was a decrease of 44.907 cars under the same week in 1929.
jewelry and clocks. In the
Loading of merchandise less than carload lot freight totalled 214,455
restaurants, the number was the same for both years.
this year, but
the preceding
An increase is recorded in the "other commercial" class, cars, an increase of 1,438 cars aboveyear and 44,798 weekunder the same
cars
commercial 19,585 cars below the same week last
which is comprised of agents, brokers and all
week two years ago.
Coal loading amounted to 108,447 cars. 11,209 cars below the preceding
failures which cannot properly be listed in either the manuweek and 23,165 cars below the corresponding week last year. It also
facturing or trading division.
was 50,020 cars under the same week in 1929.
-JULY 1931.
FAILURES BY BRANCHES OF BUSINESS
Liabilities.
Number.
1931. 1930. 1929.
Manufacturers
con, foundries and nails__
dachinery and tools
Voolens, carpets, &co
:otton, lace and hosiery-- .umber, buildings lines,.Sic..
nothing and millinery
lets, gloves and furs
gleralcals and drugs
taints and oils
.rinting and engraving
Silting and halters
,
.eather, shoes, Joi
robacco, Sic
Bass, earthenware, Sec......
ill other
Total manufacturing_ __ _
Traders
;caeca!stores
Iromries, meat and fish_ ._
totels and restaurants
7cbacco, emi
nothing and furnishings__ _
)ry goods and carpets
bow, rubber and trunks
:urn;ture and crockery- Eardware,stoves and tools_
itemloals and drugs
'aInts and oils
Lweiry and clocks
luolis and papers
15ts, furs and gloves
II other
1931.
$977,500
1,684,875
310,000
1930.
1929.
$381,085
$231,300
795,840
1,442,971
30,000
17,500
647,035
8,500
2,876,235 3,823,432
7
521,500
491.62
249,873
312,400
43,300
30,600
187,800
548,427
240,200
259,295
1,160,869
590,90042,860
100,500
66,000
161,315
348,843
5,332,995 5,212,866
15
24
1
3
88
46
13
6
3,491,514
1,438,198
274,100
873,200
17
34
16
6
13
258
11
34
1
1
81
37
12
8
3
20
37
10
1
9
160
15
31
10
7
9
193
682,500
496,382
524,146
65,300
215,517
9,579,885
520
425
461 520,546,117 $13,368,613 $12,767,455
12
37
2
-39
63
10
13
68 $1,151,145
83
278 277 2,107,907
100 103 5,922,479
171,334
26
25
215 155 3,340,676
61 1,662,340
90
40 1,111,800
42
59 • 4,089,219
75
515,024
45 46 32
990,460
46
65
71
113,600
8
8
15
589,006
28
24
48
5
163,400,
21
19
44,3001
6
11
7
292 398 276 6,118,364,
66
247
100
16
201
87
49
59
$844,500 $1,118,443
3,694,110 2,233,517
942,390
1,002,000
188,175
128,900
2,335,300 1,898,076
3,038,914 1,045,495
778,240
321,500
947,380
1,554,700
541,560
729,099
573,716
788,300
518,509
108,700
247,105
468,750
64.029
371.820
41,825
108,600
6,076,416 3,466,947
Total trading
ther commercial
1 322 1,481 1,190 528,091,055 $21,571,609 $14,605,398
141 122 101 12,320,681 4,886,195 5,052,666
Total United States
1,983 2,028 1,752 560,997.8.53 $39,826,417 $32,425,519
Improvement in Real Estate Business in West Noted
by G. W. Ellis of National Association of Real
-Optimism Also in Middle West
Estate Boards
Cities.
Improvement in the real estate loo•iness, especially in
the number of residence sales made recently, has been
noted by Guy W. Ellis, Director of Sale?, Conferences of the
National Association of Real Estate Boards who returned to
Chicago on Aug. 20 after a month's tour of central southwest, and coast cities. Realtors in 16 cities are encountering
a new demand for homes and sales of residences are decidedly
On the up-grade in these places, according to Mr. Ellis.
Two Realtors dealing in small farms in the middle-west
report increasing demand and more sales for this type of
property. Realtors in Seattle and Portland he states declare
that they are not only experiencing a rise in residence sales,
but that sales are increasing on which all cash down to the
first mortgage is paid.
The other cities in which Mr.Ellis heard reports of activity
Springs, and
in residence sales include: Pueblo, Colorado
Denver, Colo.; Omaha, Neb.; Sioux City, Council Bluffs,
and
Cedar Rapids, and Davenport, Iowa; Houston, Dallas,
Improvement
Fort Worth, Texas and Stockton, California.
firms having headin sales of small farms was reported by
Coke loading amounted to 4,366 cars, a decrease of 442 cars below the
preceding week this year and 3,895 cars under the same week last year.
It also was 7,585 cars below the same week two years ago.
Live stock loading amounted to 19,299 cars, a decrease of eight cars
last
below the preceding week this year and 928 cars below the same week
year. It also was a decrease of 2,755 cars under the same week two Years
ago. In the Western Districts alone, live stock loading for the week ended
on Aug. 8 totalled 15,061 cars, an Increase of 226 compared with the same
week last year.
All Districts reported reductions in the total loading of all commodities,
compared not only with the same week in 1930 but also with the same
week in 1929.
Loading of revenue freight in 1931 compared with the two previous Years
follows:
1929.
1931.
1930.
3,490,542 4.246,552 4,518.609
Five weeks in January
2.385,680 3,506,899 3,797,183
Four weeks in February
2,939,817 3,515,733 3,837,736
Four weeks in March
2,985,719 3,618,960 3.989,142
Four weeks in April
3,738,477 4,593,449 5.182.402
Five weeks in May
2,991,749 3,718,983 4.291,881
Four weeks in June
2,930,767 3,555,610 4,160,078
Four weeks in July
1.105.920
919,781
757,293
Week ended Aug. 1
904,157 1,092,153
734,780
Week ended Aug.8
Total
23,402,824 28,580.124 31,975,104
Country's Foreign Trade in July-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 18 issued its statement on the foreign
trade of the United States for July and the seven months
ended with July. The value of merchandise exported in
July 1931 was estimated at $183,000,000, as compared with
$266,761,000 in July 1930. The imports of merchandise are
provisionally computed at $175,000,000 in July the present
year, as against $220,558,000 in July the previous year,
leaving a favorable balance in the merchandise movement
for the month of July 1931 of approximately $8,000,000.
Last year in July there was a favorable trade balance on the
merchandise movement of $46,203,000. Imports for the
seven months of 1931 have been $1,282,359,000, as against
$1,956,543,000 for the corresponding seven months of 1930.
The merchandise exports for the seven months of 1931 have
been $1,499,225,000, against $2,342,478,000, giving a favorable trade balance of $216,866,000 ha 1931, against a favorable trade balance of $385,935,000 in 1930.
Gold imports totaled $20,497,000 in July, against $21,889,000 in the corresponding month of the previous year,
and for the seven months were $260,438,000, as against
$254,087,000. Gold exports in July were only $1,009,000,
against $41,529,000 in July 1930. For the seven months
in 1931 the exports of the metal foot up $1,798,000, against
$51,191,000 in the seven months of 1930. Silver imparts
for the seven months of 1931 have been $15,674,000, as
against $27,226,000 in 1930, and silver exports $17,080,000,
as against $33,710,000. Following is the complete official
report:
AUG. 22 1931.]
FINANCIAL CHRONICLE
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1931 corrected to Aug. 17 1931.)
1199
"
MERCHANDISE.
July.
1931.
1.000
Dollars.
183,000
175,000
Exports
Imports
Excess of exports
7 Months Ending July.
1931.
1930.
1,000
1,000
Dollars. Dollars.
266,761 1,499,225
220,558 1,282,359
8.000
46.203
Increase
(+)
Decrease(-)
1930.
1,000
Dollars.
2,342,478
1,956,543
216.866
1,000
Dollars.
-843,253
-674,184
385.935
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1931.
1930.
1929.
1928.
1927.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
249,642 410,849 488,023 410,778
221,351 348,852 441,751 371,448
235,895 369,549 489,851 420,617
215.077 331,732 425,264 363,928
204,069 320.034 385.013 422,557
187,190 294,701 393,186 388,661
183,000 266,761 402,861 378,984
297,765 380,564 379,006
312,207 437,163 421,607
326,896 528,514 550,014
288,978 442,254 544,912
274,856 4213,551 475,845
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1926.
1,000
Dollars.
419,402
372,438
408,973
415,374
393,140
356,966
341,809
374,751
425.267
488,675
460,940
407,641
1.000
Dollars.
396,836
352,905
374,406
387,974
356,699
338,033
368,317
384,449
448,071
455,301
480,300
485,369
7 months ending July 1,499,225 2,342,478 3,025.949 2,756,973 2,703,102 2,575,170
12 months ending Dec.
3,843,181 5,240,995 5,128,356 4,865,375 4,808,660
imports
January
February
March
April
May
June
July
August
September
October
November
December
183,138
174,946
210,202
185.703
179,694
173,673
175,000
310,968 368,897
281.707 369,442
300,460 383,818
307,824 410,666
284,683 400,149
250,343 353,403
220,558 352,930
218,417 369,358
226,352 351,304
247.367 391,063
203,593 338,472
208,636 309,809
337.916
351,035
380.437
345,314
353,981
319,249
317,848
346,715
319,618
355,358
326,565
339,408
356,841
310,877
378,331
375,733
346,501
354,892
319,298
368,875
342,154
355,738
344,269
331.234
416,752
387,306
442,899
397,912
320,919
336,251
338,959
336,477
343,202
376,868
373.881
359,462
7 months ending July 1,282,359 1,956,543 2,639,355 2.403,780 2,442,473 2,640,998
12 mnntha andlno Than
q 111111 Ma A 200 Sat A MI AAA A 101.7.10 A Aon coo
GOLD AND SILVER.
July.
7 Months Ending July.
1931.
Excess of exports_
Excess of imports---Silver
Exports
Imports
1931.
1930.
Iscrease(+)
Decrease(-)
1,000
Dollars,
1,009
20,497
GoldExports
Imports
1930.
1.000
Dollars.
41,529
21,889
1.000
Dollars.
1,798
260,438
1,09e
Dollars,
51,191
254,087
1,000
Dollars,
-49.393
+6,351
258,640
202,896
17,080
15.674
33.710
27,226
1,406
6,484
19,640
19,488
2,304
1,640
Excess of exports
Excess of imports_ ...._
3,709
3,953
664
244
-16,630
-11,552
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1931.
Exportsanuary
ebruary
larch
pril
fay
one
sly
ugust
eptember
Ictober
fovember
)ecember
7 mos.end. July
12 mos.end.Dec.
imports
=nary
'ebruarY
larch
,pril
lay
one
lily
,ugust
,eptember
)ctober
Tovember
)ecember
1930.
1929.
Ma.
1928. 1931.
1930.
1929, 1923.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
54 8,948 1,378 52,086 3,571 5,892 8,264 6,692
14
207 1,425 25,806 1,638 5,331 6,595 7.479
26
290 1,635 97,536 2,323 5,818 7,814 7,405
27
110 1,594 96,469 3,249 4.646 5,752 6,587
628
82
467 83,689 2,099 4,978 7,485 6,712
40
26
550 99,932 1.895 3,336 5,445 7,458
1,009 41,529
807 74,190 2,304 3,709 6.795 6,160
39,332
881 1,698
---- 4,544 8,522 9,246
11.133 1,205 3,810
- 3,903 4,374 8,229
9,2136 3,805
____ 4,424 7,314 7,252
992
5,008 30.289 22,916 - 4,102 8,678 7,674
36 72,547 1,636
---- 3,472 6,369 8.489
1,798 51,191 7,857529,708 17,080 33,710 48,150 48,491
115,967 116,583 560,760
54,157 83,407 87,382
34,426
16,156
25,671
49,543
50,2'18
63,8137
20,497
12,008
60,198
55,768
65,835
23,552
13,938
21.889
19.714
13.680
35.635
40.159
32,778
48,577
26,913
26,470
24,687
24,098
30,762
35,525
19,271
18,781
21,321
7,123
8,121
38,320
14,686
2,683
5,319
1,968
20,001
10,330
2,445
4,273
14,331
29.591
24,950
2,896
1,877
1,821
2,439
2,638
2,364
1,640
____
____
____
____
----
4,756
3.923
4,831
3,570
3.486
2,707
3,953
3,492
3,461
3,270
2,652
2.680
8,260
4,458
6,435
3,957
4.602
5,022
4.723
7,345
4.111
5,403
5,144
4,479
6,305
4,658
5,134
4,888
4,247
6,221
6,544
6.496
5,739
7,319
5,448
5.120
7 mos.end.July 260.438 254,087 217,031 93,307 15,674 27,226 37,458 37.991
ROR 115A 901 040 RA SO7
19 701 az nan en'v...
1
Review of Industrial Situation in Illinois During July
-Employment and Payrolls Show Seasonal Decreases.
Reporting establishments of Illinois decreased employment 2.6% and payrolls 4.4% during the period June 15
to July 15, reflecting the usual seasonal decline in payrolls
at this time of the year but a larger than seasonal loss in the
number of workers employed. The curtailments in both
employment and payrolls this year were considerably
smaller than those of a year ago says Howard B. Myers,
Chief of the Division of Statistics & Research of the Illinois
Department of Labor in reviewing the Illinois industrial
situation for July under date of August 20 which continued
as follows:
Manufacturing industries followed a normal seasonal trend in employment with a decrease of 2.5%. while payrolls were reduced 3.5%, or considerably less than normal according to the experience of the last nine
years. Both employment and payroll losses in these industries were
smaller than those reported for the corresponding period in 1930.
Non-manufacturing industries experienced a marked recession, 2.9%
In employment and 5.5% in payrolls. A year ago at this time these
industries registered an 0.1% increase in employment with a decrease
of 3.9% in payrolls.
Nominal man-hours of work, reported by 70.1% of the total number
of establishments reporting employment and payroll figures, declined
4.0% from June to July, for both manufacturing and non-manufacturing
establishments.
The July employment index for all reporting industries combined was
74.7, as against 87.3 a year ago, indicating a 14.4% decline. Average
weekly earnings for theft industries were $25.85 this July as against 827.36
a year ago.
As usual at this season of the year, vacations and lay-offs for inventory
and repairs accounted for a large share of the reported losses. None of
the non-manufacturing groups and only three of the 10 large manufacturing
groups registered increases in both employment and payrolls during the
period covered by this report. The three groups reporting increases were
furs and leather goods, paper and printing, and clothing and millinery.
In the furs and leather goods group employment increased 5.1% and
payrolls 5.0%, continuing an upward trend that has been in evidence
since last December. The employment index for July was 98.7, which
was 11.4% higher than last year at this time, but still 7.1% lower than
for July 1929. Gains during the past year have been mainly in the manufacture of leather and of boots and shoes.
Increases in the printing and paper goods group were small for this
season, 0.7% in employment and 0.4% in payrolls. Bookbinding and
lithographing and engraving contributed mainly to the gains, although
the manufacture of paper containers also showed some expansion. Employment for the group as a whole is 17.1% below the high level recorded
a year ago, and is 11.7% lower than two years ago. Job printing, the
largest of the industries in this group, has decreased employment 30.8%
during the past year.
Clothing and millinery establishments, the third of the groups which
registered an advance during the month, increased employment 1.5%,
and payrolls 20.8%. Greater activity among the men's clothing and
furnishings industries was entirely responsible for this advance as this
Is the off-season in the manufacture of women's apparel. Three reporting
establishments manufacturing women's hats laid off two-fifths of their
workers and reduced payrolls three-fifths. In the men's clothing industry employment increased 9.2%, while payrolls gained 39.9%. Payrolls in this industry fluctuate much more extensively than employment.
due to the agreement between the manufacturers and the union, providing
for equal division of work in slack times.
The chemicals, oils and paints group decreased employment 1.3%,
but increased payrolls 2.1%. Small increases in employment and substantial gains in payrolls were shown for miscellaneous chemicals and
mineral and vegetable oils, while paints, dyes and colors registered a
marked curtailment in both employment and payrolls. The largest
curtailment among these industries since a year ago has been in the mineral
and vegetable oil industry, which has laid off 21.9% of its workers. This
compares with a decline of 13.2% for the group ass whole.
Food, beverages and tobacco also registered a mixed trend during the
month. employment increasing 1.1% and payrolls decreasing 2.8%. Substantlal gains were reported for the canning industry and in the manufacture of ice and ice cream, while marked decreases were recorded for
confectionery and for cigars and tobaccos. Slaughtering and meat packing
establishments maintained their employment volume, but decreased
wage payments 0.7%. The group as a whole registered an employment
Index of 77.0 as compared with 88.8 a year ago, reflecting a 13.3%
loss
In number of workers employed.
Metals, machinery and conveyances, the most important of the industrial groups in number of workers employed, decreased both employment and payrolls during the month. Three hundred and thirty-nine
establishments with 90,556 workers registered a loss of 5.3% in employment and 8.4% in payrolls. This was the fourth consecutive month for
which a curtailment has been reported by this group. During the four
months employment has dropped 15.4% and payrolls 23.4%. Iron
and steel, the largest industry of the group, reduced employment 8.4%
and payrolls 18.2% from June to July. Electrical apparatus, the second
largest industry in the group, showed a loss of 3.8% in number of workers.
but an increase of 0.9% in payrolls. Tools and cutlery, autos and accessories, and instruments and appliances each reduced employment by
more than 10%. The agricultural implement industry continued to
curtail its operations, employment falling off 6.5% and payrolls 13.7%
during the month. As a group, the metal industries have reduced employment 24.4% during the past 12 months. This compares with a
curtailment of 23.6% during the preceding 12 months, July 1929 to July
1930. The present employment volume is 42.2% lower than two years ago.
The remaining manufacturing groups also registered declined in both
employment and payrolls, stone, clay and glass products laying off 3.8%
of their workers and reducing payrolls 5.7%: wood products showing
losses of 7.3 and 7.6% respectively, in these items, and textiles reducing
employment 1.9% and payrolls 5.7%.
The employment index for the manufacturing industries as a whole
was 70.5 this July as compared with 85.7 for July 1930, denoting a drop
of 17.7% in the number of workers employed. Average weekly earnings
during this period have declined from $26.27 to $23.86.
In the non-manufacturing group of industries, employment losses for
the month ranged from 1.0% in coal mining to 7.2% in building and contracting. Payrolls increased slightly for the coal mines, 0.7%, but the
other non-manufacturing groups decreased payroll totals. Public utilities
showed an unusually large curtailment in operations, the losses for the
group totaling 3.1% in employment and 6.9% in payrolls. Department
stores were responsible for most of the decline shown for wholesale and
retail trade, as were hotels and restaurants for the decline recorded for
services. Road construction continued to show increased activity, but
building construction and miscellaneous contracting reduced operations.
Average weekly earnings for all non-manufacturing industries were $29.07
as compared with $29.74 in June and $29.09 in July 1930.
Mr. Myer's analysis by cities follows:
Manufacturing operations continued to decline during the period June
15 to July 15 in most reporting cities. For all cities combined employment decreased 2.5% and payrolls 3.5%. Six of the 15 cities for which
figures are tabulated separately showed gains in employment and four
of these increased total wage payments as well. In the group of cities
classified as "all other," employment registered a small Increase, 0.4%,
while payrolls decreased 0.8%.
Average weekly earnings ranged from $14.24 in Quincy to $25.90 in
Chicago, and stood at $23.86 for all reporting cities. The large propor..
1200
FINANCIAL CHRONICLE
[VOL. 133.
tlon of women included in the Quincy figure accounts for the low earnings
Rock Island.
-Seven factories employing 738 workers reported increases
- of 8.1% in employment and 5.7% in payrolls over the preceding month.
reported for that city. The average weekly earnings of men in the re
Porting cities ranged from $19.09 to $28.21; and for women from $8.84 Except for the metals group, all industrial groups shared in the expansion.
to $18.21. Average earnings were not computed where reports covered Average weekly earnings dropped to $23.46 from $23.97 the preceding
month. The unemployment ratio increased to 294.9 in July from 281.4
fewer than 50 employees.
Outdoor work has failed to expand to the extent which had been ex- in June.
Springneld.-Inereases were recorded by 12 factories of this city totaling
pected. A large amount of road construction work is still pending, waiting
for the settlement of contracts. The demand for farm labor has been 6.6% in employment and 26.0% in payrolls. An electrical apparatus
less than usual, the farmers doing their own work as far as possible, and concern was mainly responsible for this marked expansion, although other
wage rates have been low. However, there was some increase in the Industries contributed to it. Weekly earnings rose from an average of
$18.84 in June to $22.27 in July. At the free employment office the
demand for farm labor during the past month.
At the free employment offices of the State 262.1 registrations for each ratio of unemployment showed a decrease registering 122.7 in July as
100 places available were reported for July, compared with 244.7 In June. against 124.8 the preceding month.
Sterling-Rock Falls.
-A curtailment In operations was reported by 12
Increases In this so-called unemployment ratio were especially marked
for clerical workers, boys and domestic and personal service, hotel and factories In this territory, employment decreasing 7.4% and payrolls
restaurant workers. Ten of the 16 cities in which free employment offices 8.3%. The former item has showed a marked decrease every month since
are located registered Increases in this ratio over the preceding month. February, and the latter each month since January. Most reporting
and seven of the 14 cities for which figures are available showed higher firms in this territory are metal industry establishments. Weekly earnings dropped from an average of $21.36 In June to $20.68 for July. A year
ratios than for July 1930.
-Twenty factories reported an 0.2% decrease In employment ago earnings averaged $21.64.
Aurora.
AU Other Cities.
-The group of other cities for which reports are comand a 3.6% loss in payrolls from June to July. A textile plant regis
tered a substantial Increase in operations. Average weekly earnings bined registered increased employment in the furs and leather goods group.
for both sexes combined amounted to $17.35, slightly less than the aver- in paper and printing, and in food products. Fur and leather goods and
age of $17.98 received a month earlier. The ratio of applicants to avail- chemicals, oils and paints showed larger payrolls. Substantial losses.
able jobs at the free employment office dropped from 211.3 in June to however, in both men and payrolls were recorded by the metal industries.
by wood products, and by textiles. The total number of reporting firms
197.5 in July.
Bloominoton.-Eleven reporting factories in this city registered a 9.3% registered a net gain of 0.4% in employment with an 0.8% loss in payIncrease in employment, but decreased payrolls6.6%. Average weekly ear- rolls. Weekly wage payments averaged $20.46 as compared with $20.19
nings dropped sharply, from $23.90 in June to $20.41 in July. The unem- the preceding month. A year ago average weekly earnings were $23.35.
ployment ratio. however, registered a decline, falling from 142.6 to 139.9.
The statistics supplied by Mr. Myers follow:
Chicago.-Fonr hundred and ninety-nine reporting factories decreased
employment 3.1% and payrolls 4.2%. With the exception of furs and COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
leather goods, paper and printing. and the clothing industry, every InJULY 1931.
dustrial group in this city curtailed operations. The metals and machinery group decreased employment 6.0% and payrolls 10.1%. Stone,
Employment.
Earnings (Payroll).
clay and glass products establishments laid off 7.5% of their workers
and reduced wage payments 13.6%. Wood products firms registered
Index of
Average
Total
Per Cent
Employment
Weeklys
Earnings
a decline of 8.1% In both Items. Weekly earnings averaged $25.90 as
Change
Industries.
(Average
Per Cent Earning.
compared with $26.01 the preceding month, earnings for men dropping
from a 1925-27..100). of Chge. July 1931
from $28.48 to $28.21, while earnings for women rose from $17.57 to
Month
from
Ago. July June July June
$18.21. The free employment offices reported a ratio of 391.4 applicants
Fe
1931. 1931. 1930. 1931, Males. males,
in June and 400.9
to every 100 available jobs, as compared with 346.1
a year ago.
All Industries
-2.6 74.7 76.7 87.3 -4.4 $28.18 $17.42
-2.5 70.5 72.3 85.7
According to the index figures. Chicago factories in July were employ- All manufacturing Industries
26.41 15.64
-3.8 66.8 69.4 78.6
25.27 11.48
ing 19.4% fewer workers than a year ago and were paying out 28.3% Stone, clay, glass
Miscellaneous stone-mineral
-9.5 62.9 69.5 76.2 -12.4 24.00 •
less in weekly wages.
Lime, cement, plaster
+17.8 69.9 59.3 81.8
+9.8 26.16
Cicero.
-Ten reporting Cicero factories decreased employment 6.5%
Brick, tile, pottery
-12.9 45.3 52.0 57.1 -19.4 21.68 •
Glass
+0.4 98.6 98.2 108.7 +1.9 27.91 11.84
and payrolls 20.6%, with the metals group of industries mainly responsible
23.84 16.41
for the declines. Employees' weekly earnings averaged $23.11 as com- Metals, machinery, conveyances -5.3 65.2 68.9 86.2
Bon and steel
-8.4 62.3 68.0 105.2 -18.2 21.80 11.77
pared with $27.06 a month earlier. The unemployment ratio was 333.8
Sheet metal work, hardware
-4.9 72.8 76.5 86.0 -10.6 22.82 13.07
for July, compared with 227.5 for June.
Tools, cutlery
-10.8 40.9 45.8 60.4 -21.7 22.55 10.84
Cooking & heating apparatus_ -1.9 71.3 72.7 88.5 -3.7 21.29 9.98
Danville.
-The most severe reductions in operations among the 15
Brass, copper, lino and other_ -1.8 63.3 64.5 94.4 +1.0 22.44 14.39
cities were reported for Danville. Employment decreased 20.4% and
Cars,locomotives
+2.6 15.7 15.3 49.8 -11.3 17.82 •
payrolls 21.2% in the 13 reporting factories of this city. A large brick
Autos, accessories
-10.4 64.1 71.5 72.7 -2.2 20.30 12.33
yard laid off 100 men, about half of its total employment. Weekly earnMachinery
-3.0 61.8 63.7 94.6
22.83 11.94
Electrical apparatus
-3.8 68.6 71.3 83.3 +0.9 30.93 20.84
ings of factory workers averaged $21.92, slightly lower than the $22.16
Agricultural Implements
-6.5 56.5 60.4 83.9 -13.7 18.57 •
paid in June. The ratio of registrations for work to available jobs rose
Instruments and appliances
-10.5 59.2 66.2 66.0 -13.1 27.38 18.64
from 230.7 to 233.0. according to the report of the free employment office.
Watches, jewelry
+1.3 69.0 68.1 54.7 -2.7 25.46 4.02
All other
-2.5
This office states that the county hard road program has been finished
-33.5 15.89 •
Wood products
-7.3 48.1 4
. 60.5
1.15
20.08 10.03
and that building activities are at a standstill.
+1.0 41.8 41.4 57.7 +3.2 22.72 •
Saw. Planing mills
-Employment In 20 factories of this city increased 2.3% and
Decatur.
Furniture, cabinet work
-7.8 48.0 52.1 66.4
19.57 9.96
average weekly earnings advancing from $21.00 to
payrolls 2.6%, with
Pianos, musical instruments
-36.6 22.6 35.7 41.3 -61.2 18.48 •
$22.18. The metals and food products industries were mainly responMiscellaneous wood products- -1.
5 52.9 53.7 66.7 -1.6 19.81 10.82
+3.1 98.7 95.7 88.6
+5.0 27.10 15.58
sible for this improvement. The free employment office reported a higher Furs and leather goods
Leather
+9.7 103.9 94.7 72,9 +12.1 29.46 18.23
employment ratio than for the preceding month, 313.1 as against 208.5,
Furs, fur goods
+13.7 104.6 91.9 103.7 +13.8 40.12 •
number of men who applied for work on a natural gas
due to the large
Boots and shoes
+2.5 101.0 98.5 94.4 +3.4 23.20 18.24
-20.4 26.9 33.8 39.2 -15.7 26.45 14.40
Miscellaneous leather goods
pipe line under construction.
-1.3 80.6 81.7 92.9 +2.1 28.57 13.38
-Twenty factories laid off 3.3% of their workers while Chemicals, oils, paints
East St. Louis.
+2.4 72.2 70.5 73.5 -4.2 25.23 12.92
Drugs. chemicals
maintaining payrolls practically unchanged. This caused an Increase
Paints, dyes, colors
-7.8 79.9 86.7 86.4 -11.8 26.64 13.67
+0.1 75.0 74.9 96.0 +9.2 32.21 16.28
in average weekly earnings from $20.46 to $21.72. Industries registering
Mineral and vegetable
+0.5 84.9 84.5 94.8 +7.7 26.13 12.23
Miscellaneous chemicals
Increased wage payments were paper and printing, food products and
+0.7 88.9 88.3 107.3 +0.4 35.96 17 3
miscellaneous manufacturing. There were 116.1 registrations to every Printing and paper goods
Paper boxes, bags, tubes
+0.3 78.5 78.3 83.7 +0.4 26.32 13..2
100 places available at the free employment office In July as compared
+0.6 87.2 86.7 87.0 -1.4 28.38 16 1,
Miscellaneous paper goods
8
Job printing
-1.3 71.0 71.9 102.6
with 118.9 In June.
+0.9 34.70 17.72
-5.6 88.9 94.2 90.6 -7.7 44.82 20.81
Newspapers, periodicals
Joliet.
-Losses of 12.3% in employment and 18.0 in payrolls were
+11.9
Edition book binding
+6.3 37.45 22.25
shown by 28 reporting factories, 15 metal industry concerns causing prac+9.5 43.47 19.'6
Lithographing and engraving. +6.4
tically all of this decline. Weekly earnings averaged $21.13 as against Textiles
-5.7 20.71 9.13
+9.0 108.7 99.7 86.4 +15.8 18.25 10.73
Cotton, woolen goods
$22.59 In June. The free employment office of this city reported that
-11.5 88.9 100.4 79.5 -12.4 21.21 7.89
Knit goods
all Industries were working part-time and with reduced forces except a
+3.6 107.6 103.9 73.6
Thread and twine
+1.8 24.78 12.55
wall paper mill which was operating normally. The unemployment
+3.9 91.6 88.2 108.3 -13.7 21.11 9.10
Miscellaneous textiles
+1.6 74.5 73.4 76.8 +20.8 33.63 18.03
Clothing and millinery
ratio increased slightly, from 281.1 to 283.1.
Men's clothing
+9.2 66.2 60.6 69.1 +39.9 34.73 22.09
-Employment in 20 factories decreased 15.7% and payrolls
Moline.
Men's shirts, furnishings...- +13.9 64.1 58.3 58.5 +11.5 21.36 10.45
16.0%, marking the fourth consecutive decline in employment and the
+9.9 26.8 24.4 38.4 -0.2 22.78 9.40
Overalls, work clothes
seventh consecutive decline In payrolls for this city. Weekly earnings
Men's hats, cape
+30.0 77.2 59.4 85.2 +138.8 27.61 •
Women's clothing
-20.9 87.9 111.1 88.8 -26.1 23.92 11.36
averaged $20.92 as compared with $20.98 in June and $25.32 last July.
Women's underwear
-0.1 141.6 141.7 145.7 -15.5 29.85 10.30
Farm Implement factories are not expected to resume operations until
Women's hats
-40.2 16.7 27.9 30.4 -60.1 24.20 10.10
fall. At the free employment office 196.7 persons registered for every Food, beverages, tobacco
+1.1 77.0 76.2 88.8
28.60 15.77
100 places available in July, as compared with 155.6 in June. Outside
Flour. feed, cereals
71.1 72.4 90.7 +4.8 30.69 12.18
Fruit, vegetable canning
+46.6 16.1 11.0 20.2 +4.0 12.49 5.18
construction projects are reported to be giving employment to a large
Miscellaneous groceries
+0.9 80.4 79.7 87.2 -0.6 26.89 12.09
number of men.
Slaughtering, meat Packing
+0.0 84.5 84.5 92.5 -0.7 27.29 19.98
Peoria.
-While several Industrial groups represented in reports from
Dairy products
+0.2 104.5 104.3 107.2 +1.7 37.76 14.25
Bread,other bakery products_
33 factories Increased both employment and payrolls, losses in the stone,
31.66 14.59
72.7 74.0 80.8
Confectionery
-9.0 74.1 81.4 95.7 -28.4 30.24 12.96
clay and glass and metals groups were sufficient to offset most of these
Beverages
+2.3 69.7 68.1 72.5 -1.6 28.16 *
higher than in June, but
gains. Total employment figures were 0.2%
Cigars, other tobaccos
28.57 22.30
-7.6 71.0 76.8 89.2
payrolls were 6.5% smaller. Weekly earnings averaged $25.22, comManufactured ice
+42.6 126.2 88.5 98.7 +39.6 43.36
Ice cream
pared with $26.43 a month earlier. The unemployment ratio declined
+17.5
+13.8 57.33 13.91
Miscellaneous manufacturing
-8.8
-61.1 10.61
to 130.1 from 140.3.
Non-manufacturing
-5.5 32.40 19.34
-Increases of 3.1% in number of workers employed and 3.0% Trade-Wholesale, industries._
Quincy.
retail
-1.9 "63.9 65.1 69.0 -0.0 38.22 18.83
12 factories of this city. The emin wage payments were reported by
30.20 18.13
Department stores
-5.7 92.6 98.2 92.8
Wholesale dry goods
ployment gain was mainly in the clothing industry, while metals con-2.5 73.6 75.5 82.6 -2.3 27.04 14.43
Wholesale groceries
+3.3. 76.6 74.2 82.2 -4.6 29.53 15.39
tributed most of the payroll increase. Weekly earnings registered a
Mail order houses
54.3 55.0 63.0 +1.3 25.96 19.49
sharp decline, averaging $14.24 in July as against $17.19 in June. This
Milk distributing
+3.9 52.95 35.80
+0.7
was caused by an increase in the proportion of women employed, coupled
Metal jobbing
-1.7 30.93 •
-0.6
with the fact that their weekly earnings averaged $8.84 as compared with Services
-6.2 21.94 14.97
Hotels and restaurants
21.07 15,08
-3.4
$19.11 for men. The unemployment ratio Increased from 153.9 in June
Laundries
32.03 14.57
foYi
-0.2 1r2r.i
to 160.0 in July.
Public utilities
-3.1 92.9 95.9 102.1 -6.9 34.57 20.29
Rockford.
decreases of 4.4% in employment
-Forty factories reported
Water, gas, light and power
-2.7 117.1 120.3 117.8 -10.0 29.62 •
and 3.5% in payrolls during the month. Metal Industry concerns laid
Telephone
-1.4 99.9 101.3 114.4 -3.9 42.57 20.20
36.36 •
Street railways
-5.0 87.1 91.7 95.5
off 2.2% of their workers with practically no reduction in payrolls. The
Hallway car repair
63.1 66.3 73.2 -11.1 26.35 22.22
employment and payrolls
wood products and textiles groups reduced
Coal mining
-1.0 68.1 68.8 64.1
+0.7 17.78
sharply. Weekly earnings averaged $20.24, or slightly less than the $20.42 Building, contracting
34.99
43.7 47.1 73.4
34.79
Building construction
paid a month earlier. The ratio of registrations for work to places avail-4.1 24.8 25.9 53.5
Road construction_
+13.1 61.8 54.6 198.5 +20.3 30.14
able increased during the month of July from 152.1 to 183.2. A street
37.83
Miscellaneous contracting__. -22.6 85.1 109.9 122.3
widening project started at the close of the month was reported to be
to Figures omitted because fewer than 50 employees were reported.
furnishing employment to about 100 men.
More Than Seasonal Decline Noted in Factory Employment in Pennsylvania During July by Philadelphia
Federal Reserve Bank-Wages and Employment
Also Lower in Delaware.
Employment, working time and payrolls in Pennsylvania
factories in July declined more than seasonally for the third
successive month, according to indexes of the Philadelphia
Federal Reserve Bank based on reports from 840 manufacturing plants which in July employed 250,000 workers
and had a weekly payroll of $5,100,000. The reduction in
the number of workers amounted to 2.7% and in employeehours and wage payments 8%; last year at the same time
employment dropped 5% and payrolls 9%. The Bank's
survey issued Aug. 17 continued:
Leather and rubber, and lumber products Were the only two out of nine
manufacturing groups that reported gains in employment, in man-hours
worked and in wages paid out. The other groups on the whole showed
marked recessions from June to July. Out of 51 individual industries,
had larger payrolls and 13 more workers than in the previous month.
The employment index in July was 72.5% and the payroll index was
55.6% of the 1923-25 average, declines from a year ago being 17 and 32%,
respectively. From the peaks this year employment dropped 9% and wage
payments 21%. The July indexes were the lowest in many years.
While all groups had substantial reductions in payrolls from a year ago,
there were some specific industries, particularly those manufacturing
Consumers' goods, that showed appreciable gains. Among these were
cotton and wool manufactures, carpets and rugs. women's clothing and
men's furnishings.
Delaware factories employed 2% fewer workers and paid out 12% less
In wages in July than June. The sharp gain in employment and payrolls in
the food and tobbacco group reflected mainly the usual seasonal activity
in canning and preserving.
8
EMPLOYMENT AND WAGES IN PENNSYLVANIA,
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
Index Numbers-1923-1925 average100.
Group and Industry.
1201
FINANCIAL CHRONICLE
AUG. 22 1931.]
Employment
Payrolls
July 1931.
July 1931.
No. of
Cent
Plants
Per
Per Cent
ReportChange Since
Change Since
July
ing.
July
July Index. June
Index. June
July
1931. 1930.
1931. 1930.
All manuf. Indust. (51)
72.5 -2.7 -17.2 55.6 -8.3
840
Metal products
66.4 -3.8 -23.9 48.7 -6.9
253
Blast furnaces
12
40.7 -9.4 -27.3 30.4 -9.8
Steel works & rolling mills 52
58.7 -5.9 -25.0 42.1 -8.3
Iron and steel forgings
69.7 -5.4 -11.4 48.6 -10.3
9
Structural iron work
10
99.4 +15.0 -19.8 82.7 +11.9
Steam and hot water heating appliances
87.5 -3.0 -13.4 63.4 +2.9
15
Stove;and furnaces
64.9 -3.7 -13.8 36.4 -9.0
8
Foundries
63.5 -7.7 -31.7 38.3 -19.5
35
Machinery and parts
45
76.7 -3.4 -20.1 54.4 -8.1
Electrical apparatus
92.5 -0.2 -18.1 75.8 -43
23
Engines and pumps
10
47.3 -1.7 -45.3 33.6 -6.4
Hardware and tools
67.8 -3.8 -18.8 51.5 -2.3
21
Brass and bronze products 13
63.1 -2.0 -29.7 49.5 -1.4
Transportation equipment
37 *46.7 -3.5 -34.0 .30.9 -8.3
Automobiles
4
63.7 -5.2 +1.8 29.8 -11.0
Automobile bodies parts
49.1 -5.4 -33.0 31.0 -0.6
11
Locomotives and cars
23.2 41.8 -48.9 16.0 -1.2
12
Railroad repair shops_ _
6
69.5 +0.1 -5.7 60.2 -6.2
Shipbuilding
4
44.9 -15.6 -50.6 51.1 -29.8
Textile products
80.9 -4.3 -5.7 65.2 -13.6
165
Cotton goods
63.2 -2.8 +4.6 55.1 -8.3
13
Woolens and worsteds
60.3 +4.1 +7.9 54.6 +1.3
14
Silk goods
45
76.8 -4.7 -14.4 68.4 -9.2
Textile dyeing & finishing 12
82.6 -0.2 -7.2
70.5 -3.3
Carpets and rugs
63.3 -3.1 +2.9 49.3 -9.7
9
Hats
76.2 -0.7 -14.0 52.7 -7.1
3
Hosiery
98.7 -5.8 -5.1 75.6 -24.4
31
Knit goods, other
86.8 -1.9 -0.9 70.2 -9.3
13
Men's clothing
0.0 62.2 -20.6
80.3 -4.7
9
Women's doting
80.4 -35.4 +16.9 69.5 -41.5
8
Shirts and furnishings
8 137.3 -1.6 +9.8 118.4 -2.6
Foods and tobacco
93 104.1 -0.6 -5.4 94.1 -2.8
Bread and bakery prods
27 105.8 -1.7 -5.1 97.7 -3.9
Confectionery
92.7 -3.1 -1.9 80.4 -11.1
13
Ice cream
11
127.7 +5.7 -2.1 120.9 -4.6
Meat packing
93.6 -0.5 -1.5 79.1 -2.2
14
Cigars and tobacco
23 102.8 +0.2 -6.8 88.9 -0.4
stone.clay & glass products_ 71 55.4 -5.8 -18.7 38.6 -15.0
Brick, tile & pottery
69.6 +1.9 -15.1 40.1 --6.7
34
Cement
15
52.9 -3.8 -18.1 40.0
15.6
Glass
45.0 -18.0 -25.1 36.2 -22.2
22
Lumber products
57.8 +4.0 -22.0 49.1
52
+3.4
Lumber & planing mills
16
33.0 +0.6 -55.3 29.8 -1.3
Furniture
30
68.0 +10.0 -0.1 57.2 +11.3
Wooden boxes
62.6 -7.5 -13.7 51.3 -14.1
6
Chemical products
91.0 -1.8 -3.6 83.6 -4.6
57
Chemicals and drugs
62.0 -8.8 -13.5 59.2 -6.5
34
Coke
3
67.7 -3.0 -32.3 43.0 -9.3
Explosives
3
80.8 -0.1 -0.7 83.3 +5.8
Paints and varnishes
11
91.9 -2.5 -5.5
79.9 -11.4
Petroleum refining
6 132.6 -0.2 +10.9 130.4 -2.7
46
Leather & rubber products_
94.4 +8.8 -2.9 88.4 44.7
Leather tanning
17 100.7 +1.9 -7.3 93.0 +0.2
Shoes
18
92.8 +27.8 +1.3 72.6 +26.3
83.6
Leather products, other
7
+0.4 +4.0 91.8 -2.2
4
90.0 +0.8
Rubber tires and goods_
+1.5 110.9 +2.0
Paper and printing
66
89.8 -2.5 -7.4 84.5 -6.1
13
78.3 -3.1 -5.8 66.0 -7.2
Paper and wood pulp_ _ _ _
10
77.0 -2.7 -10.4 71.2 -11.7
Paper boxes and bags_ ..
PrI/IfInv A. petdishing
43
95.8 -2.2 -6.6 02.8 -As
• Preliminary figures.
EMPLOYMENT AND WAGES IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
Industry.'
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
-31.5
-40.1
-43.7
-42.0
-29.8
-25.4
-31.2
-40.7
-51.4
-34.9
-36.4
-60.6
-28.4
-40.6
-52.7
-24.9
-47.7
-61.0
-15.4
-64.6
-8.7
+16.2
+5.2
-14.2
-14.1
+14.1
-27.7
-7.4
-19.1
-5.3
+10.1
+8.4
-10.0
-12.4
-3.5
-3.0
-11.9
-11.4
-29.8
_31.
5
-32.5
-22.6
-28.8
-57.5
-11.0
-22.9
-15.2
-14.8
-49.7
-11.5
-16.2
-1.3
-8.1
-14.4
-9.5
+14.0
+16.1
-15.1
-11.5
-24.8
-1el 1
No.
Increase +) or Decrease (-)
July 1931 from June 1931.
of
Plants
Report- EmployTotal
A rerays
meat.
Wages.
Wages.
58
12
6
4
7
4
5
5
8
7
1.5
-2.1
-8.2
+1.1
+24.6
+1.9
3.9
-6.0
+3.6
-7.6
-11.8
+1.0
-26.6
+2.7
+8.3
+0.6
-26.1
-18.9
+0.1
-8.3
-10.5
+3.1
20.1
+1.7
13.0
1.2
-23.1
13.7
3.3
0.7
-
EMPLOYEE
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA.
Compiled by the Federal Reserve Dank of Philadelphia and the Department Of
Labor and Industry. Commonwealth of Pennsylvania.
Group and Industry.
No.
of
Plants
Reporting.
Em p1.
Hours Hourly Wages. •Weekly Wages.
Change
July '31
June
July
June
July
from
1931
1931
1931
June '31 1931
-7.9 5.559 5.559 $20.24 $21.25
All manufacturing Industries (48) 587
.617 20.64 21.44
.613
-6.4
Metal products
209
.578 22.63 22.71
.587
Blast furnaces
-11.8
11
.640 20.62 21.12
Steel wroks and rolling mills_
.639
-8.9
38
.562 18.01 21.08
.545
Iron and steel forgings
-16.7
9
.618 23.88 24.52
Structural iron work
.606
+18.7
8
.574 20.78 19.56
Steam & hot water heat. upper. 13
.575
+11.6
.644 17.19 18.10
Stoves and furnaces
.675
-12.2
3
.592 17.30 19.83
Foundries
.583
-18.4
30
.599 21.04 22.12
Machinery and parts
.593
-7.7
39
.614 21.41 23.03
Electrical apparatus
.609
-2.4
22
.618 19.10 20.02
Engines and pumps
.648
-10.6
10
Hardware and tools
.506 17.62 17.32
.478
-5.1
15
Brass and bronze products__
.558 22.14 21.98
.559
-1.6
11
19.92 20.93
Transportation equipment
.628
.613
-9.8
28
Automobiles
.610 17.47 18.60
.594
-8.6
4
Automobile bodies and parts._
.582 18.91 18.07
.595
-0.3
8
Locomotives and cars
.604 20.19 20.87
.581
-2.8
8
Railroad repair shops
.711 23.29 24.83
.709
-15.4
4
Shipbuilding
.680 20.00 24.08
.653
-26.9
4
Textile products
.413 16.66 18.31
.421
-16.5
99
Cotton goods
.462 19.51 20.83
.462
-4.9
11
Woolens and worsteds
.469 21.30 21.93
.482
+9.5
8
Silk goods
15.74
.375 15.41
.370
-12.7
29
Textile dyeing and finishing
.477 20.81 21.48
.493
-4.9
7
Carpets and rugs
.502 19.84 21.44
.507
-14.0
6
16.34 20.40
Hosiery
.471
.492
-27.5
15
Knit goods. other
.360 14.22 15.10
.380
-16 0
10
Men's clothing
.306 12.65 15.15
.280
-7.9
3
Women's clothing
.297 11.94 13.18
.270
-39.5
7
Shirts and furnishings
.313 12.92 13.06
.335
-11.4
3
Foods and tobacco
.443 19 02 19,54
.452
-7.1
55
Bread and bakery products
.480 25.64 26.25
.473
-2.6
21
16.92 18.63
.401
.440
-26.6
Confectionery
7
Ice cream
.525 30.24 30.57
.526
+6.6
8
Meat packing
.531 25.82 26.28
.530
-0.1
9
Cigars and tabacco
-2.3
10
.363 14.15 14.22
.358
Stone, clay and glass products_ _ _
.534 19.75 21.89
.534
-11.7
47
Brick, tile and pottery
.483 14.95 16.27
.490
-3.2
22
Cement
.542 23.78 27.10
.535
-18.2
10
Glass
.571 20.41 21.50
.584
-7.7
15
Lumber products
.515 19.30 19.42
.524
+4.0
45
Lumber and planing mills
.518 19.68 20.06
.495
+7.8
13
Furniture
.527 20 42 20.22
.544
+9.1
28
Wooden boxes
467 15.85 17.04
.471
-19.0
4
Chemical products
.572 25.62 26.38
.572
-3.8
27
Chemicals and drugs
.478 26.88 26.26
.504
-9.7
13
Paints and varnishes
.498 21.68 23.63
.494
-11.6
9
.600 28.21 28,94
Petroleum refining
.595
-1.2
5
Leather and rubber products_ _ _
.507 21.06 22.04
.482
+11.9
29
Leather tanning
.539 23.79 24.21
.529
+6.8
9
Shoes
.340 13.07 13.74
.301
+42.9
10
Leather products, other
.554 25.63 26.31
.547
-0.4
6
Rubber tires and goods
.578 30 32 29.98
.588
+0.3
4
Paper and printing
.631 28.16 29.25
--5,9
.626
43
Paper and wood pulp
.540 23.19 24.22
.540
-9.2
9
Paper boxes and bags
.385 14.63 16.14
.354
-7.6
7
Printing and publishing
-3.2
32
.733 32.19 33.29
.722
• Those figures are for the 840 firms reporting employment.
EMPLOYEE HOURS IN DELAWARE.
Compiled by Federal Reserve Bank of Philadelphia.
Industry.
Increase (-I-) or Decrease(-)
No.
of
July 1931 from June 1931.
Plants
Total
Total
Report- EmployHours.
Wage.!.
ment.
ing.
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
52
10
5
4
6
4
5
5
7
6
-1.2
+0.2
-16.4
+1.1
+25.4
+1.9
-3.9
-6.0
+4.0
-8.1
-7.5
+4.8
-27.5
+2.7
+8.6
+0.6
26.1
18.9
+0.7
-7.6
-3.2
+2.9
-22.1
+2.1
+19.4
-1.3
-26.7
-18.2
+8.1
-14.1
EMPLOYMENT AND WAGES IN CITY AREAS.
Compiled by the Department of Research and Statistics of the Federal Reserve
Bank of Philadelphia.
Payrolls
Employment
No. Percentage Change Percentage Change
July 1931 Since July 1931 Since
of
Plants
July
June
July
Report- June
1930.
1031.
1930.
1031.
ing,
Allentown-Bethiehem-Easton
Altoona
Erie
Harrisburg
Hazeiton-pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
77
14
24
33
19
15
29
11
248
DI
67
35
24
24
25
28
49
-4.5
0.0
2.2
-1.3
+15.7
+0.9
+0.8
-25.3
2.8
-3.6
0.0
6.6
-5.8
+1.1
-2.1
0.0
-1.3
-22.7
-11.4
20.7
28.5
26.7
-40.0
4.2
-39.8
14.3
19.9
-13.0
-23.8
14.0
4.7
6.2
13.0
11.8
-
-10.6 -36.5
29.1
8.5 -3.1 -24.6
-15.2 -40.7
+19.0 -28.8
+0.5 -38.7
0.8 -14.3
-21.3 -50.9
7.3 -24.8
43.0
--8.1 --7.8 -19.9
-6.2 -19.9
20.3
--11.6 13.8
-2.1 -2.8 -19.4
24.2
--9.9 2.0 -22.5
-
Industrial Employment Conditions in Ohio-Decline
of 3% in July As Compared with June.
Total industrial employment in Ohio in July was 3% less
than in June, although the average June-to-July change
during the past five-year period has been a decline of
only 1%. This information Is contained in the survey of
industrial employment in Ohio and Ohio cities for the month
of July, issued by the Bureau of Business Research of the
Ohio State University. We quote further, as follows, from
the survey:
1202
FINANCIAL CHRONICLE
The greater-than-average decline in employment in July from June was
caused by further declines in all three types of employment constituting
the total; namely, manufacturing, non-manufacturing and construction
employment. Although the 1% decline from June in the non-manufacturing
trades was no greater than the usual seasonal decline, the 3% decline in
the manufacturing industries was greater than the five-year average decline
of 2%, and the 3% decline in the construction industries was in contrast
with a five-year average June-to-July increase of 6%.
Although 265 of the 708 individual manufacturing concerns reporting
to this Bureau reported employment increases in July from June, no one
of the major manufacturing industries of the State reported an employment
Increase, although the lumber products group and the miscellaneous manufacturing group reported no further decline from June. The June-to-July
stability in the miscellaneous group, however, was in contrast with a
five-year .average increase of 3% for this period. In all of the other
major manufacturing groups, except the textile products and the vehicles
group, the July decline from June was either greater than the five-year
average June-to-July decline or in contrast with a condition of stability.
The 2% decline in the textile products group and the 6% decline in the
vehicles group were no greater than the average June-to-July decline in
these groups, indicating at least seasonal stability. The July decline from
June amounted to 2% in the chemicals, the paper and printing, and the
rubber products group; 3% in the machinery and metal products group;
4% in the food products group, and 9% in the stone, clay and glass
products group. As compared with the corresponding month of last year,
total employment in Ohio in July showed a decline of 15%; manufacturing
employment of 14%; non-manufacturing employment of 15%; construction employment of 39%. Total employment for the first seven months
of 1931 was 17% less than for the first seven months of 1930. Manufacturing employment for the same period was 17% behind the corresponding
period of last year, while non-manufacturing employment declined 16%
and construction employment 35%.
The 6% decline in July from June in the vehicles industries, of which
automobiles and automobile parts is the principal industry, was no greater
than the five-year average decline for this period. The total volume of
employment in this group of industries in July, however, was 18% less
than in July of last year and for the first seven months of 1931, fell 18%
behind the corresponding period of 1930.
The 3% decline in employment in July from June in the metal products
Industries was greater than the five-year average decline of only 1%. The
total volume of employment in the metal products industries in July was
16% less than in July of last year, and, for the first seven months of 1931,
fell 20% below the corresponding period of 1930. Of the 165 concerns
reporting from this group, 57 reported an increase in employment in July
from June, and 16 reported no change.
The 3% employment decline in the 124 reporting machinery concerns
was in contrast with the usual June-to-July stability as shown by the average
change for this period during the past five years. The total volume of
employment in the machinery industries in July was 14% less than in
July of last year, and for the first seven months of this year fell 17%
below the same period of last year.
The 2% decline in employment in the rubber products industries, of
which tire and tube manufacturing is the principal industry, was slightly
greater than the five-year average June-to-July decline of 1%. The total
volume of employment in the rubber products industries in July was 22%
leas than in the same month of last year and for the first seven months
of 1931 was 25% less than in the corresponding period of 1930.
The 9% decline in the stone, clay and glass products group was greater
than the average June-to-July decline of 8%, and the total volume of employment in July was 10% less than in July of last year, while the total
for the firvt. seven months of 1931 was 11% less than for the corresponding
period of 1930.
The unchanged condition of employment in July from June in the lumber
products industries compares favorably with the five-year average decline
of 1% for this period, indicating a slight seasonal improvement. The
total volume of employment in this group of industries, however, was 11%
less than in the same month of last year, and for the first seven months of
1981 was 24% behind the corresponding period of 1931.
All of the chief cities of the State except Cincinnati reported a decline
In total industrial employment in July from June. The 1% increase in
Cincinnati was no greater than the five-year average increase for this
period, indicating, therefore, no more than seasonal improvement. The
decline in employment in July from June was either greater than the
five-year average decline or in contrast with an average condition of
stability in all the cities. The 1% decline from June in Stark County,
of which Canton is the principal city, was no greater than the five-year
average decline for this period, indicating seasonal stability. The decline
in July from June amounted to , in Akron and Columbus;
7‘)
in
Dayton; 5% in Cleveland; 6% in Youngstown, and 7% in Toledo. As
July 1930 employment declined 2% in Dayton; 11% in
compared with
Cincinnati; 12% in Toledo; 13% in Cleveland ; 18% in Columbus; 17%
In Stark County; 21% in Youngstown, and 22% in Akron.
[VOL. 133.
Review of Illinois Building Situation During July
and the First Seven Months of 1931.
During the month of July 1931, according to Howard B.
Myers, Chief, Division of Statistics and Research of the
Department of Labor, 1,431 building projects,
involving a total estimated expenditure of $6,014,134,
were authorized in 44 reporting Illinois cities.* These
figures represent losses of 11.1% in number of buildings
and 9.6% in estimated cost from the level of the preceding
month. Building projects authorized this July, compared
with July 1930, show a loss of 36.7%. The total estimated
expenditure for July 1931 is less than half as large as a
year ago, to be exact 49% of last year's total. Further
discussing the Illinois building situation, Mr. Myers says:
The decrease in estimated cost from June was caused by an abrupt
drop of 68.3% for the cities outside the metropolitan area. The suburban
cities reported an increase of 70.2%. Chicago increased 13.8% overthe June total, thereby reversing the downward trend of the three Preceding months.
The suburban cities, for the first time since December 1930, reported
a total estimated cost higher than that of a year ago. The increase over
July 1930 for these cities was 61.3%. The cities outside the metropolitan
area reported an estimated cost 41.2% less than a year ago, and the Chicago
,
total was 76.5% less than last year.
The increase shown by the suburban cities was due mainly to nonresidential building, which increased 115.9% over last month in estimated
cost. Residential building also increased, however, rising 26.2%. In
Chicago residential and non-residential building increased in about the
same proportion. The loss suffered by the cities outside the metropolitan
area was due mainly to non-residential building, which shrank to approxi
mately one-sixth of last month's total. Residential building also declined,
but by a smaller percentage.
Of the 21 reporting suburban cities, 10 showed gains in valuation over
June. and seven-Berwyn, Cicero, Evanston, Glen Ellyn, Park Ridge.
Wilmette and Winnetka-reported a valuation higher than that of July
1930. The increase for Berwyn over last month was due mainly to four
permits for repairs to non-residential buildings at a total coat of 3255.000;
for Cicero to a $500,000 factory building; for Evanston to a $1,100,000
library and a $150,000 railway station; for Maywood to a $165,000 school;
and for Wilmette to an expanded residential program and a $35,000 repair
to a school building. The Winnetka total was largely due to a $130,000
community house.
Of the 22 reporting cities outside the metropolitan area, five reported
a valuation higher than that of June, and four-Aurora, Batavia, East
St. Louis, and Ottawa-were higher than a year ago. A $250,000 annex
to a school at Ottawa accounted for most of the total reported by that
city.
Of the total valuation for all reporting cities, 22.5% was to be expended
for residential building, 57.1% for non-residential building, and 20.4%
for additions, alterations, repairs and installations. The corresponding
percentages for Chicago were 25.4, 46.6, and 28.1; for the suburban cities
14.5. 71.1, and 14.4; and for the cities outside the metropolitan area 40.7.
36.9, and 22.4.
A total of 188 residential buildings was authorized during the month
in the 44 reporting cities, providing for 205 families at an estimated cost
of $1,351,804. Fifty-one of these buildings were to be erected in Chicago,
providing for 65 families at a cost of $521,150; 44 were to be erected in
suburban cities, providing for 45 familles at a cost of $430,614; and 93
were to be erected in cities outside the metropolitan area. providing for
95 families at a cost of $400,040.
During the month permits were issued for 409 non-residential buildings,
estimated to cost $3,436,682. One hundred and forty-eight of these
buildings were to be erected in Chicago at a cost of$956,975;87 in suburban
cities at a cost of $2.116,809; and 174 in cities outside the metropolitan
area at a cost of $362,898.
A total of 834 addition, alteration, repair and installation projects
were authorized by permits during the month. The work involved was
estimated to cost $1,225,648. Ofthese projects,330, with a cost of$577,200
were for Chicago; 114, with a cost of $427,957, for the suburban cities;
and 390. with a cost of $220.491, for the cities outside the metropolitan
area.
So far, this year has dropped appreciably below the low level of 1930.
During the first seven months of 1931 permits have been issued authorizing construction on 9,767 building projects, involving a total estimated
cost of 360,309,205. In the first seven months of 1930 14.900 building
projects were authorized, with an estimated expenditure of $79,335,616.
The decline from last year in number of building projects was 34.4%.
and in estimated cost 24%.
Due largely to increased activity during July, the suburban citiee
approach rather closely the last year's level, judging by estimated cost
INDUSTRIAL EMPLOYMENT IN OHIO.
Involved. During the past seven months these cities have authorized
an expenditure 9.7% less than during the same months of 1930. Chicago
an each series average month 1926 equals 100)
(Based on the number of persons on the payroll on the 15th of the month or nearest Is now 22.6% below last year, and the cities outside the metropolitan area
representative day as reported by co-operating firms.)
are 38.2% below that period.
Five of the 21 reporting suburban cities reported a valuation this year
which exceeds that of 1930. These cities were Berwyn, Evanston. River
Average
Change
Change
Average
Charge
Forest, Wilmette and Winnetka. The largest percentage of increase
from
July from
Jan.
-July
Index
from
over the preceding year among these cities was reported by River Forest,
July
June
Change
Juno
July
Ind:env.
1930.
from 1930. with 138.9%. The next largest percentage increase was 127.3% for
1931. 1926-1930
1931.
Winnetka. The largest total expenditure for 1931 among the reporting
Chemicals (29)*
-2%
91
-1%
- 2%
-8
%
suburban cities was $2,625,250 for Evanston. Four of the 22 reporting
Food products (62)
-1
-4
115
cities outside the metropolitan area also reported a valuation larger than
-11
-24
Lumber products (34)
-1
0
65
last year. These cities were Aurora, Bloomington, Ottawa and Quincy.
-14
-17
Machinery (124)
-3
o
88
-16
Metal products (165)
-20
-1
The largest percentage of increase, 256.7%, was reported by Ottawa, and
-3
70
Paper and printing (5I)_.....
-7
-6
0
-2
99
the second largest, 165.7%, by Quincy. The largest expenditure among
-22
Rubber products (21)
-25
-1
-2
69
these cities was $1.323,998, reported by Quincy.
Stone, clay & glass prods.(70)
-10
-11
-6
-9
7
2
The decline for the seven-month period as a whole have been due mainly
-8
Textiles (47)
-12
-2
-2
89
-18
Vehicles (60)
-16
-6
-6
to residential building. This type of building for the 44 reporting cities
80
Misc. manufacturing (45)...... 101
-7
-7
+3
o
decreased from $25,207,612 in 1930 to $12,153,956 in 1931, or 51.8%.
Non-residential building declined from $44,927,821 to $40,909,500, or
Total manufacturing (708)
-17
-14
-2
79
-3
8.9%. The decreases for Chicago and for the suburban cities were also
Service (23)_
-6
-5
-2
110
0
due mainly to residential building. In Chicago, residential building de-12
Trade (35)
-6
-2
83
-2
dined from $13,996,550 to $4,889,000. or 65.1%, while non-residential
-14
-15
Transplat'n & pub. utli.(13)
91
o
+1
building declined from $32,661,200 to $31,079,140, or 4.8%. Residential
-15
-16
Total non-manufacrg (71)
83
building for the suburban cities declined 28.4%, from $5,241,312 to $3,-1
-1
-35
Construction (177)
-39
62
-3
+6
753,285, while non-residential building increased 10.5%, from $4.322.114
-.4
All industries (95R1
_1
-15
51
-17
to $4,775,146. The decline among the 22 reporting cities outside the
metropolitan area was distributed fairly equal, residential building
•Figures in parentheses indicate number of reporting firms.
AUG. 22 1931.]
ecreasing 41.2%, from $5,969,750 to $3.511,671, and non-residential
uilding 36.4%,from $7,944,507 to $5,055,214.
* Figures for Rock Island for July 1931 are not yet available, consequently that
ity is omitted from this report. All comparisons with previous months have
n based on 44 cities, excluding Rock Island.
Details are furnished as follows by Mr. Myers:
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
ABLE 1.
BASED ON PERMITS ISSUED IN 44 ILLINOIS CITIES IN JULY 1931,
BY CITIES.
June 1931.
July 1931.
Cities.
Total all cities
1203
FINANCIAL CHRONICLE
July 1930.
No. of Estimated No. of Estimated No. of Estimated
Bids.
Cost.
Biskra.
Cost.
Cost.
Bkigs.
3
$
$
*1,431 *6,014,134 *1,610 *6,653,819 *2,259 *12,272,661
Metropolitan area
774
5,030,705
900
3,553,316 1,455 10,600,767
Dhleago
529
2,055.325
656
1,805,545 1.101
8.756,070
kletropolitan area, excluding Chicago..
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
245
26
25
15
25
9
1
3
12
14
4
6
14
12
14
21
10
4
4
3
16
7
2,975,380
810,055
20,975
541,285
1,327,750
1.570
15,000
8,900
6,064
51,650
17,250
9.900
82,104
12,900
170,232
84,835
35.725
4,850
5,100
8,900
116,235
144,100
244
22
25
26
35
12
5
7
13
14
1,747,771
13.475
23.074
44,360
207,500
3.725
45,350
15.830
172,689
14,480
5
15
4
16
13
8
4
2
5
5
8
15,775
93.668
1.050
4,505
32,465
23,750
25.675
5,400
16,700
48,450
939,850
1,844,697
62,750
21,682
89,348
319,750
6,025
48,500
3,940
59,160
90,997
19,500
51,500
199,700
74,355
291,705
171,865
19,820
52,400
8,250
30,700
103,400
121,350
354
35
28
26
45
16
7
10
21
16
2
10
15
6
21
32
18
5
4
7
18
12
Lumber Orders Slightly Above Production.
Lumber orders received at mills during the week ended
Aug. 15 were approximately 3% in excess of production,
it is indicated in telegraphic reports from 841 leading hardwood and softwood mills to the National Lumber Manufacturers' Association, reporting a combined production of
201,780,000 feet. Shipments of these mills were 11% above
this figure. A week earlier 848 mills reported orders 1%
below and shipments 3% greater than a cut of 205,566,000
feet. Comparison by identical mill figures for the latest
week with the equivalent week a year ago shows, for softwoods, 460 mills, production 27% less, shipments 17% less
and orders 18% less than for the week in 1930; for hardwoods, 239 mills, production 42% less, shipments 10%
less and orders 5% below the voluthe for the week a year ago.
Lumber orders reported for the week ended Aug. 15 1931
by 572 softwood mills totaled 186,350,000 feet, or 1% below
the production of the same mills. Shipments as reported
for the same week were 200,057,000 feet, or.7% above production. Production was 187,346,000 feet.
Reports from 286 hardwood mills give new business as
21,040,000 feet, or 46% above production. Shipments
as reported for the same week were 23,797,000 bet, or 65%
above production. Production was 14,434,000 feet.
Unfilled Orders.
Reports from 485 softwood mills give unfilled orders of 597,126,000 feet
on Aug. 15 1931, or the equivalent of 13 days' production. This is based
-day year- and may be comupon production of latest calendar year-300
Total outside metropoli*983,429 *710 *3,100,503 *804 *1,671,894 pared with unfilled orders of 507 softwood mills on Aug. 16 1930, of 754.tan area
*657
352,000 feet, the equivalent of 15 days' production.
49
50
51,786
48
80,136
The 424 identical softwood mills report unfilled orders as 579,958,000
Alton
59.046
Aurora
50
37,023
56
72,479
68
67.207 feet, or the equivalent of 13 days' production, on Aug. 15 1931, as comBatavia
1
100
or the equivalent of 16 days' production, for
Bloomington
3
5,000
6
10.000
13
73,000 pared with 716,656,000 feet.
Canton
3
950
7
3,125
5
87,950 the same week a year ago. Last week's production of 460 identical softCentralia
3
mills was 177,465.000 feet, and a year ago it was 243,609,000 feet;
11.000 wood
Danville
7
74.685
11
10,500
20
24,150 shipments were respectively 189,627.000 feet and 227,294,000: and orders
17,625
28
33,625
31
Decatur
25
65.850 received 176.614,000 feet and 214,406,000. In the case of hardwoods.
64,114
52
217,338
62
St. Louis
60
East
54,401
36
34,109
36
37,869
62
68.180 239 identical mills reported production last week and a year ago 13,444,000
Elgin
5
2,200
13
18,085
21
Freeport
67,750 feet and 23,087,000: shipments 19.521,000 feet and 21,596,000 and orders
Granite City
1
300
2
350
10
19,200 18,144,000 feet and 19.150,000.
45,996
46
Joliet
39
290,160
38
305,380
Kankakee
7
17,600
8
8,070
6
33,900
West Coast Movement.
69,841
91
49,496
Moline
98
110
122,115
Murphysboro
1
2,000
The West Coast Lumbermen's Association wired from Seattle the fol7
269,500
9
29,000
6
Ottawa
30.800
74
114,815
90
140,550
Peoria
86
203,925 lowing new business, shipments and unfilled orders for 224 mills reporting
18
12,280
23 1,220,855
21
Quincy
16,360 for the week ended Aug. 13:
Rockford
51
46,645
66
83,425
81
145,535
•
•
*
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Rock Island
•
•
Feet.
Peat.
Feet.
96
Springfield
98,289
93
637,661
90
144.815
Domestic cargo
Coastwise and
virsiikeean
20
49.300
22
149.050
30
An we, Domestic cargo
delivery ---- 33,059.000 delivery ____158,130,000 intercoastal _ 41,066.000
Island not included, able° July 1931 data for that city are not
•Figures for Rook
26,984,000 Foreign
85,946,000 Export
24,834,000
Export
Yet available.
31,864,000
30,673,000 Rail
82,706.000 Rail
Rail
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS Local
TABLE 2.
Local
7,285,000
7,285,000
BASED ON PERMITS ISSUED IN 44 ILLINOIS CITIES FROM JANUARY
98,002,000 Total
326,783,000 Total
105,049,00a
Total
THROUGH JULY 1931, BY CITIES.
January-July 1931.
No. of
Bidgs.
Total all cities
January-July 1930.
No. of
Bidas.
Estimated
Cost.
Estimated
Cost.
*9,767 *560.309.205 *14,900 *379,335,616
Metropolitan area
5,970
50,198,048
9.255
62.965,799
Chicago
4.259
39,935.160
6,865
51.601.987
Metropolitan area, excluding Chicago_
1,711
10,262,888
2.390
11,363,812
151
153
98
212
70
33
50
64
95
18
50
95
43
119
147
79
33
14
27
99
61
543.958
161,973
88,353
2,625,250
133,350
161,610
146,589
204.174
330,604
97,100
86,600
848,531
35,160
498,274
464,325
294,375
629,703
23,340
119,800
674,019
1,299,800
269
159
161
310
123
56
53
133
114
24
69
111
37
144
195
153
44
22
41
93
79
502,295
177,421
883,021
2,382,950
146,145
473,380
301,453
258,597
436.297
189,878
696,250
1,227,162
178,559
516,788
1,097,770
396,504
263,611
42,426
194,900
446,510
571,895
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Benilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
wihnette
Winnetka
*3,797 *10,111,157 *5,845 *16,369,817
$217
$375,970
$294
3699,142
301
850,759
377
491,837
14
27,835
21
30,425
14
569,700
73
$100111ington
344,200
28
Canton
26,450
61
157,723
5
19,500
22
Centralia
52,850
82
144,753
0anVille
81
229,133
155
479,600
Decatur
298
898,345
304
Bast St. Louts
804,958
390
960,474
Elgin
251
316,440
394
459,125
76
Freeport
182.266
116
482,065
13
37,150
Granite City
55
287,500
Joliet
216
706,156
281
1,336,855
38
79.320
57
xankakee
166,490
Moline
434
387,647
628
1,047,743
2
4.500
3
Mur0hvsboro
4.800
Ottawa
46
457,300
61
128,200
peoria
1,108,292
486
748
2,195,940
Quincy
1,323,998
98
147
498,399
Rockford
364
384.755
652
1,842,400
•
•
Rock Island
483
1,314,908
676
Springfield
2,713,916
woukegan
140
508,902
210
1,342,255
* Figures for Rock Island not included, since July 1931 data for that city are
not yet available.
Total outside metropolitan area
Alton
Aurora
Batavia
Production for the week was 100,164,000 feet.
For the year to Aug. 8 1931, 167 identical mills reported orders 1.5%
above production, and shipments were 4.2% above production. The same
number of mills showed a decrease in inventories of 6.3% on Aug. 8 as
compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 130
mills reporting, shipments were 39% above production, and orders 35%
above production and 2% below shipments. New business taken during
the week amounted to 37,569,000 feet (previous week 34,797.000 at 131
mills); shipments, 38,472,000 feet (previous week 33,579.000); and production 27,737,000 feet (previous week 28,673,000). Orders on band at
the end of the week at 119 mills were 83,557,000. The 123 identical mills
reported a decrease in production of 42% and in new business a decrease of
11% as compared with the same week a year ago.
The Western Pine Manufacturers' Association of Portland, Ore.,reported
production from 87 mills as 34,128,000 feet, shipments 29.469,000 and new
business 26,999,000. The 61 identical mills reported production 26% less
1
and orders 24% less, compared with the same week last year.
The California White & Sugar Pine Manufacturers' Association of San
Francisco reported production from 24 mills as 16,690,000 feet, shipments 17,000,000 and orders 15,914,000. The same number of mills
reported a decrease of 41% in production and a decrease of 9% in new
business, compared with the same week of 1930.
The Northern Pine Manufacturers of Minneapolis. Minn., reported production from 7 mills as 2,394,000 feet,shipments 3,178,000 and new business
2,839,000. The same number of mills reported a decrease of 60% In
production and an increase of 5% in new business, compared with the
same week a year ago.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 17 mills as 1,755,000 feet, shipments 978.000 and orders 932,000. The 14 identical mills reported production 24% more and new business 16% less than for the same week last year.
The North Carolina Pine Association of Norfolk, Va., reported production from 77 mills as 4.478,000 feet, shipments 5,911,000 and new business
4,095,000. The 37 identical mills reported production 32% less and new
-business 6% less than for the same week of 1930.
$1
Hardwood Reports.
The Hardwood Manufacturers' Institute of Memphis. Tenn., reported
production from 269 mills as 13,553,000 feet, shipments 22,372.000 and new
business 19.530.000. The 225 identical mills reported a 42% decrease in
production and a 6% decrease in new business compared with the same week
last year.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 17 mills as 881,000 feet, shipmenta 1.425,000 and orders 1,510.000. The 14 identical mills reported
production 35% less and new business 17% more than for the same week
of 1930.
FINANCIAL CHRONICLE
1204
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 223 mills show that for the week ended Aug.
8 1931 production of lumber totaled 101,705,492 feet,
orders 94,667,259 feet and shipments 99,462,002 feet, as
compared with 102,548,963 feet produced, 95,021,877 feet
ordered and 105,635,502 feet shipped during the preceding
week. Unfilled orders at Aug. 8 1931 amounted to 337,614,411 feet, as against 344,466,738 feet at Aug. 1 and 380,620,767 feet at July 18. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
224 mills report for week ending Aug. 8 1931.
(All mills reporting production, orders and shipments for last week.)
101,770,492 feet (100%)
Production
94.717,259 feet (6.93% under production)
Orders
99,712,002 feet (2.02% under production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (343 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date).
118,670.501 feet
Actual production week ended Aug. 8 1931
123,697,668 feet
Average weekly production 31 weeks ended Aug. 8 1931
158,860,610 feet
Average weekly production during 1930
195,660,399 feet
Average weekly pro•iuction last three years
298.599,042 feet
:Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
potatoes, gardens and pastures.
[VOL. 133.
In the western section of the Provin
the beneficial effects of the early August rains are being felt with an
provement in general crop conditions. Harvesting is well under way.
In Saskatchewan cutting has commenced and will be general this wee
The warm, dry weather is maturing the crops in northern areas. In t
drouth area many fields are being cut for feed. Pastures and livestoc
are reported in good condition in the northern sections of the Province.
The hot weather of the past week has been ideal for maturing the hea
crops in northern central and northern Alberta, but harvesting in this are
is not general. Cutting is well advanced in the south with farmers usin
headers and combines for the short crop.
Meteorological Report, Prairie Provinces.-Precipitation in the week endin
Aug. 17, as reported by the Dominion Meteorological Service, Toront
was as follows (In inches):
ManitobaAlberta
Saskatchewan (Concl.)Russell
0.
0.1 Stettler
0 3 Lloydminster
Le Pas
0.2 Yellow Gass
0.1 Edmonton
Dauphin
0 1 Broadview
0.1 Red Deer
Minnedosa
0.05 Prince Albert
0.05 Calgary
Winnipeg
0.05 Swift Current
0.05 Medicine Hat
SaskatchewanQu'Appelle
0.05 Coronation
Melfort
0.2 Moose Jaw
0.05
Battletord
0.1 Regina
0.05
Macklin
0.1 Yorkton
0.05
Forecast for to-day fair and warm with scattered thunder showers.
Hail Damage.
-The Hail Insurance Board of Alberta reports as follow
"Hail claims received from Lunnford, Bonaccord, Alhambra, Didsbur
Carstairs, Wimborne, Sunnyslope, Trochu. Three Hills, Rumsey, Rowle
Big Valley and points forty miles east. Some very heavy damage."
Rust Damage.
-The following report was received from the Dominic)
Rust Research Laboratory in Winnipeg: "Cereal crop in southern Man
tuba mature. In northern Manitoba 50% of crop mature. Only tr
-1931.
WEEKLY COMPARISON (IN FEET) FOR 223 IDENTICAL MILLS
of rust present in northern half and southwestern quarter of Provin
(All mills whose reports of production, orders and shipments are complete
In southeastern quarter average severity of infection on common whe
for the last four weeks.)
about 25%. Rust damage confined to late crops of common wheat an
July 18.
Aug. 8.
Aug. 1.
Week EndedJuly 25,
101,705,492 102,548,963
Production
99,329,818 100,468,142 oats. Bulk of crop not appreciably injured by rust. Only light trace
94,667,259
95,021,877 110,120,603 101,065,675 rust on durum wheat. Light general infection of stem rust of whea
Orders (100%)
33,696,183 present throughout eastern Saskatchewan with
30,431,760
30,630,799
Rail (32%)
35,770,281
traces extending as fa
40,724,316
45,043,080
Domestic cargo (43%)
41,563,828
54,045,342
cro
14,248,271 north and west as Battleford. Unlikely that appreciable damage to
• Export (15%)
13,190,412
13,856,781
12,833,348
• Local (10%)
8,078,141 will result."
9,636,838
9,654,402
7,471,632
Shipments (100%)
99,462,002 105,635,502 122,128,029
93,769,415
British Columbia.
-Conditions are reported favorable for harvesting
32,785,834
33,931,741
• Rail (32%)
31,702,997
33,979,982
37,480,002
Domestic cargo (44%)
40,378,418
43,675,172
55,560,749
15,425,438
Export (14%)
14,429,431
21,638,505
25,115,666
9,636,838
,078,141
Local (10%)
9,654,402
7,471,632
Unfilled orders (100%)
337,614,411 344,456,738 363,404,705 380,620,767
• Rail (25%)
90,172,214
89,374,259
85,079,601
85,775,514
Domestic cargo (50%)_ _ _167,932,340 173,183,697 179,050,785 183,547,444
85,507,527
Export (25%)
84,602,470
94,181,706 107,699,064
194 IDENTICAL MILLS.
(All mills whose reports ofjproduction, orders and shipments are complete for 1930
and 1931 to date.)
Average 31
Average 31
Weeks Ended
Weeks Ended
Week Ended
Aug.8 1931.
Aug.91930.
Aug.8 1931.
98,131,841
Production (feet)
146,860,221
102,844,774
91,361,757
Orders (feet)
137,726,508
104,528,515
95,731,714
144,695.779
107,350,676
Shipments (feet)
•
DOMESTICJCARGOIDISTRIBUTION WEEK ENDED AUG. 8 '31 (104 mills).
Orders on
Orders
CancelHand Begin'g Week Received. latton adjustments
Aug.8 1931
Shipmerits
Unfilled
Orders
TVeek Ended
Aug.8 1931
Washington dt Oregon
Feet.
Feet.
Feet.
(92 Mills-)
Feet.
!Feet.
California (60 mills).- 50,289,445 6,852,540
500,000 14,076,542 42,565,443
Atlantic Coast (80 mills) 111.935,785 29,319,308 1,776,501 28,141,506 111.337,086
Miscellaneous (14 mills) 1.733,995 1, .000
1,000
173
497,534 2,410,461
IV Total Wash. & Oregon 163.959,225 37,344,848 2.275,501 42,715,582 156,312,990
Reporting*dom. cargo
2,068,306
210,000
only (4 mills)
282,958 1,995,348
166,027,531 37,554,848 2,275,501 42,998,540 158,308,338
Totals
f Brit. Col. (12 Mills)
lr
538,000
California (2 mills)
16,000
101,000
453,000
Atlantic Coast (12 mills) 6,327,166 2,606,468
725,632 8,208,002
938.000
25,000
Miscellaneous (4 mills)._
963,000
Totals Brit. Columbia
Reporting domes, cargo
only
Totals
7,281,166 3,169,468
826,632
826,632
9,624,002
Tntarrinmoatin rapt', 172 205 1157 411 724 518 2 275 F4-11 42 R2A 179 157 029 240
lir Telegraphic
Report Regarding Crops in Canada.
of'
Statistics at Ottawa, Aug. 18,
The Domii=finreau
4 p. m.,issued the fifth of six telegraphic reports for Canada,
based upon advices received from agriculturists of the Dominion and Provincial Departments of Agriculture, and
from a number of special correspondents in the Prairie
Provinces. The report is as follows:
General Conditions in Canada.
The weather of the past two weeks has been favorable for the advancement of crops generally. In Eastern Canada the weather has been favorable for growth and harvesting of seasonal crops. The late grain crops
of the Prairie Provinces benefited by the warm weather of the past week
and are maturing rapidly. Conditions are reported favorable for maturing
crops in British Columbia.
-The weather has been more favorable during
The Maritime Provinces.
the past two weeks and haying is reported well advanced and completed
In many districts. Prospects for grains, vegetables, potatoes and root
crops continue good. The fruit crop is reported favorable with apples
sizing and coloring well.
Quebec.
-Haying is completed in many districts as a result of favorable
weather. Cereals are ripening well and, where harvested, yields are reported satisfactory. Tobacco is early and a good crop. Prospects for
silage corn are excellent.
Ontario.
--Harvesting well under way in Ontario, being earlier than usual
as a result of the hot weather in July. Spring rains indicate a lower yield
than fall crops. The tobacco crop is maturing well. The fruit crop is
generally good with favorable indications for apples and grapes. Ensilage
crops are satisfactory. Turnips, late potatoes and mangels are in excel-
lent condition.
The Prairie Provinces.
-The past week has been warm and dry over the
Western Provinces. In Manitoba lack of moisture is affecting late crops,
size and color.
Value of Canadian Cattle Drops to Half That in 193
In 1931, there passed through the Alberta Stock Yard
Ltd., Calgary, 11,762 head of cattle, and the best qualit
of steers sold in April for $5.85 per 100, in contrast to th
average price of $10.50 per 100 in the corresponding mont
of 1930, according to a report from Consul fiat at Calgary
made public by the Department of Commerce on Aug. 14
It is added that the number of hogs received at the Albert
Stocks Yards in April, May and June, was 37,800 and th
average price brought was $6.50 per 100. In 1930 the num
ber marketed in Calgary was 42,719 and the average pric
paid was $10.50 per 100.
Cattle Business in Cartagena, Colombia, Depressed
As the cattle business in Cartagena, the principal cornruod
ity underlying trade in that District, is very inactive, thi
has brought about a serious decline in the purchasing powe
of the population and general mercantile business is feeli
the effect of this depression, states Assistant Trade Cora
missioner James J. O'Neil, in a report to the Department o
Commerce, made public Aug. 17.
9,624,002
7,281,166 3,169,468
British Columbia and production prospects are good. Warm weather h
matured vegetable crops. Tree fruits are developing well, showing go
Japanese Government to Refrain from Further Ric
Exports.
The Japanese Covernment has decided to refrain fro
further exports of rice in anticipation of a short crop th
year, it Is stated by Commercial Attache Halleck A. Butt
Tokyo, in a report to the Department of Commerce. Weatbe
conditions have been very unfavorable, and the latest uno
ficial estimate places the crop at 57,000,000 koku, which I
about 8,000,000 koku under last year, says the Departmen
on Aug. 17, which also notes:
The Japanese Government, which on July 1 was carrying a stock
3,966,169 koku of rice (1 koku =320 pounds) under its rice stabilizatio
law, for the past six months has been offering rice in world markets
very low prices and has proven quite a disturbing factor.
Cable ads-ices from Burma, which is the largest rice-growing area
the world, indicate serious damage to the crop by floods. This news h
caused sharp advances in the rice markets of Rangoon, Tokyo and Saigon.
Japan is frequently a large buyer of California rice when her own crop
short, as rice was introduced into California by the Japanese and is th
same variety as that grown in Japan.
A later cable from Tokyo states no rice can be exported or importe
without the approval of the Minister of Agriculture.
Guatemala Restricts Sugar Production.
The 11 sugar refineries in Guatemala signed an agreeraen
in June to limit their production to a quantity sufficient t
cover domestic demand, according to reports received in th
Department of Commerce. In making this known, Aug. 14
the Department said:
Sugar prices at present (June 22) are $4.00 per 100 pounds, and Si
price under the agreement will be $5.00 per 100 pounds for first grad
white sugar, and less for lower grades.
AUG. 22 1931.]
1205
FINANCIAL CHRONICLE
Guatemalan consumption of white sugar is estimated at 15,600 short tons
nnually, and the quotas for the 11 mills have been allotted accordingly.
otal consumption of sugar in Guatemala, however, is much larger, since
bout 80% of the population consume only brown sugar, or "panela."
Supply and Distribution of Domestic and Foreign
Cotton in the United States, Season of 1930-31.
The Department of Commerce has issued the preliminary
report compiled from census returns of cotton consumed
and on hand for the 12 months ending July 31 1931. The
German Export Bounty on Wheat and Rye Exports.
DistribuUnder date of Aug. 18, Associated Press advices from statistics for the several items of the Supply and
tion of Cotton in the United States for the season of 1930-31
erlin said:
In addition to reintroducing the export bounty system on wheat, to are presented in the following tabular statements. No. 1
hich complaints have been made by British agriculture, the German shows the principal items of supply and distribution; No. II
overnment has decided to regulate exports and reimports of rye along
the comparative figures of stocks held on July 31 1930 and
miler lines, and has issued a decree to that effect.
Under the new regulations, exporters of rye will receive certificates 1931, and No. III further details concerning the supply and
an equivalent amount of foreign rye at a duty
nabling them to import
the distribution. The quantities are given in running bales,
f only about 52.50 a ton, which is a substantial rebate.
The rye bounty is to remain in force only until Dec. 31, however, while except that round bales are counted as half bales and foreign
he wheat bounty continues for six months.
cotton in equivalent 5006pound bales. Linters aro not
included.
I.-corrox GINNED, IMPORTED, EXPORTED, CONSUMED, AND
Corn Prices Drop in Nicaragua.
DESTROYED IN THE UNITED STATES FOR THE 12 MONTHS
A radio message from Managua Aug. 18, to the New York
ENDING JULY 31 1931 (BALES).
Chitlings from Aug 1 1930 to July 31 1931
13,684,637
'Times" said:
Nicaraguan consumers are happy that a bumper corn crop is being
&vested, causing a fall in prices from 6 cents to 1 cent a pound.
Corn is the chief food of Nicaraguans, and the former prim was due
eight months of drouth. With low wages and unemployment, the poor
ad a difficult time.
ow Price of Brazilian Flour Affects Foreign Products.
Prices of flour manufactured in domestic mills are at
present sufficiently low to entirely cut off foreign comtition in the territory of Brazil from Rio de Janeiro south,
ays a report to the Department of Commerce from A. Ogden
Pierrot, Assistant Commercial Attache in that city. The
epartment's announcement in the matter, Aug. 14, also
says:
American flour is being quoted at $1.90 per bag, to which must be added
allowance of 8$000 (61c.) per bag for duties and other expenses. Thus
he lowest price available in this market for American flour is $2.51, while
he domestic flour sells at 338000 ($143) per bag.
Argentine prices are said by importers to be approximately the same as
those offered by the domestic mills. However, when prices for domestic
flour and Argentine flour are approximately the same, the local bakers
refer the domestic product. Some Canadian wheat is used by the domestic
ins, and this blending, plus the fact that the local mills are in many
ses willing to grant terms of payment which an importer cannot afford
o give, explains the preference for the local product when the prices are
bout the same.
Sales of American flour in the northern ports of Brazil, which have always
en heavy purchasers of flour from the United States, have also decreased
ue to the domestic competition. This competition is being greatly aided
y the present low Brazilian exchange which gives the local producer a
nsiderable advantage.
ndians to Study Rice-Cultivation Improvement on
British Funds.
The development of rice research in India which aims at
ncreasing the yield and improving the quality of Indian
ce has been made possible by a grant of £15,790 by the
ritish Empire Marketing Board to conduct a study of
xisting conditions, it is revealed in a report received in the
epartment of Commerce from George Southworth, Clerk to
mmercial Attache, London. The further advices from the
partment, Aug. 15, state:
The plan was organized by the Imperial Council of Agricultural Research
f the Government of India.
The Empire Marketing Board has offered to bear half the costs of devel.
ments in Burma, the principal rice-exporting province, and Bengal, where
atria rice is grown for export. Schemes for the development of research
n the remaining five provinces are to be financed entirely by the Imperial
mei!, it is reported.
umanian Walnut Growers Form Export Syndicate.
In order to more firmly standardize the exportation of
alnuts, Rumanian growers have formed an export syndiate under the direction of the Ministry of Industry and
ominerce, according to Commercial Attache Sproull Fouche,
ucharest, in a report to the Department of Commerce. The
epartment, on Aug. 14, went on to say:
The syndicate will have the exclusive privilege of exporting walnuts from
umania.
The object of the Syndicate is the standardizing of exports. The follow.
ng grades may be exported: "Mixed Standard," composed of nuts messlog 28 mm. aqd more in diameter cross section; "Medium Standard,"
mposed of nuts measuring 28 to 30 mm. in diameter; "Fancy Standard"
uts Pleasuring 80 to 82 mm. in diameter; "Jumbo Standard" nuts messing 32 nun, or more in diameter.
All nuts must be hand-picked and must be 88% to 90% sound. They
at he bleached according to the California system with acetic acid. The
Yndicate may also export ungraded nuts to be known and labelled as
Natural Nuts," which may be bleached with sulphur fumes, according to
he French system. All export packages must bear labels indicating the
ado, which labels must be signed by a representative of the Ministry of
ndustr/ and Commerce.
Net imports
101,651
Net exports
6,757,577.
Consumed
5,270,948
Destroyed (ginned cotton)
28,000
IL-STOCKS OF COTTON IN THE UNITED STATES JULY 31 1930 AND
1931 (BALES).
1931.
1930.
In consuming establishments
994,979 1,183.007
In public storage and at compresses
4,524,428 2,877.422
Elsewhere (partially estimated)_a
850,000
470,000
Total bales
6,369,405 4,530.429.:
-SUPPLY AND DISTRIBUTION OF DOMESTIC AND FOREIGN
M.
COTTON IN THE UNITED STATES FOR THE 12 MONTHS ENDED
JULY 31 1931 (BALES).
811994/
Stocks on hand Aug. 1 1930, total
4,530,429
In consuming establishments
1,183,007
In public storage and at compresses
2,877.422
Elsewhere (partially estimated)-a
470,000
Net imports (total imports less re-exports year ending June)
101,651'
Ginnings during 12 months. total
13,684,837
Crop of 1930 after July 31 1930
13,677,330
of 1931 to Aug. 1 1931
Crop
7,307
Aggregate supply
18,316,717
Distribution
Net exports (total exports lees re-Imports)
6,757,577
Consumed
5.270.948
Destroyed (ginned cotton)
28,000
Stocks on hand July 311931, total
6.369,405,
In consuming establishments
994,979
In public storage and at compresses
4,524,428
Elsewhere (partially estimated)
.a
850,000
Fa Aggregate distribution
18,425,930
distribution over supply_b
Excess of
109,213
a Includes cotton for export on shipboard but not cleared; cotton coastwise; cotton
n transit to ports. Interior towns and mills; cotton on farms, Ac.
b Due principally to the inclusion in all distribution items of the "clty crop."
which consists of rebated samples and pickings from cotton damaged by fire and
weather.
Note.
-Foreign cottons included In above Items are 179,593 balareonsumed,
208,715 bales on hand Aug. 1 1930 and 106,909 bales on hand July 31 1931.
SUPPLY AND DISTRIBUTION STATISTICS FOR LINTERS.
(Not included in cotton statistics above.)
Stocks of' linters Aug. 1 1930 were 486,052 running bales; production
during 12 months ending July 31 1931, 824,171 bales; exports, 111,969
bales; consumption, 709,344 bales; destroyed, 10,000 bales, and stock
July 31 1931, 502,381 bales.
-5
Census Report on Cotton Consumed in July.
Under the date of Aug. 15 1931 the Census Bureau issued
Its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of July 1931 and 1930..
Cotton consumed amounted to 450,518 bales of lint and
64,351 bales of linters, compared with 455,388 bales of lint *
and 61,433 bales of linters in June 1931 and 379,022 hales
of lint and 59,302 bales of linters in July 1930. It will be.
seen that there is an increase over July 1930 in the total
lint and linters combined of 76,545 bales, or 17.46%. The
following is the official statement:
JULY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign. Which I. in
500
-pound bales.
Cotton Consumed
During-Year
United States
Cotton on Hand
Jtdy 31
-
Cotton
Twelve In Con- Its Publics Spindles
Months stoning Storage
Acute
Ended Establish- &al COM- Divine
July
July 31 mews. presses.
July
(bake) (bales) (bales)
(bales) (Number)
11931 450,518 5,270,948 994,979 4,524.426 25.886.262
1 1930 379,0226.105,840 1,183,007 2,877,422 28,457,788
Cotton-growing States--11931 353,611 4,155,148
11930302,6504,749,179
New England States
11931 80,841 938,878
1930 84,346 1,142,730
All other States
11931 16,068 179,122
1930 12,026 213,931
Included Above
-1 1931 7.740 104,580
Egyptian cotton
1930 11.7131 205,785
75,013
11931 4.776
Other foreign cotton
1930 7,302 96.727
14,995
Amer.-EDI:41Sn cotton_.J 1981 1,355
12,572
706
1930
Nog Included Above
Linters
J 1931 84,851 709,494
1 1930 59.302 805.170
679,012 4,152.439 18,788,282
792.190 2,515.288 17,268.344
268,983 138,991 8,089.098
332.234 105.819 8,181,206
48,984 234.998
980,882
58,583 258,337 1,008,236
42,429
96,507
31,122
38,593
8,505
5,323
21,507
48,951
11,851
24,664
8,204
2.818
253.667
288.981
48,713
87 071
FINANCIAL CHRONICLE
1206
Country of Production.
1930.
1931.
1,348
TotaL
Matthews,secretary of the Paterson United Trades and Labor Council, conferred with the council for two hours.
Believes Strike Justified.
1930.
Mr. Green said he believed the silk strikers were justified because of recurring wage cuts.
215,181
"The strike of the workers is a protest against a miserable wage and un19,427
44,034 bearable working conditions," he said. "The American Federation of Labor
39,323 will aid these strikes in any way that it is called upon to do so."
68,449
The A. F. of L. relief plans also went forward but it is expected that dis1.693
tribution of food and supplies will not be made for a week. Appeals have
378,107 been sent to all labor and liberal organizations throughout the country.
Imports of Foreign Cotton (500-lb. bales).
12 Mos. End. July 31
July
1931.
China
Mexico
British India
All other
122
1,778
1,927
4,050
204
365
412
3,239
24
22,901
2,373
31,177
15,127
34,218
1,733
9,305
4,182
107,529
Exports of Domestic Cotton Excluding Linters
(Running Bales, See Note for Linters).
12 Mos. End. July 31.
July
Country to Which Exported.
1931.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
10,569
5.161
20,096
35,397
38,355
78,480
71,021
1930.
1931.
1930.
20,667 1,053,774 1,256,042
914,223 811,520
13.148
12,893 476,503 652,430
49,295 1,639,947 1,687,366
40,907 708,999 832,688
15,725 1,228,410 1,020,016
429,734
13,887 738,071
175,522 8,759,927 8,689,798
259,059
Total
-Linters exported, not included above, were 11,073 bales during July 111
Pi Note.
1
1931 and 7.343 bales In 1930; 111,969 bales for the 12 months ended July 3 In 1931
and 117,955 bales in 1930. The distribution for July 1931 follows: United Kingdom,540; Netherlands, 1,583; Spain, 170; France, 1,165: Germany,6,772; Italy, 175;
Canada, 667; British Honduras, 1.
WORLD STATISTICS.
The preliminary estimate of the world's production of commercial cotton, exclusive of linters, grown in 1930, as compiled from various sources, is 25.825,000
bales, counting American in running bales and foreign in bales of 478 pounds lint,
for
while the consumption of cotton (exclusive of linters in the United States)
the year ended July 31 1930 was approximately 24,946,000 bales. The total
spindles, both active and idle, is about 184,000,000.
number of spinning cotton
Relief for Duck Feather Trade Asked of State Department at Washington.
Duck feathers joined wheat and cotton to-day in seeking
gederal relief in an oversupplied market, it is indicated in
Associated Press advices Aug. 16 to the New York "Times"
from which we also quote as follows:
A Long Island firm dealing in duck feathers asked the State Department
if a credit arrangement could be made with Germany for sale of the surplus
duck-feather crop, similar to plans recently discussed for wheat and cotton.
The department replied suggesting that the company seek credit easterners in Germany direct.
Wages at Ford Tractor Plant in Ireland Cut 12W7o.
From Cork, Ireland, on Aug. 18, Associated Press cablegrams said:
Wage cuts amounting to about 12M % took effect to-day in the Ford
tractor plant here. It was the first wage cut the factory had made.
Recently production has been at a minimum and a few tractors have been
exported in the past month.
General Electric Works at Lynn, Mass., Resume
Operations.
The Lynn Works of the General Electric Co. have resumed
operations after the usual two weeks'shutdown for vacation,
said Boston Press advices Aug. 18.
Paramount Studios Cut Salaries.
The local Paramount Studios have announced reduction
of all salaries 5% to 25% with the exception of union and
contract employees, said Los Angeles advices published in
the "Wall Street Journal" of Aug. 18.
End of Paterson (N. J.) Silk Strike Believed Far Off
Strike Calls Out Workers in Hat Band Shops.
From Paterson, N. J., advices Aug. 17 to the New York
"Times" said:
at first would be of short
The silk strike, which union officials believed
indicated to-night when the conduration, will be a prolonged affair, it was
for a nation-wide campaign
servative group announced that it was preparing
more than 500 workers from ten
to raise strike relief funds, that it expected
at noon tomorrow and that
ribbon and hatband mills to join the walk-out
bring out the workers of the
pickets would go to Clifton to-morrow to
The Dundee company is
Dundee Textile Company. in Ackerman Ave.
women.
said by the union to employ 500 men and
joint action committee of the
Louis Francis Budenz, speaking for the
Workers,said that although
Associated Silk Workers and the United Textile
to the mills, the total
settlements had sent about 1.000 workers back
8,000 by smaller shops
number of strikers had been maintained at about
Joining the strike each day.
The New York "Herald Tribune" had the following to
say in a dispatch from Paterson Aug. 17:
spurred by statements by
Officials of the American Federation of Labor,
William Green, president of the union, that he favored supporting the
Paterson silk strike, issued a call this afternoon to workers in 10 unorganized
ribbon and hat band shops here to walk out at noon tomorrow. These mills
are considered by the A. F. of L. leaders as key industries in Paterson.
Between 500 and 1,000 men and women are expected to join the strike.
Announcement that the A. F. of L. would aid the silk strikers was transmitted to Paterson strike leaders by Carl Holderman, of the executive board
of the United Textile Workers of America, who went to Atlantic City to-day
to confer with Mr. Green, who was at the resort for the pre-convention
meeting of the Federation's executive council. Holderman and Joseph
[VOL. 133.
-Crude Output Cut Million
Petroleum and Its Products
Barrels Daily by Martial Law Decree-Entire Industry Strengthened As Texas Joins Oklahoma in
Closing Wells
--Pennsylvania Prices Advance.
the example of his neighboring State, Governor
Emulating
Ross Sterling of Texas, this week declared martial law in
effect throughout the flush East Texas oil fields, and closed
down production entirely, thus cutting off about 700,000
barrels of crude daily. This production, plus the Oklahoma
output stifled in like manner by Governor Murray, brought'
the total crude supply of the country down 1,000,000 barrels
daily to 1,500,000 barrels.
East Texas operators were taken by surprise by the
Governor's move, although it had been freely predicted that
he would take this action. However, the troops who were
moved in throughout the 800-acre area of the field, experienced no difficulty in carrying out their orders. The martial
law edict embraces four counties, Rusk, Gregg, Upshur and
Smith.
Governor Murray, appreciative of the sympathetic endorsement given his action, refused to consider any compromise with refiners, standing pat upon his demand that
the price be established on a basis of $1 per barrel before he
would lift his martial law edict and permit the opening of the
flush Oklahoma fields. On the other hand, Governor Sterling has not taken the same stand as to price, but rather based
his action upon a desire to permit the Railroad Commission
sufficient time to work out its proration orders. It is believed that it will be several weeks at the earliest before the
East Texas fields will be permitted to resume operations.
The immediate result of the shutdown was a strengthening
of Pennsylvania crude prices, while advances were also announced by the Ohio Oil Co. The Pennsylvania increase
was of Sc. per barrel, while Ohio advanced all quotations
15e. per barrel.
"I am well pleased with the results already accomplished,"
declared Gov. Sterling two days after the issuance of his
order. "Everyone is happy over what has been done.
While the taking off the market of approximately 700,000
barrels of crude oil daily should cause an increase in the price
of crude, I did not have in mind the price now or prospective
when Iestablished martiallaw in the fields. My sole purpose
was to curb the insurrection that existed there and to prevent
wanton physical waste of oil and gas."
The Oklahoma price, moved up to 520. without influencing
the Governor's stand, was then tentatively placed at 77e.
in the hope that Murray would accept this price as equitable
and order the re-opening of the field. However,the Governor
was adamant and is standing firm for the $1 level which he
demanded when he ordered the fields closed.
Meanwhile, Texas refiners are feeling the pinch of curtailed supplies. A survey of the East Texas fields revealed
that there was less than 4,000,000 barrels of crude in storage,
Oklahoma refiners who had been depending on East Texas
since their own fields were shut down, are also facing an acute
shortage.
Price changes follow:
-Ohio Oil Co. advances price on crude 15c. a barrel, all grades.
Aug. 17.
New prices are: Lima, 85c.; Indiana. 50c.; Illinois, 700.; Princeton, 7004
western Kentucky, 65c.; Elk Basin, 80c.; Grass Creek, 80c.; Lance Creek,
95c.; Big Muddy, 60c.; Rock Creek, 65c.; Sunburst, Mont., unchanged
at 800.
-South Penn 011 Co. advanced all grades of Pennsylvania crude
Aug. 17.
oil Sc. per barrel, with exception of Corning, which remains unchanged.
New prices follow: Oil in National Transit Co. lines, $1.75; South West Pa.
Pipe Line Co.lines, $1.60; Eureka lines, $1.50; Buckeye lines. VAS.
-Derby 011 & Refining Co. advances price of 44 gravity ell in
Aug. 17.
Wichita area from 42c. to 600. per barrel. Average grade crude oil will
be 50c. against 400. previously.
-Stoll 011 Refining Co. advances all grades Kentucky oil ibc.
Aug. 17.
per barrel to 65c., meeting advance of Ohio Oil Co.
Prices of Typical Crudes per Barrel at Wells.
gravities where A.P. I. degrees are not shown.)
Eldorado. Ark., 40---------------s0.31
Bradford
.70 Husk, Texas, 40 and over--------- .25
Illinois
Salt Creek. Wyo.. 40 and over__ .39
.65
Western Kentucky
- .37
MidcontInent. Okla.. 40 and above .00 Darst Creek
.80
.27 Sunburst. Mont
Hutchinson, Texas, 40 and over
Calif.. 40 and over .
73
.60 Santa Fe Springs.
Spindietop, Texas. 40 and over
.72
.25 Huntington, Calif., 26
Winkler, Texas
1.60
.30 Petrolla. Canada
Smackoveri Ark., 24 and over
AUG. 22 1931.]
-TANK CAR PRICE MOVES "UPWARD AS
REFINED PRODUCTS
-HIGHER BASIS SEEN FOR FUEL AND
MARKET STEADIES
-EXPORT MARKETS UPSET.
DIESEL OILS
Upward revision of tank car prices to a general basis of
6e. in this area featured the refined products market during
the past week. The higher prices are a direct result of the
tightening of the crude market, brought about by the enforced shutdown of Oklahoma and East Texas fields.
Warner-Quinlan was the first large company to act here,
3
advancing their price 4c. to 6c., effective Aug. 20. This
move was followed by Shell Eastern, Standard of New York
and Continental, the latter posting 53'e. Shell established
the 6e. level with the exception of Portland, Maine, which
was posted at 634e.
Tank wagon and service station prices remained unchanged. It is understood that the major companies do not
wish to let the market develope into a runaway, which would
permit another siege of price-slashing such as has featured
trading during the past few months. They feel that if consumer prices are advanced on a firm basis there will be less
danger of such a condition developing.
However, this feeling does not include fuel oil and Diesel
oil. While no changes have as yet been announced, it is
considered likely that the next few days will see fuel oil
moving upward from its present position at 70e. per barrel,
at refinery, for Grade C bunker, and Diesel advancing from
its posting of $1.40. Both present prices are extremely low
and were brought about at the height of the East Texas
flush production, and are therefore more easily affected by
the rising price of crude.
Gasoline has also been strengthened in Mid-Continent,
with refiners posting 5c. or higher.
Kerosene, despite increased activity in other refined
products, remains dull and inactive, with the price stationary
at 43 e. for 41-43 water white.
4
The export market has been considerably upset by developments of the past week. A cabled inquiry from Paris
yesterday elicited the information here that Navy grade
would be 5e. and 64, 53c., and that on the basis of these
prices it would be impossible to compete with Russia or
Roumania.
Price changes follow:
-Effective to-day, Warner-Quinlan advances tank car gasoline
Aug. 20.
%c. per gallon to new basis of 6c.
Aug. 20.
-Effective to-day, Standard Oil Co. of New York advances
tank car gasoline Mc. per gallon to new basis of 6c.
-Effective to-day Shell Eastern advances tank car gasoline
Aug. 20.
Mc. to Sc. at north Atlantic seaboard terminals with exception of Portland.
Maine, where price of 6 Mc. was established.
-Continental Oil Co. advances tank car gasoline Mc. to 5Mc.,
Aug. 20.
effective to-day.
-Standard Oil Co. of Ohio advances gasoline lc. per gallon
Aug. 19.
at service stations in Ashtabula. Lake and Cuyahoga Counties, bringing
service station and tank wagon prices to 15c. for x70 and 18c. for Sold°
Ethyl. New prices are lc below statewide structure.
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery,
N.Y.-Arkansas
N.Y.(Bayonne)$.04,0436
Colonial-Beacon-4O.534 California
.05-.07
Stand.011, N.3-4.06
08
Los Angeles,ex .04%-.07
Crew Leila
*Stand. Oil. N.Y. .06
.0886 North Louisiana .04-.04)i
tTexas
Tide Water 011 Co .054
9884 North Texas_ .03M-.0316
Gulf
Richfield 011(Cal.) .06
0886 Oklahoma__ .0334-.04
Continental
Warner-Quinn:1C° .06
04
Pennsylvania_
Pan-Am.Pet. Co.. .0564 Chicago
.0534
New Orleans.ex-----03
Shell Eastern Pet. .06
•Plus freight. t"Texaco" Is 634e.
Gasoline, Service Station, Tax Included.
$.15 Kansas City
$.153 Cincinnati
$.149
New York
.15 Minneapolis
Atlanta
.20 Cleveland
.162
.18 New °dean&
Baltimore
.144 Denver
118
13 Philadelphia
16
Boston
15 Detroit
18 San Franclaeo
Buffalo
.128 Houston
.17
19
11 Jacksonville
Chicago
Kerosene, 41-43 Water White,Tank Car Lots. F.O.B. Refinery.
8.0234-.0336 I New Orleans, ex.40.331
$.044 IChicago
N.Y.(Bayonne)
North Texas-- .0234-03 ILosAngeles.ex. .0444-.06 I Tulsa
004-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast "C"__ $.55-.65
California 27 plus D
New York (Bayonne)8.75-1.00 Chicago 18-22 D..4234-.50
Bunker "C"
$.70
1.40 New Orleans"C"____ .55
Diese128-30D
Gas Oil, F.O.B. Refinery or Terminal.
'Tulsa
!ChicagoN. Y.(Bayonne)28D plus--_$.0344-.04 I 32-36D Ind.S.01M-.02 I 32-36D Ind_$.0134-.02
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended Aug. 15, from companies aggregating
3,656,100 barrels, or 95% of the 3,848,500-barrel estimated
daily potential refining capacity of the United States, indicate that 2,496,700 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week 34,534,000 barrels of gasoline, and 134,860,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking
process indicate that companies owning 95.2% of the potential charging capacity of all cracking units manufactured
3,272,000 barrels of cracked gasoline during the week. The
complete report for the week ended Aug. 15 1931 follows:
1207
FINANCIAL CHRONICLE
CRUDE RUNS TO STILLS. GASOLINE AND GAEVAND FUEL OIL STOCKS
WEEK ENDED AUG. 15 1931.
(Figures in barrels of 42 gallons each.)
Muria.
Per Cent
Potential
Capacity
Reportlop.
Crude
Runs to
Stills.
95.0
95.0
Gas and
Fuel Oil
Stooks.
3,339,000
759,000
2,459.000
2,075,000
3,770,000
1,365,000
377,000
3,333,000
75.3
78.9
81.4
68.1
70.4
84.8
37.9
54.1
5,385,000
1,299,000
5,257,000
2,399,000
6,450.000
797,000
1,295,000
*11,652,000
10,974,000
1,467,000
4,263,000
5,038,000
11,178,000
3,141,000
825,000
97,974.000
17,477,000
2,496,700
17,077,000
2,439,600
68.3
34,534,000
134.860,000
66.7
35,881.000
132.979,000
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla., Bans., Missouri. 89.8
Texas
91.3
Louisiana
-Arkansas- 98.9
Rocky Mountain
89.3
California
96.5
Total week Aug. 15
Daily average
Total week Aug.8._
Daily average
Per Cent
oper.
of Total aGasoline
Stocks.
Capacity
Report
Total Aug. 18 1930._
Daily average
95.7
17.939,000
2,562,700
72.6
41,252,000
139,160.000
bTexas Gulf Coast__
hLouislans nuit r...t.
99.8
moo
2,866,000
Ron non
77.0
RR 2
5,356,000
054000
7,771,000
2.076.000
a In all the refining districts indicated except California, figures in this column
rep/Went gasoline stocks at refineries. *In California they represent the total
Inventory of finished gasoline and engine distillate held by reporting companies
wherever located within Continental United States-(stocks at refineries, water
terminals and all sales distributing stations, Including products in transit thereto),
b Included above in table for week ended Aug. 15.
Note.
-All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crude. In California stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel
011 Stocks."
Gross Crude Oil Stock Changes for July.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 8,000 barrels in the
month of July, according to returns compiled by the American Petroleum Institute from reports made to it by representative companies. The net change shown by the reporting companies accounts for the increases and decreases in
general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Venezuelan Oil Production in July Below that of the
Same Month Last Year-Shipments Again Higher.
According to O'Shaughnessy's "Weekly Oil Bulletin,"
the output of crude oil in Venezuela during July 1931 was
estimated at 9,913,192 barrels (a daily average of 319,780
barrels) as against 11,624,070 barrels (a daily average of
374,970 barrels) in the corresponding month last year and
9,181,369 barrels (a daily average of 306,046 barrels) in
the preceding month. Estimated shipments during July
1931 amounted to 9,401,400 barrels (a daily average of
365,900 barrels) as compared with 8,561,200 barrels (a
daily average of 306,046 barrels) in June last. The "Bulletin" shows:
CRUDE OIL PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN
BARRELS OF 42 GALLONS.
By Conspaeles,
July 1931. Per Day. July 1930. Per Def.
V.0. C
Lego
Gulf
Caribbean Petroleum
Creole Petroleum
Colon Oil
B. C.0., Ltd
General Asphalt
2,675.785
3,216,297
1,627,956
988,352
598,277
650.554
148,221
7,750
86,316
103,751
52.515
31,882
19,299
20,988
4,781
250
3,356,681
3,273,910
1,955,706
1,937,421
490,035
393,647
171,170
45.500
108,280
105,610
63,087
62,498
15,808
12,698
5,522
1,467
Total
By FieldsLagUnilla8
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
Meals Grande
Terra
El Mena
Quirecndre
(Manor()
9,913,192
319,780
11,624,070
374,970
5,990,904
1,449,568
30,535
378,320
66,932
988,352
650,554
148,221
202,058
7,750
193,255
46,760
985
12,204
2,159
31.882
20,986
4,781
6,518
250
6,302,933
2,485.259
76,830
187.600
23,710
1,937,421
393,647
171,170
203.323
80,170
2,478
6.051
764
62,498
12,698
5,521
45.500
1,467
9.913.192
319.780
11.624.070
374.970
Total
SHIPMENTS OF VENEZUELAN CRUDE OIL (IN BBLE4. OF 42 GALLONS).
Month ofV.O.C
Logo
Gulf
Caribbean Petroleum
Creole Petro1eum
Colon 011
B.C.O., Ltd
General Asphalt.--
July 1931. June 1931. May 1931. April 1931. March1931.
2,591,900
3,303,600
1,447,000
756,200
530.000
637,100
135,600
None
2,583,000 2,603,597 2,609,173
2,609,100 2,661,817 2,525,430
1,294,000
1,533,000 1,370,000
736,000
751,440
673,607
588,000
728.000
661,000
615,000
619,100
587,880
156,100
161,740
158,600
None
None
None
3,171.672
3,475,474
1,838,000
493,000
810,000
625,500
146,700
None
q6aat
d9.401.400 .8.561.200 a9.048.694 b8.585.690 el0.362.348
a Equivalent to 359,126 barrels per day. b Equivalent to 286,190 barrels per
day. c Equivalent to 334,269 barrels per day. d Equivalent to about 303,271
barrels per day, e Equivalent to 285,373 barrels per day.
Crude Oil Output in United States Again Shows
Increase Over a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Aug. 15 1931 was 2,498,500 barrels, as
compared with 2,555,550 barrels for the preceding week, a
1208
FINANCIAL CHRONICLE
[VOL. 133.
Alfred Houston, General Manager for the Guggenheim Brothers' office
decrease of 57,050 barrels. Compared with the output for
here, said the move was protective
the week ended Aug. 16 1930 of 2,463,550 barrels per day, tion of synthetic nitrateaproducts. measure designed to meet the competithe current figure represents an increase of 34,950 barrels
The development follows the failure of international conferences held
daily. The daily average production east of California was recently in Europe to reach an agreement stabilizing the nitrate market.
1,981,500 barrels, as compared with 2,050,550 barrels, a
decrease of 69,050 barrels. The following are estimates of Germany Prohibits Imports of Fertilizers to Protect
Nitrate Producers.
daily average gross production, by districts:
Berlin advices (Associated Press) Aug. 18 said:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Aug. 15'31. Aug.8 '31. Aug. 1 '31. Aug. 16'30.
r Week Ended425,250
538,200
421,400
264,500
Oklahoma
99,750
102,100
114,400
102,850
Kansas
54,350
100,550
59,150
54.950
Panhandle Texas
56,700
74,900
56,350
56,200
North Texas
26,150
23,000
53,600
22,650
West Central Texas
201,700
204.900
287,200
202,850
West Texas
52,350
53,050
40,000
52,600
East Central Texas
597,550
654,200
738,050
East Texas
58,000
56,850
55.750
98,150
Southwest Texas
32,350
30,650
31,450
41,050
North Louisiana
38,650
37.400
38,300
55,450
Arkansas
130.700
130,750
131,550
177,800
Coastal Texas
23.100
21,800
23,900
29,950
Coastal Louisiana
100,700
100.650
98,000
119,500
Eastern (not including Michigan)
7,850
9,200
7,800
10.000
Michigan
36,650
39.900
45,850
Wyoming
37,050
8,000
8.050
9,100
7,850
Montana
4,200
4,450
4,000
3,950
Colorado
44,350
42,800
43,700
43,100
New Mexico
505,000
504.200
620,300
517.000
California
In an effort to protect synthetic nitrate producers, the Government
to-day prohibited the importation of fertilizers except under special license.
The action was the result of a continued decline in prices, brought about,
It was said, by underselling by producing nations. France, Poland and
Czechoslovakia already have similar anti-importation edicts.
Report of European Nitrate Agreement
-May Reform
Cartel Through Individual Deals.
The following cablegram from Brussels, Aug. 19, is from
the New York "Journal of Commerce":
It is reported In reliable circles here that conferences are now under way
looking to a partial international nitrate agreement to replace the one that
expired July 1. The new agreement is scheduled to include Chile and individual European countries under special arrangements in each case.
The previous international arrangement consisted of a European cartel
2,498,500 2,555,550
2,500.650
2,463,550 that was completed before Chile was brought into the arrangement. If the
Total
The estimated daily average gross production for the Mid-Continent field, present negotiations are successful they may lead to a reconstitution of an
including Oklahoma, Kansas, Panhandle, North, West Central, West, East agreement including Chile and the European countries, but failure of the
Central, East and Southwest Texas, North Louisiana and Arkansas, for the latter to agree will not interfere with the consummation of a partial arrangeweek ended Aug. 15, was 1,623,750 barrels, as compared with 1,695,450 ment immediately.
barrels for the preceding week, a decrease of 71,700 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was World Copper Production in July Again Off, the
1,597,150 barrels, as compared with 1,668,400 barrels, a decrease of
Lowest in Many Years.
71,250 barrels.
The production figures of certain pools in the various districts for the
The world smelter output of copper as distinct from recurrent week, compared with the previous week, in barrels of 42 gallons, finery production,
was in July 121,260 short tons according
follow:
--Week Ended-Week Ended
Aug.15. Aug. 8.
Oklahoma
-Aug.15.Aug. 8.
Southwest Testis5.800 11.300 Chapmann-Abbot_ - 2.800 3.000
Bowlegs
12,
11,950 Darst Creek
19,700 19,100
Bristow-Slick
7,500 7,550
Burbank
12,500 12,900 Luling
1,300 13.900 Salt Flat
11,450 10,700
Carr City
North LouisianaEarlabor°
8,800 12,860
950
East Earlabor°
2,200 13.000 Bareots-CartervIlle
950
6,500 6,550
South Earlabor°
1,050 4,300 Zwolle
Arkansas
1,600 6,050
Konawa
3,150 3,200
11.400 18,300 Smackover, light
Little River
26,600 27.050
East Little River
2,450 3,750 Smackover, heavy
Coastal Texas
1,200 2.250
Maud
20,950 20,000
2,650 6,750 Barbers 11111
Mackin
6,800 6.850
Oklahoma CRY
4,600 84.600 Raccoon Bend
24.900 25,050
12,350 14,450 Refugio County
St. Louis
2,750 3,400 Sugarland
11,800 12,150
Searight
Coastal Louisiana
6,300 10,150
Seminole_
1,250 1,200 East HackberrY
700
East Seminole
700
Old Hackberry
650
Kansas
700
Wyoming-10,600 10,400
Ritz
22,300 23,450
14,500 14,600 Salt Creek
Sedgwiok County
Montana
14,600 15,050
Vosttell
Kevin-Sunburst
Panhandle Texas
4,400 4,450
41,100 38,600
New Mexico
Gray County
Hutchinson County_.
11,300 9,750 Hobbs High
37,050 37,050
Balance Lea County
North Texas
4,350 3,500
12,000 12,000
California
Archer County
7.900 8,200 Elwood-Goleta
25.600 26,400
North Young County
Wilbarger County
12.100 11,850 Huntington Beach
20,500 21,200
Inglewood
West Central Teats
13,600 13,900
68,000 59,700
South Young County___ 2,900 3,150 Kettlemen Hills
Long Beach
West Texas
77,000 74,500
51,900 50,500
Crane dc Upton Cos-___ 20,500 20,700 Midway-Sunset
7.100 7,100 Playa Del Rey
23,300 23,900
Ector County
28,950 28,500 Santa Fe Springs
Howard County
62,000 61,900
25,500 27,650 Seal Beach
11,900 11,000
Reagan County
38,800 39,200 Ventura Avenue
Winkler County
39,700 40,300
68.900 68,900
Yates
Pennsylvania Grade
2,700 2,750
Bal. Pecos County
Allegany
6,750 6,300
East Central Texas
-21,700 21,100
43,200 43,700 Bradford
Van Zandt County
Kane to Butler
6,600 6.500
East Texas
6,050 8.000
-Joiner
269,600 230,600 Southeastern Ohio
Rusk Co.
_296,300 275,700 Southwestern Penna..- 3,050 2,750
Kilgore
13,000 12,350
Gregg Co.-Longview_172,150 147,900 West Virginia
Zinc Price Lower.
From the New York "Evening Post" of Aug. 15 we take
the following:
Zinc buying is small with prime Western zinc slightly lower at 3.80e.
a pound East St. Louis for August,3.85c. for September and 3.90 to 3.92 34c.
for October. This is a reduction of about 2)4 points. Demand is almost
entirely for near-by shipments.
Zinc Curb in Effect-International Cartel Votes to
Restrict Output.
The following from Paris Aug. 19, appeared in the New
York "Evening Post":
At the meeting of zinc producers at Paris the international cartel was
declared effective from Aug. 1 with the objects of the cartel the clearing
Up of stocks and the adjusting of future production to consumption.
Members of the cartel have combined production capacity of 1.123.000
metric tons of zinc a year. This represents 97% of the European and
overseas capacity of the world, exclusive of the United States. Stocks of
zinc in hands of cartel members June 1 were 229,000, but these were reduced
to 206,400 Aug. 1. Production of members in July were 57.300 metric
tons, against an average of 76,350 tons a month in 1930 and 69,700 tons
In January.
Chile Cuts Price of Nitrate Opening a World-wide Fight.
From the New York "Times" we take the following
Associated Press accounts from Santiago, Chile, Aug. 14:
An open fight for the world's nitrate market appeared imminent to-night
as Cosach. the government producing syndicate, announced a price cut
On natural nitrate in the European market.
to figures released by the American Bureau of Metal Statistics and published in the "Wall Street Journal" of Aug. 19.
This is the lowest monthly production in many years and
compares with 126,722 tons in June, 130,486 tons in May
and 148,929 tons in July 1930. The daily output averaged
in July 3,912 tons compared with 4,224 in June, 4,209 in
May and 4,804 tons in July 1930. The reduction was confined almost entirely to United States output, and was due
to the shutting down of the Magma and United Verde
Extension mines for the summer.
The following table gives in short tons output of the several
countries for the last six months. This is based on fine
copper content of blister as reported by smelters without
segregation as to countries of origin:
JanJuly.
Jan.
United States__
Mexico
Canada
Chile and Peru_
Japan
z Australia
Germany
x Other Europe_
y Elsewhere
Feb.
Mar.
Apr.
May.
June
July.
53,429
4,489
8,852
24,064
7,003
300
5,353
12,500
13,400
55,229
4,149
9,408
24,124
7,190
1,218
6,067
11,300
11,000
57,922
4,094
9,228
24,551
7,041
1,946
6,276
12,600
13,300
52.085
3,799
9,625
24.613
7,334
435
6,886
12,300
12,800
53,734
4,078
9,000
24,812
7,230
1,873
4,459
12,300
13,000
51,652
3,867
9,591
24,785
6,970
1,296
5,161
11.800
11,600
46,503 370,554
3,726 28.202
9,837 65.541
24,611 171,560
7,014 49,782
1,271 8,339
4.698 36,900
11,600 84,400
12,000 87,100
World's total_ 129,390 128,685 136,958 128,877 130,486 126,722 121.260 902,378
• Partly estimated. Includes production of blister copper In oountr es other
than Germany whereof Spain, Russia, Jugoslavia and Great Britain are the more
Important. y Chiefly Africa, z Irrgularity of monthly totals for Australia are
ascriable to intermittent operation of two of the smelters there.
The American Bureau of Metal Statistics summarizes deliveries of copper
for consumption in the principal consuming countries abroad in metric
tons as follows (according to the "Wall Street Journal"):
1930(Year)
1931
Average
Average
Months
Per Month. per Month. Reported
Great Britain
France
10.798
11.349
5
Germany
14.181
15.506
4.221
5
4.418
Italy
Japan
4,805
5
4.045
Detailed study shows 56,747 metric tons of copper available in France
for consumption in the first five months of 1931 compared With 54,285
tons in the first five months of 1930.
In Germany 93,036 tons of copper were available for consumption in
the first six months of 1931 compared with 65.445 tons in the first half
of 1930.
Great Britain had 66.725 long tons of copper available for consumption
in the first six months of 1931 compared with 64,786 tons In the first half
of 1930.
In Japan 20.225 metric tons were available for consumption in the first
five months of 1931 compared with 23.182 tons in the first five months
of 1930. added the "Journal."
Midsummer Dullness in Non-ferrous Metal Markets
Prices Substantially Unchanged.
Volume of trading in non-ferrous metals was again very
small this past week and it seems unlikely that much interest
will be aroused in the market until after Labor Day,"Metal
and Mineral Markets" reports on Aug. 20, adding:
Production of many of the metals has been curtailed so greatly that there
exists no particular pressure to sell, and prices are holding well even in the
absence of much demand. Copper at 734c.. lead at 4.40c., and silver at
27 Sic. are unchanged from the levels of a week ago. Zinc, tin, and quicksilver are slightly lower. Industrial conditions and general commodity
prices are as depressed as ever, but there are good grounds for hope of an
Improvement next month.
AUG. 22 1931.]
FINANCIAL CHRONICLE
1209
Custom smelters have had more bids for copper at 7%c. than they care
Leto.
Htels.
to fill, though the demand at that level has not been great. They have 1931
$11.33 Jan. 6
$9.08 June 33
1930
11.25 Dee. 9
15.00 Feb. 18
been allotting the copper to those who would take the earliest delivery, so
14.08 Dec. 8
17.58 Jan. 29
that every lot of copper sold, with one exception, was for shipment not later 1928
13.08 July 2
16.50 Dec. 81
than October. The foreign market continues dull, with the price unchanged 1927
15.25 Jan. 11
13.08 Nov.29
at Sc., c. I. f. Only about 9,000 long tons have been sold so far this month, 1926
14.00 June 1
17.25 Jan. 5
15.08 may 5
20.83 Jan. 13
so that August promises to be as lean, in the foreign field, as was July, 1925
though consumers' stocks abroad must be almost non-existent.
A further rise in production, continued brisk inquiry for
The July lead statistics released during the week were encouraging,
building steel, a milder recession in automobile assembly
revealing another reduction in stocks. This development, however, had
little effect on activity in the metal. The tonnage sold was slightly better than was anticipated, and greater interest by the railroads
than in the preceding week, but well below the average. Zinc was vir- In the equipment and track material markets encourage the
tually unchanged. Demand was dull, but producers offered supplies
sparingly in view of the improved statistical position. The closing price steel industry for the second consecutive week, reports
was about 2% points lower than a week ago.
"Steel" of Aug. 20. There is nothing yet to indicate a
Steel Production Higher
-Outlook More Promising
Demand Slightly Better-Prices Unchanged.
A slight gain in steel demand, mainly as the result of
specifications from the automobile industry, and prospective
Increases in pipe line bookings, structural steel awards and
rail releases have strengthened the hopes of iron and steel
producers for a seasonal upturn in business, states the "Iron
Age," which further adds:
While current orders from motor car builders are too small and too
scattered to throw much light on September assembly schedules, they are
interpreted as portending larger and more widely distributed releases.
The outlook in line pipe is more clearly defined. Orders about to be
placed include 36,000 tons for the Stanolind Pipe Line Co. and 15,000 tons
for the Lycoming Natural Gas Co., which, with smaller tonnages approaching the closing stage, are counted on to sustain the recently increased operations of electric weld and seamless pipe mills until the end of the current
quarter.
Rail specifications are still irregular, as evidenced by the shutting down
of the Pittsburgh district mill after a week's run, but will be heavier next
month. Releases for September rolling thus far received at Chicago point
to a gain of 25 to 50% in Western rail mill operations.
Fabricated steel awards, at 13,000 tons, are the smallest reported for any
week since April. However, several large tonnages are on the verge of
being placed and new projects, totaling 24,000 tons, have come up for
figures.
Mill shipments of both structural steel and reinforcing bars have been
holding up well, with the likelihood that they will continue to make a good
showing. A negative factor so far as concrete bars are concerned is a
controversy in Illinois regarding that State's "standard wage" law, which
may delay the award of more than $10,000,000 worth of road work until
next year.
Miscellaneous manufacturing consumers of iron and steel have as yet
given little indication of an impending seasonal upturn in their
requirements. Makers of textile and shoe machinery have increased their
specifications in cold-finished bars, and demand for tack plate is more
active, but the total steel tonnage involved is insignificant. A few releases
have come from the farm equipment industry, but it is a question whether
much improvement can be expected from that quarter in view of depressed
agricultural conditions. In this connection it is to be noted that country
trade in wire products, which ordinarily picks up at this time of the year,
Is very backward.
Tin plate production, which has held up unusually well throughout the
depression, has declined to 50% of capacity, the lowest rate of the year.
Steel ingot production still fails to show a uniform trend. The intermittent operations now characteristic of various steel finishing departments
continue to be reflected in irregularities in raw steel output. Gains in
ingot production at Cleveland and Chicago are in contrast with losses at
Buffalo, Birmingham and Pittsburgh. The average rate for the country
at large is estimated at 32%, compared with 30% in the previous week.
Apathy rules in the scrap trade, and pig iron prices are holding at
recent levels in most markets. Sheets and strips, as well as bars, plates
and shapes, are well maintained at current quotations on such business as
is now coming out. Bolts and nuts and cast iron pipe, however, continue
to be subject to rather widespread concessions. Of local significance is
the increasing pressure of foreign competition on the Pacific Coast,
especially for business in reinforcing bars, wire products and light shapes.
Production of sheets by independent mills in July gained 27,000 tons,
while shipments increased 22,000 tons. Unfilled orders declined more than
100,000 tons. The rise in production and shipments was doubtless due in
part to the increase in specifications that followed recent advances in
prices.
Consumption of Lake ore in July was 1,832,382 tons, a decrease of
281,888 tons from June. The amount used in July 1930 WIN 3,837,587 tons.
The "Iron Age" composite prices are unchanged at 2.116c. a pound for
finished steel, $15.50 a gross ton for pig iron, and $9.26 a gross ton for
steel scrap. ith. comparative table shows:
Finished Steel.
Based on steel bars, Imams,tank plates
Aug 18 1931, 2.116e. a Lb.
2.118e4 wire, ralls, black pipe and sheets
One week ago
..2.11Sc.I These products make 87% of the
One month ago
2.1580. United States output.
One year ago
High.
&no.
2.142e. Jan. 13
2.102o, Jane 2
1931
2.362e. Jan. 7
2.121e, Dec. 5
1930
2 4120. Apr. 2
2.352o, Oct. 25
1929
2.391o. Dee. 11
2.314c. Jan. 3
1928
24530. Jan. 4
2.293c. Oct. 25
1927
24530. Jan. 5
2.4050. May 18
19211
2 5800. Jan. 6
2.396o. Aug. 18
1925
Pig Iron.
Based on average of baste Iron at Valley
Aug 18 1931. $15.50 a Gress Ton.
$15.50 furnace and foundry irons at Chicago,
One week ago
15.54 Philadelphia, Buffalo. Valley and Sim
ago
One-month
16.88 mingham.
One year ago
High.
Leto.
$15.90 Jan. 8
$15.50 Aug. 11
1931
18.21 Jan. 7
15.90 Dee. 18
1930
18.71 May 14
18 21 Deo. 17
1929
18.59 Nov.27
17.04 July 24
1928
19.71 Jan. 4
1927
17.54 Nov. 1
21.54 Jan. 5
19.46 July 13
1926
22 50 Jan, 18
1925
18.96 July 7
Steel Scrap.
IBased on No.1 heavy melting steel quoAug 18 1981. $9.25 a Gress Ton.
ta 25 miens at Pittsburgh, Philadelphia
One week WO
9.25 and Chicago.
One month ago
18.25(
One year ego
genuinely virile recovery and the improvement is spread
rather thinly, but for two weeks now the steel markets have
borne the earmarks of the usual fall upturn, continues
"Steel," which further states:
Slightly higher operations at Chicago, Youngstown and Cleveland more
than wash out a decline at Buffalo, putting the steel rate up 1% points
this week to 33%%. In the five weeks of July steel mill operations curved
downward, successively, from 34% to 33% to 33 to SO to 32%. In the
first three weeks of August they have curved upward from 30 to 82 to
33%%. If the fourth week of August also registers a gain, July production totals will be approximated, with an outside chance of a small gain.
Structural steel inquiry, which this week totals 44,241 tons, exclusive
of 165,000 tons noted as current last week, is heartening because so .well
distributed. Barring 16,100 tons for Illinois public works and 8,200 tons
for a highway at Newark, N. J., this fresh inquiry is for small lots, widely
scattered. The week's actual awards detract slightly from this good showing, being 11,020 tons, against 24,904 tons last week. Thus far in 1931
structural awards aggregate 1,196,384 tons; a year ago 1,214,698 tons.
Enlivening the railroad market is a prospective award of 60,000 tons of
rails by the Louisville & Nashville to Birmingham mills. Distribution by
another Southern road may give Birmingham mills 10,000 tons more.
Cincinnati Union Terminal project calls for 4,600 tons of rails. Releases
by Western roads may compel Chicago rail mills to expand operations in
September. The Pennsylvania will build 20 tenders in its shops. The
New York Central's 500 box cars probably will be built in that road's
Merchants' Despatch shops.
If current Ford assembly be counted as production, August output of
automobiles will not slump much below 190,000 units, or 12% less than
in July. Broader releases for pig iron at Cleveland and highly.finished
sheets at Youngstown for September delivery at Detroit support expects.
tions of a more active automobile industry next month. One important
farm implement manufacturer in the Chicago district may resume shortly
on a substantial scale. In both steel and cast iron pipe the week's awards
and inquiry are light, with prices of large size iron pipe easier.
Activity in the scrap market has subsided and prices have failed to hold
their recent gains. Heavy melting steel has been marked down 50c. at
Chicago, and the general levels at Pittsburgh and Philadelphia are lower.
In pig iron the only feature of note is the rising tendency in demand from
the automotive industry; the volume of new business is too restricted to
afford a test of prices, nominal for several months.
In an effort to localize the depression in ore to this season, steelworks
have curtailed their releases, indicating this will be a 25,000,000-ton ore
year, poorest since 1921. The industry is attempting to come into the
season of 1932 with only normal stocks of ore on lower lake docks.
After holding at $31.06 for three consecutive weeks, "Steel's" composite
of iron and steel products is down 2c. to $31.04, reflecting easier pig iron
prices in Eastern Pennsylvania. The finished steel composite continues a'
$48.72, while that for steelworks scrap is down 8c. to $8.79.
Steel ingot production for the week ended Monday (Aug.
17) was at about 33% of theoretical capacity, according to
the "Wall Street Journal" of Aug. 19. This compares with a
little under 32% in the previous week and a shade below
31% two weeks ago. The "Journal" goes on to say:
U. S. Steel is estimated at 35% against nearly 34% in the preceding
week and 33% two weeks ago. Leading independents are at better than
81%, contrasted with a fraction over 30% the week before and 29% two
weeks ago.
At this time last year the average was around 54%%, with U. S. Steel
at 62% and independents at better than 49%. In 1929 the average was in
excess of 90%, as U. S. Steel was running at 95% and independents at
above 86%. In 1928 the output was fractionally over 76%, with 11 S.
Steel at 80% and independents around 73%.
Steel operations reached their spring peak this year in the week ended
March 25, when activity was close to 57% of capacity. The rate declined
steadily through the summer months to a low of about 31% during the
week which included the July 4th shut-down. The rate of 31% in that
week was based on the percentage of activity during days when mills were
working, and did not include inactive days. Operations increased slightly
late in July and stood at 33% for the final week of that month. In the
first week in August the rate declined again to 31% of capacity, the low
for the year, from which the current upturn began.
June Output of Bituminous Coal and Pennsylvania
-Production DeAnthracite Higher Than in May
clined During First Six Months.
According to the United States Bureau of Mines, Department of Commerce, the total production of bituminous coal
for the country as a whole during the month of June is estimated at 29,185,000 net tone, showing a slight increase of
871,000 tons, or 3%.from the output in the month of May.
The number of working days in the two months was approximately the same, 25.4 in May as against 26.0 in June.
The average daily rate of output in May was 1,115,000 tons
and in May 1,123,000 tons.
Anthracite production in Pennsylvania decreased in June.
The total for the month is estimated at 4,544,000 net tons, a
decrease of 461,000 tons or 9.2% from the May figure of
FINANCIAL CHRONICLE
1210
[vol.. 133.
Anthra5,005,000 tons. The number of working days is increased Output of Bituminous Coal and Pennsylvania
cite Lower.
June the average daily rate
from 25 in May to 26 in June. In
According to the United States Bureau of Mines, Departwas 174,800 tons, and in May 200,200 tons, showing a dement of Commerce, production during the week ended Aug.8
Bureau's statement further shows:
crease of 12.6%. The
1931 amounted to 6,795,000 net tons of bituminous coal,
Extintated Production of Coal in June and Accumulated Production for The First Sic
796,000 tons of Pennsylvania anthracite and 16,000 tons of
Months 011931. 1930, 1929 and 1923, to Na Tons.a
beehive coke, as compared with 6,812,000 tons of bituminous
-Calendar Year to July 1
June
NW
1929.
1923.
1930.
coal, 1,287,000 tons of Pennsylvania anthracite and 17,100
1931.
1931.
1931.
Mate
983,000 1.028,000 6,489.000 8.048.000 9.103,00010,533,000 tens of beehive coke in the preceding week and 7,839,000
Alabama
36.000 417.000 602,000 695.000 605.000
46,000
Arkansas
301.000 395.000 3.041.000 3.881.000 4.664.000 5,037.000 tons of bituminous coal, 1,119,000 tons of Pennsylvania
Colorado
2,833.000 3.044.00022.397.000 26,240.000 29,237.00041,805,000
Illinois
920.000 960.00 6.838.000 7.933.000 9.008.00013,631,000 anthracite and 40,600 tons of beehive coke in the correspondIndiana
205.000 196,000 1,530.000 1,813,000 2.009.000 2.884,000
Iowa
306,000 326,000 2,454,000 2,785,000 3.403,000 3,863,000 ing period last year.
Kans. & Mo._
Kentucky: -During the calendar year to Aug. 8 1931 output of bitu2.720.000 2,470.000 15,749.000 20,274,000 21.920.00015.759,000
Eastern
504.000 530.000 4,004,000 5,267,000 7.145,000 5.279,000 minous coal totaled 227,036,000 net tons as against 273,391,Western
1,297,000
133,000 133,000 1,005.000 1.168,000 1.325,000
Maryland
8,000 239.000 317.000 383.000 585.000 000 tons in the calendar year to Aug. 9 1930. The Bureau's
9.000
Michigan
139.000 133.000 1.023.000 1,335,000 1,562.000 1,509,000
Montana
117.000 120,000 780,000 980.000 1.290.000 1,504.000 statement follows:
New Mexico
70.000 608,000 702,000 816,000 707,000
74.000
BITUMINOUS COAL.
1.716.000 1,550,000 10.523,000 11,195.000 10,520,000 20.391.000
76.000 736,000 1,209,000 1.706.000 1.371,000
109.000
The total production of soft coal during the week ended Aug. 8 19311
7,775,00050.598.000 61.122,000 70.575.00087.528,000 including lignite and coal coked at the mines, is estimated at 6,795.000 net
7,755.000
293.000 300.000 2.233.000 2,580.000 2,653.000 3,133,000
slight
50.000 314,000 400.000 548.000 557.000 tons. Compared with the output in the preceding week, this shows a
45.000
127.000 167,000 1.513,000 1,852,000 2,478.000 2.156,000 decrease-17.000 tons. or 0.2%. Production during the week in 1930
830.000 840.000 5,126.000 5.690,000 6.263.000 5,954,000 corresponding with that of Aug. 8 amounted to 7,839,000 tons.
109,000 102,000 779,000 1,129,000 1,300,000 1,497,000
Estimated United States Production of Bituminous Coal (Net Tons) .
6,467,000 5,763,000 35.934,000 43,998,000 48.346,00031.868,000
19302,139.000 1,873,000 13,097.000 16.177,000 17.704.00019,889.000
Cal. Year
1931021. Year
302,000 364,000 2,333.000 2,857.000 3,100.000 3.456,000
to Date.
Week.
Week.
Week Ended95.000 157,000
80,000
37,000
5,000
4,000
0
a
8.084.000 25°7,Dale.56 . 0
6.755,000 213.429.000
July 25
1.476.000
Daily average
1.347,000
1,126,000
1.224,000
Total bituminLb
6,812,000 220.241,000
7.991.000 265.552,000
29.185.00028.3i4,000 189797000 230634000 257847000 282865000 August average
ous coal_ _ _ _
1.471.000
1,332.000
Daily
1,221,000
1,135.000
Pa. anthracite_ 4,544,000 5,005.000 31542000 33193000 35517000 50041000 August 8..c
7.839,000 273.391,000
6.795.000 227.036.000
1.466.000
Daily average
1,307.000
1.218.000
1.133.000
221339000 263827000 293364000 332906000
Total all coal 33,729,00033.319,000
a Minus one day's production first week In January to equalize number
N.&
a Figures for 1923 and 1929 only are final. b Includes operations on the d Figures
of days in the two years. b Revised since last report. c Subject to revision.
C.& 0.; Virginian. and K.& 54. c Rest or State, including Panhandle.
The total production of soft coal during the present calendar year to
are not strioUv comparable for the several years.
August 8 (approximately 186 working days) amounts to 227.036.000 net
tons. Figures for corresponding periods In other recent years are given
below:
July Production of Bituminous Coal Higher Than in 1930
283,993.000 net tons
273,391.000 net tons 1928
317,473.000 net tons
but Continues Below Rate a 1929
309.316.000 net tons 1927
Preceding Month,
-Anthracite Output Off.
As already Indicated by the revised figures above, the total production of
Year Ago
soft coal for the country as a whole during the week ended August 1 Is
According to the United States Bureau of Mines, Depart- estimated at 6.812.000 net tons. Compared with the output In the preceding
ment of Commerce, revised estimates for the month of week, this Is an Increase of 58,000 tons, or 0.8%. The following table
July 1931 show that 29,790,000 net tons of bituminous coal apportions the tonnage by States and gives comparable figures for other
recent years:
and 3,954,000 tons of anthracite were produced in that
Estimated Weekly Production of Coal by States (Net Tons).
month, as compared with 34,715,000 net tons of bituminous
July '23
IVeek Ended
Average.
Aug. 3
State
Aug. 1
July 25 Aug. 2
anthracite in the corresponding
and 5,557,000 tons of
1930.
1929.
1931.
1931.
389.000
335.000
198.000 208.000 253.000
period last year and 29,185,000 tons of bituminous coal and Alabama
Arkansas
25.000
30.000
14.000
29.000
17.000
Colorado
4,544,000 tons of anthracite in June 1931.
165 000
129.000
73.000
66.000 117.000
925.000 1.268.000
739.000 616.000 843.000
of bituminous coal in Illinois
The average daily rate of output
451,000
Indiana
296.000
203.000 195.000 233.000
87.000
58.000
40.000
50.000
40.000
July 1931 amounted to 1,146,000 net tons as against 1,123,- Iowa
Kansas
76.000
43.000
30.000
45.000
40.000
000 tons in the preceding month and 1,335.000 tons in Ken t ucky-Eaatern _ 642.000 646 000 692.0e0 843.000 735.000
202.000
Western
204.000
119.000 103.000 176.000
July last year. The Bureau's statement
42,000
Maryland
44.000
32.000
45.000
30.000
17.000
Michigan
15.000
11.000
1.000
1.000
58.000
61.000
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE Missouri
50.000
59.000
47.000
Montana
41.000
49.000
39.000
28.000
IN JULY (NET TONS),
32.000
52.000
New Mexico
40.000
22.000
33.000
22.000
14.000
North Dakota
12.000
18.01)0 11.000
17.000
854.000
Ohio
434.000
Anthracite.
433.000 457.000 412.000
Bituminous.
49.000
58.000
Oklahoma
26.000
39.000
36.000
Pen nsyl vanta (bit.)._ 1.818.000 1,810.000 2.163.000 2,630,000 3.680.000
of Average
No.
No. of Average
113.000
98.000
II orking per Work- Tennessee
87.000
71.000
Total
66.000
oiling per WorkTotal
Month.
23,000
23.000
15.000
9.000
18.000
Production. Days. ing Day. Production Days. ing Day. Texas
87.000
,
67.0 10
Utah
47.000
19.000
32.000
222.900 239.000
188.000 184.0(10 184.000
200.200 Virginia
28.314.000 25.4 1,115.000 5.005.000 25
1931-May
37.000
33.000
31.
174.800 Washington
1.123.000 4.544.000 26
29.1115.000 26
June
152.100 West Virginia-Sou.b 1,495.000 1.559.000 1.766.000 1,967.000 1.519.000
1.146.000 3.954.000 26
29.790.000 28
July a
866.000
687.000
Northern_c
417.000 455.000 525.000
213.700
1,335,000 5,557,000 26
34,715.000 26
-July
1930
115.000
91.000
Wyoming
98.000
55.000
66.000
4,000
2.000
Othor States_d
3.000
1.000
1,000
a Revised.
North Dakota
Ohio
Oklahoma
Pennsylvania.Tennessee
Texas
Utah
Virginia
Washington
West Virginia:
Sd uthcrab _ _ ...
North erne _ _ _ _
Wyoming
Other Statesd _ _ _
Anthracite Employment and Wages Less in July,
According to Philadelphia Federal Reserve Bank.
The anthracite industry employed 15% fewer workers
and paid out 19% less in wages in July than in June, according to indexes compiled by the Philadelphia Federal Reserve
Bank on the basis of reports received by the Anthracite
Bureau of Information from 159 collieries employing 89,000
workers with a weekly payroll amounting to $2,100,000.
According to the Bank the employment index at 63.4%
of the 1923-25 average and the payroll index at 46% reached
the lowest level of any month in the past five years. The
decline from a year ago was 30% for employment and
37% for wage disbursements. Comparisons furnished by
the Bank follow:
1923-25 Average=100.
Wage Payments.
Employment.
1929.
January
February
March
A pill
May
June
July
August
September
October
November
December
1930.
1931.
1929.
1930.
1931.
109.8
109.4
101.3
104.1
107.2
95.4
85.8
93.6
105.5
109.8
107.6
110 A
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
96.2
94.7
OR A
88.3
87.1
79.9
82.9
78.3
74.2
63,4
112.6
107.0
79.5
77.4
85.4
71.0
56.8
68.9
83.4
116.6
87.6
110.3
92.1
103.7
67.1
63.9
85.8
73.2
72.6
68.2
78.2
102.3
83.2
85.0
75.8
79.8
55.7
63.8
64.6
58.8
45.6
Total bltum.coal-- 6.812.5006,755.000 7.991.000 9.396.000 11.208.000
Pennsylvania anthr.- 1.287.000 881.000 1.284.000 1,243.000 1.950.000
Total all coal
8.099.000 7.636.000 9.275,000 10.639.000 13.158.000
a Average weekly rate for the entire month. b includes operations on
the N. & W.: 0. & 0.; Virginian: and R. & M. c Rest of State, Incluling
Panhandle. d Figures are not strictly comparable In the several years.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite In the State of Pennsylvania during
the week ended Aug. 8 is estimated at 796.000 net tons. This shows a
decrease of 491.000 tons or 38.2%. from the output In the preceding week,
and compares with 1.119.000 tons produced during the week in 1930
corresponding with that of August 8.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1931
Daily
Daily
Average,
Week
Week.
Average.
Week.
231.700
1.390.000
July 25
146.800
881.000
214.000
August 1
1,284.000
214.500
1.287.000
186,500
1,119,000
August 8
132.700
796.000
BEEHIVE COKE.
The total production of beehive coke during the week ended Aug. 8 Is
estimated at 16.000 net tons This compares with 17.100 tons produced
during the preceding week and 40,600 tons during the week In 1930 corresponding with that of Aug. 8.
Estimated Weekly Production of Beehive Coke (Net Tons).
1930
1931
Week Ended
to
to
Aug. 9
Aug. 8 Aug. 1
Date_a
Date.
Region
1930.
1931_6 1931-c
Pennsylvania
12.500
13.900 28.400 672.000 1,427.500
West Virginia
79.200
6.400
318.500
1.000
1.100
Tennessee & Virginia_
77.400
4.000
164.000
1.500
1.000
71,500
30.400
Colo.. Utah & Wash._
1.800
1.000
1.100
United States total_
17.100 40.600 859.000 1.981.5M
16.000
4.569
Daily average
6.767
2.850
2.667
10.540
a Minus one day's production first week in January to equalize number
last report.
of days in the two years. b Sdbject to revision. c Revised since
AUG. 22 1931.]
FINANCIAL CHRONICLE
1211
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit Investments—total
outstanding during the week ending Aug. 19, as reported
U.S. Government Beemirme
Other securities
by the Federal Reserve Banks, was $1,115,000,000, an increase of $68,000,000 compared with the preceding week and Reserve with Federal Reserve Bank
of $111,000,000 compared with the corresponding week in Cash In vault
Net demand deposits
1930. After noting these facts, the Federal Reserve Board Time
deposits
proceeds as follows:
Government deposits
Aug.19 1931. Aug. 21931. Aug 20 1930.
.
$
2,581,000,000 2,817,000,000 2,108,000,000
1,583,000,000 1.588,000,000 1,090,000.000
1,018,000,000 1,031,000,000 1.018,000.000
836,000,000 844.000.000 782,000,000
48,000,000
55,000,000
44.000.000
5.805,000.000 5.878.000,000 5,558.000,000
1.113,000,000 1,131,000.000 1,438.000.000
18.000.000
27,000,000
15.000.000
72.000,000
77,000.000
87,000,000
.1102,000,000 1,130,000,000 976,000.000
On Aug. 19 total Reserve bank credit amounted to $1,141,000,000
, an Due from banks
increase of $36,000.000 for the week. This Increase corresp
onds with an Due to banks
Increase of$62,000,000 in money in circulation and a decrease
of$19.000,000 Borrowi
in Treasury currency, adjusted, offset in part by an
ngs from Federal Reserve Bank_
increase of $19.000.000
in monetary gold stock and decreases of 311,000.000 in member bank Loans on scour,
to brokers & dealers
reserve balances and 316,000.000 in unexpended capital funds,
For own account
non-member
.000
For account of out-of-town banks_ — 950.000,000 936,000.000 1,807.000.000
bank deposits, &c.
228,000
230.000.000 714.000.000
For account of others
Holdings of discounted bills declined $11.000,000 at
165,000.000 183,000,000 807,000.000
the Federal Reserve
Bank of New York and increased 823,000,000 at San Francisco,
Total
314.000.000
1,343,000.000 1,329,000,000 3,128.000,000
at Cleveland, 34.000.000 each at Atlanta and Kansas City and $36.000
,000 On demand
at all Federal Reserve Banks. The System's holdings of bills bought
945.000,000 921.000,000 2,489.000.000
in On time
open market increased 319,000.000 and of U. S. bonds. 317.000
398,000,000 408.000,000 839,000.000
.000, while
holdings of Treasury notes declined $10,000.000 and of
Treasury certificates
Chicago.
and bills, $7.000,000.
Loans and Investments—total
1.794,000,000 1,814,000,000 2,034,000,000
Beginning with the statement of May 28 1930,
the text Loans—total
1.247,000.000 1,251,000,000 1,551.000.000
itecompanying the weekly conditions
statement of the
On securities
729,000,000 731,000.000 919,000,000
Federal Reserve Banks was changed to show the amoun
All other
518.000.000 520,000.000 832.000.000
t of
Reserve bank credit outstanding and certain other items
547.000.000 583,000.000 483,000.000
not Investments—total
previously included in the condition statement,
U.S. Government securities
such as
314.000.000 325.000,000 205,000.000
Other securities
monetary gold stock and money in circulation. The Feder
233,000.000 238,000,000 278,000,000
al
Reserve Board explanation of the changes, together
with Reserve with Federal Reserve Bank. 178.000,000 191.000,000 190,000.000
14.000,000
15.000,000
the definition of the different items, was published in the Cashin vault
12.000,000
Net demand deposits
May 31 1930 issue of the "Chronicle," on page 3797.
1,172,000,000 1,189,000.000 1,292,000.000
Time deposits
533.000,000 550,000.000 647.000.000
Government deposits
The statement in full for the week ended Aug. 19,
4,000,000
6,000,000
2,000.000
in
comparison with the preceding week and with the
Due from hanks
176,000,000 167,000,000 142.000,000
corre- Due to banks
sponding date last year, will be found on subsequent
299,000.000 808,000,000 358.000.000
pages Borrowings
from Federal Reserve Bank..
—namely, pages 1249 and 1250.
1.000.000
1.000.000
1,000,000
Changes in the amount of Reserve bank credit outsta
nding and in related items during the week and the year
ended Complete Returns of the Member Banks of the Federal
Aug. 19 1931 were as follows:
Reserve System for the Preceding Week.
Increase (+) or Decrease (—)
As explained above, the statements for the New
Since
York and
Aug.19 1931, Aug. 12 1931. Aug.
20 1930. Chicago member banks are now
given out on Thursday,
Bills discounted
231.000,000 +36.000.000
simultaneously with the figures for the Reser
+35.000.000
Bills bought
155.000,000 +19.000,000
ve banks them—4.000.000 selves,
United States securities
728.000,000
and covering the same week, instead of being
Other Reserve bank credit
27,000.000 —19.000,000 —128,000.000
held
—2.000,000 until the following
Monday, before which time the statistics
TOTAL RES'VE BANK CREDIT...1.141.000.000 +38.000.000
+155.000.000 covering the entire body of report
Monetary gold stock
4 983,000.000 +19,000,000 +491,00
ing member banks in 101
0.000
Treasury currency adjusted
1 771,000,000 —19,000,000
—17,000.000 cities, cannot be got ready.
Money in circulation
4,952,000.000 +62.000.000
In the following will be found the comments
Member bank reserve balance
of the Federal
2 382,000,000 —11,000,000 +511.000.000
—32.000.000 Reserve Board respec
Unexpended capital funds. non-momting the returns of the entire body of
. her deposits. &a
581,000,000 —18,000,000
+150,000,000 reporting member banks of the Federa
l Reserve System for
the week ended with the close of business on
Aug. 12:
Returns of Member Banks for New York and
The Federal Reserve Board's conditi
Chicago
on statement of weekly reporting
Federal Reserve Districts—Brokers' Loans.
member banks in leading cities on Aug.
12 shows decreases for the week of
$189,000.000 in total loans and investm
Beginning with the returns for June 29 1927, the Feder
ents. $59.000
al deposits and 355.000,000 in Government deposits, ,000 in net demand
and an increase of
commenced to give out the figures
Reserve Board also
$63.000.000 in reserves with Federal Reserve
of
banks.
Loans on securities declined 315.000
the member banks in the New York Federal Reserve Distri
,000 at reporting member banks In
ct the New York district, $12.000.000 In the
Chicago district and 333.000.000
as well as those in the Chicago Reserve District, on Thurs at all reporting
banks. "All
loans decline
days, simultaneously with the figures for the Reserve banks New York district and $131.00other"at all reporti d $140.000.000 in the
0.000
ng banks, and increased
312.000.000 in the Boston district.
themselves, and for the some week, instead of waiting
until
Holdings of United States Government securiti
es declined 351.000
following Monday, before which time the statist
the
ics In the New York district. $8,000,000 In the San Francisco district .000
and
covering the entire body of reporting member banks in
$48.000.000 at all reporting banks, and increased
36.000.000 in the Clevethe land district. Holding
s of other securities increased $10,000,000 in
different cities included cannot be got ready.
the
Chicago district and 323.000,000 at all reporti
ng banks.
Below is the statement for the New York member banks
Borrowings of weekly reporting member banks from
Federal Reserve
and that for the Chicago member banks for the curren banks aggregated 356.000.000 on Aug. 12. the principal changes for
t week being a decrease of 310.000.000 at
the
the Federal Reserve Bank
week as thus issued in advance of the full statement of
the Francisco and an increase of 37.000,000 at New York, all reporti of Ban
ng banks
member banks, which latter will not be available until
the showing a net reduction of 32.000.000 for the week.
A summary of the principal assets and liabiliti
corning Monday. The New York statement, of course, also
es of weekly reporting
member
includes the brokers' loans of reporting member banks Aug. 12 banks, together with changes during the week and the year ending
.
1931, follows:
The grand aggregate of brokers' loans the present week
Increase (+) or Decrease (—)
records an increase of $14,000,000, the amount of
Since
loans on Aug. 19 1931 standing at $1,343,000,000. these
Aug.121931. Aug. 5 1931.
The
Aug. 13 1930.
present week's increase of $14,000,000 follows a decrease of
Loans and Investments—total—_22.075.000.000
$17,000,000 last week and a decrease of $133,000,000 in
—189,000,000 —1.017.000.000
the Loans—t
preceding five weeks. Loans "for own account" rose
otal
14,342.000.000 —184,000.000 —2.515,
000,000
the week from $936,000.000 to $950,000,000 butduring
On securities
loans
8,479,000,000
—33.000,000
"for account of out-of-town banks" decreased from $230,- All other
7.883.000.000 —131,000,000 —1,870.000.000
—844,000,000
000,000 to $228,000.000. Loans "for account of others" Investm
ents—total
7,733.000.000
—25.000.000 +1,498,000.000
increased during the week from $163,000,000 to $165,000,000
. U.S.Government securities...-. 4.069.00
0,000
—48.000.000 +1,209.000.000
CONDITION OF wYrimy REPORTING MEMBER BANKS IN
Other securities
3,684.000.000
CENTRAL
RESERVE CITIES.
Reserve with Federal Ree've banks 1,821.000.000
New York.
Cash in vault
233,000,000
Aug. 191931. Aug. 12 1931. Aug.20
1930. Net demand deposits
13,355.000,000
Time deposits
Deans and investments—total
7.563,000,000 7.586.000,000
7,105,000,000
8.0767800,000 Government deposits
75,000.000
4,982.000.000 4,949.000.000
/...oans—total
5.988,000.000 Due from banks
1.478.000.000
Due to hanks
On securities
2 822.000.000 2,633,000,000 3.527.00
3,344.000.000
AU other
2,360.000,000 2,316,000.090 2,441,000,000
0,000 Borrowings from Fed. Res. banks58,000.000
+23.000.000
+289.000.000
+83.000.000
+13.000.000
+32,000.00t
+19,000,000
-59.000,000
+8,0(10.000
—55,000.000
—350,000.000
—2 9.000.000
8
+29,000.000
—70.000,000
—112,000.000
—88.000.000
—18.000.0W
—2,000.000
+18.000,000
1212
FINANCIAL CHRONICLE
Report on Germany's Financial Status and Its Credit
Needs, Drafted by International Committee Headed
by Albert H. Wiggin.
The committee, representing 10 nations, and headed by
Albert H. Wiggin, delegated by the Bank for International
Settlements to inquire into the immediate credit needs of
Germany, completed its report this week. In indicating
that a call for revision of the whole scheme of war debt and
reparation payments as an essential preliminary to restoration of German and world economic prosperity was sounded
by the committee, the Associated Press accounts from Basle
on Aug. 19 noted that the committee assailed reparation
payments as an immense obstacle to the peaceful economic
progress of nations, and summoned the Governments to
"lose no time" in revising the schedules of international pay--ments. The Associated Press account of Aug. 19 continued:
authors.
This pronouncement,gaining great force from the eminence of its
subscribed to
Impressed observers all the more when they realized it was
which
by financial leaders of the United States and France, two nations
payhave been outstanding opponents of any plan to revise international
ments.
and her European neighbors also
Political differences between Germany
diswere taken up by the bankers. They urged the clearing up of vexing
world.
putes in order that "good times" might again prevail throughout the
upon
"We therefore conclude," the report said,"by urging most earnestly
measall Governments concerned that they lose no time In taking necessary
ures for bringing about such conditions as will allow financial operations
to bring to Germany,and thereby to the world,sorely needed assistance."
for
The representatives of the Powers at London specified only two tasks
of
the committee—to discover the immediate further short-term needs
Germany and to study the possibility of converting a portion of the present
short-term credits to long-term credits.
On the first point. the German delegation told the committee that further
and
short-term credits would merely add to the embarrassment of Germany
they therefore would not ask for them.
The committee dealt in detail with the growth of Germany's foreign debt
been
and pointed out emphatically that although reparation payments have
made. Germany's foreign debt has grown more rapidly than the funds she
paid.
report
"The payments made to foreigners in these years, therefore," the
and
says,"have not been effectively made out of Germany's own resources
g part of these comwill not be made so, until such time as a correspondin
gold, goods or services."
mercial debts are repaid by the export of
The committee dismissed as undesirable repayment either by forcing
Is in
back all or nearly all of Germany's capital abroad, much of which
constant use In carrying on trade, or by depressing imports to the detriment of all nations which already are suffering from diminished trade.
Germany's financial structure will be unstable, the committee report
said, and her obligations will be regarded by investors as a poor risk as long
as German foreign payments cause a continuous increase in her foreign
debts.
The committee found that the total of Germany's foreign obligations
amounted to about 7.500.000.000 relchsmarks ($1,781,250.000)•
Problem Put Up to Nations.
The burden of taking steps for reducing reparations—and presumably
revising war debt schedules—was placed squarely upon the shoulders of the
Governments of the United States and the great European Powers.
Regarding the second task, on the committee's agenda, the report points
to two obstacles—political risks and foreign payments.
"Until relations between Germany and other European powers are
firmly established on the basis of sympathetic co-operation and mutual
confidence." the committee said, "and an important source of internal
political difficulty is thereby removed, there can be no assurance of continued and peaceful economic progress.
"This is the first and most fundamental condition of credit-worthiness.
"The second obstacle relates to the external obligations of Germany.
So long as these obligations. both private and public, are such as to involve
or.
either a continued Increase in the snowball of Germany's foreign debts
a
alternately, a disproportion between her imports and exports on such
Investor
scale as to threaten the economic prosperity of every country, the
is not likely to regard the situation as stable or permanent."
The groups of international bankers who are Germany's short-term
Wiggin
creditors, and who have been meeting simultaneously with the
of
committee, reached an agreement providing for a six months' extension
existing short-term credits totaling about $1.200.000.000.
they had reached an accord
These foreign creditors also reported that
Reichsbank
with Germany under which the immediate release of their
released
balances shall be only partial, and that the remainder shall be
gradually during the time of the agreement.
amount to approximately
Reichsmark balances held by foreign creditors
on these which
$175,000,000 and it was the attempt to reach an agreement
while to nullify plans
developed a sharp controversy, that threatened for a
for extending existing short-term credits.
With regard to the personnel of the committee the New
York "Times" of Aug. 19 said:
Ten Nations Represented.
Is composed
The Wiggin Committee which has been meeting in Basle
Dr. Karl
of Sir Walter Layton of Great Britain. Emile Moreau of France,
of Holland.
Melchior of Germany. Emile Francqul of Belgium. Ph. de Groot
M. Rybbeek
Alberto Geneduce of Italy. M. Bindschedler of Switzerland,
States.
of Sweden. M. Tanaka of Japan and Albert H. Wiggin of the United
governing board of the Chase
Mr. Wiggin, who Is Chairman of the
not
National Bank of New York. is the only member of the committee
personally representing the Governor of the central bank appointing him.
Bank
The American member was not appointed by the Federal Reserve
nor by the American group in the World Bank—J. P. Morgan & Co..
the First National Bank of New York and the First National Bank of
Chicago. His appointment was made at the suggestion of George L.
Harrison, Governor of the Federal Reserve Bank, as "an independent
expert."
Announcement that the committee had adopted unanimously its report
on Germany's immediate needs of new credits and the possibility of converting a fraction ot her existing short-term credits Into long-term money
was made yesterday. It was explained at the time that the members
Would sign the report to-day even if they failed to reach a definite agreement for prolongation of the existing short-term credits in the interim.
Fox,. 133.
the
The spokesman who made these announcements would not discuss
terms of the agreement. But from one source it was learned that Germany
Is advised that she cannot hope to get a penny unless she begins by following
balances
the example one other creditors, Great Britain, is now setting, and
applies not
her budgets by new taxation, and, above all, economy. That
only to the Reich, but all State and municipal budgets.
Germany
Cognizancewas taken by the committee of the fact that after
their
adopts these measures some time will be nedeed for them to make
carry the
effects felt in the treasury and a foreign loan will be necessary to
hold that conReich safely through this period. The report was said to
floated
ditions In the money markets are now such that this loan could be
only with the backing of the governments.
The same source explained that the report urged upon all governments
which
Involved the need for finding a basis of general political stabilization,
It considers prerequisite to general financial and economic stabilization.
Problem Before Creditors.
The consortium of Germany's foreign bank creditors and the German
of
delegates have been negotiating the question of whether the prolongation
their short-term credits should apply to their mark accounts in Germany.
This was said to be the sole outstanding point.
The committee's spokesman said last Monday that the agreement to
the
prolong these credits six months had been made dependent on whether
Federal
group composed of the Bank of England, the Bank of France, the
renew
Reserve Bank and the Bank for International Settlements would
-day credit of El 00,000.000 they have given to the
for three months the 90
months.
Reichsbank. Otherwise the prolongation will last only three
However, private bankers had no doubts that the central banks would
renew this credit when it fell due, stating that the prolongation period
probably would date from the time of signature.
The Wiggin report was described by one member of the committee as
"a prelude to Geneva," where the League of Nations Council will meet
Sept. 1, the European Union Commission on Sept. 3 and the League
Assembly on Sept. 7.
Mr. Wiggin's appointment to the international committee
was noted in our issue of Aug. 1, page 722.
Elsewhere in our issue to-day we give the full report of the
Wiggin committee; a summary of the report from Basle
(Associated Press) is taken as follows from the New York
"Herald Tribune":
for
The report of the financial committee which was set up by the Bank
conference
International Settlements on the recommendation of the London
to inquire Into immediate and further credit needs of Germany and to study
the possibility of converting a portion of her short-term credits into longof
term credit falls into two parts, according to the wording of these terms
reference.
The first part, dealing with the Immediate credit needs of Germany,
refers to the fact that the position which has arisen In Germany is largell
the result of the world depression and partly the result of the particularly
vulnerable position In which the country found itself.
During the seven years between 1924 and 1930 Germany's foreign Indebt00
edness grew faster than the assets owned by her abroad: 18.200,000,0
indebtedness IN
reichemarks ($4,322.500,000 at current exchange). Her total
estimated at 25.500,000.000 relchsmarks ($6,056.250,000). which, of course,
retch,
is In part offset by German foreign assets amounting to 9.700.000.000
marks ($2,303,750.000), leaving a net debt to foreigners of about 15,800.
000,000 reichsmarks ($3,752,500.000).
Export Surplus Aided.
It is largely out of borrowing that reparations have been indirectly met.
In two years a surplus of exports has provided assistance, and there have
been, of course, receipts from services.
And It follows that, In the main, payments made abroad by Germany
slid will
during these years were not effected out of Germany's resources
not be so effected until an appropriate part of these commercial debts are
repaid in the form either of gold, goods or services.
In the immediate past it appears that In 1929 there was a balance between
balance was
imports and exports, but In 1930. when a favorable commodity
of the amount
achieved, surplus and Invisible exports provided two-thirds
one-third still to
required to meet Germany's foreign obligations, leaving
be met by borrowings. And this was the most favorable year from this
point of view.
The weakness of the German financial situation at tho end of 1930 arose
was
out of the fact that whereas Germany's foreign short-term indebtedness
Increased
no Icss than 10.300.000.000 ralchsmarks ($2.446.250,000), having
of
to that figure from 4,100,000.000 reichsmarks ($973,750,000) at the end
exchange
1926, Germany's short-term investments abroad, including foreign
at the Reichebank, amounted to only about 5,300,000,000 relcheinarks
($1,258.750,000)•
Indebtedness Replaced Capital.
to
The increase in short-term indebtedness was quite out of proportion
to a
the growth of foreign trade, and there is little doubt that it was used
proved
very large extent to replace working capital when long-term money
not available.
debts could have been
While It would have been better If these short-term
and In any
converted into a long-term debt. It was probably not possible
event was not done. When, therefore, an outflow of capital occurred it
of an export
found Germany in a very vulnerable position, which, In spite
serious crisis.
surplus existing during the first six months of 1931, produced a
It Is estimated that the withdrawal from abroad of short-term funds in
the first six months of 1931 amounted to 2,900.000.000 reichsmarks ($688,of selling by
750,000), in addition to which there was a certain amount
foreigners of long-term investments in Germany and purchases by Germans
of long and short-term Investments abroad. In an, the outflow appears to
have been about 3.500.000.000 reichsmarks ($831.250,000)
The committee expresses no view regarding the capacity of Germany to
provide her capital needs out of internal savings, but emphasizes that the
piling up of her obligations is no ultimate solution of her problem.
for which
The Immediate needs involve the cessation of withdrawals,
regarding the
purpose the committee has been in touch with the bankers
whereby existing
so-called "standstill" agreements with foreign countries
unless part of
credits will be maintained. The committee concludes that
will continue
the capital withdrawn can be replaced the economy of Germany
In a condition of severe strain.
Two Possibilities Discarded.
abroad provides
It Is not believed that the mobilization of German assets
needed in connec
a remedy for the situation, since most of these assets are
available. The other
tion With German trade and industry and so are not
exchange by drastically
possibility would be for Germany Co secure foreign
increase her exports. This
reducing her imports and making every effort to
committee,since it would insolution is not one which commends Itself to the
also would aggravate
volve dislocation of the economic life of Germany and
Aura. 22 19311
FINANCIAL CHRONICLE
1213
Private borrowers accounted for two-fifths of this American stake.
the world position by reducing the sales of other countries in other markets.
The committee is of the opinion that it is necessary in the general interest while another fifth is in public utilities.
The tables in this are based on an inquiry into twenty-eight German
as well as in that of Germany that the existing volume of Germany's foreign
credit be maintained and that part, at all events, of the capital which has banking institutions and a showing of 85% of the total foreign short-terra
been withdrawn should be replaced from foreign sources, though not in the indebtedness of all German banks on March 31 and in mid-July. It shows
that the United States on both dates held 37% of the credits, with Britain
form of short-term credits but in the form of long-term loans.
The second part of the committee's report deals with the possibility of second, her share rising from 20 to 24%. Switzerland was third with 13%•
portion of the short-term credits into long-term credits. The
converting a
Large Withdrawals by Americans.
committee arrives at the conclusion that the German economic position does
Although the American percentage remained the same the amount innot appear unfavorable for such a development There has been a rapid
in mid-July.
recovery of Germany's export trade in recent years. While her public volved dropped from $520,000.000 on March 31 to $404.000.000
In other words the United States withdrew $116,000,000 in this time
finances have been subject to criticism, the present government has given
proof of its determination to put Germany's finances on a sound basis. preceding the suspension of payments.
All foreigners in that time withdrew a total of $311,000,000, the United
Nevertheless, the prices of German securities on foreign stock exchanges are
such as to make the issue of a long-term loan under the present circumstances States accounting for the biggest single slice, again 37%•
Proportionately to the amount involved, however, the Americans did not
impossible.
Two fundamental difficulties remain to be overcome. Until the relations get away most swiftly with their money. The figures show that in the above
period the Dutch withdrew more than a third of their short-term money.
between Germany and other European powers are established on a basis of
the Swiss more than a quarter and the Americans less than a quarter, the
mutual confidence there can be no assurance ofcontinued economic progress
The second condition relates to the external obligations of Germany. So Swedes one-sixth, the French one-seventh and the British only a tenth.
The third annex, giving a table estimating the movements in Germany's
long as these obligations, both private and public, are such as to involve
either a continuous increase in snowball fashion of the foreign debt of international capital position since 1923. shows that the country in the first
Germany, or, alternatively, a disproportion between her exports and imports half of 1931 increased her own long-term investments abroad from $1,100.on such a scale as to threaten the economic prosperity of other countries, 000.000 to $1,250,000,000, while her short-term investments abroad fell
$450,000,000.
prospective investors are unlikely to regard the situation as stable.
- Recommendation to the Powers.
The committee believes it to be essential that before the period of prolongation of credits recommended by the London conference comes to an
end the powers represented at the London conference should give the world
confidence in international political relations and the assurance that the
International payments to be made by Germany will not be such as to imperil the maintenance of her financial stability.
The committee recalls that the German problem is also part of the larger
issue which affects the whole world. In order to revive demand and thus
check the fall in prices it is essential that the process of investment of fresh
capital should be resumed.
Secondly. Germany has provided a forcible illustration of the fact that the
world has been endeavoring to pursue contradictory policies in developing
a situation where annual payments of large sums have to be made by debtor
to creditor countries, while at the same time putting obstacles in the way of
the movement of goods with which to make such payments. Financial
remedies are powerless to restore economic prosperity unless there is a
radical change in this policy.
The report terminates with the sentence, "We therefore conclude by
urging most earnestly upon all the governments concerned that they lose
no time in taking the necessary measures for bringing about such conditions
as will allow financial operations to bring to Germany—and thereby to the
world—sorely needed assistance."
Annexed to the report are tables giving some of the data upon which the
committee based its conclusions and which have a bearing upon the situation
In Germany as described in the report.
War Debts Parley Planned for Geneva When League
of Nations Meets—British Push Effort to Gather
Premiers—Bankers Expect Full Conference—U. S.
Status a Hindrance—Statistical Tables in Wiggin
Report.
From its Basle Correspondent (Charles K. Streit) the
New York "Times" reported the following:
What the European governments who at London summoned the Wiggin
committee to investigate the financial situation of Germany are going to
do about its report when the League of Nations brings them together again
in a fortnight in Geneva is being awaited here in both central and private
banking circles with the interest given by their plight in having more than
$1.000.000,000 of credit frozen until February.
Informed quarters here believe that the period of six months, which began
last night with the private bankers as creditors reluctantly agreeing to
prolong their credits and the members of the Wiggin committee serving
notice that they will not do it again or lend another cent to Germany unless
political and reparations risks are at least lessened, will be fraught with big
developments for good or ill.
Look to Action at Geneva.
They expect, first, that governments everywhere will await during the
next few days the reaction of public opinion to the Wiggin report. On that
will depend how the Geneva sessions will open and whether the Premiers
as well as the Foreign Ministers will assemble there. The British here are
said to be pushing efforts to bring the Premiers to Geneva.
The bankers confidently expect that the Geneva conferences will open
with many under-cover negotiations, with the possibility that toward the
middle of September a formal meeting of interested governments will be
called there—but not as a part of the League proceedings—to consider the
revision of reparations, although the agenda may not say it as bluntly
as that.
One serious source of information, who Is aware of how the questions of
reparations, debts, disarmament and revision of the Versailles treaty all
link together. boldly predicts that probably within six months, and almost
certainly before the Hoover debt holiday year ends,there will be "the biggest
conference the world has seen in years and its job will be to make real peace."
A characteristic of all the predictions made behind the scenes here,
however, is that, though all foresee important meetings sooner or later,
none professes to foresee whether they are going to succeed or not; and none
tends to underestimate the difficulties and complexities of the situation.
America Offers Uncertainties.
Oue of the greatest immediate sources of uncertainties is the United
States, The Wiggin report. it is noted, begins by listing the governments
Which at London called it into being and to whom it is talking when it
Places responsibility on them: and it heads the list with the United States.
It is the only one in the list not bound by League of Nations membership
to attend the a.ssemblage at Geneva in September. It also is the only
important nation not in the League whose Foreign Minister never goes to
Geneva. There is a great deal of doubt whether Secretary of State Stimson
can be persuaded to cancel his sailing and join the others when they meet
again at Geneva—and that is the main reason for the doubt that the others
can or will do much there with the Wiggin recommendations.
According to statistical tables annexed to the Wiggin report the United
States has the biggest outside financial stake in Germany whether in longterm or short-term investments. Annex 5 shows that Germany's total
foreign long-term debt on June 30 was $2,400,000,000, of which $1,300.000,000, or 55%, was issued in the United States. Holland is second with
12% and Britain third with 113%.
Germany Expects New War Debt Deal—Believes Wiggin
Report Points the Way to Further Action on
Reparations.
A Berlin cablegram Aug. 19 to the New York "Times"
stated that the report of the Wiggin committee on the.German and European financial situation and the findings of
the international consortium regarding the prolongation of
German short-term credits are construed in official, financial
and industrial quarters in Berlin as constituting only a
provisional solution of problems which must be faced more
resolutely before President Hoover's holiday year on debts
has run its course. The cablegram went on to say:
In the German view the Wiggin committee's report represents an impressive attempt to mobilize the moral forces of the world for a frontal
attack on the international economic depression, and it therefore effectively
vindicates Mr. Hoover's initiative of two months ago.
Officially it was said that the chief merit of the Wiggin report from the
viewpoint of foreign politics is to be found in the precision with which political elements have been deleted from the treatment of economic problems.
Although the German Government says it is in the most complete accord
with the committee's admonitions for reforms at home and is loyal to the
plan for constructive co-operation of all the Powers concerned, it was
stressed that the report definitely links up reparations with the whole
range of existing international financial problems involved in the world
crisis. For the first time since the Versailles Treaty was enunciated.
it is said, a committee of international experts has admitted that Germany's foreign political indebtedness is excessive and that this circumstance
Is not only the cause of the German crisis but is also a disturbing factor in
the world situation, and as such demands early regulation.
Overhauling of Reparations.
Both the text and the inferences in the Wiggin report leave no doubt in
the German mind that a complete overhauling of Germany's reparations
commitments must be forthcoming before the Hoover holiday year ends
as a fundamental undertaking in any conscientious attempt to deal with
the world situation.
"If the moral force inherent in this report percolates to world opinion, it
will have demonstrated itself a worthy ally of Mr. Hoover's initial action."
a spokesman for the Government observed.
The fact that the report recommends that an early limit be set for the
regulation of some of the more urgent problems stimulates German hopes
that the Hoover holiday year may yet develop into something more than
a year's debt suspension.
"It is now the duty of the world's political factors to put the judgment
of these experts into practice," observes "Germania," which speaks for
MI
Chancellor Bruening's Centrist party.
At the Ministry of Finance it was stated that while the bankers' committee declined to freeze reichsmark credits held by foreign banks, and that
this action was bound to be a disappointment. it was hoped that foreign
creditors would take due cognizance of the Reichsbank's situation in seeking payment on these credits.
London for Haste in German Reparation Cuts—Views
Wiggin Plea as Warning to World to Act to Prevent
Further Chaos.
The New York "Times" in a London cablegram, Aug. 19,
said:
Though the exact interpretation to be given to the Wiggin report by the
various signatories and their Governments will doubtless vary, it is taken
in the British capital as a warning to the world that the problem of repara411
1
tions must be reconsidered quickly if further chaos Is to be avoided.
The significance of the report, it is held here, lies rather in its implications
and omissions than in any new and positive proposals but that, in the
opinion of British commentators, is precisely why it should provide food for
reflection. The committee was barred at the outset from discussing or
even mentioning what are called political questions.
The report shows with unmistakable clearness, the London "Times"
says, that no solution of Germany's financial difficulties is passible unless
the fundamental problem of reparations is settled on a realistic basis. One
of the most gratifying signs in the report in British eyes is that France will
continue to co-operate wholeheartedly in the urgent task of restoring the
finances of Europe. Taking the concluding paragraph of the report as its
text, the London "Times" says editorially:
"It has long been plain to all sound financial opinion that mere resumption of the status quo after the lapse of the Hoover moratorium is clearly
out of the question. The experience of the past few years has shown beyond the shadow of a doubt that reparation payments on anything like the
present scale can only be paid by Germany if she is able to borrow heavily
abroad, and the events this summer have shown equally clearly that as
long as her renaration obligations remain at anything like the present level
no bankers will be willing to lend her money. The vicious circle is thus
1214
FINANCIAL CHRONICLE
complete, and unless some method can be speedily evolved to escape therefrom, the whole financial stability of Europe will be seriously Imperiled."
It is scarcely conceivable, the London "Times" proceeds, that the collective wisdom of the world will allow such an impasse to continue. No
fundamental agreement exists among the various creditor countries on the
manner of solving this problem, the newspaper points out, and that until
such an agreement is reached no permanent settlement is possible.
"Amid the chaos and confusion of the present crisis it is clearly impossible to determine how far the German balance of payments will permit
the resumption of reparation obligations," the editorial continues. "Nor,
Indeed, Is it necessary to do so. But It is vitally Important that sufficient
breathing space be provided to reconsider the whole problem under its new
aspects. The remaining months of the Hoover year seem scarcely sufficient to do this satisfactorily, but lilt should be found practicable to prolong
the moratorium on political debts it might then be possible to arrive eventually at a settlement which would be economically feasible and politically
acceptable."
The newspaper concludes by saying that by drawing the attention of
the Governments concerned to the extreme urgency of the problem the
Wiggin committee has done all in its power to point the way to a final
settlement.
[VOL. 133.
proved contracts, preference will be given to such contracts as the creditor
governments shall consider most suitable, after due consideration, in so far
as possible, of the needs of the German economy as expressed by the German
Government.
(b) The governments will endeavor, in agreement with the German
Government, to find, as far as possible, means of avoiding the suspension
of current contracts, in conformity with the provisions of the following
paragraphs:
2. Once existing credits have been used up as above indicated, the carrying out of approved contracts may, if it involves a charge on the budget of
a creditor state or of a public authority of such a state, be suspended during
the year July 1 1931 to June 30 1932.
No Charge on Budget.
3. Any arrangements designed to permit the continuation of deliveries in
kind contracts must involve no charge on the German budget during the
year July 1 to June 30 1932, and must involve no injury to German emmorny
during the same period. Any credit facilities or amicable arrangements for
the continuation of contracts must be provided or found in conformity with
these principles.
4. Payments made after July 1 1932 in settlement of credit facilities or
amicable arrangements which may be arranged within the scope of this
Secretary of State Stimson Denies British Reports That agreement, shall, from the point of view of deliveries in kind, be regarded
as having been made during the year July 1 1931 to June 30 1932.
He Discussed Debt Revision.
The balance of the deliveries in kind quotas relating to the year April 1
Reporting that the State Department at Washington an- 1931 to March 31 1932, after taking account of payments made after April
nounced on Aug. 15th at Henry L. Stimson, Secretary of 1 1931, by means of funds arising from the corresponding annuity, will be
distributed over the annuity year beginning April 1 1932.
State, had cabled a denial of any efforts to alter the present
This distribution will be made on the basis of the following principles:
arrangements as to debt payments, a despatch, Aug. 15,
(a) The period fixed by The Hague agreements for deliveries in kind will
from Washington to the New York "Herald-Tribune" said not be modified;
(b) The new annuities will be kept on a descending scale as provided by
in part:
the new pion.
Mr. Stimson's statement, the text of which was withheld because menAs regards Italy, the annuities will be fixed at a constant figure as under
tion of other business In the hands of the American Embassy in London was the regime of The Hague agreement.
Included in the message, asserted that the Secretary of State had not touched
As a convenience, the text of Article 4 of the Protocol, which refers to
upon the subject of reparations or debts during his visits with J. Ramsay "Annex Two, Deliveries in
Rind," is quoted:
MacDonald, Prime Minister of Great Britain.
"The arrangements in regard to deliveries in kind during the period from
Mr.Stimson alluded to the fact that British newspapers had credited him July 1 1931 to
June 30 1932, will be governed by the principles contained
with considering methods of debt reduction in his discussions with the in Annex
Two to the present protocol.
Prime Minister. These reports, the Secretary of State declared, were alto"Measures for the application of the principles will be drawn up by the
gether unfounded. Neither debts nor reparations had been touched upon,
agents for deliveries in kind, meeting as provided in article nineteen of the
he said, asking that "a direct denial" be given to the stories.
Mr. Stimson's message was transmitted through Charles G. Dawes, regulations for deliveries in kind."
Ambassador to the Court of St. James, and arrived here ins cablegram from
the Embassy. The fact that Mr. Stimson took the trouble to wire denials
to Washington was taken to indicate some anxiety on the part of Adminis- London Stock Exchange to Resume Saturday Trading
tration officials lest they seem to be put in the position of seeking permanent
on Sept. 19.
reductions of debts at the expense of this country. Even before Mr. StimThe decision to resume Saturday trading on the London
son's message reached Washington, William R. Castle, Jr., Acting Secretary
of State, had repeatedly denied that any plan was being considered for debt Stock Exchange, beginning Sept. 19, was announced on Aug.
revision.
The State Department also denied a recurrent report that President 20 by the Stock Exchange General Purposes Committee. In
Hoover was preparing to Issue some proposition calling for a joint reduction a cablegram from its London bureau that day the "Wall
of armaments and debts.
Street Journal" said:
Despite the denials In official quarters here reports of such a plan have
The decision was made in view of the national financial emergency and
continued to appear. Mr. Stimston's mission in Europe has even been Interpreted as being designed principally to work out a plan for scaling down the desirability of offering every facility for trading.
The decision met with a mixed reception. Older members of the Exchange
the debts to accord with the decline in commodity prices. Mr. Hoover
also has been reported In some quarters as being favorable to a revision, if it approved the action, but younger members opposed it.
Is necessary, to accord with changed price levels. Even Mr. Stimson's mesThe last time the Stock Exchange was open on Saturday was in April 1917.
sage today, It is pointed out, did not specifically rule out the possibility that
The New York "Times" had the following to say in a
he discussed the debt questiol in other European capitals.
Whatever the personal attitude of some members of the Administration London message Aug. 20:
may be, however, the publication of Mr. Stimson's message from London
For the first time since 1917 the London Stock Exchange will open
was taken to indicate realization of the serious situation that might be Saturdays,
commencing Sept. 19. London at present is the only financial
created in Congress if it should be generally assumed that permanent debt centre
not conducting business on Saturdays. Wall Street is open Saturdays
reduction was in the back of the minds of Administration spokesmen.
except when the day falls on a holiday, while the Continental bourses also
Congress, it was pointed out, has yet to ratify the President's moratorium do
business.
program calling for a year's suspension of inter-governmental debts.
The decision to take this vital step was announced in the official stateShould members of Congress believe that the moratorium would lead to
ment posted by a committee from the Stock Exchange today:
permanent reduction or cancellation of the debts, there might be a move to
"In view of the situation of the country and the desirability of afforddefeat the President's proposal.
ing facilities for dealing, the committee for general purchases has resolved
to open the Stock Exchange on Saturdays on and after Saturday, Sept. 19.
Regulations as to the delivery of stocks will be issued at a later date."
Text of War Debt Accord on Deliveries in Kind—State
It is understood that the present intention is to keep open until noon or
Department Gives Out Text of "Annex Two" of 12:30 P. M. Saturdays, but an official decision on this point has not yet
been reached and an announcement is expected later.
London Protocol for Effecting Debt Holiday.
The Birmingham Stock Exchange has already decided to follow London's
The full text of "Annex Two" of the London protocol for lead, and it is anticipated that other provincial exchanges will do likewise.
putting into effect the Hoover debt holiday has just been re- With business in other world capitals always in full swing Saturdays, the
decision of London to take its share of the volume of week-end dealings was
ceived by the Department of State and was made public greeted with enthusiasm today.
The drift of business in international, especially Anglo-American, securiAug. 14. In publishing the text the "United States Daily" of
ties to American atock-broking concerns was one of the chief motives which
Aug. 15 said:
actuated the committee. Many members of the Exchange have kept their
"Annex Two" refers to deliveries in kind by Germany to the Allied offices open Saturdays for clients wishing to deal, but they did not have
deliveries in kind may be the benefit of proper market facilities.
countries and provides that existing credits for
used up but that no further deliveries in kind may be made beyond these
While the decision to reopen Saturdays was generally approved, one of
credits which will be borne by the German budget.
the leading members sail tonight that the concerns would probably send
only one partner for the Saturday business.
Punpose of Annex.
It was announced tonight that Newcastle had joined the Birmingham
The purpose of this annex, acccrding to an oral explanation made avail- Stock Exchange in its decision to open Saturdays.
able at the Department of State, is to iron out a complicated question, since
many contracts already exist between Germany and various Allied countries
for the construction of bridges and for various other services by Germany.
12% Reichsbank Lombard Rate.
Whether these are to be continued will be decided in Germany and the
mutes concerned, provided that no extra charge shall be made upon the
From the Berlin bureau the "Wall Street Journal" of
Garman budget. The latter provision was inserted in order to carry out the
spirit ot the Hoover holiday which proposed the suspension of all debt and August 19 reported the following:
Reichsbank has reduced its Lombard rate to 12% from 15%, thus
reparations payments for one year.
The Department of State's statement giving the text of "Annex Two" establishing a normal spread between the Lombard and discount rates.
Latter Is now 10%. A separate decision on the Lombard rate is taken as
follows in full text:
indication that a reduction in the discount rate Is not to be looked for In the
Text of Annex Two.
next few days.
Referring to the Protocol signed in London on Aug. 11 1931, the following is the text of "Annex Two" concerning deliveries in kind:
1. Despite the suspension of payments according to President Hoover's
Berlin Boerse to Keep Closed Until October 2.
proposal during the year July 1 1931 to June 30 1932:
Associated Press advices from Berlin August 18 stated
(a) Existing credits for detheries in kind shall be used in accordance
with the regulations for deliveries in kind as far as they will suffice for that the Prussian Minister of Commerce has decided
that
continuing the execution of existing approved contracts, and, if there is
2. The account
any surplus, for the execution of new contracts to be approved. For the the Boerse will not be opened before October
purpose of giving effect to the present paragraph, as regards existing ap- went on to say:
AUG. 22 1931.]
FINANCIAL CHRONICLE
In financial circles the belief prevails that when the Boerse is reopened
trading will bo restricted at first to bonds and then. If all is quiet, to stocks
In restricted amounts.
During the shutdown some "over-the-counter" trading continued, with
prices generally lower than the closing prices on the last day the Boerse
was open.
Germany Plans New Bank Set-Up Since Aid by State
in Crisis.
A cablegram as follows from Berlin August 17, is taken
from the New York "Times":
While the discussion at Basle regarding extension of German credits are
being followed anxiously, the Government is already busy working out a
scheme for the supervision of banks and for other measures that may
considerably change Germany's economic face.
The realignment of banks and reorganization of the relationship of the
State and the banks is held inevitable as a consequence of the recent events
that forced the Government to back finacially two of Germany's largest
banks and take over a large part of the shares of others.
The type of experts summoned indicated that the scheme would have
far-reaching consequences. They included Herman Schimitz, general
director of Igfarben; Dr. Rudolf Hilferding, former Socialist Minister of
Finance; Bernard Dernburg, also a former Minister; and Herr von Flemming, prominent in agrarian circles.
Germany Reported Buyer of Silver in United States.
The following is from the New York "Evening Post" of
Aug. 18:
Coinage demands of Germany under the emergency measures Passed
during the current financial crisis have resulted In the purchase here thus
far this month of 2,000,000 ounces of the metal. aui of which has been
shipped.
No official estimate is available regarding the total amount which
Germany will purchase, but cable advices from Berlin Indicate the Reichsbank now holds almost enough silver to meet its requirements. Silver
circles hint that some additional metal will be required, however, and it is
thought possible that other purchases may be made over the next few weeks.
The monthly report of the American Bureau of Metal Statistics shows
that only 111,000 ounces were shipped from New York to England and
Germany during July, compared with 172,000 in June. The total shipments to these two countries in the first seven months amounted to 10.230,000 ounces due largely to shipment of 5,569,000 ounces in January.
This compares with total shipments in 1930 of 7,929.000 ounces.
The total German consumption of silver In 1930 is estimated at 8,000,000
ounces, most of which, it is presumed, was taken for the arts and industry.
This compares with 12,000,000 ounces in 1929, 10,800,000 in 1928 and
16,700,000 in 1927.
Hamburg
1215
thralldom of the peace treaties and armaments which they
bring about." Associated Press accounts from Boise,
indicated this, and added:
The Chairman of the Senate Foreign Affairs Committee in commenting
on the Wiggin report said any cancellation of international debts must be
accompanied by a "real program of rebuilding Europe economically and
politically." Otherwise, he declared, the peoples of Europe would not
benefit, nor would American farmers and manufacturers who desire the
reopening of foreign markets.
In a statement, Senator Borah said:
"I am perfectly willing to consider the cancellation of our war debts,
but It must be in connection with and as a part of a real program of rebuilding Europe economicaly and politically.
"So long as the peace treaties remain unrevised, Europe will continue to
arm to the teeth, and so long as she continues to arm there can be no
economic recovery. When Europe is ready to take the shackles off the
brain and the energy of her people, and give them a chance to come back,
it will be worth while to consider debts as a part of a program.
"We canceled seven billion dollars of European debts under the assurance by bankers and men learned in economics and finance that European
recovery would start at once. It has been getting worse ever since and if
we should cancel another seven billions it would not save Europe if other
conditions are not met.
"In other words, the cancellation of debts, without a Europe released
from the thralldom of the peace treaties and the armaments which they
bring about, might help a few engaged in certain lines of securities, but it
would not bring relief to the masses of Europe nor open any markets of
permanent value to the American manufacturer or farmer.
"If this next year Is wasted with nothing more than moratoriums and
debt discussion we wid have proved ourselves incompetents in the face of
Impending disaster.
"We know perfectly well whore the trouble lies. So does the Wiggin
committee, and it is a waste of time to present to the attention of people
the proposition of cancelling debts under the present European program.'
C. D. Pugsley Believes Additional Foreign Loans by
American Investors Would Aid Economic Recovery.
Chester D. Pugsley, Vice-President of the Westchester
County National Bank of Peekskill, New York, has the following to say anent foreign bonds:
Foreign Bonds of countries, cities and other political sub-divisions of
Europe have in a number of instances appreciated in price or are selling
at about the same levels as two years ago before the depression. Additional
loans by American investors would aid the economic recovery of Europe
by enabling foreign countries to establish credits for the purchase of commodities and merchandise here, and thus stimulate American business.
Among the bonds of the countries of Europe which have not appreciably
changed or have gained in price within the past two years are those eif
Austria, Czechoslovakia, Denmark, France, Great Britain, Greece, Irish
Free State, Italy, Netherlands, Norway, Sweden and Switzerland ; and
among the external obligations of cities and other political sub-divisions
are those of Antwerp, Bordeaux, Copenhagen, Danish Consolidated Muaicipalities, Graz, Lyons, Marseilles, Milan, Oslo, Prague, Rome, Rotterdam,
Saar Basin, Saarbruecken, Seine, Soissons, Trondjhem, Upper Austria and
Vienna.
Makes Sweeping Reductions in Public
Expenditures.
The Free City of Hamburg, Germany's premier seaport
and second largest city, to-day set an example of economy
for the municipal administrations of the nation, reports
Associated Press adviees Aug. 15 from Hamburg, which in
addition stated:
Secretary of Treasury Mellon Sails for United States.
It announced a sweeping general reduction of public expenditures affectSecretary of the Treasury Andrew W. Mellon sailed from
ing all departments, beginning at the top with a slash in the Hamburg
France on Aug. 14 for the United States on the Italian liner
Senate's payroll.
The Senate membership will be reduced from 16 to 12, numerous com- "Conte. Biancamano." Stating that Mr. Mellon returns
missions and bureaus will be abolished, and other departments and subwith a comprehensive picture of the European financial
departments will be combined into fewer units with fewer officials.
Municipal salaries will be cut in conformity with the recent reductions situation, the United Press advices as given in the "Wall
in the Federal payroll, and the outlay for lighting, street sweeping, &c., will Street Journal," add:
be cut in two.
These measures are expected to wipe out the $9,000,000 deficit which
hangs over the city despite previous attempts to cut expenses.
Hamburg's action follows closely on the appeal to the Reichsrat (Federal
Council) by Chancellor Bruening after his return from Rome. Pointing out
that the taxpayers had been loaned to the limit and that industries were
decidedly in no condition to stand further taxes, the Chancellor urged on
States and cities "the utmost self imposed severity."
This particularly affects cities, on the treasuries of which falls the burden
of supporting hundreds of thousands of unemployed no longer eligible for
the Federal dole.
It is likely that Bremen, Hamburg's bitterest commercial rival, will
adopt similar measures, for that city was hard hit also during the bank and
industrial crisis. The Free City of Danzig, though not a political unit of
Germany, is in the same shape, and to-day the Danzig Senate voted a
sweeping reorganization of public expenditures.
Several German Banks Close.
From Cologne (Germany) Aug. 19 Associated Press
cablegrams stated:
The Gererbe Bank at Dergisch-Gladbach failed to open to-day because of
frozen assets. No statement of its condition was given.
On Aug. 19 the Associated Press also had the following
to say in a Kassel (Germany) cablegram:
The Privet Bank of Daninis und Streit, established in 1863, closed its
doors to-day.
He followed every step of recent negotiations which prevented the
collapse of Central Europe and set Germany on the path of financial reform.
Mr. Mellon came to Europe for a rest but his vacation was interrupted
by international negotiations in London and Paris. He has been on the
French Riviera since the conclusion of the seven power conference at
London.
George E. Roberts of National City Bank of New York
Sails for Europe to Attend Meeting of Gold Delegation of League of Nations.
G. E. Roberts, Vice-President of National City Bank,
sailing on the S.S. "Aquitania" to attend a meeting of the
Gold Delegation of the Financial Committee of the League
of Nations, of which he is a member, said, according to the
"Wall Street Journal" of Aug. 20:
I see some readjustments taking place which will gradually bring back
prosperity. Before the war Russia exported about 30% of the world's
wheat requirements. When the war came on, it was necessary for the
rest of the nations to make this up. This they did. Now Russia Is back
seeking her old place in the world's wheat markets and a readjustment has
to be made. There are indications that the wheat carryover from this
year will be lees in June 1932 than the carryover from 1930. Sugar has
gone through this readjustment that wheat is now passing through.41
Montagu Norman, Governor of Bank_of England, Sails
for Canada.
Montagu Norman, Governor of the Bank of England,
The Commerzbank des Saarlandes closed its doors to-day, with liabilities
unexpectedly departed for Canada on Aug. 15 abroad the
listed at about 8240,000.
"Duchess of York." His name was not on the passenger
Senator Borah Willing to Consider Debt Cancellation list it was noted in a London cablegram Aug. 15 to the
but Demands Treaty Revision and Armament New York "Times," from which we also take the following:
"I feel I want a rest," he said, "because I have had a very hard time
Cuts.
lately. I have not been quite as well as I would like and I think a trip
Senator William E. Borah is reported as stating at Boise, on this fine boat will do me good."
The Bank of England issued the following statement:
Idaho, on Aug. 19 that he was willing to consider cancellaof the Bank of England has been indisposed as
tion of war debts, but not until Europe "is released from the of"The Governor strain to which he has been subjected in recent a result
the exceptional
months.
Saarbruecken (Germany) Associated Press accounts
Aug. 20 said:
1216
FINANCIAL CHRONICLE
Acting on medical advice, he has abandoned all work for a rest and gone
abroad for rest and change. He is assured a period of complete quiet,
and entire freedom from work should be sufficient to enable him to resume
his full normal duties at the Bank."
In an item in its banking columns, the "Times' of Aug. 18
said:
Governor Norman's Vacation.
Wall Street wondered yesterday whether Montagu Norman. Governor
of the Bank of England, would take occasion in the course of his trip to
Canada to run down here for a visit with officials of the Federal Reserve
Bank. He paid a visit to New York only six months ago, but many
things have happened since in the field of central banking that were foreseen only dimly at that time. The purpose of his trip to Canada. It was
officially stated upon his sailing on last Saturday. Is to obtain a much
needed rest. The Governor of the Bank of England is not the man, however, to let slip any chance to further his pet doctrine of central banking
co-operation, and he has approached New York by way of Canada before
now.
[VOL. 133.
direction likely until the final outcome of the Wiggin committee meetings
now being held at Basle.
New Decrees Issued in Hungary—One Establishes
Guarantee Bank.
Associated Press accounts from Vienna, on Aug. 14, said:
Dispatches reaching here say that the Hungarian Government has issued
four new decrees after having obtained from Paris a loan of about
$25,000,000.
One decree removes all restrictions on banking in Hungary after Aug. 20.
Another proclaims the Hungarian monetary unit to be the pengo in gold.
The third establishes a guarantee bank, composed of the principal financial
institutions, with capital of 50,000,000 pengo (about $8,750,000). The
fourth grants a three-month moratorium to farmers whose land is threatened with confiscation for taxes.
Banking Restrictions Lifted in Hungary—Soaring
Prices Complained Of.
Named As Economic Adviser to Bank for
Per Jacobsson
A Budapest cablegram, Aug. 17, to the New York "Times"
International Settlements—R. W. Boyden Appointed President of Arbitration Tribunal Under said:
After a month's control by government emergency measures, the banks
Young Plan.
to-day re-opened for normal business, subject to the three days' notice for
Jacobsson of Sweden has been named Economic withdrawals from accounts provided by the government decree which withPer
Adviser to the Bank for International Settlements, Leon drew the emergency restrictions.
So effective was the government announcement that all deposits made up
Fraser, aide to President Gates W. McGarrah, announced
until Aug. 30 would be guaranteed at
many banks
at Basle, Switzerland, on Aug. 14. The Basle corre- found it unnecessary to insist upon the their gold value that
observance of the statutory three
spondent of the New York "Times" referring to the appoint- days' notice and paid out any sums demanded without further question.
Deposits exceeded withdrawals in most cases, it was stated.
ment said:
It was explained that one of the two chief tasks of Mr. Jacobsson will be
to make careful study of the balances of international payments in each
country connected with the World Bank, for it is believed that if there is
anything radically wrong financially in a country, sure symptoms of approaching trouble may be found months ahead in its balances of payments.
The economic section of the League of Nations, in which Mr. Jacobsson's
work first gave him international standing, has done a good deal of work
on balances of payments, publishing an annual volume of these statistics.
Field Work Is Planned.
The World Bank plans now to go beyond this in two ways: First, by
getting figures more frequently, and second by supplementing paper work
with field work—going out and talking the figures over with bankers in
each country with a view of uaderstanding better the intangibles and in-visible items involved, as well as any special conditions modifying the face
value of the figures.
Particular attention will be paid to short-term credits. In brief, the
whole aim is to keep a disinterested expert finger on the world's financial
pulse and to try to avoid a recurrence of the unpleasant surprises the world
lately has had.
Mr. Jacobsson's other principal task will be to follow up the recommendations on monetary policy which the central banks made at their May assembly here and to get them to practice what they have preached.
Both these new departures indicate how the World Bank is developing
its role as the central bank of the central banks more than ever, now that
the reparation account has been suspended for a year. Its officials believe that this suspension affords them an excellent opportunity to demonstrate how the World Bank can stand on its own feet, and they have not
the slightest doubt what the test will show.
Bitter complaints are being made in the press and privately concerning
the continuously soaring prices. The cartels have increased prices 10 to
20%, basing their action on the difficulty of obtaining foreign currencies
to pay for imported raw materials, but in the last few days the prices of
purely inland products have also jumped enormously.
The retail price of coal and wood have risen 15%, while textiles are up
10 to 20%, rice 15%, and pepper 40%.
A sugar shortage has arisen owing to shopkeepers withholding stocks in
anticipation of a further rise in price. The newspapers support demands
made at many protest meetings that the government take action to end
profiteering.
The emergency decrees imposed by the government with
the reopening of the Hungarian banks on July 17 (following
a three-day financial holiday proclaimed July 14) were
referred to in these columns July_ 18, pages 382 and 383.
Reopening of Hamburg Boerse Ordered.
Under date of Aug. 18 an Associated Press account from
Hamburg, Germany, said:
The Boerse committee to
-day ordered the reopening of the Hamburg
Stock Exchange.on condition that no transactions be made. The committee
explained that the opening was merely to "retain contacts with members."
All members are bound, it was said, to observe the prohibition against trading which is contained in the emergency government decrees.
Is Expert in His Field.
Mr. Jacobsson, who has been economic adviser to Krueger & Toll since
leaving the League secretariat, will take up his new duties here in a few
days. He is rated at Geneva as one of the world's foremost budgetary
experts. While in the secretariat he made a special study of military
budgets that has had a wide effect, and to him is attributed most of the
credit for solution of the complicated problem of limitation of budgetary
armament expenditure unanimously adopted in February by the League
committee of experts, on which he was Sweden's member.
Word has been received by the World Bank that Roland W. Boyden
of Boston has accepted the presidency of the arbitration tribunal established
under the Young Plan to settle disputes arising under it. including those
connected with the World Bank. He is replacing the late Walter Cook of
Buffalo. This tribunal is also authorized to arbitrate disputes under the
protocol recently signed in London.
Soviet Union Fails to Stem Inflation—Nearly 5,000,2
000,000 Rubles With Gold Cover of About 123/%
Reported in Circulation—Drouth Hits Grain
Crops.
Moscow advices, Aug. 16, to the New York "Times," from
Its correspondent there, Walter Duranty, state that currency
emission figures published that day show that there are
2,377,000,000 chervonetz rubles in circulation, with a bullion
and foreign valuta cover of 25%, and a Treasury note circulation, uncovered except by legal parity with the chervonetz
issue, amounting to 2,174,000,000 rubles. The account to
Credit of $25,000,000 to Hungary—France Takes the "Times" likewise says:
Largest Share—United States Not a Participant.
Silver and copper coinage amounts to upward of 300,000,000 rubles more.
The total paper issue of 4,500,000,000 rubles shows little increase over
France took more than one-third of the loan recently last year, and
the success of the recent loan in bringing in enough extra
granted to Hungary by banks in Great Britain, Holland, currency to move the harvest will meet the regular autumnal expenses
Switzerland and Italy, according to Commercial Attache without further issue. In this respect the situation is better than last
year, when heavy issues provoked a temporary but sharp financial
Daniel Regan, Paris, in a report to the Department of stringency.
The harvest itself, however, is likely to be less satisfactory than was
Commerce. The full amount is £5,000,000, and will run for
one year at 6%, according to Mr. Regan's statement. A hoped for a month ago. The fields are decidedly patchy, owing to drouth,
and although some favored areas have delivered their full annual quota to
reference to the credit appeared in our issue of Aug. 15, page the State grain collectors in record time to-day's general report is not
of Aug. 17 we find the over-optimistic reading for those who had hoped that ration cards and the
1049. In the "Wall Street Journal"
food shortage would be a thing of the past three months hence.
following from Paris:
The fall in world
to meet foreign
The United States is not participating in the £5,000,000 credit, but
negotiations have been begun for a separate American credit of £1,000,000
or £2,000,000. Foreign participation in the £5,000,000 amounts to
£3,500,000, of which France will supply £2,500,000, Italy £500,000,
Holland £250,000 and Switzerland £250,000. Budapest banks will
supply the remaining £1,500,000.
From the New York "Journal of Commerce" of Aug. 15
we quote the following:
The conditions of the present loan are Independent of any possible conditions which may be or have been imposed on Germany, according to
advices from the Hungarian Government received by G. Linzboth, Acting
Consul-General of Hungary in New York. Mr. Linzboth stated also that
no political condit'ons of any sort had been attached to the credit. . . .
Further negotiations were being carried on, It was said, involving an
additional credit to be advanced by the United States of $5,000,000 or
$10,000,000. Local banking opinion did not consider any steps in this
prices will necessitate increased exports
commitments, and although the supply of vegetables and fish is considerably
greater than last year a decided material improvement in living standards
is unlikely in the near future. In other words, there will be little relief
from the strain of the Five-Year Plan after three years of hard work.
Political conditions are doubtless better. The peasants' opposition to
-collectivization has been overcome and the struggle with technicians
which, it is asserted here, was a complementary phase or symptom of the
bigger fight with the Eulak peasants—has ended in peace on Bolshevist
terms.
The flare-up of the "Right" intra-party opposition on the part of a
younger group of Communists led by MM. Sirtzoff and Lominadze, which
occurred a year ago as a concomitant of the financial difficulties, has had
no parallel this year.
And "Left," or "hothead," elements, who might have been expected to
resent the recent measures for improving the status of technicians and
replacing the premature communistic leveling of wages by the slogan
"Greater reward for greater service," seem to have realized that those
AUG. 22 1931.]
FINANCIAL CHRONICLE
measures were not a move to the "right" but were correctives needed for
practical purposes similar to Joseph Stalin's famous manifesto of March
1930 denouncing the "excesses" of enforced collectivization.
But it is significant that orders have been given to double the output of
gold in the coming year and pay greater attention to "light industry"—
that is, the production of goods for popular consumption. As compared
with weary and troubled Europe, the Soviet Union looks full of hope and
progress, but the Russian belt is tight and Russian trousers are ragged.
1217
Article 5. The National Bank Is obligated to maintain a reserve In gold or In
such foreign exchanges as are legally and In practice freely redeemable In gold for
export. the amount of this reserve sha I be at least 35% of the aggregate amount of
Its demand liabilities: and at least 25% of the demand liabilities of the bank shall
be covered by gold In vault or earmarked abroad and freely available for export.
Article 8. Gold and sliver coins minted in accordance with previous laws shall
cease to be legal tender.
Article 7. A special law shall, on motion of the Minister of Finance and In consultation with the National Bank,fix the Issue of subsidiary coins of nickel,aluminum
alloy, and silver. The total amount of subsidiary coins in circulation shall not
exceed 850,000,000 dinars. The methods and conditions of minting subsidiary
coins shall be established by the Minister of Finance.
Article 8. All laws and regulation which may be In conflict with thl• law are
abolished.
Article 9. Publication In the Official Gazette constitutes notification of this law.
The law shall become effective on June 28 1931.
ALEXANDER.
(Signed)
Belgrade, May 11 1931.
Yugoslavia Declines to Accept President Hoover's
Moratorium Plan.
The Yugoslavia Government (says Associated Press advices) announced in a communique on Aug. 18 that it had
Czechoslovak Revenues from Turnover Tax Decline.
carefully examined the Hoover moratorium plan, with the
During the first four months of 1931, Czechoslovak revehelp of experts, and that it could not accept it. Under nues from turnover and luxury taxes amounted to 629,340,date of Aug. 14 the New York "Times," in a Washington 000 crowns ($18,820,000), states Acting Commercial Attache
dispatch, said:
Sam E. Woods, Prague, in a report to the Department of
Yugoslavia has notified the American Government, as she did the
International committee of experts at London, that she does not see her Commerce; the latter on Aug. 18 added:
way clear to participate In the Hoover debt holiday year because of the
proportionately heavier losses she will suffer, amounting to $16,000,000
in the year. The American Government believes relief for Yugoslavia
may be worked out through loans with bankers, and that she will enter
the holiday arrangement.
Reparations due Yugoslavia during the holiday Year would total $19,000,000, against $3.000.000 she would pay in war debts. The Bank for
International Settlements has granted Yugoslavia a loan of 83,000,000
and is considering granting $2,000,000 additional in compensation, but
this leaves $11,000,000 still to be raised for the budget needs at Belgrade.
Whether this will be provided by other foreign financing is not yet apparent.
The protocol signed at London this week for bringing the Hoover plan
into effect is not affected by Yugoslavia's reluctance. It leaves this
detail to be worked out later.
After deducting allotments made to the provinces, districts and municipalities the net revenues for the State from these taxes totalled 275,410,000
crowns ($8,262,300) which was a decline of 90,350,000 crowns ($2,710,500)
or about 24.7% as compared to the same period of the preceding year.
Interest on delinquent turnover and luxury taxes amounted to 16,920,000
crowns ($507,600) which was 1,200,000 crowns ($36.000) more than during
the preceding year. Thus the total income to the State from these taxes
amounted to 292,330,000 crowns (58,769,000), a decline of 91,550,000
crowns ($2,746,500) or about 24% as compared to the same period of 1930.
Norway Police Ban Affects Sale of Installment Goods.
Certain "immediate consumption" articles formerly sold
on the installment plan in Oslo, Norway, have been banned
Further Washington advices (Aug. 17) are taken as folfrom further sale on that basis, according to a report to the
lows from the New York "Herald Tribune."
Admitting the continued reluctance of Yugoslavia to become a party Department of Commerce from Trade Commissioner Gudrun
to President Hoover's moratorium program on inter-Governmental debts, Carlson. The further advices, made public Aug. 15 by the
William R. Castle Jr., Acting Secretary of State, indicated to-day that
Yugoslavia might make entirely separate financial arrangements of its own. Department, state:
Oslo police, in line with the general policy of Norwegian business organizations to confine such sales to articles having permanent value, have
issued a "forbidden list" naming the products which might not be sold on
the installment plan. The list includes clothing, shoes, glass, crockery and
kitchen utensils as well as articles which are considered luxury items.
Goods must be sold through a specific place of business and not by houseto-house canvassers or peddlers unless they represent an established firm
according to the new regulations, and about 70 permits for installment selling have been withdrawn since the change was effected.
from Germany.
Norway passed its first law covering installment buying in 1916, which
The surplus In Yugoslavia of incoming Governmental payments over
was subsequently amended in 1918 and 1928. The law defines the meaning
Outgoing payments IS about $16,000,000, Mr. Castle said, but this amount
articles with a value under 10,000 kr.
Includes conditional as well as unconditional reparations from Germany. of the term and covers only movable
which articles sold
Regardless of the President's program, Germany has the right to suspend (1 kr.=$0.268). It also specifies conditions under
conditional payments. Such an act would materially diminish the Yugoslavia may be re-possessed for non-payment and other points dealing with the
installment system.
balance.
New situations arising since the passage of the law have created a demand
for further regulations and the system has received more than usual attenText of New Currency Law of Yugoslavia.
tion and discussion during the present economic depression.
Firms in Oslo which have considerable interest in the installment business
As was indicated in these columns June 13 (page 4335),
intention of bringing this type of
have
an
legal stabilization of Yugoslavia's currency was slated to creditformedmore association with the basis. Various problems have been
on a
rational and uniforms
become effective June 28, under a new law of May 11, signed taken up and one of the first phases studied will be salesmen's activities
by the King. The July number of the Federal Reserve and methods.
Mr. Castle said that if Yugoslavia did not agree to suspending payments it receives from Germany, it would be expected to continue its
payments to the United States. He pointed out that Yugoslavia did not
sign the London protocol putting Mr. Hoover's program into practical
effect. Whether there had been any developments In connection with
Yugoslavia since that time, he did not know.
If that country continues to maintain its present position, Mr. Castle
said, it would have to make arrangements with Germany in order to
continue to receive the unconditional reparations normally forthcoming
"Bulletin," issued by the Federal Reserve Board, gives, as
Bonds of City of Christiana (Norway) Drawn For
follows, the text of the new law:
Redemption.
Currency Reform in Yugoslavia.
Kuhn, Loeb & Co. announce to holders of City of ChrisThe currency law of May 11 1931 established the legal parity of the
Yugoslav dinar at 26.5 milligrams of fine gold (about 1.760.). The dinar tiana (Norway) municipal external loan of 1924 thirty-year
had been de facto stabilized at approximately this level since the middle 6% sinking fund gold bonds due Sept. 1 1954 that $40,000
of 1925.
principal amount of such bonds have been drawn by lot for
Preliminary to legal stabilization of the dinar, negotiations for an international loan of 1,025,000,000 French francs (about $40,000,000) were redemption at par on Sept. 1 1931. Bonds drawn for reconcluded by the signing of the loan contract in Paris on May 8 1931. Of demption will be paid out of sinking fund moneys at the
the total amount of the loan, 675,000,000 francs were taken by a group office of Kuhn, Loeb & Co. upon presentation and surrender
of French banks, while the remainder was floated in Switzerland, Holland,
Sweden, and Yugoslavia. The maturity of the loan was fixed at 40 years together with all coupons maturing on or after Sept. 1 1931.
and the rate of interest at 7%, with a selling price of 87%.
Drawn bonds shall cease to bear interest from the redemption
In anticipation of the legal stabilization of the dinar, the board of the date.
International Settlements allotted 4,000 of
its shares to the
Bank for
National Bank of the Kingdom of Yugoslavia, for delivery as soon as the
stabilization program has been completed.
The currency law, which becomes effective on June 28 1931, is given
herewith:
Currents, Law of ilie Kingdom of Yugoslavia.
Article 1. The monetary unit of the Kingdom of Yugoslavia shall be the dinar.
'rho value of the dinar shall be equal to that of a weight of 28.5 milligrams of fine
gold.
Article 2. The National Bank shall have the privilege of issuing bank notes
throughout the Kingdom of Yugoslavia under the conditions established by the law.
During the full term of the duration of Its privilege, the administration of the
currency in the Kingdom of Yugoslavia shall be assigned to the National Bank as
a public service to be executed In the name of the Government. The bank shall
be accountable for the proper discharge of such service under the conditions fixed
by the present law and by the law governing the National Bank of the Kingdom of
Yugoslavia.
The notes Issued by the National Bank shall continue to be legal tender.
The denominations, form, and Inscription of the notes shall be fixed by a special
law on motion of the Minister of Finance and in consultation with the National
Bank.
Article 3. The National Bank shall be obligated to redeem Its notes to bearer at
eight, at its bead office In Belgrade. Redemption may be made in gold bullion at
the rate laid down in Article 1, or, at the option of the bank, in foreign exchange
Which Is legally and in fact freely convertible into gold for export. In the latter
catm the delivery of foreign exchange shall be made at a price not to exceed legal
Parity plus the costs of shipping gold.
The National Bank shall be obligated to redeem Its notes without limitation 09 to
amount. The minimum amount, however, which may be presented for redemption
in gold is 250.000 dinars.
The export of gold and foreign exchange shall be free.
Article 4. The National Bank shall at all times, at its bead office In Belgrade
exchange for bank notes any amount of gold that may be offered to it, at the rate
fixed in Article 1 of this law.
Bonds of Hungarian-Italian Bank Ltd. Drawn For
Redemption—Funds Available For Oct. 1 Interest
Payment.
Hallgarten & Co. announce that $10,500 principal amount
of Hungarian-Italian Bank Limited (Magyar-Olasz Bank
Reszvenytarsasag), 7M% thirty-five year sinking fund gold
bonds, series AC, dated Oct. 1 1928, due Oct. 1 1963, have
been acquired for the sinking fund for retirement, leaving
82,643,000 par value of bonds outstanding. The fiscal agents
further announce that funds have been deposited with them
to meet the Oct. 1 1931 coupon payment on all outstanding
bonds of the above issue.
Bonds of Saxon State Mortgage Institution Drawn For
Redemption.
The National City Bank of New York, as trustee, has
notified holders of Saxon State Mortgage Institution mortgage collateral sinking fund 6% guaranteed gold bonds, due
Sept. 15 1947 that $16,000 principal amount of the bonds
have been selected for redemption on Sept. 15 at par. Pay-
1218
FINANCIAL CHRONICLE
ment will be made upon presentation and surrender of the
selected bonds, with subsequent coupons attached, at the
head office of The National City Bank of New York, 55
Wall Street, on and after September 15 after which date
interest on the selected bonds will cease.
Funds Available for Sept. 1 Payments on Bonds of City
of Dusseldorf.
According to Ames, Emerich & Co., Inc., fiscal agents,
sufficient funds have been received by them to pay Sept. 1
maturing installerants of interest and principal of the City
of Dusseldorf 7% external serial gold loan.
[VOL. 133.
Finance Minister Blanquier. In announcing the government's action,
sharply criticized the former Ibanez Administration, declaring that the expenditures during the former President's regime had increased the country's
loans, and were now having a telling effect on the nation, together with the
effects of the world depression.
In our issue of Aug. 15 (page 1050) we noted that the
Chilean Cabinet had recommended to Congress the suspension of service on the foreign debt, making the partial
moratorium declared the previous month complete. As to
the action of the Chilean Government, the National City
Bank of New York has received a communication from that
Government, through the Chilean Embassy at Washington,
a translation of which follows:
After a careful study of the financial position of the State, and taking into
account the maximum economies which can be effected within the remaining
Bonds of San Paulo Water Works Loan Purchased five months of the present year. It is not possible during this period to effect
the service of the external funded debt. The ordinary budget of the present
For Cancellation.
year amounted to $126.409.935, which has been reduced to $117.285,060.
Speyer & Co., as fiscal agents, have purchased for can- and the Government is endeavoring to reduce it further to $104,631,900.
the same time new taxes have been authorized.
cellation through the sinking fund, $93,000 bonds of the AtThe excessive expenditures effected during the last few years, the market
State of San Paulo Secured 7% Water Works Loan of 1926. decline in national exports and the sharp reduction in ordinary revenues
This represents the second instalment for the sinking fund under all headings, make It impossible for the country at this time to continue its invariable tradition of complying strictly with all its obligations.
for the current year.
The Government Is engaged In reducing budgetary expenses for the coming year to an amount not in excess of $85.166.500, which will permit it to
Funds Available For Service Requirements Oct. 1 on deposit in Chilean pesos an amount equivalent to interest on all its obligations, and eventually to deposit as well the equivalent of sinking fund PayRepublic of Colombia Bonds.
ments on these debts if any improvement in the general business situation
should occur of such a nature as to diminish the shortage which it has been
Hallgarten & Co. and Kissel, Kinnicutt & Co.,fiscal agents
necessary to take into account in calculating the income of the coming year.
for the Republic of Colombia 6% external sinking fund gold
Based on a prudent calculation of revenues for 1932, amounting to $72.bonds due Oct. 1 1961 announce the receipt of funds to 999.000. and a total of administrative expenses of only $48,666,000, there
would remain $24,333,000 which would cover the interest on the public debt,
cover service requirements due Oct. 1 1931.
without taking sinking funds into account, so that any revenues above
$72.999,000 could be used for these sinking fund payments. The reduction
of administrative expenses to $48,666,000 represents the maximum of
Moratorium Movement Never Attained Importance in
which the Government is unable to go, because It would
Republic of Colombia According to President economies beyond the country out of balance,
result in throwing
but at the same time it indiHerrera.
cates the decision of the Government to resume as soon as possible the fulfillment of its external obligations.
The following communication has been received by HallThe Government has also decided to attain in as short a time as possible
garten & Co., and Kissel, Kinnicutt & Co., Fiscal Agents for the re-establishment of the balance of payments by means of the Exchange
the Republic of Colombia 6% loans of 1961 from Dr. Olaya Control Commission, which Is already operating, and through customs
and
the
Once the re-establishHerrera, President of the Republic in response to their tariffsof theother measures tending to beensame end. the Government would
ment
balance of payments has
attained,
inquiry:
be in a position to meet the service of the external debt by converting into
Movement in favor of moratorium never attained importance. Govern- foreign currencies the deposits accumulated in Chilean pesos.
In the last four years the country has fundamentally changed its policy
ment feels certain of Its ability to attend to the strict fulfillment of its
financial obligations abroad: it reaffirms its unchangeable policy in this of prudent and normal economic development, having made excessive use
respect. Senate by a vote of 36 against 2 approved yesterday the following of credit, and having increased its ordinary expenditures beyond its capacity
resoltulon: "Colombian Senate declares that the decision of the Govern- to meet them. The present government finds the country with its comment to maintain the precise and punctual fulfillment of the service of the mercial activities at a standstill: with a large deficit in the operation of its
country's debts is in the best interests of the country." National revenues budget: with private credit very restricted: with high interest rates: with a
large amount of unemployment and with an atmosphere of uncertainty
are improving.
In our issue of Aug. 15, page 1051, we gave a statement by which causes the withdrawal of capital, and makes the solution of these
problems difficult. It is essential to re-establish
exPresident Herrera, in which he said "Colombia does not and penses within actual revenues and stimulating theconfidence, keepingproforces of national
duction.
will not need a moratorium."
The Government believes that Its foreign creditors understand the true
economic and financial position of the country as well as the efforts which
Colombia to Float Loan to Aid State—Will Issue $5,- the nation is making to save the situation, and that they realize that it is
000,000 Internal Bonds Backed by Tobacco Rev- only a question of an accidental and temporary situation which,even though
It requires of them a temporary sacrifice, nevertheless takes Into account
enues of Antioquia Towns.
their permanent interests.
The following cablegram from Bogota (Colombia) Aug.
The cablegram of which the foregoing is a translation, is
16 is from the New York "Times":
signed by the Chilean Minister of Finance.
An attempt will be made to solve the financial troubles of the State of
Antioquia and assure continuance of the payment of the State's debt
service by floating a 5,000,000
-peso 'almost .$5,000.0001 five-year 10%
internal National Treasury bond issue backed by a share of the tobacco
revenues of the municipalities of Antioquia.
The Minister of Finance and former Governor Berrie of Antioqula will
discuss the plan In press interviews. The arrangement is subject to the
authorization of the Antioquian Congress, which will be convened In
special session.
Senor Berrio. leader of the Antloquian Regular Conservatives, foresees
difficulties due to the fact that some of the municipalities can ill afford
to cede the tobacco revenues because the payment of interest on their
local debts has already been defaulted.
It remains to be seen whether the bonds can be sold in the local market.
as almost 1,000,000 pesos are still unissued of the 6.000.000
-peso 8%
five-year national internal loan authorized last year, and the banks and oil
companies took 5.000.000 pesos of that Issue at par.
National internal 10%s are quoted at 75 on the Bogota Exchange.
Cuba Remits Service Payments.
Havana advices to the "Wall Street Journal" of Aug. 19
stated:
Uruguay to Pay Interest Due on Foreign Debt Aug. 21.
From Montevideo, Aug. 14, the New York "Times"
reported the following:
Uruguay will meet the interest and service charges on her foreign debt
falling due Aug.21, measures to that end having been adopted at an extraordinary meeting of the National Administrative Council this afternoon. The
Minister of Finance and directors of the Bank of the Republic were present.
The Council was still in session late to-night discussing the means to be
adopted for meeting other payments maturing in the near future.
Uruguay Ships Gold to London—General Manager
Morato of Bank of Republic to Visit U. S.
A cablegram as follows from Montevideo (Uruguay) Aug.
15 is taken from the New York "Times":
The Bank of the Republic shipped .C90.000 (nearly $450.000) in gold today to the Midland Bank of London for interest and service charges on
the foreign debt.
At the same time the Bank of the Republic announced that It was not
The Treasury Department has remitted to Speyer & Co. $85,000 as associated in any negotiations which might be undertaken in New York or
payment of Interest and amortization on Republic of Cuba 4s,due 1949. Washington by its General Manager. Octavio Morato, who is sailing on
The Treasury Department also has remitted 5.50,452 to J. P. Morgan Aug. 23 for New York.
The bank explained that it granted Senor Morato a leave of absence to
& Co. for payment of interest and for the sinking fund of the 5% loan of
enable him to undertake a special mission for which he had been appointed
1914, due 1949.
by President Terra.
The Uruguayan Legation at Washington some time ago sent out feelers
Chile's Moratorium On Foreign Debts.
regarding a credit or loan from the United States, as a result of which the
Federal Reserve Board suggested that President Terra send a special
Santiago (Chile) Associated Press advises on Aug. 19 announced that the Government had that day ordered a com- financial agent to the United States. President Terra appointed Senor
Morato.
plete moratorium on foreign debts for the rest of this year.
It appears, therefore, that the banker will represent the Uruguayan
Government rather than the official bank.
The cablegrams further stated:
A partial moratorium was declared last month and since then sufficient
funds to cover the interest have been deposited as a guaranty of future payDollar Below
ments. To-day's decision, however, declared that all external debt pay- Uruguay Counts Gold Reserves—Rates
ments will be suspended, since funds are no longer available for the interest
Peso Despite Exchange.
deposits.
The following message from Montevideo, Aug. 18, is
The action affects thousands of bondholders abroad, chiefly lathe United
from the New York "Times":
States and England.
•
Aua. 221931.]
FINANCIAL CHRONICLE
1219
Almost 3.000,000 American gold coins, carefully sealed In 5.833 small
burlap sacks, are piled on the shelves of the vault of the Bank of the Republic
and constitute more than half of Uruguay's gold reserves.
Several of these bags were opened and the coins counted to-day in an
inventory of the country's gold stock in the presence of representatives of
foreign and local banks.
To Americans accustomed to regard the dollar as the world's leading
100% money it was interesting to find the Uruguayans counting American
$10 gold pieces as worth only 9 pesos 66 cents Uruguayan. The pesos par
value is $1035. This afternoon it was worth only 465i American cents in
the exchange markets.
The gold inventory showed 2.916.500 810 pieces. 154 85 pieces and 223
$2.50 pieces, for a total value of $29.167.097.50. but as gold reserve behind
the Uruguayan currency the Bank of the Republic regards this as worth
only 28,175.419 pesos and 90 Uruguayan cents. Also on hand were 5,310.000 gold sovereigns.
The total gold reserve is 55.012.995.87 gold pesos, forming a reserve of
74.91% behind a paper currency totalling 73.370.000 pesos.
A shipment of gold valued about $5.000 left here for Liverpool td-day
from British Mines in Veraguas Province.
With the exception of sporadic extractions by the old Cana mining
syndicate in Darien Province in the latter part of the last century, to-day's
shipment was said to be the first sent from Panama commercially since the
days of the Conquistadores.
President Terra of Uruguay Donates Part of Monthly
Salary for Unemployment Relief.
President Terra of Uruguay has donated 300 pesos (about
$150) monthly from his salary for the relief of the unemployed,according to Montevideo advices Aug. 14 to the New
York "Times."
The Argentine Provisional Government has decided to purchase and
lend to tanners 73,840,000 bushels of wheat seeed and 59,000,000 bushels
of flax seed at a total cost of 400,000 pesos ($140,000).
This measure is not expected to be of much assistance to the farmers
this year, however, as the season for wheat sowing ended two weeks ago,
and it is not expected the flax seed can be distributed in time for this year's
sowing, which terminates at the end of August.
Gold Sent from Panama—$5.000 Shipment from British
Mines First This Century.
An Associated Press account from Cristobal, C. Z.,
Aug. 20 appeared as follows in the New York "Times":
Argentina to Buy Seed—Plans to Supply Farmers
on Credit.
The following cablegram from Montevideo, Aug. 15, is from
the New York "Times":
Sir Robert Gibson of Commonwealth Bank Appeals
Ill Effects Feared From Sending $60,000,000 to Meet
for Subscriptions to Australian Debt Conversion
Argentine Credit With Failure of United States to
Plan.
Renew.
On August 16 Associated Press advices from Melbourne
The following cablegram from Montevideo, Aug. 18, is (Australia) said:
from the New York "Times":
Speaking over the radio to-night in a broadcast appeal for Australians
The failure of American bankers to renew the $50.000.000 Argentine
loan
falling due Oct. 1 has created a new wave of ill feeling toward the
United
States in Argentina. It is recognized that the contraction of
circulating
currency resulting from the shipment of $50.000,000 in gold
is likely to
embarrass business.
Argentinians take the position, therefore, that the Americans are
adding
to their troubles instead of trying to help them in a difficult moment.
"La Nacion." in a long editorial entitled "Gold and Brotherhood."
says
that the idea of Pan-American brotherhood which inspired
President
Hoover's visit to Argentina and other South American Republics certainly
justified the hope that there would be a more rapid development of
intercontinental commercial relations.
"La Nacion" says It is Impossible to predict the effects of the
currency
stringency which will follow the export of 850.000.000 in gold but advises
against uneasiness, saying the country has inexhaustible riches and
it is
only necessary to become reconciled to passing through a period of
frugalitles
after which prosperity must return.
The following is also from the "Times" of Aug. 19:
Loan Floated Last September.
The 850.000.000 loan referred to Is one marketed last September
by a
syndicate comprising Brown Brothers & Co.(now Brown Brothers.
Harriman & Co.). Bonbright & Co., Inc.. and the New York Trust
Co. The
loan consisted of an issue of 5% notes. due Oct. 1 1931. The
notes were
offered to the public at a prim of 100.36. to yield 4.625%.
The difficulty in renewing such a loan at this time lies in the
fact that.
In view of the depressed condition of South American bonds
at present
Public offering of a refunding home would be next to impossible at
this
time. All of the Argentine long-term loam; currently active are
selling at
less than 75 cents on the dollar.
to subscribe to the conversion of the country's internal indebtedness. Sir
Robert Gibson. Chairman of the Commonwealth Bank. declared that
"Australia is in imminent danger and must fight her way back to sound
finance and stability."
The conversion plan to put the entire internal loan of 82.780.000.000 on
a lower interest basis is alnost half completed. It is now estimated that
9,666 holders have converted 3270.000.000. and promises for the conversion
of another $300,000,000 bring the total to more than 81.000.000,000.
Premier Scullin of Australia Says Loan Conversion
Will Be One of Greatest Financial Achievements
of Country.
Premier Scullin of Australia, referring to news that a
large part of the Australian internal debt had been converted, said on August 16 (according to Associated Press
advices from Sydney), that he believed it would be "one
of the greatest financial achievements in the history of the
country."
Australian Conversion Loan Affects American Holdings
of Australian-Owned Securities.
It is now well known that Australia is planning the conversion of approximately £556,000,000 of internal and
Commonwealth State debts, says Grosvenor Jones, Chief
In Buenos Aires advices yesterday, Aug. 21 (Associated of the Commerce Department's Finance and Investment
Press), it was stated:
Division. By this conversion a saving of 22%% of the
Local bank representatives, including those of the National City Bank
of interest burden to the Government is to be effected, Mr.
New York and the First National Bank of Boston, have conferred
with Jones states. All internal securities will be included, not
the Minister of Finance regarding the payment of a $50.000,000 loan
which
expires Oct. 1.
excepting those which were to mature within the next 12
It was understood that the banks offered their assistance in
order to months. The further advices from the Department August
avoid a currency famine If that much money was withdrawn.
14 state:
We also quote the following Associated Press account from
Because of the premium on remittances of money from Australia to
foreign countries, a good many American exporters have found it advisable
Washington yesterday (Aug. 21):
The State Department is watching the matter of renewal by American
banks of Argentine loans, falling due in October. There is nothing
that
Government officials can do. as it is a matter between private
bankers and
the Argentine Government. While the State Department will not bring
pressure on the New York bankers, it Is pointed out that it would be
very
much pleased if matters could be arranged satisfactorily with the Argentine
Government for the influence it would have in maintaining good relations
between the two countries.
Revenue Drops in Peru—Yield for First Six Months 12%
Below Last Year.
A Lima (Peru)cablegram Aug. 18 appears as follows in the
New York "Times:"
The Collector of Internal Revenue has issued a report covering collections for the first six months of this year, amounting to 22.964.486 soles
(nearly $11,482,243 at par), compared with 26,033,806 soles in the previous
six months. The decrease is 12%.
Collections of all revenues in the first six months last year amounted
to
39.464,673 soles, compared with 30.798.368 In the same period this year.
The decrease is 23%. The decline is due chiefly to a drop of 14% in
the
yield of taxes on alcohol. 48% on mines and 35% on roads.
to keep the proceeds of their sales to Australia In the Commonwealth. and
to invest such proceeds locally in Commonwealth and State securities of
short maturity.
Under date of July 10. Consul General Roger Culver Tredwell writes
from Sydney that to force foreigners holding such Investments to convert
their Investments into new lower interest-bearing securities with a postponed maturity would work a hardship on them. The "Commonwealth Debt
Conversion Bill" contains a provision that where a holder of existing securities satisfies the Treasurer that they .were purchased by him with
"oversee trade money" as a short-term investment, new securities may be
issued in exchange redeemable on such date or dates as the Treasurer
approves, but otherwise conforming with the provisions of the Act.
According to a press item repeated by Consul General Tredwell. merchants who are holding Australian-issued bonds are asked to furnish their
bankers immediately particulars of the securities and the amounts so held:
"In view of the Prime Minister's appeal published on July 1 1931. and
the necessity for effecting conversion within a couple of weeks, holders
of Australian securities who are eligible and who desire to take advantage
of the provision quoted should give information to their bankers at once,"
It IS to be noted that the conversion loan does not affect Australian dollar
securities or Australian sterling securities quoted in London. It affects
only Australian Government securities issued in Australia.
Australian State Cuts Salaries in Public Service—
Campaign for Conversion of Debt Under Way.
The New South Wales legislature has passed a bill reducing
Guatemala Bank Closes.
Adviees as follows from Washington, Aug. 20, are taken the public service salaries and has satisfied the Loan Council
of its co-operation in the matter of the conversion loan and
from the New York "Times":
financial reorganization, according to Trade Commissioner
The Department of Commerce was informed to-day by cable from
the
E. C. Squire, Sydney, in a cable to the Department of
Commercial Attache at Guatemala City that the Banco Internacional
of
that city had been placed in liquidation.
Commerce. The Department on August 17 continnAd:
"It is not believed." the Department said, "that American
are affected by the liquidation of this institution."
interests
In his cable Mr. Squire further stated that the financial emergencibill
bills have now passed each of the six states and the campaign for the
con-
1220
FINANCIAL CHRONICLE
version of all of the Federal and state internal debt is now under way.
'This campaign involves securities totaling 556.000,000 pounds Australian.
These developments have been accompanied by several points Improvement • in government bond quotations and have been reflected In a generally.more optimistic and confident attitude on the part of the people. It
Is too soon. of course, to note any improvement in general trade.
[VoL. 133.
Postal revenues from this SOULTO will be increased by almost $500,000
annually as a result of the higher rates, it was stated orally at the Depart
Inept in connection with the announcement. Rates are to be increased, it
was explained, because revenues from the routes affected have decreased,
while the expense of maintaining this service has remained unchanged.
There has been a tendency among other countries, including Canada and
Great Britain, also to increase international postal rates in the face of falling
revenues. It was said that Great Britain recently increased international
postal rates to this country from 2c. to 3c., likewise for the purpose of making up for revenue declines.
The increase announced by the Post Office Department, according to the
explanation, simply brings up the rate to Great Britain and Ireland to the
same scale which has applied for some time to postage to all European
countries, except Spain.
British Aid Barred by Palestine Arabs—Executive
Votes to Take no Part in $12,500,000 Loan Project
to Help Farmers—Government Expected to Carry
Out Original Plan Without Assistance of Critics.
At a meeting of the Arab Executive at Jerusalem, on
Aug. 16, at which 35 of its 48 members were present, It
Max Winkler Before Institute of Politics Proposes Pan
was voted to reject the British Government's agricultural
American Union Form Council to Study Latindevelopment project. We quote from a Jerusalem message
American Debts With View to Preferential Treatto the New York "Times," which continued:
ment for Specifically Secured Issues.
The plan was the outcome of the Simpson report. It involves a floating
Before the Institute of Politics, at Williamstown, Mass.,
loan of $12,500,000 backed by the British Treasury and repayable from
Palestine revenues.
on Aug. 17, Max Winkler, Vice-President of Bertron, GrisThe strongest condemnation was voiced at the meeting against the
cora & Co., Inc., discussed "Defaults and Repudiations." He
unofficial negotiations carried on between individual members of the Arab
Executive and the High Commissioner early this year which resulted in suggested therein that there be organized under the direcColonial Minister Passfield communicating the details of the agricultural tion of the Pan American Union a council which would be
development scheme for Palestine in a dispatch to the High Commissioner
charged with an examination of the present financial
last June. These vigorous objections were expressed because Lord Passfield referred in the dispatch to the fact that the High Commissioner had capacity of the Latin American countries to determine the
formally negotiated with the Arabs, raising the assumption that the Arab amount of the debt on which they can continue to pay. Dr.
Executive had accepted the project when the leaders had discussed matters
Winkler's proposal was made as follows:
only as individuals.
A stormy day-long discussion resulted, the Arab Executive voting its
denunciation of unofficial conversations, which are contrary to the Executive's policy, and also to appoint a committee to draw up a comprehensive
reply to the British Government setting forth the Executive's reasons for
rejecting the scheme.
One of the main reasons for the Arabs' rejection of the project is that
It would be only a temporary palliative, not effective more than a year,
after which the peasants would revert to to-day's distressed condition, and
at the same time it would burden Palestine, which would have to repay
the loan from increased taxation.
The issue is complicated by the fact that when Lewis French, former
Indian Development Commissioner, who will be Director of this new
undertaking, arrives in Jerusalem next Thursday he will find no Arab or
Jewish advisers ready to assist him. Under the scheme, Mr. French should
have one Arab and one Jewish adviser, but while the Jews are still considering their nominee the Arabs, as a result of to-day's meeting, will definitely
boycott the project and not nominate an adviser.
There is little doubt, however, that despite the Arabs' rejection the
British Government will carry out its original plan to improve the condition
of the Arab cultivators, particularly those who have been dispossessed
because of the sale of land to Jews, and if the Arabs do not disappoint
their own adviser the British authorities will choose an Arab official in
government service to perform the duties.
Free Railway Transportation Proposed by Canada for
Men Accepting Work Outside Cities.
Free railway transportation for single men and transients
willing to accept work outside cities will be provided by the
Dominion Government, G. D. Robertson, Minister of Labor,
announces, it is learned from a Canadian Press despatcli
from Ottawa Aug. 15. It is likewise stated therein:
The Minister declared a considerable number of public buildings will be
erected and special arrangements will be made to relieve the congestion of
jobless men In cities.
A survey of the situation throughout Canada is almost completed, Mr.
Robertson said. Reports Indicate a preponderance of unemployed men in
the Western Provinces, and the major emphasis of the government's proexam will be placed there.
$6,000,000 Loan Reported Sought by Nanking—Relief
Proposal Will Be Made About Sept.1—Flood Breaks
1870 Record.
Under date of Aug. 19 Associated Press advices from
Shanghai said:
Authoritative sources disclosed to-day that the Nationalist Government
Finance Ministry was planning to float a domestic loan of $20.000.000
Mexican (about $6,000.000)for flood relief purposes, probably about Sept 1.
It was said this amount probably would be increased by additional Wales
as the needs were made clear and that such funds would be used for operations in which cash was immediately necessary, such as transportation
charges on American wheat which the Chinese Government hopes to purchase on long-term credit.
Colonel G. G. 8troebe and Dr. Herbert Chatley,chief engineers,respectively, of the Yangtse and Whangpoo River Conservancy Districts, said
the present flood was "three feet above the previous record of 1870."
Despite alarrning reports of suspension of debt service already effected,
or about to be effected, by national governments, it is significant to point
out that, excluding Russia, the outstanding amount of government bonds
In default to-day is only slightly in excess of 1.3% of the world's total
indebtedness. This compares with approximately 7%% of the total half
a century ago.
An analysis which I have completed indicates that the aggregate par value
of funded obligations, external as well as internal, sold on behalf of
governments, States and provinces and municipalities, as well as of such
other loans as are guaranteed by governments or political subdivisions,
which is in default to-day with respect to interest payments, amounts
to $1,943,584,000 of an original amount of $2,150,090,100, indicating that
approximately one-tenth of bonds originally issued had been redeemed.
The amount of interest in arrears totals slightly more than $1,000,000,000.
If we take into account the fact that the world's total indebtedness is
about $150,000,000,000, it is apparent that the record of governmental
bonds is relatively more satisfactory than that of any other group of
securities.
Even if we include the indebtedness of pre-Soviet Russia, the total debt
in default, amounting to about $19,000,000,000, is only 12.7% of the
world's total debt; while the back interest aggregates approximately
$10,000,000,000.
Nevertheless, even though statistics pertaining to national defaults
may, on careful analysis, appear less discouraging than would appear to be
the case at first glance, the fact remains that nothing tends to undermine
more seriously business and finance among nations than the collapse of
their credit structure. The road which leads to default may be easy and
smooth, but the road back out of the morass of repudiation and insolvency
is very wearisome.
The debts of governments and of various political subdivisions are,
under prevailing conditions, most excessive and beyond their capacity.
As in everything else, default of American-owned foreign bonds may exceed
all previous records. Inasmuch as our immediate and most pressing problem
Is that pertaining to Latin American debts, the following recommendations
may be in order:
Let there be organized under the auspices and direction of the Pan
American Union a Council whose members will be appointed by, and will
be responsible to, the Union.
The Council will be charged forthwith with an examination of the
present financial capacity of the various Latin American countries and
will, on the basis of such findings, determine the amount of the debt on
which the nations in question can to-day continue to make a reasonable
payment in respect of interest and amortization.
The principal amount of such debt, as well as the service charges thereon,
will be secured, irrespective of previous loan contracts, by a first lien on
customs receipts collected by a commission of three, of whom two must
be Latin Americans, to be appointed by, and be responsible to, the Pan
American Union. Arrangements will be made by which specifically secured
Issues already in existence will receive preferential treatment in the proposed debt reorganization.
For the balance of the debt the Council will suggest to the governments
to issue, and will advise the creditors to accept, adjustment bonds, interest
and amortization on which to be contingent upon the economic and financial
status of the government, and as determined on the basis of a prosperity
Index to be prepared by the Council referred to.
In this way it may be possible to restore confidence in America's Southern
neighbors, whom circumstances have forced to resort to suspension of payments of contractual obligations, and who are of great import to this
country's wellbeing.
Immediate action is imperative if we still believe in the present system,
and if we still feel that if the present system needs changes, such changes
should be by rational evolution and not by senseless revolution, by co-operation and not by coercion.
Increase in Postage Rates to Great Britain and Ireland
to Go Into Effect September 1.
An announcement, Aug. 15, by the Post Office DepartNegotiations for Sale of Cuban Telegraph and Radio
ment at Washington said:
Systems to United States Reported.
The Post Office Department announced to-day, that effective Sept. 1
1931, the international rates of postage will be increased on letters and post
Negotiations for the sale of the Cuban Government's
Cards mailed in the United States and addressed for delivery in Great
telegraph and radio systems to private American interests
Britain, Northern Ireland, and the Irish Free State.
The rate on letters will be Sc. for the first ounce or fraction thereof, and are reported by the Cuban press, according to information
3c. for each additional ounce or fraction thereof, and the rate on single post reaching
the Department of Commerce from Commercial
cards will be 3c.
The present rate of postage on letters to those countries is 2c. and 2c. Attache Frederick Todd, Habana. The Department's adOn single post cards.
vices, made public Aug. 14, also had the following to say:
With regard to the announcement the "United States
The Cuban Government is now preparing a detailed report of the Proparticle, earnings, and costs of the telegraph and radio systems for the Amen,
Daily" of Aug. 17 stated:
AUG. 22 1931.]
FINANCIAL CHRONICLE
can economist, Edwin R.Seligman, who is In Cuba for the purpose ofrevising
the tax system,it is said. Latest press dispatches indicate that Mr.Seligman
Is negotiating for the sale of the communication systems to an American
syndicate.
Gross receipts of the government operated telegraph system for the fisca
year 1929-30 amounted to $572,957.12 compared with $623,124.08 in
the
preceding period. The organization operated 338 offices, transmitting
1.284.944 messages in 1929-30 compared with 332 offices transmitting
1,315,213 messages in the period 1928-29.
In its issue of Aug. 15 the New York "Times" said:
In local communications circles the reports that American interests
ware
seeking to buy the domestic telegraph and radio systems owned
by the
Cuban Government were believed entirely unfounded. At any rate, none
of the principal companies are interested in acquiring the properties
at this
time.
R. O. A. Communications, Inc., early last year acquired control
of the
Cuba Transatlantic Radio Corporation. International Telephone
and
Telegraph Corporation owns the Cuban Telephone Company,
the Radio
Corporation of Cuba, the Cuban All-America Cables, Inc.,
and jointly with
American Telephone and Telegraph, a half interest in the Cuban-Amer
ican
Telephone and Telegraph Company, which owns the telephone
cables linking
the island with the United States.
Directors of Columbia, S. C., Federal Land Bank
Oppose Moratorium on Farm Mortgages—Express
Hope Present Price of Cotton Will Not Last.
Directors of the Federal Land Bank of Columbia,
S. C.,
meeting Aug. 12, declared themselves as opposed to a moratorium on farm mortgage loans by the bank, and expressed
hope that the present low price of cotton and other agricultural products would not last throughout the season.
They
also advised farmers to plan to cut their cotton acreage
by
two-thirds next year. The foregoing is from the
"United
States Daily" of Aug. 17, from which we also
quote as
follows:
1221
Governor Roosevelt said Mr. Thomas's going would be a loss to the Island
and the Bank as well and "Mr. Thomas's policy, in so far as the Island is
concerned, has my unqualified endorsement, and I believe it would be
disastrous from the standpoint of the Island, the Bank and the United
States to reverse it."
Mr. Thomas resigned when his recommendations for the Bank's cooperation with farmer borrowers were rejected.
Doubts Realization of Facts.
Governor Roosevelt's letter said he did not believe the Baltimore directors
had a clear realization of the condition of the Island farmers: otherwise he
could not conceive of the Bank following a policy which, he said, would do
three things-. cause great hardships and suffering,cause resentment of a bitter
and thoroughly justifiable type, and injure the Bank itself and cause unnecessary losses of hundreds of thousands of dollars.
The letter, the Governor asserts, was written after a personal investigation among farmers whom he found discouraged, some completely disheartened. Basically, the Governor asserts, the Land Bank is treating
Porto Rico as though there had been no cyclone and disregarding that it
requires five years to bring a destroyed coffee farm back to a basis where
it will carry its operating expense.
"Baltimora believes that our farming situation is identical with that on
the continent. I know it is common to say,'This man can pay if he would
pay. Let's put the screws on him.' Instances where this is the case in Porto
Rico are practically non-existent. The farmers had no money, kept few
accounts with the banks, and now they cannot lay hands on money to
meet mortgage payments."
Sees Relief Money Absorbed.
The Governor's letter states that the Porto Rican Hurricane Relief Commission created by Congress, composed of the Secretaries of War, Agriculture and Treasury, which is handling the $6,000,000 rehabilitation fund,
shares his views as to the Island farmers' needs. He asserts that in many
instances farmers receiving rehabilitation funds have turned the instalments
over to the Land Bank temporarily to stave off foreclosure and in doing so
have bean compelled to cease farm work.
The newspapers are continuing to criticize severely the Bank
policy and
relate an instance this week of a farmer with his wife and children being
ejected from their home after a foreclosure. Their household belongings
were piled on the roadside.
Foreclosed farms are rapidly reverting to the jungle, the Governor says,
with little hope of finding buyers at this time.
The question of a moratorium on farm mortgage
debts came before the
Board, it was explained, because of unofficial suggestions
Baltimore advices Aug. 4 published in the "Times" said:
along that line
appearing in the daily press. The Board held the opinion
Evictions due to farm foreclosures in Porto Rico have been fewer in prothat the Land
portion than on the continent, It was asserted to-day by an official of the
Bank had its own obligations to meet, including principal
and interest,
Federal Land Bank of Baltimore, commenting on a statement by Governor
which it had contracted for in good faith with the
investing public, the
Theodore Roosevelt.
President, Frank H. Daniel, stated orally. The bank, and
borrowers, and
"The Porto Rico branch has placed about 5,000 loans, totaling $15,000,the National Farm Loan Association, which own the stock
in the Bank, 000. since
it was opened in 1922," said an official. "This is comparatively
he said, must discharge in good faith and invaccordan
ce with ability a large
sum for the small area. The average loan is about the same as in
to do so.
this country, but the percentage of evictions is actually smaller than in the
Bonds Guaranteed.
United States."
The Bank, the Associations and the borrowers, Mr. Daniel
V. Valdez'. President of the Baltimore Land Bank, was absent to-day,
pointed out,
constitute the co-operative system which has guaranteed
the bonds to the and others connected with the Institution declined to make public the
investing public, not only by the pledging of collateral
with the Bank's correspondence with Governor Roosevelt.
registrar but by the indorsement by the Associations of
the borrowers'
notes and the assumption of a double liability on the part of
the borrower
for the stock which he owns in his Association. This amounts
to 5% of his Arrangements Made for Exchange of Brazilian
Coffee
loan, and is accompanied by an agreement on the part of
the borrower to
for United States Wheat.
pay the installments on his loan promptly when due. Upon
these pledges,
Mr. Daniel said, the Bank had issued bonds to the public
An agreement signed at Washington yesterday (Aug. 21)
which had
evidenced its faith in the co-operative system by purchasing
well in excess between the Brazilian
Government and the Federal Grain
of $1,000,000,000 of the securities.
Stabilization Corp. provides for the exchange of 1,050,000
Mr. Daniel announced that it was the general sense of the
meeting that
farmers themselves should make a desperate effort to meet
their oblige. bags of coffee for 25,000,000 bushels of surplus wheat.
Mos, and that when farmers have done this toward the Bank
the officers Regarding the agreemen
t, we quote the following from
would be inclined to do all in their power to assist such
individuals to yesterday's
enable them to carry on.
Washington Associated Press accounts:
The agreement, the culmination of negotiations which
Price of Cotton.
have been conducted quietly here and In Brazil, was signed at the Brazilian
It was pointed out that the decline in the price of cotton might
Embassy
not be by Ambassador
De Lima for his Government and George Mllnor. head
permanent for the season and that better prices might obtain in the
future. of the wheat
stabilizing agency.
Emphasis was placed upon the possibility of manufacturing interests
buying
In addition to the coffee involved in the actual exchange,
cotton at present levels, and either manufacturing the cotton and
it was underholding stood an additional quantity
of coffee would be used in paying a New
the product or passing it along to the consumer at a reasonable
profit, York concern for grading and grainery services. It
was understood the
tending to increase consumption.
coffee would be released to consumption channels in monthly allotments,
The hope was expressed that farmers now would become fully
reconciled but not until after a year has elapsed.
to the need of a very drastic cut in acreage, the opinion of the
The Brazilian proposition was first submitted to the Farm Board
board of
several
directors being. according to Mr. Daniel, that the cut should be
two-thirds months ago and Chairman Stone said recently was one of several similar
of the acreage of cotton planted in 1931. Land thus relieved from
growing offers which have been under consideration since the first of the year.
cotton shoeld be planted to appropriate cover crops, he continued,
to
curtail the enormous outlay for fertilizer for the 1933 crop.
The New York "Evening Post" of last night
said:
Importers Reserve Opinions.
New York coffee importers showed some concern to-day over
the announcement from Washington of a proposal to exchange Farm
Board
wheat for Brazilian coffee, but none would definitely commit
himself
before such an agreement was signed.
The Green Coffee Association of New York City, representin
g a majority of the metropolitan coffee importers, however, has called a
meeting
for this afternoon to consider the coffee situation, especially
with regard
to the possible exchange of Brazilian coffee for American wheat.
Milton
E. Hillman. secretary of the association, told the "Evening
Post" to-day.
Other importers have adopted a Fabian policy, preferring to
wait until
the exchange has become more than a possibility before making
any comment or registering any complaints.
Peter Eiseman, coffee importer, of 110 Front St., said to-day
that there
waa "a new rumor every day from Brazil, so that we do
not know what to
believe. We would rather wait for positive developments,
but we expect
almost anything any day."
Representatives of Federal Land Bank of Baltimore In
Porto Rico To Study Bank'sMortgages on Farm Property—Gov. Roosevelt of Porto Rico Urged Modifica
tion of Bank's Policy.
Irving P. Whitehead, General Counsel to the Federal Land
Bank of Baltimore; Charles Jackson, Secretary of the Bank,
and George P. Alderson, a director, arrived at San Juan,
Porto Rico, on August 17 to examine the situation regarding
the Bank's m9rtgages on farm property here, according to
San Juan, Associated Press cablegrams on that date.
Earlier this month, San Juan advices to the New York
"Times" stated that Governor Theodore Roosevelt of Porto
Rico made public on Aug.4 a letter addressed to the directors
Of the Federal Land Bank in Baltimore urging modification Federal Farm Board to Make Advances to
National
of its recent foreclosure policy which has aroused island
Pecan Marketing Association.
farmers, about 5,000 of whom owe the Bank $13,000,000.
Associated Press dispatches from Washington yesterday
The "Times" advices continued:
(Aug. 21) stated:
Asserting that in his opinion the interests of the Land Bank and
the
The National Pecan Marketing Association. central sales
Interest of a proper rehabilitation program for Porto Rico were Identical.
agency of
the pecan co-operatives, with headquarters in Jackson.
the Governor said the Bank should assume leadership in encouraging
Miss., to-day
the was granted facility and effective merchandising
loan commitments by
borrowers in their struggles to rehabilitate their farms and repay the Bank.
the Farm Board
The letter followed a cable to Baltimore in which the Governor
expressed
It was also announced the Board contemplates making an
deer concern over the resignation of Ernest B. Thomas as manager of the
,
additional
supplemental commodity loan when the delivery season is
Porto Rico branch because of disagreement as to the bank's policy
under way.
here. The amount of this financial assistance was
not disclosed.
1222
FINANCIAL CHRONICLE
in
[VOL. 133.
the Board's problems with correspondents
discussing
Chairman Stone
China Seeks to Purchase United States Wheat-- to-day said:
"There is a possibility of the distribution of Government-owned wheat
Indicates Willingness to
Federal Farm Board
to charity organizations by an Act of Congress this year. These organizaEnter Into Negotiations.
tions can have the wheat milled themselves. The Board at present has
dispatches wheat stored in practically every State in the Union." If handled in the
On Aug. 17, it became known through press
"right way," the gift or sale of stabilization wheat to charitable organizafrom Washington that the Chinese Government had laid tions, preferably community chests, will not displace any wheat sold In
Government an informal inquiry regular market channels. the Farm Board Chairman asserted. He held
before the United States
that would
disposing of wheat stocks in that way opened a
respecting the amount of this country's wheat, available thatbe open to the trade as the contemplated usersnew outlet be able to
would not
not
for flood stricken areas in China. The buy, but would need the gift.
on credit terms,
The matter of having wheat available for farmers in the Northwest
inquiry, which came to the State Department through the
from drouth and insect plagues has been taken up with
American Consulate at Nanking, was turned over to the who have suffered General Manager of the Stabilization Corporation, Stone
George S. MiInor.
body, on Aug. 20, through the said. He stated that he had suggested not to move wheat from stricken
Federal Farm Board; that
State Department, advised the Chinese Nationalist Govern- areas, but to leave it for any use conditions may warrant, such as seed and
The Board cannot give it away. however, he emphasized.
ment of its willingness to negotiate for the sale to it of wheat feed.
According to the
holdings of the Grain Stabilization Board.
"United States Daily" of Aug. 21, the following information S. R. McKelvie, Former Member of Federal Farm Board
was given orally by Mr. Stone:
Proposes That Government's Wheat Holdings Be
Message from China.
Used for Relief Purposes.
through
The Board's message to the Chinese Government was transmitted
A proposal that the Government-owned wheat be made
as to the
the Department of State, through which the Chinese inquiry
possibility of such a purchase of wheat was sent to the Board Aug. 18. available for food relief was made at Lincoln, Neb., on Aug.
on credit.
China proposed a purchase "up to 15.0410.000 bushels."
R. McKelvie, former wheat representative on
take the 18 by Samuel
If anything conies of the offer. It Is probable that the credit will
sale prob- the Federal Farm Board. Associated Press advices from
form of a straight obligation of the Chinese Government. The
Lincoln reported him as follows:
ably would be at the market price on the day of delivery.
believe It
If the sale Is handled in the right way, Mr. Stone does not
The plan, Mr. McKelvie said, would effect economy In relief expenditures
commercial
would result in displacing sales of wheat through regular
-bushel surplus.
the and at the same time help dispose of the 200.000.000
The sale probably would be conditioned on agreement that
channels.
"1 have insisted all along." he said. "that for the good of all parties, most
which the normal
wheat would be used only in the flood-stricken areas, to
of wheat are disposed of
supplies
the total of all the farmer, the sooner stabilization
channels of distribution would not reach, thereby increasing
the better. The opportunity is at hand."
consumption of the grain.
Congress should authorize disposal of the wheat In this manner, he said,
Rapid Transaction.
and the Farm Board should be reimbursed for the amount involved.
This, he said, can be done after Congress convenes in Deeember, as the
If an agreement of sale is reached, the transaction could be completed
wheat
corporation can deliver wheat on short notice to any community in the
rapidly. There is probab.y enough Grain Stabilization Corporation
be on an country.
at Pacific Coast ports to meet the order. Sales probably would
Mr. MerCelvie awaited the country's reaction to his suggestion to-night
f.o.b. basis. China arranging for the transportation.
In China. and said if it is favorable he will immediately present his plan to President
Mr. Stone understands there is a flood relief commission
activities, Hoover.
of two Chinese and one American experienced in such
composed
is understood to
Meanwhile Governor Green of South Dakota said he was informed by
which has charge of the relief work. The commission
George S. Milner, President of the Stabilization Corporation, that grain
have an effective organization.
ful.y realize the gravity of the situation in which It held in country elevators In Montana and North and South Dakota
The public probably does not
consisting of perfectly would be withheld from sale RO it will be available Immediately for relief
the Yaingtse Valley. A valley 40 to 80 miles wide,
and 10.000.000 to 16.- purposes. Mr. Milnor's'image mentioned only live stock feed relief and
flat lands. 'a under water as a result of tho floods,
The present situation is the Governor said he would suggest that sufficient grain also be held to sup000,000 persons are understood to be destitute.
people are used ply seed for planting next •pring.
regarded as a major disaster even in this region where the
stage three feet higher
Mr. MeKel vie believes his proposal would require less than one-fifth of the
to great floods. The Yangtse River has reached a
200.000.000 bushels, explaining that the annual per capita consumption of
than the previous high record of 1877.
in this
little more than four bushels.
In referring on Aug. 19 to China's proposal, the New York wheat wintercountry is a
Last
at the suggestion of Mr McKelvie the Farm Board passed a
"Times" in a Washington dispatch said in part:
resolution authorizing the Stabilization Corporation to sell wheat for food to
probably would weigh States and local agents of the government on easy terms.
It was believed that the huge need of the Chinese
Hoover has
"This is as far as the Board could legally go." he said.
heavily In the Farm Board's decision, particularly as President
the extent of studying
"The wheat would be available only to persons who are unable to pay for
interested himself in the Chinese flood problem to
Pezpartment.
it or buy it on credit.
official reports received by the State
President might lend
"The important thing." Mr. McKelvie said. "is that no one should want
In official circles it was regarded as possible that the
wheat, variously for bread in this country. This is the easiest way for the government to
his support to some plan whereby part of tha Farm Board
but the exact co-operate."
estimatexi at between 200.000.000 and :100,000,000 bushels,
to China
He pointed out that wheat could be processed easily and cheaply in any
amount of which has never been officially divulged, might be sent
the Farm Boaed's part of the country and that it even could be eaten for a food Itself if necesintmediately. despite severe legal restrictions surrounding
sary.
credit sales.
"The Federal Government will be obliged to Join with cities, counties,
Incidentally it was observed by the "Times" in a Washing- states and agencies of voluntary relief in feeding millions of people this
ton dispatch, Aug. 14, that the frequently heard suggestion winter." he said.
"No one with access to plenty of wheat flour, milled wheat, whole wheat
that the Farm Board divest itself of some of its huge wheat or bread Is going to starve."
bushels,
holdings, estimated as in excess of 200,000,000
through the sale of 100,000,000 bushels to China was made
Nye
Bank of France to Discount Agricultural Paper.
again on that day, this time by Senator Nye. Senator
introduce a bill in the next Congress proFrom Paris Associated Press advices Aug. 17 it is learned
said that he would
viding for the sale of 100,000,000 bushels of wheat to the that Andre Tardieu, former Premier. now Minister of Agriculture, has brought about an accord whereby the Bank of
Chinese Government on a long-term credit basis.
France agrees to discount agricultural paper, offered by local
banks, on the same terms as industrial paper. It is added
Italy Increases Duty on Wheat.
according to Asso- that paper of co-operative societies previously was never
The Italian Government on Aug. 19,
French banks.
increased the duty on accepted as collateral by
ciated Press accounts from Rome,
the duty on flour to
wheat to 75 lire ($3.75) per quintal and
11.35 lire ($5.62) per quintal.
Replies to Federal Farm Board's Proposal That Cotton
Planters Destroy Third of Coming Crop—Governors
of Cotton Growing States Fail to Support Plan.
Reported as Considering Dispoai
Federal Farm Beard
Charity Organizations
Replies to the Federal Farm Board's proposal to plow
tion of Wheat Holdings to
under one-third of the growing cotton crop to reduce the
Chests.
or Community
the Federal supply and raise prices have been received from nine GoverWith respect to the problem confronting
of
of its huge holdings of wheat, we nors of cotton growing States and from the 'Secretary
Farm Board in disposing
t of the New York another, and are characterized generally by substitute proquote what the Washington corresponden
of Aug. 20:
posals with no unqualified acceptance yet received, it was
"Journal of Commerce" had to say under date
China and at the same time dispose stated orally Aug. 17 in behalf of the Board. The "United
Coincident with its move to aid
Farm Board appeared States Daily" of Aug. 18, in making this known added that
of some of the vast Government wheat holdings. the
enormous wheat stocks
to be ready to give up the task of disposing of its
at the Board:
indicated when Chairman the following information also was given orally
This was
on the open markets of the world.
serious consideration
Stone let it be known that the Board has been giving
for the past several
to various proposals to distribute the wheat to the needy
days.
May Urge Congress to Act.
of the Board
While it has been stated on several occasions by members
Agricultural Marthat the farm relief agency has no authority under the
the discussions
keting Act to give Its holdings away. Indications are that
to
among the Board members are leading up to a probable recommendation
the Board to
Congress that an amendment be made to the Act permitting
dispose of its holdings to charitable organizations.
The Governor of New Mexico whose reply was received Aug 17. said he
wished to call a conference of growers before deciding on the course he would
take. The Secretary to the Governor of South ('soilla, who replied in the
absence of the Governor, said he believed the er:overtior would wish to confer
with interested parties before making a decision
The Governor of Mississippi suggested a neelifieettion of the Farm Board's
tiered in the field instead of
plan so as to leave one-third of the crop
plowing it under. Carl Williams, member of the Board, has stated orally
that this proposal would not be effective sinee it would not remove this
cotton from the total supply, as would be the case if It were plowed under.
Am.22 1931]
FINANCIAL CHRONICLE
1223
California Crop Differs.
Thus the actual percentage of margin of security for the Board is
much
One State, California. asked to be excused from participation in the plan higher this year. With cotton at 10c.. the 10% margin last year
gave
to destroy one-third of the crop because its production is small, and largely the Board a margin of lc., but lc. on 60. cotton is a considerably higher
of a different variety from that of other States.
margin. It is also safer for the Board because 6c. cotton has less chance
Replies were received Aug. 17 from New Mexico, Arkansas and Okla- of dropping half of its value than 10c. cotton.
homa. Previous replies had come from South Carolina, Texas, California.
In the new loan policy on cotton the Board is tending to take a banking
Alabama, Georgia, Florida and Mississippi. Louisiana, North Carolina, attitude of protecting its loans. The history of Farm Board loans
on
Tennessee and Arizona have not yet replied.
cotton has been that of margins well wiped out by declining prices.
James C. Stone, Chairman of the Board, stated orally, at the time of
When the 1929 loans were impaired by failing prices the Board took over
presentation of the plan, that acceptance by at least 10 cotton States by the cotton and this became the first stabilization operation in
that comSept. 1 would be required to make the plan effective. In return for destruc- modity. Last year cotton fell in price below the level it is believed the
tion of one-third of the crop, the Board has promised that approximately Farm Board loaned on, and the Board agreed with the American Co3,000,000 bales of cotton held by the Cotton Stabilization Corporation and operative Cotton Association that it would not call the loan for three
cotton co-operatives would be withheld from the market until July 311932. years. or until July 1 1933. The co-operative is now holding that cotton.
The Board's loans are of a supplemental character or "second mortThe same paper in its Aug. 21 issue said:
gage" type, primary loans being obtained by the co-operatives from comThe Board has not abandoned its proposal that farmers plow under every mercial and intermediate credit
banks.
third row of cotton to reduce the surplus and raise prices. Mr.Stone said.
but it is making an analysis of hundreds of suggestions for solving the
problem, which have come in as a result of the proposal, in the hope that a Federal Compress & Warehouse Co. Reduces Carryover
better plan may be evolved from a combination of the suggestions.
Cotton Charges.
The Board's proposal was referred to in these columns
Aug. 15, page 1054. It was reported on Aug. 14 that five
Governors had rejected the proposal, viz. B. M. Miller of
Arizona, James Rolph, Jr. of California, Doyle E. Carlton
of Florida, Richard B. Russell, Jr. of Georgia and Ibra C.
Blackwood of South Carolina. On the same date (Aug. 14)
Associated Press dispatches from Houston, Tex., said:
Retroactive to Aug. 1, the Federal Compress & Warehouse
Co. has ordered a reduction of 100. per bale on carryover
cotton on storage in its warehouses, applying on cotton in
storage four months or longer that already has been stored
for that period. According to Memphis (Tenn.) advices to
the New York "Journal of Commerce", in which it was
further stated:
Governor Sterling twined a statement correcting an erroneous impression
It is estimated that the Federal concern handles about one-fifth of the
that he had endorsed the proposal for destroying a third of the cotton crop.
"I notice the impression has gotten out," said the statement. "that I American crop in its system of warehouses and compresses in the South.
Under the new tariff for the Memphis plants the 50c.charge for receiving.
favor plowing up one-third of this year's cotton crop. This is not the
case. However, I did wire Chairman Stone of the Farm Board that I sampling, tagging and weighing flat cotton with one month's storage is
unchanged except that a reduction of 25e. is allowed If the cotton is moved
would gladly co-operate with him in his efforts to aid the cotton farmers.
out within 10 days. Storage remains at 25c, per month for the first three
"Mr. Stone evidently construed my message to mean that I favored
his
specific plan. I think it would be just as reasonable to ask the Farm months and is thereafter reduced to 15c.
The receiving fee for cotton linters is reduced 5c. to 30c, and the
storage
Board to burn up a part of the cotton they are holding as it is to ask the
fee is cut 5c. to 15c, per month. The high density compression fee is
farmers to destroy part of their crop."
reduced from 43c. to 25c.
Two more rejections of its cotton-destruction plan were
'Milford Hester, General Manager, said the reductions would not *reset
filed on Aug. 17 with the Farm Board by Governor Harvey the company's dividend policy, the volume of business maintain ng the
revenue
scale
the
Parnell of Arkansas and Governor William H. Murray of 40c. per received underpaid former 1. of charges. The usual dividend of
share will be
Sept.
Oklahoma. Each submitted a counter proposal for dealing
with the Southern planters' low-price dilemma. Governor
Arthur Seligman of New Mexico also replied on Aug. 17
declining to commit his State pending a meeting of cotton
growers and farm leaders on Aug. 29.
Governor William H. Murray of Oklahoma, in a telegram
to James C. Stone, Federal Farm Board head, recommended
on Aug. 17 Government destruction of all immature cotton
placed on the market this year to improve prices and to
prevent waste.
Governor Long of Louisiana Calls Conference of Governors and Others in Cotton-Growing States to Act
on Crop Restriction.
As a, proposed solution of the cotton production problem,
Governor Huey P. Long of Louisiana announced on Aug. 16
that he was sending telegrams to all Governors, United States
Senators, Congressmen and Lieutenant
-Governors of the
cotton-growing States, asking them to meet at New Orleans
on Friday (Aug. 21) to lay plans for enacting State Legislation prohibiting "the raising of a single bale of cotton in all
Federal Farm Board Arranges with American Cotton cotton-growing States during the year 1932." The New
Orleans "Times-Dispatch" of Aug. 17, from which we quote
Co-operatives for Financing of Cotton—A
dvances
on Basis of One Cent a Pound Less than
Market the foregoing, also had the following to say:
The telegrams predicted a return of prosperity to the Routh within two
Price.
weeks if such action is taken immediately, and added: "The farmers will
A statement as follows was issued on Aug. 19 by the get more money for this year's crop alone than they will get for this and the
nut two cotton crops they raise."
Federal Farm Board:
Federal Farm Board announced to-day that It had completed
arrangements with the American Cotton Co-operative Association for
supplemental final financing on a basis of which the cotton co-operative
will
be able at present price levels to advance to their grower members,
for
deliveries of the 1931 crop, an amount equal to lc. per pound leas than
the market price at point of delivery.
The Board's announcement prompted the following in a
dispatch to the New York "Times" from Washington,
Aug. 19:
The decision represents a departure by the Board, which last year
granted loans on the basis of on% of the value of spot cotton and
In 1929
made a flat advance of 16e. a pound.
The advances in 1929 represented an effort to stabilize cotton prices
at the middling level of 20e. a pound. which obtained in that year.
Carl Williams, cotton member of the Board and its Vice-Chairman.
explained that the financing plan adopted for the 1931 crop
introduces
a new element of flexibility. Since the loans are based on cotton prices
themselves, he said, a rise in prices would automatically enable
growers
to get higher loans.
/dr. Williams predicted that considerably more cotton would be marketed this year than in 1930 because of depleted stocks of manufacturers.
He figured that between 13.000.000 and 14.000.000 bales may be sold.
compared with 11.100.000 bales In 1930. Ile said he expected
the cooperatives to market more than 3.000.000 bales. compared with
2.200.000
bales last Year.
Press ad vices, Aug. 20, from Washington to the New York
"Evening Post" said that the Farm Board's decision of that
date was reached after a long controversy in which the cooperatives asked the Board to grant sufficient funds so that
the growers could be compensated at the flat rate of $5 a
bale. The "Post" account also said:
Last year the co-operatives received some funds to advance to grower
members on optional pool cotton. The year no advance* will come
from the Board for the optional pool cotton. it was said by Carl Williams.
the cotton member. He expects the co-operatives affiliated with A.C.C.A
to handle around 3.000.000 bales this year. against something over 2.000.000
bales last Year.
The other point of difference is that an actual margin of lc, a pound
is required for the security of the Board at the time of delivery. instead
of a percentage of the value. The 1931 policy was to advance to
growers
up_te 90% on seasonal pool and SO% on optional pool cotton.
He advised those to whom he addressed the telegrams to "issue notice
to your farmers to gather their cotton and sell none of it until the
result of
meeting is accomplished, because we want the benefit to go to the
er.
farmer,"
Promises to Pass Law.
Governor Long gave assurance In the messages that Louisiana would
adopt a law prohibiting the planting of cotton in 1932 if other cotton-growing
States would Join in the movement.
The telegram follows:
"We can restore the prosperity of the South and materially the balance
of the world within less than two weeks' time if the Southern State; have
Governors and other officials who have the courage to act now and decisively.
-The only way that this can be done is to prohibit by laws at once the
raising of a single bale of cotton In all cotton-groaing States during tilt. year
1932. The farmers yet have their cotton and If action is immediately taken
tine they will get the benefit of the price that will result from this
move.
Will Increase Price.
"If such action be taken by all the States Immediately the farmers wil
get more money for this year's crop alone than they will get for this and the
next two cotton crops they raise. A condition of near bankruptcy to a large
Part of our population and industries call be avoided if the officials of
the
Southern States are wiling to act now.
"New Orleans is the official domicile of the American Cotton Co-operative
Association and leading port of the South and center of the cotton producing
and marketing area of the whous world. The business Is largely financed
through here.
"I am issuing this call to ask all the Governors. Lieutenant-Oovernors.
Congressmen and Senators of the cotton-growing states to meet here in
New Orleans on this Friday. the 21st of August. to organize for
immediate
steps to avoid cotton raising in America next year. Meeting at the Rowe
.
veil Hotel at 10 o'clock in the morning.
Huge Surplus Ahead.
"With this year's crop we will have a surplus to carry over of
15.000.000
bales for next year. Wall this condition we are going to have no market
at
all. If we will stop the cotton raising altogether we will afford a
market for
what we now have and next year we will still have all that the world
can use.
The Lord told us to lay off raising these crops one year out of every
seven to
let the people have t,me to consume them.
"Louisiana will pass this law if other States will join us. Wire
me at once
that you will attend.
"I think I an lawyer enough to tell you that the laws I have in
mind are
valid and sound and will do the work that will save your
State. Will you
not come here and let's get to work on something that actually
settles the
cotton trouble.
1224
FINANCIAL CHRONICLE
"Please issue notice to your farmers to gather their cotton and sell none
of it until the result of this meeting is accomplished, because we want the
benefit to go to the farmer. When that is accomplished all business prospers.
"HUEY P. LONG,
"Governor and U. S. Senator-elect."
The following (United Press) from New Orleans regarding
Governor Long's proposals is from the "Wall Street Journal"
of Aug. 20:
[VOL. 133.
Agencies of the Farm Board now hold 260,000,000 bushels of wheat
and 1300,000 bales of cotton. In addition loans have been made to cooperative associations which are withholding 2.000.000 more bales of
cotton from the market.
Although the Farm Board will admit no losses due to Its price-pegging
attempts, taking the rather strange view that since it has sold neither
commodity to any extent at the lows now prevalent, still the potential
loss is staggering.
On the basis of average prices at which the Board purchased the wheat
and cotton in an attempt to bolster a falling market, it is estimated that
It stands to lose $227,500.000 at prevailing prices.
This huge sum is more than half the appropriation of $500.000,000 given
to the Board by Congress to alleviate distressed farm conditions.
Of course, if the Board were to unload its holdings of cotton and wheat
now, world markets would be demoralized overnight and prices probably
would break through to levels unheard of in history.
The Board is chary of giving any information concerning its stabilization operations, but traders believe the wheat was purchased at an average price of $1.10 a bushel and cotton at 18c. a pound.
This would make a potential loss of 60c. a bushel on wheat—cash prices
now range around 50c.—and 11c. a pound on cotton, the nearer months
now being at 7c.
On the wheat, then, the Farm Board faces a potential loss of$156.000,000
and on its cotton, $71.500,000. Beside this, the co-operatives, financed
In part by the Farm Board, stand to lose $110,000,000 on the 2,000,000
bales they are withholding from the market.
an international
The United States Government will be asked to sponsor
will be presented
one-year holiday for the cotton fields of the world. Plan
delegation to be selected
to the Secretary of State at Washington by a
cotton holiday by
following expected adoption of the plan for an American
a conference here Friday.
revealed by Governor Huey P. Long
The international holiday plan was
produce no cotton in
of Louisiana, who suggested that American growers
supply, and thus increasing
1932 as a means of reducing the world's cotton
prices.
long-distance telephone
"I talked to Colonel Thomas L. Chadbourne by
and put through the
in New York last night. He it was who perfected
sugar-producing
recently adopted production proration plan among
countries.
find other nations willing to co-operate
"Chadbourne assured me we would
depression," the Governor
to save the world cotton market from its present
said.
a decrease in the
Sugar plan is in effect, and already has resulted in
Regarding the Farm Board's losses the "Wall Street
available world supply, and a small increase in price.
elated over response to his early appeal. He tele- Journal" of Aug. 18 had the following to say:
Governor Long was
and Congressmen
The Federal Farm Board's wheat and cotton stabilization operations
graphed Governors. Lieutenant-Governors. U.S. Senators
received replies from to date have resulted in net losses of about 40% of the total 3500.000,000
of the 14 cotton-growing States Sunday night, and had
were favorable, the Governor Congressional appropriation for farm relief under the provisions of the
every State. About 95% of the 1,000 replies
Agricultural Marketing Act. Wheat and cotton acquisitions by the
said.
get the proper Board, resulting from its market pegging between Oct. 21 1929 and May
"The meeting Friday is bound to be a success. If I can
Many 31 1931, totaled slightly more than 235,000.000 bushels of wheat and
-cant cotton within two weeks.
co-operation, we will have 15 to 20
in," he said.
about 1,300,000 bales of cotton. These were purchased for approxiwho were skeptical of the plan at first have now joined
of a cotton prohibition law has been solved. mately $321,900,000 and carrying charges of $42.050,000 since their
Question of constitutionality
fight on boll weevil, acquisition have brought the total cost to $363,950,000.
according to Governor Long. He said biblical law, the
Governors power to
The Board currently retains 1,300.000 bales of cotton and slightly
imposition tax and measures of conservation all gave
more than 200.000,000 bushels of wheat. These supplies, including the
enforce the ban on cotton.
$20,000,000 derived from the recent export sale of 35,000.000 bushels
At the meeting called yesterday by Governor Long, of wheat formerly held at Atlantic, Gulf and Pacific Coast warehouses,
Gubernatorial conferees included Governor Blackwood of currently are worth only $165,500,000, or a net loss of $198,450.000 from
South Carolina and Governor Parnell of Arkansas. A cost.
Additional lesser sums have been invested by the Board in the folnumber of Governors sent personal representatives, although lowing diversified list of commodities: Beans, coffee, dairy products,
advices fruits, vegetables, honey, livestock, nuts, potatoes, poultry and eggs,
some declined to participate said Associatde Press
rice, seeds, tobacco, wool and mohair. These investments also show
which further reported:
moderate but at this time incalculable losses.
to go "to whatever limit is necesGovernor Parnell said his State is ready
Effect of Advances Negligible.
out of this price crisis."
sary to pull ourselves
Texas, one of his State's
The Agricultural Marketing Act was adopted by both Houses and
J. E. McDonald, Commissioner of Agriculture of
95% of the Texas
signed by President Hoover on June 15 1929. The Farm Board, duly
representatives at the meeting, told cotton leaders that
favorjegislation regulating established by this
Planters who have given the situation thought,
Act, spent the summer of 1929 In preparing its or
ganization. Early in the fall of that year, the Board advanced funds
cotton acreage.
Agricultural
unanimous vote, the conference adopted a resolution by
to both wheat and cotton co-operatives at the then market prices. The
By
of a committee
effect marketwise was negligible.
Commissioner J. E. McDonald of Texas for the appointment
during the day on a plan
Further drastic measures were considered imperative, both cotton and
to meet and submit a report to the conference
acreage by law. Governor Long named the committee.
wheat slumping sympathetically with the stock market decline. On
to control cotton
Oct. 21 1929 with cotton at 16c. a pound. the Board swept into the futures
market and declared it would prop the price at that figure with unlimited
Disturbance in Cotton Price in Manchester, England, funds.
That Third
T Board remained in the cotton market until the end of the 1929-30
With Federal Farm Board's Suggestion
crop season, although it accumulated the bulk of its 1.300.000 bale holdof Crop Be Destroyed.
ings prim to Jan. 11930. Much of the cotton was purchased at 18 to 20c.
or $80
From Manchester (Eng.) Aug. 15 the New York "Evening a pound, although the majority of the supply was secured for 16c..cost of
a bale. Conservatively speaking, therefore. the Board's initial
Post" reported the following:
its cotton was roughly $104,000,000. Alexander A. Legge, former ChairthemDealers in the Manchester Cotton Market bad hardly adjusted
man of the Board, appearing before the Senate investigating committee
Washington's cotton crop
last January, placed the cost of the Government cotton purchases at
selves to the entirely fresh situation created by
the Federal Farm Board's suggestion to destroy part of the about $12.000,000 above this figure.
report when
were not disposed to take the
Normal carrying charges for a bale of cotton total about 60c. a month.
crop caused a new rise in price. As dealers
which upset promising With the
plan seriously, they resented the disturbance in price,
average cotton supply of tho Board having been held for about
at the lower level of quotations ob- 19 months. carrying charges have run up to more than $10 a bale, or a
negotiations that had been conducted
and Wednesday.
total of $13.000,000. Therefore, the total cost of the cotton was
taining on Tuesday
3117.000.000.
6.75e. a
Middling
Board pound, or uplands grade cotton currently is bringing about 1.300.000
Senator George Proposes That Federal Farm
roughly $35 a bale in the open markets The Board's
Cotton Who bale holding—representing an investment of $117.000.000—currently
Pay Farmers 12 Cents Pound for
would bring only $45,500,000, or a net loss of 371.500.000. This is the
Agree Not to Plant Next Year.
largest single loss the Board has incurred from its operations. Moreover,
successive
Senator Walter F. George, on Aug. 18, proposed in tele- the carrying charge for eachall of whichmonth the cotton is held is $780,000;
must in turn be added to the final
the yearly cost $9,360.000;
grams to the Federal Farm Board and President Hoover, loss.
cotton by the
Wheat Affair More Complex.
that farmers be paid 12e. a pound for their
The wheat stabilization operations were a more complex affair and
Board, half of it cash and half of it in October, 1932, proyear. must be classified under two distinct sections. On Oct. 26 1929, five
vided they fulfill promises not to plant cotton next
days after the cotton stabilization began. the Board came out with a stateVienna (Ga.) dispatch to the New York ment that "based on known world supply, present prices of wheat are
We quote from a
too low—chiefly due to disorderly marketing—the remedy lies in more
"Times" which went on to say:
plan for aiding cotton orderly marketing. In order to WSist the farmers to hold back their
Senator George asserted that Governor Long's
by the Legislatures of the crops" the Board stated It would lend money to co-operatives at the limits
planters would necessitate independent action
could be made national of $1.25 for No. 1 northern at Minneapolis. $1.18 at Chicago, and other
several cotton growing States while his suggestion
stated rates at different markets. On Oct. 25 1929 Chicago Dec. wheat
In scope.
provides for final payment had closed at $1.23
He emphasized the part of his proposal which
The Board continued to purchase wheat until the cost of June 1930. at
has no cotton crop at
in October of next year "if and only when the farmer
which time it had acquired approximately 70.000,000 bushels at an averthe close of the 1932 harvest."
age price of $1.18 a bushel, or an initial net cost of $82.600.000. Carrying
His telegram to the President said:
middling cotton and charges for wheat are normally 1 Yic. a month a bushel, or 18c. a Year.
Farm Board to pay 6c. cash basis for
"Have urged
actual planters who will
wheat stabilization
issue certificates in large amount due Oct. 1 1932. tocontrolled by them next Undoubtedly some of the wheat acquired in the first
agree not to plant or permit to be planted on lands The emergency is acute venture has run up charges of nearly 32c. a bushel. However, average
can be applied to wheat.
year. The same principle
earnestly urge a storage costs on this wheat probably are only about 25c.. or total storage
and widespread and unless the Board acts vigorously,
charges of 317.500.000. This makes the total cost of the 70.000.000
special session of Congress."
bushels about $100.100.000.
At present market prices of approximately 50c.. the wheat would be
total cost.
365.100.000
335.000.000, or
Losses of Federal Farm Board Figured as High as worth only each succeeding a net lOSEI ofthis wheat isfrom the in about
held cuts
Moreover,
month that
Due to Stabilization 3/050.000 on the net return, or about $12.600.000 ayear.
227 Million—Potential Loss
Operations in Wheat and Cotton.
The following is from the New York "Evening Post"
of Aug. 15:
The admission this week by Chairman Stone of the Federal Farm Board
that stabilization operations in wheat and cotton had failed, centered
prices.
attention to-day on the loss which the Board faces through declining
Ceased Operations for a Time.
From the end of June until Nov. 17 1930 the Board refrained from
futures operations. On the latter date, however. the Board came out
with a statement that it had resumed purchases of wheat in the American
markets in order to check panicky selling and "to prevent further unwarranted declines in domestic prices."
AUG. 22 1931.]
FINANCIAL CHRONICLE
Wheat was purchased on a sliding upward scale from 73c. to 85c. Between Nov. 17 1930 and May 31 1931 when the Board officially ceased to
support the market on the grounds that its operations had concluded
with the old crop, purchases to the extent of slightly more than 165,000,000
bushels were made, at an average price of approximately 82c. a bushel,
or a total initial cost of $135,300,000.
The reason for the purchase of 165,000,000 bushels over a period of
63i months, whereas in the first wheat stabilization operation over 83I
months only 70,000,000 bushels had to be purchased, was that the foresighted country mill and elevator men refused to be taken in a second time.
While the Board was taking wheat at 30 to 35c. over world parity and
it was clear that when the peg was withdrawn at the end of the season,
wheat would drop to world levels, all holders sold it as rapidly as possible
into the bag the Board was holding. Wheat supply held in interior and
commercial mills and farms, not including flour, which represents the
holdings of the trade, with the exception of the Farm Board supplies,
decreased to 100,322,000 bushels on June 30 1931 from 173,820,000 on
June 30 1930.
Carrying charges on the 165.000,000 bushels of wheat acquired in the
second wheat stabilization campaign (between November 1930 and May
1931) averaged about 7c. a bushel to date, or roughly $11,550,000. This
estimate is somewhat distorted by the fact that between Feb. 26 and
July 1 the Board sold 35,000,000 bushels of this wheat for export. However, the sale of 20,000,000 bushels in a single lot to a large exporting firm
was made on May 4, or around the average carrying time. The bulk of
the remaining 15,000.000 bushels was sold after that date.
While the price for the 20,000,000 bushels was said to be about 61c.,
many trade factors believed that the sale was made at substantially lower
prices. The remaining 15,000,000 bushels brought about 55c. a bushel,
or possibly less. The average price received for the entire lot sold was in
no case much over 57c., or a total of around $20,000,000.
1225
the Sun-Maid interests would get 8625,000 and the raisin
pool from $3,500,000 to $4,000,000.
Apple Co-operatives in Northeastern States.
The Federal Farm Board made public on Aug. 20 a report
on co-operative associations handling apples in the 12 Northeastern States
-Maine, New Hampshire, Vermont, Massachusetts, Maryland, Rhode Island, Connecticut, New York,
New Jersey, Pennsylvania, Delaware and West Virginia.
As to the results of the survey the Board says:
Thirty co-operative associations, with an aggregate membership of 1,921
growers in 12 Northeastern States marketed apples valued at $1,618,476
in 1929. These facts were revealed in a survey conducted jointly by the
Federal Farm Board, State agricultural colleges, experiment statiOns, extension services and departments of agriculture.
These organizations also marketed peaches, currants, grapes, cherries,
pears, strawberries and other farm products. In addition, they handled
supplies for farmers. The associations' total volume of business amounted
to $3,425,702.
Apples Represented 47% of Co-operatives' Business.
The apples marketed by the 30 associations constituted 47% of their
total business, other fruits and vegetables represented 26%, and supplies 27%.
The following table gives the amount of apples and other fruits and
vegetables marketed by the associations, as well as the volume of supplies
handled in 1929:
Total Net Loss $61,850.000.
Amount.
Amount.
ComtnodttyCommodity$2,076,500
11,618.476 Total fruits
es
Therefore, summing up the second wheat operation and including the Peaches
437.504
220,154 Other products
net return from export sales, the following result is shown: Initial cost Currants
81,962
$2,514 004
9 1: 98
6
of the 165,000,000 bushels was $135,300,000; carrying charges were Grapes
Total products
66,230
43,590 Supplies purchased
111,550,000. bringing the total costs up to $146,850,000. Against this, Cherries
42,752
the Board received $20,000,000 for its exported wheat and at current Pears
$3,425,702
3,336
Total business
Strawberries
market prices could get another $65,000,000 for its remaining 130,000,000
Regional Agencies Might Be Successfully Developed.
bushels, or a total return of $85,000,000. This would represent a total
net loss of $61,850,000.
Producers in each of the various Northeastern States sold co-operatively
The entire remaining 200.000 bushels of wheat are currently worth only in 1929 apples valued at the amounts given below:
$100,000,000. These supplies will cost the Government $3,000,000 a West Virginia
_ $41 0
50 401
:20
$628.288 New Hampshire
564,774 Maine
New York
month to carry, or $36,000,000 a year.
1,500
99,017 Connecticut
Following tabulation indicates the Board's approximate standing (000 New Jersey
92,795 Vermont
Pennsylvania
omitted):
82.034 Delaware
Maryland
Initial
Carrying
Total
58,647 Rhode Island
Current
1z,tl
Massachusetts
Cost.
Charges.
Cost.
Loss,
The total cash income received from'apples in these States was $46,040,000.
1,300,000 bales cotton___. 1104,000
613,000 1117,000
145.500
$71,500
70,000,000 bush els whea-82,600
17,500
100,100
35,000
65,100 The co-operative sales amounted to approximately 3.5% of this total cash
165,000,000 bushels wheat_
135,300
11,550
146.850
185,000
61,850 income.
In some cases associations handled apples produced outside the States in
Total
6321,900
$42.050 $363,950 $165,600 $198,450
x Net return of 620,000,000 for 35,000,000 bushels included in current value of which the organizations were located. Not all of the co-operatively marketed
165,000,000 bushels.
apples were handled by associations located within the States where the
fruit is grown.
The Board goes into the new crop season with no stated definite policy
Some of the co-operatives in the States surveyed are handling apples in
other than to sell no more than 60,000,000 bushels of wheat in the export
market during the next 12 months. This, however, "shall not apply to areas where regional agencies might be successfully developed.
The Board's previous releases dealing with this survey are listed below:
sales to foreign governments or their agencies now being considered."
Release No. 2-54, Preliminary Report on all Co-operatives in Northeastern
States, May 20 1931; Release No. 2-70, Dairy Co-operatives in Northeastern
Governor Miller of Alabama Urges Appointment of States, Aug. 6 1931; Release No. 2-72, Fruit Co-operatives in Northeastern
Southern Leader As Member of Federal Farm States, Aug. 13 1931.
Details of the survey made in each of the 12 States will be published by
Board.
the agricultural colleges.
According to Associated Press advices from Montgomery,
Governor Miller of Alabama on Aug. 15 telegraphed Arthur
Quarter-Million Repaid on Loans Made to Farmers by
M. Hyde, Secretary of Agriculture, asking his support in
Department of Agriculture.
the appointment of a "real Southern leader" as a member
Repayments of loans made to farmers by the Department
(lithe Federal Farm Board. The message read:
"Please urge President Hoover to name at once on Farm Board real of Agriculture up to Aug. 8 of this year were $224,607.12,
outstanding Southern leader, thoroughly familiar with cotton and our most of these payments having been made in the six weeks
economic situation, around whom we may rally and thus steady and
stabilize the distressing condition confronting our people. This is the preceding. The "United States Daily" of Aug. 17, further reonly method which will bring back to the Board any degree of confidence ports the Department as follows:
or support, or give leaders any chance to render real service in the midst
of confusion created by Farm Board's proposal to ask Southern farmers
to deliberately abandon one-third of their crop. This is the supreme
opportunity for the President to serve the Southern people.
Federal Farm Board to Advance Funds to Fruit
Industries, Ltd.
Under date of Aug. 16 the following announcement was
made public by the Federal Farm Board:
According to George L. Hoffman, in charge of the Farmers' Seed Loan
Office of the Department, this money represents voluntary payment of
notes as the Department has no collectors in the field and no pressure has
been exerted other than sending out statements of payments due or circular
letters giving general advice regarding conditions of repayment.
A few of the payments represent indebtedness incurred as far as 10 years
ago, but the bulk of the recent repayments is for loans under the $45,000,000 appropriation made by Congress last Winter.
President Hoover Calls upon W.S. Gifford of American
Telephone & Telegraph Co. to Mobilize Relief
Activities in Behalf of Unemployed.
Walter S. Gifford, President of the American Telephone
& Telegraph Company has been requested by President
Hoover to act in the mobilization of relief activities arising
out of unemployment during the coming winter. AnnounceA dispatch Aug. 15 from Washington to the New York ment of this was made as follows by President Hoover on
"Times" had the following to say in the matter:
Aug. 19:
The Federal Farm Board announced to-day (Aug. 15) that a commitment of funds sufficient to cover estimated needs for the year 1931-32 had
been made, under mutually satisfactory arrangements, to the Fruit Industries, Ltd., of San Francisco, Calif. This organization is one of the
co-operatives participating in the California grape industry program under
the Grape Control Board.
The Farm Board announced on Aug. 8 that it is extending financial
assistance to Sun-Maid Raisin Growers of California and the California
Raisin Pool in handling the 1931 raisin crop.
The amount of the loan has not been determined. It will depend on
the Sept. 1 report of the Department of Agriculture on the expected California grape crop, which has been greatly reduced by adverse weather.
An official of Fruit Industries, however, asserted that the loan would
range somewhere between $500,000 and $1.000,000, compared to the
11,255.000 received from the board for last year.
Fruit Industries, of which Mrs. Mabel Willebrandt is Counsel, is the
manufacturer of Vine-Glo, a concentrate which turns into wine when
placed in kegs at home and which received considerable Congressional
attention during the last session.
The New York "Journal of Commerce" reported in its
Washington advices Aug. 15 that last week the Federal
Farm Board granted Sun-Maid raisin growers and the
California raisin pool aid, estimated at $4,500,000, of which
I have appointed Walter S. Gifford to set up and direct such organization as may be desirable, with headquarters in Washington, to co-operate
with the public authorities and to mobilize the national, State and local
agencies of every kind which have charge of the activities arising out of
unemployment in various parts of the nation this winter. A survey of
need and probable extent of the load during the next winter by various
Federal agencies is now in progress.
The work directed so splendidly by Colonel Arthur Woods during the
past year will be continued under the direction of Mr. Fred C. Croxton, as
part of the new organization, including its work on employment problems.
Colonel Woods volunteered a year ago on the understanding that he must
return to his other responsibilities this Autumn. He will continue to give
assistance to the new organization.
Mr. Gifford is President of the American Telephone & Telegraph Co.,
president of the Charity Organization Society of New York and, during the
1226
FINANCIAL CHRONICLE
war, was Director of the United States Council of National Defense. I am
appointing a nation-wide advisory committee to assist Mr. Gifford.
The task of proper assistance to the deserving is one which will again
appeal to the generosity and humanity of our whole people. It is a task
which our nation will perform, for in no people is there developed a higher
sense of local responsibility and of responsibility of every man to his
neighbor.
President Hoover's letter to Mr. Gifford enlisting the latter's services follows:
The White House,
Washington, Aug. 17, 1931.
Mr. Walter S. Gifford,
American Telephone tz Telegraph Co.,
New York City.
Dear Mr. Gifford:—
It is clear that, irrespective of the improvement in employment, many
localities in the United States will be faced during the coming winter with
a heavy relief load due to unemployment.
In order that every preparation may be made to meet in an effective way
such needs as may arise, I am asking you to set up and direct such organization as may be desirable, with headquarters in Washington, to co-operate
with the public authorities and reinforce the national, State and local
agencies which will have responsibility for the relief activities arising out
of unemployment in various parts of the nation this winter.
I am asking you to do this because of my long acquaintance with work
you have done in similar fields, and it is my desire that you should use
your own judgment as to the type of organization you set up and its
methods of work.
This care of misfortune is our first duty to the nation. The whole force
of the administration is at your disposal. Based upon my experience of
some years in such problems I am sure we shall compass this task.
Yours faithfully,
HERBERT HOOVER.
In a statement made on Aug. 19 accepting President
Hoover's appointment to set up a Federal organization to
mobilize unemployment relief, Walter S. Gifford, it is
learned from the New York "Times," expressed the belief
that the nation would "wholeheartedly" meet the demands
upon it. The following is likewise from the "Times."
"Unemployment relief activities necessitated last winter by the unemployment situation were, on the whole,'adequate to prevent acute distress,"
Mr. Gifford said. "The experience of that period is available for making
plans for this corning winter.
"The real cure for unemployment obviously is employment; but it is
already clear that, regardless of improvement in conditions, there will be
need this winter for sustained and strengthened community and industrial
action in many parts of the country—in some sections the load will be
lighter, but in many parts it may be even greater.
"It is my belief that, whatever these burdens may prove to be, they will
be whole-heartedly met. I shall try to be of assistance to that end.
"With the invaluable leadership and experience of the President, I am
sure the nation will respond and succeed in its task."
[VoL. 133.
The greatest need by far at present and for the coming Winter is feed for
livestock. Relief organizations in stricken areas say they can take care
of all human relief if the Department can provide food for cattle, Mr. Hyde
declared.
There is some danger of a grasshopper problem later on in the Summer,
but as yet this condition is not serious.
The situation is not nearly so severe as last year's drouth in this section.
It is entirely local, and only some sections are badly hit.
The Secretary added that he attaches more importance at present to the
drouth problem than to the damage caused by the grasshoppers. The
grasshoppers next Summer, however, may prove a more effective blight unless vigorous measures are taken to exterminate them, he said.
Situation Serious.
"Conditions are spotted," Secretary Hyde said, "but where the drouth hit
the situation is serious. I feel confident that we will be able to meet the
relief needs of those districts which are the worst affected."
He pointed out that not all the counties in these States are affected, but
only certain regions in them. The situation differs from the drouth of
last year in that only certain zones are stricken this year, he said. Last
year, he added, the drouth was much more widespread, covering 21 States.
By extending loans to the farmers in the regions where crops are blighted,
the Government will aid them to carry their cattle through the winter, Mr.
Hyde said. The machinery for making the loans is already established as
the result of the Federal drouth relief program of last spring.
$600,000,000 in Work Promised to President Hoover—
P. S. Clapp of National Electric Light Association
Gives Assurances on the Industry's Program for
Construction.
President Hoover is said to have received on Aug. 18
informal assurances that public utilities will expend 8600,000,000 for new construction this year, in addition to such
other contributions the industry may make in relieving the
economic stress. The New York "Times" states that the
assurances were transmitted to the President by Paul S.
Clapp of New York, managing director of the National
Electric Light Association, who said that the public utilities
were nowiunning on a, stable basis, with earnings reduced by
less than 1% and with the production and sale of household electricity actually on the increase. The "Times"
further stated in its Washington ad-vices:
While specifically stating that he did not discuss "guaranteed employment" proposals with President Hoover, Mr. Clapp said that under present
circumstances there was no doubt In his mind that the electric light and
power companies could undertake an employment guarantee plan "with
safety."
Work on Employment Plan.
The public utilities have been counted upon from the start as the one
industry in which a guaranteed employment plan might be worked out,
and the National Electric Light Association, at its convention In Atlantic
City in June, named a committee to make the attempt.
Mr. Clapp said to-day that the committee had about reached the conHeaded Defense Council in War.
clusion that whatever Is done by the utilities must be done by the individual
companies on the basis of the local conditions with which each one has to
In selecting Mr. Gifford, President Hoover chose the man upon whose
shoulders fell the task in 1917 of turning the nation's industries into war deal.
He indicated that the committee expected to complete soon a survey of
units.
what the corporate members of the association could do. At present, he
At the request of President Wilson, Mr. Gifford made a survey of indussaid, the payrolls in companies actually supplying light and power were
trial preparedness before war was declared. Afterward, Newton D. Baker, running about
normal, and there was every indication that they would
Secretary of War in Wilson's Cabinet, named him head of the National continue to do so.
Defense Council, which mobilized the country's industries for war.
Mr. Clapp recalled that the General Electric Co., in its lamp manuMr. Gifford has played an active and leading part in unemployment relief facturing department, had guaranteed to its present payroll at least 60%
since the depression started, in the autumn of 1929.
of normal employment for a year. Statistics showed this department of
He was among the industrial leaders whom Mr. Hoover called to Wash- the company to be about stabilized, he said.
ington in December of that year. With such men as Alfred E. Smith,
Suggesting that the General Electric plan was a possibility with other
Felix Warburg, Cardinal Hayes and Owen D. Young, he served last spring companies, Mr. Clapp was of the opinion that with the fear of loss of
on the committee named by the President, at the request of John Barton jobs removed, employees could safely increase their expenditures and
Payne, chairman of the American Red Cross, to assist that organization in start money circulating anew.
raising funds for the relief of sufferers from the drouth.
He was an active worker last winter on the committee organized by
Seward Prosser for emergency relief in New York City. Mr. Prosser has Owen D. Young Reminds Graduating Class of St.
Lawrence University of Obligations As Citizens—
stated publicly that Mr. Gifford and Cornelius N. Bliss were the first to
recognize the need for relief measures and said that it was at their suggesAsks Their Knowledge As to Credit and Currency.
tion, made during the summer months, that the Presser committee was
In an address to the graduating class of the St. Lawrence
organized.
Besides being president of the Charity Organization Society, Mr. Gifford University Summer School, at Canton, N. Y., Owen D. Young
is chairman of the executive committee of the Welfare Council. He is an
put before them the question as to whether they had enlarged
overseer of Harvard University, from which he was graduated in 1904, and
their knowledge of obligations, and had increased their
is a trustee of Johns Hopkins University.
On Aug. 20 announcement was made by President Hoover capacity to perform them. He reminded the class that
that 60 of the Nation's leaders had been invited to aid Mr. "to-day we are faced in this country with a larger number
of vital problems than has ever been presented to one
Gifford in the mobilization of unemployment relief.
nation," and in asking how much they knew about credit
and currency, he said, in part:
Three Western States to Need Federal Aid, Says
America is now the great creditor nation of the world. It has something
Secretary of Agriculture Hyde—Montana, North more to do than merely to pay its debts. It is a trustee of 40% of the
and South Dakota to Receive Allotment from world's gold supply and has great reservoirs of credit. How shall it be
used for the benefit of our own people? How shall it be used so as to
Drouth Relief Appropriations.
create and maintain stability in the world's exchanges so that this
At least three States, Montana, North and South Dakota, interdependent economic life of the people of all nations may go en more
will require Federal aid as a result of drouth and grass- prosperously? .
That question is raised and is bound to be
it has been
hopper infestation, the Secretary of Agriculture, Arthur M. before, whether silver is to be established on discussed again, as
some fixed parity with gold as
Hyde, reported Aug. 18 to President Hoover following his a monetary metal. When that issue was before us last, it was 13rgely a
return from a personal survey of the stricken areas in the domestic question. Now, because of the relationship of America to the
world, it becomes an international one.
West. We quote from the "United States Daily" of Aug. 19,
Philip Young, a son of Mr. Young, was one of the members
which went on to say:
of the graduating class addressed by Mr. Young, whose adTo Determine Relief.
as given In the New York "Times," follows:
A balance of approximately $15,000,000 is now available from ap- dress,
propriations made at the last session of Congress for drouth loans, and
legal advisors of the Department of Agriculture are now at work determining
just how much of this fund may be used, he said.
Ladies and Gentlemen of the Graduating Class:
It is my privilege to-day, in the absence of Dr. Sykes, to confer upon
you the degrees to which you are severally entitled. 1 congratulate you
AUG. 22 1931.]
FINANCIAL CHRONICLE
1227
makes it more difficult for them to move, and one day they wake up to
on your accomplishment. It means that the college has examined you and
found you worthy. Now you are going into the world to be examined by it. the realization that there is nothing ahead for them in the line into which
they have drifted, and they are then too old to be accepted in another.
Some of you have taken a partial examination there already.
This, as I have said, is one of the greatest tragedies of modern life. Be
In college you may have had good luck or bad luck in your examinations.
Sometiines the questions hit upon the field exactly in which you were best careful not to misplace yourselves. Be on the guard always against letting
prepared. Sometimes your mind was working at its best. At other times yourself drift into occupations for which you are not fitted. You must
you were less fortunate. The examinations with an ingenious deviltry discover your own aptitude—you must pilot your own ship.
If you fail to plot your course, or, knowing it, carelessly take your hand
seemed to hit upon the things you did not know.
In some degree the examinations which the world will make of you off the wheel, ycu will merely drift at the peril of the waves, and one day
will be the same. Sometimes opportunities will come to you to display you will be wrecked and cast ashore. Do not neglect this discovery of your
great strength and find you qualified to do it Sometimes the world will aptitudes, and, finding it, do not fail to meet the sacrifices which may be
call upon you with confidence, and you will disappoint both it and your- necessary in the beginning to enable you to put it to effective use.
selves.
No ll'ay Out by "Lucky Chance."
The only difference between your college examination and the world's
Perhaps the college has not helped you with these first three items. If
examination is that the world subjects you to a continuing examination
you must
and the dates set for it are not determined in advance. It comes at most it has not, it is partly its failure and partly yours. If it has not,
two
unexpected times and in unlooked-for situations. Frequently you do not repair that deficiency now, now before it is too late. The remaining
even know that the examination is going on, and yet it may be a very questions lie strictly in the field of your accepted college work.
Have you learned enough of the machinery and history of organized
critical moment in your career.
has been
The very continuity of examination guards against error in results. You society to enable you effectively to apply your gift, assuming it
enough
have an opportunity to correct your bad examinations and you take the risk discovered? If it lies in the field of sciences, have you learned
you to go
of impairing the good ones. By and large, it is fair to say that the world's' about the fundamentals of mathematics and physics to enable
judgment will be correct. You will not get by permanently with lucky on effectively in the pursuit of the target which you have set? Examine
yourselves carefully, and if you have not, then repair the weakness and
questions. You will not fail with a few unlucky ones.
do it now.
Propounds Self-Test Questions.
Remember there is no lucky chance in this self-examination of yours.
May I suggest this morning that you subject yourself to another examina- What you do not know and what you ought to know must insistently stand
tion. It is the most vital and important one of all. It must he more out to plague you, plague you with red marks, impair your confidence,
searching than any other. Your answers must be more full and frank. threaten you with defeat until you have overcome it. Be prompt to recognize
The results of this examination must be taken more seriously. In a word, the areas of your ignorance and be quick to make your examination in them
I suggest that you examine yourself. Perhaps you can afford to fool others satisfactory to yourselves.
about yourself, but you cannot afford to fool yourself about yourself.
Eases of Clear Understanding.
The purpose of the examination is to discover your own strength and
And now on this matter of communication—the last of the questions
weakness. Perhaps I can help you in this self-examination. Will each
to you—the least important in the order of statement,
of you put to yourself five questions, and, having discovered your strength which I have put
difficult for you to succeed, even though
and weakness, will you then go on with the great business of developing and yet without which it will be
yourselves? Truly, this is the commencement and not the end of your you have all the other four.
At best, one can communicate to others only a very small percentage
educational career. These are the questions:
feels. Language is inadequate. All iang,uages
1. Have you enlarged your knowledge of obligations and increased your of what he thinks or sees or
are inadequate, no matter how many of them you may know or how skillful
capacity to perform them?
them. Perhaps only 1% or 2%—certainly I should
2. Have you developed your intuitions and made more sensitive your you may be in using
think not more than 5%—of what one thinks or sees or feels can be transemotions?
lated by language to another.
3. Have you discovered your mental aptitude?
As one enlarges his capacity to make himself understood, as one ei.larges
4. Have you learned enough about the machinery of society and its
the ability of others to understand him, he opens up to that extent his
history to enable you to apply your gifts effectively?
opportunity for usefulness. Certainly in our modern society, where it is
5. Have you acquired adequate skill in communication with others?
even in the simplest matters to co-operate V.ith each
Satisfactory results from this self-examination are essential to your necessary for men
first of all to understand each other.
success. You cannot fail on any item. However, if one be more important other, it is necessary for them
Language is the principal conveyer of understanding, and so we must
than another, I think they are stated in the order of their importance.
discriminately. I have discovered after a
Perhaps if I expand the questions they may be more searching in their learn to use it, not crudely but
long experience that misunderstandings arise between men largely because
Inquiry and the answers may be more satisfying to yourselves.
of the failure of adequate expression.
Usefulness of Mental Machinery.
Be careful to see that your language is clear. Words must be accurately
question means failure altogether. If you have not used. Sentences must be short—then add style if you can. It is only half
Failure on the first
developed your understanding and sense of obligation, and your capacity enough to have the transmitter work clearly and accurately. The other
to perform, then your intuitions, no matter how sensitive, your aptitudes, half lies with the receiver, and style, if it be compelling enough, is the
no matter how marked, your knowledge of institutions, no matter how sure way to make the receiver function well.
thorough, your language, no matter how adequate, will not save you
Failure to Give Sense of Obligation.
from failure. You may appear for a time to succeed with only the last four,
And now I come back to the first question. Have you enlarged your
but in the end you will fail without the first. On the first question I shall
knowledge of obligations and your capacity to perform them?
speak last.
I have grave doubts whether the college has helped you as much as it
You may be surprised that the development of intuitions is put second
be assumed that somehow
Oil the list. I mean by it that whole area of subconscious or superconscious should on this important question. It seems to
themselves. Perhaps it is
activity which underlies or overlies our ordinary mental machinery. Its young people will discover their obligations for
assumed that the whole college course is directed to this end without being
usefulness depends upon its exercise.
that the Church will do it. Perhaps
A college course tends to exalt the mere operations of the conscious specific about it. Perhaps it is assumed
by experience.
mind, and so, in some degree, to discourage the use of one's intuitions. Has it is thought wiser to leave it to discovery
Whatever the explanation may be, I am satisfied that the colleges are
that been the result with you? If it has, I would endeavor to develop those
adequately in this important field. Young men and
thousand and one antennae which unconsciously absorb, especially in your not performing well or
conception of their obligations
contacts with other human beings, impressions of which the mind either women go to college without any very clear
or of the importance of their performance.
cannot take account or comprehends all too slowly.
There should be a whole course on this in every college—not a course of
Sensitiveness outside of the field of the mental operation is a magnificent
but of researches in specific fields.
substratum, especially when joined with character, on which to build the sermons made up of age-old platitudes,
For example, what are the obligations of a citizen in our modern democstructure of a developed mind. So I put this area of what I call intuitions,
being faced with more and more
perhaps flat properly so, as second in importance in your list. You will racy? Our governments are constantly
representatives have to act upon them.
find this examination difficult. You will find your deficiencies hard to complicated questions. Our political
on them. What part must you undertake
repair, but exercise, constant exercise, of your faculties in this subconscious Public opinion has to function
In understanding your obligations and fulfilling them?
field will yield you much.
Problems for Citizenship to Solve.
Emotional Response to Science.
To-day we are faced in this country with a larger number of vital
Then, too, I class the cultivation of the emotions with intuitions. They
to one nation. We have serious
work together. Have your emotions been deadened by too much mathe- problems than has ever been presented
foreign ones. Many of them must
matics and science? Have scientific methods in history and elsewhere domestic problems. We have important
soon.
be answered and answered
impaired them?
You must help. Are you prepared? Have these problems been segreThe discovery of insulin only a decade ago is a historical scientific fact,
gated in your mind and studied, even the most important of them? Do you
but it is more. Are one million people alive to-day useful to themselves
can perform reasonably well your obligations as a
and to society, loved by their associates and friends, as a result of that feel confident that you
citizen in answering them? If your college has not helped you with that
discovery? Will fifteen million people soon owe their lives to it?
yourself.
If wars which destroy millions may be glorified by our emotions, perhaps research you must help
Suppose we be more specific. America is now the great creditor nation
we may think of insulin, which saves, as more than a mere cold scientific
has something more to do than merely to pay its debts.
fact. Examine yourself on your emotional approaches. It will throw your of the world. It
It is a trustee of 40% of the world's gold supply and has great reservoirs
knowledge into better human perspective.
it be used for the benefit of our own people? How
I fear that the college has not paid much attention to these first two of credit. How shall
create and maintain stability in the world's
questions. I doubt if it has examined you in them, and yet they are of shall it be used so as to
exchanges so that this interdependent economic life of the people of all
supreme importance to you.
more prosperously?
"In the third question you will note that I put the emphasis on discovery. nations may go on
How much do you know about credit and currency? What will you
Have you discovered your mental aptitude? Have you been engaged in
citizen on a problem of this kind?
that most important job of research, more important to you than all the do as an educated
World Demands on Public Opinion.
research of the world--the discovery of what you really want to do and
what you are best fitted to do?
That question is raised and is bound to be discussed again, as it has been
Here again you must be objective in your examination. The fashion of before, whether silver is to be established on some fixed parity with gold
the time, the acquisition of wealth, the glamour of superficial success, as a monetary metal. When that issue was before us last, it was largely a
all stand as temptations for you to try to do something that you are not domestic question. Now, because of the relationship of America to the
fitted to do.
world, it becomes an international one.
"Tragedy of Misplacement."
Your political representatives may be called upon to act. Public opinion
The misplacement of human beings is one of the greatest tragedies. may be required to function. In a democracy you must act. You have
out quite aimlessly. They either drift from that obligation. How will you perform it?
Young people frequently start
,
one place to another, or, having taken a place unsuited to them, )ave not
Then again, shall we have a managed currency not based on the supply
Initiative or courage enough to lift themselves out of it.
of one commodity like gold, but expanding and contracting by the exercise
The years go by and in the minor jobs they do the work well enough of human judgment so as to maintain something like a stable price level on
perhaps to get some progressive increase in earning power. Each year all commodities? That question is being discussed in many countries and
1228
FINANCIAL CHRONICLE
[VOL. 133.
will be talked about more. Political representatives may be called upon to Dispute Over
Service Charge in Nebraska May Result
act. What is your obligation? How will you perform It? So much as an
in Creation of Bank to Handle State Deposits.
illustration of some obligations, remote perhaps, but nevertheless important
to citizenship.
It may become necessary for Nebraska to establish its own
Keeping Faith of Men and Nations.
bank, in the opinion of Gov. Charles W. Bryan, unless some
Now what about the sanctity of obligations and the importance of their
punctual performance? That lies back of our whole system of credit and satisfactory arrangement can be reached with the banks of
currency. Gold is only a partial cover, perhaps less than 10%, of the the State with respect to the payment by the State of a
outstanding currencies and credits.
service charge on its deposit accounts with the banks. StatWhat is back of the other 90%? Economists may tell us that it is
ing this, Lincoln, Neb., advices Aug. 15 to the "United
commodities in process or in movement. I tell you that it is promises of
men. Promises which must be sacred, and promises which must be States Daily," added:
punctually performed if credits and currencies are to be good.
Any concerted action by the banks to require the State to pay them a
Let use advise you. Any obligation which you make—perform It. If definite service charge for keeping State funds, a charge to be fixed by the
it be for money—pay it. If you cannot pay it—renew it, but never neglect banks rather than by the State Treasurer, would be construed as a conit and never default on it. Your credit, not for money alone, but for good spiracy, the Governor stated orally, and might make It necessary for the
faith, depends upon it. The credit of the nation, the value of our currency, State to invest its funds in Government bonds or to establish its own bank.
"It is reported that certain banks have not consented to accept State
the conduct of business, our very living, depend upon the sanctity of
deposits for one-half of 1%," said Gov. Bryan,"I think action of the banks
public and private obligations.
Let us speak of public obligations for a moment. Political parties which are disinclined to accept this offer is very unwise from a bankers'standthroughout the world have a snore or less prevalent habit of treating lightly point. I think the State Treasurer would be justified and it would be his
the obligations which may have been entered into by their government. duty to invest as much of public funds as business prudence will justify In
That exists to some degree in all countries. It ranges all the way from polite Government bonds should the bankers attemptfthrough concerted action,
which would only be construed as a conspiracy to require the State to pay
questioning to threats of repudiation.
Whether a person or a country should undertake obligations is debatable. them an amount to be fixed by the bankers rather than by the State TreasWhether they should perform them, once undertaken, is not. If they are urer.
Policy Independent.
impossible of performance, they should be revised, but they should never
"It is necessary for the State to have at least $500,000 in a checking
be defaulted.
account to clear its daily checks. Bankers should know that the State of
Democracy Depending on Loyalty.
Nebraska cannot permit banks to dictate the public policy of the State.
Perhaps I have said enough to indicate to you what I mean by an under- Should bankers
attempt such an unwise and unpatriotic course the State
standing of obligations and your ability to perform. Please remember would expect to protect itself and to
make provision for a State depository
that loyalty to them is the basic obligation of all citizens in a civilized that could not be dictated to by private banking interests.
During the
society.
regular session of the Legislature I suggested banking legislation with three
I commend to you an examination of what your obligations are in this alternate plans, one plan providing for the establishing of a State bank
modern world and a continuing study of how you intend to perform them. which would accept deposits and safeguard the people's money.
Democracies will fail unless you do. The political liberty of the individual
"It is possible and may become necessary to establish a State bank to
will be diminished from necessity unless you do. Dictators will arise to enable the State government, especially the State Treasurer, to have a
perform your responsibilities, and, having performed them, they will banking institution through which the State could pay current expenses
of the State and pay them without let or hindrance of private corporations.
take their full toll from your liberties.
Ladies and gentlemen, make no mistake about this examination of yours. I don't feel it will be necessary to resort to this as I believe the bankers do
It is difficult, I know, far more difficult than you have ever faced. You not want to assume the responsibility of making such course necesssary. No
may shirk giving it to yourself. The world will not shirk giving it to you. State can be dictated to in the orderly conduct of its business."
So I suggest that you be prepared, and I hope as a result of your efforts,
the great university of life will confer upon you ultimately a satisfactory
Bank Acceptances—Change in Practice in Bill Market
degree.
Seen—Bankers Hold Acceptance Documents
Should Be Examined.
Members Petition New York Stock Exchange to Extend
Changes in the practice both of Federal Reserve officials
for Year Date on Which Membership Rights Expire.
An announcement as follows was issued Aug. 18 by the and of the discount houses in purchasing bankers' acceptCommittee on Publicity of the New York Stock Exchange: ances (it was stated in the New York "Journal of Commerce"
A petition is being circulated among the members of the New York of Aug. 18) are now desired by leading commercial bankers,
Stock Exchange asking the Governing Committee to extend for one year, who declare that adequate investigation should
be given to
to Feb. 7 1933, the date upon which membership rights will expire. These
rights, which were authorized by a vote of the membership of the Exchange the commercial transactions upon which the bills are based.
on Feb. 7 1929, gave to each member an additional one-quarter of a mem- In order to effect this change and to curtail the creation of
bership, to be disposed of within three years. Up to date, all but 88 rights,
finance bills a ruling by the Federal Reserve Board may be
representing 22 new memberships, have been sold.
sought, it was said, according to the paper quoted, from
New York Curb Exchange Suspends Dealings of May which the following is also taken:
The acceptances suspected of representing no more than finance bills are
Radio & Television Corporation.
largely those drawn by German banks on American banks, it was said. In
The following is from the New York "Evening Post" of their negotiations with the Reichsbank regarding plans for the continuation
of present credit facilities to Germany, New York bankers held that only
Aug. 20:
The Committee on Listing of the New York Curb Exchange announced
late to-day that it had suspended dealings in the stock of May Radio &
Television Corporation until further notice. No reason was given for
this action.
Pool activities in the stock during the last month resulted in an advance
of 12 points. The shares rose from 8% to 20% and have held close to their
best levels.
In its issue of last night (Aug. 21) the New York "Sun"
said:
Efforts to learn the reason why the Curb Exchange yesterday suspended
trading in May Radio & Television Corporation were unavallaing again
to-day. Curb Exchange authorities refusing to discuss their action. The
specialist in the stock also had no information to give and the company
Itself in a statement issued following the suspension also declared that
"Curb Exchange officials have not as yet given us any reason for this
action."
The statement of the company,issued by D. W. May,its President, said
that application would be made for a hearing to lift the suspension, that the
company was doing the largest volume of business in its history, was in
strong financial position and that the action of the Curb did not reflect
upon the company's standing. Mr. May's statement said, in part:
"Curb Exchange officials have not as yet given us any reason for this
action, although we have been informed unofficially that this suspension was
not based upon the company's financial standing and does not reflect
thereon in any way but that they have taken this temporary action,so far as
we can ascertain, because they do not approve of the methods used by some
brokerage houses who were dealing in the stock of this corporation. With
these brokers." continued Mr. May,"we had no contracts or relations."
Chicago Curb Exchange Stops Dealings in
Commonwealth Petroleum,
The New York "World-Telegram" of Aug. 21 is authority
for the following:
Developments to-day in connection with tho reported merger of Sinclair
Consolidated Oil, Prairie Oil & Gas, Prairie Pipe Line and other companies
Included temporary suspension of trading in the new common stock of the
Commonwealth Petroleum Corp. on the Chicago Curb Exchange.
The suspension order was accompanied by a statement which declared
the action was taken in view of the fact that officers of the companies parties
to the proposed consolidation felt that dealings in the stock at this time
would interfere with the orderly consummation of the merger. The stock
was admitted to trading on a when issued basis yesterday.
such drafts could be accepted as met the requirements of the Federal Reserve
Act. A ruling by the Federal Reserve Board that proper documents of title
must accompany the draft sent to New York for acceptance, it was pointed
out, would facilitate negotiations with Germany, since there would no
longer be any choice for the accepting banks.
Compensation Held Insufficient.
Bankers pointed out, furthermore, that in accepting finance bills the
banks were not receiving sufficient compensation. Bills drawn against
commodities in storage or in the process of shipment deserved a preferential
rate of interest in view of their self-liquidating character. Finance bills,
on the other hand, ought to carry the same rate as an unsecured note or an
overdraft, it was held.
Whether the Federal Reserve Act is being strictly observed in the purchase by the Reserve banks of bills bearing as evidence of commercial transactions only the word of the drawer is a subject of controversy, it was
declared. The Act empowers the Reserve Bank to buy and discount acceptances based upon the storage and shipment of goods but does not specifically
state that documents must be examined. An interpretation of the Act by
the Reserve Board, it was held, would be desirable.
Whether or not the practices of the Reserve officials become more rigorous, it was said, the habits of the discount market are being changed. Only
In rare cases would drafts be accepted in the future which were not accompanied by documents, it was held. Negotiations with Germany for renewal
of credits are based upon the view that evidence of commercial transactions
must accompany bills sent here for acceptance, it was said.
The New York "Times," in its issue of Aug. 18, in discussing the matter, had the following to say:
As a result of practices that have been uncovered by the recent study
of German short-term indebtedness to this market, the Federal Reserve
Board is expected to draw up new and more stringent regulations governing
the acceptance of foreign bills. The new ruling, it is expected, will require
American bankers to obtain absolute proof that the bills that they accept
are for the purpose of financing bona fide commercial transactions before
they arrange to open acceptance credits for correspondents abroad.
It probably will be required, it is said, that in every case documentary
evidence of the transaction financed shall be attached to the bills. In
the past American institutions have contented themselves frequently with
the word of their foreign correspondents. Bankers will also be expected
to assure themselves that the credits asked for are warranted in amount
and maturity by the nature of the underlying transactions.
These regulations, it is hoped, will lay at rest the frequent charges that
have been made by certain economists that.a large part of the acceptance
AUG. 22 1931.1
FINANCIAL CHRONICLE
credits extended by American banks to Germany consisted of finance bills.
Actually, bankers here say, these charges have been proved to be much
exaggerated, but a sufficient looseness in the drawing of bills has been
uncovered to warrant adoption of corrective measures.
Banking authorities here say it is very difficult to distinguish between
prime bills, backed by genuine commercial transactions, and others which
do not have the backing of proper underlying business deals. The view
that has been taken by some bankers is that it makes little difference so
long as the total volume of acceptance credits extended to Germany is
justified by the total volume of commercial transactions being done by that
country. This viewpoint is challenged, however, by other bankers, who
remark that it makes a great deal of difference to the holders of the bills.
Acceptance credits, these bankers point out, are meant to be selfliquidating by virtue of the completion of the underlying business transactions. They may be good loans without this backing, but they are not
what they purport to be—prime commercial bills. The problem involved
affects the London market much more acutely than New York, bankers say,
and a large part of the German bills held by banks there is probably finance
paper, since the London discount market is not governed by the same
regulations as the dollar acceptance market.
Directors of NewlYork Federal Reserve Bank and
Local Bankers Meet on Wiggin Report on German Credits—Washington Officials Also Attend
Session.
1229
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on Aug. 24 1931.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25 1980,
and this notice as issued by the Secretary of the Treasury, prescribe the
terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve bank
or branch thereof.
It was announced on Aug. 20 by Assistant Secretary
Ballantine that bids totaling $224,974,000 were opened at
the Federal Reserve Banks for the new $60,000,000 issue of
Treasury bills. Tenders totaling $60,000,000 were accepted
on a bank discount basis at an average price of 99.852, which
will yield the purchasers the equivalent of an annual interest
rate of 0.59%. The highest bid made was 99.877, equivalent to an interest rate of about 0.49% on an annual basis.
The lowest bid accepted was 99.844, equivalent to about
0.62% on an annual basis. Only part of the amount bid
for at the latter price was accepted.
In the New York "Journal of Commerce" of Aug. 21
it was stated that bankers were in conference all day on
Aug. 20 working out the details of the agreements for
maintaining present credit facilities to Germany as recomPreliminary Notice of New Treasury Offering.
mended by the Wiggin Committee, which has just comA circular was issued yesterday (Aug. 21) by the Federal
pleted its labors in Basle. The paper quoted also said
Reserve Bank of New York indicating a forthcoming Treasin part:
It was also'reported that the regular weekly meeting of the directors ury issue.
of the Federal Reserve Bank of New York was attended by representatives of the Treasury and by members of the Reserve Board. It was
believed in Wall Street quarters that at this meeting the banking and
Government authorities discussed not only the question of renewing Germany's short-term credits but also the general problem of intergovernmental debts and their effect upon business throughout the world.
In Touch With Reserve.
The committee of commercial bankers working out the plans for continuing credits to Germany was reported to have been in communication with
the directors of the Reserve Dank simultaneously holding their regular
Thursday meeting.
According to the statements of informed commercial bankers the agreements, as recommended by the Wiggin Committee, for the continuation of German credits, have not yet been cabled to New York from Basle
in their final form. These agreements will be in the form of
contracts
ready for signatures and seal, it was stated.
It was noted that the general report to the public issued by
the Wiggin
Committee recommended a plan for the continuation of German credits
"subject to an arrangement being made with regard to existing central
bank credits."
New Offering of 91
-Day Treasury Bills to Amount of
$60,000,000 or Thereabouts—Bids Received Totaled
$224,974,000.
A new issue of 91-day Treasury bills, to the amount of
$60,000,000, or thereabouts, was announced by the Treasury
Department on Aug. 16. Tenders for the bills, Which are
sold on a discount basis to the highest bidder, were received
at the Federal Reserve Banks up to 2 p. in., Eastern Standard time, on Thursday, Aug. 20. The bills will be dated
Aug. 24 1931, and the face amount will be payable, without
Interest, on the maturity date, Nov. 23. The bills will be
Issued in bearer form only, and in amounts or denominations of $1,000, $10,000 and $100,000 (maturity value).
Announcement of the new issue was made as follows by
Acting Secretary of the Treasury A. A. Ballantine:
President Clark of Helvetia Coal Co. Denies Charges
of Evictions at His Mines—Telegram to Governor
Pinchot of Pennsylvania Charges United Mine
Workers of America and Not His Company With
Inhuman and Barbarous Conduct.
In a recent telegram to Governor Pinchot of Pennsylvania, B. M. Clark, President of the Helvetia Coal Co.
denies the charges that the company intended to evict 67
miners from their homes because they became members
of the United Mine Workers of America. He further
denies the lack of decency and humanity with which Governor Pinchot charges his company. On the contrary, because of the intimidations and acts of violence of the members of the United Mine Workers of America who marched
on his company's mines, he charges the officials of the
latter organization with inhuman and barbarous acts.
He states that employees of his companies were forced into
idleness and that the production of his mines in the Numine
field was cut from 5,000 tons to less than 500 tons per day,
thereby depriving employees of the opportunity of earning
an honest living at a fair wage, in direct violation of their
constitutional rights. He further denies that there has
been any reduction of wages at any of his mines.
The communications between Governor Pinchot and
President Clark of the Helvetia Coal Co. follow:
Milford, Pa., July 31 1931.
B. M.Clark, Helvetia Coal Co., Indiana, Pa.:
I am informed you propose to evict 67 miners because they have become members of the United Mine Workers of America and have demended a check weighman. These men have planted gardens about their
houses and gardens are beginning to yield some return for the labor expended. The proposed evictions will not only deprive them of their
homes but will deprive them also of the food they have raised for their
families. Under the circumstances your proposed evictions are barbarous and will be condemned by decent people everywhere. I beg you
to use ordinary humanity in dealing with these families. If you evict
them yourraction will inevitably add bitterness and strife to a situation
,
already tense. I ask:50u in the name of common decency to let these
families remain.
GIFFORD PINCHOT.
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $60,000,000, or thereabouts. They will
be 91-day bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve banks, or the
branches
thereof, up to 2 o'clock p. in., Eastern Standard time, on Thursday,
Aug. 20 1931. Tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be dated Aug. 24 1931, and will mature on
Indiana, Pa., Juk 31 1931.
Nov. 23 1931, and on the maturity date the face amount will be payable Hon. Oifford:Pinchot, Milford, Pa.:
without interest. They will be issued in bearer form only, and in amounts
Your telegram July 31 regarding proposed evictions of miners. You
or denominations of $1,000, $10,000 and $100,000 (maturity value).
have been grossly misinformed. I should think that common decency
It is urged that tenders be made on the printed fames and forwarded in on your part would require you to at least make inquiry as to the
truth
the special envelopes which will be supplied by the Federal Reserve banks of these charges from some reliable source other than your informants
or branches upon application therefor.
before charging me and our companies with the lack of that virtue and
No tenders for an amount less than $1,000 will be considered. Each with barbarity and inhumanity. You could have easily ascertained
tender must be in multiples of $1,000. The price offered must be expressed the truth if you desired to do so. The facts are as follows: Our mines
on the basis of 100, with not more than three decimal places, e. g., 99.125. have been operated since 1925 without any contractual relations whatFractions must not be used.
ever with the United Mine Workers of America. Our companies during
Tenders will be accepted without cash deposit from incorporated banks this period have paid a wage as high as any paid in this district and are
companies and from responsible and recognized dealers in invest- now paying a substantially higher wage than the United Mine Workers
and trust
ment securities. Tenders from others must be accompanied by a deposit of America have contracted for in the Pittsburgh and West Virginia fields.
Of 10% of the face amount of Treasury bills applied for, unless the tenders For example, our loading rate is 540. per net ton and our base day rate is
are accompanied by an express guaranty of payment by an incorporated $5. The United Mine Workers have recently signed a contract with
the Pittsburgh Terminal Coal Co., a copy of which I have before me.
bank or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 20 1931 which provides for a 45c. per ton loading rate and a $4.25 to $4.50 day rate.
all tenders received at the Federal Reserve banks or branches thereof up I am reliably informed that in West Virginia the Union has signed conto the closing hour will be opened and public announcement of the acceptable tracts at 30c. per ton for loading and a $3.20 day rate. Notwithstanding
prices will follow as soon as possible thereafter, probably on the following the serious depression we have not made any cut in wages. On June 29
Buffalo & Susquehanna Coal & Coke Co., with whom
morning. The Secretary of the Treasury expressly reserves the right to employees of the
connection and who were on strike because of a reduction in
reject any or all tenders or parts of tenders, and to allot less than the we have no
wages, marched under the leadership of the United Mine Workers of
amount applied for, and his action in any such respect shall be final.
America on our mine at Numine and continued to do so from day to day
•
[VOL. 133.
FINANCIAL CHRONICLE
1230
as well as on other mines that we operate, and by force, threats, intimidations and acts of violence cut our production in the Numine field from
our
5,000 tons per day to less than 500 tons per day and thereby deprived
employees of the opportunity of earning an honest living at a fair wage.
the time of this unIn direct violation of their constitutional rights. At
lawful conspiracy and invasion and for a considerable time prior thereto
full
our employees in the Numhie field were working practically 100%
for a
time. No demands have been made by our employees at any time
contrary, since the
check vreighman or an increase in wages. On the
our
unlawful interference and Invasions of our rights and the rights of
petitioned our
employees approximately 3,000 of our employees have
Invasion of their
companies to take such action as would prevent the
precommunities by men with whom they have nothing in common and
have occurred daily at our mines and thereby
vent such demonstrations as
mines and
prevent outside and disinterested men from closing down the
and distress
forcing them to accept idleness with Its consequent poverty
with its relative prosperity and
instead of the work they have enjoyed
happiness, ss.sprting that they want to continue working without interhave no interest
ference or intimidation on the part of other men who
who want
in their affairs. In pursuance of the requests of our employees
pending in the Courts of Armto work unmolested we brought and have
own
strong and Indiana Counties injunctions to protect not only our
rights but the constitutional rights of our employees. We have not evicted
Workers
67 miners because they have become members of the United Mine
Armstrong
of America. We have, however, in the hands of the Sheriff of
parCounty 16 eviction writs issued against miners who have actively
ticipated In the unlawful and riotous conduct since June 29 practically
large
down to the present date. Since the issue of these eviction writs a
number of our employees have returned to work and our daily production
in this field for the past several days has been approximately 3,000 tons.
If there has been any lack of decency or humanity it has been on the part
of the striking miners under the leadership of James Mark, Richard Gilbert
who
And John Ghizzoni, officials of the United Mine Workers of America,
to
have attempted day after day by the riotous conduct above recited
for
deprive by menace and force our employees the privilege of working
whom they please and at a wage satisfactory to them.
HELVETIA COAL MINING CO.
B. M. CLARK, President.
The figures of member bank earnings and expenses in 1930 and 1929
are summarized in the accompanying table.
EARNINGS AND EXPENSES OF MEMBER BANKS: 1929-1930.-m.
1930.
1929.
1930.
1929.
Gross earnings
Expenses
82,228.774,000
1,604.335,000
81474,091000
1,683.720,000
8.30
4.53
6.92
4.71
Net earnings
$624,439.000
5790.379.000
1.76
2.21
$171,323,000
98,694.000
49,920,000
$114.384.000
75.509.000
43,972,000
.48
.27
.14
.32
.21
.12
$317,937,000
5233,865,000
.90
.65
$306,502,000
$556.514,000
.87
1.56
Net losses:
On loans and discounts
On Investments
All other
Total
Net profits
---$35.395.512,000 $.35.727,128,000
Loans and investments_a
6,360,306.000
6,722.782,000
Capital funds_a b
call dates December
a Averages of amounts from reports of condi ion for five
to December: loans and Investments exclusive of bills sold with indorsement.
b Capital. surplus, and undivided profits Including reserve for dividends and
contingencies, and excluding reserve for taxes, Interest, and other expenses accrued.
Interest Earned and Deposit Interest Paid.
Interest earned Is classified as between amounts earned on loans, investments. and balances with other banks: interest paid on deposits is
classified as between interest paid on time, demand, and bank deposits.
Comparison of amounts of interest earned and paid with the assets and
deposits to which they relate indicates approximately the average rates
that were effective during the year period. Such rates are presented in
the accompanying table. It should be noted that these rates are derived
by comparisons of aggregates, and that the loans, investments, and deposits
with which amounts of interest are compared, being averages of figures
for five call dates, are only approximations of the amount upon which
interest was earned or paid.
INTEREST EARNED TAND DEPOSIT INTEREST PAID BY MEMBER
BANKS: 1929-1930.
Earnings and Expenses of Member Banks in Federal
Reserve System in 1930-Rate of Return on Invested Capital 4.56% as Compared with 8.75%
in 1929.
Net profits of member banks in the Federal Reserve
System decreased in amount by 45% from 1929 to 1930,
according to figures that have recently become available,
and the rate of return on the banks' invested capital decreased from 8.75% in 1929 to 4.56% in 1930, says the
Federal Reserve Board in its July "Bulletin." In presenting details the Board says:
The net profits per $100 of the banks' aggregate loans and Investments
-from $1.56 in 1929 to 87 cents in
decreased for the year by 69 cents
-reflecting chiefly a decrease of 62 cents In gross earnings that was
1930
lower level of interest rates in 1930. Other factors
largely the result of a
were a substantial increase in net losses on loans and investments. Expenses were reduced for the year by 18 cents per $100 of earning assets.
Amounts per
$100 of
Earnings Assets.
Amounts.
Approximate
Rates
(Per Cent).a
Amounts.
1929.
1930.
Interest and discount earned:
On loans
On investments
1930. 1929.
81,349,364,000 $1.562.789,000
472,868.000
472.351,000
6.1
4.7
$1,821,715,000 52,035.637.000
33.264,000
35,799,000
Total
On balances with other banks
5.4
4.6
5.1
1.4
5.7
1.7
$444.636,000
246.493,000
68,131,000
3.3
1.3
1.7
3.3
1.3
1.8
Interest paid on deposits:
Time
Demand
Bank
$450.865,000
225,280.000
72,847,000
2.1
8759.260,000
$748,992,000
2.1
Total
a Obtained by dividing amounts of interest by averages of the amounts of related
assets and deposits for five call dates.
he statistics made available by the Board follow:
EARNINGS AND EXPENSES OF MEMBER BANKS.
-ALL MEMBER BANKS, BY CLASS OF BANKS, YEARS ENDING DECEMBER 31 1929 AND 1930.
TABLE 1.
Amounts per $100 of Earnings Assets.0
Amounts (in Thousands of Dollars).
State Member
Banks.
National Member
Banks.
All Member
Banks.
1930.
1929.
53.81
1.33
.10
$4.38
1.32
.09
_
1930.
1929.
State Member
Banks.
1930.
1929.
1029.
1930.
1929.
1930.
1929.
1,349,364
472,351
35,799
1,562,769
472,868
33,264
828.203
310.653
26,694
919.730
305,182
22,213
521,161
161,698
9.105
643,039
167,686
11,051
1,857,514
Total
Domestic exchange and collection
19,588
charges
25,011
Foreign department
30,740
Dommissions received
80,280
Prust department
70,852
Profits on securities sold
144,789
3ther earnings
2,068,901
1.165,550
1,247,125
691.964
821,776
23,214
26,209
38,085
77,589
75,106
164,995
15,920
14,530
816
26,957
40.952
99.203
18,838
12,473
853
19,857
38,671
105,486
3,668
10,481
29,924
53,323
29.900
45,586
•105
CO.N.—•-
National Member
Banks.
1CDS.
b.... OG.3%0 ,
All Member
Banks.
2,228,774
2.474,099
1,363,928
1,443,303
864.846
1,030,706
6.30
6.92
6.33
interest on deposits:
Time
Demand
Bank
450,865
225,280
72,847
441,636
246,493
68,131
292,210
122,809
46,292
283,048
125.760
41,450
158,655
102,471
26.555
161,588
120,733
26,681
1.27
.64
.21
1.25
.69
.19
Total
'nterest on borrowed money
ialaries and wages
rases
)their expenses
748,992
22,001
451,776
113,418
268.148
759,260
64,265
463.847
112,476
283,872
461.311
12,807
277.798
68,373
167,740
450,258
37.350
271,103
64,333
164,096
287.681
9.194
173,978
45.045
100,408
309,002
26.915
192.744
48,143
110,776
2.12
.06
1.28
.32
.76
2.13
.18
1.30
.31
.79
1,604.335
1,683.720
988.029
987,140
616,306
696,580
4.53
4.71
624,439
790,379
375,899
456,163
248,540
334,218
1.76
2.21
1.14
.74
.19
-2.08
2.14
2.07
.07
.17
.06
1.25
1.26
1.29
.33
.30
.32
.72
.75
.78
4.45
4.59
4.54
1.79
2.10
1.75
23,402
12,334
11,641
25,204
19,956
16,448
16,108
6.746
8,033
16,663
8,484
10,707
7,294
5,588
3,608
8,541
11,472
5,741
.07
.03
.03
.07
.06
.05
.07
.03
.04
.08
.04
.05
.05
.04
.03
.08
.08
.04
47,377
61.608
30,887
35,854
16,490
25,754
.13
.18
.14
.17
.12
.18
194,725
109,028
139,588
95,465
135.085
71,202
93.680
63,304
59,640
37,826
45,908
32,161
.55
.31
.39
.27
.63
.33
.43
.29
.43
.27
.33
.23
36,601
24.960
33,171
27,249
28.643
15,688
23,407
20,242
9,958
9,272
9,764
7,007
.10
.07
.09
.08
.12
.07
.11
.09
365,314
295,473
248,618
200,633
116,696
94,840
1.03
.83
1.15
.92
.07
.05
-.68
.84
317,937
233.865
217,731
164,779
100,206
69.086
.90
.65
1.01
.76
.72
.50
265,130
161.311
.87
---
1.56
---
.73
---
1.34
---
1.07
---
1.90
---
-----
-----
-----
---
---
---------
-
---
---
Cross earnings
Total expenses
let
, earnings
lecoveries on charged-off assets:
Loans and discounts
Investments
All other
Total
,osses charged off:
1
On loans and discounts
On Investments
On banking house furniture and
fixtures
Allother
Total losses
let losses_d
let addition to profits
Mvidends declared
mans.°
nvestments_e
Earnings assets.°
%pita! funds_e f
$4.23
1.40
.10
5.41
5.73
.07
4,376
.07
13,736
-37,232.13
57,732
.19
36,435
.46
59,509
.09
.06
--.09
.18
.49
306,502
371,968
556,514
408.628
158,168
215.992
291,384
247,317
148.334
155,976
25,018,222
10.377,190
25,614,655
10,112,473
14,726,937
6,811,587
15,007,570
6,744,178
10,291,285
3,565,603
10.607,085
3,368.295
-----
-----
35,395.512
35.727.128_ 21,538.524
21,751.748
13,856.888
13.975.380
---
---
3913.410
3.750.521
2.809.132
2.609.785
6722752
5 2501nn
$3.76
1.17
.07
$4.60
1.20
.08
1
$3.85
1 44
.12
1.36
.57
.21
6.64
5.88
ba co ca
Interest earned:
On loan.s_b
On investments_c
On balances with other banks
ca Iry
1930.
.03
.10
.27
.41
.26
.43
7.38
6.24
1.30
.58
.19
1.18
.88
.19
2.21
.19
1.38
.34
.86
4.98
2.39
.07
.07
---
AUG. 22 1931.]
FINANCIAL CHRONICLE
1231
Other Ratios.a
Earning assets per $1 of capital funds
Net profit per $100 of capital funds
$5.26
4.56
$5.62
8.75
$5.80
7.77
$5.50
4.04
$4.93
5.28
$5.35
10.16
Losses on loans per $100 of loans
Losses on Investments per $100 of investments
.54
.78
.92
.43
.58
.62
.94
.94
1.05
1.05
1.06
.95
a The ratios are based upon data taken from the customary abstracts of reports of conditions and of earnings, expenses and div dends. It should be borne in mind
In using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in
which figures for large banks have a statistical Influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments
have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for
sufficiently large groups that the results appear not to be appreciably affected by these changes. b Includes discount. c Includes dividends. d Losses
less
e Averages of amounts from reports of conditions for five call dates (December to December). f Capital. surplus, and undivided profits, including reserves forrecoveriesdividends
and contingencies, and excluding reserves for taxes, interest, and other expenses accrued.
TABLE 2
-ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS. YEARS ENDING DEC. 31 1929 AND 1930 (In thousands of dollars).
Federal Reserve District.
Boston.
1930.
New York.
Philadelphia.
Total
Domestic exchange and collection
charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Gross earnings
1930.
1929.
95.703
34,724
2,088
Interest earned:
On loans
On investments
On balances with other banks
1929.
114,663
34,907
1,681
403,996
155,846
3.887
505,747
152,488
6,889
132,515
151,251
563,729
568
588
537
6,500
7,789
9,527
653
938
1,412
5,173
8,464
10.684
4,390
15,472
24,733
34,103
26,825
46,533
1930.
Cleveland.
Atlanta.
Richmond.
1929.
1930.
1929.
98.607
45.305
2,196
106,616
45,478
1,583
134,338
54,980
3,505
144,518
54.684
2,876
52,048
12,669
1,685
61,613
12,878
1,503
48,334
10,755
1,786
58,281
10,943
1,864
665,124
146,108
153,677
192,823
202.078
66,402
75,994
60,875
71,088
5,328
16,428
28,935
36,846
29,294
55,394
596
831
363
8,821
5.773
6,111
660
850
644
7,596
8,074
6,795
'925
616
900
7,811
8,436
16,275
958
676
1,358
7,424
8,234
14,055
971
176
398
1,339
1,350
4,285
1,302
140
487
1,239
1,283
4,795
1,750
460
234
1,267
1,491
6,062
2,081
629
269
1,105
1,918
6,787
1930.
1929.
1930.
1929,
158,024
178,575
715,785
837,349
168,603
178,296
227,786
234,783
74,921
85,240
72,139
83,877
Interest on deposits:
Time
Demand
Bank
36,198
171
3,451
35.638
22,484
3,292
109.958
88.622
25,720
108,048
108,770
27,258
37,487
16,726
3,497
34,935
15,228
2,563
59,394
21,988
7,495
58.450
21,894
5,457
19,294
4,805
2,187
20,534
4,871
2,082
14,538
5,522
2,188
15,544
5,745
2,203
Total
Interest on borrowed money
Salaries and wages
Taxes
Other expenses
59,820
1.234
28,870
7,768
16,630
61,414
4,497
28,424
7,177
18,264
224,300
5,221
138,375
33.186
86,415
244,076
16,600
148,363
32,711
92,333
57.710
2,431
31,785
8,485
17,651
52,726
7,031
30,766
8,543
17,835
88,877
2,082
41,513
13,083
22,118
85,801
5,603
41,112
12.656
22,761
26,286
1,336
15,501
4,578
8,865
27,487
3,593
16,594
5,167
9,786
22,248
1,816
15.938
4,892
10,107
23,492
5,269
17,049
5.298
11.045
114,322
119,776
487,497
534,083
118,062
116,901
167,673
167,933
56,566
62.627
55.001
62.153
43,702
58,799
228,288
303,266
50,541
61.395
60,113
66,850
18,355
22,613
17,138
21,724
1,487
2,788
1,315
1,257
3,502
1,154
6,764
4,969
1,991
6,991
12,075
3,422
861
793
312
782
783
463
1,342
1,456
874
1,523
1,019
1,258
832
118
467
728
255
1,249
892
310
506
966
122
952
5,590
5,913
13,724
22,488
1,966
2,028
3,672
3.800
1,417
2.232
1,708
2,040
14,074
11,600
11,313
25,014
74,983
55,421
38,356
35,606
12,816
9.150
6,365
5,670
12,079
10,033
9,128
6,552
6,688
2,148
7,089
2,265
11,273
2,537
8,638
2,348
1,940
1,504
2,196
4,080
13,776
6,393
6,050
4,346
1,857
982
2,028
2,718
3,019
3,124
3,274
1,397
688
585
764
865
1,027
1,217
1,038
1,449
Total expenses
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Investments
All other
Total
Losses charged off:
On loans and discounts
On investments
On banking house, furniture an
fixtures
All other
Total
29,118
42,603
150.573
84,358
24,805
16,781
28,255
20.351
10,089
10,983
16,054
13,473
Net losses
23,528
36,690
136,849
61,870
22.839
14,753
24.583
16,551
8,672
8,751
14,346
11,433
20,174
28,158
22,109
28,452
91,439
139,383
241,396
149,268
27,702
32.961
46,642
33,070
35,530
31,414
50,299
31,018
9,683
11,830
13,862
13,678
2,792
11,848
10,291
11,571
903,022 1,003,893
315,076
309,938
796,901
267,749
888,792
275,138
Net additions to profits
Dividends declared
•
Loans
Investments
• 1,834,634 1,869,778 8,689.340 8,644.662 1,820,743 1,827,804 2,336,268 2,360,446
•
728,894
726,073 3,430,674 3,108,355
887,322
878,417 1,131,188 1,097,220
Earning assets
Capital funds
• 2,563,528 2,595,851 12,120,014 11,753,017 2,708,065 2,706,221 3,467,456 3,466,666 1,212,961 1,318,969 1,064,650 1,163,930
460.934
443.135 2.663.227 2.387.267
654.757
621.178
623.582
500.324
228703
238 520
I078401
203.02
Federal Reserve District.
.
(Away°.
Li. L074S8.
1930.
1929,
201,515
55,335
5,025
minneapolts.
Kansas City.
Dallas.
1930.
1929.
1930,
1929,
1930.
225,791
55,030
4,479
49,878
17,357
1,097
59,889
19,449
1,507
34,239
15,742
1,931
38,551
16.158
1,615
51,727
18,094
3,815
56.925
18,928
2,938
46,639
8,057
2,848
261,875
288,300
68,932
80,515
51,912
56,324
73,636
78,791
3,259
4,190
1,516
10,801
8.722
18,585
3,654
3,487
2,564
9,419
6,795
28,015
1,135
119
971
1,622
2,111
4,243
1,527
133
1,171
1,683
2,155
4,586
1,835
112
446
236
1,943
2.747
2,078
116
582
190
738
2,655
1,279
26
116
1,275
1,447
7,013
1,461
33
113
1,026
963
7,746
308,948
342,234
79,133
91,770
59.231
62.683
84.792
61,126
34,165
9,138
61,764
33,944
8,700
16,383
6,459
2,687
17,484
6,983
2,921
15,519
3.237
1,999
15,704
3,183
2,073
104,429
2,390
62,699
18,179
38,231
104.408
8,127
64,183
17,825
42,542
25,529
2,056
17,165
5,132
9,618
27,388
4,135
18,153
5,052
10,919
20,755
261
12,842
3,372
7,415
225,928
237,085
59.500
65,652
83,020
105,149
19,633
26,118
3,494
548
2,181
4,038
425
2,015
1,120
352
821
6,223
6,478
22,675
5,806
1929.
1930.
San Francisco.
1929.
1930.
1929.
53,600
9,619
2,309
132,340
43,487
5,336
133,905
42,306
4,020
57,544
65,528
181,163
180,231
1,237
139
75
395
955
5,384
1,875
215
71
306
535
5,422
1,643
2,282
451
6,110
4,010
18,024
1,637
2,564
479
5,582
6,853
18,061
90,133
65,729
73,952
213,683
215.207
12,268
7,252
4,391
12,625
7,201
4,146
8.529
5,222
2,522
8,491
5,450
2,461
60,171
11,111
7,572
55,419
10,740
4,975
20,960
1,205
12,581
2,787
7,292
23,911
765
20,814
4,266
12,246
23,972
2,274
20.731
4,239
12,970
16,273
1,510
16,293
4,552
8,963
16,402
2,174
16,586
4,907
9,329
78,854
899
49.981
5,925
29,889
71,134
3,757
49.300
6,114
28.796
44.645
44,825
62,002
64,186
47.591
49,398
165,548
159,101
14,586
17,858
22,790
25,917
18,138
24,554
48,135
56,106
1,030
715
822
1,133
106
280
1,330
235
306
2,296
473
1.262
2,647
187
1,320
2,024
100
703
2,301
67
552
1,157
321
929
1,611
571
2,935
2,293
2,567
1,519
1,871
4,031
4,154
2,827
2,920
2.407
5,117
24,939
5,975
5,736
33
. 75
4,440
2,331
4,078
1,753
5,076
1.196
8.262
2,538
7,643
2,217
10,762
702
8,187
954
11.299
3,965
8,414
5,337
5,002
3,260
5,718
3,620
1,066
1,522
962
952
1,411
1,139
3,265
1,146
1,313
1,719
1,977
2.416
1,039
1,377
1,124
1,881
4,462
2,158
4,775
2,379
Total
36,743
40,252
11,699
8,685
8,381
10.683
13,832
14,253
13,880
12,146
21,885
20,905
Net losses
30,520
33,774
9,406
6,118
6,862
8,812
9,801
10.099
11,053
9.226
19,478
15,788
Net additions to profits
Dividends declared
52,500
49.611
71,375
54,253
10.227
12.700
20.000
15,069
7,724
7,508
9,046
7,996
12,939
11,142
15,848
13,050
7,085
8,371
15,328
10,588
28,657
27.042
40,318
40.615
3,629,245 3,810,341
1,266,825 1,257,277
896,346
380.239
954,922
412,416
527,322
352,876
568,560
363,699
756,124
410,985
807,776
430,468
660,982
219,752
726,885 2,167.295 2,141.796
247,743
990,749 1,000,591
4,896,070 5,067,618 1,276,585 1.367.338
880,198
932,259 1,167.109 1.238,244
880,734
974,628 3.158.044 3,142,387
119.118
118.299
165.236
171.075
171.219
Intereseearned:
On loans
On investments
On balances with other banks
Total
Domestic exchange and collection
charges
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Gross earnings
Interest on deposits:
Time
Demand
Bank
Total
Interest on borrowed money
Salaries and wages
Taxes
Other expenses
Total expenses
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Investments
All other
Total
Losses charged off:
On loans and discounts
On investments
On banking house, furniture and
fixtures
All other
Loans
Investments
Earning assets
Capital funds
Note.
-See footnotes, Table 1.
790.707
778.750
203,474
208.971
162,157
444 020
dOix ARO
[VOL. 133.
FINANCIAL CHRONICLE
1232
TABLE 3
-ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING 1929 AND 1930.
Federal Reserve District.
New York.
Boston.
Atlanta.
Richmond.
Cleveland.
Philadelphia.
1929.
1930.
1929.
1930.
1929.
1930.
1929.
1930.
1929.
1930.
$
5.83
1.05
4.65
1.25
5.66
1.47
5.40
.83
5.68
.91
5.56
1.01
5.83
.94
5.47
.70
5.76
.70
5.72
1.05
8.16
6.88
5.90
7.12
6.23
6.59
6.57
6.77
6.17
6.46
6.77
7.21
2.33
.05
1.13
.30
.65
Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
1930.
5.17
1.00
Amounts per $1,00 of earning assets:
Interest earned
All other earnings
1929.
2.37
.17
1.09
.28
.70
1.85
.04
1.14
.27
.71
2.08
.14
1.26
.28
.79
2.13
.09
1.17
.31
.65
1.95
.26
1.14
.32
.66
2.56
.06
1.20
.38
.64
2.48
.16
1.18
.37
.66
2.17
.11
1.28
.38
.73
2.08
.27
1.26
.39
.74
2.09
.17
1.50
.46
.95
2.02
.45
1.46
.46
.95
6.11
1.10
.446
4.61
4.02
4.54
4.36
4.32
4.84
4.84
4.66
4.75
5.17
5.34
Net earnings
1.70
2.27
1.88
2.68
1.87
2.27
1.73
1.93
1.51
1.71
1.61
1.87
Total losses
Recoveries
1.14
.22
1.64
.23
1.24
.11
.72
.19
.92
.07
.62
.07
.81
.11
.59
.11
.83
.12
.83
.17
1.51
.16
1.16
.18
Total expenses
.92
1.41
1.13
.53
.84
.55
.71
.48
.71
.66
1.35
.98
.79
.85
.75
2.05
1.02
1.72
1.02
1.45
.80
1.05
.26
.88
Other ratios:
Earning assets per 51 of capital funds
Net profits per $100 of capital funds
5.56
4.38
5.86
4.99
4.55
3.43
4.92
10.11
4.14
4.23
4.36
7.51
5.56
5.70
5.78
8.39
5.30
4.23
5.53
5.81
5.38
1.41
5.73
5.07
Losses on loans per $100 of loans
Losses on investments per $100 of investments
.77
1.59
.61
3.44
.86
1.62
.44
1.15
.70
1.03
.35
.65
.52
.89
.39
.60
.74
.69
.71
.72
1.41
.95
.97
.85
Net losses
Net addition to profits
St. Louis.
Chicago.
1930.
Amounts per $100 of earning assets:
Interest earned
AU other earnings
5.35
.96
1929.
5.69
1.06
1930.
5.40
.80
Minneapolis,
San Francisco.
Dallas.
Kansas City.
1929.
1930.
1929.
1930.
1929.
1930.
1929.
1930.
5.89
.82
S.
5.90
.83
1929.
6.04
.68
6.31
.96
6.36
.92
6.53
.93
6.72
.86
5.74
1.03
5.74
1.11
6.31
6.71
6.73
6.72
7.27
7.28
7.46
7.59
6.77
6.85
2.00
..16
1.34
.40
.75
2.00
.30
1.33
.37
.80
2.36
.03
1.45
.38
.84
2.25
.14
1.35
.30
.78
2.05
.07
1.78
.37
1.05
1.94
.18
1.67
.34
1.05
1.85
.17
1.85
.52
1.02
1.68
.22
1.70
.50
.96
2.50
.03
1.58
.19
.95
2.26
.12
1.57
.19
.92
4.68
4.66
4.80
5.07
4.81
5.31
5.18
5.40
5.07
5.24
5.06
1.70
2.07
1.54
1.91
1.68
1.92
1.95
2.10
2.06
2.52
1.52
1.79
.75
.13
Total losses
Recoveries
6.20
2.06
.16
1.27
.35
.84
4.61
Total expenses
Net earnings
6.75
2.13
.05
1.28
.37
.78
Gross earnings
Interest on deposits
Interest on borrowed money
Salaries and wages
Taxes
All other expenses
.79
.13
.92
.18
.64
.19
.95
.17
1.15
.20
1.19
.35
1.15
.34
1.58
.32
1.25
.30
.69
.08
.67
.16
.62
.67
.74
.45
.78
.95
.84
.82
1.26
.95
.62
.50
Net addition to profits
1.07
1.41
.80
1.46
.88
.97
1.11
1.28
.80
1.57
.91
1.28
Other ratios:
Earning assets per St of capital funds
Net profits per $100 of capital funds
6.19
6.64
6.51
9.18
6.27
5.03
6.54
9.57
7.39
6.49
7.88
7.65
7.06
7.86
7.64
9.77
5.15
4.14
5.69
8.95
7.11
8.45
7.33
9.41
.62
.46
.65
.48
.64
.89
.46
.57
.77
.50
.89
.33
1.09
.62
.95
.51
1.63
.32
1.13
.39
.52
.40
.39
.53
Net losses_
Losses on loans per $100 of loans
Losses on investments per $100 of investments
Note.
-See footnotes, Table 1.
-NATIONAL BANKS* BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1930.
TABLE 4
-The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national
Note.
banks. Similar information for the first half of 1930 was published on page 105 of the February 1931 issue of the "Federal Reserve Bulletin." additional statistics
for the fiscal year ending June 30 1930 will be found in the annual report of the Comptroller of the Currency for 1930.
Federal Reserve District.
Total.
Gross earnings:
Interest received
On loans b
On Investments c
On balances with other banks
Domestic exchange & collection chgs_
Foreign exchange department
Commissions received
Trust department
Profits on securities sold
Other earnings
Boston.
New
York.
Platadelphia.
Kansas
City.
(In Thou sands of Dollars)
1,289
2,085
3.987
90,378
45,775
885
2,081
5,328
9
6,128
7,575
12,939
33,605
16,044
796
228
397
1
622
1,786
1,938
31,495
17,206
1,215
265
111
2
754
2,567
3,869
19,286
5,099
738
342
16
1
397
575
1.620
17,003
4,447
770
761
148
2
415
633
2,099
49,820
16,387
1,848
970
669
89
1,050
1,722
5,977
13,448
4,834
615
289
38
19
166
760
1,200
15,805
7,441
1,005
904
79
209
116
1,412
1,390
23,697
• 8,168
2,049
615
7
32
541
741
2,795
19,840
3,758
1,525
667
60
3
227
525
2,371
53,398
18,000
2,372
692
773
35
2,373
1,900
7,058
54,980
171,098
55,415
57,484
28,074
26,278
78,532
21,429
28,361
38,645
28,976
86,601
10,734
33,660
10,048
10,266
5,794
6,331
16,476
4,775
6,095
9,626
7,405
20,490
254
13,286
6,525
1,468
3,466
5,876
795
29,347
18,711
6,418
9,660
20,717
523
14,914
4,535
1,373
2,944
5,128
519
14,651
5,463
2,759
2,861
5,680
449
7,965
1,543
726
2,235
2.984
584
5,701
1,912
784
2,798
3,580
351
16,246
7,747
2.679
3,868
9,936
280
4,703
1,577
791
1,532
2,303
99
7,012
1,621
937
1,069
3,304
286
6,041
3,162
2,102
2,055
5,197
569
4,129
2,399
1,241
2,374
3,656
279
24,106
4,036
3,631
2,337
12,145
496,632
41,609
119,308
39,465
42,199
21,698
21,688
57,303
15,961
20,137
28,469
21,773
67,024
179,241
13,371
51,790
15,950
15,285
6,378
4,590
21,229
5,468
8,224
10,176
7,203
19,577
8,003
4,876
4,232
Total net earnings and recoveries
452
2,198
806
1,669
743
521
412
324
114
432
280
247
422
59
212
381
130
364
361
57
90
1,037
342
419
950
60
262
444
182
456
196,352
16,827
54,723
16,800
16,244
7,071
6,343
8,732
11,974
8,475
20,659
-
1957
1,221
346
6,325
387
648
400,614
160,553
14,777
8,039
7,826
402
14,078
22,281
47,303
32,839
13,394
959
227
200
Losses charged off:
On loans and discounts
85,024
47,508
On bonds, securities, &c
On banking house, Turn. & fixtures_
11,427
On foreign exchange
137
All other losses
7,463
-Total losses charged off
151,557
8,912
5,305
1,183
7
937
28,356
21.665
2,609
46
1,070
7,349
4,968
702
1
258
16,344
53,746
13.278
Net addition to profit
Dividends declared
483
11,053
977
30,489
3,522
10.955
1,718,734 155,824 479,173
1,546,302 128.753 534,306
--3,265,038 284.577 1,013,479
759
44,795
110,751
7,033
362
275
1,168
230
271
263
478
- 5,358
23,146
3,484
4,669
1,094
4,549
309
1,049
35
7
239
635
5,161
10,909
3,392
526
584
2
517
8,307
2,557
1,327
1,081
2,077
1,236
288
33
386
560
4,494
1,612
710
1
699
634
5,702
2,386
1,672
5
467
5,021
13,272
4,000
4,084
7,516
7,994
10.232
5,335
7,990
1.910
4,533
337
5,564
9,874
12,426
2,343
2,868
4,648
3,495
4,458
4,826
481
4,272
10,427
12,280
125.522
211,542
125,342
138,425
79,485
64,405
77,390
52,799
60,195
34,105
84,878
41,513
337,064
263,767
143,870
130,189
107,575
58,522
34,811
138,921
93,333
334,496
94,300
126,391
669
665
431
341
601
850
sel I
417
•Member banks only. 1. e., exclusive of national banks in Alaska and Hawaii. b Includes discount. c Includes dividends. d As on Dec. 31 1930.
San
Dallas. Francisco.
4,988
148,101
59,231
24,909
37,197
80,506
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, &c
AU other
Capital and surplus d
MinneAtlanta. Chicago. St. Louis. apolls.
141,700
Total expenses
Number of banks
Richmend.
675,873
Total earnings
Expenses:
Salaries and wages
Interest paid
On borrowed money 9
-Time
On deposits
Demand
Bank
Taxes
Other expenses
Capital stock paid in d
Surplus fund d
Cleveland.
83.568 191,280
44,373 124,349
127,941 315.629
607
470
AUG. 22 1931.]
FINANCIAL CHRONICLE
1233
--STATE BANK MEMBERS. BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1930.
TABLE 5
Federal Reserve District.
Total.
Gross earnings:
Interest received
On loans a
On investments b
On balances with other banks
Domestic exch. dr, collection digs
Foreign department
Commissions received
Trust department
Profits on securities sold
Other earnings
Philadelphia.
Cleteland.
Richmond.
MinnsAtlanta. Chicago. St. Louis. twits.
(In Thou sands of
Kansas
City.
San
Dallas. Francisco.
Dollars)
Capital and surplus c
Number of banks e
33,663
11,748
713
171
158
497
3.370
2,932
4,041
5,554
1,505
223
157
68
200
362
102
427
4,571
911
125
82
51
109
309
109
714
45,767
12,152
841
595
1,354
641
4,231
3,815
3,374
9,228
3,725
281
239
20
457
748
476
953
1,063
469
52
30
1
32
28
7
75
1,736
864
207
24
5
25
180
215
742
23,791
176,275
29,788
57,293
8.598
6,981
72,770
16,127
1.757
3.998
85,082
3,788
35,907
6,289
10.701
1,933
1,372
14,595
3,466
373
930
774
4.954
3,539
78.788
48.539
13,025
23.605
46,895
192
5,178
3,031
191
951
2,212
1,276
24,226
21,101
6,458
8.864
19,512
332
5,487
4,228
709
1,327
3,508
256
15,449
5,587
1,640
3.355
5,295
133
1.856
863
405
483
1,276
137
1,392
732
254
555
1,133
426
14,688
9,455
1,922
5,847
7,597
595
3,062
1,385
382
1,991
2,124
15
526
85
35
95
171
19
291
604
293
101
731
75
273
139
84
166
480
6,360
1,329
652
• 662
2,856
15,543
117,344
21,880
42,283
6,949
5,575
54,530
12,213
1,300
2,969
1,991
16.896
121,032
8,248
58,931
7,888
15,010
1,649
1,406
18,240
3,914
457
1,029
446
3,814
3,155
2,485
1,844
129
312
85
1,607
856
477
139
84
40
212
978
185
62
15
32
92
1
19
513
94
732
171
133
154
29
47
62
7
66
18
128,516
8,774
61,871
8,151
16,385
1,758
1,518
19,579
4,372
494
1,142
526
45,402
31,111
4,864
4,774
1,754
4,196
144
78
28,393
19.629
1,981
1,735
2.848
1,774
333
235
2,811 .
2,417
701
1,374
768
459
103
55
511
10
66
70
5.326
1,213
743
478
1.158
1,006
237
107
86,151
6.172
51,738
5,190
7,303
1,385
657
7,760
2,508
2,602
3,460
10,133
40,115
2,961
6,463
9,082
8,106
373
1,425
861
1,139
11,819
12,971
1,864
2,401
152
226
733
486
d42
328
1,827
1.695
40,325
50,100
426,673
677,698
59,193
150,544
105,726
153,817
26,343
16,244
19,726
13,295
167,266
158.020
41,600
23,614
3,045
1,078
8.505
3,193
8,085
2,710
39,830
24,837
2,222,067
Capital stock paid in
Surplus fund e
14,924
7,910
478
43
28
189
4,040
1,029
1,127
946,317
1,275,750
Total losses charged off
Net addition to profits
Dividends paid
99.788
34,811
1,235
196
2,934
9,916
11,736
5,940
9,719
42,365
78,815
Total net earnings and recoveri
Losses charged off:
On loans and discounts
On bonds, securities, Ac
On banking house, furn. dr fixtures_
All other losses
11,769
4,972
183
32
69
255
2,081
3.748
682
299,473
Total expenses
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, Ac
All other
242,365
83.510
5,003
1,751
4,870
12,587
27,908
18,687
23,824
420,505
Total earnings
Expenses:
Salaries and wages
Interest paid
On borrowed money a
On deposits-Time
Demand
Bank
Taxes
Other expenses
a Includes discount.
Boston.
New
York.
90,425 1,104,371
209,737
259,543
42.587
33,021
325,286
65,214
4,723
11,698
10,795
64,667
84
92
39
45
20
96
40
21
77
111
1,017
34
155
1
1,639
221
89
45
12.663
4.222
576
137
182
44
222
23
800
75
239
1,669
301
-20.710
2,437
83
92
11
29
3,946
1,045
412
130
246
299
19
39
50
462
48
41
5
313
89
16
224
- - - 2.119
409
568
342
b Includes dividends. c As of Dec. 31 1930. d Net loss.
Missouri-Kansas-Texas RR. Cuts Salaries 10 to 20%
Low Wheat Price Assigned As One Reason.
From St. Louis the "Wall Street Journal" of Aug. 18
reports the following United Press account:
The Missouri-Kansas-Texas Railroad has made a reduction of
10% to
20% in general salaries, citing the low price of wheat as one reason for the
cut.
Between 1,000 and 1,500 employes are affected. Salaries of officers and
supervisors earning more than $5,000 a year were cut up to 20%. Other
wages were reduced 10%.
The low wheat price, a statement said, "is one the causes of the new
policy as the low price is having a tendency to hold up a large part of the
grain movement, which had been counted on to offset much of the loss in
freight tonnage due to general conditions."
"As to the Philadelphia yard there were 3,414 employed as of Aug. 6.
This is below the average for the past 12 months, which is 3,889.
"Efforts to stabilize the work loads at the yards are being made at all
times but some fluctuations are unavoidable. The ships of the fleet
must move and ships are not available at all times to permit making the
work load exactly even. The forces in the navy yards are not much
below what they were two years ago, which is in striking contrast to the
situation in the majority of private industrial plants, some of which are
employing forces that are only a fraction of their normal forces.
"The navy is doing what it can to support the administration policy
of maintaining wages and employment."
Inter-State Commerce Commission Approves Reduction
In Pullman Rates For Upper Berths.
The Inter-State Commerce Commission has approved a
St. Louis & San Francisco Ry. Reduces Pay of Super- proposal of the Pullman Company to cut the rates for upper
visory Officers 5%
-Wage Pacts Unaffected.
berths in Pullman sleepers to one-half the charges exacted
From its St. Louis bureau the "Wall Street Journal" of for lower berths between Washington and Jersey City and
Aug. 20 reported the following:
New York,and between Chicago and St. Paul and MinneapoEffective at once St. Louis-San Francisco Ry. is reducing by 5% salaries lis,
effective Aug. 20. The "United States Daily" of Aug. 17
ofsupervisory officers who receive from $250 to $350 a month and also some
salaries of less that $250 when employee's not on a five-day week. The cut says:
does not apply to organizations of employees with which wage agreements
are in effect.
These reductions are in addition to the 5% and 20% cuts taken Jan. 15
last, by all officials and others in supervisory capacities.
Brooklyn Navy Yard Forces to Be Kept Up-Assistant
Secretary of Navy Jahncke Denies Rumor of Cut,
Pointing to an Increase of 600 in Year in Brooklyn.
There will be no radical reduction of the working force
in the Brooklyn Navy Yard. Instead, every effort is to
be made to maintain that force at its normal "good times"
strength.
This, says a Washington dispatch to the New York
"Times," was word that came on Aug. 14 from the office
of Ernest L. Jahncke, Acting Secretary of the Navy. It
was in reply to a telegram from William Padgett of Brooklyn, who protested against what he said was his understanding that about 500 men were soon to be dropped from
Brooklyn Navy Yard payrolls. The dispatch added:
The reduction in charges for upper berths is an experiment, according to
the Pullman Company's application to make the change on less than the
statutory notice of 30 days, and will terminate on Nov. 20, unless extended
by further application.
Its purpose is to stimulate the use of upper berths. The charge for uppers
has been 80% of the lower rate since early in 1911, prior to which date
both upper and lower berths were rated the same.
Noting that the traveler accustomed to paying $3 for a
Pullman upper berth between New York and Washington
will be charged only $1.88, a Chicago dispatch Aug. 14 to
the New York "Times" said:
The Pullman Company announced to-day that the reduced rate would
be in effect on the Pennsylvania, Baltimore & Ohio and Reading-Jersey
Central lines and on all roads between Chicago and Minneapolis and St.
Paul.
National Industrial Conference Board, Inc. Announces
Change in Method of Computing Index Figure for
Ascertaining Cost of Living.
The National Industrial Conference Board, which claims
to be the first research organization to perfect the scientific
study of the cost of living, will announce important changes
in the method of computing the index figures in its forthcoming annual report on "Cost of Living in the United
States, 1914-1930," according to a statement released June
24 by Magnus W. Alexander, President of the board. The
changes are outlined as follows:
The Navy Department declared that no such reduction is being planned.
and, if there Is any, it will affect fewer than 70 men.
To show that the working forces not only in the Brooklyn but in other
navy yards, are being maintained at practically normal strength. Mr.
Jahncke cited the employment statistics for the various yards now, and the
same time last year.
The Brooklyn yard. he pointed out, is now employing nearly 600 more
men than were employed last year at this time.
At the instance of Mr. Jahncke, Captain Edwin 0. Kintner of the
The principal changes are the adoption of a new base, 1,923 instead of
Navy Yard Division of the Bureau of Construction and Repair, said there 1914. for the computation of indexes, and the adoption of a
distribution
was a general misunderstanding as to the facts not only as to the Brooklyn, of expenditure that is believed to be characteristic of wage-earners'
housebut also the Philadelphia yard.
holds in the post-war period. This modernization of the index was based
Ile went on:
Upon the belief that the pre-war standard of living and the pre-war retail
"As to the Brooklyn yard there were 3,440 employed as of Aug. 13. prices had lost the significance as a basis of comparison which
they had in
This is above the average for the past 12 months, which is 3,403.
the war period and the years immediately following.
1234
FINANCIAL CHRONICLE
[VOL. 133.
It seemed somewhat out of date to figure at present the changes in the
Selection of Earl R. Muir and I. Sidney Jenkins as Vice-Presidents of the
cost of living on the assumption that the standard of living and the distri- reorganized bank also was made known. Mr. Muir has been with the
bution of expenditures are the same as in 1914. All the world knows Federal Reserve Branch Bank here for 14 years, serving as Asst. Cashier
that such is not the case—that money incomes and prices alike have risen for the last 12. He is a past President of the Exchange Club and a member
to new levels. Accordingly, the forthcoming report will present an index of the Greenfield Country Club.
of the cost of living resting on a post-war bash; and with a post-war distriMr. Jenkins. a former Vice-President of the Louisville Trust Co., joined
bution of expenditure. All figures previously published have been the real estate department as a clerk in 1911 and was promoted to the
recomputed, and figures on this new base will be presented for the superintendency in 1914. He was elected a Vice-President in 1922, reentire period from July 1914 to December 1930. An appendix will contain signing in 1924 to organize his own real estate concern. Recently Mr.
index numbers computed on the base July 1914 with the pre-war distri- Jenkins joined forces with the Goodman, Hambleton & Jenkins Co., but
bution.
intends to resign from this organization. Harry W. Goodman said the
In giving specific reasons for the change in the base index the Conference remaining partners would continue the operation of the firm.
Board said that "the use in former calculations of the date July 1914, inAn invitation has been given to members of the old Board of Directors
stinctively encouraged everybody to think in terms of pre-war conditions to attend a meeting at 2 o'clock Wednesday in the director's room at Fifth
which the passage of time had already left far behind. During the rise and Market Streets for the formal installation of their successors. The
of the cost of living that followed the outbreak of the World War, a com- new Vice-Presidents will be officially named also, it was said.
parison with conditions before the war was natural and proper. For a
Judge Quin pointed out that reopening was made possible by the approval
number of years, however, it has appeared that for the judgment of current of the reorganization plan by 12,000 out of the 13,000 depositors of the old
movements of prices at retail, the prices of 1914 offered a somewhat anti- institution. He estimated that it will release $3,500.000 in deposits and
quated standard of comparison. There seemed to be good ground for belief affect favorably, directly or indirectly, a fifth of the city's population.
that the retail price level of 1914 had passed away never to return.
In the State of Virginia, a dispatch by the Associated
"The choice by the National Industrial Conference Board ofthe year 1923 Press
from Richmond on Aug. 17 reported that the Hopewell
as the basis of its index number calculations, both for the cost of living and
for wages and employment. may be regarded as part of a general drift Bank & Trust Co. at Hopewell, Va., was closed on that day
toward comparisons on a post-war basis. Thus the United States Bureau by M. E. Bristow, State Commissioner of Banking and
of Labor Statistics has entirely revised its index of wholesale prices and put Insurance. Mr. Bristow was reported as saying that the
it on the base 1926 equals 100. The Federal Reserve Board formerly closing was ordered to protect the depositors of the bank,
published a variety of index numbers on production, distribution and which is capitalized at $250,000.
other economic phenomena,some of which rested on the year 1913 as a base,
while others rested on the year 1919. This diversity has since been removed by calculating all indexes on the base average of 1923-1925 equals
The Ohio Bank Failures.
100.
Four leading Toledo banks and their 34 branches, with
"These changes suggest precedents for the action of the Conference
Board in transforming its indexes from a pre-war to a post-war base. They combined resources of more than $100,000,000 and 150,000
do not, of course, furnish a precedent for the selection of the year 1923. accounts, closed their doors on
Monday of this week, Aug.
This was dictated by the consideration that this year represented the first
post-war year of relatively settled economic conditions and thus appeared 17. The suspensions came as a climax to two months of
to be more suitable than the year 1926."
financial unrest and uneasiness which has followed the
The significant fact of greatest public interest at this time is not that closing of
the Security-Home Trust Co. of Toledo on June
retail prices are higher than they were before the war but that they are lower
than they have been since conditions became more or less settled after 17 last. The institutions involved are the Ohio Savings
the war. A statement of the cost of living in terms of the year 1923 auto- Bank & Trust Co., the Commerce Guardian Trust & Savings
matically registers this fact.
Banking Situation in South and Middle West.
In the State of Tennessee, the Bank of Henning at Henning, Tenn., closed its doors on Aug. 14, according to a
press dispatch from Ripley, Tenn., on that date, printed in
the Memphis "Appeal." The dispatch went on to say:
A notice was posted on the door reading: "Bank of Henning closed and
placed in the hands of State Banking Department; by order Board of
Directors, H. D. Folts, President."
The Bank of Henning was organized on March 17 1910. H. D. Felts of
Ripley is its President and Walter Drake, Cashier. An official of the
bank said that the reason for its closing was that the bank could not realize
on its paper, due to slow collections.
The bank was capitalized at $100,000. According to the last published
statement May 12 1931, it had loans and discounts to the amount of
$279,972.60. Total deposits $136,642.51.
In the State of North Carolina, advices from Brevard,
that State, on Aug. 15 reported that eight former bankers
and former public officials were convicted on that day of
conspiracy to defraud Transylvania County of $100,000 to
aid the now defunct Brevard Banking Co. at Brevard.
We quote from the dispatch as follows:
Judge H. Hoyle Sink imposed sentences of two to five years in prison and
a $5,000 fine upon Thomas H. Shipman, President of the bank; J. Pickelsimer and C. R. McNeeley, former County Commissioners. and Ralph IL
Fisher, former county attorney, four of the convicted men.
Another. Joseph S. Silversteen, Vice-President of the bank, was fined
$LOW. The others, A. M. White, S. R. Owen and W. L. Talley, former
Commissioners, were fined $1,000 each.
The five men. former Commissioners, also were found guilty of misapplication of funds, but judgment was suspended on this count upon
payment of costs.
Costs in the conspiracy count are to be apportioned among all eight of
the men, while the misapplication charge costs are to be divided among
the Commissioners.
Appeals from the sentences were taken and, with the exception of one
$200 bond, appearance bonds now in effect were continued until the case
finally is disposed of.
Fisher, Owen, Talley and White are under bonds of $500 each, while
bonds for the others are $1,000 each.
The eight men were alleged to have engineered the sale of a $100,000
county note and deposited the proceeds in the Brevard bank to aid the institution Just before it failed last fall.
Closing of the Bank of West Durham, at West Durham,
N. C., on Aug. 20, was reported in Associated Press advices
from Durham on the date named.
In the State of Kentucky, the Louisville "Courier-Journal"
of Aug. 19 stated that the Louisville Trust Co. of Louisville,
would reopen next Monday, Aug. 24, under the terms of the
plan approved by the courts, according to an announcement
on Aug. 18 by Huston Quin, Chairman of the reorganization
committee, following a meeting of tentative directors of the
institution. We quote furthermore, in part, from the paper
mentioned, as follows:
William J. Rahill, until recently secretary of the Chemical Bank & Trust
Co., New York, announced his unconditional acceptance of the Presidency
ofthe reorganized institution. Previously, he had announced his provisional
acceptance of the post.
The bank will reopen in its present location at Fifth and Market Streets
with a capital stock of $1,000,000, surplus of $500,000 and deposits of about
$11.000,000. Judge Quin said that the matter of reopening the branches
would be considered later. He said the matter would depend largely upon
the attitude of the neighborhoods.
Bank, the Commercial Savings Bank & Trust Co. and the
American Bank. The Ohio Savings Bank & Trust Co.,
had resources of $58,117,115 and deposits of $45,526,716 as
of June 30, last; the Commerce Guardian Trust & Savings
Bank resources of $27,016,882 and deposits of $21,328,006
and the Commercial Savings Bank & Trust Co. resources of
$15,160,216 and deposits of $13,069,244. The Ohio Savings
Bank had paid in capital stock of $3,000,000, surplus of
$5,000,000 and undivided profits of $477,885; the Commerce
Guardian had paid in capital stock of about $1,000,000,
surplus of $1,200,000 and undivided profits of $564,121,
and the Commercial Savings Bank had paid in capital stock
of $700,000, surplus of $500,000 and undivided profits of
2,427. The American Bank had deposits of $1,044,000
and resources of $1,524,000. Capital was $200,000, surplus
and undivided profits $71,257. The crisis was precipitated
by the fact that a 60
-day limit on savings withdrawals
imposed at the time when the Security Home Trust Co., a
$36,000,000 institution, failed, was up on Monday and
Tuesday. This, the bankers believed, would mean that all
those who, during the first panic, wished to withdraw their
money would do so, since business conditions had not
improved.
Inability to measure the full extent of the public's demand
for funds and failure of merger negotiations, said the Toledo
"Blade" of Aug. 17, caused the directors of the three larger
institutions (the Ohio Savings Bank & Trust Co., the
Commerce Guardian Trust & Savings Bank, and the Commercial Savings Bank & Trust Co.) to vote to close at special
meetings held Saturday night, Aug. 15. The fourth institution, the American Bank, with its reserves tied up in the
Ohio Savings Bank & Trust Co. and the Commercial Savings Bank & Trust Co., faced an impossible situation,
officials said, and its directors, at a special meeting held
Sunday afternoon, voted to close. "The closing of the four
banks, following the closing of the Security-Home Trust Co.
on June 17, resulted in the tensest situation the City of
Toledo ever has faced." The same paper stated that it was
announced Monday following the closing of the four banks
that the Federal Reserve Bank in Cleveland will "go the
limit" to support banks remaining open in Toledo. We
take the following from the "Blade":
One hundred country bankers met here Sunday afternoon with Mr.
Fulton, State Superintendent of Banks, and Charles G. Saffin, Attorney
for the State Banking Department, to consider the entire banking situation.
They were assured of every co-operation of the State Banking Department.
Mr. Fulton promised the greatest speed possible by his department in
the releasing of bonds and other securities hold in closed Toledo banks for
their account, in arranging for additional reserves and currency and in
making prompt offsets of deposits and loans.
To accomplish this more than 100 members of the State Banking Department staff assembled in th3 Commodore Perry hotel Sunday night for
organization. Experts were borrowed even from neighboring States to
assist in the handling of the situation here.
-Day Limit Expires.
60
Tha 60
-day Emit imposed by some banks—following the closing of the
Security-Home Trust Co., now in the hands of the State—expired Monday.
AUG. 22 1931.1
FINANCIAL CHRONICLE
Notices filed indicated heavy withdrawals and a State of public mind
decidedly unfavorable, officials said.
Immediately after the decision to impose the 60
-day limit was decided
upon by three of the banks which Monday closed their doors, negotiations
were begun looking to a merger of the three institutions.
The merger negotiations wont ahead almost day and night from the
time they were begun, but the immense amount of detail involved in the
merger of institutions with $100,000,000 of assets was so great that they
were not concluded Saturday afternoon and final decision seemed at least
two weeks away.
Because of the state of the public mind the directors, at special meetings
held at 8 p.m. Saturday, were informed of the situation and inability to
complete the merger deal with the result that the action to close was voted.
Slate Takes Charge.
Automatically the decision to close concludes for the time being, at least.
the merger negotiations. The btate Banking Department took possession
of the banks and their branches Monday morning.
There is an inevitable round of routine necessary in connection with the
taking over of the banks by the State and it will be many days before any
decision can be reached as to the final disposition of the banks and their
assets.
The four closed banks have total resources in excess of $100,000,000 and
deposits of more than $80,000,000, the published statements of the last
bank call on June 30 showed. It was pointed out by officials of the banks
who made the announcement of the closing that the banks have more than
double the amount of cash in thair vaults necessary to handle
most situations in normal Ulnas.
Suspension of the banks was deemed the only method of conserving
the
assets for all on an equal basis and protecting depositors from the
great
wave of public hysteria now evident, bank officials said.
According to the same paper, representatives of the
Toledo League of Building & Loan Associations held a
meeting Sunday morning, Aug. 16, to determine their
course of action in the financial situation facing Toledo
with the result that the members agreed not to pay any
withdrawals until conditions warrant. The following statement was issued after the meeting:
At the meeting of the Toledo League of Building &
Savings Associations
hold this 16th day of August 1931 at 11 a. m., all of the
members of said
league agreed and concluded not to pay any withdrawals
until conditions
warrant such payments.
This action is taken for the purpose of conserving the
interests of our
clients and customers and our business and said action is due
to the unusual
financial condition existing in Toledo and vicinity at this time.
Let everybody be sensible and use good judgment.
(signed) The Auburndale Savings & Loan Co.. Columbia Savings
Association, Corn City Savings Association, Homo Building & Savings
Co., Industry Savings & Loan Co., Lumbermen's Savings
Association,
Mutual Savings Association, Northwestern Ohio Savings
Association,
Ohio Savings Association, People's Savings Association,
West Toledo
Savings Association.
1235
Early promises that some plan might be worked out for a merger to reopen the banks lacked definite leadership. George M. Jones, President of
the Ohio, was in New York, but his mission was not known to his Toledo
associates.
The city was on a strictly cash basis with little credit available from
retail establishments. Only one large department store advertised continuance of its charge department.
Rental agencies announced drastic cuts.
The "Times" of the same date said:
Full co-operation with retailers in Toledo, affected by bank suspensions,
in meeting their difficulties was promised in telegrams sent yesterday to
the Toledo Chamber of Commerce by leading trade associations representing manufacturers in the women's apparel field hero.
The organizations comprised the Associated Dress Industries of America,
the Associated Women's Apparel Industries of America and the United
Women's Wear League of America.
The telegrams were signed by M.13. Mosessohn, Executive Chairman of
the throe groups, and Sidney N. Sands, Administrative Chairman of the
first two.
"If a moratorium 113 needed on payments for merchandise already bought
and if extension of credit on new purchases is essential, both of those steps
will be taken to help the stores," said Mr. Sands.
The major life insurance companies will take the necessary steps to see
that policyholders in Toledo whose funds have become tied up will not
lose their policies during the crisis.
The Equitable Life Assurance Society has already announced a month.
of grace for premiums failing due between Aug. 17 and Sept. 17 when it
can be shown that funds would be available but for the closing of the banks.
More recent advices from Toledo, Aug. 19 to the "Wall
Street Journal," stated that banking conditions in Toledo
were back to normal and a canvass of the institutions which
have remained open showed deposits now are larger than
they were in•the previous week. The dispatch said in part:
Mayor Jackson has presented plans for an immediate bond issue of
3750,000 to provide food for the needy. The City Council already has
voted all the relief bonds it has been empowered to levy under the State law.
Common Pleas Court has granted applications to open the trust departments of the closed banks which will operate independently of the closed
departments.
Postal savings accounts are being opened in large numbers and brokerage
offices report an excellent demand for Government bonds. Merchants
and small depositors are awaiting word of plans for the organization of a
new bank. It is hoped that the recently closed banks can be taken over
by some out of town bank and the$82,000,000 in deposits made available.
A Toledo dispatch to the New York "Journal of Commerce" on Thursday, Aug. 20, stated that Grand Jury
investigation of the four Toledo banks which closed Monday
was requested late Wednesday by Municipal Judge Ira Cole
in a written demand handed to Carl J. Christensen, Lucas
Closing of the Home Savings Bank of Metamora, Ohio, on County prosecutor. The dispatch continued as follows:
The request, signed by Judge Cole, advised the prosecutor that he was
Monday, Aug. 17, was reported in dispatch to the "Blade,"
taking the action as a result of a conference with a group of depositors of
which said:
the closed banks.
Directors of the Home Savings Bank here ordered the
institution closed
Monday and turned over to the State Banking Department,
H. H. 'Fredway, President, and C. J. Malone, Cashier,
declined to
make a statement until State bank examiners arrived to take
charge.
Arum' F. Mitchell, Toledo, one of the directors of the
Ohio tiavings
Bank & Trust Co., Toledo, which also was closed Monday, also is a
director
of the Metamora bank.
Associated Press advices from Akron, Ohio, on Monday,
contained the information that 12 building and loan associations of that city and Cuyahoga Falls had that day
served their depositors with notice of temporary suspension
of withdrawals. The companies involved have deposits of
$26,000,000. A. E. Albright, Secretary of the largest, was
reported as saying:
The step is taken for the purpose of protecting the depositors.
There
is no question of insolvency and the suspension of payments is merely
temporary.
Cole's request in part said:
"A group of depositors of various banking institutions whose doors were
recently closed called upon me for assistance, and urged me to take some
action in their behalf, their claim being that if certain rumors with respect to the heavy withdrawals by several depositors just a few days before
closing were true, the facts should be presented to the local Grand Jury in
order to let our financial leaders stamp them a lie if they are false, but if
true let us have some of this Grand Judy action that has been so popular
of late in this community."
While the reply of the State prosecutor is being awaited plans are being
worked out for a general survey of the banking situation in Ohio. Bankers declare that the banks are not merely solvent but hold a large volume
of cash and other liquid assets such as sight paper carrying prime names
and Government securities.
A dispatch from Toledo on the same day (Aug. 20) by
the Associated Press contained the following additional
information:
A State survey of the banking situation went forward here to-day, as
Toledo citizens awaited the reply of Prosecuting Attorney Carl Christensen
to a request by Municipal Judge Ira Cole for a Grand Jury investigation
H. V. Shulters. President of the Cleveland Clearing 11011116 Association, Into the closing of six banks in the Toledo district.
Judge Cole's letter was delivered to Christensen with the statement from
said to-day that the closing of four Toledo banks would have no effect
the jurist that he was acting for a group of depositors in the closed inon Cleveland banks in the association. He said that all banks in
the stitutions. Christensen said he "probably" would reply to-day.
Cleveland association, representing most of the city's largest
institutions,
Theodore H. Tangeman, State Director of Commerce, meanwhile was
were in "Al" shape.
directing a
George White. He was
of the
Toledo advices to the New York "Times" on Tuesday assisted by surveyFulton.situation for Governorof Banks.
State Superintendent
Ira J.
The more than 100,000 bank customers were assured yesterday by Toledo
Aug. 18) had the following to say regarding developments
retail merchants that the closings would have no unusual effect on their
(in the Toledo banking situation:
purchasing power and that there would be no change in merchandising and
Toledo's strained banking situation, which now extends
throughout credit policies.
northwestern Ohio, settled down to-night into a position of
A special session of the State Legislature has been requested by the
watchful
waiting on the part of both banking officials and depositors.
Treasurer of Lucas County (Toledo) to provide some means whereby
New developments to-day included the closing of two more banks in taxpayers can be granted an extension of tax paying time. The State Tax
the State—the Maumee State Savings Bank (at Maumee. Ohio), with de- Commission found it bebond its powers to grant such an extension.
posits of $442,000. and the Hoytsville Banking Co. (at Hoytsville, Ohio),
Associated Press advices from Warren, Ohio, yesterday,
with deposits of more than $90.000.
W.H.Yeasting, President of the Commercial Savings Bank & Trust Co., Aug. 21, reported that the Citizens' Commercial & Savings
one of the throe large Toledo banks, which closed over the week end, also
Bank of that city had closed on that day to protect its assets,
was President of the Maumee institution.
Officials of the Toledo Trust Co.,the First National Bank and the Spitzer- and that in addition four building and loan associations had
Rorick Bank, three large banks still operating here, reported at the close posted
a requirement of 60-days' notice for deposit withof regular banking hours this afternoon that they were convinced that
any concerted "run" by depositors was over and that they had withstood drawals. The same dispatch stated that the Union Savings
yesterday's attack without damage.
& Trust Co. of Warren had closed the previous day and was
The total of new deposits during the day was greater than the total of given
over to the State Banking Department. The dispatch
formal reports from each. No lack of cash was
Withdrawals, according to
evident and this condition was backed up by reassuring statements from the in conclusion said:
Cleveland Federal Reserve Bank that additional money would be sent to
Closing of the two banks ties up approximately $3,600,000 in deposits.
Toledo if necessary. Yesterday $11,000,000 was received.
The Citizens' Commercial had deposits June 30 of $378,522. The Union
State banking officials who are in charge of these three closed institutions Savings had $3,225,604.
and of the American Bank began marshaling a small army of expert acAgain, on the same day (Aug. 21) Associated Press advices
countants and clerks to check all assets and liabilities. Little hope for an
early liquidation was expressed by Major C. W. Miller, State deputy in from Canton, Ohio, reported that the American Exchange
charge.
Bank of that city had been turned over to the
A dispatch by the Associated Press from Cleveland on the
same day (Monday) contained the following:
State Banking
1236
FINANCIAL CHRONICLE
Department on that day by its directors for liquidation.
The advices went on to say:
The directors in a statement said they expected all depositors to receive
their money in full. The last financial statement listed capital at $50,000,
surplus at $27,500 and resources at $1,200,000.
Reopening Plan for Bank of United States Ready
Shortly—Directors Offer $5,000,000—Max. D.Steuer
Working Out Final Details, Court is Told.
On Thursday of this week, Aug. 20, during argument in
the Supreme Court on the application of Joseph A. Broderick, State Superintendent of Banks for New York, for
permission to distribute a first dividend of 30% to creditors
and depositors of the closed Bank of United States of this city,
it became known that a plan for reorganization assuring to
depositors restitution of their funds in full is nearing perfection and may receive official approval within a week or ten
days. Yesterday's New York "Herald Tribune,"from which
the foregoing is taken, went on to say:
It was known that Superintendent Broderick had been preparing to issue
dividend checks by Sept. 1, but it was argued before Justice John F. Carew
that a dividend at this time would seriously interfere with the realization of
the reorganization plan. While no definite proposals have yet been submitted to the Banking Department, it was understood that department
officials had been aware of negotiations on the subject. It was declared
also that s group of the directors of the bank who are identified with the
proposal stood ready to deposit a fund of$6.000,000 with the Superintendent
of Banks as an earnest of good faith.
The suggestion that decision on the dividend application, be postponed
temporarily pending the working out of the plan was made to the Court by
Israel H. Perskin, associate counsel for Bank of United States Depositors
and Stockholders Protective Association, who declared that he was acting in
behalf of Max D. Stetter, the chief counsel for the organization. "Mr.
Stoner." said Mr. Perskin, "had telephoned to him from his Loon Lake
home that he had been working for several months on a reorganization plan
and that he hoped to be able to obtain approval of the plan within a week or
ten days."
The directors of the bank, Mr. Perskin told the court, have pledged
$5.000,000 toward the reorganization project, and a group of bankers also
was co-operating toward the realization of the proposition.
"The reorganization plan," Mr.Perskin said. "if it works out as expected,
would provide payment in full to depositors and creditors. Payment of a
dividend at present would seriously interfere with the proposal."
Max Levin, of 1 Madison Ave., representing another group, known as
the United Depositors'Committee,suggested to the Court that if a dividend
was to be declared the order should be amended to provide for a 40%
distribution instead of 30%, as the Superintendent asked. Mr. Levin said
the larger dividend would leave a $5,000,000 reserve with the Superintendent
for contingencies, which Mr. Levin thought sufficient for the purpose.
Justice Carew instructed Mr. Levin to submit his proposals in writing, as
he did all other objectors to the Superintendent's application, and then announced that he would grant eleven days for the filing or all protests, fixing
Aug. 31 as the final day. As Mr. Steuer had desired only a week's adjournment Mr.Perskin said he was satisfied.
The jurist ordered the adjournment after Carl J. Austrian, counsel for the
State Banking Department in all matters relating to the liquidation of the
bank, had represented that the proposed 30% dividend would mean the outlay of around $41,000,000, and would leave the Banking Department with
a reserve of about $17,000,000 for contingencies, a sum which the Superintendent regarded as quite necessary to meet possible obligations.
Funds Reported Pledged.
It was known that many groups had been actively working toward some
feasible reorganization program, but no definite plan had been submitted
to the Banking Department for its approval. It was understood that one
of these groups had all the necessary funds but had experienced difficulty in
obtaining sufficiently suitable personnel for the proposed new institution.
It was understood, also, that the directors of the closed bank were prepared to co-operate with any of these proposals, and stood ready to pledge
$5,000,000 toward such a plan. Mr. Steuer, however, has expressed the
belief that this sum was not enough and has by implication at least, threatened them with legal action ifthey did not bestir themselves more strenuously in behalf of some feasible reorganization program.
Mr. Broderick already has entered suit against the directors for $60,000.000 on the ground that under the law they were responsible for the bank's
collapse. Many men of means were on the board of the bank, including
Herman A. Metz, former City Comptroller; Colonel Arthur W. Little,
head of J. J. Little & Ives Company: Frank T. Hedley, head of the Interborough Rapid Transit Co.; Morris White, real estate operator, and Reuben
Sadowsky, a leader in the clothing industry.
[VOL. 133.
"No part of the cash of the Steneck Trust Co. ever disappeared.
"It is clear to me that if the Steneck Trust Co. is able to arrange to
realize on the North Bergen bonds held by it that it would be in a position,
with the cash already in the company, to put up an amount of approximately $6,500,000 in cash.
"I have been working to convert the North Bergen securities ever since
Commissioner Smith took possession, and I am assured that it will be a
short time only before these securities can be converted into cash to the
full amount.
"I am in the midst of my plan with respect to these securities and I
sincerely regret that any action for receivership has been taken.
"I have done all that I could to protect the depositors and stockholders
of the Steneck Trust Co. and will continue in my efforts.
"A matter as large as this necessarily takes time, but much time has
already gone by and I feel that I am very close to success. If I succeed
it will be to the benefit of both depositors and stockholders.
"I am sure that Commissioner Smith is both ready and willing to work
with me and the officers of the trust company. With the co-operation of
the depositors and the stockholders the bank should be rehabilitated, the
depositors paid 100 cents on the dollar, and the trust company continued
in operation.
"The Steneck Trust Co. was founded by my father, John Steneck, in
1866, and during all those years it has served the people of Hoboken and
elsewhere faithfully. Our record speaks for itself with the growth and
service which we have rendered."
Uzal Haggerty McCarter, President of the Fidelity Union
Trust Co. of Newark, N. J., died on Aug. 15 at his home,
Tower Hills Farms, Red Bank, N. J., after an illness of
three weeks. Death was due to pneumonia complicated by
neuritis. Mr. McCarter, who was 70 years of age, was born
In Newton, Sussex County, N. J. He received his A. B.
degree from Princeton in 1882, having been prepared for
college at the Newark Academy and the Pingry School in
Elizabeth. After leaving the university he was with Kidder,
Peabody & Co., brokers, in New York, until 1887, and later
for two years with the Lamboro Investment Co., in New
York.
In 1889 Mr. McCarter entered the commercial banking
business in Newark with the Fidelity Title & Deposit Co.,
which had been founded two years earlier, and subsequently
became the Fidelity Trust Co. He was named President
in 1907. When in 1920 the Fidelity Trust Co. was consolidated with the Union National Bank to form the Fidelity
Union Trust Co., Mr. McCarter became President of the
enlarged institution, the office he held at his death.
Among numerous other interests, Mr. McCarter was a
director of the Public Service Corp. of New Jersey, the
Western Electric Co., the Newton Trust Co. of Newton,
N. J., and two affiliated companies of his bank, the Fidelity
Union Stock & Bond Co. and the Fidelity Union Title &
Mortgage Guaranty Co. Of the last named institution, he
was Chairman of the Board. The deceased was a former
President of the Trust Company division of the American
Bankers' Association and of the New Jersey Bankers'
Association and a member of the University and Princeton
Clubs of New York, New York Yacht Club, Essex Club of
Newark, Rumson Country Club and Essex County Country
Club.
Albert B. Walters was recently appointed Trust Officer
and Assistant Treasurer of the Farmers' Trust Co. of Mount
Holly, N. J. The institution, which was organized in 1814,
19 capitalized at $200,000 with surplus of like amount. John
E. Darnell is President.
The Hartford "Courant" of Aug. 18 printed the following
with reference to the affairs of the defunct bank of Pallotti,
Andretta & Co., Inc., of Hartford, which on Dec. 23 last was
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. suspended by the Connecticut State Bank Commissioner:
Because of the nature of
Co.,
of
George L. Lyon, Treasurer of the Union Savings Bank of defunct private bank, any the assets thethe Pallotti, Andretta &bank Inc.,
as a
plans for
reorganization of the
on Aug.14 at his home in that place. going institution "will have to be abandoned," in the opinion of auditors
Mamaroneck, N. Y., died
Mr. Lyon, who was 83 years of age, was born in Brooklyn who are examining the receiver's accounts under authority of a court order
secured by the Depositors' Protective Committee.
and went to Mamaroneck 35 years ago.
A report, drawn up by Louis Perlysky, Maurice Stolper and Abraham
In further reference to the affairs of the closed Steneck
Trust Co. of Hoboken; N. J. (which was taken over by the
State Banking Department on June 27 last), the "Jersey
Observer," in its issue of Aug. 14, contained the following:
Depositors of the Steneck Trust Co. of Hoboken, and others are still
discussing the statement issued by President Henry Steneck the other day,
in which he said he is working on a plan for the reopening of the bank,
and believes that he is close to success. He expressed himself as certain
that depositors would be paid 100 cents on the dollar and that the bank
would be reopened for business.
His statement was as follows:
"It has been erroneously stated in the newspapers that the Steneck
Trust Co. was not a member of the Northern New Jersey Clearing House
Association. The fact is that the Steneck Trust Co. is a member of such
association and has been for a number of years. May I say that this is
only one of the many declarations that have been stated erroneously in the
newspapers about the company.
Soloman, certified public accountants, and submitted Monday (Aug. 17)
to Aaron Shechter, Chairman of the Depositors' Committee, asserts that
the assets now under control of the Merchants' Bank & Trust Co., receiver
for the closed institution, consists mainly of "slow paying loans" that will
require "a slow process of liquidation as well as involving considerable
losses."
Furthermore, the auditors maintain, the equity for the depositors after
losses and expenses have been deducted will be "considerably less" than
71%, a figure previously indicated in the appraisal of the assets to the
temporary receiver.
The statement of the auditors with the announcement that a public meeting of the depositors will be called at an early date reads as follows:
"In a preliminary report by the auditors, Messrs. Perlysky, Stolper and
Soloman, certified public accountants, to the Depositors' Protective Committee of Pallotti, Andretta & Co., Inc., it was learned that the liquid
assets, mainly in the nature of securities and first mortgages owned by the
bank prior to its closing, were hypothecated for the purpose of acquiring
the Palace Theater Building and for the purpose of making large loans from
local and New York banks to meet withdrawal demands by depositors.
AUG. 22 1931.]
FINANCIAL CHRONICLE
"The remainder of assets now under control
of the Merchants' Bank &
Trust Co., receiver for the closed institution,
consist in the main of various
parcels of property, second, third and fourth
mortgages, and other slowpaying loans, which, in view of the present
economic condition, will demand
a slow process of liquidation, as well as involvi
ng considerable losses.
"The auditors are of the opinion that any plans
whatsoever involving the
reorganization of the bank as a going institut
ion will have to be abandoned.
"It was also learned that although the
appraisal of the assets to the
temporary receiver indicated a possible 71%
equity for the depositors, the
auditors are of the opinion that, after expense
s and elimination of various
properties that were included in the apprais
al, but found to be of no
value, the amount accruing to the deposit
ors will be considerably less
than 71%.
"The committee desires to inform the
depositors that a public meeting
will be called shortly, at which time a
complete report of the auditors will
be made."
Effective Aug. 1 1931, the National
Mechanics' & Traders'
Bank of Portsmouth, N. H., capitalized
at $100,000, went
into voluntary liquidation. It was
absorbed by the First
National Bank of Portsmouth.
The Limerick National Bank of Limer
ick, Me.. with capital of $50,000, was placed in voluntary
liquidaLion as of
Aug. 6 1931. This bank was taken
over by the Fidelity
Trust Co. of Portland, Me.
A small Maryland bank, the State
Bank of Trappe, was
reported closed in the following press
dispatch from Easton,
Md., August 14, printed in the Baltimore
"Sun":
The doors of the State Bank of Trappe,
about ten miles from here, were
closed this morning following the visit
of a State bank examiner last
night.
Because this is a farming community
the bank was unable to
meet the
demands for money since many farmers
are not selling any wheat
on
account of the low prices, it was said.
Mortgages carried by the bank
when foreclosed do not compensate the
bank, since farm land is at its
lowest price.
Dr. Joseph A. Ross, of Trappe, is Preside
nt and Norman M. Leonard is
Cashier of the bank. Frank (Home Run)
Baker is one of the directors.
On Aug. 12 the Comptroller of the
Currency issued a
charter to the Logan National Bank &
Trust Co. of New
Kensington, Pa. The new institution
is capitalized at
$300,000. Philip C. King is President
and Walter S. Gabel,
Cashier.
With reference to the proposed sale of
the assets of the
Erie Avenue Bank (Hyde Park)
Cincinnati, Ohio, to the
Second National Bank of that city
(mentioned In our Aug. 8
Issue, page 899), stockholders of the
former at a recent
special meeting, adopted the recommenda
tion of the directors
to sell the bank's assets, according to the
Chacinnati "Enquirer" of August 14, which furthermore
said:
Second
1237
The receiver said that, except for the cash item,
in excess of $390,000,
and a relatively small part of the assets,
the resources of the banks are
tightly "frozen." The banks had listed assets
of $21,000,000, with deposits
of approximately $14,000,000. Among the
resources were the $2,000,000
in loans to the Bain interests, about $2,000,
000 in bank buildings and
equipment, and slightly more than $7,000,000 in
real estate loans.
The respective directors of two Tecumseh, Mich.
, banks
have approved plans for the consolidation of the
institutions,
according to a press dispatch from Tecumseh on
Aug. 18
appearing in the Toledo "Blade" of the same date.
The
banks involved are the Tecumseh State Savings
Bank and
the Lilley State Bank. The dispatch went
on to say:
Two more steps remain to be taken
before the consolidation can be
made effective: Ratification by the stockho
lders of the two banks and final
approval by the State Banking Depart
ment. Officials expect no delay
In accomplishing the merger. Both
banks will continue to operate as Individual concerns until final approval granted
is
for the consolidation.
On the night of August 15, the new 19
-story bank building
of the Old Merchants National Bank
& Trust Co. of Battle
Creek, Mich., was formally opened and
the banking offices
on its second floor, when thousands of
Battle Creek citizens,
together with leading bankers from variou
s cities of the
Middle West, and State and National offici
als, were guests
of the institution, according to the "Mich
igan Investor" of
August 15, which added:
All officers and stockholders of the bank
served on the reception committee.
Women visitors were presented with flowers
, and the men with cigars.
Entertainment was provided, and one feature
of the occasion was inspection
of the banking quarters, which now are
double the size of those ins:ected
last February, when the first unit was
opened.
On Aug. 13 the Old Nationa- l Bank of Fort
Wayne, Ind.,
changed its title to the Old First National
Bank & Trust Co.
of Fort Wayne.
The First Nashua State Ban- k, Nashua,
Iowa, was formed
recently by the consolidation of the First
State Bank and
the Nashua State Bank. The new organization
is capitalized
at $35,000 with surplus and undivided profit
s of like amount.
and has deposits of $785,000. H. M. Walle
ser is President
and J. F. Nafus, Cashier.
Effective Aug. 1 1931- First Natio
the
nal Bank of La
Moure, N. D., with capital of $50,000, went
into voluntary
liquidation. The institution was succe
eded by the First
State Bank of La Moure.
George C. Wilkerson, was unanimousl
y appointed President of the National Bank of Commerce
of Jackson, Tenn.,
at a meeting of the directors on Augus
t 12, according to a
press dispatch from that city on the
The
National, with capital of $1,000,000,
date named to the
surplus and undivided
profits of $1,055,000 and deposits in excess of
$10,000,000, now has three Jackson "News". Mr. Wilkerson, who is one
branches in addition to the main office at Ninth
of the best
and Main Streets.
known bankers in that section of the
country, succeeds the
late Col. R. S. Fletcher. He has been
A charter was granted on Aug. 13 by the
associated with the
Comptroller of
Bank of Commerce since its founding,
the Currency to the Central National Bank of
for many years as
Chardon, Ohio, Cashi
er and recently serving as Executive Vice
with capital of $50,000. W. P. Abbott heads
-President,
the new bank,
the dispatch stated.
with S. A. Jaeger as Cashier.
In a statement issued Aug. 17, Irwin T.
Gilruth, receiver
of the Bain banks of Chicago, which were
closed the early
part of June 1931, declared that more than
$2,000,000 is owed
the chain of banks by John Bain, his sons,
and the Bain
companies, and there is little hope of
recovering the amount
In full. The Chicago "Journal of Comme
rce" of Aug. 18,
from which the above information is
obtained, continuing,
said:
A new bank was opened on Monday of this
week (Aug. 17)
in Miami, Fla., under the title of the Flori
da National Bank
& Trust Co. The new bank, which was organ
ized by the
Almours Securities, Inc., of which Alfred I. duPon
t is President, is capitalized at $400,000 with surpl
us of $100,000,
and occupies the banking quarters of the
former City
National Bank at 118 East Flagler Street. Its
officers are:
Alfred I. duPont, Chairman of the Board;
Benjamin S.
Weathers, President; Oscar E. Dooly, Jr., Vice-P
resident;
J. Walter Muhlbach, Vice-President and Trust
Officer, and
Thomas E. Chambers, Cashier. The Florida "Time
s
-Union"
of August 16, from which the above informatio
n is obtained,
furthermore said in part:
In accordance with the policy of State Auditor
Nelson, Mr. Oilruth said
the facts in the case would be presented to the
State Attorney's office.
State's Attorney Swanson said he had not seen Mr.
Gilruth's statement, but
that if the facts were as reported he would have his
office make an immediate investigation.
Mr. Gilruth declared that he made the statement
as a matter of duty
and to prevent the depositors from indulging hopes of
speedy recovery of
In the opening of a bank at Miami next week, Almour
their deposits.
s Securities, Inc.,
will be taking another long step forward in advanci
He stated that most of the entire sum owed by the
ng the plans of its
Bain interests bad President, Alfred I. duPont, to locate banks in
been borrowed on unsecured loans and only a small portion
Florida cities where such
had been obtained facilities are needed.
on loans secured by collateral, the present value of
which does not indicate
Following the collapse of the boom and the subsequent
that they will pay out in full.
closing of several
scores of banks in the State, leaving many sections without
adequate bankOf the total in excess of $2,000,000, Mr. Gilruth said,
more than $500,000 ing facilities, the Board of Directors of Almours Securiti
was borrowed by the Dams within 60 days before
es, Inc., determined
State Auditor Nelson to provide such facilities where needed thus
assisting every such locality
closed the banks on June 9 for examination. The
sum of $90,000 was in its natural rehabilitation and at the same time
borrowed in the last eight days that the banks
helping to restore the
were open, Mr. Gilruth confidence of the country in the financial and
banking situation in Florida.
added.
The receiver declared he had called upon the Bain
In carrying out the plans of Mr. duPont, Almours Securities,
amounts owed on demand notes and had received no interests to pay the
Inc., has
response.
either bought control of or established the following banks in
On July 14, Mr. Gilruth asserted, Mr. Bain issued
Florida:
a statement to a
The Florida National Bank, Jacksonville, the Florida Bank at
neighborhood newspaper in which he
South Side
Orlando,
predicted that his banks the Florida National Bank at Lakeland, the
Florida National Bank at
would pay the depositors 100%. As a result, he
added, neighborhood St. Petersburg, the Florida Bank .Sz Trust Co. at Dayton
merchants began accepting cheeks on the Bain banks
a Beach, and the
in the expectation Florida National Bank at Bartow.
of their reopening.
Congratulates City.
Auditor Nelson then had called in Mr. Bain, the receive
r explained, and
William C. Hill, President of the Third National Bank of
demanded that he retract the statement. It was
Miami, yesterreported, however, that day (Aug. 15) congratulated
the city on the opening of the Florida
Mr. Bain refused to do so.
National
Bank lz Trust Co. by the Alfred I. duPont interests.
1238
[VoL. 133.
FINANCIAL CHRONICLE
the
which
of its assets. ated Press from Los Angeles on Aug. 18, from
Mr. Hill's bank Monday morning will begin liquidation
Trust Co.
of the new Florida National Bank &
foregoing is taken, went on to say:
Mr. Hill will serve as a director
believe
Montanus, also will be
Perry W. Weidner, President, in a statement said the directors
Another director of the Third National Bank, P. E.
might proceed
a director of the new institution.
the bank solvent, and closed it in order that liquidation
to depositors.
hment of the Florida Naloss
"Miami is to be congratulated on the establis
before such impairment of its assets as might cause serious
bring to this city the
available through
"The board believes that cash on hand at this time and
tional Bank & Trust Co.," Mr. Hill said. "It will
service that the Florida National conversion of bonds and other securities is sufficient to meet all deposit
same excellent and efficient banking
the Florida National group
Bank of Jacksonville and the other banks of
liabilities," the statement said.
"The reason for closing the bank may be stated as follows:
have made famous.
te holders under
pleased at the coming to our
"Recently certain representatives of a number of certifica
feel that Miamians should be especially
"I
Alfred I. duPont and his
a suit, or suits,
two trusts heretofore accepted by the bank have threatened
city of such substantial business interests as
"
for large sums based upon allegations of trust mismanagement.
associates represent.
Miami with another strong
"The opening of this new bank will furnish
evidence
which it now has. This
banking institution in addition to those
The closing of the First National Bank of Blythe, Cal., on
should go a long way toward
by Mr. duPont of confidence in the future
Aug. 12, the only financial institution in the entire Palo
encouraging other investors.
strong backing by Mr. duPont Verde Valley, Riverside County, was reported in a press
"The Florida National group with its
one of the strongest financial interests
and Almours Securities represents
Cal., on Aug. 13, appearing in the
confidence to expand during the dispatch from Riverside,
In the entire South. If they have the
n that they be- Los Angeles "Times." The dispatch said, in part:
of world-wide depression, it is an indicatio
present period
McLean, Bank
Miami and Florida will experience a
Early in the day the bank was taken in charge by C. 11.
lieve that when the depression ends
examiner
Examiner, for the State Superintendent of Banks. Later, the
greater growth and importance than ever."
that he sees no likelihood for reopening the
President of the new bank, is a Vice- issued a statement declarings.
Mr. Weathers, the
bank under present condition
Jacksonville.
Business
President of the Florida National Bank of
Its closing was said to be wholly unexpected by depositors.
y of this was at a standstill in the city and work interrupted on the ranches. Reports
Associated Press advices from Miami on Tuesda
among the
the new bank, said several residents of the valley, whose savings were counted a lifetime.
week, Aug. 18, in reporting the opening of
bank's total deposits of $171,000, had lost the accumulation of
that leaves
on the opening day were estimated by
Local merchants, seeing no immediate solution of the problem
stated that deposits
is at least half a them 100 miles from an established bank, took initial steps toward the
President Weathers at $1,250,000. "This
received in deposits establishing of a clearing house. t of the defunct bank, threw a little ray
million dollars more than any bank ever
Later, Ray Swanson, Presiden
rs was quoted as of hope into the gloomy outlook, as he announced he had obtained funds
in Florida on its opening day," Mr. Weathe
largely from per- from outside the valley and will make the money available to ranchers
saying. "In view of the fact that it came
or postal savings until Jan. 1 for harvesting crops.
sons who had funds in safety deposit boxes
ng confidence in
we take it to mean that Miamians are regaini
-PER CABLE.
ENGLISH FINANCIAL MARKET
general conditions."
The daily closing quotations for securities, &c., at London,
port, Ala., with as reported by cable, have been as follows the past week:
The American National Bank of Shreve
Thurs..
Wed.,
Tues.,
Mon.,
Sal.,
0, was placed in voluntary liquidation on
21.
capital of $300,00
Aug. 15. Aug. 17, Aug. 18. Aug. 19. Aug. 20. Aug.
the Commercial-American
12 11-16d. 12 11-16d. 12 11-16d. 12 13-164.
12%d.
June 2 last. It was succeeded by
Silver. per oz__ 12%d.
. 848.11%d.848.11%d, 84s.11%d.
Oold. p.fine oz. 84s.9%d. 84s.9Yid. 848.11,0
Bank & Trust Co. of the same city.
6756
5756
5756
57%
Ala., capitalized at
The First National Bank of Troy,
al Bank of
0, and the Farmers' & Merchants' Nation
$100,00
of $150,000, were consolidated on
that place, with capital
Farmers' & Merchants'
Aug. 14 under the title of the First
with capital of $300,000.
National Bank of Troy,
Consols,234%. 57
British 5%_-_ ____
o
British 4)4 g _ ____
French Routes 3%
(in Parls)_tr.
French War Uzi 5%
Parls)-tr- ---
57
100%
99
100%
98%
100%
99
88.20
88.40
88.80
103.80
104.00
104.50
100%
98%
88.00
104.30
100%
98%
88.50
104.30
The price of silver in New York on the same days has been:
Silver in N. y per oz.(eta.):
2754
2714
2734
27%
, Kan., capi2734
Foreign
2714
The First National Bank of Bonner Springs
on Aug.
$25,000, went into voluntary liquidation
talized at
issue of July 25 last,
COURSE OF BANK CLEARINGS.
11 1931. This bank, as noted in our
as
Bank clearings this week will again show a decrease
was absorbed by the Commercial State Bank of
page 586,
a year ago. Preliminary figures compiled by
compared with
Bonner Springs.
of
us, based upon telegraphic advices from the chief cities
the Comptroller of the the country indicate that for the week ended to-day (SatA charter was issued on Aug. 12 by
National Bank of Neligh, Neb., capitalized urday, Aug. 22), bank exchanges for all the cities of the
Currency for the
ent of the new bank and United States from which it is possible to obtain weekly
at $50,000. C. H. Ray is Presid
ponding
Cashier.
returns will be 14.8% below those for the corres
R. B. Genoways,
-
36,079,
week last year. Our preliminary total stands at
failed to open for business 431,608, against $8,103,196,352 for the same week in 1930.
Six small Nebraska State ba- nks
ted Press advices from At this center there is a loss for the five days ended Friday of
on Aug. 17, according to Associa
The institutions were the First 14.8%. Our comparative summary for the week follows:
Lincoln on that date.
Dwight State Bank of
State Bank of Pleasantdale, the
Per
Cleartngs-Returns by Telegraph.
Cent.
1930.
1931.
rd State Bank of Brainard, the Bruno
Dwight, the Braina
Week Ended Aug. 22.
Butler County Bank of Davis
53,707.623.807 54,148,000,000 -10.6
State Bank of Bruno, the
382,767,754 -34.3
251.491,566
of Leigh. The dispatch New York
Chicago
373,000.000 -14.0
City and the Leigh State Bank
321,000,000
Philadelphia
324,000,000 -16.1
272,000,000
Boston
furthermore said:
1P0,059.090 -31.8
68.207.137
H. Lulkart, Secretary of the State
Governor Charles W. Bryan and E.
said the closings were the result of
Department of Trade and Commerce,
Omaha.
recent bank suspensions in
of about 51.180,000.
The six banks had total deposits
Omaha, Neb., closed its
That the Union State Bank of
due to a "run" on the institution caused
doors on Aug. 17,
banks during the preby the failure of three other Omaha
s to the "Wall
was reported in Omaha advice
vious week,
to the dispatch, the institution
Street Journal." According
surplus of $40,000, and had
was capitalized at 8200,000 with
deposits of $1,700,000.
Cushing, Olka., capiThe Oklahoma National B- ank of
voluntary liquidation as of
talized at $50,000, went into
First National Bank
Aug. 8 1931. It was absorbed by the
of Cushing.
Los Angeles, with
The United States Nationa- l Bank of
y of
closed by its directors on Tuesda
eight branches, was
al Bank examiner was
this week, Aug. 18, and a Nation
institution, which has
placed in charge of its affairs. The
Government
no more connection with the United States
of June 30
National Bank, In a statement as
than any other
It was capitalized at
listed resources of $13,121,229.
s by the Associ$1,000,000, with surplus of $292,797. Advice
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
75,700,000
122,765,000
No longer will
87.348.711
89,752.972
78,416,234
57,153,908
33,377.742
90,200,000 -16.1
148.412,000 -17.4
report clearings
128,106.452 -31.8
138,142.898 -35.1
96,795,280 -19.0
66,336,194 -13.9
40,628,861 -17.7
Twelve cities, 5 days
Other cities, 54533
55,164.837.077
651,355.930
56,036,348,529
773.919,275
-14.4
-15.8
Total all cities, 5 days
All cities. 1 day
Total all cities for week
$5,816,193.007
1,163,238,601
56,810,267,804
1,382,928.548
-14.6
-15.8
$6,979,431,608
$8,103,106,362
-14.8
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
to-day
furnish them to-day, inasmuch as the week ends
available
(Saturday) and the Saturday figures will not be
last day
until noon to-day. Accordingly, in the above the
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
te
present further below, we are able to give final and comple
Aug. 15.
results for the week previous-the week ended
ate of
For that week there is a decrease of 24.7%, the aggreg
84, against
clearings for the whole country being 86,736,791,2
Outside of this
$8,948,738,272 in the same week of 1930.
, the bank clearings at this
city there is a decrease of 25.6%
the cities now
center recording a loss of 24.2%. We group
AUG. 22 1931.]
FINANCIAL CHRONICLE
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a contraction
of 23.9% in the Boston Reserve District of 15.8% and in the
Philadelphia Reserve District of 18.8%. In the Cleveland
Reserve District the totals are smaller by 23.6%, in the
Richmond Reserve District by 13.8% and in the Atlanta
Reserve District by 21.0. In the Chicago Reserve District
the totals show a diminution of 39.1%, in the St. Louis
Reserve District of 28.4% and in the Minneapolis Reserve
District of 24.5%. The Kansas City Reserve District
suffers a loss of 33.1%, the Dallas Reserve District of 19.2%
and the San Francisco Reserve District of 26.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
lireek Ended Aug.15 1931.
1931.
1930.
Federal Reserve Dist.
$
let Boston. ...12 cities
385,001,182
2nd New York.12 '.
4,334,132,807
3rd Philadelphial0 "
393,902,542
4th Clvveland._ 8 "
289,762,805
5th Richmond_ (1 "
131,548,627
6th Atlanta,, _11 "
107,495,272
WI Ch1Cago _ _20 "
.
487,871,562
8th St. Louis__ 7 "
112.167,724
9111 Minneapolis 7 "
84,304,040
10th KansasCity 10 "
128,768,867
11th Dallas
5 "
42,403,451
12th San Fran _ _14 "
239,432,405
Total
122 tittles
Outside N. Y. City
Canada
6,736,791,284
2
,522,765,286
32 tittles
293,050,738
3
457,150,862
5,698,691,642
486,295,629
379,157,017
152,506,377
133,844,030
801,565,011
156,691,164
111,714,155
192,388.511
52,503,206
325,143,665
Inc.or
Dec.
1929.
1928.
%
$
-15.8
535,534,531
-23.9 8,599,713,356
-18.8
562,851,579
-23.6
431,083,379
-13.8
159,549,748
-21.0
161,814,925
-39.1 1,019,537,048
-25.4
175.928,489
-24.5
140,418,353
-33.1
217,014,494
-19.2
77,266,223
-26.4
378,606,977
$
423,195,745
5,641,334,737
470,084,800
372,428,891
106,612,160
150,027,594
930,145,720
178,725,187
113,001,658
226,551,150
64,818,125
351,049,735
8,948,738,272 -24.7 12,459,319,102
3,388,936,487 -2.5.6 4,040,699,474
9,106,975,566
3,605,680,221
333.085.891 -11.1
645.608814
18.4 869 641
We now add our detailed statement, showing
last week's
figures for each city separately, for the four
years:
Week Ended Aug 15..
Clearings at
1931.
1930.
Inc. or
Dec.
$
$
First Federal Reserve Dist rict-Boston -%
Me.
-Bangor____
662,606
865,037 -23.4
le Portland
2,978,454
3,726,950 -20.1
Mass.
-Boston_ _ 343,764,825 413,281,296 -16.8
Fall River_ _ _
914,091
891.311
+2.5
Lowell
476,833
541,243 -11.0
New Bedford_
782,836
945,655 -17.2
Springfield_ _ _
3,708.430
3,996,752 -7.2
Worceder
2,412,124
3,042,776 -20.6
Conn.-Ilartfor
12,652,639
11,772,207 -7.5
New Haven_ _ _
5,670,947
6,384,675 -11.2
R.I.-Providence
10.484,500
11,105,700 -5.6
N.II.-Manches'
492,897
597,260 -17.5
Total(12 cities)
385,001,182
1929.
$
1928.
$
622,209
4,038,018
477.936,152
1.170,193
1.103,405
1,003,260
5,496,382
3,059,483
17,608,312
8,769,706
13,919,300
808,111
568,028
3.032,562
379,000.000
1,268,122
961.003
917,350
4,169,008
2.782,511
10,708,352
7,797,959
11,495,700
495,150
535,534,531
423,195,745
York
-21.1
5,691.764
4.875,506
-20.2
1,253,002
1,297,791
-21.3
71.004,118
48,839,548
+22.8
068,919
1,040,328
-31.7
1.200,864
1,152,556
-24.2 8,418,619.628 5,501,295.285
-20.9
14.621.993
10,070,614
-13.2
6,235,123
4,874,523
-8.5
4.304,576
3,598,041
-12.8
597.998
521,972
-12.8
36.235.567
29,606.287
-0.8
38.979,714
34,162.286
Total(12 cities 4,334,132,807 5,698,691,642 -23.9 8,599,713,356
5,641.334,737
Third Federal Reserve Dist rict-Philad el phia
Pa.
-A Roma__ •
578,612
1,244.392 -53.5
Bethlehem
•
3,012.012
4,745,316 -36.5
Chester
767,043
928.355 -17.4
Lancaster_ _ _
2,093.607
1,538,546 +36.1
Philadelphia__ • 371,000,000 458,000,000 -19.2
Reading
2,648,104
3,070.230 -13.7
Scranton
5,427,089
6,224,015 -12.8
Wilkes-Barre_ •
2,902,303
3,571,620 -18.7
York
1.635.772
2.159,155 -24.3
-Trenton..
N.3.
3,838.000
3,814,000 +0.7
393,902,542
Week Ended Avg. 15.
Clearings at
1931.
1930.
Inc. or
Dec.
485.205,629 -18.8
Fourth Fede r al Reserve D istrIct-Clev eland
Ohio-Akron._ .
3,172,000
5,120,000 -38.1
Canton
.
2,293,582
4,246,226 -46.0
Cincinnati__ _ .
49,964,298
56,324,929 -11.3
Cleveland_ _ _.
97,702,567 129,662.818 -24.6
Colum bus_ _ .
14.627.300
15,503.000 -5.7
Mansfield. _ .
1,444,181
1,820,850 -20.6
Youngstown_.
4,838,077
5,807,572 -16.7
-Pittsburgh. 115.720,800 160.671.622 -28.0
Pa.
1,508,437
4,742,510
973.204
1.827,846
536,000,000
2,663.808
5,847.895
3.538.725
1,919.737
3,829,408
1,535,199
4,344,450
970,156
1,833,185
444,000,000
2.931,076
4,732,600
3,044,662
1,630,381
5.063,091
562,851,579
Total(7 cities) _
112,167,724 156,691,164 -28.4 175,928,489
Ninth Federal Reserve Dis tact-Minn eapolisMinn.-D uluth_
2,830,041
5,419.581 -47.8
6,507,534
Minneapolis_
57,825.280
78.596,292 -26.5 102,454.319
St. Paul
18,029,654
21,270.769 -15.3
24,129,945
No. Dak.-Fargo
1,874,830
1,937,055 -3.3
1,923,283
S. D.
-Aberdeen
748,349
1,039,105 -28.0
1,181,357
Mont.-Billings
567,264
607,141 -6.6
615,915
Helena
2,428,622
2,844,212 -14.6
3.606.000
6,118,000
3,542,319
62.589,137
119,845,260
13,329,100
1.736.520
4,637,218
160,631.337
431.083.379
372,428,891
1,088,607
3,547,857
41,444,000
1.813.473
88,568,852
23,086,959
1,044,425
3,753,844
44.940,000
2.180,894
91,892,103
21,800.894
152.506,377 -13.8
159,549,748
185,612,160
Sixth Federal Reserve Dist act-Atlant a
Tenn.-Knoxville
3,351,583
3.687,003 -9.1
Nashville_ _ _
11,502,878
21,207.101 -45.8
Ga.-Atlanta,._
33,500.000
42,611,722 -21.4
. •1,000.000
Augusta
1,356,521 -26.3
_
Macon
729,410
1,312.685 -44.4
Fla.-Jacksonv' e
9,743,560
10.464,783 -6.9
10.052,852
Ala.- Binning' n
14,925.984 -20.3
1,041,853
Mobile
1,553.187 -33.0
Mias.-Jackson_ _
1,507,000
1,844,321 -18.3
Vicksburg - _
113,484
200.462 -43.5
34,012,647
La.New Orleans _
36,767.264 -7.5
2.625,674
21.394,444
52,266.017
1,661.532
1,364,578
12.542,817
21,627,437
1,921,888
1.835,290
252,347
44,322.901
2,640,223
20,182.691
45.754,965
1.327,387
1.859,057
11,952.524
21,389.120
1,300.536
1,773,601
267,560
41,814,921
161,814,925
Total(7 cities) _
84,304,040
379,157,017 -23.6
Fifth Federal Reserve Dist act-Mehra ondW.Va.-Iluntin'1
489,219
1,066,791 -54.1
Va.-Norfolk. _
.
2.926.298
3,806,429 -23.2
Richmond_ _
. 30,861.359
41,772.506 -20.1
1,204,638
8.C.-Charlesto[1
1,422.119 -15.3
hld.-Baltlin ore 73.940,984
81,455,310 -0.2
D.C.-WashIng'a
22,126.129
22,983,213 -3.7
Total(11 citi 1)
107,495.272
135,931,033 --21.0
178,725,187
5,617,703
72,205,418
27,091,483
1,726,012
1,350,637
644,405
3,466,000
111,714.155 -24.5
140,418,353
113,001,658
337,479
495,119
3,276,437
47,369,175
3,216,331
8,564,515
143,442.849
7,221.565
1,321,102
a
1,769,922
286,015
513,971
3,867,769
45,750.862
3,348,396
8,823,011
154,185,014
7,146,975
1,356,259
a
1,272,878
192,388,511 -33.1
217,014,494
226,551,150
Eleventh Fede ml Reserve District
-Da llasTexas-Austin....
1,402,746
1,382,655 + 1.5
Dallas
30,332,448
36,645,044 -17.2
Fort Worth_ _
5,703,456
7,695,281 -25.9
Galveston
1,886,000
3,279,000 -42.6
La.
-Shreveport.
3,078.801
3,501,326 -12.1
1,274,484
52,756,977
12.657,054
5,490,000
5,087,708
1,734,294
41,974,772
12,175.769
4,215,000
4,718,289
42,403,451
52.503,206 -19.2
77,266,223
Twelfth Feder al Reserve D 'strict-San Franci sco-Wash.-Seattle_ _
29,452,086
38,726,501 -23.9
53,684,845
Spokane
8,371,000
11,052,000 -24.3
13,303,000
Yakima
604,544
934,240 -35.3
2,480,057
Ore.
-Portland..
25,750.504
33,871,246 -23 9
40,740,158
Utah-S. L. City
12,825,549
15,089,802 -18.9
19.894,807
Calif.
-1:g Beach
4,703,518
7,577,912 -37.9
8,730,733
Los Angeles,-. No longer will report death'
go.
Pasadena
4,303,796
5,401,857 -20.4
4,971,605
Sacramento....
9,365,670
6.633.133 -58.8
7.363,754
San Diego
4 108.938
5.465,660 -24.8
5,649,830
San Francisco, 132,228,000 190,069,000 -30.4 212,385,000
San Jose
2,729.752
3,535,003 -22.8
3,754,188
Santa Barbara,
1,728,695
2,014,748 -14.2
1,870,574
Santa Monica.
1,656,453
2,107,173 -21.4
2,245,426
Stockton
1,603,900
2,065,300 -22.4
2,533,000
64,818,129
Total(10 cities)
128,768,867
45,001,927
12,719,000
1,534,137
35,567,371
16.892,984
7,743.303
5,000.974
7.439.922
4.970,647
205,134.000
3,016.867
1,508,377
2,018,326
2.501.900
Total(14 cities) 239,432.405 325,143,665 -26.4 373,606.977 351,049.735
Grand total (122
cities)
6 736,791,284 8.948.738,272 -24.7 12459319,102 9,106,975.506
OutsideNew York 2,522.765,286 3,388,936,487 -25.6 4,040,699,474 3,605,680,221
Week Ended Aug. 13.
Clearings ai
1931.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_
Peterborough_ Sherbrooke
Kitchener
Windsor
Prince Albert-.-Moncton
Kingston
Chatham
Sarnia
Sudbury
$
99,667. 05
3
86,056,573
46,509.094
15,770,367
5,206,286
4,951,674
2,896,802
3,858.464
4,768,210
2,421,126
1,728,443
2,173.353
3,911,203
3,237,815
391,020
389,689
1,506,389
.523,974
824,760
725,228
551.704
199.370
706,081
643.369
838,615
2,373,427
320.496
622,311
663,191
496.778
400,487
718,536
Total(32 cities)
296,050,725
1930.
Inc. or
Dec.
$
107,537.388
101,066,338
41,392.359
18,783,572
6,861,479
6,057,775
3,315,834
5,582,377
6,124.141
2,629.065
2.808,256
3.969.728
5,220.527
4,494,374
561,907
520,666
2.071.042
997,076
963.123
791.264
827,693
248,828
897.010
789,731
1,113,977
3,643,476
419.616
912,90
822,69
836,93
553,69
1,081,047
%
-7.3
-14.9
+12.3
-16.0
-24.1
-18.3
-12.6
-30.9
-23.1
-7.9
-38.5
-45.3
-25.1
-27.9
-30.4
-25.2
-27.3
-47.5
-14.4
-8.4
-33.3
-19,9
-21.3
-18.5
-24.7
-34.9
-23.6
-31.9
-18.4
-40.6
-27.7
-33.8
$
145,023,617
133,415.752
64,868,329
23,119.182
8.233.756
6,914,404
3,260,821
6,619,571
12,086,204
2,847,960
2,815,207
3,634,039
6,696,013
5.877.716
696,981
813.269
2,860,467
1,555,388
1,360.887
1.036.829
1,001.905
492.174
931.256
1,000,255
1,327,354
4,679.844
447,338
948.937
878,228
657,151
*800.000
3
121,283,634
119,318,695
49,287,422
20,069,370
6.630,890
5,357.415
3,437,727
6,859.229
10.163,696
2,565,744
2,421.040
3,179,739
6,709,778
6,332,812
822,283
908,427
2,864,843
1,301,301
1,302,800
1,086,261
798,279
477,034
845,604
876,436
990,932
4,855.948
507,998
903.251
894,055
969.575
752,427
333,085,891 -11.1
446,800,614
384,069,640
150,027,694
Total(8 cities)
. 289,762,305
1028.
Tenth Federal Reserve Dis trIct
-Kens as City
Nob.-Freemont_
237,802
276,195 --13.9
Hastings
331,327
584,785 --43.4
Lincoln
2,733,179
3,428,098 --20.3
Omaha
31,616,059
43,600,467 --27.5
Ran -Topeka.,.
2,275,595
3,368,618 --32.5
Wichita
4,648,662
7,504,120 --38.1
Mo.-Kan. City,
80,932,174 125,132,853 --35.4
St. Joseph__ _ _
3,808,294
5,544,546 --31.4
Col.
-Col. Spga,
1,029,368
1,323,960 --22.2
Denver
a
a
a
Pueblo
1,156,407
1,624,869 --28.8
470,084,800
6,607,000
4.553,622
67,287.27'
143.415.276
15,098,700
2,343,180
5.453.155
186,320,171
. 131,548,627
Total(6 cities)
1929.
$
Seventh Feder al Reserve D !strict-Clti CagoMich.
-Adrian _ _
164,928
160,701
i-2.6
251,392
229,371
Ann Arbor_ _ _ 659,58
815.621 --19.1
818,984
957.888
Detroit
101,606,303 137,692,642 --26.2 222.763.676 206,206,473
Grand Rapids,
4,706,119
4,572,925 +2.9
7,352,582
7,322,632
Lansing
2,622,904
3,198,649 --18.1
4,517,939
2,927,834
Ind.
-Ft. Wayne
1,544,263
3,418,498 --54.8
4,132,682
2,663.238
Indianapolis_ _ _
15,766,000
23,134,000 --31.9
22.750.000
20,184,000
South Bend__ _
962,531
2,327,269 --58.7
2,744,154
2,639,500
Terre Haute_ _ _
3,737,603
4,243,249 --11.9
4,881,861
5,377.026
Wis.-Milwaukee
22.088,240
30,461,934 --27.5
32,531,579
37,564,920
Iowa-Ced Rap's
2,313,140
3,041,708 --23.9
3,291,439
2,575,615
Des Moines
5,469,196
7,120,905 --23.2
9,334,376
9,003,000
Sioux City_ _ _
4,243,196
5,714,141 --25.8
6,309,537
6,464,341
Waterloo
674,025
1,265,697 --46.7
1,441,331
1,207,312
111's-Blooming'n
1,427,569
2,010,476 --29.1
1,828.712
1,454,609
Chicago
313,029,869 561,961,470 --44.3 681.440,971 612,812,834
Decatur
968.178
1,200,263 --19.3
1,170.866
1,189,246
Peoria
2,553,754
4,325,414 --40.9
5,550,045
4,157,304
Rockford
1,346,710
2,610.878 --46.5
3.705,593
2,961,007
Springfield. _
1,987,453
2,288,591 --13.2
2,216,329
2,247,570
Total(20 cities) 487,871,562 801,565,011 -39.1
1,019,537,048 930,145,720
Eighth Federa 1 Reserve Die trict-St. L outs.Ind.- Evansville
3,385,312
4,274,136 -20.8
4,999,438
5,232,402
Mo.-St. Louis. _
77.200,000 105,800,000 -27.0 119,300.000 126,700,000
Ky.-Louisville._
20,515,646
39.150.040 --47.6
30,438,013
32,831,037
Owensboro._ _
220,714
331,737 --33.5
285,618
268,618
Tenn.- Memphis
9,993.497
15,826,785 --36.8
16,626.742
14,389,969
111.- Jacksonville
141,808
197.331 --28.2
370,297
324.780
Quincy
710,747
1,111,135 --36.1
1,465,357
1,371,400
Total(5 cities).
457,150,362 -15.8
Second Feder al Reserve D istriet-New
N.Y.-Albany.
5.500,526
6,974,780
Bingham ptiou _
973.211
1,219,030
Buffalo
35,114,203
44,621,789
Elmira
899,775
732,552
Jamestown,
806.731
1,179.000
New York_
4,214.025,998 5,559,801,785
Rochester
8.037,707
10,159,034
Syracuse
4,034,902
4.649.885
Conn.--Stam for
3.083.416
3,371,547
N. J.-Montclal
552,683
633,753
Newark
26,931,383
30.902.027
Northern N. J
34,172,267
34.446,460
Total(10 cities I
1239
a No longer reports weekly clearings, • Estimated.
1929.
1923.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been confused and
somewhat uncertain during the present week. Alternate
periods of irregularity, strength and unsettlement have
characterized the trading, with occasional manifestations
of strength in some special issue which carried them to
higher levels. These advances were not, however, maintained for very long periods and the net changes, as a whole,
were only fractionally higher than the close of the preceding week. Rails were fairly firm on Saturday, but
moved down on profit taking during the early part of the
week. Oil shares have shown some improvement following
the restriction of production in Oklahoma and Texas, and
motor issues have shown brief periods of strength though,
as a whole, the motor group failed to hold its advances.
Specialties made some good gains on Saturday, but lost
part of the advances in the recessions during the week.
Profit taking has cropped up occasionally, but in most
cases has been quickly absorbed, making little or no impression on the price movements of the general list. Trading has been light and the daily transactions have generally
been below the average for the current month. The weekly
statement of the Federal Reserve Bank, issued after the
close of business on Thursday showed an advance of 814,000,000 in brokers' loans in this district. This is the first
increase since July 1 and brings the total up to $1,343,000,000. Call money renewed at 13 % on Monday, continued
unchanged at that rate on each and every day of the week.
Moderate advances characterized the movements of the
stock market during the two-hour session on Saturday.
Buying centered around high-grade stocks and while there
was nothing spectacular about the price changes, they were
fairly steady throughout the session with just enough short
covering to make the transactions interesting. Some profit
taking was apparent, but this did not seriously effect the
trend of the market as practically all active groups participated in the day's gains. United States Steel pushed into
new high ground for the current movement at 923;American
Telephone & Telegraph advanced over a point; Case Threshing Machine gained 5 points to 56; Woolworth about 2
points and United Aircraft was up over a point at the close.
Prices declined sharply on the New York Stock Exchange
on Monday. The slump was more severe in the stocks
that were generally active and strong during last week's
sessions. The principal changes on the side of the decline
were Air Reduction 33" points to 80; Allied Chemical & Dye
5 points to 1133; American Can 4 points to 9398; Amer.
Tel. & Tel. 43/i points to 172; Atchison 6 points to 138;
Auburn Auto 10 points to 1373; Youngstown Sheet & Tube
4 points to 42; Union Pacific 5 points to 144; Peoples Gas
43 points to 196; New York Central 33 points to 713;
General Railway Signal 3 points to 47; J. I. Case Threshing
Machine Co. 53 points to 623'; Johns-Manville 29 points
A
to 514; Ingersoll-Rand 2 points to 94; Westinghouse 25
8
4
points to 623 and Nash Motors 1% points to 269/.
Prices were moderately strong as the market opened on
Tuesday, though the changes were extremely narrow with
alternating periods of advance and recession. As the day
progressed the trend turned downward and most of the early
gains disappeared. The motor shares were extremely weak,
most of the selling centering around General Motors which
slipped back a point to 37. Oil stocks, on the other hand,
displayed considerable activity and strength in anticipation
as a result of the
of higher prices for crude oil and gasoline
wells in Texas and Oklahoma. United
closing of the flush
quarter hour and
States Steel picked up somewhat in the last
a fractional gain and just before the close adclosed with
point or more were
vances ranging from fractions to a
Can, Amer. Tel.
recorded by such active issues as American
Corporation, J. I. Case Threshing Machine,
& Tel., Radio
Union Pacific and
Johns-Manville, Westinghouse Electric,
Corporation. The losses included Atchison, duPont,
Texas
and
Western Union, New York Central, Eastman Kodak
shares were weak
International Business Machine. Railroad
previous close.
and in most cases ended the day below the
steadied someJust before the end of the session the market
day.
closed slightly higher than the bottom for the
what and
market were somewhat confused
The movements of the
fluctuated irreguand uncertain on Wednesday as prices
range. Oil stocks continued in delarly within a narrow
slowly ahead
mand as a speculative attraction and moved
the guidance of Standard Oil of California, which
under
Offerings
closed at 413-i, with a gain of nearly 2 points.
were moderately large in American Can and J. I. Case
(Vol,. 133.
FINANCIAL CHRONICLE
Threshing Machine Co. United States Steel got down to
88% during the forenoon, but improved somewhat in the
late trading and closed with a fractional loss. The principal changes on the side of the advance included such
active stocks as Air Reduction, 1 point to 81; Associated
Oil, 33' points to 239; Tide Water Associated Oil pref.,
4 points to 553; Norfolk & Western, 4 points to 165, and
New Haven pref., 4 points to 105. At the close of the
market the tone was fairly steady, with prices slightly
higher on the day. Irregularity again ruled the market
on Thursday, the trend of prices turning abruptly downward, though the market displayed occasional signs of
strength during the first hour. Oil shares were again in
demand and several of the more popular issues closed at
higher levels. Stocks closing on the side of the advance
were such popular speculative favorites as Westinghouse,
/
15i points to 63; Union Pacific, 3 points to 1449'; J. I.
Case Threshing Machine, 23/i points to 659i; Federal
Light & Traction, 2 points to 35; Norfolk & Western, 23
points to 1673'; United States Industrial Alcohol, 2.points
to 343/2, and Western Union Telegraph, 13' points to 1163'.
The closing hour showed small and irregular changes, but
the final tone was steady.
Stocks were under moderate pressure during most of the
day on Friday and closed with losses ranging from fractions
to three or more points. The selling drive extended to
practically all parts of the list. Railroad issues were fairly
late selling. Oil
strong, but were swept downward in the .
shares continued to sag due to some extent to profit taking.
Motor issues joined in the recessions and specialties yielded
with the rest of the list. The changes on the side of the
decline included among others such active issues as Air
Reduction 6 points to 76, Allied Chemical & Dye 3M points
4
to 112, Atchison 4 points to 136, Auburn Auto 43 points to
134, J. I. Case Threshing Machine 43' points to 613,
Consolidated Gas 33/i points to 92%, Western Union Tel.
43/i points to 112, Union Pacific 49 points to 140, International Business Machine 3 points to 142, Houston Oil
33'g Points to 423 and Johns-Manville 2 points to 503/3. At
the close the market was steady with the active leaders
slightly higher.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
4017. 21 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Stocks,
Number of
Shares.
Railroad.
ct Misc.
Bonds.
*900,000
•1,300,000
•1,700,000
•1,100,000
*i,ioo,000
•1,300,000
32,060,000
4,360,000
5,288,000
5,159,000
5,381,000
8,478,000
Slats.
ManiaPal a
For'n Bonds.
31,207,000
2,458,000
2,353.000
1,865,000
2,209,000
7,130,000
*7 AIM non 525 7241100 372.195.000
1930.
1931.
-No,of shares_
Stocks
Bonds.
Government bonds__
State & foreign bonds_
Railroad & misc. bonds
Total
Bond
Sales.
$158,000
591,000
233,000
114,000
249,000
544.000
$3,425,000
7.409,000
7,874.000
7.138,000
7,839,000
9,123,000
515500110 542 505 nrin
Aus.1 w due. 21.
Week Ended Aug.21.
Sales at
New York Stock
Exchange.
United
States
Bonds.
1930.
1931.
*7,400,000
9,116,440
384,477,810
563,310,560
31,889.000
12,195,000
28,724,000
$1,008,000
9,119,500
27.826,200
$101,089,400
516,153,600
1.144,778,700
$73,963,100
431,471,400
1,271,281,400
$42.808,000 837.953,700 81,782,019,700 81,776.715,900
Total bonds
• Approximate figures.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Aug. 211931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Philadelphia,
Baltimore,
Shares, Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
$1,000
11,000
1,000
1,000
4.000
3,000
14,034
17,191
27,453
18,609
14,122
3,150
101,410
$21,000
116,090
519,000
12,514
24,480
24,929
18,264
16,007
6,216
I-• t-,
&OD
, CO
.1 ... -..1.-.
01.
. .C 'CD
0 0 -,
0
0000C 0
000000
1240
315,000
13.000
15.000
13,000
18,000
688
924
1,601
1,329
1,069
700
100,859
874,000
6,311
381,100
95,119
3128,000
8,593
$44,800
THE CURB EXCHANGE.
Trading on the Curb Exchange this week was quiet and irregular with no material changes in prices. Oil stocks again
lead in point of activity. Humble Oil & Ref. ran up from 63
to 71 and reacted finally to 65. Northern Pipe Line gained
two points to 33 and Penn-Mex. Fuel 23/i points to 123/2.
South Penn Oil sold up from 163/ to 20 and closed to-day
at 183i. Standard Oil (Indiana) eased off at first from 269
4
to 253 ,then moved up to 273' with the close to-day at 26.
Standard Oil (Ohio) com. improved from 49 to 52. Vacuum
Oil advanced from 473' to 52. Gulf Oil of Pa. weakened
from 643/i to 623/s. then sold up to 699/i with the close to-day
showing a reaction to 643'. Public Utilities show few
AUG. 22 1931.]
1241
FINANCIAL CHRONICLE
and as a consequence there is a possibility ofsome resumption in the demand
for gold. At the time of writing this demand is only on a small scale.
An interesting event was the arrival to-day in London from France of a
consignment of £500,000 of bar gold, which was sold to the Bank of England.
No reason can yet be ascribed for this return of gold from France under
present exchange conditions and therefore it can only be assumed that it
has been sent for some special Purpose.
On the 31st ultimo £1,000,000 of bar gold from Australia was offered in
the open market and was secured by an unknown buyer at 84s. 11 Yid.
per fine ounce.
The shipment of bar gold which arrived from South Africa this week
amounted to £952,000, nearly all of which had been sold prior to arrival.
In the open market to-day about £95,000 from various sources was available and was disposed of at 84s. 113.1(1. per fine ounce. About £58,000 was
secured by an undisclosed buyer and £37,000 for India, the Continent and
the trade.
Movements of gold at the Bank of England during the week show a net
influx of £1,478,667. Receipts consisted of £1,970,000 in sovereigns
"released," £100,000 in sovereigns received from abroad and £577.595 in
bar gold. Withdrawals totalled £1,168,928 of which £1,044,928 was in
bar gold and £124,000 in sovereigns taken for export.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 27th ultimo to mid-day on the 1st inst.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Exports.
Imports.
Bonds (Par Value).
Stocks
£8,903,827
Australia
E1,098,333 France
(Number
2,655,504
533,077 Netherlands
British South Africa_
Foreign
of
Foreign
Week Ended
926,500
234,277 Belgium
British India
Total.
Shares).
Domestic. Government. Corporate.
Aug. 21 1931.
201.373
Switzerland
Straits Settlements and
23,500
132,846 Austria
Dependencies
155,500 $1,182,000
$55,000
$66,000 $1,303,000 Other countries
Saturday
10.900
2,337 Italy
209,855 2,512,000
145,000
59,000 2,716,000
Monday
2.273
Other countries
241,175 2,245,000
126.000
26,000 2,397,000
Tuesday
203,170 2,455,000
88.000
45,000 2,588,000
Wednesday
£12.723,877
£2,000,870
246,730 3,030.000
152.000
102,000 3,284,000
Thursday
SILVER.
234,345 3,239,000
89,000
103.000 3,431,000
Friday
Prices have shown little movement since our last letter, varying only
1,290,775 $14,663,000
$655,000
Total
$401,000 $15,719,000 between 13d. and 1334d., whch reflects the quiet state of the market
during the past week. The tone has continued steady, the small demand
Week Ended Aug. 21.
Sales at
Jan. 1 to Aug. 21.
from the Indian Bazaars to cover bear sales absorbing some selling from
New York Curb
China. American operators have not shown much interest but made a
1931.
1931.
Exchange.
1930.
1930.
few sales for near delivery.
The following were the United Kingdom imports and exports of silver
1.290,775
2,009.400
-No. of shares_
74,720,933
Stocks
101,771.080 registered from mid-day on the 27th ultimo to mid-day on the 1st inst..
Bonds.
Exports.
Imports.
$14,663,000 $11,127,000
Domestic
$534,613,000
$583,403,000
£5,545
655,000
489,000
19.268,000
21,054,000 United States of America__ £13.289 Irish Free State
Foreign Government
4,000
20,690 Madras
401,000
447,000
25,593,000
Foreign corporate
25,968,000 British India
20,167 France
1,430
Canada
5,811 Other countries
3,028
$15,719,000 $12,063,000 $628,264.000
Total
$581,635,000 Germany
5,737
Australia
7,000
Note.
-In the above tables we now give the foreign corporate bonds separately. West Indies
282
Other countries
Formerly they were included with the foreign government bonds.
changes of importance. Electric Bond & Share cam. weak5
ened from 39% to 3732, advanced to 38% and closed to-day
7
at 37. Amer. & Foreign Power warrants were off from 17%
to 15% with the close to-day at 16. Central Pub. Serv.
Corp. com. improved from 87% to 113/2. Duke Power
4
dropped on few transactions from 108 to 983 and recovered
finally to 100. N. Y. Steam, corn. receded from 723% to
69%. Industrial and miscellaneous shares were dull. Alu4
minum Co., corn. weakened from 129 to 1223 ,recovered to
1327% and reacted to 1193%, the close to-day being at 1203%.
Chatham & Phenix Allied, corn. sold up from 123% to 14 and
reacted finally to 137%. Deere & Co., corn. moved up from
21 to 22%,and dropped back to 20. Mead, Johnson & Co.,
4
corn. sold down from 783 to 74.
£72,976
£14,003
INDIAN CURRENCY RETURNS.
July 31. July 22. July 15.
(In Lacs of Rupees)
15565
15378
15223
Notes in circulation
13256
13179
13108
Silver coin and bullion in India
Silver coin and bullion out of India
1:546
LIM
1656
Gold coin and bullion in India
Aug.21 Gold coin and bullion out of India
: i
ie _
!
.
653
653
Securities (Indian Government)
1931.
Francs. Securities (British Government)
Shanghai on the 1st instant consisted of about 77,000,000
The stocks in
16,300
- ounces in sycee, 166,000,000 dollars and 1.140 silver bars, as compared
2,140 with about 77,200,000 ounces in sycee, 165,000.000 dollars and 2,100
silver bars on the 25th ultimo.
asCh a
Statistics for the month of July last .re appended.
-iii
--Bar Silver per Or. Std. Bar Gold per
Oz. Fine.
2 Mos.
2,i1EIZO Highest price
84s. 11.34d.
13'%d.
12 11-16d. 84s. 1030.
13%d
211-16d.
Lowest price
1.,:iii) Average price
13.197d.
13.1768.
84s. 11.19d.
500
Quotations during the week.
Bar Silver per Or. Std. Bar Gold per
2 Mos.
Oz. Fine.
Cash.
5;566 July 30
13 1-168.
84s. 11 d.
13 1-168.
2,300
13d.
13d.
84s. 11 d.
2,760 July 31
13d.
84s. 11
13d.
Aug. 1
2.670 Aug. 4
13 1-168.
84s. 9
13 1-168.
-- Aug. 5
.
84s. 11 d
1330.
1334d.
-.84s. 11d
13.050d.
13.050d.
Average for above five days
The silver quotations to-day for cash and two months' delivery are each
120 3-168. above those fixed a week ago.
910
480
920
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:
Aug.15 Aug.17 Aug. 1£3 Aug.19 Aug.20
1931. 1931.
1931. 1931. 1931.
Francs. Francs. Francs, Francs. Francs.
16,200 16,000 16,000 16,100
France
Bank of
1,055 1,035 1,027 1,030
Banque Nationale de Credit
2,160 2,130 2,120 2,140
Banque de Paris et Pays Bas
1,070
1,050 1,041
Banque de Union Parisienne
1,040
601
589
602
Canadian Pacific
596
15,325 15,000 14.900 15,010
Canal de Sues
2,750 2,740 2,750 2,770
Cie Distr. d'Electricite
2,920
2,900 2,880 2.890
Cie Generale d'Electricite
567
586
592
Citroen B
1,440 1,435 1,430
Comptoir Nationale d'Escompte
500
500
Coty, Inc
500
500
841
840
836
Courrieres
842
975
950
945
Credit Commerciale de France
5,390 5,350 5,380 5,380
Credit Fonder de France
2,520 2,300 2,280 2,300
Credit Lyonnais
2,750 2,740 2,740 2.760
Distribution d'Electricite la Par.
2,720 2,690 2,670 2,680
Eau: Lyonnais
821
810
810
Energie Electrique du Nord
810
1,245 1,205 1,190 1,196
Energle Electrique du LittoralFord of France
260
260
256
French Line
"iia
130
120
120
Gales Lafayette
120
HOLI900
910
900
Gas Le Bon
910
DAY
480
475
480
Kuhlmann
480
920
920
920
L'Air Liquide
930
1,495 1,498 1,495 1,495
Lyon (P. L. M.)
860
840
840
Mines de Courrieres
840
720
720
710
Mines de Lena
720
2,080 2,080 2,060
Nord RY
1,550 1,540 1,520 1,520
Paris, France
117
108
105
Paths Capital
106
1,830
1,790 1,800
Pechiney
1,800
88.20 88.40 88.80 88.90
Recites 3%
137.20 137.20 137.20 137.30
Rentes 5% 1920
105.30 105.30 105.30 105.30
Routes 4% 1917
103.80 104.00 104.50 104.30
Rentes 5% 1915
104.90 104.90 105.10 105.20
Routes 6% 1920
2,030
2.010 2,050 2,040
Royal Dutch
2,805 2,810 2,825 2,835
Saint Cobin, C. ac C
Schneider az Cie
1,180
1,170 1,175
1,160
Societe Andre Citroen
570
590
590
600
Societe Generale Fondere
340
336
335
337
176
Societe Francaise Ford
180
186
2,690
Societe Lyonnais
2,690 2,680
2,685
871
Societe Marseillaise_
860
880
885
15,100 15,000 15,000 15,000
Suez
256
247
Tubize Artificial silk prof
250
256
1,100
1,100 1,110
Union d'Electricite
1,110
510
510
Union des Mines
510
510
Wagons-Lits
175
166
163
163
1.28
-iao
Itturs
Ctiminerciaiand BItsceilantons
840
2,080
1,520
1,810
88.50
137.20
105.50
104.30
105.30
2,040
-66
333
184
15;1556
1,110
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange is closed.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug.5 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £132,034.694 on the 29th ultimo (as compared with £148,773,846 on the previous
Wednesday), and represents a decrease of £15,590,928 since Dec. 311930.
On the 30th ultimo the Bank of England raised its rate of discount from
3;i% to 4M%•
The rise in the Bank Rate and the announcement of the £50,000.000
credit placed at the disposal of the Bank of England by the Bank of France
and the Federal Reserve Bank of New York, at first had the desired effect
on the foreign exchanges and during this week there was a cessation of
the
heavy withdrawals of gold from the Bank of England. To-day,
however,
movements of the exchanges suddenly became momentarily unfavorable
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Imports.
Month.
Customs Receipts
at
New York.
Exports.
1930.
1929.
98,069,398 168,829,721
97,722,024 143,450.060
92.325,970149,485.100
95,822,991 155,150,632
94.543,804 136,372,069
95,875.509 133,176.017
15,617,549
16.700,854
20,672,440
22,811,155
19,861.973
15.596.668
29,419,142
80,684,237
81,741.943
35,436.544
28,103.378
21,949,691
1931.
1930.
1930.
1931.
87,273,807 152,812,382 94.604.323158,679.252
January
February. 83,741,723 136,999.034 91.338,302143.659.298
101,718.797 139.891.390 85.927.653143,299,600
Marsh
90,924.314148.386,031 80.714,213i32.003.459
April
83,714.133 135,023,04274,505,792 130.626,818
May
86,982.205l19.554,902 74,235,131 105,065,146
June
1931.
15,764,232
15,741,196
17.612.788
14,702,264
13.569,915
14,455,069
1930.
24.678.913
20.705.240
23.765,513
23.010,593
26.659,611
34,933,670
1929.
1930.
99,990,234 166,191,360
July
August _ _ 99.085,287 168,711,634
September 100.496,855 176,246,040
October_ - 124,376,643208,743,389
November 102,937,471 172.556,543
December_ 99.742,695 157,091,612
Total
1930.
1929.
1 16098916 1 882284359 1 075683110 1 699777188 203.106,103329,088,475
Movement of gold and silver for the twelve months:
Gold Movement at New York.
Imports.
Month.
1930.
July
AugustSeptember
October...
November
December-
13,156.577
4,592,811
5,264,013
17,825,288
21,480,117
11,317.784
1929.
1930.
I
I
1929.
773,959
30,949,716 30,001,977
706.269
14.178,797 35,314,272
780.940
14.920,507 3,974,842
30,000 3,730,667
10,613.977
1,200 30,191,332
2,950,395
72,269,793
3,562,520
1930.
1931. I
9,404,455 7,201,382
January
.
February 11,409343 14,593.919
20,320,531, 7.108,051
1ie
36,213.539 40,686.115
April
46.392,331 2,943,605
May
35,321,267, 1,584.80
Total
Exports.
Silver-New York.
Imports.
1930.
1,605,074
1,203,352
907,631
1.247.269
887,427
935,430
Exports.
1930.
2,862,830
2,881,153
2.303.494
2,635.268
2,944,421
2.772,983
1931.
1930.
1931.
8.874 5601 1.034.436 2,930.317
.
158,467 7.038.826
839.418
265,0
485,858 1,687.817
90,500 1,136.582 2,196,882
20.00
0
50,000 1.750.074 1,478.360
1,108,425 1,325,053
37.000
1931.
- -.r- 17
232,697,856 51,293,808T19,81,291 117,921,487 19,340.384174.857,796
- -
1242
FINANCIAL CHRONICLE
Bank Notes
-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
.-.42gNWC04 0,:
;Wwvogao-0.Won:.-.4.0iwa0.-044
-40.-a000,:w001,
ce..
,
p•5
..00.•=0wWW0
A.t.:00
4
::414:QCokt4gttrbioW...O1*
:....biW.WL4Vcm.,
o.O3Co .
o
ov.r.o.too,
aoogoo..o.c.8.c,s8.0.0.08o888
00000
0000boSo..00 0000 00000 oo
0000 o
July 31 1931
June 30 1931
May 31 1931
Apr. 30 1931
Mar. 31 1931
Feb. 28 1931
Jan. 31 1931
Dec. 31 1930
Nov. 30 1930
Oct. 31 1930
Sept.30 1930
Aug. 30 1930
July 31 1930
June 30 1930
May 31 1930
April 30 1930
Mar. 31 1930
Feb. 28 1930
Jan. 31 1930
Dee. 31 1929
Nov. 30 1929
Oct. 31 1929
Sept. 30 1929
Aug. 31 1929
July 31 1929
June 30 1929
May 31 1929
Apr. 30 1929
Mar. 31 1929_ ._
Feb. 28 1929
Dec. 31 1928
Nov. 30 1928
Dot. 31 1928
Sept.29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
&pr. 30 1928
Mar. 31 1028
Feb. 29 1928
Jan. 81 1028
Dec. 31 1927
•
0 7 00
. accepaace000
..
MWWpammcbaConcoentammeoMMM050.000,15
o0
OcsoacamMaac
6000Mg.MMMM000.00a000,c4000000cnacomaa
5.:•0,
0000W000-4-4000,
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
National Bank Circulation
Afloat on
Bonds.
Legal
Tenders.
8
666,594,576
665,591.438
665.889,688
866,770,878
666,682.898
664,220.805
864,451.097
667.078,250
668.033.076
668,017,935
685,853,557
664,838.833
663,528.038
665,607.070
665,719.485
665,974,780
665,107,343
684,928.197
664,468,092
683,823,167
864,115,977
661,822.047
652,823.930
649.207,990
657,764.443
662,773,570
663.328,203
663,364,517
661.924.472
659,651,580
662,904,627
663.931.957
662,705.675
680.463,912
660.518,182
658,483.423
658,732,988
661,522.450
661,127,600
662.412,992
661.481.322
659.332,017
662.380.082
8
31.911,240
31,413.008
30,709,438
31.278,173
32.566.685
33,892,703
31.939.068
31,358.445
31.011.805
32.137,965
33.414,773
32.984.335
33,025,390
32.710,398
31,933.193
31,225,248
31,066,745
31,669,548
82.115.298
34,118,073
37.465,128
38,506,768
38,564,685
38,652.573
39,707,550
41,520,872
39,651,731
38.720,772
36,750,627
35.231,759
35.877,502
36,248,802
37.446.779
37,688.747
88,299,802
88,926,224
40,887.664
39,757.992
38,814.509
36,802.227
38,250.372
38,407,517
38.623.507
Total.
$
698,505,816
897.004,446
696,599,126
698,049,051
699,249,583
698,113,508
696,390,165
698,436,695
669,944.880
700,155.900
699,268,330
697,823.188
696,553,428
698,317,468
697,652,678
697,200,028
696,174,088
696.597,745
696,583,390
697.941,24(
701,581,105
700,328,815
691,388,666
687.950,563
697.471,993
704,294,442
702,979,934
702,086,289
698.675,099
694,883,339
698.782,129
700,180,759
700,152,454
698,152.659
698,817,984
697.389,647
699,620,652
701,280,442
699,942,169
699.215,219
699,731.694
697.739,534
701.003.689
32.921,272 Federal Reserve bank notes outstanding Aug. 1 1931, secured by
lawful money. against 83.184,042 on Aug. 1 1930.
•The total bonds reported held for circulation by the U.S.T.essury were 36445,000
less, due to not having received this amount until July 11930.
Receipts at
-1 Flour.
[vol.. 133.
Wheat.
Corn.
Barley.
Oats.
Rye.
bbls.19615s.1lkush.60 Bs bush.56 lbs 5ash. 32 lbs.bush.48155. bush.56Ths.
.
.New York_ _, 203,000
901,000
3,000
75,000
Philadelphia__
38,000
108,000
44,000
1,000
Baltimore_ _ _ _
15,000
637,000
5,000
23,000
Newport News
1.000
Norfolk
56,000
New Orleans•
78,000
30,000
32,000
Galveston.,_
,
369,000
Montreal
33,0001
908,000
102,000
917,000
74,000
Boston
23,000,
501,000
12,000
Total wk. '31
391,000 3,480,000
38,000
289,000
917.000
75,000
Since Jan.1 '31 12,842,000112,381,000 1,981,000 7,771,000
19,723,000 1,903,000
Week 1939.....
472,000 6,362,000 1,060.000
24,000
140.000
31.000
SineeJan.1 '30 15,445,000195,119,000 3.076.000 3,331,000
499,000
559.000
• Receipts do not include grain passing through New Orleans for foreign
Ports
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Sat., Aug. 15 1931, are shown in annexed statement:
Exportsfrom-
Wheat.
Corn,
Bushels. Bushels.
543,000
New York
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
Quebec
Flour,
Rye.
Oats.
Bartel,.
Barrels. Bushels. Bushels. Bushels.
50.666
5,000
56,000
1,000
1,262,000
908,000
2,000
2,000
33,000
5,000
1.000
88,000
Total week 1931_ _ 2,858,000
Same week 1930 __ _
5,910,000
1,000
23,000
2.000
5,000
102,000
74,000
917,000
118.686
406,487
104.000
30,000
74,000
26,000
917.000
25.000
The destination of these exports for the week and since
July 1 1931 is as below:
r ucof.
Exports for Week
and Since
Week
July 1 toAug. 15
1931.
Barrels
United Kingdom_ 57,825
Continent
39.097
So.& Cent. Amer_ 5.000
West Indies
12,000
Brit. No. Am. Col.
....
Other countries_
4,744
Total 1931
Total 1930
Since
July 1
1931.
Fr fle..
Week
Aug. 15
1931.
L,0771.
Since
July 1
1931.
Week
Aug.1,5
1931.
Barrels.
Bushels.
Bushels.
Bushels.
444,468 1,285,000 9.120.000
266,283 1,375,000 12,134.000
94,453
1,000
28,000
122.914
2,000
24,000
2,000
962
33,809
195,000
541,000
962,889 2,858.000 21,847,000
118,666
406487 1.730_379 5.910 000 39 114 000
2.000
5 nnn
Since
July 1
1931.
Bushels.
17.000
11,000
28.000
00000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 15, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
Barley,
United Statesbush,
bush.
bush,
bush.
bush.
New York
2,016,000
1,000
95,000
65,000
58.000
"
Afloat
155.000
Boston
479.000
2.000
1,000
Philadelphia
3,231,000
25,000
105,000
5.000
U. S. Bonds Held July 31 1931 to Secure
Baltimore
6.431.000
14.000
20,000
30.000
82,000
Newport News
453,000
Bonds on Deposit
On Deposit to On Deposit to
New Orleans
2,883,000
20,000
Aug. 1 1931.
43,000
Secure
Secure Federal
115,000
Total
Galveston
6,850.000
Reserve Bank National Bank
Held.
Fort Worth
43,000
10,722,000
Notes.
827,000
Notes.
2,000
49,000
Buffalo
17,237.000
553,000
920,000
545,000
365,000
afloat
346,000
89,000
32,000
Toledo
4,385.000
7,000
246,000
28. U. S. Consols of 1930
9,000
1,000
594,157,600 594.157,600
205,000
11,000
2a, U. S. Panama of 1938
11,000
16,000
25,000
48,437.760
48,437.760 Detroit
27.607.000 6,472.000 2,083,000 1,966,000
461,000
25.709,740
2s, U. S. Panama of 1938
25,709.740 Chicago
" Afloat
1,228.000
111,000
774.000
5,078,000
43.000
215,000
849,000
88,000
Totals
668,305.100 668,305,100 Milwaukee
Duluth
87,000 1,812,000 2,231,000
25,204,000
162,000
Minneapolis
28,691,000
15.000 1,508,000 3,173,000 1,843,000
The following shows the amount of National bank notes Sioux City
34,000
1,270.000
42.000
13,000
1,000
7,850,000
afloat and the amount of legal tender deposits July 1 1931 St. Louis
51.000
633,000
6,000
6.000
Kansas City
69.000
34,671,000
18,000
72,000
92,000
and Aug. 1 1931 and their increase or decrease during the \Violate
1,689,000
3,000
Hutchinson
month of July:
6,629.000
St. Joseph. Mo
299,000
7,582.000
114.000
-Total Afloat
National Bank Notes
Peoria
3,000
45.000
668.000
Amount afloat July 1 1931
$697.004,446 Indianapolis
1,982,000
150,000
497,000
Net Increase during July
1.501,370 Omaha
17,703,000
299,000
260,000
13,000
31.000
1,107,000
225.000
On Lakes
379,000
Amount of bank notes afloat Aug. 1
3698.605,816 On Canal and River -___
223,000
43.000
Legal-Tender Notes
Total Aug. 15 1931-223,950.000 8,467.000 11.148.000 8.951.000 3.570,000
331,413,008
Amount on deposit to redeem National bank notes July 1
Total Aug. 8 1931-220,943.000 8,754,000 9,191,000 9.082,000 3,595.000
498,232
Net amount of bank notes issued In July
Total Aug. 16 1930-174.021,000 2,653,000 16,223,000 12.378.000 4,871.000
Note.
-Bonded grain not Included above: Oats. New York, 2,000 buhsels
$31,911,240
Amount on deposit to redeem National bank notes Aug. 1 1931
Buffalo. 39.000; total, 41,000 bushels, against 149.000 bushels in 1930. Barley.
Buffalo, 106,000; Duluth. 3,000: total, 109,000 bushels, against 1.442,000 bushels
York, 1.245 000
New York afloat. 752,000: BaltiBreadstuffs figures brought from page 1314.
-All In 1930. Wheat. New3,824,000; Buffalobushels;288,000; Duluth. 1,000; on Lakes,
more, 46,000; Buffalo,
afloat,
- 702,000; Canal, 1,201,000: total, 8,059,000 bushels, against 15,445,000 bushels
the statements below regarding the movement of grain
-are prepared by us In 1930.
receipts, exports, visible supply, &c.
Wheat,
Corn,
Oats,
Barley.
Rye,
from figures collected by the New York Produce Exchange.
Canadianbush.
bush,
bush,
bush.
bush.
7,810,000
837,000
443,000
802,000
the receipts at Western lake and river ports Montreal
First we give
2,186.000 9.018,000 6,020,000
ending last Saturday and since Aug. 1 for Ft. William & Pt. Arthur.41.213.000
for the week
12,415,000
Other Canadian
318,000
960.000
899.000
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes July 31 1931:
each of the last three years:
Receipts at-
Chicago
MinneapolisDuluth
Milwaukee_ _ _
Toledo
Detroit
IndianapolisSt. Louis...- Peoria
Kansas CRY
Omaha
St. Joseph.
Wichita
Sioux City-Total wk. '31
Same wk. '30
Same wk. '2
Since Aug. 1
1931
1930
Flour.
Wheat.
Cont.
Oats.
Barley. 1
Rye.
5515.19600.bush.601as.bush.5815,.bush.32 lbs.bush.481bs.bwh.56lbs.
119,000
248.000 2.548.000
346,000 1,086,000
22,000
346.000
1,312.000
546,000
151,000
211,000
829.000
2,000
78,000
74.000
5.000
18,000 1.181,000
226,000
96.000
83,000
6.000
909,000
138.000
8,000
2,000
1.000
36.000
2,000
14.000
8,000
9,000
323.000
309.000
807.000
403,000
295,000
111,000 1,184,000
106.000
4,000
79,000
98,000
74,000
179,000
51,000
.336,000
2,249.000
18,000
343,000
941,000
108.000
526,000
60,000
115.000
935.000
2.000
2,000
2,000
1.000
20,000
43.000
59.000
428.000 12.892,000
413,000 20,286,000
456,000 18,635,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 15 follow:
10,719,000 5,781,000
10,768.000 6,425.000
7,338,000 16,634.000
8,951,000 3,670,000
10,719,000 5,781,000
Total Aug. 15 1931-285,388.000 8,467,000 15,129,000 19,670,000 9,351.000
Total Aug. 8 1931_282,591,000 8,754,000 13,037.000 19,830,000 10,020,000
Total Aug. 16 1930...228,374,000 2,653,000 20,414,000 19,716.000 21,415.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 14, and since Jnly 1 1931 and 1930.
Wheat.
Exports.
2,296,000 3,439.000
988.000
198.000
4.701.000 6,872,000 1,985,000
710,000
2,747,000 10,434,000 4,487,000 1,267,000
751,000
1,306,000 57,030.000 8,671,000 10,485.000 2,772,000
1.268,000 74,254,000 12,668,000 18,661,000 5,003,000 2.168,000
4as Ann av Ana Ann 19 778 nnn 204th nnn A 696 000 2 210 Onn
Total Aug. 15 1931._ _61,438.000
3.983.000
Total Aug. 8 1931.-61,648,000
3.846.000
Total Aug. 16 1930-54,353,000
4,191.000
Summary
American
223,950,000 8,467,000 11,146,000
Canadian
61,438,000
3,983,000
North Amer.
Black Sea...
Argentina-_
Australia
India
0th. countes
Total
Week
Aug.14
1931.
Since
July 1
1931.
Corn.
Since
July 1
1930.
Week
Avg. 14
1931.
Since
July 1
1931.
Since
July 1
1930.
Bushels.
Bushels.
Bushels,
Bushels.
Bushels. Bushels,
157,000
374,000
4,428,000 40.091.000 59,138,000
20,000
340,000 12,411.000
77,000
4.680.000 9,944,000 4,216.000
1.131,000 11,730,000 7.134.000 11,905,00 70,490.000 31,357.000
1.576,000 19.504.000 8.880.000
528,000 3,872,000
806.000 2,110.000 7.840,000
880.000 7,188,000 6,014,000
12,495,000 88.965.0001 89,254,000 12,308,000 73,106,00 51,983.000
0
1243
FINANCIAL CHRONICLE
Atm 22 1931.]
-The
National Banks.
following information regarding
national banks is from the office of the Comptroller of the
•
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-The National Bank of Neligh, Nebraska
Aug. 12
President, C. H. Ray; Cashier, R. B. Genoways.
-The Central National Bank of Chardon, Ohio
Aug. 13
President. W. P. Abbott; Cashier, S. A. Jaeger.
-The Florida National Bank & Trust Co.at Miami. Fla.
Aug. 14
President, B.S.Weathers; Cashier, Thos.E.Chambers.
-The Logan National Bank & Trust Co. of New KenAug. 14
sington, Pa
President. Philip C• King; Cashier, Walter S. Gabel.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
50,000
The dividends announced this week are:
400,000
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days lulu:tee.
300,000
CHANGE OF TITLE.
-The old National Bank of Fort Wayne, Ind. to "OldAug. 13
First National Bank & Trust Co.of Fort Wayne."
VOLUNTARY LIQUIDATIONS.
50,000
-The Oklahoma National Bank of Cushing, Okla
Aug. 14
Effective Aug. 8 1931. Liquidating Agent, Loren
Crook, Cushing, Okla. Absorbed by The First
National Bank of Cushing, Okla., No. 6893.
50,000
Aug. 14
-The First National Bank of Goodland, Ind
Effective July 28 1931. Liquidating Agent, Mort
Kilgore, Goodiand, Ind. Succeeded by a new
State Bank, Goodland, Ind.
-The National Mechanics & Traders Bank of PortsAug. 12
100,000
mouth, N. H
Effective Aug, 1 1931. Liquidating Committee.
Charles H. Walker, Frank E. Brooks and Edward
Seybolt, Portsmouth, N. H. Absorbed by The
First National Bank of Portsmouth, N. H., No. 19.
50,000
-The Limerick National Bank. Limerick, Maine
Aug. 12
Effective Aug. 6 1931. Liquidating Agent, Edward
W. Cox. Absorbed by Fidelity Trust Co. of Portland, Maine.
50,000
-The First National Bank of La Moure, North Dakota..
Aug. 13
Effective Aug. 1 1931. Liquidating Agent, Paul
Adams, La Moure, N. Dak. Succeeded by First
State Bank of La Moure, N. Dak.
300.000
-The American National Bank of Shreveport, La
Aug. 13
Effective June 2 1931. Liquidating Cormittee,
M.A. McCutchen,J. A.Atkinson and Felix Waller,
Succeeded by Commercial
Shreveport, La.
American Bank & Trust Co., Shreveport, La.
25,000
-The First National Bank of Bonner Springs, Kan...
Aug. 15
Effective Aug. 11 1931. Liquidating Agent, B. I.
White, Bonner Springs, Kansas. Absorbed by Commercial State Bank,.Bonner Springs, Kansas.
Railroads (Steam).
Sept.30 Holders of rec. Aug. 31
2
Boston dc Albany (guar.)
.750. Oct. 1 *Holders of rec. Sept. 8
Chesapeake Corp., common (guar.)
-.62)4c Oct. .1 'Holders of rec. Sept. 8
Chesapeake & Ohio, common (guar.).
*3K Jan 1'32 *Holders of rec. Dec. 8
Preferred
"75e. Sept. 4 *Holders ot rec. Aug. 20
Chestnut Hill (guar.)
*31.10 Sept.10 *Holders of rec. Aug. 15
Columbus & Xenia
134 Oct. 1 Holders of rec. Sept.10a
Consolidated RR,.of Cuba,pref.(gu.)
Aug. 20 *Holders of rec. Aug. 18
'2
Delaware & Bound Brook (guar.)
*8734c Sept.10 *Holders of rec. Aug. 31 I
Erie & Pittsburgh
Phila. Germantown & Morristown ((lu.) *31.50 Sept. 4 *Holders of rec. Aug. 20
1% Oct. 1 Holders of rec. Aug. 28a
Southern Pacific Co. (guar.)
Public Utilities.
Allegheny Gas, $7 pref.-Dividend passe d.
Amer. Electric Power, $7 pref.(quar.) "21.75 Sept.16'Holders of rec. Aug. 31
2)4 Oct. 15 Holders of rec. Sept.19
Amer. Telephone & Telegraph (quar.)
Oct. 1 *Holders of rec. Sept.16
Associated Telep.& Teleg., el. A (flu.) *31
*50e. Oct. 1 *Holders of rec. Sept.16
Class A (extra)
*31
Jan 1'32 *Holders ot rec. Dec. 17
Class A (guar.)
*50c. Jan 1•32 *Holders of rec. Dec. 17
Clam A (extra)
Bangor Hydro Elec., 7% pref.(quar.).. *134 Oct. 1 *Holders of rec. Sept.10
•134 Oct. 1 *Holders of rec. Sept.10
6% preferred (guar.)
Birmingham Water Works,6% pf.(gu.) '134 Sept.15 *Holders of rec. Sept. 1
*$1.25 Nov. 2'Holders of roe. Oct. 15
Buff. Niagara & East Pow., 1st p1.
•40c. Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
*194 Sept.15 *Holders of rec. Sept. 1
Butler Water. 1st pref. (guar.)
Central Maine Power, $6 pref. (quar.).. "$1.50 Oct. I *Holders of rec. Sept.10
*1)4 Oct. 1 *Holders of rec. Sept.10
6% preferred (quar.)
*154 Oct. 1 "Holders of rec. Sept.10
7% preferred (guar.)
Central Ohio Light & Power, pref.(en.)_ *S1.50 Sept. 1 *Holders of rec. Aug. 15
*51.75 Oct. 1 *Holders of rec. Sept.11
Central Public Service, $7 pref.(qu.)
.$1.50 Oct. 1 *Holders of rec. Sept.11
$6 preferred (guar.)
Oct. 1 *Holders of recs. Sept.11
•21
$4 preferred (guar.)
Central States Power & Lt., pref.(gu.)- *21.75 Oct. 1 *Holders of rec. Sept. 5
Chic. Rapid Transit, pr. pref. A (mthly.) •650. Sept. 1 *Holders of rec. Aug. 18
*60c. Sept. 1 'Holders of rec. Aug. 18
Prior preferred B (monthly)
Citizens Gas(Indianapolis) pref.(ea.).- '1)4 Sept. 1 *Holders of rm. Aug. 20
E. St. L.& Interurb. Wat..7% Pf.(en.) *134 Sept. 1 *Holders of rec. Aug 20
Sept. 1 'Holders of rec. Aug. 29
6% preferred (guar.)
Empire Dist. El. Co.,6% pt.(monthly) 50c. Oct. 1 Holders of rec. Sept. 15
40c. Oct. 1 Holders of rec. Sept. 17
Engineers Public Service, corn
CONSOLIDATIONS.
$1.25 Oct. 1 Holders of rec. Sept.17
$5 Preferred (quar.)
100.000
31.275 Oct. 1 Holders of rec. Sept. 17
-The First National Bank of Troy, Ala
Aug. 14.
$5.50 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 17
$6 preferred (guar.)
-The Farmers & Merchants National Bank of Troy,Ala. 150.000 Houston Gulf Gas, pref. A & B (quit.).. '13.1 Sept. 1 'Holders of rec. Aug. 15
Aug. 14
Consolidated under Act of Nov. 7 1918, as amended
Huntington Water, 7% pref. (guar.)... "144 Sept. 1 *Holders of rec. Aug. 20
Feb. 25 1927. under the charter of The First Nat
Indiana Hydro Elec. Pow. pf. (guar.)._ •134 Sept.15"Holders of rec. Aug. 31
tonal Bank of Troy. No. 5593 and under the cor41.60 Oct. 1 *Holders of rec. Sept. 5
Interstate Power, $6 pref.(guar.)
porate title of "First Farmers & Merchants National
*$1.75 Oct. 1 *Holders of rec. Sept. 5
$7 preferred (guar.)
flank of Troy." with capital stock of $300,000.
*51.60 Oct. 1 *Holders of rec. Sept. 14
Kansas City Power & Light,Ist.pf.B(gu)
"2
Sept.15 *Holders of rec. Sept. 1
Laclede Gas Light, man.(guar.)
Louisville Gas& Elec.(Del.) A & B (gU.) 4334e. Sept.2 Holders of rec. Aug. 31
-Among other securities, the following, Memphis Natural Gas,common (guar.). 15c. Oct. 15 Holders of rec. Sept. 30
Auction Sales.
$1.75 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
not actually dealt in at the Stock Exchange, were sold at auction Memphis Power& Light,$7 pref.(qu.) $1.76 Oct. 1 Holders of rec. Sept. 12
$1.50 Oct. 1 Holders of rec. Sept. 12
$6 preferred (guar.)
and Buffalo on Wednesin New York, Boston, Philadelphia
u*750 Sept.24 *Holders of rec. Sept. 1
Midland United Co., pref. A (guar.)_
Sept.12 *Holders of rec. Sept. 1
Muncie Water Works,8% pref.(guar.). *2
day of this week:
Newark (Ohio) Telephone,corn.(quar.).. *$1 Sept.10 *Holders of rec. Aug. 31
*1A Oct. 10 *Holders of rec. Sept.30
Preferred (quar.)
By Adrian H. Muller & Son, New York:
New Brunswick Power. 1st preferred__ _ h*S1 Sept. 1 'Hinders of rec. Aug. 21
i per Sit. Shares. Stocks.
8 Per Sh. New England G.& E.,$726 pref.(gn.)- *51.75 Oct. 1 *Holders of rec. Aug. 31
Shares. Stocks.
• 11.375 Oct. 1 *Holders of rec. Aug. 31
common
$100 lot
$100 lot
200 Mayfair Products, Inc.$5.50 preferred (guar.)
Sept.30 Holders of rec. Sept.10
$25 lot 100 Centennial Investment Corp.,
50 S. G.Eoker Co.,Inc
New England Telep. & Teieg. (guar.).- 2
no par
$7 lot N.Y. Central Elec. Corp.,7% pf.(en.)- '134 Oct. 1 *Holders of rec. Aug. 31
Jan-Jean Witte Com.(Del.),
100
$5 lot 200 St.Louis Joint Stock Land Bank
DO par
N.Y.& Queens El. Lt.& Pr.,tom.(gu.) $1.50 Sept.14 Holders of rec. Sept. 46
of Bt. Louis, Mo
$5 lot
1)4 Sept. 1 Holders of rec. Aug. 21a
50 Finder Realty & Constr. CO
Preferred (guar.)
Northwestern Utilities, pref.(quar.).... "S2 Sept. 1 'Holders of rec. Aug. 31
*51.59 Sept. 1 *Holders of rec. Aug. 27
Prior preferred (guar.)
By R. L. Day & Co., Boston:
Sept. 15
$ per St. Ohio Public Service, 7% pref.(monthly) 58 1-3e Oct. 1 Holders of reo. Sept.15
$ per Sit. Shares. Stocks.
Shares. Stocks
50e Oct. 1 Holders of rec.
6% preferred (monthly)
7 Renaud et ae of America, OM
32
70 Boston Continental Nat. Bank,
41 2-3c Oct. 1 Holders of rec. Sept.15
.5% preferred (monthly)
& Light Associates,
17 35 Mass. Pow.
par. $20
*134 Oct. I *Holders of rec. Sept.25
preferred
291.1
2634 Orange & Rockland Elec..6% pf.
10 Grinnell Mfg.Co
.144 Oct. 1
Preferred (guar.)
834-81.4 60 Mass. Bonding & Ins. Co., par
85 Wamsutta Mills
Oregon (Wash.) Water Service. pt. triu.i *$1.50 Sept. 1 *Holders of FeO.Aug 15
$25
70
$500 Broadway Theatre let mtg.
Public Serv. of Colo.. 7% pt.(month1.7) 58 1-3c Oct 1 Holders of rec. Sept. 15a
28 TM-Utilities Corp.. pref. temp.
0 so, 1933; 3 Fitchburg & Leo500 Oct. 1 Holders of rec. Sept. 15a
6% preferred (monthly)
certificates
254
minister St. RY., trustee receipts:
41 2-3c Oct. 1 Holders of rec. Sept 156
5% preferred (monthly)
2;4 United Trust Corp., pfd. A..525 lot 18 Florence Stove Co.,common_ __ _ 15
21.50 Oct. 1 Holders of rec. Sept. 21
Puget Sound Pr.St Lt., $6 pref.(gear.)
Storage &
27 Quincy Mkt. Cold
$1.25 Oct. 15 Holders of rec. Sept.21
Prior preferred (guar.)
Bond.
Per Cent,
15
pi, Whse. Co.. common
'134 Oct. I *Holders of rec. Aug. 31
Rochester Central Power,6% pf.
$3.000 Detroit Hotel Co.6)4s, Mar.
5 Mass. Utilities Associates, pfd
rec.
1
Oct. 1
1939, coup. Mar. 1931 on
31%
5;4 flat Second & 3d Sta. Peas. Ry.(Phila.)(en.) *3.3 Sept.15 *Holders of rec. Sept.31
par $50
Holders of
Aug.
Standard Gas & Elec $4 pt.(guar.).- $1
Tacony-Palmym Bridge, corn.(guar.)._ .75e Sept.30 *Holders of rec. Sept.10
Arnold, Boston:
By Wise, Hobbs &
"75e Sept.30 *Holders of rec. Sept.10
Preferred A (quar.)
$ er Sh
$ Per Sit. Shares Stocks.
Shares. Stocks
Terre Haute Water Works, pref.(4113 '$1.75 Sept. 1 *Holders of rec. Aug. 20
*194 Sept. 1 *Holders of rec. Aug. 21
1.000 National Lignin Prod. Corp. $6 lot Texas Utilities, pref. (quar.)
10 Inman Trust Co.. Cambridge-100
10 Greenfield Tap & Die Corp. pfd. 2834 United Gas & Elec. Corp., prof.(quar.)
10
134 Oct. 1 Holders of rec. Sept. 15
6 Associated Textile Co
10 New England Grain Products
67
2Pepperell Mfg.Co
Co.,$6 pfd- ol. A
97
36 Union St. By. Co., New Bedford 8
Miscellaneous.
2 units First Peoples Trust
1 *Holders of rec. Sept. Is
14
'621.4cOct..
25 Worcester Consol. St. By. Co.
Abbott Laboratories (guar.)
$3 lot 3 special units First Peoples Trust 3
let pfd., Par $80
Abraham & Straus, Inc..corn.(No.I) '37)4c Sept.30 *Holders of rec. Sept.21
12 11-30 Notional Service Co.., pfd.
•250. Sept.30 *Holders of rec. Sept. 15
25 Great Northern Paper Co., par
Express, corn.(guar.)
Adams
34 div. on
'134 Sept.30 *Holders of rec. Sept.15
$25
Preferred ((luar.)
Bonds.
10
*60c. Sept. 1 *Holders of rec. Aug. 21
Per Cent. American Arch, corn. (guar.)
20 Murray Co.common
55,000 National Service Coe, 68.
*75e. Sept. 1 *Holders of rm. Aug. 24
New England Gas at Electric'
30
Amer. Brit. & Continental. pref. (411.)
due Dec. 1932
62
134 Sept.30 Holders of rec. Sept. 19
79 & Int. American Chain, pref.(guar.)
Assn., nor.C $5.50 Pfd
-Dividend o muted
Colortype, corn.
American
'194 Sept. I *Holders of rec. Aug. 20
By Barnes & Lofland, Philadelphia:
Preferred (guar.)
•15c. Sept.10*Holders of rec. Aug. 31
$ per Sit. Shares. Stocks.
$ per Sit. Amer. Factors, Ltd.(monthly) (go.)
Shares. Stocks.
1234c Sept. 1 Holders of rec. Aug. 15
Amer.& Gen'l Securities, com A
20 William Penn Fire Ins. Co., par
10 Corn Exo. Nat. Bk.& 'Tr. Co.,
75e Sept. 1 Holders of res. Aug. 15
$3 first preference (guar.)
88
350
9
par $20
060o Sept. 1 *Holders of rec. Sept. 5
American News (bi-monthly)
100 Robinson Publishing Co., Hat20 Corn Exo. Nat. Bk.& Tr. Co.,
Sept.30 Holders of reo. Sept. 12a
Si
American Surety Co.(guar.)
boro, Pa
871.4
100
par $20
- •194 Oct. 1 'Holders of roe. Sept.10
10
Armour & Co. of Del.. pref.(guar.).
100 Adelphis Bk.& Tr.Co.. par $10 114 2 Bucks Public Ser. Co.. common_ 40
let & 2d pref.(en.) '134 Oct. 1 *Holders of rm. Sept 20
Arnold Print Works,
Pennsylvania Academy of Fine
10 Tradeamens Nat. Bk. & Tr. Co.250
87340Sept. 1 Holders of rec. Aug. 20
Participating preferred (guar.)
Arts
17
36 Manayunk Tr. Co., par 525.... 20
Sept.30 *Holders of roe. Sept. la
*51
Investment. corn.
25 Continental-Equitable Title & 1934 17 Thomas Dawson & Co., Inc..- 2)4 Associates (guar.)
*$1.75 Sept.30 *Holders of rec. Sept. 19
Preferred
Founders Membership Penn AthTrust Co.. par 55
Sept. 15 "Holders of rec. Aug. 31
'22
Atlantic Building Trust(Boston)
letic Club
Tr. & Savings Co., par
600
100 Central
Sept.15 *Holders of roe. Aug. 31
•22
Participating pref. (guar.)
10
$10
•75e Sept. 1 'Holders of rec. Aug. 20
Bonds.
Per Cent. Baldwin Duckworth Chain (quar.)
Real Estate-Land Title & Tr.Co. 26
10
'374e Sept.30 *Holders of rec. sept.20
Baldwin Rubber,class A (guar.)
33 $500 Tredyfan Country Club,Paoli,
25 Broad St.Tr. Co., par $50
Black & Clawson, corn. & pref. (gu.)_._ '11.4 Sept. 1 'Holders of rec. Aug. 24
Pa.. 10-yr. deb. 6s. 6%, dated
60
13 Industrial Tr. Co., par $10
20e. Oct. 1 Sept. 15 to
Sept.30
Oct. 11928,registered
British Amer. Oil, reg. stock (quar.)--35
Ins. on Lives, &c., par
Pa. Co. for
20c. Oct. 1 Holders of coup. No. 6.
Coupon stock ((loan.)
67)4 2500 Rittenhouse Square Corp.. 20510
yr., inc.6s. Jan. 11946
British American Tobacco
6
North Phila. Tr. Co., par $50-200
6
-- *tclOd Oct. 6'Holders of rec. Sept. 4
Am. dep. nets. for ord. reg. shares.
513th & 15th Streets Pass. By.Co ,
Sept. I *Holders of roe. Aug. 27
*2
Budd Realty Corp.(guar.)
92m
Par $50
•250. Sept.30'Holders of rec. Sept. 10
Budd Wheel, corn. (guar.)
•194 Sept.30 *Holders of roe. Sept.10
Participating pref. (guar.)
By A. J. Wright & Co , Buffalo:
*750. Sept.30 *Holders of rec. Sept. 10
Participating pref. (extra)
*1.44 Oct. 1 *Holders of rec. Sept.15
$ per sit. Burns Bros.. pref. (guar.)
$ Per Sit. Shares. Stocks.
Shares. Stocks.
20 Zenda Gold Mines, Dar 51
Bread, Ltd.,(val.-Dividend o mitted
Angel International Corp.. par
Canada
10
20o. 500 Peterson Cobalt Mines, par 51_ 10c. Canada Iron Foundries, coin
144 Sept.15 Holders of tee. Aug. 31
10.
$1
3
Sept.15 Holders of res. Aug.81
Preferred
us Creighton Fairbanks Minim,par
hot
$1
1244
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 133.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
Canada Cement, Ltd., pref. (quar.)____ 154 Sept.30 Holders of reo. Aug. 31
South West pa. Pipe Lines (guar.)
$1
Oct. I Holders of reo. Sept. 15
Canada Malting, reg. Ws
3734o. Sept.15 Sept. 1 to Sept. 14
Starrett Corp., pref. par $50((Par.,- *750. Oct. 1 *Holders of rec. Sept. 16
Coupon shares
37340. Sept.15
Preferred $10 par (guar.)
*15o. Sept. 1 *Holders of reo. Aug. 31
Canada Permanent Mortgage (guar.).- 3
Oct. 1 Holders of reo. Sept.15
Stonega Coke & Coal (guar.)
*700. Sept. 1 *Holders of reo. Aug. 18
Canada Starch, preferred
1
.334 Aug. 15 *Holders of rec. Aug. 8
Stone & Webster, Inc. (guar.)
50o. Oct. 15 Holders of rec. Sept. 17
Canadian Internat. Invest. Tr., pf.(qtr.) 134 Sept. 1 Holders of rec. Aug. 15
Texas Corporation (guar.)
*500. Oct. 1 *Holders of reo. Sept. 4
Carter (William) Co., pref.(guar.)
Tex-O
-Kan Flour Mills, pref.(quar.)
134 Sept.15 Holders of reo. Sept.10
*134 Sept. I *Holders of reo. Aug. 15
*$1
Chesebrough Mfg.(guar.)
Sept. 11
Sept.30 *Holders of reo.
Thatcher Manufacturing, common-Div idend omitted
*500. Sept.30 *Holders of rec. Sept. 11
Extra
Thompson Products, pref.(guar.)
*134 Sept. 1 ;Holders of roe. Aug. 20
*250. Oct 1 *Holders of reo. Sept.21
Chicago Yellow Cab (monthly)
Todd Shipyards Corp.(quar.)
*31
Sept.21 *Holders of reo. Sept. 5
*2543. Nov. 2 *Holders of reo. Oct. 20
Tonawanda Share, $6.50 pr. pf. (qu.)_-* $1.625 Sept. I *Holders of rec. Aug. 20
Monthly
*25o. Dec. 1 *Holders of reo. Nov.20
Monthly
First and second preferred (quar.)
*134 Sept. I *Holders of reo. Aug. 20
Cincinnati Wholesale Grocery
*3
Sept. 1 *Holders of rec. Aug. 15
Traders Bldg. Assn. (guar.)
*154 Sept. 1 *Holders of reo. Aug. 22
2340. Oct. 1 Holders of reo. Sept. 150 Twentieth Century Fixed Trust
Cities Service Co., corn.(monthly)
*30o. Sept. I *Holders of coup. No. 3
Corn.(payable in corn. stk.)(=MY) 135 Oct. 1 Holders of rec. Sept. I5a Underwritings de Participations.Inc. B (monthly)
50. Oct. 1 Holders of reo. Sept. 150
Preferred
Class A (guar.)
*500. Sept. 1 *Holders of tea. Aug. 15
Preferred and preferred BB (mthly.). 500. Oct. 1 Holders of rec. Sept. 15a United Artists Theatre Circuit Id.(qu.)- *$1.75 Sept.15 *Holders of rec. Sept. 1
City Ice(Kansas City, Mo.), pref.(qu.). *134 Sept. 1 *Holders of reo. Aug. 15
United Common Trust Shares
• 20.44e Oct. 1 *Holders of reo. July 31
Columbus Foods, pref.-Div.omitted.
United Guaranty Corp.,corn.& 01. A(qu) *20o Aug. 15 *Holders of rec. Aug. 1
Commercial Investment Trust,com.(gu) 50o. Oct. 1 Holders of reo. Sept. Sc U. S. Banking Corp.(monthly)
'lle Sept. 1 *Holders of reo. Aug.
134 Oct. 1 Holders of reo. Sept. 50 Utility Holding Corp., pref.(guar.).- *750 Oct. I *Holders of reo. Sept.17
7% first preferred (guar.)
10
134 Oct. 1 Holders of reo. Sept. 50 Vegetlzed Food. Inc., class A-Dividend omitt ed
634% first preferred (guar.)
Cony. pref. opt. ser. 1929 (qua?.)__ (z) Oct. 1 Holders of reo. Sept. Sc Viking Pump, pref. (guar.)
*80o. Sept.15 *Holders of reo. Sept. 1
Conservative Investment. pref
*400 Oct. 1 *Holders of reo. Sept. I
Wagner Electric Corp., pref. (guar.).- *134 Oct. 1 *Holders of reo. Sept.19
Cook Paint & Varnish.class A (guar.).- *250 Sept. 1 *Holders of reo. Aug. 25
Walker (Hiram) Goodertiam & Worts,
Sept. 1 *Holders of ree. Aug. 25
Preferred (guar.)
*31
Ltd.,(guar.)
12340. Sept.15 Holders of reo. Aug. 25
*150 Sept.15 *Holders of reo. Sept. 1
Crane Co., common (guar.)
Western Maryland Dairy, pref.(qu.)
*31.50 Oct. 1 *Holders of reo. Sept. 19
l'134 Sept.15 *Holders of reo. Sept. 1
Western Pipe & Steel (guar.)
Preferred (guar.)
0500. Sept. 5 *Holders of rec. Aug. 25
Crucible Steel. pref. (guar.)
Sept.30 Holders of recs. Sept. 15a West Michigan Steel Foundry. (q1.)
134
*4334o Sept. 1 *Holders of MO. Aug. 15
Daniels St Fisher Stores, pref.(quar.)
Wolverine Brass Works, corn.(guar.).- *1
*134 Sept. 1 *Holders of rec. Aug. 28
Aug. 15 *Holders of reo. Aug. 15
Dartmouth Mfg., corn. (guar.)
111
Sept. 1 *Holders of rec. Aug. 14
Woolf Bros., Inc.. pref.(guar.)
*134 Sept. 1 *Holders of reo. Aug. 20
*134 Sept. 1 *Holders of rec. Aug. 14
Wood Newspaper Mach., pr. pf.(qtr.).- 031.75 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
*25o. Sept. 1 *Holders of rec. Aug. 25
Dinkier Hotels, class A (guar.)
Zonite Products (guar.)
.25c. Sept. 10 *Holders of reo. Sept. 2
Douglas Aircraft, Inc
*50o. Oct. 20 *Holders of rec. Sept.10
Sept.15 Holders of reo. Aug. 27
Du Pont(E.I.) de Nemours,coin.(flu.). $1
Below we give the dividends announced in previous weeks
Debenture stock (guar.)
1 34 Oct. 25 Holders of rec. Oct. 10
Economy Grocery Stores (guar.)
*250. Oct. 15 Holders of roe. Oct. 1
and not yet paid. This list does not include dividends anEdwards Dental Supply, corn.(guar.)._ *500. Sept. 1 Holders of reo. Aug. 16
nounced this week, these being given in the preceding table.
*37340 Sept.15 Holders of rec. Aug. 29
El Dorado 011 Works (qua?.)
*1234o Sept. 1 Holders of reo. Aug, 21
Ely & Walker Dry Goods, corn.(qu.)
Per
When
Books CloSed.
Empire Corporation, pref.-Dividend o mitted
Name of Company.
Cent. Payable.
Days Inclusive.
Equitable Office Bldg., corn. (guar.)- 6234c Oct. 1 Holders of rec. Sept.15
134 Oct. 1 Holders of roe. Sept.15
Preferred (guar.)
Railroads (Steam).
Federal Mining & Smelting, pref.-Divld end o mated.
Mob. Topeka & Santa Fe. corn.(guar.). 2,4 Sept. 1 Holders of reo. July 814
Filene's (William) Sons, corn.(No.1)
*250. Sept.30 Holders of reo. Sept.21
Atlanta & Charlotte Air Line Ry
*414 Sept. 1 *Holders of reo. Aug. 20
*134 Oct. 1 Holders of roe. Sept. 21
Preferred (guar.)
Baltimore dv Ohio,corn.(guar.)
1,( Sept. 1 Holders of rec. July 180
Fisher (Daniel) Stores, pref.(guar.).- l'134 Sept. 1 Holders of reo. Aug. 20
Preferred (guar.)
1
Sept. 1 Holders of reo. July 180
Gamewell Co., common (guar.)
Y750. Sept.15 Holders of reo. Sept. 5
Bangor & Aroostook. corn.(guar.)
88e. Oct. 1 Holders of rec. Aug. 31a
Preferred (guar.)
•$1.50 Sept.15 Holders of reo. Sept. 5
Preferred (guar.)
1,4 Oct: 1 Holders of roe. Aug. 31a
prof. (guar.)
*134 Sept. 1 Holders of reo. Aug. 15
Gates Rubber Co,
Boston & Providence (guar.)
*2% OeS. 1 *Holders of reo. Sept. 19
Gen'i Amer. Investors,Inc.. pref.(guar.) '134 Oct. 1 Holders of reo. Sept.18
Canadian Pacific, ordinary (quar.)--- 31,40. Oct. 1 Holders of rec. Sept. 1
Granger Mfg., pref. (guar.)
'134 Sept. 1 Holders of reo. Aug. 26
Preference
2
Oct. 1 Holders of rec. Sept. 1
*250.Sept. 1 Holders of rec. Aug. 20
Gruen Watch, common (guar.)
•1m Sept. 1 *Holders of reo. Aug. 15
Cm. N.0.& Texas Pacific, pref.(qU.)
Preferred (guar.)
*134 Nov. 1 Holders of rec. Oct. 20
Cincinnati Union Terminal, prof.(qu.)....
Oct. 1 *Holders of ree. Sept.19
Hamilton United Theatres, pref. (qu.)...
134 Sept.30 Holders of roe. Aug. 31
Preferred (guar.)
Jan.112 *Holders of rec. Doe. 19
Hancock Oil of Calif., class A & B (qtr.) *100. Sept. 1 *Holders of reo. Aug. 15
Cleveland & Pittsburgh, reg. guar.(an ) 8714e Sept. 1 Holders of reo. Aug. 100
Sc. Sept. 9 Holders of rec. Aug. 26
Hollinger Cons. Gold Mines
Special guarantee (guar)
50o. Sept. 1 Holders of reo. Aug. 10a
*134 Sept. 1 *Holders of reo. Aug. 15
Hoover & Allison Co., pref. (quar.)
Delaware & Hudson Co.(guar.)
23.4 Sept. 21 Holders of rec.
*25o. Oct. 1 *Holders of reo. Sept. 11
Hudson Motor Car (guar.)
Georgia RR.& Banking (guar.)
254 Oct. 15 Holders of ree. Aug. 280
Oct. 1
33 I-3o Sept. 1 *Holders of roe. Aug. 25
Income Shares Corp. (monthly)
Quarterly
234 Jan15'32 Holders of ree. Jan. 1
Inter-Island Steam Navigation (mthly.) *10o Aug. 81 *Holders of rec. Aug. 24
•1
Hartford & Conn. Western
Aug. 31 *Holders of rec. Aug. 20
'62340 Oct. 15 *Holders of rec. Sept.19
Internat. Harvester, corn. (guar.)
Illinois Central, coin. (guar.)
1
Sept. 1 Holders of reo. Aug. 70
Internat. Mtge. & Investment, pt. (qu.) 411.75 Sept. 1 *Holders of rec. Aug. 24
Preferred
Sept. 1 Holders of reo. Aug. 7a
750. Oct. 1 Holders of rec. Sept.150 Maine Central, Prof.
International Salt (guar.)
1.34 Sept. 1 Holders of rec. Aug. 15
(guar.)
International Silver-See note (8)
Missouri-Kansas-Texas. pref. A (gUJ--- 154 Sept.30 Holders of reo. Sept. 50
Jaeger Machine-Dividend omitted
Missouri Pacific, preferred (attar.)
1)4 Oct. 1 Holders of reo. Sept, 14a
Jantzen Knitting Mills, pref. (guar.)._ *134 Sept. 1 *Holders of rec. Aug. 25
New Orleans Texas & alextco (gust.)
1)4 Aug. 31 Holders of rec. Aug. 140
Kekaha Sugar (monthly)
*200. Sept. 1 *Holders of rec. Aug. 25
Norfolk & Western, corn.(guar.)
2,4 Seln.19 Holders of reo. Aug. 31a
Kimberly-Clark Corp.. corn. (guar.).- 62340 Oct. 1 Holders of reo. Sept. 12
North Pennsylvania (guar.)
*31 Aug. 25 *Holders of rec. Aug. 17
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.12
Pennsylvania RR.(guar.)
75e. Aug. 31 Holders of reo. Aug. la
500. Sept. 15 Holders of reo. Sept. 1
Lake Shore mines (guar.)
Pennroad Corp
200. Sept.15 Holders of reo. Aug. 140
Land & Royalty Corp., el. A (mthly.) *8 1-30 Sept. 1 *Holders of roe. Aug. 25
Pittab. Youngst.& Ashtabula, pref.(qu.) 1,4 Sept. 1 Holders of rec. Aug. 20a
2
Oct. 1 Holders of reo. Sept.15
Landed Banking & Loan (guar.)
Reading Company,first pref.(guar.)... 500, Sept.10 Holders of reo. Aug. 204
Lazarus(F. & It.) & Co., cam.(No. 1). *1234o Sept.30 *Holders of reo. Sept.21
Second preferred (guar.)
50o. Oct. 8 Holders of reo. Sept. 17a
Le Blond-Schacht Truck, pf. (guar.).- *I% Sept. I *Holders of reo. Aug. 24
St. Louis
-San Frandsco,6% pref.(go.)
1)4 Nov. 2 Holders of reo. Oct. be
134 Oct. 1 Holders of rec. Sept. 14
Lehigh Portland Cement, pref.(guar.)._
Texas & Pacific, corn. & pref.(guar.)
134 Sept.30 Holders of rec. Sept. 1.4a
750. Oct. 1 Holders of reo. Sept. 10
Lehigh Valley Coal Corp., pref. (qtr.).Union Pacific. common (guar.)
2,4 Oct. 1 Holders of reo. Sept. la
90o. Sept.30 Sept. 11 to Sept. 30
Lehigh Valley Coal Sales (an,)
Preferred
2 Oct. 1 Holders of reo. Sept. la
Liggett 6, Myers Tobacco, pref.(guar.). *134 Oct. 1 Holders of roe. Sept. 10
United N.J. RR.& Canal (guar.)
*2).4 Oct. 10 Holders of rec. Sept. 19
Lily Tulip Cup Corp., corn.(guar.).- 3734o Sept.15 Holders of reo. Sept. 1
134 Sept.30 Holders of reo. Sept. 1
Preferred (guar.)
Public Utilities.
*250. Sept. 1 Holders of rec. Aug. 25
Lincoln Stores, corn. (qu.)
Alabama Power, $7 pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
*134 Sept. 1 Molders of rec. Aug. 25
$6 preferred (guar.)
$1.50 Oct. 1 Holders of reo. Sept. 15
Taylor, corn. (guar.)
Lord &
234 Oct. 1 Holders of reo. Sept.170
85 preferred (guar.)
$1.25 Nov. 2 Holders of rec. Oct. 15
31.50 Sept. 1 Holders of rec. Aug. 26
Mahoning Investment
American Electric Power, $6 pref.(en.). *$1.50 Sept. 1 Holders of reo. Aug. 20
Matson Navigation (guar.)
'134 Aug. 15 Holders of reo. Aug. 10
Amer.Power & Light,common (guar.)._
260. Sept. I Holders of rec. Aug. 21
*134 Sept. 1 Holders of reo. Aug. 22
Mayer (0.) & Co., 1st prof. (quar.)
Amer. Water Wks.&
*2 Sept. 1 Holders of roe. Aug. 22
Second preferred (guar.)
se lot preferred (quur.)
$1.50 Oct. 1 Holders of reo. Sept. ill
*50e. Sept. 15 Holders of reo. Sept. 1
Mayflower Associates (guar.)
Associated Gas & Elec., $6 pref.(guar.) $1.50 Sept. 1 Holders of rec. July 31
MoCahan (W. J.) Sugar Refining &
$6.50 preferred (guar.)
31.625 Sept. 1 Holders of reo. July 31
*134 Sept. 1 Holders of rec. Aug. 20
Molasses. pref. (guar.)
$5 preferred (guar.)
$1.25 84314.15 Holders of rec. Aug. 14
*134 Oct. 1 Holders of ree. Sept. 20 I Associated Telep. Utilities, corn.(qua-- /2
McLellan Stores, Prof. A (guar.)
Oct. 16 Holders of rec. Sept.30
Mergenthaler Linotype (guar.)
$1.50 Sept.30 Holders of rec. Sept. 20
$6 cony. pref., series A (guar.)
31.50 Oct. 1 Holders of reo. Sept. 15
.500. Sept. 1 Holders of reo. Aug. 29 j
Merrimac Hat Corp.. corn.(guar.)
$6 cum. Prior Prof. (guar.)
$1.50 Sept.15 Holders of reo. Aug. 31
Sept. 1 Holders of rec. Aug. 29 ;
Preferred (guar.)
41
$7 cum. Prior Pref.(quar.)
$1.75 Sept.15 Holders of roc. Aug. 81
*150. Oct. 1 *Holders of reo. Sept.21 i Baton Rouge Electric Co.,$6 pref.(qu.). *31.50 Sept. 1 *Holders of rec. Aug. 14
Minnesota Mining & Mfg.(guar.)
Monroe Loan Society (N.J.) pf. A ((M.) *31.75 Sept. 1 *Holders of rec. Aug. 20
Brazilian Tr., L. & P., ord. (quar.)..... 25e. Sept. 1 Holders of rec. July 31
Morrell(John) & Co., Inc.. corn.(guar.) 750 Sept.15 Holders of rest. Aug. 27
Bridgeport Gas Light (guar.
*60o. apt.30 *Holders of rec. Sept. 16
Morison Electrical Supply- Dividend 0 mitted .
Brooklyn Edison Co. (guar.)
*2
Sept. 1 *Holders Of roe. Aug. 11
*50o Oct. 1 *Holders of roe. Sept.21
Motor Products Corp. (guar.)
Bklyn-Manhat. Tr., pref. A (qua?.)__.... 51.50 Oct. 15 Holders of rec. Oct. la
26e. Sept.15 Holders of rec. Aug. 31
National Bond & Share Corp
Preferred series A (guar.)
51.50 an15'32 Holders of roc. Dec. 310
National Casualty (Detroit) (guar.)._ _ *300 Sept.15 *Holders of reo. Aug. 31 I
Preferred series A (guar.)
$1.50 4/15131 Holders of rec. Aprl'320
Nat. Mfrs.& Stores, preferred-Dividen d Pass ed
Brooklyn Union Gas (guar.)
$1.25 Oct. 1 Holders of reo. Sept. be
*50o. Sept.10 *Holders of reo. Aug. 31
National Steel Corp. (guar.)
Buff. Niagara & East.Pow.,corn.(au.)_ *40c. Sept.30 *Holders of rec. Aug. 81
*25e. Sept.15 *Holders of rec. Aug. 31
Class A (guar.)
National Transit (guar.)
*40c. Sept.30 *Holders of rec. Aug. 31
15o. Sept. 1 Holders of reo. Aug. 18
Canada Northern Power. corn. (qua?.).... 20o. Oct. 26 Holders of rec. Sept.30
Neill Corp., common (guar.)
Neptune Meter, coin. A & B (guar.)._- *50o. Sept.15 *Holders of reo. IIIMpt. 1
Preferred (guar.)
1,4 Oct. 15 Holders of rec. Sept.30
New Bedford Investment Trust
*31 Sept. 1 *Holders of reo. Aug. 11
Canadian Hydro-Elec. Corp., pref.(qu.) 13.4 Sept. 1 Holders of reo. Aug. la
100. Oct. 15 Holders of reo. Sept. 25 . Central Ark.Pub.Serv., pref.(guar.).
Niagara Share Corp. of Md., common
134 Sept. 1 Holders of reo. Aug. 15a
$1.50 Oct. 1 Holders of reo. Sept. 18
Central Gas & Electric. pref.(quar.)__* 51.625 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Central Indiana Power. Pref.(qua?.)_ 134 Sept. 1 Holders of rec. Aug. 20
North Central Texas Oil, pref.(quar.)- 134 Oct. 1 Holders of rec. Sept. 10
0
.37340 Sept. 1 *Holders of reo. Aug. 151 Cent. Mae,, Light & Power, corn
O'Connor & Moffatt, class A (guar.)
*50o. Aug. 31 *Holders of rec. July 16
134 Sept. 1 Holders of reo. Aug. 20
Central Miss. Val. Elea. Prop., Pf.
Ogilvie Flour Mills, pref.(guar.)
Sept. 1 Holders of reo. Aug. 15
Central Public Service, class A (qua?.)
•12340 Sept.15 Holders of rec. Aug. 31
Oneida Community, common (quar.)
4%1)4 Sept.15 Holders of rec. Aug. 26
Central States Electric Corp.
*4334 a Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
7% pref. Issues of 1912 (guar.)
•134 Sept. 1 Holders of rec. Sept, 1
Osgood Co.,7% pref.(guar.)
194 Oct. 1 Holders of rec. Sept. 5
6% preferred
Pantheon Oil (guar.)
'234c. Aug. 28 Holders of rec. Aug. 18
1.34 Oct. 1 Holders of reo. Sept. 5
(guar.)
Cony. pref. opt.series 1928(guar.)
Parker Trading, coin. A & B (guar.).- *30a. Sept. 1 Holders of reo. Aug. 15
(1) Oct. 1 Holders of rec. Sept. 5
Sept.30 Holders of reo. Sept. 15
Penn Tobacco, class A (quar.)
Cony. pre:. opt. series 1929 (quar.)..._
*4
Oct. 1 Holders of rec. Sept. 5
Chic. South Shore & South Bend RR.
*25c. Oct. 1 Holders of reo. Sept. 8
Peoples Drug Stores, corn.(guar.)
Preferred A (guar.)
Preferred (guar.)
*134 Sept.15 Holders of reo. Sept. 1
194 Sept. 1 Holders of reo. Aug. 15
Cities Service Pow.& Lt.$7 pf.(quar.). 58 1-3c Sept. 15 Holders of rec. Sept. 1
Pet Milk, con- -Dividend not declared.
I.
$g preferred (quar.)
134 Oct. 1 Holders of roe. Sept. 10
Preferred (guar.)
500. Sept.15 Holders of rec. Sept. I
Premed Steel Car, preferred-Dividend o ranted
35 preferred (guar.)
414-3c Sept. 15 Holders of tee. Sept. 1
Cleveland Elec. Ilium.. pref. (guar.).
Public Investing (guar.)
200. Sept. 15 Holders of rec. Aug. 25
- 13.4 Sept. 1 Holders of reo. Aug. 154
Public Utility Holding,$3 pref.(guar.).Commonwealth & So. Corp.. corn.(qu.)..
760. Oct. 1 Holders of reo. Sent. 10
100. Sept. 1 Holders of re0. Aug. 7a
$6 preferred (guar.)
Raybestos-Manhattan Co., coin.(qu.)
400. Sept.15 Holders of reo. Aug. 31
$1.50 Oct. 1 Holders of roe. Sept. 44
Reeves (Daniel) Inc.. corn.(guar.)
Commonwealth Utilities, pref. C (guar.) 31.825 Sept. 1 Holders of rec. Aug. 20
4,3734c Sept.15 *Holders of reo. Aug. 31
Preferred (guar.)
Community Water Service, 1st pf.(qu.).. 31.75 Sept. 1 Holders of rec. Aug. 20
1
.134 Sept.15 *Holders of reo. Aug.81
Rogers Majestic Corp., el. A & B (qu.).. 30o Sept. 1 Holders of reo. Aug. 18
Connecticut Light tfc Power, COM.(guar.) •1gi
Opt. 1 Holders of reo. Aug. 15
BOXY Theatres, class A (guar.)
% preferred (guar.)
*87340 Sept. 1 *Holders of reo. Aug. 20
•134 cot. 1 *Holders of reo. Aug. 15
Ruberold Company (guar.)
53.4% preferred (guar.)
•15.i
Sept.15 *Holders of roe. Sept. 1J
*31
opt. 1 *Holders of recs. Aug. 15
St. Louis Screw & Bolt, common-Divid end o mitted.
Connecticut Power (guar.)
*52He Sept. 1 *Holders of roe. Aug. 15
Safeway Stores, Inc., common (quar.) *31.25 Oct. 1 *Holders of reo. Sent.18
Como!. Gas of N. Y.. oom.
$1
Sept.15 Holders of roe. AMC. 110
7% preferred (guar.)
Coning. Gas, Elec.. Lt.& Pow.
*134 Oct. 1 *Holders of rec. Sept. 18
(Balla6% preferred (guar.)
Common(
*134 Oct. 1 *Holders of reo. Sept. 18
guar.)
*90c. Oct. 1 *Holders of MO. Sept.15
Security Inv. & Internat. Exch.(guar.). if2
5% preferred series A (quar.)
Sept.20 *Holders of lee. Aug,31
,
Oct. I Molders of reo. Sept.15
Sheaffer(W. A.) Pen, common (extra)._ *500. Sept.15 *Holders of ree. Sept. 1
6% preferred series D (guar.)
•1,4 Oct, 1 *Holders of reo. Sept.15
Shell Union Oil Corp., pref.-Dividend o nittted .
534% preferred series E (guar.)
*1,4 Oct. I *Holders of roe. Sept.15
-Boardman Publishing, pref.- Divide nd omit ted.
Simmons
Consolidated Water of Utica (guar.).
- *50c. Sept. 1 *Holders of rec. Aug. 15
Name of Company.
AuG. 22 19311
Name of Company.
1245
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
Public Utilities (Continued).
I8 34c. Oct. 1 Holders of rec. Sept. 4a
United Corporation, corn. (quar.)
14 Oct. 1 Holders of rec. Sept. 15
Consumers Power, 7% pref. (euar.)._
75e. Oct. 1 Holders of rec. Sept. 40
Preferred (quar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (quar.)
$1.75 Sept. 1 Holders of rec. Aug. 8
United Gas Corp.. $7 prof. (quar.)
13.4 Oct. 1 Holders of rec. Sept. 15
6% preferred ((quar.)
30c. Sept. 30 Holders of rec. Aug. 31a
United Gas Improvement, eons. (quar,)_
Oct. 1 Holders of rec. Sept. 15
$1.25
$5 preferred (quar.'
$1.25 Sept.30 Holders of rm. Aug. 316
$5 preferred (quar.)
50c. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
of me. Aug. 15
United Lt. & Rys., 7% pr. p1.(mthly.)-' &81-3c Sept. 1 *Holders of rec. Aug. 15
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
•53e. Sept. 1 *Holders
6.86% prior pref. (monthly)
15
55c. Sept. 1 Holders of rec. Aug.
6.6% preferred (monthly)
"50e. Sept. 1 "Holders of rm. Aug. 15
6% prior Prof. (monthly)
55c. Oct. I Holders of rec. Sept. 15
6.6% preferred (monthly)
'134 Sept. 1 *Holders of rm. Aug. 15
United Pr. & Lt. (Kan.), pref. (quar.)
Dayton Power & Light, pref.(monthly)- *50c. Sept. 1 *Holders of rec. Aug. 20
125e. Oct. 1 Holders of rec. Sept. 5
Utilities Power dr Light, corn.(quar.)
East Kootenay Power Co.. pref. (quar.) 'P4 Sept.15 *Holders of rec. Aug. 30
150e. Oct. 1 Holders of rec. Sept. 5
Class A (quar.)
•51.50 Sept. 1 *Holders of rec. Aug. 15
Eastern Minn. Power $6 pref.(quar.)
125c. Oct. 1 Holders of rec. Sept. 5
Class B (oust.)
_ 51.625 Sept. 1 Holders of rec. Aug. 15
Eastern Shore Pub. Serv.56.50 p1.(qu.)
134 Oct. 1 Holders of rec. Sept. 5
Preferred (quar.)
51.50 Sept. 1 Holders of rec. Aug. 15
rec. Aug. 310
$6 preferred (quar.)
Virginia Elec. & Power, $6 pref. (qtr.)._ 51.50 Sept. 21 Holders of roe Aug 15
fl'( Oct. 15 Holders of rec. Sept. 15
Electric Bond & Share (In corn. stock)
'134 Sept 1 *Holders of
fly. & Elec., corn (quar)
Washington
$1.50 Nov. 2 Holders of rec. Oct. 5
MU preferred (quar.)
Sept 1 *Holders of rec. Aug. 15
*14
Preferred (quar)
$1.25 Nov. 2 Holders of rec. Oct. 5
P$5 preferred (quar.)
•14 Sept. 1 *Holders of rec. Aug. 7
pref. (quar.)
Weeling Electric,
El Paso Natural Gas, 7% pref.(quar.).. *IX Sept. 1 *Holders of rec. Aug. 22
154 Sept. 1 Holders of rec. Aug. 15
West Ohio Gas Co.,7% pmf.(quar.)
Sept. 1 *Holders of rec. Aug. 21
"1
Empire & Bay State Teleg.(quar.)
of rec. Aug. 10
50e. Sept. 1 Holders of rec. Aug. 150 Western Continental Util., el. A (qui _• y3214c Sept. I *Holders
Empire Dist. El. Co., 6% pf. linthly.).
$1.50 Sept. 1 Holders of rec. Aug. 20
tidy.) _ 66 2-3e Sept. 1 Holders of rec Aug. 150 Williamsport Water $6 pref. (quar.)
Empire Gas& Fuel Co.,8% pt. (ru
531-30 Sept. 1 Holders of roe. Aug. 15a
7% preferred (monthly)
Trust Companies.
54 1-6c Sept. 1 Holders of rec. Aug. 15a
634% preferred (monthly)
300. Sept. 15 Holders of rec. Sept. 4
Sept. 1 Holders of roe Aug. 150 Continental Bank & Trust (quar.)
50
6% preferred (monthly)
Sept.30 Holders of roe. Sept. a0
3
3714e. Oct. 1 Holders of rec. Sept. 14a Federation Bank & Trust (emu.)
Federal Light & Tract., corn.(qu.)
Dec. 31 Holders of rec. Dec. II
Quarterly
fl Oct. 1 Holders of rm. Sept. 14a
corn. stock)
Corn.(payable In
$1.50 Sept. 1 Holders of rec. Aug. 15a
Preferred (quar.)
Insurance.
30c. Sept. 1 Holders of rec. Aug. 60
Federal Water Service, class A (quar.)
Sept. 10 Holders of tee. Sept. I
North River Ins. (qual.)
*I.X Sept. 1 "Holders of rec. Aug. 15
Florida Power Corp., 7% pref. A (qu.)
'8734c Sept. 1 "Holders of rm. Aug. 15
7% pref. ($50 par) (quar.)
Miscellaneous.
*$1.25 Nov. 1 *Holders of rec. Oct. 15
Telegraph
Franklin
1.8 Sept. 1 Holders of rec. Aug. 20
Gary Railways. pref. A (quar.)
"50e Sept. 1 Holders of ree. Aug. 15
500 Sept. 1 Holders of rec. Aug. 150 Abbotts Dairies, corn. (quar.)
Gas & Elee. Securities Co., corn.(mttilY.)
"14 Sept. 1 Holders of rec. Aug. 15
First and second pref. (quar.)
14 Sept. 1 Holders of rec. Aug. 150
com.(payable in corn, stock)
pf. (qu.)
134 Oct. 1 Holders of rec. Sept. 15
Agnew-Surpass Shoe stores.
581-30 Sept. 1 Holders of rec. Aug. 15a
Preferred (monthly)
100. Sept. 18 -Holders of rec. Aug. 310
04 Sept. 1 Holders of rec. Aug. 150 Allegheny Steel, cont. (monthly)
Gas Securities Co.. corn. (monthly)._
•14 Sept. 1 Holders of roe. Aug. 15
Preferred (quar.)
Sept. 1 Holders et rec. Aug. 15a
Preferred (monthly)
Holders of rec. Nov. 13
oc.
'154
Preferred (ouar.)
r74c Oct. 1 Holders of roe. Aug. 315
Gen. Gas & Elec. corn. A & B (qu.)
114 Sept. 1 Holders of roc Aug 20
51.50 Sept.15 Holders of rec. Aug. 141 Alliance Realty, Preferred ((Mr.)
$6 cony. pref. A & 13 (quar.)
1 4 Doe 1 Holders of roe Nov 2()
Preferml (guar 1
$2 Oct. 1 Holders of roe. Aug. 310
$8 preferred A (quar.)
"3734c Sept. 16 *Holders of rec. Aug. 31
$1.75 Oct. 1 Holders of rec. Aug. 310 Aluminum Industries (quar.)
$7 preferred A (quar.)
1 34
' Sept. 1 *Holders of rec. Aug. 15
Aluminum, I.td., 6% pref. (quar.)
Green Mountain Power, $6 pref.(qu.) "51.50 Sept. 1 'Holders of rec. Aug. 15
oom.(qU) *500. Sept.30 *Holders of me. Sept. 15
Aluminum Manufaetures, Ino.,
Oct. 5 Holders of rec. Sept. 25
4
Hannibal Bridge
*50o. Dec. 31 *Holders of roe. Dee. 15
Common ((mar.)
54 Oct. 5 Holders of rec. Sept. 25
Extra
Sept.31 'Holders of rec. Sept.15
Preferred (Oust.)
134 Sept.
Holders of rec. Aug. 20
Illinois Water Service. pref.(mar.)
Dee. 31 *Holders of rec. Dee. 15
Preferred (guar.)
lit Sept.
Holders of rec. Aug. 15
Indiana Service Corp., 7% prof.(qu.)- 50c. Oct. 1 Holders of rec. Sept. 100
Amer. Bank Note,common (quar.)
14 Sept.
Holders of rec. Aug. 15
6% preferred (quar.)
75e. Oct. 1 Holders of rec. Sept. 100
Preferred (quar.)
154 Oct.
Holders of rec. Sept. 12a
Indianapolis Water, 5% pref. A (quar.)_
Aug.
Amer. Capital Corp., prior pref. (quar.).. 51.375 Sept. 1 Holders of roe. Sept. 15
Sept. 'Holders of rec. Aug. 19
"$1.
Keystone Telephone, $4 pref. (quar.)
120
500. Oct. 1 Holders of rec.
American Chicle (quar.)
'134 Sept. *Holders of rec. Aug. 14
Key West Elec. Co., pref.(quar.)
250. Oct. 1 Holders of rec. Sept. 120
Extra
Holders of rec. Aug. 15
Lake Superior Dist. Pow., 7% pt. (qu.) 134 Sept.
Sept. 1 *Holders of rec. Aug. 21
'2
American Dock. pref. (quar.)
14 Sept.
Holders
'cc. Aug. 15
6% preferred (quar.)
Sept. 1 •Ilolders of rec. Aug 30
kmerIcan Envelope, 7% pref. quiar.)_
14 Sept.
Holders of rec. Aug. 20
Lexington Water Co., pref. (quar.)
•14./ Dec. 1 *Holders of rec Nov
7% preferred (quar.)
•$3.50 Sept.3 "Holders of rec. Sept. 30
Lockhart Power, preferred
25c. Sept 30 Holders of tee. Sept. lfia
Amer. Ilawallan Steamship.(quar.)..
Sept. 'Holders of rec. Aug.20
Water Co.(quar.)
Middlesex
25e. Dec. 31 Holders of rec. Dec. lea
Quarterly
'43540 Sept. I *Holders of rec. Sept. 5
Middle West Teton., corn. A (quar.)
35e. Sept. 1 Holders of rec. Aug. 140
American Horne Products(monthly)
Milwaukee Elec. Sty. & Light
Holders of rec. Sept. 14a
.
.
Sept.
*Holders of rec. Aug. 15
Monthly
'13.4
0% pref.. series 01 1021 (guar.)
•50c. Sept. 1 *Holders of reo. Aug. 25
American Hosiery (quan)
Monongahela West Penn Pub. Serv.$1.50 Oct. 26 Holders of rec. Oct. 20
American Ice, preferred (quar)
434c Oct.
Holders of rm. Sept. 15
7% preferred (quar.)
'500. Sept. 1 *Holders of tee. Aug. 20
Amer. Laundry Machinery (quar.)
.60e. Oct.
'Holders of roe. Sept. 9
Mount Holly Water
250. Sept.30 Holders oi roe. Sept. 116
08e. Aug. 3 *Holders of rec. Aug. 18
Amer. Locomotive, Com.(guar.)
Mutual Telep.(Hawaii) (monthly)
114 Sept.30 Holders of rec. Sept. lla
*5c. Sept.
Preferred (guar.)
*Holders of rec. Aug. 25
National Gas (monthly)
14 Sept. 1 Holders of rec. Aug. 210
American Metal, pref. (Uttar.)
*e10 Sept. "Holders of rec. Aug. 25
Stock dividend
lit OM. 1 Holders of rec. Sept. 15,
25c. Sept.
Holders of rec. Aug. 80 American Optical Co.. 1st pref.((quar.)
National Power & Light, common (qu.)_
lit Dec. 31 Holders of rec. Del. 200
First preferred (quar
40e. Sept. 1
Holders of rec. Aug. 27
National Public Service, corn. A (auar.)_
400. Sept.
American Radiator & Standard
fielders of rec. Aug. 10
Common 11 (quar.)
150. Sept.30 Holders oi rec. Sept. ha
87340 Sept.
Sanitary Corp.. common (atm.)
Holders of rec. Aug. 10
$3.50 Preferred (guar.)
Holders of rec. Aug. 15a
14 Sept.
Preferred (quar.)
Holders of rec. Aug. 15
Nebraska Power Co., 7% pref. (quar.)_
Holders of rm. Aug. 70
14 Sept.
Amer.Smelting & Refining. pref. (qu.)
Holders of rec. Aug. 15
6% preferred (quar.)
Sept.S °t 11
1
11 44 Sept, 1 Holders of ree. Aug. 7a
.
lit Sept.
Second preferred (guar.)
fielders of reo. Aug. 20
Water, pref. (quar.)
New Rochelle
25e. Sept. 30 Holders of rec. Sept. 150
Amer. Steel Foundries, corn. (quar.)
*Holders of res. Aug. 15
New York Steam Corp., corn. (quar.)_ '650. Sept.
154 Sept.30 !polders of rec. Sept. 15a
14 Sept.1 Holders of rec. Sept. 4
Preferred (quar.)
New York Water Serv. Corp., p1.(qu.)
50e. Oct. 1 Holders of roe. Sept. 155
Holders of rec. Sept. 5a American Storm Co.(quar.)
North American Co., common (guar.).- f254 Oct.
1(4 Oct. 2 Holders of rec. Sept. 50
750. Oct.
Holders of rm. Sept. 5a Amer. Sugar Refg.. corn. (Oust.)
Preferred (guar.)
14 Oct. 2 Holders of rec. Sept. 50
$1.50 Sept.
Holders of rec. Aug. 15a
Preferred (guar.)
American Edison, pref.(guar.) _
North
"Holders of roe. Sept. 19
American Tobacco. corn. & corn. B (qu.) $1.25 Sept. I Holders of rm. Aug. 100
North Amer. Light & Power. prof. (qu.) *11.50 Oct.
500. Oct. 2 Holders of rec. Sept. 30
Amer. Utilities & General Corp.I
Northern Ontario Power, COM.(quar.)
374c Sept. 1 Holders of rec. Aug. 20
114 Oct. 2 Holders of rec. Sept. 30
Preferred (quer.)
6% preferred (quar.)
IX Sept. 1 Holders of rec. Aug. 140
Holders of rec. Aug. 20
Artloorn Corp.. preferred (quar.)
Northern States Power (Wisc.), pf.(qu.) 14 Sept.
Oct. 15 "Holders of moo. Oct. 8
.$2
Aspinook Co.(Oust.)
Northwestern Public Serv., 7% pt.(qu.) '154 Sept. *Holders of rec. Aug. 20
"14 Sept. 'Holders of rec. Aug. 20
114 here. 1 Holders of rec. Aug. 140
Associated Dry Goods, 1st pref.(qu.)
6% preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 14a
*Holders of rec. Aug. 15
Second preferred (quer.).
Nova Scotia Light & Power, pref.(quar.) '14 Sept.
'14 Sept. "Holders of rec. Aug. 11
Associated Rayon, cony. pref. ((man).- •14 Sept. 1 *Holders of rec. Aug. 25
Ohio Power6% pref.(quar.)
Holders of tee. Aug. 15a
Atlantic Gulf & W.1.8.8. Linea. pf.(qu.) 14 sept.80 Homers of ree. Sept. 1011
Ohio Public Service, 7% pref.(mthly.). 581-30 Sept.
134 Dee. 30 Holders of me. Dee. 106
50c. Sept.
Holders of rec. Aug. 150
Preferred (guar.)
6% preferred (monthly)
25e. Sept. 15 Holders of rec. Aug. 210
412-Sc Sept.
Holders of roe. Aug. 15a Atlantic Refining, Com. (guar.)
5% preferred (monthly)
75c. Sept. 1 IIolders of rec. Aug. 15
Atlantic Securities Corp.. pref. (quar.)
Oklahoma Gas & Elec.. 6% prof. (au.). 115 Sept. 1 Holders of rec. Aug. 31
Sept. 10 Holders of rec. Aug. 315
$1
lit Sept.1
Holders of rec. Aug. 31
Atlas Powder, common (guar.)
(quar.)
7% preferred
25c. Sept. I Holders of rm. Aug. 17a
.$2.25 Sept. 'holders of rec. Aug. 15
Atlas Stores Corp., corn. (quar.)
Otter Tall Power (Del.) coin.(quar.)
75c. Sept. 1 Holders of rec. Aug. 20
"Holders of rec. Sept. 19
Atlas Utilities Corp.. $3 pref. A (quar.)_
Pennsylvania Gas & El. Corp.,$7 pf.(qu) *51.75 Oct.
*Holders of rec. Sept. 19
'134 Oct.
Preferred A-See Note (r).
7% preferred (quar.)
550. Sept.
Holders of rec. Aug. 20
Automotive Gear Works, pf. (quar.)_ '4154c Sept. 1 *Holders of rm. Aug. 20
Pennsylvania Power. $6.60 pref.(in'thly)
c
e
11it
4 50 0 t.. 1 *Holders of roe. Sept. 20
$E50 Sept.
Holders of rec. Aug. 20
Babcock & Wilcox (guar.)
$6 preferred (quar.)
'Holders of rm. Sept. 30
$1.751Sept.
Holders of roe. Aug. 20
Baird Machine (quar.)
Pennsylvania State Water, pref. (qu.)
•75e. Oct. 3 *Holders of rm. Sept. 15
Holders of rec. Sept. la Balaban & Katz, common (quar.)
Philadelphia Company, $6 pref.(quar.)_ $1.5010ct.
'154 Oct. 3 *Holders of too. Sept. 15
$1.25 Oct.
Holders of roc. Sept. 1
Preferred (guar.)
$5 preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 140
25e. Sept.
Holders of rec. Aug. 18a Bomberger (L.) & Co.,634% of.(quar.)_
5% preferred (semi-annual)
50c. Oct.
Holders of ree. Sept. 100 Bankers Investment Trust of America
Philadelphia Elec. Power, 8% Pf. (qu.)
•15e. Sept. 30 *Holders of rel. Sept. 15
((mar.) 14 Sept.
of rec. Aug. 12a
Holders
Debenture stook (guar.)
Phlla. Suburban Water Co.. pref.
'15 Dee 31 *Holders of rec. Dec 15
.1.6 Sept, •liolders of rec. Aug. 13
Debenture stock (guar.)
Potomac Electric Power,6% pf.(qu.)
rec. Aug. 15
•14 Sept. *Holders of rec. Aug. 13
554% preferred (quar.)
Bankers Nat. Invest., corn.(No. 1) (qu.) •1240 Sept. 1 *Holders of rm. Aug. 15
*50e. Sept. I *Holders of
Holders of roe. Sept. 30
Class A & B (quar.) (No. 1)
Power Corp. of Canada.6% pref.(quar.) 134 Oct. 1
*I50. Sept. 1 'Holders of rec. Aug. 15
75e. Oct. 1 Holders of rec. Sept. 30
6% participating preferred (quar.)
Preferred (quar.)
•50e. Sept. 1 *Holders of rec. Aug. 15
4
"11 0
581 -3 Sept.i
Holderso erHolderss 0f roe. Aug. 2
'HoldersI
000fff rreeroe,ce. A,1 uuuggg. 1
Bastian Messing Co., Isom. (quar.)
.
.
.
Public Elec. Light, pref.(guar.)
Aug. 18
Sept,
Beacon Participations, Inc., partici. pref. •150. Sept. 1 *Holders of rec. Sept. 120
Fuld!: fiery. Co. of Cob.,7% Pf.(mthlY.)
75c. Oct. 1 Holders of rec.
6% preferred (monthly)
Beech-Nut Packing, corn. (Oust.)
154 Sept. lb Holders of roe. Aug. 31
(quar.)
. erit.
41 ne L t.
5% preferred (monthly)
Sa Belding Corticelli. Ltd., pref.
25e. Oct. 1 Holders of rec. Sept. 100
850. Sept. 3 Holders of roc. Sept. Is Bendix Aviation Corp., corn. (quar.)
Public Service Corp. of N.J. corn. (qu.)_
"8e. Sept. 1 *Holders of rm. Aug. 20
8% preferred Mar.)
Beneficial Loan Society (guar.)
7% preferred (quar.)
500. Seq. 15 Holders of roe. Aug. 25a
Best & Co. (quar.)
Sept.ppt
50e. NoV. 14 Holders of tee. Oct. 16a
! ' 11
$1 f25 Sept.ep .ii3
roe.ee ..
$5 preferred Mar.)
Bethlehem Steel, cons. (quar.)
14 Oct. I Holders of rec. Sept. 4a
500. Aug. 31 Holders of rec. Aug. la
(monthly)
7% preferred (quar.)
6% preferred
50e. Sept. 30 Holders of rec. Sept. Is Blaney-Murphy Co., pref. (quar,)
'134 Sept. 1 *Holders of rm. Aug. 15
6% preferred (monthly)
2543. Sept. 2 Holders of rec. Aug. 17a
Roanoke Water Works, 1st pref. (quar,) *14 Aug. 1 *Holders of rec. July 15
Blaw Knox Co. (quer.)
Oct. 1 Holders of rec. Sept. 20
:11;4 Sept. 1 • i0ide: f roe. J uly 31
I .i ol cler o
com.stk) f2
H
.
Bliss(E. W.)Co., corn.(pay.In
Rochester Gas & Elec., 7% pf. B (mu.).
31
l
'3754c Nov. 16 "Holders of rec. Nov. 10
Sept,
BlEmi
ol wa
Tohaer. corn.(oust.)
6% preferred series C (quar.)
•14 Sept.30 "Holders of rec. Sept. 24
"14 Sept. 1 *fielders of rm. July 31
preferred series D (quar.)
Preferred (qual.)
6%
$1.50 Sept. 1 Holders of rec. Aug. 10
'134 Dec. 31 "Holders of rec. Dee. 24
Seaboard Public ServIce, $6 pf.(qu.)
Preferred (guar.)
dd Sept. 1 Holders of roe. Aug. 5
81.4.a. Sept. 1 Holders of rm. Aug. 10
Blue Ridge Corp... prof.(Owl"
$3.25 preferred (guar.)
Oct. 30 Holders of rec. Oct. 15a
"14 Sept. 1 "Holders of rec. Aug. 20
V
(quer.)
Bon Anil Co., MU. class A (guar.)
Shenango Valley Water, pref.
50c. Oct. 1 Holders of rec. Sept. 24
. .
3 io t
o
Southern Calif. Edison. pref. A tquar.)_. 17;t c. M .1155 lciiders 0f rreecc: Aug. 2
0
2
Aug.i
Class B Mani
75c. Sept. 1 Holders of rec. Aug. 15a
Holders
B (quar.)
Preferred
Borden Co.(guar.)
rec.80ly. LI
e. Jupt
Southern Calif. Gas Corp.. $634 pr.(qu.) 81.625 Aug. 31
Bovril, Ltd.*Holders of rec. July 22
.
Am. dep. rcts. for ord. reg. shares_ _ _ •w35.t Sept. 5'Holders of rec. July 22
Southern Canada Power. 6% p1. (qu )_. 114 Oct. 15 Holders of
•tr5 Sept. 5
50c. Aug. 25 Holders of roe. July 31
Colorado Power, corn. A (qu.)
)
ra,.
Am.de p r tsea
Southern
Bo .Roe cB.for del. ueg.shares
li
lit Sept. 15 Holders of rec. Aug. 31
•25c. Sept. 1 "Holders of rec. Aug. 14
Preferred (guar.)
•250. Sept. 1 "Holders of rec. Aug. 15
•$1.75 Oct. 1'Holden of rec. Sept. Ill
,
Springfield City Water, pref. A (quar.)
Brach (E. J.) dr Sons (quar.)
.25o. Dec. 1 "Holders of rec. Nov. 14
t
0o.
5
Standard Pow.& Lt., com.& corn. Ii(gu) 1 34 Sept. 1 Holders of roe. Aug. 11
Quarterly
•$1 Sept. 1 *Hoidens of rec. Aug. 20
ers
- 1X Oct. 1
(q
BrennanB(euka . . Cl.f. ( u mr
Tennessee Elec. Pow..5% 1st pf.(uu.)
)
g nig
Pa i l, re A a uali
e
'El Dec. 1 "Holders of rm. Nov. 20
I Hoollders ° roe. Sept.
f
of r m. p .
Class A (quer.)
6% first preferred (guar.)
*250. Sept. I "Holders of roe. Aug. 20
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (quar.)
Class B (qual.)
.251. Dec. 1 *Holders of rm. Nov. 20
1.80 Oct. 1 Holders of rm. Sept. 15
7.2% first preferred (quar.)
"lit Sept. 1 *Holders of rec. Aug. 20
50e. Sept. 1 Holders of rm. Aug. 15
6%first preferred (monthly)
Brill Corporation, P
150. Oct. I Holders of rec. Sept. 150
first preferred (monthly)
Brillo Manufacturing, corn.(quar.)
500. Oct. 1 !folders of rm. Sept. 15a
t Sis1 1
5
6
ti.
ll
ol le o ec.
° e e m of rec A ug
1'rs" . Se pt. 12
7.2% first preferred (monthly)
Class A (quar.)
.60. Aug. al 'Holders of rec. July 31
80e. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
British Type investors. class A
e$1.50 Sept, 1 •Ifoo cs 0if : ,;
600. Aug. 31 Holders of rec. Aug. 150
liersr 00f ro : it
: : Aug. ii,,,, Brown Fence & Wire, pref. A (quar.)
e
Tide Water Power, pref. (quar.)
ug..
750. Sept. I Holders of rec. Aug. 20a
58 1-3c Sept. 1 H
L0
r nS p e, corn.
liuozeyehoi pei0
Toledo Edison Co.,7% pref.(mthly.)
Sept.15 Holders of rec. Aug. 21
$1
50r. Sept. 1 H
(quarrB(quar.)
6% preferred (monthly)
14 Oct. 1 Holders of rec. Sept. 5a
41 2-3c Sept. 1 Holders of rec. Aug. 15a Bucyrus-Erie Co., pref.(quar.)
5% preferred (monthly)
oil Oct. I *Holders of rec. Sept. 11
"150. Sept. 1 *Holders of rm. Aug. 15
Burger Bros., 8% Pref. (quar.)
Tri-State Tel. & Tel., Pref. (quar.)
Flogile ersrig0 0f f
Sept.1
ha
ha
12
6%
1246
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 133.
When
Per
Ilo4s Closes.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Cannoned).
Bulova Watch, corn. (guar.)
200. Sept. 1 Holders of rec. Aug. 150 Fits Simons dr ConnellDredge& Dk.(gu) •50c. Sept. 1 *Holders of roe. Aug. 21
Convertible preferred (guar.)
*87340 Sept. 1 "Holders of rec. Aug. 15
Preferred (guar.)
•I54 Oct. 1 'Holders of rec. Sept. 19
Burroughs Adding Machine(guar.)
2.5c. Sept. 5 Holders of rec. Aug. 30 Florsheim Shoe Co., corn. A (quar.)-3734c. Sept. 1 Holders of rec. Aug. 155
Byers (A. M.) Co., pref.(guar.)
159 Nov. 2 Holders of rec. Oct. 15a
Common B (guar.)
1834c. Sept. 1 Holders of rec. Aug. 15
California Packing (guar.)
•50.3. Sept.15 *Holders of rec. Aug. 31
Preferred (guar.)
15‘ Oct. 1 Holders of rec. Sept. 15a
Campbell Wyant & Cannon Fdy.(qu.). 200. Sept. 1 Holders of reo. Aug. 156 Follansbee Bros., Prof.(guar.)
•$1.50 Sept.15 *Holders of rec. Aug. 31
Canada Vinegars (guar.)
4.00. Sept. 1 Holders of roe. Aug. 15
Food Mach'y Corp.,834% pf.(mthly.). •50e Sept. 15 "Holders of roe Sept.10
Canada Wire & Cable. claw A (umu.)-. $1
sept. 15 Holders of roe. Aug. Si
Cord Hotels Co.. Inc
•50e Oct. 31 *Holders of roe. Oct 13
Class A (guar.)
Dec. lb Holders of rec. Nov. 30
SI
Freeport Texas Co.(guar.)
75e Sept. 1 Holders of roe. Aug. 156
Class B (guar.)
4354e. Sept.15 Holders of rec. Aug. 31
Fuller (George A.) Co.. prior pref.(qu.) .87$150, Sept..
$1.50 cOct.a
Holders of rec. Sept.106
Preferred (guar.)
.1.154 Sept. 15 *Holders of rec. Aug. 31
Participating second pref. (guar.).Holders of rec. Sept. 10a
Canadian Car & Fdy. ord..(quar.)
430. Aug. 31 Holders of too. An 15
Galland Mercantile Laundry (quar.)
"Holders of roe. Aug. 15
Preferred (quar.)
430. Oct. 10 Holders of roe. Sept. 25
Quarterly
*Holders of rec. Nov. 18
Canadian Celanese, Ltd., partlo. pf.(au.) lit Sent.30 Holders of roe. Sept. 15
Garlock Packing, corn.(guar.)
*874 O ec
Holders of rec. Sept.15
3; ..
0 pct
Canadian General Electric. corn. (guar.) $1
Oct. 1 Holders of rec. Sept. 15
General Asphalt, corn. (guar.)
500 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
8750 Oct. 1 Holders of rec. Sept. 15
()opera! Cigar. prof (guar.)
l5 Sept. 1 Holders of roe. Aug. 22a
Canadian Oil. pref.(guar.)
*2
Oct. 1 *Holders of rec. Sept. 19
General Empire Corp. (guar.)
25c Sept. 1 Holders of roe. Aug. 21
Carnation Co.. pref. (guar.)
•15( Oct. 1 "Holders of roe. Sept. 20
General Motors, eons. (guar.)
$7715.2:5i Aug.Sept 22 Holders of rec. Aug. 156
5
15
Preferred (guar.)
•iu Jan2'32 *Holders of reo. Dec. 21
$6 preferred (guar.)
Nov. 2 Holders of reo. Oct. Sc
Carman & Co.. class A (guar.)
500. Sept. I Holders of rec. Aug. 15
General Refractories (guar.)
Holders of rec. Aug. 100
Caterpillar Tractor (guar.)
75e. Aug. 31 Holders of rec. Aug. 15
General Tire Sr Rubber, pref.(quar.)... •154 Oct. 1 *Holders of rec. Sept. 1
0
Central Manhattan Property, Cl. A(q11.) •54e. Sept. I *Holders of rec. Aug. 21
Gibson Art Co., common guar.)
•850 Oct. I "Holders of UM. Sept. 19
lentrifugal Pipe (guar.)
150 Nov. 16 Holders of roe. Nov. 5
Common (guar.)
•65o Janl'82 *Holders of roe. Dec. 19
Century Co
Oct. 21
2
Globe-Democrat Publishing, pf. (guar.) 154 Sept. 1 Holders of rec. Aug. 20
Century Ribbon Mills, pref. (quar.)_.._.. 154 Sept. 1 Holders of rec. Aug. 200 Golden Cycle Corp
(guar.)
"40e. Sept.10 *Holders of tee. Aug. 31
Chartered Investors, $5 pref. (guar.). •31.25 Sept. 1 *Holders of roe. Aug. 1
Goodyear Tire Sr Rubber, 1st pf.(qu.)....
Oct. 1 Holders of rec. Sept. la
Chatham Mfg.7% pref.(quar.)
*Ill Oct. 1 *Holders of roe. Sere. 20
Gorham Mfg.(guar.)
1 Uc. Sept.
50
Holders of rec. Aug. 15
'1% Oct. 1 *Holders of r.se. Sept.20
6% Preferred (guar.)
Grand Rapids Varnish (guar.)
•1254c Sept. 30 *Holders
roe. Sept. 19
Chicago Invest. Corp., pref. (quar.)...... •750. Sept. 1 *Holders of res. Aug. 20
Grand Union Co.. cony. pref. (quar,)... 750 Sept. 1 Holders of rec. Aug. 104
of
Chicago Yellow Cab (monthly)
25o Sept. I Holders of reo. Aug. 201 Grant Lunch Corp., 8% pref. (guar.)._ •200
Sept.30 *Holders of no. Sept.30
Childs Company, pref. (guar.)
154 Sept.10 Holders of roe. Aug. 210
8% preferred (quar.)
•20e Dee.
*Holders
Chile Copper Co. (guar.)
3754e Sept.30 Holders of roe. Sept. 96 Great Atlantic & Pair. Tea, corn.(qu.).. .31.50 Sept.31 *Holders of reo. Dec. 15
1
of roe. Aug. 7
Chrysler Corp.. common (guar.)
25e. Sept.30 Holders of rec. Sept. la
Common (extra)
•25,5 Sept. I *Holders of roe. Aug. 7
Ohurngold Corp. (quarterly)
•3513. Nov.16 *Holders of rec. Nov. 1
Preferred (guar.)
Sept. 1 *Holders of roe. Aug. 14
Cincinnati Advertising Products (guar.) •750. Oct. 1 *Holders of reg. Sept.19
Great Britain Sr Canada Invest. prof.... 254 Oct. 1 Holders of reo. Sept.19
Quarterly
•75.5. Jan 112 *Holders of rec. Dec. 19
Groat Northern Paper (guar.)
"75e Sept. 1 *Holders of roe. Aug. 20
Cincinnati Land Shares
*3
Sept.15 *Holders of roe. Sept. 1
Hale Bros. Stores (quar.)
•25c Sept. 1 *Holders of reo. Aug. 14
Cincinnati Rubber Mfg.. 6% pref.(qu.) •154 Sept.15 *Holders of rec. Sept. 1
Hamilton Watch,rem.(guar.)
150 Sept. 1 Holders of roe. Aug. 106
6% preferred (guar.)
'134 Dec. 15 *Holders of reo. Dee. I
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 106
Cities Service, bankers' shares (mthly.)* $14.38 Sept. 1 *Holders of rec. Aug. 15
Hanna (M. A.) Sr Co., $7 Prof. (quar.). $150 sept 1 Holders of rec. Sept. 50
2 75 Sept
.
:20
Cities Service Co.. corn.(monthly.)
254c. Sept. 1 Holders of rec. Aug. 15
Harbison-Walker Remo.. corn. (guar.).
Holders of rec. Aug. 22a
Corn. (payable in corn. stk.) (mthly.) f34 Sept. 1 Holders of roe. Aug. 15
Preferred (quar.)
154 Oct 20 Holders of rec. Oct. 10
Preference B (monthly)
Sc. Sept. 1 Holders of rec. Aug. 15
Hart Carter Co., Prof. (guar.)
*Holders ol rec. Aug. 15
Preferred and preferred BB (mthly.). 50c. Sept. 1 Holders of rec. Aug. 15
Hart, Schaffner Sr Marx. corn. (quar.)-- :1
25c Bept 31 'Holders of ree. Aug. 15
A uit 1
.
City Ice & Fuel, corn.(guar.)
90c. Aug. 31 Holders of rec. Aug. 156
Common (guar.)
Nov.30 *Holders of
14
Preferred (guar.)
I 54 Sept. 1 Holders of rec. Aug. 150 Hathaway Bakeries, Inc., class A (qu.). 750 Sept. 1 Holders of rec. Nov. 15
rec. Aug.
Oily Union Corp..Isom.(guar.)
•25e. Oct. 15 *Holders of roe. Sept.50
Preferred (quar.)
$1.75 Sept. 1 Holders of rec. Aug. 15
Common (quar.)
•250. Jan 1612 *Holders of roe. Dee. $1
Hawaiian Pineapple (guar.)
50c. Aug. 31 Holders of roe. Aug. 150
Clark Equipment, corn.(guar.)
25e Sept.15 Holders of rec. Aug. 316 Hazeltine Corp.(quar.)
•250. Sept. 15 *Holders of rec. Sept. I
Cleveland Quarries, corn.(guar.)
75e. Sept. 1 Holders of rec. Aug. 150 Hecht Mining (guar.)
'100. Sept.15 *Holders of reo. Aug. 15
Coca rola Bottling (quarterly)
25e Oct. 15 Holders of roe. Oct 5
Helena Rubinstein, Inc., pref.(quar.)
75c.Sept. 1 Holders of rec. Aug. 20
Collateral Trustee Shares
•24e. Aug. 31 *Holders of rec. July 31
Hewitt Bros. Soap. pref.(gum.)
*2
Oct. 1 *Holders of rec. Sept. 20
Collins & Aikman Corp., Prof. (quar.)_. 15i Sept. 1 Holders of reo. Aug. 190
Preferred (guar.)
Jan 1'32 *Holders of roe. Dec. 20
*3
Colorado Fuel & Iron. pref.(guar.)
2
Aug. 25 Holders of reo. Aug. 100 Hibbard. Spencer, Bartlett Co. (n'thli) 200. Aug. 28 Holders of rec. Aug. 28
Columbia Pictures Corp. corn. (In stock) 1259 Oct. 2 Holders of rec. Sept. 30
Monthly
20e. Sept.25 Holders of rec. Sept. 18
Preferred (guar.)
75c Sept. 2 Holders of roe. Aug. 180 Higbee Co. 2nd pref.(guar.)
2
Sept. 1 Aug. 22 to Sept. 1
Columbus Auto Parts, pref.(guar.)
500 Sept. 1 Holders of reo. Aug. 156 Hires (Charles E.) Co., corn. A (guar.)
50e. Sept. 1 Holders of roe. Aug. 15
Columbus Mtge. & Title Ins. (NewCommon A (quar.)
50c. Dec. 1 Holders of rec. Nov. 14
ark) (guar.)
*500 Aug. 25'Holders of roe. Aug. 15
Corn. 13 and management stock
Sept. 1 Holders of rec. Aug. 15
Si
Commercial Solvents Corp., eon). (gu.).
250. Sept. 30 Holders of rec. Sept. 106 Hobart Mfg.(guar.)
•62510 P
*Holders of reo. Aug. 18
Community State Corp., class A (guar.) 5,125‘.5 Sept. 30 *Holders of rec. Sept.23
Holt(Henry)Sr Co.. class A (guar.)
•45c Sept. 1 *Holders of rec. Aug. 11
Class A (quar)
•1254c Doe. 31 'Holders of rec. Dec. 23
Homestake Mining (monthly)
130o Aug. 25 Holders of rec. Aug. 200
Compressed Industrial Gasses (guar.).
- •50e. Sept.15 *Holders of rec. Aug. 31
Horn Sr Hardart of N.Y., pref.(guar.). •1si Sept. 1 "Holders of rec. Aug. 12
Conde Nast Publications, coin. (quar.). 50c. Oct. 1 Holders of rec. Sept.15
Houdaille Hershey*. prof. A (guar.)
.623ic Oct. 1 *Holders of rec. Sept. 18
Congoleum-Nairn. Inc., common
25c. Sept. 15 Holders of rec. Aug. 150 Howea Bros., 7% preferred (guar.)
•15, oct. 1 *Holders of
roe. Sept.20
Preferred (guar.)
•154 Sept. 1 *Holders of rec. Aug. 15
7% Preferred (guar.)
Dec. 51 *Holders of roe. Dec.
Conservative Financial. prig
040c Sept. 1 *Holders of roe. Aug. 1
•1yi Oct. 1 "Holders of ree. Sept. 20
8% preferred (guar.)
20
Consolidated Cigar Corp pref.(guar.). 139 Sept 1 Holders of roe. Aug. 15a
6% preferred (guar.)
.154 Dee. 51 *Holders of rec. Dec. 20
Consolidate I Lithographing, pref.(au.)_ $1.75 Sept. 1 Holders of rec. Aug. 6
Illinois Brick (guar.)
•300 Oct. 15 *Holders of roe. Oct. 3
Consolidated Paper (guar.)
•100. Sept. I *Holders of rec. Aug. 20
Imperial 011, Ltd., (guar.)
•1254e Sept. 1 *Holders of rec. Aug. 15
Continental Chicago Corp.. Prof.(gu.)-75c. Sept. 1 Holders of rec. Aug. 15
Imperial Sugar.$7 Pref.(guar-)
•$1.75 Oct.''Holders of roc. Sept. 20
Continental Tobacco (No. 1)
*3734c Aug. 31 *Holders of roe. Aug. 15
$7 Preferred (guar.)
•$1.75 Janl'32 *Holders of roe. Dec. 20
Corno Mills (guar.)
50c. Sept. 1 Holders of rec. Aug. 21
Imperial Tobacco of Gt. Brit. Sr Ire.
Corporation Secure. of Chic., corn.(flu.). f154 Sept. 21 Holders of rec. Aug. 21
Am.dep, rots. for ord.(Interim)
"w7
Sept. 8'Holders of coo. Aug. 14
Crosse & Blackwell. pref.(guar.)
'87340 Sept. 1 *Holders of roe. Aug. 21
Incorporated Investors (guar.)
250 Oct. 18 Holders of rec. Sept.21
Crown Cork & Seal, corn.(guar.)
600 Sept. 18 Holders of rec. Aug. 310
Stock diddend
234 Oct. 15 Holders of roe.
Preferred (guar.)
670. Sept.15 Holders of roe. Aug. 316 Industrial Sr Power ElecurItles (qua?.)... •25c Sept. •Holdere of roe. Sept.21
Aug '
Crown Willamette Paper, let pref.(qtr.) *$1
Oct. 1 *Holders of roe. Sept. 12
Quarterly
•25c Dec. 1 *Holders of 're. Nov 1
Crown Zellerbach Corp. prof. A dr B (an.) •75e. Sept. 1 *Holders of rec. Aug. 13
Ingersoll-Rand Co., coat. (guar.)
$1
Sept. 1 Holders of roe. Aug. 40
Crows Nest Pass Coal (guar.)
75e. Sept. 1 Holders of rec. Aug. 8
Inland Steel (guar.)
62540 Sept. 1 Holders of roe. Aug. 14a
Crum & Forster Ins. Shares, A & B (go.) '25e. Aug. 31 *Holders of rec. Aug. 21
'neon Utility Invest.$6 pf.(au.)-$1.50 Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
•154 Aug. 31 *Holders of roe. Aug. 21
Iosuranshares Certifloates, Inc. (quar.)10e Sept.15 Holders of rec. Aug. 310
Cuneo Press. 651% pref (guar.)
'154 Sept.15 *Holders of rec. Sept. 1
Internat. Business Machines. corn.(au.) $1.5 Oct. 10 Holders of rec. Sept.12a
Curtis Publishing (monthly)
33Ire Sept. 2 Holders of rec. Aug. 206 International Celluoonon. corn. (guar.). *$1.
Oct. 1 *Holders of roe. Sept.25
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 196
Common (guar.)
Janl'32 "Holders of rec. Doe. 25
411
Cushman's Sons, Inc. (guar)
•13.4 Oct. 1 *Holders of coo. Sept.25
Sept. 1 *Holders of roe. Aug. 13
First preferred (guar.)
7% preferred (guar.)
134 Sept. 1 Holders of roe. Aug. 130
First preferred (guar.)
'1(14 Jan1'32 "Holders of roe. Dec. 25
$8 preferred (guar.)
2
Sept. 1 Holders of roe. Aug. 130 International Harvester. pref. (qual.).. 134 Sept. 1 Holders of reo. Aug. Sa
•1,.4 Sept.30 *Holders of
Davidson Co., pref. (guar.)
roe. Sept. 20
International milling. pref. (guar.)
154 Sept. I Holders of roo. Aug. 15
Preferred (guar.)
•1,4 Sept. 1 *Holders of rec. Aug. 20
Oct. 1 *Holders of rec. Sept.20
'134
1st Preferred (guar.)
Preferred (guar.)
'134 Dee. 31 *Holders of roe. Dee. 20
Preferred A (quar.)
•154 Sept. 1 *Holders of rec. A7g. 20
Preferred (guar.)
Jan 1'32 "Holders of roe. Dec. 20
Internat. Nickel of Canada. corn.(qua.
10o Sept.30 Holders of roe. Aug. 350
Decker (Alfred) & Cohn. nref (guar.). el% Sept. 1 "Holders of roe Aug 20
International Petroleum reg.she.(guar.) 25c Sept.15 Sept. 1 to Sept.15
Deere & Co.. Preferred (guar.)
300. Sept. 1 Holders of rec. Aug. 15a
Coupon shares (guar.)
230 Sept.15 Holders of coup. No.30
Denver Union Stock Yards, corn.(go.).
Oct. 1 *Holders of rec. Sept. 20
Internat. Safety Razor,elalle A (qua?.).. 60e Sept.
Holders of roe. Aug. 150
Preferred (guar.)
•154 Sept. 1 *Holders of roe. Aug. 20
Class B
25e Sept.
Holders of rec. Aug. 1843
Dexter Company, common (guar.)
•35e. Sept. I *Holders of rec. Aug. 15
Inter. Secure. Corp. of Am.corn. A (an.) 25e Sept.
Holders of rec. Aug. 15
Diamond Match, corn. new (qu.)(No.1) 230. Sept. 1 Holders of rec. Aug. 15a
634% preferred (guar.)
134 Sept.
Holders of rec. Aug. 15
Preferred (new) (guar.)(No. 1)
75c. Sept. 1 Holders of rec. Aug. 15a
6% preferred (guar.)
154 Sept.
Holders of rec. Aug. 15
Dictaphone Corp., corn. (guar.)
•500. Sept. 1 Molders of roe. Aug. 14
Internat. Shoe, pref.(monthly)
50o Sept.
Holders of roe. Aug. 15
Preferred (guar.)
Sept. 1 *Holders of rec. Aug. 14
•2
Preferred (monthly)
•500 Oct.
*Holders of rec. Sept.15
Distributors Group Trust Shares(qu.).. •2543 Oct. 1 *Holders of rec. Sept. 21
Preferred (monthly)
•50,3 Nov. *Holders of roe. Oct. 15
Dr. Pepper Co..common (Quiz.)
30e Sept. I Holders of rec. Aug. 15
Preferred (monthly)
•500 Dee.
*Holders of roe. Nov.15
Common (guar.)
30e Dec 1 Holders of roe.No,. 15
IntertyPe Corp.. let pref.((Mari
*2
Oct.
*Holders of rec. Sept. 15
Dominion Bridge. eons. (guar.)
75e Nov,14 Holders of roe. Oct. 31
Investment Trust of N. YDresser (S. R.) Mfg.,class A (guar.).--- 8751.5 Sept. 1 Holders of rec. Aug. 20
Collateral Trustee Shares
•240 Aug. 3 *Holders of rec. Jul, 31
Class B (guar.)
50.5. Sept, 1 Holders of rec. Aug. 20
Iron Fireman, com. (guar.)
•40e Sept. 'Holders of rec. Aug. 21
Drug, Inc. (guar.)
Sept. 1 Holders of rec. Aug. 170 Jantzon Knitting Mills, preferred (guar.) •1si Sept. *Holders of rec. Aug. 20
$1
Eastern Food Corp.. class A (q
Jewel Tea, corn.(guar.)
75e. Oct. 1 Holders of rec. July 1
$1 Oct. 15 Holders of reo. Oct. la
Class A (guar.)
75e. Jan 1'32 Holders of rec. July 1
Johns-Manville Corp.. corn. (quiz.)
75o Oct. 15 Holders of roe. Sept.240
Class A (guar.)
75e. Ap 1'32
Preferred (guar.)
lit Oct. 1 Holders of roe. Sept.10c1
Class A (guar.)
730. lip 1'32
Johnson-Stevens-ShInkle Shoe (gust.).. 6254 Sept. 1 Holders of coo. Aug. 15
Eastern Theatres. Ltd., corn. (quiz.)...
50c. Sept. 1 Holders of rec. July 81
Jones Sr Laughlin Steel. pref.(guar.).- 13( Oct. 1 Holders of roe. Sept.lia
Eastern Utilities Investing.$8 pref.(qu.) $1.50 Sept. 1 Holders of roe. July 31
Katamasoo Vegetable Parchment(qu.)
•15o Sept.30*Holders of roe. Sept.19
$7 preferred (guar.)
Holders of roc. July 31
Quarterly
$1.75 Sept.
•15e Dec. 31 *Holders of roe. Dee. 21
$5 prior pref. (guar.)
$1.25 Oct. 1 Holders of roe. Aug. 31
Kaufmann Dept. Stores, pref. (guar.).Oct. 1 *Holders of rec. Sept. 10
Eastman Kodak, corn. (guar.)
$1.25 Oct., 1 Holders of rec. Sept. 5a Kemper-Thomas Co., corn. (guar.).- - •715.5 Oet. 1 *Holders of req. Sept. gu
Common (extra)
Common (guar.)
700. Oct. 1 Holders of rec. Sept. 5a
"75.5 J'n 1'32 *Holders of roe. Dee. go
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 5a
Preferred (guar.)
•1zi Sept. 1 *Holders of roe Aug. 20
Ecuadorian Corp., ord. (guar.)
•130. Oct. 1 *Holders of roe. Sept.10
Preferred (guar.)
•134 Dec. 1 "Holders of roe Nov. 20
Electric SbareholdIngs,com,fin stock).- 13 ISePt. I Holders of roe. Aug. 5
Kendall Co.. pref. A (guar.)
134 Sept. 1 1Tolderr of roe. Aug. 100
$6 preferred (quar.)
a$1.50 Sept. 1 Holders of roe. Aug. 5
Kentucky Rock Asphalt. prof. (qual.)
•15( Sept. 1'Holders of roe. Aug. 1
Employers Group Assoc. (guar.)
25e.'Sept.15 Holders of reo. Sept. 1
Klein(D.Emil) CO.,COM.(quiz.)
•25c Oct. 1 'Holders of rec. Sept.2
Equity Corporation, corn
Kobleber Stores, pref. (guar.)
8250 Sept. 1 Holders of roe. Aug. 15
Sept. 1 *Holders of roe. Aug. 1
Preferred (guar.)
Kresge (S. S.) Co., common (aunt.).... 40e Sept. 30 Holders of roe. Sept.1 a
700. Oct. 1 Holders of roe. Sept.15
Ewa Plantation (guar.)
•8015..Nov. 15 *Holders of roe. Nov. 5
Preferred (guar.)
1,1 Sept.30 Holders of coo. Sept.1 a
Faber. Coe dc Gregg, Pref. (guar.)
Kroger Grocery Sr Baking,corn.(quiz.).
Nov. 1 *Holders of roe. Oct. 20
25e. Sept. 1 Holders of rec. Aug. 1 a
Preferred (quar.)
Feb1112 *Hold. of roe. Jan. 20'32
First preferred ((Mar.)
*154 Oct. 1 *Holders of roe. Sept. 1
Fairbanks Morse & Co.. pref. (guar.).Sept. 1 Holders of rec. Aug. 12a
Second preferred (guar.)
•15( Nov. 2 *Holders of rec. Oct. 2
Famous Players Canadian Corp. (guar.) 154
Lackawanna Securities Corp
500.10ept.28 Holders of roe. Sept. 4
Sept. 1 *Holders of roe. Aug. 1
Faultless Rubber (guar.)
'6214c Oct I *Holders of roe. Sept.15
Lake of the Woods milling. PI.(quar•)
134 Sept. 1 Holders of roe. Aug. 1
Federal Compress & Warehouse (guar.). 5
Landis Machine. common (guar.)
.40e. Sept. 1 *Holders of roe. Aug. 22
The Nov. 15 Holders ot roe Nov.
Federal Terra Cotta (quar.)
ereterred (guar.)
Sept.15 *Holders of roe, Sep.,. 5
•$2
Sept.15 *Holders of rec. Sept.
Fidelity Invest. Assoc.(guar.)
Preferred (guar.)
11 Sept. 1 *Holders of rec. Aug. 25
•114 Dee 5 *Holders of roe Dee.
Fifth Avenue Bus Securities (quar,)._. 3
Lanston Monotype Moen (guar.)
•160. Sept.29 "Holders of roe. Sept.15
'ot Aug. 31 *Holders of Too. Aug. 2
Finance Service, class A Sr B (quar.)20c.1Sept. 1 Holders of rec. Aug. 15
Larus Sr Bro. Co., preferred (glaar.)---- •2
005 l'•Hoiders of rec. Sept.2
Preferred (guar.)
1759c.'Sept. 1 Holders of roe. Aug. 15
Firestone Tire Sr Rubber. Prof. A (guar.) 134 'Sept. 1 Holders of rec. Aug. 15a Legare (P. T.) Co. Ltd., pref. (guar.).- 1,1 Sept. 1 Holders of roe. Aug. 1
Lehigh Coal Sr Navigation.corn
50e. Aug. 31 Holders of roe. July 3
First Bank Stock Corp. (guar.)
Holders of roe. Sept.15
Lebo Sr Fink Products Co.,corn.(quar.).
25o. Oct. 1
75.3. Sept. 1 Holders of rec. Aug. 15a
First Security Corp. of Ogden (Utah)
Liggett Sr Myers Tob..com.& com.B(gu) $1
Sept. 1 Holders of roe. Aug. 1
Class A Sr 13 (quar.)
*25c. Oct. 1 *Holders of roe. Sept.20
Lincoln Stores
•250. Sept. 9
Name of Company.
'154
AUG. 22 1931.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closes.
Days Inclusive.
1247
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Limestone Products,7% prof.(guar.)._ *62%c Oct. I *Holders of rec. Sept.15
Pfaudler Co., pref. (guar.)
*14 Sept. 1 *Holders of reo. Aug. 20
*62
Jan''32 *Holders of roe. Dec. 15
7% Preferred (guar.)
Phoenix Hosiery, 1st & 20 pref.quar.)- 164 Sept. 1 Holders of rec. Aug. 180
Preferred (guar.)
Aprl'32 *Holds. of ree.Mar lb'32
*62
7%
Phoenix Securities, pref. (guar.)
75e. Sept. 1 Holders of rec. Aug. 20
Lindsay (C. W.)& Co., cote.(guar.)... 25e. Sept. 1 Holders of rec. Aug. 15
Photo Engravers dr ElectrotYPers (guar.) 50e. Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Pierce-Arrow Motor Car, pref.(quar.).. 134 Sept. 1 Holders of rec. Aug. 100
Link-Belt Co.. oom. (guar.)
50e. Sept. 1 Aug 16 to Aug. 31
Pillsbury Flour Mills, Inc., cum (011er.)600. Sept. 1 Holders of rec. Aug. 150
200. Sept. 1 Holders of rec. Aug. 12a pines Winrnrfront Co.(guar.) •
Loblaw Grooerterlas,ol. A & B (qu.)
•
25e. Sept. 1 *Holders of rec. Aug. 17
Lock Joint Pipe.(Jo. corn. (monthly)._ *670. Aug. 31 *Holders of rec. Aug. 31
Pioneer Mill, Ltd. (monthly)
*10c. Sept. 1 *Holders of rec. Aug. 20
Common; monthly)
•670. Sept.30 *Holders of rec. Sept. 30
re Oct. 1 *Holders of me Sept.15
Pitney-Bowes Postage Meter (In stock).. •
Common (monthly)
•670. Oct. 31 *Holders of rec. Oct. 31
Planters Realty. pref. (monthly)
581.50 Sept. 1 Holders of rec. Aug. 25
Common (monthly)
•67e. Nov. 30 *Holders of rec. Nov.30
•134 Sept. 1 *Holders of rec. Aug. 25
Plimpton Manufacturing (guar.)
Common (monthly)
•67e. Dec. 31 *Holders of rec. Dec. 31
Powdrell & Alexander, pref. (quar.).... •
14 Oct. 1 *Holders of rec. Sept, 15
•2
Oct. I *Holders of reo. Oct. 1
Pestered (guar.)
Pratt Food, Inc.. pref. (qua:.)
•750. Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
Dec. 31 Homers of rec. Dee.
*2
Prentice Hall, pref. (guar.)
*750. Sept. I *Holders of rec. Aug. 20
Lord & Taylor, let pref .(quar.)
Sept. 1 *Holders of rec. Aug. 17
Procter & Gamble, 5% pref. (qua:.)... 14 Sept.15 Holders of rec. Aug. 250
Lucky Tiger Combination Gold Mln.Purity Bakeries (guar.)
75e. Sept. 1 Holders of rec. Aug. 140
Common
• Oct. 20 *Holders of rec. Oct. 10
30.
Quaker Oats, Prof. (guar.)
Aug. 31 *Holders of roe. Aug. 1
*1
Common
•3c. Jan2032 *Holders of rec. Jan. 10
Radio Corp. of Amer., pref. A (guar.).
- 8740. Oct. 1 Holders of rec. Sept. la
Common
*30. Ap20'32 *Holders of rec. Apr. 10
Preferred B (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 10
Ludlow Mfg. Associates (guar.)
234 Sept. 1 Holders of rec. Aug. 8
Railroad Shares Corp. (guar.)
10o Sept.15 Holders of rec. Aug. 25
•1% Oct. 1 *Holders of res. Sept.21
Lunkenlielmer Co., preferred (qUar.)
Railway Equip.& Realty Land, pf.(on.)•
37)40 Sept. 1 *Holders of reo. Aug. 1
Preferred (guar.;
*14 Jan 13 *Holders of rec. Dec. 22
Railway & Utility Invest. Corp.
Magnin (I.) & Co..6% prof.(quay.)
Nov. to •tio.aers of roe. Nov. o
$3.50 preferred (guar.)
'
43640 Sept. 1 *Holders Of roe. Aug. 15
Manhattan Shirt. corn. (guar.)
25e. Sept. 1 Holders of rec. Aug. 17
$3 preferred (guar.)
0
•
374o Sept. 1 *Holders of tee. Aug. 15
Mardschewits (B.) & Co., corn. (guar.). •624c Sept. 1 *Holders of rec. Aug. 20
Rand Mines, Ltd., American shares..... $1.214 Sept. 2 Holders of rect. Aug. 251
Marathon Razor Blade. Inc.(monthly). •34e. dept .1 *Holders of roe. Sept. I
RapidElectrotype (guar.)
*50o. Sept. 15 *Holders of roe. Sept. 1
Monthly
•340. Oct. 1 *Holders of rec. Oct. I
•1% Sept. 15 *Holders of roe.
Reliance Grain, pref. (guar.)
Aug. 31
Monthly
•840. Nov.15 *Holders of reo. Nov. 1
Republic Supply Co. (Quay.)
75e. Oct. 15 Holders of roe. Oct. 1
Monthly.
Dee 1 *Holders of roe. Dee 1
Reynolds Metals (guar.)
37340 Sept. 1 Holders of reo. Aug. I50
Marine Midland Corp.(guar.)
30e. Septd30 Holders of rec. Sept. la Rich's, Ine.,6 % peel.(guar)
•
15i Sept.30 *Holders of rec. Sept.15
Marshall Field & Co., corn.(guar.)._ 13214° Sept. 1 Holders of rec. Aug. 150 Rolland
Paper Co., Ltd.,6% pf.(go.).. 134 Sept. 1 Holders of rec. Aug. 15
may Depanment Stores. earn.(guar.).- 6240 Sept. 1 Holders of rec. Aug. 150
Ruud Manufacturing common (guar.).- •
50o. Nov. 1 *Holders of rec. Oct. 20
*et
Hosiery Mills, pref. (guar.)
May
Sept. 1 *Holders of rec. Aug. 21
Ryerson (Joseph T.) ds Son,Inc.(qua:.) *30c. Nov. 1 *Holders of rec. Oct. 19
McColl Frontons° 011(guar.)
•150. Sept.15 *Holders of rec. Aug. 15
Joseph Lead Co.(guar.)
25e. Sept.21 Sept.11 to Sept.21
McCrory Stores Corp., corn. (guar.)._
50o. Sept. 1 Holders of tee. Aug. 200 St.
Quarterly
25e. Dee. 91 Dee. 11 to Des. 21
Class B (guar.)
50e. Sept. I Holders of reo. Aug. 200 Saranac Pulp & Paper, stook dividend_ *e15
Sept. 1 *Holders of rec. Aug. 15
McIntyre Porcupine Mines(guar.)
250. Sept. I Holders of rec. Aug. la Savage Arms, corn.
25e. Sept. 1 Holders of reo. Aug. 150
(guar.)
McKee(Arthur G.) Co..elms S
'8734c Oct. I *Holders of rec. Sept.20
•
1;,/ Nov.10 *Holders of rec. Nov. 2
Second preferred (guar.)
McWilliams Dredging (quar.)
•37340 Sept. I *Holders of rec. Aug. 15
Second Investors Corp.. prior pref.(go.) *75c. Sept. 1 *Holders of rec. Aug. 15
Mead Corporation. $6 Prof.(guar.)
$1.50 Sept. 1 Holders of rec. Aug. 15
Convertible
'
Mengel Company, pref.(guar.)
Sept. I Holders of rec. Aug. 154 Second Invest.pref.(guar.)I.,6% pf (rne 87340 Sept. *Holders of rec. Aug. 15
Corp. of R.
'
3734c Sept. *Holders of rec. Aug. 15
Merritt-Chapman & Scott Corp. pf.(gu.) *14 Sept. 1 *Holders of rec. Aug. 15
6% prior preferred (guar.)
*75o. Sept. 1 *Holders of rec. Aug. 15
Metal Textile Corp., panic. pt. (guar.). 814o. Sept. 1 Holders of rec. Aug. 20
Seeord (Laura) Candy Shops (guar.).75°. Sept. 1 Holders of rec. Aug. 15
Meteor Motor Car (guar.)
*250. Sept. 1 *Holders of rec. Aug. 20
Metro-Goldwyn Pictures. Prof.(quar.)_ 474c Sept.15 Holders of rec. Aug. 295 &cur. Invest. Corp. R.I., pref.(gu.)--- O75e. Sept. 1 *Holden of ree. Aug. 15
Convertible pref. (guar.)
'
3734c Sept. 1 *Holders of rec. Aug. 15
Metropolitan Paving Brick, corn. (gu.)
25c. Sept. I Aug. 16 to Aug. 31
Sheaffer w A.) Pee Co., common
Sept 15 'Holders or no Sept 11.
*al
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
(e2
Oct. 20 *Holders of rec. Sept. $0
Mickelberry's Food Product
Sherwin-Williams Co.. pref. (quar.)...- 1)4 Sept. 1 Holders of rec. Aug. 14a
Common (payable in corn *took)._ _ _ '124 "Joy 10 *Holden of rec. Nov 2
Shippers Car Line, pref. (quar.)
164 Aug. 31 Holders of rec. Aug. 17
Miller & Hart, Inc., pref. (guar.)
•
40e. Oct. 1 *Holders of rec. Sept. 15
Simon (Franklin, & Co., pref. (quar.)
164 Sept. 1 Holders of rec. Aug. 170
Miller (1.) & Sons, Inc., prof. (quar.).__ 1% Sept. 1 Holders of reo. Aug. 25
Simon (H.)& Sons, Ltd.(Montrea0MinnesotaValley Can, pref.(guar.).
Nov. 1 *Holders of tee. Oct. 20
- •1
Common (guar.)
624e Sept. I Holders of rec. Aug. 20
Preferred (qua:.)
1% Fobl'32 Holders of reo. Jan. 20'32
Preferred (guar.)
134 Sept. 1 Holders of roc. Aug. 20
Mississippi Val. UHL Invest., of.(qu.). $1.75 Sept. 1 Holders of rec. Aug. lb
Socony-Vacuum Corp.(No. 1)
40c Sept.15 Holders of rec. Aug. 210
Mohawk Mining
250. Aug. 29 Holders of roe. July 31
South American Rye., preferred $1.75 Sept. 1 Holders of rec. Aug. 20
Montgomery Ward & Co., ol. A (qu.).. •21.75 Oct. 1 'Holders of rec. Sept.20
Southern Pipe Line (guar.)
500 Sept. 1 Holders of rec. Aug. 15
Montreal Cottons, corn. (guar.)
$1.50 Sept.15Holders of reo. Aug. 31
Spalding (A. 0.) & Bros.. corn.(n.)
280 Oct. 15 Holders of roe. Sept.303
Preferred (guar.)
Sept.15 Holders of rec. Aug. 31
First preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 200
Montreal Loan & mtge.(guar)
750. Sept.15 Holders of rec. Aug. 31
Second preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 20
Motor Wheel Corp., common (quar.)
25o. Sept. 10 Holders of rec. Aug. 200 Spam Chalfant & Co.,Inc., Prof.(qu.)
14 Oct. 1 Holders of rec. Sept. 150
see sept.21 *Holders of reo. Aug. 24
Mt. Diablo Oil Min.& Dev.(au.)
Munsingwear Corp.. corn.(qua?.)
60o. Sept. 1 Holders of rec. Aug. 144 Spear & Co., first and sewed pref.(MO 164 Sept. 1 Holders of res. Aug. 15a
6214e. Sept.15 Holders of ree. Aug. 150
Common (guar.)
50e. Dee. 1 Holders ot rec. Nov. 160 Standard Oil of Calif. (guar.)
Standard 011 (Indiana) (guar.)
•
25e. Sept.15*Holders of rec. Aug. 15
Murphy (G. C.) Co., common (guar.)._
Holders of rec. Aug. 21
Standard Oil (Nebraska) (guar.)
600. Sept.21 Aug. 28 to Sept.21
Muskegon Motor Specialties, corn. A(qu) *NC. Sept.es. 'Holders of rec. Aug. 20
.
Standard 011 (N. J.), $25 par (rni.)
280. Sept.15 Holders of reo. Aug. lla
Muskogee Co.. prof. (guar.)
14 Sept. 1 Holders of rec. Aug. 20
$25 par (extra)
250. Sept. 15 Holders of roe. Aug. 170
Nashua Gummed & Coated Paper
$100 par (guar.)
1
Sept.15 Holders of ree. Aug. 17a
Preferred (guar.)
•I% Oct. 1 *Holders of rec. Sept.24
$100 par (extra)
1
Sept.15 Holders of rec. Aug. 170
National Baking. Pref.(guar.)
•
134 Sept. 1 *Holders of no. Aug. 10
Standard 011 of New York (guar.)
400. Sept.15 Holders of ree. Aug. 21
National Biscuit, corn.(guar.)
70e. Oct. 15 Holders of roe. Sept. 180
Preferred (guar.)
1if Aug. 31 Holders of rte. Aug. 140 Standard Steel Construction, pf. A (g.) 75e. Oct. 1 Sept. 16 to Sept.30
75c Sept. 1 Holders of me. Aug. 140
National Dairy Products, core. (guar.)_
65e. Oct. 1 Holders of reo. Sept. 30 Sterling Securities, let Prof.(guar.)
Stlx. Baer & Fuller. corn.(guar.)
200. Sept. 1 Holders of rec. Aug 15
Preferred A & B (guar.)
•134 Oct. 1 *Holders of rec. Sept. 3
•
434c dept.30 *Holders of roe. SOL 15
Preferred (qua:.)
National Grocers, Ltd., 2d pref.(guar.). •1% Oct. 1 *Holders of no. Sept. 18
Preferred (guar.)
•434e Dee, 31 *Holders of roe. Dee. 15
National Gypsum, pref
*5134 Oct. 1 *Holders of rec. Sept. 15
Strawbridge & Clothier, pref. A (quar.)_ •114 Sept. 1 *Holders of rec. Aug. 15
National Industrial Bankers, prof.(an.) .
75o. Aug. 31 *Holders of reo. Aug. 20
Stromberg-Carlson Tel. Mfg.(guar.).- •25e. Sept. 1 *Holders of rec. Aug. 15
National Industrial Loan
Studebake r Corp., corn. (guar.)
30c, Sept. 1 Holders of roe. Aug. 100
eel Sept.10 *Holders of rec. Aug. 31
stook)
Monthly (payable In
Preferred (guar.)
134 Sept. 1 Holders of reo. Aug. 100
Monthly
50. Oct. 10 *Holders of rec. Sept. 30
•
25e. Sept.15 Holders of rec. Aug. 250
National Lead, core.(guar.)
1% Sept.30 Holders of rec. Sept. 110 Sun 011, corn.(guar.)
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 103
Preferred A (guar.)
14 Sept.15 Holders of reo. Aug. 280
Preferred 11 (guar.)
1)4 Nov. 2 Holders of reo. Oct. 165 Superior Portland Cem.id. A (mthly.)_.'27340 Sept. 1 *Holders of ree. Aug. 23
Susquehanna Utilities, 1st pref. (guar.). '134 Sept. 1 *Holders of roe. Aug. 22
National Linen Service, $3 prof
$3.50 Sept. *Holders of reo. Aug. 20
•
Telep. Invest. Corp. (monthly)
•
200. Sept. 1 *Holders of rect. Aug. 20
National Refining corn. (guar.)
•
124e Nov. 1 *Holders of rec. Nov. 1
750. Sept.15 Holders of rec. Sept. la
2
Preferred (guar.)
Oct.
Holders of rec. Sept. 150 Texas Gulf Sulphur (guar.)
Thompson-Starrett Co., pref.(qu.)
874e. Oct. 1 Holders of rec. Sept. lla
National Steel Car Corp.(guar.)
500.001.
Holders of rec. Sept. 17
Timken Detroit Axle, pref.(guar.)
14 Sept. 1 Holders of reo. Aug. 20a
National Sugar Refining (guar.)
50e. Oct.
Holders of rec. Sept. 1
500. Sept. 5 Holders of ree. Aug. 200
1% Sept.30 Holders of rec. Sept.190 71mken Roller Beating (guar.)
National Supply. prof. (guar.) .
Truscon Steel, corn. (guar.)
1
150. Oct. 16 Holders of roe. Sept. 250
Neiman-Marcus Co., pref. (guar.)._ • h Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
164 Sept. 1 Holders of rec. Aug. 2I0
'134
Dee. 1 *Holders of roe. Nov. 20
Preferred (guar.)
Trustee Standard Oil Sharers
Noy.15 Holders of roe. NOV. le
Neptune Meter. Preferred(guar.)
Series B
O30e. Sept
New Bedford Cordage,common
•
250. Sept. 1 *Holden of rec. Aug.
Underwood Elliott Fisher Co., com.(qu.) $1
Sept. 30 Holders of rec. Sept. 120
•15.‘ Sept. 1 *Holders of reo. Aug. 12
Preferred (guar.)
12
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 124
New England Grain Prod.
14 Sept. 1 Aug. 22 to Sept. 1
Unexcelled Mfg. (guar.)
Own.(1-100 share In pref. etoek)Febl'32 *void. of reo. Jan. 14'32
•
400. Sept. 1 Holders of roe. Aug. 15a
Union Tank Car (guar.)
$1.75 Oct. 1 *Holders of rec. Sept. 20
$7 Preferred (guar.)
•
United American UHL, Inc., cl. A (qua_ 3214c. Sept. 1 Holders of rec. Aug. 12
$7 preferred (guar.)
1.75
' Jan2'32 *Holders of rec. Dec. 20
United Biscuit of America. oom.
50e. Sept. 1 Holders of rec. Aug. 150
Preferred A (guar.)
•$1.50 Oct. 15 *Holders of roe. Oct. 1
United Chemicals, pref. (quar.)
•
75e. Sept. 1 *Holders of rec. Aug. 16
Preferred A (guar.)
•
$1.50 Ja15'32 *Hold. of roe. Jan. 2'32
Unite.] Clear Stores of Amer.. pref.(go.) 14 Nov. 2 Holders of rec. Oct. 90
New York Transportation (guar.)
•50°. Sept.28 *Holders of reo. Sept. 15
United Dyewood, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 154
Newberry (J. J.) Co.. core.(guar.)
Oct. 1 *Holders of rec. Septs16
'2734c
400. Sept. 24 Holders of roe. Sept. 10
United Elastic Corp. (guar.)
Preferred (guar.)
*14 Sept. 1 *Holders of reo. Aug. 15
Oct. 1 Holders of rec. Sept. la
51
Newport Co.(guar.)
25e. Sept. 1 Holders of roe. Aug. 250 United Fruit (guar.)
*500. Sept. 1 *Holders of rec. Aug. 15
United Milk Crate, class A (guar.)
Si Sept. 1 Holders of reo. Aug. 25
Cony. preferred A (guar.)
500. Nov. 1 Holders of see. Oct. 150
United Piece Dye Works, cote.(guar.).Nineteen Hundred Corp., class A (qu.).- Moe. Nov. 15 •Hoiders of roe. Nov. I
14 Oct. 1 Holders of rec. Sept. Ifla
Preferred (guar.)
Northam Warren Corp., pref. (guar.)._ *750. Sept. 1 *Holders of roe. Aug. 15
134 Jan1•23 Holders of reo. Dee. 190
Preferred (guar.)
Northern Discount, prof. A (mtbly.)--• 66 2-8c Sept. 1 *Holders of rec. Aug. lb
Sept.15 Holders of rec. Aug. 26a
United Stores Corp., pref.(guar.)
$1
preferred A (monthly)
•063-3g Oct. 1 *Holders of reo. Sept. 16
Un. Wall Paper Factories, pr. pf.(on.). *14 Sept. 1 *Holders of roe. Aug. 21
Preferred A (monthly)
•662-3c Nov. 1 *Holder of rec. Oct. lb
• 662-80 Dec. 1 *Holders of reo. Nov.
*$1.75 Sept. 1 *Holders of rec. Aug. 21
Preferred A (monthly)
$7 preferred (guar.)
15
•662-8c an1'32 *Holders of reo. Dee.
U.S. Dairy Products, core. A (qua:.)... $1.50 Sept. I Holders of rec. Aug. 20
Preferred A (monthly)
15
$1.75 Sept. 1 Holders of rec. Aug. 20
First preferred (guar.)
*1
Sept. 1 *Holden of rec. Aug. 15
Preferred 0(monthly)
•
1
$2 Sept. 1 Holders of rec. Aug. 20
Second preferred (guar.)
Preferred C (monthly)
Oct. 1 *Holders of roe. Sept.le
•
1
*4
Sept. 1 *Holders of rec. Aug. 15
U. R. Envelope, core
Nov. 1 *Holders of reo. Oct. 16
Preferred 0(monthly)
' Sept. 1 *Holders of rec. Aug. 15
334
Dec. 1 *Holders of reo. Nov. 18
Preferred 0(monthly)
Preferred
400. Sept.30 Holders of rec. Sept. 150
in l'82 *Holders of rec. Dee. 15
U.S. Gypsum, corn.(guar.)
Preferred 0(monthly)
-- *1
14 Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
$1.625 Oct. 1 *Holders of roe. Sept.20
Northland Greyhound Lines, pf.
•1,i Sept. 1 *Holders
• 624e. Oct. 1 *Holders of rec. soot.go
U.S. Playlet/ Card (guar.)
Ogilvie Flour Mills. pref. (guar.)
•1m Sept.1 *Holders of re*. Aug. 20
250. Sept.15Holders of rec. Aug. 170
U.S. Realty & Improvement
Ohio Oil. prof. (quar.)
of rec. Aug. 22
Sept.29 Holders of roe. Aug. 310
1
*2
U.8 Steel Corp., corn. (guar.)
Oct. 1 *Holders of rec. Sept. 17
Omnibus Corp.. Prof. (guar.)
134 Aug. 29 Holders of ree. Aug. 30
Jet.
Preferred (guar.)
Ontario robaceo Plantations, Prof.(go.)
Jan.'32
U. S. Stores Corp., let pref. (quar.)..... $1.75 Sept. I Holders of rec. Aug. 21
Preferred (quarterly)
1
50c. Oct. 20 Holders of rec Bent 803
United States Pipe & Fdy.. owe.(qu.)
•374e Aug. 25 *Holders of rec. Aug. 15
Orange Crush (Ills.) (guar.)
60e Jn2(l'82 Holden of roe. Dee. 31,
Common (guar.)
*500. Sept. 1 *Holders of rec. Aug. 21
Oshkosh Overall. Prof. (guar.)
30e. Oct. 20 Holders of rec. Sept.300
First preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15
Glass. pref.. (guar.)
Owens-III.
30e. Jn20'82 Holders of roc Dec. 31,
First preferred (guar.)
*31.50 Sept.1 *Holders of no. Aug. 20
Package Machinery, corn. (guar.)
•51 Oct. 1 *Holders of rec. Sept.15
10c. Sept. 12 Holders of rec. Aug. 150 Upressit Metal Cap. pref.(guar.)
Packard Motor Car corn.(guar.)
134 Septdl6 Holders of rec. Sept. 8
Si
Valvoline 011, common (guar.)
Sept.28 Holders of rec. Sept. 17
Par:Urine Cos.. corn. (guar.)
*2
Oct. 1 Holders of reo. Sept. 210
Paramount Public Corp., common
f234 Sept.30 Holders of reo. Sept. 43
Preferred (guar.)
•134 Sept.1 *Holden of rec. Sept. 1
Vapor Car Heating, preferred (guar.).
Patterson-Sargent Co., cam. (guar.)._ *50e. Sept. 1 *Holders of reo. Aug. 20
*134 Dec. 10 *Holders of roe. Dec. 1
Peabody Engineering, pref. (guar.).- - s1 si Sept.30 *Holden of rec. Sept .20
Preferred (qar.)
•18 Doe. 31 *Holders of
4
Va.-Carolina Chem., prior pref.(qua:.). 154 Sept. 1 Holders of rec. Aug. 170
Preferred (quar.)
•14 Oct. I *Holders of roe. Dee. 30
1
Oct. 20 Holders of roe. Oct. 70
Peselee-Claulbert Corp.. pref. (quar.)
Vulcan Detinning. corn.(qua:.).
rec. Sept. 25
14 Oct. 20 Holders of rec. Oct. 70
Preferred (guar.)
Pender (D.) Grocery, class A (guar.)._ *874e Sept. 1 *Holders of rec. Aug. 20
374e Sept. 1 Holders of rec. Aug. 15
250. Sept.14 Holders of rec. Aug. 310 Wagner Electric Co., corn. (guar.)
Penick & Ford, Ltd. (guar.)
•
60e. Aug. 31 *Holders of reo. Aug. 20
Pennsylvania Bankshares & Sao. Pt.(go.) *62 1-rti.Elept. 1 'Holders of roe. Aug. 15
Walalus Agricultural Co. (gear.)
*50e. Sept. 1 *Holders of rec. Aug. 15
Wain & Bond, class A (guar.)
•6214o'Deo. I *Holders of rect. Nov. 15
Preferred (qua?.)
Pennsylvania Industries. Inc. pref.(go.) 134 Nov.'
2 *Holders of rec. Oct. 15
'
Bros. Pictures, Inc., pref.(cm.). 9834e Sept. 1 Holders of roe. Aug. 2111
Warner
•
500. Oct. 1 *Holders of reo. Sept.21
Pennsylvania Investing Co.. Cl. A (an.). 62340 Sept. 1 Holders of rec. July 31
Walthani Watch,6% prof. 'Vera
Weber Showcase & Fixture. 1st pref.(Qt) •50c. Sept. 1 *Holders of rec. Aug. 15
Phoenix Finance Corp., prof.(guar.)__.. •50o. Oct. 10 *Holden of rec. Sept. 30
•
4
Sept. 1 *Holders of roe. Aug. 1
Welt(Raphael)& Co., pref
*500.131110'82 *Holders of roe. Dee. 81
Preferred (guar.)
Name of ComPantl.
1248
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Welch Grape Juice, common (quar.)- -25c Aug. 31 Holders of rec. Aug. 15
Common (extra)
250. Aug. 31 Holders of rec. Aug. 15
Preferred (quar.)
154 Aug. 31 Holders of rec. Aug. 16
Wesson Oil& Snowdrift, pref.(quar.)
Sept. 1 *Holders of rec. Aug. 15
.51
West Va. Pulp & Paper,6% prof. qu.)_
134 Nov. 16 Holders of rec. Nov. 2
Westchester First National Corp.. pref. '8734c Dee. 20 °Holders of rec. June 30
Western Auto Supply, corn. A dr 13 (qu.)_
75e Sept. 1 Holders of rec. Aug. 20
Western Dairy Products, Pt. A (qu.)
*51.50 Sept. 1 *Holders of rec. Aug. 20
Westmoreland, Inc. (guar.)
300. Oct. 1 Holders of rec. Sept. 150
Westvaco Chlorine Prod.(quar.)
500 Sept. 1 Holders of rec. Aug. 106
Wilcox Rich Corp., cl. A (guar.)
62340. Sept. 30 Holders of rec. Sept. 196
Will & Baumer Candle. prof. (quar.)__
2
Oct. 1 Holders o, rec. Sept. 15
Windsor Hotel, Ltd.(Montreal), pf.(qu)
Sept. 1 Holders of roe. Aug. 15
Nov .
•Hoolern ut rev oet 15
.2
wineted Floolery coin (oust.,
si144 Sept. 1 *Holders of tee. Aug. 14
Wolverine Tube Co., pref. (quar.)
000. Sept. 1 Holders of ec. Aug. 106
Woolworth (F. vv.) Co.(guar.)
Wrigley (Wm.)Jr. Co.(monthly)
50e. Sept. 1 Holders of rem Aug. 20a
Monthly
25c. Oct. 1 Holders of rec. Sept.20a
250. Nov. 2 Holders of rec. Oct. 206
Monthly
WurlItzer (Rudolph) Co., corn. (mthly.) *50o. Aug. 25 *Holders of rec. Aug. 24
Common (monthly)
*50o. Sept.25 'Holders of rec. Sept.24
7% preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept.19
7% preferred (guar.)
•1Nc Jan1'32 'Holders of rec. Dec. 19
7% preferred (guar.)
Aprl'32 *Hold.of rec. Mar. 19'32
•114 July1'32 *Hold of rec. Joe 1932
774 Preferred (quar.)
Yale ik Towne Mfg.(Oulu%)
50c Oct. 1 Holders of roe. Sept. 10
Zinke Renewing Shoe Corp., eon.(qu.) •lOtc Oct. 2 'holders of rec. Sept. 5
Preferred (guar.)
•30. Oat'. 2 *Holders of rec. Sept.15
•From unofficial sauteed. f The New York Stook Exchange has ruled that
Stook will not be quoted ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be quoted
Ox-dividend on thLs date and not until further notioe.
a Transfer books not closed for this dividend.
d Correction. e Payable In Mock.
jPayable in common stock. o Payable in Scrip. 11 On account of accumulated
dividends.
Payable in preferred stock.
k Central Public Service class A dividend is payable In clam A stock.
Central States Elec. Corp. cony. pref. dividends are payable as follows: Series
1928, 3-32nds share common stock or $1.50 cash: series 1929, 3-161315 share common
stock or 81.50 cash.
4 Electric Shareholdings Corp. pref. dividend payable In cash or 44-1,000ths
&awe common stock.
r General Gas & Elec. com. A & B dividends are payable in coin. A stock unless
holder notifies company prior to Sept. 10 of his:desire to take cash.
s International Silver dividend reported as not having been declared in the issue
of Aug. 8 was an error. Directors do not meet until Sept., when action thereon
will be taken.
Utilities Power & Light corn, and class A & B dividends payable in cash or
stock as follows, holders desiring cash must notify company: Common 1-40th
Share common stock; class A 1-40th share class A stock; class B 1-40th share
common stock.
as Midland United dividends optional either cash or 1-40th share common stock.
v Atlas Utilities Corp. declared four quarterly dividends of 75c. each, beginning
with the payment on Sept. 1 1931.
w Less deduction for expenses of depositary.
x Commercial Investment Trust cony. pref., series of 1929, dividend will be paid
In common stock at rate of 1-52d share unless holder notifies company on or before
Sept. 1601 his desire to take cash—V..50.
V Western Continental Utilities dividend is payable in rash unless holder notifies company of his desire to take class A stock
-1-40th share.
cc Middle West Utilities $6 prof dividend is optional either cash or 3-80th's share
common stock.
dd Blue Ridge Co. pref. dividend will be paid 1-326 share common stock unless
holder notifies company on or before Aug. 15 of his desire to take cash-75o. per oh.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $37,500,000 to the capital,
$29,882,800 to surplus and undivided profits, $158,118,000
to the net demand deposits and $70,959,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY AUG. 15 1931.
Clearing House
Members.
[VOL. 133.
FINANCIAL CHRONICLE
• Capital.
Bank of N Y et Trust Co
Bank of Manhaen Trust
Bank of Amer Nat Assn
National City Bank......
Chemical Bank dr Trust
Guaranty Trust Co
Chatham Phenix NB&Tt
Central Hanover Bk&Tr
Corn Exchange Bk Trust
First National Bank
Irving Trust Co
Continental Bk & Trust_
Chase National Bank_ _ _
Fifth Avenue Bank
Bankers Trust Co
Title Guarantee & Trust
Marine Midland Trust
Lawyers Trust Co
New York Trust Co__
Com in'l Nat Bank & Tr_
Harriman Nat Bk & Tr_
Public Nat Bank & Trust
Ntanufarturers Trust Co
AmerleanEx.Bk&Tr.Co.
$
6,000,000
22,250,000
36,775,300
110,000,000
21,000,000
90,000,000
16,200,000
21,000,000
15,000,000
10,000,000
50,000,000
6,000,000
148,000,000
500,000
25,000,000
10.000,000
10,000,000
3.000,000
12,500,000
7,000.000
2,000,000
8.250,000
27,500,000
10,000,000
Gleaning Non-Member.
Alechanim Tr, Bayonne.
500,000
•Surplus and
Undivided
Profits.
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
$
$
67.950.000
14,254,900
253,613.000
50,760,200
127,499,000
32,713,600
115,769,100 al.018,669.000
222,928,000
44.260,900
208,427,000 b885,572,000
140,823,000
16,446,600
413,483,000
83,630,600
169,882,000
32,629.000
266,727,000
118.516,500
377,024.000
75,429,400
9,575,000
11,360.200
176,579,800 1,280.017,000
26,884,000
3.822,600
87,792,400 d452,151,000
33,856,000
24,860,800
46,992.000
9,632,800
17,837,000
4,256,700
192,704,000
35,644.000
45,335,000
10,158,000
28,901,000
2,822,400
36,474,000
13,873,300
142.716,000
24,380,500
15,402,000
5,502,300
$
14,893,000
51,178,000
48,035,000
187,597,000
26,856,000
123.300.000
33.247,000
82,915,000
34,748,000
23,739,000
68,019,000
1,359,000
165.103,000
3,234,000
74,104,000
2,321,000
6.807,000
1,643,000
42.894,000
5,468,000
2.984,000
32.664,000
66,824,000
4.135,000
2,619,000
5,316,000
737,100
668.475.300 1.204.260.700 6,275,632.000 1,109,383,000
Includes deposits in foreign branches as follows: (a) $256,867,000:(b) $93,957,000:
(c) $97,820,000: (d) $43,115,000.
• As per official reports: National, June 30 1931: State, June 30 1931; Trust
Companies. June 30 1931.
Totals
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Publie
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Aug. 14:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, AUG. 14 1931.
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Other Cash Res. Dep., Dep. Other
Oros,
Disc. and
Gold. Including N. Y. and Banks and
Investments.
Bank Notes Elsewhere. Trust COS. Deposit:.
Manhattan—
$
$
Bryant Park Bk 1,664,000
____
Grace National_ 17,815.340 1,500
Brooklyn—
Brooklyn Nat'l_
8,074,400 29,000
Peoples Nat'l_ - 6,341,131 36,025
5
$
$
$
863,000
102,200
198,200
58,338 1,808,075 1,840.979 16,361.562
154.900
255,216
424,500
463,971
446,100
152,268
4,815,000
6,681.423
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Investments.
Cash.
Res've Dep., Depos.Other
.V. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
Manhattan—
$
3
$
$
$
Bank ot Europe& Tr. 3,634,730 1,112,000
142,600
35,500 11,837,300
Empire
75.249.800 *4,799,300 7.201,400 2,877.800 74.824.000
Federation
149,249 1,030,023
15,937,636
157,015 15,446,357
Fulton
19,838,300 *2.509.100 1,194,000
310,000 18,959,000
United States
64,865,736
44,555,970 5.400.000 14,226,259
Brooklyn—
Brooklyn
671,000 118,430.000
106,028,000 2,482,000 31,009.000
Kings County
27.655,815
27,666,130 1,856,909 4,855,718
Bavonne, N. J.—
Mechanics
673,149
272,931 8,254,051
8.237,059
298.730
'Includes amount with Federal Reserve Bank as follows: Empire, $3,238,500:
Fulton.82.336,000.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Aug. 19
1931.
Changesfrom
Previous
Week.
Week Ended
Aug. 12
1931.
Week Ended
Aug. 6
1931.
$
$
$
5
93,875,000
Capital
92,875.000
93,875,000 Unchanged
86,772,000
Surplus and profits
86,772,000
86,772,000 Unchanged
Loans. clise'ts & investle. 1,013,911,000
—3,248,000 1,017,159,000 1,019,625,000
Individual deposits
623,939,000 +28,136,000 595,803,000 608,169,000
Due to banks
156,456,000
—410,000 156,866,000 155.388,000
Time deposits
264,129,000 +3,204,000 260,925,000 260,609.000
9,554,000
5.504,000
United States deposits__
3.290,000 —2,304.000
19.185,000
16,129,000
Exchanges for Clg. House
24,162,000 +8,033.000
91,651.000
74,965,000
Due from other banks__
92,978,000 +18,013,000
78.706,000
79.075,000
Reeve in legal deposieles
81,118,000 +2,043,000
5,726.000
5,881,000
Cash in bank
5,721,000
—160,000
2.016,000
2.171.000
Res've In excess in F.R.Rk
3.561.000 4-1.290.000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Aug. 15
1931.
83,202,000
Capital
Surplus and profits
256,081,000
Loans. discts. and invest. 1,510,123,000
Exch. for Clearing House_
25.877.000
Due from banks
105,275,000
Bank deposits
228.612,000
Individual deposits
713,814,000
Time deposits
440,801,000
Total deposits
1,383,317,000
Reserve with F.R.Bank
. 117.969.000
Changesfrom
Previous
Week.
Week Ended
Aug. 8
1931.
Week Ended
Aug. 1
1031.
$
$
$
83,202,000
Unchanged
83,202,000
256,081.000 256,081,000
Unchanged
—614,000 1,510,737.000 1,507,910,000
25,354,000
32, 33,000
4
+523,000
0 26
—17,867,000 123,142.000 13 , 0,000
—5,624,000 234,236,000 229,594,000
47,207,000
—11,279,000 725.093,000 7
+146,000 440,745,000 438.834,000
41
—16,757,000 1,400.074,000 1, 5,725.000
+2.975,000 114,904,000 120.913,000
AUG. 22 1931.1
1249
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 20, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks.
latest week appears on page 1211, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 19 nal
Aug. 19 1931.IAug. 12 1931. Aug. 5 1931. July 29 1931. July 22 1931. July 15 1931. July 8 1931. July 1 1931. Aug.20 1930.
$
RESOURCES.
$
$
2,124,088.000 2,077.688,000 2,063,779,000 2,058.539.000 2,003,339.000 1,990,864.000 1.964,764,000 1,933,564.000 1,537,714,000
Gold with Federal Reserve agents
35,819.000
30.167,000
29,616,000
29,321,000
29.983,000
29,999,0001 29,675.000
29,084,000
Gold redemption fund with U. S. Tress_
29.983.000
Gold held exclusively agst. F. R. notes 2.154,087.000 2,107,363,000 2,093.762,000 2,088.522,000 2.032,423.0002,020,18S,000 1,994,350,000 1.963.731.000 1.573,533,000
Gold settlement fund with F. R. Board_ _ 434,736,000, 479,711.000 447,519,000 410,496,000 463,011,000 464,413,000 489.921.000 514,492.000 558,821.000
Gold and gold certificates held by banks- 884,038,000' 862,108,000 887,756,000 944,536,000 928,913.000 924,551,000 943.604,000 933.818,000 807,065,000
Total gold reserves
Reserves other than gold
3,472,861,000 3,449,182,000 3,429,037,000 3,443,554.000 3,424,347.000 3.409,149,000 3.427.905,000 3.412,041.000 2,939,419,000
169,727,000, 168,899,000 165,761,000 175,009,000 173,604,000 171,989,000 164.042,000 167,257.000 167,638,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. B. Govt. obligations
Other bills discounted
3,642.583,000 3,618,081,000 3,394,798,000 .618,563,000 3,597.951.000 3,581,138,000 3,591,947.000 3,579.298.000 3,107,057,000
67,042,000
65.011.000
68.713,000
77,133.000
74,042,000
79,086,000
78,899,000
75,091,000
73.019.000
67,623.000
127,357.000
69.901.000
118.674,000
71,883,000
111.153,000
78,204.000
103.398,000
59,997,000
101.806,000
59.787.000
102,599,000
46.395,000
103,805.000
63,876,000
132,303,000
Total bills discounted
81111 bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certifinates and bills
230.609,000 194,980,000
154,628,0001 135.738,000
188,575,000
66,074,000
183,036,000
66,536.000
181,602,000
67.033,000
161,803.000
70,408,000
162,386,000
91,788,000
150,200.000
103,341,000
196,179,000
158,922.000
247,342,000 230.454,000
36,241,000, 46,241,000
441,307.000, 451.266,000
216,878.000
43.242,000
420.611,000
206,723,000
43.242,000
428.012,000
189.946,000
46,242,000
441,813.000
185.781.000
49,760,000
442,312.000
183.393.000
51,748,000
432,812.000
188,395.000
60,741,000
414,263,000
75.682,000
304,678,000
221,580,000
Total U.S. Government securities_
Other isecurIties (see note)
Foreign loans on gold
727,890.000: 727.961.000
5.102.000
6,102,000
680.631.000
6.302,000
677,977,000
7,246,000
678,001.000
7,179.000
677,853,000
11,093,000
667.953.000
9.975,000
663,399,000
10,601.000
601,940,000
7,922,000
1,118,229.000 1,064,781,000
10.749,000, 25,964,000
16,889,000; 16.031.000
462,236,000 457,146,000
58,962,000
58,962,000
32,696,000, 30.700,000
941,582,000
10.725,000
16,078,000
426,158,000
68.920,000
29,389,000
934,795,000
726,000
16,364,000
415,289,000
58,915,000
28,071.000
933,810,000 921,157,000
3.725,000
725,000
16.465,000
15,862.000
448,044,000 566,211,000
58.913,000 58,834,000
26.906,000
26,939,000
932,102,000
3,726.000
14,201,000
498,736,000
58.834.000
25.999,000
927,541,000
1,426,000
14.942,000
533,070,000
58.783.000
26.425,000
964,963,000
702,000
18,527,000
548,404.000
59,606,000
16,548.000
Total bills and securities (see sati)
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
Total resources
93,642,000
136,967.000
5,416,391,000 5,346.756,000 5,150.669,000 5,151.809,000 5,161.143,000 5.251,569.000 5,194.258.000 6.206,496,000 4,782,649,000
1,901,844,000 1.829,301,000 1,772,672.000 1,735.501,000 1,730,752.000 1,716,621,000 1,736,922,000 1.738.396,000 1,323,708,000
F. R. notes in actual circulation
Deposit.:
Member banks-reserve amount
Government
Foreign banks (see note)
Other deposits
2,382,296,000 2,392,837,000 2,339,135,000 2.414,734.000 2,431.802.000 2,435,530,000 2,439.573,000 2,389.211,000 2,413,559.000
30,093,000
16,060.000
17.501,000
41,182,000
28.923,000
15,074,000
13,385,000
12,161,000
17,990.000
5,563.000
39,875,000
58.159,000
35.625,000
168,408.000 180,483,000 132,377,000 100.435,000
58,481,000
19,852,000
30,662,000
31,833,000
34,830,000
26,617,000, 28,675,000
26,043,000
26,732,000
26,774,000
Total deposits
Deferred availability items
Capital paid In
Bondus
All other liabilities
2,606,244,000 2.617.069.000 2,510,447,000 2,554,597.000 2,535,005,000 2,539,852,000 2,527.346.000 2.500.848,000 2,469,067,000
540,433,0 474,368.000 511.815,000 528.326,000
450,618.000 443,095,000 411.380.000 405,755,000 440.440,000
167,233,000 167,279,000 166.849,000 167,442,000 166,796.000 166,844.000 167,979.000 168,170,000 169,783,000
274,636,000 274,636,000 274,636,000 274.636,000 274,636,000 274.636,000 274,636,000 274.636.000 276,936,000
15,029,000
12,631,000
13,183,000
13.007,000
15,816 000
13,878,000
14,685,000
13,514,000
15,376,000
Total liabilities
,
5.416,391,0005.345,756,000 5,150.669.000 5,151.809.000 5.161,143,000 5,251,569 000 6,194,258,000 5,206.496,000 4,782,849,000
Ratio of gold reserves to deposits and
77.4%
F. R. note liabilities combined
77.0%
80.0%
80.3%
80.4%
77.6%
80.2%
80.0%
80.2%
Ratio of total reserves to deposits and
81.9%
F. R. note liabilities combined
80.0%
84.1%
84.2%
84.4%
81.4%
84.3%
83.9%
84.3%
Contingent liability on bills purchased
for foreign oorreepondents
226,781,000 220.174.000 225,832,000 253,578,000 298.111,000 289,851,000 302,020,000 335,334,000 478,315,000
==
Maturity Distribution of Bills and
$
Mort
-Term &curiae.
57,564,000
148 days bills bought in open market30,365,000
21,373.000
35,792.000
52.167,000
21.782.000
53,259,000
26,030,000
19,087,000
1-15 days bills discounted
145,614,000 116,253,000 113,389,000 110,015,000 111,950,000
93.597.000
94.801,000
82.508,000 103,502,000
38,527,000
1-15 days U. B. met', of indebtedness_
31,925,000
20,500,000
5,500.000
15,700,000
12.850,000
18.700,000
26,950,000
1-15 days municipal warrants
99.000
32,849,000
25.067,000
1640 days bills bought in open market_
11.710.000
12,203,000
18,788,000
24,533,000
5,315,000
7,821,000
10.764.000
17,785,000
16-80 days bills discounted
18,316,000
12.509.000
13.672,000
13,676,000
16,168,000
13,542,000
13,160,000
12,963,000
16-80 days U. B. certif. of indebtedness_
28,866,000
12,850,000
26,850,000
10,500,000
29,425,000
25.700,000
23,425,000
26,700,000
16-80 days municipal warrants
93,000
99,000
58.391,000
11-60 days bills bought in open market
6,267,000
10.157.000
8,568,000
14,688,000
8,265,000
4,303,000
27,567,000
5.591,000
33.054,000
35,830,000
19,987.000
19,765,000
31-60 days bills discounted
20,157,000
30.862.000
23,942,000
29,650,000
21,769,000
63,435,000
11-60 days U. B. certif. of indebtedness_
37.950,000
55,125,000
37,550.000
54,125,000
65,797,000
67.271.000 103.595,000 105,597,000
76.000
11-60 days municipal warrants
75,000
5,240,000
92,890,000
28,996,000
16,223,000
01-90 days bills bought in open market
28,682,000
49,544,000
7.127.000
32,532,000
31.490,000
26,800,000
22,904,000
15,976,000
61-90 days bills discounted
19,528,000
18,857,000
22,588,000
22,008,000
22,559,000
21,902,000
77,150,000
61-90 days U.S. mail. of Indebtedness..
97,171,000
96,171,000 124,597.000
73,425.000
45,450,000
29,700.000
29,700,000
10,000
01-90 days municipal warrants
10.000
10,000
5,000
284,000
6,000
Over 90 days bills bought in open market
39,000
114,000
75,000
137.000
35,000
98,000
101,000
9,314,000
19,442,000
Over 90 days bills discounted
7,945,000
15,616,000
14,849,000
9.109,000
9,986,000
13,360,000
13,018,000
Over 130 days certif. of indebtedness
268,416,000 266,919,000 265,665,000 256,077,000 252,966,000 237,666.000 249.166.000 241,616.000 153.150.000
22,000
Over 90 dayg muntetnal warrants
42,000
42,000
42,000
42,000
'
Federal Reserve Notes
Issued to F. R. Bk. by F. It. Agent
Held by Federal Reserve Bank
In actual circulation
sea
2.300,913,000 2,251,746.000 2,199,250,000 2,181,235,000 2,135.945,000 2,134,963,000 2,132,684.000 2,111,944.000
399,069,000 422,445.000 426,578,000 445,734,000 405,193,000 418,342.000 395.762.000 373.548,000
1,901,844,000 1,829,301.000 1,772,672,000 1,735,501,000 1,703,752,000 1.716,621,000 1,738,922,000 1.738,396.000 1.696,121,000
Collateral Hata by Agent as &curtly for
Notes Issued to Bank
By gold and gold certificates
707,058,000 707,053,000 658,649,000 612.709,000 612,709,000 612.734,000 612.834,000 612.334.000 402,908,000
Gold redemption fund
Cold fund-Federal Reserve Board
1,417,030,0001,370,830,000 1,405.130.000 1,445,830,000 1,390,630,000 1.378.130,000 1.352,430.000 1.321.230.000 1,143.806,000
274,314,000 270,131,000 204,851,000 204,222,000 210,063,000 196,431,000 216.206,000 222.597.000 322,231,000
By eligible paper
2,398,402,000 2 347,819,000 2.268.630 OW 2 262 761 000 2 213 402 000 2 187,295.000 2,180.970.000 2,156.161.000 1,868,945,000
NOTE.-Reginning with the statement of Oct. 7 1925. two new items were added in order to ahow separately the amount of balance held abroad and amounts due to
foreign correspondents. In addition, the motion "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the discounts.
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items included therein.
•Barbed figures.
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 19 1931
TwoOlptiers (00)°MEW.
rbUral ROUTH Bank of-
Total.
Boston. New York. F1114a. annalind.filansond Atlanta. 011400. Al.LoWW.Aftsioao
$
RIISOURCBS.
$
$
$
$
$
$
5
$
$
Gold with Federal Reserve Agents 2,124,088,0 159,917,0 481,468.0 170,000,0222,550,0 55,570,0 107,400,0 486.900,0 70,830.0 49,840,0
29,999,0
991,0
639,0
12,592,0
Gltd red'n fund with U.S. Tress_
0, 2,252,0 1,100,0 1.305,0i 3,853.0 1,457,0
1,698. I
Gold held excl. agst.F.R.notes 2,164.087,0 160,908,0 494,060.0 171.698,0 224,802.0 56,670,0 108.705,0/490.753
.0 72,287.0 50,479,0
G sld Nettle's fund with P.R.Board 434,736,0 27,786,0 133,705,0 51,190,0 49,293,0 17,847,0 9.836.0 48.012,0 18.889,0 15,633,0
C13143 and gold cafe. held by banks_ 884,038,0 36,543,0 663,848.0 28.606,01 65.685,0 5,127,0 8,363,0 104.500.0 10,897,0 5,071,0
3,472,861,0 225,237,0 1,191,613.0 251.494,0 339,780,0 79,644,0 126.954,0 643.265.0 102,073.0 71,183.0
Total gold reserves
169,727,0 15,756,0
51.158,0 9,540,01 14,425.0 10,274,0 6.387,0 25,067,0 10,036,0 3,891,0
Regimes other than gold
Kan.Cilly. Dallas. Samarrent
g
$
$
64,000,0 19,850,0 235,763,0
1,204,0 1,035,0 1,873.0
65.204,0 20,885.0 237.636,0
17.249,0 14,009,0 31,237.0
8,845,0 5,043,0, 41,510,0
!91,298.0 39.937.0 310.383,0
7.649,0 7,515,01 8,029.0
3.642,588,0 240,993,0 1,242,771,0 2 .034.0 3
Total reserves
61
54, .0 89,918.0 133.341,0 668,332,0 112,109,0 75,074,0 98,947,0 47,452,0 318,412,0
205
74,042,0 10,707,0
Non-reserve nigh
24,268,0 3.579,01 3,858.0 3,739,0 4,058,0 8.800,0 3,856,0 1,674,0 1,768,0 3,305,0' 4,430,0
Bala discounted:
93,642.0 3,991.0
425,0 4,158,0
21,234,0 5.469.0 15,849,0 2,421,0 2,137.0 6.163,0 3,331,0
See. by U. S. Govt. obligations
27.994.0
470
136,967,0 5,311,0
17,541,0 12,752.0 14,668.0 17,300,0 19,613,0 8,782,0 6,646,0 3,922,0 11,931,0 12,994,01 5,507,0
Other bills discounted
.01
Total bills discounted
Mlle boughs In open market
230,609,0 9,302,0
154,628,0. 11,302,0
I
38,775,01 18,221,0 30,517.0 19.721.0 21,750,0 14,945,0
63,166.0. 9.64801 143950 4 n75 n 4,89L0 19.808.0
9,977,0
3.006.0
4,347,0 16,039,0 13,464,01 33,501.0
2.724.0 5.077.0 4.197.0, 12.339_0
1250
Two capaers (am
[VOL. 133.
FINANCIAL CHRONICLE
°wawa.
1180URCBS (Concluded)
0,0. Government securities:
Bonds
Treasury notes
Certificates and bille
Total U.S. Govt. seeuritiell
Other securities
Total bills and seeurities
Due from foreign banks
F.R. notee of other banks
Uneolleoted Items
Bank premises
MI other resources
Total.
Boston.
$
New York.
Cleveland. Richmond Agleam. Chicago. Si. Louis. Minneap. Kan.CUg
Phila.
5
$
$
$
$
s
8
5
Dallas. San/eras,
$
$
$
5
247,342,0 16,398,0
403,0
36,241,0
444,307,0 36,360,0
73,431,0 18,692,0 18,573,0 10,249,0 6,056,0 43,656.0 8,421,0 13,467,0 11,691.0 16,021,0 12,687,0
234.0 2,560.0
3,998,0
3,742,0 10,477.0
154.0 9,950,0
300,0
156,0
566,0 3,703,0
142,128,0 34,033,0 43,035,0 21,075.0 13.726,0 51,110,0 18,352,0 14.053,0 27.086,0 13,955,0 29,394,0
727,890,0 53,181,0
5,102,0
70,0
219,555,0 54,467,0 72.085,0 31,558,0 22,342,0 95,332,0 30.476,0 27,676,0 39,077,0 30,130,0 52,031.0
100,0
60,0
3,350.0
630,0
50,0
40,0
90,0
130,0
560,0
40.0
82,0
1,118,229,0 73,835,0
805,0
10,749.0
223.0
16,889,0
462,236,0 54,042.0
58,962,0 3,458,0
32,696,0
875.0
324.846,0 82,866,0 117,097,0 55,414,0 49,033,0 130,215,0 43,499,0 34,829,0 60.803,0 47,831,0 97,961,0
4,132,0 1,062,0 1,083,0
429.0
729,0
386.0 1,448,0
322.0
311,0
25,0
17,0
5,611,0
127,0 1,338.0 1,239,0
797.0 2,091,0 1.038,0 1,130,0 1,231.0
326,0 1,738,0
122.083,0 42.004,0 44,306,0 32,858.0 11,915,0 57,501,0 20,133,0 9.749,0 28,308,0 14,705,0 26,632,0
15,240,0 2,614,0 7,575,0 3,625,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,831.0 4,621.0
16,128.0 1.327,0 2,309,0 1,567,0 3,056,0 1,922,0 1,258,0
768,0 1,115,0 1,111,0
1,282,0
5.416,391,0 384,938,0 1,755,079,0 394,613,0 531,771.0 188.789,0 205.159,0 878,370,0 185,551,0 125,661,0 193,939,0 116,887,0 455,634.0
Total resources
LIABILZT1118.
Fr R.notes in actual eiroulatIon 1,901,844,0 139,248,0 373.987,0 148.906,0 230,668,0 67,688,0 113,256,0 410,006.0 73,208,0 51,338,0 68,184.0 27,060.0 198,295,0
illePoidts:
Member bank-reserve account 2,382,296,0 143,691,0 1.036.185.0 144,598,0 187,501,0 61,733,0 54,313,0 324,854.0 66,516.0 48.465,0 80,895,0 54.008,0 179,737,0
Government
28,923,0 2,711.0
8.793,0 1,725,0 1,545,0 2.188,0 1,628,0 1,861,0 1,373,0 1,889,0 1,591,0 1,655.0 1,964,0
Foreign bank
168.408,0 12,437,0
57,141,0 16,416,0 16,748,0 6,633,0 5,969.0 22,386,0 5,804,0 3,814,0 4,809,0 4,975,0 11,276,0
Other deposits
26,817.0
11,239.0
206,0
114.0
43,0 7,143,0
60,0
976,0
235,0
42,0
32.0 6,299,0
228.0
Total deposits
Deferred availability Berne
Capital paid In
flunclua
All other liabilities
2,606.244.0
450,618,0
167,233,0
274,636,0
15,816,0
159.045.0 1,113.358,0 162,782,0 212,937,0 70,668,0 61.970,0 349,877,0 73,928,0 54,396,0 87,337,0 60,670,0 199,276,0
53,233,0 116.776,0 38,942,0 42.443,0 31,891,0 11,801,0 56,864,0 21.767,0 8,968,0 25,078,0 15,313,0 27,544,0
11,816,0
64.810,0 18,727.0 15,737.0 5,668,0 5,198,0 19,688,0 4,784,0 2.988,0 4.220,0 4,202.0 11,395,0
21,299,0
80,575,0 27,065,0 28.971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702.0 8,936,0 18.475,0
297,0
5,573.0
760,0 2.077,0 1,999,0 1,302.0
191.0 1.015,0
649,0
706.0
827,0
420.0
Total liabilities
5,416.391.0 384,938,0 1.755.079.0 394.613,0 531,771.0 188,789,0 205,159,0 878,370,0 185,551,0 125,681,0 193,939,0 116.887,0 455,634.0
Memoranda.
Reserve ratio (Per Cent)
80.8
79.8
80.8
65.0
83.6
76.1
83.7
88.0
80.1
76.2
54.1
71.0
63.6
Contingent liability on bills purchased for foreign oorrespondls 2211781 n 111 01R n
75.424.0 22 231 n 22.782.0 9.023.0 8.120.0 20.452.0 7.119.5.0 8 1R11 0 el 5420 A 7870 15.339.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reaerve Agent al
-
Total.
Roston.
New York.
Two Ciphers (00) onsthed.
$
federal Reserve notes:
Issued to F.R. bk. by F.R. Agt. 2,300,913,0 163,130,0
Held by Federal Reserve bank_ 399.069,0 23,882,0
In actual circulation
1.901,844,0 139,248,0
Collateral held by Ago.as security
for notes issued to bank:
Gold and gold oerafleaten
707,058,0 35.300,0
Gold fund-F. R. Board
1,417,030,0 124,617,0
Eligible paper
274.314,0 13,239,0
1
Total eollateral
2,398,402,0 173.156,0
Cleveland. Richmond Atlanta. I Clika2o. EL Louis. Minneap. Kan.City
Phila.
Dallas. San Fran.
5
$
517,078,0 173,292,0 254,114,0 74,961,0 129,057,0494.288,0 81,008,0 55,686,0 75,948,0 33,196,0 249,157,0
143,091,0 24,386,0 23,446.0 7,273,0 15,801,0 84.280.0 7,800,0 4,348,0 7,764,0 6,136,0 50,862,0
373,987.0 148,906,0 230,668,0 67,688,01113,256,0 410,006,0 73,208,0 61,338,0 68.184,0 27,060.0 198,295,0
426,468,0 38,700,0 12.550,0
55,000,0 131,300,0 210.000,0
52,698,0 16,373,0 34,830.0
'
534,166,0 186.373,0 357.380.0
10,070,0 10,900,0 73,900,0
45,500.0 96.560.0413,000.0
21,978,01 24,503,0 21,140,0
1
77.543,0 131,903,0 508,040,0
15,130,0 6,740,0
7,300,0 70,000,0
55,700,0 43,100,0 64,000,0 12,550,0 165,763,0
11,295,0 8,171,0 18,023,0 14,658,0 39,406,0
82,125,0 56.011,0 82,023,0 34,508.0 275,169,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1211, Immediately preeeding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Aeceptanoes of other banks and Mlle of exchange or drafts sold with endorsement, and Maude all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banal and bills sold with endorsement were Included with loans:
and some of the bank, included mortgagee In Investments. Loans secured by U. S. Government obligations are no longer shown separately. only the total of loans OD
iteeurthos being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by II. S. obligations and those assured
by commercial paper. only a lump total being given. The number of reporting banks is now omitted; in Its awe the number of clam Included (then 101) who for a time
elven, but beginning Oat. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco tilstritg with loans and inveetMenke of 5135,000,000 on Jan. 2 1929 which had them recently merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 12 1931 (la millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Cleveland. Richmond Atlanta. CAUtlgo, St. Louts. Iffiancee. Kan.Ctly. Dams. SanFran,
$
2,228
635
552
3,122
5,720
816
1,377
407
3781
372
609
2,990
2.730
420
396
642
735
159
248
Loans-total
14,342
981
6,479
7,863
tavastments-total
Phil.
1,365
[mans and investments
-total
$
1,452
On securitlee
All other
s
$
$
22,075
8,759
$
s
$
$
$
s
$
$
623
367
626
421
1,927
2,189
402
230
353
292
1,197
113
265
1,059
1,130
163
239
62
168
99
254
90
202
310
887
7,733
3,039
549
849
228
174
933
221
137
273
129
730
206
265
1,749
1,290
228
321
470
379
96
132
84
90
536
397
76
145
62
75
122
151
69
60
371
359
1,821
233
13,355
7,105
75
1,476
3,311
56
Reserve with F. it. Bank
Cash In vault
Net demand damelte
Time depoeits
Government deposits
Due from banks
Due to Danko
Elnrresalnas from F Ft. Flank
471
4,069
3,664
0. S. Government securities
Other securities
93
14
855
516
3
91
143
2
900
71
6,222
1,667
29
133
1,215
24
91
13
780
410,
71
871
240
3'
136
29
1,089
1,017
7
129
355
7
41
13
334
263
4
90
114
3
36
8
294
230
5
77
102
4
270
37
1,777
1,242
9
287
455
3
41
6
354
238
2
75
107
2
25
5
216
146
51
12
432
202
1
157
206
3
31
7
270
140
3
88
88
1
106
18
732
1,028
5
185
236
el
77
83
•Exclusive of figures for one hank in New York City. closed Dee. 11. Las) ravel of hank showed loans and Investments of about 8190.000.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 19 1931,
In comparison with the previous week and the corresponding date laqt year:
Aug. 19 1931. Aug. 121931. Aug.261930.
Aug. 19 1931. Aug. 12 1931. Aug.20 1930.
Resources (Concluded)3
$
$
S
S
481.468,000 451,468,000 258.594,000 Due from foreign banks(see nogg)
228,000
4.132,000
19,347,000
12,661,000
14,538,000 Federal Reserve notes of other banks12,592,000
4,552,000
5.611.000
5.332,000
Uncollected item/
122.083,000 122.737,000 142,269,000
15,664,000
Gold held exclusively meet. P. R. notes.. 491.060.000 464,129,000 273.182,000 Bank premises
15,240,000
15,210,000
133,705.000 133,549.000 171,370.000 All other resources
Gold settlement fund with F. R. Board
8,666,000
14.602,000
16,128.000
563.848,000 556.554.000 500,064,000
Gold and gold cas,held by bank
Total resources
1,755,070.000 1,746,780.000 1,441,962.000
1,191,613,000 1,154,232,000 944,616,000
Total gold reserves
43,736,000
49,876,000
51,153,000
Rsaerves other than gold
Liabligta.
1,242,771,000 1,204,108,000 990,352,000 Red ! Reserve notes in actual circulation 373.987,000 362,404,000 157,237.000
Total reserves
17,348,000 Deposits
23,673.000
-Member bank, reserve emit 1,036,185.000 1,041,452,000 988,078,000
24,268.000
Non-reeerve reels
Government
3,038,000
Bills discounted
1,286,000
8,793.000
30,171,000
16,774,000
Foreign oank (me note).
21,231,000
1,921,000
Secured by U.S. Govt. obligations
57,141,000
61,824,001)
15,260,000
19,715,000
Other deposits
17.541,000
8,394,000
Other bills discounted
11.239,000
14.175,000
ReeourcesGold with Federal Reserve agent
Gold redemp.fund with U b. Treasme
49,8813,000
69,960.000
32,031,000
Total deposits
1 113,358,000 1,118,737.000 1,001,431,000
37,203.000 Deferred availability items
116,776,000 114.949.000 132,704.000
Capital paid In
64,810.000
64,810.000
65.579,000
73,362,000
15.445.000 Surplus
73,431,000
80.575,000
80.575.000
80.001.000
9 662.000 109,291.000 All other liabilities
3.998.000
5,305,000
5,573,000
5.010,000
63,010,000
142.128.000 136,531,000
Total
1,755.079.000 1,746,780,000 1,441.962,000
219,555.000 219,555,000 187,746,000
Total U.S. Government securittee
5,900,000 Ratio of total reserves to deposit and
2,340,000
3,330,000
Other securities(see wole)
Fail Reserve note liabilities combined85.5%
Foreign loans on gold
81.3%
83.6%
Contingent liability on bills purchased
for foreign correspondents
70,757,000 155,976,000
Total bills and securities (m. note)
324.846.000 341,741.000 262.383,000
75,424,000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earnings assets." previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities." and the(motion,"Total earning meets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the discount.
acceptances and securities acquired under the provisions or Sections 13 and 14 of the Federal Reaerve Act, which. It was stated, are the only Items included therein
Total bills diacounted
Bills bought In open market
U.S.GovernmentseetuetiesDonde
Treasury notes
Ceallicatesand bills
38,775,000
63,166,000
1251
FINANCIAL CHRONICLE
AUG. 22 1931.1
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
11
1
Below we furnish a daily record of the transactions in Liberty Loan and Treasury certificates on the New York
Wall Street Friday Night, Aug. 21 1931.
Stock Exchange. The transactions in registered bonds are
Railroad and Miscellaneous Stocks.—The review of the given in a footnote at the end of the tabulation.
Stock Market is given this week on page 1240.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices, Aug.16 Aug.17 Aug.18 Aug.19 Aug.20 Au0.21
week of shares not represented in our detailed list on the First Liberty Loan
High 102"ss 102",, 102"n 102",, 102",, 102°,,
102"ss 102uw
34% bonds of 1932-47_ Low_ 102",, 102nn 10210n 1021031 102n. lost%
pages which follow:
(First
Close 10211,1 102",, 102nn 10264,
azette.
STOCKS.
Week Ended Aug. 21.
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Lowest.
Par. Shares. $ per share.
Railroads—
30 8831 Aug 18
Caro Clinch & 0130_100
40 97.14 Aug 19
Ctfs stamped___100
50, 7631 Aug 21
Cleve & Pittsburgh-100
50, 25 Aug 18
100
Cuba RR prof
30, 8 Aug 18
Sot Rys of Cent Am__•
100, 3031 Aug 20
100
Preferred
10 50 Aug 17
Manhat Elev guar_100
190 131 Aug 15
Pacific Coast 2d pf..100
Lowest.
Highest.
Indus. & Miscellane'•
100 2831 Aug 20 2834 Aug 20 2831
•
Allegheny Steel
500 1214 Aug 21 1431 Aug 17 1131
5
Amer Agri(' Chem(Del)
30 814 i ug 15 814 Aug 15 7
Amer Beet Sugar pf.100
300 62 Aug 18 65 Aug 18 62
Amer Chain prer-100
100 331 Aug 20 334 Aug 20 2
Am Mach&Metals ctfs•
50 4831 Aug 17 50 Aug 17 4834
•
American News
200 9434 Aug 21 9414 Aug 21 85
Asso Dry Gds 1st p1100
Certain-Teed Products
400 35 Aug 17 35 Aug 17 11
100
1st preferred
400 90 Aug 19 9011 Aug 21 8914
Col Gas & El pf B__100
Col Graphophone ctfs__ 7,100 734 Aug 21 831 Aug 15 6
60 2431 Aug 15 2414 Aug 15 20
Comm Cred prof (7).25
Corn Inv Tr lit(831) 100
7010134 Aug 1710434 Aug 19 101
50 70 Aug 21 73 Aug 19 6434
Cons cigar pf (7)--100
Consol Laundries_._* 2,900 13 Aug 20 14 Aug 15 1134
100 29 Aug 20 29 Aug 20 28
Crown•Cork & S pf,__*
14 Aug 17
Cuban Dom Sugar' 6,800
X Aug 17
14
Cushm Sons pf (7).100
5010834 Aug 1910834 Aug 19 100
•
60 96 Aug 21 100 Aug 18 95
Preferred 88
*
Douglas Aircraft
Duplan Silk pref _100
.
Elee & elus Indus w 1_
Elk Horn Coal pref_50
Fairbanks Co et ett.100
General Baking
5
Gen Gm& El pf A(7%)•
General Print Ink
*
*
Preferred
Gold Dust pref
•
Gotham Silk Hosiery—
Pref ex-warrants.100
Hackensack Water—
Pref class A
25
Harbison-Walker Refractories pref___100
Hawaiian Pineapple.20
25
Houston 011 new
Internet Sliver pref.100
Kresge Dept Stores...*
Kresge (38) Co 01..100
•
Lily Tulip Cup
Loose-Wiles Biscuit—
let preferred
100
Lorillard Co pref_100
MacAnd &Forbes pf 100
1,200 1731
20 101
3,300 7
74
100
60 634
2,300 2014
10 80
20 1934
40 70
400 112
Highest.
$ per share. g per share.$ per share.
Jan 92
Feb
8831 Aug 18 85
Apr
9714 Aug 19 9631 July 102
7631 Aug 21 75 June 8014 Mar
27 Aug 15 25
Feb
Aug 44
8 Aug 18 7
Aug 1334 Mar
3031 Aug 20 30 May 5531 Feb
Feb
50 Aug 17 4031 July 61
3 Aug 20 114 Jun
Jan
8
Aug 21 1914 Aug
Aug 1710134 Aug
Aug 21 734 Aug
% Aug
Aug 19
Aug 17 8 Aug
Aug 21 2234 Aug
Aug17 80 Aug
Aug 19 20 Aug
Aug 15 70 Aug
Aug 15'112 Aug
17 1714
17 101
19 7
19
34
17 414
17 1731
17 67
15 15
15 5934
15 104
100 8814 Aug 19 6834 Aug 19 52
550 2734 Aug 15 28
Aug
Jun
June
Aug
May
June
Jan
4631
2914
1731
88
534
5734
98
Feb
Feb
Jan
Jan
Mar
Feb
May
Jan 35
Aug
June 9734 May
June 1131 July
Jan 25 July
July 106
Aug
Jan 80
Apr
Jun 1534 • Mar
Aug3414 Feb
July 134 Jan
Jan 112
Mar
J 107
Mar
July 2114
Aug 105
Aug 934
Aug 6
July 12
June 2
534
June 90
May 31
Jun 70
Jan 11714
June
Apr
July
Apr
Apr
Apr
Feb
Mar
Jan
May
Jan 7331 June
Aug 15 264 Mar 30
Apr
30 109 Aug 20 109 Aug 20106 July 117
Mar
20 2614 Aug 15 2634 Aug 15 2514 June 4234 Jan
16,400 914 Aug 17 10 Aug 18 6 June 1414 Feb
30 60
10 614
20 115
200 24
Aug 18 6474 Aug 17 5514
Aug 17 614 Aug 17 414
Aug 19 115 Aug 19107
Aug 20 24 Aug 20 23
Aug 9014
Jan 834
Jan 115
July 2631
Mar
Aug
Aug
June
Jan 126% Jan
2012031 Aug 2012134 Aug 21118
300 100 Aug 20 102 Aug 17 9031 Jan 10231 Aug
20 92 Aug 15 92 Aug 15 85 June 100% Apr
KY Shipbuilding,,..• 1,900 614 Aug 18 614 Aug 15 614 AugI 731
100
50 6931 Aug 19 70 Aug 19 6831 JulyI 71
Preferred
Noranda Mines Ltd_ _• 5.100 1834 Aug 21 2031 Aug 15 1534 May 2931
Panhandle Prod & Refin
40 1434 Aug 20 2031 Aug 21 10
100
Preferred
Marl 2031
100 431 Aug 18 434 Aug 18 4
Penn Coal & Coke_..50
Janl 534
70 103 Aug 2010431 Aug 19 9814 Feb 104g
Peoples Drug tits pf.100
1
Phila Co 6% Pi new—
. 1,400 100% Aug 17 101 Aug 1 95% J 102%
100 60 Aug 17 60 Aug 1 5814 Jun& 7231
Pierce-Arrow Co p1.100
90 21 Aug 15 21 Aug 15 20 June 28
Pitts'vermin Coal pf100
1011131 Aug 1911131 Aug 19 107
Feb 112
Proctor & Gam pref.100
Seaboard 011 (Del)—_• 48.200 1431 Aug 21 16 Aug 19
10 1731 Aug 20 1731 Aug 20
Shell Transp & Trad-C2
100 1231 Aug 20 1231 Aug 20
Sloss-Sheff St & Ir 100
120 22 Aug 17 22 Aug 17
100
Preferred
25 51,300 1814 Aug 21 21 Aug 20
Socony-Vacuum
40 28 Aug 19 28 Aug 19
Only Pipe & Had p1.100
70 96 Aug15 96 Aug 15
Vulcan Detinning p1100
Webster Eisenlohr p11.00
30 25 Aug 21 25 Aug 21
Westvaco Chlor Prodrts 3.600 1-16 Aug 19 3-16 Aug 15
1 6,800 11 Aug 18 12 Aug 151
Zonite Product*
•No par value.
1031
1731
1231
20
1731
914
90
25
1-16
11
Aug
Aug
May
Aug
Feb
Aug
May
Feb
Feb
Mar
Jan 2031 Apr
Augi 34
Jan
Augi 3231 Feb
June 39
Feb
Augi 21
Aug
June 60
Jan
Apr 97
Aug
Aug 60
Jan
Aug3-16 Aug
June 14 'June
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rare.
Bid.
Asked.
Maturity.
int
Rate.
B
Asked.
Mar. 15 1932... 2%
10010,, 100"as
Bept.15 1931- 24% 1001ss
Dec. 15 1931-32 24% 10011,1 101
,
8ept.15 1931_ 14% 100 ss
Dec. 15 1931— lit% 100"st 100uss
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.8534©
4.854 for checks and 4.85 31-3204.86 for cables. Commercial on banks,
sight, 4,8531©4.8'5 15-32; sixty days, 4.81404.814: ninety days, 4.794
04.80: and documents for payment, 4.8104.8174. Cotton for payment,
4.85, and grain for payment. 4.85.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91340
3.92 for short. Amsterdam bankers' guilders were 40.3331@40.34
Exchange for Paris on London, 123.96: week's range. 123.96 francs high
and 123.94 francs low.
The week's range for sterling exchange rates follows:
Checks,
Sterling. Actual—
Cables.
4.854
High for the week
4.86
4.85 7-16
Low for the week
4.854
Bankers' Francs—
Paris
3.92
High for the week
3.9231
3.91 13-16
Low for the week
3.91 15-16
Germany Bankers' Marks—
23.7531
High for the week
23.754
23.66
23.67
Low for the week
Amsterdam Bankers' Guilders—
40.34
High for the week
40.344
40.304
Low for the week
40.32
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 1240.
A complete record of Curb Exchange transactions for the
week will be found on page 1269.
334a)
Total sales in $1,000 units__
Converted 4% bonds of Mali
{
ClOee
Total sales in $1,000 units_
Converted 44% bondslillgi
Of 1932-47 (First 431a3 Lew.
Close
Total sales in $1,000 units—
Second converted 414% High
bonds of 1932-17 (First Low.
Second 414s)
Total sales in $1,000 wilts—
Liberty Loan
{High
44% bonds of 1933-38._ Low.
(Fourth 434,)
Close
Mai sales in 01,000 units__
Treasury
{High
Low..
4g5, 1947-52
Close
Total sales in $1,000 units..
illigli
48. 1944-1954
Low,
awe
Total sales in 81,000 units—
Low.
Close
Toted sales in $1.000 antis__
(Highi
Low_
3318. 1943-1947
Close
Total sales in $1,000 antis-(High
Low_
3348, 1940-1943
Close
Total sales in $1,000 units-{HIV;
Low_
334a. 1941-43
Close
Total sales in $1,000 units__
High
Low_
3145, 1946-49
(Close
Total sales in $1,000 units__
Ms,1946-1956
5
----
151
----
18
---
7
----
4
----
12
----
---_---- - "—
,
,
- -2ss 103 st 102siss 103 ss
. 103iss 103;ss 103
10312, 102",, 102",, 102nn 103
103
,
1031n 1031t, 103h, 1032 1 1021182 103
57
2
6
30
30
17
-----------------------------------104ust
104uss
104nn
58
____
---__-_
--10130,,
1091,,
108Iss
26
---104",Fourth
104n
104",,
1042782
91
112 1ss
112",,
112nn
15
108oss
10819,
108%
1
- -104tin
1042%
104133,
57
11221,,
112"ss
112nn
3
108uss
108h,
1089ss
------10418. 10429n
104",, 104",,
104211, 104uss
52
41
112",,112",
112"as 112Pss
112ust 112uss
2
8
,
--- 108 ss
--108',,
---- 1081,2
27
----"
WV%
104°,,
104"ss
146
112"ss
112uss
112uss
1
108%
1081n
:2
1081
60
____ 1061%
____
____ 106th,
--- 10611si
------- 106un
3
_ __
__
10
- 141 102"st
2
- uss 102
102tin 102",, 10 102",, 102",, 1021h, 102",, 102":1
102uss 102",, 10216n 102",,102uss
23
2636
16
53
---- 102":2 102",,•____ 102n,,
1
--- 10221, 102",, ---- 102"n
____ 10213ss
---- 102"ss 10222w
_
1
29
4
5
-_--102",, 102uss 102uss 102iit 102"ss
102",, 10211:1 102uss 102us 102uss
102ust 102"ss 102"st 102un 10214,1
16
2
105
3
13
101"ss 101"ss 101",, 101", 10111,,
101",,101",,10117n 101",, 101"i"
"
101",, 101",, 101 sg 101",, 101",, 101",,
186
82
20
42
140
41
____
—_
-___
----__
-----------102",,
102uss
102tin
10
101"ss
1011121
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
103th, to 10311n
103%,to 10311n
7 1st 434s
7 41114148
CURRENT
NOTICES.
—America's financial advertising leaders will meet in Boston on Sept. 14
to open the sixteenth annual convention of tho Financial Advertisers Association. For three days a business conference will be held to consider the
many serious problems which Mandel advertisers recognize as existing at
the present time. A program has been prepared which will be completely in
accord with the spirit of the time—one which will give answer to many of
the questions ofimportance which confront the average financial advertising
man.
The officers of the Association under the direction of Mr. F. R. Kerman.
Vice-President, Transamerica Corp., and President of the Association,
started early in the year to prepare a program built around the theme "The
Creative Force in Finance." In selecting this theme it was recognized that
we are in an era to-day when the creative force of sound banking must lead
the nation out of the present wilderness, and into the next great period of
prosperity and growth. It was thought that too much stress could not be
laid upon the part bankers are playing in our economic reconstruction.
The creative force as a general theme, has been broken down into the departmental subjects of creative ideas in new business and creative ideas in
advertising. The many subjects which have been developed under these
two general heads give assurance that the convention will be one of the most
important and constructive ever held by the Financial Advertisers Assoelation.
—PAMPHLET ON MANITOBA.—"Manitoba" is the brief title of a
publication recently issued at Ottawa under the authority of Hon. Thomas
G. Murphy, Minister of the Interior. The publication presents a review of
both the natural and economic features of the province, separate chapters
being devoted to Manitoba's geography and resources, its people and
history, its industries, trade and finance and its municipal, educational and
other institutions. Special attention is given also to Manitoba's recreational attractions, notably the recently established Riding Mountain National Park. The pamphlet is of convenient size, concise in text, well
printed, and illustrated with photographs and a series of informative maps.
Copies may be obtained by applying to the Department of the Interior, at
Ottawa.
—Mr.Thomas A.Baxter, Sales Manager of Stone & Webster and Blodget,
inc. has been to-day appointed Asst. Vice-President of the corporation.
Mr. Baxter has been with Stone & Webster and Blodget for the past four
years. Prior to this he was Asst. Vice-President of the Puritan Corp. of
New York and before that was associated with the Guaranty Company in
their bond department.
—George W. Howe and Philip E. Ryan, both formerly with Easland
& Co., have formed the firm of Howe. Ryan & Co., to conduct a general
investment business, specializing in bank and insurance stocks. Their
offices will be at 49 Pearl Street, Hartford, Conn.
—Reginald P. Rose, C. Wesley Townsend, George H. Carey. member
New York Stock Exchange, and George Rose, as a special partner, announce the formation of the New York Stock Exchange firm of Rose.
Townsend & Carey, with offices at 1 Wall Street.
—E. G. Childs 3: Co., Inc. of Syracuse, N. Y., announce the opening of
an office in New York City at 11 Broadway, with John W. Reeve and
William H. Urban as resident managers.
—Clifton A. Hipkins announces the formation of 0. A. Mains Co.,
to conduct a brokerage business in municipal bonds. The firm will maintain offices at 1 Wall Street.
—James Talcott, Inc., has been appointed factor for the Stylebilt
Fabrics Corp. of New York, selling agents for silks.
—Hallgarten & Co. have issued a review of the petroleum industry.
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 15.
Monday
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21..
$ per share $ Per share $ per share $ per share $ per Share $ per share
14412 14412 13812 144
4
137 140's 1373 13912 13812 14012 13518 13812
106 106
4
•10512 1053 *10512 1053 1053 10612 .10512 10612 .1053 106
4
4
4
8912 88
.88
8912 .88
89 4 ..88
88
,
92 .88
89 4 .88
,
4734 453 47
47
4
8
4
4718 485
8 461 4814 46
4712 455 473
65
65
65
65
.65
643 .
65 65
4 624 63
66
64
04918 50
*494 50
497 497 .4918 50
8
*494 52
8
*497 54
8
*108 111 *108 111 *108 111 .108 111 *108 111 *108 111
40
40 .33
*33
33
40 .33
40 .33
33
39 .33
*1112 12 4 *1112 1212 1112 1112 *1112 1212 1112 1112 .1112 1212
,
624 .61
625 .61
.61
8
625
8 6114 6112 *6112 625
624 .61
593
8 59
59
59
59
604 601 *593 6018 *584 5912 59
8
4
*91
9154 91
91
91
91
91
91
91
*91
913
4 91
63
8 74
8
6
64
53
4 618
514 65
4
55
8 614
54 53
224 2314 2212 2314 223 2314 224 2318 2218 227
8 213 225
4
8
4
3512 3614 354 364 3518 3614 355 363
4 3612 3714 354 3'7
8
____ ____ ____ ____ ____ ____
*618 614 *618 614
618 618
254 254 2512 257
8 25
2518
.478 5
458 43* .44 5
818 83* .73
*814 84
4 81
263 2714 253* 267
4
8 25
251
4
.64
85
*64
80
•64
80
3912 40
3712 39
3618 373
4
.60
68 .60
68
*60
68
.55
65
647 65
8
60
60
*2614 45
*204 35 .204 447
8
2912 30
28
28
28
28
•112 119 4 .111 11512 *113 11512
3
*497 54
8
•50
65 .50
51
•1014 20
*1614 19
*165 22
4
1912 1912 *1818 1814 .19
19'z
*27
283
4 27
27
*2514 283
4
•1818 20 .184 20 .181s 20
355 364 354 37
8
35 4 361
5
.123* 15 .125 15 .125 15
8
8
*20
46 .20
46
46 .20
374 3714 3612 3612 384 3618
4014 4014 39
4018 3714 384
34
34 .30
.30
34 .30
*2112 2212 2112 23
2114 223
257 257 •25
8
25
26
•24
8
.47
47
48
47
47 47
*384 40
*3812 40 .3812 40
69 .8212 684
.65
69
*65
•3112 32
3012 3012
*3012 31
14 .11
25
.11
*1112 14
0
4
12
*14
12
414
12
....._ -___
6
.55
6
8 8
3
53
4 54
4 244 243
4
4 243 243
4
.25
253
434 434
8 43*
412 4 8
,
45
4 8
8 *73
74 73
4
77
8 77
2
512 2512
26
26
26
26
90 .54
90 .54
90
.54
364 37
364 3714 364 37
68 •60
68
68 .60
.60
63
*55
59 .55
63
59
4
8
.20
54 447 .2004 4178 .203 4478
31
*26
29
29
293 31
8
113 113
113 113 *112 114
54 .504 56
50 .51
50
4
18 .163 1912 .17
IS
.16
184 194 1818 1818 1818 1814
*2514 283 *2514 283
4
4
.2514 27
*184 '20
*1818 20
.1818 20
3512 3614 3512 3614 3552 3612
8
8
*125 20 .125 20 .125 20
8
46 .20
46 .20
45
*20
*3618 38
*3614 33 .3618 38
375 375
8
*3712 40
8
3714 38
34
34 .29
.29
*29
34
4
014 214 203 21
20 4 224 2
5
25
*24
*24
25 .24
25
4612 4012 4612 48
*464 48
4
*3812 40 .383 40
*384 40
.6212 6514
*621 67
,
*6212 78
30
3012 3018 3012 2812 3012
25
.11
25 .11
*11
25
12
•3
8
3
8
12
2
8
*3
8
*4
7
4
4
414 41
51,
53
*414 6
4 *4
*4
35
.16
21
27
*18
35 .16
21
*16
32 .16
27
12
124 115 121
8
1112 111 *1152 12 .1112 12
, 1112 113
3012
377 *377 391 *377 393 *37
38
38
8
39
*37
39
8
4
1914 18 8 187
20
1812 19
8 19
205
8 1812 20
18 4 193
3
5
8
8
574 585
4 55 4 55 4 5312 5312 537 54 .5312 54
3
3
53
534
.50
60 •50
60 .50
55 .50
60 .50
60
55
*50
•24
12
*14
14
12
14
*14
414
1
1
*14
12
6912 707
733 7514 707 734 695 721
4
8
703 717
4
8
8 694 714
•2714 31
27 .25
29 .25
.26
27
30 .26
*25
27
34
34
33
34
*33
33
34
34
34
34
.32
34
.157 160 .156 160 •157 160 *157 160 *157 160 .157 160
57
5514 57
571
58
55
59
593* 6012 57
5534 554
102 105 *104 10412 104 10412
10012 10012 101 101 .101 102
123
1212 1278 12
4 12
12
1214 117 12
12
8
117 12
8
5
8
8
8
"8
7
8
7
8
S'/I
7
8
"8
7
8
"8
7
8
"8
4
4
37
6
8 37
412 412 *4
8 *318 37
g4
412
8
16712 168
165 165
16714 16714 1663 167
166 166
161 167
4
8
8
*903* 9314 .905 9314 .90 8 9314 *905 934 905 903* .904 9314
s
,
8 335* 333
35 4 353
5
4 3412 3512 3312 3412 3338 3378 3312 335
4
.114 2
914 2
.114 2
.118 2
*13
4 2
•
154 2
3912 4038 3978 4012 3912 40
413 4212 41
4
413
4 3912 41
8
.4
.4
7
*4
8
8
*4
8
.4
8
.4
*2612 35 .2612 35
35
*25
37 .30
35 .25
37
.32
52
4014 45
52 .45
*45
52 .45
•-___ 52 •-___ 56
•____ 43 .____ 47 *____ 46 .____ 47 *___ _ 47 .---- 47
35
*30
35
35 .30
35 .30
35 .30
.30
35 .30
634 64
69
65 .65
6512 64
65
687 .64
8
64 .64
*3812 43 .3812 43
*39
43
*39
43
*39
43
43
*39
45
.41
45
*41
45
*41
45 'MI
*41
45 .41
45
16
*1512 16
.15
1654 17
16
164 167 *154 1512 16
8
25 .22
2412
•2312 26
4 2454 244 244 244 .22
.227 255
8
15
15
17
17 .15
17 .1318 17 .14
*1318 17 .14
40
40 .30
no
40 .30
40 •30
40 .30
40 .30
12
5
8
4
12
52
4
lz
5
8
52
512
5
8
544
•7
8
1
.7
8
1
*7
8
1
*78
1
*7
4 1
•8
7
1
7318 7512
734 75
74
734 744 7412 75
76
754 77
27
2612 2612
27
27
23
26
28
267
8 254 27 .26
8
8
.49
8
60
*484 55 .4312 547 *4812 547 *4812 547
50
50
85
85 .55
*.55
85
*55
85
85 .55
*5014 85 •55
*118, 12
12
11
*1012 1112 .1012 12 .1012 1212
1112 4
.11
8
*8
912
8
818
8
7
7
*7
8
7
7
3518 3518
*3518 40
3514 354 .3518 40
*3518 40
*3514 44
4
1404 1443 140 145
145 14912 144 150
4
143 14612 1415 143
85 .8514 86
85
*85
85
86
85 85
85
85 85
94
9
10
94
104
94 012 *9
912 1014
94 912
23
2018 2012 •18
•19
20
24 .18
20
23
23 .18
1112 1112
4
1112 1112 113 12
1212 123 .114 12 8 1112 12
4
,
*11 18 1514 .
1118 1512
*1118 16
.1118 16 .1118 144 *1118 16
64 9
.
*714 712
74 714 .63
4 714 'al 714 .834 9
•134 14
*1014 15
*1014 1518 *1014 1518 .1014 1518 *1014 1515
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Railroads
Par
Shares
8,700 Atch Topeka &Santa Fe__100
Preferred
500
100
100 Atlantic Coast Line RR 100
13,200 Baltimore & Ohio
100
Preferred
600
100
Bangor & Aroostook
100
50
Preferred
100
100 Boston & Maine
100
1,200 Brooklyn & Queens Tr_No par
Preferred
300
No par
1,300 Bklyn-Manh Tran v t e No par
500
Preferred v t c
No par
10.100 Brunswick Ter&Ry Sec No par
29,600 Canadian Pacific
25
17,900 Chesapeake & Ohio
25
100
Preferred
100
700 Chicago Great Western
100
Preferred
100
1,700
800 Chicago Milw St Paul & Pac__
1,700
Preferred
1,900 Chicago & North Western_100
Preferred
100
6,500 Chicago Rock 121,34 Pacifle_100
7% preferred
100
6% preferred
100
400
Colorado & Southern
100
1,900 Consol RR of Cuba pref __ _100
400 Delaware & Hudson
100
200 Delaware Lack & We2tern_100
Deny & Rio Or West prof _100
1,100 Erie
100
First preferred
100
100
Second preferred
100
3,900 Great Northern preferred 100
Gulf Mobile & Northern-100
Preferred
100
400 Hudson & Manhattan
100
2,000 Illinois Central_ __ _. _ _ __ _ 100
.
RR See stock certificates__
4,400 Interboro Rapid Tran v t c_100
100 Kansas City Southern
100
I'referred
300
100
Lehigh Valley
50
Louisville & Nashville_ _100
2,400 151anhat Elev modified guar100
Market St fly prior pref_i00
100 Minneapolis & St Louis_ __100
200 Minn St Paul & 88 MarlelOO
Leased lines
10
100
2,600 Mo-Kan-Texas RR__No pa
300
Preferred
100
8,500 Missouri Pacific
100
Preferred
4,300
100
Nash Chatt & St Louis_ 100
500 Nat Rye of Mexico 2d pref_100
47,500 New York Central
100
N Y Chic & St Louis Coi00
500
Preferred
100
N Y & Harlem
50
5,700 N Y N It & Hartford__100
Preferred
900
3.200 N Y Ontario & Weitern__100
100 N Y Railways pref.__ No par
100
300 Norfolk Southern
100
1,400 Norfolk & Western
Preferred
100
20
100
3,300 Northern Pacific
Pacific Coast
100
50
49,400 Pennsylvania
Peoria a:Eastern
100
Pere Marquette
100
Prior preferred
100
20
Preferred
100
Pittsburgh & West Virginia 100
60
600 Reading
First preferred
50
Second preferred
50
500 St Louis-Suit Francisco_100
First preferred
100
200
100 St Louis Southwestern
100
Preferred
100
1,700 Seaboard Air Line
No par
Preferred
100
7.800 Southern Pacific Co
100
2,200 Southern Railway
100
Preferred
200
100
Texas & Pacific
100
400 Third Avenue
100
500 Twin City Rapid Transit...100
20
Preferred
100
5,601) Union Pacific
100
1,000
Preferred
100
4,200 Wabash
100
200
Preferred A
100
1700 %Vattern Maryland
100
Second preferred
100
100 Western Padre
100
Preferred
100
?ER .811 ARE
Range Since Jan 1.
On basis of 100
-share lots.
Lowest.
Highest.
$ per share
13254June 2
10012June 2
78 June 3
4312June 2
64 Aug 19
47 June 2
993
4June 3
32 June 4
712June 2
5134May 4
5378 Apr 29
8538 Jan 21
3 May 27
214 Aug 10
27 June 2
5
8July 25
14July 25
4 June 2
153
4June 3
318June 2
Panne 2
25 June 2
89 June 4
2212June 3
50 May 29
50 May 29
245
8June 1
25 June 3
10712June 3
4514June 2
115
8June 3
1312June 2
25 June 3
1712June 1
35 Aug 14
13 Aug 11
5112 Feb 10
8June 1
337
374 Aug 18
33 Aug 10
1912Juno 2
25 June 3
40 June 2
3714June 1
6114June 3
2812 Aug 21
12 June 3
14 Apr 18
4 Aug 17
21 Aug 21
978June 3
354 Aug 14
13 Aug 11
50 June 2
47 June 11
',May 28
681 Aug 10
8
25 July 30
3012 Aug 13
14712June 2
53 Aug 11
1104 Aug 14
53 Jan 2
8
is Aug 21
212May 25
139 June 2
89 Jan 8
3012May 18
114June 1
3912 Aug 18
4 May 1
28 June 11
4014 Aug 21
487 Aug 4
8
80 Aug 7
603 Apr 27
8
37 June 3
41 May 29
9 June 2
1518June 1
7 May 27
16 May 27
5
8May 21
5
8May 21
6714June 1
253* Aug 8
50 Aug 10
90 Mar 10
512 Apr 29
65
8June 5
3518June 1
138 Aug 11
833* Jan 5
8 June 1
19 June 4
9 June 2
914June 3
4 Juno 2
1018May 25
$ per share
20358 Feb 24
10814 Apr 13
120 Jan 23
8778 Feb 24
8012 Feb 27
6634 Feb 26
113127.tar 11
66 Feb 20
133 .1une 20
8
6454June 27
694 Mar 2
9414 Feb 11
912 Feb 10
451 Feb 24
8
4612 Feb 10
2 4 Jan 12
,
178 Jan 12
77 Feb 10
8
2712July 7
878 Jan 23
15 8 Feb 10
,
4512 Feb 24
116 Mar 18
6512 Jan 27
101 Mar 24
90 Jan 28
48 Jan 9
4212 Feb 24
15714 Feb 25
102 Jan 8
4554 Feb 10
393 Feb 24
4
4512 Fob 27
4012 Jan 5
6934 Feb 24
2714 Feb 17
75 Jun 9
4412 Feb 17
89 Feb 24
61 Jan 23
34 Mar 2
45 Feb 26
64 Feb 9
61 Jan 9
111 Feb 9
39 Feb 28
22 Feb 18
81 Jan 12
1112 Feb 10
45 Mar 11
264 Jan 20
85 Jan 16
424 Feb 16
107 Feb 11
80 Feb 25
12 Jan 5
13214 Feb 24
88 Feb 11
94 Mar 9
227 Feb 24
947 Feb 24
8
1194 Feb 24
1378June 26
2 Feb 27
814 Jan 9
217 Feb 26
93 Mar 31
607 Jan 27
8
7 Mar 23
64 Feb 10
912 Jan 9
85 Feb 10
9214 Feb 25
80 Jan 8
86 Jan 9
9712 Feb 11
46 Jan 5
47 Jan 16
623 Jan 27
4
76 Jan 27
334 Jan 9
60 Feb 24
13 Jan 12
8
24 Jan 12
10912 Feb 11
654 Feb 10
83 Feb 10
100 Jan 14
1514July 10
177 Feb 17
8
62 Feb 9
20518 Feb 24
87 May IS
26 Jan 9
51 Jan 9
194 Feb 24
20 Feb 24
8
147 Feb 9
315 Feb 24
2
Industrial Pc Miscellaneous
300 Abitibi Power & Paper_No par
312May 21 1414 Feb 26
Preferred
100 1314 Aug 11 52 Feb 26
300 Abraham & Straus _No par 25 Jan 22 3812May 13
Preferred
100 100 Jan 8 10612May 4
3,300 Adams Express
No par 1118June 3 2312 Feb 24
Preferred
70
100 8312 Jan 5 92 Apr f
6,500 Adams Millis
No par 221s Jan 14 333 Apr 1
8
300 Addressograph Int CoryNo par 16 Aug 15 2312 Feb 2
12
1,100 Advance Rumely new _ No par
4 July 15 114 Mar 17
Preferred
100 1112 Jan 29 2012 Feb 16
__ _ _ _
A humada Lead
---- ---- ---- ---- ---- -- _ ---- ---- ---- ---- ---78 Feb 27
1
18June 4
82
835
8 80
4 ------ 9.0 Alr Reduction Inc----No Par 703
82
794 8314 80 8 81
4June I 1093 Feb 24
8
8114 823
,
.414 412
414 414 *4
.33
4 4
300 AAjaxir-w
4
epliauceNo par
34 Apr 30 105 Feb 24
414 _ 4
414 *4
8
_
ay EieeIncNo par
Rubber
14 Jan 2
II Jan 5
1734 152,600 Alaska Juneau Gold Min10
17
16
174 174 1812 165 184 163 174 174 18
8
4 .
7 Jan 2 2018June 4
418 418
44 418
414
•13
1712 .13
1712 .13
3812 3812 .3612 38
*35
•10312 105 .10312 105 *10312
15
1518 1458 143
4 145
8
86
*85
4 86
*85
4 86
*2914 293* 29
2914 29
1612 164 .163 1714 .165
4
4
55
5
5
514 314
4
'1
44 *44 44 *4
414 *4
134 163
4
1712 .1314 1712 .
1712 *13
384 3812 3812
38 .34
38
38
105 *10312 105 *10312 105 .10312 105
8 144 1412
4 1412 145
1454 145 143
8
857
*857 87 • 2 87
8
88
863
4 86
8
30
29 4 304 3018 3012 297 3012
3
1714 .1612 1712 .1612 174 .1612 1712
512 *5
512 *5
54 .5
512
•BPI and asked prices: no sales on this day. a Ex-dividend and ex-rights. c 00% stock dividend paid. s Ex-dividend. y Es
-rights.
di
P8 WIARC
Range for Previous
Year 1930.
Lowest.
Highest.
8 per share 5 Per share
,
168 Dec 2421 Mar
4
100 Dec 1083 Sept
9514 Dec 17512 Mar
8
5538 Dec 1223 Mar
8
7014 Dec 845 July
5018 Dec 8412 Mar
1061 Dec 11614 June
,
44 Dec 112 Feb
64 Dec 1578 May
5318 May 664 MaY
554 Dec 783* Mar
83 Dec 084 Sept
8
514 Nov 335 Apr
3514 Dec 5214 May
8
324 Dec 513 Sept
58 Dec 10 Apr
1 1 Dec 1052 Apr
434 Dec 173 Mar
4
12 1)ec 523 May
8
414 Dec 2638 Feb
74 Dec 4614 Feb
2812 Dee 597 Feb
2
101 Dec 1405 June
4
4514 Dec 12518 Fed
92 Dec 1104 May
81 Dec 10418 Mar
4018 Dec 95 Feb
30 Dec 62 Apr
Feb
13018 Dec 181
6912 Dec 153 Feb
2518 Dec 80 Mar
2218 Dec 633 Feb
4
27 Dec 6738 Feb
26 Dec 6212 Feb
51
1)ec 102 Mar
104 Nov 4612 Feb
554 Nov 9814 Mar
347 Dec 5338 Mar
8
6534 Dec 13654 Apr
58 Dec 77 May
20 8 Jan 3912 Mar
5
34 Dec 854 mar
53 Dec 70 Apr
40 Nov 844 Mar
84 Dec 13812 Apr
24 June 4212 Sept
13 Dec 2512 Feb
218 Apr
4 Oct
814 Dec 35 Feb
41 Nov 5912 Feb
147 Dec 664 Apr
8
60 Dec 1083* Mar
205 Dec 9812 Mar
8
79 Dec 14512 Mar
70 Dec 132 Mar
112 July
14 Dec
10518 Dec 1923 Feb
4
73 Dec 144 Feb
75 Dec 110 4 MaY
5
152 Dec 324 Feb
675 1)ec 12812 Mar
8
10612 Dec 13512 Mar
34 Dec 1714 Mar
Oct
44 Jan
1
44 Dec 3312 Feb
18112 Dec 265 Feb
83 Feb 9212 Act
425 Dee 07 Feb
8
34 Dec 19 8 Apr
7
53 1)ce 865 Mar
2
412 Dec 2412 Mar
764 Dec 1644 ADr
90 Dee 101 May
9112 Oct 99 Apr
4812 Dec 1215 Feb
4
73 Dec 14112 Feb
4418 Mar 53 Feb
46 Dee 57 Feb
394 Dec 1187 Mar
8
Apr
624 Dec 101
174 Des 764 May
4
35 Dee 943 July
12 Dec 1212 Feb
4 Dec 28 Feb
88 Der 127 Feb
4611 Dec 13614 Jan
76 Dec 101 Mar
85 Dec 145 Ain*
4 Dec 1512 Mar
718 Oct 3112 Jan
4454 Dec 79 Feb
16612 Dec 2424 Mar
8214 Jail 88 Sept
4
1114 Dec 674 Apr
39 Dec 894 Apr
10 Dee 36 Mar
1114 Dec 38 Mar
74 Dec 3012 Mar
23 Dec 534 Mar
Dec 4218 Apr
Nov 8612 Apr
Dec 66 Apr
Nov 11018 Aug
Dec 373 Mar
2
Dec 94 Sept
Oct 32 Mar
Dec 345 June
4
.
10 Dec 41.4 Jan
14 Dec
15 Mar
8
8712 Dec 1563
8Juna
614 Dec 36 ma,
212 Jail
14 Dec
412June
94 Jan
8
36
21
102
1414
8018
21
4
1253
New York Stock Record-Continued-Page Z
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 15.
Monday
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday I Friday
Aug. 20.
Aug. 21.
Sales
for
the
Week.
$ per share $ per share $ Per share $ per share $ per share $ per share Shares
gh 812
812 9
8
84 .612 812 .67
3 812
8 812 .63
800
614 612
61 65
/
4
8
54 614
4 614
8
53
57s 61
4 63 11,200
53
/
4
*1912 2214 *193 25
19
2
19
*193 247 *2014 21
8
19
2014
700
19
19
1912 1912 2012 2012 1934 20 .1912 2013 •18
1913
650
•1912 30
.1912 30
*1912 30 .194 30 .1958 30 .1913 30
11212 11612 1125 11612 11314 115
11714 119
8
8
11114 1145 24,300
11412 116
*122 12418 *122 12418 .122 1244 .122 12418 •12214 1233 *12212 1233
4
4
26
26
254 254 24
800
2412 *24
243
25
4
244 241 *24
/
4
•1313 133 *134 1334 .
•1318 14
.1318 14
*1318 14
4
134 133
4
•18
1812 1812 1852 187 1912 1914 1913 1914 1912 *18
3
1912 1,800
37
33
*34
*34
34
37
*3212 34 .32
34 .32
34
400
6314 6314 .61
6112 6112 .634 65
65 .61
65
*61
65
30
.212 3
.212 3
024 3
.212 3
*213 3
.24 3
.2753 293
4 2753 274 •
/ 27111 293
1
1
4 27
200
4 2
74 *271 293 *27N 293
4
/
4
4
*116 1197 *116 1194 .116 1197 .116 1197 *116 118
3
8
8
116 116
10
..
-- -- ---- ---- --- ---- ---- ---- ---- ---- ---- --__ ______
-65; 115; '0 liF8 iiiia "91
-Is
4
12 Hit 0514 1-52,840
014813 150 *14812 150 *14812 150 .14812 150
150 150 .14812 150
100
17
•1614 19
17
19
*163 19
•17
8
*1614 19
•163 19
8
100
5734 5734 56
58
*564 58
/
1
56
*5614 58
573 .56
4
58
90
16
•14
15
3
163 .14
•14
•14
16
164 •15
•15
164
43
423 44
8 43
4
4414 443
•4213 435
8 44
4412 437 4458 3.600
8
10
10
10
1312 10
.1853 10
•10
.85 10
8
*85 10
8
700
9
834 914
8
7 4 812
3
8
,
8
814 8 4
,
773 812 17,600
7
*6
.
16
7
.618 7
*6
7
.6
7
*6
7
20 4 2013 203
3
20 4 20 4 20
3
3
8 204 201
2018 2012 1958 2018 3,600
/
1
304 31
/
1
293 30
8
281 3053 283 303
/
4
28
4
297 103,100
4
3 283 291
8
85
*854 8814 .8512 871
851 .843 80 •
4
844 8514 843 843
4
4
500
5114 5114 494 491
52
491g 491 •493 51
51
2
49 49
1,400
•74
761 •70
75
._
*70
*7212 74
741 •____ 741 1 _ _ _ 741
714
*7
734 71
714 7 4
,
74 71
714 74 *7
500
77
*458 6
*44 6
0412 6
*44 6
•
412 6
*413 6
.24
263 .24
263
*247 28
8
261z 2613 261
4 2612 261 .25
200
6358 64
623 631
4
6212 623 •6212 63
6212 625
4 2,900
8 6234 621
104 1912 1912 195
8 1914 191
1912 20
1912 20
19
193
4 2.200
1514 1414 15
144 141
15
1413 143
1413 6,500
3 1413 147
14
kg
2
4 1
*3
84
8
4
3
8
3 ' 1
53
' 1
800
/
1
4
*6
1212 *612 1212
121
.64 121
.63 111
4
.63 1113
4
•18
ID
1813 181 •
18
19
18
18
183 183 *18
4
188
300
•69
69 .6812 72
71
69
*6812 72 •69
72
69 69
200
323 3318 317 32e 313 32
8
8
8
32
323
8 317 314 3012 3113 4,200
8
*312 4
4
4
4
44 41
.418 414
453
412 41e
1,300
117 12
3
113 12
4
*113 12
4
I14 113 .113 12
8
12
12
800
052
5812 5814 581 *5212 54 .5212 55 '5212 55 '5212 55
3
90
*94 1112
914 912 .918 12
10
12
10 .11
12
12
100
377 3812 37
8
39
36
37
36
361
3614 37
53514 36's 4,100
*88
89
8913 .88
89
8912 88
•86
891 .86
88
8918
200
70 .68
.68
70 .68
70 .68
71
•68
71
.68
71
69 69
6912 6912 693 70
4
*705 7212 .
s
70N 7213 .
704 7213
600
125 127
8
8 124 124 1212 1314 123 1318 125 123
4
8
4 123 123 12.700
s
4
•6
74 *54 712
75
3 84
77
8 83
3
8
8
*718 8
2,400
22
8
225
8 2158 2212 22
8 215 225
2258 223 2212 2118 223
8
8 5,500
50
•48
50
504 •4812 497 .4812 4978 .4812 4912 48
/
1
3
483
3
300
.4
54 *4
512 *4
54 *4
54 *4
512 .4
512
NI
NI 12
12
3
2
3
8
12
12
.12
13
12
12
800
•27
•27
28
28
•27
28 .27
28
*27
28
•27
28
4 3013 3212 31
3112 323
32
3134 3034 3178 3012 307
32
8 8.600
124 124 .1233 127 *12333127'
.1233 125
3
8
12353126
124 124
200
11•8812 90
8812 8812 *8212 40 .85
90 .85
90 .85
90
200
•38
39
40
*3812 40 .39
39
40 .394 40
*3914 40
100
•108 111 *10818 11012 *10818 110 8 *108 110 3 *108 110 8 •108 110 8
3
3
3
3
I
I
I'e
1
1
5
8
14
lIe
7
8 1
7
s
7
8 8,700
.23
4 27
8 •24 27
8
27
8 27
8
212 212
27
3 27
3
24 278
400
•157 163
3
3 153 157
4
3 1512 1512 154 1514 1512 1512 15
.
15
1,100
•102 103 *102 103 *102 103 .102 103
100 102
100 10234
100
*4412 4514 45
45 45
4518 .4413 4512 .45
4512 454 454 1,200
57
56
57
5712 571
56
5518 554 557 56
8
56
56
700
10814 10814 *1074 10814 10814 10814 *107 10812 .10514 10812 .1053 108
4
200
*712 778
8
8
*75
8 814 .7
53 8
.7
53 8
.75
8 8
100
1744 17632 17214 1764 1714 1743 17112 1733 17212 1743 16814 1731 61,200
4
4
4
•118 119
117 117 *11414 117
116 118
11312 11614 112 11232 2,700
122 12253 119 12214 1193 121's 1195 120 4 117 1205 11514 1173 23,100
8
8
3
8
8
•131 131's 13114 1311 1314 1311 •131 13113 131 13113 130 1301
800
.55
65 .55
65
65 .55
*55
65 .55
65 .55
65
85 85
90 90
.90 100
.90 100
90
90 .92 100
70
5012 51
491
47 471 4812 494 474 48
4753 49
4912
/
4
2,900
48
481 *4613 49
*4612 49
*45
49
*4612 49 •45
49
300
01014 1021 4101 1021 0102 1033 •10153 1021 10214 10214 102 102
300
83
3 84
/ 83
1
813 83
4
•8h 81
8
84 812
/
1
8
812 2,500
3714 353 37
3714 3814 36
4
3513 3614 353 36
8
333 3512 10,200
4
1 *13
8 21
.14 21
114 11
*114 21
*118 214
114
114
600
•I0
15
*10
20 .10
15
•10
15
15
*10
*10
15
ah 514
512 5'2
538 533
512 51
*512 6
.
5
6
500
*3812 66
*3812 55
*3812 68
0384 66 .3812 66
•
3812 66
, 254 255
3 2412 25'i 243 251
8
243 247
8
243 25
8
2413
4
nola 211 ma 2053 nols 207a 2073 207 *2014 22 .204 243 28.400
2012
200
*2112 24
*2112 24
*2111 24
•2214 23
*214 23 .2112 23
; .10 3 14
3
•10 8 14
3
*1033 14
310 8 14 .10 8 14
3
3
•103 14
8
, 10
1014 104 .10
1014 1014 1014 .10
10
1012 10
1012
900
' *44
484 .43
48
*43
48 .43
48
*43
48 .43
48
3
2
I
17
2
8 178 •17
2
3 2
17
8 2
17
3 2
1,200
I *118 114 •1Ig
114 *14 14 *118
114
14 114
118 118
700
! •123 14
4
1214 124 •1213 13
0124 13
*1214 13
*1214 13
100
, *6
614
614 *6
6
6
8
6
6
6
• 8 64
53
600
! 3
4
8
61
/
4
512 53
4 *513 712 *54 712 *512 712
512 512
980
84 813
848 8:14
84 85
!'
83 10
8
/ 10
1
4
9
/ 10'4
1
4
9
8 8.700
1912 2072 194 2014 1912 194 195 2038 1914 193
, 204 21
8
4 5,300
. *- _ 26 *--- 26 •____ 26
235 2358 .2312 26 .2312 26
8
100
*144 15
•1412 15 .1412 15 .1412 15
3144 15
144 1412
100
. •26
2912 •26
2912 •26
30 .26
2912 25
30 .26
26
200
!, 1612 167
8 1618 163
1614 174 1718 173
4 1712 1814 216
17
/ 28,300
1
4
•387 391g 39
2
39
•36
39 .36
39 .3612 39 .36
39
100
*86
•86
88 .86
88
88 .86
88 .86
88
*86
88
4,8
81
8 *8
g%
/ 8
1
4
/ 48h 812 481 812 •814 812
1
4
8
/
4
100
•212 312 .212 312 *212 312 *24 34 .212 312
3
3
100
14634 1473 13714 1463 13412 144
4
4
1344 139
13714 1418 131 141
37,500
*114 13
•114 IN .114 18
4 *11 13 .
/
4
4
114 13
4 .14 15
4
112 14
112 112
14 112
112 IN
138
13
8
113 14 4,300
*214 4
214 214 • 4 3 8 *2
7
13
37
8 •13
34 .
14 312
100
4
4
4
4
4
4
3 2 37
7
4
33
4 34
35
3 33
4 3,000
14
1438 133 14
133 133
3
3
3 13h 135* 1312 1312 1314 1334 1.200
*7112 75
713 72 .7134 75
*713 75
7113 68
4
70
68
220
.10312 1083 .10312 10814 *10312 1083 '10312 1083 '10312 1083 .10312 10834
4
4
4
*3
91
.3
312 .3
312 .3
312 *3
313 *3
313
40 •30
*--,- 40 .30
40 •30
40 .30
40 .30
40
8
/ 81
1
4
841 81
/
1
/
4
81 912
/
4
91 2 4
/
4
3
213 93
4
812 914 36,300
.25
31
31
*28
•25
31 .
123
31
.28
31
28
28
20
.80
8133 .80
817 •80
8
813
3 813 813 *82
3
8
84
84
84
50
61
617
61
6118 6014 61
60
60
60
6014 60
1,400
•110 1101 .110 1101 *110 11012 .110 8 11012 .1104 11012 11013 60
3
11012
100
514 54 .52
'61
5353 534 53's 52
/
1
52 •
5412 •5214 4412
200
412 41
43
2 5,
5
518
5
6
512 618 11,500
514 6
77
7612 77
77
*7
612 77
37712 79
*7712 79
7714 7714
800
223 227
8
217 223
8
3 211 2212 211 217
/
4
4
8 2134 221 2114 221g
/
4
403 4038 3912 ois 3018 4034 3912 3934 3934 4072 3912 4034 39,500
8
6,300
41
39 4 4134 397 4034 4012 4114 383 404
3
4253 4014 413
76,600
*104 10514 104 104
1033 10312 1033 1034 105 105
3
3
105 105
600
•16
177 .1618 177 9.614 177
2 1714 1712 '
316
178 *16
173
200
•1853 20 •183 20
•1853 20 .185 20 .1853 20
8
8
*1853 20
•8914 94
390,4 ,...-- *9014
8914 94
- *9014 ,- *9
014
30
*---- 82 *---- 82 *---- 82 ...... 82 ..--- - - •____ ii82
42
43
405 42
8
40 8 4212 397 42
3
8
4 363 41
3912 403
41,400
-g3; oii. IA
•Bid and sagged paean no sales oa this day. s
Ex-dIvIdend. p Ex-tights;
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Stilwell. (Con.) Par
No par
A P W Paper Co
Alleghany Corp
No par
Fret A with $30 warr--100
Fret A with 840 warr_-100
Fret A without warr_-_100
Allied Chemical de Dye_No par
Preferred
100
Allis-Chalmers SItg____No par
Alpha Portland Cement No par
Amerada Corp
No par
American Bank Note
10
Preferred
50
,
tmerIcan Beet Bugar__No par
Am Brake Shoe & Fdy-No par
Preferred
100
Amer Brown Boveri ELM° par
Preferred
100
25
American Can
Preferred
100
American Car & Fdy __No par
Preferred
100
American Chain
No par
American Chicle
No par
Amer Colortype Co_ _ No par
Am Comm'l Alcohol_ _No par
Amer Encaustic Tiling_No par
Amer European Sec's_No par
No par
Amer & Forn Power
Preferred
No par
26 preferred
No par
$6 preferred
No par
in
Am Hawaiian SS Co
Amer Hide & Leather__No par
Preferred
100
Amer Home products_No par
American Ice
No par
Amer Internet Corp-No par
Am I, Franco&Foamite_No par
Preferred
100
American Locomotive_No par
Preferred
100
Amer Mach &Fdy new_No par
Amer Mach & Metals_No par
Amer Metal Co Ltd___ _No Par
100
Preferred (6%)
Amer 1
3-at Gas pref.__ _No par
Am Power & Light____No Par
Preferred
No par
Preferred A
No par
Prof A stamped
No par
Am Rad & Stand San'y_No par
American Republics_ _ _No par
American Rolling Mill
25
American Safety Razor_No par
Amer Seating v to
No par
No par
Amer Ship & Comm
AmerSh1pbui1dingnewNopar
Amer Smelting & Retg_No par
Preferred
100
6% cum 2d pref
100
American Snuff
25
Preferred
100
Amer Solvents & Chem _No ya
Preferred
No par
Amer Steel Foundries_No par
Preferred
100
American Stores
No Par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Tobacco__No par
Amer Telep & Teleg
100
American Tobacco new w 1-25
Common class B new w 1_25
Preferred
100
American Type Founders_100
Preferred
100
Am Water Wks & Elec_No par
Corn vet tr °Us
No par
let preferred
American Woolen
100
Preferred
100
Am Writing Paper ctfs_No par
Preferred certificates
100
Am Zinc Lead & Bmelt_No par
Preferred
25
Anaconda Copper mbung._50
Anaconda Wire & Cable No par
Anchor Cap
No par
Andes Copper Mining_No par
Archer Daniels Midi'd_No par
Armour & Co (Del) pret_100
Armour ot Illinois elm% A-25
Class B
25
Preferred
100
Arnold Constable Corp.No par
Artloom Corp
No par
Associated Apparel Ind_No par
Assoc Dry Goods
No par
Associated 011
25
All G & W I SS Llne-No par
Preferred
100
Atlantic Refining
25
Atlas Powder
No par
Preferred
100
Atlas Stores Corp
No par
Atlas Tack
No par
Auburn Automob11e...No par
Austin Nichols
No par
Autosales Corp
No par
50
Preferred
Aviation Corp
No par
BaldwlnLocoWorks
Nopar
100
Preferred
Bomberger(L) dc Co pref 100
Barker Brothers
No pa
100
Preferred
Barnsdall Corp class A
2
Bayuk Cigars Inc
No par
100
First preferred
Beatrice Creamery
50
100
Preferred
20
Beech-Nut Packing Co
Belding Ilem'way Co__No pa
Belgian Nat Rys part pret_ __
Bendix Aviation
No ;a
Best & Co
NO par
Bethlehem Steel Corp No par
100
Preferred (7%)
No par
Thaw-Knox Co
Bloomingdale Brothers-No par
100
Preferred
100
Blumenthal & Co pref
Bohn Aluminum &Br-No par
PER SHARE
Range Since Jan. 1.
-share tots.
On basis of 100
Lowest.
$ Per share
5 June 3
418June 2
18 Aug 12
15 June 3
14 June 3
10284Jarle 1
1217oJune 12
8June 3
183
8 May 27
1512June 2
33 Aug 11
54 June 4
112June 15
8May 27
257
11314July 15
8June 3
55
31 Apr 29
885 Aug 6
3
145 Feb 4
14 June 3
50 Aug 6
13 Aug 7
3812 Jan 2
10 June 11
51 Apr 29
518June 2
1812June 1
2114June 3
84 4 Aug 21
3
4612June 3
7312 Aug 14
64 Apr 27
1N Jan 7
1012 Jan 8
455
3June 2
1814May 20
914June 3
12June 1
412May 1
1318June 3
6813 Aug 13
28 June 3
2 May 27
818June 3
53l2May21
5 Slay 29
3038June 2
88 June 17
70 Aug 10
6812 Aug 13
1112June 1
5 Apr 27
1518June 2
45 July 15
4 June 2
12May 29
27 July 20
243
8June 3
11712May 14
8312June 5
3514June 3
1023 July 1
.
3 Aug 14
2
214June 17
1118June 2
100 Aug 20
37 Jan 7
42 June 2
96 Jan 2
6587une 3
15612June 2
9818June 2
10218June 2
12414 Jan 3
55 Jul) 80
,
8414 Aug 13
8June 3
403
38 June 3
OSZgJune23
514Ju1ie 3
3June 2
205
114 Aug 18
10 June 2
35
8May 26
26 Jan 10
1834June 3
20 June 10
1918June 2
9 June 13
8 May 18
32 June 2
112May 29
I May 28
1018June 2
358 Jan 2
5 Jan 13
4
53 Apr 24
1614June 3
20 May 26
1412 Aug 21
25 Aug 21
1118June 2
30 June 3
845
8June 27
7 May 29
2 May 15
10112 Jan 14
1 June 17
1 Jan 2
2 Apr 28
3 Jan 2
9I3June 2
68 Aug 21
10114 Apr 30
23 Aug 14
4
8July 11
333
4June 2
53
22 Apr 27
80 July 30
5312June 2
106 Jan 15
4412June 2
1NJune 1
743 Aug 6
8
8June 2
147
3114June 3
3414 July 30
963
8June 8
16 June 2
164 Jan 5
85 May 15
63 June 3
20 4 Jan 2
3
Highest.
PER SHARE
Rangefo Precious
Yea 1930.
Lowest.
Highest.
$ Per share $ per share $ per share
9 Aug 17
5 Dec 1512 Feb
123 Feb 24
4
534 Dec 3514 Mar
594 Feb 25
3614 Dec 10712 Feb
59 Feb 11
3712 Dec 993 Apr
4
5512 Feb 25
844 Oct 9614 Feb
1823 Feb 24 17014 Dec 343 Apr
4
126 Apr 7 1203 Dec 12614 Apr
4
423 Feb 26
4
3114 Dec 68 Mar
187 Feb 9
8
1112 Dec 4214 Mar
23 Mar 21
164 Dec 3112 June
4
623 Feb 13
4513 Nov 973 Mar
8
6614 Feb 26
6014 Nov 663 Jan
4
434 Jan 9
24 Dec 12
Jan
38 Feb 24
30 Dec 545 Mar
8
1243
3Mar 10 118 July 128 Feb
1238 Feb 24
64 Oct 213 Apr
4
72 June 12
38
Oct 84 Sept
1293 Mar 26 1043 Dec 15613 Apr
4
1
15212 Apr 30 14014 Jan 1507 Oct
8
383 Feb 24
4
244 Dec 8212 Feb
86 Star 18
70 Dec 116
Jan
433 Feb 24
4
27 Dec 6978 Apt
484 Mar 20
35 Dec 5114 Apt
2114 Feb 27
154 Dec 22
Oct
1412 Feb 16
9 Nov 33 Jan
16 Mar 2
8 Nov 30% Mat
334 Feb 24
17 Dec 5912 Mat
513 Feb 24
25 Dec 10134 Apt
100 Mar 20
84 Dec 11112 Apt
7912 Feb 25
6312 Dec 1003 June
4
90 Feb 26
73 Dec 101 Slay
103 Jan 9
8
512 Dec 335 Mai
8 Mar 31
14 Dec
7 Apt
30 Apr 6
812 Dec 347 Apt
8
64 Mar 20
4612 Dec 693 Mat
4
3153 Feb 9
2412 Dec 414 Mal
26 Feb 26
16 Dec 553 Apt
8
14 Jan 9
4 Apt
12 Dec
15 July 3
7 Dec 35 Fet
303 Feb 26
4
1814 Dec 105 Jar
843 Mar 6
6814 Dec 11812 Mai
433 Mar 19
4
293 Dec 45 Sep,
4
7 Mar 2
3 Dec 1412 Juig
233 Feb 24
4
1312 Dec 5112 Fel
8913 Feb 5
80 Dec 116 Fel
3978 Jan 20
20 Dec 95 Ma
647 Feb 26
8
364 Dec 1193 Api
8
102 Mar 27
90 Dec 107 Mal
84 Apr 9
7412 Dec 877 Sep
8
85 Apr 4
743 Dec 8912 Set)
4
2112Mar 20
15 Dec 393 A13
4
1238 Feb 27
518 Dec 37 Mal
373 Feb 20
8
28 Dec 1007 Fel
8
66 Feb 26
5212 June 673 Ap
8
9 Feb 13
5 Dec 2612 Fel
153 Feb 27
h Dec
33 Mat
8
42 Jan 6
35 Dec 544 Jun,
5812 Feb 24
374 Dec 7912 Ap
13812Mar 27 131 Dec141
AP
1023
4Mar 12
934 Dec1033 Ain
3
4214 Mar 10
357 Dec 437 Jal
3
8
8July 22 10013 Jan 112 Sep
1107
44 Feb 16
2 Dec 2212 Me
1113 Feb 24
53 Oct 33 Ma
4
/
1
4
3114 Feb 20
2312 Dec 5214 Ma
113 Feb 20 110 Dec 116 Fe'
4814 Mar 10
3612 Dec 5512 Ap
60 Mar 25
3914 Dec 697 Ma
8
10812M5r 16
95 Nov 110 Ap
1118 Feb 13
5 Nov 263 Fe
4
2018 Fen 26 1703 Dec 27414 Ap
3
1283 Apr 14
4
9812 Dec 127 Bell
132 Apr 14
9914 Dec 1307 Ball
8
132 May 5 120 Feb 129 Bet
105 Jan 16
95 Nov 1413 Al
4
11012 Feb 28 10312 Nov 1143 Jul
4
8034 Feb 26
473 Dec 1247 A;
3
3
804 Feb 28
--- ---__ _107 Mar 19 98 Nov 19818 Ot
52 Nov 20 Fe
117 Jan 12
8
/
1
4
40 J1119 30
/
1
4
15 Nov 4478 Fe
15 Dec
4 Jan 23
9 Ma
18 Feb 20
1018 Dec 44N Fe
83 Feb 26
3 8 Dec 177 Fe
4
5
8
4518 Aug 23
264 Dec 797 Ja
8
4314 Feb 27
25 Dec 8112 At
264 Mar 10
19 Dec 53 Fe
/
1
4
24 Dec 511 Al
36 Feb 21
/
4
1912 Feb 27
105 Dec 3714 At
8
18 Feb 4
1318 Dec 2914 At
72 Jan 7
60 Dec 8278 .1110
44 Jan 6
4
818 Me
20 Nov
27 Jan 7
14 Nov
8
438 Ma
47 Jan 6
254 Nov 65 Jul
9 July 3
312 Dec 134 Ap
/
1
1012 Feb26
4 Dec 2018 At
/
1
4
20 Nov 4618 Ma
287 Feb 10
8
295 Mar 20
19 Dec 5012 At
8
30 Dec 51 Jut
31 Feb 18
39 Jan 7
33 Dec 80 Jr*
/
1
4
48 Dec 654 Fe
5312 Jan 21
2353 Feb 24
1653 Dec 514 At
42 Dec 106 Mt
54 Feb 11
97 Nov 106 Mt
8
997 Jan 16
1312 Feb 10
7 Dec 37 Ma
/
1
4
312 Jan 5
24 Oct812 Mt
29512 Apr 14
60 3 Nov 2633 Ag
3
4
214 Mar 30
15 Dec
8
7 Ma
78 Dec10 8 ME
212July 2
3
4 Dec25 Mt
5 Feb 27
618 Mar 2
2113 Dec94 At
2778Mar 19
IQeJune 38 Fe
10412Mar 19
84 Dec116
Ja
107 Feb 11 103 Dec1104 Fe
8 Nov20 4 Ms
10 Jan 2
3
60 Mar 10
58 Dec 91 Mt
1412 Feb 26
84 Dec3
/
1
4 Mi
33 Jan 19
23 Nov68 Fe
89 Dec 101 Jul
90 Mar 5
62 Dec92 At
81 Mar 19
111 Mar 16 1014 Mar 10914 Set
62 Apr 9
463 Nov7018 Ja
4
218 Dec6 3 .18
618 Aug 21
3
7614 Dec8512 MI
803 Jan 22
4
1414 Nov57 3 Al
2512 Feb 24
3
4614 Mar 19
303 Dec564 Al
8
4738 Dec 1104 Al
703 Feb 26
8
1237 Mar 6 1123 Dec 134 M.1
8
4
29 Feb 21
23
Oct4112 Al
1613 Dec 297 Al
20513 Mar 25
2
95 Jan 9
95 Dec 104 0
8212May 11
74 Feb 90 Al
43 Aug 15
153 Nov 69 A'
4
1254
New York Stock Record-Continued--Page 3
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 15.
Monday
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots.
On harts of 100
Highest.
Lowest.
$ Per share $ per share 8 per share 8 per share $ per share 8 per share Shares Indus. & Miscell. (Con.) Par $ per share $ per share
Bon Am! class A
No par 60 Jan 6 56614 Apr 15
70
*61
70
*61
70
*61
70
*62
70
*62
*
614 70
112
112 *1
Booth Fisheries
No par
1 June 13
3 Feb 20
112 fq.
112 01
14 *1
14 01
lot preferred
100
3 June 13 1714 Feb 20
*4
7
7
*4
7
*4
*4
7
04
7
*4
7
25 47 June 1 7612Mar 20
0
4
597 604 5913 5912 584 597
8
593
8 585 5914 5712 583 15,000 Borden Co
8 59
1912 1812 19
8,700 Borg-Warner Corp
10 1412June 2 303 Feb 27
4
4 19
193 2014 193 20 8 194 20
4
4
194 193
3
400 Botany Cons Mills class A.._ 50
114May 22
3 4July 30
3
3
3
*3
312
23
4 27
8
278 24 *218 3
3
3
814June 2 2234Mar 25
133 14
4
1318 1334 38,500 Briggs kIanufacturing.No par
1278 137
8 1312 14
1414 1412 1338 14
Briggs & Stratton
No par 15 June 1 2412 Mar 24
1712 *17
1712 017
*17
1712 *17
1712 *17
1712
1712 *17
600 Brockway Mot Truck_ _No par
2 Jan 2
2
2
514 Mar 2
2
2
218 218
*2
212 *2
212
2
2
30
Preferred 7%
100 10 Aug 11 26 Feb 17
10
*8
15
*8
15
10
*10
11
*10
11
*10
11
3
11214 11214 111 111
11212 11314 *110 11212 11212 11212 110 11134 1,100 Brooklyn Union Gas___No par 599 June 1 129 8 Mar 19
*433 4412 433 433
4
4
100 Brown Shoe Co
No par 323 Jan 22 4512July 27
*44
45
4
4
*4412 45
*4412 4512 *4413 45
200 Bruns-Balke-Collender-No par
8 May 4 15 Feb 13
9
*8
9
*8
9
9
8
8
*8
8
8
*8
10
618 Aug 6 207 Feb 19
814 814 1.500 Bucyrus-Erie Co
814
814 814
8
814 *8
84 *8
*8
814
8
Preferred
10 123 Aug 7 347 Feb 10
14
1314 133
700
8
8
8
14
*1314 133
4 1313 134 14
*14
15
14
Preferred (7)
100 104 June 24 114 Apr 21
50
104 104 *104 106 *104 106 *104 106
*104 105
104 104
No par
212June 1
4
43
4
4
4 18 2,900 Budd (E G) Mfg
8 4
54 Feb 25
34 37
8 *33
4 37
8 *33
*33
4 37
44
814 83
8
No par
83
4 83
71a Apr 29 13 Feb 27
5
8 8 813
3
4 1,600 Budd Wheel
8 8 85
5
8 *85
8 83
812 8 8
4
100 Bulova Watch
No par
*818 9
7 Aug 10 153 Jan 30
*818 9
*818 9
4
*84 9
84 812 *84 9
*1012 114 113 113
No par
812June 3 23 Feb 26
4
12
1012 1118 103 11
8
4 1,400 Dullard Co
103 1112 12
4
Burns Bros class A new_No par 1212June 2 1212June 2
*1012 15
*1012 15
*1012 15
*1012 15
01012 15
*1012 15
New class B v t c__ __No par
*112 6
3 June 23
3 June 23
*112 6
*113 6
*112 6
*112 6
*112 6
Preferred
100 22 Mar 17 85 Jan 20
10
*5112 5412 514 5112 •___ 55 •____ 55 *--- 55 *---- 55
8
2312 2312 3,600 Burroughs Add Mach__No par 1918June 1 3214 Feb 9
24
241 2313 2414 234 2312 235 2414 2314 24
/
4
22
300 Bush Terminal
No par 17 Apr 23 31 Feb 24
*21
*2012 22
*2112 213 *21
4
213
4 21
213 *2012 22
4
Debenture
100 70 Apr 23 104 Jan 23
60
8514 8514 853 86
8
*8514 8812 *8514 874 *8514 8713 *8514 86
100 9518 Apr 29 113 Mar 17
20 Bush Term 13Idgs pref
105 105 *104 1043 104 104 *10112 104 *10112 104 *10112 104
4
*4 1
Butte & Superior Mining___10
1
3
4May 7
134 Feb 20
57
8
1
*78
*7
8 1
•8 1
7
*741
1
*15
8 2
600 Butte Copper de Zinc
5
118June 19
134 13
*15
8 2
23 July 17
4
4 *17
8 2
2
2
*15
8 2
9 June 2 29 3 Feb 26
8
8 1112 1178
900 Butterick Co
No par
*12
123
4 113 1214 114 115
8 115 115
5
4
8 115 115
8
No par 2358June 2 69 4 Feb 20
3212 304 3218 23,300 Byers & Co(AM)
32
3
323 335
8
8 3114 33
32
314 327
s 31
Preferred
100 80 June 2 10678 Feb 24
*7518 80
*7518 80
*754 80
*75
80
*75
80
*75
80
2313 2312 23
2318 2214 22'4 2212 2212 1,300 California Packing____No par 204MaY 1 53 Feb 16
237 234 237 24
8
8
512
6
8
*12
5
8
*12
5
8
12
*12
6
8
*12
5
8
12
100 Callahan Zinc-Lead
10
12June 29
138 Mar 2
800 Calumet & Arizona Mining_20 2312,June 2 4338 Mar 17
•38
39
384 *3712 3812 *3738 3812
373 373
4
4 37
375
4 38
500 Calumet & Reda
25
5 June 2 1138 Feb 24
614 64
614 614
614 614
*614 7
*64 64 *614 612
1,300 Campbell W & C Fdy._No par 1014June 20 165 Mar 25
8
1312 1312 1312 1358 *1314 1312 1318 1314 *1213 13
133 14
8
3,600 Canada Dry Ginger Ale No par 297 Jan 19 45 June 25
8
8
8
.3812 3912 374 385
4 355 3618 355 36
8 354 373
8 3514 353
4
8
600 Cannon Mills
No par 173 Jan 2 25 Mar 24
*201 21
8
207 203
8
8 2018 2038 •203 2012 203 2018 *204 21
8
912 Jan 3 16 Feb 26
4
8
400 Capital Adminis el A No par
*143 15
8
4
1518 154 147 15
8
5143 1512 143 143 *143 154
4
Preferred A
*32
37 '.32
50 29 May 18 363 Feb 25
8
.32
37
*32
37
*32
37
*32
37
37
100 514 Aug 5 13112 Feb 24
8
6214 70
624 673
8 6114 667
8 6214 6412 6414 6614 597 6618 459,600 Case (J I) Co
Preferred certificatee.-100 85 Aug 12 116 Mar 21
88
100
86
88
8714 87 8 8914 8914 *84
5
883
8 884 8818 88
4 2112 2214 5,200 Caterpillar Tractor____No par 2118June 3 5212 Feb17
23
/ 24
1
4
233 233
8
4 2214 23
22
225
8 2214 223
50 Cavanagh-Dobbs Inc__No par
2 June 5
4 Feb 27
*212 4
*212 4
4 4
*23
4 4
*23
4 4
*23
23
4 23
4
Preferred
60
100 1013 Aug 18 26 Mar 7
*1012 20
4 1012 1012 n14 1114 *114 223 *114 223
4
*1012 223
4
8May 20 16 Feb 25
87
1214 1258 6,000 Celanese Corp of Am__No par
1213 1212 13
13
13
*113 1212 •12
4
123 *12
4
No par
518 Apr 24 143 Mar 2
8
7
200 Celotax Corp
7
*614 7
*63
4 7
4 0 4 7
63
83
4 63
*64 61
/
4
4
35
8June 3 133 Mar 21
No par
Certificates
*5
53
4 *5
53
4 *5
5 4 05
3
5 4 *5
3
53
4 *5
53
4
4Mar 21
4
10
Preferred
No par 14 June 1 373
*204 243 *2012 243 *2011 21
4
4
204 2012 *2012 243 *2012 2434
8June 3 25 4July 31
3
217 *207 21
8
8
1,000 Central Aguirre Asso No par 177
22
22
22
2112 2112 *21
2214 2314 22
213 Jan 6
64 Feb 21
500 Century Ribbon Mills..No par
5
5
*5
54 *53
*5
53
4
54 518
8 512
5
4 512
Preferred
100 50 May 28 70 Feb 26
*6014 68
*6014 62
10
62
*62
68
*62
68
62
68
*62
1512 1534 1,500 Cerro de Pasco Copper_No par 14 June 3 3018 Feb 24
153 157 0153 16
4
8
4
16
153 15 4
4
3
163 163
4
4 16
714 Mar 23
214 Jan 2
500 Certain-Teed Products..No par
514 514 *514 6
*514 6
6
6
*54 614 *54 614
No par 30 June 17 3738 Feb 25
304 303 *3012 32
8
200 City Ice & Fuel
*3012 31
303 30
8
/ *304 31
1
4
.304 32
Preferred
100 7718 Jan 14 90 Apr 21
4 795 795
90
8
8
8
*795 81
8
*795 803 *795 803
8
4
8014 82
•8114 82
7 8.1une 1 2314 Feb 7
3
8
8 12
No par
.814 878
8
8
1,500 Checker Cab
812 9
9
9
83
4 83
4
353
4 3538 3512 6,200 Chesapeake Corp
No par 2712June 2 5418 Feb 24
4
345 3514 35
8
354 343 35
354 3614 35
612 Apr 29 154 Feb 26
600 Chicago Pneumat Tool_No par
85* *718 84
83
8
*712 812
74 8
.718 8
8
8
No par 1512June 2 35 Feb 26
*1912 20
*1912 20
Preferred
*1914 20
•19
20
*19
20
*194 20
17 July 3 23 Jan 9
120 Chicago Yellow Cab_ _No par
1812 1812 *1712 1812 1714 1712
*1712 18
*1713 19
*1812 19
10 10 June 3 123
4Mar 30
Chickasha Cotton 011
*107 14
8
*107 14
8
*103 14
8
*104 14
/
1
*10
53 14
•1012 14
No par 1414July 30 334 Feb 10
163 1612 *1618 1612 1,000 Childs Co
8
.1512 16
153 153
4
4 16
16
153 16
4
4
No par 1212June 2 253 Mar 9
4
8 22
2314 213,000 Chrysler Corp
2412 25
4
234 2412 223 2412 2212 2313 223 237
438 Feb 11
No par
2 June 2
214 214 •24 23
212 212 1,400 City Stores new
214 24
4 *214 23
4
23
4 23
Clark Equipment
No par 13 July 16 2278 Mar 25
•1212 1412 *1212 1413 *1212 1412 *1212 1412 *1212 1412 *1212 1412
*2612 287g *2812 287
100 Cluett Peabody & Co_No par 24 May 19 3418 Feb 17
*2712 2912 *2612 2912 2912 2912 *2613 29
*
100 95 Jan 28 105 July 20
Preferred
0101 105 *101 105 *101 105 *101 105 *101 105 *101 105
No par 133 June 3 170 Feb 24
1463 1463 1453 1453
4
8
4
4
800 Coca Cola Co
8
4
1474 1473 14712 1475 14714 1474 *146 147
Class A
No par 504 Jan 2 5312June 4
400
*
5
8
523 528 *525 ---- *5212 52 8 *5212 5238 5212 5212 5212 525
4
4414 4434 4414 4412 1,800 Colgate-Palmolive-Peet No par 40 June 2 5012 Mar 18
45
45 45
4512 45
4512 4512 *45
100 1013 Apr 21 104 Feb 16
4
104 104 *10334 105
104 104
4
6% Preferred
700
10312 10312 10312 1033 104 104
9 Jan 30 1712June 26
No par
4
1312 1312 1318 134 123 1314 1214 1212 13
134 123 123
4
4 3,500 Collins & Aikman
100 71 Apr 30 88 Aug 6
____ *90 -_- *90 -___ *90 ____ *90 ____ ...... Preferred non-voting
*88 ____ *88
712June 6 1014 Jan 8
9
94 087
8 912
834 834 1,400 Colonial Beacon Oil Co.No par
*83
4 93
4
914 912
*74 10
93
4June 2 1912J1rne 27
1512
500 ColoradoFuel&IronuewNo par
•14
15
*1414 16
*14
15
15
14
15
*14
16
7212 713 73
4
6912 7512 71
73
70
715 10,800 Columbian Carbon v t c No par 55 June 2 11153 Feb 25
8
744 753
4 71
8June 2 455 'Mar 19
8
8
8 3018 303
8 293 30
4
8
8 293 314 293 3012 297 303
/ 17,400 Columbia Gas & Elec_ _No par 205
1
4
303 313
8
4
100 98 June 3 10912Mar 18
Preferred
8
8
*105 1054 10514 10514 10514 1053 1053 10512 10512 10512 10512 10512 1,700
6 June 2 1614 Mar 13
8
84 3,300 Columbia Graphophone
84 814
8
814
4
83
8 83
4
4
83
4 83
4
4 164 17
1714 174 *163 1714 1,200 Commercial Credit____No par 13 May 27 234 Feb 26
1714 17
17
163 163
4
17
8June 3 357 Feb 26
8
Class A
50 305
34
34
34
34
34
34
34
34
34
2,800
34
35
.34
3
25 2112 Jan 20 2512July 9
Preferred fl
2412 2412 243 25
4
2412 245
243* 245*
340
4
*2412 243 *2412 24
1st preferred (6)4 %)_ __ _100 7612 Jan 29 89 June 30
89
*88
89
89
*88
*88
89
10
883 883 *88
4
4
•88
89
No par 20 July 15 34 Mar 19
4
247 247
8
8 247 2512 2418 2514 2418 2418 2418 2414 243 244 2,500 Coln Invest Trust
8
Cony preferred
No par 82 Jan 20 90 Jan 26
*84
88
*84
88
88
200
88
*84
85 85
*83
83
83
27 Jan 7
8
8 Feb 27
Warrants stamped
*212 412 *24 44 *212 412 *212 44 *212 412 *212 44
4June 2 2115 Feb 24
No par 103
8 163 175 58,100 Comml Solvents
8 174 175
4
8
4 1714 175
8 17
184 1718 173
18
183
67
8June 2 12 Feb 24
Cornmonw'Ith & Sou-No par
8
84 32,100
818 83
8
83
8
8
84
8
812
8
84 83
8
s
96 preferred series-No par 90 June 8 1003 Mar 16
97
1,100
9714 9714 96
97
4 97
96
*9614 9612 9612 963
96
Conde Nast Publica'ns_No par 30 June 3 3414 Feb la
31
*30
*30
31
31
31
•30
•30
31
*30
31
*30
64 Jan 2 143 Aug 21
4
8
8
135 137
8
8 135 1412 137 1434 14,000 Congoleum-Nairn Inc-No Par
1358 14
133 14
4
1378 14
No par 1612 Aug 11 30 4 Mar 10
3
1712 17
17
300 Congress Cigar
12 *167 1712 *17
•167 1712 167 187 *187 17
8
s
s
s
4June 27
2,100 Consolidated Citiar._ No par 2512 Jan 8 373
35
03512 3614 34
8
365
8 354 365 *354 37
364 3614 36
100 55 Jun 2 73 Mar if)
Prior preferred
____
*6318 66
*6318 66
*63
66
*6212 66
66
*62
*633 66
4
No par
33
4June 3 15 Feb 17
*712 75
8
74 74
75
8 3
*734 8
74 73
/
1
4
7 4 74 3,300 Consol Film Indus
3
No par 1012June 2 187 Feb 17
8
Preferred
144 137 137
8
300
8
1412 *14
1412 *14
1412 14
*1414 144 *14
No par 8218 Jan 2 10953Nlar 19
4
8
9314 957
8 934 944 947 Ws 92% 953 73,200 Consol Gas(N Y)
944 983* 934 96
Preferred
No par 10112 Feb 27 x107 July 23
8
800
1063 10612 *1064 1063
4
8
8
8
10614 1064 *106 1065 10614 10614 1063 1063
14 Jan 2
134 Mar 18
3
4
4
3
8 4,200 Consolidated Textile_ _No par
3
2
3
4
3
4
7
8
7
8
7
8
31
3
4
3
4
3 June 3
84 Jan 9
1,000 Container Corp A vot No par
3
3
*318 4
*34 312 *318 3
4
*34 314 *34 3
57
8 1
*7
8 1
Class B voting
1 July 16
•7
8 1
1
1
No par
3 Jan 12
500
*7
8 1
578
1
914June 2 30 Feb 26
13
1,200 Continental Bak el A_No par
13
13
8
8 13
137 1378 134 1312 1312 134 127 133
8
Class B
No par
114June 3 3 3 Feb 2
8
15s 14
8
l's 13* 3,600
112 15
15
8 15
8
17
8
15
8
15
8 134
Preferred
100 4478 Apr 30 774 Feb 27
4
700
574 59
5570 59
4
8
573 573 *575 60
4
*5712 59
*575 80
0
473
4 6,800 Continental Can Ine___No par 4038June 3 6234IViar 26
474 484 47
4814 4878 4738 4738 4718 4812 4712 48
2
400 Cont'l Diamond Fibre_No par
818June 2 187 Feb 27
8
512 84
9
8 8 84
5
10
9
*9
10
*9
*94 10
10 34 June 1 517 Feb 29
38
38
1,300 Continental Ins
8
*383 39
8
3
3812 39 8 *384 39
3912 3912 3814 39
900 Continental Motors__No par
214June 3
412 Feb 27
214 214
24 24
23
44 23
8
214 24
24 2 8
3
*214 23
8
93 103 83,100 Continental 011
No par
5 June 2 12 Feb 13
4
4
105 1118 1012 114
8
11
9 8 1018 10
5
5
94 9 8
12 Feb 24
3 Aug 21
34 9,300 Continental Shares__ -No par
8 *34 33
2
3
318 33
314 34
338 3 8
5
35
8 38
7
4,800 Corn Products Refining____25 553
8Juue 2 865 Feb 17
8
67
651
/
4
67
67
673
4 65
673
4 65
655
8 65
4 664 67
20
Preferred
100 14678 Jan 6 15212 Apr 2
8
3
8
*14812 1503 14812 14812 14814 1484 *14814 1505 *14814 150 8 *14814 1505
8
No par
614June 1 18 Feb 27
8 1,500 Coty Inc
74 734
753 74 *75
8 73
4
75
8 75
77
2 8
.77, 8
28
200 Cream of Wheat
No par 2612June 3 344 Mar 11
0
g
8
*2612 2812 2812 2812 *273 2812 *277 2812 *277 2812 28
8
157
8 1,300 Crex Carpet
100 1214June 1 193 April
4 15
133 144 127 1414 *1212 1512 1512 155* *145* 153
4
8
400 Crosley Radio Corp_ __No par
83 Feb 25
4
44 Jan 2
514
5
6
7
55
554
*6
64 *54 7
8
6
Crown Cork & Seal-__No par 1814June 1 8814 Feb 24
*2014 22
*2014 22
*2014 22
*2014 22
*2014 22
*2014 22
Crown Zellerbach
No par
2 June 2
67 Jan 12
8
8 *35
8 37
8
8 37
8 035
5
*312 4
*312 34 *3 8 37
*33
8 4
8June 2 63 Feb 11
4
393 4112 .39 4012 1,100 Crucible Steel of America-100 303
40
*39
39
39
40 4014 3934 41
2
8712 874.
Preferred
50
100 80 June 4 108 Jan 3
87
87
87
90 4 87
3
*87
903 *87
4
90 4 *87
3
400 Cuba Co
54 Jan 8
34 34 •312 4
No par
3 May 19
*314 4
*34 4
34 34
*312 4
25 Jan 8
8
700 Cuba Cane Product8
No par
5
8June 1
118 118 *118 14
114 114
*114 112
114 114
114 114
100 Cuban-American Sugar-._10
438 43
534 Mar 24
218 Apr 30
3 434
*414 43
4 *414 43
4 *414 43
4 *414 434 *43
*26
30
Preferred
100 10 June 8 35 Jan 9
30
*26
30
*26
*26
30
*26
30
*26
30
39
39
600 Cudahy Packing
50 353
4May 21 487 Mar 19
8
40
40
40
41
40
8 40
40
*40
40 8 405
5
6814 7,000 Curtis Publishing Co--No par 567 Aug 20 100 Feb 7
6818 67
70
71
69
684 684 z67
694 69
69
Preferred
8Mar 5
,._..No par 112 July 29 1185
8
*112 11312 *11212 11312 *1125 11312 *1127 11312 *11314 11312 *11314 11312
4
16,700 Curtiss-Wright
218June 2
5 8 Feb 27
7
2% 3
No par
34 32
8
3
34
3
34
3
318
27
8 3
Class A
812Mar 2
100
3 June 2
418 418 4,300
44
44
438 45
44 413
8
414 412
418 44
200 Cutler-Hammer mfg___No par 17
12June 2 41 Jan 7
*1812 1914 •18
*1712 1914 *1712 1812 51713 1814
184 18
18
9 8June 2 23 Feb 24
5
No par
4
12
1212 115 113
8
4 1112 117 *114 1214 *113 1214 1118 1134 1,100 Davison Chemical
8
•Bid and asked prices: no sales on this day. x Ex-dividend. y Ex-dividend and ex-rights.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share
5912 Oct 78 Apr
5 Mar
Oct
1
514 Dec 3314 Jan
6018 Jan 00's MY
15 Nov 5012 Mar
5 Mar
3 Dec
4
s
1218 Oct 253 July
1514 Nov 3512 Apr
15 Dec 2214 May
8
13 Dec 85 Apr
984 Dec 17814 Mar
333 Nov 42 Feb
4
8
10 Dec 305 Mar
8
1118 Dec 317 Mar
21 Dec 43 Mar
1073 Jan 117 Sept
4
8
3 Dec 163 Apr
63 Oct 144 Feb
4
812 Dec 43 Mar
97 Dec 74 Apr
8
.....--- ......
713 Dec
4
1838 Dec
2112 Dec
97 Nov
Oct
108
78 Dec
114 Dec
10 Nov
3318 Dec
106 Dec
4114 Dec
5 Dec
8
285 Dec
8
734 Dec
10 Nov
3012 Dec
1618 Dec
74 Dec
2912 Dec
8312 Dec
113 Dec
22 Dec
112 Dec
24 Dec
918 Dec
3 Dec
3 Dec
1714 Dec
18 Dec
214 Dec
51 Feb
21 Dec
2 Dec
327 Dec
8
79 Oct
1438 Dec
3214 Dec
73 Nov
8
2218 Nov
2012 Dec
1012 Dec
227 Dec
8
144 Dec
24 Dec
1512 Dec
21 Dec
9114 Jan
13314 Jan
4812 Jan
44 Dec
97 Mar
12 Oct
73 Jan
8 3 Dec
4
100 Feb
517 Mar
8
4812 Mar
110 Mar
118 Apr
514 Jan
44 Feb
29 8 Feb
3
11238 Apr
Jan
114
774 Mar
218 Feb
8978 Jan
33 8 Jan
3
30 Mar
8
753 Mar
3414 Mar
2834 Apr
42 Mar
36234 Apr
132 May
4
793 Apr
137 Jan
8
75 Jan
2038 Oct
60 Mar
12 Sept
847 Apr
8
3012May
814 Mar
6978 July
6,53 Jan
8
1578 Feb
49 Feb
9834 Feb
674 Mar
8212 Mar
37 Mar
5578 Mar
32 Mar
3212 Apr
675 June
8
43 Apr
1314 Apr
444 Apr
60 Apr
105 Apr
1913
8Juno
53 Mar
647
8May
104 Dee
353 Feb
4
92 May
20 8 Apr
3
6518 Dec
305 Dee
8
99 Nov
718 Dec
1512 Dec
3012 Dec
2012 Dec
7614 Jan
213 Dec
4
80 June
24 Dec
14 Dec
712 Dec
8612 Dec
3112 Dec
558 Dec
184 Sept
245 Dec
8
53 Dec
77 Dec
8
1212 Dec
7814 Dec
9912 Jan
14 Dec
We Dec
2 Dec
1634 Dec
2 Dec
62 Dec
4312 Dec
93 Dec
4
374 Dec
212 Nov
73 Dec
4
812 Dec
65 Dec
140 Feb
74 Dec
2512 Jan
9 Jan
314 Dec
31 Dec
414 Dec
804 Doc
10112 Dec
218 Dec
Oct
1
2 Dec
20 Dec
3818 June
85 Dec
112 Dee
4
13 Dec
3 Dec
35 Dec
10 Dec
199 Mar
87 Apr
110 Apr
373 Apr
8
404 Apr
4438 Apr
28 Apr
9512 Sept
55 Mar
87 Mar
6
Oct
38 Apr
2014 Apr
10434 June
57 Mar
1934 Mar
8
567 Mar
8
593 Mar
80 Miir
273 Mar
8
284 Jan
8
1367 Apr
10512 Sept
2 Jan
2212 Feb
812 Feb
5212 Feb
7 Feb
8
947 Feb
714 Mar
373* Apr
774 Mar
84 Feb
3012 Apr
407 Apr
44
1114 Ain'
15114 Oct
33 Feb
353 Mar
8
2918 Mar
22
Jan
595 Apr
8
184 Feb
9388 Mar
117 Mar
1912 May
7 Mar
9 Feb
653 Feb
8
48 Jan
1264 May
/
1
1214 Mar
147 Air
s
19 Apr
/
1
4
9012 Mar
434 Mar
/
1
1255
New York Stock Record-Continued----Page 4
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Aug. 15.
Monday
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21.
Sales
for
the
Week,
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ Per share $ Per share $ Per share $ per share S per share $ per share Shares Indus. & Mlscell.(Con.) Par
*4
9
*4
9
*4
9
*4
9
Debenham Securities__E. Sch
*3
9
*3
9
•1918 1912 .1918 1912 *193 1912 193 193
8
8 1918 1914 19
19
20
500 Deere& Co pre
•160 165
160 160 *158 162
160 160
16014 16014 159 159
100
800 Detroit Edison
.1212 1412 .1338 1412 .1338 1412 .1358 1412 *135 1412 .
8
Devoe & Reynolds A_No par
1338 1413
1958 19
183 19
4
1858 187
8 19
1914
1878 19% 2,900 Diamond Match
1938
1938
No par
05
.27
2712. •264 2712 .264 273 .273 28
28
4
28
8
2818 2818 1,000
Preferred
4 113 12
.1112 113
4
1138 12% 1138 117
1112 117
8 1113 113
4 5,500 Dome Mines Ltd
No par
2312 2312 2314 2312 2318 2314 23
2314 .2231 2338 2314 233
8 1,200 Dominion Stores
No par
7514 757 27312 7412 7314 743
4 7312 7414 7412 743
No par
4
4 731 743 17,000 Drug Inc
.5
514 .5
538 *5
514 *5
*5
Dunhill International_No par
514
538 *5
51 1
•124 15
*123 15 .124 15
2
*123 15
4
.123 15 .123 15
4
Duplan Silk
4
No par
•106% 10738 *107 107% .107 10712 •107 10712 10712 10712 *107 10712
100 Duquesne Light lot pref_100
57
*6
7
518 6
.6
7
6
.512 7
518 512
700 Eastern Rolling SIIII
No par
14512 14812 143 146
141 146
1413 142
4
143 145
14018 1433 15,400 Eastman Kodak Co_ No par
4
013112 ____ 134 134 .134 140 .134 140
134 134
134 134
6 cum pret
GO
100
14
147 15
14 4 137 1414 137 14
8
,
8
14
14
13% 14
2,800 Eaton Axle &Sprlag___No par
8
8912 9014 865 881s 8538 8314 85
87
84% 863
4 831z 854 62,700 E I du Pont de New
20
1235 12338 .12318 1241s •12312 125
8
12414 124 4 *12312 12414 12414 12414
,
6% non-vet deb
300
100
714 714 .714 7 8 *714 77
3
77
.714 738 0714 7% .714
100 Eitingon Schild
No par
55
11543 58
55
4
5514 5514 5434 5434 5514 5514 .5438 553
Preferred 635%
8 1,000
100
4
4 4018 4214 4012 413
4312 4418 393 413
8 403 4112 397 4114 39,300 Electric Autolite
4
No par
•107 1074 1073 1073 .107 1073 •107 1073 107 107
4
4
4
Preferred
106 107
100
80
314 314
314 314
314 338 .
314 338 0314 312
800 Electric Boat
318 314
No par
40% 4138 3914 4038 384 407
383 40
4
40
41 18 388 40h 76,500 Electric Power & Lt_ No par
10018 10018 *10014 10012 100 1003 101 101
4
10012 1005 010012 1017
Preferred
8 1,000
No par
8718 86 86
8714 .86
.86
*857 87
87
87 .8514 87
Preferred (6)
No par
200
.54% 5513 5414 5412 5412 5412 .54
551 *54
5512 5414 5414
400 Elec Storage Battery_ _No par
.%
12
.
3
8
12
.3
8
12
.3
8
1
.3
8
12
.3
8
12
Elk Horn Coal Corp___No par
•3
2
114
*5
8
1
*3
4
1
.
3
4
1
"4
1
Emerson-Brant el A ___No par
*34 1
MI
.41
42
43
42
42 14 4114 4114 .31
4212 4112 4112
400 Endicott-Johnson Corp....50
.110 4 115 .1103 115 .110 4 115 *1103 115 *111 115 .111 115
4
3
3
4
Preferred
100
36
36
36
36
313
*338 36
32
.32
36 .32
36
500 Engineers Public Serv__No par
.7518 763 *7518 764 .7518 76% *7518 7612 *7518 76
4
7513 751
Preferred 55
No par
100
.7812 7912 .7812 7912 .781s 7912 .7812 7912 .7812 7912 .7812 7912
Preferred (513)
No par
29
29
285 2838 2812 283 *283 2812 2818 2812 .28% 2812
8
4
8
700 Equitable Office Bldg. No par
*43
4 5
5
5
5
5
*47
8 5
47
8 47
5
5
500 Eureka Vacuum•Clean_No par
*335 4
418 418 *4
43
8 .4
43
8
4
4
*35
4
5
500 Evans Auto Loading
*1538 16
16
10
.155 16
8
16
16
.155 16
8
*155 16
8
20 Exchange Buffet Corp_No par
*12 1 4
.12 1%
*12
114
.13
114
.12
114
Fairbanks Co
05
.14
114
•614 9
*614 812
5 2 512 *53
,
4 9
*53
4 9
*53
4 9
Preferred
100
20
1114 1114 *1114 13 .1114 12
*1114 12
1114 1114
11
1118
No Par
500 Fairbanks Morse
70
703 .70
4
704 .70
703 .70
4
704 69
70
68
Preferred
6912
100
150
414 414 .3% 4
.314 4
*314 4
.314 4
*314 4
200 Fashion l'ark Assoc__No par
.3314 35 .33
35 .33
35 .33
35
35
35 .34
15
37
100 Federal Light & Trac
86
84
.84
85 .84
85 .84
85 .84
85 .84
Preferred
85
No par
20
•5
512 .5
512 4.5
512 .5
512 .5
514 •5
512
Federal Motor Truck.No par
•512 712 4.5% 5% *512 57g ,
1 51g
55
53, .512
.512 538
Federal Screw Works_No par
1414 14% .1428 1434 1312 1438 2,000 Federal Water Serv A __No par
14
1438 15
15
15
145
27
27 .2418 29 .26
2712 26
26
26
26
26
27
700 Federated Dept Stores_No par
3
43 4 4314 4213 43
,
43
4314 43
4318 43% 4318 4314 4314
900 Fidel Piton Fire Ins N Y____10
.712 10
.
712 10
*7% 10
.712 10
*712 10
*712 10
Fifth Ave Bus
No par
.20
26
.22
26
.22
26
.22
.22
26 .22
26
Filene's Sons
26
No par
.9912 __ •9912 104 .9912 104
*9913 ____ .991 104
*9912 104
Preferred
100
•174 1914 173 1734 18
18
4
.1712 19
*1712 1812 .
1712 181z
200 Firestone Tiro & Rubber_10
6238 6214 62
64 .62
63
63
634 .62
6312 623 623
4
4 1,600
100
Preferred
6214 60% 61
814 614 60
6112 60
61
61% 5913 613
4 6,300 First National Stores_No par
.3
8
12
3
8
12
3
8
12
12
12
3g
38
No par
2,100 Fisk Rubber
5
8
3
3
114 114
118
14 .114
17
8
112 .13
4
114
13
17
8
1st preferred
13
8
100
270
•118
13
4 *118
13
4 .113 13
4
13
4
13
4 *118
13
4
13
;
15
1st prof convertible
420
100
•193 25 .1938 25
8
.195 25 .1953 25 .105 2434 *1038 243
8
8
Florsheltn Shoe class A_No par
4
•100 102 .10014 10012 •10014 102 010014 102 .10014 102 .10014 102
Preferred 6%
100
'11
121.3 1012 1012 1014 1014 093 1213 103 103
1435 11
4
4
No par
4
600 Follansbee Bros
25% 2613 244 2614 2414 2612 2412 25
2412 251s 2112 2412 9,000 Foster-Wheeler
No par
97
8 97
8
9
9
.87 10
8
87
8 8%
8% 873
83
No par
500 Foundation Co
4 83
4
.2712 283
4 27 2 275
,
8 2712 28
23
2814 28
28
275 28
2,400 Fourth Nat Invest w w
1
3 137
1318 1414 1314 137
14% 143
8 13
133* 1334 1314 137o 26,300 Fox Film class A
No per
4 27
2614 261s 2614 2612 2618 263
263 27
4
277
2813 267
8 7,300 Freeport Texas Co_
No par
•..... 70 *---- 70 •____ 70 .___ 70 .____ 70 •____ 70
Fuller Co prior pref_No par
*3% 414 .312 37
8
313 312 .33
8 414 033
3 4% 033
8 418
100 Gabriel Co (The) cl A__No par
463 467
8 46% 464 45
46% 4212 4518 4214 4212 425 4235
8
610 Gamewell Co
No par
12
12
*12
12
3
4
12
*12
54
.12
015
34
34
200 Gardner Motor
5
5
5
.47
8 514 *5
535 .
514 .5
5
5% .5
558 1,100 Gen Amer Investors_ _No par
•70
85 .70
.70
85 .70
85
85
070
85
*70
85
Preferred
100
58
5815 57
58
563 5718 5635 503
4
4 57
57
5613 57
4,000 Gen Amer Tank Car___No par
2212 217 235
8
22
22
8 23
23
23% 2312 237
8 21
22% 10,000 General Asphalt
No par
93
7 4 83
3
84 9
8
87a
8
78 85s
83
8
73
4 8
4,700 General Bronze
No va
.7
734 *7% 73
714 712 *7
4 *714 712
712 712
714
300 General Cable
No var
.13
15
•1312 15
*14
15
15
15
15
15
15
15
Class A
300
No par
*3412 39
35
35
•35
39 .35
39 .35
39 .35
39
20
7% cum prof
100
3738 .
37
36
35
3713 *3538 371s *3514 3718 36
3512 3512
900 General Cigar Inc
No par
4138 42% 4035 415
4112 4018 413 46.300 General Electric
4058 413
8
4 405 4114 41
8
No par
113 113
8
3 113 1112 113 1112 11% 1112 113* 113
8
8
8 113 1112 2,200
8
Special
10
513 5214 5012 5218 5014 51
501 5112 5018 5112 18,600 General Foods
8
5014 51
No par
47
47
45
43
412 45
4 47
8
43
4
43
4
45
412 4% 3,400 Gen'l Gas & Floc A ___ _No par
5712 .501z 57
.50
5318 5318 .51
56 .50
*5012 57
5612
Cony prof ser A
100
No par
.273 30 .274 2914 .27% 2912 .273 2914 *273 29
4
8
4
0273 29
8
Gen Hal Edison Elec Corp-.39
3914 39
39
3
39
4
39
39 3 39% *398 393 *3914 393*
400 General Mills
No par
.99
993 *99
4
9912 .99
99
991 9918
993 *99
4
993
4 99
200
Preferred
100
4
33% 3912 373 385
8 3612 38% 3612 3714 365 3712 357 3634 236,500 General Motors Corp
8
10
103 103
1023 103
4
103 103
1027 103
103 103
103 103
8
55 preferred
3,100
No par
.1012 11, .1018 113
4
8 1018 10
3 .10
113 •10
8
113 .
10
113
8
200 Gen Outdoor Adv A
No put'
*5
518 .5
518
5
5
*5
518
5
5
Common
200
*5
513
No pa,
8 1212 13
1314 1238 127
1238 1234 3,200 Gen Public Service
1312 133
4 13
138 13
No i a,
51
47
4813 46
46
4812 46
048
50
45
50
46
2,100 Gen Ry Signal
No pa
25
8 27
3
3
2% 3
278 27
3
8
21
3
3
4,000 Gen Realty & Utilities_No pa,
28
.28
32
287 287 •2712 28
8
*275 28
28
8
8
28
28
36 preferred
300
No pal
34
34
34
34
34
34
34
337 34
8
34
34
34
700 General Refractories_ _No par
40
40 .38
38
33 .30
40 .30
40 .30
•30
40
10 Gen Steel Cast $6 pref _No par
212 25
212 25
8
212 234
8
2 2 27
,
2% 24
212 25 21,000 GenTheatresEquip v t eNo pa,
8
2118 2112 20% 2118 2035 21
193 2038 20 2014 193 2018 9,000 Gillette Safety Razor_.No for
s
4
69
68 6812 67% 63 067
69
68 .65
69
69
60
Cony preferred
1,200
100
*514 6
.514 6
1
*514 6
53
4 53
4 0514 6
*514 6
100 Gimbel Bros
No par
4
4 447 463 *447 463
8
4 447 447
.463 4912 .463 4912 464 463
4
8
300
Preferred
100
93
95
s 1014 1012 10 8 107
3
938
8
935 103
93 101. 5,300 Glidden Co
4
95,
No par
77
76
793
4 77
82
80
77 .73
80
.73
80
80
1,070
Prior preferred
100
714
.718 714
718
735
7
718 718
7
7
.
7
7 18 1,800 Gobel (Adolf)
No par
273 2812 28
4
29
2824 2918 28
2814 2818 28% 2738 2813 7,900 Gold Dust Corp v t e
No par
53% 13
1314 127 13
1314 13 4 13
137a 14
1213 13
2.800 Goodrich Co (B F)
No par
3 •45
.45
503 .47
8
50
4814 •45
4814 .45
50 .45
50
Preferred
100
40% 4112 4114 42
3
43 4312 4138 4138 40 4 42
397 4214 8,100 Goodyear T & Rub____No par
8518 .84
.84
8538 84% 8412 8412 8412 8412 8412 .85
8518
lot preferred
700
No par
7
.85 10
8
10
10
•85
8 93
11
.9
•
858 9
*8% 10
200 Gotham Silk Hose
No par
*6838 80 .6814 80 .6814 80 .6814 80
•6814 80
.6814 80
100
Preferred
23
4 •2
24 .2
23
.2
*2
23
*2
23
4 *2
Gould Coupler A
23
4
No Par
278 .234 2%
3
235 2 4
2 3 24
23
,
235
4 27g
•23
.1 2%
3,900 Graham-Paige Motors_No par
No par
121
123
12
4 12
12
8 1238 12% .12
.113 1212 1,000 Granby Cone M Sra & Pr_100
1258 125
4
4
1O'z 1,53 15 4 153 16
4 157 1612 16
4
1614 1614 153 153
2,100 Grand Silver Stores
4
No par
1612 1714 1613 17
8
163 17
163 1713 1612 17
4
163* 17
No par
7,500 Grand UniomCo
44
4378 437 *43
4313 4414 4313 431z 4312 4312 44
8
44
1,000
No par
Preferred
*20
24
24 .20
*19
23
24
020
23
.19
•20
24
Granite City Steel
A's par
3918 3934 383 393
4
4
3912 395
8 383 395* 3918 393
8 3334 3912 6,300 Grant(W T)
No par
,
19
19
1834 183 '1812 187
s 1812 1812 18 4 181 018
4
19
600 Gt Nor Iron Ore Prop_No ca'
83
4 83
4 .83
9
4 9
9
9
9
53
4 84 .83
4 9
800 Great Western Sugar No pa
,
86
86
86
861
8518 8618 *8534 92
.8518 88 .8518 88
130
100
Preferred
312 358
8
314 33,
314 33
33
8 335
314 33
314 314 5.500 Grigsby-Grunow
No par
.12
7
7
8
8
02
7
•
*13
12
7
8
`2
,
7
78
3
012
Guantanamo Sugar_ ___No par
.1212 1518 .1212 15%
8
•133 16 .137 15% •133 17 .1212 151 1
8
Gulf States Steel
No par
35 .30
35 .30
35
•30
35 .30
35 .30
*30
35
100
Preferred
27% 271
.2712 28
.2712 28
2714 2712 *2712 28
2712 2712
600 Hackensack Water
25
512 53*
512 51
54
8 57
512 512
E,7
8 57
558 512 2.100 Hahn Dept Stores
No par
53
53
.53
5212 5212 5212 5212
54
.5212 537
54 .53
100
900
Preferred
14
1414 14
•1315 15
*1312 14
1412 .14
•14
•1313 14
10
100 Hall Printing
• Bid and asked prices; no sales on this day. x Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
b Ex-dividends.
Highest.
$ per share
610.1ay 25
19 Aug 21
4June 2
1403
11 June 17
147 Jan 15
248 Jan 7
878 Jan 2
1418 Jan 2
6112 Jan 2
5 June 1
II June 3
102 Jan 5
518 Aug 17
118 June 3
1283 Jan 8
4
914June 3
71 June 3
11834 Jan 9
314 Jan 2
351 Jan 5
3418J une 2
106 May 29
2 May 7
3018.1uno 1
925
8June 6
80 June 8
4912June 2
3 July 15
8
h Apr 24
30 Feb 10
10212 Apr 15
2812June 3
7518 Aug 21
75 July 14
27 June 25
47 Aug 20
4 Juno 2
1558 Aug 4
1 Jan 3
412 Feb 25
11 Aug 12
68 Aug 21
338 Jan 21
30 Slay 26
84 June 23
5 Apr 28
412June 6
1114June 10
1512 Jan 5
3614Juue 2
67 Jan 16
16 Jan 27
8514 Feb 10
13 Apr 27
5614 Apr 29
41 Jan 2
%June 16
1 May 18
118May 15
22 June 2
9612May 28
8 June 2
20% Aug 7
47 Jan .5
8
2012June 2
8May 21
115
22 June 2
52 July 18
3 Slay 7
42 June 2
12July 15
413 Jan 15
70 Aug 6
5278June 1
1514.1une 2
5 June 3
314May 26
7 June 3
2712May 26
31 June 2
36 Juno 2
1118 Apr 21
43 June 1
41g Jan 2
443 Aug 8
4
27 June 9
35 July 15
96 Jan 19
3118June 2
95 Jan 2
1018 Aug 13
4 Jui) 27
$ per share
1212 Jan 28
22 Jan 5
195 Feb 11
1918 Feb 18
23 Mar 6
2818 Aug 21
21312 Mar 31
24 Apr 13
783 Mar 20
i
814 Mar 19
143 Feb 9
4
10712 Aug 20
1314 Mar 2
1853 Feb24
4
13412Mar 23
217 Mar 10
8
107 Mar 19
12414 Aug 11
1118 Feb 17
69 Feb IS
8
743 Mar 10
110 Jan 7
413July 10
60 4 Feb 26
3
10818 Mar 20
9814 Mar 17
66 Mar 19
114 Feb 26
23 Mar25
4
44 July 22
113 Feb 10
49 Mar 12
87 Jan 27
91 Mar 12
3
35 Jan 12
4
123 Star 17
835 Feb24
25 Jan 7
3 Mar 20
13 June 27
293
8Mar 6
1097 Feb 2
612 Feb24
497 Feb 26
92 Mar 25
75 Feb24
8
1512 Feb24
30 Jan 31
27 Aug 14
5614 Feb24
9 Feb 21
22 Feb 25
104 Slay 12
20 June 26
6618June 29
63 Aug 14
7 Feb24
8
3 Feb 7
312M ur 3
3512 Jan 3
' 18
Aar
10212 ,
193 Feb 25
4
6413 Feb24
161251ar 9
3212 Feb24
383 Feb 17
8
43% Mar 23
85 Apr 6
638 Feb 25
GO Feb 26
23, Mar 23
778 Mar 19
SS Star 12
73% Feb 26
47 Mar 26
912 Feb 16
13 Feb 24
2513 Feb24
65 Jan 12
4812 Feb 10
543 Feb 26
4
1218 Jan 27
56 Apr 13
513 Feb 21
763 Slat 20
4
35 4 Mar 6
3
50 Mar 21
100 Apr 15
48 Mar 21
1035
8Ju1y 22
28 Jan 28
10% Feb 25
23 Feb 20
8418 Mar 2
912Mar 6
7418 Mar 10
573 Feb 26
65 Apr 9
1512 Feb 18
383
4May 11
767
8May 26
778 Feb 18
52 July 7
1618 Feb 20
82 Aug 19
97
8Mar 5
4218Star 20
207 Feb 21
8
68 Feb 10
5213 Feb 21
91 Feb 25
133 Apr 11
4
72 Apr 28
638 Feb 6
612May 5
4h Feb 9
225 Feb24
8
2512Mar 24
187 Mar 24
8
46 May 13
293 Feb25
4
8June 22
397
2312 Apr 9
11% Jan 8
9612 Jan 8
03 Slat 10
4
112 Jan 8
3712 Feb24
80 Mar 4
3012 Mar 20
9 4 Mar 26
3
637 Star 30
8
193 Mar 21
8
70/41111C 2
40 Aug 10
25 Aug 19
8
28 Aug 12
29 June 2
35 June 15
17 Aug 12
8
1858July 15
623 Jan 21
4
4 June 2
3612June 3
73
4June 3
48 May 4
4 Jan 2
21 June 1
814June 2
35 Apr 27
305,June 2
71 June 2
47 Jan 5
50 Jan 26
18July 16
212 Aug 13
312 Feb 28
10 June 3
13 June 19
1058 Jan 16
36 Jan 15
3June 3
187
2.53 Jan 2
4
1712June 8
718June 1
80
12N1ay 26
4.1une 3
25
se Jan 6
1018Juno '2
37 June 24
263*June 5
412June 2
50 Jan 3
12 May 6
PER SHARE
Range for Previous
Year 1930.
Lowest.
highest.
S per share $ per share
912 Dec 30 Apr
20 June 2412 May
161 Dec 2554 Apr
1112 Dec 423 Mar
63 Jan 103 Sept
4
8
12 Nov 3038 Apr
8
575 Dec 873 Mar
8
5 Dec 4312 Apr
13 Oct 19 Sept
100 Jan 10638 Oct
614 Dec 2512 Jan
14218 Dec 25514 Apr
12078 Feb 134 Nov
1158 Dec 3714 Feb
8012 Dec 14514 Apr
11418 Feb 123 Sept
218 Oct10% Feb
35 Nov 62 Feb
8
33 Oct1147 Mar
10312 Oct 1103 Jan
4
934 Mar
218 Dec
343 Dec 10312 API'
99 Dec 112 Apr
844 Dec 102 Sept
4712 Nov 7914 Feb
18 Dec
512 Mar
"8 Dec
735 Jan
3678 Dec 5958 Jan
10712 Jan 116 Nov
367 Nov 6712 Apr
8
8038 Dec 10718 Mar
8918 Dec 1047 Apr
8
3512 Dec 60 4 June
,
638 Oct 435 Mar
4
Oct 303 Feb
4
2138 Dec 2713 Sept
97 Jan
8
13 July
4
4
312 Dec 393 Jan
1912 Dec 50'z May
102
Jan 11112MaY
212 Dec 2714 Feb
433 Dec 9014 Mar
85 Dec 9838 Apr
512 Nov 1214 Feb
10 Dec 2512 Sept
17% Dec 43 Mar
121t Dec 38 Apr
4214 Dec 89 4 Mar
3
678 Dec 1012 Apr
16 Dec 4012 Jan
.89 Dec 10014 Sept
1535 Oct 3318 Jan
535 Oct 877 Mar
8
8
3838 Dec 6138 Jan
12 Dec
512 Apr
114 Dec 21
Apr
114 Dec 213 Apr
4
30 Dec 5278 Mar
94 Dec 10012 Oct
12 Dec 508 Mar
:
371 Dee 10412 June
4
312 1)ec 283 Apr
1814 Dec 50
Apr
1618 Jan 573 Apr
2412 Dec 5512 AIM
7.5 Dec 9512 Mar
212 Nov 113 Apr
4
50 Oct 80 Mar
1 Nov
73 Feb
4
318 Dec 16% Feb
74 Dec 105
Apr
5318 Dec 1117 Apr
8
22% Dec 7112 Apr
518 Dec 3812 Feb
612 Dec 3412 Mar
1314 Dec 743 Feb
4
36 Dec 1093 Apr
4
30 Dec 61 Mar
4112 Dec 953 Apr
3
1114 Oct 12 Aug
443 Dec 6114 May
3% Dec 188s Apr
38 Dec 10615 Apr
2834 Dec 445 Feb
4018June 593 Apr
89 June 984 Dec
311 Nov 5414 Apr
917 Dec 1007 Sept
8
8
203* Dec 41 18 Apt
4
5 Sept 213 Apr
8
123 Dec 527 Apr
4
56
Oct 1067 Mar
8
3% I)ec 1958 Apr
49 Dec 100 Apr
39 Dec 90 Mar
80 Dec 101 Mar
512 Dec 10 Dec
18 Dec 106, Jan
8
5614 Dec 703 Nov
414 Dec 207 Apr
8
39 Dec 8212 Apr
7 Dec 38 Mar
6312 Dec 10518 Max
3 Dec 19 Feb
29 Dec 477 Apr
1514 Oct 5812 Mar
62 Dec 1041 Mar
1
35, Oct 967 Mat
8
7814 Oct 10214 API
8
33 Dec 287 Mat
4
50 Nov 8213 Ara
4 Dec 153 Apt
8
3 Dec 133 Apt
8
312 Nov 10 4 Apt
3
12 Nov 597 Apt
16 Dec 52 Apr
10 June 20 Pet
55
31 Dec 44 Aug
18 Dec 503 Apt
8
263 Dec 43
8
Jar
1712 Dec 253 Mar
*
7 Dec 3413 Jar
85 Dec 120 Mal
212 Dec 28 Jun(
14 Dec
4 Yet
15 Dec 80 Fet
8314 Dec 109 Ap1
28 2 Der. 2314 JuD,
Ja i
, 38
A 13
61
4512 Dec 8612 AN
16 Dec 314 Ma
New York Stock Record-Continued-Page 5
1256
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 16.
Monday
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Indus. &
$ Per share $ per share $ Per share $ Per share $ per share $ per share Shares Hamilton Miceli.(Con.) Par
Watch prof
100
*--- 95 •____ 9714 •__ 9714 •__ 9714 *__-_ 9612 *-- - - 9612
20 Hanna pref new
No par
87
*85
87
*85
85
*85
87 "85
87
*85
8612 85
Harbison-Walk Refrac-No Par
*251 26
/
4
27 '2518 26
8
'2512 2612 *2512 2618 *253 27 '26
Hartman Corp class B.No par
4 *212 234
4 *212 23
*212 3
4 *212 23
*213 2
/ *212 23
1
4
Class A
No par
5
5
*4
*4
5
*4
5
*4
5
*4
*4
5
No par
400 Hayes Body Corp
8 3
3
*27
3
/ 3
1
4
*27
8 3
*2
8 3
318 '27
3
Helme(OW)
25
*833 95
4
*83
/ 95
1
4
95
/
1
"82
95
*82
95 "844 95 '84
No par
600 Hercules Motors
/
1
/
1
/
1
*1014 1012 '1014 1012 *1014 1012 *104 1012 *104 1012 1018 104
Hercules Powder
No par
45
*42
45
*42
45
*42
45
*42
*42
45
*42
45
70 Hercules Powder $7 cum pt 100
8
/
4
8
1164 1164 11618 11618 1167 1167 1161 11614
/
1
/
1
*116 117 *116 117
/ 9914 5,000 Hershey Chocolate_ - _ ..No par
1
4
97
985
8 9912 100
9912 100
/ 9714 10012 98
1
4
98 101
Preferred
No par
102 10214 1,700
102 103 *10212 104 *10214 104
/
1
4
104
1011 10314 104
/
4
341
Hoe(R)& Co
No par
*414 5
*41 .5
/
4
*414 5
*414 5
.414 5
1,100 Holland Furnace
No par
/
4
/
1
2812 2812 284 281 2812 2812 2812 2812 2713 2814
.2812 30
1412 1412 1,600 Hollander & Sons(A) No par
/ "143 15
1
4
4
1458 *1413 14
/
1
8
14
1514 *144 1478 145
Homestake Mining
100
*97 100
*97 100
*97 100 '97 100
*97 100
•97 100
8
67
8
653 63
4
63
3 65 14.700 Houdaille-Hershey cl B No par
634 7'8
6* 75
8 75
400 Household Finance part Pf-50
4
6014 603
*603 83
4
05912 6012 *60
6012 so% 61
"603 62
4
8
8
8 45
/ 47
1
4
13 453 4712 4214 453 17,600 Houston Oil of Tex tern etfs100
4434 44
473
4334 444 43
/
1
No par
100 Howe Sound
*1812 19
193* •1812 1912 *1813 1912 19
19 "1813 19
•19
No par
1318 123 127
4
8 5,900 Hudson Motor Car
12
/ 1318 13
1
4
1314 123 13
4
1318 1312 13
11,000 Hupp Motor Car Corp
10
63
4 7
7
7 14
7
7 14
718 7
/
1
4
73
8 78
3
7 8 738
3
600 Indiana Motocycle_ _ _ _No par
214
*2
214
2
214 *2
2
214
2
2 '
2
2
10
3.000 IndianReflning
8
27
3 3
2
/ 23
1
4
4
23
4 27
212 25
8
*218 2
/
1
4
218 212
No par
/
1
3414 344 3212 3334 5,900 Industrial Rayon
4 33
/ 34
1
4
35
353
4 33
/ 343
1
4
4 3312 343
No par
200 Ingersoll Rand
91
*85
90
93 '85
/
1
4
95
94 94
933 93
4
/ *88
1
4
"92
200 Inland Steel
No par
*4014 41
*401 41
/
4
61
"40
41
40 40
'40
*397 41
600 Inspiration Cons Copper__20
4 7
63
4 63
4
63
4 63
4 *63
7
718 *63
4 7
*612 7
700 Insuranshares Ctfs Ine_No par
a *63a 67
8
6
/ 63
1
4
*63
8 gs
8
618 618
63
8 6
/ *Ws 614
1
4
3,000 Insuranshares Corp of Del___1
11
11
11
•1013 1112 *105 1114 11
8
104 1112 11
/
1
11
100 Intercont'l Rubber__ _No par
/
4
17
8 11
•14 3
/
1
*17
8 212 *17
8 2
/ '17
1
4
8 212
11 212
/
4
No par
6
*618 7
612 1,900 Interlake Iron
/
4
*613 7
8
/ 6
1
4
/
1
4
614 613 '61 7
No par
600 Internet Agricul
8 2
/
4
11 11 "15
/
4
*158 2
14 14
/
1
/
1
*15
8 2
•15
8 2
Prior preferred
100
17
17
500
18
17
*17
17
17
•17
18
17
•I612 18
1,300 Int Business Machine•s_No par
142 145
14414 145
14412 145
1443 145
4
150 150 *142 147
400 Internal Carriers I.td__No par
8
712 *67
8 718
65
8 713 *67
'65
8 74
3
esh
714 *65
8 7
500 International Cement_No par
3011 3013
31
31
*3014 35
*3014 32
3012 3012 *303 32
4
4 178 1.600 Inter Comb Eng Corp_No par
8
13
/
4
13
4 17
13
4 11
/
4
11 11
/
4
*11 2
/
4
13
4 11
/
4
Preferred
100
18
*17
18
*17
18
*18
18
•17
18
•17
*17
18
4
381 39
/
4
37
/ 383
1
4
4 365 3812 364 373
/
4
8
/
1
8 37
383
8 361 383 15,100 Internal Harvester--No par
Preferred
100
400
13214 13414 *13114 13614 •1343 13614 135 135 *13114 138
4
*13214 134
/ 5,500 Int Hydro-El Sys cl A _ _No par
1
4
/ 23
1
4
/ 2314 23
1
4
/ 23
1
4
8 2314 23
234 243
4 23
/ 24
1
4
/ 23
1
4
/ 245
1
4
4912 6,200 International Match pref.„25
/ 4912 503
1
4
3 47
4914 49
/ 5013 49
1
4
/ 50
1
4
50 5012 49
200 Int Mercantile Marine ctfei.100
'63
4 712
63
4 6
/ "63
1
4
813 713
4 712
63
4 63
4 *612 71 "
/
4
134 24,900 Int Nickel of Canada_No par
/
1
1338
1318 1314 1314 1312 13
1314 13
/ 13
1
4
1312 14
Preferred
100
100
*11712 11812 11812 11812
/
1
4
*11712 11812 •117 11812 *11712 11812 *11712 11812
50 Internet Paper pref(7%)-100
20 '20
2012
*2012 2112 2012 2012 *2012 2112 *2012 2112 20
100 Inter Pap & Pow cl A.
.No par
4
4
*312 4
*312 4
*313 4
*312 4
*312 4
Class B
No par
/ 3
1
4
"2
*23
4 3
4 3
•2
/ 3
1
4
'2
/ 3
1
4
*23
4 3
*23
Class C
No par
/ 212
1
4
23
8 24 1,300
/
1
214 2
/ *214 212 *214 212 '2
1
4
28 2 8
3
3
100
Preferred
21
700
8
8
2012 197 197 '20
20
/ 2012 2012 2012 20
1
4
•20
21
300 Int Printing Ink Corp_No Par
4
4
•1218 123 .1218 123 *1218 123 *1212 123 *1212 1234 1218 123
4
4
4
Preferred
100
60 "55
60
*55
60
*58
65
*58
60 '58
•58
65
100
8
700 International Salt
/
4
4
4 345 351
3512 343 343
4
/
1
*34
/ 3512 *343 3512 344 3512 *35
1
4
/
4
4914 48
481 5,900 International Shoe_ _ __No par
/ 48
1
4
49
/ 4812 49
1
4
50
49
50
50
60
100
2514 2514
700 International Silver
*2514 30
*2118 28
*2114 30
*231 2312 *2118 28
2912 105,100 Inter Telep & Teleg„._No par
297
8 28
283 2914 29
4
2812 30
29
/ 30
1
4
/ 2812 30
1
4
17
1,900 Interstate Dept Storee_No par
17
1714 17
17
177
8 17
*177 1812 17
8
18
18
Preferred ex-warrants...100
*6412 68
100
*6212 68
64
*64
6412 64
•66
68
8412 66
No par
200 Intertype Corp
1212 1114 1114 *1114 1212
*12
1212 *11
12
•10 4 1212 12
3
No par
1,300 Investors Equity
/ 5
1
4
5
/ 53
1
4
3 '412 5
512
434 5
*4
*514 512
5
1
Island Creek Coal
243 '24
8
2412 '24
2512 •24
2412 *24
2412
/ •24
1
4
*2414 25
"41
No par
42
1,000 Jewel Tea Inc
*413 42
4
42
4212 42
42
41
414 43
/
1
41
5214 5313 5014 53 44.100 Johns-Manville
No par
/ 51
1
4
/ 5114 53
1
4
54
5318 5412 5114 53
100
Preferred
20
0120 12112 *120 12112 *120 12112 "121 12112 *121 12112 121 121
90 Jones & Laugh Steel pref-100
11814 118
/ 11814 11814 11814 11814 '11814 119
1
4
4
119 119 *1183 119
No par
____ - -_
__ Jordan Motor Car
.
_ _ ___ ___ KC P& Lt 1st pf ser B.No par
_ _ *115 _ __ *11514 _ .*115
"115 - -- *115
1
12
100 Karstadt (Rudolph)
212 *2
- -13 *2
2
212
214 - .14 *2
2
*214 212 *214 1412
300 Kaufmann Dept Stores.$12.50
1413 *14
1413 "14
1412 .14
1413 *14
143 1412 *14
8
1312 1312 1312 1312 1,300 Kayser (J) Coy t c._-_No par
14
14
13
/ 13 8 •1312 14
1
4
5
133 14
4
__100
Keith-A lbee-Orpheum
_ 32 *_ _ 32
_ 32 *
_
_ • _ 32 *
•_ .. 40
100
Preferred 7%
99
;io 99 iio 99 •ia 99
i6i ;HI
•io
99
Vio 218 218
2
/ 218
1
4
/
1
4
2
/ 214 "2
1
4
218 1,200 Kelly-Springfield Tire_No par
.24 214 .215 2
/
1
100
15
"13
15
8% preferred
15
*13
50
15
1518 *13
15
*13
15
•13
100
36
6% preferred
36
*24
*30
36
*24
•25
36
*25
36
.25
36
9
/ 912
1
4
913 313
918 313
2,600 Kelsey Hayes Wheel___No par
9
/ 94
1
4
/
1
9
91
/
4
85
8 9
No par
1112 104 111 19,700 ICeivinator Corp
/
1
/
4
/
4
3
1118 1112 1118 1114 10 4 1114 1078 111 11
No par
58
*55
58 "55
58
130 Kendall Co pref
*55
/ 55
1
4
55
55
54
*485 55
8
No par
17
/ 16,200 Kennecott Copper
1
4
1714 1712 1714 174 17
4 173 184 1712 177
4
/
1
17
/ 183
1
4
Kimberley-Clark
No par
364 *33
/
1
363 "33
3
36
/ *33
1
4
4
363 "33
4
36 4
364 •33
/
1
•33
No par
12
"1112 12
100 KInneY CO
1212 12
1212 •12
1212 •12
1212 •12
*12
100
Preferred
*29
31
2812 2812
20
32
3712 *32
3712 32
*31
38
•31
--- ---- ---- ---- ------ ---- ---- ---- ---- ---. -___ ______ Holster Radio Corp__ __No par
Certificates
10
2
6
2
1
ii -- 83 ii -- -18 iii4 2814 ilioo Kresge(S S) Co
26; /1- iii, Ws; 2718 1i
7i
d
No par
/
4
8
/
1
4
400 Kress Co
4214 4212 431 4318 423 42
•43
45
•42
43
•43
60
/ 1618 173 37,400 Kreuger & Toll
1
4
8
17
/ 17
1
4
/ 1712 17
1
4
8
184 1814 17
/
1
/ 1814 175 18
1
4
311 32
/
4
/ 3018 325 32,000 Kroger Oro° & Bak__No Par
1
4
8
/ 3114 32
1
4
/
1
325 327
8
8 3114 3214 314 32
No par
69
/ 724 70
1
4
/
1
7213 19,600 Lambert Co
4
68
69
/ 67
1
4
/ 7012 893 70
1
4
6718 68
No par
Lane Bryant
*101 14
/
4
"1014 14
•1014 14
•I0
14
/ *1014 14
1
4
•1014 14
No par
700 Lee Rubber & Tire_
3
/
1
4
/
1
4
313 3
*312 3
3
3
3
/ 34
1
4
3 4 34
4
7
3
/ 33
1
4
"33
4 38
11
11
200 Lehigh Portland Cement..-50
11
.10 In .10 1112 .10 11 .10 95 "10 95 *10 90
100
Preferred 7%
10
90
*90
95 •90
95 "90
95
*90
•90
5
300 Lehigh Valley Coal. _ _ _No par
5
/
1
4
5
8 *5
53
53
8 *5
*5
5
/ *5
1
4
5 2 *5
3
50
Preferred
200
1
*2612 2812 *2612 29 4 02812 2712 *2613 2712
*2612 30
27 27
-No Par
8
/
1
5414 525 544 2,400 Lehman Corp (The).
/
1
/
1
54
5412 *5318 5312 544 544 54
544 55
/
1
No par
4
8 3,000 Lehn & Fink
8 2614 2612 2612 2612 2612 2712 263 267
2613 2612 2612 267
Nde par
8 2,800 Libby Owens Glass.
8
131 1312 133 133
/
4
8 1314 14
133 141 •
4
/ 1333 14
4
151 157
/
4
/ 683
1
4
8 1,100 Liggett & Myers Tobacco -25
8 67
6914 707
72
*70
72
73
72
73 •70
*71
25
Series B
7212 6918 893
4 7,400
/ 70
1
4
72
/
4
72
/ 731 72
1
4
x721 75
/
4
73
/ 74
1
4
100
Preferred
200
/
1
4
143 143 *14313 14514
/
1
4
3142 14514 *142 14514 •142 145 0142 145
22
200 Lima Locomot works_No par
24
*2212
2222
*2212 24
*2212 24
24
24 •22
.22
No par
4
300 Link Belt Co
4
4
253 253 *253 26
*253 26
4
26
26
.28
27
26
26
No par
2512 2512 1,500 Liquid Carbonic
*2513 26
28
26
26
2614 26
26
26
/ 27
1
4
Loew's Incorporated...No par
/
1
483 49h 47% 4814 47h 4914 4758 4812 4814 484 4612 49 45,000
8
No par
Preferred
"92
94
94
*9112 9312 *92
*9113 96
93
*9112
•913 93
4
Pref ex-warrants- -.No par
_ _
.
__ _
No
5 5,900 Loft Incorporated A...No par
- 18 5 .
5
8 1
1
14
6; lh - E3* .. 4
par
Long Bell Lumber
'15
8 3
M1 3
/
4
33
4
.15* 3 4 •15
8 314
*152
3
8 3
/ *15
1
4
25
Loose-Wiles Biscuit
8
4912 485 4013 2,200
/ 49
1
4
4912 4812 48
49
49
494 4912 48
/
1
25
Lorillard
177 1814 22,900
3
1818 19
/ 1812 19
1
4
8
194 193
/
1
4 187 1912 1812 19
No par
4 3
/ 3,100 Louisiana Oil
1
4
33
8
418
33
4 37
4
/
1
4
2
/ 3
1
4
/ *24 2
1
4
/
1
*25
8 2
100
Preferred
20
/
1
4
35 4.-- -- 3812 *---- 38
35
30
35
30
*30
35
•30
4 1,500 Louisville 0& El A......-No par
3014 3014 3012 303
/ 30
1
4
30
30
/ 29
1
4
*3018 31
307 31
8
No par
1212 3,800 Ludlum Steel
4 12
4 1214 123
8
123
4 123 123
12
12
12
113 12
4
Preferred
No par
35
*30
35
3312 *30
*30
3312 "30
•29
33
*29
33
MacAndrews & Forbes_No par
*1612 20
"1612 20
*1612 20
•16
20
*1612 20
*1612 20
No par
29
1,100 Mack Trucks Inc
20
311 2914 304
/
4
3112 3112 3112 *31
32
/ 3258 •31
1
4
No par
/
1
/
1
8212 784 804 7,800 Macy Co
8214 81
84
8414 82
8212 80
/ 8414 80
1
4
300 Madison Sq Garden_ No par
8 51
/
4
55
3
8 7
4 sh "57
53
/ 6
1
4
*5 4 612 *512 612 *5
14
300 Magma Copper
No par
14
/
1
/ 13 "134 14
1
4
/
1
4
13
*1312 14
135 13 8 *1312 14
8
5
200 MaIllson (Et R)& Co..No par
23
8 2
/
1
4
212
212 "2
2
2
•113 212 *112 212 *2
Menet'Sugar
100
13
4
*114,
1
4 *114 13,
•114 2
5114 2
*114 2
*11 13
/
4
Preferred
100
8
"
6
8
814 *5
814 "
5
*5
814 *5
814 *5
Mandel Bros
No par
734
73
4 *4
7 4 *4
3
7
/ *4
1
4
734 *4
7
/ *4
1
4
M
Manhattan Shirt
11
25
"9
11
"9
594 11
/
1
*812 10
*8
11
*94 10
/
1
/
4
/
4
2
/ 273 *11 21 1,200 :Maracaibo 011 Explor_No par
1
4
212 278
2
2
*112 2
*14 2
/
1
2
10
*1912 in 193 1912 1,900 Marine Midland Corp
2
4 1912 1912 192 1912
20
2018 1912 192
500 Marlin-Rockwell
No par
*1712 18
*1712 18
*1712 18
•18
1814 17
/ 173 '1712 18
1
4
4
27
8 27
8 2,100 Marmon Motor Car_ _No par
8 314
3
3
318 .27
3
314
3
3
/ 31
1
4
/
4
/
1
2312 234 5,300 Marshall Field & Co_ _No par
24
23
24
24
*233 24
4
24
2412 24
24
Martin-Parry Corp... No par
*112 2
M12 3
*112 2
•112 2
*112 2
•113 2
• Bid and asked prices: no Hales on this day. x Ex-dividend. p Ex rights.
PER SHARE
Range Since Jan. 1.
-share tots.
On basis of 100
Lowest.
8 per share
94 June 18
85 Aug 6
2412June 11
212 Aug 14
4 June 18
212June 3
8012July 15
978June 1
40 May 7
111 June 11
8312June 1
93 Jan 2
33
4June 22
26 Jan 3
5 Jan 2
/
1
4
81 Jan 6
414 Jan 2
58 JuW 27
27 June 2
13 June 3
11 June 1
4June 1
53
11 July 17
/
4
2 May 15
2112June 3
74 May 28
393
8June 2
418June 2
53
4June 8
91 Aug 7
/
4
13 Apr 24
4
5 June 3
15
8May 21
1612June 3
117 June 2
65 Aug 17
8
273
4May 21
114June 1
13 May 28
364 Aug 18
/
1
131 Jan 2
4June 3
163
47 Aug 21
61 Aug 17
4
912June 2
112 June 2
18 Jim, 3
3 4 Aug 14
3
212 Apr 30
4June 2
13
18I2June 3
7 June 2
54 Feo 11
2914June 2
4614June 19
21 Aug 3
183 Jan 2
4
11I2June 2
58 Jan 20
10 May 25
8June 2
35
20 June 2
3613June 2
4058May 27
105 June 19
11614June 19
14Nlay 8
113'* Mar 17
2 June 11
12 June 8
10I2June 2
80 May 9
/
4
11 Jan 2
912 Jan 5
28 June 5
8 June 3
818June 2
20 Jan 6
143
8June 3
304 Apr 29
11 may 5
4May 2
233
12 M ar 31
/ Apr 16
1
4
25 Jan 29
42 June 3
1618 Aug 21
18 Jan 2
56 June 3
10 Apr 27
214 Apr 28
914June 3
8818June 20
412May 14
18 Mar 31
453
8June 2
2258June 2
1114 Jan 28
60 June 1
6012June 1
13713 Jan 7
1914June 3
22 June 10
2018June 2
.june 2
3618
83 May 15
83 Jan 2
2 Jan 2
/
1
4
14July 10
4038June 1
1133 Jan 2
2 May 22
30 Aug 18
25 June I
818June 2
32 Aug 3
15 8 Aug 7
,
2112June 2
6614June 2
5 Jan 3
1014June 3
118 Apr 25
12 Jan 2
314 Jan 2
314June 2
714 Jan 2
1 May 22
1811May 27
173 Aug 17
4
2 May 18
23 Aug 21
th July 23
Highest.
PER SHARE
Range fo Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share
99 Jan 10518 Oct
103 Jan 6
85 Jan 98 Apr
94 Feb 19
38 Dec 7214 Apr
4414 Feb 16
211 Dec 20 Feb
758 Feb 24
714 Dec 2314 May
105 Feb 9
8
/
1
4
2 Nov 17 Apr
/
1
4
8 Mar 6
/
1
77 Dec 924 Feb
/
1
4
100 Feb 18
1312 Dec 31 Apr
18 Mar 24
50 Dec 85 Jan
x58 Mar 13
11912Mar 10 11612 Nov 12334 June
70 Jan 109 May
10334Mar 27
4June
8312 Jan 1083
104 Mar 27
4 Dec 2514 Feb
813 Mar 3
2614 Jan 4114 Mar
37 Feb 27
8
5 June 125 Jan
191 Apr 8
/
4
72 July 83 Sept
104 Mar 31
4 Dec 29 Feb
9 Mar 10
/
1
4
/ Oct
1
4
49 Mar 68
65 Mar 17
3
29 Dec 1167 Apr
/
1
4
6812 Feb 24
411 Feb
/
4
20 Nov
2912 Feb 24
26 Jan 3
18 Nov 6278 Jan
/
1
712 Dec 364 Apr
1318 Feb 24
2 Nov 17 Mar
4 Feb 27
/
1
4
8
3 Dee 283 Mar
4 Feb 11
/
1
4
Jan
Oct 124
31
86 Feb 24
182 Jan 3 14714 Nov 239 Apr
58 Nov 98 Mar
71 Feb 27
63 Dec 307 Feb
8
113 Feb 24
8
5 Dec 1312 July
9 Feb 24
/
1
4
12
/
1
4July 21
712 Apr
112 Dec
412 Feb 21
/
1
1114 Dec 284 Apr
15 Jan 28
813 Apr
514 Fen 24
3 Dec
/
1
4
42 Oct 6714 Apr
/
1
4
5114 Feb 24
Oct 1971* May
17934 Feb 24 131
1238 Feb 24
8 Dec 1934 Mar
/
1
4
/
1
4
4912 Dec 75 Apr
6212 Feb 10
4 Feb 2
114 Dec 1413 Mar
13 Dec 78 Apr
39 Feb 16
/
1
4
4
6012131ar 2
451 Dec 1153 Apr
/
4
14312 k1ar 21 133 Dec 14613 Sept
1818 Dec 54 Apr
31 Feb 26
7314 Mar 20
5214 Dec 92 Apr
15 Nov 33 Apr
161 Jan 5
/
4
/
4
2018 Feb 24
12 Dec 441 Apr
/
1
4
123 Mar 31 114 Dec 123 Apr
26 Dec 86 Apr
42 Mar 26
512 Dec 3118 Mel
1014 Feb 26
3 Dec 223 Apr
/
1
4
4
6 Jan 26
2 Dec 18 Apr
412 Feb 26
21 Dec 86 Mar
4312 Mar 27
10 Dec 58 Apr
/
1
4
1614 Feb 26
Apr
6912,7iay 6
65 Dec 101
42 Feb 9
31
Oct 453 June
4
474 Dec 62 Jan
/
1
54 June 29
26 Dec 119 Feb
51 Mar 10
1712 Dec 7738 Apr
383 Feb 24
4
144 Dec 40 Feb
/
1
211 Feb 20
/
4
585 Dec 80 Aug
8
6712 Mar 24
12 Dec 32 Apr
1812 Feb 24
414 Dec 20 Feb
9 Feb 24
/
1
4
25
Oct 43 Mar
31 Jan 14
37 Dec 6612 Apr
5712 Feb 11
483 Dec 1484 Feb
4
/
1
80 4 Mar 19
3
128 Apr 10 117 Dec 1233 Nov
8
12312Mar 21 118 Dec 12313 Apr
512 Apr
14 Oct
11 Feb 21
/
4
11512 Apr 9 108 Jan 116 Nov
144 Dec 1312 Jan
/
1
7 Jan 5
14 Dec 2012 Mar
18 Feb 16
/
4
243 Mar 19
8
2412 Dec 411 Jan
21
Jan 45 Apr
5 Jan 150 Apr
10112 Feb 9
/
1
4
3 Mar 20
61 Apr
/
4
1 Dec
26 Mar 21
29 Dec 42 Jan
17 Dec 55 Jan
45 Mar 24
91 Oct 3913 Apr
/
4
29 Feb 25
/
1
4
738 Nov 26 8 Apr
5
1512Mar 19
60 Apr 6
25 Dec 89 Mar
/
1
4
2018 Dec 62 Feb
313* Feb 24
38 Dec 59 Mar
41 Jan 9
171 Dec 40I2June
/
4
2012 Jan 9
51 Dec 97 Apr
70 Jan 21
2 Dec
4
813 Apr
2 Feb 25
/
1
4
/ Dec
1
4
3 July
13 Feb 26
8
2618 Oct 363 Jan
4
29 8 Aug 20
5
39 Nov 70 Jan
55 Feb 24
20s Dec 35 Apr
/
1
4
27 Mar 25
/
1
4
x3512May 8
1718 Dec 4818 Jan
703 Nov 113 Apr
4
87 Mar 19
/
1
4
17 Dec 2312 Oct
1718 Jan 6
4
31 Nov 11 Mar
/
4
43 Mar 26
184 Feb 25
/
1
II
Dec 42 Apr
10112 Feb 3
984 Dec 10812 May
/
1
838 Jan 14
4 Dec 171 Mar
/
1
4
/
4
144 Dec 371 Mar
/
1
/
4
30 July 6
/
1
4
5134 Dec 97 Apr
693 Feb 24
8
341 Feb 27
/
4
21
Oct 36 Apr
/
4
207 Apr 16
8
1018 Nov 311 Mar
91 Feb 7
7612 Dec 113114 Apr
/
4
/
4
911 Feb 24
7814 Dec 1141 Apr
146 May 13 12718 Dec 146 Sept
343 Feb 26
4
1812 Oct 4914 Feb
28 Dec 453 Feb
8
33 Feb 11
8
551 Feb 24
/
4
39 Dec 817 Mar
/
1
4
413 Dec 95 May
4
6312 Feb 16
/
1
4
855 Jan 112 June
8
99 Mar 19
782 May 994 Oct
3
98 Feb 7
/
1
4
6 Feb
212 Dec
61 Apr 24
/
4
4
3 Dec 153 Mar
4 Jan 6
401 Dec 7014 Apr
/
4
541 Mar 25
/
4
834 Dec 2818 Ma'
217 July 20
8
312 Dec 12 Apr
412 Feb 10
,
60 Dec 90 Sept
55 Jan 15
25 Dec 5114 Apr
353 Feb 26
8
/
4
914 Dec 441 mar
19 Mar 19
344 Dec 998 mar
/
1
5214 Feb 17
20 Dec 394 Apr
25 Feb 24
335 Dec 8813 Mar
8
/
1
434 Feb 29
815 Dec 15914 Feb
8
10614 Feb 27
/
1
418 Dec 154 June
712 Mar 24
/ Jan
1
4
1914 Dec 52
27 Feb 24
/
1
4
11 Dec 13 July
/
4
434 Mar 2
12 Dec
6 Jan
6 Mar 25
614 Dec 50 Jan
127 Jan 8
Jan
5 Dec 15
8 June 16
3
/
4
61 Dec 245 Jan
12 Feb 25
/
1
11 Dec 104 Mar
/
4
334 Feb 14
173 Dec 3212 Aug
4
2414 Feb 24
211 Dec 56 Feb
/
4
/
1
4
32 Feb 24
414 Dec 30% Apr
10 Feb 25
/
4
24 Dec 481 Apr
3253 Feb 24
214 Dec
8 Oct
318 Jan 30
1257
New York Stock Record-Continued-Page 6
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 15.
Mondau
Aug. 17.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21.
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 1930.
Lowest.
Highest.
$ per share $ Per share $ per share $ per share $ per share Shares Indus.& Miscell. (Con.) Par $ per share $ per Share $ per share 2 per share
3018 Dec 5138 Mar
1,100 Mathieson Alkali Workallo par 1759June 2 3113 Jan 3
23
23
23
23
8
2314 *223 233
*22% 23
23
Oct
Jan 136
8
100 112 Apr 29 1253 Mar 24 115
Preferred
10
118 118 *117 120 *117 120 *117 120 *117 120
27% Dec 618 Jan
25 28 May 27 39 Mar 2
327
8 2,900 May Dept Stores
4
*3218 333 *323 333* *3212 33% 3212 3312 32
5 Nov 23 Mar
8% Feb 13
4 Aug 4
No par
*414 412 *414 412 *414 412 *414 412
Maytag Co
412 412
200
1418 Nov 4012 Apr
8
No par 14 July 28 243 Mar 21
Preferred
153 *14
153
152 *14
158 *14
153 •14
*14
68
Dec 8412 Mar
Prior preferred
No par 59 Aug 10 7112 Mar 24
400
*59
59
59
59
59
63
63
6112 *59
*59
Dec 50 Apr
33
McCall Corp
No par 23 June 3 36 Jan 7
400
*31
32
*31
32
*31
32
*31
32
32
*31
Jan
Dec 74
37
4
41
433 433 *403 4212 54014 4014 *40
300 McCrory Stores class A No par 34 Jan 24 513 Feb 17
4
4
*403 44
4
3814 Dec 70 Jan
Class B
No par 35 Jan 19 5l5a Feb 16
*355 38
8
*355 38
•3618 38
*3618 38
*3618 38
Oct 97 Mar
78
Preferred
100 70 Jan 22 9312 Mar 30
*8212 85
*8212 85
*8212 85
*8212 85
*8212 85
Dec 44 Apr
27
300 McGraw-Hill Publics's No par 24 July 30 29 Feb 26
2412
4
4
4
*243 2514 *243 2514 *243 2514 *243 2514 24
4
144 Jan 20% Deo
8May 27 2612Mar 31
8 2112 2112 1.400 McIntyre Porcupine Mines-5 197
21Is 214 2114 2114 2114 2158 215* 215
Jan 8912 June
61
3
72
7312 3,500 McKeesport Tin Plate_No par 713 Aug 7 10312 Apr 3
74
74
7314 743* 7314 747 *7318 747
1012 Nov 373 Apr
718June 3 17 Jan 20
93* 93
93* 93
93
4 93
4
93
4 93
4
.93 10
4
4 1,800 McKesson & Robbins__No par
4
3 Feb 26
25% Oct 4914 Apr
Preferred
50 20 June 20 37
*29
*29
31
*29
31
1,300
31
2912 2912 2912 30
6
Dec 2014 Jan
414June 3 1012Mar 6
No par
7
*612 6*
100 McLellan Stores
63* 658 *612 6% *612 08 *612 67s
25 Nov 42 Apr
2814 2812 *267 28
No par 2214June 16 34 Mar 5
27
2718 1,600 Melville Shoe
8
/
29
2914 2873 29
Dec 23% Mar
5
318June 2
No par
812 Feb 24
414 *4
8 414 *4
4
4
414
*33
4 414 .37
100 Mengel Co(The)
2573 *25 2512 •25 254 300 Metro-Goldwyn Pic pret....27 22 May 29 27 Apr 10 23 Dec 26% Mar
2518 25
2514 2514 25
93 Nov 37 AM'
4
105 Jan 2 2034 Apr 11
8
Mexican Seaboard 011 No pa
...._
7 Dec 337 Feb
•84 612
412June 3 10% Feb 24
5
611 614
614 614
6
/ 614
1
4
--500 Miami Copper
64 614
11 Dec 33 Apr
4
534June 2 163 Jan 8
No par
1112
93 107 19,500 Mid-Cont Petrol
4
8
3
10 4 1018 1012 1012 1114 1118 1134 11
10
1513 Nov 53 Feb
8June 3 3113 Feb 24
143 14% 1412 1412 2,000 Midland Steel Prod__ No par 135
4
4
1512 143 15
*15
15
1512 15
15
74 Nov 110 Feb
100 63 Aug 21 94 Feo 20
8% cum lot pref
64
6414 6412 6412 64 .64
65
1,000
63
64
65 •60
*55
37 Dec 765 Mar
43 4 37 37
3
433
4 37
43 4 *37
3
*37
43 4 *37
3
100 Minn-Honeywell Regu_No par 3214 Aug 7 5812 Feb 9
*36
40
8
314 Dec 287 Mar
712 Feb 10
112 Aug 3
2
2 18 *2
218 1,100 Minn-Mollne Pow 'mei No par
2
2
2
2
2
2
2
2
44 Dec 9214 May
Preferred
No par 20 July 22 48 Mar 2
*1014 20
*1014 20
*1014 20
*1014 20
*1014 20
*1014 20
8Mar 10
93* Dec 40 Jan
*14
14
14
*133 16
4
*135 16
8
13
14
16
800 Mohawk Carpet Mills_No par 10% Jan 3 215
.1312 16
3
183 Dec 63 4 Apr
8
13
2813 2812 2812 28% •277 2813 *28
2812 28
800 Monsanto Chem Wks No par 1813 Apr 28 283* Aug 14
28
28% 29
4
1518 Dec 49% Jan
3 213 97,100 Mont Ward Co III Corp No par 153 Jan 2 2914 Feb 26
2214 2212 2113 2218 2114 2214 20 4 2112 213* 217
3
4
8 20
48% Oct 72 Feb
No par 361sJune 29 58 Feb 16
*38
43
43
43 .38
*38
39
*38
200 Morrell (J) dr Co
39
39
40
40
*5
8
*38
1.
12
12
.3
8
12
2 Jan
*38
1
13 Dec
*38
1
3 Feb 20
4
%June 5
100 Mother Lode Coalltion_No par
12
*
14 113
14 Oct 115 Apr
418 Mar 26
34 114 *1
34 Aug 17
11
/
4
1
114 *1
138 2,300 Motokleter Gauge&Eg No par
13* 15
25 Dec 81 Apr
8June 2 475 Apr 8
Products Corp No par 237
*29
35
*2814 35
31
31
30
33
35
30
500 Motor
30
*32
*934 1114 *912 1114
912 1114 *913 1014 *913 111
144 Dec 34 Mar
83
4June 2 198 Feb 18
No par
95* 9'2
300 Motor Wheel
3
614 Nov 20 4 Feb
8
85* Jan 2 367 Mar 26
No par
3214 2913 32
3112 3112 31
32
4,900 Mullins Mfg. Co
3214 32% 30% 3212 31
3513 Dec 647 Jan
Preferred
6012 6012 58
No par 36 Feb 10 7212 Mar 5
6014 61
6012 61
59% 61
6012
610
59% 60
2518 Dec 5312 Feb
MunsIngwear Inc
No par 1612June 15 3114 Jan 26
*18
*1612 20 .1612 20
*18
20
*1612 20
•1612 20
20
9 Nov 2514 Apr
618.1une 2 183 Mar 10
No par
8% 918
9
93
:
914 1014
83* 914
918 912
22,700 Murray Body
91 10
8
34 Oct 4912 Mar
No par 357 Aug 19 4512 Mar 26
*36
38
*36
38
357 357 *36
38
*36
100 Myers F & E Bros
*35
38
38
2114 Dec 5812 Jan
251a 2612 2412 2514 16,100 Nash Motors Co
2612 27
No par 20 June 2 40% Mar 20
2812 263* 284 265* 277
28
47
81s1ay 8 103 Mar 6
53* Dec 2614 Feb
4
*53
4 6
5% 6
*5 8 6
3
53
4 53
4 *55* 6
5% 5%
600 National Acme stamped___10
6 Dec 39% Apr
stz Jan 5 13 Mar 20
1214
No par
.812 1214
9
9
*9
9
9
10
10
*9
12
50 Nat Air Transport
314 Jan 2 10 Feb 26
214 Dee 20 Apr
618
No par
*6
613
6
6
6
6
6
612 612
0
612 7
2,400 Nat 13ellas Hess
1313 Dec 82 Jan
Preferred
100 17 Jan 3 32 Feb 27
•20
*20
25
25
•20
25 .20
•20
25
25
25
25
200
685 Nov 93 May
8
3
10 5518July 30 83 4 Feb 24
593 603
4
8 5813 60
60% 5914 6012 593* 591
595 6012 59
8,100 National Biscuit new
Oct
100 146 Jan 8 15314May 8 14212 Jan 152
151 18 1511 *151 15112 41151 152 *151 152
7% cum pref
*14914 152 *151 152
100
275 Dec 834 Feb
8
2612 2712 254 2613 7,000 Nat Cash Register A w IN° par 183oJune 2 395 Feb 26
27
3 273
8 26
4 25
263 273
4
2712 28
35 Dec 62 June
4
4June 1 503 M ar 25
4
345* 35
No par 263
351a 357
8 3412 3512 3412 35
3418 343 21,500 Nat Dairy Prod
345 35
8
34 Dec 2413 Feb
713 Feb 26
3 May 11
318 31s *318 4
*3
4
*3
4
*3
4
*3
4
100 Nat Department Stores No par
60 Dec 90 Jan
Preferred
100 29 Apr 30 60 Jan 9
*30
*30
40
40
*30
*30
40
*30
40
40
40
*30
1818 Dec 3912 Feb
4
8 273 2814 27% 283* 28% 2938 2713 2912 6,900 Nat Distil Prod etts___No par 195 Jan 6 365* Feb 24
284 2912 2712 283
1714 June 3313 Mar
14
*1714 18
*1714 18
*1714 18
Nat Ens= & Stamping_ _100 17 Aug 6 277 Feb 20
*1714 18
*1714 18
*1714 18
100 85 June 2 132 Jan 9 114 Dec 18012 Feb
8
National Lead
*107 120 *106 115 .105 115 *105 120 *105 1197 *10412 1197
8
100 136 Jan 2 143 June 4 135 Dec 144 Sept
140 140 *140 141
Preferred A
140 140
30
*140 141 *140 141 *140 141
Jan 120 Nov
4July 20 116
100 118 Jan 8 1203
118 118 *118 121 *118 121
Preferred Il
10
0118 121 *118 121 •118 121
4
30 Nov 583 Apr
243 2518 2514 254 245* 2512 7,600 National Pr & Lt
4
No par 2014June 2 4414 Feb 24
2614 2518 26
2614 25
26
412 Jan
12 Dec
12
lgMay29
118 Feb 3
National Radiator
No par
*14
*14
12
*4
/
1
12
*14
12
12
12
*14
*14
*13 113
*12 112
*12 112
.12 112
*14 112
•14 112
Jan
218 Jan 7
13* Dec 11
114 Mar 3
Preferred
No par
41 Nov 62 July
3812 3812 3812 363 38
388 3812 •38
39
39
No par 33 June 1 5818 Feb 27
4
40
39
2,000 Nat Steel Corp
4
60 Dec 1243 Apr
20
*19
22
2212 2013 2012 2012 2012 20 20
National Supply
50 20 Aug 8 7014 Feb 27
20
•21
1,000
75
75
75
75
77
100 70 J,,lyl5 111 Feb 27 10613 Aug 116 July
.74
*75
77
Preferred
77
77 •75
*75
430
*31
33
35 Dec 983* Mar
*31
33
33
33 .31
*31
National Surety
50 2912 Aug 7 7612Mar 26
33 .30
33
*31
j
5 1512 1512 155
13 Dec 417 Feb
8
8 1514 155* 2,200 National Tea Co
16
16
1613 164 16
No par 13 June 2 247 Mar 24
15
16
97 July 22 2514 Feb 9
20 Dec 54 Apr
*113 1512 *1114 13
8
*1114 13
11
1414 11
No par
1213 1314 13
500 Neisner Bros
9 Dec 323* Jan
4
814 84
814 813
4
618June 1 143 Feo 24
814 83 12.500 Nevada Consol Copper.No par
818 83
812 8%
85* 9
4
19
/ 1913 19
1
4
•1938 20
20
15h Dec 1714 Dco
No par 1012June 2 207 Mar 24
193* *1813 1914 1,100 Newport Co
194 1914 •19
30 Dec 85 Mar
8
•5312 563 05313 563 *5313 563 *5312 563*
8
54
Class A
50 41 June 5 55 Aug 7
563
8 54
200
1354
113 Dec 58 Apr
95
8 97
812 858 *85
9
912
7 June 3 24 Feb 20
*85
8 97
93
4
No par
*94 10
1,100 Newton Steel
*127 15 .127 15
8
8
2112 Dec 47 Feb
8
No par 12 May 27 25 Jan 23
100 N Y Air Brake
•I414 1512 •1414 1512 1414 1414 *127 15
*14
25
*14
25
25
22 Dec 48 Apr
*14
25 .14
8 May 28 3734 Jan 29
•14
100
25
25
New York Dock
*14
27
•25
*25
*25
57
*25
57
55
7713 Dec 8812 Apr
•25
Preferred
100 32 Apr 27 80 Jan 26
27
55
•25
94 Dec 32 Apr
•45
8 54 *43
41
43
4 43
4 *453 5
No par
*43
4 5
4 5
413 Aug 10 1218 Jan 27
5
300 N Y Investors Inc
98 Dec 10612 Sept
1053* 1054 *10512 10614 10512 10512 105 10618 10514 10514 10514 1064
4
No par 100 Jan 7 1073 Mar 12
530 NY Steam pref(6)
116 11612 •115% 11612 1153 115%
4
1st preferred (7)
No par 11114 Jan 3 118 Apr 20 1083 Dec 117 Aug
*11613 117 *11612 117 *11612 117
70
a
/
1
8
67
6912 6712 6914 6712 684 67% 69
574 Dec 1327 Apr
6814 29,400 North American Co
68
No par 563
4June 3 9014 Feb 26
6812 691
*555* 5512 5513 5512 1,600
Jan 57 June
51
Preferred
50 53 Jan 5 57 Mar 27
55
/ 55% 05514 5512 5514 5512 5514 5512
1
4
7
7
7
414 Dec 1438 Apr
7
81 8,700 North Amer Aviation__No par
/
4
7 8 818
7
7
8
7
8
8
814
84 8%
45* Jan 2 11 Aim 13
8
/
1
10712 10712 10613 1074 •1067 107 *1064 10678 1063s 1063
993 Dec 10518 Oct
4
8
*106 108
600 No Amer Edison pref __No par 102 Jan 2 10712 Aug 13
16
16 '151 1612
16
16
•16
19
19
288 Dec 558 June
19 .16
16 July 22 355* Apr 7
200 North German Lloyd
*16
4714
*44
*4418 47
47
4614 4614 *44
4112 Dec 5018 Mar
10 Northwestern Telegraph___50 43 Jan 31 4712May 5
04614 47% *4614 47
.3
4 1
4 Mar
*2
4 1
4 Dec
*5
4 1
*114 1
112 Mar 12
hi Jan 9
Norwalk Tire & Rubber___ 10
*8
4 1
*8
4 1
16 Dec 33 Aug
8 1214 13% 1234 1334 1112 127 60,800 Ohio Oil Co
o
3
7 June 2 1913 Jan 8
No par
10 4 10% 10 8 113* 1112 123
3
55g Feb 3
24
2
1
1
4
2 June 2
100 Oliver Farm Equip New No par
n 218 *2 2/ *2 218 *2 218 *2 10/ *10 2
4
1258 Dec 903 Maar
10
10
1018 10
1118
10
11
11
Preferred A
No par 10 June 2 26 Jan 12
600
•11
12
4l3
4 *33
83* Mar
25 Oct
*
*33
4 4
4
612Mar 27
4 4
414 4%
*4
No par
200 Omnibus Corp
335 Jan 8
*33
4 43
22 Dec 56 Apr
223 *20
4
229 •20
223 *20
4
223 *20
4
Oppenhelm Coll & Co No par 20 June 19 2812 Feb 28
223 *20
23
24
*20
8
60 Dec 997 Apr
40
42 42
42
433 44
4
44
44
44
44
220 Orphetun Circuit Inc pref-100 35 June 9 72 Mar 11
04114 44
4814 Nov 803 Mar
8
8June 3 5812 Jan 12
38
3812 3873 3814 3814 3814 3814 38
/
No par 317
1,100 Otis Elevator
393 3954 3914 395
4
4
8
__ •12714 -*12714 _ _ *12714 _ .*12714 _ . __
Preferred
100 1245 Feb19 12912Mar 30 11818 Jan 1283 Sept
•12714
_ *12714
387
81
812 -9
No par 614June 2 1638 Feb 28 012 Dec 99 Mar
*812 -1,665 Otto stool
1
8
8
1
ii
8
8
Apr
75 Dec
4134 413 *3913 404
3913 3913 3912 321
4
Prior preferred
100 30 June 2 6912 Feb 2
120
39'2 3912 391
•39
*31
34
32 Dec 60% Feb
31
3012 31
4
31
307 307
.25 2512June 3 393 Jan 20
1,200 Owens-Illinois Glass Co
3114 32
•33
34
k
467 467
k
47
4714 *4638 465* 2.400 Pacific Gas & Electric
4012 Dec 747 Mar
8
467 47
25 38 June 3 547 Mar 10
47
471 *4612 47
5334 53
8
46 Dec 1077 Mar
531 *538 5418 53
53
No par 4812June 2 6912Mar 20
548 •53
5333 5413 53
1,200 Pacific Ltg Corp
15 Dec 30 Feb
*18% 20
*181 19 •1814 20
/
4
3
20
*183 193 .15
4
Pacific Mills
100 15 May 28 2614 Mar 23
20
•18
4
8
129 129 *1273 1293
128 1294 •1273 129
*
100 116 Apr 29 1318 Mar 19 11412 Dec 178 Feb
70 Pacific Teem & Toles
4
0128 130 *128 130
65
678
64 63
658 7
714 Nov 23% Mar
613 67 19.800 Packard Motor Car___No par
8
514June 2 117 Feb 24
638 7
Vs 7
42 Nov 6414 May
*30
60
60 •30
*30
60 •30
80
*30
60
Pan-Amer Petr & Trans...50 25 May 26 3518 Jan 29
80
630
30 Dec 67'3 May
*30
40
*30
38
*30
40 .30
40
*30
Class B
40
50 24 June 3 364 Jan 9
40
•30
4
.512 7
•512 7
5 Dec 353 Apr
*512 7
*54 7
Park - Tilford Ine
*513 7
osl, 7
538 Jan 2 11 Mar 19
No par
47 Jan 21
2 s 21
3
23* Dec 264 Mar
*25a 27
8
214 Apr 25
212 212
8 235
300 Parmelee Transporta'n_No par
*23
*2 8 27
.2% 27
1
214
214
214 24
/
1
2
2
4
214
13 Dec 121, May
214 2.200 Panhandle Prod & Ref _No par
2
44 Feb I3
*17a
112May 19
.
1
17
8 17
24
241
343 Dec 7714 Mat
4
241
2312 243 31,500 Paramount Publix---No par 195sJune 2 5014 Feb 24
2328 2412 24
3
242 24i 2 4 241
42 Apr
•14 13
8 •114 15*
14 Dec
114
15*
114 114 *114
214 Mar 12
114
11
114
1 June 3
1
1.400 Park Utah CM
118
0111
/ 112 •138
4
11
112 112
9 Apr
13
114
1%
18
112 Dec
13
8 1,500 Pathe Exchange
27 Feb 20
8
1 May 26
No par
513 515
278 Dec 193 1.97
5 4 *512 57j
3
8
54 512 1,300
Vs
85s July 3
3
3 Jan 16
Class A
5 4 Ps
No par
83
8 612
818 818
8131 Dec 327 Feb
84 818
/
1
83
4 83
400 Patin° Mince & Enterpr__.20
*75
4 9
6 June 3 1511 Feb 24
*813 9
3
812 9
/ 1,300 Peerless Motor Car
1
4
45 Feb 24
318 314 *34 3
318 338
3
3
3
3
.33
318
3 Nov 14 Feb
233June 2
/
50
3814 3714 38
*3814 383 *3814
38
39
261a Jan 55 Ape
38% 383
1,000 Penick & Ford
No par 2812June 2 4612 Feb 1 g
•391a 393
4484 425* 437 20.900 Penney (J C)
4 415 424 43
3
3
270* Dec 80 2 Jan
4CI3
4 393 40% 4078 423
No par 2818 Jan 2 44 Aug 20
40
$ per share
2212 2318
0117 118
8
*3312 337
*414 41
153
•14
59
59
31
31
41
41
*3618 38
*8212 85
25
25
*2114 2112
7613 7638
97
97
8
30
3014
*612 7
2914
*29
414
*4
2514
4125
100 100
*99 100
*99 100
100 100
*98 100
100 90 Jan 8 100 Aug 11
1,400
Preferred
100 100
2
13
4 '2
2
513 Feb 10
134 Aug 20
2
2
2
1,200 Penn-Dixie Cement____No par
2
21
*2
21i *2
*612 11
*5
11
10
10
11
*7
11
*10
100 10 June 9 29 Jan 30
100
Preferred
11
*10
34
*283 34
4
*30
34
311 •30
*30
34
31
3,311 34
/
4
300 People's Drug Store___No par 23 Jan 2 3512 Mar 31
19512 198 .195 19612 19612 19613 193 19613 1,200 People's 0 L dr C (Chic)_100 18314June 2 350 Feb 16
196 198
•199 202
4
4
*1212 13 •123 13 •I23 13
*1234 13
•1212 13
Pet Milk
No par 1012June 4 1712 Jan 30
•125* 14
918 934
9
814 918
813 912 168.000 Petroleum Corp of Am _No par
738 838
73; 754
*
935
6 June 3 107 Feb 26
8 115* 1112 115a 1178 1112 1 15* 1112 115
25 11 June 3 255* Feb 24
8 3.400 Phelps
-Dodge Corp
1134 1134 1112 117
Philadelphia Co (Pittsb)-50 150 May 21 155 June 23
*100 200 *100 200 *100 200 •100 200 *100 200 *100 200
*5412 553 *544 55%
55
555* 55
555
a
5535 *55
50 5212 Jan 5 5612 Mar 12
600
6% preferred
555* *55
71
70* *714 713
614June 2 1214 Mar 23
714 714 2,100 Phila de Read C & I___.No par
74 735
8
8
8
8
123
8 123 1258 12
8
8
9 Jan 6 125 Aug 20
10
1214 2,300 Phillip Morris & Co. Ltd
1218 124 1214 124 1214 *12
•12
144
141 *11
1413 *11
1412 *11
•11
1412 *11
1412 •11
Phillip/3 Jones Corp__ _No par 11 Jan 5 1212 Ju iy 21
*46
46
46
48
48
•46
46
3
48
100 44 4July 30 52 Jan 3
46
•46
20 Phillips Jones pref
48
•46
4June 2 165* Jan 5
9
43
934 113,600 phillIps Petroleum
93 101
4
912 105*
No par
912
9
812 914
83* 94
*7
*5
10
7
10
7
10
7 Aug 13 1014 Apr 6
5
*5
10
*7
10 Phoenix Hosiery
10
57
8
/
*123 1212 *123 13 •1233 13
8
4174 13
124 123
.3
*123 13
8
500 Pierce-Arrow class A__No par 124 Aug 21 2714 Feb 11
14 Feb 28
12May 26
4
7
8
25
3
4
7
8
5
5
8
54
5
8
7
8 6,500 Pierce 011 Core
58
5
8
5
8
58
4
8 1312 14
1312 1313 137
124 1218 1.600
12
612JUne 8 233 Feb 27
100
117 117 •1012 12
8
8
Preferred
33 Feb 27
20* 212
218 213
12
4 154
1 June 3
238 25 13.800 Pierce Petroleum
2% 25*
1% 2
No par
*2814 2812 28
28
28
277 277
1,500 Pillsbury Flour Mills No par 25 June 2 37 Mar 9
28% 284 2812 28
2
83*
3
*3118 3113 3118 31 18
32
3114 *31
2814June 2 39 4Mar 5
3212 •31
100 Pirelli Co of Italy
031
3214 *31
•Bid and Awned prim; DO sake on this day. b Ex-dividend and OX rights. X Ex-dividend. v Ex-ili1lt4•
90
214
16
211
/
4
18514
17
58
7
19%
170
/
1
4
50
64
814
104
/
1
52
1112
7
16
12
74
13
s
25
/
1
4
304
Dec 101h eop1
Dec 12 Mai
:
Dec 551 Mai
Dec 604 Api
Dec 325 May
Dec 2212 Aull
Dec 2714 June
Dec 445* Api
8
Oct 2483 Api
Jan 577 Sep'
Dec 2518 May
Jan 1512 Mai
Dec 27% Fet
Dec 75 Fet
4
Dec 443 API
Dec 2018 Ape
Dec 33 Api
212 Mal
Dec
Dec 52 May
712 Ain
Dec
4
Dec 373 Api
8
Dec 607 Yet
1258
New York Stock Record-Continued-Page 7
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. IS.
Monday
Aug. 17.
Tuesday
Aug. 18.
1Vednesday
Aug. 19.
Thursday
Aug. 20.
Friday
Aug. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
titorsi
$ per share $ per share $ per share $ per share $ per share $ Per share Shares Indus. & MIseell.(('on.) Par $ per share $ per share
Pittsburgh Coal of Pa.---100 1514June 17 2812 Jan 12
1818 *14
184 *14
1818
1818 .14
184 .14
•14
1812 .14
Preferred
100 40 Aug I
80 Jan 27
50
*48
50
*48
57
*48
•48
57
•48
57
*48
57
8 Aug 19 154 Feb24
600 Pittsb Screw eta Bolt___No par
912 *5
912 *5
914
8
*812 912 .812 84 *812 84
110 Pitts Steel 7% cum pref
)00 4014 Aug 2 87 Jan 15
45
45
45
45
4014 41
50
.41
•40.8 55
•4918 55
4 May 27 15 Fen 27
Pittsburgh United
25
*412 5
*412 5
*412 5
.412 5
*418 5
*413 5
20
Preferred
100 72 Aug 18 100 Apr 24
72
*60
72
*60
72
72
72
72
*723 80
4
•74
85
Pittston Co
8
1814 Jan 5
8
No par 127 Aug 11
8
8
8
2
8
8
134 •127 133 *123 134 *123 137 *123 1318 *1238 131
•123
8
6 A pr 28 133 Jan 10
No par
700 Poor & Co class B
4
4472
8 8
712 712
4
7 8 75
5
73
.1 73
8
Vs Vs
8
75
8 75
Portortican-AmTob clA__100
1014 *10
IN Aug 11 27 Fen 28
1014 *10
*10
1014 *10
1014
10
1018 *8
•9
Class B
8 Feb27
234June 2
No par
8 1,300
24 27
3
3
27
8 27
8
•24 3
*24 3
•23
4 3
100 Postal Tel & Cable 7% prat 100 18 Apr 29 3912 Jan 9
4
2018 2018 *183 25
4
*183 25 .193 25
4
*1818 25
*1812 22
25
612June 2 2018 Feb 26
8
4 124 1312 1218 1238 22,100 Prairie Oil& Gas
13, 1512 137 143
8
1114 11 14 11 12 13
12,200 Prairie Pipe Line
25 143
4 17
8June 3 2612 Feb 26
18
s
1712 173 1812 1818 183
1618 164 17
1638 17
718 Feb I')
4May 29
300 Premed Steel Car
23
No par
3,
8 314 *318 314 *318 314
*34 34
34 34
$315 313
Preferred
100 2212 Aug 15 4738 Feb10
300
*23
25
23 23
25
,
,2 •22
: 22 2 22
2212 •____ 221
2212
No par 56 June 3 7114 Mar 10
1.700 Procter & Gamble
8
4 643 644 634 64
6412 644 64,
64 2 64
,
44644 64)8 64
6 Feb27
1.800 Producers di Refiners Corp.. 50
17
0une 3
3
3
34 34
313 3
'4
27
8 3
*212 3
*24 3
Preferred
10
6 July 20 16 Feb27
50
8
94 93
2 *Vs 147
2
127
8 .93 124 .1012 124
•94 124 .10
80
813 10.900 Pub Set Coro of NJ___No par 72 Jan 15 9612 Mar 19
4
81, 82
4
81
7918 814 80
3
8114 817
8 79 2 81
No par 95 Jan 2 10212hlaY 16
/
4
4
4
8
4 2,200 35 preferred
4
4
/
4
1013 1013 10112 1011 1013 1013 10112 1017 1013 1013 1011 1013
4
4
100 1093 Jan 3 12014 Aug 18
4
300 6% preferred
12018 12018 *11934 12018
•120 12014 •120 12014 12014 12014 120 120
100 1284 Jan 3 13914 Aug 12
7% preferred
20
4
13814 13814 13814 13814 *13614 1393
'
*13814 140 *13814 140 *1384 140
1
100 148 Jan 6 1604 Aug 21
200 8% preferred
4
,.159 159's 159 159 .15812 16012 *15812 1604 *1583 16012 16012 16012
8June 4 1074 Aug 14
100 PubSerYElec&Gas p115 No par /033
8
. 10612 1073 *10612 10712 *10612 10712 *10614 107 *10612 1074 10612 10612
No par 28 June 2 5812 Feb27
5.100 Pullman Inc
3012 294 30
3014 30
295 303 30
8
4
31
; 3012 3112 30
12
3
4
12
12
12
12
*12
la
12
2
5
8
2 Jan 9
3 Jan 8
8
50
34 3,800 Punta Alegre Sugar
I
512 Apr28 117 Jan 5
25
8
94 33,100 Pure 011 (The)
8
9
98
7
94 94
8 4 94
3
83
2 84
1
84 83
8
100 663
160 8% preferred
8May 27 1017 Jan 8
4
8
4
*8512 8512 8414 8534 853 853
86
85 .84
85
85
I 85
9.400 Purity Bakeries
No par 2414June 2 554 Mar 17
s 2614 2612 2612 2612 2614 2612 2512 26
/
1
i 267 2718 264 267
8
No par 12 Jan 2 2712 Feb25
4 1912 21 431.400 Radio Corp of Ames
8
8 193 2012 1912 2014 204 203
, 2034 2118 1914 203
50 45 June 23 5518 Mar 26
400 Preferred
513 *50
4
513
4
514 *50
*50
.493 517
4
8 5014 52
, *504 52
No par x3112June 1 60 Mar 21
44
4718 13.000 Preferred B
43
46
43
4214
42
44
43
' 43
433
4 42
8
1414 147 27.600 Radlo-Keith-OrP cl A No par 1114J Line 1 2412 M ar 21
/ 15
1
4
/
1
4 14
8 144 143
1414 147
I
1.518 1512 144 15
: *18
1812 1.100 Raybestos Manhattan-No par 1712June 3 2912Mar 25
1914 *1814 1914 1814 1814 184 184 18
1812 .18
5 June II 3078 Feb 10
10
612 612 1.900 Real Silk Hosiery
612 64
4
63
4 63
612 63
8
812 64
612 612
40 Preferred
100 22 July 1 90 Feb 3
2518 2518 *27
30
30
*25
30
•25
*253 30
8
25
7 25
*8
8
*4
8
7
8
45
8
7
8
44
8
7
8
200 Reis (Robt) & Co
52
58
*38
78
78
No par
17 Jan 8
8
lis JulY 29
First preferred
83
8July 6 13 Apr 22
100
*10
15
*10
15
15
*10
*10
15
15
*10
15
•10
714 7
578June 2 193 Feb27
No par
4
/ 7,600 Remington-Rand
1
4
7
/ 73
1
4
8
712 7s
7
74 74
77
8 8
77
8 8
First preferred
100 49,14June 4 88 Jan 7
"45
50
*45
50
50
*45
•45
50
50
*45
50 .45
Second preferred
62
100 51 Ju^e 17 98 Jan 6
*47
62
*47
62
47
62
62 .47
•47
62
*49
5 Aug 10 1018 Feb 11
10
8 *54 53
8
/ 54 1.310 Reo Motor Car
1
4
4
54 53
8
54 53
8
54 57
54 54
133 137
8
8 1312 134 1312 134 1314 1312 4,800 Republic Steel Corp___No par 10 June 2 2532 Feb24
1312 14
1418 14N
Preferred cony 6%
29
100 27 June 17 54 Feb 19
293 2934 1.000
4
29
30
3014 304 29
30
3012 3012 30
6 Aug 20 13 Jan 2
100 Revere Copper SE Brass No par
8
6
6
"312 77
74
77
8 *6
74 *6
•6
77
8 *6
Cia813 A
*712 20
No par 27 Jan ti 30 Jon 6
*712 20
*74 20
*712 25
*74 25
, •712 25
81%1er 10
No par II June 3 223
600 Reynolds Metal Co_
14
1312 134 1314 *13
8
1311 13,4 1314 133 •13
01312 14
200 Reynolds Spring new_No par
512 Feb 18 1814 Mar 12
812
*5
918 *5
9
*5
9
818 812 *5
7 8 74
,
8
4
4 487 493 21.300 Reynolds(R J) Tob class 13.10 4038 Jan 2 5412Ju11e 24
8 4918 503
4 5012 503
4 5014 503
5012 5058 5014 503
Class A
60
10 69 June 25 7512 Feb 19
69 69
69
69
70
69
69 •69
70
69 •69
69
63 Jun 5
8
1 June I
/
4
112 11 3.900 Richfield 011of Callf_No par
13
4 11
/
4
13
4 14
1121
17
8
I4
17
8
13
4 14
318June 2 1014 Feb24
No par
8
44 53 29.900 Rlo Erande011
4
512 53
8
43
8 5,
44 42
4
414 44
418 418
4
200 Ritter Dental hlfg
No pa
, 1912July 23 413 Mar 2
*1912 2312
*19
23
23
1912 1912 •19
*1912 23
•1912 23
26 Feb24
4.1tine 1
10 153
200 ROA2111 1 /1
-itrance Co
*1812 19
187 187
8
8 1812 1812 •1812 1912 *1812 19
4
•133 20
2
8June 2 423 Feb 1(1
8
/
4
261a 7.400 Royal Dutch Co (N Y shares) 247
263
8 2612 2718 263 261 26
264 26
263 275
4
8 26
10 1414June 6 311w Feb 20
600 St Joseph Lead
4
4
4
4 163 163
01612 1712 163 163
4
•1042 1712 *1612 1712 *163 17
8
8
No Par 383 Jan 15 6912 Aug 19
6614 6912 684 69% 6518 683 39.200 Safeway Stores
68
644 664 6.5
66,8 67
101
440
86 Jan 19 97, Aug 4
Preferred (6)
954 964
/
1
4
9412 9412 943 9512 954 964 *9514 97 "9512 97
/
1
4
Preferred (7)
300
100 98 J21121 10812 Aug 5
10712 108 *10712 10814
4
1073 1073 10712 1074 106 108
4
*1075 108
8
4
100 Savage Art,,, Corp--No par 1218June 30 20, 1,1,27
8
4
,
12
,
13 2 133 134 •123 1312 *124 133 *1212 1312
•13
134 •13
4 Jan 13 11 18 Mar 30
6
6
500 Schulte Retail Stores._No par
614
612 *6
6
6
614
5
*6
63
4
Preferred
10
52 52
100 40 June 8 65 Mar 27
*50
55
*50
55
55
55 .50
•50
55
*50
200 Seagrave Corp
312May 28 11 Fel/ 27
No par
612
*5
612 *5
6
6
s
67
64 *5
64 64 .6
8
4
8 563 574 553 5714 29,310 Sears, Roebuck & Co No par 444 Jan 2 6314 Feb 26
564 5814 5618 567
574 58,2 564 58
64 Feb 27
212May 27
1
300 Second Nat Investors
418 *3 8 44
5
4
8 4,
8
2 *34 44 *33
4 43
•332 43
8 *33
55
Preferred
1 33 June 2 5818 Feb27
*46
100
*46
53
*46
55
5.5
.46
48
46
*46
55
•7
8
1
7
8
13 Fen II
4
72
7
8
12May 26
7
2
72
7
8 1
No par
700 Seneca Copper
3
2
*7
8
1
412 .lan 2 1134 Apr 9
No par
818 9 34.400 Servel Inc
84 9
,
74 8
3
73
8 84
77
8 818
2
83
8
4
8 20
No par 1614June I 2912 Fel/20
204 1,800 Shattuck (F 0)
8 203 213
8
4 203 203
2014 2018 *2014 203
2012 201
8
612.1one 1
137 Feb 18
600 Sharon Steel Hoop___No par
*7
10
*7
10
*7
10
10
*7
9
7
7
7
500 Sharp & Dohine
11
10 Aug 7 21 Mar 25
*10
11
No par
1014 1018 1018 *10
8 10
0104 10's 101 103
2
Preferred
201
*483 52
4
*483 52
4
*49
52
No par 60 Aug 14 6112 Mar 25
*483 52
4
•484 52
50
50
4123.lity 15 1014 Jan 12
No par
64 614 26,300 Shell Union 011
614 6'2
64 64
57
8 64
6
6'4
612 6,
Preferred
100 2512May 8j 78 Fee 17
3,7011
33
333 34
4
33
35, 43
8
42
40
40
40
•4014 47
9 Mar 6
/
1
4
04ine 22
23
400 Shubert Theatre Corp_No par
24 2 4
3
4 3
*23
4 312 *23
3
3
3
3
312
4.43
1518 153
4 7,100 Sinimona Co
8
No par 1018June 3 234 Feb26
153 1612 1512 1614 153 1512 154 16
4
163 17
2
5 June 17 II Feb 26
84 8', 7,700 Shams Petroleum
9
94
10
812 918
74 812
7
74
*612 7
614June 2 1578 Feb 26
12 187,44,0 Sinclair Cons Oil Corp.No par
123
4 11
8
8 12
8
1138 113 1218 117 125
11
;1 14 11
97
90 .10012 10212 97
100 77 June II 103 Mar 14
500 Preferred
89
8718 8712 88
8712 •88
•86
318June 3 1278 Jan 7
25
74 73
4 5.600 Skelly 011 Co
8
8
7,
2 84
718 74
,
73
8 72
714 7 4
3
2,200
Preferred
294 30
100 10 May 28 62 Jan 8
293 30
4
31
•28
27
25
247 25
8
247 25
8
112klay 19
4 Feb 16
/
1
4
100 SnIder Packing
/
4
/
4
No par
4 23
4
3
11 14 "11 2 4 *13
/
1
4
3 2
/ •13
1
4
*14 2
•I1 3
/
4
6 May III 1554 Fen 18
No par
Preferred
/ *7
1
4
83
s
85
8 *7
8
8
/ *7
1
4
*7
84
84 •7
*7
700 Solvay Am Inv Trust pref.100 80 June 10 98 Mar 19
*82
83
*82
83
*8012 84
*8012 84
8518 8212 83
•131
/
4
4 111 12
117 123
8
6,300 So Porto Rico Sugar___No par
133
8 124 13
12 2 Jan 8
,
714Male 1
8 1318 1312 13
134 135
Preferred
140
100 9612hlar 9 11212.1n1y 22
110 110 .110 11012 110 110
110 110
109 109
*104 109
8
s
4 5.300 Souther/want Ed1 .44
4 427 433
25 36 June 3 5412 Feb 26
431s 4312 433
3
4312 4318 43 8 43
43 2 434 43
3
Southern Dairies el B__No par
5 Mar 12
3 Apr18
*34 5
*34 5
•318 5
*3 2 5
,
*Vs 5
•
318 6
*22
26
26
No par 20 Aug 7 36 Jan 6
100 Spalding Bros
"22
•20
26
26
•20
23
•20
21
21
1s1 preferred
/
:13 115121May 7
10() 16 11 0u.
0(
) 18 J a.
10
113 113 '11018114 *1104 114
•11214 114 .113 114 0113 114
Spang (lutlfant&Colnc No par 2218 Apr 16 274 Fel/17
20
•15
20
20 .15
*15
20 .15
20
*15
20
"15
22 9212 Jan 21
Preferred
78
*50
78
*50
78
•50
*50
78
78
*50
78
•50
/
1
4
6 Jane 2 13 Mar in
*74 7
/ 1.300 SPark8 58 Ithington___ _No par
1
4
7
/ 7
1
4
/ *712 8
1
4
/
1
4
74 7
778 8
8
8
Sneerer Kellogg & Bons No par 10 Jan 3 1611 Mar 25
*14
15
15
*14
15
•14
16
.14
15
1612 •14
•14
1754 Fel/21
818 Aug 21
No par
800 Spicer Mfg Co
818 84
/
1
8 *84 9
85, 83
9
9
•812 9
*812 9
Preferred A
2514 *23
No par 24 Aug 13 3312 Feb 2C
25 4
,
2514 .23
2514 •23
25, •23
4
023
254 •23
7
51.2 Jun 13 174 Mar 24
700 sPiegel-MaY-Stern Co.No par
7
712 7 18
4
77
75, 7
2 *7
74 7,
,2
•712 814
1914 1814 1914 29,300 standard Brands
No par 144June 2 2012 Feb25
19,
8 19
8 19
8
8
194 194 187 1914 187 19,
Preferred
12112 126
No par 118 Jan 5 124 July I
121 12 126 •12112 126
12112 126
:126
121 1
•121 12 126
4 Feb 10
214July 24
400 stand Comm Tobacco No par
314 314
314 314
34 34 44272 34
4 314
.2.2 33
8 *23
3
/
4
4 641 654 624 644 16.30(1 Standard Gas & Elec VoNo par 5518June 2 88 8 Mar 1(1
33 4 643
'
4 6314 65
641 2 854 634 64
/
1
400
8
Preferred
No par 503 Jan 3 6418 Mar 23
4 593 *5912 60 .5912 60
4
4
1
4 593 594 593
59
/ 594 *5813 593
1
4
14
$6 cull. prior pef___No par 90 July 31 101 Mar 23
91 12 *89
300
01
.89
,2 91
90
92
*91
92
92
*91 14 94
27 cum prlor pref_No par 101 July 3 109 4 Mar 6
10514 *103 10514
1041
3
*1017 10412 *1024 10418 *10212 10418 1024 1024 103
8
Stand investing Corp_ ./11o par
112July 15
*1 18 2
414 Feb13
*14 2
•17
8 2
*17
8 2
97
8 2
•1 12 2
400 standard 011 Export pref..100 997
4
8
4 *1038 1043 '103181043
4
/
4
8June 3 10514 Apr 13
/
4
.
8
1031 1033 10312 103, 1031 1034 1031 1043
8
413 66.400 standard 011 of Callf_No par 3118June 2 511 Feb 13
4
39
42
/
4
3414 394 31 2 3914 387 4014 3978 4112 41
s
0
4.6011 Stand 'l11 of Kansas
13
8
83
4.14/ne 3 19 Jan 5
25
8
1312 1414 133 133 *12
01214 13
13
1312 134 14
11
/
4
8
8
41,
2 414 4214 413 42,2 391 417 149.200 Standard 0 of New Jersey.25 3038.11ine 2 5212 Fen 24
8 41)
40. 40, 2394 40/
8
2
x1812 2012 65.000 Standard 011 of New York.25 134June 3 26 Feb 10
0
1958 194 204 204 2 4 204 21
197 1958 19
2
100 Starrett Co(The) 1.43...No par 1612June 2 3414 Feb 24
177
8
8
,
2
4
4 17, 1713 *17 3 177 *1641 174 *1612
0 4 18% •173 183
173
28
7
•54
31
11 14
31
Ira
•109
.38
*100
*30,
8
3
8
•
8'9
15
•1
314
183
4
*514
2412
$5
414
10 4
3
700 Sterling Securities el A _No par
57 Feb 10
2
212May 27
4
212 2
/
4
21 21 "
/
4
21 23
/
4
3
2
/ 2
1
4
4
24
6
400 Preferred
6
94 Feb la
5 June 2
No par
*512 6
*54 6
51 2 *54 6
31
900 Convertible preferred....50 2912June 3 40 Mar 26
31
31
31
30 4 31
3
•3014 32
31
8
8 Miy 27 217 Mar 10
/
4
II
1113 1118 114 101 114 3.600 Stewart-Warner Sp Corp..10
3
1114 10 4 11
No par 2512.11ine 2 54128lar 21
4
293
4 283 3014 2812 2912 13.5011 Stone di Webster
29
8
304 285 30
1418June 2 26 Mar 26
1812 1718 7.800 831111eh.r Corp (The)___No par
8
163g 16
52 165 17
173
2 1641 17
Preferred
100 110 May 26 11814 Apr 6
11214 .109 11214 •109 11218 •109 11210 909 11218
.....submarine Boat
14 Jan 5
la Jan 2
No par
--- --- .
4012 3712 374 1.300 S110 On
No par 31 June 2 4514 Feb25
*39
397
2
39
381 38 4 38114 39
: 3
39
30 _Preferred
100 94 May 18 10412 Feu it
101 101 *100 101
101 101 •100 101
10112 *100 101
1,000 superheater Co(The).-No Par 30 Apr 16 403 Feb 9
8 3048 3018 3018 3048 *3018 31
8
31 13 30.8 304 30.8 30.
1.2011 :4unerlor 011
74
I
7
8
1
134 Feb 17
52 July 15
No par
I
1
•7
8
1
4
3
4
4
812
200 superior Steel
8
1011
8 May 27 187k `Oar r,
4 *812 10
*812 93
•812 10
•109 10
10
8 3.600 Sweets Co of America
8 154 153
511 117 Jan 7 15 4 Aug 17
153
8
3
1518 15
8 15
153
4 1518 153
153
2 15
119
Symington
*1
11g
1 Feb 4
No par
2., Fen 2
114 *1
112 *I
1,2 *I
112 *1
200 Class A
2 Aug 13
,g
No par
612 Jan 28
,
212 2 2 *214 3'2
319 .212 312 *21s 312 •212 3
19
1.100 Telautograph Corp
16%June 3 2114Mar 6
No par
4
/
1
It
1814 184 183 *18
1914 9814 19 .1812 19
201) Tennessee Corp
912 Jan 5
54.144ne 2
54 6%
No Par
572 *518 512
54 54 *514 512 *54 512
/
4
8
25 18 June 2 357 Jan 7
2718 2)112 274 2818 2512 271 69.900 'rexas Corporation
8
241 254 253 27,4
/
4
25
3418 35
5,800 Texas Gulf sulphur__No par 2910tine 3 553 Feb24
8
3418 3518 347 35
8
4
8 3414 347
3518 3414 347
514 4.800 Texas Pacific Coal & 5
514 514
512
5
43
4 5
612 Jan S.
212June 2
011_10
412 412
412
712
I
.june 1
1728 Feb 13
113
8 1018 1012 25.801) Texas Par Land Trust
11
8 11
1014 1028 1012 1114 103 113
4
27
s
28
7
54
,
514
31 14 31
104 11
4
311 293
/
4
1712 1612
11214 .109
•13Id and asked prices; no sales on We day.
Ex-Wadden
El
-right,.
PER SHARE
Range for Pre140111
Year 1930.
Lowest.
Highest.
$ per share
18 Dec
66 Dec
1312 Dee
8414 Dec
Dec
II
9112 Dec
1814 Dec
/
4
101 De(
144 Dec
4
Oct
20 Dec
1114 Dec
164 Dec
/
1
314 Nov
26 Dec
52 Jan
/
1
4
1
Dec
1112 Dec
65 Dec
4
913 June
1043 Dec
4
Jan
121
142 Dee
10714 Fen
47 Dec
4 Oct
7 Dec
/
1
4
904 Dec
38 Dec
113 Dec
8
47 Dec
3112 Der
1438 Dec
167 Dec
8
2212 Dec
83 Dec
/ Dec
1
4
8 Nov
1418 Nov
84 Nov
95
Jan
73 Dec
4
1012 Dec
28 Dee
54 Dec
34 Dee
10 Dee
.
2)ee
40 70 June
418 lier
5 Dec
253 Dec
8
143 Per
4
363 Dec
4
19,4 Dec
4
383 Per
84 Dee
95 Oet
1214 Dec
4 Dec
35 Jan
57 Dec
4
4318 Dec
214 Dec
35 Dec
1 Dec
318 Nov
2018 Nov
9 Dee
1118 Dec
54
Jan
514 Dec
55 Dee
44 Nov
II Nov
1528 Dec
9 Dec
/
1
4
86 1)er
1618 Dec
42 Dec
112 Nov
8 Dec
1018 Del
903 1 "
8 /1 1
103 Aug
4014 Der
312 Jan
32 Dec
108 Jun
1978 Jan
92
Jan
8 Dee
8 Dec
/
1
4
/
1
4
7 Dec
25 Der
44 Dee
1418 Nov
114 Nov
212 Dec
534 Dee
55 Dec
9234 Dec
9312 Dec
112 Nov
Feb
98
4214 Dec
143 Dee
8
434 Dee
19 Dec
/
1
4
19 Dec
it per shard
7812 Jan
110 Jan
2
227 Feb
103 Jan
1914 Oct
Oct
103
227 Apr
8
343 Mar
8
8
303 July
2714 Mar
Jan
103
54 Apr
6012 Feb
163 Feb
8
7612 Feb
787 June
8
117 Mat
8
40 Mar
1233 AU
4
100 Oct
117 Beta
13514 Oct
158 June
112 May
89 8 Jan
3
8 Jan
12
2714 Ant
11414 API
887 Feb
8
69 8 Apr
3
57 Apr
85 Apr
50 Apr
584 Apr
647 Mar
8
100 Mar
57 Feb
8
37 Jan
4612 Apr
10078 Mar
104 July
147 Mar
8
7912 Apr
9512 May
30 Jan
72 Jan
343 Apr
4
21
2
5
3012
143
4
3712
1818
116
I,
39
97
/
1
4
30
3
4
534
812
11
/
4
4
153
8
74
/
1
2814
4014
9
10
5852 Mar
80 Jan
93 Deo
4
254 Apr
593 Feb
4
483 Mar
4
5612 Apr
574 Feb
12238 Jan
9978 Feb
10978 Mar
3134 Apr
134 Jun
75 Jan
1414 Mar
1004 Jan
/
1
23 Feb
8 4 Mat
23
34 Jan
134 Apr
52 Apr
323 Feb
4
273 Mar
4
63 4 Mat
3
2512 Apr
10614 Apr
35 Apr
944 Jan
37 Mar
3 Apr
11214 Apr
42 Apr
994 J11/38
8
Jan
364 Feb
/
1
121 12 Apr
304 Jan
121
Jan
72 Apr
9 Mal
45 Mar
115 Aug
37 4 June
3
96 .1190
3012 Apr
25 Apr
364 Feb
454 Mar
52 Feb
2914 Feb
121 12 Sept
714 Feb
12914 Apr
67 May
104 Sent
11414 Sept
154 Mat
1064 Oct
/
1
75 Ave
49 Apr
844 Apr
404 ACM
47 Apr
/
1
4
Dec 204 Mae
Dec 144 Mar
Nov 48 Mar
Dee 47 atm
Dec 1133 Apr
8
Nov 4714 Feb
Jan 125 Mar
13 Mar
8
Do
Dec 70 Ain
De, 10412 Sept
Nov 4514 July
/
1
4
9 May
Dec
Dee 29 Mar
/
1
4
Jan
154 Mar
Dee
7 AD!
Dee 174 Apr
Jan 2614 Apr
Dec 17 Apr
Dec 601: May
Dec 6728 Mar
Dee 1412 Mar
Dec 32 Mar
/
1
4
1259
New York Stock Record-Concluded-Page 8
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday ' Monday
Aug. 17.
Aug. 15.
Tuesday
Aug. 18.
Wednesday
Aug. 19.
Thursday I
Aug. 20.
Friday
Aug. 21.
STOCKS
NEW YORK STOCK
EXCHANGE.
sales
for
the
Week.
$ per share $ per share 5 Per share $ per share $ per share $ per share Shares
1,600
533
8 9
85
918
Ws
,
9a
912 933
912 912
8
.912 107
300
8
347 35
36
*35
36
.35
8
.347 36
8
*347 36
8
.347 36
8
8
800
8
4 175 175 *175 19
1712 172
1814 1814 .1814 18711
1814 1814
___
100 •__ - 100 •____ 100 ._ 100 *__ _ 100
_ 100 ..
•
3
ioo
8
45
2
8 .42
3 42
43
8
45
8
3
412
48 *43
;4i4
8 •
8 43
43
23
700
24
23
23
•23
24
23
23
23
23
.2313 24
17
400
1712
*1612 17
.1512 17
.1612 17
.1412 17
17
.16
8
107 .
100
8
107 .10
10
8
107 •10
.10
11
2
107 .10
.10
8 418
418 .33
8
*33
418 .33
8
4
8
.31
4314 4
4
*338
100
2812
2812 .26
2812 *26
28,2 .26
.27
27
27
28
•25
9
8
Cs
814 127,100
714
714
8
652
8 83
738
77
833
714
60
•55
62
2,300
5512 57
5112 51
50
50
.45
50
•46
13
13
15
*10
*10
300
13
1712
13
*514 13
14
*7
6712 6614 6612 2,000
64
62
62
5414 58
53
.52
58
.52
200
8
65
618
2
6
612 .6
8 "
63
8 .61s 63
8 .6
63
.618 63
8 3212 323
3,400
4 322 322 23214 3212 32
3214
8
8
8
327 3312 3218 335
418
3
34
354 15,900
4
312 312
Pet
4,2
314 314
.333 352
8
1018
103 1073 *1018 1033 2.500
1033 11
s
•10,8 1012 10, 10,8 .10
8
7 3 45,800
7
712
714
712
7'21
712
714
7
712
7
e
67
ems 1012 .9
1012 .914 1012 *914 1012 .914 1013
1012 *9
7,300
8
8
4
73
81s 818
We
812 814
814 8,2
Ms
814
91
911 *91
91
9112 91
91
600
9114 9114 9114 9114 .91
1,500
8
4
s
335 343 0335 3414 *3312 3414
36
2 35
3614 3614 308 303
200
414
414
3
.414 438 *414 43
412 .4,4 41
412
412
.4
8
8
1314 1314 .1218 135 •1218 135
200
8
1314 1314 .1314 135
8
•125 1314
700
,
1014 1033 10,2 10,2 1012 1012 1012 101 *1018 10 2 1014 1012
4 4212 4358 3,700
8
433 433
43
43
8
427 433
4
44 12 423 44
44
1314 1314
1314 1314
500
7
4
8
7
12 2 127 •12I2 12 8 .1212 1314 .123 1314
5018 5114 503 512
5212 537e 5012 5213 5013 52
2
8
,
4 49 4 513 38,600
1812 1912 1634 185 31.100
191
8 18
8
1714 183
1714 18
2
167 17
1.400
2012 2012 2012 2012 2013 208 2118 211 .2118 2133 2118 2118
878 105.700
2
28
2812 29
237
2914 3014 28,8 2934 2814 2933
'8 27
61
62
.60
60
60
59
60
700
6013 6012 61
61
61
.11
.11
16
*11
16
"II
16
16
*II
18
•1014 16
36,2 .34 3 361 .3414 3612 .3414 3612
,
4
,
.3412 36 2 *333 36,2 *34
,2
20
.114 11933 118 11913 .11233 11912 912 119, *11214 11912 .11214 11912
8
4 1512 155
.1512 153
800
216
4
1552 153
4
2 153 1544 "1512 16
16,
414
438
414
438
458
414
418
8
45
41 1
8
43
4.300
412 412
.5512 65
200
5552 553
.5512 65
8 5512 5513
*5512 65
.5512 65
,
4
* 22 8 2278 223 2318 217 23 135.300
8
8 2258 23,2 2214 231
2314 237
51 18 5058 51
51.
4,300
4
50, 50,2 5018 50,1 5053 50'2 5033 51
542
,
6 4 .5
614 .412 614 .5
512 .5
633 .5
.5
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Indus.& Mls,:ell.(Cond.) Par $ per share
8
85 Aug 21
No par
Thatcher Mfg
4.1une 3
3:13
No par
Preferred
1712 Aug 19
No par
The Fair
100 99 June 19
Preferred 7%
378July 15
No par
Thermoid Co
16 June 2
1
Trird Nat Investors
25 15', July 2
Thompson (J 11) Co
934.1une 1
Thompson Products IneNo par
314 Aug 5
T hompson-Starrett Co_No par
2412 Feb 4
No par
$3.50 cum pre(
4 June 2
No par
Tidewater Ae.soc 011
100 38 June 2
Preferred
100 1012 Jan 31
Tide Water 011
4July 23
100 503
Preferred
512.1u5e 10
10
Timken Detroit Axle
281 2July 31
Timken Roller Bearing_No par
8June 3
15
Tobacco Products Corp No par
8July 25
93
Class A
No par
658June 13
25
Transamerica Corp
8
77 Jan 3
Transue & Williams St'l No par
612 Jan 2
Tri-Contlnental Corp__No par
100 9012 Aug 5
Preferred
6%
Trico Products Corp___No par 2818June 1
4
33 July 22
No par
Truax Truer Coal
10 12 June 2
Truscon Steel
912May 29
No par
Ulen &Co
Under Elliott Fisher Co No par 39 Aug 8
814June 3
Union Bag&PaIxas Corp No par
Union Carbide & Carb_No par x4312June 2
25 14 Anr 28
Union (ill California
20 Apr 1
No par
Union Tank Car
8June 3
207
United Aircraft At Tran_No par
50 46 Jan 2
Preferred
10 May 28
United Am Beech Corp No par
No par 31 June 2
United Biscuit
100 11314 Feb 2
Preferred
13 June 2
No par
United Carbon
4 Jan 2
No par
Cigar Stores
United
100 5218May 29
Preferred
1018 Jan 2
No par
United Corp
4
No par 443 Jan 2
Preferred
3 Jan 2
No par
United Electric Coal
Highest.
PAR :WARE
Ranee for Previous
Year 1930.
Lowest.
Highest.
, 5 per sha, 3 ('Cr share
$ per Mar
8
1212 Dee 363 Apr
22 Feb27
Dec 48 Mar
35
41 Mar 5
Jan
2114 Dec 32
23 Jan 9
Feb
Jan 110
10612 Feb 2t. 102
8
4
33 Dec 267 May
9 Feb 13
1512 Der 403 Apr
4
27 Feb21
23 Dee 4712 Mar
35 Mar 2
3938 Apr
10 Nov
18 Feb24
8
187 Mar
312 Dec
838 Mar 7
8
8
235 Dec 495 Mar
3414 Mar 19
4
8
57 Dec 173 Apr
9 Jan 7
4
53 Dec 893 Mar
68 Jan 8
Apr
12 Dec 31
18 Star 16
8
68 Dec 947 Apr
83 Feb 26
Oct 21 14 Apr
8
12 Feb 20
4018 Dec 8914 Apr
59 Fen 17
612 Jan
2 Dec
433 Aug 19
1314 July
8
75 Jan
14 Apr Iii
4
8
103 Dec 253 Sept
18 Feb 26
613 Nov
8
283 Jan
1712Mar 6
Dec 2014 Apr
8
53
4
113 Feb 24
8914 Apr 9013 Sept
9414June IS
4
2614 Oct 413 Mat
8
455 Fen 27
912 Dec 22 Mar
10 Jan 211
8
375 Mar
2034 Nov
24 Feb 24
213
1414 Dec 24 Sept
4Mar 10
49 Dec 138 Mal
4
753 Feb27
1914 Solid
838 Dec
1312 M ar 27
5218 Dec 10638 Mar
72 Feb 24
2018 Dec 50
APT
8
265 Feb 13
23 Dec 3812 Apt
2518 Jan 3
Apt
8
183 Dee 99
3878 Mar 26
4
413 Dec 7734 Apt
6114 Aug 14
5478 Feb
1518 Der
2713 Mar 2
4
583 May
3212 Der
4134M ar 26
Oct142 May
122 Mar 23 115
Apt
8
143 Dec 84
4
283 Feb II
1312Jt_nr
314 Dec
712 Apr 9
Jan 68 Jun(
211
276 Apr 10
8
137 Dec 52
API
3114 Mar 19
4312 Dee 5312 Apt
5218 Mar 26
8
197 Fet
214 Dec
12 Feb27
Jar
105
8
493 Sim
10412 0c,
14 Mal
3278 Api
830134
147
4
503 Ju0
39 Mal
76 51a3
Am
9
4
38, API
21 MM
8
202 Jar
458 Apl
An
103
8
327 Ma
101 Mal
4612
2414
97
212
20la
418
1512
8
197
27
2
1812
8
153
7
4
3
16(2
518
73
Dec
Dec
Jan
Deo
Dec
Jan
Jan
Aug
Dec
Dec
Jolt
Jan
Dec
Dee
Der
Dec
Dec
5
5012
314
514
6414
8
1)er 305 Ma
1)er 1393 Jel
3
1512 Ap
Der
Al'
Dee 26
1)er 94 Jam
.5413 56
297a 301s
•106 10612
412 3
20
•18
412 433
*4014 41
31 12 3112
.4114 50
4
13
134
22 12
22
1814
•18
(
933
.7 2.
1
.11,
4
1
. 1733 183
8 812
.75
•7811 81
39
38
8
103
90
8
305 31
8 614
*53
•1014 II
90
.88
4
4814June 2 673 Feb27
8June 2 3712 Mar 17
253
9812 Jun 30 10612 Aug 14
31, .1101 7
218July 3
4
16111 Aug 13 313 Feb IS
9,,e Apr 9
4 June )
35 June 23 52 Apr 9
28 Jan 2 41 12 Mr II
24 May 6 5713 Aug 3
4 Fels 9
1141*tay 26
20 June 3 3718 Mar 26
1714 Apr '29 2014 Star 20
67,,Itine '2
10 Slur 2(1
4
13 Jan 7
12 Aug 12
4May 27 30121Thsr 24
103
6 June I
1212 Pet'24
76 June 2 90 Feb 17
33 June 2 50 Star 27
8
123 Apr I
8
57 Jan 2
8
8June 19 773 Fe1327
245
1034Slar IS
5
3 8 Jan 2
8
157 Star IS
7 Jail '2
8912 Jan 7 8612July 25
22
21
21
221 18 2118
21
21
.18
21
21
800
21
21
333
4 *254
4
,
38
3
3 4 32
3
313 •23
5
•234
4 34
312
33
500
2
147 19,8 19
19
1914
19
4
183 19,2 IA
10
8
187 19
2.500
4
3314 3414 .3314 3414 •3314 3414 .3314 3414 *33, 3414 *3314 3414
"
22
*2012 22
22
2014 2014
*2012 22
21
.20
400
.2014 21
•2
3
"2
3
3
.2
.'2
3
3
'2
3
.2
3
175 18
8
1712 175
1712 17,2
1712 1712
4
1,100
,
17 4 17,
8
173 1752
5214 5212 "52
54
53
.52
52
•
53
53
54
.53
54300
s
11513 11612 11012 11512 4.800
4
1131 3 1153 I14, 115
117 119311 114 117
24
24
24 18 2434 .24
8
2 247 25
2.601)
14 25,4 25,
25
2533 25
8
.
3
a
'2 64's 617 643 5'23 6312 6313 653s 623 661, 123 000
604 62
65
98
9933 98
•9s4
9912 99
9912 99
9915 .08
12.)
9912
•97
s
163 161
16
8
16
24 16
.15
500
15 4
*1512 16 . 3 In
16
16
1
*3112 32
33
.31 12 32
4
.313 32
2
*31, 32
.32
33
•32
98
98
*90
98
100
.98
99
'90
•90
10
98
.90 101)
1063 10718 10612 109
,
1116 8 108,8 •107 109
2
.
100
108 10833 .106,2 109
98
*97
98
5
.97
9748 97,8 97ls 977 •97
98 .
9712 98
50
,
8
118 11812
311
•118 11812 *118 118,2 •118 1110), 118 118, •118 11812.
,
.
.
8
40
- - - • WIZ -_... •109 41 1011S, 109 8 11014 110 110 .1093
al001
30
'26
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30
28
8 30
400
.255 .20
29
-0
3 .20
1128
8
8 8
77
8
8
8
814
814 .8
•8
1.300
Mt
712
18
18
181s 1818 •173 1 1413
1813
18
400
4
8
18, 1314 *In 1818
--.-- --- • --- ---- -- "-- ---.. ---- ...." .--- --- .
4
: 152
151
15 18
15
15,4 15%
143 143
,
4
4
15, 15 4
2.200
4
•1514 15,2
200
4
2
3813 393 .3813 3954 '38, 3914 .3812 393
"
40
4
39
40 .
39
3
*212 3
.2,2
3
'212 3
.212
211
100
212
*212 3
Si, 512
512
713 .
.512
712 .513 713 .5
100
'
7 ,1,
'
*5 2 712
514
45
514
534 614
512 6
514
533
633
3.600
4
53
5
4
334
418
334 37tt
8
37
3
34
4
33
4
33
4
33
8 6.4)310
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•45
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8
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4
13
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134
8 2
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*1 13
2
15
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100
2
5
6
6
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.5
2110
6
.5
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51
'2 .514 51 2
5
31 14 *31
31 14 31 14 3133 .
4
31, .31
31
3114 31 14 .31
31 14
200
WY. 7234
s
Mt 71,s 707 7134 69
717
8
7118 99.300
70,2 7233 7014
47
4
443 451
4 45
473
: 46
48
45
4412 47
4
483
17.500
47
70
.60
70
.30
70
*30
70
.60
.30
70
70
*60
.55
60
'55
60
55
61
55
.55
•50
55
62
*55
100
2!
.13
'13
21
21
.13
21
.13
*13
21
20
•13
: 73
8
2
7354 3.100
73, 737 27314 731
4
73,1 733
8
737 74
8
737 74
4 213 215 .2112 21 12
4
4
4
.2112 233 .21 12 2334 2331 233
.21,1 25
4
200
714
8
73
8
814
8
7.3 12.000
8's
8
75
8'8
Vs
We
40,41 .40
4
40, •40
411 18 MO
40,q .
40
40,
50
401e 401s MO
1
8
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2
1713 1714 •173 1753 .I718 18
300
4
.17, Di
•1738 18
.42
45
.42
46
4312 .42
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43
42
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38
38
601)
4
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25
214
*214
Vs
2,4
212 .214
.2i4
212
400
212
, 7512 Ma
De
25
3614 Feb 20
1312June 1
Ap
35
On
II
3
1018Jone 2 20 8 Mar so
1912 Der 6378 Ap
17 June 2 301. Mar 21
2
1712 July 38, ial
81Mar 10
1314.1tme 3 255
40 Dec 5312 Jal
39,8 Aug 21 47 Apr 1
4
e
8333June 2 1523 Feb20 1343e Dec 1983 Ap
Jan 16114 Sep
13612June 2 150 Mar 20 140
Fe
5918 Des. 68
6018 Jun 6 7178 Mar II
1914 Dec 453 AP
4
1912 Apr 27 31 Feb 28
718 Ma
12 Oct
2 Feb 20
8May 29
8
1213 Dee 6933 Al
28 Fcb 16
14 Slay 11
8
443 Nov 14314 Al
4
2318.1une 2 763 Mar '25
873 Al
8
15 Dee
314 Feb 21'
1 June 3
4
9 Dee 34, Al
17 Feb 19
713.Ittne 4
6712 Dee 823 At'
8
4
5914Junelo 713 Jan 7
Der 10712 06
98'4 Jan 2 109 ably 12 100
3618 Dee 156 Ma
8
713 Feb24
38123une 1
4
8
217 Dec 313 Al
8
A nr 29 277 Fee 17
21
4
1012 Dee 423 AV
IS Feb i....
14
4 Aug 18
1218 Dee 54 Ma
614 Apr 211 2712 M ar 12
8
153 At
3 Dec
8
85 Jan 3).
3 June 1
Di e 7718 AL
45
24 Apr 29 5712 Jan itP
,
4
93 Ds e 80 4 Mt
3
434May 19 20 3 Feb 1 i
Des. 7014 Mt
31
10kMaY 22 4013 Jan 9
At
27
414 Der
733 Feb 4
8June 2
15
8
263 Dec 6313 Ar
8
463 Feb27
1412June I
4012 Nov 56 Scr
30 June 3 CPR Feb27
2212 Dee 431:515
20 July 30 32 Feb 24,
212 Dec
6 Feb 24
933 MY
2 June 5
N D
IIIec 297 Mt
8
Mar 211
1614 Aug 10 264 M
5912 At
50,2 Jall
Al51 June 2 571s Fen 1,
8
4
0e '2 1503 Feb 24 12218 Dec 2193 Fe
961831,
Fe
31 14 Dee 52
3618 Feb 21
20 June 1
8318 Dec 201 13 At
4
5414June IS 1073 Fets 21.
8
8718 Apr 30 11912 14.1P 27 1075 Nov 19734 Ar
8
1712 Dec 487 Mt
15 Jone 2 24 Fell 21
33 June 36
Ja
3114 Jan 5
4June II
323
Der 110
95
Ar
June 26 10514 Apr 2:
95'
1)12': July I 112 Slur 27 102 Nov 11212 Set
901 1 De( 104 Jul
92 June 3 103 Mar iS
114 Jan 5 120 Feb 17 11312 Jan 118,2JIIT
10312 Jan 2 11312July Ill10314 Der 111 12 Set
Oct 50 111)
4
/
23
1712.1une 2 4433 Feb 20
412 N,,%
24,3 Al
1278 Mar 27
434 Jan 2
Den 59 2 Ff
,
18
18 Jums 2 40 Mar in
78 Der 21
Jo
18.1une 15
8
25 Jan 3
8
215 Dec 43
A
4
143 Aug 21 2614 Jan 12
e
,
De' 547 M
32
4
3612.1nbe 6 473 Mar 21:
8
137 M
'218 Dee
212 Jan 3
5 Apr 0
,
Dee 397 A
4
4
103 Apr 13
5 Aug 4
A
612 Dec 21
133e Star 26
3123,1ne 3
A
II
334 Oct
8 Mar 19
43une 2
33
4512 Nov
A
85
4414 Jan 30 56143!ay a
8
1 7 Dec
4
73 at
4 Feb III
118.1tine 1
13 NI,
4
43 Nov
3
10 4 Fen 1:
41e.Itine 1
Dee 5412 M,
35
4
21 May 25 51 3 Jan 12
5112 Der
7238 Jr
4
8
543 Jan 2 723 Aug 18
Der 169
47
Ai
3718.bine 1 1131,73 1 en 24
6012.10ne 17 95 Mar 7
J/01 107
88
Al
63
Dec 93 MI
8
55 Aug 6 835 Mar 9
1012 Dee 5912 lot
1
3 June 3 27 Feb 25
55
3
Dec 80 Jit
4
663 Jan 2 8)58 Mar 4
pc, 77 104
25
21 May 28 31) Jan 21
8Joine 2
1518 1043, 21,
812 Nov
53
4
323 A'
Mar 19
76
Dec 105
50
401,, Aug It
A
10
,
20 Feb 24
Get
14 12N1 ,, 2O
47 St
694 Dee 152
38 A=15 78 Feb28
A
514 Feb '27
Dee
'2
las, rol
2 Aug 10
No par
5614 .55
4
553 .55
4 55
553
1,200 United Fruit
5512 5512 55
55
No par
8 2834 2934 22,600 United Gas Improve
,
3 2914 29 e 2912 297
297
2918 308 29
NO pal
Preferred
GOO
.
106 106 .10614 10612 106,2 10612 10612 10612 10612 10634
4.58
8 3
•8
033 3
3
4.88
100
United Paperboard
3
er3
Unites] Piece Dye Wks_No par
20 .18
.14
20
20
•18
.18
20
20
.18
412 0,800 United Store. class A__No par
418
433 514
4
412 43
433
5
4 2 4,2
433
Preferred class A ____No par
4,400
41
4 41
4114 42,
41
41
4014 4014
.3814 41
*3O7 3133 301 2 30:e 3012 3012 31
801) Univep-al Leaf Tobacco No par
3212
.31
32
Universal Picture+ let pfd. 101.
50
.42
54
50
.41
*42
*41
50
54
.42
2
112 *Pe
112
1 12
112
g
17
5 •1 12
17
300 Universal Pipe& Itad-No par
.113
20
4
215 22
21
2112 3,800 U S Pipe & Foundry
2214 2214 2218 2212 2152 22
No par
1814 1814 1814 .18
1st Preferred
1814 •18
.18
1833 *IS
1814
100
912
No par
1118
912
912 *8
1.7 S DIArlb Corp
"712 12
033 *8
*Pa
1
•s,
1
•I2
1011
U S Express
1
•33
1
"a
1
"8
No par
115 Freight
8
8
4
8
•175 1814 •1733 1834 •173 1834 *173 183 *1733 183
4
No par
300 US & Foreign Secur
772
8
8
77
*714
4
2 712 *714 8
73
7,
4
73
No par
.7813 8(112 7913 7813 7812 7812 . 8 8012
Preferred
SI
300
81
773
20
3514 3812 *3612 37,2 .3634 3712 3712 3812 1,500 US Gypsum
•
38
38
1018
"lo
10
100 US huff Mach Corp__No par
10
*10
10'2
1012 .10
'2 .10
10
8
343 21,200 U S Indusdrial A icobol.No par
3333 3314 351 1 31
WI! 30
28'.1
30'4
29
No par
514 514 .514 614 •
514 6
100 U S Leather
514 614
.
53
. s 573
No par
Cla-is A
4
93
1014
1014
10
10
34
9
01014 11
1014 101 1
800
100
Prior preferred
.8412 8712 *8512 8712 *
86
8
86, 8618 86
8512 8712
600
& ttopt____No par
300 U S Realty
2
•1533 1512 .1538 151.
16
16
,
16
4
,
16 2 g1534 152 *16
•I6
No par
1312 1312 135 137
8
8
1314 1312 5,300 U S Rubber
135s 1412 1333 137e
8
1414 147
1110
4 24
4 2414 2433 .2414 243
2514 25,
1st preferred
20
2414
1.200
2612 25
26
1512 1533 1,000 11 S Steelting Het & Sfin .50
4
153
15
4
3
15 4 153
1524 1612
8
:
8
•1512 177 *IS) 167 •
s
8
be
•407 41,8 .407 41,8 90
42
4012 391s 39Is
.40
Preferred
300
42
.40
100
8
8
4
3 887 9014 893 91 18 8714 903 229.100 II 8 Steel Corp
8
4
/
931 8912 9218 887 913
91
4
100
e
4
Preferred
3
13712 13713 137,2 137 4 1373 13734 1373e 13734 1373 1373 137 13712 5,000
No par
8
8
8
8
*653 68
3
100 U S Tobacco
.667 673 •667,1 6772 677 677 *653a 68
2
.667 68
4 2212 227
8
8 223 227 17,500 Utilities Pow & IA A
No par
8
8
2312 22,2 2312 223 2234 2212 223
23
No par
8
7
8
7
2
78
300 Vadseo Sales
4
*8
`4
8
7
72(
"4
8
7
"4
8
7
2
7
23
.17
23
.17
23
.19
.17
'01
Preferred
8
*19, 23
23
23
•17
2812 2612 2814 50,600 Vanadium Corp
8
8 28
No par
2812 '2117 28',, 2712 283
4 27
4
283 293
133 •1 , 155
No par
133 '133
109 Virginia-Caro Chem
153
112
4
13
T2
•I 13
'
18 "
9'2
8
.75 II
*812 11
8 11
100
.75
9
9
6% preferred
,
.7 8 10
11
100
*8
4
8 593 5934 .5012 80
5914 595
300
100
.5914 62
7% preferred
.5914 62
67
.61
*107 10712 •107 10712 .107 10712 10712 10712 *10712 108
60 Virginia Elk Pow pf(6)No par
•107 10712
50 50
.4918 50
51
100
513
4813 49
49,2 .5033
320 Vulcan Detinning
50
49
27
26
2614 27
27
3
25 4 26
No par
2634 26
26
8
247 27
18.000 Waldorf System
434 472 *43
8 5
47
par
4
4
No
1,700 Walworth Co
533
51e
43
5,4
,
5 2 •51a
•514
14
14
14
1433
14
1412 •13
.13
14
200 Ward Bakeries class A _No par
•1313 1412 213
.312 4
4
.312 4
No par
4
e
3118 33
4
4
Class II
400
312 312
44
.42
44
*42
.42
44
100
.42
44
042
44
Preferred
44
.41
812 57,300 Warner Bros pietures__Aso par
813
8 812
83
814 Pa
8
8'4 83
Sir
8
3
,
8 2 84
'
1
1
1
I
.
I
,
•
1
.
• Bid and asked prIcets; uo oaten on this day. a Ex-dividend.
y Ex-riglate.
No Par
Preferred
No par
Warner Quinlan
No par
Warren Bros new
No par
convertIble pref
No par
Warren Fdy Az Pipe
No par
Webster Elsenlohr
,
Weo on Oil& Snowdrift No par
No par
Preferred
5%'e-derts Union Telegraph. III)
Weoirigh'se Mr lirake.No par
w&tIngtirsiee El & Slfg____50
50
1st preferred
Wedon Flee In,trum't_No par
__No par
(:ia.sa A _ __ ,,,_
Wed Penn Flee classA_A'o par
._100
Preferred.
100
Preferred (6)
Ina
Wed Penn Power pre(
100
6% preferred
West Dairy Prod cl A __No par
No par
Class It
Westvaco r •fflortne ProdNo par
Westin* Radio Stores_No par
No Par
White Motor
white 14 ra mio spring etf.50
white Sewing Machlne_No par
No par
Preferred
No par
Wilcox 011 & (las
5
Will ya-0% erland (The)
100
Preferred
IVO Par
Wikon & Co Inc
No par
Class A
1110
Preferred
10
Woolworth IF NV) CO
100
wort hhovon P & M
100
Preferred A
100
Preferred 11
WrIght %eronautIcal___No par
Wrigley OVni) Jr (lle1).Na par
25
Yale Ar Towne
Ye1low Truck & Coach cl B.10
101)
Preferrel
Young Spring A WIre__No par
Youngstown Sheet & T_ No par
Zenith Radio Corp___No Pre•
1260
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the F,rchange method of Quoting bonds was changed and prices are now
BONDS.
N. Y. S'rOCK EXCHANGE.
Week Ended Aug. 21.
Week's
Range or
Last Sale.
Price
Friday
Aug.21.
U. S. Government.
High No.
Ask Low
Bid
First Liberty loan
.1 I) 1021.32 Sale 10210,210213n 107
334% of 1932-47
Cony 4% of 1032-47
J
...fly'31 _--- - _ 1013
Cony 434% of 1932-47
J
103
Sale 102044 1034n 142
2d cony 434% of 1932-47
102 July'31 ---D
Fourth Liberty Loan
43I% of 1933-38
AC 104244 Sale 104114210411n 535
.1
.1
Conversion 3s coupon
100 Sept'30
Treasury 434s
1947-1952 AO 112"32 Sale 112.n 113144 29
Treasury 4s
1914-1954 JO 108742 Salo 10845 1081044 129
Treasury 333s
1918-1956 MS 10613,, Sale 10613
.10613n 13
Treasury 336s
1943-1947 ID 10213n Sale 1021343 102
154
Treasury 3338 June 15 1940-1943 ii) 1023348 Sale 10233
.102131
84
1941-1943 MS 1023144 Sale 1021421021744 149
Treasury 333s
,611
Treasury 330_June 15 1946-1949 JD 101.n Sale 101 14410111
1961 Q M
Panama Canal 38
9834 Sept'30
State and City Securities.
NYC 3% Corp stkNov 1954 MN
3;0
1055 M N
48 registered
1936 MN ioi"
4e registered
1955 hi N
4% corporate stock
1957 SI N
434% corporate stock _ 1957 MN
434% corporate stock,
1957 NI N
4% corporate stock
1958 NI N H10F2
4% corporate stock
1959 MN
4 yt% corporate stock_ _ _1960 MS 99
43.4% corporate stock. _1963 MS
434% corporate stock....1965 J
New York State canal imp 491961 J J
1963 hi S
434a
Foreign Govt. & Municipals.
Agile Mtge Bank a i Os
1947 FA
Sinking fund 6s A__Apr 15 1948 AO
Akershus (Dept) ext 55_ _1963 MN
Antloquis (Dept) col 78 A 1045 J J
External a f 7s ser B
1945 ii
External a f is ser C
1945 J J
Externals f 7s ear D
1945 J J
External a f 78 1st ser
1957 AO
External sec a f 7820 ser_1957 AC
External sec s f 75 3d ser_ 1957 AC
Antwerp (City) external 59_1958 JO
Argentine Govt Pub Wks 68_1960 AC
Argentine Nation (Govt of)—
SID k funds 6a of June 1925_1059 JD
Esti f Cs of Oct 1925_1959 AO
Esti s f Os series A
1957 M S
External 68 series B._Dec 1958 JD
Esti 5 f 69 of May 1926_1960 MN
External a 165 (State Ity).1960 NI S
Esti 63 Sanitary Works_ _ _1961 FA
Extl 65 pub wks(May'27).1981 MN
Public Works esti 5349_1962 F A
1945 rot S
Argentine Treasury 5s .E
Australia 30-yr 55. _July 15 1955 J J
External 5s of 1927_ _Sept 1957 rot S
External g 430 of 1928_1956 MN
1942 ii)
Austrian (Govt) s f 78
Internal a 1 7s
1957 J J
Bavaria (Free State) 630_ 1945 F A
Belgium 25-yr esti 6345
1949 NI S
External s f 68
1955 J J
External 30-year s f 7s
1055 J D
Stabilization loan 7s
1950 M N
Bergen (Norway)—
Esti sink funds 5s__Oct 161940 A 0
1960 NI S
External sink fund 59
Berlin (Germany) sf 830_ _1950 A 0
External e I (le___June 15 1958 J D
Bogota (City) esti vi 8s_ _ _1945 A 0
Bolivia (Republic of) esti 85 _1047 M N
External secured 78 (fial)-1958 J
1909 M 5
External s I 7s (flat)
Bordeaux (City of) 115-yr 88_1934 M N
Brazil (U S of) external 89_1941 J D
External ,f 630 of 1936._1957 A 0
1957 A 0
Extl 9 I 630 of 1927
1952 1 I)
78 (Central Ry)
730(coffee secur) (fiai)-1952 A 0
Bremen (State of) esti 78_ _1935 Ni S
1957 M S
Brisbane (City) 8 f 5s
Sinking fund gold 59.......1958 F A
1950 J D
20- year a I Os
Budapest (City) esti is 16w._1062 J D
Buenos Aires(City)6302 B 1955 J J
External s f 6s ser C-2__ _1960 A 0
External sf68 ser C-3
19130 A 0
Buenos Aires (Pray) esti 68_1961 M
1961 k' A
Esti vi 634s
Bulgaria (Kingdom) 8 78..1967 .1 J
N
Stabil'n 8 1 733e_Nov 15 68h1'
Caldas Dept of(Colombla)730'46 J J
Canada (Detain of) 30-yr 48_1960 A 0
1952 M N
58
1936 F A
434s
Carlsbad (City) s 188
1954 J J
Cauca Val (Dept) Cobra 7348'46 A 0
Central Agile Bank (Germany)—
Farm Loan s t 7s_Sept 15 1950 NI S
Farm Loan a I 85.July 15 1060 J J
Farm Loan a f 6s_Ort 15 1960 A 0
Farm Loan 6sser A Apr 151038 A 0
Chile (Rep)—Ext a 1 78_ _ _ _1942 NI N
External sinking fund 615_1960 A 0
1961 F A
External s f 6s
By ref esti a t 65
1961 J .1
Esti sinking fund (is
1961 NI S
Esti sinkIng fund 85
1962 M S
Esti sinking fund 68
1983 PA N
Chile Mtge Ilk 834s June 30 1957 J 13
Si 634s of 1926_ _June 3(1 1961 J I)
Guar 8184
Apr 30 1961 A 0
Guar 816,
1962 M N
1960 Ni S
Chilean Cons Mimic 79
Chinese (Ilukuang Ry) 53_ _1951 J I)
Christiania (Oslo) 30-yr 8 1118 '54 Ni S
Cologne(City)Germany 6335 1950 M S
Colombia (Republic) 69
1961 J J
Externals f 6s of 1928_ _ _1961 A 0
Colombia NI tee Bank 630 of 1947 A 0
Sinking fund is of 1926_1946 NI N
Sinking fund 79 of 1927_1947 F A
Copenhagen (City) 58
1952 J D
25-yr g 430
1953 MN
Cordoba (City) esti s f 78_ _19.57 F A
External s 1 7s._ _Nov 15 1937 NI N
Cordoba (Prov) Argentina 7e '42 J J
Coeta Rica (Repub) extl 78_1951 M N
Cuba (Republic) 54 of 1004_1944 M 8
External 5s of 1914 ser A.19441 F A
External loan 430 see C 1940 F A
Sinking fund 53.4s Jan 15 1953 J J
Public wks 530 June 3)3 1945 1 D
c Cash sale. e On the basis of 55
92 Nov'30
923 Apr'31
4
10012 Apr'31
9912 July'31
102 NIay'31
107 Apr'31
109 NIay'31
10012 Apr'31
10012 Apr'31
10034 NIar'31
10614 Dec'30
10512 Dec'30
101 June'30
112 Jan'31
4312 Sale
43
4614
945 Salo
8
33
35
3212 35
3212 393
4
3212 Sale
30% 31
30 Sale
30% 38
10018 102
6814 Salo
4312
45
9312
33
33
3314
3212
30%
30
33
99%
6814
6614 Sale 65%
6614 Sale 66,
4
67 Sale 67
67 Sale 67
664 Sale 6618
66 Sale 66
6614 Sale 6513
6618 Sale 651s
60 Sale 60
73 Sale 73
60 Salo 60
604 Sale 6018
52 Sale 52
1033 Sale 103%
4
7812 Salo 78
5814
10618
10114
1103
5
10618
65
Sale
Sale
Sale
Sale
63
106
101
109%
108
5012
4914
04%
3412
43
42
43
373
4
36
35 2
,
10018
74%
56
17
30
22
17
12
28
26
28
14
6
13
7514 84
47
75
7514 76
36
76
745 151
8
74% 95
74% 38
49
75
8814 40
6
75
6512 148
6512 90
52
60
10512 21
82% 79
58
1063
4
1013
4
110%
10612
Range
since
Jan. 1.
-* •
4
z1
.
3
6
85
68
23
81
and interest"--except for income and defaulted bonds,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 21.
58
1053
4
10(1
107%
105,4
8712
111
105
1164
111
Marseilles(City of) 15-yr 68_1934 MN
Medellin (Colombla)634s
1954 JO
Mexican Irrig Asstng 434w..1043 11 N
Mexico (US) esti 5801 1899 L '45 Q J
Assenting 5.9 of 1899
1945
Assenting 58 large
Assenting 4s of 1904
Assenting 49 of 1910
Assenting 49 011910 large.....
Assenting 49 of 1910 small
Treas 65 of '13 assent(large) '33 JJ
Small
Milan (City, Italy) esti 6348 1952 AO
Minas Geraes (State) Brazil
External s f 633s
MS
Esti sec 630 series A
19 8 NI S
5
9
Montevideo (City of) 75_
1952'2)
External a f 6a series A
1959 MN
Netherlands 69 (fiat prices). _1972 MS
New So %Vales (State) esti 5s 1957 FA
External a t 58
Apr 1958 AO
Norway 20
-year esti 68
1943 FA
20
-year external 68
1944 F A
30-year external 65
AC
40
-year a f 534s
D
External s I 5a__Mar 15 52 MS
19°53
99
6
Municipal Bank esti s f 5s_1967 JD
Municipal Bank esti 6158_1970 J
Nuremburg (City) esti 68_ 1952 I A
,
Oriental Bevel guar 68
1953 MS
Esti deb 534s
1958 SI N
Oslo(City) 30
-year a f 68.....19.55 MN
Sinking fund 534,
1946 PA
4
9812
9812 14
5412 12
35
51
59
13
13
22
1512 13
32
15
1054 17
Si
60
50
211
50
110
14
46
4
10114
83
83
24
50
4812 42
6
57
57,
4 48
8
85
67
3
69
48
54
9
48%
3
53
60% 42
95 100
9413 100
50
91
42 884
50
92
15
55
125 38
1112 383
14334 1924
0
, 06
45 Sale 45
963 Sale 95%
8
10612 Sale 1064
10229 Sale 102
101 Sale 101
44 Salo 44
39
52
96% 128
29
107
1034 56
101
15
50
40
76
944 97
Panama (Rep) esti 530___ _1953 JD
10312 10813
Esti s f 58 ser A _ _Nlay 15 1963 MN
100% 10353 Pernambuco (State of) exit 78 '47 MS
101 10012 Peru (Rep of) external 78_ _ _1959 NI S
Nat Loan esti s 68 let ser 1960 J
44
7718
Nat Loan esti e f as 2d ser_ 1901 AO
57
Poland (Rep of) gold Os
95
1940 AO
46
84
Stabilization loans t 7s
1947 A0
45
83%
External sink fund g 8s
1950 J J
53% 893 Porto Alegre(City of) 88_ _ _1981 JD
4
34 100
Esti guar sink fund 7345..1966 J J
25
Prus.sla (Free State) esti 6348 '51 NI S
88
25
External s 63
86
AO
Queensland (State) esti t 7s 11952 AO
25
86
41
9
25-year external Gs
254 87
FA
Rhine-Danube 78 A
3
54 86
1947 SI S
9 05
24
ltlo Grande do Sul extl a f 88_1948 80
86
2611 88
External sinking fund 68..1968
D
3313 90
External 81 78 of 1928 _ _ _ _1966 MN
22 8 85
External s 179 muffle loan.1967 .1 1)
2312 85
Rio de Janeiro 25-year 8 I 88.1946 A 0
25
8612
External e f 634s
1953 PA
14% 28
Rome (City) esti 630
A 0
99 4 103% Rotterdam (City) esti 68_ __ _1984 MN
3
1 52
894 Roumania (Nlonopollea) 7s 1959 FA
49
42
Saarbruecken (City) 68
78
J J
4112 78
Sao Paulo (City) s f 8a_ _Mar 1953 NI N
95
2
37
73
External s 16 he of i927..1957 MN
45
83 San Paulo (State) esti 5186_1936 J J
45
External sec 8185
7614
1950 J
9612 101
External 8178 Water L'n_1956 M S
9112 9932
External s16,
1968 J J
34
75
Secured s f 78
0
48% 92
Santa Fe (Prov Arg Rep) 76.194°
S
1942
60
8814 Saxon Pub Wks(Germany) 78'45 PA
Gen ref guar 6338
55
7914
1051 MN
88
98
Saxon State Mtge Inst 7s
1 945 JO
51
Sinking fund g 630. Dec 1946 Jo
88 100
73
87% Seine, Dent of (France) ext 78'42 J
864 09
Serbs. Croats & Slovenes 88_1962
N
81
Externs see 75 ser 11
52
1062
N
65
7004 49
5512 117
50
4914
5602 118
53
68
6014
16
39
35%
28 4 88
3
25
29
30
27
56
30
26
53
2712
30
51
25
30
40
28
25
34
28
2612
122
36
3313
54
27
235,
25
27
243
26
30
25
2
s
20%
207
1
10012 1004
56
5712 12
44
523 201
1
121
53
43
18
42
37
45
46 2 20
,
12
49
45
72
100
99
13
04
93%
4
35
34
68 Aug'31
8312
60
21
62
594
4
80
88
6
88
88
7
80
76 Sale 76
13
91
88
90 8613
62
57
52 Sale 52
to E sterling. ,Option sale
{Peek's
Range or
Last Sale,
;•
Range
Since
Jan. t,
Low
High
High
Bid
Ask Low
High No.. Low
Cundinamarca (Dept) Colombia
External 81630
10014210233n
4014 6912
SIN 41 Sale 41
92
451
1011%21021%1 Czechoslovakia(Rep of) 8.3_1959 A O 10712 Sale 10712 1081
1 5
26 105 111
Sinking fund 8.8 ser B
102135 1031.42
3 107 110%
107 Sale 107
1073
Denmark 20-year esti 68
102 102
1952 J
94 A
13 104 10714
105% 1055 10514
8
106
External gold 5348
9614 102
34
1011
100% Sale 10014
External g 4 33s__Apr 15 1965 I O 95 4 Sale 954
1023%41053n
952'A
93% 10018
A
86
3
961
Deutsche Ilk Am part elf 6s.1932 Ni S 84
8414 10012
8712 8713
8814 11
11.564, 11- 3-42 Dominican Rep Cust Ad 5.34s '42 M 8 90 Sale 863
-4
85% 90
39
4
90
lot ser 5349 of 1926
105.4210Po"
1940 A 0 8918 Sale 87
85
91
897
8 33
20 series sink fund 534s„.1940 A 0 8918 Sale 87
1041
.10714n
84
94
42
891
10020
.10311n Dresden (City) external 78_1945 NI N
65
96
7112 Sale 71
7212 22
10013
.10311n Dutch East Indies esti 69.__1947 J J 1011 1 Sale 10ll
5
1013
4 22 1007 10212
40-year external (is
101 103"42
1962 M 8 10112 1017 10114 102
18 101 102%
s
30-year ext 530 Mar
1003441011,n
1953 M
4
10112 10214 0112 102 2
5 1003 10311
,
30
-year ext 5348 Nov
1953 NI N 102
4
____ 102 Aug'30 -- 1003 10234
El Salvador (Republic)8s
1948 J J 8014 84
80 107
80
80 14
4
Estonia (Republic of) 7s
1967 J J 40 Sale 40
40
72
464 12
Finland (Republic) esti 6s 1945 M S 773 80
73% 97
3
80
7814
External sinking fund 78_1950 M S 7818 8112 8013
924 925
8018 99
8314 14
External sink fund 61.0_1956 Si S 77 Sale 76
10012 10012
75% 96
49
79
External sink fund 530_1958 F A
9912 0912
7113 883
4
7112 Sale 7112
7514 50
Finnish Stun I.oan 630 A 1954 A 0 70
102 102
94
74
76
74 Aug'31
External 614s series B
10612 107%
1954 A 0 70
7712 934
79 82 July'31 ---Frankfort (City of) s f 634s 1953 M N 55 Sate 55
10712 109
45
87
56
10
10012 10013 French Republic esti 730_1941 .1 D 12518 Sale 12518
12514 22 124 127
External 7a of 1924
100 100 2
1949 J D 11818 Sale 118
,
s
11812 48 117 1217
10014 1003
4
German Government International 35-yr 534s of 1930..1965 JD 5914 Sale 5914
5412 84
64
840
German Republic esti 78... _1949 A 0 87 Sale 87
79% 10513
374
90
German Prov & Communal DIU;
112 112
(Cons AgrIc Loan)633s
1958 JD 463 Sale 463
45
83
8
5
50% 77
Graz (Municipality) 85
195.1 SIN 82
80 10112
8413
85% 80
3
Gt Brit & Ire(U K of)530_1937 PA 1063 Sale 0618
4313 75
4
8
107% 321 105 1083
Registered
7312
45
FA
106% 107
063 July'31
8
e4% fund loan E opt 1960_1990 MN
8919 97
VI; 88% 88% 5 e8513 9434
e5% War Loan £ opt 1929_1947 J D 0818 97
33
69
97%
97% 11 e97% 1014
33 c6912 Greater Prague (City) 730_1952 MN 1033 1057 lO3I8 10318
8
2 103 108
8
Greek Governments f ser 75_1964 M N 98
3314 68
95 C10353
99
974
97% 61
Sinking fund sec 65
3212 68
1968 FA 8412 Sale 83
7912 884
8514 43
305 66% Haiti (Republic) a 16s
8
1952 A0
97
79
79
77% 79
1
Hamburg (State) 6s
30
67
1946 AO 59 Sale 59
92
0112 11
68
32
Fleidelberg(Germany)ext1 734550 J J 62 Sale 62
65
62
9813
62
4
Helsingfors (City) ext 6348..A980 AO 74% Sale 72
9614 104
9114
72
20
75
67
98% Hungarian Munic Loan 734s 1915 J J 4812 62
9412
38
59
6112 16
External a 1 7s___ _Sept 1 1946 J J
41
87%
2
5312 60
59
60
9818 Hungarian Land M Inst 734s '61 MN 66 Salo 66
58
60
95
66
5
Sinking fund 730 eer 11_ 1961 MN 6012 84
62
9812
58
9413
6212
6812 12
0812 Hungary (Kingd of) 17348_1944 FA
62
68% 102
82 Sale 8114
57
83
62
9814 Irish Free State esti 8 5s_ —1960 Ni N 10112 Sale 1014 101% 45 10112 10718
66
927
9819 Italy (Kingdom of) esti is..1951 JD 99% Sale 99
8C101
10014 135
08% Italian Cred Consortium 78 A '37 MS 9814 953 9814
65
923 100
8
4
9913 18
External see 8178ser B
8512 98%
19.17 MS 9312 Sale 9214
85
98
9312 16
65
78
97
9819 Italian Public Utility esti 713_1952 J J 89 Sale 89
897
8 14
Japanese Gov 30-yr s I 630_1954 FA 10618 Sale 106
60
92
4
10812 74 1023 107%
Exti sinking fund 534s__._1965 MN 9612 Sale 964
69
88
913 98%
4
96% 50
Jugoslavia (State Mtge Bank)—
5213 76
Secured s f g 78
52
75
6314 8512
1957 A0 6513 68 68
8
68
48
64
693 Leipzig (Germany)81 7w.._ _19-17 FA 70
95
4
3
70
75 67%
10314C10812 Lower Austria (Prov) 7349..1950 JO
89 10014
_
85 90 July'31
61
-year 68..1934 MN l06i8 Sale 0518
4
97 2 Lyons (CItY of) 15
,
1053
8 23 1033 1064
964 98
9612
9812 Sale 9712
5314 Sale 5114
4714 Sale 4714
51 Sale 51
21 Sale 2014
15 Sale 15
143 Sale 14%
4
10514 Sale 105
54 Sale 54
48 Sale 46
4612 Sale 4512
4312 Sale 43
100 1003 100
8
71 Sale 71
48% Sale 463
4
46% Salo 45%
5612 Sale 53
8
497 Sale 4912
58
633 6312
4
67 Sale 67
69
44 Sale 44
44
4614
46
52
60 4 Sale 60
3
67 Sale
5012 Sale
5012 Sale
62 Salo
3518 Sale
2612 Salo
283 Sale
8
2712 Sale
2612 Sale
26 Sale
26 Sale
265 Sale
8
3312 Sale
254 Sale
24% Sale
2612 Sale
8
207 Sale
10012 101
58 Sale
45 Sale
45 Sale
3814 Sale
45 Sale
45
38
9914 Sale
934 94
34 Sale
55
60
60
55
5912 Sale
92
88
Prke
Friday
Aug. 21.
33
32
70
7(02
36
7612
99 C110
997
62
395 7212
397g 69
44431
4
6312
67
69
44
4614
52
80
783
8
96
064
934
83%
8513
77
85
105
31
5
10512 0518 10514
Sale 31
3818
5
5
Sale
26 A pr'30
813 July'31
5
12
11
Feb'31
7
5
5 July'31
64 7
,
1
512 512 July'31
7 July'31
5
5
6
6 Sale
64
512 Sale
52
,
6
823
813 Sale 8112
4
4
3212 32
29
32
29% 35
42
4312 45
50
_ 45
10414 10514 104
5512 Sale 55 2
,
544 Sale 5418
105 Sale 10413
1053 Sale 10412
4
10114 Sale 101
10119 Sale 10119
3
10012 Sale 1003
99
99'2
10014 Sale 10014
50 Sale 50
993 Sale 99 4
4
,
9418 Sale 94
10012 Sale 10018
101 10112 101
103% 1074
30
75
5
83
4
—U.
2
7
2
45
32%
8
33
18
6
5%
4
1
50
10514
6712 74
35
57
105 4 77
,
105% 67
101 2 36
,
102
166
1003
4 73
2
100
10
102
1
50
100 4 48
,
39
95
100% 10
10114 10
11
5
54
5%
4%
6
512
75 4
3
1214
1153
10
113
4
10 4
,
93
4
1358
134
91
2312 65
2313 65
92
41
44
84%
1031500614
3934 0912
40
6813
100 c10813
IOU 10714
100 103
100% 103%
98% 102
97 1024
993 103
8
48is 8312
95 10114
8818 96%
99% 10414
9912 102 4
,
10318 10318 10 10012 10412
9334
75
85
8612 20
1611 67
21
28
4
20
61
21
213
4 10
15
4014
16
17
62
15
40
15
21% 72
6334 73
6412
19
68
6212 83
6212
188
65
68
90
7114
734 56
27
80
2
3312
37
2112 71
_
35 Aug'31
49
8712
5514
567
8 40
44
83
52
88
50
69
99
83
24
80
5014 8753
29
8818
73
66
08
70 Aug'31
35
8812
61
5
55
211s 5514
25%
25
29
65
11
3418
35
2514 64
_
2514 Aug'31
87%
36
9
36
38
68
22
29
2614
29
9114
78
48
8418
85
4
06% 10614 12 103 1011,
83
71
71
73,
8 47
89
68
4
83
83
3514 93
sale 3514
4
41
24% 6472
8
Sale 243
26% 48
93
38
45 Aug'31
60
8414
25
45
Sale 41
10
254 7612
4412 27
4512 39
2
Ms 587
2712
2712 11
28
88
05
58
74
Sale 7012
90
61
16
65
Sale 64
534 93%
Sale 59%
6312 33
49
8514
Sale 55
57% 45
98
55
9
64
6412
68
4714 C9314
525
8 20
Sale 525
8
43 106 108 ,
Sale 10612 107
6712 93
26
741
75
7012
8413
60
48
67
Sale 6412
10312 Sale
8312 85
21 Sale
21 Sale
1614 Sale
15 Sale
6412 Sale
65 Sale
733 Sale
4
37 Sale
26
36
5612 Sale
514 Sale
80 Sale
70 Sale
7012 75
00 Sale
254 Sale
344 Sale
21
3212
36 Sale
29 Sale
8412 Sale
106 Sale
71% Sale
35/4
243
8
4718
4214
4012
24
7112
64
597
8
55
58
8
535
10612
4
713
4
683
13
27
4
1261
New York Bond Record -Continued-Page z
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 21.
Price
Friday
Aug.21.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y STOCK EXCHANGE.
Week Ended Aug. 21.
Price
Friday
Aug.21.
Week's
Range or
Last Sale.
4,§5
Range
Since
Jan. 1.
High High Low
Ask Low
High
Bid
High No Law
Ask Low
High
9312 12
89
93 4
3
4
4812 67
Bale 43
42
8914 Chic Burl & Q-III Div 3%8_1949 J J 923 93 93
Jan'31
91
91
91
J .1
Registered
45 Aug'31
50
40
80
b
987
8
987
8
963 1003
8
8
1949 J J 9814 99
Illinois Division 4s
10514 10512 10618 28 103 510814
9818 36
100
1958 M S 97 Sale 98
General 4s
75 6814 Aug'31
65
954
/
4
1977 F A 1011 Sale 10118 10212 32 100 10412
1035
8 18 103 107
1st & ref 434s ser 13
Sale 103
13
106
1971 F A 106 Sale 106
lot & ref Ss series A
Sale 105
1064 61 1037 107
/
1
8
2 171 10
88
1171:
1934 AO 88 Sale 88
Ciurago 43, East III let 138
5512 27
6912 5318
40
78
40
27
2512 Sale 25
C & E flirty (new co) eon 53_1951 M N
1 10418 10
4
4 1043
6°
8
4
2
5
1982 M N 1043 Sale 1043
gold 5s
Chic Sc Erie 1st
9418 152
Taiwan Elea Pow St 534e -1971 Si 94 Sale 9312
9312 95
8518 121
58
69114
1
813
8
s
774 8412 Chicago Great West 1st 40..1959 M 5 6312 Sale 8312
Tokyo City 55 loan of 1912_1952 M s 813 8214 81314
8
1947 J J 70 10512 1054 July'31 ---- 1047 110
23
AD 95 8 Sale 9514
3
96
8812 9718 Chic Ind & Loulsv ref 6s
External St 5345 guar
1961
Apr'31 ---- 100 4 1023
4
8
977 101
3
1947 J J
Refunding gold 55
5212 11
5312 48
4018 76
Tolima (Dept of) extl 78_ _ _1947 MN 48
9384
Apr'31
91
91
1947 J J
Refunding 45 series C
_
9512 Aug'31
95 10014
Trondhjem (City) let 5345_1957 MN 9512 99
90 4
3
66 July'31 -_-_
66
1966 M N
gen 55 series A
13
1st &
70
80 9312
95
891c104
/
4
Upper Austria (Prov) 78. _ I945 J
4
73
73
914 100
72
/ 9
1 6
10
1st & gen Bs ser B___May 1968 J J
79
74
Externals?6348 June 15_1957 JD 78 Sale 74
913
4
1
91
91
1956 J 3
Chic Ind & Sou 50-yr 4s
A 57 Sale 57
61
5
52 104
Uruguay (Republic) eat' 80_1846
1
8
_1969 J D 997 --__ 10012 lOO'z
3
9
94
99 18718
7 % 01%
196C MN 44 Sale 44
52
39
External 5 f Os
887 Chic L S & East 1st 4 Hs_ _
8
42
821
8
4
18
May 1 1964 MN 433 Sale 4334
55
40
883 Ch 88 & St P gen 46 A_May 1989 J J 807 Sale 8012
8
Exti sI 8s
____ 84
Oct'30
Q J
Registered
4
98
Venetian Prov Mtge Bank 78 '52 AO 973 98 97
933 1007
8
8
Sale 727
8
e
"6913 751
727
8
30
Gen g 334s ser B __May 1989 J J 727
79
7314 89
Vienna (City of) eat' s f 60-1952 MN 75 Sale 734
90
9612
,
9014
2
Gen 454s series C___May 1989 J J 9014 9212 90 4
42
51
43
70
Warsaw (City) external 78-1958 FA 4712 Sale 4712
4
9012
8812 9612
Gen 434s series E__ _May 1989 J J 9012 Sale 9012
993
4 35
95 10114
Yokohama (City) exti 68_1961 SD 99% Sale 9912
40
95
/
1
94 101
Gen 434s series F___May 1989 J J 9414 954 94
149
52
45
76
Chic kIllw St P& Pee 58_1975 FA 47 Sale 46
Railroad
212
20
15
35
Jan 1 2000 A 0 18 Sale 18
3 102114 10512 Cony ad) bs
Ala Gt Sou let cons A 58-__1943 3D 105 ____ 10518 10518
8
73
/
1
4
735
8
1
73 s 81
,
1943 SD 9414
9414 Aug'31
92 4 943 Chic & No West gen g 334s_1987 MN 735 76
3
1st cons 48 ser B
4
Q F 71
____ 791 Mar'31
/
4
7712 7912
4
Registered
3340-1946 AO 903 911 903
8
9214
4
891
/
4
904
/
1
Alb & Susq lot guar
2
87
82
91
1987 MN 82 Sale 82
General 4s
1998 AO 9014 90
/ 9014 Aug'31
1
4
86
Alleg & West 1st g gu 4s
9014
8
8618 91
1942 MS 973 9814 973
Stpd 48 non-p Fed Inc tax '87 M N 8214 9212 87 4 July'31 ---4
4
964 100
/
1
9812 26
Alleg Val gen guar g 40
10112c10311
4
434s stpd Fed Inc tax.1987 M N 1005 10214 10214 Aug'3
1995 Q J 5514 Sale 5514
Gen
597
8
3
Ann Arbor 1st g 45- _July
6514 8014
23 10412 11012
/
1
8
Gen 5s stpd Fed Inc tax_1987 51 N 1044 10558 10412 1067
-Gong 40_1995 AD 993 Sale 99
9912 118
975 101
8
Atch Top & S Fe
3 100 102%
1933 M N 9812 10012 10012 10012
Sinking fund deb 50
AO 983 Bale 983
4
4
983
4 11
Registered
96
99
/
1
4
1938 M S 103 Bale 10312 1064 34 10311 10911
-year secured g 630
15
9312 c9912
Adjustment gold 48_ _July 1995 Nov 9312 97 9514 Aug'31
89
85
84 103
/
1
4
May 2037 J D 85
9578 18
85's
944
/
1
1st ref g 541
July 1995 MN 9518 96
Stamped
94
9812
.1
7212 95
76's 42
May 2037 .1 D 7212 Bale 7211
MN
94
9412 May'31
1st & ref 434e
Registered
934 9412
/
1
76
76
74
95
/
1
4
1st & ref 434e ser C_May 2037 S D 74 Sale 74
/
1
4
97
/
1
4
9
975
8
9434 97
Cony gold 48 of 1909.-1955 ID 97
/
1
4
4
63 4 284
3
1949 IAN 593 Sale 5912
5912 93
1955 ID 97
/
1
4
975 Aug'31
8
Cony 434s series A
9414 98
Cony 49 of 1905
1960 ID 9414 051 9414 Apr'31
Cony g 4s issue of 1910
9414 9414
5
86
98
1948
D 112 Sale 112
Chic R I & P RallwaYgell 48 198
8
11312 102 11118 122
Cony deb 434s
.1 5 86
5 J
85
91
88.14 85 July614
6
83
'
Registered
Rocky Mtn Div 1st 4s._19(35 J
94 4 973 9754 July'31
3
935 98
4
80
"g dile - 80
1934
9912
87
2
9
Refunding gold 48
9918 18
Trans
-Con Short L 18t 48.1958 .1 J 99 Sale 99
95 10014
A
9614 984
9614 Apr'3
Registered
10312 Sale 10312 10312 18 102 108
Cal-Arlai 1st & ref 434s A.1962 M
721
80
/
1
4
6812 95 8
1
Secured 434s series A..--i952 88 S 7012 Sale 69
4
10312 10312
Atl Knozy & Nor 1st g 58_1946 Jo 1023 -- 10312 Feb'3I
671 130
8
1960 M N 603 Bale 5912
5912 9212
9914 Aug'31
Cony g 430
Atl & Charl A L 1st 430 A_1944ii 9018 99
9712 993
4
1 102 1044
102
1944 Ii 101 1021 101
10212 13 101 1045 Ch St L & N 0 5s_June 15 1951 J D 100 102 102
-year 58 series B
1st 30
8
.1 D 08
100 June'3
100 100
Registered
1951 J J 85 4 -- 89 Mar'31
Atlantic City let cons 4s
3
86
9418
D 8212 84 85 May'3
8512 8512
/
1
4
June 15 1951
Gold 330
9512 33
AU Coast Line 1st cons 4s July '52 MS 9514 Sale 95
95
98
87
9112 Mar3
90
9112
1984
D 10012 Sale 10012 101
Memphis Div 1st g 4s_ ___I951 J D 05
49
General unified 434s
99 102
2 101 102
102
92
90 Aug'31
L & N coil gold 4s-Oct 1952 MN 87
86
925 Ch St L & P 1st cone g 50_1932 A 0 10112 102 102
4
A0--------101 Feb'3
101 101
1948 5 .1 4418 46
Registered
40 Aug'31
Atl & Dan Ist g 48
40
52
13
8838
3
65
80
1948 Si 37
39
Chic T It & So East lot Ss -1960 J D 6014 63 64 4
39
49
30
2d 4a
41
51
5714 Aug'3
73
Dec 1 1950 M
Inc gu bs
1949 AO 65
82 65 Aug'31
All & Tad 1st guar 48
8014 75
8 1023 10514
8
8
8 105
Chic Un Sta'n 1st gu 4)48 A.1963 .1 .1 1035 10418 1035
8
Austin & N W 1st gu g 53-1941 5, 1023 105 104 May'31
10114 10
414
13 10458 106
/
1
4
8
1903 J .1 1055 Sale 10512 1061
1st bs series B
D 1057 1061005 8
1944
s
7
1063
4 16 1033 1063
4
s
Guaranteed g bs
98
52
Halt & Ohio 1st g 48___July 1948 A 0 96 Sale 9412
9918
94
20 11438 116
/
1
4
/
1
4 1161
July 1948 Q
9214
9238
9712
let guar 6345 series C-1963 J J 1154 Bale 1153
8
92
Registered
29
87
91
1952 J .1 87 Sale 87
9212 388
9214
1933 M S 963 Sale 9512
8
-year cony 430
20
9
513 10134 Chic & West Ind con 40
22 1003 105 8
8
1962 88 S 10012 Sale 10018 105
7
92
1st ref 5Hs series A
41
88 10434
Refund & gen 543 Berles A19955 D 90 Sale 88
1 10134 105
M
____
J D
88
88
3 88 103 Choo Okla & Gulf eons 58_1952 J N 10212 ____ 105 105
Registered
98 100
J 975
8
100 July'3 ---1937
July 1948 A 0 la; tile 102 8 10338 41 102 109
3
Cin H & D 2d gold 434a
10t gold Ss
/
1
4
98
9912
9914 Aug'3
3
97 100 11012 C 1St L & C 1st g 43..Aug 2 1935 Q F 98
Ref & gen 6s series C_.1995J D 100 4 Sale 10012 103
/
1
4
9818 Apr'31
98 8 98
,
Aug 2 1936 Q
Registered
92
PLE&W Va Sys ref 48-1941 M N 9318 94
93
10
92
99
93
96
9912 82
1950 J .1 931 Sale 934
Bouthw Div 1st 5s
/
4
93'8 10512 Cln Lab & Nor 1st con gu 413-1942 M N 9414 ____ 9412
103
29 102 106
83 83
85
22
867 Cin Union Term let 434s-2020 J J 102 Sale 102
2
Tol & Cin Div 1st ref 4543..1959 J J 80
83
9814 Apr'3
9114 24
9814 9814
Ref & gen 5s series D.--2000 M S 9014 Bale 8814
883 1043 Clearfield & Mah 1st gu 58._1943
4
4
873 97
4
90
16
/
1
4
9112 88
196C F A
77 Sale 77
8414 172
Cleve Cin Ch & St 14 gen 48_1993 ID 89
Cony 4345
77 C99
1094 110
/
1
1993 .1 D 9912 ____ 110 Feb'3
General 58 series 13
4
Bangor Sr Aroostook let 55-1943 J 5 1033 105 105 Aug'31
103 105
/
1
4
1941 J J 104 105 10412 Aug'3 ---- 103 105
1951 J J 9118 Sale 9118
93
Ref & taint Oa tier C
Con ref 48
18
86
/ 93
1
4
/
1
4
99 105
1953 J .1 99 Sale 99
102
10
71 Feb'31
Ref & impt bs ser D
Battle Crk & Stur let gu 38-1989 J D
71
yi
8912 1013
4
/
1
4
93
83
Beech Creek 1st gu g 413.-1936 J .1 101
1003
8 1003
Ref & lmpt 4;45 ser E----1977 J J 8912 Sale 89
1
8
9712 100 8
,
100 1013
4
10118 Jan'3
19361 .1
100 Jan'30
When issued
2d guar g 53
9912
97
-Ws 997 9814 June'3
Cairo Div let gold 4s---1939 .1
Beech Crk eat let g 3348-1951 A 0 8312 ___ 88 Mar'31
"Weis 88
91
94
4
3
Cln W M Div 1st g 4s-1991 J J 915 9314 92 4 July'3
Belvidere Del cons gu 3340_1943 I J 8914
89
1944 .1 D
93
11
12
92 89
90
98
St L Div 1st coil tr g 45-_1990 MN 84
98
2
Big Sandy 1st 48 guar
61'0 98
:
7
9514 95 4
8
/
1
4
4
94
Six Se Col Div 1st g 40____1940 MS 9512 ____ 95 Feb*3
Boston & Maine jot bs A C_1967 M S 9212 Sale 913
61
911 10314
/
4
3
1955 M N 92 Sale 92
9518 97 4
913 July'3
4
9312 23
W W Val Div let g 40-1940 J
181 m 5s series 2
92 10314
1961 A 0 8712 Sale 8712
88158 28
let g 4348 ser J J
8718 9614
10312 105
14
824 July'31
C CC & I gen cons g 6s---1934 J .7 104 10434 105 Aug'3
Boston 64N Y Air Line 1st 481955 F A 824 85
81
85
10118 10258
____ 102 July'31
/
1
4
98 June'31
Bruns & West lat gu g 48-1938 J
98
9814 Clev Lor & W con lat g 58_1933 A 0 100
8
3 101 1017
101
Buff Roch & Pitts gen g 58-1937 M S ____ 102 10314 July'31
10112 10314 Clevel & Mahon Val g 5s---1938 J J 9812 102 101
10012 1024
1935 M N 101 10212 10212 Aug'31
1957 M N 6912 Sale 694
7512 11
CI & Mar 1st gu g 4 Hs
Consol 4345
6912 90
/
4
4 10 100 1028 Cleve & P gen gu 4 Hs ser B_1942 A 0 1011 ____ 98 Dec'30
Burl° R & Nor 1st & 001155_1934 A 0 100 ___ 10212 1023
4
1942 A 0
87 Mar'29
Series 133348
19421 J
10114 Nov'30
1053
8
Series A 4 Hs
Canada Sou cons gu 15.2 A-1962 A 0 10512 10712 1051s
6 105 10811
"ON% Irizi
1948 M N -411- -_-_-_-_ 925 Jan'31
8
101
3 98 10212
Series C 3Hs
Canadian Nat 4 J45..Sept 15 1954 M S 10012 101 10014
1950 F A 8818 ____ 861 May'30
1957 J J 100 4 Sale 10012 10118 66
/
4
3
Series D 334s
80
-year gold 4345
9714 10258
1977 F A 103 Sale 103
19681 D 100 4 Bale 10012 1008
2 ioi" 105
103
3
Gen 454: ser A
Gold 434s
9712 10212
4 16
10 1024 10412
103
3
1053 Sale 105 4 108
4
9 104 10814 Cleve Shor Line lst gu 4%8_1961 A 0 103 104 103
Guaranteed g 5s__July 19691
108 1114
/
1
4
Oct 1969 A 0 1064 10612 105
4
/ 10612 23 103 10814 Cleve Union Term let 5;40_1972 A 0 1093 111 111 Aug'31
1
4
Guaranteed g 55
/
1
4
2 10412 10912
1973 A 0 10614 108 10614
1970 F A 106 10135a lO5a
lst a f 5s series B
Guaranteed g ba
10614
1064 11 104 1073
/
1
4
4
103
4 10314 35 10118 1043
let St guar 434s series C 1977 A 0 102 Sale 1013
8
58 10038 104
Guar gold 4 Hs_ __June 15 1955 1 D 1025 Sale 10218
92
964
1956 F A 101 Bale 100 4 10114 77 100 10114 Coal River fly 1st gu 40- _1945 J D 951s ____ 92 Apr'31
5
Guar g 412s
97 1021s
98
/ 79
1
4
4 113
28 11018 11312 Colo & South ref & ext 4348_1935
9712 Sale 9712
Canadian North deb 8 f 7s._1940
112 Bale 1123
/
1
4
84
978
4
1980 MN
19463 .1 119 Sale 11812 119
84 Aug'31
Gent In 4345 ser A
77
-year f deb 6 As
37 1154 121
25
92
967
8
1948 A 0 943 ____ 9514
/
4
/
1
9 14
8
8
10-yr gold 4348-Feb 15 1935 F A 10112 Sale 1011 1014 89 10018 1033 Col & H V 1st ext g 40
8
9312 9814
1955 F A
June'31
84
/
1
Canadian Pao Ry 4% deb stock__ j J 8218 Sale 824
120
8114 8912 Col & Tol 1st ext 40
1946 M S 97 Sale 97
90 Dec'30
9814 61
Conn & Passum Itiv 1st 444_1943 A 0
Col tr 4345
97 102
73
/
1
4
1944 5 .1 1023 Sale 102
3 -6914
/
1
1037
8 65 102 107
7312 Sale 734
8
Consol fly non-cony 48.-1954
ba equip tr etre
68
76
1955
fleet 19545 D 1013 Sale 1003 810212 75 10018 10512
Coll tr g 5s
8
4
Con-cony deb 4s
7112 ____ 74 Aug'31
70
7112
723
4
19605 J 9812 Bale 9612
2
1955 A 0 7113
__ 7118
Collateral trust 4 345
9714 42
Non-cony deb 48
96 100
685 75
8
__ 98
1
/ Oct'30
1
4
1956 J 5 713 7414 7112
Carbondale & Shaw 1st g 40_1932 M B 96
Non-cony deb 45
7112
4
35
/ 47
1
4
1942 1 D 383 Sale 383
22
52 Aug'31
Cuba Nor fly 1st 5348
4
39
8 54
St3 75
4
Caro Cent let cons g 48_ _ -1949 J J 505 45
7012
15
10312
/
1
4
56
5 102 104
Cuba RR 1st 50
-year 58 g 1952 .1 J
5312 Salo 53
Caro Clinch &0 1st 30-yr bs 1938 J D 10312 Sale 103
58
804
1936j D 86
/
1
9
109
10 107 10912
1st ref 730 series A
6734 68
1st & con g 80 ser A Dec lb '52 J D 108 Sale 108
/
1
4
6814
1981 J D 80 ___. 88 July'31
72
58
1st lien & ref 6a ser 13.-1936 J D 55
64 Aug'31
88
Cart & Ad lst gu g 4a
58
92
1948 .1 D 85
79
78 May'31
Cent Branch U P let g 4s
78
833
4
904 9914
/
1
10384 June'31
9214 118
8
Central of Ga 1st g 55__Nov 1945 F A
101 103; Del & Hudson 1st & ref 48..194. MN 9038 Sale 903
1945 M N 8714 Sale- 8714
193 A 0 103 105 1054 July'31 _- 10012 106
9112 40
30
-year cony ba
8714 10214
Congo! gold 58
193
Ref & gen 5 Hs series 13-1959 A 0 64 Sale 64
64
10512 32 10318 1001,
15
2
64 100
-year 53.4n
N 105 Sale 104
1959 A 0
6934 70 Aug'31
9812 100
Ref & gen 5e series C
100 Apr'31
9518 D RR & Bridge let gu g 40..193 • A 99
7
0
83
99
Den & R 0 1st cons g 45___ _193 J J 8314 Sale 83
Bale 75
75
5
1
Chatt Div our money g 48_1951 J D
89
88
75
9212 101
193 J .1 897 Sale 9412 Aug'31
____ 9314 June'31
Consul gold 4 34s
Mac & Nor Div let g 50_1946 1 .1 88
93; 102
8
19
17
42
83
Den & RG West gen 5a_Aug 195 F A 45 Sale 45
33
Mid Ga & Atl Div pur m 5'6; ; 7214 10014 10212 SePt'30
51
95
___ 1011 Apr'31
/
4
Ref
Mobile Div let g 5s
151ia 1615; Des & impt ba ser I3_Apr 197 A 0 5412 Sale 5412 61 35 5412 8534
1961 j j 83 Sale 83
8
83
8
M & Ft D lst gu As__ -193 J J 10
4
83
8 Apr'31
Cent New Eng 1st gu 4s
8914
25
/
1
4
8
9412 9014
6
Certificates of deposit
Cent RR & Bkg of Ga coil bs 1937 M N io__ 93 95 July'31
5 June'31
817 15
18
4
8 111 111 Aug'31
Central of N S gen gold 50_1987 J .1
Des Plaines Val lot gen 430-1947
111 115
99 Nov'30
1987 Q J 107
1955 .1 DI 30 ____ 35
97% 192 July7 1
174
/
%
1
93
'
%
"IC ii"
Registered
10912 11412 Dot & Mac 1st lien g 48
Apr'31
1987
.1
1995• D 25
Gold 4s
5
8712 9812
General 4s
38 Dec'30 --40
1949 F A 964 9814 97
97
/ 23
1
4
/
1
Detroit River Tunnel 4 Hs_ _1961 MN 102
9112 99
103
103
/
1
4
Cent Pat 1st ref gu g 4s
3 10112 fa;
F A 94_
9614 July'31
Dul MIssabe & Nor gen 5s..1941 .1 J 1045
Registered
07
10418 June'31 _- 1041, 10418
95
8
48 1954 A 0 95
66 97 Aug'31
102 104
/
1
4
Dul & Iron Range 1st 5s_ -1937 A 0/ 1023 103 10414 Aug'31
Through Short L 1st gu
95; 98
4
1960
A 98 Sale 96
99
29
96 1051 Dul Sou Shore 8r Atl g 58_1937 .1 J
3612 6018
46
46
1
46
Guaranteed e 55
60
/
4
965 97 4
4
3
East Ry Mimi Nor Div 1st 45'48 A 0 92
973 July'31
4
109 111
Charleston & Sav'h let 78-1936 J J 10714 ____ 111 June'31
8 10434 108
Chen & Ohio 1st con g 58-1939 M N 10712 108 10712 108
10512
6 WO 108
East T Va & Gil Div let 5s..1956 M N 10018 10512 100
m N
10314 Mar'31
/
1
4
5 104 107
Registered
101 10312 Elgin Joliet & East lat g 311-1941 MN ---- 105 10412 10413
/
1
1992 M S 10412 Bale- 10412
10218 1064
10612 29 10318 108
1965 A 0 100
1043 July'31 _
4
General gold 4348
__
El Paso & 8W 1st 53
/
1
4
8414 89
M S 99_ 10412 July'31
1996
102 10412 Erie let cony g 4s prior
J
871z Sale 871s
Registered
887
8 25
90
/ 5712
1
4
1993 A 0 9712 Sale- 97
84 July'31
1996 I J
4345
9814 20
8278 87
97 10318
__
Ref & impt
Registered
67
7914
9912 116
87 Sale 67
7314 33
9712 10234
Ref & impt 4 Hs ser W.-1995 j j 9712 Sale 9718
1st consol gen lien g 48---1998 J J
8
1996
08 Dec'30
1015 10312
8
Craig Valley 1st 5s_.May 19401 J 1027 ____ 10314 Aug'31
Registered
91(14 16117,
101
101 I
5
/
1
9412 953
8
Potts Creek Branch 151 45.1916 J j 944 ____ 9514 June'31
Penn coil trust gold 40_1951 F A 100
7812
66
66
683
4 16
931,0102
R & A Div 1st con g 48-1989 J J 9612 ____ 9712 Aug'31
50
-year cony 48 series A._1953 A 0 6712 70
1989 J
661 784
/
4
/
1
1953 A 0 6712 69
9612 94 Aug'31
68 I 17
94
8
924 9412
665
consol gold 43
2d
Series B
1953
6718 7512
5718 Atig'31,__ _
4
Warm Spring V 1st g 50_ _194I M E4 1024 ____ 1043 May'31
1043 10414
4
Gen cony 4s series D
6512 8412
1967 M N 6814 Sale 68
71
92
-Bee under Indus tr'Is
Chesap Corp 50
Ref & impt 53
84
66
707 160
8
68 68
68
6
Chic & Alton RR ref g 3s..1949 A 0 67
6712 73
Re? & impt 58 of 1930- _1975 A0 67 Sale 67
/
1
4
1103 Sale 108
4
1104 18 108 112
/
1
65
67 65 July'31
Ctf dep stpd Apr 1 1931 Int65
70
Erie & Jersey lots I 6s-1955 J
1950 J J 793 ____ 795 Aug 31
1061 11413
/
4
4
4
7934 7931 0 mes cc River 1st s f 611-1957 J J 108 114 110 Aug'31
,
Railway first lien 34s
Bid
Foreign Govt. &Municipals.
1958 JD 43
Silesia (Prov of) extl 75
Silesian Landowners Assn6s..1947 FA 43
Soissons(City of) exti 65._._1936 MN 105
Styria(Prov) external 78_ _ _ _1946 FA 70
Sweden external loan 530_1954 St N 103
Switzerland Govt exti 534v 1916 A0 105
Sydney (City) St 5345
1955 FA
'
-78
'Cwils
sale. 0 Option sale.
1262
BONDS
N. Y. STOCK KM:FIANCE.
Week Ended Aug. 21.
New York Bond Record-Continued-PaRe 3
lb
t
t
Pries
Priam,
Aug.21.
Week's
Range or
Last Sate.
Range
Since
Ian. 1.
Fitch Na Low
Rid
Ask Low
Iltgr
,
Erie & Pitts gu g 3Hs ser 11 1940 J
93es 08
8814 -- 9712 July'31
1941,ii 8814
&glee C 3148
954 9.1
_ 8518 July'31
,
Fla cent & Pen 1st eons g 58 '43
8.513 IS 83 Aug'31
93
81
74 Aug'31
Merida East Coast 151 41411.1959
80
D 75
6718 80
let
.1 fa series A.... 1974 MS 164 Sale 1613
1812 15
164 31
14
3
14
Fonda Johns & Cloy 1st 4 Hs 1952 MN
14
11
14
281z
Fort St U D Co Int g 4 14s 1941 J J 98
9618 Aug'30
_
Ft WA Den C 1st g
2 102 C611JO 103 107 10512 10518
4
Frem Elk & Mo Val let 8e-1933 40 104 10414 104 Aug'33
10312 I0512
BONDS
N. Y STOcK EXCHANGE.
Week Ended Aug. 21.
lb
t
Zt
Price
Prides
Aug.21.
Week's
Ft ange or
,
Lao Sale.
4Z
Range
Since
Jan, 1.
II Ion Ary Low
Mob
Ask Low
13td
Mich Cent-MIch Alr L 48__1940 .1 .1
1
98
9718 9914
98
Jack Lane & Sag 3346_ _195 MS
79 May'26
1st gold 3146
851k 91 9014 Aug'31
1952 MN
Ref & impt 4148 ser C
.1 95 100% 100
2 100 104%
100
19711
Mtd of NJ 1st ext fa
2
7618 8718
7818
1940 AO 7618 Sale 7618
541154 Nor let ext4 He(1880)1934 Jo
9718 10214
100 Aug'31
Cons ext 4148 (1884)____1934 JO 95
96 100
96
10
96
97
Mil Spar & NW list gu 46
1947 MS 8812 9212 903 Aug'31
8
90% 95
5111w & State Line let 3146 1941
Apr'28
90
.1
Minn & St Louis 1st cons 56_1934 151 N
14 161
15
15
Galv Hous & Rend let 58_1933 AO
_ 94 9513 July'3I
9513 100
Ctfs of deposit
9
1934 MN
30
11 July'31 _
24
- 11
39
3513 40
404
Ga & Ala By 1st cons 56 Oct 1945 J J
7
51
1st .14 refunding gold 4e-1949 M
30
571z
3
9
614 5 Aug'31
Ga Caro 54 Nor tat gu g 5s '29
Ref & ext 50-yr 5s ser A..1962 Q F
8
8
8
8'4 8 May'31
86 July'31
88
Extended at6% to July 1.1934 J J 50
85
95
Certificates of deposit
8% 10 Nov'30
73
Jan'31
1946 AO 4014 86
73
Georgia Midland 1st 3.1
73
M St PASS M con g 4a tut gu '38 J, 63
9
64
89I
64
65
65
100
2 100 105
100
Gouv & Oswegatchie 1st 58_1942 JD 100
1st cons 5e
5
58
844
1938 J J 50
65
58
58
8
9938 101%
Gr R & I ext 1st gu g 4/43_1941 J J 98 -- 1013 July'31
1st cons 55 gu as to lnt
68
88
1
68
1938
944
793 68
4
4 1133
8 13 11018 1133
Grand Trunk of Can deb 78.1940 AO 113 Sale 1123
s
10
-year coil trust 6Hs_1931 MS 997 Bale 997
90 1004
8
8 100
5
1936 MS 107% 1084 10712 1077
15
-year s f 65
8 26 10514 1087
,4
1st & ref 68 series A
89
81
1946 J,
81
Apr'31
98 Nov'30
Grays Point Term 1st &B.__ _1947 JO
25 year 5148
45 July'31
45
1949 MS 30
67
48
Great Northern gen 78 ear A.1936 J J l04' Sale 04
1081 491 10312 112
J 92 Sale 92
1st ref 5 Hs ser B
85
99 4
c95
1978
3
5
Registered
JD
199 110
---- 0912 May'31
lst Chicago Term et 45
955 Dec'30
8
1941 MN
let & ref 4 He series A _ _1981 ii 98
9
9712 98%
964 102
974
General 514s series 13_ __ _1952 11 .1 9913 Sale 973
4 10238 113
111
4
973
Mississippi Central lst 58_1949 J J
97
83
92
90
90
6
General 58 series C
1973 J J 894 Sale 88
91 14 25
88 cl08
6514
Alo III RR let Is ser A
50
11159 J
60
63
50
50
4
General 4 Hs series D.._ _1976 .1
8
85
8912 11
9714 885
510 Kan & Tex let gold 4s
86% 100
85% 92
1990 3D 87 Sale 855
8
91
36
General 4 Hs series E_ _ _ _1977 .1 .1 8412 Sale 84
84
8714 38
993 Mo-K-T RR pr lien baser A_1962 J J 90 Sale 90
4
824 1033
4
93
17
Green Bay & West deb Ms A__ Feb 504 70 8712 Apr'31
6713 8712
40-year 4s Series II
7778 92
.1 -_-_ 7954 80 Aug'31
1962
Debentures etre 11
7H June'31
Feb
713 21
77 16
8
Prior lien 414s ser D
98
87
1978 J J
8778 88% July'31
Greenbrier Ry 1st gu 48____1940 MN 961
953 Mar'31
8
95 8 95%
3
Cum adjust 5s ser A_Jan 1967 40 67 Sale 67
95
67
67
1
Gulf Mob & Nor let 5148_1950 AO 65
9611 99H Mo Pac 1st & ref os ser A_ _1985 FA
97 Mar'31
95
7512 100
77 Sale 7513
7914 29
let M 58 series C
1950 40 64H 75 65
12
65
92
65
General 45
5314 75
4
1975 MS 533 Sale 5314
5718 151
Gulf & S I 1st ref & ter 5s.Feb '52 J
101% June'31
102
1015 104%
8
1st & ref Is series F
78
9913
1977 MS 78 Sale 76
7814 47
Hocking Val let cons g 410.1999 .1 J 10012 16412 10014
2 10014 1067
757 99
10112
8
1st & ref g 5s ser 0
N 7518 7614 76
1978
76H 30
Registered
10013 100H
1999 .1 J
10012 Apr'31
Cony gold 5146
69 101
1949 MN 6312 Sale 6212
6618 88
Housatonic Ry cons g 5s_ _ _ _1937 MN 10014 ---- 10014
9714 10114
2
10014
1st ref g 58 series H
99
75
1980 AO 75 Sale 75
777
8 18
H & T C let g 58 hit guar_ _ _1937 I
102 Aug'31
100
7512 953
3
100 102
1st & ref 58 ser I
4
1981 FA 753 Sale 7512
78
299
Houston Belt & Term 1st 5s_1937 J
10014 103
161 4 102 July'31
9.519 99
-3Mo Pac 3d 78 ext at4% July 1938 MN 9512
9512
9513
4
Houston E & W Tex 1st g 59_1933 MN
102 July'31
100 102
Mob & Bir prior Ilen g 59...1945 J J 95 Sale 95
95
95
95
2
let guar 58 redeemable__ _1933 MN 100 162 102 July'31
100 102
- -13
Small
97
96
33 93
96 May'31
99
Hud & Manhat 1st 58 ser A_I957 FA 983 Sale 954
9712 48
4
9514 10214
1st M gold 48
883 92
4
8914 June'31
1945 .)
Adjustment Income 58Feb 1957 A0 72H Sale 7213
81
73
7218 79 4
3
Small
79
8
88
3, 803
81 July'31 --._
Mobile & Ohio gen gold 46_1938 MS
80
83
80 May'31 _
85
Illinois Central 1st gold 4s
_
1951 J J 943
4
9318 96
4
.- 943 Aug'31
Montgomery Div 1st g 58.1947 FA
9913 102
9912 Apr'31
95
let gold 3145
1
8212
1951 3 J 8212 -1114 8212
8212 85%
Ref & impt 4148
35
4578 494 July'31
69%
1977 MS
Registered
8614 8814
J .1 81
8614 June'31
84
Sec 5% notes
3514 90 4
42
3514
4018 10
3
1938 MS 36
Extended 1st gold 334s-1951 A 0 8213
85 8 July'31
5
8513 87 'Mob & Mal let gu gold 411_1991 MS 93I___ 9314 Aug'31
88
9314
let gold 38 sterling
1951 M S
73 Mar'30
105 10914
Mont C let gu 6s
104 110 1087 Aug'31
8
1937 J
Collateral trust gold 49
1952 A 0 84 Sale 84
20
86
84 16;
10214 104
1st guar gold be
104___ 104 July'31
1937 J
Is; refunding 46
1955 M N 69 Sale 8 4
8814 93
6914 29
8
80
86
Morris & Essex 1st itu 3He_ _2000 J
9
80 Sale 80
84
Purchased lines 34e
1952 J J
80
8178 8414 July'31 ---8814
103
4
1 103 1083
Constr M 53 ser A
1955 MN 102 105 103
Collateral trust gold 48-1953 M N 67 Sale 67
18
70
67
9014
95 108
9614
8
19
Constr M 454s ser B
1955 MN 953 Bale 95
Refunding 53
1955 M N 8812 90 8812
5
8812
8818 106
15
-year secured 6 Hs g
9912 10
_1936 J J 9912 Sale 0012
9918 Ito
8912 90 Aug'31
90
Nash Chatt & St L 48 ger A _ _1978 FA
953
4
40
-year 4%a
Aug 1 1966 F A 6212 Sale 6212
64
91
8313 100
N Fla AS 1st gu g 5s
10218
8
1 10218 10414
1937 FA 10218 1047 10218
Cairo Bridge gold 48
1950 J
90 June'31
18 July'28
Nat By of M ex pr lien 4 34s. _1957 JJ _
Litchtleld Div let gold 38.1951 J J 7 1879
77 Aug'31
754 7812
123 July'28 -_-_
4
July
1914 coupon on.
J J
Loulsv Div & Term g 314s 19533 J 7712 8318 79 4 Aug'31
43
4
3
793 8514
4
2
714 24
2
214 10
Assent cash war rct No. 4 on
Omaha Div 1st gold as_ _ _ _1951 F A 7214 7512 7812 July'31
751z 78
3
3 Mar'31
3
Guar 4e Apr '14 coupon---1977 AO
St Louis Div & Term g 38_1951 J J 734 783 7518 June'31
7518 78
4
111 5
2
2 ,111 31
13 -_-- 3512 .1%y: 8
4
Assent cash war ret No. Son
Gold 31.4s
1951 J J 79 Sale 79
79
79
10
8414 Nat RR Mex pr lien 43414 Oct'26 i--j
Springfield Div 1st g 3145_1951 J J 85
85
85 Feb'31
85
413 4 Aug'31
8
Assent cash war rct No. 4 on
Western Lines 1st g 48.-1951 F A
9114 Aug'31
893 93
4
22 Apr'28
let ('onsol 45
1951 ;C:o
Registered,
P A ---- 917 9018 July'31
8
904 9012
113 2
2
414
2 Aug'31
Assent cash war rot No.4 on
III Cent and chic St L & N 0
86
87
Apr'31
87
88
'augatuck RR let g 48._ _ _1954
- N 80
1
Joint let ref 58 series A._1963 J D 72 Sale 71
44
71 10214 New England RR cons 58_1945 J J 10014 10312 101
74
993 10311
4
101
10
& ref 414s serlee C___ _1983 J D 604 83
73 Aug'31
73
96
88
93
913 Aug'31
Congo' guar 49
9114 92
1945
Ind Bloom & West 1st ext 48_1940 A 0 014 94
913 Jan'31
8
9138 91% N J June RR guar 1st 49....1986
___ 92 Nov'30 -A
Ind Ill & Iowa Istg4s
195(1 J J
95% Aug'31
9458 9712 N CAN E 1st ref & Impt 4 HsA'52
02
97
-firs 85
7614 Aug'31
847614 85
Ind & Louisville let gu 4s-1956 J
8434 8814 New Orleans Term let 4s_ _1953
- 723 8712 Feb'31
8
85
93
18
88
2
86 Sale 86
Ind Union By gen 5s ser .t..1965 J J ia 105 1023 July'31
4
1023 1033 V 0Texas & Mex n-o 114058_1935 A 0 ___ 84
8
8
98 100 8
3
9834 Mar'31
Gen & ref 56 series B
19653 J 103 _
102% Aug'31
1023 10419
8
58
93 4
8
8
62
1st 58 aeries B
60 Sale 60
1954 A
Ind & Grt Nor 1st 8s ger A..1952 J J 7912 Sale 7918
86
29
7778 90
63H 94
82
84 Aug'31
1st 58 series C
511
A 50
1958
Adjustment 68 sex A_July 1952 A 0 47 Sale 47
37
5.51z 27
45
65
72
1
1st 4 34e series I)
55
A 45 Sale 45
1956
1st 5s series B
1956 J J 6414 Sale 644
33
13414 81
62 101%
6
6
1
1st 534s series A
63
63 Sale 63
1954 A
let g 58 series C
1956 J .1 654 70
85
28
65
69
8012 N & C Bdge gen guar 4 Hs_ _1945
96 100
____ 100
100
1
lot Rye Cent Amer let 58-.1972 M N 5712 Sale 571
57, 73
2
6
101 1013
6578
4
N Y R&M 11 let cong 59_1935 A 0 1013 ____ 10154 July'31
4
let coil tr 6% notes
1941 M N 8312 657 68 Aug'31
60
8
8314
1078
4
let lien & ref 6!.4s
1047 F A 495 Bale 495
8
5312 35
8
4778 74
N Y Cent RR cony deb 68_1935 MN 107 1073 1063
8 32 103H
4
4 1075
Iowa Central 1st gold Ss__ _1938 J D
6% 812 9 July'31
87
9
18
97%
Consol 45 series A
2 35
1998 FA 8718 Sale at
Certificates of deposit
6 8 10
5
10 June'31
10
8'13 104
4
15
Ref & Impt 4 Hs series A 2013 A0 89% Sale 893
4
9214 33
Refunding gold 48
1951
2
893
2 Sale
213 27
2
4000%
893
When Issued
4
9218 594
James Frank & Clear 1st 4s_ _1959
D
8
94
945
8
5
987
94% 945
8
99 109
Ref & Imp;58 series C_ _ _ _2013 A0 99H Sale 997
10012 188
8
Hal A & 0 R 1st gu g 5s
1938 J
103 May'31
103 103
NY Cent& Ilud Rh M 314e 1997 J J 82 Sale 8214
40 8114 8714
83
,
Kan & M 1st gu g 48
1990 A 0 88
8314 8533
88
88
88
2
9412
8.3 14June'31
Registered
1997 J J
C Ft8&
1938 A 0 .
Ry ref g 48
87% 15
9814 10314
864 9912
861z 881
Debenture gold 4s
9912 122
4
1934 MN -083 We 9814
Kan City Sou 1st gold 38-1950 A 0 ill; Sale 774
7812
9
96 1015
73
815
6
8
30
J 96
-year debenture 4s
984 9612 Aug'31
1942
Ref & Impt .58
Apr 1950 J J 847 Sale 80
21
80 1023
86
76
8
85
4
Lake Shore roll gold 3345-199 FA 76
783
78
76
8
/Kansas City Term 1st 4e.„1981. 3J 97 Sale 97
934 9818
97H 27
76
82
18
1948 FA 744 8214 81 May'31
Registered
Kentucky Central gold 46..1987 .1 .1 88_. 934 July'31
75
8512
914 94. 4
3
Mich Cent coll gold 3143_1998 FA 76 Sale 75
76
Kentucky & Ind Term 4118_1981 J J -23-87 93 June'31
93
93
80
84
8219 Mar'31
Registered
744 84
1998 FA
Stamped
1961 J
9218 8914 July'31
884 94
95 10018
89
NY Chic & St I. let g 48
1937 A0 9718 98 963
4
9654 11
Plain
1961 J J 93
89 Apr'30
1z
9314 Mar'30
Registered
1937 40
16'18% gold notes
8018 153
1932 A0 78 Sale 76
.1
Lake Erie & West let g to_ 1937
102
102 102
1014 10314
5718 107
6312 21
Refunding 5 Hs series A-1974 A0 63 Sale 6118
2d gold 58
1941 J J
10014 10034
99 10014 July'31
558 93
MS 554 Sale 5518
Ref 4 Hs series C
61 14 138
1978
Lake 8h& Mich So g 3Hs_ _1997
D 8118 8418 8112
8112 874, N Y Connect 1st gu 4148 A_1953 PA 983 Sale 98%
82
4
983 1035
4
10013
4
4
D 7918 82
Registered
1997
83% June'31
10418 10513
83
85
let guar foi series B
1953 FA 10411 10512 10512 May'31
Leh Val Harbor Term gu 58_1954 FA 10012 105 8 04 Aug'3I
92% 92%
5
10313 1071z N Y & Erie 1st ext gold 48._1947 MN 9414 -_-- 9255 Mar'31
J J 100 8 101
Leh Val NY let gu g 4548_1940
99 10112
00 8 July'31
3
3
.100 June'30
3d ext gold 4346
1933 MS 995
Lehigh Val (Pa) cons g 413_2003 MN 78 Sale 78
78
8214 50
9018
MN
Registered
83
83 May'31
96
88
97%
N Y & Greenw L gu g 58__1946 MN 80
85 9614 Feb'31
General cons 414s
4
93 4 101
3
2003 MN -933 Sale 933
1
9354
4
88
88
N Y & Harlem gold 310_2000 MN 85 -.- 88 June'31
Lehigh Val RR gen 5s serie6 2003 'IN 100 Bale 9914
994 100 4 •N Y Lack & W 1st & ref gu 58'73 MN See note• b elow
14
100
,
Leh V Term Ry 1st gu g 58 1941 A 0 102 1055 03% Aug'31
102 103 8
7
let & ref gu 4 He aer B_ _1973 MN 100 105 102 Aug'31
101% 105
8
Lehigh & N Y 1st gu g 48_ _1945 5.1 S 9214 98
84
954 Aug'31
10018 10214
96
Y & Jersey 1st fot
1932 PA 101 10114 101
Aug'31
Lax & East let 50-yr 58 gu 1965 AO
108 111
94
94
N Y& Long Branch gen 48_1941 M S 925
108 109 Aug'31
94
8 _
Apr'31
Little Miami gen 48 series A.1982 MN ---- -- 9112 May'31
911s 9312 NYANE Bost Term 49._ _1939 AO
754 July'29
Long Dock consol g 68_ -1935 40 10312 Sale 10313 105
8719 - 11IT(T 8
2 10312 108
N Y N & H n-e deb 48 ,.1947 M
873 July'31
4
Long Island
81
84
Non-cony debenture 3H8.1947 MS 154 Sale 8314
8314
1938 J
General gold 48
95
8112
1
73
973
4
98
Non-cony debenture 3143.1954 AO 74
97 4
1
- 9754
8012 July'31
80
Gold 48
1932 JD
9818 100
83
88
Non-cony debenture 4s___1955 .1
166 00 Aug'31
8014 84% 84 Aug'31
Unified gold 48
1949 MS Oi
907 9513
8018 8713
8
93 Aug'31
Non-cony debenture 48___1956 MN 83 Bale 83
833
4 15
D 1014
1931
Debenture gold 58
101 102
70
83
0118 Aug'31
Cony debenture 3148-1958 .1 .1 744 Sale 7418
7418
5
-20
-year p m deb 56
1937 MN 10214 10312 0214
9812 103
10212 21
Cony debenture 6s
1948 J J 111 Sale 110
112
39 110 11834
Guar ref gold 48
92
1949 MS 9312 9512 9518
110 11518
42
97
J J
98
Registered
115 July'31
Nor Sh B 1st con go 58 Oct '32 Q
10012 1013
July'31
01
Collateral trust 68
99 4
3
4
1940 AO lOS's Sale 104
10512 71 104 10612
7112 77 8
Louisiana & Ark 1st 5s ser A _1969
J 44 Sale 44
39
44
7
45
75
Debenture 49
1957 MN 7218 7213 72 Aug'31
Louis &Jett ledge Co gd g 48_1945 MS 94
93
9714
5
8811 95%
1st & ref 4 Hs ser of 1927.1987 JO 8818 Sale 8612
9418
95H 94
904 34
Louisville 24 Nashville 5a_ -1937 MN 103 10514 03% July'31
10274 10338
/
8914 06
Harlem R de Pt Ches let 4s 1954 MN 951 Sale 9513
95% 10
Unified gold 4s
97149102
1940 JJ 98
9814 19
08s 98
37
Registered
6013
J J
NYO&W ref g 4s June_ _1992 MS 567 Sale 567
9418 Mar'30
23
58
8
8
Collateral trust gold 58___1931 MN iool2
10012 fOi"
3118 52
General 4s
0012 10012
1955'I) 52 Bale 511z
7
52
1st refund 514s wiles A._.2003 AO
96
98
1015 10115 N Y Providence & Boston 4s 1942 AO
8
8
03 Aug'31
Mar'31
98
1st A ref 58 series B
924 „9814
2003 AO oi
4
993 106
4
NY Jr Putnam let con gu 48_1933 AG 8813 ___ 94 July'31 --1
993
4
9912 003
let & ref 4 Hs series C
9013 10214 NY Buse & West 1st ref 58._1937 J
'
,
003 A0 9012 Sale 0012
70 ..,80
1
9112 15
72
72 Bale 72
Paducah & Mem Div 49.. _1946 FA _
93
93
2d gold 4 Hs
July'31
FA 40
93
1937
93
75 Mar'30
60
St Louis Div 2d gold 38_1980 MS
63
61
50
7014
1
General gold 543
68
1940 FA 50 Sale 50
50
1
4
6812 883 88
Mob & Monts Bug 4 Hs_ _1945'NA
1005 10134
8
Terminal 1st gold 58
9812 101
1943 MN 9812 10012 101 May'31
013 May'31
4
100
South By jcent Monon 48_1952 1 J
86
2
Y Wches & B 1st ser 4148'46 J J 761z 767 7812
7718 8713
95
83
8812 88
793
4 31
AU Knoxv & Cin Div 48..1955 MN 88
8914 9712 Nord Ry ext'l sink fund 6Hs 1950 A 0 105 8 Sale 10534
4
8 9413 9413 Aug'31
106
29 1043 108
3
Loulsv Chi& Lex Div g 4148 31 MN 915
100 101
Norfolk South 1st & ref A 54.1961 FA
19
'
45
2312 12
203
4
10018 ---- 0018 Aug'31
215 23
8
Norfolk & South let gold 56_1911 MN 6511 74
71% 85
74 July'31
Mahon Coal RR 1st 5.3
1934 .1
10114 102
104 105
Norf & West RR leapt & ext 641'34 FA 1045.
10213 ____ 102 June'31
10412 July'31
Manila RR (South Lines) 46.1939 MN
64 4 7714
3
7
New River let gold 68_ __ _1932 AO 10218
10214 102%
65
6514
10255 July'31
1st ext 48
1959 MN 65
85
NA W By let cons g 413..1996 40 991z Sale 9913 1004 12
7212
85 July'31
77
0
654 10034
Manitoba SW Coloniza'n 5s 1934 JD 9914 100 100 Aug'31
0813 100
Registered
96
1996 A0 July'31
9714
9714
99
Man G BA N W 1st 310_1941 J J
8714 9019
Dly'l 1st lien at gen g 48._1944 J J 10018 10014 10014
973 100t3
8
8714 June'31
10014
3
1977 11
Mel intermit 1.0 44,4.44
Poenh C & C Pent 4s. _1941 JO
9
219 Dec'30
9334
100
4 ____ 0S9
10
C Cash slue. I vow,. aue. • Sale at 103X reported on March 10 was An error; suoind nave been ref. 41'k6 of
1973 No bonds of the 1st & ref. As of 1973 Issue
outstanding,
New York Bond Rerord-cnntimipd-Pape 4
130NOS
N. Y. STOCK EXCHANGE
Week Ended Aug. 21.
t2
t
North Cent gen & ref 55 A-1974 M 8
1974 M S
Gen & ref 4 As eer A
North Ohio 1st guar g 58-1915 N 0
prior lien 4s-1997 Q J
North Pacific
Q .1
Registered
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q
Registered
Ref & Impt 4 441 series A...2047 J J
Ref & 'mot 65 series B___2047 J .1
Ref. & impt 544 series C__ _2047 J .1
Ref & !mut 5s series 13._2047 J .1
Nor Pac Term Co 1st g 68_ _1933 J J
Nor By of Calif guar g 59_1938 A 0
Og & L Chem istgug4s..1949 J J
Ohio Connecting Ry let 48._1943 M S
1930 1 13
Ohio River RR let g 58
1937 A 0
General gold 55
D
Oregon RR.& Nav com g 413.1946
Ore Short Line let cons g 58_1946 J
1946 .1 J
Guar. stpd cone 58
Oregon-Wash 1st & ref 444_1961 .1 .7
Price
Friday
Aug.21.
lgeek's
Range or
Lag Sale.
dfd
Ask Low
High
10612 ____ 107 Nov'30
_ 10312 June'31
1034
80 80 July'31
91 Bale 8918
915
87
9512 9318 July'31
6315 6413 63
8414
_ 66 June'31
80
8312 85
85
10014 Sale 10014 10212
82
947 997 July'31
8
8
8512 944 88
88
10518 ____ 108 July'31
1033 Mar'31
4
50
60 60 Aug'31
97 May'31
103 ___- 103 Aug'31
98
98
9784 ._-- 97 Aug'31
1083 109 1083
4
4 1083
4
1083 1095 1081
4
8
4 1078
92 Sale 92
93
247 20 Aug'31
8
Pacific Coast Co lot g 58_1940 in 21
98
9814 98
10
Pee RR of 1, 1st ext g 45_1938 P A 97
103
1931' ii 103 Bale 101
2d extended gold 58
8
Paducah & Ills lots fg4348.1951 J J 10012 10212 1013 Aug'31
4
Parls-Lyons-M ed RR ext 68_1855 P A 1033 10414 10312 10414
Sinking fund external 7e_ .1955 NI S 10512 Sale 10412 10512
4 10258
1025 Bale 1013
8
Parls-Orleans RR ext 5345_ _1965 M
82
8314 80
"'enlists Fty lot & ref 5 f 78_ _1942 MS 77
983 Aug'31
8
4
Pennsylvania RR cons g 48_1943 MN 973 101
99
1948 MN 99 Bale 9812
Consol gold 4e
48 sterl sped dollar May 11940 MN ---- 101 101 Aug'31
4 10414
Consold sink fund 4348.196 • A 104 Sale 1033
)
General 4365 series A__ _1965 • D 9712 98 9712 100
10412
1968 J o 104 Bale 104
General 5s series 13
s
1936 FA 10618 107 1054 1077
-year secured 6345
15
10914 Feb'31
FA
Registered
10314
-year secured gold 5s___1964 MN 155F8 Sale 100
40
8
8
92
1970 AO 895 Sale 893
Deb g 4348
9414
8
1981 AO 905 Bale 9012
General 434s ser D
94 Apr'31
Pa Co gu 3448 roil tr A reg _ _1937 M S 94
913 4 914 93
93
Guar 3345 coil trust ser 13_1941 FA
903 June'31
8
Guar 3345 trust ctts C__ _ _1942 J D
_ 91 Aug'31
1944
D 92
Guar 344)trust etre D
93
98 93
Guar 48 ser E trust etre_.,1952 MN 92
983
4 100
196 MN 994 100
Secured gold 4fie
8
935
8
963 935
4
Pa Ohio dr Det let &ref 434e A '77 A0 91
5514
8
Peoria dr Eastern 1st cone 45 1940 AO 5512 697 5514
1212
712 1912 1212
April 1990 Apr
Income 4s
1n
Peoria & 141E1711) let 54s_ _1974 P A 103 104 10314 10314
8112
.1 82 Bale 80
Pere Marquette 1st ser A 58.1956 .1
68
67
75 6712
1956
1st 48 series B
7212
1980 MS 7112 Sale 7118
let g 4348 series C
99'2 100
Ma halt & Wash let g 4e_ _1943 MN 9912
1974 FA 10212 10914 10914 10914
General Sc series B
8
8
1977 1 2 984 1017 9818 1015
Gen'l g 4 414 ser C
2314 Aug'31
24
Philippine Ry 1st 30-yr s f 45 '37 J J 23
4
4
1932 ID 1023
- 1023 July'31
Pine Creek reg let 65
93 May'31
Pills di W Va let 4345 ser A.1958 J o
92 July'31.
1958 AO --- 82
let M 4 34a series B
75 Aug'31
7012 73
19611 OA
1st M 4 jis series C
4 1023
4
C & St L gu 4 345 A__.1940 AC 10114 102 1023
4
1942 A0 1013 10212 10112 Aug'31
Series B 436s guar
4
1942 MN 10114 1023 93 June'31
Series C 4 45 guar
954 June'31
1945 MN 9918
Series D 45 guar
95 June'30
Series E 334e guar gold.. _1949 FR
99
99
Series F 48 guar gold
1953 J O
984 July'31
1957 MN
Series CI 4e guar
984 _
9814 July'31
1961: FA
Series 1.1 cons guar 4s
8
Series I cons guar 4 Ws_ -1963 FA
- 1035 Aug'31
104 1047
Series J cons guar 4 45_ _19114 MN 10334-- 8 10511 May'31
4 1013
4
_1970 ▪ D 102 105 1013
65 seriee A
General M
Gen mtge guar 5.1 ser B _1970 A0 1014 106 1001s 102
98 8 Bale 98%
3
9914
1977
Gen 44e series C
8
8
Pitts MeK & Y let gu 68_1932 I .1 1025 103 1027 July'31
104 Apr'31
1934 J J 103 _
2d guar 65
10313 June'31
Pitts Sh & L E ist g 50-.1940 AC 103 _
10314
100 4 Aug'28
3
1943 J
let cense' gold 55
ii
N 93 - 12 984 June'31
Pitts Va & Char let 444_1943
9712 924 Jan'31
let 48 see A_1948 in 97
Pills Y & Ash
4
1962 FA 10514 ____ 1053 June'31
let gen 58series 13
1974 • D 100
let gen 58 series C
713 July'31
4
Providence Becur deb 48_ -1957 MN
_ 897 July'31
8
Providence Term let 4e_ _1i456 MS
954
Reading Co Jersey Cen coil 4e '51 AO 94 Bale 94
101
98 Bale 97
Gen & ref 434s series A. 1997 1
3
9912
3
Gen & ref 434s series B_1997 1 .1 96 4 Sale 96 4
103 Oct'30
Rensselaer & Saratoga 66._ .1941 MN
8
1948 MN ---- 745
Rich & Meek let a 45
Richm Term By let gu 5(3_1952 .1 .1
94 - 4 96 Aug'31
4.4r5
Rio Grande June let gu 55_1939 J
214 June'31
Rio Grande Sou 1st gold 45. _1949 32
74 Apr'28
Guar 4e (Jan 1972 coupon)'40 .1 J
953
8
Rio Grande West let gold 48.1939• J -94 Sale 94
80 80
80
let con & coil trust 4s A_1949 410
8
It I Ark & Louis let 4 Hs_ _1934 MS ---- 847 88 Aug'31
71 Aug'31
71
-Canada let gu g 45
Rut
1949 ii
90 80 July'31
1941 3" 25
Rutland let con 434e
Range
Since
Jan. 1,
No. Low
80
58
_
5
128
7
1
_
5
9
119
1
7
33
14
18
3
15
25
70
31
97
56
214
221
1
7
122
15
2
1
10
23
10
41
5
1
32
1
5
1
2
181
18
26
76
aqvls
St Joe & Grand Tel 1st 45--1947 j J
St Lawr & Adir 1st g 5.5_ _1996 .1 .1
1996 A 0
2d gold 63
St Louis Iron Mt & SouthernRiv & Div let g 4e_ _ .1933 MN
J
-San Fran pr lien 48 A....195((
St 1,
1978M F
Con M 4 444 series A
Registered-.10
1956 .1 1
Prior lien 58 series TI
St L Peor & N W 1st gu 68_1948 J J
St Louls Sou Ist gu g 48- -1931 M S
B2 L SW 1st g 444 bond et18.1989 NI N
2d g 43 Inc bond etre Nov 1989 J J
1932 J D
Congo' gold 48
1st terminal & unifying 53_1952 1
St Paul & K C Sh I. ler 4 43.1941 F A
St Paul & Duluth let 58___ _1931 F A
1968 1 I)
1st consol gold 48
St Paul E Gr Trk let 4 34s..1947 1 J
Bt Paul Minn & Man con 45.19333 J
1933 J J
let consol g Os
58 reduced to gold 448_1933 J J
j D
Registered
1937 J .1
Mont ext lot gold 4e
Pacific ext guar 45 (sterling)'40 J
St Paul Un Del) lot & ref 58_1972 J J
A di Ar Pass 1st gu g 43. _ _1943 J J
Santa Fe Pres & Men 1st 58.1942 M S
Say Fla & West 1st g 6e_ _ _ _1934 A 0
1931 A 0
lst gold 55
Scioto Nr & NE let gu g 4s.1980 M N
Seaboard Air Line 1st g 4s_ _1950 A 0
1950 A 0
Gold 48 stamped
Oct 1949 F A
Adjustment 55
1959 A 0
Refunding 45
Certificates of deposit
let dr cons 135 series A.__1945 M
Certificates of deposit
Atl & Blrm 39-er 144 e 4. 414111 14 S
924 94
923
8
923
8
95 Apr'31
997 July'31
8
4
9014 Sale '90
915
8 61
5714 101
534 Bale 534
43 Bale 43
4612 208
4212
4212
5
615 Sale 6114
,
63
45
100 10512 105
105
1
_ 100 June'31
99 2
,
7518 Bale 75
7518 16
4812 55
45 Aug'31
6615 731 624 Aug'31
8
4712 Bale 4712
51
2
75 Bale 75
9
80
1005 Apr'31
8
_
94
94
6
_ 94
9718 Aug'31)
ioi sale 01
2
101
10314 104
0312 10312
2
10112 1014 015
8 1015
8 10
_ 00 Apr'31
_ 993
993
4
4
4
993
4
9412 June'31
111 Sale 103
4 1113
4 20
9314
1
9314
joii4 931 0314 May'31
!
101 162
-12 01
2
101
100
_ 013 Apr'31
4
975 Aug'31
8
9712 100
3012 35
50 July'31
22
35
26
28
1
4
3
5 July'31
93 12
4
93
4
1014 65
93 _
4
13 June'31
1112 Bale 1112
12
77
1018 1012 1012
5
12
43
4512 42
50
9
Cash sale. 4 Due May. k Due August. a Option sale.
40
2
i6l7
Fal
894
91
63
65
85
10014
984
88
105
1023
8
60
97
1017
8
98
92
107
107
92
BONDS
N. Y STOcK EXCHANGE.
Week Ended Aug. 21.
P
.
97
97
95
6914
67
101
11312
10512
10512
108
1034
77
97
10312
103
98
10912
1097
8
98
14
53
9518 9812
101 103
1004 11.115
8
10212 106%
10312 10712
10012 105
763 97
4
973 1015
4
8
975 10114
8
98 101
1033 10714
4
9712 105
104 11114
1053 11054
4
10914 10914
100 1053
4
94 99,5
8
9012 98
94
94
907 944
8
8
904 975
894 9312
977.
92
98 4 10212
3
93, 10212
8
554 88
1212 13
100 10312
80 10514
6712 953
8
714 10112
97 1003
8
109 10912
9818 10412
2118 25
1025 1024
8
93
9512
91
9,114
75
957
5
101 103
99 103
93 102
957 9818
8
Price
A tig
Fria
.a.
eR's
Hauge ar
Lae Sale.
4eaboard All Fla let gu 6s A.1935 FA
1935 FA
Series B
4eabourd & Roan let 5s earl 1931 J .1
1936 FA
& N Ala cons gu g fe
.1963 AC
Gen cons guar 50-yr 5s..
so Pac con 45(('ent Pac roll) k '49 ID
1st 4 Hs(Oregon Lines) A,1977 MS
1934 • D
20 year cony 5.5
1968 MS
Gold 4345
1969 MN
Gold 434e with war
1981 MN
Gold 434s
San Fran Term 1st 43__ _ _1950 AO
So Pac of Cal let con gu g 58.1937 MN
1937
so Pac Coast 1st gu g 4s
.1
1955
So The RR let ref 48
Registered
Stamped (Federal tax)-1955 .1
Southern Ry 1st cons g 5s...1994
Registered
Devel & gen 45 series A _1956 A
1958 A
Devel & gen 68
1956 A 0
Devel & gen 6345
1996
Mem Div 1st g Ss
1951 .1
St Louis Div let g 48
East Tenn reorg liens 55_ _1938 MS
Mob & Ohio coil tr 48.-1938 MS
1955 33
Spokane Internet 1st g 5s
Staten Island Ry let 430-1943 3D
Sunbury & Lewiston 1st 4s-1936 33
,
A.4 1.071
High
Bid
734 74
7
718
7 Bale
7
7
9012
90,
2
012 92
9
102
Oct'30
10918 Aug'31
19212
9112 Aug'31
- -_
9634
9518 Bale 954
10312 Bale 0312 10312
89
85 Sale 8412
85 4 Sale 854
3
8914
845 Bale 84
8
8812
94
9218 Bale 9218
04 Aug'31
103
96 June'30
973
4
8
934
934 Sale 923
9512 Mar'31
9212 May'30
tiLe 0314 10618
04 July'31
6912
6312 Bale 83
0212 Aug31
1017
8
85 Sale 85
10112 10214 0112 101 12
8918 913 913
8
914
4
8_ 013 July'31
8
981
784 82 July'31
42
397
8
40
35
87
Oct'30
9714 Apr'31
96
Tenn Cent 1st 65 A or 13- _1947 AO
Term Assn of St L late 430-1939 A0
1944 FA
let cons gold 55
1953 33
Gen refund a f g 48
Texarkana & Ft S lot 5345 A 1950 P A
Tex & N 0 COM gold 5s_Aug 1943II
-2000
Texas .2 Pac let gold S8.. .2000 3D
2d Inc 5s(Mar'28 epon)Dec2000 Mar
1977 A0
Gen & ref 55 series B
1979 A0
Gen dc ref 55 series C
1980 3D
Gen di ref 5s series D
Tex Pac-Mo Pac Ter 5348_ 1964 M
Tol & Ohio Cent let gu 5s 1935 33
1935 A0
Western Div let g 58
1935 3D
Gen gold 5s
Tol St I,& w SO-yr e 4
51950 AO
Tol W V dr 0gu 441)set 13-1933 33
1942 58
let guar 46 series C
Toronto Ham & Buff let g 48 1946 3D
74% 80 July'31
1013
4
02 June'31
10514 1064 0514 May'31
9312
9212 Sale 9212
92
9114 Sale 903
8
10312 0012 Feb'31
10313105 0314 1034
95 Mar'29
Sale 8012
81
8212 Sale 81
8212
81
8012 85 8018
00
98 104
10012
10212 10312 028 July'31
100 2 Bale 0012 10012
,
100 102 01 June'31
94
903 94 94
8
0018 Oct'30
99
9618 Apr'31
97
945 Aug'31
8
954 _
High
16a1;
1263
••• I.
13
.
al
No
10
1
145
8
11
103
214
12
31
87
128
68
2
2
10
Range
Since
Jan, 1.
Imo
6
oils
9012
High
1214
12
924
lOi5's 11112
9112 97
955 10238
11.2 1037
8
8412 994
854 100
944
84
921s 98
102 r1061
8
9113 99
954 9612
_10314 111
104 10812
63
883
4
100 11314
85 1177
8
11)04 1024
88)8 93
9934 1013
2
80
9618
35
50
-65 Vit4
t
7
17
11
16
5
8
18
1
1
903 June'31
8
D 69
Ulster & Del 1st cons e 58-1928
6312 Vi" 71 July'31
Sped as to payt Dec 1930int_
68
let con 55 etre of deposit......
66 VO" 65 July'31
Ctfe of den stpd Dec '30 int_
2
3914
1952
3914
39 4 46
,
1st refunding g 4s
8 73
Union Pac 1st RR & Id gr 48.1947• .1 Iowa Bale 1004 1007
9912 June'31
J
Registered
108
96
June2967 MS 95 Sale 95
100
8
let lien & ref 4s
3
.1 .1 9912 Bale 98 4 1004 83
Gold 434s
4
June 2008 MS 109 1123 11012 Aug'31
1st lien & ref Ss
1968 in 91 Bale 91
934 78
40
-year gold 45
1944 MS 99
997 July'31
8
U N J RR & Can gen 48
100 July'31
3
1933 J J 99 4
Utah &Nor 1st ext 48
3
Vandal's cones User's)) A 1955 P A 93 ---- 93 8 June'31
1957 MN 93 ____ 98 Mar'31
Conss 1 45 series 13
2
24 24 July'31
Cruz & P assent 4345_ _1934
Vera
2
4 101
1936 MN 1004 ---_ 1003
-kis 1i- Virginia Midland gen 5s
97 July'31
2003 J J 95 _
9 3 10114 Va & Southw'n 1st gu 5.5
88
62
_-- 52
55
8
1958 AO 60
-year 56
let cons 50
9
814 9814
103 105
4 10212 34
Virginia Ry 1st be aeries A_1962 MN 102 103 1013
43
1962 MN 98 Bale 98
100
10014 10512
1st M 4345 series B
1013 110 4
4
3
10012 11012 Wabash RR let gold 56.--1939 MN 100 Bale 100
102 2 38
,
98% 43
1939 P A 9718 Bale 9718
973 1023
4
2d gold 5s
8
4
64 67
1023 103
67
131 S 60
4
Ref & gen f 5Hs ser
10358 104
9818 May'29
Deb 65 series 13 registered_1939 J J
82
101 1034
81 July'31.
'
3
-year g term 441._1954
let lien 50
10012 10112 10012 Aug'31.
1941 .1
Det & Chic ext 1st Se
985 9813
89
8818 Apr'31
.•1 84
Dest Moines Div lets 4s-1939
9213 92% Omaha Div 1st g 3W.- _ _1941 A0 ---- 774 79 Aug'31
9258
4
81
1941 M
9218
4
913
4
Tol & Chic Dlv g 48
10512 1053
30
69
1976 P A 50 Sale 50
Wabash Ry ref &gen 58B
4
62463
56
1978 AC
Ref & gen 4348 series C
68, 75
2
8712 91
28
64
52
59
1980 AO 46
Ref & gen Se series D
98
94
78 July'31
Warren 1st ref gu g 334e._ 200() P A
8912 July'31
97 10318 Wabash Cent 1st gold 4s
1948 Q
9133 103
2
92
91
4
91
Wash Term 1st gu 3tie
1945 FA 91
1945 FA 9512 - 92 June'31
1st 40
-year guar 45
84
75
Western Maryland let 413_1952 A0 8812 Bale- 6812
8
78 Sale 78
83
let & ref S348 series A-1977 J
2
96 100
4
4 1023
4
Weld N Y & Pa let g 58- --1937 J J 1023 Sale 1023
2
1043 AO 964 974 974
974
214
Gen gold 48
21
663 Bale 68
4
67
Western Pac lot 56 sec A-1946 M
öo
2381
86,
' 8812 Sale 8612
3
West Shore 1st 4s guar
86
8842 16
a
7818 884
33
Registered
99 4
13 1
6
- 1- 9618 July'31
813 101 14 Wheel & L E ref 434seer A_ _2966 MS
4
65
75
9812 9812
5
9812
Refunding 54) series B___ _1966 MS
92
9014 July'31
1949 MS
7412 92
RR 1st consol 48
10
47 484
49
W li
1942 ID 43
vvi
likt EanIst etold s
sfe
s p t l g gu g
877 93
8
313 100 ____ 1025 July'31
8
95 101
8
8
96
July'31
1 90
Winston-Salem S B let 48.__193 3, 96
997 103
8
9
1949 JJ 38 Bale- 40
474
Avis Cent 50-yr 1st gen 4s
38
38
7
Sup & Dui div & term 1st 48'36 MN 5114 53
88 10038 Wor & Conn East 151.4 348_1943 33 7418 80 80 Mar'31
604 89,
2
40
88
INDUSTRIALS.
4212 69% Abitibi Pow & Pap 1st 5s
55 Sale 62
70
55
1953
59 102
Abraham & Straus deb 5345-1943
1024 1087
99
38
With warrants
A0 99 Sale 9712
8
99 100
925
8
8
Adriatic Elee Co ext.)7e
1952 AO 9114 Bale 914
7112 877 Adams Express coil tr g 45-1948 MS 85 4 86
3
2
85 4
3
86
8
45
14 Feb'31
78$4 Ajax Rubber let I5-yr et 83.1936 JO
6012 1004 Alaska Gold 51 deb es A-1925 M
6
7
54 Aug'31
444 9712
7
6
Cony deb es series 13
S
5'4 Aug'31
192
96
49
75
6
63
98 2 Albany Pefor Wrap Pap 68-.1948 AO 634 65 6112
,
100 10055 Allegany Corp coll tr 58
8414 79
1944 FA 6112 Sale 61
89
6914 79
Coll & cony 5s
95 8
,
3D 56 Sale 56
_
5912 61
Coll dr cony 5.5
1950 AO 55 Sale 65
9812 102. Allis-Chalmers Mfg deb 5s.1937 MN 1035 Sale 1024 103
8
38
.
1031 10512 Alpine-Mont Steel 1st75..1955 MS 70 4 80
3
2
73
80
-an
1003 10212 Nmer Beet Sus cony deb 6s._1935 FA
3
36
403 35 Aug'31
4
100 100
26
American Chain deb s f 88-1933 AO 100 10112 9912 100
97
86
2
87
86
1 953 A0 85
942
903 Am Cyanamid deb 55
4
93
96
Am & Foreign Pow deb 5.5-2030 MS 72 Sale 71 2
7314 105
,
10918 112
73
17
JD 73 Bale 71
Amer lee f deb 551
902 967 Amer 10 Chem cony 534s-19 MN 9512 Sale 95
9612 88
8
49
10218 10514 Am Internet Corp cony 53451949 J J 833 Bale 82
4
83 4 59
3
101 1043 Am Mach & Fdy s f 644
106 Aucr'31
4
1939 AO 10518
10012 1013 Amer Metal 534% notes..,1934 AO 73 Sale 71
75
23
4
94
9812 An) Nat Gas 6 45(with war) 1942 A0 20 Bale 1812
35
20
2512 5412 A rn Srn & R let 30-yr 55 ser A '47 A0 10212 Sale 10212 1033
8 88
23
543 Amer Sugar Ref 5-yr 6s__ -1937 J J 1044 105 10412 105
4
9
2
8
Am Telco & Teleg cony 4s_..1936 MS 1035 - -- 10312 10312
8
2
912 2012
30
-year coll tr 55
1916 J o 10712 Sale 107
10712 76
9
15
8
35
-years f deb 58
1960• J 1094 Sale 1087
10914 162
20
-year s 1 548
1943 MN 111 Sale 1105
93 19
4
8 1113
8 94
9
1612
Cony deb 434s
1939 J J 12812 Sale 128
129
39
40
61
35
-year deb 58
1985 FA 10918 Bale 109
e1094 190
80
92
9912 102
1043 1055
4
8
914 95 4
3
90, 1063
8
4
10018 10214
10314 113
8011
RI
804
99 8
3
10018
100
10014
88
100
100
101
107
1034
1004
102
94
-. U IF
9
s
89
97
905 90 8
8
5
61
797
2
64
76
39
60
96 1024
9612 99 4
3
9312 984
98 2 10218
,
110 113
91
95
9734 997
5
100 100
95 8 96
3
0,
9 2 98
24 Os
97 103
97 10012
50
72
1013 10814
4
98 102
100
95
60
105
10212
10212
-81
9412
10011 10212
88
91
79
90 •
90
92 8
1
50
9812
53
8912
98
52
77
78
87
8912
9014 934
87
97
6812 84
78 e97
l025e 104 8
3
924 98 4
,
66
97
8612 9414
,
88 2 93
90
9918
9812 10214
9312
86
424 53'
4
1024 1025
8
92
974
40
6612
80
38
80
80
4412 78
9018 101
86 10012
833 89
8
8
14
10
5
6
5
60
78
574 874
Si
8512
50
85
10014104
69
94
2512 47
98 102
83
4 96
7112 88
85
71
94 102
4
8112 953
10414 106
95
71
818 514
10112 10412
103 10512
99 4 10312
3
105 10814
1047 1093
8
8
1073 1114
4
12012 135
10514c10952
New York Bond Record-continued-Page 5
1264
,4.08ti
•
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 21.
Am Type Found deb 65_ _1940 A 0
Am Wat Wks & El coll tr 53_1934 A 0
1975 M N
Deb g 6s serica A
Am Writ Pap let g 65
1947 J J
1945 M N
Anglo-Chilean st deb 75
Antilla(Comp Asuc)7345
J
1939
J J
Certificates of deposit
Ark & Nlem Bridge & Ter 55_1964 M S
Armour & Co (Ili) 1st 4145- _1939 .1 D
Armour & Coot Del 5448-1943 J J
Armstrong Cork cony deb 55 1940 .1 D
Associated 0116% gold notes 1935 M
1947.3 D
Atlanta Gas L tat 59
AU Gulf & W I SS L colt tr 5.5 1959 J J
1937 J J
Atlantic Refg deb 53
Price
Friday
Aug.21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Ilion No. Low
Ask Low
Ilion
Bid
9912 106
101 105 105 Aug'31
4 1023
4 76 101 104
1013 Bale 1013
4
104
12 10118 10614
1023 Sale 103
4
5
5118
49
77
50 Bale 49
87
7
5714
5714 Sale 55
55
15 Aug'31
19
26
15
10
147 1415 July'31
8
1415
13
9918
9912
7
9918 101
97 10138
79
92
86
75 Sale 75
/
1
4
70
68
58
8012
65 Sale 65
53
93
98
8
9215 93 93
91
10314 -- 10314 10314 18 102 104
1023
8
4
1033 104
- 104 June'31
52
54
6
52
68
50
1013 Sale 10115 102
4
20 10012 10314
Sale
Baldwin Loco Works let 55_..1940 M N
Baragua (Comp Azac) 7145_1937 J .1
Batavian Pete guar deb 4445 1942.3 J
J
1936
Belding-Hemingway 68
Bell Telep of Pa 55 series B...1948 J J
1960 A 0
lot & ref bs seem C
Beneficial Indus Loan deb Os 1946 M 5
Berlin City Mee Co del;63.45 1951
1959 F A
Deb sink fund 6445
1955 A 0
Deb 65
Berlin Elec El & Undg 614s.A956 A 0
Beth Steel 1st & ref 55 guar A '42 M N
30-yr p m & impt a f 55_ 1936 I J
1950 M S
Bing & Bing deb 6448
1934 A 0
Botany Cons Mills 614s
Bowman-Bilt Hotels 1st 7s_ _1934 M S
B'way&7thAvelstconsSs.1943J D
D
Certificates of deposit
Brooklyn City RR 1st 65_ -__1941 J J
Bklyn Edison Inc gun 59 A _ _1949 J J
.1968 J .1
Bklyn-Manh R T sec 65Bklyn Qu Co & Sub con gtd 55'41 MN
1941.3 1
1st 55 stamped
Brooklyn it Tr 1st cony g 4s2002 J 1
Bklyn Union El 1st g 55 _1950 F A
Bklyn Un Gas 1st cons g 5s.-1945 MN
let lien & ref Os series A_ _1947 MN
19361 J
Cony deb g 544s
1950 J D
Cony deb 55
Buff & Busq Iron 1st 5 f 55_1932 .1 D
1981 F A
Buff Gen E14165ser B
1952 A 0
Bush Terminal 1st 48
J
1955
Consol 5s
Bush Term Bldirs 55 gu tax-ex '60 A 0
1945 MN
By-Prod Coke let 5145 A
_ 107 Aug'31
107
16 7i;l- 16
e
13
20
9438 Sale 93
/
1
4
947
8 66
9912
98
7
9912 97
11012 111 11015 111
8
11314 Sale 113
113
/
1
4
9
41
98
9712 Sale 97
2
64
59
64 64
8
8
5
6014
503 Sale 565
8
517
8 44
503 Bale 497
8
534 27
/
1
5215 5415 52
14
104
103 Sale 103
1031 Sale 10314
/
4
1033
4 28
4
---- 693 70 July'31
13
30
32
31
32
1
791
/
4
7918 Sale 7918
3
7
6
6
6
43 1014 5 June'31
4
20
7712
78
_-__ 77
4 18
1073 Sale 10714 1073
4
1007 Sale 10015 10114 128
8
73
6315 July'31 -_-_
65
---- 80 0612 Jan'31
85 ___ 9215 June'28
90
/ 21
1
4
9018 Sale 9018
4
4 11114
1103 Bale 1103
4
_ 121 Aug'31 -121
Jan'31
240 218
26
106 Sale 105
/ 106
1
4
944 May'31
/
1
95
98
6
5
10618 10612 10618 1063
87
/ 913 90 Aug'31
1
4
4
864 14
/
1
84
84
85
2
10014
99 100 100
964 97 Aug'31
/
1
10214 106
944 96
/
1
101 10715
93
83
72 10114
93 10318
/
1
4
97 104
Cal0&E Corp unit & ref 58_1937 MN
1940.3 J
Cal Pack cony deb 58
Cal Petroleum cony deb r 551939 F A
1938 MN
Cony debsfg 5 Ms
Camaguey Sag 1st s f 75-1942 A 0
1941 A 0
Canada BS L lat & gen 69
Cent Dist Tel 1st 30-yr 55_ _ _1943 .1 ID
Cent Foundry let s f as May 1931 F A
& E 5s-Jan 1957 M S
Cent Hud
Cent III Elec & Gas let 55-1951 F A
Central Steel 1st g s f 85___ _1941 M N
Certain-teed Prod 5145 A _ _ _1948 M S
Cespedes Sugar Co lat at 7493'39 M S
Cheep Corp cony 58_May 15 '47 M 24
Chic City & Conn Rys53Jan 1927 A 0
Cl)G L& Coke lstgu g 5s 1937 J .3
Chicago Rys 1st 55 stud !Ma 15%
principal and Aug 1931 Int__ _ _ F A
1943 A 0
Childs Co deb 55
Chile Copper Co deb 58.._....19471 J
1968 A 0
CinG&ElstM 45A
1940 J .3
Clearfield Bit Coal 1st 45
1938.3 .1
Colon 011 cony deb Os
Colo F & I Co gen s 5s___ _1943 F A
1934 F A
Col Indus 1st & coil 55 gu
Columbla G & E deb 53 May 1962 M N
Debentures 55_-__Apr 15 1952 A 0
Jan 15 1961 J J
Debenture 55
Columbus Gas 1st gold 55_1932 J .1
Columbus Ry P & L 1st 444s 1957 J .1
Commercial Credit 5 f Os _ _1934 M N
1935J .1
Coll tr s f 5145 notes
Comm'l Invest Tr deb 5145-1949 F A
Computing Tab-Rec s f 6s_ _1941 J J
Conn Ry & L 1st & ref g 4101951 .1 J
1951 1 J
Stamped guar 4445
Consol Agric Loan-Bee German Pro
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 J J
Cons Coal of Md 1st & ref 55_1950 J D
Consol Gas(NY) deb 5148-1945 F A
1951.3 D
Deb 414s
Consumers Gas of Chic gu 551936 J D
Consumers Power 1st 5s_ _ 1952 M N
1946 J D
Container Corp 1st 69
-year deb 55 with warr_ A9431 D
15
15 1954 F A
Copenhagen Telco 59 Feb
Corn Prod Refg let 25-yr s I 5s 34 M N
Crown Cork & Seal s 85 _ _ _ _1947 J D
Crown Willamette Pap Gs - -1951 I J
Crown Zellerbach deb 65w w 1940 M S
Cuba Cane Sugar cony 7s_19301 J
Cony deben stamped 8s -1930 J .1
Cuban Cane Prod deb 6a_1956 1 J
Cuban Dom Sug 1st 740-1914 M N
-Certificates of deposit-----Stpd with perch war attached _
Cumb T & T 1st & gen 5s_ 1937
Cuyamel Fruit 1st s f 6s A-1940 A 0
10512 --- 105 July'31
38
92
92 Bale 9014
11
79
7718 Sale 7718
1
9014
9014 Sale 9014
5
28
28
26
28
1
42
42
___- 42
_
105
12 - - 106 Aug'31
7512 81 8012 Aug'31
_ 10518 June'31
1081
/
4
_
98
/ 38
1
4
98 fisile 98
5
10914 110 10914 112
583
4 82
55 Bale 55
8
1118 247 15 Aug'31 -944 78
/
1
93 Sale 93
2718 July'31 -i0512 1-gi 10515 10515 5
5s
103 106
891 100
/
4
771 984
/
4
/
1
89 101
15
45
42
70 3
3
105 106
33
/ 8015
1
4
10434 106
9612 8012
10112 115
3312 60
69
15
8
88 1013
/
1
4
2718 45
10312 10612
Del Pow & Light 1st 43is 1971 J .1
Den Gas& El L 1st & ref s f 53'51 MN
1951 MN
Stamped as to Pa. tax.
Dery (D G)Corp 1st f 7s _ _1942 M
26 75 stpd Sept 1930 coupon__ M S
Detroit Edison 1st coil tr 53.1933.3 J
1949 A 0
Gen & ref 5s series A
1955.3 D
Gen & ref 5s series 11
1962 F A
Gen & ref 53 series C
Gen & ref 4345 series D_1961 F A
Det United lot con g 4145._ _1932 J J
1940 M N
Dodge Bros cony deb 6sDold (Jacob) Pack 1st(15_ ---1942 M N
Dominion Iron & Steel 5s_ _1939 M S
J
1942
Donner Steel 1st ref 79
Duke-Price Pow 1st 6sser A.1966 MN
Duquesne Light let 414s A _ _1967 A 0
East Cuba Sug 15-yr s f g 744s'37 M
1939 J J
Ed El Ill Bkln 1st con 45
Ed Elec(N Y) lot consg 5s_1995 J
El Pow Corp (Germany)640'50 M S
Istst6%5
1953 A 0
Elk Horn Coal let & ref 6145 1931 J
Deb 7% notes (with warr) 1931 J
Equit Gas Light let con 55._1932 M S
Ernesto Breda Co let m 7s.1954
With stock purchase warrants_ F A
c Cash sale. a Option sal..
10612 1075
8
48
16
9212 9678
8612 9912
107 11114
11011 115
97 c9915
8818
56
8634
50
47
80 s
7
45
8515
10214 10618
10138 104
70
8312
23
3612
65 105
312 9
4
5
767 87
8
4
10514 1073
983 10212
4
69
62
6615 6612
9214
-86
10714 11212
11712 12112
57
74
5612 60 6118 Aug'31 --63
83
64
65 63
21
67
/
1
4
8212 Sale 82
79
953
4
8414 45
98 Bale 9714
957
8
98
90
115
___ 74
77 Dee'30 _ _
50 Sale 42
34 -37- 1651
85
85 Sale 85
993
8
18
87
9412
76
_
---- 7615 76 Aug'31
99 Sale 99
9412 10138
/
1
4
9912 156
10018 __. 991 Aug'31 -9512 10114
/
4
9112 100
4
98 Bale 973
984 288
/
1
95
994 99
9512 993
99
/
1
8
7
94 101
10014 Bale 100
10014 10
101
121 97 101
101
___ 01
93
/ 993
1
4
9915 Bale 9915
4
993
4 57
9712 Sale 9715
98
/ 131
1
4
9112 10015
/
1
10714 1083 10714
2 1054 108
10714
4
9914 1015
8
1011 July'31
/
4
9918 1033
4
4
100 10314 1)21z 103
& Com Bk 5
62 Aug'31
59
/ 69
1
4
3512 10
3514 Sale 3514
1073 102
4
10712 Bale 10714
1033 314
4
/
1
4
103 Bale 10314
1
105
104 105 105
1
/ 1037
1
4
8
10614 1067 103
8
7
56
5614 60 55
4
30
30 Sale 2912
8
/ 10114
1
4
9815 10015 99
4 15
104 4 Sale 10418 1043
3
9412
9
9412 Sale 94
5
9112
9112 Bale 90
6914 16
6712 Sale 6715
41 Mar'30
c277 Dec'30
8
43
4
7
12 73
5 4 Sale
3
19
8
715
7 4 Sale
3
7 Bale
/
1
4
6
712
8
8
712
19
8 Sale
1
106
108 Sale 106
4
1053
4
105 10514 10514
10112 130
10118 Sale 100$4
2
8
8 1035
/
1
4
103 104 1033
3
4 103
4
103 1033 1023
6
20 61 Dec'29
15 June'31
6
64
69
/ 104
1
4
1021 Bale 102
/
4
1073 Sale 10712 10814 17
4
2
4
4 1073
1073 10814 1073
4
11
10714 108 10712 108
4
1043 153
0418
10418 Sale
9918 July'31
9318 153
9212 Sale 9215
2
73
7318 Sale 65
90 Mar'31
1
96
96
96 100
8 10414 34
8
10418 1043 037
26
105
105 Sale 05
10
30
20 Sale 20
5
0215 10318
103
_
23 Aug'31
118 123
10
601
5914
57
63
12
58
58 Sale 5778
56 Aug'31
15 Aug'31 _
10
15
013 July'31 _
4
101 101
6212 Sale
6312
6212
14
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 21.
0
•-•
Federal Light 42 Tr 1st 55_1912 M S
let lien a 53 stamped_..1942 M S
1st Ilen Os stamped
1942 M S
30-year deb Os series B
1954 .1 D
Federated Metals s f 7s
1939 1 D
Flat deb
g 75
1946 J .1
Fisk Rubber 1st s t 8s
1941 M 5
Framerican Ind Dev 20-yr 7145'42 I J
Francisco Sag let s 7;45_1942 M N
Gannett Co deb 69
1943 F A
Gas & El ot Berg Co cons g 551949 J D
Gelsenkirchen Mining 65_1934 M S
Genl Amer Investors del) 55_1952 F A
Gen Baking deb 5 f 534s__..1940 A 0
Gen Cable lets f 544s A....1947 J .1
Geri Electric deb g 3445
1942 F A
Gen Eiec(Germany) 75 Jan 15'45 J .1
f deb 6 Sis
1940.3 D
20
-year s f deb (is
1948 M N
Gen Mot Accept deb 6s
1937 F A
Genl Petrol lets 55
1940 F A
Gen Pub Serv deb 5145
1939 J J
Gen Steel Cast 544s with warr'495 .1
Gen Theatres Equip deb 65_1940 A 0
Good Hope Steel & I sec 75_1945 A 0
Goodrich(B F)Co 1st 6145-1947 J J
Cony deb 13s
1945 J D
Goodyear Tire & Rub let 5s_1957 M N
Gotham Silk Hosiery deb 6s_1936 J D
Gould Coupler lets f (is_ _ _1940 F A
Gt Cons El Pow (Japan) 75_1944 F A
1st & gen
1950.3 J
6%s
Gulf States Steel deb 5345_1942 J D
Hackensack Water 1st 4s 1952 J J
Hansa SS Lines Os with warr 1939 A0
Harpen Mining 6a with stk much
war for corn stock of Am abs'49 is
Havana Elec consol g 58_
1952 FA
Deb 5445 series of 1926..1951 MS
Hoe (II) & Co 1st 6105er A_1934 A0
Holland-Amer Line (is (flat)_1947 MN
Houston Oil sink fund 510._1940 MN
Hudson Coal 1st s f 5s ser A_1902 ID
Hudson Co Gas let g 55
1949 MN
Humble 011 & Refining 5545_1932 J J
Deb gold 55
1937 A0
Illinois Bell Telephone 55_1956 ID
Illinois Steel deb 434s
1940 AO
Raeder Steel Corp mtge 65_ _1948 FA
Indiana Limestone 1st s t 68_1941 MN
Ind Nat Gas & Oil Ref 58
1936 MN
Inland Steel let 414s
1978 A0
1981 FA
lot m 5 f 414s ser B
1956 A0
Interboro Metrop 4445
A0
Certificates of deposit
Interboro Rap Trait let 59-1966 II
.1
Stamped
1932 A0
10
-year Os
1932 MS
10
-year cony 7% notes
1951 MN
Interlake Iron 1st 55 B
fat Agri Corp let 20 yr 5s 1932 MN
MN
Stamped extended to
Int Cement cony deb 58...._1948 MN
Internat Ilydro El deb 65_1944 A0
1947 MN
Internat Match St deb 58
Cony deb 56
1941 .1 .1
Inter Mercan Marines 1 65.-1941 A0
Internal Paper Ea ser A & B_1947 J J
1955 MS
Ref 5 t Os series A
Int Telep & Teleg deb g 414s 1952 J J
1939 II
Cony deb 4149
Deb 55
1955 FA
Investors Equity deb 59 A -1947 ID
Deb 58 ser B with warr_ -1948 A0
Without warrants
1948 A0
'5
K C Pow & Lt 1st 434s ser B-1957
1st M 414s
1961 FA
Kansas Gas & Electric 4546_1980 ID
Karstadt (Rudolph) lat 6s 1943 MN
Keith (B F) Corp 1st 62-1916 MS
Kendall Co 514s with warr 1948 M
Keystone Telep Co 1st 53-1935 J
Kings County El L & P 55.-1937 A 0
1997 A 0
Purchase money 68
Kings County Elev let g 45-1949 F A
Kings Co Lighting let 6.5- _ -.1954 J J
1954.3
First and ref 6445
Kinney(OR)&Co 714% notes'36 S D
62
933 Kresge Found'n coil tr as....1938 J D
8
2478 4818 Kreuger & Toll sees f 5.5.-1959 M S
103 10855
101 1033 Lackawanna Steel 1st 5.5 A.1950 MS
4
10318 10512 La lode G-L ref & ext 55 - _1934 A0
1953 FA
Col & ref 544s series C
103 1067
8
1960 FA
Col & ref 510 ser D
48
85
Lautaro Nitrate Co cony 65_1954
20
64
J J
Without warrants
97 10212
J
102 105
5s Lehigh C & Nav s I 4 1is A _ _1954
Cons sink fund 414s ser C.1954 II
90
9914
70
9654 Lehigh Valley Coal 1st g 5s_ _1953 II
let 40-yr gu Int red to 4% _1933 II
5912 85
1934 FA
lst&retsf 5s
1944 FA
lst&retsf 53
1954 FA
1st & ret s 53
44 l47
s
1964 FA
1st & ref s 55
7
16
1974 FA
lat&ref sr 5s
712 10
212 17
Liggett & Myers Tobacco 75_1944 A0
1951 FA
5s
10234 106
1941 A0
10218 1055 Locw's Inc deb a t as
4
Lombard Elec 78 without warr'52 JO
Jo
With warrants
10012 10112
_1944 A0
Lorillard (P) Co deb 7s
100 105
1951 FA
55
9953 10412
1937 ,r
Deb 53.4s
C15 Louisville Gas & El(Ky)55_1952 MN
102 1043 Lower Austria Hydro El Pow4
1944 PA
1043 10912
lstat 64is
4
105 10818
10514 110
McCrory Stores Corp deb 615'41 JD
991 1053 McKesson & Robbins deb 5345'50 MN
4
4
Manatt Sugar 1st sf 714s__ _1942 A0
9714 100
8218 93*5
Stamped Obt 1931 coupon 1942 AO
Manhat IV(NY)cons g 45_ -1990 A0
533 73
4
90
2d 4s
2013 ID
90
Manila Elec RR & Lt s f 55 _1953 MS
90 101
102 10612 Mfrs Tr Co etfs of panic In
A I Namm & Son 1st 6s_1943 ID
10212c10654
20
Marlon Steam Shovels 16s _ _1947 A0
42
9734 103's Market St Ry is ser A _ A pril 1940 QJ
11.514 12312 Mead Corp let Os with warr.1945
52
89
Merldionale Elec let is A _ _1957 AO
10
871 Metr Ed 1st & ref 55 ser C 1953 JJ
/
4
lstg 414sserD
50
1968 MS
81
10
Ivietrop Wat Sew & Dr 51411 -1950 A0
20
101 1011 NIctr \Vest Side E (Chic) 45_1938 FA
/
4
Sling Mill Mach Ist s f 75_1956 ID
Midvale St & 0 roll tr s 1 5;4_1935 MS
6514 76
Price
Friday
Aug.21.
Range
Since
Jan. I.
Week's
Range or
Last Sale.
High
1101 No. Low
Bid
Ask Low
917 98
8
954 98 95 Aug'31 -/
1
911 97
/
4
8
943
4
4
943 Sale 943
4
97 10312
99 Aug'31
9912 101
90 100
9014 Aug'31
91
94
7 88 9588
go
88
90 90
8812 42 7912 9234
88 Sale 8734
43
12
21
4312
6
42
3715 39
22 100 109
1011 10315 10115 102
/
4
4018 6911
45
4
41 Sale 41
7212 86
6
7712
7512 Sale 7515
10312 10712
4
107 1083 10712 Aug'31 /
1
4
623 904
4
21
73
67 Bale 67
83
9112
12
86
85
85
89
9312 9914
9
984
/
1
9814 Sale 9814
9234
65
72 Aug'31 --72
73
9912
95
_ 9914 July'31 -7518 104
8
81
7812
9834-7712 80
6514 98
75
5
72
7015 75
60
92
6712 25
634 Sale 6314
/
1
8
4
104
110 1017 1043
1037 Sale 0314
8
4
9 102 1033
103's
103 Sale 03
92
95
12
944 17
/
1
9412 Sale 9415
9614
80
19
83 Sale 83
86
1811 74
2914 126
2212 Sale 2212
61
967
s
2
64
/
1
4
621 6412 6415
/
4
9312 10212
10
/
1
4
98
97 Sale 97
/
1
4
76
50
145
62
6018 Sale 59
8314 9212
911 153
/
4
91 Sale 91
90
75
9212 88 Aug'31 - -88
2
683
38
39
384 Aug'31 - -/
1
40
933 10114
4
21
99
9878 Sale 98
8512 95ie
9212 31
9112 Sale 9012
49
90
5014 22
5012 5112 49
6
14
8
887 9512
867
2
30
57
593 75 July'31 __-4
-40 42 July'31 - io 15 10
5
10
5212 55
53
9
53
56 July'31 _
53
17
giii Sale 8712
7
90
60
41
s
5912 Bale 585
10818
- 10814 Aug'31
10212 gale 10212 102
/ 53
1
4
10312 Sale 10314
10358 11
4 107
/ 23
1
4
107 Sale 1063
103 8 Sale 10311 10378
7
33
50 Sale
8
/
1
4
26
26 Sale 25
10214 Aug'31
102
43
95
941 -- 3 9412
/ 94 :1
4
9434 64
943 Bale 9414
8
101s June'31
1018 20
9
/ Jan'31
1
4
6912 102
67 gale 67
6915 128
6615 Bale 6615
40
55
52 Bale 52
8914 78
8914 Sale 89
2
8
83
/
1
4
8278 837
_
001.
99 Aug'31
62
05 62 Aug'31 _
8412
7
84 Sale 83
4
763
4 50
75 Sale 743
8218 107
7415 Bale 7415
87
/ 175
1
4
7814 Bale 7815
14
73
7212 Sale 7215
5
663
4
65
137
6718
15
4712 Sale 4611
50
7814 27
7315 Bale 7312
897 144
8
85 Sale 85
148
85
80 Sale 80
70 July'31
70
76
2
70
70 Sale 70
70 July'31
70
75
58
8415
38
53
/
1
4
3012
10
40
68
5512 65
86 4 94
3
63
51
1047 1083
8
8
101 C10414
10014 103
/
1
4
105 1075
8
10018 10412
4014 82
25
69
10018 10214
93% 973
4
91
963
4
912 1012
912 912
6414 778
4
6414 78
50
/ 643
1
4
4
89
95
8
827 87
98
/ 993
1
4
2
62
7612
8012 100
9314
65
702 9912
7812 100
7212 97
62
77
40
69 8
3
66
8412
96
81
7114 9112
75
70
76
70
75
70
8 19
10412 1045
10638 19
106
137
9914 100
34
37
/ 39
1
4
23
68
67
69
7012 55
74 Aug'31
105 June'31
13915 Aug'31
8212
7
82
106
106
6
119 July'31
86 July'31
14
10212 103
7715
8412 112
10115 10514
103 107
/
1
4
9312 100
2815 75
/
1
4
62
7815
39
7012
70
82
1033 1053
8
4
134 13912
78
8512
10414 1075
8
11818 120
7212 9018
101 103
8
7712 943
945 9512 95
8
3912 Sale 3212
10412 Bale
106 Sale
9914 Sale
34 Sale
6712 Sale
70 Sale
7015 74
106
139 .._
82 Sale
106 Sale
11815 120
85
87
103 Sale
795 Sale
8
9515
397
8
104 10412 10414
103 Sale 103
10112 Sale 10114
100 Bale 100
10414
10318
10218
10118
1
21
27
10134 1044
/
1
10112 10412
100 1037
8
4
100 1035
22
102
1003
4
10115
9912
87
3
1
8
1
20
ggSale
Sale
Sale
90
Sale
Sale
Sale
Sale
10714
50
52
491
50
12312
10814
9812
80
7812
1123
4
9412
9714
10614
2914
102
1003
4
102
9912
10012
Aug'31
July'31
Aug'31
Aug'31
12438
1083
8
983
4
88
84
/
1
4
1123
4
9518
98
1063
4
7512
22
9812 102
/
4
/
1
4
95 1011
2
100 1027
9862 10212
4
9912 1003
78
50
52
43
4912 55
57
48
11838 125
10414 10858
94
99 4
5
95
75
75
9512
1023 115
4
95
/
1
4
82
867 101
8
10315 108
64
60
Aug'31
22 Sale
102 __
1003 Bale
4
10115 Sale
99
/
1
4
10015
6912 55
51
60
50
12312
10814
9815
813
4
88
1123
4
9415
9714
1063
s
98
75
25
2014
52
45
96
9412
35
9412
6814
92
105 4
3
1013
8
60
603
4
4412
1033
8
9812
Sale
28
2212
5312
50
103
10014
99
98
75
773
4
2614 July'31
2014
2014
51
5312
50 July'31
97 Aug'31
9
19
11
29
14
36
1
26
49
21
60
17
50
2
15
3
9412
Sale 94
2
40
40
40
10
95
Sale 94
15
69
Sale 68
2
92
Sale 88
4
/
1
4 1054
Sale 1053
1013
4 67
Sale 10114
11
53
Sale 49
70 June'31
65
1
4415,
Sale 4412
103
/ 42
1
41
Sale 10314
93 8
7
6215
2114
1912
50
45
95
871
/
4
100
8412
40
35
6212
51
100
92
9412
35
47
92
98
68
90
847 10912
8
10212 10684
991 10438
/
4
42
73
684 77
/
1
8
4412 847
10015 10414
New York Bond
BONDS
N. Y. STOCK EXCHANGE
,Week Ended Aug.21.
Price
Friday
Aug.21.
Weel's
Range or
Lasi Sale,
c
•
1265
Record-Continued-Page 6
Range
Since
Jan, 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended..Aug. 21.
H
Price
Friday
Aug.21,
Week's
Range or
Last SaZe,
- I
Rang.
Since
Jan, 1,
IlIgh
Low
High
Bid
Ago Low
446
High
65
887
2
65 Aug'31
67
1955 FA 60
10478 Rime Steel 18t5 f 7s
10518 10712
s
106
8
El 7s ser 13_1946 MS 1053 Sale 1053
1043. Itochmter Gas &
105 107as
8
10612 1065 1065 Aug'31
8
Gen =ire 534s series C_.1948 NI
10514
10204-- -- 1023 Aug'31
9912 10312
8
Gen mtge 4 As series D_,.1977 NI
104
85 Dec'30
90
Itoch&I'ittsC& I pm 5s__ _1946 MN 82
121 -ii- 04
91
5
9212 11
8
9318 Sale 907
893 10012 Royal Dutch 4s with warr_ _ _1945 AG 903 Sale 8914
4
64
40
4612 10
1948 AG 40 Sale 40
4
9212 9318 903
9318
4
895 99's Ruhr Chemical a 1 Os
8
1
10114
10114 -- -- 10114
9612 1013
8
9934
91
9412 115
920 July'31
8
933e 96
9014 95
St Joseph Lead deb 5 As_ _ _1941 MN 9414 Sale 9314
9712 100
99
4 18
993
9914 101
94 May'31
9318 _
9312 94
St Jos Ity Lt 11 & Pr let 55_ _1937 NI N
57
48
17
53
83
8718 Mar'31
89
8718 8718 St L Rock Nit & P 5s stunal_1955 3 1 53 Sale 50
8738 92
88 June'31
9173 9312 St Paul City Cable cons 55..1937 .1 J
931s 9614 9312 May'31
92
88
8
_ 847 88 June'31
1937 J J
12
Guaranteed 5.5
71
8
705 Sale 7018
65
83
19 10312 10934
108 Sale 10712 108
70
70 July'31
San Antonio l'ub gory 1st 65_1952 j
80
70
70
-See under
4
97
4
993 Saxon Public Works
4 - -- 993 Aug'31
993
Foreign Governments,
94
1
94
94
95
s
923 98
75
60
60 Aug'31
70
1946 J , 55
___ _ 10914 July'31
109
10212 10912 Schulco Co guar 6;0
9114
60
5
60
60
64
1996 AO 60
Guar s 16 As series 13
8
10414 ---- 10312 June'31
1025 10312
9018
65
3
71
7034 71
Sharon Steel Hoop of 5 As_ _1948 FA
9234
30
73
87
Shell Pipe Lines f deb 55_ _ _ _1952 MN 87 Sale 86
Mfrs Tr
Names(A I) & Son _ _See
130
6212 89
74
7012 Sale 70
'3 46
455
50
2
4512
8
4512 5314 Shell Union Oils 1 deb 5s- _ _1947 MN
Nassau Elm guar gold 4s_ _ _1951
6412 90
8
7412 152
1949 AO 7114 Sale 703
4
1942 JO 94 Sale 94
Deb 5.5 with warr
9518
9612
93
lots t 65
Nat Acme
7612 9314
6
86
8512
301
102
8
98 1023 Shinyetsu El l'ow 1st 6 As_ _1952 3D
4
Nat Dairy Prod deb 53s__ A948 F A 1017 Sale 10134
25
7
4
83 Sale
4
83
s 25
87
13t2
1917 F A
3
1312 Sale 1312
1112 '257 Shubert Theatre 6sAtine 15 1942 J D
8
Nat Radiator deb 6;0
3
8014 104
88
87 Sale 87
1935 .1
1956 A0 9118 Sale 91
9112 311
9112 Siemens & Halske s f 75
91
coll 5
Nat Steel 1St
46
70 1013
4
85
8212 Sale 78
1951 NI 5
108
____ 107% Aug'31
Deb s f Ol.4s
104 10812
Newark Coned Gas cons 55_1998 J
4 102 105%
10512
4
10214 27 101 10318 Sierra Ac San Fran Power 58_1949 I" A 10434 10512 105
NJ Pow & Light lot 4 34s-1960 AG 102 Sale 1013
6218 811a
5312 60 July'31
Elec Corp st63s._ _ _1996 FA 42
notes'40 AG 94
9414 23
Silesia
9414 94
85
95
Newberry (J .1) Co 5 A %
6014 15
60
85
D 1113 11178 1113
8
8
112
9 1083 11214 Silesian-Am Corp coil tr 78..1941 FA 6018 Sale 6018
5
New Engl 'I'd & Tel 65 A._1952
8334 10014
9912 117
1961 MN 1073 10712 107
10714 25 1035 10814 Sinclair Cons Oil 15-yr 7s._.1937 MS 9812 Sale 9518
8
8
1st g 43-s series B
9812
78
9512 72
J D 9512 Sale 91
4 37
923
AD 93 Sale 9214
1938
943
1st lien 6 Asseries B
85
4
New On Pub Serv 1st Is A _ _1952
9978 10314
10258 34
D 93 Sale 02
1953
9412 Sinclair Crude 0115 As ser A_1938 J J 10212 Sale 10218
93
53
85
First & ref 55 series B
8
98 1023
8 26
1023
1942 A0 102 Sale 102
sinciair Pipe Line s 58
2
70 Salo 70
72
70
-year lot g 49_ _1951 F A
8412
N Y Dock 50
84
41
6512 57
•S 65 Sale 6012
1939
1938 AO 56 Sale 56
13
57
50
8178 Skelly Oil deb 530
Serial 5% notes
22 102 104
103
110
8
4
45 1135 11714 Smith(AG)Corp 1st 6340_ _193:3 MN 10214 103 10214
8
N Y Edison 1st & ref 6 As A_1941 AO 1157 Sale 1153
97
9812
94
41
1942 MS 9612 Sale 9612
4
4
18 1045 10714 Solvay Am Invest 5s
8
1st Hen & ref Is series B_ _A944 AO 1063 107 1063 c10714
4
8
10614 20 10455 1063
11112
1 10738 11212 South Bell Tel & Tel let s t 55'41 J 3 106 Sale 1057
NY Gas El Lt fl& Pr g 55_1948 JO 111 1111211112
4
6 105 1073
10712
8
9
, 1017
4
Sweat Bell Tel let & ref 58..1954 FA 10718 10712 107
9718 102
Purchase money gold 45_ _1949 FA 100 1013 101 s
4
3 101 1063
1033
.9' 10312 10334 10314
4
_ 99 102 Sept'30 _ _
Southern Colo Power 68 A __1947
N YLE& W Coal & RR 53s'42 MN
4
101 100 June'31
_ 100 166- Stand Oil of N J deb5s Dec 1546 F A 10412 Sale 1033 00512 210 10218 10512
NY LE& W Dock & Imp 55'43 .1 .1
9612C102
111
101
011 of N Y deb 4 As_ _1951 J O 10014 Sale 10014
&ref 4s.,_1942 J J 40 ____ 43A Oct'30 _ _ _
Stand
NY Rys let It E
68
47
3
47
47
48
50
40
40 Dee'30 _ _
Stevens Hotel let Ceser A_ _ _1945 .1 .1 47
Certificates of deposit
30
2
318 Sale
212
412 34
12 212 Dee'30 _ _
Sugar Estates (Oriente) 78_ _1942 NI S
14
-year ad) Inc 5s_ __Jan 1942 AO
30
8
1053 11118
1
14
D 11012 ____ 11014 July'31
14
14 Syracuse Lighting let g 55._ _1951
AO
_
14 July'31
Certificates of deposit
234 Sale
4
23
3
30
4 412
13
N Y Rys Corp Inc 6sJan 1965 Apr
1965 J J 5912 62
5
5912
Taiwan Elec. Power-See under
60
45
61
Prior lien Os series A
107
107
Foreign Governments.
2 106 10712
Y & Riches Gas let Os A 1951 MN 107 _
1073
4 14 104 10734
Tenn Coal Iron & RItgen 55_1951 J J 105 100 107
12
86
99
87
Bale 85
4 712 43 Aug'31
4
43
NY State Rys lot cons 410_1962 MN
4
43 1112 Tenn Cop & Chem deb 133 B_I944 M S 85 Sale 100114 10718 40 1045 108
8
10718
514 15
MN
4
Tenn Elec Power tat Os
514 514
Certificates of deposit
514 9
881 102
9612 260
947 Sale 9412
8
7 June'31
8
6
(312 12
Texas Corp cony deb 5s
60-yr let cons 6 As series 131902 MN
5514 26
8
s
11996.1 537 Sale 537
19440 j D0
47 J
A
4 10912
4
10712 10978 Third Ave Ry 1st ref 48
N Y Steam 1st 25-Yr 65 ser A 1947 MN 1083 Sale 1083
58 4
2
45
71
483
41
1951 MN 10514 Sale 10514
10512 15 1005 105 4
8
Ad)Inc 58 tax-ex NY Jan 1960 A 0 38 Sale 38
•18t mortgage 51
3
9912 10
,
4
1937.9 J 10018 1003 99 2
18 10112 10614 Third Ave RR 1st g 5
,
10514
s
lot & gen s f 410_1939 SI N 10514 Sale 1047
8
N Y Telep
964 1700 8
11
3 1 1:2
8
s 24
1007
M S 1007 Sale 10014
1955
10512 47 10434 108
1941 A 0 10538 Sale 1053
8
67. 61e dPoLer 1st 75
-year ref gold 65
To11c. E0lc 66
30
9914 Sale 9918
9914 24
1946 JO 95
93 10012
9512 95
4
9512
N Y Trap Rock let 65
101
2 1007 10358 Tokyo Elec Light Co, Ltd 1932 j
8
Niagara Falls Power let 58_ A932 J J 101 10178 101
821 9184
58
4
85
8
1953 J D 837 Sale 833
Jan 1932 AO 1013 102 10112 Aug'31
8
10114 103
lst 6s dollar series
Ref & gen Os
104 1073
8
10738 June'31
8
1073 _
1949 M
8
8
10312 106
105
Trenton GA El let g 58
Meg Lock & 0 Pr 1st 59 A_ _1955 AO 1047 10512 1047
45
72
45 Aug'31
54
610_1943 NI N 45
MN 93 Sale 923
1950
94
33
4
Niagara Share deb 5 As
4
893 983 Truax-Traer Coal cony
4
8414 10012
8414
64
8
6612 87
Trumbull Steel let at 6s_ -1940 SI N 8414 Sale 8414
Norddeutsche Lloyd 20-yr a 168'47 SIN 6218 Sale 02
2612
20
1
20
40
45
3914 Aug'31
29
5612 Twenty-third St Ry ref 55_ - _1962 1 J 20 Sale 20
Nor Amer Cem deb 63-0 A...1940 NI
8014 100
3
83
1961 FA 10112 Sale 10114
10158 91
9718 1013 Tyrol Ilydro-Elec Pow 7345_1955 MN 83 Sale 8014
North Amer Co deb 5.5
4
9612
76
4 11
803
8
797 Sale 76
1952 F A
105 Sale 105
Guar sec s 78
10514 20 10014 113514
No Am Edison deb 58 ser A1957 M
8
10458 18 1013 105
8
Deb 510 tier B_ __Aug 15 1063 If A 1043 Sale 10414
9838 10212
10014 13
97 1023 Ullgawa Elec Pow 81 78_ _ _1945 M S 10018 Sale 100
10214 84
Deb Se series C_ _Nov 15 1969 SIN 10114 Sale 10114
4
1 10114 103
10238
8
10238 10212 1023
10812 15 103 10811 Union Elec Lt & Pr (Nlo) 55_1932 NI
Nor Ohio True & Light Os. _1947 MS 108 Sale 108
000 1
10 102
103
8
1027 10312 10235
AG 10514 Sale 10514
8 23 102 105 4
1055
Ref & ext
Nor States l'ow 25-yr 55 A_ _1941
3
2
104
8
954 MN
1941 AG 10614 Sale 106
10614
4 10512 1073 Un E L & P (III) 1st g 5 As A 1933 .1 J 1035 ____ 104
1st & ref 5-yr 65ser B
8
4
693 73
7612 71
Apr'31
_1945 A 0
Elev By (Chic)
10018 102
T 1st Id g 454sgtd_1934 J J 10114 102 102 Aug'31
Union
North W
8
0
1214
07:1; 1043
2
108
95
4
24
9312 10114 Union Oil 30-yr 6s A_„May 1942 F A 106 Sale 106
Norweg Ilydro-El Nit5As_ _1957 SIN 95 Sale 933
5
9912
4
1st lien a I 5s ser C___Feb 1935 A 0 10112 1013 9912
97
79
4 25
883
1945J I) 87 Bale 87
A _ _1946 AO 111 11112 III
1113
5 110 114
Deb 5s with warr_ __Apr
Ohio Public Service 73.s
4
4
3 100 1051
104
1947 FA 111 112 111 Aug'31
11012 115
United Biscuit of Am deb 68_1942 NI N 104 Sale 104
1st & ref 75 serlee B
8
963 10212
1944 F A
4
35
3218
1013 102
3412
40
1953 M S 10112 Sale 10114
19
Old Ben Coal 1st 65
5014 United Drug 25-yr 58
0
42
6
4
72
66
12 12
5012 Sale 5012
8
50
1934 J J
2 10314 10714 United RysSt L let g 4s
106
Ontario Power N F tat 5s..1943 FA 1057 107 106
763 Sale 7318
4
6912 19
42
77
8
947 US Rubber lot & ref 5s ser A1947 1 J 68 Sale 68
71
Ontario Power Serv lot 5 3-4s 1950 J J
9012 1013
13
21
101
100 Sale 100
10612
10612 Aug'31
100 10714 United SS Co 15-yr Os
Ontario Transmission lot 5s 1945 M
3812 8384
43 1 837
8112 37
8
-See Forel gn G overnments
37
1951 M N
Un Steel Works Corp 6 As A.1 9 .1 D 4934 Salo 48
Oriental Development
6
4
513
4912
20
1951 J D 4714 50
9514 100
See s 6 As seriesC
Oslo Ga.5& El Wks exti 5s__ _1963 MS 99 Sale 99
9914
40
3
83 8
12
46
1941 MS 77 Sale 7613
44 Sale 44
4
39
993
78
71
S t deb As ser A
Otis Steel let 51 6s ser A.
United Steel Wks of Burbach1947
99 108
9918 10
8
10614 24 10212 1063
5
Gas & El gen & ref 55_1942 J J 1055 Sale 1055s
I 7s_ _ _ A951 A 0 9812 10014 09
Pacific
Esch-Dudelange 5
5112 5112
4
5112 Apr'31
1514 43
1937 J J 1065
8
8
8
_ 1065
1063
Pacific Tel & Tel 1st 55
4 13 1037 100 Universal I'lpe & Rod deb Os 1936 J D
40
83
5012 38
10814
5012 Sale 5012
1952 MN 108 1083 1077
s
8
5 100 10812 Unterelbe Pow & Lt Os
Ref Mtge 58 series A
94 1011.4
4 17
993
4
O
10112 103
10212
4
3 A D 104 1043 993
T cone s f 65_1934 SIN 1023 10278 10212
4
8
194
Pan-Amer P &
Utah Lt & Trac 1st & ref 53_1954
18 100 10414
F j
55_1195404J e 10312 Bale 10312 104
35
3318
30
78
Utah Power & Lt 1st
Pan-Am PetCo(ofCal)conv 138 '40 JO 3318 35
104 1073
5
8
10712 ____ 1073 July'31
31 Sale 31
31
31
8
fg
33
Certificates of deposit
Utica Elec L & P 1stIs9
8 11312
8
10312 26 10018 105
8
Paramount-I3'way let 5 As_ _1951 J J 103 10312 1023
Utica Gas & Elec ref & ext 55 1957 J J 11155 1133 11112 11338 11 1053 84
68
4 51
723
97
74
18
86
4
4
Paramount-Fern's-Lasky 65_1947 3D 8512 873 853
CBI Power & Light 510--1947 J D 7212 Sale 71
4
5812 763
4
673 123
4
F A
1959 F A 67 Sale 663
67
79
75
7812 Sale 7714
.Paramount Publix Corp 53.451950 I" A
89
Deb 5s with warrants
6212
40
4
4918
50
58
1953 J J 49
Park-Lax 1st leasehold 63(8,
Without warrants
75
87
8112 57
1944 AO
20
23
24 Aug'31
38
Vanadium Corp of Am cony 55'41 A 0 79 Sale 79
Parmelee Trans deb (35
45
23
3112 15
28
30
27
105 10712 Verttentes Sugar 1st ref 78_ _.1042 J
4
Pat & Passaic G & El cons 551949 MS 1073 10914 10712 Aug'31
22
22
22 Mar'31
22
10
28
94
8
03
5 4 94, Victor Fuel 1st s f 5s
Pathe Exch deb 7s with warr 1937 MN 93 Sale 92
85
75
83 Aug'31 -_ _
97 100
5
1 9 3j j
336
Pennsylvania P & L 1st 4 A8_1981 A0 9912 Sale 9912 100
1st g 58 1 949 M S 80
Va Iron Coal & Coke
8
10312 16 1013 105
4
802 Va Ry & Pow lst & ref 58_ _ _1934 J J 10314 Bale 103
54
5 14
Penn-Dixie Cement 1st 65 A1941 NI S 5614 Sale 5614
6
8
8 16 11212 no,
('cop Gas L& C let cons 65_ _1943 A (I 1163 Sale 11655 1165
50
85
50 Aug'31 _
53
1947 Si
8
1093
9 10412 11012 Walworth deb 6 As with warr1935 A 0 48
ti
10914 1007 1093
Refunding gold 55
s
90
48
1
48
A 0 48 Sale 48
Ni
106 10912
_ 10912 July'31
Registered
Without warrants
40
79
5
4434
1967 JD 104 Sale 10312 104
9814104
95
Phila Co see 5s ser A
1st sink fund Os series A___1945 A 0 46 Bale 4414
741,
25
8614 203
53
41‘,41.1957 N I N 10514 Sale 105
5318 Sale
10514 19 10214 10618 Warner Bros Pict deb Os.. _ _1939 M
Phlla Elm Co 1st & ref
81.
97
2
81
1971 FA 9812 Sale 9814
83
85
9278 995, Warner Co let 6s with warr_1944 A 0 81
99
182
1st & ref 4s
83
97
9312 83 July'31
'3 7919 81
7912 16
A 0
7214 8614
ReadingC&I Ref 58 1973
791.2
Phils &
Without warrants
4118 69
4132
1940 M
8
6112 Sale 6112
64
45
83
56
Cone deb 6s
Warner-Quinlan Co deb Os-1939 M S 4118 413 4118
4
7 10012 1063
106
1939 .1 I) 64 Sale 6012
5012 9214 Warner Sugar Refin 1st 78_ _1941 J D 106 10614 106
6612 231
Phillips Petrol deb 5A s
1712
10
1
4
123
4
123
_Dec 15 1931 J
J
4 42
123
103 10312 Warner Sugar Corp lot 78_ _ _1939 J
103 10811 103
103
Pierce Oil deb at 85_
612 23
8
4
123 15
125 Aug'31
8
1053
7 10312 106
Pillsbury Fl Mills 20-yr 65_ _1943 A 0 105 10614 10514
Stamped July 1931 coup on '39 J J
91
52
8412 16
8412 Sale 82
94 1043 Warren Bros Co deb 65
4
Pirelli Co(Italy) cone 7s_ __ _1952 MN 95 102 103 Aug'31
103 105
Apr'31
104
8
4
903 July'31
9012 95
4
194 1 M J
Wash Water Power s f 53._ _ _1939 J S 1047
Pocali Con Collieries 1st s 1 58'57 J J 903 03
10512 110 8
,
11018 July'31
100 100 Aug'31
993 106
110
4
Port Arthur Can & Dk Os A.1953 F A
Westchester Leg 53 stpd gtd_1959
4
1953 F A
102 104
102 104 Mar'31
1st Ni 65 series LI
West Penn Power ser A 53._1946 M 8 100 10712 10612 10612 -5 1033 107
10518 11114
8714 Sale 87
86
8
8734 61
1963 M S 1093 110 109 Aug'31
9218
1st 59 series E
Port Gen! Elec 1st 4 As ser C 1960 M
10512
4 105 10712
P 1st 7 AsA 1946 MN 106 1063 106
4
1953 A 0 10512 Sale 10512
1st 53-4s series I'
Portland Ity
1061s 23 106 108
1043 10712
8
101A 1047
10618 1063 10612 Aug'31
4
8
Portland(]en Elec 1st5s_ _ _ _1935 J J 10312 10378 103 Aug'31
lot sec 55 series G
79
51
4
16 A O
4 35 10418 10712
5818
1063
4
24
95
5
60
Porto Rican Am 'lob cone 65 1942 J J 6018 64
Western Electric deb 55_ ..,i914 j D 1053 1063 1053
10118 10655
Cable coil 53_1953 J J 6312 Sale 6312
8
10718
1065 Aug'31
50
62
66
747 Western Union coil trust 5s__1938 J 3
Postal Teleg &
8
J 83
9714 10212
3
74
102
Sale 83
15
85
88
Pressed Steel ('Sr cony go 58,1973
Fund & real est g 410---- 1950 M N 102 Sale 102
D 105 __
4
31 1043 111
111
105
8
0,
66 M s
8 30 10112 106
1053
193 I A 1107 Sale 11012
Pub Serv El & 1st & ref 4As'67
15
-year 63-4s
1970 FA 10514 Sale 105
a
35 100 1047
10112 10812
J D 104 Sale 10314
8
1047
1951
8 15
1053
let&rct4is
25
-year sold 5s
99 10414
1971 AG 9914 Sale 983
4 30
1035s Sale 103
1033
9912 98
4
8
935 9914
30
1st Ac ref 48
-year 55
3818 7912
49
47
4
4
53 1112 1112 July'31
4
1212 Westphalia Un El Pow Os_._1e53 J .1 423 Sale 42
Punta Alegre Sugar deb 75_1937 J
3
85 8 103
4 25
1937 F A 883 Sale 85
903
4
75
89
37
96
Pure 011s 1 5 A% 9014,3
Wheeling Steel Corp let S34s 1919 J J 90 Sale 90
92
75
4
17
932
1940 M
8612 26
80
74
8514 8714 8418
.1953 A 0 80 Bale 80
1st & ref 4 Ms series IL..
f 5A% notes
deb 5.5. _ _1948 J J 9114 Sale 90
9112 13
618 c9812 White Eagle Oil & Ref deb 5;0'37
8
Purity Bakeries t
34 102 10312
79
3
8012
4
053
With stock purch warrants__ _ _ M S 10212 103 10212 103
Remington Arms lets t 65_ 1937 MN 8012 Sale 80
31
40
33
9
643 92
73 Sale 73
4
7512 38
White Sew Mach 6s with warn '36 J J 31 Sale 31
Item Rand deb 5345 with war '47 MN
8
4133
29
34
J J 3212 Sale 3212
8
9212 10214
9812 9712 Aug'31
Without warrants
ReDub I & S 10-30-yr 5s s f _ _1910 AG 97
2212 4418
2
32
30
1940 NI N
74
7618 Sale 7618
16
79
96
('artiest deb 8s
Ret & gen 5 As series A_ _.1953 .1 .1
10
7
8 7 Aug'31
97
7
8012
65 101
1st 7s_..1935 J J
65_ __July 1948 NI 9 8034 84
81
15
Wickwire Spen St'l
Revere Cop & Br
8511
6
6 July'31
J 59 8 Sale 6112
7
3
_
1946
6312 45
8
5218 935
,
Ctf dep Chase Nat Bank _
Rhelnelhe Union s 17s
615 1012
618
618
9
6
7e (Nov 1927 coup on)Jan 1935 NI N
Rhine-Main-Danube-See Forelg n Go vernments
1114
6
6
6
6
3
75-19511 51 N 783 Sale 78
_ SIN
s
79
4
6414 10112
Rhitm-Westphalia El l'r
Ctf dep Chase Nat Bank _ _
95 10012
100
10012 10112 100
1952 M N 6112 Sale 6112
8914 Willys-Overiand s 1 6 As_ ..1933 NI
8 22
643
55
Direct Mgr 65
4
883 101
9412 24
4
1953 F A 61 Sale 6012
5212 88
6278 25
Wilson & Co 1st 25-yr f 65_ _1911 A 0 933 Sale 9312
Cons M es of 1928
26
83
5214 Aug'31
0 51 12 80
50
6314 58
8634 Winchester Repeat Arms 710'41 A
Con in 68 of'30 with warn.1065 A 0 59 Sale 60
2812 59
5212
6
52
A 0 5112 60
40
1953 J J 4012 45
46
4
1
304 783
Certificates of deposit
Rhine-Ruhr Wat Ser tis
NA 10212
108
98
58 78 J J 97 Sale 07
1944M N
243 67
28
8
4
267
23
2712 28
Youngstown Sheet & Tube
Richfield Oil of Calif 6.5
97 101
9714 129
1v1
1970A 0 97 Sale 97
25
6012
14t m af5nsoerfl
7
8
8
263 Sale 263
2 4
63
Mliw El Ry & Lt 1st 55 B _ _1961 JD
1971 J J
1st mtge Is
Montana Power let Is A_ - -1913 3
11
1962
Deb 5s series A
Monteratini Min & Agricwarrants__ _1937
Dells 78 with
Without warrants
Montreal Train 1st & ref 5s__1941
Gen & ref St 5s series A_ _ _1955 A 0
Gen & ref s f 5s ser _ _1955 A 0
Gen & ref at 46s ser C._1955 A 0
Gen & ref 1 51 ser 14_ _ _1955 A
1939
Morrns& Co 1sts f 4 As
Mortgage-Bond Co 4s ser 21966 A 0
1932 J J
10-25 year Is series 3
1934 J
Murray Body 1st 630
Mutual Fuel Gas lot gu g 52_1947 SI N
,
Mut Un Tel gtd 6sext at 5 7..1941 MN
C Cobh saleC, s option sales.
Bid
8
1035
10414
10518
10212
Ask
Sale
Sale
____
Salo
Low
High No. Low
8 10414 19
1035
9919
10414 14 103
104
_
105 Aug'31
103
4 14 99
10212 1023
1266
FINANCIAL CHRONICLE
[vol.. 133.
Outside Stock Excnanges
Boston Stock Exchange.—Record of transactions at
the Boston Stock Exchange, Aug. 15 to Aug. 21, both inclusive, compiled from official sales lists:
Stocks—.
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High Shares.
- 14
0
ww,00.
00.4-400
Miscellaneous—
12
Amer Coot Corp
954 12
American Founders Corp
254 3
American Pneumatic Ser
1% 1%
Preferred
5
5
34
let preferred
374
16854 17655
Amer Tel & Tel
100 170
Amosireart Mfg Co
8
8
84
Bigelow Sanford Carpet...' 31
31
32%
Preferred
85
85
Brown Co pref
25
25
Brown Durrell Co
3
3
Columbia Graphophone
854 8%
East Gas & Fuel Assn
ii
19%
19
43.4% prior preferred 100 8714 8534 8854
6% cum preferred___100 9254 92
93
Eastern SS Lines—
Common
1954 1954
Preferred
46
46
let pref
104
10134 104
Economy Grocery Stores
1954 1954
Edison Elec Ilium
100 264
260 265%
Empl Group Assoc T C—__
15 Si 15%
General Capital Corp
314 31%
Gilchrist Corp
6
6
Gillette Safety Razor
21%
20
Greenfield Tap dr Die Corp
2
2
Internal Hydro-Electric__
24
24
Jenkins Telesis:on
4
4
4
Libby McNeil & Libby _ _ _
10% 1014
Loewe Theatres
8% 834
Maas Utilities Assoc y t c
354 4
4
Mergenthaler Linotype- - _
78
76
78
Nat Service Co corn shares
114
134 1%
New England Gas & El CIA
90
90
New England Pub Service
19
19
New Eng Tel & Tel__ __100 142
138 1423.4
No American Aviation Inc_
814 854
Pacific miss
100 1855 184 1834
Reece Folding Mach
13.4
155
Shawmut Assn T C
1334 1355 1334
Stone dr Webster
2854 3134
Swift & Co new
• 2554 2536 26
Torrington Co
44
•
44
Union Twist Drill
1734 1754 174
United Founders Corp corn
434 5
434
United Shoe Mach Corp.25 54% 53
5434
Preferred
3114 3155
455
II 8 Elec Power
4
Utility Equity Corp pref_
74
73
Waldorf System
26% 27
Warren Bros Co new
1854 19%
Bonds—
Amoskeag Mfg 6s____1948 7651 704 764
Chic Jo Ry & Un Stk Yds53
10354 104
1040
New Eng! Tel Tel 5, 1932
10254 10214
tv,..........em .4.-r.0
1019 'mu inn 54 tnou
Mar
July
June
June
Aug
99
100
255
5434
108
394
Mar
May
Jan
Feb
Apr
Feb
Aug 108
Jan 10655
May
655
Aug 92%
Jan 113
Aug 6834
June 2854
June 46
Jan 104
June 26
June 26655
Aug 20
June 3934
June
754
July 38%
Aug
6
336
76
1
90
15
129
535
1534
1
1155
2534
25
3855
1734
434
47
31
334
64
2234
1434
Aug
5
Feb
June 89
Jan
June
334 Jan
Aug 9355 Apr
June 21
Feb
June 1424 Aug
Jan 1034 Mar
June 2556 Mar
Jan
155 Feb
Apr 16
Feb
June 5414 Mar
June 3055 Jan
June 47
Feb
Aug 30
Feb
June toq Mar
June 58
Jan
Jan 3254 Aug
May
8
Mar
Jan 78
Apr
Jan 27
Aug
June 464 Feb
..000w0.000mo
0.o0o00000w0
455
5
ba..w
1
w
w
Sc
40
64 6%
44 434
214 234
65c
650
1554 1514
750 1
134
1
2 1-16 255
1014 1051
44 435
5
5
4c
656
1734 Jan 185
624 Apr 9554
76% Apr 102
9834 Jan 113
82
Apr 1044
17
414
94
16
225
144
25
5
18%
2
16%
255
955
7
§
99
105
3
5555
108%
3951 393.6
3
gg8
co
Mining—
Arcadian Consol Min
Calumet & Hecht
25
Copper Range
25
Isle Royal Copper
La Salle Copper
Mohawk
Nippiest ng mow
North Butte-- _ ____24
Old Dominion Co
PC Pocohantas Co
Quincy Mining
St Mary's Mineral Land.__
9954
High.
w
w 1903
0
1303 w
.w0 04003010,19040000140000 w.ctl-.
01048
00000000191900400 0=000100.0-4.4 000
100
106
3
5934
108%
4234
04
Low.
1.0 0t4
Ww 4.(4 o w
,
w
02,,,w.ww0000o0ww0mwotme
000.wo.o.-4.Cw00000as00000
183 18434
914 9454
100% 100%
110% 110%
104 104%
r4.04>
bo.00000
Railroads—
100
Boston & Albany
100
Boston Elevated
Preferred
100
let preferred
2d preferred
Boston & Maine—
100
Prior pref stpd
Chic Jct Ay & US Ypf_100
Eastern Mass St ay Of B-N Y N 11 & Hartford. _100
Northern Railroad (N H)Pennsylvania RR
50
Range Dince Jan. 1.
9 June 154 Feb
214 June
654 June
155 Aug
4
Feb
6
Aug 11
Feb
30 June 44
Feb
15654 June 201% Feb
Jan 14
7
Mar
204 May 35
Aug
80
Mar 85
Jan
20
June 66
Feb
254 Jan
5
Mar
655 June 1634 Mar
1734 Jan 2734 Mar
77
Jan 89
June
88 June 95
Jan
Tune
Jan
Jan
May
40 Aug
534 June
454 June
2% July
500 Apr
15
July
75o June
1
Jan
2
July
9 June
3% June
4
May
71
10134
10055
Feb
Mar
July
Aug
Feb
Feb
Mar
Apr
Mar
May
Jan
3034 Mar
Apr
6
1314 Feb
954 Jan
350 Mar
1134 Feb
854 Feb
6% Feb
95c Feb
21
Feb
174 Mar
555 Mar
3% Jan
1534 Jan
urti Feb
934 Mar
81
Mar
Jan 104
July
Jan 102% June
10144 Jan
tooti Feb
• No par value. r El dividend.
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, Aug. 15 to Aug. 21, both inclusive,
compiled from official sales lists
Stocks—
ARK.,
Friday
Last Week's Range for
West.
of Prices.
Sale
Par. Price. Low. High. Shares
Abbott, Laborat corn....'
Acme Steel Co cap stk...25
Allied Motor Indus corn_ •
Amer Commonw Pow A__•
Amer Equities Co coin. •'
Amer Pub Sent pref____100
Appalachian Gas COM____•
Art Metal Works corn.___•
Associates Investin't Co.'
Assoc Tel & Tel
86 pref with warrants_ •
Class A
•
Assoc Tel Utll Co com
•
$6 cum prior pref
•
Bastian-Blessing corn_
•
Bendlx Aviation com____•
Borg-Warner Corp corn 10
7% preferred
100
Bruce Co (E L) common..'
Burnham Trading Corp—
Convertible preferred_ _•
Butler Brothers
20
Cent Illinois see Co ctfs___
Central Ill PS pref
•
Cent Pub Per Corp A.......'
Cent Pub Sem (Del) corn •
,
Cent S W Utll COM new....'
Preferred
•
Prior lien preferred•
Cent West Pub sem, A _ .•
3534
12
5
8634
4
5634
66
2434
8054
21%
1814
23
1
455
20
93
754
1634
8855
9534
1734
Range Since Jan. I.
Low.
3334
25
1
12
Aug
June
May
Aug
May
High.
334
2655
114
12
5
8634
354
5 ti
66%
3554
2654
154
12
555
87
4%
54
5634
1,350
50
100
50
600
70
1,150
450
50
8634 Aug
3% Aug
374 Jan
June
56
Mar
Feb
Jan
Jan
Feb
Feb
8% Feb
855 Feb
6154 Mar
85
65
24
8034
85
66
244
8055
10
120
3,500
100
8455
65
2055
8034
May
Feb
Apr
June
8854
70
254
8054
Mar
Mar
Feb
June
1415
2155
184
9854
23
50
1434
2234 46,000
2034 14,350
50
9834
400
2354
14 June
1454 June
1434 May
Jan
88
1314 May
24
25%
3034
085
5
2634
Feb
Feb
Feb
June
June
1
434
20
9255
714
10
1655
8855
9534
1
5
204
93
854
10
17
8851
9551
1734
1734
50
1,550
1,200
350
3,300
10
750
100
100
350
34
h July
4
20
91
755
8
1254
88
9451
17
3914
4134
3%
1634
7.54
94
11
Feb
June
751 Mar
Apr 2534 Jan
Jan 95
Mar
1914 Mar
Aug
1755 Apr
Aug
Aug 2456 Feb
June 9655 Apr
Jan 10455 Jan
June
1734 Aug
Friday
Saks
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Chicago Flex Shaft com__5
10
Jan
10
10
9 June 13
Chic N S dr Milw—
Prior lien pref
100
54
54
Mar
20 54
June 60
Chic Yellow Cab Co
• 1754 17% 1734
150 1734 Aug 2314 Mar
Cities Service Co cont
• 1055
955 11% 25,500
854 Aug 204 Mar
Club Alum Uten Co.
•
135 1%
354 Feb
155 June
250
Coleman Lamp&St corn....'
554 555
454 June 1255 Jan
40
Commonwealth Edison 100 198
725 190% June 25515 Feb
197% 201
Community Water Fiery_ -•
Apr
stri 84
110
834 Aug 12
Consumers Co corn
5
4% Mar
1% July
100
,4
34
6% prior pref A-- __100
31% 3155
10 30 June 4554 Jan
V t c purch warrants__5
134 Jan
1,000
34
34 Aug
15
Cont Chicago Corp—
•
Common
454
435 5
455 June 1034 Feb
7,500
Preferred
•
34
34% 1,400 34
July 4014 Feb
Construction Mat's corn__.
6
6
554 June 1054 Jan
200
$3.50 preferred
26
Apr 32% May
274
100 23
Cord Corp
5
Apr
755
Jan 15
755 8% 15,050
6
Corp Sec of Chic allot ctf..•
Feb
45
550 44
47
June 60
Common
• 1454 144 1555 6,350 1355 June 21% Feb
Crane Co common
25 25
25
25
950 25 „Tune 40% Jan
Preferred
100 105
Feb
105 105
80 10334 July 119
Decker (Alf) & Cohn Inc.'
315 3%
10
Dexter Co (The) corn.... _5
50
754 7%
El Household Utll Corp_10 19
15% 19
2,100
Empire Gas & Fuel
6% preferred
100
57
57
100
7% preferred
100 60
60
150
60%
8% preferred
100
68%
100
68
FitzSlm & Con D&D com •
234 2355
100
Foote Bros0& M Co..
155
1
400
General Candy Corp A..5
354
24 355
320
Goidblatt Bros Inc corn..' 20
20
400
21
Great Lakes Aircraft A___•
355 4
354
2,350
Great Lakes D & D
•
18% 19
1,400
Greyhound Corp (The)
•
Common
4
414
200
Grigsby Grunow Co corn.'
354 355 14,100
334
Hall Printing Co com___10
1454
14
500
Hart-Carter Co cony pref•
6% 634
100
Hormel & Co Geo A corn •
24% 24%
100
Houdaille-Hershey Corp A•
1754 18
650
•
Class B
6
64
7% 3,750
Illinois Brick Co cap.
..25
1154 1155
50
Illinois Nor MU prof...100 100
20
9955 100
Independ Pheu Tool vtc__•
10
33
33
Inland Util Inc A
•
10
1
Insull Util Invest Ino
. 274 26% 2854 43,800
50 preferred
450
•
71%
70
Interstate Pow Co $7 pf__•
8154 81%
10
Invest Co of Amer corn
•
20
8
8
Iron Fireman Mfg Co v to'
250
13
12
Kalamazoo Stove corn...'
100
isg 1851
Katz Drug Co corn
1 29
27
1,050
29
Kellogg Sw'bd&Sup—
Common
354 3%
650
10
Preferred
60
100
65
65
Kg Util jr cum pref____50 5054 5014 50%
10
Keyst SU& Wire Co corn..' 1054 10% 1051
600
Libby McNeill & Libby_10 10% 10% 10%
800
Lincoln Printing corn__ •
50
2154 2154
Lindsay Light corn
150
8
i0
9
Lion Oil Ref Co corn____•
200
454 5%
454
McCord flail & Mfg A. *
McGraw Elec Co corn_ "
McQuay-Norris Mfg Co
Capital stock
•
Manhat-Dearborn
Marshall Field & Co corn_• 2334
Material Serf Corp com_10 18
Merch dr Mfrs Sec A corn.*
Metro')Ind Co allot c fs •
Mickelb's Fd Prod com__1
Middle West Tel Co corn.' 2414
Middle West MU new____• 16%
$6 cony pref A
•
Warrants A
14
Class B warrants
1%
Midland United Co corn..' 19
Convertible preferred...' 39
Warrants
54
Midland Util—
e% class A pref
100
6% prior lien
100
7% pref A
100
7% prior Ilen
100 91
Miss Vail Util $7 prat .•
Mo-Kan Pipe Line com_.5
4%
Morn ne Mfg cora
Mohawk Rub Co com_ •
Monroe Chemical—
Common
•
Preferred
•
Morgan Litho corn
Muncie Gear Co class A__"
155
Nati Battery Co pref. •
Nat Elea Pow A cony_ --• 22
Natl Family Stores cotn__•
154
National Leather com___10
Nat Pub Serv $355 cony pf•
Nat'l Repub Invest Tr
Allot certificates
• 1555
Nat Secur Inv Co corn_ •
6% pref
100
Nat'l Standard common.'
Nat'l Term Corp part pf •
Nat Union Radio Corp..'
2%
Noblittliparks common_ •
No Amer Car corn
Nor Amer Gas & Eleo A..• 11
No Am 1..t& Pr Co corn_.• 6655
No&Sou Am Corp A corn •
Northwest Bancorp corn 50 2855
Northwest Eng Co corn_ •
Northwest Util7% preferred
100 844
7% prior lien pref_100 9155
Ontario Mfg Co corn
•
7
Peabody Coal B corn
•
3
Perfect Circle (The) Co...' 39
Pines Winterfront corn...' 1331
Potter Co (The) corn_
•
Process Corp (The) corn..'
415
,
Pub Sem of Nor 111—
Common
• 201
6% preferred
100 126
7% preferred
100 131%
Q R S De Vry Corp com__•
134
Quaker Oats Co—
Common
•
Preferred
100
Railroad Shares Corp corn •
214
Rath Packing Co corn. _10
Raythern Mfg Co—
Common vtc
•
11
11
1014 1051
70
50
Mar
3
7% Aug
144 Aug
Jan
7
1054 Feb
294 Feb
48
50
67
2054
ji
1
1354
155
174
June
June
June
May
Aug
Feb
Jan
Jan
June
Jan
65
Jan
80
Jan
92
Jan
29
435 Jan
414 Feb
354
2%
1254
5
24
114
4%
1155
96
33
1
21
6955
72%
455
1055
14
1634
655
Apr
655
Jan
June 19%
Apr 134
June 29
Jan
19
954
June
July 1634
Jan 100%
Aug 4155
4
June
June 49%
July 9234
AUg 92
June 13%
Apr 2254
June 34
Jan 29
Mar
Feb
Feb
Aug
Mar
Jan
Apr
Feb
Jan
Fell
Mar
Apr
Feb
Feb
Jan
Aug
3%
50
48
1054
954
18%
6
2%
June
Jan
June
Mar
May
July
Mar
May
715
75
51
13%
1414
23%
9%
634
Mar
Apr
Feb
Mar
Mar
Apr
July
Jan
8 June
731 June
2534
16%
Jan
Jan
2234 Aug
5% Apr
2834 Feb
3855
9
23
18
1655
32
8
2354
1634
89
14
135
1855
3755
15
39
30
1,050
9%
2455
600
500
18%
1614
100
300
32
350
9
2434
500
1751 26,550
200
9055
200
155
450
1%
3,400
19
350
3915
100
54
35
9
23
174
1554
32
7%
17
1454
89
1
154
18%
36
35
72
75
874
91
8654
455
21
334
73
75
88
92%
86%
455
40
20
331
40
50
500
350
100
72
75
87%
91
8634
355
20
3%
414
3055
2
155
32
22
134
54
41%
4%
3015
2%
135
33
23
151
Si
4154
10
10
650
50
430
450
450
200
10
4
22
2
115
20
2135
155
54
38%
June
June
1555
4%
65
28
3%
214
3914
15%
11
6655
554
284
8
15'5
4%
68
28
4
254
41)5
18
11%
694
54
2935
8
50
200
700
100
106
300
400
200
200
2.400
1,000
1,300
200
144
334
132
25
315
1%
29%
114
10
61
5
2754
7
Aug
June
June
July
Aug
Jan
June
July
Feb
Jan
Aug.
June
Aug
84%
9155
7
3
364
1354
3%
4%
86
9155
7
3
39
1355
355
434
120
10
200
400
700
2,050
50
300
80
8954
7
2
2555
12
3%
3%
July 98
Jan 102
Aug 1035
5
May
Apr 39
May 22%
Aug 13
711
Apr
21%
ao
Jan
Mar
Feb 40
Mar
AUg 2015 Feb
Aug 3255 Feb
Aug 2551 Apr
July 23% Mar
June 42
Mar
Aug 1455 Jan
Jan 24% Aug
June 2555 Mar
Aug 100% Apr
May
4
Feb
May
5
Feb
Apr 23
Jan
Anr 435( Feb
June
1% Jan
Aug
Aug
Aug
Alit
Aug
June
Aug
June
July
Jan
July
July
Mar
June
July
86
90%
9414
100
97
10%
3836
8
mar
Feb
Apr
Feb
Jan
Mar
Jan
Mar
5% Jan
May
33
9
Feb
Oh Apr
Aug
33
Mar
28
Jan
8
Jan
1
Apr
47
31
74
78
3434
8
5
4714
31
1354
7054
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Feb
Feb
Mar
1134 Mar
37
Jan
1814 Mar
Feb
Feb
Feb
Feb
Aug
Apr
Mar
June
13134 in%
tyi
13.4
Feb
300 200 June 262
60 12255 Jan 137
Mar
30 129% .lan 147
Feb
3,100
54 mar
51 June
135 140
120 120
231 234
16% 17
Jan
170 11815 June 170
Jan 122
Aug
80 113
5
300
2% June
Feb
20
1455 June 20% Jan
20054 206
1211
126
4
4
10
356 June
1554 Mar
Aim 22 19311
FINANCIAL CHRONICLE
rrtaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Reliance Intermit Corp
•
Acorn
Reliance Mfg Co corn. _10
100
Preferred
Rollins He, Mils cony pr...
Ryerson & Son Inc corn_ _°
Sangamo Electric Co
100
Preferred
Seaboard PS cony pref.-.•
$6 preferred
Seaboard (Jill Shares Corp*
Segal Lock dr Hdw corn. *
Singer St'l Cstg Co com_ •
South'n Union Gas corn.'
So'west Gas & El 7% Pi 100
Southwestern Lt & Pw Pf •
Standard DredgeSteinIte Radio Co cap. •
Studebaker Mall Order A •
Super-Maid Corp com- •
15
Swift International
25
Swift & Co
Low.
High.
300
850
10
150
100
24
5
80
24
19
May
Apr
Apr
Aug
June
13
10%
824
38
26
Mar
Aug
Aug
Feb
Jan
654
9434
8234
95
3931
55
235
5%
15
514
9454
8254
95
43
74
3
5%
15
6%
9434
8331
50
180
630
1,850
100
30
1.550
60
110
95
3931
55
2%
5
13
531
90(4
824
Mar
Aug
June
Aug
July
Feb
June
June
Aug
95
48
85
54
734
17
12
984
944
Mar
Feb
Jan
Jan
June
Jan
Feb
Mar
Jan
31
34
33%
254
1
1
2% 3
3335 34
25% 254
600
150
650
1,900
6,250
31
1
24
2931
24%
June
Aug
July
June
June
1
34
7
404
3014
Feb
Mar
Feb
Apr
Jan
100 5154 May 5554
60 97 June 104
50 15 June 34
120
34 Apr
2
250
2)1 Aug
9
9
50
Aug 16
1
750
1254
July
20
414 June 11%
2,80
33 June 49
20 116% Jan 134
66.05
124 June 35%
2,30
2 June
5%
700
415 Jun
935
350 15
Jan 1931
100
7
Apr 14%
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Mar
June
Aug
Feb
Feb
Feb
Feb
24
19
43
2%
174
3
5354 5331
9831 1014
1755 1755
55
34
3)4
9
2
635
3955
133
34
335
6
17%
634
2554
18%
26
194
17%
464
715
27
19%
27
131
18%
50
200
150
850
850
250
6,850
40
64
25
1654
24
1
18
42
Aug
Jan
Jun
Jun
Jun
Jun
Jun
1254
29
23
29
4
2954
73
Mar
Mar
Mar
Feb
Apr
Mar
Feb
2
2
13% 635
11
11%
2251 23%
5
54
2g 231
250
70
850
560
950
50
2
84
6
20
5
2
Apr
Aug
Jun
Jun
May
June
631
28
22
234
6%
Feb
Feb
Jan
July
Jan
Feb
June 734
July 9831
Aug 101
June 94
June 76
Jan 1044
Mar
Aug
May
Feb
Mar
Aug
2655
1931
1)1
1735
11
2254
54
Bonds
Chicago Railways
Certificates of deposit__
60
$1,003 57
60
Gary El & Gas Co 53..1934
98
98% 98% 5.00
Holland Furnace 63_1936 100
100 100
1.00 100
Insull CHI Inv Os
1940 82% 8231 8354 46,00
75
Nail Pub Serv 53
1978 6854 684 69
2.00
6654
Swift & Co Si
1944
1034 1044
9,00 103
United Amer Cell Ino68 A
1940
7254 80
5,00
60%
• No par value. z Ex-div. v Es-rights.
Feb
9
85
Mar
Toronto Stock Exchange.
-Record of transactions at
tho Toronto Stock Exchange, Aug. 15 to Aug. 21, both inclusive, compiled from o iicial sales lists:
Low.
High,
455 434
Massey-Harris common..'
McIntyre Porcupine M._5 21.50 21.25 21.50
100
100 101
Moore Corp A
5
.95 1.10
NIplasing Mines
14
15
Ont Equit Life 10% pd.100 14
7954 80
Page-Hersey Tubes com_ •
35
35
• 35
Penman's Ltd corn
Riverside Silk M1113 A. •
1334 13%
6191 6134
Russell Motor com- -100
100
8151 8111
Preferred
36
•
38
SImpson's Ltd A
_i00 7955 794 80
Preferred
•
454 6
Standard Chem corn
29
•
2934
Steel Co of Can cam
Pratorrarl
25
32
32
W0.00M000000n0c
b.cOm0.0
N
33.4 June 1054 Jar
20.00 May 26.30 Apt
98 June 10834 Jar
.95 Aug
1.75 Mai
1334 Aug 21
Mat
68 June 9234 Fet
35
Aug 35
Aug
9 June 16
Jar
61% Aug 7791 Fet
8131 Aug 95
Jar
36
Aug 40
July
73 June 9234 Jar
454 Aug 15
Jam
25
May 4234 Feb
29% June RR Le Vail
.0
Nr...1,
W
June 20
Jan
June 80
Jan
May 151% Feb
Jun- 284 Mar
June
351 Feb
June 4234 Mar
Aug
1531 Mar
June 26
Feb
June 444 Feb
May
734 Jan
June 100
Mar
June 80
Feb
July 9654 Apr
Aug 650 June
Aug 27
Feb
834
82
10
184
24
6954
214
44
4
755
54
7151
1805.4
15
June 14
Aug 92
Aug 234
July 2551
June 2655
Jan 6354
Aug 4534
May 10
June
9
June 1234
June
3
June 187
Jan 187
Aug 1734
Jan
Jan
Mar
mar
Feb
Apr
Feb
Jan
Mar
Feb
Jan
Mat
Apt
may
200
118
221
Low.
6%
44
30
10
199
205
201
239
236
215
22 195
10 113
10 210
200
118
221
Aug
May
Jan
Aug
May
May
June
June
June
Aug
High.
17
8%
45
2054
Feb
Feb
Mar
Mar
231
224
225
302
291
238
Mar
Jan
Jan
Mar
Mar
Mar
July 216
Mar 119
June 235
Mar
July
Mar
Toronto Curb.
-Record of transactions at the Toronto
Curb Aug. 15 to Aug. 21, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Canada Malting Co
•
Can Pay & Supply corn_ •
Canada Vinegars com--_.
*
Canadian %%Merles
Cosgrave Export Brew'y 10
Dialler Steel Cons corn_ •
Distillers Corp Seagrams *
Dominion Bridge
•
DufferinPay&CrStonecom*
English El of Can A
•
Goodyear T & Rub corn_•
Hamilton Bridge com-___*
Honey Dew corn
*
Preferred
*
Imperial Tobacco ord_ _5
Montreal L H & P cons-*
Price Bros pref
*
Rogers Majestic A
•
Service Stations com A-•
Preferred
100
Shawinigan Wat & Pow_ _•
Stand Pay & Mat'is coin..'
Tamblyns Ltd G corn__....'
Thayers Ltd pref
•
Toronto Elevators corn_'
United Fuel Invest pref_100
Oils
Ajax Oil& Gas Ltd
1
British American 011
•
Crown Domhzion 011 Co...*
Imperial 011 Limited
•
International Petroleum_.•
McColl Frontenac Oil corn'
Nordon Corporation
*
North Star 011 corn
5
Supertest Petroleum ord..
•
Preferred A
100
Union Natural Gas Co__ •
Unlisted
Coast Copper
Kirkland Lake
Macassa
Noranda
Sylvanite
Teck Hughes
Wright Hargreaves
14
1
18
1735
354
335
2
9
94
3355
6
284
100
14
I
1855
34
2
9
935
3355
6
284
100
74
3
54
911
4555
8434
10
11
68
41
534
49
20
12
35
1.29
11
354
13
1234
13
2334
2.50
18
9414
104
1.29
12
331
1451
144
1354
2414
2.50
19
9434
11
3
.65
39
19.00
.78
6.25
2.91
3
.70
54
20.45
8014
6.40
3.00
4634
8434
10%
11
41
554
12
1.29
11
13
13
13
2454
18
5
1 69.4
• 49
a 19.20
1
.80
1
6.30
• 2.98
Low.
High.
May 1634
Aug
535
June 20
6
May
July
3
Aug
9
May 1254
June 5531
May
74
Aug 40
June 199
Feb
Mar
Jan
Mar
Jan
Aug
Jan
Feb
Mar
Mar
Mar
7
2
50
9
2834
8434
10
934
54
35
5
41
18
935
24
June
Aug
May
June
May
Aug
Aug
May
May
June
July
July
Jan
Jan
July
20
7
59
1094
6834
8434
164
3654
9034
59
18
49
30
15
65
Mar
Feb
May
Mar
Max
Aug
Max
May
Jar
Max
Max
Aug
Apt
Mal
Jar
1.14 June
1.68
May 1654
8
2 June
634
10 June 1834
851 June 1515
931 June 224
23
Aug 51
2.00 Aug 6.00
1294 May 3254
94
July 105
935 June 16
Fe)
Sax
Max
Jar
Jar
Fet
Mat
Mat
Jaz
Jar
Jar
May 1034
Aug93
May 55
Jan 29.65
1.10
Jan
Aug
8.65
Jan
3.18
Fel
Ap
Ap
Ma
Ap
Ap
Ma:
794
3
54
954
4834
8451
1055
1134
68
4154
531
49
22
12
35
73.4
54
Range Since Jan. 1.
104
1
1415
255
34
9
8
28
3•
2854
70
24
58
25
14.00
53
6.05
1.94
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 15 to Aug. 21, both
inclusive, compiled from official sales lists:
Stocks-
Aare.
rrway
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
kmer Foreign Secure
324
29
kmerican Stores
45
45
• 45
Bankers Secure pref
18
1855
Bell Tel Cool Pa pref....100 120
1194 120
Bornot Inc
84 814
Budd (E G) Mfg Co..__'
435
331
41
41
Preferred
Budd Wheel Co
834 834
43
Cambria Iron
43
.50
Camden Fire Insurance- 17%
1734 1855
Electric Storage Battery100
5435 5434
114
Empire Corp
14 1%
Fire Association
10 1734 1734 17'4
39)4
Horn & Hard (NY)com •
39
Insurance Co of N A. _10
51
53
Lehigh Coal & %skis
22
22
New when issued
Mitten Bk Sec Corp
24 54
335 434
Preferred
54 534
Pennroad Corp
3911 42%
Pennsylvania RR
so
Phila Dairy Prod pref_ 25 9351 9331 9354
Mita Flee otPa SiS pref.__
um% 1064
Phila Elea Pow prig__ 25 3335 8355 3334
Plilla Germ & Norris RR 50
18354 1334
Phila Rap Trans 7% pf 50 21
2211
21
Phila & Rd Coal dr Iron- ......
731 8
38
3814
Philadelphia Traction_ 50
Railroad Shares Corp
Seaboard Utillttes Corp.__
Shreve El Dor Pipe Line 25
Tono-Belmont Devel_
1
1
Tonopah Mining
Union Traction
50
United Gas Imp corn new..
•
Preferred new
U S Dairy Prod class A- *
*
Common class B
Westmoreland Coal
Bonds
Penn Cent L & P 44s
Penns Power & Lt 434s '81
1981
Penna RR 43(e
Phila. Electric (Pa)
1971
1st & ref 45
Phila Elec Pow Co 5345 '72
Strawbridge & Cloth 58 '48
• No par value.
3
74
335 351
3
3%
694 731
34
4
fi
%
2294 22%
29
3034
10615
10655
63
633.4
10% 12
11
11
9731 98
9334 9931
9155 9354
9834 9851
107 1074
9735 9731
... ...
... ...
oqc cloo
a...-- .7,,,i0i
00.0Mt-0000400NOQV0
N00V0N.00,, 0N0000W
.
M41
0
. ,
0 MNMV
M
0
01;
9.20 Jan 13.40 Juni
14
Jan 2434 Apr
144 May 2934 Mai
254 Aug
75.4 Jar
9434 June 10734 Fet
754 July
12
Jar
4
Aug 12
Fet
5.95 Aug
8.70 Apt
17
June 2334 Mai
954 June 20% Mar
31
June 45
Apt
434 May 1034 Fet
254 June
5
Aug
7334 may 90
Aup
23.00 Jan 28.50 Apt
33 June 46
Fet
May 1431 Mat
11
10
Jan 1434 Mat
pB
12
60
127
12
94
33
10
164
2934
351
87
55
8151
630
10
166
52
28
13
112
27
.
..
.
... .8.2
.
28888828g8 -RE
t.
......-. Cl SU .W.NW .*C CI —.8.8.8
,,.." 8g88..88w88 MN0VNNM0,,
.;
.
aea- tz.
.
001.
Nt .0 WM.
.
VINO
• 1140 11.50 12.05
Dome Mines Ltd
Dominion Stores corn.. • 234 2354 233-4
Ford Co of Canada A_ .._ _• 1755 174 18%
•
254 255
Gen Steel Wares corn_
Goodyear T & Rub pref 100
102 10234
754 8
714
Gypsum Lime & Alabstine•
4
4
Hayes Wheels& Fore corn •
5.95 6.20
Hollinger Cons Gold Minea5
184 184
•
Bunts Ltd A
• 13
14
13
Internati Nickel corn
33
•
33
Internatl Utilities A
654
•
654 655
B
5
5
511
Kelvituttor of Canada cam.
90
100 90
90
* Preferred
I 28.00 27.25 28.00
Lake Shore Mines
40
40
Laura &cord Candy com.•
.
1254 1234
Loblaw 0roceterlas A_ _ _• 1234
11A 11%
•
13
p-
NN00.
•
I3eatty Bros.common_
14
14
100
Preferred
70
70
100 135
Bell Telephone
134% 13655
Bmsillan T L & Pr com___• 1734
1754 18%
•
B C Packers common
% 115
•
BC Power A
35
354
* 1034
B
10)4 1034
Building Products A
• 2051 2034 2134
Burt F N Co com
25 35
35
35
Canada Bread com
•
54
5
100
k 1st preferred
91
91
100 65
preferred
65
65
Canada Cement pref.-100 8431 8431 8534
Canada Life
100
830 630
Can SS Lines pref
100 10
10
10
Canada Canners
Cony preferred
•
10
10 A
let preferred
100
82
82
Can Car & Fdry com
• 1014 104 104
25
Preferred
10
19
Can Ddg de Dock corn.-- • 264 26
28
Can Gen Elea prat
i,co 61
604 61
canadian Pacific Ry 25 22
22
2334
•
5
Cockshutt Plow gum
5
5
8
Conduits Co common.... •
5
5
Consolidated Bakeries. •
951 94
•
Cons Food Prod morn
31
Cone Mining & Smelting 25 9554 94% 98
100 184
Consumers Gas
183 184
Consolidated Industries.._• 15
15
1534
Loan and Trust
Canada Perm M tu e_ -100 200
Ontario Loan & Deb_
50
Toronto General Trusts 100
•No par value.
200 201
208 20854
205 206
253 253
2 034 24154
4
215 21654
4eaaaa
Range Since Jan. 1.
•
201
208
205
253
240%
coccvcog
00y0o00
ntswnt..0
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
100
100
100
100
100
100
4 04
154
o
6
38
3754
133
29% 29%
354
255
531
514
1755
Banks
Commerce
Dominion
Imperial
Montreal
Royal
Toronto
42
75
332
75
10
OoD000000V0
0t .NOM000V
,
Cl.
34
1055
824
26
19
64 8
435 535
39
42
10
10
0040.0400.0000
0
M0..NM0V.N.N.0N
.0
M
N.
34
10
8255
24
19
Twin City Kr corn..... _100
Walkers-Gooderhm Worts*
Weston Ltd Geo corn.. _ _ •
Winnipeg Electric corn. •
Range Since Jan. 1.
00NOOVO0N00
elort.o... 44.
..N Cl
Telephone Bond & Sh A.*
100
let preferred
Thompson (J R) com__ _25
Twin States Nat Gas partA•
United Amer URI corn -•
'
ClnsSA
Unit Corp of Amer pref_ •
United Gas Corp common.
20
U B Gypsum
100
Preferred
U S Radio dr Telev
Utah Radio Prod gom____•
•
Util & Ind Corp corn
Convertible preferred.. •
UM Pow & Lt corn non-vot•
Viking Pump Co
Common
Preferred
•
Vortex Cup Co com
•
Class A
Wahl Co (The) corn
•
Walgreen Co common_
*
Waukesha Motor Co corn_'
Wayne Pump Co
Common
•
Convertible preferred_ •
Western Cent Utll Inc A •
Western Pow Lt de Tel cl A•
Wisconsin Bank She corn 10
Yates
-Am Mach part pf_.•
Range Since Jan. 1.
1267
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shores.
Range Since Jan. 1.
Low.
2234
37
15
1155.4
8
211
35
7
41
1615
5(
4
154
3454
45
1951
155
3
435
4034
884
101
3254
129
16
634
2931
High.
June 534
Jan 484
May 25
Jan 120
Jan
734
June
535
May 51
Apr 1214
May 43
June 2954
Feb
May
Mar
Aug
May
Feb
Jan
Feb
July
Mar
June
May
May
Jan
June
65%
215
244
444
6331
Mar
Mar
Feb
Apr
Mar
June 2734
Aug 134
Aug 1334
June
814
Aug 64
Jan 95
reb 106 54
Jan 3334
Jan 1334
Apr 384
June 1251
Feb 404
Feb
Jan
Jan
Feb
Feb
may
July
Mar
Aug
May
May
May
54
3
131
1-18
%
20
254
9814
58%
34 Aug
June
Aug
5% Feb
Jan
754 Aug
July
1
Apr
Jan
1
Apr
Apr 2234 Aug
Jan 374 Mar
Jan 106% Aug
May 6234 Apr
11
June
95
Apr
933( Aug
9155 Aug
12
Feb
98
Aug
9931 Aug
9935 Aug
974 July 984 Aug
10534 Jan 1074 Aug
934 Jan 98
Jan
[VOL. 133.
FINANCIAL CHRONICLE
1268
Cleveland Stock Exchange.—Record of transactions at
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Aug. 15 to Aug. 21, both in- Cleveland Stock Exchange, Aug. 15 to Aug. 21, both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
1054
10634
10635
1064
974
854
80
101
38
42
32 110
Jan 11331 Aug
121 10231 Jan 105
Aug
115 June
225
511 Mar
534
55
27 20
25 130
7
28
531
61
15 384
325 15
70 2315
24 1034
181
434
845 1431
87 274
10 24
200 24
535
656
150 264
4 854
110 53
45 51
2
830
1,669 1535
5 94
3500
10514
1064 4.000
1,000
10615
10634 18.600
33.000
98
854 2,000
4,000
80
1,000
101
8.000
40
42
2.000
1014
101
10035
1004
95
81
80
9734
38
42
Aug 12
June 32
June 165
Mar 1034
June 10
June 50
Jan
19
May 2435
May 15
Jan
8
Aug 36
Aug 32
July 3331
June 2534
7
Feb
Aug 364
Jan 90
June 70
June 62
6
Aug
Aug 37
Jan 994
Feb
Mar
Jan
Jan
June
May
Aug
July
Aug
Aug
10535
10635
1064
1064
98
854
88
101
5034
65
Feb
Feb
Mar
Mar
May
Feb
Feb
Aug
Jan
Feb
Feb
Feb
Jan
Apr
Jan
Feb
May
Feb
Jan
Jan
Feb
May
Aug
Aug
Aug
Aug
Aug
Aug
Jac
Aug
Feb
Jar
•No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Aug. 15 to Aug. 21, both inclusive, compiled from official sales lists:
Stocks—
Pllaay
ZaieJ
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Arkansas Nat Gas Corp_ •
10
Preferred
•
Armstrong Cork Co
Biaw-Knox Co
•
Clark (D. L.) Candy ......•
Hachmeister Lind Corp--•
Independent Brewing__ _50
Horne (Jos) Co pref. -100
*
Lone Star Gas
311
6
19
17
12
12
18
18
23.5
235
1014
1531
1555
334
6
20
174
12
184
215
10134
1611
5
Mesta Machlne
Nat Fireproofing pref....50
25c
Phoenix Oil corn
Pittsburgh Forging
•
Pittsburgh Plate Glass_ _25
Pgh Screw & Bolt Corp. •
Plymouth 011 Co
5
•
Shamrock 011 dr Gas
United Engine & Fdy.....-•
Westinghouse Air Brake....
2634
24
10o
6
33
8
10
235
314
25
264
2435
10e
64
34
934
1034
254
3135
2551
635
33
3134
Range Since Jan. 1.
Low.
High.
150
631 Jan
331 May
100
54 May
7
Jan
May 30
145 16
Jan
100 1635 June 294 Feb
Jan 134 July
100 10
325 10
Jan 2035 May
1
June
50
334 June
10 10134 Aug 10135 Aug
1,896 1434 May 29
Feb
10
50
1,000
700
50
55'
225
100
530
50
25 June
2235 June
100 Mar
6
Aug
2834 June
8
Aug
635 May
24 Aug
314 Aug
20 June
37
33
200
134
424
1534
194
124
38
35
Apr
Jan
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Mar
Unlisted—
1
10,200 50e June
750
135 Atm
1
Leonard 011 Develop__ 25
101
Apr 108
101
20 100
Apr
101
Lone Star Gas pref
6
June 1434 Pet
2.940
Western Pub Seri via- —•
8
1354
634
Bonds—
Pittsburgh Brewing es 1949
7ntlar /William) It,
1042
• No par value.
80
92
80
92
11,000
1.000
7915 July
Aug
92
8215 Mai
92
Aug
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug. 15 to Aug.21, both inclusive,
compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Low. High. Shares.
Par.
Bank & Taint Co.—
Mercantile-Comm Bank &
100
Trust Co
Miss Valley Trust Co 100
Miscellaneous—
•
Boyd-Welsh Shoe
100
Brown Shoe corn
Burkett Mfg pref
Coca-Copt Bottling Co__ _1
Corno Mills Co
•
5
Curtis Mfg corn
100
Elder Mfg A
Ely & Walk Dry Gds com25
Fulton Iron Works corn _.•
Hamilton-Brown Shoe_ _25
Hydrau Pressed Bk com100
170
200
18
12
1
16
44
10
24
21
12
59
12
75e
431
135
180
200
16
4451
10
24
21
12
59
12
1
4%
135
International Shoe corn. •
49
5035
Preferred
108 10815
100
29
Johnson-S-S Shoe
29
12
Key Boller Equlpt
12
•
Knapp Monarch pref.- •
32
32
24
Laclede Steel Co
20
24
26
Landis Machine corn_
26
25
3031
McQuaY-Norris
39
Mo Portland Cement_ __25 20% 204 2035
National Candy corn
174 1714
•
Rice-Stix Dry Gds oom_ •
514 514
let pref
80
100
80
Southwee Bell Tel pre!_100 122% 12255 123
Stix Baer & Puller corn..
.° 14% 1415 14%
Wagner Electric corn_ _ISO
144 15
•No par value.
Range Since Jan. 1.
Low..
23 168
37 200
High.
June 198
Jan
Aug 22434 Mar
Aug
Feb
Apr
Aug
Aug
June
July
Aug
Jan
June
Mar
18
45
12
43
2431
1735
60
18
1
7
14
Feb
July
Aug
Jan
Mar
Jan
June
Jan
Aug
Feb
Aug
78 4631 June 53
1 1054 Jan 110
Jan 37
25
1
Aug
11
10
Aug 32
32
1
20 June 35
5
June 30
24
166 3511 Feb 3915
Apr 294
71 20
22
1734 Jun
Apr
84
5
20
Aug 924
29 80
70 117% Jan 12314
Jan 154
424 11
140 1254 May 10
July
July
Jan
75
110
20
10
130
35
115
350
20
2
16
3334
9
24
21
11
58
12
25o
4
1
Aug
Mar
Mar
July
Mar
Mar
Jan
Jan
Aug
July
Mar
385
10
25
210
164
47
150
24
44
25
105
50
45
26
90
100
10
40
30
50
72
67
20
162
15
322
Kelley Isl Llme & Tr com.•
24
24
NIcKee Arth G & Co cl 13 • 3735 3734 38
Medusa Cement
30
• 30
31
Mohawk Rubber corn__ •
3
335
Myers FE & Bros
•
354 3615
National Carbon pret__100 13515 135 13554
National Refining com__25
1435 1415
Preferred
100 123
123 123
Nestle-LeMur corn
*
2
2
2
Ohio Brass B
• 35
35
3535
Packard Electric com
• 10
10
1035
Packer Corp corn
"
7
7
Peerless Motor corn
10
3
3
3
Richman Brothers corn..' 61
6034 62
Robbins&Myers vt e ser 1•
111 14
Series 2
*
1
1
Preferred
434
25
435
Selberling Rubber corn_ __•
615 7
635
Preferred
50
50
100
Selby Shoe corn
124 1254
•
Sherwin-Williams,corn _.25 6111 614 6215
AA preferred
106 1064
100
Std 01101 Ohio pref
•
100 100
Thompson Products Inc...• 1011 104 1014
Union Metal Mfg corn_ •
15
15
Union Trust
25 5751 574 5934
Youngstown S & T Prof 100
90
90
40
45
600
240
100
155
25
16
265
125
110
10
40
159
30
210
90
305
80
25
325
40
20
20
150
2,392
10
Bonds—
City Ice Deily gen M 00'33
• No par value.
Range Since Jan. 1.
Low.
High.
Aug
Aug
Aug
Aug
June
June
Jan
Jan
Aug
July
June
Apr
June
Feb
Aug
July
Aug
May
June
May
May
Aug
June
Aug
Aug
Aug
325
10
5135
10511
65
37
30
64
16
1134
80
330
2335
19
102
1515
Mar
Jan
July
Feb
Apr
Feb
Jan
Aug
Mar
Jan
Jan
July
Mar
Jan
Jan
Feb
Jan
Aug
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Aug
24
Apr
32
Aug
30
231 July
3534 Aug
130 June
1414 Aug
July
121
Mar
2
32 June
July
10
Aug
7
235 Aug
52 June
May
1
Aug
1
3 June
44 Feb
32
Feb
935 May
52 June
Apr
104
Aug
110
94 June
July
15
5754 June
85 June
35
37
70
8
45
138
2234
135
3
71
13
15
4
7635
3
24
711
1034
50
1635
6815
109
1024
1731
3415
75
9034
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Feb
June
Jan
Jan
May
May
Feb
Mar
Jan
July
Feb
Mar
Jan
Jan
1334
19
231
5135
102
30
111
11131
664
134
279
4
344
10135
40
34
22
58
7
8
50
280
15
13
75
6
1211
30
3
63
106
3734
233
11415
84
ssi
1004 10011 31,000 10011 Aug 10011 Aug
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Aug. 15 to Aug. 21, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks—Par Price. Low. High. Shares.
Aluminum Indus Ino
144
•
Amer Lily Mch corn
20
264
Amer Thermos not A.___•
654
Champ Fibre pref
100 101
101
•
Churngold Corp
434
Cm n Gas & Elec pref_ __100
10335
Cin Street Ry
50 3415 34
On dr Sub Tel
9235
50
Cm n Union Stock Yards_-•
194
City Ice & Fuel
•
3034
Cooper Corp pref
17
100
Crceley Radio A
•
531
551
1431
27
634
101
435
10431
3415
9335
1931
304
17
6
25
510
Eagle-richer Lead corn. 20
Formica Imsulation
•
Gruen Watch corn
•
Julian dr Kokenge
•
Kahn participating_ 40
Kroger corn
•
Lazarus pref
100
Proc & Gamb corn new....'
5% pref
100
Pure 0116% pref
100
Randall B
•
U S Playing Card
10
US Print & Litho cons new°
•No par value.
534
22
24
631
23
3231
1014
6435
111
68
415
40
835
675
45
45
20
75
224
534
22
22
64
23
31
31
1014
6334 6315
111
66
66
435
3615
854
515
22
24
14
37
122
31
22
20
100
20
240
762
25
65
15
338
15
Range Since Jan. 1.
Low.
High.
June 1934 Feb
Jan
July 45
Jan 10 June
Feb 1054 Mar
May 1434 Jan
Feb 10414 May
Jan
July 40
Aug 9935 Mar
log Aug 29 June
Jan
2935 June 37
Aug
Jan 17
11
fig Feb
434 June
11
25
551
99
4
1004
34
90
411
22
22
631
23
184
9931
60
1915
60
34
35
835
Mar
7
Feb
June 294 Mar
Apr
Aug 33
Jan
Aug 10
Aug 3015 Apr May
Jan 35
Jun 10235 July
Jan
May 71
July
Jun 112
Jan
Jun
85
54 Aug
Feb
Aug 50
Jan
Jan
Aug 15
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Aug. 15 to Aug. 21,
both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Associated Gas & El A_ •
Boisa Cid= 011 A
10
Bway Dept St p ex-warr100
California Bank
25
Central Investment Co-100
Citizens Nati Bank
20
Claude Neon El Prod....'
Globe Grain & Mill com.25
Goodyear T & Rub pref 100
Goodyear Textile pret__100
Hal Roach 8% pref
25
Hancock 011 corn A
25
9
1511
Internat Re
-Insurance_ __10 2311
Lincoln Mtge pre(
•
Los Ang Gaa & El pret__100
Los Angelss Invest Co_..10
5
MacMillan Petroleum Co25
2
Monolith Ptld Cem corn. •
Mortgage Guarantee Co100 150
Pacific Amer Fire Ins Co 10
Pacific Finance Corp com10 1135
Pacific Gas & Elea oom.._25 46
Pacific Mutual Llte Ins--10 504
pacific Western 011 Co...'
Pickwick Corp corn
10
Republic Petroleum Co 10
Richfield 011 Co corn
•
Preferred
25
135
g
Bonds—
Baltimore City Bonds
1962
4s conduit
ts sewerage leapt_ _1961
45 Annex Impt
1954
45 Paving Loan_
_1951
1980
315s
Fairmont & Clarlorbg Tr.__
North Ave Market 66_1940
Safe Barb Wat Pow 415s_
United Ry & E 1st 45.1949
it An
1040
42
3234
374
15
2415
2531
25
88
631 8
19
19
24 231
5434 55
102 102
31
31
115
154
113 113
664 67
111
134
280 2864
84 854
42
4235
102 102
40
40
35
35
22
22
6234 64
8
8
114 1114
80
80
280 288
1634 1634
13
15
75
75
6
7
0...4.......40...4..4.....
6
25
136
94
54
4015
15
2415
12
7
1635
28
24
25
6
274
89
6235
52
2
1634
99
June
June
Aug
May
June
Jan
Jan
Jan
Apex Electrical Mfg
•
Bess Limestone & C el A.'
Bishop ttc Babcock com....50
Central United Nat
20 5435
Chase Brass & Cop pt A 100
City Ice dr Fuel
•
Clark Fred 0 corn
10
Clev Electric III 8% pret100
Clev tty ctts dep
100
Clev Securs P I, pref
•
Cleveland Trust
100
Clev Worsted Mills com100
Dow Chemical corn
• 42
Preferred
100 102
Elec Controller & Mfg corn*
Faultless Rubber corn____* 35
Fed Knitting Mills com •
Firestone T & R 6% p1.100
•
8
Foote-Burt corn
Fostoria Pm SO
•
Glidden, prior pret____100 80
Guardian Trust Co____100
Halle Bros Co
10
Harbauer cona
• 13
Higbee 1st prof
100
Jaeger Machine corn
*
.
.41.40=N0 -.0NOON
531
24
136
94
531
404 404
15
2415
1135
6
16
16
2734
24
25
6
27
89
6115
52
5134
2
2
1551
99
344
2731
32
635
20
21
2114
80
Feb
Feb
Jan
Feb
Feb
July
July
Aug
Stocks—.
...
...
to
..... oom,-o,o.woo.w
•
Eastern Rolling M111
Fid & Guar Fire Corp....10
Fidelity Ac Deposit
50
Finance Cool America A.•
Finance Service corn A__10
First Nat Bank w 1
Houston 011 pref(new) _ _ _
.
Humphreys Mfg Co pret
25
Mfrs Fin lot pref
25
2d preferred
Maryland Casualty n w I__
Maryland Trust Co new w 1
Merch & Miners Tramp_ .•
Monon W Penn P S pref _25
Mort Bond & Title w I__ - New Amsterdam Cas Ins-Northern Central
Penna Water & Power__ •
Union Trust Co
50
United Rys dr Electrlo_50
US Fld di Guar new_ _ _ _10
West Md Dairy Inc prof..•
* 322
455
15
85
10
70
75
6
High.
4txxxrxxxx x.xx
1134
108
131
3614
294
32
935
20
25
25
88
Low.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
. .
00.4 .....1to.4.4 .
0 to
04.1.0...
20
00/40
0tO
.4> ..1.40 0tOGA•
,
,00
0t00..0..-
Arundel Corporation
• 364 36
Baltimore Trust Co
10
29
Baltimore Tube preferred__
32
Black & Decker corn
94
•
20
Preferred
20
Commerce Credit pref...25 25
244
244
25 25
Preferred B
615% 1st preferred...100
88
Consol Gas E L & Power
113
6% preferred sex D..100
10735
100 108
5% preferred
14
Consolidation Coal_ _ _ _100
Range Since Jan. 1.
•-••-..
Stocks—
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
400
2,000
6
50
15
100
1,000
100
10
15
300
800
Range Since Jan. 1.
Low.
1155
535
6915
72
50
70
1415
12
66
8311
4
64
July
June
Jan
Aug
Aug
June
Jan
Aug
Jan
June
May
June
High.
2174
2235
80
9434
94
90
2314
2014
60
89
8
855
Mar
Jan
Apr
Feb
Jan
Mar
Mar
Jan
Feb
June
Aug
June
Jan
800 2135 June 33
Jan
June 30
1
80
83 10231 Jan 11134 July
Apr 104 Jan
5
200
Feb
6
135 July
400
100
4
Feb
134 Aug
Feb
Aug 155
60 150
Apr 29 June
100 21
500 1034 June 1335 July
400 3955 June 5415 Mar
Apr 5814 Jan
550 50
431 Aug 1534 Feb
200
1.35 Jan
300 124 June
254 Mar
115 May
700
May
635 Jan
1
100
934 Jan
135 June
400
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
3 June 104 Feb
5
25
534 5,500
Rio Grande Oil com
4
45 115
Jan 13034 Aug
12934120
Ban Joaq L& P 7% pr pf100
100 50
Aug 50
Aug
50
50
Seab'd Dairy Cred A pf.100 50
Security 1st Nat 13k L A _25 714 7114 7244 1,200 70% Aug 95% Feb
Apr 10
5
Jan
300
634 611
Shell Union 011 Co com_25
4244 433.4 3,000 36% June 544 Feb
So Calif Edison com___ _25 43
15 50
54
54
Feb
25
June 60
Original pref
400 29 June 3014 Aug
25
3
034 3034
7% preferred
25 2834 284 2834 1,300 2634 Jan 29
July
6% preferred
25 2734 27
2714 2,300 24% Jan 274 May
preferred
54%
23 994 Jan 105
104 105
Aug
So Counties Gas6% pf 25
• 4014 384 41% 14,600 3134 June 51
Feb
Standard 011of Calif
300 15
15
15
•
Aug 2414 Feb
Taylor Milling Corp
100 65 June 90
65
65
_25
Feb
Title Ins& Trust Co_
64 734 20,900
7
6% June 18
Feb
-America Corp_ _ __25
Trans
1534 17% 10,600 13% Aug 244 Feb
Union 011 Assoclates _ _ _ _25 16
25 174 17
19
7,900 14% Aug 26
Feb
Union 011of Calif
Aug 20
94
7
7
300
Jan
Weber Showcase & Fix pf25
10 2454 2454 2434
Jan 28
Apr
100 16
West Pipe Steel
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
6% 8,612
Shell Union 011 common_
857
3234 43
33
Preferred
20
544 544
Sherman Clay & Colir pref
20% 1,090
Socony Vacuum corr.-- ...... 20
100
75
75
Southern Pacific
750
14% 15
So Pao Golden Gate A_
38% 41% 24,772
Standard 011 Co of Calif- ..4034
100
Standard Oil Cool N Y__ _ ...... 20% 204
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Aug. 15 to Aug. 21,
compiled from official sales lists:
both inclusive,
17%
714
73.4
%
77
16
124
264
17
034
11
1
109%
111
44
474
734
16%
18
74
Si
78
16
1214
26%
18
0%
11
1%
no
134
47
494
8%
1614
46
4714
29% 294
27% 27%
533.4 534
1054 105%
8% 83.4
17% 17%
127 128%
131 132
404 41
914 10
3
3
13
13
734 714
1294 130%
113 113
2334 234
0.04.CWW..400.00
1134
350
151
24
195
54
3
124
1334
18
2
034
21%
98%
234
19
19
WW0WOWOO100000.40W0
17%
Douglas Aircraft Corp
Emporium Capwell Corp
Fageol Motors
%
77
Fireman, Fund Ins
16
Food Mach Corp corn
Golden State Co Ltd
Hawaiian Pineapple
17%
Honolulu 011 Corp Ltd
94
Hunt Bros A common
Langendorf United Bak A
Leighton Ind B
LA Gas & El Corp pref.__ 110
1%
Magnavox Co Ltd
North Amer Inv 6% pref._ .._
49%
p554% preferred
North Amer Oil Cons
Occidental Ins Co
1.7. al
46
PaC11100& E common_ _ _
29%
6% 1st pref
27%
Frog% preferred
Pacific Ltg Corp corn
1054
it..3% preferred
8%
Pac Pub Ser non-vot corn
17%
Non-voting pref
Pacific, Tel & Tel common_ 128
11* 6% preferred
Faraffine Co
914
Phillips Petroleum
Plg'n Whistle preferred_
Ry Equip .4 Bay 1st pref__ ......
lir Series 2
El J L & P 7% pref
6% prior preferred
Sohlosinver tic Sons (II F) of
a
W.
'CO
4.
1
.4a..1,. 4,40.10VaV.b
4
,
01AO.NWWW.O.V.W0000W0 .400.W.C4 10en.W.§.
17
183.4
350 350
151 155
3% 3%
210 210
6
634
234 34
124 124
15% 15%
204 21%
224 2334
21% 234
102 102%
334 344
30%
28
28
30%
Low.
174
64
Si
72
15
12%
25
9
6%
11
1
lout
134
35
28
414
1534
Stocks-
20 June
350
Aug
17974 Jan
may
6
250
Jan
log Feb
734 Feb
Jan
16
16
Jan
27
Mar
52
Feb
52
Feb
102% May
634 Jan
5434 Jan
533.4 Jan
May 23% Mat
Jan 10% Mat
1% Jac
Aug
June 90
Fet
may 36
Feb
July 15% June
June 415( Jar
MaY 28% jar
July 15% Fet
Aug j7
Mal
Aug
134 Mat
Jan 111% Jul)
Jan
34 Mat
June 834 Jar
July 784 Jar
Apr 12% Fet
June 22% Mai
38 June
26% Feb
24% Feb
484 June
100% Jan
634 Apr
154 June
6% Apr
11
120% Jan
3314 June
5 June
2 June
10
Apr
74 Apr
115% Jan
102
Jan
204 July
5434
29%
27%
68%
105%
11%
21
131%
133
5044
154
9
15
22
131
114
24IL
May
1034 Feb
Aug 55
July
May 5534 Aug
Aug 2034 Aug
Aug 10034 Mar
154 July
May
June 5114 Feb
June 254 Feb
June
8%
June 6934
74
Aug
Aug 2434
Apr 264
June 275
Jan
53.4
Jan 2814
Feb
Jan
Aug
Feb
Feb
Jan
Mar
Apr
New York Produce Exchange Securities Market.
High.
Apr
Aug
Aug
Apr
June
June
May
June
Feb
Feb
May
June
Jan
May
May
May
High.
Low.
444
32
41
18
75
11
31%
1514
Following is the record of transactions at the New York
Produce Exchange Securities Market, Aug. 15 to Aug. 21,
both inclusive, compiled from official sales, lists:
Range Since Jan. 1.
N.WtZWOION.OWCWWWW4.
OW
,
0000000WC XWWWWO,
17
Alaska Juneau Gold Min__
350
Anglo-Calif Trust Co
Anglo & Lon Par Nat Bk... 151
334
Assoc Insurance Fund Inc_
210
Bank of Calif N A
64
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar common- ..
1534
7% preferred
Calif Ink Co A common_
22%
Calif Packing Corp
21%
Caterpillar 'Praetor
Coast Cos G dr E 6% 1st pf 102
Crown Zellerbach v t o
28%
ik Preferred A
la Preferred D
W
007,01
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Par. Price, Low. High. Shares
Range Since Jan. 1.
4
814 2,411
7
Tide Water Assd Oil com_. ......
612 384
614
49
58
6% preferred
634
45,070
6% 7%
714
Transamerica Corp
1634 15% 1734 5,853 13%
Union 011 Associates
7,59
1434
1934
17
17%
Union 011 Co of Calif
3 230
240 245
240
Wells Fargo Bk & Un Tr
2
3
24 24
WestAmer Fin Co 8% Did_
144
254 7,46
24% 24
Western Pipe dr Steel
• No par value.
Stocks-
1269
FINANCIAL CHRONICLE
AUG. 22 1931.]
Mai
Jul)
Jul3
Ma
Ma
Ap
Ap
isi
Jul
tvi
Fe
Ja
Ja
Ja
Au
Au
West
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Admiralty Abska Gold-1
1
American Sealcone
5
Andes Petroluem
1
Bagdad Copper
•
British Can Shares
1
Calif Juneau Gold
Carson 11111 Gold Mining.1
*
Chemical Research
1
Como Mines
1
Condor Gold
Corporate Trust Shares_
Detroit & Canada Tunnel•
Diversified Tr Shares C___
1
Dominion Products
1
Eagle Bird Mine
1
Eldorado Gold
Flag
10
011.
Fuel 011
Gen Mining Mill & Pow __1
10
Golden Cycle
*
(II) Rubinstein pref
Homestead Oil & Gas____1
1
Howey Gold
Internet Rustless Iron....1
•
Jenkins Television
•
Keivinator of Canada_
Keystone Consol Mine1
*
Kildun Mining
1
La Grange Placer
1
Macassa Mlnes
*
Macfadden
Nation Wide Secure B
Nati Aviation E warr
National Liberty In.sur--5
North Amer Trust Shares._
North Butte Mining_2.50
Pan Amer Air '34 wart%
Petroleum Conversion...*
1
Pioneer Gold
•
Railways
Royalties Management A *
Shortwave & Televislon_l
1
Sbicoe Gold
•
Splitdorf
1
Tom Reed Gold
Trustee Standard Oil
B
USEILt&PrB
utii Hydro warr
•
Western Television
I
7eneto nes,. , Al In.
I
.50
214
.55
.66
1.83
1.45
Si
44
14
4
.28
.94
.39
334
2.00
4.34
.76
.51
Si
44
1.10
434
244
1%
1(1
.50
24
.10
.50
2
.65
1.77
24
.20
1.32
434
.40
43.6
14
2.15
1.55
.30
4
.25
144
9
.84
.37
.38
334
5
2.00
414
1.06
234
.10
.61
334
.66
1.83
214
.20
1.45
44
%
434
134
2.15
1.60
.30
434
.28
1434
1034
.94
.37
.44
414
5
2.25
434
48.200
1,000
2,000
600
300
14,500
15,300
100
1.500
11.000
200
6,600
200
200
100
200
1.000
1.500
9,500
300
1.300
5,000
500
9,500
500
100
5,100
600
.76 2,00
.72
.55 262,00
.35
100
1434 1454
100
5% 534
100
%
%
200
734
73.4
000
4 4%
43
800
1.00 1.10
100
14 1%
1,200
434 5
2.50 2.80 1,000
100
94 934
700
154 3
8,600
214 3
500
.50
.513
100
1
1
700
.60 .69
200
54 54
300
5% 6
100
654 6%
200
%
%
14 134 1,600
500
In
In
Range Since Jan. 1.
High.
Low.
.20 May
1% May
.10 Aug
.39 July
Aug
2
.65 Aug
1.70 Aug
24 Aug
.05 Feb
1.10 Aug
454 Aug
.40 Aug
44 June
144 Aug
1.50 Mar
.92 July
.10 July
23-4 Aug
.25 Aug
1334 Aug
Aug
9
.55 Aug
.30 July
.36 June
214 Jan
Aug
5
1.14 Apr
July
3
1.40 July
July
3
.44 Mar
1.48 Feb
Jan
7
.66 Aug
1.83 Aug
5% Feb
.90 Apr
1.45 Aug
634 Feb
Feb
4
64 Mar
134 Aug
3.25 June
1.60 Aug
114 Mai
Feb
7
.64 Fet
1514 July
184 Fet
1.55 May
.37 Aug
1.20 Fet
54 Am
July
6
2.25 Aug
934 Mat
.72 Aug
.24 May
1434 Aug
534 June
44 Aug
6% June
43.4 July
1.10 Aug
June
1
34 June
2.25 Aug
6 June
Aug
1
1% Feb
.48 Jan
Aug
1
.60 Aug
44 May
434Aug
534 June
4 Aug
14 Aug
10 Au
.80 Aug
.56 Am
Am
20
734 Mai
134 Api
944 Niru
634 Fel
3.25 Fet
134 Fel
734 Jai
2.85 Jum
184 Ma
Atu
3
4 Jun
.55 Aui
34 Jai
1.50 Ap
634 Fe)
73.4 Jai
834 Ma
A Fe)
134 Atb
.26 Fe)
• 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 (Aug. 15) and ending the present Friday (Aug. 21). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds,
In which any dealings occurred during the week covered.
Friday
Last Week's Range
of Prices.
e
Sn,
Par. Price. Low. High.
Week Ended Aug. 21.
Stocks-
Sales
for
Week.
Shares.
Indus. & Miscellaneous.
300
634 744
•
Acetol Prod cony A
25
92
92
100
Adams-511111. pref
9
9
100
9
•
Underwriters
Aero
Affiliated Products Inc_• 2234 2154 234 4,000
100
14
34
Air Investors, corn v t c_ •
444 434
200
•
Allied Mills lac
• 12034 119g 1324 5,875
Aluminum Co corn
200
100 100% 100 10014
6% preference
55
54
200
•
Aluminum Ltd corn
89
82
200
100
6% preferred
•
400
Si
4
Austin Car corn_
Amer
200
334 34
American Corporation_ •
1-16
4 5.800
Warrants
4,100
714
73.4
Amer Cyanamid corn B • 54 44 844 18,100
554
American Equities com_•
24 24
234
700
Amer Founders Corp..'
Amer Investors cl B com.•
Warrants
Am Laundry Mach coin 20
100
Amer Mfg coin
Amer Transformer com_ •
Am COI & Gen 0113 v t c....•
•
53 cum pref
American Yvette Co com.•
Anglo-Chilean NitrateEx-stock distribution„.
Arcturus Radio Tube _•
Art Metal Works corn _ __ _.
Associated Elec Industries
Am den rcts ord sharest1
Atlantic Coast Fish corn_ •
•
Atlas Plywood
Atlas Utilities Corp com__.
Warrants
Automatic Voting Mach
Cony orlor Dania stk. •
53.4 6
134 114
x25% 27
24
24
6
6
134 134
134
z134 14
234
2
2
134
154
44
54
mar
Mar
Mar
Feb
Jan
June
July
Feb
Feb
mar
6,500
500
900
34 July
314 Aug
4 June
14 July
10
Apr
844 Feb
4%
3
5
34
14
May
Apr
June
Jan
May
54
8
1434
831
234
Mar
Mar
Mar
Mar
Mar
8
May
In
rah
7
214
414 444 1,000
4
100
4
300
6
6
634 74 35.800
23.4 2.800
2
10
Aug
Mar
Apr
Aug
Feb
Jan
744
234
45
28
7
5
30%
6
4
4
5
10
44 Feb
84
85 June 95
64 Feb 12
Jan 244
1114
% Jan
14
44 Apr
5%
90 June 224
95 June 10934
404 may 102
75
May 92%
1%
3MAug
Aug
1554
1-16 Aug
Si
6% AK 1234
34 May
714
234 May
ag
300
44 Jan
1,100
134 Apr
50 25
July
125 224 Jan
34 May
25
2,200
134 Aug
400 :1314 Aug
800
1
Jan
5
4
Range Since Jan. 1.
Low.
High
100
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Ars'
Sales
Friday
Last Weer, Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. Nigh. Shares.
'
•
Bahia Corp corn
25
Cum prof
Beneficial Indus Loan...'
•
Bickford's Inc pref
•
Blgelow Sanford CarpetBlue Ridge Corp com____•
Opt 6% cony pref__50
Boston & Albany RR_ _100
British-Amer Tobacco
Amer dep rcts ord bearfl
*
Buren Inc eom
6% Pref with warr- _ _50
Warrants
Burma Corp.Am dep rcts reg
20
Butler Bros
334
114
144 144
30
31
31
3%
334
324 3134
184%
334
334
3
144
30
3114
334
324
18414
Range Since Jan. 1.
Low.
1
9,400
500
134
700 133.4
300 28
75 2014
3
1.900
1,200 27
10 17534
High.
1144
May
3
Jan
June 19
Feb 3134
May 3434
6%
June
June 3874
Jan 184%
Aug
Apr
Mar
June
Aug
Feb
Mae
Aug
17
17
4% 5
40
40
34
4
100
300
400
200
1634 June
Jan
3434 Jan
g May
2454 Jan
634 Apr
4014 Max
Feb
1
131
5
200
400
134 June
34 June
2% Mar
Jan
7
114
1Si
414
Carman & Co.. cony A....* 164
Carrier Corp common_ _ _•
Celanese Corp panic pf..100 5854
Chain Stores Devel com__•
• 1034
Cbalo Store Stocks
,
Chatham & Phenix Allied... 134
Cities Service common • 1054
• 6234
Preferred
434
Claude Neon Lights com_l
Cleveland Tractor nom_ •
1
Colombia Syndicate
Columbia Pic corn v t c--•
Como' Automatic
merchandising com v t e• 3-16
Conti Roll & Steel Fdy_.•
Conti Shares cony pref.100 2134
Preferred series B___ _100 20%
Cooper Bessemer Corp-$3 pref A with warr-100
Copeland Products Inc
•
oi.,.. a 'i,boat Warr..
164
1534
58
134
1034
12 %
944
6234
414
5
34
9
100
16%
200
16
200
5834
500
144
400
1034
25.700
15
122.500
II
700
6234
434 2,500
400
534
700
4
100
9
3-16
12
20g
20
3-16
12
2134
2134
1234
1434
454
1
7
1234
84
61 54
334
34
36
9
June
May
May
Jan
Jan
Aug
Aug
June
June
Jun
May
Aug
1,100 1-16 Mar
100 13 Jun
Aug
325 18
1,050 1731 Aug
1734 1734
100
1734 1754
200
1734 Aug
A
Jnne
1634
25
65
434
1134
17
20%
8454
1034
10%
35
22
Aug
Fet
July
Mai
Fat
Fet
Fet
Pet
Fet
Jar
Jar
Fat
eg Jar
214 Juni
54% Jar
Jai
51
3614
Jar
2354 Jul]
1270
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Cord Corp
5
Corporation Sec corn
Corroon & Reynolds corn.*
$6 prefA
Crocker Wheeler corn_
•
Crown Cork Internet A. •
Curtis Mfg class A
Curtiss-Wright Corn warkDavenport Hos Mills____'
Dayton Airplane Eng com•
Deere & Co common _____•
De Forest Radio corn____.
Diesel-Wernmer-Glibert_ •
Detroit Aircraft Corp_ ___•
Dow Chemical common_ *
Draper Corp
Drearier(8 R)Mfg Co el A
•
Clasa B
Driver-Harris Co com_ .10
Dubin& Condenser Corp.'
Durant Motors Inc
•
Durham Duplex Razor
54 pr pref with warr__ •
Eastern Util Invest corn A•
Educational Pictures
8% pref with warr___100
Eisler Electric common. •
Elise Power Aasociates_....•
Claes A
•
Elee Shareholdings com_ •
66 pref with wary
•
Electrical Prod of Col_ __...*
Empire Corp corn
•
Fageol Motors corn
10
Fairchild Aviation corn_ •
Fandango Corp corn
•
Fansteel Products _ _ _____•
Fedders Mfg class A
•
Federated Capital pref_ _25
Federated Metals
•
FLechman (I) de Sons A___•
Foitis Fisher Inc corn_
•
Ford Motor Co Ltd
Amer dep rcta ord reg...
Ford Motor of Can el A_.•
Ford Motor of France
Amer dep re-%
Foremost Fabrics eom _ __•
Foundation Co
Foreign shares class A_•
Fox Theatres clam A corn.'
Garlock Pack common...*
General Alloys Co
•
General Aviation Corp....'
Gen Elec Co (Gt Britain)
Am dep rcts ord reg__Ll
General Empire Corp_
•
Gen Fireproofing corn ____•
General Leather corn_
•
Gen Theatre Equip pref__.
Glen Alden Coal
•
Globe Underwrit Each.....'
Golden State Co Ltd
•
Goldman-Sachs Trading..'
Gold Seal Electrical
•
Grayrour Corp
•
Gt A ti & Pac Tea
Non vot corn stock....'
flmt preferred. _100
Grocery Store Prod v to..'
Guenther(Rod) Russ Law5
klachmeLster-Lind Co.__.•
Happiness Candy Sta com •
Hazeltine Corp
Helena Rubinstein corn..'
Hormel ((leo A)& Co_
•
Horn & Hardart corn
•
Hydro Elec Secur corn _ __•
Hygrade Food Prod corn.'
Stimuli Utility investment.'
Insur Coot North Amer 10
Insurance Securities- -10
Internet Safety Rasor13.. •
Interstate Equities corn_ •
$3 cony pref
•
Interstate Hosiery M____•
Irving Air Chute corn_
•
Jaeger Machine corn
•
Kiehl(D Emil) Co corn_ •
Klein (Henry L)& Co of 20
Roister Brandes Am abs SI
Lackawanna Sec
•
Lefrourt Realty pref
•
Lerner Stores prof w w___ _
Louisiana Land & Explor.•
Ludlow Mfg Associates. •
Maelgarr Storer Inc
•
Mapes Consol Mfg
•
may% Bottling chum A...5
May Raaio & Television_•
Mead Johnson & Co
•
Metal & Mining She corn •
Met Chain Stores
•
Midland Steel Prod 2nd pf•
Minneapolis-Honeywell
Regulator pref
100
Miss River Fuel wart
Moodys Invest Serv pref.*
Nat American Co lnc____.
National Aviation
•
National Bond & share....'
Natl Dairy Prod pre! A _100
Nat Family Stores corn..'
Nat Investors corn
•
Nati Rubber Machry corn •
Nat Service Cos common.'
Nat Short Term See
Nat Steel Corp warrants__
A..Nat Sugar Refining
•
Nat Union Radio com___•
Newberry (J J) Comm_
New Haven Clock corn_ *
New Mexico & Ariz Land I
New York Shipbuilding__'
Niagara Share of Md..- -10
Niles- Bemcot-Pond
•
Nitrate Corp of Chile(Cosach)(Its for ord B__
Noma Elec Corp corn_
•
Nordon Corp Ltd com - _5
Nor Amer Aviation wary A
Northwestern yeast ___100
Novadel-Agene Corp corn'
Ohio Brass class B
•
011stocks Ltd class A _ •
Outboard Motors corn B__*
Preferred A
•
Pan American Airways •
Paramount Pa., M te reen •
735
19
3,4
20
33.1
155
42%
3234
14
755
14
255
33
114
33.4
1855
,
51
1831
9-16
20
34
11
13-4
4035
,
42%
32
1951
21
3
14
84
1555
3
33
11%
34
1934
Si
19
34
22%
34
11
134
4055
45
3335
1951
21
3
14
1134 11%
2
2
2
33
355
13
13
7034
234
134
30
33.4
12%
13
13
7031
2)4
13.4
54
35.4
%
5
4%
15
8
1
235
33
4
141,4
1455
133,4
704
255
151
35
334
54
5
4%
15
855
1
214
9,300
54 Jan
1,000 14
Aug
1,800
24 Aug
100 32' Aug
600
7
Jan
300
335 July
2.500 z174 July
900
51 June
400 1275 Jan
14,100
55 May
1,400 153,4 July
14,300
154 Jan
100 11
Aug
18,200
154 June
100 34 June
400 34 June
400 27 May
100 18 June
100 1655 June
100
295 June
14,
114 Jan
High.
15
22
614
51%
1434
834
1934
34
19
24
444
855
17
334
51
4635
3931
2735
414
435
34
100
200
1134 Aug
2 May
21
7
300
900
600
1,900
500
100
100
3,300
100
100
100
100
200
100
200
300
100
18% Jan
z3 May
11
June
94 June
Jan
9
7051 June
24 Aug
34 May
55 Aug
155 Jan
54 June
4
Aug
475 Aug
1455 June
755 June
1
Aug
13-4 Jan
42
6%
22%
22%
18
88%
534
24
14
5
35
11%
635
15
1054
8
3
Apr
Feb
Mar
Jan
Mar
Mar
Aug
Mar
Aug
Jan
Feb
Mar
Mar
Feb
Jan
Apr
Feb
Mar
Feb
May
Mar
Feb
Jan
June
Mar
Feb
Feb
Mar
Feb
May
Mar
Jan
Mar
Jan
Feb
Apr
Apr
Jan
Mar
Jan
1015
1734
1034 1134
17% 18
5,300
1,100
1031 June
1455 May
1934 Jan
2951 Mar
5-16
654
5-16
631
34
100
1,800
654 June
51 June
1055 Mar
634 Mar
3%
23-4
3%
2%
1,000
1,300
July
2
24 Aug
Feb
5
634 Jan
134 1355
33,4
3
455 5
300
200
1,100
Aug
13
255 Aug
4 June
184 Mar
1035 Feb
12
Mar
955
1655
17
3
434
3334
,
7%
12%
5%
55
20
600
100
400
200
7,600
200
500
100
6,200
200
300
8%
14%
20
3
34
29
7
1234
4%
55
19
354
13
43,4
454
534
20
1155
18
25
64
314
60
9
17
1111
134
2934
Feb
Mar
Jan
June
Feb
Jan
Apr
June
Mar
Feb
Mar
190 167% Jan 260
60 117
Feb 1223.4
500
2
July
651
100
9
May 18
100 18
Aug 1835
1.300
54 Jan
2
1,100
9
Aug 2334
800
13,4 Jan
34
100 25
Aug 2814
200 3534 Jan 434
400 15-4 May 30
900
255 June
655
Apr
Aug
Mar
Jan
July
May
Feb
Feb
Jan
Mar
Feb
Apr
Feb
Mar
Feb
Feb
Apr
Mar
Jan
May
Feb
Apr
May
Jan
Feb
Mar
Apr
Jan
Feb
Aug
Apr
Apr
Aug
Mar
Apr
Feb
Mar
214
212 21714
119 122
2
2%
8
8
18
18
55 1
9
11
13.4
154
134
25
25
38% 39
IVA
1734 1834
4% 44
4%
2
8
18
27%
7
154
70
15-16
113,1
23,4
74
_ 14
85
85
83
65.4 6%
2355 234
254 2%
6% 614
3041 303
1
1064 10634
,
13,4
13,4 2
54
554 53.4
34 334
13-1
51 13.4
20% 2134
21
4
4
455
313.4 3151
24 255
2%
2435
23
314 334
134 134
555 51
1
64 on
654
1254 12% 123.4
23,4
3034
151
34
125
4254
35
13,4
44
254
May
Jan
May
July
Aug
June
Jan
Aug
June
284 1,800 22
27
June 4951
52
400 45 June 634
50
6
654 1,600
54 May
931
8
100
Aug 13%
8% 84
14 131
400
44
134 Aug
2355
300 23
23
Aug 35
100
7
434 June
7
7
200
7% Jan
9
11
9
6
6
6
100
Aug 1355
100 1255 Feb 14
13% 1354
2 May
100
255
236
4
15.4 151 1,500 29 June 37
32
200
Si Aug
31
55
20
100 194 Apr 2534
20
Aug z81 34
50 70
70
70
500
15-16 15-16
54 June
,
2
Mar 120
10 102
10535 1054
13,200
11% 12
434 June 12
100 3254 Jan 41
40(4 403.4
1% June
23,4 235 4.700
54
855 Mal 203.4
19% 2054 2.300
July 1134
74
7851 2,000 73
54 Jan
400
23-4
3.4
54
44
155 June
500
154
1(4
Jan 18
100 14
154 154
20
731
975
1655
20
3
554
3334
734
12%
53.4
55
2054
114 13,4
43,4 455
51
51
35
55
125 12555
423.4 424
3454 35
234 234
155 14
451 434
244 25%
334
354
90
200
100
Friday
Bak:
Lase Weeks. Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
82
4
23
May
June
Feb
May
June
91
Mar
104 Feb
32
Mar
254 May
434 Jan
300
451 Jan 10
Wier
200
100 2654 June 343.4 June
100 1054 June 1094 May
1,400
14 July
551 Jan
74 Feb
2,4
334 JUDO
100
3 July 54 Feb
34 Mar
1,000
14 June
5,400 1535 Jan 22
June
Aug 13
4
300
Feb
May 343.4 Mar
300 27
155 Jan
54 Feb
500
July 2635 Mar
400 23
355 Aug 134 Jan
200
3
Feb
1,100
134 June
7% June
23-4 Apr
400
114 Mar
554 May
500
400 1234 June 2254 Jan
3,900
35
434
100
1,600
35
1,300
35
20 115
200 36
75 344
100
1
155
1,000
44
200
1,000 175(
254
400
July
151
June
63i
July
55
2%
Aug
June 150
June 5154
Aug 70
June
5
Aug
334
8
Aug
Jan 304
5
Apr
July
Mar
Mar
Mar
Apr
Feb
Feb
Mar
Jan
Feb
Apr
Feb
[VOL. 133.
Parke, Austin & Lipecombe
Participating preferred.*
Parke Davis & Co
•
Parker Rust-Proof Co_ •
Patterson-Sargent Co_
•
Pender (D) Grocery A- •
Class B
•
Pennroad Corp corn v t c_.
535
Pepperell Mfg
100
Perryman Elec Co cons....
151
Philip Morris Consul corn.'
24
Class A
25
Phoenix Secur Corp corn.'
14
Pilot Radio dr Tube el A..* 10
Pines Winterfront Co_ __5
Pitney Bowes Postage
•
Meter Co
53,4
Pitts & G E RR corn_ _
7535
Patrero Sugar
Powdrell & Alexander_
•
Propper McCallum Hos__•
3
Prudential Investors corn •
36 preferred
•
Public Utility Holding Corp
Corn without warrants.'
34
Warrants
36
Rainbow Lum Prod A_
Reliance Internet corn A.•
Common class 13
•
Reliance Managernt corn_•
Republic Gas (formerly
•
Beset Co)
Reybarn Co Inc
10
Reynolds Invest corn
Revile International:
Ruherold Company
•
Russets Fifth Ave
•
Safety Car Heat & Ltg_100
St Regis Paper Co corn __10
Schulte-United Sc to
St.
7% cum cons pref. _100
Seaboard Utll Shares.- --•
Securities Corp General___
Seeman Bros corn
•
Segal Lock & Hardware....'
Selberling Rubber earn_ •
Selected Industries corn..'
Sentry Safety Control...'
Shenandoah Corp corn
•
6% cony pref
50
Sherwin- Wms Co eorn 25
signature Hosiery v t
•
silica Gel Corp corn v t e-•
114
Si
3
17
535
254
54
30
5
High.
9
100
27
100
85
150
23
100
26
100
450
9
554 5,500
10
8654
13.4 1,300
351 26,200
16
100
134 4,400
113,4 1,900
1355
800
531
75
34
32
3
103.4
86
6
7514
33,6
32
3
114
86
200
100
600
100
100
900
600
35
, 33,4
4
55 9-16
1,500
2,700
33.4 June
55 May
731 Feb
154 Jan
200
200
100
400
34 Aug
3
Aug
55 May
3
Jan
4
44
14
74
Jan
June
Feb
Feb
955 3,90
64 Jan
13,4
500
155 Aug
100
54
% July
231
24 Jan
200
38
Jan
200 34
5
Feb
5
100
45
50 45
Aug
1254 2,800 1054 June
400
% Aug
51
% Mar
100
54
3
1,300
3
Aug
1935
200 16
June
32
100 263.4 June
4
Jan
63,1 14,200
455 Jan
100
634
234 1,100
24 Jan
200
% Aug
34
43.4
3% Jan
900
30
1,700 s30
July
62
175 52
May
300:
34 May
34
2,400i
34 Aug
6
133.4
5
134
53-4
42
7
9051
214
1
3
535
303,4
3755
715
1054
435
34
84
86
6634
1%
1055
Apr
Feb
Jan
Feb
Mar
June
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Mar
May
Feb
Feb
Mat
Feb
Mar
Feb
Feb
455
3755
5
Low.
0
27
8234
23
26
8
53.4
6634
14
2%
16
14
955
1354
.
3.4
3
84
Range Since Jan. 1.
834
154
55
25(
374
5
45
1154
Si
51
3
17
32
43.4
635
24
55
4
30
6154
55
33-4
36
34
35
434
8
26
81
23
194
57
4
475
603.4
34
35
10
134
34
13
Mar 12
Feb
May 304 Jan
Mar 10954 Mar
May 2855 Mar
Jan 30
Feb
June 105( Apr
June
854 Feb
June 79
Apr
4
July
Apr
33( AUg
Jan
Jan 154 Aug
2
Feb
June
Jan 233.4 Apr
Aug 2251 Apr
5
75
23.4
2434
231
835
80
June 10
Aug 109
May
5
Feb 3255
July
5
14
Jan
May 91
Mar
Apr
Jan
July
Feb
Mar
Apr
Singer Mfg
258 260
10 230
100
May 34335 Feb
Smith (A 0) Corp corn_ •
9975 99%
10 98
July 192
Mar
Southern Corp corn
•
23,4
600
454 Feb
214 July
234 24
South West Dairy Prod..'
300'
35 Aug
251 Mar
35
31
Spanish & General Corp
Am dep rots for ord reg.
6001
51 June
34 Feb
55
34
Spiegel May Stern pref_100
3434
34
600 13
Aug
Jan 39
Stahl & Myer Inc corn_
•
100 15S5 Feb
163,4 1635
1835 Mar
Standard Motor Constr...'
si May
700
1
Jan
S4
55
Standard Screw
65
65
100
Jan
25 65
Aug 95
Starrett Corp corn
4
•
Aug 124 Jan
3
100
4
6% Prat with privilege 50 12
12
1314 1,100 10 June 2535 Feb
Stein (A) & Co. tom
154 1535
5
100 134 June 173 Feb
• 1535
Stinnes (Hugo) C9rp
•
64 Mar
235 2'.6
23,4
2 July
100
Strauss (Nathan) corn __ _•
10
4,200
Mar
Aug
35
34
Strauss-Roth Stores
Jan
5-16
7-16
1.600
6
Aug
3.4
Stutz Motor Car Co
• 11
Mar
28
954 Aug
03.1 1114 2,200
Sullivan Machinery
Aug 224 Feb
•
17
17
25 17
Sun Investing corn
Mar
8
4
4
•
100
33.4 Aug
Swift & Co
25 2555 2535 253.4 2,000 2434 June 30% Jan
Swift International
15
200 2955 June 4055 Apr
3314 333.4
Syracuse Wash Mach B..*
8
Mar
Jan
4
6
100
6
Taggart Corp corn
44 June 1836 Mar
•
100
7
7
Technicolor Inc corn
,
•
3 4 June 1454 Mar
634 8% 2.200
655
Thatcher Securities
334 Feb
1
2% Jan
200
24 24
234
Tiiiken Der, Axle pf-__100 934 9314
10 93% Aug 1024 Mar
933
5
Tobacco & Allied stk
•
28
100 2654 Jan 393-4 Apr
28
Tobacco Prod Exports...*
14 Jan
% June
500
54
3i
Transcont Air Tranep____•
84 bias
355 Jan
600
534 555
5%
Trans Lux Pict Screen
Common
•
1351 Mar
3,300
935 Aug
75
45.4
TO-Continental Corp warn
655 Mar
33.4 3,200
24
4 Jan
33-4
3
Tri Utilities core cern _.•
254 Aug 29% Mar
800
234 23.4
2%
Trunz Pork Stores
100 1231 Jan 144 Feb
1355 1355
•
Tulase Chanter] Corte-Common Byte
•
3% Jan 16
Feb
5
54 1,200
554
Tung Sol lamp ovi" corn
7 June 12
100
Feb
834 83,4
'
Ungerlelder Financl Corp.
500 214 Jan 294 Feb
28
28
Union Tobacco corn
100
35 June
34 Mar
• 3-16• 3-16 3-16
United Dry Dodo eom •
1% June
355 Mar
15.4
13,4 1.000
United Founders corn____•
19.000
434 June 104 Mar
44 5
44
United Milk Products....'
400 1 Slay 251 Feb
1
151
1
United Stores Corp vte___•
5no 154 June 23-4 Feb
14 14
154
U S Diary Prod ChM B- •
Feb
9 June 15
1054 1154 1,300
U Foil class B
4 June 10
Mar
455
200
455
455
•
S & Internal See
First pref with wart...' 35% 35% 36
400 31
Feb
Jan 60
U S Lines pref
•
3
3
154 Aug
634 Jan
354 2,600
US Playing Card corn _10
Jan
950 32
May 49
36
37
Universal Insurance_ _25
Apr
200 15% Aug 25
154 16
Utility Equities corn
2,000
93,4 Feb
44 June
44 5
5
•
Utility & Indus Corp corn.'
5 May
500
934 Mar
551 8
Van Camp Pack corn_
300
255 Jan
751 Mar
•
45' 451
7% preferred
9
200
Mar
Jan
434 44
3
25
Vick Financial Corp- _10
Jan
7
Jan
554 534 1.400
6
Vogt Mfg
1234 Feb
100
855
•
855 894
834 July
Walgreen Co corn
1855 1.000 154 June 294 Mar
•
18
Warrants
Mar
10
200
454 434
351 Jan
Walker(Iilram) Gooderham
& Worm corn_ __ ____*
84 Feb
434 May
1,500
44
44 5
Watson (John Warren) Co*
Feb
2
55 Aug
54
100
55
35
Welch Grape Juice corn... 42
42
42
25 90 June 5214 Jan
Western Air Express __10
Apr
10
200
10
Aug 22
10
Wilson-Jones Co
100 14% June 2235 Jan
14)5 1455
•
Woolworth (F w) Ltd
Amer dep rete for ord abs 11
103.4 1134 24,900 9% June 124 July
Youngstown S & T pf_100
90
20 85 June 10155 L.Jan
90
37
Right,
deb rights....
Stock rights
Assoc G & E
Public Utilities
Alabama Power $6 pref__*
Amer Cities P & L Cl A..50
Class B
•
Am ComWth Pow coin A•
Common class B
•
Amer St Foreign Pow warr_
Amer Gas & Elec corn...'
Preferred
•
Amer 1. & Tr corn
25
Amer Nat GM corn
•
Amer Pub Serv 7% p1.100
Am Sts Pub sery corn A •
155
14
14
14
155
13,6
100
100
134
135
Jan
Jan
43.4 'Jan
44 Feb
Jan 10374 Mar
125 100
1024 103
100 314 July 38% Feb
33
33
531 Jan
Feb
10
63,4 635 3.700
Mar
12
123.4 15.500 104 June 17
Apr 2934 Jan
300 17
17
1955
June 3155 Feb
1555 1734 11,400 11
16
65% 65 55 685
5 6,900 484 June 864 Feb
300 102% Jan 1113.4 Aug
1104 11134
100 34% June 544 Feb
394 3954
June
1
2
54 Mar
2
100
25 8634 Aug 914 Apr
81134 86
%
9(1,
4
non
or
8
8
654
12%
AUG. 22 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Lasi Week's Range for
Week.
Sale
of Prices.
Public Utilities
(Concluded)
Par. Price. Low. High. Sharesa
Am Superpower Corp com•
•
First preferred
$6 common preferred *
Amer Tel Utilities com_ •
•
Appalachian Gas com
Warrants
Associated Gas & El el A.*
•
$5 preferred
Allotment atts
$8 lot bear allot Mfg
Warrants
BrasIllan Tr Lt dr Pr ord.*
Buff Niag & East Pr pt__25
•
lot preferred
Cable & Wireless Ltd
Am dep rcts A ord sh £1
Am dep rcts B ord ohs £1
Am dep rcts pref shs £1
*
Carolina P & L $6 pref
Cent Hud G dz E com vte.•
Cent Pub Say common...*
•
Class A
•
$4 preferred
Cent & So W Utll
•
Cent States Elec corn
6% prof without warr 100
Cony pref opt ser '29_100
Cent West Pub Serv A____
Cities Serv P & L $7 pref_*
Cleve Elec Ill coca
Commonwealth Edison 100
Com'velth & Sou Corp
Warrants
Community Water Serv__*
Coas'l G El & P Bait com •
Consol Gas Utll B v t
Cont & E 7% pr pref_100
11% 25,400
92
500
200
8254
500
244
44 42,300
414
100
34
,
12% 7,700
124 12
7434 78
60
200
1734 18
7254 6934 72%
300
3,100
174 174 19% 2,800
2634 274 1,500
27
105 105
100
10%
9154
1054
914
8234
2416
34
21
73.4
48
1854
674
174
19754
14
8%
4
100 100
Duke Power Co
Duquesne Gas corn
19
East Gas & Fuel Assoc...
914
East States Pow corn B..*
East UHL Assoc cony stk.*
Elec Bond dr Sh Co corn... 37
• 103
$6 preferred
•
$5 cum pref
Elec Pow & Llgbt warr__ -----Empire Dist El 6% pf.100
Empire 0 & F 8% pref_ 100 68
100
ki 7% preferred
7
European Elec class A__10
Warrants
Florida P & L $7 prof....
Gen 0& I:6% pre( B.___* 50
Georgia Pow $6 pref.._ *
4
Hamilton Gas Co corn v t c
Illinois P & I. $6 pret____* 8915
•
Internet Superpower
Internet Utilities el IL *
014
•
Partici pref
Italian Superpower corn A.
Kansas City PS corn vtc.•
• 30
Long Island I.tg corn
100
7% Preferred
preferred series B 100
6%
Range Since Jan. 1.
Low.
854
814
82%
22
331
55
1114
64%
16%
67
June 194
May 99
Jan 894
Jan 254
Aug
8%
May
54
July 23%
June 89%
Aug 2434
July 91%
July
1
12% June 284
25% Jan 27
9854 Jan 105
Mar
Mar
Mar
Mar
Feb
May
Mar
Apr
May
Feb
Jan
Mar
Mar
Aug
June
14
May
.14
July
314
Aug 103
June 31
July 18%
Aug 19%
Aug 58
June 244
June 12%
Feb 684
Jan 65
July 174
May 89
June 5234
June 256%
Mar
Feb
Feb
May
Mar
Feb
Apr
June
Feb
Mar
Feb
Feb
July
Apr
Mar
Feb
114 June
254
8
Jan 124
77 June 101
4
July
8
9734 Jim 1034
Mar
Apr
Feb
Mar
Anr
1,300
3.6
14
16
1'4
14 3,500
2
2
2
200
10 100
100 100
20
21
400 174
800
814 1134
8
74 834 15,900
715
5336
48
475 48
164 1654
300 1434
6% 74 9,700
634
58
200 54
5815
58
450 50
58
174 17%
700 17
84
84
50 78
434 4354
100 40
200 1904
1974 2014
1% 1%
814 8%
88% 90%
4
4
102 102
6.70
2,50
40
10
25
High.
20
98% 108
9614 June 145
Feb
54 Aug
54
3-6 13,30
64 Feb
19
19
10
17
Jan 27
Mar
94 104 2,60
814 Aug 24
Mar
100
8
8
5 June
816 July
36% 394 119.900 314 June 61
Feb
10234 10354 1,800 1014 June 10834 Mar
89% 89%
500 89% Jan 97
Mar
194 224 3,500 144 June 3754 Feb
684
68
Aug 704 July
100 68
68
500 6616 June 8914 Jan
7014
50 5054 June 79% Apr
604 604
800
711
7
7
Jan 13
Mar
114 14
100
114 Jan
4
Mar
100 100
200 99
Apr 104
Mar
700 3914 Aug 78
49% 52
Mar
9854 984
200 051.4 June 1004 Mar
1,000
314 4
2% Aug
Apr
6
250 8614 Jan 9434 Apr
894 904
100 20
23
23
Apr 3334 Mar
64 614 9,500
54 Jan 10% Feb
50 88 June 100
95
95
July
2% 24 3,400
24 Jan 1034 Jan
1.4
700
54
54 Aug
35 Aug
30
3054
600 29% Apr 364 Mar
11054 1104
60 106% Jan 11214 Mar
1064 10615
25 10014 Jan 10734 July
254 23-4 1,100
24
Marconi Wirel T of Can..
_1
34
400
314
M688 ULU Assoc corn v t C.*
3% 334
300
8% 9
Memphis Natural Gas_•
814
101
102
150 96
Met Edispn $6 pref C_ •
164 17% 8,200 144
Middle West Util corn_ _.• 17
•
90
200 89%
90
$6 cony prof ser A
til
854 9% 1,700
914
Mid NA not State. 1, ei A •
7
107 107
75 10034
Mohawk & Hud Pr 1st pf_.
106 106
25 99
Second preferred
West Penn
Monongahela
254 25%
50 244
Pub Service 7% pref__25
50 38
Montreal I. 11 & P com_.• 464 464 4634
10054 100%
•
500 97
Nat Pow & Lt $6 pref
300 1254
Nat Pub Serv corn A__ • 1814 1854 1834
82
82
100 79
7% preferred
41
41
100 404
$34 cons pre( with ware 41
40 7814
New Eng Pow 6% met 100 6134 8134 81%
250 130
New Eng Tel & Tel._100 142
13734142
*
4
4 72 1
400 4634
691
N Y Steam Corp com
50 1134
4
N IrreleP 6'5% pret..101 1161 1164 116%
1054 1034 17,100
94
Niagara Bud Pow com..i(i 1034
1%
1.300
1% 2
2
Clam A opt warrants...
434
494 434 1,400
434
Class B opt warrants...
100
134
1%
14
Class C opt warrants...
134
150 834
884
67
Nor Amer Lt dr l'ow cots.•
100 114
120 120
Nor States Power corn _100
190 104%
10954 110
Ohio Power 6% pret_100 110
Jan
Aug
May
May
Jun
Aug
July
Jan
Jan
4
435
124
102
254
101
25
1074
107
Mar
Mar
Feb
Aug
Mar
Mar
Feb
Apr
June
Jun
May
Jan
May
Jun
Jun
Jun
Jun
Jan
Jan
Jun
Jun
July
Jan
Feb
May
Jan
2.54
694
104%
21%
87%
44
86
142
89%
11834
154
34
814
3%
73%
1524
11114
Aug
Mar
Apr
Mar
Mar
Feb
Feb
Aug
Mar
Mar
Mar
Mar
Mar
Mar
Aug
Mar
Aug
Pacific0& E 6% lat pf_25 294 294 2914 1,000 254 May
•
184 1836
50 1854 Aug
Peninsular Teiep cons
150 108% Jan
112
111
• 112
Pa Pow & I.t $7 pref
•
100 5234 Jun
63
63
Pa Water & Power
5
454
414 Au
700
Peoples Lt & Power el A.•
100 26% Au
26% 264
Phila. Co new corn
20 98
9934 9954
Mar
Pug Sound 1.. & P 6% pt._•
37
37
100 32 June
Railway & Lt Secur cam.*
100 90 June
90
94
Rochester Ci & E prof D 100
1616
300 14
16
Rockland Light & Pow.J0
May
300 36
404 41
Shawinigan Water & Pow •
June
[3_25 2814 2834 29
1.600 25% Jan
So Cal Edison
100 24% Jan
274 274
54% prof series C.._25
2
214
500
Aug
Southern Nat Gas corn •
2
•
3
700
3
24 June
Stewert Gas Utll com
200 30 June
304 3054
Standard Pow & Lt cam. •
42
43
300 3834 June
Tampa Electric corn
1104 11034
25 1074 June
Tenn El Pow 7% lot pf 100
10% 1054
200
9 June
Union Nat Gm of Can__ •
94 10
1.100
714 June
United Corp warrants_
•
64 25,600
64
434 June
6
United Gas Corp cona
• 784 78% 79
300
June
Prof non-voting
214 254 5.100
Warrants
34 May
United id & Pow corn A..• 19% 19% 203.4 7,500 1734 June
• 884 884 8954
600 8454 June
$8 conv let pref
4% 5,60
4
4
334 May
US Elec Pow with ware..'
14 134
100
34 May
Stock purchase ware....
100
834 June
United El Serv Am shs___ -----•
754 83' 12,50
8
6% Apr
Utll Power & L1ght corn
•
24% 1.600 184 Aug
23
Class Byte
30
22
112
704
2695
31 34
1004
50
100
1854
60
26%
274
04
654
50
61
11034
174
154
114
94
44
3454
1044
814
24
12
144
31%
July
May
Aug
Mar
Feb
Feb
Jan
Feb
Mar
Mar
Mar
Aug
May
Apr
Feb
Mar
Feb
Aug
Jan
Mar
Jan
Mar
Jan
Feb
mar
Feb
Mar
Feb
Feb
Mar
ion
9%
Former Standard 011
Subsidiaries
25
Borne Scrymser Co
50
Buckeye Pipe Line
Che
,brougn mfg Conso1.25
Cumberland Pipe Line-50
100
Eureka Pipe Line
Galena
Bumble Oil dr RefIning.25
•
Imperial 011 (Can) coup..
•
Registered
10
Indiana Pipe Line
National Transit___12.50
10
N Y Transit
50
Northern Pipe line
100
Onto 0116% rif
on corn
134
55
116
37
38
32
24
63
65
1354 134
13
13
12% 1254
134 134
9
31
90
134
56
116
39
34
3
71
144
144
12%
14
9
33
92
50
64
600 40
100 101
500 2054
250 24
1
500
4.10
4934
9.000
94
300 10
800
94
200 1134
300
734
300 25
610 80
May
10
Aug
Jan
58
Aug
June 12954 Apr
Jan 39
Aug
June 34
Aug
June
3
Aug
June 72
Feb
May
1454 Aug
June 18
Jan
June 214 Feb
June 174 Mar
May 14% Jan
July 33
Aug
June 1024 Jan
1271
Sales
Friday
Former Standard 011
Lasl Week's Range for I
Week.
of Prices.
Subsidiaries
Sale
Par. Price. Low. High. Shares.
(Concluded)
Penn Men Fuel Co
25
25
Solar Refining
25
South Penn 011
Southern Pine Line
10
Standard 011 (Indiana) 52
Standard Oil(Ky)
25
Standard Oil (0) com
25
.25
Swan Finch Oil Corp...
Vacuum 011
25
1554
184
26
20
.52
434
10
144
1634
14
2554
19
49
34
47%
Range Since Jan. 1.
Low.
High.
700: 8
124
900j
34
154
20
4.000 124
100 10
14
27% 37,600 1914
20% 6,400 1534
1,350 35
52
254
434
200
52
9,700 x28
Apr
June
June
Jan
June
May
June
July
May
800
14
414 1,400
434 25,600
100
6
34
354
3
514
June
June
June
May
114 Mar
Feb
614 Feb
Mar
7
1554
15%
2334
17
38%
23%
624
434
594
Jan
Aug
Jan
Apr
Jan
Feb
Jan
Aug
Feb
Other OH Stocks
•
Amer Maracaibo Co
14
44
Ark Nat Gas Corp corn..'
454
Class A
Preferred
10
British Amer 011 Co
Coupon stock (bearer).- -----Carib Syndicate
Colon 011 Corp corn
•
134
Columb Oil& Gasol v t c.•
354
•
Cosden Oil Co corn
134
Creole Petroleum Corp...'
114 124
14 154
14 14
214 334
134 14
216 354
400
200
4,900
800
300
7,200
834
%
14
2
1
2
May
Jan
June
June
Apr
May
1634 Jan
254 Feb
314 Mar
754 Feb
3% Jan
334 Jan
Darby Petrleum corn..._
334
. 43.4
Derby 011 & Ref com
Gulf 011 Corp of Penna__25 6414
Indian Ter Ilium 01101 A •
Intercontinental Pettl
0
• 12%
Internat'l Petroleum
1
Leonard 011 Develop
Lion 011 Refining Co
*
Lone Star Gas Corp
•
Magdalena Syndicate____1
lie
Mersey Oil Corp
Mid-States Pet el A v t 0-•
Mo-Kansas Pipe Line comb
434
1
Class B vol tr ctfs
Mountain & Gulf Oil Co...1
5
Mountain Producers.... O
National Fuel Gas
• 1854
New Bradford Oil
5
North European Oil Carp.
34
34 316
400
434 54 44,700
6234 694 13,600
600
914
9
3.4
54 17,400
12% 1434 16,100
4,800
3.4 1
434
41i
100
1534 16% 1.900
Iii 4,100
%
4
4
200
2% 214
200
434 435 4.400
2,100
54
300
34
14
4
594 3,100
1,300
1734 ra
400
11
74
2,500
74 1
2
234
88
9
3-16
814
4
34
1415
34
334
234
33.4
34
14
334
1634
4
%
May
May
June
Aug
July
June
Apr
May
May
Jan
Jan
June
June
Jan
Aug
June
June
June
Jan
5
6
76
1634
36
1514
14
64
29
34
5
434
11
%
3.4
534
264
14
23‘
Feb
Feb
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
•.
PacificWestern Oil
514
Pandem 011 Corp
'11
Pantepec Oil of Venez
*
Petrol Corp of Amer ware.
)-5
Plymouth011 Co
5 1254
1
Producers Royalty Corp •
Pure 011 Co 6% pret___100 66
134
Reiter Foster Oil Corp
*
Ryan Consol Petrol
Salt Creek Como' Oil_ 10
514
Salt Creek Producers.- -10
..°
534
Southland Royalty Co.
Sunray Oil
5 154
814
TEIX01) 011 & Land Co....
Union 011 Associates____25 16%
Venezuela Petroleum___
34
114
•
"Y" Oil& Gas Co
54 5%
%
Si
14
34
le
10
124
14 1
255 234
94
3.1
514 7
514 6
114 1%
814 8%
1711
16
51 1
1%
1.000
5,400
300
1,800
6.400
5,000
150
1,900
100
100
2,300
3,200
3,600
700
2,500
1,700
2,300
454
34
54
34
654
1
1534
34
14
34
4
314
1
74
134
34
34
Aug
June
June
June
May
June
June
June
June
Aug
June
Mat
June
May
Aug
May
Jan
15
14
2
1%
19
454
834
134
3
154
74
714
54
124
244
1%
24
Feb
Apr
Feb
Jan
Feb
Jan
Jan
Aug
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
July
94
2
97
14
5-16
9-16
1-16
14
54
534
6
334
274
114
15
5-16
54
2
97
7-15
5-16
916
1-16
14
54
534
6
414
284
194
16
.5-16
700
500
10
1.800
1,800
500
2,000
1,900
200
100
300
900
1,400
100
400
700
384
2614
1034
15-16
3-16
16
354
1%
13^16
634
9
5-16
3 16
316
3
214
28
101
1
14
3 16
9-16
334
100
2,000
100
1,40
3.600
1,400
300
56
3.000
2.600
3.600
400
2,300
200
Mining Stocks
Comstock Tun & Drain 100
Consol Copper Mines.
...5
Consol Min &Smelt I.td_25
Cresson Cons Gold Si&M
Cual Slexicana Mining..1
Evans Wallower 11.ead
•
Falcon Lead Mines
1
Golden Center SI ines.__.5
Goldfield Consol Mines___1
Hecht Mining Co
25e
Hollinger Conant G M____5
had Bay kiln
Stnelt___•
Lake Shore Mines Ltd....1
Mining Corp of Canada.
.5
Mohawk Mining Co_ ___25
Moss Gold Mlues Ltd _.1
New Jersey Zinc Co
25
Newrnont Slitting Corp.10
N Y & Honduras Rosirio 10
Nipis.sing Mitten
5
Ohio Copper
1
Premier Gold Mining.
...l
Shattuck Denn Mining_ _•
So Amer Gold & Plat
1
Sylvanite Gold Min
Tech Hughes Hold Min_ .1
United Verde Extens'n_50c
Utah Metal & Tunnel...A
Wenden(
'onper
Wright Hargreaves Ltd_ •
BondsAlabama Power 41.48 19 7
.. 6
let & ref 58
1968
Aluminum Co f deb 5s '52
Aluminium Ltd 5s...1948
Amer Corn'Ith Pr 6s 1940
hentlIrea 5i4a.-1953
Am Commun Pow 514s '53
Am & Cent Corp 58 1943
Am El Pow Corp deb 6s '57
Amer 0 & El deb 58...2028
Amer Gas & Power 5s.1953
Debenture Os
1939
Amer Pow dt Lt
Amer Radiator deb 448'47
Amer Roll Mill deb 58.1948
44% notes___Nov 1933
Amer Solv dr Chem 6
with warrants
1936
Appalachian El Pr 58.1958
Appalachian Gas 6s._1945
Cony deb 58 ser B 1945
Appalachian Pow 69 2024
Arkansas Pr at Lt 5s 1956
New
Associated Elec 43.'4s..1955
Associated Gas & Electric
Deb 4348
1948
41.4o series C
1949
5s
1950
1968
55
514s
1938
Assoc Rayon deb 5s...1950
Assoc Telepb 53 ser A 1965
Assoc T & T deb 51 A '55
5s
Assoc Telephone Ut,11 6s '33
1944
515e. _
Atlas Plywood 53.48_1943
He
Baldwin Loco Wks 5483
3
Bell Tel of Canada 58.1957
1955
1st M Se series A
1960
let Si 50 ser C
Birmingham Elec 414s 1968
Birmingham Ga.s 53_1959
Boston Consol Gas 5s_1947
Boston dr Maine RR 6*31
14
3%
314
6
64)i 6694
194 134
94
34
4
514
34
25
154
15
14
Aug
14 Feb
May
314 Jan
May 144
Jan
Jan
154 Jan
Aug
154 Mar
May
314 Feb
Feb
Feb
Aug
Feb
2
May
Si9-1 Jan
June
Mar
July
85( Apr
June
654 Mar
Jan 28% Apr
Jan
24 Mar
Stay 204 Apr
May 11-16
Apr
35
234
104
94
4
34
3
15-16
11-16
64
515
34
4
134
Apr
June
Feb
June
June
Aug
Jan
Jan
July
Aug
June
Jan
Feb
Jan
Si
584
12
134
34
115
211
%
9
13%
'It
1,4
z314
Jan
Feb
Mar
May
Feb
Apr
Mar
May
June
Apr
Met
June
Feb
Aug
994 9934 994 $95.000 9654 Feb
1044 104% 4.000 10134 Jan
Jan
104% 1041.4 1054 10.000 103
19,1100 9334 July
98
97
54,000 60 June
704 694 71
July
57
594 594 614 31.00
604 Aug
604 6234 6.00
73
73
5.000 73
Aug
15,000 60 June
6354 64
Jan
97
993.4 10094 275.00
13,000 6234 June
67
654 64
June
64
s8454 90
15.00
90
10435 1044 10534 45.000 1014 June
Slay
1014 101% 19.000 96
June
70
82
8334 26.00
82
894 May
92
92
9234 52,00
%
99
10534
105%
101
83
65
704
8354
7634
101
7034
94
108
10214
97%
9814
Jan
Aug
Apr
Apr
Jan
Aug
July
June
Ape
July
July
June
Apr
Apr
Feb
Apr
2414 25
2414
3,00
9914
10334 103311041-4 85.00
59
4894
92
5634 54
484 86.000 42
47% 45
10354 1034 1.00 101
9954 10034 67.000 954
100
9934 100% 14.00
94
100
8814 87% 90 125,000 81
Aug
Jan
June
Aug
Feb
Feb
Feb
July
56
10414
89
75
10654
102%
10016
94
Mar
May
Feb
Feb
May
May
Aug
Mar
624 6254 63
16,000 61
5954 6234 226.000 5934
60
684 175.000 265
654 65
71
227.000 6714
684 68
5934 5834 6054 30.000 57
454 394 474 36,000 3534
2,000 101
103 103
103
87% 844 66,000 84
99%
99
994 99
8114 32,000 :764
80
80
45
50
15.000 45
45
July 80
Aug 73
Aug 8014
July 8054
Aug 761.4
Aug 6054
June 102
Jan 90
July 1001.4
June 924
Jun z6014
May
Mar
Feb
Feb
Jan
Apr
May
Jan
July
Mar
Mar
97
7-16
6
2714
28
916
34
64
9
5-16
5-16
Je
6%
934
5.16
5 16
34
2
86
5-18
34
55
1-16
34
100 3'
moo
31.000
100 1004
100
10634 106%
1084 10636 10716
10634 107
107
98
s974 9834
99 100
99
105 10534
10094 10054 1023-4
41,000
28,000
13.000
26.000
59,000
8.000
37.000
7,000
99 Jun
10234 Jan
103
Jan
1034 Jan
94
Mar
6551 Jan
103
Jan
100'
, Jan
6
102
107
109
1074
9
8%
100%
105%
103
Mar
May
July
May
Aug
Mar
Aug
Jan
Bonds (Continued)
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Canada Nat fly 75.___1935 1064
Canada Nat S S 5s.__1955
Capital A dmin 5s____1953
With warrants
With warrants
Carolina Pr & Lt 68.__1956 10431
Caterpillar Tractor 59_1935 100
Cent Ariz Lt & Pr 5s__1960
Cent Ill Pub Ser 65 0.1968 101
lot & ref 4346 ser F.1967 9254
Cent Maine Pow 44s E '57 10036
101
New
1957
Central Power 5.9
Cent Pow & L 1st 58_1956 924
Cent Pub Serv 5369 1049
With warrants
70%
Cent States Else 58._..1948 60
Deb 548__Sept 15 1954 644
Cent States P & L 545'53 65
Chic Dist Elea Gen 414s 70 93
Deb 546._„Oct 1 1935
Chic Pneumat Tool 5168'42
Chic Rys 65 ctfa dep__1927 58
Cigar Stores Realty Hold
Deb 5, series A___1949 67
66
Cities Service bs
1968 6214
Cony deb 5s
1950 6436
Cities Serv Gas 546_1912 61%
Cities Serv Gas Pipe L 6843 7834
Cities Serv P & L 545 1952 77%
Cleve Elea III 1st 5E1_1939
Cleveland fly lot 59_1933
Cleve Term Bldg 68_1941
Commander-Larabee 68 '41 4034
Commers und Priyat
Bank 536s
1937
Com'wealth-Edlaonlst mien 414s ser C..1956
1st m 43655er D___1957 1044
lat M 445ser E____1950 10234
lat M tiger F
1981 9454
Community Pr & Lt5s 1957 86
Consol Gas El Lt & P(Balt)
let & ref 542 ser E_1952
1st ref f 45
1981 9814
Comm! Gas Util Co
Deb 64s with warr_1943 514
lot & coil 6s ser A 1943 63
Con.901 PubiLshers 63181936
Consumers Power 445 '68 10436
Cont'l & El 5s
1958 854
Continental 011 5,
48_1937 86
Continental Securities 5842
with warrants
Crane Co 10-yr s d 58..1940 1024
Crucible Steel deb 5s._1940
Cuban Telep 7'4e_..,.1941 944
Cumberd Co P & L 44556
Cudahy Pack deb 514s 1937 9631
Sinking fund 5a___1946 1024
High.
Low.
10614 10714 19,000 1064 Aug 11135 May
Jan 1084 July
4,000 103
105 105
Jan 8816 July
1,000 82
8834 8834
Feb 8736 Aug
8734 8715 8,000 81
May
1044 10416 12.000 10116 Jan 105
9934 100 159,000 9536 Feb 10134 Feb
10134 10134 5,000 9834 July 1014 July
10034 10111 16.000 994 Apr 1024 May
9234 924 80,000 9134 Apr 9416 May
Apr 1044 June
10036 1004 7,000 99
Aug
23,000 1004 Aug 101
1004 101
May
4.000 88
Mar 94
9231 93
9234 9336 37,000 9234 June 964 Mar
Mar
670
704 344,000 67034 Aug 81
Jan 7116 Mar
614 101,000 58
60
Mar
$6431 65% 36,000 58 June 77
21,000 z62 June 8734 Mar
6316 66
934 33,000 90
Feb 94% Mar
93
102 102
3,060 99
Jan el024 May
4,000 694 June 9515 Jan
7454 75
Mar
10,000 56
June 73
58
GO
664 674 19,000 65 June 7734
594 6214 33,000 58
Aug 76
:614 654, 1091000 574 May 8234
37,000 604 Aug 83
604 62
784 7931 16,000 7814 June 80
43,000 71
June 84
77% 78
10511 1054 1,000 10336 May 108
9934 9934 15,000 9934 Aug 10031
Aug 8536
2.000 50
50
50
40
22,000 3134 Apr 43
43
62
64% 18,000
50
July
Apr
Jan
Mar
Jan
Jan
Jan
July
May
Jan
Jan
8736 Ma,
15,000 101
Feb 1054 June
104 104
10434 1044 4,000 1004 Jan 1054 May
10234 10234 33,000 9931 Jan 1034 May
9434 9434 209,000 944 June 914 Aug
July
Aug 92
8534 884 43,000 85
1074 1074 3,000 1074 Jan 10856 May
sasi 9854 87,000 9634 June 99 June
21,000 4816 Aug 85
4414 54
22,000 62 June 88
6214 64
1,000 6954 Apr 100
99
99
10434 1044 64,000 9934 Jan 10534
84
854 561.000 8034 Jan 8814
12,000 6824 May 95
85
86
Mar
Mar
Jan
May
Mar
Jan
Jan 7334
1.000 65
21,000 10014 Jan 103
15,000 92
May 1014
9.000 90
Aug 107
Apr 10034
15.000 97
27,000 9414 Jan 100
9,000 1004 Jan 10314
Apr
Apr
Mar
Mar
Aug
Feb
June
6514 654
10234 1024
9434 95
94
95
9936 100
064 9631
102 1024
Gary El & Gas 5s ser A 1934 9834
Gatineau Power 1st Is 19511 8934
Deb gold 63 June 15 1941
Deb 6s tier B__A & 01941.,
Gen Bronze Corp 6s_ _1940
Gen Motors Accept Corp
5% serial notes____1932 101
1933
5% serial notes
1935
5% serial notes
Gen Pub Service 58-1953
Gen Pub Util cony 6s. 931 9231
Gen Rayon deb 68 A __1948
Gen Vending Corp 8s
1937 13
With warrants
Gen Wat Wks 0 & E
Cony deb 68 ser B....1944 28
Gen Wat Wks Corp 55 1943 52
Georgia Power ref 58..1967 10254
Georgia Carolina Co Ss1952
Georgia Pow & Lt 69_1978
Gesture! deb 65
1953
62
Without warrants
Gillette Safety Razor 56 40 92
Glidden Co 51
66
1935 8934
Gobel (Adolph) 648
1935
With warrants
Grand (F & W) Properties
Cony deb 6s_ _ Dec 15 '48
Grand Trunk fly 6 48.1936 10514
Gt. Western Power 58.1946
Green Mtn Power 59.1948
Ground Ripper Shoe fis '44
Guardian Invest Corp 513'48
With warrants
Guantanamo & W Ry 68'58 324
Gulf 011 of Pa bs
1937 103
Sinking fund deb 69.1947 10216
Gull State.; Util So....l956 97
434s series ii_June 1 1961 934
Hamburg Elec deb 78_1935 92
Hamburg El & Und 531s'38 574
Hanna(M A) deb fis...1934
Hood Rubber 53
6s___1936
Houston Gulf Gas 68_1943
Houston Lt & Pr 416s 1978 9834
1st serlea A
1953 1034
r4 rnt 4 .'anr r 1981
P
98%
894
82
7914
5736
101
10134
102
885
92
40
10
9834 10.000
89% 24,000
5,000
82
12.000
81
57% 3,000
984
844
6934
694
50
1014 6.000 101
4,000 101
102
1024 8,000 101%
3.000 80
$85
944 23,000 84
10,000 40
45
13
16.000
Aug
May
June
June
Jan
Aug
July
May
Mar
June'
Aug
736 June
1.000 28
28
28
7.000 50
514 52
1024 10254 65.000 9854
100 1004 4,000 100
80% 8034 3,000 80%
98%
94J4
95
9234
65
Aug
Jut.
Mar
Jan
Apr
1014
1024
10234
688
97
e53
May
June
May
June
Mar
Jan
1434 Jan
Jan
June 69
Aug 52
Aug
Jan 103% Aug
Aug 1004 May
Aug 834 Aug
664 19,000
62
30.000
914 92
864 89% 18,000
54
84
81
July 88% Mar
Jan e9514 May
June 93
Jan
70% 19.000
51
June
64
82
Feb
Jan
Aug 74
5.000 58
60
58
10514 1064 10.000 10534 Jan 10931 May
1,000 10514 June 10611 June
1054 1054
Feb 103
July
10231 1024 1,000 99
Jan
9 Junei 27
3.000
18
20
55
55
3234 33
10234 1034
1014 1024
99
97
93% 934
92
92
60
57
100% 1014
50
49
:764 794
9814 99
1034 104
ow,. 99
1.000
33.000
67.000
38.000
53.000
9.000
1,000
36.000
7,000
3,000
12.000
23,000
5.000
15 000
Sates
Friday
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
May
Feb 95
6,000 88
Del Elec Pow deb 53451959
9331 94
May 10434 June
Deny & Salt Lake 68_1950 10034 1001 10116 2,000 99
6
Jan
4.000 49 June 73
52
62
Income (Stt ser A____1960 52
Det City Gas 68 ser A-1947
106% 10654 3.000 10536 Jan 1074 May
Jan 1044 Apr
103 34 1044 14.000 100
1950
1st 5s series B
Jan
9
July 30
134 1431 22,000
Det Int Bdge 4s____1952 14
Dixie Gulf Gas 645
2,000 83
Jan 9634 June
892 .192
With warrants
1937 92
1044 10414 10,000 10214 Mar 105 alay
Duke Power 430_ _1967
July 704 Jan
Duquesne Gas lot as_ _1945 20
20
3.000 20
20
East Utilities Investing
Jan
:1834 5931 52.000 5114 June 71
1954 59
ba with warr
1024 1034 19,000 1014 Jan 10436 May
Edison El (Boston) 58_1933
Jan 10211 June
4% notes
1932 101% 10154 10114 3.090 100
Mar
67.000 7931 June 90
Elec Power & Lt 58.__2030 834 83
84
Aug 61
May
5,000 53
53
53
Elec Public Rory 5365.1942
July 108
Jan
9(34 964 12,000 95
El Paso Nat Gas 6.45.1943
Empire Oil & Refg 5 65 '42 56
,
55
564 93,000 4934 May 804 Jan
Ercole Marelli El Mfg
Mar
With warrants 648_1953 674 6714 6831 16,000 66354 Jan 83
European Elea 6149__1965
Mar
July 84
660
Without warrants
6634 13,000 665
Apr
49
49
5,000 49
Aug 90
Eur Mtge & Inv 75 C.1967
47,000 88
Aug 98
Jan
88
90
Fairbanks Morse Co 531942 88
26,000 4534 June 90
Feb
60% 61
Federal Water Serv 534s'54 61
Finland Residential Mtge
1961
6814 724 19.000 6834 Aug 8234 May
Bank 68
Apr 87
Jull
8634 864 4,000 79
Firestone Cot Mills 58.1948
May 91
14,000 83
90
Aug
90
Firestone T & R 58_1942 90
May 27% Ft,
7,000 12
24
22
Fisk Rubber 54s____1931 22
9.000 20
Aug 23
Aug
21
21
20
Ctfs of deposit
Florida Power & Lt 58_1954 884 8614 8834 132,000 8234 June 9134 Apt
[VoL. 133.
FINANCIAL CHRONICLE
1272
Jan
645
Mar
20
100
May
May
100
Feb
96
9314 Aug
80 June
July
48
Feb
98
4234 June
June
74
Mar
95
10234 May
9£1, slime
‘
59
35
1034
104
10216
9436
10031
86
1014
6934
r(41
9934
104
09.4
Mar
Jan
Aug
Feb
May
May
Mar
Mar
May
Mar
Jan
Aug
May
June
Bonds (Cont(nued)
Hudson Bay M & S 6s 1935
HYgrade Food Os ser A.'49
68 series 13
1949
Idaho Power 58
1947
Ill North Util 55
1957
111 Pow dz L 1st 69 ser A '53
lot & ref 516s ser 8_1954
1st & ref 5s ser C...1956
S f deb 5168__May 1957
Indep 011 & Gas Cis___1939
Indiana Elec 5s C_ _1951
Indiana Elydro-Elec 55 '58
Indiana Service 5s. .1950
Ind'polla P & L bs ser A '57
Inland Pow & Lt Os_ _1957
Insull Util Invest 89-.1940
With warrants
Intercontinents Pow Os '48
With warrants
Internat'l Pow Sec 75 E '57
Coll trust 8As ser B 1954
6360 series C
1955
Secured User D_ _1936
Deb 7s ser F
1952
International Salt 58_1951
Internat Securities 46_1947
Interstate Power 5s___1957
Debenture 65
1952
Interstate P S 434s F_1958
1st & ref Meer D. _1956
Interstate Telep 5s A_1961
Invest Bond & Share 5s
With warrants
1947
Invest Co of Amer 53_1947
With warrants
Without warrants
Iowa-Neb L & P 5s...1957
59 series B
1961
Iowa Pow & Lt 445 A 1958
Iowa Pub Serv 1st bs__1957
Isarco Hydro-Elec 79_1952
Isotta Fraschini 75_1942
With warrants
Without warrants
Italian Superpower of DelDebs Os without warr '63
Jacksonville Gas 5s___1942
Jer C P L lst 5s B__1947
Kansas Gas & Elec 68_2021
Kansas Power Ss A...1947
Kansas Pow & Lt 5813 1957
Keivinator Corp 6s___1936
Kentucky Util 1st 55 1961
1st 58 series I
1969
Keystone Pub Serv 69_1978
Keystone Teieph 53
603-1955
Kimberly-Clark 58.__1913
Koppers C & C deb 53 1947
Sink fund deb 530.1950
Kresge(8 8) Co 1st 55.1945
Cti's of deposit
Laclede Gas Light 5345 '35
Lehigh Pow Scour 68..2026
Leonard Tietz 7'4s...1948
Lexington Utilities 58_1932
Libby McN & Libby 53 '42
Lone Star Gas deb 58_1942
1.ong Island Ltg es _1945
Los Angeles Pao Co ts 1950
Louisiana Pow & Lt fts 1957
Manitoba Power 5148.1951
Mass Gas Cos 534s...1948
Sink fund deb 56_1955
McCord Radiator & Mfg
Os with warrants_ __1943
Memphis Pow & Lt Ets 1948
Matron Edison 1st 48 E '71
Mich Amine Teleph 58_1961
Mid States Petrol 6!is 1945
Middle West utilities
Cony 5% notes____1932
Cony 5% notea____1933
Cony 5% notes___1934
Cony 5% notes.__.193.5
Milw Gas Light 4348..1967
MinneaP Gas Lt 4169.1950
Minn Pow & Lt 446.1978
lot & ref 5s
1955
Mississippi Pow 1st 58_1955
Miss Power & Light 59 1957
Miss Illy Fuel (3s Aug 15'44
With warrants
Without warrants
Miss Riv Power lot 5s 1951
Monon W P5348 B...1953
Montreal L H & P Con
1st & ref 5a sex A_ _1951
Morris Plan Os ser A__1947
Narragansett Elea 55 A '57
Nat'l Lice Power 53_1978
Nat Food Products 65 1944
Nat Pow & Lt 139 A-2028
Is series B
2030
Nat Public Service 55_1978
Nat Tea Co bs May 1 1935
Nat Trade Journal 68.1938
Certificates of deposit...
Nebraska Power 446_1981
Neisner Bros deb 89_1948
Nevada-Calit Elec 58_1956
N E Gas & El Assn 55_1947
Cony deb 58
1948
Cony deb 59
1950
New Eng Power 545_1954
68
1948
N Orleans P Serv 4346 '35
NYP&L Corp 1st 44867
Ntastara Falls Pow 63_1950
Nippon Elea Pow 6348 1953
Nor Cont'l 1111154s A 1948
North Ind Pub Serv 5s 1966
hit & ref bs ser D...1969
& ref 44e ser E 1970
Nor Ohio Pr & Lt 534s 1951
Nor Ohio Tr & Lt 56..1956
No Sts Pow 648% notas'33
54% notes
1940
Ref 434s
1961
Northern Texas UM 78 '35
Northwest Pow cony Os '60
Ohio Edison 1st 58___1960
Ohio Power ba 13
1952
4165 series 13
1956
Okla Gas & Elec 66_ _1950
Oswego Falls 68
1941
Pac Gas & El 1st 4%8_1957
1st 6s series B
1941
1st & ref 510 C. _1952
151 & rat 4''s
oat)
71
714
4631 48
47
45
45
105 10534
10354 10334
1044 105
1034 103 10331
9736 9754 9834
9054 914
85
88
88
93
93
97
97
89
8934
104% 104% 105
85
65
824
954
103
864
854
70
88
9231
92
55
80
95
96)4
97
6931
82
Range Since Jan. 1.
Low.
10,000
16,000
5,000
6,000
1,000
14,000
11,000
59,000
10,000
4,000
1,000
1,000
3.000
11,000
5,000
55
55
80
80
9434
9414
96
97
75
82
8035
9534
94%
964
97%
7814
60
59
60
60
16,000
17,0001
2,000
23,000
10,000
3,000
12,000
62,000
187,000
3,000
41,000
4,000
16,000
7,000
73,000
24,000
10,000
3,000
14,000
11,000
8,000
1,000
3,000
47,000
63
63
64
37,000
86
8834 83
10354 10334 103% 47,000
10934 1094
1004 100 10034
10114 10134
10534 1054 10536
1014 101%
1044 100% 10134
100
100 1004
58
58
58
98
98
99%
084 98
10134 10234
1014 10214
100% 101
1003.4 10036 1004
104 1044
104
68
5034
964 964
90
91
9834 99
105 10515
834 85
10114 10116 102
775( 78
105% 10531
10134 102
102
31.000
10,000
5,000
13,000
11,000
16,000
3,000
1,000
2,000
49,000
31,000
6,000
6,000
3,000
27.000
5,000
1,000
22,000
11.000
3,000
2,000
80.000
4,000
25,000
61,000
June
Mar
Aug
Mar
Jan
June
Jan
July
Jan
May
July
Mar
May
Feb
Aug
754 June
8334 56,000
2936 34
9434 9534
103 103
864 8811
9314 9414
85
85
854 8816
6734 70
87
8816
71
72
92
93
9916 9916
92
9234
65
40
45
10334
10014
10331
9834
9611
864
7231
8534
90
81
69954
65
28
8951
101
8534
92
85
80
874
679
68
88
994
91
55
High.
87% Jan
56
July
54
Apr
10534 Aug
105
July
Apr
105
105
Apr
9934 May
9434 Feb
100
Jan
95
Aug
97
July
90
Aug
105
July
70 June
Aug
Apr
74
70
744
914
934
90
934
64
May
Mar
Jan
May
Jan
Mar
Jan
8054
88
974
964
9634
99
95
58
59
Jan
Aug
7934 Apr
7836 Apr
July
July
Apr
May
May
July
Mar
5534 Jan 7736 Mar
July 88
July
83
984 Jan 1033.4 Aug
104
94
9914
904
98
93
95
58
9736
96
10114
9816
994
99
10034
67
91
88
904
10234
8314
964
7731
10144
974
Jan
Feb
June
Jan
Jan
Jan
Jan
June
June
June
June
Jan
May
Jan
Jan
Aug
Feb
Aug
Feb
Jan
Aug
Jan
Aug
Aug
Feb
10934 Aug
1014 May
1014 Aug
10536 Aug
1014 June
10134 Aug
10034 July
67
May
Mar
100
10234 Mar
10334 Mar
10334 Feb
1014 Aug
1014 Jan
10634 Apr
9634 June
July
97
984 Apr
10034 Mar
10835 May
.8831 July
103 May
9534 Jan
108 May
10211 May
Aug 657
1,000 43
50
50
3,000 10134 Jan 10434
1034 1034 104
9311 9434 55.000 914 June 9534
94
2.000 0216 July 95
94
94
Aug 54
42
42
1,000 42
9934 9934 9936
89531 9634
9436
9314 93
924 6914 9234
10534 1054 106
9454
944 94
974
9714 97
10316 1034 10334
93
944
904 96
9034
Feb
95
Mar
May
Jan 10031 Mar
60100
ar
July 10411 July
June 924 July
July 96
July
A lg
u
8
6
8
Aug 8 H j uy
Feb
Feb
71
Aug 0811 Aug
Apr
July 844 Mar
Feb 944 Aug
Aug
July 101
Aug 9331 June
Feb
Aug
May
July
May
14,000 984 Jan 10051 Mar
Jan 994 Apr
48,000 93
June 9751 Mar
22.000 92
Jan
51.000 69134 June 97
10.000 10154 Jan 10614 June
53,000 8934 Feb 95 May
May
20.000 914 Jan 98
2.000 102 June 10336 Aug
July 984 July
11.000 91
19,000 934 Jan 9814 Mar
9814 10034 52.000 9234 June 10634 Feb
July 9834 Mar
10.000 89
92
92
1054 10534 10534 3.000 1024 Jan 10516 July
May
9934 1004 5,000 98 June 101
105
60
10554 26,000 102
4,000 68
66
10334 1024 10314
6754 674 6834
62
62
104
104 10414
86
86%
88
8836 6834 894
964 9614
$8
:84
84 834
10234 10334
103
52
52
54
90
8934 901(
8834 8834 90
8834 88% 8931
8834 :88
90
90
89% 904
82
82
82%
944 9334 9435
100.4 10014 10034
10614 1064
894 90
56
55
59
10334 1034 10434
10334 104
98)4 9931
1044 10434 105
10234 10216
10214 10234
10434 104 10434
9814 9831 9934
9514 95%
7731 7731
1044 1044 10414
104 1044
1014
10114 101
10314 10334
5114 52
102 10231
102
1144 11434
106 10616
102 102%
102
19,000
11.000
3.000
25.000
58,000
38.000
2,000
5.000
2.000
68,000
26,000
39.000
53.000
22.000
42.000
48.000
39.000
12.000
03.000
6.000
2.000
19,000
6.000
6.000
32.000
17.000
4,000
4.000
14,000
03.000
7.000
5.000
64,000
3.000
04,000
31,000
7,000
17.000
5.000
7,000
52.000
10134
654
48
10014
84
65
49
8
6
10154
60
88
85
685
83
87
78
9134
9334
105
84
55
994
99
903.1
9834
93
1014
99
974
95
76
99
101
98
100
5031
964
1094
1044
07
Jan 10554 Aug
Feb
June 77
Jan 104
June 77
Jan 70
Jan 10711
June 93
June 78
June 9934
June 61016
June 1014
July 10334
June 80
June 9374
July 94
Aug 95
Jan 94
May 9454
May 8831
Mar 9514
Feb el0031
July 10814
Jan 944
JU1Y 75
Jan 105
Jan 105
Jan 9974
Jan 105
Jan 1034
Jan, 104
Jan i 10411
A prl 9
034
Jan z100
J11191 96
.Iani 105
Feb' 10554
Jan: 1014
Jan, 10411
JulY1 6736
Feb 10254
Jan 115
Jan 1064
Feb 1024
May
Mar
Apr
Ape
Mar
Mar
May
Mar
July
June
Jan
Jan
May
Mar
May
Apr
May
Mar
July
May
May
Jan
May
July
Aug
Mar
June
Mar
Aug
May
Max
Jan
June
June
May
May
Jan
July
July
May
lilly
AUG. 22 1931.]
Bonds (Continued)
Pao Invest deb A 5s1948
Pee Pow & Light 5s__1955
When issued
Pat Pub Sem 581936
,
Pacific,Western Oil 648'43
With warrants
Park & Tliford 6s____1936
Penn Cent h & P4 48_1977
Penn-Ohio Edison 6s._1950
Without warrants_
1959
Deb 514s ser
Penn-Ohio PA L 54e A '54
.
Penn Dock & W'house 68 49
With warrants
Pa Elea 1st & ref 45 5.1971
Penn Telep 55 set C...._1960
Penn Wat& Pr 4%813_1968
Peoples G Lt & Coke 48 '81
Peoples Lt & Pow 58..1979
Phila Elec Pow 531a...1972
Phi% Rap Tran 65.___1962
Piedmont Hydro-El Co-let & ref 648 el A__1960
Piedmont & Nor By 5s1954
Pittsburgh Coal 6s____1949
1948
Pittsburgh Steel Os
Potomac Edison 58_1956
1961
let 454e ser F
Power Corp(N Y) 5148.'47
Procter & Gamble 4148.'47
1954
Prussian El 6e
Pub Serv N It 4545 B 1917
Pub Ser of N III 448_1980
1st & ref 5s series C_I966
1st & ref 411e ser D.1978
let & ref 448 ear F_1981
Pub Sent Sutzsid 5118_1949
Pub Serv of Okla 56..1957
Puget Sound P & L 548'49
let & ref 5s ear C__-1950
1st & ref 4118ser D.1950
Queens Borough Gas & Elec
1952
54e series A
Refunding 4345-...1058
Reliance Nlanagem't be '54
With warrants__
Republic Gas Corp (formerly Saxet Corp) 58_1945
Rochester Cent Pow 55 '53
Ruhr Gas 64e
1953
Ruhr Housing Corp 61158
Ryerson (Jos T) & SODA
Nov 1 1943
deb Es
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range l for
Sale
of Prices. 1Week.
Price. Low. High.
67% 67%
98% 9811
98%
98%
60%
9734
Range Since Jan. 1.
Low.
674 5,000 67% July
7534 Jan
984 37,000 z954 Jan 100
Mar
98% 10,000 9811 Aug 994 July
3,000 98% July 994 July
99
58% 61
65
65
9734 98
55,000
2,000
94,000
56 June
65
Aug
0211 Jan
103% 104
13,000 10031
1014 101 10111 13,000 974
105
1044 105
37,000 10231
9334
104
101
96
3414
1074
75%
10434
974
1054
9941
104%
9934
98;4
100%
1024
1004
044
724 7511 16,000
8011 8011 1,000
904 91
3,000
904 90% 2,000
10414 1044 19,000
9711 984 27,000
9431 95
10,000
105 105% 16,000
49
49
5,000
101 1014 7.000
9911 9931 24,000
104% 105
7,000
99
994 26,000
9831 9931 157,000
91% 91% 1.000
9931 1004 30,000
102 10231 50,000
1004 101
28,000
9431 9434 86,000
784 78%
58
474
844 Jan
00
May
98
June
Jan 1044 Apr
Jan 104
May
Jan 105
Apr
46
50
23,000 40
Aug 83
s914 93% 210,000 884 June 9514
1034 104
5,000 9531 Jan 104
100 101
29,000 07% Mar 101
96
064 240,000 9434 July 96%
3414 3811 45,000 30 June 74%
17431o10731 9,000 10511 Feb o1074
7311 7411 3,000 60
Apr 80
704
80
81
9031
99
954
90
1004
4034
994
94%
10234
9434
964
90
96
100
95%
z944
105
1044 105
36,000 1014
1034 10334 1034 15,000 100
84%
High.
83%
58
5731
47
9,000
844 36.000
6131 7,000
60
28,000
49 350,000
9211 93
5,000
75
Aug 88
June 93
June 99%
Aug 102
Jan 1044
June 9831
Jan 974
Jan 01064
Aug e7931
Mar 102
Feb z994
May 10511
Feb 994
June 994
Aug 94
Feb 10114
Feb 104%
Jan 101
Aug e9411
Jan 105
Jan 104
Apr
Jan
May
Aug
Aug
Aug
Mar
Aug
Jan
Mar
Mar
Jan
Jan
Aug
Aug
Apr
June
Apr
May
Aug
July
Aug
July
Aug
May
Apr
May
Aug
May
June
884 June
7031 Jan 106
Apr
55
July 7631 Slay
40
July 854 Mar
45
Aug 8231 Apr
8434 June
964 Mar
Safe Harbor Wat Pr 4348'79 1004 1003-1 1014 80,000 9711 June
10134 Aug
St L Gas & Coke (is_ _1947 31% 3034 32
0,000 30
Aug 5211 Jan
San Antonio Pub Serv 58'68
99% 100% 16,000 94
Jan 10234 Mar
Souda Falls let 5s_ .__1955
10511 10534 6,000 102
Jan 1054 July
Bagel Corp See Republic Gas
Saxon Pub Wks 59_1932
70
1,000 65
70
July 964 Apr
Scripps(E W)548__ 1943
90
90
28,000 85
Jan 91
July
Serval Inc be
1948 814 79
814 8,000 63
Jan 84
Apr
Shawinigan W & P 4348'67 9535 9511 964 35,000 924 Jan e98
3.4 May
let dc con 44s ear B.1968 954 9531 9734 29,000 93
Jan 984 May
let 55 series C
1970
1044 1044 10,000 1004 Jan 1054 Mar
let 4)45 series D___1970 954 95% 97
73,000 93% Jan 9731 May
Shawsheen Mills 7s___1931
1004 10034 10,000 10031 Jan 1014 Feb
Sheffield Steel 5lis___1048
88
88
1,000 88
Aug 10334 Mar
Sheridan Wyo Coal 68 1947
4531 4531 5,000 444 June 65
Jan
Snider Packing 65__ 1932
4511 4531 2,000 3531 Jan 5
411 Mar
Southeast P & L 6s.__2025
Without warrants
104
104 1044 52,000 99% Jan 106
Apr
South Carolina Pr 55...1957 9334 93
96
8.000 90
Feb 96
Aug
South Jer G El & Tr 58 1953
10514 1054 1,000 1054 Aug 1054 Aug
5s___1951 1054 10531 106
Sou Calif Edison
25,000 103
Jan 106
Apr
1952
Refunding 58
106 106
17,000 103
Feb 106
May
Ref mtge 5s_ _June 1 1954
105% 106
2,006 10334 Apr 106% June
1944
Gen & ref bs
1054 105%
1,000 10231 Jan 1054 June
Sou Cal Gas Corp be__ 1937 96
96
9,000 904 Jan 964 Aug
96
Sou Calif Gas Co 411e _1961
964 974 0,000 944 May 9731 Aug
1st & ref 548 11_1952
103% 103%
1,000 1024 Jan 104
Apr
1957 1034 103 1034 8,000 9931 Jan 1034 Aug
1st & ref 58
Southern Gas Co 645 1935
1004 100% 2,000 9734 Jan 1003) Aug
Southern Natural Gas 68'44
With privilege
355
554 29,000 40 June 89
Mar
Without privilege
55% 57
57
19,000 494 June 8414 Apr
S'western Assoc Tel 5s1981 92% 92
924 17,000 92
Aug 9434 May
So'west Dairy Prod 6118'38
33
33
2,000 33
Aug 66
Jan
Southwest G & E 5s A.1957 95
95
954 18,000 z93
Jan z9711 Mar
Sweat Lt & Pow Es A_1957
9431 94% 2.000 00.4 Jan 9731 Mar
So'west Nat Gas 6s..._1945 4031 39
4011 20,000 35 June 724 Feb
So'west Pow & Lt 6s2022
104 10431 16,000 101
Jan 10734 May
Staley (A E) Mfg 13s...1942
6,000 78
80
80
June 98
Jan
Stand Gas & Elec 68_1935 100% 10011 1014 40,000 984 Jan 102% Mar
Cony (is
1035 1004 100% 101% 41,000 994 June 10234 Mar
Debenture 68
1951 9811 984 9831 31,000 9414 June 10134 Mar
Debenture 68 Dec 1 1966 984 08
984 24,000 9531 June 1014 Mar
Stand Invest deb 5s_.-1937 77
77
7814 2.000 z77
Aug 864 Apr
Stand Pow & Lt 6s....1957 054 9431 96% 129,000 924 June 100
Mar
Stand Telep 531e ser A 1943
1,000 724 July 83 Juno
75
75
Corp
Stinnes(Hugo)
78 Oct 1 '36 without warn 52
52
24,000 42
53
Aug 864 Apr
7e without warr____1946 50
23,000 32
51
47
July 80
Mar
Straw & Clothier ba _1948
Apr 98
9711 9731 3,000 06
Mar
Stutz Motor Car 748.1937
60
2,000 49
60
July 82
Mar
Sun 011 deb 5%a
1939 1014 10114 101% 30,000 9811 June 1024 July
Sun pipe Line 58
1940
9914 100
4,000 9711 June 100
Jan
Super Pow of No ISA 3468 9011 903.1 91
7.000 90
May 9314 May
Swift & Co let m a f &s 1944 10331 10331 1034 27,000 1024 Jan 1044 July
1940 10111 1014 10131 43,000 9911 Jan 102%
5% notes
Mar
Tenn Elec Pow 58
1956 104
104 1044 6,000 9834 Jan .105 June
Tenn public Serv 5s 1970
99
99% 33,000 943.4 Jan 100
Aug
Tennessee Power 5s__ _1962
104 104
1,000 99
Jan 104
Aug
Tern) Hydro-Elec 6115 '53 7334 73
744 14,000 73
Jan 87
Mar
Texas Cities Gas 58_ 1948
63
634 0,000 5014 June 71
Mar
Texas Electric Serv be 1960 0931 994 100
70,000 95% Jan 101% May
Texas Gas Util 6s___1045 48
47
48
10,000 46
July 80
Feb
Texas Power & Lt 5s__1956 1024 102% 10231 99,000 9831 Jan 103 Slay
Thermold Co 67„ __ _1934
With warrants
57
57
1,000 60
July 794 Mar
'Fri Utilities Corp deb 5379 124 zll
14% 121,000 zll
Aug 64
Jan
Ulan CO cony deb 6s__1944
65
65
10,000 60
Aug 86
Slat
UnEIL&P55B
1967 1054 10514 105% 25,000 102
Jan 10534 July
Union Gulf Corp 55 Jul 150
1024 103
81,000 100% Jan 103 Slay
United Elea Service 7s 1956
Without warrants
77% 79
4,000 774 Aug 92
Apr
United Ind s Corp 631s '41 5211 504 55
8,000 494 Aug 90
May
United Lt de Pow 6s...1075 924 924 93
27,000 9114 Jan 97% Mar
let lien At. con 5115_1959 104% 10434 104% 20,000 91
Jan 105
July
Un Lt & Rye Os ser A_1952 1084 81074 108% 61,000 97% Jan 108
June
1932
let aeries 6s
1004 1004 1,000 100% Jan 10114 Slay
1952 9034 904 91
Deb 54e
150,000 80
Jan 92
July
United Pub Serv 65
1942
38
38
1,000 38
Aug 69
Apr
U S Radiator bs
1938
62
62
2,000 62
Aug z80
Feb
US Rubber
3
-year 6% notee.---1933 90
90
90
31,000 81
May 934 June
Serial 631% notes__1932 99
98% 99
5,000 804 Jan 99
Aug
Serial 0%s notes.
75
..1934
7634 4,000 65 June 84
Slat
Serial 614% notes_ - 1936
664 68
8,000 60 June 77
Apr
Serial 614% notes_.1938
664 6631 2.000 60 June 764 Mar
Serial 614% notee..1939
83
63
4,000 58 June 75
Mar
notes Into 624 624 03
Serial rim
7,000 60 June 78
Mar
Bonds (Concluded)
Utah Pow & Lt let 55_1944
Van Sweringen Corp 681935
Va Elec & Pow 5s.. _1055
Va Public Serv 534e-A_1946
1st ref 53 set B
1950
S f deb 6-s
1.946
1273
Friday
Sales
Last Week's Range for
Said
of Prices.
Week.
Price. Low. High•
3
974 97%
5031
48
49
105 105
9731 9831
89% 893-4 90
92
92
Range Since Jan. 1.
Low.
High.
10,000 94
Jan 984 May
209,000 48
Aug 85
Jan
6,000 102% Jan 1054 Aug
24,000 9211 Feb 984 Aug
11,000 8711 June 914 Aug
1,000 z884 Jan 894 .Mar
Ward Baking Co 6s___1937
102 1024 9.000 9934
Wash'n Wat Pr 6s__1960
105 105% 9.000 z102%
West Penn Elec 5s..__2030
86
86% 15.000 85
West Penn Pow 43 If _ _1961 97% 9714 98 160,000 9714
West Texas Util bs A.1957 804 804 84
28,000 8031
Western Newspaper Union
Cony deb Os
1944
41
45
23,000 z38
Win Pow & Lt as F_1958 10331 103 1034 9,000 1013.4
let • ref 55 ser E___1956
103% 10331 10,000 101
Wise Pub Serv 69
1952
106 106
2,000 10434
Jan 10414 June
Jan 105% May
Feb 93 , Mar
July
Aug 98
Aug 914, Mar
.
July 684 , Jan
Star 104
Aug
Jan 10434 Aug
Mar 10634 May
Foreign Government
And MunicipalitiesAgile Mtge 13k (Colotnbla)
-year a 1 7s
20
1946
20
-year 7s__Jan lb 1947
Baden (Cons) 7e
1951
Buenos Aires(Prov) 748'47
Eat 75 April
1952
May
Aug
Aug
Aug
June
Cauca Valley 7s June 1 '48
Cut Bk of German State &
Prov Banks 68 B___1051
1st 6s series A
1952
Danish Cons Munic 548'55
55
1953
Danzig Port & Waterways
-year ext 634e....1952
25
German Cons Mimic 7a '47
68
1947
Hanover (Prey) 6313_1949
Hanover (City) 7s_......1939
Indus Nftge Bk of Finland
1st mtge Coils f 7s1944
Medellin 7e eer E
1951
Mendoza (Prov) Argentine
Externals f g 711e 1951
Mortgage Bank (Bogota)78 issue of Oct 1927_1947
78 issue of '27(NI & ST)'47
Mtge Bank ofChile 6s_1931
Mtge Ilk of Denmark 58 '72
Parana (State) Brazil 78 '58
Rio de Janeiro 648___1959
Russian Government6 118
1919
631e ctls
1919
Santa Fe (Argon) 75_1945
Saar Basin consol 78.-1935
Li
1
8834 "Jail
7954 ;JOLT
90 iMaz
9734 Mat
9031., Mar
564
55
4631
53
5631
56
33
4634
6,000
70 a.73
464 51
21,000
53
59
2,000
5611 63 119,000
604 6131 31,000
45
kApc
•tc.41
vl
July 8035 IMar
40
442-4 Aug 8031 Mar
9934 Jan 10251 Slay
9611 Jan 10034 _May
--4
: Al
Mar
5911 July 80
Mar
4934 July 90
414 July 824 3Apr
July 844 ,Mar
46
61
Aug 9.534 ..Mar
48%
50
45
45
100
9914 9734
6231
5831
4931
36
17,000
50
50
1014
9934
58,000
13,000
16,000
20,000
614 62% 13,000
564 584 46,000
48
50
92,000
54
54
3,000
s6234 86211 1,000
4834
76
47
78
50
2,000
8,000
3635
3634 41
20,000
50
53
8,000
494 494 50
16,000
29
29
3134 76,000
100 100
1,000
22
23
6,000
244 274 15,000
55
24 24
194 114
55
60
854 8534
8,000
3,000
9,000
1,000
,
32
Aug
70
40
PM
Aug z95
Aug 79
339-4 June
45
494
22
9754
Aug
Aug
Aug
Aug
mai•
gMar
tiMar
4
78 IrMar
r ;....4
76
Mar
80 ',Nlar
z9954 Apr
10131 ;Mar
18
May
2231 Slay
1544 Mar
68 iMar
au -4
•
14 July
1.1a •
111 June
3 I Mar
54
Aug
85% Mar
85
Aug 10411 June
13
• No par value. I Correction. n Sold under the rule. o Sold for cash. s Option
sales. I Ex-rights and bonus. to When issued. z Ex-dividend. ,Ex-rights.
t
e See alphabetical list below for "Under the Rule" sales affecting the range
for the year.
Chicago District Electric. gen. deb. 534e, 1935. May 13, 52,000 at 1033.4.
Como!. Automatic Merchandising, corn, v. t. 0., March 9. 100 at 5-16.
Consol. G. E. L. & P. 411s set. H 1970, Aug. 10, 57,000 at
10531.
Empire Power partic. stock, July 10, 60 at 394.
General Rayon deb. (38, 1948, Feb. 3, 33.000 at 55.
Gillette Safety Razor, deb. 5e, 1940, June 29, $9,000 at 9634.
Godchaux Sugars cl A, Aug. 3, 100 at 17.
Illinois Power & Light, 6% pref.. March 23, 18 at 9754.
Iron Cap Copper Co., March 16, 100 at 14.
National Baking, common, Jan. 16. 10001 5.
National Steel Corp. 58, 1956, Slay 6. 531,000 at 9914.
New York Pow.& Lt. 431s, 1967, July 9,84,000 at
10031.
Northern States Power, 7% prof., March 20, 50 at
11034.
Prussian Eleo. 68. 1954, April 21, 54.000 at 804.
Puget Sound Pow. & Light 434e, series D.
1950. June 15 53 000 at 95
. .
.
Shawinigan Water & Power let 434s. ser. A. 1967,
May 18, $5,000 at 9811.
Wright & Hargreaves Mines, June 3, 100 at
534.
z See Alphabetical list below for "Option" sales affecting the
range for the year.
Arnold Print Works On, 1941, Jan. 22. $1,000 at 83.
Associated Gas & Elec. deb 54e 1950, Aug. 6, 53.000 at
6334.
Associated Telephone Utilities, cony. deb. 548, 1944, June 3, $5.000
at 76.
Atlas Plywood deb. 51.34, 1943, Jan. 2, $1,000 at 62.
Central States Power & Light 534e, 1953, June 11, 51,000 at 61.
Central Public Service w. w. 5.4s 1946, Aug. 11, 51,000 at 70.
Columbia Gas & Electric deb. Is, 1961, Feb. 2, 55,000 at 964.
Consol. Publishers, 631s, 1936, March 9, $1,000 at 9534.
Continental 011 deb. 5,48, 1937, May 16, $5,000 at 824.
Curtis Mfg. class A, July 22, 100 at 1734.
Eisler Electric, June 4, 100 at 231.
Eroole Marelli El, Mfg. 648. 1953 w•
.
w•• Jan. 7 51.
.
000 at 6334•
European Elec. Corp. 631s, 1965, Aug. 20, 52,000 at 64.
Gen. Pub. Scrv, deb. Is, 1953. April 4, 52,000 at 934.
Guardian Investors ba, 1948, with warrants, Jan. 28, 51,000 at 4014.
Indianapolis Power & Light let 5s, 1957. Fob, 3, 52,000 at 9914.
Industrial Mortgage Bank of Finland 1st mtge. 7s. 1944. Feb.
81,000 at 95,
Interstate Power 1st be. 1957. Jan. 20. 53.000 at 764.
Middle West Utilities, 5% notes, 1035, Aug. 18, 55,000 at 91.
Mortgage Bank of Chile 6a, 1931. Feb. 24, 32,000 at 100.
National Trade Journal 6s. 1938, Feb. 26, $2,000 at 15.
New England Gas & Elec., 55, 1948, July 21, $2,000 at 824.
New York & Foreign Invest. 534s w. w. 1948, July 21. $2,000 01 72.
Northern Texas Utilities 7s, 1035, April 15, 51.00081 100%.
Pacific Power & Light bs, 1955, March 10, 55,000 at 90.
Pub. Serv. of Nor. III., 411s E, 1980, Aug. 4, 52,000 at 99%.
Public; Service of Nor. DI. deb. 58, 1931, April 27. 51,000 at 994.
Puget Sound Pow. & Lt. 434s, 1950, July 23, 52,000 at 94.
Sheaffer (W. A.) Pen, June 3, 100 at 30.
Shenandoah Corp. 6% cony. pref., July 15, 100 at 294.
Sweat G. & E. let be, 1957. Jan. 2, $5,000 at 91: May 7. $1.000 at 10014.
Standard Invest, Corp. 531s, 1939. June 2, 53,000 at 70.
'Fri-Utilities Corp., 5s, 1949, Aug. 20, 51,000 at 1014.
Truscon Steel pref., April 22. 25 at 100.
Union Amer. InvestIng 5e, 1948, with warrants, Jan. 6, $1,600 at 70.
Union Amor. Investing, deb. 5s. 1948, with warrants, June 23, 52,000 at 93.
Union Gulf Corp. Is. 1950, Jan. 2, $1.000 at 1004.
U. S. Radiator 5e A, 1938. March 6, 53,000 at 86.
Virginia Public Service Co. 6e, 1946. Jan. 15. $2,000 at 88; March 11. 85.0005894
Washington Water Power let & ref. Is. 1960. Jan. 24. $1,000 at 1024.
Western Newspaper Union 68, 1944, June 11, $1,000 at 38.
Wisconsin Public Service 536s B. 1958, Juno 24, $1,000 at 1054,
[VOL. 133.
FINANCIAL CHRONICLE
1274
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par Bid Alt
Par Bed Aoki
109
Alabama Power $7 pref._100 11312 11412 Memphis Pr & Lt 57 pref__* 103
Edison $7 pre! B___*
33 Metro
Amer Elec Sec panic pf_-20 28
1* 100 161 2
$6 preferred C
Arizona Power 7% pref._100 59 68
99
* 97
Ark Pow & Lt $7 pref___-* 10612 108 Mississippi P & L $8 pref
prof.. 100 10914
Assoc Gas & El orig pref—* 5112 53 Miss River Power
99 101
Mo Public Service 7% pf 100 79
$6.50 preferred
3
• 10212 104 Mountain States Power_
$7 preferred
88
100 83
7% preferred
Associated Tel Inn $0 pf..(1) 78 83
,
(1) 87 921 Nassau & Suffolk Ltg Pref. 10712 109 2
$7 preferred
83
Serv 7% pf A_100 81
4
,
Atlantic City Elec $11 pref.* 1073 109 2 Nat Pub
Nebraska Power 7% prof 100 11012 12
Bangor Hydro-El 7% pf_100 120
100 103
Newark Cense!Gas
Binghamton L H & P $6 pf * 84
99
New Jersey Pow & Lt $8 pf * 96
Birmingham Elec 7% pref.. 10912
86 New Orleans Ps 7% p1_100 9912 01
Broad River Pow 7% 93.100 83
4
263 274 N Y & Queens E L & P pile° 104
Buff Niag & E pr pref.__ -25
09
Nor NY Utility pref_ _ _ _100 107
,
Carolina Pow & Lt $7 pref.* 109 4 111
Nor States Pow (Del) corn A 11512 23
_100 100
Cent Ark Pub Serv pref.
9512 9712
103
Preferred
Cent Maine Pow 6% pref100
100 10512 10712
7% preferred
08
107
9912 10112 Ohio Edison $6 prat
Cent Pow & Lt 7% pref_100
15
114
74
47 preferred
Cent Pub Serv Corp pref * 71
05
4
Ohio Pub Fiery 7% prof_100 103
Cleve El Ilium 6% pref. _100 1123
99
97
8% preferred
10712 109
1st pf _100
Col Ry P & L
Okla Gas & El 7% pref_100 110
634% preferred B_-_-100 10812
30
COMO'Traction N J_ ---100 3712 ioY2 Pac Gas & El $1.50 Prof--85 29
1053
4
Pac Northw Pub Serv
Consumers Pow 8% pref_100
79
75
Prior preferred
4
100 1053
6.60% preferred
60
Preferred
• 103 104
85 preferred
105
Conti Gas & Elm 7% 1)1_100 10112 10212 Pac Pow de Lt 7% pref__100 103 11112
3
110 4
Pa Pow & Lt 7% pref
Dallas Pow & Lt 7% pref100 110
40
3
Piedmont Northern Ry_100 30
Dayton Pow & Lt6% pf _100 109 4
9812 101
Derby Gas & Elec $7 pref__* 8838 81;- Pub Serv Co of Col 7% pf100 85 87
8
3 Puget Sound Pow & Lt pr pf
Canada Tunnel_ _-Detroit
3
•
Erle Railways
37 Rochester G & E 7% pf B100 100 102
100
Preferred
100 9212 94
6% preferred C
100 160
Essex-Hudson Gas
63 Sioux City 0& E 7% p1-100 101 103
Foreign Lt & Pow units._
Somerset On Md Lt.---100 80 85
Elec of Bergen-100 99
Gas &
20
South Calif El $1.50 pref_25 2812 29
Gen Gas & El part ars
25 30 31
$1.75 preferred
Hudson County Gas_ _-100 160
2012
25 19
10912 111 So Colo Pow corn A
7% pref
Idaho Power
100 102
101 103
7% preferred
8% preferred
165 170
Illinois Pow & Lt 8% pf_100 8914 91 South Jersey Gas & Elec_100 9912 101
45 Tenn Elea Pow 6% prof_100
Inland Pow & Lt 7% p1_100 40
100 10812 110
7% preferred
Interstate Power $7 pref_ _• 80 82
54 Texas Pow & Lt 7% prof 100 112 113
Jamaica Water Supp pf--50 $3
100 109 111
1081 110 Toledo Edison pref A
Jersey Cent P & L 7% 1)1_100
34 13 United 0 & E (Conn) pf 100 9312 9512
4
Kansas City Pub Service_.*
3
13 United G & E (N J) p1100 74 4
9
•
Preferred
19
17
United Public Service pref__
Kansas Gas & El 7% pf..100 10914
,
Utah Pow & Lt $7 pref.— _* 105 2 107
Kentucky Sec Corp com_100 325
Utica Gas & El 7% prof _100 105 10612
891t 91
100
6% preferred
91
89
Kings County Ltg 7% pf 100 11414 11614 Util Pow & Lt 7% pref-100 85 100
100
Lake Sup Dist Wat SupP pf. 98 103 Virginian Ry corn
110 112 Washington Ry & El com100 GOO
Long Island Lt pref A__100
lot
100
5% preferred
veferred--- —100 105N 107
6% ,
Western Power 7% pref_100 10312 105
Los Ang Gas & El6% 93-100 10912 111
111
•
Investment Trusts.
A B C Trust Shares ser D_ —
Serhrs E
All America Investors A.
Amer Brit & Cont $8 pt.-•
Amer Composite Tr Shares_
Amer Founders Corn—
Convertible preferred-___
% preferred
7% preferred
1-40ths
1-70ths
warrants
Amer & General Sec corn A.
Common 11
$3 preferred
Amer Insuranstocks Corp--*
Amer & Continental Corp_•
Assoc Standard Oil Shares__
Atl & Pac Intern Corp units
Common with warrants__
Preferred with warrants_ _
Atlantic Securities Corp pf
Warrants
6141
41
4
5
7 8 8,8
,
74 74
3
44
40
3
54 64
,
Investment Trust of N Y__
Investors Trustee Shares__
Jackson&Curtis SCorp pf loo
Leaders of Industry A
72 80
3712 4012
4012 4412
50 10c
30
80
Low Prices Shares
6'2 714
83
:
95 166
812
412 5
4
414 43
612 (IN
Major Corp Shares
Maas Investors Trust
Mohawk Investment com_.
Mutual Iv Trust class A...
MutualManagement corn.
8
,
4 4 43
27,s 288
40 6214
s 53
8
43
2N
Nat Industries Shares A___
3
14 National Trust Shares
13 Nation Wide Securities Co
8
63 N Y Bank Trust Shares....
No Amer Trust Shares
Northern Securities
,
43
4 54
912 1014
8 6's
53
s
63
8 87
412 5
80 88
ai33
351z
------
3
34
10
8
67
3
30 4
214
25
3214 38
2
Par 814 ASS
• 90 95
Adams Milas $7 pref
100 37 50
Aeolian Co $7 prof
4
Aeollan Weber P&P corn 100 01
8
100 el Preferred
Alpha Portl Cement p1..100 105 120
012 212
Amalgamated Laund corn..
100 80 85
American Book 37
Amer Canadian Properties.
•
IN 3
American Cigar pref___-100 60 85
Amer Hard Rubber $4-100 -- 24
42
25 39
American Hardware
100 23
30
Amer Mfg 4% corn
100 40
50
5% preferred
45
* 41
American Meter new
Babcock & Wilcox 7%..100 90
Baker (.1 in Chemical com_* 10
5
Bancroft(J)&Sons$1.20com•
100 65
7% preferred
Bliss (E W) $4 let pref-50 56
10
9
2d pref B
Bohn Refrigerator 8% p1100 70
0
• 3
Bon Ami Co B corn
Bowman-Biltmore Hotels......
100
4
letpreferred
100
1
2d preferred
Brunsw-Balke-Col $7 pref • 60
Bunker Hill & Sull com-10 30
a
Burden Iron Prof
94
14
10
73
60
36
4
3
8
3
63
35
48
Par BM
Lanston Monotype M $6 100 85
Lawrence Portl Cem $4 100, 38
•4 14
Liberty Baking corn
100 4 812
Preferred
Locomotive Firebox Co...* 10
Macfadden PubUct'ns corn 5 13
• 50
$8 preferred
100 70
Merck Corp $8 pref
77
• 72
National Casket 54
,
10712 109 3
$7 preferred
.100 34
Licorice corn.
National
40
National Paper & Type Co_
70
New Haven Clock pref-100 60
New Jersey Worsted pref... 17
.NorthwesternYeast_ _..100 120 116
Ohio Leather
1st pref
24 pref
100
Okonito Co $7 prof
Petroleum Derivatives
Pick (Albert) pref with warr
Poole Eng & Mach class A.
Class B
Publication Corp $3.20 corn*
100
$7 1st preferred
Iterning'n Arms $7 bat pf 100
Riverside Silk Mills
Robinson(D P) let 57 p1100
74 Rockwood & Co 54 corn— -•
70
100
24
58 preferred
21
Rolls-Royce of America— -10212
100
Preferred
aa 15 Rory Theatres unit
88
Common
94
Preferred A
0212 6
665
75 Rubel Corp corn
212
Preferred
1
100
14
4
Ruberoid Co 54
a
12 1, Safety Car Heat & Ltg..100
4
16 Scovill Manufacturing__ _25
14
Shippers Car Line
100
112 3 Singer Manufacturing__ -100
57 81 Smith (A 0) Corp N D $2 •
104 109 Solid Carbonic Ltd
Splitdort Beth Elea
100
35 Standard Screw Co
Deep Rk 011&Ref $7 pf 100 25
12 2 Standard Textile Prod_ _100
De Forest Phonogim Corp—
100
$7 class A
19
• 15
corn
Dictaphone Corp
100
100 98 102
55 class 11
58 preferred
•
Dixon (Jas) Crucible 58.100 110 125 Stetson (J 11) Co corn
25
25
$2 preferred
Doehler Die Cast 7% pf 50 20
• 35 45
$7 preferred
33 Taylor Mill Corp $2.50com*
Douglas Shoe $7 prof _ -_100 30
45 Taylor Wharton Ir& St corn*
100 40
Draper Corp $4
101)
Preferred
74
Driver Harris 57 pref-100
30 Tenn Products Corp $4 p150
Dry-Ice Holding Corp
Trent Process Corp
8 Tubize Chatillon $7 pf B 100
4
Eisernann Magneto corn....
85
100
$7 preferred
• — - 45 Unexcelled Mfg Co 700_10
Franklin Ry Supply 54--412 United Business Pub$7pf100
4
Fuel 011 Motors Corp corn.Gen Fireproofing $7 p1.100 -- 08 United Publishers 37 1)1_100
12 3 U 13 Finishing $7 orof_-_ioo
•
Graton & Knight corn
100 20 30
$7 preferred
34 Walker Dishwasher corn_ __*
Great Northern Paper $3.25 32
Welch Grape Juice corn_ _•
—100
$7 preferred
40
-Mary Safe 100 d 30
Herring-Hail
4
7 W Va Pulp & Pap $1.60 corn*
Howe Scale
100
56 preferred
29
100 26
Preferred
3 White Rock Min Spring
Hudson River Nay corn....
100
37 let preferred
35
Preferred
100
$20 2d preferred
5 Willcox de Gibbs $212 corn..
Industrial Accept
100
corn.*$7
100 48 52Woodward Iron
preferred
100
15 Worcester Salt $5
100
Internet Textbook
9
Canadian Celanese com---100
Preferred
Carnation Co $1.50 cora- •
100
Preferred
Chestnut Smith corn
Preferred
100
Childs Co $7 pref
Clinch:1nd Coal Corp_ _100
100
Preferred
Color Pictures Inc
Columbia Baking corn. --*
•
1st preferred
24 preferred
Mfg_25
Colts Pat Fire Arms
Congoleum-Nairn $7 pf 100
Crosse & Blackwell corn....
Crowell Pub Co $3 corn new
$7 preferred
King Royalty Co corn
$8 preferred
100 485
35
90
At!
91
43
4
3
1012
13
18
55
74
15
99
80
83
4
45
98
17
104
87
15
3
2
55
103
75
10
35
33
68
1
3
1IN
80
12
45
38
71
4
7
134
114
1112 1312
a
8
25
29
36
39
16.- 50
23
18 32
250 260
95 105
712 913
12 2
60 70
2
30
15
14
18
24
20
17
4
15
34
038
51
40
18
7
25
38
12
42
1312
50
75
50
612
6
39 43
99 103
2712 2912
94 97
101 105
185
40
12
15
88
92
if
Young (J 5) Co com----100 95
100 102
Preferred
17
14
011 Shares Inc units
Old Colony Trust Assoc Sh • 2412 28
212 812
Old Colony Invest Trust coin
15
12
Bankers Nat Invest'g Corp• 20 3412 Petrol & Trad'g Corp el A 25 11
7
613 8 s Am Dist Tel of NJ $4....
23
7 Public Service Trust Shares
82 813 New York Mutual Tel_ _100 21
Bannon% Corp
4
3
4 4 512 Representative Trust Shares 123 1313
100 11012 11212 Northw Bell Tel pf 6 34 %100 10812
*
Basic Industry Sharer
7% preferred
•
Tong US 1% _ _25 la
,
Pao &
312 4 4
Bell Tel (Can) 8% pref _100 134 1361z
British Type Invest
Second Custodian Shares__
Bell Tel of Pa 634% pref 100 117 121 Peninsular Teleph $1.40..• 20N 2212
100 102
4
7% preferred A
30
313 Second Internet Sec Corp A 10
94
-50 91
CM & Sub Bell Telep
Century Trust Shares
686
Is
Common B
112 214
Porto Rico Telephone
6110
Cuban Telephone 8%
Chain & Gen'i Equities Inc•
3212
82 Roch Toler, $8.50 1st pf_100 10812 11011
82 66
8% preferred
II 77
7% preferred
634% preferred
20
25617
3 Securities Corp Gen 56 pref 83 88
•
57 62 So & All Teieg $1.25
Corp
Tel_100
Chain Store Inv
4 Empire & Bay State
,
4 4 43
44 So dr N E Telephone 8%.10, 164 167
50 Selected American Shares_
100 4.
Franklin Teieg $2.50...100 0 40
Preferred
,
122 124
4 8 4 Int Ocean Teleg 0% --100 d 85 92 S W Bell Tel 7% prof_ _1
53
Selected Income Shares_ _
Store Shareown Ina—
Chain
Tr -States Tel & Tel $13—• 6150
912 11 Selected Management Trus0120
Tel & Tel 8%
Chartered Investors corn...
3
714 7 4 Lincoln
10 1014
$.80 preferred
tee Shares
77 79
Mountain States Tel h TeL 145 148
Preferred
712 9
12
2 Shawmut Bank Inv Trust.*
Wisconsin Telep 7% pref 100 0111
1
Corp A..
& Tel_100 139 141
New England Tel
Chelsea Exchange
.
3
20 4 22
12
Spencer Trask Fund
ClassB
3
5 4 614
8
3
4 8 47 Standard Amer Trust Shares
Corporate Trust Shares....
73
812
Standard Collet Trust His..
Crum & Foster Ins Shane—
591 13112
32 State Street by Corp
10 28
Common B
8 6
53
100 z 971s 9912 Super Corp of Am Tr Shs A
Preferred
512 57
32
Melville Shoe Corp
Crum & Foster Inc, corn B-- 29
3
,
9 s 9 s Bohack (H C) Inc
10312
1st prof6% with warr_100 90 94
8% preferred
100 99 102
7% 1st preferred
4
1
/
813 9
614 6s
7
2 Motropol Chain prof_ _-.100
Cumulative Trust Shares...
Butler (James) common-53
45
s
25 Miller (I) & Sons pref___100 35
DepositedBk Sias ser N Y.
100
Preferred
53
s
47
7
4 8 51 Trust Shares of America...
r1ngerpf100 55 65
Shs N Y ser A-85 MockJuds&Voeh
Depos Bk
37
3
3 4 Diamond Shoe pref with war
Trustee Stand Investment C
8% prof _100 095 110
Diversified Trustee Shares A 1412
8 314 Edison Bros Stores pref _100 75 85 Murphy (S C) corn
33
4
1214
Fan Farmer Candy Sh pt.* 3014 3314 Nat Shirt Shops
512
100 45 55
Ors 5 Trustee Standard 011 Shs A
Preferred 8%
18
Fishman (11 M)Stores corn.
s
53
12 114
712 8
•
90 Nedick's Inc corn
57
Preferred
131
s
98
3
4
25 4 283 Trusteed Amer Bank Shares
Newberry (J) Co 7% pf _100 93
Equity Corp corn
3
7 4 812
85
40 42 Trusteed N Y City Bk Shs__
pf _100 70
Preferred
518 Gt Ati & Pao Tea pref_ _100 118 122 N Y Merchandise 1st
s
3
•
3
4 s 4 4 20th Century Fixed Tr Sias_ z 43
Equity Trust Shares A
80 PI/WY-Wiggly Corp
Stores pref.--100 50
s
187 2013 Kobacher
-s 75 Two-year Trust Shares_
67
•
First American Corp
1014 1114 Reeves (Daniel) pref.- —100 100
6% Prof
3
518 5 s Kress (S
United Fixed Shares
First Custodian Shares
--- 75 Rogers Poet Co cora— -100 480
941 Lerner Stores 6S4% pref w w
5o
100 66
75
,
31C 4 7 4 Unit Founders Corp 1-70ths
Five-year Fixed Tr Shares..
Co pref
100 6175 205 Schiff
Lord & Taylor
10
United Bank Trust
ao
• 1214
FixedTrust Shares A
Silver (Isaac) de Bros pref100 55
First preferred 8% _ _ _100 694
United Ins Trust
• 1012
_
U S Stores 1st pref 7%..100 40 46
0
Second preferred 87 _100 697
612 US & Brit Internet class A.
6
Fundamental Tr Shares A..
92
MacMarr Stores 7% pf w w 88
Clas B
4
614 63
Shares B
:
341
Preferred
7
General Equity class A...10
3
._.s 10
Granger Trading Corp.
US Elec Lt & Pow Shares A 28 4
612 7
Gude-Winmlll Trad Corp.* 25
512
Universal Trust Sharer
Incorporated Investors-- -• 297 523
s
Bonds.
Incorp Investors Equities_
5 4 614
,
$
31 Sugar Estates Oriente pf 100
100 26
Fajardo Sugar
Int See Corp of Am com A__ z 9
lot &sour Trust of Amer—
10
11
1933
112 2 United Porto Rican corn-Haytian Corp Amer
Common B
Secured gold 85
16
Preferred• 57 63
1943
Savannah Sugar born
8Si% preferred
Secured gold ils
z 75
90
100 82
1933
7% Preferred
6% preferred
Secured gold 51
1943
Independence Trust Shane_ 3 72314
Secured gold 51
4
Telephone and Telegraph Stocks.
fi"
Chain Store Stocks.
16
1681
Sugar Stocks.
6
10
•No par value.
Last reported market.
f New stock.
x Ex-dividend.
r Ex-dividend of $85.
y Ex-Yllehta.
•
Am.22 1931.]
FINANCIAL CHRONICLE
1275
Quotations for Unlisted Securities-Concluded-Page 2
New York Bank Stocks.
Insurance Companies.
Parl 814 (et 1
Par
America
25 3912 4212 Lafayette National
25
100 42
Bank of Yorktown
52 I Liberty Nat Dank & Tr_25
Brooklyn National
50 22
27 'Manhattan Company- -- -20
Bryant Park
15 I Merchants
00
100
Chase
20 6978 6218 Nat Bronx Bank
50
• Chatham-Ph Nat Bk & Tr20 5212 5512 National Exchange
20 7612 7912 Nat Safety Bank & Tr_ __25
City (National)
Columbus Bank
100 150 170 Penn Exchange
100
Comml Nat Bank & Tr 100. 232 242 Peoples National
100
100 2076 2275 Public Nat Bank & Trust 25
Fifth Avenue
First National of N Y-100 3370 3570 Queensboro National_ ..l00
Fiatbush National
100
95 Seward Nat Bank dc Tr_100
Globe Bank & Trust Co_100 35
45 Sterling Nat Bank & Tr_25
.Grace National Bank. _100 400 600 Strauss Nat Bank & Tr_ _100
Harbor State Bank
25
55 Textile Bank
Harriman Nat 13k & Tr_100 1485 1585 Trade Bank
100
Industrial Bank
100 105 115
Washington Nat Bank .100
Kingsboro Nat Bank.--100 --__ 120 Yorkville(Nat Bank of) 100
Bid 1.40
_
19
-- - 1613
1412
5912 6212
85 95
65 1 75
20 I 25
7
12
40
30
200 1250
4312 4612
120
62 67
17
13
100
1612 4412
115
50
70
60
Trust Companies.
American Express
1001
Banns Comm Italiana Tr 100
Bank of Sicily Trust
20
Bank of Europe Trust _ _25
.
Bank of New York & Tr_100
Bankers
10
Bronx County
00
Brooklyn
100
Central Hanover
20
Chemical Bank & Trust-10
Clinton Trust
100
Continental Bk & Trust_10
Corn Exch Bk & Trust--20
County
25
Empire
20
Fiduciary Trust
Fulton
100
190 1210
208 214
25
27
35
45
512 532
8712 9014
21
24
338 348
200 205
4412 4612
82
223 251i
4
93 97
29
31
4212 4512
104 100
300 350
Guaranty
100 428 433
Hibernia Trust
100 112 115
International Trust
20
5
Irving Trust
10 3014 3214
Kings County
2650
Lawyers Title & Guar_1002470 180
0
10 15°
Manufacturers
25 4218 44s
Mercantile Bank & Tr w I_
14
10
Mutual Trust of W___100 300 350
New York
25 133 138
Title Guarantee & Trust.20 124 129
Trust Co of N A
100
- 150
Underwriters Trust
21
25 1
United States
100 2725 2925
Westchester
.100 900 1000
Westchester Title & Trust 20 98 108
Chicago Bank Stocks.
Central Republic
229 231
Chic Bk of Commerce
38
34
Continental III Ilk & Tr_100 278 283
First National
100 409 413
Foreman National
100
14
9
Harris Trust & Savings_1001
Nat Bank of the Republic 201
Northern Trust Co
100
Peoples Tr & Say Bank_100
Strauss Nat Bank & Tr_1(10
Union Bank of Chicago_100
425
26
483
i318
1163
110
420
25
458
313
158
95
Par
Aetna Casualty & Surety_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Constitution
American Equitable
5
American Home
American of Newark
5
American Re-Insurance-- - _
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer Insurance_5
Bankers & Shippers
25
Boston
100
Bronx Fire
25
Brooklyn Fire Insurance-5
Carolina
10
Chicago Fire & Marine__ _10
City of New York
100
Colonial States Fire
10
Columbia National Life_100
Connecticut General Life.10
Consolidated IndemnityConstitution
10
Continental Casualty_
10
Cosmopolitan Insurance_
,
Eagle
5
Excess Insurance
Federal Insurance
10
Fidelity & Deposit of Md_50
Firemen's
20
05
Firemen's Fund
Franklin Fire
5
General Alliance
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
10
Globe & Rutgers Fire_ _100
Great American
10
Great Amer Indemnity.._10
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmorda
10
Hartford Fire
10
Kant St'm Boller Ins&Ins 10
Home
10
Home Fire & Marine
10
Horne Fire Security
Homestead
10
Hudson Insurance
10
Importers & Exp of N Y.25
Independence
5
Independence Indemnity_10
Industrial and Railroad Bonds.
Adams Express 4s, 1947 &D 5112 (4312
!
American Meter 6s, 1946._ 10214 10414
Amer Tobacco 4s, 1951 FAA 9214 95
Am Type Fdrs 6s, 19373184N 1003 105
4
Debenture 65, 1939.13t&N 10012 105
Am Wire Fabrics 11 42 M&S 7512 80
Bear Mountain-Hudson
River Bridge 7s, 1953 A&O 88
91
Biltmore Comm 7s '34 M&S 65
70
Boa & Alb RR 5$ Oct'63J&J 107
_
Boa dr Me RR 63, 1933 J&J 102 Kati
Chicago Stock Yds 5s, 1961 82
85
Canso'Coal 4 Ms, 1934 MAN 6614 7012
Consol Mach Tool 7s, 1942 35
50
Consol Tobacco 4s, 195L_. 91
_
ContinentalSugar 7s, 1938_
11
4
Equit Office Bldg bs, 1952.. 8312 86
Fisk Tire Fabric 6 Ms, 1935
30
Haytlan Corp 89. 1938
2011 25
Hoboken Ferry 59,'46 MAN 89
9213
Internal Salt Is. 1951_4&G 8412 8612
Journal of Comm 6 Ms, 1937 67
74
Kans City Pub Sort. Ss, 1951 4513 47
Loew's New Brd Prop
1
68, 1945
.184D 92.2 9412
Mallory Steamship5s,'32J&J 9914 10114
Merchants Refrig 6s, 1937_ 96 100
Middle States 011 7% notes_
N 0 Or No RR 59, '55 FAA 311l 3612
N Y & Hob Ferry 5s,'46 J&D 87.2 9113
NY Shipbldg 58, 1946 MAN 89
Piedmont & No Ry5s.'64J&J 85
fir
Pierce, Butler & P 6 Ms '42
30
Realty Assoc Sec 8s,'37J&J 75 77
Securities Co of N Y 4.s_ _
40
60
61 Broadway 5148.'50 A&O 8412 8813
So Indiana Ry 4s, 1951 F&A 60
64
Stand Text Pr 8('s,'42M&S 45 49
Struthers Wells. Titus.
ville. 6 Ms, 1943
80 82
Tol Term RR 413s,'57MAN 96
98
U S Steel 55, 1951
114
Ward Baking 6s,'37 J&D 15 10212 10514
Witherbee Sherman 69, 1944 15
22
Woodward Iron 5s, 1952J&J 7714 81
BId Ask 11
Pal Bid Ask
82 Industrial of Akron
77
11
4214 4414.;Kansas city Lite
100, 800 000
44 Knickerbocker common.._51 13
42
17
104 Lincoln Fire
94
10! 26
31
24
27 !Lloyds Casualty
43
4 54
10
3
12
17
Voting trust certifs
10
3
43
4 54
107 137 Majestic Fire
8
s
3
10
6
12
17 Maryland Casualty
25 15
19
15
16 Mass Bonding (lc Ins
25 65
73
39
43 Merchants Fire Assur corn 10 59
63
27
31
8
12 1112
Merch & Mfrs Fire Newark 5
48 Missouri State Life
45
10 1414 1512
'2412 2812 Morris Plan Ins
95 115
918 102 National Casualty
3
10 14 4 163
4
100 110 National Fire
10 54
56
470 495 National Liberty
715 815
5
42
45 National Colon Fire
5 88
98
7
10 New Amsterdam Casualty10 27
29
21
23 New Brunswick
10 21
23
9 New England Fire
6
10 20
25
223 250 New Ilampshire Fire_ __.10 49
54
712 1012 New Jersey
20 Z 3612 4112
240 265 New York Fire corn
5 1712 2012
92 North River
87
10 32
35
4 Northern
2
25 59 69
7 Northwestern National.--- 95 105
5
25 '27 Occidental
10 16
18
51
4 63 Pacific Fire
4
25 110 120
1112 1312 Peoples National Fire
58 65
,
5
,
7 Phoenix
5
10 601 6212
60
Preferred Accident
20 34
39
136 140 Providence-Washington_ _10 43 4 4514
,
213 '227s Public Fire
3
5 4
75
80 Public Indemnity (formerly
203 223
4
4
Hudson Casualty)
112 312
16
18 Reliance Ins of Phila
4
6
a 7 Republic (Texas)
10 12
17
411z 4312 Republic Ins Co of Amer_10 101 1412
11
12 Rhode Island
10 18
23
480 530 Rochester American
25 40
48
213 257 St Paul Fire & Marine_ _ 25 150 160
s
8
143 173 Seaboard Flre & Marine_-__
4
s
7
10
16
18 Security Now Haven
10 313 333
4
125 225 Springfield Fire & Marine 25 95 105
27
29 Standard Accident
50 100 150
22
24 Stuyvesant
25 aa
42
5712 5912 Sun Life Assurance
100 1150 1250
61
66 Transportation Indemn'y 10
7
2914 3114 Transportation Insurance 10
713
912
30
35 Travelers Fire
10 725 775
41. 512 U El Casualty
2
38
45
1514 1714 U S Fidelity & Guar Co 10 15
18
18
23 17 13 Flre
10 401 43
15
25
30 U S Merch & Shippers-100 265 295
7
10 Victory
4
10
6
4
7 Virginia Fire dr Marine_ _25 75
90
Westchester Fire
213
1
38
Realty, Surety and Mortgage Companies.
Bond & Mortgage Guar -20 80
83 I International Germanic Ltd 15
20
Empire Title & Guar---100 100 116 1 Lawyers Mortgage
20 41
43
Franklin Surety
10
13 1 Lawyers Wes Mtge & Ti_100 170 200
Guaranty Title & Mortgage. 185 205 National Title Guaranty 100 26
31
Home Title Insurance_ _ _25 32
38 State Title Mtge
100 45
55
Aeronautical Stocks.
Alexander Indus8% pref...
American Airports Corp....
1
AviationSea of New Eng...
312
Central Airport
42
4
Cessna Aircraft corn
211
Curtiss Reid Aircraft corn..
1
2
FederalAviation
2
4
General Aivation 1st pref-.. 15
17
KInner Airplane & Mot new
314
Lockheed Aircraft
4
s
Maddux Air Lines
Sky Specialties
4
Southern Air Transport
4 3
Swallow Airplane
4
it
Warner Aircraft Engine
1
Whittelsey Manufacturing
----
34
3
2
8
6
6
2
12
2
13
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Da Ida
Allis-Chat Mfg Sc. May 1937
Alum Cool Amer bs May'52
Amer Metal 513s, 1934 A&O
Amer Rad deb 4 Ms,May '47
Am Roll MI11 deb 5.1,Jan '48
Amer Wat Wks 55, 1934A&O
Bell Tel of Can 5s A Mar'55
Baldwin Loco 5)4s,'33 M&S
Cud Pkg deb 5)45. Oct 1937
Edison Eleo Id Boston
34% note Novi'31 MAN
4% notes Nov 1 '32 MAN
5% notes Jan 15'33__J&J
Gulf 011 Corp of Pa
Debenture 5s__ _Dec 1937
Debenture bs---Feb 1947
10241103 General Motors Accept
5% ser notes_ -Mar 1932
10478 105
7414 75
5% ser notes..-Mar 1932
10114 10112
5% ser notes-Mar 1934
83
82
5% ser notes___Mar 1035
102 103 4
5% ser notes___Mar 1936
,
10612 10714 Koppers Gas & Coke
100's j 10012
Debenture 5s_-June 1947
9613 9814 Mag Pet 430 Feb 15'30-35
Mariand Oil
1001.8 10114
Serial 5% notes June15'32
10112 102 Mass Gas Cos 5)4s Jan 1946
1027 10318 Woo & Gamb 434s July 1947
8
Union 011 58 1935_ ---F&A
1023 10312 United Drug 58 1932__A&O
4
102 10218
Debenture bs 1933. A&O
Alton Water 55, 1956-AA°
Ark Wat let 58 A 1956 A&O
Ashtabula W W 58 1958A&O
Atlantic Co Wat5858 A M&S
BIrm W W 181 510.2'544dr°
let m 55, 1954 ser B_J&D
let 55 1957 ser C_-__F&A
Butler Water 53, 1957_A&O
City W (Chat) 5s B '54 JAB
let 58, 1957 ser C-6184N
Commonwealth Water
FAA
1st 55, 1956 13
let m 58, 1957 ser C.F&A
Davenport W 55 1961_J&J
E St L & lot W 58,'42 JAB
hat m 65. 1942 ser
let 55, 1960 ser D.--F&A
93121 95
9814 99,
4
9412 97
9412 90
10212110311
10012,10113
wolf 10112
9412 96
10012
1001z
Railroad Equipments.
844
Ask
10114 10103
1017 103
8
102 10212
102 10214
1021
--9914 9912
10114 --973 99
4
11)512 1053
4
105'a991 1(10
1001 -1001
---
Water Bonds.
Hunt'ton W let 68,'54 M&S
1st m 55, 1954 ser B_M&S
Joplin %V W 5s,'57 ser AM&S
Kokomo W W 53, 1958 BAD
Monm Con W Ist 5s,'56.1.1rD
Monon Val W 5)4s,'50 J&J
Richm'd W W1st bs,'57MAN
St Joseph \Vat 55, 1941A&O
South Pitts Water Co
-let 58, 1955
FAA
let & ref 53.'60 sec A J&J
100
let & ref bs,'60 ser B 1&J
100
__ Terre IFte NW 6s.'49AJ&D
95 98
1st in 55, 1956 ser 13...Y&D
9914 10014 Texarkana W let 5s,'58F&A
07 3
19212
Wichita Wat 1st 6s,'49 M&S
9 -12
- 8
1st m 58, '56 ser 13_ F&A
1st m 58.1960 ser C_51 AN
10212 -9912 10013
93
9314 ii95
97
1001 10112
95
97
99 10014
1001 10112
10018 10112
10012 10112
102 2 ,..- ,!
98 100
93 98
102, .,- 3,
9812 100
9812 100
1
814 Ask
Atlantic Coast Line Os
4.15 3.75
Equipment 6348
4.15 3.80
Baltimore & Ohio 65
4.15 3.75
Equipment 413s & LS-4.15 3.70
Buff Roth & Pitts equip 13s_ 425
Canadian Pacific 43'4s & Els_ 4.40 ::io
Central RR of N J 68
4.10 3.75
Chesapeake & Ohio 65
4.10 3.75
Equipment 6SO
4.25 4.00
Equipment 58
4.20 3.75
Chicago & North West Os.._ 4.15 3.75
Equipment 63.48
4.25 4%
Chic RI & Pao 43.45 & 58... 4.25 3.75
EquipmentOs
4.25 4.00
Colorado & Southern 5$.... 4.40 4.10
Delaware& Hudson 68
4.25 4.00
Erie 43.4s & 58
4.40 4.10
Equipment63
4.60 4.20
Great Northern (is
4.20 4.00
Equipment 55
4.20 4.00
Hocking Valley 53
4.20 4.00
Equipment(Is
4.25 4.00
Illinois Central 43.4s & 58... 4.20 4.00
EquipmentBs
4.20 4.00
Equipment 78 & 6345.... 4.15 4.00
Kanawha& Michigan 6s
4.40 4.10
Ask
4.40
4.00
4.00
3.25
3.50
4.25
aaa
4.20
4.35
4.10
4.00
4.00
4.00
3.70
4.00
3.70
3.75
4.05
3.75
4.4,0
5.75
3.85
4.00
4.00
4.10
4.10
3.70
Investment Trust Stocks and Bonds.
Amer Bank Stk Tr Shares..
American& Continental....
AmerInvest Trust Shares..
BankersNat Invest coin A_
Beneficial Indus Loan pref.Central National Corp A-Class B
Colonial Investors Shares
Commonwealth Tr Shares
Continental Manor. Corp A
Continental Seem- Corp--_•
Preferred
llovnrwhtre. ISVPSIISS corn
'No par value, a And dividend. 4 Last reported market. a Ex-dividendi
I ra-rilintes
Par Bid
Kansas City Southern 5 Ms_ 4.75
Louisville & Nashville 68... 4.20
Equipment034a
4.20
Michigan central be
3.75
Equipment es
4.00
Minn St P & 85 M 4549 &
4.75
Equipment 6345 & 7e.... 4,75
MissouriPacific. 634s
4.60
Equipment 68
4 50
Mobile & Ohio 58
4.30
New York Central 434s & 55 4.20
Equipment Ils
4.20
Equipment 7s
4.15
Norfolk & Western 4 Ms-_ 4.00
Northern Pacific 7s
4.25
Pacific Fruit Express 754.10
Pennsylvania RR equip 554.00
Pittsburgh & Lake Erie 6535 4.25
Reading Co 434s dr 5s
4 10
St Louis & San Fran 58
4.75
Seaboard Air Line 5135 As 65 6.75
Southern Pacific Co 434s... 4.10
Equipment 75
4.15
Southern RY 413s & bs
4.25
Equipment 6s
4.40
Toledo & Ohio Central Os..
4.30
Union Pacific 713
4.10
Indust & Pow Sec
1812
53
8 57 Inter Germanic Trust
81
10
13 Invest Fund of N J
vi
North American Trust Shs_
Cs
Old Colony Inv Tr 4M% bds 70
Shawmut Association corn_
1353
Shawmut Bank by Trust..
71:
4345
1942 70
55
1952 70
(is
1952 110
Standard Corporations
el
Standard Oil Trust Shares A
63
8
Class B
5
27
___ York Share Corp
16 4
3
201z
"is;
Ve
512
75
75
713
534
1814
Current Camino
fillonthip,
1J) uarterip
anb lbatt
pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also some of those given in the issue of Aug. 15. The object of this index is to supplement the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and
semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely complete
up to the date of issue, Aug. 14, embracing every monthly, semi-annual and quarterly report which was available
at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the August number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in the
"Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A
further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
When Published Pape
Name of CompanyAgnew Surpass Shoe Stores, Ltd____Aug. 15_1127
Aug. 22__ 1277
Allegheny Steel Co
tug. 22..1276
Alton & Southern Ry
Aug. 22_ _1290
American Cyanamid Co
Aug. 22__ 1278
American News Co
Aug. 22__1277
American Power & Light Co
Aug. 22_ _ 1278
American Public Service Co
Aug. 22..1278
American Rolling Mill Co
Aug. 22__I278
Armstrong Cork Co
Aug. 22.-1278
Art Metal Construction Co
Aug. 15_1123
Associated Gas & Electric Co
Aug. 22..1278
Associated 011 Co
.Aug. 22..1278
Associated Telephone Utilities Co..
Aug. 22__1278
Atlantic Refining Co
Aug. 22..1278
Atlas Tack Corp
Aug. 15_1112
Best & Co
Aug. 22..1278
Birmingham Electric Co
Aug. 22..1278
Bullard Co
Canada Northern Power Corp., Ltd_Aug. 22..1278
Central Arizona Light & Power Co .Aug. 22..1278
Aug. 22 .1277
Central Vermont Ry., Inc
Aug. 22_ _ 1278
Chicago Surface Lines
Aug. 22__I278
Chicago Yellow Cab Co
Aug. 15-1130
Chickasha Cotton Mills Co
Aug. 22- -1278
Cincinnati Gas & Electric Co
Aug. 15..1123
Cincinnati & Lake Erie RR
Aug. 22__1278
Cities Service Co
Aug. 22..1279
Columbia Gas & Electric Corp
Aug. 22__I279
Columbian Carbon Co
Columbus Delaware & Marion El. Co_Aug. 22..1279
Aug. 22.l279
Commercial Credit Co
Aug. 22__1279
Community Power & Light Co
Aug. 22.-1279
Connecticut Electric Service Co
Aug. 22.-1279
Consolidated Textile Corp
Aug. 15_1113
'outinental Diamond Fibre Co
Aug. 22..1279
Coty, Inc
Aug. 15_1131
Crystalite Products Corp
Aug. 15..1113
Curtis Aeroplane & Motor Co
Aug. 22..1295
Curtis Mfg. CO. of Del
Aug. 15_1113
Curtiss Wright Coro
Aug. 15_1113
Dallas Power & Light Co
Aug. 22..1279
Derby Oil & Refining Co
Aug. 22.1279
Detroit Street RYs
Aug. 15_1113
Drug, Inc
Aug. 22_ _1295
Duplan Silk Corp
Aug. 22_1279
Edmonton Radial Ry. Co
Aug. 15-1113
Eitingon Schild Co
Aug. 15_1124
El Paso Natural Gas Co
Aug. 22..1279
Exeter 011 Co.. Ltd
Aug. 15.-1114
Fairchild Aviation Corp
Feltman & Curme Shoe Stores Co_ _ _Aug. 22__1279
Aug. 22..1279
Florida Power Corp
Aug. 22..1280
Florida Power & Light Co
Fonda Johnst. & Gloversv. RR. Co-Aug. 22_ _ 1277
Aug. 22-_1280
Foundation Company
Aug. 22__1280
Gardner-Denser Co
Aug. 15..1114
Gemmer Mfg Co
Aug. 15..1114
General Motors Corp
Aug. 15..1115
General Steel Castings Corp
Aug. 15..1115
Georgia Power 8r Light Co
Aug. 15..1115
Guardian Investors Corp
Issue of Chronicle
Name of Company
What Published Pays
Haverhill Gas Light Co
Aug. 22 _1280
Hayes Body Corp
Aug. 22-.1280
(R.) Hoe & Co., Inc
Aug. 22..1280
Holly Oil Co
Aug. 15_1134
Aug. 22..1280
Hotel New Yorker
Aug. 22..1280
Houston Lighting & Power Co
Hudson & Manhattan RR
Aug. 22__1280
Indiana Limestone Co
Aug. 22_ _1280
Industrial Rayon Corp
Aug. 22..1280
Intercontinental Rubber Co
Aug. 22_1280
International Hydro-Elec. System Aug. 22..1280
International Nickel Co.of America_Aug. 15_1115
.Aug. 22..1280
International Paper & Power Co..
International Printing Ink Corp_ -Aug. 22_1280
International Rye. of Central Amer_Aug. 22..l277
Iowa Public Service Co
Aug. 22-.1280
Jewel Tea Co.. Inc
Aug. 22_1281
(Mead) Johnson & Co
Aug. 22_1281
Kansas City Southern
Aug. 22..1277
Kansas Gas & Electric Co
Aug. 22...1281
(Julius) Kayser & Co
Aug. 22-.1285
Keeley Silver Mines, Ltd
Aug. 22 _1298
Aug. 22_ _ 1281
Kelly-Springfield Tire Co
Kelsey-Hayes Wheel Corp
Aug. 22-1281
Lake Superior District Power Co
Aug. 22..1281
Louisiana Oil Refining Co
Aug. 22_1281
Louisiana Power & Light Co
Aug. 15 1116
Ludlum Steel Co
Aug. 22_1281
Mahoning Coal ER
Aug. 22..1277
Manufacturers Finance Co
Aug. 22..1281
Mapes Consolidated Mfg.Co
Aug. 22 1281
Marconi's Wireless Teleg. Co., Ltd Aug. 22_ _ 1288
Market Street Railway Co
Aug. 22..1281
Marmon Motor Car Co
Aug. 22_ _ 1281
McWilliams Dredging Co
Aug. 22-.1281
Material Service Co
Aug. 1115..16
Memphis Power & Light Co
Aug. 22..1281
Metropolitan Edison Co
Aug. 22..1281
Minnesota Power & Light Co
Aug. 22..1281
Mississippi Power & Light Co
Aug. 15_1116
Monsanto Chemical Works
Aug. 22...1281
Montour RR
Aug. 22_ _1276
Mortgage Guarantee Co
Aug. 22..1281
Aug. 22..1282
(F. E.) Myers & Bro. Co
National Grocers Co., Ltd
Aug. 22_1299
National Oil Products Co
Aug. 15..1116
Nehi Corp
Aug. 22..1282
Aug. 22..1282
North West Utilities Co
Ohio Electric Power Co
Aug. 22_ _1282
Aug. 22..1282
Old Dominion Power Co
Orpheum Circuit, Inc
Aug. 15-1117
Aug. 22..l2$2
Pacific Gas & Electric Co
Aug. 22_1282
Pacific Public Service Co
Aug. 22_ _1300
Pa ratfine Companies
Aug. 22..1282
Pacific Western Oil Corp
Aug. 22..1282
Park & Tilford, Inc
Aug. 22..1282
Parmelee Transportation Co
Aug. 22..1282
Penn Central Light 8c Power
Pennsylvania Gas & Electric Co_ _Aug. 22..1282
Pennsylvania Power & Light Co
Aug. 22.-1282
Aug. 22.-1277
Pere Marquette Ry. Co
Net Earnings Monthly to Latest Dates.
Alton
& Southern1931.
July$95,919
Gross from railway_ _ _
32,359
Net from railway_ _ _ _
22,239
Net after taxes
From Jan. 1
646,751
Gross from railway- -219,748
Net from railway_ _ _ Net after taxes
153,522
Central VermontJuly1931.
Gross from railway__ $554.873
Net from railway....
86,090
Net after taxes
68,401
From Jan. 1
Gross from railway._ _ 4,032,776
Net from railway_ _ - _
397,933
Net after taxes
303,899
MontourJuly1931.
Gross from railway... $225,977
Net from railway__ _ _
100,667
Net after taxes
98,599
From Jan 1
Gross from railway... 1,219.925
Net from railway..._
405,429
390,948
Net after taxes
1930.
$93,831
33,449
23,445
1929.
1928.
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
630,322
197,326
132,630
Issue of Chronicle
None of CompanyWhen Published Pape
Perfect Circle Co
Aug. 22..1282
Philippine Ry. Co
Aug. 22.-1277
Philipps-Jones Corp
Aug. 15_110
Pierce 011 Corp
Aug. 22_ _1282
Aug. 22__1282
Pierce Petroleum Corp
Aug. 22..1282
Poor & Co
Aug. 22..1282
Public Service Co. of Oklahoma
Public Service Corp. of New Jersey_ _Aug. 22__I282
Puget Sound Power & Light
Aug. 22.-1282
Aug. 22._1282
Powdrell & Alexander, Inc
Aug. 15..1118
Radio-Keith-Orpheum Corp
Aug. 22..1283
Raybestos-Manhattan, Inc
Aug. 22..1283
Republic Petroleum Co
Aug. 15_1118
Reynolds Spring Co
Aug. 22__I283
Ritter Dental mfg. Co., Inc
Aug. 22..1283
Schenectady Ry. Co
Scranton Spring Brook Water SerAug. 22__1283
vice Co
Aug. 22..1283
Servel, Incorporated
Aug. 22..1283
Simmons Co
Aug. 22..1283
Sioux City Gas Bc Electric Co
Aug. 22__1283
South Penn Oil Co
Southern Canada Power Co., Ltd.._Aug. 22-_1283
Southern Cities Ice & Utilities Co_ _Aug. 22-1283
Southwestern Gas & Electric Co_- Aug. 22_ _1283
...Aug. 22-1283
Southwestern Light & Power Co.
Aug. 22_ _1283
St. Louis Public Service Co
St. L., Rocky Mountain & Pac. Co Aug. 15...1139
Aug. 22..l283
Springfield Street Ry
Aug. 22..1283
(L. S.) Starrett Co
Aug. 22_ _ 1283
Stewart-Warner Corn
Aug. 22..1283
Stone & Webster, Inc
Aug. 22..1283
Super Maid Corp
Aug. 22__1284
Superior Oil Corp
Aug. 22_ _1284
Tide Water Associated Oil Co
Aug. 22__1284
Tide Water 011 Co
Aug. 22..1284
Tide Water Power Co
Aug. 22_ _1284
Tung Sol Lamp Works, Inc
United Aircraft & Transport Corp Aug. 22..1284
Aug. 15_1119
United Carbon Co
Aug. 15..1119
United Chemicals Inc
Aug. 22__1284
United Gas Corp
Aug. 22.-1284
United States Gypsum Co
Aug. 22..1284
U. s. Printing & Lithograph Co
Aug. 22..1284
United Traction Co.(Albany)
Aug. 22_ _1284
Vadsco Sales Corp
tug. 15_1141
Vanadium Alloys Steel Co
Vanadium Corp. of America,Inc_ Aug. 15_1119
Aug. 22_ _ 1296
Valvoline Corp
Aug. 22_1284
Veeder-Root, Inc
Aug. 15_A119
Viking Pump Co
Virginia Carolina Chemical Corp. Aug. 15_1141
Aug. 22.1285
Virginia Public Service Co
Aug. 22..1284
(The) Vulcan Detinning Co
Aug. 22..1285
Warner Bros. Pictures, Inc
Aug. 22..1285
West Texas Utilities Co
Aug. 22..1285
West Virginia Water Service Co_
Western Auto Supply Co
Aug. 15..1119
Williamsport Water Co
Aug. 22...1285
Wright Aeronautical Corp
Aug. 15..1120
Period
Covered.
Current
Year
Previous
Year
Inc.(+) or
Dec. (-).
Canadian National
1930.
$669.568
124,956
109,418
1929.
5965.193
322,651
306.501
1928.
$768,418
27,183
10,957
4,543,894
711,187
598,825
5,274,894
1,240,535
1,129,478
3,771,485
1,436,332
1,532,686
1930.
$229,555
77.788
76,013
1929.
$229.792
94.529
92,657
1928.
$136,433
27.591
26,091
1,460,517
479.765
467.340
1,319.419
444,203
432,588
875,193
195,363
184,863
26 wk of Aug
3,195,883
4,443,682 -1,247,799
Canadian Pacific
2d wk of Aug
2,516,000
3,504,000
Georgia & Florida
lot wk of Aug
32,725
56,200
-33,475
Minneapolis Jr St Louis
2d wk of Aug
223,959
341,360
117,401
-
988,000
-
Mobile & Ohio
2d wk of Aug
176,717
245,450
-68,733
Southern
26 wk of Aug
2,508,588
2,641,266
-132,678
St Louis Southwestern
26 wk of Aug
296,200
372,068
-76,768
Western Maryland
2d wk of Aug
267,242
353.656
-86,415
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
AUG. 22 1931.]
FINANCIAL CHRONICLE
Gross Earnings.
Month.
(-).
1930.
January
February
Marsh
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
Length of Road.
Inc. (-I-) or
Dec.
1929.
450,526,039
427,231,361
452,024,463
450,537,217
462,444,002
444,171,625
456.369,950
465,700,789
466,826,791
482.712,524
398,211,453
377,473,702
1931.
365,416,905
336,137.679
375,688,834
369,106.310
368,485.871
369.212.042
$
486,628,286
475,265,483
516,620,359
513,733,181
537,575.914
531,690.472
557.552,607
586,397.704
566,461.331
608,281,555
498,882,517
468,494,537
1930.
450,731,213
427.465,369
452,261.686
450,567,319
462,577,503
444,274,591
---85.314,308
-91,327,690
--76,672,852
--81,461,009
-94,091,632
-75,062.879
1929.
Miles
242,350
242.348
242,325
242,375
242,156
242,320
235,049
241,546
242,341
242.578
242,616
242,677
1931.
242,657
242,660
242.566
242,632
242,716
242,968
-36,102.247
--8,034,122
-69,595.796
-63,195,964
-75,131.912
-87.518,847
-101,152.657
-120,696.915
-99,634,540
-126,569,031
-100,671,064
-91,220,835
Net Earnings.
Month.
1930.
Miles.
242,175
242,113
241,964
242,181
241.758
241,349
242.979
242,444
242.322
241,655
242,625
242,494
1930.
242,332
242,726
242.421
242,574
242,642
242,494
Inc.(+) or Dec. (-1.
1930.
January
February
March
April
May
June
1929.
Anumnl,
94,759,394
97.448.899
101,494,027
107,123.770
111,387.758
110,244,657
125,495,422
139,134,203
147.231,000
167,115.953
99,528,934
80,419,419
1931.
71,952,904
64,618,641
84,648,242
79.144,653
81,038,584
89,667,807
January
February
March
April
May
June
July
August
September
October
November
December
117,764,570
125,577.866
139.756,091
141,939,648
147,099,034
150,199.509
169.249,159
191,197,599
183,486,079
204,416,346
127,125,694
105,987,347
1930.
94,836,075
97,522,762
101,541,509
103,030,623
111,359,322
110,264,613
-23,005,176
-28,128,967
-38,202,064
-34,815,878
-35,711.276
-39,954,902
--43.753.737
-52,063,396
-36,255,079
---47,300,393
---27,596,760
-25.567,928
--19.55
--22.40
27.46
-24.54
-24.22
-26.58
--25.85
--27.21
-19.75
-23.13
32.35
--24.08
-22,883,171
-32.904,121
-16,893,267
---23,885,970
-30,320,738
--20,587,220
--24.13
-33.76
16.66
23.21
-2723
18.70
Per Cent.
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, &c., or where they differ in
some other respect from the reports to the Commission.
1931.
$68,401
44,573
1930.
$109.417
53,479
1929.
$177,387
38,328
1928.
$197,409
15.503
Gross income
Deduc,fr. gross income.
$112,974
133.271
$162,896
136,051
8215,715
56,163
$212,912
170,816
Net income
Ratio of ry. oper. exps.
to revenues
Ratio of ry. oper. exps.
&taxes to revenues_ _
Miles of road operated....
7 Mos. End. July 31
Railway oper.income_ _
Non-oper. income
$20,299
$26,844
$159,552
$42.097
84.48%
81.34%
76.00%
73.84%
87.62%
456
83.66%
456
78.00%
419
76.2(
4
)a
$303.899
317.907
3612.102
400,432
5915,555
$685,119
210,958
93.660
$621,806 $1.012,534 $1,126,513
$778,779
921,396
882,656
1.107,282
370,654
Net Income
def$299.589
$129.877
$755,860 def$328,502
Ratio of ry. oper. exps.
to revenues
90.13%
84.06%
77.00%
84.08%
Ratio of ry. oper. exps.
& taxes to revenues
92.45%
86.53%
79.00%
86.70%
Milan of road operated
456
482
415
433
ri'Last complete annual report in Financial Chronicle May 2'31, 3331
P.
Gross income
Deduc. from gross Inc
1931.
$58,406
54,929
1930.
$60.907
59.334
1929.
$77,124
62,708
1928.
$72.135
58,808
$3,477
4,500
$1,573
4,800
$14.416
7,840
313,327
7,840
Operating income_ _ _ _
Other income
-31,022
9,190
-33.226
8,856
$6,576
12,274
$5,487
. 13,963
Gross income
Deduc. from gross inc_ _
$8,167
28,427
$5,629
29.846
$18.851
30.371
$17.440
31.158
Net Income
-$20,259
7 Mos. End. July 31
Operating revenues
$493,951
Operating expenses
404,731
-$24,217
$11,520
-$13,717
$545,624
437,036
$593,888
451.488
$618,937
442.360
Net rev, from oiler._ _
Tax accruals
$889.219
31,500
$108,587
33.600
$142,167
54,880
$176,577
54.880
Operating income_ _ _ _
Other income
$57.719
28,913
$74,987
47.189
$87.287
79,902
$121,697
47.126
Gross income
Deduc. from gross Inc. _
$86.633
204,582
$122,176
218.777
$167,189
225,198
$169.957
223.860
Net income
$117,948 -$96,600
$58,008 -$53,903
la'Last complete annual report in Financial Chronicle June 20'31,
p. 4581
International Railways of Central America.
Month of July
Gross revenues
Operating expenses
1931.
$434.489
335,473
1930.
$472.167
348,668
1929.
$677.695
406,725
1928.
3630.750
394.276
Income applicable to
fixed charges
$99.016
$123.499
$270.970
$236.474
7 Mos.End. July 31
$3,877.945 $4.795,120 $5,596,486 35,226,241
Gross revenues
Operating expenses
2,348.765 2,631,642 3,058.632 3,046.703
Income applicable to
fixed charges
31.529.180 32.163,478 32.537,854 32.179.538
itarLast complete annual report in Financial Chronicle May 23 '81, p. 3877
Mahoning Coal Railroad Company.
Period End, June 30- 1931-3 Mos.-1930.
Inc. from lease of road._
3262,639
$517,827
Other income
44,407
45.337
Total income
$307,046
$563,164
Taxes
26,617
59,856
Interest on funded debt_
18,750
18,750
Other deductions
2.201
2,370
Not income
$259.478
$482,188
Earns per sh. on 30.000
shs.corn.stk.(par $50)
$8.37
$15.79
1931-6 Mos.-1930.
$799.262
$473,267
91,614
89,826
$563,093
49.654
37,500
4.970
$890,876
92.852
37.500
4.259
3470,969
3756,265
$15.15
$24.66
1929.
1930.
$3,564 $1,184,437
60,386
40,883
1928.
3889,714
25,726
3580.835 $1,244,824
212,338
247,838
$915,440
217.098
Pere Marquette Ry.
Month of July1931.
Net railway oper. rev...... def$25,735
Other income, net
34,740
Bal. bet deduc. of int.
Total interest accruals
9,004
304.779
Other deductions.
$11.957
Net income
def307.732
Inc. applied to sinking &
other reserve funds.
626
$10.714
322,282
718
Balance
def$308,359
$321,563 $1.032,485
$698,342
7 Mos. End. July 31
Net railway oper. rev...... $785,918 32,650,898 $8.712.938 $6,807.744
Other income, net
322,965
380.492
545,353
257.425
Bal. bet. deduc. of int_ $1,108,884 $3,031,391 36.458.208 $4,914,225
Total interest accrual.... 2.073.933
1,558.510
1,504,054
1.519.154
Other deductions
94.357
73,952
Net income
def$1,059.406 31,398,927
Inc. applied to sinking &
other reserve funds._ _
946
1,942
(The) Philippine Ry. Co.
Month of June- 12 Mos.End. June30Period
1931.
1931.
1930.
1930.
Gross oper. revenue_ __ _
$38,989
$627,903 $ 768.383
543,710
Oper.expenses & taxes....
34.474
44.109
555,127
463,846
Net revenue
$4,515
-398
$213,255
5164.056
Interest on funded debt..
28.496
28.496
341.960
341.960
Net deficit
323.981
$28,895
$177,903
3128.704
Inc. approp. for invest.
in physical property
14,591
58.699
37,197
53,687
Balance, deficit
$38,572
$231.590
366.092
3187,403
"Last complete annual report in Financial Chronicle Apr. 18 '31, p. 2949
INDUSTRIAL AND MISCELLANEOUS COS.
Allegheny Steel Co.
-3 Months Ended- 6 Mos. End.
PeriodJune 30'31. Mar. 31 '31. June 30 '31.
Net sales billed
33,735,400 34,097.547 57,832.947
Costs depreciation, Fed. taxes, &c.... 3,867.328
3,901.415
7.768,743
Operating profit
Other income
def$131.928
96,756
$196.132
89,500
$64,204
186,256
Net profit
Preferred dividends
Fonda Johnstown & Gloversville RR. Co.
Net revenue from oper.
Tax accruals
Kansas City Southern Ry. Co.
(Texarkana & Fort Smith Ry. Co.)
Month of July1931.
1929.
1930.
1928.
Railway oper. revenues_ $1,204,928 $1,854,664 $1.889,604 31,803,504
Railway oper. expenses1,166,145
814.708
1,185.328
1.169.890
Net rev. fr. ry.
$688,528
5390.220
3704,276
5633.614
Railway tax accruals-110,032
104.536
134,250
94,611
Uncollectible ry. revs._ _
163
119
168
162
Railway oper. income- 3280,023
$569,857
5583.862
$538,840
7 Mos. End. July 31
Railway oper. revenues. $8.684,799 311,674,737 312.551,321 311.981,509
Railway oper. expenses.. 5.826,897
8,253.545
7,918,668
8.118.307
Net rev. fr. ry. oper- 32,857,901 53,756,068 54,297,776 33.863.202
Railway tax accruals__
732,726
939.755
850.951
848,564
Uncollectible ry. revs......
10.349
1,953
1.762
2.27
Railway oper.income_ $2,123,412 32,903,162 $3.347,671 $3.012.390
iZi'Last complete annual report in Financial Chronicle May 9'31, p. 3556
Balance, deficit
51,060.353 51,396,985 $4,954,154 $33.395,071
arLast complete annual report in Financial Chronicle May 16 '31, P. 3706
Central Vermont Ry., Inc.
Month of JulyRailway oper.income_ __
Non-operating income._
Month of July
Operating revenues..- _ Operating expenses_ _
1277
def$35,172
58.495
5285.632
58.495
$250.460
116.991
Surplus
def$93.667
3227,137
3133,469
Earns, per sh.on 610,620 shs. corn.stk
Nil
$0.37
$0.22
la"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1621
American Power & Light CO.
(And Subsidiaries)
(Inter-company items eliminated)
12 Months Ended June 301931.
1930.
Subsidiaries
Operating revenues
$85.337.092 $88.168,965
Operating expenses, including taxes
40,933.092 42,513,328
Net revenues from operation
$44,404,000 $45,655.637
Other income
2,280,592
2.158,145
Gross corporate income
546.684,592 $47,813.782
Interest to public and other deductions
16.372,151 14.912.877
Preferred dividends to public
6371.302 6,201.337
Retirement(depreciation) reserve appropriations.... 5,285.654
5,489.644
Portion applicable to minority interests
156,715
153,473
Balance applic. to American Pr. & Lt. Corp---318,498.770 $21,056,451
American Power & Light Co.
Balance of subsidiaries' income applicable to
American Pr. & Lt. Co.(as shown above)
$18,498,770 $21.056,451
Other income
824.719
1.070.280
Totalincome
519,323,489 522,126,731
Expenses, including taxes
480.316
310,088
Interest to public and other deductions
3.103,637
2,937,035
Balance applicable to pref. and common stocks_ ..$15,739,536 $18,879,608
Dividends on preferred stocks
8,419.516
7,936.290
Regular dividends on common stock:
Paid in cash
2,732,213
2,388,851
x Paid in common stock
1,362.809
1,192,356
Balance
33,224,998 37,362,111
x In addition to the regular stock dividends on
common stock, an extra stock dividend of onetenth of a share (10%) was paid in common
stock in December 1930 and December 1929,the
distribution being from surplus and for the respective periods above amounting to
$3.213,174 $2,810,052
tarLast complete annual report in Financial Chronicle Mar.
14 '31, p. 1987
[VOL. 133.
FINANCIAL CHRONICLE
1278
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
American News Co., Inc.
(And Subsidiaries)
1931.
1930.
6 Months Ended June 30$425,443
$113,848
Net income after depreciation, taxes, &c
x206.000
216,000
Shares no par stock outstanding
$0.53
$2.06
Earnings per share
x Average amount outstanding during period.
ri"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1803
American Public Service Co.
1931-12 Mos.-1930.
Period End, June 30- 1931-3 Mos.-1930.
Gross earnings of subside $1,450,689 $1,786,218 $6,533,685 $7,708,511
Net of subs, for retire't
and stocks owned by
1,604,816
1,199,782
318,177
135,246
Amer.Pub. Serv. Co._
525,961
Profit on sale of invest_ _
503,668
360,289
59,338
111.001
Other earnings (net)._ _
Total earnings
Int. & other deducts. of
Amer.Pub. Serv. Co.
$194,585
$429.178 $2,086,031
32.520
62,004
Net rev,from oper___
Other income
$185,181
10,101
$207.763 $2,376,180 $2,825,721
417.745
315,116
31.916
Gross corp. income_ _ Interest on bonds
Other int. & deduc'ns
$195,282
54,917
11,528
$239,679 $2,691,296 $3,243,466
921.906
834,714
76,560
57.828
141,839
4,616
Net divisible income__ $128,837
Dividends on preferred stock
$158,503 $1,714,743 $2,263,732
410,371
419,530
81.295,213 31,853,361
Balance
Bullard Company.
80,773
American Rolling Mill Co.
(And Subsidiaries)
6 Mos.End.
3 Mos. Ended
June 30'31. Mar.31 '31 June 30'31.
PeriodNetincome after depreciation, interest
$159,503 1055$663,049 loss$503,546
and Federal taxes
30,137
59,835
29,698
Preferred dividends
$129,805 def$693,186 def$563,381
Surplus for common
r"Last complete annual report in Financial Chronicle April 4 '31, p. 2571
Armstrong Cork Co.
(Including Domestic Subsidiaries)
Six Months Ended June 30-Gross profit
Expenses and depreciation
1931.
$98.175
242,344
1930.
$178,790
243,180
1929.
0
$948,02.
271.451
Operating loss
Other income
8144.169
Dr28,563
864.390 06676,578•
16.911
2,326
Total loss
Federal and other taxes
8172.732
362.064 pf$693,489
95,053
Net loss
Dividends paid
$172,732
$62,064 pf$598.436
220,800
220,800
Balance, deficit
$282,864 sur$377,636
3172,732
276,000
She. corn. stk. outstand. (no par)_ _ _
276,000
300,000
$2.17
Nil
Earnings per share
Nil
'Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1996
Canada Northern Power Corp., Ltd.
6 Months Ended June 30-Gross profit
Depreciation
1930.
1931.
$2.187,393 $1,611,141
700,441
707,072
Net operating profit
Other income
$1,480,321
293.882
$910,700
123,598
$1,774,203 $1,034.298
165,520
895,155
95,470
$773.309
$879,047
Netincome
$0.70
$0.62
Earns, per sh.on 1,239,247 she.cap.stk.(no par)_ _
-Surplus Dec. 31 1930,_$8,354,339: profit
Surplus Account June 30 1931.
for six months as above, $879,047, total, $9,233.386. Deduct dividends,
$611,799; adjustments applying to prior years, $114,448; surplus June 30
1931, $8,507,139.
rarLast complete annaul report in Financial Chronicle Mar. 7 '31, p. 1804
Art Metal Construction Co.
(Including Postindex Co.)
1931-6 Mos.-1930.
Period End.June 30- 1931-3 Mos.-1930,
51.413.337 $1,924,885 $2,967,156 $4,054.698
Gross earnings
1,785,959 3.105,108 3,736,528
1.520,741
Expenses
38,180
16.615
Estimated taxes
$279,990
$122,311 less$137.952
loss$107,404
Net income
Earns, per sh.on 320,570
abs. of (par $10) capiNil
Nil
$0.87
$0.38
tal stock
,
10 1„ast complete annual report in Financial Chronicle Mar.28'31, p.2391,
and Mar. 21 1931, p. 2200.
Associated Oil Co.
1931-6 Mos.-1930.
1931-3 Mos.-1930.
Period End. June 30Net profit after int.,
deprec., deplet., Fed.
342.064 $1,524,835 $1,111,308 $3,264,855
taxes, &c
Earns, per sh. on 2,290,412 abs. cap. stk. (par
$0.48
$1.42
$0.02
$0.66
$25)
ItarLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1791
Associated Telephone Utilities Co.
(And Subsidiaries)
1931-12 Mos.-1930.
1931-3 Mos.-1930.
Period End. June 30
$4,382,066 $3,943.865 $16.511.894 313,629,347
Gross earnings
8,990,672
7,488,952
2,158.038
Oper. expenses & taxes.. 2,338.344
3,147,664
4.170,870
953,681
Int. and other deduct's_ 1,183,574
Net income
Other income
$860,149
2,930
$832.147 $3.350.352 $2,992,732
2,930
Total income
Dividends on pref. stock
$863,079
152,313
$832.147 $3,353,282 $2,992,732
592.797
511,786
147,024
$685,122 $2,760,485 $2,480,946
Net before depreciation_ $710,766
10 Last complete annual report in Financial Chronicle April 25'31, p. 3144
Atlantic Refining Company.
(And Subsidiaries)
1928.
1929.
1930.
1931.
6 Mos.End.June 30-350,966,346 365,460.944 $75,855,645 $68.390,353
Gross income
54.231,674 56,458,830 59.161,277 55,170,327
Operating charges
loss$3,265,328 $9,002.114 $16,694,368 $13,220,026
Net income
539,108
841,459
1,048,146
Dr319,739
Other income
Total income
loss$3,585,068 $10,050,260 $17,535,827 $13,759,134
432,243
393,084
377,004
427.895
Interest. disc., &c
218,113
314,261
260,841
Insur.& other reserves_
5.268.771
5,618,068
5.123,833
Deprec'n & depletion_
1,201,380
1,803.651
881,330
Fed. taxes (estimated)
948,637
544,354
588,429
Intangible devel. costs
Net income
$2,818,823 38,862,409 35,689.987
loss$4,012,963
y700,060
700,000
Preferred dividends _ _
1,000.000
2,333,333
Common dividends
1,348,321
2,689.657
Balance, surplus ___def$5,361,284
$129,166 $5,829,076 $3,989,927
Previoussurplus (sal.)_ _ 61.876,574 64.608,436 46,233,459 32.6s8,336
Adj. of sur. not incident
to current period
Cr333,744 Dr480,615 Dr3,476,998 Cr425,826
-paid-in
Surplus
Cr219,015 Cr9.999,510
P.& L.sur. June 30_x$56,849,034 $64,476,002 $58,585.046 $37.104,089
x The Atlantic Refining Co. interest, $56,920,229, less deficit of minority
Interest, $71,195. y Includes minority interests' dividend.
tarlast complete annual report in Financial Chronicle Feb. 28 '31, p. 1611
Atlas Tack Corp.
1931-6 Mos.-1930.
Period End.June 27- 1931-3 Mos.-1930,
Net loss after expenses
$55.528
$37,717
$11,388
$33.361
and charges
10"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1994
-Month of June- -12 Mos.End. June 301930.
1931.
1930.
1931.
8660,948 37.766,409 38,622,146
$604,715
5,796,425
5,390,229
453,185
419,534
$2,108,484
Net for retire't & stks.
$396,658 $2,024,028 $2,027,711
of Am.Pub.Ser. Co. $194,585
10 Last complete annual report in Financial Chronicle Aprll 11 '31, p. 2757
Totalincome
interest and other expenses
Federal income taxes (estimated)
Period
Operating revenues
Oper.exps., incl. taxes
1930.
1931.
$1,652,626 $1.581,481
507,810'
522.598
6 Months Ended June 30Gross earnings
Operating expenses
$1.130.028 $1.073.671
Not earnings
Central Arizona Light & Power CO.
(American Power & Light Co. Subsidiary)
Period
Gross earns,from oper_ _
Operating exp.& taxes__
Month of June- 12 Mos. Ended June 30%
1930.
1931.
1930.
1931.
$257,689 $3,230,044 33,193,123
$252,865
1,909,939'
1.750,897
144,497
142,657
Net earns. from oper_
Other income
3110,208
31.715
$113,192 31.479,147 31,283,184
99,185
348,846
26,543
Total income
Interest on bonds
Other int. & deductions_
$141.923
31,250
48
$139,735 $1,827,993 $1,382,369
153,638
367,000
12,787
76,331
13,966
16,943
Balance
3110,625
Dividends on preferred stock
$110.005 $1,447,027 $1,152,400.
106,843
107,758
$1.339.219 $1,045,557
Balance
10 Last complete annual report in Financial Chronicle June 13'31, p. 4407
Chicago Surface Lines.
Month of JukGross earnings
Operating expenses, renewals and taxes
1931.
1930.
$4,093.702 $4,535.460•
3,897,075
3.579,566
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%
3514.136
95,525
Dr.161,508
$638,384
50,497
Dr.61,418
$649,307
$580,118
Balance
W.Last complete annual report in Financial Chronicle Mar. 21 '31, p. 219o-
Chicago Yellow Cab Co.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Net profit after deprec.,
$941,995
$415,496
$751,467
$343.168
Federal taxes, &c_ _
Earns. per sh. on 400,000
$2.35
$1.88
$1.04
30.86
shs. corn. stk.(no par)
arLast complete annual report in Financial Chronicle May 2 '31, p. 3345
Cincinnati Gas & Electric Co.
[Including Union Gas & Electric Co.]
1931.
1930.
Three Months Ended June 30-$6,156,712 $6,349,903
Revenue
3,108,624
3,210,855
Expenses
612,272
589,203
Taxes
533,768
515,104
Depreciation
31,902,048 $2,034,741
8.005
22,328
Net operating earnings
Other income
Gross corporate income (available for interest
$1.924,376 $2,042,745
and dividends)
"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1795
Cities Service Co.
Month of July- -12 Mos. End.July 311930.
1931.
1930.
1931.
$2,414,087 $5,075,564 $46,150,826 $57,759,846
1,870.655
170.529
222,819
2,620,358
Gross earnings__
Expenses
Net earnings
Int. & disc, on debs_
_
82,243,558 34,852,745 543.530,468 $55,889,191
7,212,377
1,008,475
890,610 12,203,867
Net to stocks & res've 31.235,083 $3,962.134 $31,326,600 $48,676,814
7.225.040
613,465
7,361.571
613,461
Divs, on pref. stock__
Net to corn. stk.& res. $621,618 $3,348,673 $23,965,029 841.451,774
;orLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2958
and May 9,'31, p. 3514.
Claude Neon Electrical Products Corp., Ltd. (Del.).
(and Subsidiaries)
6 Months Ended June 30Gross profit on rentals and sales, and
royalties received from subUcenses_
Selling, administrative and general_ _
Other deductions-net
Provision for Federal income tax_
Not profit from operations
Profit from sale of capital stock of licensee co.,less Fed.inc. tax thereon
1931.
1930.
1929.
$944,782
481,314
45.733
54.974
$872,326
416,540
39,686
59,817
$624,615
278,842
38,501
43,013
$362,760
$356,282
$264,259
110,221
$374,480
$356,272
$362.760
Net profit
'Last complete annual report in Financial Chronicle Mar. 7 '31 p. 180
AUG. 22 1931.]
1279
FINANCIAL CHRONICLE
Columbia Gas & Electric Corp.
Consolidated Textile Corp.
(And Subsidiary Companies)
Period End. June 30- 1931-3 Mos.-x1930
1931-12 Mos.-x1930
Gross revenues
$22,474,337 $23,343,856 $93,429,817$100,369,801
Operating expenses
11,069,498 11,748,871 46,648,415 48,480,044
Provision for renewals,
1,795,796
replacmts. & depletion 1,811,531
7,901,675
8,469,678
2,174,473
Taxes
2,194,310
7,898,534
8,162,523
June 30
July 4
1929.
1928.
1930.
1931.
6 Months Ended$284,925
Operating profit
$122,131
loss$13,890
Net loss aft. int., deprec.,
Inventory adjust. and
Consol. Selling Co.,
212,880
318,252
1,373,798
Inc., pref.stock divs_
501,370
-Interest on the 7% notes and 8% 1st mtge. bonds, amounting to
Note.
$349,769, has not been paid.
rirLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2591
Net operating revenue $7,418,836 $7,604.879 $30,981,194 $35,257,556
38,442
Other income
149,639
525,885
290,808
Gross corporate inc._- $7,568,474 $7,643,320 $31.507,079 $35,548,363
Int. on secs. of subs. in
hands of public, &c.-713,181
719,923
2,881,924
2,949,726
Pref. diva. of subs, to
public & earns. appllc.
to min.com.stocks--640,339
641,613
2,562,561
2,528,172
Bal. applic. to Columbia G.& E. Corp $6,214,954 $6.281,784 $26,062,594 $30,070,466
Income of other subs. applic.to C.G & E.Corp.
342,397
4,287
743,617
157,439
Total earns, of subs.
applic to C. G.& E.
Corp
$6,557,351 $6,286,070 $26,806,211 $30,227,904
Net rev. of C. G. & E.
Corp. (incl. divs. on
pref. stock of 0. 0.&
455,514
G. Corp.)
458,669
2,410,404
3,139,249
Combined earns. applic. to fix. chges.
of 0.0.& E. Corp_ $7,012,865 $6,744,740 $29,216,615 533,367,153
int. charges, &c., of
1,570,678
0.0.& E. Corp
767,608
5.206,227
3,498,549
Bal. applic. to capital
stocks of C. G.& E.
Corp
$5,442,187 $5,977,132 $24,010,388 $29,868,604
Preferred dividends paid
5.880.295 $5,849,723
Balance
*
Balance$18,130,093 $24,018,881
Earnings per share (on
shares outstanding
at end of respective periods)
$1.55
$2.06
x1930 figures restated for comparative purposes in accordance with
latest Annual Report.
arLast complete annual report in Financial Chronicle Feb. 28 '31. p. 1609
Columbian Carbon Co.
(And Subsidiaries)
Period End.June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net prof. aft. Fed. taxes $650,168
1,237,187 $1,616,018 $2,492,163
Depreciation & depletion
390,716
381,409
799,368
771,447
Applic. to minority int__
Cr39,779
72,603
Cr.43,082
127,536
Net income
Dividends
$299,231
668.580
$783,175
701,893
$859,732 $1,593,180
1,408.688
1.449.651
Surplus
$81,282 def$548.956
def$369,349
$143,529
Shs.cap.stk.out.(no par)
537.745
498,505
537.745
498.505
Earnings per share
$0.55
81.57
$1.60
83.19
OffLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2228
Columbus Delaware & Marion Electric Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-12 Mos.--1930.
$332,393
Gross earnings
$353,225 $1,350,020 $1,471,910
136.764
Net earns, before deprec
133,133
538.589
619,587
51,969
Net inc. before deprec
57,616
220,269
320,009
Commercial Credit Co., Baltimore.
(And Subsidiaries)
1931.
6 Months Ended June 301930.
1929.
Gross receivables purchased, incl.
Credit Alliance Corp.for 1931 only$152,323,568$202,419,448$238,014,902
operations
3,877,798
Netincome from
5,484,503
6,229,277
Discount on acquisition & retirement
of5%% debentures, Credit Alliance
70,476
Corp
Net income for in & discount chge. $3,948,274 $5,484,503 $6,229,277
1,790,028
2,932.375
Interest and discount charges
2,908,393
275,794
280,458
Reserve for Federal income taxes- - - 383,934
Credit due to filing consolidated in192,737
come tax return
Net income applicable to capital
stock, after Federal taxes
$2,075,188 $2,271,671 $2,936,950
414
Net income applic. to minority int__ _
917
7.325
129,353
Dividends on pref. stocks ofsubs
120,000
120,000
Dividend credit on treasury stocks_
12,867
Net income applicable to capital
stock of Commercial Credit Co_ _ _ _
,957,786 $2,151,257 $2,809,625
Dividends on 63. %,7% &8% class B
$1560,000
preferred stocks
560,000
560,000
Dividend credit on treasury stock_ _
30,145
64
Balance
$1,427,931 $1,591.257 52,249,689
Dividends on class A convertible stock
387.010
450,000
15.148
Dividend credit on treasury stock_ __ _
$1.056,069 $1,141,257 $2,249,689
Net income on common stock
Dividends paid on common stock- - -- 1,037,052
1,037,052
1,033,860
6,765
Dividend credit on treasury stock_ _ _ _
Net credit to earned surplus
Earned surplus, Jan. 1
Surplus adjustments(net)
$25,782
6,756,367
xDr500,000
$104,205 $1,215,829
6,866,392
4,642,299
Dr1,338
Dr33,987
$6,282,149 $6,969,259 $5,824,141
Total
Furniture & fixtures charged off (all
21,295
123,290
companies)
101,278
$6,260,854 $6,845,969 $5,722,863
Earned surplus, June 30
x Special reserve by K. M.& Co., Ltd.
complete annual report in Financial Chronicle May 16 '31, p. 3707
12R-Last
Community Power & Light Co.
(And Controlled Companies)
Month of July- 12 Mos. End. July 311931.
1930.
1931.
Period1930.
$508,750 $4.575,102 $5,144,396
Consoi. gross revenue_ _ - $439.873
228,351
263,388
°per. exp., incl. taxes__
2.648.348
2.805.558
Balance avail for int.,
amort.,deprec., taxes.
$245,362 $1,926,754 $2,338,838
dividends & surplus__ $211,522
Coty Incorporated.
Period End. June 30Gross profit
Expenses
(And Subsidiaries)
1931-3 Mos.-1930. 1931-6 Mos.-1930.
5737.240 $1,336,467 $1,852,738 $3,393,679
2.257,329
1,443,413
1.199,217
689,656
$47,584
109,426
Total income
Depreciation
Federal taxes
$137,250
90,820
$409,325 $1,136,350
162,212
128,503
$157,010
22,855
15,651
Operating profit
xOther income
$228,070
19,844
23,000
$537.828 $1.298,562
42,092
45,941
153,000
57,978
$433,909 $1,103,470
Netincome
$185,226
5118,504
Shs. cap. stk. outstand1,492,655
1,535,833
ing(no par)
1,492,655
1.535.833
$0.74
Earns. per share
$0.12
$0.28
$0.08
x Includes dividends received from foreign subsidiaries.
arLast complete annual report in Financial Chronicle May 2 '31, p. 3347
Derby Oil & Refining Co.
1930.
1931.
Six Months Ended June 30Net loss after deprec., depict., inventory markdown, &c
$75,953 Pf$322,210
Last comptete annual report in Financial Chronicle Feb. 28 '31, p. 1625
Detroit Street Railways.
-Month of July- -12 Mos.End. July 31
1930.
1931.
Operating Revenues1931.
1930.
Railway oper. revenues_ $1,035,274 $1,257,384 $14,879,505 $19,434,658
292,119 3,306,785
4,319,155
221,466
Coach oper. revenues_ _ _
Total oper.revenues__ $1,256,741 $1,549,503 $18,186,290 $23,753,814
Operating Expenses
Railway oper. expenses_ $963.822 $1,107,882 $12.677.063 515.051,780
3,020.133
4.179.185
211,363
280,230
Coach oper. expenses__ _
Total oper.expenses_ _ $1,175,186 $1,388.112 315,697,196 $19,230,965
5161,390 62,489,093 64,522.848
$81,555
Net operating revenue__
769,198
779,267
68,645
64,759
Taxes assignable to op__
Operating income_ ___
Non-operating income_ -
$12,909
9,427
$96,630 $1,709,826 $3,753,649
125,416
129,736
4,854
Gross income
Deductions
Interest on funded debt:
Construction bonds
Purchase bonds
Add'n & betterm. bds.
Equip. & exten. bds
Replace. & impt. bds_
Purchase contract_ _ _ _
Loan (City of Detroit)
$22,337
$101,485 51,839,563 53,879,065
Total interest
Other deductions
$66,745
10.117
16,417
19,542
26,753
19,042
$785,875
123,835
188,979
236,310
43,802
231,491
$66,745
10,597
16,281
20,213
19.841
$785,875
129,487
195,431
30,760
242,688
18,750
$158.619
7,830
Total deductions__ _
$133.679 $1,610,294 $1,402,994
323,511
9,694
213,500
$166,449
$143,374 $1,823,794 $1,726,505
Net income
def$144,112 def$41,888
Disposition of Net Income
Sinking funds:
$44,139
Construction bonds
$44,139
Purchase bonds
11,295
11,295
Add'ns & bett't bds
13,589
13,589
Equip. & exten. bds
15,797
15,797
Replace. & imp. bds_
14,863
Purchase contract_ _ _ _
151,816
84,931
Loan (City of Detroit)
$15,768 $2,152,560
$519,709
133,000
160,000
186,000
44,109
1,524.292
$503,095
133,000
160,000
39,747
1,787,518
416,666
Total deficit
$184.616
328,728
$236,638 $2,567,112 $3,040,028
887,467
2,551,343
278,527
$144,112
Total sinking fundsResidue deficit
$11,888 sur$15,768sur2.152,560
Edmonton Radial Ry.
Month ofJuly-- -7 Mos. End. July 311930.
1931.
1930.
1931.
$479,766
8421.902
$60,971
$55,498
3,650
3,243
335
465
211
233
17
37
1,612
1,621
230
233
2,275
2,362
325
337
4,758
2,988
344
1,179
Revenue
Passenger
Advertising
Special cars
Police
Mail carriers
Other revenue
Total
ExpenditureMaint. of track & o'head
Maintenance of cars.. _
Traffic
Power
Other transp. expenses_ _
General & miscellaneous
$57,752
$62,225
$434,121
$490,504
3,422
6,922
310
5,441
22,960
3.446
4,582
7,211
366
5,843
22,870
2,600
23,018
51,750
1.691
42,947
162,499
34,044
31,564
55,557
1,622
47.853
164,994
22,250
Total operation
Operation surplus
Fixed charges
Depreciation
$42.503
15,248
18,080
1.000
$43,476
18,748
17,227
2,000
$315,952
118,169
123,309
22,000
$323,842
166,662
121.250
44,000
$3.832
$478
Total deficit
327.140 sur. $1,412
Exeter Oil Co., Ltd.
.
6 Mos End.
.
-3 Mos EndedPeriod
June 30'31. Mar.31 '31. June 30'31.
$49,120
$39,675
Gross profit
89,445
35,431
19,128
16,303
Deplet., deprec. & Fed. inc. taxes....
Net profit
820,547
def$6,858
$13,689
Feltman & Curme Shoe Stores Co., Inc.
6 Months Ended June 30Stores in operation
Net sales
Net profits after charges but before Fed. taxes_
1930.
1931.
93
86
$2,970,392 $3,207,214
50,760
37,572
Connecticut Electric Service Co.
Florida Power Corp.
1931.
12 Months Ended July 311930.
$17,429,957 $18,034,811
Gross operating revenue
5,106.791
Net available for dividends
4,267,746
Balance available for common stock
3,873.267
Earnings per share on average common stock
$3.72
$3.49
KWLast complete annual report in Financial Chroncile Mar. 28 11, p. 2385
(And Subsidiaries)
1931-12 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
$624.971 $2,603,642 $2,485,070
$653,888
Gross earnings
322,600
Net earns. before deprec.
317,578
1,297,307
1,211,780
99,202
96,375
Net Inc. before deprec
422,214
393,705
lerLast complete annual report in Financial Chronicle May 30 '31, p. 4053
[VOL.• 133.
FINANCIAL CHRONICLE
1280
Industrial Rayon Corp.
Florida Power & Light Co.
(American Power & Light Co. Subs.)
Month of June- -12 Mos. End. June 301930.
1931.
1930.
1931.
$800,831 $11.705.780 811,470.306
$831.071
Operating revenues
5,960.140
5,964,213
456.676
460,853
taxes
Oper. exp.. incl.
3344.155 $5,741.567 $5,510,166
Net revs,from oper-- 3370.218
1.164,798
957.014
92,890
74.475
Other income
5437,045 $6,698,581 86,674,964
Gross corp. income--- $444,693
2,600,000
2.600,000
216.667
216,667
Int. on mortage bonds- Int. on debentures (all
by Amer. P. &
1, owned
1,320,000
1,320.000
110,000
110,000
• L. Co.)
102.199
137.771
10,243
11,408
Other int. & deductions8106.618
Balance
Dividends on preferred stock
8100,135 $2,640,810 $2.652.765
1,131,000
1,174,916
$1,465,894 $1,521,765
Balance
ItairEost complete annual report in Financial Chronicle July 11 '31, p. 285
Foundation Co., New York.
6 Mos.End.June 30-Gress income
General expenses
x1931.
$32,939
267,961
1929.
8632,395
559,674
1930.
$187,113
307,242
1928.
$597,551
559,410
Net profit beofre Fed.
$38.141
$72,721
taxes
loss$235,022 def$120,129
x Gross profits on contracts, $24,452; other income $8,487, total income
(as above) $32,939.
iarLast complete annual report in Financial Chronicle May 2 '31, p. 3350
Gardner-Denver Co.
1931-7 Mos.-1930.
Period End. July 31- 1931-Mon/h--1930.
Net income after interest
$658,355
$100,497
$70,285
Federal taxes, &c_ - - $19.690
189,993
179,666
Sh.of corn.stk.(no par).
$3.02
$0.10
Earnings per share
la"Lost complete annual report in Financial Chronicle Mar. 14 '31, p. 2001
Haverhill Gas Light Co.
PeriodGross earnings
Net operating revenue
Surplus after charges
-Month of July- -12 Mos. End. July 311930.
1931.
1930.
1931.
$750,504
$722,505
$58,306
$54,961
176.674
185.033
17.387
10,607
179,148
171,616
1929.
$992,551
173,645
14,309
10,299
100,700
Net profit (subject to adjust, upon
detail audit as of end offiscal yr.)
Dividends paid
8693,598
$64,862
289.998
8900,052
$693,598
8900,052
Balance, surplus
def$225.136
190,431
199.851
Shs. common stock outst.(no par)
145,000
$3.64
$4.50
Earnings per share
$0.44
a Includes interest earned amounting to $51,373 in 1931 and $119,755
in 1930.
For the month of July 1931 net profit, after provision for Federal taxes.
was 877,362.
Capital Surplus Account.
-Capital surplus Jan. 1 1931, $1,515,624:
add transfer from stated capital upon reduction thereof from $60 to $40
per share, $4,000,000; excess of selling price over cost of treasury stock
sold, $28,313; total. $5,544,137. Deduct reduction of the book value of
good-win and patent rights to nominal value of $1, $3,373,999. Balance
June 30 1931, $2,170,138.
Profit and Loss Account.
-Surplus Jan. 1 1931. $4,569.112; net profit
for 6 months 1931, $64,862; total, $4.633,974; dividends paid and provided
for ($2 per share). $289.998; balance June 30 1931, $4,343,976.
lOrLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2209
Intercontinental Rubber Co.
(And Subsidiaries)
1931.
.
6 Mos End. June 301930.
Profit from operations._ loes$40.121
822,672
Interest earned & other
25,667
sundry income
47,180
1929.
$38.971
1928.
8408.935
78,724
55,092
Total
loss$14,454
Gen.sales exp.& miscall.
80,260
taxes
60,000
Depreciation
Est. U. S. & foreign inc.
taxes
$69,852
3117,695
$464,027
89,126
72,000
103,415
72,000
77,587
69,999
Net loss
Surplus Jan. 1
Adj. of Mexican deprec.
• taken in 1930
8154,714
688.422
591,273
1,008,844
Total surplus
Less dividends paid_
$552,193
38,000
557,720 sur$278,439
1.047,894
1.096,759
Cr18,485
3917,571 $1,039,039 $1,326,333
148,815
5917,571 81,039,039 $1,177,518
Surplus at June 30..- _ $552,193
tarLast complete annual report in Financial Chronicle April 11 '31, p.2782
Hayes Body Corporation.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
$1,077,860 $2,289,844 $1,411.653 $5,530,657
Gross earnings
5,674.573
1,493,176
1.118.478 2.425,495
Operating costs
Operating loss
Other income
$40,618
30.381
$135,651
8.030
$81,523
38,461
$143,916
11.546
Loss
Other charges
Depreciation
Interest
$10,277
11
59,019
794
$127,621
38.481
111,209
1.762
$43,062
1.719
117,467
1.188
$132,370
73,608
173,587
6,203
$385,768
$163,436
Netloss
$279,073
$70,101
11;25PLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2002
and Mar. 7 '31, p. 1815.
(R.) Hoe & Co., Inc.
(Including London Subsidiary)
6!Months EndedJune 30'31. June 30'30. June 30'29. June 27'28.
$599,980
$141,215
x$386,461 x$624,269
Operating Income
191,446
234,894
214.415
224,514
Interest
43,650
60,139
77,115
Income taxes
137,077
132,255
117.867
Depreciation
139,265
$196,981
8202,649 def$187,308
Net profit
loss$33,035
Shares class A stock out96.000
80,000
96.000
96,000
standing (no par)_ ___
Nil
$2.11
Nil
$2.05
Earnings per share
x Includes other income
la'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2208
Hotel New Yorker.
1931.
1930.
22,749,107 $2,359,892
922,801
565,867
Seven Months Ended July 15Total sales
Net operating profits
(And Subsidiaries)
1930.
1931.
6 Months Ended June 30-4480.997 41.437,893
Profit from operations
382,818
393,731
Allowance for depreciation
12.124
Interest charges
10.403
10,299
Bond discount
132,600
Provision for Federal income tax
12.000
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
Month of June- 12 Mos. Ended June 30
1931.
1930.
1930.
1931.
Period$750,924 $8,644,805 $8,496,937
$719,137
Operating revenues
4.318.029 4,392,079
394,012
311,366
Oper. exp., incl. taxes_.
International Hydro-Electric System.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross revenue (including other Income)_---$12.378,540 $12,163,120 350.673,960 549,808,828
Net before int., deprec.,
diva. & amounts applic.
to min. stocks of sub6,926,445 28,923,527 27,578,698
7,336,013
sidiaries, &c
Balance for dividends on
739,010 3,296,542 3,467,844
622,599
system stocks
Divs, on system pref.
116,642
500,612
124,952
116,642
stock cony. 83.50 ser _
Divs, on system class A
1,443.117
394,717
423.034
1,651,273
stock
$227,651 $1,144,657 81,908,085
374,613
Net added to surplus..
arLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2965
International Paper & Power Co.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Net rev. incl, other inc_$10,488,226 310,292,995 $20,483,458 $20,747,491
4.993,227
1,851,849 2,555,872 3,728,946
Depreciation
Interest and discount on
funded debt, income
taxes, & minority int.
4.986,057 10,857,937 10,309.820
5,511,092
in subsidiaries
Balance for dividends $3,125,285 $2,751,066 $5.896.575 $5,444,443
Divs. on stocks of subs- 2,111,849 2,150.010 4.289,578 4.173,332
Balance for!. P. & P.
$601,056 31,606,997 $1,271.111
$1,013,436
Co. dividends
Divs. on I. P.& P Co.
Stock
1.632,565 3,248,369
1.624,676
Preferred stock
1,197,347
598,838
Class A common stk_
4,445,716
1.632,565
2,223.514
Total dividends
complete annual report in Financial Chronicle Apr. 25'31, p. 3139
rarLast
International Printing Ink Corp.
Net revs, from oper
Other income
$407.771
2,370
$356,912 $4,326.776 $4,104,858
41,351
46,766
4,791
(And Subsidiaries)
6 Months End. June 30Net sales
Costs, expense & depreciation
Gross corporateIncInterest on bonds
Other int.& deducts
$410,141
91.667
6,546
$361,703 $4,368,127 $4,151,624
972,929
1.077.612
86,679
104,198
83,226
6,434
Operating profit
Other income
Profit sale of securities
$123,712
34,597
98.177
$257.773
138,058
Net divisible income-- 8311,928
Dividends on preferred stock
$268,590 $3,207,289 $3,074,497
298,833
330,000
Total income
Federal taxes
Provision for exchange fluctuations
8256,486
10,000
82.855
$395,831
10,000
258.945
Net profit
x Preferred dividends
Common dividends
1163,631
199,3e0
3126,886
206.146
409,932
32,877.289 32,775,664
Balance
a
1: 'Last complete annual report in Financial Chronicle June 13'31, p. 4409
Hudson & Manhattan RR. Co.
-Month of July- -7 Mos. End. July 311931.
1930.
1930.
1931.
$954,537 86.770,954 $7,206,792
$897.211
3,392,845
502,514
3,608,050
470.918
Gross revenues
Oper. exps. & taxes..
Bal. applic. to charges
Charges
8426.292
335,004
8452,022 $3,378,108 $3,598,741
2.346,179
335,276
2,344.157
$91,288
Balance
8116,746 $1,031.928 81,254,583
113rLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2380
Indiana Limestone
Co.
1931.
1930.
6 Months Ended May 31$2,836.956 $5,438,336
Netsales
64,002
Operating loss before charges
1,025,925
876.498
Net loss after interest, depreciation & depletion__
a No comparison available.
rirLast complete annual report in Financial Chronicle Jan. 24 '31, p. 665
1930.
1931.
$6.460.846 $8,832.048
6,337.134 8.574,
275
$35,759 $489,192
Deficit
a Includes dividends payable August 1.
farLast complete annual report in Financial Chronicle July 18 '31, P. 490
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
Month of July- -12 Mos.End. Jail/ 31-1930.
1931.
1930.
1931.
Gross earnings
8330.430 $4.498.985 84.440,798
8328.934
s
2
2,587.513
Open expa, &taxe
232.066
199,926
.630.399
Net earnings
Bond interest
Other deductions
Balance
let preferred dividends
8129,008
$98,344 $1.911,472 81.810,399
833.846
756,067
69,608
40,060
$1,008.018 $1.014.272
234.085
220,730
$773,933
Balance (before provision for retirement res've)
8793,642
lel'Last complete annual report in Financial Chronicle Apr. 11 '31, P. 2161
Atm. 22 1931.]
FINANCIAL CHRONICLE
Jewel Tea Co., Inc.
McWilliams Dredging Co.
28 Weeks EndedJuly 11 '31. July 12 '30. July 13 '29. July 14 '28.
Net sales
$7.609,861 $8.574,681 $9,055,287 $8,440,873
Cost of sales, exp., de6,833,718
preciation, &c
7,688.660
8,315,830
7,763,406
Operating profit
Other income
$776,143
117,288
$886,021
122,641
$739,457
171,255
Total income
Res. for Federal taxes-
$910.712
109,285
$795,886
95,506
$801.427
1,704,314
$700.380
1,849,146
1931.
Six Months Ended June 30-1930.
$194,400
Net earnings after all charges
$202,000
Earns, per sh. on 96,350 sirs. corn.stock outstand
Earns.
$2.09
. 0
"
S2 2
complete annual report in Financial Chronicle Ju ne02 '31, p. 4601
$677,467
118.420
$893.431 $1,008,662
107,212
121,039
$786,219
2,320,189
Net profit
Previous surplus
$887,623
1,991,110
Total surplus
$3,106,408 $2.878,733 $2,505,741 $2,549,526
Preferred dividends_
(5%)126,525
Common dividends
544,636
694,431
530,000
358,298
Stock dividend
x120,000
Prem. on pref. stock,
Sic
purchase,
52,091
Recap. expenses, &c_
55,030
Reduc.of good-will
119,999
Profit & loss surplus
$2,561,772 $2,184,302 $1.800.710 $1,892,614
Earns, per sh.on 280,000
(no par) shs
$2.80
$.3.17
y$2.70
ir$1.90
x 75% of 160,000 shares outstanding at assigned value of $1. y Based
on present share basis but after allowing for pref. dividends.
WLast complete annual report in Financial Chronicle Feb. 14 '31, P. 1235
(Mead) Johnson & Co.
(And Subsidiaries)
1930.
$904,658
59,500
329,000
Balance,surplus
$201,531
Previous surplus
3,062,740
Excess of sale price over
cost of capital stock
resold to employees_ _ _
$516,158
2,233,781
1929.
$603.955
59,500
246,750
$297,705
1,695.755
1928.
$544.235
59,500
247.456
$237,279
1,227,449
1,825
Total surplus
$3,264,272 $2,751,764 $1,993.460 $1,464,728
Prov. for reduction of
carrying of securities
to approx. market val.
50,000
Additional tax paid in
prior years
4,783
Consolidated surplus- $3,264,272 $2,751,764 $1,943,460 $1,459,944
Earns. per sh. on 165,000
shs. corn. stk.(no par)
$3.72
$5.12
$3.30
$2.94
larLast complete annual report in Financial Chronicle Mar. 7 '31, P. 1817
Kansas Gas & Electric Co.
(American Power & Light Co. Subs.)
Month of June
-12 Mos. End. June 301931.
1930.
1931.
1930.
$435,787
$482.689 55.840,319 $6.045,355
230,082
255.473
2,955,598
3.180,896
$205,705
$227,216 $2,884,721 $2,864,459
4,535
8,089
95,354
175,379
$210,240
$235,305 $2,980,075 $3,039,838
75,000
80,333
900.000
1,015,333
9,072
4,546
95.736
65,354
$126,168
$150,426 $1,984,339 $1.959.151
491,351
457,632
Net earns, from oper.
Other income
Total income
Interest on bonds
Other int. & deductions_
Balance
Dividends on pref. stook
Balance
$1,492,988 $1.501.519
Kelly-Springfield Tire Co.
6 Months Ended June 301931.
1930.
Net loss after charges, depreciation and interest_ -_
$281,436 $587,610
IgrLast complete annual report in Financial Chronicle Feb. 28 '31, P. 1612
Kelsey-Hayes Wheel Corp.
(And Subsidiaries)
6 Months Ended June 301931.
1930.
Net profits after all charges, incl. taxes
$633 762 $1,803,228
Earns. per share on 749,454 shs. corn.stk.(no par)_
$6.68
$2.24
reLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2403
•
Lake Superior District Power Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross operating revenues $459,324
$513,754 $1,969,186 $2.104,515
Available for interest, &c
254.634
276,002
1,053,534
1.127,914
Int, on long term debt..._
67,800
68,037
271.645
272.199
Other deductions
24,777
25,177
85,059
96,863
Not for retirement and
dividends
$162,057
$182,787
$696,829
$758,853
ri'Last complete annual report in Financial Chronicle April 11 '31, p. 2761
Louisiana Oil Refining Co.
Period End.June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Gross sales
$2.934,998 $7,255,868 $5,697,084 $13.798,221
Costs and exPenses
3,031,969
6.703,401
5.735,815 12.967,807
Operating loss
$96,971 pf$552,467
$38,731 pf$830,414
income
Other
12,005
7.922
16.107
11,026
$84,966 pf$560.389
Loss
$22.624 pf$841,440
Interest, etc
75,352
35,403
128,038
6486
454,308
Deprec., depletion, &c_ _
413.378
910,335
728,744
Net loss
$614,626 pfx$111.608 $1,058.997 pfx$47.810
x Before Federal taxes.
IZPLast complete annual report in Financial Chronicle June 13 '31, p. 4424
Ludlum Steel Co.
(And Subsidiaries)
- 1931-3 Mos.-1930.
Period End. June 30
1931-6 Mos.-1930.
Net sales
$927,257 $1,324,933 $2,005,987 $2.738.596
Costa and expenses
892.759
1,331,707
1,916,592
2.749,031
$34,498 loss$6.774
Operating profit
$89,395 loss$10.435
Other income
16,505
11,875
28,091
19,488
$51,003
Profit
$5,101
$117,486
$9,053
33,763
Depreciation
39,955
65,907
81.882
Taxes
10,110
10,725
28,091
22,593
Net profit
$7,130 loss$45,579
$23,488 loss$95,422
. la*Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2005
mind Mar. 7 Si,'
p. 1818.
Manufacturers Finance Co.
(And Subsidiaries)
Earnings for Six Months Ended June 30 1931.
Net operating profit after interest and taxes
Dividends paid on 7% 1st pref.stock
$118,235
78,873
Balance
$39.362
Net loss from liquidation of installment business amounting to $47,351
was charged directly against surplus account.
WLast complete annual report in Financial Chronicle Jan. 31 '31, p. 363
Market Street Railway Co.
Period Ended July31Gross earnings
Net earnings, including other income before provision for retirements
Income charges
Month. 12 Months.
$700.996 $8,855,618
102,914
50,727
1,348,905
624.891
Balance
$724,013
$52.186
riarLast complete annual report in Financial Chronicle Apr. 4 '31, P. 2581
Mapes Consolidated Manufacturing Co.
(And Subsidiaries)
Six Mos. Ended June 301931.
1930.
Gross profit on sales
Selling and general expenses
$694,0351
44,960f
Not
stated
1929.
$550,239
54,463
Net profit from operations
Interest and miscellaneous income
$649.075
7,838
$623,834
7,982
$495,776
7.726
Total income
Provision for Fed.& State Inc. taxes
Applicable to ndn, int. in sub. cos-
- 1931.
6 Mos. End. June 30
Net profits
$700,775
Preferred dividends_ __ _
59,500
Common dividends
412,500
Additional prov, for indicated shrinkage in
market value of securiRies at June 30 1931-- 27,243
Gross earns,from oper- Operating exp. & taxes_
1281
$656,913
81,708
966
$631,817
70,305
1,901
$503.502
68.092
Net income
Balance of earned surplus at Jan. 1_ _
Capital surplus
$574,241
561,232
$559,610
348,328
$435,410
105,906
40.000
$1,135,473
240,000
5907.938
210,000
$581,316
180.000
40.000
Total surplus
Cash dividends paid
Good-will charged off
$361,315
Bal. of earned surplus at June 30
$895,473
$697,938
Earnings per share on 120,000 shares
$3.62
$4.78
$4.66
of no par capital stock outstanding_
WLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1432
Marmon Motor Car Co.
1930.
1931.
Three Months Ended May 31$145,720
$580,460
Net loss after depreciation and charges
WLast complete annual report in Financial Chronicle May 9 '31, p. 3513
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
PeriodOperating revenues
Oper. exp., incl. taxes
Month of June- 12 Mos. Ended June 30
1930.
1931.
1931.
1930.
$518,886 $6,979,537 56.687.024
$518,359
4,001.642
4,113,184
305.287
306,127
Net revs, from oper__
Other income
$213.072
21,200
$212,759 $2,866,353 $2,685,382
200,924
304,461
45,922
Gross corporate inc_-- $234,272
$258,681 $3,067,277 $2.989,843
678,692
Interest on bonds
61,448
748,398
63.285
112,198
Other int. & deductions..
9.854
3.482
99,899
Net divisible income__
$162,970
52,218,980 52,198,953
$191,914
322,259
Dividends on preferred stock
380,058
Balance
51,838,922 51,876,694
KWLast complete annual report in Financial Chronicle July 25 '31, p. 641
Metropolitan Edison CO.
(And Subsidiary)
12 Months Ended June 301931.
1930.
$12,046,831 512.945.405
5,997.174
5,377.559
1,470,740
1,481,373
182.930
244,522
3.700
1,802,525
1.768,232
Operating revenues incl. other income
Expenses, taxes and rents
Interest
Other fixed charges
Miscellaneous
Depreciation
Net income
$3,171,445 $3,492,027
laMast complete annual report in Financial Chronicle June 6 '31, p. 4240
Minnesota Power & Light Co.
(Electric Power & Light Co. Sub.)
Gross earns,from oper_ _
Operating exp. & taxes..
Month of June- 12 Mos. End. June 301930.
1931.
1930.
1931.
$568.026 56,390.261 56,362.218
$496,688
2.450,542
2.371,668
199,737
186,496
Net earns, from oper_
Other income
$310,192
17,431
$368,289 $4,018.593 $3,911,676
177.527
99,688
8,889
Total income
Interest on bonds
Other int. & deductions-
5327.623
142,398
5,839
5377,178 $4,196,120 54,011,364
1.568,614
1,712.843
143,137
74,056
66,737
5,412
Balance
Dividends on pref. stock
$179.386
$228,629
52,416.540 $2.368,694
998.779
998.954
$1.417.586 $1.369,915
Balance
10
-Last complete annual report in Financial Chronicle June 13'31, p.411
Monsanto Chemical Works.
6 Months Ended June 30
Gross profit
Selling, general, & administrative expenses
Depreciation and obsolescence
Research and develop. expense
1930.
1931.
52,233.168 52.078,443
719.813
690,577
504,396
439,780
252,728
214,351
Operating profit
Other income
$785.467
83,916
$704.500
79,690
Total income
Other deductions
Income taxes
$869,382
99,977
97,952
$784,190
68.377
93.414
$671,454
Net earnings
$622,399
She. corn. stk. outstanding (no par)
429.000
410,306
$1.56
Earnings per share
$1.52
ta
-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2211
and Mar. 14 31, p. 2007.
Mortgage Guarantee Co.
Six Months Ended June 301931. T7'1930.
Net profit after all charges and Fed.Income taxes.. _ $483.704 t $525_ „000
Earnings per share on 60,000 sh.cap.stk.(par $100)
$8.06 - 18.75
1282
[VOL. 133.
FINANCIAL CHRONICLE
(F. E.) Myers & Bros. Co.
Pennsylvania Gas & Electric Co.
Period End. July 31- 1931-3 MOS.-1930. 1931-9 Mos.-1930.
Net income after deprec.,
$912,537
Federal taxes, &c__
$557.147
$164,127
$273,998
Earns, per sh.on 200,000
$4.06
shs. corn. stk.(no par)
$2.44
$1.22
50.70
12rIdist complete annual report in Financial Chronicle Dec. 27 '30, p.4225
(Controlled by American Electric Power Corp.)
Month of July- -12 Max.End.July311930.
1931.
1930.
1931.
Gross earnings
$116,482 $1,318,245 $1,344,912
$112,152
Oper. expenses & taxes__
715,758
702,120
55,478
60,566
Nehi Corp.
6 Months Ended June 301931.
1930.
Net income after taxes, deprec. and interest charges $147,606 $196,621
ltarLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2007
Period End.June 30-- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross earns. of subsid's- $3,666,543 $3,887,103 $15,380,548 $14,766,036
Net of subs,for retirem't
& stocks owned by
Northwest Util. Co-517,638
633,018 2,472,287 2.550,947
Other earns. of North
West Util. Co.(net)._
181.615
def.356
51,412
45,938
$517,282
$678,956 $2,523,699 $2,732,563
14,809
$616,125
17,816
269,665
22.299
$625,154
14.027
260.281
19,344
Balance
Preferred dividends
$306,345
104,976
$335,502
105,000
$230,502
Balance (before provision for retirement res've)
$201,369
"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
North West Utilities Co.
Total earnings
Int. & other deduc'ns of
N. W. Utilities Co__
Net earnings
555,916
$56,674
Subsidiary company charges & preferred dive_ _ _ _
Bond interest
Other deductions
21,390
72,646
Net for retire. &stocks
of N. W.till. Co
$517,282
$664,146 $2,502,309 $2,659,917
arLast complete annual report in Financial Chronicle Apr. 25 '31, p. 3147
Ohio Electric Power Co.
Period End. June 30- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross earnings
$288,792
$291.411 $1,182.649 $1,179,876
Net earns, before deprec.
335,579
418.563
107,646
70,799
Netincome before deprec
180.650
65.201
35,911
253,651
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary)
.
Month of June- 12 Mos Ended June 30
Period1930.
1931.
1931.
1930.
Operating revenues
52.746,211 $2,441.647 $33,095,794 $30,666,497
Oper. exp., incl. taxes.._ 1,353,351
1,238,491 16,721,512 15,163,355
Net revs, from oper__ $1,392,860 $1,203,156 $16,374,282 $15,503,142
Other income
495,770
600,962
39,090
36,493
Gross corporate Inc_ - _ $1,431,950 31,239,649 $16,975,244 $15,998,912
Interest on bonds
424,645 5,730,133 5,100,232
520.497
263,671
Other int. & deductions401,350
16,084
26,001
Net divisible income_ - 3895,369
Dividends on preferred stock
$789,003 $10,843,761 510,635,009
3,580.927 3,483,667
Balance
$7.262,834 $7,151,342
Perfect Circle Co.
Old Dominion Power Co.
Period End.June 30
- 1931-3 Mos.-1930.
Gross oper. revenues__ $199,116
5209,752
Avail, for int., &c
100,169
96,990
Int. on long-term debt
36,563
36,562
Other deductions
10.707
9,316
Net for retire. & divs-
$54,292
$49,721
1931-12 Mos.-1930.
$927,196
$826,603
435,062
410,738
146,250
146,250
38,826
34,561
$229,928
-3Months Ended- 6 Mos.End.
June 30'31. Mar.31'31. June 30'31.
$110,698
$110,342
$356
402
15
387
Period
Interest received
Other income
(And Subsidiaries)
[Earnings of recently acquired subsidiaries included only for period subsequent to acquisition.]
1930.
1929.
6 Months Ended June 30-1931.
Gross (incl. miscellaneous income)_ - 443,707,243 $34.118,861 $32,990,709
Maint., oper. exps., taxes (incl. Fed.
taxes),rentals St reserves for casual18,765,696 15,348,294 16,006,640
ties & uncollectible accounts
$24,941,547 518.770.567 516,984,069
7,566,324 5,352,824 5,258,488
5,418.837 4,037.419 3,490,192
511,956,386 $9,380,324 $8,235,389
Surplus
88,692
Earns,ofsub.cos. prior to acquisition
Balance
Divs,accrued on preferred stock
Divs, accrued on common stock
Pierce Oil Corp.
$249,986
Pacific Gas & Electric Co.
Net income
Bond interest and discount
Reserve for depreciation
7 Months Ended July 311930.
1931.
Net profits after all deductions
$430,019
$586.579
Earns, per sh. on 162,600 shs. common stock_ _ _ _
52.65
$3.61
lt3
Flast complete annual report in Financial Chronicle Apr. 11 '31, p. 2788
$11,956,386 $9,291,632 58,235.389
3,971.217 2,761,200 2,426,041
5,975,817 4,082,947 2,982,903
Balance.$2,009,352 $2,447.485 52,826,445
Aver, corn. shs. outst'g (par $25)-5,975,817 4,082,947 2.982.445
Earnings per share
$1.34
$1.60
$1.94
IM"Last complete annual report in Financial Chronicle May 23 '31, p. 3907
Total income
$111,100
$110,729
$371
10 Last complete annual report in Financial Chronicle May 2'31, p.3357
-
Pierce Petroleum Corp.
-3Months Ended- 6 Moe.End.
June 30'31. Mar. 31 '30. June 30'31.
5322,918
$161,459
$161,459
2,757
618
2,139
PeriodDividends received
Interest received
Total income
Expenses
5162.076
27.060
5163.598
18,174
$325.674
45.234
Net income
Surplus beginning of period
New York State tax refund
$135,016
444,694
$145,424
563.273
1,299
$280,440
563,273
1,299
Total surplus
Contact filtration settlement
Dividend paid Feb. 16 1931
5579.710
5709,997
15,303
250,000
5845,012
15,303
250,000
Pacific Public Service Co.
Surplus at end of period
$579,710
$444,694
$579,710
Earns, per share on 2,500,000 shs,
$0.06
$0.05
$10.11
capital stock (no par)
OF'Last complete annual report in Financial Chronicle May 2'31, p.3357
(And Subsidiaries)
Period End.June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
$1.154,294 $1,085,422 52,633,272 $2,415,735
Operating revenue
717.202 1,559,517 1,485.680
Operating expense
725,507
74,816
59,247
120,923
Maintenance
151,830
(And Subsidiaires)
1931-3 Mos.-1930.
Net operating income_
Non-operating revenue..
$369,539
21,409
5293,405
14,859
$952,832
61,876
$778,225
52,667
Gross corporate Inc__ Interest deductions
Amort.ofdt. disc.& exp.
Federal taxes
Depreciation
$390,949
114,271
9,031
17,960
91,021
$308,263 $1,014,708
115,000
271,236
10,523
42,263
221
31.234
237,295
68,591
$830.892
223,202
19,401
20,465
168.368
Net inc.avail,for diva.
Dividends on preferred
stocks of sub. cos_ _
5158.665
$113,928
$432,680
$399,456
82,706
79,018
165,006
160,418
575,959
$34.909
$267.674
$239,039
Net profit to surplus
Pacific Western Oil Corp.
1931.
1930.
Six Months Ended June 30$1,934.275 $4,511,687
Gross income
Costs, operating and general expenses (Including
933,312 1,594,645
Federal and all other taxes)
125,522
76.539
Abandoned wells, leases and equpment
467,630
485.654
Interest on funded debt
1,096,333 1,132,167
Depree.,depletion and reserve for abandonments
def$688,532 $1,222,681
Net profit for period
tly'Last complete annual report in Financial Chronicle Aug.8 '31, p. 971
Poor & Co.
Period End. June 30-1931-6 Mos.-1930.
Net profit after charges
5269,196
5378,208
5898,331
& taxes
$167,004
1:3"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2089
Powdrell & Alexander, Inc.
Income Account for the Period from Jan. 1 1931 to July 3 1931.
$33,523,732
Net sales
177.198
Net profit before income taxes
24,808
State and Federal taxes (estimated)
Net profit
$152,390
Earnings, per share on 55,788 shares of corn, stock (no par).._
$2.73
la'Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2010
and Mar. 7 '31, p. 1824.
Public Service Co. of Oklahoma.
1931-12 Mos.-1930.
Period End. June 30
-- 1931-3 Mos.-1930.
Gross oper. revenues-- $1,737,182 51,824,984 $7,168.769 57.541.543
940,101
914,806 3,813,143 3,806.626
Available for int., &c269,896
228,125
912.500
lot. on long-term debt_ _
954,271
67,558
Other deductions
62,361
349,791
289,052
Net for retire't & diva- $602,648
$624,319 $2,569,819 $2,544,335
lia"Last complete annual report in Financial Chronicle April 11 '31, p.2785
Public Service Corp. of New Jersey.
Park & Tilford, Inc.
1930.
1929.
1931.
alKonths Ended June 30$169,371 x$648,162
Net profit after charges & Fed.taxes_loss$151,353
Earnings per share on 218,722 shares
$0.77
x$2.99
Nil
capital stock (no par)
x Before Federal taxes.
129"1-ast complete annual report in Financial Chronicle May 16 '31, p. 3730
Parmelee Transportation Co.
(And Subsidiaries)
1930..
1931.
6 Months Ended June 30-$149,411 profitx$68,628
Net loss after interest, depreciation &c.
x Before extraordinary non-recurring losses amounting to $514,324 which
were charged directly against surplus account.
iO'Last complete annual report in Financial Chronicle July 11 '31, p. SOO
Penn Central Light & Power Co.
1931-12 Mos.---1930.
NriodEnd..linle30-- 1931-3 Mos.-1930.
Gross earnings
$1,371,283 $1,471,348 $5,672.682 $6.013,449
3,458.346
Net earns, before deprec
841,367 3,579,681
783,565
Net income before deprec
512,109 2,173,620 2,105,895
422,030
(a"Last complete annual report in Financial Chronicle July 18 '31, p. 481
Month of July- -12 Moe.End. July311931.
1930.
1930.
1931.
Gross earnings
10,648,138 10,903,226 139,017,480 938,803,799
Oper. exp., maint.,taxes
depreciation
7,665,220 8,037,959 93,880,629 96.104.078
Net inc. from oper_- 2,982.917
Other net income
78.896
2,865,266 45,136,850 42,699,721
60,165 2,549,002 2,991.958
Total
Income deductions
2,925,432 47.685,853 45,691.680
1,386,581 16,194,242 15.536.491
3,061,814
1.299,168
Bal.for diva. & surp-- 1,762,646 1,538.850 31.491.611 30,155.189
Ita"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1836
Puget Sound Power & Light Co.
(And Subsidiary Companies)
Month of July- -12 Mos.End. July 31-1930.
1931.
1930.
1931.
Gross earnings
$1,299,612 51,398,714 516.425,388 517.042,685
Net operating revenue
611,220 7,103.551 7,283,678
544,699
4,053,456 4.523.825
Surplus after charges
IZ"Last complete annual report in Financial Chronicle Mar. 7 '31, p. lit,
1283
FINANCIAL 03110NICLE
AUG. 22 1931.]
South Penn Oil Co.
Raybestos-Manhattan, Inc.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Consol. net inc. after depreciation, Fed, taxes,
$825,499
$580.179
$374.524
adjust. of invent., &c. $338,976
Ohs. corn. stk. outstand.
675,007
676,012
675.007
676,012
(no par)
$1.22
$0.86
$0.55
$0.50
Earnings per share..-- _
OrLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2406
Republic Petroleum Co., Ltd.
1930.
1931.
6 Months Ended June 30-Net profit after all operating charges, but before
3480,889
$93.200
Federal income taxes
x After setting aside $12.269 for payment of Federal income tax.
Ritter Dental Mfg. Co., Inc.
Period End, June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net profit after deprec.,
$372.018
$143,105
$232,548
$68.749
Federal taxes, &c__ -Earns. per sh.on 160,000
$1.78
$0.35
$1.18
$0.16
she. corn. stk.(no par)
'Last complete annual report in Financial Chronicle May 30 '31, p. 4077
Income Account for Six Months Ended June 30 1031.
$4.791,994
Gross income
3,441.030
and general expenses
Operating
184,428
Development expense
298,299
Taxes
751,200
Depreciation
126.095
Depletion
$9,058
Net loss
19,302.055
Surplus Dec. 31 1930
519.292.997
1,124,531
595,325
Balance
Marketfluctuations(loss)
Dividends paid
$17,573.141
Surplus June 30 1931
Ka"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2791
Southern Ice & Utilities Co.
1930.
1931.
82,452,635 52.603.125
670,094
547.878
27,436
32,513
12 Months Ended July 31Ice & commercial storage department
Creamery department
Other revenue
$3,033,026 $3,300.655
Total revenue
2,253,547 2,278,319
Onerating expenses
161.451
1930.
181,482
1931.
Maintenance
$8,336,554 $9,832,882 Provision for retirement of fixed capital (renewals
335,687
329:261
4.030,824 4,691,561
and replacements)
96,055
111,803
666,506 Taxes
625.162
226.159
215.818
697,355 Interest on first mortgage bonds
652,313
64,642
64.643
727,344 Interest on consolidated gold notes
557.914
3,433
1,026
758,894 Interest on unfunded debt
756.366
959,798
802,748
$134,908
def$124,554
Balance
$911.287 $1,331,424
10'Last complete annual report in Financial Chronicle June 6 '31 ,p. 4259
4,356
2,550
St. Louis Public Service Co.
Six Months Ended June 30-Operating revenues
Wages
Power purchases
Injury claims
Materials. &c
Depreciation
Taxes
Income after operating expenses
Income from non-operating sources
$913,837 $1,335,783
911,948
859.695
Total income
Interest charges
Netincome
$54,142
$423,835
Schenectady Railway Co.
6 Months Ended June 30-Railway revenue
Bus revenue
Other revenue
1931.
$563.671
92.354
2,742
1930.
$770.080
4,640
1,817
Total revenue
Operating expenses
Maintenance
Provision for retirement of fixed capital (renewals,
replacements, depreciation)
Taxes
$658,768
339.097
171,421
$776.538
374,611
232,544
75.040
48.087
78,118
46,600
Net earnings
Interest requirements on:
let mtge.5% bonds due 1946
Equipment trust 6% notes. 1930-1933
1931-1934
Deficit after interest on secured obligations- _ _ -
$25,123
$44,665
$66,900
1,684
1,720
Southwestern Gas & Electric Co.
Period End.June 30-- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
-- $1,406,654 $1,362,825 55,398.860 35,649.185
Gross oper.
575,979 x2,634,428 2,499,172
revenues-Available for interest, &c x716,836
903.230
903,229
225,808
225,807
Int. on long-term debt-153,524
165,001
11,729
23,968
Other deductions
3338,442 41,566,197 $1,442,418
Net for retire. & dive_ $467,061
x Exclusive of extraordinary profit of $315,000.
riErLast complete annual report in Financial Chronicle April 11'31, p.2767
Southwestern Light & Power Co.
Period End. June 30-- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
$689.852 $2,960,666 $3,385,892
Gross operating revenues $620,341
1,180.540 1,560,494
280,277
232,119
Available for interest, &c
411,806
417,014
103,750
105,000
Int. on long-term debt..115,587
61,273
13.610
Other deductions
$176,527 $702,253 $1.033.101
Netfor retirement & div. $113,509
12"Last complete annual report in Financial Chronicle Mar. 21 '31, p.2196
$45.181
Springfield Street Railway Co.
Scranton Spring Brook Water Service Co.
1931.
1930.
12 Months Ended June 30$5.199,739 $5,369,884
Gross revenue
Oper.exps., maint.& taxes,other than Fed.lnc.tax 1,657.917 1,777,178
$3.541,822 $3,592,706
Gross income
-Last complete annual report in Financial Chronicle April 11 '31, p.2767
10
Net income
Dividends
$29,327
93.094
557,250
93.094
593.188
93,094
5138,977
93.094
$45,883
$94
Bal.to profit & loss__.. def63,767 def35.844
IZPLast complete annual report in Financial Chronicle Mar. 28 '31, p.2388
Servel Incorporated.
Earnings for Three Months Ended July 31 1931.
Profit after depreciation
Interest
Federal tarot;
(As Reported to the Massachusetts Department ofPublic Utilities)
1931-6 Mos.-1930.
1931-3 Mos.-1930.
$280,114
$231.432
$127.137
$98,351
Gross income
141.137
138,244
69.887
69.024
Interest, &c
$548,524
22,804
42,500
Stewart-Warner Corp.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
x$483,220
Net profit
4110.938 51,123,9311oes$220,819 $1,846,966
$0.27 Prof.after exp.& deprec.
Earnings per share on 1.727.118 shares corn. stk. (no par)
175,000
107.976
Federal taxes
143.103
x This compares with net profit of $448,253 or 25 cents a share on com- Write down of invest_
143.103
mon in preceding quarter and net loss of $45.199 in quarter ended Jan. 31
1931.
$872,852 loss$220.819 51.528.863
5110.938
Net profit
1,461.299
Net profit for nine months ended July 31 1931 was $886,274 after taxes Dividends
324.745
and charges, equal to 49 cents a share on common.
567.564
$548,107 def$220,819
$110,938
Last complete annual report in Financial Chronicle Jan. 17 '31, p. 507
Surplus
Shares corn, stock out1,295,882 1,299,390
1.299,390
1,295,882
standing (par $10)
Simmons Company.
Nil
$1.17
s
t
01
s.18
i e0ing expe 0
Earnings per share
expenses: $309,112 administration
(And Subsidiaries)
x After deducting $655.065
x1931.
1930.
6 Months Ended June 30
less miscellaneous income and $247,328 provision
and general expenses
$14,872,646 $23,428.258 for depreciation.
Net sales
12.281,911 y19,713.837
Cost and expenses
-Surplus Jan. 1 1931. 514,022.823; deduct: Net loss
Surplus Account.
$2.590.735 83,714,421 for quarter ended March 31 1931. $331,757; patents and licenses expendiOperating profit
on new lines,
296.568
335.940 tures and experimental and development expendituresother items. 5265.Other income
819.588;
of taxes for prior years and
Total income
52.887,303 $4,050.361 518;additional assessments
Net profit for quarter ended June
balance of surplus. $13,405,960; add:
Interest, discount, &c
9 1.342,911 30 1931, 3110,937; surplus June 30 1931. 313,516,898.
805.75
975,488
Depreciation
1,076,027
KJErSast complete annual report in Financial Chronicle Feb. 28 '31, p. 1633
Maintenance of property
522,945
334.879
802,217
643.635
Advertising
Ordinary taxes
367,337
Stone & Webster, Inc.
Federal and Dominion taxes
25,
28,515
Preferred dividends of subsidiaries
(And Subsidiaries)
1930.
1931.
Net loss
$268,310prof$166,631
12 Months Ended June 30-y$5.072,350 x$6,037.472
Earnings per share on 1.133,236 shares common
Consol. net inc. after charges and taxes
2,104,500 :1,468,971
Nil
stock (no par)
$0.15 Shares common stock outstanding (no par)
share$4.11
x Does not reflect operations of Berkey & Gay Furniture Co. y Includes Earnings per
ordinary taxes.
x Not including profits from sale of securities, carried direct to surplus
nE"Last completeanival report in Financial Chronicle Apr. 11 '31, p. 2790 of $2,027,516. y Average amount outstanding.
z Certain security losses taken during the period have been deducted
from current income in arriving at the foregoing figure and additional
Sioux City Gas & Electric Co.
losses on certain other securities acquired prior to or durinl930 have been
(Controlled by American Electric Power Corp.)
taken which have been charged against reserves set up on Dec. 31 1930 as
Month of July-- -12 Mos End.July 31- reported in the last annual report. These additional losses charged against
.
1930.
1931.
1931.
1930.
reserves amounted to $1,246,591 and are not reflected in the above current
5312,530
$306,540 53,413,458 33,430,644 earnings figure.
Gross earnings
121,195
128,308
1,618,974
1,606,135
Oper.expenses & taxes
121Mast complete annual report in Financial Chronicle May 14 '31, p. 1978
8184.222
$185,345 81,794,484 51,824,509
Not earnings
(L. S.) Starrett Co.
531,802
.512,275
Bond interest
33,435
32.707
Other deductions
1931-12 Mos.-1930.
Period End. June 30- 1931-6 Mos.-1930.
$772,703 $1,537,233 $2,742,781
$764,529
Balance
$1,229,247 51,279.527 Sales
Netincome after charges,
338,709
338,709
Preferred dividends
694,734
181,574
326,246
97,426
deprec. & taxes
stk.
Balance (before provision for retirement reeve)
$890.538
$940,818 Shs. com.par) outstand148,699
146.699
148.699
146.699
ing (no
WEast complete annual report in Financial Chronicle May 2'31, p. 3338
$4.43
$1.00
$0.54
Earnings per share
2
$ onicle Aug. 23 '30, p. 1271
complete annual report in Financial CltrM
IZ'Last
Canada Power Co.,
813
Southern
Gross earnings
Operating expenses
Ltd.
Month of July- -10 Mos. End.July 311930.
1931.
1931.
1930.
5182.143 $1,963.203 $1,878,387
8187.916
76,457
72,605
761,189
698,848
3109,538 $1,202,014 31,179.539
3111.459
Net earnings
*Mast complete annual report in Financial Chronicle Dec. 13 '90, p. 3877
Super Maid Corp.
(And Subsidiaries)
1930.
6 Months Ended June 30-$115063,12.90profS117,181
Net loss after all charges
Nil
$0.78
Earns, per sh. on 150,000 she. com.stk.(no par)
rirLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2013
1284
FINANCIAL CHRONICLE
Superior Oil Corp.
United Gas Corporation,
Period End. June 30- 1931-3 Mos.-1930.
Gross earnings
$269,876
$816.823
Expenses, interest, &c
202,149
396,502
Depreciation
1
437,439
f 106,5001
Depletion
1
1213,0001
Exp.leases,dry holes,&c.
104,404
319,126
1931-6 Mos.-1930.
$652,549 $1,639,093
424,241
841,231
871,420
1200.000
1376.000
408,629
401.895
Deficit
5474.119
5218,306 51.051,742
$180,033
rrLast complete annual report in Financial Chronicle May 30 '31, p. 4079
Tide Water Associated Oil Co.
(And Subsidiaries)
6 Mos. End. June 301931.
1929.
1930.
1928
aTotal vol. of business_$47,593,117 $73,291,546 $83.210,004 $71,389,071
bTotal expenses incident
to operations
x40.548,143 58.962,394 71,380.964 58,477.945
Operating income_
- $7.044,974 514,329,152 $11,829,040 $12,911,126
Other income
1,122,641
1.668,870
1,566.035
1.578,657
Total income
58.167,615 $15,998,022 $13,395,075 514,489,783
mt. discount & premium
on funded debt
431,418
530,310
610,814
702,454
Cancelled leases, developments. exp. on
both productive & unproduc. acreage,abandoned wells & retirements of physical prop. 2,071,944
2,903,488
Depreciation & depletion charged off
6,273,714 6,013,010 6,268,577
5,885.906
Estimated Fed.inc. tax_
328.577
385,674
720.413
Min. interests' proportion of earnings
468.002
627,002
1,087.988
1,381.084
Net profits
Previoussurplus
loss31.077.464 $5,595,636 $5,042,020 $5,799,925
20,517,486 16,888,080 11,615,444 3,164,310
Total surplus
$19,440,022 $22,483.716 516,657,464 $8,964,235
Adjustments applicable
to prior years
Cr874,602 Dr120,202 Dr348,430 Dr1,007,582
Preferred dividends_ _ _ .. 2.198 172 2,198,535 2,194.143
2,182.543
Common dividends
c
1.721.739
Surplus as of June 30-$16,394.713 320,164.978 $14,114,891 $5,774,109
Shares of common stock
outstanding
5,740,143
5,098,310 4,793.503
5,843.937
Earned per shares
Nil
$0.56
$0.58
$0.75
a Done by company and subsisidiaries as represented by their combined
gross sales and earnings, exclusive of inter-company sales and transactions.
b Including repairs, maintenance, pensions, administration, insurance
and all other charges, except depreciation, depletion and Federal income
tax. e Dividend amounting to $1,723,083 (or 30c. per share), paid Feb.
15 1930. was charged against surplus Dec. 31 1929. x Total expenses
Incident to operations include $1,757,227 representing that portion of
Inventories liquidated during this period at prices higher than current
replacement costs.
rgrLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1610
Tide Water Oil Co.
(And Subsidiaries)
6 Mos.End. June 301931.
1929.
1930.
1928.
a Total vol. of business_$28,777,441 $49.810.995 355,610,214 $38,981,040
bTot. exp. inc. to oper..x26,759.945 43,740,401 50.171.070 33.081,843
Operating incomeOther income
$2,017,496 $6,070,594 $5,439,143 35.899,197
488,998
1,401,743
1,138,768
1,369,024
Total income
$2,506,494 $7,472,337 $6,577,911 37,268.221
Deprec.& depl. chgs. off 3.571.741
3,304,636
3,477.158 3,272,223
Est. Federal income tax
265,000
200,000
441,886
Outside stkhld's propor.
of profits
101
112
Cancell. leases, develop.
exp. on both produc.
& unproduc. acreage,
aband. wells & retire.
of physical property- _
943,325
1.063,850
Net profits
Previous surplus
loss$2,008,572 82,838.852 82,900,651 33,554,000
28,218,460 29,403,499 26,691,724 22,040,017
Total surplus
$26,209,888 $32,242.351 $29,592,375 $25,594.017
Adjusts.applic.to pr.yrs. Cr806,948
Dr45,131 Dr323.790 Dr1,060,963
Preferred dividends__ -498,615
498,615
507,400
517,630
Common dividends
876,728
767,137
874,795
867,387
Earned surplus
$25,751,084 $30,821.877 527.886,389 523,148,037
Paid-in surplus
1,555,912
1,555.887
1,554,709
1.321.786
Total netsurplus
$27,306,996 $32,377,764 $29,441.098 $24,469.823
Shs. of coca. outstanding 2,191,823
2,191.734
2,191,821
2,168.471
Earned per share
Nil
$1.07
$1.09
$1.40
a Done by company and its subsidiaries as represented by their combined gross sales and earnings, exclusive of intercompany sales and transactions. b Including repairs, maintenance pensions, administration,
Insurance and all other charges, except depreciation, depletion and Federal
Income tax.
x Total expenses incident to operations include $590,227 representing
that portion of inventories liquidated during this period at prices higher
than current replacement costs.
Note.
-Operations of Tidal Osage Oil Co. are not included in the consolidated statement for the first six months of 1929, due to that company's
merger with Darby Petroleum Corp. Therefore, for proper comparison
the figures for the first six months of 1929 are revised accordingly.
rg'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1610
(And Voting-Controlled Companies)
Earnings for 12 Months Ended June 30 1931.
[Inter-company Items Eliminated.]
Voting-controlled Companies
Operating revenues
Operating expenses,including taxes
Net revenues from operation
Other income
$15,872,746
787,849
Gross corporate income
Interest to public and other deductions
Preferred dividends to public
$16.660,595
1,963,675
53,458
$27,430,477
11.557,731
Balance
$14,643,462
Retirement (depreciation) & depletion reserve appropriations
2,364,000
Balance
$12,279,462
Portion applicable to minority interests
50.367
Balance applicable to United Gas Corp
$12,229,095
United Gas Corp Balance of voting-controlled companies' income applicable to
United Gas Corp.(as shown above)
12.229.095
Other income
182.048
Total income
Expenses,including taxes
Interest to public and other deductions
$12,411,143
129.756
2,663,679
Balance applicable to preferred and common stocks
Dividends on $7 preferred stock
Dividends on $7 2d preferred stock
$9,617.708
2,915,070
4,512.760
Balance applicable to common stock
$2,189.878
Note.
-Although United Gas Corp. owns in excess of 50%
voting
trust certificates representing the class B (voting) stock of of the
Consolidated
Gas Utilities Co., the earnings of Consolidated Gas Utilities Co. are not
until June 11938. vests entire voting rights in voting trustees not controlled
by United Gas Corp.
10".Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
0
United States Gypsum Co.
(And Subsidiaries)
6 Months Ended June 30Operating profit
Other income
1931.
1930.
53.448,596 $4.151.734
397,867
287,589
Total income
Depreciation and depletion
Miscellaneous deductions
Income taxes
$3,846,463 54,439,323
1,126.681
1.055,153
174.965
96,219
303,257
396.201
Net income
Preferred dividends
Common dividends
32,241,560 $2,891,750
274.459
269.209
973.267
928,709
Surplus
$993,834 31,693,832
Shares common stock outstanding (par $20)
1,216,956
1.170,370
Earnings per share
31.62
$2.24
Wl.ast complete annual report in Financial Chronicle Feb. 28 '31, p. 1635
U. S. Printing & Lithograph Co.
Earnings for 6 Months Ended June 30 1931.
Net loss after depreciation & interest on serial bonds
$54,265
rif"Last complete annual report in Financial Chronicle April 25'31, p. 3169.
United Traction Co. (Albany, N. Y.).
(Receivers' Report of Operations.)
Six Mos. Ended June 301931.
1930.
Passenger revenue
$975,598 $1.152,710
Other revenue (incl. non-operating income)
40.086
37.782
Total revenue
31.013,380 51,192,796
Operating expenses and rentals
614,625
663,441
Maintenance
195,842
226,956
Provision for retirement of fixed capital (renewals,
replacements-depreciation)
105,078
87.024
Net loss from miscellaneous physical property
1,129
1,524
Taxes _
74,100
69.000
Net earnings
$40,263
$127,191
Interest requirements
153.538
•
Deficit after interest on secured obligations
3113,274
Vadsco Sales Corp.
(And Subsidiaries)
Period End. June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1030
.
loss after taxes, deNet
preciation, &c
3239,288
$68,863
3113.929
$124,582
10"Last complete annual report in Financial Chronicle May 2 '31, p. 3362
Veeder-Root, Inc.
Period End. June 30- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross earnings
5416.454
$406,756 51,561,805 51.562,193
Net earns. before deprec.
584,720
628.326
142,099
136.016
Net Inc. before deprec
275,023
350,346
68,802
58.536
Tung-Sol Works, Inc.
6 Months Ended June 30Operating profit
Other income
1931.
5343,490
27,763
1930.
$286.530
39,170
Total income
Discounts,amortization,&c
Federal taxes
$371,253
110,976
38,910
$325,700
104,370
32,336
Net income
Dividends
$221.367
202,974
$188.994
Surplus
$18,393
Earns. per sh. on 228.510 shs. corn. stk.(no par).$0.43
$0.57
lar•Last complete annual report in Financial Chronicle April 25'31, p. 3168
United Aircraft & Transport Corp.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after deprec.,
min. int. & Fed. taxes $841,456 $1,202,140 $1,648,104 $2,102.531
She, corn.stk. outstanding (no par)
2.022,139
2,083,791
2,083,791
2.022,139
Earnings per share
30.86
$0.31
$0.61
$0.51
to Last complete annual report in Financial Chronicle April 4 '31, p. 2605
-
Earnings for 24 Weeks Ended June 20 1931.
Net profit from operations before depreciation and taxes
Net income from investments
292,050
1,685
Total income
Provision for depreciation
Federal taxes
$93,735
52,325
4,229
Net income
Dividends paid
Tide Water Power Co.
(VOL. 133.
$37,181
77,010
Deficit
439,829
Earnings per share on 75.500 shares capital stock (no par).
$0.50
x Before charging $54,451 written off as adjustment of accrued expenses
and provision for fluctuation in valuations of marketable securities and
other investments,
tarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1442
Vulcan Detinning Co.
-3Months.
6 Months.
Period Ended June 30-- 1931
1930
1931
1931
Sales
$768,132
$983.256 $1,751,124 $2,521,627
Inv.offinished products Cr. 46,689 Dr. 15,042 Cr. 71,696 Dr. 188,570
Total
5968,214 51,822,820 $2,333,056
$814.822
Expenses, deprec., &c._
2,102,749
736,594
871,814
1,651,012
Net income
3230,308
596.400
$78,227
5171,808
Other income
12.243
7,052
8,034
14,594
Total income
Taxes, &c
Net Profits
Previous surplus
Sur. from retirement of
preferred stock__ _
Total surplus
Dividends paid
586.262
13,828
5103,452
27,685
$186,403
34,704
$242,551
56.338
$72.434
1,306,211
575,767
1.200,542
5151,699
1,293,695
$186,213
1,232.620
56,734
56,734
31,435,379 51,276,309 31,502,128 $1,418,833
208,438
194,251
65.914
127.502
Profit & loss surplus_ 51,307.877 51.210.395 31,307,877 $1,210,395
ItarDast complete annual report in Financial Chronicle Feb. 21 '31, p. 1442
AUG. 22 1931.]
FINANCIAL CHRONICLE
Virginia Public Service Co.
Period End. June 30- 1931-3 Mos.-1930.
'
,
1931-12 Mos.--1930.
Gross earnings
$1,873,479 $1,853,986 $7,513,687 $7,219,519
Net earns, before deprec.
985,650
885,428 3,822,309
3,466,764
Net Inc. before deprec
444.926
449.193
1,962,103
1,863.394
Warner Bros. Pictures, Inc.
(And Subsidiaries)
13 Weeks
Quarter
39 Weeks
End. May End. Feb. End. May
Period30 1931.
28 1931.
30 1931.
Gross profit
$8,755,218 $11,021,092 $29,770,575
Amortization of film costs
7,276,849
7,495,901 22,114,764
Amort.& deprec. of all property
2,570,945
2,524.328
7,484,477
Interest and discount
1,677.152
1,631,397
5,065,360
Provision for invest. In affiliated cos_
50,866
Miscellaneous charges
60,536
48,998
309,561
Provision for Federal taxes
23.682
23.682
Loss from operation
$2,853,946
$730,398 $5,227,269
Other income
253,525
265.648
986,382
Net loss
$2,600,421
$464.750 $4,240,887
earns. appllc. to minor. int
Prop. of
13,179
35,316
93.851
Net loss
$2,613,600
$500,066 x$4,334,738
Preferred dividends
99.240
99.240
297,721
Deficit
$2,712,840
$599,306 $4,632,459
x Including $3,073,368 write-down in respect of inventories and accounts receivable of radio and record division.
Earned Surplus Account May 30 1931.
-Earned surplus
$11,027,379; net loss for 39 weeks ended May 30 1931 (as Aug. 30 1930.
738: loss on capital assets, $168,047; special writo-down above). $4,334,of properties of
radio and record division, $2,073,230: preferred dividends,
$297,722:
earned surplus on May 30 1931, $4,153,642.
It2EPLast complete annual report in Financial Chronicle Nov. 22 '30,
p. 3361
West Texas Utilities Co.
Period End. June 30- 1931-3 Mos.-1930.
Gross oper. revenues- -.. $1,427,558 $1,755.514 1931-12 Mos.-1930.
.
$6,347.418 $7.578,744
Available for int., &c_
562,911
693,865
2,780.656
3,173,247
Int on long term debt- 306.250
260.050
1,150,829
990,688
deductions
Other
39,157
45,135
110,923
323,069
Net for retire. & dive. $217,504
$388,680 $1,518,904 $1,859,489
rirLast complete annual report in Financial Chronicle April
25'31, p.3149
West Virginia Water Service Co.
12 Months Ended June 301931.
1930.
Gross revenues
Oyer.exp.,=int.& taxes other than Fed.inc. taxes 31.190,437 $1,172,184
671,635
625,439
Gross income
$518,802
$546,745
The foregoing statement of earnings reflects the acquisitio
of West Virginia Utilities Co. on July 1 1931. Excluding n of properties
those properties, West Virginia Water Service Co.s gross corporate income
was $3
019. as compared with $385,952 for the 12 months ended
June 30 1930.
022 Last complete annual report in Financial Chronicle April 4 '31,
p. 2586
Williamsport Water Co.
12 Months Ended May 31Gross revenues
Net earns, before int.. deprec.. Fed.inc. taxes, &c_
1931.
$397,057
287,646
1930.
$ 400,361
297,198
FINANCIAL REPORTS
(Julius) Kayser & Company.
(Financial Report
-Year Ended June 30 1931.)
President Henry L. Van Praag says in part:
The year has seen no rectification of the disturbing
economic conditions
prevailing at the close of our preceding fiscal period. If
anything, the past
12 months have witnessed a still greater disturbance of
those distressing
conditions from the evil effects of which scarcely any
industry, either at
home or abroad, has been free. At this writing, however,
forces are at work
designed and,in the opinion of many, well calculated to
bring about a restoration of the financial and economic equilibrium. Our own
agencies are sparing no effort toward the accomplishment governmental
but until the remit is achieved we shall not be justified in of that result
expecting a return
of industrial conditions to a state even approximating the
normal.
While our net consolidated sales for the year shows
decrease, as compared
with the preceding year. in dollar volume of 20.4%,
nevertheless, on the
1285
same basis of comparison, the sale of units (1. e., dozens) of our various
products shows a decrease of but 4.11%. In view of the almost universal
curtailment of buying in all lines of industry that marked the year,
figures clearly evidence (to quote from a former annual report) "thethese
high
repute which your company's product is held and the value of the 'Kayser'
in
name.
The management has been zealous in its efforts to adapt company's
operations to prevailing business conditions. By drastic reductions made
effective during the year, manufacturing, selling and administrative expense
has been materially reduced without, however, any impairment of efficiency.
Inventories, at approximately $1,000,000 less than at the close of the
preceding year, are no greater than the demands of the business require,
and have been taken at a basic raw silk price below that current at the
of the fiscal period-such basic price being even lower than it was a yearclose
ago.
Having regard to conditions presently prevailing and to the outlook
for the future, directors at their April meeting decided that it would be
advised to continue the dividend distribution on the same basis as theretofore. The current dividend of 25 cents per share for the quarter as
established at that time, is warranted by earnings of company.
In the letter of last year it was said that it was confidently expected
that our Australian company would be in production not later than the
early part of the calendar year 1931. That expectation has been realized
-although, as is naturally to be expected, the volume of business done
by that company has not yet shown a return commensurate with the
investment.
As usual, ample provision has been made for Federal and State taxes
and for depreciation of capital assets. Company, with no funded debt,
possessed of ample resources and with the generous ratio between current
assets and current liabilities of 19 to 1, is in an exceptionally liquid
and
healthy condition.
CONSOLIDATED INCOME ACCOUNT YEARSENDED JUNE
30.
1931.
1930.
1929.
1928.
Net sales
$20,720,398 $26,018,610 $28,659.267 $30,290.884
Cost of sales, selling and
aciminis. expense
19,759,228 24,175.016 25.332,557 27,288,536
Income from operation $963,170 $1,843,594 $3,326,710 $3,002,34
7
Interest & disct. earned_
209,364
284,616
477,000
270.556
Total income
$1,172,534 $2,128,210 $3,803,710 $3,272,904
Interest
12,372
24,615
127,409
437,573
Taxes
86,833
184,588
415,603
335,109
Depreciation
565,968
508,400
450,431
390.560
Net income
Empl. pref. stock
Divs, on corn. stock
$507,360 $1,410,607 $2,810,268 $2,109,661
34,502
55,946
46,660
24,275
1,011.908
1,924,216
1,456,385
915.790
Balance, surplus
def$539,050 def$569,554 $1,307,223 $1,169,596
She. coin. outst.(no par)
473,420
478,120
322„'747
258 475
Earns, per share on corn.
$0.99
$2.83
$8.56
0.06
a Before adjustment of raw silk to market value.
Consolidated Surplus Account June 30 1931.
Balance, surplus June 30 1930
$7,387,561
Net Income, year ended June 30 1931
507,361
Excess of ledger value over cost of treasury stock purchased
during the year
61,036
Total
$7.955,958
Canadian income taxes
-additional 1930
7,257
Investments in other corporations written off
146,992
Common dividends
1,011,908
Employees' preferred dividends
34,602
Balance, earned surplus, June 30 1931
86.755.299
CONSOLIDATED BALANCE SHEET JUNE 30.
1931.
1930.
1931.
1930.
Assets
$
Matrilittea$
$
$
Land, bldgs., maEmployees prof-- 507.376
468,982
chinery & equip.x5,632,720 6,261,775 Common stock _ _y13.398,26
1 13,530,272
Patents, tr.-marks
Bonds and mtges.
&good-will ____ 5,644,000 5,644,000
of affiliated cos_
22,400
52,400
Investments
716,685
353.706 Accounts payable_ 247,816
359,494
Cash
2,405,568 1,374,913 Sundry credits &
Call loans
350,000
liabilities accr'd_ 220.225
180,401
Notes & accts. rec.
Federal taxes
19,500
87,000
(less reserve)_ _ _ 2,207,386 2,519,552 Taxes, prior years_
125.000
130,000
Due from officers
Surplus
a6,963,075 7,773,431
& employees_
10,975
8,353
Other eurr. accts.._ 206,437
262,229
Marketable secur_
8,032
8,032
Inventories
4,614,087 5,564,346
Def. notes reedy_ 175,000
Deferred charges
57,760
60.074
Total
21,503.653 22,581,980
Total
21.503,653 22,581.980
x After depreciation of $6,322,554. y Common stock
authorized. 500.000 shares of no par value' issued and outstanding 473,420
cludes capital surplus arising from property appraisals of 'shares. a In3207,776.-V.
132, p. 2976.
enerat Corporate anb 3Inbettinent gebms.
STEAM RAILROADS.
11,
Rail Management Under Inotiry
C. Commissio
operation and fuel prices of all class A roads; qualifiedn takes up terminal
officials are asked
to attend regional hearings set from Sept. 15 to Nov.
24. New York
"Times" Aug. 16, p. 14.
Oil and Coal Firms Oppose Rate Increase.
-Retail anthracite coal dealers
and Southern petroleum interests oppose 15% increase
in freight rates
New York "Times" Aug. 19, p. 31.
Surplus Freight Cars.
-Class I railroads on July 31 had 564
068 surplus
freight cars in good repair and immediately available for
Service Division of the American Railway Association service, the Car
announced. This
was a reduction of 4,526 cars compared with July 23. at
which time there
were 568,594 surplus freight cars. Surplus coal cars
211.044, a deer ascot 6,373 cars within approximately a on July 31 totaled
week, while surplus
box cars totaled 288.414, an increase of 3,060 for the same
also showed 27,071 surplus stock cars, a decrease of 912 period. Reports
reported on July 23, while surplus refrigerator cars totaled under the number
13,262. a decrease
of 918 for the same period.
Matters Covered in "Chronicle" of Aug. 15.-(1) Gross
and
of U. S. railroads for month of June, P. 1021: k21 Volume of net earnings
traffic in the first half of 1931, P. 1065; (3) Elisha Lee railroad freight
of
RR.says if railroads can be relieved of subsidized competitioPennsylvania
n by Governmental enterprises they will have nothing of which to
complain. p. 1064.
Allegheny & Western Ry.-Guaranteed Stock
Nearly a third of the entire capital stock of the Offered.
company,
which forms an important link in the new
Baltimore &
Ohio proposed line from New York to Chicago through
B. & 0. ownership of 995 fo the outstanding stock
of
the Buffalo Rochester & Pittsburgh Ry., is being offered
by Adams & Peck, priced at 120 and accrued dividend
s,
to yield 5%. This is the largest guaranteed stook
offering
of the past two years, constituting 10,000 shares out
total capitalization of 32,000 shares. It is not a new of a
issue
but the accumulation of holdings of various individuals.
present freight route through Baltimore and
and
four miles of being the shortest route between Pittsburgh and lacks only
New York
Chicago.
The Allegheny & Western stock is exempt from normal Federal
tax and tax exempt in Pennsylvania. The Allegheny & Western income
a railroad from Punxsutawney. Pa., to Butler, Pa., the totalline owns
mileage,
including branches, being 74.54.
The new line will have several important advantages to
Ohio. Use of it will save distance on through traffic, and the Baltimore &
avoid
terminals at Baltimore and Pittsburgh. The Baltimore & Ohio congested
expended about $16,500,000 to acquire the Buffalo Rochester &has akmd
Pittsb
and about $6,300,000 for the Buffalo & Susquehanna. Baltimore
&0 o
officials testified before the I.
-S. 0. Commission that establishment of
the new line would avoid the necessity of an expenditure on its
present lines
Just west of Pittsburgh of between 330,000.000 and $40.000.000.
The large sums involved indicate that the Baltimore & Ohio
tensive development on its new trunk line route. It is estimatedplans inthat the
new trunk line will be developed in a relatively short time after it
is put
into use to an extent giving the Allegheny & Western mileage
a traffic
density approximating 8,000.000 to 10,000,000 with possibilities for
expansion in future years to much larger flgures.-V. 124, p. 367.
Baltimore & Ohio RR.
-Asks Right to Operate B.
R. & P.
The company has asked the I.
-S. 0. Commission for authority
the Buffalo Rochester & Pittsburgh RR. under an operating to operate
agreement.
The latter road requested similar authority as to the Buffalo
& Susquehanna RR. Corp.
The proposal will extend Baltimore & Ohio control over these
properties
by permitting their direct operation under Baltimore
and will result in economies In operation and improved & Ohio management
service to the public.
the application states.
The B. & 0. and the Buffalo Rochester & Pittsburgh in
Joint application seeking authority for the B. & 0. to operateJune filed a
Rochester & Pittsburgh lines and those of the Buffalo & the Buffalo
Susquehanna
under a 10
-year agreement.
The B. & 0. owns 99.11% of the Buffalo Rochester &
and 99.39% of the Buffalo & Susquehanna stock. BothPittsburgh stock
properties were
assigned to the Baltimore & Ohio system under the
official consolidation
plan of the Commission.
-V. 133. p. 794.
Chicago Rock Island & Pacific
Ry.-Construction, &c.
The I.
The Allegheny & Western is leased to the Buffalo
-S. C. Commission Aug. 6 issued a certificate
authorizing the
Ry, to perpetuity, the lease calling for a guaranteeRochester & Pittsburgh company (1) to abandon the use of the freight
d 6% annual dividend.
and passenger terminal
The Baltimore & Ohio consolidation plan now before the
facilities
appurtenances of the New Orleans Texas
&
-S. C. Commis including and
_Von,embraces assumption of the guarantee of these I.
12.830 feet of main track and 47,362 feet of sidings Mexico By.,
dividends by the tracks, and 2) to construct an
and
B.& 0. The new B. & 0.system will be 80 miles shorter
extension of its line, approxima industry
than the road's feet in length, to effect a connection
tely
with tracks of the Texas & 3.275
New
1286
[Vou 123.
FINANCIAL CHRONICLE
Orleans RR. and to operate, under trackage rights, over terminal facilities
of the Texas & New Orleans RR., incliudng 11,970 feet of main line and
-all in or near the town of Eunice, St. Landry
4,500 feet of other tracks
Parish, La.
-V. 133, P. 794, 281.
-Receivership.
Ulster & Delaware RR.
On the application of Martin A. Reiber, as receiver for the Butler Consolidated Coal Co. in Pennsylvania, a creditor, and of Horace G. Young,
appointed
a stockholder, Judge Julian W. Mack in Federal court, Aug. 15.railroad as
Harry H. Fleming of Kingston, N. Y., General Counsel for the
Chesapeake & Ohio Ry.-Abandonment.- authorizing the Receiver.
its
The appointment of the receiver is a legal step to insure delivery ofthe
The L-S. C. Commission Aug. 8 issued a certificate
fixed
connection
company to abandon a branch line of railroad extending from ain a general property to the New York Central RR. The L-S. C. Commission
Montgomery County, Ky.,
of the line at 22,500,000.
commercial value
with its main line at Mount Sterling,
its
About 75% of Ulster & Delaware 4% bonds and more than 88% ofthe
southeasterly direction to Rothwell, Menifee County, Ky., 19.5 miles, the
that 24% of
branch line being known as its Kentucky & South Atlantic subdivision. 5% bonds have been deposited on an understanding to the former and
Central will go
82.500.000 to be paid by the New York
-V. 133, p. 951.
76% to the latter. Should all these bonds be deposited, a foreclosure would
-Moves Offices to Cleveland.
Erie RR.
be unnecessary in order to convey the property to the New York Central.
moved to Cleveland Lacking full deposits, the procedure of a foreclosure would be necessary.
Headquarters offices of the Erie RR. have been
The bondholders' committees hope the expense of foreclosure proceedings
after more than a century in New York. This was the result of the decision
of 0.P. and M. J. Van Sweringen to concentrate the management of their will be saved to the bondholders through full deposits of the securities.
-V. 133, p. 476, 281.
V. 133. p. 1122.
railroad properties in Cleveland.
Kansas City Southern Ry.-Plan to Revise Switching
Charges Held Unjustified.
revision of its charges
The proposal of the company to make a general
Mo., and
and rules as to switching freight between points in Kansas City,
Kansas City. Kan., and between such points and connections with other
-S. C. Commission. New
carriers, has been held to be unjustified by the I.
schedules, which were suspended pending investigation were ordered canconformity with the
celled without prejudice to the filing of new rates in revision would have
Commission's findings. The effect of the proposed
-V. 132, p. 4583.
been to increase these charges.
-Bonds Authorized.
Louisville & Nashville RR.
-S. C. Commission Aug. 12 authorized the company to procure the
The I.
refdg.
of
authentication and delivery of not exceeding $8,881,000 nt first and
mtge. 43i% gold bonds, series C, in partial reimburseme of expenditures
for additions and betterments and for retiring or purchasing certain under-V. 132. p. 3879.
lying bonds.
-Earnings.
Mahoning Coal RR.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 132, p. 3879.
Department" on a preceding page.
-Acquisition.
Maine Central RR.
acquire and operate
-S. C. Commission has authorized road to New Hampshire and
The I.
the Upper Coos RR. operating 55 miles of line inVermont, all of which
Vermont, together with the Coos Valley RR. in
the Comare now controlled through stock ownership. In this connection to secure
its plan
mission required the B. & M. to present for its approval,
of $1,266,000 made in
funds to reimburse its treasury for expenditure of the lessors.
-V. 133.
connection with the acquisition of the properties
P. 637.
-Final Value.
Washington Terminal Co.(D. C.).
The L-S. C.Commission has placed a so-called final value for rate making
purposes of $15,050,000 on the common carrier properties of the company
and $491,731 on its owned, but not used, properties, as of June 30 1915.
The properties involved include the Union Passenger Station and ap-V.125, p. 910.
purtenant facilities in Washington, D.C.
Western Maryland Ry.-New Director.
Philip H. Glatfelter, President of Glatfelter Paper Co. of Spring Grove.
Pa., and the Hanover Wire Cloth Co. of Hanover. Pa., has been elected a
-V. 133. p.283.
director.
PUBLIC UTILITIES.
-United Gas ImproveThree Utility Concerns Resign .from National Body.
ment Co., Philadelphia Electric Co. and Public Service Corp. of N. J.
have resigned as members of National Electric Light Association. Reason
not made public. N.Y."Times" Aug. 21, p. 11.
-Defers Preferred Dividend.
Allegheny Gas Corp.
The directors have voted to defer the semi-annual dividend of $3.50 per
-V. 132, p. 4051.
share due at this time on the $7 cum. pref. stock.
-Earnings.
American Power 8c Light Co.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1931.
1930.
1931.
1930.
$
$
Liabilities$
$
AssetsInvestments....-240,913,165 236,107,475 :Capitalstock 213,853,587 209,244,108
Cash & call loans 7,152,726 2,443,628 Long term debt_ 50,810,500 45,810,300
215,000
Contract, Habits. 1,816,864
-Acquisition.
dep.In bits
Middle Fork RR.
the Time invest. In 2,150,000
Divs. declared__ 2,167,878 2,045,474
Temp.
The I.-8. C. Commission Aug. 7 issued a certificate authorizing
from Midvale
4.570.000
Notes dr Ins.pay.
bonds of other
company to acquire and operate a line of railroad extending
Cassity, a
11,960
Contracts pay.cos. called for
in a general southerly direction to a point 1.013 miles above
302,161
336,545
Accts. payableredemption. 1,012,790
distance of 13.025 miles, all in Randolph County, W. Va.
987,509
Accr. accounts_ 1,077,053
Notes Se loans re-Reduces Salaries.
Contracts guar-Texas RR.
-Kansas
celvable-subs 14,235,114 22,531,439
Missouri
1,035,300
(contra)
The company has made a reduction of 10% to 20% in general salaries, Notes & loans re337,407
338,040
celvable-oth. 7.367.994 4,101,807 Reserve
citing the low price of wheat as one reason for the cut.
Salaries of officers and Accts.receivable
9,579,402 8,209,154
Surplus
Between 1,000 and 1,500 employees are affected. cut up to 20%. Other
--subsidiaries. 1,912,019 1,607,686
earning more than $5,000 a year were
supervisors
47,307
290,925
Accts.rem-oth.
wages were reduced 10%•
the causes of the new
856,136
978,444
The low wheat price, a statement said. "is one of up a large part of the Special deposit_
Contracts guar.
is having a tendency to hold
Policy as the low price
much of the loss in
(contra)
1,035,300
min movement, which had been counted on to offset 281.
Unarnort. disc.&
freight tonnage due to general conditiens."-V. 133, P.
3,978,653 4,025,631
expense
-Rate Cut
Hartford RR.
New York New Haven &
281,027,129 271,721,109
281,027,129 271,721,109 Total
Total
Authorized.
June 30 1930.
-S. C. Commission to establish
June 30 1931.
The company has been authorized by I. 60,000 pound carloads of all z Represented byshe.
she. 792,892
792,956
minimum
a rate of 35 cents a 100 pounds on classification tariffs on traffic between Preferred stock. $6
55 8-10 shs.
48 8-10 shs.
Pref.stk.($6) scrip equival't to
commodities named In the official
she.
she. 978,440
York in order to meet competition of the Eastern Steam- $5 preferred stock, series A_ _ _ _ 978,444
Boston and New
she.
class rates which
she. 2,581.101
2,950,306
ship Co., and motor trucks. The new rates supersede as to boats, fish, Common stock
3,244 38-100 shs.
4,483 64-100 she.
based on a higher scale. The only exceptions are other dangerous Common stock scrip equival't to
are
to purchase
vehicles and explosives and
Option warrants
hand, horse or motor-drawn
shq.
4,130
common stock equivalent to_
-V. 133, P. 975, 638.
articles.
- -V.132, p. 4406.
& Western Ry.-July Revenues Up.
New York Ontario
-Earnings.
follows:
American Public Service Co.
President Joseph H. Nuelle is quoted in substance as
increase of approximately
for 3 and 12 months ended June 30, see "Earnings
For income
"Gross revenues for July showed an year. Operating expenses 850.000
in July Department" statement
132. P. 3711.
-V.
on a preceding page.
over the corresponding month of last
gross, transportation exwere less than a year ago. Despite the gain in
-Exchange Offer Closed.
American Utilities Co.
penses showed a decrease ofabout $25.000.
over 90%
with about
compared
Over 80% of the let lien & ref. 6% gold bonds, due 1945, and
"July net income totaled around 8230,000 as
for
corresponding month of last year. August loadings are of the 6,li% debentures, due 1941, have been deposited under offers
$185,000 in the
we see the situation, business is exchange for securities of Associated Gas & Electric Co. Such deposits
showing improvement over 1930 and as private automobiles have made
terminated on Aug. 20 1931.
better,. Buses and greater use of this we have effected economies being sufficient, those offers were finally
getting
p. 1122.
Inroads on our passenger traffic. To offset
-V. 132, -V. 133,
loadings."
through operating fewer passenger trains and heavier
-Output.
American Water Works & Electric Co., Inc.
p.4051.
this company for the
The power output of the electric subsidiaries of 150,049,697 kwh. for
-Creates New Position.
143.126,919 kwh., against
Pennsylvania RR.
esident for New Eng- month of July totaled
The directors have created a new position. Vice-Pr esident in charge of the corresponding month of 1930.
Vice-Pr
For the seven months ended July 31 1931 power output totaled 1,015.land. and George D. Ogden,formerly Assistant
office. Mr. Ogden will
1,109,569.850 kwh. for the same periodi ast year.
809,583 kwh., as
traffic at New York,has been appointed to this
headquarters at the company's -V. 133. p. 639.against
assume his new post at once and establish his
Boston offices.
the company has been repre-Extra Divs.This will be the first time in its history that resident there and devoting
Associated Telephone & Telegraph Co.
the partic.
sented in New England by an executive officer
An extra dividend of 50 cents per share has been declared on per share.
New
the development and expansion of the company's
regular quarterly dividend of $1
his whole time to
class A stock in addition to the record Sept. 16. Like amounts were dis-V. 133, p. 952, 795.
England business.
both payable Oct. 1 to holders of
-To Enter tributed on this issue on April 1. An extra $1 per share was paid on Aug. 1
Richmond Fredericksburg & Potomac RR.
and Nov. 11930.
per share
Field.
The directors also declared a further extra dividend of 50 cents class A
Moto, Trucking
the two capitals
regular quarterly dividend of $1 per share on the
of a daily motor truck service between 1, is planned by in addition to the Jan. 1 1932 to holders of record Dec. 17.-V. 133, 11)•
Inauguration
stock, both payable
highway, about Sept.
over the Richmond-Washington Two large trucks have been ordered as 283.
this company, it is announced. which will handle local traffic for points
-Expansion.
the initial equipment for the line,
Associated Telephone Utilities Co.
each way daily at the start, the
system
along the route. There will be one trip company expects to eliminate,
Telephone operating companies affiliated with the Associated
result of a one-month
nt added. By this means the
announceme
truckers and at the same in New'York State added 1,040 new telephones as the
to
in part at least, the competition of unlicensed
by the railroad proper. sales campaign recently concluded, it was stated. Similar campaigns
touched
Michigan
time to give local service to points not 638, 1121.
secure new business are under way by operating companies in
-V. 133, p.
thereby gaining new revenue.
and Ohio.
-San Francisco Ry.-Reduces Salaries.
St. Louis
by 5% salaries of supervisory
Effective at once this company is reducing
month and also some salaries of
officers who receive from $250 to $350 a a five-day week. The cut does
employee is not on
less than $250 when
which wage agreements are
not apply to organizations of employees with
in effect.
addition to the 5% to 20% cuts taken Jan. 15,
These reductions are in
-V. 133, P. 638,
capacities.
last, by all officials and others in supervisory
282.
Earnings.
For income statement for 3 and 12 months ended June 30 see "Earnings
-V. 133, p. 1122.
Department" on a preceding page.
Elevated
ement of Preferred Stock.
Ry.-Retir
Boston
after which
The Board of Trustees fixed Aug. 18, 1931, as the date on or
their certificates of
all "assenting stockholders" shall be entitled to present company or to the
preferred stocks of all classes to the Treasurer of the
of surrender
Old Colony Trust Co.. 17 Court St., Boston. for the purpose
cancellation and receipt of payment therefor.
-Debentures.
may present
Susquehanna & New York RR. authority to the company, and other holders or owners of preferred stock of all classes on the same
All
receive payment
The L-S. C. Commission Aug. 7 granted
bonds for cancellation, their certificates on or after said date and their stock certificates are not
upon surrender of $724,000 of 1st mtge. 5% gold
ex- basis as "assenting stockholders" provided
-year 5% gold debentures to be
$724,000 of 10
stamped "non-assenting."
to Issue net exceeding
Metropolitan
-V. 122. p. 1759.
changed for the 1st mtge. bonds.
A check for 821.000,000 was handed by the trustees of the on Aug. 14.
Tennessee Central Ry.-Bonds Authorized.Issue not exceed- Transit District to the officers of the Boston Elevated Ry. check will
The
to
the same amount.
-S. C. Commission has authorized the company reimbursement for They received, in exchange, a bond for
-V.133.
The I.
of its preferred stock.
partial
ing $400,000 6% 1st mtge. bonds, series A, into be pledged and repledged be used by the railway to retire all classes
p. 1122.
capital expenditures heretofore made, the bonds 132. p. 3143.
-V.
notes.
-Earnings.
as collateral security for short-term
Canada Northern Power Corp., Ltd. 30 see "Earnings
s Control.
Texas & Pacific Ry.--BeekCommission for authority to acquire
For income statement for six months ended June
-V. 133. p. 796.
has asked the L-S. C.
preceding page.
The company
its 24,000 shares Department" on a
control of the Fort Worth Belt Railway by purchasing
The payment
-Earnings.
or 60% of its outstanding capital stock or $900,000 cash.5%. The stock
Cincinnati Gas & Electric Co. June
see "Earnings De1 1932. with interest at by the line.
must be made on or before May
For income statement for 6 months ended3712. 30
served
-V. 132, p.
was formerly owned by one of the several industries
partment" on a preceding page.
V. 132, p. 2380, 2383, 3711, 4580.
AUG. 22.1931.]
FINANCIAL CHRONICLE
1287
Deposit of Stock.
Cities Service Co.
-Holders of stock of Conestoga and of leased lines may
-Regular Dividends.
The company announces monthly dividends of 2H cents per share in become parties to the plan by depositing certificates representing such
cash and 35 of 1% in stock on the common stock. Regular monthly divi- stock with any of the depositaries on or before Oct. 1 1931.
,
The depositaries are: Lancaster Trust Co., the Farmers Trust Co•Tof
dends of 50 cents per share on the Prof. stock and preference BB stock and
5 cents per share on the preference B stock were also announced, all payable Lancaster, the Conestoga National Bank, the Fulton National Bank for
Oct. 1 to holders of record Sept. 15. Like amounts are also payable on Lancaster, the Northern Trust & Savings Co., the Lancaster County
National Bank, and the Agricultural Trust & Savings Co.
Sept. 1 next.
-V. 133, p. 796.
Abandonment of Plan.
-Upon the deposit of certificates representing at
majority
The Citizens Gas Co. (of Indianapolis).
the total stock of all
but
---8 1-3% least 65% ofof each company, thecompanies,shallnot less than acarry the
of the stock
be obliged to
committee
Dividend.
plan into execution. If such certificates shall not
been deposited by
The company on July 1 last paid a dividend of 8 1-3% ($2.98 1-3 per the close of business on Nov. 1 1931, the committee have abandon the plan.
may
share) on the common stock, par $25, it is announced.
-V. 133, p. 284.
-V. 119, P. 454,
City Gas & Electric Corp., Ltd.
-Acquisition:
-
This company was incorporated in Canada on May 16 1931 with an authorized capitalization consisting of 10,000 shares of 7% cum. and red, preference stock. par $100, and 100,000 shares of common stock without par
value. Of the pref. stock, 243 shares will be issued in exchange for the 6%
-year s. f. bonds of the Quebec Gas & Electric Corp. on the basis
mtge. 15
of one pref. share in exchange for each $100 of bonds.
The bondholders of the Quebec corporation on June 29 authorized the
sale of the undertaking and assets of this corporation to the City Gas &
Electric Corp., Ltd.
Columbia Gas & Electric Corp.
-Earnings.
-
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132. p. 3712.
Columbus Delaware & Marion Electric Co.
-Earnings.
For income statement for three and 12 months ended June 30 see'S Earnings Department" on a preceding page.
-V. 132, p. 4052.
Conestoga Traction Co.
-To Merge Leased Lines.
-A
plan for the consolidation and merger of the company and
the street railway companies operated by it under lease
(including the sale of certain property to Pennsylvania
Power & Light Co.) has been approved by the directors.
It is proposed to organize a new company known as the Conestoga Trans-
Conestoga Transportation Co.
-To Be Organized.
See Conestoga Traction Co. above.
-Earnings.
Connecticut Electric Service Co.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 133, p. 478.
-Sale of Gas Refrigerators.
Consolidated Gas Co. of N. Y.
More automatic gas refrigerators were sold during the month of July
by this company and affiliated gas companies than during any previous
month in the four years that the company has sold this household appliance.
according to an announcement made this week.
Orders for 5,916 gas refrigerators were received during the month, as
compared with 4,601 in September 1930, the previous high month. Sales
in July were 60% ahead of July 1930.
During the first seven months of the year, there was a 105% increase
in the number of automatic gas refrigerators installed for customers in
the territory served, including Manhattan, Bronx, Westchester, and
portions of Queens. From Jan. 1 to July 31 1931, 20.924 gas refrigerators
were installed, as compared with 10,216 for the same period last year.
All of these gas refrigerators are the product of the Servel Co. and are
manufactured at Evansville, Ind.
-V. 132, p. 4758.
Consumers Utility Co.
-Bankruptcy Suit.
-
The "Wall Street Journal" says: Four creditors have filed an involuntary
bankruptcy petition against the company, which operates utilities in
Arkansas and Louisiana. The petition was filed in the U. S. District Court
portation Co. to acquire the properties. The Lehigh Power Securities Corp. at Little Rock Ark. Receivership was established in January for company
which controls Conestoga Traction Co. through ownership of the 87,600
common shares outstanding, has agreed to the plan. The Lehigh Power and its subsidiary, the People's Public Service Corp.
Securities Corp. is controlled by the National Power and Light Co.
Delaware Valley Utilities Co.
-Trustee.
Digest of Plan for Consolidation and Merger.
The Hibernia Trust Co. has been appointed trustee of an issue of 1st
Present Companies.
-Conestoga Traction Co. operates a street railway lien & coll. trust 6% gold notes.
-V. 133. p. 285.
system in Lancaster and Chester Counties, Pa., part of which it owns
and part of which it operates under long term leases from various street
Engineers Public Service Co.
-Smaller Dividend.
railway companies ("leased lines").
The directors have declared a quarterly dividend of 40c. per share on the
The capitalization of these companies is as follows:
common stock, payable Oct. 1 to holders of record Sept. 17. This compares
Shs.
Par
Stock
with quarterly distributions of 60c. per share made on this Issue from July 1
Name of CompanyOutstanding. Value. Outstanding. 1930 to and incl. April 1 1931, and 50c. per share on July 1 last.
Conestoga Traction Co.. common
87,600 $50
Previously the company paid quarterly cash dividends of 25c. per share
$4,380,000
Conestoga Traction Co., preferred
8.986
50
449,300 and semi-annual stock dividends of 2%, the last payments at these rates
Lancaster, Mechanicsburg & New Holland
having been made on April 1 1930.-V. 133. P• 953•
Ry.,common
12,000
50
600.000
Lancaster, Petersburg & Manheim Ry.corn
Eureka Natural Gas Corp.
-Sale of Stock Halted by
3,500
50
175,000
Lancaster, Willow Street, Lampeter &
Injunction.
Strasburg Ry.,common
4,500
50
225,000
The following is taken from the New York "Times": The corporation, of
Ephrata & Adamstown Sty., common
4,500
50
225,000
Lancaster & Rocky Springs Ry.,common4,000
50
200,000 which Carlisle Rowntree, who previously has figured in several stock fraud
investigations, is a director, was temporarily enjoined from transacting
New Holland, Blue Ball & Terre Hill Street
Ry.. common
2,400
50
120,000 business in an order signed Aug. 17 by Supreme Court Justice John F.
Lancaster & Quarryville Street Ry., corn.
4,500
50
225,000 Carew. An order to show cause why the injunction should not be made
permanent was made returnable on Aug. 28.
Rohrerstown Landisville & Mount Joy
Prompt action by the Attorney General's office following an investigation
Street Ry.„ common
8,800
50
440,000
Jr. it
Lancaster & Eastern Street Ry.common
8,600
50
430,000 under the personal direction of Attorney General John J. Bennett,selling
Elizabethtown & Florin Street Ry., com_
was said at his office, had "nipped in the bud" a $500,000 stock
4,400
50
220,000
Christiana & Coatesville Street Ry., com8,000
50
400,000 campaign. As customary, the Attorney General also asked that a receiver
In addition Conestoga Traction do. has outstanding $2,000,000 bonds be appointed for the corporation, which has offices at 570 Lexington Avenue.
In addition to the corporation the individuals named in the injunction
and has assumed the payment of the mortgage of gonestoga Realty Co.
(all the stock of which is owned by Conestoga Traction Co.) amounting and show cause order were Carlisle Rowntree of 150 East 50th St.,a director;
$156,000. Conestoga Traction Co. likewise owns all the outstanding Anthony E. Stilger of 137 West 62d St.,former president of the corporation
to
shares of Conestoga Transportation Co. which operates a bus route in the and present head of the Bryant Mortgage Corp..50 East 42nd St.; L.Underwood Rowntree of 150 East 50th St., brother of Carlisle, Vice-Pres, of the
City of Lancaster.
Flushing Queens, present
Flushing,
-Itis proposed to consolidate and Merge all of the present Eureka; Fred B. Ely of 4220 Casino Boulevard,Groton
Purpose ofPlan.
Forest Hills,
of 14
companies into a new company and to give every stockholder of each of the President of the Eureka; Bernard KingFeitelberg of 670 East 141st St..
Queens, Sales Manager, and Alexander
leased lines and every preferred stockholder of C,onestoga stock in the new the Bronx, a salesman formerly employed by Stilger.
company in exchange for the stock he now holds. Upon the consummation
The corporation was organized In Delaware on Sept. 12. 1928. by Stilger.
of the plan, the present holder of the common stock of Conestoga will not according to the Attorney General, with an authorized capital of 100,000
receive any shares of stock in the new company.
shares of common stock of no par value.
-The Conestoga Transportation Co. shall be created by
New Company.
Last June the corporation, it was said,found itself in financial difficulties,
consoidation and merger under the laws of Pennsylvania and will have unable to pay its rent, about $500 owed to a bookkeeper or interest on the
authorized 80.000 shares of common stock (no par) and an authorized out- 7% bonds. Stilger, then president, it was said, entered into a contract with
standing bonded indebtedness of $2,000,000 represented by the bonds out- Carlisle Rowntree for a reorganization, by the terms of which the capital
standing under the present Conestoga Traction Co. mortgage. New com- stock was to be increased from 100.000 to 200,000 shares.
pany will have all the rights and powers of each of the constituent companies
Rowntree got an option to purchase the additional 100,000 shares at 111
and will have authority to construct, maintain and operate a street rail- a share, but for every share sold he was to receive free another share, paying
way upon the routes now occupied by the lines of Conestoga and of the in reality only 50 cents a share, according to investigators. Be then entered
leased lines.
negotiations with King, a former partner of Harry Lehman. who, it was
The new company shall also have the right to maintal n and operate bus said, was enjoined by the Attorney General's office for fraudulent stock
lines and other methods of motor transportation for passengers, freight dealings during the past year. King was engaged to conduct a sales camand express in Lancaster and Chester Counties, throughout the territory paign and hired a staff of 40"high-pressure" salesmen.
covered by the charters of the existing companies, as well as Conestoga
"Misrepresentations" by the salesmen,according to the Attorney General.
Transportation Co.
included stories of a contemplated merger with "some very attractive
Basis of Exchange of Shares.
-Each stockholder in the present companies interests in the oil and gas industry." The campaign had just been started
(except Conestoga and lessor companies) will receive stock in new com- and a little more than $12,000 worth of stock had been sold, it was said,
pany on the following basis: Foreach share of stock held in the follow- when the Attorney General received the first complaint.
ing named company, each shareholder (except Conestoga and lessor comAn investigation was started by Deputy Attorney General Ambrose V.
panies) will receive the number of shares of common stock in the new com- McCall, acting head of the Bureau of Securities. About a month ago State
troopers raided the company's offices, seizing the books and records. The
pany set opposite the name of each respective company:
first of the complaints was from a widow, Mrs. Mary Ivey of 176 West 86th
Conestoga Traction Co., common
St.. who reported that $1,500 she had saved to pay interest on her boarding
Conestoga Traction Co., preferred
-V. 127, p. 3710.
Lancaster. Mechanicsburg & New Holland Ry
1 1-3 house had been invested in the company's stock.
Lancaster, Petersburg & Manheim Ry
1
-Earnings.
Florida Power Corp.
Lancaster, Willow Street, Lampeter & Strasburg Ry
1
For income statement for 3 and 12 months ended June 30 see "Earnings
Ephrata & Adamstown Ry
1
-V. 132, P. 4053.
Department" on a preceding page.
Lancaster & Rocky Springs Ry
1
New Holland, Blue Ball & Terre Hill Street Ry
5-6
-Sale of Electric Power
Galveston (Texas) Electric Co.
Lancaster & Quarryville Street Ry
1
Roherstown Landisville & Mount Joy Street By
-See Houston Lighting & Power Co.
and Light Properties.
1
Lancaster & Eastern Street Ry
below.
-V. 133, p. 478, 119.
Elizabethtown & Florin Street Ry
Christiana & Coatesville Street Ry
1
-Sale of Electric Power
Galveston-Houston Electric Co.
The holder of the common stock of Conestoga will not receive any shares
in the new company. Stock ofany other company held by any of the merging and Light Generating and Distributing Prope7ties of Two
companies shall become the property of the new company.
Subsidiaries.
In lieu of any fraction of a share of common stock of the new company
-V. 132, p. 3882.
See Houston Lighting & Power Co. below.
deliverable to any stockholder of any of the above named companies, there
Will be issued non-voting and non-dividend bearing common stock scrip.
-Lighting and Appliance Energy
Gatineau Power Co.
exchangeable,in amounts calling for one or more full shares,for a certificate
up 21% in June.
for such share or shares.
This
Hydro-Electric Corp., Ltd.,
Sale of Transmission Lines, &c., to Pennsylvania Power & Light Co.
- reports company, a division of the Canadianfor lighting and appliance use
that consumption of electric energy
Conestoga and 10 of the leased line companies will sell, in accordance with
entered into between the companies, to Pennsylvania In the month of June showed an Increase of 217 over that of June of last
written agreements
of
Power & Light Co. certain electric property (consisting principally of year, and the largest of any month thus far this year. Consumptionthe
in each of
transmission lines and substation sites) which it is no longer necessary energy for these purposes in the area served by the company month of last
six months this year has increased over the corresponding
to retain for the operation of the street railway or other methods of transportation systems. The consideration for this transfer, amounting to year. May and June individually showing greater increases than in any of
*454,150, will be paid in cash, thus adding that amount to the liquid the preceding months.
In the first six months of this year the increase was 13% over the correassets of the company.
of electric energy of the Gatineau
-It is desirable that the new company sponding period a year ago. Total outputfirst six months of 1930.
Management of the New Company.
Power Co. in that period was 1% over the
Will be assured the benefits of a stable,efficient and continuous manageIn the month of June the value of the company's sales of electric merchanment. In order to accomplish this, it has seemed best to provide for a dise was 17% over that of June last year, and the estimated annual convoting trust for a period of five years.
sumption of electric energy added by the appliances sold was 94,000 kwh.Deposit by Holder of Common Stock of Conestoga.-The holder of all the V. 133, p. 1124.
common stock of Conestoga has already deposited the shares held by it,
-To Dissolve-To
Georgia Light Power & Rys., Inc.
and is a party to the agreement only to the extent necessary to insure the
consummation of the consolidation and merger and the sales to Pennsylvania Distribute Assets Consisting of $5 Pref. Stock of Georgia Power
Power & Light Co.
--John H. Wickersham, Ira H. Bare, Co.
Committee and Voting Trustees.
John K. Herr, B. Frank Snavely, and Howard J. Eshelman.
The stockholders will vote Sept. 17 on dissolving the corporation.
1
1288
FINANCIAL CHRONICLE
At this meeting action will also be taken upon the distribution of the
sole assets of the corporation, consisting of 55,284 shares of the $5 preferred
stock of Georgia Power Co.,to the stockholders. On the basis of the 76,600
shares of stock of this corporation authorized and outstanding, .721723 of a
share of such preferred stock will be distributed for each share of outstanding stock of this corporation. No fractional shares will be distributed, but
it is contemplated that arrangements will be made whereby resulting fractions may be adjusted by purchase or sale to make full shares, on the basis
of $82.50 per share.
Stockholders desiring to exchange on this basis immediately, without
waiting for the dissolution of the company and distribution of its assets,
may do so by surrendering their certificates at this time at company's office,
20 Pine Street, N.Y. City.
President C. A. Bingham in a letter to stockholders states.
As you were advised on Sept. 10 1928, the trustees of the trust known
as the Georgia Light, Power & Railways, took the necessary action to distribute to the shareholders of said trust an equal number of ethares of the
capital stock of Georgia Light, Power & Railways. Inc., upon the surrender
of the certificates for shares in the above said trust. The records indicate
that you have not so surrendered your certificates and received the stock
to which you are entitled.
The directors of the Georgia Light, Power & Railways, Inc., have, by
resolution adopted on Aug. 17 1931, recommended to the stockholders that
said corporation should be dissolved and its assets, consisting solely of
Georgia Power Co. $5 preferred stock, be distributed.
In order to receive the shares of the $5 preferred stock of the Georgia
Bower Co. to which you will be entitled upon the dissolution of the said
Georgia Light,Power & Railways, Inc., you should send to us duly endorsed
certificates for the shares of the Georgia Light, Power Sc Rys. trust which
.you are now holding.
If the certificate for the shares of the above mentioned trust are no longer
in your possession, will you kindly inform us the name and address of the
party to whom you disposed of the same in order that we may acquaint
such party with his rights in the premises.—V. 127, p. 260.
[Vox,. 133.
and since the latter date it has continued to increase substantially. According to the 1930 U. S. census the population of the city was 292.352,
as compared with 138,276 in 1920, or an increase of more than 110%•
Galveston, the second most important community served, has a population of 52.938, as compared with 44,255 in 1920. or an increase of over
19% in the ten years. The territory now served by the company's
properties (including those recently acquired) has an estimated population
of 4 5, y t
served b0O ileascorncopamli y in 1w00 a population of 45,000 in the terrtory
0 0
.
nared 9 ith
The company's physical property includes installed electric generating
capacity of 140,681 kw. The principal generating plant is the Deepwater station which is located on a tract of land covering an area of more
than 90 acres on the Houston Ship Channel, about 10 miles from the
centre of Houston and approximately 45 miles from the centre of Galveston. This station, which is one of the largest in the South, is designed
and partially built for an ultimate capacity of 200,000 kw., and it has a
-kw., one
present installation of 100,000 kw.. consisting of one 35,000
-kw., and two 20,000
25,000
-kw. turbo-generators, together with boilers
and all the necessary auxiliary machinery. Company now has nearing
completion 47,000 kw. of additional capacity in this station, consisting
of a 12,000
-kw. high-pressure turbo-generator and a 35,000-kw. lowpressure turbo-generator. It is expected that this additional capacity
will be placed in service in the latter part of the present year. Upon
completion of these units, the Deepwater station will have an installed
generating capacity of 147,000 kw. The company's Gable Street generating
station in Houston and Its recently acquired Galveston and Webster
generating stations have an aggregate installed capacity of 40,225 kw.
The Deepwater station is connected with the Gable Street station in Houston
by three 33,000-volt transmission lines supplemented by a 66,000-volt
network, and it is also connected with the company's Galveston and
Webster stations by an independent, double-circuit 33,000-volt transmission line from the Deepwater station to the Webster station, and by
two independent 33,000-volt transmission lines from the latter point to
Galveston.
The company owns an extensive system of transmission and distribution
miles. This system radiates from
Lighting & Power Co.—Bonds Offered.— lines aggregating 2,413 from the Deepwater station through the centre
Houston
Harris and
of Houston and extends
Halsey, Stuart & Co., Inc. are offering at 983- and int, to Galveston counties and into seven other adjoining counties, interconnecting
communities
$5,000,000 1st lien & ref. mtge. gold allDated June 1 served. June 1 1981. Denom. c* $1,_000 and r* $1,000
yield over 4.57%,
1931; due
or authorized multiples. Interest payable J. Sc D. In New York. Red.
bonds, series E, 434% dile 1981.
Letter of S. R. Bertron Jr., Pres. & Gen. Mgr., Aug. 19. in whole or in part, on first day of any month on four weeks' notice at 104
Data from
during
and int. through June
decreasing X
Company.—Incorporated in 1906. Supplies electric Ipower and light each three-year period 1 1934, the premium and including of 1%1 1979,
June
elapsed thereafter to
service to 80 communities in southeastern Texas, including the cities of and thereafter at 100 and int.
Houston and Galveston. Company's territory has shown an unusual
Supervision.—The operations of the company are supervised (under tb
-growth, and it is estimated that the present population of the territory direction and control of its board of directors) by the Electric Bond Sc
served is 405,000.
Share Co.
Electric customers served at June'30 1931 (including customers served
To Acquire ElectliC Pother and Light Properties in Galveston:—
by the properties subsequently acquired) aggregated 95,215, an increase
of more than 60% over the number reported by the company at June 30
Negotiations have been completed for the acquisition by this company
.1926. The electric output of the company (including power purchased) of all of the electric power and light generating and distributing properties
for the 12 months ended June 30 1931, amounted to 555,426,000 kwh., previously owned by the Galveston Electric Co. in the City of Galveston.
as compared with 220,432,500 kwh. for the 12 months ended June 30 1926, Texas,and all the electric power and light properties of Galveston-Houston
an increase of more than 150%. The power requirements of the electric Electric Ry. Co., including the electric generating station at Webster and
properties in Galveston and adjacent communities, recently acquired, have two transmission lines extending from Webster to Galveston, a distance of
heretofore been supplied by the company at wholesale.
approximately 25 miles. No street or interurban railway lines are included
Authoriaed. Outstanding. In the properties purchased.
Capitalization—
a
1427,500,000
The operation of the new properties will be taken over immediately by
1st lien & ref. mtge.gold bonds (incl. this issue)_
3,000,000 the Houston Lighting Sc Power Co.
will operate them as an integral
7% preferred stock, cumulative ($100 par)____ $3,000,000
20.000 shs. part of its own system. A physical interconnection between the properties
'
60,000 shs.
preferred stock. cumulative (no par)
600,000 shs. 500,000 shs. already existed, as the latter company has been supplying at wholesale
stock (no par)
Common
properties. The city officials of the City of
a Issuance of additional bonds limited by restrictive provisions of the the power requirements of the
Galveston recently passed ordinances giving the assent of the city to the
mortgage. b Consisting of $12,000,000 series A 5% due 1953; $6,000.000 sale of
the electric properties in Galveston to the Houston Lighting & Power
series 10 4)4%, due 1978; and 89,500,000 series E 4)4% due 1981 (incl. Co.and granting a new 50
-year franchise for the operation of the properties
this issue).
Purpose.—Proceeds derived from the sale of these bonds will provide by that company.—V. 133, p. 478, 641.
funds to be used for the retirement of indebtedness incurred in connection
Indiana Electric Corp.—To Issue Notes.—
with the acquisition of the important electric properties in Galveston and
See Midland United Co. below.—V. 132. p. 3145.
several adjacent communities (see below) and for other corporate purposes.
-12 Months Ended June 30.
Earnings
Indiana RR.—Traction Removal Fought.—
[Including operating revenues of properties recently acquired.]
Arthur C. Downing Mayor of Greenfield, hid., on Aug. 14 said he in$9,422,818 tended to come to Richmond, Ind., to confer with Richmond officials
Operating revenues, including other income
4,730,854 against the proposal of the Indiana RR., an Instill property, which reOperating expenses, including maintenance and taxes
cently acquired ownership of the T. H. I. Sc E. Traction Co., to abandon
$4,691,964 that part of the traction line between Indianapolis and Dunreith. The Instill
Net revenues from operation, including other income
interests propose to operate both passenger and freight service between
Annual interest on total bonded debt to be outstanding, after
1,297,500 Indianapolis and Richmond over the Honey Bee line from Indianapolis to
giving effect to present financing
to Richmond over the T. H.,
Security—The scrim E bonds are secured equally with other series Newcastle, and from the latter cityan arrangement would depriveI. Sc R.
Greenoutstanding under the mortgage by a direct first mortgage on all physical tracks by way of Dunreith. Such
field of traction service. (Indianapolis "News").—V. 133, p. 287.
property and franchises owned by the company.
contains provisions permitting the modification thereof
The mortgage
International Hydro-Electric System.—Earnings.—
and of the rights and obligations of the company and the holders of bonds
For income statement for 3 and 6 months ended June 30 see "Earnings
issued under said mortgage, with the consent of the company, by the Department" on a preceding page.
affirmative vote of at least 80% (or 90% in certain cases) in amount of
shareholders, Archibald R. Graustein, President
the bonds then outstanding, not including any bonds owned by the com- ofIn his comments to
the system, says:
pany, at a meeting of the bondholders especially called for that purpose.
"For the year ended June 30 1931 the balance of earnings before diviIssuance of Additional Bands.—The mortgage provides for the issuance dends on the class A stock amounted to $3.39 a share on the average
of bonds in series with interest rates, maturity dates, redemption pro- number of shares outstanding during the period.
visions and other terms and conditions to be determined by the board of
"Domestic and lighting revenues have continued to increase but this
directors at the time of the creation of each series.
has been more than offset by lower consumption of power
Ofthe $27.500.0001st lien & ref. mtge. gold bonds to be outstanding after improvement
by New England industrial concerns. Since the spring thaws water
were issued against property
'giving effect to present financing. $5,250,000for the issuance
of additional conditions have been satisfactory and earnings available for class A priority
Dec. 31 1922. The mortgage provides
as of
dividends in the second quarter this year were only about $125,000 less
bonds for not more than 80% of the cost or fair value, whichever is less, than for
corresponding period in 1930. as compared to a decline of
sof permanent additions constructed or acquired subsequent to Dec. 31 $500,000,the largely to water conditions, for the first quarter.
due
equal amount of cash deposited with the trustee, provided
1922 or for an
"Announcement was recently made of the Acquisition of North Boston
net earnings as defined in the mortgage for 12 consecutive months within Lighting Properties, which serve cities and towns with a population of
the preceding 15 months shall have been equal to at least twice the annual about half a million in a highly industrialized section or northeastern
interest requirements on (or, at the option of the company. to 12% of the Massachusetts, contiguous to areas long served by New England Power
principal amount of) all outstanding bonds, including those proposed to Association. It is anticipated that combined operation of the two properbe issued and all underlying bonds and all obligations secured by prior ties will mean improved service to the public and increased earning power
liens not pledged under the mortgage. Additional bonds may also be for International Hydro-Electric System."—V. 133, p. 287.
issued for the purpose of refunding an equal principal amount of underlying bonds, any bonds secured by this mortgage and any prior lien
Isarco Hydro-Electric Co. (Societa Idroelettrica dell'
obligations.
be withdrawn
Cash deposited with the trustee as provided above mayis less, of per- Isarco).—Bonds Redeemed.—
whichever
on the basis of 80% of the cost or fair value,
Hallgarten & Co.. fiscal agents for the $5,000,000 1st mtge. 25 year
manent additions, and also against the retirement of an equal principal 7% sinking fund gold bonds, (closed mortgage), dated May 1 1927. due
amount of bonds secured by this mortgage, or underlying bonds or obliga- May 1 1952. announce that there have been purchased for the sinking
fund $66,500 principal amount of bonds which have been redeemed leaving
tions secured by prior liens.
Maintenance and Renewal Fund.—Mortgage also provides that the outstanding $4,871,500 par value of bonds.—V. 131, p. 3876.
1924,
company shall, on or before April 1 of each year beginning April 1'equal
pay to the trustee as a maintenance and renewal fund, an amount and
Lake Superior Disrtict Power Co.—Earnings:—
underlying
to at least 4% of the aggregate principal amount of allwhich were outFor income statement for three and 12 months ended June 30 see "EarnPrior lien bonds and 1st lien & ref. mtge. gold bonds less the amount ings Department" on a preceding page.—V. 132, p. 3525.
standing at the clots of the preceding calendar year, repairs, renewals
of actual expenditures during such year for maintenance,
Massachusetts Power & Light Association.—Exchange
to property as provided
and replacements or for permanent additions to relmliurse the company
Offer.—See North Boston Lighting Properties below.—V.
in the mortgage. This fund may be withdrawn
repairs, renewals and 133,
for expenditures made for further maintenance, no bonds may thereP. 480.
replacements or permanent additions against which balance may be used
Metropolitan Edison Co.—Earnings.—
after be issued under the mortgage. Any unused and any such balance
for the retirement of bonds issued under the mortgage shall be so
For income statement for 12 months ended June 30 See "Earnings Deamounting to $50,000 or over remaining after 36 months franchiseused.
granted partment" on a preceding page.—V. 132, p. 4240.
Franchises.—Company operates in Houston under a
in 1882 and in Harris County (of which Houston is the county seat) under
Marconi?s Wireless Telegraph Co., Ltd.—Earnings.—
opinion
a franchise granted in 1922, and both of these franchises, in the 71)% of
Income Account for the Year Ended Dec. 31 1930.
of counsel, are without limitation as to time. Approximately
Sc sales, income from royalties, hit. &c.
the company's operating revenues is derived from the sale of electrical Profit from contracts costs, rents, salaries Sc sundry expenses.
£72,627
after deducting open
The company was recently
energy in territory covered by such franchises.
& International Communicawanted a 50
-year franchise extending to 1981 to operate in Galveston. Divs. &c.receivable from Imperial
163,375
tions. Ltd. Sc other income
opinion of counsel, all other franchises, with one minor exception
In the
84
extend to the year 1974 or beyond, and all the franchises under which Transfer fees Sc sundry receipts
the company operates are free from burdensome restrictions.
£236,066
Total income
plant and facilities of the
Valuation.—The reproduction cost new of the
23,730
Houston Lighting & Power Co.as determined by independent engineers, Depreciation
as of March 1 1923. plus subsequent capital expenditures, is largely in
£212.335
Not income
the public upon
excess of the total bonded debt to be outstanding with
38,965
Previous surplus
completion of this financing.
Business and Property.—Company supplies electric power and light
£251.300
Total surplus
service in 80 communities, including Houston and Galveston, located
17.500
In southeastern Texas. During the last 30 years the industrial develop- Preference dividend
ment of Houston and vicillity has had a remarkable growth. The population
£233,801
of the city itself increased approximately 210% between 1900 and 1920. • Balance
AVG. 22 1931.]
FINANCIAL CHRONICLE
1289
Balance Sheet Dec. 311930.
Changes in Personnel.
Liabilities
Assets
The following officers and trustees, representing the change in control by
Ordinary shares
Freehold & leasehold land and
x£2,020,133 reason of the acquisition by New England Power Association interests,have
buildings
£151,880 7% cum. partic. pref.shares__ 250,000 been elected. Chairman of the board, Charles H. Tenney: President,
Plant. mach., turn.& fittings- 148,724 Trade creditors
117,128 F. D. Comerford; Vice-Presidents. D. W. Leavitt, R. H. Ladd and C. W.
1 Prov, for taxation
Patents & patent rights
283,121 Ellis; Treasurer, C.S. Herrmann: Asst. Treasurers, E. A. Bradley and C.N.
3,575 Unclaimed diva.& interest.Shares in subs
13,229 Alexander: Secretary, R. S. Pattee: Asst. Secretary, Hazel E. Hager;
Preference div
Invest.in Imperial & Internat.
13,562 trustees, C. H. Tenney, F. D. Comerford, D. W. Leavitt, E. M. Bradley,
1,690.050 Amts. owing to assoc. cos__ 220,288 B. E. Helme, S. C. Moore, E. A. McCllntock, A. E.Pope and W.C. Bell.
Communications, Ltd
578,586 Reserves
Other trade investments
1,469,152 -V. 133. P. 798, 481.
Stocks & contracts in progress- 397,318 Profit and loss
233,801
838,876
Sundry debtors
North West Utilities Co.
-Earnings.
63,281
Amount owing from subs
For income statement for three and 12 months ended June 30 see "Earn335,189
Amts. owing from assoc. cos
ings Department" on a preceding page.
-V. 132. p. 3714.
348,514
British Govt.& other secur
66,421
Cash
Ohio Electric Power Co.
-Earnings.
For income statement for three and 12 months ended June 30 see"Earn£4,620,414 Total
Total
£4,620,414 ings Department" on a preceding page.
-V. 132. P. 3885.
Represented by 395,114 ordinary shares of Li each fully paid and
Oklahoma Natural Gas Corp.
-Rates Cut.
3,250,038 ordinary shares of 10s. ad. each fully pald.-V. 132, p. 3146.
The Oklahoma Corporation Commission has accepted the corporation's
offer, effective on Oct. 1, of a new rate of 45c. per 1,000 cubic feet of natural
Mexico Tramways Co.
-Interest Payment.
gas for nearly 50 cities and towns, a cut of Sc. The offer was made on
On and after Sept. 11931. coupon No. 37, dated March 1 1925, detached condition that the Commission drop its investigation into valuations and
-year 5% gold bonds will be paid at the rates of the company. The new rate is expected to cut customers' bills
from the gen. consol. let mtge. 50
Bank of Montreal, Toronto, Montreal or London, England, or at the agency $1,500,000 a year.
-V. 133. P. 798, 642.
of the Bank of Montreal, New York,at the holder's option.
-V. 133, p.641.
Old Dominion Power Co.
-Earnings.
-
For income statement for three and 12 months ended June 30 see "EarnMiddle West Utilities Co.
-Increases Capacity.
-V. 132, p. 3714.
Construction projects completed or in progress during the past 12 months ings Department" on a preceding page.
will result in a 25% increase in the generating capacity of the Middle West
Pacific Gas & Electric Co.
-Earnings.
Utilities System. Capacity upon completion of present projects will total
For income statement for 6 months ended June 30 see "Earnings De1,617,827 kw. in Aug. 1931.
New generating stations are nearing completion at Sheboygan, Wis., partment" on a preceding page.
Sales of electric energy on entire system were 1.593.337,687 k
-wh. a
Dodge City, Kan. and North Platte, Neb.-V. 133, p. 1125.
gain of 30.037,829 kwh. or 1.92%. Approximately 250.000 hp. of ;idditional installed electric generating capacity recently completed on
Midland United Co.
-Quarterly Dividends.
Mokelutnme River in San Francisco steam plants has enabled company
The directors have declared the regular quarterly dividend (No. 6)of to meet demands on its own system and those of other utilities dependent
Thc. in cash on the cony. class A preferred stock, or, at the option of the upon it for electric energy.
-V. 133, p. 642.
holder, 1-40th of a share of common stock, in addition to the regular
quarterly dividend of 1 A % in stock on the common stock, both payable
Pacific Public Service Co.(Del.).
-Listing.
-Sept. 24 to holders of record Sept. 1. Dividends of like amount have
The Los Angeles Stock Exchange has authorized the listing of 486.789
been paid quarterly on the common since and including Dec. 24 1929.
shares of 1st pref. stock of no par value and 286,789 shares of common
stock of no par value.
Subsidiaries Seek Approval of Securities.
Stock Structure Aug. 1 1931.
The Public Service Co. of Indiana, a subsidiary has petitioned the Indiana
To Be
Annual
P. S. Commission for authority to issue $5,000,000 of one-year 4A % notes
Authorized.
Listed.
Outstand'ci.
Div.
to be sold at not less than 98.50. The proceeds will be used to finance
486,789
486,789
•$1.30
improvements in properties and plants and for refunding securities retired 1st pref.stock (no par)_ _ _1,000,000 shs.
pref. stock (no par).- 300,000 shs.
None
2d
300.000
*1.00
by the company.
286.789
286.789
--The Indiana Electric Corp., another subsidiary, has filed a petition Common stock (no par)--1,000,000 shs.
None
200,000
..--with the Commission asking permission to issue $2,500.000 of one-year Voting corn.stk.(no par). 200,000 shs.
455% notes to be sold at not less than 98.25. The proceeds will be used * Anticipated: first payment due Nov. 1 1931 on 1st pref. stock.
to reimburse the company's treasury for capital expenditures,
Note.
-The 2d pref. stock and the voting common stock will be closely
The Terre Haute Traction & Light Co. another subsidiary, in a petition held. The 1st pref. stock and the common stock will be distributed to
filed with the Commission, asks authority to issue $1,900,000 one-year approximately 3,957 registered holders of the present class A corn. stock.
4% secured notes to be sold to yield not less than 98.25. The company
Subsidiaries.
will purchase $1,927,000 first mortgage consolidated 5% bonds with
No. of Shs. owned
funds received from this issue.
Shares
by Parent
Class of Stock.
Outstndg. Company.
Additional Stock Offered.
Of Pacific Public Service Co.
Utility Securities
Ill., in May last offered at the California Consolidated Water Co.No par corn. "A"..
Chicago,
The
25,000
25,000
market about 631,000 shares (not 581,000 shares, as previously stated) of Coast Industrial Gas Co.
Co.,
2,500
No par com.
2,500
Midland United Co. common stock of no par value.
-V. 133. p. 1125, 120: Coast Natural Gas Co.
No par corn.
100,000 100,000
V. 132. P. 4761.
West Side Natural Gas Co.
$100 par corn.
1,500
1.500
Natural Gas Properties, Inc.
No par coin.
10,000 x10,000
$100 par 1st pf.
37,463
213
Montreal Light Heat & Power Consolidated.-Acquis.
10,000
10,000
Citizens of the City of Verdun, Quebec. Canada, have ratified the sale Coast Counties Gas & Electric Co $100 par ind. pt.
8100 par com.
10,000
10,000
of the municipality's electrical overhead distributing system to this comCalifornia Consumers Co.
272
No par pf.
15.752
pany for $300,000.-V. 133, p. 642.
No par com.
25,000
25,000
Of California Consumers' Co.
-$1 Accrued Dividend.
New Brunswick Power Co.
L, A. Ice & Cold Storage Co.__ __$100 par com.
10,000
10,000
The directors have declared a dividend of $1 per share on account of Merchants Ice & Cold Storage Co-$100 par corn.
5,000
5,000
accumulations on the 1st pref. stock, payable Sept. 1 to holders of record Pasadena Ice Company
$100 par com.
7.500
7,500
Aug.21. A like amount was paid on June 1 last.
-V.131. p. 3529.
Pomona Valley Ice Co.
$100 par com.
1,100
1,100
Of Natural Gas Properties, Inc.
Natural Gas Corp. of California_ 3100 par com.
1,250
1,250
New England Power Association.
-Notes Listed.
Natural Gas Corp. of Oregon- _ _$100 par corn.
5
5
The Boston Stock Exchange has placed on the list temporary notes for
5
5
$3,600,000 secured serial gold notes, dated Feb. 15 1931 and due $360,000 Natural Gas Corp.of Washington-$100 par com.
annually Feb. 15 1932-1941.-V. 133, p. 798.
x Subject to an option to buy 20% of the voting stock.
For income statement for 3 and 6 months ended June 30 see "Earnings
-July Business.
New England Public Service Co.
-V. 133, p. 954.
Business conditions in northern New England as a whole show a sustained Department" on a preceding page.
improvement for July, manifested since the first of the year, although
Penn Central Light & Power Co.
-Earnings.
spotty conditions in certain localities tend to cloud the picture as a whole.
For income statement for 3 and 12 months ended June 30 see "Earnings
according to reports from the various centres served by the operating sub-V. 133. P. 481.
sidiaries of the New England Public Service Co.. made public this week. Department" on a preceding page.
The output of electricity gained 14% for the month, netting an increase
of 7% for the year.
Pennsylvania Power & Light Co.
-Proposed Expansion.
New customers further accentuated this gain to 24% for the year.
The Susquehanna Gas Co., a subsidiary, has applied to the Pennsyl-V.132
P. 4763.
vania P. S. Commission for authority to supply natural gas in eight additional counties in southern and eastern Pennsylvania. Counties in which
New England Telephone & Telegraph Co.
-New rights are applied for are: Cumberland, Juniata, Lancaster, Lehigh, Montgomery, Perry, Pike and Susquehanna. At the same time, the company
Officer, &c.
asked approval of extension of its territory of supply to include drilling
Clarence G. McDavitt has been elected Vice-President.
McKean
The executive committee has authorized the expenditure of $1,723.681 and producing rights in Cameron, pipe line and Wayne counties, and
authorization for enlargement of its
system to connect all points
for new construction and improvements in plant necessary to meet the de- of supply with places
where natural gas is to be supplied.
-V.133. 1). 799,
mand for service.
-V. 133. p. 798. 642.
121.
North Boston Lighting Properties.
-Offer Received by
Holders of Undeposited Stock.
-Expires on Sept. 1.
As a final step in the consolidation contemplated by the offer of Massachusetts Power & Light Association, a subsidiary of New England Power
Association, to share trust certificate holders of North Boston Lighting
Properties, dated June 18, Massachusetts Power & Light Association is
now offering record shareholders of North Boston, both preferred and common, a proposition to exchange shares. The basis of the exchange is, for
each preferred share, 1 65-100 shares of $2 preferred and one-half share
of common stock of Massachusetts Power & Light and for each common
share two shares of $2 preferred and 1 A shares of Massachusetts Power
& Light common.
This offer for the "free" or undeposited stock is exactly the same as that
made to holders of the deposited or voting trust certificates two months
ago, with the exception that no warrants are included in the current offer.
In the initial offer the new common carried separate warrants evidencing
agreement of New England Power Association to deliver in exchange for
each four shares of Massachusetts Power & Light common one share of
class A stock of International Hydro-Electric System at any time after
March 1 1932 and up to March 1 1942.
Unless extended, the present offer expires at noon Sept. 1 1931.
In addition to shares of North Boston Lighting Properties already acquired
by Massachusetts Power & Light Association, the latter owns more than a
majority of capital stock or voting trust certificates therefor, of Lawrence
Gas & Electric Co.and Lowell Electric Light Corp., and all stock of Utility
Shares Associates, which owns a substantial amount of capital stock or
voting trust certificates of Lynn Gas & Electric Co. and Haverhill Electric
Co. For these shares and stock. plus 65,581 shares of North Boston common, New England Power Association received 225.000 shares of $2 preferred, 368,520 shares of $2 second preferred and 1,150,008 shares of common stock of Massachusetts Power & Light Association.
On the assumption of a 100% exchange of North Boston preferred and
common, the outstanding capitalization of Massachusetts Power & Light
will initially be as follows:
Issued to
Issued to
N. E. Power
North Boston
Total.
Association.
Interests.
None
None
Funded debt
None
225.000 shs. 1,336.878 shs.
1,111,878 shs.
r.: Preferred stock
$2 second preferred
None
368,520 shs.
368,520 shs.
665.700 shs. 1,150,018 she. 1,815.718 shs.
Common stock
Peoples Light & Power Corp.
-Sale of West Virginia
Utilities Co.
See West Virginia Water Service Co. below.
-V. 133. p. 288.
Peoples Public Service Corp.
-Receivership.
See Consumers Utility Co. abovo.-V. 129. p. 3636.
Philadelphia Rapid Transit Co.
-Wage Dividend.
-
A plan approved by the new board of directors has been developed
whereby each employee will at this time receive two checks one, amounting
to
of 1% of his co-operative wage fund deposits as of Dec. 311930. this
sum to be paid out of income into the fund resulting from the investment
in International Ry. Co. securities: the second check, amounting to 2A %
of his co-operative wage fund deposits as of Dec. 31 1930, to be paid from
1931 uninvested wage deposits.
Announcement by the company says that Aug. 15 is the date of the customary payment of the semi-annual dividend to members of the P. R. T
co-operative wage fund. Due to the business depression the income from
the investments of the fund was not sufficient to meet this usual distribution.
However, many of the members of the wage fund at this time had sound
need for a more substantial payment than the income alone made possible,
hence adoption of the plan above mentioned.
The directors on Aug. 14 announced a $600.000 cash wage dividend to
be divided among 12,000 employees. The amount will offset the annual
3A % dividend of the employees' co-operative wage fund which was omitted
this year. It is the first cash dividend ever given directly to the employees.
-V. 133, p. 799.
-Acquisition Approved.
Public Service Co. of Indiana.
The Indiana P. S. Commission has granted the company authority to
acquire a portion of the properties formerly controlled by the Terre Haute
Indianapolis & Eastern 'Fraction Co.
The properties were included among those purchased June 23 by B. P.
Shearon, Secretary of the Midland United Co., at a foreclosure sale in
Indianapolis. Mr. Shearon's bid was approved on June 29 by the Marion
Superior Court under whose jurisdiction the receivership and foreclosure
of the Terre Haute Indianapolis & Eastern Traction Co. holdings had
been carried on.
Mr. Shearon designated the Public Service Co. of Indiana, a subsidiary
of the Midland United Co., as one of the companies to which the T. H.I. &
E. properties were to be conveyed by the receiver.
1290
FINANCIAL CHRONICLE.
The Commission has authorized the transfer of the properties and will fix
the purchase prices to be paid at a subsequent date which will allow time
to determine the valuation.
The principal property which this company has been given authority
to operate is the electric light and power facilities in Terre Haute. These
properties, owned by the Terre Haute Traction & Light Co., are under a
-year lease made to the Terre Haute Indianapolis & Eastern Traction
999
Co. and acquired In the foreclosure sale by Mr. Shearon. The Public
Service Co. of Indiana has been given authority to acquire this lease and
operate the Terre Haute properties under its provisions.
Mr. Shearon in the foreclosure sale also acquired the common stock of
the Terre Haute Traction & Light Co. which had been deposited as collateral security under the foreclosed T. H. I. & E. mortgage. This common
stock has been transferred to the Midland United Co., making the Terre
Haute Traction & Light Co. a subsidiary of that company.
Since Terre Haute is near territory served by the Public Service Co. of
Indiana, however, it was deemed more practical that this company operate
the electric light and power facilities in that city as a part of its system.
The Public Service Cs. of Indiana, in addition to obtaining the authority
of the Commission to acquire the Terre Haute lease, was given permission
to purchase electric transmission lines formerly owned by the Terre Haute
Indianapolis & Eastern Traction Co. between Indianapolis and Brazil,
between Indianapolis and Richmond. between Indianapolis and Danville,
between Dunreith and Newcastle and between Avon and Plainfield, as
well as other miscellaneous electric facilities and equipment.
Under the lease of the Terre Haute Traction & Light Co. to the Terre
Haute Indianapolis & Eastern Traction Co., the Public Service Co. of
Indiana also obtains control of the street railway system in Terre Haute
and electric interurban railway lines between Terre Haute and Brazil
and between Terre Haute and Paris, Ill.
3
Seeks to Issue $5,000,000 of 43/% Notes.—See Midland
United Co. above.—V. 133, p. 643, 288.
Public Service Corp.of New Jersey.—No. of Stockholders.
The number of stockholders of this corporation reached a new high
record for all time on July 31, last, with a total of 87,154. This figure
compares with a record of 85,475 shareholders at the beginning of 1931.
and 83,720 at the beginning of 1930.—V. 132, p. 4243.
Public Service Co. of Oklahoma.—Earnings.—
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.—V. 132, p. 3714.
Quebec Gas & Electric Corp.—Sale.—
See City Gas & Electric Corp., Ltd., above.—V. 132, p. 4057.
Rhine-Westphalia Electric Power Corp. (RheinischWestfalisches Elektrizitatswerk Aktien-Gesellschaft),
Germany.—Capitalization Increased.—
The stockholders on Aug. 14 increased the authorized capital stock
from Rm. 243,000,000 to Rm. 246,000.000. See also V. 133. P. 955.
St. Louis Public Service Co.—Earnings.—
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.—V. 132, p. 2767.
Schenectady Railway Co.—Earnings.—
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.—V. 133. p. 800.
Scranton Spring Brook Water Service Co.—Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.—V. 133. p. 643.
Sierra & San Francisco Power Co.—Bonds Called.—
All of the outstanding 2d mtge. 6% gold bonds, series A, were recently
called for redemption as of July 1 at 105 and int, at the Irving Trust Co..
Wall St., N. Y. City.—V. 125. p. 248.
1
Southeastern Gas Co.—Corporate Trustee.—
The Hibernia Trust Co. has been appointed corporate trustee under
Indenture dated as of June 1 1931 providing for the issue of first mortgage
gold bonds.
[vol.. 133.
Tenders.—
The directors have authorized Ralph E. Nock, Comptroller of the company, to ask for tenders of prior lien mtge. bonds, due Jan. 1 1946. series
A,6%; prior lien mtge. bonds, due Jan. 11946, series B. 4%; gen. & ref.
bonds, due Jan. 1 1951, series A. 5% and gen. & ref. bonds, due Jan. 1
1951. series B, 4%.
Tenders must be made to and will be received by the Comptroller. 100
Fountain St., Providence, R. I., not later than noon of Aug. 25 1931,
at which time they will be opened.—V. 132, p. 4414.
United Gas Corp.—Earnings.—
For income statement for 12 months ended June 30 1931 see "Earnings
Department" on a preceding page.—V. 132, p. 4414.
United Traction Co.—Earnings.—
The statement of the receivers showing the result of op€rations fcr the
first six months of the cal ndar year 1931 as compared with the same period
in 1930 is given under "Earnings Department" on a preceding page.
It shows a decline in total revenue to $1,013,380 from $1,192,796, a
reduction of $179,416, or 15%. Substantially all of this reduction was in
passenger revenue and was due to the decline in riding. Revenue passengers
carried were 18.25% less in the first six months of 1931 than during the
same period in 1930. The loss in revenue was partly offset by a reduction
of 7.36%. or $48,816, in regular operating expenses. Maintenance was
cut to 8195,842 from $226,956, a decrease of $31.114, or 13.7%. The
provision for depreciation was also reduced by $18,053, or 17.18%. Taxes
increased by $5,100. or 7.38%. Notwithstanding the substantial reductions in cost of operation, maintenance and depreciation, net earnings
available for interest amounted to but $40.263 as against $127,191 fcr the
same period in 1930. After interest requirements aggregating $153,537,
on secured obligations, there was a deficit of $113.274 for the six months
period ended June 30 1931.—V. 130, p. 3541.
Virginia Public Service Co.—Earnings.—
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.—V. 132. p. 3886.
West Texas Utilities Co.—Earnings.—
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.—V. 133. p. 3715.
West Virginia Utilities Co.—Change in Control.—
See West Virginia Water Service Co. below.—V. 128, p. 1906.
West Virginia Water Service Co.—Acquisition.—
This company, a subsidiary of the Federal Water Service Corp., has
acquired from the Peoples Light & Power Corp. the properties of the West
Virginia Utilities Co., valued at about $1,300000 it is announced. These
properties include the company's electric distribution system which supplies
I:Beckley. W. Va., with electricity, and water supply plants serving communities including, Glenville, Gassaway and Sutton.
The acquisition of the West Virginia Utilities Co., whose gross earnings
were $345,000 approximately for the year ended April 30 1931. brings
the gross revenues of the West Virginia Water Service Co. up to $1,199,610
for that 12
-months' period.
Earnings.—
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.—V. 133, 12• 1127.
Williamsport Water Co.—Earnings.—
For income statement for 12 months ended May 31 see "Earnings
Department" on a preceding page.—V. 133, p. 288.
Wilmington (Del.) Gas Co.—Bonds Called.—
-year 5% gold bonds,
All of the outstanding 1st & ref. s. f. mtge. 40
dated Sept. 11909, have been called for payment Sept. 1 next at 105 and
int, at the Girard Trust Co., trustee, Philadelphia, Pa.—V. 131, p. 2896.
Winnipeg Electric Co.—Sale Price Rejected.—
The offer of the company to sell its street railway to the city for $14,000,000 has been rejected by the special civic committee appointed to study
the offer. The committee recommends that negotiations be resumed to
obtain a price based on cost, less depreciation and obsolescence.—V. 132.
p.2969.
Southeastern Gas & Water Co.—Trustee.—
The Hibernia Trust Co. has been appointed turstee of an issue of general
lien 6% gold bonds, dated as of June 1 1931.—V. 133, P. 955.
INDUSTRIAL AND MISCELLANEOUS.
Painters Accept Wage Cuts.—Youngstown dispatch states: Members of
Southern Ice & Utilities Co.—Exchange Offer Closed.— all painting trades sign wage agreements with contractors, accepting lower
Over 80% of the 1st mtge.6% gold bonds due 1946 and over 60% of the rates of pay. Painters agree to a reduction of $1 a day, bringing rate to
% notes due 1932 have been deposited under offers for exchange for $10 a day or $1.25 an hour. Other trades previously had taken similar
securities of Associated Gas & Electric Co. Such deposits being sufficient reductions. "Wall Street Journal." Aug. 20, p. 14.
Truckmen's Wage Scale Renewed.—A two-year contract providing for
these offers were finally terminated on Aug. 20 1931.
the continuance of the same scale of wages and working conditions in force
Earnings
since Sept. 1 1929, has been signed by the International Brotherhood of
For income statement for 12 months ended July 31 see "Earnings De- Teamsters and the Merchant Truckmen's Bureau of New York. "Post,..
partment" on a preceding page.—V. 133. p. 1126.
Aug. 15, 13. 3.
Asks President Hoover or Secretary Doak to Abritrate Strike—United Mine
-Southwestern Gas & Electric Co —Earnings.
Workers Chief Van. A. Bittner says 6.000 will resume work if operators
12 months ended June 30 see "Earnings accept plan. N. Y."Times", Aug. 18 p. 14.
For income statement for 3 and
Department" on a preceding page.—V. 132. p. 3527.
Matters Covered in "Chronicle" of Aug. 15.—(1) Orders for electricagoods during second quarter show increase over first three month, p. 1028;
Southwestern Light & Power Co.—Earnings.—
(2) Automobile financing during June 1931 compared with preceding
506,000,000 cups—
For income statement for 3 and 12 months ended June 30 see "Earnings months, p. 1059: (3) Nation's tea drinking gains value cited as reasons
Increased popularity as beverage as well as economical
Department" on a preceding page.—V. 132, p. 3715.
for import gains, p. 1038: (4) Refined copper output in July Lowest for
many years—Shipments decline—Inventories at new high level, p. 1044;
Springfield Street Ry. Co.—Earnings.—
paper and pulp industry in June—Decrease of 1% under May
see "Earnsix months
For income statement for three andPage.—V. ended June 30V. 132, p. (5) The
in total paper production and 9% under previous year, p. 1031;(6) Trend of
P. 122;
133,
ings Department" on a preceding
business in hotels, by Horwath & Horwath, p. 1028; (7) New York State
2388, 1032.'
factory employment decreased 2% in July as compared with June—
July last year and 26% less than July 1929, p. 1030.
Terre Haute Traction & Light Co.—To Issue Notes.— Drop of 14% from
Abraham & Straus Inc.—Initial Common Dividend.—
See Midland United Co. above.—V. 132, p. 3715.
The directors have declared an initial dividend of 37%c. per share on the
Tide Water Power Co.—Earnings.—
common stock, no par value, payable Sept. :30 to holders of record Sept. 21.
statement for three and six months ended June 30 see "EarnFor income
President E. C. Blum said: "Business thus far this year has been quite
ings Department" on a preceding page.—V. 132, P. 4058.
satisfactory. We are ahead in the number of transactions and by careful
control of the expense budget our net profit to date has increased over
Tri-State Telephone & Telegraph Co.—To Reopen In- that of last year. —V. 132, p. 2587.
vestigation on Valuation.—
states that it will re-open
The Minnesota RR. & Warehouse Commission
has been tentatively
an investigation of the value of this company which
Bell Telephone Co.
purchased by Northwestern
City Council and the MinneProtests have been made by the St. Paul
the State
apolis City Council against the merger under terms approved by
brought
Commission. The question of obtaWing lower rates has been valuation up
of
is re-openin_g
by the cities, and for this reason the Commission offunds.—V. 133, p. 955.
'Id -State after dropping it some time ago for lack
United Electric Rys., Providence, R. I.—New Agreement with Employees.—
agreement between the company
The directors on Aug. 13 ratified an
and members of the street and electric railways union, which will allow
the company to reduce a portion of its overhead expense, but at the same
time continue employment of the union men.
Members of the union ratified the agreement on Aug. 12. This action
of the union group followed a meeting on Aug. 6, when more than 700
members of Division 618, Amalgamated Association of Street and Electric
Railway Employees of America, voted unanimously for acceptance of the
agreement with recommended minor changes which were incorporated
before its final ratification.
The agreement between union and company officials was reached after a
series of conferences. The term of the contract is for two years from
June 11931. Hourly rates of wages will remain the same under the agreement as for the contract which expired May 31 last, under which the men
have continued to work. The union, however, makes several concessions
which will allow the company to reduce a portion of its overhead expense,
but at the same time continue employment to the union men. Chief
among the articles under contract is that the six-day week, which has been
In operation several months as an experiment, is made a permanent conAnion during the life of the agreement.
Allegheny Steel Co.—Earnings.—
For income statement for 3 and 6 months ended June 30 1931 see"Earnings Department" on a preceding page.—V. 132, 11• 4768..
American Arch Co.—Dividend Decreased.—
The directors have declared a quarterly dividend of 50 cents per share on
the outstanding 150,000 shares of capital stock,no par value, payable Sept. 1
to holders of record. Aug. 21. Previously, the company paid regular
quarterly dividends of 75 cents per share.—V. 129, p. 1742.
American Colortype Co.—Omits Common Dividend.—
The directors have voted to omit the quarterly dividend ordinarily payable about Sept. 30 on the common stock. A quarterly distribution of
20 cents per share was made on June 30 last, as compared with 35 cents per
share on March 311931.
The directors declared the regular quarterly dividend of $1.75 per share
on the 7% stock, payable Sept. 1 to holders of record Aug. 20.
In announcing the suspension of the dividend on the common stock,
Chairman George W. Reynolds issued the following statement:
"While July sales were relatively better than in preceding months of the
year and the outlook for fall business is quite favorable, the directors
deemed it prudent to omit the payment of a dividend on the common stock
for the third quarter.
"Annual dividends ranging from 60 cents to $3 have been paid regularly
on the common stock since 1916. The ratio of cash assets to current
liabilities as of July 31 was 6X to 1."—V. 133. p.801.
American Cyanamid Co.—Annual Report.—
W. B. Bell, President says:
In January 1931 the company acquired the business and assets of A.
Klipstein & Co., importers and jobbers in the chemical field. This acquisition brings to the company a large number of established outlets for
AUG. 221931.]
FINANCIAL CHRONICLE
1291
the products it manufactures and deals in, or has in process of development. Its authorized capitalization is $500,000 all outstanding. It is a closed
Southern Alkali Corp. has been formed under the joint ownership of corporation with John W. Hubbard Chairman of the board.
company and the Pittsburgh Plate Glass Co., which is one of the important
Ames Shovel & Tool Co.
producers and consumers of alkalis. Southern Alkali Corp. has acquired
-Proposed Merger.
a plant site at Corpus Christi, Texas, with a view to the establishment of a
See Ames, Baldwin, Wyoming Shovel Co. above.
-V. 127, p. 108.
chemical industry at that location.
, The results for the 12 months covered by this report were adversely
Anglo-American Corp. of So. Africa, Ltd.
-Operations
affected by the extremely low level of general business during that period.
The following are the results of operations for the month of July, 1931:
The first object of directors has been and is to maintain the company in a
Tons
Total
sound financial position regardless of how long the present major depression
Costs.
Milled.
Revenue.
Profit.
may continue. Manufacturing operations have been conducted strictly Brakpan Mines Limited_ _ --100,500
£155,771
£104,108
£51.663
In relation to customers' demands and the company's inventory Position; Springs Mines Limited
152,729
81,219
74,500
71,510
'consolidation of activities at the most economical locations has been ac- West Springs Limited
74.500
77,300
63,643
13.657
celerated; and the costs of doing business have been materially reduced. -V. 133, p. 957, 802.
However, research and sales activity have not been relaxed. The company
Anticosti Corp.
better position that at any previous time to benefit by returning
-Interest on Bonds Defaulted.
is in a
good business.
Interest due Aug. 1 1931 on the BM% 1st mtge. bonds has not been
Earnings Years Ended June 30.
paid. At Feb. 5 1931 there were outstanding $5.192500 of these bonds.
Anticosti bondholders will receive $100 of Consolidated Paper Corp.
1931.
1930.
1929.
1928.
Net operating profit_ _ _ _ 52,969,326 $7,513,518 $3,989.260 42,429,402 1st mtge. bonds and one share of common stock for each $100 of their
642,364
Divs. int. & disct
719,642
21,071
186,842 bonds under the plan of reorganization of Canada Power & Paper Co.
182,233
Other income (net)
609.974
203,699
95,609 -V.132, p. 4415.
Total income
53.793,922 58.843,134 $4.214,030 $2,711.853
Research,process & market developm't exp_ _ _ 1,265,250
879,715
713,407
633.237
363,790
Int. and disct. paid- - _ _
438,216
294,905
Miscellaneous charges-85,407
85,641
45,441
6,504
Deprec. and depletion_ _ 1,529,512
2,636,327
984.718
1,293
Prey.for income tax_ _ _
185.134
171,535
229,17
Net income
Preferred dividends
Common dividends
$548.669 44.618,099 52,328,928 $1,547,589
3.141
263,056
335,754
3,450,031
1,140,680
527,544
Balance, surplus
$548,669 $1,164,925
$925,192
$684,292
Shs. combined class A &
(no par) 2,470,159
2,470,119 z1,325,462
B stock outst.
y329,510
$0.22
Earnings per share
$1.86
$1.56
$3.67
x Before depreciation and depletion. y Combined class A and B shares,
par $20. z The average number of shares outstanding during the fiscal
year was 661.025 with earnings per share of $3.12. a Comprising $931,351
as net income of companies prior to acquisition by American Cyanamid
Co., and $3,686,749 accruing to company.
Consolidated Surplus Account, 12 Months Ended June 30 1931.
Earnea
Capital
Surplus.
Surplus.
Total.
Surplus as at June 30 1930
$3.200,744 $17,245,281 $20,446,026
surpl. arising from reduction of stated
capital to basis of $10 per sh.for cl.
A & cl. B corn. stk. in hands of
public,in terms of resolut'n adopted
by stockholders on June 24 1931_
28.760,760 28,760,760
Consol. net inc. for the 12 months
ended June 30 1931
548,669
548,669
Miscellaneous credits (net)
10,975
10,975
Total
53.749,413 546.017,016 549,766,430
Appropriations to reserves against.
Property, plant and equipment..
19,995.672 19,995.672
Patents, processes, rights and purchased good-will
12,268,468 12,268,468
Investm'ts in & advances to other
companies and projects
3,502,470
3,502,470
Payments(asfrom July 1 1930) during remaining life of certain contracts expiring in year 1932 for
electric energy not required in
fertilizer plant operation
2,000,000
2,000,000
' Contingencies
1,000,000
1,000,000
Miscellaneous charges applicable to
386,199
prior periods (net)
386.199
Surplus as at June 30 1931
$3,363.214 $7,250,405 $10,613,619
Consolidated Balance Sheet June 30.
1931.
1930.
.
1930.
$
LiabilitiesAssets$
$
Land, bldgs., &c_x22,713,609 42,534,672 Capital stock_ _ __724,701,590 53,460,350
4,091,302 4,916,829 Preferred stock- -_
Notes & accts.rec.
z4,000
6,000
5,149,716 2,532,553 Funded debt
Cash
5,866,800 5,982,300
Marketable secur- 458,372 3,271,895 Min.int.in sub.cos. 1,541,019 1,538,149
•Other hives.& adv 1,191,639 1,620,645 Per. mon. obllg'ns 218,073
387,379
9,341,562 12,252,505 Accts. pay., accr.
Inventories
wages & taxes... 2,525,895 3,371,121
License, pats., &c_ 5.000,000 17,130,152
517,898 Dividends payable
Prepaid insurance.
988,095
648,906 2,529,817 Roo. for coating__ 3,102,119
Deferred charges
996,110
1
Prov. for Fed. tax.
21,991
Good-will
131,436
Surplus
10,613,620 20,446,026
Total
48,595,108 87,306,967
48,595,108 87,306,967
Total
x After depreciation and depletion of $32,576,639. y Represented by
45,943 shares of class A common (no par) and 2,404,216 shares of class
33 common (no par) including shares reserved for stocks not yet presented
for exchange, but excluding 207,883 shares of B stock held by a subsidiary
-V. 132. P. 4768.
company. z Called for redemption 40 shares.
-Earnings.
American News Co., Inc.
For income statement for 6 months ended June 30 see "Earnings De-V. 132, p. 1803.
partment" on a preceding page.
American Paper Goods Co., Kensington, Conn.
Reduces Par Value of Shares.
The stockholders on April 6 voted that the par value of the common
shares be reduced from $100 par to $25 par, four of the new shares to be
exchanged for each share outstanding at that time.
Stockholders' meetings may be held in the future in Kensington, Conn.,
where a factory is located, rather than in the corporation's office in Mont,
-V. 132, p. 3530.
•clair, N. J.
-Earnings.
American Rolling Mill Co.
For income statment for three and six months ended June 30 1931 see
"Earnings Department" on a preceding page.
Current assets on June 30 1931, including $9,008,050 cash and marketable securities, aggregated $36,935,738 and current liabilities $3,659,602.
on March 31 1931, current assets were $36,526,076 and current liabilities
53,948,344.-V. 132, p. 3887.
American Salpa Corp., Spotswood, N. J.
-Sale.
--
Archer-Daniels-Midland Co.
-Contract with CommanderLarabee Corp.
-See latter company below.
-V.133, p. 123.
Armstrong Cork Co.
-6 Months Report.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
John J. Evans, President, says in part:
"The half
-year's operations resulted in a net profit of $879.047 after
interest and all charges, as compared with $773,308 for the first six months
of 1930. Although these earnings are not to be regarded as satisfactory,
directors find encouragement in the fact that this modest increase in net
profit was achieved in face of a shrinkage in dollar sales volume of 30.4%
as compared with the correspondong period of 1930, and a shrinkage of
44.3% of dollar sales for the first six months of 1929. Inventories
have been further reduced during the past six months by $1,721,117, so
that to-day they are at the lowest point that they have been since 1922.
"From a financial viewpoint company has never been in a more liquid
position. An examination of the balance sheet reveals that it had available cash amounting to $8,298,776 on June 30. The ratio of liquid assets
to current liabilities on that date was 9.8 to 1 and the ratio of current
assets to current liabilities 19 to 1.
Foreign subsidiaries in common with the domestic companies have
under unusually difficult circumstances during the past six months.
usually
However,
'However, the Spanish corporation earned sufficient profit virtually to
counterbalance the operating losses sustained by the other foreign subsidiaries, which directors feel is encouraging under prevailing conditions.
The market for corkwood and grinding cork remains weak owing to reduced
world consumption, and the wisdom of the conservative pricing of company's inventories of raw material on Dec. 31 last has been justified. The
shrinkage on certain items has been largely compensated for by appreciation in value on other grades. The necessity may arise for some further
inventory write-off on raw cork at the end of this year, but such stocks
were priced on Dec. 31 1930 on such a modest basis that it is most unlikely
that any further depreciation required would be more than a small fraction
of that taken at the close of last year.
"Despite the seasonal lull in company's business which is always apparent
during July and August, directors face the future with tempered optimism.
Stocks of company's floor coverings in wholesalers' hands were 35.6%
lower in yardage on July 1 1931 than they were on the corresponding date a
year ago. Company's own stocks of finished goods and goods in process
have been correspondingly reduced. Any demand that develops, therefore, in consuming circles is almost immediately reflected in calls for shipments from the factories. A considerable degree of standardization and
simplication has been effected which should permanently reduce company's outlay for printing blocks, stencils, dies, lithographs, samples, &c.
"Earnings in the third quarter will be adversely affected by the seasonal
decline in sales volume always encountered during the summer months.
There appears to be a general feeling among company's customers, however, that the autumn will yield a fairly satisfactory volume of business.
The continuance of the present quarterly dividend of 25 cents a share naturally depends on whether this anticipation proves to be based on sound
premises."
Consolidated Balance Sheet (Including Domestic Subsidiaries)
June 30'31. Dec.31 '31.
June 30 '31. Dec.31 '30
AssetsLiabilities
Cash
8,298,777 5,410,808 Accounts payable
Customers' notes
and accrued exp. $775,984 3748,889
& accts. receirie 3,270,016 2,168,004 Accrued int.00 5%
Freight claims and
gold deb. bonds_
64,272
62,212
exp. advances_ _
73,796
Dividends payable 305,222
306,750
Quasi Govt. secure
2,000,000 Provision for Fed.
Min. accts. rec
142,522
income tax prior
Due from foreign
Years
34,651
71,920
subs.-curr.acct.
281,633 10
-year convertible
Inventories
9,304,869 11,025,987
5% gold debenAdvs. to foreign
lure bonds
14,931,000 14,931,000
subs, for purch.
Long term notes
of raw material_ 1,482,681 1,310,970
payable
98,945
Notes di accts. rec.,
Miscell. reserves
107,232
non-current. _
885,775
898,567 Capital stock_ __ _y35,118,040 35,118,040
Loans to employees
Surplus
8,507,139 8,354,339
partly secured._ 920,410
661,421
Prepaid expenses__ 628,872
766,026
Investments In and
advs. to wholly
owned for'n subs 5,931,734 5,857,136
Co.'s stk. & bonds 942,311
471,835
Other investments 917,311 1,071,894
Prop.,plant & eq.x25,645,638 25,797,554
Paid-up licenses &
patents
346,885
309,854
Deb. disc. & exp._
757,138
Deferred expense_
705,669
Good-will
624,772
624,772
Total
59,942,485 59,593,152
x After depreciation of $9,784,156
(no par)
.-V. 133. p. 123.
Total
59,942,485 59,593,152
y Represented by 1,239,247 shares
Art Metal Construction Co.
-Earnings.
-For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 133, p. 1128.
Department" on a preceding page.
-Earnings.
Associated Oil Co.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Wolter G. Winne, Henry Frank, Jr. and Stuart A. Young, receivers,
have been authorized by the Court of Chancery of New Jersey to receive
To Retire Notes.
bids for the assets of the company in whole or in part. Bids must e
There have been called for payment Sept. 1 next $1,200.000 of 12
-year
submitted on or before Sept. 1 1931 to the receivers in care of Israel 6% gold notes, dated Sept. 1 1923. Payment will be made at the Guaranty
B. Greene, Lefcourt Building, Newark, N. J.
Trust Co., 140 Broadway, N. Y. City, or at the Anglo-California Trust
Co., trustee,
Ames, Baldwin, Wyoming Shovel Co., Boston.
-- and interest. Market and Sansome Sts., San Francisco, Calif., at 102%
-V.133, p. 1128.
Merger.
me New York "Times" of Aug. 21
had the following:
-Earnings.
Atlantic Refining Co.(& Subs.).
A merger of Hubbard & Co. and the Pittsburgh Shovel Co. with a group
For income statement for 6 months ended June 30 1931 see "Earnings
of shovel and tool manufacturers into a $7,000,000 organization was re- Department" on a preceding page.
pjyted on Aug. 20. The corporation will be known as the Ames, Baldwin,
J. W. Van Dyke, Chairman, says in part:
Wyoming Shovel Co. and will have headquarters in Boston. Beall Brothels
Development Projects.-Management can conceive no better way of
.of Alton, Ill., were said to be the prime movers in effecting the combination. attempting to meet the shrinkage in operating margins, than through
The consolidation will have control of seven plants, viz.: The Ames effort to reduce expenditures for crude materials and handling costs.
Shovel & Tool Co. Boston, has two plants; the Pittsburgh Shovel Co. has Since the new East Texas producing field promises unusually low cost
a Plant at Leechbui, Pa.;the Wyoming Shovel Co. has a plant at Wyoming, crude oll for a long time to come, decision was taken within the past few
Psi the Baldwin 'fool Co. is at Parkersburg. W. Va., while Hubbard & months to enter that area,through Atlantic Oil Producing Co.ass producer.
400 5 plant is in Pittsburgh, Pa.
.
Substantial capital investment in carefully selected acreage has been made,
Charles L. Pierce Jr. is President of Hubbard & Co., and W. S. Horner with the thought that the crude oil recovered will supply the company's
beads the Pittsburgh Shovel Co.
refineries with a very appreciable fraction of their needs for several years.
Hubbard & Co. manufacture hardware in addition to shovels. While
Again, because transportation charges on both crude oil and products
II was not made clear is the merger report whether the entire manufacturing decidedly affect operating margins, two new pipe line systems are under
UM was included in the combination, it was believed the greater part of construction. One of these will be a 10
-inch line, owned by Atlantic
else business was effected. The company was organized in the late '80s. Pipe line Co., extending over a distance of about 180 miles from the East
1292
FINANCIAL CHRONICLE
Texas oil field to the already existing Atlantic Pipe Line deep water terminal
at Atreco near Port Arthur, Tex. Its purpose will be, of Course, to transport oil produced and purchased by Atlantic Oil Pr- clueing Co.and to serve
other purchasers and shippers who may wish to use the facility under freight
tariff regulations. The other pipe line is being constructed by the Keystone Pipe Line Co. from Philadelphia to delivery points in eastern and
central Pennsylvania with the probability of future extension into other
areas. Its purpose is to transport gasoline and other oils from the Philadelphia refinery to various marketing outlets at low cost as compared with
previously existing transportation charges. As a common carrier it will
also be available to others who may wish to use it under tariff regulations.
Comparative Balance Sheet June 30.
1931.
1931.
1930.
1930.
I
$
I Liabilities$
$
Assets$
Plant aceount_1101,588,427 98,558,112 Common stock- 67,416,050 67,414,525
Perm. invests__ 11,460,457 10,728.947 Debentures_ __ _ 15,169,884 14,158,759
Cash
4,996,150 8,323,889 Ca de euro. of
105,115
60,247
103,891
minority int- 100,800
0th. market sees 2,691,255 2,204.239 Notes payable_ Accts. payable_ 4,859,348 4,581,557
Accounts receiv9.048,332 12,504,767 Fed. taxes (est.)
82,000 1,193,000
able
48,171
358,628 Other curr. nab.
1,590
Notes receivable 1,239,419
561,264
812,149
563,955
79,097 Accr. liabilitiesDue from empl_
698,819
788,599
Inventories__ _ 24,864,258 34,897,384 Deferred items_
Prepaid and deOther oper. res_ 11,228,224 11,365,421
y57,331,478 64,985,223
!erred items- 1,140,520 1,398,987 Surplus
Other current
181,208
133,413
assets
Total
Total
157,600,175 185,091,353
157,600,175 185.091,353
x After deducting $53,861,999 for depreciation and $4,847,281 for depletion and amortization. y Consists of $46,470,599 earned surplus: $10,-V. 133, p. 645.
449,630 paid-in surplus and $411,248 capital surplus.
Atlas Tack Corp.
-Earnings.
For income statement for 3 and 6 months ended June 27 see "Earnings
Department" on a preceding page.
-V.132, p. 3531, 2392.
-Funds for Dividends on $3 PrefAtlas Utilities Corp.
-President
erenceStock, Series A, Set Aside for One Full Year.
F. B. Odium, Aug. 3, in a letter to the holders of $3 preference stock, series A, and common stock, says in substance:
The directors on June 22 declared the regular quarterly dividends on the
now outstanding $3 preference stock. series A, for the next four quarterly
periods: that is to say, through the quarterly period ending June 1 1932.
Inasmuch as a part of these quarterly dividends has been declared to be
paid out of capital surplus, the directors wish to call attention to the following facts:
1. Atlas Utilities Corp. follows the practice of carrying the profits and
losses from sale of securities through its capital surplus account rather than
through its income account. All dividends paid on the outstanding $3
preference stock, series A, for the periods up to June 1 1931. have been
distributed out of the earned surplus account, which, on June 30 1931 had
a balance of $193,832. On that date, the capital surplus account was in
excess of $3,950,000. after taking all securities at market values or at an
appraised value which your directors believe to be conservative in the
absence of readily ascertainable market value.
2. Notwithstanding that the portfolio of the corporation has a large
and increasing percentage of non-dividend paying stocks of investment
trusts (which are being acquired in most cases for the purpose of future
reorganizations and consolidations, but which, in the meantime, the
corporation does not count on as a source of income from dividends), the
suggested annual earning power of the consolidated portfolio of this corporation and subsidiaries, before deducting the proportion applicable to minority
interests. Is in excess or $750,000 based on present interest rates and past
dividend records. The portfolios of your corporation and its subsidiaries
could be quickly re-arranged so as to produce a much larger income, but,
for the time being, the directors may pursue the opposite course by increasing investments in non-dividend paying stocks of investment trusts.
In view of the above, the directors considered it advisable and in the
interest of the stockholders to declare at this time and set aside funds for
the dividends on the now outstanding $3 preference stock, series A, as
above set forth, for one year in the future, thus placing the corporation in
a position for one year, whereby it may elect to act without having to
consider the necessity of meeting current preferred dividend requirements
out of earned income.
Subsidiary Changes Name.
The corporation announces that the change of name of the Chatham
Phenix Allied Corp. to Securities-Allied Corp. has been authorized. The
board of directors of the new corporation will be as follows: Floyd B.
Odium, E. K. Hall, L. Boyd Hatch, Oswald L. Johnston, Thomas L.
Chadbourne, General Samuel McRoberts and William B. Joyce. The
last three named have served on the board of directors of the Chatham
Phenix Allied Corp. since its incorporation.
The Atlas Utilities Corp. acquired last week the control of the Chatham
Phenix Allied Corp. by purchase of the holdings of Chatham Phenix Corp.
in that investment trust. This acquisition was in accordance with the
expansion policy of the Atlas Utilities Corp. and marked the 12th investment trust to come under Atlas control since June 1930.-V. 133, p. 1128.
Baird Television, Ltd., London, England.-Distributors.See Distributors & Underwriters Corp. below.
-Merger Approved.
Beardsley & Wolcott Mfg. Co.
The merger of this company and the Connecticut Electric Mfg. Co. of
Bridgeport, Conn., wee approved by the stockholders of the Beardsley
company on Aug. 7 (see V. 133. p. 803).
According to the plan, the Industrial Managers, Inc. of New York, will
organiee a Connecticut corporation to acquire the assets of both corporations
through an exchange of stock. It is also planned to raise between $200,000
and $300,000 in 1st mtge. bonds, depending on the appraisal.
Pro Forma Balance Sheet June 30.
[Prepared from figures furnished by Beardsley & Wolcott Mfg. Co., and
Connecticut Electric Mfg. Co. and giving effect to new financing.]
Assets
$306,690
$238,751 Notes payable, banks
Cash
79,564
60,347 Accounts payable
Accounts receivable (net)___
851
7,264 Accrued accounts
Notes receivable
250,000
a572,433 First mortgage 8%
Inventory._ ,
150,000
-year notes 8%
51,942 2
Investments
250,000
1,149,113 6% preferred stock
Fixed assets
2 Class A stock (30,000 abs.
Good-will and patents
300,000
no par)
Class B stock (60,000 fibs.
300,000
no par)
442,747
Capital surplus
2,079,852
Total
$2,079,852
Total
a Shrinkage if any in values would reduce capital surplus to that extent.
403.
.
-V. 133 P.
-Orders Received.
Bigelow-Sanford Carpet Co., Inc.
The company has received orders for more than 10.000 yards of carpets
to be used in several leading hotels.
-V. 133, p. 484.
Billings & Spencer, Hartford,Conn.-New Director, &c.
Arthur B. Stedman has been elected to the board to fill the vacancy
caused by the withdrawal of Arthur B. Deute, who resigned as VicePresident and General Manager several months ago.
The stockholders appointed a commitee consisting of William L. Mooney,
Vice-President of Aetna Casualty & Surety Co., and William H. Putnam
of Putnam & Co. to confer with directors of Billings & Spencer with
reference to the [awe policies of the company. The committee may be
further increased.
-V. 128, p. 561.
Borden Co.
-Entire Staff of Vogt Instant Freezers, Inc.,
Joins Company.
-
Clarence W. Vogt,and the entire staff of Vogt Instant Freezers, Inc., of
which Mr. Vogt is'President, on Aug.6 became associated with the Borden
[VOL. 133.
Co., New York, in the capacity of technical advisers on freezing and refrigeration. The agreement covers an indefinite period, during which,
Mr. Vogt and his organization will devote their attention to all Borden
milk products, and particularly ice cream, fruit juices and eggs.
-V. 133.
p.124.
Budd Wheel Co., Philadelphia.-Ezrta Dividend.
The directors have declared the regular quarterly dividend of 25c. a
share on the common stock, payable June 30, to holders of record June 10.
The usual extra dividend of 75e. (3( of 1%) and the regular quarterly
j%) a share have been declared on the 7% cum.
dividend of $1.75 (fl
partic. pref. stock, both payable Sept. 30 to holders of record Sept. 10.
Like amounts were paid on Sept. 30 and Dec.31 1930 and on March 31 and
June 30 last. The extra dividend on the preferred stock is a participating
dividend as the rate of dividend on this class of stock is determined by the
net operating revenue of the company. The minimum rate is 7% and the
maximum that shall be paid is 10%. The latter rate shall only be paid when
the operating revenue is $1,000,000 or more.
-V.133.P• 4 4
8.
Bullard Company.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 132, p. 2589.
-Organized.
California Spray-Chemical Corp.(Del.).
The corporation, to which the State Corpoartion Commissioner of
California Aug. 14 granted a permit for the issuance of stock, will take
over the business of the present California Spray Chemical Co. The
Standard 011 Co. of Calif. is participating in the capitalization of the
reorganized company. There is to be no public issuance of the stock.
The board of directors of the new California Spray-Chemical Corp.
includes K. R. Kingsbury, R. K. Davies, G. E. Kennedy, B. W. Letcher.
and P. P. Matt, representing the Standard Oil Co. of California. and
E. E. Luther, R. K. Vickery. Paul A. Sinsheimer, and W. H. Volck.
representing the predecessor company.
The interest of the Standard Oil Co. of Calif. in this venture lies in
the fact that the business centres around the development of a market
for sprays which consist principally of mineral oils. -The higher relative
efficiency of oil sprays for purposes of agricultural and horticultural pest
control as compared to other insecticides is now well established. The
patents acquired by the new corporation give it a preferred position in
this field.
The California Spray-Chemical Co. was incorporated in June 1908.
In the last six or seven years its business has increased rapidly. It has
shown progress and development, and its position was strengthened in
1929 by very broad oil spray patents allowed by the U. S. Patent Office.
The bulk of the company's sales of insecticides have been made in the
Pacific Coast region. In the last few years markets have been developed
in other parts of the United States, and in Europe, Australia and South
Africa.
-To Merge with Phelps
Calumet & Arizona Mining Co.
Dodge Corp.
-The stockholders will vote Sept. 21 on approving and authorizing a plan of reorganization and agreement
providing for combining the property and business of this
company and Phelps Dodge Corp. (see latter in V. 133,
p. 1137).
Secretary James E. Fisher, Aug. 12, in a letter to the stockholders.
says in substance:
The plan of reorganization and agreement dated Aug. 12 1931, has
already been entered into subject to the approval of the stockholders of
the two companies. It provides for the acquisition by Phelps Dodge Corp.
(which now has outstanding 2,822,892 shares of stock, par 825 each) of
all, or substantially all, of the property and assets of Calumet 3c Arizona
Mining Co. in exchange for shares of the stock of the Phelps Dodge Corp.
on a basis which will permit the distribution of 3X shares of Phelps Dodge
Corp. for each share of Calumet & Arizona. In addition, Phelps Dodge
Corp. will assume all the obligations and liabilities of Calumet & Arizona
Mining Co.
In the event that the sale and exchange is made, Calumet & Arizona
Mining Co. will pay to its own stockholders a cash dividend of $2.50 Per
share: and in the further event that Phelps Dodge Corp. declares any
dividend payable to its stockholders of a record date prior to the date of
the issue of its shares to Calumet & Arizona Mining Co., this cash dividend
of $2.50 per share of Calumet & Arizona stock will be increased by an
amount per share equal to 3,4 times the per share dividend so paid by
Phelps Dodge Corp.
As a result of the transaction, for each share of Calumet & Arizona
Mining Co. the holder will receive 3SI shares of stock of the Phelps Dodge
Corp.as recapitalized and the aforesaid cash dividend,and the stockholders
of Calumet & Arizona Mining Co. will acquire approximately a 48%
ownership in one of the largest units in the copper industry. No fractional
shares of Phelps Dodge will be issued but in lieu thereof there will be deliverable non-voting and non-dividend-bearing stock scrip, exchangeable
when combined with other scrip amounting to one or mere full shares, for
the corresponding number of full paid and non-assessable shares of Phelps
Dodge.
The new board of directors of Phelps Dodge Corp. will include a substantial representation of the present Calumet & Arizona directors.
The Phelps Dodge mines located at Bisbee and Morencl, Arizona, and
that of its wholly owned subsidiary, Moctezuma Copper Co. located at
Nacozari. Mexico, have had an average production of 189,400:000 pounds
of copper per annum over the last five years. The Clay ore body at Morenci
is the only large known undeveloped porphyry ore deposit in the United
States and, it is believed, will eventually be one of the large low-cost copper
producers of the world. The Phelps Dodge Corp. also owns practically
operates two
Nichols Copper Co.,
all (99.9%) of the stock of the having an aggregate which capacity of
annual
refineries in the United States
500.000,000 pounds. The Nicola Copper Co. also owns a stock interest
of 15% in Canadian Copper Refineries, Ltd., which has recently completed
a copper refinery at Montreal with an annual capacity of 150,000,000 pounds
of copper. The Nicols Copper Co. has for several years refined the coPPer
of your company on a toll basis. It has shown increasingly satisfactory
earnings during the past five years, including 1930.
Phelps Dodge Corp. also owns all of the stock of National Electric
Products Co. (Nepco), which is one of the largest fabricators of copper in
the United States, with a capacity of over 200.000,000 pounds of copper
products per annum. Its plants are strategically located, modern and well
managed, and during the past five years, including 1930, the company
has shown substantial earnings.
At the present time Calumet 3: Arizona Mining Co.confines its operations
to the mining and smelting of copper, and the board of directors has felt
for a number of years that this company should purchase or build a fabricating plant to provide a satisfactory outlet for its products. It will be seen
from the foregoing that the consummation of the combination, if approved
by the stockholders of both companies, will provide for a complete mineto-market operation and the combined company will mine, smelt, refine,
fabricate and market copper and copper products through its own organization.
The properties and business of the two companies supplement each other
most advantageously. Their respective mining properties at Bisbee.
Arizona, are actually contiguous; their respective smelters at Douglas,
Ariz.. are on adjoining properties; for several years a largo part of the
products of both companies has been marketed through subsidiaries of the
Phelps Dodgo Corp. It is apparent that their consolidation offers a sound
basis for substantial operating economies. A pro forma balance sheet of
the combined companies, compiled as of June 301931. shows a total of net
quick assets of $33,263,000, after allowing for the payment of $2.5.0 ,per
share to the stockholders of the Calumet & Arizona Mining Co. as before
stated.
It is the belief of the directors that in the proposed plan the Interests of
Calumet & Arizona stockholders are thoroughly safeguarded and that as
a result of the combination the very large ore reserves from which the
combined company will be able to produce low cost copper for many years,
combined with its fabricating and marketing facilities, will make possible
greater returns to you in dividends than can be expected under a continuance of the present independent operation
In the opinion of counsel to the company neither Calumet & Arizona
Mining Co. nor its stockholders will be subject to Federal income tax because of the transfer of Calumet Az Arizona's assets to Phelps Dodge Corp.
and the distribution of the stock of the combined Phelps Dodge Corp. te
the Calumet & Arizona stockholders. The cash dividend to be Paid to
stockholders of Calumet & Arizona will, however, be subject to Federal
Income tax as an ordinary dividend.
AUG. 22 1931.]
FINANCIAL CHRONICLE
1293
In an effort to find a solution for the problems confronting the company,
the management has negotiated a contract with Archer-Daniels-Midland
Co. whereby the latter company agrees, for a period ending three years
after the consummation of the plan to finance the grain purchase requirements of the company and its subsidiaries. This contract is conditioned,
however, upon the consummation of this plan with the resulting reduction
of the outstanding funded and fixed charges of the company. The management believes that this contract offers a satisfactory and the only
presently available means for financing grain purchases and will permit
the company and its subsidiaries to conduct their operations on a profitable
basis. The management therefore recommends and urges the consum-Dividend Omitted.Canada Bread Co. Ltd.
mation of this plan.
voted to omit the semi-annual dividend ordinarily
The directors have
Summary of the Plan of Reorganization.
payable about Sept. 1 on the common stock. A semi-annual distribution
New Company -It is proposed that the assets of Commander-Larabee
of 25 cents per share was made on this issue on March 2 last, as against Corp. (Md.) and its two principal subsidiaries
-Commander Milling
-V.132. p. 1624.
37% cents per share previously.
-shall be combined
Co. (Minn.) and the Larabee Flour Mills Co. (Kan.)
in a single corporation. This new company is to be organized under the
Canada Paving & Supply Corp., Ltd.
-Defers Div.
name of the Commander-Larabee Co.(or under such other name as the
The directors have decided to defer the quarterly dividend of $1.75 per committee may determine) and under the laws of such State as may be
share due Sept. 1 on the 7% cum. 1st pref. stock. President Thomas determined by the committee.
Chick says the directors have decided to defer payment of the dividend
It is proposed that the outstanding bonds, notes and pref. stock of
which is cumulative, due to lack of sufficient work this season to enable Commander-Larabee Corp. deposited under the plan shall be exchanged
dividend to be earned. For the first six months of the fiscal year, ending for securities of the now company. Other debts of corporation and subJan. 31 1932, total volume of business approximated $1,000,000, which sidiaries are to be paid off or assumed by the new company, except to
compares with total business in the previous 12 months of $3,000,000 and the extent that outstanding bank debts may be funded into notes of the
total for the year preceding last of 35,000,000.-V. 132, P. 4416.
new company. The plan makes no provision for outstanding warrants
of Commander-Larabee Corp. originally attached to the notes of the
Century Air Lines, Inc.
-New Service.•
company.
Curley of Boston. Mass., stated that direct airplane service
Mayor
In addition $500,000 of additional working capital is to be obtained
between Boston and Chicago. with connections there for the West Coast. for the new company through the issue and sale by the new company of
will be established at the East Boston airport on Aug. 27 by Century Air $500,000 prior preference stock and 100,000 shares of common stock,
Lines, Inc., of Chicago. He said there will be three round trips daily and to be offered for subscription and underwritten.
that it will take but 10 hours to go to Chicago.
Advantages of the Plan.
This company now runs planes between Chicago and West Coast. Boston
The committee believes that, if the plan
-continental air line.
will be the Eastern terminus for the traps
-V. 133. result in the following material advantages: shall be consummated, it will
p. 647.
(a) Funded debt and fixed charges will be substantially reduced;
(b) Worling capital will be increased by at least $500,000:
Century Ribbon Mills, Inc.
-Opens Branch Office.
(c) The corporate structure of the company and its subsidiaries will
The corporation has opened a branch office at 1400 Broadway, N. Y.
be greatly simplified; and
City, to service the "cutting-up" trade or millinery and allied lines in the
(d) The new company will, by reason of the above-mentioned contract,
district, which has been increasing. The main office will remain at 80
be assured for a three-year period of being able to finance its grain purMadison Ave.. this city.
-V.133. P.804, 647.
chases without recourse to bank borrowings.
Basis of Exchange.
Chatham Phenix Allied Corp.
-Changes Name.
(a) Holders of 1st mtge. 6% 15-year sinking fund gold bonds of ComSee Atlas Utilities Corp. above.
-V.133, p. 1130.
mander-Larabee Corp. assenting to the plan will be entitled to receive,
Chesebrough Mfg. Co. Consol.-Eztra Div. of 50C.
- upon consummation of the plan, securities of the new company,in exchange
The directors have declared an extra dividend of 50c. per share and the for bonds deposited under the plan, at the following rates per $1,000 bond:
-year 6% bonds of the new company,
$600 of 1st mtge. 10
usual quarterly dividend of $1 per share on the $3,000,000 common stock,
$350 of 6% coin. pref. stock of the new company, and
par $25, both payable Sept. 30 to holders of record Sept. 11. Like amounts
10 shares of common stock of the new company.
were paid on March 31 and June 30 last. In March, June and Sept. 1929
(b) Holders of 10-year 7% secured sinking fund gold notes of Comand 1930 an extra dividend of 50c. per share was also paid, as compared
with an extra of 81 per share on Dec.30 1929, and on Dec.30 1930. Extras mander-Larabee Corp. assenting to the plan will be entitled to receive
of 25c. per share were distributed on June 30, Sept. 29 and Dec. 28 1928.- upon consummation of the plan, securities of the new company, in exchange
for notes deposited under the plan, at the following rates per $1,000 note:
V. 132. p. 3890.
-year 5% notes of the now company,
$350 3
Chicago Yellow Cab Co.
-Earnings.
$350 6% cum. pref. stock of the new company. and
10 shares of common stock of the new company.
For income statement for three and six months ended June 30 see "Earn(c) Holders of 7% pref. stock of Commander-Larabee Corp. assenting
ings Department" on a preceding page.
-V.132, p. 3345.
to the plan will be entitled to receive, upon consummation of the plan,
in exchange for each share of pref. stock deposited under the plan:
City Hall Building Corp., Chicago.
-Foreclosure.
One share of common stock of the new company.
Foreclosure proceedings have been started against the company by the
Subscription Rights.
Central Republic Bank & Trust Co., Chicago, as trustee of the $1.750,000
bond issue. The corporation failed to pay $21,500 principal and $50,546
Holders of 7% preferred stock of Commander-Larabee Corp. assenting
interest due Aug. 1. according to the bill of complaint.
the plan will be given the right to subscribe, pro rata, for a total of
to
$500,000 of 6% cumulative prior preference stock of the new company,
Claude Neon Electrical Products Corp., Ltd.
-Earns. at $100 per share and accrued dividends. With each share of prior prefFor income statement for 6 months ended June 30 see "Earnings De- erence stock so taken up and paid for, 20 share.of common stock of the new
company are to be delivered without additional cost. Such offering of
partment" on a preceding page.
prior preference stock and common stock is to be underwritten by a group
Consolidated Balance Sheet June 30.
including parties interested in the present management of Commander1931,
LiabilitiesAssets1930.
1931.
Larabee Corp. and Archer-Daniels-Midland Co. which controls the
1930
$307,881 $189,606 Accts. payable for
Cash
majority interest in the company and is represented on its board of di281,788
purchases,exps.,
Customers'oblige. 394,960
rectors.
arc
Royalties due from
$127,149 $163,678
Holders of common stock of Commander-Larabee Corp. assenting to
38,912 Dividends payable 113,014
6.796
licensees
70,657 the plan will be given the right to subscribe for 6% cumulative prior pref301,846
Inventory
342,010 Mtge. obligations., 100,000
119,500 erence stock of the new company, at $100 per share, on the basis of one
Reserves for FedSundry accounts,
share of prior preference stock for each 100 shares of such common stock
245,954 eral income tax_ 112,730
investments.&c. 536,578
59,818 held. With each share of prior preference stock so taken up and paid for,
Inv.in rental equip 1.655,069 1,667,932 Res. for mainte20 shares of common stock of the new company are to be delivered without
nanse,conting.&e 313,951
Land, buildings &
296,141 additional cost. Such offering to the holders of common stock is not to be
equipment
583,094
584,128 Deferred income
173,388
198.649 underwritten.
Neon sign contracts
Patent rights &
Funded Debt and Capitalization of New Company.
75,999
107,579 (contra)
good-will
4,273,322 4,554,208
The initial funded debt and capitalization of the new company, upon
Minority interestNeon sign con6,534
542 consummation of the plan, are to be substantially as follows:
tracts(contra) 4,273,323 4,554,207 Preferred stock_ - _ b368,200
368,200
Authorized.
Outstanding
183,878
197,224 Com.stk.& surplusa2,731,136 2,377.980
Deterred charges
1st mtge. 10
-year 6% bonds
$2,000,000
$1,500,000
3
-year 5% notes
2,000,000
567,000
1,000,000
500,000
Total
$8,319,426 $8,209,341
Total
18,319,426 88,209,341 6% cum, prior pref. stock ($100 par)
cum. preferred stock ($25 par)
1,442,000
1.500,000
-The corporation was contingently liable at June 30 1931, for 6%
Note.
Common stock (no par)
300,000 abs.
211,764 abs.
foreign drafts and customers' notes and trade acceptances discounted,
The above table is based upon (a) the assent ot the plan by the holders
amounting to $2,120.
of all of the outstanding bonds, notes and preferred stock of Commandera Represented br269,523 shares (no par). b 18.410 shares outstanding.
Larabee Corp., and by the holders of a satisfactory percentage of the out-V. 103. P. 1100
.
standing common stock of Commander-Larabee Corp.; (b) the issue by
the new company of $500,000 prior preference stock and 100,000 shares of
Columbia Finance Corp.
-Conviction Upheld.
Its common stock, to be offered for subscription to holders of outstanding
The convictions of W. Bernard Vause, former County Judge of Rings preferred stock, and to be underwritten: and (c) such other transactions
County, N. Y.. and Samuel Schuchman, his associate, of a mail fraud and as are reflected in the pro forma balance sheet as at May 31 1931 (see
conspiracy in connection with the sale of stock of company have been below).
T
unanimously confirmed by the U. S. Court of Appeals. The opinion,
respective amounts of prior preference stock and common stock of
written by Judge 'Jerrie B. Chase, was concurred in by Judges Martin the new company to be outstanding, as stated above, will be increased to
-V. 130, p. 3360.
Manton, presiding, and Thomas W. Swan.
the extent of any stock issued upon exercise by the holders of common
stock of Commander-Larabee Corp. of their subscription rights. In the
Columbian Carbon Co.
-Earnings.
-discretion of the committee, the respective amounts of securities of the
For income statement for 3 and 6 months ended June 30 see "Earnings new company to be outstanding,asstated above, may (1) be reduced, in case
Department" on a preceding page.
-V. 132, p. 3533.
the holders of all outstanding bonds, notes and preferred stock of Commander-Larabee Corp. shall not assent to the plan,and (or)(2) be increased,
Columbus Foods Co.
-Dividend Omitted.
In case additional bonds and (or) notes and (or) stock of the new company
The directors have voted to omit the quarterly dividend of 87he, per shall be issued or sold for the purpose of raising additional initial working
capital for the new company and (or) to pay liabilities (if any) to creditors
Share due at this time on the $3.50 pref. stock, series A.
and (or) to stockholders who may not assent to the plan and (or) to fund
bank debts of the three companies outstanding at May 31 1931. into notes
Commander-Larabee Corp.
-Reorganization Plan.
the common stock of the hew company, to
The reorganization committee has formulated a plan for the reorganization of the new company. 5% of
plan, is to be issued to Dillon,
of the corporation and its principal subsidiaries, and recommends its be outstanding upon consummation of the Inc., as compensation for their
plan is unanimously approved by the boards of directors Read & Co. and Lane, Piper & Jaffrey,
adoption. The
serVices in connection with the consummation of the plan. The committee
of the constituent companies and by a protective committee representing
Commander-Larabee corp. to
may. in its discretion, permit the bonds
holders of the outstanding bonds and notes of the corporation. (See remain outstanding, in which case holders of bonds of Commander-Laramee
of
V. 133, P•
Corp. assenting to the plan will receive (in lieu of first mortgage bonds of
11308ondition of Companies and Purpose ofPlan.
-year 6% bonds of the new company, secured by
Corporation and its subsidiaries had outstanding at May 31 1931 more the new company) 10
than $2 500,000 of 1st mtge. 6% 15-year sinking fund gold bonds, due pledge of all bonds of Commander-Larabee Corp. deposited under the
July 1 1941, $1,620,000 of 10-year 7% secured sinking fund gold notes plan and by a direct lien upon all fixed assets of the new company.
due July 11936. and more than $4,150.000 of notes and accounts payable,
Financial Position of New Company.
including approximately $3,450,000 of debts owed to banks.
consummated there will be a reduction in funded
If the plan
Due to the seasonal character of the flour milling business, as a result outstanding in is hands of the public from $4,137.000 to 82.067.000.debt
the
On
of which the company and its subsidiaries must be in a position during this basis, the total annual saving in interest on funded debt resulting from
certain periods of the year to purchase large quantities of grain against the consummation of the plan would be $146,070.
future delivery of flour, successful operations depend upon
contracts for
Reports of operations of the constitutent companies for the
of
their ability to finance such purchases. The large losses sustained by approximately four years and 10 months ended Ma 31 1931,period an
show
the company and its subsidiaries during the fiscal year ended July 31 aggregate net loss, after all charges, including Federal income tax. depredecline in consolidated working capital.
1930 caused a serious
(but excluding profits arising from retirement by
In June 1931 the company and its subsidiaries were forced to pay off ciation and interest Corp of its bonds and notes purchased below par),
Commander-Larabee
approximately 70% of their total outstanding notes payable (such pay- of approximately $921,791. or an average of approximately $192,964 per
ment amounting to approximately $2,750,000, of which approximately
the following tabulation:
$2,400,000 was applied to reduction of bank debt). The balance of such annum, as shown by
notes payable, amounting to approximately $1,000,000. must be paid From Aug. 19 1926 to July 31 1927
OP or before Oct. 1 1931. As a result the company and its subsidiaries Year ended July 31 1928
loss107,747
are unable to obtain sufficient bank credit to finance their grainreq nire- Year ended July 31 1929
prof345,419
au ge_
10551,919,689
ments for the present crop season. Although temporary financing arrange-- Year ended July 31 1930
ments have been made pending consummation of this plan, the management 10 months ended May 31 1931
1055138320
The management calculates that the average annual earnings of the new
believes that, unless steps are taken promptly to improve the situation,
future operations, if they could be continued at all, would prove most company on the basis of operations during the above-mentioned period of
unprofitable.
approximately four years and 10 months, but adjusted to give effect to
It is necessary to make provision for the distribution to the stockholders
•of Calumet & Arizona Mining Co. of the shares of the Phelps Dodge Corp.
which will be received as consideration for the Calumet & Arizona properties
and assets. Such distribution may be accomplished either in connection
with the dissolution of Calumet & Arizona Mining Co. after the transfer
of property and assets has been completed, or through a reduction of the
authorized capital of the company to a nominal amount. In the
judgment of the board of directors the former method is deemed advisable.
The particular course to be adopted will be finally determined at the special
he
-V. 133, p. 1129, 958.
meeting of stockholders.
1294
FINANCIAL CHRONICLE
[VOL. 133.
benefits expected to be derived from the consummation of the plan, to the common stock; to
rights and no preemptive
reduction of depreciation charges. Such reduction will result from a and to be entitled,be entitled to no voting preference stock as above,rights:
pro rata with the
to the
writing-down by the management of existing book values of fixed assets benefits of the sinking fund referred prior
to.
from $7,166,966 to $4,000,000 and from an adjustment of the rate of
Common Stock.—Is to
to have no
depreciation to conform more closely to rates prevailing in the industry. preemptive rights; and tohave full and exclusive voting rights; declared by'
when
be entitled to dividends
And the elimination of certain non-recurring items, would have been more the board of directors, after payment of all sinking as andand after payment
funds
than sufficient to meet all annual interest and other charges of the new In full of all cumulative dividends on the prior preference stock and the
company, together with full annual dividend requirements on the prior preferred stock.
preference stock and preferred stock of the new company, on the basis
Pro Forma Balance Sheet as at May 31, 1931.
of the funded debt and capitalization. In this calculation no adjustment
Assets—
Liabilities—
has been made to give effect to the improvement in earnings resulting Cash and
demand dep.:ans.-31,085,264 Notes payable
$1,178,700
from operating economies recently put into effect by the present manage- Customers'
notes and accounts
183,208
Accounts payable
ment, which assumed control in Sept. 1930
receivable, less reserve
898,066 Mtge. payable (current)
10,000
Assents to Plan.—Holders of first mortgage 6% 15
-year sinking fund MIscell. accts, rec., less res
47,665 Accrued commissions, payroll,
gold bonds and 10
-year 7% secured sinking fund gold notes may assent to Inventories
129,358
1,869,176 taxes,&e
the plan by depositing their bonds or notes with Chemical Bank & Trust Prepaid insur.,
50,000
71,170 Res,for reerganiza'n expenses_
Co.. 165 Broadway, N. Y. City, or First Minneapolis Trust Co., 115 Inv.& exch., int., advtg.,&c
16,000
South Fifth Street, Minneapolis, Minn., depositaries. All bonds and notes Customers' &c., memberships 152,500 Mortgage payable(deterred)
notes rec., less res.
1,500,000
26,667 1st mtge. 10-year 6s
so deposited should be accompanied by coupons maturing on and after Land., bidgs.,
mach'y & equip 4,000,000 3
587,000
-year 5% notes
Jan. 1 1932.
500,000
6% cum. prier prof.stock
Holders of 7% preferred stock may assent to the plan by depositing Det'd equity in property being
acquired
1,442,000
79,410 6% cum. pref.stock
their stock certificates with Chemical Bank & Trust Co., or First Minne- Good-will, under lease contr
brands.tr.-mks &c
1 Common stock and surplus:
apolis Trust Co., depositaries.
To be auth. 300,000 shares
Holders of common stock may assent to the plan by signing such
x2,853,657
of no par value
forms of assents, proxies and powers of attorney as the reorganization
committee may approve.
Total
$8,229,919 Total
$8,229,919
Such assents must be made on or before Sept.4 1931, or within such other
period as may be fixed from time to time by the committee.
x 211,784 shares, (no par value).
Note.—The balance sheet shown above is based upon the consolidated
Summary of Provisions of Contract with Archer-Daniels-Midland Co.
balance sheet of Commander-Larabee Corp. and its subsidiaries as at May
Parties.—Commander-Larabee Corp., Larabee Flour Mills Co., Com- 31, 1931, as prepared from
the books of those companies, without verificamander Milling Co., in behalf of the new company, and Archer-Daniels- tion by audit and
after giving effect as at that date to the provisions of the
Midland Co.
foregoing plan and to other adjustments.—V. 133. P. 1130.
Duration.—Three years from the date of consummation of the plan.
Purpose.—Archer-Daniels agrees to finance, upon the request of the new
Commercial Investment Trust Corp.—Regular Divs.—
company, the entire grain requirements of the new company. ArcherThe directors have declared the regular quarterly dividends of 50c. per
Daniels further agrees to deliver grain so purchased to the new company
from time to time on demand and against payment therefor and to render share on the common stock, $1.75 on the 7% 1st pref. stock and $1.62%
on the 654% 1st pref. stock. The usual quarterly dividend on the cony.
to the new company certain managerial and other services.
Purchases and Sales of Grain.—Archer-Daniels will, on request of the new preference stock, optional series of 1929, has been declared at the rate
of
company, either purchase for the account of the new company, or advance at 1-52 of 1 share of common stock, or at the option of the holder in cash
the rate of $1.50 for each cony, preference share. All dividends are
to the new company funds to purchase, grain required, in the judgment of
the new company, in the ordinary conduct of its milling and elevator payable Oct. 1 to holders of'record Sept. 5. Like amounts were also paid
business. Archer-Daniels agrees further to sell any such grain upon the on July 1 last.—V. 133, p. 1131.
request of the new company and credit the new company with the proceeds
Consolidated Textile Corp.—Earnings.—
of such sale. Each day there shall be an adjustment of the difference
For income statement for 6 months ended June 30 see "Earnings Debetween the closing market price on such day of grain held by Archerpartment" on a preceding page.—V. 132, p. 4063.
Daniels for the account of the new company and the closing market Price
on the previous day, and any difference resulting from such adjustment
Continental Construction Co.—To Build Gas Pipe Line.
shall be charged or credited to the new company and settled daily in cash.
The company proposes to build a parallel gas line from the Hugoton and
Storage and Handling of Grain.—As far as practicable all such grain will
be stored in warehouses of the new company without charge. Archer- Texas gas fields before the summer of 1932. This will be a 30
-inch line,
Daniels shall have the right to inspect and have an inventory taken of all one of the largest in the world and will carry gas to Chicago and the New
grain stored in warehouses of the new company and any loss or gain disclosed England States. The company's present 24
-inch line to Chicago was
thereby shall be adjusted monthly. All other storage and handling charges completed last spring.—V. 131. P. 1901.
and other expenses, if any, including taxes, in connection with the purchase,
Continental Shares, Inc.—President Discusses Charges.
storage and delivery of such grain, shall be paid by the new company.
A letter has been sent to the stockholders by George T.Bishop,President.
Warehouse receipts for all such grain shall be issued in the name of, or
endorsed to. Archer-Daniels as security for the funds advanced by Archer- In which he discussed charges made by George L. Gugle, attorney and
Daniels in connection with the purchase of such grain. •
stockholder.
Deliveries by Archer-Daniels—Archer-Daniels shall deliver to the new
Regarding the charge that stocks were sold to Continental by a syndicate
company on demand grain so purchased and not otherwise disposed of controlled by Cyrus S. Eaton, Mr. Bishop said. "Our investigation disagainst payment therefor of the market price of such grain on the delivery closes that in some instances Mr. Gugle's letter misstates the facts and that
day. The new company is obligated to purchase from Archer-Daniels or Mr. Eaton had no interest in and made no profit from such sales, while in
otherwise dispose of all grain held by Archer-Daniels for account of the other instances in which Mr. Eaton or Otis & Co. were interested in the
selling syndicates the sales were made at market price."
new company.
Mr. Bishop stated that investigation showed the basis of exchange wherePayments to Archer-Daniels.—The new company shall pay monthly to
Archer-Daniels an amount equal to interest paid by Archer-Daniels on by Continental acquired International Shares Corp. was supported by
funds borrowed by Archer-Daniels for the purpose of paying for grain so market values and that Continental benefitted thereby.
purchased, plus a premium at the rate of Y4 of 1% ofsuch funds per annum.
Regarding payment of dividends on Founders shares Mr. Bishop said.
As to any funds used by Archer-Daniels in payment for grain so purchased "Your directors have been advised that there is no legal method whereby
and not borrowed by Archer-Daniels, the new company shall pay to Archer- these Founders shares can be eliminated from the corporation's capital
Daniels an amount equal to interest on such funds at the lowest banking structure, except with the consent of the holders thereof."—V. 133, p. 1131.
rate available to Archer-Daniels at such time in Minneapolis, plus a premum 960.
at the rate of 34 of 1% of such funds per annum. The new company will
also pay to Archer-Daniels (a) monthly a sum equal to 2c. per bushel on
Commercial Credit Co., Baltimore (& Subs.)—Earns.
all wheat ground by the new company during the preceding calendar month,
For income
for six months ended June 30 1931 see "Earnings
and (b) upon the expiration of the contract, a stun equal to 2c. per bushel Department" statement
on a preceding page.
on all wheat then held by Archer-Daniels for account of the new company
A.. E. Duncan, Chairman of the board, says in Dart:
and not paid for by the new company.
It is gratitying to report that our domestic operations (United States
Independent Purchases of Grain by the New Company.—It is the intention and Canada)
satisfactory, and showed net income tor the six
Of the contract that any borrowings necessary in connection with the grain months ended were quite
of $1.28 per share (91 cents for 1930) on the
June 30
requirements of the new company shall be made from Archer-Daniels, but average common stock 1931
outstanding, even though no income was received
the new company (a) may purchase grain for it own account and take title from the capital invested in Kerasley, Millbourn & Co., Ltd., for foreign
thereto, provided that any such purchase can be made without borrowing operations. This result was in spite of greatly reduced volume, and largely
funds therefor, and (b) may purchase grain at its country stations.
because of persistent curtailment of management expenses, which were
Summary of the Terms and Provisions of Securities of the New Company. 14.41% less on domestic operations for the six months ended June 30 1931
First Mortgage Ten-Year 6% Bonds.—To be dated July 1 1931; due than for the same period in 1930, and 5.44% less than for 1929. In fact,
July 1 1941; to bear interest (accruing from the July 1 or Jan. 1, as the case the per cent of management expense to money employed is
may be, next preceding the date of consummation of the plan) at the rate in either 1929 or 1930, when the volume was much larger. now less than
of 6% per annum, payable Jan. 1 and July 1, without deduction for 2%
The consolidated net income of company was obviously reduced by the
normal Federal income tax; to be entitled to the benefit of provisions for small current volume and unsatisfactory operations of Kemsley, Millbourn
,
the refunding of certain Penn., Conn., Kan. and Minn. personal property & Co. Ltd., which show a loss of $276,350 for the six months ended June
taxes and the Mass, tax measured by income; to be payable as to principal 30 1931. This was the result of some of the policies upon which the opera,
and interest in N. Y. City at office of Dillon, Read & Co.; to be redeemable tions of company were conducted during 1929 and early 1930, together with
at the option of the new company as a whole or in part by lot on any interest continued unsatisfactory economic conditions in foreign countries, which
payment date on 30 days' notice at 105% of the principal amount thereof, made collections more difficult and caused abnormal operating expenses
plus accrued interest thereon, on or before July 1 1937 with successive and credit losses.
reductions in the redemption price of 1% of the principal amount thereof
Since the new management of Barnsley, Millbourn & Co. Ltd., headed
during each 12 months' period thereafter until maturity: to be entitled to by E. C. Warehelm, President, took charge in January, gradfying progress
the benefits of a sinking fund of $45,000 per annum, payable in cash in has been made in developing the present status and risk of loss on all out.
equal semi-annual instalments, first payment July 1 1933 to be used to standings, and in collecting and making same secure, as well as in curtailing
purchase bonds at not to exceed the then applicable redemption price or. operating expenses and personnel. Ile is now visiting the various foreign
If not so obtainable, to redeem bonds by lot at such price; and to be secured branches in an effort to further improve operations, reduce personnel, and
by a direct mortgage upon all fixed assets of the new company.
otherwise protect the interests of said company.
Three-Year 5% Notes.—To be dated July 1 1931, due July 1 1934; to
Outstandings of Komsloy, Millbourn & Co. Ltd., In Mexico are payable
bear interest (accruing from the July 1 or Jan. 1. as the case may be, next In dollars by the dealers and secured by obligations of the purchasers
preceding the date of consummation of the plan) at the rate of 5% Per payable in gold pesos. During recent months Mexican economic conditions
annum, payable semi-annually on Jan. 1 and July 1, without deduction for have been rapidly growing worse, and the peso has been declining, thereby
2% normal Federal income tax; to be entitled to the benefit of provisions making collections increasingly difficult. On July 24 1931, Mexico passed
for the refunding ofcertain Penn., Conn., Kan.and Minn. personal property a new law, the effect of which makes obligations payable in dollars or in
taxes and the Mass, tax measured by income; to be payable as to principal gold pesos now payable in silver pesos by the debtors, regardless of exand interest in N. Y. City at the office of Dillon, Read & Co.; to be in isting written contracts to the contrary, which compels the holders to accept
coupon form in such interchangeable denominations as the committee may a substantial loss on exchange on all collections.
As a result of the Mexican situation; the pending unsettled conditions In
approve,registerable as to principal only; and to be redeemable at the option
of the new company as a whole or in part by lot on any interest payment Europe; the continued economic distress in other foreign countries, which
date on 30 day's notice at the principal amount thereof, plus accrued causes increased credit risks and widely fluctuating foreign exchange rates;
and further depreciation of securities owned by said company when acInterest thereon.
6% Cumulative Prior Preference ,Stock.—To be entitled to quarterly quired by company, it has been thought advisable for Kemsley, Millbourn
cumulative dividends (accruing from such date, not later than the date of & Co., Ltd.,to set up out of its paid in surplus an addition of $1,500,000 to
Issuance, as may be approved by the committee), at the rate of 6% per its special reserve, thereby making its total reserves against all loss and
annum, before any dividends shall be paid on the preferred stock or on the expense 22% upon all assets other than cash, which should be ample.
common stock; to be redeemable at the option of the new company in whole $1,000,000 of this special reserve has been charged to its paid in surplus
or in part at any time on 30 days' notice, at $100 per share, plus diva.. to and $500,000 to its earned surplus.
On June 30 1931 there were $50,426,009.35 motor lien retail time sales
be entitled in case of any voluntary or involuntary dissolution or liquidation
to receive the sum of $100 per share, plus accrued dividends, before any notes, of which 83-100ths of 1% represented refinanced transactions, outdistribution to the preferred stock or to the common stock; to be entitled standing in the United States and Canada (excluding those recently acquired
to no voting rights and no preemptive rights; and to be entitled, pro rata from another company), only 14-100ths of 1% of the total thereof being
with the preferred stock in proportion to the aggregate par values of prior over two months past due. There were 46-100ths of 1% of these notes
preference stock and preferred stock respectively outstanding at the time, which represented current repossessed motor vehicles, for the liquidation
to the benefits of an annual sinking fund, first payment Oct. 1, 1933, equal of which responsible dealers were liable. The company also had in its
to 3% of the maximum aggregate par value of prior preference stock and possession in the United States and Canada only $76,851, representing
preferred stock outstanding at any time prior to the date of such payment repossessed cars at appraised values.
(but not exceeding in any event 10% of the annual net earnings, as to be
In March company arranged through Industrial Acceptance Corp. for
defined, of the new company applicable to the common stock of the new financing the current installment sales of General Electric Co. refrigerators
company), to be applied to the purchase and I or redemption of outstanding and household appliances throughout the greater portion of the United
prior preference stock at not exceeding $100 per share plus diva., and pre- States, taking over quite a volume of such receivables along with some
ferred stock at not exceeding $25 per share plus diva.
other receivables.
6% Cumulative Preferred Stock.—To be entitled to quarterly cumulative
Company has continued to take advantage of prevailing low prices by
dividends.(accruing from such date, not later than the date of issuance, as purchasing in the open market 16,329 shares of its $3 class A convertible
may be approved by the committee), at the rate of 6% per annum, after stock, and the $262,650 profit, representing the difference between the
divs, on the prior preference stock but before any diva, shall be paid on the cost and par value of said shares, will be credited to paid-in surplus
and
common stock; to be red, at the option of the new company in whole or in the shares will be cancelled prior to Dec. 31 1931.
part at any time 00 30 days' notice at $25 per share plus dive.; to be entitled — Several months ago the Chicago and New Orleans subsidiaries and Credit
in case of any voluntary or involuntary dissolution or liquidation to receive 011ance Corp. discontinued all outside borrowings, and are now obtaining
the sum of $25 per share plus accrued dive, before any distribution to the
heir needs through advances from company. The assets and operations of
AUG. 22 19311
1295
FINANCIAL CHRONICLE
these subsidiaries are, therefore, now consolidated with those of company.
Definite steps have been taken to simplify the corporate structure of
company and its subsidiaries through the recent sale of all of the assets of
the New Orleans subsidiary, the 8% pref. stock of which will be retired on
Sept. 30 1931, with a saving of the difference between the cost of borrowed
money and 8% or $80,000 annual pref. dividend charge. This subsidiary
will be dissolved, and liquidated, and the business in its territory will be
handled by company.
Consolidated Balance Sheet.
June 30'31. Dec. 31 '30.
June 30'31. Dec.31'30.
Liabilities
Assets
Vases. short tr.
Cash & due from
notes
73,248,916 64,845,922
22,077,423 22,365,293
banks
Bankers accept.
Open accts., nts,
pay.,secured_ 1,053,000 6,511,933
accept. & inNotes pay.. sec. 3,703,023 4,323,024
dustrial lien
obligations_ _ - 71,103,808 68,854,689 Coll. tr. notes
Pay., short tr.
1,112,500
Motor lien retail
time sis. notes 67,184,546 71,821,598 Coll. tr. notes
pay
Customers' Bab.
7,763,500 7,922,500
10-yr. 53.4% deb 4,441,600 4,886,000
on for. drafts
Coating. liab.
(KM.Sr Co.,
1,347,934 2,501,883
on for. drafts
Ltd.)
sold
1,347,934 2,501,883
Sundry accts. &
notes receiv_ - 1.228,111 1,097,954 Sun.accts. Pay,
incl. all Fed.
Repossessions in
& other taxes_ 1,523,502 1,327,177
eo.'s possess'n,
470,561
371,590 Margin dur cust,
depree. value_
only when rec.
Comm. Credit
1,210,253 1,218,132
are collected_ 8,371,725 9,445,028
Manage. Co
Margin pay, in
Sundry market.
corn. stk. of
securities__
590,261
685,967
Comm. Credit
Sink, fund coll,
14,357
204,822
Co
trust notes_
1,317,932 1,762,392
884,546 Dealers' partic.
Treasury stocks. 1,957,645
loss reserve
Due by empl. in
2,738,451 2,637,890
186,924
240,371 Res, for possible
purch. of stk_
868,040 losses
Deferred charges 1,016,830
1,783,030 1,651,612
7
8 Res. for eonting. 2,225,000 1,000,000
Furn. & fixtures
Res. for def. Int.
& charges__ _ _ 5,213,934 5,150,683
Min. Mts. subs..
180,250 1,063,976
Pref. stocks of
subs
3,000,000
3,000,000
1st pref. stook_ 12,000,000 12,000,000
Pref.cl.B 8% stk 4,000,000 4,000,000
Cl. A cony., ser.
A,$3 stock
12,900,350 12,900,350
Common stock.:15,315,657 x16,315,657
Earned surplus_ 6,260,854 6,756,367
Total
168,388,659 171,114,895
Total
168,388,659 171,114,895
x Represented by 1,037,052 shares (no par).
-V. 133, p. 1130.
Cord Corp.
-Sales of Unit Increase.
-
equipment of the Betts-Curtis Motors, Inc., which, at the date of acquisition (March 21 1931) provided for a production of 20 trucks per month in a
plant located at Long Beach, Calif consisting of approximately 40.000'
sq. feet and operated under lease. This capacity of 20 trucks per month
is being increased through the construction of a new plant which was
scheduled to be completed not later than Aug. 15 1931. and which
will provide for a manufacturing capacity up to 100 trucks per month.
The new plant is located in Los Angeles, Calif., covers approximately
six acres.
Officers.
-W. B. Hambly, Pres.: Harry E. Curtis and John F. Betts.
Vice-Presidents; H. S. Beckman, Treas.; and E. Schwartz, Sec.
-W. B. Hambly, H. S. Beckman, E. Schwartz, Harry E.
Directors.
Curtis and John F. Betts.
Operating Statement April 2 to June 2 1931.
$349,325
Gross sales
65,142
Discounts
162,637
sales
Cost of
6121,546.
100.888
Gross profit
Operating expenses
$20.658
8.600
Balance
Discount earned
$29,258
Net profit
The above statement reflects a production and sale of 86 trucks during
to vehicles in course of
the 52 working day period and does not give effect
construction, some of which are almost 50% completed.
Balance Sheet as of June 2 1931.
Liabilities
Assets
$345,731
$484,360 Accounts payable
Cash
37,153
131,054 Reserves
Accounts receivable
• 659,300 Class A stock (150,000 shs.
Raw materials
no par)
1,500,000
25,640
Finished products
19,810 Class C stock (100,000 slas.
Used cars
500,000
par $5)
421,392
Fixed assets
99,392
769,975 Unearned surplus
Prepaid assets
29,257
Earned profit
Total
$2,511,535
Total
32,611,535
-Earnings:
Derby Oil & Refining Corp.
For income statement for 6 months ended June 30 see "Earnings De-
-V. 132, p. 4064.
partment" on a preceding page.
---Sales.
Detroit Aircraft Corp.
-Place
With announcement of the sale of three Detroit-Lockheed metal 7
Vega monoplanes to New York & Western Airlines. Inc. to augment the
Lockheed fleet now operated by that airline between New York and Pittsburg, Detroit Aircraft Corp. officials report net sales of $150,754 for the
five weeks period just ended. Sales included nine Lockheeds, two Ryans,
and an Eastman Flying Yacht, in addition to service and parts business
-V. 133, p. 486.
closed during the period.
-Stock Increased.
Distributors Group, Inc.
L. B. Manning, Vice-President of the Cord Corp., states that schedules
The company has filed a certificate at Dover, Del., increasing its authoron the Century Pacific Lines, Ltd., a Cord Corp. unit, would be increased
shares to 320,000 shares.
25% at a very early date. Two additional Stinson tr-motored 10
-passenger ized common stock (no par value) from 300,000
airliners have already been ordered for the added service. Mr. Manning V. 133. P. 1131.
•
said. The Centrury Pacific Lines are now operating 58 daily schedules,
Distributors.
-New
Distributors & Underwriters Corp.
covering 5,894 miles daily between Santiago, Los Angeles, Bakersfield,
Frank P. Bennett, President of this corporation, depositor of American
Fresno, Oakland and San Francisco. Mr. Manning said that the West
Ltd., announces that Carroll O'Toole & Co.
Coast division was now operating over 75% of capacity.
-V. 132, p. 3533. units of Baird Television,appointed distributors of the Ameircan units
of New York have been
Coty Inc.
-Earnings.
series A issued under deposit agreement with the Bank of America. Each
For income statement for 3 and 6 months ended June 30 see "Earnings American unit comprises two preferred ordinary shares and one deferred
ordinary share of the English stock, both classes of which are traded on
Department" on a preceding page.
-V. 132. p. 4248.
the London Stock Exchange.
Crane Co., Chicago.
-Dividend Rate Decreased.
The Bank of America National Association has been appointed depositary
The directors have declared a quarterly dividend of 15c. per share on the for the issuance of American units for Baird Television, Ltd., London,
common stock, payable Sept. 15 to holders of record Sept. 1, placing the England, preferred ordinary and deferred ordinary shares.
stock on a 60c. annual basis against $1 Previously. The regular quarterly
dividend of $1.75 per share was declared on the pref. stock, payable Sept. 15
-Earnings.
Duplan Silk Corp.(& Subs.).
to holders of record Sept. 1.
y1928.
1929.
1930.
1931.
Years End. May 31On June 15 last a quarterly dividend of 25c, per share was paid on the Net sales
$13,946,243 $19.762,125 $17,619,950 $18,442,025
common stock, as against 31 Mc. in the preceding quarter and 43xe. nine Cost of sales
x12,573,201 16,473,755 15,236,458 15.559.973
months ago.
-V. 132, p. 3892.
965,547
1,098,662
1,304,023
1,446,968
Operating expenses
Curtis Mfg. Co.(Del.).
-Organized, &c.
The New York Curb Exchange recently approved the listing of 150,000
shares class A stock (no par value). The 1Wting bulletin affords the following:
CapitalizationAuthorized. Outstanding,
Class A stcck (no Par)
150,000 shs. 150,000 ells.'
Class B stock (no Par)
*100,000 shs.
None
Class 0 stock (par $5)
100,000 shs. 100.000 ohs
* The 100,000 shares of class B stock are reserved for conversion of the
class A stock.
Class A Stock Is entitled to receive from the surplus or net profits of the
corporation, when and as declared by directors, a preferential non-cumulative dividend of 70c. per share per annum, and no more, payable semiannually April 1 and Oct. 1 and before any dividends shall be paid or
applied to the class B or class 0stock. After payment to the class A stock
of the aforesaid non-cumulative dividend, or the setting aside of the funds
for the payment thereof, directors shall be empowered in any fiscal year,
from any remaining surplus or net profits of the corporation, available in
their discretion for dividend purposes, to declare and pay dividends upon
the then outstanding class B and class C stock, share and share alike.
Class A stock shall entitle the holders thereof, at their option, at any time
after April 1 1933, and before April 1 1935, to convert their class A stock
into class B stock at the ratio of 13.4 shares of class A stock for one share of
class B stock and upon the giving by the stockholder of class A stock of 30
days prior written notice of intention to so convert. Conversion shall be
at such time or times, between the aforesaid dates, and in such manner
and upon such reasonable terms and conditions as directors, from time to
time, may determine.
In the event of dissolution, liquidation or winding up (whether voluntary
or involuntary), the class A stock shall entitle the holders thereof to receive
from the assets of the corporation, applicable to the stockholders thereof,
the gum of $10 Per share, before any assets shall be paid or applied to either
the class B or class C stock, but shall not be entitled to participate in the
remaining assets, which said remaining assets shall thereupon be applicable
and payable to the class B and class C stock, share and share alike.
Class B Stock is fully participating and entitled to receive from the surplus
or net profits of the corporation, when and as declared by directors, a
dividend equal to the one declared and paid on the class C stock. In the
event that the class A stock shall have been converted into class B stock,
such shares of Class B stock so converted shall have the same voting power
share and share alike as the class C stock has.
Class C Stock has full voting power, except in case of failure or default in
the payment of dividends upon the class A stock.
-Company was incorp. April 2 1931, in Delaware
History and Business.
for the purpose of acquiring and controlling (and has acquired by assignment) the sole and exclusive rights and license to make, use, or sell, and to
grant to others the right to make, use or sell, throughout the world, embodiments of inventions patented (patents granted and applied for), by
Harry E. Curtis, covering radical improvements of motor vehicle construction, power transmission, engines, spring mounting for motor vehicles,
shackle hanger, shackle assembly, internal combustion engine, Vehicle
spring construction, braking mechanism for motor vehicles, and other new
and useful patented Improvements in devices and mechanisms applicable to
and used in connection with Motor vehicles, engines and propulsion means
for vehicles, trailers, trucks, pleasure cars, motorcycles and other motor
vehicles of every nature and description, including airplanes, airships or other
aerial machines of every nature and description, further including marine
Motors and such other mechanical devices, appurtenances, attachments.
Darts or equipments pertaining to or connected in any way with and (or) all
Of the foregoing automotive, aeronautical or marine equipment.
Company was further formed for the purpose of acquiring (and has
acquired and taken over) the going business of the Betts-Curtis Motors,
Inc., of Long Beach, Calif., manufacturers of trucks, which was established
some six years ago, and has since been operated in the form of a closed
corporation, and at the present time has about 200 trucks in use by some of
the leading transportation, oil, construction and food products companies.
The Curtis Manufacturing Co. also acquired all materials, machinery and
Operating income_
Other income
Total
Depreciation
Deductions
Federal taxes
$69,019 $1,841,402 $1,284,830 $1,916,505
263,572
53.562
294,204
154.688
$223,707 $2,135,606 $1.548,402 $1,970,067
565,272
542,888
106.724
151,480
162,673
101,074
246,900
156.382
186,100
51,333
$71,299 $1,243,946 $1,240,540 $1,051,171
Net income
358,712
431,268
229.338
Preferred dividends_ _ _ _
350,000
350.000
324.400
Common dividends
sur$462,677 sur$531,828
def$482,439
Balance
Earns. per share on 350.000 shares no par corn.
$2.48
$1.86
$2.56
Nil
stock outstanding_ ___
x Includes depreciation of $556,124 in 1931. y Includes entire profits
1928. of Puritan Silk Corp.. Sarranceton
prior to date of merger, May 31
Silk Works, Inc., and Guaranty Silk Corp.
Consolidated Balance Sheet May 31.
1E1931.
1930.
1930.
x1931.
$
$
LiabilitiesAssets
932,155 8% pref.stock-- __ 3,550,100 4,238,400
Cash
807,026
Call loans
500,000 1,500,000 Common stock--y2,684,342 6,879,480
669,354
Accts. payable__ 541,456
Marketable secur_ 1,847,493
200,000
58,500
Accts. receivable
650,873 1,282,186 Prov.for Fed.taxes
84,688
1,617,549 3,716,167 Dividends payable
Inventories
oil
12,650 Provision for inSundry investm'ts
83,150
250,000
ventory decrease
Fixed assets
x4,252,908 8,307,992
olll
78,264 Sundry reserves for
Deferred charges
107,761
35,529
contingencles-__
Prems. paid for
Earned surplus__ 3,128,816 3,668,515
capital stock of
96,452
sub. companies_
96,452
9,963,214 15,925,867
Total
89.963,214 315,925.867 Total
x After deducting $1,419,818 depreciation. y Represented by 293,879
shares of no par value. z Giving effect as of May 31 1931 to the reduction
in stated value of its common stock to $10 per share on July 9 1931, and
the application of the capital surplus of $3,379,480 resulting therefrom to
the reduction of the book values of building, machinery and plant to the
original cost thereof.
-V. 133, p. 649.
-Dividend Dates.
Eastman Kodak Co.
The regular quarterly dividend of $1.25 per share and the extra dividend
of 75c. per share were recently declared on the common stock, both payable
Oct. 1 to holders of record Sept. 5 (not Sept 3 as erroneously reported
last week). Like amounts have been paid since 1923.-V. 133, p. 128.
1132.
-New Director.
Economy Grocery Stores Corp.
At the annual meeting of the stockholders, the board of directors was
increased from 11 to 12 with the election of Vincent J. Vollomo.-V. 133,
p. 1132.
-Dividend Decreased.
Edwards Dental Supply Co.
The directors have declared a quarterly dividend.of 50c. a share on the
no par common stock, payable Sept. 1 to holders of record Aug. 15. Quarterly distributions of $1 and 75c. a share were made on March 1 and
June 1 last, respectively, as compared with $1.25 per share prey ously
.
.-V.132, p. 1810.
every three months
-Cash Position.
Electric Auto-Lite Co.
President C. 0. Miniger states that the company's cash totals $2,200,000
as compared with approximately $1,000,000 on Dec. 1 last, and that
only a very small percentage of these funds is in Toledo banks.
Mr. Miniger states: "We were fully aware of the bank situation In
Toledo, and took proper Measures to protect our funds.
1296
FINANCIAL CHRONICLE
"We are confident of the Toledo situation and we feel that a reorganization will be effected without delay. Since the failure of the SecurityHome .Trust Co., June 17, there have been heavy withdrawals. We
could have placed $10.000.000 additional funds in the banks just closed,
but the withdrawals at the week-end totaled $7,000,000 and it was decided
that the interests of all depositors would be best served by closing the
Institution.
"The 60
-day clause recently put into effect would have expired this
week. These closed banks are solvent and we feel certain that the situa-V. 133, p. 963.
tion can be effectively worked out."
-Defers Preferred Dividend.
Empire Corp.
The directors have decided to defer the quarterly dividend of 75c. per
share in cast, or 1-16th of a share in common stock, due at this time on the
cum. cony. pref. stock, $3 optional dividend series. This rate was paid in
-V. 129, p. 3971.
each of the three preceding quarters.
Empire Steel Corp.
-Reports Profit.
The report of Carl H. Henkel receiver shows that the company had
an operating profit of S7,243 for July against $4,800 in June. The receiver
has sold 7.000 tons of material out of inventory and cash has increased
from $140,749 on May 28 to $495.560 as of July 31.
Accounts payable, the report says, were reduced $100.000 during the
month and selling and general expense was reduced 25% from June.
The operations of the company's plants at Mansfield and Cleveland,
employing approximately 1,000 men will be continued until further order
of the court. The plants at Niles and Ashtabula are inactive. Negotiations for the sale of the Niles plants reported some weeks ago are in abeyance.
-v. 133, p. 807. 294.
Exeter Oil Co., Ltd.-Earnings.For income statement for 3 and 6 months ended June 30 1931 see "Earnings Department" on a preceding page.
Balance Sheet June 30 1931.
Assets
Mediates
Current assets
$174,822 Current liabilities
$123,105
Investments
40.323
17,150 Purchase obligations
47.734
1,408,577 Deferred credits
Property
Franchise
500 Reserves
237.750
Organization expense
1 Class A stock
799,900
Prepaid and deferred charges.50,000
8.994 Class 13 stock
311,033
Surplus
Total
-V.132. p. 4420.
$1,809,844
Total
$1,809.844
Fashion Park Associates, Inc.
-Net Sales.1931-Juty-1930.
Decrease.
Decrease.1 1931-7 Mos.-1930.
31,500.038 81.695,503
$195.4651312,081.666 314,466.765 32,385,099
Ow These sales are after elimination of sales between companies reporting,
and does not include the gales of those companies controlled but not wholly
owned.
-V. 133. p. 649. 487.
Federal Bridge Co.
-Acquisition.
The company has taken over the toll bridge near Weldon, N. C., over the
Roanoke River. This bridge at one time was used by the Seaboard Air
Line RR. as its main line crossing. Upon being abandoned for railway
purposes it was converted into a highway toll bridge. The company now
has five toll bridge properties under its operation and has negotiations under
way for several additional bridges.
Feltman & Curme Shoe Stores Co., Inc.
-Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.132. p. 4066.
50 East 72nd Street Corp.
-Stock Worthless.
Three Surpeme Court appraisers have determined that 408 shares of
stock owned by Mary C. Quinlan In the 50 East 72nd St. Corp.are worth
$1. This was disclosed in the report filed in the County Clerk's office
Aug. 15 by John J. Meehan, John M. Leddy and John F. McKeon, who
were appointed to appraise the stock on petition of the corporation.
The testimony showed that the corporation held a lease on a co-operative
apartment house at 44 to 50 East 72nd St., which would expire Oct. 1.
and for this reason realty experts said the lease which is the corporation's
only property, was of no value. The Quinlan stock carried with it an
apartment on the 15th floor,and part of the pent house,for which the maintenance cost was $10,730 a year. Fifteen of 47 apartments in the building
were bought, while the majority of the others were sublet by a corporation
which was a controlling stockholder.
[VOL. 133.
Galena Oil Corp.
-Proposed Sale.
The stockholders will vote Sept. 4 1931 (1) on ratifying a proposition to
sell and exchange all the property and assets of the corporation as follows:
To sell to E. W. Edwards the current assets (other than plant supplies)
and "guaranty deposit" of Galena 011 Corp. in exchange for 6,500 shares
of the common stock ($100 par value) of Valvoline Oil Co. and the assumption by him of all liabilities of Galena Oil Corp. other than liabilities under
leases and other continuing contracts pertaining to the business of the
corporation, and (2) on approving the sale to Valvoline Oil Co. the fixed
assets, plant supplies. contracts, trade marks, trade names, patents and
applications therefor and patent contracts and licenses, and good-will and
business of Galena Oil Corp. in exchange for the issuance of 1,500 shares of
common stock of Valvoline Oil Co. and the assumption by said company
of all liabilities of Galena Oil Corp. under leases and continuing business
contracts
President M. J. A. Bertin, Aug. 11, in a letter to the
stockholders, said in substance:
At the last meeting of stockholders held on Feb. 24 1931, the stockholders were informed that the management had engaged In a number of
negotiations with a view to strengthening the position of the corporation
in rounding out and enlarging its business activities, primarily by means of
an affiliation with one or more other oil companies. While none of the
projects then pending reached the point of consummation, the management
has recently negotiated an agreement with E. W. Edwards of Cincinnati,
Ohio,and Valvoline Oil Co. which provides(1) the sale to E.W.Edwards
for
of the current assets (other than plant supplies) and "guaranty deposit"
of Galena Oil Corp. in exchange for 6.500 shares of common stock ($100
par value) of Valvoline 011 Co. and the assumption by him of all liabilities
of Galena Oil Corp. other than liabilities under leases and other continuing
contracts pertaining to the business of the corporation, and (2) for the sale
to Valvoline Oil Co. of the fixed assets, plant supplies, contracts, trade
marks, trade names, patents and applications therefor and patent contracts
and licenses and good-will and business of Galena Oil Corp., in exchange
for the issuance of 1,500 shares of common stock of Valvoline Oil Co. and
the assumption by said company of all liabilities of Galena Oil Corp. under
leases and other continuing business contracts. This sale and exchange has
been approved by the board of directors subject to the authorization and
approval of the stockholders.
The purchasers have stipulated, however, that they will not be obligated
to consummate the purchase unless the holders of at least 90% of the outoutstanding capital stock of Galena Oil Corp. vote in favor of the sale. It is
the plan, in the event the sale is consummated, that the Valvoline Oil Co.
common stock received by Galena Oil Corp. in payment for its assets shall
be distributed pro rota among its stockholders on the basis of one share of
common stock of Valvoline Oil Co. for each 34.691125 shares of stock of
Galena Oil Corp. In lieu of any fraction of a share of Valvoline Oil CO.
COOM1013 stock deliverable to any stockholder of Galena Oil Corp., there
will be issued non-voting and non-dividend-bearing common stock scrip
exchangeable in amounts aggregating one or more full shares,for a certificate
for such share or shares.
Our counsel advise that the legal procedure incident to such distribution
will Involve the dissolution of Galena Oil Corp. or a reduction of its capital.
Balance Sheet May 31 1931 of Galena Oil Corporation.
Assets-.
Liabilities$183,740 Accounts payable
Thnh deposits
Cas e
40.000 Accrued contract settlements_ $3861:005682
nies
r d accts. receivable
514,883 Accrued taxes
4,378
NotesInvao
7894.879 x Net worth
2,250,788
Plant acct.(less depreciation). 738,007
Securities of affiliated cos
154,958
Guaranty deposit
50,000
Deferred charges
18,027
Total
$2,372,282 Total
$2,372,282
x Represented by 277,529 shares of capital stock, no par value. y After
deducting $586,217 for depreciation.
C.J. Leroux, Vice-President & General Manager of Valve
line Corp., Aug. 11, in a letter to the Galena Oil Corp., says:
In connection with the proposed sale of certain of your assets and your
business to this company and the proposed sale of your other assets to E. W.
Edwards, we submit herewith the following information:
Valvoline Oil Co.,incorporated in New Jersey on June 17 1901,succeeded
the partnership of Leonard and Ellis formed in the year 1868. The present
authorized capital stock is 50.000 shares of common stock,and 15,000 shares
of 8% cumulative preferred stock, par 6100 each.
Valvoline Oil Co., as now constituted, owns approximately 1,700 miles
of pipe lines which gather the entire crude oil needs of the company from
the fields of Pennsylvania, West Virginia and southeastern Ohio, delivering
the crude oil to the company's refineries located at Warren and Butler, Pa.
It owns and operates approximately 300 tank cars used, for the delivery of
(Wm.) Filene's Sons Co.
-Initial Common Dividend.
Its products to its customers and to the 70 distributing depots, located at
The directors have declared an initial dividend of 25c. per share on strategic points in the United States. The company owns its export
the common stock, no par value. payable Sept. 30 to holden of record terminal at Edgewater, N. J., from which shipments are made to the
Sept. 21, and the regular quarterly dividend of 1%% on the 634% cum. company's branches in Liverpool, England, South Africa, and to its foreign
pref. stock. par $100, payable Oct. 1 to holders of record Sept. 21.- agents in France, Germany, Switzerland, Italy, Holland. Belgium, Spain
India, Australia, New Zealand. Japan. Philippines. Barbados. South
V. 132. p. 3350.
America. Egypt and Federated Malay States.
Cash dividends have been paid on the common stock of Valvoline 011 Co.,
Foster Wheeler Corp.
-Asks Injunction Against Soviet
without interruption since 1901. The current dividend rate on the common
Agents and Others.
stock is 69'. In addition to cash dividends, the company has paid several
Supreme Court Justice Shientag (N. Y.) reserved decision Aug. 20 on stock dividends aggregating 32%.
the application by the Foster Wheeler Corp., manufacturers of machinery
Income Account of Valvoline Oil Company.
for refining oil, for an injunction restraining the American Locomotive
Co., its subsidiary, the Alco Products Co., and the Amtorg Trading Corp.,
5 Mos.End. --Calendar Years
---1930.
May 31 '31.
Soviet representative, from using plans and drawings of machinery alleged
1929.
1928.
to belong to the Foster Wheeler Corp. in manufacturing oil refining ma- Gross profit from sales- $838,170 $2.817.167 $2.819,142 33,792,061
Operating expenses
666,915
2,044,533
chinery.
2,471.515
2,507.293
In reporting the matter, the New York "Times" says:
Net operating earnings $171,255
$772,634
Emory R. Buckner, counsel for the plaintiff, charged that the machines
$347,627 $1,284,768
15,540
71.552
being copied from plans belonging to his client were single fractionating Other income
122,486
120.796
units selling for sums between $100.000 and $500.000.
Total
$186.796
Mr. Buckner said that in November the American Locomotive Co.
$844,186
$470,113 $1,405.564
115,188
294.681
hired the plaintiff's chief engineer, H. R. Swanson, at double the salary Other deductions
282,551
300.041
he was receiving, gave him stock in Alco Products and made him a ViceNet profit before depr-$71.608
$549,505
President. He took with him several men from the Foster Wheeler Corp.,
$187,562 $1,105,523
141.004
the attorney said, and soon the plaintiff lost several customers, including Depreciation
361,482
367.484
336.992
the Soviet business. A replevin suit was brought by the plaintiff against
Net profit
def$69.396
$182,021 def$173,920
the Alco Products in May, he said, and when the def-ndant's office was
$768,531
def13
def3,920
searched 425 drawings and compilations said to be the property of the Surplus items
377,777
27.990
Foster Wheeler Co. were found.
def$69.409
The Alco Products Co. Insisted then that the plans were obtained from
$178.101
$203.857
$796,521
12.596
the Amtorg Corp. to be used as a guide in making machinery for Russia, Preferred dividends paid
57,021
51,612
70.346
57,900
x444,390
173.700
whereas the Amtorg officials denied lending the plans, said Mr. Buckner. Common dividends
7408,828
The Amtorg company admitted that it had decided to buy machinery from
Balance, deficit
3139.905
the Alco Products because it was the same as that made by the plaintiff
$297.554 sur$317,347
347.210
Surp. bal,at beginning
and was cheaper.
3,983.800
4,031,011
4,328.566
-V. 133. p. 808.
4,011.218
Surp, balance at close_ $3,843.895 83.983,800 $4,031,011 84,328,566
-Earnings.
Foundation Co., New York.
x Stock dividend, $213.888: cash dividend, 6230.502: total, $444.390.
For income statement for six months ended June 30 see "Earnings Dey Stock dividend. $197,190: cash dividend. $211,638: total $408,828.
-V. 132. p. 4250.
partment" on a preceding page.
Condensed Balance Sheet May 31 1931 of Valvoline Oil Co.
Assets-Dividend Rate Decreased.
Gamewell Co.
Liabilities
The directors have declared a quarterly dividend of 75c. a share on the Cash
$318.487 Notes payable
$1,200,000
no par common stock and the regular quarterly of $1.50 a share on the pref. Notes and trade accepts. rec.
9,110 Accts. payable
131,117
Accts. rec.-Domestic: Less
stock, payable Sept. 15 to holders of record Sept. 5.
Accrued expenses
83,063
reserve for doubtful accts.._
of $1.25 a share
Previously the company made quarterly distributions
754,095 15-year gold deb. bonds
1,401,509
Accts.receivable-Foreign:
on the common stock.
8% cumul. pref. stock
-V. 132. p. 2400.
843,000
Less drafts drawn unpaid__
107 Common stock
3,888,000
Accrued Interest receivable__
1.489 Unapportioned surplus
3.719,555
Gardner-Denver Co.
-Earnings.
327,398 Burp, apportioned to reserve
For income statement for month and 7 months ended July 31 see "Earn- English branch account
Valvoline 011 Co.
-So,Africa
redemption
21,310 for bond
ings Department" on a preceding page.
18.019
2,542,512 Surplus apportioned to res.
The balance sheet as of July 31 1931 shows current assets of $4,081.425 Inventories
158,419 for pref. stock cancellation
106.320
and current liabilities of $451,251. compared with $4,575,846 and $500,- Bonds and stocks
Cash
19
252, respectively on July 31 1930.-V. 133, p. 650.
Valvoline 011Co.-Deb.bonds
32,585
Valvoline 011 Co.-Pref.stock
15,737
General American Tank Car Corp.
-New Secretary. &c. Real estate, plants & equip.
W. S. Hefferan Jr.. has been elected Secretary and will also continue
less res. for depreciation
8,898,019
as the company's general attorney. Leo F. Wormser of the law firm of Def, charges dr prepd. exps83,307
Rosenthal, liamil & Wormser has been appointed counsel. Vacancies were
created by the death of Oscar Blumenthal.
Total
-V. 133, p. 650.
Total
$11,182,578
$11,162,575
AUG. 22 1931.]
FINANCIAL CHRONICLE
1297
Pro Forma Balance Sheet May 31 1931 of Valvoline Oil Co.
the orders were again larger than in like 1930 period. We feel that with the
(After giving effect to acquisition of assets from Galena Oil Corp. and return of increased confidence in business in general our volume will show
Issuance of common stock in payment therefor.)
a decided climb because retailers' inventories of Gruen watched are lowest
In years.
AssetsLiabilities
"It is our desire to have the dividends come inside of our anticipated
Cash
$318,487 Notes payable
$1,200,000
Trade acceptances receivable
8,272 Accounts payable
83,203 net earnings for the year, and not to draw on the undivided profit account."
Notes receivable
838 Federal tax liability
5,005 -V.132, p. 4069.
754,202 Gasoline tax payable
Accts.receivable(less reserve)
31,544
-Definitive Bonds Ready.
English branch account
327,398 Accrued payroll
4,707 • (W.F.) Hall Printing Co.
Definitive 1st mtge. & collat. sinking fund gold bonds, series A, 5%%.
Valvoline 011 Co.(So. Africa)
21,310 Accrued int. on deb. bonds
7,980
Accrued int. receivable
due May 1 1947, will be issued in exchange for interim certificates at the
1,469 Accrued liability for Lub. reInventories
2,694,163
-V. 133, p. 489, 296.
bates
20,008 offices of Lee, Higginson & Co.
Marketable securities and
Accrued county & State taxes
42,681
Hancock Oil Co. of Calif.
-Smaller Dividends.
stocks ofsubsidiary cos_ _ _ _
313,385 Accrued foreign income tax
7,686
Cash,Chase Nat.Bk.,trustee
19 Deposits on contracts
The directors have declared quarterly dividends of 10c. each on the
11,225
Valvoline 011 Co., deb. bonds
32,585 Coupon liability
class A and class B stock, both payable Sept. 1 to holders of record Aug. 15.
141
15,737 Provision for expenses (est.)Valvoline Oil Co., pref. stock
10.000 In each of the two preceding quarters a regular distribution of 15c. Per
Real estate, plant & equipm't x7,634,026 15
-V. 133, P• 965.
-year gold debs. bonds
1,401,500 share was made.
Bond(Asa.and expenses__ _
40,200 8% cum. pref. stock
643.000
Hayes Body Corp.
Unexpired disct. on notes Pay
-Earnings.
6,672 Common stock
4,010,000
Unexpired insurance
7,982 Surplus unapportioned
For income statement for 3 and 6 months ended June 30 see "Earnings
4,602,180
Prepaid auto licenses
2,489 Surplus apportioned to sinkDepartment" on a preceding page.
-V. 132. P. 3537.
Prepaid taxes
2,974
ing fund reserve (bonds)__
18,019
Prepaid rent
Hazeltine Corp.
-New Agreement.
259 Surplus apportioned to sinkDeferred advertising
17,619
lug fund reserve (pref.stk.)
A five-year agreement has been signed by this corporation with AGA106,320
Deferred auditing expense
2,000
Baltic of Stockholm, Sweden, leading radio manufacturer in Scandinavian
Miscellaneous
3,111
countries, whereby the latter has acquired rights to make and sell radio
receivers embodying issued and pending Hazeltine patents in Sweden.
Total
$12,205,199
Total
$12,205,199 Norway. Denmark and Finland on a royalty basis, with an option to renew
x After deducting $1.348.003 reserve for depreciation.
-V.133. P. 1132. for a further five-year period.
Under the terms of the agreement the Hazeltine Corp. is given a prior
General Bronze Corp.
option on United States rights to any inventions made or acquired by
-Receives Order.
The corporation has been awarded the contract for ornamental work AGA-Baltic. The latter undertakes to file and prosecute all Hazeltine
on the large building project of Marshall Field & Co. in Chicago, valued future inventions in the four Scandinavian countries on behalf of the
-V. 133. ro• 1133.
Hazeltine Corp.
at about $600,000.
The company a short time ago received a contract valued around $500,000
(R.) Hoe & Co., Inc.
-Earnings.
for work on the New York Central Terminal Building in Cincinnati.
For income statement for 6 months ended June 30 1931 see "Earnings
V. 133, p. 1132.
Department" on a preceding page.
General Tire & Rubber Co.
-New Product.
Consolidated Balance Sheet June 30.
The company has acquired patent rights for the manufacture of and
1931.
1931.
1930.
1930.
national distribution of rubber street markers. Production of the new
Assets
product is already under way.
-V.133, p. 650,488.
14,483,306 x4,483,308
Capital stock
Real estate, plant
& equipment_ _y5,914,162 6,144,168 Gold bonds
3,391,000 3,482,000
Golden Center Mines, Inc.
-Bankruptcy Petition.
1 7% notes due Oct.
1
An involuntary petition in bankruptcy has been filed In Federal District Patents
210,449
800,000
627,243
800,000
1 1934
Court against this company with offices at 52 Vanderbilt Ave., N. Y. City, Cash securities..
4,669 Accounts payable_
155,944
311,193
_
Mark.
4,924
by Charles V. Bob. The petition states the company owes him over
2,300,000 2,300,000
Accts.& notes
$1.000,000 for money loaned and charges preferential payments amounting Inventories rec. 3,849,806 4,133,983 Notes payable__
207.854
2,139,980 2,827,847 Accrued expenses_ 260,132
to $100,000 were made by the alleged 'bankrupt.
Fund. debt retire. 255,425
Sinking fund bonds 235,600
144,000
127,191 Mtge. payable_ _ -- 555,000
253,204
578,000
Deferred charges_
Greyhound Corp.
-Earnings, &c.
Cont. res., &c_
90,103
The corporation, whose subsidiaries and affiliated bus companies conSurplus
863,763 1,051,858
stitute the National system of Greyhound Lines, made public Aug. 11
a comparative summary of revenues and expenses for the first six months
Total
13,044,746 13,448,313
13,044,746 13,448,313
Total
of this year and the first six months of last year of the companies operated
x Represented by 96,000 no par shares of class A stock and 160,000
by the Greyhound Management Co. which represent more than 50% of the
-V. 132, p. 2208.
total mileage of the system. All of the stock of the Management company no par common shares. y After depreciation.
is owned by the corporation and the lines included in the Management
-Earnings.
Hotel New Yorker.
group cover practically all of the Greyhound bus routes east of the MissisFor income statement for 7 months ended July 15 see "Earnings Departsippi River.
-V.132, p. 2979.
This comparative statement shows that in the first half of 1931 the ment" on a preceding page.
companies operated by Greyhound Management Co.earned a net income of
-Acquisition.Hygrade Food Products Corp.
$735,838, after deducting depreciation, interest, and taxes as compared
The corporation announces that it has purchased the business of Sullivan
with a deficit of $248.499 in the first half of 1930, an improvement in net
results amounting to 9984,338. The individual companies represented by Packing Co. of Detroit. The sales of the latter company are in excess of
these figures include Eastern Greyhound Lines, Inc., and subsidiaries. 85,000,000 annually. Inventories, customers' accounts, brands, trade
Pennsylvania Greyhound Lines, Inc. and subsidiaries, and the bus operat- marks, and good-will were purchased for cash. The purchase does not
include land, buildings, or other fixed assets. This transaction does not
ing subsidiaries of the Greyhound Corp.
Contrary to the experience of most transportatuon systems. the Grey- require any financing as the company has sufficient funds on hand to fihound Lines in the Eastern territory showed an increase in revenues as nance this purchase.
compared with last year. Operating revenues for the first six months of
On June 23 1931, the Detroit Trust Co., receiver for the Sullivan Packing
1931 were $6,148,122, as against $5,850,929 for the same period in 1930, Co., offered for sale the plant, machinery, equipment, investments and
an increase of 5.1%. The gain in revenue was obtained in spite of a reduc- assets of company,having a total book value of$2,967,226.-V. 132, p.665
tion in bus miles operated from 19,034.826 miles in the first half of 1930
Indiana Limestone Co.-Emnings.to 18,702,292 miles in the 1931 period. There was an increase in revenue
of 2.1 cents per bus mile, while operating expenses, exclusive of depreciation,
For income statement for six months ended June 30 see "Earning De-V. 133. p. 296.
were reduced 3.8 cents per bus mile. Depreciation written off against partment" on a preceding page.
buses was $743,233 in the first half of 1931 as compared with $643,768 in
Industrial Rayon Corp.
---Option on 55,000
-Earnings.
the same period last year.
Earnings of the Greyhound Lines operating In the territory west of
Shares at $55 a Share Given Syndicate.
Mississippi River have not been released, but it is understood that the
the
For income statement for six months ended June 30 see "Earnings
improvement in net operating results of the Western lines in the first half
of 1931 as compared with the first half of 1930 was approximately as large Department" on a preceding page.
The company holds in its treasury 55,000 shares which are optioned to
as the gain shown by the Eastern lines.
In connection with these figures 0.S. Caesar, President of the Greyhound outside interests at $55 a share until October 21. The option was created on
June 30 for the six months' period and provides that interest at 6% beManagement Co. states:
"The improved financial position of the Greyhound Lines east of the sides the 855 must be paid if option is exercised. It is understood the
Mississippi River is largely due to operating economies effected under a option will not be renewed. The stock was purchased by the company at
policy of modernizing equipment and facilities, improving efficiency in all an average price of $47 a share.
Balance Sheet June 30.
departments, co-ordinating repairs and service, eliminating unprofitable
lines and building up an esprit de corps among the personnel. All of these,
1930.
1931.
1931.
1930.
together with lower material prices, have contributed to reducing costs as
$
Assets
Liabilities$
compared with results obtainable during the earlier development stages of Cash
x8,000,000 12,000,000
573,850 2,880,891 Capital stock
the business. Although our bus fleets have been maintained in first-class Call loans
631,048
1,450,000 Accounts payable_ 617,557
condition, we have charged off heavier depreciation this year than last year. Ctfs. of deposit
Unpaid portion of
2,425,000
"Bus operations are now more stabilized than ever before and we are in Accr. int. recely'le
97.408
95.255
Federal taxes _
13,855
1,109
Position to realize increasingly the financial benefits resulting from this Customers' notes dr
Prey, for Fed. Inc.
Policy. For instance, outstanding economies have been made possible
12,000
tax
acc'ts receivable 1,130,271 1,521,037
through the carrying out of the Management company's plans of designing Mdse.inventory_ - 1,530,188 1,927,762 Prov.for redem. of
and building up-to-date centralized garages, particularly in the larger cities. Water & ins.depos.
28,342
m tn.shs. of com
26,296
especially adapted to handling and servicing of equipment. Until the Miscell. accts. rec.
stk.of Industrial
Management company undertook this program, no garage facilities properly
8,167
8,160
42,429 FibreCorp.ofAm.
14,160
& advances,&c_
designed for efficiently handling fleets of large buses were available. The Treasury stock_ _ _ 2,649,560
Dividends payable 144,999
first garage especially designed for this purpose was built in Chicago In 1928. Plant and equip_ _y7,337,319 7.582,086 8% deben. gold
Following the construction of this building, other modern garages represent- Good-will, patent
273,600
notes (predeces.) 234,100
ing an average investment of approximately $300,000 each have been built
143,797
88,573
1 3.374,000 Res.for gen. cont.
rights. &c
In St. Louis, Detroit, Syracuse and Pittsburgh.
134,667 Res. for malnt. of
Deferred charges._
50,503
40,144
"As an example of economies effected, the cost of washing buses has been
21,343
plants, &e
reduced from $1.80 to 40c. per bus. Moreover, until the Pittsburgh garage
Res. for aux. Fed
was built It was necessary on some occasions in the winter to park as many
132,600
income tax
as 15 or 20 buses in the open over night and keep their motors running to
Profit & loss surp_ 4,343,978 4,114,634
Prevent them from freezing. Under the modern Greyhound garage pracPaid-in surplus_ _ _ 2,170,138 1,515,824
tice it is now possible to clean, test, service and fuel a bus and make it ready
for a new run in nine minutes.
15,738,257 18,955,070
15,733,257 18,955,070
Total
Total
"Substantial savings have also been effected through the establishment
x Represented by 199,916 shares of no par value. y After depreciation
of a new department devoted exclusively to reclamation and parts repairs.
82,377,403.-V. 132, p. 3158.
Other economies have been effected through reclassification of employees
on a basis comparable with the most modern railroad practice.
-Earnings.
Intercontinental Rubber Co.(& Subs.).
"Not only is this program being continued throughout the entire territory
For income statement for 6 months ended June 30 1931 see "Earnings
served by the Management group of companies, but also a program of
modernizing terminal facilities and rest stations has been undertaken which, Department" on a preceding page.
insofar as it has already been carried out,indicates that it will be productive
Consolidated Balance Sheet June 30.
of substantially increased traffic. The development of these terminal
1931.
1930.
1930.
LVOV/nes1931,
Assetsimprovements will be one of the major activities of the Greyhound Manage- Land, plantations,
Capital stock-.._45,960,040 $5,960,040
ment Co. during the next three years."
-V.132. p. 4598.
10,803
40,050
Y$5,324,418 $4,930,467 Drafts payable_ _ _
Arc
Accounts parable.
38,538
48,978
Pats., trade names,
Grigsby-Grunow Co.
-New Directors.
128,703 Sundry reserves.-128,703
84,825
81,936
&c
Don M. Compton and Sheldon Clark have been elected directors of the Cash
82,133 Minority Mt, in
53,350
Grigsby-Grunow Co. Mr. Compton has been executive Vice-President Market.securities_ 733,334 1,396,387
subsidiary co- -_
7,200
6.000
and Treasurer of this company several years.
-V.133, p. 965.
Res. for prop. val- 299,727
299,727
Accts. & trade ac94,382 Surplus
552,193
57,323
917,571
cept. receivable_
Gruen Watch Co., Cincinnati.
-Dividend Reduced.
385,856
374,706
Inventories
The directors have declared a quarterly dividend of 25c. a share on
the common stock, no par value, payable Sept. 1 to holders of record Advances & claims 113,228
112,109
-less reserve__ Aug. 20, placing the stock on a 81 annual basis, against $2 previously.
220.543
Prep. & def. chges 166,545
The regular quarterly dividend of $1.75 a share on the preferred stock Treasury stock
1,720
1,720
was also declared, payable Nov. 1 to holders of record Oct. 20.
In connection with the reduction in the common dividend, the company
$6,953,326 $7,352,301
Total
Total
$6,953,326 $7,352,301
in ?. letter to stockholders stated, in part:
x Represented by 596,004 shares, no par value. y After deducting
'Our position in the industry has been maintained. Early in 1930 we $1.071,911 reserve for deprec. and amortization.-V. 132, p. 2782.
were able to inaugurate economies in production and in all other depart
Mentz. These have been developed to a greater extent in 1931.
International Paper & Power Co.
-Earnings.
'Our business in the early months of 1931 showed a slight gain. HowFor Income statement for 3 and 6 months ended June 30 see "Earnings
ever, in May and June It fell off; late in July and in the first weeks of August Department" on a preceding page.
1298
FINANCIAL CHRONICLE
In his comments to shareholders. Archibald R. Graustein, President
of the company,says:
"The earnings for the first six months of 1931 reflect adjustments applicable to the first quarter which were made to cover the retroactive
effect of the $5 a ton cut in newsprint prices announced in the spring.
Volume of business is still low and prices for most grades of paper are
weak, but we are continuing to make progress in reducing operating costs
so that earnings in the second quarter show a distinct increase over the
final earnings for the first quarter after ajdustment for the retroactive
cut in newsprint prices mentioned above.
"Banks loans were reduced $4,000,000 during the quarter and further
substantial reductions are expected during the last half of the year."
V. 132, p. 4774.
International Printing Ink Corp.
-Earnings.
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1931.
1930.
1931.
1930.
Assets$
$
:Land, buildings,
6% pref.stock.... 6,551,400 6,845,700
equipment, &c_ 4,505,176 4,513,039 Common stock- - _y2,733,880 2,733,880
Cash & govern.sec 2,365.417 1,857,622 Notes & accts. pay.
652.833
Other mar.secur__ 222,188
acc
598,121
113.909
Notes & accts. rec. 2,859,175 3.460,757 Comm. & accruals 142,771
307,726
Accr. interest rec_
17,421
5,860 Dividends payable
98,271
268,681
Inventories
2,702,534 3,541,899 Federal taxes
58,997
Investments
411,080
177,840
250,336 Employee deposits 427,347
Adv.to affil. cos
88,500
49,444 Miscellaneous res_
93,916
1
Good-will,pats.,&o
1 Paid-in surplus__ _ 1,659,101 1.659,101
Prepaid exp.,&c
118,171
204,314 Sure]. from retire.
105,883
preferred stock_
100.000
Approp. surplus__ 200,000
703,862
Unapprop. surplus 298,036
Total
12,967,723 13,883,272
Total
12,967,723 13,883,272
x After depreciation. y Represented by 273,388 no par shares.
-V.133,
p.653.
Investors Syndicate.
-Assets Increase.
Total resources of Investors Syndicate increased 8682,905.39 in July,
according to a report issued yesterday hi E. M. Richardson, Secretary
,
and Treasurer. Assets as of July 31 were 43.498,421,showing an increase
over resources as of Dec. 31 1930 01'$4,688,305.
Cash on hand and in banks increased $128,534 in July, and the total as
ofJuly 31 was $924,869. This showed an increase for the first seven months
of the year of $467,729. Bonds and securities totaled $3,441,469, an
increase for the month of 8198,848.59 and a gain of $1.030,965 in seven
months. First mortgage loans on city residential property amounted to
$32,933,992.
Capital, surplus and reserves on July 31 totaled $5,703,922, showing
increase of $57,839 for the month.
-V. 133, p. 811, 490.
Jaeger Machine Co.
-Omits Dividend.
The directors on Aug. 18 voted to omit the regular comon dividend due
to be payable Sept. 1.
A quarterly distribution of 20c. per share was made on June 1 last,
as compared with 31 kic. previously each quarter.
The directors issued the following statement:
The above action was taken to further conserve the company's cash assets
In the face of a material reduction in sales volume due to inactivity in the
building industry, and preparatory to what might develop into a prolonged
Period of doubtful business.
It wasreported that only a nominal profit has resulted from the company's
ntcessarl
n ayi gtgatwsn earri lecl
s al.pe y t edg d
•
o
operations n Larr this yr,
pcc s
ou
most
and paid during the 1931 fiscal year. Dividends of 313c. per share were
paid Dec. 1 1930 and March 1 1931 and 20c. on June I, making a total of
-V.133, p. 967.
8234c. per share already distributed.
Tandsg st
,u kin u i
-Earnings.
Jewel Tea Co., Inc.
[voL. 133.
"The companylcontinues intexcellentrinancialiposition freelof long-term
notes and bonded indebtedness, and with bank loans at thelpresent time
amounting to only $500,000 as compared with $1.500,000iat the same
time last tyear."-V. 133, p. 1i3.
411
-,AI
:
_
... ..a. ...... ......-........
101Keeley Silver Mines, Ltd.-Annuat Report.E. Home Smith. President, says:
During the fiscal year 1,318,035 ounces of silver and 111.305 pounds of
cobalt were produced, the gross revenue from all sources being $503,459. as
compared with a production of 928,396 ounces of silver and 53,280 pounds of
cobalt and a gross revenue from all sources of 8492,537 during the preceding
year. The average price of silver per fine ounce was 33.192 cents, against
46.553 cents the previous year.
111The cost of roroduction per fine ounce, including all expenses and a capital
expenditure 0(82.057. was 27.25 cents per ounce. The cost of production
per fine ounce during the preceding year was 41.69 cents per ounce.
--..----.-rn=r= "1 ears Ended Feb. 28.
-unt 7-1928.
1931.
1929.
1930.
Total revenue
8632,727
$503,459
$475,504
$492,537
343,720
Devel.adm. & other exp.
362,144
353,117
385,973
Reserve for taxes
16,442
4,189
11,048
4,584 .
IVI4ss.mijil
Profit for year
$272,565
$109,171
$139,294
$101,979
Previous surplus
720,725
767,423
705,939
715,191
NEVIL411•A•
osTotal surplus
$993,290
$906.717
$817,169
$815,110
Reserve for deprec
56,473
2,057
56,709
41,496
Income tax adjustment_
Cr9,122
Cr2,223
Expend,on exam,of outside props, written off_
43,209
9,647
Sale of bonds
Cr2,840
Dr826
(12%)240,000
Dividends
Surplus
8907,500
$767,423
$715,191
$705,938
She. of cap. stk. (par $1) 2,000,000
2,000,000
2,000 000
2,000.000
Earns.per sh.on cap.stk$0.13
$0.06
$b.05
$0.05
Comparative Balance Sheet Feb. 28.
Assets1931.
1930.
1930.
Liabilities-1931.
claims,
Mining
Capital stock (par
property, good$1)
$2,000,000 $2,000,000
will, &c
767,423
$1,491,092 $1,491,092 Surplus
907,500
Mill & camp bldg.,
Accts., wages &
machinery,&c__
xl
1
salaries & accr'd
Cash
503,865
charges
24,127
43,949
19,689
Call loans
205,000
50,000 Iles. for Dominion
Invest. in other
income dc provIncompanies
80,716
cial production
9,077
Prov.& ry. bends..
504,527
15,994
taxes
Est. net recovery
from ore <Sr concentrates shipped
or ready for ebip.
to smelter
106,612
63,690
Accts.& int. rec_ 3,148
6,898
13,144
14.676
Invent. of supplies
Prepaid insurance4,645
4,991
Huronlan Mining &
Finance Co., Ltd
577,881
shares
577,881
Total
Total
$2,943,184 $2,800,627
$2,943,184 $2,800,627
x After depreciation of $380,889.-V. 131, p. 3216.
Kelsey-Hayes Wheel Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.132, p.4072.
Kroger Grocery & Baking Co.
-Expansion.
The company will open four stores in Sears, Roebuck & Co. units within
a month. Two stores will be opened in St. Louis and one each in Kansas
City and Memphis. A store also will be opened in Detroit although the
time of opening has not yet been decided.
The Kroger company has three of its stores in operation in Sears, units
in Cincinnati, Chicago and Minneapolis. In these stores Kroger sales
volume runs about 11 times that of its average store, with a proportionate
profit.
Consideration is being given to opening other units in Sears, Roebuck
stores in large cities throughout Kroger territory.
For income statement for 28 weeks ended July 11 1931 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesJuly 11'31. Juk 1230.
July 1131. July 12'30
AssetsCapital assets-x$2,232,917 $2,299,912 Common stock_ y$4,240,000 $4,240,000
1 Letters of credit &
1
Good-will
acceptances_ -_ 201,821
236,841
Inventories
1,289,901 1,347,649
Licenses British Stores.
Acme. pay.sundry
Plant & gen. office
Arrangements have been completed between the Kroger Grocery &
accrued and un91,328
building fund_
Baking Co. and one of the largest chain store systems in England whereby
115,202
316,993
claimed pref. div 429.106
Accts.& notes rec_ z305,539
2,348,233 1,998,973 Federal taxes
228,992
219,570 the British company will license Piggly Wiggly self-service equipment
Investments
134,451
92,589 Reserve for conting 220.000
197,945 and methods in experimental stores to be set up in the near future. PresiTrustfunds
dent Albert H. Morrill stated the project depends upon the reception ac572,080 Res. for auto acci654,140
Cash
corded by the English to self-service methods, which will be new in British
dents & fire losses
82,734
Cora, stk, held for
138,914 Sundry accruals_
285,803 merchandising. If it should be accepted, more stores will be opened.
372,782
employees
The English system operates principally in London and south England.
92,589
713,813 Surety deposits_ 134,451
760,912
Deferred charges
2,561,772 2,184,302 Piggly Wiggly licensees pay a small percentage of total sales for use of the
Surplus
Piggly Wiggly equipment and sales methods.
-V. 133, p. 1134.
Total
$8,098,876 $7,572,253
$8.098,876 $7,572,253
Total
Laclede-Christy Clay Products Co., St. Louis, Mo.x AftEr depreciation of $742,944. y Represented by 280,000 shares no
Acquisitions.par value. z After deducting $117,899 reserve for doubtful accounts.
-Contingent liabilities for letters of credit issued against coffee on
Note.
The Walsh Fire Clay Products Co. and the Buckeye Clay Products Co.,
contracts, not shipped at July 11 1931,$253,572.-V. 133, p.811.
North Toledo, 0. have been consolidated with the Laclede-Christy company. The latter purchased the assets of the other companies for a re'
-Earnings.
ported price of $2,000,000, the consideration being, it is understood,
(Mead) Johnson & Co.
For income statement for 6 months ended June 30 see "Earnings De- chiefly in treasury stock of the purchasing company. Organized in 1844,
the Laclede-Christy company has several plants and clay deposits in
partment" on a preceding page.
Missouri and a plant at Rochester, Pa. Personnel of the Buckeye company
Consolidated Balance Sheet June 30.
will be retained and operations may be expanded because of the growth of
1931.
Liabilities1930.
1930.
1931.
Assets
-V.133,P.297.
Toledo as a glass manufacturing center.
Preferred stock_ _ _$1,700,000 $1,700,000
Land, b dgs" &
550,000
$2,064,850 $1,875,833 Common stock- -- x550,000
-Larger Quarterly Dividend.
Lake Shore Mines, Ltd.
equip
payable_
Accounts
140.909
246,079
Cash on hand & in
The company announces that the next quarterly dividend is to be paid on
224,500 Sept. 15 1931 to holders of record Sept. 1 1931, at the rate of 50 cents per
911,149 Dividends payable 265.750
1,099,063
banks
Unpaid install. of
Bank cll. of dep.
share. At last accounts there were outstanding 1,332,203 shares of capital
74,799 stock, par $1.
Federal tax__ __
108,000
100,667
& accrued int.__ y21,905
89,100
119,100
Res.for Inc. taxesGovt.& other marOn June 15 last an extra dividend of 30 cents per share and a regular
extraor1,779,254 1,545,424 Res, for
ketable secure
cents were paid.
-V. 132, p. 3898.
12,942
41,690 quarterly dividend of 30
dinary expenses_
251,631
Accts.receivable_ - 187,905
3.264,272 2,751,764
786,346 Surplus
681,364
Lake Superior Corp -New Director.
Inventories
37,773
99,578
Other assets
E. B. Barber, Vice-President of the Algoma Central By. has been apTrade marks,good
pointed a director of the Lake Superior Corp. and Algoma Steel Corp.
1
1
will & formulae_
-V.133, p. 967, 812.
35,000
26,911
Patents purchased
164,106
170,143
(F. & R.) Lazarus Co.
-Initial Common Dividend.
Deferred assets- _ _
The directors have declared an initial dividend of 12)4 cents per share
$6,130,973 $5,707,932 on the outstanding 370.000 shares of common stock, no par value, Payable
Total
$8,130,973 $5,707,930
Total
x Represented by 165,000 no par shares. y Accrued interest only. Sept. 30 to holders of record Sept. 21.-V. 133, p. 132.
-V. 132, p. 4252..
-Earnings.
Kelly-Springfield Tire Co.
Lincoln Stores, Inc.
-Sales, Earnings, &c.-
Seven Months Ended July 311930.
1931.
$1,606,938 $1.457,670
For income statement for six months ended June 30 see "Earnings Sales
Earnings for the first six months of the current fiscal year, which ended
Department" on a preceding page.
No adjustment to raw materials was necessary at June 30 1931. Reserve July 31, showed an increase of 15% over the corresponding period of 1930,
for commitments net up Dec. 31 1930, was deemed sufficient to reduce to It is stated. The same number of stores were in operation during both
market raw materials on hand as well as commitments for 1931, purchases periods
The company, it is reported, has practically completed negotiations for
having been made during the year at favorable prices. Raw material
additional store space, which is expected to increase the sales about 25%.
contents of finished goods and goods in process were valued at cost.
Current assets as of June 30 1931, were $10,633.182 before deducting -V. 132, p. 4601, 3727.
reserve for raw material commitments as compared with $9,815,529 on
Loft, Inc.
-Court Grants Group of Stockholders Permission
Dec. 31 1930. while current assets after deduction for commitment reserve
were $10,098,717 against $8,555,529, and current liabilities as of June 30 to Examine the Company's Books.
1931, were $2,230,617 comparing with $701,709 on Dec. 31 1930. Net
In the Superior Court at Wilmington, Del., an order has been granted to
working capital after deduction of reserve for raw material commitments
a group of stockholders of the company permitting them to examine certain
was $7,868,100 against $7,853,820 at Dec. 31 1930, including customers'
books and records of the corporation. The court order is to the effect that
deferred balances at both periods.
Unit sales to dealers for the first six months in 1931 showed a substantial if the company does not voluntarily provide the information requested by
the stockholders, a writ of mandamus to compel the corporation to supply
Increase over the like period in 1930.
W. H. Lalley, President, said: "Operations of the company are showing the information will be issued. The court held that the complaining stock150,000
a progressive improvement. Under the new management effective late in holders were entitled to learn what disposition has been made 0
March of this year, operating expenses both in manufacture and distribu- shares of Loft stock placed by Charles G. Guth, President of the company,
as collateral for a loan granted to his son-in-law and is entitled to learn
tion have been reduced, and further economies are contemplated.
Atro. 22 1931.]
1299
FINANCIAL CHRONICLE
what disposition has been made of 52,500 of Loft stock which had been
bought by the company and which heretofore has been carried as an asset
on the financial statements of the company. The court refused the petition
of the stockholders for certain other information.
The stockholders state that recent financial statements of the company
have not carried the collateral stock or the 52,500 shares and that no statement of the company has indicated what has been done with this stock.
The stockholders declared that the note of Guth's son-in-law had not been
paid and that no interest on the principal had been paid.
Calls Suit Move to Block Damage Action.
Officers of the company characterized the suit which Is brought against
the company by Alfred R. Miller in Wilmington, Del. as "just one of a
series of efforts on the part of Miller to harrass and annoy" the concern.
"Miller was ousted by the stockholders for alleged mismanagement and
malfeasance, and the stockholders have a suit against Miller for $2,000,000,"
the officers said. "Miller has continuously attempted to get an offset
against this suit. The courts, in strong language, denied Miller the right
to examine the books, and permitted the examination of only two items,
referring to treasury stock, and a collateral note, all of which have been
thoroughly examined and certified to,lias correct, by the accounting firm of
Lybrand, Ross Bros., and Montgomery."
Sales for Month and Seven Months Ended July 31.
Increase.
1931-7 Mos.-1930.
1931-July-1930.
Increase.
$575,886
$1,005,904
$430,018137,436,783 $4,429,713 $3,007,070
The number of customers served during the month of July increased
706,019 over the corresponding month of 1930.
George m. O'Neil, Secretary, stated that the company is now on a substantial earning basis for the first time in several years.
-V.133, p.654.
Louisiana Oil Refinery Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V.133,9. 968.
Ludlum Steel Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
As of June 30 current assets amounted to $4,356,000. including cash of
$707,000; current liabilities, $164,000: and working capital of $4,192,000.
This compares with working capital of $4,523,126 on Dec.31 1930.-V.132,
IL 3540.
(J. F.) McElwain Co., Boston.
-Record Business.
-
The Boston News Bureau states:
This company, with three factories in Nashua and two in Manchester,
N. H., had the biggest six months in its history for the period ended
June 30. Last week was the biggest on record. All plants are on full
time and several are operating on overtime schedules.
About 85% of the output of the company goes to the "Thom McAn"
stores, operated by the Melville Shoe Co., with the remainder to chain
stores on the Pacific Coast.
-V. 124, p. 1229.
(Arthur G.) McKee & Co.
-Contract.
This company has received a contract from the Steel Co. of Canada,
Ltd., amounting to approximately $100,000, for remodeling and modernizing the A furnace of the company's works at Hamilton, Ont. The contract
Includes a new skip hoist, McKee revolving distributor, and other improvements.
-V. 133, p. 492, 133.
McWilliams Dredging Co.
-Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
G. A. McWilliams, President, announces that unfinished work on hand
at this time is the largest in the company's history from both yardage and
-V. 133, p. 1135.
dollar standpoint.
Magnolia Petroleum Co.
-Acquisition.
The company has purchased a lease of 138 acres in the Lathrop pool from
the Woodley Petroleum Co. for $217.000. Three producing wells are
included in the purchase. (Phila. "Financial Journal.").
-V.130. p.2040.
Manufacturers Finance Co.
-Earnings.
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
-V. 132,
865.
p.
Mapes Consolidated Manufacturing Co. Earnings.
--
For income statement for 6 months ended June 30 see"Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
Assets1930.
1931.
1930.
Plant & equipm't- x$622,362 $696,287 Capital stook
25700,000 $700,000
V. S. Treas. offs-200,000 Accounts payable_
24,828
43,563
Accrued expenses_
Marketable emirs. 143.574
29,808
22,038
Cash surr, val, of
Minot. int, in sub.
life Insurance- _
1,300
companies
15,333
14,401
Inv. in & advs. to
Provision for Fed5,001
affiliated cos- _
eral, State and
Cash & call loans__ 749,336 7458,237
local taxes
129,981
124,188
Accounts recely55.615
75,296 Earned surplus
895,473
697,938
Interest receivable
1,385
Mdse. inventory-66,881
71,332
Prepaid expenses_
11,641
43.008
Suppl. & exp. inv.
9,687
Pats.& licenses_ _
139,733
48,916
Total
31,795,421 $1,602,128
Total
$1,795,421 81,602,128
x After deducting $384,948 for depreciation. y Cash amounting to $120,000 to meet the extra and regular quarterly dividends on the capital stock
payable July 1 1930 was paid to the disbursing agent prior to the close of
business June 30 1930. z Represented by 120,000 shares of no par vain..
-V. 133, p. 812.
-Semi
-Annual Repo?t.
Monsanto Chemical Works.
Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Edgar M. Queeny, President, says in part:
During the first half of the current year, sales, despite the depression and
lower selling prices in most every line,Increased some4% compared with last
year, and profit after all charges was $671,454, compared with $622,399 for
first half of 1930. This is equivalent to $1.56 a share on the 429,000 shares
outstanding on that date, compared with $1.52 on the 410,306 shares outstanding on the corresponding date a year ago. The difference in the number of shares is accounted for by the stock dividends paid during 1930.
Sales in the fine and pharmaceutical chemical divisions reflected the
current depression, but increased sales of intermediates and other chemicals
and particularly the expanding markets for the new products introduced in
recent years, made up the deficiency.
Considerable improvement also was shown in the foreign business of the
company. Our English division, Graesser-Monsanto Chemical Works,
Ltd's. operations were profitable despite difficult competitive and market
conditions. Manufacturing economies and new products, including
patented rubber chemicals, whose manufacture was established during the
past year, put that division in the black.
In a period of universal low level of industrial activity these results are
gratifying to an organization that has worked hard and co-operated in the
extreme for years past to devise methods ofcutting costs on our old products,
without recourse to wage reductions, and to create and to market new ones.
For it is a fact, that had we produced this year only those products we
produced five years ago and produced them the same way we did five years
ago, our operations would have been decidedly less profitable. Such is the
result of our past research and the large sums of money we have invested in
plant to make old products more efficiently and new ones to broaden our
scope and further diversify our operations. Our research expenditures
during 1931 will be the heaviest in our history.
We have spent $900.000 in plant and equipment in the first half year.
The consolidation of our Merrimac division's plants Is rapidly approaching
completion. The Woburn plant, one of the oldest chemical units in Americe, which came into being in 1853, will be shut down permanently about
Sept. 1, a month ahead of schedule. Inventories will then have been built
up sufficient to last until the new units under construction at Everett are
in operation.
Our construction program has been financed without depletion of our
current position, the ratio of which is 6.3 to 1. Cash and securities amount
to $2,154,160, compared with $2,080,830 at the beginning of the year, and
net working capital $5,358,315, compared with $5,438,949 on Dec.31 1930.
The moneys spent on construction were realized from earnings, recoveries
from depreciation reserves and reduction of inventories.
Prior to July 1, in view of the prevailing low bank rates of interest, we
called at par and retired $209,945 of 5% notes issued on account of our purchase of the remaining interest in Graesser-Monsanto Chemical Works,
Ltd., and directors at their July meeting authorized the retirement of the
remaining $104,176 due Sept. 30 1933.
Since the turn of the year research has been completed on three new products, which have been introduced in sample quantities. None of these
products have been produced hitherto in this country. Although the
processes developed make them available in a price range which should
induce tonnage consumption, it is too early to predict if they will be commercial successes.
Directors are gratified by the general approval given by our stockholders
to the employee stock purchase plan. Rights for but 668 shares of the
21,450, which were authorized, were exercised. The balance thus becomes
available for subscription by employees when directors decree the plan to
become operative.
Comparative Balance Sheet.
June 30'31. Dec.31'30
June 30'31.Dec.31'30.
Liabilities
$
Assets3
828,674
777,051 Accounts payable- 482,160
1,458,986
Cash
Marketable securs 697,174 1,303,779 Accrued interest,
125,942
68,118
taxes,&e
Customers' notes
131,889
receivable
30,229 Dividends payable 133,846
55,283
Estlm'd Inc.taxes. 255,586
205,248
Customers' accts.
Receivable
970,425 Purch. money ob1,212,976
104,177
314,122
ligation
Miscell. accounts
1,705,500 1,736,500
Receivable
83,524 Funded debt
39,250
Reserves:
Due from officers.
For deprec. &
7,437
emploYees. dze
11,136
obsolescence _ 5,784,377 5,578,554
Inventories
2,883,025 3,298,231
For relocations,
Miscell. invests
86,110
85,981
extensions, &c 1,453,698 1,447,576
Land
1,076,109 1,081,890
Buildings
For containers in
4,127,473 3,858,090
hands of cust's 665,842
684,702
Machinery & equip12,419,508 12,183,192
For insur., conPatents & processes
2
2
tingencies, &c 495,070
402,573
Prepaid insurance,
For loss on purtaxes, &c
133,813
184,221
chase commit_
19,009
70,254
Discount on bonds 112,025
119.599
Capital stock
x7,150,000 7,150,000
Capital surplus.. 3,405,970 3.405,970
Earned surplus.. _ 2,529,560 2,141,800
24,810,720 23,943,781
24,310.720 23,943,781
Total
Totalp
x Re
Represented by 429,000 no par shares.
-V.133.9. 1136.
-Protective
Montreal Rail & Water Terminals, Ltd.
Committee.
The protective committee for the first mortgage bondholders has been
formed, consisting of W. J. B. Vanston, Chairman; F. F. Walker, W. G.
Mann and J. W. Burden, W. G. Lasher, 40 Wall St., N. Y. City, Is secretary of the committee and the Central Hanover Bank & Trust Co.. 70
Broadway, N. Y. City,is the depositary.
Interest due Aug. 1 on the 63i% first mortgage sinking fund bonds
remain unpaid. V. 123,9. 1123.
-Omits Dividend.
Morrison Electrical Supply Co., Inc.
The directors have voted to omit the usual quarterly dividend ordinarily
payable about Sept. 1 on the common stock. Previously the company
made quarterly distributions of 25 cents a share in cash on this issue.
For income statement for 3 months ended May 31 see "Earnings De-V. 133, p. 299, 1136.
partment" on a preceding page.
-V. 133, p. 133.
Marmon Motor Car Co.
-Earnings.
-
-Trading Suspended.
May Radio & Television Corp.
--
The New York Curb Exchange Aug. 20 suspended trading until further
notice in the stock. No information as to the reason for the suspension
was given out.
-V. 133, p. 813.
-Corrected Bal. Sheet June 30.Maytag Company.
1931.
1930.
1931.
$
AssetsFerment assets _23,495,802
Pats„trade-marks,
1
good-win
1,050,920
Cash
Callloans
Certifs. of deposit. 100,000
Marketable secs__ 3,323,323
Notes & accounts
7422,106
receivable
1,440.034
Inventory
84,517
Cash value ins__
Invest. Can.sub- - 316,372
Cum. pref. stk. in
398,511
treasury
106,459
Other assets
48,500
Deferred assets
1930.
2
Liabilities-8
$
3,829,100 513 pref. stk. (no
Par)
'17,500,000 8,000,000
1 Preference stk.(no
899,910
par)
b285,500
285,500
1,500,000 Coin. stk.(no par) l
015 68
4 ;2
eZA5 2, 63 795
9
Surplus
2,358,724 Accts. payable__
. 291,302
620,083
Unpaid wages, &O 2ni170
93,258
823,242 Accruals
2,268,196 Reserves
1
36620,214375
76,965 Fed, tax reserve
207,219
621,839
352,713 Res. for conting
127,000
400,000
113,731
858,700
40,840
10,786,545 12,922,125
Total
Total
10,786,545 12,922,125
a Represented by 75,000 shares of no par value. b Represented by
285,500 shares of no par value. c Represented by 1,617,922 shares of
no Par value. x After reserve for depreciation of $1.313,028. y Less allowance for doubtful accounts in the amount of 834,931.-V. 133, p. 654.
-Preferred Dividends Deferred.
Merrimack Mfg. Co.
-
The directors have voted to defer the semi-annual dividend of 234%
due Sept. 1 on the 5% cum. pref. stock, par $100. The last distribution
at this rate was made on March 2 1931.-V. 132, IL 4074.
"
-Earnings.
Mortgage Guarantee Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
As of June 30 1931 the company had cash totaling $1,969,834. There
were no bank loans outstanding at that time. Officials state that the book
value of the company's stock, as indicated by the balance sheet on July 31
1931, amounted to $108.34 a share. The current dividend rate is $8 a
share annually.
-Earnings.
(F. E.) Myers & Bro. Co.
For income statement for three and nine months ended July 31 see
-V. 132, p. 3899.
Earnings Department" on a preceding page.
-Defers Div.
National Manufacture & Stores Corp.
The directors have voted to defer the quarterly dividend of 1N% due
July 1 on the 7% cum. cony. 1st pref. stock, par $100.-V. 132, p. 4602.
n s
National Grocers, Ltd.-Earnings.Fears End. June 30-Profit from operation-Depreciation
Int. on
% gold notes.
Income taxes
1931.
$567.064
121,504
95,336
40,919
$620,587
120.156
104.959
29,824
1929.
$695,016
118,366
111,521
34,500
1928.
$585,518
12166:090030
117,212
Net income
Divs. on 1st pref. stockDivs. on 2d pref. stock
$309,304
26.734
$365.648
48,972
103,362
$430,628
60,034
103,362
$325,376
74,254
Balance, surplus
Previous surplus
8282,570
562,798
8213,314
452,716
8267,232
265.116
$251,122
100,592
Total
Adjustments
8845,368
211,192
$666,030
103,233
$532,348
79.631
$351,714
86,597
$634.176
$562,798
$452,716
$265,116
Profit & loss surplus.-
•
1300
[Vol,. 133.
FINANCIAL CHRONICLE
$42,657
$37,696 1927
1921
36,031
31.546 1928
1922
45,993
41,102 1929
1923
21,293
51,963 1930
1924
48,592
1925
$404.399
Total
47,523
1926
being an average per year of $40,439, or 5.7 times the annual interest charge
fund. Earnings
on these bonds and 2.7 times the interest and sinking
for the six months from Dec. 1 1930 to May 31 1931, available for bond
interest, depreciation, and income taxes wg:e $20,584.
from the
Company.-organIzed in 1918, and has shown a steady growth
commencement. It is what is known as a family corporation, the owners
all of whom are
being P. J. Russell, Ernest H. Gennis and H. 0. Poole,
actively engaged in the company's management. No shares have ever
been offered to the public.
Company does not carry an inventory of butter, eggs and similar products, but confines its activities strictly to the meat business, including fresh,
cured and canned meats. Company's products other than fresh meats are
Brand.
Total
86,768,997 37,300,583 mark ted under the well-known North Star Brand and Pacific City of
$6,758,997 $7.300.583
Total
Plant is located at Marpole within the corporate limits of the
-V. 131. p. 4064.
x Represented by 295,852 shares of no par value.
Vancouver, B. C., Canada.
Comparative Balance Sheet June 30.
1930.
1931.
1931,
1930.
Assets
3590,900
8% 1st pref.
&
Land, buildings
$2,522,476 $2,716,864 7% 2nd pref.09_42,953.200 2,953,200
equipment
295,852
x295,852
78.422 Common stock_
81,300
Cash
1,930,028 2,128,834 fiti% gold notes__ 1,309,500 1,559,500
Inventories
105,000
Mortgages Payable
Adv,on merchand110,995
17,604 Outst. cheques_
11,002
dise purchased
166,700 Bal.of 1st prefstk.
Investm'ts at east. 175,700
1,776
at redempt.price
Accts. receivable,
690,124
1,743,848 1,851,088 Accts. & bills pay.. 859,421
less reserve
63.499
357 Div. on pref. Ehs _
947
Sinking fund cash50,868
48,287
340,714 Accr. Int.taxes,&c
293,697
Deferred charges
Res. for depree. of
378,842
bldgs.& equip__ 463,921
50,000
81,869
Has, for contIng_
562,798
634,176
Surplus
-28 1-8c, Dividend.
National Oxygen Co., Chicago, Ill.
The company on July 1 last paid to holders of record June 23 a dividend
of 28 1-8e. per share on account of accumulations due April I on the $2.25
cum.class A.stock, no par value. A similar distribution was made on April 1
last, while a regular quarterly dividend of 5634c. per share was paid on
this issue on Jan. 1 1931
The last quarterly distribution of 25c. per share on the common stock
was made on Jan. 11931.
-Booklet Issued.
National Steel Corp.
The National City Co. has prepared a booklet outlining the plants and
organization of the above corporation. The booklet points out that the
formation of National Steel has been an integrating rather than a merging
process, each unit continuing under substantially the same management
which has been responsible for its record to date. Moreover, each unit
operates, more or less, as an individual undertaking but with a high degree
of centralized control as to general policy and program of operation.
Constituent companies of National Steel Co. are: Weirton Steel Co.,
Weirton, W. Va.; Great Lakcs Steel Corp., Detroit, Mich.: Midwest Steel
Corp., Chicago; Weirton Coal Co., owning 7,000 acres of coal lands in
Fayette and Washington counties, Pa.; and Brooke County, W. Va.•,
etroit; Hanna Iron Ore Co., Cleveland; Michigan
Hanna Furnace
Corp.,dichigan Steel Corp.) of Great Lakes Steel Corp.,
Division (formerly
-V. 133, p. 1136.
Detroit; and the Producers Steamship Co., Cleveland.
--Registrar.
Nedick's Corp.
The City Bank Farmers Trust Co. has been appointed registrar of500.000
shares common stock ($1 par), 2,000 shares class A pref. stock (no par),
6,000 shares class B pref. stock (no par) and voting trust certificates for
-V.133. P. 970.
500,000 shares of common stock.
Nehi Corp.
-Earnings.
-Earnings.
Pacific Western Oil Corp.'
For income statement for 6 months ended Juno 30 see "Earnings Department" on a preceding page.
An official statement says: "The effect of extreme unsettlement in the
compared
industry is clearly reflected in the decline in gross income, as amounted
with previous periods. Gross income for the first half of 1931
to $1,934,275 from a production of 3,134,609 barrels of crude oil and natural
gasoline, a daily average of 17.318 barrels. For the first half of 1930
gross income amounted to $4,511,687 from production of 3,608,175 barrels,
a daily average of 19,935 barrels. Oil production in barrels decreased
13% compared with a decrease in dollar value of 58%.
1.85
Net earnings before depreciation and reserves were equivalent to
times interest paid on funded debt. The amount charged off for deprethe same amount, in dollars.
dation and reserves was maintained at about
as in previous periods. Although the earnings fell short of deductions for
Hottleman
depreciation and reserves, it is pointed out that holdings in
Hills and Elwood are carried at cost, which is greatly below values subsequently established for these properties. Understatement of book figures
for these two properties is estimated as equal to depreciation and reserves
atpresent rates for at least several years.
from
'Current assets as of Juno 30 1931. exclusive of $1.078,463 due
Richfield Oil Co. of California, amounted to $2,052,173 as compared with
shows
current liabilities of $439,003, a ratio of 4.7 to 1. The statement
liacash of $1,445.387,' which alone is over three times total current
bilities. The company has no bank loans.
with the
"Current assets show a decline of about $800,000 as compared
of
June 30 1930 statement which is accounted for in part by a reduction
debt.
$300,000 in current liabilities and a reduction of $661,000 in funded the
It Is understood, also, that substantial payments have been made to
expected
Hettleman North Dome Association, from which returns can be
during the last half of the year.
been curtailed in all fields operated by the company in
"Production has
accordance with the general conservation program.'
Current Financial Position June 30.
1930.
x1931.
Current Assets$1,445,387 $1,716,956
Cash on hand and with banks
810,236
287,920
Notes and accounts receivable-net
47,800
133,606
Inventories-oil
275,246
185,258
-materials and supplies
Inventories
32.052,173 .32,850,240
Total
Current Liabilities
$384,131
$140,417
Accounts payable
175.563
119,372
Accrued taxes
177,453
179,213
Other accrued liabilities
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
According to C. A. Hatcher, President, dividend payments made this
year were fully covered. Total current assets as of June 30 1931 were
$866,230. as against total current liabilities of $217,879, a ratio of approximately 4 to 1.
Discussing the action of the directors in authorizing the regular quarterly
1 to
dividend of 15 cents a share on the common stock, payable Sept. sales
holders of record Aug. 18, Mr. Hatcher stated that the July volume of
was approximately the same as a year ago, with gross profits, however,
running at a higher level. August sales and earnings will exceed the showing
made in the corresponding month last year, he estimated.
"Considering general business conditions, we feel that our showing for
the first half of the current year is most satisfactory," explained Mr.
$737,148
$439,003
Total
Hatcher in a letter to stockholders. "We believe that the company will
2,113,091
1,613,169
make a favorable comparative showing for the remaining months this year. Excess current assets over current liabilities
3.9 to 1
4.7 to 1
current liabilities
"The company has expanded its line of merchandise and the manage- Ratio current assets to
Funded Debt
ment's efforts toward economical operation are proving highly beneficial.
sinking fund gold debentures, due
new and improved methods, the com- 15
-year 63i%
In line with the policy of adopting
314,152.500 $14,813,500
1943, outstanding with public
pany has recently installed facilities for processing bulk fruit received in
Richx 1931 figures do not include the amount of $1,078.463 due from
car lots. This is proving to be a great asset in the economical manufacnew mar- field Oil Co. of California.
ture of the company's products and will also enable us to develop
par value $361,500.
On June 301931 the company had on hand debentures
kets. We believe that by reason of our facilities along this line the corup to and including
poration is placed in a strong competitive position, which will largely remove which is sufficient to meet all sinking fund requirements
-V. 132, April 30 1932.-V. 133, 9 9710•
our bottlers from the necessity fo meeting cut-price competition."
p. 2007.
-Dividends Omitted.
Paepcke Corp.
- For record purposes we give the following:
New Bedford (Mass.) Investors Trust.--Smaller Div.
the regular quarterly
The company on April 1 last omitted the payment ofcum. pref. stock, par
have declared a semi-annual distribution of $1 per share
The trustees
on the 7%
that
on the certificates of beneficial interest, par $50, payable Sept. 1 to holders dividend of $1.75 per share due on of date
which was due on Feb.
31.50 per share
$100. The quarterly distribution
of record March 11.
From March 1928 to and incl. March 1931, the trust paid semi- 15 1931 was also omitted. company were made as follows: On the pref.
The last payments by this
annual distributions of $1.25 per share.
$1.50 on Nov.15 1930.-V.133,p.300
Extra dividends of 12Ac. each were also paid in March and Sept. 1929. $1.75on Jan. 1 1931,and on common
-New Director.
Niagara Share Corp.
Reginald B. Taylor of Buffalo has been elected a director to fill the
-V. 133, p. 970. 814.
vacancy caused by the death of Walter P. Cooke.
.-Plans Expansion-Volume Higher
Ohio Leather Co.
The company is planning to expand its Girard, 0., plant capacity for
manufacturing finished leather.
Volume of business obtained this company during the seven months
ended July 31 1931 was slightly greater than in the corresponding period
of 1930, while net profit after charges was at least equal to those of the
of
same 1930 period. The company's plant is operating at about 75%
capacity.
Approximately 6,000 square feet of floor space will be added, and facilities for making calf upper leather will be increased to meet an improved
-V. 133. p. 655.
demand for the company's products.
Old Line Life Insurance Co. of America, Milwaukee,
Wis.-Extra Dividend.
The directors have declared an extra dividend of 25c. a share on the
quarterly dividend of
$10 par common stack, together with the regular
25c. a share, both payable Oct. 1.
-Dividend Payments.
Owens-Illinois Glass Co.
payment of more than $450,000
The company has announced plans for the
worth of dividend checks mailed Aug. 15 as the quarterly dividend on the
900,000 shares of common stock.
Ohio Savings Bank &
All checks to Ohio addresses were drawn on the
with funds
Trust Co. These are to be paid through the Toledo Trust Co.,
which
deposited by the Owens-Illinois company. The dividend checks Trust
of Ohio and which were on the Guaranty
went to all points outside
& Trust Co. deposit,
Co. of New York through a special Ohio Savings Bankof special funds sent
are to be paid by the Guaranty Trust Co. by means
-V. 133, P. 814, 1136.
to that bank by the Owens-Illinois company.
-Royal Financial
-Bonds Offered.
Pacific Meat Co., Ltd.
Corp., Ltd., Vancouver, B. C., is offering at 983' and int.,
yielding over 7.20%, $100,000 1st (closed) mtge. 7% bonds.
Dated Aug. I 1931; due Aug. I 1941. Interest payable F. & A. Principal and int. payable without charge at any Branch of the Canadian Bank
of Commerce, in the Provinces of British Columbia and Alberta and at its
principal offices in Toronto and Montreal. Denoms. $100„ $500, and
$1,000 c*. Trustee: Toronto General Trust Corp. Callable as a whole
or in part at any time on 60 days 'notice at 102 and int.
Purpose.
-Proceeds will be used for the retirement of bank loans and
enlarging the Company's meat canning facilities.
Sinking Fund.
-The sum of $7,587 per year will be paid to the trustee
in semi-annual payments as a sinking fund, such moneys to be used for
the Purchase of these bonds at or below the call price, or for calling bonds
at 102. This amount, together with the interest earned on the sinking
fund, will be sufficient to retire the entire issue by maturity, the first of
such payments to be made on Feb. 1 1932.
-Net earnings for the past 10 years, after giving effect to this
Earnings.
financing and available for income tax, depreciation, and interest on this
Issue, were as follows:
-Extends Service.
Pan American-Grace Airways, Inc.
service which now
The corporation extended its international passengerAug. 15. The trip
terminates at Arica,Chile,to Santiago,Chile. beginning three and one-half
made in
between the Canal Zone and Santiago will be its passenger service from
days. The company also expects to extendMontevideo, Uruguay. the
Santiago to Buenos Aires, Argentina and
the inauguration
present terminus of its airmail route, within six weeks from
-V. 129. P. 296.
of the Santiago service.
-Earnings.
Paraffine Companies, Inc.
1929,
1930.
1931.
Years Ended June 30Profit from over, after, deduct, all ex31,851.444 $2,735,042 $3,073.259
penses, interest and deprec
210.000
179.000
105,000
Provision for Federal income tax___.
Adjustml of Fed. taxes for previous
1,459
13,431
Cr2.668
years,&c
$1.749,112 $2,542,611 $2,861,799
Balance
1.904.640
1,881,661
1,940,105
Common dividends (cash)
191.648
422,150
Common dividends (stock)
Surplus.
Previous surplus
Adjust, of invest. In affil. co
def$190,993
6,471,505
Dr.92,707
$238,800
6,232.704
$765.512
5,467.193
......
36,187,805 36,471,505 $6.232,705
Balance Sheet June 30.
1930,
1931.
1930.
Assets
-$
1,100,000
8
Notes payable.. __ _
1,584,361 1,880,866
Inventories
149,352
53
46 1
198,264
Account, par
P
s fo
Notes de accts. rec.
Fed.
(less reserves)-- 1,930,498 2,362,219
105,000
179,000
income tax
179,263
Marketable incur-112.560
294,421
154,053 5% cony. g. notes_ 1,500,000
Cash
for roofing
Reserve
Employers' stock
93,520
120,786
guarantee, ace112,963
94,527
subscription.._ _
pref. stk. 6,000,000
Invest, in stocks of
stock_y10,866,780 10,869,399
other companies 9,810,637 9,341,910 Common
6,187,805 6,471,505
Surplus
Land., bides., machinery, &c_ __ _x4,879,297 4,813,489
216,303
Patents,& tr.-mks. 235,480
1
1
Good-will
247,410
Prepd.ins.& misc. 261,151
19,221,370 19,290,043
Total
19,221,370 19,290,043
Total
x After depreciation of $2,428,676. y Represented by 485,030 shares
(no par).
-V. 132, p. 3163.
Total surplus
-Mile Line
-805
Panhandle Eastern Pipe Line Co.
Completed to Rockville, Ind.
running from the
The 805
-mile natural gas pipe line of the company,
bY
Texas Panhandle gas fields to Rockville, Ind., was completed Aug. 20the
the laying and riveting of the final pipe. Tests have been started and
line is expected to begin operations within three weeks.
AUG.,22 1931.]
FINANCIAL CHRONICLE
1301
The pipe line connects at Rockville with the extensive system of the
-Dividend Deferred.
Pressed Steel Car Co.
Columbia Gas & Electric Co.. which supplies natural gas as far east as
The directors have decided to defer the quarterly dividend of 1%%
Newark,Philadelphia and Washington. This marks the final link between due Sept. 30 on the outstanding $14.430,500 7% cum. cony. pref. stock,
the Texas gas fields and the Atlantic seaboard.
$100. The last quarterly distribution at this rate was made on June 30.
The initial capacity of the completed line is more than 80,000.000 cubic Par
company had no bank loans and its
President F. N.
feet of as daily, which by the addition of more compressors,can be doubled. financial condition Hofstot said the view of present unusual conditions,
was sound but, in
In addition to the main line there are 419 miles of lateral lines in Kansas,
-V.132, p. 1437.
in Kentucky, Illinois and it was decided to conserve is resources.
Missouri and Illinois and further construction
Indiana is pending.
-2% Extra Dividend.
Printing Machinery Co.
The Panhandle Eastern Pipe Line Co. is owned Jointly by the MissouriThe directors recently declared an extra dividend of 2% in addition to
Kansas Pipe Line Co. and the Columbia Oil & Gasoline Corp., a Columbia
the common and pref.stock, payable
the usual quarterly dividends of2% on
-V.132, p. 4428.
Gas & Electric affiliate.
July 15 1931 to holders of record July 20. The company on Jan. 15 last
-Stock Held by Officers, &c.
- made an extra payment of2% on both issues and on April 15 an extra of1%.
Parker Rust Proof Co.
Officers and directors as of July 21 1931, were the registered owners of -V. 132. p. 3165.
a total of 16,713 shares of the company's common stock and 3,349 shares of
-Reduces Dividend.
Raybestos-Manhattan, Inc.
preferred in their own names. As there are 97,631 shares of common out.
The directors have declared a quarterly dividend of 40c. per share on
standing, their holdings account for 17.1% of the whole. There are 19.155
the outstanding 675,953 shares of common stock, no par value, payable
preferred shares outstanding so that their holdings of that issue account
Sept. 15 to holders of record Aug. 31. This compares with quarterly
for 17.4% of the whole.
including
W. M. Cornelius, president of the company, is the largest holder, with distributions of 65c. per share made from Dec. 16 1929 to and
6,500 shares of common and 2,500 shares of preferred. Other large holders June 15 1931.
Earnings.
-For income statement for 3 and 6 months ended June 30
are: C. H. Awkerman. Vice-President and director, with 2,260 common
shares; G. E. Luke, a director. 1,899 common shares, M. C. Baker, a see "Earnings Department" on a preceding page.
Company states that business has maintained a consistent upward trend
director, 2,000 common shares; and B. D. Chandler, a director. 1,478
-V.133, p. 655.
during the current year which has continued to date. Operations in
common shares. ("Boston News Bureau.)"
the second quarter showed a substantial improvement over the first quarter
Tilford, Inc.
-Earnings.
r., Park &
t
of the year, while business so far in August has run at a rate in advance
For income statement for 6 months ended June 30 see "Earnings Depart- of July, which in turn exceeded June. Similarly, net earnings of 83 cents
-V. 132, p. 3730.
ment" on a preceding page.
a share in the first half of the year compared with net profits of 49 cents
a share in the last half of 1930.
Parmelee Transportation Co.
-Earnings.
Cash and marketable securities on hand as of July 31 totaled $3,355,000
For income statement for six months ended June 30 see "Earnings compared with $3,221,000 on Dec. 31 1930. Current assets at the end
on a preceding page.
Department"
-V.133. p. 300.
of July totaled $8.266,000 and current liabilities were $553.000, or a ratio
-Earnings,'
Perfect Circle Co.
--of 15 to 1. Of the current liabilities, $91,000 represented reserve for
-V.133.
P For income statement for 7 months ended July 31 see "Earnings Depart- Federal taxes and $90,000 represented accrued wages and salaries.
P• 135.
ment" on a preceding page.
lio,The company's balance sheet as of July 31 1931 disclosed an unusually
-Earnings.Republic Petroleum Co., Ltd.
strong financial position. Current assets amounted to $2,117,095 against
For income statement for 6 months ended June 30 see "Earnings Decurrent liabilities of $119,176, or a ratio of 17.7 to 1. At the end of the
first 7 months of 1930 current assets were $1,669,684 against current partment" on a preceding page.
liabilities of $148,868, or a ratio of 11 to 1. Cash and Government securi-Seeks Lower Rates.
Republic Steel Corp.
ties on July 31 1931 totaled $897,395, a sum large enough to liquidate all
The corporation has filed with the Ohio P. U. Commission complaints
liabilities, pay the October and January dividends and take care of all the
claiming the roads are charging unreasonably high
1932 Federal taxes without impairing the working capital, according to against five railroads,
rates on bituminous coal shipped from Ohio mine districts at Canton and
President C. N. Teeter.
"With net profits for the seven months of $3.61 per share our annual Massillon, Ohio. The coal rates charged arc higher than for other lowdividend requirements of $2 per share have easily been met and the 1930 grade commodities shipped between the same points, the complaints allege.
earnings of $3.74 per share almost equaled, Mr. Teeter says. "The The Commission was asked to investigate and require the establishment of
business outlook for the remaining five months is exceedingly bright, so lower rates by the Baltimore & Ohio, New York Central, Pittsburgh &
bright in fact that we expect our earnings for the entire year to come very West Virginia, Pennsylvania and Wheeling & Lake Erie.
-V. 133, p. 1137.
close to the $6 mark."
Reopens Mill.
Phoenix Silk Manufacturing Co., Inc.
-Protective ComFollowing a week's idleness, the corporation on Aug. 19 started Its strip
mill at Warren operating at 35 to 50% of capacity. Next week it will opermittee.sheet mill operations
A committee has been formed to protect the interest of the holders of the ate its tin plate mills, now idle. It is expected that developed to place
plans are being
next week,
1st mtge. 20-year 7% sinking fund gold bonds. The committee consists of will be at a higher ratein action. and133. p. 975, 1138.
-V.
another blast furnace
John II. Michener, Chairman, 15 Broad St., New York; William J. Keary,
54 Wall St., New York; Eli T. Watson, 40 Wall St., New York, with
-Earnings.
Ritter Dental Mfg. Co., Inc.
George K. Graves, Sec., 15 Broad St., New York, and Beekman, Bogue
For income statement for 3 and 6 months ended June 30 see "Earnings
& Clark. Counsel 15 Broad St. New York, and Guaranty Trust Co., 140
-V. 132, p. 4605.
Department" on a preceding page.
Broadway, New York, is depositary.
The committee in a notice to the bondholders says:
-Omits Dividend.Rockwood & Co.
"The company has failed to deposit with the trustee under the mortgage
securing the bonds, funds to pay the interest due on Aug. 1. Although
The directors recently voted to omit the quarterly dividend ordinarily
it is provided in the mortgage that the company shall have 60 days within payable about Aug. 15 on the common stock, no par value. The last
which to pay the instalment of interest, the committee has been advised quarterly disbursement of $1 per share was made on May 15, 1931.-V. 130,
V. 129. P. 3978*
that the probability of such payment is quite remote and that general p.
business conditions in the silk industry have been most unsatisfactory.
-Sale to Swift
The committee has been advised that the plants of the company have
St. Louis Independent Packing Co.
been practically shut down for some time. Under the present circumstances
interests of the 1st mtge. bondholders can best be protected through the Approved.
protective committee acting on behalf of all the bondholders. Bondholders
The stockholders have approved the sale of the company to Swift &
are accordingly urged to deposit their bonds immediately with the deposi- Co. About 86% of 200,000 shares common stock and 89.5% of preferred
tary in order that the committee may be in a position to act effectively on stock outstanding voted in favor of the deal. Only 4% of common was
-V. 117, p. 335.
voted against the sale, while the remaining 10% was not voted.
their behalf."
The company was sold at an inventory valuation of $1,500,000.
-Off List.
(Albert) Pick-Barth & Co., Inc.
Suit was filed in the Circuit Court at St. Louts by Dr. Joseph Knichel,
York Curb Exchange has removed from listing the participating a stockholder, to prevent the sale but Circuit Judge Harry A. Hamilton
The New
pref. stock (no par) and the voting trust certificates representing common denied an injunction to restrain the sale.
-V. 133, p. 975.
stock (par $1).-V. 133, P. 656.
-Pays Interest, &c.
Pickwick Corp., San Francisco.
-
The corporation has paid up the July 1 interest on its 1st mtge. leasehold
& collateral trust 75, after the issue had been in default, and has brought
the sinking fund up to date, according to advices from the trustee. It
has also cleaned up the defaulted interest on its 6 % collateral trust notes
due June 15, a serial issue on which the first maturity of $375,000 will
have to be met on Dec. 15 1931.
However, interest due July 15 on its 1st leasehold mtge. and collateral
trust terminal improvement bonds is still in default, and the sinking fund
provisions are somewhat in arrears, the trustee reports. Under the trust
-day period of grace in which to pay up
indenture the company has a 30
its interest. (San Francisco "Chronicle.')-V. 132. p. 3731.
-Earnings.
Pierce Oil Corp.
For income statement for 3 and 6 months ended June 30 1931 see"Earn-V. 132. p. 4256.
ings Department" on a preceding page.
-Earnings.Pierce Petroleum Corp.
For income statement for 3 months ended .Tune 30 1931 see "Earnings
-V. 132, p. 4256.
Department" on a preceding page.
-Omits Dividend.
St. Louis Screw & Bolt Co.
The directors have voted to omit the quarterly dividend which ordinarily
is payable about Sept. 1 on the common stock, par $25. The last quarterly
distribution of 373c. per share was made on this issue on June 1 1931.V. 127, p. 1400.
-Sales Decline.
Sears, Roebuck & Co.
1931-32 Wks.
-1930.
Period End, Aug. 13- 1931-4Wks.-1930.
$23,769.479 $25,344,275$208.476,686$223,607,283
Sales
The company has completed arrangements for affiliations with the
Halliburton-Abbott Co. of Tulsa, Okla. largely a textile store doing an
annual business estimated at $2,000,000.lids affiliate will remain under the
present management. Sears, Roebuck & Co. will add its full hardware
line making it a complete department store.
Sears, Roebuck & Co. has effected similar affiliations with leading department or textile stores in New Orleans, Oscaloosa, Otttunwa, Fargo and
with the Becker-Ryan store in Chicago.
New Officer.
-
Appointment of F. B. McConnell as Assistant Vice-President in the
southern territorial office, with headquarters at Atlanta, Ga., was an-To Reduce Stock.
Pittston Co.
Manager of the
nounced on
19.
received a notice from the com- Philadelphia Aug. order Mr. McConnell previously wasto J. M. Barker,
The New York Stock Exchange has
department and later assistant
mail
pany of a proposed decrease in the authorized common stock from 2,500,000 Vice-President in charge of the Eastern territory. He will supervise opera1,250,000 shares (no par value).
shares to
tions from Florida to Texas. C. A. Woods. whom Mr. McConnell sucThe reduction in the number of shares is a move to reduce tax charges ceeded, became assistant to T. J. Carney, Vice-Preddent in charge of
for the company. Company has outstanding 1,075,100 shares of stock. operations at the National headquarters at Chicago.
-V. 133, P.975.
133. p. 815.
-Bonds Called.
Pocahontas Corp.
The company has called for payment as of Sept. 16 next $186,000 of
6% gold bonds, dated Dec. 15 1923. Payment will be made at the Union
-V. 133. p. 972.
Trust Co. of Pittsburgh, trustee. at 102 and interest.
-Earnings.
Poor & Co.
For income statement for three and six months ended June 30 see "Earn-V.132, p. 3544.
ings Department" on a preceding page.
-Comparative Balance Sheet.
Powdrell & Alexander, Inc.
Securities-Allied Corp.
-New Name.
See Atlas Utilities Corp. above.
-Earnings.
-Servel Incorporated.
For income statement for 3 months ended July 31 1931 see "Earnings
-V. 132, p. 3902.
Department" on a preceding page.
-50c. Extra Dividend.
(W. A.) Sheaffer Pen Co.
The directors have declared an extra dividend of 50c. a share in addition
to the regular semi-annual dividend of $1 per share (recently declared).
both Payable Sept. 15 to holders of record Sept. 1. An extra of 50c. a
share was paid semi-annually from and incl. Mar.15 1929.
President W. A. Sheaffer says: "Approximately three-fourths of total
sales volume of Sheaffer Pen at present is accounted for by Lifetime Pens
retailing at $6 and upward. We have not found it necessary to reduce our
prices In order to maintain sales volume and present average selling price
of our fountain pens compares favorably with former years."
-V. 132,
p. 3902.
For income statement for period ended July 3 1931, see "Earnings Department" on a preceding page.
July 3'31. JulY 3 '30
July 3 '31. July 3 '30. LiabilitiesAssets-$190,836 $237,213 Notes payable__ 8700,000 $570,000
Cash
Accounts payable_ 141,957
150,483
Notes & accept. re2,442 Salaries, wages and
1,308
ceivable, trade._
780,573
comm'ns accrued
743,606
47,645
Acolg receivable
41,060
927 Accrued interest_
399
Other receivables2,941
-Defers Prefelred Dividend.Shell Union Oil Corp.
1,435,835 1,425,464 Other curr. Habil_
1,000
3,375
Inventories
22,508 State and Federal
24,963
Investments
The directors have voted to defer the quarterly dividend of
x1,414,214 1,417,019 income taxes_ _ _
11,549
Fixed assets
46,5°°
due Oct. 1 on the outstanding $40,000,000 5%
23,979
48,742 Mortgage Payable
2
Organization exp.._
75.000
31,059 Res. for State &
30,517
cum. cony. pref. stock, par $100. The last quarterly disPrepaid insurance11.065
9,960
Fed. income tax
24,808
Prepaid taxes
21,460 tribution on this issue was made on July 1.
6,052 Rm.for pref,stock
2,104
Prepaid interest
3,050
sinking fund__
4,824
66,499
An official statement says:
50,000
Advs.to salesmen_
Preferred stock-- 480,900
Cotton futures and
514,200
In reaching the above decision the directors
1,852 Y Common stock__ 2.079,995 2,103,595 fact that on account of demoralized conditions inhave been guided by the
3,2E0
the industry the company
L Prepaid expenses
Earned surplus_-_ 331,074
406,563 surplus has been eliminated and the payment of dividends could only
be
Capital surplus-1,483
1,684 continued by drawing on the company's reserves.
The directors have not felt justified in following such a course. Although
Total
$3.886,910 $3,986,862
$3.886,910 $ .986.863 trading operations of the subsidiary companies showed
Total
3
considerable imx After depreciation of $429,498. Y 55,788 shares, no par.
-V. 133 provement in the second quarter as compared with the first quarter the
continued reduction in the value of crude oil and its products has necessip. 815.
1/
3%
1302
FINANCIAL CHRONICLE
toted very heavy writing down of inventories in conformity with the policy
which the company has followed since it commenced operations.
During the first half of this year not only has the company continued to
provide depreciation on the same very conservative scale as hitherto, but
as of June 30 1931, the book value of its stock of crude has been written
down to the market price or cost, whichever was lower. This has resulted
In crude standing in the account at to-day's market price, which is below
to-day's cost of production and for this purpose alone over $6,000.000 was
charged to earnings this year. Capital expenditure has practically ceased
and stringent economy measures have been instituted to meet the unprecedented depression in the industry and as a result the company's cash
resources are steadily increasing.
The directors are confident of the future, not only because of the conservative manner in which the company's reserves have been built up, but
also because it has always been the policy to secure the company's supply
of crude and products in the cheapest possible manner so that its cost of
operation remains competitive with the industry as a whole.
Its new pipe line from East Texas to the coast will be put in operation
shortly enabling it to secure and handle large quantities of the cheapest
crude in the United States. Also in this field our direct interest is very
large. These being the facts we can face the present situation with confidence.-V. 133, p. 976.
Shubert Theatre Corp.-Ext. of Plan for Readjustment.
The holders of6% gold debentures are notified that the board of directors
has extended until the close of business on Sept. 15 1931, the time for declaring operative the plan for re-adjustment, dated June 16 1931. Debentures may be deposited under the plan at any time on or before the date
upon which the plan is declared operative.
Over 58% of the debentures has already been deposited under the plan.
Acceptance of the plan has been recommended by J. & W. Seligman &
Co.and Chase Securities Corp.
Debentures should be deposited with Chase National Bank, 11 Broad St.,
N.Y. CIty.-V. 133. p. 1139, 976.
-Liquidating Dividend.
Signature Hosiery Co., Inc.
The directors have declared an initial liquidating dividend of $10 a share
on the $3.50 cum. cony. pref. stock, no par value. payable Aug. 14 to
holders of record Aug. 11.-V. 132, p. 1054. 3358.
-Earnings.
Simmons Company.
For income statement for 6 months ended June 30 see "Earnings De-V. 133, p. 1139.
partment" on a preceding page.
-Defers Div.
Simmons-Boardman Publishing Corp.
The directors have decided to defer the quarterly dividend of 75c. Per
share due Sept. 1 on the $3 cumul. cony, preference stock, no par value.
The last distribution at this rate was made on June 1 1931.-V. 132, p. 1241.
-Quarterly Statement.
Simms Petroleum Co.
Edward T. Moore, President, says in part:
Current operations before the customary income charges and before
extraordinary charge-offs occasioned by the sale of property and storage
oil resulted in a profit for the second quarter of $129.780 and for the six
months of $432,742.
While charges for taxes, depreciation and depletion have approximated
normal and drilling costs and lease rentals were substantially below normal,
nevertheless losses resulting from the sale of tank cars and from the sale
of inventory crude oil combined to create a final deficit after all charges
for the second quarter of $1,303.277.
Company -owned 580 tank cars, more than twice the number required
for its own operations. As these cars were 11 years old and their maintenance cost was increasing each year, a contract was entered into for the
sale of the entire fleet and at the same time a lease was made for a smaller
number of cars to supply the refinery needs. Since the depreciated book
value of these cars was substantially greater than the amount realized therefrom. the sale resulted in an extraordinary charge-off.
Company adjusts its refined products inventory to market monthly
but defers until the end of each year the adjustment of crude oil inventory
to market except in the case of the sale or use of such oil. Since the first
of the year a substantial part of the company's oil in storage has been used
currently in its refinery operations and a still greater part of its crude oil
Inventory has been sold, resulting in a book loss of $523,888 for the second
quarter and $594.914 for the six months ending June 30 1931.
Despite the unfavorable conditions prevailing in the industry and these
extraordinary charge-offs, company's cash position continued to improve
during the second quarter. Dash on hand.at June 30 1931 totaled $1.079,346 compared with $173.428 at the beginning of the year. Company
has no outstanding bonds, bank loans or indebtedness other than current
liabilities of $572,309. which are considerably exceeded by the cash on hand.
The price demoralization of the past few months has been precipitated
by uncontrolled production in the new East Texas field. Although prices
for oil in that field at the moemnt are so low as to eliminate any opportunity
for profit, nevertheless the management feels that the company's ownership of low-cost producing properties in East Texas constitutes a valuable
future reserve which should result very profitably if and when price conditions improve. Company owns interests in leases In that field aggregating
approximately 1,000 net acres proven for production, on which 12 producing
wells with large potential capacity have been completed. Notwithstanding
the fact that these properties were acquired and developed since the first
of the year, company has increased its cash on band by $900.000 during
this same period.
For income statement for three and six months ended June 30 see "Earnngs Department" in last week's "Chronicle," page 1118.
Comparative Balance Sheet June 30.
1931.
1930.
1930.
1931.
Liabilities
8
Assetsy8,018,810 8,353,810
Leasehold, active_ 1,821,167 2,204,568 Capital stock
372,224
479,185
do. inactive.- 2,293,774 2,490,119 Accts., &c., pay
250.000
Physical squint.. _85.533.519 7,010,312 Notes payable__
Accrint.,taxw,&c. 200.084
214,417
Inv. In capital stk.
Due affiliated cos_
729
593
of and advances
500,737 Reserve for abanto other cos- ___ 502,063
donm't of leases,
372,730
1,079,346
Cash
542,154
361,158
&c
Notes, accts., &c.,
160,000
160,000
850,053 1,115,268 Res.for Fed. tax._
receivable
x1,892,467 4,610,822 Res. for curr, lease
Inventories
abandonment _
22,877
250,474
201,858
Def'd debit items.
Res. for cos. port'n
of prof.&loss def.
of subs, not con122,204
solidated
z4,939,060 8,531,994
Surplus
14,174,269 18,555,030
Total
14,174,269 18,555,030
Total
a After deducting $6,289,049 reserve for depreciation. x Crude oil in$993,994; materials and s ipplies inventory, $604,515; refined
ventory
products inventory, $293.978. y Cap tal stock authorized, 1,000,000 shares
par value 310; issued, 869,271 shares; in treasury, 67,390 shares: outstanding, 801,881 shares. z Surplus includes' Capital surplus, $3,590,375;
40•
surplus from operations, $1,348,685.-V. 132. 1:.• 35
-Merger of Sinclair,
Sinclair Consolidated Oil Corp.
Rio Grande, Tide Water, Prairie Oil and Prairie Pipe Reported Under Way.
Con-
It is reported that negotiations for the consolidation of the Sinclair
solldated Oil Corp., Prairie Oil & Gas Co., Prairie Pipe Line Co., Tidowater Associated Oil Co. and Rio Grande Oil Co. into one large holding
company to be known as the Commonwealth Oil Corp. are in the final
stages and a definite statement, it is said, will be made within the next few
days. Nothing official has been given out regarding the proposed merger.
Under the terms now being discussed, it was rumored that the Prairie
Pipe Line Co. will receive 14 shares of the holding company stock for each
10 of its own; Prairie Oil & Gas and Sinclair Consolidated Oil Corp. will
each receive share for share while Tidewater Associated 011 Co. will receive
8 shares of the new company stock for each 10 shares. The basis of exchange with Rio Grande Oil Co. has not been determined, it is said.
Axtell J. Byles, President of Tidewater Associated, in a statement issued
Aug. 20 said that no agreement of any kind has been entered into by the
Tidewater Associated Oil Co. with respect to a merger with the Sinclair
Consolidated and th?. other companies mentioned, Mr. Bytes said:
"So many statements of a similar nature have been made,all unauthorized
so far as Tide Water Associated 011 Co. is concerned, that I consider it my
[VOL. 133.
duty to the stockholders, employees4 the public and my fellow-officers and
directors to state the following facts:
"It is true that for a considerable period appraisements of the different
properties referred to have been going on with a view to determining: (1)
whether their consolidation into a new corporation would make an economic unit; and (2).if so, what a fair ratio of exchange for the stock of the
various corporations would be. No conclusions as to either of these questions has been arrived at and, so far as Tide Water Associated 011 Co.
is concerned, no agreement of any kind has been reached or has the matter
been submitted to the board of directors or any committee thereof for
consideration.
"It is likely that in the near future the matter will be laid before the
board of directors if the board should decide (1) that a merger of the properties referred to would form an economic unit, and (2), if so, a fair ratio of
exchange to all stockholders can be agreed upon then, and only in such
event, would the matter be submitted to the stockholders for their approval
or disapproval. Until such time and event obviously no statement has
been or may be authorized to the effect that Tide Water Associated Oil Co.
will be a party to this or any other merger or upon what ratio or terms the
stock would be exchanged."
Stock of New Company on Chicago Curb Exchange.
The Chicago Curb Exchange Aug.20 admitted to trading on a when issued
basis, shares of the Commonwealth Petroleum Corp., the new holding
company which will be formed as a merger of Sinclair. Prairie Oil & Gas.
Prairie P'ipe Line, Tidewater and Rio Grande companies. The first sale
was at 12.°I.
-v.133,p. 1139.
(J. T.) Slack Corp.
-Receivership.
-
At an equity hearing in U.S. District Court at Burlington, Vt.,on July 31.
before Judge Harland B. Howe, Albert C. Bowman of Springfield, President
and owner of the majority of stock of the corporation (of Springfield), was
appointed receiver for the corporation and an injunction was issued restraining creditors from pressing their claims, to the detriment of the operation
of the business by the receiver.
The appointment of the receiver followed the filing of a bill of complaint
by the Keene National Bank of Keene, N. H., in which it was statedt hat
this bank was a creditor of the corporation to the extent of $24,500, and that
the corporation, which manufacturers cotton and woolen goods has operated
at a loss since Jan. 1 1928, partly because of the Vermont flood of 1927, and
Partly because of the business depression. The bank also said the corporation had borrowed money or obtained credit amounting to approximately
$450,000, which it now owes, and a large per cent of the sum is overdue.
Real estate owned by the corporation in Springfield, valued at $300,009, Is
mortgaged.
(F. H.) Smith Co.
-Stock Issue Canceled.
-
Chancellor Wolcott in Wilmington Chancery Court at Delaware has
handed down an opinion ordering that the issue of 200,000 shares of the
common stock be canceled. 150,000 shares had been issued to G. Bryan
Pitts and Samuel J. Henry. They transferred part of the block to former
Congressmen Daniel R. Crissinger and Fred N. Zlhlman and also to C.
Elbert Anadale. 50,000 shares were issued to Pitts as trustee by the
directors with power to distribute it among employees and officers as he
saw fit. The court canceled the 150,000 shares on the ground it was issued
Iii consideration of future services which the Court held is not a valid consideration. The Court canceled the 50,000 share block issued to the
trustee because none of it had been issued in accordance with the Board's
resolution.
The Court also appointed C. Reedy, attorney at Wilmington, as special
master to call a meeting of the stockholders for the election of a new board
of directors. In view of the fact that the Court has canceled the 200,000
shares of common stock there remains only preferred stock outstanding.
Mr. Reedy has called a meeting of the preferred stockholders for Sept. 15
to elects board of directors.
There is pending before the Court application for a receiver for the
company and for the revocation of the company's Delaware charter.
Bond Buyers' Group Files Six Bills of Complaint in Wilmington.Counsel for George E. Roosevelt and Benjamin L. Allen of N. Y. City
and James L. Malcolm of Catskill, N. Y., who formed a committee for
the protection of holders of bonds sold through the F. It. Smith Co.,has
filed six bills of complaint in the Court of Chancery at Wilmington, Del.,
against tho Smith company, questioning the validity of certain financial
transactions.
The bills ask for a temporary restraining order and an injunction against
the company, to prevent it from transferring any securities until after the
six cases have been disposed of in court. The amount involved in the cases
was given as $4,002.500.-V. 132, p. 673.
-Earnings.
South Penn Oil Co.
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
Comparative Condensed Balance Sheet.
June 30 '31. Dec.31'30.
June 30 '31. Dec.31'30.
Liabilities$
Assets
30,000,000 30,000,000
Capital stock
Prop. accts.
-proAccounts payable_ 1,064.682 1,105,665
ducing & non160,793
20,723,574 21,613,264 Reserve for taxes_ 404,268
producing
17,573,141 19,302,055
Stock in other cos.15,692,886 15,645,732 Surplus
Bonds, mortgages
432,922
ani oth.securltim 553,560
Material, mdse &
9,189,688 9,897,629
stock oil
Cash & accts. rec. 2,842,929 2.931.579
47,387
39,457
Deferred charges
Total
49,042,092 50,568,514
49,042,092 50,568,514
Total
L. W. Young Jr.. resident, states in part: "The item 'market fluctuations' shown in the llicome account for the six months ended June 30 1931,
very nearly covers the entire loss shown for the period. About one-half
of our stock of oil is in transit at all times and the value of this oil Is marked
down or up with each change in the posted price for crude. Our dividends
so far this year, while paid out of earnings of past years and in the face of
a very unprofitable half year, have not been such as to at all weaken our
cash position.' -V. 133, P. 976.
-Interest in California
Standard Oil Co. of Calif. (Del.).
-See latter company above.
-V. 133,
Spray-Chemical Corp.
p. 976.
Standard Oil Co. of Kansas.
-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" in last week's "Chron'cle," page 1118.
Comparative &armee Sheet June 30.
1931.
1031.
1930.
1930.
$
Assets8
Liabilities$
$
8,000.000 8,000,000
Property. plant &
Capital stock
172,724
x3,583,081 3,853,717 Accounts payable_
equipment
671,957
18,173
U. S. Govt. bonds. 2,298,378 2,296,531 Reserve for taxes_
57,301
104,009 1, 36,088
4
Other investments 352,500
232,200 Surplus
Crude oil & refined
858,029 2,437,241
products
316,778
Materials & Impel_ 324,307
187,225
Cash
158,588
306,003
Time loans
Accounts receiv_ __
335,370
870,309
Notes payable-.... _
50,013
8,294,907 10,165,344
Total
8,294,907 10,165,344
Total
x After depreciation of $3,439.654.-V. 133: p. 976.
-Stockholders Increase.
Standard Oil Co.(Indiana).
When this company became a separate organization in 1911 it had 6,078
stockholders, nearly all of whom were residents of New York and a few other
financial centers. Now it is owned by 95,136 stockholders scattered through
every State and territory in the United States and sevreal foreign countries.
The largest amount of stock held by any one stockholder is only 4.07%
of the total and the average of 179 shares per stockholder only .001% of the
total.
The figures do not give effect to the further distribution of interest In
Standard of Indiana stock through the investment companies. Many of
Aug. 221931.1
FINANCIAL CHRONICLE
these latter carry the stock as one of their principal holdings; so that their
stockholders to a very considerable number have indirect interest in this
half
-billion-dollar oil corporation. Considering this feature, it is estimated
that the number of persons having a financial interest in Standard of Indiana
is well over 100,000, the company's announcement stated.
-V. 133, P. 976.
Standard Oil Co.(N. J.).
-Reported Merger Pending with
California Standard.•
The "Wall Street Journal" Aug. 21 says:
Active negotiations are taking place in California looking toward a
merger of the Standard Oil Co. of IsTow Jersey and the Standard Oil Co.
of Calif. Official announcement regarding plans may be forthcoming
soon.
Walter C. Teagle, president of the Standard Oil Co.of New Jersey arrived
in California Thursday, it is understood, and will confer with officials
of the California company soon. Legal representatives of both companies are now in San Francisco and will be present at the conference.
V. 133, p. 1140, 976.
(L. S.) Starrett Co.
-Earnings.
For income statement for 6 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3167.
Stewart-Warner Corp. (& Subs.).
-Earnings.
-
For income statement for 3 and 6 months ended June 30 1931 see "Earnrigs Department" on a preceding page.
Comparative Balance Sheet June 30,
193,
1930.
1931,
1930.
Assets$
$
Liabilities
Land,b1dgs-mach.
Capital stook
12,958,820 12,993,900
equipment_ _x16,498,794 17,463,840 Purch.money ()Wig 205,000
&
325,000
1
1 Accts. & vouchers
Pats., gd will, &c3,291,029 6,346,065
Inventories
Payable
798,391 1,392,083
Accts.& notes rec. 2,001,762 3,082,692 Taxes, royalties.
&c., accrued__ _
Market security__ 2,466,661 1,645,118
313,915
411,879
3,086,848 2,905,637 Provision for FedCash
316,483
366,701
Deferred charges
eral taxes
175,000
Emp.install,accts.
Surplus
13,516,898 16,776,825
receivable
131,447
264,633
Total
27,793,024 32,074,687
Total
27,793,024 32,074,687
x After deducting reserve for depreciation of $7,256,728
.-V. 133. p. 815
Stonega Coke & Coal Co., Inc., Big Stone Gap,
Va.-Smaller Dividend.
The directors have declared a Quarterly dividend of 70c. per share on
the common stock, par $100. payable Sept. 1 to holders of record Aug. 18.
Previously the company made regular quarterly distributions of $1.30 per
share on this issue.
Stone & Webster, Inc.
-Smaller Dividend.
The directors on Aug. 19 declared a dividend of 50c. a share on the
capital stock, payable Oct. 15 to holders of record Sept. 17. From
April 15 1930 to and including Jan. 31 1931, quarterly dividends of $1 a
share were paid, while on April 15 and July 15 last distributions of 75c.
each were made.
An authoritative statement says:
Stone & Webster, Inc., reports for the 12 months ended June 30 1931
net consolidated operating income, including those of the subsidiary companies, of $5,072,350, equal to $2.41 per share on 2,104,500 shares outstanding at the end of the period.
Certain security losses taken during the period have been deducted
from current income in arriving at the foregoing figures and additional
losses on certain other securities acquired prior to or during 1930 have been
taken which have been charged against reserves set up on Dec. 31 1930
as reported in the last annual report. These additional losses charged
against reserves amounted to $1,246,591 and are not reflected in the above
current earnings figure.
Stone & Webster and Blodget, Inc., has as of June 30 1931 marked its
holdings of securities down to cost or market, whichever was lower. The
market value of securities owned by Stone & Webster, Inc., directly or
through its subsidiaries, as of June 30 1931, excluding capital stocks of
subsidiary companies, was approximately $9,485,000 below book value.
exclusive of the mark down of Stone & Webster and Blodget, Inc.,securities
-V. 132. p. 4431.
mentioned above.
(Nathan) Strauss, Inc.
-Protective Committee Formed.
-
Announcement is made of the formation of a committee for the protection
of the interests of the holders of the 10
-year sinking fund 6% cony, bonds
following the appointment of a receiver for the properties of the company.
The committee is composed of Graham Adams, President of Graham
Adams & Co., Inc., Chairman; T. W.T. Duke of Chapman, Snide_,r, Duke &
Beal; and Walter E. Orvis, Asst. Trust officer of the Empire Trust Co.
II. S. Ronaldson of 1 Wall St. is Secretary of the committee and Menke°,
Ferguson & Hills, 52 William St., New York, counsel.
A deposit agreement is now in course of preparation and holders of the
bonds are requested to make prompt deposit with the Empire Trust Co.,
120 Broadway, N. Y. City, which has been designated as depositary.
-V. 133, p. 976.
Sullivan Packing Co., Detroit.
-Sale.
See llygrade Food I'reducts Corp. above.
-V. 132. P. 1440.
Superior Oil Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30, see "Earnings
Department" on a preceding page.
-V. 132, p. 4079.
Superior Steel Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 1931 see "Earn
logs Department" in last week's "Chronicle," page 1118.
Comparative Balance Sheet June 30.
1931,
AssetsLiabilities1930.
1931.
1930.
Land, bldg.,msch •
Capital stock__ --y4.754.223 $4,754,223
and equipmentx$4,213,550x$4,160,398 Accounts payable70,493
116,305
Cash
528,618
846,520 Accr. tax, wages Si
264,424
Bins & accts. rec
314,210
interest
62,870
68,812
1,018,131 1,242,405 First mtge. bonds_ 1,686,000
Inventories
1,850,000
36,329
47,565 Profit Si loss surpDeferred charges
71,953
489,555
201,988
202,872
Govt.securities
331,483
Scour, in treasury_
392,586
837
560
Sinking fund
50,179
71,779
Unamort.dis.& exp
$6,645,539 $7,278,895
Total
Total
$6,645,539 $7,278,895
x After depreciation. y Represented by 115,000 shares, Par
$100.
V. 132, p. 3904.
-Recent Acquisition.
Swift & Co., Chicago.
-
The Neuhoff Packing Co., Nashville, Tenn., and its subsidiaries, the
Nashville Cold Storage Co. and the White Provision Co., Atlanta, Ga_
were purchased by Swift & Co. early this year for about $3.000,000
phis
inventories at the then current prices.
See also St. Louis Independent Packing Co. above.
-V. 133, p. 977.
Syracuse Washing Machine Corp.-Bal. Sheet June 30.
1931.
1930.
AssetsLiabilities193
Cash
$967,764 2492,972 Accounts payable_ $277,117
$197,899
460,283 Accrued ins., wages
Accts.& drafts reo. 361,919
• Inventory
1,046,246 1,207,852
and taxes
37,328
38,205
Bonds dep. with
Div. payable July 1
•
1930
N• Y. State In126,958
30,382
30,382 Res. for Fed. taxes
dustrial Comm_
24,921
45,176
Plant & equipmentx1,720,848 1,896,869 Res, for conting.
36,251
49,795
Deferred charges__
and workmen's
534,647
Patents & good-will
524,573
compensat'n exp
29,779
56,779
Corn. stk. & surpl.y4,278,912 4,197,909
Total
$4,698,058 $4,662,726
Total
24,698,058 $4,662,726
x After reserves of $1,389,140. y Represented by 57,540 no
par shares
class A stock and 456,137 no par shares class B stock.-V. 133, P. 977,
1303
Super Maid Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Deparmtnet" on a preceding page.
-V. 132. p. 2013.*
-Omits Dividend.
Thatcher Mfg. Co., Elmira, N. Y.
The directors have voted to omit the quarterly dividend ordinarily
payable about Oct. 1 on the common stock, no par value. From Jan. 2
1930 to and incl. July 1 1931 the company made regular Quarterly distributions of 40c, per share on this issue. On April 25 1930 the stockholders also received one share of Thatcher Securities Corp. stock for each
share of Thatcher Mfg. Co. common stock.
-V. 133, p. 977.
Tide Water Associated Oil Co.(& Subs.).
-Earnings.
-For income statement for 6 months ended June 30 1931 see "EarningsDepartment" on a preceding page.
Consolidated Balance Sheet, June 30.
1931.
1930.
1931.
1930.
Liabilities
Assets$
$
.123.598,983 122,462,091 6% pref.stock-- 73,272,400 73,284,500.
Oil producing.
Refining
56,865,276 53,325,063 Corn, stock__ --y90,292,585 92,504,836
Transportation 60,605,974 58,169,070 Tide Water 011
5% pref.stock 19,944,600 19,944,600
Marketing
32,856,754 28,615,976
Miscellaneous - _ 3,737,431
4,791,971 6% gold notes,
due Sept. 1'35
Total
277,664,417 267,364,170
(Ass0.011 Co.) 10,680,000 13,055,000
Res. for deprec.
5% gold bonds
& depletion. 127,657,574 116,973,765 '37(Tide Water
Assoc. Trans2,145,000
Total prop't's
Portat. Corp.) 1,820,000
& equip
150,006,843 150,390,405 Purchase money
645,643.
Invs.in cos. affil.
oblig.(current) 1,312,617
12,850,092 13,123,340 Acoounts Darla
not consol
Other invest'ts_ 4,324,599
4,344,475
-trade
2,856,447 4,889,183
Cash on hand &
Notes payable
1,500,000
7,444,685 10,036,784 Wages, int. &
In banks
1,565,295
2,005,051
Marketable sec's 2,000,765
mIscell
3,881,837
2,132,586
Notes & trade acAccr'd taxes_
1,918,736 Due to cos. MM.
ceptances rec. 1,673,909
2,014,423
not consord
1,469,028
Accts. rec.-less
10,241,288 12,464,703 Estimated Fed.
reserve
tax
328,577
Due from corn
2,852,449
parties Milli
1,099,086
Divs. payable
Deferred purch.
ated not con
833,011
money obits
5,629,949
3,267,147
solklated ____ 1,012,064
Crude oil Si prod 36,676,844 42,051,476 Deter. & unad.i.
70,525items
Mateels & supps 2,470,745 3,432,388
Inv.reserve fund 4,379,224 6,135,867 Def. credits to
717,693
operations
440,159
Spec. accts. rec.
Reserve for consecured
1,079,655
7,230,932.
tingencies.--- 5,324.911
Deferred & unad5,175,214 Surplus
x16,394,713 20,164,978
justed items__ 5,641,561
Minority 1nt, in
3,883,842 4,218,578
subs
239,802,174 251,471,702
Total
239,802,174 251,471,702
Total
x Of which $2,673,722 appropriated for reserve for fire losses and other
-V. 133,
contingencies. y Represented by 5,740,143 shares, no par value.
p. 1140.
-Earnings.
-Tide Water Oil Co.(& Subs.).
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1930,
1931.
1930.
1931.
Liabilities$
$
Assets
$
Oil producing__ 46,815,308 44,746,365 5% cony, pl.stk 19,944,600 19,944,600,
41,507,869 39,326,203 Common stock_x54,795,575 54,795,525
Refining
27,306,996 32,377,764
Transportation 26,831,265 26,557,415 Surplus
535,588
19,850,818 16,359,825 Purch. mon.obl- 1,182,515
Marketing
2,292,598 Accts.pay.,trade 1,433,887
2,698,341
Miscellaneous.. 2,296,048
Wages, int. &
776,319Total
137,301,308 129,282,406
miscellaneous
708,788
Accrued taxes__ 1,026,686
876,890
Total res'ves for
141,039
232,612
deprec. & dept 68,482,938 60,873,096 Due to attn. cos
Defer. purchase
Net properties 68,818,370 68,409,310
money obllg-- 3,158,002 2,399,797
3,091,470 Res. for coating- 4,842,135
6,794,814
Cash
4,709,087
307,372 Def, credits to
Market. scour.. 1,235,422
370,530
534,235
Notes & trade
oper
acceptances --1,222,071
1,592,321 Estd. Fed. inc.
Accts. reedy_ _ _ 5,176,252
8,605,829
tax
265,000
Crudeoll& prod's 15,865,849 22,783,523
Materials & supplies, at cost_ 1,276,200
1,923,376
Due fr. MM.cos. 3,884,095
637,259
Inv.res.funds__ 2,796,187
4,696,713
6,655,831
Inv,in affil. cos. 6,021,031
736,363
Other invest...
770,766
Deferred & un2,792,116
ad1us. items__ 3,135,422
114,910,752 122,231,485 Total
114,910,752 122,231,485
Total
.-V. 133. p. 1140.
x Represented by 2,191,823 shares (no par)
Transamerica Corp.
-Listing.
-The Los Angeles Stock Exchange has authorized the listing of 24,847.484
shares of capital stock of no par value. Of this amount 24,521,766 shares
were outstanding as of July 21 1931, and 325.718 shares were reacquired by
the corporate treasury- 133, p. 658, 816.
V.
-Passengers
Transcontinental & Western Air, Inc.
Carried.
This corporation, jointly owned by Transcontinental Air Transport.
Inc., and Western Air Express Corp.. carried 4,119 passengers in July,
against 3,332 in June, increase of 867, or 26%. Air mail increased 37%
over June, express poundage 15%. Business In August is reported as continuing the upward trend, with all transcontinental and New SCork-Chicago
ships sold out often two days in advance. Capacity operations are also
reported on local services between New York and Pittsburgh and between
-V. 133, p. 816, 304.
Los Angeles and San Francisco.
-Registrar, &e.
Trans-Lux Movie Ticker Corp.
The National City Bank of New York has been appointed registrar and
City Bank Farmer's Trust Co., transfer agent of voting trust certificates for
8,000 shares of common stock (no par) and 6,000 shares of pref. stock
-V. 132, p. 3546.
($1 Par).
-Earnings.
Tung-Sol Lamp Works, Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets on June 30 were 31,589,035 and current liabilities $157,547,
against $1,750.000 and $340,489, respectively, on June 30 1930.-V. 132,
P.,3168.
-DiviUnderwritings & Participations, Inc. (Mass.).
dend Decreased.
The directors have declared a quarterly dividend of 50c, per share on the
$3 non-cum. class A stock, par $50, payable Sept. 1 to holders of record
Aug. 15. Previously the corporation made regular quarterly distributions
of 75c. per share on this issue.
-Passengers Carried.
United Aircraft & Transport Corp.
The planes of United Air Lines, Inc., an operating subsidiary, carried
6,215 revenue passengers in July compared with 4,644 in June, while air
mail carried amounted to 416.790 pounds, against 418,950 pounds in June.
Total mileage flown in July was 1.030,908 miles, or over 99% of scheduled
miles, compared with 1,003,743 miles in June. The United Air Lines
include National Air Transport, Boeing Air Transport, Pacific Air Transport and Varney Air Lines.
Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 133, p. 1140.
Department" on a preceding page.
FINANCIAL CHRONICLE
1304
United Carbon Co.(& Subs.).-Bal. Sheet June 30.1931,
1930.
1930.
1931.
Assets$
Land, pipe lines,
buildings, &c- _16,436,518
Cash
649,836
Govt.securities_
Notes & accts. rec. 812,305
2,421,260
Inventories
1,438,008
Other assets
1,012,347
Investment
Mtges. notes rec_ - 174,744
1
Trmks., contr., &c
111,323
Deferred charges
.
16,070,973
1,099,296
252,510
1,155,399
2,218,121
419,481
1,288,353
173,258
1
68,588
7% preferred stock 1,854,000
Common stock_x12,225,770
Notes & accts pay. 869,437
Dividends payable
Accr.taxes,roy.,&c
71,554
Fed,taxes pay_
Deterredincome _
Fed. tax & cont.
res.for 1929_
Resler depr.& dep 6,517,843
Min.int. in subs_ 6,902
1,510,837
Surplus
1,069,375
12,586,150
171,057
269,953
58,133
141,806
137.000
5,595,981
33,000
1,684,747
Total
23,056,348 22,745,981
23,056,343 22,745,981
Total
-V. 133, P. 1140.
x Represented by 397,885 no par shares.
-Files $1,000,000 Damage
United Film Industries, Inc.
Suit for Alleged Failure to Keep Agreement.
A $1,000,000 damage suit has been filed in Federal Court at Philadelphia
by the company and Hans von Fraunhofer, against John J. J. McGuirk
and eight other Philadelphians for their alleged failure to go through with
an agreement to finance a corporation for manufacture and exportation of
colored motion picture film under patents controlled by United Film.
The plan was started in 1928, it is declared, but was abandoned after the
defendants had obtained control of Photocorn A-G, a Switzerland corporation which had the right to manufacture the film and in which the United
Film owned the controlling stock.
The other defendants are Ira M. Lowry, Walter L. Eckhardt, Charles
Denby Jr. Bernard R. Cohn, A. Sablosky, Harry 0. Scheibe, Charles
Segall and Louis Sablosky.
'
-Launches Two New Vessels.
United Fruit Co.
The two new 11,000-ton vessels, "Talamanca" and "Segovia," launched
on Aug. 15 at the yards of the Newport News Shipbuilding & Dry Dock
Co.. for the United Mail Steamship Co., a subsidiary of the United Fruit
Co., will involve no new public financing on the part of the latter company.
The vessels were built under the terms of the Jones-White Act of 1928,
which makes it possible for ship-owners to borrow up to 75% of the cost
of construction from the Government. The total cost of the six vessels
Involved in the present construction program of the United Fruit Co. is
between $20,000,000 and $21,000,000. The latter is meeting one-quarter
of this total from its own casn resources and will borrow the balance from
the Government. While the rate of interest has not yet been fixed, it is
expected to be 3%.
As part of the program to aid in the upbuilding of a real American merchant marine, an incentive to construction of new fast ocean tonnage was
provided in the Jones-White Act, through which postal subventions are
granted. Under terms of this Act the United Mail Steamship Co. has
-year mail contract providing for payment on a mileage
been awarded a 10
basis for mall carried between the United States and the several Carribean
countries to which United Mail services operate. Only vessels built in
American yards, to operate under the American flag for American shipping
companies, are entitled to benefits of the Jones-White Act.
Of the remaining four ships under construction, the Chiriqui will be
launched in November at the Newport News, Va, yard. while the other
three are building at the Fore River yard of the Bethlehem Shipbuilding
Corp., Ltd. The Talamanca will be placed in service In December of this
year. while the Segovia Is scheduled to take its place in the Great White
Fleet in February. 1932.
Completion of the six vessels now under construction will bring the grand
total owned by the company to 96, the 43,200 additional tonnage involved
bringing the total to 447.855 gross tons. In addition, there are under
charter to United Fruit's Great White Fleet 11 vessels with an aggregate
-V. 133, P. 304.
tonnage of 18.349. ("Boston News Bureau.")
[VOL. 133.
Vadsco Sales Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V.133. lo• 141.
Valvoline Oil Co.
-To Acquire Assets of Galena Oil Corp.
Earnings, &c.
See Galena Oil Corp. above.
-V. 133, p. 1141.
Vanadium Corp. of America.-Bal. Sheet June 30.1931.
1930.
1931.
1930.
Assets$
i
b Property, plant,
Capital stock_ __ _815,289,022 14,390,433
5,000,000
patents, &c____14,457,699 11,139,847 Debentures
185,715
Cash
889,275 1,367.320 Accounts payable_ 175,324
Accounts receiv.oke 212,024
56,600
329,472 Accrued Interest__
184,699
Cash value insur.
38,326
34,780
Federal tax, &c__ 31,538
126,087
Marketable secur.c2,800,603 1,787,464 Coming. res., &c_ 135.966
Other securities
194,520
150,000 Capital surplus__ 364,569
Sundry debt, &c
64,511
90,422 Earned surplus__ 2,445,282 4,210,299
Inventories
4,099,008 3,631,434
Compensation de37,711
posits
33,529
Deferred charges
409,838
230,847
Mortgages recelv_ 305,120
305,360
Total
23,505,089 19,097,233
23,505,089 19,097,233 Total
a Represented by 378,367 no par shares. b After depreciation and depletion. c Includes 11,730 shares of Vanadium Corp. capital stock carried
eta cost of$630,278 and $414,518 Vanadium Corp. bonds.
-V.133,P.1141,
Veeder-Root, Inc.
-Earnings.
-For income statement for 24 weeks ended June 20 1931 see "Earnings
Department" on a preceding page.
-V. 132. p. 3362.
Vulcan Detinning Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 1931 see "Earnings Department" on a preceding page.
Condensed Balance Sheet June 30.
Assets1931,
1930,
9130.
1931.
Liabilitiesx Plant & equip132,200,132 $2,301,111 Preferred stock--_$1,799,600 $2,077,800
Patents, good-will,
Common stock-- 3,225.800 3,225,800
&e
248,217
3,288,869 3,288,869 Accounts payable_ 194,047
Cash
195,081
347,726 Dividends payable 127,502
137.176
Market.securities. 452,604
478,420 Reserve for taxes,
Accts.receivable_ 140,128
249,170
200,013 &e
221,560
Advances
23,211
21,584 Surplus
1,307,877 1,210,395
Inventories
576,361
510,835
Total
$6,876,386 $7,148,558
Total
$6,876,386 $7,148,558
x
3736After depreciation and obsolescence reserve of $465,494.-V. 132. 3
.
0
.
Warner Bros. Pictures, Inc.
-Earnings.
-
For income statement for 13 and 39 weeks ended May 30 1931 see"Earnings Department" on a preceding page.
Harry M. Warner, President, states: "The company has no bank loans
and cash on hand is more than sufficient for interest on debentures and the
dividend on the preferred stock payable Sept. 1 1931. On July 16, the
company deposited with the trustee 31,300,500 principal amount of optional
6% convertible debentures, series due 1939, in satisfaction of the annual
purchase fund requirements due Aug 1 1931. While the operations for
the quarter ending Aug. 29 1931. will result in a loss, there has been a
notable pick-up in business during the past few weeks, the and outlook for
the coming year is encouraging.
"The reception by the public in recent pictures has been gratifying and Is
reflected in increased box-office receipts. We have 16 pictures of our new
season's product completed and ready for release. Our Brooklyn Studio
Is operating at capacity in the production of Vitaphone short subjects,
while our Hollywood Studio will start production the first week in Septem-Off List.
United Retail Chemists Corp.
ber."
-V. 133. p. 978.
The New York Curb Exchange has removed from listing the class A stock
pref. stock (no par), and the voting trust certificates
(no par). cumul,
Washburn Wire Co.
-3734c. Common Dividend.
-V. 128, p. 1417.
representing class B stock (no par).
The company on June 30 and March 31 last paid regular quarterly dividends of37 he. per share
stock, no par value. From March
United Securities Trust Associates.-Bal. Sheet July 31. 31 1930 to and Including on the commonquarterly distributions of 75c.each
Dec. 31 1930
Liabilities1931.
1931.
1930.
1930.
Assetswere made.
-V.133,p. 141.
Capital stock (160.Cash and demand
$2,087,911 $2,213,061 000 shares)
coll.loans
$8,000,000 $8,000,000
Willys-Overland Co.
-No Change in Control.
5,500 Profit and loss__. 161,833
35,600
144,000
Time coll. loans__
Rumors that a change in control of this company might result from the
securities(at cost):
closing of Toledo banks were vigorously denied by President L. S. Miller,
5,763,229 5,650,346
Stocks
who said in substance:
275,092
275,093
Bonds
The company had but little money in the Ohio Savings Bank & Trust
Co. The majority of our cash was in outside banks, as it has been for years,
Total
$8,161,833 $8,144.000
$8.161,533 $8,144,000 and we are going to keep on doing business as usual."
Total
There was no curtailment of operatio s either Monday or Tuesday
-The report contains a list of securities held in portfolio as
Portfolio.
In the Toledo factory as officials felt that the Toledo situation is only a
of July 31 1931.
Liquidating Vatue.-Liquidating value of outstanding stock July 31 was local affair. The $1,000,000 in bonds will be retired as planned on Sept. 1,
$35.59 per share, as against $45.02 per share the same date the previous It is announced.
year.
-V. 133. p. 1140.
July Sales.
Sales for July show an increase of 15.9% over July 1930, a Toledo, 0.,
United States Electric Light & Power Shares, Inc.
dispatch states.
-V.133, P.818, 659.
Calvin Bullock, sponsors of the above corPoration reports that the total
number of shareholders of Uselps series B trust certificates receiving the
-Sale of Lease.
Woodley Petroleum Co.
quarterly cash distribution of 9c. per share on Aug. 15 was 21,727, repre-V. 132, P. 4433.
See Magnolia Petroleum Co. above.
senting an increase of 21.6% over the number of shareholders that received
distribution on May 15. This distribution together with payments
the last
-Acquisition.
-Worthington Pump & Machinery Co.
made in the three previous quarters makes a current per annum rate of apThe company has acquired the manufacturing and marketing facilities
proximately 63.i% per share at present price levels.
is of the limited management type of Metalweld, Inc., Philadelphia, Pa., builders of a complete line of portable
Sales of the shares of this trust which
compressor units. Last year it took over the manufacture and sale of
and whose portfolio is comprised of the common stocks of 44 leading electric Gilman
and accessories. This, together with the added line of
light and power companies, including those generating or selling more than portablerock drills
and semi-portable compressors and other tools, will enable the
80% of the electric energy of the United States, have shown a steady month Worthington company to supply all air equipment requirements Of conmonth growth during 1931. This is indicative of a growing appreciation tractors, railroads, utilities and industrial users.
by
on the part of the investing public of the stability of the underlying indusRumor Denied.
try, in the opinion of the firm of Calvin Bullock.
There is greater stability of employment and wages in the electric light
"
President L. J. Belnap called "absurd" a report that control of the 03Mand power industry than in any other major industrial group reporting to the pany had been purchased by a group with Pittsburgh connections.
The latest figures
United States Bureau of Labor," according to the firm. "
"Neither Howard Bruce, Chairman of the board, nor myself, have any
show that the number of employes engaged in the operation of this industry knowledge at all of such a fact," Mr. Belnap said. "It would be difficult
year 1929, while the total
is 97.1% of the number employed during the boom corresponding periods of for anyone to acquire control of Worthington in the open market as reported. The common stock does not have voting control of the company,
amount of wages is 97.6% of the wages paid for
the class A and B preferred shares, which have equal voting power per share,
-V. 133, p. 977. 497.
that year."
exceeding the common in number of shares outstanding. If anyone tried
-Earnings.
United States Gypsum Co.
to buy 1,000 shares of preferred stock in the market, it would send the price
For income statement for 6 months ended June 30 see "Earnings De- way up." There are outstanding 55,928 shares of class A preferred and
preceding page.
-V. 133, p. 978, 818.
103,216 shares of class B preferred stock.
Partment" on a
Consolidated Balance Sheet June 30.
Youngstown Sheet & Tube Co.
-Date Postponed to
1931.
1930.
1930.
1931.
Liabilities
Sept. 14for Minority Stockholder Proceedings.
$
Assetsstock_-- 7,841.700 7,841,700
Plant Se equip_ _ _x49,397,280 48,380,956 Preferred
Hearings on the minority stockholders suits to establish the fair cash
Common stock__ _24.339,l20 23,409,440 value of Youngstown Sheet & Tube Co.common stock have been postponed
Cash and working
662,815
943,156 Accts. payable__ _ 694,743
540,095
funds
again, until Sept. 14. The hearings originally scheduled to begin Aug. 14,
Accrued Payrolls.
Accts., notes and
290,120 were set ahead by Judge George H. Gessner, on request of attorneys for
293,839
contracts 4,622,787 4,895,033 taxes, &o
% constr.
668.682 both sides.
inc. taxes- 634,155
Marketable securs 9,609,725 6,044,388 Federal
The minority stockholders who under the leadership of Cyrus S. Eaton
Inventories &snout 3,799,502 4,288,184 Contingent& other 1,404.369 1,448,929 prevented the merger of Bethlehem Steel Corp. and Youngstown Sheet &
reserves
ranging
Employees stock
6,496,401 5,541,442 Tube Co., are seeking cash valuesless than to $250 a share for their stock,
surpluspurchase coot _ 1,651.870 1,630.043 Paid in surplus_29,229,397 27,534,364 which has a current market value
$50 a share.
-V. 133, P. 1141,
132,189 Earned
180,868
Dep. for ins. res
978.
144,109
87.821
Miscell. securities_
939,434
Zonite Products Corp.
-Subsidiaries Change Capital.
Deferred charges 1,043,776
Supplementary letters patent have been issued under the Seal of the
70,933,724 67,397,492
Total
70.933,724 67,397,492
Total
Secretary of State of Canada, dated July 18 1931, amending the provisions
-V. 133, p. 1140.
of the letters patent incorporating "Zonite Products Corp., Ltd.' a subx After reserve for depreciation.
sidiary. dated Feb. 24 1931 by converting the 1,000 shares without par
-Earnings.
U. S. Printing & Lithograph Co.
value of the capital stock of the said company into 1.000 shares, par $1 fact',
For income statement for 6 months ended June 30 1931 see "Earnings and changing the corporate name of said company to "Forhan's, Ltd.'
-V.132. lo• 3169
Supplementary letters patent have been issued under the Seal of the
Department" on a preceding page.
.
the capital
Secretary of State
-Co-Transfer stock of "loorhan's,of Canada, dated July 18 1931, decreasing to $10.000,
United States Radio & Television Corp.
Ltd.," a iother subsidiary, from $300,000
such decrease being effected by cancelling 2,900 issued and outstanding
Agent.
The Bank of America National Association has been appointed co-transfer shares, par $100 each; and changing the corporate name of said company.
-V. 133, p. 497.
to "Zonite Products Corp., Ltd,"
-V.133, P.659, 304.
agent of 250,000 shares of common stock.
fa
AWL 22 1931.]
FINANCIAL CHRONICLE
1305
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPOTIME
formerly appearing here
The Introductory remarks this paper immediately
an earlier part of
will now be
found in
following the
editorial matter in a department headed INDICATIONS OF SusiNESS ACTIVITI.
exportation of coffee in 1930 exceeded that of the previous
year by more than a million sacks, according to an official
report. Nearly nine-tenths of the increase was represented
by larger shipments to the United States, although all purchasing countries made demands except Italy, Argentina,
Uruguay and Chile. To-day futures closed 4 to 8 points
lower on Rio with sales of 9,000 bags. Santos futures,
however, were 8 to 10 points higher with sales of 21,000 bags.
Final prices show a decline on Rio futures for the week of
5 to 12 points, but Santos is 1 to 5 points higher than then.
To-day Rio exchange at the hour of the opening here was
1-64d. lower at 3 11-64d., with the dollar rate 100 higher at
151;650. Futures not unquoted. Here Europe bought and
Brazil sold to-day. Washington wired the "Times" Aug.
20: "Reports from Brazil to the effect that the Washington
Embassy of that Government had proposed to the Federal
Farm Board the exchange of coffee for wheat were confirmed
to-night by Paulo Coelho de Almedia, first secretary of the
Embassy, and James C.Stone, Chairman of the Farm Board.
While neither would confirm early reports that it was proposed to exchange 1,275,000 bags of coffee for 25,000,000
bushels of wheat, it was clear from the conversations of both
that definite proposals had been placed before the board by
the Brazilian Government, despite a reluctance to disclose
details. To-day it was stated that the contract was signed
between the Brazilian Government and the Grain Stabilize,
tion Corporation, whereby 25,000,000 bushels of wheat are
to be exchanged for 1,050,000 bags of Brazilian coffee, with
a possibility of its being raised to 1,275,000 bushels. The
terms were not announced.
Rio coffee prices closed as follows:
Friday Night, Aug. 21 1931.
COFFEE on the spot was quiet with Rio 7s, 53/i to 5/sc.;
5
Santos 4s,8 to 814c.; Victoria 7-8s, 514 to 514c.; fair to good
1230.; prime to choice, 14 to 15c.; washed,
Cucuta, 123/i to 4
14M to 16e.; Ocana, l2 to 12M0.; Bucaramanga, natural,
13 to 1314c.; washed, 153 to 16c.; Honda, Tolima and
%
Giradot, 15 to 15Mc.; Medellin, 17 to 17%e.• Manizales,
15Me.• Mexican, washed, 16 to 173c.; Altola, 23 to
15 to
320.; Mandholing, 23 to 3204 Genuine Java, 23 to 24e.;
Robusta, washed,814 to 8Mc.; Mocha, 151 to 16c.; Harrar,
,
14M to 15c.• Abyssinian, 11 to 11 Mc.; Salvador, washed,
washed, 14% to 163/20.; Nicaragle, natural, 93 to
'
120.;
,
10e.; washed,13 to 135'c.; Guatemala, prime, 175/i to 173 c.;
%
153/2e.; Bourbon, 13 to 1314c.; San Domingo,
good, 15 to
washed, 14Y to 150.
On the 18th the cost and freight
prices fell 10 to 15 points lower. The supply however was
limited. Most shippers refraining from quoting firm because of the fluctuating market for milreis exchange. For
prompt shipment Santos Bourbon 2-3s were here at 7.85
to 8.20c.; 3s at 7.60 to 7.95e.; 3-4s at 7.65 to 7.95c.; 3-5s
%
at 714 to 73 c.; 4-5s at 7.40 to 7.55e.; 5s at 7.350.; 5-6s at
7.450. Peaberry 4s 7.55e. For prompt shipment via Rio
Santos 4s, packed in Santos bags were offered at 7e. in some
quarters. There were no reported prompt shipment offers
from Rio or Victoria. Victoria 7-8s were here for all Sept.
shipments at 4.85c. On the 19th the prompt shipment
offers were Santos Bourbon 2-3s at 7.85 to Sc.; 3s at 6.70
Spot unofficial
5.331nom
to 7.90c.; 3-4s at 7.65 to 7.95c.; 3-5s at 7.45 to 73 0.; 4-5s at September
/
4.86(B4.87 May
5.43 -__
7.45 to 7.550.;5s at 7.40o.;5-6s at 7.45c.;6s at 7.40 to 7.55e.; December
5.14 nom July
5.52 nom
7-8s at 6.70e. Part Bourbon 2-3s at 9.05. Peaberry 4s
Santos coffee prices closed as follows:
at 7.45 to 7.550.; 6s at 7.350. No reported offers from Rio Spot unofficial
1March
8 §
7.90nom
or Victoria. Here nominal quotations 8 to 8140 for Santos September
.
7.46
May
8.00 nom
December
July
7.70
8.i0@
4s and 53/i to 514e. for Rio 7s. On the 20th the cost and
freight market was somewhat firmer in sympathy with
COCOA to-day closed 1 to 2 points off with sales of 89
milreis exchange. Private advices from Santos stated that lots. Final prices are 9 to 11 points lower than a week ago.
the Bank of Brazil had notified merchants there that exSUGAR.
-Spot Cuban rows were quiet early in the week
change cannot be negotiated above 158600. Offers were not at 1.50 to 3.50e. Futures on the 17th inst.
ended 2 points
plentiful and while some were unchanged, others were 10 lower to 4 points higher. Havana
reported the Havana
to 15 points higher. For prompt shipment Santos Bourbon cabled on the 17th inst. arrivals for the Week 53,492
tons;
2-3s were quoted at 7.90 to 8.25e.• 3s at 7.80 to 7.95c.; 3-4s exports, 95,377; stocks 1,050,423
at 7.60 to 7.95c.; 3-5s at 71 to 7.g0c.; 4-5s at 7.45 to 7.60e.; 26,480, Philadelphia 7,021, Boston including New York
A
5s at 7.40c.; 5-6s at 7.45 to 7.500.; Os at 714 to 73 c. Pea- New Orleans 16,782, Charleston 14,992, Baltimore 4,959,
%
3,795, Houston 2,186,
berry 3s at 7.80c.; 3-4s at Sc.; 4s at 73/i to 7.60c. Victoria Mobile 2,282 and Jacksonville
2,180. Receipts at United
7-8s at 5c.
States Atlantic ports for the
Futures on the 17th inst. were irregular with exchange 65,289 in the previous week week were 93,668 tons against
and 58,588 tons in the same
weaker but on the other hand cost and freights were higher. week last year; meltings 52,344 tons
Closing prices at the Exchange were 7 to 14 points net higher vious week and 45,925 in same weekagainst 55,494 in prelast year; importers'
on Rio and 7 off to 1 higher on Santos. Futures on the 18th stocks 132,350 tons against
inst. were 16 to 20 points lower with sales of 29 Rio con- 154,693 last year; refiners' 138,163 in previous week and
stocks
tracts and 67 Santos. Exchange was lower and liquidation 111,687 in previous week and 158,558 158,824 tons against
last year; total stocks
had its effect.
291,174 against 249,850 in previous week and 313,251 in
As to the quantity of coffee destroyed in Brazil under the same week last year. The Sugar
Institute, Inc. stated the
Government plan to reduce the surplus, the latest cables
total deliveries of
showed that the total has passed the million bag mark, ac- total melt and and including the Fourteen United States
Refiners
cording to the New York Coffee & Sugar Exchange. Since and sameup to for 1930. Melt.week ending Aug. 8 1931
period
-1931 Jan. 1 to Aug. 8,
Sept. 1930, Brazil has destroyed 1,017,000 bags of which 2,665,000 long tons; 1930 Jan. 1 to
Aug. 9, 2,985,000 long
479,000 bags were inferior grades given up to the Institute tons. Deliveries.
for the privilege of shipping a like amount of high grade tons; 1930 Jan. 1-1931 Jan. 1 to Aug. 8, 2,460,000 long
to Aug. 9, 2,770,000 long tons. On the
coffees were destroyed under the old plan, by the "Sao Paulo 17th inst. 22,000 bags of Cuba for
August shipment sold to
Coffee Institute". The reniainder 538,000 bags, has been Boston at 1.47e. c.&f.
bought by the National Coffee Council, from the proceeds
said: "Sales
On the 17th
of the 10 shilling export tax. It is estimated that the Na- tons of which it is tons were of Java sugars were 455,000
whites
tional Coffee Council is burning about 10,000 bags of 7 guilders and 50,000 tons raws for for shipment East at
150,000
shipment West, at 614
coffee per day.
guilders, and 255,000 tons reported to-day, which
On the 17th according to the cable advices to the New balance of the 1930 crop, prices and destination is the
are not
York Coffee & Sugar Exchange, the National Coffee Council divulged."
destroyed 14,000 bags of Santos coffee and 4,000 bags of Rio • On the 17th Amsterdam cabled: "Close
of Hamburg
on Saturday and to-day, disposed of 10,000 bags of Santos market caused pressure probably
and 4,000 bags of Rio. This brings the total quantity de- Rumor, Java sold 150,000 tons also hedging in your market.
superior
stroyed from June 30 to date 481,000 bags of Santos and but confirmation unobtainable." A laterat very low price,
Amsterdam cable
82,000 bags of Rio.
read: "Java said to have sold
On the 19th inst. Rio futures were unchanged to three 7 guilders, 150,000 tons raws, 50,000 tons whites at about
east of Suez and about 614
points higher with sales of 4,000 bags and Santos was four guilders. These prices being equivalent to
about 1.35e.
to eight points higher with sales of 13,000 bags.
and 1.20e. respectively, f.o.b. Java."
On the 19th the Rio exchange was quoted 1-64d. lower
Early London cables
at the outset at 3 5-32d., with the dollar 100 higher at tinued pressure on the reported dullness in sugar with con1515700. Santos exchange opened 1-64d. higher at 3 5-32d. lacking support. Thereterminal market. Raws were weak
were sellers at 6s, id.c.i.f. U.K.
and the dollar 100 lower at 158700. On the 19th a special equivalent
to 1.1214c. f.o.b. Cuba.
cable to the New York Coffee & Sugar Exchange states
On the 18th inst. futures closed unchanged to two points
that the National Coffee Council to-day destroyed 13,000 higher with London lower. September
bags of Santos and 5,000 bags of Rio Coffee. Futures on and its premium over December of two shorts were covering
to three points may
the 20th inst. closed 9 to 14 points higher on Rio with ex- be increased.
change up and sales of 6,260 bags here. Santos ended 9 to
Futures on the 19th inst. closed two to four points net
10 points higher with sales of 13,250 bags. On the 20th
general selling though European hedge selling it
a United Press dispatch from Sao Paulo said that Brazil's lower on
seems subsided. Refined was 4.75c. with moderate with-
1
drawals. Resale was 4.65c. to 4.70c. Spot Cuban raws
were 3.47c. duty paid.
On the 19th the early London cables reported an easier
Market for raw sugars with sellers at 6s. c.i.f. equivalent
to 1.15c. f.o.b. Cuba. A better trade inquiry was reported.
On the 19th London opened easy, at unchanged to 1%d.
decline. Liverpool opened quiet and unchanged. British
refined was reduced 3d. On the 20th inst. futures closed
unchanged to 3 points lower. Sept. sold more freely. Europe
sold distant months on a moderate scale. Cuban interests
are understood to have bought Dec. On the 20th London
opened barely steady at unchanged to Yid. lower. London
opened steady and unchanged to Md. higher. To-day
futures closed 3 points lower to 2 points higher with sales
of 28,800 tons. Final prices show a decline for the week of
3 to 5 points. To-day London opened steady at Md. decline to Md. advance. Liverpool opened unchanged to
H,d. lower. Here the shorts covered and trade commission
houses also bought, the sellers were Europe and supposedly
Cuban. Sugar prices closed as follows:
Spot unofficial
September
December
January
I March
1.45
1.3361.35 May
1.3561.36 July
1.366nom
1.38§ --1.44 --1.49 1.50
LARD on the spot was higher at 7.90 to Sc. for prime
Western, 8Mc. for Refined to Continent, 83'c. for South
American and 93.(e. for Brazil. Futures on the 15th inst.
advanced 25 to 30 points with hogs and grain firmer and
good buying of lard the telling features. Futures on the
17th inst. closed 3 points lower to 5 higher. Hogs with
small receipts were firm but this was offset by lower prices
for grain, cotton and stocks' also by a bearish mid-month
contract stock statement. It was 49,959,000 lbs. on Aug.
15th at Chicago against 45,959,000 on Aug. 15 last year.
Liberal receipts of hogs are expected later on. Liverpool
lard closed is. 3d. to is. 6d. higher. Total receipts of hogs
at all western points were 87,700 against 84,900 last year.
Futures on the 18th inst. declined 5 to 15 points with hogs
off 10 to 25c. and western receipts up to 78,700 against
62,600 a year ago. Prime Western was 7.85 to 7.95c.
Futures on the 19th inst. fell 5 to 13 points with hogs 15
to 25c. off. On the 20th inst. futures ended 2 points lower
to 7 points higher. Hogs were steady and receipts at all
points were only 54,800 against 72,800 last year. Prime
Western cash, 7.80 to 7.90c.; Refined Continent, 8 Mc.;
South American,8 Mc.; Brazil, 9Mc. Chicago wired to-day
the market was firm but there was little doing. September
and October orders at even prices were withdrawn. Exports
of lard from New York were 1,750,000 lbs. Reports to
Board of Trade from yards say hog cholera is reported at
widely separated points and is unusually severe. Northwest
Iowa is sufering severely. To-day futures here closed unchanged to 2 points lower in sympathy with grain. Final
prices however are 5 to 20 points higher than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs, Fri.
Mon. Tues.
Sat.
7.30
7.32
7.32
7.45
7.55
7.50
September
7.32
7.30
7.25
7.32
7.45
7.40
October
6.45
6.45
6.57
6.47
6.62
6.65
December
rAW and When Made
Season's
Season's High and When Made
Aug. 13 1931
7.05
Mar. 17 1931 September
9.60
September
6.87
Aug. 13 1931
June 22 1931 October
8.42
October
6.20
Aug. 13 1931
July 1 1931 December
7.90
December
PORK steady; mess, $21.75; family, $25.50; fat back,
$17.50 to $18.50. Ribs, Chicago, cash, 7c. Beef quiet;
mess nominal; packet nominal; family, $12 to $13.50;
extra India mess, nominal; No. 1 canned corned beef.
$2.25; No. 2, $4.75; six pounds, South America, $16; pickled
beef tongues, $60 to $65. 3 Cut meats steady; pickled hams,
10 to 16 lbs., 14M to 14%c.; pickled bellies, 6 to 12 lbs.,
boxed, 18 to 20 lbs.,
133/i to 15%e.; bellies, clear dry salted,
9 to 93c.; 12 to 14 lbs., 16 to 180. Butter, lower grades to
high scoring, 233 to 30c. Cheese, flats, 15 to 23 Mc.;
daisies, cured, 19M to 20c.; Young American, 15 to 21c.
Eggs, medium to best, 16 to 28e.
-Linseed was down to 8.3 for August April raw oil
OILS.
in carlots, cooperage basis late last week, but of late has
been steady at that price. Trading was quiet. Cocoanut
Manila coast tanks, 3Ms.; s t N. Y. tanks, 3Mc. Corn,
crude, tanks, f.o.b. mills, 5/c. Olive, Den., 70 to 73c.
%
Chinawood, N. Y. drums, carlots, spot, 67 to 73/8c.; tanks,
%
6 to 63jc.; Pacific Coast tanks, 5M to 53 c. Soya bean,
carlots, drums, 7.1c.; domestic, tank cars, Edgewater,
6.50.; Middle Western mills, 6c. Edible olive, 1.50 to 2.15c.
1
%
Lard, prime, 113 c.; extra strained winter, N. Y., 8%c.
Cod, Newfoundland, 38c. Turpentine, 36M to 41Me.
Rosin, $4 to $7. Cottonseed oil sales, to-day, including
switches, 3 contracts. Crude S. E., nominal. Prices
closed as follows:
Spot
August
September
October
5.956
5.956
5.27535.36
5.27535.32
November
December
January
March
30
00
b. 65.
5.10535.20
5.19535.22
5.32535.34
-The East Texas oil area was put under
PETROLEUM.
martial law early in the week. Governor Ross Sterling of
Texas on the 17th inst. took steps to shut every oil and gas
well in Rusk, Gregg, Upshur and Smith counties. He sent
the militia into these territories to enforce his order, thereby
following the lead of Governor W. H. Murray of Oklahoma.
Sinclair Oil Sz Gas Co.met the 25c.crude price recently posted
by the Magnolia Petroleum Co. in East Texas.
[VOL. 133.
FINANCIAL CHRONICLE
1306
Pennsylvania crude oil was increased 5 cents a barrel by
leading agencies owing to higher prices in the Mid-Continent
area and a better demand. New prices are: Pennsylvania
grade in Southwest Pennsylvania lines $1.60; Pennsylvania
grade in Eureka lines, $1.50; Pennsylvania grade in Buckeye lines, $1.35; Pennsylvania grade in National Transit
lines, $1.75; others unchanged.
Warner-Quinlan raised the price of bulk gasoline Mc,
at their local refinery. This is the first advance in months
and was due, it was believed, to the Oklahoma and east
Texas shutdowns. A formal complaint was filed with the
Public Service Commission of Kansas asking that the
State shut down the flush fields of the State, if necessary
with the use of the National Guard. Sentiment is growing
among oil producers of Kansas to join Oklahoma and Texas
in their efforts to shut off oil production until better prices
can be obtained. The Shell Eastern Petroleum Products,
Inc., was the first of the large companies to meet the advance announced by the Warner-Quinlan Co. It advanced
the price of United States Motor gasoline to 6c. at all of
its deepwater terminals along the Atlantic seaboard, with
the exception of Portland, Me., where the price was boosted
to 6Mc. This is an advance of M to Mc. Later on the
Continental Oil Co. announced an advance of Mc. It
posted a price of 53. for United States Motor gasoline in
tank cars at its terminals. Other refiners are expected
to announce higher prices soon. The crude output has been
cut drastically. It was slashed about 1,000,000 barrels a
day in Oklahoma and Texas. The complete closure of
1,600 wells in East Texas was reported on the 19th inst.
The Standard Oil Co. of New York announced an advance
of Mc. in its tank car price schedule at its deep water terminals, bringing the New York Harbor price to 6c. The
Pure Oil Co. boosted its price in Philadelphia Mc. to 53.c.
in tank cars at its refinery. The Chicago bulk gasoline
market has strengthened considerably owing to the shut in
orders issued in Eastern Texas and as high as 5Mc. was
quoted f.o.b. Oklahoma refineries. The Gulf market was
also stronger. Tank wagon prices were steady. Other
refinery products were also firmer. Fuel oils were steady.
Grade C bunker fuel oil was maintained at 70c. refinery,
while Diesel oil was held at $1.40 same basis. Kerosene was
rather quiet. Lubricating motor oils were in fair demand.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 15th inst. prices closed unchanged to
RUBBER.
10 points lower. London advices said that total stocks of
rubber and afloat are greater than they have ever been;
to-day they are 543,000 tons as against 417,000 a year ago
and 300,000 tons in May 1929; that crops are being harvested
in excess of market requirements, even though many estates
have definitely curtailed production; that the potential
supply next year is estimated at nearly 1,000,000 tons and
at a considerably greater figure for 1923; while this years
consumption is estimated at between 700,000 and 730,000
tons only; that the life of manufactured rubber, especially
in the form of tires, is as a result of research being lengthened;
this leads naturally to a reduction in consumption and therefore demand; and that rubber is selling at 23/8d. per pound,
a price which involves a loss to most plantation companies.
Prices on the exchange here closed on the 15th inst. with
No. 1 standard Sept., 5.38c.; Mar., 5.84e.; sales 120 tons;
new "A" Aug., 5.29c.; Sept., 5.36c.; Oct., 5.44c.; old "A"
Sept., 5.30c.; Oct., 5.40c.; outside prices: Spot Aug. and
A
Sept., 5 7-16 to 5 9-16c.; spot first latex thick, 53 c.; thin
pale latex, 6c.; clean thin brown No.2, 5 1-16c.; rolled
crepe,4M to 4 11-16e.; No.2amber,5 3-16c.; No.3,5 1-16c.;
to 83c. On the
No. 4, 470.; Paras, upriver fine spot,
/
15th London opened steady, and unchanged to 1-16d. higher,
but reacted and closed easier, unchanged to 1-16d. lower.
Aug. closed at 2 7-16d.; Sept., 23'd.; Oct., 2 9-16d.; Oct.
%
Dec., 2Md.; Jan.-Mar., 23 d.; April-June, 2Md.; JulySept., 3d. Singapore closed steady 1-16 to Md. advance;
-Dec., 2 7-16d.; Jan.
-Mar., 23d.; No. 3
Aug., 2nd.; Oct.
Amber crepe advanced M to 2 3-16d.
On the 17th inst. heavy liquidation sent prices down to new
lows. An export tax is proposed in London. It had no
effect. Prices here declined 20 to 40 points with sales for
the day 1,517 tons. London acted nervous, and fell 1-16d.
more. It was suggested that an export tax should be levied
of about 134o. a pound by the British and Dutch Governments. It remains to be seen whether it will be done. No.1
standard closed at the Exchange with September 5.15 to
5.20c.; Oct., 5.25c.; Dec., 5.35 to 5.38e.; March, 5.56c.;
May,5.70 to 5.73c.; July, 5.88c.; sales, 1,270 tons; new "A"
Aug., 5.10c.; Sept., 5.13c.; old "A" Sept., 5.10c. to 5.200.;
Dec., 5.20 to 5.40c.; sales, 217 tons. Outside prices: Spot,
Aug. and Sept. plantation R. S. sheets, 534 to 53o. On
the 17th London opened quiet and unchanged to 1-16d.
lower and at 2.37 p.m. was quiet 1-16 to Md. lower. Aug.
%
was offered at 2 7-16d.; Sept., 23 and 7-16d.; Oct. offered
234d.; Oct.
-Dec., 23/2d. and b. Jan.
-Mar. 24d. and b. Apr.
June 24 at 13-16d. July-Sept. 2 13-16 nom. Singapore
closed stagnant and unchanged to 1-16d. lower. Aug.,
%
2 5-16d.; Oct.-Dec., 23 d.; Jan.
-Mar., 234d.; No. 3 Amber
crepe was 1-16d. lower at 234d. London rubber stocks
Aug. 15 totaled 82,171 tons, an increase of 460 tons compared with a week ago. Unofficial estimates on Friday
were for an increase of 600 tons. Liverpool's stocks was
64,908 tons, an increase of 200 tons for the week, whereas
sy
AUG. 22 1931.]
FINANCIAL CHRONICLE
unofficial estimates on Friday were for a decrease of 430 tons.
On the 17th London closed dull, 1-16 to Md. decline. Aug.,
23 d.; Sept., 23sd.; Oct., 23/sd.; Oct.
%
/
-Dec., 23'd.; Jan.
March,2%d.; April-June,23 d.,and July-Sept.,2 15-16d.
4
On the 18th inst. prices made a new all time low of 4.90e.
for August old "A" contracts. The sales were 520 tons of
No. 1 standard and 73/i of old "A." Prices ended unchanged
to 10 points lower. Malayan figures were bearish. London
and Singapore dropped 1-16d. Malayan shipments were
figured at 44,000 tons gross, compared with something over
43,000 tons in July and over 39,000 in June. Other advices
placed the total Malayan exports for the month at from
45,000 to 47,000 tons. Production goes ahead regardless of
low prices. No. 1 standard contract ended on the 18th
inst. with Aug., 5.120.; March, 5.56c.; May, 5.70c.; July,
,
-5.880.; New "A" Aug., 5.100.- Sept., 5.13c.; old "A' Aug.,
Sept., 5 to 5.10c.; Oct., 5.10 to 5.200.; Dec., 5.20 to
Sc.;
'
5.300. Outside prices: Spot, Aug. and Sept., 53 to 5%c.;
5-16e.; Oct.
Oct., 5 3-16 to 5
-Dec., 53i to 540.; Jan.
-1
3
March, 558c.; spot first latex thick, 5% to 53'c.; thin pale
/
latex, 53' to 5%c.• clean thin brown No. 2, 47 to 5c.;
4
'
rolled brown crepe, 4 Voc.; No. 2 amber, 5 to 5Mc.; No. 3,
50.; No. 4 amber, 47 c.; Pares, up-river fine spot,
47 3 to
/
4
%
83 to 83.e.; Acre,fine spot,83 to 6e. On the 18th London
quiet, 1-16d. lower, but was 1-16 above the early low
closed
levels. August closed at 2 5-16 at %d.; Sept., 2 5-16 at
d.• Oct., no bid offered at 2 7-16d.; Oct.
-Dec., 2 7-16 at
2 cf.- Jan.-March, 2 9-16 at 5.8d.; April-June, 2 11-16 at
%d.; July-Sept., 27 3d. nominal.
'
/
On the 19th inst. prices were unchanged to 10 points
higher with sales at the Exchange of 660 tons of No. 1
standard 40 of old "A" and 10 of new "A." No. 1 standard
ended with September 5.17 to 5.18e.; October, 5.24c.;
January, 5.47c.; March, 5.620.- May, 5.78c.; New "A"
August, 5.12c.; September, 5.15c.• old "A" September,
'
.5.100 to 5.20c.; December, 5.20 to 5.40e. Outside prices:
'
Spot, August and September, 53/i to 5 5-160.; October,
-5 3-16 to 5%e.; October-December, 5% to 53c.; JanuaryMarch 1932, 5%0.; spot first latex thick, 5% to 5Mc.; thin
pale latex, 53 to 53e.; clean thin brown No. 2, 4% to 5c.;
%
rolled brown crepe, 4%o.; No. 2 amber, 4 15-16 to 5 1-16e.;
No. 3, 4% to 5o.; No. 4, 43/8c.; Paras, upriver fine
sq to 8Me. On the 19th London opened quiet andspot,
unchanged but later was unchanged to 1-16 lower. August
was quoted at 2 5-16d.; September, 2 5-16@%; October
-offered at 2 8d; October-December, 2% at 7-16d.; JanuaryMarch, 23t at 8-16d.; April-June, 2 11-16 nominal. JulySeptember, 2 1-3 nominal. Singapore closed dull and unchanged with September, 2%d.• October-December, 2%d.;
January-March,27-16d. No.3Amber Crepe was unchanged
'
at 2 1-16d.
On the 19th London closed quiet unchanged to 1-16d,
higher and generally 1-16d. above the early lows. Aug.
finished at 2 5-16®%d.; Sept. 2% T. and 0.; Oct. 23
%@
7-16d.; Oct.
-Dec., 2 7-i6@3d.; Jan.
-March, 2 9-16®%d.;
April-June, 2 11-16d. T. & B.; July-Sept., 27 d. nominal.
4
Colombo cabled to the New York Rubber Exchange: "The
Ceylon Government is considering a scheme for stabilizing
rubber prices between the probable limit of 6 pence and 9
pence per pound. It has been proposed that the Government appoint a deputation to discuss the matter with reprosentatives of the Dutch East Indies and Malaya. A meeting to be held either in Batavia, Colombo or Kalalulumpur.
The scheme to be made the basis of negotiations provides
that the Government should levy a navel form of tax to be
paid in rubber, which would be used for any purposes except competitive sales on the world markets. Should no
ether uses present themselves, the tax rubber would be
destroyed." On the 20th inst. with reports that the Dutch
Government will co-operate in a plan for restriction, the
tone here was firmer. The reports about the policy of the
Dutch Government were vague, however, and largely more
rumor. Prices at one time were 18 points higher but there
was some reaction later on. Latex was still scarce here.
No. 1 standard closed at the Exchange at 5.250.; Dec., at
.5.460.; Feb. at 5.610.; March at 5.69e.; May at 5.83e. to
5.85e.; July at 5.95 to 5.99c.; new "A" Aug., 5.20c.; Sept.,
.5.23e.; old "A" Aug., 5.10c.; Sept., 5.20c. Outside prices:
Spot, Aug. and Sept., 5-16 to 5%c.; first latex thick,
5% to 53.c.; thin pale latex,
6 to 63c.
On the 20th Singapore closed dull and unchanged to 1-16
higher. Sept., 2 5-16d.; Oct.-Deo., 23sd.; Jan.-March,
/
2Md.; No. 3 amber crepe was 1-16 higher at 23/8d. Reports from the Dutch East Indies indicated that the Government will probably be inclined to co-operate in a plan for
restriction of rubber output, according to an Amsterdam
cable. It is understood the new Governor-General, who
left Holland two days ago, will mention this new policy in
his inaugural speech. Unofficial estimates to the local
exchange were for a decrease of 550 tons in the London
stock for the week ended Aug. 22, while Liverpool was
expected to show a decrease of 250 tons. An Amsterdam
cable to the London "Financial Times" says that a rubber
quota scheme has been officially laid before the Dutch
Minister for the Colonies. The scheme proposes, it is
said, that Malaya, Ceylon and Netherlands East Indies
should have a basic quota of output which would remain
in force for 12 months. The quota would afterward be
revised in line with altered rational capacity of each of
the producing countries. A general cut of 25% is suggested.
1307
On the 20th London closed steady, 1-16 to Md. advance;
Aug., 23 s@7-16d.; Sept., 2 7-16d. t and o; Oct., 2 7-16®
/
-Dec., 2 9-16d. t and o; Jan.
Md.; Oct.
-March,2/s ®11-16d.;
5
April-June, 2%@1 3-16d.; July-Sept., 2 15-16 nominal.
July tire production is said to be estimated at 3,998,531
units; shipments, 4,437,161 units; inventories, 7,984,000,
with the latter representing a reduction of 373,500 units.
Private London cables say a memorandum of the Ceylon
Rubber Industries Committee proposes that Ceylon should
approach Dutch East Indies and Malayan rubber interests
for joint action to raise the price of rubber to 6d. a pound
by a plan whereby exporters would surrender one ton of
rubber for every two tons exported with the surplus to be
destroyed by the Governments. To-day futures closed
10 to 20 points lower with sales of 55 lots of No. 1 standard,
one lot new A and three lots of old A. Final prices show a
decline for the week of 41 to 45 points. The Board of
Governors of the Rubber Exchange of New York has voted
to close the exchange for trading on Saturday, Sept. 5 1931
(preceding Labor Day). Members having rubber to deliver or receive on exchange contracts on that day shall
keep their places of business open.
HIDES.
-On the 15th inst. prices were unchanged to
15 points higher with light trading. September ended at
9.10c.; Dec., 10.E5 to 11c.; March, 12e.; June, 13e. The
frigorifico hide production in Uruguay during June 1931
totalled 96,1E6 as compared with 132,568 in the previous
month. On the 17th inst. prices declined 15 to 55 points
with Chicago and Argentine spot markets declining. The
sales of futures here were 3,240,000 lbs. Hides statistics
are called rather bullish than otherwise and shce manufacturers are said to be doing a good business, but spot raw
hides are not selling as freely as could be wished. Sales were
reported of 2,000 light native cows August at Chicago at
10c. At the Exchange Sept. closed at 8.95e.; Dec., at
10.35 to 10.380.; March, 11.50 to 11.55c.; June, 12.50 to
12.55c. On the 18th inst. prices fell 65 to 95 points in big
trading. In two days prices declined 110 to 120 points. On
the 18th inst. sales were 4,480,000 lbs. Spot bides were
much lower with sales of 4,000 frigorifico steers, August, at
9 9-16e.; 3,000 heavy native steers, August, lie.; 4,000
Colorado steers, August, 103.e.; and 5,000 branded cows,
August at 10e. Common dry hides were said to be in rather
better demand. The closing at the Exchange was with
Sept., 8 to 8.10c.; Dee., 9.70c.; March, 10.85 to 10.90c.;
June, 11.80 to 11.85c. The New York Hide Exchange
reports that according to preliminary estimates the shoe
production during July was 18% larger than during the same
month last year, totaling 28,500,000 pairs against 24,121,000 pairs in July 1930. For the fifth consecutive month
shoe production has registered a gain over the corresponding
months last year, the increase being more pronounced the
past three months. Total shoe production during the first
seven months of 1931, including the preliminary estimate
for July, was 188,687,000 pairs, against 182,596,000 pairs
in the same period last year.
On the 19th inst. prices closed unchanged to 35 points
lower with sales of 4,200,000 lbs.; also the following sales
were reported: 4,000 light native cows, Aug.
-Sept. at 10e.;
5,000 heavy native steers, Aug. at lie.; 3,000 heavy native
cows, Aug. at 10e.; Sept. on the exchange closed at Sc.;
Dee. at 9.35 to 9.45c.; Mar., 10.550.; June, 11.55c.; July,
11.70c. Common dry'Cucuta, 15c.; Orinocos, 12c.; Maracaibo and Santa Marta, lie.; Central America, &c., 10 Mc.;
Packer native steers and butt brands, lie.; Colorados, 103/20.;
Chicago light native cows, Aug. at 103'c.; New York City
calfskins 5-7s, 1.05c.; 7-9s, 1.30 to 1.35e.; 9-12s, 1.90 to 2o.
On the 20th inst. prices ended 5 points lower to 10 higher on
smaller trading, the sales being only 1,280,000 lbs. Of spot
hides 8,000 Aug. frigorifico extremes sold at 8% to 8 11-16e.
Chicago was dull. At the Exchange here Sept. ended at
7.95 to 8.10c.; Dec., 9.450.; Mar., 10.55c.; June, 11.60 to
11.65c. To-day prices declined 15 to 35 points with sales of
120 lots. Sept. ended at 7.60 to 7.65e.; Dec. at 9.15e.;
Mar. at 10.40 and June at 11.40. Final prices show a decline for the week of 135 to 170 points.
OCEAN FREIGHTS.
-There were some indications at
times of a better demand. Later grain freights were more
active.
CHARTERS included grain Montreal, August, Bordeaux-Rotterdam,
Sc. and 8Sic.: Montreal to Sweden. August,9;ic. Grain
Included
2 loads Glasgow. August, 2s.; Hamburg, September. Booked-Hamburg,
7c.: 5
August, 7c. and Sc.; 2 Havre-Dunkirk, August, Sc. and 7 Genoa Leghorn.
August. 10c.; a number of loads from Genoa; 31 loads to French Atlantic,
8c. for August; 1 load Hamburg. August, 7c.; 234 loads Rotterdam.
spot; 18 loads Rotterdam, Sc.; 9 loads French Atlantic, August, 8c. Sc.
and
9c.: 25 to Htunbur •, 7c.; 10 Antwerp, 6c.; 2 London. September, is. 3d.;
33 Marseilles-Genoa, August, 10c. Sugar
-Sept. 1-10. Cuba to Continent.
13s. 9d. Time
-West Indies prompt, north Hatteras, 1 to 3 months, 90c.
Trips
-South Atlantic trip across around $2 fish trade Mediterranean.
redelivery there or Continent; North Atlantic, redelivery United-KingdomContinent. $1.65. Tankers-Sept. 15
-Oct. 15 to Rouen Gulf, 98.; North
Atlantic, 75. 1034d.: Loading-Sept. 20, Oct. 10, French Atlantic. 2 ports
equivalent of 6d. more: Constanza,6s. 9d.: Black Sea, 7s.: Constanza Black
Sea, 7s. 6d.; option Gulf, 9s.; Tampico, 10s.: Curacao, 8s. 6d.
COAL.
-There has been a slowly increasing trade. The
depression is supposed to have culminated some little time
ago. Hampton Roads is buiser. Russia it seems has sold
a cargo for Oct. shipment to New England at under 12s.
Late western prices advanced and business has increased
here despite the hot and depressing weather.
TOBACCO as a rule has remained quiet here, though
some have done a better trade in Connecticut Sumatra,
Java and Havana. The harvesting of Connecticut shade-
1308
FINANCIAL CHRONICLE
[VOL. 133.
weeks. Reingrown tobacco is in its last stages, and the 1930 crop now 33 1-3%, marking a slight increase in recent still at $1.60
being sampled. The broadleaf crop is described as one of forcing bars declined $1. Billet bars are
orders. In
the best in years. Havana reports heavy trading in Partido with a reduction of $1 a ton or more on large
at $4 a
of the present crop. Washington, D. C., to the "U. S. Philadelphia foreign reinforcing bars are dull even underBuffalo is
Tobacco Journal": Tobacco is mentioned as one of more ton under American. Barge material to barge New York
than a dozen great farm crops whose yield this year will be stood to command $6.25 per ton, on
50e.
smaller than those of 1930. The yield this year is estimated harbor. Machine shop turnings have been advanced
eastern Pennsylat 24,000,000 lbs. under that of 1930. As to Maryland a ton in recent sales to $6 to $6.50 delivered foundry grade,
trade, new highs for both receipts and sales featured Mary- vania. Sales are at $7 and $7.50 a ton for
Jersey.
land leaf activity last week. Receipts were 2,184 hogsheads. stove plate, delivered to consumers' plants in New
Sales were 1,588, which was more than double the previous
and largely nominal as to
PIG IRON remained quiet
high, when sales amounted to 694 hogsheads. Total re- quotations at $15 to $16 at Buffalo with a small business
ceipts since Jan. 1, 11,904 hogsheads; sales, 6,538; deliveries mostly at $15.50. Competion means $15 at times. Eastern
were 10,476; stock on hand, 9,724 hogsheads. The demand Pennsylvania iron is held at $16 to $16.50 base furnace with
was very active of late for all but the commoner grades. An the lower price accepted it is said on worth while tonnages.
unusual feature of the week's leaf activity was the increases
-A Government report from Boston says that
WOOL.
in prices, a new high for the year being established on fancy
which sold from $54.50 to $55 per 100 lbs. This was a prices on 56s and 48-50s quality of domestic wools have a
dollar more than the year's previous best price. Other stronger tendency with a moderate business. Strictly combgrades advanced proportionately. Prices paid were $3 to ing territory wools of 56s quality bring 50 to 53e. scoured
$6.50 per for frosted and inferior;$20 to $39.50 for medium to basis while 48-50s move at 45 to 47e. Occasional sales of
good; $40 to $54 for good to fine red, and $54.50 to $55 for fleeces closed at 23c.in the grease for strictly combing 56s and
fancy. Prices paid for seconds were $6 to $30 for common at 22e.for 48-50s out of Ohio and similar lines. Low 3d-blood
to medium and $31 to $41 for good to fine. Richmond: 46s and common and braid of both fleece and territory lines
Very good prices were the rule for domestic grades, but show a strengthening tendency. The Boston Chamber of
export tobaccos were selling for the proverbial song. At Commerce says New England mills have taken thus far this
Mullins, where an ordinary day's sales in an average year is year 56% of the wool used in the nation, compared with
approximately 400,000 lbs., only 125,000 were offered. The 53.4% at this time a year ago and 51.1% at this time in
average price was given as 9Mc. a pound. Kingstree re- 1929.
ported 126,000 lbs. sold at an average price of $7.42; Lake
WOOL TOPS.
-On the 20th inst. prices ended irregular
City sold 100,000 lbs. at 9c.; Dillon sold 51,000 lbs. at an with Sept. 60 points higher and other months unchanged to
at
unofficial average price of $10.50, better grades going
50 points lower. The trading was light. Roubaix was
as high as 30e. The low price was around 2c. At Tim- unchanged with sales of 59,400 lbs. Antwerp was also unmonsville, several hundred thousand pounds were being changed at 173(s. to 173s. for Sept. to March with sales
offered at a price average of 8Xc. a pound. Manning re- of 640,000 lbs. on Wednesday and 460.000 on Thursday.
ported 25,000 pounds in independent warehouses at from Boston was down to 80e. for standard. Bradford was quiet
2 to 4 cents for most of it, a few piles bringing as high as 15e. and unchanged for Ms. but X to Md. lower for others.
The co-operative warehouses at Manning had received some To-day futures ended quiet and unchanged to 60 points
15,000 lbs. and advances were almost on a par with prices lower. March sold at 72.40c. early and May at 72.30.
received at the independent warehouses. Friday's tobacco Closing prices were 73.500. bid to 75.50c. asked for Sept.,
sales averages at Lake City, S. C., were: Orange lugs, second 73c. bid for Oct. and Nov., 72.80c. bid for Dec. and San.
quality, $15.80; third, $7.60 fourth, $2.40; fifth, $1.10.
and 72.300. for Feb. to July inclusive as nominal prices.
SILVER to-day ended 3 to 10 points higher with sales of Roubaix was 10 points lower with sales of 99,000 lbs.
of
2 lots or 50,000 ounces. August closed, 27.60; Sept. 27.62; Antwerp was 1 unchanged to Xc. lower with sales
'
Oct., 27.64; Nov., 27.67; Jan., 27.72; Feb., 27.77; March, 530,000 lbs.
27.81; April, 27.85; May, 27.90; June, 27.93; July, 27.96.
SILK to-day ended unchanged to 1 point lower with sales
COPPER recently was in better demand. Foreign buying of 97 lots or 970 bales. Final prices for the week are unimproved on the 20th inst. Export sales on that day were changed to 2 points lower.
600 tons as contrasted with 160 tons the day beofre.
/
Smelters quoted 73' to 73 0. while producers were practically
COTTON
out of the market at 8e. Futures on the exchange here were
fairly active. Sales amounted to 300 tons on the 20th inst.
Friday Night, Aug. 21 1931.
Sept. sold at 6.400., unchanged; Oct. 6.50c. down 5 points;
OF THE CROP, as indicated by our
THE MOVEMENT
Nov. at 6.55e. down 5 points and March at 7.10e. up 30
points from the previous close. London on the 20th inst. telegrams from the South to-night, is given below. For the
on standard copper fell 3s. 9d. during the first session; spot week ending this evening the total receipts have reached
£32 5s. and futures £33 2s. 6d.; sales 300 tons spot and 700 49,406 bales, against 24,023 bales last week and 12,986 bales
futures. Electrolytic was bid at £35 10s. and offered at the previous week,making the total receipts since Aug. 1 1931
£36 10s.; in the second sesgion prices advanced to £32 7s.
383,742 bales for the same period of
6d. for spot and £33 5s. for futures; sales 50 tons additionl 86,415 bales, against
futures. It is reported that in the erection of 10 buildings 1930, showing a decrease since Aug. 1 1931 of 297,327 bales.
of
for Radio City, 7,800,000 feet of copper wire will be used,
Mon. Tues. Wed. Thurs. Fri. Total.
Sat.
Receipts atfor which contracts are being awarded.
10
216
277
--- 11
33
7
191 10.123 11,203
159
TIN was quiet and lower with London declining. Prompt Galveston
242
' 488
Houston
A
4,872 6,034 4,602 3,841 4,891 6,313 30,553
tin was offered on the 19th inst. at 255 c. a decline Corpus Christi
shipment
230 1.950
133
266 • 632
86
603
5 3,518
of Mc. from the previous day's close, while Sept. deliveries New Orleans..
302
---- 3,190
21
Mobile
377
-------------------377
4
253 e.; Oct. at 25.90c. and Nov. at 26.05e. Jacksonville
were quoted at
16
275
138
85
224
81
33
were unchanged to 10 points lower on that Savannah
-30
Futures here
-------9
Charleston
4
1
Straits advanced Xo to 257 e. with. Wilmington
day. Later on prompt
62
62
.
Norfolk
Sept. quoted at 25.95c. and Oct., 26.100. Futures closed on Baltimore
619
619
the Exchange here on the 20th inst. 25 to 35 points net higher
Totals this wk_ 5.515 6.744 5.508 4,865 9.137 17.637 49,406
with sales of 65 tons. London on the 20th inst. advanced at
£1
the first session £1 5s. on spot to £1152s. 6d. and10s. 75.
The following tab e shows the week's total receipts, the
up
6d. to £117 12s. 6d. for futures; Straits tin was £116 second total since Aug. 1 1931 and stocks to-night, compared with
and 350 futures; at the
£2 5s.; sales 50 tons spot
last year:
session prices were unchanged with additional sales of 50
futures; Eastern c. i. f. London
Stork.
1930.
1931.
tons spot and 135 tons
Receipts to
£118 5s. with sales of 150 tons.
This Since Auo This Since Aug
Aug. 21.
1930.
1931.
Week. 11931. Week. 11930.
metals
LEAD was rather steadier than other nonferrousprompt
were booked for
20.625 388.439 192,322
277
1.528 13.665
Galveston
recently and moderate tonnages
9.332
3.132
241
228
1
shipment at 4.400. New York. London was firmer on the Texas City
15.828 78.916 130.221 677.554 585.002
11.203
Houston
63,594 148.348
30,553
49,083 87,866 196.454
20th inst. spot advancing 3s. 9d. to E11 16s. 3d. and futures Corpus Christi
585
72
the same amount to £11 18e. 9d.; at the second session Beaumont
5.046 7,490 14,149 553.972 300.7s9
New Orleans-- - 1.950
futures declined to £11 17s. 6d.; total sales spot none,futures Gulfport
8,786
2,057 217,090
9,341 1,045
Mobile
3,518
250 tons.
16.600
669
500
Pensacola
1.708
867
377
prompt Jacksonville
377
ZINC was steady at 3.80e. East St. Louis for
17,630 333,348 118.033
2,559 14,686
816
Savannah
shipment and 3.823'j for September. London was higher Brunswick
62.581
551 152.601
323
207
30
Charleston
on the 20th inst. owing to the statistical report of the inter- Lake Charles_
3,782
140
2,181
national cartel showing a decrease of some 10,000 tons in Wilmington
11
.236
3
1
6
44,620
53,187
230
16
602
62
stocks last month. Prices there on that day rose us. 3d. NorfolkNews, &c
on spot tofll 18s. 9d., while futures advanced to.£12 us.3d; N'port
51 228.734 237,688
New York
2.734
0
5,52
22
13
spot fell to £11 15s. at the second session and futures fell Boston
711
500
836
411
1.832
Baltimore
619
5,176
5,293
to £12 7s. 6d.; total sales, futures, 1,250 tons.
Philadelphia
STEEL.
-Some thought they detected a small gain here
86.415 203.157 383.742 2.712.283 1,716,871
49.406
Totals
and there. Building steel was wanted. Production, it is
In order that comparison may be made with other years,
stated, increased 2% and now averages 32%. The output
for six seasons:
of steel ingots, it is stated, is not uniform. Some say it is we give below the totals at leading ports
AUG. 22 1931.]
Receipts at
-
FINANCIAL CHRONICLE
1930.
1931.
1929.
192S.
1927.
1926.
277
11,203
1,950
3,518
816
13.665
76,916
7,490
1.045
14,686
11,939
21.268
8,675
1.015
10,497
16.465
34,861
4,371
14
134
24,726
72.141
11.122
3.590
27.764
39.883
43,481
11,591
460
14,301
30
1
62
323
210
25
740
460
49
200
2.152
291
777
1,727
123
388
Galveston____
Houston
New Orleans_
Mobile
Savannah
Brunswick__
Charleston
Wilmington_ _
Norfolk
NewportNews
All others
31.549
89.016
53.697
2.117
1.377
1.291
Total this wk_
49.406
203.157
108,086
58,671
143.950
113.195
Since Aug. 1--
86.415
383.742
226,412
111,327
368.880
306.046
16
The exports for the week ending this even ng reach a total
of 60,823 bales, of which 3,140 were to Great Britain, 4,423
to France, 5,022 to Germany, 3,666 to Italy, nil to Russia,
31,605 to Japan and China and 12,967 to other destinations.
In the corresponding week last year total exports were
106,646 bales. For the season to date aggregate exports
have been 114,424 bales, against 183,510 bales in the same
period of the previous season. Below are the exports for
the week:
Exported to
Week Ended
Great
GerJapan&
Aug. 211931.
- Britain. France. many. Italy. Russia. China. Other.
Exportsfrom
Galveston
Houston
Corpus Christi_
New Orleans....
Jacksonville... _
Savannah
Charleston
Norfolk
New York
Los Angeles...._
San Francisco...
LakeCharles
Total
1,075
565
135
2,788
1,500
-342
630
385
1.095
2,148
300
845
17
117
1,216
16,97
0
13,488
2,45.0
-Loo
1,018
150
-143
3.140
4,423
5,022
3,666
31.605 12,967 60,823
Total 1930_.. 18,971 18,061 36,656 4.927 3.435 14,663
Total 1929.. 2,572 5,253 16,878 10,056 27,324 3,334
9.933 106,646
6.528 71,945
From
Exported toAug. 1 1931 to
Great
Ger.
Aug. 21 1931
Japan&
Exportsfrom-j Britain. France. many. Italy. Russia. China Other.
Galveston.___
Houston_____
Corpus Christ
New Orleans_
Mobile
Jacksonville_
Savannah ___ _
Charleston_
Norfolk
New York_
Los Angeles..
San Francisco
Lake Charles..
Total
1,075
565
235
3,225
1,007
2,335
250
342
630
521
91
____
2,589
3,080
300
2,039
1,216
1,799
5,325
17
117
153
350
500
__-___
3,051 5.636
37.707 10,293
13,488
100
1.683
9,978
1;515o
741
2,018
-150
143
4,353
-iEo
50
70
6,136
9,150
8,340
Total.
5,310 8,831
7,107 29,557
13,788
-586 5,095
17
250
709
630
385
500
1,018
150
143
67,542 18.903
Total.
13.802
56.669
13,888
12,389
250
17
10,778
1,529
2,171
550
2,088
150
143
114,424
27,187 27.325
15.288 14,231
60,651 7,415 15.959 22,549 22,434 183,510
38,899 15,549 32,224 13,810 15,447 145,448
-It has never been our practice to Include in the above
-Exports to Canada.
NOTE.
table reports of cotton shipments to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to give returns
concerning the same from week to week, while reports from the customs districts on
the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding this matter, we will say that for
the month of July the exports to the Dominion the present season have been 7,291
bales. In the corresponding month of the preceding season the exports were 6.990
bales. For the twelve months ended July 31 1931 there were 203,310 bales exported, as against 195,744 bales for the twelve months ended July 31 1930.
Total 1930Total 1929_
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Great
Other CoastGer- Britain. France. many. Foreign wise.
Aug. 21 at
Galveston
New Orleans_ Savannah
300
1,957
300
1,000
50
3,600
7,606
500
250
Mobile
Norfolk
Other ports*
67
76
1,000
Total 1931
Total 1930
Total 1929
3,446
3,673
3,788
189
1,000 12.000
300
2.263
4.460
•Estimated.
2,050 23.206
3,375 31.470
5.472 23.526
Leaving
Stock,
5,700
9.863
200
67
265
382.739
544.109
333.148
152,534
216.825
14.000
200
Charleston..
Total.
91
3 6
).187
1,093 30.095 2,682,188
1,802 42,583 1,673,288
4.667 41,313 504.627
1309
and 175,522 on July 31 1930, and for the 12 months 6,759,927
against 6,689,796 in corresponding period of previous year.
Imports during July totaled 9,305 bales of 500 pounds against
14,134 in June and 4,162 in July 1930. Imports for 12
months to June 30, 107,529 bales against 378,107 in the
same period of 1930.
On the 17th inst. prices declined 25 points or more, and had
only a moderate recovery. The news was mostly bearish.
Liverpool cables were lower than due. Stocks were lower.
The weather was, in the main, favorable. The belief was
that the crop as a whole was doing well. Spot markets declined 20 points on small sales at the South, that is, 6,822
bales against 20,361 on the same day last year. The trade
and shorts continued to buy. The sellers were Liverpool,
the Continent, and Wall Street. There was a tropical
storm off the Porto Rican coast, but it had no effect, though
it would perhaps aggravate the effects of recent storms
in the Eastern and Central sections. On the 18th inst. prices
declined $1 a bale on some months under the impact of further liquidation, the fear of coming hedge sales rather
larger, Southern selling, and the influence of a reaction.
On the 19th inst. prices fell sharply as liquidation was
renewed, short selling seemed to increase, and hedge selling
was said to be slightly larger. The weekly report, however,
was not entirely favorable. The summary said: "The
week was decidedly cool in the cotton belt, especially in
Central sections, and rainfall was spotted, being heavy and
unfavorable in some East Gulf districts, parts of the Northeastern belt, and locally elsewhere. Except for retardation
in growth by reason of coolness, too much moisture in some
sections and unfavorable dryness in parts of the Western
belt, tbe crop continued to make rather satisfactory development. Growth is fairly good in Northern Texas, though with
considerable complaints of dryness, more than normal shedding, and premature opening, while in Southern Texas conditions continued poor in most places. In Oklahoma development was mostly good, except on dry uplands of the Central and West; the weather was favorable for weevil in
the Eastern portion. In the Central States of the belt
progress varied considerably, ranging from poor to good;
there were complaints of rank growth, shedding and poor
fruiting in the wetter districts. In Georgia development
was poor in the South because of too much rain, and it was
too wet also in Western Florida and Eastern North Carolina. Elsewhere in the more Eastern States conditions
continued satisfactory."
On the 20th inst. prices advanced 12 to 14 points, with
offerings small, hedge selling light, and some covering of
hedges as well as speculative covering and a little other
buying to brace up the tone a little. Undesirable rains, moreover, fell in parts of Texas, Arkansas, Alabama and the
Memphis district, as well as in Georgia, Louisiana, Mississippi and the Carolinas. Manchester reports in some cases
were more encouraging. There is said to be more inquiry
for cloths there from India and China. The stock market
was higher at times. One report says that while in the
first half of August the deterioration on the whole had been
about normal it remains to be seen what the effects will be
of too much rain in the Mississippi Valley and the Atlantic
States. It is added that the weevil activity is showing
marked increase in those sections, and also in Northern
Lonisiana, Eastern Oklahoma, and some parts of Northern
and Eastern Texas. Wall Street, the Continent, Liverpool,
and the South sold. About the only buyers were the trade
and the shorts. That has been the case for some time past.
To-day prices advanced some 12 to 16 points early in the
day, with offerings small, Liverpool pretty steady, and more
or less talk about rains in parts of the belt and also weevil
reports. Liverpool reported more or less uneasiness over
advices in regard to weevil in Mississippi. Nowhere was
there any particular pressure at home or abroad. But stocks
declined, the demand to cover fell off, the trade buying
slackened, Wall Street and Liverpool sold, and the early
advance was lost and a little something besides. Later on
there was a moderate upturn as covering was renewed and
offerings proved to be moderate. As the case stood, however, the net advance was only 1 to 5 points. Worth Street
was quiet and some reports said that Manchester was also
slow, though the demand from China is understood to have
continued. Final prices show a decline for the week of 30 to
35 points. Spot cotton ended at 6.65c. for middling, a decline
for the week of 30 points.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Speculation in cotton for future delivery was small, and
persistent liquidation, together with more or less depression in stocks, caused lower prices. Everybody expects a
big crop, plus a big carryover. Though hedge selling has
been delayed, as the crop movement is well behind that of a
Year ago, the belief is that later on the hedges will be too
much of a burden for the market to stand. On the 15th
set. Mon. Tues. Wed.Thurs. Fri.
Aug. 15 to Aug. 21Inst. prices on a sudden ran up 20 to 25 points in an oversold
6.60
6.65
7.05
6.85
6.70
6.50
Middling upland
market, with contracts scarce. The South sold on a much
YORK QUOTATIONS FOR 32 YEARS:
smaller scale. The cheapness of the price, some contended,
NEW
discounts the bearish features in their entirety. The Census
The quotations for middling upland at New York on
reported the domestic consumption in July as Aug. 21 for each of the past 32 years have been as follows:
Bureau
9.20c.1907
25.75c. 1915
13.35c
450,518 bales against 455,388 in June and 379.022 In July 1931
6.65c. 1923
11.00c. 1906
23.20c. 1914
10.10c.
1930
11.15c. 1922
last year. The total for the 12 months is 5,270,948 bales 1929
12.25c. 1905
13.10c. 1913
10.90c.
18.50c. 1921
33.50c. 1912
11.80c. 1904
against 6,105,840 in the previous season. Spinning estab- 1928
10.85c.
19.15c. 1920
31.50c. 1911
12.50c. 1903
12.75c.
21.10c. 1919
1927
lishments held on July 31 only 994,979 bales in stock against 1926
34.80c. 1910
16.40c. 1902
9.00c,
18.15c. 1918
25.30c. 1909
12.65c. 1901
1,130,514 on June 30 and 1,183,007 on July 31. The stock in 1925
8.19c,
23.65c. 1917
14.85c. 1908
10.00c. 1900
27.80c. 1916
10.00c
public storage aggregated 4,524,426 against 4,970,626 bales 1924
•
on June 30, and 2,877,422 on July 31 1930. Exports during
-The highest, lowest and closing prices at
FUTURES.
July totaled 259,069 running bales against 255,459 in June New York for the past week have been as follows:
1310
FINANCIAL CHRONICLE
Saturday,
Aug. 15.
Monday,
Aug. 17.
Tuesday, Wednesday, Thursday,
Aug. 18.
Aug. 19.
Aug. 20.
Fr day,
Aul . 21.
6.90- 6.76
-
6.68- 6.45- 6.55- 6.5'
7.00- 7.25 6.92- 7.02 6.76- 6.90 6.58- 6.75 6.57- 6.71 6.11 6.83
7.15- 7.16 6.97- 6.98 6.82 --- 6.59- 6.60 6.69- 6.7 - 6.72
-6.83
7.29- 7.11 -- 6.96- 6.73
6.8!
7.21- 7.46 7.12- 7.23 6.97- 7.12 6.81- 6.96 6.79- 6.92 6.81
7.37- 7.38 7.18- 7.19 7.03- 6.81- 6.82 6.90- 6.91 6.11
7.05
6.93
7.33- 7.55 7.23- 7.33 7.10- 7.21 6.91- 7.05 6.89- 7.02 6.91 7.14
7.48- 7.50 7.30- 7.13- 6.91- 7.00- 7.01 7.0 - 7.02
7.58 --- 7.38 ---- 7.22 ---- 6.99 --- 7.09 ---- 7.1
7.54- 7.77 7.41- 7.53 7.28- 7.42 7.07- 7.26 7.06- 7.20 7.1! 7.33
7.2: - 7.23
7.68- 7.69 7.47- 7.31- 7.32 7.08- 7.09 7.18
7.77- 7.56- 7.40- 7.17- 7.26- 7.31
7.72- 7.95 7.60- 7.71 7.46- 7.60 7.26- 7.41 7.23- 7.38 7.3 - 7.50
7.87- 7.88 7.65- 7.49 -- 7.26 - 7.34- 7.36 7.31
7.95- 7.73
-
7.56 --- 7.33- 7.43 -- 7.4'
7.88- 8.08 7.79- 7.87 7.63- 7.73 7.41- 7.58 7.38- 7.55 7.41
ff 11A - 7 50
'7 R.L. '7 Cc '7 Al - '7 59- '7 55 '7 54
.
.
7.65
.
Range of future prices at New York for week ending
Aug. 21 1231 and since trading began on each option:
Option for
Aug. 1931
Sept. 1931
Oct. 193E._
Nov. 1931
Dec. 1931
Jan. 1932
Feb. 1032
Mar. I932
Apr. 1932
May 1932._
June 1932
July 1932._
Receipts.
I
Ship-
Receipts.
Stocks
ments, Aug.
Week. , Season. I Week. 21.
Week.' Season.
Ship- Stocks
ments. Aug.
Week. 22.
- 6.51
6.61- 6.38- 6.48
6.87
7.01- 6.83
-
Movement to Aug. 22 1930.
Movement to Aug. 211931.
Towns.
Aug
.Range__
Closing Sept.
Range __
Closing _
Oct.
Range__
Closing_
Nov.
Range-Closing _
Dec.
Range__
Closing _
Jan.
Range __
Closing _
Feb.
Range __
Closing_
Mar.
Range __
Closing _
April
Range __
Closing _
May
Range __
Closing _
June
Range-Closing _
July
Range __
Closing _
[VOL. 133.
Range Since Beginning of Option.
Range for Week.
Ala., 13irm'ham
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City Helena
Hope
Jonesboro_ _ Little Rock__
Newport_
Pine Blutf___
Walnut Ridge
Ga., A.bany _ _
Athens
Atlanta
Augusta
Columbus _
Macon
Rome
La., Shreveport
Miss., Crksdale
Columbus_ _ _
Greenwood_ Merldlan____
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.,Greensb'o
Oklahoma
15 towns*
S.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana.__
Waco
59
30
571
14
3071
42
93,
133
4
6
2,
1
i.
3,
-I
103,
,
1'
95'
179,
,
54
397,
1,671
8,646
..1
33,
571
514.
4,143,
-I
332
134
2
10,
1,098,
11E1W11
540,
1
1
14
1,295'
4,0461
1
18
951
22.
•
30 26,004
278 6,437
620 45,716
121 33,140
541 9,903
20 1.907
429 7,641
294
-_-__ _1
821
4311 11,351
140: 2,109
249: 7,268
85; 1,338
____I 1,091
300 22,863
2,469164,167
1,817, 62,071
I 5,300
740, 27,335
250 3,752
500 56,399
726 8,461
240 2,635
363 15,929
6011 17,702
____ 4,437
84 2,862
142 2,790
1,200 3,834
347, 33,817
2 6,745.
228 5,079.
20 16,855.
13,134
"ii5 9,197
56 4,897
8,325,
7
12
774
13
1,485
2
5
201 5,842
82
879
41
705 12,765
35
42 2,208
2,862
29
682
150 10,556
47
530 2,188 43,777
7,929 2,535 47,814
124 1,074
214
,
2,601 1,289 11,769
1,867
1
iii 36,11%
2,036 "
242 14,120
511
95 2,271
5
581 39,614
520
102 3,146
54
3,484
175
29 -5- 4,533
go 4,317
o
12
847
3,352 3,30112,
7,386
5
152,
1,058
559
707
4
9631
364
6311
3,
.1
5,
6,
51
441
615
20
228
5,795
73
2,294
1
1,736
96
5
219
40
24
26
4,
1,146'
1521
1,047
i
16:
207
2,
52
24
36
10;
2,
3,498
2,442
i
418
5291 16,687
4,075, 3,418 28,562
12,906, 8,138 89,507
211
1
124
3,
294
101,
32I 3 677
!
60,
152. 5,463
227
5,939 1,737 2,534
622
163, 1,728
9;
166 1,713
130,
108, 3,115
2911
880
5,914
18
951
1,205
1,513
23
7,642
2,918
1
1,305
86
3,166
17,3771
69,
1,504'
2,188;
2,7911
125
18,173
5,581;
4,
1,635
327 24,952
1,586 19,247
9, 4713
0 4,887
313
331
279 1.603
67
1,00
3,0
1,393 10,511
5 1,562
4,888 9 981
,
1,453 3,330
2,6261
395;
Oct. 28 1930
1,925
8,
Oct. 28 1930
35416,826
89,
Nov. 13 1930
June 22 1931
74,024 33,
Feb. 25 1931 Total, 56 tones 15,746 43,239' 27.166743,005 36,894
6.79 Aug. 20 7.46 Aug. 15
437!543 94
,
Feb. 25 1931 I
6.89 Aug. 20 7.55 Aug. 15
Includes the combined totals of 15 towns In Oklahoma.
7.06 Aug. 20 7.77 Aug. 15 7.06 Aug. 20 1931 11.59 Apr. 6 1931 ,
The above total shows that the interior stocks have
6.87 Aug. 15 6.87 Aug. 15
6.57 Aug. 20 7.25 Aug. 15
8.36
6.84
6.57
6.80
6.79
6.89
June 2 1931
Aug. 11 1931
Aug. 20 1931
Aug. 10 1931
Aug. 20 1931
Aug. 20 1931
12.15
12.57
12.31
9.97
12.32
12.42
7.23 Aug. 20 7.95 Aug. 15 7.23 Aug. 20 1931 11.40 June 27 1931
9.16 Aug. 1 1931 9.74 July 27 1931
7.38 Aug. 20 8.08 Aug. 16 7.38 Aug. 20 1931 9.15 Aug. 1 1931
THE VISIBLE SUPPLY OP 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.
Aug. 21Stock at Liverpool
Stock at London
Stock at Manchestcr
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
'Stock at Ghent
1931.
bales 751,030
1930.
66.3,000
1929.
770,000
1928.
678,000
166,000
117,000
79,000
61,000
917.000
780,000
849,000
322,000
268,000
8,000
78,000
39,000
211 000
132.000
10,000
61,000
16,000
214.000
114,000
4.000
39,000
28.000
315,000
154.000
6,000
75,000
28,000
715,000
430,000
399.000
578.000
Total European stocks
1,632,000 1,210,000 1,248,000 1,317,000
India cotton afloat for Europe
69,000 142,000 125,000
81.000
American cotton afloat for Europe 05,000 168,000 157,000 172.000
98,000 117.000 114,000
Egypt,Brazil,&c.,afloatforEurope 105,000
566,000 464,000 184,000 168,000
Stock in Alexandria, Egypt
890,000 771,000 906,000 1,051,000
Stock in Bombay. India
Stock in U. S. Ports
2,712,283 1,715,871 545,940 439.809
Stock in U. S. Interior towns __ _ _ 743,005 543,948 183.802 258,393
280
U. S. exports to-day
2,818
Total visible supply
6.485,106 5,112,819 3,466,742 3,598.482
Of the above, totals of Americcan and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian. Brava, &c.
Liverpool sto.:k
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, Sec
Total American
323,000 218,000
39,000
60,000
623,000 310,000
65,000 168,000
2,712,283 1.715,871
743,005 543.948
2,818
345,000
45,000
314.000
394,000
35.000
516,000
157.000
439,809
258.393
280
Contet. Total.
Saturday..-- Steady, 10 pts. adv- Barely steady _ _
Monday
_ Quiet 20 pts. dec__ _ Steady
Tuesday _ _ _ Quiet 15 pts.dee _ Steady
Wednesday, Quiet,20 pts. dec-- _ Barely steady
Thursday_ _ Steady, 10 pts. adv_ Steady
Friday
Steady, 5 pts. adv-- Steady
Total week_
Since Aug. 1
100
100
725
100
725
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
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1930
---
1931
Since
Week. Aug. 1.
Aug. 21ShippedVia St, Louis
Since
Via Mounds, Stc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1,200
215
3,766
477
14
3.619
2,750
217
11,946
7,950
Week. Aug. 1.
3,301
7,970
502
1.966
60
180
584
3,411
10.382
2,300
6,902
Total gross overland
7,798
24,356
9.694
Inland, &c., from South
619
223
6,186
1,832
710
17.007
Total be deducted
7,028
770
Deduct Shipments
Overland to N.Y.. Boston, drc
Between interior towns
4,529,106 2,994,819 1,590,742 1.815,482
428,000
445,000
425,000
106.000
92,000
69,000
105,000
506,000
590.000
78,000
120,000
142,000
98,000
464,000
771.000
34,000
26.000
85,000
62,000
125,000
81,000
117.000 111.000
184,000 168.000
906,000 1.051.000
284,000
1,95(3,000 2,118,000 1,876,000 1.783,000
4,529,106 2,994.819 1.590.742 1,815,482
6,485,106 5,112.819 3,466.742 3,598.482
Total visible supply
6.44d. 10.32d. 10.44d.
3.70d.
Middling uplands, Liverpool
19.10c.
11.156.
18.65c.
6.65c.
Middling uplands, New York__ _ _
11.65c. 17.65d. 19.9551.
6.80d.
Egypt. good Sakel, Liverpool__
14.50d. 12.7551.
Peruvian, rough good, Liverpool_
8.90d.
4.30d.
8.55d.
3.15d.
Broach, fine, Liverpool
9.8551.
9.7051.
5.65d.
3.60d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 47,000 bales.
The above figures for 1931 show a decrease from last
week of 105.524 bales, a gain of 1,372,287 bales over 1930. an
increase of 3,018,364 bales over 1929, and a gain of 2,886,624 bales over 1928.
-that is.
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
SALES.
Spot.
172,000
545.940
183,802
Futures
Market.
Closed.
Spot Market.
Closed.
739,000
Stock at Antwerp
Total Continental stocks
decreased during the week 12,505 bales and are to-night
199,057 bales more than at the same time last year. The
receipts at all towns have been 21,154 bales less than the
same week last year.
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.
Leaving total net overland*
27,864
19,555
424
267
5,217
5,908
13,048
4,801
3,786
14,816
909
838
1/.301
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 770 bales, against 3,786 bales for the
week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 10,015 bales.
1930-------
1931
In Sight and Spinners'
Takings.
Week.
Since
Aug. 1.
Week.
Since
Aug, 1.
Receipts at ports to Aug. 21
49,406
Net overland to Aug. 21
770
Southern consumption to Aug. 21_ 90,000
86,415 293,157
3.786
4,801
270,000 85,000
383,742
14,816
270,000
Total marketed
Interior stocks in excess
361.216 291.943
1,989
*47,882
668,558
*17,747
140.176
*12.505
Came into sight during week-127,671
Total in sight Aug. 21
313,334
North.spinn's's takings to Aug. 21 7,570
28,450
293.932
650,811
12,264
32,733
* Decrease.
M9vement into sight in previous years:
Week-
1929-Aug. 25
1928
-Aug. 26
1927
-Aug. 27
Bales.
Since Aug. 1-
233.488 1929
154.067 1928
250,309 1927
Bales.
613,630
401.861
793,579
AUG. 22 1931.]
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
Week Ended
Aug. 21.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth...._ _
6.95
6.95
6.20
6.56
6.78
6.85
6.69
6.05
6.90
6.00
6.50
6.71
6.71
6.00
6.38
6.69
6.85
6.50
5.85
6.70
5.82
6.30
6.30
6.60
6.56
5.85
6.22
6.50
6.75
6.38
5.70
6.55
5.68
6.15
6.15
6.40
6.34
5.65
6.00
6.31
6.65
6.13
5.50
6.35
5.45
5.95
5.95
6.50
6.44
5.75
6.09
6.38
6.55
6.25
5.60
6.45
5.55
6.05
6.05
6.50
6.44
5.75
6.11
6.44
6.65
6.25
5.70
6.45
5.55
6.05
6.05
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Aug. 15.
August_ September
October November
December_
Jan.(1932)
February March-April
.
May
June
July
August-Tone
Spot
nrtionot___
Monday,
Aug. 17.
Tuesday, Wednesday, Thursday,
Aug. 18. Aug. 19. Aug. 20.
Friday,
Aug. 21.
7.20- 7.21 6.96- 6.97 6.80- 6.81 6.60- 6.69- 6.70 6.70- 6.71
7.41- 7.42 7.17- 7.19 7.02 7.03 6.81- 6.82 6.91- 6.93 6.91- 6.92
7.52- 7.29- 7.12 7,13 6.91 Bid. 7.02- 7.02 -7.69- 770 748- 731- 707- 708 720- 7.21 --7 87- 7.64 Bid. 7.48- 7.49 7.26
7.35- 7.37 7.37 Bid.
8.04- 8.06 7.81 Bid. 7.65 Bid. 7.42- 7.54- 7.56 7.55 Bid.
Quiet.
SteRtio
Quiet.
Rtp•triv
Quiet.
Rtautv
Quiet.
Steady.
Tt...tv ahlv v.... ..,,....
Quiet.
0........
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND,&C.,IN JULY.
-This report,issued on Aug. 15
by the Census Bureau, will be found in an earlier part of our
paper in our department headed "Indications of Business
Activity."
SUPPLY AND DISTRIBUTION OF COTTON IN
THE UNITED STATES, SEASON OF 1930-31.
-This
report, issued by the Department of Commerce at Washington on Aug. 15, will be found in an earlier part of this
publication in our department entitled "Indications of
Business Activity."
FIRST MISSISSIPPI BALE.
-The New Orleans "TimesPicayune" on Aug. 13 reported the following:
The first bale of the season of Mississippi cotton was sold at
Henry Plauche, Assistant Secretary of the New Orleans Cottonauction by
in Varieties I'lace in the rear of the Cotton Exchange for 10c.Exchange
a pound
Wednesday (Aug. 12).
The bale was bought by A. Albrecht of Knoop, Lange & Co., cotton exPorters. The bale weighed 540 pounds and was classed as strict middling
cotton.
The cotton was consigned to John M. Parker & Co. from the Lampton
Co., Columbia, Miss.
FIRST DALLAS COUNTY BALE.
-The Dallas "News"
on Aug. 15 gave the below quoted facts concerning this
county's first bale:
Dallas County's first bale of cotton raised this year brought
when it was auctioned off Friday morning (Aug. 12) on the38c. a pound
floor of the
Cotton Exchange. J. L. Goldman was the successful bidder. Shop King
wielded the hammer.
The first bale was delivered Tuesday to the Farmers' Marketing Association of America. It was raised by C. L. Dulworth on the Hal E. White
farm near Lancaster. The bale weighed 460 pounds and brought the
grower $174.80. Last year's first bale was bought at the auction for
58.116c. a pound, giving the grower $298.35.
The Exchange Friday quoted cotton at 13;ic. The first bale, therefore
brought a premium of 31 hc. a pound.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that considerable rain
has fallen during the week in many sections of the cotton
belt and proved unfavorable in those sections which have had
much rain lately. There have been some complaints of
shedding and boll weevil.
-Growth has been fairly good in the northern part
Texas.
of this State though there have been complaints of more than
normal shedding and of premature opening. In the southern
part of this State conditions are poor in most places.
-There has been entirely too much rainfall.
Mobile, Ala.
There have been complaints of shedding and boll weevil.
Memphis, Tenn.
-There have been some complaints of too
much moisture, which has caused rank growth, but the cotton
crop generally is fruiting well in the Memphis district. The
first new bale was received on Aug. 15 from Summit, Miss.
Galveston, Texas
Abilene, Texas
13renham,Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Parts, Texas
San Antonio, Texas
Taylor, Texas
Weatherford,Texas
Ada, Okla
Hollis, Okla
Okdnulgee, Okla
1311
FINANCIAL CHRONICLE
Rain. Rainfall.
Thermometer
4 days 2.8 in. high 88 low 71 mean
2 days 0.05 in. high 96 low 64 mean 80
dry
high 96 low 66 mean 80
1 day 0.10 in. high 92 low 66 mean 81
79
2 days 0.04 in. high 94 low 72 m
73
3 days 1.04 in. high 92 low 64 mean 88
2 days 0.90 in. high 98 low 64 mean
1 day 0.14 in. high 94 low 50 mmean 81
1 day 0.20 in. high 100 low 60
ean
5 days 2.66 in. high 94 low 54 mean 80
74
2 days 1.58 in. high 96 low 66
73
3 days 1.78 in. high 88 low 58 mean 81
76
1 day 0.14 in. high 92 low 60
4 days 1.06 in. high 90 low 62 mean
1 day 1.06 in. high 94 low 68 mean 76
m n 81
ea 8
dry
high 98 low 64
2 days 0.12 in. high 100 low 62 mean
2 days 1.82 in. high 92 low 60 mean 81
76
1 day 0.60 in. high 102 low 58
n7
6
0
2 days 1.57 in. high 90 low 62 mean 8
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria, La
Amite. La
New Orleans
Shreveport, La
Columbus, Miss
Greenville. Miss
Vicksburg, Miss
Mobile,Ala
Decatur, Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston,S. C
Greenwood. S. C
Columbia,8.C
Conway, S. C
Charlotte, N. C
Newbern,N.C
Weldon, N.C
Memphis, Tenn
Rain. Rainfall.
3 days 0.73 in.
5 days 0.59 in.
2 days 1.31 in.
5 days 0.80 in.
6 days 2.48 in.
3 days 1.07 in.
3 days 2.98 in.
4 days 2.68 in.
5 days 1 A6 in.
2 days 0.81 in.
2 days 1.15 in.
1 day 0.07 in.
3 days 2.10 in.
2 days 1.13 in.
3 days 0.61 in.
3 days 0.55 in.
2 days 2.02 in.
5 days 4.61 in.
4 days 1.41 in.
4 days 0.48 in.
5 days 2.02 in.
4 days 4.97 in.
1 day 0.66 in.
4 days 1.48 in.
4 days 0.241n.
3 days 1.02 in.
3 days 0.80 in.
6 days 1.70 in.
4 days 1.22 in.
3 days 0.95 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
95 low 63 mean 79
94 low 64 mean 79
90 low 63 mean 77
86 low 67 mean 77
86 low 65 mean 76
94 low 65 mean 80
85 low 65 mean 75
90 low 73 mean 80
88 low 64 mean 76
97 low 67 mean 82
92 low 66 mean 79
89 low 65 mean 77
92 low 66 mean 79
98 low 65 mean 82
93 low 70 mean 82
95 low 65 mean 80
93 low 69 mean 81
96 low 69 mean 83
94 low 72 mean 82
99 low 68 mean 84
97 low 70 mean 84
94 low 68 mean 81
91 low 70 mean 81
93 low 68 mean 81
92 low 68 mean 80
95 low 69 mean 82
92 low 68 mean 79
94 low 68 mean 81
92 low 66 mean 79
90 low 66 mean 78
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Aug. 21 1931. Aug. 221930.
Feet.
Feet.
New Orleans
Above zero of gauge_
1.7
2.2
Memphis
Above zero of gauge_
2.1
4.7
Nashville
Above zero of gauge..
7.5
8.2
Shreveport
Above zero of gauge..
6.2
4.5
Vicksburg8.7
Above gauge of zero_
5.2
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
Arkansas. We reprint this week's report, which is of date
Aug. 17, in full below:
TEXAS.
WEST TEXAS.
-No rain this week but cool and partly
Abilene (Taylor County).
cloudy weather has held the cotton up remarkably well. Cool and
cloudy all day to-day but not much prospect for rain. Some complaint
of shedding but too much on it to hold.
-The past week was favorable for cotton,
Floydada (Floyd County).
general rain the forepart of week, warm weather and cool nights Mostly
all week. Some showers would be beneficial this week.
Haskell (Haskell County).
-Cotton holding up well in spite of high
temperatures. Crop as a whole is above an average and now looks like
a production of 40,000 bales. Crop still two weeks late but think movement will be getting under way by Sept. 15. Need rain.
-Showers to rains general over the plains
Lubbock (Lubbock County).
the past week. Cotton north and west of Lubbock extra good. Balance
fair to good. Will make more than last year. No insects.
NORTH TEXAS.
Forney (Kaufman County).
-Weather past two weeks too hot and
too dry for proper growth and fruiting of cotton. No insects but shedding of fruit and leaves has been more than normal. Consider deterioration last two weeks to be about 13%. Condition at this time 69%0f
normal.
Paris (Lamar County).
-The past week has developed conditions not
so favorable as former reports of late. Of course, some damage always
occurs before it is discovered, and in this case it seems quite a bit had
been done before the past week. The injury is not to all crops, but certain sections have been injured to the extent probably of 25%, but is
doubtless limited to 10% of the acreage. This injury was and is largely
by the cotton flea and weevil, but the greater injury by the flea, and
we might add that doubtless fully 50% of the injury was done prior to
this past week. Feel sure, however, of a much better crop than last
year.
Texarkana (Bowie County).-Retuming through Arkansas from a
three weeks trip, failed to find the million six hundred thousand bales
the Government estimate. From car window the plant looks healthy,
most of it still blooming, but when you make a close inspection the fruit
Is not there. Since my return have made a personal field inspection of
the Texarkana territory and was disappointed in the matured fruit
on the stalks. The plant is healthy and still blooming, but is still
vulnerable to the mnay enemies of production. I'd rather bet the
final crop will be under than over the Government estimate.
-Cotton Parker County and adjoining
Weatherford (Parker county).
counties looking good but needing rain in spots. Boll weevil working
more since cool nights. Cotton has deteriorated since August 1 account
weevil and dry weather. If don't rain soon will shed most of it. Parker
County estimate 6,000 bales.
-The crop is still spotted. It is
Wills Point (Van Zandt County).
too dry in this part of the county and not many bolls are sticking. Other
sections of the county are doing fine and the plant has made a good
growth and has put on a good crop of bolls. With average conditions
from now on we will make a crop equal to last year. Crop will start to
move about Sept. 1.
CENTRAL TEXAS.
-Since Aug. 1 the cotton crop in this section
Bartlett (Bell County).
has deteriorated considerably. There is more dead cotton than usual.
Picking will be general about Sept. 1.
-Crop has deteriorated sharply past
Brenham (Washington County).
week. Looks like one-quarter bale per acre average on hills and onehalf bale on bottom lands, average being about same kind of crop as
last year, possibly some less. Cotton opening fast, and will be quite
a movement next week if farmers sell at these prices.
.-Conditions past ten days have deteriorated
Cameron (Milam County)
15%. More dead cotton in this county than I have seen in years.
Figured this county might make 75,000, but believe not now; will do
get 60,000.
-Condition 68%. Fields clean, no rain,
Lockhart (Caldwell County).
but dry and hot. Plant is fairly healthy although some damage on late
cotton. Movement will start next week.
-While the cotton in this section appears
Navasota (Grimes County).
to be fair to good, there are more complaints of deterioration in the
EAST TEXAS.
-Conditions continue good for cotton
Jefferson (Marion County).
to-day. Insects working some, especially fleas.
crop. Some rain
Plant large but not heavily fruited.
-Prospects continue good for large
Palestine (Anderson County).
crop. Normal August deterioration. First bales in over the territory.
movement by Aug. 22.
Expect small
ARKANSAS.
-Ideal weather past two weeks.
Ashdown (Little River County).
Plant mostly rank, blooming freely and has shed 99% of its fruit the past
three weeks. We have a fair crop only. Insects are increasing rapidly.
Bolls are opening freely. Expecting our first bale next week. Four
to eight inch rain three weeks ago ruined our flattering prospect.
-First few days of week cotton did
Blytheville (Mississippi County).
not fruit as it should, due to cool nights. Last of week fruited very
heavily. Shedding less than usual for August. Very few open bolls.
Continued warm and dry weather will insure this locality bumper crop.
-Extremely cool nights past week
Magnolia (Columbia County).
have caused cotton to deteriorate considerably, especially on thin lands.
Quite a lot of rust and blight is showing up causing excessive shedding.
The lowlands are showing too rank growth and very little fruit. With
further rains, which are indicated this evening, the rank growth cotton
may prove a practical failure. Need two weeks dry, warm weather for
best results of cotton in this territory. Some insects, but no damage
from this cause to date.
-August so far has been without rain
Pine Bluff (Jefferson County).
and cotton is doing nicely. We need a continuation of this dry weather
for cotton in order to measure up fully to the Government's estimate.
North Louisiana farmers are dusting for weevil and worms.
-At this time the crops in this territory look
Searcy (White County).
better than any we have had in several years. There is no insect damage.
We have had two weeks with only one or two little rains, but the weather
has been too cool, especially the nights. The weed is large and putting
fruit on daily. We have only a few open bolls to date. .Give us a good
week of hot, dry weather and the fields will start getting white.
--The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week I
Ended,
i 1931. 1930. 1929.
Stocks at Interior Towns.
1931.
1930.
1929.
ReceiptsfromMantations.
1931.
1930.
1929.
40,1331,112.593,
27.000!1.091,370
31,1291,060,746'
30.429 1.037.599:
.
24 3881.009,231!
17.318 973,071,
18.468 943.151!
13.09e 910,874,
893,425
843,57
809,649
778,788
512,890
481,152
446,203
418.598
8,731 1,591
6,258 24,910
NI 30,716
Ni 5.367
Nil
Nil
Nil
2.319
740.002
714.860
687,981
685,467
381.208
352,656
324.575
303,:1
N11 4.368
Nil 6,277
Ni 9.632
N11 10.14
644.225
619,981
599,179
579,770
560,254
Nil
1111
Nil
276,723
rn] 6,200
NI
252.555
N11
Ni
234,392
Nil 6.007
224.790 1,143
197,552 20,743 14,792 11,492
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
3_. 17,602 19.256 10,769
10--I 13,152 10.899 30.388
17--, 16,170 13.098 13,203
16.304 12,297 15,609
31_- 40,927 34,308 38.730
Aug.-'
7-- 12,986 62.509 49,834
14....1 24.023117.847 65.894
21._ 49,406203,157108,086
Nil 51,039 48.489
776.015 548,784 196,207
755,510 541.959 184,245 3.518111.022 53.842
743,005 543,948 183,802 36,901 205,146 107,643
Since
Week. 1 Aug. 1.
Bombay
Week.
Since
Aug. 1.
Great
Great Coral- Japan&
Brilatn, neat. China. Total. Britain.
Bombay
1931
1.000
1930
1929
Other India1931
11,000
3,000
1930
1929
7,000
7,000
Since
Aug. 1.
49,000
Since Aug. 1.
For the Week.
Exports
from
Week.
32,000
33,000 12,000
6,000
1929.
1930.
1931.
Aug. 20,
Receipts at
-
Japan &
China.
Conti
cent.
Total.
9,000 25.000 35,000
20,000 31,000 51,000
12,000 11,000 23,000
2,000
10.000
2,000
16,000 140,000 158,000
61,000 102,000 173,000
47,000 65,000 114,000
23.000
5,000
15.000
15.000
4,000
8,000
19,000
21,000
49,000
Total all
1931
12,000 21,000 25,000 58,000
1930
3,000 22,000 31,000 56,000
7,000 20,000 11,00 38,000
1929
17,000
14,000
10,000
35,000 140.000 192.000
82.000 102,000 198.000
96,000 65,000 171.000
12,000
2,000
8,000
34,000
25,000
57,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
6,000 bales. Exports from all India ports record an increase
of 2,000 bales during the week, and since Aug. 1 show a
decrease of 6,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Receipts (Cantors)
This week
Since Aug. 1
1929.
1930.
1931.
Alexandria, Egypt,
Aug. 19.
2,000
5.500
90.000
225,000
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
3,000
To Liverpool
4.000 4.900
To Manchester,&c
To Continent and India.._ 4,000 27,300
2,000
To America
1,000 1,500
700
_
2,15150 10,250
50
2.000
2:Ono 5,000
4,000 20,000
9,000
Exports (bales)
-
8,000 37,200 3,000 12,500 6.000 36,000
Total exports
Egyptian ba es weigh about 750 lbs.
1Vote.-A cantar is 99 lbs
This statement shows that the receipts for the week ended Aug. 19 were
90,000 cantars and the fore gn shipments 8.000 bales.
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
yarns is quiet, while that in cloths is steady. Demand for
India is improving. We give prices to-day below and leave
those of previous weeks of this and last year for comparison:
Nil
Nil
Nil
Nil
877,605
854,340:
833.586
818,425:
798,241:
and foreign spinners. 601.322 bales in 1931 and 663,206 bales in 1930.
of which 282,322 bales and 375,006 bales American.
b Estimated,
1930
1931
32s Cop
Twist.
d.
d.
8%010%
8341410
22.... 8%0 9%
8 0 954
May
June
8 0 954
12____ 7140 934
7140 9%
83101011
July
85401034
854010
830) 914
9340 934
31____ 7%0 934
Aug.
7340 9
7 0 834
6140 854
83( Lbs. Shirt- Cotton
tags, Common AfidelPg 32s Cop
UpPds. Twist.
to Finest.
83 Lbs. Skirt- Cotton
ings, Common Mideg
Uprds.
to Finest.
s. d.
d.
4
4
40 0
6
2
d.
5.39
5.26
5.12
4.80
a. d.
.d.
d.
d.
11%012% 1 0 010 4
11%012% 1 0 @104
7 @103
11%012%
7 010 3
11%012%
GOO GOOOO SOSO
uplands than in the heavy lands, which are holding their own fairly well.
Quite a lot of the light lands still have a small weed and with the hot
north winds lately show perceptibly they are not doing so well. The
crop generally is 15% better than our last crop.
-The cotton for the past two weeks has
Waxahachie (Ellis County).
gone back considerably; it has shed lots of fruit. The late cotton does
However, the early cotton has
not seem to have a thing on the stalks.
a crop already made. We got out first bale Friday. Look for a little
movement by the 25th, good movement by the first of September. No
Insects to amount to anything. The fleas have hurt the young cotton
but it still can come out and make a crop.
May8__ 31.266 49,161
15- 27,481 74.760
20,516 64.642
29-1 18.911 36,228
June-,
20.902 42,838
12-- 18,600 31,419
16,977 36,511
26-1 21,134 32,859
[VOL. 133.
FINANCIAL CHRONICLE
1312
4.78
4.75
4.75
9.43
11%012%
11%012%
11 012
11 012
1
5
5
5
5
7
6
5
5
@103
@102
@101
@101
d.
8.63
8.54
8.67
8.58
8.34
7.98
7.81
7.74
The above statement shows: (1) That the total receipts
7.63
5.48 11%012%
5 @101
from the plantations since Aug. 1 1931 are 40,419 bales;
7.73
5 @101
5.05 11 012
5
in 1930 were 367,207 bales, and in 1929 were 210,605
7.58
5 @101
5.17 11 012
4
7.47
5 @101
4.98 10%011%
4
bales. (2) That although the receipts at the outports the
7.22
4.62 10,(011%
4
6 010 1
movement from
past week were 49,406 bales, the actual
7.54
4.29 10%011%
2
5 010 1
6
plantations was 36,901 bales, stock at interior towns
8.89
0
4 (410
3.80 10%011%
4
having decreased 12,505 bales during the week. Last year
6.44
4
3.70 10%011%
2
3 @ 97
receipts from the plantations for the week were 205,146
-As shown on a pr vious page, the
SHIPPING NEWS.
bales and for 1929 they were 107,643 bales.
past week have
from
- exports of cotton bales.the United States thedetail, as made
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The shipments in
reached 60,823
The following brief but comprehensive statement indicates up from mail and telegraphic reports, are as follows:
Bales.
at a glance the world's supply of cotton for the week and
1,500
Havre
-Aug.
since Aug. 1 for the last two seasons from all sources from NEW ORLEANS-To 15-Aquarius.12-Tours, 1,500
84.3
113; Raimund, 732
To Bremen-Aug.
2,450
which statistics are obtainable; also the takings or amounts
To Genoa-Aug. 19-Maddalena, 2,450
100
-Deer Lodge, 100
-Aug. 15
To Ghent,
out of sight for the like period:
gone
100
-Aug.15--Iriona, 100
To La Paz
100
-Aug. 18
-San Jose, 100
To Antwerp
630
-Coldwater, 630-...
CHARLESTON-To Manchester
-Aug. 14
-Aug. 13
-San Jose, 600_Aug. 17
HOUSTON-To Havre
Season.
Week.
2,450
Tours, 1,850
338
To Bordeaux-Aug. 13
-San Jose, 338
5.087.797
6,590,630
456
-San Jose, 456
To Ghent
-Aug. 13
Visible supply Aug. 14
5,302,014
6,892,094
200
To Gothenburg-Aug. 14
-Tampa, 200
Visible supply Aug. I
650,811
313,334 293,932
155
To Vejle-Aug. 14
-Tampa, 155
American in sight to Aug. 21_.... 127,671
32,000
12.000
33.000
6,000
so
To Lisbon-Aug. 14-Carlton, 60
Bombay receipts to Aug. 20_ --5,000
25,000
34,000
23,000
2.081
To Oporto
Other India shipla to Aug. 20...
-Aug. 14-Cariton, 2,081
400
1,200
45,000
18,000
767
Alexandriareceipts to Aug. 19..
To Rotterdam-Aug. 13-Grootendlik, 767
15,000
35.000
39.000
17.000
3,388
To Barcelona-Aug.13-Aldecoa,3.388
Othersupply to Aug. 19 °b.
To Bremen-Aug. 15-Kelkhelm, 1.140-Aug. .14-Kersten
6.782,301 7,356.428 5,414,129 6,046,025
2,006
Total supply
-Werra,475
Miles, 391---Aug. 18
142
To Hamburg
Deduct
-Aug. 15-Kelkhelm, 142
6,485,106 6,485,106 5.112.819 5,112.819
To China-Aug. 18-Tweedbank, 16,949
Visible supply Aug. 21
16,949
To Liverpool-Aug. 19
377
-Cripple Creek. 377
933.206
871,322 301,310
297,195
188
Total takings to Aug. 21_a
To Manchester
-Cripple Creek, 188
645,006 SAVANNAII-To -Aug. 19
552,322 194,910
184.195
Of which American
342
-Coldwater,342
Manchester-Aug. l5
288,200
319.000 106.400
113,000
Of which other
117
To Bremen-Aug. 15
-Coldwater, 117
250
To Rotterdam-Aug. 16-Guelma, 250
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, dm.
11,538
-To Japan-Aug.I5-Hokufu Marti. 11,538
estimated consumption by CORPUS CHRISTI
a This total embraces since Aug. 1 the total
1,950
To China-Aug. 15-1Iokufu Maru, 1,950
Southern mills. 270.000 bales in 1931 and 270.000 bales in 1930
300
To Bremen-Aug. 18-Kersten Miles, 300
takings not being available
-and the aggregate amounts taken by Northern
Cotton Takings
Week and Season.
1931.
1930.
Week.
Season.
FINANCIAL CHRONICLE
Alio. 22 1931.]
Bales.
-West Tacook, 135
135
GALVESTON-To Havre-Aug. 15
To Bremen-Aug. 13-Kersten Miles, 277---Aug. 141,095
Waban,818
To Rotterdam-Aug.14-Waban,50---Aug.15-Grootendijk,
433
383
670
-Aug. 14-Waban, 670
To Ghent
-Tampa,95
95
To Copenhagen-Aug. 15
-Tampa, 50
50
To Gothenburg-Aug. 15
3,113
To Barcelona-Aug.15-Aldecoa,3,113
-Chester Valley,766
766
To Genoa-Aug.16
-Chester Valley, 150
150
-Aug. 15
To Venice
-Chester Valley,300
300
To Trieste-Aug. 15
-Carlton, 909
ToOporto--Aug. 15
909
-Carlton, 40
40
To LMbon-Aug. 15
218
To Liverpool-Aug. 17-Cripple Creek, 218
-Aug. 17-Cripple Creek. 857
857
To Manchester
-To Japan-Aug.15- 7 ,150
150
SAN FRANCISCO
-Aug.20
-To Manchester
-Winona County,210
NORFOLK
210
To Liverpool
-Manchester Merchant, 175
-Aug.20
175
JACKSONV LE-To Bremen-Aug.20
17
-Angola, 17
-To Liverpool
-Aug.20
-West Totant, 143LAKE CHARLES
143
-Dresden, 500
500
NEW YORK-To Bremen-Aug. 19
-To Japan-Aug. 17-President, Fillmore, 501
501
LOS ANGELES
517
To China-Aug. 17-President Fillmore, 517
Total
60.823
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furn'shed by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. and.
Liverpoo. .450. .600.
Mancheater.450.
Antwerp .45c.
Mo.
Havre
Rotterdam .450.
Genoa
.400.
500.
Oslo
*Rate is open.
High
.600.
.600.
.46o.
.60c.
.550.
Density.
Stockholm No.
'Priem
...,0o.
Flume
..0o.
Lisbon
45o.
Oporto
.600.
Barcelona .40o.
.650.
Japan
Standand.
.750.
.65o.
.65o.
.600.
.75o.
.550.
*
•
High
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonloa
Fenton
Sans-
Density. ard.
*
*
.40c
55o.
.450. .600.
.45o. .600.
.75e. .900.
.750. .900.
.50o. .65c.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
July 31. Aug. 7. Aug. 14. Aug.21.
24,000
21,000
31,000
24,000
8,000
9,000
15,000
9,000
1,000
2.000
2,000
1,000
39,000
35.000
46,000
44,000
774.000 779.000 766,000 751,000
357,000 346.000 336,000 323.000
18.000
52,000
23,000
21,000
3,000
2,000
6,000
2,000
103,000
84,000
81,000
93,000
11,000
10,000
7.000
8,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15 J
P.M.
Mid.Uprds
Sales
Monday.
Saturday.
Tuesday. Wednesday. Thursday.
Friday.
A fair
Quiet.
Quiet.
3.81d.
8,87d.
4,000
4,000
Quiet.
3.72d.
4,000
business
doing.
3.64d.
5.000
Quiet.
3.60(1,
4,000
Quiet.
3.70d.
5,000
Quiet, unFutures.
1
Steady,
Easy,
Quiet,
Steady,
Quiet,
1 to 3 pts ch•gd to 18 to 9 pts. 9 toll pts. 8 to 9 pts. 5 to 7 pts,
Market
decline,
decline,
advance. pt. dec.
opened
decline.
advance.
Quiet,
Quiet but Quiet but Steady.
Market, { Quiet but
Quiet,
.
4
stdy.. 5 Pts 7 tog Pts. st'dy, 10 to st'dy. 8 pts 1 to 2 pts. 5 ta 6 pts
decline. 11 pta. dec. decline,
decline.
advance.
P. M.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thurs, 1
Fri.
Aug. 15
to
Aug. 21.
12.15 12.30 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p. m p.m.
,
-,--NewContract. d. d.
d. I d. d, d. d. d. d. I d. 1 d. 1 d.
3.74 3.68 3.67 3.57 3.57 3.49 3.49 3.45 3.48 3.55 3.54
August
September_-_ 3,78 3.69 3.70 3.59 3.59 3.51 3.51 3.48 3.50 3.57 3.56
October ----------3.82 3.74 3.75 3.64 3.64 3.58 3.56 3.53 3.55 3.62 3.61
November _-- _ -- 3.
3.76 3.77 3.66 3.66 3.58 3.68 3.55 3.67 3.64 3.63
December
-- -- 3.88 3.80 3.81 3.70 3.71 3.63 3.63 3.59 3.62 3.69 3.67
January (1932) -- -- 3.9 3.85 3.86 3.75 3.76 8.68 3.68 3.64 3.67 3.73 3.72
February
3.98 3.90 3.91 3.80 3.81 3.72 3.73 3.68 3.71 3.78 3.77
March
4.03 3.95 3.96 3.85 3.86 3.77 3.78 3.73 3.76 3.83 3.82
4.0 3.99 4.00 3.89 3.90 3.81 3.82 3.77 3.80 3.87 3.88
April
May
4.11 4.04 4,041 3.93 3.94 3.86 3.86 3.82 3.84 3.91 3.90
4.14 4.07 4.07 3.96 3.97 3.89 3.89 3.85 3.87 3.94 3.93
June
-- -- 4.17 4.10 4.10 3.99 4.00 3.92 392 3.88 3.90 3.97 3.96
July
4.20 4.13 4.13 4.02 4.03- 3.95 3.95 3.91 3.93 4.00 3.99
August
BR,EADSTUFFS
Friday Night, Aug. 21 1931.
Flour was in merely ordinary day-to-day demand here.
At the Southwest the mills were still reported active. Mill
feeds on the 18th inst. advanced 75c. to $1 a ton covering
the list. In the Northwest and Southwest prices were
especially firm. Mill offerings were said to be small. On
the 17th inst. prices declined 5 to 10c., with trade slow.
Exports from New York last week were 989 barrels and
71,000 sacks against 32,000 sacks the week before.
Wheat has shown no marked change this week, but on the
Whole has acted pretty steady. The export demand has
increased somewhat, Europe seems to be having a wet
harvest, especially in the Northern countries, and the Canadian crop condition is stated at 51%. To-day it was announced that the Farm Board had exchanged 25,000,000
bushels of wheat for 1,050,000 bags of Brazilian coffee. On
the 15th inst. prices ended unchanged to %c. higher at
Chicago and % to %c. at Winnipeg. Rumors that Russia
will adopt a new method of rationing food, and that this
will cause reduced grain exports from Russia, had some
effect. Liverpool was higher than due, though closing %
to %d. lower. There was no pressure to sell on this side.
The weather was good for harvesting. But the cheapness
1313
of the price and what some regard as a firm technical position tended to brace prices even apart from other factors
mentioned.
On the 17th inst. prices declined % to lc., despite talk to
the effect that Russia will stop rationing food and will
export less. Hedge selling was larger. Wet weather in
Europe was largely ignored. Highly favorable weather prevailed for harvesting in the Northwest. Export sales were
only about 500,000 bushels, including Manitoba and old and
new winter. The United States visible supply increased
last week 3,007,000 bushels against 8,520,000 last year; total,
223,910,000 bushels against 174,021,000 a year ago. On the
1c.
2
18th inst. prices ended unchanged to / lower. At one
1
2
1
2
time they were/ to %c. lower; at another / to %c. higher.
Liverpool was % to %d. lower, under pressure of December
offerings. Export business was very fair. France and the
United Kingdom bought Manitobas and sales were estimated
around 500,000 bushels. Cash premiums at the Gulf were
firm. The weather was favorable for harvesting in the
United States and Canada, and some hedge selling was again
noted at both Chicago and Winnipeg. There will be a reduction, it is estimated, of about 16% in the winter wheat acreage this year, indicating a total of 35,600,000 acres against
42,250,000 acres sown in the fall of last year, pointing, perhaps, to the smallest crop in 18 years. The crop just harvested was 775,000,000 bushels. A private estimate put the
Canadian condition at 50%, including 60% for Alberta, 41%
for Saskatchewan, and 50% for Manitoba. Five per cent.
of the wheat cutting has been completed in Alberta, 10% in
Saskatchewan, and 35% in Manitoba. There was also another estimate giving all of Canada 250,000,000 bushels, or
150,000,000 less than in 1930.
On the 19th inst. prices closed practically unchanged, that
1c.
2
is, unchanged to / higher. At one time there was an
advance of / to %c., with a wet harvest in Europe, flour
1
2
selling freely in the United Kingdom, export demand for
1
2
wheat on this side pretty good, and Liverpool was up / to
%d., which was much better than due. Weakness in corn
pulled down wheat later. On the 20th inst. prices ended
/ to %c. higher at Chicago. Some deliveries in Winnipeg
1
2
were up nearly lc. The Farm Board is willing to sell China
wheat on comparatively long terms. The quantity involved
is said to be not over 15,000,000 bushels. Meanwhile the
weather in Europe was wet, or, in other words, bad for the
harvest. Export business was rather good both in Manitoba
and hard winter. Gulf premiums were firm. Liverpool
closed % to %d. higher.
1c.
2
To-day prices closed % to / lower, after being up %
to lc. Selling against privileges and realizing caused the
reaction. Also there was some sympathy with a decline
In corn and stocks. Russia was reported to have sold 15,000
tons to the United Kingdom yesterday, and Persia sold
1,840,000 bushels to Germany. Liverpool reacted and closed
1d.
2
unchanged to lAcl. higher. Buenos Aires was / lower
in the later trading. Export sales here were about 500,000
bushels, largely Manitoba, but including some hard winter,
Gulf, August loading at %c. over Chicago September. The
Farm Board seemed to be buying May at one time. Reports
in regard to the spring wheat yield state that it runs from
2 to 4 bushels in some sections to 15 bushels in others. It
was announced later that the Government had exchanged
25.000,000 bushels of wheat for 1,050,000 bags of Bralizian
coffee. It is supposed to hold 200,000,000 bushels and
1,300,000 bales of cotton. Final prices on wheat, %c. lower
1c.
2
to / higher for the week.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
8211 g?4 8?0, 031 8°4 gni
December
March
---- ---- ---- ---DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Tues. Wed. Thurs. Fri.
Sat. Mon.
64% 64% 643(
64% 64
65
No. 2 red
OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
50% 49% 48% 48% 49% 49%
September
53% 53% 52% 52% 53% 53
December
56% 55% 551-i 55% 56%, 56%
March
58% 58
57% 57% 57
58
May
Season's Low and When Made
Season's High and When Made
Aug. 6 1931
47%
Dec. 18 1930 September
September
72%
51%
Aug. 6 1931
June 3 1931 December
December
69
Aug. 6 1931
54%
Aug. 11931 March
March
57%
Aug. 6 1931
56%
Aug. 11931 May
May
59%
DAILY CLOSING PRUDES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
56% 55% 55% 55% Sd% 56%
October
57% 56% 56% 56% 57% 57%
December
60% 60% 61% 61
61% 61
May
-September liquidation has continued to play
Indian corn.
a part, though it has not been so great, on the whole, as it
was last week. Still, September is down 5c. a compared
with a week ago, and other months had at least a moderate
decline. The weather has been, in the main, favorable, and
there has been a tendency to sell the distant deliveries. On
the 15th inst. prices ended %c. lower to %c. higher. September liquidation was a feature, and it fell at one time
11c. Those who sold September, however, were apt to
/
2
buy later months, especially December, owing to the dryness
of the weather.
On the 17th inst. prices closed % to %c. lower. September dropped to new lows for the year. At one time it was
1314
FINANCIAL CHRONICLE
13c., for there was still a fear of larger receipts, and also
/
4
[VOL. 133.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri.
.
of large deliveries on Sept. 1. But shorts covered later, Septe ber
m
34% 3333
causing a rally from the low for that month of %c. Crop December
37
3734 37
gr
i
'
gM
March
reports were, in the main, favorable, despite recent heat May
41% 41% 41% 41% 41% 41%
and drouth. The United States visible supply last week
Season's High and When MadeSeason's Low and When Made
42%
Feb. 20 1931 September
Aug. 6 1931
32
decreased 287,000 bushels against 393,000 a year ago, and September
December
4534
June 29 1931 December
Aug. 6 1931
36
the total is now 8,467,000 bushels against 2,653,000. On the March
42
Aug. 4 1931 March
Aug. 7 1931
38
42%
Aug. 4 1931 May
Aug. 6 1931
18th inst. prices were at new lows for the season. The crop May
40
was estimated at over 2,800,000,000 bushels against 2,775,Closing quotations were as follows:
000,000 in the Government estimate for Aug. 1. Eastern
GRAIN.
demand was small. Country offerings were light. Futures Wheat
-New York
Oats, New York
No. 2 red, f.o.b., new
No. 2 white
64%
32132%
were % to 3fic. lower. Hedge selling was reported. Features
Manitoba No.1,f.o.b. N.Y- 66%
No.3 white
293430
of large deliveries on September contracts overhang the
Rye
-No.2, f.o.b. N. Y.----3 Si
Corn, New York
nom.
Chicago. No.3
market.
No. 2 yellow, lake and rail- 59% Barley
On the 19th inst. prices were % to 2c. net lower, falling
No.3 yellow, lake and rail 59%
No.2,1. and r., N.Y.,dom.--5334
Chicago, cash
33058
to new low levels at the close, led by September, in which
FLOUR.
there was further liquidation. Rains fell in important Spring pat, high protein
$4.45 $4.80 Rye flour patents
83.30IV•80
States, and the forecast called for more. Country offerings Spring patents
4.15
4.45 Seminole, bbl. Noe. 1-3-4.60
5.15
Clears, first spring
1.90
1.85
fell off. The Government weekly weather report was Soft winter straights_.. 3.95 4.40 Oats goods
3.05
3.45 Corn flour
1.95
1.90
favorable for the Ohio Valley, but dryness elsewhere has Hard winter straights__ 3.16 3.45 Barley goodsHard winter patents--3.45 3.80
Coarse
caused damage. On the 20th inst. prices declined after a Hard winter clears
2.90
3.200
firm opening, with net early advances % to %c. Cash mar- Fancy Minn. patents 5.75 3.30 Fancy 'marl, Noe. 2. 6.150 6.50
6.40
4 and 7
City mills
5.35 6.20
kets were weaker. New low levels were reached for SepFor other tables usually given here, see page 1242.
tember and March. The Kansas State report was bullish
WEATHER REPORT FOR THE WEEK ENDED
but was ignored. In North Dakota the weather is com-The general summary of the weather bulletin
plained of as too dry. To-day prices closed % to %c. lower AUB. 18.
after an early advance of 1 to %c., braced by the firmness issued by the Department of Agriculture, indicating the in4
of wheat. But later on prices gave way some % to 1%c. fluence of the weather for the week ended Aug. 18, follows:
Cool weather persisted during the week
from the high of the morning. September led the decline, country, and maximum temperatures were over the southern half of the
mostly
the interior
and went to new lows under heavy liquidation. Its premium and North, though high over limited areas of the moderate in The highNorthwest.
from first-order
fell to 3%c. over December as against 52 the day before. est reportedat Rapid City, S.stations east of the Rocky Mountains was
/c.
1
102 degrees
Dak., but in much
Mississippi
The weather was favorable. Cash demand was slow. The Valley the temperatures did not reach 90 degrees of the lower during the
at any time
week.
cash basis was rather weak than otherwise. Final prices
The table shows that the weekly means averaged from 2
show a decline for the week of 1% to 4%c., the latter on as much as 7 degrees below normal from the Potomac. Ohio degrees to
and lower
Missouri valleys southward, and were slightly above normal from the Lake
September.
region eastward. In the Great Basin and
V
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No. 2 yellow
663
65% 63% 60% 60% 59%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
AM
Ag
l:n AR
IDecmbr
March
ti4
May
t4334 4334 43
4334
%
Season's High and When MadeSeason's Low and When Made
September
7334
15 1931 September 42
Aug. 21 1931
December
5634
April 1 1931 December 3834
Aug. 19-20 1931
March
Aug. 1 1931 March
4634
40%
Aug. 20 1931
May
Aug. 3 1931 May
49
42% Aug.19-20-21 1931
Oats, as usual, have taken their cue largely from corn,
and they show a noticeable decline for the week, in spite
of some vague rumors to-day of business for export. On
the 15th inst. prices ended % to %c. lower in response to
the irregularity in corn. On the 17th inst. prices were 1
,4,c.
higher early but reacted later with corn and ended % to 34c.
/
net lower. The United States visible supply increased last
week 1,955,000 bushels against 3,830,000 in the same week
last year; total is now 11,146,000 bushels against 16,223,000
a year ago.
On the 18th inst. prices declined % to %c. net at the end.
Eearlier there was a rally from the low of %c. on local
buying. September dropped to 20 c., as low as it was
/
1
4
in 1900. On the 19th inst. prices closed % to %c. lower,
with corn prices down. On the 20th inst. prices closed unchanged to 'Inc. higher. To-day prices ended %c. lower to
5gc. higher. They are about half what they were a year
ago. There were some reports of export business. But
professionals were on the short side, and other grain was
down. Final prices show a decline for the week of 1% to 2c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Mon.
Wed. Thurs.
Sat.
Frt.
No. 2 white
3434-35 3434-35 3234-33 32-3234 32-3234 32-3234
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
2034 2034 20%
September
2134 2134 21
December
23% 2334 2234 2254 225' 22%
March-- 23% 235 --May
2534 25
26% 26% .
25% 25
Season's Low and When Matte
Season's High and When Made
Aug. 19 1931
20%
September
3311
Feb. 20 1931 September
December
Aug. 19 1931
22
June 29 1931 December
34
233
March
Aug. 19 1931
Aug. 1 1931 March
27
May
Aug. 19 1931
24%
Aug. 11931 May
29
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
29% 29%
31% 30% 29% 29
27% 27% 28
December
28% 28
28
Northwestern States they were
considerably above normal, the excesses being as much as 6 to 8 degrees
in some localities.
The table shows also that rainfall was scanty to entirely lacking over
the greater part of the country. Most of the Atlantic States again had
generous rains, while the lower Mississippi Valley and east Gulf sections
had rather frequent showers, with some excessive falls along the Gulf.
The Ohio Valley had only light to moderate rains, except for some heavy
rain in upper valley sections; elsewhere east of the Rockies the week was
generally dry. Some good rains occurred locally in Rocky Mountain
districts, but to the westward it was largely rainless.
Recent rains, during the week just closed or the preceding, have maintained soil moisture sufficient for the needs of vegetation, and crops are
making generally good advance in many States over the eastern half of
the country. There has been too much rain in a few restricted areas,
particularly in parts of the South, with other local complaints of drouth,
but in general the present situation is favorable in Missouri, eastern Oklahoma. Arkansas, Louisiana and from Tennessee and North Carolina
southward; also in the middle and north Atlantic areas and In Ohio. In
the other Ohio Valley States. including Kentucky, Indiana and Illinois,
conditions are more spotted, and crop progress depends to a greater extent on the local situation in regard to moisture, with a good many places
needing rain.
lu the central-northern section of the country conditions are decidedly
less favorable, with rather general dryness and the situation acute over
considerable areas; this includes especially southern Michigan, Wisconsin,
Minnesota, Iowa and the northern Plains States, while moisture is needed
in parts of Oklahoma and Texas. In Montana the week was warm and
dry, but late crops and pastures are improving by reason of previous
rains, while in many Rocky Mountain sections moisture is sufficient for
present needs. New Mexico and Arizona were favored with good growing
weather, but it continued dry in the Great Basin and more northwestern
States.
SMALL GRAINS=
Harvest and threshing of small grains are nearly
completed in the later sections, including the spring wheat belt, where the
weather was favorable. There were some local delays by rain, principally
in the eastern Ohio Valley and parts of Idaho.
Fall plowing is now progressing in many parts of the country, with
some being done northward to Minnesota and South Dakota. although it
Is too dry for this work in many sections, especially In Iowa and eastern
Washington.
CORN.
-In the Ohio Valley the progress of corn varied greatly in Illinois,
Indiana and Kentucky, but in most places it continued satisfactory. In
Ohio, the Atlantic States and the Southeast moisture conditions have been
favorable and development is good to excellent. Cooler weather and the
recent moisture has checked deterioration In Missouri, while growth is
mostly satisfactory In northeastern Kansas and southeastern Nebraska.
In Iowa there was again practically no lain and corn deteriorated further
In the north, as well as on uplands in the central and southern sections;
in the drier counties there are many barren stalks and ears are filling poorly.
In Michigan, Wisconsin. Minnesota and the northern Plains continued
dryness has been decidedly unfavorable.
COTTON.
-The week was decidedly cool in the cotton belt, especially in
central sections, and rainfall was spotted, being heavy and unfavorable In
some east Gulf districts, parts of the northeastern belt and locally elsewhere. Except for retardation in growth by reason of coolness, too much
moisture in some sections, and unfavorable dryness in parts of the western belt, the crop continued to make rather satisfactory development.
Growth is fairly good in northern Texas, though with considerable complaints of dryness, more than normal shedding and premature opening;
while in southern Texas conditions continued poor in most places. In
Oklahoma development was mostly good, except on dry uplands of the
central and west: the weather was favorable for weevil in the eastern portion. In the central States of the belt progress varied considerably, ranging
from poor to good; there were complaints of rank growth. shedding, and
poor fruiting in the wetter districts. In Georgia (leveler ment was poor
in the south because of too much rain, and it was too wet also In western
Florida and eastern North Carolina. Elsewhere in the more eastern
States conditions continued satisfactory.
Rye has declined slightly, being influenced, as usual,
The Weather Bureau furnishes the following resume of
quite as much by wheat as news about rye itself. On the the conditions in the different States:
Virginia.
-Richmond: Normal
15th inst. prices ended unchanged to 18c. lower for near decidedly beneficial for all crops. temperatures and plentiful showers
/
Threshing oats
finished. Sweet
months, with May up 14c. On the 17th inst. prices fell %c., potatoes fine. Meadows and pastures Improved, nearly
/
but third alfalfa short.
Condition of tobacco satisfactory: curing well under way.
in sympathy with wheat. The United States visible supply
North Caroltna.-Raleigh: Heavy to excessive rains at beginning of
decreased last week 111,000 bushels against 493,000 last week and flooding streams caused considerable damage to tobacco and
and east;
corn
year; total, 8,951,000 bushels against 12,378,000 last year. lowlandtoo in centralfor cotton otherwise advance of crops mostly good,
except
in east,
much rain
On the 18th inst. prices closed unchanged to 14c. lower. The scattered opening beginning in southeast. where complaints of shedding:
/
Corn in west and on uplands
Northwest was selling, but covering and other buying took elsewhere made excellent advance.
South Carolina -Columbia: Frequent rains and rather cool, but some
the offerings. On the 19th inst. prices declined % to %c. moisture needed in small local areas. Crop improvement general. Early
On the 20th inst. prices advanced % to %c., encouraged by corn made and late corn, forage, sweet potatoes and leeser crops vigorous.
Potato planting and tobacco curing continue. Progress and condition of
some improvement in wheat. To-day prices ended 14c. lower cotton good:fruiting freely, with blooming in tops and shedding complaints
/
ot 1
4c. higher. Foreign crop news was bad, but the weakness reduced; picking and ginning slowly in south.
Oeorgia.-Atlanta: Frequent
in other grain neutralized it. Final prices show a decline where moisture not needed, but rain detrimental In southern division,
elsewhere rainfall Just sufficient to keel)
of % to %c. on some months, while September ended un- crops in good growing condition. Progress of cotton poor in south due
to too much moisture, which delayed opening and picking, but elsewhere
changed.
condition and progress good; opening normally in central and north.
AUG. 221931.]
FINANCIAL CHRONICLE
Corn about all made and laid by; crop good on lowlands. Tobacco about
three-fourths gathered. All minor crops continue to do well.
Florida.—Jacksonville: Progress of cotton fair; condition fair to good.;
rain caused serious damage in west, with some reports of cotton ruined
and much rotting. Rains mostly light on east coast and in south: heavy
locally elsewhere, but as a whole benefited citrus fruit, which is filling
out nicely and holding.
Alabama.—Montgomery: Averaged cool first five days. nearly normal
thereafter; mostly dry first half and scattered showers remainder. Progress and condition of corn, sweet potatoes, truck, vegetables, pastures and
miscellaneous crops mostly fair to good. Progress of cotton mostly fair
to good, though some deterioration locally and some complaint of rank
growth and poor fruiting: condition poor to very good. but mostly fair;
many complaints of shedding account too much rain, especially in coast
section and locally in northwest; picking progressing slowly in south.
with some ginning.
Mississippi.—Vleksburg: Cool throughout; mostly dry to Friday, then
showers. Progress of corn fair to very good. Advance of cotton rather
r to fair; number and size of bolls rather poor: much shedding: bloompoorly. Progress of gardens, pastures and truck generally good.
uisiana.—New Orleans: Cool, with scattered showers, generally favorable, though too cool for best development of cotton; rain favored weevil
activity; progress and condition fair to good; opening in all sections and
picking and ginning progressing northward to central. Progress and
condition of late corn fair to very good. Sugar cane continues to improve.
Texas.—Houston: Days nearly normal but nights cool; effective rain
at about one-third of reporting stations. Progress and condition of pastures, late corn, truck and feed crops ranged from poor to good, depending on local moisture. Condition of rice, citrus and pecans good. Progress and condition of cotton averaged fairly good over northern third,
although conditions dry over considerable areas and shedding exceeded
normal; local complaints of root-rot, plants dying, and premature opening; progress and condition still poor over much of southern third: favorable for picking, which made fair progress.
Oklahoma.—Oklahoma City: Cool week, with showers latter part; too
much rain in east, but more needed In central and west. Progress and
condition of corn fair to very good In east; poor to fair on bottom lands.
but poor to failure on most uplands of central and west. Progress and
condition of cotton generally good, except poor to fair on dry uplands of
central and west: weather favorable for weevil activity in east. Minor
crops and pastures good in east; poor to fair in west.
Arkansas.—Little Rock: Progress of corn excellent: early nearly matured
and late progressing very well. Advance of cotton good over most of State,
due to moderate temperatures and little or no rain; progress only fair in
portions where wet; growth too rank on most lowlands, causing considerable shedding. Weather very favorable for meadows, pastures, rice.
late potatoes, sweet potatoes, truck, fruit, melons, and cantaloupes.
Tennessee.—Nashville: Scattered, light rain in central and moderate
falls In east generally beneficial, but more moisture needed in sections.
Condition and progress of corn mostly excellent: rapidly maturing, with
record crop in northern sections. Cotton improving in east, but late;
fair to excellent In west, but fruiting irregularly, with many grown bolls
shedding badly In a few localities. Tobacco improving; crop varies from
poor to good.
entucku.—Loutsville: Light to moderate rains in east-central and
lower western districts; almost rainless elsewhere. Progress and condition
of intermediate and late corn fair to very good in east and southwest and
some excellent in east and on western bottoms: condition of surviving early
corn poor in generally dry areas, but improving;some ears small and stalks
barren. Tobacco good to excellent in east; late in west, with some very
poor in extreme west and northwest; cutting and housing begun in east and
Lopping general.
q0
THE DRY GOODS TRADE
New York, Friday Night, Aug. 21 1931.
Having weathered another period of general price-confusion and slackened activity incident to seasonal influences
and a plethora of adverse news both from external and
internal sources, topped off with the recent extremely bearish Government cotton crop estimate which created such a
furore in the trade, textiles appear to be settling down
somewhat. With conditions throughout the industrial structure admittedly in a state of acute deflation, there is a growing disposition in most quarters to concentrate attention on
the future, which with the relative statistical strength that
characterizes most dry goods lines and the imminent prospect of a seasonal expansion in activity, is regarded by many
as not so discouraging after all. It is estimated that prospects for textile consumption in farming areas are brighter
than at this time last year, in view of the fact that general
drouth has been absent this year, and that commodity prices
generally. have fallen so substantially that there is likely to
be a greater surplus of purchasing power for clothing in
farming communities after other needed things have been
bought. On the other hand the relatively sharp downward
revisions which have been made in the past year on textiles
generally are considered to have materially extended the
readjustment of textile prices toward conformity with reduced purchasing power everywhere, so that apprehensions
of the forthcoming "hard winter" are expected to apply
less drastically to textiles. There is also the theory that
the public has delayed purchasing of clothing to such in
extent that it will practically have to buy more this fall.
an expectation which is emphasized by the other theory that
the process of putting family and individual budgets tn
more economical basis has advanced to a stage where a
more liberal allowance may be made for apparel. Conservative market men, many of whom were not partial to the
propaganda circulated in the late fall and spring seasons
Intimating that textiles were preparing to lead other industries out of the depression, are now saying that the basic
position of the trade is sounder than at this time last wear,
and that any sustained improvement in the ecouomic situation as a whole should enable textiles to recuperate rapidly.
Production of rayons is at a high level, and prices are eomparatively firm. Prospects are that output in that department will continue to expand during coming weeks in order
to meet actual demands. Silk goods, though deflated to a
price level which is very unsatisfactory to the trade, are
steady, and a continuous stream of fill-in-business, antountIng in total to considerable proportions, is reported in primary channels. Woolen goods are well maintained as to
price, and, while activity is noticeably reduced from the
expanded rate recently obtaining, the heavy bookings made
in Past weeks are enabling mills to carry on production on a
relatively full scale. Cotton goods are beginning to be
more active following the interruption caused by the "bomb-
1315
shell" effect of the Government crop estimate, and mills in
the aggregate are said to be fairly well employed.
DOMESTIC COTTON GOODS.—While readjustment to
the new conditions imposed by the slump in raw cotton
values, following on the publication of an unexpectedly large
estimate of the growing crop, has by no means been fully
accomplished, cotton goods markets as a whole rppear to
have become at least partially reconciled to the necessity of
tiding over the present unavoidable period of further liquidation in goods values, and the aggravated caution which distinguishes the attitude of buyers in general. Meanwhile, it
is pointed out, the small-lot buying habit which has prevailed for so long, and which appears to be no whit modified by the imminence of the autumn season, has been
fostering an illusory conception of the amount of goods
which have actually been moving into distribution. That
volume, it is maintained, has been larger than has been
generally conceded, partly owing to the fact that little has
been heard from mills which have been going ahead with a
good volume of business, in comparison with the outcries
heard in those sections of the market which have suffered
most from the revolution in buying policies. At he same
time the trade is statistically in a materially better situation that at this time last year. Supplies in primary channels, notably of sheetings, are estimated to be anything but
large, and it is expected that quickened fall buying by the
public will uncover numerous shortages elsewhere, and
probably stimulate widespread expansion of output. While
price-sniping continued to feature gray goods -transactions
many factors successfully resisted such tactics and moderate quantities were bought. However, there are not many
sellers who appear confident that current values will be
maintained, though they hope for the best. Offers calculated to enable producers to "clean up" on ducks were reported to be under consideration by sellers, but no widespread response was reported owing to the fact that buyers
stipulated for 60% or more off list prices. A number of
merchandising houses are endeavoring to stand pat on
prices for denims, flannels, chambrays, ginghams and other
fabrics, it is reported, in an effort to stabilize the market
and invite better buying in those fabrics, partly in response
to pleas from buyers who wish to be protected on their
orders. An encouraging aspect of fine goods business Is seen
in the fact that many fine goods mills have adopted themselves effectively to the practice of hand-to-month buying
popular among converters, which the former previously
found difficult. Indeed, a number of fine goods producers
are actually commending the attitude of converters, who are
carefully choosing their fabrics, tending to concentrate on
plain weaves and standard constructions, and carefully
avoiding accumulations while they sedulously check up on
the relative popularity of their various offerings. The
idea is that converters are doing much to insure profitable
merchandising of spring fine goods by their scientific analysis of the market, without rendering impracticable the
problems of supplying their needs by mill men who have
mastered the art of producing on a hand-to-mouth basis.
Print cloths 27-inch 64x60's constructions are quoted at 2%c.,
-inch 68x72's conand 28-inch 64x60's at 3c. Gray goods 39
-inch 80x80's
structions are quoted at 4% to 4%c., and 39
at 52 to 5%c.
/
1
WOOLEN GOODS.—Price irregularity consequent upon
cleaning up odds and ends of fall offerings is ;..n adverse
factor in the woolens and worsteds goods situation, without
having occasioned any dangerous unsettlement. While a
number of men's wear mills have been able to take advantage
of the current lull in demand to catch up on deliveries with
which the recent buying movement saddled them too suddenly, others have been endeavoring to attract further business to help them keep up operations until October. A
recently easier trend in serges and tropicais has emboldened
buyers to ask for concessions in other lines, and while such
concessions have been effectively resisted in many quarters,
with some mills advancing instead of lowering prices, buyers
are temporarily less confident. The immediate outlook,
meanwhile, is favorable, with statistical conditions constructive. Attractive prices on serges are expected to step
up consumption of those fabrics. Staple cloths appear to be
specially popular as the fall season looms ahead. It is
estimated that the tendency of the public to buy serges,
cheviots, and oxford grays, because of their greater durability will be intensified in the coming season.
FOREIGN DRY GOODS.—Linen markets have continued
quiet. It is reported that there is a shortage of :things
for men's suits. Better interest has recently been shown
in household lines, notably damask tablecloths, and some
filling-in buying of luncheon sets and handkerchiefs is in
evidence. Among houses which are showing new lines of
suitings for next season, some are reputed to have booked
sizable orders. All prices on linen goods are firm. Reports
of floods from Calcutta, together with rumored South American buying, stimulated a moderate recovery in burlap prices
this week, though local buyers showed little interest, their
operations being largely confined to scattered inquiries for
moderate-to-small quantities for September shipment. Light
weights are quoted at 3.90c., and heavies at 5.05c.
FINANCIAL CHRONICLE
1316
,f4 tate anti Txtg gepartutent
NEWS ITEMS
Chicago, Ill.—Funding of 1930 County Taxes by Bond
Issue Would Be Illegal.—In a statement issued on Aug. 14
by the Tax Conference called by Governor Emmerson,
it was held that the funding of the 1930 taxes of Cook County
by a State bond issue would not be a legal proceeding and
the Conference cited several objections to the proposal.
The Chicago "Journal of Commerce" of Aug. 15 carried
the following report on the matter:
"The view that funding of 1930 taxes by a State bond issue would be
illegal was expressed yesterday in a statement issued by the Governor's
tax conference.
"The group had been considering for some time the proposal that the
burdensome taxes for two years which would become collectible this year
be lifted through a long-term bond issue.
"We consider it our duty to issue this statement at present and to make
it plain that the 1930 and prior years' taxes will have to be paid in Cook
County, as they have been paid in all the other counties in Illinois," it was
stated.
Other Objections Raised.
"Two other objections to the funding plan were raised, one that many
local municipalities have borrowed to the limit of their bonding power, and
that the law provided that the State tax levy and levies for bond and interest charges must be paid out of taxes.
"In addition, it was pointed out, any such bond issue would necessarily
have to have the stamp of approval of the State Supreme Court, which
could not be obtained in a test suit before April 1932 at the earliest.
"The conference statement was generally considered to have disposed of
the question of funding 1930 and other unpaid taxes as a means of alleviating the tax strain this year.
'The statement was written by Joseph K. Brittain, Chairman of Governor Emmerson's committee on tax reform and a well-known realtor. It
was based on a report of a group of prominent lawyers.
"First of all, as to legality of the bonding plan, the statement declared
that funding was legally impossible because appropriation ordinances • for
1929 and 1930 provide for payment of expenses out of taxes and not out
of bond issues.
"In considering the litigation and long delay of awaiting final approval
by the Supreme Court on validity of such a proposed bond plan of funding.
the statement said:
"At the earliest, more than a year would pass before any money would
be available for that part of the taxes which could not be funded and, in
the meantime, interest charges would be added to the taxpayers' burdens."
"The committee declared itself convinced that 'it is fair to the local
governments whose payrolls must be met and particularly to the taxpayers.
that a stop should be put to 'misinformation' that 1930 and prior taxes would
be 'spread over a period of 20 years.'"
[VOL. 133.
New York State.—Special Legislative Session Called for
Aug. 25.—On Aug. 15 Governor Franklin D. Roosevelt
called the Legislature to convene in special session at noon
on Aug. 25, in response to the request of the Hofstadter
legislative committee to equip them with the power to
grant immunity to witnesses in the present New York City
inquiry for whatever crimes they may testify about. The
New York "Herald Tribune" of Aug. 16 earned the following statement by Governor Roosevelt in which he set
forth his reasons for complying with the request of the
Hofstadter Committee for an extraordinary session:
In my annual message to the Legislature In January 1931 I made
clear the historic principle that while by statute the executive and judicial
branches of the Government have been given certain specific investigatory powers over certain specific officials, the legislative branch of the
Government has always retained the right and the duty to conduct general
investigations into Government.
The Legislature, exercising what was not only clearly this right but
also this duty when it felt there was sufficient cause for such action, determined to investigate the general administration of the Government of the
City of New York and the conduct of the officials thereof.
In the joint resolution directing such an investigation it was the clear
Intent of the Legislature to arm its committee with the power to grant
full immunity to witnesses called before it.
The Court of Appeals has, however, held that such full immunity
could only ho granted by the passage of an Act requiring the signature
of the Governor. The committee has appealed to me to call the Legislature together in order that they may request of the Legislature the
passage of an Act needed to give them this authority.
Under the constitution this could not be considered before the next
Legislature meets in January unless the Governor called an extraordinary
session. To delay until the time of the regular session would enormously
add to the cost of the investigation and hamper it without warrant.
It is further the clear duty of the executive branch of the Government
in no shape, manner or form to hinder the carrying out of this legislative
function duly authorized by the Legislature itself.
This special session gives the opportunity to clothe the committee with
the necessary full authority which was intended by the Legislature that
it exercise.
To this purpose I give my entire approval
The text of the Governor's call for the extraordinary session follows:
Pursuant to the power vested in me by Section 4 of Article 4 of the
constitution, I hereby convene the Legislature In extraordinary session.
at the Capitol, in the City of Albany, on Tuesday. the 25th day of August.
1931, at 12 o'clock noon, Eastern Standard Time.
Given under my hand and privy seal of the State at the Capitol hi
the City of Albany, this 14th day of August in the year of Our Lord 1931.
FRANKLIN D. ROOSEVELT.
St. Petersburg, Fla.—Straightening of Debt Obligations
Looked For.—A dispatch from St. Petersburg to the Florida
"Times-Union" of Aug. 16 reported on the prospective adjustment of the bonded debt of this city, which is now in
default—V. 133, p. 831. It is contemplated to levy a very
Beaumont, Tex.—Injunction Granted Against Sale of high tax rate for the purpose. The newspaper report reads
Bonds.—A temporary injunction is stated to have been as follows:
obtained recently by local taxpayers in order to restrain the "Tax rate of 21 mills, the highest in the city history, is necessary mainly
City Commissioners from issuing and selling the 8900,000 because of the large bond interest item. Mayor Henry W. Adams said
to-day. Largest single item in the budget is S2,935,447, which covers
railroad grade crossing and track elevation bonds that were interest on general bonds, both for the coming 15 months period, and on
voted on July 28—V. 133, p. 995. It is contended that the those which are delinquent.
track elevation contract entered into by the City and the "By levying a heavier tax this year the city hopes to straighten out its
all interest obligations
bond
and
Southern Pacific railroad violated provisions of the State takendebtsof. come to the end of the fiscal year withshould be able to place
care
By so doing, the Mayor said, the city
its bonds back at a par value.
Constitution and was therefore invalid and void.
Mamaroneck, N. Y.—Village Manager Ousted.—On Aug.
13, by a vote of 3 to 2, the Village Board of Trustees at an
executive meeting forced the resignation of Arthur Richards
from the post of Village Manager which he assumed last
April, to become effective on Oct. 15. He will be succeeded
by one of 400 applicants for the post.
Montana.—Rehearing on State Institution Bonds Set for
Sept. 9.—We are informed by our Western correspondent
that a petition has been granted for a rehearing on Sept. 9
in the State Supreme Court on the State Institutional bond
issue which was held invalid by the court on July 6.—V. 133,
p. 671.
New York City.—Budget for 1932 Giving Concern.—On
Aug. 15 Budget Director Charles L. Kohler, made public
instructions to the department heads from Mayor Walker
requesting the strictest economy in making up their budgets
for the coming year. He made particular reference to
present conditions in the real estate market which should
act as a deterrent to needless expenditures. Although
official circles consider an increase is inevitable, the Budget
Director was given orders to prune every available item.
The text of Mayor Walker's message, which was transmitted
on June 19, last, but was not disclosed until Aug. 15, was
given in the New York "Times" of Aug. 16 as follows:
"On April 4 1931, Calendar 305, the Board of Estimate and Apportionment by resolution requested the heads of all departments to present their
annual budget estimates on or before July 10 1931, and authorized the
director of the budget to examine the departmental estimates for 1932
and to submit a tentative budget for 1932.
"In view of the increased demand for budgetary items for the coming
year which are a matter of legislation or administrative policy and the
financial limitations placed by the Constitution on the Board of Estimate,
each head of a department Is informed that it will not be possible to include
any but items of genuine necessity.
"In the past few years the increase in the assessed valuation of real and
personal property and the corresponding increase in tax revenue has made it
possible for the Board of Estimate and Apportionment to provide large
appropriations to make up for deficiencies in equipment and facilities due
to previous omissions and still remain within the financial limits prescribed.
"From the present condition of business in general and the real estate
market in particular, a continuance of this condition cannot be expected,
and it is absolutely essential that the appropriations for 1932, wherever the
aw gives the city administration discretion be kept well within the appropriations made for 1931.
"In connection with the unemployment condition, the city has, this
year, appropriated millions of dollars beyond the amounts contemplated In
the budget These sums have enabled a great many departments to do
work which ordinarily would have had to be laid over until 1932 and
requested in the 1932 budget. This in itself should enable these departments to reduce their requests for such items as maintenance and repairs.
"But apart from this, It must be borne in mind by every one that a policy
of strictest economy should be followed In making requests for 1932 and to
insure this, the Director of the Budget has been instructed to eliminate in
the tentative budget for 1932 every item that can be cut or laid over for a
year. Department heads are directed to co-operate by refraining from
equesting Items which the Director of the Budget, pursuant to these inwill have to eliminate."
"The fact that the budget covers a 15 months period, caused by the
change in fiscal year dates, Is another reason for the increase."
Texas.—Special Legislative Session Ends.—On Aug. 12
the 30-day special session of the Legislature which convened on July 14 to deal with the acute East Texas oil situation came to an end after the sponsors of the WoodwardWagstaff conservation bill had secured adoption of a conference committee (3ompromise in the closing hours of the
session, which they declared was stronger from their standpoint than the original proposal. This first called session
of the 42d Legislature passed a number of bills, the outstanding two being a bill to regulate pipe lines and the conservation measure. In the evening of the same day the
bill was signed by Governor Sterling, making it law. The
salient provisions of the conservation measure were outlined
in the Houston "Post" of Aug. 13 as follows:
The Railroad Commission is authorized to fix and determine the gas-oil
ratio with which wells may be operated.
Neither economic waste nor market demand may be considered by the
Commission in regulating production. Oil storage shall not be restricted
except to prevent physical waste.
Physical waste shall include waste by excessive oil-gas ratio: underground
waste by water intrusion: waste of natural gas (but Commission not authorized to require repression): waste incident to inequitable utilization of
gas and water force resulting from inequitable withdrawal from any common pool.
Violation of this Act subjects the offender to a penalty of not more than
$1,000 for each day of violation, to be recovered by suit filed by the commission through the Attorney-General or the county or District Attorney of
the county in which the violation occurs.
In filing suit against violators, the Commission may obtain "such preliminary restraining order or temporary or final injunction as the facts may
warrant."
The Commission shall hold hearings, upon complaint of actual or "reasonably imminent" waste, and shall make rules and orders accordingly.
On Adiustments.
"If it is the judgment of the Commission that any reduction or adjust,
ment in the production of oil or gas from any well or pool is necessary in
order to prevent the waste as herein defined of crude petroleum or natural
gas from any such well or pool, the Commission shall determine how to
accomplish such reduction or adjustment and such orders shall be made in
such manner as to distribute, probate or otherwise apportion such reduction
or adjustment among the wells committing such waste," &c.
The act does not authorize the Commission to restrict the drilling of wells
for the purpose of exploring for oil or gas in territory now known to Produce either oil or gas.
The Commission shall not restrict production of any field until the
total production aggregates 10,000 barrels of oil daily, unless PhYstcal
waste demands.
To Speed Suits.
Any interested party dissatisfied with the Commission's orders may file
suit in Travis County against such orders, and the suit shall be advanced
for trial and determined as expediently as possible. No postponement shall
be granted except for reasons deemed imperative by the court. In such
trials the burden of proof shall rest on the complainant.
. No injunction shall be granted against the Commission's orders except
after notice to the Commission and a hearing provides that such complainant shall be required to make bond in an amount to be deemed by
the court to be reasonably sufficient to indemnify all persons who might
suffer damages by reason of the violation of the law.
Appeals from such suit shall have precedent over all other cases in the
higher courts.
Aua. 22 1931.]
FINANCIAL CHRONICLE
Receivership Possible.
Any violation of the Commission's orders subsequent to a court sustaining the orders shall subject the violator to being thrown in receivership.
on application of the Commission.
Any party that may be damaged by violators of the Commission's orders
may sue for damages.
Nothing in this Act shall be construed to contravent the so-called common purchaser Act and amendments, or the the Marginal Well Act, or
the anti-trust laws. All persons entrusted with the enforcement of the
Railroad Commission's rules and orders shall be regular employees of the
State.
This eliminates the system of field umpires paid by contributions of
operators. A tax of one-tenth of one cent per barrel is levied to finance
the administration of the Act.
1317
in the States of New York and New Jersey, and are being reoffered for
general investment as follows:
Maturity
Yield. Maturity.
Yield. Maturity.
Yield.
1932
3.00% 1938
3.70% 1945-49
1.00
1933
3.25% 1937
4.05 o
3.80% 1950-55
1934
3.90% 1956-71
4.10%
3.50% 1938-39
1935
3.95%
3.60% 1940-44
Financia Statement (As Officially Reported).
Assessed valuation 1931
568,860,678
Total bonded debt,including this issue
8,442.987
Less: Water debt
$1,728,781
Sinking fund (other than water)
1,151,404
2,880.185
55,562,802
BOND PROPOSALS AND NEGOTIATIONS.
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND OFFERING.-
Net bonded debt
Population: 1920 U. S. census, 22,019; 1930 U. S. census, 38,077.
BOISE, Ada County, Ida.
-BOND DETAILS.
-The 5200.000 issue
of 4% %
semi-ann. funding bonds that was purchased at par by the First
-V. 133. p. 1155
-is dated July 1 1931
Sealed bids addressed to Ed. A. Ashbaucher. County Treasurer, will be Securities Co. of Salt Lake City
received until 10 a.m. on Sept. 4, for the purchase of $2.080 4 X % road and matures in 1941.
Improvement bonds. Dated Aug. 15 1931. Due one bond each six months
BOMBAY COMMON SCHOOL DISTRICT NO. 3 (P. 0. Hogan..
from July 15 1932 to Jan. 15 1942.
burg) Franklin County, N. Y.
-The Massena Banking
-BOND SALE.
& Trust Co. of Massena, purchased on Aug. 6 an issue of $16.000 school
ABERDEEN, Grays Harbor County, Wash.
-BOND OFFERING.
- bonds
Sealed bids will be received until 7.30 p. m. on Sept. 2 by Nellie Thrift, $500. as 4Xs. at a price of par. Dated July 11931. Denoms. 51,000 and
City Clerk, for the purchase of an issue of $150,000 refunding bonds. 1943 toDue July 1 as follows: $500 from 1933 to 1942. incl.; $1,000 from
1951. incl., and $2,000 in 1952. Principal and interest are payable
Int, rate is not to exceed 4)%. Denom, to be in multiples of $100, at the Massena Banking &
Trust Co., Massena.
not to exceed $1,000. Dated Oct. 1 1931. Due from Oct. 1 1933 to
1942.- Prin. and Int. (A. & 0.) payable at the City's Treasurer's office,
BOSTON, Suffolk County, Mass.
-TAX RATE.
-Announcement was
or at the fiscal agency of the State in New York City. A certified check made
on Aug. 18 that the rate of taxation for the year 1931 had been set at
for 5% of the bid is required.
$31.50 per $1,000 of valuation, an increase of 70c, over the rate of $30.80
that prevailed in 1930. The Board of Assessors has fixed the total assessed
ALBERT LEA, Freeborn County, Minn.
-BOND SALE.
-The valuation of the
$26,000 issue of registered sewer bonds offered for sale on Aug. 13-V. 133. $14,148,200 fromcity at $1,958,000,000, which is said to be a decrease of
the valuation of last year.
P. 831-was purchased by Paine, Webber & Co. of Minneapolis as 43s.
paying a premium of $230, equal to 100.88, a basis of about 4.12%. Dated
BOUNTIFUL, Davis County, Utah.
-The 530.000
-BOND SALE.
Sept. 1 1931. Due from Sept. 1 1934 to 1941. The other bids (both issue
of 4%% semi-ann. water works bonds that was voted on Aug. 1
for 43.4s) were as follows.
-V. 133, p. 995
-Is reported to have been purchased by Laurin W. Gibbs
Bidder
Premium. Sc Co. of Salt Lake City.
First National Bank of Albert Lea
$215
Wells-Dickey Co. of Minneapolis
80
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND SALE.
Of the $60.750 issue of 4 X% coupon semi-ann. road bonds offered on Aug.
AMORY, Monroe County, Miss.
-the county sold only $37,750 and that went to the
-BOND OFFERING.
-It is reported 11-V. 133, p. 995
that sealed bids will be received until 1:30 p.m. on Sept. 2 by W. M. Ross, Branch-Middlekauff Co. of Wichita at a price of 102.395, a basis of about
City Clerk, for the purchase of a $35,000 issue of municipal light and water 3.77%. Dated July 1 1931. Due serially In 10 years.
plant refunding bonds. A certified check for $1,000 must accompany
(This report corrects the sale report given in V. 133. p. 1155.)
the bid.
The other bids were officially reported as follows;
Names of ot' ev BiddersPrem. per $1,000
ANNISTON, Calhoun County, Ala.
-BOND SALE.
-The two issues
coupon semi-annual bonds aggregating $21,500, offered for sale Prescott, Wright & Snyder. Kansas City
of 555%
$15 01
21..09
on Aug. 13-V. 133. p 831-were awarded to J. Mills Thornton of Mont- City Bank, Kansas City Ft. Scott, Hans
22.10
gomery at a price of 100.51, a basis of about 5.38%. The issues are Citizens National Bank,
Brown, Crummer. Wichita
12 77
divided as follows.
Central Trust Co., Topeka, Kens
21.65
$13,000 impt. bonds. Due from Aug. 1 1932 to 1941 incl.
Fidelity National Bank, Kansas City
21.67
8,500 impt. bonds. Duo from Aug. 1 1932 to 1941 hid.
Sterns Brothers Co , Kansas City
2222:2777
31 The other bids received were as follows.
Alexander, McArthur Co.. Kansas City
lw BidderPremium.
Merchants Securities Corp. of Mobile
BOVEY, Itasca County, Minn.
-BONDS DEFEATED.
-At the
$38.00
Ward, Sterne & Co. of Birmingham
-V. 133, p. 1155
-the voters rejected the proposal
28.90 election held recently
Well. Roth & Irving Co.of Cincinnati
(discount)644.00 to issue 565,000 in village hall bonds.
ANTWERP, Paulding County,0.
BOWLING GREEN, Wood County, Ohio.
-BOND ORDINANCE ADOPTED.
-BOND RESOLUTION
-The Village Council recently adopted an ordinance providing for the ADOPTED.
-The city council recently adopted a resolution providing for
issuance of $20,725 5% improvement bonds, to be dated Oct. 1 1931 and the submission to the voters at the general election in November 1931 of a
mature semi-annually as follows. $1.725 April 1 and $2,000 Oct. 1 1933; proposal calling for the issuance of $280,000 sewer disposal system inapt.
51.000 April 1 and Oct. 1 from 1934 to 1941 incl., and $1,000 April 1 bonds. The issue would be dated about April 1 1932; bear interest at a
1942. Prin. and semi-ann. int. (A. & 0.) to be payable at the Antwerp rate not to exceed 6%. and mature semi-annually as follows: 36,000 April
Exchange Bank, Antwerp.
and Oct. 1 from 1933 to 1937 incl.: 56,000 April 1 and $5.000 Oct. 1 from
1938 to 1947 incl.; $6,000 April and Oct. 11948; $8,000 April 1 and 55.000
ARENAC AND BAY COUNTIES(P.O. Omer), Mich.
-BONDS NOT Oct. 1 1949;$6,000 April land $5,000 Oct. 1 from 1950 to 1957 incl.
SOLD.-Jaroes P. Baikie, Drain Commissioner of Arenac County. informs
us that the issue of $36,000 Budd Drain construction bonds offered on
BOWLING GREEN CITY SCHOOL DISTRICT, Wood County,
-was not sold, as no offer for the securities was Ohio.
Aug. 18-V. 133, p. 1154
-BOND SALE.
-The $115,000 school bonds offered on Aug. 17received.
-were awarded as 434s to the Weil. Roth & Irving Co. of
V. 133, p. 995
Cincinnati, at par plus a premium of 31,269, equal to 101.10, a basis of
'ARLINGTON,N. Y.-BOND SALE.
-We are informed that the Vassar about 4.11%. The bonds are dated Aug. 1 1931 and mature semi-annually
Bank of Arlington has purchased an Issue of $36.750 434% coupon Fire as follows: $3,000 March and $2,000 Sept. 1 from 1932 to
1936 incl., and
District equipment purchase bonds at a price of par. Dated July 1 1931.
and Sept. 1 from 1937 to 1951 incl.
Due serially on July 1 from 1932 to 1951, lncl. Redeemable at the option 53.000 March
of the district upon 60 days' notice. Interest is payable semi-annually
BRENTFORD CONSOLIDATED INDEPENDENT SCHOOL DISIn January and July.
TRICT (P. 0. Brentford), Spink County, S. Dak.-BOND OFFERING.
TOWNSHIP SCHOOL DISTRICT (P. 0. Baraga) Baraga -Sealed bids will be received until Aug. 31 by C. R. Cuatt, District Clerk.
BARAGA
-BOND OFFERING.-M. L. Coon. Secretary of the for the purchase of a $10,000 issue of school bonds. Int, rate is not to
County, Mich.
Board of Education, will receive sealed bids until 8 p.m. on Sept. 1, for exceed 534%. Payable semi-annually. Dated July 1 1931. Due $5,000
the purchase of $80,000 5% coupon school bonds. Dated Oct. 1 1931. on July 1 1934 and 1935. These bonds were voted at an election held
Denom. $500. Due $8,000 on July 1 from 1932 to 1941, incl. Principal on July 28.
and interest (anually on July 1) are payable in L'Anse, Michigan. No good
BROOK PARK,Ohio.
-BOND OFFERING.
-Edward Berschig, Village
faith deposit is required.
Clerk. will receive sealed bids until 12 m. (Cleveland time) on Sept. 8 for
the purchase of $42,796.50 6% special assessment street impt. bonds.
1. BAY COUNTY (P.O. Bay City), Mich.
7
-BOND SALE.
-The $3355.000 Dated Sept. 11931. One bond for $796.50, others for $1,000. Due
Oct. 1
court house construction bonds offered on Aug. 20-V. 133. p. 955
-were
awarded as 4s to the Harris Trust & Savings Bank, of Chicago, at a price as follows: $33.798.50 in 1933; 54.000, 1934; $5,000, 1935; 54.000 from 1936
of 100.913, a basis of about 3.84%. The bonds are dated July 1 1931 and to 1938 incl.: $5.000 in 1939; $4,000 in 1940 and 1941. and $5,000 in 1942.
Prin. and semi-ann. int. (A. & O.) are payable at the Lorain Street Savings
matures July 1 as follows: $20,000, 1933; $22.000 in 1934 and 1935; $24,000
In 1936 and 1937: 525,000, 1938; $27.000 in 1939 and 1940; $28,000, 1941: & Trust Co., Lorain Ave. and Fulton St. Branch, Cleveland. Bids for the
$30,000, 1942; $31.000, 1943: $32.000 in 1944; and $43,000 in 1945. The bonds to bear interest at a rate other than 8%, expressed in a multiple of
ofl%. will also be considered. A certified check for 57 of the amount
Harris Bank also submitted a bid for 99 15 for the bonds as 3ILls, and an
offer of 100.015 for $219,000 early maturities as 4s and $136,000 long-term bid, made payable unconditionally to the order of the Village Treasurer,
bonds as 34s. The First Detroit Co., of Detroit, bid 100.61 for the entire must accompany each proposal.
3
Issue as 4s; 98.84 for all 3/s, and a price of par for $274,000 "short" 4s
BROWN COUNTY (P.O. Brownwood),Tex.
-BONDS REGISTERED.
and $81,000 "long" 33Is. Braun, Bosworth & Co., of Toledo, bid 100.56
were registered by the
for the bonds as 4s and 99.02 for the issue as 3, s, in addition to a price of Two issues of 5% serial bonds aggregating $64,000, follows:
3
4
State Comptroller on Aug. 11. The issues are as
$32,000 road.
par for $249,000 bonds as 4s and $106.000 as 3%s. The present issue series B
bonds, and $32,000 refunding road bonds. Denom. $1,000.
constitutes the only funded indebtedness of the County, it is said, which
has an assessed valuation in excess of $73,000,000.
BUFFALO, Erie County, N. Y.
-BOND OFFERING.
-W,E. Mahar,
BESSEMER TOWNSHIP, Mich.
-BOND SALE.
-The $100,000 Bond Registrar, informs us that sealed bids will be received until Sept. 10
coupon improvement bonds, issued to provide work for the unemployed in for the purchase of $2,210,000 various improvement bonds, to be dated
the township, offered on Aug. 17-V. 133, p. 995
-were awarded as 5s to Oct. 15 1931 and mature serially from 1932 to 1961, incl. It is believed
the Merchants & Miners National Bank,of Ironwood. at par plus a premium that bidders will be asked to stipulate the interest rate for the securities.
of $900, equal to 100.90, a basis of about 4.72%. The issue is dated Sept. William A. Eckert is City Comptroller.
The city has already appeared in the long-terra municipal market for
1 1931 and matures $20,000 annually on March 1 from 1933 to 1937, incl.
funds during this year, the occasion being on Jan. 7, when an award of
BLACKHAWK COUNTY (P. 0. Waterloo), Iowa.
-BOND OFFER- $3,200,000 1 to 30 year serial bonds was made to Barr Bros. & Co., Inc..
ING.
-Bids will be received up to 2 p.m. on Aug. 27. by Ed. Madigan, of New York, bidding for their sole account, as 3.90s at 100.459, or a
County Treasurer, for the purchase of a $15,000 issue of annual primary basis of about 3.85%. The sale comprised three separate issues, public
road bonds. Denom. $1.000. Dated Sept. 11931. Due $10,000 on May offering of which was made at prices to yield from 2.50 to 3.80%, accord1 1944 and $5.000 on May 1 1945. Optional on any Interest paying date ing to maturity (V. 132. p. 342).
on or after Islay
1 1937 Both sealed and open bids will be received.
Purchaser to furnish blank bonds. County will furnish the approving
-BOND SALE.
BURLINGTON, Alamance County, N. C.
-The two
opinion of Chapman & Cutler of Chicago. A certified check for 3% of Issues of bonds aggregating $140,000. offered for sale on Aug. 18-V. 133.
the bonds offered, payable to the County Treasurer, is required.
-were jointly purchased by Thompson, Ross & Co., and John
p. 995
Nuveen & Co., both of Chicago, as 534s, paying a premium of $252. equal
BLOOMFIELD, Essex County, N. J.
-BOND SALE.-Tbe three to 100.18. a basis of about 5 48%. The Issues are divided as follows:
issues of coupon or registered bonds offered on Aug. 17-V. 133, p. 832_ $120,000 corporate purpose bonds. Due from Sept. 1 1933 to 1982 incl.
were awarded as 43.s to J. S. Rippel & Co. of Newark. and Dewey. Bacon
20,000 water bonds. Due 51.000 from Sept. 1 1934 to 1953 incl.
& Co. of New York, jointly, as follows:
Sacramento).
-BOND OFFERING CONCALIFORNIA,
$364,000 school fund bonds ($387.000 offered) sold at par plus a premium TEMPLATED. State of(P.O. in the market about Oct. 1 with a new
-The State will be
of $3.754.78, equal to 101.03, a basis of about 4.17%. Due issue of $4,000.000 veterans' welfare bonds, according to newspaper advice.
follows: $8,000 from 1932 to 1944 incl.; $9.000. 1945
Sept. 15 as
from the
details of the proposed offering were made
to 1951 incl.: $10,000 from 1952 to 1970 incl., and $7,000 in 1971. available Coast on Aug. 20. No
but it is considered likely that the issue will be awarded on the
285.000 Impt. bonds ($288.000 offered) sold at par plus a premium of same set up as that used for the $4.000,000 issue of similar bonds that was
014.26. equal to 101.05, a basis of about 4.17%. Due Sept.
appeared in V. 132, p. 2042.
15as
$3, follows: $7,000 from 1932 to 1955 Incl.; $10.000 from 1956 sold on March 5, the report of which
to 1966 incl., and $7,000 In 1967.
CAMBRIA TOWNSHIP SCHOOL DISTRICT (P. 0. Ebensburg),
94.000 temporary !rapt. bonds ($95,000 offered) sold at par plus a Cambria County, Pa.
-The $60,000 coupon school
-BOND SALE.
premium of $1.014.26. equal to 101.079, a basis of about 4.00%.
-were awarded
17-V. 133, p. 832
Due Sept. 15 as follows* $10.000 from 1932 to 1936 incl.; $15,000 improvement bonds offered on Aug.
to W. II. Newbold's Son & Co., of Philadelphia, at par plus a premium
in 1937 and 1938 and $14.000 in 1939.
of $1,434.30, equal to 102.39. The bonds are dated Sept. 1 1931 and
Each issue is dated Sept. 15 1931. The securities, according to the mature Sept. 1 1956. Denom. 51.000. Legal opinion to be furnished
successful bidders, are legal investment for savings banks and trust funds by the successful bidder.
1318
FINANCIAL CHRONICLE
-The Board
-TAX RATE.
CAMBRIDGE, Middlesex County, Mass.
of Assessors announced on Aug. 13 that the city tax rate for 1931 would
be $33.90 per $1,000 of taxable property, a decrease of $1.80 per $1,000
of the levy in 1930. The value of assessable property was placed at $191.194,400, representing an increase of 31,200.000 over the total last year.
CAMERON PARISH GRAVITY DRAINAGE DISTRICT NO. 3
-Sealed bids will be received
-BOND OFFERING.
(P. 0. Cameron), La.
according to report. by E. R. Hunt, District Secretary, until 10 a. m. on
Sept. 24. for the purchase of a $12,000 issue of drainage bonds. Int. rate
is not to exceed 6%. Denom. $2.000. Dated Aug. 12 1931. Due in 10
years. These bonds were voted at an election held on June 9. Legal
approval by Thomson. Wood & Hoffman of New York City. A certified
check for 2% must accompany the bid.
-BOND OFFERING.
CARROLL COUNTY (P. 0. Delphi), Ind.
Irvin M. Flora. County Treasurer, will receive sealed bids until 2 p. m•
purchase of $5.600 4;8% road improvement bonds.
on Aug. 26 for the
Dated Aug. 12 1931. Denom. $280. Due $280 July 15 1932; $280
Jan. 15 and July 15 from 1933 to 1941 incl., and $280 Jan. 15 1942.
-We
-ELECTION VOIDED.
CAYCE, Lexington County, S. C.
are informed that the election held on July 30. at which time the voters
-V. 133.
approved the issuance of $36,000 in water works system bonds
-has since been held void.
p. 996
CENTRAL OREGON IRRIGATION DISTRICT (P. 0. Salem),
-It is reported that an
-BOND ELECTION.
Marion County, Ore.
election will be held on Sept. 15 in order to have the voters pass on the
proposed issuance of $135,000 in refunding bonds.
CHICAGO SOUTH PARK DISTRICT(P.O. Chicago),Cook County
-It is unofficially reported that the District
-BONDS NOT SOLD.
111.
failed to receive an offer for the two issues of 4% bonds aggregating $1,000.000 the sale of which was scheduled to have been held on Aug. 19V. 133. p. 1155.
-BOND SALE.
-The following
CHICOPEE, Hampden County, Mass.
issues of coupon bonds aggregating $28,000 offered on Aug. 17-V. 133,
-were awarded as 31(s to the First National Old Colony Corp. of
p. 1155
Boston, the only bidder, at a price of 100.36, a basis of about 3.62%:
$14.000 school bonds. Dated July 20 1931. Due July 20 as follows:
$3.000 from 1932 to 1935 incl., and $2.000 in 1936.
14,000 bridge bonds. Dated Aug. 1 1931. Due Aug. 1 as follows:
$3.000 from 1932 to 1935 incl., and $2,000 in 1936.
CHIPPEWA TOWNSHIP SCHOOL DISTRICT (P. 0. Beaver
-BOND OFFERINO.-Sealed bids addressed
Falls) Beaver County, Pa.
to H. S. Throckrnorton. Secretary of the Board of School Directors, will
be received until Sept. 3, for the purchase of $10,000 school improvement
bonds, the issuance of which has been authorized by the Department of
Internal Affairs of Pennsylvania.
-Sealed
-BOND OFFERING.
CLARKSVILLE, Clark County, Ind.
bids addressed to J. Walker Warner, Town Treasurer, will he received until
10 a.m. on Sept. 3, for the purchase of $8,966 41.8% bonds, divided as
follows:
$6.830 street repair bonds. Denom. $341.50. Due $341.50 Jan. and July
15 from 1933 to 1942. Inclusive.
2,136 water system Improvement bonds. Denom. $213.60. Due $213.60
Jan. 15 from 1933 to 1942, inclusive.
-The
-BOND SALE.
P` COCHRAN COUNTY (P. 0. Morton), Tex.
$100.000 issue of coupon road surfacing bonds offered for sale on Aug. 3V. 133. p. 673-was purchased by H. C. Burt & Co. of Lubbock. 88 5J8s,
at par. Denom. 51.000. Dated Aug. 1 1931. Due serially in 30 years.
Interest payable (F. & A.).
-BOND DETAILS.
COLORADO SPRINGS, El Paso County, Colo.
-The $75.000 issue of gas revenue bonds that was purchased by the
sinking fund-V. 133, P. 1156-bears interest at 5% and was awarded at
par. Due on Aug. 1 1938.
COMANCHE INDEPENDENT SCHOOL DISTRICT (P. 0. Co-BONDS REGISTERED.
-On Aug. 10
manche)Comanche County,Tex.
the State Comptroller registered a $90,000 issue of 5% school,series of 1931
bonds. Denom. 51.000. Due serially.
-TAX RATE.
-The tax rate
CONWAY, Franklin County, Mass.
for 1931 has been set at $28.40 for each 51.000 of valuation, a reduction of
from the levy in 1930, according to report.
$2.80
-BOND REFUNDING.
DAYTONA BEACH, Volusia County, Fla.
The following report of a proposed refunding of city bonds is taken from
a special Daytona Beach dispatch to the "Wall Street Journal" of Aug. 19:
"Arrangements to refund $972,000 city bonds, including general maturities through 1931 to 1935, incl., and avaecsinent bonds maturing in
1936, 1937 and 1938, have been practically completed by the city commission. The refunding bonds to bear interest at 5%, will be offered
in exchange for outstanding bonds bearing 6% as the latter mature. Maturities of the refunding issue will start in 10 years and run for 20 years.
'Refunding these bonds,' Mayor B. B. Daggett said, 'means that
"
there is no question or doubt about the finances of Daytona Beach through
the next 10 years. The city has remained solvent and there will be no
danger of default when the refunding is completed. The refunding plan
is based on an amendment to the city charter enacted by the legislature
and approved in a referendum'."
-An
-BOND ELECTION.
DEER LODGE, Powell County, Mont.
election is stated to be set for Aug. 31 in order to submit to the voters a
to issue $200,000 in water system bonds.
proposal
-BOND SALE.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
on Aug. 17The $32,500 property owners' share impt. bonds offered& Co. of CleveV. 133, p. 997-were awarded as 4hs to Mitchell, Herrick of about 4.16%.
basis
land, at par plus a premium of $73,equal to 100.22, a1 as follows: $8,000
The bonds are dated July 1 1931 and mature Sept.
1932 to 1934 incl., and $8,500 in 1935.
from
The following is an official list of the bide received at the sale:
Int. Rate. Premium.
Bidder$73.00
43.(%
Mitchell, Herrick & Co.(successful bidders)
Asset Goetz & Moerlein,Inc
11.0026.00
Davies-Bertram Co
12.00
434
Well. Roth & Irving Co
9.75
4
Securities Corp
Title Guarantee
108.00
-State Teachers Retirement System (Columbus)
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Media), Pa.
receive sealed bids until
James T. Stewart. County Comptroller, will the purchase of $1,000,000
standard time) on Aug. 25 for
9 p. m.(Eastern
Sept. 1 1931. Denom.$1.000.
3,4, 4,4 jf, or 43i% coupon bonds. Datedto 1941 incl., and $33,000 from
Due Sept. 1 as follows: 334,000 from 1932 the entire issue at any of the
received for
1942 to 1961 incl. Bids will be
will
above-mentioned int, rates, but no bids combining two different rates A
March and Sept.
be considered. Int. is 'payable semi-annually in of the County, must
the order
certified check for $20.000, payable to
the
accompany each proposal. These bonds are being issued subject to
approval as to legality by Townsend, Elliott & Munson of Philadelphia.
-NOTE OFFERING.
DELAWARE COUNTY (P. 0. Muncie), Ind.
W. Max Shafer, County Auditor, will receive sealed bids until 10 a.m. on
Aug. 29 for the purchase of 539.700 6% poor relief notes. Dated Aug. 15
1931. Denom. $1,000 and $850. Due $19.850 on May 15 1932 and a
like amount on Nov. 15 1932. Interest is to be payable at maturity.
Payment of notes to be made at the office of the County Treasurer. A
certified check for 3% of the notes bid for, payable to the order of the Board
of County Commissioners, must accompany each proposal.
[VOL. 133.
DEL MONTE SCHOOL DISTRICT (P. 0. Salinas), Monterey
-We are informed by C.G. Joy, County
-BOND SALE. /
County, Calif.
Clerk, that a $34,000 issue of 50 C0111400 school bonds was purchased
Den, Witter & Co. of San Francisco. as 55, paying a
on Aug. 10 by
premium of $1,538, equal to 104.523. The other bidders and their bids
are officially reported as follows:
Premium.
Bidder.
65.
3827 00
256240
Co
Weeden & Co
Elmer J. Kennedy Co
-BOND SALE.
DECATUR COUNTY (P. 0. Greensburg), Ind.
bonds offered on Aug. 17
The $4,800 43.5% coupon road improvement(V. 133, p. 1156) were awarded to the 'Union Trust Co. of Greensburg at
par plus a premium of $190, equal to 10.3.95, a basis of about 3.70%.
Dated Aug. 151931. Due $240 July 15 1932; $240 Jan. and July 15 from
incl., and 3240 Jan. 15 1942. Bide received at the sale were
als93f3olrows19:41,
.
um
Premium.
der
Union Trust Co., Greensburg (successful bidder)
172.00
City Securities Corp
66:00
194 00
Pfaff & Hughel
Fletcher Savings & Trust Co
DECATUR SCHOOL DISTRICT NO. 61 (P. 0. Decatur) Macon
-The 3150,000 4%
-ADDITIONAL INFORMATION.
County, 111.
coupon (registerable as to principal) school bonds awarded on July 14 to
the Harris Trust & Savings Bank of Chicago, at 100.19, a basis of about
-are dated Aug. 1 1931 and mature serially on
3.980/,-V. 133, p. 673
Aug. 1 in from 1 to 20 years. Principal and semi-annual interest (February
and August) are payable at the Harris Trust & Savings Bank, of Chicago.
Legality approved by Chapman & Cutler, of Chicago. A block of $75.000
bonds of the issue is being reoffered for general investment as follows:
Maturities and Prices (Plus Accrued Interest).
Price,
Due.
Price. Yield. Amt.
Amt.
Due.
.7
Y0
3 ie
17,000 Aug. 1 1932 101.35 2.50% $7,000 Aug. 1 1938 1P0
2.75
7,000 Aug.. 1 1939 101.70 3.75
7,000 Aug. 1 1933 102.32
7,000 Aug. 1 1940 101.88 3.75
7.000 Aug. 1 1934 102.77 3.00
7,000 Aug. 1 1941 101.64 3.80
7,000 Aug. I 1935 102.74 3.25
5,000 Aug. 1 1942 101.77 3.80
7,000 Aug. 1 1936 102.24 3.50
7,000 Aug. 1 1937 102.11 3.60
-ADDITIONAL INFORMADETROIT, Wayne County, Mich.
TION.
-In reporting the award on Aug. 13 of $30,000,000 4% bonds to
a syndicate headed by the Bankers Company of New York, the Guaranty
Company of New York, the Chase Harris Forbes Corp., and the National
City Co.
-V. 133, p. 1156-the investment house of Cray, McFawn &
Co., of Detroit, was inadvertently omitted.from the list of the participants
In the account.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
-The $199.500 Issue of school
-BOND SALE.
St. Louis County, Minn.
by the
bonds offered for sale on Aug. 19 (V. 133. p. 1156) was purchased &
(F.
First Securities Corp. of Minneapolis and St. Paul as 3
equal to 100.13, a basis of about 3.47%. Dated
paying a premium of $270,
Aug. 11931. Due on Feb. I as follows: $21,000, 1933 to 1939,and $52,500
in 1940.
-BOND OFFERING.
DUPLIN COUNTY (P. 0. Kenansville), N. C.
Sealed bids will be received by Chas. M. Johnson, Director of the Local
Government Commission, at his office in Raleigh, until 10 a. m. on Sept. 1
for the purchase of two issues of coupon or registered bonds aggregating
$165.000. divided as follows:
52,000. 1933
$109,000 school funding bonds. Due on Sept. 1 as follows* 1959. all incl.
to 1938; $3.000, 1939 to 1942. and $5.000, 1943 to
Sept. 1
56,000 road and bridge funding and refunding bonds. Due on all Incl.
89 follows: $2,000. 1933 to 1945, and $3.000, 1946 to 1955. for all
payable M. & S. Bids must be
Int. rate is not to exceed 6%,
of 1%.
of said bonds and state a single rate of interest in multiples of
Prin. and int, payable at the Chase National Bank in New York. The
be
approving opinion of Clay, Dillon & Vandewater, fo New York, will
furnished. A certified check for $3,300, payable to the State Treasurer,
must accompany the bid.
-BOND
EAST ST. LOUIS PARK DISTRICT, St. Clair County., Ill.
-W.C. Fraser, Secretary of the Board of Park Commissioners
OFFERING.
will receive sealed bids until 2 p.m.(central standard time) on Aug. 25, for
°
the purchase of $200,000 not to excess 57 interest park bonds, 13th issue.
$10,000,
Dated Sept. 1 1931. Denom. $1,000. Due Sept. 1 as follows: 1945
and
1940; $20,000, from 1941 to 1944. incl.; 810,000,
1934; $15.000,
1949 and 1950, and 315,000 in
1946; 520.000. 1947 and 1948; 510.000 in (March and September) will be
1951. Principal and semi-annual interest
payable at such bank or banks in Chicago or East St. Louis as the purchaser
and the Board of Park Commissioners may agree upon. A certified check
for 2% of the amount of bonds bid for, payable to the order of the District
Treasurer, must accompany each proposal. Bonds to be printed by the
purchaser at his own expense. The District will furnish the approving
opinion of Champman & Cutler, of Chicago. The District was organized
In 1908 in accordance with the provisions of an Act approved June 24 1895.
-Isabel Morris,
-BOND OFFERING.
ECORSE, Wayne County, Mich.
Village Clerk. will receive sealed bids until 7.30 p. m. on Aug. 25 for the
special assessment refunding bonds and $43,000 pavepurchase of $129,000
ment intersection refunding bonds, divided as follows:
Dated
$44,000 series A spec. asst, refunding bonds. Denom. $1.000. installJuly 15 1931. Due in approximately six equal annual
ments.
38,500 series C spec. asst, refunding bonds. One bond for $500. others
for $1,000. Due in approximately six equal annual installments.
Dated Aug. 15 1931.
30.000 series B spec. asst. refunding bonds. Denom. $1,000. Due
$5,000 annually in from 1 to 6 years. Dated Aug. 11931.
16,500 series 1) spec. asst. refunding bonds. Ono bond for 5500, others
for $1,000. Due in approximately 6 equal annual installments.
Dated Sept. 15 1931.
13,000 series B pavement intersection refunding bonds. Denom. 21,000.
Due in approximately 6 equal annual installments. Bated
Aug. 1 1931.
12,000 series D pavement intersection refunding bonds. Denom. $1,000.
Due $2,000 annually in from 1 to 6 years. Dated Sept. 15 1931.
12.000 series A pavement intersection refunding bonds. Denom. $1.000
Due $2,000 annually in from 1 to 6 years. Dated July 15 1931.
6,090 series C r,avement intersection refunding bonds. Denom. $1,000.
Due $1,000 annually in from 1 to 6 years. Dated Aug. 15 1931.
Int. is to be payable semi-annually. The full faith and credit of the
Village is said to be pledge for the payment of the obligations. A certified
check for 1% of the amount of bonds bid for, payable to the order of the
Village Treasurer, must accompany each proposal.
--BOND OFFEREDGECOMBE COUNTY (P. 0. Tarboro), N. C.
ING.
-Sealed bids will be received by Chas. M.Johnson, Secretary of the
Local Government Commission, at his office in Raleigh, until 10 a.m. on
Aug. 25, for the purchase of an issue of $120,000 coupon school and road
funding bonds. Int. rate is not to exceed 6%. payable J. & J. Denom.
$1,000. Dated July 1 1931. Due on July 1 as follows: 340.000. 1932;
525,000, 1933 and 1934. and 510,000. 1935 to 1937. Prin. and int. payable
in gold in Now York City. The approving opinion of Storey, Thorndike,
Palmer & Dodge, of Boston, will be furnished. Purchaser will pay for
delivery charges. Bonds cannot be sold for less than par. Bonds engraved
by the Security Bank note Co. A certified check for 2% of the bonds bid
for, payable to the State Treasurer, ix required.
Official Financial Statement.
550.000,000
Real value taxable property estimated
34.188.628
Assessed value taxable property. 1930
1.832,240
Total bonded debt including issue now offered
472240
School bonds In above total _
1,360:000
Bonds tor other than school purposes
delivery of bonds now
DELCAMBRE SCHOOL DISTRICT NO. 2 (P. 0. New Iberia) Tax anticipation notes outstanding upon
6,800
offered
Iberia Parish, La.
-The 540.000 issue of 6% ached
-BOND SALE.
22,827
building bonds offered for sale on Aug. 14-V. 133. p. 511-was purchased Sinking fund
Population, 1930 census. 47,894: 1920 census, 37.995.
Shreveport, for a premium of $227.50,
by the First National Bank of
Cow
Edifecombe County has never been in default. $120,000 bondsdebt,
equal to 100.568, a basis of about 5.94%. Denom. $500. Dated Aug. 1
Offered for sale will now fund $81,000 school debt and $39,000 road
1931. Due on Aug. 1 1951. Interest payable F. & A.
AUG. 221931.]
FINANCIAL CHRONICLE
now represented by tax anticipation notes. The 1930 tax rate
was 93c.
The rate will be materially reduced for the 1931 levy on
school
and road legislation of 1931 which has taken all support ofaccount ofall
roads and
but
15c. levy for schools off of real estate. The possible reduction
590. The 1928 tax levy amounted to $635.514.16. uncollectedamounts to
$3.639.41;
1929 levy $575,074.86, uncollected $18.240.43; 1930 levy
uncollected $136.263.21. The amount of taxes levied includes$596,197.40.
amounts for
township road districts and rural school districts.
ELIZABETH, Union County, N. J.
-BOND SALE.
-The Elizabethport Banking Co., of Elizeabeth, purchased during August an
$301,000 3 ki% temporary street improvement bonds at par plus a issue of
of 8421.40, equal to 100.14,a basis of about 3.18%. The issuepremium
matures
Aug. 15 1933.
ELIZABETHTOWN, Essex County, N. Y.
-BOND SALE.
-Harry
Roscoe, of Elizabethtown. purchased on Aug. 14 an issue of $5.000
village improvement bonds at a price of 100.10, a basis of about 534%
5.46% •
The bonds are dated June 30 1931 and mature $1,000 annually on June
30 from 1932 to 1936. incl. Principal and semi-annual interest (J. & D.)
are payable at the Lake Champlain National Bank, Westport.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND
Floyd Slabaugh, County Treasurer, will receive sealed bids OFFERING.
until 10 a. m.
on Aug. 29 for the purchase of $22,500 434% York
bonds. Dated Aug. 15 1931. Denoms. $600 andTownship road impt.
$525. Due $1,125
on May 15 from 1932 to 1951 incl. mt. is payable semi-annually
on
May and Nov. 15.
ELLIJAY, Gilmer County, Ga.-BOND DETAILS.
issue of 5% semi-ann. water bonds that was purchased -The $22,000
by the RobinsonHumphrey Co. of Atlanta-V. 133. p. 1156
-was awarded at
99.09, a basis of about 5.09%. Due $2,000 from 1941 to 1951, a price of
incl.
ELMA, Grays Harbor County, Wash.
-BOND OFFERING.
-Sealed
bids will be received until 5 p. m.on Sept. 7, by M.A. Smith,
Town Clerk,
for the purchase of a $30,000 issue of coupon water works system
bonds.
Int. rate is not to exceed 6%, payable semi-annually.
Denom. $1,000.
Dated Oct. 1 1931. Due from Oct. 1 1933 to 1953. Prin.
able at the office of the Town Treasurer, or at the fiscal and int. PayState in New York. A certified check for 5% of the bid agency of the
is required.
ERIE COUNTY (P. 0. Erie), Pa.
-NOTE OFFERING.
-H. M. Willis.
County Comptroller, reports that the Directors of the
Poor are receiving
sealed bids until 10 a. m. (Eastern Standard Time) on
purchase of $150.000 5% bonds, dated Sept. 1 1931 and Aug. 31, for the
due
Principal and interest are payable from current revenue. in six months.
Legal opinion
to be furnished by the purchaser.
1319
BidderMcDonald-Callahan-Richards Co.(successful bidder) Int. Rate. Premium.
4 %
$315.00
Van Lahr, Doll & Isphording,Inc., Cincinnati_
78.43
431%
Spitzer, Rorick & Co.,Toledo
5
Stranahan, Harris& Co.,Inc.,Toledo
53
761..00
2 3 00
2
FREEPORT, Nassau County N.Y.
-BOND OFFERING.
-Howard
E. Pearsall. Village Clerk, will receive sealed bids until 8.30 p.m.
(daylight
Baying time) on Aug. 26. for the purchase of $290.000 not
interest, coupon or registered series B sewer bonds. Dated to exceed 6%
Sept. 1
Denom. $1.000. Due Sept. 1 as follows: $9.000 from 1932 to 1941, 1931.
incl.,
and $10,000 from 1942 to 1961, incl. Principal and semi-annual
interest
(March and September) are payable at the First National Bank. of Freeport. Rate of interest to be expressed in a multiple of 3i or 1-10th of
1%
and must be the same for all of the bonds. A certified check for $5,000,
payable to the order of the Village, must accompany
approving opinion of Clay, Dillon & Vandewater, ofeach proposal. The
New York, will be
furnished to the successful bidder without charge.
Financial Statement.
Assessed valuation (1931)
$57,985.790
Special franchises
703.757
Total assessed value taxable property
58.689.547
Bonded debt including this issue
3.192.000
Water bonds included in above
311.
000
Sinking funds
t.N1.onoe
Floating debt other than tax anticipation
554,500
Total debt (exclusive of water bonds)
Population, Jan. 1931, 19,475.
* $159.000 of this amount Is light bonds against the municipal plant
pl
*2,a
GADSDEN, Etowah County, Ala.
-BOND
-Sealed bids
will be received by II. C. Thomas, City Clerk, OFFERING.
until 10 a.m. on Sept. 1.
for the purchase of an issue of $175,000 coupon funding bonds.
Int. rate
is not to exceed 6% payable M. & S. Denom. 31,000.
Dated
1931. Due on Sept. 1 as follows: $4,000, 1933 to 1935 $5,000. Sept. 1
1936 to
1943:86.000, 1944 to 1950:87.000, 1951 to 1957. and 88.000,
all incl. Prin. and int, payable at the Chemical Bank & 1958 to 1961,
Trust Co.
New York City. Legality approved by Storey, Thorndike, Palmer In
&
Dodge of Boston. These bonds were voted at an election
held on Aug. 4
-V. 133. p. 1157. A certified check for $1,000, Payable
to the City,
must accompany the bid.
GARFIELD HEIGHTS, Ohio.
-BOND SALE.
-Joseph Farizel, City
Clerk, informs us that a total of $37.000 6% coupon
improvement bonds have been sold, of which $30,000 special assessment
was taken by
C. Fischer, a local investor, and $7,000 by the Enterprise PavingJohn
and
Construction Co.
(On July 13 the city unsuccessfully offered two issues of bonds, aggregating $36,388.02.-V. 133, P. 997).
BOND OFFERING.-Sealed bids addressed to Joseph Farizel,
will be received until 1 p. m. on Aug. 31 for the purchase a City Clerk,
emergency poor relief bonds. Dated Aug. 1 1931. Denom. $8,000 5%
$500, Due
Aug. 1 as follows. 52,000 in 1933. and $1,500 from
to 1937 incl. lot.
is payable semi-annually in Feb. and Aug. Bids1934 the
for
to bear
interest at a rate other than 5%, expressed in a multiple of bonds1%,
yi of
also be considered. A certified check for 2%. payable to the order of will
the
City Treasurer, must accompany each proposal.
GEDDES COMMON SCHOOL DISTRICT NO. 1 (P. 0. Syracuse),
Onondaga County, N. Y.
-BOND SALE.
-The
istered school bonds offered on Aug. 14-V. 133.$55.000 coupon or regp. 997
-were awarded
as 4.60s to the First Trust & Deposit Co. of Syracuse, at 100.55, a basis of
about 4.54%. The bonds are dated July 1 1931 and mature July 1 as
follows: $1,000 from 1932 to 1934 inci.•, $2,000. 1935 to 1939 incl.; $3.000,
1940 to 1947 incl.; $4,000 in 1948 and 1949, and $5.000 in 1950 and 1951.
GILBERT,St. Louis County, Minn.
-BOND OFFERING.-Sealed
will be received until Sept. 1 by F. J. Indihar, Village Clerk, for the bide
Purchase of a 520.000 issue of6% semi-ann. sewer, side-walk, park and culvert
bonds. Dated Sept. 1 1931. Due in from 1 to 5 years. These bonds
were voted at an election held Aug. 11.
GREENE COUNTY (P. 0. Springfield), Mo.-BOND ELECTION.
At an election to be held on Sept 29. the voters will be called upon to pass
judgment on the proposed issuance of 5150.000 in bonds divided as follows:
$100,000 jail; $25,000 alms house, and $25,000 tuberculosis sanitorium
bonds.
FAYETTE COUNTY (P. 0. Fayette),
-BOND SALE.
-The
$200.000 issue of funding bonds offered for sale Ala.
on
was purchased by the Provident Savings Bank & Aug. 14 (V. 133, p. 833)
Trust Co. of Cincinnati
as 534s, paying a premium of $2,500, equal to 101.25,a
Dated Aug. 1 1931. Due from Aug. 1 1934 to 1961, basis of about 5.39%.
inclusive.
FERNDALE, Oakland County, Mich.
-NOTE OFFERING.
-Sealed
bids addressed to Jay F. Gibbs, City Manager, will be received
until 2 p. m.
on Aug. 25 for the purchase of $177,000 net to exceed 6% interest
delinquent
tax notes.issued in anticipation of delinquent special assessments,
as follows:
$74,000 (1930) assessments. Due $24,000 Sept. 5 1932:
$25.000 Sept. 5
1933. and $25,000 May 11934.
55,000 (1931) assessments. Due $14,000 Sept. 5 from 1932
to 1934 incl.,
and $13,000 May 1 1935.
48,000 (1929) assessments. Due $24,000 on Sept. 5 1932
and $24,000
May 11933.
All of the notes will be dated Sept. 5 1931. Denoms. and
place of payment of the notes to be indicated by the purchaser. The notes
are issued in
pursuance of Act No. 26 of the Public Acts of Michigan,
sold subject to the approval of the State Loan Board, and1931, and will be
the legal
of Miller. Canfield. Paddock & Stone of Detroit. A certified opinion
check for
$1,000 must accompany each proposal. The city will pay
for the legal
opinion and the printing of the notes.
FLORAL PARK, Nassau County, N. Y.
-BOND SALE.
-The
$100,000 coupon street impt. bonds offered on Aug.
18-V.
were awarded as 4s to Dewey, Bacon & Co. of New York 133. p. 997
at
basis of about 3.99%. The bonds are dated Sept. 1 1931 100.028, a
$5,000 on Sept. I from 1932 to 1951 Incl. Bids received at and mature
the sale were
as follows:
BidderInt. Rate. Rate Bid.
Dewey, Bacon St Co.(successful bidders)
GREENE COUNTY (P. 0. Bloomfield), Ind.
4%
-BOND OFFERING.
100.028
First National Bank of Floral Park
4.20%
100.328 -Sealed bids addressed to Henry Rollison, County Auditor, will be received
M.&T.TrustCO
until 2 p. m.
4.20%
100.549 as follows: on Sept. 5 for the purchase of $18,800 434% bonds, divided
George B. Gibbons & Co----$75.000 at 4%; $25,000 at 5%
100.00
Floral Park Bank
4.10%
100.113 $0,500 road improvement bonds. Denom. $750. Duo $750 July 15
H.L. Allen & Co
4.00%
1932: $750, Jan. and July 15 from 1933 to 1940. incl.: $750,Jan.15
100.014
First Detroit Co
4.10%
and $1,500, July 16 1941.
100.051
Marine Trust Co
•
4.20%
9,300 road improvement bonds. Denom.$750. Due $750, July 1581.500
100.279
Batchelder & Co
4.20%
8750 Jan. and July 15 from 1933 to 1940, incl.; 3750. Jan. 15 and
100.19
FLOYD COUNTY (P. 0. New Albany), Ind.
81.500 July 151941.
-BOND OFFERING.
W. A. Beach, County Treasurer, will receive scaled bids
Each issue is dated July 15 1931. Principal ana semi-annual interest
Sept. 3, for the purchase of 315,000 4% road improvemenuntil 10 a.m. on (Jan. and July 15) are payable at the office of the County Treasurer. A
t bonds.
Aug. 311931. Due five bonds each six months on May and Nov. Dated certified check for 3% of the amount of bonds bid for, payable to the
1932 to 1941. incl. Principal and semi-annual interest (May and 15 from order of the Board of County Commissioners, must accompany each
Nov. 15) proposal.
are payable at the office of the County Treasurer.
FOREST LAKE, Washington County, Minn.
GREENVILLE, Pitt County, N. -BOND SALE.
-BOND OFFERING.
-The $100,000
- issue of coupon or registered gas plant C.
It is reported that sealed bids will be received until 8 p.m.
bonds offered for sale on Aug. 18on
L. P. Melbostad, Village Clerk, for the purchase of a $7,000 Aug. 25 by V. 133. p. 998-was awarded to the Branch Banking & Trust Co. of Wilson,
Issue of 5% as 534s, paying
coupon semi-ann. water works bonds. Denom. $1,000.
a premium of $500,equal to 100.50, a basis of about 5.20%.
1931. A certified check for $700 must accompany the bid. Dated Aug. 15 Dated July 1 1931. Due from July I 1934 to 1961 incl.
FORSYTH COUNTY (P. 0. Winston-Salem), N. C.
GREENWOOD, Leflore County, Miss.
-BOND SALE.
-The three
-BOND OFFERING.
-Sealed bids will be received by Chas. M. Johnson,
issues of bonds aggregating $57,500, offered for sale on Aug. 18-V. 133.
Local Government Commission at his office in Raleigh Director of the p. 1157-were awarded to the Union & Planters Co. of Memphis at public
until 10 a. m. auction,
on Sept. I, for the purchase of two issues of coupon bonds
for a premium of $400, equal to 100.69. The issues are divided
aggregating as follows:
$246,000, divided as follows:
$120,000 refunding bonds. Due $5,000 from Sept. 1 1932 to
$10,000 street intersection bonds. Due $1,000from Aug.1 1932 to 1941 incl.
1955 incl.
126,000 school refunding bonds. Due on Sept. I as follows:
7.500 street impt. bonds. Due from Aug. 1 1932 to 1939 incl.
$5,000,
1932 to 1955, and $6,000 in 1956.
40,000 school building refunding bonds. Due from Sept. 1 1932 to 1951
incl.
Bidders to name the rate of int. in multiples of
of 1% and must be
the same for all of the bonds. Denom. $1.000. Dated
GRETNA, Jefferson
-BOND SALE.
-The $150.000 issue
Prin. and int. (M.& S.) payable in gold or its equivalent inSept. 1 1931. of sewage disposal bondsParish, La.
-was
in New York. The approving opinion of Reed, Hoyt & lawful money purchased by the Weil, offered for sale on Aug. 18-V. 133, p. 998
Roth & Irving Co. of Cincinnati, as 55. paying a
Washburn of
New York will be furnished. A certified check for 2% of the
face value premium of $125. equal to 100.08, a basis of about 4.99%. Dated May 5
Of the bonds bid for, payable to the State Treasurer, is
1931. Due on May 1 as follows: $1,000, 1932; $2,000, 1933 to 1940;
required.
$3,000, 1941 to 1944; 84,000, 1945 to 1949: 35,000, 1950 to 1955; 36.000.
FORT DODGE, Webster County, lows.
-BOND SALE.
-The 1956 to 1961, and $7,000, 1962 to 1966 incl. The purchaser agreed
810,000 issue of coupon water bonds offered for sale on Aug.
12-V. 133, for bonds and attorney's opinion, the city to name the depository. to pay
p. 997
-was purchased by the First National Bank of
Dayton (Iowa),
as 4s, paying a premium of $5, equal to 100.05. a basis of
GROSSE ILE TOWNSHIP, Wayne County, Mich.
Denom,$1,000. Dated Sept. 1 1931. Due on Sept. 1 as about 3.99%,
-NOTE OFFER-Sealed bids addressed to J. Frederick Burden°, Township Clerk,
1636 and 1936, and $8,000 in 1937. Interest payable Sept.follows: $1,000 ING.
1.
will be received until 7:30 p. m.(Eastern standard time) on Aug. 28 for the
FORT WORTH,Tarrant County,Tex.
purchase of $56,900 not to exceed 6% interest tax anticipation notes.
-BONDS
-It is reported that the City Commission plans to sell CONTEMPLATED. Dated as of May 11931. Denoms.$1,000.$600 and $300. Due
$1.792.000 refunding
May 1 as
bonds about the first of October. This proposed issue
follows: $7,000. 1932; $11.600, 1933; $32.000 In 1934, and 86.300 in 1935.
refund $1,693.000 5% bonds. and $99,000 434% bonds. would be used to Prin. and int. are payable at the Wyandotte Savings Bank, Wyandotte.
A certified check for 52.500. payable to the order of the Township Treasurer,
FRAMINGHAM, Middlesex County, Mass.
-NOTE SALE.
-John P. must accompany each proposal. Cost of printing the notes and of a legal
Dunn, Town Treasurer, informs us that an issue of
school addition construction bonds was awarded on 860,000 coupon high opinion must be borne by the successful bidder. The faith and credit of the
Aug. 17 t„0 tiaredge township are pledged for the payment of the notes.
& Co.,of Boston, as 330,at 100.011, a basis of about 3.24%.
15 1931. Due $12.000 annually from 1932 to 1936, incl. 1.3idsDated Aug.
GUADALUPE COUNTY (P. 0. Sequin), Tex.
-BONDS REGISreceived at
the sale were as follows:
TERED.
.4% refunding road bonds was registered
-An $87,000 issue of 43
BidderInt. Rate. Rate Bid.
by the State Comptroller on Aug. 13. Denom. $1.000. Due serially.
Eldredge & Co. (successful bidders)
3
.25%
100.011
Atlantic Corp
HAMBLEN COUNTY (P.
3.50%
-BOND SALE.
100.617 A $45.000 Issue of 57 funding0. Morristown), Tenn.
First National Old Colony Corp
bonds has been
3.507
100.257 Securities Corp. of Nashville. Dated May 1 purchased by the Equitable
Chase Harris Forbes Corp
1931. Due on May 1 as
3.50%
100.23
Stone & Webster and Blodget. Inc
follows: $5.000 in 1942, and $10,000, 1943 to 1946 incl.
3.50%
100.09
R• L. Day & Co
3.50%
100.03
HARRIS COUNTY (P.O. Houston),Tex.
-BONDS REGISTERED.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.- On Aug. 11, a $45.000 issue of 5% Consolidated School District No.
The $60,334 coupon sewer bonds offered on Aug. 18-V.
bonds was registered by the State Comptroller. Denom. $1,000. Dueo5
133. p. 83_
were awarded as 431s to the McDonald-Callahan -Richards Co.
serially.
at Par plus a premium of $315, equal to 100.52. a basis Of of Cleveland,
about 4.66%:
HARTFORD, Washington County, Wis.-BOND OFFERING.Dated Aug. 15 1931. Due semi-annually as follows: $2.334
and $3,000 Sept. 15 1933: $2.000 March 15 and $3,000 Sept. 15March 15 Sealed bids will be received until 7.30 p. m. on Aug. 25, by Rollin Abbott,
from1934 City Clerk, for the purchase of a $30.000 issue of 434%disposal plant betide.
to 1938 incl., and $3,000 March and Sept. 15 from 1939
to 1943 incl. Denoms. $1.000 and $500. Dated July 1 1931. Due
Bids received at the sale were as follows:
35,000 from July 1
1932 to 1937, incl. Prin. and int. (J. Liz J.) payable at the Hartford
Ex-
1320
FINANCIAL CHRONICLE
[VOL. 133.
would have no difficulty
the City. $25,000 more to return during 1931, and that he
change Bank in Hartford. A certified check for $500. payable to
in taking care of the payments."
must accompany the bid.
-BOND OFFERING.
Monmouth County, N. J.
-The $250.KEANSB
HARFORD COUNTY (P.O. Bel Air), Md.-NOTE SALE. 17-V. 133, Richard A. URG, Borough Clerk, will receive sealed bids until 8 p.m.
Aug.
Jessen,
0003 A % coupon State road construction notes offered on e, at a price of (daylight saving time) on Sept. 1 for the purchase of 5100,000 not to exceed
1
-were awarded to Alex. Brown & Sons of Baltimor
p. 998
Sept. 1 1931 and 69' interest coupon or registered sewer assessment bonds. Dated Sept.
101.077, a basis of about 2.94%. The notes are dated March and Sept. 1931. Due Sept. 1 as follows: $16,000 in 1933 and 1934: 520,000 in 1935,
in
mature Sept. 11933. Interest is payable semi-annually approval of counsel and 324,000 in 1936 and 1937. Rate of interest to be expressed lea multiple
investment,subject to
The notes are being re-offered for
0. The ratio of .4 of 1%. Principal and semi-annual interest (March and September)
g. or at the
as to legality, at a price of 101.45 and interest, to yield 2.757
is less than 1%. are payable in gold at the Keansburg National Bank, Keansbur are to be
of bonded debt of the county to the assessed valuation figure
Bank of Manhattan Trust Co., New York. No more bonds A certified
according to the bankers.
will produce a premium of Si,000 over 9100,000.order of the
awarded than
-The $12,500 coupon check for 2% of the amount of bonds bid for, payable to the
-BOND SALE.
HOBART, Lake County, Ind.
-were awarded Borough Treasurer, must accompany each proposal. The approving opinion
4A% school impt. bonds offered on Aug. 10-V. 133. p.998
of par, plus of Caldwell & Raymond, of New York, will be furnished the successful
a price
to Seipp, Prince11 & Co. of Chicago, the only bidders, at mature July 1 as bidder.
accured interest. The bonds are dated July 1 1931 and
-Ernest
-BOND OFFERING.
KENT COUNTY (P. 0. Dover), Del.
follows: $2,000 from 1937 to 1042 incl., and $500 in 1943.
until 1 p. m. on
-A $10,000 C. .Macklin, Clerk of the Peace, will receive sealed bids
-NOTE SALE.
ent bonds. Dated
COUNTY (P. 0. Raeford), N. C.
HOKE
% bridge improvem
been purchased Sept. 1 for the purchase of $5,000
1940,
issue of revenue anticipation notes is reported to have
Sept. 1 1931. Denom. $1,000. Due $1,000 on Sept. 1 from 1936 to
recently by an undisclosed investor.
incl. Principal and seml-annual interest (Mar. and Sept.) are payable
the amount bid
-Sealed at the Farmers Bank. Dover. A certified check for 5% of
-LOAN OFFERING.
HOLYOKE, Hampden County, Mass.
be received until must accompany each proposal.
bids addressed to Pierre Bor•vouloir, City Treasurer, will
at discount
-BOND OFFERING.
(Daylight saving time) on Aug. 27 for the purchase Denoms. to
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
11 a. m.
bids addressed to William Shaffer, County Treasurer, will be
basis of a $300,000 temporary loan. Dated Aug. 27 1931.
First National -Sealed until 2 p.m. on Sept. 3. for the purchase of $16,900 434% Clay
received
suit purchaser. Loan is repayable March 18 1932 at the
15 1931.
of Boston Corp., New York
Bank, of Boston, or at the office of the Firstloan will be authenticated as and Monroe Townships road improvement bonds. Dated July
to 1941, inclusive.
City. Notes evidencing the existence of the
under Denom. $845. Due $845 May and Nov. 15 from 1932
genuineness and validity by the First National Bank. of Boston.
-Sherwood &
to
-BOND SALE.
LACKAWANNA, Erie County, N. Y.
advice of Storey, Thurndike, Palmer & Dodge, of Boston.
Merrifield. Inc.. of New York, were awarded on Aug. 14 an issue of $52.000
- coupon or registered public improvement bonds as 43.ts, paying a price of
-WARRANT SALE.
HOWARD COUNTY (P. 0. Kokomo), Ind.
of $35.000 100.22, or an 'Interest cost basis of about 4.22%. The issue is dated Aug.
George W.Studebaker, County Auditor, informs us that an issue
Due Aug. 1 as follows: $3.000 from 1932 to 194.3.
operating expenses for the 11931. Denom.
int.
4A % warrants, issued to meet the current for that year, was awarded incl., and $4,000$1,000.
from 1944 to 1947. incl. Principal and semi-annualCo.,
year 1931 and in anticipation of the revenue Kokomo, the only bidder,
(February and August) are payable in gold at the Bankers Trust by
Bank, of
on Aug. 17 to the Citizens National
are New York, or at the Marine Trust Co.. Buffalo. Legality approved
warrants
are
at par plus a premium of $15.30, equal to 100.04. The
Clay. Dillon & Vandewater, of New York. The successful bidders to
payable Nov. 15 1931.
g the bonds for general investment priced to yield from 3.90
-BOND reofferin
City), Ind.
HUNTINGTON COUNTY (P. 0. Huntington
Treas- 4%.
Financial Statement.
-Sealed bids addressed to Eldon T. Lawyer, County
OFFERING.
535,948.580
of $10.000
urer, will be received until 10 a. m. on Sept. 8 for the purchase 15 1931. Assessed valuation
2,107.073
Dated Aug.
% Jackson Twp. road improvement bonds. and July 15 from 1933 Net bonded debt (including this issue) Census, 23,948; 1931 est.. 25,000.
4A
n, 1920 Census. 17,918; 1930
July 15 1932; S500 Jan.
Populatio
Denom. $500. Due $500
semi-annually on
-At
-BONDS VOTED.
to 1941, incl., and $500 Jan. 15 1942. Int. is payable
LAKE COUNTY (P. 0. Painesville), Ohio.
Jan. and July 15.
an election held on Aug. 11 the voters approved of the issuance of $180,000
mingly
-BONDS PUBLICLY OF- in bonds for the improvement of Grand River Harbor by the overwhel
Ind.
INDIANAPOLIS, Marion County,
"against." Balloting on the question
/% coupon municipal judgment favorable vote of 10,147 "for" to 541of the Ford Motor Co. to establish a
% and 34
-The $245.000
FERED.
as a result of the offer
Harris Trust & Savings Bank of came
funding bonds awarded on Aug. 6 to the cost being about 3.63%-V 133. 400 about assembly plant at Richmond. to employ about 2,500 men,
-car-a-day
Chicago, at a price of par, the net interest semi-annual interest (Jan. and should improvements for which the bond issue has been authorized be made.
-are payable as to both principal and
p. 998
-The
approved as to legality
-BOND SALE.
LA PORTE COUNTY (P. 0. LaPorte), Ind.
July) at the office of the City Treasurer: are to be
lis. and are being
$127,000 coupon township poor relief bonds offered on Aug. 17-V. 133.
by Smith, Remster, Hornbrook & Smith, of Indianapo
investment as follows:
3% interest to the First National Bank & Trust
-were awarded at
reoffered for general
p. 998
The
Co., of La Porto, at par plus a premium of $65, equal to 100.05.
Maturities and Prices (Plus Accrued Interest).
Savings
bonds are dated Aug. 15 1931. Denom. $1,270. The LaPorte to bear
$173,000 35i Bonds.
of $127.50 for the issue
Price. Yield. Bank. of LaPorte, bid par plus a premium
Due.
Price. Yield. And.
Due.
And.
July 1 1940 101.89 3.50% Interest at 4Si %.
512,000 July 1 1932 101.07 2.50% $12,000 July 1 1941 101.65 3.55
NO. 41 (P. 0. Fort
12.000
101.81 2.75
LARIMER COUNTY SCHOOL DISTRICTof 4U% school building
12.000 July 1 1933
-A $6,000 issue
12,000 July 1 1942 101.79 3.55
-BOND SALE.
Collins). Colo.
Co. of
12.000 July 1 1934 102.05 3.00
12.000 July 1 1943 101.92 3.55
bonds is reported to have been purchased by the U. R. National
12.000 July 1 1935 101.80 3.25
12.000 July! 1944 102.05 3.55
Denver, Due $500 from 1936 to 1947, incl.
12,000 July 1 1936 101.11 3.50
1945 102.17 3.55
12,000 July 1
-BONDS REGISTERED.
12.000 July 1 1937 101.31 3.50
LA SALLE COUNTY (P. 0. Cotulla), Tex.
5,000 July 1 1946 102.29 3.55
court-.
12,000 July 1 1938 101.51 3.50
The State Comptroller registered on Aug. 12 a $40,000 issue of 5%
12,000 July! 1939 101.70 3.50
house and jail, 2nd series bonds. Denom. $1,000. Due serially.
33% Bonds.
$72,000
-BOND SALE.
Tenn.
Price, Yield
Due.
LAWRENCE COUNTY (P. 0. Lawrenceburg),been purchased by the
Price. Yield. Amt.
Due.
And.
A
July 1 1949 100.00 3.50% - $36,000 issue of 5% special school.bonds has 31,000. Dated June I
Denom.
7.000 July 1 1946 100.00 3.50% 813,000 July 1 1950 100.00 3.50
Equitable Securities Corp. of Nashville
13.000
at the
13.000 July 1 1947 100.00 3.50
1931. Due on June 1 1951. Prin. and int. (J. & D.) payable
13,000 July 1 1951 100.00 3.50
13.000 July 1 1948 100.00 3.50
Chemical Bank & Trust Co.in New York. Legality approved by Chapman
-The two & Cutler of Chicago.
-BOND DETAILS.
IOWA CITY, Johnson County, Iowa.
that were purchased by the
Issues of coupon bonds aggregating $54,299.66.
Financial Statement (As Officially Reported).
-were awarded as 5s. at par.
-V. 133, p. 1158
$20,000.000
Iowa City Savings Bank
76 paving, and $4,725.90 sewer Actual value (estimated)
9,991,972
The issues are described as follows: $49,573.to 1941. and $4,299.66 in 1942. Assessed valuation for 1930
643,000
bonds. Due as follows: $5,000, 1932
!rapt.
on May 1.
Total bonded debt,incl. this issue
$80.282
Optional on any interest paying date. Interest payable
Less: Bonds assumed by State
21,000
s
-The twrissue
-BOND SALE.
Sinking fund
IRVINGTON, Essex County, N. J. Aug. 18-V. 133. p. 998
101,283
-were
on
of coupon or registered bonds offered
$541,717
awarded as follows:
43s to Adams
Net bonded debt
improvement bonds ($587,000 offered) sold asof $2,808, equal
$585,000
plus a
Population 1930. 26,600.
& Mueller. of Newark, at par4.19%. premium
bonds are to be
Due Sept. I as follows:
Note.
to 100.48, a basis of about
-Approximately $200.000 of the above highway
1932 to 1950 incl. and $15.000 in 1951. Public assumed by the State under the reimbursement bill of the present 67th
$30.000 from
made at prices to yield from 3.00 General Assembly.
offering of the bonds is being
.
to 4.15%, according to maturitysold as 43s to a group com-NOTE SALE.
(P. 0. Greenwood), Miss.
503.000 sewer bonds ($514,000 offered) and C. A. Preim & Co., both A LE FLORE COUNTY anticipation notes is reported to have been pur$50.000 issue of 6% tax
posed of B. J. Van Ingen & Co. & Co.. of Newark, and C. C.
. Dated Aug.
Securities Co. of Memphis
of New York; Chas. P. Dunning at par plus a premium of chased recently by the Commerce
II. Charles, of St. Louis.
Collings & Co., of Philadelphia, of about 4.32%. Duo Sept. I 1931. Legality approved by Benj.
-On
0, equal to 102.30. a basis1940. incl; $15,000 from 1941
-BOND ELECTION.
$11,588.5
LE MARS, Plymouth County, Iowa.
from 1932 to
report, in order to submit to
1 as follows: $10,000
bonds of this issue. Sept.
election will be held, according to
to 1967, incl., and $8,000 lin 1968. The legal investment for the 3 an a proposal to issue $325,000 in municipal light and power plant
voters
according to the successfu bidders, are
New York and New Jersey,
savings banks and trust funds in investment at prices to yield bonds.
-The $20.000
Dak.-BOND SALE.
and are being reoffered for general
LEMMON Perkins County, S.
1933. 3.50%; 1934 and 1935,
3.25% for the 1932 maturity; and 1939. 4.10%; 1940 to 1949. issue of municipal building bonds that was offered for sale without success
4.00%; 1936. 4.05%; 1937, 1938es from 1950 to 1968, incl., are on July 20-V. 133. p. 999
-was purchased on Aug. 6 by Paine, Webber
1 1934 to 1951.
incl.. 4.15%. and the maturitir
& Co. of Minneapolis. Dated July 1 1931. Due from July
priced to yield 4.205'•
1931. The following is an
-A 290,000
-BOND SALE.
(P. 0. Hugo), Colo.
of the above issues is dated Sept. 1
Each
LINCOLN COUNTY
the sale:
to have been purofficial list of the bids received at
issue of 43i 5', court house refunding bonds is reported & Co. of Denver.
Int.
Amount
Loughbridge
No. of Bonds
at par by Bosworth, Chanute,$5,000 from 1933 to 1950 Incl.
chased recently
Bid.
Rate.
Bid For.
Sept. 11931. Due
Bidder4A %1 $514,425.25 Denom, $1,000. Dated payable at a local bank.
3509,0001
int.
West Side Trust Co
,
43$%1 587,684.84 Prin. and semi-ann.
582,0001
West Side Trust Co
-BOND ORDINANCE ADOPTED,
%1 514,310.00
503.0001
LORAIN, Lorain County, Ohio.
the
Dewey Bacon & Co
43$%f 587,670.00 -The city council recently adopted an ordinanace providing for be Issu580.0001
Dewey Bacon & Co
dated
587,808.00 ance of $79,740 5% special assessment improvement bonds, to
4;21%
585,000
Adams & Mueller
as follows: 515.740 in 1933, and 816,000
Preim
July 15 1931 and mature Sept. 15
(March and
B. J. Van Ingen & Co.. 0. A. Co.
from 1934 to 1937, incl. Principal and semi-annual Interest Trustees.
Dunning &
& Co., Chas P.
43$%1 514,588.50 September) are to be payable at the office of the Sinking Fund
503.0001
and C. 0. Collings & Co
587,154.30
43.$
580.0001
IAL STATEMENT.LORAIN, Lorain County, Ohlo.-FINANC 24 of 317 000 5% fire
Schlater &
Stephens & Co., M. F.
n with the proposed sale on August
0 In connectioequipment purchase bonds, notice and description of which
Co., Inc., Seasongood & Mayer 506,0001
514,096.0
department
-we are in receipt of the
and H. L. Allen & Co
tg / 587.529.00 appearedin our issue of Aug. 8-V. 13. p. 999
1
582,0001
Co. of N. Y.. J. S. Rippel 505,0001
.
folwing.35
Guaranty
Financial Statement
4A 5) 514,36
$135,000,000.0e
& Co. and Edw. B. Smith & Co
435%1 587,708.73 Real valuation
581,0001
88.401.080.00
Assessed valuation (1930)
Statement.
Financial
3,115.619.00
577.763.574 Total debt (including this issue)
651,233.00
valuation. 1931
0 Floating debt
Assessed
8.217.65
$493,000.00
*Total bonded debt
392.099 Water debt (included above)
1,825,876.11
Less: Sinking funds
7.825.551 Sepcall assessment bonds
403,847.11
Net debt
Sinking fund
population. 44,512.
Population. 1930 census. 56.729.
Population, 1930 census, 37.000. Present
debt as there is no separate School
The above constitutes the entirehaving taxing power within the town.
*
AND IMPROVEMENT
LOS ANGELES COUNTY ACQUISITION -BOND OFFERING. District or other overlapping districts
- DISTRICT NO. 20 (P. 0. Los Angeles), Calif. 24, by L. E. Larnpton,
-BOND REDEMPTION.
Fla.
2 p. m. on Aug.
JACKSONVILLE, Duval County,
by this city is taken Sealed bids will be received until a $7,788.99 issue of improvement bonds.
on of bonds
notice of a proposed redempti"City Treasurer Alexander Ray County Clerk, for the purchase of
The following
& J. Denoms. $1.000. one
19:
from the "Wall Street Journal" of Aug. paving bonds. due Sept. 1, next. Interest rate is not to exceed 7%_, payable J.3 1931. Due on Aug, 3 as
Aug.
plans to retire $300.000 of municipal
and bear 5% interest. for $500 and one for $288.99. Dated
1934 to 1939, and $1,288.99 in 1940. Principal
1926 for paying purposes
00.
The bonds were issued in
. A certified check
the amount in hand to pay the follows.$500 in 1933:51.0
and interest payable in gold at the County Treasury
Mr. Ray said he already had $210,000 of from the general fund.
statement accompanied
debt, and that he would take the remainder the payment of $200,000 on for 3% must accompany the bid. The following
bonds followed
notice.
"Retirement of the paving
in said acquisition and
issued in 1926. This payment the official offering
Aug. 1 to retire electric light plant bonds t of $2,000,000 worth issued
The assessed valuation of the taxableisproperty 0.
district for the year 1928 $54,330.0
reaches the halfway mark in the retiremen
These bonds are paid off with money improvement and Improvement District No. 20 includes an area of apJan. 1 1926, to fall due in 10 years.
Acquisition
Treasurer stated. After the
the estimated population of said district Is 30.
received from operation of the light plant. the
Ray said he would have only proximately 83 acres, and
$300,000 issue is paid off on Sept. 1, Mr.
%1
):
7
AUG. 22 1931.]
FINANCIAL CHRONICLE
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
-BOND ELECTION.
-We are informed that Sept.
Los Angeles), Calif.
29 Is the date scheduled for the special election to be held on the proposed
Issuance of $220,000,000 in aqueduct construction bonds, the preliminary
report of which appeared in V. 133, 13• 676.
LUDLOW, Kenton County, Ky.-BOND ELECTION.
-At the
general election to be held on Nov. 3 the voters will be called upon to pass
judgment on the proposed issuance of $120.000 in water works plant bonds.
LYNDHURST TOWNSHIP SCHOOL DISTRICT (P. 0. Lynd.
-BONDS RE
-OFFERED.
st) Bergen County, N. J.
-The issue of
$23.000 coupon or registered school bonds, originally offered on Aug. 11
hur
-V. 133. p. 835
-is now being readvertised for
at 44 and 4 % interest
award to bear interest at 5 and 5Ji %. Sealed bids for the issue will be
received by Henry Denton. District Clerk, until 8 p.m. (daylight saving
time) on Aug. 25. The bonds are dated Aug. 1 1931. Denom. $1.000.
Due as follows: $2,000 from 1933 to 1940, incl.. and $1,000 from 1941 to
1947, incl. Principal and semi-annual interest are payable at the First
National Bank, Lyndhurst. No more bonds are to be awarded than wil
produce a premium of $1,000 over *23.000. A certified check for 2% of
the par value of the bonds bid for, payable to the order of the Board of
Education, must accompany each proposal. The approving opinion Of
Claldwell & Raymond, of New York, will be furnished the successful bidder,
McCURTAIN COUNTY SCHOOL DISTRICT NO. 14(P.O. Idabel),
-BONDS OFFERED.
-Sealed bids were received until 2 p.m. on
Okla.
Aug. 18, by J. N. Fair, District Clerk, for the purchase of a $6,000 issue of
school bonds. Interest rate to be stated by the bidder. Due $500 from
1936 to 1947, inclusive.
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND OFFERING.
Marcia H. Barton. County Treasurer, will receive sealed bids until 10 a.m.
on Aug._ 29. for the purchase of $115.000 4% road construction bonds.
Dated May 1 1931. The bonds will be issued in 20 series of five bonds each;
one series due annually on May 15 from 1932 to 1951. incl. To enable the
immediate delivery of bonds on day of sale the transcript will have attached
to it a written opinion of the examining attorney, cost of same to be paid
by the purchaser in addition to the amount of his bid.
Bond Sale.
-The $12,600 4% coupon township road improvement bonds
-were awarded to the Fletcher Savings
offered on Aug. 15-V. 133, p. 836
& Trust Co. of Indianapolis. at par plus a premium of $197. COOS) to
101.56, a basis of about 3.68%. Due one bond each six months from July
15 1932 to Jan. 15 1942.
MADISON, EATON AND AUGUSTA CENTRAL SCHOOL DIS
TRICT NO. 1 (P. 0. Madison), Madison County, N. Y.
-BOND SALE.
-The $98,000 coupon or registered school bonds offered on Aug. 18V. 133, p. 999
-were awarded as 4.90s to Batchelder & Co. of New York,
the only bidders, at a price of 100.125, a basis of about 4.89%. The bonds
are dated June 1 1931 and mature June 1 as follows: $1,000 from 1933 to
1943 incl.; $2,000. 1944 to 1954 incl.; $3,000, 1955 to 1962 incl.; $4,000,
1963 to 1967 incl.; $5,000, 1968 to 1970 incl., and $6.000 in 1971.
MAINE (State of), P.O. Augusta.
-BOND OFFERING.
-W.S. Owen,
State Treasurer, will receive sealed bids until 10 a. m. (daylight saving
time) on Aug. 26 for the purchase of $2,000.000 3 % coupon highway
and bridge bonds. Dated Sept. 11931. Denom. *1.000. Due $100,000
on Sept. 1 from 1932 to 1951 incl. Prin. and semi-ann. int. (M. & S.)
are payable at the office of the State Treasurer. According to the official
notice of proposed sale, the bonds are exempt from taxation in Maine
and from all Federal income tax, and are an unqualified, direct obligation
of the State, and the credit and good faith thereof is pledged for the payment of both prin. and int. Bids must be for the entire issue. The
opinion of the Attorney-General of the State as to legality of the issue
will be furnished the successful bidder. The bonds are part of an issue
of $15,000,000 authorized by Chapter 130 of the Public Laws of 1929.
(The above report amplifies that given in
-V. 133, p. 1158.)
Financiat Statement.
Valuation ofthe State
$756.860,383
Bonded debt (exclusive of this issue) on Sept. 1 1931
25,277.800
MAPLE HEIGHTS (P. 0. Bedford) Cuyahoga County, Ohio.
-C. C. Taylor, City Clerk, will receive sealed bids
BOND OFFERING.
until 12 m.(eastern standard time) on Sept. 16, for the purchase of $5,000
6% emergency p000r relief bonds. Dated Aug. 15 1931. Denom. $1,000.
Due $1,000 on Sept. 1 from 1933 to 1937, incl. Principal and semi-annual
interest (March and September) are payable at the Central National
Bank, Cleveland. Bids for the bonds to bear interest at a rate other than
6%.expressed in a multiple of X of 1%,will also be considered. A certified
check for 3%. payable to the order of the City Treasurer, must accompany
each proposal.
MARIETTA., Washington County, Ohio.
-BOND OFFERING.Laura Morse, City Auditor, will receive sealed bids until 12 m. on Aug. 24
for the purchase of $5,500 54% street improvement bonds. Dated Aug.
1 1931. Denom. $500. Due Aug. 1 as follows: $1,000 in 1934, and $500
from 1935 to 1943, incl. Interest is payable semi-annually in February
and August. Bids for the bonds to bear interest at a rate other than 54%.
expressed in a multiple of 4 of 1%, will also be considered. A certified
check for $55, payable to the order of the city, must accompany each
proposal.
-PRICE PAID.
MARION, McDowell County, N. C.
-The $16,343
Issue of 6% tax anticipation notes that was purchased by the First'Na-was awarded at par. Due in
tional Bank of Marion-V. 133, p. 836
three months.
MARSHALLTOWN, Marshall County, lowa.-BOND OFFERING.
Sealed bids will be received until 7.30 p. m. on Aug. 26 by Anne McMahon,
City Clerk, for the purchase of a $17,436.58 issue of judgment funding
payable M.& N. Denom. $500,
bonds. Int. rate is not to exceed 4
one for $936.58. Dated Sept. 11931. Due on Nov. 1 as follows: $1.436.58
in 1932;$2,000. 1933:$1,000. 1934;$4.000. 1935 to 1937 and $1,000 in 1938.
-BOND SALE.
MASONTOWN, Fayette County, Pa.
-The $10,000
44.% coupon municipal building bonds offered on Aug. 10-V. 133. p.
gee--were awarded to .1. H. Holmes & Co. of Philadelphia, the only bidders,
at a price of par. The purchasers also obtained an option until Sept. 7
1931 on the issue of $50.000 funding bonds offered at the same time. The
issue sold is dated Aug. 1 1931 and matures $5,000 on Aug. 1 in 1946 and
1961. Cost of printing of the bonds to be borne by the successful bidders.
MASTODON TOWNSHIP (P. 0. Alpha) Iron County, Mich.
-The $30,000 54% coupon road improvement bonds
BOND SALE.
-were awarded to John Nuveen & Co.,
offered on Aug. 11-V. 133. p. 999
of Chicago, at par plus a premium of $65. equal to 100.21. a basis of about
5.45%. Dated Aug. 1 1931. Due $3,000 on Aug. 1 from 1932 to 1941,
incl. The First National Bank, of Alpha, bid par plus a premium of $25
for the issue.
MEMPHIS, Hall County, Tex.
-BOND ELECTION.
-It is reported
that an election will be held on Sept. 8 in order to have the voters pass on
the proposed issuance of $65,000 in municipal gas distributing system
bonds.
-BONDS NOT SOLD.
MENA, Polk County, Ark.
-The $64,000 issue
-was not sold as all
of paving bonds offered on Aug. 12-V. 133, p. 999
the bids received were rejected. It Is stated that these bonds will be reoffered at a later date.
-BOND CALL.
MIAMI BEACH, Dade County, Fla.
-It is announced
by C. W. Tomlinson, City Clerk, that the City will purchase at par and
accrued int. any of its bonds maturing in 1932. It is requested that bonds
be forwarded to the Miami Beach First National Bank in Florida with a
sight draft attached, and notify the above-named clerk.
MILLVILLE, Worcester County, Mass.
-TAX RATE.
-Property in
this municipality will be assessed at the rate of $49 per $1,000 of valuation
for the year 1931,according to a recent statement by the Board of Assessors.
current levy represents an increase of $11 over the rate in 1930.accordThe
ing to report.
MORGAN COUNTY (P. 0. Martinsville), Ind.
-BOND OFFERING.
-Sealed bids addressed to Walter K. Butler, County Treasurer, will be
received until 10 a.m. on Aug. 29, for the purchase of $12A00 4)%
Jackson Township road improvement bonds. Dated Sept. 1 1931. Denom.
$620. Due $620 July 15 1932; $620 Jan. and July 15 from 1933 to 1941.
incl., and $620 Jan. 15 1942.
MONTANA, State of (P. 0. Helena).
-BOND SALE.
-The $1,500,000 issue of coupon State highway treasury anticipation bonds offered
-was awarded to a group composed of
for sale on Aug. 14-V. 133, P. 160
1321
the Wells
-Dickey Co. of Minneapolis, and the Union Bank & Trust Co.of
Helena, and associates, as 44s, at a price of 100.12. a basis of about
4.46%. Due on Dec.31 as follows: $858,000 in 1934.and $642,000 in 1935;
The following is a detailed official list of the bids received:
Union Bank & Trust Co. of
Kaeman St Co.
First Seattle Dexter Horton Co.
Helena, Montana.
First National Bank at Trust Co.
Bancnorthwest Co.
of Helena. Montana.
First Securities Corp.
Wells-Dickey Co.
Rate of interest, 44%; premium, $1,839; certified check submitted for
$30.000; entire amount of interest to be paid by the State under this bid,
$252.051.
United States Nat'l Co.. Denver,
John Nuveen & Co., Chicago.
Colorado.
C. W. McNear dr Co., Chicago.
Fidelity National Corp., Kansas
The International Co. of Denver.
City, Mo.
Rate of interest, 4.75%; premium, $3.000; certified check submitted for
*30.750; total amount of interest to be paid by the State under this bid,
$264,995.
Gray, Emery, Vasconcells & Co.
Spokane Eastern Co.
Boettcher-Newton Co.
First Detroit Co.
Richards & Blum.
Ames. Emerich & Co.
Seattle Co.
Rate of interest. 5%; premium, $8.832; certified check submitted for,
$30,000: total amount of interest to be paid by the State under this bid,
6273,268.
There was also submitted a bid by the First National Bank at Butte.
which, however, offered to purchase only the amount of $300.000 of the
total issue of $1,500,000. Since the governing statute and the notice of
advertisement and sale require that bids will only be considered for the total
amount of the issue which is $1,500,000, this bid could not be considered.
After analysis of the bids it was evident that the bid of the syndicate
Including the Union Bank & Trust Co. et al is the best bid. Furthermore,
it is an unconditional bid being the only unconditional bid received: the
other three bide were all conditioned upon the furnishing, at bidders'
expense, of an approving attorney's opinion.
-VILLAGE TO ISSUE
MOUNT KISCO, Westchester County, N. Y.
-We are advised by F. Rockwell Mathews, Village
$275,000 BONDS.
Clerk, that sealed bids will be invited shortly for the purchase of an issue
of $275,000 in bonds for various improvement purposes.
-Sealed bids
-BOND OFFERING.
MUNISING, Alger County, Mich.
addressed to D.R.Potter, City Clerk, will be received until 5 p. m.(Eastern
standard time) on Aug. 27 for the purchase of $45,000 not to exceed 5%
interest bonds, divided as follows:
$33,000 street paving bonds. Due $3,000 annually on July 1 in from
1 to 11 years. Callable on any interest payment date at 2% premium and accrued interest.
12,000 water works bonds. Due $2,000 annually on July 1 in from
1 to 6 years.
Each issue is dated Sept. 1 1931. Principal and semi-annual interest
(January and July) are payable at the office of the City Treasurer. Suecessful bidder to furnish legal opinion and pay cost of the printing of the
bonds. A certified check for $1,000 must accompany each proposal.
-BOND SALE.
-The followMUSKEGON, Muskegon County, Mich.
ing issues of coupon bonds aggregating $400.000 offered on Aug. 18V. 133, p. 1159
-were awarded as 45 to M.M. Freeman & Co., Inc. of New
York, at a price of 100.30, a basis of about 3.97%;
$200,000 storm water sewer bonds. Due Aug. 1 as follows: $6,000 from
1934 to 1945 incl., and $8.000 from 1946 to 1961 incl.
100,000 water main bonds. Due Aug. 1 as follows: $3.000 from 1934 to
1945 incl., and $4.000 from 1946 to 1961 incl.
100,000 emergency poor relief bonds. Due $20.000 Aug. 1 from 1932
to 1936 incl.
Each issue is dated Aug. 1 1931.
-Sealed bids
NARROWS, Giles County, Va.-BOND OFFERING.
will be received by E. D. Coburn, Mayor, until Sept. 1, for the purchase
of a $22.500 issue of 5% semi-ann. refunding bonds. Due in 30 years and
optional after 10 years. (These bonds were previously offered for sale on
Aug. 12-V. 133, p. 1159.)
-BOND SALE.
-The
NAUGATUCK, New Haven County, Conn.
$150.000 44% trunk line sewer bonds offered on Aug. 18-V. 133, p. 1000
-were awarded to the R. F. Griggs Co. of Waterbury at 106.384. a basis
of about 3.94%. The bonds are dated Sept. 1 1931 and mature annually
as follows: $5.000 from 1933 to 1952 incl.; 166.000 from 1953 to 1958 incl..
and $7.000 in 1959 and 1960.
The bonds, according to the successful bidders, are legal investment for
savings banks and trust funds in the State of Connecticut. Public offering
is being made at prices to yield 3% for the 1933 maturity; 1934. 3.25%;
1935, 3.30%; 1936, 3.40%; 1937, 3.50%; 1938, 3.60%; 1939 and 1940.
3.65%; 1941 to 1944 incl., 3.70%; 1945 to 1947 incl., 3.75%; 1948 to 1950
incl., 3.80%; 1951 to 1954 incl., 3.85%, and 3.90% for the bonds due from
1955 to 1960 incl. Bids received at the sale were as follows:
Rate Bid,
Bidder106.384
R. F. Griggs Co. (successful bidder)
106.36
H.M.Byllesby & Co
105.64
Eldredge & Co
105.05
R.L. Day & Co
104.80
Estabrook & Co
H.L.Allen & Co
103.11
Aug.8 1931.
Financial Statement
*18.459,333
Assessed valuation, 1931
414,000
Total bonded debt,incl. this issue (2.5%)
-BOND OFFERING.
-Charles T.
NEW HAMPSHIRE (State of).
Patten, State Treasurer, will receive sealed bids until 11 a. m. (Eastern
standard time) on Aug. 28 for the purchase of $1.000.000 34% coupon
permanent highway bonds. Dated Sept. 1 1931. Denom. $1,000. Due
Sept. 1 as follows: $100,000 in 1932 to 1933:$400.000 in 1934. and $100.000
from 1935 to 1938 incl. Prin, and semi-ann. int. (M. & S.) are payable
at the National Shawmut Bank. Boston. Bonds may be registered in
multiples of $1,000 according to date of maturity in which case int. will
be paid only at the State Treasurer's office. Bids must be for "all or
none" of the offering. The opinion of the Attorney-General of the State
as to the legality of the bonds will be furnished. The issue is tax-free in
New Hampshire.
Financial Statement. June 30 1931.
*625.443,444.00
Assessors' valuation, April 1 1930
203.715.915.57
Savings bank deposits. June 30 1931
Insurance capital, Dec. 1 1930
6.810,570.00
Valuation of Public Utilities Corporations assessed by State
50,587.579.00
Tax Commission
Total funded debt
Floating debt
Notes payable "Treasury
Act"
Trust funds and liabilities
*886.557,508.57
*5.444,500.00
100.00
Rehabilha.ion
500.000.00
1,517,493.40
Total liabilities, June 30 1931
Total assets (various security investments, interest payments receivable,&c.),June 30 1931
7362.093.40
2,333.443.45
$5,128.649.95
Net debt,June 30 1931
-BIDS AGAIN INVITED
NEW JERSEY, State of (P. 0. Trenton).
-At a meeting of the State House
FOR $20,000,000 HIGHWAY ISSUE.
Commission on Aug. 18 it was decides' to again offer for sale the $20.000.000
issue of highway bonds, unsuccessfully offered 98 3 Ys on June 16 when a
banking group bid a price of par for $14.200.000 of the earlier maturing
bonds, and again on July 17 when "all or none" syndicate offers of 95.659
and 95.45 were rejected as unsatisfactory. The date set for the reception
of new tenders is Sept. 10 and the rate of interest for the issue has been
fixed at 3 %• The advance in the rate of interest assures State officials
of satisfactory results at the sale, according to report.
-BOND OFFERING.
NEW RIEGEL, Seneca County, Ohio.
E. E. Grum, Village Clerk, will receive sealed bids until 12 m. on Aug. 27
for the purchase of $2,000 5% fire apparatus purchase bonds. Dated
Sept. 1 1931. Denom. $400. Due $400 on Sept. 1 from 1932 to 1936
1322
incl. Rate of int. to be expressed in a multiple of 31 of 1%. Int. is payable semi-annually in March and September. A certified check for $40.
payable to the order of the Village Treasurer, must accompany each
proposal.
-BONDS NOT SOLD.
NEWTON FALLS,Trumbull County, Ohio.
The $6.800 534% coupon bonds offered on Aug. 15-V. 133, P. 836
offering consisted of $3,500
were not sold, as no offers were received. The
water mains bonds, due $700 on Oct. 1 from 1932 to 1936 incl., and $3,300
sidewalk impt. bonds, due on Oct. 1 from 1932 to 1936 incl. Each issue
Is dated July 15 1931.
-The
-BOND SALE.
NEWTON COUNTY (P. 0. Kentland), Ind.
-were
$30,496 5% coupon bonds offered on Aug. 15-V. 133, p. 677
awarded as follows:
$12,176 Lake Township road improvement bonds sold to the Fletcher
American Co., of Indianapolis, for a premium of $591.60, equal
to 104.85, a basis of about 4.0057. Due $608.80 July 15 1932;
$608.80 Jan. and July 15 from 1933 to 1941, incl., and $608.80
Jan. 15 1942.
Issues herewith were purchased by the State Bank of Topeka, Indiana:
11.520 McClellan Township road improvement bonds sold for a_premium
of 5570, equal to 104.94, a basis of about 3.99%. Due $576
July 15 1932; $576 Jan. and July 15 from 1933 to 1941, incl.. and
$576 Jan. 15 1942.
6,800 Lincoln Township road improvement bonds sold for a premium of
5337, equal to 104.95, a basis of about 3.99%. Due $340 July
15 1932: $340 Jan. and July 15 from 1933 to 1941, incl., and $3340
Jan. 15 1942.
Each issue is dated July 15 1931. The following is a list of the bids
received at the sale:
Issues: $12.176-$11.520-56,800
Premiums Bid
Bidder$570.00 x$337.00
of Topeka, Indianapolis_
State Bank
335.00
566.00
Fletcher American Co., Indianapolis_ _x$591.60
310.00
525.00
555.00
Union Trust Co., Indianapolis
205.00
405.00
405.00
City Securities Corp., Indianapolis
313.00
537.00
568.00
Fletcher Savings & Trust Co., Ind
x Accepted premium bids.
-Morris
OFFERING.
-BOND
NEW YORK, State of (P. 0. Albany).
S. Tremaine, State Comptroller, will receive sealed bids until 12 in.
(Standard time) on Sept. 15 for the purchase of $40,000,000 serial gold
bonds, divided as follows:
$25,000,000 grade crossing elimination bonds. Due $500,000 annually on
Sept. 15 from 1932 to 1981 incl.
10,000,000 general State kept. bonds. Due $400.000 annually on Sept. 15
from 1932 to 1956 incl.
5,000,000 emergency construction bonds. Due $200.000 annually on
Sept. 15 from 1932 to 1956 incl.
a
Each Issue Is dated Sept. 15 1931. Rate of interest to be expressed into
4
,
multiple of 3 of 1% and must not exceed 4%. Single interest rate
apply to all of the bonds of each issue. Interest is payable semi-annually
to the
on March and Sept. 15. Bids may be conditioned upon the awardhighest
bidder of all but no part of the entire $40,000,000 bonds "and the
bidder on the basis of'all or none' will be the one whose bid figures the lowest
Interest cost to the State on all issues combined after deducting the amount
of premium,if any." A certified check for 2% of the par value of the bonds
bid for, payable to the order of the State Comptroller, must accompany
of the
each proposal. The notice of proposed sale states that the net debt 1% of
State on June 30 1931 amounted to $306,595.557.03. which is about
the real and personal property subject to
the total assessed valuation of
taxation for State purposes.
State occurred on
The last previous long-term financing effected by the-year serial bonds,
April 7 of this year when an award of $34,975,000 1 to 50
comprising $31,325,000 33.55 and $3,650,000 334s. was made to a syndicate
headed by the Bancamerica-Blair Corp. of New York. at 100.082. the net
Interest cost of the borrowing to the State being about 3.46449%. This
was achieved
rate represented the lowest cost at which permanent financing p. 2818. At
-V. 132,
by the Commonwealth in approximately 25 years
the long-term bond sale conducted by the State in April 1930..1. P. Morgan
& Co. of New York, bidding for their sole account, purchased $331.550.000
-year serial bonds at an average interest rate basis of 3.79%.
47,, 1 to 25
-year
In March 1928 the State sold $22,500,000 33.4%,334% and 4% 1 to 50
serial bonds to a group managed by the Chase Securities Corp. of New York,
at a net interest cost basis of 3.6921%. which at that time constituted the
most advantageous terms obtained by the State over a long period of years.
-The
-BOND SALE.
NIAGARA FALLS, Niagara County, N. Y.
$96,000 series C coupon sewer bonds offered on Aug. 19-V. 133. p. 1159
were awarded as 3.60s to the Guardian Detroit Co., Inc., of New York,
of $28.80, equal to 100.03, a basis of about 3.59%.
at par plus a premium
The bonds are dated Sept. 1 1931 and mature Sept. 1 as follows: $11,000
in 1939; 840,000 in 1940; $20,000 in 1941, and $25,000 in 1942. The
following is an official list of the bids received at the sale:
Int. Rate. Premium.
Bidder3 '7
$28.80
.60
Guardian Detroit Co.,Inc.(successful bidders)
50.00
Rutter & Co
3
3 9700
199.68
Bank
Niagara County Savings
350.00
4.00%
Power City Trust Co
47.71
.
3 95i
George B.Gibbons & Co
95.04
4.00%
M.& T.Trust Co
-The
-TAX RATE.
County, Mass.
NORTH ADAMS, Berkshire
$31.80 per
tax rate for 1931 has been set by the Board of Assessors atof the city,
the history
$1,000 of assessable property, the highest levy in increase was attributed
The
and $2.50 per $1,000 over the rate last year. property valuation figures,
by city officials to the marked reduction in
caused by the closing of a number of mill plants.
-The
-TAX RATE.
NORTHAMPTON, Hampshire County, Mass.
of valuation, an increase
tax rate for 1931 has been set at $32.50 per $1,000
advance is attributed largely to a decrease
of$4 over the levy in 1930. The
also to an increase in
of $613,000 in real and personal property valuation,
municipal appropriations for poor relief work.
County, N. Y.
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau
and apparatus
-The $90,000 coupon or registered fire station
BOND SALE.
-were awarded as
offered on Aug. 18-V. 133, p. 1000
purchase bonds
York at 100.08, a basis ofabout 3.48%•
334s to Dewey,Bacon & Co.of New and mature $18,000 on March 1 from
The bonds are dated Sept. 1 1931
1933 to 1937 incl.
DISTRICT (P. 0. NuremNORTH UNION TOWNSHIP SCHOOLSALE.
-The $37.000 43i%
-BOND
burg), Schuylkill County, Pa.
-were awarded
133. p. 1160
coupon school bonds offered on Aug. 17-V.
the only bidders.
par to J. H. Holmes & Co. of Pittsburgh,follows: $6,000 in
at a price of
mature July 1 as
The bonds Are dated July 1 1931 and
1961.
1936, 1941. 1946, 1951 and 1956, and $7,000 in
Fairfield County, Conn.
NORWALK (P. 0. South Norwalk), Clerk will receive sealed bids
City
-Stephen Dokus,
BOND OFFERING.
purchase of $220,000
the
until 8 p. in. (daylight saving time) on Sept. 1 for sewage disposal bonds.
not to exceed 5% interest coupon or registered
Sept. 15 as follows: $6,000
Dated Sept. 15 1931. Denom. $1,000. Due and 1969. Principal and
from 1933 to 1967, incl.; and $5,000 in 1968 the Bank of Manhattan
semi-annual interest (M. & S.) are payable at
Trust Co., South Norwalk,
Trust Co., New York. or at the South Norwalk the aforementioned Trust
by
The bonds will be certified as to geniunenessThomson, Wood & Hoffman,
Co., and their validity will be approved by
value of the bonds bid
of New York. A certified check for 1% of the par must accompany each
for, payable to the order of the City Treasurer,
proposal.
-CITY PETITIONS
Mich.
OAKLAND COUNTY (P. 0. Pontiac),-According to the Detroit
FOR $1.000.000 BOND AUTHORIZATION.
made by county officials
"Free Press" of recent date, application has been permission to refund a
to Howard C. Lawrence, State Treasurer, for
It is said that because
$1.000,000 bond issue which became due Aug. 15.
the bonds are not
of tax payment delinquencies funds for the payment of
available.
Weber County,
OGDEN CITY SCHOOL DISTRICT (P. 0. Ogden) refunding bonds
-The $75,000 issue of coupon
Utah.
-BOND SALE.
-was purchased by Snowoffered for sale on Aug. 14-V. 133. p. 1,000
98.715, a basis of
Goodart & Co. of Salt Lake City, as 4s, at a price of
in 10 years.
about 4.15% to optional date. Due in 20 years and optional
The other bids are officially reported as follows:
[VOL. 133..
FINANCIAL CHRONICLE
Names of Other BiddersEdward L. Burton
1 to 10 years serial
1 to 20 years
Edward L. Burton
Edwin S. Felt
1 to 20 yrs.. optional 10 yrs.
With or without option
Price Bid.
331
97.07
199.40
3
91.61
9 51
91..61
97.26
8.616
3
o
2 °3
5.20 3
20 years, optional 10 years 9 .
0
97.85
20 years (not optional)
-It is reported
OMAHA, Douglas County, Neb.-BOND PROPOSAL.
that a new offering may be made on Aug. 24 to the City Council by Stranahan, Harris & Co., Inc., of Toledo on the $2,000,000 issue of not to exceed
6% semi-annual coupon or registered O'Hern Street bridge revenue bonds.
that was offered for sale without success on Aug. 1-V. 133, P. 1000.
At the time of the unsuccessful offering the above company was said to
have offered a flat price of 92 on the bonds with the interest rate in the
discretion of the city. Details of this contemplated proposal have not
been announced.
-BOND
ORANGEBURG COUNTY (P. 0. Orangeburg), S. C.
-It is reported that sealed bids will be received until Sept. 8
OFFERING.
by S. J. McCoy, Chairman of the Highway Commission, for the purchase
a a $50,000 issue of road bonds. Int. rate is not to exceed 6%, payable
semi-annually.
-The National
ORLEANS, Orleans County, Vt.-BOND SALE.
Life insurance Co.. of Montpelier, was awarded on Aug. 18 an issue of
$35,000 434% village improvement bonds at par plus a premium of 5661,
equal to 101.88, a basis of about 4.25%. The bonds are dated Sept. 1
1931 and mature serially from 1932 to 1949, incl.
-Sealed bids
-BOND OFFERING.
OSWEGO, Oswego County, N. Y.
addressed to George E. Farrell, City Chamberlain, will be received until
10 a.m. on Aug. 27. for the purchase of $5,000 not to exceed 5% interest,
coupon or registered harbor improvement bonds. Dated Aug. 15 1931.
Denom. $1,000. Due Aug. 15 1932. Rate of interest to be expressed in a
multiple of 3‘ of 1% and must be the same for all of the bonds. Principal
and semi-annual interest are payable at the office of the Cith Chamberlain.
A certified check for 2% of the par value of the bonds bid for, payable to
the order of the city, must accompany each proposal.
-BOND
OTTAWA HILLS (P. 0. Toledo), Lucas County, Ohio.
-Franz S. Blue, Village Clerk, will receive sealed bids until
OFFERING.
12 in. on Sept. 8 for the purchase of $6.000 6% refunding bonds. Dated
Sept.! 1931. Denom.$1,000. Due $1,000 on Sept. 1 from 1933 to 1938,incl.
Principal and semi-annual interest(M.& S.) are payable at the Commercial
Savings Bank & Trust Co., Toledo. Bids for the bonds to bear interest
at a rate other than 6%,expressed in a multiple of 34 of 1%, will also be
considered. A certified check for 5%, payable to the order of the Village
Treasurer, must accompany each proposal.
-BOND OFOWEN SCHOOL TOWNSHIP, Warrick County, Ind.
-Sealed bids addressed to Robert Hull, Township Trustee, will
FERING.
be received until 2 p. in. on Sept. 14 for the purchase of $6,000 434% school
bonds. Dated Sept. 14 1931. Denom. $250. Due $250 Jan. and July 1
from 1934 to 1945 incl. Principal and semi-annual interest (January and
July) are payable at the Peoples Trust & Savings Bank of Boonville.
-The
-TEMPORARY LOAN.
PALMER, Hampden County, Mass.
First National Old Colony Corp., of Boston, was awarded on Aug. 19 a
1.76% discount basis. The loan Is dated
$100,000 temporary loan at
Aug. 21 1931 and matures Dec. 30 1931. F. S. Moseley & Co., of Boston, the only other bidders, offered to take the loan at 1.90%, with Interest
payable at maturity.
-BOND OFFERING.
PERTH AMBOY, Middlesex County, N. J.
Sealed bids addressed to Joseph E. Hornsby, City Treasurer, will be received until 2 p. in. (Daylight savitig time) on Sept. 14 for the purchase of
$132,000 coupon or registered bonds, divided as follows:
Dated Sept. 15 1931.
$77,000 434, 434, 434 or 5% general impt. bonds. 1939 incl., and $6,000
Due Sept. 15 as follows: $5,000 from 1933 to
from 1940 to 1946 incl. Interest is payable semi-annually on
March and Sept. 15. No more bonds of this issue are to be awarded
than will produce a premium of $1,000 over $77,0000. The bonds
will be prepared under the supervision of the International Trust
Co., New York. which will certify as to their genuineness. July 1
Dated
55,000 not to exceed 5% interest emergency impt. bonds. incl. Rate of
1931. Due $11,000 on July 1 from 1932 to 1936
interest to be expressed in a multiple of 1-100th of 1%. Interest
is payable semi-annually in Jan. and July.
Denom. $1,000. Prin. and int. are payable at the office of the City
bid for
Treasurer. A certified check for 2% of the par value of the bonds
must accompany each proposal. The approving opinion of Caldwell &
Raymond of New York,will be furnished the successful bidder.
-The $25.000
-BONDS NOT SOLD.
PHENIX CITY,Lee County,Ala.
issue of 6% semi-annual refunding bonds offered on Aug. 17 (V. 133. P.
81
.
ll60) w sept so1(1 . ere
Due on as not2 19 as thig were no bids received. Dated Sept. 2 1931.
Lauren W. Gibbs
-BANK GRANTS CITY LOAN OF $3,000,000.
PHILADELPHIA, Pa.
on Aug. 10. at which
-The $3.000,000 temporary loan offered by the citysince been purchased
-has
time no bids were received-V. 133, p. 1160
at
by the Philadelphia National Bank, of Philadelphia, to bear interest
23.4% and repayable Dec. 31 1931.
Tacoma),
NO. 21 (P.
PIERCE COUNTY SCHOOL DISTRICTbe received 0.10.30 a. in.
until
-Sealed bids will
Wash.
-BOND OFFERING.
of a
on Sept. 5, by J. W. Tallant, County Treasurer, for the purchasesemi$4,000 issue of school bonds. Int. rate is not to exceed 6%, payable
any multiple thereof not exceeding $1,000.
annually. Denom. $100 or
Due in 10 equal annual installments commencing with the second year
after date. Prin. and int. payable at the office of the County Treasurer.
the State Treasurer, or at the fiscal agency of the State in New York. A
certified check for 5% must accompany the bid.
-Sealed
-BOND OFFERING.
PLAIN CITY, Madison County, Ohio.
12 in.
bids addressed to H. B. Walker. Village Clerk, will be received until bonds
of $2,800 6% water main construction
on Aug.31 for the purchase
1 as
Dated Oct. 1 1931. One bond for $300, others for $500. Due Oct. payfollows: $500 from 1932 to 1936, incl., and $300 in 1937. Interest is
Oct. A certified check for 10%. Payable
able semi-annually in April and
to the order of the Village Treasurer, must accompany each proposal.
PORTAGE COUNTY (P. 0. Stevens Point), Wis.-BOND SALE.
The $445,000 issue of coupon semi-ann. alms house bonds offered for sale
Co. of
on Aug. 14-V. 133, p. 1001-was awarded to the Milwaukeebasis of
Milwaukee as 4348. for a premium of $911, equal to 102.02, a
about 3.70%. Due from 1933 to 1937, incl. The following is an official
list of the bids received:
0000
Premium..
Name ofld er*The Milwaukee Co., Milwaukee
Thompson, Ross & Co.,Chicago
585.00
Wells-Dickey Co.. Minneapolis
First Wisconsin Co., Milwaukee
5 .
45
6
Ostia, Hoyne & Co., Chicago
356.00
A. C. Allyn & Co., Chicago
315.00
Hill-Joiner & Co.. Chicago
242.00
White-Phillips Co., Davenport
139.00
Lawrence Stern & Co., Chicago
131.01
The Shawmut Corporation of Boston, Chicago
* Successful bidder.
-BOND OFFERING.
POSEY COUNTY (P. 0. Mount Vernon), Ind.
will
-Sealed bids addressed to Casey J. Martin, County Treasurer,% be
road
the purchase of $5,800
received until 2 p. in. on Aug. 22 for
improvement bonds. Dated Sept. 1 1931. Denom. $290. Due $290,
July 15 1932; $290, Jan. and July 15 from 1933 to 1941, incl., and $290,
Jan. 15 1942. Interest is payable semi-annually on Jan. and July 15.
-In con-LIST OF BIDS.
PORT HURON, St. Clair County, Mich.
-of the
nection with the notice in our issues of Aug. 15-V. 133, p. 1160
to the
award on Aug. 12 of 8240.000 bonds as 4s and 434sbasis ofFirst National
about 4.05%,
Port Huron. at 100.16. a
Trust & Savings Bank. of
official list of the bids received at the sale;
we are in receipt of the
Aua. 22 1931.]
FINANCIAL CHRONICLE
BidderInt. Rate. Premium.
First Nat. Trust & Savings Bank,13120,000 1932-1944 4X%
$426
Port Huron (successful bidder)-United States Savings Bank, Port 18000 1932-1950 4' 1.
%
3
I 60.000 1951-1956 4%
Huron
185,000 1932-1951 4%
First Detroit Co., Detroit
6
55,000 1951-1956 4 o
4j
Halsey, Stuart & Co., Chicago, total issue at
3,336
John Nuveen & Co. and A. C. Allyn & Co., jointly
1,273
43
Harris Trust & Savings Bank. Chicago
43
1,623
Central Republic Co., Chicago
2,715
4X
Stranahan, Harris & Co., Toledo
321
4) 0
POTTER COUNTY (P. 0. Amarillo), Tex.
-BOND SALE.
-A
$276.000 issue of 5% semi-annual court house and Jail bonds is reported
to have been purchased by the Modern Woodmen of the World. of Omaha.
Due from 1932 to 1960.
PRESIDIO COUNTY (P. 0. Marfa), Tex.
-BOND DETAILS.The $150,000 issue of special road bonds that was reported to have been
sold at a price of 101.46-V. 133, p. 1160
-bears interest at 53% and was
purchased by the -B. F. Dittmar Co. of San Antonio. Denom. $1,000.
Due serially.
(The above issue of bonds was registered by the State Comptroller on
Aug. 11.)
PRINGLE CONSOLIDATED COMMON SCHOOL DISTRICT NO.
16 (P. 0. Stinnett), Hutchinson County, Texas.
-BOND SALE.
A $22,000 issue of 5% semi-ann. school bonds is reported to have been purchased recently at par by the State of Texas. Due in 20 years.
PULASKI, Giles County, Tenn.
-BOND SALE.
-A $20,000 issue of
electric light refunding bonds is reported to have been purchased by the
American National Co. of Nashville.
1323
ST. JOSEPH, Berrien County, Mich.
-BOND SALE.
-The two issues
of coupon bonds aggregating $22.000 offered on Aug. 17-V. 133, P.
1160
-were awarded as 4)1s to the Grand Rapids Trust Co. of Grand
Rapids. at par plus a premium of $83, equal to 100.37, a basis of about
4.439". Included in the award were the following:
612,000 refunding electric light bonds. Due $1,000 Oct. 15 from 1932
1943,incl.
10,000 refunding Michigan Ave. viaduct bonds. Due $1,000 Oct. 15
from 1932 to 1941,incl.
Each issue is dated Aug. 15 1931. The Guardian Trust Co. of Detroit,
bid par plus a premium of $6 for the issue, while an offer of par plus a
Premium of $48.40 was made by the First Detroit Co., of Detroit.
-The
SAINT JOSEPH Buchanan County, Mo.-BOND SALE.
$127.000 issue of4)1% coupon refunding bonds offered for sale on Aug.14V. 133, P.837
-was jointly purchased by the Harris Trust & Savings Bank
of Chicago, and the Empire Trust Co. of St. Joseph, for a premium of
55.679. equal to 104,47, a basis of about 3.80%. Dated Sept. 1 1931.
Due from Sept. 1 1936 to 1951. The following is an official list of the other
bids rece v .
Names of Other Bidders.
Price Bid.
Commerce Trust Co., Kansas City
$131,727,00
Lawrence Stern & Co., Chicago
131.540.25
City Bank & Trust Co., Kansas City
131,530.09
Fidelity National Corporation, Kansas City
131,491.99
Baum Bernheimer Co., Kansas City
130,856.99
Thompson Ross Co., Kansas City
130,708.40
The Northern Trust Co., Chicago
130.593.00
Prescott, Wright, Snider, Kansas City
130.543.30
Mississippi Valle Co., St. Louis
"
,
130,230.88
White, Phillips Co., Davenport, Iowa
128,380.00
Detroit Co., Chicago (4% bid)
First
128.321.00
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND SALE.
RAILROAD SCHOOL AND CIVIL TOWNSHIP (P. 0. San Pierre), The $42,950 414% coupon bonds offered on Aug. 14-V. 133, P. 1001
were awarded to the Fletcher American Co., of Indianapolis, as follows.
-BOND SALE.
Stark County, Ind.
-The $17,500 4X% coupon school
construction and equipment bonds offered on Aug. 17 (V. 133, p. 1001) $20,035 road improvement bonds sold at par plus a premium of $744, equal
to 103.71, a basis of about 3.73%. Due $1.001.75 May and Nov.
were awarded to the Fletcher Savings & Trust Co. of Indianapolis atixtr
15 from 1932 to 1941, Inclusive.
plus a premium of $207, equal to 101.18. a basis of about 4.25%. The
12,365 road improvement bonds sold at par plus a premium of $451.41.
bonds are dated June 21 1931 and mature $875 on June and Dec. 21 from
equal to 103.65, a basis of about 3.79%. 'Due $618.25 July 15 1932:
1932 to 1941,incl. Only one bid was received at the sale.
$618.25 Jan. and July 15 from 1933 to 1941, incl., and $618.25
Jan. 15 1942.
RALEIGH SCHOOL DISTRICT (P. 0. Raleigh), Wake
County,
10,550 road improvement bonds sold at par plus a premium of $381.91,
-.MATURITY.
--The $55,000 issue of notes that was purchased by
N. C.
equal to 103.62. a balsa of about 3.79%. Due $527.50 July 15
the North Carolina Corp. of Raleigh, as 4%s, at par-V. 133, p. 1001-1s
1932; 3527.50 Jan. and July 15 from 1933 to 1941, incl.. and
due on Nov. 1 1931.
$527.50 Jan. 15 1942.
Each issue is dated Aug. 1 1931.
RANDOLPH COUNTY (P. 0. Asheboro), N. C.
-BOND OFFERING.
-Sealed bids will be received by Chas. M.Johnson, Secretary of the Local
SANFORD, Lee County, N. C.
-BOND OFFERING.
Government Commission,at his office in Raleigh, until 10 a. m.on Aug.25,
-Sealed bids will
the purchase of an issue of $175,000 coupon road funding bonds. Int. be received until 10 a.m. on Sept. 1 by Chas. M. Johnson, Director of the
for
rate is not to exceed 6%, payable J. & J. Denom. $1,000. Dated July 1 Local Government Commission, at his office in Raleigh, for the purchase of
1931. Due on July 1 as follows: $5,000, 1933 to 1953, and $10,000, 1954 a 262,000 issue of water and public improvement bonds. A certified check
to 1960, all inclusive. Principal and interest payable in gold in New York for $1,240 must accompany the bid.
City. The approving opinion of Storey, Thorndike, Palmer & Dodge of
Boston. will be furnished. Purchaser will pay delivery charges. Bonds
SAN FRANCISCO, San Francisco County, Calif.
-BOND SALE.
engraved by the Security Banknote Co. Bids below par cannot be accepted. A $56,000 issue of 3)19" library bonds is reported to have been purchased
A certified check for 2% of the bonds bid for, payble to the State Treasurer. by the Anglo-London-Paris Co. of San Francisco, at a price of 91.25.
(These bonds are stated to be the last of a total issue of 31,600,000 auth•
orized in 1904.)
Official Financial Statement.
Real estate taxable property estimated
$34,000,000
-BOND OFFERING.
SAN MARCOS,Hays County, Tex.
-Sealed bids
Assessed value taxable property, 1930
27,038,463 will be received until 10 A.M.on Sept.2,by H.C.McGehee.City Secretary,
Total bonded debt all purposes including issue now offered
1,808,500 for the purchase of a $200000 issue of 5% public free school building bonds.
School bonds in above total
97,000 Deno. $1,000. DatedJune 30 1931. Due $5,000 from Feb. 15 1932 to
m
Bondsfor other than school purposes in above total
1,711,500 1971 incl. Prin. and int.(F. & A.) payable at the State Treasury in Austin,
Sinking fund
.4 at the City Treasurer's office, or at the Central Hanover Bank & Trust Co.
Population,1930 census,36,259; 1920 census,30,856.
Randolph County has never been in default. The bonds now offered In New York City. All proceedings incident to this issue shall have the
will retire all of the outstanding floating debt of the country. The sinking approval of the Attorney General of the State, and sale will be made subject
fund is adequately protected In accordance with the law. The tax rate in to the approving opinion of any recognized bond attorney who may be
1930 was $1 and it is expected that this will be reduced considerably upon selected by the buyer, and who must pay the cost of such opinion. Bidders
adoption of the new budget for 1931. The 1928 tax levy amounted to may arrange their bid so as to include furnishing the printed bonds for the
$310,857.27, uncollected $3,998,65; 1929 levy $330,071.14, uncollected entire issue, but such printed bonds must conform to the original band
order. A certified check for 2% of the par value of the bonds bid for,
$3.973.86; 1930 levy $317,529.22 uncollected July 1 1931 $27.541.31.
payable to the City, is required.
(The preliminary report of this offering appeared in V. 133, p. 1161).
RAPID CITY, Pennington County, S. Dak.-BOND ELECTION.It is reported that an election will be held on Sept. 1 in order to have the
Official Financial Statement.
voters pass approval on the proposed issuance of $215,000 in sewage disCity of San Marcos, incorporated 1877 under General Laws of the State
posal plant bonds.
of Texas.
Estimated taxable values
READING, Middlesex County, Mass.
-TEMPORARY LOAN.
$6.000,000
-The
1931 assessed valuation, real estate
Second National Bank of Boston, purchased on Aug. 20 a $100.000 tern2.438,140
1931 assessed valuation, personal property
porary loan at 1.80% discount basis. The loan matures April 25 1932 and
808,605
Total assessed valuation
was bid for by the following:
3.246,745
Bonded Indebtedness.
Discount Basis.
Second National Bank of Boston (successful bidder)
Out- Rate
1.80
Issued.
Amt. standing. %
Faxon, Gade & Co
Maturity.,
1.87
Street and alley. April 7 1920--- $5,000 $5,000 5
Merchants National Bank of Boston
1960
2.02
Street
First National Old Colony Corp
2.18 o Schoolimprovement,June 1 1924_ 25,000 18.000 5% Due serially 25 yrs.
bldg. site, April 10 1925-- 20,000 15,000 5% Due ser. Sea.5 yrs.
-BOND ELECTION.
Public bldg.refund,July 1 1928_ _ 23,000 21,000 431 Due serially
REMSEN, Plymouth County, Iowa.
-It is reported that an election will be held on Sept. 3 in order to submit to the City Water works, Aug. 15 1929_150,000 148,000 431 Due serially
voters the proposed issuance of $75,000 in electric light or power plant Sewer bonds (voted $130,000 of
bonds.
which $50,000 have been sold)_
50,000 5
Due serially
REIDSVILLE, Rockingham County, N. C.
-BOND SALE.
-The
Total
$257,000
$35,000 issue of coupon water and sewer bonds offered for sale on Aug.
City owes four notes each for $1,375, bearing an interest rate of 6% on
18-V. 133, 13• 1001-was purchased by Stranahan, Harris & Co., Inc. an American LaFrance Fire Engine, dated Feb. 11927, one due each year.
of Toledo, as 534s, paying a premium of $105, equal to 100.30, a basis of (These are notes 6, 7,8 and 9 of a series of 9 notes).
about 5.47%. Dated Aug. 1 1931. Due $1,000 from Aug. 1 1934 to
The city also owes promissory notes to the amount of $12.590, all of
1968,incl.
which are taken care of in the current tax levy. This indebtedness is of
the transcript.
REYNOLDS COUNTY (P. 0. Centerville), Mo.-BONDS OFFERED, date June 11 1931 as shown inpurposes for 1931 is 32.50 on the
The general tax levy for all
$100 valua-Sealed bids were received by 0.C. Lane, County Treasurer, until 2 p. m. tion of which 50 cents is for this issue of bonds.
Aug. 18, for the purchase of a $60,000 issue of 4X, 5 or 5%% Judgment
funding bonds. Denom. $1,000. Dated Sept. 1 1931. Due on March 1
SANTA BARBARA COUNTY SCHOOL DISTRICTS (P. 0. Santa
as follows: $1,000, 1934 to 1937; $2,000, 1938 and 1939; $3,000, 1940 to
-BONDS OFFERED FOR INVESTMENT.-Tho two
Barbara), Calif.
1944;$4,000. 1945 to 1947;$5,000, 1918 and 1949:$7,000, 1950,and $8,000 Issues
of 5% coupon bonds aggregating $316,000, that were purchased by a
in 1951. Place of payment to be designated by purchaser. Bonds will be
printed and registered by the State Auditor at the expense of the county. syndicate headed by Dean Witter & Co. of San Francisco, at 106.86 and
106.91. basis of about 4.22 and 4.20%-V. 133. p. 1161-were reoffered
The legal opinion of Benj. H. Charles, of St. LOUIE, will be furnished.
for public subscription by the successful bidders priced to yield as follows
RIVERTON, Fremont County, Wyo.-BONDS CALLED.
-It is re- on both of the issues:
1.75% 1938
3.80
ported that C. E. Deardorff, Town Clerk, is calling for payment on Sept. 1932
2.75
1939
3.90
20 at the office of Causey, Brown & Co.of Denver,on which date interest 1933
3.25
1940
4.00
shall cease, the 6% water extension bonds, Nos. 1 to 30, to the amount of 1934
3.50
1941-42
4.05%
$15,000. Denom. $500. Dated Sept. 20 1916. Due on Sept. 20 1946 1935
3.60% 1943-44
1936
4.10%
and optional on Sept. 20 1931.
3.70% 1945-46
1937
4.15%
1947-55
ROANE COUNTY (P. 0. Kingston), Tenn.
-BOND DETAILS.._
4.20%
The legality is subject to the approval of Orrick, Palmer & Dahlquist
The $210,000 issue of 6% coupon funding bonds that wasJointly purchased
by the Equitable Securities Corp. of Nashville, and the Provident
of San Francisco. Principal and interest (A. & 0. 7) payable at the office
Savings
Bank & Trust Co. of Cincinnati, at 100.13, a basis of about 5.99%- of the County Treasurer. The following is an official list of the other
V. 133, 13. 1001-is dated July 1 1931. Due $10,000 from July 1 1941 to bids received.
Names of Other Bidders1961 incl. Prin. and in (J. & J.) payable at the Chemical Bank & Trust
Premium.
Co. of New York. Legality approved by Chapman & Cutler of Chicago. Bankamerica Co
$21,510
Wm. R. &eats Co
21,726
-BOND SALE.
ROCKPORT, Essex County, Mass.
H. Moulton Co
-The First Na- R.
20,597
tional Old Colony Corp. of Boston, purchased on Aug. 19 an issue of $23,000 Harris Trust Co
19,247
3X% coupon sea wall bonds at a price of 100.51, a basis of about 3.65%. National City Co
18.202
Dated Aug. 1 1931. Due serially from 1932 to 1941 incl. Bids received
at the sale were as follows:
SANTA MONICA,Los Angeles County, Calif.
-BOND ELECTION.
BidderRate Bid. On Sept. 11 the voters will be asked to pass on a proposal to issue $690,000
First National Old Colony Corp.(successful bidder)
100.51 in bonds for the construction of a breakwater and yacht harbor, following
Eldredge & Co
100.26 the approval on Aug. 14 of the proposed issue by New York bond attorneys.
R.L.Day & Co
100.09
-BOND OFFERING.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
ROSS TOWNSHIP SCHOOL DISTRICT (P. 0. Bellevue) Alle- Stacy F. Coleman, County Treasurer, will receive sealed bids until 10 a.m.
-BOND OFFERING.
-Paul Hughes, Secretary of on Aug. 27, for the purchase of $17.500 4)1% bonds, divided as follows.
gbarly County, Pa.
the District, will receive sealed bids at the office of John E. Winner, $10,500 Lexington Township road improvement bonds. Denom. $525.
Solicitor, 1809 Union National Bank Bldg.. Pittsburgh, until 10 a.m,
Due $525 July 15 1932; $525 Jan. and July 15 from 1933 to 1941.
(eastern standard time) on Sept. 8, for the purchase of $35,000 4% bonds..
incl., and $525 Jan. 15 1942.
Dated July 1 1931. Denom. $1,000. Due July 1 as follows: $5,000 in
7.000 Vienna Township road improvement bonds. Denom. $350. Due
1940; $10,000 in 1951, 1956 and 1961, Bids will be received subject to
$350 July 15 1932: $350 Jan. and July 15 from 1933 to 1941. incl.,
the approval of the issue by the Department of Internal Affairs of Pennand $350 Jan. 15 1942.
sylvania. A certified check for $500 must accompany each proposal.
Each iffille Is dated July 15 1931.
1324
FINANCIAL CHRONICLE
-The follow-BOND SALE.
SCRANTON, Lackawanna County, Pa.
bonds aggregating $140,900 offered
ing issues of coupon or registered awarded as
to Edward Lowber
on Aug. 18-V. 133, p. 1001-were Co.. both of Philadelphia, jointly,
Stokes 8: Co., and Ft. M. Snyder & to 100.32. a basis of about 3.725';
at 'ler plus a premium of $452, equal follows: $4,000 from 1932 to 1947
$106,000 impt. bonds. Due Aug. 1 as 1961 incl.
incl., and $3,000 from 1948 to follows: $2,000 from 1932 to
as
34.000 funding bonds. Due Aug. 1
1935 incl., and $1,000 from 1936 to 1961 incl. to the successful
1 1931. The bonds, according
Each issue is dated Aug.
trust funds in the States of Pennbidders, are legal for saving banks andand Connecticut. Public offering
sylvania, New York. Massachusetts for the 1932 maturity; 1933, 3.00%;
2.75%
is being made at prices to yieldto 1941 incl., 3.60%. and 3.625% for the
1936
1934 and 1935. 3.50%; 1961 incl. Offered subject to the favorable legal
bonds due from 1942 to
of Philadelphia.
opinion of Townsend, Elliott & Munson
-The
-BOND SALE.
COUNTY (P. 0. Shelbyville), Ind.
To'SHELBY
improvement bonds offered on Aug. 20$8,000 41.6% coupon highway to Pfaff & Hughel, of Indianapolis, at par
1161-were awarded
V. 133, p.
a basis of about 3.70%. The
;plus a premium of $313.30, equal to 103.91, July 15 1932; $400 .,an. and
3400
b.onda are dated Aug. 15 1931. Due $400 Jan. 15 1942. Bids received
1933 to 1941. incl., and
July 15 from
Premium.
at the sale were as follows:
Bidder$313.30
Pratt & Hughel (successful bidders)
258.00
Fletcher Savings & Trust Co
292.16
Snyder
J. Harvey
265.00
Breed. Elliott & Harrison
-The
-BOND DETAILS.
SHELBYVILLE, Bedford County, Tenn.
that was jointly purchased by the
$40,000 issue of 5% refunding bonds
& Gibson, both of
Equitable Securities Corp., and Robinson, Webster
as follows: Prin.
Nashville, at par-V. 133, p. 1001-Is further describedCo. In New York.
& Trust
and int.(F. & A.) payable at the Chemical Bank Chicago. As previously
of
Legality to be approved by Chapman & Cutter are optional on Aug. 1 1941.
reported those bonds mature on Aug. 1 1951 and
Financial Statement (As Officially Reported Aug. 2 1931)
$5.000,000
Actual value of all taxable property, estimated
2,505.443
Assessed valuation for taxation, 1930
333,000
this issue
Total bonded debt,including2,912; 1930 census. 5,007.
census,
Population: 1920
-It is
DS CALLED.
SHERIDAN, Sheridan County, Wyo.-BON
er of Finance, is calling for payreported that John A. Hoyt, Commission
of $18,000. Dated March 1
ment on Sept. 1, sewer bonds to the amount
1917. Due In 1937.
NO. 1 (P. 0. Butte),
SILVER BOW COUNTY SCHOOL DISTRICT
-The 3199.683.23 issue of school refunding bonds
-BOND SALE.
Mont.
-was purchased by the First
Aug. 14-V. 133, P. 679
offered for sale on
a premium of $200. equal
National Bank of Butte, as 4(s (F. & A.) for
to 100.10.
premiums of $100 on 4N% bonds.
The other three bidders all offered
Co. of Minneapolis; the Murphy
The bidders were as follows: Wells-Dickey
Securities Corp. of Minneapolis.
Fevre Co. of Spokane, and the First
St. TamSLIDELL SEWERAGE DISTRICT No. 1 (P. 0. Slidell), received
-Sealed bids will be
-BOND OFFERING.
many Parish, La.
F'ritchle, Mayor, for the purchase
until 11.30 a.m. on Aug. 22, by H. G. rate is not to exceed 6%, payable
Int.
of a $40,000 issue of sewer bonds.
1931. Due from Sept. 1 1932 to
Dated
M. Sc S. Denom. $500. payable Sept. 1
at the Bank of Slidell, or at the Guaranty
Incl. Prin. and int.
1951
attorney or
York. The opinion of any recognized bond opinion of
Trust Co. In New
however, that should the
attorneys will be furnished provided,
opinion shall
Attorney be required said
any attorney other than the Town
bidder. A certified check for $800. payable
be paid for by the said successful the bid. (A similar issue of bonds was
to the District, must accompany
sold on July 1.-V. 133, P. 332).
-The $58,000 4%
-BONDS NOT SOLD.
SOUTHAMPTON, Mass.
p. 1001-were not sold,
coupon water bonds offered on Aug. 19-V. 133. are dated Sept. 1 1931
The bonds
as no offers for the issue were1received. to 1961 incl.
and mature $2,000 on Sept. from 1933
-Sealed bids
.
SPARKS, Washoe County, Nev.-BOND OFFERING by the Town
according to report,
will be received until 8 p. m. on Aug. 24, 53.5% semi-ann.sewer and street
Clerk, for the purchase of a $4,000 issue of
bonds. Denom. $1,000.
-0. R. Mann, Town
-BOND OFFERING.
SPEEDWAY, Ind.
bids until 1 p. m. on Aug. 27
Clerk-Treasurer, will receive sealed works bonds. Dated Dec. 1 1929.
6% water
for the purchase of $13,000
$8,400 in 1952, and $5.000 in 1953.
in
Due Jan. 15 as follows: $1,600 on 1951: and July 15.
Jan.
Int. is payable semi-annually
OFFERING.
C.
STOKES COUNTY (P. 0. Danbury), N. -BOND
M. Johnson, Director of the Local
Sealed bids will be received by Chas.in Raleigh, until 10 a.m. on Sept. 1,
Government Commission, at his office
bonds aggregating $109,000, divided as
for the purchase of two issues of
follows:
Sept. 1 as follows: $1,000. 1933 to 1946.
$40,000 funding bonds. Due on all inclusive.
and $2,000. 1917 to 1959,
on Sept. 1 as follows: 32,000. 1933
69,000 school funding bonds. Due 1958. all inclusive.
to 1941, and $3,000, 1942 to
.
7rate of interest 4115 tied Sept:1 1931.
'Bidders are iequested to specify the National Bank in N. Y. City. The
Chase
Prin. and int. payable at the Thorndike, Palmer & Dodge of Boston will
approving opinion of Storey,
check for 2% of the face value of the bonds bid
be furnished. A certified
is required.
for, payable to the State Treasurer,
-BOND OFFERINO.COUNTY (P. 0. Akron), Ohio.
SUMMIT
of County Commissioners, will receive
Riddle, Clerk of the Board standard time) on Sept. 4 for the purI.
sealed bids until 1 p. m. (Eastern
divided as follows:
chase of $117.000 5% bonds,Denom. $1,000. Due Oct. 1 as follows:
$38,000 road impt. bonds. 1933; $7,000 in 1934, and $6,000 from 1935
1932: $6,000.
$7,000,
to 1937 incl.
$1,000. Due Oct. 1 as follows:
38,000 road impt. bonds. Denom.
1934;37,000 in 1935, and $8,000
38.000. 1932; 37.000, 1933;$8,000,
In 1936.
Due Oct. 1 as follows:
impt. bonds. Denom. $1,000.
25,000 road
$3,000, 1935; $4,000 In 1936.
$4.600 from 1932 to 1934 incl.;
and $3.000 in 1937 and 1938. for $500, others for $1,000. Due
bond
9,500 road impt. bonds. One 1932: $1.000, 1933' $2,000, 1934; $1,000.
Oct. 1 as follows: 32.000.
in 1937.
1935: $2,000 in 1936 and $1,500
$650. Due $650 Oct. 1 from 1933
6,500 road (rept. bonds. I5enom.
to 1942 incl.
Prin. and semi-ann. int. (A. & 0.)
Each issue is dated Sept. 1 1931. office. Bids for the bonds to bear
are payable at the County Treasurer's in a multiple of ji of 1%, will also
int. at a rate other than 5%, expressed 2% of the amount of bonds bid
for
be considered. A certified check
Commissioners, must accompany
for, payable to the order of the County
each proposal.
-Mr. Riddle will receive sealed bids
ADD!I tuN AL BONDS OFFERED. an additional $122,500 5% bonds,
at the same time for the purchase of
divided as follows:
Oct. 1 from 1932 to 1946 incl.
S00,000 bridge bonds. Due 36,060 on
bond for $500. others for $1.000.
32,500 Akron-Canton road bonds. One1932; 34,000, 1933; $3,000, 1934;
Due Oct. 1 as follows: 33.000,to 1940 incl., and $3.500 in 1941.
33,000 from 1936
34,000, 1935:
semi-ann. int. (A. & 0.)
Each issue is dated Sept. 1 1931. Prin. and
Treasurer. Bids for the bonds to
are payable at the office of the County
of 3j of 1%,
than 5%,expressed in a multiple
bear interest at a rate other
of bonds
A certified check for 2% of the amount
will also be considered.
Commissioners, must accompany
to the order of the County
bid for, payable
a premium offer for each issue bid for.
each proposal. Bidders must name
-BOND OFFERING.Pa.
SWARTHMORE, Delaware County, Borough Secretary, will be
Sealed bids addressed to Albert N. Garrett, Oct. 1, for the purchase of
on
received until 8 p.m. (eastern standard time) bonds. Dated Oct 1 1931.
455,000 4% road and highway improvement
A certified check for
Denom. $1,000. Interest is payable semi-annually.
2% must accompany each proposal.
[you 133.
-The two
-BOND SALE.
TENNESSEE, State of (P. 0. Nashville).
20 (V. 133,
Issues of bonds aggregating $531.000, offered for sale on
Aug*
p. 1002), were jointly purchased by H. M. Byllesby & Co. of Chicago andthe Broadway National Bank ofNashville, as follows:
$500,000 University of Tennessee building bonds as 4 s. paying a premium
of $7,860, equal to 101.57. a basis of about 4.11%. Due on
July 11946.
31,000 Central Hospital for the Insane bonds as 4 Ms, paying a premium
of $271,equal to 100.87, a basis of about 4.06%. Due on Sept. 1
1936.
TENNESSEE,State of(P.O. Nashville).-INTERESTPAYMENT.The following statement on the payment of int. due on highway notes
is taken from the Nashville "Banner- of Aug. 13:
"Although the State's general fund remains In straitened circumstances,
Treasurer Hill McAlister reported to-day that the highway note retirement
fund's position is good and he plans to pay approximately $341,000 of
interest within the next 10 days.
"McAl.ster will send $281,000 to New York Saturday to pay the semiann. int. on 312,500 000 of highway notes.
On Aug. 22 he will forward $60.000 to pay int. on $2,000,000 of road
obligations.
"McAl ster explained that the highway note retirement fund is a separate
account from the general fund which Comptroller Roy Wallace reported
to-day as standing at the $50.000 mark approximately. Meanwhile.
Wallace said, he is holding approximately $200,000 of warrants on the
general fund'pending an improvement in its conditions."
-The folTEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
lowing minor issues of bonds were registered by the State Comptroller
during the week ending Aug. 8:
$1.500 5% Anderson County Cons. Sch. Dist. No. 26 bonds. Denom.
$100. Due serially.
1,500 55 Wilson County Cons. Sch. Dist. No. 50 bonds. Denom.
$75. Due serially.
3,000 5% Denton County Cons. Sch. Dist. No. 12 bonds. Denom.
$150. Due serially.
800 5% Panola County Cons. Sch. Dist. No. 32 bonds. Denom.
$80. Due serially.
8,000 5% Moore County Cons. Sch. Dist. No. 4 bonds. Denom. $500.
Due serially.
-The
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
following minor issues of bonds were registered by the State Comptroller
during the week ending Aug. 15:
$1,900 50/ Erath County Common School District No. 60 bonds. Denom.
$100. Serial.
4,000 5% Atascosa County Common School District No. 7 bonds.
Denom. $100. Serial.
2,500 5% Cherokee County Common School District No. 2 bonds.
Denom. 3125. Serial.
7,500 5% Hemphill Ind. School District bonds (Saline County). Denom.
$500. Serial.
1,000 5% Rusk County Common School District No. 52 bonds. Denom.
$50. Serial.
2,000 5% Hunt and Fannin Counties Line Irrig. Dist, No. 83 bonds.
Denom. $100. Due serially.
-BONDS DEFEATED.
THURSTON COUNTY (P. 0. Pender), Nab.
-the voters rejected
-At the special election on Aug. 11.-V. 133. p. 680.
the proposed issuance of $100,000 in county bonds by a small majority.
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Tilla-The $11,000 Issue of school bonds that
-BOND DETAILS.
mook), Ore.
was purchased by the Commerce Mortgage Securities Co. of Portland,
-bears interest at 53%, giving a
at a price of 100.25-V. 133. p. 1002
basis of about 5.45%. Due from June 1 1933 to 1940 incl.
-BOND OFFERTIPPECANOE COUNTY (P. 0. Lafayette), Ind.
ING.
-Clarence F. Jamison, County Auditor, will receive sealed bids until
Aug. 25, for the purchase of $9,000 4i% poor relief bonds.
10 a.m. on
Dated Aug. 15 1931. Due 114,500 on May 15 and on Nov. 151932. Principal and interest are payable at the office of the County Treasurer. A
certified check for 3% of the par value of the bonds bid for. payable to the
order of the Board of County Commissioners, must accompany each
proposal. No conditional bid will be accepted and the opinion as to the
validity of the bonds Is to be furnished by the successful bidder.
-BOND OFFERING.
TUCKAHOE, Westchester County, N. Y.
John C. McDonnell, Village Clerk. will receive sealed bids until 8 p.m.
the purchase of $69.000 not to exceed
(daylight saving time) on Aug. 24. forpaving
improvement bonds. Dated
5% interest, coupon or registered
Oct. 1 1931. Denom. $1,000. Due Oct. 1 as follows: $4,000 from 1933
to 1944, incl.. and $3,000 from 1945 to 1951, incl. Rate of interest to be
or one-tenth of 1% and must be the same for
expressed in a multiple of
all of the bonds. Principal and semi-annual interest (April and October)
are payable at the First National Bank & Trust Co., Tuckahoe. A certified
Check for $1,500. payable to the order of the Village, must accompany each
proposal. The approving opinion of Clay. Dillon & Vandewater, of New
York, will be furnished the purchaser.
-ADDITIONAL DETAILS.
-The
UNION, Union County, S. C.
funding bonds that was purchased by
3160,000 issue of coupon or registeredof
Columbia. as 53.i8, at 100.104, a
the South Carolina National Bank
-was approved as to legality by
basis of about 5.49%.-V. 133, p. 517
Storey, Thorndike, Palmer & Dodge of Boston. Prin, and int. (J. &
payable in New York City. Due from July 11932 to 1961, inclusive.
Financial Statement (As Officially Reported).
$8,000,000
Real valuation taxable property (1931)
2,425,234
Assessed valuation (1930)
$721,000
Total bonded debt ()ncluding this issue)
148,000
'
Waterworks debt
575,000
Net debt
Population (1930). 7,423.
-An election
-BOND ELECTION.
VALLEJO, Solana County, Calif.
is reported to be scheduled for Sept. 29 on the proposed issuance of $230.000
In bonds for school building purposes.
-NOTE OFFERING.
VERMILLION COUNTY (P. 0. Newport), Ind.
-Sealed bids addressed to W. A. Rein, County Auditor, will be received
until 10 a.m. on Aug.31 for the purchase of $70,000 not to exceed % interest township poor relief bonds, of which $35,000 will mature on May and
Nov. 15 1932.
-W, H.
-BOND OFFERING.
VERMILION, Erie County, Ohio.
(Eaatern
Mitchell, Village Clerk, will receive sealed bid until 7 p.
standard time) on Sept. 7 for the purchase of $17,084.94 5% assessment
portion and village portion 'rapt. bonds. Dated Aug 1 1931. 2 One bond
for 31.084.94. others for $1,000. Due Sept. 1 as follows: $ ,084.94 in
1933; 32,000 from 1934 to 1940 incl., and $1,000 in 1941. Prin. and semiannual int. (F. & A.) are payable at the Erie County Banking Co., Vermilion. Bids for the bonds to bear interest at a rate other than 6%.
expressed in a multiple of Si of 1%, will also be considered. A certified
check for 2% of the aggregate amount of bonds to be sold, payable to the
order of the Village Clerk, must accompany each proposal.
-The
-BOND SALE.
WALLA WALLA, Walla Walla County, Wash.
Aug. 19
$28,000 issue of sewage disposal bonds offered for sale onof Walla (V. 133.
r National Bank
Walla as
P. 839) was awarded to the Baker-Boye
paying a premium of 37.5.60, equal to 100.27, a basis of about 4.47%.
4
Dated July 1 1931. Due in from 2 to 28 years.
-The Beard of
-TAX RATE.
WALTHAM, Middlesex County, Mass.
Assessors recently announced that the city tax rate for 1931 would be $34
an increase of $I over the levy prevalent in
per $1,000 of taxable property,
1930. Total valuation of city is given as 359.159.050, of which $50,473,350
is real estate and $8,685.700 personal property.
WARREN TOWNSHIP (P. 0. Centerline), Macomb County, Mich.
-Irvin Reppelman, Township Clerk, will receive
-BOND OFFERING.
sealed bids until 10 a. m. (Eastern standard time) on Aug. 24 for the
Purchase of $42,200 not to exceed 6% int. (refunding) Special Water
Assessment No. 2 bonds, payable. In case of delinquency, from general
funds of the township. The bonds will be dated Aug. 11931. Due Aug. 1
as follows. $8,440 from 1932 to 1936 incl. Int. is payable semi-annuallY.
The Township will pay the cost of the printing of the bonds and of the
legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
1325
FINANCIAL CHRONICLE
AUG. 221931.1
-The follow-LIST OF' BIDS.
WARREN, Trumbull County, Ohio.
ing is an official list of the bids received on Aug. 10, for the issue of $50,000
land Purchase bonds awarded to the Second National Bank, of Warren,
as 4s, for a premium of $125, equal to 100.25, a basis of about 3.97%.V.133, p. 1162.
The following is an official list of the bids submitted at the sale:
DU. Rate, Amount Bid.
Bidder$50,140 10
414%
Title Guar. Sec. Corp., Cincinnati
50,16000
4%%
Prov. Sav. Bank & Trust Co„ Cincinnati
4 1i%
50.415.00
Davies-Bertram Co., Cincinnati
4 3i%
50,342.00
Bohner-Reinhardt Co., Cincinnati
4
50,266.00
Well, Roth & Irving Co.. Cincinnati
434%50,154,00
Braun, Bosworth & Co.,Toledo
50.695.00
414
Ryan, Sutherland & Co. Toledo
414%50,517.00
First Detroit Co., Detroit
50.138.00
4
-Callahan-Richards Co., Cleveland
McDonald
50,320.00
Otis & Co., Cleveland
50,157.00
Mitchell, Herrick & Co., Cleveland
50.032.50
41$
BancOhlo Securities Co., Columbus
50,125.00
4%
*Second National Bank, Warren
434%
50,515.00
Seasongood & Mayer, Cincinnati
* Successful bidder.
WARREN SPECIAL SCHOOL DISTRICT (P. 0. Warren) Bradley
-The $35,000 issue of school bonds offered
-BOND SALE.
County, Ark.
-was purchased at par by the Simmons
for sale on Aug. 12-V.133p.1162
National Bank of Pine Bluff.
-BOND SALE.
WASHINGTON COUNTY (P.O. Washington), Kan.
-A $73,000 issue of 431% semi-ann. impt. bonds is reported to have been
sold to an undisclosed purchaser. Dated July 1 1931. Due from 1932 to
1951.
-BOND OFFERING.
WASHINGTON COUNTY (P.O.Salem),Ind.
Sealed bids addressed to C. H. Smedley, County Treasurer, will be received
% Posey Twp.
until 10 a. m. on Aug. 29 for the purchase of $10,200
road Inuit. bonds, in $510 denoms., and $4,200 Polk Twp. road inapt.
bonds, in denoms. of $210. Each issue is dated Aug. 3 1931. Due one
bond of each issue each six months from July 15 1932 to Jan. 15 1942.
Interest is payable semi-annually on Jan. and July 15.
WATERSMEET TOWNSHIP (P. 0. Watersmeet), Gogebic County,
-BOND OFFER/NO.-Sealed bids addressed to Nicholas D.Murphy,
Mich.
Township Clerk, will be received until 4.30 p. m. (Central standard time)
on Aug. 31 for the purchase of $30,000 5% highway bonds, dated Sept. 1
1931 and due $5,000 annually on March 1 from 1933 to 1938 incl. Int.
is payable semi-annually in March and September.
WAUSA, Knox County, Neb.-PURCHASER.-The $22.900 issue of
44% semi-ann. intersection paving bonds that was reported sold-V.
-was awarded to the Omaha National Co. of Omaha, at par.
133. p. 1162
-BOND ELECTION.
WELLINGTON, Collingsworth County, Tex.
-It is reported that an election will be held on Sept. 8 in order to have the
voters pass judgment on a proposal to issue $65,000 in gas plant bonds.
WESTON COUNTY (P. 0. Newcastle), Wyo.-BOND SALE.
-The
$45.000 issue of refunding bonds offered for sale on Aug. 18-V.133, p. 681
-was purchased by the Stockgrowers National Co. of Cheyenne, as 430,
at a price of 100.098, a basis of about 4.48%. Dated Sept. 1 1931. Due
$4,500 from Sept. 1 1932 to 1941 incl.
-BOND OFFERING.
WHITE COUNTY (P. 0. Monticello), Ind.
Sealed bids addressed to W. R. Alkire, County Treasurer, will be received
until 10 a.m. on Sept. 4, for the purchase of $11,600 4%% Monon Township road improvement bonds. T5ated Aug. 15 1931. Denom. $580. Due
$580 July 15 1932;$580 Jan. and July 15 from 1933 to 1941,incl., and $580
Jan. 15 1942.
WILKES COUNTY (P. 0. Wilkesboro), N. C.
-NOTE SALE.
-A
$2,000 issue of revenue anticipation notes is reported to have been sold
recently to an undisclosed Purchaser.
-TAX RATE.
-The tax rate for
WINTHROP, Suffolk County, Mass.
1931 has been set at $26 per $1,000 of valuation, which compares with a
rate of $24.80 per $1.000, or an increase of $1.20, over the levy last year.
Real estate assessment is placed at $25,355,950, as against $25,106,530 in
1930. Personal property valuation is given as $738,850, as against $730.050
last year.
-BOND OFFERING -Sealed bids
XENIA, Greene County, Ohio.
addressed to H. A. Higgins, City Auditor, will be received until 12 m.
on Sept. 1, for the purchase of $3,700
% bonds, divided as follows:
$3,000 special assessment improvement bonds. Denom. $300. Due one
bond in the amount of $300 annually on Sept. 1 for a period of
10 years. A certified check for $30 is required.
700 special assessment improvement bonds. Denom. $100. Due $100
on Sept. 1 from 1932 to 1938, incl. A certified check for $30 is
required.
Each issue is dated Sept. 1 1931. Interest is payable semi-annually in
May and November. Bids for the bonds to bear interest at a rate other
than 514%, expressed in a multiple of % of 1%, will also be considered.
Conditional bids will not be considered.
-An issue of
-BOND SALE.
YAZOO CITY, Yazoo County, Miss.
been pur$151,000 6% semi-ann. street paving bonds is reported to have premium
National Bank of Yazoo City, for a
chased recently by the Delta
of $1,290, equal to 100.85.
-BOND OFFERING.
YOUNGSTOWN, Mahoning County, Ohio.
12 in.
James E. Jones, Director of Finance, will receive sealed bids until
(central standard time) on Sept. 4 for the purchase of $271,840.10 5%
Due Oct. 1
special assessment street impt. bonds. Dated Aug. 1 1931. and $55,000
incl.,
as follows: $54,840.10 in 1933;$54,000 from 1934 to 1936at the office of the
Prin. and semi-ann. Int.(A. & 0.) are payable
in 1937.
at a rate other
sinking fund trustees. Bids for the bonds to bear interest considered. A
than 5%, expressed in a multiple of % of 1%, will also be
payable to the order of the Director of Finance.
certified check for 2%,
must accompany each proposal.
Paso County,
YSLETA SCHOOL DISTRICT (P. 0. Ysleta), El is reported to,
-A $60.000 issue of school bonds
-BOND SALE.
Tex.
Davenport,
have been purchased recently by Glaspell, Vieth & Duncan of
for a premium of $145, equal to 100.24.
CANADA, its Provinces and Municipalities.
-The $199,000
EAST YORK TOWNSHIP, Ont.-BOND SALE.
133, p. 1002
5% public school improvement bonds offered on Aug. 17-V.
price
-were awarded to the Dominion Securities Corp., of Toronto, at a and
about 5.03%. The bonds mature in 30 years
of 99.512, a basis of
were bid for by the following:
Rate Bid.
• Bidder99.512
Dominion Securities Corp.(purchaser)
99.00
C. H. Burgess & Co
Weir & Co. and Bell. Gouinlock & Co., jointly-98.60
McLeod, Young,
97.00
Wood, Gundy & Co
-The $30,000 4%% bonds offered
-BOND SALE.
S.
PICTOU, N.
-were awarded to the Acadian Trust Co,
on Aug. 17-V. 133. p. 1162
dated Aug. 15
at a price of 99, a basis of about 4.56%. The bonds arewere as follovrs:
1931 and mature Aug. 15 1961. Bids received at the sale
Rate 13id.
Bidder
99.00
Acadian Trust Co.(successfull bidder)
96.04
C. H. Burgess & Co
95.55
WO0d, Gundy & Co
94.53
R. A. Daly & Co
-Sealed bids adSTE. JEANNE D'ARC, Que.-BOND OFFERING.
received until 7 p.m.
dressed to Leo Routhier, Secretary-Treasurer, will beto mature serially on
bonds,
on Sept. 7 for the purchase of $12.000 5%and interest are payable at the
March 1 from 1932 to 1946, incl. Principal Quebec or Dolbeau.
Banque Canadlenne Nationale in Montreal,
-The $22,000 5% hydro-electric
THESSALON, Ont.-BOND SALE.
-were awarded to
P. 1002
light plant bonds offered on Aug. 17-V. 133, of 97.63, a basis of about
of Toronto, at a price
C. H. Burgess & Co.
bid for by the following:
5.19%. The bonds 'nature in 20 years and were
Rate Md.
Bidder97.63
C. II. Burgess & Co.(successful bidders)
95.12
Harris, McKeen & Co
94.50
& Co
McLeod, Young, Weir
-The $487,500 5% road irnpt.
-BOND SALE.
THREE RIVERS, QUO.
awarded to a syndicate
-were
-V. 133. p. 1002
bonds offered on Aug. I7
Credit Anglo-Francais,
composed of the Banque Canadienne Nationale, & Co., all of Montreal,
Ltd.; Rene T. Lerclerc, Ltd., and Ernest Savard the award are $255,500
98.357, a basis of about 5.17%. Included in years: $177,000, dated
at
bonds, dated Nov. 1 1930 and due in from 1 to 40 $55,000 bonds, dated
Nov. 1 1931 and due in from 1 to 30 years. and
following is a list of the
May 1 1931 and due in from 1 to 10 years. The
bids received at the sale:
Rate Bid.
BidderT. "se•
Banque Canadienne Nationale; Credit Anglo-Francais, Ltd.; Rene -98.357
Lerclerc, Ltd., and Ernest Savard & Co., jointly (purchasers)- 96.50
Young, Weir & Co
McLeod,
98.44
L. G. Beaubien & Co. (for $55,000 bonds only)
W.
TORONTO, Ont.-BY-LA WS PASSED BY CITY COU1,VCIL.-J.
Somers, City Clerk, has served notice of the passage by the city council
of by-laws proposals providing for the issuance of $2,006,000 bonds, of
and
which 81.893,000 is desired for electric power plant impt. purposes
$116.000 for water system impts.
financial
rut Companies
Chartered 1836
CHARTERED 1853
United States Trust Company of New York
45-47 WALL
Capital, .
STREET
-
•
Surplus and Undivided Profits,
$2,000,000.00
$27,805,275.46
Institutions Desiring
Philadelphia Connections
July 1, 1931
his Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
WILLIAMSON PELL, 1st Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp.
WILFRED J. WORCESTER, V.-Pres. & Secy.
THOMAS H. WILSON, Vice-President
ALTON S. KEELER, Vice-President
ROBERT S. OSBORNE, Asst. Vice-President
WILLIAM C. LEE, Asst. Vice-President
HENRY B. HENZE, Asst. Vice-President.
CARL 0. SAYWARD, Asst. Vice-President
STUART L. HOLLISTER, Asst. Comptroller
LLOYD A. WAUGH, Asst. Comptroller
HENRY L. SMITHERS, Asst. Secretary
ELBERT B. KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
HENRY E. SCHAFER, Asst. Secretary
HARRY M. MANSELL, Asst. Secretary
GEORGE F. LEE, Asst. Secretary
A
GEORGE MERRITT, Asst. Secretary
TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS CABS LEDYARD
,
EDWARD W. SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS 19
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
THATCHER M. BROWN
WILLIAMSON PELL
LEWIS CASS LEDYARD, JR
GEORGE F. BAKER
WILSON M. POWELL
JOHN P. WILSON
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation, since its establishment under perpetual charter
in 1836, is evidence of the
satisfactory service rendered.
GIRARD
TRUST COMPANY
Sts., Philadelphia
Broad & Chestnut
[VOL. 133.
FINANCIAL CHRONICLE
1326
Canabian
Canabian
litbegtment anb _financial jboulesi
BANK OF MONTREAL THE CANADIAN BANK
Established 1817
Head Office—Montreal
$36,000,000.00
Capital Paid-up
Surplus and Undivided
$39,078,801.09
Profits_ _ _ _
$786,897,706.21
Total Assets .
President
SIR CHARLES GORDON, G.B.E.
Vice-Presidents
H. R. DRUNIMOND, Esq.
Maj.-Gen. The Hon. S. C. MEWBURN,C.M.G.
Sir FREDERICK WILLIAMS-TAYLOR
General Managers
W. A. BOG—JACKSON DODDS
Branches and Agencies
Throughout Canada and Newfoundland.
At London, England.
In Paris, Bank of Montreal (France).
In the United States—New York (64 Wall
Street), Chicago (27 South LaSalle Street),
San Francisco, Bank of Montreal (San Francisco), 333 California Street.
In Mexico—Mexico City, Guadalajara, Monterrey, and Puebla.
WEST INDIES--Complete banking facilities through Barclays Bank (Dominion,
Colonial & -Overseas), in which an interest
is owned by the Bank of Montreal.
Royal Securities
Corporation
100 Broadway, New York
Rector 2-6660
OF COMMERCE
HEAD OFFICE, TORONTO
PAID-UP CAPITAL
$30,000,000
Reserve
30,000,000
President, Sir John Aird
General Manager, S. H. Logan
Assistant General Managers:
N. L. McLeod
F. M. Gibson
B. P. Alley
R. A. Rumsey
A. E. Arscott
New York Office, Exchange Pl. at Hanover St.
C. J. STEPFIENSON,
R. B. BUCKERFIELDOAgents
N. J. H. HODGSON,
E. H. MITCHELL, Assistant Agent
Buy and Sell Sterling and Continental
Exchange and Cable Transfers. Collections
made at all points.
Travelers Cheques and Letters of Credit
issued available in all parts of the world.
Banking and Exchange business of every
description transacted with Canada.
LONDON OFFICE-2 Lombard Street, E. C.
BANKERS IN GREAT BRITAIN
The Bank of England
The Bank of Scotland
Lloyds Bank, Limited
National Provincial Bank, Limited
Barclays Bank, Limited
Greenshields &Co.
Members Montreal Stock Exchange
Canadian Investment
Securities
17 St.John St.,
MONTREAL
Also Mount Royal Hotel Building
Ottawa
Toronto
Quebec
(HAPMAN, GRANNIS &(0.
INVESTMENTS
112 WEST ADAMS STREET
CHICAGO
UTILITY
SECURITIES
COMPANY
230 So. La Salle St., CHICAGO
New York
St. Louis
Milwaukee
Louisville
Indianapolis
Richmond
Minneapolis San Francisco Detroit
Cleveland
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Royal Securities
Corporation, Limited
244 St. James Street, Montreal
Offices in Principal Canadian Cities,
London, Eng., and St. John's, Nfld.
Private Wire Connection between New York.
Montreal and Toronto
R. A. DALY & CO.
LIMITED
CANADIAN
GOVERNMENT, MUNICIPAL
AND CORPORATION SECURITIES
80 King St., West
TORONTO, CANADA
A. 0. Slaughter, Anderson & Fox
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 Wall Street
120 South LaSalle St.
CHICAGO, ILL.
NEW YORK
High Grade Canadian
Securities
HANSON BROS.
Paul C. Dodge & Co., Inc.
Incorporated
Established 1883
MONTREAL TRUST COMPANY
255 St. James Street
EXECUTORS AND TRUSTEES
HArbour 9281
MONTREAL
Montreal
TORONTO
OTTAWA
QUEBEC
Branches:
Halifax Toronto Winnipeg Edmonton
Vancouver Calgary
INVESTMENT SECURITIES
120 SOUTH LA SALLE STREET
CHICAGO
New York
Philadelphia
St. LouisKansas City
Minneapolis
Wilmington
3.1nbesantent anb _financial ji)ousseg
.ffinancial
CALIFORNIA
CHAPMAN IYWOLFE 6 CO.
NESBITT, THOMSON
• BROKERS •
MUNICIPAL BONDS
& COMPANY LIMITED
MEMBERS
YORK STOCK EXCHANGE
SAN FRANCISCO STOCK EXCHANGE
SAN FRANCISCO CURB EXCHANGE
NEW YORK CURB EXCHANGE (Associate)
NEW
Canadian Municipal, Public Utility
and Industrial Bonds
355 St. James Street, West
Montreal, Que.
Offering on Request
Special Prices to Dealers and Banks
AeKanchetiXontla
Incorporated 1910
39 South La Salle St.
CHICAGO
341 Montgomery St., San Francisco
Telephone Douglas 0131
Market for
Pacific Coast Securities
WKR4STAA.TS CO*
Established 18S7
LOS ANGELES
SAN FRANCISCO
PASADENA
SAN DIEGO
fifining Cngineercs
H. M. CHANCE & CO.
THE SAND FLOTATION PROCESS
FOR CLEANING COAL
543 Drexel Bldg., Philadelphia, Pa.
AUGUSTA
WM. E. BUSH & CO.
Augusta, Ga.
SOUTHERN SECURITIES
COTTON MILL STOCKS
@FedFRASER